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Affordable housing incentive of 35 percent for the transbay 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 ....
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 couldnt avoid and was committed to before articulating on the commissioner duty he expressed a concern from his prospective he was concerned that a building on balm i didnt was being returned to the market and was very generosity impressed but worried and concern ill put this o ....
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 conce ....
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 t ....