Committee recommends Port tax levy on secured roll for Mission Rock and Pier 70

The Government Audit & Oversight Committee on April 16 recommended that the Board of Supervisors direct the assessor to place certain Port of San Francisco possessory interest taxes for Mission Rock and Pier 70 on the secured roll.

Wyatt Donnelly Landolt, presenting for the Port, said the action would move both infrastructure financing district (IFD) property taxes and community facilities district (CFD) special taxes from the unsecured roll (where possessory interests are typically assessed) to the secured roll for the next fiscal year. That priority lien on the secured roll, Landolt said, improves bondholder security and can lower interest rates when the Port issues large bond offerings for the projects, increasing proceeds and reducing the developer capital needed.

Landolt described Mission Rock as a 28‑acre project expected to include about 1,200 housing units with 40% on‑site affordable units along with office, retail and parks. He described Pier 70 as a historic 35‑acre site planned for mixed uses and rehabilitation of historic buildings and noted both projects include public benefits such as on‑site childcare and sea‑level‑rise protections.

A member of the public, Francisco de Costa, urged supervisors to consider environmental contamination at Pier 70 and Mission Rock, saying the sites include significant coal‑tar contamination that must be mitigated. "There's a million tons of coal tar that has to be mitigated," the caller said, and asked supervisors not to move forward without addressing contamination concerns.

Chair Marr moved to send the item to the full Board with a positive recommendation; the clerk recorded a unanimous 3–0 vote (Peskin, Haney, Marr). Staff said the Port will return later with bond issuances once market conditions and issuance details are determined.