Committee forwards TEFRA resolution for San Francisco Waldorf School financing to full Board

San Francisco — The Government Audit and Oversight Committee on July 2 voted to forward to the full Board of Supervisors a TEFRA resolution that would permit the California Enterprise Development Authority to issue tax-exempt revenue obligations not to exceed $25,000,000 for the San Francisco Waldorf School.

Vice Chair Supervisor Aaron Peskin moved to recommend the item as a committee report; the motion passed on a 2-0 roll call, with Supervisor Gordon Marr joining Peskin in an aye vote. Supervisor Matt Haney was excused from the meeting.

Vishal Trivedi of the Office of Public Finance in the Comptroller’s Office explained the financing and procedural background, saying the Tax Equity and Fiscal Responsibility Act (TEFRA) requires the governing body of the jurisdiction in which a project is located to approve tax-exempt financings. Trivedi said, “this jurisdiction, which is the City and County of San Francisco, is not obligated for payment on the bonds.” He described the proposed use of proceeds as refinancing prior indebtedness and funding construction and renovations, including a planned 10,020-square-foot athletic and community center and an 1,100-square-foot expansion at the school’s lower and middle campus.

The presentation identified project locations at 470 West Portal Avenue and 2938 Washington Street in San Francisco and said the borrower maintains roughly 500 students across early childhood through 12th grade. Bond counsel was identified in the presentation as "QTAC Rock LLP." The Clerk noted the item is expected to appear on the Board agenda for July 21, 2020, unless otherwise stated.

Jen Lo, representing Supervisor Scott Wiener's (noted in the presentation as the sponsoring office) district office, expressed support for the resolution and said the campus is an important part of the West Portal community. The Comptroller’s Office said the issuance would be handled through the California Enterprise Development Authority, of which the City and County of San Francisco is a participating member, and that the financing, if issued, would have no fiscal impact on the city’s obligations.

Public comment on this agenda item produced no callers in the queue and the committee closed the public comment period before taking the roll-call vote to forward the item.

The committee’s recommendation sends the resolution to the full Board for consideration at the next scheduled meeting identified in the Clerk’s remarks.