Plain English Breakdown
The official text mentions extending pledges of gross sales proceeds and net tax increments but does not specify exact dates or amounts.
Extending Debt Payment Time for San Francisco's Transbay Project
This law allows a specific agency in San Francisco to extend the time period for using sales proceeds and tax increments to repay debt borrowed for building infrastructure required by the Transbay Implementation Agreement.
What This Bill Does
- Specifies that the successor agency can make deals with other groups to change payment schedules.
- Allows extending the deadline for pledges of gross sales proceeds used to secure bonds.
- Permits lengthening the time period for collecting net tax increments used as security for bonds.
- Confirms these changes apply specifically to financing infrastructure required by the Transbay Implementation Agreement.
Who It Names or Affects
- The successor agency of the former Redevelopment Agency in San Francisco
- The Transbay Joint Powers Authority
- The City and County of San Francisco
Terms To Know
- Successor agency
- A group created to handle the remaining duties and debts after a redevelopment agency was dissolved.
- Transbay Implementation Agreement
- An agreement that requires building infrastructure in San Francisco, which this bill addresses regarding debt financing.
- Net tax increments
- Property taxes collected from a development area used to pay back bonds issued for that project.
Limits and Unknowns
- The law only applies to the City and County of San Francisco.
- Any new debt arrangements must still be approved by the oversight board of the successor agency.
- The bill does not state a specific date when these extended payment periods will end.