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Committee backs SFPUC sales of underused Pleasanton and Millbrae parcels to offset capital costs
Summary
The Budget & Finance Committee reviewed and recommended forwarding two SFPUC surplus-property sales — a 3.18-acre Pleasanton parcel for $4.2 million and three Millbrae residential lots for $2.3 million — with BLA reports showing net proceeds and modest ongoing savings in maintenance and taxes.
The Budget and Finance Committee on Feb. 14 recommended that the full Board of Supervisors approve two San Francisco Public Utilities Commission property sales aimed at raising capital funds.
Rosanna Russell of the SFPUC told the committee the commission marketed several surplus parcels and accepted the highest responsible offers. The larger parcel — described in the packet as roughly 3.1 acres with addresses in Pleasanton — drew a high bid of $4,200,000 from the City of Pleasanton. An MAI appraisal in May valued the site at $4,158,000, and a later review confirmed that valuation. Russell said Colliers marketed the property for 25 weeks and was paid a 2.75% commission. The PUC—s packet and presentation say the conveyance is consistent with the city—s general plan and that city planning found the sale consistent with the planning code—s priority policies; the bureau of environmental management determined the sale is not a project under CEQA.
The Budget and Legislative Analyst reported net proceeds to SFPUC of $4,095,100 and noted the commission currently pays property taxes and maintenance on the parcel, leading to an estimated annual savings of roughly $5,184 after the sale. The committee had no public comment on the item and voted to forward it to the full board with a positive recommendation.
The committee considered a second SFPUC item for three residential-size lots in Millbrae between Helen Drive and Dexter Place. According to the PUC, the three lots together were appraised at about $2,200,000 and attracted a winning bid of $2,300,000; after commission and fees the PUC estimated net proceeds of about $2,281,500. Those lots were also declared surplus years ago and were marketed under the same broker/marketing process used for the Pleasanton parcel.
Supervisor Committee action: both items were moved forward to the Board of Supervisors with positive recommendations.
