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Committee moves SFMOMA CSCDA financing request to full Board
Summary
Controller’s Office described proposed tax‑exempt CSCDA financing of up to $30 million to finance or refinance SFMOMA facilities and related improvements; the committee referred the resolution to the full Board with a positive recommendation and no public comment.
The Budget and Finance Committee considered a resolution authorizing tax‑exempt obligations through the California Statewide Communities Development Authority (CSCDA) in an aggregate principal amount not to exceed $30,000,000 to finance or refinance capital facilities owned or to be owned by the San Francisco Museum of Modern Art (SFMOMA). Vishal Trivedi of the Controller’s Office summarized the project uses — including acquisition of fee title to a parking garage (transcript reads "147 Minus Street"), improvements at the borrower's facilities at 151 Third Street, acquisition and installation of artworks, and other capital maintenance and related costs — and said approval would have no fiscal impact to the City and County of San Francisco.
Adene Vera, representing the Museum, was present for questions. The committee discussed timing and moved the resolution to the full Board as a committee report so the museum could meet its financing schedule; Supervisor Yee made the motion and it passed without objection. Trivedi noted a public hearing was published in the San Francisco Chronicle and held prior to this committee hearing; no public comments were received through the public hearing process.
The item will be scheduled for Board consideration on Sept. 26 to align with SFMOMA's financing timeline.
