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Costs Associated with Code Compliance/Rehabilitation The cost to rehabilitate Project Area buildings and meet current building codes is significantly more than its replacement cost, which is a deterrent to market-initiated efforts to renovate substandard and obsolete buildings. According to Ken Forssen of Entranco (development consultant to the Port), the cost to repair and renovate existing storage buildings to meet current standards is approximately $30 to $40 per square foot. The Society of Industrial and Office Realtors, which collects surveys of the industrial and office market in most metropolitan cities, indicates the market construction costs for new buildings range from $18 to $25 per square foot, almost half of the estimated renovation costs of the buildings in the Project Area. Other Factor Preventing the Highest and Best Use of Property External Access and Bridges The external access to the Project Area and the internal road network are antiquated, substandard, and inefficient as most of them are unable to handle traffic loads. The only vehicular access to the Project Area is via a two-lane swing bridge on Navy Drive across San Joaquin River. A secondary access, via Daggett Road Bridge across Burns Cut Off, was barricaded after a fire damaged it years ago. Despite its two-lane width, signage at the Navy Drive Bridge instructs truckers to cross one at a time due to load limits that prevent simultaneous two-way crossings. According to the Development Plan, the current access system to the Project Area is barely adequate for truck volumes currently accessing the Port even in its existing underutilized state. Any additional Port traffic would create additional congestion in the nearby Boggs Tract neighborhood if the current access system were utilized. The Development Plan also made the following observations after reviewing prior studies, interviews with Port and local transportation officials and field work by Entranco: Traffic Flows: Conditions on Fresno Avenue, Washington Street, and Harbor Road definitely impede flow to the existing Port and the Project Area. The roadways are currently two lanes with minimal or no shoulders; the intersections are small with minimum radii and most are bordered by residences. Routing Port generated vehicles through Boggs Tract residential neighborhood introduces a significant amount of non-Port vehicular traffic along with pedestrians onto streets used to access the Port. These vehicles are in conflict with the heavy vehicles accessing the Port. Suitability: Currently the roadways serving the Port in the Boggs Tract neighborhood are narrow and lack the necessary pavement structure to support heavy vehicles. Lack of drainage along the ROSENOW SPEVACEK GROUP, INC. REDEVELOPMENT AGENCY OF THE CITY OF STOCKTON MAY 3, 2004 ROUGH AND READY ISLAND REDEVELOPMENT PROJECT - B-20 - PRELIMINARY REPORT