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Committee amends Treasure Island bond appropriation to match actual sale and forwards affordable-housing predevelopment loan
Summary
Budget analysts recommended reducing a proposed $1.54 million appropriation of tax-increment bond proceeds to the actual sale amount ($1,350,239) to fund a $4.5 million predevelopment loan for a 150-unit affordable housing project on Treasure Island; the committee agreed and forwarded the item to the Board.
The Budget and Finance Committee voted Jan. 10 to forward, as amended, an ordinance appropriating tax-increment revenue bond proceeds from the Treasure Island Infrastructure and Revitalization Financing District to fund predevelopment work for a 150-unit affordable housing project (Parcel IC 4.3).
Jamie Cruben, finance manager for the Treasure Island Development Authority, told the committee the ordinance would appropriate bond proceeds tied to the December bond sale. Cruben said the BLA recommended reducing the appropriation from the estimated $1,540,000 to the actual sale amount of $1,350,239 and that TIDA agreed to the amendment.
Nick Menard of the Budget and Legislative Analyst’s office said the bond proceeds will be used to partially fund a $4.5 million predevelopment loan to John Stewart Company and Catholic Charities for the parcel, which is planned to include 150 affordable units and a childcare center. Repayment of bond funds will come from property taxes generated within Treasure Island.
The committee amended the ordinance per the BLA recommendation and moved the item to the full Board with recommendation (3 ayes). Project presenters said construction is planned to start in late 2026 with completion in 2028.
