This resolution allows the Director of Property to sell up to 1.2 million square feet of transferable development rights from City Hall at fair market value. It also authorizes the necessary actions to complete these transfers in line with the Planning Code.
Resolution authorizing the Director of Property to sell up to 1,200,000 gross square feet of transferable development rights (“TDR”) from City Hall, located at 1 Dr. Carlton B. Goodlett Place, at or above fair market value; to execute and record Certificates of Transfer; and to take such additional actions as may be necessary to effectuate one or more TDR transfers in accordance with Planning Code, Section 128.
How it got here
The legislation originated from the need to sell transferable development rights from City Hall to fund its rehabilitation and restoration.
The Capital Planning Committee approved the action to sell up to 1,141,873 units of transferable development rights (TDR) from City Hall, recommending it to the Board of Supervisors.
The Director of Property submitted a proposal to the Mayor and Board of Supervisors to authorize the sale of up to 1,200,000 gross square feet of TDR from City Hall at fair market value.
The Budget and Legislative Analyst provided a report to the Government Audit and Oversight Committee, summarizing the proposal to sell TDR from City Hall and its anticipated financial impacts.
The Government Audit and Oversight Committee recommended the resolution to the Board of Supervisors for approval.
The Board of Supervisors adopted the resolution authorizing the Director of Property to sell up to 1,200,000 gross square feet of TDR from City Hall.
The Mayor approved the resolution, allowing the sale of TDR from City Hall to proceed.
Reconstructed from attached documents & the official record
