And here you see a graphic that you have probably seen many times before, and it shows the 1. 3 mile extension from the current terminal of the cal tran to the new Transit Center and you see on the graphic an outline of the Downtown Core and we saw a circle showing the area that we are going to see the benefits that maria was describing that are outlined in the report that you just received and the new neighborhood that the Transit Center is helping to create. And one thing to note, about this graphic is that it provides a visual illustration of how necessary the dtx is and if you look at the Census Bureau figures, if the half mile radius, there are 180,000 jobs compared to if you look at the half mile radius in the current terminus, 19,000 jobs and it just speaks to the needs and getting people where they need to go. And so, in terms of the purpose of the dtx, this is all, information that you are well aware of. And extending the cal train and enter city rail and the high speed rail into the new Transit Center and you see two numbers there, 1. 3 miles and 1. 95 miles and i will explain the difference between the two numbers, during the next slide and we want to enhance the connectivity of the cal trans and the other systems. And the other trail and the vehicle miles traveled. And the vehicle emissions and improved the air quality and the increase of Property Values that we were just discussing and it was also very important to us that the dtx be designed and constructed in a way that accommodates the citys future goals specifically reported to the interest that there is in eventually, bringing the tunnel that or the tracks that bring cal tran and high speed rail to the city are undergo on Mission Bay Drive and 16th street and you will see in the present that ising that we have designed the dtx so that the goals be able to be accommodated when the funds are found. And so the new slide and this was referring earlier the difference between 1. 3 miles which is the figure that you probably have heard before and that is typically how we describe the length of the dtx that is the amount of the extension going from the terminal of fourth and king and extending to the far east end of the Transit Center, if you look at the entire program area. Where the tunnel go below grade and it is actually the full length is 1. 95 miles. And those, too, and areas are described on this graphic. And got the southern boundary there is what street . And bliefsh that is channel street. Okay. Mission bay draif. And in terms of the bay program and we mentioned earlier is that in it, it describes the increasing surrounding properties by 3. 9 billion and a significant increase in project and personal in the next two decades and the creation of over 125,000 jobs and directly and indirectly that comes from the m trick that the American Transportation association uses and have used for a number of years and it just shows that for every billion dollars that is invested it translates into it indirectly and if you translate it into the program and 125,000 is actually a conservative estimate. And the other benefits is we mentioned 198,000 jobs that are within a half mile and 800,000 in the Redevelopment Area and the plan area and of course, in the area and those will be permanently affordable and the new Hotel Capacity and the increase in cal train rider ship, that is over 50 percent and improved access to the new warriors arena. And finally i wanted to show this slide that shows all of the development that is already occurring around the new Transit Center. And one that is the primary goals of the tjpa and the city with this project is to Spark Development in the area surrounding the Transit Center to be a National Model for development where you have got the jobs and housing and recreation and shopping and retail and all in close proximity, and on this graphic you see that there is already in the transit city plan area, 19 buildings that are already under way and just south of the Transit Center plan area, there are eight additional residential buildings that are already under way. And if i am going to turn it over to the principle engineer. Brian dikes. I deal with the engineering and the process in the last two years because we have not reported to the board the train box it is under construction. What we are building is a shell and a concrete train box, but the above ground buses are over the beautiful building is going to be finished by the last quarter of 2017, and open for traffic. And so then, we go in to phase two, in the same area of the train box. And what we do first is we, that concrete box gets fitted out with the six tracks there and the electrickfiation, and the three Center Platforms and the lower concourse has the facilities put in and the venttation on both ends of the building. And we are not building it at this point, until the trains are selected and we know in fact, the exact width that we might build to avoid the large gaps. And i think that the rail was actually put out the request now. And we should know within the next year, exactly what is and which vehicles they have. Cal train is going to be getting new vehicles too and be working with both operators, so that we fit out the box finally that fits. And in addition, there will be an extension, if we get an environmentally cleared from the street to the other side of main street and this is at the request of the high speed rail and the federal rail Road Administration to accept 400 meter quarter of a mile long trains on a straight platform and no curved edge, that extension will meet that requirement and needless to say that we need to put the ventilation shops and you need to ventilate from both sides so no one gets trapped in the event of a fire. And having both that extension that we would put in an inner city bus facility in that area, to allow, more, spaces for the ac transit. As the time goes ahead. And to get with the city planning. And this is the five story planning and for the development and this is to make the proper use of that land. And this is the biggest part of phase two and, it starts at the west end of the terminal. With over 120 feet wide and it has over 6 tracks coming off the end of the platforms and curving around and for a double box and sent it at that point. And it is built and cut and covered because it is not very far below the rate. And the fill on top helps to battle the up lift as well. As we turn into Second Street, that narrows down. And by the time that we get to the calatin o street we are down to three tracks and we have made the movement and we go into a tunnel because at that point we hit the rock and we are no longer in sands and clays. And it is a tunnel as proposed down Second Street, curving underneath the buildings on the center of the towns, and where actually the rock is the best on the whole alignment and from the sand stone there and once we get just, sort of first street and we run out of rock again and the ground is much lower and so we are back into a cup and cover section down within the curve lines on the street and it allows for three tracks and those three tracks continue and until we get to the Fourth Street where we build the underground station. This station is presently designed at the 30 percent level to have two flat and two side platforms with the vacation structures at either end and it is low enough to stop the cal train and it is got a four, 800 foot length there and so all of the trains can stop there in and out to load and unload the passengers before tracking the middle and allows the high speed train to bypass the train and it also leaves operations to if a train was to break down in the station, you can still operate the two tracks. There are still, that we are working with cal train where in fact we might use, a single platform and two tracks. In addition, the ventilation structures that are needed along the line, because you know you cant not have a mile and a half of tunnel without emergency exits and venttation and there was one at the second and harrison street. The ventilation shaft has the housing on top of it and we dont, the feelings come out way above in the event of a fire. And but this is on the property that we already own, and this is when we build that shaft. We will actually use that shaft as an access point so that we can mine the tunnel from four phases. At the shaft, you could work either on the north or south to excavations and we can start at the south end and the north end and this cuts down the amount of time needed to build that tunnel. The other ventilation shaft is on the quarter of third and townsend and this is on the side of the property that we dont own, and so it is part of the environmental supplement that we are in fact currently under way doing. When we get passed the underground station, it stops to rise up at mission bay boulevard and that is presently along them and we also had in the original environmental documents, underground possibilities and we are now, actually put in a revision to the design during this year. To consider, taking off to get under six street offramp so that there was in fact a closed tunnel that continues, beyond on the north side parallel to townsend and it ended ready to accept any tunnel build in the future from the south that would go underneath the mission bay boulevard and 16th street. And so, it any land use can be done without stopping when the build a future tunnel it connects to an existing tunnel but you are running the trains at the same time because you are coming down the line into it and so the switch over is rather than a couple of years. And if we were trying to build, on the exactly on the same alignment. Now, p work update on what we have been doing in the last two years. And the major port or the technical coordination with both the cal train high speed rail and working in coordination with fra. Allows us to in fact get off in the signoff first of the track book and then the second year, the signoff of all of the concrete work and so in fact this solidified the 400 million and it was part of the agreement but all parties signoff. And what we are also, coordinating for the future, and electrickfiation, cal train is Environmental Department at the same time as us and we will be on much keeping on the same schedule so that nobody contradicts anybody and the two projects work together. And we have been working with the blended system and the operations and analysis and we are still continued to do that. During 2012, we updated the preliminary engineering plans and we got to the stage where we now have a 30 percent set, but, it is in fact ready for use if we were to go over to a design build type of project. And i dont believe in going to 90 percent plans and designing it twice. We also worked through in the liberty analysis, which during 2012, there are very few changes to have balance the tunnel it is purely, the fact that we need the security and emergency access, which i showed you on the shocks and we need a lot of cameras, and restricting the access in, but they are not large, expenses. To the construction. And we have participated in a number of special studies, with the property, and we have been revealing external reports from other agencies. In 2013 at the beginning of the year we got the final signoff. Fra signed off on the documents that we had signed off for both cal train and high speed rail. We did some construct engineers that showed you the future great separation. And we provided technical studys, for the sea, eirs work because the engineering studies are needed to back up what is going into that document. And obviously, the role of the design group designed everything with the plans that come in for the terminal to make certain that they were in and the space to put in and the signals and that we are working together jointly. The supplemental year, we signed that contract up and noticed the appropriation was noticed to the public in april and we had all firefighter the public scoping meeting in may. And the draft, ser, reis is expected to be out to the public, early next year. And we will be with the administrative draft probably for the first week in january and the final is expected to be complete, late in 2014. And possibly early 2015, depending on the signoff out of washington, d. C. This money is funded under fta and so we are now, working with both fta and fra on this project. And the next thing that we did was to look at the budgets because the last time that we did the budget was 2008. And that time, the board approved a 2. 6 billion budget for the utx. And which is a student, a design, a full design, bidding process, and then building. This is still the bay line and so what we, we revised not assuming that they actually stopped the construction next year which is obviously not going to happen and so we do advice, the budget and if we can stay with the design bid and, that budget is adjusted to three billion dollars. And just quickly, and we actually changed the escalation from three to four percent, it is a slight reduction, and i will come to that in the next slide. And the train operations to start from 2020 to 2024. And right . And we would love to get it ready by 2020 because cal train is going to be electrified by 2019 and we can have no delay but it is funding dependant. And we added a couple of items in the 25 million, and part of the configuration. And we need to take off of the side of the property to actually be the construction area to build the dtx. And so, we put 25 million into our budget to remove the area. And replace things and we added 120 million to accommodate the future great separation by building additional tunnel and it is an order of magnitude. And it is not 50 percent of the design. And we can do this to take the additional property to do the adjustments to meet the high speed rail requirements. Which included the biggest, are conveniently and the trained extension and the flattening of the curves has come out of Second Street into the terminal. The escalation of assumptions and i say that we originally carried to 4 percent through the entire construction. And we, had to look at what has happened and in the last ten years, the cpi, and totally on the average is only 2. 4 a year. It showed a two percent escalation in 2013, 15 and a three percent 2016 and beyond. And mtc barrier town and looking at ro jects all over the bay area is still operating at 2. 2 and so we took a number. Of 3 percent as a reasonable combination. So there are dpx delivery options that we started to look at. And just quickly, the design that they build on the left, is the conventional, but slow process. And designed, build is taking the existing plans and going out in a single very large contract. And to actually do a design build. Of the whole project. And the design, build finance, is bringing in the idea of a public, private partnership to get the fundings sorted out to get it started sooner and to do it faster. And the design, build, and finance maintain, shifts the risk of main nens for a 30year period. And during the life of the ppp. And on to that invester. And that gives him since the profits and the incentive and it gets the quality out and puts that responsibility on a private, public, partnership. The design, build, finance operate and maintain is a step even further, where in in fact, one would by it and look at the possibility of buying the vehicles as well as operating as well as maintenance and that, we, we will talk about it later in the possibilities but it is, what we concentrated was only on the three, that you see there. To do it, cost estimate, on those three records of delivery. And so, the design and build, basically is what we all know and that the completing and construction, the project sponsor with pgata takes all of the responsibility for the main nens and we can work out for the rail roads but that is an ongoing cost. And the design, built while it may deliver the project for less money, and still has the same thing, at the completion, and the responsibility, goes back to the project sponsor, the build, and finance and maintain unlike that and it was responsible for the entire contract term. And this method also gives the incentive to build it as quickly as it completes and the sooner he gets the first payment, and it is on availability when they actually open it to the trains and so they are carrying the cost of building it. And so, those three options have different just, in summary. Different budgets. The design build budget is 200 million is based on the traditional and that is at least 4 percent less in design and construction. And it is usually more than that. And do you know, and we are not going into a full design and design and the contractor is doing it. And it is unallocated for the claims during the construction, and you have the design build and you still face what the contractor fees are difficulties with the project. And when he designs it himself he cant claim against his own design and that has been traditionally him and lower and 50 percent is a reasonable. And what the schedule of this by the time that you have put all of that contract together and you still have to find the money to let it, you got to have the money through the whole contract and you cant certify the big contract without the money being lined up. And so, i dont think that it will help us get it finished any sooner. On the p3 system, the savings on the bid price and the design and the construction, is usually more than a design build project. And again, we took an 8 percent number and so the examples that you will see later will show that it could be higher than that. And we lowered the claim risk to 75 percent and because we started out the risk in that contract. And one may not be able to put on the developer is the Hazardous Materials and but you, but we have virtually the materials on this tunnel except that when we get out into the excavation work in the train yard and even, the things that we have done, it is only in the top few feet. So, just to summarize, how would you get the three different numbers, the first set of numbers is the course and they do not change very much, and still have to get the right wave and it has not changed and there are some reduction professional services and we are saving on the design costs is not saving on the actually maintaining the program and making certain that everything is completed. And the construction, costs go down, and the allocated contingencies go down and it will be approximately, 200 million on the hard costs and the actual construction hard costs and the item that you use and that is the biggest incentive and the sooner that you finish it the less that it costs in escalation and there was a 200 Million Dollar difference and based on the 3 percent number. And the early delivery, makes a big difference. And the p3 contractor has the same i am thank yous that if we can do it six months faster, he will. So roughly the schedule that we put together, the first two options are a nineyear schedule if the started construction in 2016. And where we are out to the Fourth Quarter of 2024. And operating trains. P3 one with the 7 year construction duration and to be able to staff it sooner in 2015, and completes the construction in 2023 and dp you can beat it by one or three quauters he will do his best. And so, that completes the engineering part of what we have been doing the last couple of years. Now we bring it back to scott. Mentioned earlier that we wanted to provide a very quick refresher on the 2012 mlu that was put together by regional transportation entities that was put together finaling the release of a released Business Plan from the california, High Speed Rail Authority and the revised Business Plan agreed to a blended system approach along the cal train corridor and allowing the cal train and high speed trail trains to use the same tracks along the cal train corridor and so we needed to come together and take a look at and negotiate, what infrastructure up grades would be needed along the cal train corridor in order to make it ready to accommodate both the cal train and the high speed rail and you see that list on this slide and most importantly from our perspective that included the dtx as well as cal train, electrickfiation and positive train control. And here is a list of the entities that were a party to the mlu or the major regional transportation entities including the djpa as well as mtc and the Rail Authority and the city and the cta and the cal train, and sam transand dta and the city of san jose. At the same time that the Business Plan was revised the High Speed Rail Authority had agreed to release the early prop one a funds to the northern and southern book ends and the idea was that the early funds would be used to deliver, high speed rail, related up grades that could be completed and delivered to the public earlier, than the over all high speed rail system and so also, as part of this mlu it was negotiated that the funds that go to the Northern Book end would go to complete the cal train electric identification and positive train control because those are important regional projects and certainly relate to the Transbay Program as well in terms of the dtx and the benefits that were included in the mlu. And included in the reference to mtc resolution, 3434, which included the dtx in the transit expansion and it reiterated that it will be the northern terminus and all of the partis that signed on to work joinly. And to get all of the needed up grades from it. And in terms of the Transbay Program as part of this the negotiation it was agreed that the dtx would be designated as a regional priority for the federal program. And the, region has typically carried to the projects, and this is in the new starts with the funding and Northern California has received. And for the many years, the projects in that type line and the central subway and the first half is the part of the san jose and those two projects were negotiated on the verge of completing the full Funding Grant agreements which is the last step in the new starts pipeline when you