ms. mcclellan can explain that $8 million concession agreement which is now a loan and how that operates as well. >> right, she can. thank you. >> thank you, good afternoon, i'm kerry mcclellan, ceo of the america's cup organizing committee. i'm going to sort of take these in order in response to your question about the opportunity for local corporate donors. we launched late last year a program called 1sf celebrating the cup, hiring two additional fund-raising counsel that had expertise with working with the local corporate community. and we're now in the market on that and have a number of verbal pledges. and i have to say that both mayor lee, but also lou ten an governor newsome and senator finestein and leader pelosi and others are leaning into that effort. i'm optimistic that just as we have worked hard to bring philanthropy i in to find a program that is appealing to local advisetionv to support and help the city be successful, we have crafted those messages around what the city is creating around community and legacy benefits. ~ and as we have traveled from all of this being hypoth

ms. mcclellan is coming now to answer that question. >> we are receiving 1.1 in pledges between now and january 2014. i can tell you right now i know in may we're getting another 700,000. there are two pledges that are coming in. at this moment in time i'll make another payment in may. when those come in we'll actively fund raise adding the 150 we made last week. as we get more tranches we'll make -- >> that's january will be paid -- >> before june 30th. before the end of the fiscal year. >> good afternoon, gentlemen. it's a pleasure to be here to talk to you about the updated numbers of the impact analysis. [speaker not understood]. what i've done recently is to update that report by way of including our understanding of the america's cup world that we have now that we didn't have back in 2010. is the presentation going to come up? so, back in 2010, most of what we had to go off of was the experience of prior america's cup events. since then the number of syndicates that are going to be involved has become much clearer, likely crowd sizes, perhaps clearer. the amount of spending by various org