in 2034 the port's minimum base rent would dmik at $240,000 per year and participation rent is anticipated to be $692,000 per year. so looking at the total 66-year term of this lease, total port revenues are $212 million dollars, which if you take a net present value of that becomes $12 million in today's dollars. a few moments ago i mentioned that some of the work we would be doing on site would be funded

in 2034 the port's minimum base rent would dmik at $240,000 per year and participation rent is anticipated to be $692,000 per year. so looking at the total 66-year term of this lease, total port revenues are $212 million dollars, which if you take a net present value of that becomes $12 million in today's dollars. a few moments ago i mentioned that some of the work we would be doing on site would be funded through an infrastructure financing district. specifically we would capture net increases in property tax on the site and with the city's approval bond against that to fund (inaudible) investments to the tune of 5 or 6 million dollars. we've done some considerable outreach and effort with the consultant and the developer and the community to identify public realm needs for the site. if you have been down there you will see the stated condition is poor. some of the work i will mention next and show you examples of is critical to the project and allow the public to get to the site safely. this work includes sidewalks around the siting, street lights and ada access improvements. it's import