shannon fearingson n ferguson, a renewal for 690 market street. can i have the overhead, please? the nine-story plus office tower originally constructed in 1889 to '90 and adjoining 16-story tower constructed in 1905 are subject to the contract. the eight-story ver vertical condition completed in 2007 is not subject to the contract. the legislation authorizes local governments to enter into contracts with private owners of qualified historic properties. this agreement provides property tax reductions to owners of the historic properties who then allocate savings to an appropriate rehabilitation and maintenance plans to preserve the property. the city currently holds 31 contracts. under the contract, one year is added automatically to the initial term of the contract at the anniversary date unless notice of non-renewal is given. they are ten-year revolving contracts renewed annually and in perpetuity. this allows either the property owner or the city to not renew the contract. if written notice is not served prior to renewal date, one year is automatically added to the term of the