This resolution establishes an Enhanced Infrastructure Financing District at 3333/3700 California Street to fund public facilities and projects that benefit the community. It outlines the financial mechanisms and related matters necessary for these developments.
Resolution of Intention to establish San Francisco Enhanced Infrastructure Financing District No. 3 (3333/3700 California Street) to finance public capital facilities and projects of communitywide significance related to the 3333/3700 California Street Projects and other authorized costs, and determining other matters in connection therewith, as defined herein.
How it got here
The legislation to establish the San Francisco Enhanced Infrastructure Financing District No. 3 originated from the need to finance public capital facilities and projects of communitywide significance related to the 3333/3700 California Street Projects.
The Board adopted Resolution No. 66-11, establishing guidelines for the formation and use of Infrastructure Financing Districts (IFDs) in San Francisco, which set the framework for future projects like the 3333/3700 California Street Projects.
The Board approved a Development Agreement with Laurel Heights Partners, LLC for the 3333 California Street Project, which included commitments for public benefits and set the stage for future financing mechanisms.
The Planning Commission certified the Final Environmental Impact Reports for both the 3333 California Street and 3700 California Street Projects, which are necessary for the projects to proceed.
The Board approved an amendment to the Development Agreement to extend timelines and modify affordable housing requirements, facilitating the project's financial feasibility.
The Budget and Finance Committee recommended the establishment of the Enhanced Infrastructure Financing District No. 3 to finance public infrastructure and affordable housing for the 3333/3700 California Street Projects.
The Board adopted the Resolution of Intention to establish the Enhanced Infrastructure Financing District No. 3, marking a significant step towards financing the necessary public infrastructure.
The Mayor approved the Resolution of Intention, finalizing the legislative process to establish the Enhanced Infrastructure Financing District No. 3.
The Clerk of the Board transmitted the legislation related to the Enhanced Infrastructure Financing District No. 3, indicating the completion of the legislative process.
Reconstructed from attached documents & the official record
The ordinance extends the Development Agreement for the 3333 California Street project by eight years and modifies affordable housing requirements. It also allows the project to benefit from a fee reduction program and includes a finance plan to use property tax revenue for public facilities and affordable housing.
This resolution approves a financing plan for the Enhanced Infrastructure Financing District No. 3 at 3333/3700 California Street, which includes tax divisions and related agreements. It also authorizes the city to file a legal action to validate the plan.
The ordinance extends the Development Agreement for the 3333 California Street project by eight years and modifies affordable housing requirements. It also allows the project to benefit from a fee reduction program and includes a finance plan to use property tax revenue for public facilities and affordable housing.
This ordinance allows for the creation of a governing body, called the Enhanced Infrastructure Financing District Public Financing Authority No. 1, to oversee multiple enhanced infrastructure financing districts in San Francisco. It aims to facilitate funding for infrastructure projects in these areas.
