Scott Marks 9:44 a.m., May 21
Bond, Public Facilities Financing Bonds
Housing Commission agrees to take the place of former redevelopment agency to issue bonds for public improvement projects.
The City of San Diego has found a new partner to issue bonds to pay for public improvement projects. On Tuesday, city councilmembers approved adding the City's Housing Authority onto the joint powers agreement.
That makes three entities that are now part of the Public Facilities Financing Authority; the Housing Authority, the City of San Diego, and the city council, which was kept on to fulfill prior bond obligations.
Finding a new partner to enter into the joint powers agreement was needed after the state dissolved redevelopment agencies earlier this year.
In order to issue new bonds, such as the $17.4 million in bonds needs to build a parking garage in Balboa Park that city councilmembers approved last month, the City needed to find a new partner to sign on.
Richard Gentry, head of San Diego's housing authority, managed to hold back his excitement when responding to city councilmembers about the new agreement.
"My shorthand response to you [is] 'if not the housing authority, then, who?'" Gentry told city councilmembers. "This is a necessary structure under California law. Absent any major effort, I am very comfortable with this change."