-- oewd has not had the benefit of the community involvement at the port has seen over the years. i want to be sure that everybody, oewd, the port, everybody understands that the community has a huge stake in all of these projects. the blogosphere, for the past weeks, has been unbelievable about the arena at 30-32. community want to be involved. they have a tremendous amount of knowledge and information about what worked at the ballpark, what has not worked, the kinds of things that we feel need to be done better, if we're going to have an arena at 30-32, we have a cumulative impact with the 337 mission bay of arena project and pier 70 on top of

it. please do not forget us. thank you. >> alice rogers. >> luckily, curran has spoken to every point that i need to make. i just want to reiterate, as part of the board of the south beach ring, mission bay neighborhood association that we have had a good relationship with the public agencies we have dealt with and would sincerely hope to be included at the table through the long course of the negotiations to develop this project. having lived here before the giants stadium was built, i can tell you the medications are exceedingly important. they have that work well with

the giants and i think we can do better. thank you. >> thank you. toy levin. -- toby levine. >> i am the central co-chair of the waterfront group. i absolutely agree with alice and curran for what they have said, but i also want to that, in terms of pier 70, as you all know, it is an incredibly complex project that requires a great draft of know-how and information, finesse, all kinds of things. i would hope, if in fact this does transpire, that the mayor's office of economic and workforce development really plan on gearing up. that means they will have to hire new people in order to undertake all this work.

i just hope they have been informed -- especially pier 70 -- about the complexity of the project, if in fact they are able to bring together resources that are needed to complete the project. i hope some caution will also be delivered to the mayor's office. thank you. >> thank you. ernstein weiss. >> good afternoon, everyone. i wholeheartedly approved of the warriors coming here and the giants. as you know, i supported them from the get go. that is where your money is. it is not on this little part of washington that you are making a big deal of which is going nowhere.

i agree with korean. you should listen to the people in the community. they know better than you what fits. as a matter of fact, as a creator of open space parks, i had the vision and leadership to know that we needed open space here. we do not need development that is deleterious to the port and the neighborhood. please listen to the people, look at the amount of people here trying to help you do the right thing. i told willie brown the port is where the money was years ago. that is how we got all this development. pleased to listen to me. that is where the money is. concentrate on seawall lot 337 and tier 70. that is a gift that you cannot replace. thank you. >> thank you. is there any further comment on item 90? -- 9b?

commissioners, any comments? >> i do want to point out, as was noted earlier by director -- that we will have a good working good workingmowd to work on this project and we will be having similar reports at the port although not necessarily under the port's jurisdiction, we will be getting updates and there will be opportunity for public input. i feel confident we will have strong opportunities to hear from the public and which should be an exciting opportunity for all of us. >> any other comments? >> these are all developing -- exciting developments coming to our city. we certainly look forward to working with all parties involved from the point of view

of the commission and i think this will be a collaborative structure going forward between the port, commission, staff, and mayor's office. i think we are ready to take a vote. all in favor? aye. ok, resolution no. 1248 has passed. thank you. >> 9a. request adoption of the california environmental quality finding in connection with the development of a trillion dollar lot located at washington street and the embarcadero having an address at 8 washington street together with seawall lot 351 by san francisco waterfront partners, a delaware limited liability company. request approval of the disposition and development agreement, lease #l-one of 5110 for a term of 66 years, purchase and sale agreement, and made its agreement, allwood served as the

water from partners, a delaware limited liability company, trust exchange agreed with the california state lands commission comment and schematic drawings, all in connection with the development of seawall lot 351 and adjacent private parcel at 8 washington street located on the embarcadero at washington street. >> good afternoon, commissioners. my name is still williamson, project manager 48 washington. i am happy to present staff recommendations to adopt the required to " findings and to approve the transaction documents for the portion project. a remarkable opportunity to realize the vision for the waterfront area so well described in the waterfront land use plan. specifically, today you will be us to approve the ceqa findings, including mitigation measures and a mitigation monitoring and reporting program based on an eir that has been certified by the planning commission and

upheld by the board of supervisors. you will be asked to approve the prince the transaction documents consisting of the disposition and development agreement, purchase and sale agreement, the lease, maintenance agreement, and filing of the trust exchange agreement. since 2008, staff has been working toward the development of seawall lot 351 to fulfill the port's water from land use plan for the site and for this part of san francisco. previous resolution provide important background information about the port's actions regarding the project and related planning efforts as shown on this slide. in 2008, the port commission authorize issuance of request for proposals. in 2009, the resolution of the port commission awarded the negotiation and agreement with the selected developers waterfront partners to represent them today by simon and alicia.

over these past several years, court staff and sentence is the water from partners have worked diligently towards a project that today we are pleased to present for your consideration and approval. a product we believe represents the best opportunity to promote public trust objectives and to realize the vision of the waterfront plan by, among other things, creating important new visual and pedestrian public access, achieving a long-term solution to parking needs of the ferry building, the rebuilding area, improving the visual quality of the area by locating parking underground and creating an attractive excuse development that enhances the land side of the embarcadero and connecting san francisco with its waterfront. it also creates new parks along the embarcadero, enhancing the water from visitor experience, provides visitors with retail services, including a cafe and other restaurants, creates new

viewing corridors through the project, and creates significant structures that recognize, respect, and compromise -- complement the historic structures found on the waterfront embarcadero. since seawall lot the 51, shown in red, comprises just a portion of the larger 8 washington project site, to achieve these benefits we just discussed, proposed project is premised on the trust exchange. the proposed exchange involves removing the public trust for approximately 23,000 square feet of seawall lot 351, which is known as a trust termination parcel. exchange for the imposition of the trust on approximately 20,000 square feet of adjacent property that is not subject to the trust today. the city has the authority subject to state lands commission approval, to exchange city property subject to the

trust with public or private entities or property not subject to the trust should the state and state lands commission determined the land going out of the trust meets stringent requirements. on this line you will see the requirements that seawall lot 351 does meet, including the trust termination parcel has been filled and reclaimed, that has been cut off from access from the waters of the day, the trust termination parcel represents a relatively small portion, less than 0.07% in this instance, of the granted tied and submerged land that the port maintained on behalf of the state. the trust termination parcel is no longer needed and record for the promotion of the trust. the trust termination person can be removed without causing substantial interference with other trust users. finally, the trust partner -- parcel has a value equal or greater to the dow the ration of

the termination parcel. the trust termination parcel as shown to be value of over $7.5 million. the parts of the port will be receiving as a trust parcel has a value add over $8.6 million, satisfy that requirement. the public trust exchange makes possible the sale of the majority of seawall lot 351 to san francisco waterfront partners. for this sale, the port will receive a $3 million payment upon products stabilization, which is expected to occur in march 2016. additionally, the port will receive transfer payments equaling one% of the purchase price in perpetuity from and after -- not including the for sale of each of the residential condos and commercial condominiums, excluding the new health club. as a component of the land payment, the developer will also pay for $120,000 a year for 66 years, commencing upon

completion of the public improvement projects. this is adjusted every five years by the cpi, with a minimum increase of 10%, and a maximum of 20%. also, the developer will complete the public improvements and manage them bear responsibility for all costs of operation and maintenance. the developer will execute a 66- year ground lease for the construction and operation of a 4000-square-foot retail trust parcel to be operated as a restaurant or cafe. it could also be used for recreational purposes, such as a bike rental facility. during construction, the developer agrees to pay the port $60,000 a year as the construction period ramps. san francisco waterfront partners will petition to annex their property into a project area of a port wide ifd, infrastructure financing district, in a requirement for

terminating the parcel. this is expected to generate annual tax increment of $3 million. based on this it and subject to agreement with the city, the port is drafting an infrastructure finance program for this year that would impose a disposition of this increment. the plan, subject to board approval, will propose reimbursing the developer for up to $5 million of qualified project costs for public improvements. at products stabilization, ifp will direct 50% of available tax increment to the general fund and allow the port to utilize bonds as debt service and debt service coverage. the project's financial benefit to the city are significant and include $2.8 million in new annualized taxes and revenues and onetime payments and fees in excess of $15 million, as shown on the slide.

in summary, the proposed transaction guarantee short-term payments come enhanced long-term lease revenues, and provide support with new mechanisms to participate in the long-term appreciation of this real estate asset. given the current state of the real estate and finance markets, the finance structure realizes the belly by excepting payments and stabilization and receiving long-term stabilization come equipped to $13.3 million in net present doubt you. a major document relating to the trust exchange, a conditions to convince of the trust parcel and termination of the trust parcel between the port and developer include the dda, between the port and developer, a lease between the port and developer for the trust resell parcel, purchase and sale agreement governing the conditions for the

conveyance of the trust parcel, trust exchange agreement between the port and state lands for the realignment of the trust within the site, and in its agreement between the port and developer for the maintenance of the open space parcel. in brief, here is more detail on each of the agreements. dda cover and a condition that must be satisfied prior to the port leasing the trust to retail partners. the obligation of the developer to instruct their retail improvements on the treasury parcel and remainder of the site. commissions on the delivery of the product improvements, terms of conditions for public financing. anticipated relevant dates in the disposition and development agreement include execution this summer. the closing of the escrow in the fall and summer. commencement of construction next spring, april 2013.

completion of public improvements in october 2013. note, the developer may extend for up to two six-month periods the term of the cause of escrow with the payment of $50,000 for each six-month period. more information on the lease for the retail cost parcel. 66 years in turn, are approximately 4000 square feet, permitted uses as mentioned, recreation, restaurant. construction rent at $60,000 per year. once construction is complete colorant of 15% of gross revenues from the operation of the site. purchase and sale agreement in more detail. port will convey portions of seawall lot 351 from the trust under the terms of the psa. san francisco waterfront

partners will forward their proceeds to the psa. set in the water from partners will develop the private improvement and record a parking covenant that permit restricts a portion of the parking garage. the trust exchange agreement, as mentioned, is with the state lands commission and the port and set forth the terms under which the state lands commission approves the trust exchange of the site. the maintenance agreement again guaranteeing, for 66 years, the census to waterfront partners will maintain and operate the open space improvements. the project documents have many guarantees, listing them here. significant guarantees included a guarantee as a $3 million land payment. guarantee of the replacement parking remedy, termination fee guarantee that obligates the

developer to pay for a liquidated some of $250,000 should be dda and psa terminate before escrow. finally, completion guarantee for the lead-free public improvement. >> because of the competition from commuter parking in this area, parking for visitors is an important consideration for poor attendance in the ferry building and nearby areas of the northeast waterfront. since the opening of the ferry building, parking resources have been lost, including ferry plaza, and the july 2008 closure of the pier which had 40 spaces capacity. since the closure, the port has made many changes to parking in the vicinity, including expanding valet service in front of the ferry building, expanding the availability of street parking by adding additional spaces on davis street, moving

farmers trucks off the streets, especially on washington street, and installing higher technology meters that allow for demand pricing and can control the demand and supply. several other parking resources are expected to go away in the near future, including parking surrounding the agriculture building, up to 72 spaces, and that is associated with the development of the downtown very terminal, and the redevelopment of 75 howard parking garage, which there is a speeded commercial development on that site which would eliminate up to 500 spaces. parking at ferry plaza, pier 1 have an average of building are all consistent policies in the waterfront plan to locate parking on the op plan side of the embarcadero. parking for the public and residents of the project will be provided in a parking garage on three levels below the proposed buildings that form the project

southern edge. the proposed parking garage would include up to 389 spaces, including up to two her 55 public spaces to serve the very building area, on-site retail, and health club uses, and up to 127 spaces for residents. of the 255 public spaces, a maximum of 175 spaces will be reserved to serve the ferry building area, achieving a long- term solution to parking needs of the ferry building and other businesses in the area, as well as the central park and location for visitors to the northeastern waterfront. parking garage improve the visual quality of the waterfront area by locating underground all of the currently existing spaces on the surface of seawall lot 351. burke furthermore, the completion of the project -- after completion of the project -- excuse me. up to two years following the sale of the last residential condominium, the port will have the right to purchase a portion

of the public parking garage, accommodating the less than 175 cars. convenient and efficient pedestrian access to the public parking garage would be through an elevator entrance along washington street, enter to the east of the residential lobby, and an elevator entrance. elevators would connected private residential underground garage to the ground and upper floors of the proposed residential buildings. vehicle access to the parking garage would be through a two-we ran directly off washington street west of the residential lobby entrance. the curb cut along the embarcadero would be eliminated, enhancing safety for bicyclists and pedestrians by removing conflicts. presented by vehicles that must cross the bike lanes. the project include 161 bicycle parking spaces and six cars share spaces that would be

provided along with showers and lockers for bicyclists use, recognizing the bicyclists continuing emergence as a primary means of transit for area workers, visitors, and commuters. a parking agreement with the master tenet with the ferry building was executed in 2001 to provide parking spaces to visitors at the ferry building a number of locations including seawall lot 351 and the golden gate with a garage. given the ongoing retail business in the ferry building iraq, parking may be temporarily impacted during the construction of eight washington. as shown on the table, ports that is working with stakeholders such as the ferry building to maximize parking availability during construction and the bill port obligations under our parking agreement. staff has been discussing this proposal with the ferry building and is hopeful we can reach agreement for the interim parking needs and their long- term parking needs.

i would now like to discuss project action recently taken by the city's planning commission and recreation and park commission. including certify the final eir, approving the general plan and zoning map and then to allow increased site, a conditional use permit pursuant to planning code, making determinations of consistency with the city's general plan, the joint adoption by the planning commission and rec and park commission of a resolution establishing an absolute commitment limit for shadows on the part, and making a shadow impact of termination after review and comment by the san francisco rec and parks apartment and this commission. in addition, the rec and park commission determined at its joint meeting with the planning commission and the shadows cast by the project on to the urban park will not be averse.

based on detailed technical analysis, the additional new shadow is very small, and approximately 0.0067% of the total annual available sunlight for the park. the amount of new shadow would not significantly -- would not be significant, and a new shadow cast by the project would not adversely affect the use of the park and its facilities. as a lead agency for completing environmental review press -- complying with ceqa, before you is the final eir. before the port commission can improve the 8 washington project, it must review and consider the information in the certified final eir and approved findings in accordance with ceqa findings. ceqa findings are provided as an " attachment to the port resolution 12-46, and describes the project and final eir

completions regarding the projects it significant environmental impact, required mitigation measures come alternative measure and study in eir, reasons for rejecting eir alternatives, and selecting a project, an overriding consideration that outweigh any significant or environmental affects the cannot be met -- remedied by measures. as described in the ceqa findings, the product has been refined to reduce the number of condominium units from 145 units to 134 units with a commensurate reduction in vehicle spaces for the residents of the project from 145 to 127 because spaces, and the addition of one and a 34 bicycle spaces for the residents, in addition to 27 bicycle spaces for commuters. the bar mental effects of this program are just in the project variant impact analysis in the final eir. the required mitigation measures to reduce it significant

environmental effects of the project are the same as for the project variant presented in them mitigation monitoring program, which is provided in the attachment. the mmrp describes each measure how it can be committed by the sponsor of the port or other agencies or parties. the ceqa findings conclude that with implementation of the required feasible mitigation measures, all significant affects on the environment from implementation of the project would be eliminated or substantially lessened. all mitigation measures identified in the final eir that are applicable to the project are contained in the mmrp and recommended for adoption. in approving the ceqa findings, the port commission determines any remaining significant effects on the environment found to be unavoidable are acceptable to two specific or writing, economic, technical, legal, social, and other

considerations scribed below under conclusions and staff recommendations. a brief overview of project benefits to the city and region. the project has housing, new housing for the city, 134 units, the project also funds affordable housing. $8.6 million will be paid as an in mou payment to the city's mayor's office of housing. additionally, the developer is contributing $2.2 million to fund -- an additional $2.2 million to fund housing in the city. the project has parks and open space, as discussed previously. new neighborhood serving retail uses. the product really improved transportation, pedestrian circulation improvement on the site that are currently blocked. and the project has high land

use and urban design elements that redevelopment underutilized until sites currently consisting of a surface parking lot and a health club surrounded by a chain-link fence. finally, the product as the economic impact, including 250 construction jobs and 140 permanent employment opportunities supporting the new commercial uses. credit benefits specific to the port include -- continuing the ports effort that began with the ferry building, pier 1, to revitalize the waterfront and realize the vision of the port's waterfront land use plan, the pacific avenue corridor that will be reopened, substantial benefits including onetime payments and ongoing payments, revenue from the infrastructure