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Committee forwards Pier 70 DDA amendment to allow interim maintenance reimbursement
Summary
Port staff presented amendments to the Pier 70 disposition and development agreement to allow maintenance costs to be treated as reimbursable project costs until special taxes become available; the committee forwarded the resolution to the full board with a positive recommendation.
Port project manager Christine Maher told the Budget and Finance Committee that, because vertical development at Pier 70 has been delayed, special taxes originally intended to fund port‑accepted infrastructure maintenance are not yet available. The proposed second amendment to the Pier 70 disposition and development agreement with Brookfield Properties would permit maintenance costs incurred by the Port or developer to be treated as reimbursable project costs until special taxes suffice.
Maher said phase 1 horizontal infrastructure is complete except for parks, Brookfield has completed some historic building rehabilitation and horizontal site work, and six buildings in phase 1 remain with uncertain timing because of market conditions. The amendment addresses an immediate funding shortfall for maintenance of port-accepted improvements.
There were no public speakers. The committee voted to forward the amended resolution to the Board of Supervisors with a positive recommendation.
Next steps: the full Board of Supervisors will consider the amendment at its March 26 meeting and, if approved, the Port and developer will treat eligible maintenance as reimbursable project costs until special taxes are available.
