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Budget & Finance committee advances plan to issue up to $29M in COPs to acquire Music Concourse Garage
Summary
The committee voted to forward an amended ordinance authorizing up to $29 million in certificates of participation to acquire the Music Concourse Garage; city analysts project net parking revenues exceed annual debt service, and staff said proceeds will pay existing construction and subordinate debts.
The San Francisco Budget & Finance Committee on July 31 voted to forward amended legislation authorizing the issuance of up to $29 million in certificates of participation to finance the city’s acquisition of the Music Concourse Garage, an 800‑space underground facility in Golden Gate Park.
Recreation and Park Department Director Antonio Guerra told supervisors the acquisition follows voter approval in 2022 (Proposition N) that allowed the city to purchase and operate the garage. Grant Carson of the Controller’s Office said the proposed sale would repay the outstanding construction loan with First Republic Bank —…
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