miss sarah giladi and miss tiffany bohe, the executive director of oci, were going to be here for a presentation and a powerpoint. i don't know if we want to continue this to allow them to get here or i can just give you a brief -- i don't know if you had any questions. i can do an introduction and kind of lay it out for you. >> why don't you do an introduction and we'll see if we have further questions. >> very concisely, the transbay joint powers authority requires a short term interim financing to be able to continue to meet certain contractual requirements in their phase i of the transbay transit center project. tjpa seeks to obtain a bridge loan in the amount of $171 million and as security for that loan, certain conditions must met including a deed of trust and negative covenants on certain properties located in the transbay redevelopment area. there is no fiscal impact to the city in this transaction. the city will not be a party to the loan and it is not an owner of any of the property at issue. however since the city is a party to a 2003 cooperative agreement made with caltrans which tr