. >> thank you, terry avalos. --chair avalos. the proposed resolution looks at need agreement between the port and redevelopment agency. this is to extend the term from july 1, 2010 to july 30, 2013. this agreement was first executed in 2003 to accomplish the park improvements in the ring, park development plans. under the existing agreement, the port is maintained with maintaining the park. the four phones and the land. the cost is approximately $219,000 annually. we are here because this third amendment extends the terms more than 10 years. we agree with the it budget analyst recommendations to provide for retroactive approval and to change the date of the extension. i am here with david to answer any questions you may have. >> mr. rose, if you could share the report. >> the only thing that i would add, as ms. forms indicated, the estimated cost under this amendment are about $190,000 annually. that is the money that would be reimbursed by the lead development agency, together with the developer in the board. our recommendation