Mission Rock Special Use District Resolutions of Intent: to Form - - PowerPoint PPT Presentation
Mission Rock Special Use District Resolutions of Intent: to Form Sub-Pr rm Sub-Project Areas I-1 thr oject Areas I-1 through I-13 t ugh I-13 to the the existing P isting Port-wide IFD and Issue Bonds -wide IFD and Issue Bonds Capital
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16 16
Mission Rock Port Mission Rock Port
Developer/ Port equity
Phase 1 Phase 2 Phase 3 Phase 4
PREDEVE PREDEVELOPME OPMENT NT
STRATEGIES TO MAXIMIZE REVENUE-SHARING
Financing
Infrastructure Financing District (IFD)
Community Facilities District (CFD)
Developer Capital
Port Capital
Land Proceeds
17 17
Levies special tax over Project
Pays special tax ≈ future property tax
Benef Benefits: ts:
the IFD to create an early income stream
finance strategy to minimize use of Developer equity
higher credit than IFD bonds, lowering cost of issuance
Finances Horizontal Infrastructure Facilities special tax goes away when properties are assessed and tax increment starts flowing
18 18
Mission Rock
CFD
Levies special tax over Project
Pays special tax ≈ future property tax
Anticipate later action on CFD Intend to establish:
Tax to be credited by tax increment
Special Tax for project costs and Portwide shoreline/ resiliency costs
Maintenance Special Tax
Finances Horizontal Infrastructure Facilities special tax goes away when properties are assessed and tax increment starts flowing
19 19
Mission Rock
CFD
Site
Captures future tax es future tax increment, ncrement, growth in Local shares of property taxes
5% for p r public blic infrastructure frastructure, e.g. streets, utilities, parks, historic rehabilitation and shoreline protection
20 20
reviewed by Controller’s office staff show higher General Fund revenue arising from project than expenses
increment estimated in current proformas
authorization for a cap of up to $3.8 billion of cumulative tax increment for
eligible expenses
21 21
22
IFD IFD Funded F nded Facilities cilities Targe arget Timing t Timing Estimat Estimated Cost (20 ed Cost (2017 7 $) $) Entitlement Phase 2012 – 2018 $25,000,000 Phase 1 Phase 1 - Sub-Pr ub-Project Areas I-1 ject Areas I-1, I-2, I-7, I-1 , I-2, I-7, I-11 Subtotal – Phase 1 2018-2025 $81,198,000 Phase 2 Phase 2 – Sub-Pr ub-Project Areas I-3, ject Areas I-3, and and I-4 I-4 Subtotal – Phase 2 2019-2025 $39,799,000 Phase 3 Phase 3 - Sub-Pr ub-Project Areas I-5, I-6, and ject Areas I-5, I-6, and I-1 I-13 Subtotal – Phase 3 2019-2026 $21,664,000 Phase 4 Phase 4 – Sub-Pr ub-Project Areas I-8, I-9, I-1 ject Areas I-8, I-9, I-10, I-1 0, I-11 and 1 and I-12 I-12 Subtotal – Phase 4 2023-2029 $113,725,000 To Total P Phases 1 1-4 TOTAL Phases 1-4 2012-2029 $281,386,000 Resiliency and Sea Level Rise Portwide Seawall & Sea Level Rise, Portwide Throughout IFD Term *
23 23
Site Improvements
Elevation o ation of b buildings ildings to accommodate 66” of SLR
Drainage away from buildings
Shoreline
Shoreline Special Tax
long-term funding stream erm funding stream for shoreline protection
Port-wide i inve vestments, including ongoing needs at Project site
24 24
No November mber Decemb December er Januar January Februar ebruary Mar arch ch
December 12
Port Commission Consideration – Transaction Documents and CEQA Findings
25
November 14th
Port Commission Informational Presentation Consideration - Transaction
November 13th
Capital Planning Committee Consideration – Intent to Form IFD and Issue Bonds
January 23
Board of Supervisors Consideration – Transaction Documents
TBD
Port Commission/ Capital Planning Committee/ Board of Supervisors Consideration – CFD Formation
26