Summary
This resolution approves the Infrastructure Financing Plan (IFP) for the San Francisco Enhanced Infrastructure Financing District (EIFD) No. 2 (Stonestown), a mechanism to finance public and privately-owned infrastructure for the large-scale Stonestown mixed-use development.
Project Scope: The development, anticipated from 2028-2051, includes up to 3,491 residential units (including 350 affordable rental units with 55-year affordability covenants for rental and 45 years for owner-occupied), 160,000 sq ft of retail, 96,000 sq ft of office, 63,000 sq ft of community/institutional/education space, and 4,611 parking spaces, alongside 6 acres of new privately-owned, publicly accessible open space.
Financing Details: The EIFD will be funded solely by a portion of the City's property tax increment, with 58.25% designated as Allocated Tax Revenue and 41.75% as Conditional Tax Revenue (primarily for debt service coverage). The EIFD is projected to finance approximately $438.06 million (2025 dollars) in "Actual Costs" for facilities, including $23 million for public capital facilities, $248 million for privately-owned community improvements, and $167 million for privately-owned affordable housing. Over its 45-year term (per Project Area), the EIFD is projected to receive up to $3.124 billion in Allocated Tax Revenue and $2.239 billion in Conditional Tax Revenue.
Fiscal Impact: A Fiscal Impact Analysis projects an ongoing annual net fiscal benefit of approximately $774,000 to the City's General Fund at project buildout, primarily from property transfer and property taxes. The project is expected to increase the CCSF tax roll by over $3.6 billion. However, it projects a moderate net fiscal decline of approximately $43,000 per year to the MTA Fund.
Key Provisions: All EIFD-funded work must pay prevailing wages. The resolution also authorizes the filing of a judicial validation action to confirm the legality of the EIFD and its financing plan.
Citizen Impact
This plan will facilitate the development of the Stonestown area, bringing 3,491 new housing units (including 350 affordable units), new retail, office, and community spaces, and 6 acres of public open space. Residents will benefit from improved infrastructure, child care facilities, and a senior center, but the project is projected to result in a moderate net fiscal decline to the MTA Fund.
Confidence
high