This resolution approves a financial plan for the Stonestown area to fund infrastructure improvements through tax divisions and related agreements. It also authorizes the city to seek judicial validation of these actions.
Resolution approving the Infrastructure Financing Plan for the San Francisco Enhanced Infrastructure Financing (EIFD) District No. 2 (Stonestown), 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 for the Infrastructure Financing Plan for the San Francisco Enhanced Infrastructure Financing District No. 2 (Stonestown) originated from the need to finance public capital facilities and community projects in the Stonestown area.
The Board declared its intention to establish the Stonestown Enhanced Infrastructure Financing District (EIFD) to finance public capital facilities and projects of communitywide significance.
The Board approved the Development Agreement for the Stonestown Project, which includes plans for mixed-use development.
The PFA adopted a resolution directing the preparation of the Infrastructure Financing Plan (IFP) for the Stonestown EIFD.
The PFA held a public meeting to present the draft IFP and gather comments from the public.
The Committee held a public hearing to consider the IFP and related documents, recommending approval.
The Board adopted the resolution approving the Infrastructure Financing Plan for the Stonestown EIFD.
The Mayor approved the resolution, finalizing the establishment of the EIFD.
Reconstructed from attached documents & the official record
The ordinance approves a development agreement for the Stonestown Development Project, which will include affordable and market-rate housing, as well as six acres of open space on a 30-acre site in southwest San Francisco. It also confirms compliance with various city codes and regulations related to the project.
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.
This resolution establishes an Enhanced Infrastructure Financing District in Stonestown to fund public facilities and projects that benefit the community. It outlines the financial framework and related matters for these initiatives.
