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OCII approves legal‑services contracts for housing and Transbay infrastructure bonds
Summary
The Commission approved three legal‑services contracts to support up to $23 million in new taxable housing bonds, about $90 million in taxable refunding bonds (estimate), and $37 million in tax‑exempt Transbay infrastructure bonds; contracts total up to $358,800 plus contingencies and expenses.
The Commission approved three separate legal‑services contracts to support OCII’s planned bond financings for housing and Transbay infrastructure.
John Daigle, OCII senior financial analyst, told the Commission the financing program anticipates three classes of issues: $23 million in new taxable housing bonds to fund projects in Mission Bay, Hunters Point Shipyard and Candlestick Point; an estimated $90 million in taxable housing refunding bonds (subject to market conditions); and $37 million in tax‑exempt Transbay infrastructure bonds to fund streetscape and park projects. Daigle said bond sizing could change with market conditions and that the $90 million refunding figure is an estimate.
Daigle recommended contracting with Jones Hall as bond counsel (not to exceed $207,000, broken into component fees and with contingencies), Kearls/Curls Bartling as disclosure counsel for the taxable housing and refunding bonds (not to exceed $101,800), and the Law Offices of Alexis Chu as disclosure counsel for the Transbay tax‑exempt infrastructure bonds (not to exceed $50,000). He introduced representatives from the recommended firms and noted these firms have prior experience with OCII financings.
A member of the public pointed out a typographical inconsistency in the staff slide about whether the $37 million Transbay infrastructure bonds were taxable or tax‑exempt; Daigle acknowledged it was a typo and confirmed the Transbay bonds are tax‑exempt.
Commissioner Singh moved to approve items 5b, 5c and 5d; Commissioner Pimentel seconded. Each item was taken individually and approved by roll call (three ayes, two absent). The Secretary announced approval of contracts with the Law Offices of Alexis Chu, Kearls/Curls Bartling and Jones Hall.
The contracts will remain in effect until the financings are complete and include base fees, expense allowances and contingency amounts subject to executive director approval.
