What has happened is storefronts have been left vacant longer and longer as Property Owners have held the property off market for unknown reasons or are holding out for higher rents. The circumstances that have left a situation where every block has at least one and usually multiple vacancies, and that has led to blight, trash, graffiti and has pressed foot traffic. At one point had five vacant storefronts including two which would remain vacant since 2015 and have not been actively marketed in that time. Before i listen i listen to ted egans report on the amazon effect. It is important to explain one of the industries to be impacted by amazon, we have not seen sales decline since i assumed ownership in 2007. Our sales are up even 20 . Jessica many other retailers, we have made up the sale. Internet has allowed us to increase our reaches and technology to increase our reach and seep employee our second week tap automated. The minimum wage and benefits have gone up over 60 and more to the point of this legislation , rent has increased over 80 . Since i went through the process of renegotiating the rent, i looked at every vacancy on haight street and it is clear they are asking way above. Thank you. Thank you very much. Next speaker, please. Given that they are approaching 80 pages of rent control regulations on the upper floor residential units, and nearly 200 permits required to open a momandpop diner, if i heard that correctly, the market is already approaching death by 1,000 paper cuts, absent further impediments. Main street has never quite recovered from the great recession. Small businesses and in the community have been rising for flailing and going under in waves as a matter of common occurrence over no less in the last couple of decades. There has been a great deal of competition for relatively few prospective tenants. The permitting process has been an ongoing deterrence. I think the Small Business community would be better off if you provided uptodate markets on a neighborhood by neighborhood base including the Crime Statistics such as vehicular vandalism and theft some vehicles and businesses. Small businesses have been experiencing a mandated increase in wages, potentially rising rents owing to the bay areas higher than state and national right of infant rate of inflation and constraint of Profit Margins owing to the uppermost limits and internet competition affecting the common products. The foot traffic going to the collective debt load that is carried by residents and regional tourists and discretionary spending. While we are not in unofficial period of small bubbles are being discreetly ruptured. It is thank you very much. Any other Public Comment . Seeing none, Public Comment is closed. Colleagues, before us we have amendments to approve. I would like to make a motion to approve the amendments that have been presented before us today and to continue this to, as amended, to our special meeting on monday of the budget finance committee. Thank you, chair fewer for making that motion. I just wanted to say a couple of things. I wanted to thank the members of the public for their testimony and associate myself and my experiences as a District Supervisor with the comments of mr. Evans. I was actually telling supervisor mandelman a story. Tomorrow morning at 11, i am joining my friends and neighbours in front of a cafe that has been there for 24 years he recently renegotiated his lease and is paying significantly more money, but that lease that he was forced to sign, because he wanted to stay, had a termination provision and the Property Owner for, no reason then i could ascertain, has chosen to invoke that. On december 31st, it is a beloved community space. He is going to have to vacate it after 24 years and that is how he supports his two kids and employees with benefits, so i said to him, there is any number of empty spaces in north beach. You can go up the street and find another spot. It is not that he is undercapitalized. It is exactly what mr. Evans said. Every single one of them were beyond the person where foot price point that he can afford while selling sandwiches and coffee and what have you. So and i want to take exception to this motion that somehow or another, this tax will be passed through to future tenants. A landlord is in the business to get as much money as they can out of the tenant, but if a landlord has been paying 25,000 on this tax and is trying to pass that on in a lease to a future, tenant, do you think any tenant will sign that lease . No, this will stay vacant and they will pay another 25,000 the next year. So what this tax does, which is completely avoidable, that we do not want to collect, is give Small Business lessees leverage in lease negotiations, and that is the fundamental underpinning. I am more than happy to work with you, supervisors, to explore the issues that you are talking about, whether it requires trailing legislation or special meeting of the board. [please stand by] and ground lease for 1064 mission lb in an amount not to exceed 74. 4 million for a long term of 57 years to finance construction of 256 unit multifamily Housing Development for a lease term of 75 years and annual rent of 1. Item number 14. Not to exceed 87 million. Thank you. I believe we have ocd here to kickoff the presentation and department of Public Health and office of Public Finance. Good afternoon, committee members. I have copies of the presentation for the clerk. Good afternoon. I am a senior project manager at the Mayors Office of housing and Community Development. I am happy to present 1064 mission and we have representatives here from dp h h sh. Mere is a rendering of the proposed project. 25 units of 256 units of housing new Homeless Services center. Last time we were here you authorized us to apply to develop the site as critical resource for the citys homeless population. Today we are here to request approval of the last remaining financing and ground lease to move toward construction starts in january 2020. So before you today are four resolutions and one ordinance associated with this development. I will present a project overview and the resolutions. One for Supportive Housing ground lease and Loan Agreement, issuance of multifamily revenue grounds and third Grant Agreement to fund the Homeless Services center and staff from the office of Public Finance will present the resolution and ordinance with the 5 million in certificates of participation of financing to build the Homeless Services center. 1064 mission is an extraordinary opportunity to build permanent housing in the south of market. This site was listed as Surplus Property under the federal Property Assistance Program in january 2017. Title 5 of the federal act identifies homeless as the top priority. They applied to develop 250 units of the housing was conditionally awarded the site valued at 36 million for 1. The federal program has a hard completion requirement. The project must be operational by november 2021. They issued the r. F. Q. And developed Episcopal Community services. Modular construction is for the residential portion of the project to meet the aggressive schedule and reduce costs. Here is a site map of the project centrally located on a major transit corridor on seventh street. A large parking lot adjacent to the federal court of appeals. The project is five floors over a concrete podium surrounding two courtyards with a Public Open Space accessible oMission Street. There will be 153 units for adults 103 seniors, two resident managers. They will support the services longterm. They propose to house the culinary job program for those experiencing homelessness, chefs on the ground floor. It will be focused on wellness and build on the long experience with helping residents age in place. All units will be subsidized by the operating Subsidy Program. So the Homeless Services center came about because as they were selecting the developer it became clear it could house other Critical Services to fit the intent of the site. They have been searching for new locations for the Critical Services due to seismic conditions of the building. This is a unique opportunity for a colocation for a new Homeless Services center. Mercy housing is the turnkey developer to be financed separately. Homeless services will be owned by the city. The relocated programs of dp h h sh proposed to be there are the urgent care clinic. Street medicine, de dental servs and there will be an entrance separate from the residential building. First resolution before you requests approval of 74. 4 million loan for minimum term of 57 years to finance construction of the project as well as approval of longterm ground lease between the city and limited partnership with annual base rent of 1 per year. The total cost is 143. 6 million. The Residential Capital sources include the funding, low income taxing tax credits and Federal Home Loan Bank a regard. It is 74. 4 million of which 27. 7 million from the first allocation of no place like home funding targets to create the permanent housing for chronic homeless with serious Mental Illness. Second is Revenue Bonds not to exceed 87 million to provide Construction Financing for the residential project. The hearing was held in june of this year. The bond allocation was approved october 16th and to note this financing is conduit and does not require the city to pledge repayment of the bonds. Third resolution requests approval of amended restated grant to provide 13. 4 million to finance construction of the city owned and operated Homeless Services center to the mercy affiliate developing that project. Of the financing structure to maximize noncity resources to support the homeless center. It covers a portion of the funds needed to build and leveraging tax credit for its portion of the shell costs. To review the timeline. Today we are before you to request approvals. The construction contract will be final later this month. We requested h. H. S. Transfer in december and we would Close Construction and bond financing and Start Construction in january 2020. Once the board approves the project financing today it will be fully funded and should be able to proceed. Now, i would like to invite michelle from the office of Public Finance to describe the cop funding resolution and ordinance for the Homeless Services center. Thank you. Good morning. Office of Public Finance. As she mentioned in addition to the resolutions related to the ground lease and the 106468 Mission Street Affordable Housing project. Before usa resolution and before you the resolution and the certificates. They will finance 5 million of the total project construction for the city owned and operated Homeless Services center, as ms. 8. 5 million comes from general Obligation Bonds from Public Health and safety bonds and general fund sources dedicated to finance the project previously approved by the committee and board of supervisors. The certificates and paper notes are to be executed and delivered in an amount not to exceed 7. 25 million as well as 64,000 for the Service Reserve and 900,000 in commercial paper and interest and fees 450,000 for other costs with certificates for authorization. The appropriate amount includes 245,000 contingency amount which allows flexibility for fluctuating Market Conditions before the final sale of certificates. The plan anticipates using the Paper Program established in 2010 to finance initial project costs. Controllers office uses the commercial paper as interim tool to be paid by longterm debt such assertive cats of participation. To issue commercial paper the board of supervisors must authorize the longterm repayment which would be the certificates. Based on estimate of 6. 5 for all in interest cost on 7 million in certificates, the office of Public Finance estimates possibly incur up to about the 12. 945 or 13 million in debt service over 20 year term annually 635,000. The incremental Debt Services are assumed in the adopted 10 year capital plan. This is part of an overall 108 million allocated in the plan for 101 grove project. This complies with the capital plan policy of limiting the funds at at discretionary revenues. I will remind Committee Office of Public Finance will return prior to the sale of the certificates of participation to seek approval of the documents and the final forms to include lease agreements, notice of sale, continuing disclosure certificate, preliminary official stated to disclose to investors. At that time we present on current market rate conditions the anticipated structure of certificates and discuss the cityowned assets. I am available to answer questions related to financing. We have representatives from the Mayors Office and Development Team to answer projectrelated questions. Does that conclude your presentation . Could we hear from the bla report on item 10, 11, 12 and 13. Items 10 and 11 are approving the certificates of participation and appropriationing for the Homeless Service center at 106468 Mission Street 7. 2 million for the appropriation. The issuance and appropriation. Item 13 is a Grant Agreement to the developer of the Homeless Service center. If you look at page 28 of our report, this is the actual choices and uses of the certificate of participation of the 7. 2 million, 5 million would be for project cost did balance is reserves and other financings costs. Table one on page 25 of the report this is the total budget for the development of the Homeless Service center 16. 1 million. City sources of that are 15 million. If you look at the sources it includes some bond money 5 million and 5 million in the proceeds from the certificate of participation for the project. Then some other general fund moneys added to this. The total grant amount to the nonprofit is 13. 4 million. We again have the entire project cost and Funding Sources here. We recommend approval of those threepieces of legislation. Item 14 is a Loan Agreement between the Mayors Office of housing and 10464 mission for 74 million to provide vinancin towards the support of housing component of the project at 10641068 mission. Again, we have a project budget on table 1, page 32, of the report showing the entire project cost of 143 million, which includes alone from the Mayors Office of 74 million and 69 million in other noncity sources. The issuance of the certificate of participation are within city policy and we recommend approval. Thank you very much. We open it up for Public Comment. Any members of the public want to comment on items 10 through 14 . I was curious what each unit is selling for the you include the value of the lamped which each unit would be selling for, also i think typically in San Francisco buildings of 20 units are greater for 300,000 per unit. The greater the scale of the project, the lower the price of units typically. Thank you very much. Doug schumacher i will answer that question. They are not for sale, they are for rent. Priced at 30 of the residents income which ti typically is between zero and 300. I came up to make a different comment. I want to thank the board and department for the work on this and our partner. Two things to draw your attention that are important as you start to see more much these projects. One is this is one of the first modular projects in San Francisco. It is an emerging technology. It is an industry going through its growing pains. It is going to be increasingly important to develop Affordable Housing in San Francisco. The second piece i want to draw your attention to sb35. This is an exemption for the site. It is important to have this tool in front of us. There is a lot of debate about the potential exemptions. A project of this size with Affordable Housing and clinics. I think it would have been more consult with out that exception. Thank you. Any other speakers . Seeing none, Public Comment is closed. Colleagues, any comments or questions . So i want to thank actually the department for coming forward beforehand to give us a briefing or give me and be my staff a briefing on the whole thing. I think that when we deal with numbers of 74 million, it is very daunting. I want to thank you for spending the time to go through every item one by one and actually what the fiscal consequences or costs are. Thank you very much. No comments or questions from my colleagues. Bla recommends approval. I would like to move this to the board with a positive recommendation. We can take that without objection. Thank you very much. Madam clerk, please read items 15 and 16 together. Item 15 ordinance appropriating 83,600,000 of certificates of participation to the Mayors Office for housing and Community Development to fund project costs of hope sf. Item 16 authorizing certificates of participation in one or more series on a taxexempt and or tax annual basis at 83,600,000 to finance and refinance certain Capital Improvement projects. Good afternoon. I am the director of Public Housing initiatives. I am pleased to present for your approval these two ordinances authorizing the city to issue certificates of participation to generate 53. 6 million in new funding for three of the four hope sf projects. Hope sf is the nations first large scale Community Development initiative aimed at creating vibrant mixed income neighborhoods without mass displacement of original low income communities of color. This Bond Authority will support projects breaking ground later this year and in 2020 including infrastructure, replacement of Public Housing units and net new Affordable Housing units at all three sites. We are excited all three sites will be actively under construct. Sunnydale block six breaks ground in december. That item was at the committee a few weeks ago. Potrero and hunters view in the fall of 2020 and the vertical or housing portions will follow with construction start of six to nine months later. The Hope Sf Initiative addresses decades of disinvestment from the communities in southeast sector of our city and as a result our hope sf projects offer additional amenities and features that go on and beyond the typical Affordable Housing projects and sometimes result in higher per unit costs as well. Most notably on the projects we are talking about today, we are seeing a lot of funds spent on infrastructure. At su sunnydale the city is contributing 28 million for infrastructure. At hunters view about 30 million. At potrero 32 million. The way we try to support the projects despite these big expenditures is we assign a portion to the housing projects to allow us to leverage outside sources remains very expensive. Other upgrades that we provide include parking and also larger units. We provide more bedrooms at these projects to ensure all of our Public Housing tenants are rehoused. The bonds before you are sized based on the Economic Activity that will be generated by market rate projects at all three hope sf sites. These are all in predevelopment which is exciting. We expect to break ground on hunters view market rate project first one in the Second Quarter of 2020. That is an exciting milestone for us. Please let me know if you have questions about the hope sf presentation, and my colleague from office of Public Finance will talk to you about the specifics of the bond financing. Thank you very much. Hello. Office of Public Finance. Two ordinances before you appropriate proceeds and authorize execution and delivery of 83. 6 million to finance and refinance Capital Improvement including hunters view and sunny view as part of hope sf. Delivering 560 units when completed. They would finance 57 million of projects managed by the Mayors Office of housing within from structure. They anticipate that the debt service from the sale is consistent with the capital plan policy general Fund Debt Service at or below 3. 25 of general Fund Discretionary revenue. This would pay the cost of the project of 57 million, approximately 6. 7 million for debt Service Reserve, 16. 2 in commercial paper and fees. Approximately 1. 2 million for dell irrecosts associated with the certificates, also 2. 4 million to allow for fluctuations. The current plan anticipates the citys Paper Program and then to be taken out by the certificates when approved enough project costs. Office of Public Finance monitors and we dont fully expect to issue up to the not to exceed amount given the Interest Rates lower. Given fluctuations in the project schedules, higher Interest Rates when we sell the bonds it built in a conservative contingency to sell the bonds to fund the project. Based on interest cost of 6. 6 on 86 million the controller estimates over 25 year term of the bonds or 6. 7 million per year in debt service. As general Fund Supported debt cops will be paid by the general fund and the city will structure cops as the tax structure between the city and thirdparty trustee. We anticipate the city on the hospital campus would serve as collateral for the cop. The hospital campus currently secures citys existing cop debt from 2012 as well as what we will close in the next couple of weeks. With the approval they would approve the financing documents including the property leases, trust agreement, notice of sale, continuing disclosure and other documents which is for perspective investors. I am here to answer questions about the financing. Could we hear from the bla, please. Item 14 approves the issuance of 83. 6 million in certificates of participation. For the three hope sf projects. I want to issue what she said which is approving the trust documents and the project leases and other documents that go with the certificates of par pistis participation. Appropriate 83. 6 million to the three projects. On page 40 of our report, the actual amount of the certificates is about 81 million. They may not issue the full amount. The extra money is for the project cost of 56. 9 million. Balance is for reserves and financing required. On table two it summarizes the uses of these projects. Some goes for infrastructure cost and some for the financing for the Housing Development. This is within the debt Service Policy consistent with other approvals for hope sf and we recommend approval. Any members of the public like to comment on items 16 and 17 15 and 16 . I was curious about the comparable cost per square foot of similar buildings, nonluxury housing what it goes for to construct . Public comment is closed. Any comments or questions, colleagues . I have been briefed on this so i feel comfortable with the big dollar amounts. I would like to move this to the board. Madam clerk please read item number 17. Resolution authorizing the Mayors Office to execute an amendment to the loan documents related to the existing Loan Agreement with the San Francisco Housing Accelerator Fund for an amount not to exceed 10,000 for a total loan amount of 20 million. I am caroline mccormick, project manager assigned to the program. Today i am requesting that you approve a resolution authorizing ocd to execute an amendment to an existing loan documents with the San Francisco Housing Accelerator Fund to increase the loan amount by 10 million for a total not to exceed 20 million and extending the term to 20 years. The Housing Accelerator Fund is a Financial Institution that acts as the key par partner on the city program where they provide upfront Construction Financing on the commitment that they will come in 12 to 24 months later for the permanent financing through city subsidy and preservation and First Mortgage product. To date bridge loans led to preservation of 14 buildings totaling 277 residential units, 19 commercial spaces, 15 dwelling units and accelerated acquisition of one vacant land site to be developed as 135 residential units. This additional 10 million will increase the lending capacity and facility in raising and dollars to execute on more dollars on more projects. This is a zero interest loan repayable after 20 years. Source for funds is fiscal year 1920 allocation from the city Affordable Housing production and Preservation Fund which is funded by excess revenue funds. As the report sited the citys total investment will revolve and continue to fund Affordable Housing projects pass the city coming in as a lender. I recommend your approval of this resolution so they can continue to work in partnership to further the anti displacement programs and preserve Affordable Housing for low to moderate incomes by the city. Justin is here as well. The report please. The proposed legislation would increase the funds the moneys loaned by the Mayors Office from 10 million to 20 million and extends repayment term through 2039. This is alone that is repaid at the end of 20 years at zero percent interest. There is no money coming back to the city for it. Look at tables one and the projects funded and outstanding loans. It shows upcoming projects. We recommend approval. Any comments from my colleagues . Supervisor mandelman. I think this is a super Innovative Program and would like to be added as cosponsor. Would like to see more district 8 projects showing up. Public comment is closed. I would like to be added as a sponsor. I make a motion to move to the full board with positive recommendation. No objection. Can you please call item 18. Resolution authorizing the Mayors Office to participate in the second round notice of availability and accept and expands the county competitive allocation award up to 36. 5 million under the California Department of Housing Community development no place like home program. Good afternoon. I am amy from the office of Community Development. This is to authorize our office to expend up to 36. 5 million in no place like homes funds under the alternative county designation. They provide funding for persons with serious Mental Illness who are homeless, the counties awarded proportionally. San the Community Development department is releasing notice of funding applications about once each year. The board has already approved and accepted the first round of funding for 27 million in come pecompetitive funds. We will use this for the development of 1064 Mission Project which you just heard earlier from my colleagues. This current resolution approves the second round and third round of funding for up to 36. 5 million. We have identified three potential projects that would be eligible to the use of the funds. 180 jones for 36 of the total Housing Units 36 supportive units for adults. Parcel u32 Housing Units for transitional use and 95 supportive units for adults as well. We identified the potential projects we have two years to allocate the funding commitments. This allows our office to project what are the use of the funds based on the availability and competitiveness of the projects for other funding as well. Our office will make a determination as to which of these three projects will be allocated the funding depending on the factors i discussed. We ask the committee to recommend the resolution and move forward to the full board. I am joined by my colleague in case there are questions about the program. Thank you very much. There is no bla report on this. Any comments or questions . Seeing none this opens it for Public Comment. Any members of the comment to comment on 18. Public comment is closed. I would like to move to the board with positive recommendation. We will take that without objection. Can you please call item 19. Resolution approving the fiscal year 2019 housing opportunities for persons with aids, permanent Supportive Housing renewal garage and authorizing the mayor on behalf of the city and county San Francisco from the housing and urban department from january 1, 2020 through december 31, 2022 in the amount of 1,430,000. Would you like to speak on this . It is important and i think gloria is here to talk to us about it. Thank you very much. Thank you. I am gloria wu. This is a resolution to allow our office on behalf of the city to accept and expands a federal grant from the federal department of housing and urban department. It is the renewal grant housing opportunities for persons with aids. For San Francisco thi this is a three year grant for 1. 43 million starting january 1, 2020. These funds will be used for a partial rent Subsidy Program for persons with h. I. V. To help them maintain housing while receiving vocational counseling, attending classes or looking for work. Thank you very much. There is no bla report. Open for Public Comment. Public comment is now closed. Comments, questions from colleagues. I would like to move with positive recommendation. We can take without objection. Thank you very much. Any other business before us today . No further business. We are adjourned. Good morning, everyone. What an exciting day in the city of San Francisco right here on jefferson street. I want to thank you all for coming out like they say. It takes a village to really come up with a great project and this project is a great project that involved many people from many city departments, many years ago. It started with the fishermans worth plan and there were many agencies that were involved. I see john brown from the Planning Department is here. Harlan kelly from p. U. C. , our friends from the port are here. The San Francisco Transportation Authority is over there, and many agencies, of course, public works. They are part of this project. And when this project first started, it was a five block project and we could only find funding to do the first part in the first part was from hyde to jones. But we also had to do it in quick time, in under six months we were able to build the only the first part of jefferson street before the americas cup and i can tell you that project has been a fantastic project. So this phase two is also going to be done in record time, under a year, starting today after this groundbreaking. With that said, i would like to introduce someone that has been a champion for Pedestrian Safety , implementing vision zero , and really making our safety the beautiful city that it is, im making sure that well work together. Lets welcome our mayor london buried. [cheers and applause] london buried. Thank you to all the Community Members who are here today to celebrate phase two of four phases of really changing the future and the landscape of fishermans worth in this area, which is not only visited by people from all around the world , theres actually an Incredible Community of merchants, of people who live here and who walk these streets every single day. We want to make sure that it is safe, it is walkable, it is enjoyable and people have incredible experiences when they come to visit San Francisco. Today we ordered the sun to shine so that people can happen even better experience. This project is an example of how when city departments come together for a common goal, with Community Members and the fishermans worth, Community Business district in the San Francisco chamber, thank you, rodney, for being here today, that we can make incredible things happen. Im excited that public works and the port and the Planning Department and so many of our agencies have made this a priority. We know that money generated from tourism actually helps to support so many incredible things that we do in San Francisco so we want the experiences to be that much better. And looking at how we are taking a street that used to be a oneway, turning into a two away , widening the sidewalks, making it more clean and more green, and at the same time, thank you to harlan kelly, the director of p. U. C. For digging into the ground, and we are taking around the fiberoptic cables that all the things that we need to do to make sure that the pipes and infrastructure is working so that we dont have to go back into the ground is absolutely how we should be working on public projects like this. Im excited. It took a lot of money, yes from a lot of different resources, and i want to say a special thank you to david chiu for his work in providing resources, working along with supervisor aaron peskin and supervising estate resources to make this project a reality. It does take a village. It does take a lot of money and here we are at the end of what is phase two to make something incredible happening for this particular neighborhood. Thank you do all the folks involved and im excited that mohammed has promised to do this in record time and within budget we will be watching very closely because that is what i care about the most. I know that one of the most fiscally conservative persons on the board of supervisors cares about that as well. Ladies and gentlemen, your supervisor, aaron peskin. [applause] thank you. Good things come to people who are patient. As down from the port to knows, this goes back to 2003 when the community gathered with the port and started a community plan. Some years later, the Planning Department stepped in even before the days of john ram and graham and that led to phase i. Lets be real, there was a little concern. Rodney will remember, back in the days when he had the wax museum, widening of the sidewalks was going to inhibit vehicular transportation here even though we all knew it was going to actually make fisherman s worth wharf keep up. Years ago they brought the f. Line in here and that was a boom to Fishermans Wharf and it is beloved around San Francisco and around the world. After that, we expanded the sidewalks. Fishermans worth is the goose that lays the golden egg for San Francisco. Year in and year out. It is high time that San Francisco City Government reinvest so that Fishermans Wharf will continue to be the envy of the world. 600 million in retail sales, 250 million related to hotels, millions and millions, 16 Million People come here every year. Thirtynine is the number one tourist attraction in the city and county of San Francisco. Investing 16 million of city and state funds makes perfect sense for this fiscally prudent supervisor, including, and i am wearing now my hat as chair of the San Francisco county Transportation Authority, not only 1. 2 million of your half cent sales tax, but each of the members of that body get 200,000 to invest. I put my 200,000 into this project. It is just a little bit, but it helped make it go. Congratulations to all the departments and particularly the community that made this happen. Thank you so much. [applause] next, from the port of San Francisco, we are on port property until you get in the middle of that street, then youre on mohammeds property, but we are on the lands of the port of San Francisco. Its executive director, elaine forbes. [applause]. Thank you so much supervisor peskin. Thank you to mayor breed for prioritizing safety and Economic Development and helping this neighborhood thrive. You have heard from the other speakers about this area being the goose that lays the golden egg, which is completely true. 85 of visitors to San Francisco come here and they come back again because it is such a wonderful experience that we have to continue to invest in, but i want to talk for a second about the community that is here we have 500 businesses. Many Small Businesses can eat, many multigenerational businesses that make this place thrive. We have an amazing Fishermans Wharf community. We have the fisherman and women who are the reason for this place you have been fishing and making their life off the bay for generations and Fishermans Wharf is about the Fishing Community and about the small communities Small Businesses in the community. That is why it is a special place to come and visit. I want to acknowledge all the community did to get to this place today, to have our groundbreaking. It is a real celebration to all of you. Thank you for making Fishermans Wharf such an amazing experience for all the people local and visiting that come and again that come again and again. I want to acknowledge my commissioner who is here today. Now id like to turn it over to randall scott. He is the c. E. O. Of the Fishermans Wharf c. B. D. Thank you. [applause] thank you very much. Thank you to all of you. I came here last december to Fishermans Wharf and fell in love with it all over again. I want to encourage each and everyone of you to come down and visit and see what is going on. The pedestrian developments of jefferson street, wider sidewalks, easier to walk through, all around the world, people have been doing this to their cities and the foot traffic and the visitation that comes down with that and the boost of businesses is absolutely fantastic. I cant wait for this to finish. Thank you very much for only promising for one year. As mentioned, we are the tourist heart of the city. People come down here, they have fun, they go back to their homes , they bring back more people. I just want to say, you know, to the city, thank you for reinvesting and Fishermans Wharf. We promised to take very good care of it and we look forward to those people walking down the street. To those of you in the bay area, i would highly encourage you to come down and visit. This place has something for everyone. We have a Treasure Hunt do you can go from bar to bar, attraction to attraction and enjoy an entire full day down here. Again, thank you to the city and county of San Francisco, thank you all for coming. [applause] all right. In fact, this very spot that we are standing will become a brandnew plaza. As everyone knows, it is a parking lot now but we will redo it and it will have nice paving patterns. Those architects at public works , they have had fun with it everybody is okay with it. Okay. Lets go and break ground. We have some shovels. Lets get busy here. All right, come on in. Ready . Squeeze in. Squeeze, we dont have to touch. All right. Are you guys ready . Five, four, three, two, one. There we go. [cheering]. All right. All right. Thank you. What are you going to use it for . [laughter]
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