Oct 18 2008
SF: Prop D - Financing Pier 70 Waterfront District Development Plan upon Board of Supervisors’ Approval
Shall the City provide funds to develop Pier 70, based on new City hotel and payroll expense tax revenues from the development, if the Board of Supervisors approves a financial and land use plan for Pier 70?
Proposition D will allow the Board of Supervisors to approve a broad development plan for Pier 70 rather than checking off each and every project one at a time. The proposition will also contribute approximately $600 million to help the developers clean up the area of contaminates from when the port first operated as a ship part factory. A portion of taxes and revenue from the future hotels and businesses will be used to pay back the City.
No real risk to passing this proposition unless the developers quit midway through the project. The area this affects is pretty run down currently. Once the land is developed, the City can recoup the cost through taxation and generate more revenue for other programs.
An easy yes vote for this proposition.
One Response to “SF: Prop D - Financing Pier 70 Waterfront District Development Plan upon Board of Supervisors’ Approval”
[...] Prop D - Financing Pier 70 Waterfront District Development Plan upon Board of Supervisors’ Approva… passed with 138,669 (68%) YES votes to 66,534 (32%) NO votes. Pier 70 will now receive the necessary funding to move forward on redevelopment plans. [...]