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<br />\ \ -,g <br /> <br />BLAKE HrNT <br /> <br />'r" '-. <br />j - ,', ~ <br /> <br />, _. .-- <br /> <br />November 16, 2000 <br /> <br />Mr. Michael Church <br />Planning and Redevelopment Manager <br />City of Redwood City <br />101 7 Middlefield Road <br />P.O, Box 391 <br />Redwood City, CA 94064 <br /> <br />VIA FAX (650/780-7348) <br /> <br />Re: <br /> <br />Dear Mike: <br /> <br />On Broadway <br /> <br />David Irmer and Bill Falick have told me that you and others in the City have been asking <br />questions about the Pan Pacific and Western Propenies Trust merger and Pan Pacific's and my <br />new company's continuing role with the On Broadway project (blocks one and two). I recognize <br />it is not easy to understand by trying to decipher the various merger documents that are public <br />record. <br /> <br />Here are the simple answers about what the merger means and the various parties' roles and <br />responsibilities: <br /> <br />::J <br /> <br />Pan Pacific Retail Propenies acquired Western Propenies Trust on November 13.2000 in <br />a stock for stock transaction., In the various public merger documents, Pan Pacific is <br />referred to as "Hawaiian Tropic" and "Newco." Western is referred to as "Coppenone:' <br />These are investment banker and lawyer code names to were used pre-announcement to <br />help keep it confidential. <br />Pan Pacific assumed all of the assets, liabilities and obligations of Western. <br />Pan Pacific replaces Western in the Western Innisfree, LLC and continues as the capital <br />provider and co-developer of the project with Innisfree. All existing agreements between <br />Western and Innisfree remain intact with Pan Pacific replacing Western. You will <br />receive a letter in the near future from Joe Tyson reiterating his conversations with you <br />and stating clearly that Pan Pacific is committed to the project and is filling Western's <br />role. <br />Blake Hunt Ventures. a newly-formed private development company, has entered into <br />various joint venture, development, leasing and management agreements with Pan Pacific <br />and is effectively the "development affiliate" of Pan Pacific for the following projects: <br />On Broadway; Plaza EscuelaiWalnut Creek; and Olympic Place/Walnut Creek. Blake <br />Hunt Ventures is also independently acting as the fee developer of the retail component <br />of the Bay Meadows mixed-use project in conjunction with Spieker Propenies and Paine <br /> <br />::J <br />::J <br /> <br />::J <br /> <br />~~~ ',-, <br /> <br />. . ' " <br />.. " "", ."" ,C <br /> <br />. , <br /> <br />-' ~ -= ' <br /> <br />'.:! :-":':',~--,-;:'~- <br /> <br />--'. --,-,-- <br /> <br />,- <br />