Supervisors approve schedule for Treasure Island IRFD amendments, set hearing date

The Government Audit & Oversight Committee on Oct. 7 voted to schedule a committee‑of‑the‑whole hearing and to forward drafting and procedural resolutions for amendments to the Treasure Island Infrastructure and Revitalization Financing District (IRFD).

Luke Brewer of the Office of Public Finance described the two resolutions before the committee as the first steps required under state IRFD law to amend the district’s infrastructure financing plan. "These are the first steps under state IRFD law," Brewer said, describing proposed changes that include adjusting project‑area boundaries so they match current assessor parcels and correcting the allocation table to exclude the County Office of Education's share of the 1% property tax (schools are explicitly excluded from IRFD pledges).

Jamie Kerben, finance manager for the Treasure Island Development Authority (TIDA), clarified the distribution of tax‑increment proceeds under the current plan: "An 82.5% share will reimburse the developer for eligible public infrastructure costs, and 17.5% will provide funding for affordable housing," Kerben said. Staff emphasized the proposed amendments are administrative in nature, designed to align legal boundaries with updated parcel mapping and to prepare for planned bond issuances expected in 2022.

Supervisors asked detailed questions about process and oversight, including how board approvals and any future land‑use changes would be handled. Staff said the amendments would not change land‑use entitlements or automatically allow new development on public parcels; any substantive land‑use change would require separate approvals by the Board and relevant land‑use committees.

Public comment raised contamination and governance concerns regarding Treasure Island development and TIDA; no registered residents opposed the amendments, and staff reported no registered landowner opposition at the time of the hearing.

The committee voted to schedule the committee‑of‑the‑whole hearing for Jan. 11, 2022, at 3 p.m., and to recommend items 3 and 4 to the full Board as appropriate. The motions passed unanimously (Vice Chair Connie Chan — aye; Member Rafael Mandelmann — aye; Chair Dean Preston — aye).

Why it matters: The IRFD amendments refine the legal and administrative structure for Treasure Island financing and are intended to ensure correct tax increment collection, support future bond issuance, and preserve the Board’s role in substantive land‑use decisions.

What’s next: Staff will prepare the amended infrastructure financing plan and return to the Board and committee on the schedule described; the committee hearing is set for Jan. 11, 2022.