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Project Development Costs
3 Months Ended
Mar. 31, 2012
Project Development Costs [Abstract]  
Project Development Costs

Note C. Project Development Costs

In December 2011, the Company entered into the Option Agreement with EPT, which Option Agreement was amended on March 30, 2012 and April 30, 2012. Pursuant to the Option Agreement, EPT granted the Company the option to lease certain EPT property located in Sullivan County, New York pursuant to the terms of a lease negotiated between the parties. In connection with the execution of the Option Agreement, the Company paid EPT the Option Payment ($750,000) which is classified as project development costs. The option may be exercised only to the extent the Company (or its affiliate) simultaneously exercises other options in connection with the Master Development Agreement. In addition, the Company's rights and EPT's obligations pursuant to the Option Agreement are subject to certain existing EPT agreements. Subject to the terms and conditions of the Option Agreement, EPT shall not grant to any third party the right to lease the EPT Property during the Option Exercise Period.

In addition to the Option Payment, project development costs included other direct costs incurred by the Company in consummating the Option Agreement and related lease, as well as, other project development costs for the EPT Property. At March 31, 2012, project development costs totaled approximately $2.3 million.