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February 22, 2010

City & County of San Francisco Capital Planning Program fy 2011-2020 DRAFT Capital Plan REVIEW Wholesale Produce Market Expansion. February 22, 2010. SF Wholesale Produce Market - Overview. 8 acres along Jerrold Avenue, between Toland and Rankin – 336,000 sf under roof today.

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February 22, 2010

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  1. City & County of San FranciscoCapital Planning Programfy 2011-2020 DRAFT Capital Plan REVIEWWholesale Produce Market Expansion February 22, 2010

  2. SF Wholesale Produce Market - Overview • 8 acres along Jerrold Avenue, between Toland and Rankin – 336,000 sf under roof today.

  3. SF Wholesale Produce Market - Overview • Non-profit Corporation formed in 1960 to secure this former military property, gift it to the City with 50 year lease-back, for sole purpose of creating new market. • Opened in 1963 following relocation of market from Embarcadero to present site. • Corporation is master tenant, sole shareholder is CCSF. • Ground Lease expires 1/31/2013. • Most recent expansion ten years ago at 2101 Jerrold – 55,000 square feet, fully pre-leased, debt retired early, and 100% occupied today.

  4. SF Wholesale Produce Market - Overview • Project Drivers: • Lease Expiration • Facility Condition and Food Safety/Security • Operational Safety • Demand for Space • Project Options & Elements: • 901 Rankin Street re-purposing AND • Renovations of 4 buildings – 369,195 sf upon completion OR • New construction of 4 bldgs – 476,427 sf upon completion AND • Vacation of a number of street segments, including Jerrold

  5. SF Wholesale Produce Market - Overview • Project Accomplishments • Several design options reviewed • Economic modeling completed, testing fiscal feasibility • Preferred design options priced by Swinerton • Board approval to submit Environmental Evaluation Application • EE submitted • Project Cost • Roughly $70,000,000 • Five phases allows progression as market demand and economics warrant • First phase roughly $20,000,000

  6. SF Wholesale Produce Market - Budget • Secured revenues • Lease revenues since debt retirement have generated $5,600,000 in reserve funds for project • Exploring supplemental debt and equity options – • COP’s • New Market Tax Credits • SFRA • Institutional financing • Expenditures & Encumbrances • $1,100,000 in consultancies to date • $ 375,201 in permit application fees to City • $1,400,000 expected in 2010

  7. SF Wholesale Produce Market – Milestones • CEQA Findings – Fall 2010 • Governance Model for 2013 forward – Fall 2010 • Board Action – Winter 2010 • Relocation from 901 Rankin – Summer/Fall 2011 • Construction start – Early 2012

  8. SF Wholesale Produce Market Questions?

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