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Committee advances Mission Bay hiring grant, 280 Beale bond application and Pacific Primary refinancing
Summary
On consent the committee moved forward: (1) OEWD acceptance of a $500,000 Mission Bay First Source hiring program installment to fund two employment liaisons and one compliance officer; (2) city authorization to seek up to $17 million in mortgage revenue bonds for a 70-unit Mercy Housing project at 280 Beale; and (3) tax-exempt obligations to refinance Pacific Primary school facilities.
The Budget and Finance Committee moved several staff items forward without recorded opposition on Nov. 20.
Office of Economic and Workforce Development staff reported receipt of a $500,000 installment tied to Mission Bay development thresholds to fund workforce positions and compliance work for the Mission Bay South First Source hiring program. The OEWD representative said the check was received two months prior and will support two employment liaisons and one compliance officer.
Elizabeth Colomillo of the Mayor’s Office of Housing and Community Development described a resolution to seek an allocation from the California Debt Limit Allocation Committee of up to $17,000,000 in mortgage revenue bonds for an affordable housing project at 280 Beale Street. Mercy Housing California is the project sponsor; the proposal would create a 70-unit small-family building targeted to households earning no more than 50 percent of area median income. Staff said they plan to submit the application in January 2014 and, if awarded an allocation, seek Board approval to issue in April or May 2014. Construction is slated to begin in May 2014 with completion by July 2015.
Belanne Geretto, executive director of Pacific Primary, asked the committee to support tax-exempt obligations to finance and refinance capital facilities for the nonprofit school, noting the program helps keep families in the city and sustain the school’s operations.
All three items were moved forward with the committee's recommendation to the full Board.
