mr. robert beck from tita here to discuss with you and present to you the reasons for the delay in the project. thank you. >> thank you, chair, cohen and commissioners as you are aware, the disposition of the development agreement and the related documents for the development of treasure ilabed were adopted in july of 2011, and the current schedule for repayment of the loan was agreed to an amendment four to the current mla that was executed in november of 2011, and that structure at that time, reflected the anticipated schedule for the transfer of the land from the navy to tita and the start of the development activities on the island, as well as the timing of the rams project. the schedule was impacted most significantly by the legal challenge to the eir, and what that has been ruled in favor of the city and kicd. and the developers is prepared to proceed with the development of the project even though that challenge is still an appeal. the tita is finalizing at this time, the terms of the economic development conveyance memo of the agreement with the navy that will governor the timing of th