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City planners outline contingency plan for Treasure Island as redevelopment funding faces state uncertainty
Summary
Facing a state proposal to eliminate redevelopment agencies, city staff outlined switching Treasure Island financing to infrastructure financing districts (IFDs), which would reduce available tax-increment by about $130 million and prompt a recommendation to temporarily lower the project's affordable-housing set-aside from 30% (2,400 units) to 25% (2,000 units) while pursuing state changes to restore funding.
San Francisco planning staff and redevelopment officials told the Planning Commission on April 7 that continued uncertainty in Sacramento over the governor's proposal to eliminate redevelopment agencies has forced them to prepare an alternative financing approach for the Treasure Island/Yerba Buena Island redevelopment.
Fred Blackwell, director of the Redevelopment Agency, said the governor's plan would eliminate redevelopment agencies and redirect substantial property-tax revenues to the state, creating a funding gap for projects that relied on tax-increment financing. "We anticipate a pretty prolonged state of uncertainty, which in some ways is better than elimination, but in a lot of ways is not a good scenario," Blackwell said. That uncertainty, he added, has already slowed negotiations and chilled investor interest in large projects.
To preserve project momentum,…
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