. >> good afternoon, commissioners, phil williamson, the manager for 337 and pier 48. i just want to give you an overview of what you will hear over the next half hour and i am here to introduce the program and the first speaker will be mike martin from the office of workforce department and his office is rolling this project and i will talk you through and walk you through the components of the term sheet and johnson's turn to come up and talk about the financial components before concluding, and so with that i would like to introduce mike martin from the office of workforce development >> thank you very much, phil. good afternoon, commissioners, mike martin i'm development project manager in the office of economic and workforce development. i wanted to take a few seconds at the beginning of our presentation today to give a little bit of the broader city-wide context of the project. basically for kind of linear story telling reasons we want to start with the broad picture and come to the specifics of the term sheet and a lot of the good thinking that has gone into the

in 2010, we have nothing but the most fer vernt praise for the port staff for j edwards, for phil williamson ron, jennifer, monique, your whole team has been so responsive, so right there, everything that we've needed including from ken cough man and the fire men's as well as, you are stickler and i do respect that for good reason, but even as sticklers you have been there every time we've asked and fabulous to working out the solutions to open on april 17th which is so very important to us. i have to say that really commend every person who has worked with us and just amazing. everything we call you are there. so what we have learned not too long ago we found out from a trade week, the exploratoria tourm is the 5th brand than any other place, behind the louver, no. 5. if we were no. 5, just wait till you see what we are doing with pier no. 7 and 8. thank you very much. [ applause ] >> thank you so much and especially to your development committee. thank you for choosing to do this on the water front and congratulations on the award. thank you for coming today. commissioners i have one last

>> commissioner, phil williamson. so the master lease as you correctly state is between the port and the giants mission rock, 327, llc. going forward each individual parcel could be between the port and the giants or an entity of the giants and not the same llc but a separate more than likely, should they not exercise the option to take one of those parcels then we will go up and seek a third party vertical developer for a direct relationship with the port. so the port would have direct leases with each developer whether that is the variation of the giants or a third party, separate entity altogether. >> and then, for instance, it could be the case of pier 48 could be a direct lease between the port and the anchor steam for that long term lease. >> okay. >> and my last question relates to i guess in the final presentation of this, you do mention, obviously the great, the jobs and everything else, and everything else that is created, but it will be great for us to see the benefit for the city entirely of the property t