the agreement before a license from the port and pg & e to submerge the property and an option agreement to acquire some pg & e own land near the ports pier 70. you heard this item in january. it's substantially the same along with the recommendations of the budget analyst. i'm going to breeze through this fairly quickly. if i can turn to the overhead project or, please. okay, san francisco's current system in the city includes 100 kv system and 230 kv system which is shown in light blue here. that's the system that served downtown san francisco. the two lines serving that system run over areas of the city that are subject to liquefaction. that's the reason for this project is to provide redundant service to downtown in the case for a major seismic event. the rational was studied by the california public studies commission. they recognize a major seismic risk that one or both cables can be severed over the next 30 years for the next seismic event and these cables would be sound. fl were no power after an earthquake there would be loses. the direct losses would be up to $3 billion. you wi

in terms of the license terms between the port and pg & e they will be licensing for submerging property for a 26 -year option. they will be paying the port $23 million between now and january 2015 the system would have the right to relocate the line subject to certain conditions. i showed you that switch yard, the open air switch yard, the city would have the right to prefer to be screened or encloseded in the building. we'll work with the planning department. this is a major investment. you will see from the left here some examples of the utility streeng and on the right you see what a station looks like. much better for development. in terms of the option agreement, the dirt recycling facility on three 3 acres north of 22nd street is going to be an entrance to the mixed use development. you are going to hear about that in the next item. we have negotiated for the city to buy that property for $23 million or a little over $63 per square foot. the pg & e will have to find a new location to support the utility operations in the city. we talked last time about some environmental condition

several people to thank at this moment we have a lot of stakeholders the port of san francisco for a partner and the joyce foundation the pg&e for awarding us a grant and also thanking all the community groups that have support us like the friends of the parks and our recent partner institute that's provide the youth so what our programs they have a good resource to reach some of the students and also other agencies and thank you, again president chiu and supervisor cohen and commending us today. >> i want to acknowledge supervisor cohen but there's one student we want to hear from. >> i'm really wanting to appreciate brenda for that the amazing experience this is my first year i hope to come back next year. >> thank you. supervisor cohen >> thank you very much. brenda i want to take a moment and acknowledge our leadership in guiding the young minds of san francisco and to the young people and our peers that are here today thank you for your leadership you set an example for young people tutor rolling up your sleeves >> i understand there is someone from the port. >> i'm delighted to thank the green agers half a it spent a