Rules Committee approves ordinance (as amended) to create EIFD and PFA for Potrero Power Station redevelopment
March 20, 2023 | San Francisco County, California
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The Rules Committee on March 20 voted to forward an ordinance (as amended) to establish an Enhanced Infrastructure Financing District (EIFD) and a Public Financing Authority (PFA) for the Power Station (the former Potrero Power Station) redevelopment project.
Lee Lutenski, deputy director of OEWD's joint development team, and Anna Vandegna, the Controller’s Office public finance director, presented the proposal. They described the 29‑acre site on the central waterfront and said the master plan and a 2020 development agreement envision mixed‑use redevelopment with residential, commercial and public space. Staff told the committee the project includes a 30% affordable housing target and that, under city policy, EIFDs may access up to 50% of the annual tax increment generated by the development; policy also limits total annual EIFD debt payments across districts so they do not exceed 5% of annual property tax revenue. Staff estimated the EIFD formation process will take about eight months and said the PFA will later review and adopt the infrastructure financing plan and oversee bond issuance.
Vice Chair Shimon Walton proposed and the committee accepted an amendment to specify that the Controller’s Office provide administrative and clerical support to PFA Number 1 unless the function is reassigned in a subsequent budget process. Public commenters raised concerns about environmental contamination at the site (one caller asserted coal‑tar contamination under the old power‑plant stack) and asked who would benefit from the redevelopment; a caller said the project had not been sufficiently vetted with the community. Walton responded by noting the project team's and committee's prior presentations about community benefits and encouraged callers to follow up with his office.
After accepting Walton’s amendment, the committee voted by roll call to forward the ordinance and resolution of intention to the full Board as a committee report with a positive recommendation. The clerk recorded the aye votes by Walton, Safaie and Dorsey; the motion passed without objection.
Lee Lutenski, deputy director of OEWD's joint development team, and Anna Vandegna, the Controller’s Office public finance director, presented the proposal. They described the 29‑acre site on the central waterfront and said the master plan and a 2020 development agreement envision mixed‑use redevelopment with residential, commercial and public space. Staff told the committee the project includes a 30% affordable housing target and that, under city policy, EIFDs may access up to 50% of the annual tax increment generated by the development; policy also limits total annual EIFD debt payments across districts so they do not exceed 5% of annual property tax revenue. Staff estimated the EIFD formation process will take about eight months and said the PFA will later review and adopt the infrastructure financing plan and oversee bond issuance.
Vice Chair Shimon Walton proposed and the committee accepted an amendment to specify that the Controller’s Office provide administrative and clerical support to PFA Number 1 unless the function is reassigned in a subsequent budget process. Public commenters raised concerns about environmental contamination at the site (one caller asserted coal‑tar contamination under the old power‑plant stack) and asked who would benefit from the redevelopment; a caller said the project had not been sufficiently vetted with the community. Walton responded by noting the project team's and committee's prior presentations about community benefits and encouraged callers to follow up with his office.
After accepting Walton’s amendment, the committee voted by roll call to forward the ordinance and resolution of intention to the full Board as a committee report with a positive recommendation. The clerk recorded the aye votes by Walton, Safaie and Dorsey; the motion passed without objection.
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