Allows for collaborative management while ultimately maintaining port control. While the mechanics of the park and how they are managed or customized, the far park will be incidenintegrated into the manat of the parks. It will have a variety of responsibilities that will be memorialized through a concession agreement and vary from daytoday responsibilities, such a coordination of maintenance and security crews, to programming and special events. Annual responsibilities will include delivering key documents such as the operating the operating budget and the performance report. Both of which will be subject to port approval. The parks plan identified periodic responsibilities that include Housing Community meets and coordinating with port staff. The Management Entity will manage the following concession opportunities, two restaurants, four retail kiosk and one rental kiosk, estimated to be 7,000 square feet in space. As you know, programming and activation is a key been provided through this parks plan. Its envisioned this plan will occur at china basin park and mission rock square. This slide shows examples of what small, medium and large events would include, such as salsa in the park, yoga in the park or childrens reading programme. Media events may include large concerts or seasonal activation. On pages 2122 of your staff report, a detailed matrix outlines the number of events that can occur within the park. It should be noted that medium to large events cannot exceed more than 100 event days in each of the spaces. Of those, 24 can be ticketed and 18 can be private additionally, the total number of paid ticketed events and private events cannot exceed the number of prePublic Events in the same fiscal year. This provides the operating budget at the closeout and we project well have a 5 million operating budget. Revenue keys for maintenance and utilities and for programming and other expenses. All revenuegenerated on the parks will be subjected to the following allocation. First to budgeted operating opeg expenses and to Capital Repair reserves and to the extent the capital reserves are funded, they may be al lowe low kateed e fund. On the phase one budget and parks plan, i want to mention the district scale blackwater treatment plan and District Energy system is proposed to be run by a nonprofit entity that would run those two systems. In order to support the formation of that nonprofit and with support from sfpuc, we will be presenting a resolution of support for nonprofit status for this entity. This will help them to get lower cost financing to build facilities within the buildings and they would then be able to charge lower better rates to the utility customers, being the apartment dwellers as well as office tenants. Those will be provided on september 24th. Scenscenesubsequent to that, wee work on park Design Review anticipated for early october p. Then schematic Design Review through advisory committees would come back to the Port Commission for approval in december. Prior to that, well be working on the parks and open space agreement. The contract between the port and Management Entity to manage parks. We anticipate coming back for that item in october. And that is the end of the presentation. So looking forward to Public Comments and all of use comments. Thank you. We have one Public Comment. Bruce edgett . Good afternoon, executive director for berks s, president brandon, commissioners. My name is bruce agette and im speaking in support of the Mission Rock Development. For identification purposes, im a native, a tenyear resident of mission bay and a rep on the south neighborhood association. Over the past seven years, i have worked to be involved in the planning process for the Mission Rock Development. Together, we provided input on this project which helped to shape the project we see today. It strikes a delicate balance on the amount of parks, desperately needed housing, neighborhoods serving retail and office space. This brought together an amazing and Diverse Group of experts to fine the optimal mix of Land Services mixed land uses providing neglect to ensure success and delivery of her project. As important the elements of this project, the developers are key. The San FranciscoGiants Organization will enfir inspire. The open space is a perfect example. We provided input to the components of the open space and to ensure was included in the first space of the development. The giants listened and found a way to make it happen. Just a few months ago, we were invited to provide additional input mission bay is a developing community. Housing is being built but as we know, its the activated open space, retail, services, activities and restaurants which create community. We see this with stage coach greens, miniature golf and a wakwalk along area on fourth street. It is crowded and at capacity. When mission bay and mission rock are built out, we will have 8,000 residences. The 6. 5 acres of open space provided in mission rock will fill a need, helping to create and enhance a development a vibrant community. We see this throughout the city and this is what is needed here. Movie night nights, marketing ay other activities. With this said, we have a parking lot and community desert on the waterfront. Please provide the necessary approvals allowing the Mission Rock Development to move forward. Any other Public Comment on this item . Im director of the contract division. First of all, i want to thank the commission and staff for their continued and strong support of the lbe community and participation. I, too, like many here have been working with the giants and the ports since 2008 on this programme and i want to make sure that you all know that mission rock team and in particular, phil and boris and bosco and his team have been particularly dedicated on getting all of our lbes as much as possible on to this project. I wanted to let you know that have shown a full commitment on trying to get more transportation, especially as we move from the planning stages to more of the actual vertical and buildout. And again, i just wanted to thank you again and well be working continuously with the mission rock team. Thank you. Thank you. Are there any other Public Comments on this item . Good afternoon. Director forbes and president. Im the director representing the office of economic and Workforce Development and i want to thank you and your support of the programme and give you a quick update. With the work weve been working with the giants and mission lock team and a lot of exciting developments, not just to help with the citybuild economy that trains sa San Francisco residen, preparing them for construction work, but we are using this opportunity to supplement whats currently going to expand our programme. As the mayor has said, we dont want to leave anyone behind, through our partnership and efforts, looking at new ways to develop more training so that way workers in and out of the programme are ready for the work happening in mission rock, not just for this development but the expansion happening that will be happening at the port. I want to come up and say thank you for your support and i want to acknowledge not just the support of the programme but myself, my growth and i appreciate all of the leadership that you have been providing. So thank you. Thank you. Any other Public Comment . Jack, i know you wont miss this opportunity. [ laughter ] i generally subscribe to the view and you stay seated. [ laughter ] bull i will say this has beea 13year odyssey weve been on, surviving an economic downturn. Weve won an election and plotted through a very complex and seemingly neverended approval process. And now were on the verge of finally Getting Started with this project. And i think its an appropriate time to express our appreciation to our friends and partners at the port. And there are so many people, and i cant thank all of them, but i would call out you, commissioner brandon, and ann lazareth who launched this back this 2007, the leadership of director forbes and the support director and mike and becca and phil and all of the Staff Members that worked for a decade. A partnership at this complexity requires smart, dedicated people and we have this on this transaction. I think it shows in many different ways. I think it will manifest in what we build and the community that we have. At mission rock. I want to say thank you to everyone and including our neighbors. I saw bruce speak. I know alice is here and a special thought to corrin woods and she was insistent about the park in phase one and won that battle. Thank you. Any other Public Comments . Seeing none, Public Comment is closed. Commissioner . Well, i think that i have been here not for the entire journey, but since 2011, sit hat has been a long journey and weve had many discussions as phil can attest to at the commission and its staff and with the executive directors in the past, as well as the current one. So its taking us a lot of effort with the giants and jack and now tishman buyers. So i want to commend to everyone that its detailed. There have been changes along the way, but weve figured out how to deal wit changes with th. We cant wait for a brand new neighborhood and to complemen ct what the changes are doing. He was able to give a clear, clairvoyant vision of why this is what the giants proposition is San Francisco is all about. So its not viewed as a standalone real estate project but to build a neighborhood around the park and thats commendable as we look at mission bay as well as the ballpark and fills a gap and the fact we will continue in the later phases to provide the parking and whatever we need and transit interim policies of how we will handle that. So i think its better to see the entire concept vision and not just look strictly at the project itself. Obviously the Affordable Housing is needed and addressed in phase one and we should thank corrin on vision on the parks and weve had vision to say theyre a part of the development in any phase of our development to have it upfront and the Public Benefit is there. I think weve hit all cylinders but its taken a long time to get here and we appreciate that. My only question, rebecca, on the developer return, do you know what the number was originally before we had this increase in cost . Do we have any idea what the original amount of return is and i hope the port gets its return because weve been waiting for a long time. Thank you. And im hoping raven will save me with the number. The return metrics continue to be the 18 around return or 1. 5 invested in phase. Theyre projected to get a 90 million return, based on the peak equity and when the bondses come in. Do we know what the return number was . Thank you so much. So project approvals, their return was estimated to be about 40 million. And the reason its going up, the hue higher cost and anticipd pace of paying them back, we think theyll be outstanding as the bonds come in, from the land bonds and i think theres a third round of bonds as the buildings go up in value a couple years after their completed. Just remind me, in the ports return will be . The ports return will be for the whole project will be 190 million down from 198 million. And the reason for that reduction is that the land value in phase one and projected lan value on the difference between Construction Costs and the value of the building has gone down and as theres less land value going into the deal, the port will get that land value back on the backend and were getting what is equal to that land value and has gone down over time. The fact that more residential upfront in an Office Building would increase that . The more office at this point in time, and as a part of the economic cycle, office is more valuable than residential. Phase one is balanced and theres more residential than we anticipated at approval. The s building is larger than the k building, so providing about 100 units additional to what we anticipated at phase one in approvals. So more residential means less land value as well, as just the dynamic were seeing through the appraisals of these sites, is that Construction Costs have gone up, that the residual land you have has gone down. I want to make a comment to what you said, this will be an actively open space and just wont be developed and the public comes and enjoys it. Its important and were going to be looking forward to see how that set as new model to be an actively programmed space and it is going to continue to be under port jurisdiction, under this joint venture agreement. So thats also exciting to go forward. Thats all my comments. Thank you. Commissioner gillman . To. Thank you. As the newest member of this commission, im excited that i get to be here to help bring this project home. Im excited to see this project get off the ground and moving. I want to commend the team again because in 2015, there were few developers will doing 30 affordable and the giants helped to set that bar for the stars thastandards that we have today. Im excited to see the frontloaded in phase one. I just had one sort of question, comment. I just want to make sure that we put safeguards in around the use and activation of the park. I agree with the commissioner and im very supportive of the activation, both Public Events and paid events. But i want to ensure that folks moving into the residential portion dont have buyers remorse and that we five, six, ten years from now have folks coming to us about the deactivation. I hope it will do due diligence. Let the new neighbors know the existing neighborhood is supportive, just so that everyone goes in with their eyes wide open. I think its important to have this much of the park activated with a variety of things and im very supportive of it. Vice president adam. I have to tell you, one thing about a good presentation is how many people say, um, and not one time did you have any ums in your presentation. [ laughter ] it was very fluid. You knew what you were talking about. A lot of time people use the word um a lot. Jack, you beat me to the punch talking about corrin. She was the conscious of this commission and a lightning bolt. This is so complex and all of the patience and teamwork that went into this and youve heard me say this many times, i think the giants have shown the city what a good Corporate Citizen can be an engage in the community and you have brought the community along with you, right . And you can feel the investment that youre putting back. I want to go back to what commission wohoo said about your commitment and it shows by what youre doing. Like the Affordable Housing and things like that. And i know its been going back and forth and i like it. And also the different mayors. Mayors that have seen this, whether gavin, the late ed lee. Its a transition about people and i like the fact that the people in sanfrancisco, we never use the word i and me but use the word we and us and woke through it. And then the back and forth. Im just moved by this project and want to see it get done right. This project, for future generations, you know,lyin in the city, the average age is 27 years old. The Younger Generation and generations to come are going to benefit by to. The transformation in the city that ive seen in 16 years that ive lived here, this city has transformed. It keeps transforming. It went from, like, the flintstones to the jetsons and keeps evolving, living in the city. The culture, i think, that the gains and what youre going here is set in a different culture that other cities, i think, across the country want to talk about. Because everybody always talks about what they have the bestlooking stadium in the country. But the social, cultural things weve done and i want to say, jack, to you, because ive seen you out in a lot of things that you you are here a lot things other than the giants, the homeless and you know people care because a lot of times as commissioners, we see people that come and theyre here about their own issue. You never see them again. I want to say thank you to your organization because it speaks to the best of what San Francisco is about and im happy about what it is going to be, so thank you. Thank you. Rebecca, thank you so much for this presentation. A lot of information that you guys summarized very well. I am so excited about this project that i wish we could vote today. [ laughter ] i echo everything my fellow commissioners have said but today, it was worth the wait. So i am so looking forward to putting the shovel in the ground and i want to thank the giants and mission rock team for working so well with our fellow city agencies, with ron at cmd, with Workforce Development and really creating opportunities for everyone, not just this project. But for all of San Francisco. So this is just an exciting project and we look forward to the next meeting when were actually able to vote on this item and moving forward and get a shovel in the ground. So thank you. Item 12b requests one final mitigated negative declaration and a mitigation of a programme, an adoption of finding to the quality act, Public Resources code 21,000, for the mixed use development for sea lots 3. 3 and 3. 24 and davis street rightofways on the west side of the valejo street and north of broadway, two adoption findings, proposed by tck, a limited Liability Company for the suit providing numerous benefits to the public trust, threthr