or think john updike, director of real estate for expanding the complexity of 30 then asked with thether sites the city is considering. i voted consistently against the project but i appreciate his transparency and work it i viewed as surplus city property that should be considered as maximizing housing below market rates. it's an incredible transit oriented development probably the best in the city market and van ness. basil viewed this also as a key issue when 37 line dollars was the minimum or 39, was the minimum we approved and then? 87, supervisor >> and then mr. updike extremely 89+ the additional economic benefits but i still feel like we could write a better deal than i also feel maximizing the affordable housing on the site as supervisor kim is critical. i voted against the first emmy voting against it this time as well. >> thank you supervisor mar. supervisor yee >> i actually have questions. [inaudible]. in regards to the 80-20 peace and supervisor speaking alluded to the fact that there seems to be no commitment towards that at this point, so i want to know for sure wheth

or think john updike, director of real estate for expanding the complexity of 30 then asked with ther sites the city is considering. i voted consistently against the project but i appreciate his transparency and work it i viewed as surplus city property that should be considered as maximizing housing below market rates. it's an incredible transit oriented development probably the best in the city market and van ness. basil viewed this also as a key issue when 37 line dollars was the minimum or 39, was the minimum we approved and then? 87, supervisor >> and then mr. updike extremely 89+ the additional economic benefits but i still feel like we could write a better deal than i also feel maximizing the affordable housing on the site as supervisor kim is critical. i voted against the first emmy voting against it this time as well. >> thank you supervisor mar. supervisor yee >> i actually have questions. [inaudible]. in regards to the 80-20 peace and supervisor speaking alluded to the fact that there seems to be no commitment towards that at this point, so i want to know for sure whether

or think john updike, director of real estate for expanding the complexity of 30 then asked with ther sites the city is considering. i voted consistently against the project but i appreciate his transparency and work it i viewed as surplus city property that should be considered as maximizing housing below market rates. it's an incredible transit oriented development probably the best in the city market and van ness. basil viewed this also as a key issue when 37 line dollars was the minimum or 39, was the minimum we approved and then? 87, supervisor >> and then mr. updike extremely 89+ the additional economic benefits but i still feel like we could write a better deal than i also feel maximizing the affordable housing on the site as supervisor kim is critical. i voted against the first emmy voting against it this time as well. >> thank you supervisor mar. supervisor yee >> i actually have questions. [inaudible]. in regards to the 80-20 peace and supervisor speaking alluded to the fact that there seems to be no commitment towards that at this point, so i want to know for sure whether

or think john updike, director of real estate for expanding the complexity of 30 then asked with ther sites the city is considering. i voted consistently against the project but i appreciate his transparency and work it i viewed as surplus city property that should be considered as maximizing housing below market rates. it's an incredible transit oriented development probably the best in the city market and van ness. basil viewed this also as a key issue when 37 line dollars was the minimum or 39, was the minimum we approved and then? 87, supervisor >> and then mr. updike extremely 89+ the additional economic benefits but i still feel like we could write a better deal than i also feel maximizing the affordable housing on the site as supervisor kim is critical. i voted against the first emmy voting against it this time as well. >> thank you supervisor mar. supervisor yee >> i actually have questions. [inaudible]. in regards to the 80-20 peace and supervisor speaking alluded to the fact that there seems to be no commitment towards that at this point, so i want to know for sure whether

the project and why we're doing this and john up dike the city's real estate director is here to talk about the properties in more detail. >> okay. thanks. mr. updike why don't you go through this and i have a number of questions on behalf of myself and supervisor tang as well. >> sounds good. thank you chair farrell and mr. carlin. i will go through the parcels before you. one is a lease of 450 toland and over 46,000 square feet of building. the annual base rent is listed and we consider that considerably under market. there is one variant here that is unusual and we're paying a property management fee on top of that of 4%, or roughly $30,000 a year. that velted to a requirement from the ownership that their local representative be a part of managing and overseeing this property. frankly that is a service to the city. that means i don't have to dedicate resources to address issues as they come up on a day-to-day operational basis so it's probably a cost neutral situation in our perspective. it's a ten year lease with two options to extend. the two purchases known as 55 selby street and 1975 galvez and cellbee and improvements will be removed from

the project and why we're doing this and john up dike the city's real estate director is here to talk about the properties in more detail. >> okay. thanks. mr. updike why don't you go through this and i have a number of questions on behalf of myself and supervisor tang as well. >> sounds good. thank you chair farrell and mr. carlin. i will go through the parcels before you. one is a lease of 450 toland and over 46,000 square feet of building. the annual base rent is listed and we consider that considerably under market. there is one variant here that is unusual and we're paying a property management fee on top of that of 4%, or roughly $30,000 a year. that velted to a requirement from the ownership that their local representative be a part of managing and overseeing this property. frankly that is a service to the city. that means i don't have to dedicate resources to address issues as they come up on a day-to-day operational basis so it's probably a cost neutral situation in our perspective. it's a ten year lease with two options to extend. the two purchases known as 55 selby street and 1975 galvez and cellbee and improvements will be removed from