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Committee approves $140 million Prop A transportation bond issuance; projects include muni-forward corridors and Caltrain match
Summary
The committee endorsed a $140 million appropriation and sale from the city's 2014 Proposition A transportation bond to fund seven projects, including muni-forward corridor improvements, pedestrian-safety work and a Caltrain electrification match; BLA recommended and the committee added a reporting amendment for oversight.
The Budget and Finance Committee voted to forward items authorizing the appropriation and sale of up to $140,000,000 in general-obligation transportation bonds from the 2014 Proposition A authorization to the Board with a positive recommendation after a presentation from SFMTA and the controller's Office.
SFMTA budget staff said this would be the third issuance from the $500,000,000 Prop A authorization, with roughly $134.3 million of the proceeds planned for projects and the remainder covering issuance costs. The MTA identified seven projects expected to be funded or advanced by this issuance, including muni-forward corridor work (22 Fillmore, parts of 19th Avenue and the El Teravale), pedestrian-safety upgrades (signal upgrades, countdown signals and flashing beacons), the Taylor Safer Streets project in the Tenderloin, station canopies and a Caltrain electrification match in which SFMTA acts as fiscal sponsor.
The Office of Public Finance projected an average annual debt-service cost of roughly $9.7 million and a total 20-year debt-service estimate of about $193.3 million based on a sample market rate; the annual property-tax impact was estimated at about $3.46 per $100,000 of assessed value (approximately $20 for a $600,000 home after the homeowners' exemption). BLA recommended approval and asked for an amended reporting requirement: a status report on bond projects and expenditures to be provided to the Board prior to Dec. 31, 2021. The committee approved the BLA amendment and moved the items to the Board as amended.
Supervisor Mandelmann questioned how the Board could monitor schedule and cost performance across many projects. SFMTA and BLA noted existing quarterly reporting to the citizens' bond-oversight committee and internal controls, and they offered to provide the committee with oversight materials and a year-end hearing.
Why it matters: the issuance will fund transit reliability and pedestrian-safety work in high-injury corridors and advance multi-agency projects, including a local funding contribution to regional Caltrain electrification efforts.
Next step: The committee's positive recommendation (as amended to require reporting) sends the appropriation and sale resolution to the full Board for final action.
