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Committee forwards Mission Rock IFD resolutions after correcting cost estimate
Summary
The Government Audit and Oversight Committee voted to forward two resolutions initiating public notice for an Infrastructure Financing District (IFD) and bond authorization for Mission Rock, accepting a Port amendment that corrected a 2017-dollar cost estimate to $692 million and setting a Committee of the Whole hearing date.
San Francisco's Government Audit and Oversight Committee on Nov. 15 voted to forward two resolutions that begin the public-noticing process for an Infrastructure Financing District (IFD) and proposed bond issuance for the Mission Rock waterfront project.
Rebecca Benesini, assistant deputy director of waterfront development for the Port of San Francisco, told the committee the Mission Rock site (Lot A and Pier 48) is planned to include roughly 2,700,000 gross square feet of residential, office and retail space, eight acres of parks and 40 percent inclusionary below-market-rate housing across a broad AMI mix. She presented the Port's financing approach, saying the city intends to use an IFD to capture property-tax increment and a community facilities district…
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