i. Has an application been submitted to the town? How far in the approval process is the project?
* No application has been submitted to the town as we are in the process of finalizing a comprehensive market analysis report that will help our consultant team to identify the size of all uses that in the end translates in renderings of the project.

ii. Is the zoning in place?
* Both the town and the Region have approved the Secondary Plan for the entire community. Our property has the highest density in the whole community been part of the intensification commercial corridor. The zoning for this particular property will be obtained at the time an application is filed with the town.

iii. What documents and reports are available on the project?
* The following reports are available: Environmental Phase I & II, Geotechnical Investigation, Archeological report

iv. What other components will be part of the development?
* Other components we are considering as part of the project are: retail and commercial condo, retirement condo, residential condo, medical tourism, intelligent office, hotel, medical offices, entertainment, creative tower, vertical park, education, multi-faith center, philanthropy.

v. When do you expect to break ground?
This phase of the project depends on how fast the site plan and the building permits will be approved by the government entities. We anticipate having a better understanding of the timeline at the beginning of 2009.

vi. Who is providing the construction financing?
* IBC is of the opinion that sharing with our partners and clients is very important, that’s why we have designed a financing strategy that will generate the funds for construction and also provide returns for all the stakeholders. As soon as the plans are approved we will pre-sell the retail and commercial space both locally and internationally for a reduced price per square foot. The payment schedule is as follows: 25% deposit on signing the contract, and 2% monthly for a period of 35 months thus financing the entire construction process. The remaining 5% will be paid when the unit is delivered.

In other words, instead of borrowing money from the bank for construction, we are passing some of our profit to the partners and clients by selling them at a discount but asking for upfront funds.

vii. Who is the Development Management company for the project?
* We have not selected a development company yet for this project. We are of the principle of not reinventing anything, so we are looking for either a local or international partner that has the required experience to develop a project of this size.