brenden clark is concerned. he runs capital clark management. rates could stay longer than most people are expecting and brendan, i'm not sure i buy the bubble argument. the dot-com bubble of the '90s was market-oriented. the real estate mania of a few years ago was market-oriented but this time it's artificial. the fed keeping rates as low as they are, how can we be worried and why would you be worried about that? >> good afternoon, bill. you're right. these are differences because these are manufactured by the feds. there is one thing in common. individual investors did not think that they could lose money in the '90s and real estate in 2005 and the large majority feels the same about bonds in 2012. >> so there you have it. it's the false expectation that this is a safe place to be. and brenden, you see rates down lower than most people think. what's your expectation? >> we think over the long run rates will move higher. we don't think you can continue to borrow and not engs pekt the market to push rates higher. we hope that the fed pulls rate

brenden, staff is looking into whether these concerns are in violation of the existing condition of approval for adjacent uses. in order for the project to proceed, the commission must grant conditional use authorization to allow a self- service specialty food establishment in the planning code. the department recommends approval with conditions and believes the project is necessary and desirable for the following reasons. it would occupy vacant commercial space and will enhance the diversity of the neighborhood by allowing a new business in the area. it is a neighborhood -- it is within it neighborhood serving you -- use. it would be consistent with the zoning of the district and meet all applicable requirements of the planning code. this concludes staff presentation. i'm happy to answer any questions. >president fong: project sponsor? >> that afternoon. my name is suzann low and i'm here to represent the honor. this is her first attempt to open a business and we're here to answer any questions or comments. >> good morning to all of the planning commission. i am the owner of i-crepes, which