Cosmo, Inc., is considering setting up a new data storage building in Newark, Delaware. The company already has some land bought for $175,600 five years ago. The land currently is not being used for any business purposes. If it were sold today, the company can make $475,200 by selling the land. Construction for the data storage building will cost the firm $995,000. In anticipation of using the land, the firm paid $250,000 a year ago to grade the land. Now, the company wants to find the NPV of the project. How much is the initial costs?