Payment will be due and clarified in a proposed amendment weve added language to exhibit f. In the unlikely event that this type of delay occurs. If the develop or chose not to issue this perform bond the completion of Housing Units and finally we added the subordinatation agreement says that any lenders to the project would be required to first sign which states the lender would still be subject to the Development Agreement with that ill turn it back to ken. Thank you. Thats the conclusion of the presentation. If you want to do questions for us now or hand it over to the next presenter. Its up to the committee. Do you have any questions . No. Okay lets bring up the next presenter from bl a. Good morning supervisor tang and cohen and we submitted our report on monday on this proposed Development Agreement and i believe that the office of economic and Workforce Development has adequately described the agreement. One of the things about the ordinance before you approving the agreement is
Happy and proud that we found another way to move forward with this project. So in working through kind of rescuing the project our strategy was to achieve a market rate of return so the develop or had incentive for the project and giving us the Community Benefits we needed and as you can see on the slide we accomplished this we revisited and tight ened the Public Benefits package and prioritized it and made sure we were getting the most important benefits and de emphasizing the lessor ones and approximately the 50 million that we lost from redevelopment and you will hear more about how we did this further on in the presentation. You see up on the slide the basic diagram of the project. Its 12 blocks on 20 acres it started out with the remediation of the entire site and the San Francisco department of Public Health this has been underway over the last several years and is nearly complete and the develop or will be required to put in all the new roads and other infrastructure. 15 percen
Citys economy is expected to expand about 985 jobs an average annual number. Including an average of 340 construction jobs during the construction period and post construction employment gains are associated with the higher personal income in the city and also the employment needed in the non residential part of the project to support the new population and thats a summary of our report. Be happy to take any questions that you have. Seeing no questions thank you mr. Egan for your work on this project. So madam chair id like to go ahead and move into Public Comment if possible. All right so Public Comment is open just want to remind you you have 2 minutes. First we have nelson please come up to the podium nice to see you. Thank you good morning. Glad to be the first one here just to kind of get it moving because its been a long time took us a long time to get here and to get to the end of this but thats a good thing because we know theres some consistent cy and today hopefully get to th
Good morning everyone to my right is supervisor david chiu and id like to acknowledge staff today and i guess first before we begin colleagues is there a motion to excuse supervisor breed from the meeting today. All right without objection and madam clerk lisa miller are there any announcements you would like to make . Items acted upon today will appear on the agenda unless otherwise stated. Thank you and madam clerk can you please call item number one please. The schlage lock project. What we have before us today has been informed by an Extensive Community process the participation and feedback began over 13 years ago and weve had exactly 18 Public Meetings about this project everything from design principals and design controls as well as Community Public benefit. After the closure of the schlage lock factory to develop a plan for the reuse and revital ization and concluded with the adoption of a redevelopment plan zoning changes that detailed a master plan to help guide change on th
Franciscos borders extend further than they think and we must act collectively. Transportation infrastructure changes cut me off but i do speak in support of this project thank you very much. Thank you very much. Next speaker. Jim. Good morning committee. My name is jim growdin im affiliated with the Visitacion Valley Planning Alliance and green way and both projects are there to better Visitacion Valley and im i came here today to ask your support in the funding of the project. Thank you. Thank you very much. Good to see you good morning. Next we have mat and after mat is marlene tran and then jonathan and fran martin. Good morning everyone. I just want to speak on behalf of residents and neighbors who couldnt make it here today. Wed like you to approve this development and feel its a huge impact to our community. Thank you. Thank you very much. Mat. Good morning supervisors. Delighted to be here to once again endorse this acquisition theres 3 key reasons i want to draw your attention