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Committee advances up to $260 million interim financing for Transbay Transit Center, adds DPW oversight reference
Summary
The Budget & Finance Committee voted to send to the full Board a resolution authorizing up to $260 million in short-term interim financing to cover a roughly $247.5 million Phase 1 shortfall at the Transbay Transit Center, and amended the resolution to reference a DPW intergovernmental agreement for construction management oversight.
The San Francisco Budget and Finance Committee on April 27 advanced to the full Board a package to provide short-term interim financing for Phase 1 of the Transbay Transit Center, authorizing a not-to-exceed certificate amount of $260,000,000 to address an estimated $247,500,000 funding shortfall.
Ben Rosenfield, city controller, summarized the work behind the proposal and introduced Transbay Joint Powers Authority and city finance staff. "Our office has been working on this interim bridge financing package for many months now," Rosenfield said, characterizing the plan as an unusual but necessary step to complete the regionally significant project.
Sarah DeBorde, chief financial officer of the TJPA, reviewed the project's budget history and the gap analysis: original Phase 1 budgets and subsequent changes, including a 2010 Federal Railroad…
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