Transcript CCSF Capital Plan

CITY & COUNTY OF SAN FRANCISCO
CAPITAL PLANNING PROGRAM
FY 2011-2020 DRAFT CAPITAL PLAN REVIEW
Wholesale Produce Market Expansion
February 22, 2010
SF Wholesale Produce Market - Overview
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8 acres along Jerrold Avenue, between Toland and Rankin –
336,000 sf under roof today.
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SF Wholesale Produce Market - Overview
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Non-profit Corporation formed in 1960 to secure this former
military property, gift it to the City with 50 year lease-back,
for sole purpose of creating new market.
Opened in 1963 following relocation of market from
Embarcadero to present site.
Corporation is master tenant, sole shareholder is CCSF.
Ground Lease expires 1/31/2013.
Most recent expansion ten years ago at 2101 Jerrold –
55,000 square feet, fully pre-leased, debt retired early, and
100% occupied today.
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Project Drivers:
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Lease Expiration
Facility Condition and Food Safety/Security
Operational Safety
Demand for Space
Project Options & Elements:
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901 Rankin Street re-purposing AND
Renovations of 4 buildings – 369,195 sf upon completion OR
New construction of 4 bldgs – 476,427 sf upon completion AND
Vacation of a number of street segments, including Jerrold
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Project Accomplishments
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Several design options reviewed
Economic modeling completed, testing fiscal feasibility
Preferred design options priced by Swinerton
Board approval to submit Environmental Evaluation Application
EE submitted
Project Cost
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Roughly $70,000,000
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Five phases allows progression as market demand and economics warrant
First phase roughly $20,000,000
SF Wholesale Produce Market - Budget
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Secured revenues
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Lease revenues since debt retirement have generated $5,600,000 in
reserve funds for project
Exploring supplemental debt and equity options –
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COP’s
New Market Tax Credits
SFRA
Institutional financing
Expenditures & Encumbrances
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$1,100,000 in consultancies to date
$ 375,201 in permit application fees to City
$1,400,000 expected in 2010
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SF Wholesale Produce Market – Milestones
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CEQA Findings – Fall 2010
Governance Model for 2013 forward – Fall 2010
Board Action – Winter 2010
Relocation from 901 Rankin – Summer/Fall 2011
Construction start – Early 2012
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SF Wholesale Produce Market
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Questions?
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