and oci, has brought in the matters to the state department of finance before. and with prebriefings and sending in the materials in advance, they have had some success in not having the department request those additional 40 days and we are actually schedule to go up to sacramento in a couple of weeks to begin that briefing process, and it has already begun, sending them background materials and we will be meeting with them in attorney in a couple of weeks. >> so the reason that we have to go to the department of finance is because of the ocii. >> correct. >> and has to approve and they are having to modify a contract and that has to go in front of the department of finance. >> correct. >> okay. >> could you explain how they impact each other and how they cross? >> sure. >> the melaru and the bridge loan are not directly connected. >> they are not a source of repayment for the loan or for tifia and they are a source of full funding for phase one. and so, the district will be formed, and the city will validate the formation, and then, at some point, it could be

miss sarah giladi and miss tiffany bohe, the executive director of oci, were going to be here for a presentation and a powerpoint. i don't know if we want to continue this to allow them to get here or i can just give you a brief -- i don't know if you had any questions. i can do an introduction and kind of lay it out for you. >> why don't you do an introduction and we'll see if we have further questions. >> very concisely, the transbay joint powers authority requires a short term interim financing to be able to continue to meet certain contractual requirements in their phase i of the transbay transit center project. tjpa seeks to obtain a bridge loan in the amount of $171 million and as security for that loan, certain conditions must met including a deed of trust and negative covenants on certain properties located in the transbay redevelopment area. there is no fiscal impact to the city in this transaction. the city will not be a party to the loan and it is not an owner of any of the property at issue. however since the city is a party to a 2003 cooperative agreement made with caltrans which tr

the oci, and the city, and the board of supervisors do have to take some legislative actions, and because the city is a party to the option agreement, the board of supervisors has to approve the amendment to the option agreement and because the city board of supervisors is also the success or agency in matters represented to the affordable housing, with that on, they have to approve the amendment to the option agreement as well as the subornation of the option that they will be entering into. and those have, been introduced, and i have a schedule on the next slide, but we anticipate that the board will be approving those actions, and at their december 9th meeting. and then, a ocii over site board will have to also, approve the items, and immediately upon the ocii oversight board action will be submitting the ocii related items to the state department of finance to give their approval. and get into the schedule on the next slide. >> and we will be finalizing the bridge financing documents, the documents that you have before you, are in substantially final form but there may be minor change

the oci, and the city, and the board of supervisors do have to take some legislative actions, and because the city is a party to the option agreement, the board of supervisors has to approve the amendment to the option agreement and because the ci