The equity partner will obtain a 50% interest in the project with equal rights and decision making powers regarding the project. The construction financing will be approximately $350,000,000 which will take out any lender positions on both Pompano parcels. As construction commences, a standard draw down loan arrangement will allow for construction on the fist and second phases .Both the new equity partner and Existing Partner will be jointly and severally obtaining a recourse construction loan for the fully permitted and entitled project. Other than pre-selling a sufficient number of units, there will be no other contingencies preventing your new group from commencing the construction phase of the project. From the refinancing and cash infusion there is an expectation that $7,000,000 will remain available that is specifically earmarked for marketing, promotion, and presale activities.

A few questions- Do you own the land? Any equity in? Any presales?