Committee advances final issuances of 2012 parks and 2015 affordable housing general obligation bonds

The Budget and Finance Committee advanced three related measures to finalize remaining proceeds from two voter-approved general obligation bond programs.

Vishal Trivedi of the Comptroller's Office summarized the financing plan for Items 7–9, describing the proposed sale of approximately $3.1 million in tax‑exempt bonds from the 2012 Clean and Safe Neighborhood Parks bond series and about $92.7 million from the 2015 Affordable Housing general obligation bond (combined anticipated par of roughly $95.8 million). Using a good‑faith financing estimate and an estimated combined interest rate of 4.39 percent, the presentation estimated average annual debt service at about $7.2 million and total debt service over a 20‑year life at approximately $142.8 million. Trivedi said the annual property‑tax impact would be about $2.80 per $100,000 of assessed value (roughly $16.61 per year for a $600,000 assessed home, per his example) and that the sale would keep the city's GO debt ratio well under the charter 3% limit.

Benjamin McCloskey (MOHCD) reviewed housing projects funded under the affordable housing bond categories and said proceeds will support public housing, low‑income housing, Mission District set‑aside projects and middle‑income housing categories, including down‑payment assistance. Katie Petrucciani (Port CFO) described how the parks bond remainder would fund waterfront park projects (Heron's Head and Agua Vista) and improvements including ADA accessibility, signage, lighting and solar upgrades.

Sevin Campbell, Budget Analyst, recommended approval. The committee took the measures up together and moved them to the full Board with a positive recommendation; no committee roll‑call vote was recorded in the transcript. The transcript records projected closing in October and expects the Port to spend remaining parks bond funds by June 2021.