i would like to bring up john updike to walk as to the details. >> thank you. i had a nice long speech because i know you hardly have a anything on your agenda. this will take about two minutes to go through. a map for context, i have handed out to each of you. because the package is over 200 pages, i thought i would highlight four pages. this is the context map of the current footprint of the wholesale produce market. this is a more particular drill down to the for a print of the market -- footprint of the market. the budget and finance committee will review and recommend regarding the fiscal efficacy in about two weeks. i will not go into the terms and conditions of the actual lease agreement. and the fiscal impacts to the city. i will focus on the item before you, which is regarding the street vacations. this project, which really focuses on food safety and security issues, as well as retention and expansion, provides for more energy efficient warehouses and distribution space. it is the safety and security aspects that are the prime motivators for today's l

. >> thank you, john updike, acting director of real estate.you have seen previous issues of finance relative to the budget. their comparables to those members on the screen before you now. this is considerably below market rates that we think are actually in the mid 30's to the mid 40's, moving very quickly, unfortunately, in this rapidly changing civic center market. as you average over time the cost for this particular location, it is on average a $30 per square foot rate over a seven-year term. that is a favorable position for the city to be in. and the tenant improvement amount is equivalent or slightly better than what the market is indicating. i will be happy to answer any questions that you might have about the lease proposal itself. chairperson chu: supervisor kim? supervisor kim: i'm happy to see the amount -- immense amount of work that has gone into finding the space that will allow the organization to be in one space, but together they given the market conditions. my question was actually on the tenant improvement. if your asset up