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THE PROJECT <br />:Mr. John Vitale, a Little Canada resident and businessman, owns a piece of <br />land near Rice and Little Canada Road. He proposed to build a 12,000 sq. ft. <br />shopping center strip and lease the entire center to Ar -mond, Inc. Ar -mond, <br />Inc. is in the business of sub - leasing office or retail space to smaller <br />tenants. Ar -mond, Inc. would manage the center and pay all operating costs <br />on a triple net lease basis. <br />The cost breakdown of the project is as follows: <br />Construction Contracts 300,000 <br />Site Development 60,000 <br />Architectural $ Engineering 15,000 <br />Legal Fees 3,000 <br />Interest during construction 8,000 <br />Bond Council 6,000 <br />Underwriting 5,000 <br />Contingencies 3,000 <br />397,000 <br />Mr. Vitale plans to start construction as soon as the legal documentation <br />and mortgage placement are finalized. <br />004 <br />