For those of you who are unable to attend the Taxi Advisory Council (TAC) meetings, here are the current statistics on the Medallion Sales Pilot Program, issued by Michael Harris, Investigations and Regulatory Affairs of the San Francisco Municipal Transportation Agency (SFMTA). The TAC meetings are held on the 2nd and 4th Monday of each month at 1 South Vanness Ave in the atrium on the second floor. Taxi drivers are encouraged to attend these meetings and participate in public comment.
Here are numbers released as of March 20, 2012.
Total Number of Medallion Sales
|
235
|
SFMTA Sales to Buyers: ($250,000 each, less
5% = 237,500) (57)
|
$13,537,500.00
|
Seller to Buyer, 15% Sale Price to SFMTA: (15% of $250,000 = $37,500 each) (178)
|
$6,675,000.00
|
5% Sale Price to Drivers' Fund: (5% of $250,000 = $12,500 each) (235)
|
$2,935,500.00
|
Total Funds Deposited:
|
$23,150,000.00
|
Taxi Wrap Fund Balance: $102,630.00
MEDALLION SALES PILOT PROGRAM STATISTICS UP TO C.O.B. March 20, 2012.
MEDALLION TRANSFERS
Medallion Holder to New Buyer:
|
178
|
SFMTA Held Medallion to New Buyer:
|
57
|
Medallions to List Since Last Report List: 1, To Date
|
54
|
MEDALLION SELLERS QUALIFICATIONS
Medallion Sellers Over 65 Years of Age:
|
114
|
Medallion Sellers Less than 65 with Permanent Disability:
|
65
|
Total:
|
179
|
Revoked/Surrendered Medallion Inventory - 3
SAN FRANCISCO FEDERAL CREDIT UNION:
Taxi Medallion Sales Pilot Program Qualified Lender Summary As Of March 31, 2011.
Summary of Total Activity Since Program launch on August 4, 2010
Number of Medallion Loan Applications Submitted
|
Total
|
% Of Total
|
Number Approved:
|
79
|
98.8%
|
Number Declined:
|
0
|
0.0%
|
Number Withdrawn:
|
1
|
1.3%
|
Total
|
80
|
100%
|
Number of Applications in Process:
|
23
|
Total Finalized Medallion Sales Financed:
|
Total
|
% Of Total
|
Number of Sales Finalized That Required Financing:
|
65
| |
Total Funds Disbursed to SFMTA:
|
$6.450,000
|
39.7%
|
Total Funds Disbursed to Medallion Sellers:
|
$9,800,000
|
60.3%
|
Total
|
$16,250,000
|
100%
|
Total Loan Fees Paid to Lender:
|
$33,675
|
Down Payment Assistance:
|
Total
|
% Of Total
|
Borrowers With 20% Cash Down Payment:
|
49
|
75.4%
|
Borrowers Needing Down Payment Assistance:
|
16
|
24.6%
|
Total
|
65
|
100%
|
Total Amount of Down Payment Assistance:
|
$537,500
| |
Average Down Payment Assistance Amount:
|
$33,594
|
Pilot Program Medallions By Color Scheme:
|
Number
|
% Of Total
|
Arrow/Black & White Checker
|
4
|
6.2%
|
Bay Cab
|
6
|
9.2%
|
DeSoto
|
4
|
6.2%
|
Luxor
|
12
|
18.5%
|
National/Veterans
|
2
|
3.1%
|
Regents
|
3
|
4.6%
|
Royal
|
2
|
3.1%
|
San Francisco
|
2
|
3.1%
|
Town
|
8
|
12.3%
|
Yellow
|
22
|
33.8%
|
Total Number of Medallions
|
45
|
100%
|
Total Gas and Gate Leases
|
28
|
43.1%
|
Total Owner/Operator (Affiliate) Leases
|
37
|
56.9%
|
Total Leases
|
65
|
100%
|
FOR QUESTIONS CONCERNING THIS REPORT, PLEASE CONTACT:
Rebecca Reynolds Lytle, Vice President of Lending
San Francisco Federal Credit Union
770 Golden Gate Ave., San Francisco, CA. 94102
(415) 359-2926
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