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San Francisco supervisors approve $40 million hotel incentive for Hearst Hotel project; 9–2 vote
Summary
The Board of Supervisors on Feb. 24 approved an ordinance authorizing a $40 million development incentive agreement with Bespoke Hospitality LLC for the Hearst Hotel project, with supervisors Chan and Fielder recorded as the only no votes (9–2). The subsidy is structured as net present value over 20 years tied to new transient occupancy taxes.
The San Francisco Board of Supervisors voted 9–2 on Feb. 24 to finally pass an ordinance approving a hotel development incentive agreement with Bespoke Hospitality LLC for the Hearst Hotel Development Project. The ordinance authorizes up to $40,000,000 in financial assistance in net present value over 20 years, to be paid as a percentage of the new transient occupancy taxes the city receives from occupancy of guest rooms in the proposed hotel.
The clerk…
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