Monday, April 18, 2016

[ A Vehicle for Change ] Palace of Fine Arts Update

Backers of the two hotel proposals for the Palace of Fine Arts have backed out of the bidding process. One proposal remains and there is still much work to be done. The RFCP was flawed in that it placed the burden of $20 million dollars in upgrades on the prospective tenant.
"Two of the three qualifying respondents, TMG and Equity Community Builders, have now informed the Department that they will not submit final proposals as contemplated by the RFP. Their specific proposals were reliant on leveraging Federal Historic Tax Credits as part of a financing strategy. After further analysis TMG and Equity Community Builders have each independently concluded the ability to obtain federal tax credits is not sufficiently certain due to potential historic preservation requirements that could significantly limit or eliminate the windows necessary for lodging.
The Department is continuing with the RFP process with the one remaining party who qualified, SFMAP. SFMAP’s final submittal will be due on May 20, 2016. The evaluation committee and the Department will carefully analyze that proposal under the terms and conditions of the RFP to determine whether the proposal satisfies all necessary criteria and whether the Department should proceed to negotiate with SFMAP or pursue alternative options for the building."
Before any future use is proposed, the building should be restored.

Thanks to everyone who has contributed to the collective voice thus far.

You may still join this effort by signing the original petition and joining the facebook group.

--- MMT

Related :