windows -- for me, to perform my holy mission, the art of making love of international friendship isn't easy. we find more strings than you would ever believe, because the japanese, chinese, taiwanese people, et cetera, the best place would be north china -- japan center. japan center. for today, after this meeting i will go to japan center to my lunch counter -- not from benihana today, but instead we'll probably grab a lunch combo and cream soda and spend two hours in front [speaker not understood] to perform my holy friendship

missionary work for the people. >> are there any other public comments on this item? seeing none, public comment is now closed. can we have a motion to forward this committee report to the full board with recommendations? >> so moved. >> with no objection, motion passes, madame clerk is there anything else on the agenda? >> no, that concludes our business >> meeting adjourned. good aft today is tuesday, july 1, 2014, this is the san francisco

community investment & infrastructure commission i'd like to call this meeting to order at one 15. please call roll >> thank you, madam chair the first order. commissioner members please record >> commissioner ellington. commissioner mondejar. commissioner singh. commissioner rosales. chairperson johnson. all members of the commission are present. the next order of business is announcements a the next meeting will be held on tuesday july 15th at 1 o'clock at city hall room 416 and announcement of the prohibition of the please be advised the ringing of and use of cell phones, pagers and similar sound-producing 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. c nauchlt of the time allocate of the public members of the public may address the commission up to 3 minutes on each agenda item. it is strongly recommend that pubs who wish to address the commission please fill out a card and submit it to the commission secretary. item 3 report an actions at the previous closed session if any. no reportable actions next order of business matters of unfinished business no items. the next order of business it item 5 the matter consisting of new consent calendar. first item 5 a the minutes of

may 20th and 5 b approval of the minutes of june 3rd, 2014. >> thank you very much commissioner members should have received those minutes we'll take the public comment and discussion together and then we'll act on the items separately any public comment on that item on both sets of minutes. >> no comments. >> thank you very much anyone have any comments or changes. seeing none, let's act on the first minutes the minutes from may 20th, 2014, >> i move we approve the minutes. >> thank you very much a second. >> thank you madam clerk wall roll. >> commissioner ellington.

commissioner mondejar i ab abstain >> commissioner singh. commissioner rosales. chairperson johnson. >> sorry. >> 4 i's and one attenuation. >> slow it down i'll entertain a motion on the second set of minutes. >> so moved. >> thank you very much is there a second madam clerk call roll. >> commissioner members. commissioner ellington. commissioner mondejar abstained i was absent >> commissioner singh. commissioner rosales. chairperson johnson. there are 4 i's and one at about stipulation >> next item please. the next order of business is the regular consent calendar 5 c for the xhifrping of the

reagency of the city and county of san francisco community facilities district 7 hunters point shipyard phase one improvement not to exceed $40 million approving a preliminary official assessment and the constitutions of the statement and other actions properly relating there hunters point shipyard the confirming reduce the resolution number 47, 2014 >> madam director. >> thank you. here we go thank you make secretary good afternoon to the commissioners and members of the public. commissioner as you recall we undertook those changes for the related acts for important this hunters point shipyard the development is well underway on the housing on the hilltop this is the final action at the

commission level to approve the issuance of the bonds as well as the preliminary official statement. there are a number of other steps that will take place. this is the final action with that, i'd like to ask our hunters point shipyard project manager to present this item. >> hello. there you go. thank you make director chairperson johnson and members of the commission for the hunters point shipyard. today, the commission is confirming the authorization to issue special tax bonds for the redevelopment for the hunters point shipyard phase one improvements in an amount not to exceed $40 million. i also will be approving the statement authorizing the

official statement and paragraphing others action. for your consideration the hunters point shipyard we'll give an overview and lastly give you a forward look at marketing the bonds. ultimately we're seeking to refinance the variable rate bonds and on april 15th the bond process started the board gave it's approval and this is the final commission approval for the bonds to be issued later this month. the shipyard will be developed in two projects including the hunters point shipyard and the candle sticks bay area totally acres in san francisco. this agreements for the agreement were executed in 2010

for the phase of the shipyard and candle sticks the cf d-7 and 8 are over the geography boundary which phase one and two this is the critical part of the financing the shipyard development and the issue before you there will be no authorization. we're going to look at the bonds not to exceed $40 million to replace the bond issuance as you recall the credit was needed no 2005 when the shipyards yard was being developed and had a low land dike he knew we wanted to convert this but explicit see that until last year but today, you'll hear the shipyard has over $20,000 shipyard and can support of the bonds.

before we begin i want to give you a quick update we've got 4 hundred unit and approximately 2 hundred address 50 units are under construction today. i can see the blocks under construction outlined in the blue doted line. here are construction project photos block 51 after the 2014 groung and excavation was beginning and by august and september the shoring had been implemented and the foundation footings were being installed. you'll see more progress here block 51 and the garage podium.

and then today a few months ago we've got go buildings getting ready for their occupancy. under the cf d-$730 million bond were used for the parks and facilities and for the shipyard and the portion time were to develop the program and complete the bond and the cf d-8 was formed. to determine the maximum size the properties were accessed the 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.