CAMPUS MARKET PLACE DEVELOPMENT UNIVERSITY OF NEW MEXICO - - PowerPoint PPT Presentation

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CAMPUS MARKET PLACE DEVELOPMENT UNIVERSITY OF NEW MEXICO ALBUQUERQUE, NEW MEXICO * TRADE SECRETS/CONFIDENTIAL/PROPRIETARY Albuquerque, New Mexico University of New Mexico Site Development Nov. 12, 2013 1.0 TABLE OF CONTENTS I. PROJECT

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SLIDE 1

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

1.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

CAMPUS MARKET PLACE DEVELOPMENT

ALBUQUERQUE, NEW MEXICO

UNIVERSITY OF NEW MEXICO

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SLIDE 2

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

2.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

TABLE OF CONTENTS

  • I. PROJECT HISTORY
  • II. FINANCIAL/ ECONOMIC SNAPSHOT
  • III. GOING FORWARD
  • Development
  • Design/ Planning
  • Leasing
  • Development Strategy
  • Economic Analysis/ Proforma
  • Bridging Economic Gap/ Financing Strategy
  • Project Schedule
  • Responsibilities/ Deliverables Matrix
  • Timing of Expenditures
  • Leasing
  • Financing/ Equity
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SLIDE 3

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

3.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

CAMPUS MARKET PLACE DEVELOPMENT

SECTION I : DEVELOPMENT

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SLIDE 4

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

4.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

May 2012 -

Initial site plan concept received from Dekker Perich Sabatini (“DPS”)

SITE PLANNING

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SLIDE 5

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

5.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

June 8, 2012

  • Revised plan to include Big Box Anchor with

project specifjc footprint

SITE PLANNING

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SLIDE 6

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

6.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 12, 2012

  • Revised plan to include new retail shops concept

SITE PLANNING

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SLIDE 7

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

7.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 12, 2012 October 24, 2012

  • Revised plan to refmect comments received

from development team meeting

SITE PLANNING

  • Revised plan to refmect leasing progress at
  • Jr. Department Store area
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SLIDE 8

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

8.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

August 21, 2013

  • Revised plan to refmect site specifjc layout received

from Big Box retailer

SITE PLANNING

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SLIDE 9

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

9.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

ALBUQUERQUE, NM

SITE PARCEL MAP

III I II IV

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SLIDE 10

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

10.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 2012 - December 2012 December 20, 2012

Drafted Master Development Agreement (“the MDA”) and negotiated terms with UNM MDA executed by University of New Mexico (“UNM”) and Fairmount Properties (“FP”) Preliminary Materials - Pursuant to the MDA, the Preliminary Materials need to be submitted by April 1, 2014

MASTER DEVELOPMENT AGREEMENT

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SLIDE 11

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

11.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

February 12, 2013 March 18, 2013

First Amendment to MDA executed by UNM and FP - extended deadline to agree on form of Ground Lease Second Amendment to MDA executed by UNM and FP - included obligation for FP to deliver Preliminary Notifjcation of its intent to develop the Shopping Center Component and provide for consideration to be paid by FP for Extended Exclusivity Period.

MASTER DEVELOPMENT AGREEMENT

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SLIDE 12

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

12.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

October 12, 2012 - March 2013 March 15, 2013

Drafted and negotiated terms with UNM counsel Form of Ground Lease agreed to between UNM and FP

GROUND LEASE FORM

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SLIDE 13

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

13.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

June 6, 2012 July 2012 - August 2013 Current: (provided to Lobo Development under separate cover)

Initial project proforma developed based on input from A&E consultants, local general contractor and market research Evolution of project proforma - revisions on 7/12, 9/12, 1/13, 3/13, 5/13, 7/13, 8/13 Based on updated construction cost estimation, leasing progress, and current fjnancial assumptions and realities

PROJECT BUDGETING

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SLIDE 14

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

14.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

March 28, 2013 July 12, 2013

Initial project schedule developed based on execution of the MDA Schedule revised pursuant to civil engineer input on entitlements process and timing

PROJECT SCHEDULING

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SLIDE 15

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

15.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

August 5, 2013 October 29, 2013

Schedule revised to include potential Tax Increment Development District (“TIDD”) process and timing Current Schedule - Completed - See Going Forward Section

PROJECT SCHEDULING

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SLIDE 16

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

16.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

June 12, 2012 December 17, 2012 January 3, 2013

Albuquerque meeting with DPS to discuss project concept and objective Drafted Request For Proposal (RFP) and sent to DPS for architectural services proposal Received architectural services proposal from DPS

ARCHITECTURE

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University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

17.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

January 2013 May 20, 2013 July 23, 2013 July 30, 2013

DPS selected as project architect Albuquerque meeting with DPS to review project planning status and requirements Received DPS proposal to prepare project Design Standards and Guidelines Albuquerque meeting with DPS to provide project update and discuss move forward strategy

ARCHITECTURE

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SLIDE 18

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

18.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

June 12, 2012 December 17, 2012 January 4, 2013

Albuquerque meeting with Bohannan Huston (“BH”) to discuss project concept and objectives Drafted RFP and sent to BH for civil engineering and surveying services Received professional services form from BH

CIVIL ENGINEERING

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SLIDE 19

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

19.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

January 2013 May 20, 2013 June 20, 2013

BH selected as project civil engineer Albuquerque meeting with BH to review project planning status and requirements Authorized BH to proceed with topographic surveys

CIVIL ENGINEERING

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SLIDE 20

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

20.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 30, 2013 July 31, 2013

Received topographic surveys from BH Albuquerque meeting with BH to provide project update and discuss move forward strategy

CIVIL ENGINEERING

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SLIDE 21

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

21.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

November 2012 December 17, 2012 January 15, 2013

Conducted interviews of local geotechnical/ environmental consultants Drafted RFP and sent to prospective consultants Received proposals from prospective consultants

GEOTECHNICAL/ ENVIRONMENTAL ENGINEERING

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University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

22.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

April 2013 May 10, 2013

X8E Vinyard selected as project geotechnical engineer and environmental consultant Authorized X8E Vinyard to conduct a subsurface investigation of the uncontrolled fjll at the northeast quadrant of the Gibson site to determine soil composition and suitability as structural fjll

GEOTECHNICAL/ ENVIRONMENTAL ENGINEERING

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SLIDE 23

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

23.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

May 21, 2013 May 22, 2013

Albuquerque meeting with X8E Vinyard and BH to discuss subsurface investigation fjndings Received Geotechnical Subsurface Report from X8E Vinyard

GEOTECHNICAL/ ENVIRONMENTAL ENGINEERING

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SLIDE 24

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

24.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

June 12, 2012 March 21, 2013 July 20, 2012

Received preliminary site improvement and public infrastructure cost estimates from civil engineer and local general contractor Received updated and revised cost estimate from Big Box site from retailer’s pre- ferred local Received preliminary building cost information from local general contractor

COST ESTIMATION

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University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

25.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 16, 2013

Received Engineer’s Opinion of Probable Cost for public infrastructure from project civil engineer

October 2, 2013

Received cost estimate for mass grading from local general contractor and local excavator

COST ESTIMATION

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University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

26.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

CAMPUS MARKET PLACE DEVELOPMENT

SECTION I : DESIGN/PLANNING

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University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

27.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

ALBUQUERQUE, NM

PARCEL III

DISCOUNT ANCHOR FIRE STATION OUT PARCELS HARDSCAPE TRAFFIC LIGHT JUNIOR ANCHORS LANDSCAPE VILLAGE CENTER - SMALL SHOP PAVING PYLON SIGN LOCATION ESTIMATED ANNUAL SALES: $150 - $200 MILLION

G2 G1 F E2 E B D A C 2,000 SF 2,500 SF 2,000 SF 5,500 SF 3,450 SF 5,500 SF 5,500 SF 6,000 SF 12,500 SF 25,000 SF 10,000 SF 10,000 SF 25,000 SF 8,000 SF 8,000 SF

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SLIDE 28

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

28.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

ALBUQUERQUE, NM

ENLARGED OUT PARCEL SITE

DISCOUNT ANCHOR FIRE STATION OUT PARCELS HARDSCAPE JUNIOR ANCHORS LANDSCAPE VILLAGE CENTER - SMALL SHOP PAVING

D

2,500 SF 2,000 SF

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SLIDE 29

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

29.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

ALBUQUERQUE, NM

ENLARGED TOWN CENTER

VILLAGE CENTER - SMALL SHOP OUT PARCELS HARDSCAPE LANDSCAPE PAVING

THE SMALL SHOP DISTRICT WILL CONSIST OF FAST CASUAL DINING AND OTHER FOOD: 5 GUYS BURG- ERS AND FRIES, PEI WEI, JIMMY JOHNS, CHILE RIO, KEVA JUICE, Q BURGER, MENCHIES, PANERA BREAD, AND FREDDY’S FROZEN CUSTARD; CONVENIENCE USES LIKE SALLY BEAUTY, GREAT CLIPS, GNC, GAME- STOP, VERIZON, T-MOBILE, AND RADIO SHACK; AND SOFT GOODS LIKE DRESS BARN, MAURICES, RUE 21, AND PAYLESS SHOES.

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SLIDE 30

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

30.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

SMALL SHOP ELEVATION

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SLIDE 31

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

31.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

ALBUQUERQUE, NM

ENLARGED JUNIOR ANCHORS

DISCOUNT ANCHOR FIRE STATION OUT PARCELS HARDSCAPE JUNIOR ANCHORS LANDSCAPE VILLAGE CENTER - SMALL SHOP PAVING

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SLIDE 32

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

32.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

JUNIOR ANCHORS ELEVATION

ENLARGED ELEVATION A ENLARGED ELEVATION B ENLARGED ELEVATION C

JUNIOR ANCHORS ENLARGED ELEVATION A

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SLIDE 33

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

33.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

JUNIOR ANCHORS ENLARGED ELEVATION B JUNIOR ANCHORS ENLARGED ELEVATION C

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SLIDE 34

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

34.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

PARCEL IV

OBSERVATIONS FROM GAME CHANGING RETAIL ANCHORS

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SLIDE 35

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

35.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

ALBUQUERQUE, NM

PARCEL IV : ENTERTAINMENT

URLACHERS HARDSCAPE TOBY KEITH’S LANDSCAPE PATIO PAVING

15,000 sf Toby Keith’s 5,000 sf Restaurant Entertainment

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SLIDE 36

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

36.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

TOBY KEITH’S RENDERING

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SLIDE 37

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

37.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

TOBY KEITH’S

PARCEL IV

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SLIDE 38

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

38.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

TOBY KEITH’S

PARCEL IV

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SLIDE 39

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

39.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

URLACHER’S RENDERING

PARCEL IV

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SLIDE 40

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

40.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

URLACHER’S

PARCEL IV

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SLIDE 41

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

41.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

CAMPUS MARKET PLACE DEVELOPMENT

SECTION I : LEASING

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SLIDE 42

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

42.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

May 2012 - August 2012 - February 2012 March 14, 2013 May 8, 2013

  • Met with Walmart exclusive representative at Las

Vegas ICSC Multiple calls, emails, and Letter of Intent (“LOI”) exchanges with representative Sent fjnal revised LOI Walmart confjrmed accepted LOI

WALMART

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SLIDE 43

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

43.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 7, 2013

  • July 16, 2013 -

July 18, 2013 July 23, 2013 August 3, 2013

  • Received docs from representative

Walmart deal approved at Real Estate Committee (“REC”) Received comments from Outside Counsel Reviewed comments and responded to Counsel Received comments from Counsel

WALMART

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SLIDE 44

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

44.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

August 6, 2013

  • August 12, 2013
  • August 16, 2013

August 22, 2013 September 26, 2013

  • Internal meeting to review WM docs

Sent comments to Counsel Received revised docs from Outside Counsel Sent revised docs to Walmart Received revised docs from Walmart

WALMART

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SLIDE 45

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

45.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

April 15, 2013

  • May 20, 2013
  • June 25, 2013

July 2, 2013 July 17, 2013

  • Sent proposal to T

enant’s exclusive representative Meeting at Las Vegas ICSC Site visit with Representative Revised LOI sent Meeting with Ownership

TOBY KEITH’S

I LOVE THIS BAR AND GRILL

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SLIDE 46

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

46.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

August 4, 2013

  • August 9, 2013
  • August 11, 2013

September 19, 2013

  • Received revised LOI

Sent revised LOI Received signed LOI from T enant Met with Representative, started drafting lease

TOBY KEITH’S

I LOVE THIS BAR AND GRILL

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SLIDE 47

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

47.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

January 20, 2013 - February 4, 2013

  • February 11, 2013
  • Numerous phone calls placed to obtain contact

information for Brian Urlacher Sent initial letter to Bryce Karger, agent for Brian Urlacher, to determine interest in restaurant concept at UNM

URLACHER’S

SPORTS BAR

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SLIDE 48

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

48.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

March 4, 2013

  • March 15, 2013
  • April 10, 2013

April 12, 2013

  • Second letter to agent fmeshing out

possible deal with restaurant operator Conference call with agent Conference call with regional, best in class, sports themed restauranteur Conference call with Bryce Karger, Brian Urlacher, and CEO of Restauranteur

URLACHER’S

SPORTS BAR

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SLIDE 49

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

49.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

April 22, 2013 - April 23, 2013

  • May 13, 2013

June 21, 2013 June 24, 2013

  • Conference call with Restauranteur CEO and Financier

Sent LOI to Restauranteur Sent revised LOI Sent revised LOI Site visit with Restauranteur CEO and Financier; meeting with UNM, market research in Albuquerque

URLACHER’S

SPORTS BAR

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SLIDE 50

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

50.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 8, 2013

  • July 22, 2013
  • August 1, 2013

September 11, 2013 September 12, 2013

  • Sent Revised LOI

Sent Final Revised LOI Restauranteur fjnalizing deal with Urlacher Received signed LOI from Restauranteur Sent revised plan; started drafting lease for Stadium Site

URLACHER’S

SPORTS BAR

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SLIDE 51

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

51.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

May 2012

  • August 2012
  • September 2012

November 2012

  • Requested and received prototype plans

Sent LOI to T enant’s exclusive representative Received revised LOI Sent revised LOI

PETCO

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University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

52.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

March 12, 2013

  • March 15, 2013
  • April 29, 2013

May 20, 2013 July 11, 2013

  • Received revised LOI

Internally reviewed LOI and extensive construction exhibit Sent revised LOI Meeting at Las Vegas ICSC; reviewed LOI PetCo advised they wanted to alter the deal to a built-to-suit (“BTS”)

PETCO

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SLIDE 53

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

53.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

August 2, 2013

  • August 19, 2013
  • August 20, 2013

August 27, 2013 September 3, 2013

  • Sent revised LOI for BTS

Received revised LOI Sent revised LOI Received revised LOI Sent fjnal LOI

PETCO

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SLIDE 54

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

54.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 17, 2013 - October 7, 2013

  • October 16, 2013
  • Landlord signed LOI; sent to T

enant Presented to T enant’s REC; deal approved by T enant Received lease draft from T enant

PETCO

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SLIDE 55

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

55.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

May 20, 2013

  • June 24, 2013
  • August 12, 2013

August 20, 2013 August 21, 2013

  • Meeting at Las

Vegas ICSC Meeting with T enant’s exclusive representative Meeting with Representative in Albuquerque Sent request for prototypical plans Sent proposal to Ross

ROSS DRESS FOR LESS

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University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

56.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 10, 2013 - September 13, 2013 - September 19, 2013 October 10, 2013

  • Revised LOI from Ross

Sent revised LOI Meeting at San Diego ICSC; discussed LOI, T enant to revise Sent request for prototypical plans

ROSS DRESS FOR LESS

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SLIDE 57

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

57.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 2012

  • November 2012
  • December 2012

February 1, 2013 February 24, 2013

  • Sent proposal to T

enant’s exclusive representative Received revised LOI Sent revised LOI Requested plans to deliver Starbucks shell Received revised LOI

STARBUCKS

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SLIDE 58

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

58.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

March 6, 2013

  • March 26, 2013 -

May 20, 2013 July 1, 2013 July 8, 2013

  • Received prototypical plans

Sent revised LOI and construction specs Meeting at Las Vegas ICSC Starbucks requested deal be changed to a BTS

  • n parcel D

Contact NM builder for Starbucks to determine costs

STARBUCKS

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SLIDE 59

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

59.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

August 27, 2013

  • September 4, 2013
  • September 12, 2013

September 16, 2013 September 17, 2013

  • Sent revised LOI BTS on parcel D

Conference call to discuss LOI Sent revised site plan Sent r Waiting on fjnal LOI revision from T enant T enant requested revised site plan

STARBUCKS

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University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

60.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 19, 2013

  • September 23, 2013
  • October 11, 2013

October 1, 2013

  • Meeting at San Diego ICSC

Revised plan and sent to T enant Conference call with T enant and Representative to discuss LOI, awaiting revised LOI Revised plan and sent to T enant

STARBUCKS

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SLIDE 61

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

61.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 2012 - October 2012

  • April 4, 2013

July 15, 2013 July 8, 2013

  • Sent proposal to T

enant’s exclusive representative Received LOI from T enant Received revised construction specs Revised construction specs Consulted counsel on LOI

FIVE GUYS

BURGERS AND FRIES

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SLIDE 62

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

62.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 22, 2012

  • September 5, 2013
  • September 12, 2013

July 15, 2013 October 1, 2013

  • Sent Revised LOI and Exhibit C

Discussion regarding move to Parcel D with Starbucks Sent revised site plan T enant reviewing plans and LOI Sent further revised plan

FIVE GUYS

BURGERS AND FRIES

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SLIDE 63

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

63.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

May 20, 2013

  • May 31, 2013
  • July 9, 2013

July 15, 2013 September 4, 2013 July 11, 2013 August 12, 2013

  • Meeting at Las

Vegas ICSC Sent proposal Received LOI from T enant’s exclusive representative Sent Revised LOI for Gibson Site Sent updated site package Sent revised LOI for Chavez site Meeting in Albuquerque

JIMMY JOHNS

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University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

64.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

April 2013

  • May 16, 2013
  • May 20, 2013

August 12, 2013 July 8, 2013 September 4, 2013

  • Spoke to T

enant about Site Received LOI Meeting at Las Vegas ICSC Meeting in Albuquerque Sent updated site plan Subway reviewing LOI

SUBWAY

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SLIDE 65

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

65.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 6, 2013

  • September 30, 2013
  • October 1, 2013

October 15, 2013

  • Conference call with T

enant’s exclusive representative Received revised LOI from T enant Further revised LOI and sent to T enant Conference call with T enant and Representative will receive signed LOI from T enant

SUBWAY

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SLIDE 66

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

66.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 9, 2013

  • July 25, 2013
  • August 2, 2013

September 6, 2013

  • Spoke with T

enant’s exclusive representative Sent updated site plan JoAnn liked site, ran it through their research dept. Sent updated site plan

JOANNS

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SLIDE 67

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

67.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 19, 2013

  • October 1, 2013
  • October 15, 2013

October 21, 2013 October 24, 2013

  • Met with T

enant’s exclusive representative at San Diego ICSC Sent proposal Spoke to Representative, T enant reviewing site Received revised proposal Sent revised proposal

JOANNS

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SLIDE 68

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

68.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 25, 2013

  • August 2, 2013
  • September 6, 2013

September 19, 2013

  • Sent site package

Spoke to T enant’s exclusive representative, T enant likes site and timing will work well Sent updated site plan Meeting with T enant at San Diego ICSC, need to schedule site visit

SHOE CARNIVAL

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SLIDE 69

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

69.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

October 1, 2013

  • October 15, 2013 -

October 21, 2013 October 24, 2013 October 31, 2013

  • Sent proposal

Spoke with T enant, he needs to follow up with T enant Received initial comments to LOI Sent Revised LOI Conference call with Representative

SHOE CARNIVAL

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SLIDE 70

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

70.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

July 25, 2013

  • July 31, 2013
  • August 12, 2013

September 6, 2013

  • Sent updated site package to T

enant and T enant’s exclusive representative Sent LOI Meeting with Representative in Albuquerque waiting for T enant to review Sent updated site plan, T enant still reviewing LOI

SALLY BEAUTY

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SLIDE 71

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

71.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 23, 2013 - October 4, 2013

  • October 20, 2013

October 25, 2013

  • Call with Representative to negotiate

terms of LOI Conference call with Representative Conference call with Representative Received revised LOI from T enant, will not present to REC until April 2014

SALLY BEAUTY

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SLIDE 72

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

72.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

August 23, 2013

  • September 5, 2013 -

September 6, 2013 October 29, 2013 October 4, 2013 November 1 2013

  • Meeting at Columbus ICSC

Sent site package Sent LOI Turned deal over to T enant’s exclusive representative Conference call with T enant Conference call with Representative

CATO FASHION

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SLIDE 73

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

73.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

September 5, 2013

  • September 6, 2013
  • September 19, 2013

October 29, 2013 October 4, 2013

  • Meeting with T

enant in Ohio Sent LOI Meeting at San Diego ICSC Call with new rep, received revised LOI Call with T enant, turning deal over to another RE rep

RACK ROOM SHOES

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SLIDE 74

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

74.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

Big 5 Hibbett’s Maurices Carl’s Jr Black Mesa Popeyes Pizza 9 McDonalds Mor Furniture Walgreens Taco Cabana Anna’s Linens Chipotle Revol DSW Vans Wells Fargo Jersey Mike Yogurtland Cafe Rio Ghengis Grill

TARGETED TENANTS -LOW INTEREST

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SLIDE 75

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

75.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

PetSmart Justice Vitamin World Sprint Bass Pro Church’s Chicken Gordmans Bed, Bath Carters TGIFridays Pei Wei 5 Star Burger Cabellas Java Joe Which Wich Sports Authority Sportsman’s Warehouse

TARGETED TENANTS -LOW INTEREST

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SLIDE 76

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

76.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

Marshall’s Houlihan’s Great Clips Game Shop Radio Shack Payless Shoes Famous Footwear GNC

TARGETED TENANTS -HIGH INTEREST

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SLIDE 77

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

77.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

Red Robin Panera Bread Supercuts Wendy’s Panda Express Olive Garden Costa Vida

TARGETED TENANTS -HIGH INTEREST

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SLIDE 78

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

78.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

Sports Clips Keva Juice Dress Barn Rue 21 Lane Bryant Shoe Dept. UPS Store Offjce Max

TARGETED TENANTS -HIGH INTEREST

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SLIDE 79

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

79.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

Encore Staples Mattress Firm Chili’s Outback Carrabbas La Madeline Rosati’s Pizza

TARGETED TENANTS -HIGH INTEREST

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SLIDE 80

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

80.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

Quizno’s Q Burger Firehouse Subs Wecks Arby’s Pieology Nestle T

  • ll House

Freddy’s

TARGETED TENANTS -HIGH INTEREST

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SLIDE 81

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

81.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

MARKETING

May 2012

  • May 2013
  • June 2013

June 2013

  • Presented project at Las

Vegas ICSC Presented project at Las Vegas ICSC with banner and detailed collateral pieces Installed signage at Site Presented project at NAIOP’s June meeting in Albuquerque that included panel discussion

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SLIDE 82

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

82.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

UNM SOUTH CAMPUS

SECTION II FINANCIAL AND ECONOMIC OVERVIEW

Development Strategy

Focus on Parcel III and Stadium Site; Utilize Parcel II for Stadium Site Parking

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SLIDE 83

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

83.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

ALBUQUERQUE, NM

SITE PARCEL MAP

III IV

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SLIDE 84

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

84.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

Given capitalization rates for the Albuquerque market for commercial assets (7.5%-8.0%), for investment purposes, the project ought to achieve at least a 10.0% cash-on-cost unle- vered yield. Currently, given market conditions and project costs, FP is underwriting the project to a 9.50% In order to achieve this yield and maximize ground rent to UNM, the project needs fjnancial support to reduce private development costs

YIELD ANALYSIS

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SLIDE 85

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

85.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

Non-Accretive Wal-Mart Deal @ $0.98 psf/ ground rent plus site cost reimbursements Lower rents for South Albuquerque market NM Gross Receipts Tax (“GRT”) in excess of $2 Million

  • n development

Lack of Public Finance Unusually high site work costs - $320,000 per acre; Typically closer to $250,000 per acre; impact is over $3 Million

  • AMAFCA Channel
  • Sunshine Terrace
  • Existing Topography
  • Public Improvements

REASONS FOR ECONOMIC GAP

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SLIDE 86

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

86.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

T

  • date, FP has retained some of Albuquerque’s best

legal and public fjnance professionals to investigate various government incentives for the project:

  • Bond Counsel – Peter Franklin (Modrall Sperling)
  • Bond Underwriter – Kit Caldwell (Southwest Securities)
  • Financial Analyst – Mitch Moseman (Taussig & Assoc.)
  • Architectural Consultant - Dale Dekker

PUBLIC FINANCE PROFESSIONALS

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SLIDE 87

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

87.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

Obtain government incentives/assistance from the City of Albuquerque to cover the cost of public infrastructure and/or trap newly generated GRT. Based on multiple discussions with civic and political leaders, FP has been advised that neither of these fjnancing mechanisms are viable solutions for the City of Albuquerque. In NM this is typically done by forming a Tax Increment Development District (“TIDD”) or a Public Improvement District (“PID”). Recent Developments - Update

POTENTIAL SOLUTION TO BRIDGE GAP Government Incentives

slide-88
SLIDE 88

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

88.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

FP determined the project does reside within an eligible census tract for NMTC. Fairmount’s public fjnance team has conducted multiple meetings with the New Mexico Finance Authority (“NMFA”). On 10/22/13, FP was informed that while the NMFA has approximately $4.5 Million in remaining allocation for this year, they just recently found out that a federal rule is mandating that 100% of the al- location be applied to a rural area. The NMFA has an application in for additional allocation, but won’t know what they will get, if anything, until Spring 2014.

POTENTIAL SOLUTION TO BRIDGE GAP New Market Tax Credits (“NMTC”)

slide-89
SLIDE 89

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

89.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

In early stages of negotiation, UNM committed to participating in the develop- ment of the project. This commitment was documented in Section 55 of the Ground Lease and ap- proved at the UNM Board of Regents’ meetings on December 11, 2012 Based on the current unavailability of NMTC, as well as the low probability of receiving government assistance from the City of Albuquerque, FP believes such participation on the part of UNM is now imperative for the project to move forward.

POTENTIAL SOLUTION TO BRIDGE GAP UNM Participation

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SLIDE 90

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

90.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

UNM will contribute the previously approved $10 Million toward on/off site work and infrastructure on Parcel III. Assuming a $10 Million contribution from UNM and a certain assumed amount

  • f assistance on the site’s public infrastructure contribution from the City, the

consolidated project proforma (penciling to a 9.50% yield) can support an annual ground rent payment of approximately $900,000 to UNM. This investment will enhance the value of the property, bridge the economic gap, maximize the ground rent to UNM and allow the development to go vertical.

UNM PARTICIPATION

slide-91
SLIDE 91

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

91.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

T

  • tal Project Cost - $48 Million

T

  • date, the project has incurred costs over $500,000. Split

approximately 50/50 between FP overhead and third party costs and expenses. Includes site work costs necessary to modify Parcel II to accommodate displaced parking. T

  • tal On/Off Site Work/Infrastructure - $14.5 Million

Projected Net Operating Income (NOI) - $2.5 Million Cash on Cost Unlevered Yield – 9.50% Projected Ground Rent Payment to UNM - $900,000

SNAPSHOT: PARCEL III AND IV CONSOLIDATED PROFORMA

slide-92
SLIDE 92

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

92.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

CAMPUS MARKET PLACE DEVELOPMENT

SECION III: GOING FORWARD

slide-93
SLIDE 93

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

93.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

PROJECT SCHEDULE PARCEL IV

slide-94
SLIDE 94

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

94.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

PROJECT SCHEDULE PARCEL III

slide-95
SLIDE 95

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

95.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

RESPONSIBILITIES MATRIX

Deliverables Matrix UNM South Campus Parcel III X8e BH DPS UNM Lobo FMP UNM Lobo FMP Title Work 1 1 ALTA Survey 1 2 2 1 Phase 1 ESA 1 2 2 1 Soils Report 1 2 2 1 AMAFCA license agmt modification 1 1 1 Replat 1 2 2 1 ACOE permit 1 2 2 1 FEMA Letter of Map Revision 1 2 2 1 Design Standards 1 2 2 1 PRELIMINARY MATERIALS Prelim Development Plans (Civil) 1 2 2 1 Prelim Development Plans (Arch) 1 2 2 1 Preliminary Schedule 1 1 Preliminary Budget 1 1 Prelim Materials Reimbursables 1 1 Proposed Revisions 1 1 Reimbursable Schedule 1 1 FINAL MATERIALS Final plans and specifications (Civil) 1 2 2 1 Final plans and specifications (Arch) 1 2 2 1 Final Schedule 2 2 Fianl Budget 2 2 CONSTRUCTION DOCUMENTS Site Improvements 1 2 2 1 Buildings 1 2 2 1 Public Improvements 1 2 2 1 FROM TO ITEM 11/4/2013

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SLIDE 96

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

96.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

REIMBURSABLE SCHEDULE

November 4, 2013 Reimbursable Schedule UNM South Campus - Parcel III Jan Feb March April May June July Aug Sept Oct Nov Total Title (by UNM) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 ALTA Survey $0 $8,500 $0 $0 $0 $0 $0 $0 $0 $0 $0 $8,500 Traffic Study $0 $10,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $10,000 Geotechnical $0 $0 $40,000 $0 $0 $0 $0 $0 $0 $0 $0 $40,000 Phase I ESA $0 $10,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $10,000 Civil Engineering $0 $30,000 $35,000 $50,000 $50,000 $90,000 $90,000 $60,000 $50,000 $20,000 $475,000 Architecture $0 $50,000 $60,000 $75,000 $100,000 $150,000 $150,000 $150,000 $75,000 $30,000 $20,000 $860,000 $10,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $100,000 $20,000 $18,000 $18,000 $18,000 $18,000 $18,000 $18,000 $18,000 $18,000 $18,000 $18,000 $200,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $440,000 $0 $0 $0 $0 $0 $0 $0 $0 $500,000 $0 $0 $500,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $11,000

$71,000 $176,500 $203,000 $193,000 $218,000 $308,000 $308,000 $278,000 $693,000 $118,000 $88,000 $2,654,500

Year 2014 Total Marketing Legal Leasing Commisions FC Consulting Fee Misc

DUE DILLIGENCE DESIGN

Item Description

slide-97
SLIDE 97

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

97.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

May 15, 2014 September 5, 2014 July 14, 2014 September 13, 2015

Conclude design review and approval process with Lobo Development Commence construction of site improvements Complete construction plans and specifjcations Commence building construction

PARCEL IV SCHEDULE MILESTONES

slide-98
SLIDE 98

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

98.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

December 27, 2014 May 26, 2015

Turnover core and shell space to Tenant for store build-outs Project opening

PARCEL IV SCHEDULE MILESTONES

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SLIDE 99

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

99.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

January 29, 2014 June 4, 2014

UNM modifjcation to AMAFCA easement/road crossing license agreement Conclude design review & approval process with Lobo Development

PARCEL III SCHEDULE MILESTONES

slide-100
SLIDE 100

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

100.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

August 27, 2014 September 30, 2014 October 2, 2014

Achieve pre-leasing of Jr. Dept. store area and 70% of small retail shop space Close on construction fjnancing Complete City review & approval of public infrastructure plans

PARCEL III SCHEDULE MILESTONES

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SLIDE 101

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

101.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

October 2, 2014 October 3, 2014

Complete construction plans & specifjcations for site improvements and building construction Commence earth moving and public infrastructure work

PARCEL III SCHEDULE MILESTONES

slide-102
SLIDE 102

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

102.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

October 2, 2014 June 30, 2015 December 17, 2014 November 2, 2015

Commence building construction Turnover core and shell space to tenants for store build-outs Commence construction of site improvements Project Opening

PARCEL III SCHEDULE MILESTONES

slide-103
SLIDE 103

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

103.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

  • Secure approval for Stadium Site and execute leases with

T

  • by Keith and Urlacher’s
  • Finalize LOI’s for all current junior anchor tenants and begin

drafting leases.

  • Increase marketing for Parcel III to capitalize on momentum

from Stadium Site development

  • Pursue and secure fjnal tenant for junior anchor row
  • Refjne merchandising plan for small shops and out parcels

and secure tenants

LEASING GOING FORWARD

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SLIDE 104

University of New Mexico Site Development Albuquerque, New Mexico

  • Nov. 12, 2013

104.0

* TRADE SECRETS/CONFIDENTIAL/PROPRIETARY

  • Finalize capital stack and sources and uses
  • Secure partner for approximately $9.5 Million of required

equity

  • Confjrm and structure contributions from UNM and the

City of Albuquerque

  • Begin discussions with lenders on construction fjnancing for

both parcels; $25 Million

  • Construction fjnancing close on 9/30/14

FINANCING GOING FORWARD