francis yacht club agreed to such usage. department and the yacht club directed a letter of understanding that the club will agree using a lump-sum balance. it also states that the club and city are interested in having seawall repair project agreed to in 2007 performed as soon as possible. the city also confirmed that it falls within the scope of the city's general responsibility as it protects. the city would like to include this as part of the scope of the current harbor renovation project. estimate for the project is a maximum of $550,000, including construction design, engineering, and permitting costs. a final estimate will be submitted for approval of a sea wall repair change order to the city put the contract harbor renovation project. the first source of funding for the sea wall repair project is $1.9 billion construction contingency, which is what we started at. which can be accessed at the available completion of the project. secondary source of funding following the depletion of the contingency fund would be the s

francis yacht club. [applause] fleet week is something that we raise funds for to be able to do great things for the people. this particular event has been sponsored by bank of america. i want to thank bank of america for sponsoring this today. [applause] we're blessed to have a mayor that is very supportive of what we do, not just during the one week, but it all times, he is particularly supportive of the united states military and naval services. please help me welcome our mayor, the honorable mayor edwin lee. [applause] >> thank you. good morning. it has been our honor and pleasure to join all of you here at the st. francis yacht club to celebrate and welcome the fleet to fleet week. this is the 30th anniversary of our fleet week. senator feinstein really helped to restart this. i want to personally thank her for her leadership in doing this. may god be with her as she is helping run the country in these very part-time -- very hard times. this 30th anniversary is very special for us. this year, we hav

. >> item #2, resolution authorizing an amendment to the state francis yacht club at least allowing the recreation and parks department to offer rent credit for the west harbor marina seawall repair. supervisor chu: i want to bring this open for public comment, but we will bring this item back. does anyone from the public want to speak to this item? we will bring this item back again, and you will have time for additional public comment at that time. anyone from the public wishing to comment on this? seeing none, motion is closed. we of a motion to continue this. we do that without objection. >> item number three, ongoing hearings to receive updates on anticipated budget shortfalls for 2011-2012, and receive updates from various departments. >> thinsupervisor chu: we have k wilson from the mayor's office. >> thank you for inviting me to give you a brief update on where we are in the current year. we're just starting the planning process for 2012, 13, and 14. i think it is a good idea to keep in mind where we are, and i know we're not having an official three-month report this year. we w

francis yacht club are parties to a release dated june 1, 2006, for property at the marina. the lease requires that the club paid the city of the lump-sum funds, to be used for improvements to the premises and/or marina. the least sets forth a process for identifying the improvements to be funded. the lease also provides that the city has approval rights over the lump-sum funds for improvements or repairs to the marina as determined by the general manager of the department. the club transmitted the final lump-sum installment to the city on september 14, 2007. also in 2007, the club and staff reach an agreement by certain improvement projects to be funded from the lump sum fun. a list of improvements prioritize the sea wall repair as the most important item. while it has always been the intent of the department to perform the sea wall repair, the project has not yet been initiated, as it has made the most sense to perform it in conjunction with the west harbor renovation. the west harbor is currently undergoing a $24.8 million improvement project, funded by a loan from the ca