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Port Commission approves rent parameters, directs staff to negotiate graduated increases for Pier 70 artists
Summary
After public testimony from long-term artists at Pier 70's Newnan Building saying proposed rent changes would "almost double" their rents, the Port Commission approved a portfolio-wide parameter rent schedule but instructed staff to negotiate a graduated payment schedule for Building 11 tenants and return to the commission for approval.
SAN FRANCISCO ' The Port Commission on June 8 approved a portfolio-wide parameter rent schedule for fiscal year 2010-11 while directing staff to negotiate a graduated repayment or step-up schedule specifically for long-term artist tenants at Pier 70's Newnan Building (Building 11).
Geoffrey Bauer, the port's leasing manager, told commissioners the $1.10-per-square-foot parameter for the Newnan Building "was exact last fiscal year" and represents the minimum delegated authority for staff to negotiate leases. "If we can get a dollar 50, that's great," Bauer said, describing the parameter as a floor for delegated transactions.
Artists who use the Newnan…
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