the port has completed phase 1 of the cruise ship terminal, the james r. herman cruise terminal at pier 27 and is putting in place financing necessary to complete phase 2 of the project. first, the port looked to all other available sources before proposing new revenue, port revenue bonds and the port is also requesting a reallocation of existing taxable debt to taxable projects in the northern waterfront which i will describe. items 5 and 6 allow us to authorize newport revenue bonds and allow us to on an interim basis utilize the city's commercial paper program. and item 6 is an appropriation ordinance of 34.7 million of which 25.3 is new rev nigh bond funds is 9.4 is reallocation. these sources are intended for two purposes. face 2 of the cruise terminal and northern waterfront historic pier projects. the reason for bringing these items now is in advance of having the pos and sale documents is to keep the cruise terminal schedule so we can award big contracts. so, that is the purpose. we'll be back in the fall with the request for sale. just a bit about the fa

projected port revenues from the james r. herman cruise terminal operations. >> good afternoon, deputy director of finance. today i am joined by nate cruise, one of our financial analysts, and peter daley of the maritime division and john daul. the three of them make up the team for pier 27 cruise ship terminal. so as the commission is aware, the first phase of construction of the james r. herman project is complete. and the authority is using the facility for the village. and phase 2 includes a build-out of security offices and other maritime improvements. the building is 90,000 square feet. it has an upstairs space and downstairs space over two floors it has ground transportation area of 400 parking places. and will have 2.5 acre public park, thanks to the san francisco voters and security gate and public access tip. the reason i am here today is to present the commission an understanding of the factors that will drive revenues up and down. this is in preparation of the port commission management agreement in the summer. commissio

. >> item 10-a, information on projected port revenues from the james r. herman cruise terminal operations. >> good afternoon, deputy director of finance. today i am joined by nate cruise, one of our financial analysts, and peter daley of the maritime division and john daul. the three of them make up the team for pier 27 cruise ship terminal. so as the commission is aware, the first phase of construction of the james r. herman project is complete. and the authority is using the facility for the village. and phase 2 includes a build-out of security offices and other maritime

the iuw is looking to confirm, what terminal is determined for the new james r. herman terminal must recognize the work to san francisco and allow longshoremen to work, after 75 years of quality service, it's the least they can do. thank you for your time. >> thank you. david hill. >> good afternoon, madam chair, i am david hill. i am the vice president of iuw local 34. i am speaking here today as a direct representative of the president of local 34, sean farley, who is unable to attend today's meeting. for the last months we have participated in the talks for american cup, for the handling and loading and discharging of the american cup cargo. the net result of those talks and the c.e.o. of race management for a company of american cup and verbal agreements between iuw and port of san francisco to contract the iuw work at the piers. local 34 is as legally binding as a written contract, and piers 30 and 32, and 37 are still owned and in the port of san francisco, whether leased or not and have an agreement to use iuw labor and we are bound for that agreement. we don't w