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Subcommittee forwards Broadway Sansom bond, Moscone COPs and other items to full board
Summary
The Budget and Finance Subcommittee voted to forward resolutions for (1) issuance of multifamily housing revenue bonds up to $23.9 million for Broadway Sansom Apartments and a related ground lease amendment, and (2) issuance of certificates of participation to take out commercial paper used for Moscone Center capital projects (proposed up to $36 million). Both items were forwarded to the full Board of Supervisors with recommendation; public comment on these items was limited.
The Budget and Finance Subcommittee acted on several finance items on March 27 and forwarded them to the full Board of Supervisors with recommendation.
Broadway Sansom Apartments (Items 1–2): The clerk read resolutions authorizing a multifamily housing revenue bond issuance in an aggregate principal amount not to exceed $23,900,000 to finance the acquisition and construction of the 75-unit Broadway Sansom Apartments and a related ground lease amendment for property at 255 Broadway. Kevin Ketchingham of the Mayor's Office of Housing said the developer, Chinatown Community Development Center (CCDC), is sponsoring the 100% affordable project (all units at 50% AMI and below) with 18 units for formerly homeless households and 14 units for residents displaced by the Central Subway project. The committee heard one public commenter (Douglas Yap) raise general concerns about public–private partnerships and moved to forward items 1 and 2 to the full board with recommendation (motion approved without objection).
Moscone Center certificates of participation (Item 3): Nadia Sese of the Comptroller's Office described a plan to issue up to $36,000,000 in certificates of participation to take out commercial paper used to fund capital improvements at Moscone Convention Center and to finalize offering documents and appendices. She said the takeout will free commercial paper capacity for future projects and noted estimated savings from prior commercial-paper usage. No public comment was offered on item 3 and the committee moved item 3 forward with a recommendation to the full board.
Procedural note: Items acted upon by the subcommittee will appear on the Board of Supervisors agenda on April 2, 2013, unless otherwise stated.
