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OCII moves to hire financing and legal advisers ahead of proposed $130M tax allocation bond for affordable housing
Summary
OCII authorized multiple consultant contracts — financial adviser, bond counsel and disclosure counsel — as the agency prepares to issue up to $130 million in new money tax allocation bonds to fund affordable housing projects, subject to oversight board and Department of Finance approval.
The Office of Community Investment and Infrastructure Commission voted June 1 to authorize contracts for a financing team as OCII prepares a proposed issuance of new money tax allocation bonds to fund affordable housing obligations.
John Daigle, senior financial analyst and debt manager at OCII, told the commission staff plans to issue $130,000,000 in new tax allocation bonds this fiscal year, subject to oversight board and California Department of Finance approval. He said the bonds would provide partial funding for three expected projects — two in Hunters Point Shipyard and one in Mission Bay South — and that if circumstances change the proceeds could be shifted to other eligible projects.
The commission approved three separate resolutions to retain advisers for the issuance: Resolution No. 15‑2021 authorizes a personal services contract with KNN Public Finance LLC for municipal advisory/financial advisory services (not to exceed $57,000); Resolution No. 16‑2021 authorizes Jones Hall as bond counsel (not to exceed $105,000); and Resolution No. 17‑2021 authorizes the Law Offices of Alexis S. M. Chu for disclosure counsel services (not to exceed $56,000). John Daigle explained that most compensation is contingent on a bond closing; the fiscal consultant (Urban Analytics) would be paid hourly if the bonds do not close.
Commissioners asked about procurement and local/small business participation; Raymond Lee, OCII contract compliance supervisor, said three of the five recommended firms are local small businesses. Commissioner Scott expressed strong support for using the bond proceeds to address urgent affordable housing needs.
Each resolution was moved and seconded separately and passed on roll‑call votes (5–0). Daigle and staff said the team would also include other advisors (underwriters to be hired later) and that bond documents and fiscal consultant analyses would be appended to the preliminary official statement used in marketing the bonds.
The contracts and the bond issuance are described in the meeting materials as part of the successor agency to the redevelopment agency of the City and County of San Francisco’s plan to fund affordable housing obligations.
