Mills, a Virginia-based REIT, originally proposed making payments to the city that amounted to $720,000 during construction and $350,000 during its first year of operation. Now, under the new terms, Mills will pay $1.4 million during construction and $1.4 million per year beginning the first year of operation. The Port Commission and Board of Supervisors still must approve the agreement.

The Mills/YMCA development is a mixed-use development on the San Francisco waterfront. It will include a YMCA and recreational activities in partnership with the San Francisco 49ers and America True. The Mills also will dedicate 40,000 square feet of space to maritime uses, and to non-profits in need of space to carry out worthy missions on behalf others. Just under half a million square feet will be open space for visitors and will include outdoor recreational facilities, a marine sports plaza, and recreational, boating and water sports' activities. The development also offers about 110,000 square feet of recreational retail space, including a few retail shops and cafes, and some limited office space.

The port has leased the space to Mills for 66 years and will receive 6% of the office revenue and11% of the profit, 4% of the retail profit and 2% of recreation revenue. The developer will also pay sales taxes and make contributions to city projects, including BART and education. It is estimated that the Mills/YMCA Piers 27-31 development will generate more than $8 million in local and state tax revenues during the construction phase and an estimated $11 million in local and state taxes once it is open.