$110 million and a tax exempt not to exceed $190 million the bonds will be issued by ocii under a new creditor structure the payments can only be made on excited bonds are provided for. the existing bond structure relies an individual loans by each project area, however, it will allow the bonds directly and the r gp f without specific loans that creates a merger area simplifying the credit analysis for the manpower and a longer-term debt portfolio the structure will allow the transaction to proceed without details that would result in under the existing treasure it's

the that much it will have little or no effect on the pricing of the bond. next steps september 22nd ocii will seek a bond sale approval from the oversight boarded that day or the following day we'll summit that to the diveng in october or so long as the commission will consider the bond of approvals recommended by the staff and november 8th we'll consider the official statement and prior to the sale of the bonds. again on november 18th the finance authority will approve the execution and we have to do this under the old structure the bonds were issued by the finance authority so the loans are

behind each bond technically in the funding of those loans we have to have the financing from the authority. we expect to have the dof approval by november 8th we purchased the bond and prior to the november 21st we'll close the action that concludes my presentation. thank you. >> thank you madam secretary any speaker cards. >> i have no speaker cards. >> do we have any questions from commissioners? >> what are the plans for the $300 million what are we bidding and how to spend that. >> there's outstanding debt from profess issuance whether infrastructure or housing their across all the project areas that former outstanding debt

we're seeking savings given the trick or treaters are low so we pay less. >> i know larva. we have planned for $300 million what is all that about >> director levenson might be able to walk you through that a little bit. >> i said what was the plan we have how to spend the $300 million. >> it will pay off existing death and for the amount of constituents. >> how much do we have debtor do we have now and total debt? >> we have at least 3 hundred - >> approximately 8 hundred and

55 million in tax allocation debt that includes mission bay and if i may briefing amend what the director said mission bay is not involved in the refunding. >> i said almost all of our debt (laughter). >> >> we owe lots of modern then. >> yes. >> there are no questions saving money is always good. >> i move it. >> there's a motion and second please call roll. >> commissioners. commissioner san francisco historic preservation commission. commissioner chairperson rosales. madam chair the vote is 3 i's >> thank you item passes. >> item 5 k workshop on the

payment schedule for january one to 2015 proposals 14 and 15 b discussion. commissioners green under state dissolution law the state every 6 months approvals each and every payment that this agency must make to all it's vendors and third parties codified this this rock payment schedule attached to the memoriam the board approved the budget in our tab p as an informational memoranda this is the balance of january to june for the budget year you've praefd? the next step with 9 review with the oversight board will take action and will take feedback you have

into account our director leo will present it if we have overhead problems maybe the page turning will help >> i think our technical difficulties are dissolved thank you director bohe i'm going to briefly walk you through the 2014-2015 and happy to answer questions he at the end. just to okay. great here we go rough background. i'm sure our family those are required by the dissolution law to be presented every 6 months of all our payments plans in

that six months period and the a period is the first 6 months and the b is january through june so we're discussing 15 b for this coming january to june 2015. our timeline we have a workshop with the oversight board on monday and today is our workshop on the 22nd we'll be going back to the oversight board for action and to submit to the department of finance. i'll talk at the end about what happens after that. in terms of the funding sources described it hadn't chang's changed from previously we presented the payment in terms of where they're coming from bond or resource balances that is either the funds the tax increment at the time of the solution and in some cases the

mission bay and other is primarily developer payments our lease revenues and y d c payments at the southeast harbor and finally, finally property taxes trust fund and that's divided into the non admin that is our project spending of tax and our administrative that is capped. of the organizations starts with a few admin and housing a few point items the bonds and then the state requires as we have new items we have to put them at the end. sometimes, the totals for the

document by the way, there are a few small is changes as we've been upgrading the totals are 3 hundred and 88 half million dollars on this right the 6 month total and that includes 69 of bond procedures and one hundred plus of other bonds and the tax increment is $109 million one hundred and 9 for our mosaic costs coming from property tax. so what are the $110 million it's primarily housing the developer fees we committing our housing dollars so $77 million of that one hundred and 10 developer fees about $9 million from the yerba buena gardens and

that includes our garages as well as part of the total monthly y d c and the shipyard from federal and state grant $6.9 million and the shipyard developer reimbursement around $5 million and mission bay around $2 million i transbay and the south beach about $4 million that includes many from last year, we didn't put you enough on it last year, we've got to document our expenditure we're trying to include that we had it on there for the harbor. there's finally $4 million this is the hotel taxed part of a bond payment and a if i small

other items i mentioned housing is big here's a list alice griffith hoping to move forward with the 18 in bond funds and $25 million in developer funds to be committed transbay 3 projects transbay 7, 9 and one and baby boomer 6 east and with the tax increments and the shipyard block 54 a strong housing program reflected on the roster looking at at the property tax it's a sizeable increase we're looking at the $108 million xarnl compared to $689 million we're changing the way we've presenting our debt

requests part of the refunding we're looking at our bond indid you form an opinion it turns out our bond indufrnz talk about our debt obligations for the entire year in the past we've tried to split almost $100 million a year to balance it we've tried to have approximately $50 million on each roster committed the property tax first and the bond year starts in november to the end of january property tax is the first, the bond year we want to rehabilitate we've covered the years debt service in this. we probably won't get that much but in terms of the request

we're requesting $98 million for the bond the entire year the other items are smaller in terms of the property tax the mission bay amount above above maximum might be $3 million and infrastructure we're moving forward on and some smaller items our retiree health insurance and a little bit of staffing the match to the grant of the shipyard and the other thing that's new on the roster is the first 3 payments of a loan amount borrowed from the low and merry-go-round redevelopment days some of you may remembered a supplemental payment needed to be made the development borrowed money from the housing fund in dissolution

the state that debt could be paid back at a measurement rate. and so, now that the city has become the housing successor agency paying back that is the property tax to the city we're proposing to pay $3 million back to the city towards that $16 million borrowing that took place in the past and finally one and a half million dollars that are consistent with the full year's budget we talked about $3 million for the year this follows through on that planned budget we had before. so as i mentioned there's likely to be a deficiency based on current estimates maybe 8 to

$9 million after the pass through to the tax amenities and the pass there is no 2 wouldn't be up to $109 million what do we do the dissolution law allows us to declare a deficiency we have two strategies we can follow the one we previous is something we've calling the treasurer loan request that's loud for in the dissolution law and in the charter that allows the treasurer to transfer funds to the pool it's within the fiscal year because our next property tax distribution will be january 1st, this is within one fiscal year. we would request oversight board

and the approval for the loan in obligations to put it open our next june distribution to pay back the treasurer for the loan this loan will be used to substitute property tax in paying the debt service allowing the property taxs to be used for other requests if we didn't do that our bond indifference require us to invoke we'll tell me the controller you can't send money to the school district and we'll have to invoke that subordination and postpone our administration costs we prefer not to do that just get the

treasurers loan those are the two pathways we'd follow. a brief on the administrative budget in the first 3 lines here. where we talk about our staffing and operating expenses this is not changed from the previous and it still is we're still requesting considerably less than what we could it didn't need changes in the administration operation. i want to mention a few updated things incarcerated to previous item 12 has been under but noting no dollars this is the first 3 payments of the loan.

item 384 to 388 we've talked about some degree before we're updating the use of excess bond precedes this are south of market and bayview hunters point and hunters point shipyard the tax procedures we're told by the redevelopment agents not spent before the dissolution the dissolution law allows those that be used for the original bond induchz we're going to transfer them to the city department notice we have updated scopes of work we've added in a little bit of interest that's been awe kruger that have been shown previously those include the selma bonds on

384, just - mentioning the scopes of work there. actually i'll have that on another slide. other things or items are 389 the items at the bottom the mission bay south the new debt service those were not on the new like that so we have the 2014 for mission bay south. there's an item in the shipyard related to an international south african place and there's transbay parking structure has its own line with nine hundred thousand and 392 to 95 are the housing project we're

anticipating moving forward on the mission bay east and shipyard block 54. the mission bay items don't show a dollar amount their using the tax increments optional hand we're shown that being taken ♪ the past so the department of finance says we don't need to list it as a request on this period. some changes since the version that were mailed to you last friday those are minor i'm going to put them in here to make sure their note a few shipyard 32 and 34 are changes estimated services and item 345 changed did bond administration we're thinking of trying to move forward after the potential to

save money in mission bay it couldn't be included because it's quite possible within the six months we'll be back so we've increased the line to include that. transbay block 9 it was increased in 33 to 34 million we increased the bond for the trust. so i want to go back to the bond precedes i thought it was on here - that just to make the point we did 384 to 386 on 1314

b but not on 1315 a the hunters point shipyard streetscape improvements and finally also new on this was not on the previous one the excessive housing precedes $8.2 million proposed for a portion of it for housing authority salvation repairs to help repair for the housing authority the other pox is a grant to nonprofit, affordable housing agencies and those could include capital repairs or creation of new unit. so that's for that. $8.2 million. finally in items of next steps after we go to the oversight board and sent e send this to

the department of finance we've been working with the treasurer and bringing that back to you when we have estimates from the krovrlz and the treasurer as to how much we're asking for we'll expect the disables by early november and if there're a need to confer we have 5 business days to do that my mid december we have the determination on the loan and the property tax distribution for this on january 2nd with that, i'm happy to answer any questions >> thank you. first public comment >> i have no speaker cards. >> no speakers so, now in the hands of the commission any questions? >> i have a question. >> yes. please.

>> so what are the chances we're going to get the treasurer cash loan and oh, i think it's actually very, very i high i'm be surprised the city has a strong interest in having no question about our credit and the payment of our bonds our reputation has an impact on the san francisco so they're concerned it really in some ways we're borrowing our own money we have money on deposit more than what we're borrowing so there's not a risk to the city i don't anticipate a problem in completing that that is only the paperwork. >> we don't have to invoke the items. >> i certainly hope not yes. >> i wanted classification we

do about the repair of elevators. so we do fund that? >> being proposed. >> it's a proposed use of the funds we'll be providing the founded to the city and the city will manage the disbursement they'll meet the bond indentures so they'll have to look at the rules at this point it's up to the city to manage that portion. >> thank you. commissioner singh i have questions >> no question good job. >> i have a question and it's this item that commissioner mondejar mentioned $8.2 million. did i hear i say that not all of the $8.2 million was suggested for elevators repairs?

no, i think a portion for elevator repair and the next for the grant and nonprofit housing providers >> you can't can you talk about the split. >> i wanted to leave is flexible so that it didn't have to be locked in stone but could be flexible there's a budget at this point i'm sorry, i don't want to say the wrong amount. where am i? do you have that and 388 >> it's in the notes for 388. hi commissioners sally deputy director for the record they made $3 million would be for the housing elevator repair >> it's actually in the notes. >> i read that it was the first memo i read over a week ago i so

apologize. so can you give us more clarity the reason i'm asking you remember being excited hearing the money was available found whatever word you want to use and i recall i think it's when we were at the one of the mission bay community meetings i asked the question would those funds be able to be used citywide i mean obviously for proper purposes or that meet the requirements and the answer was yes not specific to my project area i was excited that those funds once granted to the city could be used in the admission as an example that has a high need for affordable housing. and so i'm actually disappointed that unless, you know, i'm

overlooking it that that use, if you will, or the application of those funds might not be used in that fashion. so i wanted to a couple of things i want clarification not on the elevator part because obviously that's critically needed i understand that i guess i'm asking what this reference here precedes for affordable housing that will go for affordable housing granted that may include the capital improvements can you give me more clarity over or on that >> there will be another action to come before this commission and oh, mayor's office of housing here. >> thank you. >> kate deputy city attorney of the mayor's office of housing. i want to speak to the tax

exempt first of all, we're grateful and happy to be getting those proceeds i want to clarify the restrictions open the use first of all, for example, the tax exempt status prevents them being used inform certain credits 99 perris includes the low income tax credits for the affordable housing their incompatible with the traditional affordable housing in the admission we have new units coming up unfortunately, we can't use the tax exempt as the evidence will then show for that that housing development so we looked at the oval portfolio and so see what are the other uses one first of all, they have to be grant precedes and the

second they have to be used in a tax exempt way so repair work is a great use for those funds. we had a very immediate need in the terms of the housing authority the breakdown of the elevators has created a hardship the elevators are so old every part of the elevators has to manufacture we're using the fund to pay for the balance of the elevators work the $5 million that are used for capital repair we want to go out with the notice of available to our nonprofit s