As Governor Jerry Brown continues to advocate for the elimination of redevelopment agencies across the state, the Board of Supervisors approved of San Francisco Redevelopment Agency borrowing $70 million on Tuesday.
About $12 million will pay for the 150 units of family rental housing at 1180 4th Street, near Mission Rock Street, and about $48 million will pay for infrastructure improvements such as parks, open space and roadways in the Mission Bay area.
The Mission Bay Redevelopment Area remains incomplete. The overall redevelopment in Mission Bay North is 95 percent complete and its 40 percent completed in Mission bay South, according to Amy Lee, deputy executive director of the San Francisco Redevelopment Agency in a budget analyst report by Harvey Rose.
Governor Brown’s proposal to eliminate the redevelopment agencies is being blasted by Mayor Ed Lee, among others. But Amy Lee said the bond issuance request is part of the agency’s “normal course of fulfilling its obligations” and is not “a result of the governor’s proposal to eliminate redevelopment agencies.”
However, the legislation to approve the borrowing was sped up, with a special board budget committee meeting at noon, and then an approval by the full board just a few hours later Tuesday.
Amy Lee said that the impact of the governor’s proposal on the Mission Bay Redevelopment Project is currently unclear and it “is unclear and ambiguous as to whether approval of the governor’s proposal would affect the requested bond issuance and expenditure authority,” according to Rose’s report.
The borrowing will cost The City $100 million during the next 30 years.