Today. Thursday, april 6th. 10 10. I would like to get you started and im the vice chair of the committee. And to my left is supervisor tang and the chair colin willing here shortly. She is stuck in traffic and she wanted us to start and not delay so that people dont have to wait around. I want to thank linda wong who is the clerk of todays clerk. And also sfgov tv, who tapes every meeting and is available to the public after that. And i want to thank the staff there. Madam clerk, there are any other nounsments . Yes, silence all cell phones and Electronic Device and completed speaker cards to be part of the file should be submitted to the clerk items it acted upon today should be on the april, 8th board agenda unless otherwise stated. Thank you, why dont you go ahead and call item one. Resolution, retroacting the public of health. To accept and expend a grant in the amount of 1,336,000 from the California Department of Public Health to participate in a program entitled hiv care Progra
I tell you what, we been, and we are going to call one through three, together. Item one, resolution approving the awards of Hotel Management, and approximately, 20 million relating to onAirport Hotel at the San Francisco International Airport item to, resolution approving the issuance of up to 243 million, aggregate Principal Amount of air force commission, capitol plan bonds and 225 million, and item four appropriate ating, 473 million, consisting of 243 million, from the proceeds of the airport capitol plan bonds and 450,000 from fund balance, and 230 million of proceeds from Hotel Special facility Revenue Bonds and other long term financing source to develop a hotel within the San Francisco International Airport. Okay. We want to recuse super visor farrell without objection. Do we have someone from the airport that would like to speak to the items 1 to three . Supervisors, airport director, sfo and i am very pleased to bring this item before you today. Something that i waited a lon
Through three, together. Item one, resolution approving the awards of Hotel Management, and approximately, 20 million relating to onAirport Hotel at the San Francisco International Airport item to, resolution approving the issuance of up to 243 million, aggregate Principal Amount of air force commission, capitol plan bonds and 225 million, and item four appropriate ating, 473 million, consisting of 243 million, from the proceeds of the airport capitol plan bonds and 450,000 from fund balance, and 230 million of proceeds from Hotel Special facility Revenue Bonds and other long term financing source to develop a hotel within the San Francisco International Airport. Okay. We want to recuse super visor farrell without objection. Do we have someone from the airport that would like to speak to the items 1 to three . Supervisors, airport director, sfo and i am very pleased to bring this item before you today. Something that i waited a long time to do to finally build a First Class Hotel and a
With my staff. If you like, you can come up to the mic and speak to that. This is our Hotel Project manager for the airport commission. And good morning. And the competitive set around the airport, the hotels, are averaging approximately 80 percent at 165 dollars. Is that what you are asking for . Yes, in the surrounding areas and that is a pretty steady trend in terms of all of the hotels around the airport . Yeah, this is for the full service hotels. Correct. And we have done, a great deal of analysis. And we have gone back 25 years. To see kind of the trend of occupancy. And it has gone up and down and over the last 20 years, the average occupancy has been about 75 percent. And the average growth rate, in the average daily room rate has been about 3 percent, which we have modeled Going Forward and just to give you a sense of the delta between what the grand hyatt is projected to do, verses say, the Hyatt Regency San Francisco airport. These were done by our hospitality consultant. A
We want to recuse super visor farrell without objection. Do we have someone from the airport that would like to speak to the items 1 to three . Supervisors, airport director, sfo and i am very pleased to bring this item before you today. Something that i waited a long time to do to finally build a First Class Hotel and airport property and something that the world class airport should have. So the items before you today, three items, the first approves the Hotel Management agreement, with the Hyatt Corporation and adopts the findings, and item two, approves the issuance of 243 million in airport capitol bonds, and 225 million in special, facility bonds and item 3, appropriate ates the bond, proceeds to pay for the Hotel Project. We are proposed the hotel, Management Agreement is for a planned, 350 room, four diamond, aaa rated hotel. To be build on airport property in front of the international terminal, on the site of the old hilton. It was torn down in 1998 to make way for a construc