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OCII workshop previews roughly $12.9M ROPS amendment, cites developer reimbursement request
Summary
At a Sept. 15 workshop the Office of Community Investment and Infrastructure presented proposed amendments to the Recognized Obligation Payment Schedule for Jan.–June 2021, reflecting a roughly $12.9 million growth increment (about $2.1M for Hunters Point Shipyard and $10.8M for transit), and noted a $51.7 million developer reimbursement request with $1.6 million paid to date.
At its Sept. 15 meeting the Office of Community Investment and Infrastructure presented a workshop on amendments to the Recognized Obligation Payment Schedule (ROPS) for Jan. 1–June 30, 2021.
Financial analyst Mina Yu described an updated property-tax estimate that increased the agency’s available non-admin property-tax allocation, leading staff to propose adjustments that in total raise ROPS allocations by roughly $12.9 million. Staff said the proposed increase includes approximately $2.1 million for Hunters Point Shipyard obligations and about $10.8 million for transit-related items.
Yu told commissioners the increase stems from higher-than-anticipated growth increment receipts; she said the change does not alter the overall statutory flow of funds to taxing entities but does change OCII’s allocation lines for approved projects. Staff highlighted a developer reimbursement request received in June 2019 for $51.7 million related to Hunters Point obligations and said the agency has paid about $1.6 million of that request to date.
Staff said the proposed ROPS amendment will go to the oversight board for consideration at its next regular meeting and, if approved there, will be submitted to the State Department of Finance by the agency’s statutory deadline.
Because item 5C was presented as a workshop, the commission did not take action on the amendment at the Sept. 15 meeting. Commissioners had no substantive questions and there were no public comments.
The record indicates staff will present the formal action on the proposed ROPS amendment to the Oversight Board later in September, with State Department of Finance submission scheduled before the statutory deadline.
