20 1617 square their enrollment of approximate 300 students at the project is located in district 6 and legislation is sponsored by supervisor kim thank you much. Colleagues have any questions on item 9 . We will open this to public on. Anyone wish to comment on item 9 . Seeing none, Public Comment is closed. [gavel] permission to move this item for . I make a motion to move this forward with positive recommendation moved and seconded. We can take it without objection [gavel] mdm. Clerk please call item number 10 item number 10 legislation moving Sister Agency the renomination to the city to execute their rights partial at 250 fremont st. With t8 Housing Partners for less than fair market value rent of approximate 50,000 per year for 75 years the purpose of developing housing for very low income households thanks very much. Good afternoon supervised it on then Brandon Bowman specialist with the office of Community Investment and infrastructure ocii. Before you today are two resolutions regarding a control for an 80 unit permanently affordable rental Housing Project at 250 fremont st. And financing of the same project. As well as a 350 unit multifamily mixed income rental project at 450 also street. Together the foreign 30 units across the two project 250 fremont and 450 also mistreat prize two thirds of related california method opponent noticed trans babe block rated the telling Neighborhood Development corporation tndcs lives partner on the [inaudible] transport wondered 18 condominiums but its entirely separate from the two other rental project elements representing a third component of the transbay blockade Master Developments. The first resolution approves and authorize ocii to execute the 75 year air right to lease with teight Housing Project count, deliver partial and affiliate the development and operation of 80 units of Affordable Housing on transbay blockade. The second resolution authorizes the issuance and delivery of a multifamily housing revenue note in amount not to exceed 90,290,000 for the purpose of providing financing for the construction of the unit multifamily rental Housing Project. Additionally, the second resolution authorizes the issuance and delivery of variablerate multifamily Revenue Bonds in an amount not to exceed 263,000,000. 01 per thousand dollars a multifamily house and note not to exceed 20 million for the purpose of providing financing for the construction of the 350 unit wealthy family mixed income rental project to give you sense of the entire development oh provide a very brief overview of the transbay block eight project. Before returned to the two items before you today. As you can see on the context map i have at the overhead, transbay block eight is looking with within ocii transbay project area. It is bounded by first street to the west, to be constructed extension of, tina street to the north, fremont street to the east and pull some street to the south. Once completed the transbay blockade master project will comprise 55 story tower is 65 foot podium building an 85 foot podium building townhouses totaling 540 units. The development includes 118 marketrate condominiums, 279 marketrate rentals, 71 developers subsidize below market rate rentals. The ocii subsidized 80 unit for whole project located in the two podium buildings approximate 17,000 square feet with a bridge serving retail. The ocii subsidized the portal project includes 41 bedroom units, 16 twobedroom units and 24 threebedroom units all the apartments within the ocr ocii subset project or designee for exerting up to 50 of area Median Income and 71 developers subsidize units in the tower will be targeted to households earning less than 40 or less than 50 of the area Median Income. Also the for this translates into an annual income under 43,000 to just under 53,000 it earned 50. Transbay blockade project assist ocii meeting the obligation created by some legal a12 ensures 35 of the new Housing Units built in the transbay project area are affordable to and occupied by airy low, low and moderate income households. To briefly let you know of the ocii ocii project, with the approval of these two resolutions this option will start in november of 2016. With anticipated construction completion date the summer of 2019. The entire transbay block eight Master Development will be completed by the fall of 2019. The air rights leasing connection with the ocii affordable project presented for your approval allows the air right parcels that will contain the ocii sponsored units to remain under ocii ownership to the construction of the building has a term of 75 years with one option to extend for an additional 24 years. The approval by the board of supervisors is requested pursuant to the redevelopment plan the transbay redevelopment project area which provides the board shall approve the sale or lease any property required by the Agency Pursuant to the transbay option agreement in a manner consistent standards and procedures that govern the former agencies dispositional property acquired with tax increment monies there. Section 33433 of the California Community redevelopment law. Transbay block eight which is not acquired by ocii with tax increment money but pursuant to the redevelopment plan requirements the board of supervisors approval is requested. The 19 million and 283 million in taxexempt bond issuance is respectively contributing to the ocii subsidized 80 unit affordable project in the 350 unit wealthy family mixed income rental project being presented for your approval to make a crucial parts of the financing the transbay blockade Master Development. In addition to these taxexempt bonds the ocii subsidies project is also sport a low Income Housing tax credit and a 60 million low loan from ocii. As you know, the bond issuance is conduit financing which is not required the city to put repayment of the bond. Bondholders only permitted to look for the owner of the project and collateral provided by the owner of the project for repayment of the bond and thethe taxexempt bond allocation from the california debt limited Allocation Committee expires december 31, 2016. Therefore approval of the ground lease the bond and note issuance items by the november 1 board of supervisors meeting ensures the Development Team has enough time to close a budget financing well before end of year deadline and begin construction shortly thereafter. This concludes status report am available to answer any questions you might have. Also here with me today Jonathan Shum senior project manager represent related california. Catty katie lamont tndcs developer director and jeff white ocii Housing Program management we appreciate your support look forward to seeing you at the grand opening of transbay eight 2019. Thank you she was based on much. Colleagues, any questions because mr. Rose, go to your report for items and . Yes mr. Chairman and members of the committee. Under item 10, as stated on page of 18 of our report the base annual rent to be paid by teight housing to ocii is 15,000 per year which is less than their market value rent annual residual rent two 727. 237 would be paid by t8 housing to ocii if t8 housing exhibition income after expenses to pay the additional residual rent. The combined annual base residual rent of 742. 237 percent of the value of 7 million of the air right parcels to be leased to t8 housing for the Affordable Housing development. We do recommend that you approve this proposal resolution thank you mr. Colleagues have any questions because of a comment on item 10 chris seeing none, Public Comment is closed. [gavel] i will make a motion to pass item 10 and 11 i guess. With a positive recommendation to the billboard we are on item number just item number 10. Moved and seconded. We can take that without objection [gavel] mdm. Clerk legal item number 11 item 11 issuance of multifamily having housing revenue note not to exceed also 19 3 million providing financing for the acquisition and construction of an 80 unit multifamily rental Housing Project located in the city at 250 fremont st. That you supervise. The presentation that i just gave also related to item 11. Okay. Colleagues any other questions on this . Shouldve together. None open this up to Public Comment at nus anyone was to comment on item 11 request seeing none, Public Comment is closed. Now will make a motion to add item number 11 with a positive recognition to the full board moved and seconded. We can take that without objection. [gavel] the clerk please call item number 12 item number 12 resolution to the claire from the city and authorizing the director of the Mayors Office of housing and Community Development to cement an application and related documents to the california debt limit Allocation Committee permit the issuance of Revenue Bonds in that. Principal amount not to exceed six email dollars per 288 walker drive. Okay. Ocii is here presenting this as well . Good afternoon. Im elizabeth, the scene at about one specials with the opposite Community Investment and infrastructure good ocii. The resolution before you will authorize the application for bond proceeds to pay for construction and related Development Costs browse griffith phase for looking at 2000 really is walker drive. The comic and salazar were mbs is the project sponsor one with her nonprofit partner Tabernacle Community moment corporation. Additional the vomiting numbers include the San FranciscoHousing Authority and urban strategys incrementing the social Services Program at alice griffith. This project is the fourth phase of the rebound went to 256 unit outskirts of Public Housing site is a mixed Income Service and Rich Community developed according to the principles of hope as a. Consistent with the principles noticing residents were displaced as a result of this development and resident rent calculations were made the same as they are today. When the redevelopment is complete all 256 public Housing Units will be replaced. Along with twitter 48 new affordable units. Three and 67 market rate units before the occlusion or units and two and 37 workforce units. These four totals 31 units which would be a mix of Public Housing replacements and new affordable units plus the managers unit. These four will also include a mix of one, two, four and five bedroom units. To be chartered to households earning no more than 6 of area Median Income was 64,600 per year for a family of four. These four late phases one, two, and three is located on really as walker died. Phases one and two are currently under construction and will be complete by february of next year. These three is currently under construction be completed by september of next year. No demolition of existing units is expected prior to late 2017 at the earliest. Double Rock Ventures is the Development Entity mbs created for the redevelopment about scripted. As you know five points formally the Lennar Corporation is the master developer for the winner Point Shipyard in Candlestick Point area could see monies a partnership created by lennar now five point the purpose of the developing the shipyard phase two in Candlestick Point. June 3, 2010 the former San Francisco we Development Agency now ocii, executed a moment and disposition agreement with dda with Cp Development company. Five point is required per the terms of this dda writer minimum of 90,000 per Public Housing replacement units and 70,000 per new portal units for the redevelopment cost about script. Per the dda ocii is also providing a base subsidy of approximate 40 million to be divided among the phases. In august 2011 mbs Developer Team was awarded a Us Department housing and urban Development Work hard Choice Neighborhoods Initiative implementation grant were see and i grant them out of the . 5 million. This eni funding comes with a variety of deadlines and deliverables. Most porn of which is the statutory obligation to grant funds be expended in units under construction by september 2016 for the proportion of Funds Associated with phases one and two september 2017 for the portion of funds being used on phases three and four. The bond inducement before you today will allow the Mayors Office of housing and Community Development to make applications for bond financing that along with the other funding i described, will allow the project to start conception in time to meet these critical hud deadline. These bond transactions or conduit financing does not require the city to pledge repayment of the bond. Anticipates omitting the application to the california debt limit Allocation Committee no later than march 27. If awarded an allocation will return for the board of supervisors approval to issue the bonds in april or may of 2017. The project is slated to begin construction by june of 2017 and complete construction at september 2018. Here with me today is Daniel Renville from mbs and we both appreciate your support and look forward to seeing you at the groundbreaking and grand opening event. Thank you very much kristi was thanks premise. Colleagues have any questions . Seeing none, open this up to Public Comment that anyone was to comment on item 12 . Seeing none, Public Comment is closed. [gavel] supervisor tang make a motion to support this with a resolution to moved and seconded. We can take that without objection. Bart [gavel] mdm. Clerk these call item 13 item number 13 authorizing interim financing pencil corridor joint powers board electrification project in aggregate pencil amount not to exceed 150 million at any one time. Good afternoon supervise my name is michael burns. Im the chief officer for the Caltrain Modernization Program which is responsible for electrification project for caltrain including the Infrastructure Improvement and the purchase of 96 new highperformance electric trains referred to as dm use. This project will reduce emissions, increase capacity, about caltrain to provide Additional Service and set the stage for future highspeed rail winded service on the peninsula. I want to say we truly appreciate all the support from the various city departments on the project including the Mayors Office, Transportation Authority, and the sf mta. The item under consideration for the committee today is to approve and to move to the full board caltrains request to secure shortterm interim financing up to a maximum of 150 million to cover cash flow needs for the project. As you know caltrain is a joint powers board could city and county of San Francisco is one of the three members of the caltrain gpb. The others are the san mateo kids at kansas and santa clara thats just ovation agent. Under state law financing joint powers board cannot be approved approved by the governing board at gpb until a public hearing was held in the financing is approved by each partner agency. Both these Santa Clara ValleyTransportation Authority and the San Mateo CountyTransportation Authority have approved this financing. We have seven Funding Partners on the project all of whom will provide funding on a reimbursement basis. We need this interim financing capacity to cover shortterm gaps between me to pay our contractors and when we need to get reimbursed from our Funding Partners. The major sources of funding for the program include the partner contributions and thank you to the board and the city for their participation in the seven party agreement, which secured the needed funding for the project. State funding from the California Highspeed Rail Authority am a federal formula funds, and fta core capacity grants. All funds have been secured except for the sfgh which is expected by january 15. The contract for both the Infrastructure Project and the vehicles has been awarded, have been awarded, and both products have been issued limited notices to proceed to advanced design work on the project. Full notice to proceed in construction and Manufacturing Activities are expected to start in the spring of 2017. Full Revenue Service electrified Revenue Service on the peninsula is expected by the end of 2021. The proposed shortterm interim financing is in negotiated transaction discussions were held with a number of Financial Institutions over the course of several months. Six banks were invited to submit bids received bytes from two jp morgan has been selected as the preferred lender. The finalizing the agreement and the details of the agreement renegotiations currently. The expectation is that the jp board will be approving that agreement in november. The interim financing has been reviewed and discussed with the Comptrollers Office and the Mayors Office of Public Finance could we recommend you approve the proposed financing capacity in accordance with Government Code Section 6586 and 6586. 5 and im happy to answer any questions whether it relates to the financing or the project itself. I also joined by financial staff from caltrain it is any diesel financial questions. Supervisor tang thank you. Can you go back to the issue of the federal grants and for the Public Purposes can you tell us how much we are excited out of that . Yes. We been working with fta or full Funding Grant agreement for the last two years intensely and we are in the last stages of securing all the necessary approvals for that grant. The total is 647 million. So its roughly about 30 of the total project cost. So i dont know how contrary view about getting the grant and what would happen if eventually we are not able to secure that . We have a substantial amount of support for this project both from local delegations, federal delegations, from the fta itself and as i said we have been working through the details with them on the all the various documentation requirements to be able to qualify for the grant and there is a 30 day congressional review period that we expect will begin about mid december and we are just about at the closing and of including all of the necessary work thats needed , coordination work for with fta to recommend the grant so are we feeling so confident about this that we dont have any sort of backup or contingency plan . We are feeling very confident about it. Based on the work we have done with fta. The limited notices to proceed having issued specifically for the Design Elements of the project. So if for some reason the full Funding Grant agreement and not materialize the wasnt another alternative we would be able to terminate those contracts. That is not the expectation. We have further backup plans in the event that the full Funding Grant agreement is delayed beyond what we have now as march 1 for the notice to proceed for construction could we have enough money for fiscal year 17 through the other sources to cover but at this point there is no reason for us to have any expectation other than we are going to receive that grant. All right, thank you. Okay. Any further questions . We will move on to Public Comment. Anyone was to comment on item 13 . Seeing none, Public Comment is closed. [gavel] i will make a motion than to forward this to ordinance or resolution to the full board with a positive recognition moved and seconded. We can take it without objection. [gavel] mdm. Clerk any other business in front of us be was that is the end of business thanks everybody. We are adjourned. [gavel] [adjournment]