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Committee sends Pier 70 Parcel K North sale to Board without recommendation after amendments on affordable-housing fees
Summary
The committee considered a vertical disposition and development agreement to sell Parcel K North (Pier 70) to a TMG/Presidio Bay joint venture for roughly $24.35 million, debated sale vs. lease, ongoing revenue mechanisms (1.5% transfer fee and CFD), and approved Supervisor Fewer’s amendment asking MOHCD to propose expanded affordable-housing fees; the committee sent the item to the full Board without recommendation.
The Budget & Finance Committee debated the Port of San Francisco's proposed vertical disposition and development agreement to sell Parcel K North at Pier 70 to a joint venture of TMG Partners and Presidio Bay Ventures and ultimately sent the item to the Board of Supervisors without recommendation after adopting amendments on affordable-housing fee policy.
Christine Maher of the Port presented Pier 70 context and terms for Parcel K North (a 1.6-acre parcel at 20th Street and Illinois Street). She said the sale consideration totals about $24,350,000 and that the project would provide a public plaza, Michigan Street improvements (to be…
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