finding. finding 6 unrealistically high assumed investment return rate ofñihqj 7.66% is driv by concr mandate of city contributions with little regard for prudent management. this is a finding i would have to wholeheartedly disagree with. months of hearings that we had at the retirement board on an analyzing our investment return to suggest that it was done with jts regard for prudent management i think you would have had to be in that room with a blindfold on and ear plugs in. we had significant discussion about what it mentd for our pension fund. and quite frankly had very little discussion about what it meant for city contribution and i felt that was appropriate because we are trustees to the retirement system not to the city's general fund. and our job at the pension system as i always understood it as a trustee was to focus as a

fiduciary to our beneficiaries, not as a fiduciary to the city's general fund. so i would strongly disagree with no. 6. >> supervisor chiu: i would disagree:&jqkbu well. >> supervisor elsbernd: finding 7, again this is like no. 5, studies show that public funds with low risk investment policies performed as well or better than those with risk studies. that. other studies say the opposite but yes this statement is factually correct. >> supervisor chiu: i would disagree with that statement. i think the suggestion of that statement is that we should be looking at low risk investment policies and i'm not sure if i'm comfortable with saying that. >> supervisor elsbernd: fair enough. i appreciate it. we will disagree with that finding. all right move to the recommendations. recommendation no. 1, san francisco employees retirement system board addresses the 2 billion underfunding in the san francisco employees retirement system pension fund

by forming a high level task force a panel of experts and community groups to develop courses of action. this is a very specific finding and one i would disagree. i think the city has been proactive on this as evidenced by a number of measures passed by the electorate without such a task force, you have an elected board of supervisors, mayor's office, i don't think we need an additional layer to address this. >> supervisor chiu: i agree. last year with proposition c we formed groups of city officials and experts and community groups of public to figure out how to move forward. that is appropriate when trying to come up with a proposal but i think an ongoing continuous task force, we have an awful lot of task forces in the city so i would agree that's not something i would support at this time. >> supervisor elsbernd: recommendation no. 2, adopt a realistic and consistent formula for estimating assumed expected return rate. i would actually agree with this and frankly i think we already

do that. so i don't have an objection to this. >> supervisor chiu: neither do i. >> supervisor elsbernd: no. 3, san francisco employees undertake investigation and failure analysis study of investment policy report and rcht to the members of the public. i think we're already doing this and i'm more than happy to agree to it because it's been done and will continue to be done. >> supervisor chiu: has been implemented. >> supervisor elsbernd: okay. recommendation no. 4, investigate quantify and address all major risks in the portfolio and make this information public. same response i agree because i think this is being done, has been done and will continue to be done. >> supervisor chiu: correct. >> supervisor elsbernd: recommendation no. 5, investigate less volatile and risky investment policies that would attain sufficient returns to the san francisco retirement pension fund. once again, i think we are always looking to minimize our risk if we can achieve the returns that we need to achieve.

so i'm happy to agree with that. we are always looking for less volatile and less risky funds that achieve that return. >> supervisor chiu: agreed. >> supervisor elsbernd: then the last one, religious no. 6, replicate upjohn comparison studies using san francisco data to apply findings to the san francisco pension fund. with this one i would disagree. i think we are doing more than additional analysis and i don't think we need to plug our numbers into a formula put together by some other people. i think we do more than enough analysis and i would disagree with this recommendation. >> supervisor chiu: and for the same reason that i disagreed with finding 7 i would disagree with this as well. >> supervisor elsbernd: madam clerk, i think that fills in the budget analyst have we responded appropriately? okay. with those changes if we could send this item=jpy forward with recommendation, that would be the order.

any other items in front of the committee? >> alisa miller: no, no further matters. >> supervisor elsbernd: thank you everyone for your patience. we arei%( uíááy the city of san

francisco sfgtv meeting of the san francisco transbay joint powers occurring november 19, 2012 will begin shortly. >> good morning and welcome to the special transbay point powers authority board of directors meeting. today amonday, november 19th, and could we please take roll call? >> sure, i will note for the record that director harper is joining as ortiz's alternate. and with that, director harper? >> here. >> lloyd. here. >> metcalf. >> here. >> kim. >> here. you do a quar um. >> thank you. are there any communications

today? that i am aware of board of directors in more old business? seeing none we can move to the executive director's report. >> good morning directors and members of the public and just a few announcements before we move on for our construction update for today. it is now displayed to the public at the academy of science and that will run for a number of months. so we would like to thank the california academy for putting on display the mammoth tooth. and we will be looking for a new home in 2013. and finally on october 17th we had number one of our regularly schedule committee meetings to provide a construction update to our neighbors. so everything that moving along well. now to give our construction update with steve turner. >> good morning, directors. steve, ru, with turner

construction, construction oversight. i don't know. is that up? there it is. >> another good month, of work or almost a month and a half since we filled you in on the last period. there were no recordable incidents. we did have one near miss. but, brought to light some issues with the excavation process of sight lines and so that has been dealt with successfully. and allowing the excavator to work while the folks down below were able to position themselves appropriately so they are not in the way of it. we have 550,000 craft hours now, about 60,000 since the last update. 157, chefs, and i will show you the chart for that in a little bit and the excavation continues into zone three, and 1, 2, 3. some of the other activities, have been awarded and submitals have begun.

and the final utility, relocation package 4.2, the aux silry package is under way and we will work through the holidays on mission street and will continue on early into 2013 and because we are doing the first levels of excavation in zone three. the archeologists have been on call and on site. and nothing dramatic yet. and they have trained the operators well in spotting archeologycal finds. coming up in the next 90 days, we will mobilize that below great subcontractor and will start working in ground one on the geothermal packages. they should complete zone three all the way to freemont street which will give them a run

through howard on to froe mont street. >> the butresss should continue and should be ahead, estimating 164 by the end of the month. and the micropile program should move into zone two over the next 90 days. >> give you some updates, on the over all schedule, and the time line of the project. it continues to remain as a october, 2017 completing. and bus operation date. below grade structure will be starting shortly here at the end of the year. and then, of course, the super structure package is out for bid right now. and we expect those bids back in early january. >> what was going to be installed on veteran's weekend it will be installed next year.

possibly on president's weekend after more work is completed on zone four and gives more room to work, things are moving along as still originally planned. >> the over all picture, the sight has not changed much, although it gets closer to closer to freemont street. both traffic bridges are in and excavation continues. and here is the excavation map that the program managers put together the area, of the darkest red area is the deepist, that is the minus 41, 42 foot, that is the bottom of the excavation, that is about 60 feet from the street level and you can see the succession of the bracing as you move from the west to the east towards zone three. you can certainly see the significant amount of change from the left in early october to the photo on the right at the beginning of november, and end of october and the access tressel has progressed further and bracing as well.

just to give you an idea of what the quality of bracing actually looks like, we took a shot from the west and looking back. and gives you an idea of how much temporary steel is going into that excavation and its depth and it is quite a project. and for a little bit of scale, there is your average, 6-foot tall gentleman standing on one of them two-thirds of the way down into the excavation next to the trussle bridge. the micropile progress in zone one, you see the rig there, drilling in the micropile close to the shoring wall underneath all of the bracing. just some more views of the bracing and the excavation as you are looking west along the tresle as long as the lower levels. to give you an idea of what the work is that is going on and the scale and the magnitude of the size of the hole that we are digging. they finally crossed under the first street bridge and this is

excavation under that first street bridge. and they will move into the lower levels of shoring there, shortly. and zone three, the central section of the project, both the bracing going in as well as do watering wells. and another shot of that. and the final demolition as they approach freemont street and have to take out the final wall from the center section of the project. >> the butress area has changed a little bit. if you look closely, we are getting rid of some of the equipment, they are actually in the final third of the work. and down sizing just a little bit as the progress is made on those shafts. the three shafts in yellow have actually been poured out by the end of last week. so, i believe that they are at 157, 159 now, it should be i think that two of those should

be poured last week. and so we are zeroing in on the completing. and right on track, is a weekly update here on the production of the shafts and you can see that we were behind the curve in the beginning with just the learning curve of putting the shafts in but we are caught up and projecting a finish on time. but, it is a quality control, remains in effect on the butress there is coring for checking the structure and that is just the general shot of put ng a rebar cage and the awss work. is the only utility work going on now and as you know we had a little extra activity around halloween and i thought that i would show the photos of the world series, and we are very proud of the giants and some of the players are basically right outside of the job.

the budget remains consistent, with the budget, on the construction size. and with the release packages to date. as i said before, a little over 550 craft hours completed and running over 60 percent on the small business or local labor, i am sorry the bay area labor. and here is the break down, san francisco, continues to contribute about 20 percent of that and the other county surrounding the projects. and these are just a list of the trades. this is a body count of actual any craft's people that have worked on the project since the beginning, we are here with the multiple going on and we are steady. and this is the quality of workers and have logged hours to the project in those

classifications. >> thank you. >> this concludes my report. >> the next item is public comment >> and now it is a chance for the public to address what is not on the calendar and rick smith would like to address you. >> and if there are any other members that would like to address us, if you do just line up. >> at the concerned concern about the elevated parks, while san francisco does not have a compared park there is transforming and programming successful public spaces such as the square and the gardens. as a resident i make use of those spaces for the cleanliness, and safety and a pleasant place to be and i can imagine this elevated park i would go there too, if there

were the similar types of experience. i suggest looking at both for their geographic connection to the transbay as well as for their clean, safe and welcoming space, they provide us all. thank you. >> thank you, mr. smith. is there any other public comment? >> seeing none, public comment is now closed. we can move on to our consent calendar. >> we will move into your special calendar. item 7 is a presentation of the transportation bay by architects. >> and it has been some years since we brought the design to you. and now that the towers approvals are now in place i thought that it would be appropriate for the board to hear an update from the architect of the transit tower fred clark and give you and show you the latest design. >> or at proved design. >> great. >> good morning, directors.

it is a great pleasure to be here, we have made an enormous amount of progress and let me just characterize what you are going to see this morning as conceptual design in nature. we really have not quite started the full fledged design process. that is waiting for obvious reasons for various approvals. but we have engaged in an extraordinary successful collar collaboration with the san francisco planning department staff and so the design that you are going to be seeing i would characterize as the result of a very, very healthy collaboration with staff and we are quite proud of it. so i just need this here. >> and this is an image, several images that you are going to be familiar with. it simply puts the towering context and this is clearly one of the most important building complexes and we do see the

transit center and the tower. and with the center with the roof, top, park and with all of its services and amendies, adjacent to it, is the large tower. the tower of course is a key participant in the financial district of san francisco and we think that it represents the best thinking in the united states about transit-based development. the transit city tower is on mission street. it is address will be 101 first. and i will show you in a few minutes how that is going to be worked out. it is just north of the transit center itself. connects at the roof top park and also surrounded by greenry, and particularly on the eastern side, is a place called mission square. when will be a beautiful park, entrance to the tower as well as the transit center. here you see the ground floor

of the transit center itself. it is designed to be a permeable building. the tower works directly with what we call the grand hall. that is the main space of the center, in a perfect kind of compliment to each other of activities and address and support and even security and i will go into that in some detail. this street level is cut through the grand hall and the bus deck above that and then the park and then connecting the entire vertical, center of the transit center is or are several large light columns that bring light deep into the building all the way into the train level. the key in this section though is if you will notice is the connection at the roof park

level with the transit center tower and i will go into that in detail and i have to say that is an exciting idea and i think that we are at the forefront of thinking, urban design thinking and we have already had several, other adjacent properties talk to us about bridging to the transit center park. so i feel quite confident that that is an idea that will really have some great substance to it. this is the ground floor, what you see primarily is a great deal of public access. we have worked with the planning department to really increase the amount of retail that one finds publicly accessible and retail that we would find at the ground floor. there is 8,000 square feet of retail and you can see that the transcenter tower lobby with the primary address at first and mission is a key element in

the ground floor and frankly public access and retail is the impression that one would have. in the lower right-hand corner of the tower is also a lobby for an elevator that takes you up into the transit center park. that is a result with a great deal of conversation with city planning. i think that it is a superb addition to the design thinking and i will show you in a few minutes how that might appear from the outside. >> you see the mission square with about 20 california redwood trees and a very beautiful grove and this is all designed with the peter walker and partners and in among the trees is a fanicular accessible to the park itself. i would say that one of the key under lays of the work that we are doing here has to do with security. we are going to have over the process of the coming design, several ongoing discussions with the tj pa, it is very