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Committee advances Stonestown redevelopment deal and EIFD plan to finance infrastructure for 3,500 housing units
Summary
Supervisors forwarded a development agreement and a resolution of intention to form an Enhanced Infrastructure Financing District (EIFD) for the Stonestown project, which would allow up to 50% of incremental property tax to be used for site infrastructure that supports up to 3,500 new homes and community benefits including childcare and a senior center.
The Budget & Finance Committee on July 10 forwarded a package of three items that would authorize a development agreement (DA) with the project sponsor, begin formation of an Enhanced Infrastructure Financing District (EIFD), and amend city code to allow the public financing authority to act for multiple EIFDs.
The Stonestown project proposes to transform about 30 acres of surface parking around Stonestown Galleria into a mixed‑use neighborhood with up to 3,500 housing units, approximately 20% affordable housing (with a minimum of 300 on‑site affordable units), roughly 6 acres of new publicly accessible open space, a 100‑child childcare facility, a senior center and transportation improvements. OEWD and the developer emphasized extensive community outreach and phased delivery of community benefits tied to construction phases.
OEWD explained that an EIFD would capture net new property tax increment generated by the rezoning and redevelopment to reimburse eligible infrastructure costs and improve project feasibility. Staff said the EIFD would capture no more than 50% of incremental property tax revenue (consistent with City policy) and recommended including that cap in the resolution language. BLA recommended the same amendment to make the 50% cap explicit.
The committee accepted OEWD and BLA amendments clarifying the 50% maximum and adding accountability language recommended by the Mayor's Budget Office. Members noted the need to coordinate utility and fire‑suppression infrastructure investments for the West Side, and the committee voted to forward items 15–17 with the recommended amendments.
