Planning, mta dpw and move those funds much more expeditiously like in the past i think it is a good learning lesson. This is a unique situation and scenario that was set up by the rincon Hill Developers and i just want to agree with that you know a lot of the resident may not understand how the fund get spent down and all the supervisors so i dont want to completing let high bias come into that for me it really, really is surprisingly youve known about those fund centuries 2005 and whatever nurnl we can do zed we have tons of fund that maybe it is a good lesson to provide that support and education to our cac members. This is not to negate any of the money we definitely could have spent it down sooner but provide that a little bit of background maybe i was there some of the reign why when this agreement was first made the only requirement was the with that a reasonable expectation for the fund to be spent within 3 years at that time, if of the cac we had a youth center while we were i
Bag a bag finance authority back in 2006 is when the city entered agreement with the a bag Financial Authority and in july of 2014 the first supplemental endenture and 5. 8 million of which 1. 4 was transferred to the supplemental agent in julia supplemental venture that was issued this document is the document that was approved for disbursement of procedures from the disbursement of costs with the approval the a bag financial approval and not a city official this is where the problem started and in august of 2014 is when theres a letter issued to identify the a bag finest 0 authority and the Controllers Office no evidence of the current balances showing melrose precedes not in a sub accounted in will december and oewd staff notified in january of 2015 oc d worked to determine when the fund were disbursed i have some specific details we found upon further xhairgs concentration it was issued in 2005 can be amended any a. M. Gut and the establishment 69 12k3wrur789 the denture was really
Endenture and 5. 8 million of which 1. 4 was transferred to the supplemental agent in julia supplemental venture that was issued this document is the document that was approved for disbursement of procedures from the disbursement of costs with the approval the a bag financial approval and not a city official this is where the problem started and in august of 2014 is when theres a letter issued to identify the a bag finest 0 authority and the Controllers Office no evidence of the current balances showing melrose precedes not in a sub accounted in will december and oewd staff notified in january of 2015 oc d worked to determine when the fund were disbursed i have some specific details we found upon further xhairgs concentration it was issued in 2005 can be amended any a. M. Gut and the establishment 69 12k3wrur789 the denture was really kind of questionable soy know in the agenda item it stated theres a disbursement to urban west and Silicon Valley developers in january we, you know, we
This is a summary of the tables that youll see in the report that you have in your packet they come for the Controllers Office from 13 and 14 the biological for the stabilization is 9. 9 infrastructure is 21 million and thats itself entire amount that goes to planning for the amount that was transferred over from planning into the selma Stabilization Fund is 4. 9 million that does include the two types of infrastructure and the melrose bond as well as the direct fees paid by vendors to go into a little bit more detail about the broader Infrastructure Fund our colleague from the department is here. Good morning, supervisors from planning what im talking about here is the infrastructure the rincon Hill Community infrastructure fees which are spent on Capital Projects within the rincon hill boundary we do on annual 5 year expenditure plan so there the interagency Plan Implementation Committee that programs those fund as well the fund from the other impacts fooedz feeds such as the octavia
Precedes not in a sub accounted in will december and oewd staff notified in january of 2015 oc d worked to determine when the fund were disbursed i have some specific details we found upon further xhairgs concentration it was issued in 2005 can be amended any a. M. Gut and the establishment 69 12k3wrur789 the denture was really kind of questionable soy know in the agenda item it stated theres a disbursement to urban west and Silicon Valley developers in january we, you know, we took it severely 10ir8 we contacted the City Attorney and had several phone calls with the vendors urban west not a disbursement for them we want to make sure thats clear and all the schoots what the headlines ensewed after that in february the a bag board voted are earlier this month to return the fund to the city and county of San Francisco from reserve theyre working to finalize the terms and agreement were confident the money is come back theyre working on the final details what will happen when theyve other