San Francisco Budget and Finance Committee forwards six items including $23M loan and $211.9M bond amendment
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Summary
The Budget and Finance Committee on March 18, 2020 advanced six items — a tax‑exempt loan request up to $23 million, a 66‑year shoreline ground lease, an $11 million consultant contract, two grants to the sheriff and district attorney, and amendments tied to a $211.9 million multifamily housing bond — to the Board or next committee meeting with positive recommendation and without recorded roll-call votes.
Chair Sandra Lee Feuer convened the San Francisco Budget and Finance Committee on March 18, 2020, and moved six agenda items forward for further Board or committee consideration. The measures included a tax‑exempt loan authorization for school financing, a long‑term shoreline ground lease, a Public Utilities Commission consulting contract, two state grant acceptances, and proposed amendments to a multifamily housing revenue bond agreement.
The meeting opened with procedural announcements from the clerk, who asked attendees to silence electronic devices and noted that items acted upon may appear on the March 24 Board of Supervisors agenda unless otherwise stated. The clerk read item 1 as "a resolution approving in accordance with section 147F of the Internal Revenue Code 1986 as amended the execution of a tax exempt loan or loans by the California Municipal Finance Authority in 1 or more series pursuant to a plan of financing and in an aggregate principal amount not to exceed 23,000,000." Chair Feuer said she had continued the item earlier pending more information from the school and thanked Lisey Franze and San Francisco for providing additional details. "I'd like to make a motion to move this to the board with a positive recommendation," Feuer said. There was no public comment on the item.
"Seeing none, public comment is now closed," Feuer said, and the committee moved the resolution to the Board with a positive recommendation; no roll‑call vote was recorded in the transcript.
The clerk then read items 2 through 6: a ground lease for approximately 1.6 acres of shoreline property for accessible open space for a 66‑year term at an annual base rent of $1; a resolution authorizing the Public Utilities Commission to execute an agreement with GEI Consultants for planning and design support not to exceed $11,000,000 for the period April 2020 through April 2031; a resolution authorizing the sheriff's department to accept and expend $365,000 from the Board of State and Community Corrections for recruitment and training of correction and probation personnel; retroactive authorization for the district attorney's office to accept a $451,000 expanded grant from the California Governor's Office of Emergency Services for the County Victim Services Program for the 2020 grant year; and a resolution authorizing amendments to the indenture of trust and loan agreement relating to the city's variable‑rate multifamily housing revenue bond currently outstanding in an aggregate principal amount of $211,900,000 issued in 2016 for financing a multifamily rental project at 450 Folsom Street.
Chair Feuer opened public comment on items 2–6 and "Seeing none, public comment is now closed." She then said, "I'd like to make a motion to move items 2, 3, 4, 5, and 6 to the meeting of, March 25." The clerk and Chair confirmed the scheduling for the Budget and Finance Committee meeting. The transcript records no public speakers and no roll‑call recorded votes on those motions.
Votes at a glance • Item 1 (agenda item 1): Resolution to permit tax‑exempt loan(s) via the California Municipal Finance Authority, aggregate principal not to exceed $23,000,000 — Chair Feuer moved to forward to the Board with a positive recommendation; outcome: motion moved without recorded objection in the transcript. • Item 2 (agenda item 2): Ground lease for ~1.6 acres of shoreline property, 66‑year term, $1 annual base rent — Chair Feuer moved to refer to March 25 meeting; outcome: motion moved without recorded objection in the transcript. • Item 3 (agenda item 3): PUC authorization to contract with GEI Consultants, not to exceed $11,000,000 (April 2020–April 2031) — Chair Feuer moved to refer to March 25 meeting; outcome: motion moved without recorded objection in the transcript. • Item 4 (agenda item 4): Sheriff's department to accept and expend $365,000 from the Board of State and Community Corrections — Chair Feuer moved to refer to March 25 meeting; outcome: motion moved without recorded objection in the transcript. • Item 5 (agenda item 5): District Attorney retroactive acceptance of a $451,000 Cal OES grant for County Victim Services — Chair Feuer moved to refer to March 25 meeting; outcome: motion moved without recorded objection in the transcript. • Item 6 (agenda item 6): Amendments to indenture/loan agreement tied to the city's variable‑rate multifamily housing revenue bond (outstanding principal $211,900,000; project at 450 Folsom Street) — Chair Feuer moved to refer to March 25 meeting; outcome: motion moved without recorded objection in the transcript.
What happens next: The motions were forwarded to the Board or set for the March 25 committee meeting for further action. The clerk earlier noted items acted on today typically appear on the March 24 Board of Supervisors agenda unless otherwise stated.
Speakers quoted in this report: Chair Sandra Lee Feuer and the Clerk (Ms. Langdon).
