You are preparing to develop a piece of property you own. It will cost $3,000,000 total. You estimate that you will need $500,000 today to begin site development. Six months from now you will need an additional $500,000 to begin construction. One year from now you will need $2 million dollars for the final phase of construction, which will be complete 2 years from now. Your interest rate on your development loan is 9%. How much money will you need to borrow for your takeout financing in 2 years when the project is complete? How does this change if weather and soil issues cause a 6 month delay in the building site development phase? (None of the time is made up by faster progress in subsequent phases, everything is pushed back.) What are your potential options to deal with the effects of the delay? Why might you choose one over the other?