tv [untitled] December 15, 2013 10:30pm-11:01pm PST
port is currently rectifying the plan for a paperwork let located on the portion of the pier which is a condition of the ac/dc permit. autodesk is proposing to add an additional 34 hundred secret of space which is for the purpose of constructing it's robotics r&d lab. the third requests autodesk to investor into the space because consideration for thought development the provide a period for the purpose of the involvement and also a representative be credit in the amount of $440,000 the net capital improvement by autodesk
is $1.6 million. the amendment provides a rent to the port and the third amendment is subject to the board of supervisors approval and it brought before you because the term, the rent consider exceed the rent portion perimeter. that concludes my presentation >> thank you. >> so moved. >> second. is there any public comment? any discussion by commissioners. well autistic desk is a great client or tenant to have so we are going to say all in favor >> i. >> i. >> item 10 the issuance of san francisco revenue bonds to fund
certainly improvement in the aggregate privilege not not to exceed $30 million not to exceed 12 percent to the indid you form an opinion of trust between the board and trustee and 3 the negotiated sale pursuant to a bond purchase contract and to enter into the contract team and 5 the form of a bond purpose k5k9 nooifd not to exceed and through the interest costs. >> good evening. i'm here this evening with christen chu our financial viruses and bond council and given the late hour i will try to make that as brief as possible. i'll be back on january 14th for
the premier statement and will give the commission additional time to ask questions at that time. this financing plan is not now a to you open may 14 of this year you approved the cruise ship terminal. at that time, i was asking for a amount of 24 u $24 million and now thirty all to reflect the ability to address potential market urban certainty by the way, there are no change in the project fund requested. the approval i'm requesting is the the issuance of the bodies for not to exceed thirty million a second supplement of induplicative trust and bond authority for the executive director to enter into a contract with the under writer
in the form of the purpose argument. as you're aware one of our biggest changed of having limited resources to addressing address an aging infrastructure. and there the ports policy through our private partnerships. the capital policy loudest us to address the chronic infrastructure meditates and the debt helps with the strategic facility. we're balancing the need to address the repair replacement with the deserve to help with the enhancement. we first identify where the capital projects are. as i said they support our
revenues. we looked accident coverage in terms of net revenues related to the debt services. we look at our ability to forecast the tools and meet our operating expense and obviously our debt payment and to fund on the one hand our ongoing programs. regarding our outstanding obliterations we have $75 million outstanding between your bonds and certificates of participation. our annual pavement a are 5.6-hundred million dollars. the proposed bonds will fund the cruise ship terminal and 3 million prejudice or bias for the historic program. there's bond issuance program
for a total anticipation uses of 24 mole and an additional authorization to deal with any uncertainty in the market for a total authorization of thirty million. we expect the issuance to be around 29 million. our crews ship terminal this is the total budget by the various component of the project and just to reiterate this is very large scale investment that addresses the park and maritime short power etc. one thing to snoet that we while it's a large development we have any other funding funds 20 percent from the city through the voter and general obligation bond and a direct payment from the bond. this is the phase two sources
and i can see the revenue bonds highlighted at the 19.5 million and it's a 50/50 split between port soured. we did a good job at getting other sources and support for this project. the northern waft historic piers when we were here in may he said we wanted to find some improvement we can delivery sup >> i'm happy to recommend this is deal with super struck notices and it's currently red tagged it's a historic fatality and on the national historic district so it's a win-win to
find an economic project to bring this jewel back into at large use wore we're asking for more fund for reagan occupant u up to this point for other america's cup or other tenants. in terms of annual payment this brings us to outstanding debt which 899 million of annual debt in the first 10 years. your budget for another assumes 7.6 million with the ability to meet our 20 percent. in terms of where we think the pricing and rates will come cabin the currency market and your credit we're estimating the
rate of 9 percent and this shows the blending rate for the nodding bonds 6 on the 6 is percent and in a torture market and even though recent sale is obviously relying open the city's consider. terrorists are going up but it's a excellent time to borrow. this slow down shows coverage. we show it by our bonds and it's the way we analyze it and added in the certificate of participation and one increase in the par amount. and i can see that we're maintaining really good coverage with the portfolio but excellent coverage when you shrewd i include the certificate of
participation. in terms of our bonding capacity this slide show us the passenger facility and it supports 16.8 million that will be pill on the bonding capacity so our current bonding capacity is 48.8 million will be reduced to 7.8 million for a new capacity of 6.1 million we shouldn't issue this debt today but that's what coverage suggests we can do. in terms of structure it's thirty years the taxable debt will be a.m. terrorized in the ferries year the structure is proposed to lower the overall cost support.
the second supplement of indenture our security guard 80 asked to be approved today and once we've got a negotiated sale we'll come back and report to you. in turn of next steps we'll be meeting with the rating agencies in january and february and will present the ports financial picture. they'll present their rates they'll give the credit recommendation to the committee and we'll receive our rating. we'll be coming back on january 14th all of the estimates projections i was showing you is based on february 28th and we're fine tuning and go through the board
of supervisors and post the preempt statement and sell the bonds in march or february if bore lucky. and so i'm and the team is here to answer any questions >> so moved. >> second. second >> any public comment? commissioners any questions? >> must be the time of day (laughter). >> great presentation and great transparentcy good job easy to understand. >> all in favor, say i. >> resolution is passed thank you. >> item 11 new business. >> any new business from any commissioners? >> i want to at this point
thank the sxheb and commissioner katz and executive director to our fine staff. thank you. it's enjoyed working and i'm looking forward to 90 fingerprinting >> this was lovely. okay. this is at the last meeting of the year doesn't feel like it doesn't it. you're the president >> happy holiday to everyone. it's be it's been an nightmares where we had the moratorium and the america's cup and a lot of activity. we did a lot of work on the maintenance side and even though engineering. we had the one hundred and 50
anniversary it was really yesterday so it's been one of the most active years even in my short time on the commission. i think we, feel like a well deciphered holiday is coming up and yet we have obviously lots of great issues and challenges that. today, we heard a couple of them we've got more coming in n that regard. we have a lot of transactions we're looking at the streams and i think that is going to be interesting as we chart the course. and on the financial side i'll discuss with monique whether we have a more strategic discussion or where we're heading we can take a breather now. i'm reminder that because i got
the audited financials and a there's some trends in there we have to be mindful. i want to thank my commissioners i've jousted working with each of you. i i know you have your interaction with the staff but in terms of interactions among commissioners we've been able to talk through them even if we have differences of opinions but one of the accomplishment it may not always be the case we vote in unison we seem to come to a consensus and that's good we try to work the issues out so we can have a full understand by the time we get to vote something and that's a consider to
everyone involved thank you. is that enough >> yeah. >> i move to adjourn the meeting in memory of nelson mandela. >> second. >> all in favor, say i. >> i. >> thank you, commissioners there was a long meeting there was a party that started in her at 6:00 p.m. and as soon as we vacant the room they can start happy holidays. >> happy
(clapping) good morning. i'm kate executive director of sf made and i want to welcome all you have you to our second annual state of local manufacturing breakfast thank you all for coming today. i think we have a exemplify agenda and the goal is to help all of you to understand the role that plays here in san francisco and whether you're coming as a real estate developer or as a policymaker a really leverage mates become a
powerful asset in san francisco. before i turn the speaker over to mayor ed lee i want to start by thanking our sponsors our lead sponsor it pg&e and our supporting sponsors are effort city. we have a list of tremendous supports across the room i'll briefly read off all of you. the american industrial center that has the highest number of manufacturers on the city we're thrived to have them. bold build patch stuffy and basis are first branch bank the family foundation good and strong maureen successors e.r.
associates and anyway's adams and pacific waterfront partners and urban green development corporation and larry. so thanks to all of our sponsors. i want to recognize today, we have a number of elected officials in the room. we'll be hearing from mayor ed lee and board pointing chu and supervisor wiener sends his regrets but he tended to be here >> rituals from the office of nancy pelosi. without further ado i'd like to welcome up to the podium mayor ed lee (clapping.) happy halloween everybody. i don't want you to mistaken me
for jeff curry. we're very enthusiastic about this. much of my staff are under the mistaken belief we're going to serve beer this morning. i want to congratulate everyone it's wonderful to see so many people that are part of our maker movement by people who make things in san francisco. this is i think the beginning of a huge renaissance of manufacturing in the city. i want to congratulate katie for our leadership in working with our staffs and the industries and creating partnerships and the world of merchandising and all the different companies and working with me to promote those products. i came back from china you, you know, those bags are really wonderful in china will where
did you make those not in china that were i get to introduce a huge market to locally manufactured products and when i see a label whether it's on books and wine or other things of manufacturing sincere makes and mattresses. sf made has worldwide attention and that's our constitute you are so take advantage of this. i was going to get out of the way early i went to the game when we beat the lakers and we did that now 3 times in the last month and b.a. give this and same thing high and i look
forward to working with you will have you when they come and innovate with us on the basketball court. i'm excited about all the companies i see here. i know that sf label means a lot when what is your u your looking at chocolates and wines or heat ceramics or mattresses a one hundred and 15 year company. i had a chance to visit with them and the testimony bucks two assessors or cut lose deny i am sorry all kinds of things. we're going to do more. i know we've increased funding for our local manufacturing through sf made and we're going to a continue doing that. our business accelerators have been helpful but at the same time we've got more to do.
i i know there are some great new programs. i love the fact that youth made just started we got introduced we're going to have a lot of youth and have interning to get into the skill sets needed to be part of the maker in the city. i also have i think an announcement maybe some of you know about it. but today, there are now 5 hundred sf made members, 5 hundred. congratulations (clapping) that is 25 percent more than last year are the at the same time. if we there 25 percentage every year once in a while, you'll be ahead of everybody that's a lot of great jobs. speaking will jobs i want you to
know within 60 days our hardworking staff in addition to bringing i drinking a lot of beer are working on legislation. we're going to be working on our public works dr our legislation that will easy more affordable space to find that. that's incredible you've got to have that uneasy the regulatory process. i know it's surely incredible. we also want to let you know we're announcing new innovates. we will do more expansion we did that with sf when we brought fashion here and local manufacturing but we're doing it
with our food conspiracy and eating locally is great but listen up the different things that have to do with food. we have a fantastic produce in the city that doubles fresh vegetation and food to every food establishment as well as grocery stores throughout northern california. to connect them to more of our local scene and make sure that big event are utilized with our local produce that's the heart and movement of our whole food sector innovative. and then as wife also felt the success of our city has partly to do with everybody we do whether it's bio life scientists
and the technology industry or merchandising industry here and tourism but the real innovation comes when we recognize that it is the intersections where those industries happen to cross and where they met each other. that's why it's important to see a company like autodesk here and pg&e that ordinarily they do things in the traditional sense people do things on their own. advanced merchandising you can't do anything without this you want to be able to see it before you mass produce it it takes outside the risk and certainly saves money. david chiu and i were there at the autodesk were assisting all
the different levels of merchandising. so that cross section is very important. there's more of those areas that can do a lot more for us. you'll find another example when square opens up their headquarters you'll find their furniture is being produced in sf made like ohio designed willing designing it to make sure we utilize the talent that's here poor more of that can happen. why can't we have 50 to 60 people holding a tip buck too bag. there's all kinds of things and that's the beauty of being in san francisco we can introduce and reintroduce each other to each other.