lease with their party and the base rent start to grow. pier 48 rent, participation rent on top of our base rent and the capital events occurring throughout the lifestyle of the project and parcels experience refinancing and participates in. >> and finally another item before you today is your approval of a second amendment to the exclusive negotiations agreement with the giants with the rock team. there are 3 main issues that we want to highlight for you for your consideration today. the first is the extension of the phase 1 work period in e n a which expires march 15th. we need a little bit more time and we are

suggesting we extend to august 15 to have adequate time to get to the board scheduling process and if there are other delays for the project we are asking for 2-6 months extensions upon payment of that fee. another item on the amendment that is here to consider today is the ports additional oversight in developers technique calling staff capacity. we believe these are important as we go forward. we have a budget in hand that makes sense that we checked and confirmed and confident at the predevelopment cost are accurate, but with the time extensions we are looking at an unforeseen circumstances. we have want to be measures to give port oversight for additional budget expenditures in exchanges for developers

team. and finally, the ena seeks to expand the site slightly almost from the beginning of our presentation from the site, the developer has envisioned expanding the site. one is parcel c 20 which is say sliver of property that is currently redevelopment open space parcel and taking this site and moving it to the interior allows better access to the south and opens access from the property from mission rock street. we have to work with the agency, with the redevelopment agency and state land to accomplish that revision with your approval of course. and secondly channel plaza, approximately a half acre marginal wharf is proposed

to be added to the sight to enhance it's site and value from public access and public viewing perspective. so today we are before with you this unique opportunity. we want to highlight that there has been sound due diligence done over since 2007 as described earlier. this is one of the best locations in san francisco and bay area throughout the west coast for development of this magnitude, of this caliber and quality. we also believe that with that development comes public benefits that are to be expected and the public benefits that we are looking at and discussing are very high in quality and will bring visitors and locals to the water front of this location.

next steps, following today's meeting should you approve the term sheet and e n a amendment we will present to the board for the board to endorse and following that endorsement we will begin the entitlement phase and includes state lands and the study that is required by fda 15 and the plan amendment. following that, port staff with your guidance over the next several months or longer, we'll negotiate the following documents for your approval after project entitlement for the master lease and the form of the parcel lease for each type.

that concludes my presentation. thank you very much. we are available if you have any questions. >> thank you. motion to approve? >> second. >> approved. >> if you have any questions. >> good afternoon commissioners, i will be brief. i'm a resident and homeowner and commonly known as the building called the glass works. i can here to come before to you voice my support on this project. the giants have been our neighbors, we are the giants neighbor, i have been president of our home owners association. when ever quality of life issues have come up the giants are always very responsive and quick on it. i have also personally

witnessed the amazing community participation the giants have demonstrated over the years. they have given back to not only the local community but the community at large throughout california. i cannot say enough what an amazing corporate citizen the giants have been. i support this, thank you. >> good afternoon, commissioners. my name is katie ladle. i have lived in south beach. i want to tell you what great neighbors the giants are. the great community builders. i'm the founder of the home owners associations and they contacted us a while back to do a presentation. they very nicely stayed until after 8

to answer questions. i'm really excited because this project is pedestrian friendly and much smaller scale than the mission bay. it's very exciting. thank you. >> i live on rincon hill. i'm really excited about this. especially with no open space and no retail. that part of the project is really exciting to me. as i said the whole area will definitely benefit. families, visitors, i think it's great. thank you. >> commissioners, building and

construction trades council. we had to be a little bit everywhere today. at the public utilities commission in sacramento and i will have to be at the school board at 6:00. however, we thought it was important to be here on behalf of this project to tell how excited we are about it and to thank your staff for it's good work and urge your approval for this staff's work. thank you. >> hi, woods. we've been work wth giants for quite a few years on this project and as neighbors to the ballpark, i want to echo what everybody else has said that they are great neighbors and have listened if not totally responded to some of our

problems. i'm really glad to see in the staff report that you recognized the importance of early construction of the park, mission rock park, sorry, no, it's china basin park. we've been going back and forth on these. it is a really critical piece of this development and whether we have to go for geo bonds or grants, whatever, i think we'll be more than happy to get to whatever we need do to get this done early in the development because it will really add a tremendous amount. as i said at the last meeting, i think the port really needs to look at the financial terms based on a publically acceptable level of

height and density in this project. i know how desperately the port needs money, there is no question about that, but i think that i really would like you to look at reducing these maximum heights to a level that won't trigger what i'm seeing along the water front which is a super negative reaction to height. and i don't want to see this project stalled or fail because the community is unhappy about the heights that they are seeing. i would rather see a compromise that perhaps gives the ports less revenue, but that is achievable in the neighborhood context. i also want to talk about this just in time infrastructure plan. having worked on the mission

bay project now for many many years, it doesn't happen that fast. you have so many different agencies that have to approve infrastructure. just as one example, it's taken us two 26 -- two years. be careful. make sure that you understand the complications of any kind of infrastructure project in san francisco and you talk about hag having a maximum contract. one of the things we discussed with the other constructions involved that a maximum term contract terms to

result in value engineering. value engineering can really change your design. be very careful that you don't end up with something you really don't want to see because of these maximum value contracts. thank you. >> good afternoon. the committee's mission is to consider projects that are citywide significant and primarily based on urban design but other factors as well and it's a first step in pursuing an endorsement. the giant came last year and presented the mission project to us. i'm not going into all of that because i think you have it. i hope

your staff has it and transmitted it to you. by and large our comments are extremely positive. we think this is a great project and giants have developed a really strong vision to this site, we think this has a potential to be a world class project and really excited to see it starting to take shape. in our letter we also offer constructive criticism because we like to do that and we hope the giants will take those comments into consideration as well as they continue to move forward if their project continues to take shape. so all in all i think this is pretty exciting and there is going to be a really great mixed use neighborhood, a truly mixed use neighborhood on this 16 acre sight that is a gaping hole mount fabric of street and we

look forward for considering it for endorsement at the appropriate time. >> steve and then michael mcken a. >> good afternoon, my name is steve chloriteey. i'm the director for the membership development. we represent electrical workers in san francisco. i'm here to voice our support for the amendment between the port and the lot 337. not only will this project provide and secure jobs to construct workers in san francisco but will also provide permanent jobs for many people

in all professions nr here in san francisco. thank you. >> my name is anthony , i'm in support for the project. i'm with the sheet metal, we design, fabricate, install, heating and cooling and ventilation systems and metal roofing. we have 600 plus members and in our union here in san francisco which half

qualify as locals. we support this project. this project will put many of our members to work. it will give apprenticeship opportunities and give locals a chance to earn wages and health care. this is a great project for this city. thank you. >> good afternoon, commissioners. my name is tony and i represent the painters in trade. we have several hundred workers here in san francisco area and we are in favor of the mission rock project. our workers live here and they also spend their money here. project like this would be a great thing for our members. thank you. >> i have been a resident of

south park. homeowner since 2002, my wife and i. the giants have been very good neighbors. there are bums and bruises along the way but when we have a problem we talk to them and they have been really good about it. i would like to thank the giants for their due diligence for the many years and for getting public comment well in advance unlike some more recent projects who haven't paid attention to that. i think the giants are to be commended for that. like one of the other speakers, i do have concerns about height limits and i would hate to see that get in the way of this project. so again, reducing some of the

height limits or keeping them at bay as best we can in order to get the project to move forward, i think it's a great idea. if you are going to run into all the anti-height issues, then maybe we shouldn't go that way and maybe maximize it somewhere else. with regards to the other thing it's built on land which is good and the part that is built on the piers is it on right part. i think this is a place to have that. i like the parking down there. as events occur, there is parking for it rather than having to park everywhere else. as far as the shops, i would ask they look at getting some of those going earlier than

later. it's a ghost land in that area at not. night. there is not there to attract you there now. also. i think that's it at this point. i'm very much in favor of this project, but thing i would like to mention, if they can move up the park area to get things going into phase 1 somehow. i think it will be great to the community. if you build a lot down there, there is no where to go. that would be a long way in making everybody happy and making everybody feel like it's off to a great start. i look forward to it and support it. >> good afternoon,

commissioners. i work as an architecture here in the city and i work on the planning committee. i believe good development can help improve our urban landscape and i have had a chance to look if we giants proposal an i believe their project does just that. it will help mission bay and well thought out and space for retail. i do believe the scale and the height makes sense for location and proximity along the 3rd line. i have some reservation in regards to the amount of parking. i hope that will help with all that being said, i do believe the port should help make this happen. thank you.

>> good afternoon, i'm the director of s s made we represent local manufactures and we support this project. we want to highlight is that in addition to all the other public amenities and offices and housing this plan proposals to provide expansion for anchor brewing which is our largest manufacture and with the 12 hundred jobs, anchor carried more created more of those jobs than any other manufacture in the city. we would support this project to move forward because there is very limited space available. so it's very

important to us and we appreciate your attention in moving the project forward and we also recognize there may need to be tradeoffs in balancing things like height limits like other uses on the site with the need to cross subsidize with manufactures and that is taken into consideration as well. >> good afternoon commissioners, president of anchor bruce and thank you. we began dialogue with the giants 4 years when they shared their ideas to mission rock and enjoy their mission and eagerly support their contribution to the port. they are exemplarey

corporate citizens and in private we would begrudgingly admit that the san francisco giants are a little better than we. as companies such as ours we tend to be owned by the hearts of the citizens of our city. we see our role as managers to make the companies stronger and healthier before we pass them on to the next stewards who will guide them in the future and create their own history. part of our -- well, we believe our commitment to our future of pier 48 and the san francisco giants of san francisco is going to provide a giant leap for us before we pass our company on in a much better strongers healthier role. if we weren't confident that our

friends, neighbors and partners of the san francisco giants were leading the mission rock development we would have been reluctant to commit to it. we are delighted to partner with them and with you and give our full hearted and full endorsement to them and hope that you will do so. thank you. >> good afternoon, i'm judy workman for the san francisco chamber of commerce. we very much support the mission rock project. this mixed use development will connect mission bay with eastern water front and with downtown. it will activate a vast concrete unutilized dead zone and will create an economic stimulus across the city. it will create more than 20,000 new jobs and

will raise hundreds of millions of dollars in new tax revenue. they understand what is important and how to build along the water front in the right way. the chamber supports this development and we urge you to approve the term sheet. thank you. >> some 6 or 7 months before i went on a tour to europe, i was surfing the internet and came across a similar project. i don't know if it's the same project, is it? it might be. so anyway, i invited phil to come to my office and brought some developers that i work with and invited jackson and a few others to have a dialogue.

see, what you see here is you see the number of constituents, people that are in the construction business, all say some very positive thing about this project. the reason is very simple. when you reach out to the constituents, when you reach out to those that participate in the deliberations, most things fall in place. so having said that, i would like the developers to focus on demographics. and i would like them to focus on our seniors. i have visited some countries in europe and i'm very much impressed how they take care of our seniors. i haven't heard too many people speak about our seniors, but i think the time has come for us

here in america to focus on our seniors and give them an opportunity to not only contribute their last years in a development like this, but lose the give our city a good name. too many seniors, too many families are living in our cities. so i wholeheartedly approve of this project. i'm going to work behind-the-scenes to help the developer and i'm going to work behind-the-scenes to bring this information to our seniors and our youth. thank you very much. >> good afternoon. with your consent today, we will achieve an important and meaningful milestone. the mission rock

plan generates more than $4 billion for the port and the city over the the life of the project. it creates more than 11,000 jobs and 10,000 construction jobs. it's a thoughtful planning and collaboration with the community. as with the ballpark development, we have established a great working relationship with the port staff, mayor's staff and the greater city family. nothing of this magnitude can be achieved without the contributions of many many people. it truly does take a village. if you can indulge me for a minute i would like to express my appreciation to some of these folks. from the mayor's office, the mayor himself, jennifer mats and most importantly on our project team mike martin and emily. for the

port staff, monique moir and the staff who devoted nights and weekend to this project, brat benson, williams son, jonathan stern and joan, they do a lot of work. i would like to thank all our friends who attended this meeting to support this project. john our partner at anchor and i would like to thank my colleagues at the giant who have worked for a very long time. finally i would like to thank you, the port commissioners. commissioner, brandon and pats you have spent a lot of time pouring over this deal on this project and shared your ideas and concerns and i k