the bar pilots are a meritime tenant in good standing. the bar pilots approached the port with an offer to reopen the lease to each party's advantage. the primary advantages to the port are removing a 20 percent rent discount afforded to the bar pilots as a mechanism to retain their tenancy in san francisco amounting to $1.4 million. and providing for residential resets to the ports standard market rates every 5 years. the advantages for the bar pilots are eliminating a 3 percent cost-of-living increase from 2012 to 2014 amounting to $200,000 and a n allowing the rent to be set to market rate every 5 years. if approved, this amendment will give the port $1.2 million in additional rent over the life of the lease while giving the bar pilots short-term financial flexibility. this item was presented to the port commission once before in october of 2011 but it was carried over due to the possibility that pier 9 might have been needed for super yacht for the american cup. this issue was resolved earlier this month when the american cup wrote in

. >> i think we are thinking about this because we are a meritime tenant, that's why we are having this conversation. that's important. >> i think my fellow commissioners have covered everything and i'm in total agreement with all of it especially the fact of why are we looking at this lease when they signed the lease and they are obligated to it. so, i mean what we don't want to do is open the entire water front to come back and say let's renegotiate. it really needs to make very good sense in order for us to do it and also the fact that commissioner adams asked very poignant questions about their hiring practice, in the 20 plus history, not a lot has changed and it's a private organization. you know? there are for profit organizations. although they are meritime so they get some leeway, but in this day and age, their hiring practices are not very good. it would be great to see what they come back with about their diversity and demographics and their salaries. they are asking us to lower their lease, but have their salaries been lowered over the last 5 years. >> okay. we've got some wo