Item 9d Supp
Port of Seattle Real Estate Division 2010 Business Plan August 11, 2009 Real Estate Division Structure Real Estate Development and Planning Portfolio Management and Leasing Harbor Services P69 Facilities Management Marine Maintenance Real Estate Division Full Year Forecast In $ Thousands 2008 2009 2009 2009 Bud Var Actual Forecast Budget $ % Operating Revenue 34,875 30,381 30,961 (580) -2% Environmental Grants 1 150 150 0 0% Total Revenue 34,877 30,531 31,111 (580) -2% Direct Expenses 36,375 30,599 31,821 1,222 4% Environmental Reserve 604 1,125 1,125 0 0% Allocations 1,840 1,732 2,445 713 29% Total Expense 38,819 33,456 35,391 1,934 5% Net Operating Income (NOI) (3,943) (2,925) (4,279) 1,354 32% NOI Excl Envir Grants/Reserve (3,340) (1,950) (3,304) 1,354 41% 2010 Preliminary Capital Budget Committed & Business Plan Prospective $'s in 000's 2010 Renewal/Enhancement 16,151 Revenue/Capacity Growth 2,920 Environmental/Safety 2,675 Total 21,746 Real Estate Development and Planning Master planning and land development: North Bay Planned Action Ordinance Draft and issue developer RFP Select developer Des Moines Creek Segment retail Street vacation Plat vacation Draft and issue developer RFP Select developer Real Estate Development and Planning SCORE SeaTacDoug Fox site BurienLora Lake Apartments/NERA Tyee Golf Course Portfolio Management and Leasing Property management Achieve net operating income and occupancy targets Fishermen's TerminalShip supply building/condition assessment. Lease & utilities administration SAO audit Utilities audit Portfolio Management and Leasing WBE/MBE target: 10% Commission Smith Cove Cruise Terminal event space Strategic Asset Assessment and Planning CEM Tsubota MIC FT Real estate policy review and recommendations Harbor Services Financial performance: Achieve net operating income target Weighted average occupancy Slip moorage: 90% Lineal moorage: 85% Fishermen's Terminal: Complete a condition assessment of all landside and remaining waterside assets Commence planning 20 year asset plan Maritime Industrial Center: Commence seawall replacement project Harbor Services WBE/MBE target: 15% Maintain Clean Marina Washington/EnviroStar Certification P69 Facilities Management Maintain focus on energy conservationensure flat utility consumption over 2009 WBE/MBE target: 10% Perform space planning forecast for 2011 Continue improvement of emergency operations & business continuity program Conduct three communication drills and one tabletop exercise Marine Maintenance WBE/MBE target: 15% Manage expense budgets within 2% Reduce landfill waste by 10% Stormwater compliance Parks and public access22 sites, 63 acres Deferred maintenance Critical Questions To become self sustaining: Establish rental rates at market Address deferred maintenance and return assets to service Commit to pre-development to return vacant land to service Disposition Sale of existing assets Privatization of recreational marinas
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