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Supervisors advance 8 Washington waterfront deal amid dispute over public benefits, parking and enforceability of transfer fee
Summary
The Budget & Finance Subcommittee voted to send the Port project forward to the full Board without recommendation after lengthy testimony and questions over a $5 million port reimbursement, a $11 million affordable-housing commitment and a proposed 50/50 split of IFD tax increment.
The Budget & Finance Subcommittee voted to move two related Port of San Francisco items forward to the full Board on Wednesday without a committee recommendation, setting the stage for a final vote on a redevelopment and land-swap transaction at Seawall Lot 351 (the "8 Washington" project).
The portstaff described a public-private development that would replace a surface parking lot and private Golden Gate Tennis & Swim Club uses with two residential buildings totaling 134 units, roughly 30,000 square feet of public open space, a rebuilt aquatics center, 20,000 square feet of retail and up to 255 underground parking spaces. Port development lead Jonathan Stern said the overall public-benefits package has a net present value the port estimates at about $144 million, including $11 million for affordable housing, $14.3 million in upfront port payments and approximately $12 million in land value conveyed back to…
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