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Committee advances grant-funded elements but holds bonding decision on $28.7M ERAF payment
Summary
Committee members split a redevelopment agency package: they approved moving forward two grant-funded expenditures and authorized using existing funds to make a $28.7 million ERAF payment to enable a one-year Yerba Buena project-area extension, but continued the proposal to incur $28 million in new taxable bond indebtedness for later review.
The Budget and Finance Committee on Nov. 18 advanced parts of a redevelopment agency budget amendment while continuing the more politically consequential bonding proposal.
Fred Blackwell, executive director of the San Francisco Redevelopment Agency, told the committee the state budget required a shift of redevelopment funds into the Educational Revenue Augmentation Fund (ERAF), and San Francisco—s share is roughly $28.6 million. Blackwell said the agency is proposing a combination of pay-as-you-go and taxable bond proceeds to meet the obligation; but using taxable bond proceeds would crowd…
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