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 only for achieving the subsequential depth and it shall not exceed the amount to finance it concluding the related costs of

issuance. this issue will meet both those tasks. just to review the schedule on april 1st the change procedures for cf d-7 and 8 were commence. today, we're approving our commission is considering approval the refunding and the selection of underwriters. those particular documents are necessary for us to be able to take this to the oversight board and then to the dof for approval. april 28th we'll be going to the oversight board for the approval of the funding and the next day to the department of finance. that's our plan. on may 6th there will be a number of actions associated with the amendment of the r m

a's to cf d-7 and 8 an election of the shipyard landowners and final approval of the restated r m a's for 7 and 8 the reading from will be to levy special taxed on 7 and 8 that resends the special tax ordinance. on may 20th the second reading of the levying of taxation to resend the 2008 ordinance. june 30th marks the outside limit of the time for dof review in their consideration that this it may happen sooner but we'll not accelerate the july 1st date for for the action associated with the issuance of the bonds that's where the preliminary

official statement and the final documents are approved. the last 3 items are just described the schedule for actually completing the transcriptionists first is this elective active step in the process that concludes my presentation >> thank you. okay. that's a thank you. all right. ladies and gentlemen, i'd like to take public comment one card mr. washington. thank you >> to the contrary i was at a meeting yesterday that was very productive. everybody was happy even myself on the report of what's going on in the southeast. the cac meeting was very

informative and was quite pleased to see the staffers i'm pleased with ms. walker i think hopefully, they did a wonderful job and another young man, i metaphor the first time that was eloquent in speaking and explained what was going on and yesterday they got had my stamp of approval. i'm here supporting the project because number one their people like me working at this site despite the rest of the city with all the construction. you got cranes all over the city and job sites all over the city if i had a survey you wouldn't see people like me but in bayview at the shvpd i have one question on whoever is changing

the name from bayview hunters point shipyard i'm going to sit down to get an explanation to you, explain it to my community. but i'm quite pleased how things are going in the hunters point shipyard. that's quite a craft because i'm name is asia, in fact, i'm celebrating over 25 years of services to the san francisco city for the amendment negro black man. i'm going to do a survey to see if we're black or negro are we colored or african-american. one thing is clear we're insignificant in the city ain't

that a pity. i'm going support this project but i'll be watching is closely from the experience i've got from the fillmore i call feel no more i have the qualifications of documenting and taking pictures and monitoring the workforce finding out if we have representation there are. i don't know on the last note in the fillmore the feeling no more i invite i to come out there but i support this project >> thank you, mr. washington. okay. and there's no more speaker cards >> no. >> thank you very much. so okay. sure i will.

i have been asked by a fellow commissioner, i was and a an employee at the bank of mellone until last august but my job when i was there i'm currently not connected to getting new business so i have no real precipitation. this item we talking about it last time we had a number of legislation stems commission steps we have to take to look at the cf d-7 and 8 and that's looking at the bond document of the refunding number 7 bonds ambassador i'll start real quick i don't have any particular questions on the agreements themselves their relatively standards for this sort of bond deal but i have a question about

our overall slate of professional services related to this are we using a professional advisor? hi mr. diego rivera he will >> we're using scott smith. >> hello mr. smith. >> of the advisory. >> was that an action that we took last time. >> no, it was approved under the executive director authority. >> that's explains it. >> we did an rfp after the screening for the cf d experience we selected a subset and give them our responses and choose cf d as the best. >> okay. thank you very much commissioner singh. >> can you come back to 5

minutes. >> mr. diego rivera he will. >> do we have the director here nicholas and company. >> yes, we do. >> can we talk to them. >> sure. >> introduce anna our lead underwriter. >> good afternoon. >> what is the there's a muni bond; right? >> yes. >> and what's the interest there the estimated interest rate is approximately somewhere between 5 and a half to 6 percent for a thirty year unexempt special tax bond and this will change based on market rate but that's the interest rate as of today. >> for how many years?

thirty years >> a thirty year financing yes. >> and you've i never saw you before in this commission. >> my name is anna i've not stood before this commission i was at the last meeting and i have been working with various entities at the city and county of san francisco for several years but you may recall seeing my former colleague tom, i speak before the commission we also have our co- managing underwr e underwriteer. >> i saw the other person. >> can you stand up all the underwriter's. >> this is the co- managing underwriter from braxton ton. >> i want to know i never saw

that you saw the muni bond before the commission. >> just for your information we stated this people had acquired the original underwriter's so this is essentially the same team and the lead underwriter left the agency and anna stepped in very competently. >> commissioner mondejar questions. >> i don't know who can answer my question can you speak probably for - could you speak to the selection of the underwriter's i'm sorry. i'm so bad with names so speak to the selection of the underwriter's they were the team that did this in 2005 am i correct?

>> that's correct. i'll bring up mr. diego rivera yes, ma'am e he will to talk about the process but we issued on a rfp to the cities pool the city maintenance a pool of underwriter's so 7 firms - 4 from submitted proposals >> okay. i'm new to the commission i just wanted to, you know, find out what the process was and continue the same process in the selection of all of our consultants and vendors; right? >> that's correct. under the former redevelopment agency we maintain the agency of the pools ourselves but in our smaller form we rely on the cities pools >> and those pools overlap pretty closely. >> yes. >> okay. >> i move it.

>> thank you very much that's a motion is there a second? >> second. >> thank you very much ma'am, secretary call the roll. >> commissioner ellington absent. commissioner mondejar. commissioner singh. chairperson johnson. madam chair there is 3 i's and 2 absent thank you very much i believe >> thank you. please call the next item. >> give me one second our honored guest. let's wait until commissioner rosales settles in and we'll call the next item

>> thank you, ma'am concert and item 5 d adapting the finding pursuant to the quality act and continually approving a schematic design for a kitchen remr. president building as part of the hunters point shipyard project discussion and action resolution number 28, 2014 madam director. >> thank you. the hunters point shipyard phase two benefits plan requires a replacements of the items in the shipyard this is the excuse me. africa design approval part of the artist includes a kitchen so

annabel will present this for the kitchen replacement building. >> thank you acting executive director and chairperson johnson and commissioners. today, i'm requesting for the sequa findings to approve the design for the replacement of the kitchen at the hunters point shipyard. as part of my presentation i mean, i'll provide the information at the shipyard as well as the obligations to the tenants. subsequentially jack roshts was the design package and i'll conclude about the overview of the next steps. before i go further i want to appeals court you've received an updated material for the remr. president under consideration today and it's highlighted in your resolution.

i'm sure you're aware of the shipyard is in process of being redeveloped with new parks and $3 million acres of office space and the development project open division it's referred to as the design document. the location of the future art system is building 10 one that houses one hundred and 50 artists and an additional building will be around that you can see the location where is kibld areas are the cluster of building in the middle of the shipyard. in order for this tromgs of the shipyard to happen all existing buildings will be demolished and the all the buildings are

currently occupied by artists and the commercial kitchen. the existing tenants are spread over 7 building on parcel a and b. you see the buildings numbers on your slide most of the buildings are occupied building 103 is vacated but the artist that is in this building is there. building ton one will not be demolished. building one 10 is the building that is occupied by the cookery which is a commercial kitchen. the existing artists community of shipyard tenants has been viewed as a - the mass developer has agreed to make sure that relocating tenants including the

artists and commercial kitchen will be moved off site but those new buildings that include the new artist that building and a new replacement kitchen will be conducted near one 01. additionally tenants are required to vacant the facilities are entitled to benefits according to federal and state like contemplation for moving and compensation to other issues. we'll be caesar's the conditions of the artists studios and their kitchen facilities and their task is to look at the design facilities and most important making sure that all relocation

requirement are fulfilled. the construction of the replacement facilities for existing shipyard be tenants is an important step for the phase two where the artists are located actually all the studios with exemption of 10 one and 2. once the paralyze are transferred i'll immediately start the work to make sure there are 3 thousand units housing units and 6 hundred square feet of research and development facilities and retail spaces and the occupants will be located there. this will be an existing moment, however, stems are necessary for this to happen. because the artist replacements

building that houses most of the artists in the future will be built right on the counter site of one tenant. on the current side you see the current situation with building one 10 and one 1 that is where the location are. it is important the replacement kitchen for the cookery be completed as a first step where the cookery is in building one 10 and building one 10 can be demolished ambassador after that the artists building can be constructed and the artist will be able to move into the new facilities. we're talking about a couple of years lead time for all of this to happen. so in order for the shuttling to be implemented on time and transferred in 2010, the

facility kitchen will need to be started this fall that allows for a february move for the kitchen and a replacement the artist studio construction from approximately mid 2017 to 178 and the artist can move in 2016 and the demolition will start. it's a domino effect everything hinges on the facility next february. that will be an exciting time for the shipyard since 1984 the cookery have been, if you will, the facilities that what about rent by the hour or month. i'll ask one of the folks to explain his business much better

than i can >> thank you. i'm scott madison one of the owners of the ecliptic cookery i have the material for the commissioners and staff. good afternoon chairperson johnson and commissioners and special hello to commissioner singh who's history with the shipyard is a history as my own. acting attorney. it's a pleasure to be here for our business that's also a milestone for shipyard

redevelopment i'm hoping you will advance from the design stage in building one 10. i'd like to acknowledge the positions of folks. ecliptic cookery is owned by four partners i'll ask our ceo ms. susan heller who doesn't work in the business but is a silent partner and mr. bill robert and myself operates the business on a daily business we've been friends and partners since 2010. we've been led by the michael and others working with lanar ralph and building engineer lewis and kitchen architect mr. joe. they've worked in the fashioned

of designing an unconventional kitchen to meet the needs of our business i want to thank paulette who's company made similar services. with us today are a number of customers who came down to show support and some may speak. i'll ask them now to stand the cookery ecliptic customers please stand. thank you very much. others unable to attend have sent letters and you've got them. we appreciate the people in the open spaces community that are here in support as well. as you know you've identify a been a planter since 1981 it's

exciting to see others here it's my privilege to serve as vice president and want and being a part of that it unsatisfactory and very interesting. most of my cac colleagues passing past and presence e present know you've got a business dui but do know what i side. it's not about my business the cac members and people identified me we matters of the shipyard community and being serving culinary cookery is considered to be a part of it though our activity is different. when i became involved with the

shipyard the tenants 25 years ago a major factor in having the property turned over to the city was in awe lines to the artist. over the years the number of business declined and the arts industry flourished now the only customers left to attend are for the cutlery cooking. the first for several years i was able to devote a lot of time than managing our business. my personal involvement with the cac was possible only because of owning and working for a business that enabled my activity this is the first large time-share business. after thirty years we're the most educational enterprise in

the region. we hope the commissioners feel even though the facility is not required by law but it significant to the benefits of the city. the number of jobs generated by our customers is needed in the supplemental material. we don't have detailed information on how many people are working outside of our kitchen but are numerous. we have imperial opportunity it requires based and a willingness to work hard. the cooking skills are not at the top of the list elliptic cookery reduce the customers needs and the food crazy bay area is one of the best markets in the country. food service presents unmasked

opportunities for people with limited means can help. our customers and their employees are as diverse as the city itself and 60 percent are woman owned and 40 percent are minority ordinary. we have one hundreds of business that are regularly referred to several employment. we assist our customers in many ways and they he appreciate our financial channels our objectives to help start and stay in business all folks. we're deep involved in the bay area community our 3 kitchens are near the shipyard. we've made special effort to

happy to now have 10 customers of which 8 or minority women owned biz businesses and the others are african-american. this can only enhance the elliptic cooking is shipyard job may help a shared number of residents over time will bring a lot of hunger mouths to feed. in closing i'm i'd like to thank all the staff who have facilitated this and we look forward to have the new kitchen and continue in our initial of nourish small businesses that are our customers >> thank you. mr.