Redevelopment: successor agency debt: City and County of San Francisco.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies existing law to allow the successor agency to the former Redevelopment Agency of the City and County of San Francisco to issue bonds and incur debt specifically to finance infrastructure projects required by the Transbay Implementation Agreement. It also expands the agency’s authority to issue bonds for affordable housing and other development agreements, including those related to the Mission Bay North and South Owner Participation Agreements and the Hunters Point Shipyard development. The bill includes provisions for extending time periods for pledges of tax increment revenue and establishing arrangements with the Transbay Joint Powers Authority.
Key provisions
- Allows the successor agency to issue bonds to finance infrastructure required by the Transbay Implementation Agreement.
- Authorizes the agency to enter into arrangements with the Transbay Joint Powers Authority and the City and County of San Francisco to extend pledges of tax increment revenue.
- Expands the agency’s ability to finance affordable housing projects outlined in specific development agreements.
- Specifies that bonds and debt related to affordable housing are secured by the Redevelopment Property Tax Trust Fund.
- Permits the agency to subordinate property tax revenues to bondholders under certain conditions.
- Provides for a streamlined process for approving bond issuances and debt incurrences.
- Includes findings and declarations regarding the necessity of a special statute for San Francisco.
- Allows for flexibility in financing the Candlestick Point-Hunters Point Shipyard Phase 2 project.
Bill text
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Sponsors
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1 on record
Primary sponsor
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