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.
Resolution approving the Infrastructure Financing Plan for the San Francisco Enhanced Infrastructure Financing (EIFD) District No. 3 (3333/3700 California Street), including the division of taxes set forth therein, an EIFD Acquisition and Financing Agreement, and documents and actions related thereto, as defined herein; and authorizing the filing of a judicial validation action.
How it got here
The legislation originated from the need to establish an Enhanced Infrastructure Financing District to support significant mixed-use developments at 3333 and 3700 California Street.
The Board approved a resolution declaring its intention to establish the Enhanced Infrastructure Financing District No. 3 for the California Street Projects.
The Board approved an amendment to the Development Agreement for the 3333 California Street Project, facilitating further development.
The PFA adopted a resolution directing the preparation of an Infrastructure Financing Plan for the EIFD, detailing public facilities and financing.
The Committee held a public hearing to consider the Infrastructure Financing Plan and related documents for the EIFD.
The Board adopted the resolution approving the Infrastructure Financing Plan for the EIFD, allowing for the financing of communitywide significant projects.
The PFA scheduled a second public hearing to finalize the establishment of the EIFD and approve the Infrastructure Financing Plan.
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 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.
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.
