, brad benson, director of special projects. it is part of the discussion with bcdc, port staff and sinbad's negotiated a settlement agreement. at the time sinbad's was $220,065 in arears in rent, plus interest and late fees. as an incentive for sinbad's to vacate pier 2 by december 31st, 2014, the port credited sinbad's with 4 months of back rent equaling $85,305. the settlement agreement required sinbad's to pay the port in 24 equal payments its back rent with interest in a combined amount of $141,498 vacate pier 2 by december 31st and waive any claims including claims for relocation benefits. the port entered that settlement agreement in good faith reliance on sinbad's representation that it would vacate the premises by the end of 2014. in june of 2014 sinbad's approached the port to request an extension of the vacation of its premises from the end of december, 2014 to an unspecified date which would be tieed to wida's construction schedule for the downtown terminal project. mid-december director moyer executed an extension a

had an internal review work who did a lot of work on these projects and finally i want to thank brad benson, not only for guiding the development of the capital plan but for negotiating the pg&e settlement which is generating the big one-time source of funds that we're recommending for investment today. with that, i'll turn it over to megan . >> good afternoon, i'm megan wallace from port finance. in 2009 voters approved a charter amendment that required the city to begin a two-year budget process that had an alternating 5 year financial plan update on alternating years. the goal of such planning is to shift the focus from short term budgeting and problem solving to a longer view of financial planning. this allows city staff to develop thoughtful solutions for problems and maximize the potential upside and opportunities that we face in our budget. this is the third official 5 year financial plan that the city has developed and the fourth report and presentation that port staff have prepared. in the following presentation i'm going to give a brief update on the city's 5 year financial plan a