the sutter stockton garage is 1 865 spaces on 12 levels. this garage generated l12.8 million annually and accommodated 500,000 transient vehicles annually. the japan center garage corporation lease, the current lease was entered into in 2002. the current lease expires in 2017. so that corporation technically is not obligated to enter into a new lease, but i think this demonstrates their desire to work with the city and strong desire to continue to represent the community. the sutter stockton garage lease, because the sfmta issued bonds in july of 2012 and essentially paid off the debt that the corporation issued for the renovation of the union square plaza, we paid off that debt under a provision that allowed to us buy back that debt. that triggered a termination of the lease within 90 days. so with that, i am happy to answer any questions. >> would you go also and explain the second item? >> the second item is the sutter stockton garage lease with the uptown parking corporation. as a 10-year lease for $1 with two 5-year options to extend.

for example, 1865 parking spaces at sutter stockton, 12 stories. however, we have a very different sort of clientele as what we serve at union square with about half the capacity. and we do what we can to really have the oversight of what really serves our community? we have probably a 30% drop in transient volume over the span that i have seen. and it's various reasons, you know? be it traffic, be it the office, financial community. because really 40-50% of the patrons are not necessarily shoppers. then we have the 3-4-hour stay of shopping and dining and what not. so a lot of different aspects we do bring in and with the comments and support of the non-profit corporations, really understands the community. i think that management oversight is very vital for the community for the benefit, not just to one department, not to the garage, but really to the city as a whole. i find myself being a resident, raising my kids in the city, that i'm an ambassador to the district that i serve. rather than driving way to a shopping mall with free parking, downt