my name is jonathan stern, and i'm with the port planning and development commission, and we are hereof thousands to present our current host city agreement, its current status, and some analysis of how it will affect the city and port. this is a project that the city has been working on since earlier in 2010. i believe the cup was one in february, and the city has been hard at work. before i launch into the port's involvement and our analysis, i wanted to yield the floor to terry mcclellan of the mayor's office, who has been spearheading the city's team since the moment the yocks crossed the finish line. with that, i'm going to make way for the top-level overview, and i think we will also hear from the america's cup organizing team as well. >> good morning. thank you. we are here today because the port has been at the forefront of this opportunity, from the resolution that this commission passed back in the spring to the works that the staff has done as part of our negotiating team. we would not be here today obviously, if it was not for the work of the port and the city family. so i