The Oversight Board was created pursuant to AB 26, the state law that dissolved the San Francisco Redevelopment Agency, along with all 400 redevelopment agencies in California, on February 1, 2012.
The Oversight Board is one of two governing bodies for the Office of Community Investment and Infrastructure, which was created by the City and County of San Francisco as the Successor Agency to the San Francisco Redevelopment Agency (“Successor Agency”) pursuant to AB 26 and AB 1484, a subsequent state law that clarified and amended AB 26. The Oversight Board oversees certain fiscal management of former Redevelopment Agency assets other than affordable housing assets. In performing that function, the Oversight Board owes a fiduciary duty to the holders of enforceable obligations with the former Redevelopment Agency and to the taxing entities that are entitled to an allocation of property taxes. The City, through the Mayor's Office of Housing, manages the former Redevelopment Agency's affordable housing funds and assets. The Commission on Community Investment and Infrastructure, the other governing body of the Successor Agency, exercises land use, development and design approval authority for the Major Approved Development Projects (Mission Bay, Hunters Point Shipyard/Candlestick Point and Transbay) and manages the former Redevelopment Agency assets in YBC in place of the former San Francisco Redevelopment Agency Commission.
Last updated: 12/5/2013 10:34:12 AM