and in the spring of 2013 that brought in many million dollars and then finally you see the transbay redevelopment area by zone one and two. the transbay project is designated to receive a specified portion of property tax of regular property tax revenues from the transbay redevelopment area and we're specified to receive those revenues over the course of 2005 to 2050 we're using the revenues to repay a federal infrastructure lesson that was called a tiff loan for phase one but the amount of property tax revenues we're going to collect over the 45 year period is much more than we're going to need to repay the loan so it will allow

us to do a second loan for the a t x. and so in terms of overall cost of the d t x our board approved a $2.6 billion for the 2008 that is a traditional design approach we worked with our financial consultants to revise it estimate for $2,014 and in today's dollars that repeals $3 billion approximately $3 billion to construct the d t x one and a $180 million what was for a fire chief grade for the tracks bringing in caltrain from the south bay it's been a

goal of the city to bring those tracks under mission bay drive and essentially build a stub and tunnel which it is constructed it will be easy and efficient to connect that to say b t x. and so nadia mentioned that the total amount of net bonds precedes available for construction under the cf d is projected to be $806 million and the transbay project is going to get translated $666 million so if we use $200 million on phase one that would leave an estimated $406 million for phase two that's how it facilities for the d t x the first lines are

committed funds we've received aligned for 45 millions for the melrose that was mentioned that is $466 million and in the next line the up starts is the result of a very significant milestone for the project that was also achieved in the summer of 2013 we were designated for did you new starts program by far the largest stream that exist for this types of project so it's a long-standing goal for the designations of the regional priority for the start program that occurred in the transportation program in 2013 and the way it works as a regional priority you have a commitment to receive the $650 million from the federal

government but the way you'll assess those funds you'll have to line up our local funding so in the regional transportation plan we were designated for new starts they put together a finland program committed to have the bridge tolls for the d t x and a little bit lower two items included in the regional funding plan one was 5 hundred plus for the future hrl funds from the state or federal government. being able to successfully object the 5 hundreds plus million dollars it is because of the cap & trade program it will grow over time a specified portion is set aside for the hrl

project and other set aside so it creates an opportunity for the transbay to over time 5 hundred accomplice million dollars. the regional transportation plan includes the potential $350 million for a future local sales tax increase so some additional money from the parcels that were donated three to $4 million that's phase two extra loan we'll get from the property tax increment from the redevelopment area i have a phase one but the tax increment s it allows for the phase two

loan for the phase two loan the tax increment section this is what we brought forward to the city the idea of extending the period in which the property tax is loaded right now it's specified from 2005 to 2050 if we extend that from 50 to 60 it could generate a significant amount of money for the project in the $250 million it's been talked about a passenger fee that will be card to the hrl passengers a small fee on the ticket prices it can generate 5 to seven hundred million those

provides the more than the fill amount that will be needed to complete the d t x the circle first step is the funds there the melrose you're considering today and here to support. thank you >> that concludes my presentation. >> colleagues any questions to staff? okay. let me ask mr. rich any further presentations on the part of staff >> no fallout presentation we understand there's a closed session. >> so at this point we'll open this up for public comment i understand like there will be likely a r request to continue this up to two weeks but at this point if there's members of the

public that wish to speak on the formation of cf d or is special resolution or this resolution for the curb on indebtedness this is the time. >> two levels. of all our central business and federal, state and city professional only two students and professional students housing only good neighborhood and not so good neighborhood. likewise for driving only automobile and trans automobile. see. of my experience of handling people of trovnt the people. not able to have 7 people but 50 people we've observed see the

only want to focus on the political - yes or no or true/false that's the only concern. not to speak it's a heart so within you see. >> >> thank you. next speaker, please. >> good afternoon and tutor listening to us. i can't think of a better reason when we were coming here there were more cars on the street we have to do something to get the cars off the street this transbay terminal will connect the ram and san francisco and

the downtown station. this is what we need. years ago i saw that the people from the presidio were taking thirty minutes or more when they got here from caltrain they still had to take the buses or walk downtown so we desperate lee needs that >> i campaigned hard for caltrain a few of us got it on the ballot i don't have that good of a memory i'm no years old but the developers were not

going to build their, their complaining about the high cost but they wouldn't be complaining or making money there if they did not pay the cost of getting it done. >> thank you. let's move forward for today and no delay. >> thank you, ms. morrison. >> good afternoon ken representing the managers association i'm honored to follow jane morrison so hello jane and welcome back supervisors from our much needed recess it was a long time away. but i'd like to say on behalf of our organization there's no need to rich to memorize the melrose district today no need to rush to judgment so from the presto the mayor's office to give more

additional time for conversation and more opportunities this is a calibrated financial arrangement and let's make people happy before it's memorialized on behalf of the owners and developers organization we represent fully ask you to delay this >> thank you. next speaker, please. >> good afternoon. i'm bruce i'm the vice chair of the tjpa cac and a board member and transmission representative for the bayview association speaking on behalf of myself i the association i share the similar comments and nothing from my understanding has occurred towards changes with that said here's the specific. the transit center has growth in

exchange for the right to have taller knows for the increases in profits the developers agreed to a melrose special tax to fund their extra improvements. the annual tax is equal and the developers must pay mayor fair share. most of the revenues generated been the tax will help fund the downtown rail extension for the transbay center a reduction of the tax rate will jeopardize the finland's potentially laeflz us with a $9.9 million bus terminal and worse gridlock a small portion of the tax revenue will fund the street improvements probation officer to make the neighborhood bike friendly and improve the traffic flow this is

critical we're willing asking to accept this we must have those infrastructure improvements please keep in mind this is the lowest open space and the most dangers streets in san francisco. we're asking i to accept this resolution for the special tax district and uphold the cf d tax rates as outlined >> thank you. next speaker. and good evening supervisors. friends of caltrain and nonprofit over 35 hundred parents on the san francisco through san jose including seven hundred here in san francisco and basically everyone strongly supportive of the downtown extension project bringing caltrain and hrl into san francisco and correcting to muni and bart as the major traffic

hub the businesses in this area are will benefit trerpgly and it's a strong proposal to use some of that benefit to funds this project this is a good idea it's a good man and you're going to you approve that this is also a model that's been looked in other places in the region as federaling for the infrastructure looks unstable we can use this elsewhere in the region and eyes are upon this to pay for the downtown extension and address san francisco's land use goals and make this successful >> thank you. >> thanks. >> next speaker. >> and jim ldda the chair of

the transbay we're a strong supporter of this and the strong supporter of hvrl and the iconic transbay center but we urge you to delay the motivator a couple of weeks to allow the parties to get together with the good offices of the mar and the board of supervisors to reach an agreement. there has to be a vote of property owners we want that vote to are positive and in favor of the tax rate and the melrose tax plan that people can live with economically and can move forward with the project we urge you to take our time to make sure that what we have it free of litigation and has broad support of the community and the interested residents and the property owners so this project can be fund and go forward at every level thank you very much

>> thanks. >> next speaker >> good afternoon my name is address the commission up to three minutes. valentine i'm on the advisory committee for the tjpa i'm a real estate attorney i live and work near the transbay area. we support tall buildings in exchange for the benefits that they bring including the fees that could be uses toronto build parks and transit we're looking at a rooftop park in the city of san francisco we're not spending several billion dollars for a business station and as the presentation described those funds are critical to kickoff the remainder of the funding for the d t x extension as you dwlibt keep these in mind there's significant developer input for the fees designed they

were refined to take a look at for sale housing a cap put in place for the developer input that has a cap of 45 will those fees were done so asia illusion and made clear in the documents it the fees could change up and down. the total tax rates for a those fees bays plus the property tax rates are under 2 percent that is acceptable and normal so, please keep those items in mind and the fees calculation is very clear and hopefully, we, move forward and keep going thank you very much >> next speaker. >> good afternoon. my name is

is bob i'm the chair of save muni we're a transit agency and we've been parking lot in the discussions concerning the improvement of the reducing of automobile transit in san francisco we've studied the program and seen little adjustments upgraded are fairly minor 90 in terms of the traffic this project we fulfill support the downtown extension it can have major combats on the 200 thousand cars coming out san francisco from the peninsula we urge you today to just step forward and approve this district remember ladies and

gentlemen, funding delayed is funding denied do it today thank you. >> good afternoon. i'm tom executive director of liveable city. here to urge you to move forward with the facilities district and do so today there's no time to delay i'm getting flashbacks when our preeshgz wafrld and lost this project we lost this project for a few years and had to go back to the ballot it was actually 1998 we had to reaffirm the cities - this cost us million dollars dollars for the funds that are lost costs us millions of dollars in delay so

we urge you to move forward today and i also had a the question for you ear rezoning this area why don't people put 5 thousand square feet skyscrapers in the desert there's no sovereignty there no one would inhabit them and the land value is created by society and the infrastructure investment we're making and the people of the bay area have over and over again created the bart and muni system, etc. that have added billion dollars and billion dollars of value to discount land we need more capacity if you have ridden our transportation system it is at capacity this term will provide the capacity but we need to capture the land value to have

the infrastructure there's no other sources. so we're asking you today to vote on this it sdp shouldn't go back to the developer thank you. >> >> next speaker. >> good afternoon, supervisors i'm pete i'm president of the national association of minority contractors. today, i had some of the executive board members here that had to leave the construction industry is growing if job and contracts and small businesses are hiring especially projects we urge you to not negatively impact the melrose as currently drafted will trigger a loss that will slow or stop the

transbay project project spotters if the project is stopped thousands of jobs and millions of of revenues for local businesses will be put into jeopardy and stop or delay the much need open space for offices the mayor the board should come together to negotiate a solution that for the board litigation will protect the project. we're about jobs creating in this community so, please thank you. >> good afternoon board aim peter straus i'm on the board of the transit rider i ask you to move harder aggressively without the transbay transit terminal there will be no plan the plan

and the project is an obvious transit oriented development that is predicted on the facility being constructed at the site we understand the motivation of the developers to seek relief from the fees but we ask them to accept the responsibility we need you to be aggressive on this we need you to pursue this and not let our urgent needs on this project be enforced. the well terminal and the caltrain extension the eventually hrl project to the terminal site are essentially, we look to you to pursue this aggressively sometimes litigation was necessary we hope it can be evaluated if there's

fallout negotiation we want you to urge you not to drop the by all this is one of the projects in which the future of san francisco rests we need you to hold onto this and pursue it for the public's interests. thank you >> next speaker >> good afternoon, supervisors my name is taylor i'm the policy director and bicycle coalition this is a vision for san francisco's future transmission system it's a an interconnected and regional and statewide hub that not only provides the transportation for people living here but provides commercial opportunities located next to the transportation options the funding is crucial it will

likely shifted the burden to our taxpayers or the offer burdened transportation system is in need of more if i understand not more depth the san francisco bicycle coalition is interested in this project there's funding as part of the agreement for open space and also infrastructure to improve safety for people on foot and bike this downtown area is one of the most dangerous course for people on bikes and pedestrians so funding is spelling needed we strongly yours you as the board of supervisors to approve the project quickly thank you. >> thank you. >> next speaker >> madeline i'm the folks for

polk we've heard the only rational is for not approving it we don't want to delay we know that time is money and costs are going to go up and the project with every delay is more and more expensive in addition, i want to suggest it is disingenuous of them to be appeared to be surprised the costs have gone up the original contact with negotiated in 2012 when the cards were about on the table when the property prices in san francisco were headed in addition to the property professionals they know when something it developed regardless of height limits even but especially with the compensations for height allowances the value is going to be skyrocketing along with the height limits so having heard no

real jufgs for why this shouldn't go forward as our advocates have spoken we represent houses of people in the city that cannot be here we want the board of supervisors to stand strong for the partnerships that's kind of the tipping point unless the city stands strong it doesn't look good for what is going forward thank you. >> next speaker >> good afternoon. i'm the interim chair of the san francisco riders i'm here to urge you, please does not delay and don't reduce the money from melrose the money is crucial and i agree with the previous

speakers it's what is going to happen in the future with public-private perspires we want those pitchers but don't want to guy down from pressure when things are not going the way they were supposed to this is contract with the developers we're going to give you the opportunity to build hire and we're going to give us the money we need to keep the contract with the people of san francisco the developers h that has been saying numerous times will be getting more money as it costs more money a direct relationship with the money for the rents so the rents or whatever might be leases we don't need to worry about the developers not getting their money we need to look to the british here and keep calm

and carry on there's threats of all sorts of things we need to move forward and keep going and don't delay and don't reduce thank you very much. >> supervisors michael with the san francisco building and trades council we're in the incredible position of having supports and the allies of the transbay joint powers authority all the way up to our national organization and at the same time the developers were congesting the tax rate myself worked on awesome property jobs i know how important their work is been and other workers to putting food on the table for their families we're not experts and there are a number of details in those sites that escape us