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Supervisors back Treasure Island IRFD bond authorization and $5.8M appropriation for affordable housing
Summary
The committee recommended approval of a resolution to authorize up to $31 million in IRFD (tax increment) bonds for Treasure Island and an ordinance to appropriate about $5.8 million of those proceeds for a 100‑unit senior affordable housing project and related predevelopment and parks work; TIDA and the controller outlined project uses and financing risks.
The Budget & Finance Committee voted unanimously to forward two items that would authorize the sale of tax‑increment Infrastructure and Revitalization Financing District (IRFD) bonds for Treasure Island and appropriate a portion of the proceeds for affordable housing.
Jamie Curban, finance manager for the Treasure Island Development Authority, described the proposed IRFD bond authorization not to exceed $31,000,000 and an appropriation ordinance of roughly $5,800,000 for affordable housing and related controller reserves. Curban said prior issuances totaled about $38M for the IRFD and another approximately $100M from the community facilities district; stage‑1 infrastructure is complete and stage‑2 work is underway with completion expected in 2028.
Curban provided preliminary financing assumptions (an estimated 30‑year financing at a true interest cost of 5.84 percent, project funding of about $22.6M, financing costs near $931,000 and total debt service roughly $55M over the life of the bonds) and cautioned about disclosure of material risks to investors. The controller’s office plans to price and close the transaction before the end of the calendar year.
Vice Chair Matt Dorsey framed the issuance as financing a 100‑unit senior permanently affordable housing project, predevelopment of future housing and parks; the committee voted 3–0 to forward both items to the full Board.
