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2018-08-28 Special Joint MDCMeridian City Council Special Joint Meeting Agenda – August 28, 2018 Page 1 of 2 All materials presented at public meetings shall become property of the City of Meridian. Anyone desiring accommodation for disabilities related to documents and/or hearing, please contact the City Clerk’s Office at 888-4433 at least 48 hours prior to the public meeting. JOINT MEETING OF THE MERIDIAN CITY COUNCIL AND MERIDIAN DEVELOPMENT CORPORATION SPECIAL MEETING AGENDA Tuesday, August 28, 2018 at 4:00 PM Council Chambers City Hall 33 East Broadway Avenue, Meridian, Idaho 1. Roll-call Attendance: City Council X Anne Little Roberts X Joe Borton X Ty Palmer X Treg Bernt __X___ Genesis Milam __X___ Luke Cavener X Mayor Tammy de Weerd Meridian Development Corporation Board __X__ Dan Basalone __X__ Rob McCarvel __X__ Nathan Mueller _X___ Rick Ritter __X__ Keith Bird __X__ Diane Bevan __X__ Tammy de Weerd __X__ Steve Vlassek __X__ Dave Winder – Chairman 2. Adoption of the Agenda Adopted 3. Presentation and Discussion of Old Meridian City Hall Proposals 4. Consideration and Discussion of Old City Hall Proposals [Action Item] a. The Pacific Companies & NovembreWhisky Properties, LLC b. deChase Miksis Approved – recommended proposal from the RFP Committee: The Pacific Companies & NovembreWhisky Meridian City Council Special Joint Meeting Agenda – August 28, 2018 Page 2 of 2 All materials presented at public meetings shall become property of the City of Meridian. Anyone desiring accommodation for disabilities related to documents and/or hearing, please contact the City Clerk’s Office at 888-4433 at least 48 hours prior to the public meeting. Adjourned at 4:54pm MERIDIAN DEVELOPMENT CORPORATION OLD CITY HALL DEVELOPMENT PROPOSAL JULY 25, 2018 TABLE OF CONTENTS 04 DEVELOPER STATEMENT 12 CONCEPT DESIGN 28 DEVELOPMENT 32 PROFORMA 40 COMPARABLE PROJECTS & REFERENCES 46 PROJECT TEAM July 25, 2018 Cameron Arial Meridian Community Development Director 33 E. Broadway Ave, Suite 102 Meridian, Idaho 83642 RE: Request for Developer Proposal Old City Hall Site - Meridian, Idaho Dear Cameron and Members of the Selection Committee, Please find attached our proposal in response to the Request for Proposal (RFP) for Developer for the Old City Hall Site in Meridian, Idaho. Our development team is honored to provide the Meridian Development Corporation (MDC) and the City of Meridian (City) a proposal to redevelop this property. Our goal is to create a vibrant, well-connected, sustainable focused mixed-use project to assist in the future success of downtown Meridian. We understand MDC and City seek a development team that can create a mixed-use development that enhances the character and economic viability of downtown Meridian. We also understand the City has one of the fastest growing populations in the nation and is looking for a project that will assist in providing options for new and existing residents. Reestablishing a vital downtown core is vital to the health and growth of any city and stands as a testament of the commitment to(from) the community and its residents. In addition to boldly looking ahead to be part of the solution for the future, we know that MDC and the City desire to showcase this type of forward thinking development to the region. Setting the example with this project of public/private cooperation and teamwork, effective planning as well as progressive solutions for the re-gentrification of a beautiful downtown is just such a testament. Our development team lead by Aaron Elton, Shannon Robnett and myself, is made up of both local and regional design, construction, and real estate professionals. Our team has a proven track record of successful projects throughout the Pacific Northwest. Projects that solve complex issues with creative solutions through collaboration with public entities. As established members of the Meridian community it is our desire to bring these talents to bear in this situation in an effort to catalyze the rebirth of the downtown scene. The Old City Hall Site creates a unique opportunity to help solve what will become some of the City's bigger issues in the future with an out of the box solution. At the same time creating a signature downtown project that will be a catalyst for economic growth, development, and redevelopment in Meridian's historic downtown. As with everything new beginnings take new and bold ideas from visionaries, and while something is better than nothing. Making the most of this potential development is extremely crucial to the ability of the historic downtown district to reach new heights and attract new growth in its efforts to rebuild. We understand that spark and synergy are needed in a community wide effort to see Meridian’s core return to its vibrant roots. The addition of 250+ extra parking stalls will allow the ability for phasing of future developments within the existing block or adjacent parcels within the civic center; creatively hidden by 100+ mixed income apartments, Live/Work and new office space will help position downtown Meridian for successful growth. Please review the attached and contact me if you have any questions at 208.830.7071. Sincerely, Dean Papé deChase Miksis p: 208.830.7071 e: dean@dechase.com DEVELOPER STATEMENT MDC Old City Hall Proposal | 5 YET TO BE FORMED SINGLE PURPOSE LLC 7/25/2018 AARON ELTON, SHANNON ROBNETT, AND DEAN PAPÉ TBD, MANAGER/MEMBER PO BOX 733 BOISE ID 83701 208.830.7071 RECEIVED RECEIVED DEAN@DECHASE.COM JOINT VENTURE BETWEEN DEVELOPMENT PARTNERS: AARON ELTON, SHANNON ROBNETT, AND DEAN PAPÉ. A DEVELOPMENT LEGAL ENTITY WILL BE FORMED ONCE THE EXCLUSIVE RIGHT TO NEGOTIATE HAS BEEN SIGNED. DEVELOPER STATEMENT // OVERALL DEVELOPMENT GOALS This catalytic development aims to fulfill Meridian's Vision of "Built for Business - Designed for Living" while implementing the four main goals of Livability, Mobility, Prosperity and Sustainability in downtown. Within the overarching framework of Destination Downtown, this Development in one of the key blocks downtown will strive to achieve the following overall goals and objectives: 1. Create a signature, iconic mixed-use development through a context sensitive, architecturally thoughtful expression that serves as a Gateway to downtown and a hub of vibrant community activity. 2. Stimulate economic benefit to the community by embracing the full block, providing a complimentary, connected mix of urban residential housing, office, parking and pedestrian connections to adjacent blocks. 3. Implement a phased, market-responsive, viable Development, with an initial phase that can be completed in the immediate future and serve as a catalyst for future phases that maximize the potential for the block and surrounding blocks downtown. 4. Demonstrate creativity, innovation and sustainability through an overall building form that is expressive of its urban mix of uses, promotes walk ability, connects people to adjacent shops, parks and City Hall, while achieving LEED certification through water and energy conservation. 5. Implement a multi-modal approach, providing convenient access to and from the Development through a mix of pedestrian and bike infrastructure, streetscape improvements, activated continuous street wall with ground related uses, and generous parking to support the project and adjacent uses. MDC Old City Hall Proposal | 7 DEVELOPER STATEMENT // PROJECT STYLE & AESTHETIC DESIGN The projects style and aesthetic design follows the guidelines and intent for Traditional City Core Framework, while establishing a sophisticated expression of what an urban mixed-use housing project of our current time, responsive to scale, use and context. OVERALL BUILDING PARTI Our goal is to acknowledge the context of the site and the adjacent streets, sidewalks and existing built environment. Each street has a different urban context that was integrated into our proposed building form and pedestrian experience. The City Hall open space is utilized for public events throughout the year. The City Hall is a civic function that services the citizens while the office building across the street from City Hall incorporates complimentary exterior materials and is a place for employment that services the public. We are proposing a continuation of the existing urban form in order to retain the Civic character of the street. Our housing is set back from the street in order to not over shadow Broadway. We also added a pedestrian path between the new and existing office building that connects to a proposed public parking facility that can be used during public events and office hours. The streetscape will incorporate pedestrian material in such as pedestrian pavers, artwork, and pedestrian furniture. The goal is to enhance the existing Civic Heart of Meridian. The largest façade of the City Hall is adjacent to North Meridian Road. The City Hall creates an important stature and presence along the West edge Our goal is to enrich the stature and presence of the City Hall with a similar form at the intersection of N Meridian Rd and W. Idaho Ave.. This creates an impressive “gateway” to the Civic Center. At the base of the Gateway we have located prominent storefront retail. Above we have large residential windows and large decks for each unit. North Idaho Avenue existing context has smaller buildings with reduce building footprints. We are proposing smaller Live/Work lofts with similar building footprints and respect the historic buildings to the east. RESPECTING CONTEXT AND ADJACENT FABRIC On its southern edge, a new 2-story infill office building along Broadway pays homage to the existing office building by using similar size, massing and masonry, with a lit and furnished pedestrian 'alley' unifying the two buildings. Proposed improvements along Broadway unify the project with the community open space across the street at City Hall. On its northern edge, Live Work units along W Idaho Avenue are consistent with the size, scale and materiality of the fabric buildings and shops up and down the block and throughout downtown, providing an appropriate town fabric scale transition across N Main Street. POSITIONING DOWNTOWN FOR THE FUTURE The new mixed-use building establishes a prominent 'gateway' at the corner of N Meridian Road and E Idaho Avenue, through a 5-story expression, dramatically lit soffit, continuous street wall, and signature art at the corner, establishing the western entry of downtown - appropriate in scale to the size and scale of N Meridian Road. Taller residential expressions of the building, visible from E Broadway Ave and We Idaho Ave, screen the parking garage from public view and are unified by a graciously landscaped courtyard over the podium - with activity visible from the street. "Promote the use of traditional architecture themes that conform to the historic character of downtown. Restore and preserve older buildings and design new structures to fit with the overall character. Permeable facades and traditional two-part block designs are encouraged." - MERIDIAN VISION PLAN - DESTINATION: DOWNTOWN ROLE: Joint Venture Development Partner P.O. BOX 733 Boise, ID 83701 www.dechase.com DEVELOPER STATEMENT // DEVELOPMENT TEAM deChase Miksis specialize in the execution of complex mixed use, multi-family, office and commercial development projects. The team at deChase Miksis has been involved with the visioning, design, and construction of over 2,000,000 sq. ft. of commercial and multifamily real estate projects. We are a values based company that ensures our client’s interests are represented through every stage of development, helping navigate complexity, save time, minimize risk, and maximize return. Dean is a partner of the company he established in 2007 as deChase Development Services, now deChase Miksis, and oversees all aspects of project development. Dean has 12 years of experience in real estate development, construction, financing, and management in Oregon, Idaho, Montana, and Alaska. He is a member of numerous development teams that have won awards and recognition including the OHSU Center for Health and Healing (the first large medical facility to receive LEED Platinum certification) and the Kendall Toyota of Eugene (the first auto dealership to received LEED Platinum). Dean relocated to Boise in 2013 to continue the management of Kendall Development Group’s real estate portfolio, while working with land owners, business owners, and others on other development opportunities. He is currently working with downtown Boise property owners to create a new vibrant, pedestrian friendly, mixed-use district. He is also the managing partner and developer for the 5th and Idaho mixed-use project that will commence construction in the coming months. EDUCATION Oregon State University, Bachelor of Science Construction Engineering Mgmt/Business Administration PROFESSIONAL AFFILIATIONS Urban Land Institute ULI Developers Product Council - Boise Leadership Boise Class 2017 CCIM Member EXPERIENCE Kendall Development Group: 2012-Present deChase Miksis: 2007 – Present Gerding Edlen Development: 2003 - 2007 RELEVANT PROJECT EXPERIENCE Ash Street Workforce Housing | Boise, ID Northwest Community Credit Union | Eugene, Oregon The Janey | Portland, Or Kendall Toyota of Eugene | Eugene, Oregon Skybox | Eugene, Oregon* Courtside | Eugene, Oregon* The Meriwether | Portland, Oregon* OHSU Center for Health and Healing | Portland, Oregon* *Project(s) completed while at previous firm(s) DEAN PAPÉ PARTNER, DEVELOPER MDC Old City Hall Proposal | 9 DEVELOPER STATEMENT // DEVELOPMENT TEAM Aaron worked for INTERVEST in Portland, Oregon as a commercial loan analyst and loan officer, then subsequently as Vice President in the commercial real estate division of Zions Bank in Boise, Idaho. As both a broker and direct lender, he has originated over $500M in CRE financing, including construction, bridge and perm lending on all commercial property types. Aaron holds a BS from Utah Valley University and an MBA from the University of Oregon. “Community” is the word that drives his professional, charitable and personal endeavors. Aaron resides in Meridian, Idaho with his wife and five children. EDUCATION University of Oregon - Charles H. Lindquist College of Business, Master of Business Administration, 2005 University of Oregon - Charles H. Lindquist College of Business, Master of Business Administration, 2005 EXPERIENCE ipCREF: 2015-Present Zions Bank: 2011 - 2015 Elton Commercial: 2010 - 2011 INTERVEST Commercial Mortgage Co.: 2005 - 2010 RELEVANT PROJECT EXPERIENCE Central Park Commons - 180 unit multifamily construction in Meridian, ID Parkway Station - 41 unit townhouse and cottage home devel- opment construction on the Boise Greenbelt in Garden City, ID COMMUNITY SERVICE Board of Directors, Southern Virginia University (current) Board of Directors, Treasure Valley YMCA (current) AARON ELTON FOUNDER ROLE: Joint Venture Development Partner ipCREF 2949 E. Copper Point Dr, Suite 125 Meridian, ID 83642 www.ipcref.com ipCREF was founded on a conviction that long-lasting business relationships are built on trust and a long- term outlook to maintain that trust. Serving as expert advisors rather than a single-product lender allows the opportunity to efficiently explore all options for a borrower and add meaningful value by a well- rounded understanding of the marketplace. Based in Idaho, ipCREF serves commercial real estate investors throughout the Intermountain and Pacific Northwest regions. DEVELOPER STATEMENT // DEVELOPMENT TEAM Shannon is a long|time resident of the Treasure Valley having moved here at a very young age. Coming from a family that for five generations has been involved in Real Estate sales and development it was only natural for Shannon to become passionate about developing the Treasure Valley. He started his career working in Real Estate development with the family owned Robnett Properties until 1999 at which time he began Robnett Construction Inc. Shannon was involved in other Real Estate and business ventures between 2008 and 2014 one of which was Stateline Logistics supplying housing to the workforce in North Dakota. Shannon is a board member of Habitat for Humanity of Canyon County and has held the Commissioners seat with the North Ada County Fire and Rescue. EDUCATION Boise State University REGISTRATION Licensed Idaho Real Estate Agent EXPERIENCE Robnett Properties Robnett Construction Robnett Properties Stateline Logistics Phoenix Commercial Construction RELEVANT PROJECT EXPERIENCE Central Park Commons | Meridian, Idaho Ada West Professional Building | Meridian, Idaho CBH Homes Office Building | Meridian, Idaho Mountain West Bank | Eagle, Idaho Idaho Prosthetic | Meridian, Idaho Cherry Crossing Development | Meridian, Idaho Ancona Business Park | Eagle, Idaho The Shops at Glenwood | Garden City, Idaho Newby Industrial Development | Nampa, Idaho Graye Canyon Industrial Development | Caldwell, Idaho Idaho Athletic Club | Caldwell, Idaho Total Woman Fitness | Meridian, Idaho Garden City Police Station | Garden City, Idaho North Ada County Fire and Rescue Station | Garden City, Idaho SHANNON ROBNETT DEVELOPER ROLE: Joint Venture Development Partner 1307 N 39th St Nampa, ID 83687 http://phoenixcommercialconstruction.com Shannon Robnett is the owner of Phoenix Commercial Construction and is hands on with all daily business operations of the company. His company has worked on multifamily housing complexes, industrial warehouses, professional buildings, medical offices, and public municipalities such as the Garden City Police Station, Payette County City Hall remodel and North Ada County Fire and Rescue Station. Shannon has started several small companies giving him extensive experience in all fields of construction and small business management. He currently is building a 180 unit complex in Meridian and is in the process of developing an additional 500 units in the Meridian area. He also has numerous other developments in Ada, Gem and Canyon counties with a new USFS Building being constructed in Emmett, ID. MDC Old City Hall Proposal | 11 DEVELOPER STATEMENT // FINANCING STRATEGY This project will be financed by a combination of owner equity, debt and, in order to maximize benefit to the community, seek a public/private partnership for aspects with mutual benefits. The development partners have relationships with multiple conventional lending options. Additionally, the developers have sent verification of liquid assets in excess of the total project amount from one of our banks directly to the City of Meridian (addressed to Cameron Arial), illustrating financial strength and capacity to fund both the equity portion as well as any unforeseen issues that need to be cured in order to keep the project on track and successful. CONCEPT DESIGN MDC Old City Hall Proposal | 13 CONCEPT // URBAN ANALYSIS EXISTING SITE ACCESS & NEIGHBORHOOD AMENITY E BROADWAY AVE "The downtown vision is primarily focused on creating a mixed-use urban environment." - MERIDIAN VISION PLAN - DESTINATION: DOWNTOWN E IDAHO AVE E PINE AVE E STATE AVE E CARLTON AVE N M E R I D I A N R D 1/ 4 M I L E R A D I U S 5- M I N U T E W A L K W 1 S T S N M A I N S T E 2 N D S T E 3 R D S T E 4 T H S T RETAIL N NTS CIVIC BUILDING OFFICE / BANK DINING BEVERAGES DESIGN SITE TRADITIONAL CITY CORE BOUNDARY CENTENNIAL PARK MERIDIAN CITY HALL SITE ANALYSIS, CONTEXT & SCALE CONCEPT // URBAN ANALYSIS Sponsors: Destination: Downtown Where Meridian Lives Destination: Downtown Where Meridian Lives Th e Vision Thanks to the following sponsors for their generous help in publishing this report: E BROADWAY AVE "A balanced retail environment which includes a mix of businesses, specialty stores, retail outlets, restaurants, professional services and institutions is also envisioned for the downtown." - MERIDIAN VISION PLAN - DESTINATION: DOWNTOWN E IDAHO AVE TOWN FABRIC SCALETOWN FABRIC SCALE E 2 N D S T N M A I N S T N M E R I D I A N R D CONTINUOUS URBAN EDGECOMMERCIAL RETAIL AT GROUND LEVEL CORNER BUILDING SCALE THROUGH-BLOCK CONNECTION RESIDENTIAL OFFICE CITY HALL OFFICE INFILL RESIDENTIAL + SHARED GARAGE GATEWAY CORNER: BUILDING SCALE GATEWAY CORNER: PUBLIC ART OPPORTUNITY CONTINUOUS URBAN EDGE MAINTAIN ON- STREET PARKING N NTS MDC Old City Hall Proposal | 15 CONCEPT // FLOOR PLANS PARKING PLAN Parking capacity and access balanced with screening are critical to both the functionality and the urban form of the Development. The proposed parking layout retains the alignment of the existing alley which allows flexibility for future phases to the east PARKING COUNT RESIDENTIAL PUBLIC OFFICE Level P3 47 Level P2.5 47 Level P2 47 Level P1.5 47 Level P1 28 19 Level P0.5 47 Stalls by Use 141 75 66 Total Stalls 282 Total Area 92,628 SF SF per Stall 328 SF W IDAHO AVE E BROADWAY AVE N M E R I D I A N R D N M A I N S T N NTS CONCEPT // FLOOR PLANS GROUND FLOOR RETAIL LEASING 94 PARKING STALLS W IDAHO AVE E BROADWAY AVE N M E R I D I A N R D N M A I N S T RESIDENTIAL OFFICEOFFICE The ground floor includes street activating use along key building frontages, with office along E Broadway Ave and a mix of retail and residential along W Idaho Ave. Retail and Leasing create a vibrant, distinctive corner at the gateway visible from N Meridian Rd. N NTS MDC Old City Hall Proposal | 17 CONCEPT // FLOOR PLANS W IDAHO AVE E BROADWAY AVE N M E R I D I A N R D N M A I N S T LEVEL 2 OPEN TO BELOW 95 PARKING STALLS DN UP RESIDENTIAL OFFICEOFFICE Level 2 includes a mix of uses: Residential (live/work), upper floor of office and parking concealed behind uses. N NTS CONCEPT // FLOOR PLANS LEVEL 3 OFFICEOFFICE 95 PARKING STALLS DN UP W IDAHO AVE E BROADWAY AVE N M E R I D I A N R D N M A I N S T RESIDENTIAL Level 3 includes a mix of uses: Residential, upper floor of office with green roof and parking concealed behind uses. N NTS MDC Old City Hall Proposal | 19 CONCEPT // FLOOR PLANS LEVEL 4-6 PODIUM ROOF (BELOW) ROOF (BELOW) W IDAHO AVE E BROADWAY AVE N M E R I D I A N R D N M A I N S T RESIDENTIAL Level 4-6 include Residential fronting on or looking down on a highly-amenitized landscaped courtyard. N NTS CONCEPT // FLOOR PLANS ROOF AMENITY PLAN W IDAHO AVE E BROADWAY AVE N M E R I D I A N R D N M A I N S T RESIDENTIAL The development is proposing a large landscapes podium above the parking garage that will be accessed by the tenants. The space will have gathering and active spaces while allowing each apartment unit to have a small private landscaped patio. N NTS MDC Old City Hall Proposal | 21 CONCEPT // SECTION 0’25’50’ PL PL PARKING 0.5 LEVEL 1/PARKING 1 PARKING 1.5 LEVEL 2/PARKING 2 PARKING 2.5 LEVEL 3/PARKING 3 LEVEL 4 LEVEL 5 LEVEL 6 ROOF LINE PROPOSED OFFICE PARKING RESIDENTIAL RESIDENTIAL ROOF TOP AMENITY RESIDENTIAL RESIDENTIAL LIVE/WORK LEVEL 1 / PARKING 1 PARKING 0.5 PARKING 1.5 PARKING 2.5 LEVEL 3 LEVEL 4 LEVEL 5 LEVEL 6 ROOF LINE LEVEL 2 / PARKING 2 LIVE/WORK RESIDENTIAL RESIDENTIAL PARKING PARKING PROPOSED OFFICE PROPERTY LINE PROPERTY LINE W IDAHO AVE E BROADWAY AVE N E BROADWAY AVE E IDAHO AVE N M A I N S T N M E R I D I A N R D POTENTIAL OPTIONS CONCEPT // PHASING E BROADWAY AVE E IDAHO AVE E 2 N D S T N M A I N S T N M E R I D I A N R D CITY HALL (65) PARKING STALLS AVAILABLE PHASING OPTION 1 Additional Development on site which include ground floor retail and office/housing above. PHASING OPTION 2 Additional Development at Broadway and Main. This phase would be a mixed use development that corresponds to the outdoor functions at the City Hall plaza As well as creating an important eastern gateway to the Civic Center. PHASING 1 PHASING 2 N NTS MDC Old City Hall Proposal | 23 CONCEPT DESIGN // RENDERINGS View looking down E Broadway Ave, with new office complimentary to existing fabric, and pedestrian improvements connecting to City Hall and Phase 2. The smaller footprint portion of our proposal will correspond the existing historic buildings to the east. CONCEPT DESIGN // RENDERINGS View from intersection of E Broadway Ave and N Meridian Rd, with building as gateway to downtown "Meridian's downtown will be a pedestrian friendly place with wide and safe sidewalks and street oriented businesses and retail activity." - MERIDIAN VISION PLAN - DESTINATION: DOWNTOWN MDC Old City Hall Proposal | 25 CONCEPT DESIGN // RENDERINGS View looking down pedestrian 'alley' with residential and garage in the background. A stepping of architectural scale respects existing fabric while establishing a new model for progressive mixed-use housing. MDC Old City Hall Proposal | 27 "Public art will be incorporated into streetscape design in the downtown. Gateway features and signature architectural structures will be located around the downtown to serve as icons and landmarks." - MERIDIAN VISION PLAN - DESTINATION: DOWNTOWN DEVELOPMENT MDC Old City Hall Proposal | 29 DEVELOPMENT // PROJECT DETAILS BUILDING AREAS RESIDENTIAL AMENITIES FUTURE OFFICE RETAIL PARKING UNIT Level P3 15,438 sf Level P2.5 15,438 sf Level P2 15,438 sf Level P1.5 15,438 sf Level P1 15,438 sf Level P0.5 15,438 sf Level 1 5,800 500 15,000 8,500 sf Level 2 6,300 14,400 sf Level 3 15,400 sf Level 4 31,693 sf Level 5 31,693 sf Level 6 25,393 1,000 sf Gross SQ FT Totals 116,279 1,500 29,400 8,500 92,628 sf Assumed ER 84% Net Rentable Area 97,674 sf Circulation/Misc.18,605 sf Average Unit Size 880 sf Number of Units 111 residential units UNIT COUNT LIVE/WORK TOWNHOMES FLATS TOTALS Level P3 0 Level P2.5 0 Level P2 0 Level P1.5 0 Level P1 0 Level P0.5 0 Level 1 10 10 Level 2 0 Level 3 15 15 Level 4 10 25 0 Level 5 25 35 Level 6 25 25 Total Units 10 10 91 111 Parking Stalls per Unit 1.27 PARKING COUNT RESIDENTIAL PUBLIC OFFICE Level P3 47 Level P2.5 47 Level P2 47 Level P1.5 47 Level P1 28 19 Level P0.5 47 Level 1 Level 2 Level 3 Level 4 Level 5 Level 6 Stalls by Use 141 75 66 Total Stalls 282 Total Area 92,628 SF SF per Stall 328 SF SITE AREAS Estimated Site Areas 79,600 sf Acres 1.83 FAR Achieved 3.12 = Gross Building Area 248,307 sf Density Achieved: Units/Acre 61 DEVELOPMENT // SITE PLAN RETAIL LEASING W IDAHO AVE E BROADWAY AVE The layered site plan creates a mix of access and activity contributing to a vibrant urban downtown. N M E R I D I A N R D N M A I N S T RESIDENTIAL OFFICEOFFICE MDC Old City Hall Proposal | 31 DEVELOPMENT // INGRESS & EGRESS W IDAHO AVE E BROADWAY AVE INGRESS & EGRESS ACCESS POINTS TO THE SITE 1. Live/work Loft Entries 2. Secondary Retail Entry` 3. Primary Retail Entry 4. Leasing Office Entry 5. Garage Entry 6. Office Entry 7. Garage Entry / Pedestrian Alley 8. Office Entry 9. Connection to City Hall and Public Open Space N M E R I D I A N R D N M A I N S T 3 4 5 2 7 9 6 1 8 PROFORMA PROFORMA // DEVELOPMENT COST SUMMARY & FINANCING PLAN MERDIAN Old City Hall 5 Stories 111 Units Mixed-Use Residential 7/19/2018 DETAILED BUDGET Total Cost Cost Cost Cost Per Unit of Res Per of GSF of Type Per Total RSF Notes Site And Due Diligence Due Diligence and Pre-Development Predevelopment Costs 30,000 270.27 0.12 0.26 Preliminary Design 30,000 270.27 0.12 0.26 Environmental 5,000 45.05 0.02 0.04 Geotechnical 3,500 31.53 0.01 0.03 Boundary Survey/ALTA 4,500 40.54 0.02 0.04 Lot Line Adjustment - Plat 28,000 252.25 0.11 0.24 Preliminary Legal - Development 10,000 90.09 0.04 0.09 Preliminary Legal - Financing 5,000 45.05 0.02 0.04 Market Report 6,000 54.05 0.02 0.05 FHA Exam/Application Fee 0 0.00 0.00 0.00 Total Site & Due Diligence 122,000 1,099.10 0.50 1.04 Site Cost Land 1,592,000 14,342.34 6.51 13.63 Annual Rental Income 0 0.00 0.00 0.00 Acquisition cost 35,000 315.32 0.14 0.30 1,627,000 14,657.66 6.66 13.93 Total Site and Due Diligence 1,749,000 15,756.76 7.16 14.98 Construction Hard Costs Contractor Hard Costs GC - Site Work 24,000 216.22 0.10 0.21 GC - Residential 17,516,850 157,809.46 150.00 150.00 GC - Parking Garage 8,460,000 30,000.00 34.61 72.44 GC - Retail Core and Shell 96,000 2,823.53 0.39 0.82 GC - Office 5,950,000 175,000.00 170.00 50.95 GC - Contingency 50,000 1,470.59 0.20 0.43 Hard Cost Inflation 0%per year 0 0.00 0.00 0.00 Total Contractor Hard Costs (GMP)32,096,850 367,319.79 0.00 274.85 Additional Hard Cost Retail Tenant Improvements Allowance 40.00 Per Retail SF 340,000 3,063.06 1.39 2.91 Amenity Upgrades 50,000 450.45 0.20 0.43 Residential Unit Upgrades 1,250.00 Per Unit 138,750 1,250.00 0.57 1.19 Mechanical Parking 18,000.00 Per Stall 0 0.00 0.00 0.00 Appliances Upgrade - Per Unit 0 0.00 0.00 0.00 Residential FF&E (Common Area)125,000 1,126.13 0.51 1.07 Art Allowance 35,000 315.32 0.14 0.30 Access Control Upgrade (including gates)25,000 225.23 0.10 0.21 Security System Upgrade 35,000 315.32 0.14 0.30 Signage - exterior 35,000 315.32 0.14 0.30 Signage - interior 15,000 135.14 0.06 0.13 Total Additional Hard Costs 798,750 7,195.95 3.27 6.84 Total Hard Costs 32,895,600 374,515.74 3.27 281.69 Soft Costs Building Permit Fees 1.50%of HC 493,434 4,445.35 2.02 4.23 SDC costs - Impact Fees 3.50%of HC 1,151,346 10,372.49 4.71 9.86 A&E for SD, DD, CD, and CA 6.50%of GMP 2,138,214 19,263.19 8.75 18.31 A&E for Reimbursable, MEP, OSF Exp 5.00%of A&E fee 106,911 963.16 0.44 0.92 Project overhead $1,000 per month 24,000 216.22 0.10 0.21 Initial Loan Closings 0 0.00 0.00 0.00 Builder's Risk Insurance 0.25$ per $100 of Cost excl Financing/yr80,242 722.90 0.33 0.69 Owner General Liability 0.30$ per $1,000 of HC 9,629 86.75 0.04 0.08 Professional Liability 2,500 22.52 0.01 0.02 Marketing Costs 75,000 675.68 0.31 0.64 Utility Charges 111,000 1,000.00 0.45 0.95 Project Management 8,000$ per month 144,000 1,297.30 0.59 1.23 Project Accounting 500.00$ per month 18,000 162.16 0.07 0.15 Lot Line Adjustment 5,500 49.55 0.02 0.05 Title Policy for Construction 82,239 740.89 0.34 0.70 Travel & Office Expenses 500.00$ per month 15,000 135.14 0.06 0.13 Legal Fees 0 0.00 0.00 0.00 Legal Fees for Leasing Agreement 2,500 22.52 0.01 0.02 Legal Fee for Construction Agreement 5,000 45.05 0.02 0.04 Legal For Construction Loan 15,000 135.14 0.06 0.13 Legal For Perm Loan Docs 15,000 135.14 0.06 0.13 Legal for Public Entity Agreements 20,000 180.18 0.08 0.17 Legal for Developer 35,000 315.32 0.14 0.30 ALTA Survey 7,500 67.57 0.03 0.06 Appraisal 7,500 67.57 0.03 0.06 Testing & Inspection 0.00 0.00 0.00 Geotechnical - Testing & Inspection 25,000 225.23 0.10 0.21 Materials - Testing & Inspection 45,000 405.41 0.18 0.39 LEED Documentation/Earth Advantage 25,000 225.23 0.10 0.21 Retail Leasing Commission 76,500 689.19 0.31 0.66 Taxes During Construction 26,061 234.78 0.11 0.22 3rd Party Agreements 5,000 45.05 0.02 0.04 Total Soft Costs 4,767,076 42,947 19.50 40.82 Contingency Site Contingency 5%36,005 324.37 0.15 0.31 Development Contingency 5%1,883,134 16,965.17 7.70 16.13 Total Contingency 1,919,138 17,290 40.85 47.72 Professional Fees Development Fee 6.00%all costs excluding financing 2,562,181 23,082.71 10.48 21.94 Debt Guarantee Fee 1.50%420,000 3,783.78 1.72 3.60 Total Site Costs MERDIAN Old City Hall 5 Stories 111 Units Mixed-Use Residential 7/19/2018 DETAILED BUDGET Total Cost Cost Cost Cost Per Unit of Res Per of GSF of Type Per Total RSF Notes Site And Due Diligence Due Diligence and Pre-Development Predevelopment Costs 30,000 270.27 0.12 0.26 Preliminary Design 30,000 270.27 0.12 0.26 Environmental 5,000 45.05 0.02 0.04 Geotechnical 3,500 31.53 0.01 0.03 Boundary Survey/ALTA 4,500 40.54 0.02 0.04 Lot Line Adjustment - Plat 28,000 252.25 0.11 0.24 Preliminary Legal - Development 10,000 90.09 0.04 0.09 Preliminary Legal - Financing 5,000 45.05 0.02 0.04 Market Report 6,000 54.05 0.02 0.05 FHA Exam/Application Fee 0 0.00 0.00 0.00 Total Site & Due Diligence 122,000 1,099.10 0.50 1.04 Site Cost Land 1,592,000 14,342.34 6.51 13.63 Annual Rental Income 0 0.00 0.00 0.00 Acquisition cost 35,000 315.32 0.14 0.30 1,627,000 14,657.66 6.66 13.93 Total Site and Due Diligence 1,749,000 15,756.76 7.16 14.98 Construction Hard Costs Contractor Hard Costs GC - Site Work 24,000 216.22 0.10 0.21 GC - Residential 17,516,850 157,809.46 150.00 150.00 GC - Parking Garage 8,460,000 30,000.00 34.61 72.44 GC - Retail Core and Shell 96,000 2,823.53 0.39 0.82 GC - Office 5,950,000 175,000.00 170.00 50.95 GC - Contingency 50,000 1,470.59 0.20 0.43 Hard Cost Inflation 0%per year 0 0.00 0.00 0.00 Total Contractor Hard Costs (GMP)32,096,850 367,319.79 0.00 274.85 Additional Hard Cost Retail Tenant Improvements Allowance 40.00 Per Retail SF 340,000 3,063.06 1.39 2.91 Amenity Upgrades 50,000 450.45 0.20 0.43 Residential Unit Upgrades 1,250.00 Per Unit 138,750 1,250.00 0.57 1.19 Mechanical Parking 18,000.00 Per Stall 0 0.00 0.00 0.00 Appliances Upgrade - Per Unit 0 0.00 0.00 0.00 Residential FF&E (Common Area)125,000 1,126.13 0.51 1.07 Art Allowance 35,000 315.32 0.14 0.30 Access Control Upgrade (including gates)25,000 225.23 0.10 0.21 Security System Upgrade 35,000 315.32 0.14 0.30 Signage - exterior 35,000 315.32 0.14 0.30 Signage - interior 15,000 135.14 0.06 0.13 Total Additional Hard Costs 798,750 7,195.95 3.27 6.84 Total Hard Costs 32,895,600 374,515.74 3.27 281.69 Soft Costs Building Permit Fees 1.50%of HC 493,434 4,445.35 2.02 4.23 SDC costs - Impact Fees 3.50%of HC 1,151,346 10,372.49 4.71 9.86 A&E for SD, DD, CD, and CA 6.50%of GMP 2,138,214 19,263.19 8.75 18.31 A&E for Reimbursable, MEP, OSF Exp 5.00%of A&E fee 106,911 963.16 0.44 0.92 Project overhead $1,000 per month 24,000 216.22 0.10 0.21 Initial Loan Closings 0 0.00 0.00 0.00 Builder's Risk Insurance 0.25$ per $100 of Cost excl Financing/yr80,242 722.90 0.33 0.69 Owner General Liability 0.30$ per $1,000 of HC 9,629 86.75 0.04 0.08 Professional Liability 2,500 22.52 0.01 0.02 Marketing Costs 75,000 675.68 0.31 0.64 Utility Charges 111,000 1,000.00 0.45 0.95 Project Management 8,000$ per month 144,000 1,297.30 0.59 1.23 Project Accounting 500.00$ per month 18,000 162.16 0.07 0.15 Lot Line Adjustment 5,500 49.55 0.02 0.05 Title Policy for Construction 82,239 740.89 0.34 0.70 Travel & Office Expenses 500.00$ per month 15,000 135.14 0.06 0.13 Legal Fees 0 0.00 0.00 0.00 Legal Fees for Leasing Agreement 2,500 22.52 0.01 0.02 Legal Fee for Construction Agreement 5,000 45.05 0.02 0.04 Legal For Construction Loan 15,000 135.14 0.06 0.13 Legal For Perm Loan Docs 15,000 135.14 0.06 0.13 Legal for Public Entity Agreements 20,000 180.18 0.08 0.17 Legal for Developer 35,000 315.32 0.14 0.30 ALTA Survey 7,500 67.57 0.03 0.06 Appraisal 7,500 67.57 0.03 0.06 Testing & Inspection 0.00 0.00 0.00 Geotechnical - Testing & Inspection 25,000 225.23 0.10 0.21 Materials - Testing & Inspection 45,000 405.41 0.18 0.39 LEED Documentation/Earth Advantage 25,000 225.23 0.10 0.21 Retail Leasing Commission 76,500 689.19 0.31 0.66 Taxes During Construction 26,061 234.78 0.11 0.22 3rd Party Agreements 5,000 45.05 0.02 0.04 Total Soft Costs 4,767,076 42,947 19.50 40.82 Contingency Site Contingency 5%36,005 324.37 0.15 0.31 Development Contingency 5%1,883,134 16,965.17 7.70 16.13 Total Contingency 1,919,138 17,290 40.85 47.72 Professional Fees Development Fee 6.00%all costs excluding financing 2,562,181 23,082.71 10.48 21.94 Debt Guarantee Fee 1.50%420,000 3,783.78 1.72 3.60 Total Site Costs MERDIAN Old City Hall 5 Stories 111 Units Mixed-Use Residential 7/19/2018 DETAILED BUDGET Total Cost Cost Cost Cost Per Unit of Res Per of GSF of Type Per Total RSF Notes Site And Due Diligence Due Diligence and Pre-Development Predevelopment Costs 30,000 270.27 0.12 0.26 Preliminary Design 30,000 270.27 0.12 0.26 Environmental 5,000 45.05 0.02 0.04 Geotechnical 3,500 31.53 0.01 0.03 Boundary Survey/ALTA 4,500 40.54 0.02 0.04 Lot Line Adjustment - Plat 28,000 252.25 0.11 0.24 Preliminary Legal - Development 10,000 90.09 0.04 0.09 Preliminary Legal - Financing 5,000 45.05 0.02 0.04 Market Report 6,000 54.05 0.02 0.05 FHA Exam/Application Fee 0 0.00 0.00 0.00 Total Site & Due Diligence 122,000 1,099.10 0.50 1.04 Site Cost Land 1,592,000 14,342.34 6.51 13.63 Annual Rental Income 0 0.00 0.00 0.00 Acquisition cost 35,000 315.32 0.14 0.30 1,627,000 14,657.66 6.66 13.93 Total Site and Due Diligence 1,749,000 15,756.76 7.16 14.98 Construction Hard Costs Contractor Hard Costs GC - Site Work 24,000 216.22 0.10 0.21 GC - Residential 17,516,850 157,809.46 150.00 150.00 GC - Parking Garage 8,460,000 30,000.00 34.61 72.44 GC - Retail Core and Shell 96,000 2,823.53 0.39 0.82 GC - Office 5,950,000 175,000.00 170.00 50.95 GC - Contingency 50,000 1,470.59 0.20 0.43 Hard Cost Inflation 0%per year 0 0.00 0.00 0.00 Total Contractor Hard Costs (GMP)32,096,850 367,319.79 0.00 274.85 Additional Hard Cost Retail Tenant Improvements Allowance 40.00 Per Retail SF 340,000 3,063.06 1.39 2.91 Amenity Upgrades 50,000 450.45 0.20 0.43 Residential Unit Upgrades 1,250.00 Per Unit 138,750 1,250.00 0.57 1.19 Mechanical Parking 18,000.00 Per Stall 0 0.00 0.00 0.00 Appliances Upgrade - Per Unit 0 0.00 0.00 0.00 Residential FF&E (Common Area)125,000 1,126.13 0.51 1.07 Art Allowance 35,000 315.32 0.14 0.30 Access Control Upgrade (including gates)25,000 225.23 0.10 0.21 Security System Upgrade 35,000 315.32 0.14 0.30 Signage - exterior 35,000 315.32 0.14 0.30 Signage - interior 15,000 135.14 0.06 0.13 Total Additional Hard Costs 798,750 7,195.95 3.27 6.84 Total Hard Costs 32,895,600 374,515.74 3.27 281.69 Soft Costs Building Permit Fees 1.50%of HC 493,434 4,445.35 2.02 4.23 SDC costs - Impact Fees 3.50%of HC 1,151,346 10,372.49 4.71 9.86 A&E for SD, DD, CD, and CA 6.50%of GMP 2,138,214 19,263.19 8.75 18.31 A&E for Reimbursable, MEP, OSF Exp 5.00%of A&E fee 106,911 963.16 0.44 0.92 Project overhead $1,000 per month 24,000 216.22 0.10 0.21 Initial Loan Closings 0 0.00 0.00 0.00 Builder's Risk Insurance 0.25$ per $100 of Cost excl Financing/yr80,242 722.90 0.33 0.69 Owner General Liability 0.30$ per $1,000 of HC 9,629 86.75 0.04 0.08 Professional Liability 2,500 22.52 0.01 0.02 Marketing Costs 75,000 675.68 0.31 0.64 Utility Charges 111,000 1,000.00 0.45 0.95 Project Management 8,000$ per month 144,000 1,297.30 0.59 1.23 Project Accounting 500.00$ per month 18,000 162.16 0.07 0.15 Lot Line Adjustment 5,500 49.55 0.02 0.05 Title Policy for Construction 82,239 740.89 0.34 0.70 Travel & Office Expenses 500.00$ per month 15,000 135.14 0.06 0.13 Legal Fees 0 0.00 0.00 0.00 Legal Fees for Leasing Agreement 2,500 22.52 0.01 0.02 Legal Fee for Construction Agreement 5,000 45.05 0.02 0.04 Legal For Construction Loan 15,000 135.14 0.06 0.13 Legal For Perm Loan Docs 15,000 135.14 0.06 0.13 Legal for Public Entity Agreements 20,000 180.18 0.08 0.17 Legal for Developer 35,000 315.32 0.14 0.30 ALTA Survey 7,500 67.57 0.03 0.06 Appraisal 7,500 67.57 0.03 0.06 Testing & Inspection 0.00 0.00 0.00 Geotechnical - Testing & Inspection 25,000 225.23 0.10 0.21 Materials - Testing & Inspection 45,000 405.41 0.18 0.39 LEED Documentation/Earth Advantage 25,000 225.23 0.10 0.21 Retail Leasing Commission 76,500 689.19 0.31 0.66 Taxes During Construction 26,061 234.78 0.11 0.22 3rd Party Agreements 5,000 45.05 0.02 0.04 Total Soft Costs 4,767,076 42,947 19.50 40.82 Contingency Site Contingency 5%36,005 324.37 0.15 0.31 Development Contingency 5%1,883,134 16,965.17 7.70 16.13 Total Contingency 1,919,138 17,290 40.85 47.72 Professional Fees Development Fee 6.00%all costs excluding financing 2,562,181 23,082.71 10.48 21.94 Debt Guarantee Fee 1.50%420,000 3,783.78 1.72 3.60 Total Site Costs MERDIAN Old City Hall 5 Stories 111 Units Mixed-Use Residential 7/19/2018 DETAILED BUDGET Total Cost Cost Cost Cost Per Unit of Res Per of GSF of Type Per Total RSF Notes Site And Due Diligence Due Diligence and Pre-Development Predevelopment Costs 30,000 270.27 0.12 0.26 Preliminary Design 30,000 270.27 0.12 0.26 Environmental 5,000 45.05 0.02 0.04 Geotechnical 3,500 31.53 0.01 0.03 Boundary Survey/ALTA 4,500 40.54 0.02 0.04 Lot Line Adjustment - Plat 28,000 252.25 0.11 0.24 Preliminary Legal - Development 10,000 90.09 0.04 0.09 Preliminary Legal - Financing 5,000 45.05 0.02 0.04 Market Report 6,000 54.05 0.02 0.05 FHA Exam/Application Fee 0 0.00 0.00 0.00 Total Site & Due Diligence 122,000 1,099.10 0.50 1.04 Site Cost Land 1,592,000 14,342.34 6.51 13.63 Annual Rental Income 0 0.00 0.00 0.00 Acquisition cost 35,000 315.32 0.14 0.30 1,627,000 14,657.66 6.66 13.93 Total Site and Due Diligence 1,749,000 15,756.76 7.16 14.98 Construction Hard Costs Contractor Hard Costs GC - Site Work 24,000 216.22 0.10 0.21 GC - Residential 17,516,850 157,809.46 150.00 150.00 GC - Parking Garage 8,460,000 30,000.00 34.61 72.44 GC - Retail Core and Shell 96,000 2,823.53 0.39 0.82 GC - Office 5,950,000 175,000.00 170.00 50.95 GC - Contingency 50,000 1,470.59 0.20 0.43 Hard Cost Inflation 0%per year 0 0.00 0.00 0.00 Total Contractor Hard Costs (GMP)32,096,850 367,319.79 0.00 274.85 Additional Hard Cost Retail Tenant Improvements Allowance 40.00 Per Retail SF 340,000 3,063.06 1.39 2.91 Amenity Upgrades 50,000 450.45 0.20 0.43 Residential Unit Upgrades 1,250.00 Per Unit 138,750 1,250.00 0.57 1.19 Mechanical Parking 18,000.00 Per Stall 0 0.00 0.00 0.00 Appliances Upgrade - Per Unit 0 0.00 0.00 0.00 Residential FF&E (Common Area)125,000 1,126.13 0.51 1.07 Art Allowance 35,000 315.32 0.14 0.30 Access Control Upgrade (including gates)25,000 225.23 0.10 0.21 Security System Upgrade 35,000 315.32 0.14 0.30 Signage - exterior 35,000 315.32 0.14 0.30 Signage - interior 15,000 135.14 0.06 0.13 Total Additional Hard Costs 798,750 7,195.95 3.27 6.84 Total Hard Costs 32,895,600 374,515.74 3.27 281.69 Soft Costs Building Permit Fees 1.50%of HC 493,434 4,445.35 2.02 4.23 SDC costs - Impact Fees 3.50%of HC 1,151,346 10,372.49 4.71 9.86 A&E for SD, DD, CD, and CA 6.50%of GMP 2,138,214 19,263.19 8.75 18.31 A&E for Reimbursable, MEP, OSF Exp 5.00%of A&E fee 106,911 963.16 0.44 0.92 Project overhead $1,000 per month 24,000 216.22 0.10 0.21 Initial Loan Closings 0 0.00 0.00 0.00 Builder's Risk Insurance 0.25$ per $100 of Cost excl Financing/yr80,242 722.90 0.33 0.69 Owner General Liability 0.30$ per $1,000 of HC 9,629 86.75 0.04 0.08 Professional Liability 2,500 22.52 0.01 0.02 Marketing Costs 75,000 675.68 0.31 0.64 Utility Charges 111,000 1,000.00 0.45 0.95 Project Management 8,000$ per month 144,000 1,297.30 0.59 1.23 Project Accounting 500.00$ per month 18,000 162.16 0.07 0.15 Lot Line Adjustment 5,500 49.55 0.02 0.05 Title Policy for Construction 82,239 740.89 0.34 0.70 Travel & Office Expenses 500.00$ per month 15,000 135.14 0.06 0.13 Legal Fees 0 0.00 0.00 0.00 Legal Fees for Leasing Agreement 2,500 22.52 0.01 0.02 Legal Fee for Construction Agreement 5,000 45.05 0.02 0.04 Legal For Construction Loan 15,000 135.14 0.06 0.13 Legal For Perm Loan Docs 15,000 135.14 0.06 0.13 Legal for Public Entity Agreements 20,000 180.18 0.08 0.17 Legal for Developer 35,000 315.32 0.14 0.30 ALTA Survey 7,500 67.57 0.03 0.06 Appraisal 7,500 67.57 0.03 0.06 Testing & Inspection 0.00 0.00 0.00 Geotechnical - Testing & Inspection 25,000 225.23 0.10 0.21 Materials - Testing & Inspection 45,000 405.41 0.18 0.39 LEED Documentation/Earth Advantage 25,000 225.23 0.10 0.21 Retail Leasing Commission 76,500 689.19 0.31 0.66 Taxes During Construction 26,061 234.78 0.11 0.22 3rd Party Agreements 5,000 45.05 0.02 0.04 Total Soft Costs 4,767,076 42,947 19.50 40.82 Contingency Site Contingency 5%36,005 324.37 0.15 0.31 Development Contingency 5%1,883,134 16,965.17 7.70 16.13 Total Contingency 1,919,138 17,290 40.85 47.72 Professional Fees Development Fee 6.00%all costs excluding financing 2,562,181 23,082.71 10.48 21.94 Debt Guarantee Fee 1.50%420,000 3,783.78 1.72 3.60 Total Site Costs PROFORMA // DEVELOPMENT COST SUMMARY & FINANCING PLAN MERDIAN Old City Hall 5 Stories 111 Units Mixed-Use Residential 7/19/2018 DETAILED BUDGET Total Cost Cost Cost Cost Per Unit of Res Per of GSF of Type Per Total RSF Notes Site And Due Diligence Due Diligence and Pre-Development Predevelopment Costs 30,000 270.27 0.12 0.26 Preliminary Design 30,000 270.27 0.12 0.26 Environmental 5,000 45.05 0.02 0.04 Geotechnical 3,500 31.53 0.01 0.03 Boundary Survey/ALTA 4,500 40.54 0.02 0.04 Lot Line Adjustment - Plat 28,000 252.25 0.11 0.24 Preliminary Legal - Development 10,000 90.09 0.04 0.09 Preliminary Legal - Financing 5,000 45.05 0.02 0.04 Market Report 6,000 54.05 0.02 0.05 FHA Exam/Application Fee 0 0.00 0.00 0.00 Total Site & Due Diligence 122,000 1,099.10 0.50 1.04 Site Cost Land 1,592,000 14,342.34 6.51 13.63 Annual Rental Income 0 0.00 0.00 0.00 Acquisition cost 35,000 315.32 0.14 0.30 1,627,000 14,657.66 6.66 13.93 Total Site and Due Diligence 1,749,000 15,756.76 7.16 14.98 Construction Hard Costs Contractor Hard Costs GC - Site Work 24,000 216.22 0.10 0.21 GC - Residential 17,516,850 157,809.46 150.00 150.00 GC - Parking Garage 8,460,000 30,000.00 34.61 72.44 GC - Retail Core and Shell 96,000 2,823.53 0.39 0.82 GC - Office 5,950,000 175,000.00 170.00 50.95 GC - Contingency 50,000 1,470.59 0.20 0.43 Hard Cost Inflation 0%per year 0 0.00 0.00 0.00 Total Contractor Hard Costs (GMP)32,096,850 367,319.79 0.00 274.85 Additional Hard Cost Retail Tenant Improvements Allowance 40.00 Per Retail SF 340,000 3,063.06 1.39 2.91 Amenity Upgrades 50,000 450.45 0.20 0.43 Residential Unit Upgrades 1,250.00 Per Unit 138,750 1,250.00 0.57 1.19 Mechanical Parking 18,000.00 Per Stall 0 0.00 0.00 0.00 Appliances Upgrade - Per Unit 0 0.00 0.00 0.00 Residential FF&E (Common Area)125,000 1,126.13 0.51 1.07 Art Allowance 35,000 315.32 0.14 0.30 Access Control Upgrade (including gates)25,000 225.23 0.10 0.21 Security System Upgrade 35,000 315.32 0.14 0.30 Signage - exterior 35,000 315.32 0.14 0.30 Signage - interior 15,000 135.14 0.06 0.13 Total Additional Hard Costs 798,750 7,195.95 3.27 6.84 Total Hard Costs 32,895,600 374,515.74 3.27 281.69 Soft Costs Building Permit Fees 1.50%of HC 493,434 4,445.35 2.02 4.23 SDC costs - Impact Fees 3.50%of HC 1,151,346 10,372.49 4.71 9.86 A&E for SD, DD, CD, and CA 6.50%of GMP 2,138,214 19,263.19 8.75 18.31 A&E for Reimbursable, MEP, OSF Exp 5.00%of A&E fee 106,911 963.16 0.44 0.92 Project overhead $1,000 per month 24,000 216.22 0.10 0.21 Initial Loan Closings 0 0.00 0.00 0.00 Builder's Risk Insurance 0.25$ per $100 of Cost excl Financing/yr80,242 722.90 0.33 0.69 Owner General Liability 0.30$ per $1,000 of HC 9,629 86.75 0.04 0.08 Professional Liability 2,500 22.52 0.01 0.02 Marketing Costs 75,000 675.68 0.31 0.64 Utility Charges 111,000 1,000.00 0.45 0.95 Project Management 8,000$ per month 144,000 1,297.30 0.59 1.23 Project Accounting 500.00$ per month 18,000 162.16 0.07 0.15 Lot Line Adjustment 5,500 49.55 0.02 0.05 Title Policy for Construction 82,239 740.89 0.34 0.70 Travel & Office Expenses 500.00$ per month 15,000 135.14 0.06 0.13 Legal Fees 0 0.00 0.00 0.00 Legal Fees for Leasing Agreement 2,500 22.52 0.01 0.02 Legal Fee for Construction Agreement 5,000 45.05 0.02 0.04 Legal For Construction Loan 15,000 135.14 0.06 0.13 Legal For Perm Loan Docs 15,000 135.14 0.06 0.13 Legal for Public Entity Agreements 20,000 180.18 0.08 0.17 Legal for Developer 35,000 315.32 0.14 0.30 ALTA Survey 7,500 67.57 0.03 0.06 Appraisal 7,500 67.57 0.03 0.06 Testing & Inspection 0.00 0.00 0.00 Geotechnical - Testing & Inspection 25,000 225.23 0.10 0.21 Materials - Testing & Inspection 45,000 405.41 0.18 0.39 LEED Documentation/Earth Advantage 25,000 225.23 0.10 0.21 Retail Leasing Commission 76,500 689.19 0.31 0.66 Taxes During Construction 26,061 234.78 0.11 0.22 3rd Party Agreements 5,000 45.05 0.02 0.04 Total Soft Costs 4,767,076 42,947 19.50 40.82 Contingency Site Contingency 5%36,005 324.37 0.15 0.31 Development Contingency 5%1,883,134 16,965.17 7.70 16.13 Total Contingency 1,919,138 17,290 40.85 47.72 Professional Fees Development Fee 6.00%all costs excluding financing 2,562,181 23,082.71 10.48 21.94 Debt Guarantee Fee 1.50%420,000 3,783.78 1.72 3.60 Total Site Costs MERDIAN Old City Hall 5 Stories 111 Units Mixed-Use Residential 7/19/2018 DETAILED BUDGET Total Cost Cost Cost Cost Per Unit of Res Per of GSF of Type Per Total RSF Notes Site And Due Diligence Due Diligence and Pre-Development Predevelopment Costs 30,000 270.27 0.12 0.26 Preliminary Design 30,000 270.27 0.12 0.26 Environmental 5,000 45.05 0.02 0.04 Geotechnical 3,500 31.53 0.01 0.03 Boundary Survey/ALTA 4,500 40.54 0.02 0.04 Lot Line Adjustment - Plat 28,000 252.25 0.11 0.24 Preliminary Legal - Development 10,000 90.09 0.04 0.09 Preliminary Legal - Financing 5,000 45.05 0.02 0.04 Market Report 6,000 54.05 0.02 0.05 FHA Exam/Application Fee 0 0.00 0.00 0.00 Total Site & Due Diligence 122,000 1,099.10 0.50 1.04 Site Cost Land 1,592,000 14,342.34 6.51 13.63 Annual Rental Income 0 0.00 0.00 0.00 Acquisition cost 35,000 315.32 0.14 0.30 1,627,000 14,657.66 6.66 13.93 Total Site and Due Diligence 1,749,000 15,756.76 7.16 14.98 Construction Hard Costs Contractor Hard Costs GC - Site Work 24,000 216.22 0.10 0.21 GC - Residential 17,516,850 157,809.46 150.00 150.00 GC - Parking Garage 8,460,000 30,000.00 34.61 72.44 GC - Retail Core and Shell 96,000 2,823.53 0.39 0.82 GC - Office 5,950,000 175,000.00 170.00 50.95 GC - Contingency 50,000 1,470.59 0.20 0.43 Hard Cost Inflation 0%per year 0 0.00 0.00 0.00 Total Contractor Hard Costs (GMP)32,096,850 367,319.79 0.00 274.85 Additional Hard Cost Retail Tenant Improvements Allowance 40.00 Per Retail SF 340,000 3,063.06 1.39 2.91 Amenity Upgrades 50,000 450.45 0.20 0.43 Residential Unit Upgrades 1,250.00 Per Unit 138,750 1,250.00 0.57 1.19 Mechanical Parking 18,000.00 Per Stall 0 0.00 0.00 0.00 Appliances Upgrade - Per Unit 0 0.00 0.00 0.00 Residential FF&E (Common Area)125,000 1,126.13 0.51 1.07 Art Allowance 35,000 315.32 0.14 0.30 Access Control Upgrade (including gates)25,000 225.23 0.10 0.21 Security System Upgrade 35,000 315.32 0.14 0.30 Signage - exterior 35,000 315.32 0.14 0.30 Signage - interior 15,000 135.14 0.06 0.13 Total Additional Hard Costs 798,750 7,195.95 3.27 6.84 Total Hard Costs 32,895,600 374,515.74 3.27 281.69 Soft Costs Building Permit Fees 1.50%of HC 493,434 4,445.35 2.02 4.23 SDC costs - Impact Fees 3.50%of HC 1,151,346 10,372.49 4.71 9.86 A&E for SD, DD, CD, and CA 6.50%of GMP 2,138,214 19,263.19 8.75 18.31 A&E for Reimbursable, MEP, OSF Exp 5.00%of A&E fee 106,911 963.16 0.44 0.92 Project overhead $1,000 per month 24,000 216.22 0.10 0.21 Initial Loan Closings 0 0.00 0.00 0.00 Builder's Risk Insurance 0.25$ per $100 of Cost excl Financing/yr80,242 722.90 0.33 0.69 Owner General Liability 0.30$ per $1,000 of HC 9,629 86.75 0.04 0.08 Professional Liability 2,500 22.52 0.01 0.02 Marketing Costs 75,000 675.68 0.31 0.64 Utility Charges 111,000 1,000.00 0.45 0.95 Project Management 8,000$ per month 144,000 1,297.30 0.59 1.23 Project Accounting 500.00$ per month 18,000 162.16 0.07 0.15 Lot Line Adjustment 5,500 49.55 0.02 0.05 Title Policy for Construction 82,239 740.89 0.34 0.70 Travel & Office Expenses 500.00$ per month 15,000 135.14 0.06 0.13 Legal Fees 0 0.00 0.00 0.00 Legal Fees for Leasing Agreement 2,500 22.52 0.01 0.02 Legal Fee for Construction Agreement 5,000 45.05 0.02 0.04 Legal For Construction Loan 15,000 135.14 0.06 0.13 Legal For Perm Loan Docs 15,000 135.14 0.06 0.13 Legal for Public Entity Agreements 20,000 180.18 0.08 0.17 Legal for Developer 35,000 315.32 0.14 0.30 ALTA Survey 7,500 67.57 0.03 0.06 Appraisal 7,500 67.57 0.03 0.06 Testing & Inspection 0.00 0.00 0.00 Geotechnical - Testing & Inspection 25,000 225.23 0.10 0.21 Materials - Testing & Inspection 45,000 405.41 0.18 0.39 LEED Documentation/Earth Advantage 25,000 225.23 0.10 0.21 Retail Leasing Commission 76,500 689.19 0.31 0.66 Taxes During Construction 26,061 234.78 0.11 0.22 3rd Party Agreements 5,000 45.05 0.02 0.04 Total Soft Costs 4,767,076 42,947 19.50 40.82 Contingency Site Contingency 5%36,005 324.37 0.15 0.31 Development Contingency 5%1,883,134 16,965.17 7.70 16.13 Total Contingency 1,919,138 17,290 40.85 47.72 Professional Fees Development Fee 6.00%all costs excluding financing 2,562,181 23,082.71 10.48 21.94 Debt Guarantee Fee 1.50%420,000 3,783.78 1.72 3.60 Total Site Costs Total Professional Fees 2,982,181 23,083 63.47 74.15 TOTAL PROJECT COST WITHOUT FINANCING 44,312,995 473,591 943.13 1,101.82 Financing Costs 28,000,000 Mortgage Insurance Premium 0.00%0 0.00 0.00 0.00 Application Fee 0.25%57,500 518.02 0.24 0.49 Inspection Fee 0.00%0 0.00 0.00 0.00 Construction - Financing Fees 1.00%230,000 2,072.07 0.94 1.97 Perm - Financing Fees 0.25%57,500 518.02 0.24 0.49 Inspection Fee 750 Per Month 13,500 121.62 0.06 0.12 Appraisal 6,500 58.56 0.03 0.06 Lender Legal 15,000 135.14 0.06 0.13 Organizational (3rd Party Fees)12,200 109.91 0.05 0.10 Recording Costs 140,000 1,261.26 0.57 1.20 Construction Interest 5.00%840,000 7,567.57 3.44 7.19 Total Financing Costs 1,372,200 12,362 29.21 34.12 TOTAL PROJECT COST WITH FINANCING 45,685,195 485,954 972.34 1,135.94 MERDIAN Old City Hall 5 Stories 111 Units Mixed-Use Residential 7/19/2018 DETAILED BUDGET Total Cost Cost Cost Cost Per Unit of Res Per of GSF of Type Per Total RSF Notes Site And Due Diligence Due Diligence and Pre-Development Predevelopment Costs 30,000 270.27 0.12 0.26 Preliminary Design 30,000 270.27 0.12 0.26 Environmental 5,000 45.05 0.02 0.04 Geotechnical 3,500 31.53 0.01 0.03 Boundary Survey/ALTA 4,500 40.54 0.02 0.04 Lot Line Adjustment - Plat 28,000 252.25 0.11 0.24 Preliminary Legal - Development 10,000 90.09 0.04 0.09 Preliminary Legal - Financing 5,000 45.05 0.02 0.04 Market Report 6,000 54.05 0.02 0.05 FHA Exam/Application Fee 0 0.00 0.00 0.00 Total Site & Due Diligence 122,000 1,099.10 0.50 1.04 Site Cost Land 1,592,000 14,342.34 6.51 13.63 Annual Rental Income 0 0.00 0.00 0.00 Acquisition cost 35,000 315.32 0.14 0.30 1,627,000 14,657.66 6.66 13.93 Total Site and Due Diligence 1,749,000 15,756.76 7.16 14.98 Construction Hard Costs Contractor Hard Costs GC - Site Work 24,000 216.22 0.10 0.21 GC - Residential 17,516,850 157,809.46 150.00 150.00 GC - Parking Garage 8,460,000 30,000.00 34.61 72.44 GC - Retail Core and Shell 96,000 2,823.53 0.39 0.82 GC - Office 5,950,000 175,000.00 170.00 50.95 GC - Contingency 50,000 1,470.59 0.20 0.43 Hard Cost Inflation 0%per year 0 0.00 0.00 0.00 Total Contractor Hard Costs (GMP)32,096,850 367,319.79 0.00 274.85 Additional Hard Cost Retail Tenant Improvements Allowance 40.00 Per Retail SF 340,000 3,063.06 1.39 2.91 Amenity Upgrades 50,000 450.45 0.20 0.43 Residential Unit Upgrades 1,250.00 Per Unit 138,750 1,250.00 0.57 1.19 Mechanical Parking 18,000.00 Per Stall 0 0.00 0.00 0.00 Appliances Upgrade - Per Unit 0 0.00 0.00 0.00 Residential FF&E (Common Area)125,000 1,126.13 0.51 1.07 Art Allowance 35,000 315.32 0.14 0.30 Access Control Upgrade (including gates)25,000 225.23 0.10 0.21 Security System Upgrade 35,000 315.32 0.14 0.30 Signage - exterior 35,000 315.32 0.14 0.30 Signage - interior 15,000 135.14 0.06 0.13 Total Additional Hard Costs 798,750 7,195.95 3.27 6.84 Total Hard Costs 32,895,600 374,515.74 3.27 281.69 Soft Costs Building Permit Fees 1.50%of HC 493,434 4,445.35 2.02 4.23 SDC costs - Impact Fees 3.50%of HC 1,151,346 10,372.49 4.71 9.86 A&E for SD, DD, CD, and CA 6.50%of GMP 2,138,214 19,263.19 8.75 18.31 A&E for Reimbursable, MEP, OSF Exp 5.00%of A&E fee 106,911 963.16 0.44 0.92 Project overhead $1,000 per month 24,000 216.22 0.10 0.21 Initial Loan Closings 0 0.00 0.00 0.00 Builder's Risk Insurance 0.25$ per $100 of Cost excl Financing/yr80,242 722.90 0.33 0.69 Owner General Liability 0.30$ per $1,000 of HC 9,629 86.75 0.04 0.08 Professional Liability 2,500 22.52 0.01 0.02 Marketing Costs 75,000 675.68 0.31 0.64 Utility Charges 111,000 1,000.00 0.45 0.95 Project Management 8,000$ per month 144,000 1,297.30 0.59 1.23 Project Accounting 500.00$ per month 18,000 162.16 0.07 0.15 Lot Line Adjustment 5,500 49.55 0.02 0.05 Title Policy for Construction 82,239 740.89 0.34 0.70 Travel & Office Expenses 500.00$ per month 15,000 135.14 0.06 0.13 Legal Fees 0 0.00 0.00 0.00 Legal Fees for Leasing Agreement 2,500 22.52 0.01 0.02 Legal Fee for Construction Agreement 5,000 45.05 0.02 0.04 Legal For Construction Loan 15,000 135.14 0.06 0.13 Legal For Perm Loan Docs 15,000 135.14 0.06 0.13 Legal for Public Entity Agreements 20,000 180.18 0.08 0.17 Legal for Developer 35,000 315.32 0.14 0.30 ALTA Survey 7,500 67.57 0.03 0.06 Appraisal 7,500 67.57 0.03 0.06 Testing & Inspection 0.00 0.00 0.00 Geotechnical - Testing & Inspection 25,000 225.23 0.10 0.21 Materials - Testing & Inspection 45,000 405.41 0.18 0.39 LEED Documentation/Earth Advantage 25,000 225.23 0.10 0.21 Retail Leasing Commission 76,500 689.19 0.31 0.66 Taxes During Construction 26,061 234.78 0.11 0.22 3rd Party Agreements 5,000 45.05 0.02 0.04 Total Soft Costs 4,767,076 42,947 19.50 40.82 Contingency Site Contingency 5%36,005 324.37 0.15 0.31 Development Contingency 5%1,883,134 16,965.17 7.70 16.13 Total Contingency 1,919,138 17,290 40.85 47.72 Professional Fees Development Fee 6.00%all costs excluding financing 2,562,181 23,082.71 10.48 21.94 Debt Guarantee Fee 1.50%420,000 3,783.78 1.72 3.60 Total Site Costs MERDIAN Old City Hall 5 Stories 111 UnitsMixed-Use Residential 7/19/2018DETAILED BUDGET Total Cost Cost CostCostPer Unit of Res Per of GSF of Type Per Total RSF NotesSite And Due DiligenceDue Diligence and Pre-DevelopmentPredevelopment Costs 30,000 270.27 0.12 0.26Preliminary Design 30,000 270.27 0.12 0.26Environmental5,000 45.05 0.02 0.04Geotechnical3,500 31.53 0.01 0.03Boundary Survey/ALTA 4,500 40.54 0.02 0.04Lot Line Adjustment - Plat 28,000 252.25 0.11 0.24Preliminary Legal - Development 10,000 90.09 0.04 0.09Preliminary Legal - Financing 5,000 45.05 0.02 0.04Market Report 6,000 54.05 0.02 0.05FHA Exam/Application Fee 0 0.00 0.00 0.00Total Site & Due Diligence 122,000 1,099.10 0.50 1.04Site CostLand 1,592,000 14,342.34 6.51 13.63Annual Rental Income 0 0.00 0.00 0.00Acquisition cost 35,000 315.32 0.14 0.301,627,000 14,657.66 6.66 13.93Total Site and Due Diligence 1,749,000 15,756.76 7.16 14.98Construction Hard CostsContractor Hard CostsGC - Site Work 24,000 216.22 0.10 0.21GC - Residential 17,516,850 157,809.46 150.00 150.00GC - Parking Garage 8,460,000 30,000.00 34.61 72.44GC - Retail Core and Shell 96,000 2,823.53 0.39 0.82GC - Office 5,950,000 175,000.00 170.00 50.95GC - Contingency 50,000 1,470.59 0.20 0.43Hard Cost Inflation 0%per year 0 0.00 0.00 0.00Total Contractor Hard Costs (GMP)32,096,850 367,319.79 0.00 274.85Additional Hard CostRetail Tenant Improvements Allowance 40.00 Per Retail SF 340,000 3,063.06 1.39 2.91Amenity Upgrades 50,000 450.45 0.20 0.43Residential Unit Upgrades 1,250.00 Per Unit 138,750 1,250.00 0.57 1.19 Mechanical Parking 18,000.00 Per Stall 0 0.00 0.00 0.00 Appliances Upgrade - Per Unit 0 0.00 0.00 0.00 Residential FF&E (Common Area)125,000 1,126.13 0.51 1.07 Art Allowance 35,000 315.32 0.14 0.30 Access Control Upgrade (including gates)25,000 225.23 0.10 0.21 Security System Upgrade 35,000 315.32 0.14 0.30 Signage - exterior 35,000 315.32 0.14 0.30 Signage - interior 15,000 135.14 0.06 0.13 Total Additional Hard Costs 798,750 7,195.95 3.27 6.84 Total Hard Costs 32,895,600 374,515.74 3.27 281.69 Soft Costs Building Permit Fees 1.50%of HC 493,434 4,445.35 2.02 4.23 SDC costs - Impact Fees 3.50%of HC 1,151,346 10,372.49 4.71 9.86 A&E for SD, DD, CD, and CA 6.50%of GMP 2,138,214 19,263.19 8.75 18.31 A&E for Reimbursable, MEP, OSF Exp 5.00%of A&E fee 106,911 963.16 0.44 0.92 Project overhead $1,000 per month 24,000 216.22 0.10 0.21 Initial Loan Closings 0 0.00 0.00 0.00 Builder's Risk Insurance 0.25$ per $100 of Cost excl Financing/yr80,242 722.90 0.33 0.69 Owner General Liability 0.30$ per $1,000 of HC 9,629 86.75 0.04 0.08 Professional Liability 2,500 22.52 0.01 0.02 Marketing Costs 75,000 675.68 0.31 0.64 Utility Charges 111,000 1,000.00 0.45 0.95 Project Management 8,000$ per month 144,000 1,297.30 0.59 1.23 Project Accounting 500.00$ per month 18,000 162.16 0.07 0.15 Lot Line Adjustment 5,500 49.55 0.02 0.05 Title Policy for Construction 82,239 740.89 0.34 0.70 Travel & Office Expenses 500.00$ per month 15,000 135.14 0.06 0.13 Legal Fees 0 0.00 0.00 0.00 Legal Fees for Leasing Agreement 2,500 22.52 0.01 0.02 Legal Fee for Construction Agreement 5,000 45.05 0.02 0.04 Legal For Construction Loan 15,000 135.14 0.06 0.13 Legal For Perm Loan Docs 15,000 135.14 0.06 0.13 Legal for Public Entity Agreements 20,000 180.18 0.08 0.17 Legal for Developer 35,000 315.32 0.14 0.30 ALTA Survey 7,500 67.57 0.03 0.06 Appraisal 7,500 67.57 0.03 0.06 Testing & Inspection 0.00 0.00 0.00 Geotechnical - Testing & Inspection 25,000 225.23 0.10 0.21 Materials - Testing & Inspection 45,000 405.41 0.18 0.39 LEED Documentation/Earth Advantage 25,000 225.23 0.10 0.21 Retail Leasing Commission 76,500 689.19 0.31 0.66 Taxes During Construction 26,061 234.78 0.11 0.22 3rd Party Agreements 5,000 45.05 0.02 0.04 Total Soft Costs 4,767,076 42,947 19.50 40.82 Contingency Site Contingency 5%36,005 324.37 0.15 0.31 Development Contingency 5%1,883,134 16,965.17 7.70 16.13 Total Contingency 1,919,138 17,290 40.85 47.72 Professional Fees Development Fee 6.00%all costs excluding financing 2,562,181 23,082.71 10.48 21.94 Debt Guarantee Fee 1.50%420,000 3,783.78 1.72 3.60 Total Site Costs MDC Old City Hall Proposal | 35 PROFORMA // SOURCES & USES TABLE The project intends to use conventional construction financing and private equity as the primary source of funds through the development. Upon completion of the development of the garage it is assumed the City or Meridian and/or MDC will provide funding to purchase the parking garage. Upon completion of each phase of work (housing, office, etc) conventional permanent financing with be put into place. The developers will look into options for public and privet funding sources to maximize the benefits for the community. Funding sources will need to be discussed with the City of Meridian and MDC throughout the development process. MERDIAN Old City Hall Mixed-Use Residential 7/19/2018 SOURCES AND USES DEVELOPMENT PHASE PERMANENT PHASE SOURCE OF FUNDS SOURCE OF FUNDS Construction Financing 28,000,000 Perm Financing 23,000,000 Equity - Developer Inc.2,582,181 Equity - Developer 2,582,181 Equity - Developer Cash 400,000 Equity - Developer Cash 400,000 Equity - Cash 11,431,234 Equity - Cash 4,081,606 MDC Garage Purchase - MDC Garage Purchase 12,349,628 City Contribution 3,271,780 City Contribution 3,271,780 Incentives - Incentives - TOTAL SOURCE OF FUNDS 45,685,195 TOTAL SOURCE OF FUNDS 45,685,195 USE OF FUNDS USE OF FUNDS Total Site & Due Diligence 122,000 Total Site & Due Diligence 122,000 Land 1,592,000 Land 1,592,000 Acquisition cost 35,000 Acquisition cost 35,000 Total Hard Costs 32,895,600 Total Hard Costs 32,895,600 Total Soft Costs 4,767,076 Total Soft Costs 4,767,076 Total Contingency 1,919,138 Total Contingency 1,919,138 Total Professional Fees 2,982,181 Total Professional Fees 2,982,181 Total Financing Costs 1,372,200 Total Financing Costs 1,372,200 TOTAL USE OF FUNDS 45,685,195 TOTAL USE OF FUNDS 45,685,195 Overfunded/(Shortfall)- Overfunded/(Shortfall)- PROJECT:EDITED BY:4 Stories ASSUMPTIONS Mixed-Use ResidentialMixed-Use ResidentialMixed-Use ResidentialMixed-Use Residential DRAFT DATE:111 Units LAND INFORMATION BUILDING INFO Total Land Area Acres:0.70 79,600 Building GSF Land value per SF dirt $20.00 New Building GSF 244,407 Land Purchase Price $1,592,000.00 Building Footprint 60,176 Minimum FAR FAR n/a Typical Floor Plate 60,176 Maximum FAR FAR n/a Parking GSF Estimated Current Annual Property Tax 1.64%$26,061 Office/Retail Parking GSF 46,314 Region Boise, ID Resident Parking GSF 46,314 Current NOI $0.00 Landscape GSF (Hard and Soft) Residential Landscaping 19,424 TIMELINE PARKING Land Purchase Date (N/A)n/a Transiant/ Public Parking Construction Start Date 8/1/2019 Number of Stalls 75 Stalls Construction Period 18 months Total SF 24,635 GSF Entitlement Period 12 months Ave SF per Stall 328 GSF Holding Period 240 months Residential Parking Early Turn-over - months early Number of Stalls 141 Stalls Lease-Up Period (Combined)6 months after TCO Total SF 46,314 GSF Free Rent Period 0 months Ave SF per Stall 328 GSF Occupancy Start Date 2/1/2021 Office parking (Mechanical) Rent Start Date 2/1/2021 Number of Stalls 66 Stalls Date of Stabilized Occupancy 8/1/2021 Total SF 21,679 GSF Date of Stabilized Rent 8/1/2021 Ave SF per Stall 328 GSF OFFICE RETAIL Gross SF 35,000 (GSF)Gross SF 8,500 (GSF) Usable SF 29,750 (USF)Usable SF 7,225 (USF) Rentable SF 35,000 (RSF)Rentable SF 8,500 (RSF) Efficiency 100%(RSF/GSF)Efficiency 100%(RSF/GSF)Percentage of Project 14.32%(GSF/Total GSF)Percentage of Building 1.10%(GSF/Total GSF)Lobby/Amenity SF 1,500 GSF Lobby/Amenity SF 0 GSF Storage Space/Loading/Misc SF 0 GSF Storage Space/Loading/Misc 0 GSF Support Area SF 1,500 GSF Number of Retail Units 3 Units Rental Income (Full Service)28.00 980,000 Rental Income (NNN in OpEx)30.00 $255,000 Reimbursable Expenses 70,000 Reimbursable Expenses $51,000 Operating Expenses -4.00 (140,000) Operating Expenses -4.00 (34,000) Estimated Property Taxes -2.00 (70,000) Estimated Property Taxes -2.00 (17,000) Vacancy 10.00%(98,000) Vacancy 5.00%(12,750) CAP Rate 7.50 CAP Rate 6.75 Value 9,893,333.33 Value 3,588,888.89 Annual Escalation 103.0%Annual Escalation 103.0% RESIDENTIAL PUBLIC PARKING (REF ONLY) Gross SF 116,779 (GSF)Parking Circulation/Misc 18,685 (USF)Gross SF 92,628 (GSF) Rentable SF 98,094 (RSF)Usable SF 76,140.00 (USF) Efficacy 84.00%(RSF/GSF)Rentable SF 50,760.00 (RSF)Percentage of Building 47.78%(GSF/Total GSF)Percentage of Building 37.90%(GSF/Total GSF) Est. Number of Units 111 Units Est Number of Stalls 282 Ave Unit Size 883.73 RSF Ave Stall Size w/drive 270 Rental income Rental Income Est Rent per SF 1.55 Est Month Rental 66 Stalls 3,300 (@$50/Mo) Est Rental Income Per Month 152,046 Est Transiant Rental 122 Stalls 18,300 (Graduated Pricing) Est Rental Income Per year 1,824,548 Est Residential Rental 141 Stalls 7,050 (@$50/Mo) Est Misc Income 50,000 Est Rental Income Per Month 28,650 Gross Residentail Income 1,874,548 Est Rental Income Per Year 343,800 Residental Vacancy 5.0%(93,727) Est Misc Income - Effective Gross Income 1,780,821 Gross Parking Income 343,800 Operating Expenses 22.0%(412,401) Parking Vacancy n/a Estimated Property Taxes 10.0%(187,455) Effective Gross Income 343,800 Residential NOI 1,180,965 Operating Expenses 15.0%(51,570) Reserve Cost (27,750) Estimated Property Taxes n/a Net Cash Before Financing 1,153,215 Parking NOI 292,230 CAP Rate 5.50 CAP Rate 7.00 Value 20,967,554.40 Value 4,174,714.29 Annual Escalation 103.0%Annual Escalation 103.0% PROJECT COSTS Total Project Cost per Budget (including Financing)$45,685,195 Less: Land Repayment -1,627,000 Less: Garage Purchase -12,349,628 Less: Permit and Impact Fee Rembusement -1,644,780 Final Project Cost $30,063,787 PROJECT FINANCING Total amount of Debt and Equity 45,685,195 100% Senior Debt (lower of DSCR and Max Loan to Cost)28,000,000 61%Assumption Equity - Land Value 1,627,000 4% Equity (Not Including Land Cost or local Incentives)11,431,234 25% Equity - Local Incentives 1,644,780 4% Equity - Developer 2,982,181 7% INCOME PROPERTY ANALYSIS Gross Retail Income $255,000 Gross Residential Income $1,874,548 Gross Office Income $980,000 Gross Parking Income $0 Public Storage $0 RUBS $0 Retail and Office OpEx Reimbursement $121,000 Gross Income 3,230,548 Retail Vacancy 20%of Retail ($51,000.00) Residential Vacancy 5%of Residential ($93,727.42) Office Vacancy 10%of Office ($98,000.00) Parking Vacancy 5%of Parking $0.00 Additional Income Vacancy 5%of Additional Income $0.00 Effective Gross Income 2,987,821 Reserve Cost 250.00 per Unit ($27,750) Less Property Tax 10%of EGI ($298,782) Less Residential Operating Expenses 20%of EGI ($597,564) Less Retail and Office Operating Expenses 2%of EGI ($51,000) NOI 2,012,725 LONG TERM DEBT AND RETURN STRUCTURE Project Cost 30,063,787 Amount Financed 66%(LTV)23,000,000 Resulting Equity 7,063,787 Interest RateAmortization Period Term Resulting Annual Payment 4.85%300 120 -1,589,440 Resulting Debt 1.27 DSCR Max Loan Amount - DSCR 1.25 DSCR 23,300,115 Max Loan Amount - Project Value 70.0%of Value 24,524,921 This pro-forma has been prepared solely for the person to whom it has been delivered and those persons deemed necessary to assess and/or advise such person in his, her or its investigation of the Property, the Company and the Manager. Any distribution or reproduction of any part or the whole of this pro-forma is expressly prohibited, without prior consent of the Manager, which must be given in writing. This project budget is based on certain assumptions and conditions that are subject to change at any time. This project budget contains information and projections based on information available as of the date noted above. This project budget is no guaranty of revenue or income to the company or its investors and should not be relied upon in determining whether to make an investment in this project. 7/19/2018 PROJECT INFORMATION DPapeMERDIAN Old City Hall FINANCIAL ANALYSIS PROFORMA // DEVELOPMENT COST SUMMARY & FINANCING PLAN MDC Old City Hall Proposal | 37 PROFORMA // SOURCES & USES TABLE PROJECT:EDITED BY:4 StoriesASSUMPTIONSMixed-Use ResidentialMixed-Use ResidentialMixed-Use ResidentialMixed-Use Residential DRAFT DATE:111 UnitsLAND INFORMATION BUILDING INFOTotal Land Area Acres:0.70 79,600 Building GSFLand value per SF dirt $20.00 New Building GSF 244,407Land Purchase Price $1,592,000.00 Building Footprint 60,176Minimum FAR FAR n/a Typical Floor Plate 60,176Maximum FAR FAR n/a Parking GSFEstimated Current Annual Property Tax 1.64%$26,061 Office/Retail Parking GSF 46,314RegionBoise, ID Resident Parking GSF 46,314Current NOI $0.00 Landscape GSF (Hard and Soft)Residential Landscaping 19,424TIMELINEPARKINGLand Purchase Date (N/A)n/a Transiant/ Public ParkingConstruction Start Date 8/1/2019 Number of Stalls 75 StallsConstruction Period 18 months Total SF 24,635 GSFEntitlement Period 12 months Ave SF per Stall 328 GSFHolding Period 240 months Residential ParkingEarly Turn-over - months early Number of Stalls 141 StallsLease-Up Period (Combined)6 months after TCO Total SF 46,314 GSFFree Rent Period 0 months Ave SF per Stall 328 GSFOccupancy Start Date 2/1/2021 Office parking (Mechanical)Rent Start Date 2/1/2021 Number of Stalls 66 StallsDate of Stabilized Occupancy 8/1/2021 Total SF 21,679 GSFDate of Stabilized Rent 8/1/2021 Ave SF per Stall 328 GSFOFFICERETAILGross SF 35,000 (GSF)Gross SF 8,500 (GSF)Usable SF 29,750 (USF)Usable SF 7,225 (USF)Rentable SF 35,000 (RSF)Rentable SF 8,500 (RSF)Efficiency 100%(RSF/GSF)Efficiency 100%(RSF/GSF)Percentage of Project 14.32%(GSF/Total GSF)Percentage of Building 1.10%(GSF/Total GSF)Lobby/Amenity SF 1,500 GSF Lobby/Amenity SF 0 GSFStorage Space/Loading/Misc SF 0 GSF Storage Space/Loading/Misc 0 GSFSupport Area SF 1,500 GSF Number of Retail Units 3 UnitsRental Income (Full Service)28.00 980,000 Rental Income (NNN in OpEx)30.00 $255,000Reimbursable Expenses 70,000 Reimbursable Expenses $51,000Operating Expenses -4.00 (140,000) Operating Expenses -4.00 (34,000) Estimated Property Taxes -2.00 (70,000) Estimated Property Taxes -2.00 (17,000) Vacancy 10.00%(98,000) Vacancy 5.00%(12,750) CAP Rate 7.50 CAP Rate 6.75Value9,893,333.33 Value 3,588,888.89Annual Escalation 103.0%Annual Escalation 103.0%RESIDENTIAL PUBLIC PARKING (REF ONLY)Gross SF 116,779 (GSF)ParkingCirculation/Misc 18,685 (USF)Gross SF 92,628 (GSF)Rentable SF 98,094 (RSF)Usable SF 76,140.00 (USF)Efficacy 84.00%(RSF/GSF)Rentable SF 50,760.00 (RSF)Percentage of Building 47.78%(GSF/Total GSF)Percentage of Building 37.90%(GSF/Total GSF)Est. Number of Units 111 Units Est Number of Stalls 282Ave Unit Size 883.73 RSF Ave Stall Size w/drive 270Rental income Rental IncomeEst Rent per SF 1.55 Est Month Rental 66 Stalls 3,300 (@$50/Mo) Est Rental Income Per Month 152,046 Est Transiant Rental 122 Stalls 18,300 (Graduated Pricing) Est Rental Income Per year 1,824,548 Est Residential Rental 141 Stalls 7,050 (@$50/Mo) Est Misc Income 50,000 Est Rental Income Per Month 28,650 Gross Residentail Income 1,874,548 Est Rental Income Per Year 343,800 Residental Vacancy 5.0%(93,727) Est Misc Income - Effective Gross Income 1,780,821 Gross Parking Income 343,800 Operating Expenses 22.0%(412,401) Parking Vacancy n/a Estimated Property Taxes 10.0%(187,455) Effective Gross Income 343,800 Residential NOI 1,180,965 Operating Expenses 15.0%(51,570) Reserve Cost (27,750) Estimated Property Taxes n/a Net Cash Before Financing 1,153,215 Parking NOI 292,230 CAP Rate 5.50 CAP Rate 7.00 Value 20,967,554.40 Value 4,174,714.29 Annual Escalation 103.0%Annual Escalation 103.0% PROJECT COSTS Total Project Cost per Budget (including Financing)$45,685,195 Less: Land Repayment -1,627,000 Less: Garage Purchase -12,349,628 Less: Permit and Impact Fee Rembusement -1,644,780 Final Project Cost $30,063,787 PROJECT FINANCING Total amount of Debt and Equity 45,685,195 100% Senior Debt (lower of DSCR and Max Loan to Cost)28,000,000 61%Assumption Equity - Land Value 1,627,000 4% Equity (Not Including Land Cost or local Incentives)11,431,234 25% Equity - Local Incentives 1,644,780 4% Equity - Developer 2,982,181 7% INCOME PROPERTY ANALYSIS Gross Retail Income $255,000 Gross Residential Income $1,874,548 Gross Office Income $980,000 Gross Parking Income $0 Public Storage $0 RUBS $0 Retail and Office OpEx Reimbursement $121,000 Gross Income 3,230,548 Retail Vacancy 20%of Retail ($51,000.00) Residential Vacancy 5%of Residential ($93,727.42) Office Vacancy 10%of Office ($98,000.00) Parking Vacancy 5%of Parking $0.00 Additional Income Vacancy 5%of Additional Income $0.00 Effective Gross Income 2,987,821 Reserve Cost 250.00 per Unit ($27,750) Less Property Tax 10%of EGI ($298,782) Less Residential Operating Expenses 20%of EGI ($597,564) Less Retail and Office Operating Expenses 2%of EGI ($51,000) NOI 2,012,725 LONG TERM DEBT AND RETURN STRUCTURE Project Cost 30,063,787 Amount Financed 66%(LTV)23,000,000 Resulting Equity 7,063,787 Interest RateAmortization Period Term Resulting Annual Payment 4.85%300 120 -1,589,440 Resulting Debt 1.27 DSCR Max Loan Amount - DSCR 1.25 DSCR 23,300,115 Max Loan Amount - Project Value 70.0%of Value 24,524,921 This pro-forma has been prepared solely for the person to whom it has been delivered and those persons deemed necessary to assess and/or advise such person in his, her or its investigation of the Property, the Company and the Manager. Any distribution or reproduction of any part or the whole of this pro-forma is expressly prohibited, without prior consent of the Manager, which must be given in writing. This project budget is based on certain assumptions and conditions that are subject to change at any time. This project budget contains information and projections based on information available as of the date noted above. This project budget is no guaranty of revenue or income to the company or its investors and should not be relied upon in determining whether to make an investment in this project. 7/19/2018PROJECT INFORMATION DPapeMERDIAN Old City Hall FINANCIAL ANALYSIS PROJECT:EDITED BY:4 Stories ASSUMPTIONS Mixed-Use ResidentialMixed-Use ResidentialMixed-Use ResidentialMixed-Use Residential DRAFT DATE:111 Units LAND INFORMATION BUILDING INFO Total Land Area Acres:0.70 79,600 Building GSF Land value per SF dirt $20.00 New Building GSF 244,407 Land Purchase Price $1,592,000.00 Building Footprint 60,176 Minimum FAR FAR n/a Typical Floor Plate 60,176 Maximum FAR FAR n/a Parking GSF Estimated Current Annual Property Tax 1.64%$26,061 Office/Retail Parking GSF 46,314 Region Boise, ID Resident Parking GSF 46,314 Current NOI $0.00 Landscape GSF (Hard and Soft) Residential Landscaping 19,424 TIMELINE PARKING Land Purchase Date (N/A)n/a Transiant/ Public Parking Construction Start Date 8/1/2019 Number of Stalls 75 Stalls Construction Period 18 months Total SF 24,635 GSF Entitlement Period 12 months Ave SF per Stall 328 GSF Holding Period 240 months Residential Parking Early Turn-over - months early Number of Stalls 141 Stalls Lease-Up Period (Combined)6 months after TCO Total SF 46,314 GSF Free Rent Period 0 months Ave SF per Stall 328 GSF Occupancy Start Date 2/1/2021 Office parking (Mechanical) Rent Start Date 2/1/2021 Number of Stalls 66 Stalls Date of Stabilized Occupancy 8/1/2021 Total SF 21,679 GSF Date of Stabilized Rent 8/1/2021 Ave SF per Stall 328 GSF OFFICE RETAIL Gross SF 35,000 (GSF)Gross SF 8,500 (GSF) Usable SF 29,750 (USF)Usable SF 7,225 (USF) Rentable SF 35,000 (RSF)Rentable SF 8,500 (RSF) Efficiency 100%(RSF/GSF)Efficiency 100%(RSF/GSF)Percentage of Project 14.32%(GSF/Total GSF)Percentage of Building 1.10%(GSF/Total GSF)Lobby/Amenity SF 1,500 GSF Lobby/Amenity SF 0 GSF Storage Space/Loading/Misc SF 0 GSF Storage Space/Loading/Misc 0 GSF Support Area SF 1,500 GSF Number of Retail Units 3 Units Rental Income (Full Service)28.00 980,000 Rental Income (NNN in OpEx)30.00 $255,000 Reimbursable Expenses 70,000 Reimbursable Expenses $51,000 Operating Expenses -4.00 (140,000) Operating Expenses -4.00 (34,000) Estimated Property Taxes -2.00 (70,000) Estimated Property Taxes -2.00 (17,000) Vacancy 10.00%(98,000) Vacancy 5.00%(12,750) CAP Rate 7.50 CAP Rate 6.75 Value 9,893,333.33 Value 3,588,888.89 Annual Escalation 103.0%Annual Escalation 103.0% RESIDENTIAL PUBLIC PARKING (REF ONLY) Gross SF 116,779 (GSF)Parking Circulation/Misc 18,685 (USF)Gross SF 92,628 (GSF) Rentable SF 98,094 (RSF)Usable SF 76,140.00 (USF) Efficacy 84.00%(RSF/GSF)Rentable SF 50,760.00 (RSF)Percentage of Building 47.78%(GSF/Total GSF)Percentage of Building 37.90%(GSF/Total GSF) Est. Number of Units 111 Units Est Number of Stalls 282 Ave Unit Size 883.73 RSF Ave Stall Size w/drive 270 Rental income Rental Income Est Rent per SF 1.55 Est Month Rental 66 Stalls 3,300 (@$50/Mo) Est Rental Income Per Month 152,046 Est Transiant Rental 122 Stalls 18,300 (Graduated Pricing) Est Rental Income Per year 1,824,548 Est Residential Rental 141 Stalls 7,050 (@$50/Mo) Est Misc Income 50,000 Est Rental Income Per Month 28,650 Gross Residentail Income 1,874,548 Est Rental Income Per Year 343,800 Residental Vacancy 5.0%(93,727) Est Misc Income - Effective Gross Income 1,780,821 Gross Parking Income 343,800 Operating Expenses 22.0%(412,401) Parking Vacancy n/a Estimated Property Taxes 10.0%(187,455) Effective Gross Income 343,800 Residential NOI 1,180,965 Operating Expenses 15.0%(51,570) Reserve Cost (27,750) Estimated Property Taxes n/a Net Cash Before Financing 1,153,215 Parking NOI 292,230 CAP Rate 5.50 CAP Rate 7.00 Value 20,967,554.40 Value 4,174,714.29 Annual Escalation 103.0%Annual Escalation 103.0% PROJECT COSTS Total Project Cost per Budget (including Financing)$45,685,195 Less: Land Repayment -1,627,000 Less: Garage Purchase -12,349,628 Less: Permit and Impact Fee Rembusement -1,644,780 Final Project Cost $30,063,787 PROJECT FINANCING Total amount of Debt and Equity 45,685,195 100% Senior Debt (lower of DSCR and Max Loan to Cost)28,000,000 61%Assumption Equity - Land Value 1,627,000 4% Equity (Not Including Land Cost or local Incentives)11,431,234 25% Equity - Local Incentives 1,644,780 4% Equity - Developer 2,982,181 7% INCOME PROPERTY ANALYSIS Gross Retail Income $255,000 Gross Residential Income $1,874,548 Gross Office Income $980,000 Gross Parking Income $0 Public Storage $0 RUBS $0 Retail and Office OpEx Reimbursement $121,000 Gross Income 3,230,548 Retail Vacancy 20%of Retail ($51,000.00) Residential Vacancy 5%of Residential ($93,727.42) Office Vacancy 10%of Office ($98,000.00) Parking Vacancy 5%of Parking $0.00 Additional Income Vacancy 5%of Additional Income $0.00 Effective Gross Income 2,987,821 Reserve Cost 250.00 per Unit ($27,750) Less Property Tax 10%of EGI ($298,782) Less Residential Operating Expenses 20%of EGI ($597,564) Less Retail and Office Operating Expenses 2%of EGI ($51,000) NOI 2,012,725 LONG TERM DEBT AND RETURN STRUCTURE Project Cost 30,063,787 Amount Financed 66%(LTV)23,000,000 Resulting Equity 7,063,787 Interest RateAmortization Period Term Resulting Annual Payment 4.85%300 120 -1,589,440 Resulting Debt 1.27 DSCR Max Loan Amount - DSCR 1.25 DSCR 23,300,115 Max Loan Amount - Project Value 70.0%of Value 24,524,921 This pro-forma has been prepared solely for the person to whom it has been delivered and those persons deemed necessary to assess and/or advise such person in his, her or its investigation of the Property, the Company and the Manager. Any distribution or reproduction of any part or the whole of this pro-forma is expressly prohibited, without prior consent of the Manager, which must be given in writing. This project budget is based on certain assumptions and conditions that are subject to change at any time. This project budget contains information and projections based on information available as of the date noted above. This project budget is no guaranty of revenue or income to the company or its investors and should not be relied upon in determining whether to make an investment in this project. 7/19/2018 PROJECT INFORMATION DPapeMERDIAN Old City Hall FINANCIAL ANALYSIS DEVELOPMENT TIMELINE Predevelopment – Upon Development Team selection, community outreach, neighborhood meetings and awareness of the proposed project will commence with the City of Meridian and MDC in early Q4 2018 through Q1 of 2019. Design – Simultaneously, with working with the City and MDC on public outreach, Schematic Design, Design Development and Construction Documents and Permitting will move forward rapidly. Public outreach will overlap with Schematic Design. At the conclusion of schematic design the project will be submitted for Design Review. Paralleling this will be refinement of the design and confirming the financial feasibility and appraisals. The Design phases will last approximately 12 months. Financing – Concurrent with Design will be securing construction financing between Q4 2018 and early Q2 2019. Construction – Construction of the project and issuance of a certificate of occupancy is expected to take 18 months, starting in Q1 of 2020 after permits are approved. Total project time from Development Team Selection to the completion of the project is anticipated to take 36 months or 3 years. Depending on construction phasing and market conditions, this project would be completed and hit the market the during the late summer or early fall of 2021. PROFORMA // DEVELOPMENT TIMELINE DEVELOPMENT TIMELINE 2018 2019 2020 2021 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4PHASEDURATION PROPOSAL DUE INTERVIEW/PRESENTATION DEVELOPMENT TEAM SELECTION PREDEVELOPMENT PUBLIC OUTREACH COORDINATION WITH MDC/CITY DEVELOPMENT AGREEMENT APPROVAL DESIGN SCHEMATIC DESIGN PHASE DESIGN DEVELOPMENT PHASE CONSTRUCTION DOCUMENTS & PERMITTING FINANCING SECURE CONSTRUCTION FINANCING PERMANENT FINANCING CONSTRUCTION SUBSTANTIAL COMPLETION Jul 2018 AUG 1-10 AUG 13-17 2 MONTHS ONGOING MAR 2019 3-4 MONTHS 6 MONTHS 3 MONTHS 6 MONTHS TBD 18 MONTHS MDC Old City Hall Proposal | 39 PROFORMA // DEVELOPMENT TIMELINE PROJECT SCHEDULE AT A GLANCE Predevelopment Schedule: –Proposal Deadline: July 25, 2018 –Interviews/Presentations: August 1 - 10, 2018 –MDC Board Approval: August 13 - 17, 2018 –Public Outreach: January - March 2019 –Coordination with MDC/City: December 2018 - March 2019 –Development Agreement Approval: March 2019 Design Schedule: –Schematic Design: Q1, 2019 –Design Development: Q2 & Q3 2019 –Construction Documents: Q4 2019 Financing Schedule: –Permitting: Q4 2018 - Q2 2019 –Permanent Financing: TBD Construction Schedule: –Construction Start: Q1 2020 –Substantial Completion: Q3 2021 DEVELOPMENT TIMELINE 2018 2019 2020 2021 Q2Q3Q4Q1Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4PHASEDURATION PROPOSAL DUE INTERVIEW/PRESENTATION DEVELOPMENT TEAM SELECTION PREDEVELOPMENT PUBLIC OUTREACH COORDINATION WITH MDC/CITY DEVELOPMENT AGREEMENT APPROVAL DESIGN SCHEMATIC DESIGN PHASE DESIGN DEVELOPMENT PHASE CONSTRUCTION DOCUMENTS & PERMITTING FINANCING SECURE CONSTRUCTION FINANCING PERMANENT FINANCING CONSTRUCTION SUBSTANTIAL COMPLETION Jul 2018 AUG 1-10 AUG 13-17 2 MONTHS ONGOING MAR 2019 3-4 MONTHS 6 MONTHS 3 MONTHS 6 MONTHS TBD 18 MONTHS COMPARABLE PROJECTS & REFERENCES MDC Old City Hall Proposal | 41 ** COMPARABLE PROJECTS GGLO, Dean Pape and John King collaborated together to develop and design the 5th & Idaho project. This multifamily development fits respectfully within the context of the historically-rich and distinct Old Boise commercial district. Surrounded by blocks with a diversity of architectural styles, the design of 5th & Idaho seamlessly integrates with complimentary architecture and pedestrian-scale massing consistent with the district. The building pays homage to the adjacent historic building by stepping back and inserting a neighborhood gathering space that will become a public park. The design of 5th & Idaho celebrates Paulsen’s work through simple, modest materials and forms that are consistent with other projects in the district. In alignment with Boise’s planning goals, 5th & Idaho’s parking is all underground or within the alley. This allows the project to make use of its key corners where retail can encourage visitors and residents to gather and create community. Details: 79 units; 3,000 sf retail; 80 parking stalls; 3,600 sf public park Development Cost: $13M Timing: Anticipated Completion in Fall 2018 Funding Sources: CCDC Type 4 Public Private Partnership Participation Agreement * Project completed by team member while at previous firm 5TH & IDAHO MIXED-USE BOISE, IDAHO COMPARABLE PROJECTS This public/private partnership with the Capitol City Development Corporation located along the Pioneer pathway in downtown Boise will provide 34 quality workforce housing units and connect the residents to the river and downtown. The design pays homage to the historic Hayman House located next door as well as the history of the neighborhood. The mix of uses included townhomes, flats, retail, open space and pedestrian supported amenities. Details: 0.74 acres; 2 buildings; 43,498 gross sf; 38,520 sf residential; 34 units; 33 parking stalls Development Cost: $7.5M Timing: Anticipated Completion in 2019 Funding Sources: CCDC Type 5 Property Disposition and Development Agreement (CCDC-Owned Property) ASH STREET WORKFORCE HOUSING BOISE, IDAHO MDC Old City Hall Proposal | 43 Presbyterian Collegiate Ministry was deeply immersed in a project to develop student housing on its site close to the University of Oregon when the economic downturn in 2008 derailed its plans. deChase Development was hired by the Church to get the project back on track. deChase helped locate a project sponsor that could provide the required financial strength and equity to the project to enable the church to secure financing. The project represents a unique partnership between a for-profit student housing developer and a non-profit religious institution that provides faith-based services to students. The building is designed with gathering spaces, recreational amenities, and ministry space that will allow students to foster their social, spiritual, and academic life while attending college. The building is targeted to achieve LEED silver certification upon completion. Details: 73,000 gross sf; 45 units; Underground Parking Development Cost: $12M Timing: Completed in 2014 1414 KINCAID MIXED-USE EUGENE, OREGON COMPARABLE PROJECTS COMPARABLE PROJECTS The building at 1203 Willamette had been unoccupied for several years. The former location of Lyon’s Furniture, deChase Miksis partnered with local businesses and individuals to refurbish the structure for retail and commercial spaces. The first floor will include commercial units and retail spaces opening up to the sidewalk. The second floor will include commercial spaces. The building was re-designed to utilize ample natural light. Located in mid-town Eugene, the building will be an anchor in this approachable business corridor Details: 30,000 sf 1203 WILLAMETTE EUGENE, OREGON MDC Old City Hall Proposal | 45 REFERENCES ADDRESS 106 N 6th St #106 Boise, ID 83702 PHONE (208) 345-7852 EMAIL CLAYCARLEY@OLDBOISE.COM *DECHASE, GGLO AND PIVOT NORTH REFERENCE ADDRESS 2nd Floor, Boise City Hall 150 N. Capitol Blvd. Boise, Idaho 83701-0500 PHONE (208) 608-7600 EMAIL JTOMLINSON@CITYOFBOISE.ORG *DECHASE, GGLO AND PIVOT NORTH REFERENCE JENNIFER TOMLINSON CLAY CARLEY CITY OF BOISE PARK PLANING ADMINISTRATOR GENERAL MANAGER, OLD BOISE LLC ADDRESS 710 NW Wall St. Bend, Oregon 97703 PHONE (541) 693-2118 EMAIL EKING@BENDOREGON.GOV *DECHASE, GGLO AND PIVOT NORTH REFERENCE ADDRESS 702 W Idaho St., Suite 285 Boise, ID 83702 PHONE (208) 631-7611 EMAIL SCOTTS@RAFNAH.COM *GGLO REFERENCE ERIC KING SCOTT SCHOENHERR CITY MANAGER, BEND OREGON PARTNER, RAFANELLI AND NAHAS PROJECT TEAM MDC Old City Hall Proposal | 47 PROJECT TEAM // ORGANIZATION Tom Sheldon Principal, Architect Gary Sorensen Principal, Project Manager Michael Berard President/Estimator John King Principal, Production Manager Joe Saucerman Vice President/Project Manager Dean Papé Developer Shannon Robnett Developer Aaron Elton Developer MERIDIAN DEVELOPMENT CORPORATION Mark Sindell Principal, Landscape Architect (LOGO) CONTRACTOR DESIGN LEAD MANAGEMENT & PRODUCTION ENGINEERING TEAM ENGINEERING DEVELOPMENT TEAM TBD, LLC ROLE: Architect & Landscape Architect 1301 First Ave. Suite 301 Seattle, WA 98101 www.gglo.com Founded in 1986, GGLO is a100-person integrated design firm providing architecture, landscape architecture, research, planning, urban design, and interior design with an established reputation as a leader in the Northwest. Our firm's mission is to design distinct places where communities of people connect and thrive. We seek to bring the essence of community alive in each of our projects – believing that the fundamental desire to interact and feel a part of something can be evoked through design. Our work has served a broad spectrum of end users through the design of innovative workforce housing, beautiful open spaces and parks, successful and prosperous planned neighborhoods, premiere hospitality destinations, and senior living communities. GGLO's staff are experts in the field of design and over its 30 year history the company’s has established itself in key areas, including Residential, Multi-Family Housing, Mixed-Use Commercial, and Urban Design. PROJECT TEAM // MEMBERS MDC Old City Hall Proposal | 49 Mark is committed to the creation of vibrant, sustainable places for people. He has over 18 years of experience working corroboratively with multi- disciplinary design teams providing leadership, design inspiration and technical expertise on complex projects. He is involved on the outset of the design process, ensuring that opportunities for value creation are holistically into each project. Mark’s professional experience includes urban infill mixed- use, hospitality and open space projects for both private and institutional clients. Mark’s practice has included implementation of green roofs, urban agriculture and rain gardens on the first Living Building in the state of Washington and wide ranging LEED certified projects. He takes pride in getting the most out of each project for his clients. EDUCATION Washington State University Bachelor of Landscape Architecture, 1996 University of Macerata, Macerata, Italy Study Abroad Program for Landscape Architecture, 1995 REGISTRATION Professional Landscape Architect in Idaho, Montana, Washington, Oregon LEED® Accredited Professional BD + C Living Future Accredited, LFA PROFESSIONAL AFFILIATIONS American Society of Landscape Architects, ASLA EXPERIENCE GGLO: 2001 - Present The Berger Partnership: 1997 - 2001 RELEVANT PROJECT EXPERIENCE The Afton | Boise, Idaho 5th & Idaho | Boise, Idaho Ash Street Workforce Housing | Boise, Idaho Ann Morison Park Master Plan | Boise, Idaho Boise City Hall Plaza Renovation | Boise, Idaho Old Boise Master Plan | Boise, Idaho Spaulding Ranch Master Plan | Boise, Idaho Rhodes Park | Boise, Idaho Tom is a senior Principal leading teams on large mixed-use urban infill projects that encompass housing, retail, entertainment facilities, grocery and other urban uses. He has over 30 years of experience in design and construction of urban mixed-use projects in the major municipalities within Washington, Idaho, Oregon, and Northern California. Tom is an active board member of the WSU School of Design and Construction and holds a Design Building Institute certification. He was the Principal in charge of numerous Urban Mixed Use project in the bay area of San Francisco and the award winning Via6 project in Seattle. Currently Tom is part of a design and construction team developing some of the first market rate urban housing in Boise since the 1940’s. Tom’s knowledge of design and construction has given him the background to assist clients in the lengthy and ever-changing process of design and permitting, working with the client and local municipalities to achieve winning results. EDUCATION Washington State University Bachelor of Architecture, 1984 Bachelor of Science in Architectural Studies, 1983 University of Copenhagen, Denmark Emphasis on mixed-use and high-density housing, 1983 REGISTRATION Registered Architect in Idaho, Montana, Washington, California PROFESSIONAL AFFILIATIONS International Conference of Building Officials American Institutes of Architects Design Build Institute of America EXPERIENCE GGLO: 1995 - Present RELEVANT PROJECT EXPERIENCE The Afton | Boise, Idaho 5th & Idaho | Boise, Idaho Ash Street Workforce Housing | Boise, Idaho Old Boise Master Plan | Boise, Idaho Allez Mid-Rise Apartments | Redmond, Washington The Exchange at Bayfront | Hercules, California PROJECT TEAM // MEMBERS MARK SINDELL ASLA, LEED® AP BD + C, LFA TOM SHELDON AIA, DBIA PRINCIPAL, LANDSCAPE ARCHITECTPRINCIPAL, ARCHITECT PROJECT TEAM // MEMBERS The Afton mixed-use development occupies a prominent position in Boise’s warehouse district, an industrial-era holdover from the late nineteenth and early twentieth centuries. As the first major residential development in the district, The Afton is poised to set the stage for future development of the community. The Afton’s materials and scale build on the existing identity and character of the district. The first two to three stories will be clad in brick patterns and colors similar to those of the historical buildings surrounding the site, highlighting Boise’s historical roots. The Afton’s scale aligns with the district’s typical quarter-block lots by splitting the project into two similarly sized buildings, which will allow residents to access an existing alleyway on the site as a pedestrian thoroughfare. The alley is one of the best opportunities to elevate pedestrian mobility in the warehouse district, making The Afton a focal point for the changing neighborhood. CLIENT: Capitol City Development Corporation STATISTICS: 1.2 acres; 176,583 gross sf; 110,583 sf residential; 67 units; 8,000 sf retail; Completed in 2017 SERVICES: Architecture, Interior Design, Landscape Architecture THE AFTON BOISE, IDAHO MDC Old City Hall Proposal | 51 PROJECT TEAM // MEMBERS GGLO worked with the City of Boise to develop a unified planning study for the Old Boise/Eastside Urban Renewal District to develop a holistic vision and identify future strategies for catalytic development. The project’s vision was to create distinct, vibrant, urban neighborhoods that promotes placemaking through the conversion of surface parking lots into place-based, urban, mixed-use developments. Connecting the downtown core through the development of a safe, balanced mobility system that emphasizes transit, bicycle, pedestrian, and vehicular circulation. Other goals of the project are to: • Provide a mix and diversity of multi-family housing to support walkable, in-town residential neighborhoods. • Promote economic development by connecting employment, housing, transportation, and recreation. • Acknowledge existing Historic Fabric to strengthen an authentic sense of place. • Build upon existing Neighborhood Performance by creating a model for sustainable innovation on a neighborhood scale. OLD BOISE MASTER PLAN BOISE, IDAHO PROJECT TEAM // MEMBERS Located along the scenic Sammamish River Trail, Allez is a mixed-use development that showcases the spirit and vitality of downtown Redmond. The goal was to create a community that was well positioned for the target market, responds to the site context and enhanced the active lifestyle opportunities of its surroundings. Allez appeals to both the nature lover and the city-dweller. Lush vegetation on circulation paths and a focus on people-powered transportation further enhance the community and natural aspects of the development along facades facing the river trail, while the North and East facing facades were designed reflect the urban fabric of the adjacent streetscapes. CLIENT: Pine Forest Properties, LLC STATISTICS: 1.46 acres; 252,168 gross sf; 142,178 sf residential; 147 units; 32,300 sf open space; 5,382 sf commercial; Completed in 2014 SERVICES: Architecture, Interior Design, Landscape Architecture ALLEZ APARTMENTS REDMOND, WASHINGTON MDC Old City Hall Proposal | 53 PROJECT TEAM // MEMBERS Bayfront is a new district spanning over 42 acres with integrated transit located along the waterfront in Hercules, California. Designed to be a new town center, Bayfront draws inspiration from the San Francisco Bay area. The city and town planners wrote a form-based code legislating the historic style and integration of many traditional town planning and architectural principles. When complete, the waterfront will be a pedestrian and transit-oriented neighborhood where water ferry, train and bus will be available to the residents and surrounding community in a single multi-modal transit station. GGLO designed The Exchange at Bayfront, the first phase of residential housing and retail being built in the area. Envisioned to look like the block was developed over time, the team incorporated industrial aesthetic, utilitarian but elegant structures, and Spanish Revival architectural style. There will be 12 retail spaces along the main thoroughfares, a public courtyard, 172 residences and underground parking. The integration of the large courtyard and open spaces that connect to the Bay Trail along the shore of San Pablo Bay will make this project a vibrant cornerstone for the future Hercules community. CLIENT: Hercules Development Partners LP STATISTICS: 2.20 acres; 154,330 sf residential; 172 units; 6,142 sf retail; Under Construction; Anticipated Completion in 2019 SERVICES: Architecture THE EXCHANGE AT BAYFRONT HERCULES, CALIFORNIA Founded in the summer of 2016, Pivot North Architecture is led by three principals with 47 years of combined experience leading projects primarily in the State of Idaho and the Treasure Valley. Based in Boise, Pivot North Architecture focuses on providing design services which include architecture, planning, programming and sustainable design. Our experience is diverse in both project size and building types and we are committed to further establishing our business and relationships in the local community. As the local architectural firm we will use our extensive experience in collaboratively working with nationally recognized design firms to deliver a successful project with meaningful resident representation. Past successful teaming projects lead by Pivot North Principals include, BSU Football Complex, BSU Stadium Masterplan, Dona Larsen Park, 5th and Idaho Mixed-Use, JUMP and St. Luke’s Downtown Masterplan. PROJECT TEAM // MEMBERS ROLE: Project Management & Production 1101 West Grove Street Boise, Idaho 83702 www.pivotnorthdesign.com MDC Old City Hall Proposal | 55 A native of Boise, John returned in 2011 and brought with him experience in a broad range of building types from large scale civic and performing arts venues, condominiums, custom residential, higher education and mixed-use housing projects. That range of diverse project experience has continued as Boise continues to expand rapidly in many markets. John has a strong design sensibility and believes that it takes a collaborative effort and contribution from everyone involved for a project to achieve its utmost potential and success. His experience in teaming and working collaboratively with nationally recognized architectural firms on local projects provides an added value to this proposed teaming relationship with GGLO. EDUCATION University of Idaho, Master of Architecture, 1999 University of Idaho, Bachelor of Architecture, 1999 Washington State University, 1994 REGISTRATION Registered Architect in Idaho NCARB PROFESSIONAL AFFILIATIONS American Institutes of Architects EXPERIENCE Pivot North Architecture: 2016-present Hummel Architects: 2011-2016 Susan Desko Architects: 2009-2011 Williams-Partners (owner): 2001-2009 FFKR Architecture: 1999-2001 RELEVANT PROJECT EXPERIENCE YMCA / Hillsdale Elementary / Library | Meridian, Idaho * Ash Street Workforce Housing | Boise, Idaho 5th & Idaho Mid-Rise Apartments | Boise, Idaho * 600 Second Street Condominiums | Ketchum, Idaho J.U.M.P (Jack’ Urban Meeting Place) | Boise, Idaho Georges Cycles | Boise, Idaho * Boise State Athletic Football Complex | Boise, Idaho * * John King, Project Manager while with Hummel Architects (Architect of Record) PROJECT TEAM // MEMBERS JOHN KING AIA PRINCIPAL, PRODUCTION MANAGER Gary’s experiences have included a broad range of building and client types. From designing and overseeing construction of challenging renovations and remodels for the U.S. Federal Government and Courts system, to project management of a large replacement hospital, and designing new schools of both small and large scale. Gary’s talents are apparent in his sensibility of design, which not only reflects the client’s needs but considers the project context as well. In addition, Gary’s technical experience and ability to effectively communicate to team members and stakeholders at all levels provides value to each project he oversees. EDUCATION Washington State University, Bachelors of Architecture, 1998 Bachelors of Sciences in Architectural Studies, 1997 REGISTRATION Registered Architect in Idaho, Oregon, Nevada National Council of Architectural Registration Boards LEED® Accredited Professional BD+C PROFESSIONAL AFFILIATIONS American Institute of Architects, AIA Construction Specifications Institute Cascadia Green Building Council Urban Land Institute EXPERIENCE Pivot North Architecture: 2016 - Present Hummel Architects (principal): 1999 - 2016 KDF Architecture: 1997 - 1999 RELEVANT PROJECT EXPERIENCE Meadow Lake Village | Meridian, Idaho * St. Luke’s Family Health Clinic | Meridian, Idaho * St. Luke’s Orthopedic Clinic | Meridian, Idaho * BSU Indoor Practice Facility | Boise, Idaho * St. Luke’s Boise Orthopedic Campus | Boise, Idaho * St. Luke’s Downtown Masterplan | Boise, Idaho * BOR & USGS Joint Office Building | Boise, Idaho * McClure Federal Building & US Courthouse | Boise, Idaho * * Gary Sorensen, Various Roles while with Hummel Architects (Architect of Record) GARY SORENSEN AIA, NCARB, LEED AP BD+C PRINCIPAL, PROJECT MANAGER PROJECT TEAM // MEMBERS The Pivot North/GGLO design team was selected to develop a 24-acre master plan including 50,000 to 60,000 square feet of commercial office, 100 two and three story townhomes and 235 multi-family apartments centered around a small retail hub opening onto a promenade and one-acre park. Set just outside the center of Eagle, Idaho this development takes cues from the areas rich agricultural history. While looking to provide the highest density of housing for one of the fastest growing towns in the region, it is also providing a generous amount of open space. With parking tucked under and screened by adjacent buildings, the three multi-family buildings at Three Corners will sit within garden meadows and all units will have open views to parks not parking. CLIENT: Eagle 26 STATISTICS: 24.6 acres; 235 apartment units; 107 townhomes; 7,000 sf retail; SERVICES: Master Planning, Entitlements, Architecture, Landscape Architecture MOLANARI MIXED-USE EAGLE, IDAHO MDC Old City Hall Proposal | 57 Currently in design, this proposed multi-use project will bring needed residential, commercial, and retail/office space to downtown Twin Falls, Idaho. The project will serve to extend the City’s efforts to refresh and revitalize the downtown core. The project design responds and compliments the newly renovated City Hall located on the site next door, as well as the new downtown commons directly across the street. Ground level commercial spaces engage and enhance the pedestrian environment and social connectivity to the improved civic amenities. CLIENT: Summit Creek Capital STATISTICS: 36,000 gross sf; 26 residential units; Ground Floor Retail; Ground Floor Office; Parking Structure SERVICES: Entitlements, Architecture, Interior Design ONESIXTY MIXED-USE TWIN FALLS, IDAHO PROJECT TEAM // MEMBERS ROLE: General Contractor 11724 West Executive Drive Boise, Idaho 83713 www.kreizenbeck.com Founded in 1982, Kreizenbeck Constructors is a privately held Limited Liability Company located in Boise, Idaho. Kreizenbeck Constructors provides General Contracting, Construction Management, Design-Build, and Consulting Services. Over the past three decades, Kreizenbeck Constructors has worked to improve the communities in which we live by constructing efficient, cost effective, user friendly buildings and spaces. The majority of our portfolio consists of technologically complex buildings in the Education, Healthcare, Non-Profit, and Government sectors. Kreizenbeck Constructors is a midsize construction firm and considers the talents of our employees to be our most valuable asset. At each level of a project, employees are encouraged to take responsibility and authority to make critical decisions. Our executives and project managers are career professionals, most holding a Bachelor of Science degree in Construction Management or Business. Site management personnel have extensive resumes with years of experience on a wide variety of construction projects. At Kreizenbeck Constructors, we view every client and their project as a long-term commitment. We not only build buildings, we build relationships. We go the extra mile to ensure each client is satisfied and their vision is a reality. PROJECT TEAM // MEMBERS MDC Old City Hall Proposal | 59 Mike Berard has over 32 years of construction experience and received his Bachelor’s Degree in Construction Management from Boise State University. Mike has over 11 years’ experience as a principal member of the organization. As the president, Mike oversees the company operations to ensure efficiency, quality, service and cost-effective management of resources. In addition, Mike supervises and coordinates all field personnel. Mike brings specific strength in collaborating the construction activities with all team members and subcontractors for the successful completion of every project. Mike’s vast construction experience includes apartments, retail space, office buildings, healthcare facilities, justice centers, governmental and military buildings, educational facilities, and parking structures. EDUCATION Boise State University, Bachelor of Science in Construction Management LICENSE Construction Manager License – 007660-CM PROFESSIONAL AFFILIATIONS Treasure Valley CFO Forum Member EXPERIENCE 32 Years Commercial Construction Experience Joined Kreizenbeck Constructors in 1998 RELEVANT PROJECT EXPERIENCE City of Meridian South Meridian Regional Park Development | Meridian, Idaho City of Meridian Parks & Recreation Maintenance Facility | Meridian, Idaho City of Meridian Police Station | Meridian, Idaho One Front Street Office Building | Boise, Idaho Hillcrest Country Club Expansion & Renovation | Boise, Idaho Elkhorn Golf Clubhouse | Sun Valley, Idaho Gateway Crossing Apartments | Nampa, Idaho West Valley Medical Center Cardiac Hybrid OR| Caldwell, Idaho West Ada School District – Pathways Middle School | Meridian, Idaho Boise School District – Career Tech High School | Boise, Idaho Saint Alphonsus Regional Medical Center – East Parking Garage | Boise, Idaho Saint Alphonsus Regional Medical Center – 20 Years of On- Going Operations – 3,000,000 SF | Boise, Idaho Joe Saucerman has over 33 years of construction experience and is the fourth generation of a family owned construction company. As the safety manager, Joe has received notoriety from OSHA which Kreizenbeck Constructors has been a proud partner with since 1996. The combination of his field and management experience, offers clients the critical eye in reviewing and understanding the constructability of the early construction documents, thus avoiding potential issues that could arise during construction. Joe’s attention to details throughout the design and construction phases is exceptional. His experience includes small to multi-million-dollar projects, both new construction and renovations, where he has led all aspects of projects; from planning through construction completion. His diverse project experience includes apartments, healthcare, retail, office, educational, governmental, and military buildings as well as parking structures. EDUCATION AGC Advanced Management Program, Dallas Texas PROFESSIONAL AFFILIATIONS District 3 Commissioner for Idaho Youth Soccer Board Member of Idaho Rush Soccer Club Former Chairman of the Board for Hidden Springs Charter School Former Facilities Committee Member for Hidden Springs Charter School EXPERIENCE 33 Years Commercial Construction Experience Joined Kreizenbeck Constructors in 2002 RELEVANT PROJECT EXPERIENCE College of Idaho – Cruzen Murray Library | Caldwell, Idaho Treasure Valley Community College – Residence Hall | Ontario, Oregon Boise State University – Student Union Building Renovation & Addition | Boise, Idaho Boise State University – Athletic Football Complex | Boise, Idaho Orchard Place Apartments | Nampa, Idaho The Birches at Brandts Landing | Nampa, Idaho Trail Lodge Apartments | Coeur d Alene, Idaho River Quarry Apartments | Boise, Idaho PROJECT TEAM // MEMBERS MICHAEL J. BERARD JOE SAUCERMAN PRESIDENT / ESTIMATOR VICE PRESIDENT / PROJECT MANAGER BOISE P.O. Box 733 Boise, ID 83701 208.830.7071 EUGENE P.O. Box 11942 Eugene, OR 97440 541.232.2508 DECHASE.COM MorganStan[ey July 23, 2018 City of Meridian Attn: Cameron Arial 33 E. Broadway Ave. Meridian, ID 83642 Dear Cameron, Wealth Management 4800 SW Meadows Road Suite 400, , , Lalce.Oswego, OV:97035 tel -503 636 2700 . , . toll free 888 771 0705 Please be advised that Elton Equities and Elton Properties, for which Aaron Elton and Kay Elton are the authorized persons, maintain brokerage accounts at Morgan Stanley Smith Barney LLC ("Morgan Stanley") which contain assets, including cash and marketable securities, valued as of the close of business on 07/23/2018, in excess of $50,000,000. We are presenting the information contained herein pursuant to our Client's request. It is valid as of the date of issuance. Morgan Stanley does not warrant or guarantee that such identified securities, assets or monies will remain in the Client's Accounts. The Client has the ability to withdraw assets from the Accounts at any time. The accounts for Elton Equities and Elton Properties are currently being used to collateralize a Liquidity Access Line ("LAL") line of credit issued by Morgan Stanley Bank, N.A. and/or Morgan Stanley Private Bank, National Association. Notwithstanding any other representations in this letter, assets required to maintain the LAL cannot be withdrawn unless the LAL is paid off. No security interest or collateral rights are being granted to any party other than Morgan Stanley, Morgan Stanley Bank, N.A. and/or Morgan Stanley Private Bank, National Association, Thank you for your time and consideration in this matter. Sincerely, �N,� ' Michele Estabrook, Assistant Vice President Complex Risk Officer cc: Aaron Elton Morgan Stanley Smith Barney LLC. Member SIPC. C.Jay Coles From:Robert Lumsden <rob@flatbreadpizza.com> Sent:Friday, August 24, 2018 1:11 PM To:Tammy de Weerd; Anne Little Roberts; Luke Cavener; Ty Palmer; Treg Bernt; C.Jay Coles; joe@borton-lakey.com Cc:Ashley Squyres Subject:Old City Hall RFP - November Whisky Properties Proposal Dear Mayor Tammy and fellow Meridian City Council Members: With respect to the Old City Hall RFP, we respectfully request you give every positive consideration towards approval of the November Whiskey Properties project. We chose to invest in the Downtown Meridian core 10 years ago which was partially driven by the future opportunity we were hopeful would come. Through a recession and a “Village”, progress was slowed. However, you now have the opportunity to allow and encourage the inertia we’ve longed for, and we support the November Whiskey Properties project vision and purpose. Density associated with progress will provide the necessary energy to encourage additional investment, and help sustain existing. We are currently on the cusp of determining whether or not to exercise our first lease extension for another 5 year term. Approval of the November Whiskey Properties project would help us make our decision much easier, and with enthusiasm. We are asking for you to look with a creative vision towards the future and approve the project. Very respectfully submitted, Rob Robert Lumsden Founder Flatbread Neapolitan Pizzeria C: 208.850.3312 www.flatbreadpizza.com 1 C.Jay Coles From:Treg Bernt Sent:Thursday, August 23, 2018 4:24 PM To:Eric Davis Cc:Tammy de Weerd; alitteroberts@meridiancity.org; Luke Cavener; Ty Palmer; Joe Borton; C.Jay Coles; Ashley Ford-Squyres Subject:Re: City Hall Proposal Thank you, Eric, for your insight. Very much appreciated... My best, -- Treg A. Bernt | City Councilman, Seat 4 City of Meridian 33 E. Broadway Ave., Meridian, Idaho 83642 Cell: (208) 409-7400 | Fax: (208) 898-5501 Built for Business, Designed for Living All e-mail messages sent to or received by City of Meridian e-mail accounts are subject to the Idaho law, in regards to both release and retention, and may be released upon request, unless exempt from disclosure by law. On Aug 23, 2018 4:06 PM, Eric Davis <davis@retailwest.com> wrote: Dear Mayor de Weerd and Meridian City Council The recent proposals for the city hall property were of real interest to me for sake of my pending plans for our ‘Chicken Barn’ property on the south side of the tracks; ‘Trackside’, I have been calling it. We purchased the 1 acre parcel from the bank after a prior developer got caught in the downturn. They had ambitious plans, and the site deserved the investment, but the market didn’t cooperate. Admittedly, I have been slow to develop a project; patiently waiting to see progress in downtown. I feel the time has come, and am particularly encouraged, seeing the progress and recent RFP responses. Prior to buying our site, I lead a study of downtown for MDC by our Urban Land Institute group. I came away from the process being very impressed with the alignment between and amongst city leadership, the business 1 community, Chamber of Commerce and MDC. That type of synergy is hard to find in a municipality and one that convinced me to invest in Old Town and become a stakeholder. My high hope is that you can ‘pick the best horse’ in short order. One adage in real estate development that I profess to is ‘time kills deals’, because things just have a way of changing over time. Another is ‘paralysis by analysis’, needs no explaining. Please don’t delay in making this important decision. So many positive forces are in alignment. Seize the day! P. Eric Davis RETAIL WEST PROPERTIES, LLC 199 N. Capitol Blvd, Suite 300 Boise, Idaho 83702 (o) 208-331-0110 www.retailwest.com The linked image cannot be displayed. The file may have been moved, renamed, or deleted. Verify that the link points to the correct file and location. 2 MEMORANDUM DATE: August 28, 2018 TO: Meridian City Council Mayor De Weerd Meridian Development Corporation Board FROM: Todd Lakey, MDC Attorney Bill Nary, Meridian City Attorney RE: Old City Hall RFP evaluation process This memorandum provides guidance to you to consider in the course of evaluating the proposals submitted in response to the request for proposals (“RFP”) issued for Old Meridian City Hall.  The proposals are before you on an as-is basis.  Neither the proposers, nor the decision-makers, can make material modifications to the proposals at this point.  Questions or concerns that may clarify details set forth in the proposal are permissible.  Questions or concerns that require the proposers to make material changes to the proposals, including exploring or suggesting alternate visions or financial plans, are not permissible. M–OCHRFPEP P1 EMO LD ITY ALL VALUATION ROCESSAGE