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Supervisors forward Saint Francis Yacht Club lease to full board after debate over public benefits and valuation
Summary
The Board of Supervisors budget committee voted to send a proposed 40-year lease for the Saint Francis Yacht Club at Marina West Harbor to the full board after questioning over whether the city got market value, how a $1.2 million upfront payment and public-benefit obligations would be enforced, and the possessory-interest tax impact.
The San Francisco Board of Supervisors Budget and Finance Committee on Nov. 15 voted to forward to the full Board a proposed long-term lease with the Saint Francis Yacht Club for property at Marina West Harbor, after extended debate about rent calculations, enforceability of public-benefit commitments and potential tax effects.
Chair Chris Dailey called the item after the clerk read a resolution authorizing an extension of the club's ground lease for 40 years plus roughly seven years remaining on the existing agreement. Yomi Agunbiotti, general manager of the Recreation and Parks Department, told the committee the department supports the proposed lease and had provided additional information requested by Supervisor Aaron Peskin and the Budget Analyst’s Office.
Supervisor Peskin pressed staff for an apples-to-apples comparison with other city…
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