Many things have changed. Investors are asking for higher yield given what they have seen. And given that this development is not just a hotel by itself, but it will include space for dinner theatre, as well as Public Open Space, the file was different for the investor. Investor said, you know, they requirement needs to be a little bit more than what i agreed to. The developer asked us to increase the internal rate of return, and the participation changed from 70, 30 split with the port to change it to 80, 20. So we push back and we negotiated, and what we identified has changed eyes increasing the internal rate of return and that is listed in the slide from number 1 through number 5. [please stand by] year ten and youre 20, that is where we really see a separation between what the part would have achieved in terms of lease revenue from parking, being much below what we would act the Hotel Operation will be doing at that point in time. Looking at it on a net present term. Just for the
Net. Tonight we have new video of a massive geyser on the Upper East Side of manhattan. Water shot into the air for several minutes on Second Avenue at 84th street this afternoon. Investigators say a fitting on a replacement main failed. The water was shut off tow crews could make the necessary repairs. Now to a developing story. Passengers scrambled to safety after their plane caught fire on a runway. This fire broke out on a jetliner at a florida airport. Cbs 2s dick brennan is live in the newsroom with more. What went wrong today, dick . Reporter lots. The fire started on a Dynamic Airways flight. Passengers and crew used emergency slides to scene from the inferno exploding out of one of the planes engines. It was a chaotic scene that unfolded quickly. Flight 405 caught fire as it was taxiing away from the gate at the ft. Lauderdalehollywood international airport. Flames shot out of its left engine. Engine on fire reporter its not clear how it started but the pilot of an aircraft ta
The past. Kristine johnson visits an historic privately owned span frozen in time. Have a nice day okay . Captioning sponsored by cbs this is the cbs evening news. Axelrod good evening. Im jim axelrod. It was a stirring sight this morning. Law enforcement officers from every part of the continent traveled to new york city, filling the streets and standing together outside of Funeral Service for n. Y. P. D. Officer rafael ramos. It has now been a week since ramos and wenjian liu were ambushed and killed by a gunman. A week that has seen tensions spike over police and race relations. As mark albert reports, at the funeral today, there were calls to bridge the growing divide. Reporter in a grand procession of sorrow, a streetwide line of blue, an estimated 25,000 officers strong, stood as one beside Christ Tabernacle Church in queens. Inside, a montage of officer rafael ramos 40 years of life flashed by. He was killed the day he would have graduated as a chaplain, leaving behind two sons.
Support. I just wanted to wrap up saying this is an informational item. We are seeking that waiver and if that is successful will be as mentioned before a normal course of Public Private negotiations at the port and exclusive negotiating agreement that will come before the Port Commission for its approval, a term sheet for design for approval and hopefully project entitlement. Thank you for the presentation. We are now open for public comment. I have a number of speakers. Commissioner wooho, if you can give that to our commission secretary. I will. I receive an email and i will enter it into record. Our first speaker, john free free and that Christian Clayton and joe to be oh. Commissioners, staff, thank you for having me. Im john first frauley of the Bay Institute and i have been working on the port for 18 years. I came out to endorse these operators and developers. Being a neighbor for at the time teatro for 11 years, novg nothing but greatness between us. Always there to help and al
Corporate customers. Since we closed in 2011 it has been unbelievable the vast message we have received from the public asking us when will we return to San Francisco. Phone calls and including one message from the fan who wrote i am counting the minutes to when our beloved Teatro Zinzanni in San Francisco. One night without you is one too many. Our goal is to keep in touch with our audience and this community. This unique partnership between ken wood investment and Teatro Zinzanni creates a Business Model where one hand feeds the other. Teatro zinzanni will drive business to the hotel and together we will stir business in the surrounding community. A marriage between business and culture, a new way for art to flourish. The Energy Behind this business is palpable. Thank you for your on going support. I just wanted to wrap up saying this is an informational item. We are seeking that waiver and if that is successful will be as mentioned before a normal course of Public Private negotiatio