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Value to the port of 1. 4 million here the internal rate of the return case, would be about 16 . This is a graphic showing exactly what i showed on the bar chart just in a pie, to show you where the share of revenue is coming from in the low and high case and we only changed one factor that was the number of special events. When we were here last commissioner woo ho asked about where the revenue is coming from in the project i think you were right commissioner woo ho we were over stating the importance of special events in the economic of the project, when its really the Office Revenue is the ...

Them to issue a letter, finding a project consistent with the public trust. Exhibit d, to your staff report, includes, trust analysis in consultantation with tmg, and land state commission and that further the purpose of the trust or land time use that will be available for water taxi Public Access on the north apron the spraunt use, and now the event use, the publicly oriented event use in parcel c. In closing, the port staff recommended rationale for lease approval includes the following the project meets, the rfp goals of bulkhead restoration rehabilitation use and services and ongoing port...

Development for the port and it is obviously a combination of things, open space, Historic Buildings and the forecity development and so we will be watching it and hearing the progress rment report and how we will go forward with a lot of interest. I want to say that this is a very exciting project and there will be a lot of work that has to go into it, but i want to make sure that we take the dae into consideration and make sure whatever they are doing there they are in line with because our ship repair is very important to us. But this is exciting, it is going to be a whole new community and...

Historic places. And that is going to involve working closely with the Planning Department, historic preserve ation and the staff and the state Historic Office and others. But, honestly, oewd will play a key role in bringing in the city departments into those negotiations. Public trusts, they are, pier 70 is a patch work of trust and nontrust lands that will need to be realigned to make for implementation of a plan that you just saw, there was recent legislation there was state legislation passed that creates a pathway to that. Burr it is going to involve, in addition to the ports that the cit...

As the new apron and the bayside history walk, we believe will allow the appropriate balance with the office space that is needed to make this project financially feasible. And we believe that we do have a regulatory strategy that will get us through a reasonable amount of time. Matt walked through some of the economics of phase 1. Phase ii, we have not yet submitted a formal proposal that has not been requested at this time, but obviously its a major project through the entire pier. Development costs would be in excess of 100 million. We would be requesting the full 66year lease that is withi...