nick monard from budget legislative analyst office.m 3 is resolution that approves a change to the loan agreement between the mayor office of housing and octavia associates which is tndc. the loan is increasing by 8 and a half million dollars, which is funded by a combination of housing trust fund money and general obligation bonds proceeds. we detail the use of the loan on page 8 of the report where you see the project cost increased by 10 and a half million dollars due to construction on the neighboring church to make it resilient and bring up to building code standard to redesign the project in light of the child care center no longer feasible, and other escalations and cost due to the delay in getting construction started. the total 10 and a half million dollar is funded by combination of this loan that is before you today as well as $1.1 million developer equity that is taken out of the fee to tndc for this project. i think that is a appropriate sharing of risk given some of the delays in getting this construction started and the

thank you. >> thank you. >> i like to call up the bla nick monard and his team it go over high level. there is a lot of detail in the report mr. monard, but the best you can do to condense. >> thank you. financial impact of this ordinance that would limit the project scope for remediating the marina. what this ordinance does to the financial condition of the marina, there is some table setting that we in connext need to provide to fully understand what the impact is so we prepared a short presentation for you today. i will hand it over to alex thibodeaux. >> good afternoon. alex thibodeaux, analyst with budget legislative analyst office here with nick monard. we were tasked by supervisor peskin and safai to conduct a financial analysis to the marina yacht harbor that includes fee revenue generated by the operating fund, the general fund subsidy and possible strategies to reduce or eliminate the general fund subsidy to the marina. i want to start by doing a brief overview of the marina yacht budget. the fund is a largely self-contained special revenue fund administered by rec and park

nick monard from budget legislative analyst office.m 3 is resolution that approves a change to the loan agreement between the mayor office of housing and octavia associates which is tndc. the loan is increasing by 8 and a half million dollars, which is funded by a combination of housing trust fund money and general obligation bonds proceeds. we detail the use of the loan on page 8 of the report where you see the project cost increased by 10 and a half million dollars due to construction on the neighboring church to make it resilient and bring up to building code standard to redesign the project in light of the child care center no longer feasible, and other escalations and cost due to the delay in getting construction started. the total 10 and a half million dollar is funded by combination of this loan that is before you today as well as $1.1 million developer equity that is taken out of the fee to tndc for this project. i think that is a appropriate sharing of risk given some of the delays in getting this construction started and the

nick monard, budget legislative analyst office.appropriates $2.25 million from the apec reserve. there is 3 and $3 and a half million left in that reserve and appropriation fallinize to two buckets. two million going to the office of economic workforce development and the legislation before you now says that is to provide relief to organizations that were impacted by apec and then $250 thousand to mta to off-set revenue from parking and transit wavers related to lunar new year. we did provide analysis in the report of what the revenues are for two hours of free parking all month. two hours parking on saint mary square and [indiscernible] all adds up to $336 thousand so it is a little more then the $250 thousand that is in the ordinance before you right now. if you took saint mary out, the foregone revenues are only $326 thousand. we also have a recommendation for report back from the office of workforce development to the board of supervisors on the final rules of grant program funding by this appropriation and then a report includ