The URL can be used to link to this page

Home My WebLink AboutMillennium proposalE MILLENNIUM "MILLENNIUM" The Vision Millennium will be Iowa City's newest "Class N' addition to the vibrant downtown landscape. It will meet the demands of the "Millennials": the generation born between the years 1980 and 2000 which require high quality living, amenities, and a walkable living environment. Anchoring Millennium will be a 20,000 SIF office space primarily catered to a co -working environment, including desks and suites rentable monthly, shared conference rooms, and a high level of common area amenities including coffee lounges and high quality furniture and architecture. This space will serve Iowa City's already thriving entrepreneurial startup scene as well as maturing companies. Millennium will also include 190 "Class A" residential rental units. Millennials desire space that is engaging, highly amenitized, modern, and active. Millennium will offer exactly that, with finishes unrivaled in any apartment community in Iowa City, a 1,500 square foot fitness center, a 12,000 square foot courtyard and outdoor kitchen, hot tubs, and fire pits, as well as a clubhouse that rivals any Iowa City nightlife (though supervised). We are pleased to introduce to you, MILLENNIUM: E MILLENNIUM A r —i y -e R..1 E�t.t,. l,iti,.t ... AV%R�I�CIIPIT�LSMAI�W � Ady 16,2014 id Davidson E=bmKCmkM@f(A1ffi"5MC9 Cq Mo 410 Cast WashkqM �3t lowo Crl�. lowo W240 R E: Poq uest for Proposal - Oo u rt St. � L im St Redevelopimint Site jefl I am "ej to wbTA our p*osm br IN Goo St. I Lim a Aom&��t SM. We have boon wa:*g (he status of this ate f% die past 12 mowths, awafirg be q*okinity to imm wilh kwa City to achiwo * mmmc dnADIment Fals. Ow iaam ovet the past Wear. has put kgWw a Wbrant urban infill! dom*pm$Fmt 4ot fits with the Oty's s*W gnalls and masim plan. V4 b*m Qtff p*O can be a Qwkq";* Qt kwa Cii!W's utm landKapo. WrganemiAm6aNwel as aftqe*crkeqmreC9mgW now AM gRmng lbusm9ges C-sawm ton 41 propn* pmehase Pam, $2.7CQOM EamestMeney, $27COACC wdin 30 days of amopiEd pfc1poA Lwd Purchase Closing: oe:amer. 20M ComirucionW: 012015 Pull& AmisWm - Offim: -GapT F tirormig, 115-yem tax abatement Pdk AmisW" - FeadmMll: Hlone W41 MC4,5 ova* a wtmtbmleDmq. ww a pAk o1caticnal msh*m. wo am conOmfinthe owrDFmcvi&1*yofouFdavftnwk plan Otirpoact.named Willionmin", will! brkg mw $30 nAM QtirwqsbrnmtiD lam C4s urtm Qwo, hMkgupQntM Ciftys mmenturn tult irk mcffd years. We tellieve opur p*d noob oT exceeds each of 111w Cil�'s deaked olbp�wea �x the redevellopment offis site. ard we b2k bward b bekq cme &1hefkqtrm�rdegdbWcntpm�ctq Lvffdcd wder thenv* Wpimed Rrvedcet OromwW Master Rm. Ro� has a 30 yew w1ory ilvosvg in (a *me. O�wirg $2 t&m in umackno and wo o"r $1 b" of assets curwitly tirderumogwoA. Vh purdweanddoft high qmft tealestate au= the VnW Stalos ard intwokfially. We haye easy mid PaU* Kms to caOhl. wifth mw MO fn&m of irrmstor eq* %Wwd as of FDiJ-yft 2014. arid Over $1 billion in Inailing ~ by koku tx %twe pmp-fls. We pride in otff b;kkmc4Ad ot stmoss O:pdy as strug as cur refatkxnh" and reprtatim and liEudim. We b*o Vw Ind otwpWsal an wAngoppAoiLy for rmpToble "th in lom Crl�. ao wellook broam b woting wO Vou on tho projel. ThA Wou for mrodying Reall Co" SOAiy* as " *veloweat prLew Regards, "-� �Ie� hUmdArsumit ph" %BW2500 1 Fm 8�94"4m 1 T1 cormmkmpork�y 3UP�2M WUMWCO UW7 I I �ro=opRoIhWM� Chart for Millennium RCS - Millennium Iowa City, LLC Contact: Tim Fredregill, Associate - MILLENNIUM PRIMARY CONTACT 303-533-1643 tfredregill(cDrealcai3italsolutions.com 371 Centennial Parkway, Suite 200 Louisville, CO 80027 Developer RCS - Development, LLC Contact: See Above Design Team Architect EVStudio Contact: Bill Foster, Director of Architecture 303-945-3482 bill(cDevstudio.com 1117 Cherokee Steet Denver. CO 80204 Structural Engineer EVStudio MEP EVStudio Civil Engineer TBD: Likely a local candidate such as Shoemaker & Haaland Contractor TBD: Likely a local candidate such as McComas Lacina Property Manager - Residential TBD: Likely a national mgmt firm such as Greystar or Riverstone Property Manager - Office TBD: Likely HUB, ICAD, or small entrepreneurial endeavor Lega I Real Capital Solutions Contact: Rudy Fettig, Senior Counsel 303-533-1627 rfettigCcDrealcapitalsolutions.com 371 Centennial Parkway, Suite 200 Louisville, CO, 80027 3 MILLENNIUM Team 0 Owner: • RCS— Millennium Iowa City, LLC 371 Centennial Parkway, Suite 200 Louisville, CO 80027 • This is the legal entity with which the City will contract • Contracting authorities are Marcel Arsenault (CEO of Real Capital Solutions) and Sharon Eshima (President of Real Capital Solutions) • Equity Financing: • Millennium's single -purpose entity, RCS — Millennium Iowa City, LLC, will be owned 100% by Marcel Arsenault (CEO & Founder of Real Capital Solutions), or a to -be - determined investment vehicle owned 100% by Marcel Arsenault • As of year-end 2013 (last financial statement), Marcel Arsenault maintains over $123 million in liquid assets and a net worth of $462 million • Manager of RCS— Millennium Iowa City, LLC: o Real Capital Solutions 371 Centennial Parkway, Suite 200 Louisville, CO 80027 Real Capital Solutions Real Capital Solutions was founded by Marcel Arsenault in 1984, under the name Colorado & Santa Fe Land Company. Founded in 1984, the Company has evolved from the dominant regional real estate investment company into a nationally -focused real estate investor and developer. Using an entrepreneurial approach to both management and leasing, our portfolio quickly grew to over 4.5 million square feet, making us one of the largest real estate investment companies in the Rocky Mountain region. Real Capital Solutions now employs 80 people, with a full-service team including asset management, acquisitions, development, accounting, and legal services. "Real Capital Solutions creates exceptional value in real estate" 4 Marcel Arsenault CEO — Real Capital Solutions Jarvie Worcester MILLENNIUM 0 Marcel has been a life-long problem solver and serial entrepreneur. He has 25 years experience in the real estate business as owner of Real Capital Solutions, one of the largest private commercial real estate companies in Colorado. • Never lost outside investor money on a real estate deal. • Passionate about his industry, he is tough, tenacious, driven, entrepreneurial, and lives for problem solving VP — RCS Development 0 Entitlement and pre -development for over $700 million of projects while at Vail Resorts Development Company • Management of projects as large as $243 million • BA from the University of Arizona Eller College of Business Administration Tim Fredregill Associate — RCS Development 0 Civil engineering degree from the University of Iowa (honors) 0 MBA from the University of Colorado Leeds School of Business 0 3 years experience as a structural engineer 9 Project lead on multifamily development projects including Maple Leaf (70 units), Residence at Midland (290 units), Colony Ridge (160 units), Presidential MANRidge (120 units), Arrowhead (85 units), Millennium (196 units), and 1620 Central , Street (47 units) Ken Cope VP — Apartment Capital Solutions Managed apartment portfolios in excess of 3,000 units Acquired over $600 million in multifamily assets throughout the U.S. MBA in Finance from Indiana University, graduating Cum Laude it, IN 5 Graham Riley VP — Commercial Capital Solutions MILLENNIUM • Over 18 years of commercial real estate and development experience. • Developed 1,000,000 sf of industrial, office and flex product • Executed $600MM+ in acquisitions, sales and developments in multiple markets. 0 Graduate of the University of Wisconsin, Madison with a BA in Real Estate/Risk Management and Insurance. Certified Commercial Investment Member (CCIM) Rudy Fettig Senior Counsel — Real Capital Solutions 0 Has extensive experience in all phases of complex real estate transactions, including major acquisitions, real estate finance and commercial leasing. 9 Responsible for all legal aspects of the acquisition, structuring and finance of each of the Real Capital Solutions investment. 0 Rudy received his Juris Doctorate from the University of Denver. R MILLENNIUM Real Capital Solutions Apartment Portfolio Real Capital Solutions Apartment Portfolio Property Name City State Current Units Units Under Construction or Planned Year Built I Value The Canopy Jacksonville FL 360 360 1985 $23,206,683 The Bluffs Junction City KS 602 602 2007 $49,892,440 Summit Springs Lawton CK 246 246 2008 $9,390;204 Pine Terrace Lawton CK 72 72 1980 $1;200;000 Patriot Pointe Junction City KS 129 129 2007 $11;012;856 Antem Colorado Springs Co 528 528 1985 $43;000;000 Eden's Edge Jacksonville FL 244 244 2008 $19;717;029 Stonegate Del Rio TX 112 112 2007 $8;340;230 Cantata Albuquerque NM 260 260 2012 $34;000;000 Diamond Mesa Albuquerque NM 264 456 2012 $31;000;000 Maple Leaf Arvada Co 70 70 2014 $15;000;000 79 West Panama City Beach FL 296 296 2010 $21;000;000 Residence at Midland Midland TX 290 2014 $38;000;000 Colony Ridge Thornton co 160 2014 $33;000;000 Presidential Ridge Thornton co 120 2014 $26;000;000 Millennium Norman CK 196 2014 $47;000;000 Arrowhead Glendale AZ 85 2014 $22;000;000 16 0 Central Street Evanston IL 47 2015 $16;500,000 ,ta, 1:M 3,183 4,273 $449,259, Real Capital Solutions Office Portfolio • Acquired 170 commercial properties valued at over $2 billion over the past 30 years • To date, RCS has acquired nearly 11 million square feet of commercial property • One of the largest private owners of real estate in Colorado • Currently manages a portfolio of 38 properties valued at over $190 million 7 MILLENNIUM Relevant Project Experience Park Terrace — San Diego, CA 0 223 unit residential over 22,000 sq ft of retail 0 14 & 8 story towers located in San Diego's Gaslamp District 0 Built to suit the active and cosmopolitan lifestyle of the area: Petco Park, fine dining, high end retail within blocks 0 Duties (Jarvie Worster): Acquisition, entitlement, construction reporting, sales & marketing 0 Contact: Jarvie Worster (marview@gmaii.com, 970-470-0627) Strata — San Diego, CA 0 236 unit residential with 12,000 sq ft of retail 0 28 story high rise with ground level townhomes in the East Village 0 Luxury apartments and high class living in an active urban environment 0 Duties (Jarvie Worster): Acquisition, entitlement, project management, financing, sales & marketing 0 Contact: Jarvie Worster (marview@gmaii.com, 970-470-0627) Millennium — Norman, OK 0 $42 million, 196 unit apartment development near the University of Oklahoma 0 Completion scheduled for July, 2015 0 Will pay approximately $500,000 in property taxes annually 0 "I'm hopeful this project will set an example for other future projects" - Ward 7 Council member Stephen Holman 0 Duties: Acquisition, entitlement, project management, financing 0 Contact: Tim Fredregill (tf red regil I@ rea Icapitalsol utions.com 303-533-1643) Ll IL E 1620 Central Street — Evanston, IL 0 $13.4 million, 47 unit Class A apartment development on Chicago's suburban north shore 0 Completion scheduled for spring, 2016 0 4 story walk up style multi -family development designed for and integrated into small town suburban lifestyle 0 Duties: Acquisition, entitlement, project management, MILLENNIUM financing Contact: Tim Fredregill (tf red regil I@ rea Icapitalsol utions.com 303-533-1643) One Hill Ski Place — Breckenridge, CO 0 88 luxury condominiums with hotel amenities 0 3,000 sq ft office, 2,200 sq ft retail, 15,000 restaurant 0 Mountain resort lifestyle in heavily trafficked ski area 0 Duties: Project management, construction management, project closeout, sales & marketing 0 Jarvie Worster (marview@gmaii.com, 970-470-0627) Four Corners — Telluride, CO 0 120,000 sq ft mixed use residential with 20,000 sq ft retail and commercial 0 Planned for townhomes, condos, retail, restaurant, nonprofit art campus • Duties: Acquisition, entitlement • Contact: Brian Wilson (bwilson@realcapitalsolutions.com, 303-533- 1689) E MILLENNIUM Millennium — Project Summary 0 Property purchase for the full $2.7 million that the City paid for the site 0 8 Stories of high-end construction 0 186,200 Square Feet: 166,200 residential & 20,000 office 0 263 Parking Spaces (233 garage, 30 surface) 0 "Class A" finishes throughout 0 Will pursue Enterprise Green Communities or LEED certification, including, but not limited to: • Solar Photovoltaic Panels (RCS is one of the largest financers of solar in Colorado) • Low or no-VOC paints and finishes • Energy efficient windows& insulation • Recycled construction materials Project Summary Units Required Spaces Studio 0.5 Count Size (Sq. Ft.) Residential 15 8 Studio 15 350 1 Bedroom, 1 Bath 15 500 2 Bedroom, 2 Bath 120 800 3 Bedroom, 3 Bath 40 1,050 Residential Units 190 150,750 Residential Common Area 15,450 Total Residential 166,200 Office 20,000 Rotal Project 186,2001 Millennium Office Parking Count Required Unit Mix Spaces/Unit Units Required Spaces Studio 0.5 15 8 1 Bedroom 0.5 15 8 2 Bedroom 1 120 120 3 Bedroom 2 40 80 Residential Parking Required 216 Residential Parking Provided 233 Office Parking Provided 30 Votal Parking Provided 263 A 0 20,000 SIF of badly -needed "Class A" office space in Iowa City's downtown 0 30 dedicated parking spaces reserved for office tenants • More parking can be allocated to office if demand proves, as Millennium offers 263 parking spaces in total, more than is required by code • Additional parking is available at the Court Street Transportation Center, one-half block away, in which 90 spaces are currently available 0 Office will primarily be a co -working model, with desks and suites available for rent at a monthly rate • Portions of the off ice may be subdivided for businesses desiring their own private office space independent of the co -working office • Architecture: 10 0 MILLENNIUM • High quality, modern interior finishes • Grand glass fa�acle entry and outdoor plaza • Provides overflow space for expansion of the IC CoLab • RCS is in discussions with private companies for management of the co -working off ice space, meaning the office doesn't necessarily have to be managed by ICAD. • Real Capital Solutions has pursued several co -working development opportunities, including "Industry" in Denver, and "HUB" projects in New York and elsewhere. Therefore underwriting and financing Millennium's co -work space will not be overly challenging (for some it may) • HUB: • Real Capital Solutions has received a letter of interest from HUB, a co -workspace developer and operator, regarding the co -working opportunity at Millennium • There are 52 HUBs globally, 9 in the United States King's Oross ,X 1;�ICJ PF.LJ10 -VIA, Bay Area dor 11 E MILLENNIUM Impact Hubs are where change goes to work. Part innovation lob, part business incubator, and part community center, we offer our members a unique ecosystem of resources inspiration, and collaboration opportunities to grow impact. We believe a better world evolves through the combined accomplishments of creative. committed and compassionate individuals focused on a common purpose. Joining our diverse community of members and collaborators will inspire, connect, and enable you to develop your best work every step of the way. Our goal is to jointly create platforms and experiences that inspire, connect and enable individuals and institutions around the world to sustainably impact society. Through our direct and collaborative efforts we supportjourneys of impact on many different levels. A look at our 2012 assessment reveals that more than 400 new ventures have been started by members of Impact Hub while current initiatives have created more than 1,500 newjobs and generated solutions in the many diverse fields of their activity. Members felt inspired to take positive actions, connected to a supportive community and enabled in their ownjourney of creating positive impact. Modem yet comfortable. our spaces foster collaboration and creativityfor individuals groups, and events alike. Our spaces are uniquely -designed creative environments that provide the infrastructure to work, meet, and learn. http://www.impacthub.net 12 MISSION July 16.2014 Tint Froundich IMact HUB San Francisw 901 miWon St Soli 1 X San Francisco, GA 94103 Th Fredre011 Real Capital Solutions 371 Centennial Pkwy LouivAle, GO 80027 RE: Iowa City Impact HUB Tlm: E MILLENNIUM We at Impact HUB am excited that lowa City is seeking impact investmentopportunitiesl The HUB is a global network of a rganizationsdedicated to making a positive impact The Hub oonnects impact businessentrepreneurs, and Investors with the common purpose of taking positive action toward achieving abetter world. Them am currently mum than 50 HU13saround the glube, including nine in the U a ited State& Of time olne, P4[sslonHUB wholly owns those In San Francisco, Berkeley, New York City, Ph Hadelph [a (and are now working o a opening up DC), and has a mloorlty stake Inafl the LIS HLIHs- Boston, Eos Angeles, BoulderSeattle, and Oakland. We am wry pleased that lowa City is interested! in puirsuing the pr�oce of an impact investment incubator, and would be Interested in fu rther d Isc ussing leasing the office space to yo u r develop ment please keep us app rised of the status of you r p roject, and if you have any to rther questions for me do not hesitate to ask Thank you for the opportunity, and to r thinking of the HUB. Sincerely, Thn Frmmdllcb Board Director, Impact HUB San Francisco San Frandsco- Berkeley- NewYerkClty - Philadelphia Membersofa NetKwkofMore than 50 1mpactHVDsAcmssRveCon0neneY Gorporaw Offices: 901111 St�t # 105. San Frandi CA 9410 3 1415-624-58811 wwwimpacthub'not 13 MILLENNIUM Millennium Residential 0 190 residential rental units, providing an estimated $500,000 annually in property tax revenues 0 High quality architecture: • A grand entry plaza with glass facade • Mixture of historic and modern exterior finishes, with elegant but neutral exterior colors o Modern interior finishes throughout • Full-time , full-service management on duty 24 hours a day o Professional, nationally recognized "best in class" management company • Secure entry, electronic "key fob" locks to all units, and dozens of security cameras, ensuring safe and responsible living Top notch amenities including: o 1,500 Professional -grade fitness center • Business center • Clubhouse including pool tables, coffee bar, big screen TV's: A truly engaging recreational and social space for recreation and interaction with millennial peers • Study lounges * 233 parking spaces dedicated to the residential units: 203 garage and 30 surface spaces (263 spaces provided in total — 30 for office tenants) * 12,000 square foot outdoor courtyard including high end landscaping, outdoor kitchen/barbeque areas, a gas fire pit, patio heaters for year-round use, and hot tub • Pulls students out of the surrounding residential neighborhoods and puts them closer to campus. This can the residential neighborhoods to a setting more appropriate for families. • Shortage of high-quality rental housing stock in relation to peer cities with tier -one universities • A mixture of studios, 1 -bedroom, 2 -bedroom, and 3 -bedroom units, catering to young millennials. The target renter is a blend of young professionals (undoubtedly some of which will work downstairs in the Millennium office space), students, and staff/faculty of the University. Millennium Affordable Residential 0 20 units will be offered at low-income housing standards of 80% of Area Median Income 0 The developer is not requesting any City incentives subsidize the affordable residential component of Millennium Residential Unit Mix Low-income 80% AMI Market Rate Total Studio 15 15 1 Bedroom, I Bath 15 - 15 2 Bedroom, 2 Bath 5 115 120 3 Bedroom, 3 Bath - 40 40 Total 20 170 190 1% of Total Units 10.5% 89.5% Millennium Plans Le E MILLENNIUM Level I Level 2 15 MILLENNIUM Level 3 Level 4-8 16 1110, k 011 ull MiA 0 MILLENNIUM Project Management & Ownership • Owner: RCS — Millennium Iowa City, LLC • Equity Financing/Owner of the holding company (above) * 100% Marcel Arsenault (CEO& Founder of Real Capital Solutions), or a to -be - determined investment vehicle owned 100% by Marcel Arsenault * As of year-end 2013 (last financial statement), Marcel Arsenault maintains over $123 million in liquid assets and a net worth of $462 million Debt — Construction Financing • Construction loan personally guaranteed by Marcel Arsenault • Access to construction financing is readily available for Real Capital Solutions investments. We currently maintain loan capacity of more than $1 billion between our different lending relationships (lender references below), including most of the major national lenders. o Impeccable reputation with our real estate lenders (reference list below) Competitive Advantage: Real Capital Solutions has the unique ability to finance, develop, and manage a proiect from start to finish. No additional resources are required for successful proiect completion, since the equity is internal, the construction financing is readily available, and we have a full-service team of 80 employees. Contact Title, Firm Phone Peter F. C. Armstrong Vice President, Commercial Real Estate, TCF Bank (720) 200-2461 Jane Reed Sr. Vice President, JP Morgan Chase Bank (303) 244-3019 Todd Grover Sr. Vice President and Manager, Compass Bank (303) 217-2224 Steve Bye Exec. Vice President, Sr. Managing Director, NorthMancl Capital, Inc. (303) 225-2100 John Perkins President —Collegiate Peaks Bank (303) 481-1301 Ralph Pace US Bank (303) 505-4170 Wes Carrington Wells Fargo (720) 947-6622 Contact Title, Firm Phone Robert Schuberth Principal, Schuberth Real Estate (773) 248-3343 Conrad Schuberth Principal, Schuberth Real Estate (773) 248-3343 Blair Richardson Principal, Bow River Capital (303) 861-8466 Joel Pitlor CEO, Pitlor Associates (617) 549-9255 Larry Mizel Chairman, MDC Holdings (303) 804-7702 (if unavailable): (303) 773-1442 Ray Baker Wayne Hutchins President & CEO, CU Foundation (303) 813-7905 1E. MILLENNIUM Schedule IMillennium Project Schedule 8/1/2014 11/1/2014 2/1/2015 5/1/2015 8/1/2015 11/1/2015 2/1/2016 5/1/2016 8/1/20161 n Development truction Documents Purchase no & Excavation Project Financing • Millennium will be broken out into condominium units (legal ownership structure) for both the residential and commercial portions of the project • We are not requesting any assistance with the financing of the project: All equity and debt required for completion are available at this time Project Budget Financing Equity Debt Land Purchase $2,700,000 25% $ 675,000 75% $ 2,025,000 Residential Costs Construction Costs $24,380,577 Soft Costs $3,888,676 Total $28,269,253 25% $ 7,067,313 75% $ 21,201,940 Office Costs Construction Costs $3,188,000 Soft Costs $640,000 Total $3,828,000 35% $ 1,339,800 65% $ 2,488,200 1Total Project Budget $34,797,253 $9,082,113 $25,715,140 19 CVbank- E MILLENNIUM MeMel Airsenault Chairnman. QEO and Fmndor Real Capital Solutions 371 Centennial Patir". Suae 200 Louisviue. CO U027 July 16,2014 Dowmarcel As you know, US Bwk has enjoyed a lon"landing lendmg mlatimship Yvilh " dating back to OW. Over the feet few years. our relationship has grown to an extensive nine figure tending level associated with multi pl�e real estate projects throug hoin the Unded States. Real CaNal Solobms and you pffsonalty, have penformed as agreed on all of our loans Than k you for inform ing US Bank of your possib I& Iowa C ity Studomi HouginomIxed Use proj�t We have an interest in such constrwtion Finamirig and look fn�rwarcl to further discussing the loan as the project material izea in the conift weeks. We greatly appructate ou - long-aftindif ng relationship and look to�rw�i rd to doing addirtional business with you and Real Capilla I Solutions. in the future. usilimink.com * Commeirciat Real Estate 20 MILLENNIUM Operating Income & Assistance • The residential component of Millennium does not require any assistance from the City of Iowa City, nor any state incentives • The office component of the Millennium does require assistance, as the operating income is not sufficient to be a financial viable project without it • We are requesting property tax abatement through inclusion in the pre-existing redevelopment area at Court Street & Linn Street. The TIF assistance will not be an up -front cash commitment to help finance the project, but will rather be a forgiveness of property tax from the office component. We are requesting a 75% property tax abatement for a 15 years period. Residential Revenues- Millennium 2014 Proj. Asking Rents 3,705,336 Gross Potential Rent 3,705,336 Vacancy (129,687) Concessions (71,513) Other Rent Loss (25,642) Bad Debt Expense (18,527) Net Rental Income 3,459,967 Other Income 288,810 Total Revenue 3,748,777 Operating Expenses Total Expenses 1,534,854 NOI 2,213,924 Office Revenues - Millennium Cap Rate 6.25% All -in Cost, Including Land $ 4,140,000 Value 35,422,776 Rent, NNN $ 12.00 Loan -to -Value 70% Total Rent, NNN - Annual $ 240,000 Max LTV Construction Loan 24,795,944 Tax Abatement $ 114,079 Loan -to -Cost 75% Income with Tax Abatement $ 354,079 Cost Residential 28,269,253 Cap Rate 8.0% Cost Residential Land 2,250,000 Off ice Value without Abatement $ 3,000,000 Total Residential Cost 30,519,253 Off ice Value with Abatement $ 4,425,992 Max LTC Construction Loan 22,889,440 Margin without Abatement Margin with Abatement 0.72 1.07 Imax Construction Loan 22,889,440 21 MILLENNIUM EXHIBIT "Am Propos a I subm Ittal s Ignature form T h e undersigned attests to h s1he r atith ority to submit th is propose I a nd to bind the firm herei n named to perform if the firm is selected by the City of i owa C ity. Th e undensigned further certifies that helshe has read the Request for Proposal, terms and conditions - and any other documentation relating to this request� has complied in all respects with all conditions hereof, and this proposal Is submAted with full knowledge and understanding of the requirements and lime cons"ints noted herein. The undersigned hereby further aanowledges that it accepts the terms of ft Request for Proposals in its entirety and by the submission of ft proposal hereby waives any claims or claims to irregularities that arise out of sijch RFP, lhe process employed by the C ity to solicit and develop proposals, or the R F P eve luation process described in the RFP, and agrees to release and hold harmless the City. its employees, agents, and consultants from any claim. loss, or damage arising therefrom. The undersigned hereby authorizes any person, firm or corporation to furnish any credit history and financial condition or other information required by the City to verity informatioji related to the firm's submission to the City. I hereby certify. on behalf of the undersigned firm. that the above information is true and correct to the best of my knowledge and that the City may rely on the information provAed. Firm nameReal Capitai Solutions Home office address: 371 Centennial Parkway, Suite 200 City, state. zip: Louisville, CO 80027 Name and Tide of Representative. Name.Marcel Arsenault, CEO Dale: 16 July 2014 is 22 E MILLENNIUM EXHIBIT "B" Ll"ING OF LAWSUITS OR LITIGATION MTH IN THE PAST FIVE YEARS Lawsuit or Lifigfffion See atlached Status or Outcome I'land iN Comments 8-Baaflached 23 E MILLENNIUM r=XHWIT B (cpnt'd LawsuRs against Real Cap?tal Solutions, Inc.: See next page Wh lawsuits were brought by condornnum homeowners' associations in cmneotion with asserted defects in fully-oDnstrucied rondonrliniurns Purchased (Wf riot constnuute,d) by affliates of Real CapilW Soluirons. and subsequently sold to end users. Liability �Dr construction d6fact, MiLtv with the original develaperstuilders of the cjxdominiurn�. Real Capital Solution& played no role in the dmlopment or constnicti;Dn of the condornlFflurn ufpift — ft simply puTchased and sold the unils as is thorelgre narned n these lawsu i1s. 24 E MILLENNIUM DWRU'= COLZr, COUNYY 017 J1WFMZ9CW, STATE OF' CQUIRADD 100 Teffmalk Cmmtypas�� G3-ld= CO 80401 OCIA-f7GN, UVCL, a cal-u1fi&wonp"mcbpxffdcm Ddhmdmtgr D.IL HORTON, Wa — DENVfM, 4 I)etwwm Cm?w=aci; REAL CAF7AL SOLUTIONS. INC�, IL CokrjAo cmp�umj CCS — MAPI-ri LEAF L LLC. it COURT USE ONLY r,olof� LmFtcd Llabft C=pm- A$1 rym F� pbjin� Ntraad A- Hem C�Numb= McKtxaw Rbp# & Reara, LLC 10437 Park K�do� Dnve BuLkhngE,Suitr101 i� Tr6k CO $0124 ph= iqumter- p03) fi6i-4'750 Ady. kc�. No.: 31R6 Atty-Rep:. u.; 37776 nq�jNTWVS. COWLA� AND JURY DEMAND Plabliff MAPLE LEAF OUNDCUNKN ASSOCIA710N, M. (b=hwflcr �= 1AS8t)CLk7jCWj a Colm4v omprofa �pmuL6�m, XAug dimugh = Board Gf Dircrim mnd duougb its zamcp, hkKomc; gbody & AmmoN ILC, hereby cmnpleim on ih awn bc1mif arid, purSMt tc) c-p�s. # U-33.3-302. op bchdf a� its Membm sgEiwt thc.DE&ndantn, md Mh Of Ihm, 84 mg� THY, MOMKI AND TDIR 1. 71M p[aiaff �, (he A330CIA91()N, E5djc4 by &9 t1ff ough kq Baud uf Dirwbm ThA ,4,SSOC�AT10N is tDd aC all rrJm= tb= W beu a mrpmEftim oWnimd md wJAtlt� upja, and by vjyWo gf ehc CDkmdD Fo-js�d Wmqncfit Coipm-mEm A" (C.R.S. Tfdo 7. Aracia 121 -in w wofl m tbc Cakwexio Common. bmmrt OwnmiMp Act (Ca& § 39- 33.1-101 er sq.) ('MONI OTIM31i tco pm�k minagan=4 uu�nt=mzc, PvsaTwm. qmjm�L mrL opmwn pf tbid cwtuft Gowlmm= proj�A lucdLed in ThD Cmuq of 25 WSTR-ICTCOURT. COUNTY OF AkAPAHOF, sTATE OF COLORADO Coort Address; n25S. Imatom= 12 PIALTERPLA CONDOMINIUMS ASSOCIATION, ZNC., a Colorado wri-profn wrpormiean, on iliE owCC brbWf, and on beWf of its m=b�n DEFENDANT& CC8 BALTERRA 1, LLC, a Wok -ado E�mit�d L�Ahihky Campany�.AMENAULT i-joLDrNGs, LLC, a Colorado Lmited Ligbility C�amjparty; and REAL C�ITAL SOLUTIONS, INC_ a Colarju�i? corporation - E MILLENNIUM A COUffr USE ONLY A AlRomey: Bcnson, KaTane, Steez & N�150n, F.C, Case No.: 2014C Name JnffwY K Kwane Div - Ashley R_ Hi [I Addrm: 11 ON. Rubry Drive, Ste, 200 Goldcn. CC 96403 phoiwNo.: (721)) 898-96H F� Nu-: (720) 899-9681 h-nmij: jkermneLo>behsoftpu.wm Aff y. Rj�g. No.: .1046 44900 SUMMONS TO THE ABOVIZAArwED DE:FFNDALNT- CCS 13ALTERRA I. LLC UP Wamdo & Ew�ta Fe Reul F�01R CMP3111Y — R�gi4b!FEJ A4fti; 071 Cimtennitial PLelt*oy. V200 LoummIle, 00 SOD27 YOU ARE HEREBle SuramONED md required to rile with the Cluk of this C4uri ab �uis� or ti(h�mpartm CC, !L� Attached CotripJaint. If �ryjue cir lk Surnmom wd 100*wlaint wns �& upon You within the Sme of ColortidD. You Ue laquipm Lil File ynr ans%w or other mr�pw wiLhin 21 ds.�t L&r �uai wrvici: uper. vmi. I r Earwcii oflhe 5umrnma Bad Comlel�w w� mnd� upon you awtide of the 5trite 'of Colorak,yri�� required to file ��w am�r or ohm r�gM�- wi0h 35 di�s zfL� =,k �im upon you. vow mmwcT or WitilleTclalho Must be acmm]xmi�d wiM Lh�,,bpoitabja filing fm. If �Ou flil 10 flia ymr mnswcr U Q`LhEir �p,]Mie to Ilk Cl)Wlsikii in weitinig witbin 11c appLicable tl� perkd, th- CiLarl trwerilct judg�ML liny dMulk egoinil �ou kT the mlieE dewommd in hi�@ c4niCliaim witkiDw ftw4h" tmiw. *No members of the development team or principals have been convicted or charged of a felony. 26