A firm purchased land five years ago at a cost of $$705,000.$ The land was recently appraised at $$687,000.$ At the time of the purchase, the firm spent $$23,000$ to clear the land and another $$75,000$ to connect to the municipal water supply. The firm now wants to build a new building on the site. The building cost is estimated at $$1,375,000.$ What amount should be used as the initial cash flow for this building project?