Electronic devices are prohibitedat this meeting. Please be advised that the chair may order the removal from the meeting room or any persons responsible for the ringing of one or use of a cell phone, pagerer or other similar soundproducing electronic devices. Its strongly recommended that members of the public who wish to address the commission fill out a speaker card and submit the completed cards to the commission secretary. The next order of business is item 3 report on actions taken at a previous closed session meeting, if any. There are no reportable actions. The next the order of business is item 4 matter of unfinished business. There are no matters of unfinished business. The next order of business is item 5, matters of new business consisting of consent and regular agenda. First the Consent Agenda, 5a approval of minutes, october 4, 2016. Madam chair. Thank you. Do we have speaker cards for this item . No, we dont. Commissioners, we have the minutes of october 4th, 2016. Does anyone have any edits, comments . Motions . I approve. A motion by commissioner mondejar. Second. Second by commissioner pimentel. Please call the roll commissioner mechanics please announce your vote when i call your name, commissioner pimental yes. Commissioner bustos. Yes. Commissioner singh. Yes. Vicechair mondejar. Yes. Chair rosales. Aye. The five ayes. The Consent Agenda is adopted. Please call the next item. 5b, authorizing an exclusive negotiating agreement with tenderion Neighborhood Development corporation a california nonprofit public of pb yuan Young Community developers, a california nonprofit pba and prein an amount not in to exceed 3500,000 for the development of 140 affordable rental units including one managers unit, for a lowincome families and formally homeless households at Candlestick Point north, block 10a, bounded by ingerson avenue, m street, earl street, and a midblock break, and providing notice that this action is within the scope of the candlestick and Hunters Point shipyard phase 2 disposition and Development Agreement and that the Program Environmental Impact Report for the dda adequately describes this action for the purpose of the california Environment Quality act k bayviewHunters Point reDevelopment Project area, distancing action, resolution no. 522016. Madam director. Thank you, madam secretary and good afternoon to the commissioners and good afternoon to the public and thank you so much for joining us. Commissioners were very pleased to bring this item before you. As you recall, you selected a suite of Development Teams and were bringing forward an exclusive negotiating agreement and predevelop loan with tndc and ydc before you now and you should expect to see block 11a shortly in next couple of months. We have the Development Specialist in our Housing Division and she will walk you through background, the terms of the ena loan, as well as the predevelop loan. Does she work for us . Yes, she is in our Housing Division. Good afternoon directors. As director bohee mentioned im Gretchen Beckman for the authorization to enter into an exclusive negotiating agreement in the amount of 3. 5 million for Candlestick Point block 10a one of the first ocii affordable parcels to be developed in the candlestick neighborhood of the bayviewHunters Point redevelopment area. Ill start by orienting everyone to the future Candlestick Point neighborhood. As you all know Candlestick Point is located in the nonvested southeast jennifer tip of the city of the shipyard. [tpha upt ] shipyard phase 2 and Candlestick Point project complete with residential, community and park space served by new transit lines and infrastructure. The first slide shows the plan for the Candlestick Point neighborhood in detail. When complete the candle stick point neighborhood will be anchored with my the candlestick center, outlet retail space, featuring ground floor space leased to communityserving and midsized chain retailers, as well as cafes and restaurants. In addition to the retail amenities the neighborhood will also feature a grocery store, four family child units serving approximately 60 children and internationals african marketplace and to be planned community space. Existing amenities of the neighborhood include brett heart elementary school, Gilman Playground and True Hope Church approximately half a mile away to the northwest of the site. 3rd and street and numerous shops located there is located approximatingly one mile to the west of the site. Finally Candlestick Point Recreation Area is approximately a quarter mile to the southeast of the site. The 10a site falls under the phase 2 disposition and Development Agreement. The phase 2 below marketrate housing plan requires that 32 of the total Housing Units built in phase 2 be below marketrate. These units will either be built as part of 100 affordable ociisponsored projects or they will be workforce and inclusionry units to be included by the developer. They are of the first of ociis 100 affordable lots and units will finish construction this winter. This slide is meant to review the rfp and developers selection project. As you know, staff released a single rfp for two ocii lots earlier this year. Respondents were encouraged to partner with organizations operating out of the southeast. Two teams complied with this requirement very well, and scored high in the rfp process and thus were recommended for selection including the 825,000 max when we started this conversation, wasnt it about 250. That was sometimes that was your portion of the subsidy or if we had other sources. It used to be 2 and now it creeped up to maximum 250,000 but that is your side and multiply that you leverage your dollars costs commissioner bustos . Commissioner sink. Singh. Vicechairmone jarr. Please call the next item, but before you read it, i need to make a statement. After yes, that is right. So please call the item and ill make a statement. The next order of business is item 5c, authorizing the issuance of new money tax allocation bonds as permitted in section 3417. 7a i a and b of the California Health and safety code to finance one Affordable Housing obligation in , et cetera. Okay. Im taking over. Madam secretary, call the next item, you have called it already. Through the chair, chair mondejar, i will give a brief introduction and turn the presentation over to the Deputy Director of finance and administration for ocii. Commissioners, again, i am so pleased to bring this bond item before you for this First Issuance for Affordable Housing bonds one of which was the project you approved that is in the bucket along with other important housing in the shipyard and Candlestick Point, as well as critically important neighborhoodserving infrastructure for the housing that were building in transbay. So we have incredible open space and public improvement and so our thinking has evoltched evolved. Just as a reminder, a credit is the revenue stream against which the issuer, which is ocii says were going to work to pay back the bonds, to pay the principal, which is the amount that we borrowed and the interest, which is the debt service cost. So which the market is looking at the bonds and determining whether or not to boy them, they are looking at the strength of the credit. We have five credits, the first is a credit we used prior to dissolution and we pooled all of the dollars from our many project areas to create one really diverse, really strong credit against which we issued our bonds. But then along came dissolution, and dissolution changed our Credit Structure because the requirement that we spend and so a new credit was created and that is called the Redevelopment Property Tax Trust Fund credit. We refer to as the rpptf credit. Then as i mentioned before, that credit didnt because of the limits of dissolution, didnt allow us to do the kind of financing that were proposing to you today. So ocii, reached out to the state legislature and to the governor, and we asked for this special authority to issue bonds in support of Affordable Housing of our enforceable obligations, we call them our enforceable Affordable Housing obligations. And in support of issuance of trans of infrastructure in transbay. We refer to this as the sb 107 credit and lastly we have two special credits you have seen before. Last year when we issued the 2016 bonds in mission bay and utilized these credits and these credits are special, because the property tax increment in mission bay is pledged. Which means we have promised the city, and the developer that we will use all of the property tax increment, developed or generated in that project area in furtherance of the development of that project area. And we separate that credit into the infrastructure credit, and the housing credit. So we have in summary we have five credits. We have the cross collateralized credit, which we used prior to dissolution. That was replaced by the rpttf credit post solution and you are new credit were using today and mission bay north and Mission Bay South credit and housing credit and the reason its important is because across the top line of the slide you can see that those were the credits that we had intended to issue against when we presented our budget to you last spring. We said that we were going to use 185 million in bond proceeds to fund Affordable Housing and asked for the authority to reissue bonds in the case to achieve debt savings. And to do that we planned to use sb 107 credit which was newly awarded to us. Once we hired the Financing Team and we started talking about this new credit and understanding the technicalities behind it, we realized that the obligation to protect the mission bay pledge, because remember, we have that requirement . Because of the pledged intentionment. Increment to spends the dollars in mission bay to, spend them in mission bay that we wanted to peel out that portion of the tax [frpbgs ]. Increment in issuing this separate set of bonds helps us really protect those dollars, and ensure that were implementing the pledge. So whereas we originally conceived of issuing two bonds a transbay under sb 107 and Affordable Housing bond, what were now doing is were issuing a single set of sb 107 bonds in two series. One series is 2017a, and that is because its for Affordable Housing, which means its a taxable bond. And one series for 2017b, which is to fund the infrastructure. And that means it has to be a tax exempt bond. So you can see in this little chart that the sb 107 credit which we had originally conceived of as fundings as covering all of our Affordable Housing bonds is now being split up slightly into the mission bay bonds, which well talk about later today, the box directly under the housing bond. So the mission bay portion is going into c and thes other housing bonds were going to issue is going into 2017a and then the transbay issuance that we had originally planned in the budget goes down into 2017b. So were basically taking the same pie presented to you in the budget and cutting the slices of pie slightly differently, but with the same ultimate outcome, which is providing dollars to fund Affordable Housing and to Fund Infrastructure and transbay. So what we are presenting to you specifically today with that background in mind is bond issuance of 112 million to funds Affordable Housing and bond issuance of 150 million to Fund Infrastructure in the transbay. The Affordable Housing bond as i said before is a taxable bond and were estimating about an 8 total interest cost for those bonds. Currently were looking at about 5. 8 Interest Rates, but there has been a lot of market volatility since early november. So we have given ourselves a wide margin to ensure that we can still meet our project fund needs depending on which way the markets go over the next few weeks . We wont be able to issue until spring, and that is four or five months away. A lot can happen in those 45 months particularly with the new administration coming in in january. So wasnt to we want to make sure that we have the room to meet our Significant Project Fund needs. The second bond were presenting is 2017b. That is 50 million of taxexempt bond to Fund Infrastructure in the transbay and there were looking at a slightly lower Interest Rate of 7 . A total consider cost of the 7 in the market right now were seeing about 5 Interest Rate. As a reminder, taxexempt bonds have a lower Interest Rate than taxable bonds because the holders of the bonds get the tax benefits of the taxexempt bond. Going into a little more detail about 2017a, there is a list on the right of the projects we intend to fund with the proceeds. Its about 536 units, all of which are in Hunters Point and Candlestick Point and of course as our Housing Program evolves, these numbers might change, but in this moment, about were looking at where our funding needs are and the number of affordable units we can fund, this is what were seeing. If you to talk in a little bit more detail about 2017b, those proceeds will be used to Fund Improvements of the folsom streetscape, the transbay park, essex park and underramp park and its the first of many issuances that will be coming before you to fully fund the project. But we anticipate that these dollars will get us through the remainder of 1617 and 1718. Our Financing Team you have met many of the members before in Prior Commission actions you approved. Psm as the Financial Advisor and kit hara as the coadvisor and [speaker not understood] and in a third Prior Commission action you have approved urban analytics as the fiscal consultant and well hear more about that later today about we talk about resolution 552016. And today for the first time you will be meeting our proposed underwriters, who have steeple, as the senior managing underwriter and back strom and stenson, an lbe as our comanagers. All these of these underwriters were selected through a competitive process that was run by our Financial Advisor in participation with the citys office of Public Finance and of course our finance team. And all three underwriters have provided Excellent Service to us in the past. So next steps pending your approval today, well be presenting the two bond issuances to the Oversight Board next week december [ 12 7b8 ]. 12th and depending the Oversight Boards approval well send to the department of finance for their approval. Pending their approval, well return to you with a second set of documents, our official statement, which is the document that we use to describe the issuance to the financial public to our potential buyers of the bonds. And pending that approval, we hope to issue in february and close in march. So if you have any questions, id be happy to answer them. Thank you. Before we take commissioner questions, are there any speaker cards . Yes, i have one speaker card, oscar james. Excuse me, oscar james again. I asked for this commission to approve this particular package, but i do have some concerns with some of these firms. Not troubling things, but can you kind of get them to do some scholarships or some Training Programs for places, like College Track . Who teaches or prepare our young people to go to college and what have you . Some may want to be in the financing business and what have you, to do some of the summer jobs, training for summer jobs and things like that . Where we can train different people in our community, young people in our community to advance their expectations, their minds, or what have you . A lot of these firms we have dealt with before, and they were successful and they completed and did what the commission wanted them to do. But i think its time for us to start looking at our young people and bringing young people in, especially in the thirdworld neighborhoods like bayviewHunters Point, or mission, soma. To get them some of that training and a lot of young people want to get into financing and dont know how to get into financing and other things. Another thing we like, as i was saying before, we had started programs with the model cities. We had 21 programs in bayviewHunters Point and 21 programs in the mission and Larry Decarlo and some the programss we started in model cities. I was on potrero and 24th and i looked over and saw the building on the corner of potrero and the Housing Mission housing Development Corporation built that. We were one of the model cities that started Development Corporation and what are they doing now . Do they have the obligation to do some of the construction and some of the things we need all of the programs that we started in the 70s to participate in some of these programs now. They have hire a lot of people and trained a lot of people and we need that to continue, okay . On some of the things that we did. You guys have to pick up the hammer and make sure these programs we have done in the 70s, which were very successful and brought them to can college and other things, to bring them and we used to have south park or whatever you want to call it back then we called it south park, running from 7th street to where south park is now. You go to south park and dont see any of the people there. It was filipinos and africanamericans in south park and go down there and see how many people of those races were trained and had the opportunity to buy or do anything successful . They all had though move out and the next couple of years no mexicanamericans or africanamericans or chinese in the mission who have been there and we need to do something to make sure that those people stay there and the kids get educated. I am fighting to make sure that we do what we need to do for the young people, and i look at the commission, and the director, and everyone here in this audience behind me to do their part to make sure that these young people have the opportunities that we didnt have. Thank you very much. Thank you. Are there other speaker cards . Yes, i have ace washington. Good afternoon commissioners, how is everybody doing . I originally came to speak on the issue and i wasnt here for the earlier one, but since were talk ing about mission bay runs the same message and what i am going to say to these people i havent said in last 20 years . Well, most werent here, except maybe one or two. First i want to say glad to be here, because i had to go through a medical situation the last three months, but im back. Mission bay and all of these other developments that this agency and the rest of the city is working with has to adhere to something that i have been involved with since its inception and that was with the newsom migration and is it something that was been swept or the rug or neglected. I am back and my doctor said you can cannot do the micromanage, because i used to do 20 things, but i look at migration that covers everything. It covers every department in this city and county and its going to go up the stream to california where newsom is because i he will be the next govern or and he has celebrated what he did for the black africanamerican. I am the czar selfappointed if you want to call it that. Anyway, get back to what were here to talk about mission bay. Two years ago, three years ago, i had mentioned we need to put something together. Maybe because i havent brought it forth, but jim jones, because mission bay was put together by a black man as a consultant. I dont know if you all knew about that . Jim jefferson, so i think that we need that history for the Younger Generation to be exhibited at mission bay and not only with developers, but all the rest of them. That is something that im going to be working on and i will put that on the rug with migration. Anyway, my name is ace. Im back, and yes, im on the case. Thank you very much. Thank you. Are there any other more speaker cards madam secretary . No more speaker cards. I will close Public Comment and go to commissioners for comments and questions. I have a couple of questions. Commissioner singh. First of all, i want to know what the length of these bonds are . 2017 we anticipate to be 28 years and 2017b we anticipate to be 30 years. The other question i have is 2017a, 112 million. Is it taxable . Yes. And the other 50 million, is it taxexempt . That is right. Affordable housing bonds are also taxable and infrastructure bonds are always taxexempt. Do you happen to know how many obligation we have so far . How many billions of dollars we owe . Total amount. Multiple hundreds of millions. Huh . Multiple hundreds of millions. For example, you know, just last year we issued 135 million in new debt. This would be 165 million. So were already up to 250. So our total outstanding are you asking what we issues total . Yes, total. Since the beginning of the Redevelopment Agency . At this time, after this is approved. I dont know the answer to that, but i would be happy to get back to you. I would say commissioner singh through the chair, approximately 100 million of debt service as part of our budget, i mean our debt service is about 100 million each year. That is correct and i was reminded our total outstanding portfolio is 950 million. And the other question i have, you said marketrate is 5 , and why were paying 7 . We wont know how much were going to pay until we actually issue in february. And there is a difference between the marketrate and the true interest cost. The true interest cost is a measurement that tells you what you are truly paying to borrow the money, because it includes financing costs. So you have to pay both the debt service, that you paid to borrow the money and you also have to pay for the financing costs of all of the services and staff time required to issue the bonds. So the true interest costs will always be higher than the marketrate. Also, currently over the last for the last few years we have been in a very, very low Interest Rate environment. Arguably the lowest that any of us have seen in our lifetimes, and were about to go through a massive political shift at the federallevel, which has already caused a lot of movement in the market. And there is is a lot of uncertainty about what is going to happen after january 20th. So to use a lower Interest Rate we could end up way project fund too small and cant meet our funding needs. So we have given this in the resolutions before you you are approving and a nottoexceed amount and if the market moves and we wont cross this back because if be cross the bar, we wont be able to issue. To have this buffer will give us a wide barrier in which we can work, because the market is so unstable right now. Okay. Thank you. Wow. Any other questions . From my fellow commissioners . Comments . Okay. So i do have just one clarifying question. So if you are not able to issue you are going to come back and let us know . We would have to then revise our resolutions with a higher not to exceed true market Interest Rate and we would return to the commission for a revised approval. We would go back to the Oversight Board for revised approval about and back to the department of finance for revised approval. I want to emphasize this Interest Rate was selected in very close consultation with our Financial Advisor, who is an expert psm i believe is the largest Financial Advisor in the country and issuing with issuers nationwide. So they are constantly watching Interest Rates, and constantly thinking about what is going to be happening over the next few months . In addition, our underwriter steeple stenson and back strom are experts in their field and we have worked very closely with them. Its their job to watch the market daily and were depending on their wellfounded expertise to set that number. And we have set it at a level that we believe is appropriate. So that we will not have to come back to you in february. Okay. Very promising. So i need a motion to approve this resolution. I move that. Moved by commissioner bustos and seconded by commissioner singh, madam secretary please take the roll. Commissioner pimentel . Yes. Commissioner bustos. Yes. Commissioner singh. Yes. Vicechair mondejar. Yes. Vicechair, the vote is 4 ayes and one recusal. [ gavel ] good job. Thank you. So our madam chair is going to return. The next order of business is agenda items 5d and e related to bonds will be heard together, but acted on separately. 5d, authorizing the issuance of new money and refunding tax allocation bonds in an aggregate Principal Amount not to skeet 55 million. Approving and directing the execution of an indenture of trust, a bond purchase contract, and redemption agreements and approving other related documents and actions. Mission bay north and Mission Bay South Affordable Housing obligations. Discussion and action. Resolution no. 542016. And 5e, authorizing a First Amendment to the personal Services Contract with urban analytics a California Limited Liability company for fiscal Consultant Services to increase the contract amount by 27,500 for an aggregate amount not to exceed 197,500 to facilitate bond issuances, discussion and action, resolution no. 552016. Madam director. Thank you, madam secretary and thank you again to the members of the public for your continued participation. Commissioners, this next set of actions are again critically important to implementing your work program that was approved not just by you, but the board of supervisors and mayor as part of your budget so we can move forward with our Affordable Housing program in mission bay. Very exciting. The first new bond issuance in mission bay for Affordable Housing. Since dissolution. And a series of consultant contracts, the amend with urban analytics to do the necessary Due Diligence to move forward with this issuance. Again, i would like to invite Deputy Director of finance and administration to walk you through this miss bay bond issuance for housing, as well as refunding. Thank you, executive director bohee and commissioners, im the Deputy Director of finance and administration. Today we are here to dive into a little greater detail on the bonds that you authorized in the 1516 budget, as well as amend one of the contractss for a member of the Financing Team that is critically important to issuing the bonds that you approved in fiscal year 1516 budget. Before you particularly you have two resolutions. Of the first resolution is 542016, which authorizes the issuance of 2017c, which is Mission Bay Housing bond. And resolution 552016, which authorizing a First Amendment to our existing contract to urban analyticks who are our fiscal consultant. So resolution 542016 is the resolution that authorizes ocii to issue 2017c, the Mission Bay Housing bonds which will be utilized to fund housing just in mission bay. So were taking pledged property tax increment that is generated in mission bay and using it solely to fund Affordable Housing projects that are going to be built in mission bay. That is a requirement of our tax allocation agreement, which is a part of our overall agreement with the mission bay developer. In particular, youll be taking four specific actions, if you approve this resolution. Firstly, youll be authorizing ocii to issue 55 million in Mission Bay Housing bonds, and those bonds will two things. Firstly, they will fund Affordable Housing in mission bay and secondly, they will refund a number of outstanding Mission Bay Housing bonds at Lower Debt Service costs. Reducing our debt service and therefore, enabling us to issue more debt in were reducing our Debt Service Costs and then also allowing us to issue more debt in future to continue to fund Affordable Housing in mission bay. Youll also be approve something of the legal documents that are necessary in order to issue the bondses. First indenture of trust and our underwriters were selected in a competitive process, where our Financial Advisor issued an rfp. We received a number of responses, evaluated those responses with the team composed of our Financial Advisor, the office of Public Finance, which is a part of the citys controllers office. And of course, our Financing Team. Again, ill go into a little bit more detail later in the presentation. So some of you have already heard this, but i do want to provide a little bit of context. If you will recall in the 1516 budget we had originally planned to issue 185 million in debt. And that debt was composed of Affordable Housing debt, and transbay infrastructure debt. And at that time, we thought that all of that debt would be issued under a single credit. The sb 107 credit, which was awarded to us in the fall of 2015 through legislation passed through the senate and signed by the governor september 2015, but because this credit is a new credit that were using for the first time, after we hired the Financing Team and started to think about the technical in implications of the credit, we thought to structure the bonds in a slightly different way and i want to briefly explain that change because it becomes relevant to the Financing Team and to the fiscal consultant con tract. Just as a reminder, a credit is the revenue stream that we promise ocii, the issuer the promises to pay back the bonds and those are the dollars that well use to pay the principal and Debt Service Payments on the bonds. So we have to explain what is the source of that revenue . And the source of that revenue is of course property tax. But that property tax can be cut in a lot of different ways, and the way we cut that property tax is called the credit. So prior to dissolution we had something calleds the cross collateralized credit that pooled all of the property tax from all of the different reDevelopment Project areas into a single pool that was very big, very diverse and very strong. Postdissolution, we do not use that credit anymore, because the requirement that we spend property tax generated in a property area in that project area has been lifted and all of these funds are pooled into a single pooled, called the Redevelopment Property Tax Trust Fund and that is where were spending from every time we talk about spending rpttf and spending property tax. So now postdissolution we issue bonds against the rpttf credit, but that credit was limited because we were not able to use that credit to issue new money. And San Francisco is in a very unique place of having lots of enforceable obligations that were still required by law to implement of the of course, its our many Affordable Housing could begations and our infrastructure in the transbay and in order to fund these important programs we worked in concert with the city. And requested a special authority to issue bonds to fund certain infrastructure. The infrastructure in transbay and to fund our Affordable Housing obligations. We were granted that authority in sb 107 last fall and now when we issue again through that authority, we call that the sb 107 credit. We also have two very separate and apart credits that are issued against our pledged property tax. As im sure you recall, in mission bay, we have signed a pledge agreement which are says that all of the property tax increment that is generated in mission bay will be utilized to either Fund Infrastructure or Affordable Housing in mission bay. And so to protect and sort of cordon off that credit and ensure that dollars generated in mission bay are spent in mission bay, we have the separate credit, the mission bay infrastructure credit for north and mission bay infrastructure credit for south and the Mission Bay Housing credit, which is a pooled credit for both mission bay north and south. It was the emergence of this idea of protecting the mission bay property tax credit that led us to think a little bit differently how we would issue the bonds than we were originally thinking at the time of the budget. So i have a slide, which hopefully helps make that more clear. On the top of the slide, you see three boxes. That first row is what we conceived of our 2017 bond issuances at the time of the budget. We thought wed be issuing a single Affordable Housing bond, a single bond for transbay infrastructure and then single bond to do some refunding. As i said, as we explored that idea, we realized that we really wanted to cordon off the mission bay pledged tax increment and issue a separate bond. So we could ensure that those pledged dollars would only be spent in mission bay. So if you look at the chart above, you can see that we have sort of peeled off a tiny piece of the pie out of what we originally thought would be the housing bonds and are now issuing this separate Mission Bay Housing bond, which is 2017c. So its kind of we originally conceived of a single pie for Affordable Housing. We have cut this little slice that is just for mission bay, pulled it out of the main pie, the rest of the pie is 2017a and this piece of the pie that is just for mission bay is 2017c. To go into a little greater detail about 2017c, its an Affordable Housing bon. So its taxable. But as but as i mentioned before, its a 55 million bond some proceeds funding Affordable Housing and allowing to us pay Lower Debt Service costs. Were anticipating like the other taxable bond were anticipating a total cost of 8 and we have listed projects where we anticipate using the funds. In the use of proceeds chart on the lower right, and we anticipate that the dollars will be used to fund 316 affordable units in mission bay north and south. In turning to the Financing Team, the Financing Team is composed of a number of members, which of whom play a specific and unique role requiring special knowledge. You have approved the selection of psm will be our Financial Advisor, assisted by kita hara as a coFinancial Advisor, john hall is the bond counsel and the other is the disclosure counsel and approved that in a prior action as well. To highlight in that approve the disclosure counsel, alexis chou will be working on 2017d, which is a separate refunding financing that will be coming back for Commission Approval in the spring. However, alexis will be participating in the issuance of 2017a, b, and c as we discussed this new sb 107 credit hell be participating in those discussions and compensated on an hourly basis so he can become immersed in the knowledge and to assist us for future issuances for those bonds against the sb 107 credit. We have a Financial Consultant whose contract well be discussing in just a moment. The role of Financial Consultant is to look at property tax increment, and produce what is called an fiscal Consultants Report fcr. That report looks at the revenue and tells us what how many dollars we can anticipate being generated in each real Development Project and has indepth knowledge of property tax rolls and what challenges to the property tax rolls are being made . And that fiscal Consultants Report becomes part of the official statement. The official statement is our communication out to the Financial Markets about the bond that were issuesing and the financial structure and the underlying credit underneath it. The fiscal consultant also issues does the work for our annual disclosure reports required by the sec. And the fiscal consultant for this issuance 2017c is urban analysticss analytics. We had a very productive and successful relationship and we have worked with piper in the past. And we look forward to working with them again. So our next steps are pending your approval of 2017c, and the accompanying resolution. We will present this same information to the Oversight Board next week on december 12th. Pending their approval, we will send all of this information to the department of finance, and request their approval to issue the bonds. Pending their approval well come back to you with the official statement for your review, and approval. And pending that approval, well issue the bonds in february and hope to close in march. So again, because you have a number of resolutions before you today, the action that were asking to you take now is for resolution 542016, which would approve the 2017c bonds, which are to fund Affordable Housing in mission bay, and to refund existing Mission Bay Housing debt to achieve debt service savings. So we have another resolution that wed like to ask to you consider at the same time. This is resolution 552016. And this resolution is the First Amendment to our existing fiscal consultant contract. As i mentioned before, the fiscal consultants provides a number of reports required for the issuance of bondss and he works on annual disclosure reports for the sec once those bonds are issued. And what wed like to do today is amend the existing contract to add a scope of service to provide fiscal consultant report and this annual disclosure for 2017a, which are the bonds to fund Affordable Housing, 2017b, which are the bonds to Fund Infrastructure in transbay, 2017c, which are the bonds to fund Affordable Housing in mission bay and 2017d, which is a refunding bond that well be bringing before you in the spring. This additional scope of service would require an increase of the contract nottoexceed amount by 27,500, bringing the total value of the contract to 197,500. As i said before, the additional scope of service is the fiscal Consultants Reports for the bonds that we have discussed here today, as well as the refunding bond that youll see later this spring and secmandated disclosure reports for those same bonds. The original term of the contract went through 2018, which is the same which would remain unchanged. All of these bonds will be issued in the next 69 months and we originally conceived of the fiscal consultant doing the annual disclosure reports for three years, which would bring us to a term of december 2018, which remains unchanged. So we would like to recommend approval of this resolution. So that the fiscal consultant can perform this important work in support of issuance of bonds to fund Affordable Housing, infrastructure in transbay and reduce debt service. That is it. If you have any questions, id be happy to answer. Thank you. Speaker cards . Yes, i have oscar james. Mr. James takes a pass. Okay, no other cards. No other cards. Oh, i was just thinking what i want to say in three minutes as regards to all of these plans, new plans that has been set forth that you commissioners as a rule just okayb [ inaudible ] i was just going back to memory lane sitting there. Im 62 years old now and i thought about all of the great leaders that were before me and when i came on, most of them are gone. There are only very few of us left. So i have to get straight to the chase. I have to implement some things that ive been seeing over the years. I see mr. Gamble back there see . What the city and county does, people that have been with city government, they go and work with the developers. So therefore, let me just tell you the plan that i have with migration is community reform. It is muchneeded now because of this administration that is coming in january. I hear your presenters talking about the administration but what in the hell about us . Im also like trump says, what do we have to lose . Im also saying with them, do something for us. Here you have decade after decade of redevelopment, done changed the name with lawyers and consultants and all of these niceties used against the community. So we need remember to implement community reform. Flipflop and drop it and everything that you did in past has to be reorganized. You guys have been talking about millions of dollars going for this and goes for that, but what about the community . Not to say what you have already done to the black community in the fillmore and now the rest of city has seen what we have seen in this city for over 50 years through redevelopment, renewal, we call it negro removal. And i hoping that im bringing my point across i think i mellowed out a little bit about going to the doctor and having surgery. Im able to deliver my message in a way that it could be received. But the deal is outmigration from this administration from room 200 and filtered down to the City Department heads. Therefore, these developers are oh, there is a new situation in the city . We have to adhere to whatever things that are going on with the migration and it aint going to cost that much. You would rather have that than have me put together some briefs and sue and stop everything because it can be done. It might be fun. But the real issue is here we as blacks are in a state of emergency here in the city of San Francisco. Thank you. No other cards . No cards. Does any member of the commission have questions . Comments . Commissioner singh. I just want to know, our Financing Team, i know a couple of people actually. I know mr. Bob gamble [inaudible] sure, of course. If we could have our Financial Advisors from pfm stand up. This is bob gamble. Gary kita hara and also from from joes team and erica was not able to come today, but i believe she sent did somebody from crowells bartling here . Im sorry. So you met erica many, many times before. We have from stehle john and from blalock thank you. From hyper, we have cara, im, katy costner and then we have loni oatum and backstrom, we have do so many conference calls, its like disembodied voices from the phone. If i see them in the hall i probably would not recognize them. Does that provide some context . Thank you so much. You are welcome. Any questions . No . I dont have any questions. I think its a pretty wellstated proposal. There are two different items. Yes . I move it. We have two separate items and i think we can take them each separately because they are distinct actions. So commissioner singh has made a motion for agenda item 5d. The issuance of new money, and refunding tax allocation bonds. Is there a second . Second. Commissioner pimentel has seconded. Please call the roll on 5d. Commissioner members please announce your scrot when i call your name p commissioner pimentel. Yes. Commissioner bustos . Yes. Roll call. Madame chair the vote is five ayes. It is adopted. With the commissions permission, we can have the same motion and second for 5e, commisioner singh moved it and commissioner pimentel seconding. roll call madam chair, the vote is five ayes. 5e. The amendment to the personal Services Contract is approved as well. Thank you. Please call the next item. Next order of business is item 6, Public Comment on nonagenda items. Madam chair. Do we have speaker cards . Yes, oscar jams. James. Mr. James. Good afternoon again, commissioners. First of all, happy belated thanksgiving. Thank you, same to you. We were able to not surpass in bustos group, but we were able to serve 480 people that were homeless with no place to go thanksgiving day and hopefully we can do better next year with commissioner bustoss group were on your tail. The other thing that i would like to say, you know, and i brought it up earlier, we have a lot of programs that came out of model cities. And you know, i look in this audience, and i committed myself to trying to work with my community, and the city to try to make things better. I dont know if i have or i havent, but im trying. But when we were model cities each program that we had, we made sure a representative from each one of those programs came to our Commission Meetings. I dont know if you guys can do that, but it would be nice to have people who you funded, who is going to be requesting funds to at least send one person to find out what is happening within this commission and the city as a whole . Because we need input. I dont know how were going really get people to start coming to these Commission Meetings burke they are important. You know, ace and myself, which it was a lot of people before that use d to come to the Commission Meets and when i came, nobody of this color was on this commission desks were turned over to get people who were being represented to participate as commissioners and things like that. Now we have this, we have the people who care and we had people to me that are more caring about our community than ever before. You know, for us, for you to sit up in this commission and i know a lot of this is volunteer time and we have all volunteered time. A lot of people think you are making money coming up here, but you know, you leave your jobss and things to come and to make this city better and the communities better. We need to make sure that young people start participating in this. I was young when i started coming to these meetings. I was i was about 25yearolds when i started coming and you know, i think a lot of things have changed just by putting your input into things. You know, so i dont know what this commission can do i know we have an agenda out there now that all of the meetings that we had in the community, ocii meetings, the cac meetings and Different Things like that, we dont get brochures anymore that tell people that they are having these meetings. I had to ask jaman today and they have a very important meeting at the board of education and i will bring these same things up. They are having a meeting tonight and if he wasnt here, i would have never found out about this meeting. We need to make sure that meetings that are important to our community are being announced where we have people in our community being able to go to these meetings. You know, this to me is my job to, make sure i can come and a half voice my opinion. But its a lot of people that need to come or should have come then were going to have the audience like we have and you wont have anybody sitting out here, just commissioners that put their hearts into it. We need to find out how to have other people coming to the commissions. Thank you very much. If im rambling, i talk from the shoulders and i try to talk from the heart and please try to understand and read in between what im saying to say. Thank you very much. Thank you for your comments. Let me start by saying that i do appreciate this commission. As oscar said, i think this commission has more respect for the community, has more input not taking away from the Prior Commissioners or anything. But i have been around for over 20 years. But i have seen this one is really balanced and it shows of caringness and im not saying that the last commissioners were rubberstamps, but this Commission Asks questions and the staff brings back the answers and that is a good thing. There is a lot of gamechanges that took place. A lot of gamechanges. Myself, yourself, ace, have changed and hoping and praying that we can get the commissioners to come to the western edition. That has been my primary objective and its not going to stop. Its due time, its overtime. I remember coming to this commission and almost had you there until behind called and she told you shell handle it. She has been handling it and maybe im definitely going to go downstairs from here to have partnership with this agency and others to do a stateoftheart how can you do it . State of the filmore and yours truly ace washington is fully prepared to bring videos, tapes, and interesting subjects. Now the other thing i would like to talk about is maybe i wont. Ill just keep it basic to the outmigration is going to be my campaign for the next few months, particularly since they are getting ready to change over seats in all of the city administrations is the outmigration, because that connects everything that is going on. I just wanted to stop to let you know that i do appreciate this commission. You guys are doing a wonderful job and i know you guys were just that close to the western edition and i think your cord was yanked. So i understand what is happening. You were yanked and now london has had enough time to say lets sit down with everybody and lets partnership and go over what happened in the western edition and how can we change it for the better . So our Younger Generations can see that wow, you commissioners are not like what they read about all the time, what redevelopment has done to urban renewal. Its a new day, new era, but we have no times for errors and the three things i call errors are misguided leadership and failed efforts and i am telling you is undermining the community. Thank you very much. My name is ace, im on the case. Thank you, mr. Washington. We appreciate your participation. All of you. Consistent participation, i should say. Please call the next item. The next order of business is item 7, report of the chair, madam chair. I dont have a report. Next item. The next order of business, item 8, report of the executive director, madam director. Commissioners, just an announcement, on november 29th as you heard in news reports, the court of appeals upheld the lower courts decision to uphold the Environmental Impact report and related approvals from this commission and the city for the Golden State Warriors Events Center and office project. I certainly want to commend the leadership of this commission, the guidance from our mayor, and our sister agencies in that effort. I do want to applaud the efforts of our general counsel and out counsel, tina thomas and assistance from the city attorneys office, for this resounding affirmation and dismissal of the plaintiffs lawsuit. We certainly look forward to the groundbreaking and the addition this event center will have to the vibrancy of the mission bay community. Can i ask a followup . Any word whether the petitioners will petition the California Supreme Court . President rosales, members of the commission, the Litigation Team expects the Mission Bay Alliance to file a petition for hearing with the Supreme Court. And they have until the 14th of december to do so. Actually january. January 9th. They have until january 9th to file a petition in the Supreme Court. They have until the 14th of december to file a petition for rehearing with the court of appeal, which we dont expect, but we do expect an attempt to try to get the Supreme Court to take the case. But as director bohee indicated the project is moving forward, and we expect that permits and other activities to continue early next year. So that we can begin the project. Okay. [ inaudible ] no, no, no. They have until january beginning the january, the Mission Bay Alliance, to file a request toed to the Supreme Court to take the case. We expect that they will ask the Supreme Court to review the matter. We dont believe there are any grounds for the Supreme Court to take the case andment the Supreme Court has basically a couple of months and if in the unlikely event they were to take the case, it would be many more months of litigation. The project moves forward in the meantime . Yes. Okay. Next item, please. The next order of business is item 9, commissioners questions and matters. Administrate chair. Madam chair. Does any had a question or matter . Commissioner pimentel. For the meeting in january, would it be possible to move the time and Many Community members have asked if the time can be changed from 6 00 to 8 00. Certainply through the chair we can poll the availability of the commissioners and check the meeting available . We havent published any notices yet for the special meeting. Historically when we have been in the bayview in the southeast it has commenced at 4 00, but certainly commissioners if you have heard from folks that they would like it to start later we would be open to that to ensure community participation. I attended the parking lot meeting last weekend. It was heavily attended with community members, who voiced their opinions on the location of the parking lot and the impacts to the community. So im looking forward to hearing more of their opinions in the upcoming months. Thank you. Does anybody have another or any other matter or question . No . No . A christmas party, [laughter ] hint. Please call the next item. The next order of business is item 10 closed session. There are no closed session items. The next order of business is item 11, adjournment. Administrate chair. The meeting is adjourned at 2 59 p. M. Very event [ gavel ] very efficient. Working for the city and county of San Francisco will immerse you in a vibrate and dynamic city on sfroert of the art and social change weve been on the edge after all were at the meeting of land and sea worldclass style it is the burn of blew jeans where the rock holds court over the harbor the citys Information Technology xoflz work on the rulers project for free wifi and developing projects and insuring patient state of at San Francisco General Hospital our it professionals make guilty or innocent available and support the house Senate Regional wearout system your our employees joy excessive salaries but working for the city and county of San Francisco give us employees the unities to contribute their ideas and energy and commitment to shape the citys future but for considering a career with the city and county of san francisc commissioner avalos the carry of the commission allergy joined by cynthia pollock and to my far rest by commissioner commissioner campos and well be joinld shortly by commissioner mar and our clerk is major madam clerk, any announcements . Yes. Electronic devices. Completed speaker cards and documents to be included should be submitted to the clerk. Very good thank you and wed like also to express my appreciation for sfgovtv staff jesse larson and phil jackson for broadcasting and recordings todays meeting madam clerk to our first item and. Second item. The ava
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