. >> also when we might hear about the tiffa. i know we made a request to introduce what is currently the norm and when we might know about that as well? >> later this week we'll be talking to tiffa staff and that should layout the application process. it does take some time. with rating agencies. we'll keep the board appraised of what's going on there. the tiger and prs, they are included but not on any funding bill. >> i think scott would know and to further answer your question, chairperson came on with tiffa. one of the things we'll need to have finalized is the budget and we are working on that soon. >> scott? >> scott, community outreach manager. as mary said the pnrs is not funded in the current year. last year congress approved through the federal government through 2013, that included funds for tiger roughly similar to what was provided last year. now that those funds have been approved we expect go t also sending applications real soon. >> right. so within a month an application should come out. >> we won't have a firm

the tiffa loan? >> there are two components to the tiff a -- loan. when we entered into agreement with the department of transportation, the interest rate was locked in at a rate that we thought at that time was very attractive rate for the p g a, but as interest rate has declined, it's now below. so if we were to, if did i tive ya grease agrees to the new market, we are paying less interest in order to borrow greater amount. the second coverage is the ratio that they use in calculating the loan amount for which we can be authorized. the original coverage ratio was set at 3 times the coverage of the repayment with some of the land sales, transactions now being concluded. there is a little bit more certainty from the revenue of that tax increment and from the second component alone is to request a reduction in the ratio from 3 to 2-and-a-half. >> the only dollar amount we are looking $3 to 2-and-a-half. >> the only dollar amount we are looking at is 10-and-a-half million from landfills. we can go for other pots if the city would be applying for other

chance are pretty good on tiffa, the other once like pnrs, tying tiger is really a priority. we are in discussions right now with the city. >> if our project is identified as the city's top priority our chances are quite good. >> what other projects is the city considering? >> there is a harney way project. >> that's the only other project that the mayor's office has mention today me to me in our discussions. >> one of the process points when i saw these revenue ideas in this deck, my assumption was that because of the understanding is that our advancing, the design contract to incorporate the rva stuff would result in additional expenditures and that would provide some contacts and remind us of other ideas out there. this budget discussion today was meant to be part of the discussion, the whole discussion will enter details with a full detail with slides and look at the expenditure side as well. am i correct that this is here for context and we are not discussing the revenue and expenditure item today? >> bob, go ahead. >> you are correct, director, that these were provided

we'll talk about one later, tiffa tiffany. >> pete, for the most part it's been rally undeterred.e may take a little step back here and there but the stock market has been able to shrug off whatever bad news has come in its face here. even today if you want to point to darden, disaster stock up. tiffany was not that great. >> it was pretty good though. it might not have been great. >> it wasn't as bad as some people feared. >> and the point is everything can go up even in the face of bad news. >> and mike can i was a home run. when you're looking at the market and john had a great call yesterday on the halftime, but when you look at what the legs are, it's been about the financials. look how they continue to react to the upside. why is that? right now it's ben bernanke versus cyprus. right now i put my money with ben bernanke. the fed is going to continue to hold our markets together. they're going to continue to be the backstop. i'd still also point out the other areas, energy and pharmaceuticals. narm suitcles, that's a section that's going to continue to go to the upside becaus