According to a report released by the Budget Analyst's Office in late April, the Redevelopment Agency is expecting to generate almost $300 million in TIF money from new property taxes over the next 45 or so years to pay for the redevelopment plan. Approximately $30 million of the money available for infrastructure improvements and low-income housing would be contingent on business activity inspired by a new stadium, meaning the agency could end up with much less if the stadium area remains in its current state.
TIF money generated inside Candlestick Point can still flow outward, new stadium or not. But Rosen clarified for us that TIF money could also go toward infrastructure improvements associated with the Candlestick project, such as roads, streetlights, green spaces, and housing — at least 50 percent of which is required to be affordable to those with low incomes, a far higher rate than citywide requirements. None of this could happen, however, without board approval and considerable public oversight.
"There is the possibility that the board could allocate tax-increment financing to a park or other public space," Rosen said.
Other concerns residents had over the redevelopment plan have cooled somewhat as Maxwell has introduced a series of amendments, including a call for regular management audits during the plan's implementation and increased public participation in approving "significant land use proposals," an amendment she introduced last week.
But some skeptics have continued to express concern about gentrification of the area and the displacement of its predominantly minority residents.
Shaw, who opposes the plan, told us his greatest concern now is no longer the 49ers but turnout at public meetings.
"The proponents have outnumbered the opponents," he said. "I haven't seen the kind of turnout we would have expected." SFBG
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