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Legislation Details
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File #:
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260185
Version:
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Name:
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Project Agreement - PRG-Potrero Properties LLC - Potrero Yard Modernization Project - 2500 Mariposa Street - $1,396,433,595 - Approving Bond Issuance - $900,000,000
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Type:
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Resolution
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Status:
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Passed
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On agenda:
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Final action:
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3/26/2026
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Enactment date:
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3/26/2026
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Enactment #:
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157-26
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Title:
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Resolution approving Contract No. 1334, Infrastructure Facility Project Agreement (“Project Agreement”), with PRG - Potrero Properties LLC, for the design, construction, and financing of a bus storage and maintenance facility for the Potrero Yard Modernization Project, which Project Agreement provides for 1) a 30-year term commencing after substantial completion, scheduled for 2030, and expected to end in 2060, 2) two milestone payments of $65,000,000 at or around financial close and $250,000,000 during construction, 3) a $5,000,000 development fee payable after substantial completion, 4) annual availability payments commencing approximately one year after anticipated substantial completion and continuing through the end of the term, projected to start at approximately $33,000,000 with an estimated cumulative total of approximately $980,000,000 5) potential delay event or termination compensation, all as provided in the Project Agreement and for a not to exceed amount of $1,396,433,595 expressed in nominal dollars; affirming the Planning Department’s determination under the California Environmental Quality Act; and approving, for purposes of Section 147(f) of the Internal Revenue Code of 1986, as amended, the issuance by the California Municipal Finance Authority of tax-exempt obligations in an aggregate principal amount not to exceed $900,000,000 to finance the costs of the Project, and making related findings and determinations related thereto.
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Attachments:
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1. Leg Ver1, 2. DRAFT Project Agmt w/Exhibits, 3. Predevelopment Agmt 110222, 4. PDA Amend No. 1 052924, 5. PDA Amend No. 2 100124, 6. PDA Amend No. 3 073125, 7. BOS Ord No. 57-24 032224, 8. BOS Ord No. 58-24 032224, 9. BOS Reso No. 107-24 031524, 10. BOS Reso No. 625-24 121924, 11. MTAB Reso No. 260303-014 030326, 12. MTAB Reso No. 200407-035 040720, 13. MTAB Reso No. 221101-105 110122, 14. TEFRA Proof of Pub 022426, 15. PLN FEIR Ntc of Determination 021424, 16. PC Motion No. 21482 011124, 17. PC Motion No. 21483 011124, 18. Ex A Stmnt Overriding Cond 011124, 19. PLN Memo to File No. 1 102524, 20. PLN Memo to File No. 2 020426, 21. MYR Cover Ltr 022426, 22. Form 126, 23. BLA Rpt 031826, 24. MTA Presentation 031826, 25. Cmte Pkt 031826, 26. Public Correspondence, 27. PLN Memo 030926, 28. Leg Ver2, 29. Board Pkt 032426, 30. Leg Ver3, 31. Form 126 Final, 32. Leg Final
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