Is not included in our estimate but is included in the environmental document. The reason is not included is when the 20 was done for the btx, we want to connect the Transit Center to buy. This alternative variant scope and cost. Moving forward, the alternative will be considering is connecting twostreets according to mtc reports that alternative is to cost between 123 million. So, based on mtc review, there cost estimate review suggests that the phase 2 cost is between 3. 8 and 4 billion. Moving forward, for the cost review, once we complete our delivery report, delivery options report, we would update the project to include the new scope that was discovered. Remove the old school that we no longer were we. Refresh that based on todays market price. We have the quantities based on the bottomup estimate be done in 2010. We need to refreshwe were fresh based on todays prices and we escalate it. We also need to conduct a Risk Management assessment review identified some of the risks we have, quantify them put a price tag on them and update the estimate accordingly. With that, is there any impact or does any of this work, the cost review with the deliberate review informed at all the supplemental environmental document . Something such as the traffic decking would presumably change your traffic profile during construction just as one example. I would think there may have been things that were in the report or things raised in discussion the might of the informed some tweaks to the entire mental document . To my knowledge is limited and thethe supplemental the supplemental document were iterations of the previous 2004 document. The particular item you pulled up was in the original document. Some of it was left out because i might in fact, we were going to build the townsend underground station on caltrans when. Therefore, we were not in townsend street. The supplemental document has moved it back into townsend street to enable development in that area. Therefore, that needs to be added in. It was addressed in the supplemental documents. Where moving back into the middle townsend street nothing else can out of the whole cost of review process . I know they were looking not just the cost of some of these construction method issued. Nothing that came out of that thats not covered including the environmental click we not change the root. Therefore this is the samethese are variations that required mainly by highspeed railroad caltrans which are operational requirements. They are not changing the method of construction. The entire mental document was very clear that even if at the 2004 time that we would not go out of our way to disrupt people. You cant do that. So that has not changed. We have to keep traffic moving. We have to keep noises down. As much pollution as possible down considering were doing and underground job. I dont see any big changes that came up. The meeting last night had no questions about that either. It was fairly smooth public meeting. Thank you. The scope items came out of the cost review. Mike, when are we going towhen this is bored looking at the summary potential adjustments to phase 2 cost estimate and consider when whether or not we agree with them and will put them in the budget . Yes. I like to finish the delivery report and present that to you. Show you the options because if you look at the different delivery options, studies have shown that if you go from a design build to design that you would save approximately 4 . If you go from a design build to ayoull save another 4 . So, in theory if you take a 3 million we have estimated right now and you go to a design build, evidence 2. 8 million. If you go to phase 3 that becomes 2. 6 billion. So, what we need to do is finish the delivery study present that to you. Refresh our estimate. We need to take our estimate refresher to todays prices versus escalated from 2010 prices. As moved. We need to reset it. Maybe sometime later on this year we can present the findings to the board later on this year . Yes we would like to do that. We just need to is all conceptual as you said . We would update our cost based on the scope that we shared with you on the scope items. Any outcome of the process for scope adjustments will include that and will present to you that full picture as we have it today. I mean, i dont get behind the curve on this. Theres a lot going on in days do that we have to start planning on. Absolutely. Part of that planning is to adjust the budget whenever you need to adjust the budget and you seem to be conceding here that mtc has some good points, at least 2. 5 3 million with a good points and bribes that should be done fairly early . Dereferencing which the summary of potential adjustments. You said, yes some of the things we were not following mtcs suggestions. They did a thorough review and for the escalation we would solve that by refreshing the estimate with todays dollars and estimate 5 moving forward. Thats not an issue. The feet adjustments we have to think hard to go from 5 to 10 . The reason i say that, theyre getting 100 million of fees based on the 5 . They would get 200 million of the based on 10 . That additional 100 million we probably could do some outreach, have a stipend to pay them to bed and if we get four bidders, we dont have to take it to 10 . So there some studies we have to do to alleviate that. On the contingency, going from 24 phase 2 when im percent just bumping up percentages. We need to refresh and police percentages i just think would be great to get the opinion of the board and the Advisory Committee on some of these notions rather than way to go that much further down. Because these are abstract notions that you have of how we can do this and you need not wait too long before you can get it sent to the board. I agree 100 . I just want to present you the information. This informationi would like to give you the most recent information to to make a more informed decision. Will do that later this year. With that, alternate over to our Construction Management team. To discuss instruction accomplishments. Good morning, board numbers. Im very excited to show you with the college mens work instruction for this last year. You have seen this graphic. This to have them here that steve rhode has shown in his monthly updates. I put them sidebyside to show you the comparison to the top one being january and the lower one being december. It is interesting when you look at january 2015 we were still talking and this is a very good graphic that we been using but i think this really tells it. 2011, 12, and 13 were focus of excavation. 2014 was a lot of focus on concrete. Report almost 100,000 yd. 3 of concrete in the train bus. 2015 is indicative by these pictures of what happened in the 12 months out there in a few. Its unbelievable progress. A very dramatic. A lot of instant gratification we put steel in place. Its been very gratifying to the point that this is 2015 has been truly the year of steel. Was a very good progress. Now, at this point were over 99 done. Theyre essentially just welding for the most part. We are topping out ceremony that will go into that was just about a month ago. Very exciting and its 225,000 craft hours. Justin steel alone last year to get all this material off. Almost 25,000 tons, which thats about 55 boeing 747s. Each one of those ways about 900,000 pounds without payload was 450 tons. So nobody has to do the math. Theres a lot of work out there. A lot of castings. The machine is completed. They were delivered. On the steel that was offsite fabricated with delivered. All onsite basket consult on. Steel was fabricated at seven different sites. All on the west coast. I still came from the east coast for the most part. Casos came from the midwest in louisiana. All delivered last year. We completed other milestones we talked about going over firstrate also fremont street. July was a loca put together there that was installed during 2050. Some very dramatic architectural features that when in place. We did do other work besides steel. We did complete the train box lower walls, lower con crop course slab is compute the Foundation Walls between the lower cars entry box which we call with three and four are just about there. And theyll lift itself is 40 getting close to 50 on. It was about 20,000 yd. 3 of concrete still poured in 2015 which the signet significant but overshadowed by all the steel. Other items. The decking overall concrete decking on all that steel, when we install those layers the mezzanine, the lower concourse, the bus back, they can get concrete or steel decking. The mechanical electrical plumbing and the Fire Protection as all been roughed in inessential zone and it really just is hitting 2016 will be big. Although fireproofing has started in the lower concourse area. Cmu walls started being installed. In stairs. Theres a picture, another local hayward fabrication site. Thats where our stairs are coming from. About 24 of those throughout the building that looked beautiful after your fantastic quality in all the projects showing up. Jumping over to the bus ramp, the bus ramp project going from the in the upper left where connection to the bay bridge, lower right to the Transit Center. A lot of work by harrison street. Its been retaining walls and such and we go over fulsome, commenting howard as part of the project. This graphic shows the least where most of the work has been to date. Frame for is the cable state. Thats the one that goes over howard street. So, as part of the divide inspection which is the box grade section, the holes were all installed. The entire structure was out of the ground in 2015. Also, all the false work for frames one, three, and four which go over fulsome and howard were installed so we can reach that bridge construction of stems which is because the bridge itself is done into bars. You pour the columns than a stem and then you could deduct on top. Although work progressed very well on the bus that. Then on the cable state itself, the pylon 9 is the ctr. Tower is rising out above howard street. Thats the god of third lift in. Were there to get forth with nursing. There are seven saddles for the seven cables. Eventually to hold up the cable state. There showed up and you can see them in this picture. The saddles, how they are portrayed. Above the retaining walls about the Percent Complete which are mostly upright with this picture shows by harrison street. A lot of utilities were really good. We talked about that throughout the week. That was done. He started installing the conduit for permanent power. Thats a very important milestone coming this year. Clear box 5 as well. Of all the remaining utilities so the properties could be transferred over. Over 400 workers were onsite image every day out there. Tremendous workforce. And it is going. It will grow tremendously by q3. We see a spike. Over 610,000 trade hours were performed during the entire year. Which, about 1. 9 million to date and then there really shows in this graphic even showing for a while now is by fourth over 13,000 jobs now throughout the country truly a biomedical price we touch 29 states. We have 21 to go. We wanted it all 50. Theres no work stoppages were labor shortages so that shows to our pla has kept us working very soundly. Veterans outreach has been very strong working with the city builds, united contractors are really trying to connect the veterans with an actual job participating in the mantels with the marine corps down the camp penalty and a career fair at. 180 just to help in the recruitment efforts for veterans. Contractor outreach. Utilizing all the chamber of commerce about the bay area providing contact specific kind of Technical Assistance and provided support for the compliance with sp 854 where any contractor that is registering and try to bid on public works have to register and do other labor compliance theyre certified payroll online. So that was assisting them through that the Small Business. Then, to really drive it home, we had the administrator herself, maria and her suite from the United States all business and ministration visit and give a presentation and a strong supporter of the team and especially our executive director for Small Business. We recognized by 14 member Small Business network and ultimately tryingthis is eventually focusing on access to capital for sps which tried to get them paid as soon as we can. We try that recently tried to expedite what we can in our monthly payouts. With that, i turn it over to sarah to go with a program wide accomplishments. Good morning, directors. So, as you know, we updated the baseline budget for phase 1 and you adopted an interim budget in november which allowed us to do work on construction packages and keep the construction schedule moving forward as needed. Other funding of, since we had our program wide, schmitz last year, the committee facilities district performed last year legislatively approved and the committee benefits district has actually been holding its first meeting. We had three landfills closed in 2015. Block nine was in february for 43. 5 million, block five in september, one 72 million and block eight in december for 71 million government. When i working closely with the office of Community Investment and infrastructure who, in turn was with the Tax Collector to make sure these three properties get on the rolls is copious possible start generating our net tax increments. A funding oversight continues. Mark went over the mtc cost review. San francisco county Transportation Authority was also involved in that review and resisted both agencies providing information continued regular routine reporting to all of our funders including fta and fra. We then annual report that we file with tfa and in december we presented our financial same estate which once again was an opinion on this Risk Management fund, we can do have this Management Committee meetings and keep our risk register updated. Twice last year we set with fta and fra to do a refresh of the Risk Assessment. Actually, updated the Risk Assessment in september along with the risk register and that allowed us to incorporate the risk analysis into those budget update for phase 1. On the dde and Small Business enterprise front, we continue to have, as dennis just mentioned with the Small Business administrator visiting, we continue to have a Strong Program im a particularly a strong sbe program or the life of the program so this is since 2004. 329 million in awards to small and Disadvantaged Business Enterprises and today, 169 was 169 million to payments to those businesses. For our professional services contract, you can see a majority of the subconsultants are sbe firms and 13 prime consultants are also sbe. Then, on construction, you can see the majority of the subcontractors all Small Business enterprises and we are quite proud of that. A couple firstyear subs spes as well. On the funding set, last year of course in january we close on the interim bridge loan with Goldman Sachs and wells fargo. We also received various grant allocations throughout the year. Ac transit passing through the security grant that they usually do along with some other state prop proposition funds primary funding construction and concrete package. We were successful we had a couple of years ago received a sixmonth dollar grant, the one bay area grant. Its a federal fund that are routed were awarded through the local agency mtc. We needed to do a transfer from federal Highway Administration to federal transit and ministration breast to access these funds so we were able to get all that paperwork completed this year. Those funds are available to us and will be used relatively shortly on the civil site work package. Proposition k this past summer to Fund ContinuingProgram Management and construction measurement oversight cost. As we mentioned the committee facilities district was approved. Theyll provide funding for capital cost phase 1 and of course phase 2 will be the largest investiture of the funds and the cbd provides funds for operation and maintenance of the rooftop park. This year, 2016, we are working very closely with the city on financing for the remainder of the phase 1 budget. We would very much like to redeem or repay the interim bridge financing this year and we will continue to seek funding for both phase 1 and phase 2 from discretionary sources. Fta, dhs, etc. With that, i will hand it over to scott. Hi, good morning, directors. With construction of the magnitude that dennis was describing their of course going to be impacts to this running neighborhood. To it quite a bit easy year terms of the meow region 2015. We of course continue with bimonthly Community Meetings open to the public, third wednesday of the month at 12 pm noon. At our office. We continue to distribute our weekly tenday construction located that no goes to nearly 1500 recipients every single week. We continue to have a 24 hour hotline 415409 tj pa. Any member of the public defender . Concern about anything thats occurring on the site, they can call that number any time of day. We continue to do our quarterly newsletter which is an opportunity to highlight project milestones, construction project progress, that no goes to over 2000 recipients every quarter. Of course, continue to do dozens and dozens of sight towards every year about 16 2015 to Community Groups, business organizations, trade associations, students, media, a wide range of visitors. We also use our website as an important outreach to. This past year we added a new page specifically focused on Supplemental Environmental Impact study that you heard described earlier that shows visuals and gives detailed Background Information on all the components being studied. We also continue to build out our transbay page which ill talk about more in a minute. Then continue to other updates to the website