This ordinance allocates $30.5 million for the acquisition of the Music Concourse Garage, using $29 million from Certificates of Participation and $1.5 million from projected parking revenues. The funds will be held in reserve until the sale of the Certificates and the acquisition occur in the 2024-2025 fiscal year.
Ordinance appropriating $30,500,000 consisting of $29,000,000 of one or more series of Certificates of Participation Series 2024A proceeds and $1,500,000 of projected parking revenues from operation of the Music Concourse Garage in the Recreation and Park Department (REC), and placing these funds on Controller’s Reserve pending the sale of the Certificates of Participation and acquisition of the Music Concourse Garage in Fiscal Year (FY) 2024-2025.
How it got here
The legislation originated from the need to finance the acquisition of the Music Concourse Garage in Golden Gate Park through Certificates of Participation.
The Board authorized the sale of up to $29 million in Certificates of Participation to finance the acquisition of the Music Concourse Garage.
The Recreation and Parks Department planned to acquire the Music Concourse Garage, which is currently operated by the Music Concourse Community Partnership.
The Budget and Finance Committee recommended the ordinance appropriating $30.5 million for the acquisition and operation of the Music Concourse Garage.
The Board passed the ordinance on first reading, which appropriated $30.5 million for the Music Concourse Garage acquisition.
The Board finally passed the ordinance, officially appropriating the funds for the Music Concourse Garage acquisition.
The Mayor approved the ordinance, finalizing the appropriation of funds for the Music Concourse Garage.
Reconstructed from attached documents & the official record
