mr. updike has indicated, the first year rent under the proposed lease is 52,3 24. that's 4,141 or 8.6% more than the existing annual rent which is currently on a month-to-month basis of 48,183. under the -- and that was based on an appraisal and it's considered to be fill market valued. that has been reported to our office. as you can see on table 1 on page 39 of our report, that for the first four years the estimated rent given the 4% increase is payable to the puc would be about $222,192. we recommend you approve this resolution. >> okay, thank you. colleagues, any questions? okay, thank you very much. at this point i'd like to open up to public comment. any members of the public that wish to comment on item number 7, please step forward. seeing none, public comment is closed. >> i'd like to move approve. >> okay, we have a motion to approve item number 7, send it to the full board with recommendation. we can do that without opposition. mr. clerk, can you please call items number 8 through 10 together? >> item number 8, hearing to receive a regular quarterly upda