ERIA Not Done Yet!

At the March 26, 2010 Board of Directors meeting, the Board extended the development phase another 90 days.  Previously the Board determined March 31, 2010 to be the target launch date for the program; however, we still need the State Department of Finance approval of the proposed structure, and more counties to commit to the program to reach critical mass.  The target critical mass is approximately 1.7 million square feet of covered property.  The goal is to seek additional commitments from counties over the next 60 days.  If those commitments are sufficient to reach critical mass (assuming Orange County was to join), then OC will consider joining the program.  In addition, Evan Reis of Certus Consulting will analyze the cost of self funding the entire exposure and present the results to the Board in the next 30 days.