Treasure Island IRFD Issues Tax Allocation Bonds
KMA recently assisted the City and County of San Francisco in what may be the first ever issuance of tax allocation bonds by an IFD. The Infrastructure and Revitalization Financing District No. 1 (Treasure Island) issued bonds to finance infrastructure and affordable housing costs of associated with the redevelopment of Treasure Island. KMA prepared the fiscal consultant report for inclusion in the official statement, incorporating a review of assessed values and a projection of revenues available for payment of debt service. Two series of bonds were issued, including the:
- City and County of San Francisco Infrastructure and Revitalization Financing District No.1 (Treasure Island) Tax Increment Revenue Bonds, Series 2022A (Facilities Increment) (“Series A Bonds”); and
- City and County of San Francisco Infrastructure and Revitalization Financing District No. 1 (Treasure Island) Tax Increment Revenue Bonds, Series 2022B (Housing Increment) (“Series B Bonds”).
KMA previously advised the City and County of San Francisco in the successful formation of this IFD. In this role, KMA evaluated the revenue generating capacity of different forms of IFDs, and projected the magnitude of property tax increment that could be deposited into the selected mechanism – an IRFD- while evaluating the fiscal impacts on the City and County. KMA also prepared the Infrastructure Financing Plan for the IRFD. The Treasure Island IRFD was formed in 2017.