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OCII approves up to $70M Mission Bay South tax allocation bonds; financing authority okays negotiated sale
Summary
The Commission on Community Investment and Infrastructure approved the issuance of successor‑agency tax allocation bonds not to exceed $70 million for the Mission Bay South redevelopment project and the Financing Authority authorized the negotiated sale and purchase contract; staff expects net proceeds of about $56–57 million and aims to price the bonds in mid‑to‑late February, contingent on taxing‑entity subordination.
The Commission on Community Investment and Infrastructure voted to confirm issuance and sale of successor‑agency tax allocation bonds for the Mission Bay South Redevelopment Project, authorizing up to $70,000,000 in principal and approving related disclosure documents.
Deputy Director for Finance and Administration Leo Levinson told commissioners the transaction uses a two‑step structure: the successor agency will sell the bonds to the Financing Authority, which will then sell to underwriters on a negotiated basis allowed under state law. Levinson said the interest rate is capped at 7% by…
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