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PACIFIC BATTLESHIP
CENTER Permit 899
Carol Wianecki
REAL ESTATE DIVISION
SUMMARY of PERMIT TERMS
PERMIT PREMISES
TERM
10 years, 2 five-year renewable options. Must achieve minimum annual attendance of 100,000 paid visitors for option periods to be considered.
RELOCATION OPTION
Should minimum annual paid attendance of 100,000 not be reached in any year, Port reserves right to relocate vessel to another berth.
COMPENSATION
Period Annual
Minimum
Percentage
Gross
Receipts
Estimated
Annual
Compensation
Years 1-2 $50,000 2%
$108,000
Years 3-5 $100,000 4%
$216,000
Years 6-20
Compensation, both minimum annual and
percentage , to be reset, at least every 5
years, based on market conditions and CPI
ESCROW ACCOUNTS
Towing Fund: 0.25% of monthly gross receipts paid to escrow account, in addition to compensation to Port.
Operation and Maintenance Fund:
0.75% of monthly gross receipts paid to escrow account, in addition to compensation to Port.
USS IOWA
PACIFIC BATTLESHIP IMPROVEMENTS
• New gangways for access, must be in place before ship open to any guests
• Ticket booths
• Restrooms
• Utilities
• Fencing
• Extensive upgrades – interior and exterior
EXISTING PORT IMPROVEMENTS
• Wharf facilities and paved operational area already in place for exclusive use by Pacific Battleship Center, with a current depreciated book value of approximately $6.3 million.
• Parking Lot Redesign – currently in progress, provide for shared use of paid public lot, estimated cost of $1.7 million.
CRUISE OPERATIONS
CRUISE IMPACTS • Relocation of third ship call to Outer Harbor,
Berths 46-47
• Customs site approval
• Use of temporary tents for passenger queuing and screening
• Initial site set up costs: TBD
• Operations cost per vessel: $200k - $300k
• 3 triple-ship days already scheduled for 2013 and 2014
USS IOWA