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Board to continue Pier 70 development amendments after financing questions; port and developer present benefits package
Summary
The committee heard multi‑agency presentations on the Forest City Pier 70 project, including a public benefits package claiming $672M in infrastructure, 30% on-site affordable housing, artist studio commitments and sea-level rise funding; BLA flagged outstanding financing steps and the items were continued to Oct. 26.
Supervisor Malia Cohen opened a multi‑hour presentation on the Pier 70 development (Seawall Lot 349) as a decade-long planning effort to restore 28 acres of the southern waterfront. Elaine Forbes, executive director of the Port, called the project transformational and noted the port commission had forwarded the project with recommendation after community engagement.
Forest City and port staff outlined a public benefits package they described as worth roughly $750 million in total public benefits, including approximately $672 million in public infrastructure financing, 30% on-site affordable housing, nine acres of new parks, historic rehabilitation of contributing buildings, on-site childcare, and $88 million set aside (in today’s dollars) toward portwide sea-level rise protections. Brad Benson (Port) and Jack Sylvan (Forest City) described project phasing, infrastructure obligations under the Disposition and Development Agreement (DDA), and mechanisms for repayment including property tax increment, special taxes and potential community facilities districts.
The Budget Legislative Analyst highlighted unresolved financing steps the Board must still consider before project financing is complete: possible sale of Parcel K, acquisition (or option) on the Hoedown Yard (PG&E parcel), formation of an infrastructure financing district and community facilities districts, and the timing of bonds and tax increment capture; BLA also recommended the Board request annual reports on project financing and warned that delays in projected revenues were the principal project risk.
Community members and arts organizations voiced support: Dogpatch Neighborhood Association, CAST and Noonan Building artists emphasized commitments to replacement and affordable studio space; unions expressed support for local-hire and training elements. Supervisors asked detailed questions about maintenance funding, school impacts and the Transportation Demand Management plan. Port staff said maintenance funding of roughly $2.8 million per year for parks and public realm is included, the EIR found no significant school capacity impact, and the TDM measures are ongoing mitigation with reporting and potential adjustments.
Because CEQA-related timing and several financing ordinances remain pending, Chair Cohen continued Items 10, 11 and 12 to the October 26 Budget & Finance Committee meeting so amendments and required financing actions can be finalized.
