The plans, which is the commitment and is now in the proposed resolution that the city will contribute beginning the 8. 2 Million Dollars a year, going up to 10. 7 million a year. About 300,000 over the term and also knowing that the hotels currently with their petitions have over a 50 percent return rate. It is likely that this will come back with a favorable approval from the hotels so we if you want to go forward with the expansion of the center with the city contributions. That would be a cityrun project correct . Yes, it would be a cityrun project. The other folks will be managing . Thank you, why dont we open this up for Public Comment, if there are no questions at this time. I will call the names on the card. 2012. Okay thank you item 13 please. Item 13, department of Human Resources to execute a agreement for Workers Compensation work parties for an amount not to exceed 26 million and for a term of three years with an option to extend the term for up to two years. Thank you. Go
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
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
Particular. Okay. Right. Thank you. We believe that we will have much stronger support. We only had one week to collect the petitions and we will have 45 days to collect ballots. We have done it in parts of staoet in zone one and two to communicate with the hotel community. Being that we only had one week to collect the petitions that is why we feel that we did not get as many as we would like. Our goal with the ballots is to have more participation through through the building i like this one better. So the billing and collection, basically, how it works, in the existing and how it would work in the future is a contract with the task collector would be drafted and approved. And that would spell out when the Tax Collector would do in terms of billing and collection and that would be paid actually by the moscone in the district. And that is the intention that the billing would happen through the Tax Collector office and the collection would happen by the treasure and Tax Collector and t
When they are filled they get put into another bucket which is for a future possibility for expansion and etc. Exactly. It terms of the areas where we believe that there are potential variances in what we will actually experience, on the cop debt senser is 6 percent, and that could be lower. And then on the med expansion, what were you saying about the source theres . Do you expect the assessments to be higher . Or are we using conservative . What we have here is more conservative than what is in the Management Plan. And also we know that the likelihood that the instance in which it is going to drop and come back up, we feel that funding the Stablization Fund of 15 million we are going to be in a position to weather that. And then in the cash flows in the years, 2019 and 26 or so. Those are the years where the expansion or the assessment in addition to the cost, they generally are resulting in a net impact that is a negative value correct. Meaning that the city is on the hook for putti