as long as it is adopted into a lockbox the lion adding about minimum value under the redevelopment plan like the affordable obligations the obligation will be released when the bridge loan is repaid subordination specifics that any party that ours block 4 affordable housing requirement required by occ to meet the affordable housing incentive of 35 percent for the transbay redevelopment plan area the under the redevelopment dissolution it is an enforceable obligation that occ is assumed to go before the oversight board

and the called department of finance to determine it is in the best interests board of supervisors acting a protective body it remains the effort authority to review the material to the ocii affordable housing those actions will happen later this month and early december i want to point out you have a revised reducing resolution in front of you basically, we made editing changes and fixed some type we're recommending approval of t the first amendment and we may make some minor changes going forward as we near the end of the transaction i'm here as well

as at representative if the transbay joint powers authority to answer questions thank you. >> thank you do we have speaker cards. >> i have no speaker cards okay and do we have questions or comments concerns board members of the commission? commissioner mondejar >> yes. i'd like to hear from the tjpa representatives for their comments. >> obviously you need the financing. >> i'm deborah miller the egyptian and one of the principles in norwalk this transaction i have scott the elective affairs with the tjpa as well as bryant jen kings from the tjpa i want to first start

off by thanking the staff for their assistance in negotiating this transaction we've struck a balance for the tjpa to move forward with the financing in the interim basis as needed in order to allow construction to move forward as planned while protecting the agencies interests in affordable housing and the fire chief development of parcel f and block 4. >> i like to hear the comments of the financial advisor. >> hi, i'm as deborah mentioned the financial advisor to the tjpa as evidenced in an early staff report to the tjpa board back

when tjpa staff identified a need for funding we went and reached out to the tiff learned the department of transportation asked us to draw down the loan before we met the conditions present they agreed to amend it to allow us to seek interim finance we have a competition which we have an valuation mranl panel that contained the cities department of finance and interviewed 6 out of the 9 entities and viewing a spectrum of direct loans with the bank and capital markets where short-term or long-term as well as replacements and at that time the golden sacking bank for direct loan is most in terms of

due diligence everybody else for the most part look at the transaction offering up transactions and the loan is for 4 years. >> it was 4 years. >> how is it going to be paid this is one of the reasons we come before you today i'm sure you're aware of the tiff loan is supported by a pledge of tax increment revenue we've been getting from parcel t and 6 other components is additional capital contributions from the transit in general $417 million we expect to get even though initial tax increment is loans $15 million it is not able to pay the hundreds and $75 million

we'll capitalize interest we'll on day one have an account to pay off the interest requirements for investigators and then what the assumption is courtney mentioned hopefully by third quarter of next year we will expect to meet the tiff requirements and get the disbursement and take out the payments. >> do you know how the - >> i'm sorry. >> the interest rate. >> i believe as indicated i hope you received in our packets but it is a loan based on months it is currently around 2.33 and the credit spread in the first year will be 2 hundred and 25 basis points the overall amount

will be 2 you know a little bit below 2 hundred 5 percent and requirement in order to structure the capitalized interest we're going to going get into a hedge that cost is embedded within the bridging. >> okay. thank you. >> you're welcome. >> so he presume the use interim egyptian and this district attorney's office make sure the dot all the i's and cross the t's so everybody is reading the same language we're fully protected. >> we've been working closely jim is our interim council and the city attorney's office is representing and carol wong is representing their department of real estate it's a due diligence review on our part certainly on the part of the tjpa the cycle

of comments come back from god man we appreciated the commissions patience in getting the documents to you, we have reviewed it we do feel in the event number one even we do expect the bridge loan will be paid by tiff precedes we plan for the worse in the event that happens there are provisions in the loan there's a lien price we can moved forward on parcel f and block had the likelihood we'll do so it's difficult because block 4 courtney mentioned the double prime are being used for the temporary terminal and bus ramp reconstruction we can't move forward without the tjpa so even so we plan for the unlikely for

the worse case scenario so we can move forward number 2 again, we don't expect it to happen but again for some reason there's a foreclosure action could we still moved on those and fulfill our obligations in the requirement we've embedded those in the transactions we've planned and done our due diligence and planned for it. >> okay. thank you i move that. >> okay we have a motion by commissioner singh do we have a second. >> second. >> commissioner mondejar has seconded it commissioner singh's motion madam clerk, please call the roll. >> commissioner mondejar

commissioner singh supervisor bustos is absent public utilities madam chair rosales 3 i's and one absent. >> so the resolution is adapted thank you please call the next item are the the next order of business public comment on the items. >> madam chair. >> are there are no speaker cards. >> no. >> the public is out voting obviously so if not please do vote okay. next item. >> the next order of business the report of chair. >> madam chair. >> i have no one. >> the report of the executive director. >> commissioners, i will simply direct you to the forward calendar in our packet we're drawing towards a close at the end of the year we still a a

rigorous work program to be - if you have questions we'll bring them up to the setting of the chair that concludes my report. >> are there any members of the public that want to comment on the director's report. >> okay. next item please. the next order of business item 9 commissioners questions or comments and matters madam chair. >> does any member of the commission have a question or matter? no. >> i have a question i have a comments lift ev'ry voice and sing send is doing a great job. >> the record will reflect. >> the next order of business closed session there's no closed session the next order of business is item 11 adjournment.

>> thank you we're adjourned a >> good afternoon, everyone. everyone welcome to city hall the hall of the san francisco giants. >> yeah. (clapping.) well, today, we have an important piece of legislation to be signed let me begin at the outset this is a movement going on in the city called the sharing economy something that not only have we been watching with the roll of technology and the abilities to connect people you up to an time information and resources and the ability to connect with more and more people but taking place in our

city and cities across the country is a movement called the shared economy that is based on a simple understanding that in order to be successful if america you don't have to own everything as i gripe as a child of 6 kids in the city of seattle i had to share i learned quickly i couldn't own sometimes even my own pair of socks that we had to share in order to survive and succeed we had to build a family economy around understanding he each other's needs and trying to help that out and, of course, share a lot of information well technology has brought about a huge revolution in the ability to understand what we're doing in the economy and with the interpretation interests in people in the city to say that we can also succeed in this is

economy we're already doing it we have all kinds of riding sharing applications you don't have to own what i say a second and third car in the city that can go around and get the tasks define we've got zip car and others and companies that are even having scooters being able to share electrical obscurities all around the city not having to depend on a mode or owner their own car and great transportation city and county system we invest serious monies in and prop a i have to get it in there we've got to pass we have task sharing and now a the ability for people to do space sharing i have behind me a great group of thrifty's of people that want to find ways to invite

more people to the economy by is sharing information and space they have may this is the first effort in the history of this space sharing movement we've been able to regulate so i want to thank president chiu and all the supervisors supervisor scott wiener here and supervisor tang and i know we'll be joined by supervisor malia cohen and others to bring a strong majority to pass this legislation and in an attempt to regulate an industry and to make sure that going forward we collect all revenue for the city as well when we invite people to be part of the economy i think the city wins as well so a win-win win for everyone i want to thank all the speakers today and the representatives from the companies and the employees people living and working here that are finding ways to make it successful for

themselves this is i think a great story coit of our city we have an economy that shares the ability to have space, rides, tasks, more and more and i'll tell you often the larger companies are doing the same thing if you look at the what's happening in the bio science wourld you'll understand they've been sharing their laboratories and big pharmaceutical companies find the ability to have their laboratories shared in order to bring the pharmaceutical products out this is another industry that is happening virtually in all industries so i join this group in celebrating this occasion we're regulating and suvenl get more revenue that will support the services that

the board of supervisors and i know will be coming at us tvn let me from the author and sponsor our board president david chiu (clapping.) >> thank you, mr. mayor after two years of credibly hard work and countless meetings and testimony and a lot of discussion in the city we're feinstein at the point i want to thank everyone behind me and san francisco thank you for sharing (clapping) i want to take a moment and specifically thank some of the stakeholders we worked with tenant organizations and landlord representatives and small property owner owners and labor and management we worked with neighborhood advocates all over the city and worked with

many departments the department of building inspection the city attorney their staff and commissioners, i want to thank my aid amy chang that worked on this two years of her life and the colleagues the board of supervisors in particular supervisor wiener supervisor tang and supervisor malia cohen and i want to take a moment and thank an individual not with us ted was one of the first leaders in the tenant community we worked with over a year and a half ago he helped that the legislation in april with us in spirit and thank the thousands of individuals from all over our city the seniors and artists and tenants our landlords and homeowners that represent the amazing diversity of home sharers here in san francisco

thank you for being with us today (clapping.) i am very proud of our san francisco board of supervisors in recent years we've worked together to resolve the land use issues recommended to sequa and confirmations and we've done it again why are we hear we're here because everybody knows that the status quo of short-term rentals is not working we've seen an consolidation in short-term rentals in our city technically it's not been legal yet no regulatory enforcement structure for years we've not had a solution everyone knows we need an approach the heart of our approach is addressing the affordable housing how can we all afford to live in our city without changes in local law short-term rentals has made

housing be fooblthd more difficult and easy at the same time, we need city policies that reflect that on the other hand, current practices have pushed many san franciscans out of our city whether or not you're a landlord ellis acting a whole building or a tenant that entered into multiple leases and engaged in bona fide we'll have a regulatory and enforcement structure that says no to you if you're using airbnb or others to allow housing to be used around the clock as vacation rentals you'll face penalties for multiple offenses on the other hand, we've heard from thousands of home sharers who have been struggling san franciscans to struggle to live in our great city seniors and workers from

all ero e over san francisco if you're a permanent resident that lives in the city 9 months out of the year and play by the rulings you get liberate insurance and registration with the city and abide by the law safety laws and may your 0 full share of tax you'll be allowed to live in san francisco i want to thank the planning commission and the board of supervisors for having made dozens of amendments to increase enforcement and mayor we're protecting affordable housing and making sure we're maintaining our quality of life but at the end of the day that is about how san francisco once again buildings in teaching and showing the world how we share today, we have two thousand of home sharers that are you here to tell their stories one has a

name that sounds like a baseball player ray deposit inform can you say a few words (clapping) and. >> as a senior and former teacher i'm proudly proud to be standing here we going to sharing our world to add more security to our retirement in the need of fixing my together it allowed us to help our son with his graduate school not only has home sharing behind us but contributed to the success of the small businesses in the western edition as well spreading the misconduct to all the neighborhoods in the city not centered downtown and i'm going to introduce tourists to other parts of city that we wouldn't have experienced one example is on embarcadero street a couple said going to eddy's

for breakfast they returned to eddy's there after without home sharing we wouldn't have been able to share your guests will milestone like a couple becoming engaged honey murndz and first visits for grandparent and marathoners and families going home after a successful surgery supervisor chiu said at a recent meeting no, i shouldn't - supervisor chiu said he was initially opposed to the idea of home sharing until he heard how it helps people stay in the homes in our city city of meant a lot to me to be a participant to speak on protective that changes that will have a tremendously positive and life

changing folk for home sharers across the city we thank commissioner hur for peterson thank you to supervisor breed supervisor cohen supervisor tang and especially supervisor wiener who chaired the land use committee thank you, mayor ed lee and thank you all (clapping). >> again there are so many people to thank but we have a person that representatives thousands of people in san francisco nancy (clapping.) good morning mayor ed lee and supervisor chiu and keep in mind guests i'm honored to tell my story on potrero hill as we sign

the mayor select short-term rental activities in san francisco seeing our democratic process in action and participating in that process had not been an sxrirgs i want to thank our board of supervisors for their thoughtful deliberations on this complex legislation their attendance to all our e-mails and hundreds of stories how sharing our homes helps to benefit our lives and neighborhoods and city i thank in particular president chiu for his navigation of our city politics supervisor wiener for his skillful advocates and supervisor malia cohen for her votes and passionate remarks at the last board meeting and thank you to amy chang i must also acknowledge pier 27 for his

sponsoring i arrived in san francisco 42 years ago and have would on potrero hill ever since bought a two unit building in 1975 i couldn't afford to buy today, i rent the second floor and contribute to the human resources historically charging that below that market rate i want to make my space available to a regular person like myself a retired social worker over the last 3 years i've offered a private bath 10 to 15 days per month 0 only when i'm present that makes a difference it is a lifesaver this year with medical expenses and secures my ability to remain in my home and san francisco because i'm spared depleting my savings and thus postponing selling my home the

income literally allows me to subsidize my long-term rent i carefully screen my guests in my private space they're an asset to may be neighbors they're wonderful people who are respect nell full and quiet and they've been very appreciative of the home sharing commerce and love our city i cherish my neighborhood and welcome those who are giving our activity a bad name i see our planning department can and will enforce those provisions it introduces me to wonderful people around the world especially my follow hosts who believe that we can belong anywhere this experience makes me feel a great sense of community and belonging in my own city i'm grateful to have

been part of this historic initiative thank you (clapping.) ready? >> ready. >> there you go. >> yeah.

>> [ gavel ] good afternoon. welcome to the meeting of the board of supervisors of the city and county of san francisco. home of the 2014 world series champions, the san francisco giants. it is tuesday, november 4, 2014. it is election day. please go and vote. with that, madam clerk e please call the roll. >> supervisors avalos, breed,