AB 1706 Summary

• Authorizes the City and County of San Francisco to create infrastructure financing districts on waterfront property, including a Pier 70 district and an America's Cup district, to finance public facilities through incremental property tax revenues.

• Allows waterfront districts to finance hazardous materials remediation, seismic improvements, historic structure preservation, pier and seawall repairs, bay fill removal, stormwater management, and waterfront public access improvements.

• Requires at least 20 percent of incremental tax revenues allocated to a district be set aside for shoreline restoration, bay fill removal, or waterfront environmental remediation.

• Permits enhanced financing plans for Pier 70 and America's Cup districts to allocate incremental property tax revenue from the Educational Revenue Augmentation Fund (ERAF), with new ERAF-secured debt limited to 20 fiscal years and subject to state fiscal analysis approval for America's Cup districts.

• Requires approval from affected taxing entities before implementing tax increment allocation and establishes procedures for district formation, public hearings, debt reporting, and tax allocation by the county auditor.