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Supervisors advance Port infrastructure financing district guidelines after staff presentation
Summary
Port staff presented proposed guidelines for forming Port infrastructure financing districts (IFDs) to fund major waterfront capital needs including Pier 70 and Sewall Lot 337; the budget analyst recommended amendments to protect the General Fund and require project-level fiscal analysis. Committee approved the resolution as amended and will send it to the full Board.
Brad Benson, representing Port Director Monique Moyer and Port staff, told the Budget and Finance Subcommittee that the Port has developed policy guidelines for infrastructure financing districts (IFDs) aimed at funding large waterfront capital needs such as pile repairs, seismic upgrades and shoreline parks.
The proposal, introduced at the subcommittee meeting by Benson, explained that under state law an IFD can capture growth in property taxes from new development for periods of up to 45 years to finance public improvements. Benson said Port IFDs differ from past redevelopment practice and noted statutory limits including CEQA obligations and public-trust considerations. "Infrastructure Financing Districts are a little bit like redevelopment,"…
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