. >> at this point i would like to thank you for your time and introduce jonathan sterns who will walk you through the analysis of the deal from a financial perspective. >> jonathan stern, so phil has talked about the project and the term sheet which was the various agreements that we have in place to move forward through entitlements and binding dda and agreements. and we thought that it was important to tell what we think, or what we are trying to accomplish at the staff under the commission's direction and what we think that the financial results will be. so i think that there are two parts or two stories that we need to tell about the capitol needs of the project and the site that you just saw and how much that is going to cost and how we are going to fund it. an

to byron, diane, phil, and mark and jonathan stern who helped plan our continued growth and all the guys at the permit desk who every time i went to apply for a permit, guided me on all the approval processes finally to manny, patricia and amy and all of you made this work. thank you. >> thank you very much. >> [ applause ] >> commissioner, can we do a picture real quick. thank you again, jane. this is very gratifying. thanks to your team as well. >> next, commissioners, i want to talk about a new restaurant coming in at pier 5. we are lucky to be getting celebrity chef michael sharl oh. it's named koekt a. c o q u e t a. you may have known him. he's a celebrity. he's a specialist in italian cuisine. he owns a restaurant in napa valley and host 2 shows, one called napa style and one on the food network called easy entertaining. the new restaurant will represent spanish food but also his first restaurant in san francisco. we are very thrilled he's chosen to do this on the water front. he's taken out a permit for a wood fired oven. we are looking forward to that. his lease requires him to

i represent a team, the port is represented today by myself, jonathan stern and byron and city council john sack and mike martin and civil lot 337 associates, jack bear and ron nolts. again, quickly to bring you up to speed. this is what you have seen before. it should be familiar. it a points 1.7 million square foot of open office space and approximately 2000 square foot of retail space. as you have heard in the press yourself an announcement has been made about the first tenant for the project anchor brewing and we are excited about that potential and what it means for the project in terms of phasing for pier 38 and a good match for the city. infrastructure in the project is phased over time and privately funded and publically owned and paid for with the unique financing mechanism and we have shared with you in previous presentation. as part of an overview, port revenues, one of our endeavors is to increase the ports land value return for the site to recognize it's true asset value and take that forward over time to benefit the port as a whole. we do that through participation rent a

i represent a team, the port is represented today by myself, jonathan stern and byron and

moir and the staff who devoted nights and weekend to this project, brat benson, williams son, jonathan stern and joan, they do a lot of work. i would like to thank all our friends who attended this meeting to support this project. john our partner at anchor and i would like to thank my colleagues at the giant who have worked for a very long time. finally i would like to thank you, the port commissioners. commissioner, brandon and pats you have spent a lot of time pouring over this deal on this project and shared your ideas and concerns and i think we are all better for it. and we are very thankful for the faith that you have shown in us and excited about accomplishing great things together. >> thank you, any further public comments? hearing none. comments from commissioners before we take a vote. >> i would echo the thanks that jack just gave out to everyone for everyone who worked so hard. i agree with mr. bear that we are all better for it that everyone has had a hand in making suggestions and i'm sure we'll have a number of significant changes coming as we move forward as well. i would li

moir and the staff who devoted nights and weekend to this project, brat benson, williams son, jonathan stern and joan, they do a lot of work. i would like to thank all our friends who attended this meeting to support this project. john our partner at anchor and i would like to thank my colleagues at the giant who have worked for a very long time. finally i would like to thank you, the port commissioners. commissioner, brandon and pats you have spent a lot of time pouring over this deal on this project and shared your ideas and concerns and i k