The first item . The first order of business is item 1, roll call. Commission members please respond when i call your name. Commission mand har is absent. Commissioner [inaudible] present. Commissioner sing rr, here. Commissioner booustoes, here. Madam chair rosales, here. Commissioner mondejar is absent and all other members are present thmpt next order of business is item 2, announcements. A, the next regularly scheduled meeting of november 3, 2015 is held at 1 p. M. At city. Announce of prohibition of sound producing Electronic Devices. The rings of and use of cell phones, pagers and similarly sound producing Electronic Devices are prohibited at this meeting. Please be advised the chair mayordser removal of the meeting room of any persons responsible for the ringing of or use of cell phones recollect pagers or other sound producing Electronic Devices. C, announcement of time allotment public comability. Be advised the member of piblic has up to 3 minute to make Public Comment on each agenda item unless the commission adopt as shorter period. It is strongly recommended that members the public who wish to address the commission fill out a speaker card and submit to the Commission Secretary. The next order of business is item 3, report on actions taken as previous closed session meeting if any. There are no reportable acs. The next orbd rf obusiness isite 784, matters of unfinished business. There is none. The next order of business is item 5, matteroffs new business consisting on consent and regular agenda. First the consent ajnda, 5 a apruchbl of minutes the regular meeting of august 4, 2015 and 5 b, authorize Second Amendments to 2 personal Service Contract with hawk engineers inc. A California Corporation to provide infrastructure Technical Support service, one under Hunters Point ship yard phase one dispotion and development agreement. Had rks ps phase one in the amount of 134 thousand dollar frz a total contract amournt notd to exceed 234 thousand dollars and two, under the candle stick point and hundred iters ship Yard Development agreement, hps phase 29 in aadditional amount of 166 thousand dollars for a total contract amount not to exceed 290,000. Hunters ship yard redevelopment project areas bay view munt r Hunters Point. Resolution number 612015. Madam Deputy Director. Do we have speaker cards on the consent calendar . I do. Mr. Ace washington. [inaudible] just a second. Thethis is ace on the case. I have very important announcement today. First of all it gives great haun toor come today and see a very fresh face. Not that the rest are stale, but new. [inaudible] someone that i recognize and identify as i call a new era. A new era to city government. I feel that has the desire to know on both sides what we deal with and have in wrun the pris aegisagys formally known as redevelopment ocii. [inaudible] welcome to redevelopment. I very confident now. I am here in city hall to make an amounsment to the city and couny and the world. Ace washington and now created a communication that will fill the void we have in the city. [inaudible] do we have other speaker cards on the consent calendar . I do not. Thank you. Do we have questions, comments, motions on the consent calendar . From the commission . There is a motion by commissioner bustose. Can you call the roll . Commissioner members announce your vote. Commissioner [inaudible] yes. Commissioner mand har is absent. Commissioner sing yes. Commissioner buse tose, yes. Madam chair rosales, yes. I have 4 aye and one absents the consent calendar is adopted. Well change the line up, can we call item 5 i i believe it is . The next item is 5 i approving a resolution of intention to approve a contract between the California Public employees retirement system, california pers and the Successor Agency resolution number 682015. Madam chair. If we can defer to our deputy exectev director. Thank you. Commissioner this item is presented by [inaudible] our Deputy Director for finance administration. Chair rosales, my name is bree [inaudible] deputy direct frr finance and administration and im here today to present to you resolution of intention from california pers. So, as you know the Redevelopment Agency provided Retirement Benefits to employees 33 a contract with cal pers and as part of disaleutian law it says all existing contracts remain in force and continue to the agency of the Successor Agency, however cal pers has recently clarified the possession and asked all agencies enter into a new contract to maintain existing Employee Benefits and continue them as they are with no change to the benefits themselves. So, the first step in this process is knh to you with a resolution of indention and what this does is it acknowledges the commissions approval of oc oorks i desire to move forward with entering into a new contract with cal pers and allow the employees to approve the new contract. So, we spent a lot of time communicating with our employees about the stat thofs contract and what the election means oon september 17 we had a all staff meeting and gave out a hand out summarizing the process and the terms of election and what they are voting on and met with the labor partners flaub nob to discuss with them what the election is and what it means for the employees and the unions will hold a Membership Meeting on october 27 so we can support them in briefing the membersism should the commission choose tew prove the resolution before them today there are a number of steps taken. First the Commission Secretary will certify your action today. Oci oorks will administer the election and following the election the Commission Secretary wim certify the result squz acknowledge the aneral cost of inpension benefits. Following that the Commission Secretary well certify we are in compliance [inaudible] subitam all the forms tocal pers and will provide with a final resolution we will bring bathe commission for your consideration and approval cl is final action to enter into a agreement with cal pers should that be [inaudible] the new contract will be in force. Here to answer questions if you have any. Thank you. Well take Public Comment first. Do we have speaker cards . I do, mr. Ace washington. Who has left the room. I have no other speaker cards. Okay. Does a member orphthe commission have question frz staff on this item . I just want to know what [inaudible] you are not a member the [inaudible] the Redevelopment Agency was a member of pers and all the employees received benefit through pers. We have been continuing to pay our annual supplement to pers to continue to funds the future retirement cost, however, the contract with pers says Redevelopment Agency and they want a contract that says the Successor Agency to the Redevelopment Agency at the top. The content of the contract and the cost of the benefit squz benefits provided to employees all remain the same the only difference is it says Successor Agency to the Redevelopment Agency. [inaudible] i also am. Not anymore. I am a former City Employee and as a former City Employee im a member of pers. Other than you, anybody else in the department . Any city employ whee sense transferred to ocii is a member of per and all ocii employees who are doing work for us under the work order with General Service agency are also members of pers are all the other departments also the member oaf pers . Every employee in ocii is a member of pers not ociii other departments all City Department employees are members of ocii with exception of [inaudible] part the state pension plan going back through the employees with more sinierty or members och pers but following pension reform in the 90 no safety employees are members of spers. I dont think i heard it referred to a [inaudible] fl is a motion by commissioner booustoes. Second by commissioner [inaudible] can you call the roll. Commissioner members please announce your vote with you call your name. Commissioner [inaudible] yes. Commissioner maund harb is absent. Commissioner sing h, yes. Commissioner bustoes, yes. Madam chair rozaulest, yes. I have 4 i aye and one absent. That is adopted. Can you call innext item on the regular agenda items [inaudible] next order of business is item 5 c, d, e and f related to the mission bay bonds allocation and heard together but acted separately. 5 c approving amended budget for the period july 1, 2015june 30, 2016 to increase by a amount not to exceed 135,000,000 dollar bond proceeds student received by the Successor Agency and to increase its Expenditure Authority by 135,000,000 and authorize exectev direct toor submit bunlt to the Mayors Office and board of supervisors. Action and discretion resolution 622015. 5 d authorize issuance of tax allocation refunds bonds in aggregate principle amount to exceed 125,000,000 and approve and directing the execution of indentured of trust, a bonds punchs contract and redemtion agreement and approval of other related documents and actions. Mission bay morth project areas. Action and discussion, resolution number 632015. 5 e, authorizing the issuance of new money and refunding tax allylication bonds for the Mission Bay SouthRedevelopment Area project area, aggregate principle amount not to exceed 45,000,000 and 155,000,000 respect rfbly. Approve the execution of first supplemental trust bond purchase contract and redimption [inaudible] mission fwai south redevelopment project area. Action indiscussion resolution number 642015. 5 f, authorize the issuance och tax allocation bonds for the Mission Bay South redevelopment projects area in a aggregate principle amount not to exside 90,000,000 and approve and direct the execution of a indenture of trust and bond purchase contract. Approval of oretd related documents and actionsment Mission Bay South redevelopment project area. Action and discussion resolution number 652015. Madam thank you commissioners. John daigal or senior financial analyst will present this item for your consideration. Good afternoon. Member thofz commission. My name is john daigal and senior financial analyst for the ocii. Items 5 c, d, e and f, before you are relate today bonds financing for mission bay north and souths projiectareas. Item 5 c amend the ocii budget to allow for issuance of new money Mission Bay South bonds and expenditure of 135,000,000 in proceeds mpt the bauds are not included in the original budget because the sides of the baids couldnt be estimated at the time. This is regarding ujcertainty of the 2015 d bonds. That that time we were in the early stages of consideration and a lot of things were unclear how they can bestructured. The bonds provide new money for mission bay infrastructure funding. Item d authorize said issuance of the mission bay norths series, 2016 a. 5 e authorizes issuance orphMission Bay South series 2016 b tax allocation refund bonds not to exceed 1 fine million 115 million and [inaudible] not to exceed 45,000,000. Item 5 f authorize issuance orphmission bay souckt series 2016 d subordinate tax allocation bonds in several stages not to exceed 90,000,000 the reason that 2 issues can be combined in the 2016 b and c are combined in a single item is because they are on the same credit. When the bauds are sond the t is a single statement and both bond are listed on that. The reason that 2016 d is not included is it is a subordinate bond on a different credit and also will not be offered in a public sale. Each of the 3 bonds authorizations approve key bond documents necessary to seek over site board and department of finance approval the transactionsism theyulse approve underwriter selection recommendations, set limits of financial parameter squz drecktd staff to proceed with the actioning to advanss the transaction. I like to address the refunding opportunities. The 2 refund bonds are 2016 a and b. [inaudible] very low market Interest Rates. In each case the proceeds of the refunding bonds are use today discharge the old bond. The lower Interest Rate on the new bonds result in savings on depth suvs over the life of the bonds. Mission day north and south are independent stand alone credit so tax from each project supports only the on bond. Twen 16 a item 5 d is mission bay north baurnd and 2016 b included in 5 e is the prosed Mission Bay South bond. With Interest Rates at lows 6 bonds could be refunded 4 mission bay north and 2 in south. [inaudible] total about 90,000,000 out standing and yield savings of 21. 4 million which is savings of about 8 and a half million. The 2 Mission Bay South candidate total [inaudible] savings of sish. 8 million andprint value savings of 6. 3. Ocii debt policy established guide lines for net present value refundsing saichbings of 3 percent for each refunded bond and allows flexibility dependent on circumstances. Staff is proposing to consider including any bond with positive savings. There are 3 reasons, first rates are extreme lows and unlikely greater savings are realize for lower rates. The large size the transation meanathize additional cost of adding a bond is low. Third reducing the number of bonds [inaudible] that said, under currents Market Conditions the present value saingeings for each candidate raisk from 7. 3 percent up to 12. 2 percent. Well above the 3 percent guideline and expect that to be the case as woe go to market probably in january. The resolution approves the issuance of [inaudible] money bond series to provide reinbursement of cost in Mission Bay South. Allows development of the project to continue without delay. Series 2016 c not to exceed 45,000,000 is included in 5 e with Mission Bay South refunding bonds. This is a straight forward parody bonds issues under 2016 b. Series 2016 d may not exceed 90,000,000 is addressed in item 5 f. These bonds are issued subord noont other Mission Bay South bond. This moves payments to 20 staen 16 bond holdser are made only after payments are made to senior Mission Bay South bond. The bond are not offered in public sale but private praisment to find Security Exchange commission regulations. The perform on thf bonds are dependent on the properties with construction completed or soon to be completed but not yet on the tax rolls. We can issue a parody bond based what is on the tax rom but there is a lag between incompletion of the project and getting oon the tax roll. This is taken to maximize the funding provided and development in future tax increment that can be taken advantage of now without waiting until the years get on the tax rolls. The debt uvs is lowing in early years to offset uncertainty regarding the timing of assessment of the completed projects [inaudible] sufficient tax increment available. Final Interest Rates on the bonds are grud in negotiation with the investor or investors. [inaudible] also included in the items before you. July 7 [inaudible] Underwriter Panel on the due date 10 days later 8 proposal were received and reviewed by a panel consisting on bob gamble of pfm, ocii Financial Advisor [inaudible] San FranciscoControllers Office and myself. The panel evaluated on the following criteria, experience selling california tax allocation bonds post disaleutian, the number and size of rel vens and primary personnel. The depth and quality the discussion of the proposed bonds the underwriters discount. The panel considered ocii local business and Small Business enterprise contracting goals. The panel made the following recommendations series twen 16 a bond, Global Market incorporating is managing underwriter [inaudible] stenseen securities as comanagers. Stenson is San Francisco [inaudible] i would like taintroduce and welcome alex [inaudible] Vice President for city group local market. This is his first transaction with us in my 10 years here. Peter wong senior [inaudible] lanoodem, ceo of states and securities. I should point out stenson is a San Francisco [inaudible] series 2016 b and c bond [inaudible] is the managing underwriter subject to your approval and baxter [inaudible] will be the comanagers and [inaud