for how the money is actually get spent. we do not have a formal cac on rincon hill, although there is an active association, and we will communicate with them. along with supervisor cohen, looking at criteria so we can report back to this board presumably on whether our projections for the ifc have come true, and that will allow us next time to do a better job. that is the extent of my presentation. any of you have questions? supervisor mar: no, it does not look like there any questions,

and thank you for being so thorough and for filling in for supervisor kim, as well. >> supervisor kim did send in an email this morning that she would like to co-sponsor this. supervisor mar: thank you. let's open this up for public comment. i have two cars, and the first is from the rincon hill association, and the second is from the cac. >> good afternoon. my name is jamie hill. i am with the rincon hill association. the demolition of the embarcadero freeway made the town not so attractive for residential uses compact -- uses, so we are trying to turn

this into a friendly ear area for folks to live and also for office space. -- a friendly area. there is no redevelopment. it is sort of on its own for building an infrastructure. i support this area plan infrastructure program to help do that. in our neighborhood, there are a lot of young professionals, like myself, and most of us live there so we can walk to work. it is very easy with the transit center be in there and also the financial district, the jobs being right there to walk to work -- the transit center being there. and children, there are kids living in the towers, and i

assume there will be many more in the future. for them to be able to exercise and build their muscles is very important. the street scape is also important. supervisor kim has already mentioned that street safety is very important. speaking of cookies, we make a lot of cookies in rincon hill. it provides millions in property taxes every year. we are just looking for a little bit of reinvestment in our neighborhood for the quality of life. thank you. supervisor mar: think you, mr. whitaker. -- thank you. >> dan murray -- murphy, stakeholder in the eastern neighborhoods. i was appointed to be on the eastern neighborhood infrastructure finance work group, which was actually the

group that recommended this half -- this ifd tool for transitioning areas in san francisco, so i have been very involved in the background. recently, i was voted by the members to represent the neighborhood cac on this committee, which is piloting this incredibly important financing tool in the rincon hill area. i think the policies that staff has developed in consultation with people like me representing the public are right on point. i think it is a great program. i would be remiss if i did not say in the context of being on the eastern neighborhood cac, i look forward in the not too distant future of working with this type of tool in the eastern neighborhood. i recognize the -- that rincon

hill is a pilot area, but i hope we do not wait five years to be able to do this. this is a growth area for san francisco. private sector development for close to 30 years now. i can tell you that when cities showed a commitment to infrastructure, that sense -- sends an important message for growth, and in that sense, i will be pushing with my fellow neighbors in the eastern neighborhood cac to push for this in the future. supervisor mar: thank you. is there anyone else who likes to speak? >> i will wear a slightly different hat for this one.

i chair and was, like the previous speakers, part of the committee, apif committee, whenever that is, but i am one of the stakeholders. i am very supportive. our cac is on record for using this as a tool for funding in our area plants, and i think it is pretty well known to most of us that the market octavia, balboa, some of our recent plans, the funding was actually about 50% short for what was needed to provide this in the community improvements to meet the projection, so if we are looking at smart growth, this is a great tool for that. there are some specific details in the guidelines that i have been looking at and have been talking to mr. yarne about. one of the things i have been

very attended to is that the cac's that are in place have to be strongly involved. it takes years and years of planning work. they are part of the plan itself. this funding to a should be added to the sources of funding to implement those, and they should not be in somewhat overriding that guidance that cac is providing. it is providing sort of a partner or peer role. i just wanted to point out, as mr. yarne said, this does not mean it is bad. we are still looking for funding for some of these others, perhaps. thanks.

supervisor mar: is there anyone else from the public who would like to speak? seeing none, public comment is closed. [gavel] colleagues, could we have a recommendation on item number four? supervisor wiener. so movers, a positive recommendation. -- so moved. a positive recommendation without objection, and we look forward to moving it to the budget commission. colleagues, is there a motion for items 5 through 11? supervisor wiener: yes. supervisor mar: with positive recommendation without objection, so let's forward this. clerk somera, are there any other items before us? clerk somera: no, there are no

other items. supervisor mar: ok, seeing as there are no other items before us, this meeting is adjourned. [gavel]

>> thanks for coming today. we are announcing are temporary homeowner's property tax reduction program. this is what most assessor's up and down the state are doing. homeowners are reliable -- of all property owners are eligible for a temporary, 1-year property-tax assessment reduction if they believe or if we believe dave -- the assess the value has fallen above their market value, which means that the value would be lower than the market value.

in general, homeowners who are eligible, chances are, they purchased homes after 2003. we do get applicants who have owned homes since 1995 or earlier. in general, anybody who is owned their home prior to 2003, they are doing well, which is good news. chances are the market value is higher than the assessed value, meaning the property appreciate it. people we are able to offer little relief for, the sad news is, their homes have depreciated. there will be a little bit of relief for them. in general, last year, we saw 6400 applicants in comparison to four years ago when we had 248 requests. the form a simple. it is one page. name, telephone number, e-mail, and the address you are applying for. if you can give us sales in

formation of similar types of homes, we do hope you can give us that. if you cannot come maternity leave blank and sign it. e-mail or fax it to us -- if you cannot give us that, leave it blank and sign it. e-mail or fax it was. tenderloin downtown, south of market, mission bay, and south beach. those were many of the new high- rise condominiums that went in to market the last four or five years. we have seen a significant amount of depreciation in those areas. gaviria that has seen the largest value drop is -- the other area that has seen the largest volume drop is the outer mission, amazon, those areas have seen the largest percentage drop. it is where we have been hit hardest with foreclosures. we make sure that we take an extra look.

we proactively have been reviewing every home that was purchased after 2000. even though we think eligibility is for people up to 2003, we review any homeowner who purchased after 2000. that was roughly about 15,000 homeowners. of that, reduced -- no one had to apply or call us. we did this on our own. we reduced 10,000 of those homeowners. roughly, you have 10,000 reductions that we did on our own. 1700 reductions were done through this application process. 5000 time shares is how you get to the 17,000 number. just to give you a comparison, it is quite a bit in san francisco. these are huge numbers, larger than the dot com bust. alameda and santa clara did

about 1000 come a tenfold. -- 1000, tenfold. we are doing better than our counterparts in other parts of the bay area. i feel fortunate. the tax reduction was about 21 million in taxes that were not collected. 21 million in taxes were not collected. that is a significant number. it is out of a $6.5 billion budget. overall, the difference to the city is still rather small compared to what it meant to many of the other counties in other areas. let me stop there and take questions. >> [inaudible] >> 6462. of those, we actually reviewed only 4177. many of those were already

reviewed. we have actively reviewed them. some of them were not eligible. >> [inaudible] >> anybody who has gotten a reduction, they don't need to apply. we will look at it again. if you have gotten a reduction through an appeal or through our office, they don't need to apply again. they will be reviewed. they may want to apply because maybe they want to give us information we don't know. they are free to do that. that will be reviewed as part of that process. in general, they don't need to submit paperwork if they already got a reduction last year. >> [inaudible]

>> well, i think because it is just flat, the market has not rebounded and gone up. we will probably see the same number of people deserve reductions last year. i think it will be comparable. traditionally, an economic recovery is like a v. this is more like a u. we're at the bottom of it right now. my feeling is we are going to see, you know, a very unusual real-estate market in san francisco. it will be flat and not appreciate a whole lot right now. the number people who are eligible is probably similar to last year. i bet we will give about the same number of reductions this year as we did last year. it will not be that much different. >> [inaudible] >> anybody that was reviewed -- everybody in san francisco got a letter from us in july. they were told what their

assessed value was. there were told that they got a reduction. if they got a reduction based on the letter, they don't need to reapply. what people do is we will review applicants. the deadline is march 31. all 17,000 who got reductions will be reviewed automatically. everyone will get notified again in july. we will not talk to anybody prior to that. everyone else will be getting the standard notification in july. >> [inaudible] you review these every year. >> every year. the reductions we review every year. as the market appreciates, we may take their assessments up based on what the market value is. they may go all the way back up to the factor value. it may go up partially higher. obviously, that is what he would see. you would see a step over the years to include the

appreciation based on what the market is feeling. right now, we are not seeing a whole lot of appreciation. chances are, the assessment will be a little bit different than last year. the original purchase applies plus whatever the inflation factor was on an annual basis. in general, up to 2%. we had a negative inflation factor for the first time last year. everybody got a reduction last year. >> [inaudible] >> this year, cpi based on the final number we saw, is. 5% positive. it is still well below 2%. -- is .5% positive. it is still well below 2%. the economy is still rather flat. >> [inaudible] >> everybody who does not get a

reduction will get a .5% increase in their assessment. that is just a proximate. it will probably be pretty close to that. we can show you the website. we follow the same website. it is the state cpi. it is a tracking mechanism for the state. >> [inaudible] >> i think there will vote to finalize in the next month or two. i think the number is done. >> overall, when all is said and done, what is the amount that you're going to receive [inaudible] >> for reductions, it will really just depend on how much your property might have depreciated or appreciate id.

some areas where maybe there was a 5% or 3%, the good news in san francisco, we have not seen a few drops we saw in other parts of the bay area, like solano, or properties dropped 50%. you don't want that. you want your property to appreciate. that is the goal. it might be $50, $100, maybe a few hundred dollars. it and will not be anything huge -- it will not be anything huge. >> [inaudible] >> over last year, it was a $21 million difference. because of the temporary reductions in homeowners values, there was $21 million that was not collected by the county. let's put that in context of the $6.5 billion budget. >> [inaudible] >> the total property tax collected is about $2 billion. overall, we are doing quite

well. >> [inaudible] >> overall, property-tax as have done extremely well the last five, 10 years. we have seen huge increases overall. >> [inaudible] >> no idea. if i did, i should be in las vegas placing a bet, or should be in new york making more money than i am here. the controller's office is probably tracking it more than us. we don't know. we have seen -- we have seen several governments pumped $1 trillion into the economy. it is a huge amount of money. we have seen some improvements, but not the ones they were hoping for. great. ok. thanks, everybody.