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Board amends airport bond appropriation to reserve Plot 700 funding pending CEQA; approves remainder of bond package
Summary
The subcommittee approved the airport’s request for roughly $1.97 billion in airport revenue bond authority for terminal improvements, a new ATC tower and other projects, found the Plot 700 development fiscally feasible while placing $30.2 million for Plot 700 on committee reserve pending CEQA findings.
The committee considered three consolidated items from the San Francisco International Airport: (1) a resolution finding the proposed Plot 700 development fiscally feasible; (2) an ordinance appropriating approximately $1.97 billion in proceeds from airport bond sales for capital projects; and (3) a resolution approving issuance of up to approximately $1.97 billion aggregate principal amount of Airport Commission capital plan bonds.
Kathy Widener and Bruce Robertson of the airport described Plot 700 as a consolidation of ground transportation and a bus maintenance facility on roughly six acres in the North Cargo Area, noting the existing temporary facilities were built in 1992 and are beyond useful life. They said the capital package includes terminal projects (Terminal 1 Boarding Area B, Terminal 3 East, Terminal 3 Boarding Area F), a new air traffic control tower, a long‑term parking garage, an AirTrain extension, runway safety and taxiway work, and utility projects including a new industrial waste treatment facility.
Budget analyst Mr. Rose presented detailed fiscal analysis: funding for Plot 700 is contingent on Board approval of bond issuance and appropriation (file 14,037/14,032); the package includes approximately $1,456,434,700 in direct project costs and $513,396,000 in related costs; airport staff estimated bond interest at roughly 6.12% over 30 years with first‑year debt service estimated near $10.245 million. Mr. Rose recommended approving the resolution contingent upon Board approval of bond issuance and recommended placing roughly $30,204,929 for Plot 700 on Budget & Finance committee reserve pending CEQA findings for the project.
Supervisors accepted the recommended amendment to reserve the Plot 700 appropriation pending CEQA completion and approved the other bond measures and appropriations. The airport said the supplemental appropriation is intended to ensure financing is in place as runway safety projects scale up.
