CCA has already paid for two extensions on their Option Agreement for land purchase. The Second Extension Term was paid for in March 2010 and forwarded to the land owner. Here's video of Col. Ricketts announcing it to the VLCIA board 15 March 2011. That second extension expires 13 March 2012, six weeks from today.
A Third Extension Term is possible, but has to be negotiated. Here's what Purchase and Development Agreement of 17 August 201 says:
22.214.171.124. Third Extension Term. The Authority shall use commercially reasonable efforts to obtain an option for a third extension term of twelve (12) months (the "Third Extension Term"). In the event the Authority is able to obtain such extension option on terms and conditions such that any required earnest money to be paid by the Company in connection with the exercise of such extension option does not exceed $75,000, and there is no increase of the price of the Site or any other payments not already required by the Option Agreement, then the Authority shall enter into a written agreement (the "Third Extension Term") with the Seller reflecting the terms and conditions of such extension option....What happens if the Authority does not provide such an extension option?