Wednesday, March 16, 2011

TAC 3-14-2011

The  above photo contains all the Taxi Advisory Council members except Jane Bolig and Bill Minikel's head. (Sorry Bill.) The seating arrangement is ad hoc because someone else was using the room. From the audience/public aspect it's infinitely superior to sitting at the end of a table where you can't see faces or hear anybody talk. It would be nice if they kept a similar arrangement in the future. But that's an opinion.

Most of the meeting was taken up with the TAC report to the MTA on the Pilot Program.  But first some numbers.

SF Credit Union as of 2-28-11
  • 65 Loan applications approved.
  • 0 Declined.
  • 45 Sales finalized that required financing.
  • 30 Borrowers had the 20% down payment.
  • 15 needed Down Payment Assistance.
  • $35,000 = Average Down Payment Assistance amount.
Taxi Services as of 3-14-11
  • 56 Medallions transferred.
  • 37 Transferred from a Medallion Holder to a New Buyer.
  • 19 Transferred directly from SFMTA to a New buyer.
Monetary Distribution as of 3-14-11
  • $4,496,077 ($250,000 -5% = $237,500 x19) to SFMTA from direct sales to New Buyers.
  • $1,387,500 (15% of %250,000 = $37,500 x37) to SFMTA from Seller to Buyer transferres.
  • $700,000 (5% of $250,000 = $12,500 X56) to Drivers Fund.
  • $100,820 in Taxi Wrap Fund which will eventually go to the Drivers Fund.
Random Facts
  • 7 Sales transactions closed since last report. 
  • 11 Approved
  • 235 Number of Medallion Holders age 60 to 64.
  • 174 Number of Medallion Holders age 65 to 69.
  • 409 Total of Medallion Holder age 60 to 69.
One interesting point is the fact no applicant has been turned down for  a loan. This is amazing in itself. But it is also a rebuttal to the those last year who argued against selling medallion because nobody but loan sharks would give cab drivers money.

These two sheets don't quite match up but the most significant number for many at the meeting was left out.
      20 Medallions have been given out to working Drivers who have earned them by being on the list.

Leaving this out made it look as if the SFMTA wasn't keeping it's word on giving one medallion to the MTA and one to the list until they both equal 60. But the actual count is:
  • 20 to the List.
  • 19 to the SFMTA.

Nonetheless the List is moving very slowly - a matter of great concern to Councilor Bill Mownsey and many others on the List who have been waiting for a decade and a half.

More on that later when we get into the actual report.

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