>> then we would look at the tifia loan, well the residual of the tifia. >> the excess? >> assume ing we pay the bridge loan off in a year; the tifia. >> and we'll know that in time? >> yes, with formation complete and land scales moving on schedule, we'll be able to draw-down on the tifia loan at the end of 2015. we'll then this have the tifia payment and residual and i apologize that is my cell phone that i did not turn off or turn down. >> great choice of music. [laughter ] >> they were really scrambling. [laughter ] [laughter ] >> director lee and then director harper. >> actually saw scott pull something out of your purse. [laughter ] >> i don't know -- i just wanted to -- it's not really a question, but it's really quite impressive. i know i started here just towards the tail-end of the year, but just really wanted to say thank you to the board that is here and the staff for an amazing amount of quality work. then i also just wanted to comment that i am going brag a little bit. it was a really big deal for us to get board certification on our electrification project

used on the cmgc contract and $47.7 million from prop k that is funding a mix of administrative costs, professional services and a fair amount of construction as well. we we executed two tifia loan amendments and as maria mentioned we're targeting next week for the close of the bridge loan. moving forward into 2015, we'll continue to seek discretionary funding d.o.t., fema, any other opportunities that present themselves, including the state of california, with the cap and trade funds and other funds that may be available. we will continue to work towards the formation of the community business district, which will provide maintenance and operation funds for the rooftop park and we'll continue to seek full funding for phase 2 and considering the delivery methoded for methods for that project. with that, i will hand it over to scott. >> hi, good afternoon, directors. we had good outcomes with our community outreich this year and i will give some specificks in a moment. just to start, we of course continued all of our regular ongoing outreach activities. we have monthly community meetings that we held at tjpa the third wednesday at every month at noon in our large conference room.

the state road and infrastructure problems a gas tax is something we should be looking at. but i do believe that loan guarantees, broader use of some of the existing bonding programs, tifia and riff, i think both would help in meeting this demand that we have. and i do believe that the multiple solutions are going to be necessary. >> my understanding is that both tifia and riff are underutilized, in fact billions of dollars have been left on the table, in effect, as a result of internal problems highlighted by the inspector general of the department of transportation very recently? would you agree? >> i would agree with that. i think that the time it takes to process going through the pre-application, going through that review, the uncertainty, quite frankly that comes about when there is long delays and public financing tools all of a sudden the hot project becomes not so hot a project and they start looking at some other infrastructure pieces to accomplish. expedited review, broadening of the utilization of those funds and certainly making sure that we're using our full complement every year would go a long way to helping us. creating new programs is fine, but i think bett

loan guarantees some of the existing programs, i think both help in meeting this demand that we have and i do believe that multiple solutions are going to be necessary. >> my understanding is both tifia and riff are under utilized in fact billions of dollars have been left on the table, would you agree? >> i would agree with that. i think the time the uncertainty that comes about when there's long tlasdelays in public financing tools. all of a sudden the hot project becomes not so hot a project and they start looking at other infra infrastructure pieces to accomplish it. expedited review and broadening of the utilization of those funds and making sure we're using it every year would go along to help them. >> and it is in fact a multibillion dollars opportunity that is something that as you well have expressed, it is the transportation growth opportunity, the future. >> that's right. >> do any of you have the any differences with the points that mr. grueling as just made? >> i would say from being a sub perspective, certainly, as you all know we're privately funded but we certainly have a vested interest in making sure the supply chain runs efficiently so therefore we fully support a