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OCII to cast vote in favor of Transbay CFD; staff authorized to execute ballot
Summary
The commission authorized the executive director to execute a ballot in favor of forming the Transbay Transit Center Community Facilities District (CFD), which would allow up to $1.4 billion in bond capacity to fund the downtown rail extension (DTX), rooftop park and streetscape improvements; final hearings were scheduled for December.
The Commission on Community Investment and Infrastructure authorized the executive director to execute a ballot in favor of forming the Transbay Transit Center Community Facilities District (a Mello‑Roos CFD). OCII staff said the agency owns Transbay Block 1, which would be part of the district and therefore would cast a landowner ballot.
Sally Orth, OCII deputy director for program and project management, described the CFD’s scope and financing. She said the CFD’s rate methodology in the transit center district plan uses a point‑55 percent rate of value with a maximum 30‑year term and that the implementing RMA and valuation work were completed by the Concord Group. Orth said eligible uses listed in the CFD legislation include the downtown rail extension (DTX), the train box, the rooftop park at the transit center, and streetscape and public‑realm improvements. "The $1,400,000,000 is the maximum amount of debt that can be issued in the CFD," she said, noting that individual bond issuances and project spending would be subject to further review and approvals by the Board of Supervisors and the city's capital planning committee.
Commissioners asked about timing and administration. Staff said bonds would be issued only after the first project in the district receives a certificate of occupancy and that the city's Director of Public Finance, capital planning committee and an interagency implementation committee would review and recommend bond authorizations and capital plans. Director Bohe estimated the first certificate of occupancy would be about a year to 18 months away.
Outcome: Commissioner Bustos moved the item and Commissioner Singh seconded; by roll call the commission approved the authorization (3 ayes, 1 absent). With the commission’s vote OCII is authorized to cast a landowner ballot in favor of the CFD formation; final legislative actions and hearings by the Board of Supervisors are scheduled for December.
Provenance: Topic introduced SEG 523; presentation SEG 543–699; Q&A SEG 700–742; motion and vote SEG 743–778.
Ending: OCII will cast its landowner ballot in favor of the Transbay CFD; the district’s formation and any debt issuance remain subject to Board of Supervisors action and further city approvals.
