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-7 - and a number of other amenities that enhance the appeal to the St. Anthony community. In addition, combined with a number of other projects that we're doing around the Twin Cities area, we'll be able to steer a number of people who may not feel that they fit into the other projects that we're involved in to a project such as they might find in St. Anthony that they might find more attractive. Again, while these projections are ambitious, given the appropriate market conditions and marketing strategy, we feel that they can be attainable. At this point, for the last couple of minutes, I'd like to ask Gary Gustafson to go over a little bit of the financing aspects. Gary Gustafson Quickly, there are really four things that can be done by the fin- ancing institution for this type of project. Number 1 is you have to get the project approved by the various government agencies, federal national mortgage association, FHA and VA. We have a gentleman here, Richard Kirchberg has been with us approximately a year. His background was chief regional underwriter for in Chicago so he used to look at all these projects, I don't know what even the region was, Richard, but he's very familiar with the approval process and we're glad to have him on our staff. We also have to be able to provide a construction loan. We are in that business, not only with our own funds, but arranging construction loans for people all the time. We also have to be a single family lender and units for this project need loans. And also, if the 202 thing goes, you need expertise in the FHA area. As I mentioned earlier, I think we've done 100 br 200 FHA projects, approximately 20 of the 202 variety, which this one is. Just a couple observations on this project. I think the timing is right. Certainly, with the economy coming back, people talking about housing again, I think it's an excellent time. I know there's some processes to go through and all I can do is encourage you to speed those up if you go ahead, because the time is here. I think these units, particularly the first phase which we're looking at more carefully at this point, were properly priced. I think that's a market today that homes are selling at. I think that City involvement is plus. Obviously, you people feel a project of this type can go or you wouldn't be committing City funds through the tax increment thing, so I think that's great. I'd like to reiterate what Steve said about the bond financing. I think that may well be a very important aspect of this thing and if you can pull that off and do some City bonding to provide money for first time home buyers so that these people can move into these units, I think that is excellent. I think it's an excellent project and we stand ready to work with these folks and we've worked with them before and are looking forward to it. Steve Yurick Thank you. There are two gentlemen who arrived late, I think they finally found it. Dan Englsma and Vince Kaufman, both from Krause Anderson. I think with that we'll turn it over to you for questions and answers. Thank you very much. (Sundland) Thank you very much. I think what we'll do gentlemen, we've prepared several questions for the second half of the interview and we're going to present these questions to you and ask for your comments and answers.