(a) Establishment of Fund. The Central SoMa Legacy Business & PDR Support Fund is established as a category four fund to receive fees and other contributions to the fund collected by the Controller.
(b) Use of Fund. The Central SoMa Legacy Business & PDR Support Fund will provide annual business grants of at least $600,000 to the San Francisco Flower Mart LLC, or any successor master tenant under the master lease for the San Francisco Flower Mart (the “Master Lease”), located at 16th Street and Mississippi Streets, to subsidize operations of the wholesale flower market, subject to the availability of funds. Grants to the master tenant will be made each year beginning in the fourth year of the Master Lease term, up to the earlier of (i) 34 years after the start of the Master Lease, (ii) the exhaustion of funds in the Central SoMa Legacy Business & PDR Support Fund, or (iii) the termination or expiration of the Master Lease. Funds may also be used for job training, job retention, and other economic development purposes in support of the wholesale flower mart. All expenditures from the fund shall require prior approval of the City’s Controller, in consultation with the OEWD Director of Development. The amount of any grant to the master tenant shall be based upon an amount that, in the City Controller’s judgment, will provide a continuous revenue stream during the Master Lease term and will also provide necessary support to the master tenant to continue operations. In its sole discretion and subject to all approvals, the City may consider contributing additional funds to the Central SoMa Legacy Business and PDR Support Fund.
(c) Administration of Fund. The City’s Controller shall administer the fund and shall report annually to the Board of Supervisors on the current status of the fund, the amounts approved for disbursement, and the number and types of businesses supported. The Controller shall have the authority to prescribe rules and regulations governing the fund. Any unexpended funds remaining after the earlier of (i) 34 years from the start of the Master Lease, or (ii) the expiration or termination of the Master Lease, shall be either used for job training, job retention, and other economic development purposes or deposited into the Eastern Neighborhoods Community Improvements Fund or the relevant successor fund, as the Controller determines, following consultation with the OEWD Director of Development.
(Added by Ord. 26-22, File No. 212298, App. 2/18/2022, Eff. 3/21/2022)