>> thank you. good afternoon, everyone in the the san francisco community investment & infrastructure commission it's tuesday, april 15, 2014. i hope earn filed their tax on time the meeting will come to order at the one 10 >> the first order of business is really call. commissioner mondejar. commissioner singh. commissioner rosales. absent. chairperson johnson. commissioners commissioner rosales and commissioner ellington absent and all the other members of the commission are presented. there's two announcements the

next scheduled commissioner meeting will be on tuesday april 29th at the 1 o'clock p.m. the announcement of prohibition of electronic devices. and use of cell phones, electronic devices are prohibited at this meeting. please be advised that the chair may order the removal from the meeting room responsible for the ringing or use of a cell phone, pager, or other similar sound-producing electronic devices. . announcement of times allocate for public members the members of the public may address the commission up to 3 minutes on each agenda item unless the commission adapts a shorter period of time. the members of the public foil out a speaker card provide by the secretary and submit the completed card. the next order of business is

the action at the previous closed session and no reportable actions and item 4 is the matter of unfinished business no items. the next is item 5 the new business consisting of consent calendar. the approval of the minutes of regular meeting april 15th and item 5 b also t first amendment with one 12-month extension for basis fee even if $12,000 for reasonable garbage operating expenses to operate and manage this successor agency paring at the fillmore heritage on this

fillmore street with the agencies may 18, 2014 with the position and development all the time and action. madam chair >> thank you very much. i'd like to pull the second item on the garage management agreement that will be the first item for this meeting. right now we're going to talk about the approval of the minutes i want you to receive a copy it's in our packet. any public comment on the minutes >> there are no speaker cards madam chair. >> thank you very much any questions or comments on the minutes seeing none, i'd like to entertain a motion. >> thank you very much is there a second. >> i left early last time so i move. >> thank you very much. and, of course, we're noting in

the minutes when people leave the meetings so that's in there. seeing none, please call the roll >> commissioner please announce our vote. commissioner mondejar. commissioner singh. commissioner rosales absent. chairperson johnson. madam chair the vote

memoranda in our packets. this is to extend the agreement to allow the successor disposition plan to the drawn. you you'll recall the agency proposed selling the garage it was submittal to the state vice president for approval in

november 2013 pursuant to the ignition law they can't sell the garage until it's approved. the property management plan it's still being reviewed. the staff expects six months either to sell the garage or transfer the garage to the city so the city staff can sell the garage. the staff didn't building its appropriate to have another procurement process therefore the staff wants to extend the management agreement for six months with one 12 most extension to june 12, 2014. all others terms of the management agreement remain the same including the fee of one

thousand dollars a month and an incentive fee of the 50 percent of the operating income up to a maximum of $10,000 a year today we've not received any fees. the staff recommendation the approval of the first amendment that that concludes my presentation. let's take public comment on this item >> i have one speaker card mr. washington. >> ladies and gentlemen, i'm adamant i am appalled. i'm appalled for the attempt of our staffers to make a recommendation to this contract here. it's not to hire anyone from the community we sat down with this member this is who you are.

i'm appalled as an individual's in the african-american black individual i'm a black man mime no african so slow down asia i asked to pull this off to talk about a connection of some kind of partnership on a parking lot that's been losing money but we seniors as african-american can't have part of it because of your staff because of agree. i'm hurt inside. i've tried to talk to the mayor and he is going by what the staffer says. over no bayview and the fillmore i've got the information so i'm begging respectfully as the only

african-american person i'm representing my community and have been for over 25 years. it's appalling i've got to get up here to talk to you all. if, in fact, i have enough time i can pull this a parking lot that you guys said has been losing money. years ago when

by because of what you're staffers says this man is willing to talk to us but he says it's the staffers recommendation >> madam chair no other cards. >> so this item is here before us today because redevelopment

from california has been roved and the educates are going to be transferred and that concludes the garage and the management agreements associated with that under the heritage center. the staff recommendations today is to expend the current contract because until we know what the department of finance states we can't dispose of the garage that includes the sales. with that, i know that trashing said that i reiterated that. are there any questions about what we're doing today. commissioner singh >> yeah. are there staff here. >> ms. ronaldo's. >> how long this management for the garage how long. >> they've been managing it for

3 years. >> it's a no profit ever and as you compare the other garages in the city how much money they're making they're losing money. >> they're losing less money than the previous operator. >> but the garage is going to be sold. >> yes. we're going to sell it. >> and did we have the bidding for this. did you see the other bids and we have about 7 submittals back in 2011. >> i didn't see too many here. >> it's in the background there's a memo that's attached about the procurement that happened in 2011 and it was very widely - it was a very expensive

competitive process. >> mr. washington they should be making some money so i know compared to other embarrasses what are they making a part of the problem in the daytime there's not a lot of office uses in that part of town so the garage is almost empty during the day so one of the things that panicking park has an working on to get a lease with the center and have a shuttle with the people that work at the c p mp to use the garage during the day the other problem is the ancestor tenant the garage it did not on this business and

they've not been doing well. >> how many jobs in power? >> i'll let sam speak to that because i'm not sure. >> we're charring $2 for every two hours. >> how much per hour for parking there. >> it's $2 for every two hours. >> so $2 all ass are - when i drive quite often that way and i don't know why they're not parking there, you know. >> we have in that area we're competing with the mirror so like trashing committed we're working from getting 675 cars to one hundred cars so we can fill

it. >> okay. yeah. sorry. commissioner mondejar >> can i speak with the mr. i'm sorry i didn't get our name. >> sam. >> how long have you had this contract. >> 3 years. >> 3 years we are going to extend our contract only in 3 years i haven't made money. >> that was when we took over the garage we're losing more than we're losing so we have a lot of expenses. >> you've been manager the garage for 3 years you've reduced your fee and no, we - >> and you want to continue to manage this even if you're

losing money. >> yeah. we're hoping that c pmc can bring 75 to one hundred cars to the garage. >> are you working on that. >> yes. >> and hopeful that will keep you in the black. >> yeah. >> and profitable. >> that's correct. >> thank you. thank you >> okay. i don't have any particular questions i've been pretty well on this item in general this garage it has been losing money and closely tied to the success of the heritage center that's also in that area there was a huge open parking lot right next to that it's a factor. i know they have signs posted

you're not supposed to be here in you're not in the shops that's competition and the future of that lot low be nor the negotiations part of is long term plans but i think this extension makes sense in light of our agency. so i'd like to entertain a motion any other questions or comments? >> i'd like to amend the motion from 3 years to make that one year, you know. >> oh. >> so you can see. >> the motion is to expend the current contract in april for one year. >> one year? >> yes. one year from now. >> their 3 years.

>> so the original contract was that years that's up in a month in may. >> it's one year only. >> i think i'll look into one year. >> yeah. one year. >> i move for one year. >> thank you very much is there a second? sure. maybe trashing could respond >> this garage we're going to sell this to the city. >> no. we're not going to sell it to the city. >> turning p that over. >> the city is not under a governmental purchase we can't transfer it to the city it has to be sold by the highest bidder. >> so this garage can be converted to a building.

>> to a private garage. >> this location this garage will be a. >> it will stay a garage underground but not a public garage depending upon what the new owners want. >> i wanted to clarify. >> i wanted to clarify that is a one year extension but in the contract but also is another one year extension with discretionary of the director it could be potentially a one year because of the uncertainty of the transferring the garage it may not go that long. >> it might be helpful to go to the director is to amend the motion so at the end of the one-year extension it's not the executive directors discretion by comes back to the commission.

>> just one year to start and we have to come to the next year to approve that. >> that's not what the motion says now we'll make the change. >> i don't want any extension until i see how it's done. >> i'm suggesting in june of 2015 if we're not in a place to sell the lot then it will come back for potentially another extension or not. >> and then we'll see. >> okay. so mr. bryan and hopefully being helpful i think to leave the additional one year extension >> no, i'm saying to change the additional one year decision to the active executive directors creation come back to the

commission and a play on the wording there. yes >> okay. >> mr. washington i know. >> (inaudible). >> you're doing the same damn thing - and i'm (inaudible). >> mr. washington please. >> it's you're calling me mr. washington with respect. >> that's why i'm calling you, mr. former mayor willie brown. >> yes. >> chairperson johnson i believe the change to the resolution to add the language with one 12 most extension to be

approved by the commission because right now it doesn't reference approving the extension. >> okay. thank you. so with that, change i'd like to call we had a motion it was not seconded to i'd like to consider a second with that change did that make sense to everyone >> i made the amended motion. >> yes. >> i move to amend the motion. >> secretary please call the roll. >> commissioner sugaya. commissioner singh. commissioner rosales absent. chairperson johnson. madam chair the vote is 2 i's and two absent. approving a resolution authorizing the special take refunding bosses for the city and county of san francisco community facilities district 7

on this point is phase one of improvements and in an amount not to exceed $40 million approving and directing the execution of a fiscal bond agreement and approving other documents and actions properly related through to. this should be a subject resolution number 27 >> commissioners this is the second item related to the issuance for the district 7 which the commission as i recall had in the commission meeting. now the hunters point manager will introduce the item and the senior financial analyst will present the details >> good afternoon. i'm the

project manager for the hunters point shipyard. i want to recognize some seniors of the advisory committee. chair i think you're standing already if you stand if you don't mind. so mr. vincent and ali and scott madison. thank you guys for taking the time to come out her and see the commission. today, the commission is considering authorizing the issuance of a special tax refunding bond for the city and county of san francisco community hunters point shipyard and in an unanimous not to exceed $40 million and he approving an screw all the time and body purposing agreement and 3 will sxhier the shipyard and

give you an overview of the documents getting approved and give you a forward look at the process coming back to you. we're financing the variable rate bonds you began the chain procedures and approve the procurement and separately the commission has to approve the action and this begins the action process that 0 won't be final until the department of finance comes back in july. the shipyard is a multiple project it includes land on the shipyard and candle stick park and it totals one hundred 8

acres. the disposition were approved in 2003. one of the important financing sources for the project is the cf d financing the areas of sf 5e78 are the hillside. and 7 and 8 cover the same borders. we're refinancing from the existing 2005 bonds and closing out the lines of credit for the bond it's a expensive financing structure but now there's significant improvement we can competitor without a bond of credit. i'm going to turn it over to mr. john. >> good afternoon acting

director and chair george and members of the commission i'm john senior financial analyst for the coi i. a first broad stroke background on the cf ds and the roll in the shipyard. there's the fopgs that's authorized and the cf ds are an integral part of financing the shipyard >> scheme we don't have any - >> our screens up here are blank. >> i was looking at the paper. >> one second, sir. do we need to call someone to fix that?

we'll see. okay natasha if it's not a quick fix we'll look at the paper. can you follow along on the paper we're going to take a minute to fix this. sir go ahead >> thank you. so excuse me. 2005 the cf d-7 was formed 5 point plus million for the infrastructure parks in the area that was old it was formed in 2008, for the purpose of maintenance that doesn't issue bonds. in 2008, the cf d-7 r m a what direction reflecting the bonding capacity to $65 million. on april 1st, 2014, this

commission approved the form of and amended r m a for cf d-7 and 8 for the further update and the 2005 bonds the variable rates are secured by the line of credit that exteriors on december 2014. the 2005 bonds have a maturity value and further are subject to mandatory redemption if it's to the spend e extend on december 5th, 2015, this will eliminate the need for the letter of credit. the phase one property currently is provided at $120 million that allows us to meet the 3 to one

variable task that's in our local goals and policies which is the governing document on the cf d formation this permits us to issue the new bonds that takes out the old flooding bonds. the 3 documents that are approved along with the resolution are the fiscal aging agreement the trust agreement and the bond purchase agreement. the issuance of bonds is permitted under the decided solution act the two key tests are listed below and the existing in depthness is onl