as well as the bond financing in the management plan and in the resolutions. so, we took a pause and instead of coming right to committee, we regrouped with all of the different city agencies and the tid and the san francisco travel and negotiated the terms that we presented to you today. so that is a lot what is in the amendment in the whole and in addition to clean up items that we needed to fix. >> okay. >> starting from the dates and other type of... >> thank you and from my understanding from the city attorney, these amendment of the whole is not subnative in nature and so we can take action on it today. >> let's go to the analyst report. >> >> from the budget analyst office, and there are two items before you, the first the ordinance, has indicated to mend the business and tax regulation code to extend the future business improvement districts that are created from the current limitation of 15 years to up to 40 years and would provide an alternative weighted two-thirds vote approval that the board could approve as future business improvement districts co

and sort of the city's role in the public financing and the private financing and how that is used to pay back the bonds. >> what we have is a proposed plan and we have every intention to come back to the board for the certificates of participation as well as going back to the capital planning committee to bless the project before it comes back. so this just outlines the proposed structure as it stands today. with the budget of $50 million, we are proposing to issue certificates of participation, but the cash flows that are attached in the management plans, assumes an interest rate of 6 percent. the idea that we will use the commercial paper in the interum and sell in january of 2017. we propose that the bonds would have a 30-year term with a final maturity of 2047. as lisa just outlined the med assessment is 1.25 starting in 2014 with 0.5 in the first half of the fiscal year and 1.25 in the half of the year with the final term district of 2045. we are proposing 2047 and i will get to that as we move along. of that 1.25 percent, what is available to the project is 87 percent and 7.5 p

minister is confident about germany's finances. he says they're cutting their that, he says, sends out a positive message to the rest of europe. >> i do not want to say we are a model people, but we're doing the utmost to live up to our responsibility. we have been very successful. >> the german draft project next year could spend 370 billion euro. the biggest chunk, one under 19 billion euro, would go to financing will bear and social security. the german government is putting aside 37 billion euro to cut the national debt. defense will be the third largest recipient. the german opposition and parties are not impressed. they said they should have prevented a budget that did not put them further into the red. >> you have failed in your task. instead of giving lectures in europe, and should have done your job in germany and brought the debt down to zero. you failed. >> the opposition's is taking on fresh a debt is risky with the eurozone in the middle of a crisis. german lawmakers will again be turning our attention to the crisis la

the warriors will privately finance all development. all buildings and improvements, including the multipurpose entertainment venue will be financed by the warriors. estimated cost is $1 billion. they will also finance rehabilitation of piers 30-32 with estimated cost of $120 million. the public open space and maritime amenities and other amenity also be privately financed. that includes as rick mentioned 50% will be public open space, public small craft boat launch on suit side for kayaks. anticipate ferries and water taxis and excursions on the north side and exploring the feasibility of maintaining deep water berth on the east side of the facility. the city will reimburse -- city and port will reimburse warrior for agreed upon improvements the city owned infrastructure capped at 120 million with 13% cost of capital. the cost is estimated to be $120 million but if the conceptual framework creates space that if through cost saves thing rehabilitation of piers is less than 120 the city and warriors may negotiate for other public improve

consumption but debt finance consumption. build productive capacity for good modern spawn corporations to do that you know that. is consumer spending let's now go and invest and take advantage of that but if you have the again the the the household sector is still heavily that income but it's carrying the level of debt now roughly eighty percent of today pay down from one hundred percent of the peak but still twice what it was counting back and onto a naughty so the level of room of headroom the households have got to go into debt to finance the consumption borrowing or to finance mortgage speculation is limited so you're not going to get a great deal of stimulus coming out again with court in the problem we have a private crossers and as usual the politicians are obsessing about public debt and not seeing the cross was caused by too much profit caused by do leverage ing from that level now getting a bit of relief bridging up of the household sector but it won't go very far so you get a bit of a boost coming out of that and t

the consumption borrowing or to finance mortgage speculation is limited so you're not going to get a great deal of stimulus coming out again with court in the problem we have a profit to cross and as usual the politicians are obsessing about probably dead and not seeing the cross was caused by too much profit caused by delivering from that level now we're getting a bit of relievers going up by the household sector but it won't go very far so you get a bit of a boost coming out of that and then it will peter out so then what does this mean because i can bring up a chart that shows kind of what all of this debt amounts to and it's what you're talking about that households have the leverage to a little bit you know have corporations so has the financial sector and the government is made up some of that difference so government has been has been taking on more debt is as households and others have been deliberate but that means that cumulative it's pretty much up where it was in two thousand and eight it hasn't gone down very much so what kind of impact does this have on growth what kind

secondly we are talking about use of public finance to repay warrior's private financing of the pier substructure improvement. that may involve debt issuance over a 30-year period of time. we need to have a very detailed discussion about how that is secured, to ensure there are ongoing revenues to continue paying that debt. that is something we will discuss with director of public finance and others who work on finance in the city. i think jennifer has talked a lot about the project financing that we will address through the pro forma analysis and discuss what the city is obliged to repay and community benefits. how specifically is city through the term sheet with warriors establishing a way to pay for police, neighborhood cleanup and additional transit service. those have to be answered in the term sheet. after the term sheet is approved, it would be endorsed by the port commission and board of supervisors. it is non-binding, reflects intention of parties headed into environmental review. during the period of environmental review city staff would negotiate a more detailed set of tra

how would the additional two years be financed? >> that's the big questions. there are lots of ideas. the imf, for instance, say it is just a hair cut. they're suggesting that a european lenders will just renounce all some of the debt payments and that european leaders are saying we cannot burden the taxpayer is any further. they're saying it's time to get created so we're probably looking at a mix of solutions, some kind of a debt restructuring and possibly the ecb paying out some of the interest. it's true that european finance ministers will have to get creative because we're not even sure how much money we're talking about. it could be an additional 33 billion euro until 2016. >> thank you very much. >> 9% of germans hold a radical right-wing political views. these are among the disturbing findings of a new study published by a left-lane and german think tank. clogs enough of it tendencies have risen dramatically in eastern germany over the past few years and the increase has been particularly strong among young people. >> racist attitudes are often the st

privately financed. the sports facilities you see built and rehabed around the country really to one include direct public subsidies from state and local governments in order to finance the arenas. we are talking a billion respond, contributing only to substructure, only to the portion we own. the proposed funding, the city will reimburse warriors for improvements to infrastructure capped at 120 million. funds are restricted to three sources we have discussed. proposed operations and maintenance, we have reached out to city departments. the police funded the cost estimates are to be determined. we will be in -- the cost will be associated with calls for service during events and non events. responses to illegal vendors and such. fire anticipates no direct fiscal impact from the project. number of staff and hours worked will not change as a result of this development. as mentioned by chief lombardi the san francisco department may contract with warriors for emergency services. certainly if they are co-loc

there's the financing and giving greece an extra two years to get its finances in order. but that of course costs money. so we're arguing about how we're going to finance that extra two years. but i mean that's one thing. but then the other option is how do we actually get the level of debt down and what's being suggested here is the most likely option is effectively giving greece another moratorium before it has to start paying back its mortgage. >> but they're going to get the money, so -- are they? can they give them the money without the eurozone and the imf agreeing? >> i think it would be very difficult. for the imf to pull out, which is a very severe risk here, because what they're saying in private, this is not something we can negotiate over. our memorandum and terms of agreement effectively is we can only lay money if you think we're actually going to get it back. i think their hands are tied and that's the point she continues to make to the europeans. if the imf pulled out, it would leave an even bigger financing gap. >> there's a slight irony here, the ones th

we have provided financing before. it is a lot of money. so come and talk to the office of small business and make sure you have professionals and task inspectors and contractors lined up so that we can be part of that conversation in terms of helping you maintain your business and helping to stay in business despite the fact that a lot of businesses are being regulated by now. if you have questions, my information is in the packet. we are more than happy to field any questions, but again, because there are different parts of this whole saga, we are all in different parts in terms of financing, but the loan program will be available. it will be available until the ada compliance issues are no longer there. >> thank you. any questions? [inaudible] we do have legal expertise and individuals with our mayor's office of disability. if you do have any questions at all about things that you might have heard about or issues you are facing, it might be the opportunity to ask questions. any questions? >> thanks, supervisor. sorry for being late. i he

we got the emergency home finance act of 1980. it created a second government chartered mortgage companies freddie designed to cater more to the sideline industry. it allowed them to buy a wider variety of mortgages. not just the foh loans. not just a tiny sliver. but mainstream mortgages for the middle class and the upper middle class. fannie had a larger local in the housing market and spreading across the market. why did it happen? there was no debate, really in public. the home builders for it. the american bankers association was for it. senator john sparkman of alabama was for it. so was representative pathman of texas. george romney endorsed the idea, the rest of us weren't really paying attention. along came the carter administration. carter's housing -- was patricia roberts harris. he thought fannie was doing too much for the suburbs and not nearly enough for the inner city. okayly hunter politely reminded her it was no longer a government age. it was supposed to be imagining the own affairs. she threatened legislations t

we got the emergency home finance act of 1970. it create a second government chartered mortgage company, freddie mac, designed to cater more to the s&l industry. and more important that allow both fannie and freddie to buy a much wider variety of mortgages, not just those fha loans, not just this tiny sliver of the market, but conventional mortgages, mainstream mortgages for the middle class, even the upper-middle-class. so now than he had a much larger role in the housing market, and was running across the country like manifest destiny. why did this happen? there was no debate really in public. but the american bankers assocation was for it. senator john sparkman of alabama was for it. so was represented right patman of texas. george romney endorsed the idea. the rest of us were not really paying attention. along came the carter administration. carter's housing net was patricia roberts harris, and she thought that fannie was doing too much for the suburbs and not nearly enough for the inner-city. oakley hunter polite reminder tha

the finance chief caution extre belt tightening could trigger a slow down. the officials call for gross strategies along with fiscal reform. they urge nations in good fiscal standing to step up public spending to stimulate grow. it's significant that member nations were able to agree on necessary steps. regarding the fiscal cliff threatening the u.s. he said american official leaders have promised to minimize the global consequences of official tightening. >>> president barack obama and mitt romney are making their final pitches before americans head to the polls. obama visited three swing states. he told a crowd in wisconsin that romney would resurrect the republican policies of four years ago and preserve tax cuts for the wealthy. >> it's a choice between returning to the top down policies that crashed our economy or a future that's built on providing opportunity to everybody and growing a strong middle class. >> romney also campaigned in swing states. he told an audience in florida that obama had failed to deliver on promises to reduce the economic burden

sba.gov, and look for the local page to see the local san francisco financing sources. but before you do that, the takeaway message here is that before you go to a bank, make sure you are cleared to do that. you do not want to go to a bank looking for financing for your business and ask them a question that will immediately give them a sense that you are not ready. you go to a bank and say, "how much can i borrow?" they will tell you, "i do not know, but probably not from us." you need to know exactly what you're looking for, how you are going to use the money, and how you will be paid the bank. part of the process is make sure you are prepared. the first thing you need to do is take a advantage of the resources that can help you develop your business plan and really be prepared to go to a lender. being able to answer the questions you know that they will be asking is part of what we do as well. i'm sure we will have lots of time for questions, but i will send it back to you. >> director of the office of small business with the city and county of san francisco. again, i