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OCII authorizes up to $70 million in bonds for Mission Bay South
Summary
The Commission authorized resolution 52 2013 to allow issuance of tax allocation bonds up to $70,000,000 to reimburse infrastructure spending in the Mission Bay South project area, subject to oversight board and State Department of Finance review and subsequent Board of Supervisors approval.
The Commission on Community Investment and Infrastructure on Nov. 5 approved a resolution authorizing the successor agency to issue tax-allocation bonds for the Mission Bay South redevelopment project in an aggregate principal amount not to exceed $70,000,000.
Leo Levinson, Deputy Director for Finance and Administration, told commissioners the bond sale would reimburse infrastructure costs the developer has already advanced and that the financing must use a financing authority structure to permit a negotiated sale. "This proposal is to sell up to $70,000,000 of bonds for the Mission Bay South project area to reimburse infrastructure costs," Levinson said during the presentation.
Levinson…
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