San Francisco committee approves $10M financing for Urban School facilities

San Francisco County has taken a significant step towards enhancing educational facilities with the approval of two resolutions aimed at financing projects for local nonprofit schools. During a recent government meeting, the board unanimously endorsed tax-exempt financing for the Urban School of San Francisco and San Francisco University High School, paving the way for substantial improvements to their campuses.

The first resolution allows for the issuance of up to $10 million in tax-exempt bonds for the Urban School. This funding will support the construction of an 18,300 square foot performing arts and community center at 1530 Page Street. The project aims to enhance educational and related facilities, with the financing entirely covered by the school itself, ensuring no fiscal impact on the city.

Keith Savini from the Controller's Office of Public Finance explained that the financing is made possible through the Tax Equity and Fiscal Responsibility Act (TEFRA), which requires local government approval for such projects. A public hearing was held, but no comments were received, indicating community support or lack of opposition.

Following this, the board also approved a resolution for San Francisco University High School to issue up to $49 million in tax-exempt bonds. This funding will facilitate the demolition and construction of a new 48,000 square foot building at 3150 California Street, which will include classrooms, a student center, and a gymnasium. Similar to the Urban School project, this financing will not impose any financial obligations on the city.

Both resolutions reflect a commitment to improving educational infrastructure in San Francisco, with the potential to significantly enhance the learning environment for students. The next steps involve the schools moving forward with their respective projects, which are expected to contribute positively to the community.