and the item before you, contains two new ground leases with the affordable self-storage inc located on sea wall lot 349 in the pier 70 development project area. both leases require approval by the board of supervisors and in accordance with charter section, 9.118 due to anticipated lease revenues in access of 1 million dollars each. and i would like to give you a brief summary of some of the terms and conditions of each lease. >> lease number, l, 15-690. has an initial term of 58 months, with up to five, 12-month options to extend the lease with the port's full discretion. the lease premises, have an approximate area of 74-742. and the commencement days is january 1, 2014. and the use will be for operation of unlimited storage facility and consisting of the temporary placement of the portable storage containers and administrative offices. and the base rent for a year one of the initial term will be 24,664 dollars per month or 33 cents per square foot. rent, in subsequent years will increase three percent annually. and maintenance and repairs of the premises, and utilities and servic