Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Development topic
No spam. Unsubscribe anytime.
Committee advances Pier 70 CFD and bond-intention resolutions for 1,600-unit project to the Board
Summary
The GAO Committee recommended four resolutions that initiate the formation of two community facilities districts (condominiums and leased properties) and set not-to-exceed bond amounts to help fund public infrastructure for the Pier 70 development, which includes more than 1,600 housing units and at least 470 on-site affordable units. The measures were forwarded to the full Board without objection.
The Government Audit & Oversight Committee on Nov. 13 advanced four interrelated resolutions to the full Board of Supervisors that would begin the process of forming two community facilities districts (CFDs) and allow future bonded indebtedness to finance public infrastructure for the Pier 70 development.
Supervisor Shamann Walton described Pier 70 as "an important project in District 10 with over 1,600 units of new housing and at least 470 on-site affordable housing units," and urged committee support for the CFDs, which finance parks, roads, sewer and shoreline protections.
Wyatt Donnelly Landolt of the Port's finance team told the committee the project was entitled in 2017, is in the Dogpatch neighborhood adjacent to Third Street's T line, and spans roughly 28 to 35 acres (with the current CFD formation covering about 28 acres). Construction had started in May and the financing plan includes developer and port capital up front, reimbursement through land-value capture later, and CFDs and infrastructure financing districts to raise funds for horizontal improvements. Landolt described the CFD tax structure as four components: a facilities tax (for horizontal improvements), an arts tax (to fund community arts space), a shoreline tax (to fund shoreline protections and studies), and a services tax (ongoing maintenance).
Landolt emphasized that the resolutions under consideration are resolutions of intention and do not authorize the immediate sale of bonds; the not-to-exceed amounts listed in the docket represent the maximum authorization that could be sought in later bond-sales resolutions. The staff described a timeline: formation via special election to be noticed in December and held in January, followed by later legislation before each proposed bond sale in 2020.
A committee member asked about wide ranges shown for future-unit counts on project slides; staff explained those ranges reflect "flex parcels" in later phases that could be either commercial or residential. Staff confirmed the 30% on-site affordable requirement remains binding and would be applied to whatever final unit count is approved.
Supervisor Walton moved items 2, 3, 4 and 5 forward with a positive recommendation to the full Board; the committee advanced the four resolutions without objection.
