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Supervisors advance Treasure Island financing measures to form IRFD and CFD
Summary
The committee advanced multiple resolutions to begin forming an Infrastructure and Revitalization Financing District (IRFD) and Community Facilities District (CFD) for Treasure Island and Yerba Buena Island. Staff laid out tax-increment mechanics, projected long-term revenues, and acknowledged an affordable-housing funding gap.
The Budget & Finance Committee on Oct. 19 advanced a package of resolutions that begin the formal process to form an Infrastructure and Revitalization Financing District and Community Facilities District for Treasure Island and Yerba Buena Island.
Director Beck of the Treasure Island Development Authority outlined the development program, describing plans for roughly 8,000 new homes (with a minimum 25 percent affordable requirement and an option to increase to 2,173 affordable units, or roughly 27 percent). Beck said demolition and early infrastructure work have begun and that parcel transfers from the Navy will continue through 2020–21. The financing plan calls for public and private improvements…
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