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OCII presents $12.2 million amendment to ROPS to cover delays, museum grant extension and housing cost increases
Summary
OCII staff briefed the commission on a proposed amendment to the Recognized Obligation Payment Schedule totaling $12.2 million, driven by added bond proceeds needs for the Mexican Museum and affordable housing, higher other fund requests due to supply-chain and storm-related repairs, and a small $68,000 increase in RPTTF non-admin.
OCII staff presented a workshop on Sept. 20 proposing five amendments to the Recognized Obligation Payment Schedule (ROPS) for the period Jan. 1 through June 30, 2023, totaling $12.2 million in changes.
Budget project manager Mina Yu said the largest driver is carrying forward funds and using additional bond proceeds for the Mexican Museum after staff secured a grant extension; that item accounts for $6.8 million of the total change (about $5.2M from bonds and $1.6M from other sources). The amendment also requests an additional $4 million in bond proceeds for affordable housing (52/54) to address interest-rate increases and cost escalation and an additional $640,000 for Hunters Point Shipyard property management due to supply-chain delays and repair costs (including a fire at an artist studio). The Mission Bay Block 9 affordable housing increment of $722,000 reflects construction delays and storm repairs. The combined changes increase bond proceeds usage by approximately $9.2 million and other funds by $2.9 million.
Yu emphasized that the $68,000 increase in RPTTF non-admin is under 1% of the agency's $151.8 million RPTTF request to the taxing entities and therefore has a minimal fiscal effect on those entities. Staff said they presented the amendment to the oversight board the prior week and planned to submit the amendment to the Department of Finance by the end of the month, with a return to the commission in January for the FY2023–24 submission.
Commissioners asked about the likelihood of Department of Finance approval; staff said they maintain complete work papers, pro formas and expenditure plans and expect a routine review. Because this was a workshop, no action was taken at the meeting.
