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
Term repayment source, for a 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 amendme
At that time, and early 2015, we have the cash flow needs and we need to certify the contracts and keep the project moving on schedule to maintain our schedule and we did as many as you know, did request from tifia has far back as 2012, that we be able to draw down on the loan earlier, and perhaps, in proportion to the amount of land sales that already had been achieved after months of discussions, they were not able to accommodate that request. But they did agree to amend the loans to allow us to pursue a bridge financing to get us to the tifia draw, point. And that was, a key item to be able to bring this transaction to you. We began to talk to tifia in 2012, about this issue. And this, it has allowed tjpa to maximize the sale prices for the former state owned parcels and block 8 that will close next october for 70 Million Dollar Purchase Price was put out to bid, originally in 2011, and received a high bid of 14 Million Dollars. And so, we made the decision at that time, to put off
Slightly ahead of schedule and keep it on the trailer and park the trailer in the storage lot and bring it out to the project as they need it. And obviously it is close timing between feeding the project with the steel arriving and because we dont have especially for the size of the elements we dont have the storage on site, later when the train gets poured and the floor slab for the finished trades there will be more room to stage the material on there and the bus deck and the roof deck for the specific activity and not for the structural steel. That is what makes it more complex, and a lot harder. Any other questions . Okay. Directors that concludes my report. Thank you very much. Okay. Next up on your agenda is your Citizens Advisory 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
Residential sb not boring bland mission bay too, but im sure youll be working on that. The design issues that are addressed in the approval are all important to us, adding more bicycle parking would be very important to us and the use and operation of what is going to be called a Community Space on the roof is very important to us. The developers been given an extra floor of titlement in exchange for this being a Community Space and we want to make sure that it is truly usable for the community. We do want them to come back once theyve continued their negotiations with staff and we do want to see this to be a really outstanding attractive project because we think it really i dont remember the exact phrase in the design for development, but it was something about you shouldnt exceed your civic importance. You remember that, tiffany . But this does have civic importance and really should stand out in materials and color and just a feeling of attraction to mission bay and well look forwar