ordinance that stays in committee that just has the question so that in july, say july 5 or -- july 5 committee meeting or july 12 committee meeting, the committee can take that ordinance up that's sitting here before you, and pass that ordinance, and the board could pass that ordinance later in july. >> supervisor cohen: thank you very much. next want to hear from sonn sonny angulo. >> thank you, supervisor. we have been talking with the board about some more explicit language in the ordinance that captures some of the acknowledgement around mitigation as well as the most feasible preferred alternative for construction along the embarcadero so that our voters who have this measure before them understand what our good government policy is and what our accountability is around

maximizing these bond dollars, as well as the embarcadero historic district that we will do everything in our power to ensure that the historic assets are preserved and contained. given the time constraints that are with us at committee, we will continue to work with the port to refine that language and bring it to the full board, and the supervisor is happy to offer the amendments at that time. i just wanted to give you a heads up and thank you for hearing this item today. thank you. >> supervisor cohen: thank you. i want to hear from the b.l.a. i think they have some reports that they want to share with us. >> this $425 million bond would be one of the major funding sources towards the phase one seawall project of about 500,000 -- $500 million excuse me. we summarize the uses of funds on page four of our report.

in terms of the bond itself, we understand from the office of public finance, they're looking at about three separate sales of the bonds over five years. each structure is a 20 year bond and interest estimates is about #' $00 million over the 25 years when the bonds are retired. the impact on property taxes, because these are geobonds would be an estimated average about $13 perevery $100,000 of assessed property value over the term, and this amount is within the city's policy of maintaining the impact on taxes to the fiscal year 2005-2006 rate. approval is a policy matter for the board of supervisors. it does require a two thirds vote of the board to be put on the ballot. >> supervisor cohen: all right. thank you very much. why don't we call -- i don't see any names on the roster, so i'm going to assume there are no questions. let's go to public comment.

if there's a member of the public that would like to comment on items 1, 2, or 3, you'll have two minutes to do so. >> good afternoon. i've got a special announcement i'm going to do. i told you i'm going to be here every step of the budget and i have been for the last five years, so i'm going to talk about some parallels. you all talk about risks, the obligations of what's happening in the future. right now, i'm here to say, let it be told that budget book there, i've done gone through it head and toe, as i said before. it's mentioning nothing about the black population, which is that we're at risk now, and our next governor, who's the next mayor here, who appointed me as the czar here, i'm going to testify. now i'm going to be here every

step of the way, and i'm going to say in parallel that the city and county don't give a darn about people who look like me, and you, supervisor, that's a true fact. in that being boo, there's asians, latinos, the immigrants, the teachers, the students, and this and that, but everything in there but the blacks. see i'm here to testify. i've got generations after me. see, i say it every time. i've got kids, and they've got kids. i'm a papa. but right now, i'm standing before you all. i'm ace on the case, and i'm going to have some announcements. i'm going to have my tv show here june 5, down stairs. but this is what i'm going to request. i'm going to request there be an audit on the budget to find out why immigration's not in there. i want an audit on the understanding why we're not nowhere on the budget. now unless i can't read or i'm

blind, 'cause if ray charles was still alive, he would tell stevie wonder to look at the books. ain't nothing in there. that's a violation. >> good afternoon, supervisors. let me give kudos to my district supervisor and budget chair, supervisor malia cohen. i'm a long time resident of bayview-hunters point, india basin resident. for the past 18 months, i've had the honor and privilege to be a part of the working group, which is comprised of about 34 san franciscans, and we've been assisting the port of san francisco in putting together the land use master plan. i've also had the honor to chair the transportation sub committee. i am really surprised. i think the take-away notes

here are we are really at a time bomb. san francisco prone to earthquakes. we know what is happening in the region, and we have a history, and 425 million is really a down payment, as the city administrator and port director elaine forbes mentioned earlier. the earlier we can get this done, at the end of the day, theologic sticks of the other pile, i think san francisco wants to have it done. i live in district ten, the southern waterfront, the whole city is going to be melt down. when you think about 24 billion. so let's just pray and the upgrade does not even happen in november . at that time, you will have no choice but to go in emergency and do what you have to do. so let's get this ball rolling, and i know all of you will support this bond measure and move it forward. thank you for your time. >> supervisor cohen: thank you. next speaker.

>> good afternoon, chair cohen, supervisors fewer, stefani, sheehy, and yee. my name is bruce aggett, and i'm a resident of mission bay. i'm a chair of the tjpa cissensi citizens advisory committee. as we've heard, san francisco is vulnerable to seismic activity and emerging flood risks that could impact the entire city. the failure of the embarcadero seawall could have catastrophic consequences and pose serious risks while hindering the ability of first responders to aid our residents and visitors in the event of an earthquake. the embarcadero seawall is already experiencing localized flooding due to higher water levels and settlement in certain levels.

the shoreline from pier 22 to pier nine includes some of the lowest shorelines in san francisco and these areas flood during king tides and storm events. the seawall earthquake safety program is a vital investment in the city's waterfront and will protect the entire city and hasten recovery after a major earthquake. i'd like to applaud the port and the city agencies for actively addressing these needs for replacing the seawall instead of waiting to react to a catastrophic event during a crisis situation. thank you. >> supervisor cohen: thank you. next speaker. >> good afternoon, budget and finance committee. my name is laura xander. i am the chief financial

officer of the exploratorium, and we sit on that three mil range where the seawall sits. through the observatory, the exploratorium is committed and has been doing education in climate change and sea level rise. in fact, the exploratorium has participated in the resilience project around sea level rise in general and is actively involved as an educational partner to various projects around the city and hopes to be partner to the port in educating the public about sea level rise and about earthquakes. as a matter of fact, if you walk in the exploratorium, and you -- there's an exhibit that you jump right next to, and you can see that just with a small jump, the seismic activity occurs. and so i'm here in support of the bond measure. the exploratorium staff and visitors love our home on the waterfront. we'd like to be there for decades, if not more to come,

and we do welcome visitors from not just the bay area, but the entire state, the country, and beyond. the u.s. geological survey estimates that there's a 72% chance of a 6.8 magnitude earthquake or greater striking the bay area in the next 25 years, and that represents in 1996 60 seconds of shaking long the fault and would severely test the infrastructure and the exploratorium itself. so given the importance of the embarcadero seawall and its infrastructure that it supports, it's vital that the city addresses these vital interests for safety and economic interests, among other reasons. thanks so much. >> supervisor cohen: thank you. >> good morning, chair cohen and supervisors. my name is alex major. i'm here today to speak in support of the port seawall

project. the embarcadero seawall is the foundation of 500 acres of downtown neighborhoods, the under pittance of critical infrastuckture. we think it's important to note that one out of every eight jobs in the bay area is located in downtown san francisco, and a 2007 study estimated that the seawall protects over $100 billion of assets and economic activities, so for these reasons, we ask you to support the seawall project. thank you. >> supervisor cohen: thank you. >> good afternoon, chair cohen and members of the committee. my name is thea seldy, and for identification only, i am the former chair of the citizens general obligation bond oversight committee, and i am the current chair of the san francisco transit riders, which is a grassroots nonprofit that is the voice of the san francisco muni, b.a.r.t., and

caltrain riders. and i'm here today to urge you to support this $425 million bond. as you know, the embarcadero seawall supports the regional transportation network system that moves a significant number of local and regional residents and commuters. indeed, 1.1 million people enter the city every day, including 440,000 as director forbes reminded us, who arrive by boat at the ferry building or by the transbay tube on b.a.r.t. in addition, muni brings another half million boardings that arrive downtown. the army corps of engineers estimates that a 100 year storm would flood the embarcadero subway which would shutdown both b.a.r.t. and the embarcadero muni stations. i don't have to remind you probably about what happened in

2012 with hurricane sandy on the east coast, which wreaked havoc on the new york subway system and long-term damage from flooding and salt water corrosion are still a problem there. the geobond will allow city to fund protection for the muni b.a.r.t. tunnel and work with city departments to minimize damage to light rail service from spreading in a seismic event, and i urge you to move forward with the $425 million bond. thank you. >> good afternoon, supervisors. i'm president of the san francisco firefighters, and i, too, am here to speak in favor of the seawall obligation bond. currently that seawall houses and provides shelter for the only fireboat in the bay area, the st. francis, and if we remember in our not so distant

past, it also provided a home to the phoenix, which was the number one source of water during the 1989 earthquake and played a critical role in saving not only the marina by a large cath of the city from the devastating fires after the 1989 earthquake. so we urge you to support this obligation bond and provide adequate funding for public safety and seismic and flooding safety in san francisco. thank you. >> supervisor cohen: thank you. next speaker. good afternoon, chair cohen, supervisors. my name is corrine woods. i'm a member of the port central waterfront advisory ground, and with linda richardson, i've served on the waterfront plan task force. we've done a deep, deep dive into the some of the issues that the port is facing on the waterfront plan update, and the seawall really, really came to the top of our list. it is so critical.

transportation, property values, infrastructure. if we don't have the sewers, the city stops. i urge your support of this bond and thank you. >> supervisor cohen: thank you. next speaker. >> good afternoon, supervisor cohen, fellow budget and finance committee members of the my name is timothy wright. the original construction on the seawall started in 1878 and employed workers for four decades, and it was an amazing feat of engineering. today you've heard all the reasons why we should strengthen the seawall. it will also provide jobs to our working men and women, including job training and opportunities for san francisco residents, we had the skilled labor 100 years ago, and we have the skilled labor today to fix it. i'm asking you to pass this bond measure, and also as a

native san franciscan, we need to protect the embarcadero seawall, so thank you for your time. >> supervisor cohen: thank you. next speaker, please. >> good afternoon, supervisors. i'm alice rogers. i'm president of the south beach rincon neighborhood association. we have a letter on file with you to support the three items before you today. there's nothing that i can add that's more compelling that the city administrator and director forbes haven't already said. i can only add that these measures have very strong neighborhood support in our three neighborhoods. it's not only in our own self-interests since we sort of comprise the central waterfront, but we understand the critical aspect of this to the infrastructure. we're highly transit depe depe,

this is a matter of utmost importance to the entire city. we have a deep commitment to not only a triple bottom line, but also a quadruple or an eight-fold bottom line in maintaining our maritime industries, in preserving our historic ties to the waterfront, huge historic assets to the city. and doing -- turning themselves inside out to provide public access and to all regional users. so their resources are really spread thin, and we really need to be looking to these other resources to fund these things. thank you. >>' afternoon, supervisors. my name is charlie labry.

i'm with local operating engineers. we represent over 10,000 skilled craftsmen in the bay area. these are the craftsmen that survey, construct, test and inspect the critical infrastructure projects that help keep our systems resilient and operable in the event of a seismic event. i'm here to speak in support of the geobond. we operating engineers has partnered with nine bay area counties and many environmental groups, and was instrumental in the passage of measure aa to preserve the bay area wet lands. operating engineers helped build the original seawall, and we stand ready today to bring that expertise and experience and commitment to reconstruct the seawall and provide career opportunities for san franciscans for decades to come.

thank you. >> supervisor cohen: thank you. are there any other members of the public that would like to weigh in on items 1, 2, or 3. all right. seeing none, we will close public comment. thank you for weighing in your comment. supervisor yee? >> supervisor yee: thank you, supervisor cohen. i just want to thank the staff for briefing my office and i about the need to have this done. i think i've had several presentations, but it only took one to convince me that we need to move quickly on this, and the water is rising, and this averts some disaster. i'm glad that our city departments are -- are future looking into the future and wanting to get things done at this point. so i -- first of all, i'd like to be added as a cosponsor onto item 3. >> supervisor cohen: okay. >> supervisor yee: and if you want me to make a motion, i

cou could. >> supervisor cohen: we've got a couple of things procedurally that we need to take care of. that's a little out of the norm. is that it, supervisor yee? >> supervisor yee: yes. >> supervisor cohen: all right. okay. thank you. madam clerk, you have supervisor yee's request to be added to item 3? >> clerk: yes, it's in the record. >> supervisor cohen: all right. so thank you very much. first and foremost, i'd like just to make a motion to accept the ceqa amendments to items 1 and 3. colleagues if we can take that without objection or if there's a second on that motion. seconded by supervisor stefani, and we'll take that without objection. [ gavel ]. >> supervisor cohen: thank you. next item -- next action, i'd like to duplicate item 3, duplicate that file, and i'd like to amend the duplicated file to remove some language, okay? i'm going to read the language into the record. "to remain everything but the

ballot question." and then the next thing i'd like to do is continue the duplicated item to the call of the chair. and then, my next motion is to approve items 1 through 3 as amended with a positive recommendation to the full board. all right. colleagues, so is there a second to -- second by supervisor fewer, and we can take that without objection. [ gavel ]. >> supervisor cohen: thank you. madam clerk, did you get all of that? >> clerk: yes. >> supervisor cohen: is there any further business before this body? >> clerk: there's no further business. >> supervisor cohen: all right. thank you. we are adjourned. .

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