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Time to slow down and take stock. The goal is meeting god himself in the flesh. Are we ready for that . Are we prepared and how can we prepare . We all know the wonderful christmas poem that begins twas the night before christmas. But today we will say, say, twas the month before christmas and all through the house. The month before christmas is a season of advent. All throughout the house, the school and the church, we can be preparing ourselves and our families for the deep meaning of christmas. Advent is known for educational weeks. Our guests are two experienced catholic educators who will help us understand what we can do in the home, the school and the community and in our hearts to make a great christmas. Advent is not the shopping season. A wise priest said, far more important is the obligation to unwrap our hearts to live life as christ wants us to. We will take a brief break. After this, please join us to discuss advent, our pathway to christmas. Hello and welcome back to mos ....
Clearly, the p3 developer and the short term lenders are anxious for an on time or early delivery of the project and early delivery of the project also saves the p3 developer money and increases the potential. And i would also say that again, we are looking at a p3 with a design contract component to achieve greater certainty in terms of cost control and delivery schedule and i will mention that i worked on a p3 project for a toll road in northern virginia, 1. 9 billion, and it opened this year, not one single change order in that contract. Very important in terms of cost certainty and delivery. We mentioned risk allocation. And brian mentioned the fact that Hazardous Materials and now that was actually a factor in procidio for the military base and that was a list that the cal trans, typically accepts, but the list here for the project sponsor, with the high water table and so one of the risk allocations could be if there is ....
P3 developer, could be as many as 30 firms in a joint venture group. But the p3 developer forms a limited Liability Corporation ration. And the people often ask me if, a private entity will have a higher Interest Rate charge, and a higher cost of capitol than a public agency. And i will tell you that the procedio parkway with the Short Term Bank construction loan with the loans, short term and long term as well as the equity by the developers and the weighted average cost of the capitol, and less than 2. 5 percent. And obviously they are very competitive with the tax exempt financing. Now clearly there is a repayment obligation on the part of the project sponsor and that is the upper righthand side to repay, i am sorry, below that to repay the stake holders to pja to flow all of the funds to pay for the payment of ....
This forward now, and i think that with the phase one, we should shift the focus of this board to phase two, and when we reemphasize what scott noted with regard to last years mlu, that this project extending cal train and high speed rail to the transbay center, is the top priority in the region along with the bart to san jose and i think that was, as scott said really significant as was the designation of this as a project to secure the next round of the new starts funding and reemphasizing that the northern terminal of high speed rail will be at the Transbay Transit Center not at fourth and king and i think that is, i think that is significant. And it was a significant statement from the region and i think that it is certainly in San Francisco, in the regions best interest and we need to be working towards getting there. So, i think that obviously there is a lot tha ....
That this project extending cal train and high speed rail to the transbay center, is the top priority in the region along with the bart to san jose and i think that was, as scott said really significant as was the designation of this as a project to secure the next round of the new starts funding and reemphasizing that the northern terminal of high speed rail will be at the Transbay Transit Center not at fourth and king and i think that is, i think that is significant. And it was a significant statement from the region and i think that it is certainly in San Francisco, in the regions best interest and we need to be working towards getting there. So, i think that obviously there is a lot that was covered in that presentation and it was great. And maybe, we want to kind of schedule forward, drilling down in to some of the areas that the director metcalf mentioned. And i ....