Timelines

The existing EPS and Boyer financial analysis are merely preliminary
guesses -- the EPS work was conceptual work done to help the
County/Schools decide whether there was reason to believe it would be
useful to pursue the project. The Boyer work is a first draft based
upon their first cut ideas about what they originally envisioned for
the project. Boyer's concept is evolving as they have gathered
public input and as they have continued their market assessment
work. Over the coming 4-6 weeks they will try to settle in on a site
plan that will incorporate both what they are learning about what our
community wants as well as what their market work indicates potential
tenants will be interested in. They will then seek acceptance for
the resulting site plan from the County and Schools. The site plan
will provide the parameters for creating a financial plan.

Given an acceptable site plan, Boyer will create an updated
corresponding financial analysis and proposed development agreement
and land lease terms. That will be the point where an economic
analysis can be made by the community to evaluate the cost benefit of
the Boyer proposal -- that will be the point at which the analysis
that I perceive Eric is talking about will become viable and a
decision would be made by the County and Schools whether or not to
enter into the development agreement, lease the land, and proceed
with the project. The target for getting to this point in the
process is the end of the year.

Written by Kevin Holsapple