Morning.

Uh this meeting will come to order.

Welcome to July 16th, 2026 regular meeting of the government audit and oversight committee of the San Francisco Board of Supervisors.

I'm Supervisor Stephen Sherrill, Chair of the Committee joined by Vice Chair Balal Mahmood, Supervisor Fielder, and today Supervisor Sauter.

Thank you for joining us.

Our committee clerk today is Monique Creighton.

And thanks to SUS Inus of SFGov TV for staffing this meeting.

Madam Clerk, do you have any announcements?

Yes, public comment will be taken on each item on this agenda.

When your item of interest comes up in public comment is called, please line up to speak on your right.

Alternatively, you may submit public comment in writing in either of the following ways.

Email them to me, the government audit and oversight committee clerk at M-O-N-I-Q-UE.

C-R-A-Y-T-O-N at SFGOV dot or G.

If you submit public comment via email will be forwarded to the supervisors and also included as part of the official file.

You may also send your written comments via U.S.

Postal Service or Office in City Hall.

Number one, Dr.

Carlton B.

Goodlit Place, Room 244, San Francisco, California 94102.

If you have documents you would like to be included as part of the file, please submit them to me before the end of the meeting.

Please make sure to silence all cell phones and electronic devices to prevent any interruptions to today's proceedings.

Finally, items acted upon today are expected to appear on the Board of Supervisors Agenda of July 28th, 2026, unless otherwise stated.

Thank you, Madam Clerk.

Can you please call items one and two together?

Yes, item one is a resolution of intention to issue bonds as a result of an annexation of property to the city and county of San Francisco infrastructure and revitalization financing district number one.

Treasure Island is as new project areas in determining other matters in connection therewith as dear defined herein.

And number two, item number two is a resolution approving annexation supplement to the amended and restated infrastructure financing plan for city and county of San Francisco, infrastructure and revitalization financing district number one, Treasure Island, and determining other matters in connection therewith as defined herein.

Thank you, Madam Clerk.

Um we're joined today by Jamie Kruben, the COO for the Treasure Island Development Authority.

Jamie, thank you for being here and the floor is yours.

Thank you.

Good morning, GAO Committee members, Chair Sherrill, Vice Chair Mahmood, Supervisor Sauter, and Supervisor Fielder.

My name is Jamie Kerubin.

I'm the Chief Operating Officer with the Treasure Island Development Authority, or TIDA.

Today I will be presenting on items one and two together.

The first being a resolution of intention to issue bonds as a result of an annexation of property to the Treasure Island Infrastructure and Revitalization Financing District, or what we refer to as the IRFD.

And the second being a resolution approving annexation supplement to the amended and restated infrastructure financing plan for the Treasure Island IRFD.

Slide three is a slide that this committee has seen before, but as a refresher on the Treasury Island IRFD, the original disposition and development agreement, or DDA, approved in 2011, contemplated the formation of the IRFD, which was then later formed by the Board of Supervisors in 2017.

The IRFD allows the city to capture and dedicate a portion of new property taxes generated by the properties on Treasure Island as a result of the development.

The city then issues tax increment or IRFD bonds against those property tax revenues to finance both the public infrastructure supporting the project as well as affordable housing located on Treasure Island and Yerbiwena Island.

The IRFD as formed always contemplated eventually adding new properties into the district boundaries as a develop as the development occurs in order to capture new property tax growth in their initial stages of development, which is the subject of this legislation today.

Due to constraints with the IRFD state law, the IRFD was originally formed only including properties within stage one of the development boundary, and that included development parcels located on Yerba Boana Island and the waterfront-facing parcels on Treasure Island.

The subject of this legislation is to continue the process to add the stage two properties indicated in the red box on slide four into the legal boundaries of the IRFD.

Slide five shows a closer view of these properties defined as project areas F, G, H, and I, which are grouped based on the timing in which these parcels are likely to be developed.

California IRFD state law dictates a process to add properties into an IRFD, which requires a multi-step legislative process of the Board of Supervisors, acting as the city's governing body of the IRFD.

In June, the board previously approved a resolution of intention to add property into the IRFD and a resolution to authorize a preparation of an update to the infrastructure financing plan.

To continue the legal process in accordance with state law, the next step requires the board adopt the two resolutions proposed before you today.

Future Board of Supervisors actions will consist of the review and approval of an election by property owners electing to join the IRFD, an ordinance adopting the annexation supplement and confirming the annexation of property into the IRFD, and an approval of the increased principal amount of bonds.

This subset of required legislation has already been introduced at the Board of Supervisors on June 30th and is scheduled to be heard at the Committee of the Whole public hearing scheduled on September 15th, 2026.

The overall legislative process related to this IRFD annexation will continue, will conclude in mid-October.

The resolution of intention to issue bonds authorizes the city to issue a maximum principal amount of $520 million for the annexation territory, specifically across the proposed project areas F through I.

As a reminder, this $520 million is in addition to the existing $780 million maximum bond authorization for the existing project areas, which was approved in 2017 as part of the initial district formation.

This brings the total maximum aggregate principal amount for the IRFD to 1.3 billion.

The $520 million maximum bond authorization is calculated based on the projected net available tax increment, which is set forth in the annexation supplement, generated only from the property within the proposed annexation territory.

The bonds will be repaid from property tax revenues allocated to the IRFD, including tax revenues from the initial project areas as well as the proposed project areas F through I.

It is estimated that the proposed project aerials would generate 1.7 billion dollars in property tax revenues to pay principal and interest on the bonds.

As a reminder to this committee, TIDA and the controller's office are required to seek a board of supervisors approval for each bond issuance against this maximum bonding capacity.

Therefore, although this resolution authorizes a maximum cap, the board will still have the authority to approve each subsequent issuance against this maximum.

The second resolution approves an annexation supplement to the infrastructure financing plan, or the IFP.

The original IFP was approved as part of the district formation in 2017, which designates TIDA to prepare an appendix or a supplement to the IFP for the annexation territory.