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Supervisors debate UCSF purchase of Mission Bay blocks and $7.7M NPV gap
Summary
UCSF's proposed acquisition of Mission Bay Blocks 33 and 34 would replace long‑term pilot payments with one‑time lump sums: $10.2M for affordable housing and $21.9M for infrastructure, plus CFD obligations. OCII and budget staff said the package accelerates funds for housing and infrastructure but a budget analyst and independent appraisal show a net present value gap of about $7.7M compared with the pilot. Supervisors pressed for more financial analysis, and raised transportation and transit impact concerns.
The committee considered a policy‑level resolution to consent to transfer Mission Bay Blocks 33 and 34 to the University of California (UCSF). Christine Maher (OCII) and Laurie Yamauchi (UCSF) described the proposed deal: because UC is a tax‑exempt state agency it cannot pay annual property taxes, so the parties negotiated one‑time payments and CFD obligations to replicate the financial intent of the South owner participation agreement (OPA).
Under the memorandum of understanding presented to the committee, UCSF would pay a one‑time $10.2 million affordable housing payment to the Office of Community Investment and Infrastructure (OCII) and a one‑time $21.9 million infrastructure payment to the master developer…
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