Aye. Ok. Pledge of allegiance. I pledge of allegiance to the flag, of the United States of america, and to the republic for which it stands, one nation, under god, indivisible with liberty and justice for all. Please be advised that the ringing of and use of cell phones and other Electronic Devices are prohibited at this meeting. Please be advised that the chair may order the removal from the meeting room of any persons responsible for the ringing of or use of a cell phone, pager or other similar soundproducing electronic device. Please be advised that a member of the public has up to three minutes to make pertinent Public Comments on each agenda item unless the Port Commission adopts a shorter period on any item. Item eight, Public Comment on items not listed on the agenda. Is there any Public Comment . Ok. Item nine, executive directors report. Good afternoon, president brandon, Vice President adams, members of the commission, members of the public and port staff. Im Elaine Forbes, t
Business plan is that right now for new facilities, distribution, stuff that we cant fund through Revenue Bonds, we have to pay cash. And so this gives us a vehicle to debt finance using our revenue. And so we are unable to do that on any new facilities. So, that was the thinking of trying to make the power enterprise. We always had the ability for clean power, not cleanpowersf, but clean power, we have that authority already. But as barbara and they have said, we are separating the business units, or we have hechi and we want clean power to stand on its own. So we started having clean power, you know, at a really relied on the power enterprise and initiation or the start, but now we have it where its true and not codependent, so we want to continue that. Right. I understand that. I just was surprised to first learn about the power Revenue Bonds charter amendment, you know, at a board meeting, frankly. This is the first ive had it explained. I approach appreciate it. I have a number of
Without opposition. You have the gavel, sandy, you are welcome to gavel down. [gavel] and thank you for being here today, and mr. Clerk, please call the next item. Number two, ordinance approving Development Agreement for the proposed mission rock project, seawall, 337 located east of 3rd street between basin channel and china basin park and attributing the park, pier 48, marginal wharf between pier 48 and 50, and p20. Thank you so much, mr. Clerk. And thank you to supervisor sandra fewer for chairing the committee until i got here. I know that this is the second hearing before the board of supervisors, just heard mission rock at the Land Use Committee earlier on monday, and so i want to thank our project sponsor and our multiple city departments for coming back to present on the budgetary aspects, or the d. A. Aspects of this deal. As i have mentioned on monday, this project has been ten years in the making. And something our office has been working very closely with the project spons
Up with what is the percentage decline in the rent. Once we have the percentage decline in the rent, we multiply that to the total rent value, what we estimate, given the data, vendor which we used there to look at all the parcels around the city. And figure out what is the total what was the assumed per Square Footage for Residential Office retail and p. D. R. . I believe about, total citywide was i believe 107 million, office space not how many square foot, what did you value it per square foot for rent. Yeah, rent is, i believe, if my memory serves me right, about 67, 63 to 64 for the office space per square feet, and if i believe its for retail, about 30. And for p. D. R. , around 10. So, i can get you those numbers exact, thats the range we are talking about. And what was the assumed value for the market rate residential . Market rate, using an average of these based on the 700, average 749 square foot area, 800,000 per unit market unit. 800,000 rent, total across the city and the
20 . Under this d. D. A. , its 18 . But the developer does get more participation in project revenues and that is on page 19 of the report. In terms of sort of the project financing, Public Financing for the horizontal infrastructure, the developer under the d. D. A. Will construct the infrastructure. Funding sources are shown on page 14 of our report. The sources and uses are estimated to be about 700 million, thats in current dollar value. The developers and the project source, project revenue financing this project have shown the table on page 14. The Developers Equity contribution is estimated to be about 190 million. They have already contributed about 27 million of that towards entitlement costs. With their return, we estimate that the return to developer and the payment to developer will be around 268 million in current dollars. Under the d. D. A. , the developer is paid back from project revenues, prepaid ground leases, rents, financing from the financing district, they say the