. >> sartipi, present. >> and harper. >> you have a quorum, thank you very much. >> communications? >> we had technical things, and stgtv and it is marvelous that they keep us rolling like they do and keep this rare as they do, any little, anyone who does not think that this terminal is necessary, should have been with me on bart, the trains were all off schedule and everything was totally rush loads and, cheek to cheek. it is really necessary >> any others? >> not that i am aware of. >> okay, old and new business? >> board of directors? >> anything? >> no? >> and then we will go right into the executive director's report. >> good morning, everyone. we will begin today by reporting on our most recent successful milestone that took place last friday on the site of our transit center construction area and we celebrated the aoe mer begans of the fissioner steel column above ground for the transit center and i was joined by over 100 people, including the chair of the california high authority and richard assembly woman nancy skinner and i was also joined by the board of directors greg h

. >> director sartipi might be late too.kim. >> here. >> you have a quorum. >> is there any old business today. seeing none. we can move to the director's report. >> happy holidays. i received some good news. we got a review of the train box grant of what they do annually on how we're doing with the report and it's a good report. i can share it with the board if they would like to see it. there are a number of best practices they will recommend and the recent survey we commissioned to have a better survey in the construction market, the mitigation measures in place including accelerating the payment cycle and having the [inaudible] in place and having us do outreach to smaller contractors. in addition we were commended for our job's net and employed over 8,000 people in 19 states across the u.s. and i really love that map so i am glad we put that together. we were thanked for tracking the bi-america alliance and they were -- (low audio) -- and how we track issues and resolve issues. additionally they found that the train box

termination over the state parcels that make-up the pieces of collateral and with working with director sartipi staff and they will be and they are willing to do so, and in return a majority of the net proceeds coming will go into the trust account for land sales proceeds, and as such will fund the hard construction costs of phase one. >> and operating on that parcel right now, there is limited risk to ac transit or tjpa of ac transit of not being able to continue to use the temporary terminal and we expect to pay the bridge financing either late next year or early, 2016 and more than 2 years before the completing of the transit center and ac transit center is schedule to move because the interest, is funded up front, and there is no possibility of a payment default during the term of the loan and so until if we close in early 2015, we are looking at early 2019 before there is a possibility of a payment default. and as a mentioned before that, before we got to that point, we would have undertaken the process, issue a tax increment and that will return to the bridge financing before returning to

. >> sartipi, present. >> and harper. >> you have a quorum, thank you very much. >> communications? >> we