>> it's not like we could make a decision here at the board of supervisors to do that. >> that's correct. certificates would not be approve bdity voters but general preservation bonds and historic preservation bonds would. >> does the port issue its own bonds? >> yes. they can issue revenue bonds. as you may recall we did just issue revenue bonds earlier in the calendar year. so that tells you that our balance sheet is not all that deep if you will. but we have been anticipating issuing bonds in another year to two in help to fund the crewship 2027. >> how is your credit rating?

>> our credit rating is good. we're a strong a credit. so to your point -- >> you expect any changes in your credit ratings based on decisions that we're making here or your loss of revenue might have at a future time do you expect the loss of revenue would have an impact on your credit rating and your ability to do bond, indeadness ? if -- indebtedness? >> the credit analyst for the credit agencies would take the term sheet and assume that we lose every pier that is mentioned in there and every c wall lot and that would be in ex-is sess of the revenue that we just mentioned and that would create a technical default on the bond covenants.

it's incumbent upon us to approve at a scenario that replaces at least a fair portion of that revenue or we will have a credit impact. >> do you feel significantly assured going forward that you're going to have the ability to influence the decisions the reimbursement showing that you have the kind of revenue that you need to have coming back to the port to be able to do the enormous amount of capital improvements at the port separate from the world -- from the american cup events? >> that's a very interesting questions. all of those approvals would have to come through this body. i'm hopeful that in light of this conversation that we would have the support of the board of supervise ors. i know thea with have the support of the mayor's office to try get the port to the

position it is that it can even contemplate doing this. >> yet, the mayor is not going to be here -- this mayor won't be here a long type. so it will be the board of supervisors that will -- many might not be here either at the time. >> i have noted that. >> so thank you, director moyer. >> colleagues, i do have a lot of concerns about -- about this resolution before us today as well. and you know, we have a whole process how we do our work here where we often want to follow the rule of the law in terms of approving projects, approving term sheets and approving sequa guidelines for projects.

i feel like we're jumping the gun on this to roll out the red carpet. once again in this case, roll out the red carpet for one of the largest billionaires in the world. and i have a lot of misgivings about doing that especially because there are a lot of known unknowns in the project. so i feel most comfortable certainly hearing the fiscal feasibility and budget committee. but to me, i would like to see some analysis on the term sheet. i noit it's a nonbinding thing. but i have concerns of what we can approve today that it's almost a foregone conclusion for something that's going to be not necessarily as flexible as we'd like to it to be in terms of asserting the financial concerns that we have as a board and as a body.

so i'm trying to figure out how we want to move forward whether i want to send this back to committee or send a portion back to committee for consideration but that's where i am right now, colleagues. >> supervisor mark? >> yeah, thank you, mr. president, i wanted to thank mcmcclellan for the work on this and i look forward to the answers of the dwheas supervisor daly has raised. i wanted to thank you supervisor maxwell and daly. but i feel this is important that we need to have full transparency in the process especially from the supervisors who's districted is impacted. this is a city wide impact but the most impacted will be the low income areas. i want to see the impact on the general fund. i also wanted to thank mr. mark

buell for taking on the mammoth job of raising the huge amount of money that the organizing committee has to make. i do note there are a number of environmentists like david festa and paul hawkins, david lewis and a number of others. and i would encourage that local environmental groups would be involved as we go through the environmental analysis as well. i just had one additional economic question. if the acoc cannot meet its goals, is there a back-up plan if the fees cannot be raced in time from the city department? >> the short answer is no.

that the fully born by the america's cup organizing committee. they would have to work very, very closely with that organizing committee in order to essentially sell the benefits that would be part of -- that would be part of that $270 million for sponsorships. if that -- if that money then in the acoc under mark has pledge to do their very best to do that, it's our understanding that if we don't meet certain milestones that the city is deselected. there are no financial exposure to the city. there is no penalty. there is nothing that obligates the city financially to do further activities. and the $270 million for corporate sponsorship is completely separate from the city and that it would be entering into a binding

agreement on its twerms the event authority in order -- in terms that is comfortable for it given the interconnected relationship that they would have. >> supervisor compass. >> thank you, mr. president. just a question for the staff, if the chair and thinking of some of the issues have been raised. as one who would like to see this ept go forward, i'm wondering if for purpose answering these questions given the very short timelines that instead it could go to committee maybe a continuance would be preferable. >> kari mcclellan. supervisor campos, the world is literally watching these deliberations today. i kid you not we have folks from all over the world who are passionate about seeing san

francisco be successful in this effort. and the team has been ungive cal with us. -- unequivocal with us. we have noted that we are competing against nations and that san francisco and our honorary committee that includes members of our state delegation as well as the speakers, senator finestein. we are really doing this on behalf of the nation. and today is the opportunity to find out if whether or not the offer that we have put together is how we would like to proceed in negotiating binding agreements. we do not feel in good conscious that we could be more aggressive than what we have put before you. and at this juncture we are seeking your feedback and the opportunity to go forward with the team and put our best foot forward. so i cannot recommend or

suggest that putting this over would billion to our benefit. i can assure you it would be to our detriment. >> ok. thank you. >> i'd like to speak this issue for a mofmente -- moment.

>> thank you, colleagues. i want to speak to this issue for a moment. i think after the hours that we spent at land use yesterday and the several hours that we spent this afternoon, it is absolutely true that there are details that we do not yet know about the nature of the specifics of this plan. but let me just reiterate a couple of points. first of all, we know that this plan is at preliminary design stage. we know it's going to continue to change and evolve as the americas cup team and all the regulatory body including ours reviews these plans we also know the city, san francisco, is going to continue to conduct a very rigorous environmental review of the regatta. and we're going to have sequa

review for these plan elements. if we are lucky enough to get there will be working with the public and the stakeholders. we were assured that all the neighborhood associationsa, the -- associations, the entities are going to be involved in this process. we are going to design an event that are going to deal with all the issues that we have right now. if we wait this will not be a good sign to the americas cup team as we are competing with two countries. we are representing the united states. we are representing the city of san francisco. we're representing the state of california but we are representing the entire country as we compete against spain and italy. and so colleagues, i ask that we put our best foot forward. i think the issues that have

beened have been good. but our internal steam taking all these issues to heart and they will work with us and work with all of the stakeholders to make sure that we do this right. so cloges, i'm not sure if there as been a motion to continue made. but i would oppose that and ask that we move this forward. >> there is no motion except for the item before us. >> supervisor campos. >> thank you, mr. president. i think one issue that would make me feel comfortable is maybe we can hear from staff what if any involvement the office might have with this matter? >> supervisor campos, the host city agreement which would be

the binding document would be subject to budget review. we were told that the term sheet was not subject but that a binding agreement would be if we were trying to make any -- any commitments based out of this document. further more we are coming to budget and finance with a fiscal feasibility study. i assume that that would be subject to budget analysis review and critique. we're certainly not going to develop them without the controller's office. >> i understand that, but i mean, i think the question remains, what is wrong with the budget analyst office having some involvement at this point? >> our understanding when they received this item a week ago was that it was not subject to review because there is nothing that binds a city to do anything and that term sheets often are not binding.

that was my understanding. and we are rying to -- we're trying to as mcclellan lan has said and see if they can move forward into negotiations taking into account everything that is being said that would inform the next document that would be a bindingdom document. it mite be multiple documents. but all of them would come back to this body. >> i still don't think it answers the question i asked but i understand the point. >> supervisor? >> thank you, mr. president. supervisor campos is correct in the question and that's why in my remark i mentioned the notion of us having a hearing within three weeks. if i didn't say so, i should

specify now that my asurpgs is that hearing is predicated on a budget analysis report. this seems be unrealistic of an expectation i'd like to know that now. but this is something that, one, i believe it's necessary. two i also believe there are going be so many it rations that this process has done well and right that the first it ration would be significantly different than probably the last it ration of this process. so i'm prepared in roll call to introduce this hearing off the fly to formalize this request and this process. >> colleagues, is there any additional discussion? seeing none if we could take a roll call vote on the underliing item.

>> item 39. >> aye. >> supervisor alioto? >> aye. >> superpresident chu. >> chu aye. >> supervisor daly. >> no. >> dufty? >> aye. >> elseburg. supervisor mar. >> aye. >> supervisor maxwell. >> area. there are nine ayes. >> thank you for participating in our democracy. we have a lot of items here. we have a number of 3:30 p.m. accommodations which i would like to move to the miracle mile at 3:00. i would like to move to the 2:30 item. ly take them in the the order

in which they are in agenda. the tentative parcel map discussion will be next. i think it is likely that the 4:00 p.m. items that have been scheduled will not be heard until at least 5:30 or so. if we could go to our 3:30 special commendation. there are colleagues that would like to make commendations. >> thank you very much, president chu. >> i am honoring a constituent mr. ron blackman. i do want to make sure that mr. blackman is here. oh, great. one moment, please.

hi. all right. ron. come on up. stand near the podium. i'd like to take this opportunity to commend one of my constituents whom i'm very proud to represent, mr. ron blackman the executive producer of the film series "saving the bay." it's a series of four one-hour episodes highlights the geological, cultural and developmental history of the san francisco bay. it was narrated by robert redford and takes viewers on an unforgettable jurn journey around the waters of the san francisco bay and the watershed. it's premier on kqed had the highest rating of any pbs program in the nation. in addition, ron has taken an

active roll within his neighborhood in district two. he's the president of presidio heights. whoops, association of neighbors, fans. i can't thank you enough for your dedication to the bay and to san francisco. our most valuable resource and treasure is the san francisco bay. this series is a true treasure and it will continue to raise awareness to the san francisco bay for generations to come. i do want to say that i think you should send a copy of it to our president of the board, president chu who sits on bcdc. you could probably teach him something. i mentioned it to him earlier. i also wanted to let you know that i heard you on pbs the other day on m.p.r., giving them away for free during a pledge drive. i think you have a short clip to show us. and i would love it if you would make some remarks.

>> well, michela, thank you very much. part of my checkered past is that i've worked in this building a long time ago. we won't get into that. i'm a native of the city and it's something that took seven years to make. the good news is that it turned out very well. there are lesson plans from fourth to 12th graders. there's been so much interest by government sbis the, community groups that there are things in the works about making this an ongoing project. last thing i'll say is that pbs liked this enough that they're going be running the series over four weeks in april nationally. it's a great advertisement for san francisco and coincidentally with the discussions you just had about the america's cup. it's going to be four hours primetime talking about our beautiful bay. so what you're going to see is the first four minutes of the

series which will give you a pretty good idea of what it's about. >> great. thank you. >> in november, 1769, before the british colonies of north america were united states, before the settlement of english newcomers had pressed beyond, a small party of spanish soldiers were lost opposite the shore. they were in search of an elusive port called monte rey. but wandered instead into an idealic world, a world inhabited were deers the size of horses and trees they simply called redwood.

but where were they? the sea stretched far climbing the hike of a peak to investigate, they were astonished by what lay before their eyes, a marvel of nature wrote one early visitor. a harbor of harbors. large enough to hold all the navies of the earth. >> san francisco bay is obviously the most beautiful natural bay in north america. there's nothing that has its scope, its beauty and its setting. >> a wonder expanse of blue peace in the midst of a tremendously developed urban areas where factories and houses and high-rises. but the bay remains.

>> the san francisco bay is absolutely magic. its grace value is almost its spiritual value. that's what makes the bay area so profoundly different. we are right at the edge of wilderness all the time. >> it truly is a place that has unique features, protecting and restoring back to something closer to what it was. we'll never really put it back the way it was. but we can certainly make it better than it is today. >> this is the story of the san francisco bay from its birth at the end of the last ice age, to its rebirth in our own time. it is the story of an environment and the forces, influences and people who have shaped it. from a 5,000-year-old culture

that once thriveed on the shore to the gulf seekers in the america west. it is a story of dreamers and schemers. the story of the power of industry in the 20th century to produce engineering marvels in a vast ecoo system. this is the story and rediscoverry of one of the greatest shores, how it was nearly lost and how it may yet be saved. the ongoing story of saving the bay.

>> ron -- [applause] >> thank you very much. i don't think it would pass by anyone the significant of the fact that we showed that clip right after the conversation of the america's cup. i would like to thank you. it would be a beautiful place to watch 72-foot catamarans racing against each other as well. environmentally safe too. thank you very much. >> thank you. >> it is my honor to present the next presentation.

i'm wondering augustine are you still here in the audience. my apologies i do not have a film for you. but think of if you could imagine it's getting close to dinner time. so think of the images, anti-pasto, calamari, ravioli, pizza, spaghetti. and think of the best italian restaurant that many of us know in north beach. i'd like to pride in representing a direct with some of the best restaurants in the city. but i wanted to commend the 75th anniversary of t morvings as'. i think some of you know this restaurant because when you ask me where can you go to have family-style italian food, i recommend this one. it's not just the amazing food that they serve every night but the history of this restaurant. in 1935, they broigget brought the first -- brought the first wood fire pizza oven, quite an

even. it was the catalupo family that started lupo's restaurant. they ran it for many years until 1971. at which time they had a very san francisco story. they had a chef, tommy chen, a chinese-american who took over the restaurant. and tommy decided to change the name of the restaurant to an italian-ated version of his name. which is how the name tomso's name came to be. his wonderful family with tommy decided to take over that restaurant. and for many, many years they have been serving not just the residents of north beach but the residents around the world. it's a tremendous feast. just some of the folks that have eaten at this restaurant, robert duvall, francis copola,

herb lucas. herb cain as well as everyone who represents the best of what we have here in san francisco. so with that, augustineo i want to thank you for carring this tradition and we look forward to eating many good meals for this next 75 years. congratulations. [applause] >> thank you very much. it is a great honor. i really appreciate it. >> that's it? >> that's it. thank you. [applause]