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Published byNorman York Modified over 7 years ago
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PLAZA SALTILLO REDEVELOPMENT OVERVIEW OF TRANSACTION MARCH 17, 2016
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STRUCTURE OF DOCUMENTS Master Development Agreement: Outlines and governs initial construction of Project Ground Lease: Governs long-term use and operation of property, and payment of rent Developer/Tenant: Composed of Endeavor, Columbus and Equity Investor, to be adequately capitalized and financed with customary lender protections Phases: Phase I: Mixed-use Project (Blocks 1-5) Phase II: Senior Project (Block 6)
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CONCEPTUAL OVERALL SITE PLAN
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TERM FTA Concurrence: Documents will be signed after FTA concurrence Commencement Date: The date the Ground Lease is signed Rent Commencement Date: The earlier of (a) January 1, 2017 (subject to certain delays) or (b) the date Tenant commences work on the Project Term: From Rent Commencement Date to December 31, 2115 Subject to certain termination rights by either party
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RENT First Lease Year Base Rent: $1,625,000 Base Rent Increases: Fixed Base Rent increases during first 5 Lease Years Variable Base Rent increases afterwards Additional increases if square footage increases Pre-Paid Rent: $3,298,750.00 Pre-Paid Base Rent for first 2 Lease Years; then Base Rent paid quarterly Rent Deposit: $3,250,000.00 Rent Deposit paid at signing to be returned under certain conditions Percentage Rent: To be paid if applicable Triple net lease
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INITIAL CONSTRUCTION OF PROJECT Capital Metro Right to Review Design Commencement and Completion Milestones Green Building/LEED B-Cycle Contribution Development Team Existing Agreements Environmental Remediation Track Realignment, Rail Crossings and Signalization Developer Reimbursement of Certain Capital Metro Costs
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WORKER PROTECTIONS Legal Protections: Compliance with legal protections required Safety: OSHA certification and safety equipment Living Wage: Workers paid $11.39/hour (living wage as of June 1, 2015) Insurance: Medical pay coverage and workers’ compensation or occupational accident insurance Monitoring: Project monitored by independent party with translators available Regular reports regarding worker protections Action required to address and resolve issues
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AFFORDABLE HOUSING Affordability: As required by TOD regulating plan with remedies for non-compliance Increases: Possibility of increasing from 15% to 25% if public funding is available Senior Affordable Project: Phase II of Project Capital Metro recapture right if not commenced with one-time payment to Capital Metro and no rent reduction
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OPERATION AND USE Class A mixed use community operation standard Permitted uses and prohibited use restrictions Project components may be owned by separate owners Lease includes defaults and remedies
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QUESTIONS
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