DOCSLIB.ORG

Official Statement to Obtain Information Essential to the Making of an Informed Investment Decision

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Official Statement to Obtain Information Essential to the Making of an Informed Investment Decision NEW ISSUE BOOK-ENTRY ONLY RATINGS: (See “RATINGS” herein) In the opinion of Nixon Peabody LLP and QUATEMAN LLP, Co-Special Counsel, under existing statutes, regulations, rulings and court decisions and assuming compliance with the tax covenants described herein, and the accuracy of certain representations and certifications made by the City and certain 501(c)(3) Tenants, described herein, the portion of each Base Rental payment due under the Project Lease designated as and comprising interest and received by the Owners of the Series 2007A Certificates (the “Series 2007A Interest Portion”) is excludable from gross income for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). In addition, Co-Special Counsel is of the opinion the Series 2007A Interest Portion of each Base Rental payment is not a specific item of tax preference for purposes of the Code’s alternative minimum tax provisions. However, the Series 2007A Interest Portion of each Base Rental payment received by or allocated to a corporation will be included in adjusted current earnings for purposes of computing such corporation’s alternative minimum tax liability. Co-Special Counsel is also of the opinion that the portion of each Base Rental payment due under the Project Lease designated as and comprising interest and received by the Owners of the Series 2007B Certificates (the “Series 2007B Interest Portion”) is included in gross income for federal income tax purposes. Co-Special Counsel is further of the opinion that the portion of each Base Rental payment due under the Project Lease designated as and comprising interest and received by the Owners of the Certificates is exempt from personal income taxes of the State of California (the “State”) under present State law. See “TAX MATTERS” herein. $153,700,000 CITY AND COUNTY OF SAN FRANCISCO CERTIFICATES OF PARTICIPATION consisting of $152,120,000 $1,580,000 Certificates of Participation, Certificates of Participation, Series 2007A Taxable Series 2007B (City Office Buildings – Multiple Properties Project) (City Office Buildings – Multiple Properties Project) Evidencing Proportionate Interests of the Holders Thereof in a Project Lease, Including the Right to Receive Base Rental Payments to be Made by the CITY AND COUNTY OF SAN FRANCISCO Dated: Date of Delivery Due: September 1, as shown on the inside cover The $153,700,000 aggregate principal amount of City and County of San Francisco Certificates of Participation, consisting of $152,120,000 of Certificates of Participation, Series 2007A (City Office Buildings – Multiple Properties Project) (the “Series 2007A Certificates”) and $1,580,000 of Certificates of Participation, Taxable Series 2007B (City Office Buildings – Multiple Properties Project) (the “Series 2007B Certificates” and together with the Series 2007A Certificates, the “Certificates”), are being executed and delivered pursuant to a Trust Agreement, dated as of May 1, 2007 (the “Trust Agreement”), between the City and County of San Francisco (the “City”), and Deutsche Bank National Trust Company, as trustee (the “Trustee”). The Series 2007A Certificates are being executed and delivered to provide funds to: (i) finance the acquisition of the portion of existing office buildings located at One South Van Ness Avenue, San Francisco, California (the “One South Van Ness Property”) and 1650 Mission Street, San Francisco, California, (the “Mission Street Property”) which are occupied by various City departments or certain tenants (“501(c)(3) Tenants”) which are qualified as non-profit organizations exempt from Federal income taxes pursuant to Section 501(c)(3) of the Code; (ii) improve portions of the One South Van Ness Property, the Mission Street Property and existing City-owned office building located at 30 Van Ness Avenue, San Francisco, California (the “30 Van Ness Property”) which are occupied by various City departments or are subleased to certain 501(c)(3) Tenants; (iii) fund capitalized interest payable for a portion of the interest with respect to the Series 2007A Certificates through February 17, 2008; (iv) fund the applicable account within the Reserve Fund established under the Trust Agreement for the Series 2007A Certificates; and (v) pay costs of delivery of the Series 2007A Certificates. The Series 2007B Certificates are being executed and delivered to provide funds to: (i) finance the acquisition of the portion of the One South Van Ness Property and the Mission Street Property which the City will sublease to either non-governmental tenants or non-501(c)(3) Tenants; (ii) improve portions of the One South Van Ness Property, Mission Street Property and 30 Van Ness Property which are subleased to either non-governmental tenants or non-501(c)(3) Tenants; (iii) fund capitalized interest payable for a portion of the interest with respect to the Series 2007B Certificates through February 17, 2008; (iv) fund the applicable account within the Reserve Fund established under the Trust Agreement for the Series 2007B Certificates; and (v) pay costs of delivery of the Series 2007B Certificates. The land and improvements at the One South Van Ness Property and the Mission Street Property (together, the “Leased Property”), are to be conveyed to the Trustee pursuant to a Property Lease, dated as of May 1, 2007 (the “Property Lease”), by and between the City, as lessor, and the Trustee, as lessee. The Leased Property is to be leased back to the City pursuant to a Project Lease, dated as of May 1, 2007 (the “Project Lease”), by and between the Trustee, as lessor, and the City, as lessee. Pursuant to the Project Lease, the City is required, subject to abatement in certain circumstances, to pay Base Rental in amounts sufficient to pay, when due, the principal and interest evidenced and represented by the Certificates. The City has covenanted in the Project Lease to take such action as may be necessary to include and maintain all Base Rental and Additional Rental payments thereunder (together, the “Rental Payments”) for the Leased Property in its annual budget, and to make necessary annual appropriations therefor. The Certificates evidence the principal and interest components of the Base Rental payable by the City pursuant to the Project Lease. The Certificates are subject to prepayment prior to maturity as described herein. See “THE CERTIFICATES – Prepayment.” Interest evidenced and represented by the Certificates is payable semiannually on March 1 and September 1 of each year, commencing September 1, 2007. The Certificates will be delivered only in fully registered form and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases of the Certificates will be made in book entry form only, in the principal amount of $5,000 and integral multiples thereof. Beneficial owners of the Certificates will not receive certificates representing their interest in the Certificates, but will receive a credit balance on the books of the nominees of such purchasers. Principal and interest with respect to the Certificates will be paid by the Trustee to DTC (as described herein), which will in turn remit such principal and interest to the participants in DTC for subsequent disbursement to the beneficial owners of the Certificates. See “APPENDIX F – DTC AND THE BOOK-ENTRY ONLY SYSTEM.” THE OBLIGATION OF THE CITY TO MAKE BASE RENTAL PAYMENTS UNDER THE PROJECT LEASE DOES NOT CONSTITUTE AN OBLIGATION OF THE CITY FOR WHICH THE CITY IS OBLIGATED TO LEVY OR PLEDGE ANY FORM OF TAXATION OR FOR WHICH THE CITY HAS LEVIED OR PLEDGED ANY FORM OF TAXATION. NEITHER THE CERTIFICATES NOR THE OBLIGATION OF THE CITY TO MAKE BASE RENTAL PAYMENTS UNDER THE PROJECT LEASE CONSTITUTES A DEBT OF THE CITY, THE STATE OF CALIFORNIA, OR ANY POLITICAL SUBDIVISION THEREOF, IN CONTRAVENTION OF ANY CONSTITUTIONAL OR STATUTORY DEBT LIMITATION OR RESTRICTION. THE CITY SHALL BE OBLIGATED TO MAKE BASE RENTAL PAYMENTS SUBJECT TO THE TERMS OF THE PROJECT LEASE AND NEITHER THE CITY NOR ANY OF ITS OFFICERS SHALL INCUR ANY LIABILITY OR ANY OTHER OBLIGATION WITH RESPECT TO THE EXECUTION AND DELIVERY OF THE CERTIFICATES. SEE “CERTAIN RISK FACTORS.” The scheduled payment of principal and interest on the Series 2007A Certificates when due will be guaranteed by a Municipal Bond New Issue Insurance Policy to be issued concurrently with the execution and delivery of the Series 2007A Certificates by the Financial Guaranty Insurance Company, doing business in California as FGIC Insurance Company. See “CERTIFICATE INSURANCE” and “APPENDIX H – SPECIMEN INSURANCE POLICY” herein. The scheduled payment of principal and interest on the Series 2007B Certificates when due are not guaranteed by a Municipal Bond New Issue Insurance Policy. This cover page contains certain information for general reference only. It is not intended to be a summary of the security for or the terms of the Certificates. Investors are advised to read the entire Official Statement to obtain information essential to the making of an informed investment decision. MATURITY SCHEDULE (See inside cover) The Certificates are offered when, as and if executed and received by the initial purchasers, subject to the approval of the validity of the Project Lease by Nixon Peabody LLP andQ UATEMAN LLP, Los Angeles, California, Co-Special Counsel, and certain other conditions. Certain legal matters will be passed upon for the City by the City Attorney. It is expected that the Certificates
Load more

Recommended publications
  • California Highways & Public Works, May-June 1962
    P ~Jmited States of America PgtOCEEDINGS AND DEBATES OF THE 07th CONGRESS, SECOND SESSION Vol. 108 WASHINGTON, MONDAY, 1dIAY 21, 1962 1Vo, g0 A~~' en~Zx tragic to our economy and to our etFOrts to Fourth, ovr State highway commission is The California Highway Program remain apace with our population increases composed of dedicated and intelligent men if this. total highway construction program who are appointed for overlapping terms, in were seriouslq curtailed for any reason. order to provide continuity, and they are EXTENSION OF REMARKS Second. I want to say thaw I am convinced required by law to take a statewide and not os California's Department of Public Works and a sectional viewpoint. State law spells out Division of Highways cooperate fully, com- in detail the procedure to be fflllowed by HON. GEORGE P. MILLER pleCely, and in honesty with the T7.S. Bureau the State highway commission, including OF CALIf'ORNIA of Public Roads. The regional office of the the requirement that public hearings be held Bureau of Public Roads Yor certain Western IN THE HOIISE OF REPRESENTATIVES on a rather heavy schedule. I have insisted, States is In Ban FYancisco anfl the State office as Governor Snight and Governor Warren Tuesday, M¢y 8, 1962 of the Bureau o1 Public Roads is right here insisted, that members of the highway com- in Sacramento where there is daily contact Mr. GEORGE P. MILLER. Mr. mission be nonpartisan in their conduct o1 between the California highway people and highway policy matters. Our commission is Speaker,from time to time, from various the Federal highway people.
    [Show full text]
  • SAN FRANCISCO 2Nd Quarter 2014 Office Market Report
    SAN FRANCISCO 2nd Quarter 2014 Office Market Report Historical Asking Rental Rates (Direct, FSG) SF MARKET OVERVIEW $60.00 $57.00 $55.00 $53.50 $52.50 $53.00 $52.00 $50.50 $52.00 Prepared by Kathryn Driver, Market Researcher $49.00 $49.00 $50.00 $50.00 $47.50 $48.50 $48.50 $47.00 $46.00 $44.50 $43.00 Approaching the second half of 2014, the job market in San Francisco is $40.00 continuing to grow. With over 465,000 city residents employed, the San $30.00 Francisco unemployment rate dropped to 4.4%, the lowest the county has witnessed since 2008 and the third-lowest in California. The two counties with $20.00 lower unemployment rates are neighboring San Mateo and Marin counties, $10.00 a mark of the success of the region. The technology sector has been and continues to be a large contributor to this success, accounting for 30% of job $0.00 growth since 2010 and accounting for over 1.5 million sf of leased office space Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2012 2012 2012 2013 2013 2013 2013 2014 2014 this quarter. Class A Class B Pre-leasing large blocks of space remains a prime option for large tech Historical Vacancy Rates companies looking to grow within the city. Three of the top 5 deals involved 16.0% pre-leasing, including Salesforce who took over half of the Transbay Tower 14.0% (delivering Q1 2017) with a 713,727 sf lease. Other pre-leases included two 12.0% full buildings: LinkedIn signed a deal for all 450,000 sf at 222 2nd Street as well 10.0% as Splunk, who grabbed all 182,000 sf at 270 Brannan Street.
    [Show full text]
  • Oakland Road Comfort Suites Project Public Draft Initial Study Mitigated Negative Declaration
    Oakland Road Comfort Suites Project Public Draft Initial Study Mitigated Negative Declaration March 2021 Prepared for: City of San José Planning Building and Code Enforcement 200 E. Santa Clara Street, San José, CA 95113 Prepared by: Stantec Consulting Services, Inc. 75 E. Santa Clara Street, Suite 1225 San José, CA 95113 Planning, Building and Code Enforcement ROSALYNN HUGHEY, DIRECTOR MITIGATED NEGATIVE DECLARATION The Director of Planning, Building and Code Enforcement has reviewed the proposed project described below to determine whether it could have a significant effect on the environment as a result of project completion. “Significant effect on the environment” means a substantial or potentially substantial, adverse change in any of the physical conditions within the area affected by the project including land, air, water, minerals, flora, fauna, ambient noise, and objects of historic or aesthetic significance. PROJECT NAME: Oakland Road Comfort Suites Hotel Project PROJECT FILE NUMBER: PD18-042 & PDC18-032 PROJECT DESCRIPTION: Planned Development Rezoning from the CIC Combined Industrial/Commercial Zoning District to the CIC(PD) Planned Development Zoning District and Planned Development Permit to allow to allow the construction of a 5-story, 48-room hotel with an alternative parking arrangement (mechanical lifts) on a 0.24-gross acre site. PROJECT LOCATION: northeast corner of Oakland Road and Faulstich Court ASSESSORS PARCEL NO.: 241-13-019 COUNCIL DISTRICT: 3 APPLICANT CONTACT INFORMATION: Pillars Architecture and Design (Attn: Alex Ross), 12 South 1st Street, Suite 808, San Jose, CA 95113, (408) 295-5667 FINDING The Director of Planning, Building and Code Enforcement finds the project described above would not have a significant effect on the environment if certain mitigation measures are incorporated into the project.
    [Show full text]
  • Strong Office Investment Sale Activity
    Research & Forecast Report SAN FRANCISCO | OFFICE MARKET Q2 | 2019 > VACANCY Overall vacancy rate grew during the second quarter by a Strong Office percentage point to 7.0 percent. This increase in vacancy is primarily attributed to new construction being delivered to the market as well as some tenants moving out of spaces that have already been leased. There are a number of Investment Sale Activity large occupancies expected during the second half of 2019 such as Facebook, Google, Dropbox, Twilio and Slack to name a few that will drive the vacancy rate Sony PlayStation down in San Francisco. secured 130,000 square feet at 303 > LEASING VOLUME The City experienced another strong quarter of 2nd Street leasing activity, which reflected approximately 2.3 million square feet of closed transactions. Demand remains very strong in the market with technology REDCO Development purchased 1 Montgomery companies leading the demand for space which translates in for 42 percent Street for $82 million, of the requirements. The second largest demand comes from coworking ($1,081 psf) companies which account for 12.4 percent of the requirements. Demand for space in the market shows no signs of declining. Four deals closed over 100,000 square feet this quarter and two of these deals were companies locking in expansion space. First Republic Bank leased 265,000 square feet at One Front Street, Sony PlayStation secured 130,000 square feet at 303 2nd Street COLUMBUS Segment.io renewed for over 88,000 and Autodesk leased nearly 118,000 square feet at 50 Beale Street. Year-to-date square feet at 100 ten leases over 100,000 square feet have been signed in San Francisco.
    [Show full text]
  • San Francisco Ethics Commission Disclosure Report for Permit
    DocuSign Envelope ID: 22F915A2-4A57-4DCD-ABD1-3562213B15D9 San Francisco Ethics Commission 25 Van Ness Avenue, Suite 220, San Francisco, CA 94102 Received on: Phone: 415.252.3100 . Fax: 415.252.3112 04-14-2020\DateSigned | 16:28:46\ PDT [email protected] . www.sfethics.org \DateSigned\ Disclosure Report for Permit Consultants SFEC Form 3410B (S.F. Campaign and Governmental Conduct Code § 3.400A et seq.) A Public Document 1. FILING INFORMATION TYPE OF FILING DATE OF ORIGINAL FILING (for amendment only) \OriginalFilingType\ \OriginalFilingDate\ PERIOD COVERED \PeriodMonths\ \PeriodYear\ January 1 to March 31 2020 2. PERMIT CONSULTANT AND EMPLOYER INFORMATION NAME OF PERMIT CONSULTANT NAME OF EMPLOYER Kyle Thompson \PermitConsultantName\ A.R.\PermitConsultantEmployer Sanchez-Corea & \Associates, Inc. BUSINESS ADDRESS 301 Junipero Serra Blvd., Suite 270, San Francisco, CA 94127 \PermitConsultantAddress\ BUSINESS TELEPHONE BUSINESS EMAIL ADDRESS 415-333-8080 [email protected] \PermitConsultantTelephone\ \PermitConsultantEmail\ 3. CLIENT INFORMATION Enter the name, business address, contact person (if applicable), e-mail address, and business telephone number of each client for whom you performed permit consulting services during the reporting period. Also enter the amount of compensation you or your employer received or expected to receive from each client for permit consulting services during the reporting period. # CLIENT INFORMATION NAME OF CLIENT One De Haro, LLC c/o SKS Investments \ClientName1\ BUSINESS ADDRESS OF CLIENT 601
    [Show full text]
  • October 1968
    "Serving the men uiho move ~ he eartM" ENGINEE NEWS NegotiationsProve ·R · Very Successful GENERAL W~LFARE OF ALL ENGINEERS AND THEIR FAMILIES Operating Engineers Local Union No. 3 of the International Union of Operating Engineers announced this week that most of it's major • three-year contract negotiations had been signed and ratifi~d by the members. Most recently completed were agreements with the Dredging Con­ tractors Association of California; Piledriving Contractors Association; and Equipment Dealers Association. Vol. 27-No. 10 SAN FRANCISCO, CALIFORNIA October 1968 Local 3 Business Manager AI Clem said that members of ·the Local 3 negotiating team had worked long and hard in numerous sessions with the employers to win for the membership the finest collection of con- struction agreements ever negotiated. "Of course," said Clem, "it's the same old stmy, you can't please all of the members all of the time, however, we know the vast majority of the membership were well pleased with the economic gains not only in . direct pay but in the health and welfare and pension and vacation pay areas of the contracts negotiated. Subsistence areas were · clearly established and travel pay was increased. Overall, our member­ ship will gain some 40% in economic upgrading dming the next three­ • . years of our major contracts." · New sections of recently completed agreements include: DREDGE AGREEME~T Section No. 1-General Provisions A. Defirtitions-4. The term "employee" as used herein, shall mean any person, without regard to race, creed, color,
    [Show full text]
  • DATE: July 11, 2013 TO: Historic Preservation Commissioners FROM: Daniel A
    DATE: July 11, 2013 TO: Historic Preservation Commissioners FROM: Daniel A. Sider, Planning Department Staff RE: Market Analysis of the Sale of Publicly Owned TDR In May 2012, Planning Department (“Department”) Staff provided the Historic Preservation Commission (“HPC”) an informational presentation on the City’s Transferable Development Rights (“TDR”) program. In February 2013, the Department retained Seifel Consulting, Inc. and C.H. Elliott & Associates (jointly, “Consultants”) to perform a market analysis informing a possible sale of TDR from City-owned properties. The resulting work product (“Report”) was delivered to the Department in late June. This memo and the attached Report are intended to provide the HPC with relevant follow-up information from the May 2012 hearing. The City’s TDR Program Since the mid-1980’s, the Planning Department has administered a TDR program (“Program”) through which certain historic properties can sell their unused development rights to certain non- historic properties. The program emerged from the 1985 Downtown Plan in response to unprecedented office growth, housing impacts, transportation impacts and the loss of historic buildings. The key goal of the Program is to maintain Downtown’s development potential while protecting historic resources. The metric that underpins the Program is Floor Area Ratio ("FAR"), which is the ratio of a building’s gross square footage to that of the parcel on which it sits. Under the Program, a Landmark, Significant, or Contributory building can sell un-built FAR capacity to a non-historic property which can then use it to supplement its base FAR allowance. TDRs can only be used to increase FAR within applicable height and bulk controls.
    [Show full text]
  • The Highway Starts at Home
    UC Berkeley Charlene Conrad Liebau Library Prize for Undergraduate Research Title Housewives Save the City from the "Cement Octopus"! Women's Activism in the San Francisco Freeway Revolts, 1955-1967 Permalink https://escholarship.org/uc/item/36s587v3 Author Germain, Justin Publication Date 2017-04-01 Undergraduate eScholarship.org Powered by the California Digital Library University of California Housewives Save the City from the “Cement Octopus”! Women’s Activism in the San Francisco Freeway Revolts, 1955 - 1967 by Justin Matthew Germain A Thesis Submitted in Partial Fulfillment of the Bachelor of Arts Requirements in History, the University of California, Berkeley December 2nd, 2016 101 Advisor: Peter Sahlins Academic Advisor: David Henkin 1 Table of Contents Acknowledgments........................................................................................................................... 3 List of Figures ................................................................................................................................. 4 Introduction ..................................................................................................................................... 5 Part 1: Men, Women, and Space ................................................................................................... 12 Postwar Plans for Prosperity .................................................................................................... 12 Masculinity and the Downtown ................................................................................................
    [Show full text]
  • Minimum Speed Limits on Freeways
    Minimum Speed Limits on Freeways NORMAN C. WINGERD, Assistant Traffic Engineer, California Division of Highways This study was made to determine the feasibility of establish- ing minimum speed limits by lane on multiple-lane highways. This was done by erecting signs and observing traffic at four different sites throughout the state. The factors under par- ticular consideration included mean speeds, speed distribu- tions, headways, headway distribution, volume distribution by lane, lane changing, passing on the right and enforcement problems. Before-and-after observations revealed few if any beneficial results of the minimum speed limits and showed some results definitely unfavorable to operation and safety. •THE 1965 Regular Session of the California State Legislature requested the Depart­ ment of Public Works to make a study of the feasibility of establishing minimum speed limits on multiple-lane highways on a lane-to-lane basis. Based on historical evolution of driving habits and road development, it is custom­ ary to think that on a 4'-lane road the right lane in either direction is the driving lane and the left lane is the "passing" lane. However, when traffic flow reaches a certain level, many drivers stay in the left lane instead of returning to the right lane between each vehicle overtaken, because otherwise they would be weaving back and forth con­ tinually. This annoys drivers who desire to go even faster than the passing vehicles that stay in the left lane. Another less frequently observed problem is that some drivers drive in the left lane at speeds less than the speed limit even when there is very little traffic in the right lane.
    [Show full text]
  • Transbay Joint Powers Authority
    NEW ISSUE – Book-Entry Only RATINGS: See “RATINGS” In the opinion of Bond Counsel, under existing law and assuming compliance with the tax covenants described herein, and the accuracy of certain representations and certifications made by the Authority, interest on the 2020 Tax-Exempt Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). Bond Counsel is also of the opinion that interest on the 2020 Tax-Exempt Bonds is not treated as a preference item in calculating the alternative minimum tax imposed under the Code. Interest on the Senior 2020A-T Bonds is not excluded from gross income for federal income tax purposes. Bond Counsel is further of the opinion that interest on the 2020 Bonds is exempt from personal income taxes of the State of California (the “State”) under present State law. See “2020 TAX-EXEMPT BONDS TAX MATTERS” and “SENIOR 2020A-T BONDS TAX MATTERS” in this Official Statement regarding certain other tax considerations. TRANSBAY JOINT POWERS AUTHORITY $189,480,000 $28,355,000 Senior Tax Allocation Bonds Senior Tax Allocation Bonds Series 2020A (Tax-Exempt) (Green Bonds) Series 2020A-T (Federally Taxable) (Green Bonds) $53,370,000 Subordinate Tax Allocation Bonds Series 2020B (Tax-Exempt) (Green Bonds) Dated: Date of Delivery Due: October 1, as shown on inside cover Bonds. The Transbay Joint Powers Authority (the “Authority”) is issuing the above-captioned bonds (the “Senior 2020A Bonds,” the “Senior 2020A-T Bonds,” and the “Subordinate 2020B Bonds” and, collectively, the “2020 Bonds”).
    [Show full text]
  • Winter 2007 Newsletter
    THE MOBILIZER ISSUE NO. 13 A newsletter serving San Francisco Winter, 2007 “Jobs for All at a Living Wage” Wages Increased for 15,000 Low-wage Workers! More than 15,000 low-wage workers Mirkarimi. Of the 11 Supervisors, only every January 1 based on the Consumer scored a major victory with passage of former Supervisor Ed Jew voted against Price Index for the Bay Area. amendments to the living wage law. them. By indexing the wage to the Consumer The amendments became effective on As of October 1, the minimum rate for Price Index, the minimum wage of these October 1 and increased the minimum non-profit workers and CalWORKs par- workers will keep up with inflation. wage for non-profit workers, home health ticipants was increased to $10.77 per "Because indexing has not been includ- care aides, and CalWORKs participants hour and on January 1, it will be ed in the law in the past, each non-profit working for their welfare grant. The new increased to $11.03 per hour. Previously, worker has lost over $17,000," law will also provide annual cost-of-liv- non-profit workers and CalWORKs par- Supervisor Ammiano said. "These same ing wage adjustments to the minimum ticipants only were required to be paid the workers are now making just over rate every January 1. city-wide minimum wage of $9.14 per $21,000 a year. The increases they have The San Francisco Board of Supervisors hour. lost is almost a year's worth of income gave final approval to the Living Wage For home health care aides receiving in and when you're talking about making amendments on September 11 and Mayor addition to the base wage an hourly cash ends meet, this legislation will have a Gavin Newsom signed them into law equivalent for 12 paid days off, their life-changing impact." three days later.
    [Show full text]
  • 400 Montgomery Street
    400 Montgomery Street For Lease | Retail Space | North Financial District - San Francisco, CA This exceptionally well-located Downtown retail availability sits at the base of the historic 400 Montgomery Street - a 75,000 SF office building at the cross streets of Montgomery and California. Don’t miss this rare opportunity to front one of the Financial District’s busiest streets. Premises 1,951 Rentable Square Feet 20,253 Cars Per Day on Montgomery Ideal for Fitness, Non-Cooking Food, Estimated 22 Million Pedestrians or Service Per Year Pass the Intersection of Montgomery and California 101 PEIR 39 1 AQUATIC PARK JEFFERSON ST TAYLOR ST POWELL ST JONES ST MARINA GREEN NORTH POINT ST M BEACH ST A MASON ST Y R CASA WAY A IN W A KEARNY ST O B R L I V MARINA BLVD RICO WAY T JEFFERSON ST D STOCKTON ST BRODERICK ST E R GOLDEN GATE NATIONAL WEBSTER ST FORT BAY ST RECREATION AREA MASON NORTH POINT ST BUCHANAN ST GRANT AVE C PRADO ST CERVANTES BLVD R JEFFERSON ST BEACH ST HYDE ST IS S Y BAKER ST FI POLK ST BAY ST FRANCISCO ST CHESTNUT ST ELD A BEACH ST V BEACH ST MONTGOMERY ST E AVILA ST NORTH POINT ST GOUGH ST LARKIN ST T DIVISADERO ST BAY ST CHESTNUT ST H 101 E SCOTT ST E FILLMORE ST LOMBARD ST M CAPRA WAY FRANKLIN ST BAY ST B NORTH POINT ST A T SANSOME ST T E R S M FRANCISCO ST L C E A A G A D R L LOMBARD ST R D V B L A O GREENWICH ST E L M A LEAVENWORTH ST P R R B BAY ST H COLUMBUS AVE H L C O A A OCTAVIA ST CHESTNUT ST H PIERCE ST AY L N W W IL D O L BLV LIN S O A D Y LOMBARD ST C H TAYLOR ST CO TOLE GREENWICH ST K N L E E I N FILBERT ST L
    [Show full text]