2009-06-30 TPALAMANUI - Laserfiche WebLink

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HARRIS: Correct. HOUSEL: Okay. HARRIS: You know, the Planning Director may want to say something about that, but basically we have to build Road 1A and Road 2 before we can get final subdivision approval or certificate of occupancy in the project, the whole project. Now, of course, for instance if we want a market in there, we have to have a lot we can put the maret on and get a permit, occupancy for the market. HOUSEL: Right. WhatÓs the current status of the project now? HARRIS: The current status is we got the zoning three years ago, the Project District zoning, and we have been working on engineering. We have many grading permits. WeÓve graded about 100 acres, rough graded, getting it ready for development. We spent virtually the majority of the last three years working on the plans. We have the plan for the community college, which is, you know, a condition; weÓre required to do the plans and build the building, the first complex. And then the same thing with our engineer fo park, our roadways. Road 2, we just got a grading permit issued for that. Anyway, a lot of detail planning and engineering, and then economic planning, trying to come up with scheme that makes this fly; because as we sit here now, we are basically saying we are ready to spend $20,000,000. But we canÓt bond and spend in three years from now all the money for Road 4; weÓve got to defer that, which is, we canÓt see that weÓll have income to pay ourselves back anyway. HOUSEL: Is there any utility infrastructure in place now? HARRIS: There is just a temporary waterline and some temporary roads. But the plans, the water plans are signed for what we call first package; second and third packages are just about done. HOUSEL: I see. Okay, now, you mentioned that you want to develop some of the residential units first. ThereÓre approximately, it looks like, maybe seven or eight residential areas. Where would you plan to start to build? HARRIS: What we call the town center, that area adjacent to the community college building, this area, thereÓs some commercial, the market as I said, and then nearby would be initial residential. HOUSEL: Okay. And do you have a time frame that youÓre planning to do that? HARRIS: I would say when the, weÓre working on the plans right now. We have many different options. When the university is sticking up in the air, we think thatÓll stimu-, and the roads are ready to open, weÓll build some improvements to our central, central plaza and the town center, and we think thatÓll stimulate traffic to come in and look at our residential pads and models. And when people start buying, weÓll keep going. EXHIBIT B 9