flying crown's dalfort legend presentation proposal 03 dec 2014
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8/10/2019 Flying Crown's Dalfort Legend Presentation Proposal 03 Dec 2014
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Proposal
Regarding
Former Dalfort/Legend Facilities
December 08, 2014
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Table of Contents
SECTION I: PROPOSAL
Team 3
Key Terms 4
Exterior 5
Interior 9
SECTION II: IMPACTS
Environmental 12
Social 13
Jobs 14
Financial 15
Funding 16
SECTION III: EXECUTIONBudget 17
Timetable 18
Lease 19
Summary 22
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Team
Developer
Nonprofit organization created to relieve the burdens
of government
500,000 sq. ft. of aviation hangar and office under
management in four states
Completed aviation projects in four states
Renovated facilities at Bridgeport Sikorsky Airport and
Owatonna Municipal Airport
In operation since August 2007
www.flyingcrown.org
Jason Hutton
Stephen Birch
Architectural
Design
Construction
Old Parkland Renovation (for Crow Holdings)
Interurban Building Lofts Historic Conversion
Adaptive Reuse of Fidelity Union Life Building
Gables Republic Tower lobby
Republic Tower elevation
Cathedral Guadalupe
Santa Fe 4 A Loft Hotel Conversion
Majestic Lofts
Mosaic Loft Historic Conversion
Dallas Power & Light Lofts Historic Conversion
www.gff.com
www.andresconstruction.com
Award-winning 100 person firm in practice for 31
years. Architectural Top 250 Firms nationwide and
Top 100 Green Design firms. Recent projects
include:
City of Dallas: Perot Museum of Nature and ScienceArts District Parking Garage
Fair Park Renovations 1987-2012
Dealey Plaza
Crow Holdings at Old Parkland
Melrose Hotel Renovation and Expansion
Park Lane
Park Seventeen
Jeff Good
Wade Andres
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http://www.gff.com/http://www.andresconstruction.com/http://www.andresconstruction.com/http://www.gff.com/ -
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Key Terms
Proposal
Introduction: Flying Crown Land Group is pleased to present to the Aviation Department this
revised proposal to develop the former Dalfort/Legend facilities
Compromise: Compromise among aviation, historic preservation and neighborhood groups
Strategy: Renovate existing aviation facilities and parking garage
Construct new office building and aviation structures
Retail and restaurants along Lemmon Avenue
Development: Renovation: Operations and Maintenance Building (OMB)
Annex, North and South
Parking Garage
Construction: Office Building/Underground Parking Garage
Hangars (2)/Fuel FarmRetail/Restaurants
Budget: $92,424,000
Mixed-Use: Aviation: FBO, aviation offices, new hangars (including 145 facility); fuel farm
Commercial: Class A office space
Retail: High quality owner/chef restaurants and retail spaces
Civic: Ballroom and meeting spaces for public and private events
Governmental: CBP/Secure facility for dignitaries (Secret Service input)
Community: Natural, park-like setting; designated space on Ground Level
Design: Restore mid-century modern design to OMB and carryover design to other buildings
Retain highest artistic design elements of original architects
Environmental: Green buildings; LEED certifiable
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Exterior
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Exterior
Outdoors: Courtyard (park) feel
Efficient outdoor lighting
Parking lots (natural materials, crushed stone)
Extensive new trees and plantings
Fountain (front entrance)
Benches (exterior seating areas)
Sustainable gardens (on roof tops)
Outdoor restaurant seating areas (covered and
uncovered) on ground and balcony levels
Site Work: Demolition (Partial South and North Annexes, and
other structures on South perimeter)
Underground parking garage (new office building)
Second entrance to underground parking and FBO
Redesign parallel access road along Lemmon
Design and construct new main entrance
Install new median break at main entrance
Retail Spaces: Converted ground floor of Parking garage
New construction on South side of Parking garage
Ground floor of office building
Ground floor of OMB
Square Footage: Retail: 38,100
Office: 100,000
Existing Aviation: 440,300
New hangars: 42,000 (18,000 x 2) + (Office: 6,000)
Automotive: 20,000
Parking: New underground parking garage - office building (123)
New parking lot - new office building (160)
Reconfigured existing parking garage (745)
New underground parking OMB (110)
Reconfigured front parking lot and new retail parking
(along Lemmon) (274)
Total spaces (1,412)
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Exterior
Floors: FiveQuality: Class A
Size: 100,000 sq. ft.
Budget: $22,584,615 (approx. $200/s.f.)
Design: Inspired by Lever House (in NYC); design tied to OMB
Exterior: Open foyer space for outside dining and other garden areas
Balcony: Additional outside seating
Lead Tenant: FlexJet
Retail: Local bank branch and two restaurants; additional
retail along Lemmon
Restaurant: Two (5,000 sq. ft. each) and One (3,600 sq. ft.)
Parking: Underground (123 spaces) and new surface lot (160
spaces); street parking off Lemmon
Efficiency: Central plant and solar powered
Green: LEED Certifiable
Office Retail
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Exterior
Ground Level: Reconfigure 50% of ground level for retail (front
along Lemmon)
New Retail: New construction (South end) for retai l orrestaurant
Enclosure: Redesign entire building with decorative louvers
(increase curb appeal)Design: Exterior design ties to OMBBudget: $4,821,000Ramp: Remove existing ramp; construct new speed
ramp on North side
Sq. Ft.: Retail (converted and new) of 24,500Exterior: Outside dining and gardens
Restaurant: Space for restaurant (South end)
Balcony: On second level (South end)
Parking: 458 existing spaces (garage)
New Parking: Additional new street parking off Lemmon (90 spaces)
Tenants: Sewell Automotive Group
Marketing: Demand-driven leasing strategy
Demand: Expecta tion of close to 100% pre-leased before
construction commenced
Green: LEED Platinum Certifiable
Parking Garage
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Interior
Lower Level
Theme: Connection (setting new standards for private FBO
facility experience)
Size: FBO/Offices: 38,000 sq. ft.
Parking: 26,000 sq. ft.
Hangars: 140,000 sq. ft.
Hangar Capacity: Accommodate 72 mid-sized private jets
Use: Operational aviation (FBO, private offices and
hangars)
Exclusive clients, highest public officials and
dignitaries
Public Access: Restricted area (no public access)
Design: Luxury FBO (non-public) and private offices
Exclusive, private, high security area
FBO entrance (private/secured)
Hangars (upgraded with unique features)
Convenient, private parking (adjacent to hangars)
Fitness center and locker rooms (private use only)
US Secret Service input (on security matters)
Marketing: Highest demand (invitation only)
Pre-sold in advance of construction
Tenants: Undetermined (National FBO Chain)
New corporate clients
Relocated clients (within Love Field)
US Customs and Border Protection
OfficeCustoms BPHangarParking
Private FBO
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Ground Level
Theme: Community (entire level dedicated to aviation and
non-aviation community activities)
Size: Commercial: 37,000 sq. ft.
Ballroom: 20,000 sq. ft.
Atrium: 13,000 sq. ft.
Use: Various community activities and events
Ballroom (public and private events); kitchen facilities
Fitness Center
Commercial demonstration kitchen (aviation use)
Conference rooms, aviation library and training center
Public Access: Full, unrestricted
Design: Atrium (two-story Atrium through center of building)
Ballroom
Marketing: Strong demand expected
Pre-leased before construction completed
Tenants: Undetermined FBOCessna Aircraft
Bell Helicopter
Air Culinaire
Augusta Westland
Leading Edge
Public Space
Showroom
Interior
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Upper Level
Theme: Collaboration (incubator for community groups and non-profits)
Provide infrastructure, support and office space in central place
Similar to The Meadows Foundation (Wilson Historic District)
Size: Offices: 31,000 sq. ft.
Dining Club: 15,000 sq. ft.
Atrium: 11,000 sq. ft.
Deck: 5,000 sq. ft.
Public Access: Full public access
Use: Centralized office space designated for non-profit organizations
Private Dining Club
Design: Two-Story Atrium (sky light)
Restore observation deck
Marketing: Strong Interest
Advance commitments expected
Tenants: ClubCorp
Community groups and non-profits (aviation and non-aviation)
Interior
Public Space
Offices
Walkway
Atrium
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Environmental
Concern
Metal Dust Soil/Groundwater Mold/Fungus
Cause
Assessment
Action
Building Materials
Elevated levels of metal dust
Spread through building
Plating Room
Paint Booth and
Sand Blasting Rooms
Farmer Interior Sampling
Report (6/10/09)EFI Global Memo No. 2
(7/16/12)
Clean up: Qualified
abatement contractor
Contamination by COCs in
excess of regulatory guidelines
Plating room,
Hazardous materials (storage)
USTs,
Waste water sand traps and
Water separators
Limited Phase II ESA/Farmer
Report Re Subgrade Soil &
Water (5/29/09)
Remove UST
Remove oil water separator
Remove sand traps
Plug/Abandon monitoring wells
Mold/fungus in Legends
office space
Roof leaks
Pipe leaks
Other moisture
Limited Fungal Growth
and Bio aerosol
Assessment (7/3/09)
Remove contaminated
ceiling tile
Repair sources of
moisture (roof/pipe leaks)
Lead paint
Asbestos
PCB
Materials used in 1950s
construction
Phase I ESA (11/17/08)
Asbestos Assessment (not
available)
Removal: Qualified
abatement contractor
Takeaways
Environmental issues are typical of aviation facilities
Expected remediation is limited, contained and manageable
Cost of remediation has been properly accounted for
No off-site environmental concerns have been identified
Environmental considerations are not likely to be a significant community concern
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Social
Comparison
Takeaways
ConcernsBenefits
Employment (Job Creation)
Aviation Development/Growth
Community Development
Removal of eye sore
Historical Preservation
Furtherance of policy (Good Neighbor Plan
Initiative)
Residential neighborhood - Impact to adjacent residential
neighborhoods from increased air traffic, noise or congestion
Potential increased traffic on Lemmon (partially caused by loss
of parallel access road)
o Proposal benefits different groups within the community
o No adverse impact or disproportionate disadvantage to a particular group
o No significant negatives identified that cannot be managed or mitigated
o Mitigation factors: retail/restaurants improve quality of life for residents and office is good neighbor
(quiet at night)
Support
Focus
For Against
Business neighbors
Residential neighbors
District Council Member
Southwest Airlines
Love Field Pilot/Aviation groups
None identified
To assess impact on the Community
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Jobs
OMB
TotalNewExisting
Total
Number of Jobs Payroll Number of Jobs Payroll Number of Jobs Payroll
Tenant:
Building:
Tenant:
Building:
Retail:
Restaurant:
Labor:
133 $5,200,000 106 $9,905,000
327 5,108,105
239 $15,105,000
327 5,108,105
368 31,708,200
10 500,000
368 31,708,200
10 500,000
64 2,698,306
150 4,497,750
64 2,698,306
150 4,497,750
84 4,200,000 84 4,200,000
133 $6,500,000 1,109 $58,617,361 1,242 $63,817,361Annually:
Office
Building
Retail
Construction
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Financial
ProposalOriginal
Factors
Takeaways
Result
Revenues:
Ground Lease (Approx.):
Other:
Capital Commitment/Residual Value:
Demolition:
Less: $5m Rent Rebate
Capital Outlay (by City):
Financial Commitment (by City):
Environmental/Clean-Up:
Mitigated Costs:
(Maintenance/Preservation)
TOTAL
$1m $1m
Sales/Property Taxes (Higher)
Sub-Lease Rents (Higher)BETTER
$21m $84m BETTER ($63m)
$8m $0
$3m BETTER ($3m)
$0 $0 SAME
$0 $0 SAME
SAME$[3]m $[3]m
$1m $0 BETTER ($1m)
BETTER ($67m or more)
Budget:
Economic:
Risk:
Stable and constant rent revenues
No capital outlays (initially or in the future) by the City
No financial guarantee or credit supportBenefits aviation and general funds
Greater residual value
Greater upside potential (sales/property taxes and sub-leasing revenue)
Greater multiplier effect
Execution: Greater expertise (GFF, DEVCO and Andres)
Financial: Additional financial specialists (Raymond James/Amegy)
Stability: Strategic business plan diversifies and decreases risk
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29.0%
27.1%
84.1%
30.0%
BRANIFF OMB SOURCES OF CAPITAL
Equity Debt Government Incentives EB-5
Funding
Sources
of
Capital
Detail
Federal Historic Tax Credit available due to National Park Service eligible status of 20%
Newly enacted State Historic Tax Credits of 10% by legislation implemented this year Love Field Area is in Highly Distressed economic identification zone as per the 2010 US
Census making it eligible for New Market Tax Credits (NMTC)
Eligible for Brownfield Development Improvement Funds due to EPA registered cleanup site
Chapter 380 Guaranty from the City of Dallas
Property remains FAA grantee site and eligible for HUD Section 108 loan guarantees
Job creation meets both EB-5 and NMTC requirements
170.1%
FUNDING BREAKDOWNEquity
Charitable Donations $ 500,000 1.1%
Owner Cash Contribution $ 2,000,000 4.3%
Foundation Support $ 4,619,863 10.0%
Land Lease Equity $ 6,287,243 13.6%
Debt
Section 380 Guarantees $ 2,500,000 5.4%
Bank Debt Financing $ 5,000,000 10.8%
Section 108 Guarantees $ 5,000,000 10.8%
Government Incentives
Brownfield Development $ 2,500,000 5.4%
CDBG $ 4,000,000 8.66%
State Tax Credits $ 4,619,863 10.0%
Historic Tax Credits $ 9,239,727 20.0%
New Market Tax Credit $ 18,479,454 40.0%
EB-5 Funding $ 13,859,590 30.0%
$ 78,605,741 170.1%
Project Cost $ 46,198,635
FCLG Confidential and Proprietary Page 16
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Budget
OMB Renovations
SQUARE FOOTAGE (SF) LEVELSTOTAL FIRST SECOND THIRD
Office 33,847 0 12,510 21,337
Special Events 64,510 20,040 29,699 14,771
Hangar & Showrooms 191,213 162,104 29,109 0
Civic 2,902 0 0 2,902
Support 1,927 0 0 1,927
Atrium 62,326 18,163 31,256 12,907
Restrooms 5,213 1,250 2,904 2,309
Parking 25,540 25,540 0 0
Total 387,478 225,847 105,478 56,153
RENOVATIONS SF PRICE/SF COST TOTAL
Office 33,847 80 2,707,760
Special Events 64,510 60 3,870,600
Hangar & Showrooms 191,213 50 9,560,650
Civic 2,902 120 348,240
Support 1,927 120 231,240
Atrium 62,326 120 7,479,120
Restrooms 5,213 80 417,040
Parking 25,540 40 1,021,600
387,478 25,636,250
DEMOLITION
In te ri or - Mez za nine le ve ls 137, 508 2 275 ,016
Hangars (Level 1) 162,104 3 486,312
Atrium 62,326 10 623,260
Parking 25,540 4 102,160
Existing Building 16,168 20 323,360
1,810,108
HISTORIC RESTORATION
Hangar Door 832 500 416,000
Precast Skin 543,060 10 5,430,600
Storefront Glass 19,200 65 1,248,000
Clearstory Glass 7,152 45 321,840
Roof 225,847 12 2,710,164
Tarmac 395,266 4 1,581,064
11,707,668
TOTAL OMB 39,154,026
New Construction
SF PRICE/SF COST TOTAL
EXISTING AVIATION
BLDGS
North Annex 74,000 30 2,220,000
South Annex 21,000 30 630,000
2,850,000
NEW HANGARS (2) 42,000 125 5,250,000
5,250,000
FUEL FARM
Building 5,272 80 421,760
Equipment 500,884
922,644
OFFICE BUILDINGStandard Class A 100,000 200 20,000,000
Parking 2,584,615
22,584,615
PARKING GARAGE
Exterior Features 55,720 25 1,393,000
Ramp 190,000 2 380,000
Retail 38,100 80 3,048,000
4,821,000
SITE WORK
Surface Parking 130,150 12 1,561,800
Landscaping 400,000
Curb Cut 50,000
Sidewalks 66,263 8 530,104
2,541,904
CENTRAL PLANT
6,300,000
PROJECT TOTAL 84,424,189
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Timetable
Construction Schedule
Pre-Construction Period: Finalize ground lease terms
Finalize architectural drawings
Complete environmental clean up
Projected Capital Expenditures
Construction Period: Begin renovations on OMB, Annex and site work (Day 1)
Construction of new hangars projected to commence 9 months after Day 1
Renovations on Parking Garage, Automotive and Retail projected to commence 15 months after Day 1
Construction of new office building projected to commence 18 months after Day 1
First Year Second Year Third Year Total
Start Date Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12
OMB Q1 1,603,938 4,558,560 6,880,050 8,061,898 8,061,898 6,880,050 4,558,560 1,603,939 42,208,893
OMB Annex Q1 1,097,250 1,601,700 151,050 2,850,000
Sitework Q1 1,664,947 876,957 2,541,904
New Hangars Q4 1,907,347 3,364,091 901,206 6,172,644
Parking Garage Q6 1,685,904 2,973,520 796,576 5,456,000
Office Building Q7 2,716,056 6,977,026 8,198,005 5,805,882 1,220,979 24,917,948
Quarterly Totals 4,366,135 7,037,217 7,031,100 9,969,245 11,425,989 9,467,160 10,248,136 9,377,541 8,198,005 5,805,882 1,220,979 -
Annual Totals 28,403,697 40,518,826 15,224,866 84,147,389
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In General
Aviation
Parties: City of Dallas (Lessor)
Reed Enterprises Investment Holdings, L.P. (Lessee)
Reed Enterprises Management, LLC (General Partner)
Randall L. Reed (Manager)
Term: Forty (40) years (to commence fourteen (14)months from Effective Date)
Effective Date: Date upon which lease is executed
Property: 635,538 sq. ft. (Total)600,858 sq. ft. (Improved Land)
34,680 sq. ft. (Unimproved Land)
Rate: $0.65 per sq. ft. (Improved Land)
$0.40 per sq. ft. (Unimproved Land)
Rent: Amount: $404,429 (Annually)
Computation: (600,858 * 0.65) + (34,680 * 0.40)
Payable: Begins fourteen (14) months from the Effective Date
Period: First three years
RentIncrease:
Timing: Every three years
Computation: Greater of (1) percentage increase in CPI over previous 3-yr
period, (2) Prevailing rate for similar properties at Love Field or (3) 6 %
Cap: 12% (of previous 3-year period)Period: Years 4 through 30
Amount: Collection of rent at then prevailing market rate at Love Field
Period: Years 31 through 40
Permanent
Improvements:
$9 million (within 24 months of Effective Date)
$4 million (within 10 years of Effective Date)
Title: Title to Improvements vests to Lessor upon completion of construction
Parties: Braniff International Property
Company (Lessee)
Effective Date: No Change
Rate: No Change
Rent Increase: No Change
Title: No Change
Term: [40] years (or longer toaccommodate financing) and [24] months
(longer construction period)
Revised property line:
788,855 sq. ft. (Improved Land)
No Change (Unimproved Land)
Amount: $526,627
Computation: (788,855* 0.65) + (34,680* 0.40)
Payable: [24] months
$[35] million within [36] months
$[15] million within [5] years
Subsequent Rent: Subsequent Rent: No change
Lease
Original Proposal
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Lease
Commercial
Original Proposal
Property:
Rate:
Rent:
RentIncrease:
Permanent
Improvements:
Title:
Rate: No Change
Rent Increase: No Change
Title: No Change
$[20] million within [60] months
Percentage Rent:
414,600 sq.ft. (Unimproved and Improved Land)
$0.75 per sq. ft.
$240,000 annually (parking garage)
Amount: $521,809 (Annually)
Computation: ((414,600 less 38,865 for parking garage)
multiplied by $0.75 rate) plus $240,000
Payable: Begins fourteen months from the Effective Date
Period: First three years
Timing: Every three years
Computation: Lessor of (1) percentage increase in CPI overprevious 3-year period or (2) Maximum of 2 percent per year
Excess CPI Amount: Any CPI increase over 2 percent shall be
payable on a pro rata basis over 5 years
Period: Years 4 through 40
Lessor shall receive percentage rental equal to excess of (1)
10% of gross retail rentals collected by Lessee under subleases
of the property over (2) amount of base rent otherwise payable
by Lessee for same periodPeriod: Years 20 through 40
$8 million (within 24 months of Effective Date)
Upon completion of construction, Lessee retains ownership
of permanent improvements through remainder of Term
(which will be subject to ad valorem property taxes)
261,283 sq.ft.
Amount: $406,814
Computation: ((261,283 less 38,865 for
parking garage) multiplied by $0.75 rate)
plus $240,000
Payable: Begins [24] months
Percentage Rent: No change
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Other
Original Proposal
No Change
At Maturity: At expiration of the Term, Lessor retains right
to require Lessee (at Lessees expense) to
demolish the improvements or leave them in place
Right of
First Refusal:
Lessor remains responsible for environmental clean-up and
remediation of environmental contaminates, not caused by
Lessee, after Lessors initial demolition of the structural
improvements. If, during Lessees construction of new
improvements on the leased premises, environmental
contaminates requiring remediation are found on the site for
which Lessor is responsible, Lessee may remediate the site
to acceptable levels and Lessor shall reimburse Lessee for
the cost of such remediation through rent abatements in an
amount not to exceed one years rent under both leases
Environmental: Lessor remains responsible for environmental clean-up and
remediation of environmental contaminates, not caused by
Lessee, after Lessors initial demolition of the structural
improvements. If, during Lessees construction of new
improvements on the leased premises, environmental
contaminates requiring remediation are found on the site for
which Lessor is responsible, Lessee may remediate the site to
acceptable levels and Lessor shall reimburse Lessee for thecost of such remediation through rent abatements in an amount
not to exceed one years rent under both leases
Renewal: The Parties agree to enter into negotiations in the thirty sixth
(36th) year regarding possible ten (10) year extension of the
Term. If no agreement is reached (by the beginning of the 37th
year), Lessee has right to terminate the lease upon written
notice. Lessee has limited right of first refusal for third party
offers
No Change
No Change
[NA, no demo of historical property]
Lease
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Summary
Conclusion
Next Steps
Endorsement to proceed
Finalize lease terms
Finalize architectural designs
Schedule environmental clean-up
Identify any other concerns
Thank you for the opportunity to present our proposal
Win-win solution that is superior to the original plan
Compelling financial deal for the City
More positive impacts to the community (e.g., creates more jobs, preserve
historical building, and furthers Good Neighborhood Initiative)
Less risk (execution, funding and ongoing risk)
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