Deerfield development agreement

Here are my initial comments:

There's no clear triggering event which would expedite the internal approval
process. For instance, paragraph 3 is a current obligation (re
landscaping). It would be easier to process this agreement if the
effectiveness of this agreement commences when we file for a building
permit. I understand that we would have to pay some of this prior to the
time the permit is issued, but again, magic words help.

Paragraph 6 on right of first refusal for power. Looks like a free call for
the next 30 years. Just want to make sure you've bought in on this. Other
than the obvious valuation impact, it could impact a purchaser's ability to
obtain project financing.

Kay