Rebar. Retear of the deteriorated substructure under the Agriculture Building will be considered for prioritization in the near future. Next this is a photo under pier 29, right next to our new cruise terminal. The photo shows deteriorated concrete beams. Inspection reveals substantial deteer rake of the deck did go, beams, girders and slab. The bulk head repair project will have an estimated cost of about 2 million, an additional 9 million will be needed to repair the rest of the substructure. The bulk head substructure will be considered for funding in fiscal year 201617. My last example is pier 54. The photo is what someone would see on a boat approaching from the northwest. The photo on the right shows an example of deteriorated concrete beam framing into a pile under pier 54. Pier 54 has many damaged beams. As present no Funding Source has been identified for the repair. Estimated cost to perform the repairs is 21 million and this includes both structure, gravity repairs and seism
The rebar oxidizes and the product is rust. The rust then pushes against the concrete cover and spauls the concrete, leaving exposed, damaged rusted rebar. Retear of the deteriorated substructure under the Agriculture Building will be considered for prioritization in the near future. Next this is a photo under pier 29, right next to our new cruise terminal. The photo shows deteriorated concrete beams. Inspection reveals substantial deteer rake of the deck did go, beams, girders and slab. The bulk head repair project will have an estimated cost of about 2 million, an additional 9 million will be needed to repair the rest of the substructure. The bulk head substructure will be considered for funding in fiscal year 201617. My last example is pier 54. The photo is what someone would see on a boat approaching from the northwest. The photo on the right shows an example of deteriorated concrete beam framing into a pile under pier 54. Pier 54 has many damaged beams. As present no Funding Sourc
Push it worked in the renovation and we believe that it will work for the expansion. We believe that there is tremendous public benefit, but job creation, and city, general fund creation. This process today is just the beginning of a long process. We will be loved with a great amount of community out reach and public communication, because we believe that not only will this be a great benefit for the community, but also for the neighborhood. I leave two blocks from the center and i do care about the neighborhood that i live in and i believe that this enhancement will not only make the center bigger but a bigger player and a better piece of our neighborhood. I just want to point out some of the economic facts. Two billion dollars in direct spending in San Francisco economy has already been lost. Between 2010 and 2019 because the center was not big enough. These were groups that would have come to San Francisco but decided not to because there was not enough space. The increase and avera
And the goal is that as we move that portion of that 15 million it gets replenished and so it will be maintained through the term of the cod. In addition, as you know, the term of the district expires in 2045, we are proposing that we sell cops through 2047. Typically when you sell bonds once they are satisfied this could go back to fund the future development and Capital Improvement to the center. So if you look at the cash flows, you will see that the number include the med pairs, we are going to use a combination of commercial paper with certificates of participation being used to take that out and we also are using general Fund Operation in this current fiscal year, aappropriated 1. 7 million and there is a proposal to request an additional in this calendar year. If you look at this and you take into account, current interest, the city would go to market today. The once needed the deficit because the cash flow will be positive. And we could potentially not sell the debt out to 2046
Management plan as to how much of these the budgets would cover from year to year. The funds that ensentivizes what the city and the med is trying to attract is between 8 and 9 percent over the course of the district term. The convention, sales and Marketing Fund is a small portion of the budget, 01 percent and there is also a Capital Improvements and maintenance reserves between one and six percent depending on the year, to fund, once the Capital Improvements are in place to fund the Capitol Improvements and then there is an administration and a reserve to pay the treasure and Tax Collector and the costs of over seing the district. The proposed construction time line for the expansion is between 2015 and 2018. And the assessment district would term out in 2045, after 32 years. And the city will be issuing the bonds and i will let nadia come up and talk about the actual financing and sort of the citys role in the Public Financing and the private financing and how that is used to pay ba