employment. certainly i believe we have unfilled capacity, we source capacity today and with this new budget that will sufficiently meet at least the second for one year, the second target in bill's plan. we are always chasing it. the idea of the five year plan was to get ahead. rather than to say we have a direct investment opportunity but no staff to do it. it takes a year and a half to hire staff and the opportunity is gone. we want to stay up with what we anticipate on the route we are going. >> i will move the process forward by saying i will move to adopt the budget for 2019-2020, but i want you to remember that it is in context of the future budgets, and a educational

process of city hall talking to city hall, explaining to them what we are doing, why we are doing it, how the fund works and does not impact the general fund and does impact the general fund if we lose opportunities and if, you know, contributions have to be increased. i think that we can't be painted with the same brush all of the other departments get painted with because we are different, and we are revenue but we are in a different manner, not compared to the airport or m un i. >> i will make the motion to adopt the budget based on that context what we did at the committee over the two month period. >> the mayor's office asked me to document how the budget -- we

have given to support the mayor's main initiatives. the initiatives are homelessness and housing. and public safety and health. so we don't have a direct responsibility. what we did is we used presentation to basically say by the fact that they, city hall supported investing in the investment staff over the last five years had we made median returns of public pension plans we saved the city over $275 million in contributions. they know those numbers in front of them. with them investing and supporting us because they did. the mayor's office had to improve the increase in staff and sign off on the pay structure that we are able to now recruit folks to these investment positions. i want to put in front of them that had they not done that and

had we made median results, they would have had to pay over the last five years an additional $275 million in employer contributions. we hope they will give us credit that we saved them that money and the investment they made in increasing the resources has paid off more than 100 fold. >> okay. there was a motion on the floor. >> i will second it. i want to make a comment. we talked about this is the change not so much -- it is a change in the way we do our business, and with your plan for the next year. it is something that my experience with the city is we are going to pass the budget, hope we don't stick it in the drawer because you guys have a lot of education upping what you

do and how you do it and look at the positives. i don't think all of the positives are getting out so i encourage that we all keep our eye on this ball. next budget cycle starts coming right in october. it is an election sitting there. >> exactly. >> on that note. >> i am going to ask if this is a one-year. the impact of what you are doing now, my understanding, this is the next budget cycle things could totally change based on the initiatives you outlined. >> we load to the budget system the two year budget last year and now we are making significant changes on that budget. we will do our ask and justification.

we talked with president stansberry we want the material available after the election to make sure that city hall and the mayor's office and board of supervisors who have to approve the budget understand we are doing a good job and need the resources or they will end up having to pay for the lack of us to keep ahead of a $40 million pension liability in less than 10 years. >> that is the key. you just said it. >> we are trying to package it into three slides. i don't know if we will make it to three slides. >> it is the right strategy. >> after the last board meeting we all started talking about next steps in process. what i said is myself and mr. hughes would meet offline and talk about how to move

forward. we did that. we met week before last. there is some other things we need to do. as part of what we did is ask ththeedjanette to look at the rs this is 2012. have we continued to be average over the last several years how much more money would the city have had to contribute. mathmatically correct calculations plugged in the numbers in the model so we know exactly how much money the city would have had to contribute had we not increased investment returns from average to where we are today and that number is over $270 million. next year it will save us -- it

will save the city $150 million. that is incredible. there is a lot of other things that we have to do and we will meet around talk about it again and keep the board updated. we have a motion, a second and any discussion on this item before i call for public comment? >> this $98 million including deferred comp, correct? >> yes. >> we know that is dealt with separately. the details in this budget has to do with management fees $54 million plus. there is a problem how accurate that is. i believe we use assumed expense ratio of .45. >> .46. >> that is greater than the budget because there are fees we

are responsible for paying that do not show up in the budget. >> it was raised to .46 when we right around 2009 and 2010 when the value of the pension was less than $12 million in order to support the acual. they look at the normal assumption is less than 45 or 46 basis points. the change was made in the 20 basis point level until the reality of our operation and our commitments were exceeding that and so they had to adjust that by board approval to increase administrative fee raise. it ask the highest i have ever seen for a public plan. i don't think that is our limit. from the actuary's perspective

we are be low administration costs. to your first point our budget including retiree healthcare trust fund budget. that is not printed to this board. it is presented to their board. we are now submitting three separate budgets. deferred comp, retiree healthcare and this. >> the things about the .45 that goes to the total cost we collect on which the city and the active employees pay o. >> exactly. >> watching the costs improve the platform to maintain the 7.4 or better. >> what we actually spend. we have had new board members why aren't we budgeting more closely. we drew up a list as of june 30 of who we were investing with because our process started in september and october.

we don't spend. i think we probably are lucky to spend two-thirds much the budget on the investment management side and so it is significantly less than the 46 basis points. >> if you look at it as opposed to collar by manager -- dollar by manager. >> when this education process works make sure there are two people from the office. >> the board of supervisors and the mayor's office does not review or touch that part of the budget. they do not touch the administrative expenses of investing the money other than to approve staff salaries and money to pay staff. all of the management fees and research is at the discretion of this board and they will not change it, they never have changed it. they don't review it or suggest

changes to it. that is the one carve out that we have that i don't believe any other department has. >> thank you. >> thank you very much for the presentation. we have a motion, second. we will call for public comment. any members of the public to address the commission on this item? >> if he wants more office space is buy a san francisco office building. where are you going to get the money? if you took the investment advice and just invested in stocks, bonds and real estate, it would double in 10 years. the office building more than likely would have 100% return on your investment. the money for that, you have got to spend hundreds of millions of the hedge funds, equity and in

10 years just the money you spend on performance fees, management fees would more than pay for the office building. it would also lease out the space that you don't use to other agencies. >> thank you very much. any other members of the public that would like to address the commission on this item? seeing none, i will close public comment. can we take this without objection? >> item passes. why don't we go back to item 11, please. >> chief investment report. >> we were up 1.2% in the month of november. excuse me the month of april. led by the public equity portfolio in the u.s. up almost

3%. i do want to draw your attention on page 2 on the right side. our unstanded commitments the te obligations totals $7.5 billion in liquid -- excuse me private credit is slowest growing. the current wait is 2.5% versus a policy of 10. the way to think about this is that a fully funded private credit strategy including unfunded commitments would be $2.5 billion. looking at that from a $3.3 billion is where it is halfway there, not a quarter of the way there. the commitments have not yet been called. turning to the narrative

starting on page one, we have had a really amazing four months. the s&p 500 is up 20% in the first four months of the year. that is the best start to a year since 1987. i don't want to repeat what happened in october of 1987. it has really been due to two factors. easing of the trade tensions with china, although those have been renewed the last couple of days, and the jobs market has continued to be quite strong. the pmg, we meet at least twice each month and we did approve the recommendations that the board saw this month. on page 2 of the narrative. great news.

delighted to convey that chris chained ward have been promoted as director of natural resources and director of rural assets. they co-lead the assets program and work together. they both have 12 years total experience. chris has been here three years and ed for four. our natural resources program outperformed by 8.76% for the past what is it? three years. that is a remarkable stunning outperform answer and is due to chris as well as tanya. hon has been here almost five years. she brings north of 20 years total experience to her position

as director of public equity. she also has a distinguished educational background as do both ed and chris, and we do have several positions, two positions we have completed recruitment for three. two of those will start next week. those are for real a assets and interim for private equity. anna had an offer extended to help her man age asset allocation. by may 27th we will have only one position i am aware of that will be open. we have come a long ways to fill out our analyst group. i am delighted with the career track for chris, ed and hon. i have a number of closings. >> we will take those as submitted if you want to go to

item 13. >> if you need to make a report on the closing. if you could do it quickly that would be better. >> why? it is in the public record? why verbally? >> it is not all in the public record. we need to make it. >> this is a public document, right? it is in the public record. why don't we put it in the minutes rather than going through it. can we please put it in the minutes going forward so we don't have to read all of them? i don't understand why we have to read them out every single time. >> because he is required to make a report of the closings at the next board meeting. >> it is submitted. >> they are reflected in that

level of detail in the minutes. >> in the minutes, okay. thank you, mr. bryant. >> we have three additional closings which we will furnish to the board as well. >> thank you. very good. >> page 6 regarding absolute return. a couple of keys here. inception today is that we have outperformed the index over 1.2%. we outperformed the barklays aggregate bond index by 3.4%. the investment committee the highlights are as we talked about, we are $25 billion a un and $28 billion in liabilities. they will grow to $60 billion. we are going to become a very large plan. we will become much more mature

even if we hit our return objectives, our net cash outflows will grow from 2.0% plan assets to 2.8 and 3.3% in 20 years. if we don't hit the return objectives they can be north of 4%. to prepare for becoming a very large plan, we have had good success emphasizing the specialist strategies that we think we have terrific partnerships. we do need to begin to make changes how we manage going forward as we become a much larger plan. we don't want to just index and invest in larger platforms that offer lower returns. we want to retain what we have done well. we need to modify that in four

ways. develop operations group, develop a career track, increase co-investments by 4 to 8x so they become 10 to 20% plan assets in 10 years and fourth increase the total between investment and operations staff from 26 to 33. about the next three years to 40, six years from now. we think this gives us the best chance to extract more value out of existing relationships and unearth new specialist strategies. this is our recommendation. we talked about this extensively at the ic. this is a recap to the board. that is it. >> thank you for the presentation. any questions, comments, discussion from the board? >> there is a piece that triggered the report.

why you recapped the ic that was your choice i am not sure why. the fiscal year numbers in this stuff that you presented with kaiser was done in the calendar year. i suggest we change it to fiscal year. the contribution is calendar year. this is based on fiscal year. when things line up it is easier to keep track. just a suggestion. >> very good. we may need to modify the calender. happy to do that. it is a work in progress. >> seeing nothing else from the board i will open it to public comment. any members of the public that would like to address the commission. >> i just read in the book that it said you have had an annual return on theming funds -- huge funds. 4.79%. that is ridiculous.

to get 7.4% return you want you have to get 10% to get you 7.4. that should tell you that you should divest from hedge funds two years ago. it is the most ridiculous investment you have ever made. >> any members of the public that would like to address the commission regarding this. thank you for the reports. why don't we go to item 14, please. >> item 14. discussion item. travel expense report for the quarter ended march 31, 2019. >> we take it as submitted. any members of the public to address the commission regarding the travel expense report? i will close public comment. anything from the board? great. item number 15.

>> discussion item number 16. executive director's report. the city and county of san francisco versus retirement board and executive director we expect a ruling from the court of appeals within 90 days, that would be by the end of july. i will report to protect benef benefits filed a brief and they were supportive in their filings of the retirement board's position in determining to pay the pre-1996 folks that was to pay the cola. >> anything from the board? we will open up to public comment. any members of the public to address the commission regarding

the executive director's report? we close public comment. item 17, please. 17. discussion item. retirement board member good of the order. >> anything from the board? we technically have to call for public comment. calling for public comment on this item. no members of the public wishing to address the commission we close public comment. everyone thank you for your time. meeting adjourned.

>> the renovation of balboa park, the oldest in the city of san francisco, and now it is the newest part in the city of san francisco. through our partnership, and because of public investment from the two thousand eight

fund, we are celebrating a renewal and an awakening of this park. we have it safer, happier, more joyous. >> 3, 2, 1, [laughter] =--[applause] >> it is a great resource for families, to have fun in the city, recreation. >> this is an amazing park. we have not revitalized it without public and private investment. the critical piece of the process of this renovation was that it was all about the community. we reached out to everyone in this community. we love this park dearly and they all had thoughts and ideas and they wanted to bring their

own creativity and their personality to bear on the design. what you see is what the community wanted. these ideas all came from the residents of this community. as a result, there is a sense of ownership, pride and responsibility that goes along with what is going to be an exciting park. shop and dine in the 49 promotes local businesses and challenges residents to do their shopping and dining within the 49 square miles of san francisco. by supporting local services within our neighborhoods, we help san francisco remain unique, successful, and vibrant. so where will you shop and dine in the 49? >> my name is ray behr. i am the owner of chief plus.

it's a destination specialty foods store, and it's also a corner grocery store, as well. we call it cheese plus because there's a lot of additions in addition to cheese here. from fresh flowers, to wine, past a, chocolate, our dining area and espresso bar. you can have a casual meeting if you want to. it's a real community gathering place. what makes little polk unique, i think, first of all, it's a great pedestrian street. there's people out and about all day, meeting this neighbor and coming out and supporting the businesses. the businesses here are almost all exclusively independent owned small businesses. it harkens back to supporting local. polk street doesn't look like anywhere u.s.a. it has its own businesses and

personality. we have clothing stores to gallerys, to personal service stores, where you can get your hsus repaired, luggage repaired. there's a music studio across the street. it's raily a diverse and unique offering on this really great street. i think san franciscans should shop local as much as they can because they can discover things that they may not be familiar with. again, the marketplace is changing, and, you know, you look at a screen, and you click a mouse, and you order something, and it shows up, but to have a tangible experience, to be able to come in to taste things, to see things, to smell things, all those things, it's very important that you do so.

. >> chair fewer: good morning. the meeting will come to order. i am joined by supervisors catherine stefani and raphael mandelman. madam clerk, do you have any

announcements? [agenda item read]. >> chair fewer: thank you very much, madam clerk. can you please call items 1 through 4 together? >> clerk: yes. item one is a resolution approving the community development block grant program and authorizing the mayor to apply for, accept and expend the cdbc for a combined total of $23.9 million. item 2 is a resolution authorizing the emergency --

[agenda item read] [agenda item read]. >> chair fewer: thank you very much. and today, we have brian chiu from the mayor's office of housing and community development. >> good morning, supervisors. i'm here to ask for your approval for the accept and expend resolution as we do each we are. we come to you, requesting to expend and apply funds that come from hud. as you see before you, we have four separate funding streams. the community block development

fund is our largest funding stream. a portion goes for funding housing facilities. another portion goes to community-based facilities. this is for fiscal year 19-20, which is the fifth year of our five-year multiyear funding sickle. we have moneys from home which provides for money -- which provides for money from new construction. we have our work order to the department of homelessness and supportive housing, for shelter and rapid housing, and operating expenses for long-term housing for people living with h.i.v. just a reminder, as i mentioned, that this is the last year of our five-year funding cycle. when we come to you next year, it will be the first year of

our now three to five-year funding cycle. we've been happy that we've been able to support organizations very consistently over the past five years. we are planning to put out a comprehensive request for proposals likely at the end of august this year. that request for proposals will not only include moneys for 2021 from cdbg funds and hopa funds, it will also include the opportunity for us to repurpose or general fund dollars which have come to us through the board over many years or through mayoral enhancements. so just a heads up that we've been able to remain very consistent. this is the time where we will be reexamining our investments. as you know, we've done a number of different community forums as well as focus groups. we want -- this is the time that we'll be able to shift and

be able to prioritize, especially in those areas in which we've heard multiple comments. just to let you know that in june, we will be doing a report out to the community with a summary of all that we've heard from our neighborhood forums as well as the surveys and the focus groups, and in july, we'll have another public meeting where we'll be reporting out on our proposed strategies so that the public will be able to respond to both before we release our request fore proposals at the -- for proposals at the end of august, and we're happy to share any of that with your offices before that comes up. but in the meantime, i'm hear to request your permission to accept these funds and expend these funds and we will include that in our packet to hud, and we will submit that by june 15 so we can get that back to the

community. >> chair fewer: thank you, mr. chiu. there is no b.l.a. report. is there any questions? no questions. let's open it up for public comment. good morning, mr. wright. >> sfgov, overhead, please. this federal law grant has got contract agreements where in order to get this money, you are not supposed to discriminate and violate the rights of the people you're using this money for. for the past several decades you've been in violation of the section of the housing production. section 33413 of the community development law reads at least

15% of all new or rehabilitated dwelling units within the plan area which is the city and county of san francisco by the private or private entities or persons another the agency shall be -- other than the agency shall be available for housing to persons or families of low or very moderate low-incomes. okay. not less of the 40% of the dwelling units to be available to persons and families of very low and low or moderate income shall be available at the affordable housing costs to very low and low-income households. you've got a pattern of every time you get past the point of acceptance, you set the requirement rate above the income of the very low-income and low-income bracket people. you have an average where you

start off at 60% of the median, which is $48,400. that means that everybody that's below that range is not able and not included in the housing opportunity and also not included in the inclusionary rule that everybody voted for. >> chair fewer: thank you, mr. wright. any other public comment? seeing none, public comment is now closed. mr. chiu. in light of what mr. wright just said in public comments, i am wondering if you could clarify the income levels that this big block grant actually covers. >> so on the services side, we -- the priority needs to focus on extremely low, very low, low-income, which is roughly 30%, 50%, 80% of area median income. on the housing side as mr.

wright has mentioned, we do have that continuing challenge of being able to finance affordable housing for people that are, for example, below 50% of the area median income. a large reason the portion is set at that rate is because that's where we can drawdown low income tax credits. as you know, for those precious units that we can set aside for people where they only have to pay 30% of their income, right now, we've prioritized them really for homeless individuals and work through coordinated entry through director

kositski's office. it's a continuing discussion. i kn -- discussion i know that we've had with man of your offices, how can we lower our construction costs to be able to serve the population? >> chair fewer: i think what we're talking about, mr. chiu, is housing for the working poor. >> i acknowledge the validity of mr. wright's statement. it's a problem that we're really trying to address with creative financing issues. >> chair fewer: yes. it's probably a longer discussion and bigger discussion. >> yes. >> chair fewer: okay. seeing no comments and no comments from my -- mr. wright, i think you can have a private conversation with mr. chiu, but public comment is now closed. thank you very much, mr. chiu.

so i'd like to move this to the full board with a positive recommendation. thank you very much, and thank you, mr. chiu and mr. wright. madam clerk, can you please call items number 5 and 6 together? >> clerk: yes. [agenda item 5 read] [agenda item 6 read] >> chair fewer: thank you very much. i think we'll bring nicolle avril, the director of park and recs today. >> good morning, supervisors. i'm very pleased to be presenting the india basin park project and the work on the project to you today.

in 2014, the city acquire property in the hunters point neighborhood. the development of 900 innes will transform a waterfront property adjoining 900 innes is the existing india basin shoreline park and open space. the proposed plan combines the india basin and open space into one ten acre property and is the midpoint of the 1.5 mile long india basin shoreline which is comprised of seven

lots to this end, mayor -- lots. to this end, mayor ed lee and london breed helped ensure the development of newly renovated shoreline parks. to design the park, over two dozen outreach meetings were held. the inspired park design includes a historic garden walk which follows the original 1948 shoreline, an adult play area with fitness areas, the marine way which terminates in a gravel beach, a pier out into the bay with a floating dock, and an a.d.a. accessible boat lunch, the sage slopes, and the

boat yard, which was originally a boat building yard for the scout schooner. the boat yard will also feature a concession building selling food and beverages by bayview based businesses, an a.d.a. accessible garden walk, the shop, tidal marks, wetlands, and a class 1 bike path. i should note that we would prefer to do this all at once, but funding is not appropriate, so we will do this in two phases. unfortunately, the industrial activities noted with 900 innes' has left the property a brown field that contains

upwater soils and sentiments. the 900 innes remediation project is thus the first phase of the india basin park project. the remediation project proposes to cleanup and restore contaminated soil and sediment, including the contaminated marine debris and concrete. on land, the surface will be scraped down 3 feet. the tidal areas will be dredged to 5 feet. finally, the remediation work will lay groundwork for things such as site planning. during the predesign engineering phase of the project, the city will conduct a survey of the surface soils

to determine if there are any differentials in rao activity that would determine if there are any potential radio tiacti material. the cleanup and development of this site provides a tremendous opportunity to address environmental contamination and historical blight left by historical industrial uses while provides workforce development issues to help address social equity issues. in recognition of this, a key goal of the project is also to serve as an anchor for equitiable and inclusive economic growth. we've greated the equitiable

park development plan. another central component of this plan is job creation, workforce development and other small business enterprise support by includes initiatives among many others, which includes partnering with hunters park families, and bayview business owners who support recruitment of local employees for local workforce development. we plan to partner with young community developers, project level, urbani alchemy, and p.r.i. the park project is committed to ensuring that existing residents will have access to the park through initiatives

such as free shuttle services between the public housing and third street. as importantly, given that pedestrians -- excuse me -- given that pedestrians are the most vulnerable users of the streets, the project includes traffic lights and beautifully designed crosswalks that put people first and prioritize local daily access. given that the city has lived across from this vacant derelict site for two decades, and has been involved in the community planning since 2015, we want to begin the project so the city can begin to enjoy the waterfront as well as city the city's commitment to the development of a world class park. a major goal of this component is ensuring that the bayview-hunters point proud history is reflected in the art and cultural programming in india basin program. the overall india basin project

budget including acquisition, community engagement, planning, design, land and water he remediation work is approximately $120 million. this is similar in cost, scope, and scale to the tunnel top park being constructed in the presidio and significantly less than the cost of similar waterfront park projects in new york, seattle, and los angeles. it's proposed to be funded through a mix of local, private, public, state, and federal sources. on that note, i'm very pleased to be presented to you today a grant of $25 million from the john pritzker fund to fund the india basin park project. this has been cultivated over two years.

funding will be used to support the following: remediation, the equitiable park development plan and interim activation, schematics, and construction. the gift will be made to the department for remediation and construction, to the trust for public land who will manage the process in partnership with the land department. we believe that this initial leadership gift will be a catalyst allowing us to raise an additional 25 to $30 million in the next two years to pay for phase one and phase two. i should note that we have a pending grant for remediation from prop 1 funding.

i should also note that our current budget of $11 million for remediation is very conservative and includes an ample contingency for unforeseen conditions. also this winter, in february, the recreation and parks department was awarded $4,998,000 from the san francisco clean water prevention and restitution measure or measure 9-aa. measure aa is administered by the san francisco bay restoration authority and provides funding for the nine county funding of bay line projects. this will be added to the $2

million to the quality improvement funding that we've received as well as $1.8 million in city funding to support the remediation activities described earlier. while these significant grand funds are paramount with respect to moving this project forward, the most important part is our partnership with the community. this project cannot and will not succeed without it. the following individuals and organizations have expressed support for the india basin park project. and with that, i conclude my presentation. thank you. >> chair fewer: can we please mar hear from the b.l.a.? >> good morning, chair fewer and the supervisors. severin campbell from the

budget legislative analyst's office. this would go towards the $11 million for phase one of the remediation of the 900 innes street site. we do show the budget on table 1, page 4 of our report. part of the budget includes in addition to the $5 million grant, the $1.2 million from the $25 million grant from the pritzker family fund. and we do recommend approval. >> chair fewer: thank you very much. any questions? supervisor mandelman? >> supervisor mandelman: thank you very much, chair fewer. we've been considering the capital plan here at the board of supervisors which currently has a $255 million bond next

year, and it occur to see me that if the -- occurs to me if the cost of one park is $125 million and that's likely, construction costs being what they are and project delivery and delay, i'm curious how certain you are that the total bill is going to be $120 million. but i'm also curious to how this fits into other park needs. i was wondering if you could talk a little bit about that $120 million total, your confidence around being able to fund half the park, half the construction costs through private philanthropy, and how this park relates to other capital needs around the city. >> sure. with respect to the $120 million cost estimate. we received a cost estimate

from morton lee cost estimators, and it came in at $70 million. so we have added ample cost development to 2022, and the phase two construction to 2024, the midpoint of construction. we're estimating into those times. >> supervisor mandelman: and have our cost estimators been tracking with actual cost effect over the past few years? >> they've sometimes come in above and sometimes come in below. you make a good point. they more often come in below. we will now be able to enter our schematic design phase at which point we will be able to do a more accurate cost estimation and design if need

be. >> supervisor mandelman: how comfortable are you going to be able to get this one done with private philanthropy? >> many of our parks are funded through private philanthropy. this is the largest park project that we've done in a century, since mclaren park. we do believe -- well, all of our parks are necessary to the well-being of the neighborhoods in which they're built, we believe this area has been historically underserved, in need of something this important. we also see this as a way to provide economic opportunity, so we believe that the economic impact of this park will actually outway in the long run

the investment that we're making in this park, and so that's equally important to us. and some of that $120 million is going to fund those initiatives that we talked about. >> supervisor mandelman: and i am in no way questioning the importance of this park, the necessity of it, and i am supporting it. i would just imagine that we may be needing, and appropriately, to send more public dollars to this than we're currently anticipating, and i want to make sure going forward that we have that. so how does in particular park fit in overall -- what else is on your list in terms of other park projects around the city that need to get done? >> i should probably let the director of our capital planning, who is not here today, speak on that, i work on

two projects, including the india basin project, and they're projects that have different financing strategies and a very large partnership component, so that's really kind of my area of expertise. >> supervisor mandelman: cool. thank you. >> i apologize for not having a better answer. >> chair fewer: supervisor mandelman, if you would like that information contingent on this, we can continue this item for that information. that is always an option. >> supervisor mandelman: i don't need the information. i want us to be mindful of the great parks needs that this growing city has and make sure that going forward, we're actually identifying sources of funding for those needs. i'm concerned that a $255 million bond that we're currently planning for next year is not going to get us the funds that we need to invest in our parks. so that's really just what i'm kind of digging at, but i do

think this is a totally valuable project and i'm of course happy to support it. >> i will note to your point about phil -- private philanthropy -- and this is the largest philanthropic gift that we've ever received, it drives other people to invest in an area of town that otherwise isn't visited, so we do think more attention will be made to this. >> supervisor mandelman: we're all grateful to the pritzker family for this significant contribution. thank you. >> yeah. >> chair fewer: and this also accompanies a very large housing project, is that correct? >> we did a joint e.i.r. project, but none of these funds will be going into an investment with the build

inc. project -- >> chair fewer: but would enhance the park because there will be a brand-new park there. >> yeah. >> chair fewer: okay. and i just wanted to ask about this remediation. who will sign off to make sure it's accurate. it's been a lot of concern on this board, a lot of public comments. i think a lot of the public are concerned about the remediation project part of it to make sure that it is safe. who will sign off on it, and how can the public be assured that it will be a safe place for families and children? >> sure. the least agency is the regional water quality control board, and they are now currently reviewing our