Section 62453 - [Effective 1/1/2025] Purpose; tax revenues; duties(a) The purpose of the district is to finance commercial-to-residential conversion projects with incremental tax revenues generated by commercial-to-residential conversion projects within the district.(b) Incremental tax revenues generated by commercial-to-residential conversion projects within the district shall be allocated to, and when collected shall be paid into a special fund of, the district for all lawful purposes described in this section.(c) The district shall finance only commercial-to-residential conversion projects that the district determines are of communitywide significance and that provide significant benefits to the district or San Francisco.(d) The district shall ensure that incremental tax revenues allocated to the district are limited to those revenues described in Section 62457 that are generated through commercial-to-residential conversion projects within the district that have opted in pursuant to Section 62459.(e)(1) The district shall take all of the following actions: (A) Hold an annual public hearing.(B) On or before June 30, after holding a public hearing, adopt an annual report.(C) Make available written copies of the draft of the annual report available to the public 30 days before the public hearing.(D) Post the draft of the annual report in an easily identifiable and accessible location on the district's internet website.(2) The annual report shall contain all of the following: (A) A description of the projects undertaken by the district in the fiscal year, including any rehabilitation of structures, and a comparison of the progress expected to be made on those projects compared to the actual progress.(B) A chart comparing the actual revenues and expenses, including administrative costs, of the district to the budgeted revenues and expenses.(C) The amount of tax increment revenues received by the district.(D) A description of each commercial-to-residential conversion project within the district that opted in and the amount of tax increment revenues received.(E) An assessment of the status regarding completion of the district's projects.(F) The amount of revenues expended by the district to assist private businesses.(3) If the district fails to adopt the annual report required by subparagraph (B) of paragraph (1), the district shall not allow for any additional properties to opt in to receiving funds from the district until the district has adopted the report.(4) Every 10 years at a public hearing required by subparagraph (A) of paragraph (1), the district shall consider the following: (A) Whether the requirements of this division continue to be met.(B) Whether amendments to the downtown revitalization plan are necessary to ensure the requirements of this division continue to be met.Added by Stats 2024 ch 274 (AB 2488),s 1, eff. 1/1/2025.