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Committee forwards Stonestown EIFD to Board to finance 3,500-unit redevelopment
Summary
The Budget & Finance Committee voted to forward a resolution approving an infrastructure financing plan for the Stonestown master plan; the project would add roughly 3,500 housing units, fund streets, utilities and open space, include at least 20% affordable housing, and rely on EIFD reimbursements spread over decades.
The Budget & Finance Committee on Jan. 14 moved to forward an infrastructure financing plan and associated resolution to form an Enhanced Infrastructure Financing District for the Stonestown redevelopment.
OEWD staff said the Stonestown project will be built on roughly 27 acres of parking lots surrounding the existing mall (the mall is not included in the EIFD), and that the development includes nearly 3,500 units of housing, six acres of new publicly accessible open space, utilities and street network upgrades, a childcare facility and a senior center. The IFP lists eligible improvements (streets, utilities, stormwater, affordable housing support) with an estimated $438 million in reimbursable costs before financing; the financing plan estimates a city payout of about $1.56 billion over the district's life when financing costs are included.
Speakers from building trades and housing advocates urged prompt action so entitled projects can start construction and create jobs. Chair Chan emphasized the need for city departments to treat post-entitlement work as a priority and warned that approvals alone do not deliver housing without follow-through. The committee voted 3-0 to refer the item to the full Board; OEWD plans a Public Financing Authority meeting in February if the Board approves the resolution.
