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joint venture entities controlled and majority owned by affiliates of the BVI Investment Club ("BVIIC"). IGY has not accounted for any development or redevelopment scenarios in its financial projections because ... would hold minority interests in both projects and such scenarios would require consent from BVIIC. Both projects, however, have excellent locational or physical attributes that could provide development and revenue ... Property Owner"). VC Property Owner is owned 66.7% by Sage Investment Club (or BVIIC) and 33.3% by Village Cay (MOF III), LP, a Texas limited partnership ("MOF Village