into that 66.3 million dollar budget, but other up provements such as south apron, 19 public access -- those of course are in a separate ac 34 budget. >> so how's the 66.3 plus the 24, which is you're saying is phase two -- how do you get to 114. >> phase to is 47.7 million dollars so that's how we get to 114 million dollars so the entire cruise terminal budget is 114. of that 66.3 phase one, 47.7 is phase two. this 114 million includes a 2 million dollar reserve that i'll recommended at this point -- a financing reserve that so if we require /aeu /tkegsal funds to meet project risks those funds are available and

appropriated to the board of supervisors. >> i wanted to add that previously we called this [inaudible] today elaine has combined those, but part of that spending is for the parkings as well so not just the terminal building, it's the ground transportation area, which is acres upon acres. it's above water, below water repairs and it's the northeast work plaza and the pier [inaudible]. >> so there isn't a break down of the 47 per se. you just had the totals for phase one and two combined. >> there is not, but she can go over the break down of all [inaudible] in terms of construction, construction contingency >> it is and it's 17 million dollars is for the park... >> okay. for the terminal building itself you take out 17 so /thaoes really another 30

million for the interior im/prao*ufplmentes? improvements. >> yes. but there's ground transportation improvements, improvements on the tip. >> and the apron and the fenders. >> so it's not 30 million dollars go into to the building itself? it's just phase two of the project? so megan why don't you look -- 17 million of the 47 shown on the slide is /p-r /*r the park itself. and what was funded from the passage of the 2012 general obligation bonds. and then of the remaining 30 million dollars is going into building out the remainder of phase two itself. a portion of that is going into the building

of the ground transportation area which is very sizable. i think that's about five ache /-rs and that's going into improving the 1100 foot /aeu prop /propb and the fenders and i think there's a small amount of money for shore power. did all that. >> do we have a firm amount in what it takes to build the interior? >> yes. we do. and i think what would be... >> [inaudible]. >> no /-fp we had firm cost estimates from turner about what each of these aspects will cost and if phase one is telling of what phase two will be, they're very good with their cost estimating. so i think what would be best, president, is if we provide you all a break down of phase two in terms of building, park, ground transportation area, aprons, et cetera, because we didn't carry that level of

detail with us thissing. we have it broken down in a different way. we can get that to you tomorrow. >> i want to make sure we answered commissioner murphy's question correctly. the numbers we are using today are cost estimates from turner construction manager. once we have the funding if place then they will go out and bid to their sub trades and there could believe price changes then. that's why she's proposing a 2 million dollar contingency. >> will this include the end of pier 29? it's wide open? what are we going to do with that? >> it includes storm water, security fencing, lighting, and some modest public improvements for that location. it's not at

all as intensive as what's happening in the front of the site with the 2 /*plt 5 acre park improvement. >> further to that we still have to negotiate that area with bcdc so in our permit for the cruise ship terminal we agreed that both parties delay scoping occupant exactly what will happen in that tip area so we anticipate there's more work to do back there, but with this project we're funding enough to make sure that people can be back there and it's a major area for the turn around of the trucks and provisioning of the ships. >> i was worried we /tk-pbltd have the money to fin i shall up the phase two but we obviously have the money so that's great. >> one thing to point out to the commissioners too, we /sr-pblt really talked ability pier 27 and its financial performance and the figures here are consistent with what we assumed in terms of debt service for the debt service on

pier 27 in looking apt all of the /pwopbldz [inaudible] project totals about 53.7 million so just wanted to let you know that number of 3.54 million in on going debt services is a right estimate for this project. should i move on from the cruise terminal budget or did you want to ask more questions? okay. so this is the first time we've showed the cruise terminal budget with balance sources and uses and have a complete financing package that doesn't include a deficit for the project. what we're looking at here for phase one and two, and this includes two million contingency is 5 percent port sources and 42 per september other sources. and of the port sources of 58 percent the large /kha*upbg there, it totals 66.3

million. the pfc is coming in at 16 /perb /sepbltd of the project, generating 18.5 million, and [inaudible] contribution 57.million and we are bro posing a 6 dollar passenger facility charge. >> just to be clear, acoc is the [inaudible]. >> we are proposing a flexible project mostly to receive taxable debt from 2010. this project called the northern water front /heuls toric piers is intended for /tpro /skwrebgtings to be delivered in the near term. this is taxable debt which will ensure revenues in the five year financial plan. this represents 2 percent of our

gross in that plan. we are looking to rehabilitate facilities closed toe use. we've done due diligence and believe that if we repair the substructure, move tresses and aprons for public access and do utility improvements we can open this historic shed again for leasing and bring it back into the port's portfolio. when we return to you in the fall for the financeing details of the revenue bond we will go into great detail about /whab projects we're proposing spending out of this northern water front historic pier project. in terms of the financial impacts of the proposal and impacts to the port's bonding capacity -- the

6 dollar pfc repays about 76 of the debt service. when we were here in april we estimated net revenues at about 17 /*fplts /# million, bonding capacity about 62 /*plt 6 million. since then our financial projections are more positive. our looking apt net revenues of about 21. 2 million, a bonding capacity of 60.7 /sph-l. after this it will be reduced to 44 million. this is well within our /ka passty. also my projections are not assuming new revenue from pier 31 or other enhance /-pls. it's quite possible that this financing plan will keep our bonding capacity neutral or even grow it. right now it's closed to use so we're looking at a project to repairs

roof and /truss and provide public access that would allow us to release it for light industrial uses. we're showing that we could immediately pay the debt service on that initial investment and that pretty soon into the life of the asset start generating revenue to cover debt coverage and generate net new revenue. so we're looking at just releasing for endust /traoel uses if we also include an office component. it could believe quite a good investment for the port so engineering is doing additional due diligence on the facility at the point. so as far steps we'll be introducing this to board of supervisors next tuesday, we'll be going to the capitol planning committee for review and approval. we'll be coming back to you to update our

tariff to include cpi adjustments and also the recommended passenger facility charge. and then we once all that's done we'll have access to the city's commercial paper program to come up with contracting for phase two and comet back to you in the fall with details of our financing structure for the revenue bond transaction. >> so on this passenger facility charge in terms of in the /r-rbgfp re/spopbszs from the two bidders from the cruise ship terminal, do they have any commenteds about what they thought the markets would bear in terms of /paz /skwrer facility charge? >> we didn't ask that question in the responses so we have done due diligence around what other /porbts are charging and put a table in the staff report for you to review. this would be at the very high end in consideration of what we're investing in the cruise ship terminal, the importance of location of san francisco, our desire to generate revenue from

the facility we felt it reasonable to go to the very top of the market with our tariff /-fp >> i agree with you. i'm just saying whether we thought there was even more elasticity. i'm saying perhaps instead of boxing yourself into sec would you say in this resolution or whatever you're asking us to approve, that the minimum would be six but let's have a discussion as you go through as we decide with the new operator, if they feel there's more room... >> also consulting with the airport who charges a [inaudible] facilities and they've done a lot of analysis on the /e las /teus /seu of that and found a point that works with them so that's another source we're working with. >> i'm just asking you not to

box yourself in. i don't think we know. >> understood. and i think one way to approach it is to start at 6 and see how the pier 27 performs. i know there's plans to really grow the cruise business and some of what you heard /stod showed numbers in terms of cruise calls that are way outside of what we have today. so to see how we can grow our business with the existing 6 dollar charge and then see once the operation is up and running and we could query the lines regarding /e las /teus /seu. >> this is just a marketing perspective, if you're providing real value, you'll have to charge it up front. they'd say why should we charge now. there is true value in this new cruise ship terminal. if you're going to make the argument about what you're going to charge, you have to

make the argument now in terms of the value provided. >> i move to approve attempt 11a. >> second. >> all in favor. sorry. >> discussion. >> we haven't had public comment yet either. sorry. there is no speaker cards. is there any public /kphepbltd? no. >> i will thank you for in presentation and director moore, thank you for your quick response today and i'm hoping that chris put this [inaudible] under water. this was so timely. thank you very much. i'm hoping that he's looking at this because you just laid it out where everything was going. thank you. >> okay. are we ready to vote? all in favor? >> item 12, new business? any

new business? >> i think we're /r*ed /tkeu for public comment and we do have a couple speaker cards. nick -- okay. so are you john barnett? okay. >> i've been on a waiting list for a preferred slip and it's been brought to my attention that there's an attempt to create family by adopting an

individual, an adult, not a mononor and then passing on a slip through the definitions in the tariff of family members and family members in the tariff -- it really doesn't define what a family member is. and in my mind an adopted individual is a family member, a child, a son or a daughter. but an adopted adult is kinda fishy. it's trying to manipulate the process and pass on a boat through either purchase or transfer, inheritance, title or giving it to someone where it really shouldn't happen and brought this up with the harbor masters. they reck /phepded i go through this process to try to make everyone aware of what's going on and there is no way to prove that this is happening because most adoptions are with minors and they protect the minor's rights, most of the stuff is

sealed. it acres of open space just rue mar, it may not be happening but it could have happened two or /thraoeu years ago and it didn't with one of the boats on the vessels there. i've been waiting parentally and i will continue to do so, but just as long as everyone's following the rules down there, i'm happy to wait. so that's it. thank you for your tomb. >> thank you. i move to to adjourn. >> thank you. all in favor? i. thank you.

>> good morning and welcome to the transbay joint powers authority meeting -- special meeting for may 20. my name is jane kim and i will be chairing

the meeting. could we take roll call. >> director harper. >> present. >> director lied. >> present. >> director metcalf. >> director sart art. >> present. >> and chair kim. >> here. >> kim present as well. madam chair you do have a quorum. >> thank you. are there communications from the board today? seeing none any old or new business? seeing none we move on to executive director's report. >> good morning directors, members of the public. as you know we put out our seal bid that can be broken up into three packages recently and bids are due june 20 and after that he we expect to bring a board for your consideration to the july board meeting in order to stay on schedule so that's really the main item right now in addition to the 100% cd's minus the it

component us due at the end of may and that is on back to be delivered to us and we will review that with our team members and turn the package over to webcor by the end of the year at the latest and i will have steve give your construction update. >> good morning directors. steve rule with turner construction providing cmo services to the tjpa. the last month has been another good -- make good progress overall on the project and again no injuries or osha reportable accidents. we had one near miss accident involving a crane losing some sort of loss of power in the lifting and a piece of equipment falling back into the hole. no significant damage to the equipment and no

injuries whatsoever. they were following all of the appropriate procedures keeping the hoisting area clear so there were no injuries and work is continuing in the area. the excavation is about 72% complete overall and the micro-piles are 50% complete and zone one and 50% overall. the demolition continues in zone four as they start to work on actually demolishing the tops of the shafts and continue to work on finishing up the quality assurance coring of the piles. the geothermal installation started in earnest in last period with two sections installed and tested and covered up in prepareeration for of the mud slap and the water work continues along mission street particularly in the

intersections at second and first street to finish those areas up. again the awss and a replacement or increase in size of the existing system which leads getting back into the other utilities around that one and that is slowing the process down a little lit but all of the other utilities are cooperating in moving their materials around in the layout. we will see the completion of the micro-piles within 90 days and zones in one and two, but more significantly what we should see is the first foundation pour, the first map slap poured in zone one should occur in july. you will start seeing the reinforcing steel and the waterproofing. we first do a waterproofing layer and the protection and the reinforcing steel and the first pour should

occur in july. overall all the timeline continues to zero in on the 2017 october date of operations with the below grade work starting up. super structure as the executive director mentioned we put the steel package out to bid. that will get that moving along. the exteriors and so on through the finishes. some milestone dates that we're tracking and continue to show you as they change or improve. of course the final traffic bridge was installed in april and with some float left over. some of the other items the first map pour is on track in zone one completing the excavation in first quart of 2014 is still on track and so on through the activities. the bse timeline getting towards the end of that with the completion of

the traffic binge bridges and the excavation is 70% complete on. >> >> and on track for the beginning of 2014. as we go into the below grade work and up through the lower concourse and the horizontal land improving and the foundation walls and slap and box walls and we're in the beginning here with the and i will show you pictures and this will allow them to move into that waterproofing. the excavation status i know it's difficult to read, but it has the micro-piles which are in red if they're not completed and grayed out if completed. on the lower left hand side those are

where the must be slabs are pored and turned over for the below grade work. the areas in the upper left hand corner is the next mud slap pours and that will be turned over to them by line five or six. give them about six bays to work on the first foundation pour. just some progress photos. again since everything is down below the level of the street it's hard to tell that significant progress has been made but can you tell from the shadows the excavation is deeper than the previous month. here is the micro pile account and with all of these piles installed. almost completely tested in zone one. we are completely installed in zone one. to date we haven't had failures of the

micro-piles and the graph from before and they're staying on schedule and not indicating any problems with maintaining that schedule and keeping up what is required for the below package to proceed. so those are shots of the micro-pile work in zones one and 2p and as i mentioned the geothermal got started in earnest this period. it's about two or 3 feet below the surface what would be eventually covered by the mud or protection slap and you see the header system where all the pipes go into and eventually up the wall and used later in the project tied into the full circulation system of the cooling and heating water. i will give you some other ideas of the geothermal and of course

once they're pressure tested and signed off the area is covered up again and prepared for the mud slab pour which in this area will be this friday. waterproofing mock up was completed. it subsequently developed some good questions and collaboration with the design team to make sure all of the waterproofing issues are covered and that mock up came down and they'll begin shortly. some of the other waterproofing activities at the base of each of the micro-piles it has to get waterproofed. that's the small area that look like reinforcing bars sticking up. those are the micro-piles and in the lower right hand corner they're mocking up the column protection. those columns are supporting the trussel or supporting the bracing and

thigh all need to be in caseed in a steel jacket so they can be cut off at a later date when the trussel or bracing is no longer required and that area can be sealed up and waterproofed as well. as you can imagine that all gets covered up by the foundation slab that is 5 feet thick. some more shots of the mud slab going in. that's on the south side of the train box at the west end. excavation proceeding in zones two and three. zone four again all the water -- all the water treatment plant equipment has been removed. the trestle bridge is started. as of last friday was completed with all the deck cover laid out. they still have welding and work to do underneath, so work is progressing significantly in zone four as well. shots of

the work going on in zone four. and of course i mentioned the awss work continues. you can see how congested things are in trying to build the new boxes for the pipe and work around the other utilities. this work was taken place at mission and first street. we still running overall the 63% mark on local labor. there are the break downs through the end of april, and as far as trade break downs also through the end of april 1300 unique individuals having recorded time on the project. and again this is just the transit center work and the utilities work. it doesn't include the previous demolition or the temporary terminal work. are there any questions? >> director harper. >> yeah. a couple. do you know

what cause the loft of the crane power? >> >> i was told there was a hydroic system in one of the cable drums. it actually didn't free fall. it went down at a higher rate of speed but it wasn't a total loss and free fall. >> the other question i am not unfamiliar with the geothermal aspect. did we dorph that on the site? >> no, sir. good question. as placing the pipes under ground at that level there say constant temperature in the ground and so by pumping either hot water down through this system it's cooled to that constant temperature or cold water can be -- >> it's just a heat system. >> yes. >> okay. >> basically it maintains -- we use the core temperature of the earth which is at 40 some odd degrees to heat and cool the facilities. it's one of