7a supp
Item No.: 7a_Supp Date of Meeting: December 6, 2011 Fishermen's Terminal 20-Year Plan and Net Shed Briefing December 6, 2011 25+ acres of dry land 21 existing buildings 690 parking spaces "General Industrial" zoning Fishermen's Terminal 20 Year Plan and Net 11/16/11 Sheds Compliance Briefing, Dec. 6, 2011 Slide 2 Plan Scope and Goals Scope: An upland facility plan to meet the needs of our customers and provide a reasonable return to the Port. Planning Goals: 1. Support the fishing industry 2. Generate a financial return that justifies the investment 3. Achieve maximum utilization of assets 4. Align with the Port's triple bottom line mission Fishermen's Terminal 20 Year Plan and Net 11/16/11 Slide 3 Sheds Compliance Briefing, Dec. 6, 2011 Background 1. Asset Condition Assessment 2. Current conditions and constraints analysis 3. Outreach program 4. Net Sheds Assessment 1. Code Compliance work 2. Preliminary models for net sheds 5. Market demand study of new uses under current code and hypothetical rezone to Industrial Commercial 6. Developed scenarios that include either: a) a waterfront development pad near Seattle Ship Supply Building b) a street-front development pad near Emerson entrance, or c) both. Fishermen's Terminal 20 Year Plan and Net 11/16/11 Slide 4 Sheds Compliance Briefing, Dec. 6, 2011 Planning Constraints City land use codes base zone and shorelines management overlay Core functions critical to support fleets Net sheds Open yard area Net repair area Poor soils for construction Port capital constraints Fishermen's Terminal 20 Year Plan and Net 11/16/11 Slide 5 Sheds Compliance Briefing, Dec. 6, 2011 Current land use code *graphic 11/16/11 6 Fishermen's Terminal 20 Year Plan and Net Sheds Compliance Briefing, Dec. 6, 2011 Outreach Program Fishermen's Terminal Advisory Committee (FTAC) Subcommittee created for ongoing advice One-on-one interviews with a cross section of fishers Customer open house Postcard survey to fishers Postcard survey to upland tenants Presentations to community organizations Presentations to Seattle industrial groups Fishermen's Terminal 20 Year Plan and Net 11/16/11 Slide 7 Sheds Compliance Briefing, Dec. 6, 2011 Outreach Feedback Maintain industrial character Avoid operating conflict of uses Diverse opinions and needs Suggested new uses (e.g. covered net repair, covered work area, smokehouse, cold storage, conference center, etc.) Fishermen's Terminal 20 Year Plan and Net 11/16/11 Slide 8 Sheds Compliance Briefing, Dec. 6, 2011 Concept Screening Summary Legend > -- Concept passes the screen for further evaluation X Concept does not pass the screen 11/16/11 Fishermen's Terminal 20 Year Plan and Net 9 Sheds Compliance Briefing, Dec. 6, 2011 Concept Screening Summary Legend > -- Concept passes the screen for further evaluation X Concept does not pass the screen 11/16/11 Fishermen's Terminal 20-Year Plan and Net 10 Shed Code Compliance Briefing, Dec. 6, 2011 Development Zones As Used in Financial Model Waterfront Yard Parking Lot Nordby Building Emerson Net Sheds Demo and lease Seattle Ship Supply pad Port Investment: $10.6 M NPV : $2.16 M - $4.9 M Composite Scenario 1: Maintain 5K sf industrial flex 20K sf industrial 15K sf retail flex Port Investment: $19.1 M NPV: $1.56 M - $5.6 M Composite Scenario 2: Current Code, Port Investment l Ground lease boundaries Port Investment: $6.62 M NPV: $5.56 M - $8.75 M Composite Scenario 3: Current Code, Ground Lease Ground lease boundaries Port Investment: $8.55 M NPV: $3.49 M - $6.35 M Composite Scenario 4: Current Code, Ground Lease FISHERMEN'S TERMINAL 20 YEAR PLAN Summary Table Composite #1: Composite #2: Composite #3: Composite #4: Zone Maintain Current Code, Major Investments Ground Lease Waterfront Yard & Bank Building Ground Lease Emerson Net Sheds & Bank Building Waterfront Yard - Current Code Option #1 Maintain w/Demo #3 Ind Flex/Retail #2 Ground Lease #1 Maintain w/Demo Port Investment $4,572,970 $13,169,264 $1,052,152 $4,572,970 NPV ($798,864) ($2,252,288) $2,221,064 ($798,864) Nordby Building Option #1 Maintain #1 Maintain #1 Maintain #1 Maintain Port Investment $1,316,846 $1,316,846 $1,316,846 $1,316,846 NPV $1,615,829 $1,615,829 $1,615,829 $1,615,829 Emerson Net Sheds Option #1 Maintain #1 Maintain #1 Maintain #2 Ground Lease Port Investment $2,057,270 $2,057,270 $2,057,270 $462,835 NPV $59,655 $59,655 $59,655 $924,151 Parking Lot Option #1 Maintain #1 Maintain #2 Ground Lease #2 Ground Lease Port Investment $2,604,272 $2,604,272 $2,197,898 $2,197,898 NPV $640,027 $640,027 $1,214,388 $1,214,388 Total Port Investment $10,551,359 $19,147,653 $6,624,167 $8,550,549 IRR 11.0% 9.4% 17.90% 13.2% NPV - 10% Discount Rate $2,160,150 $1,555,380 $5,561,821 $3,487,051 NPV - Zone Specific $1,516,648 $63,224 $5,110,936 $2,955,504 NPV - 7% Discount Rate $4,896,245 $5,600,852 $8,745,055 $6,345,387 Development Questions Do you replace aging buildings when the net present value is similar to maintaining existing buildings? Is ground-leasing for private development an appropriate means of redevelopment? Fishermen's Terminal 20 Year Plan and Net 11/16/11 Slide 17 Sheds Compliance Briefing, Dec. 6, 2011 FT Net Sheds Building Code Compliance Buildings vary in age, size, construction, and layout Fishermen's storage needs have changed over time Port has been working with tenants since 2006 on storage/usage policies Port cited by City of Seattle Fire Department in 2009 for violation of fire & building codes Port has since worked closely with SFD and DPD to address City's concerns Staff implemented a Pilot Storage Program and other improvements Port hired a fire protection consultant to interpret codes and determine code compliant storage options City concurred with four options and staff completed initial evaluation Net shed buildings must be improved to achieve full code compliance Final project scope and schedule to be approved by the City Fishermen's Terminal 20 Year Plan and Net 11/16/11 Slide 18 Sheds Compliance Briefing, Dec. 6, 2011 Port= of Seattle' ":3?- 2' min. separation L7""2' min. aisle Option 1 Port :of Seattle- 6' max. 1/ Zanet locker depth max. , 14' high mezzanine with sprinkler system underneath f 6' max. 4' min. separation ( 4;-" 2. min. aisle (top and bottom) Option 2 Port =' of Seattle , 20' high false ceiling with sprinkler system underneath '2' min. aisle Option 3 Port=of Seattle' W 6' max. 1-1"er net locker depth max. 14' high mezzanine with sprinkler system underneath 4' min. separation 47""72' min. aisle (top and bottom) Option 4 Preliminary Estimated Code Compliance Project Costs Final project cost and duration are dependent on degree of construction phasing Further evaluation needed to determine best method for moving/temporarily storing fishermen's locker contents during construction Option 1: $2.0 M Option 2: $8.4 M to $9.1 M Option 3: $5.8 M to $6.4 M Option 4: $9.3 M to $10.0 M Fishermen's Terminal 20 Year Plan and Net 11/16/11 Slide 23 Sheds Compliance Briefing, Dec. 6, 2011 Recommended Code Compliance Option Option #3 recommended for the following reasons: Most closely matches fishermen's current use Allows greatest efficiency and flexibility in meeting customers' storage needs No required segregation and separation of stored commodities No challenging requirements for staff and customers to maintain and enforce longterm code compliance No need for overall building master planning i.e. individual locker configurations are independent of one another Least long-term code compliance liabilities and costs Next Steps Refine Net Shed Code Compliance implementation plan and costs Refine and revise development scenarios to review with stakeholders Return to Commission for authorization of net shed code compliance project and development plan Fishermen's Terminal 20 Year Plan and Net 11/16/11 Slide 25 Sheds Compliance Briefing, Dec. 6, 2011
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