Board of Supervisors: Vote on Transbay Transit Center Development Tax
Developers who are building towers around the Transbay Transit Center in SoMa are fighting to reduce a special property tax that will be levied on developments in the area. The biggest loser could be the downtown rail extension to bring Caltrain and California high-speed rail into the terminal, as funds for the regional rail hub and other long-term projects would disappear.
The Board of Supervisors is expected to vote on approval of the “Mello-Roos” development tax district as originally agreed to by developers. Read more here.
Members of the public can speak on the issue at the hearing or email their supervisors on the issue before the meeting.
Agenda [PDF]
Of note:
SPECIAL ORDER 3:00 P.M.
15. 140836 [Public Hearing – Establishing the Community Facilities District (CFD) 2014-1 (Transbay Transit Center)]
Public hearing of persons interested in or objecting to the proposed Resolution of Formation for Special Tax District No. 2014-1, establishing the Transbay Transit CFD and determining other matters in connection therewith; Resolution determining necessity to incur bonded indebtedness for the CFD; and Resolution calling for a special election in the City and County of San Francisco to submit the issues of the special tax, the incurring of bonded indebtedness and the establishment of the appropriations limit to the qualified electors of the CFD.
