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Subcommittee advances $6.5 million tax‑exempt financing for French American International School
Summary
The committee advanced a resolution under IRC §147(f) approving tax-exempt revenue obligations up to $6.5 million to finance capital facilities for the French American International School; city staff said there is no fiscal impact to the city and the Board is not a party to the transaction.
The Budget & Finance Subcommittee advanced a resolution under section 147(f) of the Internal Revenue Code approving up to $6,500,000 in tax-exempt revenue obligations issued by the California Statewide Communities Development Authority for capital facilities owned by the French American International School.
Ahmed Elnajar, legislative aide to Supervisor London Breed, described the school’s proposed move to a San Francisco Unified School District-owned property at 1155 Page Street and said a memorandum of understanding commits the school to community uses, affordable access and neighborhood traffic-calming and security measures. Anthony Ababa from the Controller’s Office (Office of Public Finance) told the committee the item’s approval facilitates tax-exempt financing under the tax code, that a delayed-notice hearing produced no public comment and that there is no fiscal impact to the city because the city is not a party to the transaction.
Aaron Levine (CFO) and Josh Nossiter (chair of the school’s finance committee) said improvements to a currently vacant property would benefit the neighborhood and asked for the committee’s support. Public comment included a non-substantive statement by a member of the public. The committee moved the resolution forward with recommendation; the transcript records the motion proceeding without opposition.
The matter will return to the full Board for final action; staff and the school described community-use commitments in their presentation but final obligations will depend on the MOU and any conditions the Board or financing authority place on the issuance.
