All right, good morning, everyone. Welcome to the San Francisco board of supervisors budget and finance subcommittee meeting for wednesday, april 16th, 2014. My name is supervisor mark farrell, i will be chairing this committee. I am joined by supervisor john avalos. I want to thank the members of sfgovtv covering this meeting jennifer low and bill dill on as well as the clerk of the committee, ms. Linda wong. Madam clerk do we have any announcements . Yes, mr. Chair. Please silence all phones and electronic devices. Completed speaker cards and copies of any documents to be included as part of the file should be submitted to the clerk. Items acted upon today will appear on the april 22nd board of supervisors agenda unless otherwise stated. Okay. I appreciate everyones patience this morning. We will get through this agenda as quickly as we can. Madam clerk, can you call item number 1 diderction item number 6 . Time number 6 is resolution authorizing the San Francisco Municipal Transport
Issuance there to, having a public hearing with the director of public finance. Elaine ford, support staff. Just as a bit of contextual information, the port starting in 2010 reentered the bond market after a bit of a hiatus due to increasing our internal Financial Capacity and also with the support of the Mayors Office and the board of supervisors to make more investments in capital, in our capital infrastructure, and the intention of the Revenue Bond Program is really to invest in larger scale investments and with your approval today will be at about 100 million since 2010. The city issued cops on our behalf in 2013 around this will round it off. You did previously approve our ability to issue bonds in the amount of 25. 3 million in may of 2013, you gave us access to the citys commercial Paper Program which allowed us to keep phase ii of the cruise ship terminal on target. The purpose of these bonds is phase ii of the cruise ship terminal and also to make improvements at pier 31 in t
city. events that market san francisco to a global market have an effect and benefit beyond the event itself. while the america s cup will be wonderful for the city, there s also a way of getting a word out there we have an incredible city and world class waterfront and some of the changes coming about because of america s cup will help us for generations to come. we wanted make sure that you know we support this and urge you to approve the recommendations that are before you today. thank you so much for your time. thank you. norman pierce, is this for 9-a? go ahead. norman pierce. i m a sailor and staff commoner and big supporter of this project from day wufpblet i m so happy it s gotten to this point. anticipating positive response from you as a group of people because there s an awful lot of citizens here waiting for this day to happen and we re looking forward to this big event that will hopefully bring other events like this to san francisco, revitalize our waterfron
repaid by the rents that the port will retain over the long term. under the former long-term agreement the port was going to give up $3.9 million in rents on an ongoing basis and by getting being able to retain those rents, we have added deck capacity as elaine forbes will explain in more detail. so our recommendations are to approve the project, that would allow you to approve the lease disposition agreement and authorize the port executiver to epter that ageement. following that approve the form of venue lease. if commission takes actions there are additional permitting steps that are required and contracting steps that are required both through the port and some of the permitting agencies. we expect we would be back in front of you to provide regular updates about what s happening over time and with that, i want to invite mike martin to come up and briefly talk about some of the acoc security issues, insurance issues to protect the harbor fund and general fund. thanks, m
so our recommendations are to approve the project, that would allow you to approve the lease disposition agreement and authorize the port executiver to epter that ageement. following that approve the form of venue lease. if commission takes actions there are additional permitting steps that are required and contracting steps that are required both through the port and some of the permitting agencies. we expect we would be back in front of you to provide regular updates about what s happening over time and with that, i want to invite mike martin to come up and briefly talk about some of the acoc security issues, insurance issues to protect the harbor fund and general fund. thanks, mike. good afternoon, commissioners. mike martin, america s cup project director from the office of economic and workforce development. i definitely want to echo the words plaintiff benson that s been an extraordinary effort to get here and i think we re all pretty excited about what s taking shape