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8.A-41 Table 3 _ COMMUNITY FACILEM DISTRICT NO. 99-1 Summary of Remaining Taxable Property Owners with Largest Special Tax Uabllity (!'iscal Year 2002 -03) No. of 2002-03 Assessed Pm Rata Pardon of Taxable Value (land and District Bonds Value m Percent of Proomw Owns (I) Eioad4 imrxovements) (2) Bonds (3) Limy (3) Total Len (3) Peery Public Investment Co. 3 159,841,417 2.669.163 599 22.3096 Electronic Arts lr c lassea 3 79,700,000 2.053.158 38.8 17.15% Equity Office Partners 4 154.959.955 1 913 14.17% Miotel Corp. lasam 1 21900,000 MAN 28.2 6A6% Metropolitan Life Ins, Co. 1 40.269.323 660340 61.0 5.52% Shorebreeze Associates 2 49,766,058 606.828 82.0 5.07% ERI Dolphin. Inc 1 44.011382 504.771 872 4.22% Provident Central Credit Union 1 29.665,827 455,121 652 390% Franklin RE Income Fund 2 38.182.680 372,342 102.5 3.11% Shapell Industries of N. CA 1 21 .451.583 341,978 52,1 2.55 sub -total 19 639.648,225 10.133,444 63.1 84.66% All Others 21 126.197.074 1, 836.556 68.7 is JIM4i Total 56 765.845288 11970,000 64.0 10100% (1) Developed Oracle properties have had their special taxes prepaid and are not included in time figures (2) Lever of Baal year 2002 -03 assessed value or appellant dmerromatloo of value. (3) The authorized amount of Bonds is 813, 535, 000'. however. Oracle has prepaid its special taxes and is no longer subject to the lien of the Bonds These figures reflect the estimated maximum amount of Bonds that could be secured by the maximum special tax if levied on the remaining parcels subject to the levy of special axes The alcvlatlon assumes a 25-year amortization. a 5 percent average interest rue. $25,000 of administrative expense payable prior to debt service and debt service coverage of 1.1 times. Source: Assessed Values - San Mateo County Assessor's 2002-03 sensed FmpertyRoll and assessment appeal data: remainder . Wf U&m EuphrstMurddpal Fhanc% Current Development and Significant Land Uses Peery Public Investroent Ca Peery Public Investment Co ("Peery") is responsible for approximately 22% of the current annual Special Tax liability. Peery owns three Taxable Parcels which are the sites for two- and three -story office buildings. All of the buildings have been completed and are being leased to tenants. Peery is a privately -held company, based in Santa Clara, California Peery is in the business of developing /owning /operating /managing properties throughout northern California Electronic Arts Inc. Electronic Arts Inc. ( "Electronic Arts ") is responsible for approximately 17% of the annual Special Taxes. Electronic Arts owns three Taxable Parcels in the District Two of these parcels comprise sites on which facilities are leased to Electronic Arts. In February 1995, Electronic Arts entered into a build -to -suit lease with a financial institution for the Company's headquarters facility In the District, which was extended in July 2001 and expires in July 2006. Electronic Arts accounted for this arrangement as an operating lease in accordance with SFAS No. 13, "Accounting for Leases ", as amended. The facilities developed on this site comprise a total of 369,204 square feet and provide space for sales, marketing, administration and research and development functions. Electronic Arts has an option to purchase the property (land and facilities) for $145,000,000 or, at the end of the lease, to arrange for (1) an additional extension of the lease or (2) sale of the property to a third parry with Electronic Arts retaining an obligation to the owner for the difference between the sale price and the guaranteed residual value of up to $128,900,000 if the sales price is less than this amount, subject to certain provisions of the lease. -24-