This ordinance allocates $31,630,000 from special tax bonds to fund public facilities and infrastructure for the Treasure Island Development Project for the fiscal year 2021-2022. It also requires that these funds be placed in the Controller's reserve.
Ordinance appropriating $31,630,000 from the issuance of one or more series of Special Tax Bonds of the City’s Improvement Area No. 2 of the Community Facilities District No. 2016-1 (Treasure Island) for funding of certain public facilities and infrastructure for the Treasure Island Development Project in Fiscal Year (FY) 2021-2022; and placing such amounts on Controller's reserve.
How it got here
This legislation originated from the need to fund public facilities and infrastructure for the Treasure Island Development Project through the issuance of Special Tax Bonds.
The Board adopted Resolution No. 8-17 establishing the Treasure Island Community Facilities District (CFD) to fund public infrastructure and services for the Treasure Island Development Project.
The development parcels were annexed into the Treasure Island CFD as Improvement Area No. 2 through unanimous approval by property owners.
The Board adopted Resolution No. 410-20 confirming the annexation of property and establishing the maximum principal amount of special tax bonds for Improvement Area No. 2.
The Controller's Office requested the Board to consider a resolution authorizing the issuance of Special Tax Bonds not to exceed $25,130,000 for Improvement Area No. 2.
The Budget and Finance Committee recommended the ordinance for the appropriation of $31,630,000 from the Special Tax Bonds.
The Board of Supervisors finally passed the ordinance appropriating $31,630,000 for the Treasure Island Development Project.
Mayor Breed approved the ordinance, finalizing the appropriation of funds for the Treasure Island Development Project.
Reconstructed from attached documents & the official record
