tv [untitled] December 26, 2013 4:30pm-5:01pm PST
members are grateful >> thank you very much for your presentation. >> i just want to say thank you for the investigated presentation. i like the ways you do the outreach to everyone. i think commissioner katz asked the questions i really wanted to ask. parking underground i like that will all the paring be underground >> no, not all the parking it will be in d which is the south part of the site. we can take parking out of the podium of the neighboring building you don't have much of 0 retail if you take the underground parking the street
life becomes better we'll have structure of parking above the level but there will be more ground parking >> with 9 concern about arriving seawall i won't use the term reservoir. >> (laughter). >> jackie like the transparency and appreciate it and like the concern that commissioner katz brought the long-term at any point of the folks you said something i like i said willy that's good business. you've been methodical in your thinking so continue to move forward i like what you see >> i oxen what my fellow
commissioners said it's been a thorough presentation. and congratulations on exceeding the l.b. eco by the way, what does that mean in terms of dollars >> (laughter). >> it might be something we can foul with a precise number but over a million dollars. >> a million dollars spent total and 14 percent. >> no, it's commented toward. >> will you residency that. >> we spent an estimated million dollars a l.b. e firms to date. >> great. and then like any fell
commissioners into the small business thing is great i'm glad your reaching out to the champs and hopefully, you'll get other ruffles so thank you. well, i'm going to a sound like i'm echo and indict to. thank you for your presentation are i think the whole strategy of reaching out to the small businesses i know you want to make the neighborhood a little bit different so if it's going to look like every other neighborhood it's not going to be special it is to be diverse whether it's small or big but you have to have some characteristics. my other question are you considering pop up to get other folks interested in the site. you're going to tell us more but
is it a specific site you're going to be picking for the skwechl >> it's not something that's ripe for parole but that is to sort of draw a visible line from pier affirmative action 48 to the bridge we could paint a green line to show where the future park would be but to take that line and send a message about what is project want to be in the future in terms of the type of businesses that can go in the pop ups. as you know if you're in the radiance in other housing locations there's not a lot of amenity to walk to so we think there's a market beyond justice the baseball game crowd for some business.
so we're looking at starting small with a few shipping xharnt and seeing how it goes and perhaps expand and they can be moved so we know move them around the site potentially. why in and out think creatively outings outside the box, if you will, while we're waiting for the approvals >> when will anchors teem be operational. >> well, as soon as the project is entitled our goal is in 2015 they'll start on their project right away. so in terms of p of when this brewery will be open 9016 is the the goal they'll be the leading edge of the project. it's quite something in the
beverage describe and a great partner for the giant overall the ball is the greatest connoisseur of this pursuit. you want to be able to capture some of that >> that's the thought to provide some interim space people can joy the projects be approved. >> okay. thank you very much. >> okay item 89 a requests to the project for the africa desk a departmental dell incorporation located at pier 9 subject to approval with the board of supervisors. >> good evening court leasing
manager. i'm seeing the approval for the items read by secretary. auto demonic occupies 27 thousand square feet at the pier 9 and pays an annual debt of $443,000 duo to date they've made a if $24 million 1ri6789 for improvement. they've made improvements to the south side of pier 89 and the 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
we fulfilled 24 wishes. our chapter covers from movntd ray 17 communities and we expect to fully 3 hundred and 50 wishes this year. we send verizon's it out to the wish families and interviews the wish child and if you do their heartfelt wish then go to work to make it happen. dismissals is a 5-year-old boy who was diagnosing diagnosed with life without parole when he was 20 months old he's 5 hose now in remission he had his port removed hose monopoly on the chemotherapy. this particular wish the parents wanted to wait until he had
energy. i began assigning this wish with the family in march and started to understand the two miles how are we going to achieve that i made a bold statement into turning this into goth am city. it codify catapulted. so, now it's a much for ininaccurate indicate from the divorce. people starting twoet and reposting and it went viral. it was incredible about make a wish he wanted to be thinking
about being batman. there's been a lot of super issues that have happened cross the country but i think that can only happen in san francisco the mayors on board and the city hall it's an incredible outpouring and i love how san francisco is in the spotlight here and people around the world sending their love to san francisco. you kids we thank you for your encourage and we wish we can erase the pain we hope this is the day of magic and that you'll remember this forever. bat kid forever in san francisco >> san francisco is unique in this way and it's part of our
compassion and we have a civic duty to be involved and people are stepping forward if in huge way. it's about san francisco and it's inspired by miles and about every child who has a severe . >> good morning today is december 17th 2013 welcome to the san francisco transportation authority my name is john avalos the chair of the authority and today's authority meeting is broadcast to us by jessie lar