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OCII staff previews ROPS funding requests and housing pipeline in workshop
Summary
OCII staff presented the Recognized Obligations Payment Schedule (ROPS) workshop, outlining a $19 million estimated RPTTF request and housing program financing needs (~$70.35 million across sources) for the July1 to Dec. 31, 2015 period and described next steps to Oversight Board and Department of Finance.
OCII staff used a workshop on Feb. 3 to walk the commission through the Recognized Obligations Payment Schedule (ROPS) for the A period (July 1to Dec. 31, 2015). Staff said the ROPS must be submitted to the Department of Finance by March 1 and described expected Oversight Board review steps in February.
Staff provided a high-level breakdown of funding sources used in the ROPS (bond proceeds, developer reimbursements and the Redevelopment Property Tax Trust Fund RPTTF). They estimated the RPTTF request at just over $19 million for the A period and described a housing program funding request of roughly $70.35 million across RPTTF, bond proceeds and other funds (including developer payments) to support major affordable-housing projects across Hunters Point Shipyard/Candlestick Point, Mission Bay and Transbay. Staff identified likely near-term activities including pre-development expenses, land-transfer costs, infrastructure inspections and potential federal financing applications (TIFIA) for the shipyard and infrastructure reimbursements in Mission Bay and Transbay.
Staff emphasized that the ROPS numbers were still draft and would be refined before an Oversight Board action and the March 1 submission to the Department of Finance. Commissioners asked about total outstanding obligations (staff cited a rough total in excess of $4 billion across major projects) and about the timing of DOF responses (approximately 45 days). The workshop generated public comment asking that the Western Addition and legacy communities be prioritized and included in implementation plans.
