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Subcommittee forwards plan to amend Redevelopment budget and allow up to $70 million in Mission Bay bonds
Summary
The Budget and Finance Subcommittee recommended that the Board consider an amendment to the Redevelopment Agency budget to add $5.44 million in tax increment and authorize up to $70 million in bonds, with 20% of proceeds earmarked for a 150-unit affordable housing project in Mission Bay and disputed ERAF payment figures noted.
The Budget and Finance Subcommittee on Thursday voted to forward to the full Board a resolution to amend the Redevelopment Agency’s fiscal 2010–11 budget and to authorize bond issuance authority not to exceed $70 million for Mission Bay redevelopment projects.
Carmen Chu, chair of the Budget and Finance Subcommittee, opened the special meeting and the committee heard from Amy Lee, deputy executive director of the San Francisco Redevelopment Agency. "I am seeking $5.44 million of additional tax increment to be provided to the developer," Lee told the committee, and said the agency was also seeking authority to sell up to $70 million in bonds to reimburse developers for prior infrastructure work.
The amendment would be funded by accelerated tax assessments in Mission Bay North and South under an existing 1998 master tax-increment financing and development agreement that Lee said directs tax increment from the project to the developer and authorizes the city to issue bonds. Lee said about 20% of the $70 million would support a housing project on…
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