Is this arrangement a “Transit First” kind of deal?
Sure, why not.
Will this arrangement please Mayor of Chinatown Rose Pak?
Only Time Will Tell.
Anyway, all the deets, below.
“Board of Supervisors Approves New Lease with Community non-profit Portsmouth Plaza Parking Corporation for the Portsmouth Square Garage – Chinatown based non-profit will operate the Portsmouth Square garage for the next 40 years.
SAN FRANCISCO – The San Francisco Board of Supervisors unanimously approved a 40-year lease with the Portsmouth Plaza Parking Corporation, Chinatown based non-profit for the operation of the Portsmouth Square Garage.
The lease, which was sponsored by Board of Supervisors President and Supervisor for Chinatown, David Chiu, will ensure that the garage will continue to be overseen by Chinatown community leaders. Under the terms of the lease, the Recreation and Park Department will receive all operating profit from the garage while the Portsmouth Plaza Parking Corporation operates the garage without receiving a management fee or share of the profits.
“In 1962, the Chinatown community banded together to build the Portsmouth Square Garage,” said Recreation and Park Department General Manager Phil Ginsburg. “Today’s approval means that this neighborhood asset will remain in the hands of the residents and businesses that it serves for generations to come.”
The Portsmouth Plaza Parking Corporation was founded by Chinatown business and community leaders in 1960 in response to the growing need for a parking garage in the neighborhood. Since that time the non-profit Board of Directors has constructed, financed and operated the garage for nearly five decades, all without ever receiving any compensation.
“For 50 years the Portsmouth Plaza Parking Corporation has served the Chinatown community both in operating this garage and in providing small grants to other community based non-profits,” said President Chiu. “For the next forty years, this community non-profit will provide high quality local jobs, help develop the Chinatown and San Francisco economies and support the numerous non-profits that provide services to Chinatown.”
Built in 1962, the Portsmouth Square Garage has 504 parking spaces and generates approximately $1.3 million annually to support the Recreation and Park Department. The Garage is one of five City owned garages operated by non-profit Boards including the City’s two largest Garages, the Fifth and Mission and Sutter-Stockton Garages.
“Our Board and the entire Chinese Community are pleased that the Board of Supervisors unanimously approved the new 40 year lease,” said Jerry Lee Chinatown based Attorney and Treasurer of the Portsmouth Plaza Parking Corporation. “Now comes the challenge of updating the garage to increase parking, energy efficiency and revenues to benefit both the City and community.”