to present this item as john daigle oci's debt manager. john. good afternoon, madam chair. commissioners executive director kozlowski. i might say first one thing about why we have a cfd and how that came to be since we have some new commissioners. so most of our financing we do with tax allocation bonds and they depend on the differential between what the assessed value is. when you start it versus what it grows to. as we construct things. well, in the beginning there is no assessed value. say in the case of, you know, mission bay south and there's really no resident. so the and as is often done you do a land based finance and so it's based on a special tax and sometimes there's only one owner which could be the developer or there are several there are several developers and they under the mello-roos act, are able to set up a, a community facilities district, which has a special tax which they vote to impose on themselves as landowners and which adheres to the property as it subdivides and so forth. so anyone buying into something that's later built is fully disclosed that

to present this item as john daigle oci's debt manager. john. good afternoon, madam chair. commissioners executive director kozlowski. i might say first one thing about why we have a cfd and how that came to be since we have some new commissioners. so most of our financing we do with tax allocation bonds and they depend on the differential between what the assessed value is. when you start it versus what it grows to. as we construct things. well, in the beginning there is no assessed value. say in the case of, you know, mission bay south and there's really no resident. so the and as is often done you do a land based finance and so it's based on a special tax and sometimes there's only one owner which could be the developer or there are several there are several developers and they under the mello-roos act, are able to set up a, a community facilities district, which has a special tax which they vote to impose on themselves as landowners and which adheres to the property as it subdivides and so forth. so anyone buying into something that's later built is fully disclosed that

to present this item as john daigle oci's debt manager. john. good afternoon, madam chair.oners executive director kozlowski. i might say first one thing about why we have a cfd and how that came to be since we have some new commissioners. so most of our financing we do with tax allocation bonds and they depend on the differential between what the assessed value is. when you start it versus what it grows to. as we construct things. well, in the beginning there is no assessed value. say in the case of, you know, mission bay south and there's really no resident. so the and as is often done you do a land based finance and so it's based on a special tax and sometimes there's only one owner which could be the developer or there are several there are several developers and they under the mello-roos act, are able to set up a, a community facilities district, which has a special tax which they vote to impose on themselves as landowners and which adheres to the property as it subdivides and so forth. so anyone buying into something that's later built is fully disclosed that they hav