And oversight committee. My name is jane kim and im joined by our vice chair, supervisor aaron peskin and acting mayor, london breed. Thank you to our committee clerk, john carol, and i would like to acknowledge Jessie Lawrence who who ensure the meetings are available online. Please make sure to silence cell phones and electronic devices. Items acted upon will appear on the january 23rd, 2018 board of supervisors agenda. Can we call item one. Hearing on shortterm residential rentals registration and any need for a additional resources. I want to acknowledge and thank you supervisor peskin who is the sponsor. I will hand the hearing to you. Supervisor peskin thank you madame chair and colleagues. As you will both remember, in august of 2016, the board of supervisors unanimously passed an amendment to the previous shortterm rental law which held hosting platforms accountable for ensuring that hosts are properly registered and i want to acknowledge the chief sponsor of that legislation,
Sell ski and Hillary Knight on team u. S. A. Just started a match against the russians. Everyone is talking about californias chloe kim. The teenage gold medal sensation. How she was hangry. There you go. Got to fuel those athletes. Im laura garcia. And im marcus washington. We will get to all the olympic headlines throughout the morning but first we have to get you to those big stories starting out with traffic and weather. This morning another cool start. Yeah, its a really cool out there. Bundle up. Were back to february again. Were going to have a cool morning and a mild afternoon. Its not going to be really warm in a lot of spots, our temperature starting out in the mid 30s now in morgan hill, but we are up to 44 degrees right now starting out in san jose, 40 in livermore and 50 now in napa. So were starting out with those clear skies, as we go to the neighborhood of santa teresa we will be in the low 40s throughout much of the morning and reaching into the low 60s by noon. We wil
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
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 they cannot compel the general fund or the port fund to repay their costs. In sort of summary of this project, same we said when we looked at the pier 70 project, this is complex, the financing is complex. If project revenues do not come in in the amount or the frequency that they are expected, it will cause delays in the project, that would be the major risk to the project. We recommend amending the resolution that approves the d. D. A. To requ