jeffrey bower, port leasing manager. i am here to ask your approval for the item as read by the commission secretary, which is a seven-year lease with andre -- ahn sometime ago andre-boudin bakeries approached the pors -- the port, and port staff has analyzed that proposal and determined that they do meet the criteria outlined in the 1993 retail leasing policy. in these discussions we developed lease 814, which offers a seven-year lease. during the period of the term, there is a six-month construction period where no rent is charged. they must start construction by march 1st, 2011. the initial base rent is the greater of either $8,007 .53 or 9% of gross sales, whichever is greater. there is an annual adjustment of 3.5%. and they can make investment in the amount of $335,000. andre-boudin bakeries is required to provide all completion performance and guarantees. an element in the current lease are the public bathrooms in fisherman's wharf, which have been in discussion for a long time. they are the only public bathroom fa