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Committee Forwards Mission Rock Development Agreements to Full Board; Adds Annual Port Reporting and SFMTA Approval Note
Summary
The Government Audit & Oversight Committee voted to forward the Mission Rock development agreements (DDA, disposition and development agreements, and MOUs) to the full Board with a positive recommendation and two amendments: an annual May report from the Port on financing and development, and an amendment reflecting SFMTA action; the 28‑acre project includes 40% affordable housing and an estimated $4.89 billion total buildout estimate.
The Board’s Government Audit & Oversight Committee on Feb. 7 recommended that the full Board consider several transaction documents for Mission Rock — a 28‑acre mixed‑use project on Seawall Lot 337 — and advanced the items with two committee amendments and a commitment to annual reporting on financing and implementation.
Project overview and committee focus
Rebecca Venasini of the Port of San Francisco described Mission Rock as a phased redevelopment of Seawall Lot 337 and Pier 48 into a neighborhood with about eight acres of parkland, roughly 1,327 proposed housing units in the project midpoint scenario, and a developer commitment that 40% of units will be affordable across a wide range of area‑median‑income levels. Venasini said the port and developer plan to finance infrastructure through a combination of prepaid leases, an Infrastructure Financing District (IFD) and a Community Facilities District (CFD) and noted entitlement costs to date of…
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