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San Francisco supervisors approve $40 million incentive for Hearst hotel in 9–2 vote
Summary
The Board of Supervisors voted 9–2 on Feb. 24 to finally adopt an ordinance approving a $40 million hotel development incentive agreement with Bespoke Hospitality LLC for the Hearst hotel project near 5th and 3rd streets; Supervisors Chan and Fielder opposed the measure.
The San Francisco Board of Supervisors on Feb. 24 approved an ordinance to provide $40,000,000 (net present value) in financial assistance to Bespoke Hospitality LLC for the proposed Hearst hotel development, with the measure passing on a 9–2 roll call vote.
The clerk described the ordinance as an agreement to provide the assistance over 20 years tied to a portion of new transient occupancy tax revenues for a project on real property described as…
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