prior valued the property at over $127 million that supports bonds over $420 million this is the value to lean 3 to one that will exposed our minimal requirements of is lean ratio of 3 to 1. our cf d policy says if there's a less than a valued uniform we may get a line of credit, however, if there's no credit risk we get an exception of a line of credit. for the consideration of public benefits the project is taking delipidated vacant, land and prouz new housing and jobs and parks and infrastructure and

other benefits program. this is - my a apologizes the slides are out of sync. i'm going to go to the overhead.

so i'll begin again for the consideration of public bins the project is taking delipidated land and having new houses and parks and community benefit programs so the benefits to the city is clear. also there is on unusual credit risk by the 3 to 1 phase 1 benefits lane arrest has paid their takes and mainly the hilltop infrastructure is complete will be 3 hundred and 50 units last year and plans probation officer to complete the hillside development.

lastly to the point of unusual credit risk there's none demonstrate by lane arrests great capability they've expended over $70 million on phase one and posted performance bonds and a guarantee they've demonstrated a commitment to the overall project. rewinding to april 1st we began to rephrase the 8 and 9 a m a and for the tax advisors the commission authorized the bond to refund the bonds not to exceed $40 million.

that day the commission authorized the selection of in this case last the underwriter working to underwrite the tradition traction and this is the fiscal agreement and the bond purchase agreement bonds must be approved by the dings pursuant to that the authorization was given on april 28th and on may 6th there was no objection to the voters

of the shipyard and to have other changes to the r m a so the election was held and the r m a concluded the changed changed procedures and they have the first reading to levy the tacks one ordinance received 7 and one the 8. on may 20th the commission conducted a second reading and adapted them on may and june 20th the department of finance especially upheld the approval of the bond issuance this is the ordinance for the action and later we'll take the steps to market the bonds that

concludes my presentation. if you have any questions, i'll be happy to answer them thank you. thank you very much. let's take any public comment on that item? >> i there are no speaker cards. >> looked like to move to questions from fellow commissioners we've seen this item a few times at the commission. yeah. no questions okay. so i'd like to entertain a motion to let's see - i'm sorry commissioner singh. >> thank you commissioner singh to the reference to the $21 million in performance bonds are the bonds the city requires for a permit so the bonds are in

the custody in the department of public works to be used if the contractor didn't complete the infrastructure. >> (inaudible). >> and commissioner singh in the $5 million public guarantee for phase one in the agreement and it's to be used if the developer defaults if there's outstanding costs. and from the underwriters will address that. >> good afternoon currently, the estimated trick or treat is 5.7

and that could change i'd stimulating estimate from 5 and a half to 6 percent. >> okay. thank you. okay. if there are no further questions i'd like to entertain a motion for the bonds >> i second. >> thank you very much madam secretary call the roll. >> commissioner members. commissioner ellington. commissioner mondejar. commissioner singh. commissioner rosales chairperson johnson and this is a note obviously the motion itself i kind of shortened it. >> okay. the vote is 5 i's. >> thank you very much. next item please. the next order of business is

item 5 d. adapting an environmental review pursuant to the california are environmental act and approving a major application with the marin shipyard, llc on block 52 by current wood street for 74 unit at the hunters point shipyard including a schedule of performance report and b the housing data table and c the seismic design and d form a vertical agreement and hunters point shipyard redevelopment action resolution number 48. 2014. madam director >> thank you, commissioners as you heard from the last presentation approximately 4

hundred plus unions unit are under construction on the hilltop. one of the units those particular blocks is block 52 you it's as articulated the protocols for development are happening in the major phases and the rest of the documents the schematic design and here today to walk you through block 52 including inclusionary homes is the hunters point shipyard project manager and he'll certainly be joined by other members of the project team. >> thank you executive director. and again project manager for the shipyard. i'll give you a brief overlay of

this correct presentation i'll provide an overview of the shipyard project i'll be brief and the major phase application and the vertical disposition or is d da and the schematic designs. so you have a resolution and a memorandum ram for your consideration for the phase for block 52 that includes a report on the schedule performances and schematic designs in a updated vertical designs and for the environmental sequa for short. i won't go over the background the hunters point shipyard but i'd like to introduce the team at this point that prepared the design important the

presentation first derrick project manager and danny cook vice president if you guys would stand-up please and ones of presenters is al. thank you al. ocii staff derrick and pedro pedro is not here but manny please stand and lastly the most important the architects veronica hingingly thank you. this is a woman owned certified business and danny and al will address the commission about the partnership for block 52. danny. >> good afternoon. executive director and chairperson

johnson, commission members i'm danny cook the executive vice president that's responsible for the vertical area horizontal construction at candle stick point and hunters point shipyard unfortunately, your colleagues couldn't join us so i'm standing in don't be too hard on me. >> you're going on location. >> when am i i'm on vacation i am supposed to be watching sports go usa. we've been working closely with the cac committees and bringing the project update today we've looking at the comment rates some of them wanted us to soften the edges as we enter the project that's taken time and

said us to add some outdoor patios to increase the outside space and that's taken in kind. we're the d da providing 15 pressor a total of 8 units in this development we're proud of how the architect are working with us. the project also includes small retail component and we're in the progress of securing the development for that retail component. so at this stage i'm going to turn it over to veronica or al. we're in a joint venture with our good friend al norman

>> good afternoon, commissioners how you doing. >> i'm doing fantastic. >> you are very exceptional to the project not only a.m. am i the developer but i'm talking about block 52 we want to thank you for the rules and regulations this is a community project we're developed in and helping us to keep all the promises made. on the block 52 development we're appreciative active to our partners that bring everything we're satisfied with their work we're coming before you to get our approval for them to continue doing what they do and go ahead and make that a

successful project you-all you'd love to this ♪ the hunters point shipyard thank you very much for your time >> thank you. thank you al and danny. so i'll speak a little bit more i want to get to the fun stuff to the architecture i want to orient you on the pr prospective the major phases for block 52 is in the red block scare it's for a 72 units. and there will be bike parking on all the blocks on the hilltop have been through the process except for block 55 and one we

expect this to be submitted later this year. before we continue i want to talk about the phase one you saw some of the construction images but this is the table that are for the units underdevelopment over one hundred are affordable and 2 hundred and 50 under construction today. here's the data one has 1, 2, 3 bedroom unit with an average square footage of 3 hundred 60 to 14 hundred square feet. so what's the major phase in phase one is different it's a process for organizing and grouping advertisements for vertical development under the plan for the blocks are submit they include the the designs for the density and the bulk and

massaging it is describing the infrastructure what if any part of the construction will be completed it includes the housing data with the for example, the numbers of units proposed and the size of the affordable housing and this is including other residential. this is the form d da which includes the construction schedule. this form is being updated i'll explain and block 52 is a community billed this has an opportunity to do the job there 03 programs in exchange for a fee the community builder provides the construction and the community builders will enter into a partnership with

lanar if under the independent program the community builds will buy the land and do the job on their own. so staff has demonstrated it is complete and the d d example a and the horizontal hunters point shipyard are complete those designs went through the design process with the hunters point shipyard advisory committee in april and may have this year and in accordance the planning staff provided the comments and they've been incorporated into the design you'll see today. we've made a handful of clean up

and one thing to the process the former language only required that outreach to the certificate of preference performs were one hundred days prior to the first day of sale this is changed because it is advanced 16 to 18 months to the first homeowner sale this is for the ocii and the office of economic workforce development if you don't mind waving with the lanar i'll introduce our colleague from the lanar who works on the housing market it will provide us more easily and frequent outreach to the certificate holders making sure they have the opportunity to obtain a home on the hunters point shipyard. now i want to bring up veronica

from the architecture to talk about the beautiful design. good afternoon, commissioners and executive director. and chairperson johnson nice to be here we've been excited to be involved in the ocii project on the port and mission bay on block and now in the hunters point shipyard it's really great we're excited to see what's happening. this first image is the elements of our design i'll go through the designs slide by slide but you can look at the model as well as to ask my questions about those later to file in my blanks i might have.

the first - >> oh, i'm sorry can you speak up. >> yeah.. all right. so, now i'll be yelling be probably so block 52 has the highest point and the hunters point shipyard of the hilltop area your building is on the top it's visible as you drive into the site and allows for views of the bay. and as we start the design we typically look at everything the sun and the wind and the parks access to open space and you'll see from the diagram the portion of block 52 has amazing views from oakland to candle stick. in looking this diagram you'll

see buildings one and two their walk up without elevators have is s they have a concrete development and one ada buildings three and four are the townhouse they have their own parking underneath and the main living space on the first and second. and then building 5 is the larger building at the crest of the building it's a podium 5 style with parking lifts in the parking garage and a think a elevator building spectacular views at the podium level. here i'm showing you aerial views from each of the 4 corners of the building to get a sense

of the scale is at the hilltop and the townhomes and two flat buildings. the two place of residence buildings one and two their - they share have shared open space in their rear yard that bach back up to each other that's an airy building the townhouse buildings have their own private space either in the front or back or both yards. in general our approach to the design was to take to look at texture and simplicity i pilot to bring something quieter that has moments of surprise and burst of color a lot of the architecture has a lot of architecture detail and

ornaments we're looking at something to be a counter point to that. so here we go looking at gerald it rises quite a bit buildings 5 we were expressing the concrete siding in 3 textures to express that we have those vertical slices i call them there's the stacked balconies that have the rich tone that includes the deeply husz increment plastic the tiled back wall and the colored glass at the balcony edge the lower buildings you see the two townhomes we were expressing the vertical with the same material we're using the same pallet but slightly

differently. as you go to the other side of the block you'll see the other side of the townhomes and a peak into the moose we have the pops of color. we are also in this we were looking at breaking down the simple form felt end by introducing frame also corner glaze windows to soften the edge if you look at directly 0 above the guy with the green shirt we have a glass pit there we're softening that edge. you can get from the vantage point we wanted to introduce a back element it more organic so people in their townhomes will have something pretty to look at instead of a of a solid wall it

has a screen on the outside of it and in the evening it is grazed with a little bit of light it's eloquent and soft. we're taking advantage of the curve to have a curved element you can see the vertical concrete panel and theville even though slices at the corner where the joggers are there will be a retail we're going to have glazing but this is exactly what is been shared with everything so far. so here we go the color we're in the moose walking along we were drawing on an inspiration we

thought of an old european town where everything is simple and quiet but a lot of color that's the inspiration we didn't want too much color but we introduced balconies that are stepping along this so people have a lot of private open space for themselves. additionally this is private open space behind the units. and in order to really bring in shadow and depth we have architecture metal over doors. here's a view as you're starting to come around the corner and up the hill along kurt wood we've

got a ton of private and open space on this building so many views we had to take advantage you see the softened wall alongside the townhomes. this is actually, one of my favorite views you're standing in a park across the street from building 5 and looking at the podium that is accident south francis scott key podium that captures all the light and allows us at the lower areas we have unit we wanted to avoid any sort blank walls pedestrian wise so incorporated unit and each one has their own private open space we've made assessable they

can have the tea and it has a railing you can see there's some trumpet vines it has to be you purple >> and okay. fine it is. not inspiration originally for this design we wanted something simple from the inside >> surprising on the outside i don't know but goez comes to mind the outside is simple. we liked the idea you're walking along and all of a sudden there's a surprise your eye sees the vines and you see this color and people having fun up there hopefully. so speaking of landscape this is