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OCII forms Community Facilities District, authorizes bonded indebtedness and calls special election for Candlestick/Shipyard improvement area
Summary
The commission unanimously adopted resolutions to form a Community Facilities District (CFD) for Hunters Point Shipyard Phase 2 / Candlestick Point, set rate/method provisions, approve a debt ceiling discussion and call an election; mail ballots returned in favor and the commission introduced an ordinance to levy special taxes.
The Commission on Community Investment and Infrastructure on April 17 advanced steps to form a Community Facilities District (CFD) to finance public infrastructure and services in portions of Candlestick Point and Hunters Point Shipyard Phase 2.
Staff described the proposed CFD (Improvement Area No. 1) as a geographically limited zone where the successor agency can levy a facilities special tax (term up to 75 years) to pay for public facilities or reimburse developer-built facilities, and a services special tax (levied in perpetuity) to fund maintenance and potential mitigation measures such as…
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