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AB 2308 would extend Transbay financing window to 2075 to complete downtown rail portal; committee advances to appropriations
Summary
Assemblymember Henry told the committee AB 2308 would extend existing tax‑increment financing tied to the Transbay project from 2050 to 2075 so the portal and downtown Caltrain connection can be completed. The Transbay Joint Powers Authority supported the extension and the committee sent the bill to appropriations.
Assemblymember Henry presented AB 2308, calling it the "San Francisco Transit Neighborhood Act," and said the bill would extend an already‑approved tax‑increment financing tool connected to the Transbay program from 2050 to 2075. "This is not a new tax and has not changed how the program works," Henry said, adding that the extension will give the project the time needed to finish planned phases including the Caltrain downtown rail connection.
Adam Vanderwater, executive director of the Transbay Joint Powers Authority, told the committee the agency owns and operates the Salesforce Transit Center and is responsible for delivering the portal and downtown rail extension for Caltrain and high‑speed rail in the future. He urged the committee to approve the extension so the project can finish work that was approved under the original financing plan.
No audience witnesses registered formal opposition during the hearing. The committee voted to move AB 2308 to the Committee on Appropriations for further review.
