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Supervisors refer Transbay Parcel F measures after debate over shadows, affordable‑housing fees and guarantees
Summary
The Land Use and Transportation Committee voted to refer three Parcel F items to the full Board without recommendation after debate over a 150% in‑lieu affordable‑housing fee, the timing of payments (letter of credit vs. cash), and shadow impacts to nearby Chinatown parks; amendments to the variation resolution were approved in committee.
The Land Use and Transportation Committee on March 8 referred three related measures for Transbay Parcel F — a zoning change, a development agreement and a successor‑agency resolution changing on‑site affordable housing requirements — to the full San Francisco Board of Supervisors without recommendation after extended questioning by supervisors about shadow impacts and the timing and security of an in‑lieu affordable‑housing fee.
Supervisors debated whether to require immediate cash payment or accept a bank letter of credit that OCII (the Office of Community Investment and Infrastructure) and the project sponsor say will be available in advance of when funds are needed. "Security to me is cash upfront," Supervisor Aaron Peskin said during the hearing, arguing that previous projects left communities with unfulfilled commitments. OCII representative Sally Orth and Hines partner Cameron Faulkner said the development agreement secures the fee and that a letter of credit is a commercially standard instrument that preserves project viability.
Orth told the committee that the Transbay redevelopment plan requires 35% of new units be affordable across…
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