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 at

leaders. >> hi everyone i'm patrick the director of earthquake safety forever for the stoifbl and we have the ryan white fair to teach people about the made sure soft story ordinance and connect them with the services they need you can save thousands of lives and if those buildings are rooiftd people will be allowed to sleep in their own beds while the city is recovering. >> we're here at the earthquake ryan white center for people to

comply with the ryan white or do a ryan white on their property to connect with the resources they need. i came here wondering what to do as a owner of an apartment building moderate to comply with the must rules that went into effect last year >> we don't want to go to 10 different events people said so we advise people of the event. so we try to be incentive not everyone is going to be able to come 0 so this fans the afternoon and the einstein >> i've decided to be here it's amazing to see all those people's here it's critical to

be prepared and to recover from disasters as finishing as possible. >> i've been to a lot of shows and this one was a trufk turnout a. >> since the structure the building represents the super structure the lower part of this particle on the buildings on the corner they shack quite a bit. >> so for the floors above as shaking that top floor is fog go-go have no more mass and we saw in 1984 more structure destruction where we're ryan white this by adding a steel frame typically you want to brass in both directions and see

how strong the building is. >> we've adapted a thirty year implementation program i worry about that was a retrofit requirement this is what we do to mitigate the shom and have's evacuation for the people and our partners. i had questions about what kind of professionals are involved in this i want to start to put together a team of people to help me get through this. i'm a structural engineer and i'm thrilled at the quality of the contractors and engineers >> we've taken one civic awesome and put all the vendors in one place. >> you have financing and engineers and contractor and

they come here and every we're rebuilding are that the office of the city of administer and the depth thought i environment and other partners. >> all those things one little piece of a resilient piece of - >> and i felt more positive about things i thought about how to pay for this. >> we didn't want to have one financing option it didn't work. >> we found information about financing they are different options for different types property owners. >> we've seen them offering financially and a pool of styles

for a complicated way of saying they'll be able to pay back their loans over the next two years. >> we have 3 options and secondly, to get a loan for the ryan white and the third becoming in the past program participants in that. it is encouraged along coastal easier where we have set time like sand and a high water table to a cause the sand to shake i'm going to get this visitation on the same bridge you'll see the water come to the surface this knocks the foundation over and pushes out the ruptured pipeline

>> it is intimidating i'm talking to people as a layman who needs help. >> this is a difficult process for people to navigate we're only focused on outreach so we've got the informational and we've spoken to many different owner groups and community groups all across the city. >> outreach is critical for the retrofitting program the city has to get out to the community and help people said what they have to do and do it and raise finances so this program is an advocate and resource for the community. >> so why not skip to the

theme. foremost and most to come we've been presenting community meetings and going face to face with community owners and helping people understand what to do >> you may be wanting to know about the sf green but this will allow you to have is a loan for the property so if you have the property the loan will be summoned by the new owner and this is pay back for your property taxes and the low rates this is a fantastic option. >> i'm in favor of the program obviously we're going to have a earthquake this is from an investment stewardship. >> after a few minutes with

folks even if you don't agree you understand the concept. >> we've talked about being able to do this now we're going to be forced to do this it's a good thing but to pay for it. >> it's not only protecting their property but every dollar is for mitigation it truly is protecting our investment overall the city. >> it's the right thing to do. you can look at the soft story building and theirs like the buildings that collapsed in the earthquake and your shufrtdz to see this >> people are getting caught to get this done and if people can find a place in our homes of

shelter it will keep people in their homes. >> together we'll work out of getting out of 0 disaster and making the community bringing back to what we love. >> as a level of folks we've talked about we make recommendations to make everyone mitigated their soft story problems no other jurisdiction has tried to tackle this ordinance and we're set to have our program complete by 20/20. >> the quality of the people are here because of the leadership. >> it's a great conversation statewide how to do this and i

can only stress this enough if we didn't have the community of the san franciscans that are concerned people, you know, talking about our financing is options and our engineering requirement if you altercated all our work it's consensus driven to provide options we don't have one path but one relative for people to get there. >> it's been an excellent consumption of the services i think i'm going to need if i go through this yeah, i'm very