POMPANO BEACH

COMMUNITY REDEVELOPMENT AGENCY

Meeting Date: October 17, 2017 Agenda Item

REQUESTED CRA BOARD ACTION:

Resolution( s) Consideration X Approval Other

SHORT TITLE APPROVAL TO CONTINUE DISCUSSIONS WITH IL PORTICO, LLC IN RESPONSE TO

OR MOTION: IL PORTICO' S SUBMISSION TO REQUEST FOR PROPOSALS ( RFP) E- 29- 17 TO

CONSTRUCT A MIXED- USE DEVELOPMENT LOCATED ON DIXIE HIGHWAY AND

DR. MARTIN LUTHER KING, JR. BLVD. / NW 3RD STREET.

Summary of Purpose and Why:

On April 5, 2017, the CRA issued Request for Proposals ( RFP) E- 29- 17 for a mixed- use development on Dixie

Highway and Dr. Martin Luther King, Jr. Bivd. / NW 3rd Street, known as the Gateway Project. One proposal

was submitted in response to the RFP by II Portico, LLC. II Portico' s mixed- used development proposal containsapproximately 20, 000 sq. ft. of retail and 1 Z, 000 sq. ft. of office space, as well as 173 market- rate residentialunits.

The Gateway Project is paramount to the success of Pompano Beach' s planned Innovation District as theproject is an entrance to the districYs main thoroughfare from the North. Although there is much due diligence to

complete with regards to II Portico' s proposal, the CRA is excited by the opportunity that has been presentedand would like permission to further discussions with II Portico to determine whether the project is in the best

interests of the city and its residents.

QUESTIONS TO BE ANSWERED BY ORIGINATING DEPARTMENT:

1) Origin of request for this action: Staff

2) Primary staff contact: Kim Briesemeister Ext. 7823

3) Expiration of contract, if applicable: N/ A

4) Fiscal impact and source of funding: N/ A

DEPARTMENTAL DEPARTMENTAL AUTHORIZED SIGNATURE

COORDINATION DATE RECOMMENDATION OR ATTACHED MEMO NUMBER

X CRA Executive Director

X CRA Attorney e, vu,

X Finance Director a,„

ACTION PREVIOUSLY TAKEN BY CRA BOARD:

Resolution Consideration Other:

Results: Results: Results:

POtv PANO BEACHP. O. Drawer 1300 Phone: ( 954) 786- 5535

Pompano Beach, FL 33061 Fax: ( 954) 786- 7836

MEMORANDUM

Date: October 17, 2017

To: Community Redevelopment Agency Board

From: Jordan Pace

Thru: Kim Briesemeister, Co- Executive Director

Subject: Update on RFP E- 29- 17: The Gateway Project

Issue:

Approval to continue discussions with Il Portico, LLC in response to its Request for Proposals ( RFP) E-

29- 17 to construct a mixed-use development located on Dixie Highway and Dr. Martin Luther King, Jr.Blvd. / NW 3rd Street.

Recommendation:

CRA recoinmends approval of this request.

Background:

On April 5, 2017, the CRA issued Request for Proposals ( RFP) E- 29- 17 for a mixed- use development on

Dixie Highway and Dr. Martin Luther King, Jr. Blvd. / NW 3rd Street, known as the Gateway Project. Theproject is made up of two ( 2) aggregate parcels separated by NW 2nd Avenue. The smaller parcel, owned

by the CRA, totals 0. 344 acres. The larger parcel, owned by the City of Pompano Beach and leased to theCRA, measures 1. 903 acres.

The CRA issued RFPs for this development in years past but failed to solicit bids for the project. However,

one ( 1) bid was submitted for the Gateway Project in response to the recent RFP E- 29- 17. The proposal,

known as Il Portico, is a mixed-use development with nearly 20,000 sq. ft. of retail and 12, 000 sq. ft. ofoffice space, as well as 173 market-rate residential units. The residential units include ninety-nine ( 99)micro apartments, twenty-two (22) penthouse micro units with roof terraces, twenty-nine ( 29) one bedroomunits, two ( 2) large one bedroom units with terraces, seven ( 7) large one bedroom penthouses with terraces,

nineteen ( 19) two bedroom units, six ( 6) two bedroom units with terraces, seven ( 7) large two bedroompenthouses with roof terraces, and four( 4) three bedroom units.

The Gateway Project is paramount to the success of Pompano Beach' s planned Innovation District as it isan entrance to the district' s main thoroughfare from the North. Additionally, the project embodies the

overarching goals of the Innovation District, which is to emphasize a combination of residential, business,hospitality, government, education and cultural uses through mixed- use development.

1

I' UNtPANC E A HP. O. Drawer 1300 Phone: ( 954) 786- 5535

Pompano Beach, FL 33061 Fax: ( 954) 786- 7836

Although there is much due diligence to complete regarding Il Portico' s proposal, the CRA is excited bythe opportunity that has been presented and would like permission to continue discussions with Il Portico todetermine whether the project is in the best interests of the City and its residents.

2

Page 1 of

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Maed Use Development on Dixie HigMxray and Dr. Martin Luther King Jr. Boulevard/ NW 3rd Street

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Firm Name: il Portico, LLC

Address: 55 NE 5th Avenue, Suite 501

Boca Raton, FL 33432

CAF' IT.4 Lr a o _, N Phone No.: ( 561) 705- 5353

Email: MCaprini@CapitalGroupUSA.com

OwnershiptOrganization Structure/ Principals:

il Portico, LLC is a special purpose entity created to develop the Gateway Project.The company is organized in the State of Florida and is owned by Capital GroupGreen Developments, LLC( 959'0) and Crockett Development, LLC( 5%)

The key prinicpals of il Partico, LLC are Capital Group Green Developments, LLCand Crockett Development, LLC. The Capital Group Green Developments, LLC isowned hy Mario Caprini and Eddy Sua. Crockett Development, LLC is owned byHenri Crockett.

Officers: Mario Caprini, Managing Member/ Principal- in- Charge

il Portico

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Page 3 of

Capital GroupPrincipal- in- Charge

Mario Caprini shall serve as the principal- in- charge and will represent the company

with its interactions with the ity of Pompano Beach and the Pompano Beach CRA.

iT Capital Group was founded in 1984 by Mario Caprini in Montreal. Since itsN•

founding, the company has evolved from an award- winning residentialand commercial real estate development organization to a fu( ly- integrated

development, marketing, sales, finance, cons[ ruction, and corporate developmentservice company.

As the Chief Executive Officer of Capital Group, as well as the founder of bothCapital Group Green Developments and Viridia lnternational, Mario is a seasonedveteran real estate investor, entrepreneur, builder/ developer, consultant and

portfolio owner. He has developed and built over 1, 000 residential units, 5, 000,000

MdPlO Cd Jrllll square feet of industrial parks, and owned hundreds of thousands of square feet

of office, retail and medical buildings, Mario has aiso managed his oevn portfolio inFounder& CEO,

excess of 1, 000,000 square feet and has done business in many countries.Capitdl C.rc u}7 Some notable achievements in his career indude winning' Entrepreneur of

the Year' in Montreal,' Best Residential ProjecY in Canada, and' Best Office

Development' in North East Ohio. Mario was the first Canadian to have clear

title on ex- communist soil in Poland and created an internafional real estate

partnership bet veen private and pubtic entities. Mario Caprini is a real estatevisionary who has developed innovative solutions including Lease O vnership,Debt Elimination Program( DEP), and The Realizer, a powerful real estate

investment software. Mario's latest achievement was the development of a state-

of-the- art, energy efficient home prototype for the City of Pompano Beach. Thisr prototype was awarded" 2017 Best Affordable Home in the USA" by the Structural

Insulated Panel Association( SIPA).

Fddy Sua is the founder a d Managing Broker of Capitai Group Realty of SouthFlorida AKA" The Sua Team". She was bom in Colombia and moved to the United

States at an early age. She has resided in Sauth Florida since 19J9 and hasheld significant positions at many recognized real estate brokerage companies

EddSUaincludinq the international firms of Coldwell Banker, Exit Reaity and Balistreri

Y Realty.

Fautlder$` Over her twenty- two-year tenure in the reai estate business she has received many

Managing Broker, prestigious awards including being recognized as a Top Producer in the State of

CapitatGroupFlorida.

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Page 4 ofr...... y..,..,",.,,._.,....,..... y..... y...,..

volume in the hundreds of millions of dollars. She is certified by the NationalAssociation of Realtors as a Certified International Property Specialist, CertifiedBuyer' s Agent, Certified Distressed and Foredosure Specialist and E- Pro certified

as well as being a Green Certified Agent. She has served as the secretary of theWomen' s Council of Greater Paim Beach County. She is also the president of the

Synergy Community Development Center, a nonprofit organization heiping theunderprivileged with education and guidance with their housing needs andgetting them on to the path to the American Dream of home ownership.Through various alliances, she has developed specialties as foliows:

Assistance in acquisitionz and dispositions as well as marketing, sales and

leazing of their products.

In investments, she has prioritized in wealth building for her clients in concertwith her own investments. She only recommends investments in projects sheherselfwould invest in.

The Sua Team is well known for its specialization in residential investments for

foreign nationals and Eddy is considered an expert by her peers in the prestigioussouth Florida area. In 201 1, the Eddy expanded her focus to the commercial realestate arena and has made a significan[ impact in this area of the business.

F

Crockett Development9

Crockett Development LLC was created to develop and build infill housing ancic"'°,;: r; commercial properties in the community Henri was brought up in. Giving back

to the community is key for Henri, following 14 years of successful operations ofhis nonprofit, the Crockett Foundation, which has given back to the community,

f'., ,

helping thousands of children improve their lives and providing opportunities.Henri feels this community has given him such opportunity that the natural nextstep for Henri, is to now provide affordable housing and commercial propertiesboth housing opportunities for people and families vho need it but alzo toprovide economic benefits and toois for the young entrepreneurs eager to get

p y their new ideas to market. II Portico is the first project which this home gro vn

B. S. Criminology, Pompano Beach role model will start in real estate development only to followFlorida State University with many more to come.

YEAR5 Or" As a leader in Pompano Beach, Henri will now participate in the many opportuni-

tiestoenhancethecommuniry.20

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Capital Group has assembled a unique and highly qualified team to help irt thedevelopment of II Portico- the Gateway Project Mixed Use Development on DixieHighway and Dr. Martin Luther King Jr. Blvd./ NW 3rd Street.

The team includes experts in design, development, construction, finance, legal,

realty and property managment, as well as neighborhood development andcommunity outreach. A brief introduction of the firms and their key personnel isprovided on the following pages.

evelopmm[ T e am

Key Persone'.

Mario Caprini

fl Portico LLC

Principal- in charge

Henri Crockett

Conmmni[ y LiasaiPrincipal

Realty& PropertyNeighbwhood

Design, Development and Construction Finance and Legal Developme t&Management

Commani Outreach

MichaelKaufman RickGonzalez Mdrew8lasi lohnSciarrr[ ti EddySua GaryBare[ tr

Kaufman ly nn

Shaplro, Blasi; C. ryNt l Group F.ealry of yyuergy Center lon-

REti Mchi[ ect LVacserman&. Hcxniann PAunidp.d Acyuisitions South Flwida & oker profit Rea) Estate&Constmctton

PA teasin & Sales Y cubator D welopne 7t

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lim Corbetc Traci Scheppske RobntC, Lavin Philip Bloom Michael Oliveri Yvonne Garth

btorgan5lanley Senicx idgeRe lCstaletiroup arlh dutirnisCanrnuni[ yWa ker Ys4.in}, t; eith R As ociates

Pfe Centennial 13ank

p r, h y agemrnt Outre ch

En neeringParkingCu itiulbmt tmidscapi ig&

Surveying

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Page 6 of

Mario Caprini, Capital Group

Design, Development& Construction

Kaufman Lynn Construction; Michael I. Kaufman, President& CEO

REG Architects, Inc: Rick Gonzalez, President

Walker Parking: Jim Corbett, Parking Consultants

Keith & Associates: Traci Scheppske, Vice President

Finance and Legal

Municipal Acquisitions: Jon Kling, Founder& CEO, Parking

Morgan Stanley: Robert C. Lavin, Financial Advisor

Shapiro, Blasi, Wasserman& Hermann, P.A., Andrew Blasi, Legal

Centennial Bank: Philip Bloom, Commercial Lender

Property Management

Capital Group Realty of South Florida, Eddy Sua, Real Estate Leasing & Sales

Bridge Real Estate Group: Mike Oliveri, Property Management

Neighborhood Development& Community Uutreach

Garth Solutions: Yvonne Garth, Community( utreach & fVlarketing

Synergy Center, In- Fill Housing Development

Crockett Foundation: Henri Crockett, Community Liaison

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Page 7 of

Il PorticoN "

t . . ... i, 13th ANNUAL

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communitie5. vibrant and viable neighborhoods through real estate development and

home repositioninginitiatives

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u , __.__ ` ".The Center' s four major cornplimentary components are designed tocreate

z'` .synergy forthe developmentof affordable home ownership for low income t

z ''"'residen[s induding armed ser;ice veterans in Palm Beach,Broward and Dade

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Counties. Real Estate Component Goals

r Building Be[ter Neighborhoods

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gservice veteranz in Palm Beach,Broward and Dade counties v K,¢* l'

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s,-Reducing bliqht through rehabilitated housingw ,w" n,;, r; ,

F; ,Access to dean energy homeimprovement Providing enhanced access tohome ownership in Palm Beach,&roward arniDade counties

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F' 'Community& Edu<ationalGoais Provide programs for the various members of thecommunity which

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i their need for improved and newhousing Encourage various neighborhood organization or groups to collaborate

onimportant communiry developmentinitiatives

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Page 8 of5ma t tsusmess tnterprise NrogramsWe are committed to maximizing the economic benefit of the construction d

activity by actively engaging locai businesses and workforce. k n z

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Our construction manager, Kaufman Lynn Construction, has an excellent track

record of utilizing local subcontractors and labor forces. Just like they did for the Pier

Parking Garage, the team vill go through great lengths to generate local market r-

awareness of the project prior to bidding it, which indudes advertisements, trade ti

meetings and project specific job fairs.

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We Provide Special Consideration for smaller Pompano Beach 6osed and 58 MBE

and CBE Subcontractors and SupplJers

Our contracts typicalEy outline payment to subcontractors and suppliers within

30 days of receipt anc approval of end- of-month invoice( assuming we have beenpaid by the Owner). For srnaller subcontractors and suppliers that have beendetermined to be unable to financially capitalize their labor and/ or materials fortheir project, we employ our Quick/ Direct Pay system.

Quick Pay for Labor Costs- Qnce qualified, Kaufman Lynn Construction will paya subcontractor every twa tiveeks. They will prove their" work in place" and we paythem avithin 4R hours to pay their workers to keep their business cash flow fluid.

Direct Pay for Materials Costs- Once qualified, Kaufman Lynn Construction willpay material invoices directly to a supplier once submitted to us by the subcon-tractor. This alleviates financial outlays that typically aren' t reimbursed for 30- 60days under normal contract conditions.

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Page 9 of

II Portico'; Italian for gateway, is the City of Pompano Beach' s gateway to theInnovation District. This important development site consists of 2. 5 acres which

will be best used as a green energy efficient mixed-use project. Some of the keyelements of this project indude a comer retail space with a drive through, shared

office space on the second Floor, envisioned as a catalyst for flourishing locai en-trepreneurs as well as an incubator owned by our nonprofit, Synergy Center, andoperated by a professional experienced team of shared office space.

The focal point of the project wiil be the Portico plaza which will be used as a

gathering place for the community.The main building will be promoted as aworktorce condo project offering micro apartments, one bedrooms, 1 bedroomplus den and some 2- bedroom and 3- bedroom units priced from$ 160 k and up-

less than the median home price for the area. The original[ ransitional

micro apartments and the 36 penthouses 2 storey micro apartments

a ill target millennials, retirees, foreign nationals and couples looking1—^ -£ for a work, live, play lifestyle within a vibrant innovation district.

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I I Pordco is located across the street from the local bus terminal as °'

cti ° and diagonally across the street from the planned Pompano Tri- Rail e _

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II Portico project is conceived as a e. vay o the district at the comer of Hwy1 and MLK. Built around a arge public p( aza feature activating the ground floor

a's_r '` commercial components, the Art Modeme architecture introduces nautical and

resort Iheme elements. The south east exposure o( the public plaza will allowJ

for better airflow of the prevailing southeast Florida breezes and will provides>- yRa y` e,, a striking view as you depart the hiztoric diztrict of Pompano Beach and head

y` west. The base of the building has a large projecting covered walkway and deepr` iS*,:", . _ vr arcades that link the proposed mix-use, mid- rise building, to the iconic 2- story

r i a,,, ` corn e r bu i l d i n g, e x ten d i n g th e a c t i v i ty o f th e g ro u nd fl oor ou t to va rd s the p u bl icr ,

y„ q` space and creati g a gateway to the north. The mixed use residential building ArtModeme architecture fa4ade utilizes the rhythm of horizontal projecting balconies

s ' j x°` 4 with vertical privacy walls to express its function.e '' +`" '

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Building B v, The recessed top of the building and pergofa accentuate the penthouse lofts.b„ The adjacent corner, iconic, commercial building creates the opportuniry for a

4 circufar dispiay screen reinforcing the important urban intersection. Connedion

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to the south with the bus depot allows for a TOD( transit oriented development)

P , opportunity with potential shared parking that couid reduce the need forautomobile ownership by the building occupants. New streetscape, park

pr ` 4' '• amenities, a new road on the north edge to improve pedestrian, automobileTY'' .:

7 .[ r' ! j and bicyde connectivity, sets the stage for other future redevelopments andr , + nei hborhood im rovement ro ects, makin this ro' ect a strate ic te eveloTM,,, 9 P P 1 9 p 1 9 p-

M ,ti J z ment location within the City of Pompano Beach.1

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Page 11 of

process that s achieved over time. Finding the right mix to create the environment

Fre are seeking required research and consulting with community leaders and m+ s

citizens alike. We believe the right tenant mix requires businesses that are needed

for the community. Together, they have to create a sense of destination, a place aa`'

a w •to gather, relax, meet you r fnends, host your meetings or just have a quiet time r •, :„

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to recharge your battenes on the plaza in an urban zetting. A true live, work, play r ;

environment and filling our retail space with businesses seeking this profile of r k * a; ctient will be key to identifying retailers and office users alike. c f-

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The rnix of residential and office use wili be sufficient ro support the retail business. p` y * l)r'.i" a " r, a i . .However, we feel Fhis site will be of particular interest to retailers that can benefit

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from the additional foot traffic generated by the bus station across the street and s¢"-', - "

an upcoming Tri Rail station diagonally across from the site. atmosphere. Offering ouuide seating will be a draw as they will all have directaccess or vie v of the Plaza.

Building ABui ing A has 11, 086 sq. it. of space with large terraces in the front for outside As for the shared office space on the second floor, this wiil be a great[ ool to

seating. The businesses can also have the ability to use the park area. Additionally, facilitate companies large and smail to take foot in Pompano Beach and hopefully

about 4, 0 0 square feet will be available for work live setups. grow into a permanent major operation in the city. The incubator combined

with the housing type and mix we offer will be conducive to retain or bring backSome of the businesses conducive to this type of retail vould be: eclucated entrepreneurial millennials to enhance their skills, ideas and innovations

Ice cream/ yogurt parlor( ex. Dunkin Donuts/ Baskin Robbi s, Dairy Queen) in the Innovation District. Creating the catalyst and energy needed for a good

financial institution location sense of place.

Midsize reception hall

Ceil phone stores Having access to public transportation vith the planned rai station might even

Personal grooming entice other millennials[ o take root in Pompano Beach and maybe eventually

SmaU foot print restaurant such as Greek, Mexican, Pizza restaurants with live bring their businesses here.

entertainment

And in our Ilve work spaces we would see: ti ""d"'':

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Building 6 consist of 8, 136 square feet of prime retail space on the first floorf '

comering MLK and Dixie Hwy. We believe the space is conducive to 2 to 3 tenants Z t;

featuring a fast casual restaurant seeking a drive through, a fast casual restaurant,or financial institution kiosk and a sports bar restaurant on the front end. Targeted v. ,''

fast casual restaurant such as Polio Tropical, or specialty local fish restaurai ty;, e `

r` „/,

like Papa' s Raw Bar or a Duffys like setup would be a good fit and create a goodt,

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Page 12 of

will prepare ihe pro forma analysis. However, we know that theTax Increment

Request for Public Assistance Funds vrlll be sufficient to make the parking structure financially feasible.Based on the feasing rates of the latest built City owned parking, we are

anticipating that our proposed development is threatened if an investment in We( urther illustrate Iha[ the property taxes generated on Buildings A wouldthe area's parkiny capacity is not made. The wccessful development of II Portico provide 5630,820 in tax increment revenues. We are requesting that aIITIF fundscan only occur through a strong partnership with the Gty.We are requesting generated by the development on the Project Site will be designated as beingdevelopment incentives from the Ciry in the following form:

available to be spent solety on the public use components of the project and/ orExecute 30-Year 69aster Lease for the Parking Structure upon construc[ ion of the

used for financing associated with development of il Portico.private development at the Project Site:

The Ciry will execute a lease for 30 years which will allav for[ he subordinalion toProJect financing of[ he improvements to enable lende s to record on a first Y} ncing 5tttacture fr t di5cussEr 2,mortgage position. The City would receive lien- free tide to the parking garage atthe end of the term, financed by Murticipal Acquisitions. t^'-'

Projec[ ed Sales 543,538,250 for 173 units

Lease will be strucW red in accordance with all regulatory and statutoryPresale requirement 60°io or 104 units

requirementsCost 529,977,461

Rents will be triple net basispr:<.•,,-,Dec:( Finarxing Municipal Acquisi[ ions 7004b)

Ciry to hire a 3rd party parking operator ro run day- to-day operations 58,203, 333 for 285 spaces

Parking rates to be set by City 30 year lease with Gity of Pompano Beach

All net profits will be retained by City

Private parking spaces set aside for the development of il Portico willaro a^ Fc c ia: P oatatiet

be embodied in the lease under terms agreed to by the City and Master Retail Condo main Building 14,054 Sf

Developer Preleasing 50' 0Cost 52, 510, 047

Ownership of the parkiny structures wiil revert[ o the City at end of lease term , Yearly cash flow$ 40, 103 once stabiiized wi[ h 15% vacancyNMTC$ 450,000

The Ciry will further benefit 6om the surrounding economic development andincreased tax revenues. The decizion az to whether theze revenues, particularly tax

Retail and Office Building B 20,837 SFincrement sources, are pledged towards the pwject is a negotiable item between

preleasing 5046the Mazter Developer and the Ciry. Cost 54,026,020

Yearly cash flow 576,007 once stabilized with 15% vacancyN iTC 5700,000

Conceptual Development Budg 3 ar9ci.Pro Forma Analysis Public spaces

The private development table below highlights the significance of our The Master Developer wiil be responsible for overseeing the design, permitting,

development and the associated tax increment benefits that we request be construction and management of,and the City will pay all costs associated with

pledged to offsrt the cost of parking. the following:

Public Space Park proposed as II Portico Plaza

Most Ilkely, parking revenues will be insufficient to cover deb[ service for theparking structure with an aggregate cost of 58,200, 000 or approximatefy 529, 000 mprovements to applicable streets for streetxape( induding hardscape,

per space. The constraints of the site may require an even higher cost estimate for landscape, lighting and wayfinding zignage);

the parking garage. The parking demands from private development alone could Transportation improvements as applicable( such as tum lanes, bus pull offs,

be inmfficient to pay for the parking structures. Upon selection, Walker Parking signalization and signage and pavement);

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Page 13 of

Condo Building A Costs Value TIF

ilPorticoisasubstantFat DevelopmentCosts 54,353,825

development proje t thct Land Costs 615,000wip generate economir

benefrtsfortheCityofConstructionCostz 19,656,720

PompanoBeachandits MarketingCosts 53,047,678

residenis. Finance Costs 52, 304,238

29,977,

461v . 543, 538,250 542,661

Site Development and InfrastructureThe City will be required to oversee design, permitting, management andconstrudion of,and to pay all costs associatPd with, the following: Retall BUII( II11(J A COStS Value T F

ernironmentaldeanup nxessary to prepaie the Projxt Site for development Development Costs 441, 925the City and Master Developer may enter into an environmental cooperationagreement); Ldnd COStS 1

improvemento/ certain infrastructure improvemenu( induding potable COI15tfUCtIOf1 CO5t5 S 1, 806,65Qwater and fire protection, sewer collection and pumping, and storm waterconveyance and treatmenry;

Mafkeilnc) Co5t5 586,471

overall storm wa[ er treatmen[ and storage( on- si[ e and off sitel: FllldflC2 COSIS S 5,

allTax Incremen[ financiny( TIFi funds generated by the development on the 2, 5, 047 2, 652, 193 S33,057Projed Site will be designated as being available to be spent solely on projects

andlor used for financing associared with development of II Portico;

the securing of any federal, state or other funding that may be available to the Retail Building B COStS Va lf2 TIFProject;

Development Costs 5702,874resolution ot any Utle issues relating to, and obtaininy insurable[ itle to, themutually-agreed upon boundarles of the Project Site; LdItC COStS 1

theCitywilicoopereteandexpediteallzoningassociateda iththe ConstructionCosts 52, 894,580development of the Project Site.

Marketing Costs S141, 565

Other Incentives Finance costs 52s, 000We look( orward to working with the CRA to expbre other incentive prngramsavailable( orthedeve opmentarea.

54,026,020 4,420,915 55, 102

C. Fiscal Impact of the Projec Parking Deck Costs Value TIF

II PorUco will generate 544 million in direct invesunent. In addition, it wilf generate parking cos[ per space $ 29,000 8,265,000 nd

58 milion in property value, resulting in$ 630,820 in Tax Inaement Funds.Spaces 5285

Number c >", y:.`: . : ! t '= Totalparkingcosts 8,265,000

Generated z __._ -._ T._.__

We estimate that the development of il Portico v, ill generate 18G consvuction Total PYojeCt Costs 44,778,528 T1F pledge to 5630,820

related jobs. Once fully operationaf, we estimate the creation of an additional 227 pfo)eet

direct and Indirect Jobs in retail and office related work.TotalProjectValue 558,876,358

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Page 14 ofE, - 7..-

This green energy efficient property described as a live work play lifestyle projectWWv

F,y ;, p with a community gathering park designed to be affordable luxury, answering a 1,,

serious need for workforce housing. The project consist of:s*".'''

1. r..' R.. d ' "' 17 ffi"' .:' t .Residential condos: 173 units gr , " ; r - ,; ,

99 units or 57% of the units will be Micro apartments n

22 units or 13% being penthouse Micro's with roof terraces k f

a '"! ""

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t". ,.. P rsx „ . 44 f P;'

29 units or 17% will be one bedroom units r x

2 units or less than 1% will be large one bedrooms with terrace t ` ' z7 units or 4 io vill be large one bedroom penthouses with roof terrace ; ' ;-- ' =",-

19 units or 11% will be two bedrooms

6 units or 3% will be( arge two bedrooms with terrace

7 units or 4% will be large two bedroom penthouses with roof terrace

4 units or Z% will be tree bedrooms

Retail: 19,674 square feet on first floor connected by covered walkways frombuilding a to B to the Garage

11, 086 in building A of which approximately 4, 000 sf will be live workspace

8,588 square feet in building B indude a drive through

Office: 12, 249 square feet on second floor building B rr 1ryhShared office space i'r+

Incubator y ,,`: , µ, , a,F .

g .Parking: Total 336 spaces

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deckr <''

7 , .'` ,;,-51 surface spaces

7 ,.,, ' ` h+aSolar panels:Powering part of the property and

amenities ._ , Park: 15,000 square feet to be named Portico Plaza iy,

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Level 1 st FL 2nd FL 3rd PL 4th FL Sth FL 6th Fl 7th FL 8th FL Total Uae Areas( sf

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Retai 1 t. 086 0 0 Q 0 Q 0 0 U,086

Pocl Ueck D 0 Q 21, 381 0 0 0 0

Rmenities 0 0 Q 2, 821 0 0 0 0 2, 821

Res dential 0 11, 314 11, 374 21, 888 20. 696 20.696 20,696 25.&49 132453

Parking 36,330 35,4ir6 35, 4&& 0 0 0 Q 0 tC7,2663

CommonAreas 1, 975 5, 283 5, 283 5,975 5, 513 5, 513 5, 513 360 35, f

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7ota1FloorAreas( sf 391 52,685 52,065 52, 065 26, 209 28,209 26,209 26. 209 289, 641f

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Retai 8. 136 0 0 0 0 0 0 Q 8, 13fi

Corirnon Areas 452 452 Q 0 0 0 0 0 4

C71f':ce 0 11,?" v7 1, 797

Total Ftoor Areas( s4 3. 5$ 8 12. 249 G 0 0 0 0 6 20,837

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A 3- bedroomapartmentunits sag

173 total units

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etaiVCommercial 7 0 spaces! 300 sf 64 0G ;'"""

asidential( E ency) f 0 spaces i per unit 89. 0 f, „: ( . :" ;, '2esidential( 1& 2 Bedroom) 1. 5 space! per un8 1p5A a ; wr

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iurface Buiiding A 41 p'^ t. d`'

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otal Parking Spaces Provlded 336

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