AB 1199 Summary

• Authorizes San Francisco to create infrastructure financing districts on waterfront property, including a 65-acre Pier 70 site, to finance public facilities through incremental property tax revenues over up to 45 years.

• Allows districts to finance seismic improvements, hazardous materials remediation, historic preservation, shoreline restoration, bay fill removal, and stormwater management on public trust waterfront lands administered by the Port of San Francisco.

• Requires at least 20 percent of allocated tax revenues to be set aside for shoreline restoration, bay fill removal, or waterfront environmental remediation and public access improvements.

• Permits a "Pier 70 enhanced financing plan" to allocate county Educational Revenue Augmentation Fund (ERAF) revenues to a Pier 70 district for debt repayment, limited to 20 fiscal years and subject to county approval of taxing entities.

• Excludes San Francisco school districts from sharing in incremental tax revenues allocated to waterfront districts and establishes procedures for other taxing entities to approve or opt out of tax allocation divisions.