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• Mike Morrison—Northwest Quadrant Redevelopment
<br /> September 17,2003
<br /> Page 2
<br /> The Development will be divided into the following three phases:
<br /> Square Development Desired Development
<br /> Development Footage/#of Time Frame Start Date Default Date Valuation
<br /> Units
<br /> Phase I Big Box 142,000 Sq/Ft 2004-2005 Spring 2004 June 1,2005
<br /> Phase I Retail 56,000 Sq/Ft 2004-2005 Spring 2004 June 1,2005 $18.81
<br /> Phase I Office 25,000 Sq/Ft 2004-2005 Spring 2004 June 1,2005 Million
<br /> Phase I SAV II 8,800 Sq/Ft 2004-2005 Spring 2004 June 1,2005
<br /> Phase I Market Rate 220 Units 2004-2006 Fall 2004 July 1, 2005 $19.8 Million
<br /> Apartments
<br /> Phase 1A Urban Flats 128 Units 2004-2006 Fall 2004 July 1, 2005 $30.72
<br /> Million
<br /> Phase IB Urban Flats 128 Units 2005-2007 Fall 2005 July 1, 2006 $30.72
<br /> Million
<br /> Phase IIA 80 Units 2005-2007 Fall 2005 July 1, 2006 $16 Million
<br /> Senior Co-Op IIB 26 Units 2005-2006 Fall 2005 July 1, 2006 $9.75 Million
<br /> 3-Story Town Homes
<br /> • Phase IIC Urban Flats 1 80 Units 1 2006-2007 1 Fall 2006 1 July 1, 2007 $19.2 Million
<br /> TOTAL I N/A I N/A I N/A I N/A $145 Million
<br /> Based upon these options, Ehlers and the Development Team have estimated that the cost to acquire all
<br /> the land, relocate existing businesses, demolish the structure and complete the public improvements
<br /> will cost approximately $16 million for Phase I and $4 million for phase II. To assist in offsetting this
<br /> cost, the Developer has proposed the following payment for land and special assessments for the Phase
<br /> I Development:
<br /> ;Commercial Phase IA Urban Phase IB Market Rate Total
<br /> Flats Urban Flats Apartments:
<br /> Land Cost $2,779,360 $960,000 $1,600,000 $2,249,940 $7,589,300
<br /> $3.54 /ft $7 500/unit $12 500/unit $10,227/Unit
<br /> Special $1,705,000 $325,000 $0 $0 $2,030,000
<br /> Assessment ($2.17 sq/ft) ($2,539/Unit)
<br /> Total $4,484,360 $1,285,000 $1,600,000 $2,249,940 $9,619,300
<br /> $5.71 sq/ft)
<br /> The for sale urban flats will be paying an average of$10,000 per unit, but it is divided among the two
<br /> phases to allow the initial phase to pay less for land up front to allow the Developer the flexibility to
<br /> address any market issues and legal, financing & design issues occur disproportionately in the first
<br /> phase. It should be noted that Phase II land prices have not been submitted yet and will be reviewed
<br /> and compared to industry standards when our office receives them.
<br /> Based upon the above referenced development program, following is a listing of the proposed business
<br /> • terms for the final Development Agreement:
<br /> 1. General
<br /> a. Parties. The Redeveloper will be one or more single asset entities created by Pratt Ordway
<br /> LLC to act as the Redeveloper. Pratt Ordway will assign its purchase agreement for the
<br /> Ste. Marie Property and any other property it obtains purchase agreements upon, to this
<br />
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