so in terms of the moscone expansion district, why they want to expand? they want to expand because basically moscone is at capacity right now. we're losing different conventions to other cities, and we have lost approximately $2 billion in different conventions that go to other cities right now. san diego is one of our biggest competitors. we need more contiguous space in the convention complex. by doing this, by increasing the ability to have bigger conventions and more conventions is the best way to create new demand for home depot hotel rooms. when there are conventions it affects the hotel bookings significantly. so we want to stay competitive. it's an incredibly important driver to the tourism of san francisco. some of the benefits of increasing the capacity to have more conventions or larger conventions than we can today, again, we're losing about $2 billion in direct spending for conventions that have already been canceled because our venues are not big enough. did would increase the average daily rate for the hotel rooms and occupancy rates for ou

district which is proposed to fund, you know, over two-thirds of the projects, regarding the moscone expansion, but in addition, the district wants to fund a few other things which i will go into in a minute. a few junctions where there will be a few processes for the approved project. today, we have submitted petitions, actually, they have gone up to 53.97 percent weighted in support of forming the proposed mascone expansion and today is the resolution of intention that you are considering. and after if this was approved, at the full board, then, the department of elections will mail the ballots to all of the hotels proposed to be assessed in city and county of san francisco. and after that, there will be a public information meeting in january on the 23rd, which is included in the date of this proposed resolution of intention. and then, after that, the full board, as community as a whole would consider the resolution to establish following a ballot tabulation and public testimony. in addition, there was a validation action process to validate not only the proposed financing portion of the di

i'm waiting patiently for moscone expansion item emerging as key partner in use of facility. another asset for convention business. i wanted to close and have you understand the scope of early work in order to make sure that the full breadth of the city is involved in potential positive impacts of this project. >> jennifer, just to talk about some of the things coming before the board, today we had fiscal feasibility finding before us, allowing the city to move forward and begin review process. >> correct. >> if we didn't have that we can't move forward to the next step? >> we can't. many of the questions asked about impacts and transportation require studies that need to occur as part of seek what. we get to a point in which assessments and evaluation can only go so far until we start ceqa. ceqa is important to stay on schedule but for importantly answer questions this project has raised. unlike prior partnerships, all staff time borne by warriors. so should this not work, should there be problems down the road, they are taking the risk of all this up front cost. our trigger

the board of supervisors to establish a business based improvement district to be known as the moscone expansiondistrict and to levy a multi-year assessment on defined hotel businesses in the district. >> president chiu: colleagues, can we take this same house, same call? this resolution is adopted. next item. >> clerk calvillo: item 21, resolution approving the fourth amendment to the treasure island firefighting training center master lease between the treasure island development authority and the united states navy and extending the term. >> president chiu: same house, same call. this resolution is adopted. >> clerk calvillo: item 22 is a resolution approving the agreement with sfo shuttle bus company to provide shuttle bus services at san francisco international airport in an amount not to exceed $105 million for a term december 1, 2012 through june 30, 2016 and approving three two year options. >> president chiu: same house same call this resolution is adopted. >> clerk calvillo: item 23 is a resolution authorizing the municipal transportation agency and department of human resources to ret

collected in the first year, 87 and a half percent of that or 16.9 million would be used for the moscone center expansion activities. and an additional one percent of 193,000 of those from the first year will fund the capital reserve funds to pay for the improvement at the center. and the med would also provide funding for an estimated 9 percent or 1.7 million in the first year for the convention incentive fund to attract business meetings to san francisco and 2.5 percent or 483,000 in the first year to the administration and operating reserve fund. these percentage allocations would change, that it would go down to 85.2 and the capital reserve will increase from 1 to 6 percent over that time. and shown in attachment 4 of our report, it is on page 18, this is the presentation by nadia of the correcter of the controller office of public finance there is estimated to be a total almost $1 billion of the moscone convention center certificates of participation, that will cover the principal and interest costs to be paid over the 30-year term at the conservative 6 percent estimated interest rate and that would

moscone. what we are proposing is as soon as it is paid down by 2018. in 2019 would stack the 8.2 for the expansion, and so what you would see here is a cpi adjustment every year for the first ten years. for 2028, and then stay flat through the term of the debt of the cop. >> in addition to that, as we will negotiate as you know the interest rate environment is pretty low when it is low, and we know when we go to the markets today we will not have any cash flow issues, the interest will range from three to four percent. but because we don't have... we don't intend to issue until 2017, we have used an assume rate of 6 percent. and in doing that, we will realize in circumstances where we will have the deficits where the general fund will have additional dollars. so we are proposing that in the event that occurs, that if we continue to collect the revenue more than we need for that service, we would fund that med assessments will repay the city for those deficits. the next one is the stabilization fund, we know which hotel and revenues that are volatile, so the city negotiater will travel that will fu