. >> good afternoon, commissioners, my name is elsa lamb, i'm property manager with the wave. it was subsequently converted into a restaurant by sinbad's. the port entered into a lease with sinbad's for them to operate a first class restaurant and lounge and that was back in october of 1980. it was originally a 20-year term which expired in september 30, 2000, and has been on a month to month hold overtenancy ever since. in conjunction with the restaurant sinbad has parking for its patrons. sinbad currently pays 222,500 annually exclusive of the restaurant and the parking. the amount also represents the base rent only. sinbad's reported $2 million in annual gross sales for the 12 month period ending september 2014 which is lower than other port restaurants and that is based on the dollars per square foot in income generated from the restaurant. throughout much of the 31 year period, the percentage gross receipts have rarely exceeded the monthly minimum rent due to the port so the port has not received any payment from sinbad's above the minimum base rent since approximately 19