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OCII conditionally approves Transbay option amendment to enable $171 million bridge loan for Transbay Transit Center
Summary
OCII authorized a first amendment to the Transbay option agreement and related subordinations so the Transbay Joint Powers Authority can secure a $171,000,000 interim (bridge) loan from Goldman Sachs to keep construction moving while TIFIA conditions remain unmet; the commission approved the action 3–0 with one absence, subject to Oversight Board, Board of Supervisors and Department of Finance review.
The Office of Community Investment and Infrastructure on Wednesday conditionally authorized a first amendment to the Transbay option agreement and related subordination agreements to facilitate a $171,000,000 bridge loan between the Transbay Joint Powers Authority and Goldman Sachs Bank USA. The vote passed 3–0 with one commissioner absent; staff and presenters said the amendment is subject to later approvals by the Board of Supervisors, the Oversight Board and the California Department of Finance.
Courtney Pash, acting project manager for the Transbay Redevelopment Project Area, briefed commissioners on the project background and financing need. Pash said the Transbay plan covers roughly 40 acres of downtown San Francisco, with development goals that include about 3,400 new residential units (1,200 affordable) and roughly 3,000,000 square feet of commercial space. To complete the Transbay Transit Center, the TJPA took a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan; Pash said the TJPA…
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