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7.A. - Page 16 Dan Zack May 9, 2012 <br /> Subject: Developer Proposals <br /> Sale and Lease Options <br /> ■ Hunter Storm <br /> - Purchase: Yes <br /> - Ground Lease: No <br /> ■ Lowe Enterprises <br /> - Purchase: Yes <br /> - Ground Lease: Yes <br /> Is the offered sale price sufficient to cover all costs of the development for the <br /> City, such as the relocation of the culvert, the creation of Depot Circle, and <br /> consultant costs? <br /> ■ Hunter Storm <br /> - Yes <br /> ■ Lowe Enterprises <br /> - Yes <br /> Is the project's financing sufficient, committed, and immediately available? <br /> ■ Development financing for project usually requires a Purchase Sale Agreement <br /> to be executed before funds are committed. <br /> ■ Both teams have committed to funding a substantial non-refundable deposit upon <br /> site and architectural approval as evidence of their commitment. <br /> ■ Hunter Storm has stated there will be no financing or leasing contingencies. <br /> C. DEVELOPMENT CONCEPT <br /> Development Concept <br /> ■ Hunter Storm <br /> - Hunter Storm's plan "is the result of numerous on-site interviews with <br /> potential office tenants, hotel operators, capital partners and local <br /> stakeholders... Our primary plan includes many features, including Class A <br /> office space, the extension of Theatre Way development of Depot Circle and <br /> a conference center that will accommodate up to 600 people..." Office space <br /> Page 5 of 8 <br />