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Committee forwards $45 million COPs appropriation and TID-linked plan for Moscone improvements
Summary
Committee forwarded ordinances and supporting documents to issue certificates of participation to finance Moscone Center improvements tied to a Tourism Improvement District and recommended a full Board hearing on Dec. 16, pending the TID plebiscite.
The committee considered two related items to finance capital improvements at the Moscone Convention Center through a combination of a hotel-led Tourism Improvement District (TID) and city-issued certificates of participation (COPs).
Jennifer Mats of the Office of Economic and Workforce Development explained that for the next six years the city would not fund the Convention and Visitors Bureau’s operations directly but would commit a portion of funds toward capital upgrades of Moscone’s North, South and West halls. Nadia Se of the Controller’s Office said the Controller expects to issue bonds of up to $40.3 million and requested authorization to exceed that amount up to $45 million to allow for market changes; the COPs are structured as a lease-leaseback and would require city assets to serve as collateral during construction.
John Noguchi (Convention Facilities), Joe D’Alessandro (Convention and Visitors Bureau) and Moscone General Manager Schaff described client pressure and the need to invest to remain competitive with other convention cities; Patricia Breslin of the Hotel Council urged approval. The committee agreed to forward the measures to the full Board for a hearing on Dec. 16, timed to follow the TID plebiscite, and noted that the COPs transaction will go through a 90–120 day validation process before market access.
