AgdaPkt 2015-04-27 Interview and Joint SA and PFA

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7.1.B. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager April 27, 2015 SUBJECT Letter supporting AB 746 Regarding the San Francisco Bay Restoration Authority RECOMMENDATION By motion, approve a letter in support of AB 746 which clarifies the ability of the San Francisco Bay Restoration Authority to use its current powers to raise and allocate resources BACKGROUND The San Francisco Bay Restoration Authority (SFBRA) was created by the California Legislature in 2008 with the enactment of AB 2954. SFBRA is a regional government agency with a nine-county jurisdiction, including San Mateo County. SFBRA's mission is to raise local revenues to help restore 36,000 acres of publicly-owned bay shoreline into tidal wetlands at an estimated cost of $1.43 billion over 50 years. Vice Mayor Foust serves on the SFBRA Governing Board as the South Bay representative. Over the years, Redwood City has worked to support the community's enjoyment of the San Francisco Bay wetlands in a variety of ways, including through our involvement in the restoration of Bair Island, which benefited greatly from the leadership of Vice Mayor Foust and Councilmember Pierce. ANALYSIS Restoring the Bay's wetlands requires long-term capital investments. SFBRA's authorizing legislation grants its Governing Board powers to fund these investments by issuing bonds and levying benefit assessments, special taxes and property-related fees consistent with the requirements of Proposition 218. However, certain limitations within the current statute preclude SFBRA from effectively exercising these powers. AB 746 rectifies this by clarifying several provisions to ensure that SFBRA will have the ability to issue bonds in an amount and for the duration that will allow it to fulfill its charge and will have sufficient time to propose a revenue measure to finance any such bonds. Specific features of the proposed legislation are outlined in the attached fact sheet.