Tourism improvement district, which is a nonprofit. They have a board of directors of the folks who are assessed in the Tourism Industry and other atlarge participants and they work with the city on well, the expansion project. In addition, to the expansion project the assessment district is going to fund a couple other things. Its going to fund a Convention Sales and marketing. So theyll basically be promoting the Convention Center to the conventions that exist internationally and nationally and try to lure them to San Francisco with some of the funds. Theyll have a capital reserve and maintenance reserve for future renovation needs, as well as they operate the assessment district itself. So the construction timeline is 2015 to 2018. And again, the term of district itself for the assessments goes from 2013 to 2045. So with that, i am happy to take questions. It was a really quick and brief overview. I know. But we are really excited to work with the hotels and the tourism and Hospital
The First Six Months its. 5 , but after the First Six Months the assessment rate goes up to 1. 25 of room revenue for zone 1. So they are not going to pay the same as a large hotel would, a small hotel. Its just based on their actual room revenue. But because there is such an increase in their room rates and the demand for their rooms when a convention is in town, that is how they drew the distinction between sort of east of van ness and west of van ness, but the small venues, if they dont have as much revenue they wouldnt pay as much. Has there been any reachout to the smaller operators . Yes, the council are actively doing outreach to all of the hotels. All right. Commissioner riley . Hi. Thank you for your presentation and after the 500 million project which would increase the space, how is that compared to san diego and some of our competitors . How does that compare to the size of their venues . That is a very good question and i will have to get back to you because i dont have th
Occupancy . I believe its around 80 . Let me see if i can find that for you as well. I dont have all the statistics on the tourism industry. Im sorry. That is all right. Thank you. Im more of the finance person on the project, but i could definitely get that information to you. Commissioner riley well followup with both of those questions with an email response later this week. Okay. Commissioner obrien . Thank you for the report. I just wanted to ask about this amendment to allow district term up to 40 years. So i just wanted to make sure i understand what that means and secondly, what is the situation today . So this is kind of the question, were amending it so we can create an ordinance that allows us to go into a debt for a longer period of time with bonds than we can do today . In other words, up to 40 years that we cant do to, is that right . The state law allows bonds to be levied by assessment districts and said that the districts can be expire before the bonds are repaid, but
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