The ordinance allocates $30 million for park and recreation improvements, $42 million for Embarcadero seawall planning and projects, and $172 million for various affordable housing initiatives. These funds will be held in reserve until the bond proceeds are received.
Ordinance appropriating $30,000,000 of proceeds from Series 2023A Health and Recovery General Obligation (GO) Bonds to the Recreation and Park Department (RPD) for improvements to parks, recreation facilities, and open spaces; $42,000,000 of proceeds from Series 2023B Embarcadero Seawall GO Bonds to the Port of San Francisco (PRT) for planning, engagement, program management, pilot projects, Embarcadero project pre-design and detailed design, and a flood study with the United States Army Corps of Engineers; $172,000,000 from Series 2023C Affordable Housing to the Mayor’s Office of Housing and Community Development (MOHCD) for public, low-income, preservation and middle income, and senior housing projects in Fiscal Year (FY) 2022-2023; and placing these funds on Controller’s Reserve pending receipt of bond proceeds.
How it got here
This resolution allows San Francisco to issue and sell up to $30 million in general obligation bonds to fund health and recovery initiatives. It outlines the terms of the bonds, the sale process, and authorizes city officials to manage the issuance and related actions.
This resolution allows San Francisco to issue and sell up to $42 million in bonds to fund earthquake safety improvements for the Embarcadero seawall. It outlines the terms and procedures for the bond sale and authorizes city officials to manage the process.
This resolution allows San Francisco to issue and sell up to $172 million in bonds to fund affordable housing projects. It outlines the terms and processes for the sale of these bonds and grants city officials the authority to manage the related actions.
