Business plan is that right now for new facilities, distribution, stuff that we cant fund through Revenue Bonds, we have to pay cash. And so this gives us a vehicle to debt finance using our revenue. And so we are unable to do that on any new facilities. So, that was the thinking of trying to make the power enterprise. We always had the ability for clean power, not cleanpowersf, but clean power, we have that authority already. But as barbara and they have said, we are separating the business units, or we have hechi and we want clean power to stand on its own. So we started having clean power, you know, at a really relied on the power enterprise and initiation or the start, but now we have it where its true and not codependent, so we want to continue that. Right. I understand that. I just was surprised to first learn about the power Revenue Bonds charter amendment, you know, at a board meeting, frankly. This is the first ive had it explained. I approach appreciate it. I have a number of questions. So, basically this is a line of credit. Yes. In simple terms. Im fuzzy on the Agreement Terms and one area the where am i here the line of credit, i dont mean the line of credit where just a sec. Oh, the debt service ratios. Why is it lower, why is it than our other enterprises . Right. Because we wanted the maximum flexibility that we could have for compare. And then for the l. O. C. Fees, with the range of the percentages, 1. 85, how does that coexist with the Debt Service Coverage . Ok. So, depending on the Debt Service Coverage, so, lets say we are in the middle of this agreement and barbara and mike come to me and say eric, we have a great opportunity to procure power at a low cost but they want a letter of credit to back up the commitments under the agreement, which is not uncommon. I would say ok, let me look at our financial statements, let me look at what our Debt Service Coverage ratio is, and if its above 1. 50 we get the best terms under the agreement and we pay j. P. Morgan 1. 85 to issue that letter of credit. If our ratio is below that, if its between 125 and 150, we pay a little more. If its above 120, we pay the higher rate. Ok. So, is that the Debt Service Coverage in the we dont have that for clean power. So that would be the power enterprise. Its actually clean power. Thats a very good question. So, for the purposes of the agreement, any outstanding credit as well as the loan to the power enterprise are considered debt service, thats whats being compared to the net revenues. Ok. Uhhuh. And getting back to the basic loan from the power enterprise, has clean power paid that back . Theres a schedule of repayment and clean power has made the payments on schedule. And thats over how many years . Its a fiveyear loan. Thank you. I have one more question. Trigger and what is the estimate time you think clean power will have its own rating . A track record of operations, a track record of c. C. A. S growing and being successful, a number of them have approached Credit Rating agencies to receive Credit Ratings. We have talked to a number of agencies as well. They are working their arms around how to rate these entities. I cant give you an exact answer. What i can say is the terms and conditions of this particular agreement are consistent with an investment rated enterprise. So, if we operate in these parameters, it will enhance our ability to secure ultimately an Investment Grade rating. Thank you. I think we had a motion and second. Some discussion. Any Public Comment on this item . Hello, 350 bay area. Thanks to mr. Sandler, mr. Heinz, ms. Hale and their work. To commissioner vietors point and the discussion that happened, we definitely want cleanpowersf to have its own Credit Rating so we can use the existing authority to issue Revenue Bonds versus general Obligation Bonds to build stuff, Energy Infrastructure that we keep talking about over and over. So, anything that we can do to get that Credit Rating, which we definitely made very clear to staff, we are supportive of and to the extent that this holding to this for a year or two might get it done, we really need that Credit Rating. The power enterprise does not want to take the weight cleanpowersf to the commission and the advocates have had for many, many, many years now. I think the question which hopefully could get elaborated a little more now is how the cash reserve covenant that was mentioned will impact local buildout. I know in the i cant remember the name of the financial document but kind of the allocation of revenues Going Forward through i think 2022 that we had originally seen maybe last year, i know that investment in what was called supergreen projects or local build was starting i think in 2020, and we raised a bunch of heck about that at the time how we needed to get started sooner than that, based on what i just saw. It looks like the accumulation of reserves might go well beyond that, and this covenant through the early 2020s unless i would assume that excess revenue could not be diverted to such projects until after that. So, if it pleases the commission, i would think that its useful to, to discuss how this financial agreement will impact our ability to, will positively impact our ability to build our credit worthiness, but negatively impact our timeline. Thank you. We did not have a motion or second, so can we have one, please . So moved. Second. Any other Public Comment . All in favor . Aye. Opposed . Next item, please. Item 12, approve a plans and specifications and work contract number wd23 2838 for amount not to exceed 5,965,300, for e the good afternoon, president kwon, commissioners. This item is before you because we have only received one bid for this construction contract, this contract is to address taste and odor issues at sunol Treatment Plant from local water sources. If we have negotiated with the contractor, and its still roughly 10 over the engineers revised engineer estimate. We will continue to negotiate, if the Commission Approves this item, we do need, we actually received five contractors picked up packages. One of the contractors, one contract in sunol valley for the system, another contractor chose to bid on moccasin project, and the other contractors were nonl. B. E. And did not choose to participate. If we went out to bid again, i dont think we would get additional bidders. This project is also Time Critical because we have scheduled mountain tunnel shutdown for january 2019, and so we would need to get this construction substantially complete before we could do mountain tunnel shutdown for additional repairs. Ill move the item. Second. Thank you. Discussion, commissioners. I have a question. Why is there such a vast difference between the original engineers bid and the revised . To be honest, the consultants estimator made a mistake and left out several items. Any Public Comment on this item . Ok, lets vote. All in favor . Aye, opposed, next item, please. Item 13, discussion and possible action to authorize the general manager to consent on behalf to the Development Agreement between the city and county of San Francisco seawall lot as i relates to the matters under the jurisdiction, consent to the mission rock project Interagency Agreement and seawall and monitoring and reporting program. Good afternoon, deputy general manager. Title speaks for itself. Another Development Agreement. This is mission rock, giants, across from the stadium. Its been in the works quite a while and we would like permission to sign a Development Agreement. Ill move the item. Second. Discussion, commissioners . Any Public Comment . All in favor, aye. Opposed . Oh, Public Comment . We have time. Now we are all looking at you, all right. No Public Comment . All right. All in favor, aye. Opposed, moving on to closed session. Read items prior to calling Public Comment. We will hear item 16, anticipated litigation as plaintiff. Would you like to call for Public Comment . Yes, Public Comment. For matters to be discussed during closed session. Do we have anyone . Ok. We have a motion on whether to assert Attorney Client privilege regarding the matters listed below as conference with Legal Counsel. Clarify item 17 is not being heard under closed session, so only, you are entering closed session only for item 16. Item 17 is not being heard. Move to assert. Second. All in favor . Aye. Opposed . All right. Motion not to disclose. Aye. Ok. Next item is item 20. Other new business. Anything, commissioners . I would just like to bring up something, it would be nice to have our, our screens working again. Yes, it would. What do we have to do to make that happen . A hammer. From my understanding, i think the equipment is old and its hard to get parts, and i think they are scheduled to put new systems in, but i dont know when. I can check. I can relate to the comments about being old. Replacement parts are hard to come by. Can i make a request . Can we prepare a save the date for the Second Annual golden pride event . Can we do that . Because still, i was speaking with colleagues, and they did not have it calendared. What is the date . Second part of my twopart question. Oh, sorry. I think its may. Right . But if we could get a save the date to distribute that, it would be kind of awesome. The monday before memorial day. I would have that information, im going up country to moccasin and talk about the golden pride award in the event, and so, did you go to c. D. D. . Im doing that tomorrow. So by tomorrow you will have because, but yeah, i think we should send out save the dates but while you are up there, i think we should hand stuff out, because a lot of folks dont receive email. My hope is we will receive some branding, if you have a conversation on some low go and, but when i was speaking with some of my colleagues, we did not have it calendared. My hope is well have a save the date distributed and hard cope and electronic, as a formal commission. If theres no objection. Nope. No, good idea. Perfect. And tomorrow we are tabling it, i think. Yes. Golden pride. Are you going to be with me at c. D. D. . I think you are in a different location. I think im in southeast. I know. C. D. D. You are going to c. D. D. , im going to moccasin, and just came from millbray today. Ok. Go where we are told. Any other new business . Thank you for your service. My pleasure. Any other new business, commissioners . Nothing else . Public comments . Public comment. Ok. This meeting is adjourned. Thank you very much for your time, everyone. So move. Second. In all favour . S aye. Opposed . Item three Public Comment and executive session. Any Public Comment . Seeing none. Ok. Executive session. May i have a motion . So move. Second. All in favour . Aye. Great. Executive session with Legal Counsel [inaudible]. I make a motion i move that we not discuss closed session. Second. All in favour . Aye. Ok. Pledge of allegiance. I pledge of allegiance to the flag, of the United States of america, and to the republic for which it stands, one nation, under god, indivisible with liberty and justice for all. Please be advised that the ringing of and use of cell phones and other Electronic Devices are prohibited at this meeting. Please be advised that the chair may order the removal from the meeting room of any persons responsible for the ringing of or use of a cell phone, pager or other similar soundproducing electronic device. Please be advised that a member of the public has up to three minutes to make pertinent Public Comments on each agenda item unless the Port Commission adopts a shorter period on any item. Item eight, Public Comment on items not listed on the agenda. Is there any Public Comment . Ok. Item nine, executive directors report. Good afternoon, president brandon, Vice President adams, members of the commission, members of the public and port staff. Im Elaine Forbes, the executive director. And today before we get into what is a really exciting agenda today, i would like to announce our own allstars at the port who wons the employee of the year. Every year we hold an event. We call it the breakfast of champions. And we did it this year on january 17. And this is a peerled Award Programme where managers, sub ordinants, supervisors nominate and eligible port employees evaluate and select. So every division has an employee of the year and we also have teams of the year. So just to announce all of our winners, Kerry Anne Joseph is our winner from the finance and administrative division. He is a key accountant on staff. He is koch tent. He is competent, he is behind the scenes and he is quite excellent in the work he produces. Hes had a big task with the city moving its Financial System to new Financial System and he has been on the front lines in making sure that works for our port organization. So, congratulationss to curian. Theres photographs up so of some of the winners. The Maintenance Division winner is alex chung. Alex is considered a favourite among the crass. He is somebody who helps them get through their work. He is constantly helping all the crews, whether it be the wharf crew, the laborers, the gardeners with barricades, fence panels, the plumbing shop, the iron shop. He has a cando at tuesdayer and is a friend of all. Congratulations to alex chung. In the maritime division, mike is up there. Mike nernie won this year in maritime. Mike has overseen the cruise industrys growth to record levels and very stable levels. He was recently elected as an officer of the cruise the west organization, important Cruise Association representing cruise ports from vancouver to ensenada. He is the host of many port events. Mike is wellrespected for his work with the u. S. Navy, coast guard and is the face of the port at numerous diplomatic and civic events. Congratulations to him. From the planning and environment division, the award goes to carol bach who is pictured up there. Carol was an instrumental part of the waterfront land use update team which you will be hearing about at the next agenda. She cochaired the resiliency subcommittee, which had six Public Meetings and hundreds of Public Comments for over 10 months. She has secured numerous grants for us, and competed in multiyear, multimillion dollar brownfield investigation and remediation and with a key component and partner in the pier 71 work. She is involved in the eco centre as a seawall Resiliency Team and shes lead negotiation to clean up many contaminated sites. Carol has made quite a mark here and so congratulations to her. In the real estate division, Kimberly Beal is a dedicated property manager who protects the interest of the port every sing day. She is very meticulous and pays attention to detail and is an excellent communicator. She is new and has made a mark on the real estate team. Congratulationss to kimberly. And two of the the executive Division Award was really from the port staff to our city attorneys. With kylene mali being the head of the team. Port staff gave the award to our city attorneys. Arlene leaves a highly effective, small team of lawyers who have completed volumous documents for pier 70, and for the mission rock project that you will see today. We really couldnt be rehabilitating and providing new neighbourhoods without the skillset of our attorneys and they have really allowed us to create the thriving neighbourhoods that are planned. They are tenacious. They are hard working. I dont even want to tell you about all the hours theyve billed this year. But they are tremendous value to us and they have very strong integrity, smarts and endless stamina. Congratulationss to the legal team. Ok. We have an award called above and beyond, which is really not about port work, but a port employee who does something above and beyond for either his community or the community. And this year staff nominated edmond lucia. He has taken on work with children and is a surrogate father to a relatives sofnlt hes generous and collaborative and sharing his knowledge and expertise and he is a standout person in assuming his duties in the community and in his family. So his coworkers wanted to honour him. That is not edmond up there taking the award. That is dan mcguire, an iron works supervisor accepting the award on his behalf. Congratulations, edmond. And then we have our manager of the year and that went to meghan wallace. That is new award and meghans employees, not just one, put in an award for her and asking her to honour the abilities to motivate the team, to really provide excellent supervision and Quality Assurance and to just get the best out of her group and they were all saying that meghan is just a delight to work for. Congratulationss to meghan. And the team we have two teams that won the award this year. The first is our Human Resources department. Which is pictured on the top lefthand corner. And this is a highpowered team that this last year brought in 50 new port employees through the hiring programme. This group has amazing accomplishments in terms of onboarding employees, providing for dealing with grievances and m. O. U. S and the team is levina holms our h. R. Director, suzette love, helen chan, lenai atkins, eliza and priscilla and terry jorgenson. And theyre pictured up at the top lefthand corner. The final award went to our pier 70 team pickeder on the bottom of the slide there. And you know its a large number of folks that provided for our pier 70 approval. Started 20 years ago. If we could all give a hand and acknowledge these employees. [applause] thank you. That concludes my report. Thank you. Commissioners, any questions or comments . Is there any Public Comment on the executive directors report . Thank you, everyone, we really appreciate all your wonderful work. Bye employee of the year. [applause] yay [applause] item 9b, commissioners report. Commissioners . Anybody have anything to report . No. No. All right. Item 10a, request approval to issue a request for proposal sewly sitting Technical Support services for mission rock and special use districts. There any Public Comment on item 10a . Commissioners . All in favour . So move. Oh. Can i have a motion . So move. Second. All in favour . Aye. Resolution 1802 has been approved. Ok. Thank you. Item 11a, request adoption of environmental findings including a mitigation, monitoring and reporting programme in a statement of overriding considerations pursuant to the California Environmental quality act, to approval of the disposition and Development Agreement with seawall 337, associate l. L. C. And the attached forms of master lee Development Agreement and parcel lease for development of sea wall 337 bordered by china basin, the foe bay and mission rock street. And adoption of public trust consistency findings. Request con sent tos zoning amendments, Commission Special rock district over 348, third street, rock street and San Francisco bay and related amendments to the citys general plan and, two, approval of the mission rock design controls. Request approval of amendments to the [inaudible]s use plan. Request con sent to Development Agreement between the city and county of San Francisco and seawall lot 337 and associates l. L. C. For project. Request approval of memorandum of understanding between the port and other city agencies regarding inner Agency Cooperation for the mission rock project. Request recommendation to the board of supervisors to, one, establish authorized issuance of bonds and otherwise implement subproject area i1 to i13 within project area one of the city and county of San Francisco, infrastructure, financing district number two and to establish one or more special tax districts. Request one approval of memorandum of understanding between the port and the citys controller and treasurer and Tax Collector to implement the financing plan and disposition and Development Agreement and, two, recommendations to the board of supervisors to appoint the Port Commission as the agent of the infrastructure and [inaudible]ed district and one or more special tax districts. Request approval of 10year lease with china basin and ballpark company l. L. C. For parking and special event use of pier 48 located east of Terry Francois boulevard and north of pier 50. Whoo hoo. Amazing. [laughter] thank you, amy. Wow. That is quite a mouthful. Well be hearing more about those items in a few minutes. Good afternoon, president brandon. Vice president adams. Commissioners. My name is phil williamson, senior project manager for the port of San Francisco. Very pleased today to be before you seeking your approval of the eight resolutions that amy just read into the record. So today im going to be talking and building off the report that we provided last november to you, the informational presentation on this project. And ill be introducing after that kind of update, since well, what weve accomplished since that november meeting. Ill be introducing rebecca to go over the projects finances and the deal terms and shell be followed by adam vanderwater and carly payne from m. T. A. To respond to the questions you raised in november, neighbourhood impacts from the project. And then ill come back at the very end to sum up and repeat what amy just went through to remind you what were all voting on today. Heres the slide that should look familiar by now. This slide will change over the next 10 years. That area outlined in pink will dramatically be altered to bring a new neighbourhood to the waterfront. Over the last 11, 12 years, weve been very busy, and your continuous support and given us so much good advice and direction to get us to this point in time and i just wanted to kind of remind you where we all started and what lies ahead over the next few months. Today is an important day for you to seek approval of the transaction documents and the resolutions and recommending this project forward to the board next month in a few weeks and then following that, going to the state to seek their approval of the documents. [bell tolling] so today with good makeser and a great team, well build this in the next 10 years or so. So quite a lot to look forward to. And to remind everybody in the audience, i think Everybody Knows by heart now what the project programme envisions. I want to highlight the 40 Affordable Housing, which is just an amazing accomplishment that this project has as a goal and that the project team has agreed to. Weve had help from the city to achieve this goal and help from many people to get to that very, very high mark of Affordable Housing, spread across multiple income levels. You know, the various needs of the city on housing have been wellestablished and this project will go a long way to helping meet some of those needs. Also eight acres of expand parks will bring the public to the site and create a very vibrant and new part of the waternraonlt will add to the ports portfolio. Phase one of the project shown here in blue includes that china basin park and four development parcels. It is currently anticipated at this stage that we Start Construction in 2019, next year. There will be some preliminary work on site before that to improve the site, to improve the soil, conditions of the site. The first major kl ux begin one year from now with subsequent phases to build out as Market Conditions allow. And as i mentioned, becca will go into this in much greater detail. But this project has multiple Funding Sources and a very complex, financial picture. Ultimately creating a feasible project and i just want to highlight some of the goals of the and the results of that financing package will be to limit developer capital to the appropriate amount, to maximize Public Financing, to help reduce that developer capital. And also to allow opportunities for the port to invest money in the project and earn a return. And as i opened with, as the project since november has the project team since november has been busy. Primarily negotiating the documents for the project. But also going to some other important milestones of the promise, including submitting our major permit application to bcdc and presenting all the large documents to the state Lands Commission for their review and consideration, presenting to the ballpark and Coordination Committee and getting feedback from that group that is in the neighbourhood that will be the subject of this project. And getting nam approval from the p. U. C. Commission, the Development Agreement. As mentioned, negotiating numerous documents with the help of port council. At this point, id like becca to talk about the projects finances. Thank you, phil. Rebecca benacini. Very pleased to be here, summarizing the returns all the parties. The reason were all getting involved in this is not only to produce this wonderful neighbourhood, but also to make sure that the investments weve all made in our time and dollars will be well compensated. So i wanted to note that the developer return and investment at the site is identical to what was shown in the november 2017 informational presentation. Theyre anticipated to achieve an 18 i. R. R. And youll recall that this project has two key return threshholds for the developer, including the multiple. So, in the base case performa that were running today, the governor of the return either the 18 or the multiple and it is 18 in the base case scenario. So theyre anticipating a 18 and 1 30i8 on the multiple investment on the site. The port cash flow we segmented into a couple of different Revenue Streams. We showed the annual rent under senate bill 815, there is one segment, which is unrestricted, meaning we can use it for whatever we want. There is also a restricted segment and under that state law, they must be used for key policis that we have anyway, which are open space and Historic Preservation and shoreline. So those two Revenue Streams are above 600 million in nominal dollars through the 75year term of the parcel leaves. And youll see it is about 70 million. And then we also have other real estatebased revenues and ive included in that revenue stream, not only transfer fees and other fees we get over time from the parcel leases, but ive also included the c. F. D. Special taxes, which onces the c. F. D. Special taxes are used on the promise and arent needed for the infrastructure, the port has the abilities to keep those in the district to use for other capital projects. [coughing] including any number of public facilities we might want to invest that money in. Finally down below, ive included the Public Financing sources for shoreline so it is unique in this project and we were able to establish as well to places a special tax on new development in the site to be forward to shoreline protection Going Forward. The site is being raised to account for Sea Level Rise. But we are also anticipating there may be other improvements to be made off site or on site in the port dlaikt may not see as much growth that we have here. We can use the revenues from this growth at this site to benefit other areas of the ports shoreline that may not have access to those sorts of funding. I wanted to point out whats changed since november 2017. Its all Revenue Streams that werent projected in november of 2017 because they werent as certain. Now that weve negotiated the documents, we can project with more certainty interim rents. So these are rents from ongoing use of the parking lot while development is Going Forward. This is interim rent from pier 48 and this is also rent from the d2 parking structure that we were able to project. So, in november 2017, when we were last before you, we were at about 60 million of all these Revenue Streams. Now that we included all the Revenue Streams in the documents, were up to 76 million. You can see the total playing out there. The other key change is in the Public Financing from shoreline. This wasnt including some of the year 31 through 45 Revenue Streams that now that weve completed the i. F. P. And submitted it to the board for their committees consideration, we can project those outyear tax increment revenues and through the i. F. P. , if the board approves it next week, well have those Revenue Streams to use for shorelines anywhere in the ports i. F. D. District. Overall its a happy picture from where we were in november 2017 just projecting Revenue Streams that we now have more of an abilities to project now that the documents are complete. I want to oh. Oh. I almost forgot about my charts. [laughter] these show the Revenue Streams coming in over time. Many of them are growing at what appears to be a normal pace. The outlieer on this is that mountain in the middle. The middle represents tax increments that the port is able to receive as a payback for its prepaid lease revenues that it puts into the deal. The parcel leases that are signed to the extent there is prepaid revenues that are put back into the project to repay the developer for the infrastructure, we could use tax increment in the out year to get that value back for the port. And then the second bump in that mountain is when that turns into public facility serving. At first we get our money back for putting our land value into this particular project and in the outyears, well be able to use that revenue for o. P. P. Er needs in the ports i. F. D. That means we can use that tax increment for public facilitieses that support the ports shoreline and we use that as revenue as well. Well bring it back for questions and im sure adam and carly went go anywhere. Good afternoon. Director to beser. Im adam van de water. You asked about our framework that we called the southern bayfront. We friended to you some time ago now back in january and may of 2016. But our office negotiates a number of Development Agreements both on public and private property throughout this sector. This is about a fivemile stretch of San Francisco from Mission Creek to the brisbane border and we started this entire process some years back with the recognition that we are negotiating a future development but recognize there are already 36,000 people who live in this shaded yellow area and about 23,000 existing employees in this area. Some of whom i recognize in the audience with us here today. But on top of that, were looking at a number of large developments. There are numerous developments that are collective and substantial. But from the mission rock project were discussing today, through the north, chase centre and mission bay, pier 70 which were quite familiar with and other projects that are both approved, candlestick point, Executive Park and then that are forthcoming at the former power point. These developments, just these nine squares will represent at full buildout of 20,000 new households, onethird of which were aiming to have affordable, 38,000 new jobs and the equivalent in space to golden gate park. Throughout our discussions and throughout all of our Development Agreements, we target add number of key te thans for citywide public benefits. Those include Housing Affordability and i mentioned aiming for a 33 affordable rating to a variety of area of incomes, low to moderate. Enhancements to transportation. Were looking to transition large parts of this neighbourhood from its industrial path to mature, complete neighbourhoods with reliable transportation. Sustainability, representing leading standards for building design, site design and Sustainable Energy use. Adapting for Sea Level Rise and future flooding throughout this area. Providing Community Facilities and that can be anything from schools and policen fire stations to community centres. Open space, both for passive and active recreation and then Workforce Development opportunity and i should say were joined here today by a number of my colleagues from the city family, from the planning department, from the workforce side of our office and Workforce Development and forming the sets of approvals that are in part before you today to reach those goals. Mission rock, im pleased to be here before you today to request the approvals working with the project sponsor, your port staff and our city departments. Weve put together a very robust set of public benefits. You heard phil mention 40 affordable. This is a new High Water Mark for the city. A range of very moderate, median incomes. Ill invite carly payne in a moment to talk through the transportation investment, both the site design and serving the site and the surrounding neighbourhood. We have a number of sustainability measures built into the approvals, including Building Energy use, vehicle trip reduction, water recycling and waste diversion. The entire site will be built to accommodate 66 inches of Sea Level Rise plus 100year floods and pay into the community facilitys district for shoreline protection throughout the port jurisdiction. There is a route to improving the Historic Resource at pier 48 and to including 15,000 gross square feet of Community Facilities on site. Well be expanding china basin park, creating a new park at Mission Rock Square and channel wharf for a total of eight acres of open space on what is currently roads and parking lot and a bit of existing china basin park. And then working with my colleagues on another robust set of Workforce Development projects and first source hiring Administration Programmes and a 1 million contribution split between the workforce site of our offices programmes and some Community Benefit organisations that serve the neighbourhood to really get local san franciscans working on both the construction to our city build programme, but also on enduse programmes for landscaping and Building Maintenance and security and other needs as the project develops. With that, i want to turn it over to carly. [please stand by] and then beyond that, we also have many, many very localized Transit Service improvements and bicycle and Pedestrian Safety and intersection improvements that are on the way, and so this is really the network that were building off of and taking as kind of the context for the mission rock project as its being built and when it is built. The negotiation framework for transportation within the southern bay front and as applied to the mission rock project as four components. One is site design, making sure that the project is really designed to promote walking, biking, taking transit, and not just internal to the site, but through safe and continuous connection between the site and the existing surrounding neighborhoods. And i think if youve seen the site plans for mission rock, mission rock really does that quite successfully. The second is Transportation Demand management. This project has a commitment of reducing or not creating 20 of auto trips as compared to what one would assume a project like this would generate just based on our modelling and assumptions. And it does that through a set of amenities and programatic features for those taking other modes for most of their trips and its not just that theyre saying that well do that and we like the project team and well do that but theres also an ongoing compliance and monitoring program, so its a project between the city over time to make sure that the measures in place are actually working, and if they arent working, putting into place other measures that really might work better or reflect future technologies or options that we havent thought of now. The third is something that we expect from any project in San Francisco, which is mitigating impact on our Transportation System from the project, and so this project has things like putting in new signals at several intersections that will support pedestrians safety. And then, the last one is payment of the transportation fee. And youll note that mission rock submitted its initial applications at a time when it wasnt subject to the current level of transportation sustainablity fee that was available in 2015, but through negotiations the project has greed to pay the full level of transportation sustainablity fee, which were estimating 40 to 43 million over the buildout of the project. And this is money that comes to mta for transportation improvements not on the site but beyond the site. And you may recall from conversations around pier 70 that mta has agreed to looking at the fees from mission rock and pier 70 together as a bundle of funds and to reinvest those fees not citywide but in the areas between mission rock and pier 70 and theres a list of representative projects that the community has identified and mta and the project have agreed are real priorities, and they generally fall along the lines of really reinforcing tline capacity and reliablity and the operations that were investing in, closing gap in the bicycle and walking network, bus Capital Improvements in the area and water transit. And because these fees come in as over time as Building Permits are drawn, weve also committed to seeking other funds to advance these projects so that were not waiting until the very last Building Permit is pulled to complete the transportation investments in this area, and so that, i think gets at some of the questions that had come up last time around transportation, but i will be here for any other questions, so i will turn it back to phil for the rest of his presentation. Thank you, carly, thank you, adam. Were almost done. Just wanted to remind you how we started out, ending approvals, and then going to the board on february 13th for the first of their two meetings to approve the project. [ inaudible ] youll be asked to approve the youll be asked to consent to the citys responsibilities under the Development Agreement which the tuc recently unanimously approved. Youll be asked to approve the mou and the interAgency Cooperation agreement which is the agreement that the port will enter into with various city agencies, including the puc and dpw or public works, excuse me. A few more. You will be asked to recommend that the board establish ifd project area and a special text direct. Thank you. Youll be asked to approve an mou with the controller, the Tax Collector and the treasurer and recommend the board appoint the board as agency of the ift and the special tax district. And finally, youll be asked to approve a tenyear interim lease for pier 48 for the continuation of todays current uses that while the port and giant seek a viable longterm use for pier 48. So that concludes my presentation and the presentation of city staff. At this time, if it pleases you, id like to invite up representatives of the developer, the giant, to say a few words, as well, if thats okay. So with that, can i invite jack ajack jack and fran up. The port team represented the project in whats before you, and i didnt want to go back over that. Youve heard a lot about mission rock over the years and i wanted to make my comments more general to the day, sort of almost like Public Comment. Today represents a very important milestone that simply cannot be underestimated. The journey has been long, and there have been some detours long the way, but we have finally arrived at this very significant moment. This project is the result of a tremendous amount of thoughtful work but many dedicated people spanning more than a decade. First, it involved years of working cooperatively with neighborhood leaders and other stakeholders to formulate the Land Use Plan and address a variety of issues from Affordable Housing to child care to Sea Level Rise to transportation and so on. Second, it involved leadership from mayor ed lee and his staff at the office of economic and Workforce Development, and a host of other city agencies such as mta, planning, public works, puc, the contract monitoring division, and the Mayors Office of housing and community development. Third, it required strong leadership from executive director Elaine Forbes and her very committed hard working and dedicated team. Fourth, it required the support and guidance of you, the members of the Port Commission, particularly president brandon. Youve played a role in shaping this project from the very first day 11 years ago. I was there, too. Finally, id like to acknowledge the still represented in our outstanding inhouse team at the giants, and our Incredible Team of designers, engineers, financial analysts, and yes, lawyers, who have been part of our giants family. This project definitely took and will continue to take a village. Together, we helped craft a very meaningful and thoughtful project, balancing our many objectives in a smart, workable fashion in achieving something we can all be very, very proud of. With your support today, we can proceed to the San Francisco board of supervisors and achieve the approvals needed to make this project happen. Thanks for everybodys contribution. It really has been a great process, longer than perhaps we might have wanted to see, but weve resulted in a project that i think we will all be very proud of in our professional careers. Thank you. Thank you, jack, and thank you, Port Commissioners