>> secretary: there aren't any public commentors on the line, but we have one in person. janet carla and the glenn park merchant's association. if you can -- hey janet, if you can keep your mask on. >> president laguana: you're welcome. please proceed. >> it's okay. i wasn't sure. good morning. or good afternoon commissioners. i just want to take this opportunity on behalf of the san francisco council of district merchants to welcome commissioner carter to the commission and to express our appreciation for the work of the commission and director tang and carrie burnback. we are deeply appreciative of your advocacy for the small businesses of san francisco and the commercial corridors that

we represent and i just wanted to introduce myself to the commission. i have recently been appointed the chair of our legislative committee so i've had the good fortune to be working very closely with director tang and ms. burnback and i really look forward to productive relationships between our organizations. so thank you very much. >> vice president zouzounis: can i also just say congrats on all the female appointees leading the sfcdma. >> i know. >> secretary: we actually have one caller on the line. >> president laguana: okay. caller, please proceed. >> caller: okay. this is why i called.

public comment. i'm ann cervantes and i'm helping to organize unless some of the family businesses that own properties in the city help comply with the a.b.a. -- >> president laguana: ann. i'm so sorry. the public comment has to be on the agenda item. so the agenda item right now is we are welcoming commissioner carter. >> caller: i'm sorry. >> president laguana: if you would like to welcome commissioner carter. >> caller: congratulations, commissioner carter. i was out of turn. i thought it was at the beginning. my apologies. >> president laguana: no problem. is there any other public commentors? okay. seeing none. public comment is closed. commissioner carter, we're delighted to have you for the fifth time and next item, please. >> secretary: item four, resolution making findings to allow teleconference meetings under california government code section 54953e. this is a discussion and action

item. >> president laguana: commissioners, are there any comments or questions on allowing teleconference meetings? is there any public comment on allowing teleconference meetings? >> secretary: there's not. >> president laguana: okay. seeing none, public comment is closed. are there any further questions? commissioner, i move that we make this resolution. is there a second? >> commissioner: i'll second. >> president laguana: seconded by commissioner dickerson. >> secretary: motion by president laguana seconded by commissioner dickerson. looks like we just had a hand raised, should we advise them to have to go to public comment at the end of the meeting. >> president laguana: i think you should just go ahead and -- >> vice president zouzounis: tell them to go to item six if they want to speak. >> president laguana: yes,

when we get there, we should do that. we should take a vote on the motion. >> deputy city attorney john gibner. if the public commenter is speaking to public comment on item four. >> president laguana: i thought i called for public comment and there was none. was i wrong? >> secretary: no. they might of raised their hand a little late. >> president laguana: if they raised their hand, then by all means. >> secretary: okay. let's unmute our public commenter. >> president laguana: i see. i was a little too hasty. >> caller: thank you. steven cornell from the district book. just to comment on the broadcast. i can hear. everything's quite clear when all the commissioners speak, but when you had the professor

speak and the other public commenter, it's very difficult to hear over this and quite annoying just for the future. thank you. >> president laguana: thank you, steven. i struggled to hear the public commenter as well just so you know. but we unfortunately don't have any input into the audio system here. so a motion's on the table. >> secretary: i'll call the roll. [roll call]

motion passes unanimously. >> president laguana: okay. next item, please. >> secretary: item five, approval of draft meeting minutes. this is an action item. >> president laguana: commissioners, are there any comments or questions on the minutes? seeing none. we'll open it up for public comment. is there anyone present for public comment on item number five, approval of draft meeting minutes? >> secretary: we have no public commentors present and we have none on the line. >> president laguana: great. i'll pause for a second. seeing none, public comment is closed. commissioners, in the interest of time, i will make another motion that we approve the draft meeting minutes. >> commissioner ortiz-cartagena: i second. >> president laguana: i feel like jeopardy. >> secretary: moved by president laguana, seconded by commissioner ortiz-cartagena. i'll read the roll.

[roll call] motion passes unanimously. >> president laguana: thank you. next item. >> secretary: item six, general public comment. this is a discussion item. it allows members of the public to comment generally on matters within the small business commission's jurisdiction but not on today's calendar and suggests new agenda items for the commission's future consideration. >> president laguana: thank you. are there any members of the public who would like to make comments on items not on the agenda? so if you called earlier and were making a comment on an item that was not on the agenda, this would be the perfect time to make that comment. >> secretary: yes. we have one caller on the line.

>> president laguana: perfect. so let's go ahead and hear from that commenter. caller, please proceed. >> caller: yes. commissioner sharkey, thank you. i just wanted to comment as a small business owner on the aba application and if you have jurisdiction over the grants that are coming that you include the small architects not just ask members because as a business owner, i can do this stuff, so just to let you know it's to make sure that they extend to small architecture firms in the city. these are on the a.b.a. applications. [ indiscernible ] >> president laguana: okay. thank you.

is there any other public commentors on the line? >> secretary: we have no other commentors on the line. >> president laguana: okay. seeing none. public comment is closed. next item, please. >> secretary: item ten, director's report. presentation and discussion item. this is an update and report on the office of small business and the small business assistance center, department programs, policy, and legislative matters, announcements from the mayor and announcements regarding small business activities. >> director: all right. through the chair, thank you and good evening commissioners. really nice to see you all in person and, again, congratulations to commissioner carter. so excited to have you here. i think that the majority of the work that i have experienced with all of you takes place outside of this room and so i know that you all have to devote so much time in addition to your business to be here. so thank you so much.

and, of course, if any of you want to try commissioner carter's food, just walk a couple blocks down the street and you can get a really delicious po'boy. welcome. in terms of today's updates, i just wanted to share a couple of things in terms of legislation and policies we have been tracking. i know that we had talked about the street vendor legislation. as a reminder, this pertains to the sale of goods, not food, but goods on the street and that legislation has passed and we will be tracking how that program will be working operation alley, being in touch with public works and making sure that the comments you all provided and suggestions for how to manage that program making sure it's friendly to our small business owners as well as culturally and

linguistically appropriate. secondly, the family-friendly work place ordinance i know this had been a number of recommendations. only that was recommended by this commission which had to do with providing technical assistance about that ordinance. so, unfortunately, the other amendments were not adopted, by i want to commissioners to let us know if you're getting feedback from the community. in terms of graffiti abatement, this commission also heard an item about the graffiti abatement ordinance and the fines and fees being reinstated and there were also a number of recommendations that came out of this commission that unfortunately were not taken in the legislation that has not yet passed at the board. however, we are trying to work with on further amendments that

may come in the future because we do understand how important it is that we take this opportunity to form the programs so there's less of a burden for small business owners. and then in terms of shared spaces. i just wanted to share that at the end of this month, there will be a presentation about the shared spaces program, an update on that and they will allegation be discussing the application for the equity grant which has been extended until april. one thing we want to focus on is outreach to seven key neighborhoods. that includes the mission, portala, bayview, tenderloin, soma, and excelsior. and so i just wanted to seek assistance from the commissioners about the equity grant program that's available online right now and then in

terms of the rent relief program, just a reminder that the applications are also open for that program for small business owners that have struggling throughout this pandemic in terms of rent payments. as of the end of february, there had already been well over 250 applications and so, we definitely anticipate that oewd will be far exceeding, i mean, the demand is far exceeding the number of grants that will be able to be awarded for that. and then i think that what is very pertinent and particular to today's presentation from professor sharkey is that on tuesday, there was legislation introduced by supervisor mar and president walton. and this would require the police department and all of the different stations to come up with community policing plans and so they would have to detail and outline how is it that they want to incorporate community input thinking about

foot and bike patrol deployment and also require that these community policing plans would be posted, available to the public, and updated each year. so certainly i think it's a great opportunity in light of our interest in public safety issues and the intersection between small businesses and our merchant corridors to be involved either in that legislation or once it's adopted! u.s. to see how that might help improve our community interactions on that point. i know our president stated at the beginning of commission the passing of commissioner dooley who only left her seat last year. had been a florist and owner of columbine floral company. she had a shop for 25 years.

she was the cofounder of north beach business association and led countless efforts through her role there. personally worked quite a bit with her on accessibility issues for facing small businesses. collaborated with her during that time i know she has pretty much shared the entire time former director dick endrizzi was here. so we shared the information with her. the news of her passing today was very sad to hear. so i just wanted to acknowledge that and also, of course, give commissioners an opportunity to speak about that as well. so with that, i conclude my director's report. >> president laguana: thank you, director.

>> vice president zouzounis: i'll say something. >> president laguana: sure. vice president zouzounis. >> vice president zouzounis: thank you. yeah. commissioner dooley was a fire cracker. she said it straight and i think set a strong precedent for me as a board appointee. i looked up to her a lot. [please stand by]

>> commissioner laguana: when she wasn't on the peskin.

i believe she lived she next door to him, and worked with his office over the years to make a lot of changes. she was very important to the small business community. she was the embodiment of a small business commissioner of having this small flower shop

of which she exerted all of this influence in how the commission moved forward, and she was very thoughtful and deliberate, and i think a, really, a role model about how we can advocate, how we can speak up, and how we don't have to be shy when we have an opinion. so she really, i think, she showed me, and i think she showed many of you. i might have a cocktail, maybe

i'll have two, maybe i'll have one for agent dooley, in honor of her passing. just one little point. she broke her leg, and i said kathleen, what happened? how did you break your leg? and she said, well, this damned uber driver came up and said something, and i went to tell him how i felt, and i stepped off the curb, and i fell. commissioner dooley, thank you for everything you've given

this commission and everything you've given this city. is there any -- anybody on the line for public comment? >> clerk: there is not. >> commissioner laguana: seeing none, next comment is closed. >> clerk: commissioner discussion and new business. this is a discussion item. this allows the president, vice president, and commissioners to report on recent small business activities, make announcements that are of interest to the small business community, and make inquiries of staff. allows commissioners to introduce new agenda item for future condition by the commission. >> commissioner laguana: commissioners, are there any items that you would like to report out?

commissioner ortiz-cartagena? >> commissioner ortiz-cartagena: i heard about commissioner dooley earlier today, and i just wanted to report that we lost another member of the community, [indiscernible] rest in peace, mitch. >> commissioner laguana: commissioner huie? >> commissioner huie: this is such a sad meeting. >> commissioner laguana: this is a sad meeting and it is a happy meeting because we have a new commissioner. >> commissioner huie: well, i'd like to say that she liked me

from the beginning. [laughter] >> commissioner laguana: i queued that up for you from the beginning. >> commissioner huie: well, i'll just share this with you this week. i was fortunate enough to go on some merchant walks with the sfcduma, but i rarely, i guess, get the opportunity to walk around and spend time in a community for a couple of hours. i ended up spending four hours there, which was quite sometime, and i really

encourage people to try it in the city. supervisor preston and his aid, melissa, came to that one, as well as one in the sunset, so i basically spent my week in different neighborhoods, so that's great. you know, it makes me great to be a part of a neighborhood -- part of a couple neighborhoods, not a few, and i'm glad that san francisco is going to be part of a community, and i think the presentation today speaks to the need of that. the other piece that i was going to share was that are a lot of initiatives to activate spaces, and i'm really excited to see things happening in terms of art walks and cultural

experiences and things like that coming back. the other piece that i was going to talk about was also just that the survey is coming along. we'll have to kind of talk more about that in the coming weeks, but we're getting the material together. dr. chaudhary is focusing on some of the things like how to grow public safety and also equity as a main, you know, line through the survey this time, and i think an interesting piece will be that she wants to collect more qualitative data in the form of interviews, like maybe zoom

interviews, so i think that would be maybe a great time for us to reflect on what we want reflected in those and captured, and that will be kind of nice for our small business community. >> commissioner laguana: when you're ready to have that discussion, we should have that scheduled as an agenda item, and we can talk about that, so just let us know. >> commissioner huie: okay. that would be great. specifically on the small business grants, i didn't write down the day, but in chinatown, it'll probably be in cantonese at victory hall, so probably try to get as many people there to learn about it, and i think the presenters will believe able to just, in general, be a

resource for many of the small business owners. these were the key things that i've been up to, but yeah. feels very inappropriate to talk. >> commissioner laguana: yeah, no. you know, life goes on. we've got to keep moving, and we've got to keep the ball going. commissioner dooley, there's no doubt in my mind, would not want us to do otherwise. you know, i was hanging out with former commissioner yekutiel today, and your list reminded me of his list. i felt like he was reading off a series of calendar entries, and i'm, like, my god. in that series of time, i managed to walk my dog, and you're getting all of that

done. commissioner carter? >> commissioner carter: i think this is great, especially in correlation with the presentation, and how small business and -- impacts violence in a lot of these communities where we come from. >> commissioner laguana: i'd be honored to attend, as i'm sure a lot of the commissioners would be, as well. if you would provide that

information to director tang, she'll get it out to the rest of us. >> commissioner carter: i sure will. >> commissioner laguana: commissioner huie again? >> commissioner huie: it's me again. when you mentioned last week, i forgot a couple of things i did. one was the seed network from soma filipinas, they just finished their decisions on their grants that they were able to offer, i think, two businesses, and i don't have those names with me right now, but i was able to read -- i was honored to read many of the grand applications, and i just

wanted -- many of the grant applications, and i just wanted to acknowledge them and how wonderful they've been to help grow their community and support their small businesses. >> this was the first, first round, i believe, and they had all kind of different people reading the grants and things like that, too. so hopefully, they'll be able to do it again because they seem to have it well run. the other thing that i got to do was also tour the tenderloin linkage center, and that was through my work on rams, and i

would recommend that to anybody -- you can't just go and, like, tour, i suppose, but it's great to see what the city is doing in their emergency efforts to make sure that people have food and a place to shower and to really get them hooked up with community resources and medical care, as well, so, so many things happening there. i think that most recently, they just put in, like, a phone charger because so many people recognized that. in terms of community input, they're looking for that because it will need to happen in a more community way, and i think having some community input for what it needs to look like downtown will shape it from that insight. it was interesting seeing it from the top down, like, from

the top of the building looking down into the patio because then you can see what the landscape of civic center will and could look like. so if anybody is interested, let me know, and i will connect you to people to get a nice tour of that. >> commissioner laguana: you know, i'm so thrilled that we have professor sharkey here today because it underlines what we do, and i'm just listening to what you guys are talking about, and i'm thinking about how constructive and how helpful it is to our city as a whole, and i think that that presentation is going to be a small business for us.

it's going to be an empiriccal scientific backing, and it's appropriate that it happened the first day back here with, like, a brand-new commissioner. i just feel that it's getting things off to a good start, setting this forward for the first phase of the commission. one thing that i did want to mention, i forgot, i spoke with former director dick-endrizzi.

she's in england right now, so she's not able to call in, but she wanted to express her condolences over commissioner dooley's passing. lastly, i have been going out and around, and it's exciting to see the city come back around. i went out on saturday night to the orbit -- the outer orbit room, and it's the perfect place to get your pinball and hawaiian food.

they have a beautiful parklet with colored strip lighting, so i was talking with the owner, christian, and he's going to have to tear down to comply with the incoming regulations, but he's committed to doing that. and we talked about all of the design decisions that i has to make, both to facilitate, you know, having a viable parklet. the other people that were there weren't as interested as i was, but i think the parklet program is going to be a

recurring issue for this commission for many years to come as we sit down and figure out how to balance our use of streets and our use of commerce and our use of land. but in my mind, at least, although professor sharkey said the data isn't there yet, i think they're huge for giving a sense of community and creating a sense of community. they're eyes on the street, more lights, more traffic, more joy, and i think it's just terrific for the city for how we move forward the next couple of years. vice president zouzounis? >> vice president zouzounis: thank you. i actually had a follow-up

question that, director, maybe you might be able to answer. i know the park program is going to be extending the program geographically. i know that s.f. shines is also reopening geographically. is s.f. shines planning on doing that soon? >> director tang: through the chair, s.f. shines will be doing that soon through the neighborhood equity team. they are extending the deadlines until the end of april, but i just mentioned there are seven key neighborhoods where planning would like to see more focus

outreach. >> vice president zouzounis: right, right. i know we made recommendations for other city areas disproportionately impacted by measures, so i'm happy to follow up if that conversation with s.f. shines is going to be had with our office. thanks. >> commissioner laguana: thanks. are there any other comments? are there any other commenters on the line for commissioners questions, comments, or new business? >> clerk: there are no commenters. >> commissioner laguana: seeing none, public comment is closed. >> clerk: item 9, adjournment. sfgovtv, please show the small business slide. >> commissioner laguana: we will end with the slide that

the small business commission is the start and end place and is the best place to get answers about starting small businesses in san francisco. if you need answers, continue to reach out to the office of small business, and i will make a motion to adjourn. >> clerk: motion to adjourn -- >> commissioner laguana: sorry? >> i was going to announce, we have a staffer. are we allowed to announce our legacy business staffer? i mean, they're not here, but... >> commissioner laguana: so -- now i'm blanking whether we do roll call before the motion or -- since we have the city

attorney. >> mr. givner: deputy city attorney jon givner. you don't need a roll call to call for a motion, but if you'd like, you can take the vote. >> commissioner laguana: i won't call for a vote, but i would adjourn in memory of community leader mitch salazar and former commissioner kathleen dooley.

>> right before the game starts, if i'm still on the field, i look around, and i just take a deep breath because it is so exciting and magical, not knowing what the season holds is very, very exciting. it was fast-paced, stressful, but the good kind of stressful, high energy. there was a crowd to entertain, it was overwhelming in a good way, and i really, really enjoyed it. i continued working for the

grizzlies for the 2012-2013 season, and out of happenstance, the same job opened up for the san francisco giants. i applied, not knowing if i would get it, but i would kick myself if i didn't apply. i was so nervous, i never lived anywhere outside of fridays fridays -- fresno, and i got an interview. and then, i got a second interview, and i got more nervous because know the thought of leaving fresno and my family and friends was scary, but this opportunity was on the other side. but i had to try, and lo and behold, i got the job, and my first day was january 14, 2014. every game day was a puzzle, and i have to figure out how to put the pieces together. i have two features that are 30 seconds long or a minute and a

30 feature. it's fun to put that al together and then lay that out in a way that is entertaining for the fans. a lucky seat there and there, and then, some lucky games that include players. and then i'll talk to lucille, can you take the shirt gun to the bleachers. i just organize it from top to bottom, and it's just fun for me. something, we don't know how it's going to go, and it can be a huge hit, but you've got to try it. or if it fails, you just won't do it again. or you tweak it. when that all pans out, you go oh, we did that. we did that as a team. i have a great team. we all gel well together. it keeps the show going. the fans are here to see the teams, but also to be entertained, and that's our

job. i have wonderful female role models that i look up to here at the giants, and they've been great mentors for me, so i aspire to be like them one day. renelle is the best. she's all about women in the workforce, she's always in our corner. [applause] >> i enjoy how progressive the giants are. we have had the longer running until they secure day. we've been doing lgbt night longer than most teams. i enjoy that i work for an organization who supports that and is all inclusive. that means a lot to me, and i wouldn't have it any other way. i wasn't sure i was going to get this job, but i went for

it, and i got it, and my first season, we won a world series even if we hadn't have won or gone all the way, i still would have learned. i've grown more in the past four years professionally than i think i've grown in my entire adult life, so it's been eye opening and a wonderful learning shop and dine on the 49 promotes local businesses and challenges residents to do shopping and dining within the 49 square miles of san francisco by supporting local services within neighborhood. we help san francisco remain unique, successful and vibrant. where will you shop and dine in the 49? san francisco owes the charm to the unique character of the

neighborhood comer hall district. each corridor has its own personality. our neighborhoods are the engine of the city. >> you are putting money and support back to the community you live in and you are helping small businesses grow. >> it is more environmentally friendly. >> shopping local is very important. i have had relationships with my local growers for 30 years. by shopping here and supporting us locally, you are also supporting the growers of the flowers, they are fresh and they have a price point that is not imported. it is really good for everybody. >> shopping locally is crucial.

without that support, small business can't survive, and if we lose small business, that diversity goes away, and, you know, it would be a shame to see that become a thing of the past. >> it is important to dine and shop locally. it allows us to maintain traditions. it makes the neighborhood. >> i think san francisco should shop local as much as they can. the retail marketplace is changes. we are trying to have people on the floor who can talk to you and help you with products you are interested in buying, and help you with exploration to try things you have never had before. >> the fish business, you think it is a piece of fish and

fisherman. there are a lot of people working in the fish business, between wholesalers and fishermen and bait and tackle. at the retail end, we about a lot of people and it is good for everybody. >> shopping and dining locally is so important to the community because it brings a tighter fabric to the community and allows the business owners to thrive in the community. we see more small businesses going away. we need to shop locally to keep the small business alive in san francisco. >> shop and dine in the 49 is a cool initiative. you can see the banners in the streets around town. it is great. anything that can showcase and legitimize small businesses is a

legitimize small businesses is a

[ roll call ] >> clerk: we have a quorum. >> chair peskin: motion is in order to vote whether disclose what wasser discussed in closed discussion. 67.12a, may i have a motion? motion made by commissioner --

[ indiscernible ] commissioner heldfond. please call the first speaker madam clerk. >> clerk: we do not have public at this time. >> chair peskin: in-person comment is closed we'll take public comment callers at this time. please open the phone lines for public comment. >> clerk: thank you callers, please press star 3 to be added to the queue. for those on hold please continue to wait until the system indicate you have been unmuted. do we have any callers on the line? >> there are no callers on the line. >> clerk: thank you. hearing no calls. public comment is now closed. >> chair peskin: great. motion has been made by commissioner heldfond seconded by commissioner bridges. please call the roll for this

item. >> clerk: thank you. [roll call vote] we have five ayes. motion passes. >> chair peskin: please call the next item. >> clerk: item 5, general public comment. did you want me to read the e-mail received? >> chair peskin: is this general public comment open to the public? >> clerk: general public comment we received one e-mail from john stenson. i will read it as follows. i was implored that you will

change your future board meeting from wednesday to thursday because it's convenient for one of your board members. you will be setting a bad precedent if you change meeting day for convenience of one board member. when if comes to vesting, you should divest from any investments because in the future, the chinese government will take in taiwan, the same actions the russians are taking ukraine. best regards. >> chair peskin: thank you for that mr. stinson. we'll take now in-person public comment. please call the first speaker. >> clerk: there's no public present at this time. >> chair peskin: in-person public comment is close. we will take public comment from callers at this time. please open the phone lines for

public comment. >> clerk: callers if you have not already done so, please press star 3 to be added to the queue. do we have any callers? >> there are no callers -- there's one caller on the line. >> clerk: thank you. please state your name, your two minutes begin when you speak. hi, good afternoon. my name is david page. i'm retired from the d.p.h., retired back in 2015. you may remember that i spoke last october at the annual e.s.g. review. i said something previous to that october 2020. which is there should be much more emphasis put on the s in the e.s.g. i mentioned in particular the chinese communist party and vladimir putin. i like to see this pension

become the national leader in impact investing. if you were to make the s.m.a. segment of our pension socially responsible in the u.s.a. how could it happen? it involves some amount of money. what i'm recommending that you direct the staff to map out how such a massive transformation could take place. transformation away from all of the dirty polluters and gruesome dictators. the plan would show how in theory how to do much more than you did last year. when you moved few hundred million from black rock e.s.g. portfolio. having a plan to look at how it would tie your hands it's showing you what options are available.

it should help with potential contingencies in case the chinese communist invade taiwan, you'll have something available. instead of being caught. i assume like you have been in the last couple of weeks. thank you very much. i appreciate you're listening to me. >> clerk: thank you for your call. do we have any further callers? >> there are no further callers. >> clerk: hearing no calls. public comment is now closed. >> chair peskin: public comment is closed. i don't think we need to take a vote on this. >> clerk: no. >> chair peskin: please call the next item. >> clerk: item 6, action item. approval of the minutes of the february 9, 2022 retirement board meeting, february 2, 2022

and february 18, 2022, special retirement board meeting. >> chair peskin: do we need any presentation at all? motion to approve the minutes made by commissioner heldfond, seconded by commissioner driscoll. before we take a vote, madam secretary will take in-person comment at this time on the minutes. >> clerk: thank you. there are no members of the public present at the time. >> chair peskin: in-person public comment is closed. we will take public comment from callers at this time. please open the phone lines for public comment on approval of the minutes.

>> clerk: callers, please press star 3 to be added to the queue. do we have any callers on the line? >> there are no callers on the line. >> clerk: thank you. public comment is now closed. >> chair peskin: public comment callers is closed at this time. there's been a second made by commissioner heldfond second by commissioner driscoll. i think we can take that item same house same call. that item is approved. >> clerk: item 7, action item. consent calendar. >> move to approve. >> chair peskin: move to approve the consent calendar made by commissioner heldfond seconded by commissioner driscoll. we'll take questions public comment at this time.

>> clerk: we do not have any public at this time. >> chair peskin: in person public comment is closed. please call public comment calls at this time. >> clerk: callers, please press star 3 to be added to the queue. are there any callers on the line? >> there are no callers on the line. >> clerk: thank you. hearing no calls, public comment is closed. >> chair peskin: in person public comment is closed. motioned by commissioner heldfond and seconded by commissioner driscoll to approve the consent calendar. we can take that item same house same call. that item is approved. >> we really should be doing the roll call votes. >> chair peskin: deputy city attorney, my understanding is that same house same call has been the practice of this body for some time.

we did get on the record in the beginning the roll call vote. all the folks when we came out have closed session that was recorded in the minutes. from that point forward, we should have the ability to do same house same call. >> it's recommended a roll call vote. if you want to proceed, go ahead. >> chair peskin: do you have a different understanding? let me ask the executive director, have we done same house same call in the past? >> director huish: we have done it in the past. it's not a general practice but we've done it in the past. >> chair peskin: thank you. as long as we take a preliminary vote from any break and we do same house same call from that point forward. thank you. please call item number 8. recommendation to invest up to

$400 million in loomis sayles >> clerk: recommendation to invest up to $400 million in loomis sayles world credit asset separate account. >> good afternoon. the strategy that we're recommending told compliments the approaches taken by existing managers which we have invested and fidelity which the above bod approved last month. it has a higher yield and has less emerging market. >> thank you. good afternoon commissioners. as reminder, the board approved an investment at last board

meeting. we're working on guidelines with fidelity we expect to bring that the board for approval. >> chair peskin: can you speak little bit louder please? >> today, we are recommending an investment up to $400 million in the loomis sayles world credit asset strategy. we're about to do a deep dive on that topic at the full investment committee meeting. this recommendation is a continuation of the evolution of the liquid credit portfolio to core portfolio comprised the multisectors. we believe this construct is work tactical and opportunistic. the recommendations were

fidelity last month and 2020. this was a search comprised of lot of high quality candidates. it is our intention to continue to monitor the space and evaluate existing managers for potential conclusion. the firm also runs equity strategies with the loomis sayles fixed income. seats -- assets is approximately $10 billion.

the world credit asset strategy has $3.3 billion. in 2013, loomis sayles launched the credit strategy by including emerging market debt component. the team for the world credit asset strategy sits in boston comprising of kevin kearns. we think this is another strength of the strategy and decisions are taken in a manner and this helps to reduce some of the key person risks. each managers has expertise. mr. kearns has risk management background.

the team has developed tools to distinguish between the state of the market cycle from downturn to credit repair, recovery and expansion and cycle. since different sectors perform different stages, the team believes this step is critical to rotation. their thoughts on the process is combined the security selection to create a portfolio that has investment of approximately 25% to 75%. risk management is embedded throughout the process. this team has been highly innovative in developing tools and framework.

i will pass it over to dennis who will discuss the characteristics, exposures and performance. >> thank you. good afternoon commissioners. the world asset credit strategy has maintained a benchmark. current duration is 3.5 years. since the inception, the strategy has arched over -- averaged over 75% exposure. regarding credit quality, the strategy targets double b plus. which is lower than the

investment grade rate bloomberg, barclays u.s. aggregate. the strategy has generated 2% net and volatility of 6% since inception. the strategy has generated 200 bases points annually relative to the investment grade, bloomberg barclay index with two-time the volatility. since its inception, the strategy has net basis by credit

strategies. the strategy has performed in the top third. >> to conclude, we think that the loomis sayles represents strong option within the multisector fixed income universe. it's supported by a strong and deep organization. the team is combined top-down modification to create a strong compelling return stream. we believe the strategy will be a compelling addition to the loomis sayles portfolio. >> good afternoon commissioners. i want to say, we're very

supportive of loomis sayles and world credit asset strategy. i think they did a solid job. we're supportive of it. thank you very much. >> can i add to the strategic context. you're going to see later on the performance of the portfolio and other liquid credit is one of the few allocations that's actually not performing as well as others. this is part of the strategic move to realign and correct that lag and this is a particular time for this kind of strategy win we have the uncertainty of inflation and potential for rising rates. again, we like the strategy, it's particularly suited for san francisco's allocation.

>> we'll now take questions from the board. >> chair peskin: i have couple of questions. you said the credit rating for their portfolio generally is double b? >> that's correct. >> chair peskin: what do you think the benchmark is? benchmark with the emerging market debt as a component? >> the benchmark is little bit higher quality. i think it's bb plus. >> my point versus increase amount of risk. i'm wondering how it tradeoff works.

>> commissioner driscoll: was that in all markets or just developing markets? >> i think what you're isolating on is the underperformance of the emerging market. as we highlighted in the memo, this was a period where emerging market debt continue to under perform, especially strong credit market that we've seen in the united states. just really quickly on the currency, the team does view this as a mitigating tool. it's not something that they have in their strategy with the intention -- [ indiscernible ] >> primarily, they are focused on u.s. dollar securities, currency hedging macro oriented risk or it can be way of dollar

security being held. >> commissioner driscoll: i ask the question because, high turnover portfolio, the fact they are doing it, whether or not we have to still continue to monitor, what our currency exposure is. this came up in the previous session. we tend to ride out the cycles. think for overall, monitor our currency exposure. i'm going to keep raising that question. we do not break out the fixed income that way. are you planning on having to report to us or making a more dedicated commitment or investment in emerging market debt? >> two questions there.

when we do our update in april, we will show the components of the liquid credit portfolio including what we have allocated as a whole. i would say not right now. that's the point of allocating to multisector managers. there are times when you want to be in emerging market debt and times not. the notion is to give that latitude to managers to make those decisions. >> commissioner driscoll: thank you for the answer. thank you. >> chair peskin: any other commissioner comments or questions from commissioners?

>> commissioner driscoll: move adoption of recommendation up to $400 million to loomis sayles. >> chair peskin: motion by commissioner driscoll, seconded by commissioner bridges. we'll take in person public comment at this time. >> clerk: there's no public present. >> chair peskin: in person public comment is closed. we will take public comment from callers at this time. please open the phone lines for public comment. >> clerk: thank you. any callers? please press star 3 to be added to the queue. are there any callers or the line? >> there are no callers on the line. >> thank you. public comment is closed. >> chair peskin: public comment is closed. there's been a second by

commissioner driscoll, seconded by commissioner bridges. i believe we can take that item same house same call. item is approved. please call item 9. >> clerk: discussion item. update on asset ilcase and leverage. >> we will give an annual update of capital market assumption and the intended impact on sfers given our allocation policy. i will note that our expected returns have decreased to 6.6%. the probability of earning our 7.2% return only occurs under an expansion scenario. private markets continue to be important element for sfers as we harvestha