there is some question as to both the condition and as to whether this forward as a full stare down -- tear down. there is not the option 82 recapitalize or improve conditions. this is a combination of people, housing, community. this is about a lot more as we touched on than just the new

shrieks, etc.. this is it is a tremendously vital and complex initiative in the human capacity at the sites and buildings. we are putting some money in to support the social infrastructure. we have completed our third academy graduation at city hall last month which as been a very successful program.

there is capacity building around the process of development. the housing model provides a one-to-one replacement. also relocation and displacement and develops a range of housing. they will also build housing times that are indistinguishable from each other. the pie chart you see there represents the currently closed mix of housing. we aren't focusing city investment which is at the core

of what we are doing. the board asked a resolution committing $95 million which i believe is 20 years to the program. as importantly with the state of california and some federal sources. with $40 million that we have

received in the states as well as $10 million for the redevelopment agency, this is the leverage public funding. this is 6 financing from the department of financing and urban development. we have unsuccessfully done that a few times before. last year, we were close. while the state budget has not been necessarily rectified, the state dollars has.

these are some of the existing conditions. you can see not only are the conditions extremely poor but at their best. this site was poorly designed and for the housing residents. this is looking like a train wreck from above. here is an image of the proposed new plan. there is up to 800 units of mixed income housing. a real leader in terms of green building and the development program.

this is a diagram of the existing site and its connection with the surrounding community. phase one is moving forward with financing and this is moving forward now. lastly, a summary of the financing and which demonstrates the $75 million of development funds.

this concludes my portion of the presentation. we can talk more about the technicalities. we also have an except and extend for $30 million as the project proceeds. >> thank you. >> we are asking for parsley 38 million -- for $38 million to fund phase one and two. we cannot expect to issue this in 2012. as articulated earlier, need to

have and commitment for the abilities commitment to this fund. we have been working with the mayor's office of housing. they need approximately $1.9 million by the end of the year. this transaction is similar to the previous transactions in this scenario, we are leasing two aspects. we of also included certain other city came to -- city property. of the aggregate of the key is not sufficient to support the debt.

and we expect to have approval of the statement following the issuance and that point we will support an additional property. we have a reserve fund. these are all estimates. some might need to fund a reserve fund. this is a conservative estimate that allows you to support the program. with that, i would be happy to answer any questions. >> tables one and two on pages

five and seven of our report show the funding sources and uses. the total estimate a cost is $258 million. regarding the debt service based on an annual interest rate of 8%. total debt service of $82.1 million including interest payments of $46.9 million and the principle of about $35.1 million. on page 9 of our report, the real estate division had not finalized the estimated to value of the two police stations which would serve as collateral.

not all of the funding has been secured specifically, there is a question on a $20 million fund which has not yet been rewarded. for those reasons, we have considered approval to be a policy matter. the other items we consider to be a policy matter for the board. >> thank you very much, mr. rose. >> i should have added that we are assuming this should be taxable debt.

in working with our lawyers, this might be tax exempt. >> thank you very much. item number 11 is a confirmation. this is a program $38 million. let's open this up for public comment. >> i have been given just two minutes and i'm the only speaker. we have been following these for a long time. let's focus on what is there to

be stated and not make statements that the housing which was built by the department of defense, if we go to the jon stewart co., there are days when somebody got fired from fannie mae and they made a lot of money and someone is not respected. what he supervisors should do it is that you did not want property managers to be involved in huge development where they get millions of dollars from the state. they had a lot of money and john stuart employs over 1000 employees.

what we need in the bay view is for local people to build those houses. this would have been the opportune time for -- to come and speak on behalf of the constituents. this is an area where over 50% are unemployed. people i've been promised this, that, and the other. nothing is happening. we need you to put this back up. is there any other member of the public that would like to comment?

a motion to move forward with recommendation in that passes without objection. that is our agenda, is that correct? >> we are adjourned. the biggest issue in america today? segregation still exists... racism... the repression and oppression of women the educational system stem cell research homeless people cloning government health care taxation announcer: so, is there anything you're doing to help make a change? i'm not really doin' anything. ummmm [sighs]

got me on that one...

i'm the president of friends of mclaren park. it is one of the oldest neighborhood community park groups in san francisco. i give a lot of tours through

the park. during those tours, a lot of the folks in the group will think of the park as very scary. it has a lot of hills, there's a lot of dense groves. once you get towards the center of the park you really lose your orientation. you are very much in a remote area. there are a lot of trees that shield your view from the urban setting. you would simply see different groves that gives you a sense of freedom, of being outdoors, not being burdened by the worries of city life. john mclaren had said that golden gate park was too far away. he proposed that we have a park in the south end of the city. the campaign slogan was, people need this open space. one of the things that had to open is there were a lot of people who did a homestead here, about 25 different families. their property had to be bought up. so it took from 1928 to 1957 to

buy up all the parcels of land that ended up in this 317 acres. the park, as a general rule, is heavily used in the mornings and the evenings. one of the favorite places is up by the upper reservoir because dogs get to go swim. it's extremely popular. many fights in the city, as you know, about dogs in parks. we have 317 acres and god knows there's plenty of room for both of us. man and his best friend. early in the morning people before they go to work will walk their dogs or go on a jog themselves with their dogs. joggers love the park, there's 7 miles of hiking trails and there's off trail paths that hikers can take. all the recreational areas are heavily used on weekends. we have the group picnic area

which should accommodate 200 people, tennis courts are full. it also has 3 playground areas. the ampitheater was built in 1972. it was the home of the first blues festival. given the fact that jerry garcia used to play in this park, he was from this neighborhood, everybody knows his reputation. we thought what a great thing it would be to have an ampitheater named after jerry garcia. that is a name that has panache. it brings people from all over the bay area to the ampitheater. the calls that come in, we'd like to do a concert at the jerry garcia ampitheater and we do everything we can to accommodate them and help them because it gets people into the park. people like a lot of color and that's what they call a park. other people don't. yu