these big institutions use return on cost parameters; napf uses a 6% return. even with this approval we are down to 5.8% which is risky for a construction project. we have to go back to napf to get approval under the new construction budget. we got approval on monday night after putting four million dollars of cash in the deal. please convey to them that the 12 percent requirement was a key component in both equity and debt financing for the project. we have formal approval from nabf that they will go to the next step. if this does not get approved, this will stay as an office building is what i think will happen. this is the latest cac analysis of offices. (off mic) we budgeted $29 a foot. if you look south of market overview, the current market for that space is $42.30. that is a 46% increase in rents. we are a unique building. it is a legal office building they could turn. around and lease that -- an annual increase

these big institutions use return on cost parameters; napf uses a 6% return. even with this approval we are down to 5.8% which is risky for a construction project. we have to go back to napf to get approval under the new construction budget. we got approval on monday night after putting four million dollars of cash in the deal. please convey to them that the 12 percent requirement was a key component in both equity and debt