AB 2259 Summary

• Modifies infrastructure financing district provisions for San Francisco waterfront properties, allowing districts to finance improvements to protect against sea level rise and clarifying definitions of key terms including "base year" for annexed land.

• Authorizes waterfront districts to finance planning, design, acquisition, and construction of improvements to publicly owned waterfront lands held by federal, state, or local trustee agencies, with 20% of ERAF share revenues set aside for these purposes in Port America's Cup districts.

• Allows affected taxing entities to disapprove subordination requests only if tax increment funds will be insufficient to pay both debt service and required payments to the taxing entity.

• Permits legislative bodies of waterfront districts to issue bonds without voter elections, undertake proceedings for districts as a whole or separately by project area, and increase authorized bond principal amounts through resolution.

• Establishes that San Francisco's unique waterfront circumstances justify this special statute and ratifies any actions taken by San Francisco consistent with these provisions prior to the effective date.