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<br />\ l-ú; <br /> <br />PAN PACIFIC <br /> <br />RETAIL PROPERTIES <br /> <br />-. <br /> <br />.. <br /> <br />PNP <br />WI <br /> <br />November 16, 2000 <br /> <br />Mr. Michael Church <br />Planning and Redevelopment Manager <br />City of Redwood City <br />1017 Middlefield Road <br />P.O. Box 391 <br />Redwood City, CA 94064 <br /> <br />Re: <br /> <br />On Broadway <br /> <br />Dear Mike: <br /> <br />I understand that at a recent public hearing a question was raised by a citizen about Pan Pacific's <br />involvement with, and commitment to, the On Broadway redevelopment project. As we have <br />discussed on the telephone in the past, Pan Pacific has assumed all of Western Properties Trust's <br />obligations and assets as the result of the merger between Pan Pacific and Western, which closed <br />th <br />on November 13 . <br /> <br />Pan Pacific is fully committed to continuing in the role Western played as capital provider <br />to the On Broadway project. Pan Pacific now owns over $1.3 billion of properties and has <br />expanded its line of credit facility to $400 million as a result of the merger. Pan Pacific has <br />access to substantial financial resources, well in excess of what Western had access to <br />previously. The financial strength and sponsorship behind the project is now even better than it <br />was before. <br /> <br />Pan Pacific has assumed Western's position in the Western Innisfree, LLC, which is the <br />ownership entity for the project. Innisfree continues in its role as "developer" of the project and <br />with the same economic interest in the LLc. Neither the name or the legal entity needs to be, or <br />will be, changed. <br /> <br />Blake Hunt Ventures, headed by Brad Blake, fonDer Chairman and CEO of Western Properties <br />Trust, will be Pan Pacific's representative for the project in working with the City and Innisfree. <br />Pan Pacific and Blake Hunt Ventures are also involved in other joint venture and development <br />services agreements for two other projects in Walnut Creek. As you know, Brad Blake and Jim <br />Wright of Blake Hunt Ventures, have been working closely with Innisfree and the City since the <br />inception of the RFQ process. <br /> <br />Pan Pacific is excited about On Broadway and the opportunity to participate in the <br />redevelopment of Redwood City's downtown. We have a significant presence in Northern <br />California, and look forward to having On Broadway be one of the Company's flagship <br />properties. <br /> <br />1631-8 S. Melrose Drive. Vista, CA 92083 . Telephone: (760) 727-1002 . Facsimile: (760) 727-1430 <br />http://www.pprp.com <br />