Commission and Financing Authority approve up to $48M in new bonds and $170M refunding for Mission Bay South

The San Francisco Commission on Community Investment and Infrastructure on Jan. 6 authorized the issuance of up to $48 million in new-money tax-allocation bonds and up to $170 million in refunding tax-allocation bonds to fund and refinance infrastructure in the Mission Bay South redevelopment area. The commission approved the action by roll call and the separate Financing Authority later approved the negotiated-sale step needed for part of the transaction.

The bond package would reimburse the developer for completed but not yet city-accepted infrastructure in Mission Bay South and refund earlier OCII bonds to produce interest savings. "It looks like we're going to be saving nearly $15,000,000 over the term of the bonds," Vice Chair Miller said during the discussion. OCII staff estimated annual debt service would fall from about $11.9 million to about $11.1 million, producing roughly $800,000 in annual savings and an estimated $14.8 million total life-of-bonds…