This ordinance allocates $65,550,000 to the Treasure Island Development Authority for infrastructure projects. It includes funding from various sources, such as Certificates of Participation and special taxes, and sets these amounts aside for the fiscal year 2024-2025.
Ordinance appropriating $65,550,000 to the Treasure Island Development Authority, including $65,000,000 of Certificates of Participation proceeds for Stage 2 Infrastructure Projects, $383,948 of City and County of San Francisco Infrastructure and Revitalization Financing District No. 1 (Treasure Island) Tax Increment, and $166,052 of City and County of San Francisco Community Facilities District No. 2016-1 (Treasure Island) Special Taxes, and placing these amounts on Controller’s Reserve in Fiscal Year (FY) 2024-2025.
How it got here
The legislation originated from the need to fund Stage 2 Infrastructure Projects on Treasure Island, following previous agreements and financing plans.
The Board approved an Amended and Restated Disposition and Development Agreement and an Amended and Restated Development Agreement for the Treasure Island/Yerba Buena Island Development Project, which included a new financing plan.
The Controller's Office issued a memorandum outlining the need for Certificates of Participation (COPs) to fund Stage 2 Infrastructure Projects, totaling $65,550,000.
The Budget and Finance Committee recommended the ordinance appropriating $65,550,000 to the Treasure Island Development Authority, including proceeds from COPs.
The Board of Supervisors passed the ordinance on first reading, appropriating funds for the Treasure Island Development Authority.
The Board of Supervisors finally passed the ordinance, officially appropriating $65,550,000 for the Treasure Island Development Authority.
The Mayor approved the ordinance, finalizing the appropriation for the Treasure Island Development Authority.
Reconstructed from attached documents & the official record
This ordinance allows San Francisco to issue up to $65 million in Certificates of Participation to fund public improvements on Treasure Island. It also approves various agreements and documents related to the financing and management of these funds.
This resolution authorizes the City to treat the Stage 2 Contribution as debt for the Treasure Island Community Facilities District, confirming the annexation of property as Improvement Area No. 3. It also addresses related matters concerning the district's financing and improvements.
This resolution allows the City and County of San Francisco to treat the Stage 2 Contribution for the Treasure Island Infrastructure and Revitalization Financing District as city debt. It also addresses related administrative matters.
This resolution updates San Francisco's 10-year capital expenditure plan for fiscal years 2024 to 2033, specifically regarding the certificates of participation program. It allows the city to finance various public projects through this funding mechanism.
This ordinance allows San Francisco to issue up to $65 million in Certificates of Participation to fund public improvements on Treasure Island. It also approves various agreements and documents related to the financing and management of these funds.
This resolution authorizes the City to treat the Stage 2 Contribution as debt for the Treasure Island Community Facilities District, confirming the annexation of property as Improvement Area No. 3. It also addresses related matters concerning the district's financing and improvements.
This resolution allows the City and County of San Francisco to treat the Stage 2 Contribution for the Treasure Island Infrastructure and Revitalization Financing District as city debt. It also addresses related administrative matters.
This resolution updates San Francisco's 10-year capital expenditure plan for fiscal years 2024 to 2033, specifically regarding the certificates of participation program. It allows the city to finance various public projects through this funding mechanism.
