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OCII hires financing team for 2026 Mission Bay South tax allocation bonds; three contracts approved
Summary
The commission voted 4–0 (one absence) to authorize contracts with Fieldman Rolapp (financial advisor), Jones Hall (bond and disclosure counsel) and KaiserMarston (fiscal consultant) to support proposed 2026 bond issuances tied to Mission Bay South and other redevelopment financing work.
The Commission on Community Investment and Infrastructure voted July 15 to authorize three professional services contracts to support planned tax allocation bond issuances related to Mission Bay South and other OCII transactions.
Each contract was presented together and voted on separately after a combined staff presentation. The commission approved: (1) a financial advisory contract with Fieldman Rolapp & Associates, Inc. not to exceed $176,000 (Resolution No. 20‑2025), (2) a bond and disclosure counsel contract with Jones Hall, A Professional Law Corporation, not to exceed $202,000 (Resolution No. 21‑2025), and (3) a fiscal consultant contract with KaiserMarston Associates, Inc. not to exceed $263,000 (Resolution No. 22‑2025). Each vote was 4 ayes, 1 absent (Commissioner Lim).
OCII staff and the debt manager, Nick Jones, said the team was selected from competitively established city panels after requests for proposals. Staff described the roles: the municipal advisor/financial adviser advises on deal structure and debt modeling, bond counsel prepares legal documents, disclosure counsel prepares the official statement for investors, and the fiscal consultant projects revenues and supports annual disclosure obligations.
Staff said Fieldman Rolapp was selected in part for prior experience with OCII's portfolio and dissolution‑era bond work; Jones Hall was noted for recent work as bond counsel on the 2025 Mission Bay South issuance; and KaiserMarston was recommended for fiscal modeling and its post‑dissolution experience. Funding for transaction‑related work will come from bond proceeds; ongoing annual disclosure and hourly consulting from the fiscal consultant will be paid from OCII funds.
Commissioners expressed support for moving the work forward to enable affordable housing and infrastructure projects to proceed. Public comment raised general concerns about complexity and transparency of bond financing; no public speaker objected to the contracts. Staff said the contracts will remain in effect until bonds are issued (transaction services) and, for fiscal consultant services, through calendar year 2028 for ongoing disclosure obligations.
The contracts are intended to prepare OCII to pursue a 2026 Mission Bay South tax allocation bond series (2026 C) and a potential refunding (2026 D) alongside previously discussed 2026 A and B transactions. Staff said next steps include returning to the commission in October with primary bond documents and seeking oversight board and State Department of Finance approvals before pricing and issuance in late 2025/early 2026.
