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Committee advances $17M CFD and $10M IRFD bond authorizations for Treasure Island infrastructure and housing
Summary
The Budget and Finance Committee voted to forward two resolutions authorizing up to $17 million in CFD special‑tax bonds and up to $10 million in IRFD tax‑increment bonds for Treasure Island infrastructure, to reimburse developer costs and fund affordable‑housing predevelopment.
The Budget and Finance Committee on Nov. 15 recommended the Board of Supervisors authorize two bond issuances to continue infrastructure financing on Treasure Island: up to $17 million in Community Facilities District (CFD) special‑tax bonds and up to $10 million in Infrastructure Revitalization and Financing District (IRFD) tax‑increment bonds.
Jamie Corubin of the Treasure Island Development Authority (TIDA) and Bridget Katz of the Office of Public Finance outlined how prior series supported early infrastructure and housing production, summarized near‑term milestones, and said the proposed bonds would reimburse developer‑incurred geotechnical and infrastructure costs and contribute to a planned affordable‑housing predevelopment loan for roughly 150 units by John Stewart Company and Catholic Charities.
Financing terms and risks: OPF summarized preliminary estimated terms (based on Oct. 23 market conditions): CFD bonds with a final maturity near 2052 and estimated true interest cost ~6.6%; IRFD 30‑year financing with combined TIC ~6.4%; both sales anticipated to be non‑rated; staff highlighted risks including local real‑estate market changes, concentration of ownership, and potential failure to develop parcels. Staff emphasized that the bonds are not obligations of the city’s general fund and are secured by pledged special taxes and pledged tax increment.
Committee action: After presentation and limited public comment, the committee voted 3–0 to forward both resolutions to the full Board with positive recommendations.
