Public has asked for, tmg, agreed to two events a year two could be scheduled in advance the others would be 30 days of the planned event, when there is no other conflicting event planned for this space, it would be added with no cost to the fee so they would have to pay for security, Janitorial Services etc. And the groups would have to get all the necessary permits but were pleased that tmg has made this into a public space. We have been port staff and tmg, and premier structures their joint venture partner, have been communicating, with the commission today today, you are asked to make an on the burden act, the port has gone to the state commission and ask them to issue a letter, finding a project consistent with the public trust. Exhibit d, to your staff report, includes, trust analysis in consultantation with tmg, and land state commission and that further the purpose of the trust or land time use that will be available for water taxi Public Access on the north apron the spraunt u
Value to the port of 1. 4 million here the internal rate of the return case, would be about 16 . This is a graphic showing exactly what i showed on the bar chart just in a pie, to show you where the share of revenue is coming from in the low and high case and we only changed one factor that was the number of special events. When we were here last commissioner woo ho asked about where the revenue is coming from in the project i think you were right commissioner woo ho we were over stating the importance of special events in the economic of the project, when its really the Office Revenue is the economic driver in the project, its just that special events flows to net cash flow thats why its the difference between the base and high case you will see in the low case five events a year 46 of the revenue is generated from the office use 20 from the restaurant and 13 from special events. In the high case 20 events per year special events grows to 38 , office, 48, and restaurant at 14 . Tmg in