we have tony bardo here, director of real estate. >> good morning. i'm the assistant real estate director of puc. the resolution before you is authorizing an extension of an existing lease for office warehouse and yard space at 651 bryant street for the sfp's power enterprise. the original lease was approved but the board of supervisors in 2009 and the initial term expires at the end of october of this year. 651 bryant is adjacent to city-owned property at 639 bryant and together, these two parcels constitute the power enterprise yard. to maintain the operational integrity and synergy of this yard, staff believes it's in the city's best interests to exercise the extension option at 651 bryant street. the option stipulates that rent during the extended term shall be equal to or below 95%, the fair market rent. the rent that sf puc negotiated is below 95% of fmr as determined by an mia appraisal by caullers in 2019. the new representative is 48,160 a month, adjusted 3% per year. with the extension comes a new base year of 2019 for property extension re