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Commission approves conditional agreements to let UCSF buy Blocks 33–34 in Mission Bay South
Summary
The commission voted 5‑0 to adopt CEQA findings and conditionally approve an MOU, a fifth amendment to the Mission Bay South OPA, and a release/assignment agreement to enable the Regents of the University of California to purchase Blocks 33 and 34; the agreements include one‑time affordable housing and infrastructure payments and require further approvals by the Board of Supervisors, Oversight Board and Department of Finance.
The commission voted unanimously on May 6, 2014, to adopt environmental review findings and to conditionally approve three agreements that would enable the Regents of the University of California (UCSF) to purchase Blocks 33 and 34 in Mission Bay South.
Staff described three documents: a memorandum of understanding (MOU) between the successor agency and the UC Regents, a Fifth Amendment to the Mission Bay South Owner Participation Agreement (OPA) with Fossil MB LLC, and a release/assignment agreement to permit UCSF’s purchase while protecting Mission Bay affordable housing and infrastructure obligations.
Christine Maher, a development specialist with the agency, summarized the key financial terms and independent analysis. An economic study by ALH Urban & Regional Economics estimated the net present value (NPV) of tax increment that UCSF’s development would have generated at about $39,800,000. The MOU calls for a one‑time affordable housing payment from UCSF to OCII of $10,200,000 (about 25.6% of that NPV) and a one‑time infrastructure payment of $21,900,000 to the master developer (Fossil) for infrastructure work. UCSF also agreed to pay…
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