as mr. koret described, a large portion of that amount will be to construct the new 12-story building for education space and dormitory housing and also to refinance a previous project at 50 oak street and 70 oak street. also education stays for the conservatory as well as paying transaction costs on the bonds. just to give you a little bit of background on the borrower, san francisco conservatory of music began in 1917 as a piano school, and it was formally incorporated as the san francisco conserve acoatory in. in 1976, it relocated to the campus center, and was able to grow into its current state. it's a professional school, commitmented to providing education for its graduates, pursue and engage lives as citizens and performers. the mission of this school is to transform the students. has an undergraduate enrollment of approximately 200 students. if you have any questions about the financing of the budget we're happy to take any. >> supervisor cohen: thank you. i don't think there's any questi

. >> president hillis: i think you're looking for mr. koret, right? >> unless supervisor cohen's office is not here, so if we could have susan mah from oewd come up, thank you. >> president hillis: yeah. >> hello, commissioners. my name is susan mah, and i am the production, distribution and repair sector manager from the office of economic and workforce development. as you all know, pdr is important to san francisco. we want to support this growth in san francisco. developing new pdr space is hard. building is expensive, and the lease rates that would be necessary to make a project pencil would be out of reach for most pdr users. you're about to hear the staff report for planning code objection 210.3 c and the impetus of that legislation was to encourage the development of pdr space. and in a few months, you'll actually be able to walk into a building that was made possible by that legislation. place made, a nonprofit whose mission is to secure long-term affordable industrial space to support manufacturing in san francisco will be opening over 50,000