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Committee update. Board members and executive director, thank you once again for allowing us the opportunity to address you. I wanted to alert you to the fact that our last Board Meeting as in previous ones, we have been helping set the agenda, and the staff especially scott bula has been extremely responsive in bringing to our agenda each of these items as we request them. And among, our concerns that we will be watching in the future was with the federal elections kevin mccarthy, of course, becoming House Majority leader, is an opponent to cal and to the high speed rail and as nancy pelosi w...

Improvement and where is the leadership . I believe, we need to make that west end or i am sorry, the east end work and connect across. Should the bart go through our transbay depot . Nobody is talking about that. And should they build another tunnel or should we build another tunnel over to alameda, i will be glad to serve in the committee, no cost and i have my ideas and i think that we need to think forward and the board is missing an opportunity or failing in thinking beyond where we are today. Thank you. I think that mtc is hiring inaudible to do the long range stuff looking at that and i...

Million in net tax increment and so not enough to go out for a short term loan. On our own and be solely backed by tax increments. And the tifia loan does have conditions for disbursement and the two key conditions are selling 429 Million Dollars worth of the former state owned parcel and we are at 222 million now with the sale of parcel t, last year and 2013 and the block, 6, 7, this year and we anticipate reaching the 429 next fall, when blocks five and eight close in september and october respectively, dem nation of the full funding for the project and you will recall, approving the tifia a...

Term repayment source, for a long term loan like tifia with a 35 year plan and, we have a rating for a 35 year loan with tifia and it is not a mature, credit, yet. Though. And we received our first tax increment this year, about a million and a half dollars over the next four years, until 2018 and it has paid it that we will collect about 9 and a half million in net tax increment and so not enough to go out for a short term loan. On our own and be solely backed by tax increments. And the tifia loan does have conditions for disbursement and the two key conditions are selling 429 Million Dollars...

At that time, and early 2015, we have the cash flow needs and we need to certify the contracts and keep the project moving on schedule to maintain our schedule and we did as many as you know, did request from tifia has far back as 2012, that we be able to draw down on the loan earlier, and perhaps, in proportion to the amount of land sales that already had been achieved after months of discussions, they were not able to accommodate that request. But they did agree to amend the loans to allow us to pursue a bridge financing to get us to the tifia draw, point. And that was, a key item to be able...