Page 148 - Phase 1 News Today

I might have more than one, but if i was reading the numbers right, simon, is yours going to cost about less than 40 million to do phase 1 and 2, or was that 26 million just infrastructure . Excuse me. The 26 million infrastructure, project costs 118 million, roughly in the same ballpark with tax credits. About 100 million. And can you guys both just give me a cursory review of what your maritime components will be . [laughter] you know, i beat him because i put this little selflaunch crane in. ...

Really want to do. So, it would be helpful if you would call me or the leasing manager or any of the Property Managers and, you know, ask that would be helpful to us if we can learn what the perception is out on the street, if its different from what were perceiving. The perception out on the street is people on the street dont know whats available at the port for rent, first of all. And i dont think its advertised probably well enough is one issue. [speaker not understood] perception i got long...

Lot. The scare you part is that commissioner arce, youre absolutely right. They could set the not to exceed rate next week. They could move forward with a Shell Program and no other program, which as i said is only less than 4 of what we envision. So, but with that said, the reason that advocates have recently voted and said to the sfpuc and to lafco we would like them to proceed with these not to exceed rates is because they are now competitive with pg e. Especially if you compare it to a pg e ...

Commissioner arce, youre absolutely right. They could set the not to exceed rate next week. They could move forward with a Shell Program and no other program, which as i said is only less than 4 of what we envision. So, but with that said, the reason that advocates have recently voted and said to the sfpuc and to lafco we would like them to proceed with these not to exceed rates is because they are now competitive with pg e. Especially if you compare it to a pg e green rate. And what ms. Malcolm...

And also also processing a lease would take 40 to 90 days if its just a lease for an office space for rent for office [speaker not understood] would take that. Maybe it doesnt take that. I just need to be enlightened. Thats all. For a Standard Lease going into an office, if its office for office, thats usually 30 days. Right. And anything beyond that is because there are layers of regulatory or policy reviews that need to be done. And, you know, going back to the slide with the regulatory partne...

Are maybe not quite of the same scale. Were providing office that would stretch for the latter, its called three quarters of the pier. And we see that happening on first and second floor. Were looking at building mezzanines. So, the first floor is a mixed use component, Public Access, the docks, the retail at the front, and then office at the rear of the project. We think this is a really unique approach to putting the second floor in. If youve been in the building, it has a very tall clear stor...

Project. We have the financial capacity. We have the waterfront experience. We have the vision, and we have the commitment. This project embodies our mission and all of our core values, and we never give up. Thank you very much. Do i have one minute left . [laughter] okay, are there any questions for the developers . Please ask. Thank you. Is there any Public Comment . No. Commissioners . No . He said you can go first. [laughter] i want to thank both teams. I think we have an embarrassment of ri...

And we can walk through it and investigate what the hurdles are, or their perceived hurdles. Sometimes its just a natural progression that it takes time to do things. Or maybe theyre being asked to do something that they dont really want to do. So, it would be helpful if you would call me or the leasing manager or any of the Property Managers and, you know, ask that would be helpful to us if we can learn what the perception is out on the street, if its different from what were perceiving. The pe...

And we would finance this through a combination of private equity, debt, and federal and state historic tax credits. Tmg has a lot of experience and we believe we can secure those credits and help make this project work. The project would generate a good deal of revenue over its life as well as a good deal of expenses up front,v and we expect that we would be able to pay a very substantial amount of rent to the port and would be willing to structure various forms of up side participation as is t...

I think in phase 1 were paying the base rent. Thank you. Any other questions . Comments . I might have more than one, but if i was reading the numbers right, simon, is yours going to cost about less than 40 million to do phase 1 and 2, or was that 26 million just infrastructure . Excuse me. The 26 million infrastructure, project costs 118 million, roughly in the same ballpark with tax credits. About 100 million. And can you guys both just give me a cursory review of what your maritime components...