The trust a because that would be required to amortize a very substantial investment, particularly with a full seismic upgrade and pier structure work that would be required. And we would finance this through a combination of private equity, debt, and federal and state historic tax credits. Tmg has a lot of experience and we believe we can secure those credits and help make this project work. The project would generate a good deal of revenue over its life as well as a good deal of expenses up front,v and we expect that we would be able to pay a very substantial amount of rent to the port and would be willing to structure various forms of up side participation as is typical for these major projects, however, there would be a need to negotiate and offset credits, qualifying rent credits for the structural work that would result in this new project going forward. Weve been asked to address project phasing issues and wed like to be as frank as we can with you about this. We have submitted
And we would finance this through a combination of private equity, debt, and federal and state historic tax credits. Tmg has a lot of experience and we believe we can secure those credits and help make this project work. The project would generate a good deal of revenue over its life as well as a good deal of expenses up front,v and we expect that we would be able to pay a very substantial amount of rent to the port and would be willing to structure various forms of up side participation as is typical for these major projects, however, there would be a need to negotiate and offset credits, qualifying rent credits for the structural work that would result in this new project going forward. Weve been asked to address project phasing issues and wed like to be as frank as we can with you about this. We have submitted this as a twophase project. The bulkhead rehabilitation which as matt said we think we can have in place in 12 to 18 months, followed by the phase ii full rehabilitation of th
Credits and help make this project work. The project would generate a good deal of revenue over its life as well as a good deal of expenses up front,v and we expect that we would be able to pay a very substantial amount of rent to the port and would be willing to structure various forms of up side participation as is typical for these major projects, however, there would be a need to negotiate and offset credits, qualifying rent credits for the structural work that would result in this new project going forward. Weve been asked to address project phasing issues and wed like to be as frank as we can with you about this. We have submitted this as a twophase project. The bulkhead rehabilitation which as matt said we think we can have in place in 12 to 18 months, followed by the phase ii full rehabilitation of the pier. We believe the appropriate time from a legal point of view to start the entitlement process for that phase ii project is after phase 1 is approved. So, why in construction,
Is there any other Public Comment . Come on up. Hi, good evening. Im paul [speaker not understood] with bill group. Were a general Contractor Building a project across the street from crane park. And we moved in about six months ago and the process was pretty easy. I heard it was difficult to get a lease, but it really wasnt. Took about 30 days and got some good land, and it helped us build our project. So, yeah, we had a really good nice easy time. Thank you. Thank you. [laughter] is there any other Public Comment . Commissioners, questions . Thank you for your presentation. Its sometimes a little like secret sauce. We dont know what comes in when we get all the presentations. We see the 557 leases that we have and they run the gamut from the Giants Stadium to mom and pop shops. So, i thank you and your staff for managing what is quite a portfolio i think in the private sector. I know we have significantly greater number of people managing all of that, so, thank you for your presentat
Good deal of revenue over its life as well as a good deal of expenses up front,v and we expect that we would be able to pay a very substantial amount of rent to the port and would be willing to structure various forms of up side participation as is typical for these major projects, however, there would be a need to negotiate and offset credits, qualifying rent credits for the structural work that would result in this new project going forward. Weve been asked to address project phasing issues and wed like to be as frank as we can with you about this. We have submitted this as a twophase project. The bulkhead rehabilitation which as matt said we think we can have in place in 12 to 18 months, followed by the phase ii full rehabilitation of the pier. We believe the appropriate time from a legal point of view to start the entitlement process for that phase ii project is after phase 1 is approved. So, why in construction, say spring of 2013, realistically its about two, maybe a little more