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Resolution#220765Passed
In plain English

This resolution allows San Francisco to reimburse certain expenses related to the development of 11 Innes Court using future bond proceeds, not exceeding $51.2 million. It also authorizes the Mayor's Office of Housing and Community Development to apply for residential mortgage revenue bonds and manage related financial requirements.

Resolution declaring the intent of the City and County of San Francisco (“City”) to reimburse certain expenditures from proceeds of future bonded indebtedness in an aggregate principal amount not to exceed $51,193,200; authorizing the Director of the Mayor’s Office of Housing and Community Development (“Director”) to submit an application and related documents to the California Debt Limit Allocation Committee (“CDLAC”) to permit the issuance of residential mortgage revenue bonds in an aggregate principal amount not to exceed $51,193,200 for 11 Innes Court (Hunters Point Shipyard Block 56); authorizing and directing the Director to direct the Controller’s Office to hold in trust an amount not to exceed $100,000 in accordance with CDLAC procedures; authorizing the Director to certify to CDLAC that the City has on deposit the required amount; authorizing the Director to pay an amount equal to such deposit to the State of California if the City fails to issue the residential mortgage revenue bonds; authorizing and directing the execution of any documents necessary to implement this Resolution, as defined herein; and ratifying and approving any action heretofore taken in connection with the Project, as defined herein, and the Application, as defined herein.

Introduced: Jun 28, 2022
Final action: Aug 4, 2022
Sponsors: Shamann Walton
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How they voted

Legislative journey

PresidentJun 28, 2022
RECEIVED AND ASSIGNED
Budget and Finance CommitteeJul 20, 2022
RECOMMENDEDPass
Board of SupervisorsJul 26, 2022
ADOPTEDPass
MayorAug 4, 2022
APPROVED