COMPLIANCE INFO_PRE 2019 - Laserfiche WebLink

Home Browse Search

environmental cleanup and remediation of existing buildings and sites to make them suitable to new development. The cost of regular maintenance is more than four times the Port's current budget for these expenditures, and extraordinary improvements such as hazardous material abatement, roof reconstruction, and other structural needs are un-funded. Based on estimates contained in the Development Plan, the actual cost to remediate building deficiencies in all structures in the Project Area could reach about $241 million as shown in Table B-4 below. Additionally, County staff believes that the projected lease rates for those buildings identified with high reuse potential will not net sufficient revenues to support the cost of required improvements. It is unlikely that the private sector or the public sector will have the ability to remediate these conditions due to the prohibitive cost of reuse and rehabilitation of the existing structures. ESTIMATED RENOVATION COSTS TABLE B-4 ROUGH AND READY PROJECT AREA Total Building Square Footage Estimated Renovation Cost/sqft 1/ Total Renovation Cost 8,023,300 30 $ 240,699,000 1/ Rough estimate from Entranco to upgrade existing building to meet current building codes and standards Source: RSG and Entranco The presence of hazardous wastes and contamination are significant factors that hinder the economically viable reuse or capacity of buildings or properties, as its presence is a deterrent to reoccupation and the cost to remediate contaminated areas is substantial. According to the September 2003 Agreement, the Port is required to undertake all environmental cleanups required for the reuse of the Project Area. Without substantial investments the Port can only attract a limited list of tenants hindering the Port's ability to effectively use the land and the buildings to their highest and best use. The Development Plan concludes that the Project Area is environmentally certified for industrial use and some further remedial work is required. The property can be certified for other uses than industrial use; however, more stringent environmental conditions will apply. According to the Forell/Elsasser Engineers, Inc. report, even though the overall seismic resistance of the buildings appears to be quite favorable, concern is expressed regarding the connection of the elements of the buildings (walls, braces, and other structural members) to the overall framework of the building. The vulnerability of these structures is not from ROSENOW SPEVACEK GROUP, INC. REDEVELOPMENT AGENCY OF THE CITY OF STOCKTON MAY 3, 2004 ROUGH AND READY ISLAND REDEVELOPMENT PROJECT - B-18 - PRELIMINARY REPORT