Section 62451 - [Effective 1/1/2025] Establishment of downtown revitalization and economic recovery financing district The Board of Supervisors of the City and County of San Francisco may establish one downtown revitalization and economic recovery financing district pursuant to this division. Proceedings for the establishment of a district shall be instituted by the adoption of a resolution of intention to establish the proposed district and shall do all of the following:
(a)(1) State that a district is proposed to be established under the terms of this division and describe the boundaries of the proposed district, which may be accomplished by reference to a map on file in the office of the recorder of the county.(2) The boundaries of the district shall be limited to downtown San Francisco.(b) State the need for the district and the goals the district proposes to achieve.(c) State that incremental property tax revenue generated by investment in the commercial-to-residential conversion project from San Francisco will be used to finance these activities.(d) Fix a time and place for a public hearing by the Board of Supervisors on the proposed downtown revitalization financing plan. The Board of Supervisors shall hold the public hearing before the district board's third public hearing, described in subdivision (d) of Section 62458. After the Board of Supervisors public hearing, the Board of Supervisors may approve or reject the proposed downtown revitalization financing plan.Added by Stats 2024 ch 274 (AB 2488),s 1, eff. 1/1/2025.