Transbay Transit District Approved

pelli_transbay_design.jpgYesterday, the Board of Supervisors unanimously voted to adopt the assessment district for the Transbay Transit District. As part of the creation of the Transbay Transit District - with massive up-zoning of heights - the developers in the district agreed to, and are required to, participate in an assessment district through which the developers pay impact fees to help fund both the transit center and the train extension. Recently with property values skyrocketing -- and therefore property tax payments also increasing -- the developers attempted to reduce this tax amount saying that though they agreed to a specific tax rate, it shouldn't be applied to current property values. They have also threatened lawsuits if the City moves forward. I'm happy that the Board and Mayor Lee have held strong on the deal that has already been agreed to by all sides previously. It is essential that we maintain these tax obligations -- which are in exchange for the massive benefits that come up with up-zoning -- to fund our downtown Caltrain extension.

Links: KCBS Radio Coverage SF Chronicle Story KTVU Coverage

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