We have a quorum neck general Public Comment shall be followed we will go into closed session and not start the regular Public Meeting before 2 00 p. M. Is there any Public Comment about this item . We are in meeting is back in session. We will recognize a commissioner for emotion regarding the closed session. I make a motion not to disclose. It was seconded to do not to not disclose. Is there any Public Comment . My name is john, i am a 44 year member of our pension scheme. If theres any policeman on our board, you might be interested in what i have to say today. Willie sutton was a Notorious Bank Robber in the 1980s. When he was caught, they asked him why he robbed banks. His reply was, thats where the money is. The Hedge Fund Industry are not bank robbers, but they are modernday highway robbers. The definition of modernday highway robber is by excessive profit by high risk investment. If you ask the Hedge Fund Industry when they rip off local pension funds, they will say, that is wh
For example, healthcare, medical access and Senior Housing and similar to what tonya was discussing on the private equity side, those sectorfocused funds, we think, you know, our data has shown that those sectorfocused funds have generated more than the diversified funds and also gives us and staff the ability to tail tailor the portfolio more than we could if we were looking at diversified funds. Thats an interesting tabernacledynamic,maybe a benefe market. That isnt to say moving away from the funds and theres approaches to having both on the portfolio works pretty well and some of those diversified managers have proven to be good at pivoting from one sector to another and much more nimble than we could in terms of allocating a specialfocused fund. So i think the combination is attractive. Just touching on the market environment, i dont want to spend too much time but similar to private equity and most asset classes, real estate is fully value and real estates across markets and prop
Please be advised that the chair may order the removal from the room for any person using cell phones or any other some producing electronic devices. Belief spee advised that a member of the public has three minutes to make pertinent Public Comment on each agenda item unless the Port Commission adopts a shorter period on any item. Public comment on items not listed on the agenda is item eight. Is there any Public Comment on any items not listed on the agenda . Seeing none, Public Comment is closed. Item nine a. Is executive directors report. Good afternoon. I am the boards executive director. I have one item to report on today and to ask for an in memoriam. I have discussed on april 23rd , 2019, when the Port Commission voted to take action to approve the Navigation Center on a portion of will lot 330, i have worked with the city and the neighbors in the south Beach Community to t2 establish the embarcadero safe Navigation Center advisory group. The purpose of the group, which is a pas
Please be advised that the chair may order the removal from the room for any person using cell phones or any other some producing electronic devices. Belief spee advised that a member of the public has three minutes to make pertinent Public Comment on each agenda item unless the Port Commission adopts a shorter period on any item. Public comment on items not listed on the agenda is item eight. Is there any Public Comment on any items not listed on the agenda . Seeing none, Public Comment is closed. Item nine a. Is executive directors report. Good afternoon. I am the boards executive director. I have one item to report on today and to ask for an in memoriam. I have discussed on april 23rd , 2019, when the Port Commission voted to take action to approve the Navigation Center on a portion of will lot 330, i have worked with the city and the neighbors in the south Beach Community to t2 establish the embarcadero safe Navigation Center advisory group. The purpose of the group, which is a pas
Many things have changed. Investors are asking for higher yield given what they have seen. And given that this development is not just a hotel by itself, but it will include space for dinner theatre, as well as Public Open Space, the file was different for the investor. Investor said, you know, they requirement needs to be a little bit more than what i agreed to. The developer asked us to increase the internal rate of return, and the participation changed from 70, 30 split with the port to change it to 80, 20. So we push back and we negotiated, and what we identified has changed eyes increasing the internal rate of return and that is listed in the slide from number 1 through number 5. [please stand by] year ten and youre 20, that is where we really see a separation between what the part would have achieved in terms of lease revenue from parking, being much below what we would act the Hotel Operation will be doing at that point in time. Looking at it on a net present term. Just for the