City clerk the issuance and sale of multifamily housing Revenue Bonds not to exceed 325 million for the purpose of providing financing for the acquisition, development, and construction of a 550unit, mixed income, multifamily rental Housing Project located at 15001580 Mission Street. We have amy chan with us to present on this item from the office of housing. Good evening, chair cohen and supervisors yee and tang. Amy chan from the Mayors Office of housing and Community Development. Item one is a bond issuance resolution to fund the development of 1500 Mission Street apartments. As the clerk has mentioned, it is a 550unit mixed Income Project at the corner of Mission Street and bendas avenue. The resolution is only related to the residential tower and not to the Office Building that is also planned for this site. Our office presented the projects resolution to you earlier in july of this year. The issuance is still conduit financing that will not impact the citys general fund. 20 of the projects unit wills serve families earning no more than 50 of the area and median income. The project continues to be in compliance with all of the citys requirements for contracting, including prevailing wage and lde requirements. We are now back at the board and to this committee now that the developer has secured a debt limit allocation for the project. And has identified a Financing Team and developed the substantially final bond documents that are before you in the package. In terms of the timeline, the team is on track to close by the end of the month, and this is critical timeline for the development. Construction is expected to begin, expected to be completed by the end of 2020. Im also joined here by bill witty of related california who is available to answer any additional questions about the project, and we ask that the board forward the item we ask that the committee forward the item to the full board with positive recommendation and happy to take any questions. Thank you. Supervisor cohen thank you, ms. Chan. Lets go ahead and go to Public Comment. Any member of the public that would like to comment on item one, please come on up. Seeing none, Public Comment is closed. [gavel] thank you. Colleagues, as i mentioned last week, were still crunching the numbers, but it looks promising. Until we have a full agreement with all the party, i would like to move this forward without a recommendation so that we can keep the city on schedule for its closing schedule, if we could do that. Supervisor yee, i see your name on the roster. Supervisor yee thank you, chair cohen. So maybe amy could maybe amy could answer this. So the two parties, the contractor and one of the labor or unions are negotiating . Supervisor cohen yes, they are. Who are you asking . I can answer that question if you like. Supervisor yee i can ask you or amy, it doesnt matter. Supervisor cohen ms. Chan, can you come up . My understanding is that the contractor is in discussion with the union, and i think the sponsor bill witty would be able as well. That is my understanding. Supervisor yee is there any reason we need to vote on this today rather than continuing it . The project is scheduled to close at the end of the month. That is a critical timeline. There is uncertainty about bond financing given federal reform, and i think it would be very important to make the projects closing schedule at the end of the month. Supervisor yee and recommendation is to move it forward. Supervisor cohen the recommendation is to move forward out of committee but without a positive recommendation. The parties that are still finalizing the negotiation should be done next week. Supervisor yee okay. And i am a little uncomfortable, but i hear what you are saying, and i think i could live with that as long as we have another opportunity to make sure that there are negotiations that are completed. Supervisor cohen of course i understand that. Supervisor tang, we can entertain a motion. Supervisor tang to move item one forward without full recommendation. Supervisor cohen we will take that without objection. Thank you. Item two. City clerk the execution of multifamily housing Revenue Bonds in the aggregate Principal Amount of 76 million for the purpose of providing finance l for the acquisition and rehabilitation of a 92unit multifamily rental housing at 171 loehr street and 1250 sunnydale avenue. Supervisor cohen ms. Chan will speak on it. This is a bond issuance of britton courts apartments and thank you to chair cohen for sponsorship of the resolution. Our office presented the resolution earlier in may of this year. Again, like the previous item, this issuance is conduit financing, so it doesnt impact the citys general fund. Half of the projects units serve families earning no more than 50 of a. M. I. , and the other half will serve families earning no more than 6 o of a. M. I. We are now back at committee now that the developer has secured a debt limit allocation and has secured a Financing Team and developed the stub substantially final issuance packets that are before you. The project is scheduled to close by the end of this month, and the rehab is expected to be completed by the end of 2018. So we ask the committee to forward the item hout with positive recommendation out with positive recommendation to the foul board, and im available to take any questions. Thank you. Supervisor cohen lets open up to Public Comment on item two. Any member of the public . Seeing none, Public Comment is closed. Supervisor yee . Supervisor yee i would love a motion. Supervisor yee to move forward and well take it without objection. Supervisor cohen item three, please. City clerk the issuance, sale and delivery of multifamily housing Revenue Bonds in an amount not to exceed 51 million and providing construction for the 119unit multifamily rental Housing Project known as 1150 third street apartments. Ko supervisor cohen thank you. The sponsor is supervisor kim and the mayor. And we have them here to present. Good morning, supervisors. I am kim osfeld with the development of community and infrastructure. The resolution before you will authorize the issuance of 51 million in bond proceeds to pay for construction and related for Mission Based south at 1150 third street. The projects are chinatown developmenter and block three east will provide 119 affordable rental units for formerly homeless et haver rans and low income families. The 62 units for vetter rarns are a mix of studio and onebedroom and will be targeted for households earning up to 30 of the area median income. 5 a 5 a will be supported by veterans housing vouchers. And 70 will receive rent subs y subsidies through loft. The 56 family units are one, two, and three bedroom units and affordable to families earning up to 60 of ami or 69,000 for a year for a family of four. This bond transaction is conduit financing which is not require the city to pledge repayment of the bond. Additional financing sources for the project include a 4. 5 million private donation from the San FranciscoCitizens Initiative for technology and innovation, and award from the Federal Home Loan BankAffordable Housing program, a loan from ocii, and a 10 million award from the California Department of housing and Community Developments, veterans housing and Homelessness Prevention program. And this is the first San Francisco project to be awarded funds through the program. The boards approval of this bond issuance will keep us on practice for the close of Construction Financing and construction start in bid december, and this project will be complete and ready for of course wan si in fall of 2019. That concludes my staff presentation. I am happy to answer any questions you have. A representative from ccdc is here as well and available to answer your questions. Thank you. Supervisor cohen thank you very much. Well open up for Public Comment on item three. Come on up. Seeing none, Public Comment is closed. Is there any discussion . If not, i will take a motion. Supervisor tang a motion to send item three to the full board with positive recommendation. Supervisor cohen call four around five together. And the multifamily housing Revenue Bonds and the director of the mayors housing and Community Development to Submit Application and relate e ed documents to permit the issuance of Residential MortgageRevenue Bonds in an sgat principal not to exceed 100 million for Candlestick Point north 10a. And item 5 is for Candlestick Point north 10b. Im sorry, candlestick south 11a. Supervisor cohen all right. Thank you very much. We have a representative from ocii gretchen here. Gretchen, can you also describe the amendments in your presentation . Sure. Supervisor cohen the nonsubstantive amendments. Yes, thank you. This is for the 10a item, not the 11a item. Supervisor cohen okay. Great. Good morning. I am gretchen heckman, a Development Specialist with the office of Community Investment and infrastructure. I will go through the changes to the resolution needed. On line 17, please strike Candlestick Point 10a lp and replace with candlestick 10a associates lp. On line 19, please strike the unit count of 176, and replace with a unit count of 156. 156. On line 20, please replace lot 35 with lot 26 to six. And then the final changes on line 21 where it says pages 73 through 78. Should be pages 73 through 74. Great. Supervisor cohen so what we have done is called items four and five together. You have spoken on item four. Now you can speak on item five. We will take the amendments you just read and deal with that at the end. Okay. Supervisor cohen now you can talk about 11a. My colleague kim will talk about 11a. Supervisor cohen that is fine. Thank you. Good morning again, supervisors. Again, kim obsfeld, Development Specialist at ocii. The resolutions will authorize a bond application for proceeds and related costs for candlestick south block 11a. This project along with candlestick north 10a is one of the first two Affordable Housing developments to be built as part of a new mixed use community in the candlestick candidate point area under the bayview Hunters Point redevelopment plan. San francisco Housing Development corporation is the sponsor and mercy housing california acting as codevelopers. The project will provide 176 units of affordable rental housing. Units will be offered in sizes ranging from studios to five bedrooms. It will include 38 Supportive Housing units for formerly homeless house holds and among them five for transitional aged youth. Two of the projects threebedroom will be designated for inhome day care providers with attached private jute jo it door space. Income restrictions will be tiered for households from 25 of the ami up to 60 ami. This bond transaction is conduit financing, which does not require the ste city to pledge repayment of the bond. The sponsors will submit an application for allocation in december of this year and we anticipate returning to the board of supervisors in september 2019 for approval to issue bonds. The project is scheduled to begin construction in december 2019 and will be complete and ready for occupancy in fall 2021. Supervisor cohen recommendation to item five with a positive recommendation to the full board. I will go ahead and move those. Supervisor cohen thank you. Without objection. Moving along, items six please. The clerk item six is the Transbay Joint Powers Authority and trance Bay Transit CenterProgram Services for july 21, 2009 9 through june 30, 2018 at no additional cost. Supervisor cohen thank you, madam clerk. We have supervisor kim is the sponsor and a member from mta to present. Thank you. The floor is yours. Good morning, chairman and Committee Member. Supervisor cohen bring a mic a little closer. Thanks. I am with m. T. A. , the project manager for the side of the Transit Center project. We thank you for all the support you are giving us related to this project. Construction of the transBay Transit Center has required close coordination between m. T. A. To insure the traffic and around the center area. And and in that signal and agreement to provide m. T. A. Project Management Services and Construction Services and with the contract number and 1599 and between m. T. A. And tjba to provide continued support for this project. This is since the last mta was approved, some of the track has been completed and no longer require budget. The other budget is required for other tharacks. And also need Additional Inspection Services for vending machines. And item three with access to move funds to cover where the needs are without exceeding the budget. And this is extending the end date to june 30, 2018 to allow continued services in the transition period from construction to operation. We are seeking approval for this amendment. This concludes my brief. Please let me know if you have any questions. Thank you for the presentation. We appreciate it. Colleagues, are there any questions for staff . Okay. We will go to Public Comment. Any member of the public that would like to speak . Seeing none, Public Comment is closed. Thank you. May i have a no motion on this item. Supervisor tang send fourth item 6 to the board with full recommendation. Supervisor cohen we will take that without objection. Lets call items 7 through 10 together. Resolution of intention to g2 and g3, g4 and in infrastructure financing district number two and 8 is resolution to intention to issue bonds not to exide 273. 9 million and for subproject g 2shgs, 196. 1 million for g3 and 323. 3 million for g4. And item 9 is resolution of intent to establish infrastructure and revitalization financing district two within the city and county known as the hoedown yard to finance construction of Affordable Housing within pier 70 and parcel k south. Item 10, resolution authorizing and directing the executive director of the port of San Francisco or designee to prepare an infrastructure financing plan for the city and county of San Francisco infrastructure financing district number two. Madam chair, item number 11 is also related. Would you like me to call . Supervisor cohen yes, call 11 as well. The resolution of intent to issue bonds for district two and terming other matters therewith. Supervisor cohen thank you. That is definitely a mouthful. Very good, ms. Wong. And brad penson is here to represent the port to talk about the items. Lets hear your presentation and pivot to the boa afterwards. Thank you. Welcome. Good afternoon. Representing lane forbes at the port of San Francisco. Supervisor cohen, i appreciate your sponsorship of these items in support of the pier 70 project. The pier 70 development, the special use district, is up in front of the board of supervisors next tuesday for its second reading. So the project is newly approved, and we appreciate the support so far. My presentation today is brief. Its about infrastructure financing districts and infrastructure revitalization and financing districts to provide financing for this new neighborhood. So just a brief overview of the land uses in the project. This is a 35acre site. Up to 1. 75 million square feet of commercial development. Along with about 500,000 square feet of retail and Light Industrial and up to 3,000 residential units including 30 Affordable Housing. And the project will be developed in phases. There are numerous Public Benefits in this project. Approximately 470 Affordable Housing units. Sea level wise improvements to the site and funding for shoreline protection along the entire port and parks and historic rehabilitation to name a few of the Public Benefits. The estimated costs with the streets, infrastructure, and parks for this project is 260 million. The city is planning to submit the phase i application to get started in 2018 over the next couple of weeks. We expect phase one to cost 140 million. Were very excited to see our Development Partner moving this quickly to revitalize pier 70. To pay for this infrastructure, we need to form an infrastructure financing district over the 28acre site and parcel k north. That will enable us like the former redevelopment law, to capture growth in the local share of property taxes and the state share of property taxes. Its very powerful financing tool. We also plan to form an infrastructure revitalization and financing district over the hoedown yard which is own by pg e. That will generate proceeds to help with the Affordable Housing program. Today before you were kicking off this process. Its a fairly involved process. There are resolutions of intention to form the rfd and resolutions of intention to issue bonds with not to exceed amounts. The primary purpose of this is to give the Public Notice that this process is starting. There will be later legislation actually forming these districts and approving the issuance of bonds. One step in the process is to develop detailed infrastructure financing plans including the cost estimates for this new infrastructure and Affordable Housing. Those infrastructure plans are complete. We are preparing trail legislation for potential introduction at the board in the next couple of weeks. We have reviewed the budget analysts recommendation, and the port agrees with the budget analysts recommendations. There is one housekeeping issue about the date for the landowner election, which is january 9, 2018. And i have talked to the City Attorney and we need to i a mend the resolutions to add that date. That concludes my presentation, and staff is available to answer any questions. Supervisor cohen great. Thank you, mr. Benson. Lets hear from the bla. Good morning, chair cohen, members of the committee. Stephanie campo from the budget analyst office. I want to point out that these four of the five resolutions are actually resolutions of intention that does not obligate the board to approve the final resolutions which will be coming back before the board. So 7 and 8 are the resolutions to form subproject areas for the port ifd on pier 70. There are three such project areas, and to issue bonds against these areas. The ifd to the project areas would commit 100 of the citys property tax and the increment and the Educational Revenue Augmentation Fund and property tax increment to the project areas for the 45year term of the ifd subproject areas. The issuance of bonds is expected to be up to 973 million over the three project areas over the term. If you look at page 6 of the report, the estimate at this point in time for the property tax increment limit would be 3 billion over 45 years. Thats divided between the citys property tax and the share. If you look at page seven, the sources and uses of funds are in current dollars are 1 billion, and this includes that service as well as project cost as mr. Benson pointed out. The project costs are estimated at 260 million. A couple of issues here. The bond issuance authority is for up to 793. 3 million. This is significantly more, about three times what the project costs are estimated to be. The legislation itself does specify what the projects are, and when the bonds come back, there will be a need for the bonds to identify the projects and project amounts. This limit of 793 million is significantly more than what ewith would expect to see when they determine the bond legislation. And for these two items, 7 and 8, we do recommend approval. And 9, 10, and 11 oh, and i do want to point out as mr. Benson said t financing plans are, in fact, final, but will still be subject to future board of supervisors approval. This does not include the financing plan. 9, 10, and 11, this is for the hoedown yard. This is property currently owned by pg e for which the city has an option to purchase. This is the rifd to fund affordable Housing Projects on pier 70. The limit of the property tax increment is about 315 million. Page 13 you will see the sources and uses of funds for 88. 4 million. Again, this includes debt service and other costs. The actual issuance of bonds is being requested to limit at 92 million. The projects in the plan are close to about 22 million. We have do have some recommendations for this legislation. So the legislation itself does not really specifically identify the projects that would be funded by the bonds. They are identified in the financing plans, so we want the legislation to be amended to call out the financing plan that identifies the projects. There are three affordable Housing Projects and they are all on pier 70. The other one is there is a numerical error in the legislation about the cost of facilities. We recommend this legislation to be amended to give the correct number. As mr. Benson said, we recommended approval pending election date for the property owner, for the irfd. And the owner is pg e, and i believes that being done now. Supervisor cohen thank you very much. We are going to go to Public Comment for items 7 through 11. Any member, please come on up. And seeing none, Public Comment is closed. So colleagues, lets i like to make a motion to send items 7 and 208 the full board with a positive recommendation. Supervisor yee ill move it. Supervisor cohen thank you very much. We will take that without objection. Yes . We are not amending seven and eight dont need amendments, but nine does need amendments. I would like to make the motion to accept the bla amendments for item nine and upon exception send that to the full board with a positive recommendation. Is there a motion . Is there a second . Supervisor tang i will move that motion. Supervisor cohen thank you. We will take that without objection. Thank you. And item 10 we can send to the full board with a positive recommendation. Well do that without objection. Supervisor yee so moved. Supervisor cohen thank you. And item 11 requires us to accept the bla amendments and i would like to ask that you send this to the full board with a positive recommendation. Supervisor yee second. Supervisor cohen all right. Thank you. All without objection. Thank you. Madam clerk, is there any other business before this body . Madam clerk . The clerk madam chair, i believe item 8 does require an amendment to include the january 9 date. Supervisor cohen okay. Let me verify that. Just give me a second. The clerk sorry, madam chair. This amendment does not have to be done today. Supervisor cohen thank you very much. Then the motions we have already voted on stand. The clerk there is no other business. Supervisor cohen thank you, ladies and gentlemen. We are adjourned. [meeting adjourned] sfgovtv. Org. Neighborhoods and San Francisco as exists and fascist as the people that i think inhabitable habit them the bay area continues to change for the better as new start up businesses with local restaurants and nonprofit as the collaborative spaces the Community Appeal is growing too. What anchors me to the community i serve is a terminal connection this is the main artery of the southeast neighborhood that goes around Visitacion Valley and straight down past the ball park and into the south of market this corridor the hub of all activity happening in San Francisco. Im Barbara Garcia of the wines in the bayview before opening the speculation we were part of bayview and doing the opera house every thursday i met local people putting their wares out into the community barbara is an work of a symbol how the neighborhood it changing in a a positive way literally homemade wine that is sold in the community and organized businesses both old and new businesses coming together to revitalizes this is a yoga studio i actually think be able a part of Community Going on in the bayview i wanted to have a business on third street and to be actually doing that with the support of community. How everybody reasons together to move each other forward a wonderful run for everybody out here. Theyre hiring locally and selling locally. It feels like a community effort. I was i think the weather is beautiful that is what we can capture the real vibe of San Francisco i love it i can go ongoing and on and on about the life in the good afternoon and welcome to land use and Transportation Committee for today, november 6. I guess im the chair of the committee today. Erin peskin joined by Committee Member k. D. Tang to my right and sitting in for chair mark farrell, supervisor and board president and joined by supervisor asa oh, theres supervisor jeff sheehy. You can sit on this side,