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Budget Committee advances Pier 70 development agreements with non‑substantive amendments
Summary
Supervisors forwarded amendments clarifying sponsor entities, correcting administrative‑code cross‑references, and waiving specific subdivision‑code liquidated damages provisions in favor of DDA securities for the Pier 70 (Seawall Lot 349) agreements.
SAN FRANCISCO — The Budget and Finance Committee voted Thursday to forward development agreements for Pier 70 to the full Board after staff introduced amendments intended to clarify contract parties, correct administrative‑code references and replace certain subdivision‑code liquidated‑damages provisions with security measures in the DDA.
The clerk read Items 2–4 covering a development agreement between the city and FC Pier 70, LLC and companion disposition and development and interagency cooperation agreements for approximately 28 acres at Seawall Lot 349 (Pier 70). Chair Supervisor Malia Cohen said she circulated non‑substantive amendments in advance to clarify the project sponsor's entity, correct administrative code references, add annual reporting language and implement recommendations from the Budget Legislative Analyst.
Brad Benson, representing the Port, explained the agreement waives a development‑agreement requirement for liquidated damages under the administrative code because the DDA secures performance through bonds and a developer guarantee. "We actually believe that the protections in the DDA and the security provided under the DDA are stronger protection for the city than these liquidated damages," Benson said.
Supervisors asked staff to point to the exact cross‑references; staff located the language in the ordinance and explained that further public‑improvement agreements and the ICA will document bond and security arrangements. The committee closed public comment on the items and sent the package to the full Board with a positive recommendation.
