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the legislation, but strike the provision requiring that any net pro seeds from the sale of t.d.r. from tfer lots, again, transfer lots of some 450, that that provision be strin. thank you. stricken. thank you. good afternoon, my name is charles coleman. up until two months ago, i was pastor of old st. mary s cathedral and got transferred from my religious community in austin, texas. i m glad to be with you this afternoon. i worked on this project for the last eight years prior to that in terms of getting old st. mary s seismically retrofitted and off the u.m.b. list. i m here to assure you that regardless of what the legislation states or will state, all these proceeds that come to old st. mary s will basically go into historical preservation and renovation of the building. we have completed the second phase which completed all of the technical seismic work, the exact seismic work. we still owe a debt of $518,468 on that phase, which is completed. that would be the ....
set unused development potential could be transferred to another lot. we restricted it to transfer into the area around the transbay terminal because we wanted to move development south. it worked splendidly and it s time for a comprehensive revision of the whole t.d.r. scheme. my remarks should not be interpreted as in any way in opposition to old st. mary s. they re very worthy of the scheme that has been developed, but this legislation goes far beyond what is needed to take care of old st. mary s. the concern is the t.d.r. scheme worked because we were telling owners of buildings that they couldn t use the development potential of their site, they had to keep the building that was there, but as compensation, they could sell their unused development potential. we re very concerned that requiring those proceeds to be used for maintenance undercuts the rationale for the t.d.r. scheme and i think will inhibit the continued workability of the t.d.r. scheme. that provisi ....