San Francisco lawmakers on Tuesday approved a plan that will provide key funding for the major expansion of the Moscone Convention Center.
The Board of Supervisors approved the creation of the Moscone Expansion District along with other pieces of legislation that will eventually provide two-thirds of the funds needed for the approximately $500 million project, according to the San Francisco Travel Association.
Project plans call for an additional 200,000 square feet of underground and above-ground exhibition space, the association announced in September.
The expansion could help The City draw larger conventions.
“San Francisco has already lost meetings representing $2.057 billion in direct spending as a result of the space limitations for meetings with dates between 2010 and 2019,” association President Joe D’Alessandro said in a statement. “Therefore, it is impossible to significantly grow the San Francisco convention market without providing additional meeting and exhibition space — especially contiguous exhibition space.”
Tourism, which includes conference and business travel, is one of San Francisco’s largest industries, generating about $8.5 billion in economic activity a year, according to the association.
The newly created expansion district will begin collecting funds in July, and construction is scheduled to begin in November 2014, according to the association.