(a) Establishment of Fund. The Downtown University Attraction and Retention Fund (the “Fund”) is hereby established as a category four fund to receive any monies appropriated or donated for the following purposes: (1) to provide financial incentives to attract public colleges or universities interested in having a physical presence in the South of Market, Union Square, and Financial District neighborhoods (“Campus Neighborhoods”), and (2) to purchase or lease property that is 100,000 square feet or larger for use as campuses (including classrooms, housing, administrative space, and/or other uses) for public colleges or universities in those neighborhoods. For the purposes of this Section 10.100-65, a “public college or university” is an accredited college or university operated by a State, subdivision of a State, or governmental agency within a State, including but not limited to universities in the University of California and California State University systems and community colleges.
(b) Use and Administration of the Fund.
(1) The Office of Economic and Workforce Development (“OEWD”) shall approve all expenditures from the Fund, consistent with subsections (b)(2) and (b)(3) of this Section 10.100-65.
(2) OEWD may use monies in the Fund to provide financial incentives to attract public colleges or universities interested in having a physical presence in the Campus Neighborhoods. OEWD shall promulgate rules defining the types and amounts of incentives that are available, the eligibility criteria for public colleges or universities to receive those incentives, and OEWD’s criteria for deciding which applicants will receive incentives. In developing these rules, OEWD shall consult with other City agencies, including but not limited to the Real Estate Division of the City Administrator’s Office, the Planning Department, and the Controller’s Office. OEWD shall publish on its website rules it adopts and shall submit a copy of the rules to the Board of Supervisors and the Mayor within 30 days after promulgating the rules.
(3) With the consent of OEWD and subject to the applicable provisions of Chapter 23 of this Code, and any required approvals thereunder, including Board of Supervisors approval, the Real Estate Division may use monies in the Fund, including monies appropriated from bond financing proceeds, to purchase or lease property that is 100,000 square feet or larger if the Real Estate Division and OEWD have a written plan describing the City’s intention to lease or otherwise convey the property as a campus for a public college or university in those neighborhoods.
(c) Sunset and Termination. Any monies in the Fund that the City has not expended or encumbered by July 31, 2034 shall be returned to the General Fund, and thereafter the City Attorney is authorized to cause this Section 10.100-65 to be removed from the Administrative Code unless the City enacts an ordinance extending it beyond that date.
(Added by Ord. 164-24, File No. 240440, App. 7/3/2024, Eff. 8/3/2024)