Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Treasure Island topic
No spam. Unsubscribe anytime.
Committee advances Treasure Island infrastructure financing plan amid affordable‑housing shortfall
Summary
The Budget & Finance Committee recommended forwarding a resolution approving the Infrastructure Financing Plan (IFP) for Treasure Island’s proposed financing district; analysts noted an estimated affordable‑housing shortfall of about $381.4 million and projected tax‑increment of roughly $1.9 billion over the district term.
The San Francisco Board of Supervisors Budget & Finance Committee on Nov. 16 recommended that the full Board consider the Infrastructure Financing Plan (IFP) establishing an Infrastructure and Revitalization Financing District (IFD/CFD) for the Treasure Island redevelopment.
The IFP, presented by city staff, is one of 17 pieces of legislation to form the district. Staff said the IFD and companion community facilities district (CFD) are intended to reimburse the developer for eligible infrastructure costs, help fund affordable housing on the island, create a capital reserve for sea‑level‑rise adaptations, and establish a perpetual fund for maintenance of roughly 300 acres of parks and open space.
Budget analyst Harvey Rose told the committee the district’s five project areas are projected to generate approximately $1.9 billion in property tax increment, of which about $1.2 billion would be pledged to the IFD. Rose’s report identified an estimated affordable‑housing fund shortfall of about $381.4 million for the project as currently financed.
Mister Beck, who presented the item, said the IFP was drafted to conform with the disposition and development agreement (DDA) adopted in 2011 and that the plan includes a technical language change to clarify that if state law later allows pledge of other revenues, the Board could vote to pledge those revenues to the IRFD to finance affordable housing without requiring a new property‑owner vote. Beck said any additional revenues would be committed exclusively to affordable housing within the program.
Supervisor Katie Tang, who sponsored the committee motion, said she remained concerned about the financing gap and noted the matter was continued to Dec. 6 at the full Board for further consideration. Beck said closing the gap will be a lengthy process, that some opportunities (including grants and outside funding) require project‑ready sites, and that the program is expected to unfold over decades as the city delivers the 2,173 units it has committed to build.
The committee took no public comment on the resolution and took Tang’s motion to forward the item with a positive recommendation without objection.
What happens next: The IFP and related items are scheduled for the full Board’s agenda; staff said the public hearing on formation of the districts and any property-owner ballots would likely be scheduled in January if related resolutions are approved.
