Proposed 2009- -18 18 Proposed 2009 Capital Plan Capital Plan Improving the Waterfront Developing Seawall Lot 337
Port’ ’s Capital Plan, 2009 s Capital Plan, 2009- -2018 2018 Port Total Expenses Total Expenses 07- -16 Capital Plan 16 Capital Plan (approved: 2007) $1.4 Billion 07 $1.4 Billion (approved: 2007) 7.5% Cost Escalation +209 Million Inclusion of 10-Year Renewal Costs +420 Million Technical Adjustments -112 Million Revised Cost Estimates +82 Million 08- -17 Capital Plan Projected Costs: 17 Capital Plan Projected Costs: $1.9 Billion 08 $1.9 Billion
Port’ ’s Capital Plan, 2009 s Capital Plan, 2009- -2018 2018 Port Total Funding Sources Total Funding Sources Port Tenants $71.0 Million Port Tenants $71.0 Million Operating Budget 96.3 Million Operating Budget 96.3 Million Development Projects 176.0 Million Development Projects 176.0 Million Revenue Bonds 162.5 Million Revenue Bonds 162.5 Million Infrastructure Financing District 265.0 Million Infrastructure Financing District 265.0 Million General Obligation Bonds 33.5 Million General Obligation Bonds 33.5 Million Total Funding Sources $804.4 Million Total Funding Sources $804.4 Million
2009- -10 Revenue Bond Projects 10 Revenue Bond Projects 2009 $97.5 Million $97.5 Million Southern Waterfront $30M – P50 $8M - Rail $8M – P90-96 $2.5M - Aprons Northern Waterfront $30M – P80 $9M – P19-23 $10M – Ag. Bldg.
2009- -10 Revenue 10 Revenue 2009 Maritime & Seismic Safety Projects Bond Highlights Bond Highlights $8 M Piers 90-96 Seawall and Wharves $8 M $8 M Tunnel and Rail Improvements $8 M $30 M Pier 50 Seismic & Valley Substructure $30 M $30 M Pier 80 Superstructure Seismic & $30 M Substructure (Except Seismic) $2.5 M Wharves and Aprons $2.5 M
2009- -10 Revenue 10 Revenue 2009 Historic Preservation & Bond Highlights Bond Highlights Revenue Producing Projects Agriculture Building Agriculture Building $10 million – seismic, substructure and superstructure repairs Repairs are needed for Ag Bldg substructure
Seawall Lot 337 Development RFQ Seawall Lot 337 Development RFQ � SB 815 eased trust use restrictions, allows leasing up to 75 years � 16 acre Mixed Use Site � Port RFQ responses due: 2/14/2008 � Value of adjoining Mission Bay property ~ $10–12 million/acre Land Use Concepts
SWL 337: Two Funding Streams SWL 337: Two Funding Streams $ Invested Resulting Annual 337 Resulting in 337 IFD Bond Rent Rev. Bond $1 B – – $105 M $10 M – – $105 M $800 M – – $85 M $8 M – – $85 M $600 M – – $65 M $6 M – – $65 M
2013- -14 Southern 14 Southern 2013 All Projects - $65M, $85M or $105M Waterfront IFD Bond Waterfront IFD Bond Blue-Greenway Connections $45M – Bldgs. 113 & 104 $16M – Cargo, Illinois, 24th $4M – Islais Creek 337 Moderate Density: Moderate Density: 337 Higher Density: Higher Density: 337 337 $15M Backlands Improvements $20 M – Seawall repairs $5M- P 52 Rail Pier
2013- -14 Southern Waterfront 14 Southern Waterfront 2013 IFD Bond Highlights IFD Bond Highlights $16 million – fund Cargo Way, Illinois St, portion of 24th Cargo Way Design Concept Illinois St. 24 th St. Cargo Way Islais Creek Warm Water Cove Bayfront Park Pier 70 Crane Cove Park Heron’s Head Entrance
2013- -14 Southern Waterfront 14 Southern Waterfront 2013 Open Space Projects IFD Bond Highlights IFD Bond Highlights Islais Creek Improvements $4 million – to restore the Islais Creek shoreline
2013- -14 Southern Waterfront 14 Southern Waterfront 2013 Historic Preservation IFD Bond Highlights IFD Bond Highlights Projects Union Iron Works Bldgs. 113 and 104 $45 million – part or all of seismic upgrades to the Union Iron Works Machine Shop & Administration Building
2013- -14 SWL 337 14 SWL 337 2013 All Projects - $65M, $85M or $105M Revenue Bond Revenue Bond $25M – P33 or 35 $18.6M – P19-23 $21.4M – P9 337 Moderate Rent: Moderate Rent: 337 Higher Rent: Higher Rent: 337 337 $20M – P19-23 Superstructure & $8M – Wharf J9 Bulkheads $12M – P33&35
2013- -14 SWL 337 14 SWL 337 2013 Historic Preservation & Revenue Producing Projects Revenue Bond Highlights Revenue Bond Highlights Pier 9 Leasing Model: $1.8 M Annual Revenue What’s required to duplicate Pier 9 in other piers: � Funding for seismic upgrades � Flexibility to lease for 10 years to amortize core and shell improvements
2013- -14 SWL 337 14 SWL 337 2013 Historic Preservation & Revenue Bond Highlights Revenue Bond Highlights Revenue Producing Projects Piers 19-23 Seismic & Substructure $18.6 million – fully fund substructure repairs and seismic upgrade
2013- -14 SWL 337 14 SWL 337 2013 Historic Preservation & Revenue Bond Highlights Revenue Bond Highlights Revenue Producing Projects Piers 33 or 35 Seismic & Substructure $25 million – fund substructure repairs and seismic upgrade to Piers 33 or 35
SWL 337: Financing SWL 337: Financing Total Bond Potential $130M - $210M – 2013-14 Waterfront Improvements Waterfront Improvements $18.6M – P19-23 Blue-Greenway Connections $16M – Cargo, $25M – P33 or 35 Illinois, 24th $4M – Islais Creek $45M – Bldgs. 113 & 104 $21.4M – P9 337: Moderate Density & Rent Moderate Density & Rent 337: Higher Density & Rent Higher Density & Rent 337: 337: • $20M – Seawall • $15M – Backlands • $8M – Wharf J9 • $20M – P19-23 • $5M – P52 Rail Pier • $12M – P33&35 Superstructure & Bulkheads
Pier 70 IFD Bond Pier 70 IFD Bond � Projected: $200 M � Public spaces (streets, sidewalks) � Environmental remediation � Open space � Timing dependent on Pier 70 Master Plan
Overview: IFD & Revenue Bond Projects ( ( 2009 Overview: IFD & Revenue Bond Projects 2009- -18) 18) Port Revenue Bond Sea Wall Lot 337 Southern Sea Wall Lot 337 Waterfront IFD Bond Revenue Bond Pier 90 - 96 $8m Rail 8m Pier 70 113 & 104 $45m Pier 9 $21.4m Pier 80 30m Blue Greenway Piers 19-23 19.6m Pier 50 30m Connections 16m Pier 33 or 35 25m Agricultural Building 10m Islais Creek 4m Total $65m Piers 19 -23 9m Total $65m Wharves and Aprons 2.5m Total $97.5m Pier 70 IFD Bond ~ $200M Date TBD
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