as it relates to seawall lot 330 on the west side of the embarcadaro, that seawall lot was anticipated within the plan as a transition from waterfront uses to the kinds of uses, residential uses in the south beach community. so, that site, seawall 330, anticipated residential, hotels, those kinds of uses in addition to commercial activities. i wanted to note as it related to the immediate context. the adjacent facility, [speaker not understood] adjacent to the site are developed with sheds, bulkhead buildings, and the waterfront plan specifically mentions that there is an opportunity in its large vacant site to develop new waterfront architecture that could be complementary to the historic facilities adjacent to it, but could be a departure from these 100-year old buildings that occupy piers 26, 28, 38, and other adjacent piers. so, with that brief introduction or brief reference to the waterfront plan, wanted to introduce the next speaker, ken rich, who is going to talk specifically about the context for this design. >> good afternoon, supervisors. ken rich, ouwd. this is a brief intr

it is clear the sale price of the seawall can be paid up front. with property tax generated over time, the bond, is that something we can pre-credit it to reduce the 120 million? >> you can't pre-credit it until something is built. one of the things we are looking at and already talking to public finance experts that we engage, tom lockhart, chris lynch and assessor's office, we are engaging at an early stage, is a way to create a strategy that might allow community facilities district to create revenue that you could bond against as early as possible. even before traditionally you can create infrastructure financing district that relies on revenues that are flowing from a completed project. in order to create a revenue stream that you can go out to the market and bond against in order to bring back that chunk of revenue in order to pay back the warriors. so we are -- to your question we are exploring ways to accelerate as much as possible in order to ensure quick repayment to warriors. >> i'm jumping a little ahead to the budget analyst report bu

it is clear the sale price of the seawall can be paid up front. with property tax generated over time, the bond, is that something we can pre-credit it to reduce the 120 million? >> you can't pre-credit it until something is built. one of the things we are looking at and already talking to public finance experts that we engage, tom lockhart, chris lynch and assessor's office, we are engaging at an early stage, is a way to create a strategy that might allow community facilities district to create revenue that you could bond against as early as possible. even before traditionally you can cr

this is a meeting for the proposed warrior arena, the piers 30-32 and seawall project. by way of background fiscal faoez bt, its purpose is for the board of supervisors to determine whether a proposed project is fiscally feasible before substantial predevelopment costs are incurred. it is a gate keeping measure that ensures costs are not occurred on infeasible. does not include approvals or entitlements. fiscal feasibility is required by law when a project is on city-owned property, construction costs over $25 million and pre-development costs of over a million. the determination must be completed before environmental review can commence. it is a relatively recent law. we have not done physical feasibility on all but we have done reviews of the explore tor yum, america's cup and san francisco wholesale produce mart. i would like to invite rick welts up to talk about this project. it seems a little bit -- doesn't seem to give enough context as we talk about fiscal feasibility for a project that you haven't seen or heard the description or seen or heard this opportunity.

development on seawall lot 330 of residential hotel and retail use and accessory parking. we provide estimated fiscal impacts including one-time benefits of the city up to 53.8 million. direct ongoing annual financial benefits between 9.8 million and slightly over ten million. undetermined indirect benefits from grocery receipts tax revenue up to 120 million as you have heard capped in private expenditures, rehabilitation of 3032, reimbursement by port of those private construction expenditures. for use of 66 years of credits for pier 3032, valued at 1,970,000 per year. you also heard when i talked about 120 million that does include 13% return to gsw on the reimbursement of construction costs, non reimbursement construction costs. transfer of seawall lot 330 from port of gsw bay and 34 million and four years of general fund property tax revenues, used to repay a 60 million ifd bond. no new ongoing maintenance cost for the port. undetermined maintenance costs for which funding options are explored by the office of economic and workforce development, port and gsw. so based

they found the seawall lots were no longer needed for water access.year we worked with assemblyman tom ammiano and ab 26 49 signed into law by the governor december 29th this year. it found seawall lot [speaker not understood] north of market street is no longer needed for trust purposes and the legislation allowed the city to contemplate affordable housing at this site as part of an effort that would help to offset jobs housing, linkage fees owed after 70. that legislation also contemplates similar flexibility at seawall lot 37, which is in mission bay. this slide shows at 815 parcel. port staff is suggesting that seawall 2-21 is part of [speaker not understood] by ab 629 might be an appropriate site for affordable housing, but that would be subject to review under ceqa and further outreach to the surrounding neighborhood. >> ms. pasad, which street is that parcel on? >> it's the -- bounded by broadway and [speaker not understood], correct? >> thank you. >> sorry, it is the map is a little small. which would be subject to review under ceqa and furthe

and also you'll see our current designs for the seawall side allows us to do that. from the embarcadaro proper, we're trying to preserve as much as possible the wide view out to the waterfront. it's not perpendicular to the waterfront as it is today. we're preserving that corner with low rise, structure is low, that will allow passersby to see out to the bay. finally, really interesting view that we're working with as you move north from giants stadium and from areas south of south beach, you'll be looking towards the bay bridge pier. this is one of the few locations where the bay bridge first pier is really visible and we wanted to highlight that in the new design. here is the first sketch that we have of the concept, sort of the arena to the east. retail low rise to the left. enormous space, this wonderful space that frames the view of this pier, which is really one of the most dramatic components of this part of the city and certainly of the neighborhood here. these are some later sketch renderings that we've made. these are very early. i did want to mention that

gross receipts and transfer tax from sale of seawall lot 330. >> can i ask in terms of annual general fund revenue, the 12 million you show on slide 13 that shows property tax funding that would come in, is this net of the proposed isd or -- >> it is not. thank you for pointing that out. what you have to assume is the first 30 years that five million should be taken off the annual general fund revenues because that would be dedicated to repaying the isd. that would be issued in order to repay the warriors for the substructure costs. >> thanks. >> thank you for that. >> so the one-time revenues include the jobs housing linkage, housing, child care, impact and ease -- east sea, that is all include thered that number. economic benefits include permanent employment, construction employment and annual economic spend. total direct jobs anticipated to be created and maintained is 107,000 jobs. over 200,000 full time equivalent leapt jobs from the three-year period construction time of this project. total of 282 million in annual economic impact. what is important is we adjusted to make sure

think about the 7 acres of open space in addition to the structures that are proposed for both the seawall lot and piers 30-32. so, with that i would like to turn this over to lisa pagan. >> thanks. through the chair if i may, i did for get to bring up a second issue to bring up in the committee. i want to frame it with the perspective of the neighborhood. another concern is the quality of life issue which ms. pagan will be addressing. to give the public a sense of what we've been hearing, the concerns have been around additional crowds around the home game of the giants. there will be other nights we'll be experiencing the crowds and more trash in the neighborhood. urination is what we get complaints about, people leaving games and urinating on people's door steps. general crowd control and what that might look like if we had an arena and stadium in the neighborhood. thank you, ms. pagan, for being here. >> lisa pagan, office of economic and work force development. thank you, supervisors, chair mar. i led a workshop on november 5th with at least 60 attendees where we talked about safety,

expect to analyze under environmental review process the anticipated arena and also development on seawall would be part of environmental documents? >> correct. >> the approval f there was an appeal, would include seawall lot 30 as well as -- >> absolutely. >> in terms of reimbursement costs, when we talk about 120 million, one of the things i'm curious about, term sheet agreements s how the city would agree. there could be a gamut one party would make that could be categorized as improvements to substructure to rehab facilities so how can we come to agreement about what is acceptable level of improvements there? >> i think we will have a stronger narrative of what qualifies, then a mechanism for understanding and approving what is a qualified expenditure and not. this is something we have given a lot of thought to. we went through the same exercise and learned a lot and expect we will have a tight process for categorizing and improving what is a reimbursable cost. >> i imagine if it is possible to establish this process that would be the goal. >> that is the goal, yes. >> supervisor kim?

and that happens to be a very short walk from seawall lot through 330 and pier 30-32, the warriors. and the transportation meeting this week on issues related to this area showed different issues than you had -- you, the planning commission, had ever talked about on the rincon hill plan. partly because we have truncated historically redevelopment, the port, the planning commission. and the area around the south of market -- around rincon hill was redevelopment. on yet this side of folsom, [speaker not understood]. it doesn't even exist any more. and we have a rincon hill plan that focuses on a park. that is needed, but the transportation back-ups in this area are immense and they are not on your radar. and if you don't go back and look again at the need for transportation improvements in the south of market, because there is no redevelopment agency, and the port doesn't think in those terms. they are in their own little area. who is going to do the planning for this area of south of market at the other end of south of market? at the embarcadaro end of south of market? and i plead, b

the board of supervisors will not take action on the term sheet, that pier 30-32 ground lease and seawalllot 30 or amendments to the water plan until after pier 30-32 cac holds meeting to discuss those items. so i do want to again appreciate those. i think the most important thing at this point is a substantive and robust discussion and process that is meaningful. i think at the end of the day it will land on a better project both for this neighborhood and for the city and i look forward to that engagement. i really want to thank our neighborhood and community leaders for being respectful of the process and agreeing to participate in this. it could be something that people could set out and just say we oppose it, no way, we're not going to participate. but i really want to give it up for our residents for really approaching this in a respectful way and being open-minded and trying to work with the warriors on putting forward the best process. >> president chiu: thank you. supervisor kim has made a motion to amend. seconded by supervisor campos. >> supervisor campos: thank you, mr. preside