i don't see any tjpa involvement, maybe there is i don't know about it. in thinking about new transbay crossings, if there should be one, if there should be one, what role should the tjpa be playing in that effort. and the best that i can see that there is none and i am looking now at ten years down the line and not on what we are going to award the contract this afternoon and how will it move out and where is the improvement and where is the leadership? >> i believe, we need to make that west end or i am sorry, the east end work and connect across. should the bart go through our transbay depot? >> nobody is talking about that. and should they build another tunnel or should we build another tunnel over to alameda, i will be glad to serve in the committee, no cost and i have my ideas and i think that we need to think forward and the board is missing an opportunity or failing in thinking beyond where we are today. thank you. >> i think that mtc is hiring (inaudible) to do the long range stuff looking at that and i believe that is what i heard, i don't know.

and this, it has allowed tjpa to maximize the sale prices for the former state owned parcels and block 8 that will close next october for 70 million dollar purchase price was put out to bid, originally in 2011, and received a high bid of 14 million dollars. and so, we made the decision at that time, to put off the land sales, and the era of 400 million grant was very fortuitus was allowed us to do that and kept the project going and the construction going on schedule, and it appears to have been a very wise decision and the difference between 14 million and 70 million for the same parcel with the same development opportunity. so the proceeds from the bridge financing will be used to certificate the trade packages some that have already been awarded but we will need new to proceed and we need the notices to proceed and they will need new authorizations in the early part of next year as well as the trade packages that will be coming before you in the coming months to award, and some soft costs including inspection and subguard premiums and the contractor reimbursables and our constructio

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 be made available in a timely manner and we will be coming back to you, in the near future, with final transaction, and or a form of transaction for you to approve and i am happy to answer any questions. >> are there any questions from board members? >> thank you. >> i would like to ask steve to provide the construction update. good morning, directors, turner construction, providing services for the tjpa and as the executive director pointed out, there are good progress this month and we did, put in place about 28,000 craft hours, and as of last night, all but striping and paving is left on the awss work and so we are out of the water there on mission street. and as far as the schedule, we

we state a goal and objective that the tjpa encourages that the proposer provide and that's something that we will do similarly here in keeping with the 2009sbe program adopted by the board. am i missing anybody debra? >> at this point we're at the rfq stage so we're identifying qualifications and criteria for teams that are eligible to respond to the opportunity. we will move to developing the request for proposals which will spell out the minimum criteria and the necessities for the program that the qualified teams respond to. at this point we could specify criteria related to small business and like matters. >> okay. and this is maybe a little bit different than a kind of construction -- >> it is -- >> or sbe requirement. this is as sfo has done to some extent and other -- union station in denver has done to some extent and bring in restaurants and businesses that exist in the area opposed to national chains. in terms of the rfq i imagine some of the firms that -- mean of the firms could be more traditional mall oriented retail managers who would -- that's who their networks are. t

using case precedent the tjpa has created a market driven concept and approach drawing on best practices throughout the nation, both locally and nationally. we have looked to the wonderful offering at the ferry building. as fred mentioned it's 65,000 square feet. we love what is happening at san francisco airport with the blend of national and local retailers, and then we've also looked to grand central station and the station in boston for best practices. as i mentioned the retail consent is market driven and san francisco is repeatedly ranked among the leading real estate investment markets in the country due to its diverse economic base, its unparalleled access to intellect url capital and quality of life. the transit center is redefining the city. the district which is part of the central business district is emerging as the new center of the city and it's being defined by those new property in the the trans bays neighborhood some of which are shown here. strong real estate fundamentals contribute to this growth and make san francisco highly desirable to investors. some of these tren

and those bond proceeds, 82.6 percent of those bond proceeds, will come to tjpa for project costs. and it is anticipated what we worked out with the mayor's office that this suggestion of the public finance staff in the controller's office is to use a portion of those proceeds to fully fund, phase one and the remainder which is still quite a significant amount, be used for phase two, and in the downtown extension. >> and is the melaru the condition on getting this loan? >> no. we are covenanting in the credit agreement to work with the city, to the district and we cannot control the formation of it but we do covenant in the credit agreement that we will undergo or undertake our best effort to insure that the district is formed. and of course, you approved the executive director voting in favor of formation that was our last meeting. >> and just by way of background, director on the status of the cfd, the city board of supervisors has taken two of the three legislative actions that are required to form the cfd and it is schedule a special election, for closing on december 29th. and

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 powerpoint presentation but they are not here. it goes into the underlying transaction and background, i don't know if we need to get into that because that's not this ha

the budget actual report and compares to actual expenses and ended in september of the fiscal year tjpa was within budget and incurring 14% of the expenditures. on the operation said we spent [inaudible] budget expenses. the next is the contract status report and presents amount authorized for jpa contracts and presents sbe and other activity in the program and highlights contractors exceeding their goals in the contracts and through 2014 they have distributed the amount listed over the life of the program and provides a snapshot of [inaudible] activity that will continue into next year. the third report is the investment report and we modified the presentation for this report this quarter to include the the percentage of portfolio for each investment type and the weighted average maturity by investment type. we had a portion that matureed in november and a portion was transferred to the money market fund to pay for construction cost and balance reinvested. the next report is the work to date report and capital expenditures and revenues since the beginning of the report. the next progra

score enough about the creation of this culture of service excellence, so in order to do that the tjpa seeks to contract with an experienced owner, developer leasing agent or manager of real estate spaces such as the transit center with a vision and skills to successfully lease and manage a highly public venue. again we look to best practices. these are some of the models that work where they have out sourced leasing and management. they're managed and leased through long-term ground leases and they're public /private partnerships. the benefit of this approach essentially is that it out sources leasing and management to real estate experts, reduces the capital investments required by the tjpa, limits the risk and provides predictability for revenues. some of the responsibilities that we will look to the master leaser and the facility management and operating team will be to provide a success merchandising program, to provide that culture of service and memorable experience, to program the public spaces with events and activities, and last but not least and certainly most important to p

as a member of tjpa.and for some years before as a consultant. just a quick recap. elements of the project, the downtown extension starts at grade down near colman street and the tracks, two tracks are peeled off parallel to 7th street and reach of the beginning of the tunnel portal beyond 6th street, having go underneath the 6th off-ramp from the freeway. this is now fairly shallow cut-and-cover work to build an underground station at 4th and townsend and then still cut-and-cover until we get to 3rd street, where we are turning left into 2nd street and arrive at rock or soft rock rather than water and mud, which we have had up to this stage. so it's a mined tunnel. actually the best rock on this sandstone. it stops being a mine tunnel when we run out of rock at the other end, beyond folsom street, halfway to howard street. also at that stage, the 3-track tunnel starts to widen out to 6 track s to get into the station. so it more than doubles in width and no tunnel machine would touch that. the transbay t

sources leasing and management to real estate experts, reduces the capital investments required by the tjpa, limits the risk and provides predictability for revenues. some of the responsibilities that we will look to the master leaser and the facility management and operating team will be to provide a success merchandising program, to provide that culture of service and memorable experience, to program the public spaces with events and activities, and last but not least and certainly most important to provide that secure, safe environment for transit users, visitors and residents and workers in the neighborhood. last but not least the schedule that we anticipate and that is necessary in order for the retail component to open coincidentally with the transit center is as follows. we open to issue the rfq in coming days which is the primary qualifying round of the process. and we would then issue the rfp to those qualified teams in the first quarter of 2015 with the anticipation of executing a development -- excuse me, a master lease agreement in the fall of 2015 and then opening the retail in

we at tjpa management we prepare the financial statements and they come back usually for another week or so in the october time from the frame take a look at the financials, share any comments they have on them with us and do further testing and other items they need to cover for both the single audit and the independent audit of the financials. as i mentioned it's a clean opinion. we're proud of that fact and nathan from our current independent auditor is here to talk about the statements and answer any questions that you have. >> directors. >> thank you. hello everybody. i am nathan and we have completed the financial audit of the trans bay financial statements and looked at the act balances and the disclosures in the statements and federal compliance and internal controls with that and controls of financial reporting of trans bay and i am pleased to report that the financial statements require no adjustments, no deficiencies in internal controls to report and it was a clean audit and the opinion is no findings so with that said if you guys have any questions and i i am happy to ans

i don't see any tjpa involvement, maybe there is i don't know about it. in thinking about new transbay crossings, if there should be one, if there should be one, what role should the tjpa be playing in that effort. and the best that i can see that there is none and i am looking now at ten years down the line and not on what we are going to award the contract this afternoon and how will it

have any studies been done for you and cal train and the tjpa on the impacts on the operations and have you guys done any work together to just figure out how we should... >> that is really what we are in the midst of and we are having a series of technical meetings, and we will be sitting down with the high speed rail technical team will be sitting down with cal train this month, and as dave pointed out to have just that conversation. and i think in general, there is a good deal of information that we all have. these are all very well trained and experienced rail road staff, and i believe that we have all of the resources and information, available to us to make the kinds of evaluations that we are talking about here, while there may be some follow on studies we have enough information to move forward and arrive at several options for our future considerations. >> so i will ask that the get the regular report on the agencies working in particular on the impact of the operations. >> and how we are moving forward. >> i would recommend that we agenda this same topic for our next meeting,

construction cost cannot be received, and the design or the completed will be the property of the tjpa and they can just issue for the bid the design package comparatively, and on a regular procurement process. and they reissued the request for the proposal in july of 2014 and we received three proposals one from crown core and one from (inaudible) and cobra and evaluated on a 500 system and 300 points of 60 percent for the price and 200 points of 40 percent graded for the qualification and financial strength and experience and other factor and so for the purpose of the determining the total proposed price, and the section fee and the percentage and the construction overhead percentage were multiplied by the 30 million dollar construction value. (inaudible) scored the highest, and the construction fee of 18 percent and overhead fee of 12 percent. and crone core's total price was based on a 30 million construction value, (inaudible) price was 12.8 and (inaudible) and that ends my presentation for the trade package, do you have any questions? >> could you relate what is budgeted for the

the expectation that it was like to have said and as soon as the request to bring this back to the tjpa and we will need to bring it back to the jpb as well as the high speed rail and whoever asks for involvement in this discussion, is there will be trade offs, and there will be up sides and there will be down sides, and i want to clearly lay that expectation because as we have been working through the options already, we have already started and there is more to come. and there is not a win for everyone on every aspect. and i want to set that expectation very clearly and it is going to be a difficult decision and we are very appreciative of the funding partners participating in the debate and the challenges of the discussion and we have high hopes that we will come to a good compromise and out come. and that is going to have lasting benefit out 40, 80, or 100 years. >> thank you. director lee. and actually, that context in history was really helpful, especially for some of us who have ever been involved for as long, as you have. and just to say a couple of things, and i hope that we ca

committee items program $4 million to the clint project with the transit funds from the peninsula tjpa and allocate the funds for connect our roads this is an action item. >> no one on the roster this is opening it up for public comment is there any public comment? and seeing none, come forward we'll close public comment. >> supervisor avalos supervisor breed supervisor campos supervisor cohen supervisor farrell supervisor kim supervisor mar supervisor tang supervisor wiener supervisor yee absent this item passes. >> great item number 13. >> appoint santiago to the citizens advisory committee this is an action item. >> okay colleagues on the raurt we'll go on to public comment any one sooelgdz and have another roll call vote. >> on item 13. >> supervisor avalos supervisor breed supervisor campos supervisor cohen supervisor mar or supervisor farrell supervisor kim supervisor mar supervisor tang supervisor wiener supervisor yee absent this item passes. >> great item number 14 please. item 14 appoint the gentleman to the citizens advisory committee this is an action item. >> no one on the

members of the tjpa as well as claudia gorum are also here with any questions you have. >> do we have anymore questions or comments for the staff present here today? supervisor kim? no. okay with that then we have items 41 and 42 before us. and we'd like to take public comment on those two items. any members of the public if you wish to speak you have 2 minutes to speak. seeing none public comment is closed for this item. any further discussion? all right. all right. so hour hearing has been held and closed and now 41 and 42 if we could -- so we could take that same house same call without objection. oh, i'm sorry. our house has changed now we're going to have to go to roll call vote. >> on item 42 tang aye. supervisor weiner aye. yee aye avalos aye breed aye supervisor campos, campos absent. supervisor cohen aye. farrell aye. kim aye mar aye there are 9 ayes. >> that resolution is adopted and madam clerk to our third special 3:00 p.m. order. >> pursuant to a motion approved on november 25th the board of supervisors will convene items 33 through 45 to authorize the execution of the fi

to go through the same rated process that provides the rate power and the transbay center and the tjpa recently decided to go with the puc has it's power provider we've heard concerns about reliability and the puc is a reliable power provider to our airport or the general hospital for years the power has gone out there so colleagues, i ask for your support of this important legislation which will move us in a positive direction in terms of climate change and as well as addressing those are power needs in our system. >> thank you, supervisor wiener. >> supervisor tang thank you, supervisor wiener? an interesting proposal as you mentioned on many entities don't have a choice to some of the questions come up from the private entities that may fall under this i guess this set up here i think that folks have raised concerns about not having the choice so i wonder in the the city attorney or you, you can respond. >> sure first i want to thank andreas for doing terrific work in move forward this forward under the charter the puc has significant latitude in making choices about under which cir

public wants to address you on the item in closed session but they have the opportunity to >> the tjpa is back in session and we will report on closed session. >> in the case of dnd construction v. balfour beatty infrastructure and there is no action to report. >> and that directors conclude your agenda for today. >> and we are adjourned. >> thank yo test. >> good afternoon, everyone. i'd like to call to order the san francisco public utilities commission meeting today's is december 9, 2014, roll call please. commissioner president caen commissioner vietor commissioner moran commissioner courtney is on his way we have quorum. >> commissioners, i have the minutes of november 12th any additions or corrections seeing none. >> i'll move any further discussion any public comment all in favor, say i. >> i. >> opposed the motion carries at this time, i'd like to call for general public comment of those items not on the agenda today seeing none, i'll move along to communication commissioner any comments? on 5 a the advanced calendar i'd like to ask of the commissioners, if you could review tha

public wants to address you on the item in closed session but they have the opportunity to >> the tjpa is back in session and we will report on closed session. >> in the case of dnd construction v. balfour beatty infrastructure and there is no action to report. >> and that directors conclude your agenda for today. >> and we are adjourned. >> thank you. >> thank you for your patience. we are now back from recess. joining us today is supervisor tang. can you please call the first item? >> [inaudible]. >> thank you. okay, let's see. i requested this hear anything september in response to the 2014 civil grand jury excellent report, the mayor's office of housing under pressure and challenge to preserve diversity. the first recommendation was, and i quote, the board of supervisors convene a hearing this calendar report to and ensure policy recommendations improve the relationship between market rate and affordable housing to reflect the economic diversity of the city and include annual monitoring of regional housing achievement numbers as defined by the regional housing needs allocation and