City

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
• COPs
• 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?