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Committee backs up to $64.9M additional Mission Rock CFD bonds, staff flags market and concentration risks
Summary
The committee voted to forward two resolutions authorizing up to $64.9 million in additional CFD special-tax bond capacity and related pledge documents for Mission Rock phase 1 financing; port staff cited an appraisal increase and described risk mitigations but supervisors pressed on office market demand and foreclosure contingencies.
The Budget & Finance Committee on May 5 recommended that the full Board approve two related resolutions authorizing issuance of up to $64.9 million in additional Community Facilities District (CFD) special-tax bonds for Mission Rock and approving related pledge/IFD documents. Port project manager Raven Anderson and Office of Public Finance director Anna Vandegna presented the request, explained the financing plan, and said a Feb. 1, 2021 appraisal…
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