Committee forwards second issuances of health, seawall and affordable housing bonds

The Budget & Finance Committee on Jan. 25 forwarded four related items authorizing second bond issuances and an appropriation ordinance: up to $30 million of the 2020 Health & Recovery bonds, $42 million for Embarcadero seawall early projects, and $172 million of the 2019 affordable housing general obligation bonds, along with an ordinance appropriating proceeds for recreation and park projects and placing funds on controller nd bond execution schedules.

Presenters outlined where funds would be used: Rec & Park described plans for Jean Freund (SOMA) as a signature project that will receive bridge funding, recovery parks and citywide park programs; the Port described Embarcadero early projects (stabilization and seismic improvements, Ferry Building substructure and a living seawall pilot) and a multi-stage predesign-to-construction plan; MOHCD outlined housing pipeline projects (Hope SF, Sunnydale, Potrero, Balboa Reservoir and senior housing at 4200 Geary) and down-payment assistance program parameters. The Controller nd municipal advisors presented sources and uses, estimated issuance costs and an estimated property-tax impact ($5.67 per $100,000 assessed value; approximately $33.60 annually for a $600,000 home under the plan's assumptions). BLA recommended approval and the committee voted to forward the items to the full Board with a positive recommendation.