transferring the land into private ownership he earlier than proposed so on behalf of the cac shipyard i urge you to support the second amendment thank you very much >> thank you. next speaker. >> good afternoon, commissioners my name is a kathy i'm the director for the department of finance i'm here to express the departments support for this amendment to the d dr or a the department have's along been supportive of the hunters point shipyard project i'm sure you're aware of the commission agreed to transfer the acres to the project project because the commission economy this will bring 3 hundred acres of open space to this newly developed

neighborhood we continue to support this project and looking forward to working with lenore on a parks plan for the project we know that we need to meet the commitment to the rec and park commission and that rec and park staff ocii staff and lenore need to work together in the developed and operation of future open space many the hunters point shipyard project and certainly from a staff standpoint we're happy to have that conversation in about the parks in the new neighborhood. >> thank you. >> 350. >> oh, 350 i put 3 hundred arrest excellent. any more speakers and no other spvrdz >> do we have any questions by the commission.

>> okay. i just what is the i heard there's a 3 hundred acres. >> acres of this place - stadium. >> there's about 3 i don't know exactly 3 hundred and 3 hundred and 50 acres of open space planned. >> what's we - after it's demolished. >> the parks and open space won't be within the foot of the open space but the open space that needs to be replaced is seen throughout the project site and we have an open space plan that was approved along with the d da that shows the conceptual design planned for the site. >> approximately the space is open space. >> how much of the space. between 3 hundred and 3 hundred

and 50 spaces >> after the bid. >> what. >> i understand their going to be commercials and all those kinds of things after demolished. >> commissioner singh you're correct almost half of the site will be parks but over 12 thousand homes with the majority candle stick you've heard dr. honeycutt and office and other uses and $3 million plus research and development retail space. >> i know there's 12 thousand owned but i'm talking about the stadium only. >> so within the footprint site the candle stick within the stadium site 15. >> i'd like have to deter to

lenore it's one thousand and 25 thousand home i'll have to defer to lamar. the exact count within the site >> hi commissioners julian with lamar i came up here to tell you i don't know how many exactly but in the 3 thousand range i can conform that. >> we can foul to the commission with that information. >> commissioner mondejar. >> i only have a question on the demolition work it's kind of sad to see the stadium go but if it's going to go this is work that lamar will be contracting out for demolition correct not

this agency. >> correct an rfp on the street for the abatement of the told her and the demolition of the state and federal stadium. >> and the agency active apply. >> yes. >> that was the only question i had. >> i move that. >> thank you. >> second. >> it's been moved and seconded. >> commissioner. >> commissioner mondejar. commissioner singh. commissioner chairperson rosales. madam chair the vote is 3 i's >> thank you. motion passes. next item, please. >> the next order of business item 5 j the issuance of taxable and tax allocation bonds in a principle amazement not to exceed 3 hundred million and a trust in a bond purchase

contract and prevail of other related documents and action dollars subject to oversight board and madam director. >> commissioners you've taken a series of actions relate to a proposed funding of our large majority of our debt portfolio through a financial consultant and that bond person and now we're here before you with a proposed authorization for the funding that will save property tax dollars for this commission and the city if given the current interest rates with that, i'd like to ask john who is the senior financial analyst with ocii to present. >> thank you director bohe good afternoon. i'm john i'm the

senior financial analysts for the ocii pr this item authorizes the issuance of 2 bonds including but not limited to $300 million and approve documentation and related staff actions. the resolution also determines that the funding savings meet the requirement of the government citing's the analysis as exhibit c approval will allow ocii to seek the oversight board and the dennis praufdz u approvals for the funding is set foerths not to exceed the bonds capping them and the underwriters danced u discount at this point, i'd like to introduce a few team members who are here to support this and

answer any technical questions you might have. first scott ferguson from jones xavier hall that draft most of the key documents, and, secondly, gary who is the co- financial advisors and thirdly, bob and sam from the p f m who are the financial advisors and the authors of the huge numbers runs that's attached as exhibit c that analyze the refunding. the current interest rates are a historic lows with the outstanding bond issues will require approximately $190 million in new bonds and generate the debt savings of $13 million.

if rates continue to improve 3 more bonds will be candidates. so what we've done is allow things if things move in our photograph the recent ocii policy has a savings of 3 percent of the principle but allows flexibility depending on circumstances the staff was considering including any bond with a savings 3 reasons first rates are at an esteem low so second large size of the transaction means the additional costs of adding other bond is low and third reducing the

number of oung loans in bonds simplifies the bond and the administrative overhead of the portfolio over time. a few words on wants bond structure the resolution proves the issues in two serious a taxable series b not to exceed $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