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
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