Infrastructure financing districts: America's Cup venues.

Existing law authorizes the City and County of San Francisco to create infrastructure financing districts, including districts that include specified waterfront property, adopt infrastructure financing plans for those districts, and issue bonds financed by projected increases in ad valorem property taxes to fund certain public facilities, pursuant to a specified procedure. Existing property tax law establishes various procedures and requirements with respect to the annual apportionment and allocation of ad valorem property tax revenues, including increased revenues from these infrastructure financing districts. This bill would authorize the adoption under these provisions of financing plans for special waterfront districts that include the waterfront area in the City and County of San Francisco designated as the America's Cup venues, and the use of specified tax revenues produced in the districts for the construction of the Port of San Francisco's maritime facilities at Pier 27, improvement of publicly held waterfront lands used as viewing sites, and other matters, subject to specified allocation procedures. It would require the county board of supervisors to submit a fiscal analysis to the California Infrastructure and Economic Development Bank for review and approval before adopting the resolution authorizing the issuance of debt pursuant to these provisions. The bill would exempt the issuance of tax increment bonds in a waterfront district from local voter approval requirements and would authorize those bonds to be sold at a negotiated sale. The bill would enact other related provisions. This bill would make legislative findings and declarations as to the necessity of a special statute for the City and County of San Francisco.