>> okay. we're now pack in open session colleagues first not to discussion the tapgs in the closed session we'll take that without objection. the motion passes not inform disclose the information and with that, why not go back to items 15 through 18 i want to acknowledge mr. restrict. >> with the boards commission i'm going to report back on the portion of the discussion the mayor has been firm through all

the controversy over the melrose he was not illegal to give on the money that was die to it to build did infrastructure from of those give for little denouncing of heelths we've been into so there a conversation again and again we on behalf of the mayor said we can't do that we're operating favorable and keep on going with the rates as proposed that was conveyed strongly as recently as yesterday and during that conversation yesterday a new kind of idea came to the floor that was the first, we recall willing to think about a workable way the idea of keeping the melrose rates as proposed in front of the of the board today butlogically the threshold of thees vacationing evaluation on

the way the melrose builders from 12 to 2 percent to inmate that for sustained the period of time in which the taxes are paid we'll hear from natd i can't from thirty to 37 years a mortgage that goes longer you can slight less but pay the same amount by extending the period of time slightly decreasing the rate of escalation of the rates keep the city whole and keep the same rates through bond to a pay for the projects we've spent a day quickly looking at the numbers nadia will give you more clarity and the same amount of money it is important we're requiring in return from the

developers legal waivers on four items they'll have to legally wave rights to litigation on this melrose any public comment? hair have to promise to wave the 90 day promise period if not waved before it property owner vote and promise in writing to vote for the melrose when the property owner vote occurred and fourthly and importantly if smor for some other reason the melrose were defective or couldn't take effect those permanence will have to negotiate with the city to pay us the same amount of money in champion we're proposing that the board take a two week continuance to do two things one change the items before you to reflect the payment period but important importantly circulate to the 6 developers effected by

the melrose the waiver they need to sign for and only after two weeks we have those waivers in hand we will then recommend to the board to adapt the new payment terms on your meeting two w from now we'll recommend you move forward open the melrose with the original rates and escalation that you have in front of you that's basically, what we discussed i want to tend o end in terms of thanking very much all of you for first of all, standing firm that was something by the didn't want to give ground specifically supervisor kim and supervisor wiener and another supervisor we're clear we're on board and we're grateful with that, i'll give to nadia to go into the numbers >> so supervisors when we

presented earlier we estimated that the project will get $806 million in construction fund with the proposal that ken alluded to the estimation to e extension to thirty years allows us to change the bond terms from 31 to thirty years and collect the special tax we've tried to make sure that the project is made whole at least in the first 5 years to deliver it on the comments that some of the landscape and open space expertise plan that was outlined in the transit center district plan by doing that we're able to reach approximately the 8 hundred and of million dollars promoted for are the project and take a look at the proceeds the money get us to the 8 hundred and of million dollars that is

needed understanding that the estimates and those are assumptions they could change as the development moves along. >> supervisor kim. >> thank you president chiu. first of all, i want to say i'm really mrldz we're moving forward with the resolution to form the transbay transit center community facility and that the city will be securing the entire the special taxes to make the developments and open space pedestrian safety and transit and other infrastructure that of promised to the residents particularly our residents in the south of market their geng including the expensive office uses in the history. this up zoning means the profits and property values and it means benefits for our city's residents. i wanted to make a few statements about what was

presented by i want to make a motion for technical amendments to our 3 items here today first for the resolution of necessity to occur the bond depthness i want to make an amendment to recognize it was open and continued on september 2nd at&t's and the director will be responsible for the bond measure and the resolution calling for the amendment introduced to do board for two reasons to attach the manual that comes with a description in the manner of which lecture fore will be calculated and to to appoint the director of elections to conduct the elections also to make a motion to make a series of amendments formation it is a series amendment i hope i can go

through the technical amendments >> thank you, supervisor the rate that was approved by the resolution information has changed for two reasons to provide clarification of potential amp get with respect to the buildings for a portion of the building one to provide the levy of special taxes on publicly owned property as the same as base of private property and two to clarify the property maybe going to to participate in the cf d and by agreement with the skeshg agency this change is necessary that the two entities of the transit center plan the city and ocii those don't increase the maximum tax and i

have also proposed prepared a report that includes the modifications on the probability special tax to be paid by the owners of lots of parcels in the district. the report also sclukd that those changes will have no impact to the special tax to be paid by the owners of the lots of the parcels in the district the resolution information has been changed in the introduced version to describe the consistency of the cf d with the transit center plan most importantly it provides for the special tax to be calculated to be 55 percent of the property vail. the formation also addresses and units a compliance with the sequa and also provides that the in no circumstances that requires supplemental eir associated with the district.

the formations has been updated to reflect the fact that the cf d includes the private properties to construct the tiements to join and the publicly owned property where they intend to transfer the property and the property will be obligated to pay the tax in the district >> so those are the motions before us i will make the motion. >> supervisor kim has made a motion to amend seconded by supervisor wiener we'll take that without objection. we'll pass those amendments supervisor kim. the court: thank you. again want to give thanks to all the parties we were able to get into the final structure that works with all parties that remains the dollars on the $860 million

we are projected where from the special taxes to fund those improvement i want to make f that clear that the mayor's office asked for the additional week that we're approving today and exploring the litigation i want to make it clear it motion was made in order to make sure that the city would not risk a single dollar of the revenue this city will pay for the 70 infrastructure costs we not to make the neighborhood stronger i commend the mayor for refusing to lower the tax amount and backing his commitment in district 6. i heard a member of the public that the position has been exactly that. the promised infrastructure is exist exciting beyond the

downtown caltrain project those will pay for a initiative bike lane two large parks one the well known rooftop park and a beautiful under used park with the children's mraushgd and eateries and other things it will pay for boublts and the extension of caltrain to the downtown area the residents are super excited about and the developers have agreed to hold up their bargain and agreed to pay for the full tax amount and have an continuance inform expend the number of years from thirty to 34 years. to emphasize those changes will

not impact our ability and as a bonus we will be awe vefrt a litigation. and our ability to draw down on loans we're anticipating to build this important public project. further we know that all of those improvements not only benefit our city but purposes by increasing the tornadicness of this discount neighborhood for workers and residents so again, thank you for your work and to our neighborhood residents to came out to advocate for those improvements as well >> supervisor wiener. >> thank you, mr. president. >> so mr. rich i understand to be clear for us and members of the public and obviously over the next few weeks we'll articulate this in a clearer way

but under the proposed resolution and i'm really not referring to it as a compromise because we're getting all the money or the tjpa is getting all the money we were seeking so we're not there's been a position taken by the developers the amount should be dramatically reduced by perhaps a few million dollars but this resolution will provide the tjpa with all the money it had been anticipating we've been proposing in this proposed melrose it will be in terms of the tjpas ability to on or about bonds and receive cash actually build the infrastructure projects that timing will not be affected they'll get the funds and all this that is changing is the structure for the payment of

what the developers are required to pay. into the melrose fund. and the additional two weeks will allow you and your office to not only make the required amendments but to obtain all the iron clad waivers from the developers not from the develops a lawsuit a challenge to the melrose and actually required to vote for the melrose that think a timetable that works did i get that right of >> you go got it exactly right thank you. >> with that, before we went into closed session for me what matters is we're making sure we have the funding for the critical transit projects so given this resolution first of all, i want to thank the mayor for really standing firm i want

to reiterate what supervisor kim said there's a way to approach let's give up the money but the mayor stood firm and i want to thank the developers and their council for you know, i i think making their position known and understanding what the board and the mayors positions were and then coming up with what seems at first glance to be a solid resolution so give that having it is two week continuance locking it down makes sense. >> with that, colleagues unless further discussion if i can entertain a motion continuing to hold this up until september 22nd. supervisor kim and supervisor farrell we'll take that without objection. that is the case and with that, mr. clerk.

could you read the the memoriams >> supervisor avalos. >> on behalf of the supervisor campos for the rashawn and supervisor wiener and on behalf of supervisor chiu important the late lincoln and for the late mr. wayne and on behalf of the supervisor kim the late doould. mr. clerk is there anyone who wishes to speak on the item? >> there's no further business. >> i want to thank sfgovtv and ladies and gentlemen, with that, we're adjourned.