section 9.07 of the dda reads if the develop ears -- developer's unable to enter into a lease with a commercial tenant on terms acceptable to the developer within 12 months prior to the anticipated completion date the developer may seek approval from the commission to terminate its obligation and approval shall not be unreasonably withheld or conditioned or delayed. at the december 18 meeting, the commission continued for 90 days at the developer's request to terminate the grocery obligation so the developer could reach out to grocers and look at alternative models for the space and research additional incentives for possible tenants. since january 1, the developers met with representatives the cac and cbd staff to get their ideas about potential grocers and reached out to grocers that previously declined the space as well as 15 new grocers. some of whom provide lower-priced food and alternative grocery models. we response -- we also reached out to napa farms and they offered tenant allowances. none of the growers is were due to the split level, small side and prompt proximity to woo

we are currently working with ocii on a dda for block 4 we submitted project designs for that project. >> it's right across from the open space adjacent to sales force tower. >> the temporary trans bay terminal and a new public park in the center of that block and another affordable housing project on the south end of that block. that's block 4 where we anticipate in the next few months we'll be in a position to be able to go to the ocii commission and the trans bay e.i.r. we're working with to provide an addendum to verify there's not significant impacts not previously analyzed portion. and parcel f proposes residential units at the top of the tower. we have proposed and the trans bay redevelopment plan requires on site affordable housing. you can't pay a fee in the trans bay redevelopment plan, 181 fremont worked out a development agreement and it pod out a fee. -- paid out a fee but the existing code does not allow for that. as i'm sure you heard from other developers there's problems in locating affordable housing in high rise condominium development and the association dues prohi

we don't view our responsibility in the dda. we're not stopping here whether you approve this or not. once we go, we're now long-term others. we're a stakeholder in the community. 27% of our residents are affordable. we have four partnership with tndc and two with ccdc. one with mercy housing. i think we understand the issues your raising and want to be able to address them long term. i'll just say that. >> thank you, mr. whittey. i'm sorry if you feel we are implying you have not done your best or taken efforts. what i'm trying to do is to find a way for you, for related to keep its promise of having a grocery in the area. i'm trying to find a way that this could happen. i remember when i was in your office with commissioner rosales and the first time we talked about groceries and the type of grocery stores. it's the first time i heard of the community market and a went there after our meeting to check it out. i was interested in the type of grocery that could be at your building. so as i said i'm disappointed that you're think

all of the household replacement units are -- so all people with a relocation benefit from the pre-dda have a replacement unit, 10% of all units on authority units are reserved for over-income households and have no subsidy attached to that. so the big jump, conscious -- but the real big jump is the cost per square foot, to go from type 3 to type 1. and in this case, given the size was only going to increase the unit count by 14 units. therefore, it was decided to stick with the 135 units, rather than trying to identify an additional $6.7 million gap. and to have to identify an additional $6.7 million would have delayed the project further. and with that i'll pass it to kevin griffith. >> thank you. good morning, board members. kevin griffith from ticd. let me just step back for a minute. i believe the reason that we're having the discussion and comments from board members at previous meetings, addressing code changes and the previous years after the plan was baked, that would allow five-over to construction to get to 70 feet and a primarily wood frame type-ology. so, first of all, i'd

so of those authority units, the 1,866, the dda states that the minimum -- a floor, not a ceiling, of the units, 435, are developed by qualified one treasure island non-profit development members. so, again, that's a floor, but minimally 435 of those units, which is 23% of the total affordability, are reserved for homeless households. the authority units are developed on 20 pre-identified parcels, integrated within the market rate developments. again, i know we talked about this last month, but one of the reasons that the affordable housing on treasure island is one of the best deals is town is that land is delivered free, clean, fully entitled. on this map, you can see aust reall ofsee allof those re. and they're free, affordable housing. and we like that because it is baked into the plan. the first phase has eight parcels. you can see on the bottom, that's the two parcels we discussed last week at the tida board meeting on treasure island. and those are the first two parcels where land will be available. the second part, also within the green, is the land will be available after the

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we are adding $254 million of hida money to our budget where it will be administered to dda as well. >> i think when it's used explicitly, that's where the heroin and the fentanyl comes in. now it's crystal meth coming in on the southern border. as a clarification as a non-lawyer here, we hear with the mueller report, we hear a cry from capitol hill to release the entire report. i just want to emphasize what you stated to senator kennedy for those of us who are non-legal. that would be very unprecedented and damaging to just put the whole thing out there and an unreasonable request. am i stating that correctly? >> i don't know if it would be unprecedented since i'm not sure what really happened in the watergate situation. i know the report came out 50 years later, i think, but -- it's essentially unprecedented, i would say. >> thank you. >> thank you. mr. attorney general, you said something in your response to the question, this subcommittee has been encouraging the department of justice to lift the bop hiring freeze, which the response was, there's been no hiring freeze and you jus

and they're really over dda and equity that has no price elasticity so as those assets roll up, you get is a positive. >> you've been bullish on jpmorgan. >> we have. >> you've been bullish on the whole space. >> we have. >> but in terms of where you think this stock should trade, what's fair value? >> fair value right now is in the $125 to $130 range so that's where -- >> we've still got a long, long way to go. >> a long way to go. >> and what do you think the company has to prove, effectively, to get there? >> two things, and these are the seeds for this industry and this sector recession is not on the horizon. and the other side is that returns can continue to move higher and that's why that 19% return on tangible common equity was so strong this quarter. >> right well, the banks on their own can't prove that a recession is not on the horizon, but they might be able to prove the second point. >> well, they do actually prove. they're the litmus test to what the economy's doing. so we see on the banks' balance sheets what's happening in the economy. >> right. >> through loan growth, th