needs to make an 18 percent return, but after that we would split the remaining revenues /skwrepbl /raeted by the project -- 45 percent to forest city and 50 percent to the port. 55 percent of prepaid ground or land sales above what is required to pay developer return would come to the port. and we are also looking to appoint in time probably in phase four of the project where the developer reached an 18 percent return for the whole project and after that point in time the remaining leases would be annual ground rent leases where the port would get 85 percent of the ground rent. all of the parcels will be appraised and the fair market value will be established that way. there's also a port participation component and this we have not had in our other deals, but in addition to the fair market value that i just described, in year 30 each of the development leases would start paying the port 1.5 percent of the modified gross revenues generated by the project. that would exclude a few parcels, /kopbld min yums would have been sold off, that historic buildings and place making uses as well as d

em and paying back the court for infrastructure and other peers that we have that are /tkaoe tier /raeting and falling into the bay and that's kind of where i'm coming from. i /tkoepltd know enough about it yet and i don't want to say -- go too far, but i'm slowly learning here and i'm slowly getting the full picture. thank you. >> i also appreciate the presentation. i will have a number of questions as more details are presented on the 28th. but if i could ask you if you could acceptability a -- sent a copy of the presentation to all of us. >> you should have a hard copy there. >> i take that back. appreciate all the work that's gone into this. this is not an easy project and i think this is really one of the most significant projects to be facing the city of san francisco currently. i don't think there's anything else in this size and magnitude. i think this is going to be changing in a positive way the /tpaeuls of the water front in that area and i appreciate the focus on trying to extend the community feel of the dog patch area and make sure that this project isn't a sterile one that r

dan raet president obama expected to make the statement on the scandal of the irs, the one i think he nothing to do with coming up at 6:00 eastern. we'll be right back. [ children laughing ] energy efficient appliances. you can get a tax write off for those. a programmable thermostat, very smart, saves money. ♪ cash money sorry. i see you have allstate claim free rewards, for every year you don't have a claim, you'll get money off your home insurance policy. put it towards... [ glass shatters ] [ girl ] dad! dad! [ girl screams ] noise canceling headphones? [ nicole ] that's a great idea. [ male announcer ] home insurance that saves you money for not having a claim? that's allstate home insurance with claim free rewards. talk to an allstate agent... [ doorbell rings ] and let the good life in. >>> guess what? mark sanford is the newest member of the united states congress. congressman sanford was sworn in late today. there he is on the house floor. looks like he's having fun. by the way, political comeback is under way for sanford. the former republican governor of south carolina whic