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To: Dan Zack May 7.A. - Page 19 <br /> Subject: Developer Proposals <br /> Will the project be broken into phases, with only the first phase developed within <br /> the next two to three years; or will it be completed in its entirety within two to <br /> three years? <br /> ■ Hunter Storm <br /> - According to Hunter Storm's provided schedule the office buildings will be <br /> built in one phase, finishing within the next 3 years. The hotel will be built in a <br /> later phase when market conditions change. <br /> ■ Lowe Enterprises <br /> - According to Lowe's provided schedule, both the office building and <br /> residential building will be constructed during the same time frame, with the <br /> project finishing within the next 3 years. There is no mention of the hotel, <br /> which presumably will be built in a later phase. <br /> E. DOWNTOWN REVITALIZATION POTENTIAL <br /> Are there committed tenants that are ready to occupy the buildings as soon as <br /> they're completed? <br /> ■ Hunter Storm <br /> - No <br /> ■ Lowe Enterprises <br /> - No <br /> What guarantees are offered that the building won't sit vacant after it is <br /> completed? <br /> ■ Sophisticated development teams will not build a project unless they have a <br /> strong expectation that the building will be leased. <br /> Page 8 of 8 <br />