. >> i apologize, jonathan stern with planning department. to answer your question, we program about 6 million with inflation on expenditures in the public realm in the first 10 to 12 years of the project. up front if you will go back to that chart you will see that many of the things, many of the numbers you can't read are in the first column. that's because they are relatively minor sidewalk and ada improvements that will have to happen immediately for the project to open. we have, other than tax increment we do have a minor contribution that's currently programmed into the port capital budge eltd of about $400,000, there's a hundred to two hundred thousand of developer contribution which they have agreed to front to the project and we need a combination of ifd funds and other port funds to the order of $150,000 to do those early projects. at that point we have a little more luxury to complete projects as ifd projects come in. those include redoing all the street lighting, repairing some of the other shoring building 40, building 105, other

coming months and of course be available to answer any questions along with other port staff, jonathan stern and byron [inaudible]. of course the court and development team. so, the next immediate thing you would see if we are able to continue progress with the making of late is to bring this to you for approval as soon as the evening. right now our your for cover shows this committee on may 13. were doing everything we can to make that a reality. following your approval of the project there some other things to secure all the finance we talked about today. including completing the seismic loan, due diligence, taken that information to the capital planning committee approval process for the seismic loan also to the ift individual bond issue that would, the loan approvals. beyond that we would be at the board budget [inaudible] these documents and the board approval would also be required subsequent to the committee recommendation. at that point would be ready to execute the lease fully an issue port building permits would be applied for and been reviewed by port staff. concession concert as

without further ado, let me introduce jonathan stern and he will kick us off. jonathan? >> thank you very much charlie and thank you all for coming. we appreciate the opportunity to launch our book here. i want to say in terms of protocol as far as the press is concerned the first launch is in london next tuesday so in a sense we are not here. this is actually the first time we have presented the book in public in this way. we come from a small institute part of oxford university and we are some of few people doing research on the unfashionably subject of oil and gas. you can see the title of the book. we are going to give you a snapshot of had issues. some of issues. we will not talk about the ukraine crisis in the presentation but would be happy to talk about it in the q and a. this is the first book i have win since 2005 and the subtext of that book was would the russian's be able to develop enough supply for all of the markets they could deliver do. and now the question is no longer that. the question is can they deliver gas to rapidally changing markets where the pr

sponsor this event because there are very few people that professional you can say in the case of jonathan stern that we have known each other literally for close to 40 years. we first met each other when jonathan was working on soviet natural gas will stop --. -- was working on soviet natural gas. outstandingost books on this issue that i've ever seen. without further ado, let me introduce jonathan and he will kick us off, and then we will have presentation from jim, open commentary but leaving a lot of time for questions from the audience. >> charlie, thank you very much. thank you all for coming. we appreciate the opportunity to launch the book here. in terms of protocol, as far as the oxford university press is concerned, the launches in london, so we are not really here but this happens to fit really well. it is the first time we've presented the book in public this way. we come from a very small institute which is part of oxford university. the few people in a european university doing research on the deeply unfashionable subject of oil and gas. you can see the title of the book. i'm just

sponsor this event because there are very few people that professionally you can say in the case of jonathan stern that we have known each other literally for close to 40 years. we first met each other when jonathan was working on soviet natural gas. so it's a delight to have both him and jim henderson here today to lunch with, once you have time purr ruse i think one of the most outstanding books on this whole issue that i have ever seen. without further ado, let me introduce jonathan and he'll kick us off. then we'll have presentation from jim and then we'll move for open commentary but leaving a lot of time for questions from the audience. onathan. >> charlie, thank you very much. thank you-all for coming. we really appreciate the opportunity to launch our book here. i want to say in terms of protocol, of course as far as the oxford university press is concerned,le the first launch is in london which is next tuesday. we are not really here. this is actually the first time we presented the book. in public in this way. we come from a very small institute which is part of oxford university. we are

sterns. we have bloomberg reporters standing by to deliver the stories that will drive your day. jonathanl walk us through to stand ceo's comments -- contansio's comments. >> this hour, we will speak with the governor of the central bank of sri lanka. then the polls, -- we will -- -- pulse, we will sit down with the head of the financial conduct authority. let's talk about what is happening with the ecb. we spoke to the vice president of the ecb, vitor constancio, ahead of the meeting next week. what did he have to say? >> inflation is too low. joining the chorus. >> we're going to hear it a lot more. >> i think we are. it is below two percent. the question is, what we do about it? 95% expect a rate cut. looking at our survey, a gentleman does not inc. there is a rate cut next week. we need to get him on. >> white is coming? but he is quite clear that expectations are up there. they are high. >> a rate cut looks like it is a done deal. how can mario draghi surprise the markets? what else could we see? what other extraordinary measures are analysts thinking might be likely? >> they are con