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police. it is a rental for office space, shared space. right now, the rental rate is quite high. we do not think in the next five years that we are going to go beyond that. >> without the increases, it would still be -- all right. given the comments that we heard earlier, in light of the issues surrounding the america's cup, unless there is some reason we need to vote on this today, i would like to move that we defer this item to a future date. >> [inaudible] >> you need to come to the podium to speak. >> please, we would love to hear your comments. >> i just want to point out that w...

>> [inaudible] >> you need to come to the podium to speak. >> please, we would love to hear your comments. >> i just want to point out that we are not talking about five years. we are talking about the three remaining years. we are locked in, as you put it, for the next three years, not five. >> i wish i could say everyone's revenue was going up significantly, which would have made it significant. >> this is our second concession. we did have a long period of time where rates went up dramatically, and as you point out, we were foreclosed from participating on that. we renegotiated a ...

we are not talking about five years. we are talking about the three remaining years. we are locked in, as you put it, for the next three years, not five. >> i wish i could say everyone's revenue was going up significantly, which would have made it significant. >> this is our second concession. we did have a long period of time where rates went up dramatically, and as you point out, we were foreclosed from participating on that. we renegotiated a new lease and this is the second time we have been asked to provide relief. so both parties have been wrong in history. >> but the issue sti...

surrounding the america's cup, unless there is some reason we need to vote on this today, i would like to move that we defer this item to a future date. >> [inaudible] >> you need to come to the podium to speak. >> please, we would love to hear your comments. >> i just want to point out that we are not talking about five years. we are talking about the three remaining years. we are locked in, as you put it, for the next three years, not five. >> i wish i could say everyone's revenue was going up significantly, which would have made it significant. >> this is our second concession. we...

fall of next year. it is an eir and eis. >> if work were to begin, one question i would have is, what with the impact in terms of canada and the america's cup? -- scheduling the america's cup? would that be calculated in the phasing of the work? >> the first phase of construction would begin in 2014, although that is not a hard date. >> any other questions or comments? thank you, dan. >> item nine b -- 9b. informational presentation on the lease and development of seawall lot 337 and pier 48 bounded by china basin channel, third street, mission rock street, and san francisco bay. >> ...