This ordinance allocates $35 million from special tax bonds and $11.62 million from special tax revenues to fund the Transbay Transit Center Project for the fiscal year 2021-2022. The funds will be placed in the Controller's reserve for this purpose.
Ordinance appropriating $35,000,000 from the issuance of one or more series of Special Tax Bonds of the City’s Community Facilities District 2014-1 (Transbay Transit Center) and placing such amounts on Controller's reserve; and appropriating $11,620,000 of special tax revenues for funding related to the Transbay Transit Center Project in Fiscal Year (FY) 2021-2022.
How it got here
This legislation originated from the need to fund the Transbay Transit Center Project through special tax bonds and revenues.
The Board adopted the Transit Center District Plan (TCDP) to support the construction of the Transit Center and the Downtown Rail Extension (DTX). This plan authorized the formation of a Mello-Roos Community Facilities District (CFD) for funding public infrastructure.
The City approved the formation of CFD No. 2014-1 to generate funding for the Transbay Program, including the Transit Center and DTX.
The Board introduced a Bond Resolution (File No. 210871) to provide for the issuance of up to $35 million of Special Tax Bonds for the Community Facilities District No. 2014-1.
The Controller's Office requested the Board to consider an ordinance appropriating $35 million from Special Tax Bonds and $11.62 million of special tax revenues for the Transbay Transit Center Project.
The ordinance was introduced to the Board of Supervisors for consideration.
The Budget and Finance Committee recommended the ordinance for passage.
The Board of Supervisors finally passed the ordinance appropriating $35 million from Special Tax Bonds and $11.62 million of special tax revenues.
Mayor Breed approved the ordinance, finalizing the appropriation for the Transbay Transit Center Project.
Reconstructed from attached documents & the official record
