. >> good afternoon, commissioners, brad benson, director of special projects and i will just load up the presentation. >> good afternoon, and i am here today in the first of a series of quarterly updates, that the port commission has requested about the pier 70, water front site. and development project that we are pursuing, with the forest city california. and we have got in the audience today, jack, representing the forest city, and also, we would like to introduce to you today, sarah, dennis phillips with the office of economic and workforce development, she is going to be their project director on the project, reporting to jennifer mats, the water front project director in the mayor's office. >> so, just in that, noting the hour, i am going to go fairly quickly, through this presentation. we the last major milestone for the project was the board of supervisors, approval of the term sheet for the project. and describing the general financial agreements between the parties, it is not a binding document and we can't enter into a binding contract with forest city on the development u