San Francisco budgets $15.1M for Hunters Point Shipyard and Candlestick Point projects

The City of San Francisco's recent government meeting highlighted significant budget allocations for the ongoing development at Candlestick Point and Hunters Point Shipyard. The discussion centered on the financial planning for both Phase 1 and Phase 2 of these projects, with a particular focus on the largest budget category: plan and permit review.

Officials revealed that the city is currently in a planning stage for Phase 2, with funds set aside to collaborate with various city departments on upcoming planning work. This includes efforts to ensure street acceptance and the transfer of remaining parks at Hunters Point Shipyard from Phase 1.

In addition to these initiatives, the meeting addressed the budget for three affordable housing blocks in Phase 1, emphasizing the importance of working closely with city departments to facilitate progress. A notable point of discussion was the community benefits grant, with a cash balance of $1.8 million earmarked for expansion this year.

The budget also includes provisions for reimbursing the Phase 2 developer for predevelopment costs, as outlined in the disposition and development agreement. This reimbursement will utilize tax increment financing from the project area.

Lastly, the meeting touched on lease payments to the U.S. Navy, which are part of agreements with artists at the shipyard. The total budget for the project areas stands at $15.1 million, primarily sourced from developer reimbursements.

As these developments unfold, city officials are poised to provide further details on the community benefits and the overall impact of these projects on the San Francisco community.