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           THISTLE DOWNS

PROPOSED DEVELOPMENT SCHEDULE AND
   PHASING

SECTION 3 - SINGLE-FAMILY DETACHED HOMES
     2005 through first quarter 2006.

SECTION 4 — MULTI-FAMILY RESIDENTIAL
     Beginning 2008.
     Ultimate build-out subject to market conditions and completion of Florence Road
     Relocation and Improvements.

SECTION 5 — COMMERCIAL

Beginning 2011 — 2012.

Subject to market conditions and overall density of development in Florence Road

vicinity.                                                                             41
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