The Trust is managed by a 7-member Board of Directors. The Presidio Trust Has Made Significant Progress in Preserving, Protecting, and Improving the Presidio

		Infrastructure Improvements and Building Renovations

From 1997 through March 30, 2001, the Trust spent about $15.4 million to repair and replace the Presidio’s infrastructure, upgrading roads and grounds, telecommunications systems, electrical, and water and sewer systems. To preserve the Presidio’s many historic buildings and generate the revenues needed to achieve financial self-sufficiency by 2013, the Trust has spent about $23 million to repair and rehabilitate residential housing units and commercial buildings for lease. Mountain Lake Restoration

Mountain Lake is one of the few remaining natural lakes within the city of San Francisco. Working in partnership with the Trust, the Park Service developed the Vegetation Management Plan to preserve and enhance native landscapes and to extend the life of the park’s forest over the coming decades. While the Trust has been successful in leasing residential and commercial space, it still has a considerable amount available for rehabilitation and leasing. Similarly, the Trust has 2.2 million square feet of commercial space that could be made available once a decision is made on the use of the space and it is repaired or rehabilitated. Implementation Plan and Financial Projections Indicate That the Trust Should Become Financially Self-Sufficient by 2013

In July 2000, the Trust began a planning process to create a plan for the future development of its portion of the Presidio. Financial Self-Sufficiency Expected

As part of the planning process, the Trust used a financial model to prepare a financial projection for each alternative.
Why GAO Did This Study

The Presidio Trust--a wholly owned government corporation--was created in 1996 to manage a large part of the Presidio grounds using sound principles of land use planning and management while maintaining the area's scenic beauty and historic and natural character. The Trust is responsible for leasing, maintaining, rehabilitating, repairing, and improving the property it controls. The Trust must become financially self-sufficient by 2013.

What GAO Found

GAO found that the Trust has made significant progress in preserving, protecting, and improving the Presidio. It has launched major efforts to repair and upgrade the Presidio's infrastructure and to repair and rehabilitate residential housing and commercial space. So far, the Trust has converted about half of the former military buildings into useable residential and commercial space. The rehabilitation, repair, and leasing of the remaining 300 residential units and about 2.2 million square feet of undeveloped commercial space is critical to the Trust's efforts to achieve financial self-sufficiency. The Trust has also begun several environmental initiatives, including the cleanup of military contamination and the restoration of Mountain Lake--one of the few remaining natural lakes within the San Francisco city limits. The Trust is also working with the Park Service to revitalize vegetation throughout the Presidio and to replace aging trees in the 300-acre forest. The Trust should meet its goal of financial self-sufficiency by 2013, according to financial projections prepared by the Trust.