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period nothing happened, you know, because it was under the judicial review. There was <br />one time extension granted by the Commission right after that until I, I believe, 1998, I <br />think; and then this is now, the subsequent amendment. <br />I€m not conversant on the facts as far as like why they€re not using the same so-called <br />method of financing the golf course, you know, as you are. But all I know is that that€s <br />not the way that they wished to finance this project, so it€s pretty much going to be <br />financed in the conventional way. And because they€re trying to finance it in a <br />conventional way, unlike when it was at that time deemed to be financially profitable in <br />the late 80s and early 90s, you know, in the Japan economy, that€s the reason why <br />they€re not in a position, you know, to honor like many of the other kinds of <br />commitments that they had made back in 1992. <br />SIRACUSA:I have a few more. Shall I keep going? <br />GALDONES:Proceed. <br />SIRACUSA:Thank you. On Page 47 of the transcript, it talks about these time <br />extensions,theonethatwasgrantedadministrativelybytheDirectorandthen <br />subsequently two amendments which were granted by the Commission: one in €95, which <br />took it up to €98; and the other one which was granted in €98, and took it up to the year <br />2003. So Plan Approval, as I understand it, has now totally expired; and that€s why <br />we€re here today. What would be the ramifications if we did not grant Plan Approval <br />today? Would that mean that everything would have to go back to the drawing board <br />from the giddyup? I would like to know what, you know, what the results would be if we <br />decided not to grant Plan Approval today. <br />GALDONES:Staff? <br />SIRACUSA:I mean, not to renew since Plan Approval has already expired. <br />GALDONES:Is Norman or Jeff there? <br />MCCALL:He just stepped out. <br />SIRACUSA:Could the Director answer that question? <br />YUEN:You have a request for a time extension here today. <br />SIRACUSA:Yes. <br />YUEN:If you deny the request for time extension, the permit is dead. <br />SIRACUSA:Okay, cause what I€m asking is a time extension to something <br />that€s already expired -? <br />23 <br /> <br />