amount not to exceed $122,000 for services for oci; allocation bonds. the scope of the contract as director bohee indicated the issuance for tax refunding, tax allocation bonds for mission bay north and south as well as new tax bonds for mission bay and new refunding bonds for mission bay north and south. now, i know that gets confusing but basically this mission bay north and south under each one we have taxable and tax exempt and under each one of those we have new money and refunding. the taxable bonds deal with housing and the tax exempt with infrastructure. it makes it a little easier to think about it. the tax exempt refunding bonds will take advantage of low interest rates to refinance through three

outstanding bonds from mission bay north and two series for mission bay south. the most recent calculation which is somewhat dated is approximately $15 million combined. the realized savings will be subject to market conditions at the time the bonds are priced which is likely to be in the summer or fall of this year. the new money tax exempt bonds for mission bay south will fund the reimbursement of infrastructure cost and support the continued strong pace of development in the project area. the new money taxable bonds will advance the construction of low and moderate income housing to those areas. to the extent possible new money and refund bonds will reduce the number of bond series and reduce the total cost of issuance. the outstanding housing related refunding candidates are currently being evaluated due to some difference of opinion regarding the

current law. the issuance of new money housing bonds may require legislation or litigation to receive validation action. besides of any new money will be to available funds pledge to housing plus the additional funds made available by the refunding. in other words when we do the refunding it will free up a little bit more money each year and the new money on the housing bonds we do and hopefully this will all work together. the final numbers will depend on market conditions of course but estimates will be provided to commissioner later at presentations. retention of financial advisor to prepare a financial plan for the department of finances for such transactions and use of the

structuring process is industry best practice ensuring the transactions are completed to ocie best advantage. a brief summary of the selection process. on january 9th, ocii staff sent out an rfp to all advisor pool prior to the deadline of february 3rd. six firms responded. to evaluate the proposals a panel of four was convened comprised of senior project manager, catherine rile eeshgs housing program manager jeff white. jessie rubin, the controllers office of public finances and myself. all panel members chose the same top three firms, pfm, knn and csg. pfm were given the highest scores by all

panelist in extensive experience in redevelopment and finance and deep understand of the ocii and credit and deposed of solutions for financing and large issuers of tax allocation bonds and national bond markets. pfm also had the lowest price proposal. at this time i would like to introduce bottom gamma in manager of pfm who will be our primary point of contact for these transactions. pfm will perform all advisories to customs and bond sale and will be compensated from bond proceeds contingent on the successful conclusion of the transactions. >> brief summary of the next steps. an rfp for bond and disclosure has been issued and the panel will be

bringing you recommendations at the next meeting for the role once again a bond council and self disclosure council two separate contracts. at the beginning with the approval of a contract, the fa will participate with the oci; and the city controller of public of finances for the services of these bonds. a fiscal consultant will also be selected who will be bringing you all of these contracts in the upcoming weeks and months. we'll be back also with the basic bond documents and approval to proceed then we'll see approval of the oversight board and the department of finance and the final documents and details of the schedule will be

worked out in the coming weeks and in my subsequent presentation give you estimated dates for those and this concludes my presentation. thank you. do we have any speakers? >> mr. ace washington. >> i ain't got no time for errors even though i'm switching over. we have here this whole new everything on the mission bay as i spoke about it

last time as i spoke on mr. jim jefferson. i think everybody would agree if you don't want to hear from me. let's try to put a committee together folks to recognize mr. jim jefferson in the mission bay. i'm announcing formulating the new committee to recognize him, mr. jim jefferson on the mission bay. so write it down just what i said. okay. now. getting back to mr. gamble was sitting there. that was historical. i was sitting here which was historical. so i think that's a good idea. you all will find as a new ace now that gabelling. people say you rhyme all the time. before i got into politics

i have that suave. i think you might like the new me. i think that's a wonderful idea. let that be the record, mr. ace washington is supporting the mission bay. we need to come together. chip in. all of them. i have seen so many new developers and talk about consultants. maybe i can be a consultant. i'm hustling. anything i do they will say i'm being negative. i would like to say since we have all of these new consultants, new staff. let's start something new in the city. let's all get together and put something together for mr. jim jefferson.

>> thank you. any other speaker cards? no. commissioners singh? >> mr. jim jefferson, he was a wonderful man. he was a good friend and the president of the fire department commission. we really miss him. >> i just want to know, what the interest is in nowadays on the tax exempt bond? >> well we are very early in the stage now. we are at an early stage of this process and we haven't even brought our bankers on yet. we don't know what the interest is on the bonds. if we were doing it today, i would say

they probably would be in the high 3s low 4s. bob, does that sound right? about the 4 1/2 percent range. >> how about taxable bond? >> probably add a percent to that. >> okay, but how many years? >> it's hard to answer easily because when you are doing a refunding you don't extend the maturity and outstanding bonds have different matt maturity. but basically 25-30 years. >> okay. thank you. i move this item. >> yes, commissioner mondejar? >> i have a question. do we have other agreements with psm?

>> do we have any other contracts? >> we them? or is this the first one? >> i'm sorry we have had in the past contracts with psm. they have served us well. >> this is the only one? >> as far as bond financing, i think it's the only contract with the agency. >> but you have worked with them before? >> yes we have. >> okay, thank you. >> say. so we have a motion by commissioner singh, do we have a second. >> i will second. >> a second by commissioner mondejar. please call the roll. >> city clerk: commissioner mondejar, commissioner singh, yes, commissioner bustos is absent, madam chair rosales, yes. i have three ayes and one absent. >> okay, the contract is

approved. thank you. please call the next item. >> the next order of business is 5 f status report on ocii small business enterprise and workforce program discussion. >> this is a quarterly report on professional services and construction services and supply as well as local workforce hiring. we have a very high bar for goals at both at 50 percent for each of those trauchs of goals. we are doing well. on the contractor side $24 million and we have exceeded our small business enterprise goal at the 50 percent mark -- with a great deal of those dollars going with the local workforce contracts. we are shy

of the 50 percent goal more at 27 percent, but we'll walk through that as part of the presentation on why that is and why are we getting those local goals up. we have a lot of activity going on in the city. with that, i would like to ask raymond lee to walk you through this quarterly report and we also have the director of the workforce division pat miligan who is here and he is joined by other members of the staff as well. >> thank you director bohee, chair rosales, commissioners. ray miligan contract compliance supervisor. what i would like to get accomplished today is a walk through the quarterly sbe component, the workforce components and talk about some changes with the city

local 14b work performance program and the next steps that i would like to propose for ocie. before i get too far deep into the the presentation, i do want to just preface by saying that there are two significant changes to your reports that you should be an aware of. one is the fact at the request of the commission we started tracking minority female data so when you aggregate minority data and female data that it sums up the true percentage that you are seeking. the second component is that we have broken off what we consider to be sbe credits towards the 50 percent goal versus the sbe participation that's participated by the small business in

reaching our objectives. the credits, let me just explain, deals with how we treat joint ventures in associations and just very briefly as an incentive for developers and general contractors to partner with small businesses and offer opportunities for those business to participate in some unique projects. as an incentive for doing so, we offer the associations joint ventures 100 percent sbe credit as long as it participates in a very meaningful manner. meaningful to be at least 35 percent. you have seen in the presentation some slight additional details that you may not have seen in the past. i will highlight those as we go through the presentation.

first a little bit on the small business program. those are projects that are with private developers through owner participation agreements. those are with disposition and development agreements and direct contracts that ocie led as well. what we seek to do in terms of meeting that 50 percent are great faith efforts exerted by the developers and general contractors. that good faith effort means in terms of soliciting

small businesses and answering questions that small businesses may have, timeframe and solicitation and there is a described advocacy and that is part of our policy. first of course we have a first consideration. these are redevelopment projects and we have carried for the principal of first consideration of awarding and considering small businesses that are impacted by a redevelopment project. secondly we look at san francisco businesses if there are no impacted businesses that can participate and certainly outside of san francisco in terms of meeting that 50 percent goal. a bit of small definition. there is a cap that the revenues that define the small business. the ocie does

define small business with caps of $2 million for professional services. $7 million to suppliers and $14 million for construction services. now, i also have placed on the screen the definition of ownership and control and also licensing. what's common with a lot of certification programs and before i talk about that, i do want to preface by saying that ocie no longer certify small businesses but for many of the certification programs is what's looked at by governmental entities and other parties from small businesses whether a local business, minority or female business. what's looked at are the aspect of local control and operating the firm which is something that the former redevelopment agency have

practiced as well. since we no longer certify businesses, what we have done is accept the certification activity of other governmental entities. again, based on the principles of ensuring ownership and control. what is different with many of the certification programs between what was previously done by the former redevelopment agency as opposed to current certification by other government entities by other revenues. if they have already judged the ownership of the firm what we really need to look at next is the size of the business, the revenues. and as way of example, we do accept the certifications performed by the city and county of san francisco doing the monitoring division with the caveat that a small business meets our size specialist. -- thresholds.

you'll -- a little bit about the performance of the quarter. what is on the slides are the contracts awarded for prior to december 31, 2014. we awarded, when i say we, what i'm really talking about ocie administered contracts. so we in the larger sense are general contractors, developers, their rewards that we administer. overall if there are 11 contracts totaling about $54 million. here are the examples of credits and participation. the total sbe credits granted ventures associations.

the participation totals to about $33 million or 62 percent. still above the 50 percent threshold that we have. in terms of a break down between professional services and construction and supplies, as you see later on in the slides, what we have looked at and there are distinct activities between professional services and construction we have worked those components out. consistently those professional services have exceeded our goal of 50 percent. what you see here is a the total of a half million dollars and that constitutes about 52 percent. construction we typically are either

below or at margin with that 50 percent. i have to be quite honest it's rather difficult for construction in the sense for the barriers to entry into the field. if you can imagine professional services what we are really talking about are the accounts of the individuals as opposed to hiring. equipment and maintaining in the construction area. we were fortunate in seeing contracts awarded by our partners that exceeded the 50 percent during this past quarter to about 69 percent. so in an aggregate bases and these are actual participations by small businesses on an aggregate bases by 62 percent. earlier in the presentation we have broken out the components between minority businesses is what this really

means is minority firms and we are tracking women minority firms and women businesses and non-meantime female businesses. so the various percentages provided. i have to say that on an aggregate basis for minority businesses and female businesses that totals about 39 percent. this is a chart that shows the ethnicity that was something requested tampa bay -- by the commission that shows the ethnic breakdown. these are the breakdowns of the awarded contracts. i won't go through each of the percentages but it's provided for your review. 52 percent for small

businesses. the largest component of ethnic make-up is the non-minority small businesses followed by asian american pacifics. after that, african americans, others and latinos. i also prepared a similar chart for a construction and supplies and that's reflected here on an aggregate bases begin -- again and we were fortunate. an ethnic breakdown for your review. the largest component non-minority business followed by asian and african american and asians and latinos. finally in terms of looking at an aggregate basis, these are the

ethnic breakdowns and also the female and woman business breakdowns for all professional and construction services. so on an aggregate bases it's 62 percent to small businesses. what's shown on the right side of the columns are the minority statuses along with the minority female and then female business. and again the aggregate in terms of minorities and female businesses is about 39 percent and these are contracts that are performed by the specific small businesses. the comparison to prior quarters is of interest i'm sure for many folks. this chart is a representation of

the total aggregation of contracts that is currently being over seby ocii awarded through december 31, 2014. so on an aggregate bases total sbe credits against those contracts is about $385 million against a total award bases of $1 billion. that comprises on an aggregate bases about 37.5 percent which is a 2 percent improvement over the prior quarter. and this is just a representation of the trend lines from quarter to quarter starting from the first presentation made back in june, i believe that represented the may 31 periods.

september and december. what's shown of course is a consistency in terms of exceeding the 50 percent goal on a professional services bases and fortunate trend line for the construction categories. for workforce, as you know the ocii also has a workforce comprised of local workforce administered on a contract by contract bases, similar with small businesses, first consideration is given to project area residents impacted by redevelopment project. we have currently three major project areas comprised of the hunters point shipyard point and we have entered into an agreement with the economic

workforce development to administer our workforce program and executive director bohee mentioned we have representative from oewd respectfully to answer any questions. they do provide the americans -- day-to-day and training component of those to get residents prepared. on a statistical basis, during the quarter there were about 600,000 hours recorded and this is for the quarter of all active projects. it that, 162 man hours or let me take that back, person hours, [ laughter ] comprised about 27 percent. what's also shown are the breakdown by the

various major project areas bayview hunters point which is comprised of the senior housing that ocii administers. along with that, the breakdown for hunters point mission bay and transbay and others noted for your reference comprised of 72 towns and franklin and 680 folsom. on an aggregate basis, what's shown here is a total of about 2.9 million work hours recorded for all act of projects. this is since it's inception of that particular project. regardless of what the state of that project is if it was active as of december

31st, that's what's recorded here. out of those work hours, approximately 8,000 hours were performed by local residents. this of course is a marginal change of about 3.4 percent from the prior quarter. what's also shown is the breakdown for the project areas. bayview hunters point showing a total agriculture debase of 46.8 percent. the candle stick point is 44 percent. mission bay at 25.7 percent. transbay at 24 percent and others comprised of about 25 percent. as you can see the additional resources that are lent to the specific