5b presentation
Item No. _______5b-attach____ Date of Meeting __October 8, 2013_ Revised 10/04/2013 Fishing Vessel Owners Marine Ways Lease October 8, 2013 1511 West Thurman Aerial of Fishermen's Terminal Aerial of Lease Premises Background First tenant of the Port of Seattle Marine vessel repair and dry dock operation established in 1919 Water dependent commercial maritime tenant Provider of direct support to the commercial fishing industry Provider of living wage union jobs to dozens of highly skilled shipwrights, millwrights, machinists, welders and other skilled workers Market Conditions & Rate Setting Overview of Market Methodology Request for Proposal Terms of Lease Lease Proposal Area Response to RFP Office $10.00/sf/yr 2,800 sf Warehouse $5.00/sf/yr 15,683 sf Land/Yard $1.58/sf/yr 28,183 sf Submerged .22/sf/yr 136,138 sf Land Other Business Terms Term: 10 years w/ two 5-year options to renew at market rate Rent increase: Annual CPI increase Maintenance: No Port responsibilities Tenant improvements: None Net Present Value: $810 thousand Broker fee: None Original 1919 FVO Lease Original 1919 FVO Lease
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