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<br />FREEDMAN TUNG & BOTTOMLEY <br />03106.01 <br />January 12,2005 <br />Page 3 <br /> <br />particular. Specifically, we will recommend product and its positioning that will <br />maximize the sites' opportunity to generate positive effects for downtown <br />revitalization while minimizing the risks associated with the development, <br />including: product type (highrise/lowrise, for sale/ for rent, affordable/luxury, <br />etc.), elevation, unit sizes and unit prices/rents, market driven positioning <br />requirements, amenities necessary to support the development, and projected <br />absorption. <br /> <br />Financial Analyses for Catalyst Sites and Projects <br /> <br />To identify the land value generated by the development and potential income to the <br />seller (the City) once the catalyst projects area sold to builders, yve will complete land <br />esidual anal ses or the catal st sites, based on revenue inputs defm' above <br />. and costs relevant to the market. The goa 0 IS component of analysis will be to <br />, identify' which catalyst projects and product types will be self sufficient in the context of <br />the downtown marketplace, and as such which will not require considerable City subsidy <br />to be successful. <br /> <br />To do so, we propose to complete the following scope of work: <br /> <br />11. <br /> <br />Apply revenue inputs from Step 10 above to the land residual model, adjusting it <br />for specific conditions of the Downtown housing market, including proposed <br />product type, potential premiums, option and upgrades, etc. <br /> <br />12. <br /> <br />.Identify costs associated with development, including hard and soft costs, profit <br />required by potential builder, etc. <br /> <br />13. <br /> <br />Calculate the residual land value of proposed product types at catalyst site <br />locations. <br /> <br />Delivery of Results <br /> <br />14. <br /> <br />In a working session, discuss with the planning team and city staff, the key <br />[IDdings, conclusions and recommendations resulting from the study. This <br />discussion will be supported by tables, maps and graphs, as necessary. <br /> <br />Following the working session and incorporating its discussions, prepare a <br />memorandum summarizing the study results. <br /> <br />15. <br /> <br />16. <br /> <br />Following the completion of the working session and our summary memorandum, <br />we will be available to respond to specific questions from City staff relating to <br />our conclusions, and to present those conclusions to the City Council, as <br />necessary . <br /> <br />... .--.,..-.., .-....,-, <br />