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
Victor mary confesses might be able to talk about that. Well, we actually discovered when we approached the agency over 5 years ago to try to see if we could have a part of the loan forgiven at that time, navigate we scheduled the item to come before the commission over 5 years ago but we decided that that was better to just let the time run because it was going to be an impossibility it 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 could
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 transaction i have scott the electiv
Legal be combonlt stopped it from the full term caught between a rock and hard place the Mayors Office has identified this as one of four important projects in the Mission District and were working with the, in fact, weve got a meeting with the mayor on thursday to look at feinsteins opportunity to get the project underway. Okay. Thank you do the commissioners have any questions. This loan is going on for a long time is it a loan or grant . Its structured as a loan but it is structured so it can be forgotten at the end of the term if all conditions met in if not due what are the conditions. The Loan Agreement basically says all conditions have to be met and as was alluded to provided permanent jobs and done a lot of wonderful things for the community the bigticket items we couldnt finds inclines for meeting the converting the space or renting out the space for commercial purposes thats the intent of the loan as youve heard they were not able to do that to rent to the tenants. Okay. Tha