  The Arecibo Galaxy Environment Survey (AGES) has detected a nearby HI source
at a heliocentric velocity of +363 km/s . The object was detected through its
neutral hydrogen emission and has an obvious possible optical counterpart in
Sloan Digital Sky Survey (SDSS) data (though it does not have an optical
redshift measurement). We discuss three possible scenarios for the object : 1)
It is within the Local Group, in which case its HI properties are comparable
with recently discovered ultra-compact high velocity clouds; 2) It is just
behind the Local Group, in which case its optical characteristics are similar
to the newly discovered Leo P galaxy; 3) It is a blue compact dwarf galaxy
within the local volume but not associated with the Local Group. We find the
third possibility to be the most likely, based on distance estimates from the
Tully-Fisher relation and its velocity relative to the Local Group.
