2021-07-15 Leeward Exh D (Amend SMA 286)

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but the money is there to do it independently. We also have relationships with very reputable banks here in San Diego. So the money is not the problem; it's being able to build something at the cost that we are comfortable with. VITOUSEK: So given the extension (indiscernible–echo and broken connection) you have the money to complete the project? NORTH: You did break up there, but is the question do we have the funds to build the project? VITOUSEK: Yep. NORTH: Yes, we do have the funds so we could build this project. VITOUSEK: And you will allocate those funds to building this project, if the extension is given, in the timeline? NORTH: I would have to confer with the team to say that's absolutely a definitive decision, but that's the intention I've been given in the short time I've been put on this project. VITOUSEK: I mean, for us, end result, the condition of issuing permit is that it will be built, so it doesn't make sense for us to issue a permit, if we don't think it's going to be built. So we would need a commitment from your group that, yes, if you issue this permit, we will build. NORTH: I can, I mean, the reason why I would hesitate is because there have been things that happen in the last year or two that were just unprecedented and un-we could never have, have expected, but the intention is to build. As long as the cost for the project of those that we are comfortable with them where we can make a return on the investment, then, yes, it would be something we would build, but it's certainly something that we need to investigate further and explore. I can't—and again, I've been on this for two weeks, so I'm talking in general terms because I can't say that matter-of-factly. FUKE: Mr. Chair, can I just make one comment to that? VITOUSEK: Yep. FUKE: You know, normally, the condition would allow the planning director to grant an administrative extension. In this case here there is no provision. So the short answer to your question is that if they don't comply with the window of, construction window, they are back before the Planning Commission, and I'm sure like all of these, most of you commissioners will still be here. And I know you all have elephant memory, so. VITOUSEK: Yeah YATES: Yes 18 EXHIBIT D