This ordinance exempts certain leases with the Port Commission from real property transfer taxes if they start between November 1, 2024, and December 31, 2034. It amends the Business and Tax Regulations Code to implement this exemption.
Ordinance amending the Business and Tax Regulations Code to exempt from real property transfer taxes certain leases with the Port Commission with effective dates on or after November 1, 2024, and on or before December 31, 2034.
How it got here
This legislation originated from the need to amend the Business and Tax Regulations Code to provide tax exemptions for certain Port leases, prompted by the Port's restructuring efforts in response to declining commercial rents.
TIDA and Bay FC representatives signed a Letter of Intent to negotiate a ground lease for a soccer training facility on Treasure Island.
The Port Commission proposed an ordinance to exempt certain leases from real property transfer taxes to facilitate lease negotiations with long-term tenants.
The Budget and Finance Committee recommended the proposed ordinance for approval, highlighting its potential to make lease transactions more financially feasible.
The Board of Supervisors passed the ordinance on first reading, moving it closer to final approval.
The Board of Supervisors finally passed the ordinance, which amends the Business and Tax Regulations Code to exempt certain Port leases from transfer taxes.
Mayor Breed approved the ordinance, finalizing the legislative process.
Reconstructed from attached documents & the official record
