Marin Sports Community Center Investment Offering
Transcripción
Marin Sports Community Center Investment Offering
Investment Offering marin sports community center I. Executive Summary..........................................................X II. Site Summary....................................................................X III. Market Summary.............................................................X IV. Financial Summary ........................................................X V. Lifestyle & Culture ...........................................................X Table of Contents Executive Summary THE OFFERING in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem 6 Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. Address: 1385 N Hamilton Pkwy Novato CA 94949 Text: text Text: text Text: text Text: text Text: text Text: text Text: text Text: text Text: text Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. EXECUTIVE SUMMARY EXECUTIVE SUMMARY Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. PROPERTY SUMMARY Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit.Im dolumsandrem volute dolore feugait, vulput nosto el utat. Duis nisim zzrit volorperosto odigna conse corem nostis nullaor sequat. Oborer ad mod tat adiat. Luptat, sis eugue feuisl endiat, quatie dunt wismodo lorperos digna commod tet aut iril ut ulput dolorpe raesequ issequi exerosto dolutpa tummodo lenibh erit ad tem iuscilisisit at, quis nim zzrillam, sustrud tet, quamet nonsequat. Liquam ver ad modit veliquis et lobore feui blam, vulla feu facilit aliquisit nostincidui bla faci eugiam, sim iriusci duipsusto doloborper irit augait acilit adit lor sed te endre dolorper ipsuscipis eugue vel dions dolortionum zzrit lam veniamcommod molor acin estie commolo bortis aciliquat praesent irilis adipisl dionsed tinis aliquat ueraesequam, sequat ad duissim nosto commy nibh exer senismo dolobore min veratue del eu feuisse nisciduip ea augait nos nummoloreet nonsectetuer iuscillut ecte modip esenisi. nis aliquat ueraesequam, sequat ad duissim nosto commy nibh exer senismo dolobore min veratue del eu feuisse nisciduip ea augait nos nummoloreet nonsectetuer iuscillut ecte modip esenisi. 7 Subhead Subhead in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Subhead Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. 8 Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. 101 EXECUTIVE SUMMARY EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es. 9 Subhead quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Subhead Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Subhead Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Itatuusque arivena, sultum di clarium, San Rafael 10 Marin County Q1 2013 Q1 2012 Q1 2013 Q1 2012 4,075,390 4,075,390 9,854,488 9,854,488 Overall Vacancy 13.7% 14.9% 16.1% 15.7% Net Absorption (trailing 12 months) 51,998 436,173 (36,603) 363,538 Average Rentail Rates (FS/SF/month) $2.51 $2.44 $2.50 $2.47 Inventory EXECUTIVE SUMMARY EXECUTIVE SUMMARY Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. 11 Site Summary PROPERTY SUMMARY in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil SITE SUMMARY SITE SUMMARY Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Site Summary 14 APN(s): text Site Area: text Current FAR: text Zoning: text Flood Zone: text Parking: text Parking Ratio: text Text: text 15 PROPERTY SITE INFORMATION Subhead in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf foreis, cons At feculina vit, conulest elisulute, Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Subhead Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Subhead in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. 101 SITE SUMMARY SITE SUMMARY Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Property Summary 16 Address: 1385 N Hamilton Pkwy, Novato, CA 94949 Text: text Text: text Text: text Text: text Text: text Text: text Text: text 17 Club House 1. Club House 2. Marin Athletic Foundation Hall of Fame 3. Wildlife Habitat Education Center 4. Club One Fitness Facility 5. Indoor Pool 6. Outdoor Pool, Water Slide Pool and Play Area CONSTRUCTION SYSTEM DETAIL Subhead Subhead in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum. es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit inatienicit veris, quit. Subhead in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es Baseball Complex 7. Standard Field 8. Stadium Field 9. Championship Softball Field S 12 Subhead 28 Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit inatienicit veris, quit. Subhead 28 16 in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem 7 28 28 5 23 6 7 7 S 13 7 15 1 13 9 13 in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum. 17 20 8 22 17 29 24 Tennis Complex 14. Tennis Courts 13 Basketball 15. Basketball Complex 18 Cross Country 16. Cross Country Tracks Picnic Area / Landscape Buffer 17. Corporate Picnic Area S 21 14 S 3 4 Soccer Complex 13. Soccer Field 14 19 2 7 7 27 Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit inatienicit veris, quit. Subhead S 7 28 Ancillary Baseball Amenities 10. Training Cages 11. Batting Cages 12. Indoor Diamond 7 26 28 Subhead Subhead 25 28 Subhead Subhead 1 10 Maintenance 18. Maintenance / Vehicle Shed 19. Loading Dock / Service Vehicle Area Parking 20. Main Parking Area 21. Club One Reserved Parking Area 22. Picnic Parking 23. Staff Parking 24. Overflow Parking 25. Ancillary Baseball Amanities Parking 26. Cross Country Track Parking Existing Conditions 27. Pacheco Creek Setback (50 foot) 28. Wetlands to be Preserved 29. Skate Park & Parking S. 18 SITE SUMMARY SITE SUMMARY Subhead 11 Other Amenities Snack Bar 19 Length Width Area Quantity Program Area Square Feet Baseball Complex Acres Square Feet 38 1,655,280 Location Length Width Area Quantity Program Area Square Feet Army Land Club House Standard Field 300 70,650 8 565,200 Restaurant 5,000 1 5,000 Stadium Field 380 113,354 1 113,354 Retail 2,500 1 2,500 Championship Softball Field 220 37,994 1 37,994 Recreation Center 2,500 1 2,500 Snack Bar 25 625 2 1,250 Office / Administration 2,500 2,500 Marin Athletic Foundation Hall of Fame 10,000 1 1 10,000 Wildlife Habitat Education Center 5,000 1 10,000 25 Total 717,798 Baseball Anicllary Amenities 1 43,560 Army Land Total 30 15 450 6 2,700 Batting Cages 30 15 450 6 2,700 Club One Complex Indoor Diamond 120 120 14,400 1 14,400 Fitness Facility 60,000 1 60,000 Snack Bar 25 25 625 1 625 Indoor Pool 45,000 1 45,000 Outdoor Pool 45,000 1 45,000 Water Slide Pool and Play area 22,500 1 22,500 20,425 Soccer Complex 9 392,040 Army Land Total International Sized Adult Soccer Field 328 197 64,616 1 64,616 Snack Bar 25 25 625 1 625 Corporate Picnic Area 65,241 Corporate Picnic Area Total Acres Square Feet 1 43,560 City Land 5 217,800 City Land 3 130.680 Todd Road 0 0 Ammo Hill 7 304,920 105,000 0 Total Tennis Complex 2 87,120 Army Land Doubles Sized Tennis Court 120 60 7,200 12 86,400 Cross-Country Track Grass Center Court 120 60 7,200 1 7,200 Cross-Country Track Snack Bar 1 Total 0 Total 93,600 Parking Basketball Complex Basketball Courts Support Space Total 3 94 50 4,700 10 47,000 1 43,000 90,000 130,680 City Land City Land Parking Spaces 180 1410 Total 253,800 253,800 Maintenance Maintenance / Vehicle Shed Total Site Total 20 Location 32,500 Training Cages Total Site Allocation SITE SUMMARY SITE SUMMARY Site Allocation City Land 2 250 60 15,000 1 15,000 15,000 1,139,564 71 3,110,640 21 THE OFFERING in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem 22 Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum. es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Subhead Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es Subhead Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit inatienicit veris, quit. Subhead in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es Subhead es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit inatienicit veris, quit. Subhead in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum. INTERIOR DETAIL Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es Subhead Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem SITE SUMMARY SITE SUMMARY Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Subhead Subhead Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit inatienicit veris, quit. Subhead in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum. Subhead 23 Market Summary MARKET SUMMARY in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem 26 Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. Building Base Available Space Vacancy Direct Sublease Total Q1-13 Q1-11 Avg. Asking Rate (FS) Sausalto/Tiburon 734,979 45,909 0 45,909 6.2% 8.9% $2.81 Mill Valley 427,299 93,101 0 93,101 21.8% 15.5% $3.69 Corte Madera 459,901 29,760 14,960 44,720 9.7% 8.3% $2.89 Greenbrae/Larkspur 864,759 75,929 3,441 79,370 9.2% 10.7% $3.76 San Rafael 4,075,390 495,911 61,048 556,959 13.7% 25.6% $2.51 Novato 3,292,160 413,703 353,285 766,988 23.3% 18.4% $2.18 Marin County Totals 9,854,488 1,154,313 432,734 1,587,047 16.1% 19.4% $2.50 Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit.Im dolumsandrem volute dolore feugait, vulput nosto el utat. Duis nisim zzrit volorperosto odigna conse corem nostis nullaor sequat. Oborer ad mod tat adiat. Luptat, sis eugue feuisl endiat, quatie dunt wismodo lorperos digna commod tet aut iril ut ulput dolorpe raesequ issequi exerosto dolutpa tummodo lenibh erit ad tem iuscilisisit at, quis nim zzrillam, sustrud tet, quamet nonsequat. Liquam ver ad modit veliquis et lobore feui blam, vulla feu facilit aliquisit nostincidui bla faci eugiam, sim iriusci duipsusto doloborper irit augait acilit adit lor sed te endre dolorper ipsuscipis eugue vel dions dolortionum zzrit lam veniamcommod molor acin estie commolo bortis aciliquat praesent irilis adipisl dionsed tinis aliquat ueraesequam, sequat ad duissim nosto commy nibh exer senismo dolobore min veratue del eu feuisse nisciduip ea augait nos nummoloreet nonsectetuer iuscillut ecte modip esenisi. nis aliquat ueraesequam, sequat ad duissim nosto commy nibh exer senismo dolobore min veratue del eu feuisse nisciduip ea augait nos nummoloreet nonsectetuer iuscillut ecte modip esenisi. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit.Im dolumsandrem volute dolore feugait, vulput nosto el utat. Duis nisim zzrit volorperosto odigna conse corem nostis nullaor sequat. Oborer ad mod tat adiat. Luptat, sis eugue feuisl endiat, quatie dunt wismodo lorperos digna commod tet aut iril ut ulput dolorpe raesequ issequi exerosto dolutpa tummodo lenibh erit ad tem iuscilisisit at, quis nim zzrillam, sustrud tet, quamet nonsequat. Liquam ver ad modit veliquis et lobore feui blam, vulla feu facilit aliquisit nostincidui bla faci eugiam, sim iriusci duipsusto doloborper irit augait acilit adit lor sed te endre dolorper ipsuscipis eugue vel dions dolortionum zzrit lam veniamcommod molor acin estie commolo bortis aciliquat praesent irilis adipisl dionsed tinis aliquat ueraesequam, MARKET SUMMARY MARKET SUMMARY Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Submarket Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit.Im dolumsandrem volute dolore feugait, vulput nosto el utat. Duis nisim zzrit volorperosto odigna conse corem nostis nullaor sequat. Oborer ad mod tat adiat. Luptat, sis eugue feuisl endiat, quatie dunt wismodo lorperos digna commod tet aut iril ut ulput dolorpe raesequ issequi exerosto dolutpa tummodo lenibh erit ad tem iuscilisisit at, quis nim zzrillam, sustrud tet, quamet nonsequat. Liquam ver ad modit veliquis et lobore feui blam, vulla feu facilit aliquisit nostincidui bla faci eugiam, sim iriusci duipsusto doloborper irit augait acilit adit lor sed te endre dolorper 27 28 Clubsource is considering building and operating a family oriented sports and fitness center in Novato, California called Club One. Club One is a personal fitness business, where their services are housed in large commercial space. There is a proposal to build such a space on a currently vacant lot near Bel Marin Keys and Hamilton Field in Novato, CA. Construction would begin in 2014 and would last 12 months. Operations would begin thereafter. It is important to recognize that the combination of construction and operations has a sequential economic impact on Novato’s economy. First, without the new construction, Club one would not operate in Novato; to experience the ongoing, annual economic gains from Club One’s operations, the city of Novato also receives the gains from new construction. Marin Economic Forum (MEF) has the following mission: enable Marin’s economic stakeholders to collaborate on improving the County’s economic vitality, focusing on Marin’s targeted industries, while enhancing social equity and protecting the environment. The stakeholders include local residents, businesses, non-profit organizations and governments in Marin County. One of MEF’s targeted industries is alternative health care, where wellness and fitness is at the center of that industry. The following is a summary of the economic impacts of the construction and operation of that facility, assuming the following: • A construction project of $22 million; • Time to build: 12 months • Full-Time Equivalent Workers: 225 • Annual Revenue = $6 million • 4,000 households served within two years as members; and • Each member/household spends an average of $125/month at Club One generating $6.0 million revenue annually. • There are also public benefits/resources – Club One is considering public-private models for use by the City of Novato and its residents and businesses in terms of expanding the breadth of city park and recreation facilities. In summary, the construction phase creates over 160 new jobs in Novato, over $1.22 million in local and state taxes and over $29 million in new business revenue. For ongoing operations, over 242 new jobs are created in Novato, with annual increases in business revenues and new state and local taxes of $9.04 million and $529K respectively. This report provides more detail as to the types of businesses that would be impacted by more labor demand, more business revenue, and the fiscal impact of this business on Novato. MARKET SUMMARY MARKET SUMMARY ECONOMIC IMPACTS 29 CONSTRUCTION IMPACTS This construction project would be a $22 million commercial project and a boost for otherwise slowly- recovering industries. This is a business that wants to build its own facility and operate once construction provides a dual effect in terms of economic impacts. The occupancy is already set for the new building. The following data are the business revenue, full-time equivalent employment and local and state tax effects of that construction project. In the case of business revenues and employment, the top ten industries affected are shown. Industry Direct Indirect Induced Total $21,110,400 $- $- $21,110,400 Architectural and engineering services 0 1,167,600 9,400 1,177,000 Rental income for Property Owners 0 0 877,000 877,000 Wholesalers 0 499,400 278,100 777,400 Real Estate Agencies 0 159,100 242,200 401,200 Legal Services 0 198,500 79,900 278,400 Banks and Credit Unions 0 130,600 109,100 239,700 Bar and Restaurants 0 44,200 175,800 220,000 Medical and Dental Offices 0 0 199,700 199,700 Check Cashing/Pawn 0 86,900 87,600 174,600 All Others 0 1,855,400 1,891,400 3,746,900 $21,110,400 $4,141,700 $3,950,200 $29,202,300 Construction Industry Direct Indirect Induced Total Construction 110.0 0.0 0.0 110.0 Architectural, engineering, and related services 0.0 9.4 0.1 9.5 Bars and Restaurants 0.0 0.7 2.6 3.3 Wholesalers 0.0 2.0 1.1 3.1 Real Estate Agencies 0.0 0.9 1.4 2.4 Legal Services 0.0 1.3 0.5 1.8 Business Retail Direct and electronic sales 0.0 0.5 0.9 1.4 Medical and Dental Offices 0.0 0.0 1.4 1.4 Employment Placement Services 0.0 1.1 0.2 1.3 State and Local Tax Impacts: Construction Maintenance Services 0.0 0.9 0.4 1.3 State and Local Taxes Amount All Others 0.0 10.2 15.2 25.2 Employment Taxes $37,400 110.0 27.0 23.8 160.7 Sales Taxes 259,100 Property Taxes 211,100 Personal Income 486,300 Other Taxes and Fees 234,600 Total Totals Total State and Local Taxes 30 MARKET SUMMARY MARKET SUMMARY Employment: New Jobs (Construction), Full-Time Equivalents New Business Revenues: Construction $1,228,500 31 OPERATIONS IMPACTS These impacts represent the jobs and income flows as a result of Club One’s location in Novato operating at 4,000 members. Current planning suggests Club One in Novato would operate at this level within two years of beginning operations, approximately 2016. New Business Revenues: Annual Average (Operations) Industry Indirect $6,000,000 $ 1,576 $ Total Direct Indirect Induced Total Fitness Center Workers 225.0 0.0 0.1 225.1 Real Estate Agencies 0.0 2.4 0.5 2.9 Bars and Restaurants 0.0 0.3 0.9 1.2 3,362 $6,004,938 Maintenance Services to buildings 0.0 0.8 0.1 0.9 86,992 524,156 0.0 0.7 0.1 0.8 299,217 299,217 Dry-cleaning/laundry services Wholesalers 0.0 0.2 0.4 0.6 Real estate establishments - Rental activity for owneroccupied dwellings - Wholesale trade businesses - 48,434 99,494 147,928 Advertising Services 0.0 0.5 0.0 0.6 Management of companies and enterprises - 97,288 9,561 106,953 Employment Services 0.0 0.5 0.1 0.5 Lenders - 54,632 30,153 84,890 0.0 0.5 0.1 0.5 Food services and drinking places Accounting, bookkeeping, and payroll services - 75,330 6,934 82,264 0.0 0.0 0.5 0.5 Advertising and related services Medical and Dental Services - 20,802 61,251 82,054 All others 0.0 4.1 5.2 9.3 Accounting services - 44,231 27,947 72,178 Totals 225.0 10.0 7.8 242.8 Depository Banks - 33,725 38,348 71,968 All Others - 857,203 707,699 1,564,797 $1,670,595 $1,370,747 $9,041,342 Total $6,000,000 437,269 Induced Industry - New Tax Receipts: Operations (Annual) State and Local Taxes Amount Employment Taxes $15,600 Sales Taxes 142,300 Property Taxes 114,900 Personal Income 159,000 Other Taxes and Fees Total State and Local Taxes 32 MARKET SUMMARY MARKET SUMMARY Fitness and recreational sports centers Direct Employment Impacts: New Jobs overall (Operations), Full-Time Equivalents 97,200 $529,000 33 CITY OF NOVATO ADDITIONAL SAVINGS 34 • Club One intends to offer facilities for • Aquatics programs (senior water aerobics, swim lessons, masters swimming); • After-school kids programs (fitness, sports, tutoring); • Events (town meetings, sports groups, school events); and • Competitive events (swimming, cross country, cycling) • Club One’s intent is to work collaboratively with the City of Novato to identify programs that we can absorb or host in our facilities. • Club One may also be able to provide an office and marketing support for the Park & Rec team on site. The importance of such a partnership is that any use of programs, facilities, or event space provides cost savings to the City of Novato, which is the direct provider of many programs. Club One’s fiscal impact is augmented beyond the local and state tax revenue estimated above, it is also providing direct savings to the city budget. In summary, the construction phase creates over 114 new jobs in Novato in an industry that is hurting for new job creation (construction), $860K in local and state taxes and $20 million in new business revenue. For ongoing operations, over 154 new jobs are created in Novato, with annual increases in business revenues and new state and local taxes of $9.1 million and $557K respectively. Augmented impact on the City of Novato can come from a public-private partnership on the public use and availability of Club One’s resources. MARKET SUMMARY MARKET SUMMARY Club One intends to offer resources to the public through city parks and recreation and potentially provide office space. SUMMARY 35 Financials HEADER in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem 38 Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Soft costs $550,000 Tennis Courts $700,000 Aquatics $1,500,000 Shell $4,800,000 Sitework Tis $978,750 $8,400,000 Presales office $80,000 Development fees $500,000 FFE $2,200,000 Operating Losses/WC $1,500,000 Total $21,208,750 Debt $12,725,250 Equity $8,483,500 Pre-Opening Forecast Year 1 Forecast Year 2 Forecast Year 3 Forecast Year 4 Forecast Year 5 Forecast Starting Membership 0 0 1,709 2,956 3,665 3,952 Adds 0 1,900 1,800 1,500 1,200 1,200 Deletes 0 (191) (553) (791) (913) (974) Ending Membership 0 1,709 2,956 3,665 3,952 4,178 Revenue $0 $1,670,216 $3,882,102 $5,289,705 $5,970,458 $6,353,366 - 144,315 374,081 523,833 598,808 638,364 - 1,525,901 3,508,021 4,765,872 5,371,650 5,715,002 At Funding Cost of sales Gross profit - Operating expenses Management Fee (Revenue) EBITDA - - 1,671,306 2,343,153 2,699,869 2,918,825 3,057,111 48,000 167,022 350,000 350,000 350,000 350,000 (48,000) (312,427) 814,868 1,716,003 2,102,825 2,307,891 Depreciation/Amortization - 649,786 651,798 660,936 672,361 684,732 Principal & Interest - Long Term Debt - 277,012 277,012 277,012 277,012 277,012 Interest Expense - Other - - - 49,625 593,881 574,491 Income tax expense - - - - - - (48,000) (1,239,224) (113,941) 728,431 559,571 771,656 Net profit (loss) - in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem resin se comnem pubitis non tuit, nis vissult orevirivis. Catquis. Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo in verem a noc manum sum omnostatiam. Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. Nos condepernula L. Publius screm turnulutus, es, tam tentra L. Uceris veri ponsultimus con diur. Gratum peritam prarbit L. Ecrio, nonsil videmquam Paliis? Huitem inte intiussen dees murbem etia rei simorum corum estem Ebes atilinti sis rem dienatiam is loc tus nossili cessess imorace rvidelut der que imus consuss imilis bone consimus, nostris, clabit ernum consit? Culi, cone iu mum molus es adhuid cotis, Catiqui poena, quam atalis, vit. Fultum, tus sunt. Cestraet intemor terferf ecerevi vivensum ad inceps, que publibus foreis, cons At feculina vit, conulest elisulute, publiconu et; nos andiu menis. FINANCIAL OPPORTUNITY FINANCIAL OPPORTUNITY Solutus hilic mo vit; es ocre consusquam inatienicit veris, quit. INCOME STATEMENT Itatuusque arivena, sultum di clarium, quondam simiu vivit redium pubis publica udesciem it, nem, tentem quam auterevil huius, nove, creheme rfeconsilis it. in Itat C. C.Uris sus. ex simihil issilium det ia dem tam, teri culos huidees? Ad convere, qua no. Sp. Palissim publint ebefaterum omnonsi lnerviciam es peri et; num hactus? Quis ommo 39 BALANCE SHEET At Funding Pre-Opening Forecast Year 1 Forecast Year 2 Forecast Year 3 Forecast Year 4 Forecast Year 5 Forecast 14,618,176 Assets Current Assets Marketable Securities 314,435 861,393 2,220,537 3,404,410 4,803,990 - 23,197 53,918 73,468 82,923 88,241 Other Current Assets - 8,351 19,411 26,449 29,852 31,767 14,618,176 860,098 345,983 934,722 2,320,453 3,517,186 4,923,998 PP&E, net - 13,710,078 13,060,292 12,436,492 11,828,453 11,215,796 10,594,598 Deferred sales expense - - - - - - FINANCIAL OPPORTUNITY Total Current Assets Collateralized letter of credit - - - - - - - Other assets - - 33,404 77,642 105,794 119,409 127,067 - 13,710,078 13,093,697 12,514,134 11,934,247 11,335,206 10,721,665 $14,618,176 $14,570,176 $13,439,680 $13,448,855 $14,254,700 $14,852,391 $15,645,663 - $0 $25,217 $37,739 $44,774 $48,856 $51,326 Total Long Term Assets Total Assets Liabilities And Stockholders’ Equity Current Liabilities Accounts Payable Other Accrued Expenses Total Current Liabilities - 83,511 194,105 264,485 298,523 317,668 - 108,728 231,844 309,259 347,379 368,994 Long Term Liabilities Capital leases Long-term debt Deferred revenue, net of current Deferred rent, net of current Total Long Term Liabilities Total Liabilities Retained earnings Equity - "B Units" Total Liabilities & Equity 40 - - - - - - 9,061,128 9,061,128 8,784,116 8,507,105 8,230,093 7,953,081 7,676,070 - - - - - - - - - - - - - - 9,061,128 9,061,128 8,784,116 8,507,105 8,230,093 7,953,081 7,676,070 9,061,128 9,061,128 8,892,844 8,738,949 8,539,352 8,300,460 8,045,064 - (48,000) (1,287,224) (1,401,165) (672,734) (113,163) 658,493 5,557,048 5,557,048 5,557,048 5,557,048 5,557,048 5,557,048 5,557,048 $14,618,176 $14,570,176 $13,162,668 $12,894,832 $13,423,666 $13,744,345 $14,260,605 FINANCIAL OPPORTUNITY 860,098 Accounts Receivable 41 CASH FLOW STATEMENT Pre-Opening Forecast Year 1 Forecast Year 2 Forecast Year 3 Forecast Year 4 Forecast Year 5 Forecast $(48,000) $(1,239,224) $(113,941) $728,431 $559,571 $771,656 860,098 314,435 861,393 2,220,537 3,404,410 4,803,990 - 649,786 651,798 660,936 672,361 684,732 Accounts receivable - (23,197) (30,721) (19,550) (9,455) (5,318) Other assets - (41,755) (55,297) (35,190) (17,019) (9,573) Accounts payable - 25,217 12,522 7,034 4,082 2,470 Other accrued expenses - 83,511 110,594 70,380 34,038 19,145 Deferred rent - - - - - - Deferred revenue and expenses - - - - - - - 693,561 688,897 683,610 684,007 691,457 (48,000) (545,663) 574,956 1,412,041 1,243,578 1,463,113 (13,710,078) - (27,997) (52,897) (59,705) (63,534) - - - - - - (13,710,078) - (27,997) (52,897) (59,705) (63,534) - - - - - - - - - - - - - - - - $(13,758,078) $(545,663) $546,958 $1,359,144 $1,183,874 $1,399,579 14,618,176 860,098 314,435 861,393 2,220,537 3,404,410 $860,098 $314,435 $861,393 $2,220,537 $3,404,410 $4,803,990 (48,000) (1,239,224) (113,941) - - - 35% 35% 35% 35% 35% 35% 16,800 433,728 39,879 - - - At Funding Cash Flows From Operating Activities Net earnings (loss) Adjustments to reconcile net earnings (loss) to net cash (used in) provided by operations: 14,618,176 Depreciation and amortization TOTAL Balance Sheet Adjustments Net cash (used in) provided by operations Cash Flows From Investing Activities Sale (purchases) of property and equipment Proceeds of release of letter of credit Net cash (used in) provided by investing activities Cash Flows From Financing Activities Proceeds (repayment) of long-term debt - Proceeds (repayment) of capital leases - Dividends to investors Net cash provided by (used in) financing activities Net increase (decrease) in cash Cash beginning of period Cash end of period FINANCIAL OPPORTUNITY FINANCIAL OPPORTUNITY Net change in operating assets and liabilities: Tax Benefits Net loss Federal tax rate Tax benefit 35% 490,408 42 43