my name is john diego senior financial analyst for ocii. item c is two series of tax allocations refunding bonds not to exceed $300 million. it confirmation actions adopted september 12th of this year and actions required to complete the financing including the preliminary official statement. the official statement and the continuing disclosure certificate also authorizes staff to perform the necessary actions to complete the transaction. the preliminary official statement is the comprehensive disclosure document prepared by the ocii and it's consultants to provide investors with all material information regarding the credit supporting the bonds. the official statement is the same document as preliminary with the blanks filled in with the final numbers determined on the day of pricing. there could be other changes, but they would be minor. the continuing disclosure certificate and other document approved today details the ocii post issuance secondary market reporting obligations. completion of this transaction also requires action on the de

also the ocii staff that's present. the representatives that may be in the audience, young community developers staff and board members -- can you please stand? [applause] i am personally so very proud of the organization. also am cal representatives and a special shout out to robert baca who this could not have been possible. the mayor's office of housing, bank of america representatives, thank you very much for all the hard work you do. all the lenar representatives. also mike goreman, mr. sanchez and the k hill representative that are here today. the bay view stakeholders at bay view hunters point. without you this could not happen. and last but not least, it is very important that we hire small businesses throughout the community. last but not least, what we're going to do now is actually going to ask all the persons to follow bj. bj, come on up. you're going to take your hard hats, you'll proceed to the golden shovel and we'll take our picture. thank you all for coming in. as soon as that's over there is food for y

>> yes, we have been briefing them because nadia sits on the ocii over board as well and we have briefed the mayor's office as well on the real estate klaleral and so they have been involved. >> and the last question is the margin that you said was set or that you spoke of what it would be for the first year, and what is the... >> it is just a half of a percent each year there after. and so it will go up to 2.75, in the second year and there after a. and increase. >> and the interest rate cap, is going to be subject to some competitive process, do we have, without wanting to compromise the process, do you have a sense of what that might and what could we reasonably expect that cap to be. >> we are considering a cap between 50 and 100 basis points and we will be working with a consultant who lives and braoegts interest rate caps. >> over three months, which is currently at or below a quarter. >> and so it is not an absolute cap. it is a cap that floats above the (inaudible)? >> it sets a strike price and so if we have a, why don't i let you speak to this. >> no worries. >> it is an absolu

structural along with the signature design the sign will continue to be refined in more detail it is in ocii planning area the commercial zoning district in mission bay setting it is regulated by itself design for development since the regulations are blocks 31 and 32 office spaces the design for development will require it for the golden state warriors the privilege height of the center building massing the number of towers and separation in no case will the golden state warriors project be inconsistent with the mission bay south redevelopment grant the proposed design will be adapted prior to approval of the major phase that's been submitted and the design of the building will be brought back to you for design approval with resolution 1702 that concludes my presentation. project sponsor rick welts and the architect are here for a brief presentation and the city project team that includes katherine and albert miller and myself are available to answer questions. >> thank you project sponsor. >> good afternoon, commissioners happy holidays and you know at the outset commissioners tiled is tha

part of this effort and it's important i recognize the weekly feedback and the process we had with ocii i had to thank katherine for all the time she and her team gaffe to the effort the design would not be it is today without the entity i've enjoyed the dialog open a weekly basis beginning in the summer all the way up to this point on a monthly base we have a portion of talking to the neighborhood and their feedback what they hoped it will be for the community and that feedback is also been very important and has shaped in a lot of ways so with that, i'll get started as david said this is the master plan project there are some things to be designed and approved that collaborative progress and those pro-people i mentioned will continue to help with the project david introduced the project last year 18 thousand feet in the multiple purpose venue and square feet of commercial office space i'll show you that there's approximately one hundred and 25 thousand gross square feet of the retail area that will be a contribution to mission bay one of the things i'm month proud of what we've been a

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 changes here and there. and the goldman sachs will leave the process of the loan syndication and getting the others to participate and provide portions of the loan and we will be acquiring the interest rate cap and most likely through a competitive bid, and then, of course, financial close. and so, the schedule is slightly changed from the schedule in the staff report, and the board of supervisors is not able to calendar all of the city actions for the november 25th meeting that we had anticipated and so those are now going to be calendared for december 9th. and so, that does push out the schedule a little bit. and ocii is working to schedule an oversight board meet

commission, relatively, and closed dates are set forth in those agreements with ocii, and so the risk that the land sales would not occur, i would say is relatively small, and then the full funding condition. the recognition of formation of the cfd, and alleviates quite a bit of that risk, and we are able to use, the proceeds towards the phase one, and so, and of course, it is mentioned that we are talking with the mayor's office, about and your second question was about the net tax increments take out and i will let, bryant it is going to be a function of hopefully, if the block and the block 8 and five, closed, and then, be able to generate more proceeds and deem out the bridge loan and i think that the more conservative read would be that if we are in that position where we need to go out for the tax increment financing and something, on the development schedule is probably and that will be a function of the market and we are in the period of low interest rate and that is not to say what the market will be in 2019. >> we are in the high threes. >> if that is goes the one year. >> t

ocii staff to really get this corner right so the main entrance into block one is on this corner -- i'll show you a little bit more when we actually get to the ground floor slide again and i'll talk about this a little bit more we do have a special material for this particular building with the introduction of bricks to kind of highlight that a little bit more. >> this rendering shows the building as if you are standing at the corner of arelious walker drive and donner avenue so on the on the left-hand side of the slide where you see kind of the buildings going away from you, objection , opposite of that that will be phase one, the block 2 building . >> and then this is a rendering of the town homes that go along g street to the back, so g street is parallel to arelious walker drive so we have a combination of the larger units here and then some proposed color schemes. this is an elevation of block one to show you what i just described so the very top elevation standing looking toward carol avenue and as you can see the garage at the ground level above it the landscape court yard an

those are three party agreements among the ocii, the financing authority which are the issuer of the bonds that we are refunding and the escrow trustees. so this is really without this, the deal could not complete. the resolution authorizes other critical actions that maybe necessary to the completion of the transaction. in fact, that concludes my presentation. >> thank you. madam secretary, do we have any speaker cards on this item. >> one speaker card. dr. spin ola jackson. >> thank you very much. dr. jackson. i'm glad i came here today to hear the report. now i want to see whether or not you commissioners will make sure that my church and the church name is grace tabernacle community church. the address is 1121 oak dale street, san francisco, 94124. redevelopment bill the hill going straight up oak dale put my church in a hole. it rains. water comes straight down into church. it's been coming and coming for years. this is not my first time coming. i have been here before some of you got here talking about my church. in any other area this body would not have allowed this to occur.

sign will continue to be refined in more detail it is in ocii planning area the commercial zoning district in mission bay setting it is regulated by itself design for development since the regulations are blocks 31 and 32 office spaces the design for development will require it for the golden state warriors the privilege height of the center building massing the number of towers and separation in no case will the golden state warriors project be inconsistent with the mission bay south redevelopment grant the proposed design will be adapted prior to approval of the major phase that's been submitted and the design of the building will be

in addition to ocii and their nonprofit partners, the key alice griffith team members include the sanncisco housing authority, which is the current owner and operator of alice griffith. for for the dva, the financing of the affordable components of alice will include traditional affordable housing finance sources such as as low income tax credit bond financing as well as subsubsidy and based on a formula in the housing plan of the ddalenare's vertical subcity is approximately 40 million $40 million and however the additional sources beyond traditional sources that i mentioned are subtracted from oci's base contribution. >> since the alice griffith budget was created in in 2010 and the team at that time understood there would cost increases due to inflation to inflation from 2010 to the start date which is now 2015 the housing plan included instructions on how the inflated costs would be shared and the dba calls that inflation increase cost over runs not a favorite term but that's what it's defined as. so lenare must cover the increases attributable and oci must cover the tax credit un

. >> good afternoon, i'm pam simms, a development specialist at ocii. i'm representing item 5d, a request to enter into exclusive negotiations with the agreement and a predevelopment loan agreement for $2.5 million both with 1300, 4th street. both of these items are associated with the development of the 1300, fourth street. on september 17, 1998, the sfra commission approved the north development plans or opa aechltz . requires that 1400 housing developments are done. the balance of 1445 units are being developed by non-housing developers. also the mission bay policy established the affordability levels and they can go up to 60 percent of area median income or $250 for a family of four. to address this affordable housing requirement, earlier in may, the staff released a request for proposal for the mission bay south block 60. a significant outreach effort was made to community groups, developers and other community stakeholders. the rfp requested submit tals from a team from a service provider, architect and property manager. they helped prepare the rf

our part of that and so is ocii with tiffany's leadership we're fulfilling those promises but anotherr. bryant and urban lamar will do to have ma redevelopment of this entire air where myself and dpw used to pump this water out of the parking lot for playoff games to get everybody in here now it turns into the development that invites everyone and the real promises i get to oversee 50 percent of local hiring beginning if the candle stick area and in the adjacent communities its within jobs also been about jobs whether alice griffith or the other projects that we're rebuilding or the new housing we're putting up local hiring is a major part of that principle how we do it as well as another promise that 50 percent at least of small business interaction with this development this will be a development they're all going to be very, very proud of i've already seen some of the wonderful shopping retail sites that has been involved whether the closet to creek the skoom or in queens new york they tell me where their shopping this being a wonderful, wonderful opportunity it also reflects inves

cacs in the city they're the hardest working i try to do what i can i don't see members here by the ocii staff katherine i know you guys work hard as well i go down fourth street a lot i like the orientation of the sites as you go down third or fourth it is rectangle in it's presentation some of the streets are different whatever direction not only left or right. i like the fact there's an orientation on the site that's great my questions about the project ii know there's going to be a transportation management plan but i admire peter and all the work i want to ask you a question i notice in the report that we were given for today, the underground parking building didn't max out and allow for the urban building so something that occurred to me a couple years ago we were thinking about even the piers 30-32 site why can't he look at satellite parking facilities like the giant and being able to develop lot a there's not a build parking lot just to have them and so we can look at other areas where there are satellite parking lot with the community arena so it this something you guys are cari

let's say to the urban fabric we intentionally and with the help and support of katherine's group at ocii looked to do something nor organic i want to talk about that and you can certainly ask questions we had 3 large building elements the arena and the two office building we wanted to balance the location and the adjacency so it if create negative space around this instead of setting the site up we actually set it up over and over gangly allowing it to flow for having seenly would the arena located also let's say slightly to the billboard site that freed up the site on third street this was really key to us we looked at the site in a number of different ways we located the arena we balanced the public space around it what we did was establish a series of pathways that are more organic and flowing and interesting to use than the lines of the overall fabric of mission bay so that leads us to the current matter of the plan quickly the ocii you see on our screen all right. very good so the 18 thousand feet arena is located generally slightly toward the south and east and rotated it does a nu

that in talking about that in our presentation and hope you carried that to and the community and ocii are cognizant of that ground floor moving forward so thank you. >> commissioner richards. >> i think it's at&t's an excited project it is much needed i think a lot of us do it right cities get it wrong they create dead spaces i like the food haul and the details of the park how much more can you ask for i think as the other commissioners said the user arena or from the air be fantastic architectures it will be great office design you can detract from the arena by putting office buildings there it's the same as everything else on the transportation i put back the envelope calculation on page 77 i looked at the transit versus automobile mood split an event for the warriors regularly season of 17 thousand one hundred and 50 space there's a lot of overflow somewhere else and commissioner antonini. >> one final thought i think there will serve as a catalyst we have been looking at this site that moves people divisible from 16th street park a lot of the patrons coming from the south that wi

it's been exciting to work with mcal,ocii to make sure our folks and members of this community get toild these units here. ycd as an anchor institution is looking forward to seeing children running around in this community, see families using the family space, people promoting bay view as one of the premier places to live in san francisco. our community partners, everyone that we worked with and worked hard for to see things like this happen, we have just begun and there's much more work to do. young community developers has been did kated for more than 40 years to make sure members of this community can go to work and really remain economically self sufficient. block #49d 49 is a part of that continuation, it's going to be exciting to see that families don't have to be displaced, but families have opportunity to move to other areas of their community and for affordable housing, if you look around you,we're not just saying it's affordable housing, but it's housing you can be proud of, happy to reside in. so we're looking very forward to the continued construction on this project, with

whole as well i have to tell you we've been expressed with the level of commitment from our staff and ocii i think the project has benefited what you see has it's fingertip of their work on it and i mean that sincerely we are working with the community leaders and meeting with those with interests in mission bay we are positive about the momentum we feel we are very much heading in the right direction the real need of our presentation is going to be from our colleague i want to let you know we're here to answer questions related to the warriors our vice president of public affairs is here and our director of public affairs david our project which you have and jessie the principle for us without further ado i'm happy to introduce our leader in the public project david. >> good afternoon david president of the earth thank you rick and david for this incredible introduction i'm humbled to be the voice of what's been a collaborative project and process for this project behind this voice is a thousand people that have been working hard day and night to bring you what you i've been pleased bless

property own you had by the city, tjpa and the san francisco redevelopment agency, agency, pars3 now ocii the city has to approve any amendment to any agreement including the option agreement. the city does not incur any indebtedness or approve the structure of the tjpa loan. rather it approves certain conditions which allow tjpa to move forward to obtain the interim financing and the loan it needs to allow the transbay center project to continue construction. the proposed resolution authorizes the director of property to execute the first amendment which permits, among other things, ocii to subordinate its option and offer a priority interest in those projects doo its lenders during the term of the bridge loan. the resolution authorizes the director to xutd an acknowledgement of those subordinations and to consent to caltrans' early release under the cooperative agreement as to these certain parcels as security interest for the loan. the budget and legislative analysis recommends approval of the proposed legislation and real estate agrees. if you have minimal questions, again, they had a

have started to receive the increment from those sold parcels and received our first payment from ocii earlier this summer, for parcel t. and the net tax increment is fully committed to tjpa under the various agreement and there are no further approvals and there are authorizations required for the revenue to flow for the project, and the total revenue that we expect to receive and this is a conservative number but over the 45-year life of the pledge is on the order of about 950 million dollars. and however, as we have previously discussed we do need a cash flow, and so it is a revenue for the early part of 2015, before we can draw down on the tifia loan and so we have been negotiating the financing solution, and we expect that it will be secured by the tax increment as well as some of tjpa real estate, of course, and we anticipate that we will be paying back the financing with the proceeds of the loan when we are able to draw down on that at the end of next year, and we have been working with usdot, cal trans, and ocii and the city and mtc, to make sure that all of the collateral can

so several years before this one will be done but in general i believe we're working on an over all ocii housing production report that should be available in the early part of the new year so we look forward to bringing that to you. >> great. thank you. >> yes, commissioner bustos. >> sorry. who's here from bridge? so you guys are going to help with the marketing of these units -- one thing i'd ask if if you can -- there are a lot of people who used to live in san francisco that were forced out many many years ago and you know, they were here for decades and we want them back and they got certificated of preferences and a lot of folks lived in the western edition and i know they are they are at the top of the list and when i drive down, when i'm downtown and i see this new development beautiful things beautiful buildings coming up it always crossed my mind like wow why can't some of those folks come back and enjoy the city that they grew up in and born and raised in and gave their whole life many of these folks actually worked on a lot of the buildings as construction workers in the ear

economic development and employment and contracting with small businesses, you guys all know that ocii equal opportunity employment program and policies seek to promote economic development in the shipyard through this development by hiring contractors. for the shipyard we have the bayview and program and they have 50 percent goals in particular the sb has a 50 percent goal with contract with sb e for first consideration for bayview sbe's to achieve 71 percent of participation and in this block 56 and 57 that participation has been 94 percent which the extraordinary. of that 4 2 percent of that is business and 62 percent consist of minority owned businesses. with regard to hiring, the bayview hiring and contracting policies has a goal for construction for san francisco residents for bay area and hiring san francisco residented for blocks 50, 51, 53 and 54. of that 28 percent of folks are from bayview and 5-6 percent of minorities. in terms of schedule, next steps we want to finalize the appraisal for the property. we need to rea praise the property and exercise a vertical unit for the

in june of 2010 the former san francisco redevelopment agency, now ocii, executed a development execution agreement, required to provide $90,000 and 70,000 per new replacement unit toward the development of alice griffith in august 2011 mbs and (inaudible) a cni grant in the amount of 30 1/2 million dollars of which 1.3 million is to be used for the housing development at alice griffith it comes with a variety of deadlines, the most of which is that the grant funds be delivered by september of 2016 for development of phasing 1 and 2. the bond issuances before you today will allow the mayor's office of housing and community development along with the other funding i described to start construction on time to meet these critical hud deadlines. these bond deadlines are conduit financing which do not require the city to repay the bonds. the projects are slated to begin construction in january of next year and be complete by july 2016. here with me today is daniella graville and this concludes my report. i am available to answer any questions you may have. >> i just had a quick one. what's the