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HomeMy WebLinkAboutLions Head Redevelopment PlanLionsHead Parking Structure Redevelopment਍ഀ The Open Hospitality Partners & Hillwood Capital [Open I Hillwood] Partnership਍ഀ OHP response to Staff Memo of December 07, 2006਍ഀ January 05, 2007਍ഀ OPqN਍ഀ HOSPITALITY PARTNERS਍ഀ January 5, 2007਍ഀ Mr. Russell Forest, Director਍ഀ Department of Community Development਍ഀ Town of Vail਍ഀ 75 South Frontage Road਍ഀ Vail, CO 81657਍ഀ RE: Lionshead Parking Structure RFP/Response to Town's 12/7/06 letter਍ഀ Dear Russ:਍ഀ Thank you for your letter outlining the staff's questions about our proposal for਍ഀ the redevelopment of the Lionshead Parking Structure. This letter provides an਍ഀ overview of refinements we have made to our proposal since our Phase II,਍ഀ September 29th submittal. Accompanying this letter you will find an attachment਍ഀ which includes a detailed response to each of the questions raised in your਍ഀ December 7th letter. In addition, exhibits, spreadsheets and other information਍ഀ have also been provided as necessary in order to respond to your questions.਍ഀ Our Approach to this Project਍ഀ The Open/Hillwood Partnership embarked on this process with a handful of਍ഀ "guiding principles" that we believe are critical to the success of the project.਍ഀ These principles included:਍ഀ Design Qualit਍ഀ With all of our projects we strive for a very high quality of design and਍ഀ execution, and this project is no different. We will comply with the overall਍ഀ vision and the design and development parameters as outlined by the਍ഀ Lionshead Redevelopment Master Plan. We are also excited to further the਍ഀ concept of "One Vail/One Town" that has evolved during Vail's recent਍ഀ renaissance.਍ഀ Integration of Uses and Public Access਍ഀ The Lionshead Parking Garage is a large parcel of very strategically਍ഀ located land. It represents a significant opportunity to reinforce "One Vail",਍ഀ to bridge the gap between Lionshead and Vail Village. The parking garage਍ഀ is also a publicly-owned piece of ground.਍ഀ (continued)਍ഀ Lionshead Parking Structure Redevelopment The Open Hillwood Partnership਍ഀ r.਍ഀ OFIN਍ഀ HOSPITALITY PARTNERS਍ഀ It is essential that the public's access and use of the site be a major਍ഀ influence in the design of the project. As evident by how our new retail਍ഀ streets interface with East Lionshead Circle, how the transit center is਍ഀ integral with the entire project, or how our pedestrian flow invites the public਍ഀ into the project, we believe that this project must be woven into the਍ഀ fabric of Vail and in doing so be inviting to the community.਍ഀ Design Solutions for all Users਍ഀ The project will accommodate a wide variety of users, each with different਍ഀ needs and desires. Our goal has been to first identify these user groups਍ഀ and design a project that will give them a world class experience. Whether਍ഀ the user is a guest at the St. Regis, a day-skier from Denver or an ECO bus਍ഀ rider, our objective is the same - give them all what they need to enjoy their਍ഀ experience in Vail.਍ഀ Listen to our Partners and the Community਍ഀ Going into this process we had our ideas about what this project could be.਍ഀ Over the years however, we have learned that only with collaboration and਍ഀ communication with our partners and with the community will we get the਍ഀ very best results. By way of example, early on in this process we heard਍ഀ "live beds, live beds, and live beds". Our response was to deliver 250 hotel਍ഀ rooms and not just the W, but the St. Regis as well. Later in the process਍ഀ we heard "give us a break". Our response was to modify our schedule to਍ഀ not start construction until 2009.਍ഀ Regardless of whatever the final development program be end up being or਍ഀ wherever the final design may lead us, we continue to subscribe to these਍ഀ fundamental guiding principles as we work with the Town and community਍ഀ through this selection process.਍ഀ Refinements to our Plan਍ഀ It is in the context of "listening and responding" to the community and the Town਍ഀ that we introduce a significant refinement to our proposal. Over the past few਍ഀ months we have heard many very positive comments to our proposal - be it਍ഀ excitement over the idea of both, the W and St. Regis coming to Vail, the਍ഀ enclosed transit center and grand arrival to Lionshead, or the architecture and਍ഀ overall design of the project. We have also heard the question -਍ഀ "Does the Town really need a cultural center or would we be better served਍ഀ with a conference center?"਍ഀ (continued)਍ഀ Lionshead Parking Structure Redevelopment The Open Hillwood Partnership਍ഀ I਍ഀ 1 9਍ഀ OPqN਍ഀ HOSPITALITY PARTNERS਍ഀ As excited as we were about the cultural center, we listened and based on what਍ഀ we have heard revised our plans. In lieu of the cultural center we are now਍ഀ proposing a conference center with a gross size of 34,150 square feet. This਍ഀ includes a 17,500 square foot main ballroom, 8,000 square feet of pre-function਍ഀ space and 8,650 square feet of BOH.਍ഀ A second comment we have heard repeatedly would clearly be the most਍ഀ important component of this project -਍ഀ "parking, parking, parking and parking"਍ഀ 140਍ഀ [I਍ഀ I*਍ഀ 19਍ഀ [I਍ഀ The change from a cultural center to a conference center has presented an਍ഀ exciting opportunity. Due to the stage and seating design the cultural center਍ഀ required a very high volume of space. The change to a conference center਍ഀ made a large area available for some alternative use. We heard "parking", we਍ഀ listened. As a result we have been able to increase the total number of parking਍ഀ spaces to 2,044. Of these, 1,689 will be available for public use. This is a 47%਍ഀ increase to the public parking currently available in the Lionshead Parking਍ഀ Structure.਍ഀ We are extremely excited about what these changes mean to this project -਍ഀ because it is something we believe the community wants and it is something we਍ഀ can deliver.਍ഀ The Open/Hillwood Proposal਍ഀ Our proposal starts with fulfilling a very basic need of the Town - that is to਍ഀ replace an aging parking facility. This project, however, goes far beyond just਍ഀ parking cars - it deals with broader questions of how you can create an਍ഀ "inviting, light and airy parking facility; how you can create a dramatic, exciting਍ഀ sense of arrival to Lionshead; how you can provide a warm, sheltered facility for਍ഀ transit uses; how you can create an energized street experience along East਍ഀ Lionshead Circle;਍ഀ Our goal is not just to build a project, it is to create a place that will serve the਍ഀ needs of the community for years to come and do so in a well designed, high-਍ഀ quality manner. One of our goals is to always be aligned with the community in਍ഀ which we are developing. To that end, and as stated in our last meeting with਍ഀ the Town Council, our team is committing $200,000,000 of equity capital to਍ഀ make this vision a reality. This equity commitment truly aligns our interests with਍ഀ the town's interest. Our design team is intimately familiar with Vail, they know਍ഀ the players, they know the community, they know how to take these pieces and਍ഀ integrate them so they become a "place":਍ഀ (continued)਍ഀ Lionshead Parking Structure Redevelopment The Open Hillwood Partnership਍ഀ r•਍ഀ OPEN਍ഀ HOSPITALITY PARTNERS਍ഀ Public Parking਍ഀ A 2,044 space parking garage, of which 1,689 are available for public use਍ഀ is the simple answer to the parking solution. Our design reflects much਍ഀ more - "express lane access", natural light, high ceilings, improved਍ഀ wayfinding and vastly improved entry/ exiting times will make the parking਍ഀ experience an efficient and enjoyable one.਍ഀ Transit Center਍ഀ A transit center must be more than just a large bus stop on the side of the਍ഀ road. Our enclosed, light-filled transit center will keep ECO and Town਍ഀ shuttle riders dry and warm and will provide a welcome arrival to Lionshead਍ഀ The Brands਍ഀ The W and the St. Regis, two of the finest hotel brands in the world will਍ഀ bring lodging opportunities currently not available in Vail. 250 rooms of਍ഀ "live" beds would be the largest new hotel development in Vail in over 20਍ഀ years.਍ഀ Conference Center਍ഀ The facility the Town has long been looking for will anchor the Civic Center਍ഀ at the eastern end of the project, within the town's Civic Hub.਍ഀ A New Retail / Pedestrian Street਍ഀ Retail and restaurant uses will create an exciting new pedestrian corridor਍ഀ along East Meadow Drive.਍ഀ Frontage Road਍ഀ The Frontage Road will be improved from East Lionshead Circle to the਍ഀ Main Vail Roundabout.਍ഀ We trust this response has answered all of the questions you have raised.਍ഀ Thank you and the rest of the Town staff for your efforts to facilitate this਍ഀ process. Please do not hesitate to contact us with any further questions or਍ഀ comments. We look forward to seeing you soon as the Town moves forward਍ഀ with their decision making process.਍ഀ Sincerelv.਍ഀ P !t਍ഀ Mark L. Masinter਍ഀ (on behalf of the Open Hillwood Partnership)਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ F*I*਍ഀ 4240਍ഀ narrative responses਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ I•਍ഀ Town of Vail/Lionshead Parking Structure RFP਍ഀ Response to December 7, 2006 Staff Questions਍ഀ Open Hospital ity/HilWood਍ഀ 1) Clarify your civic center proposals by:਍ഀ A) Provide floor plans at 1:50 scale on the civic center space with cross਍ഀ sections to show floor plate heights.਍ഀ Response:਍ഀ Conference center plans are depicted on Exhibits A.01-A.05. The gross square਍ഀ footage of the center is 34,150. This includes a main ballroom of 17,500 square਍ഀ feet, pre-function space of 8,000 square feet and 8,650 square feet of BOH.਍ഀ Cross-sections demonstrate a floor to ceiling height of 24'਍ഀ It is important to note that both the W and the St. Regis have there own਍ഀ dedicated meeting room spaces of 6, 000 square feet each. This results in a਍ഀ total gross meeting room/conference space throughout the project of 46,100਍ഀ square feet.਍ഀ B) Describe in a narrative the uses that could occur in this space along with the਍ഀ number of people that could sit, stand, and eat in the space. Provide a floor਍ഀ plan on how this space could be divided.਍ഀ Response:਍ഀ The range of uses that could be accommodated in the conference space is਍ഀ likely identical to the utilization anticipated for the Town's conference center਍ഀ proposal. The main ballroom space will be divisible in a wide variety of ways,਍ഀ ranging from an intimate meeting of 10 people to a single conference gathering਍ഀ of 2,500. The main ballroom could accommodate approximately 1,100 people਍ഀ for a sit-down banquet.਍ഀ C) Provide floor plans with how people would move from the hotel spaces and਍ഀ meeting spaces to the civic center space. Describe how food would be਍ഀ transported from kitchens to the civic center space.਍ഀ Response:਍ഀ Exhibits B.01-B. 03 provides a conceptual indication of how uses and਍ഀ operational aspects of the conference center would be handled. It should be਍ഀ noted, however, that we are at a very conceptual stage of design and as design਍ഀ work progresses to circulation and the location of specific uses will be refined.਍ഀ Notwithstanding the above, the design team recognizes the importance of how਍ഀ the hotels integrate with the conference center space and that this is an਍ഀ absolute necessity to ensure an efficient and effective operation.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ A&਍ഀ r.਍ഀ (Response 1.C):਍ഀ Similar to the Arrabelle, all service to the conference center will be਍ഀ underground. A dedicated, underground loading bay will be provided਍ഀ immediately adjacent to the center. Food will be transported from the W਍ഀ kitchens through a service elevator from the Porte Cochere level, down to the਍ഀ G2 level and immediately into the BOH conference center spaces. Guests and਍ഀ users of the conference center can flow easily between hotels and the center਍ഀ within indoor, protected corridors at the G 1 level.਍ഀ D) Identify who would own, operate, and manage the civic center space.਍ഀ Response:਍ഀ It is anticipated that the Metro District will own the Conference Center and that it਍ഀ will be operated by the W Hotel (likely as a specialized group/sub-entity in order਍ഀ to streamline and simplify the booking process) and funded by the Hotel owner.਍ഀ E) Document how the civic center operations would be funded. What is the਍ഀ anticipated operational deficit for the civic center and how would that deficit be਍ഀ paid?਍ഀ Response:਍ഀ The Hotel Owner in conjunction with the Metro District will fund the Conference਍ഀ Center. Any operational deficits will be funded either by the Hotel Owner or by਍ഀ Metro District Tax Revenues. The Town of Vail will not be responsible for any਍ഀ deficits related to the Conference Center.਍ഀ F) Identify the number of anticipated incremental guest nights that would be਍ഀ generated by the civic center. You mentioned it should operate the same as the਍ഀ proposed Vail Conference Center but with a full stage fly. The proposed Vail਍ഀ conference center had 25,000-30,000 sq. feet of ballroom and another 15,000਍ഀ sq. feet of break-out space. Would this proposal have the same functionality਍ഀ and financial performance as that proposal?਍ഀ Response:਍ഀ Since we have modified our prior Civic Center plan to now constitute a਍ഀ conventional Conference Center, we believe it is appropriate to defer to the਍ഀ previously produced HVS study prepared for the Town of Vail which analyzed਍ഀ the incremental guest nights and financial performance of a proposed਍ഀ conference center in detail. Adjusted for size, we would expect to perform at਍ഀ least as well as those estimates.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ r1਍ഀ C਍ഀ G) To what extent would this space be available for community events (public਍ഀ meeting, special event, Christmas ball etc.)?਍ഀ Response:਍ഀ This is a publicly owned facility and therefore will be available for community਍ഀ events. The conference center's availability, fees, etc. would be negotiated with਍ഀ the Town at some point in the future.਍ഀ H) How would your civic center proposal affect the performance of the Villar਍ഀ Center?਍ഀ Response:਍ഀ With the change to a conference center there will be no affect on the Villar਍ഀ Center.਍ഀ 1) Your plans have a large void underneath the porte cochere turnaround. It਍ഀ appears to be approximately 18,000 SF and with a floor to ceiling height of਍ഀ close to 16 feet what is this area? Could this area be used for a significant ball਍ഀ room area considering that both the W and St Regis meeting rooms and their਍ഀ respective back of houses are adjacent?਍ഀ Response:਍ഀ While there is in fact a void space below the porte cochere, this area has limited਍ഀ floor to ceiling height of 11' An additional excavation of 8-10' would be required਍ഀ to provide the long span construction and clear volume requirements for਍ഀ conference space. Given the change from a cultural center to a conference਍ഀ center coupled with the meeting rooms associated with each hotel, there is no਍ഀ need to pursue the use of this space for conference facilities.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ M-1਍ഀ 1 -਍ഀ 2) Describe how dwelling units will be rented or placed in a rental pool. To਍ഀ what extent of units in the rental pool) will dwelling units be rented and what਍ഀ documentation do you have to demonstrate that they be rented?਍ഀ Response:਍ഀ Our fundamental approach to this project has been to provide a fully integrated਍ഀ design solution - this is evident in how the transit center is integrated into the਍ഀ parking structure, how the retail components integrate with the public streets,਍ഀ and how the for-sale condominiums are integrated into the hotel buildings. A਍ഀ conscious decision was made to merge residential and lodging uses into the਍ഀ same buildings, primarily for reasons of efficiencies and logistics. This will਍ഀ encourage owners to participate in managed rental programs. While we cannot਍ഀ mandate owners do so, we share the Town's interest in having as many਍ഀ condominiums in the rental program as possible.਍ഀ It is very difficult to accurately estimate the percentage of condominium units਍ഀ that will participate in a rental program and as such we are reluctant to quantify਍ഀ what we think this level of participation will be. In running revenue projections,਍ഀ we would encourage the town to apply the same percentage of participation to਍ഀ both proposals.਍ഀ The rental program will either be operated by the Hotel operators or by a 3rd਍ഀ party, which will be approved by the Hotel operators. The rental program will be਍ഀ made available to all condo owners.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ 3) Do you have an estimate of the annual operating costs associated with the਍ഀ indoor transit center? Is this center modeled on any other existing transit਍ഀ centers?਍ഀ Response:਍ഀ We have not estimated annual operating costs associated with the indoor਍ഀ transit center. We would suspect, however, that costs would not be appreciably਍ഀ different from an open-air transit center. Both need to be cleaned, both need਍ഀ lighting, both need some staff for operations. While the indoor center will਍ഀ require ventilation and the outdoor facility will not, the outdoor facility will require਍ഀ snow removal or a heat system while the indoor center will not.਍ഀ 42140 and OZ Architecture have completed the design of an indoor transit਍ഀ center in Snowmass. This facility is an element of the new Snowmass Base਍ഀ Village parking garage and is currently under construction. This in itself is਍ഀ notable - one of Vail's primary competitors has embraced the merits of an਍ഀ indoor transit center. The transit center proposed for Lionshead shares a਍ഀ number of features with the Snowmass design so in some respects it was਍ഀ "modeled" after the Snowmass center.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ r•਍ഀ 4) The Town will not accept late completion or delivery (certificate of਍ഀ occupancy) of the parking structure by the first winter season after construction਍ഀ commences (December 1, 2009 as proposed). What guarantee can you਍ഀ provide that completion will occur on this date?਍ഀ Response:਍ഀ We would assume that the question of "completion guarantees" is driven by the਍ഀ concern of public parking availability, particularly during the ski season.਍ഀ Specifically, it has been made very clear by Vail Resorts and others that at no਍ഀ time during the construction of this project can the Town be at risk of having਍ഀ fewer public parking spaces in Lionshead than exist today. Two steps have਍ഀ been suggested to ensure this - the initial demolition of the existing Lionshead਍ഀ Parking Structure will leave approximately 400 spaces in place for use during਍ഀ the first summer season after construction starts, and new parking (presumable਍ഀ West Lionshead) must be in place prior to demolition of the Lionshead Parking਍ഀ Structure. Open/Hillwood has gone on record as understanding and supporting਍ഀ these conditions and believe that they provide the assurances needed for the਍ഀ Town, Vail Resorts, Lionshead merchants and the community that parking will਍ഀ be available during the development of this project.਍ഀ In addition to what is outlined above, Hillwood will provide all reasonable਍ഀ guarantees necessary to provide comfort to the town in this regard.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ r•਍ഀ 5) The Town would like to maximize the amount of TIF funding that is available਍ഀ for other public improvements. Can public financing be used more creatively to਍ഀ create more public benefit? Can you increase your General Improvement਍ഀ District mill levy and reduce your reliance on TIF?਍ഀ Response:਍ഀ Though incremental taxes at a Metro District level would negatively impact the਍ഀ valuation and cash flow of the owner-held commercial assets of the project, we਍ഀ are prepared to use only 50% of the expected future TIF with the remaining਍ഀ revenues available for discretionary use by the Town of Vail. Based on਍ഀ estimates of property valuations in today's dollars, these revenues should਍ഀ amount to roughly $2,000,000 annually upon stabilization.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open Hillwood Partnership਍ഀ r 1਍ഀ 6) Clarify where your housing would be located (on and off site) and how it਍ഀ would be configured (number of units, size of units, number of beds).਍ഀ Response:਍ഀ Exhibit C.01 depicts approximately 7,350 square feet of on-site employee਍ഀ housing. While it is premature to delineate the precise manner in which this਍ഀ space will be configured at this stage in the design process, we are assuming਍ഀ that this space will be designed to utilize approximately 350 sq. ft. per pillow.਍ഀ This would result in approximately 21 on-site employees. The remaining਍ഀ employee housing requirement would be satisfied off-site, but is assumed that਍ഀ the same ratio of 350 sq. ft. per pillow will be used.਍ഀ Since the agreement between the Town of Vail and Corum Real Estate Group਍ഀ was terminated, we have been in dialogue with Vail Resorts to develop a਍ഀ solution for the redevelopment of Timber Ridge. Based on our most recent਍ഀ conversation with Vail Resorts we are confident that we can develop a solution਍ഀ that will satisfy all constituents in this matter and should be able to formally਍ഀ submit our solution by the end of January. This solution would satisfy our਍ഀ remaining employee housing needs.਍ഀ • 4240 Donshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ •਍ഀ M਍ഀ 7) In your current proposal you are proposing to provide some of your਍ഀ additional parking off-site. Identify the site this parking would be located. The਍ഀ Town Council was most interested in getting parking spaces versus taking a਍ഀ pay-in-lieu payment for parking.਍ഀ Response:਍ഀ The idea of off-site parking evolved as a result of changes that were made to਍ഀ our overall parking plan between our initial proposal and our "second phase"਍ഀ submittal. The total number of spaces reflected in our current proposal now਍ഀ exceeds the number in our original proposal, hence there is no longer a need to਍ഀ pursue off-site spaces.਍ഀ A total of 2,044 parking spaces are now proposed. The allocation of these਍ഀ spaces is as follows:਍ഀ 355 spaces: "Private parking" required by zoning (hotels and related uses,਍ഀ condominiums, FFU's, employee housing.਍ഀ 1,150 spaces: "Public parking" to replace existing parking spaces.਍ഀ 282 spaces: "Public parking", new spaces not required by zoning for other਍ഀ uses within the project.਍ഀ 257 spaces: "Public parking" as per zoning requirements for retail, restaurant,਍ഀ conference center and other uses within the project.਍ഀ 2,044 spaces: Total number of spaces provided by the project.਍ഀ The 355 "private parking" spaces will be managed by the hotels. These spaces਍ഀ will not be open to the public unless accessed via valet services provided by the਍ഀ hotels. 1, 689 remaining spaces will be open and available to the public for any਍ഀ use. While a small portion of these spaces are required by zoning for on-site਍ഀ uses such as retail and the conference center, there are no plans to assign or਍ഀ restrict the use of these spaces to specific users. This means that each of the਍ഀ 1,689 spaces will be accessible to any "public parker", be they a day skier਍ഀ from Denver, a local from Edwards or East Vail, someone shopping within the਍ഀ project or someone going to Lionshead for lunch. This increased number of਍ഀ publicly available parking spaces reflects a 47% increase over existing਍ഀ parking at the Lionshead Parking Structure.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open Hillwood Partnership਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ 8) We have concerns with the public improvements estimates. First all cost਍ഀ should be in today's dollars. Please provide all your estimates in today's dollars਍ഀ and the selling price and ADR in today's dollars.਍ഀ Response:਍ഀ As requested, all cost estimates described herein or shown in the exhibits are਍ഀ shown in today's dollars. Attached in Exhibit H.01 is a breakdown of cost਍ഀ estimates attributable to public improvements.਍ഀ Specific questions include:਍ഀ A) Your site plans do not seem to correspond to your square footage on road਍ഀ improvements. We also question whether your plans correspond to the਍ഀ approved Frontage Road plans for the Town of Vail Conference Center. Please਍ഀ verify your site plan and road and pedestrian improvements calculation. Also,਍ഀ clarify whether the East Lionshead Circle plans are included in your public਍ഀ improvements. The Town believes that this is a critical pedestrian connection਍ഀ which must be improved with the redevelopment of the Lionshead Parking਍ഀ structure.਍ഀ Response:਍ഀ Please refer to Exhibit E.01 - E.04. We have revised the graphic illustrations to਍ഀ more clearly delineate the square footage allocations to match the format of਍ഀ Tab 5 in the Town spreadsheet. Cost allocations for these various਍ഀ improvements have been coordinated to match the square footages provided.਍ഀ We agree that some level of improvement to East Lionshead Circle is਍ഀ warranted in order to "connect" streetscape improvements between Lionshead਍ഀ and this project. We will work with the Town on the overall design and funding਍ഀ for improvements to this area during the entitlement process.਍ഀ B) Please provide estimated unit quantities and costs associated with the਍ഀ construction and development of parking, road and pedestrian improvements,਍ഀ and the other public uses.਍ഀ Response:਍ഀ Please refer to Exhibits G.01-G. 02 for unit quantities and cost breakdowns for਍ഀ proposed public improvements associated with the Frontage Road, pedestrian਍ഀ circulation, Parking Structure, Transit Center, and Conference Center਍ഀ improvements.਍ഀ 4240਍ഀ bonshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ r.਍ഀ C) You state the estimate is for the work on the URS 30 % CDOT plans on the਍ഀ engineering Ftp site (ftp://www.vailgov.com/Tom Kassmel). This is a much਍ഀ larger area of the frontage road than what has been shown on your submittals.਍ഀ Your plans do not have the extent of width for this area as what are in the਍ഀ plans. You have also stated that the you have enhanced the quality of finish of਍ഀ the work, please elaborate. It is the desire of the town that the extent of the਍ഀ roadway improvements cover this area. We want to be sure that your estimate਍ഀ covers the scope of the work and you are comfortable agreeing to this full਍ഀ extent to the detail shown in the URS plans. In addition we want to be sure you਍ഀ have the necessary costs of the roundabouts and understand the approach਍ഀ grades of roundabouts to ensure their appropriate operation. You have the cost਍ഀ of the all the roundabout work in your estimates including design costs਍ഀ Response:਍ഀ Our estimate includes the scope and detail shown on the URS 30% CDOT਍ഀ plans. Please refer to Exhibit E. 05. We have revised our scope of the South਍ഀ Frontage Road (SFR) improvements to include an additional 51,090sf of new਍ഀ SFR. Our previous scope of improvements comprised 99, 500sf. Our new total਍ഀ improvements of 150, 590sf SFR replacement and improvements extend east਍ഀ from a new roundabout at the intersection of SFR & East LionsHead Circle all਍ഀ the way to the Main Vail Roundabout. Please refer to Exhibit G.01 for further਍ഀ cost breakdowns for roadway improvements.਍ഀ Reference to "enhanced quality of work" means our cost estimates, even at the਍ഀ very conceptual stage, assume the use of decorative pavers, cross-walks, heat਍ഀ systems, decorative street lights and other streetscape finishes.਍ഀ D) It is critical that the transit buses be able to turn left out of the garage and go਍ഀ west. It would also be desirable to allow others to turn left as well. Include a਍ഀ roundabout at this intersection to accomplish this. All costs of the roundabout਍ഀ need to be included in the assumptions.਍ഀ Response:਍ഀ A roundabout in this location would prompt a major re-design of the project and਍ഀ as such we have not revised our plans to show a roundabout at the east entry਍ഀ to the parking garage. At the conceptual stage of design that we are currently਍ഀ in, we believe that it is premature to re-design the project to accommodate an਍ഀ improvement that may or may not be necessary.਍ഀ We do, however, appreciate your concern that buses be able to make a left turn਍ഀ onto the Frontage Road. We would suggest that during the entitlement process਍ഀ we assess the operational characteristics of this intersection and if its਍ഀ determined that a roundabout is necessary we will pursue the design of the਍ഀ roundabout at that time.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ r1਍ഀ r.਍ഀ G) We have concerns with the steep grades into the parking structure from the਍ഀ frontage road and East Lionshead Circle. Have your parking and traffic਍ഀ engineer's comment on the operational entry/exit efficiency with transactions on਍ഀ these grades. Placing a roundabout at the east end will affect the grades are਍ഀ their alternatives to lessen the grade?਍ഀ Response:਍ഀ We have consulted with Walker Parking Consultants on the ramp design and਍ഀ have revised the parking structure entry / exit to address Town of Vail concerns.਍ഀ Please refer to Exhibit F.01 for the revised ramp design. Walker Parking਍ഀ Consultants response to new design as follows,਍ഀ "The sketch you sent of the vehicle entry/exit area looks quite reasonable.਍ഀ Walker Parking Consultants generally recommends the area where drivers stop਍ഀ to pull a ticket or pay their parking fee be on a slope not exceeding 2%. Your਍ഀ proposal of a flat zone at the parking equipment is as good as it gets. Your਍ഀ proposed 4% transition zones in the queuing areas either side of the equipment਍ഀ are also quite comfortable, especially given the entire paved area will have਍ഀ snow melt protection and will be partially under cover. Keeping the main ramp਍ഀ slope in the 11 % to 12% range also provides a high level of service compared਍ഀ to many speed ramps we see at 15% or higher. All in all I think the town will be਍ഀ quite pleased with how the entry/exit and speed ramp will operate. As the਍ഀ design continues to evolve, we will continue to make every possible਍ഀ improvement to provide the absolute best project for the town and the garage਍ഀ users. "਍ഀ We are confident that as these designs progress we can satisfy the Town's਍ഀ objectives regarding these ramps਍ഀ H) Please show on a site map and floor plans what areas you feel are the਍ഀ town's to maintain and what are the projects to maintain with regard to਍ഀ landscaping, pedestrian areas, heat operation etc.਍ഀ Response:਍ഀ It is anticipated that the Town shall be responsible to maintain the public਍ഀ parking facility, the Transportation Hub including bus drop-off and drive aisles,਍ഀ the public sidewalk along the North and West sides of the site, the pedestrian਍ഀ walking surfaces along East LionsHead Circle level retail street. The upper਍ഀ retail street, the porte cochere and all landscaping and hardscaping associated਍ഀ with the Hotels shall be maintained by the developer. Given the project's਍ഀ conceptual level of design, we have not prepared a graphic of these areas. A਍ഀ more appropriate time to do so would be after the design is further along and਍ഀ after we have had substantive conversations with the Town regarding this topic.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ A&਍ഀ r.਍ഀ J) The shared costs you have provided for public and private uses is this਍ഀ based on only the difference between shared cost of parking and how that is਍ഀ divided between public and private or does it include other uses as well, And if਍ഀ so how? In your detailed cost estimates provide clarifications to areas of਍ഀ shared costs.਍ഀ Response:਍ഀ We have revised worksheet 2, see Exhibit H.02 for the modifications made to਍ഀ the proposal. The Demolition, Shoring & Dewatering and the Excavation &਍ഀ Grading costs are allocated based on square footage between the public and਍ഀ private uses of the garage. The other shared costs are allocated based on਍ഀ actual budgeted costs relating to the individual project components (e.g. Tap਍ഀ Fees are calculated per guidance from the Water District based on applicable਍ഀ square footages of the public and private uses - thus there is minimal private਍ഀ allocation of this cost).਍ഀ K) In your worksheet 4 (in your excel spreadsheet on project costs) it is਍ഀ mentioned that the cost of the loading and delivery cost is included in the cost਍ഀ of the garage. It appears the cost of the garage is allocated based on required਍ഀ parking spaces, the cost of the loading and delivery is embedded in the cost of਍ഀ a parking space and is proportioned by the number of spaces. This cost should਍ഀ not be included in the public cost of parking.਍ഀ Response:਍ഀ The development costs of non-parking related areas within the garage (i.e.਍ഀ loading/unloading, Ecobus areas etc.) have been reallocated to more accurately਍ഀ correspond to the use of these areas. As shown in the comments field of the਍ഀ attached revised Worksheet 6, see Exhibit H.03 approximately 33k SF of such਍ഀ area has been reallocated.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ r 1਍ഀ 9) Please provide any other narratives or plans to explain any other਍ഀ clarifications or changes to your proposals as the result of the input you have਍ഀ received from the Town Council, staff and/or the community.਍ഀ Response:਍ഀ Please refer to cover letter for project summary including all revisions to਍ഀ previously proposed Phase Submittal.਍ഀ 4240਍ഀ Lionshead Parking Structure Redevelopment The Open I Hillwood Partnership਍ഀ 7100਍ഀ exhibits to follow਍ഀ • 424 0 Lionshead Parking Structure Redevelopment The Open Hillwood Partnership਍ഀ •਍ഀ VJ਍ഀ N਍ഀ r਍ഀ CD਍ഀ CD਍ഀ C਍ഀ 0਍ഀ CD਍ഀ CD਍ഀ 0਍ഀ v cf)਍ഀ CD਍ഀ v 1 [CD਍ഀ 0 /D਍ഀ CD਍ഀ V਍ഀ C਍ഀ 4਍ഀ 0਍ഀ 5w,਍ഀ o A਍ഀ S C J\਍ഀ m਍ഀ a 0਍ഀ M਍ഀ ~n਍ഀ c਍ഀ c਍ഀ m਍ഀ a਍ഀ 0਍ഀ -Oo਍ഀ m਍ഀ 3਍ഀ °o rn਍ഀ _Ul਍ഀ C7਍ഀ CD਍ഀ a `਍ഀ o r^਍ഀ ~ ♦ V਍ഀ 4਍ഀ 0਍ഀ 2)਍ഀ 4਍ഀ 4਍ഀ ID਍ഀ 0਍ഀ -਍ഀ ~਍ഀ =3਍ഀ 1਍ഀ -਍ഀ CD਍ഀ 0਍ഀ 0)਍ഀ 0਍ഀ U1 -0਍ഀ CJ1਍ഀ W਍ഀ r਍ഀ C11਍ഀ CD਍ഀ 0਍ഀ p C਍ഀ p਍ഀ (਍ഀ D਍ഀ 0਍ഀ 70਍ഀ n਍ഀ 0 CD਍ഀ 0਍ഀ ~਍ഀ 0਍ഀ =਍ഀ V਍ഀ /਍ഀ of਍ഀ (਍ഀ C/)਍ഀ (1)f਍ഀ /਍ഀ /਍ഀ D਍ഀ 14਍ഀ n਍ഀ 0਍ഀ M਍ഀ M਍ഀ CD਍ഀ =3਍ഀ =਍ഀ D਍ഀ D਍ഀ M਍ഀ W਍ഀ M਍ഀ ' h਍ഀ '਍ഀ V਍ഀ A `਍ഀ -਍ഀ 3਍ഀ ਍ഀ \਍ഀ im'਍ഀ \਍ഀ =3਍ഀ ,਍ഀ -਍ഀ ,਍ഀ T਍ഀ W਍ഀ n,਍ഀ -਍ഀ 0-਍ഀ 0਍ഀ cy਍ഀ =3਍ഀ -0਍ഀ ~਍ഀ 0਍ഀ CD਍ഀ rn਍ഀ ~਍ഀ CD਍ഀ \D਍ഀ cn਍ഀ \D਍ഀ 0਍ഀ ~਍ഀ R਍ഀ ਍ഀ cQ਍ഀ -0਍ഀ m go਍ഀ =3਍ഀ 0਍ഀ n਍ഀ n਍ഀ m਍ഀ 3਍ഀ 11਍ഀ CD਍ഀ 0-਍ഀ 1਍ഀ ~਍ഀ ~਍ഀ ~਍ഀ D਍ഀ CD਍ഀ °਍ഀ ~਍ഀ .਍ഀ (:y) cn਍ഀ 0)਍ഀ 0਍ഀ (D਍ഀ O਍ഀ c y)਍ഀ Q਍ഀ w਍ഀ O਍ഀ O 0਍ഀ iO਍ഀ T਍ഀ 2਍ഀ 0਍ഀ N਍ഀ m਍ഀ 1਍ഀ It਍ഀ O਍ഀ O਍ഀ 3਍ഀ L•J਍ഀ 1i਍ഀ n਍ഀ W਍ഀ 0਍ഀ 2਍ഀ 0਍ഀ ^rf਍ഀ 0਍ഀ Q਍ഀ ^0਍ഀ CA)਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ o਍ഀ C~਍ഀ 0਍ഀ 3.0਍ഀ cV਍ഀ CD਍ഀ 0਍ഀ S਍ഀ W਍ഀ 0਍ഀ 3਍ഀ 0਍ഀ m਍ഀ ml਍ഀ 0਍ഀ to਍ഀ C਍ഀ K਍ഀ CO਍ഀ CO਍ഀ o਍ഀ ch਍ഀ o਍ഀ o਍ഀ 0਍ഀ o਍ഀ G)਍ഀ W਍ഀ r਍ഀ CD਍ഀ CD਍ഀ I਍ഀ m਍ഀ 0)਍ഀ cn਍ഀ r਍ഀ 0CD਍ഀ cn CO਍ഀ 0 Q਍ഀ CD਍ഀ CD਍ഀ m਍ഀ 0਍ഀ Cr਍ഀ 09਍ഀ 0਍ഀ N ~਍ഀ CJ1 n਍ഀ C ~਍ഀ CO) 0਍ഀ h਍ഀ 1਍ഀ 1਍ഀ I਍ഀ I਍ഀ ~ N਍ഀ ~ I਍ഀ cn L਍ഀ Ln਍ഀ to r,਍ഀ O਍ഀ o" U਍ഀ ~l਍ഀ D਍ഀ p "਍ഀ D਍ഀ r਍ഀ m਍ഀ D਍ഀ m T਍ഀ ~ T਍ഀ O t ~਍ഀ to ~ Q਍ഀ -n਍ഀ Zv਍ഀ r਍ഀ o਍ഀ s਍ഀ m਍ഀ a਍ഀ v਍ഀ w਍ഀ O਍ഀ c਍ഀ m਍ഀ 3J਍ഀ V਍ഀ m਍ഀ n਍ഀ a਍ഀ Y਍ഀ s਍ഀ n਍ഀ m਍ഀ 1਍ഀ CD਍ഀ n਍ഀ •਍ഀ CD਍ഀ N਍ഀ v਍ഀ o਍ഀ _਍ഀ m਍ഀ O਍ഀ 4਍ഀ A ,਍ഀ 2਍ഀ 1I਍ഀ ਍ഀ W਍ഀ r/~਍ഀ d਍ഀ C਍ഀ 0਍ഀ CO਍ഀ Cl)਍ഀ /A਍ഀ 0਍ഀ CO)਍ഀ W਍ഀ (V਍ഀ 2)਍ഀ 0਍ഀ 0਍ഀ 3਍ഀ T ~ f਍ഀ a1 ~਍ഀ r Sc'S਍ഀ in o਍ഀ 1਍ഀ ~਍ഀ z਍ഀ m਍ഀ m਍ഀ ~਍ഀ ~਍ഀ K਍ഀ D O਍ഀ x 0਍ഀ "਍ഀ n਍ഀ 1 I r~਍ഀ /11਍ഀ L.1 J਍ഀ -p਍ഀ r਍ഀ CD਍ഀ m਍ഀ I਍ഀ T਍ഀ 0'਍ഀ n਍ഀ o਍ഀ (D਍ഀ o C~਍ഀ z਍ഀ CCD਍ഀ C਍ഀ CD਍ഀ O਍ഀ C਍ഀ n਍ഀ v਍ഀ R O਍ഀ w਍ഀ C਍ഀ C਍ഀ ti CD਍ഀ (U਍ഀ JJ਍ഀ Q਍ഀ < CD਍ഀ 3਍ഀ n਍ഀ CD਍ഀ o~ n਍ഀ CD਍ഀ N਍ഀ IV rl-਍ഀ O CD਍ഀ a O਍ഀ m਍ഀ x਍ഀ cr਍ഀ 0਍ഀ W਍ഀ ►਍ഀ ►਍ഀ ►਍ഀ i਍ഀ ►਍ഀ I਍ഀ t਍ഀ 14਍ഀ a਍ഀ O N਍ഀ W਍ഀ 0਍ഀ n N਍ഀ (D਍ഀ (D CL਍ഀ n਍ഀ CD਍ഀ CD਍ഀ 0਍ഀ V J਍ഀ r਍ഀ CD਍ഀ CD਍ഀ I਍ഀ T਍ഀ c਍ഀ c'਍ഀ 0਍ഀ T਍ഀ c~਍ഀ 0਍ഀ a਍ഀ 2਍ഀ a°਍ഀ 3਍ഀ J਍ഀ 0਍ഀ 0਍ഀ cn਍ഀ N਍ഀ N਍ഀ O਍ഀ O਍ഀ v਍ഀ z਍ഀ CD਍ഀ ov਍ഀ CD਍ഀ 0਍ഀ n਍ഀ 0਍ഀ rn਍ഀ CD਍ഀ 0਍ഀ CD਍ഀ 0਍ഀ CD਍ഀ i਍ഀ ■਍ഀ CD I਍ഀ m਍ഀ X਍ഀ 0਍ഀ -p਍ഀ sil_gl_InI L11J11L1r਍ഀ .਍ഀ n W਍ഀ 0co਍ഀ CD਍ഀ = N0਍ഀ CD਍ഀ o~਍ഀ CD =਍ഀ ਍ഀ CD Q਍ഀ ml਍ഀ tia਍ഀ + x਍ഀ o਍ഀ z਍ഀ N਍ഀ -I~਍ഀ O਍ഀ CD਍ഀ - •਍ഀ Cn਍ഀ O਍ഀ V਍ഀ ~਍ഀ nV਍ഀ m਍ഀ ~਍ഀ ^1਍ഀ <਍ഀ rf਍ഀ O਍ഀ m਍ഀ E਍ഀ W਍ഀ 3਍ഀ r-I਍ഀ (n-਍ഀ CD਍ഀ r-਍ഀ •਍ഀ '਍ഀ 0਍ഀ V਍ഀ Y1I਍ഀ (D਍ഀ w਍ഀ CL਍ഀ I਍ഀ O਍ഀ o਍ഀ O਍ഀ CD਍ഀ 3਍ഀ r਍ഀ CD਍ഀ CD਍ഀ a਍ഀ a਍ഀ c਍ഀ Q਍ഀ m਍ഀ N਍ഀ 'ER਍ഀ C-਍ഀ C:਍ഀ ? W਍ഀ ~ J਍ഀ V਍ഀ N਍ഀ O਍ഀ O਍ഀ 4਍ഀ V਍ഀ rm~਍ഀ V਍ഀ cn਍ഀ V਍ഀ 0਍ഀ r~਍ഀ O਍ഀ O਍ഀ ~L਍ഀ I਍ഀ O਍ഀ CD਍ഀ CD਍ഀ 0਍ഀ CD਍ഀ Ov਍ഀ v਍ഀ Ml਍ഀ O਍ഀ O਍ഀ m਍ഀ X਍ഀ cr਍ഀ r-F਍ഀ O਍ഀ cn਍ഀ W਍ഀ C਍ഀ r਍ഀ Z਍ഀ O਍ഀ Cn਍ഀ m਍ഀ n਍ഀ O਍ഀ Z਍ഀ --I਍ഀ S਍ഀ Z77਍ഀ O਍ഀ C਍ഀ n਍ഀ 2਍ഀ n਍ഀ O਍ഀ Z਍ഀ T਍ഀ m਍ഀ m਍ഀ m਍ഀ z਍ഀ c,)਍ഀ m਍ഀ co਍ഀ D਍ഀ r਍ഀ r਍ഀ 0਍ഀ 0਍ഀ N਍ഀ t~਍ഀ u਍ഀ + s਍ഀ mw mN਍ഀ n u n nn n r 'gym਍ഀ n n਍ഀ .12਍ഀ ~ m o਍ഀ + - i਍ഀ O਍ഀ m਍ഀ Cn਍ഀ m਍ഀ M਍ഀ O਍ഀ Z਍ഀ m਍ഀ T਍ഀ C=਍ഀ z਍ഀ n਍ഀ O਍ഀ z਍ഀ D਍ഀ n਍ഀ n਍ഀ n਍ഀ O਍ഀ O਍ഀ O਍ഀ z਍ഀ z਍ഀ z਍ഀ °਍ഀ °਍ഀ °਍ഀ O਍ഀ O਍ഀ O਍ഀ z਍ഀ n਍ഀ O਍ഀ N਍ഀ C C D਍ഀ W W r਍ഀ r r r਍ഀ n n >o਍ഀ O਍ഀ 0਍ഀ D਍ഀ z z਍ഀ 0 0਍ഀ S਍ഀ O਍ഀ m਍ഀ r਍ഀ W਍ഀ m਍ഀ u)਍ഀ 0਍ഀ m਍ഀ z਍ഀ n਍ഀ m਍ഀ D਍ഀ T਍ഀ n਍ഀ z਍ഀ n਍ഀ O਍ഀ z਍ഀ 0਍ഀ 0਍ഀ O਍ഀ S਍ഀ O਍ഀ =਍ഀ 0਍ഀ O਍ഀ I0਍ഀ r਍ഀ m਍ഀ m਍ഀ n਍ഀ n ~਍ഀ mO°~਍ഀ C਍ഀ C/)਍ഀ a਍ഀ m਍ഀ m਍ഀ O਍ഀ n਍ഀ S਍ഀ O਍ഀ --I਍ഀ m਍ഀ _r਍ഀ 7C7਍ഀ m਍ഀ cn਍ഀ 0਍ഀ m਍ഀ Z਍ഀ n਍ഀ m਍ഀ D਍ഀ z਍ഀ 0਍ഀ S਍ഀ O਍ഀ m਍ഀ r਍ഀ W਍ഀ m਍ഀ Cn਍ഀ 0਍ഀ m਍ഀ z਍ഀ n਍ഀ m਍ഀ D਍ഀ z਍ഀ n਍ഀ QO਍ഀ x਍ഀ m਍ഀ n਍ഀ m਍ഀ z਍ഀ C7਍ഀ 0਍ഀ C-)਍ഀ r-਍ഀ 0਍ഀ co਍ഀ Oo਍ഀ S਍ഀ 0਍ഀ m਍ഀ r਍ഀ W਍ഀ O਍ഀ S਍ഀ D਍ഀ co II ~਍ഀ D z਍ഀ Z, Cf)਍ഀ c -4਍ഀ c Do਍ഀ 0਍ഀ z਍ഀ m m਍ഀ m n N> o ~ n~ ~n ~n ` ~n ~ n਍ഀ ;m o਍ഀ czi czi z - - -਍ഀ S਍ഀ m਍ഀ v਍ഀ C-) m਍ഀ O Z਍ഀ Z ~਍ഀ a=਍ഀ 00਍ഀ N਍ഀ m਍ഀ u ~਍ഀ n `਍ഀ r਍ഀ 0਍ഀ m਍ഀ a਍ഀ m਍ഀ n਍ഀ C਍ഀ (D਍ഀ ID਍ഀ m਍ഀ m਍ഀ w਍ഀ m਍ഀ o਍ഀ z V1਍ഀ f L਍ഀ c਍ഀ N਍ഀ O਍ഀ O਍ഀ 4਍ഀ ~ r਍ഀ \਍ഀ t਍ഀ \਍ഀ r਍ഀ O \ r਍ഀ t~\ \਍ഀ C Y {਍ഀ I਍ഀ r਍ഀ CD਍ഀ C਍ഀ CD਍ഀ 4 r਍ഀ ~ 4਍ഀ a਍ഀ a਍ഀ 2਍ഀ m਍ഀ a਍ഀ N਍ഀ ID਍ഀ - cn਍ഀ O਍ഀ 0਍ഀ n~਍ഀ c਍ഀ D N਍ഀ O਍ഀ O O਍ഀ 4਍ഀ 1਍ഀ I਍ഀ r਍ഀ I਍ഀ t t਍ഀ I਍ഀ 1 r਍ഀ r਍ഀ I਍ഀ I਍ഀ I਍ഀ t਍ഀ 1 i਍ഀ i਍ഀ I਍ഀ t਍ഀ f f਍ഀ 1 1 fill IMj਍ഀ 1 I਍ഀ t਍ഀ r 1਍ഀ I਍ഀ 1਍ഀ 1 t਍ഀ I਍ഀ 1਍ഀ I਍ഀ I਍ഀ I F;6਍ഀ r 1 r'਍ഀ tf o਍ഀ 1਍ഀ 1਍ഀ I਍ഀ I਍ഀ m਍ഀ °rnc਍ഀ O<~਍ഀ I Z 0 n਍ഀ t I਍ഀ t ~਍ഀ .r f਍ഀ I਍ഀ C~j਍ഀ 4਍ഀ 4 r਍ഀ ~ r਍ഀ ti਍ഀ l਍ഀ r'਍ഀ O਍ഀ ` r਍ഀ CD਍ഀ s e , r਍ഀ e r਍ഀ \਍ഀ l਍ഀ \਍ഀ f--l-਍ഀ °਍ഀ CD਍ഀ G)਍ഀ m਍ഀ =਍ഀ '਍ഀ O਍ഀ C)7਍ഀ C7਍ഀ 3਍ഀ go਍ഀ CD਍ഀ ~਍ഀ CD਍ഀ M਍ഀ -n਍ഀ C਍ഀ ~਍ഀ O਍ഀ O਍ഀ m਍ഀ °਍ഀ CD਍ഀ CD਍ഀ ਍ഀ _਍ഀ N਍ഀ C਍ഀ T{਍ഀ t 4਍ഀ I਍ഀ I਍ഀ 1਍ഀ t਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ r਍ഀ 1਍ഀ 1਍ഀ I਍ഀ I I਍ഀ I਍ഀ I 1਍ഀ 1਍ഀ 1t਍ഀ f਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ t l਍ഀ 1 ►਍ഀ t਍ഀ f਍ഀ 1਍ഀ i਍ഀ 1਍ഀ t਍ഀ 1਍ഀ r਍ഀ r਍ഀ r਍ഀ 1਍ഀ J਍ഀ 1਍ഀ I਍ഀ I਍ഀ r਍ഀ !t਍ഀ r਍ഀ f਍ഀ J਍ഀ f਍ഀ r਍ഀ r਍ഀ r਍ഀ i਍ഀ r਍ഀ r਍ഀ 1਍ഀ J਍ഀ l਍ഀ r਍ഀ 1਍ഀ _ m਍ഀ i -਍ഀ b, r਍ഀ r਍ഀ m਍ഀ n਍ഀ p਍ഀ i਍ഀ ~i਍ഀ PO਍ഀ r਍ഀ n਍ഀ r਍ഀ i਍ഀ +਍ഀ r ~I਍ഀ m਍ഀ r਍ഀ m਍ഀ DC਍ഀ 70਍ഀ 0-਍ഀ 70਍ഀ c਍ഀ r਍ഀ r n਍ഀ 0਍ഀ N਍ഀ a਍ഀ ਍ഀ d਍ഀ 0਍ഀ <਍ഀ Q਍ഀ CD਍ഀ 0਍ഀ 0਍ഀ (D਍ഀ ~਍ഀ a਍ഀ m਍ഀ X਍ഀ n਍ഀ ~਍ഀ co਍ഀ o਍ഀ C਍ഀ N਍ഀ <਍ഀ ~਍ഀ o਍ഀ ~਍ഀ o਍ഀ -਍ഀ ~਍ഀ 0਍ഀ 3਍ഀ -਍ഀ ~਍ഀ ~਍ഀ r਍ഀ go਍ഀ CD਍ഀ _਍ഀ -n਍ഀ o਍ഀ o਍ഀ X਍ഀ 0਍ഀ ਍ഀ ~਍ഀ 0਍ഀ 0਍ഀ °਍ഀ _਍ഀ w਍ഀ I਍ഀ r਍ഀ m਍ഀ m਍ഀ ~ m r਍ഀ J ! 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N਍ഀ 3਍ഀ ooopo(n਍ഀ c਍ഀ W OOOS਍ഀ Ll਍ഀ 3਍ഀ N਍ഀ Apo਍ഀ (Q਍ഀ caD਍ഀ n਍ഀ n਍ഀ o਍ഀ m਍ഀ (਍ഀ c਍ഀ to਍ഀ O਍ഀ I਍ഀ O਍ഀ 3਍ഀ °਍ഀ 0਍ഀ y਍ഀ ~਍ഀ c਍ഀ p~਍ഀ CT਍ഀ A਍ഀ ch਍ഀ N 0਍ഀ z਍ഀ 0 §਍ഀ o਍ഀ In਍ഀ O O਍ഀ c਍ഀ p਍ഀ O O O ~਍ഀ ~਍ഀ 0 0 0000਍ഀ WOES਍ഀ 3਍ഀ C਍ഀ m਍ഀ T਍ഀ to I਍ഀ 3਍ഀ J਍ഀ _ J਍ഀ 00000 C O W W (p00 A਍ഀ 00000 j~਍ഀ (J1000 OD (~A (0000਍ഀ jo ooo oo o oo o oo o o oo o ooo oo oo o le o o oooo oo o ooo o o o;7o4਍ഀ Pf਍ഀ 0਍ഀ !Hi਍ഀ Jill਍ഀ 1 ~+±i਍ഀ +++f 6±H rH਍ഀ "Jim i਍ഀ til਍ഀ X911111਍ഀ °°°pOC਍ഀ ~p:oooo: o਍ഀ +AM : o o਍ഀ ~਍ഀ Y਍ഀ _ I 1਍ഀ ਍ഀ _ O਍ഀ 0 °°~o' o•਍ഀ ~ IT1~71 C1 ' j~ . a਍ഀ CD਍ഀ C_਍ഀ cn਍ഀ 0਍ഀ 0਍ഀ S਍ഀ a਍ഀ w਍ഀ x਍ഀ c਍ഀ n਍ഀ ^T਍ഀ Q਍ഀ 0਍ഀ ~਍ഀ O਍ഀ N਍ഀ (C)਍ഀ j਍ഀ O਍ഀ CA਍ഀ cn਍ഀ m਍ഀ 0਍ഀ 'D਍ഀ s਍ഀ c਍ഀ 3਍ഀ CL਍ഀ 3਍ഀ N਍ഀ a਍ഀ N਍ഀ O਍ഀ O਍ഀ v਍ഀ YV਍ഀ O਍ഀ r਍ഀ CD CD \ <਍ഀ cQ CD਍ഀ Co (Q਍ഀ N਍ഀ -਍ഀ O਍ഀ 0਍ഀ a਍ഀ -.L਍ഀ N਍ഀ O਍ഀ C਍ഀ CT਍ഀ 1਍ഀ O਍ഀ :3਍ഀ 0਍ഀ O਍ഀ .p਍ഀ C:਍ഀ O਍ഀ fi਍ഀ rf਍ഀ r-*਍ഀ r਍ഀ 07਍ഀ Q਍ഀ (਍ഀ n਍ഀ 0਍ഀ O਍ഀ (D਍ഀ I਍ഀ C਍ഀ _0਍ഀ N਍ഀ ਍ഀ O'਍ഀ (D਍ഀ cn਍ഀ 2਍ഀ (D਍ഀ O਍ഀ (fD.਍ഀ I਍ഀ (D਍ഀ N਍ഀ O਍ഀ O਍ഀ ਍ഀ to਍ഀ O਍ഀ cn਍ഀ o਍ഀ ~਍ഀ CD਍ഀ CD਍ഀ ml਍ഀ Co਍ഀ CD਍ഀ N਍ഀ V਍ഀ O਍ഀ (A਍ഀ CD਍ഀ CL਍ഀ 91)਍ഀ 0਍ഀ =਍ഀ N਍ഀ ~਍ഀ =3਍ഀ QL਍ഀ m਍ഀ 11)਍ഀ -0਍ഀ N਍ഀ O਍ഀ :3਍ഀ <D਍ഀ (D਍ഀ O਍ഀ F਍ഀ 7਍ഀ ~਍ഀ CD਍ഀ -I਍ഀ r਍ഀ r਍ഀ CD਍ഀ r਍ഀ C਍ഀ C਍ഀ C਍ഀ <਍ഀ CC਍ഀ (Q਍ഀ CQ਍ഀ Cc਍ഀ c਍ഀ - ■਍ഀ w਍ഀ w਍ഀ II਍ഀ II਍ഀ II਍ഀ II਍ഀ N਍ഀ (0਍ഀ M਍ഀ ~਍ഀ N਍ഀ V਍ഀ ri਍ഀ ਍ഀ w਍ഀ cp਍ഀ (n਍ഀ cn਍ഀ cn਍ഀ w਍ഀ ਍ഀ ■ ■਍ഀ CD਍ഀ ID਍ഀ 0਍ഀ a਍ഀ N਍ഀ 0਍ഀ rD਍ഀ Q਍ഀ W਍ഀ X਍ഀ c~਍ഀ ul਍ഀ Q਍ഀ Ul਍ഀ J਍ഀ 0਍ഀ Q਍ഀ Q਍ഀ c਍ഀ (D਍ഀ G\਍ഀ c 0਍ഀ O (n਍ഀ O (D਍ഀ v a਍ഀ O V)਍ഀ C N਍ഀ a)਍ഀ r਍ഀ CD਍ഀ N਍ഀ O਍ഀ O਍ഀ 1਍ഀ 1਍ഀ ~਍ഀ 1਍ഀ 1਍ഀ I਍ഀ I਍ഀ S~਍ഀ 1਍ഀ I਍ഀ 1਍ഀ Ili਍ഀ ~j~਍ഀ n਍ഀ a °਍ഀ ° _ e..਍ഀ a a °਍ഀ ,਍ഀ 1਍ഀ 1਍ഀ -਍ഀ &਍ഀ 1਍ഀ f.f~਍ഀ ~਍ഀ ~zr਍ഀ °਍ഀ I਍ഀ Rey਍ഀ ਍ഀ o਍ഀ ,਍ഀ 1 W~਍ഀ I਍ഀ °਍ഀ e਍ഀ 1਍ഀ ° t਍ഀ 1 \਍ഀ °਍ഀ 1਍ഀ 1 s਍ഀ 1਍ഀ \਍ഀ r਍ഀ 1਍ഀ ~਍ഀ \਍ഀ I਍ഀ 1਍ഀ ~਍ഀ I਍ഀ I਍ഀ 0਍ഀ O਍ഀ .਍ഀ CD਍ഀ ~਍ഀ 13)਍ഀ _਍ഀ Z਍ഀ m਍ഀ -m਍ഀ ਍ഀ 0਍ഀ %਍ഀ 0਍ഀ -0਍ഀ _0਍ഀ 0਍ഀ 0਍ഀ M਍ഀ (n਍ഀ (D਍ഀ (n਍ഀ (D਍ഀ x਍ഀ ਍ഀ Q਍ഀ Q਍ഀ ਍ഀ o਍ഀ w਍ഀ pop਍ഀ (n਍ഀ (n਍ഀ •਍ഀ N਍ഀ cn਍ഀ (n਍ഀ 70਍ഀ (D਍ഀ 70਍ഀ (D਍ഀ 07਍ഀ 3਍ഀ N਍ഀ O਍ഀ OT਍ഀ V)਍ഀ W਍ഀ X਍ഀ cfl਍ഀ Q਍ഀ g 1਍ഀ 'o਍ഀ L.਍ഀ o਍ഀ 1਍ഀ I਍ഀ .fr਍ഀ 1਍ഀ L -g਍ഀ I਍ഀ °਍ഀ 1 _਍ഀ t਍ഀ , S਍ഀ pD਍ഀ I e °਍ഀ a ° I਍ഀ rn਍ഀ 1 a n'਍ഀ 1 y ~ ° 1਍ഀ _ ~P t਍ഀ t਍ഀ ~ I਍ഀ O ~ 1਍ഀ L1.1਍ഀ Ul਍ഀ W਍ഀ W਍ഀ W਍ഀ u਍ഀ U)਍ഀ 11Y਍ഀ VI਍ഀ W਍ഀ Co਍ഀ O਍ഀ mm਍ഀ 'V਍ഀ X਍ഀ VI਍ഀ (D਍ഀ CD਍ഀ rf਍ഀ ^G~਍ഀ Y+਍ഀ D "਍ഀ 0਍ഀ 0਍ഀ O V)਍ഀ o CD਍ഀ 6-਍ഀ 0਍ഀ 0਍ഀ .਍ഀ CD਍ഀ ~਍ഀ Z਍ഀ %਍ഀ -਍ഀ -਍ഀ m਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ -0਍ഀ _0਍ഀ 0਍ഀ 0਍ഀ m਍ഀ U)਍ഀ CD਍ഀ U)਍ഀ CD਍ഀ G)਍ഀ ਍ഀ c)਍ഀ C-਍ഀ CA.)਍ഀ 44k਍ഀ N਍ഀ 00਍ഀ C)7਍ഀ 0਍ഀ 0਍ഀ a)਍ഀ o਍ഀ ਍ഀ CD਍ഀ p਍ഀ U)਍ഀ r-਍ഀ (n਍ഀ r-਍ഀ IV਍ഀ C਍ഀ °o਍ഀ CD਍ഀ 0਍ഀ w਍ഀ CD਍ഀ (n਍ഀ fn਍ഀ v਍ഀ 1਍ഀ e਍ഀ 1 f਍ഀ I਍ഀ 1਍ഀ I਍ഀ I਍ഀ u ii 3~਍ഀ I਍ഀ I਍ഀ 1 =਍ഀ I਍ഀ I਍ഀ ^਍ഀ L਍ഀ i਍ഀ I਍ഀ n਍ഀ U਍ഀ 1਍ഀ (I਍ഀ I਍ഀ I਍ഀ I਍ഀ I਍ഀ 1਍ഀ ~਍ഀ I਍ഀ 1਍ഀ u਍ഀ 1਍ഀ 1਍ഀ I਍ഀ 1਍ഀ i਍ഀ 1਍ഀ \ 1਍ഀ . 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Efl(En਍ഀ -਍ഀ U)਍ഀ T਍ഀ cr਍ഀ Cn O 0਍ഀ U)਍ഀ O਍ഀ N O O਍ഀ co O O਍ഀ T਍ഀ df਍ഀ (A਍ഀ Ob਍ഀ fA਍ഀ OD਍ഀ v਍ഀ J਍ഀ -Go਍ഀ O 6A! fn ff! t H fA N਍ഀ O A਍ഀ A O਍ഀ ~਍ഀ I਍ഀ C7਍ഀ CO਍ഀ Df਍ഀ W m਍ഀ (7) O਍ഀ EA cn਍ഀ W਍ഀ Cn਍ഀ W਍ഀ en <A਍ഀ v N਍ഀ O 00਍ഀ N-਍ഀ -਍ഀ N W -਍ഀ Cn਍ഀ O U1 -I -I N Cn CT O O v਍ഀ O Cn cn O O O O O Co਍ഀ t਍ഀ p਍ഀ CA਍ഀ ,4਍ഀ Cn਍ഀ v਍ഀ v਍ഀ O O਍ഀ -਍ഀ W Cn਍ഀ O਍ഀ D਍ഀ O਍ഀ ਍ഀ CA਍ഀ to V7਍ഀ O CD਍ഀ p to਍ഀ W a)਍ഀ cn਍ഀ 0)਍ഀ ► w਍ഀ rl਍ഀ IV O਍ഀ O O਍ഀ 0 0 0 0 0 0 0 0 OD਍ഀ O਍ഀ N 0 0 0 0 0 0 0 0 IJ਍ഀ O਍ഀ co N਍ഀ N) 0਍ഀ 0 0਍ഀ 0 Oo਍ഀ Cn਍ഀ 0 0 0 0 0 0 0 0 Cn਍ഀ D_਍ഀ -V -u਍ഀ n਍ഀ -u ;u m਍ഀ o C C਍ഀ ~ r (n਍ഀ m਍ഀ y਍ഀ CD਍ഀ m਍ഀ CCDD਍ഀ go਍ഀ o਍ഀ o਍ഀ c਍ഀ o਍ഀ 0)਍ഀ m਍ഀ nQcj 6.=਍ഀ CD਍ഀ O਍ഀ O਍ഀ CD਍ഀ 7਍ഀ ]਍ഀ W N਍ഀ O਍ഀ n਍ഀ i) 2. :E਍ഀ (NCO C਍ഀ i) c਍ഀ N m un _਍ഀ n਍ഀ O਍ഀ o਍ഀ p਍ഀ C CD਍ഀ / '਍ഀ COD਍ഀ A਍ഀ S਍ഀ cr਍ഀ CT cp < 'S v O w਍ഀ n਍ഀ --1਍ഀ _ a = U CD n c CA d਍ഀ 0਍ഀ O਍ഀ =r਍ഀ O਍ഀ In਍ഀ O' N N 7਍ഀ CO਍ഀ CD਍ഀ Q1਍ഀ 0਍ഀ CD਍ഀ :਍ഀ N਍ഀ N਍ഀ a p਍ഀ CD਍ഀ :E਍ഀ 0਍ഀ N਍ഀ N਍ഀ ~p a਍ഀ 0਍ഀ ~਍ഀ m਍ഀ ਍ഀ CA਍ഀ CA਍ഀ _0 °਍ഀ Ci 0.਍ഀ cn਍ഀ TI਍ഀ CD਍ഀ N਍ഀ CD਍ഀ CD਍ഀ d N N਍ഀ co =਍ഀ CD਍ഀ 0਍ഀ N਍ഀ n਍ഀ (7਍ഀ D਍ഀ co ~ C਍ഀ n਍ഀ G~਍ഀ D਍ഀ C (D਍ഀ M o਍ഀ (7)਍ഀ x,਍ഀ N਍ഀ C)਍ഀ cU'n਍ഀ C਍ഀ °w਍ഀ _ O਍ഀ O (D਍ഀ C> O਍ഀ N o਍ഀ ~਍ഀ ~q~Gq਍ഀ .਍ഀ cn਍ഀ o N਍ഀ Cn O N਍ഀ c਍ഀ -਍ഀ O਍ഀ N O O਍ഀ Oo O O਍ഀ a+਍ഀ CO਍ഀ ff> co਍ഀ co A਍ഀ CAD਍ഀ 'Go m਍ഀ O਍ഀ Cn ~Eoq਍ഀ O vNi !A b9 <A N Efi਍ഀ N N N CA CD W N਍ഀ O਍ഀ O਍ഀ CO਍ഀ ਍ഀ , Cn਍ഀ O O਍ഀ Efl A਍ഀ V W਍ഀ A਍ഀ W਍ഀ {f) 4'.਍ഀ V N)਍ഀ ~਍ഀ O਍ഀ CD A਍ഀ O਍ഀ O O cn cn cn O CSt O OD਍ഀ N਍ഀ w਍ഀ Poo਍ഀ CD OO਍ഀ Co਍ഀ -4 (D਍ഀ -਍ഀ c::,਍ഀ °O CoOOO wom਍ഀ O O O O GA CA m O CT਍ഀ O਍ഀ Ln਍ഀ Co਍ഀ w W਍ഀ -I -਍ഀ co 1~਍ഀ 6A -਍ഀ O਍ഀ Cn਍ഀ O਍ഀ N N਍ഀ N Cn਍ഀ O O O O O O W O N਍ഀ G) nri U) r° C= C n-i nmi਍ഀ =਍ഀ 5 ~਍ഀ ~਍ഀ :਍ഀ _a=਍ഀ ~D a਍ഀ S਍ഀ n O CNj a = N CD਍ഀ cL0]਍ഀ C਍ഀ (O਍ഀ O਍ഀ O O ~਍ഀ CD਍ഀ < ? CO਍ഀ 0 1਍ഀ Q y n C਍ഀ Q਍ഀ C)਍ഀ M਍ഀ U)਍ഀ C ca tD਍ഀ N Q਍ഀ cn਍ഀ T਍ഀ -0਍ഀ m਍ഀ CD਍ഀ Cn a਍ഀ CD਍ഀ Of਍ഀ '਍ഀ co਍ഀ O਍ഀ O਍ഀ a)਍ഀ =3਍ഀ CD v਍ഀ O਍ഀ y਍ഀ 3਍ഀ CD਍ഀ o Q.਍ഀ vNi C7਍ഀ D A਍ഀ v ~਍ഀ 7਍ഀ A P਍ഀ .A OD਍ഀ O਍ഀ N ~਍ഀ 4 O਍ഀ N O਍ഀ O O਍ഀ <਍ഀ CD਍ഀ Fjq <A਍ഀ d9਍ഀ J਍ഀ O Cn਍ഀ (n U)਍ഀ O O਍ഀ T਍ഀ M਍ഀ 4A਍ഀ ਍ഀ Ep਍ഀ `਍ഀ 4r.9਍ഀ 71਍ഀ 4rn਍ഀ b9 -਍ഀ CJi਍ഀ O W N fo਍ഀ N਍ഀ N਍ഀ C7਍ഀ O਍ഀ A਍ഀ r਍ഀ N਍ഀ N਍ഀ ~਍ഀ N਍ഀ 7-਍ഀ A਍ഀ Eft਍ഀ to ti v -P A O਍ഀ O਍ഀ N਍ഀ O਍ഀ f਍ഀ i਍ഀ U਍ഀ N਍ഀ C਍ഀ J1਍ഀ -਍ഀ +਍ഀ 00 O Cn O Cn -4 CO਍ഀ N਍ഀ O਍ഀ 1਍ഀ A Cn਍ഀ O਍ഀ O਍ഀ Cn਍ഀ O਍ഀ 0਍ഀ m਍ഀ O਍ഀ O) O਍ഀ O਍ഀ O਍ഀ O O O O -4 CT਍ഀ 0 0 0 0 0 0 O਍ഀ V਍ഀ -਍ഀ O V਍ഀ O਍ഀ D O਍ഀ C਍ഀ 0਍ഀ 0਍ഀ D .A਍ഀ O਍ഀ 0਍ഀ D O਍ഀ O਍ഀ I਍ഀ N਍ഀ T਍ഀ J਍ഀ c਍ഀ 3 cr਍ഀ a਍ഀ o਍ഀ 3਍ഀ m਍ഀ 0 D਍ഀ L਍ഀ x a) O n਍ഀ CD਍ഀ w ,7਍ഀ N਍ഀ S਍ഀ v O਍ഀ O CD਍ഀ V ,਍ഀ Z਍ഀ D਍ഀ Q਍ഀ O਍ഀ (<D਍ഀ 0਍ഀ O਍ഀ 0਍ഀ N਍ഀ (D਍ഀ k਍ഀ n਍ഀ C਍ഀ CL਍ഀ (D਍ഀ N਍ഀ O਍ഀ ;:r਍ഀ O਍ഀ N਍ഀ r.਍ഀ N਍ഀ d਍ഀ 7਍ഀ G.਍ഀ v਍ഀ 0਍ഀ 'O਍ഀ (D਍ഀ mq਍ഀ mn਍ഀ O਍ഀ N਍ഀ m਍ഀ X਍ഀ Y਍ഀ 0਍ഀ N਍ഀ O਍ഀ a਍ഀ O਍ഀ G)਍ഀ o਍ഀ CD਍ഀ D਍ഀ -0਍ഀ v਍ഀ CD਍ഀ n਍ഀ v਍ഀ m਍ഀ G)਍ഀ m਍ഀ m਍ഀ m਍ഀ T! n cn਍ഀ m N਍ഀ ਍ഀ 3਍ഀ m਍ഀ D਍ഀ C0਍ഀ <਍ഀ OX਍ഀ °o਍ഀ ਍ഀ T IT਍ഀ -0਍ഀ ਍ഀ m cn਍ഀ o o਍ഀ W R਍ഀ m਍ഀ 3਍ഀ F-P਍ഀ d਍ഀ ਍ഀ 0)਍ഀ m਍ഀ (D਍ഀ N਍ഀ O਍ഀ :3਍ഀ O਍ഀ O.਍ഀ N਍ഀ <਍ഀ CD਍ഀ 2L '਍ഀ O਍ഀ (D਍ഀ O਍ഀ W਍ഀ O਍ഀ O਍ഀ (A਍ഀ n਍ഀ CD਍ഀ r਍ഀ n਍ഀ CD਍ഀ O਍ഀ COD਍ഀ c਍ഀ O਍ഀ co਍ഀ :਍ഀ N਍ഀ 7਍ഀ W਍ഀ 2਍ഀ 2L਍ഀ (7਍ഀ -U਍ഀ O਍ഀ CO),਍ഀ :3਍ഀ N਍ഀ O਍ഀ W਍ഀ ਍ഀ cc਍ഀ O਍ഀ (n਍ഀ G)਍ഀ W਍ഀ c਍ഀ CD਍ഀ n਍ഀ ਍ഀ to਍ഀ O਍ഀ 3਍ഀ 0਍ഀ O਍ഀ (D਍ഀ G.਍ഀ O਍ഀ N਍ഀ O਍ഀ ਍ഀ 0਍ഀ CD਍ഀ C1਍ഀ C਍ഀ ਍ഀ O਍ഀ O਍ഀ H਍ഀ n਍ഀ W਍ഀ (਍ഀ )਍ഀ -਍ഀ O਍ഀ ~਍ഀ w਍ഀ O਍ഀ CD਍ഀ c਍ഀ W਍ഀ a਍ഀ W਍ഀ CD਍ഀ M਍ഀ 0਍ഀ ਍ഀ =3਍ഀ =3਍ഀ °਍ഀ o਍ഀ n਍ഀ c਍ഀ CD਍ഀ o਍ഀ CD਍ഀ a਍ഀ C਍ഀ U)਍ഀ W਍ഀ CD਍ഀ 3਍ഀ CD਍ഀ W਍ഀ En਍ഀ ;R.਍ഀ n਍ഀ c਍ഀ 0਍ഀ o਍ഀ a)਍ഀ O਍ഀ -n਍ഀ 0਍ഀ a)਍ഀ CD਍ഀ 3਍ഀ W਍ഀ N਍ഀ N਍ഀ N਍ഀ CD਍ഀ 2਍ഀ a਍ഀ O਍ഀ 0਍ഀ r«਍ഀ O਍ഀ :3਍ഀ C਍ഀ D਍ഀ r਍ഀ C਍ഀ CD਍ഀ O਍ഀ CD਍ഀ O਍ഀ CD਍ഀ CD਍ഀ CD਍ഀ =਍ഀ W਍ഀ v਍ഀ i਍ഀ v਍ഀ n਍ഀ i਍ഀ a਍ഀ w਍ഀ U3਍ഀ 7C਍ഀ -਍ഀ c਍ഀ 0਍ഀ O਍ഀ CD਍ഀ 3਍ഀ 3਍ഀ r-L਍ഀ m਍ഀ :3਍ഀ CA਍ഀ (n਍ഀ r•਍ഀ 0਍ഀ C਍ഀ CL਍ഀ ,਍ഀ @਍ഀ CD਍ഀ O਍ഀ fm਍ഀ a਍ഀ v਍ഀ j਍ഀ c਍ഀ O਍ഀ t਍ഀ cD਍ഀ c਍ഀ n਍ഀ CD਍ഀ n਍ഀ -0਍ഀ CD਍ഀ m਍ഀ O਍ഀ o਍ഀ 3਍ഀ U)਍ഀ a਍ഀ CD਍ഀ V਍ഀ Cr਍ഀ X਍ഀ O਍ഀ G਍ഀ 0਍ഀ ~਍ഀ CL਍ഀ co਍ഀ 3਍ഀ tQ਍ഀ ~਍ഀ W਍ഀ N਍ഀ (n਍ഀ (n਍ഀ (n਍ഀ co਍ഀ A਍ഀ o਍ഀ -4਍ഀ O਍ഀ Cr਍ഀ d਍ഀ 0)਍ഀ o਍ഀ 111਍ഀ co਍ഀ C)਍ഀ c਍ഀ j਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ o਍ഀ CA਍ഀ o਍ഀ 0਍ഀ a਍ഀ 0਍ഀ a)਍ഀ 'D਍ഀ U)਍ഀ 0 o਍ഀ c਍ഀ 3਍ഀ D਍ഀ V਍ഀ V਍ഀ V਍ഀ V਍ഀ V਍ഀ U1਍ഀ N਍ഀ V਍ഀ cr਍ഀ CD਍ഀ N਍ഀ -4਍ഀ A਍ഀ A਍ഀ Op.਍ഀ co਍ഀ A਍ഀ A਍ഀ N਍ഀ CD਍ഀ m਍ഀ (0਍ഀ 00਍ഀ 00਍ഀ cn਍ഀ (n਍ഀ -਍ഀ m CD਍ഀ n਍ഀ G) CA਍ഀ ਍ഀ 01਍ഀ O਍ഀ Cn਍ഀ O਍ഀ p਍ഀ Cn਍ഀ O਍ഀ O਍ഀ N਍ഀ O਍ഀ N਍ഀ Cn਍ഀ O਍ഀ 0਍ഀ to਍ഀ O਍ഀ 0਍ഀ Cn਍ഀ O਍ഀ 0਍ഀ W਍ഀ 00਍ഀ ਍ഀ N਍ഀ W਍ഀ Cn਍ഀ O਍ഀ O਍ഀ Cn਍ഀ O਍ഀ o਍ഀ W਍ഀ V਍ഀ A਍ഀ O਍ഀ O਍ഀ 0਍ഀ V਍ഀ O਍ഀ 0਍ഀ W਍ഀ EA਍ഀ EA਍ഀ co਍ഀ EA਍ഀ (A਍ഀ bfl਍ഀ 4A਍ഀ W਍ഀ d9਍ഀ bfl਍ഀ 69਍ഀ EA਍ഀ <n਍ഀ EA਍ഀ H਍ഀ N਍ഀ ( G)਍ഀ Cn਍ഀ co਍ഀ M਍ഀ O਍ഀ 9)਍ഀ N਍ഀ CA਍ഀ O਍ഀ I਍ഀ P਍ഀ -4਍ഀ p਍ഀ v਍ഀ Un N)਍ഀ -PL਍ഀ p਍ഀ (n਍ഀ O.਍ഀ O਍ഀ O਍ഀ d਍ഀ O਍ഀ (n਍ഀ 0਍ഀ Cn਍ഀ 0਍ഀ N਍ഀ 0਍ഀ O਍ഀ 4਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ CT਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ -n਍ഀ (D਍ഀ Cn਍ഀ OR਍ഀ EA਍ഀ Cn਍ഀ EA਍ഀ A਍ഀ lfl਍ഀ (A਍ഀ OD਍ഀ EA਍ഀ O਍ഀ b9਍ഀ N਍ഀ EA਍ഀ ਍ഀ EA਍ഀ O਍ഀ EA਍ഀ O਍ഀ 6A਍ഀ o਍ഀ fA਍ഀ N਍ഀ go਍ഀ 40਍ഀ f-4਍ഀ V਍ഀ fA਍ഀ G)਍ഀ ~਍ഀ O਍ഀ C਍ഀ 00਍ഀ W਍ഀ j਍ഀ 0਍ഀ 0਍ഀ Ul਍ഀ -4਍ഀ v਍ഀ 00਍ഀ ~਍ഀ ਍ഀ cn਍ഀ V਍ഀ co਍ഀ O਍ഀ O਍ഀ U)਍ഀ -n਍ഀ Q.਍ഀ d਍ഀ 4A਍ഀ (A਍ഀ !A਍ഀ (D਍ഀ O਍ഀ O਍ഀ '਍ഀ W਍ഀ 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N਍ഀ O਍ഀ 0਍ഀ O਍ഀ 0਍ഀ O਍ഀ 0਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ N਍ഀ O਍ഀ O਍ഀ O਍ഀ ~1਍ഀ CD਍ഀ p਍ഀ O਍ഀ N਍ഀ O਍ഀ 0਍ഀ O਍ഀ 00਍ഀ O਍ഀ o਍ഀ o਍ഀ O਍ഀ O਍ഀ CA਍ഀ "1਍ഀ Ln਍ഀ 0਍ഀ 64਍ഀ <A਍ഀ (A਍ഀ fig਍ഀ 60਍ഀ ffl਍ഀ 69਍ഀ 4A਍ഀ bA਍ഀ 4A਍ഀ 4A਍ഀ 4A਍ഀ (n਍ഀ Cn਍ഀ O0j਍ഀ N਍ഀ N਍ഀ W਍ഀ A਍ഀ D਍ഀ 00਍ഀ O਍ഀ 1਍ഀ Cn਍ഀ O਍ഀ O਍ഀ T਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ d਍ഀ O਍ഀ O਍ഀ d਍ഀ O਍ഀ O਍ഀ d਍ഀ O਍ഀ 0਍ഀ O਍ഀ O਍ഀ O਍ഀ d਍ഀ 0਍ഀ 0਍ഀ O਍ഀ -I਍ഀ 1਍ഀ 01਍ഀ En਍ഀ (n਍ഀ N਍ഀ EA਍ഀ 6H਍ഀ N਍ഀ Eft਍ഀ W਍ഀ 6H਍ഀ 6"਍ഀ O਍ഀ d)਍ഀ N਍ഀ 6A਍ഀ Cn਍ഀ (A਍ഀ 6਍ഀ LTI਍ഀ A਍ഀ N਍ഀ Cn਍ഀ Cn਍ഀ V਍ഀ N਍ഀ N਍ഀ W਍ഀ CA਍ഀ 0਍ഀ 0਍ഀ W਍ഀ N਍ഀ O਍ഀ cn਍ഀ 0਍ഀ -4਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ OD 00਍ഀ O਍ഀ O਍ഀ W਍ഀ N਍ഀ O਍ഀ O਍ഀ O਍ഀ T਍ഀ =਍ഀ =਍ഀ Q਍ഀ d1਍ഀ 69਍ഀ di਍ഀ ~1਍ഀ ਍ഀ W਍ഀ Lo਍ഀ O)਍ഀ P)਍ഀ CD਍ഀ N਍ഀ 6A਍ഀ Cn਍ഀ O਍ഀ 6A਍ഀ (A਍ഀ p਍ഀ Co਍ഀ Fig਍ഀ 464਍ഀ j਍ഀ 6A਍ഀ A਍ഀ W਍ഀ 6A਍ഀ Cn਍ഀ D.਍ഀ O਍ഀ 6A਍ഀ 00਍ഀ 69਍ഀ A਍ഀ O਍ഀ EA਍ഀ -਍ഀ N਍ഀ 61)਍ഀ W਍ഀ Cn਍ഀ EA਍ഀ En਍ഀ ਍ഀ EA਍ഀ A਍ഀ O਍ഀ V਍ഀ EA਍ഀ W਍ഀ V਍ഀ fA਍ഀ co਍ഀ 0਍ഀ EA਍ഀ N਍ഀ 6A਍ഀ OD਍ഀ W਍ഀ EA਍ഀ 00਍ഀ A਍ഀ 0਍ഀ y਍ഀ V਍ഀ A਍ഀ N਍ഀ A਍ഀ 4਍ഀ N਍ഀ 00਍ഀ N਍ഀ A਍ഀ O਍ഀ O਍ഀ O਍ഀ N਍ഀ N਍ഀ OD਍ഀ O਍ഀ Cb਍ഀ O਍ഀ O਍ഀ Cn਍ഀ O਍ഀ A਍ഀ O਍ഀ W਍ഀ W਍ഀ CD਍ഀ A਍ഀ W਍ഀ 0਍ഀ 164਍ഀ ਍ഀ fV਍ഀ A਍ഀ W਍ഀ Cn਍ഀ W਍ഀ (O਍ഀ O਍ഀ O਍ഀ -਍ഀ CD਍ഀ O਍ഀ 0਍ഀ O਍ഀ 0਍ഀ O਍ഀ 0਍ഀ d਍ഀ 0਍ഀ O਍ഀ 0਍ഀ d਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ O਍ഀ 0਍ഀ N਍ഀ 0਍ഀ O਍ഀ 0਍ഀ A਍ഀ ~਍ഀ O਍ഀ D਍ഀ CCn਍ഀ W਍ഀ W਍ഀ O਍ഀ O਍ഀ Cn਍ഀ c)਍ഀ W਍ഀ O਍ഀ W਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ n਍ഀ O਍ഀ A਍ഀ t~D਍ഀ ~਍ഀ W਍ഀ ~਍ഀ A਍ഀ A਍ഀ A਍ഀ A਍ഀ A਍ഀ A਍ഀ W਍ഀ J਍ഀ Cn਍ഀ P਍ഀ ~਍ഀ fn਍ഀ CO)਍ഀ CA਍ഀ o਍ഀ ਍ഀ 00਍ഀ p਍ഀ OD਍ഀ O਍ഀ 4~..਍ഀ O਍ഀ 1਍ഀ CO਍ഀ 0਍ഀ OD਍ഀ 0਍ഀ 00਍ഀ 0਍ഀ 0਍ഀ OD਍ഀ 0਍ഀ OD਍ഀ 0਍ഀ 0਍ഀ 71਍ഀ L਍ഀ 0਍ഀ cO਍ഀ OD਍ഀ 0਍ഀ _f਍ഀ OD਍ഀ 0਍ഀ Ol਍ഀ 6A਍ഀ V9਍ഀ 6A਍ഀ 6A਍ഀ 69਍ഀ 49਍ഀ 69਍ഀ (A਍ഀ 69਍ഀ 69਍ഀ in਍ഀ 69਍ഀ .a਍ഀ A਍ഀ 69਍ഀ O਍ഀ co਍ഀ O਍ഀ O਍ഀ N਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ Cn਍ഀ 0਍ഀ 0਍ഀ CO)਍ഀ O਍ഀ C )਍ഀ C )਍ഀ C:)਍ഀ C)਍ഀ 0਍ഀ D਍ഀ 0਍ഀ O਍ഀ -4਍ഀ Cn਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ ~D਍ഀ 4W਍ഀ N਍ഀ 40਍ഀ N਍ഀ A਍ഀ 69਍ഀ (A਍ഀ 8਍ഀ Can਍ഀ EA਍ഀ N਍ഀ A਍ഀ A਍ഀ ~਍ഀ C?਍ഀ O਍ഀ ਍ഀ W਍ഀ O਍ഀ O਍ഀ N਍ഀ V਍ഀ O਍ഀ O਍ഀ O਍ഀ A਍ഀ 0)਍ഀ O਍ഀ tD਍ഀ O਍ഀ d਍ഀ V਍ഀ V਍ഀ W਍ഀ Cn਍ഀ O਍ഀ 0਍ഀ O਍ഀ 0਍ഀ V਍ഀ Cn਍ഀ O਍ഀ N਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ N਍ഀ Cn਍ഀ ~1਍ഀ Cn਍ഀ O਍ഀ O਍ഀ 0਍ഀ 40਍ഀ fA਍ഀ fA਍ഀ (D਍ഀ O਍ഀ A਍ഀ O਍ഀ 4਍ഀ V਍ഀ W਍ഀ N਍ഀ N਍ഀ 4A਍ഀ 4A਍ഀ M਍ഀ W਍ഀ 60਍ഀ N਍ഀ (n਍ഀ W਍ഀ J਍ഀ V਍ഀ D਍ഀ OD਍ഀ J਍ഀ U)਍ഀ o਍ഀ cn਍ഀ W਍ഀ O਍ഀ O)਍ഀ W਍ഀ P.਍ഀ W਍ഀ W਍ഀ O਍ഀ 69਍ഀ V਍ഀ N਍ഀ W਍ഀ (0਍ഀ (D਍ഀ 6਍ഀ W਍ഀ ~਍ഀ A਍ഀ (3)਍ഀ V਍ഀ W਍ഀ A਍ഀ W਍ഀ n਍ഀ (਍ഀ OD਍ഀ w਍ഀ (3)਍ഀ V਍ഀ CD਍ഀ W਍ഀ A਍ഀ o਍ഀ A਍ഀ ਍ഀ O਍ഀ (D਍ഀ N਍ഀ CO਍ഀ co਍ഀ V਍ഀ 0)਍ഀ V਍ഀ co਍ഀ W਍ഀ 0)਍ഀ -1਍ഀ OD਍ഀ O਍ഀ a)਍ഀ N਍ഀ o਍ഀ -਍ഀ co਍ഀ .਍ഀ W਍ഀ -co਍ഀ ()o਍ഀ C-0਍ഀ Im਍ഀ Go਍ഀ j਍ഀ Ln਍ഀ 1਍ഀ Cn਍ഀ w਍ഀ V਍ഀ -P,਍ഀ '਍ഀ V਍ഀ CO਍ഀ N਍ഀ --4਍ഀ CJ)਍ഀ ~਍ഀ (D਍ഀ Ln਍ഀ m਍ഀ cD਍ഀ Cn਍ഀ A਍ഀ A਍ഀ -Al਍ഀ O਍ഀ CO਍ഀ co਍ഀ OD਍ഀ O਍ഀ 0਍ഀ 0)਍ഀ 0਍ഀ N਍ഀ 0਍ഀ cD਍ഀ Cn਍ഀ O਍ഀ 0਍ഀ OD਍ഀ 0਍ഀ O਍ഀ 0਍ഀ 0਍ഀ V਍ഀ 0਍ഀ CO਍ഀ N਍ഀ 0਍ഀ O਍ഀ 1਍ഀ A਍ഀ 0਍ഀ )਍ഀ 1਍ഀ Cn਍ഀ 1਍ഀ O਍ഀ CD਍ഀ 1਍ഀ Ln਍ഀ loo਍ഀ ♦ I਍ഀ N਍ഀ poll਍ഀ Cr਍ഀ ■਍ഀ C7 O਍ഀ 0਍ഀ Q਍ഀ PF਍ഀ rt਍ഀ m਍ഀ . W਍ഀ V+਍ഀ w~਍ഀ rr਍ഀ U)਍ഀ ਍ഀ V਍ഀ C7■਍ഀ 73਍ഀ mn਍ഀ O਍ഀ C਍ഀ CD਍ഀ 3਍ഀ CD਍ഀ (n਍ഀ x਍ഀ E਍ഀ CD਍ഀ CD਍ഀ O਍ഀ 3v਍ഀ 0਍ഀ 44਍ഀ c਍ഀ CD਍ഀ U)਍ഀ 0਍ഀ CD਍ഀ v਍ഀ CD਍ഀ CL਍ഀ 0਍ഀ 0਍ഀ N਍ഀ r+਍ഀ v਍ഀ cr਍ഀ c਍ഀ v਍ഀ Ca਍ഀ 0਍ഀ CD਍ഀ c਍ഀ a•਍ഀ cz'਍ഀ CD਍ഀ v਍ഀ CD਍ഀ CD਍ഀ 3਍ഀ m਍ഀ x਍ഀ O਍ഀ -I਍ഀ <਍ഀ ~਍ഀ z਍ഀ n਍ഀ ਍ഀ -n਍ഀ 0਍ഀ v਍ഀ ਍ഀ 0਍ഀ O਍ഀ a਍ഀ v਍ഀ ~਍ഀ o਍ഀ •਍ഀ v਍ഀ -v਍ഀ CD਍ഀ W਍ഀ •਍ഀ ~7਍ഀ ~਍ഀ Co਍ഀ rn਍ഀ ~਍ഀ =਍ഀ m਍ഀ =਍ഀ ~p਍ഀ 0਍ഀ CD਍ഀ ਍ഀ C7਍ഀ CD਍ഀ W਍ഀ CD਍ഀ M.਍ഀ CD਍ഀ CD਍ഀ a਍ഀ CD਍ഀ Q਍ഀ ਍ഀ 4-਍ഀ O਍ഀ ~਍ഀ M਍ഀ a਍ഀ m਍ഀ 53਍ഀ CD਍ഀ r਍ഀ 0਍ഀ CD਍ഀ 3਍ഀ CD਍ഀ Q਍ഀ c਍ഀ cr਍ഀ 0਍ഀ .਍ഀ 0਍ഀ CD਍ഀ ਍ഀ CD਍ഀ o਍ഀ CD਍ഀ 40਍ഀ i਍ഀ a਍ഀ N਍ഀ co਍ഀ N਍ഀ ow਍ഀ i਍ഀ i਍ഀ 0਍ഀ cri਍ഀ w਍ഀ E9 {9<0E69f9 V~ leo਍ഀ N਍ഀ ~1਍ഀ •P਍ഀ co਍ഀ Cn਍ഀ Cn਍ഀ M਍ഀ ~l਍ഀ W਍ഀ N਍ഀ M਍ഀ W਍ഀ Ln਍ഀ N਍ഀ -•l਍ഀ 1਍ഀ m਍ഀ Q਍ഀ C)਍ഀ o਍ഀ Ul਍ഀ ਍ഀ cn਍ഀ N਍ഀ N਍ഀ N਍ഀ N਍ഀ Cn਍ഀ m਍ഀ W਍ഀ W਍ഀ CO਍ഀ -1਍ഀ O਍ഀ ••-y਍ഀ W਍ഀ bA b3 6q b4 61 ffl 'En਍ഀ Cn਍ഀ co਍ഀ Cn਍ഀ co਍ഀ M਍ഀ M਍ഀ ਍ഀ ~਍ഀ CO਍ഀ 4P-਍ഀ W਍ഀ Cn਍ഀ W਍ഀ M਍ഀ -4਍ഀ c0਍ഀ W਍ഀ W਍ഀ M਍ഀ CD਍ഀ --4਍ഀ CII਍ഀ 41%਍ഀ CO਍ഀ W਍ഀ .਍ഀ 07਍ഀ N਍ഀ N਍ഀ ਍ഀ o਍ഀ ਍ഀ co਍ഀ co਍ഀ m਍ഀ m਍ഀ C0਍ഀ W਍ഀ ~l਍ഀ W਍ഀ C)਍ഀ 4~i-਍ഀ N਍ഀ W਍ഀ cr਍ഀ 0਍ഀ T਍ഀ co਍ഀ c਍ഀ 0਍ഀ c਍ഀ CD਍ഀ 0਍ഀ O਍ഀ N਍ഀ O਍ഀ m਍ഀ s~਍ഀ a਍ഀ T਍ഀ Omo਍ഀ 0਍ഀ O਍ഀ ic਍ഀ z਍ഀ cn਍ഀ N਍ഀ X਍ഀ CD਍ഀ C਍ഀ U) ■਍ഀ CD਍ഀ CL਍ഀ O਍ഀ m਍ഀ T~਍ഀ CD਍ഀ cr਍ഀ V rf਍ഀ r" E`਍ഀ O o਍ഀ N N਍ഀ N਍ഀ ?਍ഀ n਍ഀ Cr਍ഀ m਍ഀ .t਍ഀ d਍ഀ A)਍ഀ d਍ഀ a਍ഀ =਍ഀ c਍ഀ ~਍ഀ c਍ഀ 0 o਍ഀ CL਍ഀ Ck)਍ഀ 3਍ഀ 3਍ഀ CD਍ഀ °਍ഀ M਍ഀ = CL਍ഀ o n~਍ഀ cn =਍ഀ (A਍ഀ o਍ഀ Q V਍ഀ CD c)਍ഀ (A਍ഀ 0਍ഀ 0 CL CD਍ഀ 0* W਍ഀ 3਍ഀ ~਍ഀ '਍ഀ a਍ഀ M=਍ഀ (਍ഀ D਍ഀ -n਍ഀ = Tt 0਍ഀ 0਍ഀ ~਍ഀ ਍ഀ N਍ഀ ~਍ഀ _਍ഀ _਍ഀ .਍ഀ N (D CD > > 7 O tip਍ഀ ~਍ഀ -਍ഀ N Vi cn 0 to co :3਍ഀ 69 69 6A Off 69 69 69਍ഀ 0 O਍ഀ CD਍ഀ O਍ഀ CD਍ഀ N਍ഀ C਍ഀ EL਍ഀ O਍ഀ <਍ഀ CDD਍ഀ cn਍ഀ ri਍ഀ Q਍ഀ CD਍ഀ N Wtnw-~i~਍ഀ -਍ഀ a਍ഀ w਍ഀ A CM W Cn ~਍ഀ 4 W਍ഀ ~ 0) c0਍ഀ ~਍ഀ O਍ഀ =਍ഀ -਍ഀ N 4%. 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CD y਍ഀ d਍ഀ 3਍ഀ 9਍ഀ m਍ഀ C1਍ഀ ~n਍ഀ y c਍ഀ :3਍ഀ W D)਍ഀ a਍ഀ m਍ഀ rT਍ഀ X਍ഀ cp y y y W y N y (A N fWwf਍ഀ py~j CJNi Q A a O V y N O G. Q1 C") 6; O. A C Lt - D'_1 O W 5{ A਍ഀ ` ~~_pp ~ o o O -4 » o~p_o _po » O O_O tD_਍ഀ o C',਍ഀ CL N O O O CD G j O G. O 0 CA p a a਍ഀ 0 C N C O M਍ഀ :0) r/~ C O O y C 7 C C C x਍ഀ V 7 O 0 XO p XO CT O O j O~ V 11 O 11 A V p਍ഀ X N N 1~ Cr d V 4) y d X p~ p1 N II (Q਍ഀ n N it W 11 V CA f) jV 11 N n E N II V N .C~ V A ww0਍ഀ 9 W ? II 9) 11 R3 O L" O) X O O W CT )C - O. p O O O O - co C) -0 II 11 V X y 11 I~ v O II 11 11 11 co Vp7 11 y 11 y 11 y 0f਍ഀ A CT v x co d W y N~ -i O j tll A W to਍ഀ C) Ln 2) CP M (A co (n਍ഀ t0 N X t^ X W OD 0!) w x y )C )C >C d਍ഀ A X Ln OOD V po਍ഀ C71 O N y N) 11 C) ~ 4/ N A d N N O 41 N CO co਍ഀ N N C\lol਍ഀ O . O CT N (P 00 O `G O਍ഀ W N y N CT GT WM N CT to Ln CT °਍ഀ CJI w਍ഀ m਍ഀ Cl) X਍ഀ CD CT'਍ഀ CD਍ഀ f--l, i਍ഀ ) 6਍ഀ T਍ഀ V / W਍ഀ JUN, 28. 2006 3.35PM VA RESORTS DEV,਍ഀ NO, 786 P. 2਍ഀ V A I L R E S O R T S D E V E L O P M E N T C O M P A N Y਍ഀ June 28, 2006਍ഀ 1&. Chuck Madison਍ഀ East West Partners਍ഀ 100 East Thomas Place਍ഀ Avon, Colorado 81620਍ഀ RE: Lionshead Parlaing Structure Redevelopment਍ഀ Town of Vail - RFP Process਍ഀ Conceptual Endorsement਍ഀ Dear Chuck:਍ഀ Vail Resorts Development Company is supportive of the Town, of Vail's efforts to explore਍ഀ opportunities to redevelop its Lionshead parldng structure property. Along with the Town, Vail਍ഀ Resorts Development Company has a very high level of interest in the successfil planning,਍ഀ selection and implementation for this site,਍ഀ Vail Resorts Development Company has reviewed the conceptual redevelopment proposal as਍ഀ prepared by East West Partners for the above referenced site. We understand your proposal to਍ഀ include a mixture of hotel, retail and residential development as well as the replacement of the਍ഀ existing public parking and the possible inclusion of a modest conference facility. To date we਍ഀ have only seen very preliminary massing studies.਍ഀ Everyone involved in the redevelopment, including you, recognize this is a critical site that is਍ഀ strategic to the Town of Vail. Because of this, we feel further details are needed before we could਍ഀ issue our endorsement of your conceptual plan for redevelopment. We also want to make it clear਍ഀ that any potential future endorsement of a conceptual plan would in no way eliminate or waive਍ഀ our deed restriction for the property.਍ഀ Vail Resorts Development Company feels the concept, in general as you have presented it, is਍ഀ headed in the right direction, However, we will need to review the detailed concept and business਍ഀ plans before we could approve or endorse any project and we are happy to review and consider਍ഀ this information once it is prepared.਍ഀ Sincerely,਍ഀ VAIL RESORTS DEVELOPMENT COMPANY਍ഀ By: (5),/਍ഀ Keith Fernandez, President਍ഀ cc: Russ Forrest਍ഀ VA14 RcaoRra•਍ഀ Vail Resort. Development Company - 137 Benchmark Road - Post OBire Boa 959 - Avon, Colorado 81620.0959 - (970) 845-2SS5 . far. (970) M-2555 - www.vrdaxom਍ഀ Vail . Beaver Creek" - Brockenridp. - Isey9t(mr.1 - Heavenly"਍ഀ ArrawhcadQO - Bachelor CalchO - lied Sky Ranch"' • Jacknon Holi- Golf aml'lemnis Club'"਍ഀ JUN-28-2006 3; 36PM VA RESORTS DEV. NO. 786 P. 3਍ഀ V A I L R E S O R T S D E V I^ L O P M E N T C O M P A N Y਍ഀ June 28, 2006਍ഀ Mr. Mark Masinter਍ഀ Open Realty Advisors਍ഀ 2525 McKinnon Street, Suite 750਍ഀ Dallas, Texas 75201਍ഀ RE: Lionshead Parking Structure Redevelopment਍ഀ Town of Vail - RFP Process਍ഀ Conceptual Endorsement਍ഀ Dear Mark:਍ഀ Vail Resorts Development Company is supportive of the Town of Vail's efforts to explore਍ഀ opportunities to redevelop its Lionshead parking structure property. Along with the Town, 'Vail਍ഀ Resorts Development Company has a very high level of interest in the successful planning,਍ഀ selection and implementation for this site.਍ഀ Vail Resorts Development Company has reviewed the conceptual redevelopment proposal as਍ഀ prepared by Open Realty Advisors for the above referenced site, We understand your proposal਍ഀ to include a mixture of hotel, retail and residential development as well as the replacement of the਍ഀ existing public parking and the possible inclusion of a public facility. To date we have only seen਍ഀ very preliminary massing studies.਍ഀ Everyone involved in the redevelopment, including you, recognize this is a critical site that is਍ഀ strategic to the Town of Vail. Because of this, we feel further details are needed before we could਍ഀ issue oux endorsement of your conceptual plan for redevelopment. We also want to make it clear਍ഀ that any potential future endorsement of a conceptual plan would in no way eliminate or waive਍ഀ our deed restriction for the property.਍ഀ Vail Resorts Development Company feels the concept, in general as you have pzesented it, is਍ഀ headed in the right direction. However, we will need to review the detailed concept and business਍ഀ plans before we could approve or endorse any project and we are happy to review and consider਍ഀ this information once it is prepared,਍ഀ Sincerely,਍ഀ VAIL RESORTS DEVELOPMENT COMPANY਍ഀ By:਍ഀ Keith Fernandez, President਍ഀ cc: Russ Forrest਍ഀ VAIL AE2QIgTW਍ഀ Vail R-KA Development Company - 137 Benchmark Rosd - Post Office Box 959 - Avon, Colorado 81628-0959 - (970) M-5-2535 - fix (970) 845-2555 - www.vrde,com਍ഀ Vail - Beaver Creek" - Breckcnridge Keyatone® - Heavenly*਍ഀ Arrowhaada . Bachelor CulchO - Red Sky Ranch'" - Jaektion Hole- (golf and Tennix Club" ro਍ഀ i਍ഀ OPEN਍ഀ HOSPITALITY PARTNERS਍ഀ October 27, 2006਍ഀ Russell Forrest਍ഀ Community Development Corporation਍ഀ 75 Frontage Road਍ഀ Vail, CO 81657਍ഀ Dear Russ:਍ഀ Enclosed, please find answers to the questions raised in your letter of October 13, 2006. Where਍ഀ appropriate, we have utilized exhibits to fully address the question. The exhibits will be emailed to you in਍ഀ a separate power point document.਍ഀ Please find our answers as follows:਍ഀ • Please submit audited financial reports for those entities investing in the project to Steve਍ഀ Thompson.਍ഀ Steve Thompson is in contact with Todd Platt of Hillwood.਍ഀ • Please provide projected tax revenues in your first stabilized year (state year) for property, sales,਍ഀ lodging, and TIF (only uses property tax).਍ഀ See exhibit A (A full tax analysis model is being sent in a separate excel document (Tax਍ഀ Analysis.xls)਍ഀ • Provide a detailed breakout of the value of all public uses including road improvements. Please਍ഀ review any and all assumption you made in determining a value for the public improvements. We਍ഀ are assuming that all public uses include final finishes. Which uses will have furniture and਍ഀ fixtures and which will not.਍ഀ See exhibit B਍ഀ • When will you receive a guaranteed maximum price for the project in relationship to your project਍ഀ time frame? Would completing a % of presales be a contingency for moving forward?਍ഀ Our proposed project will receive guaranteed maximum price agreements pursuant to our਍ഀ proposed construction schedule. As is customary with phased construction, we expect to਍ഀ negotiate the guaranteed maximum price agreements for individual phases in the months leading਍ഀ up to commencement of construction for each respective phase. Based on our past experience਍ഀ and consideration of the project, we anticipate presales contingencies in the 35% range.਍ഀ • Provide a site plan showing all road improvements (Frontage Road, East Lionshead Circle)਍ഀ which the project will provide (shaded in a different color). Also note where there is heated਍ഀ pavement.਍ഀ See exhibit C (2 exhibits)਍ഀ 2525 McKinnon Street Suite 750਍ഀ Dallas, TX 75201਍ഀ 214.750.0011 Fax 214.750.0060਍ഀ • Do you have a back up plan for providing more than 400 parking spaces during construction at਍ഀ the start of the ski season in December 2009? Are there trade offs to be made where you could਍ഀ propose to transfer some of the net new parking to other locations and provide more parking਍ഀ sooner at the beginning of the 2009/20010 ski season? Do you have other options to not impact਍ഀ ski season parking?਍ഀ See exhibit D (2 exhibits)਍ഀ Exhibits D will illustrate that we are prepared to offer several alternatives relating to (1) number਍ഀ of spaces and (2) timing.਍ഀ We are 100% committed to delivering 2,002 parking spaces per our Phase II proposal. However,਍ഀ we are also committed to a plan that satisfies the Town, Vail Resorts and the Community.਍ഀ Therefore, if it is determined that the net gain in additional spaces should occur in a location other਍ഀ than the existing Lionshead Garage, we are prepared to alter our proposal and apply the਍ഀ commensurate level of funds to construct said spaces in a location deemed suitable by the Town,਍ഀ Vail Resorts and the Community.਍ഀ • Are you using precast concrete to build the structure? If not what structural system will you use?਍ഀ Yes, we will be using precast concrete.਍ഀ • Can you combine the square footage currently shown for meeting space in the Regis and W and਍ഀ have a large contiguous meeting space without affecting your cost significantly?਍ഀ No. We believe that our facility should be accretive to the community and not compete with other਍ഀ existing product in such places as the Marriott and Vail Cascade. The W and St. Regis meeting਍ഀ spaces are stand-alone enterprises tied to each hotel and cannot be combined. Additionally, the਍ഀ meeting/conference space that can be created within the proposed VCVPA is meant to਍ഀ complement what is being offered at the W and St. Regis.਍ഀ • Do we accurately understand that your proposal will provide 285 net new proposals that would਍ഀ not be required by zoning?਍ഀ Yes਍ഀ • Is there a way to optimize the use of private parking (when not needed by residents) for the਍ഀ public?਍ഀ Yes਍ഀ • Please confirm the number of employee beds, units, and the average size of the units that would਍ഀ be provided by the project. Also you should assume that 30% of employees generated should be਍ഀ housed by the project. This most likely will be a regulatory requirement. It appears that on page਍ഀ 4c.020 of the proposal that the employee housing may be under grade. Will housing have natural਍ഀ light?਍ഀ See exhibit E਍ഀ All housing will have natural light.਍ഀ • What market analysis have you done for the demand and type of retail proposed and how it will਍ഀ affect other retailers in Vail? Also do you think an ADR of $450 has a strong market in Vail? You਍ഀ mentioned HVS did a report-Can we get a copy?਍ഀ 2525 McKinnon Street Suite 750਍ഀ Dallas, TX 75201਍ഀ 214.750.0011 Fax 214.750.0060਍ഀ i਍ഀ We have not completed a formal market analysis related to retail demand. However, having਍ഀ completed many successful retail projects throughout the country we have learned that true grass਍ഀ root research is far more telling than any formal research or analysis. Through such efforts, we਍ഀ have received preliminary verbal indications from more than two dozen prominent national਍ഀ retailers that if awarded this project, we are very confident there will be more demand than਍ഀ supply.਍ഀ See exhibit F (HVS Report- There are two separate reports, one for the Proposed St. Regis and਍ഀ one for the Proposed W. These are lengthy documents which will be emailed separately and਍ഀ NOT included in the Exhibits power point document.਍ഀ • How would the operational deficit of public uses, particularly the performing arts center, be paid਍ഀ for by the development? The Town can not incur a risk to its general fund to pay for an਍ഀ operational deficit for the performing arts facility.਍ഀ We will not look to the Town of Vail's general fund to cover any operational deficit incurred by the਍ഀ creation of the VCVPA. We anticipate that operational deficits will be covered through the਍ഀ project's incremental tax revenues generated and/or sponsorship dollars that we expect to਍ഀ receive.਍ഀ • Please clarify your assumptions for using public dollars (how much and for what uses) .਍ഀ See exhibit G detailing the projected incremental tax revenue generated by the project. Over the਍ഀ 10-yr period through 2020, we project total incremental tax revenues to be in excess of $86MM.਍ഀ Based on our analysis, we expect the project to generate incremental property tax revenues of਍ഀ roughly $7.5MM per annum on a stabilized basis, which suggests bonding capacity - after਍ഀ deductions for funds necessary to cover operating costs of the project district - in the range of਍ഀ $50MM. This assumes an incremental mill levy increase of approximately 40 mills, which we਍ഀ believe the future property owners will be willing to bear based on the luxury-type product being਍ഀ delivered. It is understood that all TIF bond proceeds will used be for "public" uses in accordance਍ഀ with their intended purpose.਍ഀ • Please overlay the Town's Frontage Road plans that we provided you with your design to enable਍ഀ us to confirm that your Frontage Road improvements fit within the planned road corridor that has਍ഀ been conceptually approved by the Town and the Colorado Department of Transportation.਍ഀ See exhibit H਍ഀ • Clarify the ownership assumptions and how the land would potentially be subdivided.਍ഀ The Town will own in fee simple all public uses, the developer will own in fee simple all private਍ഀ uses.਍ഀ Please provide 1 electronic copy and a photo ready original of an executive summary (7-8 pages਍ഀ total) of your proposal which can be distributed to the public. This executive summary should਍ഀ include: 1) summary of the private and public uses with square footage, 2) Summary of proposed਍ഀ parking clearly describing public parking, 3) summary of the total cost of the project with the਍ഀ values of the specific public uses, 4) Brief summary of who is on your team and their experience,਍ഀ 5) Explanation of construction phasing and how you address parking during construction.਍ഀ 4240 will send the Executive summary CD and photo ready original directly to Russ.਍ഀ 2525 McKinnon Street Suite 750਍ഀ Dallas, TX 75201਍ഀ 214.750.0011 Fax 214.750.0060਍ഀ I-਍ഀ • The public has identified indoor recreational amenities as an important need in the community.਍ഀ Regarding your wellness center - to what extent are amenities (pool, rec equipment) available to਍ഀ the public. Are their opportunities recreational programs in the facility open to the public?਍ഀ Our project will have a Bliss Spa that will be open to the public.਍ഀ Russell, thank you again for the opportunity to further clarify our proposal. I hope the information being਍ഀ sent adequately addresses the questions posed in your letter. As we discussed, the information included਍ഀ in Exhibits F (the HVS reports) is highly confidential and I ask that you treat it as such.਍ഀ Cc:Jonas Woods਍ഀ Marc Stanworth਍ഀ 2525 McKinnon Street Suite 750਍ഀ Dallas, TX 75201਍ഀ 214.750.0011 Fax 214.750.0060਍ഀ s°਍ഀ 0਍ഀ a਍ഀ ~I਍ഀ R਍ഀ o਍ഀ a਍ഀ o਍ഀ °਍ഀ 9਍ഀ 94਍ഀ S~Sim~਍ഀ ~pm਍ഀ S਍ഀ ~N~~mo਍ഀ r਍ഀ R਍ഀ e<਍ഀ S਍ഀ ~s q„਍ഀ „਍ഀ mom਍ഀ sus਍ഀ ?਍ഀ a :2਍ഀ e਍ഀ m਍ഀ B਍ഀ d਍ഀ rv਍ഀ s:਍ഀ 7਍ഀ e ~ ~਍ഀ a a਍ഀ 5 ca਍ഀ ma Wy"N਍ഀ 'Fig਍ഀ U~U-਍ഀ m Yn x i d਍ഀ _਍ഀ ?~j oa,਍ഀ Kacr 2`~਍ഀ m> o o F਍ഀ o਍ഀ '~rcu਍ഀ K਍ഀ _਍ഀ ~ iiJOaSmg°਍ഀ x਍ഀ oU਍ഀ ~਍ഀ 3਍ഀ E਍ഀ ~ OU਍ഀ N਍ഀ u਍ഀ edK m~਍ഀ `u਍ഀ S mE਍ഀ 73਍ഀ ਍ഀ pmt਍ഀ ਍ഀ e~਍ഀ e ~਍ഀ A਍ഀ A਍ഀ e਍ഀ Q C਍ഀ a -਍ഀ o ~਍ഀ n ~਍ഀ ~o਍ഀ Q਍ഀ x਍ഀ W਍ഀ s਍ഀ a਍ഀ x਍ഀ & 9 R਍ഀ ~ r਍ഀ n ~਍ഀ ~ s x਍ഀ m ~ x਍ഀ ~ s x਍ഀ m ~ r਍ഀ S਍ഀ a਍ഀ a>਍ഀ cd਍ഀ G.਍ഀ a~਍ഀ .ti਍ഀ a~਍ഀ cz਍ഀ E਍ഀ V਍ഀ cz਍ഀ C~਍ഀ c਍ഀ a rT਍ഀ ~਍ഀ b b਍ഀ m਍ഀ .tl਍ഀ x਍ഀ w਍ഀ CO਍ഀ O਍ഀ N਍ഀ O਍ഀ r਍ഀ 0਍ഀ H਍ഀ Z਍ഀ W਍ഀ a.਍ഀ i਍ഀ O਍ഀ O਍ഀ O਍ഀ 0਍ഀ 0਍ഀ O਍ഀ 0਍ഀ O਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ ~਍ഀ O਍ഀ o਍ഀ O਍ഀ V~਍ഀ 0਍ഀ ~਍ഀ 06਍ഀ 0਍ഀ b,g਍ഀ 0਍ഀ O਍ഀ 0਍ഀ O਍ഀ 116਍ഀ 0਍ഀ O਍ഀ 0਍ഀ 0਍ഀ N਍ഀ ~਍ഀ 64਍ഀ 6 4਍ഀ 6o4਍ഀ ~਍ഀ bl9਍ഀ i਍ഀ U਍ഀ ~਍ഀ O਍ഀ O਍ഀ 00਍ഀ N਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ O਍ഀ ਍ഀ O਍ഀ O਍ഀ 00਍ഀ O਍ഀ O਍ഀ kn਍ഀ ਍ഀ O਍ഀ a਍ഀ ~਍ഀ ~਍ഀ a਍ഀ ,਍ഀ ag਍ഀ 03਍ഀ (D਍ഀ ,਍ഀ l਍ഀ H਍ഀ y਍ഀ i'•yM਍ഀ U਍ഀ CS਍ഀ >਍ഀ N਍ഀ -਍ഀ ,Q~i਍ഀ a)਍ഀ >਍ഀ 03਍ഀ p਍ഀ w਍ഀ Ate''਍ഀ W਍ഀ U਍ഀ a~਍ഀ w਍ഀ W਍ഀ ~਍ഀ ~.y਍ഀ v Ln਍ഀ ~ N਍ഀ Ct]਍ഀ C ~ Lc.਍ഀ N U Li..਍ഀ U ~ 'o਍ഀ cl਍ഀ LO਍ഀ N Vf ~ .਍ഀ G1. 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a਍ഀ 01਍ഀ m਍ഀ Vl C਍ഀ w਍ഀ C਍ഀ C਍ഀ a਍ഀ m N਍ഀ pp"pp mp਍ഀ (0~਍ഀ NN਍ഀ V C਍ഀ M a਍ഀ N C਍ഀ ਍ഀ ~਍ഀ N਍ഀ Q਍ഀ H਍ഀ 7਍ഀ m਍ഀ E਍ഀ y਍ഀ y਍ഀ Q਍ഀ ~਍ഀ Q਍ഀ Z C਍ഀ d਍ഀ o °'o o m਍ഀ o) m m਍ഀ o਍ഀ 9y਍ഀ w y਍ഀ ya਍ഀ N S਍ഀ .਍ഀ m਍ഀ oU਍ഀ U a਍ഀ Ui਍ഀ ~ d਍ഀ x c਍ഀ o਍ഀ m਍ഀ c਍ഀ E਍ഀ m°਍ഀ S਍ഀ N਍ഀ iV਍ഀ E਍ഀ W਍ഀ O਍ഀ 0਍ഀ N਍ഀ N਍ഀ N ~ m਍ഀ N ~ N਍ഀ N O O਍ഀ N ~ U C਍ഀ (0 0 = .a O C N਍ഀ 01 N a U N J਍ഀ E _਍ഀ n O N 0 D਍ഀ M F H O ~਍ഀ V਍ഀ d਍ഀ y਍ഀ U਍ഀ 0਍ഀ m਍ഀ C਍ഀ :5 0਍ഀ O C਍ഀ 0਍ഀ tl1਍ഀ Q਍ഀ O O਍ഀ C਍ഀ O਍ഀ M C O਍ഀ m D਍ഀ m਍ഀ O਍ഀ o oa ~i਍ഀ U m਍ഀ Co਍ഀ c਍ഀ c° d a਍ഀ O m 5 n਍ഀ -਍ഀ m਍ഀ a E਍ഀ E਍ഀ >਍ഀ m m m v਍ഀ c o d a o o r਍ഀ M਍ഀ m਍ഀ E਍ഀ m U਍ഀ E E਍ഀ a਍ഀ y਍ഀ ,਍ഀ O O m 2 m 2 S >਍ഀ >਍ഀ d਍ഀ o o਍ഀ y਍ഀ O਍ഀ m਍ഀ 0 0਍ഀ M 0਍ഀ W਍ഀ U਍ഀ C਍ഀ a) a)਍ഀ a਍ഀ a/਍ഀ M m ,਍ഀ N a'਍ഀ of d ~w 33 NN wd਍ഀ O਍ഀ o਍ഀ UI਍ഀ N਍ഀ J 0਍ഀ l0 y਍ഀ ਍ഀ r਍ഀ m਍ഀ `o o `0 0 0 0 `o o x਍ഀ it਍ഀ 0. 4.)਍ഀ y >1਍ഀ m m m m o m m m਍ഀ o਍ഀ y y਍ഀ '0 D 'O "O >਍ഀ y਍ഀ .O .O਍ഀ C਍ഀ m_ ym yo yo a~_਍ഀ m~ m m m m m m m~਍ഀ Q਍ഀ ~਍ഀ a o_਍ഀ rU਍ഀ E o E E E E E E E o਍ഀ N~ N N y N N N N~਍ഀ m਍ഀ 2਍ഀ m m਍ഀ W WW WW WW W਍ഀ CL਍ഀ O O਍ഀ i--~਍ഀ ,I਍ഀ ਍ഀ W਍ഀ E 9਍ഀ gas a਍ഀ p U C J਍ഀ V?਍ഀ gg~r਍ഀ A £ ~਍ഀ s S>~ a਍ഀ i਍ഀ i਍ഀ i਍ഀ j fi਍ഀ ਍ഀ f ;਍ഀ z਍ഀ 8਍ഀ s਍ഀ ~g਍ഀ a਍ഀ s਍ഀ C L਍ഀ 0਍ഀ 0%਍ഀ m ~਍ഀ O "਍ഀ Yb y਍ഀ N਍ഀ a~਍ഀ ~ d a਍ഀ L਍ഀ m O 0 3਍ഀ T਍ഀ x਍ഀ fil਍ഀ The following are key assumptions used in the analysis that must be considered when evaluating the projections:਍ഀ General Assumptions਍ഀ 15% Displacement Factor on all lodging, lift and sales taxes਍ഀ All values expressed in 2011 dollars - no values are inflated beyond 2011਍ഀ 4% Lodging Tax਍ഀ Hotel ADR and occupancy are per HVS feasibility commissioned by developer for the project਍ഀ In determining renters generated through condos, only one key per condo is assumed regardless unit size਍ഀ _ Assumes 80% of 1-bedroom and 2-bedroom units, and 70% of 3-bedroom units will be part of rental program;਍ഀ No 4-bedroom units included in rental program਍ഀ Condo occupancy, net of owner useage - assumed to be 5 weeks per year - is projected to stabilize at 50%਍ഀ Condo ADR for the respective flags conservatively assumed to be just 30% above that of the respective hotel ADR਍ഀ 30% of hotel guests assumed to be conference attendees, 50% of attendees assumed to stay at project hotels,਍ഀ thus balance assumed to stay at other Vail hotels at an ADR of $226/night starting in 2011 (i.e. $200/night in 2006)਍ഀ Selected Other Revenues਍ഀ It is unclear how the Road & Bridge tax is calculated, therefore the figures presented by Stan Bernstein in the East਍ഀ West Partners proposal were used਍ഀ 4% Lift Tax਍ഀ Assumes 2 persons per hotel room and 1-bedroom condos, and 4 persons per 2-bedroom, 3-bedroom, 4-bedroom਍ഀ condos and fractional units਍ഀ Assumes 75% of the visitors ski and that they ski during 75% of their visits਍ഀ Assumes 51 % of the visitors visit during "ski season"਍ഀ Assumes average lift ticket is $65 in 2006, which translates to approx. $74 in 2011 at 2.5% inflation rate਍ഀ 4% Sales Tax਍ഀ Assumes average guest (as outlined in '4% Lift Tax' above) spends $150 per day in 2006, which translates to $170 by 2011 at 2.5% inflation rate਍ഀ _ For Core Site Retail assumes $500/NSF annual revenues, which is conservatively below national average for stores਍ഀ being targeted for the core site retail space਍ഀ Property Tax਍ഀ Properties assessed in every odd year at 6% increase above prior assessment level (thus increased payments in every even year)਍ഀ Pricing for condo & fractional units based on conservative estimates of property values as substantiated by Delta Associates਍ഀ _ Other assumptions as outlined in Schedules 7 & 8਍ഀ Transfer Tax਍ഀ Assumes 10% of whole-ownership condo units and 3% of fractional units are re-sold every year਍ഀ O~਍ഀ r a਍ഀ g ge `~'e਍ഀ 25 ~ 25 TJ Ti. m਍ഀ w m ~ w਍ഀ ~ "j਍ഀ w਍ഀ r਍ഀ $°~25m 8਍ഀ A ed°਍ഀ ਍ഀ Ai਍ഀ m਍ഀ F਍ഀ R਍ഀ ~Nngn e~ a਍ഀ Qi ~q w਍ഀ r਍ഀ o਍ഀ ;f਍ഀ f਍ഀ R sw A਍ഀ ਍ഀ ~਍ഀ ਍ഀ ~i਍ഀ rv਍ഀ ~a~m~ q ~n਍ഀ Pv mm 3਍ഀ ~w਍ഀ °਍ഀ m਍ഀ S਍ഀ ~nn~~ J« x਍ഀ ~਍ഀ e਍ഀ d਍ഀ &਍ഀ ~਍ഀ I਍ഀ a਍ഀ ~਍ഀ 83 S਍ഀ m਍ഀ i< a਍ഀ ,਍ഀ N R~਍ഀ ~s v ;z਍ഀ .਍ഀ g਍ഀ ਍ഀ g਍ഀ oV mx਍ഀ °m d਍ഀ m਍ഀ r D਍ഀ A਍ഀ UB F਍ഀ D਍ഀ m਍ഀ ~਍ഀ oE਍ഀ ~Q਍ഀ F਍ഀ ~਍ഀ o਍ഀ g਍ഀ °਍ഀ w਍ഀ "਍ഀ A਍ഀ ~਍ഀ a018਍ഀ vPammNd ~਍ഀ _਍ഀ ਍ഀ ~਍ഀ g਍ഀ a਍ഀ ~਍ഀ ~਍ഀ a਍ഀ v€਍ഀ amp਍ഀ ~ £ ~਍ഀ ¢ v ~਍ഀ ~਍ഀ "Si°਍ഀ °਍ഀ °S਍ഀ ~਍ഀ x਍ഀ L਍ഀ $਍ഀ ow਍ഀ ~਍ഀ $਍ഀ ~਍ഀ o਍ഀ vS਍ഀ o਍ഀ ~~gm ~iw 7਍ഀ ~iU VUU S਍ഀ 7਍ഀ M=਍ഀ >਍ഀ ਍ഀ >਍ഀ >਍ഀ O਍ഀ rv਍ഀ R਍ഀ n਍ഀ m਍ഀ N਍ഀ O਍ഀ J਍ഀ p਍ഀ N਍ഀ m਍ഀ O਍ഀ H਍ഀ Q਍ഀ ~਍ഀ m਍ഀ f਍ഀ C਍ഀ N਍ഀ ~NMOaiN਍ഀ m u1਍ഀ ~0.2਍ഀ CO'l OMCN'1਍ഀ m m N ~਍ഀ O਍ഀ yO਍ഀ N਍ഀ N਍ഀ N਍ഀ m mmm਍ഀ m m m M਍ഀ O ~ N M਍ഀ O਍ഀ N਍ഀ m਍ഀ fmp਍ഀ A਍ഀ G਍ഀ m m m m਍ഀ m 0 W਍ഀ M o N M਍ഀ m਍ഀ O਍ഀ N਍ഀ m N਍ഀ m N਍ഀ N ~਍ഀ 6,q਍ഀ O਍ഀ N਍ഀ m਍ഀ N਍ഀ N਍ഀ mrn mm਍ഀ m m~ M਍ഀ O਍ഀ N਍ഀ t਍ഀ 0਍ഀ A਍ഀ O ~ N M਍ഀ N਍ഀ m਍ഀ m਍ഀ H਍ഀ O~ M T~਍ഀ M਍ഀ ~ M਍ഀ N m° O V਍ഀ M਍ഀ 0਍ഀ N a਍ഀ M m M਍ഀ m (D N ~਍ഀ p਍ഀ yp਍ഀ N਍ഀ m਍ഀ n਍ഀ N਍ഀ (਍ഀ 0਍ഀ t0਍ഀ N਍ഀ mm mm m mmm਍ഀ m m N M਍ഀ 0਍ഀ O਍ഀ N਍ഀ m਍ഀ m਍ഀ A਍ഀ O ~ N M਍ഀ r r ry਍ഀ m਍ഀ A਍ഀ N਍ഀ NNE ~ ~਍ഀ N m N M਍ഀ ONo O W਍ഀ N m N਍ഀ OOO~IJ਍ഀ o m N਍ഀ O਍ഀ yp਍ഀ N਍ഀ r਍ഀ N਍ഀ m਍ഀ N਍ഀ m v v of਍ഀ amD tmp N M਍ഀ O N M਍ഀ ~਍ഀ ~N਍ഀ iri਍ഀ N਍ഀ m਍ഀ m਍ഀ A਍ഀ ry਍ഀ ~਍ഀ B਍ഀ N਍ഀ mNM਍ഀ l~l mNO਍ഀ mfDN~਍ഀ n਍ഀ N਍ഀ m਍ഀ N਍ഀ m v v o਍ഀ M਍ഀ m cm0 L਍ഀ N਍ഀ N਍ഀ m਍ഀ n਍ഀ Q਍ഀ O'-N M਍ഀ r r N =਍ഀ m਍ഀ N਍ഀ NNfONM਍ഀ OM LOON V਍ഀ m cN~਍ഀ O਍ഀ yp਍ഀ N਍ഀ N਍ഀ m਍ഀ N਍ഀ mvvoi਍ഀ m m m m਍ഀ m m N M਍ഀ ~਍ഀ o਍ഀ N਍ഀ m਍ഀ m਍ഀ A਍ഀ O N M਍ഀ m਍ഀ C)਍ഀ N਍ഀ ~NMO~i ~rmj਍ഀ m n਍ഀ ~MO~ °y਍ഀ m N਍ഀ m o O~p~਍ഀ O M m t 0਍ഀ ONi਍ഀ O਍ഀ a0਍ഀ m਍ഀ n਍ഀ N਍ഀ m਍ഀ N਍ഀ (D v o th਍ഀ N (mD N M਍ഀ O ~ N M਍ഀ r r N਍ഀ n਍ഀ W਍ഀ m਍ഀ A਍ഀ r਍ഀ C਍ഀ y਍ഀ ~~o mM਍ഀ m r਍ഀ HMO W਍ഀ m N਍ഀ ~~NO਍ഀ m m਍ഀ cND਍ഀ V਍ഀ A਍ഀ N਍ഀ m਍ഀ N਍ഀ m਍ഀ N਍ഀ m N ~਍ഀ u h N਍ഀ V Mme਍ഀ m Cori਍ഀ N਍ഀ m਍ഀ (O਍ഀ m਍ഀ r਍ഀ A਍ഀ O਍ഀ A਍ഀ O਍ഀ N m m ry਍ഀ tm(lNM਍ഀ ry V m਍ഀ N~ <M਍ഀ O 'R V N਍ഀ OryD W ~m਍ഀ m਍ഀ W਍ഀ m਍ഀ M਍ഀ N਍ഀ v਍ഀ ui਍ഀ ਍ഀ m ~n vi r਍ഀ nni m `Am਍ഀ ~ m ~਍ഀ ~਍ഀ uoi਍ഀ of਍ഀ o਍ഀ n਍ഀ N਍ഀ p~਍ഀ Nm [mi O਍ഀ OOo਍ഀ O O N਍ഀ O O N਍ഀ N਍ഀ N਍ഀ r਍ഀ N਍ഀ O਍ഀ N਍ഀ N਍ഀ W਍ഀ 7਍ഀ 2਍ഀ W਍ഀ w਍ഀ W਍ഀ C਍ഀ Q਍ഀ H਍ഀ 0਍ഀ Z਍ഀ O਍ഀ p਍ഀ O਍ഀ m਍ഀ ~ C਍ഀ J਍ഀ H਍ഀ O਍ഀ S਍ഀ C d਍ഀ N਍ഀ y> tr਍ഀ m਍ഀ d਍ഀ -਍ഀ N਍ഀ 7਍ഀ ~ m਍ഀ N W D o਍ഀ ~਍ഀ K਍ഀ N਍ഀ J਍ഀ W਍ഀ JA਍ഀ N਍ഀ aJ਍ഀ L਍ഀ O਍ഀ L਍ഀ O਍ഀ Z਍ഀ L਍ഀ m਍ഀ p~ « O਍ഀ $ S= O਍ഀ $਍ഀ J਍ഀ R਍ഀ %਍ഀ a਍ഀ N਍ഀ E਍ഀ af o਍ഀ N਍ഀ E E਍ഀ of o਍ഀ J vi N਍ഀ d u਍ഀ O d c਍ഀ y਍ഀ 2਍ഀ H਍ഀ c਍ഀ 7਍ഀ W਍ഀ vv~~਍ഀ a c਍ഀ o4t 0ao.਍ഀ ~vvu~਍ഀ n c $਍ഀ duo o. o.਍ഀ ~fnmd਍ഀ ?m~~਍ഀ ~਍ഀ Q਍ഀ $਍ഀ J਍ഀ V਍ഀ o਍ഀ O਍ഀ o਍ഀ °਍ഀ `਍ഀ `਍ഀ u਍ഀ i਍ഀ F°-o਍ഀ 00਍ഀ a਍ഀ Q਍ഀ in r਍ഀ -3 00਍ഀ ¢o਍ഀ a਍ഀ a਍ഀ Z਍ഀ S਍ഀ 2_011਍ഀ 2012਍ഀ 2013਍ഀ 2014਍ഀ 2015਍ഀ 2016਍ഀ 2017਍ഀ g_07¢਍ഀ 8019਍ഀ 2020਍ഀ TOTAL਍ഀ W Condos਍ഀ 0%਍ഀ 25%਍ഀ 75%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ i Bedroom਍ഀ Total #Units Completed਍ഀ 2਍ഀ 8਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ Total # Keys per Unit਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ Total # Keys਍ഀ 2਍ഀ 8਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ Percent in Rental Program਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ Total # Keys in Rental Program਍ഀ 1਍ഀ 6਍ഀ B਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 2 Bedroom਍ഀ Total# Units Completed਍ഀ 7਍ഀ 21਍ഀ 28਍ഀ 28਍ഀ 28਍ഀ 28਍ഀ 28਍ഀ 28਍ഀ 2B਍ഀ Total If Keys per Unit਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ Total # Keys਍ഀ 7਍ഀ 21਍ഀ 28਍ഀ 28਍ഀ 28਍ഀ 28਍ഀ 28਍ഀ 28਍ഀ 28਍ഀ Percent in Rental Program਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ Total # Keys in Rental Program਍ഀ 5਍ഀ 16਍ഀ 22਍ഀ 22਍ഀ 22਍ഀ 22਍ഀ 22਍ഀ 22਍ഀ 22਍ഀ 3 Bedroom਍ഀ Total # Units Completed਍ഀ 2਍ഀ 6਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ Total # Keys per Unit਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ Total # Keys਍ഀ 2਍ഀ 6਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ Percent in Rental Program਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ Total # Keys in Rental Program਍ഀ 1਍ഀ 4਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 4 Bedroom਍ഀ Total # Units Completed਍ഀ 0਍ഀ 2਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ Total # Keys per Unit਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ Total If Keys਍ഀ 0਍ഀ 2਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ Percent in Rental Program਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ Total # Keys in Rental Program਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ Total # Keys in Rental Program਍ഀ 7਍ഀ 26਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ Total Room Nights Available for Rental਍ഀ 2,555਍ഀ 9.490਍ഀ 12,775਍ഀ 12,775਍ഀ 12,775਍ഀ 12.775਍ഀ 12,775਍ഀ 12,775਍ഀ 12,775਍ഀ Less owner occupancy @ 35 days per year਍ഀ 245਍ഀ 910਍ഀ 1,225਍ഀ 1,225਍ഀ 1,225਍ഀ 1,225਍ഀ 1,225਍ഀ 1,225਍ഀ 1,225਍ഀ Total Available Rental Nights਍ഀ 2,310਍ഀ 8,580਍ഀ 11,550਍ഀ 11,550਍ഀ 11,550਍ഀ 11,550਍ഀ 11,550਍ഀ 11,550਍ഀ 11,550਍ഀ Occupancy Rate਍ഀ 45%਍ഀ 48%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ Rental Nights਍ഀ 1,040਍ഀ 4,118਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5.775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ ADR਍ഀ 423਍ഀ 460਍ഀ 499਍ഀ 514਍ഀ 514਍ഀ 514਍ഀ 514਍ഀ 514਍ഀ 514਍ഀ Gross Annual Rental Revenue - W Condos਍ഀ 439,189਍ഀ 1,895,288਍ഀ 2,882,880਍ഀ 2,965,463਍ഀ 2,965,463਍ഀ 2,965,463਍ഀ 2,965,463਍ഀ 2,965,463਍ഀ 2,965,463਍ഀ St Regis Cand.s਍ഀ 25%਍ഀ 75%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 100%਍ഀ 1 Bedroom਍ഀ Total#Units Completed਍ഀ 1਍ഀ 3਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ Total If Keys per Unit਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ Total # Keys਍ഀ 1਍ഀ 3਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ 5਍ഀ Percent in Rental Program਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ Total # Keys in Rental Program਍ഀ 0਍ഀ 2਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 2 Bedroom਍ഀ Total # Units Completed਍ഀ 6਍ഀ 18਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ Total # Keys per Unit਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ Total # Keys਍ഀ 6਍ഀ 18਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ Percent in Rental Program਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ 80%਍ഀ Total # Keys in Rental Program਍ഀ 4਍ഀ 14਍ഀ 20਍ഀ 20਍ഀ 20਍ഀ 20਍ഀ 20਍ഀ 20਍ഀ 20਍ഀ 20਍ഀ 3 Bedroom਍ഀ Total # Units Completed਍ഀ 4਍ഀ 12਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ Total # Keys per Unit਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ i਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ Total # Keys਍ഀ 4਍ഀ 12਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ 17਍ഀ Percent in Rental Program਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ Total # Keys in Rental Program਍ഀ 2਍ഀ 8਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 4 Bedroom਍ഀ Total # Units Completed਍ഀ 0਍ഀ 2਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 0਍ഀ Total # Keys per Unit਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ 1਍ഀ Total # Keys਍ഀ 0਍ഀ 2਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 3਍ഀ 0਍ഀ Percent in Rental Program਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ 0%਍ഀ Total # Keys in Rental Program਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ 0਍ഀ Total # Keys in Rental Program਍ഀ 6਍ഀ 24਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ 35਍ഀ Total Room Nights Available for Rental਍ഀ 2,190਍ഀ 8,760਍ഀ 12,775਍ഀ 12,775਍ഀ 12,775਍ഀ 12.775਍ഀ 12,775਍ഀ 12,775਍ഀ 12,775਍ഀ 12,775਍ഀ Less owner occupancy @ 35 days per year਍ഀ 210਍ഀ 840਍ഀ 1,225਍ഀ 1.225਍ഀ 1,225਍ഀ 1,225਍ഀ 1,225਍ഀ 1,225਍ഀ 1,225਍ഀ 1,225਍ഀ Total Available Rental Nights਍ഀ 1980 ,਍ഀ 7,920਍ഀ 11,550਍ഀ 17,550਍ഀ 11,550਍ഀ 11,550਍ഀ 11,550਍ഀ 11,550਍ഀ 11,550਍ഀ 11,550਍ഀ Occupancy Rate਍ഀ 45%਍ഀ 48%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ 50%਍ഀ Rental Nights਍ഀ 891਍ഀ 3,802਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5.775਍ഀ 5,775਍ഀ 5,775਍ഀ ADR਍ഀ 476਍ഀ 502਍ഀ 562਍ഀ 579਍ഀ 579਍ഀ 579਍ഀ 579਍ഀ 579਍ഀ 579਍ഀ 579਍ഀ Gross Annual Rental Revenue - St. Regis Condos਍ഀ 423,938਍ഀ 1,907,643਍ഀ 3,243,240਍ഀ 3,340,838਍ഀ 3,340,838਍ഀ 3,340,838਍ഀ 3,340,838਍ഀ 3,340,838਍ഀ 3,340,838਍ഀ 3,340,838਍ഀ Aggr.Or- Annual Condo Rental Revenue਍ഀ 423,938਍ഀ 2,346,832਍ഀ 5,138528਍ഀ 6223,718਍ഀ 6,306.300਍ഀ 6,306,300਍ഀ 6,306.300਍ഀ 6.306,300਍ഀ 6306300਍ഀ 6306,300਍ഀ 51,970,815਍ഀ Displacement Factor @15%਍ഀ (63.591)਍ഀ (352.025)਍ഀ (770,779)਍ഀ (933,558)਍ഀ (945,945)਍ഀ (945,945)਍ഀ (945,945)਍ഀ (946945)਍ഀ (945,945)਍ഀ (945945)਍ഀ (7,795,622)਍ഀ Aggr. Net Annual Condo Rental Revenue਍ഀ 360,347਍ഀ 1,994,807਍ഀ 4,367,749਍ഀ 5,290,180਍ഀ 5,360,355਍ഀ 5,780,355਍ഀ 5,360,355਍ഀ 5,360,355਍ഀ 5,360,355਍ഀ 5,360,355਍ഀ 44,175,192਍ഀ Condo Lod in Tax Revenues to Vail 4%਍ഀ 14474਍ഀ 79792਍ഀ 774710਍ഀ 271606਍ഀ 214474਍ഀ 274474਍ഀ 21 4474਍ഀ 214414਍ഀ 274414਍ഀ 214414਍ഀ 1787008਍ഀ SCHEDULE 3 - PROJECTED LIFT TAX REVENUES਍ഀ g-Q]~਍ഀ 2012਍ഀ 2013਍ഀ 21144਍ഀ 2015਍ഀ 2015਍ഀ 2017 .਍ഀ 2018਍ഀ 2019਍ഀ 2020਍ഀ TffOA਍ഀ W Hotel਍ഀ Occupied Room Nights਍ഀ -਍ഀ 4,246਍ഀ 26,718਍ഀ 27,594਍ഀ 27,594਍ഀ 27,594਍ഀ 27,594਍ഀ 27,594਍ഀ 27,594਍ഀ 27,594਍ഀ Total Guests per Room਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ Total Guests, Ski Season Only਍ഀ -਍ഀ 4,331਍ഀ 27,252਍ഀ 28,146਍ഀ 28,146਍ഀ 28,146਍ഀ 28.146਍ഀ 28,146਍ഀ 28,146਍ഀ 28,146਍ഀ % Occupants who ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ % of time skiing occupants ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ Skier Days Generated਍ഀ -਍ഀ 2.436਍ഀ 15,329਍ഀ 15,832਍ഀ 15,832਍ഀ 15,832਍ഀ 15,832਍ഀ 15,832਍ഀ 15,832਍ഀ 15,832਍ഀ 128,590਍ഀ Displacement Factor @15%਍ഀ -਍ഀ (365)਍ഀ (2,299)਍ഀ (2,375)਍ഀ (2,375)਍ഀ (2,375)਍ഀ (2,375)਍ഀ (2,375)਍ഀ (2,375)਍ഀ (2,375)਍ഀ Avg. Lift Ticket Price਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ Incremental Lift Ticket Revenues਍ഀ -਍ഀ 152,270਍ഀ 958,249਍ഀ 989,667਍ഀ 989,667਍ഀ 989,667਍ഀ 989,567਍ഀ 989,667਍ഀ 989,667਍ഀ 989,667਍ഀ 8,038,185਍ഀ Lift Tax Revenues to Vail @ 4%਍ഀ -਍ഀ 6,091਍ഀ 38,330਍ഀ 39,587਍ഀ 39,587਍ഀ 39,587਍ഀ 39,587਍ഀ 39,587਍ഀ 39,587਍ഀ 39,587਍ഀ 321,527਍ഀ St Regis Hotel਍ഀ Occupied Room Nights਍ഀ 4,099਍ഀ 25,404਍ഀ 26.280਍ഀ 26.280਍ഀ 26,280਍ഀ 26,280਍ഀ 26,280਍ഀ 26,280਍ഀ 26,280਍ഀ 26,280਍ഀ Total Guests per Room਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ 2਍ഀ Total Guests, Ski Season Only਍ഀ 4,181਍ഀ 25,912਍ഀ 26,806਍ഀ 26,806਍ഀ 26,806਍ഀ 26,806਍ഀ 26,806਍ഀ 26,806਍ഀ 26,806਍ഀ 26,806਍ഀ % Occupants who ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ %of time skiing occupants ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ Skier Days Generated਍ഀ 2,352਍ഀ 14576਍ഀ 15,078਍ഀ 15,078਍ഀ 15,078਍ഀ 15,078਍ഀ 15,078਍ഀ 15,078਍ഀ 15,078਍ഀ 15,078਍ഀ 137,553਍ഀ Displacement Factor @15%਍ഀ (353)਍ഀ (2,186)਍ഀ (2.262)਍ഀ (2,262)਍ഀ (2.262)਍ഀ (2,262)਍ഀ (2,262)਍ഀ (2,262)਍ഀ (2.262)਍ഀ (2,262)਍ഀ Avg. Lift Ticket Price਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ Incremental Lift Ticket Revenues਍ഀ 147,019਍ഀ 911,122਍ഀ 942,540਍ഀ 942,540਍ഀ 942,540਍ഀ 942.540਍ഀ 942.540਍ഀ 942540਍ഀ 942,540਍ഀ 942.540਍ഀ 8.598459਍ഀ Lift Tax Revenues to Vail @ 4%਍ഀ 5,881਍ഀ 36,445਍ഀ 37,702਍ഀ 37,702਍ഀ 37,702਍ഀ 37,702਍ഀ 37,702਍ഀ 37,702਍ഀ 37,702਍ഀ 37,702਍ഀ 343,938਍ഀ W Condos਍ഀ Total Number Keys਍ഀ -਍ഀ 11਍ഀ 37਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ Owner occupancy @2l days per year਍ഀ -਍ഀ 231਍ഀ 777਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ Rental Guest Nights. net vacancy਍ഀ -਍ഀ 1040਍ഀ 4,118਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ Avg. Guests per Key (i e. unit)਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ Total Guest Nights਍ഀ -਍ഀ 5082਍ഀ 19,582਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ Total Guest Nights, Ski Season Only਍ഀ -਍ഀ 2.592਍ഀ 9.987਍ഀ 13.923਍ഀ 13,923਍ഀ 13,923਍ഀ 13,923਍ഀ 13,923਍ഀ 13,923਍ഀ 13,923਍ഀ %Guests who ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ % of time skiing guests ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ Skier Days Generated਍ഀ -਍ഀ 1.458਍ഀ 5,617਍ഀ 7,832਍ഀ 7,832਍ഀ 7,832਍ഀ 7,832਍ഀ 7,832਍ഀ 7.832਍ഀ 7,832਍ഀ 61,897਍ഀ Displacement Factor @15%਍ഀ -਍ഀ (219)਍ഀ (843)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ Avg. Lift Ticket Price਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ Incremental Lift Ticket Revenues਍ഀ -਍ഀ 91,134਍ഀ 351,150਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 3.869,212਍ഀ Lift Tax Revenues to Vail @ 4%਍ഀ -਍ഀ 3,645਍ഀ 14,046਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 154,768਍ഀ St Regis Condos਍ഀ Total Number Keys਍ഀ 11਍ഀ 35਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ 50਍ഀ 47਍ഀ Owner occupancy @2l days per year਍ഀ 231਍ഀ 735਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ 1,050਍ഀ 987਍ഀ Rental Guest Nights. net vacancy਍ഀ 891਍ഀ 3,802਍ഀ 5.775਍ഀ 5.775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ 5,775਍ഀ Avg Guests per Key (i. e. unit)਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ Total Guest Nights਍ഀ 4,488਍ഀ 18,146਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ 27,300਍ഀ 27,048਍ഀ Total Guest Nights, Ski Season Only਍ഀ 2,289਍ഀ 9,255਍ഀ 13,923਍ഀ 13,923਍ഀ 13,923਍ഀ 13,923਍ഀ 13.923਍ഀ 13,923਍ഀ 13,923਍ഀ 13,794਍ഀ %Guests who ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ % oftime skiing guests ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ Skier Days Generated਍ഀ 1287਍ഀ 5.206਍ഀ 7,832਍ഀ 7,832਍ഀ 7,832਍ഀ 7,832਍ഀ 7,832਍ഀ 7,832਍ഀ 7,632਍ഀ 7,759਍ഀ 69,074਍ഀ Displacement Factor @15%਍ഀ (193)਍ഀ (781)਍ഀ (1.175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,175)਍ഀ (1,164)਍ഀ Avg Lift Ticket Price਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ Incremental Lift Ticket Revenues਍ഀ 80482਍ഀ 325,413਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 489,561਍ഀ 485,042਍ഀ 4,317,865਍ഀ Lift Tax Revenues to Vail @ 4%਍ഀ 3,219਍ഀ 13,017਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 19,582਍ഀ 19,402਍ഀ 172,715਍ഀ St Regis Fractionals਍ഀ Total Number Units਍ഀ 6਍ഀ 18਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ 25਍ഀ Avg. Guests per Unit਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ 4਍ഀ Owner Occupancy Rate਍ഀ 50%਍ഀ 65%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ 70%਍ഀ Total Guest Nights਍ഀ 5,256਍ഀ 17,082਍ഀ 25,550਍ഀ 25,550਍ഀ 25,550਍ഀ 25,550਍ഀ 25,550਍ഀ 25,550਍ഀ 25,550਍ഀ 25,550਍ഀ Total Guest Nights, Ski Season Only਍ഀ 2,681਍ഀ 8,712਍ഀ 13,031਍ഀ 13,031਍ഀ 13,031਍ഀ 13,031਍ഀ 13,031਍ഀ 13,031਍ഀ 13,031਍ഀ 13,031਍ഀ % Guests who ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ % of time skiing guests ski਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ 75%਍ഀ Skier Days Generated਍ഀ 1,508਍ഀ 4,900਍ഀ 7,330਍ഀ 7.330਍ഀ 7,330਍ഀ 7,330਍ഀ 7,330਍ഀ 7,330਍ഀ 7,330਍ഀ 7,330਍ഀ 65,045਍ഀ Displacement Factor @15%਍ഀ (226)਍ഀ (735)਍ഀ (1,099)਍ഀ (1,099)਍ഀ (1,099)਍ഀ (1,099)਍ഀ (1,099)਍ഀ (1,099)਍ഀ (1,099)਍ഀ (1,099)਍ഀ Avg. Lift Ticket Price਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ 74਍ഀ Incremental Lift Ticket Revenues਍ഀ 94,254਍ഀ 306,325਍ഀ 458,179਍ഀ 458,179਍ഀ 458,179਍ഀ 458,179਍ഀ 458,179਍ഀ 458.179਍ഀ 458,179਍ഀ 458,179਍ഀ 4.066,012਍ഀ Lift Tax Revenues to Vall i 4%਍ഀ 3,770਍ഀ 12,253਍ഀ 18,327਍ഀ 18,327਍ഀ 18,327਍ഀ 18,327਍ഀ 18,327਍ഀ 18,327਍ഀ 18,327਍ഀ 18,327਍ഀ 162,640਍ഀ Total Incremental Skier Days਍ഀ 5,747਍ഀ 28,576਍ഀ 51,186਍ഀ 53,903਍ഀ 53.903਍ഀ 53,903਍ഀ 53,903਍ഀ 53,903਍ഀ 53,903਍ഀ 53,831਍ഀ 462,160਍ഀ Total Incremental Ski Lift Revenues਍ഀ 321,755਍ഀ 1,786263਍ഀ 3.199,679਍ഀ 3.369.508਍ഀ 3,369,508਍ഀ 3.369,508਍ഀ 3,369,508਍ഀ 3,369,508਍ഀ 3,369,508਍ഀ 3,364.989਍ഀ 28,889,732਍ഀ Total Lift Tax Revenues to Vail਍ഀ 12,870਍ഀ 71,451਍ഀ 127,987਍ഀ 134,780਍ഀ 134,780਍ഀ 134,780਍ഀ 134,780਍ഀ 134,780਍ഀ 134,780਍ഀ 134,600਍ഀ 1,155,589਍ഀ O Lb਍ഀ m V਍ഀ Ol It਍ഀ N 00਍ഀ a0 O਍ഀ (O਍ഀ N RRRQ਍ഀ CD 04਍ഀ O h਍ഀ U) c"਍ഀ aM਍ഀ Lo਍ഀ ai M਍ഀ 04਍ഀ ~ M਍ഀ c N਍ഀ ~N਍ഀ Oo W਍ഀ m0਍ഀ Mm਍ഀ rm਍ഀ mm਍ഀ mN਍ഀ mtD਍ഀ .-r਍ഀ OO਍ഀ t0r਍ഀ MO਍ഀ rM਍ഀ OO਍ഀ rM਍ഀ mN਍ഀ r~-਍ഀ J਍ഀ N਍ഀ (DN਍ഀ N਍ഀ M਍ഀ O)਍ഀ F਍ഀ O਍ഀ (D਍ഀ N਍ഀ F਍ഀ N਍ഀ l O਍ഀ O M~ O N਍ഀ m mrNONt਍ഀ O N O O N M m਍ഀ m (Dr N O OO਍ഀ 0 0 0 0 0 0਍ഀ ONONNM਍ഀ co o m N r N਍ഀ tr tNm r਍ഀ O O N m t co਍ഀ NrN rON਍ഀ O to਍ഀ mLD਍ഀ C਍ഀ to r 0 m r- '਍ഀ N N r 0 0 0 N਍ഀ (h r O N r N਍ഀ O r M t0 r O਍ഀ N r r t r It਍ഀ M t਍ഀ P_ N (D It r OD਍ഀ N਍ഀ ID N O OD N M਍ഀ N N N਍ഀ D਍ഀ r N t 0 C1਍ഀ N m co M਍ഀ r O m r N਍ഀ N m m O N਍ഀ N m o h਍ഀ N M m N਍ഀ O਍ഀ r a਍ഀ to਍ഀ N਍ഀ m O m਍ഀ Mt mM਍ഀ O਍ഀ O M t0M਍ഀ M਍ഀ Om਍ഀ v਍ഀ v਍ഀ (਍ഀ M mmr਍ഀ v਍ഀ mO਍ഀ M r਍ഀ m g r਍ഀ M਍ഀ t਍ഀ M਍ഀ t਍ഀ m਍ഀ t਍ഀ (D r਍ഀ N਍ഀ M਍ഀ C਍ഀ It N 00 O M Q O N਍ഀ O m r N O N 4a}਍ഀ O N O O N M m਍ഀ m m r N O OD਍ഀ 0 0 0 0 0 0਍ഀ O N O N N Nf਍ഀ O O r r m to਍ഀ O r m t N਍ഀ O O N m N਍ഀ N r N O N਍ഀ N O਍ഀ IT਍ഀ N਍ഀ N r O m r}਍ഀ N N G O O N਍ഀ M r O N rN਍ഀ M r r m r tD਍ഀ N r r r It਍ഀ to਍ഀ r਍ഀ r U1 to t~tq਍ഀ m N O mNM਍ഀ l਍ഀ r Nt 0 Vt਍ഀ m m M਍ഀ r M 7 m n਍ഀ N M m਍ഀ l) N਍ഀ N m OLO r਍ഀ l) N m a}਍ഀ N਍ഀ rN਍ഀ o਍ഀ N N (D O m਍ഀ M t m M਍ഀ N N N C਍ഀ ) W O਍ഀ M M N M਍ഀ N਍ഀ O m t਍ഀ C਍ഀ m m m r਍ഀ C਍ഀ M m m r਍ഀ V਍ഀ t t਍ഀ m O਍ഀ m r਍ഀ OD r਍ഀ t vM਍ഀ t Cl) v਍ഀ t਍ഀ Cl)਍ഀ m਍ഀ N਍ഀ N਍ഀ t N OD O M O N਍ഀ O OD P N O N aa਍ഀ O N O O N M m਍ഀ m m r N 0 ao਍ഀ 0 0 0 0 0 0਍ഀ O t0 O (O (O M਍ഀ o o r r m t0਍ഀ O r m t N਍ഀ o o N m t co਍ഀ N r N r O N਍ഀ N O਍ഀ N਍ഀ N rOm ra਍ഀ N tn'-0 0 0N਍ഀ M.-ONrN਍ഀ M r r mrN਍ഀ N r rtr t_਍ഀ r01਍ഀ r N mT ao਍ഀ N਍ഀ (D N OOD NM਍ഀ t0 N਍ഀ D਍ഀ r NtaM਍ഀ N m਍ഀ m M਍ഀ r M It mr਍ഀ N M m m N਍ഀ N mO 011਍ഀ N M t0 m I਍ഀ rN਍ഀ t0਍ഀ m O m r਍ഀ N਍ഀ Mtm M਍ഀ M਍ഀ N਍ഀ O਍ഀ mMtOM਍ഀ r਍ഀ o਍ഀ ( D ~mr਍ഀ M m mr਍ഀ t਍ഀ mO਍ഀ mrr਍ഀ CO '-r਍ഀ t Cl)਍ഀ t M਍ഀ t m਍ഀ mr਍ഀ N਍ഀ r਍ഀ C਍ഀ t N m o M t O N਍ഀ m mrNONt਍ഀ O N O O N M 0)਍ഀ m mrNO OD਍ഀ 0 0 0 O O O਍ഀ Ot0Ot0NM਍ഀ O O r r m to਍ഀ O r (DN਍ഀ t਍ഀ O O N m t 00਍ഀ tD r Nr ON਍ഀ N O਍ഀ t਍ഀ N਍ഀ N r 0 m r p਍ഀ N N r 0 0 0 N਍ഀ M r O N r N਍ഀ M r r m '਍ഀ N r r t r It਍ഀ r OI਍ഀ r N mD਍ഀ N N਍ഀ (D N Om NM਍ഀ N t0 N਍ഀ OD਍ഀ r U) tom਍ഀ N m m M਍ഀ r m tmr਍ഀ N M m m N਍ഀ l0 (OO(Or਍ഀ N M N m t਍ഀ r- to਍ഀ I਍ഀ cc਍ഀ to O m਍ഀ n t m M਍ഀ M਍ഀ O਍ഀ M M N M਍ഀ O m t਍ഀ m tD m਍ഀ M m m r਍ഀ v਍ഀ t਍ഀ m O਍ഀ m r਍ഀ m r਍ഀ t v M਍ഀ t v m਍ഀ t਍ഀ m਍ഀ m਍ഀ N਍ഀ N਍ഀ t N m O M t O N਍ഀ O N O O N M m਍ഀ 0 0 0 0 0 0਍ഀ O O r r m t0਍ഀ O O N m t m਍ഀ N O਍ഀ G਍ഀ m m r N O N਍ഀ O m r਍ഀ N਍ഀ m m r N 0 OD਍ഀ c 0 0 N਍ഀ N L਍ഀ O N O N N m਍ഀ M਍ഀ O Cl r N਍ഀ o r r (D t cm਍ഀ r N਍ഀ M਍ഀ t0 r N O N਍ഀ N਍ഀ r t r t਍ഀ t71਍ഀ N਍ഀ r਍ഀ r N (O It ao਍ഀ N N਍ഀ O r਍ഀ (D N O co N M਍ഀ N N N਍ഀ m਍ഀ r਍ഀ r N t O to਍ഀ N m OD M਍ഀ r -M਍ഀ r M t m P.਍ഀ N M m m N਍ഀ r਍ഀ N (D O N n਍ഀ N M t0 m a਍ഀ n਍ഀ r N਍ഀ to਍ഀ m o m r਍ഀ MtmM਍ഀ M਍ഀ c)਍ഀ mM t0M਍ഀ O(Dt~਍ഀ to mm~਍ഀ v਍ഀ M m (Or਍ഀ t਍ഀ mO਍ഀ M r r਍ഀ co r r਍ഀ It m਍ഀ t਍ഀ m਍ഀ t m਍ഀ m r਍ഀ N਍ഀ N਍ഀ C਍ഀ t N m o M t o N਍ഀ m m r N O N t਍ഀ O N O O N M m਍ഀ m m r N 0 c- tq਍ഀ 0 0 0 0 0 0਍ഀ O N O N N M਍ഀ O O r r m to਍ഀ O r r m t N਍ഀ O O N m T 00਍ഀ t0 r N O N਍ഀ N O਍ഀ ?਍ഀ N਍ഀ (O r O m r t਍ഀ N N r 0 0 0 N਍ഀ O' r O N r N਍ഀ M r r m r N਍ഀ t0 r r t r It਍ഀ r OI਍ഀ r N (D ar co਍ഀ N਍ഀ m N O m N M਍ഀ N N N਍ഀ m਍ഀ r NtOm਍ഀ N m਍ഀ Co M਍ഀ r MIt m r਍ഀ N M m M N਍ഀ N (D O U) r-਍ഀ N M N co਍ഀ rN਍ഀ N਍ഀ N਍ഀ m o m਍ഀ MtCD M਍ഀ M਍ഀ O਍ഀ M M tOM਍ഀ o਍ഀ ct਍ഀ T਍ഀ m mm~-਍ഀ V਍ഀ Mm mr਍ഀ v਍ഀ It਍ഀ mO਍ഀ m.-r਍ഀ m ~ r਍ഀ -਍ഀ tM਍ഀ M਍ഀ t਍ഀ M਍ഀ t਍ഀ mr਍ഀ ਍ഀ ~਍ഀ N਍ഀ t N co o M t o N਍ഀ O N O O N (7 m਍ഀ O O O O O O਍ഀ 0 0 r I~ m to਍ഀ O O N m t tD਍ഀ N O਍ഀ m mr NO Nt਍ഀ co (Dr N 0 co਍ഀ ONONNM਍ഀ '਍ഀ Or ~(DtN਍ഀ U) ON਍ഀ t਍ഀ N਍ഀ N r O m r t਍ഀ N N r 0 0 0 N਍ഀ O਍ഀ ) O N r N਍ഀ (`7 r r( N਍ഀ t0 r r t r V਍ഀ r m਍ഀ r N mt~tq਍ഀ N N ID O m਍ഀ (D N OmNM਍ഀ N N N M m o਍ഀ r NtOtr਍ഀ N m m M਍ഀ r MIT mr਍ഀ N M m m N਍ഀ U) ID Otpr਍ഀ N M N m t਍ഀ rtD਍ഀ It to਍ഀ nt mM਍ഀ m M Nm਍ഀ Om t਍ഀ V਍ഀ mmm਍ഀ v਍ഀ Mmmr਍ഀ v਍ഀ (DO਍ഀ m g r਍ഀ m g r਍ഀ M਍ഀ t਍ഀ M਍ഀ t਍ഀ M਍ഀ t਍ഀ m r਍ഀ M਍ഀ CO N (D O m M m N਍ഀ O N O O N M m਍ഀ N O O m t to਍ഀ O O r r m w਍ഀ O O N m t w਍ഀ N t0਍ഀ M r co 0 co m਍ഀ m m r N 0 OD਍ഀ m N t m t0 N਍ഀ O r m t N਍ഀ t0 r N O N਍ഀ M਍ഀ N਍ഀ r t r m n M M਍ഀ N t0 r c 0 0 N਍ഀ t0 r- N N IQ OD਍ഀ M r r m r N਍ഀ N r r t r It਍ഀ m t਍ഀ m M NO W w਍ഀ N N ID (D O O਍ഀ m N O co NM਍ഀ N It) N M co o਍ഀ m r0 (Dm਍ഀ Cl) It m m਍ഀ r Mtm r਍ഀ N M m M N਍ഀ N (D ONr਍ഀ t਍ഀ N M N co਍ഀ O 0਍ഀ Onr-M਍ഀ mMNM਍ഀ rntt਍ഀ mmm~਍ഀ Mm(D਍ഀ t0਍ഀ m r-਍ഀ r਍ഀ m r਍ഀ N V N਍ഀ t v M਍ഀ t V M਍ഀ N਍ഀ N਍ഀ N਍ഀ (D N ONmt tD਍ഀ ?Nm0 m MN਍ഀ NOONN OD਍ഀ O਍ഀ N਍ഀ m o mr co਍ഀ 0਍ഀ NOr`~'mN਍ഀ O N N਍ഀ OD਍ഀ O਍ഀ m w਍ഀ Z਍ഀ N਍ഀ It m r N N m m਍ഀ N t O r m Dl਍ഀ o O r m O m r਍ഀ t m r- m t N਍ഀ OD N਍ഀ It਍ഀ O r M M M Of਍ഀ t r t t਍ഀ 0਍ഀ r m m r n਍ഀ r਍ഀ to਍ഀ c! r O m r N਍ഀ M M਍ഀ CD਍ഀ t m mt co਍ഀ tO O NMmM਍ഀ N਍ഀ N NtrN਍ഀ N਍ഀ m m rt਍ഀ r਍ഀ r mtt 00਍ഀ m਍ഀ l)਍ഀ M਍ഀ h਍ഀ O਍ഀ t N਍ഀ N m N 01਍ഀ N਍ഀ m N M N਍ഀ m r t਍ഀ r਍ഀ (D਍ഀ r਍ഀ m O਍ഀ O tD r਍ഀ r਍ഀ m 01਍ഀ C਍ഀ m਍ഀ t਍ഀ m਍ഀ N N਍ഀ O਍ഀ V~਍ഀ m਍ഀ r਍ഀ v਍ഀ m N਍ഀ ਍ഀ N N਍ഀ t਍ഀ J਍ഀ y਍ഀ F਍ഀ LL਍ഀ J਍ഀ O਍ഀ m N m 0 t m N਍ഀ O m 0਍ഀ l਍ഀ m਍ഀ O਍ഀ t0਍ഀ OD O t O t r਍ഀ m r (D N਍ഀ m਍ഀ m O N a N O਍ഀ N r 0 0 0 N਍ഀ M਍ഀ r M਍ഀ Z਍ഀ N਍ഀ O਍ഀ r਍ഀ r਍ഀ C਍ഀ ) r਍ഀ O r M਍ഀ ~ M r to M਍ഀ ਍ഀ r਍ഀ t r m N t m਍ഀ N r- O m N Cl਍ഀ N N਍ഀ t m m N r਍ഀ t t r N਍ഀ t0 N M m 0਍ഀ m M਍ഀ Z਍ഀ m ow t਍ഀ M N r਍ഀ to r t N਍ഀ r v tD਍ഀ m M N M਍ഀ m v r਍ഀ m 0਍ഀ t0 r਍ഀ (n਍ഀ r r਍ഀ N਍ഀ W਍ഀ m਍ഀ z਍ഀ W਍ഀ >਍ഀ W਍ഀ K਍ഀ X਍ഀ Q਍ഀ y਍ഀ m਍ഀ c਍ഀ a਍ഀ m਍ഀ >਍ഀ W਍ഀ J਍ഀ e਍ഀ o਍ഀ e਍ഀ ap਍ഀ c o਍ഀ 7਍ഀ II o਍ഀ m਍ഀ -਍ഀ Q਍ഀ d> dt਍ഀ dt਍ഀ c d>਍ഀ t਍ഀ a) da਍ഀ >਍ഀ c਍ഀ ) t਍ഀ E>਍ഀ >਍ഀ >a਍ഀ >a਍ഀ ~>a਍ഀ ~>a਍ഀ Q਍ഀ >a਍ഀ W਍ഀ m o o n 'A਍ഀ c d 'm਍ഀ a਍ഀ a਍ഀ o B. 'A਍ഀ 0) 'q਍ഀ Oa N਍ഀ ~~o n਍ഀ O/਍ഀ lU 'A਍ഀ ot1~-va a਍ഀ V਍ഀ V p r >਍ഀ p O਍ഀ O਍ഀ -O O 'D>਍ഀ O਍ഀ O਍ഀ o਍ഀ d "O O -p>਍ഀ C O਍ഀ O਍ഀ O਍ഀ N "O O eN--O>਍ഀ C਍ഀ O O਍ഀ p਍ഀ `y -O p ~2 >਍ഀ c p O਍ഀ d y਍ഀ V)਍ഀ y਍ഀ 4 E a m@~°਍ഀ «਍ഀ o 6਍ഀ 3 E਍ഀ «਍ഀ 3 0 0°਍ഀ @)਍ഀ Y਍ഀ a਍ഀ 3 mdU°਍ഀ 3 o m @)°਍ഀ '਍ഀ ° m਍ഀ O਍ഀ ar਍ഀ L O _ C T਍ഀ m O N 'O O਍ഀ a਍ഀ L O C - y਍ഀ m O N V O C 7਍ഀ a (਍ഀ Q C y਍ഀ y N U O C 7਍ഀ =਍ഀ U _ C - y਍ഀ y' y 'O r0 C 7਍ഀ y 0 c y਍ഀ (0 y V p cD 7਍ഀ w਍ഀ >਍ഀ a਍ഀ N = O C਍ഀ Z਍ഀ .3 Ol = U =਍ഀ Z਍ഀ N਍ഀ U C਍ഀ «਍ഀ y N= O C਍ഀ c N= U =਍ഀ c਍ഀ E w਍ഀ m C7 a~਍ഀ E 4) ~C7 nu- = >਍ഀ m(D Q. 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c o 0 a o 0 r਍ഀ o਍ഀ m= m to x S >਍ഀ ?਍ഀ m਍ഀ >਍ഀ a਍ഀ i਍ഀ E਍ഀ E.਍ഀ U਍ഀ E E਍ഀ m਍ഀ N਍ഀ D਍ഀ 0਍ഀ - V m਍ഀ m co O O O N N N਍ഀ W਍ഀ U਍ഀ C਍ഀ 0 0਍ഀ j਍ഀ N਍ഀ a਍ഀ aoi ~N ln V7 Kv਍ഀ c਍ഀ `਍ഀ m਍ഀ aD਍ഀ d਍ഀ E਍ഀ o o `0 o `o `o K਍ഀ a਍ഀ w m਍ഀ J d J J 2.2 J J 7 d਍ഀ A਍ഀ N਍ഀ y N਍ഀ C =p਍ഀ (O m m m m l0 lO tO 7਍ഀ > q » » » >਍ഀ a> a s D a D D D>਍ഀ 0਍ഀ <<਍ഀ e E਍ഀ N_ N N N N N N N_਍ഀ t਍ഀ N N N N N A਍ഀ <਍ഀ o` O`਍ഀ O਍ഀ ~਍ഀ O w਍ഀ E o E E E E E E E E E o਍ഀ U਍ഀ 0਍ഀ d d਍ഀ .:H਍ഀ w ww ww ww w਍ഀ S਍ഀ a`਍ഀ 00਍ഀ ~t-਍ഀ d਍ഀ E਍ഀ m਍ഀ t਍ഀ m਍ഀ V O N W਍ഀ rw mrn਍ഀ C M Q M N਍ഀ w JOV N਍ഀ 0 10 7਍ഀ a~ 0 r nm m O m਍ഀ N਍ഀ Q਍ഀ l0਍ഀ T ~਍ഀ N ~ a਍ഀ 0 rnm 0C'i਍ഀ N N N N N਍ഀ > O N਍ഀ 0਍ഀ d਍ഀ N਍ഀ O imp਍ഀ ~ ~ N O V਍ഀ a m(+Ni NO਍ഀ ~ w਍ഀ E਍ഀ 0 10਍ഀ N m਍ഀ a rn M r਍ഀ v~~ om਍ഀ pmp N 00਍ഀ O m m਍ഀ D M m ~ M਍ഀ m v w਍ഀ O਍ഀ O਍ഀ N਍ഀ c m N a M਍ഀ N W N N਍ഀ (O m~pp M m਍ഀ L m0O਍ഀ n਍ഀ w r਍ഀ N t਍ഀ +f਍ഀ N N N ~ ~਍ഀ « w਍ഀ d਍ഀ m਍ഀ 0 0 m਍ഀ N U U਍ഀ ~ ZZ਍ഀ ro਍ഀ m m਍ഀ ~mmdp 'v $਍ഀ S O) m U~ W m਍ഀ m d0 mo਍ഀ oU Ua਍ഀ U D਍ഀ X c C C਍ഀ C0 m0 E਍ഀ N =਍ഀ lO਍ഀ E਍ഀ w਍ഀ O਍ഀ 0਍ഀ t0਍ഀ N਍ഀ N਍ഀ ry ~ mx਍ഀ W ~ N਍ഀ ~ c H਍ഀ O O~਍ഀ N ~ U C਍ഀ d d਍ഀ C T 0਍ഀ a U a~i ~਍ഀ C C X a =਍ഀ CO N N C -਍ഀ H H ~ ~਍ഀ Z਍ഀ 0਍ഀ 5਍ഀ J਍ഀ V਍ഀ G਍ഀ 0਍ഀ m਍ഀ G਍ഀ 0 . a M਍ഀ O m਍ഀ N W਍ഀ 0਍ഀ O਍ഀ 0 O M਍ഀ O਍ഀ 1A਍ഀ M I਍ഀ N਍ഀ m਍ഀ m਍ഀ ~[l਍ഀ O਍ഀ A਍ഀ O n਍ഀ m mm਍ഀ O n n਍ഀ ONO N਍ഀ eo O਍ഀ i n਍ഀ N m (m0਍ഀ o om਍ഀ N O਍ഀ O਍ഀ It mi਍ഀ N N਍ഀ r਍ഀ r਍ഀ r~਍ഀ A਍ഀ 1- m e਍ഀ •-N਍ഀ w n਍ഀ O਍ഀ N f਍ഀ I~ O N਍ഀ '-N਍ഀ N਍ഀ N v਍ഀ M N਍ഀ N਍ഀ X11਍ഀ m਍ഀ to਍ഀ 08਍ഀ no਍ഀ ao Oo਍ഀ n m਍ഀ o਍ഀ cpi਍ഀ n਍ഀ v)਍ഀ N਍ഀ O਍ഀ N਍ഀ M~਍ഀ N V਍ഀ ~-N਍ഀ r ~਍ഀ 1~ N਍ഀ M਍ഀ N਍ഀ V਍ഀ O਍ഀ '਍ഀ w਍ഀ O O਍ഀ v o਍ഀ ro਍ഀ N਍ഀ O O਍ഀ a o਍ഀ w 10਍ഀ N਍ഀ O਍ഀ v਍ഀ n਍ഀ m਍ഀ c਍ഀ ~ m਍ഀ n ~਍ഀ vni਍ഀ vi਍ഀ N਍ഀ N V਍ഀ H N਍ഀ n N਍ഀ N਍ഀ N਍ഀ ~਍ഀ i਍ഀ '਍ഀ CD਍ഀ 0.਍ഀ r O਍ഀ M਍ഀ O਍ഀ 0਍ഀ r b਍ഀ ~2 '2਍ഀ Oa{਍ഀ C7਍ഀ M਍ഀ h਍ഀ O਍ഀ N਍ഀ N O਍ഀ ~ N਍ഀ N਍ഀ h N਍ഀ M਍ഀ H਍ഀ N਍ഀ N਍ഀ d਍ഀ N਍ഀ O਍ഀ ~ O਍ഀ r 100਍ഀ y਍ഀ f~l਍ഀ N~਍ഀ Ci਍ഀ ~ m਍ഀ N ~਍ഀ N਍ഀ Off਍ഀ N਍ഀ N O਍ഀ ~ N਍ഀ N਍ഀ n N਍ഀ M਍ഀ M਍ഀ N਍ഀ V਍ഀ EA਍ഀ .਍ഀ '਍ഀ O਍ഀ V8਍ഀ o਍ഀ . O O਍ഀ a o਍ഀ n 10਍ഀ 1਍ഀ O਍ഀ v਍ഀ O਍ഀ O਍ഀ N਍ഀ m m਍ഀ N m਍ഀ M n਍ഀ N O਍ഀ ~ N਍ഀ b O਍ഀ ~ r਍ഀ A N਍ഀ M਍ഀ n਍ഀ N_਍ഀ ?਍ഀ N'਍ഀ O਍ഀ w਍ഀ H਍ഀ o o਍ഀ r o਍ഀ H਍ഀ g °o਍ഀ n m਍ഀ H3਍ഀ ov਍ഀ n਍ഀ N਍ഀ O਍ഀ m m਍ഀ N m਍ഀ M n਍ഀ 10 O਍ഀ ' r਍ഀ r਍ഀ N਍ഀ N਍ഀ V਍ഀ N਍ഀ (V O਍ഀ N਍ഀ H਍ഀ A N਍ഀ M਍ഀ w਍ഀ in਍ഀ S਍ഀ m਍ഀ O਍ഀ r ov o਍ഀ 1਍ഀ a oo਍ഀ r m਍ഀ °a਍ഀ r਍ഀ r਍ഀ a ~਍ഀ e਍ഀ i਍ഀ -6 ID਍ഀ m m਍ഀ m o਍ഀ ^਍ഀ ac਍ഀ m਍ഀ p m਍ഀ 0਍ഀ cO਍ഀ M r਍ഀ m਍ഀ m਍ഀ N 'V਍ഀ V਍ഀ V਍ഀ O਍ഀ H਍ഀ fV V਍ഀ ~ N਍ഀ N਍ഀ h h਍ഀ M਍ഀ H਍ഀ f0਍ഀ m਍ഀ to਍ഀ o m਍ഀ tO0N਍ഀ m o਍ഀ k 5਍ഀ 0 0 0਍ഀ 100 I O਍ഀ 0 o਍ഀ r 100਍ഀ m਍ഀ aim਍ഀ m਍ഀ M mO਍ഀ N N਍ഀ p NO਍ഀ M਍ഀ N m਍ഀ N m਍ഀ N m m਍ഀ OO N m਍ഀ ap Mr਍ഀ 1D O਍ഀ O਍ഀ NI Oj V਍ഀ m n਍ഀ Orj r਍ഀ 10 V਍ഀ w਍ഀ r N V਍ഀ V ~ N਍ഀ M w਍ഀ 1~ h਍ഀ M਍ഀ N਍ഀ M਍ഀ ~਍ഀ 1n i਍ഀ N਍ഀ o਍ഀ mM਍ഀ o O਍ഀ (O਍ഀ O m r਍ഀ 10 nN਍ഀ . M਍ഀ M O਍ഀ O਍ഀ ry n 1o਍ഀ p OO਍ഀ N AN਍ഀ ~਍ഀ v m਍ഀ r mO਍ഀ Y Nm਍ഀ m o N਍ഀ viM਍ഀ O਍ഀ m MH ~਍ഀ w਍ഀ v਍ഀ m 1m0਍ഀ N M਍ഀ w਍ഀ m਍ഀ r ~਍ഀ M ~਍ഀ N਍ഀ _਍ഀ I~਍ഀ N਍ഀ O਍ഀ w਍ഀ O O਍ഀ 0਍ഀ O਍ഀ 0 o਍ഀ V਍ഀ v O਍ഀ M਍ഀ I਍ഀ m਍ഀ N਍ഀ n਍ഀ e਍ഀ a m਍ഀ m ~ m਍ഀ m M਍ഀ v਍ഀ m਍ഀ m਍ഀ p m਍ഀ O਍ഀ v) 9਍ഀ m O਍ഀ a਍ഀ c m਍ഀ O- O਍ഀ N਍ഀ OO M਍ഀ O N਍ഀ N਍ഀ N਍ഀ N਍ഀ O਍ഀ m਍ഀ N 0਍ഀ U)਍ഀ 0਍ഀ N O਍ഀ w਍ഀ N਍ഀ V਍ഀ w਍ഀ N਍ഀ H਍ഀ t D਍ഀ m਍ഀ H਍ഀ S਍ഀ O O਍ഀ M਍ഀ 7਍ഀ w O਍ഀ ~ O਍ഀ U਍ഀ o਍ഀ o w਍ഀ m਍ഀ c m਍ഀ o਍ഀ o਍ഀ a਍ഀ W਍ഀ >਍ഀ o਍ഀ > u)਍ഀ LL਍ഀ O਍ഀ j਍ഀ c਍ഀ 7 o਍ഀ U਍ഀ c਍ഀ 0 0਍ഀ Z਍ഀ O਍ഀ N਍ഀ d਍ഀ N਍ഀ o 0਍ഀ 0਍ഀ ~਍ഀ C਍ഀ c਍ഀ o਍ഀ d਍ഀ v਍ഀ N਍ഀ W਍ഀ U K਍ഀ o਍ഀ m਍ഀ c _਍ഀ _਍ഀ N਍ഀ m਍ഀ K਍ഀ >਍ഀ o O਍ഀ O਍ഀ ~਍ഀ N N਍ഀ N਍ഀ y਍ഀ N਍ഀ C਍ഀ a s਍ഀ C C਍ഀ ~਍ഀ _਍ഀ 1n (n਍ഀ to਍ഀ W਍ഀ ~਍ഀ E E਍ഀ 0 o਍ഀ 'ji E਍ഀ o਍ഀ 'r, Z'਍ഀ v a਍ഀ 'r"਍ഀ c਍ഀ d਍ഀ u`਍ഀ c਍ഀ F਍ഀ f਍ഀ F਍ഀ N N਍ഀ N਍ഀ U U਍ഀ U਍ഀ N਍ഀ fn 1n਍ഀ 1n਍ഀ fn u)਍ഀ y਍ഀ N਍ഀ F-਍ഀ F-਍ഀ U਍ഀ d਍ഀ Q ~ I O O਍ഀ Ol਍ഀ Economics Research Associates਍ഀ Proposal to Prepare a਍ഀ FINANCIAL CRITIQUE AND਍ഀ ANALYSIS OF TWO PROPOSALS TO਍ഀ REDEVELOP THE LIONSHEAD਍ഀ PARKING STRUCTURE਍ഀ Prepared for਍ഀ THE TOWN OF VAIL, COLORADO਍ഀ Submitted by਍ഀ Economics Research Associates਍ഀ December 22, 2006਍ഀ ERA Project No. 47517਍ഀ 388 Market Street, Suite 1580਍ഀ San Francisco, CA 94111਍ഀ (415) 956-8152 FAX (415) 956-5274 www.econres.com਍ഀ Los Angeles San Francisco San Diego Chicago਍ഀ Washington DC New York London਍ഀ Economics Research Associates਍ഀ December 22, 2006਍ഀ Russell Forrest਍ഀ Director਍ഀ Community Development Department਍ഀ 75 Frontage Rd.਍ഀ Vail, CO 81657਍ഀ ERA No. 47517਍ഀ Re: Proposal for Financial Analysis of Two Proposals to Redevelop the Lionshead਍ഀ Parking Structure਍ഀ Dear Mr. Forrest:਍ഀ Economics Research Associates (ERA) is pleased to submit this proposal to conduct a਍ഀ financial critique and analysis of the two proposals the Town of Vail has shortlisted to਍ഀ redevelop the Lionshead parking structure. As you know, ERA is familiar with the਍ഀ redevelopment opportunity in Lionshead, having studied the same site on behalf of਍ഀ the Town of Vail when the conference center was being considered among other਍ഀ world-class public facilities. ERA has also worked with both of the finalists over our਍ഀ 45+ year history in consulting, East West Partners and Hillwood, but we have had no਍ഀ work for either in several years and have no existing or anticipated future contracts਍ഀ with them.਍ഀ ERA STATEMENT OF QUALIFICATIONS਍ഀ We are confident you will find ERA to be eminently qualified to conduct this਍ഀ analysis. With more than 16,000 consulting engagements to its credit, ERA has਍ഀ established itself as a leader in economic research and analysis. Founded in 1958,਍ഀ ERA has grown to a staff of over 125 with offices in San Francisco, Los Angeles, San਍ഀ Diego, Chicago, New York, Washington, D.C., and London. Specializing in਍ഀ economic development and planning; real estate and land use; recreation, tourism,਍ഀ and leisure time; and transportation systems, ERA conducts economic base studies,਍ഀ urban redevelopment feasibility assessments, long-range master plans, and studies਍ഀ involving growth and development policies. The firm is frequently called upon to਍ഀ assess fiscal impacts of development projects and policies, and often performs਍ഀ negotiating services and analyses for public clients seeking public-private ventures.਍ഀ ERA has studied the marketability, feasibility, and appropriate project densities for all਍ഀ property sectors, and often conducts project valuation analyses, portfolio reviews, and਍ഀ prepares independent review valuations during sales transactions. The firm has global਍ഀ experience in resort communities, and in the financial modeling of public-private਍ഀ partnerships.਍ഀ 388 Market Street, Suite 1580 San Francisco, CA 94111਍ഀ (415) 956-8152 FAX (415) 956-5274 www.econres.com਍ഀ Los Angeles San Francisco San Diego Chicago Washington DC London਍ഀ Economics Research Associates਍ഀ December 22, 2006਍ഀ Page 2਍ഀ More detailed qualifications of ERA including range of services and lists of previous਍ഀ clients are presented in the attached brochures. Further information about ERA can਍ഀ be obtained from our website at www.econres.com. If you require any other general਍ഀ qualifications for consultant selection, please do not hesitate to contact me.਍ഀ ERA's approach to providing this type of high-level financial advice and negotiating਍ഀ strategy to public entities is to rely heavily on principal-level senior staff. ERA has਍ഀ identified three key specific individuals to collaborate on this assignment. This same਍ഀ team is currently finishing up a similar high-stakes project for the City of਍ഀ Albuquerque (described in more detail in the references section below). Steven਍ഀ Spickard will serve as principal analyst and will be the individual presenting the਍ഀ results to the Town Council at the conclusion of this rapid-fire assignment. James਍ഀ Edison is a bond attorney, as well as economic consultant, and will advise the team on਍ഀ the feasibility of the financing proposed. William Lee will serve as a consulting਍ഀ principal. All three are based in ERA's San Francisco office and routinely interact on਍ഀ a daily basis. Resumes for all three are included in this proposal. Research assistance਍ഀ will be provided as necessary from ERA's staff of 19 in San Francisco. Principals in਍ഀ other ERA offices are also likely to be consulted for specific technical financial਍ഀ questions.਍ഀ Four references are provided below. All four are current projects. Each of the਍ഀ projects involves one or more of the three key principals proposed for the Town of਍ഀ Vail.਍ഀ City of Albuquerque, NM.• All three ERA principals are currently assisting the City਍ഀ of Albuquerque negotiate a development agreement with Forest City Coventry for the਍ഀ Mesa del Sol project. A state-of-the-art 12,900-acre new community with 8,000਍ഀ housing units, 6.2 million square feet of commercial, and $640 million in public਍ഀ infrastructure needs in the first phase alone. Steve Spickard's work for Albuquerque਍ഀ will be completed during the week of January 2" d, and will be available to work on਍ഀ the Town of Vail assignment upon selection January 5th. Bill Lee will be making the਍ഀ final presentation of ERA's Albuquerque work on January 10th, leaving the ERA team਍ഀ free to work on Vail's assignment through the rest of January.਍ഀ Client reference: Laura Mason਍ഀ Director of Council Services਍ഀ City of Albuquerque਍ഀ (505) 768-3112਍ഀ City and County of San Francisco, CA: Steve Spickard is currently assisting San਍ഀ Francisco negotiate with a private consortium of Anschutz Entertainment Group,਍ഀ Another Planet Entertainment, and SMG regarding the public-private partnership to਍ഀ Economics Research Associates਍ഀ December 22, 2006਍ഀ Page 3਍ഀ be created to redevelop and reuse the historic Bill Graham Civic Auditorium in San਍ഀ Francisco's Civic Center. The plan is to create a state-of-the-art entertainment venue਍ഀ in an underutilized 90-year old shell of a structure.਍ഀ Client reference: John Noguchi਍ഀ Director of Convention Facilities & Property Management਍ഀ City and County of San Franciso਍ഀ (415) 554-9809਍ഀ Bay Area Rapid Transit (BART): ERA is currently providing negotiating assistance਍ഀ to the Bay Area's primary commuter rail provider in developing its station area਍ഀ properties to capture real estate value. Bill Lee is currently advising BART on the਍ഀ development agreement for the Pleasant Hill BART station area.਍ഀ Client reference: Jeff Ordway਍ഀ Manager of Property Development਍ഀ BART਍ഀ (510) 464-6114਍ഀ City of Vallejo: ERA has provided economic consulting services to the City of਍ഀ Vallejo at the north end of the San Francisco Bay Area over a number of years for a਍ഀ variety of projects. James Edison, assisted by Steve Spickard, is currently helping the਍ഀ City to negotiate with Lennar regarding the development of Mare Island, a former਍ഀ Naval Shipyard, to be redeveloped with 1,700 new residential units, several million਍ഀ square feet of commercial and industrial development, toxic clean-up, and other਍ഀ infrastructure improvements.਍ഀ Client reference: Craig Whittom਍ഀ Community Development Director਍ഀ City of Vallejo਍ഀ (707) 648-4579਍ഀ COST ESTIMATE਍ഀ ERA has reviewed the scope of work outlined in the RFP and concurs that the steps਍ഀ are appropriate as described. The tasks are reiterated below with estimated hours and਍ഀ budget required to conduct each task. From previous experience with rapid-response਍ഀ negotiating assistance assignments such as this, we recognize that early investigations਍ഀ may reveal existing information that makes it unnecessary to conduct each task in its਍ഀ entirety as outlined in the table below. For this reason, ERA proposes to work on a਍ഀ time-and-expenses basis for this assignment. ERA will not exceed $50,000 in਍ഀ Economics Research Associates਍ഀ December 22, 2006਍ഀ Page 4਍ഀ professional time without prior authorization. Expenses will be billed separately and਍ഀ are not expected to exceed ten percent of the professional time cap.਍ഀ ERA COST ESTIMATE਍ഀ Billing Rates਍ഀ TASKS SPECIFIED IN RFP਍ഀ Person-Hours਍ഀ Principal਍ഀ Consulting਍ഀ Analyst਍ഀ Principals਍ഀ Spickard਍ഀ Edison Lee਍ഀ $260਍ഀ $240 $320਍ഀ A਍ഀ Review financial capability਍ഀ 8਍ഀ 8਍ഀ 4਍ഀ B਍ഀ Evaluate financing structure਍ഀ 8਍ഀ 8਍ഀ 8਍ഀ C਍ഀ Evaluate financial guarantee਍ഀ 4਍ഀ 4਍ഀ 8਍ഀ D਍ഀ Feasibility of public benefits਍ഀ 24਍ഀ 4਍ഀ 2਍ഀ E਍ഀ Side by side comparison਍ഀ 16਍ഀ 2਍ഀ 2਍ഀ F਍ഀ Identify risks਍ഀ 4਍ഀ 2਍ഀ 2਍ഀ G਍ഀ Enhance Town negotiating position਍ഀ 8਍ഀ 4਍ഀ 4਍ഀ H਍ഀ Determine IRR਍ഀ 8਍ഀ 4਍ഀ Present to Town Council Feb. 6th਍ഀ 16਍ഀ Estimated Professional Time਍ഀ Not to Exceed Amount਍ഀ 96 32 34਍ഀ SCHEDULE਍ഀ $50,000਍ഀ ERA is prepared to start this work immediately in the new year, and if it can be਍ഀ contracted on January 51", we are confident we can deliver a written report to the਍ഀ Town on February 1'`. ERA is prepared to then present this work at the Town਍ഀ Council meeting on February 6t .਍ഀ AUTHORIZATION TO PROCEED਍ഀ For your convenience, this assignment may be initiated by return of one਍ഀ countersigned copy of this proposal. Alternatively, this letter proposal may form the਍ഀ basis of a standard Town of Vail contract form if you so choose. The client has the਍ഀ option of terminating the study at any time with only the costs incurred to date being਍ഀ due and payable. Other routine contract provisions of ERA are included in the਍ഀ attached Standard Proposal Addendum.਍ഀ Research਍ഀ Estimated਍ഀ %ssistance਍ഀ Costs਍ഀ Research਍ഀ $109਍ഀ $5,280਍ഀ $6,560਍ഀ $4,560਍ഀ 40਍ഀ $12,200਍ഀ 16਍ഀ $7,024਍ഀ $2,160਍ഀ $4,320਍ഀ $3,360਍ഀ $4,160਍ഀ 56਍ഀ $49,624਍ഀ Economics Research Associates਍ഀ December 22, 2006਍ഀ Page 5਍ഀ Thank you for the opportunity to submit this proposal. If modifications of this਍ഀ proposal would fit your expectations better, please to do not hesitate to call. We look਍ഀ forward to again being of service to the Vail community.਍ഀ Respectful submitted,਍ഀ Steven E. Spickard਍ഀ Senior Vice President਍ഀ Attachment: Standard Proposal Addendum਍ഀ Accepted by:਍ഀ Date:਍ഀ Title:਍ഀ Economics Research Associates December 22, 2006਍ഀ Page 6਍ഀ PROPOSAL ADDENDUM਍ഀ It is understood by the client that Economics Research Associates (ERA) can make no਍ഀ guarantees concerning the recommendations that will result from the proposed਍ഀ assignment, since these recommendations must be based upon facts discovered by ERA਍ഀ during the course of the study and those conditions existing as of the date of the report.਍ഀ To protect you and other clients, and to ensure that the research results of ERA's work਍ഀ will continue to be accepted as objective and impartial by the business community, it is਍ഀ understood that our fee for the undertaking of this project is in no way dependent upon਍ഀ the specific conclusions reached or the nature of the advice given by us in our report to਍ഀ you.਍ഀ It is agreed by the client that the report is not to be used in conjunction with any public or਍ഀ private offering of debt or equity securities without prior written consent.਍ഀ It is further agreed that the client will indemnify ERA against any losses, claims, damages਍ഀ and liabilities under federal and state securities laws which may arise as a result of਍ഀ statements or omissions in public or private offerings of securities.਍ഀ It is agreed by the client that payment for the services of ERA is due upon receipt of the਍ഀ invoice; that full payment is due upon receipt of the completed report; and that ERA has the਍ഀ right to withhold delivery of the final report pending receipt of any overdue payments.਍ഀ In the event any invoice is not paid within 30 days after rendering of the invoice it shall਍ഀ commence bearing interest on the date the invoice was rendered at the rate of 18 percent਍ഀ per annum (or such lesser rate as may be the maximum interest permissible under਍ഀ applicable law) and the client agrees to pay all accrued interest, together with the charges਍ഀ for services rendered as provided for in this agreement. In addition, should an unpaid਍ഀ invoice be referred to our attorneys for collection, the client agrees to pay their reasonable਍ഀ fee for such work, as well as any costs of suit which may be incurred.਍ഀ It is further agreed by the client that the report will be presented to third parties in its਍ഀ entirety and that no abstracting of the report will be made without first obtaining the਍ഀ permission of ERA.਍ഀ It is understood by ERA that the findings of this report are the proprietary property of the਍ഀ client and they will not be made available to any other organization or individual without਍ഀ the consent of the client.਍ഀ This proposal will remain in force for a period of 60 days from the date shown hereon.਍ഀ ECONOMICS RESEARCH ASSOCIATES਍ഀ STEVEN E. SPICKARD, Senior Vice President਍ഀ Qualifications for Economic and Financial Modeling਍ഀ Mr. Spickard has conducted over 350 successful consulting assignments in his 28 years with਍ഀ ERA. His primary area of specialization is in assessing the economic and financial implications਍ഀ of development projects and changes in public policy. A selection of projects that reflect this਍ഀ specialized modeling experience include the following:਍ഀ • City of Albuquerque - Economic and fiscal model review for the Mesa del Sol master planned਍ഀ community project proposed by Forest City Coventry;਍ഀ • City and County of San Francisco - Analysis of private proponent pro forma for operations of਍ഀ the redeveloped Bill Graham Civic Auditorium;਍ഀ • Archdiocese of Santa Fe - Financial pro forma modeling to assist the Church in negotiating਍ഀ with private development partners for reuse of the historic Church properties in the heart of਍ഀ Santa Fe, New Mexico;਍ഀ • City and County of San Francisco - Economic feasibility and impact of expanding the਍ഀ Moscone Convention Center;਍ഀ • City of Los Angeles - Economic and fiscal implications of changing management policies for਍ഀ the Los Angeles Convention Center;਍ഀ • State of Utah - Analysis of the feasibility of holding the Olympic Winter Games in Utah, and਍ഀ assessment of the immediate and long-range economic impacts;਍ഀ • US Navy - Economic impact analysis in the San Francisco Bay Area from the simultaneous਍ഀ closure of five major navy bases;਍ഀ • City of Santa Barbara - Evaluated long-range growth strategies for the City using a scenario਍ഀ analysis format to project alternative futures, including the economic impact of the city's਍ഀ tourism economy;਍ഀ • Blockbuster Entertainment Corp. - Economic impact and tax revenue generation of਍ഀ developing a billion dollars worth of real estate in South Florida, including an arena, a stadium,਍ഀ an entertainment village, and visitor-serving hotel and meeting facilities;਍ഀ • Army Corps of Engineers - Assessment of the fiscal and economic impacts of developing of a਍ഀ major new ski and golf resort at Lake Tahoe;਍ഀ • San Francisco Giants - Economic impact of baseball franchise and of a new downtown਍ഀ ballpark;਍ഀ • Oakland-Alameda Coliseum Commission - Economic impact of constructing the new਍ഀ Oakland Arena;਍ഀ • State of Washington - Economic implications of five proposed themed attractions designed to਍ഀ draw additional tourists from out-of-state;਍ഀ • San Francisco Planning and Urban Research Association - Economic and fiscal importance਍ഀ of tourism to San Francisco; and਍ഀ • Los Angeles Convention and Visitors Bureau - Economic impact of the total tourism਍ഀ industry in Los Angeles County.਍ഀ At the local level, Mr. Spickard has developed a series of computer models for estimating fiscal਍ഀ impacts of development projects and public planning efforts. Examples of these include:਍ഀ • Oakland Athletics - Economic and fiscal impacts of moving the MLB franchise to Fremont,਍ഀ California, along with developing 2,900 new residential units and creating a Ballpark Village਍ഀ retail and mixed-use development;਍ഀ • Midpeninsula Regional Open Space District - Fiscal analysis of the proposed annexation of਍ഀ 140,000 acres of coastal San Mateo County into this special district;਍ഀ • City of Walnut Creek - Fiscal implications of five alternative long-range development਍ഀ scenarios for the Downtown Core Area;਍ഀ • Solano County - Evaluation of the fiscal effects of making changes in the Solano County਍ഀ General Plan that would have allowed the development of "New Towns" in protected਍ഀ agricultural greenbelts;਍ഀ • Spanish Bay Resort - Fiscal impact of a major new Pebble Beach resort on the Monterey਍ഀ Peninsula;਍ഀ • City of Dublin - Fiscal impact of developing 7,000 acres in Eastern Dublin; and਍ഀ • City of Half Moon Bay - Fiscal impact of developing the Ritz Carlton oceanfront resort hotel਍ഀ and conference center.਍ഀ Prior to joining ERA, Mr. Spickard spent several years at SRI, International, and had job experience਍ഀ in local, regional, state and federal governments. Mr. Spickard graduated Magna cum Laude from਍ഀ the University of California, Berkeley, with a BA in economics. He later returned to Berkeley to਍ഀ earn a Masters degree in City and Regional Planning. Steven E. Spickard, A.I.C.P., is a charter਍ഀ member of the American Institute of Certified Planners.਍ഀ ECONOMICS RESEARCH ASSOCIATES਍ഀ JAMES A. EDISON, Principal਍ഀ Mr. Edison has been in the land planning and development economics consulting profession since 1997਍ഀ and has been with Economics Research Associates (ERA) since 2005. Mr. Edison specializes in services਍ഀ related to planning, real estate development and infrastructure projects, working for both municipalities਍ഀ and private developers.਍ഀ • Mr. Edison served as finance, economic and fiscal consultant to the developer of East Garrison at the਍ഀ former Fort Ord in Monterey County, a development encompassing 1,460 homes designed as a new਍ഀ town, with a town center and historical arts/cultural district.਍ഀ • Mr. Edison advised the City of Vallejo in negotiations with the Lennar Corporation over the joint਍ഀ development of Mare Island, a former shipyard and naval base. Mr. Edison also assisted Lennar with਍ഀ the public financing of infrastructure for development of the former Hunters Point Naval Shipyard in਍ഀ San Francisco.਍ഀ • Mr. Edison served as economic and fiscal consultant to the Mountain House new town development਍ഀ in San Joaquin County, California. Mountain House consists of approximately 20,000 homes and਍ഀ over three million square feet of commercial development, including regional and neighborhood਍ഀ serving retail, offices, hotels and industrial parks. Mr. Edison provided market analysis and਍ഀ infrastructure financing plans for each phase of the development, as well as a fiscal analysis਍ഀ examining the effect of the development on the County's finances.਍ഀ • Mr. Edison worked as a land economist and public finance consultant for the Coyote Valley Specific਍ഀ Plan in San Jose, a development that will eventually encompass 25,000 homes and 50,000 jobs. Mr.਍ഀ Edison provided financing feasibility analysis for the infrastructure required, and an examination of਍ഀ phasing to determine which components of Coyote Valley should be developed first to facilitate the਍ഀ more expensive early infrastructure.਍ഀ • Mr. Edison provided financing and implementation strategies for a number of reuse projects for਍ഀ closed military bases in California, including Hunters Point Naval Shipyard and Treasure Island in the਍ഀ City of San Francisco and El Toro MCAS in Orange County, California.਍ഀ • Mr. Edison has also provided development impact fee programs and infrastructure development਍ഀ strategies for a number of Cities and Counties in California.਍ഀ • Mr. Edison has wide experience with the financial and fiscal implications of development for਍ഀ municipalities, and has worked on fiscal impact analyses of General Plans, Specific Plans,਍ഀ development projects and municipal reorganizations all over the state of California.਍ഀ • Mr. Edison has worked with municipalities throughout California on the revitalization and reuse of਍ഀ downtown areas and the creation of new commercial centers.਍ഀ Before joining ERA, Mr. Edison was a Vice President with Economic & Planning Systems, Inc., and a਍ഀ public finance attorney with the firm of Orrick, Herrington and Sutcliffe, LLP. At EPS he specialized in਍ഀ finance, fiscal impact, feasibility, and market studies for public and private projects. At Orrick Mr.਍ഀ Edison was a public finance attorney and worked on a wide variety of projects, including the $1 billion਍ഀ financing of the Alameda Corridor project connecting the Ports of Long Beach and Los Angeles to the਍ഀ Los Angeles rail yards. He received his BA degree from Harvard University, and his JD and MPP਍ഀ degrees from the University of California, Berkeley. Mr. Edison is a member of the State Bar of਍ഀ California and a licensed real estate broker.਍ഀ ECONOMICS RESEARCH ASSOCIATES਍ഀ WILLIAM W. LEE, Executive Vice President਍ഀ Qualifications in Public Agency Development Analysis and Negotiations਍ഀ Mr. Lee has been active in the land development and urban redevelopment economics consulting profession਍ഀ since 1969 and has been with ERA since 1976. During this over 30 years of practice, he has specialized in਍ഀ market and financial analysis services to land developers, community redevelopment agencies, planning਍ഀ departments, planning/design firms and academic institutions. Some of his more significant assignments਍ഀ and clients are highlighted below:਍ഀ King County in Washington recently retained ERA and Mr. Lee as project manager to be its prime਍ഀ contractor for its market strategy and development packaging program for at least 20 properties਍ഀ scattered throughout the greater Seattle area. Key projects include Convention Place in downtown਍ഀ Seattle, the University District Parking Association property near the University of Washington, the਍ഀ expansion parcels for the Northgate Shopping Center, multi family property in Redmond near the਍ഀ Microsoft Campus and a central downtown Burien parcel. The County's objective is to stimulate਍ഀ higher density residential development around transit stations on public properties to increase transit਍ഀ patronage. ERA's role is to provide the market and financial analysis in support of developer਍ഀ solicitations, to assist in the selection of developers and to negotiate with selected developers.਍ഀ The County of Santa Clara General Services Administration retained Mr. Lee to examine 15 parcels਍ഀ of potentially surplus property. These properties ranged from a school site in Palo Alto to apartment਍ഀ sites in San Jose and mixed use possibilities on the First and Hedding parking lot property. The਍ഀ evaluation included physical description, determination of highest economic use, financial analysis਍ഀ of supportable land value through development, valuation based upon comparable sales, lease਍ഀ evaluation, consideration of County internal needs and joint development analysis.਍ഀ Redevelopment agencies often call upon Mr. Lee to assist with analysis or negotiations with developers਍ഀ and to prepare reuse appraisals. He has performed such services for the following California cities: Los਍ഀ Angeles, Pasadena, Concord, Walnut Creek, San Ramon, Emeryville, Oakland, Hayward, Union City,਍ഀ Fremont, San Rafael, Petaluma, San Francisco, Foster City, San Carlos, Santa Clara, Sunnyvale,਍ഀ Campbell, Los Gatos, Oakdale and others. He has served many smaller cities where the university was਍ഀ the important economic driver; these include Davis, Santa Barbara, Rohnert Park and Santa Clara.਍ഀ • He has also served private or institutional clients in their development and land lease negotiations.਍ഀ Recent land lease or valuation negotiation clients include Wells Fargo Bank's Real Estate Division, ICI਍ഀ Development Company and East San Jose Unified High School District.਍ഀ Mr. Lee served as project manager for a major assignment for the State of California Intercity High਍ഀ Speed Rail Commission. In this assignment, ERA examined the economic impact and benefit versus਍ഀ cost implications of the construction and operations of a high-speed rail system linking the Los Angeles਍ഀ basin with Sacramento and the San Francisco Bay Area. Mr. Lee was responsible for evaluating the਍ഀ overall impact on the California economy, the impacts on the different sectors of the economy with਍ഀ emphasis on the manufacturing sector, the impacts on the geographic distribution of economic activity਍ഀ and the impacts on station area land development. Because of that assignment, he understands the long਍ഀ term real estate implications of high speed rail service on Merced and UC Merced.਍ഀ He has a five-year retainer contract with the Bay Area Rapid Transit District (BART) to provide਍ഀ assistance in joint development economics. He recently helped BART negotiate a long-term land lease਍ഀ with Contra Costa Redevelopment Agency for redevelopment at the station. He has also examined the਍ഀ feasibility of development of two dozen projects around BART stations. These include retail਍ഀ development at the Rockridge station (Market Hall), residential development at the Fremont station਍ഀ and office/retail developments near both the Pleasant Hill and Concord BART stations.਍ഀ • The Portland Development Commission (PDC), in partnership with the Association for Portland਍ഀ Progress (APP), selected ERA to identify the strategies that will support the goals of the retail core as਍ഀ a regional retail center, establish new opportunities for future retail success, and integrate with the਍ഀ overall Downtown Development Strategy. Mr. Lee served as project manager and lead consultant.਍ഀ • Mr. Lee was the chief development economist and fiscal analyst for Downtown Seattle's recently਍ഀ completed Nordstrom Headquarters/Pacific Place project. This retail, restaurant and cinema complex,਍ഀ integrated with the new Nordstrom Headquarters building, keep Nordstrom from moving its਍ഀ headquarters to Bellevue. Both the Seattle Downtown Association and the developer, Pine Street਍ഀ Associates, were clients for this project.਍ഀ Mr. Lee is one of the original directors of East Alliance for Business (EDAB) an organization created by਍ഀ Alameda County. Before joining ERA he was with Development Research Associates (DRA), the਍ഀ development economics subsidiary of Booz, Allan and Hamilton. He received his BS degree from Stanford਍ഀ University, with a major in economics and a minor in mathematics, and his MBA degree from Columbia਍ഀ University and also attended the Graduate School of City Planning at Columbia.਍ഀ •jri਍ഀ Hualalai at Historic Ka'upulehu Above Top਍ഀ 2002 Salt Lake City Olympics Above Bottom਍ഀ ERA is an international consulting firm concen-਍ഀ trating in economic analysis for the entertainment਍ഀ industry, real estate, public-assembly facilities,਍ഀ tourism, and economic development.਍ഀ Since its founding in 1958, ERA has completed਍ഀ over 15,000 assignments. In the process, the firm਍ഀ has made important contributions to some of਍ഀ the world's most innovative and successful਍ഀ development projects.਍ഀ A Clear Vision਍ഀ Since the firm's pioneering work in the U.S. leisure and entertainment industry, Economics਍ഀ Research Associates has assisted a diverse roster of clients throughout the world to understand਍ഀ their markets, to assess risks, and to clarify the uncertainties inherent in business strategies and਍ഀ public policy development.਍ഀ Our job is often to clarify economic uncertainties, to pull into focus, and to sharpen the boundaries of਍ഀ a preliminary plan or concept. We comprehend our client's vision-whatever the scope, objective, or਍ഀ location-and address their challenges through creative thinking, structured analysis, and clear and਍ഀ concise communications. Our track record includes some of the world's most innovative development਍ഀ projects, attractions, and policy evaluations. Our success is a product of our steady focus on results.਍ഀ Professional Services਍ഀ Focused on Results਍ഀ 1਍ഀ Experience਍ഀ Understanding਍ഀ Insight Action਍ഀ Broad-Based Expertise਍ഀ ERA's clients and the firm's portfolio have always attracted the brightest,਍ഀ most talented consultants in their fields. ERA's professional staff is chosen਍ഀ based on the strength and quality of their experience across a broad spectrum਍ഀ of specialties. The firm constitutes a collection of professionals with specialized਍ഀ knowledge uniquely committed to the success of our clients. From this reservoir,਍ഀ we fashion project teams with the background and expertise that precisely suit਍ഀ the challenge at hand.਍ഀ Objective, Fact-Driven Analysis਍ഀ Our clients' challenges demand facts as a basis for action. In each engagement,਍ഀ ERA develops a diverse array of relevant information, ranging from fundamental਍ഀ economic and demographic forces to detailed profiles of competitive facilities.਍ഀ We synthesize and analyze the data we collect and provide it in a coherent and਍ഀ usable form as a basis for action.਍ഀ Pragmatic, Implementation-Oriented਍ഀ Recommendations਍ഀ We measure our success through results. In each case our recommendations਍ഀ are filtered through the lens of practical experience to ensure a link between਍ഀ analysis and effective decisions.਍ഀ A Partnership with Our Clients਍ഀ ERA helps our clients build value, increase market share, or improve their਍ഀ financial performance through long-term commitments and working਍ഀ partnerships. We seek to transfer the knowledge and insights gained during਍ഀ our work to enhance our client's capabilities over the long run.਍ഀ Pacific Place, Seattle Right Above਍ഀ Country Club Plaza, Kansas City Right Below਍ഀ ERA਍ഀ ERAS Consulting਍ഀ Services਍ഀ While the range of our assignments is extraordinarily broad, ERA's practice can be organized into three਍ഀ major categories. Each requires varying skills, methodologies, and techniques, reflecting the specific਍ഀ objectives of the client.਍ഀ Planning and Programming਍ഀ ERA frequently works with clients to determine the most appropriate use of land, the optimum development਍ഀ program, or the most effective business strategy. In these kinds of planning and programming assignments਍ഀ we often work in collaborative teams with such allied professionals as architects, engineers, and planners.਍ഀ The firm is well-known for our ability to both realistically assess development potentials as well as to think਍ഀ creatively, to identify new options and unforeseen opportunities. Our clients appreciate that we are not afraid਍ഀ to say "no" to ideas and plans that we cannot prove to be supportable. However, we often provide creative਍ഀ suggestions to modify project concepts in order to enhance project feasibility.਍ഀ Measuring and Testing਍ഀ In many cases, ERA is asked to objectively measure the performance of policies and projects. In these instances,਍ഀ ERA's technical expertise, our independence, and our commitment to the highest professional standards are਍ഀ paramount. These services frequently underpin major investment decisions, legislative actions, and public਍ഀ policy development. Credibility and objectivity are the yardstick by which these services are measured.਍ഀ Strategy and Implementation਍ഀ As an objective industry leader, ERA is often uniquely suited to provide strategic advice and to਍ഀ assist our clients with such implementation-stage services as partnering strategies, deal structuring, workouts,਍ഀ and owner representation services.਍ഀ Ofi IIAAIIA਍ഀ Real Estate Services਍ഀ 6਍ഀ By providing a market-driven development program and realistic estimates of਍ഀ financial feasibility, ERA enables its clients to invest in, develop, and manage਍ഀ profitable real estate ventures. Development firms, financial institutions, insurance਍ഀ companies, corporations, individuals, attorneys, and land owners seek and rely਍ഀ upon our advice and counsel.਍ഀ Assignments involving urban real estate have included economic planning਍ഀ for major mixed-use developments and planned communities, across all major਍ഀ property sectors: retail, office, industrial, hospitality, primary residential,਍ഀ recreational properties, and seniors housing.਍ഀ The firm often works in complex markets and with unusual client structures਍ഀ requiring innovative analytical approaches. Examples include our experience਍ഀ in analyzing retail and food-service concessions in some of the world's leading਍ഀ airports and sports facilities, or our industry-leading practice in combining retail,਍ഀ museum and cultural facilities, and entertainment.਍ഀ Hotel and resort development planning is a distinct sector of ERA's real estate਍ഀ practice. ERA provides market and economic planning for hotels and resorts਍ഀ throughout the world. Assignments range from major four-season resorts and਍ഀ urban hotels to projects oriented to specialty markets such as winter sports, tennis਍ഀ and golf, conference and convention groups, health and fitness, and casino gaming.਍ഀ ERA is widely recognized for its substantial international experience in the analysis਍ഀ of golf course development and operations. While the golf practice is broad and਍ഀ incorporates both public and private courses, many assignments focus on the਍ഀ often-beneficial relationship between golf and adjacent real estate.਍ഀ Baltimore Inner Harbor, Baltimore Top਍ഀ The Gleneagles Hotel, Scotland Right Above਍ഀ Third Street Promenade, Santa Monica Right Below਍ഀ Services਍ഀ Site Selection਍ഀ Market Testing਍ഀ Program Development਍ഀ Financing Strategies਍ഀ Product Planning਍ഀ Transactional Due Diligence਍ഀ Expert Testimony਍ഀ Marketing Strategies਍ഀ ASOM਍ഀ Economic Policy and Planning Services਍ഀ Based on a clear analysis of a community's economic base and competitive਍ഀ position, ERA helps cities, states, and regions create strong and diverse local਍ഀ economies, vibrant commercial districts, and successful public-private਍ഀ partnerships for economic development.਍ഀ This work includes efforts to give new life to urban waterfronts, aging਍ഀ downtowns, and older neighborhoods. Often working in multi-disciplinary਍ഀ teams, ERA focuses on identifying specific projects and policies to enhance਍ഀ a community's economic performance in light of shifting demographics,਍ഀ fiscal priorities, and consumer behavior. The firm works with communities਍ഀ to determine appropriate economic strategies for such infrastructure and਍ഀ public amenities as convention and sports facilities, parks, cultural and਍ഀ educational facilities, and major public events.਍ഀ ERA often addresses issues of economic diversification in light of major shocks਍ഀ to a local economy. This experience includes over 25 assignments involving਍ഀ military base closures and related policy actions.਍ഀ ERA's experience in transportation and transit economics is widely known.਍ഀ Projects have ranged from real estate development strategies for land਍ഀ surrounding transit stations to measurement of the impacts of major public਍ഀ investment in highways, ports and airports, high-speed rail, and regional਍ഀ transit systems.਍ഀ Services਍ഀ Community Revitalization਍ഀ Economic Development Strategies਍ഀ Transit and Transportation Economics਍ഀ Fiscal and Economic Impact Analysis਍ഀ Military Installation Redevelopment਍ഀ Public-Private Partnerships਍ഀ Yerba Buena Center, San Francisco, Top਍ഀ Economics of High Speed Rail, Left Above਍ഀ The Banks, Cincinnati, Ohio, Le Below਍ഀ Entertainment, Leisure਍ഀ and Recreation Services਍ഀ Economics Research Associates' experience encompasses virtually every aspect of਍ഀ leisure-time activity. Projects include a wide range of attractions, including major਍ഀ theme parks, urban entertainment centers, zoos, aquariums, sports and convention਍ഀ facilities, museums, expositions, and fairs; corporate visitor centers, specialty਍ഀ entertainment facilities, events, and tours; and individual recreation facilities,਍ഀ clubs, and parks.਍ഀ ERA provides advice and guidance to more commercial recreation attractions਍ഀ than any other firm. Our experience in economic planning for major recreation਍ഀ destinations is unequaled in the industry. Our assignments result in pragmatic਍ഀ and creative action plans for the development, marketing, and management of਍ഀ recreation, entertainment, and tourism projects.਍ഀ Notable clients have included: Walt Disney World; Universal Studios; Six Flags;਍ഀ Knott's Berry Farm; Opryland, U.S.A.; Wet N Wild; National Aquarium in਍ഀ Baltimore; the Los Angeles Olympics Organizing Committee; Ocean Park Hong਍ഀ Kong; Warner Bros.; Lego; and Blockbuster Entertainment.਍ഀ ERA assists tourism and recreation providers in the strategic marketing and਍ഀ economic planning of local, regional, and national recreation facilities and in਍ഀ developing economic self-sufficiency in facility operations, revenue generation,਍ഀ recreation programs, and concessions management.਍ഀ The Getty Center, Los Angeles, Above Top਍ഀ Port Aventura, Southern Spain, Above Bottom਍ഀ tv, t਍ഀ N~ -IV਍ഀ Services਍ഀ Concept and Program Development਍ഀ Location Analysis and Site Selection਍ഀ Market Analysis਍ഀ Attendance Projections਍ഀ Financial Analysis਍ഀ Capacity and Throughput Testing਍ഀ Reinvestment Strategies਍ഀ Management and Operations Analysis਍ഀ Partnering Strategies਍ഀ ERA਍ഀ ERA's Clients਍ഀ For over 40 years, Economics Research Associates has worked with public and private clients on਍ഀ projects of local, regional, national, and international scope. In addition to the selected clients listed below,਍ഀ ERA has worked with public agencies at all levels of government in all 50 states and worldwide.਍ഀ Public & Non Profit਍ഀ Organizations਍ഀ Alabama Historical Commission਍ഀ Association for Portland Progress਍ഀ Baltimore Development Corporation਍ഀ Border Trade Alliance਍ഀ Bureau of Land Management਍ഀ Children's Museum of Los Angeles਍ഀ City of Atlanta਍ഀ City of Boulder਍ഀ City of Dallas਍ഀ City of Miami਍ഀ City of San Diego਍ഀ City of Scottsdale਍ഀ City of Seattle਍ഀ Costa Rica Institute of Tourism਍ഀ District of Columbia਍ഀ English Heritage਍ഀ Florida Department of Transportation਍ഀ 42nd Street Development Corporation਍ഀ Hong Kong Trade਍ഀ Development Council਍ഀ J. Paul Getty Trust਍ഀ The John F. Kennedy Center for਍ഀ the Performing Arts਍ഀ Lincoln Presidential Library਍ഀ Massachusetts Botanical Garden਍ഀ Massachusetts Office of Travel਍ഀ & Tourism਍ഀ Massachusetts Port Authority਍ഀ (Massport)਍ഀ Metropolitan Washington Airports਍ഀ Authority਍ഀ Mexico Tourist Development Agency਍ഀ (FONATUR)਍ഀ Mohegan Tribe਍ഀ Mystic Seaport Museum਍ഀ Naples Botanical Garden਍ഀ National Geographic Society਍ഀ National Park Service਍ഀ New England Aquarium਍ഀ New South Wales Tourism਍ഀ Commission਍ഀ New York City Economic਍ഀ Development Corporation਍ഀ Ohio State Fair਍ഀ Orange County, California਍ഀ Pacific Asia Travel Association਍ഀ Pasadena Tournament of Roses਍ഀ Philippine Government਍ഀ Port Authority of New York਍ഀ & New Jersey਍ഀ Portland Development Commission਍ഀ San Diego Regional Economic਍ഀ Development Corporation਍ഀ San Diego Zoological Society਍ഀ San Francisco Convention਍ഀ and Visitors Bureau਍ഀ Scottish Enterprise਍ഀ Singapore Tourist Board਍ഀ State of California਍ഀ Taiwan Ministry of Transportation਍ഀ Tennessee Valley Authority਍ഀ The Trust for Public Land਍ഀ Urban Land Institute਍ഀ US Aggency for International਍ഀ Development(AID)਍ഀ US Army Corps of Engineers਍ഀ US Department of Housing and਍ഀ Urban Development (HUD)਍ഀ US Department of Transportation਍ഀ US Navy਍ഀ Venezuela Ministry of Public Works਍ഀ West Kentucky Corporation਍ഀ Woods Hole Oceanographic Institute਍ഀ World Cup 1994਍ഀ Organizing Committee਍ഀ Financial Institutions਍ഀ American General਍ഀ Life Insurance Company਍ഀ Bank of America਍ഀ Bank of Montreal਍ഀ Bankers Trust਍ഀ Charterhouse Ltd.਍ഀ Connecticut General਍ഀ Life Insurance Company਍ഀ Banco Hipotecario del Uruguay਍ഀ First National Bank of Chicago਍ഀ Goldman Sachs਍ഀ HE Ahmanson and Company਍ഀ Lehman Brothers਍ഀ Mitsui Fudosan - New York, Inc.਍ഀ Morgan Stanley Dean Witter਍ഀ National Capital Redevelopment਍ഀ Corporation਍ഀ Nippon Life Insurance Company਍ഀ Prudential਍ഀ Robertson Stephens਍ഀ Rural Development਍ഀ and Finance Corporati਍ഀ on਍ഀ Teachers Insurance and Annuity਍ഀ USAA਍ഀ Professional਍ഀ Services Firms਍ഀ Bechtel਍ഀ Belt Collins਍ഀ BRC Imagination Arts਍ഀ Design Workshop਍ഀ EDAW Inc.਍ഀ EDSA਍ഀ Ehrenkrantz & Eckstut Architects਍ഀ Ellerbe Becket਍ഀ Ernst & Young਍ഀ FORREC਍ഀ Gruen Associates਍ഀ Gensler Associates਍ഀ Gibson Dunn & Crutcher਍ഀ HNTB਍ഀ HOK਍ഀ ICF Kaiser਍ഀ Landmark Entertainment਍ഀ LDR International਍ഀ The Jerde Partnership਍ഀ Parsons Transportation Group਍ഀ Jack Rouse Associates਍ഀ Roma Design Group਍ഀ RTKL਍ഀ Sasaki Associates਍ഀ SOM਍ഀ SWA Group਍ഀ Wallace Roberts & Todd਍ഀ Corporations਍ഀ & Developers਍ഀ Alcoa਍ഀ American Express Company਍ഀ Anheuser-Busch਍ഀ Ayala Corporation਍ഀ British Airways਍ഀ BAA਍ഀ BMW਍ഀ Ben & Jerry's Homemade, Inc.਍ഀ Boeing਍ഀ Boise Cascade Corporation਍ഀ Caruso Affiliated Holdings਍ഀ Castle and Cooke਍ഀ ClubCorp਍ഀ Del E. Webb Corporation਍ഀ Ford Motor Company਍ഀ Forest City Enterprises਍ഀ Gleneagles਍ഀ General Motors਍ഀ Hewlett-Packard਍ഀ Hines਍ഀ The Irvine Company਍ഀ ITT Corporation਍ഀ Kajima Corporation਍ഀ Lend Lease਍ഀ Mattel Corporation਍ഀ Mills Corporation਍ഀ Mission Viejo Company਍ഀ Mitsubishi Corporation਍ഀ Newhall Land and Farming Company਍ഀ Ovens-Coming਍ഀ Pebble Beach Corporation਍ഀ Pfizer Corporation਍ഀ Pier 39 Limited Partnership਍ഀ Porsche of America, Inc.਍ഀ The Rouse Company਍ഀ Samsung਍ഀ San Diego Padres਍ഀ Sea Pines Company਍ഀ Simon Property Group਍ഀ Soros Real Estate Partners਍ഀ Tejon Ranch Corporation਍ഀ Trammell Crow Company਍ഀ Westfield਍ഀ Media, Entertainment਍ഀ & Hospitality਍ഀ Anschutz Entertainment਍ഀ American Museum of Natural History਍ഀ Bass Pro Shops਍ഀ BBC਍ഀ Claridge Hotel and Casino਍ഀ Columbia Pictures਍ഀ Detroit Lions਍ഀ The Walt Disney Company਍ഀ Henry Ford Museum਍ഀ & Greenfield Village਍ഀ Four Seasons Hotels਍ഀ Gaming Industry Association਍ഀ of Nevada਍ഀ Grateful Dead Productions਍ഀ Green Bay Packers਍ഀ Harrah's਍ഀ Hershey Entertainment਍ഀ and Resort Company਍ഀ Hyatt Corporation਍ഀ Holiday Inns International਍ഀ IMAX Corporation਍ഀ Kansas City Chiefs਍ഀ Knott's Berry Farm਍ഀ Ladbroke਍ഀ LEGOLAND਍ഀ Los Angeles Dodgers਍ഀ Marriott Corporation਍ഀ Metromedia, Inc.਍ഀ NBC News਍ഀ Ontario Media Development਍ഀ Corporation਍ഀ Ringling Brothers Barnum & Bailey਍ഀ Combined Shows, Inc.਍ഀ San Francisco Giants਍ഀ Six Flags Corporation਍ഀ Sony Corporation਍ഀ SEGA਍ഀ Tussaud's Group Ltd.਍ഀ Twentieth Century Fox਍ഀ Universal Studios Inc.਍ഀ Vail Associates਍ഀ Ventana Canyon Resort਍ഀ Warner Brothers਍ഀ Westin Hotels਍ഀ Our staff members are carefully selected and have a strong commitment to ERA, its clients, and professional਍ഀ development. Senior managers average over 15 years with the firm, and our clients benefit from a continuing਍ഀ relationship with experienced advisors. Among the specialties represented within the firm are entertainment਍ഀ economics, real estate development, urban and regional economics, tourism development, golf development਍ഀ and operations, retail, fiscal and economic-impact analysis, transportation economics, and parks and਍ഀ recreation planning.਍ഀ ERA professionals serve as leaders in the most influential and prestigious professional organizations, including਍ഀ the Urban Land Institute, the International Association of Amusement Parks and Attractions, the Council for਍ഀ Urban Economic Development, the World Tourism Organization, and many others. Several teach in leading਍ഀ graduate programs in planning and real estate.਍ഀ Committed਍ഀ Resourceful and Creative਍ഀ Professionals਍ഀ Office Locations਍ഀ Los Angeles਍ഀ 10990 Wilshire Boulevard, Suite 1500਍ഀ Los Angeles, California 90024਍ഀ 310.477.9585 Fax 310.478.1950਍ഀ San Francisco਍ഀ 388 Market Street, Suite 1580਍ഀ San Francisco, California 94111਍ഀ 415.956.8152 Fax 415.956.5274਍ഀ Washington DC਍ഀ 1101 Connecticut Avenue, NW, Suite 750਍ഀ Washington DC 20036਍ഀ 202.496.9870 Fax 202.496.9877਍ഀ New York਍ഀ 1180 Avenue of the Americas, Suite 1489਍ഀ New York, New York 10036਍ഀ 212.899.5593 Fax 212.899.5594਍ഀ www.econres.com਍ഀ Chicago਍ഀ 20 East Jackson Boulevard, Suite 1200਍ഀ Chicago, Illinois 60604਍ഀ 312.427.3855 Fax 312.427.3660਍ഀ San Diego਍ഀ 964 5th Avenue, Suite 214਍ഀ San Diego, California 92101਍ഀ 619.544.1402 Fax 619.544.1404਍ഀ London਍ഀ 6 Grosvenor Street਍ഀ London, W1K 4DJ਍ഀ 44.20.7499.4479 Fax 44.20.7499.4486਍ഀ Dallas਍ഀ 16135 Preston Road, Suite 118਍ഀ Dallas, Texas 75248਍ഀ 972.726.9998 Fax 972.726.9993਍ഀ Economics Research Associates਍ഀ ਍ഀ a਍ഀ 10਍ഀ #਍ഀ 1 N =਍ഀ 11਍ഀ -਍ഀ a਍ഀ _਍ഀ ~~T਍ഀ 6਍ഀ 34਍ഀ ~~wt,"~'`4਍ഀ a਍ഀ 3਍ഀ s਍ഀ es਍ഀ ag~'~ASr਍ഀ ~II਍ഀ 6਍ഀ Y਍ഀ -਍ഀ b~.਍ഀ rraE.਍ഀ Real Estate਍ഀ Advisory Services਍ഀ Economics Research Associates਍ഀ Clients & Projects਍ഀ 4਍ഀ Cover Top Right਍ഀ Pacific Place has set the stage for downtown Seattle's਍ഀ comeback as a retail center. ERA assisted both the city and਍ഀ the developer of this pivotal project in Seattle's retail core.਍ഀ Cover Bottom Right਍ഀ ERA assisted the J.C. Nichols Co. to craft a public-private਍ഀ financing scheme for the expansion and redevelopment of the਍ഀ historic Country Club Plaza mixed-use project in Kansas City.਍ഀ Top Left਍ഀ For Tri-Met, Portland's regional transit organization, ERA਍ഀ analyzed development potentials around key stations,਍ഀ including the Lloyd station shown here.਍ഀ Bottom Left਍ഀ ERA's plan for the redevelopment of Governors Island in਍ഀ New York City incorporated a mix of public and private,਍ഀ commercial and recreational uses.਍ഀ Bottom Right਍ഀ Baltimore's Inner Harbor integrates commercial development,਍ഀ attractions, and public open space. ERA has made important਍ഀ contributions to numerous facets of this influential urban਍ഀ waterfront.਍ഀ Back Top਍ഀ ERA analyzed potential market demand and identified਍ഀ development opportunities for Singapore's Orchard Road,਍ഀ one of the world's great retail streets.਍ഀ Back Bottom਍ഀ Terrabrook, a major owner of planned communities, has਍ഀ looked to ERA for advice on commercial and residential਍ഀ development of town centers in several projects.਍ഀ ERA represents entities engaged in all facets of the industry.਍ഀ Our clients include leading public and private development਍ഀ companies, lenders and equity investors, real estate services਍ഀ companies, and public agencies:਍ഀ Clients਍ഀ Hutchinson Port Holdings਍ഀ Catellus਍ഀ Forest City Development਍ഀ Cinemark USA਍ഀ Singapore Urban਍ഀ Redevelopment Authority਍ഀ Hewlett Packard਍ഀ Boston Properties਍ഀ The Shorenstein Companies਍ഀ Bechtel, Inc.਍ഀ Hanford/Healy Companies਍ഀ Trammell Crow Company਍ഀ Jones Lang Wotton USA਍ഀ Metropolitan Life਍ഀ Insurance Company਍ഀ Los An eeles Community਍ഀ Redevopment Agency਍ഀ Ayala Land਍ഀ Hines਍ഀ Hillman Properties਍ഀ NationsBank਍ഀ Bank of America਍ഀ Pacific Mutual਍ഀ Washington Sports਍ഀ J. C. Nichols/Highwoods਍ഀ Belz Enterprises਍ഀ The Irvine Company਍ഀ The Rouse Company਍ഀ Premisys਍ഀ Westbrooke Communities਍ഀ Baltimore Development਍ഀ Corporation਍ഀ Central Dallas Association਍ഀ Battery Park City Authority਍ഀ Port Authority of New York਍ഀ & New Jersey਍ഀ Alcoa਍ഀ Massachusetts Port Authority਍ഀ General Services Administration਍ഀ Department of Veterans Affairs਍ഀ Department of Commerce਍ഀ American Electric Power਍ഀ Marriott਍ഀ Starwood Capital਍ഀ Michael Swerdlow Companies਍ഀ Mills Corp.਍ഀ CIGNA਍ഀ Millennium Partners਍ഀ Projects਍ഀ Country Club Plaza, Kansas City਍ഀ Peabody Place, Memphis਍ഀ Timarron, Dallas਍ഀ Renaissance Center਍ഀ Retail Repositioning, Detroit਍ഀ Westchase, Tampa਍ഀ Mall of America਍ഀ Irvine Ranch਍ഀ World Trade Center,਍ഀ New York City਍ഀ South Boston Seaport District਍ഀ U.S. Patent and Trademark Office,਍ഀ Washington, DC਍ഀ Adam's Mark Convention Hotel਍ഀ Expansion, Denver਍ഀ Third Street Promenade,਍ഀ Santa Monica਍ഀ Nordstrom Headquarters/਍ഀ Seattle Retail Core Strategy਍ഀ Real Estate Asset Management਍ഀ Strategy, County of Santa Clara਍ഀ The Block at Orange,਍ഀ Orange, California਍ഀ Real Estate Asset Management,਍ഀ Department of Veterans Affairs਍ഀ Dolphin Mall, Miami਍ഀ ERA਍ഀ For over 40 years਍ഀ Economics Research Associates has provided the real estate industry with skilled research, analysis,਍ഀ and strategic advice. Our clients include entrepreneurial developers, corporations, REITs, pension਍ഀ funds, life insurance companies, financial institutions, public agencies, and investors. We work in਍ഀ all property sectors and in all phases of development, acquisition, repositioning, and disposition of਍ഀ real estate or real estate-secured assets. Drivers Jonas, ERA's affiliate in Europe and Canada, brings਍ഀ additional skills in real estate transactions, asset and property management, and valuation. Together਍ഀ with ERN s strengths in pre-development services, we offer clients a broad range of services for both਍ഀ individual assets and portfolios of properties.਍ഀ Pre-Development Services Transactional Services਍ഀ Market Analysis Field Review਍ഀ Development Programming Lease Abstracts਍ഀ Site Selection and Location Analysis Operating Expense Analysis਍ഀ Highest and Best Use Valuation਍ഀ Project Positioning and Leasing Strategies Litigation Support਍ഀ Financial Analysis and Cash Flow Modeling਍ഀ Development Impact Analysis Property Operations and਍ഀ Public-Private Partnerships Asset Management਍ഀ Deal Structuring Leasing and Marketing Strategies਍ഀ Development Strategies Project Repositioning਍ഀ Disposition Strategies਍ഀ Real Estate Advisory Services that Add Value਍ഀ I਍ഀ Arr rt /i ~8'~~a80਍ഀ e਍ഀ x਍ഀ x,਍ഀ 74਍ഀ ~Xs਍ഀ k.਍ഀ ~o਍ഀ R R%਍ഀ H~਍ഀ R~਍ഀ Economics Research Associates਍ഀ Office Locations਍ഀ Los Angeles਍ഀ 10990 Wilshire Boulevard, Suite 1500਍ഀ Los Angeles, California 90024਍ഀ 310.477.9585 Fax 310.478.1950਍ഀ San Francisco਍ഀ 388 Market Street, Suite 1580਍ഀ San Francisco, California 94111਍ഀ 415.956.8152 Fax 415.956.5274਍ഀ Washington DC਍ഀ 1101 Connecticut Avenue, NW, Suite 750਍ഀ Washington DC 20036਍ഀ 202.496.9870 Fax 202.496.9877਍ഀ www.econres.com਍ഀ Chicago਍ഀ 20 East Jackson Boulevard, Suite 1200਍ഀ Chicago, Illinois 60604਍ഀ 312.427.3855 Fax 312.427.3660਍ഀ San Diego਍ഀ 964 5th Avenue, Suite 214਍ഀ San Diego, California 92101਍ഀ 619.544.1402 Fax 619.544.1404਍ഀ London਍ഀ 30 Watling Street਍ഀ London, EC4M 9JN਍ഀ 44.171.489.4289 Fax 44.171.489.1594਍ഀ ERA is affiliated with਍ഀ United Kingdom਍ഀ c;਍ഀ ~ em,any਍ഀ North America਍ഀ 77R 7਍ഀ Economics Research Associates਍ഀ Hotel & Resort਍ഀ Advisory I Services਍ഀ k ~਍ഀ y1 `r ~ w਍ഀ s਍ഀ ERA਍ഀ Clients & Projects਍ഀ ERA is engaged in all facets of the Hotel and Resort industry. Our clients include leading public਍ഀ and private development companies, lenders and equity investors, management companies,਍ഀ land owners, and public agencies. In many of these assignments, ERA works closely with land਍ഀ planning, architectural, and engineering firms.਍ഀ North America਍ഀ Inn at Spanish Bay,਍ഀ Pebble Beach, California਍ഀ Squaw Valley USA਍ഀ Squaw Valley, California਍ഀ Northstar at Tahoe਍ഀ Lake Tahoe, California਍ഀ Four Seasons Aviara,਍ഀ Carlsbad, California਍ഀ Sunriver, Bend, Oregon਍ഀ Loew's Ventana Canyon,਍ഀ Tucson, Arizona਍ഀ Snowmass at Aspen, Colorado਍ഀ Sun Peaks Resort,਍ഀ British Columbia, Canada਍ഀ C.P. Chateau Montebello,਍ഀ Quebec, Canada਍ഀ Stratton Mountain, Vermont਍ഀ Harrah's, Atlantic City,਍ഀ New Jersey਍ഀ Palmetto Dunes, Hilton Head਍ഀ Island, South Carolina਍ഀ Amelia Island, Florida਍ഀ Hyatt Grand Cypress,਍ഀ Orlando, Florida਍ഀ Pinehurst, North Carolina਍ഀ The Homestead,਍ഀ Glen Arbor, Michigan਍ഀ Arrowwood, Alexandria,਍ഀ Minnesota਍ഀ ਍ഀ Inn at Pelican Bay, Irvine, CA਍ഀ Mount Mansfield, Stowe, Vermont਍ഀ Ford's Colony,਍ഀ Williamsburg, Virginia਍ഀ Hammock Dunes,਍ഀ Palm Coast, Florida਍ഀ Sea Pines Plantation, Hilton Head਍ഀ Island, South Carolina਍ഀ Kiawah Island, South Carolina਍ഀ Big Cedar Lodge,਍ഀ Branson, Missouri਍ഀ Hawaii਍ഀ Hualalai at Historic Ka'upulehu,਍ഀ Big Island਍ഀ Mauna Lani Resort, Big Island਍ഀ Kapalua Bay Resort, Maui਍ഀ Kaanapali Beach Resort, Maui਍ഀ Hana Ranch, Maui਍ഀ Lodge at Koele, Lanai਍ഀ Wailea, Maui਍ഀ Caribbean and Latin਍ഀ America਍ഀ Four Seasons Belmont Beach,਍ഀ Nevis਍ഀ Atlantis, Paradise Island,਍ഀ Bahamas਍ഀ Elbow Beach Resort, Bermuda਍ഀ VIV - , rl਍ഀ flow,਍ഀ x਍ഀ C.P. Chateau Montebello, Quebec, Canada Top Left਍ഀ °ak਍ഀ Costa Smeralda Resort, Sardinia, Italy Bottom Left਍ഀ r,਍ഀ Gleneagles, Auchterarder, Scotland Cover Top Right਍ഀ Hualalai at Historic Ka'upulehu Cover Bottom Right਍ഀ Las Hadas Resort,਍ഀ Manzanillo, Mexico਍ഀ Sheraton Resort, Cancun, Mexcio਍ഀ Tierra del Sol, Aruba਍ഀ Puerta Sauipe Preserve,਍ഀ Bahia, Brazil਍ഀ Europe਍ഀ Gleneagles Hotel,਍ഀ Auchterarder, Scotland਍ഀ Costa Smeralda Resort,਍ഀ Sardinia, Italy਍ഀ St. Endreol Resort, France਍ഀ Aphrodite Resort, Cyprus਍ഀ Camp de Mar Resort,਍ഀ Mallorca, Spain਍ഀ Halikamas Resort, Turkey਍ഀ Asia-Pacific਍ഀ Bintan Beach Resort,਍ഀ Bintan Island, Indonesia਍ഀ Dragon Valley Resort,਍ഀ South Korea਍ഀ Tourism New South Wales,਍ഀ Australia਍ഀ Lau Lau Bay, Saipan਍ഀ Harvest Club, Toba, Japan਍ഀ Guilin Wonderland Resort,਍ഀ Guilin, People's Republic of China਍ഀ Issisting the Resort Industry for over 40 years਍ഀ ERA's resort, hospitality and tourism practice focuses on creating, accelerating, and enhancing value for਍ഀ our clients. ERA's experience allows us to recommend the combination of programs, land uses, and਍ഀ events that optimize resort performance. ERA understands consumer trends, the future direction of the਍ഀ leisure market, and competitive resort products. This allows ERA to identify products, environments,਍ഀ and experiences to enhance our clients' projects. For our public clients, ERA provides strategic advice to਍ഀ maximize the economic returns of tourism-development programs.਍ഀ Market Research Financial Forecasting Master Plan Development਍ഀ Trend Analysis Valuation and Appraisal Concept Development਍ഀ Competitive Benchmarking Owner Representation Programming Synergy਍ഀ Market Positioning Economic and Fiscal Phasing and Sensitivity Analysis਍ഀ Consumer Research Impact Analysis਍ഀ Investment Packaging Management and਍ഀ Amenity Programming Operations਍ഀ Attractions and Entertainment Real Estate Analysis Operational Audits਍ഀ Golf /Spa /Gamin /Marina Pricing and Absorption਍ഀ $ Repositioning and Expansion਍ഀ Retail and Food and Beverage Product Definition and Mix Strategies਍ഀ Amenity Disposition Strategies Alternative Ownership Concepts Marketing Program Assessments਍ഀ Island, Florida Above Left਍ഀ Ventana Canyon, Tucson, Arizona Above Right਍ഀ People's Republic of China Above Bottom Right਍ഀ I਍ഀ d F਍ഀ ffi1♦Ye~k"'਍ഀ n.'. F਍ഀ 4Y..: T.... yl~਍ഀ Four Seasons Belmont Beach, Nevis Top਍ഀ Squaw Valley, California Bottom਍ഀ -.C਍ഀ 'Ott.਍ഀ I਍ഀ e J'਍ഀ Economics Research Associates਍ഀ Office Locations਍ഀ Los Angeles਍ഀ Chicago਍ഀ 10990 Wilshire Boulevard, Suite 1500਍ഀ 20 East Jackson Boulevard, Suite 1200਍ഀ Los Angeles, California 90024਍ഀ Chicago, Illinois 60604਍ഀ 310.477.9585 Fax 310.478.1950਍ഀ 312.427.3855 Fax 312.427.3660਍ഀ San Francisco਍ഀ San Diego਍ഀ 388 Market Street, Suite 1580਍ഀ 964 5th Avenue, Suite 214਍ഀ San Francisco, California 94111਍ഀ San Diego, California 92101਍ഀ 415.956.8152 Fax 415.956.5274਍ഀ 619.544.1402 Fax 619.544.1404਍ഀ Washington DC਍ഀ London਍ഀ 1101 Connecticut Avenue, NW, Suite 750਍ഀ 30 Watling Street਍ഀ Washington DC 20036਍ഀ London, EC4M 9JN਍ഀ 202.496.9870 Fax 202.496.9877਍ഀ 44.171.489.4289 Fax 44.171.489.1594਍ഀ www.econres.com਍ഀ ERA is affiliated with:਍ഀ United Kingdom਍ഀ . Geerma any਍ഀ ®਍ഀ North America਍ഀ i਍ഀ i਍ഀ sue..਍ഀ 4਍ഀ 11਍ഀ M Chicann_ IL hC਍ഀ j2 S .r ~r~;਍ഀ 11਍ഀ INYFRNA`T10N I਍ഀ 11 ti„alt>? distinguish us from the competition.਍ഀ © o਍ഀ December 29, 2006਍ഀ Mr. Russell Forrest਍ഀ Director of Community Development਍ഀ Town of Vail਍ഀ 75 Frontage Road਍ഀ Vail, CO 81657਍ഀ Phone: 970-479-2146਍ഀ Email: russell@vail.net਍ഀ Re: Financial Critique and Analysis਍ഀ Dear Mr. Forrest:਍ഀ 445 West 1",6W, I-,Ll 'ItC਍ഀ Chicago, litinoi Pursuant to your request, HVS Convention, Sports & Entertainment਍ഀ r32js;-~»t~~~ Facilities Consulting ("HVS") is pleased to present this proposal for our਍ഀ services pertaining to a financial critique and analysis of two proposals਍ഀ to redevelop the existing Lionshead parking structure in Vail, Colorado਍ഀ as a mixed-use development providing over 1,150 public parking਍ഀ spaces.਍ഀ Through our previous work for the Town of Vail on the conference਍ഀ center project, we are familiar with the history of the efforts to develop਍ഀ a conference center and the Lionshead redevelopment project. In਍ഀ 2003, HVS developed the conference center business plan and then਍ഀ drafted the RFQ and RFP documents to select an operator for the਍ഀ conference center. Our familiarity with the Vail market will be valuable਍ഀ for this project.਍ഀ M01" HVS has experience assisting several municipalities in the analysis of਍ഀ developer proposals, including projects in Naperville, Illinois; Overland਍ഀ Wash' Park, Kansas; Omaha, Nebraska; San Juan, Puerto Rico; Bangor, Maine;਍ഀ Normal, Illinois; Baltimore, Maryland; Charlotte, North Carolina; and਍ഀ Vancou,, San Antonio, Texas.਍ഀ Vor,਍ഀ We are certain that we will be able to provide you with the precise mix਍ഀ Nla(f of experience and skills you will need for this engagement. Each of our਍ഀ N_ principals has experience in state and local government and hold਍ഀ advanced degrees in public policy. In your decision, we ask you to਍ഀ S..il~ey consider the experience and qualifications of our team that may਍ഀ Sao਍ഀ • Our staff includes a former manager of major investment਍ഀ banking firms. Brian Harris is a former senior staff member at਍ഀ William R. Hough & Co. Prior to that, Harris was also deputy਍ഀ manager of public finance at Raymond James Financial.਍ഀ H਍ഀ • With 25 offices, HVS brings a wider range of resources available਍ഀ for analysis of this study than any of our competitors.਍ഀ • As the global leader in real estate consulting, HVS combines਍ഀ - - - - specialized expertise in the evaluation of proposed developments਍ഀ - and their financial viability.਍ഀ r n f= i • Finally, we guarantee the quality and timeliness of our work.਍ഀ The attached proposal sets forth in further detail our firm qualifications,਍ഀ describes the objectives and scope of the assignment, explains the਍ഀ methodology to be employed, provides an estimate of the time਍ഀ requirements, and the amount of professional fees for this assignment.਍ഀ We hope to have the opportunity to serve you.਍ഀ I['!਍ഀ Very truly yours,਍ഀ Tom Hazinski਍ഀ Managing Director਍ഀ HVS Convention, Sports & Entertainment਍ഀ Facilities Consulting਍ഀ A Division of HVS International਍ഀ II . o਍ഀ 11਍ഀ HVS Proposal to Conduct Financial਍ഀ Critique Analysis਍ഀ Pursuant to your Request for Proposals ("UP"), we are pleased to਍ഀ present the HVS International's proposal to the Town of Vail (Town)਍ഀ to perform a financial analysis and critique of two developer਍ഀ proposals.਍ഀ Our proposal is organized in the following sections, as requested in਍ഀ the RFP.਍ഀ A. Statement of Qualifications਍ഀ A-1 Firm Overview and Key Personnel਍ഀ A-2 Firm Strengths਍ഀ A-3 Expertise in Financial Analysis਍ഀ A-4 Previous Projects and References਍ഀ B. Cost Estimate਍ഀ B-1 Scope of Services and Schedule਍ഀ B-2 Cost Estimate਍ഀ Appendix਍ഀ Firm Brochure, Resumes, Firm Project List਍ഀ O HVS Proposal Page 2਍ഀ A. Statement of Qualifications਍ഀ A-1 Firm Overview and Key Personnel਍ഀ Since 1980, HVS International, the leading global hospitality਍ഀ consulting organization, has performed more than 15,000਍ഀ assignments throughout the world for nearly every major industry਍ഀ participant. Our professional staff of more than 250 industry਍ഀ specialists offers a wide range of services, including market feasibility਍ഀ studies, valuations, strategic analyses, due diligence analysis,਍ഀ development planning, and financing strategies. With 25 offices in 11਍ഀ countries, we offer one of the most comprehensive knowledge bases਍ഀ in the industry. Last year, HVS International completed more than਍ഀ 1,500 appraisals, feasibility studies, and consulting engagements for਍ഀ a wide variety of real estate projects. HVS International is respected਍ഀ worldwide by developers, underwriters, operators, and investors.਍ഀ Distinct divisions of HVS International offer a wide variety of services਍ഀ and specialized consulting in the following areas:਍ഀ • Hotel Consulting & Valuation਍ഀ • Hospitality Investment Banking਍ഀ • Hotel Investment Banking਍ഀ • Convention, Sports & Entertainment Facilities਍ഀ Consulting਍ഀ • Asset Management & Strategic Advisory਍ഀ • Restaurant Management & Advisory Services਍ഀ • Ultimate Hotel Parking Solutions਍ഀ • Executive Search਍ഀ • Organizational Assessments - Performance Cultures਍ഀ • Food & Beverage Services਍ഀ 0 Gaming Services਍ഀ 11਍ഀ OR਍ഀ irr਍ഀ r਍ഀ ਍ഀ m਍ഀ E਍ഀ • Interior Design਍ഀ • Marketing Communications਍ഀ • Technology Strategies਍ഀ • Shared Ownership Services਍ഀ • Golf Services਍ഀ HVS Proposal Page 3਍ഀ The Chicago office of HVS International will provide these services to਍ഀ the Town of Vail. Experts from the other offices and divisions of HVS਍ഀ International will be at your disposal if needed. Our specialized staff਍ഀ has completed over 250 assignments throughout the world analyzing਍ഀ the feasibility of a wide variety of real estate developments, including਍ഀ the development of mixed-use projects, convention centers, hotels,਍ഀ civic centers, stadiums, arenas, retail and other development਍ഀ initiatives. Our clients include public facility authorities, economic਍ഀ development agencies, educational institutions, planning਍ഀ departments, municipal finance departments, convention and tourism਍ഀ agencies, developers, non-profit organizations, and non-governmental਍ഀ entities involved in publicly-supported development projects.਍ഀ Our Chicago office has provided developer analysis services to਍ഀ numerous municipal clients throughout the U.S., as highlighted in਍ഀ Section A-4 in this proposal. We have also performed tax revenue਍ഀ projections in support of publicly developed projects. Our studies਍ഀ appear in municipal bond offering statements and our staff has਍ഀ presented these studies to rating agencies, bond insurers and਍ഀ investors. While the majority of our clients are public entities, we also਍ഀ work with private developers and owners of developments.਍ഀ Key Personnel਍ഀ The following principals will be actively involved with this project.਍ഀ Their full resumes are attached in an appendix to this proposal.਍ഀ Thomas Hazinski, Managing Director of HVS, has an advanced degree਍ഀ in public policy studies from the University of Chicago and 20 years of਍ഀ practical experience in the public sector and the consulting business.਍ഀ Tom is nationally recognized by rating agencies, bond insurers, and਍ഀ investors on Wall Street, as well as by clients throughout the country,਍ഀ for his expertise in public facility projects. Tom is the former Assistant਍ഀ Budget Director for Revenue Analysis for the City of Chicago. Tom਍ഀ recently provided development assistance services in Baltimore,਍ഀ r਍ഀ OF"਍ഀ r਍ഀ +.r਍ഀ P_ r-I਍ഀ HVS Proposal Page 4਍ഀ Maryland; San Antonio, Texas; Overland Park, Kansas; and San Juan,਍ഀ Puerto Rico. He provided market and financial analysis to the City of਍ഀ Schaumberg, Illinois for their newly opened convention center and਍ഀ headquarters hotel and is currently serving as asset manager for the਍ഀ project in Schaumberg. Tom will provide project oversight and serve਍ഀ as consulting specialist for key aspects of financial analyses.਍ഀ Paul Sajovec, Senior Director of HVS, has over 10 years of਍ഀ experience in the analysis of various types of facilities. Paul has a਍ഀ Masters Degree in Public Administration from the University of North਍ഀ Carolina at Chapel Hill, where he specialized in urban redevelopment਍ഀ and public facility projects. Paul has managed numerous consulting਍ഀ engagements that involve hotel, convention, conference, arena,਍ഀ stadium, and sports facility projects. Paul formerly worked in਍ഀ municipal government, as the economic development coordinator for਍ഀ a suburb of Chicago and as the planning coordinator for a regional਍ഀ development planning commission. He was the project manager for਍ഀ the firm's previous work in Vail for the conference center project. He਍ഀ led the HVS study of a mixed-use development in Glens Falls, New਍ഀ York and managed the work on a hotel and conference center਍ഀ feasibility study in Jamaica (Queens), New York. He performed the਍ഀ analysis for a hotel conference center in Suffolk, Virginia, which has਍ഀ subsequently been developed, and recently conducted a market and਍ഀ feasibility study of the under-construction convention center and਍ഀ hotel in Raleigh, North Carolina. He was the recent project manager਍ഀ for the expansion to the Hyatt Hotel at McCormick Place in Chicago਍ഀ and is currently providing analysis for a stadium development in਍ഀ Raleigh, North Carolina. Paul will serve as project manager for this਍ഀ engagement.਍ഀ Brian Harris, Director at HVS, brings extensive experience in public਍ഀ facility financing to HVS. He served as Vice President of Analytical਍ഀ Services, ScheerGame Sports Development, LLC for the past five਍ഀ years and in a similar capacity at William R. Hough & Co for the਍ഀ previous five years. Prior to that, Harris was deputy manager of public਍ഀ finance at Raymond James. During his 25-year career as an analyst਍ഀ and as a manager of analytical services, he has worked on over 1,000਍ഀ municipal financing projects ranging from basic general obligation਍ഀ bond issues to complex derivative transactions. His work experience਍ഀ includes valuation work on Worcester, MA Centrum Centre's two਍ഀ facilities; working on feasibility plans for an arena and expanded਍ഀ minor league baseball stadium in Savannah, GA; a relocation of the਍ഀ Rubber Bowl in Akron, OH; a development plan for a downtown minor਍ഀ league baseball stadium in Greenville, SC; and the development of a਍ഀ major league soccer facility in Milwaukee, WI. Brian recently provided਍ഀ hotel analyses for the Town of Normal, Illinois and the City of Peoria,਍ഀ o਍ഀ HVS Proposal Page 5਍ഀ 11,਍ഀ Illinois. He is currently conducting an analysis for a hotel਍ഀ development for the University of Chicago in Chicago, Illinois, as well਍ഀ as a hotel in North Austin, Texas. Brian will assist in the financial਍ഀ analysis.਍ഀ e਍ഀ A.2 Strengths of the Team਍ഀ HVS Proposal Page 6਍ഀ HVS has several strengths that make us highly qualified to provide਍ഀ these services to the Town of Vail:਍ഀ Through our previous work for the Town of Vail on the਍ഀ conference center project, we are familiar with the history of਍ഀ the effort to develop a conference center and the਍ഀ redevelopment of Lionshead. In 2003, HVS developed the਍ഀ conference center business plan and then drafted the RFQ and਍ഀ RFP documents to select an operator for the conference center.਍ഀ • HVS has assisted numerous municipalities across the U.S. in਍ഀ the evaluation of real estate development projects, several of਍ഀ which are completed or are under construction.਍ഀ • Our staff includes a former senior staff member of several਍ഀ major financial firms. Brian Harris is the former senior staff at਍ഀ William R. Hough & Co. Prior to that, Harris was deputy਍ഀ manager of public finance at Raymond James.਍ഀ With 25 offices in 11 countries, we offer one of the most਍ഀ comprehensive knowledge bases in the industry. Our resources਍ഀ include the breadth and diversity of our firm's experiences and਍ഀ skills in analyzing a variety of land uses.਍ഀ Through our previous experience and the resources of the HVS਍ഀ network, we have developed detailed databases and਍ഀ sophisticated financial models.਍ഀ Ah਍ഀ A.3 Expertise਍ഀ HVS Proposal Page 7਍ഀ The Chicago HVS staff has extensive experience in providing financial਍ഀ analysis for a wide variety of development initiatives.਍ഀ Prior to joining HVS International Brian Harris spent over 25਍ഀ years in municipal investment banking. Mr. Harris started as a਍ഀ college intern providing basic tax analysis and after 10 years਍ഀ became head of technical services in municipal finance for਍ഀ three different investment banking firms, including Raymond਍ഀ James Financial, over the next 15 years. These positions gave਍ഀ him the ability to work on a wide range of projects from਍ഀ interest rate swaps to water and sewer financing. He also਍ഀ worked on a number of public\private partnerships including਍ഀ transactions for Raymond James Stadium, St. Pete Time਍ഀ Forum, Tropicana Field, Jacksonville Arena, World Golf Hall of਍ഀ Fame, various parking garages throughout the southeast, and਍ഀ numerous convention centers with attached hotels. The਍ഀ experience he gained writing custom excel models for complex਍ഀ public\private partnerships will be highly relevant for this਍ഀ project.਍ഀ HVS has experience assisting several municipalities in the਍ഀ analysis of developer proposals and financial models, including਍ഀ projects in Naperville, Illinois; Overland Park, Kansas; Omaha,਍ഀ Nebraska; San Juan, Puerto Rico; Bangor, Maine; Normal,਍ഀ Illinois; Baltimore, Maryland; Charlotte, North Carolina; and਍ഀ San Antonio, Texas.਍ഀ A.4 Previous Projects and References਍ഀ HVS Proposal Page 8਍ഀ The analysis of developer proposals requires a combination of਍ഀ rigorous analysis and financial expertise. HVS brings the skills and਍ഀ experience necessary to assist the Town in determining the best਍ഀ developer approach for this project. Detailed project sheets are਍ഀ included in the appendix to this proposal.਍ഀ Vail, Colorado - The Town of Vail hired HVS to develop a business਍ഀ plan for a new conference center. The Town has explored the concept਍ഀ of a conference center for several years and a series of previous਍ഀ studies have identified varying levels of potential demand for such a਍ഀ facility. HVS teamed with LMN Architects, developed a business plan਍ഀ for the facility. Given the unique resort character of the Town of Vail,਍ഀ HVS conducted extensive event planner surveys, interviews, and਍ഀ focus groups to help determine the appropriate facility program and਍ഀ demand potential for the conference center. HVS' report਍ഀ recommended a conference center with 45,000 square feet of਍ഀ function space, including a 25,000 square foot main ballroom/exhibit਍ഀ space. The Town of Vail selected an architect and design work for the਍ഀ facility was completed. The cost of the project increased and the਍ഀ Town held a second public referendum on the project that was਍ഀ defeated.਍ഀ Normal, Illinois - HVS was engaged by the Town of Normal, Illinois਍ഀ to help develop a 150- to 200-room hotel and conference center਍ഀ property adjacent to the Illinois State University campus. In response਍ഀ to an RFQ drafted by HVS, the Town of Normal entertained ten਍ഀ developer and operator proposals. HVS assisted the Town in਍ഀ evaluating the development proposals, analyzing financing਍ഀ alternatives, and selecting a development team. HVS is expected to਍ഀ negotiate the development and operating agreements with the਍ഀ selected team. This project focuses specifically on the operations,਍ഀ management, development, construction areas of development਍ഀ consulting.਍ഀ Baltimore, Maryland - During the period 2004 through 2006, HVS਍ഀ assisted the Baltimore Development Corporation (BDC) in the਍ഀ development of a new convention center headquarters hotel that਍ഀ would be connected to the Baltimore Convention Center. Our਍ഀ involvement included the initial conception of the project through its਍ഀ successful financing. HVS performed a hotel feasibility study and਍ഀ recommended the development of a 750-room property. Our analysis਍ഀ demonstrated that a publicly financed hotel project of this size would਍ഀ be most feasible and provide the highest level of benefit to the City of਍ഀ HVS Proposal Page 9਍ഀ Baltimore. HVS then assisted the BDC in running a competitive਍ഀ selection process for a development team. The BDC selected Hilton as਍ഀ the operator and choose to use municipal financing to fund the਍ഀ construction of the hotel. This project enjoyed the support of a਍ഀ historically strong hotel and convention market in downtown਍ഀ Baltimore and was successfully financed in January 2006 with the਍ഀ issuance of $323,940 in tax exempt debt. The HVS report was਍ഀ included as part of the Official Statement. The financing structure਍ഀ minimized the development risk to the City of Baltimore and included਍ഀ substantial financial guarantees from the Hilton Corporation. The਍ഀ Hotel is currently under construction and scheduled to open in August਍ഀ 2008.਍ഀ Omaha, Nebraska - In 2000, HVS analyzed the feasibility of a਍ഀ convention center headquarters hotel in Omaha, Nebraska. Based on਍ഀ this study, the City recognized that a headquarters hotel development਍ഀ in Omaha was likely to require public participation. HVS was further਍ഀ engaged to assist the City in the selection of, and negotiations with,਍ഀ the hotel developer, operator, and construction manager. HVS਍ഀ developed a financing model and estimation of financing capacity and਍ഀ participated in negotiations with development teams on the terms of਍ഀ a proposed public/private partnership for a development agreement਍ഀ and a hotel operating agreement. We assisted in the preparation of਍ഀ financing documents and drafted and negotiated the room block਍ഀ commitment agreement. Our staff also made presentations to rating਍ഀ agencies and bond insurers. $103 million in tax-exempt hotel revenue਍ഀ bonds were issued in April 2002 and the Hilton Headquarters hotel਍ഀ opened in 2004.਍ഀ Naperville, Illinois - HVS was retained by the City of Naperville to਍ഀ conduct a feasibility analysis for a proposed full-service, hotel਍ഀ conference center. The study included a market analysis and demand਍ഀ projections for the conference center component of the project. HVS਍ഀ also helped the City evaluate various public financing strategies that਍ഀ would make the project feasible. In conjunction with this feasibility਍ഀ analysis, HVS provided development assistance to attract the most਍ഀ qualified and competitive development team for the project. HVS਍ഀ recommended a three-step process to achieve the client's objective.਍ഀ First, HVS developed a "request for qualifications" (RFQ) and਍ഀ circulated it among several dozen of the top development and਍ഀ architectural firms in the industry, and then guided the client਍ഀ selection committee through an evaluation of the submitted਍ഀ qualifications. Second, HVS developed a "request for proposals" (RFP)਍ഀ and issued the RFP to the finalists from the RFQ process. Finally, HVS਍ഀ assisted the client in negotiating with the finalist in ways to maximize਍ഀ the project's chances of achieving the City's goals and objectives.਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 19਍ഀ HVS Proposal Page 10਍ഀ San Antonio, Texas - In May 2005, the City of San Antonio਍ഀ successfully financed a 1,000 room Hyatt Regency Hotel, to serve as਍ഀ the headquarter property for the San Antonio Convention Center. The਍ഀ City had the unique advantage of developing this hotel in an਍ഀ Empowerment Zone, which allowed for private ownership and the਍ഀ issuance of tax-exempt debt. The project is currently under਍ഀ construction and is scheduled to be completed in early 2008. HVS਍ഀ provided the following services:਍ഀ Headquarters hotel feasibility study and facility program਍ഀ recommendation਍ഀ • Drafting and issuance of request for development਍ഀ proposals਍ഀ • Development team selection਍ഀ • Negotiation of development and operating agreements਍ഀ • Room tax analysis਍ഀ • Publication of study in offering statements਍ഀ Overland Park, Kansas - HVS staff provided the City with a full range਍ഀ of project assistance including: convention center and hotel feasibility਍ഀ analyses, hotel tax projections, financing plans, economic impact਍ഀ analysis, and assistance with the development process. HVS staff਍ഀ provided services to select the developer, operator, and food and਍ഀ beverage service provider. Based on the feasibility work performed by਍ഀ HVS staff, a 412-room Sheraton hotel and convention center project਍ഀ was successfully financed in January 2002 and opened in November਍ഀ 2002. The hotel portion of this project was funded using tax exempt਍ഀ municipal bonds, which has recently become a popular method of਍ഀ public financing of convention center hotels.਍ഀ Bangor, ME - The City of Bangor hired HVS International to conduct਍ഀ a feasibility study of the potential for a focused-service hotel property਍ഀ with meeting and banquet facilities in downtown Bangor. The City has਍ഀ worked to redevelop the riverfront portion of its downtown for many਍ഀ years, and the City views a hotel capable of hosting meetings and਍ഀ small conventions as a key part of that effort. In addition to testing਍ഀ the feasibility of the proposed hotel, HVS has provided ongoing਍ഀ development assistance services in the form of evaluation of਍ഀ developer proposals and financing strategies. The recent approval of a਍ഀ "racino" (combination harness racing facility and casino) in the City਍ഀ has led to further redevelopment of City's downtown, and has਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ alllk਍ഀ HVS Proposal Page 11਍ഀ expedited the hotel development process. HVS assisted the City with਍ഀ review of developer proposals and then provided development਍ഀ assistance services.਍ഀ References਍ഀ The following individuals were involved with HVS projects described਍ഀ earlier in this proposal. HVS has an excellent track record for਍ഀ completing our assignments within budget and on time. We invite you਍ഀ to contact any of these individuals as references regarding the quality਍ഀ of our work.਍ഀ Baltimore Headquarter Hotel Development Assistance਍ഀ Ms. Irene Van Sant਍ഀ Project Director਍ഀ Baltimore Development Corporation਍ഀ 36 S. Charles St., Suite 1600਍ഀ Baltimore, MD 21201-3015਍ഀ Phone: 410-837-9305਍ഀ Overland Park Convention Center - Feasibility &਍ഀ Development Negotiations਍ഀ Ms. Kristy Cannon-Stallings਍ഀ Assistant City Manager਍ഀ City of Overland Park਍ഀ City Hall਍ഀ 8500 Santa Fe Drive਍ഀ Overland Park, KS 66212-2899਍ഀ Phone: (913) 895-6152਍ഀ Omaha Convention Center Hotel - Development਍ഀ Negotiations਍ഀ Mr. Bob Peters਍ഀ Planning Director਍ഀ City of Omaha Planning Department਍ഀ 1819 Farnam Street, Suite 1111਍ഀ Omaha, NE 68183਍ഀ Phone: (402) 444-5157਍ഀ 1111,਍ഀ 11਍ഀ B. Cost Estimate਍ഀ F਍ഀ B-1. Scope of Services and Schedule਍ഀ Understanding of the Assignment਍ഀ HVS Proposal Page 12਍ഀ In May 2006, the Town of Vail issued a request for proposals for਍ഀ qualified development teams to propose a mixed-use plan for਍ഀ redevelopment of the Town of Vail owned Lionshead parking਍ഀ structure. The Town of Vail owns and operates an 1,150 space਍ഀ parking structure and an unimproved charter bus parking lot located਍ഀ at 395 South Frontage Road in Vail, Colorado. This site is 6.6 acres in਍ഀ size and is located in the Lionshead Redevelopment Master Plan Area਍ഀ that is one of two pedestrian-oriented retail areas in Vail. In addition,਍ഀ this site is included in the Lionshead Urban Renewal Area.਍ഀ Lionshead is currently experiencing a major redevelopment with the਍ഀ new Arrabelle mixed-use project as well as redevelopment of several਍ഀ surrounding condominium projects. Lionshead is at the heart of Vail's਍ഀ $1 billion renewal.਍ഀ In the last year, private developers have approached the Town of Vail਍ഀ and proposed redevelopment of the Lionshead parking structure to਍ഀ accommodate both public and private uses. To ensure a fair and਍ഀ equitable process, the Town issued a "Request for Proposals" to solicit਍ഀ development proposals which meet the project goals of the Town for਍ഀ this site.਍ഀ In September of this year two developers, East West Partners and਍ഀ Open Hospitality Partners/Hillwood submitted proposals to the਍ഀ attached RFP. This Request for Proposals seeks a qualified financial਍ഀ analyst to critique and analyze the two development proposals.਍ഀ The Town is seeking an independent consultant to provide a market਍ഀ and financing analysis and comparison of the two responses to the਍ഀ request for proposals to redevelop the Lionshead parking structure.਍ഀ This analysis will assist the Town in evaluating the relative merits of਍ഀ the two responses and in determining the best course of action਍ഀ moving forward.਍ഀ 11਍ഀ ON਍ഀ Ym,਍ഀ A਍ഀ Scope of Services਍ഀ HVS Proposal Page 13਍ഀ HVS developed the business plan for the proposed conference center਍ഀ on the Lionshead parking structure site subsequent to voter approval਍ഀ of the use of lodging and sales taxes to publicly fund the construction਍ഀ of the facility. This prior analysis provides HVS with a significant਍ഀ amount of data and a detailed understanding of the demand for a਍ഀ conference facility in the Town. HVS will utilize this past analysis and਍ഀ information to assist it in the evaluation of the developer proposals਍ഀ and their estimated market demand. HVS has also conducted lodging਍ഀ feasibility studies in the Town that can provide valuable information਍ഀ on recent trends in occupancy and rate to draw upon for this analysis.਍ഀ To accomplish this, HVS would undertake a series of analytical tasks਍ഀ that has proven to be effective in similar studies.਍ഀ The following is a list of the tasks outlined in the Town's request for਍ഀ proposals and the proposed approach to fulfilling each prescribed਍ഀ task.਍ഀ A. Review the financial capability of the two developers to਍ഀ determine if they have the capacity to complete their respective਍ഀ proposals. Describe how this determination would be made and਍ഀ what information would be required to complete this task.਍ഀ We would start with a review of the developers' prior projects for਍ഀ financing problems and examine the current financial condition of the਍ഀ developer, as well as any future planned projects. We would also਍ഀ request that the developers provide us with any published credit਍ഀ ratings. The developer would have to be willing to open its books for a਍ഀ determination of its financing capacity to be made. HVS can enter਍ഀ into a confidentiality agreement with the developers to help safeguard਍ഀ their proprietary information. We also need to understand the਍ഀ developers' strategy for preventing financial problems with another਍ഀ development from impacting the Town's project. We would need at a਍ഀ minimum, the income statement and balance sheet of the developers਍ഀ plus an understanding of the developer's future financial਍ഀ commitments. We would also need the documentation for the legal਍ഀ entity that the developer would be using for the project. We would਍ഀ evaluate the proposed development budgets, assessing the reality of਍ഀ the schedules. HVS would also assess and document risks in project਍ഀ budgets and costs of alternative development schedules and਍ഀ scenarios.਍ഀ The net worth of the developer may not be the determining factor of਍ഀ financial capacity, as the developer will likely establish a limited਍ഀ liability corporation to limit the developer's liability in any one project.਍ഀ Adik਍ഀ HVS Proposal Page 14਍ഀ We will examine the specific legal entity that the developer will be਍ഀ using for this project. We would evaluate the financial support,਍ഀ guarantees, or other means of support the developers will provide to਍ഀ the "one-off" development corporations if they are used. We will਍ഀ compare the legal entities both developers will use for the project and਍ഀ discuss how those differences could affect the Town. If the entire਍ഀ project is not started at the same time, the risks of a partially਍ഀ competed project exists. Such a schedule would require a long-term਍ഀ financial commitment to the project by the developer in order to਍ഀ avoid a situation where the project could be abandonded before਍ഀ completion with no recourse for the Town. We would need to਍ഀ understand how those financial commitments work within the legal਍ഀ structure for the transaction. Our goal is to limit the risk through the਍ഀ various stages of development by always asking ourselves what would਍ഀ happen if work on the project stops at this stage.਍ഀ B. Evaluate the proposed financing structure to determine its਍ഀ overall ability to be financed.਍ഀ We will examine the financing structure for, not just the ability to be਍ഀ financed, but any significant long-term risks associated with the਍ഀ financing package.਍ഀ Key Factors we will evaluate include,਍ഀ Total financing requirements,਍ഀ Proposed sources of financing,਍ഀ The form of any financing guarantees,਍ഀ The form of any financing guarantees,਍ഀ • Structure of financings being presented by developers,਍ഀ • Structure of financings being presented by developers,਍ഀ Timing of cash flows and fees, participations sought by਍ഀ developers,਍ഀ • Quality, structure, obligations and terms of any਍ഀ preliminary financing commitments presented to the਍ഀ Town,਍ഀ • The amount of variable rate exposure in the financing,਍ഀ 11਍ഀ AdftL਍ഀ O਍ഀ HVS Proposal Page 15਍ഀ 11਍ഀ • When the interest rates for the financing would be਍ഀ established,਍ഀ • When the interest rates for the financing would be਍ഀ established,਍ഀ • When final loan commitments are made,਍ഀ • Any required involvement of the Town in the financing,਍ഀ • The number of stages of development,਍ഀ • Expected equity investment in the project by the਍ഀ developer,਍ഀ • The form of that equity investment and the length of਍ഀ time it is at risk in the project,਍ഀ • How feasibility of the project components is਍ഀ determined, and਍ഀ • Any required takeout of construction financing by long-਍ഀ term financing.਍ഀ HVS will prepare a table illustrating the difference in the financing਍ഀ structure of the two proposals.਍ഀ C. Evaluate the financial guarantee that is being offered to ensure਍ഀ completion of the project on time and recommend legal/financial਍ഀ tools to help affect that guarantee.਍ഀ HVS has employed financial guarantees provided by developer/਍ഀ contractors or third parties to protect clients against changing਍ഀ circumstances or unmet contract provisions on various projects. The਍ഀ analysis would include a side-by-side comparison of the various਍ഀ guarantees offered by any developer. The triggers for payment would਍ഀ be compared along with the size and length of such guarantees. HVS਍ഀ would also examine the credit quality of the guarantor. HVS would਍ഀ review the overall financing plan of each proposal to see if significant਍ഀ differences existed in the likelihood that a guarantee would be called਍ഀ upon. In general, we feel that a guarantee should not be a substitute਍ഀ for equity by a developer in a project. We would evaluate the size of਍ഀ the guarantee in relation to the size of the public investment or਍ഀ benefits; specifically the guarantee would be evaluated to protect the਍ഀ Town's needs, both now and in the future, for parking spaces.਍ഀ 11਍ഀ 0਍ഀ HVS Proposal Page 16਍ഀ D. Critique and evaluate, using independent verification, the਍ഀ feasibility of the public benefits that are being proposed.਍ഀ HVS will independently assess the two proposals and the estimated਍ഀ performance of the following types development:਍ഀ Hotel-HVS will summarize the number and type of਍ഀ lodging units included in each proposal and critically਍ഀ review the estimates and projections in each response.਍ഀ Using available data on the recent performance of਍ഀ comparable lodging properties in the market and a਍ഀ penetration analysis designed to measure the effect of਍ഀ the new addition to supply on the existing market, HVS਍ഀ will analyze and make any necessary adjustments to਍ഀ the estimates of future occupancy, room rate, and਍ഀ financial operations of the lodging units in each of the਍ഀ two proposals. Recent studies HVS has conducted on਍ഀ the Vail lodging market will enable an informed਍ഀ assessment of the reasonableness of the developer਍ഀ estimates. HVS will detail the rationale for any਍ഀ adjustments to the developers' estimates of future਍ഀ performance.਍ഀ Residential-A summary of the number of units by type਍ഀ and assumed sale prices for each proposal will serve as਍ഀ the basis for an analysis of each proposal. HVS will਍ഀ compile and analyze data on comparable condominium਍ഀ developments and compare and contrast them to each਍ഀ of the proposals to provide a basis for assessing the਍ഀ reasonableness of the two potential developers'਍ഀ estimates. This analysis will consider factors such as਍ഀ price, absorption rate, property tax revenues, and other਍ഀ revenues as called for such as assessments and fees.਍ഀ Retail-HVS will summarize the amount of square feet਍ഀ of retail space by type and location proposed in each਍ഀ plan. Data acquired from the Town on the actual਍ഀ performance of comparable existing space and਍ഀ estimates for new space under development in਍ഀ Lionshead will serve as benchmarks for the estimated਍ഀ performance of the space included in each proposal.਍ഀ HVS, drawing upon its experience with other hotel਍ഀ conference center developments, will comment on the਍ഀ compatibility of the proposed retail space to the balance਍ഀ of development proposed for the site.਍ഀ V਍ഀ Q਍ഀ HVS Proposal Page 17਍ഀ Conference Center-HVS will review the two proposals਍ഀ for a conference center and produce a side-by-side਍ഀ comparison of their key attributes. The analysis will਍ഀ summarize the developers' estimates of event demand,਍ഀ attendance, and financial operations, drawing heavily਍ഀ upon the research HVS conducted for the Vail਍ഀ Conference Center Business Plan. The assessment will਍ഀ include conclusions about the relative ability of the two਍ഀ proposals to effectively serve the market demand਍ഀ identified in the HVS business plan and include਍ഀ suggestions for any modifications that could enable਍ഀ either to better serve this demand. HVS will discuss਍ഀ with Town staff the desire for the conference center to਍ഀ serve entertainment and other functions, in addition to਍ഀ its primary role as a group event facility, and਍ഀ incorporate the feedback from staff into the criteria਍ഀ used in the analysis. The result of this analysis will be਍ഀ an evaluation of the reasonableness of each proposal's਍ഀ estimates and any resultant modifications of the event਍ഀ demand dictated by the analysis.਍ഀ E. Provide a side-by-side comparison of the financial benefits of਍ഀ each team's public benefit.਍ഀ The analysis conducted in Step D will provide the data necessary to਍ഀ develop a side-by-side comparison of the financial and overall public਍ഀ benefits of the two proposals. The following table shows a sample of਍ഀ the type of comparison HVS would conduct.਍ഀ 1-1਍ഀ 11਍ഀ 11਍ഀ W਍ഀ ਍ഀ HVS Proposal Page 18਍ഀ Element / Item਍ഀ East West਍ഀ HiOpen਍ഀ Difference਍ഀ Conference Center਍ഀ Number of Conferences਍ഀ Number of Meetings਍ഀ Number of Entertainment Events਍ഀ Number of Other Events਍ഀ Number of Total Events਍ഀ Total Attendance Gross and Net New਍ഀ Total Event Room Nights Gross and Net New਍ഀ Estimated Operating Profit Loss਍ഀ Estimated Annual Direct Net New Spending Impact਍ഀ Estimated Annual Net New Fiscal Tax Revenue਍ഀ Hotel਍ഀ Number of Rooms਍ഀ Estimated Occupancy Gross and Net New਍ഀ Estimated ADR਍ഀ Estimated Operating Profit Loss਍ഀ Estimated Annual Direct Net New Spending Impact਍ഀ Estimated Annual Net New Fiscal Tax Revenue਍ഀ Residential਍ഀ Number of Units਍ഀ Average Sales Price਍ഀ Absorption Rate਍ഀ Estimated Annual Direct Net New Spending Impact਍ഀ Estimated Annual Net New Fiscal Tax Revenue਍ഀ Retail਍ഀ Square Feet਍ഀ Estimated Sales Per Square Foot਍ഀ Occupancy Assumpbon਍ഀ Estimated Annual Direct Net New Spending Impact਍ഀ Estimated Annual Net New Fiscal Tax Revenue਍ഀ Parking਍ഀ Number of Spaces਍ഀ Incremental Increase in Visitation Da Skiers਍ഀ Estimated Annual Direct Net New Spending Impact਍ഀ Estimated Annual Net New Fiscal Tax Revenue਍ഀ Town Costs਍ഀ Estimated Additional Costs from Unique Elements਍ഀ It਍ഀ 0਍ഀ HVS Proposal Page 19਍ഀ The analysis will estimate the amount of net new visitation and direct਍ഀ spending each proposal is likely to generate. The focus of the analysis਍ഀ will be on any differences between the two proposals in terms of their਍ഀ ability to generate net new visitation and spending impacts for the਍ഀ Town. For example, if one of the conference center proposals appears਍ഀ to have a greater capacity to attract larger conferences that would਍ഀ not be able to come to Vail currently, HVS will incorporate the਍ഀ implications for public benefits into the analysis. Similarly, the਍ഀ number of lodging units that are likely to be in the rental pool at peak਍ഀ periods of demand, such as the holiday period, would have a direct਍ഀ correlation to the number of net new visitors in the Town. HVS will਍ഀ also confer with Town staff to identify and quantify any unique਍ഀ elements in the two proposals that could create differences in the਍ഀ costs of Town services.਍ഀ F. Identify any direct or indirect financial risks to the Town of Vail਍ഀ posed by either proposal.਍ഀ We will review the proposals and examine the financial risk to the਍ഀ Town through the various stages of development. We find tracking਍ഀ risks as they evolve, increase, and decrease over the life of a project਍ഀ a useful part of examining a project. A concentration of risks at a਍ഀ certain stage in a development process may be as important as the਍ഀ amount of risk spread over a projects lifetime.਍ഀ The primary risks we see include:਍ഀ Failure to complete the project by the developer,਍ഀ Environmental risks,਍ഀ Financing risks, particularly interest rate risks and the਍ഀ degree of variable debt in the structure,਍ഀ Economic risk - modeling of alternative national਍ഀ economic scenarios that could affect tourism and਍ഀ second home markets (as happened in the 1980's in਍ഀ Vail),਍ഀ Construction cost overruns and completion risks,਍ഀ • Legal risks, including legal suits to stop the project or਍ഀ complication that arise during construction,਍ഀ • A review of construction risks and how those events are਍ഀ paid for should they occur,਍ഀ I I਍ഀ 11਍ഀ 11਍ഀ HVS Proposal Page 20਍ഀ Failure of the project to produce the anticipated tax਍ഀ revenues, and਍ഀ Risks associated with the transfer of the right to use਍ഀ the proposed site for the project to the developer.਍ഀ We will prepare a focused list of the financing risks specific to the਍ഀ proposals after we have reviewed the two proposals.਍ഀ G. Identify other opportunities to further maximize the public਍ഀ benefit, either through alternative financing or through other਍ഀ mechanisms to eliminate risk to the Town in executing this਍ഀ public/private partnership.਍ഀ In addition to concerns regarding financing, the Town can help to਍ഀ further maximize the public benefit from the project by ensuring that਍ഀ it is designed to attract new segments of group business, as opposed਍ഀ to simply competing with existing hotels with meeting space.਍ഀ Privately financed projects that initially offer to build oversized਍ഀ meeting facilities relative to the number of lodging units frequently਍ഀ reduce the size of this meeting space in later stages of project਍ഀ development. The Town must enter into agreements with any਍ഀ selected developer that dictate a specified minimum function space਍ഀ program so as to avoid offering public assistance and incentives to a਍ഀ project that ends up unable to accomplish its stated goal of attracting਍ഀ larger conferences and meetings to the Town than any single existing਍ഀ facility can accommodate. HVS can assist the Town in structuring਍ഀ agreements with the selected developer that safeguards the Town's਍ഀ interests in fostering the development of a true conference center.਍ഀ HVS will evaluate alternative methods of developing and managing਍ഀ the parking capacities. Issues to be assessed include whether a tax-਍ഀ exempt parking system financing, accompanied by a qualified਍ഀ management contract, improve the parking program or create਍ഀ additional spaces.਍ഀ H. Determine the internal rate of return (IRR) for the developer਍ഀ and provide an opinion on whether this is a reasonable IRR to be਍ഀ generated by the project.਍ഀ The internal rate of return a developer estimates for a project can be਍ഀ determined, provided an agreed upon method of analysis is used. A਍ഀ simple example is the management fees of a hotel. If a developer਍ഀ keeps the management function (and the fees), is that part of the਍ഀ return? It is a benefit the developer received, but it is also a cost all਍ഀ hotels pay either internally or to a separate management company.਍ഀ The financing of the project can also represent a challenge when਍ഀ 11਍ഀ A਍ഀ HVS Proposal Page 21਍ഀ calculating an IRR because the interest rates on a loan can change਍ഀ due to market movements, thereby affecting the IRR.਍ഀ To prepare an IRR, we would need the following information regarding਍ഀ the developer proposals:਍ഀ An understanding of when the developer is investing਍ഀ equity or removing equity from the transactions,਍ഀ The timing of all loans and the expected basis of਍ഀ repayment,਍ഀ Projected annual return on all project components,਍ഀ Any operating or capital costs not included in project਍ഀ components, and਍ഀ • How long the developer will retain the project and the਍ഀ expected funds at sale?਍ഀ HVS will prepare a table comparing the rates of return analyses of the਍ഀ two development proposals.਍ഀ Schedule਍ഀ HVS is able to meet the schedule requirement outlined in the RFP. We਍ഀ can begin the work on January 5, 2007 and complete the assignment਍ഀ by February 1, 2007. Our staff will make a presentation of the਍ഀ findings to the Town Council on February 6, 2007.਍ഀ It is our operating practice to regularly communicate with our clients਍ഀ to update them on our status and findings. We pledge to be available਍ഀ via telephone throughout the duration of the project to discuss with਍ഀ you any issues or ideas that may arise.਍ഀ n਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ W਍ഀ B-2 Cost Estimate਍ഀ HVS Proposal Page 22਍ഀ HVS will provide the services outlined above on an hourly basis, with਍ഀ a not to exceed amount of $35,000. These anticipated fees are਍ഀ expected to support up to 160 billable hours necessary to accomplish਍ഀ the scope of services within a 30 day period. For any analysis beyond਍ഀ the scope described in the RFP and past the 30 day timeframe, we਍ഀ will obtain authorization from the Town for any additional fees. We਍ഀ will bill at the following rates:਍ഀ Hourly Rates਍ഀ Hourly Rate਍ഀ Managing Director਍ഀ $250਍ഀ Senior Director਍ഀ $220਍ഀ Director਍ഀ $200਍ഀ Senior Manger਍ഀ $175਍ഀ Associate਍ഀ $150਍ഀ Staff਍ഀ $ 90਍ഀ The above fee includes one trip to Vail for the presentation to the਍ഀ Town council on February 6, 2007. For any additional meetings, we਍ഀ will charge a per diem of $2,500 per day for the managing director਍ഀ and $2,000 per day for other staff.਍ഀ In addition to our professional fees, you agree to reimburse us for਍ഀ reasonable out-of-pocket travel, report production, and related਍ഀ expenses incurred on your behalf. Expenses will be billed at cost.਍ഀ Expenses will not exceed $2,000. This expense cap includes all the਍ഀ travel related expenses for the project, the cost of all data, and the਍ഀ production of ten final reports. You will be billed periodically for਍ഀ expenses, which will be due and payable upon presentation of our਍ഀ bills.਍ഀ Payment must be made in U.S. dollars, using either a check drawn on਍ഀ a U.S. bank or a wire transfer of funds to the account of HVS਍ഀ International.਍ഀ It is agreed that the liability of HVS, its employees, and anyone else਍ഀ associated with this assignment is limited to the amount of the fee਍ഀ paid as liquidated damages. You acknowledge that any opinions,਍ഀ recommendations, and conclusions expressed during this assignment਍ഀ will be rendered by the staff of HVS acting solely as employees and਍ഀ not as individuals. Any responsibility of HVS is limited to the client,਍ഀ and use of our product by third parties shall be solely at the risk of਍ഀ the client and/or third parties.਍ഀ I:: S=਍ഀ INTERNATIONAL਍ഀ New York਍ഀ San Francisco਍ഀ Boulder਍ഀ Denver਍ഀ r'd~lia?~!i਍ഀ Chicago਍ഀ Weston, ST਍ഀ Phoenix਍ഀ Vancouver਍ഀ Toronto਍ഀ London਍ഀ Madrid਍ഀ New Delhi਍ഀ Singapore਍ഀ Hong Kona਍ഀ Sydney਍ഀ Sao Paulo਍ഀ Buenos Aires਍ഀ Convention, Sports &਍ഀ Entertainment Facilities਍ഀ Consulting਍ഀ 445 West Erie, Suite 110, Chicago, Illinois 60610਍ഀ Phone (312) 587-9900 . Fax (312) 587-9908਍ഀ www.hvsinternational.com਍ഀ 11਍ഀ IE਍ഀ Il਍ഀ 11਍ഀ 11਍ഀ A਍ഀ I-1 - V -a਍ഀ 1\1I KNAI'IO\AI਍ഀ 445 W. Erie St., Suite 110਍ഀ Chicago, IL 60610਍ഀ Phone: 312.587.9900 Fax: 312.587.9908਍ഀ www. hvsinternatinoal. com਍ഀ HVS CONVENTION, SPORTS, & ENTERTAINMENT FACILITIES CONSULTING, A DIVISION OF HVS INTERNATIONAL਍ഀ BASED IN CHICAGO, ILLINOIS, PROVIDES INDEPENDENT AND OBJECTIVE ECONOMIC AND FINANCIAL CONSULTING AND਍ഀ ADVISORY SERVICES TO PUBLIC AGENCIES AND PRIVATE DEVELOPERS OF CONVENTION, SPORTS, AND਍ഀ ENTERTAINMENT FACILITIES. OUR STAFF IS DEDICATED TO HELPING IMPLEMENT YOUR PROJECTS BY PROVIDING਍ഀ RIGOROUS ANALYSIS DURING THE PLANNING PROCESS AND EXPERT ADVICE ON DEVELOPMENT DECISIONS.਍ഀ Hotel Valuation਍ഀ Asset Management਍ഀ Restaurant Management &਍ഀ Consulting਍ഀ Technology Strategies਍ഀ Timeshare Consulting਍ഀ Parking Solutions਍ഀ Interior Design਍ഀ Gaming਍ഀ Hospitality Consulting਍ഀ Litigation Support਍ഀ Organizational Assessments਍ഀ Golf Services਍ഀ -H'V&਍ഀ t\1E:KV,IIIU\r~L.਍ഀ Hospitality Investment਍ഀ Banking਍ഀ Marketing &਍ഀ Communications਍ഀ Operations &਍ഀ Management Strategy਍ഀ HVS Convention, Sports & Entertainment is a division of HVS International, a global consulting firm serving the਍ഀ needs of the hospitality and tourism industries. HVS International has the expertise and capacity to plan, study,਍ഀ and implement large mixed use real estate projects anywhere in the world.਍ഀ The specialized staff of HVS Convention, Sports, & Entertainment Facilities Consulting has performed over 250਍ഀ assignments analyzing the feasibility of convention centers, headquarters hotels, stadiums, arenas, civic਍ഀ centers, motorsports facilities, tourism attractions, fairgrounds, water parks, and other economic development਍ഀ initiatives. We can serve our client from the early planning stages through financing and implementation of our਍ഀ projects. Our studies often appear in municipal bond offering statements. Rating agencies, bond insurers, and਍ഀ investors rely on our studies for independent and objective assessment of the costs, benefits and risks of real਍ഀ estate development. We specialize in planning and negotiating public/private partnerships and are one of the few਍ഀ firms that understand both the public and private sides of development issues.਍ഀ 11਍ഀ Executive Search Brokerage਍ഀ Ah਍ഀ I\ I 1: RVATI0\AI਍ഀ Our Clients਍ഀ • Public Facility Authorities਍ഀ • Planning Departments਍ഀ • Convention and Tourism Agencies਍ഀ • Non-Profit Groups਍ഀ • Private Developers਍ഀ Types of Services਍ഀ A਍ഀ 445 W. Erie St., Suite 110਍ഀ Chicago, IL 60610਍ഀ Phone: 312.587.9900 Fax: 312.587.9908਍ഀ www.hvsinternatnoal.com਍ഀ • Economic Development Agencies਍ഀ • Municipal Finance Departments਍ഀ • Lenders, Investment Banks਍ഀ • Non-Governmental Entities involved in Publicly਍ഀ Supported Development Projects਍ഀ • Independent and expert opinions on project feasibility਍ഀ • Studies used to support project financing਍ഀ • Reports are available to use in municipal bond offering statements, public offering documents and਍ഀ private placement memorandums਍ഀ • Financial modeling਍ഀ • Extensive experience in presenting studies to policy makers and to the investment community਍ഀ • Analysis of the relationship between the economics and demographics of a community and its proposed਍ഀ development initiative਍ഀ • Extensive databases on comparable facilities਍ഀ • Variety of survey and interview techniques targeted to potential users਍ഀ • Business and financial plan creation਍ഀ • Market-based building program plans and development਍ഀ • Development of team solicitation and selection਍ഀ • Development and operating agreement negotiation਍ഀ • Market strategies development਍ഀ • Familiarity with all phases of the development process, including the early phases of project਍ഀ conceptualization, physical planning, deal structuring, project delivery and operations਍ഀ • Use of proven methodologies for estimating economic and fiscal impacts for public development਍ഀ initiatives਍ഀ • Sophisticated economic "input/output models" for estimation of the potential for induced and indirect਍ഀ project impacts਍ഀ • Fiscal impact analysis to measure the benefit of new tax revenue generated by the project਍ഀ • Accurate forecasting of public economic development projects revenues for creating and implementing਍ഀ a financial plan਍ഀ • Forecasts of sales, income, property, hotel occupancy, auto rental, and food and beverage taxes, as well਍ഀ as numerous other taxes that support publicly financed projects਍ഀ • HVS understands the market fundamentals and economics that drive the underlying tax base਍ഀ • Financial debt capacity analysis਍ഀ • Structure and develop financing plan਍ഀ • Prepare, structure, and negotiate transaction documents਍ഀ 11਍ഀ io਍ഀ 11਍ഀ I E਍ഀ IE਍ഀ 11਍ഀ is਍ഀ THOMAS A. HAZINSKI਍ഀ Managing Director਍ഀ HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ Thomas A. Hazinski has 18 years of experience਍ഀ in the public policy arena, as a public official and਍ഀ as a consultant. He specializes in providing਍ഀ economic and financial research to public਍ഀ agencies and private developers involved in਍ഀ economic development initiatives. For the past਍ഀ ten years Hazinski has specialized in the analysis਍ഀ of convention, sports and entertainment markets਍ഀ and the associated real estate developments. In਍ഀ January 2000, he started the HVS Convention,਍ഀ Sports & Entertainment Facilities Consulting,਍ഀ division of HVS International as its Managing਍ഀ Director.਍ഀ rormerly, mr. HazmsKI servea as Jemor vice਍ഀ President of C.H. Johnson Consulting, Inc., a firm that specialized in market਍ഀ analyses and feasibility studies for convention, sports, hospitality, and਍ഀ entertainment facilities. Mr. Hazinski has managed up to 25 engagements each਍ഀ year helping many of his clients to successfully plan and finance their projects.਍ഀ Internationally, he has worked on convention and sports projects in Berlin, Cairo,਍ഀ Copenhagen, Geneva, San Juan, Melbourne, Macau, and other cities in India,਍ഀ Thailand and the Philippines. Mr. Hazinski has studied and helped to implement਍ഀ convention center and hotel initiatives in major U.S. markets such as Chicago,਍ഀ Baltimore, Boston, Milwaukee, New York, Austin, and Kansas City. His sports਍ഀ facility project experience includes: Miller Park in Milwaukee, WI; the BI-LO Arena਍ഀ in Greenville, SC; the Citadel Stadium in Charleston, SC; the Centennial Arena in਍ഀ Raleigh, NC; Lambeau Field in Green Bay, WI; the Manchester Civic Center in਍ഀ Manchester, NH; and various other stadium, arena and motorsports facilities.਍ഀ Before starting his consulting career, Mr. Hazinski served in government positions਍ഀ dealing with various aspects of municipal finance. Formerly Assistant Budget਍ഀ Director for the City of Chicago, he managed the City's revenue analysis unit and਍ഀ was responsible for revenue estimation, legislative review and fiscal impact਍ഀ analyses for numerous city projects. Mr. Hazinski also served as the Assistant਍ഀ Commissioner of the Department of Aviation for the City of Chicago, where he਍ഀ coordinated the completion and opening of the new International Terminal at਍ഀ O'Hare Airport.਍ഀ Mr. Hazinski holds a Masters Degree in Public Policy from the Harris School of਍ഀ Public Policy at the University of Chicago, where he specialized in municipal਍ഀ finance. He completed four years in the post-graduate degree program, including਍ഀ doctoral course-work, before leaving to pursue active management. He has਍ഀ lectured at DePaul University in the Masters of Public Services Program, teaching਍ഀ a course entitled "Financial and Economic Foundations of Public Service."਍ഀ ~ I ~%?S Convention, Sports & Entertainment Facilities Consulting਍ഀ HVS vAlest ErieSijiie 110 Chicaa o, l;l?nois 30510਍ഀ ne: 31?-587-9900 * I+Pobile -73-209-0254 . E-mail: psalover.@hvsintemat!onal.COrTi਍ഀ CONSULTING EXPERIENCE਍ഀ ■ Managing Director, HVS਍ഀ Public Facilities Division਍ഀ ■ Senior Vice President, C.H.਍ഀ Johnson Consulting, Inc.਍ഀ ■ Vice President, Midwest਍ഀ Management Consultants਍ഀ ■ Market and Financial਍ഀ Analysis of Public਍ഀ Development Projects਍ഀ • Fiscal and Economic਍ഀ Impact Studies਍ഀ • Tax Forecasts਍ഀ ■ Financial Advisory Services਍ഀ ■ Development Assistance਍ഀ GOVERNMENT SERVICE਍ഀ • Assistant Budget Director for਍ഀ Revenue Analysis, City of਍ഀ Chicago਍ഀ • Assistant Commissioner of਍ഀ Aviation and International਍ഀ Terminal Manager਍ഀ ■ Revenue Analysis, Chicago਍ഀ Park District਍ഀ ACADEMIC BACKGROUND਍ഀ • M.A. Public Policy Studies,਍ഀ University of Chicago਍ഀ • B.A. University of Wisconsin਍ഀ - Madison਍ഀ ■ Lecturer, DePaul University਍ഀ I I਍ഀ n਍ഀ Paul Sajovec has over 10 years of experience in਍ഀ public administration and consulting, combining਍ഀ a strong background in public administration਍ഀ with extensive knowledge of the sports and਍ഀ convention industries. Mr. Sajovec assists public਍ഀ sector clients with the complex planning,਍ഀ financing, and administrative aspects of major਍ഀ sports, entertainment, convention, and other਍ഀ public assembly facilities. He is currently the਍ഀ Senior Vice President of HVS Convention, Sports਍ഀ & Entertainment Facilities Consulting, a division਍ഀ of HVS International, which is dedicated to the਍ഀ market and financial analysis of public assembly਍ഀ facilities.਍ഀ Formerly, Mr. Sajovec has served as a Project਍ഀ Manager with C.H. Johnson Consulting, Inc., a firm that specializes in market਍ഀ analyses and feasibility studies for convention, sports, hospitality, and਍ഀ entertainment facilities. At Johnson Consulting, he specialized in feasibility studies਍ഀ for new or upgraded stadium, arena, motorsports speedway, convention center,਍ഀ ' and conference center projects. Mr. Sajovec directed the firm's economic and਍ഀ fiscal impact analyses. For example, he developed and wrote an economic impact਍ഀ analysis of a proposed new baseball ballpark for the Boston Red Sox. He has਍ഀ recently conducted several studies for arenas, stadiums, and convention centers਍ഀ including: Miller Park in Milwaukee, WI; the RBC Center and Raleigh Convention਍ഀ Center in Raleigh, NC; Lambeau Field in Green Bay, WI, the Manchester Civic਍ഀ Center in Manchester, NH; Palexpo exhibition center in Geneva, Switzerland;਍ഀ ' among others. He has conducted economic impact analyses on facilities in਍ഀ Boston, Detroit, Louisville, Austin, Dallas, Denver, Norfolk, Richmond, Buffalo,਍ഀ New York, Raleigh, Dresden, Sao Paulo, Taipei, and others. Mr. Sajovec also਍ഀ specializes in helping public sector clients assess potential methods for financing਍ഀ proposed projects, performing case studies on experiences in other markets and਍ഀ assessing the capacities of various financing options.਍ഀ 1 Before entering public consulting, Mr. Sajovec served as the economic਍ഀ development coordinator of a municipality and as the planning coordinator of a਍ഀ regional planning council, both in suburban Chicago. These positions provided him਍ഀ ' with valuable experience in dealing with planning, development, and administrative਍ഀ challenges in complex political environments. He directed the Village of਍ഀ Shorewood's flood recovery efforts, which received a state award for excellence.਍ഀ 11਍ഀ 11਍ഀ PAUL D. SAJOVEC਍ഀ Senior Director਍ഀ HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ Mr. Sajovec holds a Masters Degree in Public Administration from the University਍ഀ of North Carolina at Chapel Hill. His thesis focused on important issues public਍ഀ officials need to understand in order to effectively administer major sports facility਍ഀ projects. He specialized in the public sector's role in sports and entertainment਍ഀ facility development in graduate school, which included an internship with the਍ഀ Atlanta Committee for the Olympic Games.਍ഀ ~j[ 1 1S Convention Sports & Entertainment Facilities Consulting਍ഀ H V y s' Erir. Suite ? 10 `'h rago, 1I1i ris 60610਍ഀ IJ 2-587-9900 * E rnail_ ps ,r vec~u~hvsinEernatio W,com਍ഀ CONSULTING EXPERIENCE਍ഀ • Senior Vice President, HVS਍ഀ Public Facilities Division਍ഀ • Project Manager, C.H.਍ഀ Johnson Consulting, Inc.਍ഀ ■ Market and Financial਍ഀ Analysis of Public਍ഀ Development Projects਍ഀ ■ Fiscal and Economic Impact਍ഀ Studies਍ഀ ■ Tax Forecasts਍ഀ ■ Planning and Urban਍ഀ Development Assistance਍ഀ GOVERNMENT SERVICE਍ഀ ■ Economic Development਍ഀ Coordinator, Village of਍ഀ Shorewood, IL਍ഀ ■ Planning Coordinator, 1-80਍ഀ Corridor Planning Council਍ഀ ACADEMIC BACKGROUND਍ഀ ■ M.A. Public Administration,਍ഀ University of North Carolina਍ഀ at Chapel Hill਍ഀ ■ B.A. Public Policy Analysis,਍ഀ University of North Carolina਍ഀ at Chapel Hill਍ഀ 11਍ഀ u਍ഀ II਍ഀ 1E਍ഀ HANS DETLEFSEN਍ഀ Director਍ഀ HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ Hans Detlefsen consults for public and private਍ഀ clients seeking to plan, develop, or operate਍ഀ cultural, entertainment, retail, and convention਍ഀ facilities. Mr. Detlefsen is currently Director of਍ഀ HVS Convention, Sports & Entertainment਍ഀ Facilities Consulting, which is dedicated to਍ഀ objective and independent market and financial਍ഀ analysis of public assembly facilities.਍ഀ Hans has recently completed assignments਍ഀ related to the Javits Convention Center in New਍ഀ York, the Sweeney Civic Center in Santa Fe, a਍ഀ downtown Cultural District in Salt Lake City, the਍ഀ Economic Impacts of the pre-Katrina Hotel਍ഀ Industry in New Orleans, and the new਍ഀ Schaumburg Convention Center & Headquarters਍ഀ Hotel in Illinois. Past assignments have included civic centers, movie theaters,਍ഀ amphitheaters, interactive museums, shopping centers, sports arenas, gaming਍ഀ developments, water parks, convention centers, and hotel conference centers.਍ഀ Clients include state & local governments, convention authorities, private਍ഀ developers, lenders, investment banks, and tourism agencies.਍ഀ Mr. Detlefsen has published research on the maturing convention center industry਍ഀ and how recent trends may affect policy decisions about public investment. He਍ഀ has devised an urban retail demand model that assists in determining whether਍ഀ certain retail and entertainment elements are feasible in particular markets. Mr.਍ഀ Detlefsen has also developed proprietary financial models for various਍ഀ entertainment concepts such as conference centers, theaters, museums, water਍ഀ parks, and public assembly facilities. He has direct consulting experience in the਍ഀ following areas:਍ഀ Market analysis Development assistance਍ഀ Demand models Facility recommendations਍ഀ Attendance projections Preliminary cost estimates਍ഀ Financial feasibility studies Tax revenue projections਍ഀ Economic impact analysis Public financing strategies਍ഀ Fiscal impact analysis RFO/RFP assistance਍ഀ Formerly, Mr. Detiefsen consulted for Economics Research Associates (ERA), a਍ഀ firm that specializes in entertainment and recreation market analyses and feasibility਍ഀ studies. He also worked at Ernst & Young in the State & Local Tax practice.਍ഀ Before starting his consulting career, Mr. Detlefsen served as Special Assistant to਍ഀ the Lieutenant Governor of Indiana. While serving in state government, Mr.਍ഀ Detlefsen led and assisted in research projects related to economic development,਍ഀ agriculture, and small business development for the State of Indiana.਍ഀ If਍ഀ II਍ഀ Mr. Detlefsen holds a Masters Degree in Public Policy from the Harris School of਍ഀ Public Policy at the University of Chicago, where he received the Harris Fellowship਍ഀ for his studies in Economic Development. He also graduated magna cum laude਍ഀ from the University of Notre Dame, with a Bachelor of Arts in Government and਍ഀ Economics.਍ഀ Convention, Sports & Entertainment Facilities Consulting਍ഀ Flit Erie. S„ite, 110 r h c go, 1Ilinois 60610਍ഀ . HYS਍ഀ e: 312-567-9900. nail: hdetlefsen, hvsintesnaEional.com਍ഀ CONSULTING EXPERIENCE਍ഀ ■ Director, HVS Convention,਍ഀ Sports & Entertainment਍ഀ Facilities Consulting਍ഀ • Associate, Economics਍ഀ Research Associates਍ഀ ■ Intem, Ernst & Young LLP,਍ഀ State & Local Tax Practice਍ഀ GOVERNMENT SERVICE਍ഀ • Special Assistant to the਍ഀ Lt. Governor of Indiana਍ഀ ACADEMIC BACKGROUND਍ഀ ■ M.P.P. Harris School of਍ഀ Public Policy, University of਍ഀ Chicago, Harris Fellowship਍ഀ • B.A. University of Notre਍ഀ Dame, Magna cum Laude਍ഀ 11਍ഀ is਍ഀ 11਍ഀ is਍ഀ I E਍ഀ I I਍ഀ I I਍ഀ STEVEN A. STERN਍ഀ Director਍ഀ HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ Steven A. Stern is a nationally recognized leader in਍ഀ sports facility financing and project management. As਍ഀ Director at HVS Convention Sports, & Entertainment਍ഀ Facilities Consulting, Stern is responsible for਍ഀ overseeing the creation and execution of public-਍ഀ private development and financing partnerships.਍ഀ Stern has provided development and financial਍ഀ consulting services to clients in Augusta, Macon and਍ഀ Savannah, GA, Jacksonville, FL, Greenville, Columbia਍ഀ and Charleston, SC, Akron, St. Louis, Milwaukee,਍ഀ Omaha, Worcester as well as the NBA.਍ഀ For the past six years, Stem managed the firm਍ഀ ScheerGame and its predecessor firm, Scheer-Stem Development. Stern has more਍ഀ than 35 years of public and private finance expertise, having worked in the fields of਍ഀ banking, asset management, insurance, and government.਍ഀ Since 1986, Stern has managed a number of innovative financing projects,਍ഀ including the structure of five bond issues in 1996 and 1998 that totaled $55.9਍ഀ million for the Greenville, SC Auditorium District that was used to fund the਍ഀ construction of the BI-LO Center. The Bond Buyer later described that transaction਍ഀ as one that could become a model of financing of minor league arena facilities.਍ഀ Stern assembled the tri-venture Gilbane Scheer Renaissance that was awarded the਍ഀ Program Management Contract to oversee the design and construction of਍ഀ Jacksonville, Florida's, new $171 million arena/ballpark complex. Stern also was਍ഀ the principal advisor to the City in its negotiations with the Suns on their new਍ഀ ballpark lease. In March 2000, Stern completed the financing of the $67.6 million਍ഀ Verizon Wireless Arena in Manchester, NH. Stern also managed the $103 million਍ഀ financing of Coors Field stadium in Denver. As Colorado's first capital investment਍ഀ budget director, Stern designed the state's first five-year capital budget.਍ഀ He has recently completed two consulting assignments - for the cities of਍ഀ Jacksonville, FL and Worcester, MA. In support of Jacksonville's lease਍ഀ negotiations with the Jaguars and the Gator Bowl Committee, he authored a study਍ഀ comparing the stadium economics of the Jaguars lease with leases in 8 other NFL਍ഀ "small" markets. He led the work for Worcester that valued and allocated naming਍ഀ rights payments between the venues comprising the Centrum Complex. He is਍ഀ currently developing mixed-use public/private projects, anchored by sports਍ഀ facilities in Columbia, Omaha and Savannah.਍ഀ Prior to founding Scheer-Stern Development, Stern held the positions of Senior਍ഀ Vice President, Public Finance at each of William R. Hough & Co., Donaldson,਍ഀ Lufkin & Jenrette and Drexel Burnham Lambert. At William R. Hough & Co., Stern਍ഀ also managed the firms' Sports and Public Assembly Facility finance practice.਍ഀ Stern is a frequent speaker on stadium and arena financing at industry਍ഀ conferences and seminars, and has been involved in more than $1.4 billion of਍ഀ sports facility, healthcare and state government issues. Stern served as Co-਍ഀ Chairman for the Bond Buyer's 2nd Annual Stadium and Arena Financing਍ഀ Conference.਍ഀ HVS- °1S Convention. Sports & Entertainment Facilities Consulting਍ഀ Iwesl Etie, Suite 110 rt i ago, illlM ;is 60610਍ഀ - ae: 312-587-9900 • E-mail: sste,n~-~hvsiiiternaticnal.coni਍ഀ CONSULTING EXPERIENCE਍ഀ • Director, HVS Convention,਍ഀ Sports & Entertainment਍ഀ Facilities Consulting਍ഀ • Chief Executive Officer,਍ഀ ScheerGame Sports਍ഀ Development, LLC਍ഀ ■ Senior Vice President,਍ഀ William R. Hough &਍ഀ Company਍ഀ FINANCE INVESTMENT BANKING਍ഀ EXPERIENCE਍ഀ • Senior Vice President,਍ഀ William R. Hough &਍ഀ Company਍ഀ • Senior Vice President,਍ഀ Donaldson, Lufkin &਍ഀ Jenrette Securities਍ഀ • Senior Vice President,਍ഀ George K. Baum &਍ഀ Company਍ഀ ACADEMIC BACKGROUND਍ഀ ■ Columbia University਍ഀ Graduate School of਍ഀ Business, New York City਍ഀ ■ B.A. History, Brandeis਍ഀ University, Waltham,਍ഀ Massachusetts਍ഀ if਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ Brian Harris brings extensive experience in public਍ഀ facility financing to HVS. He served as Vice President਍ഀ of Analytical Services, ScheerGame Sports਍ഀ Development, LLC for the past five years and਍ഀ previously in a similar capacity at William R. Hough &਍ഀ Co. Prior to that, Harris was deputy manager of public਍ഀ finance at Raymond James. During his 25-year career਍ഀ as an analyst and as a manager of analytical services,਍ഀ he has worked on over 1,000 municipal financing਍ഀ projects ranging from basic general obligation bond਍ഀ issues to complex derivative transactions.਍ഀ ' Harris' major activities in sports financing began in 1985 with the financing of the Devil਍ഀ Ray's Tropicana Field for the City of St. Petersburg/Pinellas County FL. That financing਍ഀ involved financial participation and risk sharing by the City, County, State, and the਍ഀ franchise holders of the sports team. After the Tropicana Field original financing was਍ഀ completed, Harris later worked on the refunding of that transaction in order to lower਍ഀ overall debt service payments.਍ഀ ' Harris continued to be involved in numerous financing for sports facilities, including the਍ഀ $200 million Raymond James Stadium in Tampa Bay and the BI-LO Center in Greenville,਍ഀ S.C., including its 1999 refinancing that lowered its overall debt service. He was lead਍ഀ financial analyst for the Verizon Wireless Arena, a 10,000-seat minor league hockey਍ഀ arena constructed in Manchester, N.H. Mr. Harris worked on the World Golf Village਍ഀ financing outside Jacksonville, FL and numerous minor league ballparks throughout the਍ഀ southeast. He provided both project budget analytical support for the program਍ഀ ' management team and operating pro-forma analyses for the lease negotiating team on਍ഀ the 170 million dollar ballpark and arena improvements to Jacksonville's Sports਍ഀ Complex. He has also conducted an analysis of Oklahoma State University's football਍ഀ stadium and presented a financing plan for a new/improved facility. Additional work਍ഀ experience includes valuation work on Worcester, MA Centrum Centre's two facilities,਍ഀ working on feasibility plans for an arena and expanded minor league baseball stadium in਍ഀ Savannah, GA, a relocation of the Rubber Bowl in Akron, OH, a development plan for a਍ഀ ' downtown minor league baseball stadium in Greenville, SC and development of a major਍ഀ league soccer facility in Milwaukee, WI.਍ഀ In Harris' more than 25 years of experience in the arena financing section of the਍ഀ municipal bond market, he has experienced many variations of public/private਍ഀ partnerships and techniques to enable the issuance of the maximum amount of tax-਍ഀ exempt bonds while permitting franchise teams to play in the arena. Harris also has਍ഀ focused on the investment of bond proceeds in municipal escrow accounts and on the਍ഀ reinvestment of reserve accounts for the purpose of maximizing earnings.਍ഀ 11਍ഀ 11਍ഀ BRIAN HARRIS਍ഀ Senior Manager਍ഀ HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ Since joining HVS, Harris has provided several hotel analyses, including hotel market਍ഀ and financial feasibility studies in Peoria and Normal, Illinois, as well as a proposed hotel਍ഀ as part of a 3 million square foot urban mixed-use development in North Austin, TX.਍ഀ -`yS Convention, Sports & Entertainment Facilities Consulting਍ഀ HVS ' v' t Eris Suitt 110 Chicago, Illinois 60610਍ഀ ne:312-68r 0900 * E-mialh hharris.@hvsinteriiatlonal.ccrii਍ഀ CONSULTING EXPERIENCE਍ഀ ■ Senior Manager, HVS਍ഀ Convention, Sports &਍ഀ Entertainment Facilities਍ഀ Consulting਍ഀ • Senior Vice President,਍ഀ ScheerGame Sports਍ഀ Development, LLC਍ഀ FINANCE INVESTMENT BANKING਍ഀ EXPERIENCE਍ഀ • Senior Vice President,਍ഀ William R. Hough &਍ഀ Company਍ഀ • Senior Vice President,਍ഀ Raymond James & Assoc.਍ഀ • Vice President, Arch Roberts਍ഀ & Company਍ഀ ■ Vice President, Florida਍ഀ Municipal Securities, Inc.਍ഀ ACADEMIC BACKGROUND਍ഀ ■ B.S. Business਍ഀ Administration, Finance,਍ഀ University of Central Florida਍ഀ 11਍ഀ F__1਍ഀ I Project Experience਍ഀ Market & Feasibility Studies਍ഀ Akron, Ohio਍ഀ John S. Knight Convention Center Expansion਍ഀ Albuquerque, New Mexico਍ഀ Convention Center਍ഀ Headquarters Hotel Study਍ഀ Alpena, Michigan਍ഀ Civic Center਍ഀ Apopka, Florida਍ഀ Civic Center਍ഀ Arlington, Texas਍ഀ Convention Center਍ഀ Ashland, Kentucky਍ഀ Motor Speedway਍ഀ Austin, Texas਍ഀ Austin Convention Center਍ഀ Austin Long Center for the Performing Arts਍ഀ Baltimore, Maryland਍ഀ Convention Center Hotel Feasibility Study਍ഀ Bangkok, Thailand਍ഀ Amari Hotels Convention Center਍ഀ Bangor, Maine਍ഀ Proposed Conference Center਍ഀ Bexar County, Texas਍ഀ Multi-Purpose Event Center & Fairgrounds਍ഀ Big Spring, Texas਍ഀ Hotel Conference Center Feasibility Analysis਍ഀ Bloomington, Illinois਍ഀ Arena਍ഀ Boston, Massachusetts਍ഀ Convention & Exhibition Center਍ഀ Boston Duck Tours਍ഀ Branson, Missouri਍ഀ Convention Center & Headquarters Hotel਍ഀ Buffalo, New York਍ഀ Buffalo Convention Center਍ഀ Carolina, Puerto Rico਍ഀ Roberto Clemente Sports City਍ഀ Chandler, Arizona਍ഀ Theme park਍ഀ Charleston, South Carolina਍ഀ Citadel Stadium਍ഀ Charlotte, North Carolina਍ഀ Convention Center Master Plan਍ഀ Chennai, India਍ഀ Trade & Exposition Center਍ഀ Aft਍ഀ Chicago, Illinois਍ഀ Kino Factory Theater਍ഀ Clovis, California਍ഀ Convention Center & Hotel਍ഀ Colorado Springs, Colorado਍ഀ Hotel and Conference Center Feasibility Analysis਍ഀ Columbus, Ohio਍ഀ Greater Columbus Convention Center਍ഀ Copenhagen, Denmark਍ഀ Congress Facilities਍ഀ Coralville, Iowa਍ഀ Convention Center & Hotel਍ഀ Corpus Christi, Texas਍ഀ Bayfront Convention Center Expansion਍ഀ Hotel, Restaurant & Retail Masterplan਍ഀ Council Bluffs, Iowa਍ഀ Mid-America Center Market Study਍ഀ Davenport, Iowa਍ഀ Convention Center਍ഀ Denver, Colorado਍ഀ Convention Center Expansion਍ഀ Detroit, Michigan਍ഀ Regional Convention Center਍ഀ Ford Field Entertainment-Retail Center਍ഀ Durham, North Carolina਍ഀ Convention Center਍ഀ Edmonton, Alberta਍ഀ Resort Hotel & Entertainment Complex਍ഀ Erie, Pennsylvania਍ഀ Hotel਍ഀ Flagstaff, Arizona਍ഀ Hotel Conference Center਍ഀ Fort Worth, Texas਍ഀ Headquarters Hotel਍ഀ Foxwoods, Connecticut਍ഀ Casino & Resort - Convention Facilities਍ഀ Galveston, Texas਍ഀ Convention Center਍ഀ Gary, Indiana਍ഀ Civic Center Maximization਍ഀ Casino Amphitheater਍ഀ Grand Forks, North Dakota਍ഀ Alerus Center Convention Center Hotel਍ഀ Green Bay, Wisconsin਍ഀ Titletown Entertainment Retail Attraction਍ഀ (Lambeau Field)਍ഀ VS 15 Convention. Sports & Entertainment Facilities Consulting਍ഀ H 'c,t E lt; Stine 110 Chip ago l1l no+s 606 i S਍ഀ ne: 312-5K-9q00 4 , vx 312-587-9908਍ഀ 11 . e਍ഀ 11਍ഀ 11਍ഀ ie਍ഀ I I਍ഀ I Project Experience਍ഀ Greenville, South Carolina਍ഀ BI-LO Arena਍ഀ Hagerstown, Maryland਍ഀ Multi-Purpose Events Center Complex਍ഀ Hammond, Indiana਍ഀ Cine Art Movie Theater਍ഀ Hartford, Connecticut਍ഀ Convention Center Demand Analysis਍ഀ Harvard, Illinois਍ഀ Waterpark Resort & Expo Center਍ഀ Holland, Michigan਍ഀ Holland Area Center਍ഀ Hopkins, Minnesota਍ഀ Hopkins High School Performing Arts & Activities਍ഀ Jackson, Mississippi਍ഀ Conference Center & Golf Resort਍ഀ Jamaica (Queens), New York਍ഀ Hotel & Conference Center਍ഀ Lawrenceburg, Indiana਍ഀ Hotel਍ഀ Loudoun County, Virginia਍ഀ Convention Center & Arena਍ഀ Manchester, New Hampshire਍ഀ Civic Center / Verizon Wireless Arena਍ഀ Manila, Philippines਍ഀ Ayala Development Makati Business District਍ഀ Convention Center਍ഀ Merrillville, Indiana਍ഀ Convention Center਍ഀ Mesa, Arizona਍ഀ Domed Stadium਍ഀ Milwaukee, Wisconsin਍ഀ Auditorium Renovation਍ഀ Midwest Express Center Phase ll Expansion਍ഀ Midwest Express Center Phase 111 Expansion਍ഀ Mumbai, India਍ഀ Bandra Kuria Convention Center਍ഀ Naperville, Illinois਍ഀ Hotel and Convention Center਍ഀ New Morgan, Pennsylvania਍ഀ Formula Motor Sports Park਍ഀ New Orleans, Louisiana਍ഀ Grammy Exposition Hall & Hall of Fame਍ഀ New York, New York਍ഀ Pier 94 - the "UnConvention Center"਍ഀ Madison Square Garden- Assessment of Stadium's਍ഀ use of Convention Center਍ഀ Norfolk, Virginia਍ഀ Convention Center & Hotel਍ഀ Omaha, Nebraska਍ഀ Convention Center, Arena & Headquarters Hotel਍ഀ Ottawa, Ontario਍ഀ Rideau Carleton Trade Show and Exhibition Centre਍ഀ Overland Park, Kansas਍ഀ Arena Feasibility Study਍ഀ Arena Impact Study਍ഀ Convention Center and Hotel Feasibility Study਍ഀ Philadelphia, Pennsylvania਍ഀ Convention Center Labor Study਍ഀ Quad Cities, Illinois਍ഀ Quad Cities International Raceway Park਍ഀ Queens, New York਍ഀ Convention Center & Hotel਍ഀ Racine, Wisconsin਍ഀ Convention Center਍ഀ Raleigh, North Carolina਍ഀ Convention Center and Headquarters Hotel਍ഀ Rancho Mirage, California਍ഀ Agua Caliente Casino and Resort਍ഀ Richmond, Virginia਍ഀ Greater Richmond Convention Center਍ഀ Saint Louis, Missouri਍ഀ Headquarters Hotel Market Study਍ഀ Industry Market Study਍ഀ Salt Lake City, Utah਍ഀ Performing Arts Center &਍ഀ Cultural District Planning਍ഀ Salem, Oregon਍ഀ Oregon State Fair਍ഀ Salem, Virginia਍ഀ Convention Center਍ഀ San Antonio, Texas਍ഀ Convention Center਍ഀ San Bernadino, California਍ഀ Arena਍ഀ San Juan, Puerto Rico਍ഀ America's World Trade Center District &਍ഀ Entertainment District਍ഀ Santa Fe, New Mexico਍ഀ Cerrillos Road Convention Center Survey਍ഀ Downtown Convention Center Feasibility Study਍ഀ Saratoga Springs, New York਍ഀ Concert Venue Analysis਍ഀ Multi-Purpose Entertainment Venue਍ഀ Skagit County, Washington਍ഀ Northern State Recreation Center਍ഀ S Convention. Sports R Entertainment Facilities Consulting਍ഀ HVS਍ഀ n਍ഀ I Project Experience਍ഀ 11਍ഀ 11਍ഀ Schaumburg, IL਍ഀ Convention Center & Hotel Feasibility Study਍ഀ Convention Center and Headquarters Hotel Asset਍ഀ Management਍ഀ South Lake Tahoe, California਍ഀ Hotel Conference Center & Event Center਍ഀ Syracuse, New York਍ഀ DestiNY-Tourism, Retail & Entertainment Center਍ഀ Vail, Colorado਍ഀ Convention Center਍ഀ Valley View, Pennsylvania਍ഀ Rausch Motor Sports / Motor Sports Park਍ഀ Vancouver, British Columbia਍ഀ Convention Center਍ഀ Wausau, Wisconsin਍ഀ Convention Center & Hotel਍ഀ Washington, DC਍ഀ Wardman Park Hotel਍ഀ West Allis, Wisconsin਍ഀ State Fair Park Hotel਍ഀ Hotel Feasibility Study and Request for Proposals਍ഀ Wichita, Kansas਍ഀ Century 11 Modernization/Expansion Phase I਍ഀ Century 11 Modernization/Expansion Phase 11਍ഀ Winston-Salem, North Carolina਍ഀ Convention Center਍ഀ Youngstown, Ohio਍ഀ Hotel Conference Center਍ഀ SS Convention. Sports & Entertainment Facilities Consulting਍ഀ HVS Pest Erie. Sniff ' 10 Ghi ago. llimo s 6061਍ഀ F: 312-W-9900 • Pax 312-587-9908਍ഀ AL਍ഀ I Project Experience਍ഀ II਍ഀ Tax Forecasts਍ഀ Austin, Texas਍ഀ Convention Center/Waller Creek Venue਍ഀ Project Bonds਍ഀ Charlotte, North Carolina਍ഀ Convention Center Financing Room Tax Analysis਍ഀ Chicago, Illinois਍ഀ City of Chicago, Revenue Estimates Books਍ഀ (1989 through 1993)਍ഀ O'Hare International Terminal Special Revenue਍ഀ Bond Financing਍ഀ Motor Fuel Tax Bond Issue਍ഀ Green Bay, Wisconsin਍ഀ Lambeau Field Sales Tax Analysis਍ഀ Arena & Convention Center, Room Tax Analysis਍ഀ Greenville, South Carolina਍ഀ Greenville Auditorium District Hotel Tax਍ഀ Revenue Bonds਍ഀ Mecklenburg County, North Carolina਍ഀ Room Occupancy & Prepared Food &਍ഀ Beverage Tax Analysis਍ഀ Milwaukee, Wisconsin਍ഀ Southeast Wisconsin Professional Baseball਍ഀ Park - District Sales Tax Revenue Bonds਍ഀ 1996, 1997, 1999਍ഀ Wisconsin Center District - Junior Dedicated਍ഀ Tax Revenue Refunding Bond਍ഀ n਍ഀ New York, New York਍ഀ Jacob Javits Convention Center Expansion Financing਍ഀ Tax Revenue Bonds਍ഀ North Charleston, South Carolina਍ഀ Charleston County Municipal Accommodations਍ഀ Fee Analysis਍ഀ Orlando, Florida਍ഀ Orange County Convention Center Tax Revenue਍ഀ Analysis਍ഀ Overland Park, Kansas਍ഀ General Obligation Bonds - Transient Guest Tax Study਍ഀ Overland Park Development Corp. - Senior਍ഀ Revenue Bonds਍ഀ Raleigh, North Carolina਍ഀ Centennial Authority of North Carolina - Hotel਍ഀ Tax Revenue Bonds਍ഀ Richmond, Virginia਍ഀ Greater Richmond Convention Center Authority Hotel਍ഀ Tax Revenue Bonds਍ഀ San Juan, Puerto Rico਍ഀ Room Tax Analysis਍ഀ Sante Fe, New Mexico਍ഀ Civic Center Hotel Room Tax Analysis਍ഀ Wausau, Wisconsin਍ഀ Hotel-Motel Room Tax Analysis਍ഀ IWS Convention. Sports & Entertainment Facilities Consulting਍ഀ H 11 1`J ` vVest Ene. Suite 110 Chicago. Illinois 60610਍ഀ a;e: 312-587-9900 . Fax 312-587-9908਍ഀ is਍ഀ I Project Experience਍ഀ Economic Impact Analyses਍ഀ Austin, Texas Naperville, Illinois਍ഀ Austin Convention Center Proposed Conference Center਍ഀ Boston, Massachusetts਍ഀ New Orleans, Louisiana਍ഀ Boston Convention Center਍ഀ Hotel Industry Impact Study਍ഀ Boston Duck Tours਍ഀ New York, New York਍ഀ Boston Red Sox New Fenway Park਍ഀ World Trade Center਍ഀ Buffalo, New York਍ഀ Madison Square Garden- Assessment of Stadium's਍ഀ Buffalo Convention Center਍ഀ use of Convention Center਍ഀ Colorado Springs, Colorado਍ഀ Economic Impact Analysis of Hudson Gardens਍ഀ Proposed Convention Center਍ഀ Norfolk, Virginia਍ഀ Columbus, Ohio਍ഀ Convention Center਍ഀ Greater Columbus Convention Center਍ഀ Normal, Illinois਍ഀ Copenhagen, Denmark਍ഀ Proposed Conference Center਍ഀ Proposed Congress Centre਍ഀ Overland Park, Kansas਍ഀ Council Bluffs, Iowa਍ഀ Convention Center਍ഀ Mid America Center਍ഀ Proposed Arena਍ഀ Dallas, Texas਍ഀ Providence, Rhode Island਍ഀ Hotel Impact on Convention Center਍ഀ Convention Center਍ഀ Denver, Colorado਍ഀ Raleigh, North Carolina਍ഀ Convention Center Headquarters Hotel਍ഀ Proposed Convention Center਍ഀ Lenox, Massachusetts਍ഀ Richmond, Virginia਍ഀ National Music Foundation਍ഀ Greater Richmond Convention Center਍ഀ Lombard, Illinois਍ഀ Salem, Virginia਍ഀ Proposed Hotel Conference Center਍ഀ Convention Center਍ഀ Louisville, Kentucky਍ഀ Salt Lake City, Utah਍ഀ Henry Clay Hotel Restoration - Kentucky਍ഀ Performing Arts Center਍ഀ Tourism Cabinet਍ഀ Suffolk, Virginia਍ഀ Milwaukee, Wisconsin਍ഀ Hotel Conference Center਍ഀ Convention Center & CVB਍ഀ its convention, Sports & Entertaia3nent Facilities consulting਍ഀ HVS West Erie. Suite 1 0 Chic ago, lilirtoi5 630610਍ഀ „i 312-537-9900 • F.u, 312.55?-9908਍ഀ 11 0਍ഀ 19਍ഀ 1E਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ I Project Experience਍ഀ Development Assistance਍ഀ Akron, Ohio਍ഀ Football Stadium & Mixed-Use Development਍ഀ Augusta, Georgia਍ഀ Proposed Arena Development਍ഀ Albuquerque, New Mexico਍ഀ Headquarters Hotel Task Force਍ഀ Baltimore, Maryland਍ഀ Headquarters Hotel Development਍ഀ Bangor, Maine਍ഀ Proposed Hotel and Conference Center਍ഀ Development਍ഀ Cairo, Egypt਍ഀ Convention Center Management Study਍ഀ Charleston, South Carolina਍ഀ College of Charleston Arena਍ഀ Charlotte, North Carolina਍ഀ Headquarters Hotel Development਍ഀ Chicago, Illinois਍ഀ O'Hare International Management਍ഀ Columbus, Ohio਍ഀ COST Science & Industry Museum Feasibility਍ഀ Study - Peer Review਍ഀ Davenport, Iowa਍ഀ Management RFP਍ഀ Blackhawk Hotel Redevelopment਍ഀ Frenchtown, St. Thomas਍ഀ US Virgin Islands਍ഀ Resort Hotel Development਍ഀ Greenville, South Carolina਍ഀ BI-LO Center਍ഀ Proposed Ballpark & Mixed-use Development਍ഀ Huntsville, Alabama਍ഀ Headquarters Hotel Development਍ഀ Jacksonville, Florida਍ഀ Jacksonville Arena਍ഀ Jacksonville Baseball Park਍ഀ Macon, Georgia਍ഀ Arena & Ballpark Mixed-use Development਍ഀ Manchester, New Hampshire਍ഀ Verizon Wireless Arena਍ഀ Milwaukee, Wisconsin਍ഀ Wisconsin Center District - Financial਍ഀ Advisory Services਍ഀ Wisconsin Center District - Construction਍ഀ Manager Selection਍ഀ Proposed Soccer Stadium & Mixed-use Development਍ഀ Naperville, Illinois਍ഀ Hotel and Conference Center Development਍ഀ Normal, Illinois਍ഀ Hotel, Conference Center & Multi-Use Facility਍ഀ Development਍ഀ Omaha, Nebraska਍ഀ Headquarters Hotel & Convention Center਍ഀ Development਍ഀ Overland Park, Kansas਍ഀ Headquarters Hotel & Convention Center਍ഀ Development਍ഀ Perth Amboy, New Jersey਍ഀ Ballpark Development਍ഀ Prospect Heights, Illinois਍ഀ Arena Development਍ഀ Queens, New York਍ഀ Madison Square Garden Stadium Commentary਍ഀ Raleigh, North Carolina਍ഀ Headquarters Hotel & Convention਍ഀ Center Development਍ഀ Saint Louis, Missouri਍ഀ Saint Louis University Arena & Mixed-use਍ഀ Development਍ഀ San Antonio, Texas਍ഀ Convention Center਍ഀ San Antonio, Texas਍ഀ CVB਍ഀ San Juan, Puerto Rico਍ഀ America's World Trade Center District਍ഀ Savannah, Georgia਍ഀ Arena Development਍ഀ Schaumburg, Illinois਍ഀ Convention Center and Headquarters Hotel਍ഀ Stamford, Connecticut਍ഀ Arena Development਍ഀ Ballpark & Mixed-use Development਍ഀ Stillwater, Oklahoma਍ഀ Oklahoma State Football Stadium Renovation਍ഀ Wauwatosa, Wisconsin਍ഀ Milwaukee Regional Medical Center਍ഀ Organizational Analysis਍ഀ West Allis, Wisconsin਍ഀ Hotel Feasibility Study and Request for Proposals਍ഀ ~ tS Convention. Sports & Entertainment Facilities Consulting਍ഀ HVS i ~ivVest Elie, a,LdO 110 Chica90, fiiitt0is 60610਍ഀ r4: 312-587-9900 • Fax 312-587-9908਍ഀ 11਍ഀ ri਍ഀ I Project Experience਍ഀ Financial Services਍ഀ Augusta, Georgia਍ഀ Purchase of the Augusta Lynx of the East Coast਍ഀ Hockey League, Investment Banker਍ഀ Columbia, South Carolina਍ഀ New Ballpark and Mixed-use Development,਍ഀ Financial Advisor to Team and Developer਍ഀ Denver, Colorado਍ഀ Metropolitan Denver Major League Baseball਍ഀ Stadium District, Financing of Coors Field਍ഀ Convention Center Expansion, Financial Advisor਍ഀ Greenville, South Carolina਍ഀ BI-LO Center - Arena Lease, Operating Agreements,਍ഀ Financing Documents਍ഀ Jacksonville, Florida਍ഀ Ballpark Lease Negotiations between the City of਍ഀ Jacksonville and the Jacksonville Suns for a Long-਍ഀ term Lease of the new Baseball Grounds਍ഀ Manchester, New Hampshire਍ഀ Verizon Wireless Arena, Investment Banker਍ഀ Omaha, Nebraska਍ഀ Omaha Royals New Downtown Ballpark and Mixed-use਍ഀ Development, Financial Advisor਍ഀ St. Augustine, Florida਍ഀ World Golf Village, Financial Advisor਍ഀ St. Petersburg, Florida਍ഀ St. Petersburg Times Forum (NHL's Lightning),਍ഀ Investment Banker and Financial Analyst਍ഀ Tampa Bay, Florida਍ഀ Tropicana Field (MLB's Devil Rays), Investment Banker਍ഀ and Financial Analyst਍ഀ Raymond James Field, Investment Banker and਍ഀ Financial Analyst਍ഀ Vero Beach, Florida਍ഀ 4 Spring Training Facilities including renovation of਍ഀ Dodgertown, Investment Banker and Financial਍ഀ Analyst਍ഀ ~VS ;JS Convention. Sports & Entertainment Facilities Consulting਍ഀ H A,est E Suite 110 Chcagr), Illinois 606 ,਍ഀ ~ie,: 312-58--9900 , F<u 312-587-99 &਍ഀ Akk਍ഀ GO਍ഀ I Project Experience਍ഀ io਍ഀ Financial Analytical Services਍ഀ Chatham County, Georgia਍ഀ Naming Rights Marketing Assistance Services਍ഀ Columbia, South Carolina਍ഀ New Ballpark and Mixed-use Development,਍ഀ Financial Advisor to Team and Developer਍ഀ Jacksonville, Florida਍ഀ Comparative Study of 9 NFL Small Market Stadium਍ഀ Lease, Financing and Operations਍ഀ Program Manager, Overseeing development of $170਍ഀ million Sports Complex including new Arena and਍ഀ Ballpark਍ഀ Worchester, Massachusetts਍ഀ Valuation and Allocation of the Naming Rights for਍ഀ Convention Center and Arena਍ഀ Leagues਍ഀ Af2 League਍ഀ Venue and Team Services Consultants to the aft਍ഀ National Basketball Association਍ഀ Venue and Market Consultants to the NBA on the਍ഀ creation and initial market selection of the NBDL਍ഀ VS Convention. Sports & Entertainment Facilities Consulting਍ഀ HVS Nes[ tie. SU tC ,10 D"iragr illi OIS 6061਍ഀ ne: 392-587-99YO , Fax 312-587-9908਍ഀ 11਍ഀ NTERNATIONAL਍ഀ Client:਍ഀ Town of Vail਍ഀ Project Type:਍ഀ Market Feasibility,਍ഀ Economic Impact਍ഀ Analysis, Business਍ഀ Plan਍ഀ Size:਍ഀ 115,000 square feet਍ഀ gross building area;਍ഀ 125 parking਍ഀ spaces਍ഀ Project Value:਍ഀ $49 million਍ഀ Role:਍ഀ Financial Analyst,਍ഀ Consultant਍ഀ Dates of Service:਍ഀ 2003਍ഀ The Town of Vail hired HVS to develop a business plan for a new conference center. The voters਍ഀ in Vail passed a referendum in support of the development of a conference center on November਍ഀ 5, 2002, which included a 1.5 percent increase in the local lodging tax and 0.5 percent increase਍ഀ in the sales tax to fund the project. The Town has explored the concept of a conference center for਍ഀ several years and a series of previous studies have identified varying levels of potential demand਍ഀ for such a facility. HVS teamed with LMN Architects, and developed a business plan for the਍ഀ facility. Given the unique resort character of the Town of Vail, HVS conducted extensive event਍ഀ planner surveys, interviews, and focus gro ps to help determine the appropriate facility program਍ഀ and demand potential for the conference center. HVS recommended a conference center with਍ഀ 45,000 square feet of function space, including a 25,000 square foot main ballroom/exhibit਍ഀ space.਍ഀ The Town then hired HVS to provide operator selection assistance. HVS drafted the RFQ and RFP਍ഀ documents to select an operator for the conference center. HVS also analyzed the relationship of਍ഀ the CVB and the proposed conference center during the course of evaluating proposals by private਍ഀ management companies.਍ഀ Project Scope਍ഀ NIL,਍ഀ Surveys and focus groups਍ഀ Demand and operating projections਍ഀ Facility program recommendations਍ഀ Preliminary concept design਍ഀ Economic impact analysis਍ഀ Financing plan਍ഀ Operator solicitation process਍ഀ Results਍ഀ The Town of Vail selected an architect and design work for the facility was completed. The਍ഀ cost of the project increased and the Town held a second public referendum on the project਍ഀ that was defeated.਍ഀ H ~ TS HVS convention, Sports & Entertainment Facilities consulting਍ഀ j~ 445 West Erie, Suite 110, Chicago, Illinois 60610਍ഀ Phone 312.587.9900 Fax 312.587.9908 www.hvsintematonal.com਍ഀ Client:਍ഀ Town of Normal &਍ഀ Illinois State਍ഀ University਍ഀ Project Type:਍ഀ Hotel, Conference਍ഀ Center & Mixed-਍ഀ Use Facility਍ഀ Role:਍ഀ Consultant਍ഀ Dates of Service:਍ഀ 2001-2003਍ഀ HVS was engaged to assist the Town of Normal and Illinois State University in the development਍ഀ of a 150-200 room hotel, a 15,000 square feet conference center, and a mixed-use facility on਍ഀ approximately one block of the Town's downtown - a development consistent with their਍ഀ comprehensive Downtown Redevelopment Plan, which was completed in 2004.਍ഀ 1.1਍ഀ Project Scope਍ഀ Phase One: Issue a request for qualifications to select the qualified teams from which to਍ഀ solicit development proposals.਍ഀ Phase Two: Issue a request for proposals to solicit development proposals from the finalist਍ഀ teams, evaluate the responses, advise the Town on criteria to choose the selected਍ഀ development team, and negotiate a development term sheet.਍ഀ Phase Three: Negotiate the necessary development, operating and financing agreements਍ഀ with the Town's chosen development team, and assist with the financing plans of the਍ഀ proposed hotel and mixed-use development.਍ഀ Results to Date਍ഀ • The project is currently under construction.਍ഀ T HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ MV/ 445 West Erie, Sutte 110, Chicago, Illinois 60610਍ഀ R IN I'"" Phone 312.587.9900 Fax 312.587.9908 www.hvsintemational.com਍ഀ ERNATIONA਍ഀ 11਍ഀ Client:਍ഀ City of San਍ഀ Antonio਍ഀ Project Type:਍ഀ Convention Center਍ഀ Headquarters਍ഀ Hotel਍ഀ Size:਍ഀ 1000 rooms਍ഀ Project Value:਍ഀ $217 million਍ഀ Role:਍ഀ Financial Analyst,਍ഀ Development਍ഀ Consultant਍ഀ Project Scope਍ഀ H` HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ 445 West Ede, Suite 110, Chicago, Illinois 60610਍ഀ Phone 312.587.9900 Fax 312.587.9908 www.hvsintemational.com਍ഀ Ir-਍ഀ NW 56 r.•.਍ഀ TERNATIONA਍ഀ Client:਍ഀ Baltimore਍ഀ Development਍ഀ Corporation਍ഀ Project Type:਍ഀ Hotel Feasibility਍ഀ Study਍ഀ Size:਍ഀ 750-rooms਍ഀ Project Value:਍ഀ $301 million਍ഀ Role:਍ഀ Financial Analyst,਍ഀ Development਍ഀ Consultant਍ഀ Project Scope਍ഀ Dates of Service: HVS assisted the Baltimore Development Corporation (BDC) in the development of a new਍ഀ March 2003 - convention center headquarters hotel that would be connected to the Baltimore Convention਍ഀ March 2006 Center. HVS performed a hotel feasibility study and recommended the development of a 750-਍ഀ room property. Our analysis demonstrated that a publicly financed hotel project of this size਍ഀ would be most feasible and provide the highest level of benefit to the City of Baltimore. HVS਍ഀ then assisted the BDC in running a competitive selection process for a development team.਍ഀ Results਍ഀ The BDC negotiated with a development team for the municipal financing and construction of a਍ഀ Hilton property. A specific financing plan was developed that minimized the development risk to਍ഀ the City of Baltimore and included substantial financial guarantees from the Hilton Corporation.਍ഀ This project enjoys the support of a historically strong hotel and convention market in਍ഀ downtown Baltimore. The Hotel is currently under construction and scheduled to open in਍ഀ August 2008.਍ഀ C HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ HVS 445 West Erie, Suite 110, Chicago, Illinois 60610਍ഀ 31"\ " Phone 312.587.9900 Fax 312.587.9908 www.hvsintemational.com਍ഀ NTERNA਍ഀ Client:਍ഀ City of Omaha਍ഀ Project Type:਍ഀ Development਍ഀ Assistance for਍ഀ Headquarters਍ഀ Hotel਍ഀ Size:਍ഀ 450-room on-site਍ഀ hotel਍ഀ Project Value:਍ഀ $76 million਍ഀ Role:਍ഀ Financial Analyst,਍ഀ '਍ഀ Development਍ഀ Consultant਍ഀ Dates of Service:਍ഀ 2001 -2002਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ 11਍ഀ NAL਍ഀ In 2000, HVS analyzed the feasibility of a convention center headquarters hotel in Omaha,਍ഀ Nebraska. Based on this study, the City recognized that a headquarters hotel development in਍ഀ Omaha was likely to require public participation. HVS was further engaged to assist the City in਍ഀ the selection of, and negotiations with, the hotel developer, operator, and construction਍ഀ manager.਍ഀ Project Scope਍ഀ Evaluation of proposals for design, construction, management and financing of the hotel਍ഀ Developing a financing model and estimation of financing capacity਍ഀ Negotiations with development teams on the terms of a proposed public/private partnership਍ഀ for a development agreement and a hotel operating agreement਍ഀ Assistance in the preparation of financing documents਍ഀ Drafting and negotiation of a room block commitment agreement਍ഀ Presentations to rating agencies and bond insurers਍ഀ Results਍ഀ $103 million in tax-exempt hotel revenue bonds were issued in April 2002਍ഀ Ambac provided a financial guarantee for the entire bond issue resulting in a Moody's AAA਍ഀ and a Standard & Poors AAA rating਍ഀ The Hilton Headquarters hotel opened in 2004਍ഀ ' HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ HxV7tJ 445 West Erie, Suite 110, Chicago, Illinois 60610਍ഀ ' ' " Phone 312.587.9900 Fax 312.587.9908 www.hvsintemational.com਍ഀ 11਍ഀ I I਍ഀ 11਍ഀ is਍ഀ 11਍ഀ Client:਍ഀ City of Naperville਍ഀ Project Type:਍ഀ Hotel Conference਍ഀ Center Feasibility਍ഀ Analysis &਍ഀ Development਍ഀ Assistance਍ഀ Role:਍ഀ Financial Analyst,਍ഀ Consultant਍ഀ Project Scope਍ഀ Market analysis and demand projections for the conference center component of the਍ഀ project਍ഀ Analysis of competitive properties in the subject market਍ഀ Hotel portion of study focused on a market segmentation analysis and generated਍ഀ projections for average rates and occupancies at the subject hotel਍ഀ Evaluation of various public financing strategies that would make the project feasible਍ഀ Results਍ഀ The Town of Naperville is in the process of identifying a developer for this project.਍ഀ H VS Convention, Sports & Entertainment Facilities Consulting਍ഀ j 1 Vs 445 West Erie, Suite 110, Chicago, Illinois 60610਍ഀ Phone 312.587.9900 Fax 312.587.9908 www.hvsinternational.com਍ഀ 11਍ഀ NTERNATIONA਍ഀ Client:਍ഀ City of Bangor਍ഀ Project Type:਍ഀ Hotel਍ഀ Size:਍ഀ 150 Guest਍ഀ Rooms, 10,000਍ഀ Square Feet of਍ഀ Conference Space਍ഀ Role:਍ഀ Feasibility਍ഀ Analysis,਍ഀ Financing਍ഀ Analysis,਍ഀ Development਍ഀ Assistance਍ഀ Dates of Service:਍ഀ 2003-2004਍ഀ The City of Bangor hired HVS International to conduct a feasibility study of the potential for a਍ഀ focused-service hotel property with meeting and banquet facilities in downtown Bangor. The਍ഀ City has worked to redevelop the riverfront portion of its downtown for many years, and the City਍ഀ identified a hotel capable of hosting meetings and small conventions as a key part of that effort.਍ഀ In addition to testing the feasibility of the proposed hotel, HVS provided ongoing development਍ഀ assistance services in the form of evaluation of developer proposals and financing strategies.਍ഀ The recent approval of a "racino" (combination harness racing facility and casino) in the City਍ഀ has led to further redevelopment of City's downtown, and has expedited the hotel development਍ഀ process.਍ഀ Project Scope਍ഀ Hotel market analysis਍ഀ Projection of hotel financial operations਍ഀ Financial feasibility analysis਍ഀ Developer proposal review਍ഀ Development assistance services਍ഀ Results਍ഀ The City of Bangor is presently negotiating with a developer for the construction of a਍ഀ riverfront hotel on a site the City has designated for redevelopment.਍ഀ ` jC HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ V►J 445 West Erie, Suite 110, Chicago, Illinois 60610਍ഀ Phone 312.587.9900 Fax 312.587.9908 www.hvsintemational.com਍ഀ TERNATIONA਍ഀ Client:਍ഀ City of Overland਍ഀ Park਍ഀ Project Type:਍ഀ Convention Center਍ഀ with On-Site਍ഀ Headquarters਍ഀ Hotel਍ഀ Size:਍ഀ 100,000 square਍ഀ feet of meeting,਍ഀ banquet&਍ഀ exhibition space਍ഀ with attached਍ഀ 412-room਍ഀ Sheraton Hotel਍ഀ Project Value:਍ഀ $148 million਍ഀ Role:਍ഀ Financial Analyst,਍ഀ Consultant਍ഀ Dates of Service:਍ഀ 1996 -2002਍ഀ i਍ഀ 9਍ഀ v~਍ഀ HVS staff provided the City of Overland Park, Kansas with a full range of project assistance਍ഀ guiding the City through the process of developing a convention center and adjacent hotel.਍ഀ Project Scope਍ഀ Convention center and hotel feasibility analyses਍ഀ Hotel tax revenue projections਍ഀ Financing and economic impact analyses਍ഀ Management selection਍ഀ Hotel developer solicitation and general development assistance਍ഀ Results਍ഀ The City issued general obligation debt to support construction of the convention center,਍ഀ and financed the hotel with tax-exempt hotel revenue bonds਍ഀ The facility opened in November 2002਍ഀ HVS HVS Convention, Sports & Entertainment Facilities Consulting਍ഀ 445 West Erie, Suite 110, Chicago, Illinois 60610਍ഀ Phone 312.587.9900 Fax 312.587.9908 www.hvsintemational.com਍ഀ MEMORANDUM਍ഀ TO: Town Council਍ഀ FROM: Community Development Department਍ഀ DATE: January 16, 2007਍ഀ SUBJECT: Lionshead Parking Structure Request for Proposals਍ഀ Staff: Stan Zemler and Russ Forrest਍ഀ PURPOSE਍ഀ The purpose of the evening meeting with the Vail Town Council (Council) is to:਍ഀ • Request budget authorization for $35,000 to perform a financial਍ഀ critique on the two development proposals for the Lionshead Parking਍ഀ Structure and to authorize staff to engage Economic Planning਍ഀ Systems to complete that critique.਍ഀ II. BACKGROUND਍ഀ A. Goals਍ഀ The Town of Vail (Town) owns and operates an 1,150 space parking structure਍ഀ and an unimproved charter bus parking lot, located at 395 South Frontage Road਍ഀ in Vail, Colorado (See Section 7 of RFP). This site is 6.3 acres in size and is਍ഀ located in the Lionshead Redevelopment Master Plan area, one of two਍ഀ pedestrian retail areas in Vail. In addition, this site is included in the Lionshead਍ഀ Urban Renewal area.਍ഀ A draft master plan for the parking structure was completed during the process of਍ഀ considering a conference center; the Town identified at that time, the following਍ഀ needs for the site:਍ഀ • The existing parking structure needs both capital and operational਍ഀ improvements to maintain its effectiveness in the future,਍ഀ • The Town currently needs 400-500 additional public parking spaces to਍ഀ minimize overflow parking on the Frontage Road for 15 days per winter਍ഀ season,਍ഀ • Redevelopment of the parking structure should include retail development਍ഀ on the south side of the parking structure as called for in the Lionshead਍ഀ Redevelopment Master Plan,਍ഀ • Pedestrian access needs to be improved between the parking structure਍ഀ and the Lionshead retail area, and਍ഀ • Improve the Lionshead Information Center.਍ഀ In the last year, private developers have approached the Town of Vail and਍ഀ proposed redevelopment of the site to accommodate both public and private਍ഀ uses. To ensure a fair and equitable process, the Vail Town Council directed਍ഀ Aft਍ഀ A਍ഀ that a "Request for Proposals" be issued to solicit development proposals that਍ഀ meet the project goals of the Town for this site.਍ഀ The RFP seeks qualified developers who can develop the Lionshead parking਍ഀ structure consistent with the project goals of this RFP stated below.਍ഀ The following are project goals for any developer considering submitting a਍ഀ proposal:਍ഀ A. Development proposals shall comply with the Lionshead Redevelopment਍ഀ Master Plan (See਍ഀ http://www.vailgov.com/docs/dl forms/lionshead master plan 01 2006.pdf )਍ഀ and be consistent with Lionshead Mixed Use 1 Zoning (See਍ഀ http://www.sterlingcodifiers.com/CO/VaiI/ for Title 12 in the Vail Town Code).਍ഀ B. Development proposals consistent with the Lionshead Redevelopment਍ഀ Master Plan and the Lionshead Mixed Use 1 Zone District shall help pay for਍ഀ the public improvements. A strong preference is given to uses that generate਍ഀ "hot beds" such as accommodation units (hotels) and Employee Housing਍ഀ Units. Parking generated by private development shall be provided and paid਍ഀ for by the developer.਍ഀ C. Meeting/event/conference facilities accessory to hotel and lodging uses.਍ഀ D. The Town anticipates extensive improvements to the Lionshead parking਍ഀ structure in the near future. Creation of a new public parking structure, paid਍ഀ for through the redevelopment of the site, should include a minimum of 1150਍ഀ public parking spaces that would improve the operational performance of the਍ഀ structure compared to current operation (See 2005 Walker Parking Study in਍ഀ Attachment B). The Town is assuming that it would continue to own and਍ഀ operate public parking in Lionshead.਍ഀ E. Creation of new public parking in excess of the 1,150 existing spaces on the਍ഀ site based on circulation viability.਍ഀ F. Creation of a new Lionshead information center with public restrooms.਍ഀ G. Redevelopment of the Lionshead Annex with consideration given to the਍ഀ relocation of a Youth Recreation Center and the Colorado Mental Health਍ഀ offices.਍ഀ H. Improvement of the pedestrian, transit, and vehicular circulation between the਍ഀ parking structure and the Lionshead retail mall.਍ഀ 1. Provide loading and delivery for uses created on-site which can also be used਍ഀ by adjacent Lionshead retail uses.਍ഀ J. Improve hotel shuttle bus circulation which currently drops guests at the਍ഀ southwest corner of the Lionshead parking structure. The Town is interested਍ഀ in siting a Lionshead transit facility to accommodate 5 buses for regional bus਍ഀ traffic. The parking structure area is one of the locations under consideration਍ഀ for that use (See Draft Master Plan for Parking Structure).਍ഀ K. Creation of a retail connection along the south side of the project site that is਍ഀ consistent with the Lionshead Redevelopment Master Plan.਍ഀ L. Frontage Road improvements consistent with the Lionshead Redevelopment਍ഀ Master Plan and acceptable to the Colorado Department of Transportation.਍ഀ M. Other public amenities that would augment the vitality and economic impact਍ഀ of the development.਍ഀ N. Use of the U.S. Green Building Council's LEED Green Building Rating਍ഀ System, or a comparable alternative, to guide project design.਍ഀ Attachment A includes the Executive Summary for Both Teams. It should be਍ഀ noted that proposed schedule changes are proposed below.਍ഀ B. Projected Costs for Maintaining the Lionshead parking structure and other਍ഀ associated improvements਍ഀ The Lionshead parking structure was built in 1980 and is projected to have 25਍ഀ years more of life before major reconstruction is required. However, significant਍ഀ capital investments will be required to reach the 25 years. Necessary਍ഀ improvements to the Lionshead parking structure can be placed in the following਍ഀ categories:਍ഀ Structural/Capital Maintenance:਍ഀ • Repair all the stairs and stairways: $350,000 due next couple of years਍ഀ • Ongoing expansion joint work: $50,000/yr *਍ഀ • Top deck slab: re-topping within the next eight years: $2,500,000਍ഀ • Salt penetration repairs: $150,000 due next couple of years਍ഀ • Water infiltration repairs: $250,000 within 5 years਍ഀ • Painting/lighting/system maintenance: $150,000/yr਍ഀ • Parking equipment replacement: now $300,000, also every 5-7 years,਍ഀ will request for 2007਍ഀ Operational: The current structure does not function well as designed:਍ഀ • Install pay on foot stations: $200,000਍ഀ • Provide another exit to East Lionshead Circle: $750,000਍ഀ • Convert the garage to one-way circulation and lose 100 spots: cost to਍ഀ replace the 100 spots: $3,500,000਍ഀ • Roadway improvements for better ingress/egress: $3,000,000਍ഀ Code/regulatory: Required improvements to meet current codes will be਍ഀ required with any enhancement or remodel.਍ഀ • Elevator to meet ADA: $400,000 a piece਍ഀ • Sprinkler and detection systems: $1,000,000਍ഀ • Increase ventilation on certain levels: $350,000਍ഀ • Egress and proper emergency access issues: $150,000਍ഀ Enhancements: Keeping up with the customer expectations, matching the new਍ഀ neighborhood and keeping the Vail experience.਍ഀ • Bathrooms: $500,000਍ഀ • Information booth: $900,000਍ഀ • Auxiliary building: $1,700,000਍ഀ • Heated entry stairs: $1,000,000 verses $300,000਍ഀ • Elevators: See above਍ഀ • Streetscape: $1,000,000਍ഀ • New heated streetscape entry/bus plaza: $3,000,000਍ഀ Expansion: We have stated the need to expand the supply by 400 spaces.਍ഀ • 400 new spaces: $12,000,000਍ഀ Currently, some of the structural and capital maintenance issues are budgeted਍ഀ over the next 5 years Operational issues are not budgeted except the਍ഀ possibility of roadway improvements using Tax Increment Financing (TIF) funds.਍ഀ Enhancements are not budgeted except to use TIF funds for streetscape and਍ഀ entry plaza.਍ഀ 0਍ഀ The conference center, if approved, would have addressed all these issues with਍ഀ the exception of the topping slab, one-way circulation, the information booth and਍ഀ expanded capacity by only 250 spaces verses 400 spaces. The revised capital਍ഀ budgets for 2007-2010 will need to reflect increased costs to take care of the਍ഀ shortcomings.਍ഀ C. Criteria for a Final Selection਍ഀ On September 5, 2006 the Council approved the following criteria (which is਍ഀ based on the original goals of the RFP).਍ഀ Regulatory Criteria਍ഀ • Compliance with Lionshead Mixed Use Zoning,਍ഀ • Conformance to design guidelines in the Lionshead Redevelopment਍ഀ Master Plan,਍ഀ • Compliance with affordable housing policy.਍ഀ Circulation and Parking਍ഀ • Replacement of existing parking without affecting parking availability਍ഀ in the ski season,਍ഀ • Mitigation of lost parking during the construction of the parking facility,਍ഀ • Number of additional public parking spaces (beyond 1,150 spaces)਍ഀ provided upon completion of construction,਍ഀ • Provide for loading and delivery for the site and surrounding area,਍ഀ • Provide for mass transit access to the Lionshead area,਍ഀ • Enhance circulation for pedestrians and vehicles,਍ഀ • Provide necessary improvements to Frontage Road in compliance਍ഀ with CDOT standards.਍ഀ Uses਍ഀ • Number of "live beds" and degree to which they provide diversity to਍ഀ the Vail bed base,਍ഀ • Provide retail opportunities on East Lionshead Circle which਍ഀ complement existing retail areas,਍ഀ • Provide public amenities: recreation, entertainment, event/meeting਍ഀ facilities proposed on the site,਍ഀ • Provide a new Lionshead information center,਍ഀ • Consideration of the relocation for the Youth Recreation Center,਍ഀ Colorado Mental Health, and other tenant uses.਍ഀ Financial Considerations਍ഀ • Financial return to the Town through lease payments, air rights਍ഀ purchase or other payments,਍ഀ • Town's financial commitment for construction and maintenance of਍ഀ public improvements,਍ഀ • Financial viability of the project,਍ഀ • Financial capability of the developer to construct and operate the਍ഀ project,਍ഀ • Financial guarantees for timely completion.਍ഀ 4਍ഀ o਍ഀ Environmental/Carrying Capacity਍ഀ • Overall environmental sensitivity and ability to achieve an established਍ഀ environmental certification for the design and construction of the਍ഀ facility,਍ഀ • Overall innovation and creativity.਍ഀ Legal਍ഀ Ownership structure for the parking facilities and private਍ഀ improvements,਍ഀ Contractual arrangements necessary for joint ownership and਍ഀ operation of public amenities,਍ഀ Assurance of completion and operational commitments.਍ഀ Staff and consultants will review the proposals and make a recommendation਍ഀ to Council regarding the extent to which each proposal meets the criteria.਍ഀ The Council will make a final decision in its sole judgment as to which਍ഀ proposal is in the best interests of the Town. The Council will reserve the਍ഀ right to reject all proposals.਍ഀ ACTION REQUESTED FROM COUNCIL਍ഀ A. Scope of Service for a Financial Critique/Analysis of the two਍ഀ development proposals਍ഀ On November 21, 2006, the Council received input from the public and਍ഀ requested the proposals be reviewed and critiqued by a financial expert who਍ഀ could review the viability of the proposals, the proposed public benefits and਍ഀ risks of each proposal. To ensure that a final product meets with the਍ഀ Council's goals for this review, staff prepared a request for proposals with a਍ഀ scope of services (see attachment A). Staff used the Urban Land Institute਍ഀ database which includes most of the top investment bankers, financial਍ഀ consultants, and developers to create a mailing list for the RFP. Staff਍ഀ received three proposals from this RFP from:਍ഀ • Economic Research Associates਍ഀ • Economic & Planning Systems, and਍ഀ • HVS਍ഀ After meeting with the designated Council members for the RFP it is staffs਍ഀ recommendation to engage Economic & Planning Systems (EPS) for this਍ഀ task. The rational for recommending EPS includes:਍ഀ 1. Qualifications: EPS brought three skill sets together for the project਍ഀ including:਍ഀ a. Ability to analyze the value of the public benefits and costs and਍ഀ provide consultations on financial tools and guarantees to਍ഀ ensure the Town receives the best possible, yet fair, deal from਍ഀ a chosen developer. EPS specializes in providing਍ഀ consultation on public private deals and has done many such਍ഀ projects in the past.਍ഀ Ah 0%਍ഀ b. EPS has engaged a real estate attorney/developer (Jim਍ഀ Mulligan to evaluate the deal and the financing behind it. He਍ഀ has worked on developing the financing and the development਍ഀ agreement in many large developments. The Vail Housing਍ഀ Authority (Housing Authority) has worked with him on Middle਍ഀ Creek. Although expensive, he was effective in developing a਍ഀ very beneficial development agreement for the Housing਍ഀ Authority and the Town. His time and cost will be capped in਍ഀ this scope of service.਍ഀ c. EPS has three options for a consultant that specializes in਍ഀ market demand for hotel brands. EPS is in the process, at਍ഀ staff request, of ensuring that they would not have a conflict or਍ഀ an active business interest with either of the development਍ഀ companies. Each of these resources have significant਍ഀ experience in evaluating the market demand and impact of਍ഀ different hotel brands.਍ഀ 2. Competitive Price: EPS `s cost for this scope will not exceed਍ഀ $35,000. HVS was also at $35,000 and ERA was at $50,000.਍ഀ 3. Conflict of Interest: HVS may have a conflict of interest in that they਍ഀ worked on the OPN proposal out of their Dallas office. East West has਍ഀ expressed concern about a conflict with HVS. The other two਍ഀ developers have no known conflicts.਍ഀ Staff is requesting that the Council make a motion to engage EPS਍ഀ and to authorize $35,000 for the completion of the scope of work਍ഀ outlined in Attachment A.਍ഀ IV. SCHEDULE OF PROPOSED NEXT STEPS਍ഀ The following is a series of next steps with several opportunities for public਍ഀ input and involvement.਍ഀ January 5, 2007 Development teams will respond by this date to਍ഀ final questions from the Council and staff.਍ഀ Questions for example (but not limited to the਍ഀ following) include:਍ഀ 1. Identifying where off-site employee housing਍ഀ would be located.਍ഀ 2. Providing documentation on how dwelling units਍ഀ or dwelling unit lock-offs would be managed in਍ഀ a rental pool.਍ഀ 3. Providing information on how completion of਍ഀ construction of public parking would be਍ഀ guaranteed on-time and then how completion of਍ഀ the overall project would be guaranteed.਍ഀ 4. Providing additional documentation on how any਍ഀ financial subsidy required for the civic center਍ഀ use would be addressed by the developer.਍ഀ o a਍ഀ 5. Any additional ideas to address the comments਍ഀ from the Council and the public.਍ഀ No additional information will be accepted by the਍ഀ developers after this date unless specifically਍ഀ required by the financial analyst chosen by the਍ഀ Town to critique the two proposal.਍ഀ February 6, 2007 Preliminary draft of 2nd appraisal is complete਍ഀ February 20, 2007 Presentation of appraisals, financial analysis, and਍ഀ staff recommendation to the Vail Town Council.਍ഀ ATTACHMENT A: RFP for a financial critique਍ഀ ATTACHMENT B: EPS proposals਍ഀ ATTACHMENT C: Updated responses to proposals (Also refer to਍ഀ TOV web site at www.vailgov.com)਍ഀ F:\cdev\COU NCI L\ME MOS\06\Lionshead Parking Structure Council Memo 120506.doc਍ഀ O O਍ഀ Town of Vail਍ഀ Request for Proposals਍ഀ A financial critique and analysis of two proposals to redevelop the existing਍ഀ Lionshead parking structure in Vail, Colorado, as a mixed use development਍ഀ providing over 1150 public parking spaces਍ഀ December 6, 2006਍ഀ 1. BACKGROUND਍ഀ In May 2006, the Town of Vail issued a request for proposals for qualified਍ഀ development teams to propose a mixed-use plan for redevelopment of the Town਍ഀ of Vail owned Lionshead parking structure. The Town of Vail owns and operates਍ഀ an 1150 space parking structure and an unimproved charter bus parking lot਍ഀ located at 395 South Frontage Road in Vail, Colorado. This site is 6.6 acres in਍ഀ size and is located in the Lionshead Redevelopment Master Plan Area which is਍ഀ one of two pedestrian-oriented retail areas in Vail. In addition, this site is਍ഀ included in the Lionshead Urban Renewal Area.਍ഀ Lionshead is currently experiencing a major redevelopment with the new਍ഀ Arrabelle mixed-use project as well as redevelopment of several surrounding਍ഀ condominium projects. Lionshead is at the heart of Vail's $1 billion renewal.਍ഀ In the last year, private developers have approached the Town of Vail and਍ഀ proposed redevelopment of the Lionshead parking structure to accommodate਍ഀ both public and private uses. To ensure a fair and equitable process, the Town਍ഀ issued a "Request for Proposals" to solicit development proposals which meet਍ഀ the project goals of the Town for this site.਍ഀ In September of this year two developers, East West Partners and Open਍ഀ Hospitality Parnters/Hillwood submitted proposals to the attached RFP. This਍ഀ Request for Proposals seeks a qualified financial analyst to critique and analyze਍ഀ the two development proposals.਍ഀ 2. PROJECT GOALS:਍ഀ The attached RFP for the development of the project includes the overall goals of਍ഀ the project. The following are project goals for a financial critique of the two਍ഀ proposals:਍ഀ A. Review the financial capability of the two developers to determine if they have਍ഀ the financial capability to complete their respective proposals.਍ഀ B. Evaluate the proposed financing structure to determine its overall ability to be਍ഀ financed.਍ഀ C. Critique and evaluate, using independent verification, the feasibility of the਍ഀ public benefits that are being proposed.਍ഀ D. Provide a side by side comparison of the financial benefits of each teams਍ഀ public benefit.਍ഀ r~ft_l਍ഀ 0਍ഀ E. Identify other opportunities to further maximize the public benefit either਍ഀ through alternative financing or through other mechanisms to eliminate risk to਍ഀ the Town in executing this public private partnership.਍ഀ 3. PROJECT REPORT਍ഀ A. Submit a confidential written report regarding your findings to Town Council਍ഀ addressing each of the Project Goals on February 1, 2007.਍ഀ B. Provide an oral summary of the findings to Town Council on February 6,਍ഀ 2007.਍ഀ 3. MINIMUM QUALIFICATION TO SUBMIT A PROPOSAL਍ഀ The Town is accepting proposals to perform a financial critique and analysis of਍ഀ the two developers proposing to redevelop the Lionshead Parking Structure. A਍ഀ "Respondent" to this RFP must satisfy the following conditions (the "Qualification਍ഀ Conditions"):਍ഀ • The Respondent (by itself or together with its affiliates) must have first-class਍ഀ experience and expertise in developing and analyzing the financial feasibility਍ഀ of public/private projects.਍ഀ • Have a proven ability to analyze and critique the financing for a large multi-਍ഀ million public-private deal in the market place.਍ഀ 4. SUBMITTAL REQUIREMENTS਍ഀ Please submit in writing the following:਍ഀ A. Statement of Qualification:਍ഀ Provide a statement of qualification that describes the team to be involved in਍ഀ the financial analysis. This statement should include similar projects and਍ഀ references from those same projects. Other specific information shall include:਍ഀ 1) Identify the specific individuals and their qualifications that will be਍ഀ involved in this project;਍ഀ 2) Highlight strengths of team;਍ഀ 3) Describe team's expertise as it pertains to the delivery of a financial਍ഀ analysis.਍ഀ 4) Provide a list of previous projects which are similar to the scope of਍ഀ service requested in this RFP and references for those projects.਍ഀ B. Cost Estimate for a financial analysis and critique of each proposal.਍ഀ This cost estimate should include the following scope of work:਍ഀ A. Review the financial capability of the two developers to determine if they਍ഀ have the financial capability to complete their respective proposals.਍ഀ B. Evaluate the proposed financing structure to determine its overall ability਍ഀ to be financed.਍ഀ 0਍ഀ All correspondence and questions should be directed to:਍ഀ C. Evaluate the financial guarantee that is being offered to ensure਍ഀ completion of the project on time.਍ഀ D. Critique and evaluate, using independent verification, the feasibility of the਍ഀ public benefits that are being proposed.਍ഀ E. Provide a side by side comparison of the financial benefits of each team's਍ഀ public benefit.਍ഀ F. Identify any direct or indirect financial risks to the Town of Vail poised by਍ഀ either proposal.਍ഀ G. Identify other opportunities to further maximize the public benefit either਍ഀ through alternative financing or through other mechanisms to eliminate਍ഀ risk to the Town in executing this public private partnership.਍ഀ The selected financial consultant will be provided the proposals submitted by਍ഀ both teams and a preliminary financial comparison of both teams prepared by਍ഀ Town staff. All respondents shall provide 5 copies of their qualifications and cost਍ഀ proposal by 5:00 p.m. on December 29, 2006. The proposals shall include the਍ഀ cost, methodology, and time frame to complete the above mentioned tasks along਍ഀ with a date for final delivery.਍ഀ F਍ഀ Russell Forrest਍ഀ Director਍ഀ Community Development Department਍ഀ 75 Frontage Rd਍ഀ Vail, CO 81657਍ഀ 970-479-2146਍ഀ Email: rforrest@vailgov.com਍ഀ 5.਍ഀ SCHEDULE:਍ഀ RFP Issued਍ഀ Proposal submittal due by 5:00 p.m. on:਍ഀ Candidate Selection਍ഀ Desired Time for Report਍ഀ December 6, 2006਍ഀ December 29th, 2006਍ഀ January 5, 2006਍ഀ February 1, 2006਍ഀ 6.਍ഀ Dates are subject to change. Active candidates will be notified via email or in਍ഀ writing of any date or time changes.਍ഀ GENERAL CONDITIONS਍ഀ Limitations and Award: This RFP does not commit the Town of Vail to award or਍ഀ contract, nor to pay any costs incurred in the preparation and submission of਍ഀ qualifications in anticipation of a contract. The Town of Vail reserves the right to਍ഀ accept or reject all or any submittal received as a result of this request, to਍ഀ negotiate with all qualified sources, or to cancel all or part of the RFP. After a਍ഀ priority listing of the final firms is established, the Town of Vail will negotiate a਍ഀ contract with the first priority firm. If negotiations cannot be successfully਍ഀ completed with the first priority firm, negotiations will be formally terminated and਍ഀ will be initiated with the second most qualified firm and, likewise, with the਍ഀ remaining firms.਍ഀ 10਍ഀ Q਍ഀ Selection: Initial evaluation will be based upon the qualifications of the applicant.਍ഀ The Town of Vail reserves the right to not interview, and to make final consultant਍ഀ selection based upon the qualification statements and cost estimate.਍ഀ Equal Employment Opportunity: The selected consultant will not discriminate਍ഀ against any employee or applicant for employment because of race, color,਍ഀ religion, sex, or national origin.਍ഀ F: \cdev\R U SS\P roj ects\Lio ns head Parking RFP\RFPs\FinancialRFP.doc਍ഀ F: \cd ev\RU SS\Projects\Lio n s head Parking RFP\RFPs\FinancialRFP.doc਍ഀ 11਍ഀ e 0਍ഀ MEMORANDUM਍ഀ TO: Town Council਍ഀ FROM: Community Development Department਍ഀ DATE: January 16, 2007਍ഀ SUBJECT: Lionshead Parking Structure Request for Proposals਍ഀ Staff: Stan Zemler and Russ Forrest਍ഀ PURPOSE਍ഀ The purpose of the evening meeting with the Vail Town Council (Council) is to:਍ഀ • Request budget authorization for $35,000 to perform a financial਍ഀ critique on the two development proposals for the Lionshead Parking਍ഀ Structure and to authorize staff to engage Economic Planning਍ഀ Systems to complete that critique.਍ഀ II. BACKGROUND਍ഀ A. Goals਍ഀ The Town of Vail (Town) owns and operates an 1,150 space parking structure਍ഀ and an unimproved charter bus parking lot, located at 395 South Frontage Road਍ഀ in Vail, Colorado (See Section 7 of RFP). This site is 6.3 acres in size and is਍ഀ located in the Lionshead Redevelopment Master Plan area, one of two਍ഀ pedestrian retail areas in Vail. In addition, this site is included in the Lionshead਍ഀ Urban Renewal area.਍ഀ A draft master plan for the parking structure was completed during the process of਍ഀ considering a conference center; the Town identified at that time, the following਍ഀ needs for the site:਍ഀ • The existing parking structure needs both capital and operational਍ഀ improvements to maintain its effectiveness in the future,਍ഀ • The Town currently needs 400-500 additional public parking spaces to਍ഀ minimize overflow parking on the Frontage Road for 15 days per winter਍ഀ season,਍ഀ • Redevelopment of the parking structure should include retail development਍ഀ on the south side of the parking structure as called for in the Lionshead਍ഀ Redevelopment Master Plan,਍ഀ • Pedestrian access needs to be improved between the parking structure਍ഀ and the Lionshead retail area, and਍ഀ • Improve the Lionshead Information Center.਍ഀ In the last year, private developers have approached the Town of Vail and਍ഀ proposed redevelopment of the site to accommodate both public and private਍ഀ uses. To ensure a fair and equitable process, the Vail Town Council directed਍ഀ 0਍ഀ that a "Request for Proposals" be issued to solicit development proposals that਍ഀ meet the project goals of the Town for this site.਍ഀ The RFP seeks qualified developers who can develop the Lionshead parking਍ഀ structure consistent with the project goals of this RFP stated below.਍ഀ The following are project goals for any developer considering submitting a਍ഀ proposal:਍ഀ A. Development proposals shall comply with the Lionshead Redevelopment਍ഀ Master Plan (See਍ഀ http://www.vailgov.com/docs/dl forms/lionshead master plan 01 2006.pdf )਍ഀ and be consistent with Lionshead Mixed Use 1 Zoning (See਍ഀ http://www.sterlingcodifiers.com/CO/VaiI/ for Title 12 in the Vail Town Code).਍ഀ B. Development proposals consistent with the Lionshead Redevelopment਍ഀ Master Plan and the Lionshead Mixed Use 1 Zone District shall help pay for਍ഀ the public improvements. A strong preference is given to uses that generate਍ഀ "hot beds" such as accommodation units (hotels) and Employee Housing਍ഀ Units. Parking generated by private development shall be provided and paid਍ഀ for by the developer.਍ഀ C. Meeting/event/conference facilities accessory to hotel and lodging uses.਍ഀ D. The Town anticipates extensive improvements to the Lionshead parking਍ഀ structure in the near future. Creation of a new public parking structure, paid਍ഀ for through the redevelopment of the site, should include a minimum of 1150਍ഀ public parking spaces that would improve the operational performance of the਍ഀ structure compared to current operation (See 2005 Walker Parking Study in਍ഀ Attachment B). The Town is assuming that it would continue to own and਍ഀ operate public parking in Lionshead.਍ഀ E. Creation of new public parking in excess of the 1,150 existing spaces on the਍ഀ site based on circulation viability.਍ഀ F. Creation of a new Lionshead information center with public restrooms.਍ഀ G. Redevelopment of the Lionshead Annex with consideration given to the਍ഀ relocation of a Youth Recreation Center and the Colorado Mental Health਍ഀ offices.਍ഀ H. Improvement of the pedestrian, transit, and vehicular circulation between the਍ഀ parking structure and the Lionshead retail mall.਍ഀ 1. Provide loading and delivery for uses created on-site which can also be used਍ഀ by adjacent Lionshead retail uses.਍ഀ J. Improve hotel shuttle bus circulation which currently drops guests at the਍ഀ southwest corner of the Lionshead parking structure. The Town is interested਍ഀ in siting a Lionshead transit facility to accommodate 5 buses for regional bus਍ഀ traffic. The parking structure area is one of the locations under consideration਍ഀ for that use (See Draft Master Plan for Parking Structure).਍ഀ K. Creation of a retail connection along the south side of the project site that is਍ഀ consistent with the Lionshead Redevelopment Master Plan.਍ഀ L. Frontage Road improvements consistent with the Lionshead Redevelopment਍ഀ Master Plan and acceptable to the Colorado Department of Transportation.਍ഀ M. Other public amenities that would augment the vitality and economic impact਍ഀ of the development.਍ഀ N. Use of the U.S. Green Building Council's LEED Green Building Rating਍ഀ System, or a comparable alternative, to guide project design.਍ഀ Attachment A includes the Executive Summary for Both Teams. It should be਍ഀ noted that proposed schedule changes are proposed below.਍ഀ © o਍ഀ B. Projected Costs for Maintaining the Lionshead parking structure and other਍ഀ associated improvements਍ഀ The Lionshead parking structure was built in 1980 and is projected to have 25਍ഀ years more of life before major reconstruction is required. However, significant਍ഀ capital investments will be required to reach the 25 years. Necessary਍ഀ improvements to the Lionshead parking structure can be placed in the following਍ഀ categories:਍ഀ Structural/Capital Maintenance:਍ഀ • Repair all the stairs and stairways: $350,000 due next couple of years਍ഀ • Ongoing expansion joint work: $50,000/yr *਍ഀ • Top deck slab: re-topping within the next eight years: $2,500,000਍ഀ • Salt penetration repairs: $150,000 due next couple of years਍ഀ • Water infiltration repairs: $250,000 within 5 years਍ഀ • Painting/lighting/system maintenance: $150,000/yr਍ഀ • Parking equipment replacement: now $300,000, also every 5-7 years,਍ഀ will request for 2007਍ഀ Operational: The current structure does not function well as designed:਍ഀ • Install pay on foot stations: $200,000਍ഀ • Provide another exit to East Lionshead Circle: $750,000਍ഀ • Convert the garage to one-way circulation and lose 100 spots: cost to਍ഀ replace the 100 spots: $3,500,000਍ഀ • Roadway improvements for better ingress/egress: $3,000,000਍ഀ Code/regulatory: Required improvements to meet current codes will be਍ഀ required with any enhancement or remodel.਍ഀ • Elevator to meet ADA: $400,000 a piece਍ഀ • Sprinkler and detection systems: $1,000,000਍ഀ • Increase ventilation on certain levels: $350,000਍ഀ • Egress and proper emergency access issues: $150,000਍ഀ Enhancements: Keeping up with the customer expectations, matching the new਍ഀ neighborhood and keeping the Vail experience.਍ഀ • Bathrooms: $500,000਍ഀ • Information booth: $900,000਍ഀ • Auxiliary building: $1,700,000਍ഀ • Heated entry stairs: $1,000,000 verses $300,000਍ഀ • Elevators: See above਍ഀ • Streetscape: $1,000,000਍ഀ • New heated streetscape entry/bus plaza: $3,000,000਍ഀ Expansion: We have stated the need to expand the supply by 400 spaces.਍ഀ • 400 new spaces: $12,000,000਍ഀ Currently, some of the structural and capital maintenance issues are budgeted਍ഀ over the next 5 years Operational issues are not budgeted except the਍ഀ possibility of roadway improvements using Tax Increment Financing (TIF) funds.਍ഀ Enhancements are not budgeted except to use TIF funds for streetscape and਍ഀ entry plaza.਍ഀ n਍ഀ The conference center, if approved, would have addressed all these issues with਍ഀ the exception of the topping slab, one-way circulation, the information booth and਍ഀ expanded capacity by only 250 spaces verses 400 spaces. The revised capital਍ഀ budgets for 2007-2010 will need to reflect increased costs to take care of the਍ഀ shortcomings.਍ഀ C. Criteria for a Final Selection਍ഀ On September 5, 2006 the Council approved the following criteria (which is਍ഀ based on the original goals of the RFP).਍ഀ Reaulatorv Criteria਍ഀ • Compliance with Lionshead Mixed Use Zoning,਍ഀ • Conformance to design guidelines in the Lionshead Redevelopment਍ഀ Master Plan,਍ഀ • Compliance with affordable housing policy.਍ഀ Circulation and Parking਍ഀ • Replacement of existing parking without affecting parking availability਍ഀ in the ski season,਍ഀ • Mitigation of lost parking during the construction of the parking facility,਍ഀ • Number of additional public parking spaces (beyond 1,150 spaces)਍ഀ provided upon completion of construction,਍ഀ • Provide for loading and delivery for the site and surrounding area,਍ഀ • Provide for mass transit access to the Lionshead area,਍ഀ • Enhance circulation for pedestrians and vehicles,਍ഀ • Provide necessary improvements to Frontage Road in compliance਍ഀ with CDOT standards.਍ഀ Uses਍ഀ • Number of "live beds" and degree to which they provide diversity to਍ഀ the Vail bed base,਍ഀ • Provide retail opportunities on East Lionshead Circle which਍ഀ complement existing retail areas,਍ഀ • Provide public amenities: recreation, entertainment, event/meeting਍ഀ facilities proposed on the site,਍ഀ • Provide a new Lionshead information center,਍ഀ • Consideration of the relocation for the Youth Recreation Center,਍ഀ Colorado Mental Health, and other tenant uses.਍ഀ Financial Considerations਍ഀ • Financial return to the Town through lease payments, air rights਍ഀ purchase or other payments,਍ഀ • Town's financial commitment for construction and maintenance of਍ഀ public improvements,਍ഀ • Financial viability of the project,਍ഀ • Financial capability of the developer to construct and operate the਍ഀ project,਍ഀ • Financial guarantees for timely completion.਍ഀ 4਍ഀ Environmental/Carrying Capacity਍ഀ • Overall environmental sensitivity and ability to achieve an established਍ഀ environmental certification for the design and construction of the਍ഀ facility,਍ഀ • Overall innovation and creativity.਍ഀ Legal਍ഀ Ownership structure for the parking facilities and private਍ഀ improvements,਍ഀ Contractual arrangements necessary for joint ownership and਍ഀ operation of public amenities,਍ഀ Assurance of completion and operational commitments.਍ഀ Staff and consultants will review the proposals and make a recommendation਍ഀ to Council regarding the extent to which each proposal meets the criteria.਍ഀ The Council will make a final decision in its sole judgment as to which਍ഀ proposal is in the best interests of the Town. The Council will reserve the਍ഀ right to reject all proposals.਍ഀ III. ACTION REQUESTED FROM COUNCIL਍ഀ A. Scope of Service for a Financial Critique/Analysis of the two਍ഀ development proposals਍ഀ On November 21, 2006, the Council received input from the public and਍ഀ requested the proposals be reviewed and critiqued by a financial expert who਍ഀ could review the viability of the proposals, the proposed public benefits and਍ഀ risks of each proposal. To ensure that a final product meets with the਍ഀ Council's goals for this review, staff prepared a request for proposals with a਍ഀ scope of services (see attachment A). Staff used the Urban Land Institute਍ഀ database which includes most of the top investment bankers, financial਍ഀ consultants, and developers to create a mailing list for the RFP. Staff਍ഀ received three proposals from this RFP from:਍ഀ Economic Research Associates਍ഀ Economic & Planning Systems, and਍ഀ HVS਍ഀ After meeting with the designated Council members for the RFP it is staffs਍ഀ recommendation to engage Economic & Planning Systems (EPS) for this਍ഀ task. The rational for recommending EPS includes:਍ഀ 1. Qualifications: EPS brought three skill sets together for the project਍ഀ including:਍ഀ a. Ability to analyze the value of the public benefits and costs and਍ഀ provide consultations on financial tools and guarantees to਍ഀ ensure the Town receives the best possible, yet fair, deal from਍ഀ a chosen developer. EPS specializes in providing਍ഀ consultation on public private deals and has done many such਍ഀ projects in the past.਍ഀ A o਍ഀ b. EPS has engaged a real estate attorney/developer (Jim਍ഀ Mulligan to evaluate the deal and the financing behind it. He਍ഀ has worked on developing the financing and the development਍ഀ agreement in many large developments. The Vail Housing਍ഀ Authority (Housing Authority) has worked with him on Middle਍ഀ Creek. Although expensive, he was effective in developing a਍ഀ very beneficial development agreement for the Housing਍ഀ Authority and the Town. His time and cost will be capped in਍ഀ this scope of service.਍ഀ c. EPS has three options for a consultant that specializes in਍ഀ market demand for hotel brands. EPS is in the process, at਍ഀ staff request, of ensuring that they would not have a conflict or਍ഀ an active business interest with either of the development਍ഀ companies. Each of these resources have significant਍ഀ experience in evaluating the market demand and impact of਍ഀ different hotel brands.਍ഀ 2. Competitive Price: EPS `s cost for this scope will not exceed਍ഀ $35,000. HVS was also at $35,000 and ERA was at $50,000.਍ഀ 3. Conflict of Interest: HVS may have a conflict of interest in that they਍ഀ worked on the OPN proposal out of their Dallas office. East West has਍ഀ expressed concern about a conflict with HVS. The other two਍ഀ developers have no known conflicts.਍ഀ Staff is requesting that the Council make a motion to engage EPS਍ഀ and to authorize $35,000 for the completion of the scope of work਍ഀ outlined in Attachment A.਍ഀ IV.਍ഀ SCHEDULE OF PROPOSED NEXT STEPS਍ഀ The following is a series of next steps with several opportunities for public਍ഀ input and involvement.਍ഀ January 5, 2007 Development teams will respond by this date to਍ഀ final questions from the Council and staff.਍ഀ Questions for example (but not limited to the਍ഀ following) include:਍ഀ 1. Identifying where off-site employee housing਍ഀ would be located.਍ഀ 2. Providing documentation on how dwelling units਍ഀ or dwelling unit lock-offs would be managed in਍ഀ a rental pool.਍ഀ 3. Providing information on how completion of਍ഀ construction of public parking would be਍ഀ guaranteed on-time and then how completion of਍ഀ the overall project would be guaranteed.਍ഀ 4. Providing additional documentation on how any਍ഀ financial subsidy required for the civic center਍ഀ use would be addressed by the developer.਍ഀ ਍ഀ 5. Any additional ideas to address the comments਍ഀ from the Council and the public.਍ഀ No additional information will be accepted by the਍ഀ developers after this date unless specifically਍ഀ required by the financial analyst chosen by the਍ഀ Town to critique the two proposal.਍ഀ February 6, 2007 Preliminary draft of 2nd appraisal is complete਍ഀ February 20, 2007 Presentation of appraisals, financial analysis, and਍ഀ staff recommendation to the Vail Town Council.਍ഀ ATTACHMENT A: RFP for a financial critique਍ഀ ATTACHMENT B: EPS proposals਍ഀ ATTACHMENT C: Updated responses to proposals (Also refer to਍ഀ TOV web site at www.vailgov.com)਍ഀ F:\cdev\COU NC I L\ME MOS\06\Lionshead Parking Structure Council Memo 120506.doc਍ഀ p਍ഀ Town of Vail਍ഀ Request for Proposals਍ഀ A financial critique and analysis of two proposals to redevelop the existing਍ഀ Lionshead parking structure in Vail, Colorado, as a mixed use development਍ഀ providing over 1150 public parking spaces਍ഀ December 6, 2006਍ഀ 1. BACKGROUND਍ഀ In May 2006, the Town of Vail issued a request for proposals for qualified਍ഀ development teams to propose a mixed-use plan for redevelopment of the Town਍ഀ of Vail owned Lionshead parking structure. The Town of Vail owns and operates਍ഀ an 1150 space parking structure and an unimproved charter bus parking lot਍ഀ located at 395 South Frontage Road in Vail, Colorado. This site is 6.6 acres in਍ഀ size and is located in the Lionshead Redevelopment Master Plan Area which is਍ഀ one of two pedestrian-oriented retail areas in Vail. In addition, this site is਍ഀ included in the Lionshead Urban Renewal Area.਍ഀ Lionshead is currently experiencing a major redevelopment with the new਍ഀ Arrabelle mixed-use project as well as redevelopment of several surrounding਍ഀ condominium projects. Lionshead is at the heart of Vail's $1 billion renewal.਍ഀ In the last year, private developers have approached the Town of Vail and਍ഀ proposed redevelopment of the Lionshead parking structure to accommodate਍ഀ both public and private uses. To ensure a fair and equitable process, the Town਍ഀ issued a "Request for Proposals" to solicit development proposals which meet਍ഀ the project goals of the Town for this site.਍ഀ In September of this year two developers, East West Partners and Open਍ഀ Hospitality Parnters/Hillwood submitted proposals to the attached RFP. This਍ഀ Request for Proposals seeks a qualified financial analyst to critique and analyze਍ഀ the two development proposals.਍ഀ 2. PROJECT GOALS:਍ഀ The attached RFP for the development of the project includes the overall goals of਍ഀ the project. The following are project goals for a financial critique of the two਍ഀ proposals:਍ഀ A. Review the financial capability of the two developers to determine if they have਍ഀ the financial capability to complete their respective proposals.਍ഀ B. Evaluate the proposed financing structure to determine its overall ability to be਍ഀ financed.਍ഀ C. Critique and evaluate, using independent verification, the feasibility of the਍ഀ public benefits that are being proposed.਍ഀ D. Provide a side by side comparison of the financial benefits of each teams਍ഀ public benefit.਍ഀ AdftL਍ഀ X਍ഀ E. Identify other opportunities to further maximize the public benefit either਍ഀ through alternative financing or through other mechanisms to eliminate risk to਍ഀ the Town in executing this public private partnership.਍ഀ 3. PROJECT REPORT਍ഀ A. Submit a confidential written report regarding your findings to Town Council਍ഀ addressing each of the Project Goals on February 1, 2007.਍ഀ B. Provide an oral summary of the findings to Town Council on February 6,਍ഀ 2007.਍ഀ 3. MINIMUM QUALIFICATION TO SUBMIT A PROPOSAL਍ഀ The Town is accepting proposals to perform a financial critique and analysis of਍ഀ the two developers proposing to redevelop the Lionshead Parking Structure. A਍ഀ "Respondent" to this RFP must satisfy the following conditions (the "Qualification਍ഀ Conditions"):਍ഀ • The Respondent (by itself or together with its affiliates) must have first-class਍ഀ experience and expertise in developing and analyzing the financial feasibility਍ഀ of public/private projects.਍ഀ • Have a proven ability to analyze and critique the financing for a large multi-਍ഀ million public-private deal in the market place.਍ഀ 4. SUBMITTAL REQUIREMENTS਍ഀ Please submit in writing the following:਍ഀ A. Statement of Qualification:਍ഀ Provide a statement of qualification that describes the team to be involved in਍ഀ the financial analysis. This statement should include similar projects and਍ഀ references from those same projects. Other specific information shall include:਍ഀ 1) Identify the specific individuals and their qualifications that will be਍ഀ involved in this project;਍ഀ 2) Highlight strengths of team;਍ഀ 3) Describe team's expertise as it pertains to the delivery of a financial਍ഀ analysis.਍ഀ 4) Provide a list of previous projects which are similar to the scope of਍ഀ service requested in this RFP and references for those projects.਍ഀ B. Cost Estimate for a financial analysis and critique of each proposal.਍ഀ This cost estimate should include the following scope of work:਍ഀ A. Review the financial capability of the two developers to determine if they਍ഀ have the financial capability to complete their respective proposals.਍ഀ B. Evaluate the proposed financing structure to determine its overall ability਍ഀ to be financed.਍ഀ W਍ഀ All correspondence and questions should be directed to:਍ഀ C. Evaluate the financial guarantee that is being offered to ensure਍ഀ completion of the project on time.਍ഀ D. Critique and evaluate, using independent verification, the feasibility of the਍ഀ public benefits that are being proposed.਍ഀ E. Provide a side by side comparison of the financial benefits of each team's਍ഀ public benefit.਍ഀ F. Identify any direct or indirect financial risks to the Town of Vail poised by਍ഀ either proposal.਍ഀ G. Identify other opportunities to further maximize the public benefit either਍ഀ through alternative financing or through other mechanisms to eliminate਍ഀ risk to the Town in executing this public private partnership.਍ഀ The selected financial consultant will be provided the proposals submitted by਍ഀ both teams and a preliminary financial comparison of both teams prepared by਍ഀ Town staff. All respondents shall provide 5 copies of their qualifications and cost਍ഀ proposal by 5:00 p.m. on December 29, 2006. The proposals shall include the਍ഀ cost, methodology, and time frame to complete the above mentioned tasks along਍ഀ with a date for final delivery.਍ഀ Russell Forrest਍ഀ Director਍ഀ Community Development Department਍ഀ 75 Frontage Rd਍ഀ Vail, CO 81657਍ഀ 970-479-2146਍ഀ Email: rforrest@vailgov.com਍ഀ 5.਍ഀ SCHEDULE:਍ഀ RFP Issued਍ഀ Proposal submittal due by 5:00 p.m. on:਍ഀ Candidate Selection਍ഀ Desired Time for Report਍ഀ December 6, 2006਍ഀ December 29th, 2006਍ഀ January 5, 2006਍ഀ February 1, 2006਍ഀ 6.਍ഀ Dates are subject to change. Active candidates will be notified via email or in਍ഀ writing of any date or time changes.਍ഀ GENERAL CONDITIONS਍ഀ Limitations and Award: This RFP does not commit the Town of Vail to award or਍ഀ contract, nor to pay any costs incurred in the preparation and submission of਍ഀ qualifications in anticipation of a contract. The Town of Vail reserves the right to਍ഀ accept or reject all or any submittal received as a result of this request, to਍ഀ negotiate with all qualified sources, or to cancel all or part of the RFP. After a਍ഀ priority listing of the final firms is established, the Town of Vail will negotiate a਍ഀ contract with the first priority firm. If negotiations cannot be successfully਍ഀ completed with the first priority firm, negotiations will be formally terminated and਍ഀ will be initiated with the second most qualified firm and, likewise, with the਍ഀ remaining firms.਍ഀ 10਍ഀ re-!਍ഀ O਍ഀ Selection: Initial evaluation will be based upon the qualifications of the applicant.਍ഀ The Town of Vail reserves the right to not interview, and to make final consultant਍ഀ selection based upon the qualification statements and cost estimate.਍ഀ Equal Employment Opportunity: The selected consultant will not discriminate਍ഀ against any employee or applicant for employment because of race, color,਍ഀ religion, sex, or national origin.਍ഀ F:\cdev\RUSS\Projects\Lionshead Parking RFP\RFPs\FinancialRFP.doc਍ഀ F:\cdev\RUSS\Projects\Lionshead Parking RFP\RFPs\FinancialRFP.doc਍ഀ II਍ഀ .,dachmenl਍ഀ PROPOSAL਍ഀ TOWN OF VAIL LIONSHEAD EVALUATION਍ഀ Prepared for:਍ഀ Town of Vail਍ഀ Prepared by:਍ഀ Economic & Planning Systems, Inc.਍ഀ December 29, 2006਍ഀ EPS #16896਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Econornics਍ഀ Land Use Policy਍ഀ D E N V E R B E R K E L E Y S A C R A M E N T O਍ഀ 730 Seventeenth Street, SLHLe 630 phone: 303-623-3557 phone: 510-841-9190 phone: 916-649-8010਍ഀ Denver, CIO 80202-3511 fax: 303-623-9049 fax: 510-841-9208 fax: 916-649-2070਍ഀ www.epsys.com਍ഀ L J਍ഀ Eco਍ഀ I*਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Economics਍ഀ December 29, 2006 Land Use Policy਍ഀ Mr. Russell Forrest, Director਍ഀ Community Development Department਍ഀ Town of Vail਍ഀ 75 Frontage Road਍ഀ Vail, CO 81657਍ഀ Subject: Financial Analysis of Redevelopment Proposals; EPS #16896਍ഀ Dear Russ:਍ഀ Thank you for inviting Economic & Planning Systems (EPS) to submit a proposal to਍ഀ evaluate the proposals for the redevelopment of the Lionshead parking structure. We਍ഀ are very interested in working with you and other members of the Vail staff and Town਍ഀ Council to provide an objective analysis of the Town's options. To supplement the਍ഀ analysis, we have asked Jim Mulligan of Fairfield and Woods to join our team. This਍ഀ proposal provides an overview of the team members, our approach, the scope of work,਍ഀ and budget for the study. In addition, we have included a set of qualifications਍ഀ describing previous projects relevant to proposal evaluation and developer selection.਍ഀ EPS is a full-service real estate economics consulting firm with over 50 professional staff਍ഀ in our Berkeley, Sacramento, and Denver offices. Founded in 1983, the firm has a broad-਍ഀ based practice in the economics and financial feasibility of real estate projects, including਍ഀ market analysis, financial feasibility, and public financing. Each of the three Managing਍ഀ Principals has over twenty-five years of experience in the field. The firm has worked਍ഀ successfully with a wide range of public and private sector clients and has established a਍ഀ reputation for both creativity and rigor in resolving complex real estate development਍ഀ issues. Jim Mulligan is the Director of Fairfield and Woods, a Denver-based law firm.਍ഀ The firm is frequently retained to evaluate the capability of developers to execute਍ഀ complex, mixed use developments involving private and public financing and capital਍ഀ formation.਍ഀ EPS will be the prime consultant and provide project management and coordination.਍ഀ Dan Guimond, principal and manager of the Denver office, will be the Principal-in-਍ഀ Charge for the project. Dan has over 25 years experience with a focus on redevelopment਍ഀ projects and public financing strategies. James Musbach, Managing Principal, will be a਍ഀ senior advisor addressing public and private financing feasibility. Andy Knudtsen will਍ഀ be the project manager. Andy has completed numerous market, feasibility, and਍ഀ financing studies including projects in other high cost mountain community and resort਍ഀ settings. His work includes developing strategies to identify and close gaps using public਍ഀ financing tools.਍ഀ D E N V E R B E R K E L E Y S A C R A M E N T O਍ഀ 730 Seventeenth Street, Suite 630 phone: 303-623-3557 phone: 510-841-9190 phone: 916-649-8010਍ഀ Denver, CO 80202-3511 fax: 303-623-9049 fax: 510-841-9208 fax: 916-649-2070਍ഀ www.cpsys.coni਍ഀ ਍ഀ Mr. Russell Forrest਍ഀ Decefuber 28, 2006਍ഀ Page 2਍ഀ Following this letter is our proposed scope of services, budget, schedule, and਍ഀ qualifications for both firms. Please view this proposal as a starting point for discussion.਍ഀ We look forward to the opportunity to work with you on this project and are willing to਍ഀ modify the project scope and level of effort to meet your needs.਍ഀ Sincerely,਍ഀ ECONOMIC & PLANNING SYSTEMS, INC.਍ഀ Daniel R. Guimond਍ഀ Principal਍ഀ O਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Economics਍ഀ Land Use Policy਍ഀ PROPOSAL਍ഀ H਍ഀ 4਍ഀ PROPOSAL਍ഀ PROJECT APPROACH਍ഀ The Town of Vail is in the process of selecting a team to redevelop the Lionshead਍ഀ parking structure and create a multi-use facility with extensive public benefit. At this਍ഀ time, the Town is considering proposals from two teams, East West Partners and Open਍ഀ Hospitality Partners/Hillwood. The Town Council will use a number of factors to select਍ഀ the superior project and recognizes that the financial terms and capabilities of each਍ഀ proposer will be a critical element in the evaluation.਍ഀ The Economic & Planning Systems (EPS) team is highly qualified to assist the Town਍ഀ with this effort. As a land economics firm, EPS has prepared real estate market and਍ഀ feasibility analysis for a diversity of real estate development projects. We provide a਍ഀ realistic assessment of project feasibility, testing a range of assumptions such as project਍ഀ financing, partnership options, disposition strategies, and measures of financial return.਍ഀ EPS provides market and feasibility information for a wide variety of applications. In਍ഀ addition to private sector clients, EPS frequently contracts with public sector entities,਍ഀ such as the Town of Vail, to structure public-private partnerships, which include਍ഀ feasibility and financing strategies.਍ഀ James M. Mulligan's practice emphasizes virtually all aspects of commercial and਍ഀ residential real estate, including urban, resort and mixed use developments. He has਍ഀ represented public and private entities in the structuring of tax-exempt and taxable਍ഀ bond issues for large scale real estate developments. He is skilled in the formation and਍ഀ evaluation of traditional and non-traditional private financing, special district financing,਍ഀ tax increment financing, parking structure financing and other public, private and਍ഀ public-private financing structures. He brings an understanding of the relationship਍ഀ between fee title, leasehold estates and combinations thereof in order to allow for the਍ഀ targeted utilization of financing to the respective uses and ownerships.਍ഀ In addition to national expertise, both EPS and Fairfield and Woods provide a local਍ഀ knowledge of the Town of Vail. Both firms have worked with the Town staff on recent਍ഀ projects (Timber Ridge and Middle Creek) and have an excellent understanding of the਍ഀ local context.਍ഀ I*਍ഀ 4' PROPOSAL਍ഀ SCOPE OF WORK਍ഀ The Scope of Work below delineates the specific tasks to be completed to provide the Town਍ഀ with a thorough understanding of the financial terms and conditions, levels of risk, and਍ഀ community benefits of each proposal. The scope of work reflects the breadth of expertise਍ഀ of EPS as well as Fairfield and Woods regarding real estate development, feasibility਍ഀ analysis, public and private financing structures, as well as our collective knowledge of਍ഀ successful public-private real estate development from experience with communities਍ഀ throughout the United States.਍ഀ TASK 1: PROJECT INITIATION਍ഀ The EPS team will begin the study with a project start-up meeting with Town staff to਍ഀ review the work program and define the deliverables. We will also use the opportunity਍ഀ to gain an understanding of the background for the selection process and any specific਍ഀ issues related to the two proposals that warrant additional consideration.਍ഀ TASK 2: DEVELOPMENT PROGRAM਍ഀ EPS will summarize the development program for each proposal and quantify the uses਍ഀ and elements within each, such as the scale of commercial uses, number and type of਍ഀ dwelling units, size of conference and hotel facilities, extent of areas dedicated for਍ഀ transportation uses, etc. The project summaries will include information concerning the਍ഀ amount of development by use, which drive cost and revenue assumptions. Using this਍ഀ information, the consultant team will be able to compare assumptions regarding costs਍ഀ and revenues and identify any aggressive assumptions that expose the project to਍ഀ unnecessary risk.਍ഀ TASK 3 EVALUATION OF PROJECT PERFORMANCE਍ഀ EPS will construct a pro forma for each proposal that identifies each element within the਍ഀ project and the associated costs and revenues. The pro forma will be partitioned to਍ഀ enable the Town to understand the financial performance of each element. It is likely਍ഀ that some elements will require subsidies while others will generate net revenues. The਍ഀ pro forma will identify the magnitude of subsidy or revenue for each and summarized਍ഀ to help the Town understand the financial differences of the proposals.਍ഀ The pro forma will also be used to measure the rate of return for each project using਍ഀ standard financial measures of return including cash flow, internal rate of return (IRR),਍ഀ and net present value (NPV). EPS will evaluate the rates of return and compare them to਍ഀ an industry standard for public private partnerships; based on the extensive work EPS਍ഀ has completed addressing this issue.਍ഀ I*਍ഀ 001, 1 _ .,,ti of Vail Lionshead Evaluation਍ഀ Proposal਍ഀ December 29, 2006਍ഀ EPS will summarize the results of these analyses in a side-by-side comparison to਍ഀ illustrate the financial differences between proposals. More importantly, EPS will਍ഀ address the significance of the differences to help the Town develop focus and clarity as਍ഀ it weighs a number of factors in its final selection.਍ഀ TASK 4: EVALUATION OF PUBLIC BENEFITS਍ഀ The Town is highly interested in the level of investment in public benefit provided by਍ഀ each proposal. Building on the work completed in Task 2, EPS will ensure that each਍ഀ element within the overall program that could be considered a public benefit is਍ഀ identified and quantified to the extent possible.਍ഀ Two critical issues that will impact the final decision is the extent of public benefit as਍ഀ well as the degree of risk associated with each. EPS will evaluate the proceeds needed to਍ഀ construct the public improvements and the assumptions used by the two finalists to਍ഀ derive the necessary revenue. The factors EPS will isolate include value of public benefit਍ഀ and the likelihood that the developer can deliver the public benefit, based on the਍ഀ developer's proposed terms.਍ഀ Similar to the results from Task 2, EPS will provide a side-by-side summary of each਍ഀ teams public benefits. In addition to an itemized list documenting the dollar value of਍ഀ each element within the overall public benefit package, EPS will identify any undue risk਍ഀ associated with a specific benefit, if assumptions used to estimate revenues are਍ഀ unusually optimistic about financing conditions or market trends.਍ഀ TASK 5: ASSESSMENT OF DEVELOPER'S FINANCIAL CAPABILITY਍ഀ The financial capability of the developers will, in part and in addition to a review of਍ഀ their balance sheets and relevant experience, be dependant on the financial structure਍ഀ that is employed to capitalize and finance the proposed development, as well as the਍ഀ capital sources, both debt and equity, that are employed, both private and public in਍ഀ character. Accordingly, the following matters or issues together with the identified਍ഀ information, will need to be reviewed and understood in order to arrive at a clear਍ഀ understanding of the capability capacity of the respective developers to accomplish the਍ഀ proposed redevelopment. Based on the willingness of each proposer to provide the਍ഀ information required to evaluate their ability, the consultant team will complete the਍ഀ following tasks:਍ഀ ■ Evaluate the pro forma for the proposed redevelopment, focusing on the sources and਍ഀ uses of capital. The proposers will be required to provide a comprehensive list of਍ഀ sources and uses, with detailed identification and justification.਍ഀ ■ The consultant team will interview a contact person within each source who can਍ഀ verify the level of involvement and commitment. The consultant team will confirm਍ഀ that the information gained from the interviews match the respective pro forma਍ഀ amounts for each such source.਍ഀ 2਍ഀ 19਍ഀ 1 _.,rt of Vail Limshead Evaluation਍ഀ Proposal਍ഀ December 29, 2006਍ഀ ■ The team will specify the extent of public funding anticipated, whether direct grants,਍ഀ loans or conduit financings, together with respective amounts and scheduled਍ഀ deployment that is matched to the pro forma and source and uses schedules.਍ഀ ■ The team will review each source of funding (credit enhancement or direct) that is਍ഀ expected to back project completion and other guarantees required to assure਍ഀ completion of the proposed project and protection of TOV's exposure regarding the਍ഀ project.਍ഀ ■ Detailed and current financial statements must be provided for each proposal which਍ഀ delineate the expected commitment of capital from the assets described in the਍ഀ financial statements and committed to the project, and justified to the pro forma and਍ഀ the sources and uses schedules provided above.਍ഀ ■ Based on previous projects of similar scope and complexity identified by each਍ഀ proposer, the team will interview references of each of the sources of capital (debt਍ഀ and equity) utilized in each of the previous project as identified.਍ഀ ■ The team will evaluate the proposed scheme of ownership of all elements in the਍ഀ project, both during the development and following its completion, and how each of਍ഀ those ownerships are to be acquired, transferred and capitalized.਍ഀ Depending on the specific developer and specific proposal, there may need to be further਍ഀ information required in order to properly understand and critique their capability to਍ഀ perform in accordance with their proposal.਍ഀ TASK 6: CONCLUSIONS AND RECOMMENDATIONS਍ഀ EPS will incorporate the findings from each of the previous tasks into a high level਍ഀ decision support memorandum with additional technical documents to address਍ഀ confidentiality issues. The deliverable will consist primarily of tables and charts that਍ഀ summarize the financial terms associated with each proposal. For the public਍ഀ presentation EPS will provide a PowerPoint program which can be posted to the Town's਍ഀ website with the goal of making the financial aspect of the selection more transparent to਍ഀ the community.਍ഀ A qualitative analysis will be included that will supplement the financial analysis and਍ഀ will address opportunities for the Town to improve its position relative to each਍ഀ proposal. It is assumed that the Town could modify terms in negotiations that follow਍ഀ selection. Specific issues to be addressed include modifications to the financing਍ഀ structure (with an emphasis on public financing tools); ways to minimize risk to the਍ഀ Town; and opportunities to increase the public benefit.਍ഀ 3਍ഀ 19਍ഀ Ow _ _,nt of Vail Liotishead Evaluation਍ഀ Proposal਍ഀ December 29, 2006਍ഀ BUDGET਍ഀ Given the nature of this project and its relatively short timeframe, EPS and Fairfield and਍ഀ Woods propose to work on a time and materials basis, with an initial upset limit of਍ഀ $35,000. The expected cost for EPS ranges from $15,000 to $25,000. For Fairfield and਍ഀ Woods, the cost will range from $5,000 to $10,000. Depending on the level of detail and਍ഀ complexity of the material to be provided, the cost could be as low as $20,000, but will਍ഀ not exceed $35,000.਍ഀ 4਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ Economic &਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Economics਍ഀ Land Use Policy਍ഀ FIRM EXPERIENCE਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ H਍ഀ ABOUT ECONOMIC & PLANNING SYSTEMS਍ഀ The Firm Economic & Planning Systems (EPS) is a land economics consulting਍ഀ firm experienced in the full spectrum of services related to real਍ഀ estate development market analysis, public/private partnerships,਍ഀ and the financing of government services and public infrastructure.਍ഀ Guiding Principle EPS was founded on the principle that real estate development਍ഀ and land use-related public policy should be built upon realistic਍ഀ assessment of market forces and economic trends, feasible਍ഀ implementation measures, and recognition of public policy਍ഀ objectives, including provisions for required public facilities਍ഀ and services.਍ഀ Areas of Expertise Real Estate Market and Feasibility Analysis਍ഀ • Public Finance਍ഀ • Fiscal Impact Analysis਍ഀ • Economic Impact Analysis਍ഀ • Reuse, Revitalization, and Redevelopment਍ഀ • Housing Development Feasibility and Policy਍ഀ • Regional Economics and Industry Analysis਍ഀ • Land Use Planning and Growth Management਍ഀ • Open Space and Resource Conservation਍ഀ • Government Organization਍ഀ • Transportation Planning and Analysis਍ഀ Clients Served Since 1983, EPS has provided consulting services to hundreds of਍ഀ public and private sector clients throughout the United States.਍ഀ Clients include cities, counties, special districts, multi-jurisdictional਍ഀ authorities, property owners, developers, financial institutions,਍ഀ and land use attorneys.਍ഀ Staff Capabilities Each of the firm's three Managing Principals has over twenty-five਍ഀ years of professional experience providing a broad range of਍ഀ economics consulting services. The professional staff includes਍ഀ specialists in public finance, real estate development, land use and਍ഀ transportation planning, government organization, and computer਍ഀ applications. The firm excels in preparing concise analyses that਍ഀ disclose risks and impacts, support decision making, and provide਍ഀ solutions to real estate development and land use-related issues.਍ഀ Office Locations Denver, Colorado and Berkeley and Sacramento, California਍ഀ EPS Web Site www.epsys.com਍ഀ H਍ഀ REAL ESTATE MARKET AND FEASIBILITY ANALYSIS਍ഀ PROJECT PROFILES਍ഀ Austin Developer Selection਍ഀ Austin, Texas਍ഀ Robert Mueller Airport was closed in May 1999, with the transfer of airport activities to਍ഀ the former Bergstrom Air Force Base. The Robert Mueller Airport facility is comprised਍ഀ of 711 acres of land located in Central Austin along I-35, the City's major north-south਍ഀ transportation corridor. The City of Austin has experienced rapid growth in research- and਍ഀ technology-based industry, and has sought the creation of a viable mixed use development਍ഀ at the former airport that would provide jobs, housing, and economic activity.਍ഀ EPS served as the lead economist for a multi-disciplinary team to create a master਍ഀ development plan for the site, which maximizes site disposition revenue while਍ഀ accomplishing the community's reuse goals. EPS's roles included market analysis,਍ഀ financial feasibility analysis, development of a financing strategy, and development of਍ഀ strategic implementation measures. The airport has become one of Austin's premier਍ഀ development opportunities that promise to bolster the surrounding community and਍ഀ contribute to Austin's economic growth.਍ഀ EPS assisted the City in conducting a developer solicitation process, including the਍ഀ drafting of a Request for Qualifications and a Request for Business Plan, evaluation of਍ഀ responses, and facilitation of a selection by a committee appointed by the City Council.਍ഀ We subsequently assisted in the drafting and negotiation of an Exclusive Negotiation਍ഀ Agreement with the selected developer, Catellus Development Corporation. EPS was਍ഀ also selected by the City to serve as lead negotiator of the business terms of the਍ഀ disposition agreement.਍ഀ Port of SF Pier 30/32 Negotiation Support਍ഀ San Francisco, California਍ഀ The Port of San Francisco was seeking to develop a major mixed use project, anchored਍ഀ by an international passenger cruise ship terminal, on a scenic waterfront site near਍ഀ downtown San Francisco. The site is located along the waterfront midway between the਍ഀ San Francisco Bay Bridge and the new Giants baseball stadium.਍ഀ Working for the Port in support of its developer negotiations, EPS evaluated the market਍ഀ and financial feasibility of proposed development concepts for the Port property,਍ഀ reviewed the developers' financial proposals, evaluated methods for utilizing public਍ഀ financing for a portion of the project, recommended negotiating principles and business਍ഀ terms, and managed the efforts of several subconsultants in various technical specialties.਍ഀ 1 40਍ഀ Treasure Island Reuse Plan and Feasibility Analysis਍ഀ San Francisco, California਍ഀ In collaboration with ROMA Design Group and other team members, EPS evaluated the਍ഀ reuse potential of a major military industrial facility on Treasure Island in San Francisco,਍ഀ California. EPS was responsible for developing a detailed operations and cash flow਍ഀ forecast and feasibility analysis, testing the fiscal implications for the City, and਍ഀ identifying market opportunities for reuse of the 400-acre site.਍ഀ As follow-up to our effort on the Treasure Island Reuse Plan, the Mayor's਍ഀ Office/Treasure Island Project required assistance in evaluating a developer proposal਍ഀ for the redevelopment of over 1,000 existing housing units on Treasure Island. EPS਍ഀ analyzed the developer proposal for completeness, accuracy, and reasonableness of਍ഀ assumptions as well as financial risks and returns to the City and the developer. Based਍ഀ on this analysis, EPS provided recommendations and ongoing negotiation support to the਍ഀ Mayor's Office.਍ഀ Alameda Base Reuse Negotiations਍ഀ Alameda, California਍ഀ The former Naval Air Station (NAS) at Alameda includes over 2,000 buildings and 1,700਍ഀ acres of land that will become integrated with the City of Alameda. The reuse of this਍ഀ property is planned to occur through the adaptive reuse of existing assets and new਍ഀ development of residential, research/ development (R&D), office, light industrial, and਍ഀ recreational land uses. At buildout, the Reuse Plan is projected to create 17,100 jobs,਍ഀ 2,700 dwelling units, and support a population of 6,600.਍ഀ The City of Alameda retained EPS to provide support to the City in negotiations with਍ഀ the United States Navy to facilitate the transfer of the Alameda Naval Air Station (NAS)਍ഀ including the Alameda Point Community Partners (APCP) master plan area and the਍ഀ Northwest Territory. EPS was responsible for developing and updating the project pro਍ഀ forma that informed ongoing discussions with the Navy. In addition, EPS provided਍ഀ technical and strategic support to the City regarding key economic issues including਍ഀ market values, absorption rates, phasing, intensification and modification of land uses,਍ഀ fiscal mitigation, alternative financing mechanisms, public improvements, and਍ഀ infrastructure requirements and costs.਍ഀ 2਍ഀ I*਍ഀ is਍ഀ Is਍ഀ Mesa del Sol Market and Financial Analysis਍ഀ Albuquerque, New Mexico਍ഀ Mesa del Sol is a planned 9,000 acre project under development by Forest City਍ഀ Covington, master developer on a state land parcel in the City of Albuquerque. The਍ഀ infill development project is planned as a traditional neighborhood development (TND)਍ഀ by Calthorpe Associates with a potential buildout of 31,500 housing units and 20 million਍ഀ square feet of nonresidential space over the next 30 years.਍ഀ EPS was the primary economic consultant on the project planning team responsible for਍ഀ market analysis, development programming and financing, fiscal impact analysis, and਍ഀ economic development strategies. The most significant challenge is determining the਍ഀ public finance approach to build the required infrastructure and facilities to support the਍ഀ new urbanist development. EPS has developed a detailed project financial model to਍ഀ evaluate alternative public financing approaches to be used to negotiate a development਍ഀ agreement that addresses the City's "no net expense" requirement under the Planned਍ഀ Communities Criteria.਍ഀ Cherokee Gates TOD Market and Feasibility Analysis਍ഀ Denver, Colorado਍ഀ • The former Gates Rubber Company manufacturing facilities are situated on a 50-acre਍ഀ brownfields redevelopment site located at the convergence of two light rail lines, three਍ഀ miles south of downtown Denver. The Cherokee Gates property plus the adjacent 15਍ഀ acre RTD light rail station are planned as a major transit oriented development project.਍ഀ s The master developer, Cherokee Denver, LLC, engaged EPS to conduct market and਍ഀ financial feasibility studies for the project to determine the most marketable਍ഀ development program and to estimate potential levels of tax increment financing਍ഀ available to the project.਍ഀ The key issue was to balance the conflicting goals of higher density TOD and regional਍ഀ retail development to generate the sales tax revenues needed to support the TIF required਍ഀ to cover the costs of redevelopment and environmental cleanup. EPS conducted a਍ഀ detailed market study to identify the type of retail uses and specific anchor tenants that਍ഀ could be attracted to the site. The recommended development program includes 2,500਍ഀ housing units, 925,000 square feet of retail space, and 800,000 square feet of office space.਍ഀ A project financial model was developed to refine the overall development program,਍ഀ quantify financial returns and equity requirements, as well as to quantify the need for,਍ഀ and level of, the tax increment financing funding available to the project.਍ഀ 3਍ഀ 0 0਍ഀ Downtown Redevelopment Financing Study਍ഀ Los Alamos, New Mexico਍ഀ EPS conducted a financial analysis to evaluate redevelopment options for a 15-acre਍ഀ downtown site in this affluent research lab community of 18,000 residents. The਍ഀ redevelopment site is owned by the County and the School District and contains old਍ഀ military style warehouse buildings used for administration, maintenance and storage਍ഀ uses. The redevelopment plan proposes the redevelopment of the maintenance and਍ഀ storage uses on a land transfer parcel that the Los Alamos County School District will਍ഀ receive from the Los Alamos National Labs at no cost.਍ഀ The study tested the financial feasibility of alternative ways to relocate and reconstruct਍ഀ the maintenance facilities in order to make the downtown land available for a retail਍ഀ redevelopment project. EPS evaluated a number of financing tools and recommended a਍ഀ financing structure involving the school district, the County, and the Boyer Group, a਍ഀ private developer. The school district would receive lease payments from the County to਍ഀ satisfy their need for ongoing revenues for operations. The County would generate its਍ഀ lease payments through TIF and a proposed PIF on the new retail project. In addition,਍ഀ both entities would receive property taxes and gross receipt taxes from the redevelopment਍ഀ project to help defer a portion of the replacement facility construction costs.਍ഀ 4਍ഀ Jim਍ഀ FAIRFIELD AND WOODS, P.C.਍ഀ ATTORNEYS AND COUNSELORS AT LAW਍ഀ Wells Fargo Center, Suite 2400਍ഀ 1700 Lincoln Street਍ഀ Denver, Colorado 80203-4524਍ഀ Telephone: (303) 830-2400਍ഀ Facsimile: (303) 830-1033਍ഀ www.fwlaw.com਍ഀ Fairfield and Woods, P.C. (the "Firm") is a Denver-based commercial law firm that has represented private,਍ഀ non-profit and public sector clients in Denver and throughout the Rocky Mountain Region since 1934. Since਍ഀ inception, its core competency has been real estate. Over the years the firm has grown, continuing its real estate਍ഀ focus and adding expertise in most all aspects of commercial law, including private and public financing, capital਍ഀ formation, corporate, employment, tax, commercial contracts, restructures and work-outs, litigation, and all਍ഀ aspects of the formation and the operation of businesses, both private and public.਍ഀ With real estate as its core, the Firm has experience and expertise in all forms of real estate ownership and਍ഀ ventures (public, private and public/private), whether regarding raw or improved land or buildings. The Firm is਍ഀ also well versed with regard to related property rights that may be fee simple interests, easements, licenses,਍ഀ rights-of-way, deed restrictions, ground or improved leaseholds, common interest community regimes, or other਍ഀ severed or joint rights below, at or above the surface of the real property.਍ഀ The attorneys and paraprofessionals at the Firm provide a full range of legal and paralegal expertise regarding਍ഀ the acquisition, land use, entitlement, development (both infrastructure and vertical improvements), finance,਍ഀ construction, management, marketing, operation and disposition of all forms and uses of real property. The਍ഀ Firm's attorneys have represented, and continue to represent, public and private owners, developers, investors,਍ഀ lenders and joint venture partners in these activities.਍ഀ In the public arena, the Firm's attorneys have structured, negotiated, drafted and implemented਍ഀ Intergovernmental Agreements ("IGAs") of all kinds, whether as loose consortium & planning IGAs or as਍ഀ separate entity IGAs under state law. All forms of special districts and related public improvement entities have਍ഀ been formed, and are represented, by the Firm, along with related public financing tools and credit facilities. In਍ഀ addition, the Firm's attorneys have represented public and private entities in both separate and joint਍ഀ developments that include aspects of private and public use, benefit, financing and ownership. The spectrum of਍ഀ the Firm's work in this area includes: urban renewal areas and plans, with tax increment financing vehicles;਍ഀ affordable housing programs, projects and financings, including Low Income Housing Tax Credit projects and਍ഀ programs and Inclusionary Housing Ordinance - compliant projects; sale-leaseback projects and certificate of਍ഀ participation financings; most all forms of public financing projects and related bond issuances; civic and open਍ഀ space projects; New Market Tax Credit mixed-use projects and programs; and public agency buildings and਍ഀ improvements. Additionally, the firm has executed single and mixed-use projects that involve the public and਍ഀ private sectors in the ownership, development, financing (private and public; taxable and tax-exempt) and਍ഀ operation of these types of projects.਍ഀ Jim Mulligan will be lead counsel for the Firm and team in this effort, with principal legal support within the਍ഀ Firm from Rita Connerly and Jennifer Lufman. Their experience is further described in the included response.਍ഀ Mr. Mulligan has represented public and private developers in several multi-layered and financed projects਍ഀ involving public and private ownerships, financings and other interests. Included are brief descriptions of਍ഀ several relevant projects and programs in which Mr. Mulligan has been involved for the public or private਍ഀ owner, developer, lender, investor or other party interested in the transaction, project or program. Moreover, his਍ഀ resume describes his other relevant experience and expertise.਍ഀ One-Page Finn description (00327106).DOC਍ഀ 10਍ഀ 0਍ഀ FAIRFIELD AND WOODS, P.C.਍ഀ ATTORNEYS AND COUNSELORS AT LAW਍ഀ SAMPLE PROJECTS AND TRANSACTIONS਍ഀ James M. Mulligan, Director਍ഀ • Vail Housing Authority. Represented Vail Housing Authority as special counsel਍ഀ regarding the negotiation and structuring of the Middle Creek Village affordable਍ഀ housing development, including the structuring of the lease and finance aspects of਍ഀ this complex development venture between the Authority and a private developer.਍ഀ • Keystone Resort. Represent a development venture between the project developer਍ഀ and Ralston Purina Company, then owner of the Keystone Resort, for the਍ഀ development and sale of several residential projects within the Keystone Resort.਍ഀ • ITT Sheraton. Regional counsel to this international hotel company in its਍ഀ development, financing, ownership and management of corporate owned and਍ഀ franchised hotels in the Rocky Mountain Region, including urban, suburban and਍ഀ resort properties.਍ഀ • Central Platte Valley. As consultant to the City of Denver, was selected to develop਍ഀ implementation plan for this urban redevelopment area which set the course for its਍ഀ current and future development. Conducted extensive research, prepared a਍ഀ public/private financing source book for City and chaired a panel of national experts਍ഀ to provide structure and direction of the legal, financial and management aspects of a਍ഀ coordinated plan.਍ഀ Mixed-Use Development. Represents several clients in their current development਍ഀ and redevelopment activity in the front range and resort areas of Colorado. Recent਍ഀ developments include: the development of layered financing for retail/residential਍ഀ mixed-use projects in Summit and Eagle counties; the entitlement and redevelopment਍ഀ of a school site in downtown Golden into a mixed-use retail/office/residential਍ഀ development with structured parking; the structuring of the Denver Dry and਍ഀ Mercantile Square redevelopments in downtown Denver; and the acquisition,਍ഀ development and lease-up of several larger office/retail complexes in the South਍ഀ Suburban and Boulder corridor markets. Represented a national developer in its਍ഀ acquisition and development of a major mixed-use property in the heart of lower਍ഀ downtown Denver, on the 16th Street Mall, and represented the owner of a large tract਍ഀ of land adjacent to Denver International Airport regarding its planning and਍ഀ development.਍ഀ • Mortgage Lending Practice. As prior legal counsel to Colorado Mortgage Lenders਍ഀ Association, represented this private trade association regarding state and federal਍ഀ industry issues affecting the financing of real estate, related legislation and regulatory਍ഀ issues.਍ഀ I*਍ഀ I*਍ഀ I*਍ഀ I*਍ഀ © O਍ഀ Tax-Exempt and Taxable Bond Issues. Represented public and private entities in਍ഀ the structuring of tax-exempt and taxable bond issues in connection with the਍ഀ financing of large, mixed-use real estate developments including, in combination with਍ഀ traditional and non-traditional private financing, special district financing, tax਍ഀ increment financing, low income housing, historic and new market tax credit਍ഀ financings, parking structure financing and other public, private and public-private਍ഀ development and redevelopment efforts. These projects include fee title, leasehold਍ഀ estates and combinations thereof in order to allow for the targeted utilization of਍ഀ financing to the respective uses and ownerships.਍ഀ • Colorado Housing and Finance Authority (CHFA). Assisted with legislation to਍ഀ expand authority of Colorado Housing and Finance Authority into economic਍ഀ development and venture capital areas. Advised organization in structuring statewide਍ഀ multi-family housing acquisition program and its Housing Opportunity Fund.਍ഀ Affordable Housing. Representing public and private ventures to structure਍ഀ affordable housing and mixed-use projects (using public/private financings, tax credit਍ഀ equity, TIF and other non-traditional capital structures) in the Rocky Mountain਍ഀ region, including Adams, Arapahoe, Denver, Douglas, Eagle, El Paso, Garfield,਍ഀ Grand, Larimer, Pitkin, San Miguel, and Summit County areas of Colorado, as well਍ഀ as Phoenix, Arizona, Salt Lake City, Utah and Las Vegas, Nevada. Initiated,਍ഀ structured, negotiated and represented the purchaser (state housing financing agency)਍ഀ in the first bulk purchase of affordable housing from RTC in the nation. Formed and਍ഀ represent first Mutual Housing Association with HOPE II project funds in the Rocky਍ഀ Mountain region. Crafted deed and ground lease restricted programs for the਍ഀ development, preservation, sale and resale of affordable housing product within਍ഀ mixed-income and mixed-use communities.਍ഀ • Larimer Square. Represented a major financial institution in its financing of਍ഀ Trizec's ownership of this historic redevelopment project in lower downtown Denver.਍ഀ • Republic Plaza. Advised the ownership's transaction team with regard to certain਍ഀ Colorado real estate aspects of this multi-faceted sale and leaseback transaction. This਍ഀ involved a 1.5 million sq. ft. commercial office building valued in excess of $200਍ഀ million.਍ഀ • Opus U.S. Corp. Colorado legal counsel for this national development company's਍ഀ activities in this region, through its regional division, Opus Northwest, LLC. The਍ഀ company's focus is on the development, construction, lease-up, financing and sale of਍ഀ large-scale commercial properties and high-rise multi-family condominium਍ഀ communities.਍ഀ Forest City Enterprises. Currently represent Forest City with certain aspects of its਍ഀ redevelopment of the former Stapleton International Airport in Denver, including the਍ഀ structuring and implementation of a transfer assessment to fund ongoing਍ഀ sustainability efforts within this new master-planned community, targeting affordable਍ഀ housing and other community efforts. Previously, legal counsel to this national਍ഀ developer in a 1987 proposed public/private venture with the State of Colorado (State਍ഀ Land Board) to develop a 15,000-acre planned community.਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ O਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Economics਍ഀ Land Use Policy਍ഀ REFERENCES਍ഀ REFERENCES਍ഀ Austin Developer Selection਍ഀ Sue Edwards਍ഀ Director Economic and Growth Redevelopment Services਍ഀ City of Austin਍ഀ (512) 974-7820਍ഀ Cherokee Gates TOD Market and Feasibility Analysis਍ഀ Ferdinand Belz਍ഀ President਍ഀ Cherokee Denver, LLC਍ഀ (303) 689-1475਍ഀ Mesa del Sol Market and Financial Analysis਍ഀ James Chrisman਍ഀ Vice President Development਍ഀ Forest City Stapleton, Inc.਍ഀ (303) 382-1800਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Economics਍ഀ Land Use Policy਍ഀ SELECTED RESUMES਍ഀ •਍ഀ •਍ഀ •਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Economics਍ഀ Land Use Policy਍ഀ JAMES R. MUSBACH਍ഀ Background James Musbach is a real estate economist with broad experience providing਍ഀ strategic advice to public and private clients on the economic and financial਍ഀ dimensions of land use and real estate development. He has particular਍ഀ expertise in complex, large scale urban reuse and redevelopment projects, and਍ഀ in the negotiation of public/ private development and financing agreements. In਍ഀ over 20 years of professional experience he has managed a wide variety of਍ഀ consulting projects throughout the United States.਍ഀ Mr. Musbach is a Managing Principal of Economic & Planning Systems, Inc., an਍ഀ urban economics consulting firm with offices in Berkeley, Sacramento, and਍ഀ Denver. The firm serves public and private sector clients throughout the਍ഀ United States.਍ഀ Expertise Real Estate Market and Financial Feasibility Analysis - James Musbach has਍ഀ conducted real estate market and financial feasibility analyses for private real਍ഀ estate development projects, property disposition strategies, downtown਍ഀ revitalization and redevelopment programs, military base reuse strategies, and਍ഀ the identification of land use policies in the context of General and Specific਍ഀ Plans. He has expertise in forecasting the demand for residential,਍ഀ retail/ commercial, hotel, office, and industrial uses, and analyzing project਍ഀ returns, residual land values and other financial parameters under a range of਍ഀ project and financing assumptions.਍ഀ Public/Private Financial and Transaction Negotiations - Mr. Musbach has਍ഀ played a lead role in numerous real estate financing and transaction਍ഀ negotiations involving public and private participants, providing analytical਍ഀ support, strategic direction, and direct negotiation. These negotiations have਍ഀ resulted in development agreements, public/private financing plans, owner਍ഀ participation agreements, land lease and sale agreements, and development਍ഀ and disposition agreements.਍ഀ Public Finance - Mr. Musbach has developed strategic financing programs਍ഀ using the full range of public and private resources to accomplish਍ഀ implementation of numerous complex real estate projects. He has developed਍ഀ financing programs in conjunction with revitalization strategies; specific plans਍ഀ and development master plans; military base reuse projects; redevelopment of਍ഀ former airports, railyards and port facilities; and other complex urban਍ഀ development projects throughout the country.਍ഀ 10਍ഀ D E N V E R਍ഀ 730 Seventeenth Street, Suite 630਍ഀ Denver, CO 80202-3511਍ഀ www.epsys.com਍ഀ B E R K E L E Y S A C R A M E N T O਍ഀ phone: 303-623-3557 phone: 510-841-9190 phone: 916-649-8010਍ഀ fax: 303-623-9049 fax: 510-841-9208 fax: 916-649-2070਍ഀ JAMES R. MUSBACH਍ഀ ECONOMIC & PLANNING SYSTEMS਍ഀ PAGE 2਍ഀ Land Use Planning - James Musbach has extensive experience in land use਍ഀ policy analysis and the preparation of General and Specific Plans. Mr.਍ഀ Musbach's involvement has included market, fiscal, jobs/housing, land਍ഀ use/ transportation, growth management, economic development and public਍ഀ facilities analyses as they relate to alternative plan policies.਍ഀ Papers Mr. Musbach is a frequent speaker and writer on subjects related to urban਍ഀ development policy and land economics. He has authored the following:਍ഀ • "Acing the Base: Base Reuse in the San Francisco Bay Area Offers a਍ഀ Laboratory to Test New Approaches to Public/ Private Development",਍ഀ (Urban Land, September, 2003)਍ഀ • "Financing Multiple Owner Master Plans" (Urban Land July 1993)਍ഀ • "Principles of Sustainable Urban Development: A Working Definition for਍ഀ Creating Vital Communities"਍ഀ • "Economic Imperatives and Policy Implications for Livable Communities"਍ഀ • "Financing Master Plans: Lessons. from California Specific Plans"਍ഀ • "Spontaneous Research Districts: Universities in Local Economic਍ഀ Development"਍ഀ • "The Use of Master Developers: Outsourcing Base Reuse"਍ഀ (EconomicDevelopment Commentary, Fall 1999)਍ഀ • "The Business and Industrial Park Development Handbook" Urban Land਍ഀ Institute, 1999 (Chapter on Feasibility Analysis)਍ഀ Employment 1987-Present Managing Principal, Economic and Planning Systems, Inc.਍ഀ 1980-1987 Vice President and Senior Economist,਍ഀ Gruen Gruen + Associates਍ഀ Education Masters of City and Regional Planning degree (emphasis in land economics਍ഀ and real estate), 1980 from UC Berkeley. Bachelor of Arts in Urban Studies and਍ഀ Public Policy with highest honors from San Diego State University, 1978.਍ഀ Affiliations Lambda Alpha International, Golden Gate Chapter (Co-chair, program਍ഀ Committee, 2002-2003)਍ഀ Urban Land Institute, Full Member, (Vice-chair, San Francisco District Council,਍ഀ 2001)਍ഀ Congress for the New Urbanism (Charter Member)਍ഀ •਍ഀ •਍ഀ KI਍ഀ E*਍ഀ DANIEL R. GUIMOND਍ഀ Eco਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Economics਍ഀ Land Use Policy਍ഀ Background Dan Guimond is an economist and planner with 27 years experience in਍ഀ economic and financial analysis and development planning for the public and਍ഀ private sectors. His activities on both land use and transportation-related਍ഀ projects include market and financial analyses, economic development and਍ഀ impact analyses, and implementation and capital improvements programming.਍ഀ Mr. Guimond is a Principal with Economic & Planning Systems, an urban਍ഀ economics firm with offices in Denver, Colorado and Berkeley and Sacramento,਍ഀ California.਍ഀ Expertise Redevelopment - Dan Guimond has extensive project experience with਍ഀ redevelopment projects, including large scale sites such as former military਍ഀ bases, and small scale infill sites in downtown TOD and resort settings. His਍ഀ experience includes project management, evaluation of potentials,਍ഀ development strategies, public and private financing, and developer selection਍ഀ and negotiation.਍ഀ Economic Development - Mr. Guimond has advised cities, cotmties, state, and਍ഀ federal agencies on a range of economic development issues including਍ഀ preparation of economic development plans and strategies, capital਍ഀ improvement programs, fiscal impact analyses, and project development਍ഀ feasibility and funding. Specific project feasibility studies have addressed ski਍ഀ resort development and expansion, convention and conference centers, golf਍ഀ courses, and recreation facilities.਍ഀ Downtown Development - Dan Guimond has been the director or principal਍ഀ analyst on over 25 projects concerning downtown development, urban਍ഀ revitalization, and historic preservation. These assignments addressed the਍ഀ economic, land use, and financial aspects of development including market਍ഀ analysis and determination of retail, residential and other development਍ഀ potentials; overall development strategy; specific project feasibility; financing;਍ഀ and implementation strategies. He has also been an economic consultant to the਍ഀ National Main Street Center of the National Trust for Historic Preservation in਍ഀ small communities in six states.਍ഀ 9਍ഀ •਍ഀ •਍ഀ •਍ഀ Retail Analysis - Mr. Guimond has specialized in retail market analysis,਍ഀ including market studies for neighborhood and regional shopping centers,਍ഀ department stores, discounters, and grocery store chains. For the public sector,਍ഀ he has conducted city-wide and district specific retail development strategies.਍ഀ He as also evaluated the impacts of new retail facilities on the existing retail਍ഀ D E N V E R B E R K E L E Y 5 A C R A M E N 7 0਍ഀ 730 Seventeenth Street, Suite 630 phone: 303-623-3557 phone: 510-841-9190 phone: 916-649-8010਍ഀ Denver, CO 80202-3511 fax: 303-623-9049 fax: 510-841-9208 fax: 9t6-649-2070਍ഀ www.eps'ys.com਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ DANIEL R. GUIMOND਍ഀ ECONOMIC & PLANNING SYSTLh1S਍ഀ PAGE 2਍ഀ locations and measured the economic and financial benefits of new਍ഀ developments. Mr. Guimond has also developed financing programs and਍ഀ incentive packages for new retail and redevelopment projects.਍ഀ Community and Regional Planning - Dan Guimond has extensive experience਍ഀ in land use policy analysis and the preparation of comprehensive plans and਍ഀ capital improvement programs at the local and regional level. He has been at਍ഀ the forefront of regional growth management efforts including the analysis of਍ഀ alternative urban forms and preparation of integrated regional growth and਍ഀ transportation plans for metropolitan planning organizations and councils of਍ഀ government.਍ഀ s਍ഀ Is਍ഀ s਍ഀ Transportation - Mr. Guimond has provided economic consulting services on਍ഀ all phases of transit and highway projects including major investment studies,਍ഀ environmental impact studies, preliminary engineering, and financing plans਍ഀ and programs. He has specialized in the land use/ transportation relationship,਍ഀ examining a range of issues including alternative alignments, station locations,਍ഀ and potentials for economic development, transit-oriented development, and਍ഀ joint development. Tourism-oriented transportation projects include tourist਍ഀ trolleys and scenic byway plans. He has also focused on transportation਍ഀ investment policy including developing decision support systems for਍ഀ allocating financial resources based on outcomes and results. He has also਍ഀ developed special district financing plans and conducted benefit studies for਍ഀ other transportation improvements.਍ഀ Employment 1999-Present Principal, Economic & Planning Systems, Inc.਍ഀ 1997-1999 Principal, In Motion, Inc.਍ഀ 1993-1997 Vice President, BRW Inc.਍ഀ 1978-1992 Vice President, Hammer Siler, George Associates਍ഀ 1976-1978 Planner, Jefferson County Planning Department਍ഀ Education M.A., Urban Geography, University of Colorado, 1976਍ഀ B.A., Political Science, University of Colorado, 1972਍ഀ Affiliations American Institute of Certified Planners਍ഀ National Trust for Historic Preservation਍ഀ International Downtown Association਍ഀ Denver Planning Board, 1992 to 2005਍ഀ C,਍ഀ J਍ഀ O਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Economics਍ഀ Land Use Policy਍ഀ ANDREW M. KNUDTSEN, AICP਍ഀ Background Andrew Knudtsen is a planning and development professional with extensive਍ഀ experience in the areas of real estate feasibility analysis, market assessment,਍ഀ land use planning, and public-private partnerships.਍ഀ Expertise Public Financing Strategies - Mr. Knudtsen has extensive project experience਍ഀ developing financing strategies that externalize infrastructure costs using public਍ഀ revenue streams. His work has involved a range of funding tools in a variety of਍ഀ applications, such as special districts/metro districts, downtown development਍ഀ authorities, and urban renewal authorities. In addition to providing economic਍ഀ modeling for proposed projects, he has provided analysis of public policy to਍ഀ identify optimal funding sources.਍ഀ Economic Feasibility Anal. sis - Andrew Knudtsen has extensive expertise in਍ഀ evaluating project feasibility for commercial and residential developments. He਍ഀ has quantified economic viability based on detailed pro forma analysis਍ഀ reflecting projected market conditions.਍ഀ Market Assessment - Mr. Knudtsen provides a depth of experience related to਍ഀ evaluating market demand, at both the regional and site-specific levels. His਍ഀ experience includes market evaluations that address projected demand for਍ഀ large scale and niche projects, documenting the net market demand for a range਍ഀ of uses. He has completed numerous market studies and is skilled in assessing਍ഀ demand and supply, and estimating capture and absorption rates.਍ഀ Fiscal Impact Assessment - Andrew Knudsen has built economic models਍ഀ designed to estimate the economic impacts to local government under various਍ഀ growth scenarios. His work includes economic and demographic growth਍ഀ projections that are used to quantify the costs and revenues attributable to਍ഀ development. His work has identified the surplus or deficit likely to occur਍ഀ under various modeling assumptions.਍ഀ Public Policy - Mr. Knudtsen has worked extensively with elected officials਍ഀ and community representatives regarding policy evaluation and਍ഀ implementation. His work is geared to providing a basis for public officials to਍ഀ make informed policy decisions.਍ഀ Employment 2006-Present Senior Vice President, Economic & Planning Systems, Inc.਍ഀ 2004-2006 Vice President, Economic & Planning Systems, Inc.਍ഀ 2001-2004 Senior Associate, Economic & Planning Systems, Inc.਍ഀ 1998-2001 Principal, The Housing Collaborative, LLC਍ഀ 1994-1998 Housing Planner, Town of Vail਍ഀ D E N V E R B E R K E L E Y S A C R A M E N T O਍ഀ 730 Seventeenth Street, Suite 630 phone: 303-623-3557 phone: 510-841-9190 phone: 916-649-8010਍ഀ Denver, CO 80202-3511 fax: 303-623-9049 fax: 510-841-9208 fax: 916-649-2070਍ഀ 10 www.epsys.com਍ഀ X਍ഀ ANDREW M. KNUDTSEN਍ഀ ECONOMIC & PLANNING SYSTEMS਍ഀ PAGE 2਍ഀ 1990-1994 Senior Planner, Town of Vail਍ഀ 1988-1990 Planning Associate, City of Boulder਍ഀ Education Courses in real estate investment analysis, Commercial Investment Real Estate਍ഀ Institute 1996 through 2005਍ഀ Bachelors of Environmental Design, Magna Cum Laude, Univ. of Colorado, 1987਍ഀ Affiliations State of Colorado Governor's Blue Ribbon Affordable Housing Panel਍ഀ Fannie Mae Western Regional Advisory Council਍ഀ American Institute of Certified Planners਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ NICOLE MONROE LAYMAN, AICP਍ഀ Planning Systems਍ഀ Public Finance਍ഀ Real Estate Economics਍ഀ Regional Economics਍ഀ Land Use Policy਍ഀ Background Nicole Monroe Layman has extensive academic and professional experience in਍ഀ the areas of public finance and fiscal impact, urban revitalization and਍ഀ redevelopment, and economic development. Her broad background enables਍ഀ her to perform a variety of economic and policy analyses.਍ഀ Expertise Real Estate Market and Financial Feasibility Analysis - Ms. Monroe Layman਍ഀ has experience analyzing market and financial feasibility of residential, retail,਍ഀ office, and industrial development. Project experience includes the financial਍ഀ feasibility of private real estate development projects, public-private਍ഀ development projects, and military base reuse plans.਍ഀ Economic Development - Nicole Monroe Layman has substantial experience਍ഀ assisting state agencies and local governments with economic development਍ഀ issues. Her experience includes fiscal impact and cost/benefit analyses as well਍ഀ as project feasibility and funding for a variety of projects ranging from਍ഀ downtown redevelopment to large-scale industrial development.਍ഀ Public Finance and Fiscal Impact - Ms. Monroe Layman has completed਍ഀ • extensive cost/benefit and fiscal impact studies for a variety of projects,਍ഀ involving public and private partnerships. These studies have included the਍ഀ analysis of assessment formulas, tax increment generation, sales tax projections,਍ഀ and other local expenditures and revenues associated with development.਍ഀ Land Use Planning - Nicole Monroe Layman has conducted research and built਍ഀ models designed to estimate the impact of demographic, economic, and਍ഀ development growth trends on housing needs and the consistency and਍ഀ effectiveness of proposed land use policy changes.਍ഀ Urban Revitalization and Redevelopment - Ms. Monroe Layman has analyzed਍ഀ alternatives and proposed financial structures for redevelopment projects. She਍ഀ has also collaborated with local organizations to develop attraction strategies਍ഀ and marketing materials.਍ഀ Employment 2006-present Vice President, Economic & Planning Systems, Inc.਍ഀ 2003-2006 Senior Associate, Economic & Planning Systems, Inc.਍ഀ 2000-2003 Associate, Economic & Planning Systems, Inc.਍ഀ 1999-2000 Business Development Rep., Ohio Department of Development਍ഀ 1997-1999 Tax Incentive Specialist, Ohio Department of Development਍ഀ D E N V E R਍ഀ 730 Seventeenth Street, Suite 630਍ഀ Denver, CO 80202-3-511਍ഀ www.epsys.com਍ഀ B E R K E L E Y S A C R A M E N T O਍ഀ phone: 303-623-3557 phone: 510-841-9190 phone: 916-649-8010਍ഀ fax: 303-623-9049 fax: 510-841-9208 fax: 916-649-2070਍ഀ "Ak਍ഀ A਍ഀ NICOLE MONROE LAYMAN਍ഀ ECONOMIC & PLANNING SYSTEMS਍ഀ PAGE 2਍ഀ Education Masters Degree, City and Regional Planning, Ohio State University, 1997਍ഀ Bachelors of Arts Degree, Urban and Regional Planning, Miami University, 1995਍ഀ Affiliations American Institute of Certified Planners਍ഀ American Planning Association਍ഀ National Development Council਍ഀ w਍ഀ Fairfield and Woods, P.C.਍ഀ James M. Mulligan, Director਍ഀ 303.830-2400਍ഀ jmulligan@fwlaw.com਍ഀ James M. Mulligan's practice emphasizes virtually all਍ഀ aspects of commercial and residential real estate,਍ഀ including urban, resort and mixed use developments,਍ഀ with an additional focus in the structured financing and਍ഀ corporate areas of practice. Mr. Mulligan represents਍ഀ public, private and institutional investors, developers,਍ഀ lenders, owners and owner associations, managers,਍ഀ brokers, contractors, and federal, state and local਍ഀ political subdivisions with regard to all forms of real਍ഀ estate ownership, land use, development, leasing,਍ഀ management and joint ventures of all kinds, public/਍ഀ private redevelopment projects (including historic਍ഀ designations, tax-increment financed projects, tax-਍ഀ credit structures and taxable and tax-exempt bond਍ഀ issues), planned communities and਍ഀ acquisition/disposition transactions. Mr. Mulligan has਍ഀ represented the real estate development and finance਍ഀ industry in Colorado and throughout the Rocky਍ഀ Mountain region on many of its issues, related਍ഀ legislation and regulatory concerns. He has been਍ഀ appointed Special Deputy Attorney General਍ഀ representing the Colorado Division of Housing in its਍ഀ housing finance transactions.਍ഀ Mr. Mulligan has chaired the Colorado Bar਍ഀ Association's Real Estate Section, Colorado's਍ഀ Gubernatorial Unified Housing Task Force, and several਍ഀ Downtown Denver Task Forces. He has authored and਍ഀ lectured extensively in the areas of real estate਍ഀ development, finance, planned communities, public-਍ഀ private ventures and affordable housing. He has been਍ഀ or is on the Board of the National Association of਍ഀ Office and Industrial Properties - Colorado Chapter਍ഀ (2006 President-Elect), the Metro Denver Economic਍ഀ Development Corp., the Aurora Economic਍ഀ Development Council (2006 Chair-Elect), Downtown਍ഀ Denver Partnership's Denver Civic Ventures, the਍ഀ Southeast Business Partnership, and the Colorado਍ഀ Association for Commerce and Industry.਍ഀ Practice Areas਍ഀ Real Estate਍ഀ Business and Corporate਍ഀ Banking and Finance਍ഀ Institutions਍ഀ Lending਍ഀ Entrepreneurs and Closely਍ഀ Held Businesses਍ഀ Reorganizations, Workouts,਍ഀ And Bankruptcy਍ഀ Education਍ഀ J. D. 1974, University of਍ഀ Denver਍ഀ B.A. 1969, University of਍ഀ Massachusetts਍ഀ Bar Admissions਍ഀ District of Colorado - 1975਍ഀ Colorado - 1975਍ഀ CIVIC AND COMMUNITY ACTIVITIES਍ഀ • Board Member Metro Denver Economic Development Corp. (2004-present)਍ഀ • Board member of Aurora Economic Development Council (2002-present; 2006 Chair-਍ഀ Elect)਍ഀ • Board member of The National Association of IndLlstrial and Office Properties [NAIOP]਍ഀ (2000 - present; 2006 President-Elect)਍ഀ • Board member, Colorado Housing Council (1986-present; Chairman - 1987, 1988, 1994,਍ഀ 1999)਍ഀ • Member, University of Colorado Real Estate Council's Executive Committee (1999-਍ഀ present)਍ഀ • Executive Committee, Urban Land Institute's Rocky Mountain District Council (2002-਍ഀ present)਍ഀ • Chairman, Mayor's updated (1995/96) Downtown Housing Task Team (1995 - 1996)਍ഀ • Board Member, Downtown Denver Residents Organization (1995-1998)਍ഀ • Board Member, Boys & Girls Clubs of Metro Denver (1994-present)਍ഀ • Member (former Chairman) of Center City Housing Council (1992 - 1994 & 2000-2002)਍ഀ • Chairman, The Mayor's Downtown Denver Housing Task Team (1991-92)਍ഀ • Board Member, The Downtown Denver Partnership/Denver Civic Ventures (1991-1994)਍ഀ • Board Member, Colorado Association of Realtors Housing Opportunity Foundation਍ഀ (CARHOF) (1991-1994)਍ഀ • Chairman, The Denver Partnership, Capital Formation Committee (1990-1993)਍ഀ • Chainnan, Telluride Regional Housing Task Force (1990)਍ഀ • Member, Denver Partnership's Economic Development Committee (1989)਍ഀ • Chairman, Governor's Unified Housing Task Force (1988)਍ഀ • Chairman, Colorado Association of Commerce and Industry's (CACI's) "50 for਍ഀ Colorado" Housing Teain (1988)਍ഀ • Chairman, Governor's Search Group for Director of Regulatory Agencies (1987)਍ഀ • Member, Governor's Search Group for Director of Natural Resources (1987)਍ഀ • Chairman, Governor's Small Business Capital Access Task Force Subcommittee (1987)਍ഀ • Member, CACI's "Blueprint for Colorado" Drafting Team (1986-87; again, regarding਍ഀ growth issues, in 2000-2001)਍ഀ • Chairman, Lawyer/REALTOR Interprofessional Committee (1985-86)਍ഀ • Chairman, Colorado Bar Association's Real Estate Section (1984-85)਍ഀ • Chairman, Colorado Bar Association, Real Estate Legislative Committee (1982-84)਍ഀ 1•਍ഀ I•਍ഀ s਍ഀ KI਍ഀ 1 0਍ഀ is਍ഀ I•਍ഀ 16਍ഀ 10਍ഀ 0 0਍ഀ WRITING and TEACHING ACTIVITIES਍ഀ Authored or co-authored various publications, and taught on several topics, including:਍ഀ • "Building Area's FasTracks - TOD's [Mixed-Use Development]" (2005) Colorado Real਍ഀ Estate Journal਍ഀ • "Denver's Land Market" (2004) - Colorado Real Estate Journal਍ഀ • "Legal & Policy Issues Affecting Affordable Housing in Denver" (2001) Colorado Real਍ഀ Estate Journal਍ഀ • "Laying a Growth Management Foundation in Colorado" (2001) Rocky Mountain News਍ഀ • "Synthetic Leases and Other Real Estate Financing Tools" (1998) for Colorado Real਍ഀ Estate Journal਍ഀ • "Real Estate Finance" and "Real Estate Development" for Denver University Law School਍ഀ (1983-present)਍ഀ • "Condominium Law and Practice" for several Professional Association & D.U. Law਍ഀ September 1997, Vol. 26, No. 9, p. I I I਍ഀ • "Colorado Condominium Conversion-An Update" (1997) Colorado Real Estate Journal਍ഀ • "Putting a Roof Over the Middle Class" (1996) Colorado Real Estate Journal਍ഀ • "CIOA is Coming" (1992) for Continuing Legal Education in Colorado, Inc.਍ഀ • "Affordable Housing in Colorado's Mountain Resort Communities" (1996) - Rocky਍ഀ Mountain Land Use Institute਍ഀ • "Real Estate Joint Venture Work-Outs with Financial Institutions" (1988) for U.S.਍ഀ Savings League;਍ഀ • "The Securitization of Commercial Real Estate" (1987) for Professional Education਍ഀ Institute਍ഀ • "Symposium of Condominium Law & Practice" - Colorado Lawyer, November 1982਍ഀ (still primary citation source for condominium law in the Colorado Revised Statutes)਍ഀ AFFILIATIONS਍ഀ PROFESSIONAL਍ഀ Denver, Colorado and American Bar Associations਍ഀ Colorado Mortgage Lenders Association਍ഀ NAIOP਍ഀ Community Associations Institute਍ഀ Colorado Housing Council਍ഀ Mortgage Bankers Association of America਍ഀ Colorado Affordable Housing Partnership਍ഀ CIVIC & COMMUNITY਍ഀ The Downtown Denver Partnership਍ഀ MDEDC and Metro Denver Chamber਍ഀ Boys & Girls Clubs of Metro Denver, Inc.਍ഀ Colorado Association of Commerce & Industry਍ഀ Lower Downtown District, Inc.਍ഀ Southeast Business Partnership਍ഀ Aurora Economic Development Council਍ഀ I• Alk A਍ഀ Rita M. Connerly਍ഀ Of Counsel਍ഀ 303.894.4411਍ഀ rconnerly@fwlaw.com਍ഀ Ms. Connerly practices in the areas of real estate਍ഀ development and municipal law. She actively਍ഀ .਍ഀ represents developers during the local land use਍ഀ process, working closely with federal, state and਍ഀ 10਍ഀ local governments, mineral interest owners and਍ഀ 0਍ഀ neighborhood associations to secure support for and਍ഀ .਍ഀ timely approval of residential, commercial and਍ഀ mixed-use land use applications. Her practice਍ഀ 0਍ഀ encompasses all aspects of land use and real estate਍ഀ 0਍ഀ development including zoning, title review,਍ഀ 0਍ഀ purchase and sale agreements, land leases,਍ഀ .਍ഀ development agreements and the drafting of਍ഀ covenants, easements and construction documents.਍ഀ •਍ഀ Immediately prior to joining Fairfield and Woods,਍ഀ 0਍ഀ Ms. Connerly served as In-House Corporate਍ഀ •਍ഀ Counsel, responsible for securing land use਍ഀ entitlements, for a national land development਍ഀ company that she continues to represent.਍ഀ Ms. Connerly's practice is also focused on the਍ഀ representation of local governments and special਍ഀ districts. She worked in the Adams County਍ഀ Attorney's office, ultimately serving as the Adams਍ഀ County Attorney and as General Counsel for Front਍ഀ Range Airport Authority. Ms. Connerly is਍ഀ experienced in the creation, representation and਍ഀ management of special districts. She has provided਍ഀ day-to-day legal advice to elected officials and਍ഀ department directors on a full range of public sector਍ഀ law issues. She has represented clients in local,਍ഀ state, federal and administrative proceedings and਍ഀ has successfully argued before both the Colorado਍ഀ Court of Appeals and the Colorado Supreme Court.਍ഀ Education਍ഀ J.D. 1990, University of Denver;਍ഀ B.A. 1987, Political Science and਍ഀ Sociology, with honors,਍ഀ University of Denver਍ഀ Professional Affiliations਍ഀ Denver Bar Association਍ഀ Adams County Bar Association਍ഀ Douglas County Bar Association਍ഀ Adams County Economic਍ഀ Development਍ഀ Bar Admissions਍ഀ Colorado -1990਍ഀ Tenth Circuit - 1991਍ഀ lie਍ഀ I*਍ഀ •਍ഀ •਍ഀ •਍ഀ •਍ഀ Fairfield and Woods, P.C.਍ഀ Jennifer L. Lufman, Of Counsel਍ഀ 303-830-2400਍ഀ jlufman@fwlaw.com਍ഀ Ms. Lufman focuses her practice in all facets of commercial real estate law and਍ഀ represents both entrepreneurial and institutional clients in Colorado and elsewhere in the਍ഀ United States. Her clients have included chain and big box retailers, residential home਍ഀ builders, mountain and beach resort developers, casinos and utility companies.਍ഀ Ms. Lufman's finance and lending experience involves the representation of both lenders਍ഀ and borrowers in connection with secured and unsecured loans. Ms. Lufman has also਍ഀ advised commercial borrowers in bond financing, complex private equity and lending਍ഀ finance arrangements and operating lines of credit.਍ഀ She has represented clients in the areas of residential and mixed-use common interest਍ഀ community development, commercial and residential resort development, general land਍ഀ use matters, retail leasing, condemnation, foreclosure, recreational property law,਍ഀ corporate entity creation and maintenance, the purchase and sale of businesses through਍ഀ asset and stock transactions, and corporate reorganizations.਍ഀ Ms. Lufman is a member of the National Association of Office and Industrial Properties -਍ഀ Colorado Chapter; the Community Relations Committee of the National Association of਍ഀ Office and Industrial Properties - Colorado Chapter; Commercial Real Estate Women -਍ഀ Denver; and Women in Real Estate.਍ഀ O Q਍ഀ LIONSHEAD PARKING STRUCTURE਍ഀ AS THOUGH VACANT਍ഀ 395 SOUTH FRONTAGE ROAD਍ഀ VAIL, COLORADO਍ഀ -1c-t-O-1਍ഀ BOWES AND COMPANY਍ഀ