AB 2649 Summary

• Declares seawall lot 322-1 free from public trust use requirements until January 1, 2094, upon State Lands Commission findings that the lot is no longer necessary for trust purposes and lifting restrictions serves the state's best interest.

• Authorizes San Francisco Port Commission to lease seawall lot 322-1 and portions of seawall lot 337 below fair market value if the lease is for affordable housing and the port applies rent credits to offset city development fees on Pier 70 projects.

• Requires port to obtain a certificate of appropriateness or comparable determination of historic compatibility before commencing vertical construction on seawall lot 322-1.

• Mandates that if port constructs non-housing structures on seawall lot 322-1, it must acquire adjacent waterfront land of equal value or deposit equivalent funds into the Kapiloff Land Bank Fund to compensate for permanent lifting of trust restrictions.

• Authorizes port to transfer development rights associated with historic piers and structures for preservation purposes, with restrictions on such transfers not exceeding 66 years on trust-subject property.