Sitting in and note this director baptiste will be absent due to scheduling conflict. Directors,il call roll. Director emeltansy. Forbes. Present. Director lipkin. Why present. Director ruiz. Present. Director seyed. Present. Vice chair mandelman. Present. Next item. Item 3 is communication. We would like to note the process for the public. Members of the public may comment on the meeting during Comment Period in person or remote the line is a courtesy and availability may be disrupted due to technical difficulties or otherwise. In person comment first. Remote comment taken after. The public call in line is agenda dialing instructions scrolling on the bottom of the screen on sfgovtv. Are there communications . I will check for public ment in the room. I will check online. Seeing none online i will proceed to the next item. Director item 4 is Board Directors new and old business, im not aware. Item 5 is the executive directors want and director adam van de water will present the item. G
Long term loan like tifia with a 35 year plan and, we have a rating for a 35 year loan with tifia and it is not a mature, credit, yet. Though. And we received our first tax increment this year, about a million and a half dollars over the next four years, until 2018 and it has paid it that we will collect about 9 and a half million in net tax increment and so not enough to go out for a short term loan. On our own and be solely backed by tax increments. And the tifia loan does have conditions for disbursement and the two key conditions are selling 429 Million Dollars worth of the former state owned parcel and we are at 222 million now with the sale of parcel t, last year and 2013 and the block, 6, 7, this year and we anticipate reaching the 429 next fall, when blocks five and eight close in september and october respectively, dem nation of the full funding for the project and you will recall, approving the tifia amendment this past may, and under that amendment, the formation of the cfd,
Committee update. Board members and executive director, thank you once again for allowing us the opportunity to address you. I wanted to alert you to the fact that our last Board Meeting as in previous ones, we have been helping set the agenda, and the staff especially scott bula has been extremely responsive in bringing to our agenda each of these items as we request them. And among, our concerns that we will be watching in the future was with the federal elections kevin mccarthy, of course, becoming House Majority leader, is an opponent to cal and to the high speed rail and as nancy pelosi was our great advocate and that is something that we will keep watching all of the time and in contrast to that the giants ceo and the mayor have addressed an interest in possibly having a San Francisco olympics and so that may further add to the help behind the project and both the vice chair and myself sit on the vision zero team, and so we are very interested in making sure that there is no acci
Improvement and where is the leadership . I believe, we need to make that west end or i am sorry, the east end work and connect across. Should the bart go through our transbay depot . Nobody is talking about that. And should they build another tunnel or should we build another tunnel over to alameda, i will be glad to serve in the committee, no cost and i have my ideas and i think that we need to think forward and the board is missing an opportunity or failing in thinking beyond where we are today. Thank you. I think that mtc is hiring inaudible to do the long range stuff looking at that and i believe that is what i heard, i dont know. I believe. And they have just started. I believe but a study was conducted almost, probably in the late 90s, on a second to, parallel to the tube and just for an fyi for the board, our station is designed to accommodate a rail crossing with a parallel tube to the east bay, i mean that we could accommodate the capitol corridor and assuming that the high s
Million in net tax increment and so not enough to go out for a short term loan. On our own and be solely backed by tax increments. And the tifia loan does have conditions for disbursement and the two key conditions are selling 429 Million Dollars worth of the former state owned parcel and we are at 222 million now with the sale of parcel t, last year and 2013 and the block, 6, 7, this year and we anticipate reaching the 429 next fall, when blocks five and eight close in september and october respectively, dem nation of the full funding for the project and you will recall, approving the tifia amendment this past may, and under that amendment, the formation of the cfd, which you have been hearing about, in other board meetings is sufficient evidence, for tifia of the full funding for the project and the bonds do not have to be sold yet, but the formation of the district is sufficient to demonstrate the full funding to tifia. The project is defined as phase one. Yes, it is just specific t