What this would entail is a different way of the Corporation's doing business from the way things have been done in the past. First of all, we would be attempting to obtain a lump-sum capitalized payment, in all likelihood, although it could be structured in a different way, too, depending on what advice we get from the marketing agent, but we could realize substantial capital for the Island. We're talking about, potentially, tens of millions of dollars, which could then be used for capital improvement in various areas that are needed on the Island. We can finance this ourselves through this process.

There's a number of benefits that would accrue. For one thing, to the extent that there are individuals who have objections to certain projects that are now contemplated such as the Southpoint project as described that Ms. Margolin was speaking about, rather than going ahead with that project as is with the inside track that somebody has had, or may have had up till now, this would throw open the entire process to competitive bidding, in effect, through our marketing agent -- that's the marketing agent we're soliciting proposals to obtain a marketing agent -- so that the projects could be put on the market. We would anticipate that there would be full disclosure, and I've just outlined a number of different areas that we would be looking at, but it's not limited to that, necessarily, but in terms of what the interests are that are going to be marketed, such as... Let's take Southpoint, as an example. Once the marketing agent is obtained, and we begin to market that project to get the highest bidder we can get, the highest and best use, subject to the current Lease that we have with the City and the General Development Plan that is part of that Lease arrangement, it is all subject to the current arrangements that people have expectations for, as defined under the General Development Plan, and also subject to environmental review by the Board after the people would buy their sublease, the cash would come in, the risk would be shifted to the developer, the capital would come into the Corporation and would be available for the capital needs of this Island, and presumably there would be additional public discussion and input from the citizenry as to how to deploy that capital as we obtain it, but most significantly, in terms of the projects are themselves that would be placed on the different, say, take Southpoint as an example, that property out there, there's nothing that prevents anyone on this Island from forming their own syndicate, getting together among yourselves, with your own plan, as to how you'd like to see this parcel developed.

So if Ms. Margolin has an objection with respect to the current project and she has some ideas as to some other use, she is free, or anybody else on the Island is free, to get together among themselves, organize, as you're free to do in a free society, work out with financiers and bankers, investment bankers, go to the capital markets if your idea has merit, and put in your own bids. Everyone is free to bid, and since there's people on this Island have a direct interest in what is going on here, presumably you all would have sufficient interest yourselves to test your ideas against other ideas in the marketplace of ideas, and the marketplace of projects. And you will be empowered. This is a mechanism of empowering the people of this Island as well as anybody else, you're in competition in the market, but you're not excluded, you're included in the opportunity to raise capital and put in your own project, so that, and the benefit will flow to the Island in terms of the capital raised.

So that's why I support this motion, and make it, and I would hope that the Board would support this approach.

David Kraut: As a practical matter I'm not sure if Margolin Development Industries can swing into action immediately with a counterproposal, but more specifically I would point out I believe our process is that we have to work through he existing process with SSJ before we can obtain other ideas. I may be wrong about that. Be that as it may, I do speak in support of the resolution on a very specific ground. For the past five years, I've been concerned that the Operating Corporation does not have sufficient monies to operate this Island properly. We lost our State subsidies both in operating and capital areas. As a practical matter, therefore, I am in support of developing areas of this Island which can accrue a reasonable financial return to us so that we can continue in our main mandated mission. That being the case, I believe it behooves us to be sure that we are receiving the highest possible value for the property that we control, and that I've been a little concerned in the past that may have been undervalued, and I think this resolution as a practical matter will see to it that we are receiving the highest possible returns on any development on this Island, and that's why I am in support of it.

[The resolution passed unanimously.]