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Committee clears intent to seek CDLAC allocation for 850 Broderick Street
Summary
The Budget and Finance Committee authorized submission of a California Debt Limit Allocation Committee (CDLAC) application for up to $12 million to reimburse prior expenditures on a housing project at 850 Broderick Street; the Board will see a later issuance resolution. No public comment.
The Budget and Finance Committee on Wednesday authorized the Mayor’s Office of Housing to apply to the California Debt Limit Allocation Committee (CDLAC) for up to $12,000,000 to reimburse certain expenditures related to 850 Broderick Street.
Theresa Auger of the Mayor’s Office of Housing confirmed the application and told the committee the board will return for a separate issuance resolution. Chair Supervisor Aaron Peskin closed public comment and directed that the resolution be sent to the full Board with the committee’s recommendation.
The committee took no public testimony on the item. The application to CDLAC is an early procedural step; if CDLAC allocates bond cap and the board approves an issuance resolution, the city expects to use future bond proceeds to reimburse prior capital expenditures on the project.
Next steps: the Mayor’s Office of Housing will submit required documents to CDLAC and the committee will return to the full Board later with an issuance resolution and further details.
