The proposed issue. Thank you director bohe and good afternoon, commissioners that is a continuation of a may 6, 2014, resolution commentating to a long term lease between third and mission and a affiliate of the California Historical society or c h s for approximately 15 thousand square feet in the paramount on Mission Street. As a quick refresher the agency entered into the lease for a 4 hundred and 92 secret project on Mission Street this is bound by Mission Street and third and jessie and has the paramount immediately adjacent to that the California Historical society and the backside along jessie street is where the hotel so it was completed in 2002 and consistent of a mixed use tower. The site as originally purchased by itself agency with federal urban renewal you funds when it was sold the Purchase Price was denounced and has a nonprofit space specifically h s. In 2003, the developer entered into a lease with 15 thousand square feet which fulfilled the lda requirement to protect
Me the changes when we last discussed about a month ago. We have reduced the space foot print of the lease by 1700 square feet and about a 700,000 savings over the term. We have reduced the tenant improvement package by 145,000. We have reduced the Interest Rate on the additional tenant improvements that would have to be amortized over the 10year term of the lease. That 2 percent reduction from 8 to 6 percent, a very competitive number with respect to borrowing private sector funds will yield about 131,000 in savings. What we have also done while we have affected all of those reduction is we have retained the market rate of 38 a square foot at the base rate. You may recall the chart we had as annualized base. We feel very confident we are below market on the rate. We have retained the 1 month free rent. We have retained a little over a half Million Dollars in base improvements that the owner will be required to improve that dont count against the tenant improvement. We try to get more
2014. My name is supervisor mark farrell and we are joined by supervisor avalos. And i want to thank sfgtv for recording today. Madam clerk, do we have any announcements . Yes, please silence all Electronic Device and cell phones. Any items you wish to speak on please fill out a speaker card. Madam clerk, please call item no. 1. City clerk item 1 131218 agenda[real property lease employees retirement system 1145 Market Street 119,228. 21 monthly]1312181. Sponsor cohenresolution authorizing a 10year lease of 37,289 sq. Ft. At 1145 Market Street, for office space for the employees retirement system from 1145 Market Street, lp, a california limited partnership, for 119,228. 21 monthly for the period of july 1, 2014, through june 30, 2024. City clerk sf 11234 farrell we have mr. Up dike to speak on this item. Good morning. We heard loud and clear at our last discussion and i have with me the changes when we last discussed about a month ago. We have reduced the space foot print of the lease
Electronic device and cell phones. Any items you wish to speak on please fill out a speaker card. Madam clerk, please call item no. 1. City clerk item 1 131218 agenda[real property lease employees retirement system 1145 Market Street 119,228. 21 monthly]1312181. Sponsor cohenresolution authorizing a 10year lease of 37,289 sq. Ft. At 1145 Market Street, for office space for the employees retirement system from 1145 Market Street, lp, a california limited partnership, for 119,228. 21 monthly for the period of july 1, 2014, through june 30, 2024. City clerk sf 11234 farrell we have mr. Up dike to speak on this item. Good morning. We heard loud and clear at our last discussion and i have with me the changes when we last discussed about a month ago. We have reduced the space foot print of the lease by 1700 square feet and about a 700,000 savings over the term. We have reduced the tenant improvement package by 145,000. We have reduced the Interest Rate on the additional tenant improvements t
[speaker not understood] raising the minimum wage, [speaker not understood], affect our health care costs. The next thing is going to be how our rents are going up and we cannot simply continue to provide services as they are now unless something is done about the cost of living increase. We asked the mayor to fund the cpi this year. We would prefer to take it out of the annual politicized process and have it be something that the city would ultimately institutional eyes through some mechanism so those increases could happen in a rational way through multiyear contracts and automatic escalators. That is something done in every other kind of contract the city has, whether its city leases or supply contracts or forprofit contracts erg. Theres no reason why nonprofits should be treated differently and we hope the Mayors Office come to you before the budget comes to you. We hope to have your support there. Thank you very much. Anybody else wish to comment . Thank you, supervisor. My name i