my name is phil williamson, senior project manager of the port development group. here this afternoon before you with an e & a amendment which i will in a little bit of detail and will be available afterwards to answer questions for you along with other members of our project team. since executing a two-phase exclusive negotiation agreement in september of 2010 for the development of seawall lot 337, also known as parking lot a and adjacent pier 48, [speaker not understood] llc, the port and the city staff have negotiated a nonbinding term sheet with pro poed financial term for the lease and development of the site. last year along with the board the supervisor [speaker not understood] unanimously endorsed the term sheet which included phase 1 as the e & a. a described in the term sheet, the port and developer have proposed a mixed use neighborhood for seawall lot 337 with appropriate height and density to create a vibrant walkable neighborhood with new parks and public open spaces, commercial space residential space. this past june the voters of san francisco pass