AB 2488

Bill Subjects

Abstract

Existing law authorizes the legislative body of a city or a county to establish an enhanced infrastructure financing district to finance public capital facilities or other specified projects of communitywide significance, including the acquisition, construction, or rehabilitation of housing for persons of very low, low, and moderate income. Existing law requires the legislative body to establish a public financing authority, defined as the governing board of the enhanced infrastructure financing district, at the same time the resolution to form an enhanced infrastructure district is adopted. Existing law requires the public financing authority to adopt an infrastructure financing plan that includes specified information, including a finding that the development and financial assistance are of communitywide significance and provide significant benefits to an area larger than the area of the district. This bill would authorize the City and County of San Francisco to designate one downtown revitalization and economic recovery financing district for the purpose of financing commercial-to-residential conversion projects with incremental tax revenues generated by commercial-to-residential conversion projects within the district. The bill would require the boundaries of the district to be limited to downtown San Francisco, as defined. The bill would establish a criteria for the composition of the district board. The bill would require the City and County of San Francisco to establish the board for the district at the same time that it adopts the resolution of intention. The bill would require the district to prepare a downtown revitalization financing plan that includes specified information and requirements. In this regard, the bill would require a downtown revitalization financing plan to include a requirement that incremental tax revenues be distributed back to the respective project for the purpose of financing the debt service of the project for 30 years or until the district ceases to exist. The bill would also require the downtown revitalization financing plan to identify each existing commercial building within the district that may opt in to receive incremental tax revenue from the district. The bill would require a district to establish a process for eligible commercial-to-residential conversion projects identified in the financing plan to opt into receiving incremental tax revenue generated by the respective project. The bill would prohibit an eligible commercial-to-residential conversion project from opting in to receive incremental tax revenue from the district after December 31, 2032. The bill would require the financing plan to include a requirement that any remaining incremental tax revenues be used for downtown revitalization programs. The bill would require the financing plan to provide a date upon which the district will cease to exist and tax increment distributions to the district will end. This bill would specify that the commercial-to-residential conversion projects that opt in to receive incremental tax revenue are public works for which prevailing wages shall be paid, as specified. The bill would require the commercial-to-residential conversion projects that opt in to receive incremental tax revenue to comply with labor standards adopted by the Board of Supervisors, as specified. The bill would prohibit commercial-to-residential conversion projects from receiving incremental tax revenue or net available revenue, as defined, if the Board of Supervisors does not adopt labor standards, as specified. This bill would make legislative findings and declarations as to the necessity of a special statute for the City and County of San Francisco.