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00'! -/ <br />2656 Bridgeway, Suite 200 <br />Sausalito, Caldomia 94965 <br />Tel: 415/332.6250 <br />Fax: 4151332 -5417 <br />Memorandum <br />To: <br />Pat Webb <br />From: <br />David C. Irmer <br />Date: <br />04 /3/03 <br />Re: <br />On Broadway— Parking Structure <br />Watry Design Challenge <br />Pat: <br />Upon further reflection, I failed to address two significant points we need to be <br />aware of: <br />1. In discussions with Buchanan Street Partners (CaIPERS), our equity partner, <br />it is clear the capital resource could be in jeopardy should the garage <br />construction schedule extend appreciably. <br />2. The leasing program has been hampered greatly by our lack of solid <br />construction start dates. We continue to lose credibility with our major tenants <br />due to the many unresolved issues we have faced. The redesign of the parking <br />structure, and all that it entails, leaves the project in yet another uncertain time <br />schedule challenge. Our executed leases will have defaulted due to the <br />Developer's lack of performance. <br />Nothing is insurmountable; however, we seem to be needlessly exposing this <br />project to uncertainties. We await your direction. <br />Regards, <br />vGwt& <br />David C. Irmer <br />cc <br />Enclosure <br />c: Brad Blake <br />