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-- present those to the groups. we imagine there would be another fiscal feasibility review of those long term development proposals. we would do ceqa again on each of those development proposals. that would also include a no project alternative, so separately, the board would have added options, the discretion to say no to one or more of those development proposals. we do an ldda in a lease subject to the approval of the mayor of the board and close the agreement. again, all of this would be designed to deliver the type of great waterfront improvements we only tried to deliver throu...

city costs. i will discuss first be pier 27 cruise terminal. there's a synergy with the plans to develop a cruise terminal. we were excited when we started talking about pier 27. they want to have even viewing. they would like to have team hospitality sites where they are greeting some of their sponsors. meanwhile, we are planning to build a new international cruise terminal, and we appreciate your revenue funding appropriations to make this a reality. be our plan will be to conduct ceqa and build this and allow the event -- the authority uses for a limited time in 2013. the total co...

regarding a long-term development program, much as i described earlier, also prevent -- present those to the groups. we imagine there would be another fiscal feasibility review of those long term development proposals. we would do ceqa again on each of those development proposals. that would also include a no project alternative, so separately, the board would have added options, the discretion to say no to one or more of those development proposals. we do an ldda in a lease subject to the approval of the mayor of the board and close the agreement. again, all of this would be designe...

development. the long term development of port property would really happened in stage three. after the then you leases are approved and maybe after the event. we would be in exclusive negotiations with the team regarding a long-term development program, much as i described earlier, also prevent -- present those to the groups. we imagine there would be another fiscal feasibility review of those long term development proposals. we would do ceqa again on each of those development proposals. that would also include a no project alternative, so separately, the board would have added opti...

they have the ability to walk away? >> that is not my understanding, no. supervisor elsbernd: ok, the $32 million question, the amendment that president chiu has presented to us, as i read it, it creates the ability for the city to potentially walk away if the committee is unable to meet their goals, but the way it is written, it says that we can do that at the ceqa completion. ceqa completion, according to the presentation you just made, will be pretty much 12 months from now. >> it makes a reference to section 9.3, which says they only have to raise and 4 $5 billion in the first ye...