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