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Committee endorses lease amendment and $157M COP financing; sends items to full Board
Summary
The Budget & Finance Committee recommended approval of a lease amendment for OEWD at 1449 Webster St. and voted to move two ordinances authorizing Certificates of Participation (up to $157M) for Department of Public Health capital projects to the full Board with a positive recommendation.
The Budget & Finance Committee on Oct. 7 voted to forward several items to the full Board of Supervisors with positive recommendations.
Item 2: The committee voted to recommend approval of a lease amendment that allows the Office of Economic and Workforce Development (OEWD) to continue operating the Western Addition Neighborhood Access Point at 1449 Webster St. Enrico Penick, director of real estate, said the amendment covers 3,900 square feet at a base rent of $139,000 per year (about $35.68 per square foot), represents a 15% reduction from the prior base rent and includes an option to extend the lease. Supervisor Walton moved the item and the roll call returned three ayes.
Items 3 & 4: The committee also considered two related ordinances to finance DPH capital projects through Certificates of Participation (COPs): an ordinance appropriating $149,750,000 toward projects and an ordinance authorizing issuance of COPs not to exceed $157,000,000 to finance and refinance multiple projects including the 101 Grove exit strategy, Laguna Honda wing retrofits and San Francisco General Hospital chiller/cooling-tower replacements. Luke Brewer of the Controller’s Office summarized sources and uses and Kathy Zhang (DPH) described project scopes and timelines; the Budget Legislative Analyst recommended approval. The committee accepted a non‑substantive amendment to remove specific wing letters from the Laguna Honda description and voted to move the amended items to the Board with a positive recommendation (three ayes).
All three forwarded items were approved by unanimous recorded committee voice votes in the meeting (three ayes); final adoption is scheduled at the Board of Supervisors.
