plan for a paperwork let located on the portion of the pier which is a condition of the ac/dc permit. autodesk is proposing to add an additional 34 hundred secret of space which is for the purpose of constructing it's robotics r&d lab. the third requests autodesk to investor into the space because consideration for thought development the provide a period for the purpose of the involvement and also a representative be credit in the amount of $440,000 the net capital improvement by autodesk is $1.6 million.

the amendment provides a rent to the port and the third amendment is subject to the board of supervisors approval and it brought before you because the term, the rent consider exceed the rent portion perimeter. that concludes my presentation >> thank you. >> so moved. >> second. is there any public comment? any discussion by commissioners. well autistic desk is a great client or tenant to have so we are going to say all in favor >> i. >> i. >> item 10 the issuance of san francisco revenue bonds to fund certainly improvement in the

aggregate privilege not not to exceed $30 million not to exceed 12 percent to the indid you form an opinion of trust between the board and trustee and 3 the negotiated sale pursuant to a bond purchase contract and to enter into the contract team and 5 the form of a bond purpose k5k9 nooifd not to exceed and through the interest costs. >> good evening. i'm here this evening with christen chu our financial viruses and bond council and given the late hour i will try to make that as brief as possible. i'll be back on january 14th for the premier statement and will

give the commission additional time to ask questions at that time. this financing plan is not now a to you open may 14 of this year you approved the cruise ship terminal. at that time, i was asking for a amount of 24 u $24 million and now thirty all to reflect the ability to address potential market urban certainty by the way, there are no change in the project fund requested. the approval i'm requesting is the the issuance of the bodies for not to exceed thirty million a second supplement of induplicative trust and bond authority for the executive director to enter into a contract with the under writer in the form of the purpose

argument. as you're aware one of our biggest changed of having limited resources to addressing address an aging infrastructure. and there the ports policy through our private partnerships. the capital policy loudest us to address the chronic infrastructure meditates and the debt helps with the strategic facility. we're balancing the need to address the repair replacement with the deserve to help with the enhancement. we first identify where the capital projects are. as i said they support our revenues. we looked accident coverage in

terms of net revenues related to the debt services. we look at our ability to forecast the tools and meet our operating expense and obviously our debt payment and to fund on the one hand our ongoing programs. regarding our outstanding obliterations we have $75 million outstanding between your bonds and certificates of participation. our annual pavement a are 5.6-hundred million dollars. the proposed bonds will fund the cruise ship terminal and 3 million prejudice or bias for the historic program. there's bond issuance program for a total anticipation uses of 24 mole and an additional

authorization to deal with any uncertainty in the market for a total authorization of thirty million. we expect the issuance to be around 29 million. our crews ship terminal this is the total budget by the various component of the project and just to reiterate this is very large scale investment that addresses the park and maritime short power etc. one thing to snoet that we while it's a large development we have any other funding funds 20 percent from the city through the voter and general obligation bond and a direct payment from the bond. this is the phase two sources and i can see the revenue bonds

highlighted at the 19.5 million and it's a 50/50 split between port soured. we did a good job at getting other sources and support for this project. the northern waft historic piers when we were here in may he said we wanted to find some improvement we can delivery sup >> i'm happy to recommend this is deal with super struck notices and it's currently red tagged it's a historic fatality and on the national historic district so it's a win-win to find an economic project to bring this jewel back into at

large use wore we're asking for more fund for reagan occupant u up to this point for other america's cup or other tenants. in terms of annual payment this brings us to outstanding debt which 899 million of annual debt in the first 10 years. your budget for another assumes 7.6 million with the ability to meet our 20 percent. in terms of where we think the pricing and rates will come cabin the currency market and your credit we're estimating the rate of 9 percent and this shows the blending rate for the

nodding bonds 6 on the 6 is percent and in a torture market and even though recent sale is obviously relying open the city's consider. terrorists are going up but it's a excellent time to borrow. this slow down shows coverage. we show it by our bonds and it's the way we analyze it and added in the certificate of participation and one increase in the par amount. and i can see that we're maintaining really good coverage with the portfolio but excellent coverage when you shrewd i include the certificate of participation. in terms of our bonding capacity

this slide show us the passenger facility and it supports 16.8 million that will be pill on the bonding capacity so our current bonding capacity is 48.8 million will be reduced to 7.8 million for a new capacity of 6.1 million we shouldn't issue this debt today but that's what coverage suggests we can do. in terms of structure it's thirty years the taxable debt will be a.m. terrorized in the ferries year the structure is proposed to lower the overall cost support. the second supplement of indenture our security guard 80

asked to be approved today and once we've got a negotiated sale we'll come back and report to you. in turn of next steps we'll be meeting with the rating agencies in january and february and will present the ports financial picture. they'll present their rates they'll give the credit recommendation to the committee and we'll receive our rating. we'll be coming back on january 14th all of the estimates projections i was showing you is based on february 28th and we're fine tuning and go through the board of supervisors and post the preempt statement and sell the

bonds in march or february if bore lucky. and so i'm and the team is here to answer any questions >> so moved. >> second. second >> any public comment? commissioners any questions? >> must be the time of day (laughter). >> great presentation and great transparentcy good job easy to understand. >> all in favor, say i. >> resolution is passed thank you. >> item 11 new business. >> any new business from any commissioners? >> i want to at this point thank the sxheb and

commissioner katz and executive director to our fine staff. thank you. it's enjoyed working and i'm looking forward to 90 fingerprinting >> this was lovely. okay. this is at the last meeting of the year doesn't feel like it doesn't it. you're the president >> happy holiday to everyone. it's be it's been an nightmares where we had the moratorium and the america's cup and a lot of activity. we did a lot of work on the maintenance side and even though engineering. we had the one hundred and 50 anniversary it was really yesterday so it's been one of

the most active years even in my short time on the commission. i think we, feel like a well deciphered holiday is coming up and yet we have obviously lots of great issues and challenges that. today, we heard a couple of them we've got more coming in n that regard. we have a lot of transactions we're looking at the streams and i think that is going to be interesting as we chart the course. and on the financial side i'll discuss with monique whether we have a more strategic discussion or where we're heading we can take a breather now. i'm reminder that because i got the audited financials and a

there's some trends in there we have to be mindful. i want to thank my commissioners i've jousted working with each of you. i i know you have your interaction with the staff but in terms of interactions among commissioners we've been able to talk through them even if we have differences of opinions but one of the accomplishment it may not always be the case we vote in unison we seem to come to a consensus and that's good we try to work the issues out so we can have a full understand by the time we get to vote something and that's a consider to everyone involved thank you. is that enough

>> yeah. >> i move to adjourn the meeting in memory of nelson mandela. >> second. >> all in favor, say i. >> i. >> thank you, commissioners there was a long meeting there was a party that started in her at 6:00 p.m. and as soon as we vacant the room they can start happy holidays. >> happy

>> hi. welcome to san francisco. stay safe and exploring how you can stay in your home safely after an earthquake. let's look at common earthquake myths. >> we are here at the urban center on mission street in san francisco. we have 3 guest today. we have david constructional engineer and bill harvey. i want to talk about urban myths. what do you

think about earthquakes, can you tell if they are coming in advance? >> he's sleeping during those earthquakes? >> have you noticed him take any special? >> no. he sleeps right through them. there is no truth that i'm aware of with harvey that dogs are aware of an impending earthquake. >> you hear the myth all the time. suppose the dog helps you get up, is it going to help you do something >> i hear they are aware of small vibrations. but yes, i read extensively that dogs cannot realize earthquakes. >> today is a spectacular day in san francisco and sometimes people would say this is earthquake weather. is this earthquake weather? >> no. not that i have heard of. no such thing.

>> there is no such thing. >> we are talking about the weather in a daily or weekly cycle. there is no relationship. i have heard it's hot or cold weather or rain. i'm not sure which is the myth. >> how about time of day? >> yes. it happens when it's least convenient. when it happens people say we were lucky and when they don't. it's terrible timing. it's never a good time for an earthquake. >> but we are going to have one. >> how about the ground swallowing people into the ground? >> like the earth that collapsed? it's not like the

tv shows. >> the earth does move and it bumps up and you get a ground fracture but it's not something that opens up and sucks you up into haddes. >> it's not going anywhere. we are going to have a lot of damage, but this myth that california is going to the ocean is not real. >> southern california is moving north. it's coming up from the south to the north. >> you would have to invest the million year cycle, not weeks or years. maybe millions of years from now, part of los angeles will be in the bay area. >> for better or worse.

>> yes. >> this is a tough question. >> those other ones weren't tough. >> this is a really easy challenge. are the smaller ones less stress? >> yes. the amount released in small earthquakes is that they are so small in you need many of those. >> i think would you probably have to have maybe hundreds of magnitude earthquakes of 4.7. >> so small earthquakes are not making our lives better in the future? >> not anyway that you can count on. >> i have heard that buildings in san francisco are on rollers and isolated? >> it's not true. it's a

conventional foundation like almost all the circumstances buildings in san francisco. >> the trans-america was built way before. it's a pretty conventional foundation design. >> i have heard about this thing called the triangle of life and up you are supposed to go to the edge of your bed to save yourself. is there anything of value to that ? >> yes, if you are in your room. you should drop, cover and hold onto something. if you are in school, same thing, kitchen same thing. if you happen to be in your bed, and you rollover your bed, it's not a bad place to be. >> the reality is when we have a major earthquake the ground shaking so pronounced that you are not going to be able to get

up and go anywhere. you are pretty much staying where you are when that earthquake hits. you are not going to be able to stand up and run with gravity. >> you want to get under the door frame but you are not moving to great distances. >> where can i buy a richter scale? >> mr. richter is selling it. we are going to put a plug in for cold hardware. they are not available. it's a rather complex. >> in fact we don't even use the richter scale anymore. we use a moment magnitude. the richter scale was early technology. >> probably a myth that i hear most often is my building is just fine in the loma prieta earthquake so everything is fine. is that true ?

>> loma prieta was different. the ground acceleration here was quite moderate and the duration was moderate. so anyone that believes they survived a big earthquake and their building has been tested is sadly mistaken. >> we are planning for the bigger earthquake closer to san francisco and a fault totally independent. >> much stronger than the loma prieta earthquake. >> so people who were here in '89 they should say 3 times as strong and twice as long and that will give them more of an occasion of the earthquake we would have. 10 percent isn't

really the threshold of damage. when you triple it you cross that line. it's much more damage in earthquake. >> i want to thank you, harvey, thanks pat for i'd like to int mayor ed lee. >> thank you, thank you all (clapping) wow. what a crowded room as it should be. i want to thank our work supervisors and our treasurer we get to swear in later today and department headings heads and the members of our assessor offices and members of the community past and present members of our board as well.

as also, of course, carmen and thank you for the parents of carmen chiu being here and husband and sister thank you for being here as well, and aunt. this is, of course, a month meningitis occasion i've known carmen in my professional life and many of you know her we've worked with her in the mayor's office ages ago and then when she was pickled to be the representative for 4th district it takes encourage to be a supervisor in a district and also to agree to work with each other and try to find grounds of co- less than and agreement and provide lisp for the residents.

she's demonstrated that leadership in her capacity as a leader and when the opportunity came from a graduation from an office we tapped carmen and she demonstrated per pro we say and helping us with the budget and shown a lot of encourage working with us and so we wanted her to take the opportunity as the person in the reported office to work with the office and them. somebody who would as she's done vechltd in the people she's worked with and respect them and build them up and respect them with the rest of the agencies i have the privilege of

representing every day. i'm proud of carmen and now she's the elected assessor reported. will you join me >> i am. >> say it slowly (laughter). >> please raise our right hand and repeat after me. i >> i carmen chiu. >> do solemnly firm i'll support and defend. >> >> (repeated.) and the constitution of the united states of the state of california against all enemies. >> >> (repeated.) >> foreign and domestic. >> that i'll bear true awe limitations to the constitution of the united states and to the institution of the state of california. >> that i take this opportunity

freely without mental recession and that i will well, and faith discharge the duties upon which i'm about to enter during such time as i hold the office of assessor report for the city and county of san francisco. >> congratulations. >> thank you (clapping) (shouting and cheering). >> our elected official carmen chiu.

>> thank you. >> i thank you so much. thank you so much for coming and packing into this room it's not as big as the board chambers (laughter) >> i want to thank you all unusual i'd thank all but i have to start off with scott first (clapping) during my first election my husky forgot to mention him i've been making up to him and i want to thank my husband scott and my family and parents and my aunt. i also have a list of all people i want to thank but take a look take into account around the room it's easy to see why i'd be able to do what i have. so my colleagues on