This resolution approves the budget for the Office of Community Investment and Infrastructure for fiscal years 2025-2026 and allows the agency to issue bonds up to $223 million to finance its obligations. It aims to support community development projects in San Francisco.
Resolution approving the Fiscal Year (FY) 2025-2026 Budget of the Office of Community Investment and Infrastructure operating as the Successor Agency to the San Francisco Redevelopment Agency (“OCII” or “Successor Agency”); and approving the Issuance by OCII of bonds in an aggregate principal amount not to exceed $223,000,000 for the purpose of financing a portion of OCII’s enforceable obligations.
How it got here
The legislation originated from the need to approve the Fiscal Year 2025-2026 Budget for the Office of Community Investment and Infrastructure (OCII), which operates as the Successor Agency to the San Francisco Redevelopment Agency, and to authorize the issuance of bonds to finance its obligations.
The Oversight Board approved the Recognized Obligation Payment Schedule (ROPS) for July 1, 2025, to June 30, 2026, which outlines OCII's expenditures and obligations for the fiscal year.
The OCII Commission approved its annual budget for FY 2025-2026 and authorized the Executive Director to submit the budget for review to the Mayor and the Board of Supervisors.
The Mayor's Office submitted the proposed budget for OCII for FY 2025-2026 to the Board of Supervisors, along with related materials.
The Budget and Appropriations Committee recommended the resolution for the approval of OCII's budget and bond issuance.
The Board of Supervisors continued the item for further discussion before final approval.
The Board of Supervisors adopted the resolution approving the FY 2025-2026 Budget for OCII and the issuance of bonds not to exceed $223 million.
The Mayor approved the resolution passed by the Board of Supervisors, finalizing the budget and bond issuance.
Reconstructed from attached documents & the official record
