Proposed 2009- -18 18 Proposed 2009 Capital Plan Capital Plan - - PowerPoint PPT Presentation

Proposed 2009 Proposed 2009-

• 18

18 Capital Plan Capital Plan

Improving the Waterfront Developing Seawall Lot 337

Port Port’ ’s Capital Plan, 2009 s Capital Plan, 2009-

• 2018

2018 Total Expenses Total Expenses

07 07-

• 16 Capital Plan

16 Capital Plan (approved: 2007)

(approved: 2007)

7.5% Cost Escalation Inclusion of 10-Year Renewal Costs Technical Adjustments Revised Cost Estimates 08 08-

• 17 Capital Plan Projected Costs:

17 Capital Plan Projected Costs: $1.4 Billion $1.4 Billion +209 Million +420 Million

• 112 Million

+82 Million $1.9 Billion $1.9 Billion

Port Port’ ’s Capital Plan, 2009 s Capital Plan, 2009-

• 2018

2018 Total Funding Sources Total Funding Sources

Port Tenants Port Tenants $71.0 Million $71.0 Million Operating Budget Operating Budget 96.3 Million 96.3 Million Development Projects Development Projects 176.0 Million 176.0 Million Revenue Bonds Revenue Bonds 162.5 Million 162.5 Million Infrastructure Financing District Infrastructure Financing District 265.0 Million 265.0 Million General Obligation Bonds General Obligation Bonds 33.5 Million 33.5 Million Total Funding Sources Total Funding Sources $804.4 Million $804.4 Million

2009 2009-

• 10 Revenue Bond Projects

10 Revenue Bond Projects $97.5 Million $97.5 Million

Southern Waterfront Northern Waterfront

$8M - Rail

$8M – P90-96

$30M – P80

$30M – P50 $2.5M - Aprons

$9M – P19-23 $10M – Ag. Bldg.

$8 M $8 M Piers 90-96 Seawall and Wharves $8 M $8 M Tunnel and Rail Improvements $30 M $30 M Pier 50 Seismic & Valley Substructure $30 M $30 M Pier 80 Superstructure Seismic & Substructure (Except Seismic) $2.5 M $2.5 M Wharves and Aprons Maritime & Seismic Safety Projects

2009 2009-

• 10 Revenue

10 Revenue Bond Highlights Bond Highlights

$10 million – seismic, substructure and superstructure repairs Agriculture Building Agriculture Building

2009 2009-

• 10 Revenue

10 Revenue Bond Highlights Bond Highlights

Historic Preservation & Revenue Producing Projects

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 in 337 $1 B – $800 M – $600 M – Resulting IFD Bond – $105 M – $85 M – $65 M Annual 337 Rent $10 M – $8 M – $6 M – Resulting

• Rev. Bond

– $105 M – $85 M – $65 M

All Projects - $65M, $85M or $105M

$45M – Bldgs. 113 & 104 $16M – Cargo, Illinois, 24th $4M – Islais Creek

Blue-Greenway Connections 337 337 Moderate Density: Moderate Density: $20 M – Seawall repairs 337 337 Higher Density: Higher Density: $15M Backlands Improvements $5M- P 52 Rail Pier

2013 2013-

• 14 Southern

14 Southern Waterfront IFD Bond Waterfront IFD Bond

Heron’s Head Entrance Islais Creek Warm Water Cove Pier 70 Crane Cove Park Bayfront Park

Cargo Way Illinois St. 24th St.

2013 2013-

• 14 Southern Waterfront

14 Southern Waterfront IFD Bond Highlights IFD Bond Highlights

$16 million – fund Cargo Way, Illinois St, portion of 24th

Cargo Way Design Concept

$4 million – to restore the Islais Creek shoreline

Islais Creek Improvements

Open Space Projects

2013 2013-

• 14 Southern Waterfront

14 Southern Waterfront IFD Bond Highlights IFD Bond Highlights

$45 million – part or all of seismic upgrades to the Union Iron Works Machine Shop & Administration Building Union Iron Works Bldgs. 113 and 104 Historic Preservation Projects

2013 2013-

• 14 Southern Waterfront

14 Southern Waterfront IFD Bond Highlights IFD Bond Highlights

$21.4M – P9

337 337 Moderate Rent: Moderate Rent: $20M – P19-23 Superstructure & Bulkheads

$18.6M – P19-23 $25M – P33 or 35

2013 2013-

• 14 SWL 337

14 SWL 337 Revenue Bond Revenue Bond

337 337 Higher Rent: Higher Rent: $8M – Wharf J9 $12M – P33&35 All Projects - $65M, $85M or $105M

Historic Preservation & Revenue Producing Projects 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 2013-

• 14 SWL 337

14 SWL 337 Revenue Bond Highlights Revenue Bond Highlights

Historic Preservation & Revenue Producing Projects $18.6 million – fully fund substructure repairs and seismic upgrade

Piers 19-23 Seismic & Substructure

2013 2013-

• 14 SWL 337

14 SWL 337 Revenue Bond Highlights Revenue Bond Highlights

$25 million – fund substructure repairs and seismic upgrade to Piers 33 or 35 Piers 33 or 35 Seismic & Substructure

2013 2013-

• 14 SWL 337

14 SWL 337 Revenue Bond Highlights Revenue Bond Highlights

Historic Preservation & Revenue Producing Projects

Total Bond Potential $130M - $210M – 2013-14

$21.4M – P9

337: 337: Moderate Density & Rent Moderate Density & Rent 337: 337: Higher Density & Rent Higher Density & Rent

$18.6M – P19-23 $25M – P33 or 35

SWL 337: Financing SWL 337: Financing Waterfront Improvements Waterfront Improvements

$45M – Bldgs. 113 & 104 $16M – Cargo, Illinois, 24th $4M – Islais Creek

Blue-Greenway Connections

• $20M – Seawall
• $20M – P19-23

Superstructure & Bulkheads

• $15M – Backlands
• $5M – P52 Rail Pier
• $8M – Wharf J9
• $12M – P33&35

• Projected: $200 M
• Public spaces (streets,

sidewalks)

• Environmental

remediation

• Open space
• Timing dependent on

Pier 70 Master Plan

Pier 70 IFD Bond Pier 70 IFD Bond

Overview: IFD & Revenue Bond Projects Overview: IFD & Revenue Bond Projects ( (2009

2009-

• 18)

18)

Port Revenue Bond Pier 90 - 96 $8m Rail 8m Pier 80 30m Pier 50 30m Agricultural Building 10m Piers 19 -23 9m Wharves and Aprons 2.5m Total $97.5m Sea Wall Lot 337 Southern Waterfront IFD Bond Pier 70 113 & 104 $45m Blue Greenway Connections 16m Islais Creek 4m Total $65m Sea Wall Lot 337 Revenue Bond Pier 9 $21.4m Piers 19-23 19.6m Pier 33 or 35 25m Total $65m Pier 70 IFD Bond ~ $200M Date TBD