Was not dlofrdz until i reviewed the loan document and brought it to the council more and more wills this was a mistake that had been made in 1994 unfortunately yeah. Do you have any questions i want to raise before the impanel supervisor bustos thats not here. I have questions so when we make this loan there are interests payment that have to be made were those payments made and the Interest Payments under the loan are only made in it was in default and custodial due otherwise no interest payment. No Interest Payments so thank you sure. Supervisor bustos is not here obviously he had a a lot they couldnt avoid and was committed to before articulating on the commissioner duty he expressed a concern from his prospective he was concerned that a building on balm i didnt was being returned to the market and was very generosity impressed but worried and concern ill put this on record this is perhaps not an answer to freud would that asset essentially when its sold it is sold in the open mark
Commissioner singh we have a second commissioner mondejar please call roll. Commissioner mondejar commissioner singh supervisor bustos is absent arrest madam chair rosales madam chair the vote is 3 is and one absent. Okay seeing the item passes thank you please call the next item the next order of business is continually authorizing the amendment to the transbay option for the purchase and sale of Real Property to take related actions to facilitate the Transbay Joint Powers Authority and golden sacking by a subject to the approval of the board of supervisors of the city of San Francisco the Oversight Board of the city of San Francisco and the California Department of transbay project area decision and action madam director. Thank you madam secretary commissioners im sure youre aware of the transbay redevelopment will project area has a number of agencies with Core Missions certainly the topple is key mission to assure the fill construction of the Transbay Transit Center and the commiss
And the called department of finance to determine it is in the best interests board of supervisors acting a protective body it remains the effort authority to review the material to the ocii Affordable Housing those actions will happen later this month and early december i want to point out you have a revised reducing resolution in front of you basically, we made editing changes and fixed some type were recommending approval of t the First Amendment and we may make some minor changes Going Forward as we near the end of the transaction im here as well as at representative if the Transbay Joint Powers Authority to answer questions thank you. Thank you do we have speaker cards. I have no speaker cards okay and do we have questions or comments concerns Board Members of the commission . Commissioner mondejar yes. Id like to hear from the tjpa representatives for their comments. Obviously you need the financing. Im Deborah Miller the egyptian and one of the principles in norwalk this transac
Enclosed that possibility so the board voted in order to comply with Historical Preservation laws and policies it will not move to demolish it even though there might have been an argument the need for greater immensity we might have been able to get the approval from the commission we decided we were working in partnering with the city not to pursue that at the end of the day thats one of the reaps why m mc decided to secondly, it it will be a greater liability for money to take it councilmember their program 80s to rehab the building its a significant sizeable property and it exceeds over 35 hundred square feet more or less so it would cost them a lot of money and really that money can better be spent in stabilizing the services they currently provide into investing the money into higher immensity the other way of commissioner bustos the m mc about bring 35 units on the market at the expels of one that will be sold in the open market to answer your question. Thank you okay any other
Redevelopment plan area the under the redevelopment dissolution it is an enforceable obligation that occ is assumed to go before the Oversight Board and the called department of finance to determine it is in the best interests board of supervisors acting a protective body it remains the effort authority to review the material to the ocii Affordable Housing those actions will happen later this month and early december i want to point out you have a revised reducing resolution in front of you basically, we made editing changes and fixed some type were recommending approval of t the First Amendment and we may make some minor changes Going Forward as we near the end of the transaction im here as well as at representative if the Transbay Joint Powers Authority to answer questions thank you. Thank you do we have speaker cards. I have no speaker cards okay and do we have questions or comments concerns Board Members of the commission . Commissioner mondejar yes. Id like to hear from the tjpa r