Following board approval. This is acquired by the city from cal trans under a cooperative agreement in 2001. This is about twothirds of an acre in size. We have disposed in the budget Analyst Report in total including some along the way generating almost 47 million that returns back into some projects under those conditions. This project is subject to a 50year lease with 49 years in options and those are suggest to sf usd and was held by sf usd inherent by the city of a new landlord acquired the property from cal trans. The interest in the property has been determined to be the amount noted here for 4. 5 4. 5 million. One is what was the rent projection to be paid for this School District lease over the parking lot and how its discount to present value. Thats 2. 3 million of that value and what is the property worth at the end of the lease term in 62 years and how we revert that back into present day. So you add those two together, thats where that number comes from. The 4. 584 million
Potentially this amount of money 838,000 can go towards . Happy to. I have been working cooperatively and collaboratively with the parks and recreation staff as to how to distribute funds to the car barn project. The list you summarized pretty well. Our highest priority is to move forward with the design set. We have 8 designs. We have a couple of hundred thousands of dollars to work the schematic designs. The total cost for the design works to move forward is 1. 3 million of which the architectural fees are 653,000. So, again we would be able to use these funds if we moved forward in our Capital Campaign to match and leverage with private sources. Weve also been looking at potential immediate Capital Needs to be done out of scope and one of those is replacing the powerhouse roof which is the attachment on the northern end of the building where the power supply for the electric train systems was located. As you mentioned the roof is leaking. So weve talked to the architects and there i
Positioned it to move forward. Whats contemplated with the car barn is an opportunity to take an empty resource that happen in a relocation to across from the bart station and convert it to a Community Art center. If these funds can be directed to the car barn at this time. There is an excellent leverage opportunity. This is a step in the direction but an important step. So i want to thank you all for your consideration on this. And look forward to it continuing the progress updates. Tim, could you say what are some of the immediate Capital Needs that we have that potentially this amount of money 838,000 can go towards . Happy to. I have been working cooperatively and collaboratively with the parks and recreation staff as to how to distribute funds to the car barn project. The list you summarized pretty well. Our highest priority is to move forward with the design set. We have 8 designs. We have a couple of hundred thousands of dollars to work the schematic designs. The total cost for
The project won't start acquiring property for a long time, but some owners think they're probably on the list — and they're frustrated by the lack of information.