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Committee forwards $571M bond package for seawall, earthquake safety and housing projects
Summary
The Budget and Finance Committee forwarded several bond-related items (Items 12–17) totaling up to $571 million across Embarcadero seawall, earthquake safety/emergency response, and affordable housing programs, and approved using interest earnings to advance SFPUC’s Westside emergency firefighting water pipeline. The committee made a minor text correction and scheduled some items for specific Board dates.
Committee members heard multi-agency presentations on a tranche of proposed bond issuances and an appropriation of interest earnings.
SFPUC requested an appropriation of interest earnings from earlier ESER bond series to bridge a temporary funding gap for planning and design of the Westside potable emergency firefighting water pipeline; the PUC and controller’s office asked the committee to allocate approximately $6.8 million of accrued interest earnings to advance planning now, before the next round of bond proceeds becomes available.
The committee also reviewed a package of proposed general obligation bond issuances (Items 12–17) totaling $571 million in new authorization across multiple programs: $124 million for Embarcadero Seawall (Series 2024A), $225 million for earthquake safety and emergency response (Series 2024B), and $152 million and $70 million across affordable housing categories (Series 2024C and 2024D) for low-income preservation, middle-income and senior/educator housing projects and other housing priorities. Port and city project managers described early seawall and shoreline projects, Army Corps coordination on a coastal flood study and priority projects that could earn local-match credit.
Controller’s office staff summarized sources and uses for the combined $571 million appropriation and presented a preliminary market estimate for pricing; they estimated total interest cost and repayment and discussed property-tax impacts per $100,000 of assessed value as part of the analysis. Chair Chan corrected a minor wording typo in Item 11 (changing "fire wire" to "emergency firefighting water system") and asked that Items 12 and 13 be scheduled for the Board on Dec. 3. The remainder of the bond resolutions (Items 14–17) were forwarded to the full Board with a positive recommendation.
What’s next: Items 12 and 13 were set for the Dec. 3 Board meeting as requested by the Port to align with its commission action; the remaining bond resolutions and the interest-appropriation ordinance were forwarded to the full Board with positive recommendations. The committee instructed staff to implement the minor wording correction to item 11 before transmittal.
