Someone live another day. I guarantee that. I guarantee that. 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 si