The District and Developer are proceeding with the planning of the project and the negotiation of a ground lease and related transactional documents pursuant to the Exclusive Negotiating Agreement. Finalizing the terms of the ground lease between the District and the Developer, and completing environmental review and obtaining the necessary entitlements and approvals from the City is projected to take 2 to 3 years before any construction can start. Construction is projected to take 2 to 3 additional years. Therefore, occupancy is approximately 5 years out.