. >> ifd. >> yeah. >> the ifd policy is currently taking shape and you have seen the informational presentation in october. >> i understand it. i am just saying what if? >> i will help to turn that over to the ifd expert mr. brad benson. >> thanks, brad. >> brad benson, special projects manager, the ifd policy that the port staff presented to the commission, went through the capitol planning committee in december and it was endorsed by the capitol planning committee with a recommendation to the board of supervisors and they have been coordinating with the mayor's office to get the board of supervisors resolution endorsing that policy, introduced with some co-sponsors among the board, we are hoping that that will happen in the coming weeks. and that the board will be able to consider that ifd policy prior to the term sheet going up for board consideration. the project really does, or is and the project finances the entire negotiation is predicated on the ability of the project to capture 65 cents of every dollar of pretax that is generated, which is really the entire local share. and so, without

developer building infrastructure parcelizing and marketing the site, port and the city creating an ifd as mike talked about and options to develop the parcels going forward. it is important to note that each of the parcel leases will be a certain lease between the port and that vertical developer that we will have a long-term interest in these leases going forward and direct relationship with the vertical developers. this what the master lease for control of the site. and infrastructure development in a little more detail and privately funded and we have come up with a mechanism of reimbursing the developer and their costs and returns on the costs. and to do that, we would assess each parcel's development rates value and that will be a cost that the vertical developer will pay. we will also reimburse through proceeds through any trust parcels, this site has the potential for creating a parcel taking it out of the trust completely with the state commission approval and selling that on the open market. that will generate early revenues to return the high costs. also to use special taxs i

for the formation of infrastructure and revitalization districts and a little bit different than the ifd bills that we have seen, it relies on the property tax and trust funds as a financing source at

for the formation of infrastructure and revitalization districts and a little bit different than the ifd bills that we have seen, it relies on the property tax and trust funds as a financing source and it does allow bonds to be sold against that source in the future by these new entities with a two-thirds vote required for the issue ans of the bonds. so, we have suggested a recommended a watch position. on page 4 of the matrix, there is a reintroduction by senator stain burg of a measure from last year and in this form it is sb 110, we are recommended watching this as well and it calls for a new approach for the california transportation commission to develop guidelines. there is a long history of the use of guidelines, the guidelines have finally been not to akin to regulations but some sort of hybrid with lesser transparency requirements so the senator is trying to impose more transparency and i think that the language that he is using this year will find acceptance with the ctc and i think that this measure would probably move forward and we want to be in a position to monitor it and