refined, through the public review process, including ceqa and design review. after the term sheet is endorsed, both the port commission and the board of supervisors must consider a long-term lease with terms including fair-market considerations for the use of the property. if it is acceptable to the chair, i will now turn my presentation over to teatro's representative to make a few remarks, norman langill -- -- and a person from your development partner. >> thank you. welcome. >> good afternoon, chair cohen and supervisors kim and wiener. i am norm langill, the president and artistic director