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Home My WebLink About841287.tiff AV/;/q1 RESOLUTION RE: A RESOLUTION APPROVING AN INDUSTRIAL DEVELOPMENT PROJECT FOR SHELTER EQUITIES , INC . MAKING CERTAIN FINDINGS AND DETERMINATIONS, PRELIMINARILY APPROVING THE ISSUANCE OF APPROXIMATELY $9,800,000 PRINCIPAL AMOUNT OF INDUSTRIAL DEVELOPMENT REVENUE BONDS (SHELTER EQUITIES, INC. ) IN CONNECTION THEREWITH AND AUTHORIZING REPRESENTATIVES OF THE COUNTY TO TAKE ACTION INCIDENTAL THERETO. WHEREAS, the County of Weld , in the State of Colorado (the County) is authorized by its homerule charter and the County and Municipality Development Revenue Bond Act , constituting Title 29, Article 3, Colorado Revised Statutes (the Act) , to acquire , own, lease , improve and dispose of properties to the end that the County may be able to promote industry and develop trade or other economic activity by inducing profit or nonprofit corporations , federal governmental offices , hospitals , and agricultural , manufacturing, industrial , commercial , or business enterprises to locate , expand , or remain in the State of Colorado, to mitigate the serious threat of extensive unemployment in parts of the State, to secure and maintain a balanced and stable economy in all parts of the State , and to further the use of its agricultural products or natural resources ; and WHEREAS, representatives of Shelter Equities , Inc. , a Colorado corporation (the Corporation) , have met with officials of the County and have advised the County of the Corporation' s interest and need in obtaining financing for a project consisting of the acquisition of certain real property and making improvements and constructing and equipping buildings thereon for use as a retail shopping facility (collectively the Project) located or to be located in the County; and WHEREAS , the County has considered the Corporation' s proposal and has concluded that the economic benefit to the County will be substantial and it wishes to proceed with the financing of the Project ; and WHEREAS, the action herein contemplated is not prohibited by any ordinances , resolutions or rules of the County; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO: Section 1 . Approval of the Bonds . In order to induce the Corporation to complete the Project, the County, subject to the terms and conditions of the Memorandum of Agreement (attached hereto as Exhibit A and by this reference made a part hereof) , shall take all steps necessary or advisable to effect the issuance of industrial development revenue bonds or other obligations in a maximum aggregate principal amount not exceeding -1- 841287 $9,800,000, or such lesser amount as shall be mutually agreed upon to finance the Project . No costs are to be borne by the County in connection with this transaction. Section 2. Final Authorization of Details . Prior to execution of the necessary financing documents as shall be mutually agreed upon in connection with the Project and such bonds or other obligations , such documents will be subject to authorization by ordinance of the Board of County Commissioners pursuant to law and any ordinances , resolutions and rules of the County. Section 3. Reimbursement of Expenses . The Corporation has agreed to provide for reimbursement of all expenses incurred or to be incurred by the County related to the Project. Section 4. Findings and Determinations . The Board of County Commissioners hereby finds and declares that the Project will meet the public purposes set forth in the Act . Section 5. Nature of Obligations . Nothing contained in this Resolution shall constitute the debt or indebtedness of the County within the meaning of the Constitution or statutes of the State of Colorado, nor give rise to a pecuniary liability of the County or a charge against its general credit or taxing powers . Section 6. No Conflicts of Interest. No member of the Board of County Commissioners having acted upon this Resolution in his or her official capacity (i) has a direct or indirect interest in the Project , loan agreement, mortgage or bonds , (ii) owns any interest in the Project or the Corporation, (iii) is an officer or employee of the Corporation, (iv) will be involved in supervising the completion of the Project on behalf of the Corporation, or (v) will receive any commission, bonus or remuneration for or in respect to the Project , the loan agreement, the bonds or the mortgage. Section 7. Tax Reform Act of 1984 Allocation. The Tax Reform Act of 1984, (the Tax Act) requires that the bonds contemplated by this Resolution must have an allocation of the state ceiling imposed by the Tax Act. Upon receipt of such an allocation, the Board of County Commissioners shall call a public hearing on the issuance of the bonds and publish notice as required. Section 8. Information Reporting Under Internal Revenue Code. The County shall do all acts necessary to complete the information reporting requirements of Section 103 of the Internal Revenue Code of 1954, as amended , and all regulations thereunder. -2- Section 9. Effective Date. This Resolution shall take effect immediately upon its adoption. INTRODUCED, READ, APPROVED AND ADOPTED upon the affirmative vote of five members of the Board of County Commissioners present at a meeting held this 15th day of October, 1984. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ( S E A L ) Norman Carlson, Chairman ATTEST: iplawams44.4att,_ Mary Ann Feuef/Stein :c uel e oh s n Pro-Tem Weld County Clerk and Recorder and Clerk to the Board Ott K Gen R Brantner By: Deputy Cliérk eua Carson APPROVE AS TO F 1 57� Zc is ��iILL 'iari v eA - County Attorney -3- ! 'ryt^. EXHIBIT A MEMORANDUM OF AGREEMENT This Memorandum of Agreement is between the County of Weld , Colorado, (the County) and Shelter Equities , Inc . , a Colorado corporation (the Corporation) . 1 . Preliminary Statement. Among the matters of mutual inducement which have resulted in the execution of this Agreement are the following: (a) The County is a duly organized homerule county in the State of Colorado, a body politic and corporate, authorized and empowered by 29-3-101 , et seq. , C.R. S. (the Act) to issue industrial development revenue bonds for the purpose of defraying the cost of acquiring , constructing, improving and equipping land, buildings or other improvements and all necessary and appurtenant real and personal properties , whether or not now in existence, suitable for a business enterprise within the County and to enter into financing arrangements with respect to such facilities , upon such terms and conditions as the Board of County Commissioners of the County (the Board) deems advisable . (b) In order to promote sound economic growth and employment opportunities for citizens of the State of Colorado, the Corporation proposes to acquire and improve certain real property and construct and equip buildings thereon for use as a retail shopping facility to be located within the County (the Project) , and pursuant to a Loan Agreement between the County and the Corporation (the Loan Agreement) , the County will loan the proceeds of its revenue bonds (the Bonds) to the Corporation for such Project and the Corporation will make loan payments thereunder sufficient to pay the principal of, premium, if any and interest on the Bonds . (c) The County has indicated its willingness to proceed with the issuance of its Bonds as provided by the Act to finance the Project and has advised the Corporation that , subject to due compliance with all requirements of law and the obtaining of all necessary consents and approvals and to the happening of all. acts, conditions and things required precedent to such financing, the County, pursuant to the Act , will issue the Bonds in a principal amount sufficient to pay the costs of such acquisition and completion of the Project , the funding of any necessary reserves and the expenses of issuance and sale of the Bonds , not to exceed an aggregate principal amount of $9 ,800,000. (d) The County considers that financing the Project and entering into the Loan Agreement with the Corporation with respect to the Project will promote the sound economic growth of the State of Colorado and will meet the public purposes set forth in the Act. -1- 2 . Undertakings by the County. The County agrees as follows : (a) Subject to due compliance with all requirements of law and the obtaining of all necessary consents and approvals and to the happening of all acts , conditions and things required precedent to such financing, the County will issue the Bonds pursuant to the terms of the Act in a principal amount sufficient to finance the Project , the funding of any necessary reserves and the expenses incident to the authorization, sale and issuance of the Bonds , and Bonds shall not be issued in an aggregate principal amount in excess of $9 ,800 ,000. (b) The County will cooperate in obtaining an allocation of the state ceiling on private activity bonds imposed by the Tax Reform Act of 1984 and thereafter will hold a public hearing and adopt such proceedings and authorize (i) the execution and delivery of such documents as may be reasonably necessary or advisable for the authorization, issuance and sale of the Bonds , (ii) acquisition and completion of the Project , and (iii) the execution of the Loan Agreement with the . Corporation and such other documents relating to the Project and the Bonds as shall be authorized by the Act or other law and as shall be mutually satisfactory to the County and the Corporation. (c) The aggregate sums to be paid by the Corporation under the Loan Agreement shall be sufficient to pay the principal of, redemption premium, if any, and interest on the Bonds as and when the same become due. (d) The County will take such other acts and adopt such further proceedings as may be reasonably required to implement the aforesaid undertakings and as it may deem appropriate in pursuance thereof. (e) The Bonds shall provide that they shall be payable solely out of the revenues derived from the payments to the County by the Corporation pursuant to the provisions of the Loan Agreement , that they shall never constitute the general obligations of the County within demeaning of any provision or limitation of the Constitution or statutes of the State and that they shall not constitute nor give rise to a pecuniary liability or a charge against the general credit or taxing powers of the County, the State of Colorado or any political subdivision thereof. (f) In authorizing the issuance of the Bonds pursuant to this Agreement , the County will make no warranty, either expressed or implied , that the proceeds of the Bonds will be sufficient to pay all costs of the Project. 3. Undertakings on the Part of the Corporation. The Corporation agrees as follows : -2- (a) The Corporation will enter into a contract or contracts for the acquisition and completion of the Project. (h) Prior to the delivery of the Bonds , the Corporation will enter into the Loan Agreement with the County under the terms of which the Corporation will obligate itself to complete the acquisition and completion of the Project and, to the extent not payable out of proceeds of the Bonds , to pay to the County sums sufficient in the aggregate to pay or reimburse the County for expenses incurred by it in connection with the authorization, issuance and sale of the Bonds and to make loan payments sufficient to pay the principal of, premium, if any, and interest on the Bonds as and when the same shall become due and payable , all fees and expenses of any trustee for the benefit of the owners of the Bonds incurred under any trust indenture, all utility charges , taxes , assessments , casualty and liability insurance premiums , and any other expenses or charges relating to the ownership , use , operation, maintenance , occupancy and upkeep of the Project , such Loan Agreement to contain such other provisions as may be required by law and as shall be mutually acceptable to the County and Corporation. (c) The Corporation will take such further action and adopt such further proceedings as may be required to implement its aforesaid undertakings or as it may deem appropriate in pursuance thereof. (d) The County and Corporation mutually agree that the Corporation shall find a purchaser or underwriter of the Bonds ; provided , that the County shall not incur any liability for the payment of the fees and expenses of any fiscal advisor or underwriter except that the same may be paid out of the proceeds of the sale of the Bonds . (Balance of this page intentionally left blank. ) -3- IN WITNESS WHEREOF, the parties have entered into this Agreement by their duly authorized officers on this 15th day of October , 1984 . BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ( S E A L ) f/�� Norman Carlson, Chairman%MaATTEST: G' ti.T&44.4i(,¢, / .,Vvy a �YV T� Mary Ann Feueesstein c Jacqu ine Jo s•n, Pro-Tem Weld County Clerk and Recorder \ �„� and Clerk to tQ,�p Gene R Brant By:Deputhr4 e . C c Car on APPROVED AS TO FGRH , \�// COsiL'� < o . artin County Attorney ( S E A L ) SHELTER EQUITIES, INC. A Colorado Corporation Secretary President • -4- NOTICE OF PUBLIC HEARING DOCKET #84-68 NOTICE IS HEREBY GIVEN that at a regular meeting of the Board of County Commissioners of Weld County, Colorado, to be held on Monday, the 15th day of October, 1984 , at the hour of 10 :30 A.M. , in the Weld County Commissioners hearing room, first floor, Weld County Centennial Center, 915 10th Street, Greeley, Colorado, the Board will hold a public hearing concerning the proposed issuance by the County of Industrial Development Revenue Bonds in a maximum aggregate principal amount of $9 , 800 ,000 , for Shelter Equities , Inc a Colorado corporation, for the purpose of financing the acquisition, construction, improvement and equipping of land, buildings , or other improvements, and all necessary and appurtenant real and per- sonal properties, whether or not now in existence , suitable for a retail shopping facility , within the County (the "Project" ) . The bonds shall never constitute a charge against the general credit or taxing power of the County, nor are the bonds a general obligation of the County. All persons with differing views on either the issuance of the bonds or the location or nature of the Project will be given a reasonable opportunity to be heard, Copies of the application for Industrial Development Revenue Bonds are on file in the Office of the Clerk to the Board of County Commissioners located on the 3rd floor, Weld County Centennial Center, 915 10th Street, Greeley, Colorado, and may be inspected during regular business hours. THIS NOTICE GIVEN BY ORDER of the Board of County Commissioners of the County of Weld, State of Colorado, as of the 24th day of September, 1984 , THE BOARD OF COUNTY COMMISSIONERS BY: MARY ANN FEUERSTEIN COUNTY CLERK AND RECORDER AND CLERK TO THE BOARD OF COUNTY COMMISSIONERS BY: TOMMIE ANTUNA, DEPUTY PUBLISHED: September 27 , 1984, in the La Salle Leader NOTICE OF GRANT OF AUTHORITY TO ISSUE PRIVATE ACTIVITY BONDS Be it known that on October 25, 1984 , 1984, the Colorado Depart- ment of Local Affairs did notify the Cotnty of Weld, Colo. that the County of Weld, Colo. had been granted an allocation from the Statewide Balance to issue $ 9, 800,000.00 in Private Activity Bonds. Said Private Activity Bonds shall be used by the entity to finance acquisitions, construc- tion,, inprovernents, and eouinment in connection with Shelter Equities, Inc. project. This Notice is given in accordance with Section 6, Paragraph A, of Executive Order Number D002884. Moreover, I hereby certify that this grant of authority to issue Private Activity Bonds is not a. result of any bribe, gift, gratuity, or direct or indirect contribution to any political campaign. This certification is given pursuant to Section 103(n) 12(A) of the Internal Revenue Code. STATE OF COLORADO . DEPAI;T� '1T ,` , � ""I, Cr-PIPScit 1313 Shertnal S ., iio a >! Administrator of Statewide Balance Denver Qo1crade $020 October 25, 1984 Date f :. f. Affidavit of Publication • SAT_ CF CCLCRACC. 1 County al W.id. j L Paul Massey Of Legal Notice N0710E OF PUBLIC HEARING said County at Weld. being duly sworn. say that 1 cm Qublietter of DOCKET No.84-68 La Salle Leader NOTICE BS NOM GIVEN that el a _ alder soda el the load d Casty that the same is a weekly newspaper of general Cometid°eme d Weld County, Col- M atlenon cod punted and published in the «du.to be bold on to he the Ism er d b 1981,u the here of- `1040 aselea.M.,b Marla Weld County Com- bwn of T,a Salle mt.datrts hemne rot, em coax. _ in said county and stair that the notice or other Weld County Coma.W Cater. 915 10th Street.'Gseby, Co ice o. the tisomenl of which the annexed is a true ropy. nosed.m bold. c beerbi has been published in said weekly newspaper ars the yr'p.edweece l albs Cos y et Ietetrlsl Dealopment Satan ter one x Bads In.atatlmam swear prune WA amount d M,UO:000,for Shelter weeks: that tuner notice wo published in the Fades.Inc.,•Cokesdo ewr«eno.. regular and entire issue of every number of said for the purpose of 0tmaebn the.cq*l. den, e newspaper durum the period and time at ;mini- aatypYm-..°' Bmsma.heed d, hotYeet. cc« and other cation of said notice and in die newspaper Imprommeots. ad di necesary mid idpinsessi reel sad pasoal pima Draper and nal in a supplement thereof: :that the as,Moela a at se b ad.a ce, lust publication of said not:co was contained in Stable S. airs.hepptne tadulty edub the Cortq(the PrWrr7• the issue of said, newspaper Deanna dais.?the ...2 L day of September Art. i9y&,L_ The bond` stall near tse.tde a charge ads the pared credit«Ma- and the last pitbiL=uen theta:L in.iWu. ai his peer of the Carty.nor am me said newspaper bearing date. the day ci hoes sets.cord with Baraon d me Corn September 8 yd Al with Baring vas he . 19.k: that the said the Isaacs of the bonds or the bade.or mma a as Pretext all be • Oven a aaomble gptmty to be La Salle Leader hard. Comae of the.pP asn be Industrial has been published continuously and uninterrupt• Deabpmat Rams Bonds are on Be ed!y during the period of at least fifty-two con- is the Otcedt a ark to the Boards Canty Conalaosim Hated on the sutve weeks next prior to the first issue thereof Sid r_ loot Centennial eanednmq said notice or advertisement above Cater,915.10th Sired.Greeley,Col- credo, sod may Ito Sported drop - referred tat and that said newspaper was at the nester babes tors. time of each of the publications of said notice. 7145 NO17CE_ BY ORDER el duly qualified for that purpose within the mean• the Bead of Comp CaaWoamd trig of an bat, entitled. "An Act Can:erring Legal the County d WAS Mr of Colorado, ad the Welt day 0Beplembr,INCNotices. Advertisements and Publications. and the Fess d Printers and Publishers thereof, and BOARD OFCOONIY,... to Repeal all Acts and Parts of Acta in Conflict COM asstor ERS WELD COUNTY.COLORADO with the Provisions of this MC approved April 7. 1921. and all amendment% thereat end particu- BY:NARY APR!FEUERS1EDt COUNTY CLERIC AND GEC W IDER laxly in amended by an ant approved. Math Z. AND CLERK TO THE BOARD 192%3. and an act app raved May 1 31. BY:roMMmANniNA.DEpertY ( Mashed the V Salle leader \\ lice/ Thu drn September 27.1951. r D-rr. Subscribed and :worn/to before m is p� day of ( )� rX?� A.D.. 192L —. __ _ _ _ — .S . 0.45xt O-ECi My ttmmusan exciter " 9-!S rT/ --- Notary Public 13381S H1pZ .EIM` S oaf :. If .'11,1%*\ "Ir/T 44.41.0k,l, 1,:a._ f,. 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"%... 0 * Fred R.Cornwall Anderson DeMonbrun Inc.Division Vice President Public Finance Department September 19 , 1984 Mr. Donald Warden Director of Finance Weld County Box C Greeley, Colorado 80632 Dear Don : Enclosed please find some additional information for the industrial development bond application that has been submitted by Shelter Equities Inc . Please note that we are now working with Shelter Equities to assist them in the placement of the bonds . We would like to revise the dollar amount of the application to $9 , 800 , 000 and I have enclosed an estimated debt service repayment schedule reflecting this increased size. Also enclosed please find the following: 1. A commitment letter from Prudential-Bache Securities Inc. indicating marketability of the bonds . 2 . A commitment letter from bond counsel stating legality of purpose for these bonds . 3. Letter from the applicant ' s principal bank stating suitability. 4 . A copy of the audited financing: statement of Shelter Equities Inc. for the year ending June 30 , 1984 . Prior years ' statements have been sent to you previously. Due to a merger, the prior years ' statements are in the names of Harvest Hotel Associates and Western Colorado Devel- opers . 5 . A credit report on the major stockholder of Shelter Equities , N. F. Anthony Seibert, by CREDCO. 6. An estimated debt service repayment schedule. Prudential-Bathe Securities Inc.,5675 So.DTC Blvd.,Englewood,CO 80111 Tel,303 740-7666 1 800 582-3448(within Colorado only) Prudential-Bache Mr. Donald Warden September 19 , 1984 Page Two 7 . Resolution for the County Commissioners to be passed September 19 , 1984 , if possible. Please let me know if there is any additional information that you need. Otherwise, I would appreciate the opportunity to present this to the Commission on Wednesday morning, September 19 , 1984 . Thank you for all your assistance. Sincerely, PRUDENTIAL-BACHE SECURITIES INC. 71 Fred R. Cornwall Vice President FRC:tk • Fred R.Cornwall Anderson DeMonbrun Inc.Division Vice President Public Finance Department September 19 , 1984 Mr. Donald Warden Director of Finance Weld County Box C Greeley, Colorado 80632 Dear Don: Prudential-Bache Securities Inc. has reviewed the financial information of Shelter Equities Inc. and the financial re- quirements that this organization has insofar as construction of a strip shopping center in the City of Greeley. It is our opinion that we will be able to market industrial development revenue bonds for the development that Shelter Equities is proposing. As usual, interest rates and repay- ment schedules have not been finalized at this time. However, we feel that the financial strength and business acumen is present to justify our assistance in the marketing of these securities . Therefore, we would like to request the approval of Weld County for the issuance of $9 . 8 million of industrial revenue bonds in the name of Weld County for the purpose of financing this strip shopping center at the intersection of 35th Avenue and 24th Street. Sincerely, PRUDENTIAL-BACHETIES INC. at Fred R. Cornwall Vice President FRC:tk Prudential-Bache Securities Inc.,5675 So.DTC Blvd.,Englewood,CO 80111 Tel.303 740-7666 1 800 582-3448(within Colorado only) 111111=1_ r.-. 11....x . :r• ,. r.• 7 r 11r - Fir: t. ..: _-ri- _;OR'•✓1`_!E ':CL-ILOULE PERIOD i;h,p..li1!.. 1 1O/O1 /8:3 949, 7,71.13. 97 q49, 575. 97 • 10/01, ;86 205, 0011'. 00 113, 1300 1 , _74, 410„ _!0 1 . 279•. 910 , 0.' • 1O/O1 /E7 215. 000. 00 .,. -. 7117 1 , O13. 4c° UO - - -- 4 101,-)1/89 97Z . ,_1OO. OO 8. 500 .. , i O.j C _ .;:r • :I C'I )1 /'2Q :I.•). f;1 !n" 11-111-2. 111(.. ) 1. 1 '.LC1, r i.`'] 14 1.Ci c 1 / y j 15 LO/ ril/9`> ,1)".16„ , “)(11, 00 'r7 16 1O/O1 /OO 5, 00,0 r-i ) 7O :12, 0.. C.'O = 17 1O/O1/O1 ti r:, OC:O _7O 11 . 700 ^.3L . I.::3 ')U 1 ,. ,, ,.,a CC: 18 1O/O1/O2 8 ,5 , ..xOO, OO 11 . 706 742, 91.5. 0 _ . . )i 19 1O/O1/O7 911?._11. OOG, 00 1 '. . 400 241. , 690. 00 1 , 27,b, )8O. OO 0. 00 / r OO :L 1 .. 5OO 1 27„ 6 50. 00 1 , 277, 650. 00 U 1O/ill O4 , 11. ?, Oi;c_„ - _ TOTAL 11 , 67:1, 310. 97 24, 435. '710. 83 rs�c..)►noard tactual data report Cincsi�DCO FlLENO PREPARED FOR- (ATTENTION. 324515 GREENWOOD ACCOUNT NO. MORTGAGE CINDY lI 270 — i DATE COMPLETED DATE RECEIVED IFHA NO. 9-5-84 8-22-84 IBa5F 41.00 ' SUBJECT(51 I"d"tpC.. CHARGES sL J. SEIBERT, NILS FREDERICK (KATHLEEN MARIE) T^'5 STANDARD FACTUAL DATA REPORT meets all 3860 NEWPORTLANE /�� MONTHS) under Writing rUS Veteran's set by US Department of Ip—/�II�r,Es (2 MONTHS) National Mortgage Veteran's NMI (VAT Federal BOULDER, COLORADO rs A5sp rat i n IFNMAI and Federal Home Loan Mortgage Corporation(FHLMCI YES Do names address agree with(hose On O 44 polrcation REMARKS I Amoltly business history Appros,mate age of sublets Ron repoprt shall contain NlOrmalgn as to to MARRIED — 4 within prestos years information alatus rl mere 4 YEARS (WIFE, 3 CHILDREN) Marital Stalin—pumper of dependents has beena change in employment status (10-13-79) Pest earst Length of time married 2 The reoorbng bureau certifies rat X SHELTER GROUP public records nave been Checked for suits Em Oyer luorements l OthercireCIOSu;t5 earmsnmentS bank PRESIDENT ruoiect and other legal actions belo,.lO Position held SuplKl with the results indicated d or odu btained 10 YEARS lbuusee01 rniormanori run been obtained Approximate length of present employment t^rough use of a Qualified Pubic records moon.inNO Has employment status changed m the o IGv<derails`(Tnt rec rds Of rpm in. results eal icated below 9 past two rears estate trans 8000 Monthly income lets which do not involve laeclosure may be NA escludedl l Vs Approximate mCOme if any.Iron other sources 3 The reporting bureau certifies that the FOX AND COMPANY and of ) credit record m the payment dr bills Employer and other obcteoilns has been checked tat C P.Ae mrOugn the credit accounts !wended by the Position held oesignateda credit grantors under rN Classes 1 YEARS and Trades identified in IN contract for ter AOOroumale length of present employment commun.q in wort^ lest sublttt resides. with YES me results ind.cale0 belour wag X through Has employment status changed in the past two years, accumulated credit records al such Credit 2000 Monthly income grantor,Or the community in whien the subtect r elides witr n the rlsuris Indicated below NA 10 rat! Cr!!d [Oip Approemate income.it any from other sources I INO rerer n e shall be made in Ines repot e Fla lrpyl origin 1 TRADE LINES DATE OPENED HIGHEST CREDIT TERMS BALANCE PAYING HABITS I PREVIOUS RESIDENCE: 1e 503 NORTH STAR COURT — BOULDER, COLORADO — 4 YEARS PREVIOUS EMPLOYMENT: (HERS) 1. NORWEST HOUSE - CONTROLLER - 8 YEARS COLORADO SECURITY BANK 3-84 24,674 675 CLOSED AS AGREED MASTERCARD 12-82 5350 REV TRI-STATE INDUSTRIAL BANK 1O-77 76 000 NA 0 AS AGREED UNITED BANK OF BOULDER CLOSED AS AGREED THE DENVER 10-77 6701 186 CLOSED AS AGREED SAVINGS AND LOAN 3-78 926 REV 0 - AS AGREED EMPIRE MASTER CARD 11-82 102,000 1485 CLOSED AS AGREED INTRAWEST OF BOULDER 12-82 5350 REV 0 1X3O-59 8-78 TISFATORY (NOTE: $981 CHARGED TO LOSS; NOT PAID; AS0REPORTED TO LOCAL 00 NA CREEPOSSITORYN11-19-80; CREDITOR COULD FIND NO RECORD) OTERO SAVINGS 6-73 54,000 490 CLOSED AS AGREED TRI-STATE INDUSTRIAL BANK LITTLETON BANK 10-77 70,000 NA CLOSED AS AGREED - DENVER DRY 9-75 5510 NA CLOSED AS AGREED MAY D E F 11-79 1273 REV 0 AS AGREED DELAWARE 7-83 829 REV 0 AS AGREED - MASTERCARD 5-77 1859 REV 0 NEW YORK AS AGREED SAK'S 5TH AVENUE 5-76 NEVER USED CALIFORNIA WESTERN AIRLINES 7-72 NEVER USED TEXAS M & I MORTGAGE 7-79 135,000 1523 CLOSED AS AGREED _789 SHERMAN ST., SUITE 5OO • DENVER, CO 80203 • TELEPHONE(3O3)837.1779 b. . and factual' data report r "' o • PREPAREDFOR. ATTENTION ACCOUNT NO 24515 GREENWOOD MORTGAGE 270 E COMPLETED DATE RECEIVED FHA NO CHARGES SUBJECTISI SEIBERT, NILS FREDERICK (KATHLEEN MARIE) o V`�„ ,o-� a ==1 a' ,c•Ole. r+vr+ BUSINESS/INVESTMENT CREDIT NEW YORK MID CONTINENTAL DRILLING 12-81 360,000 NOTE 360,000 TOO NEW CALIFORNIA PACIFIC FEDERAL SAVINGS 1981 75,000 992 CLOSED NOT AVAILABL (NOTE: SOLD TO SERVICE DIMENSION) DOWNEY SAVINGS AND LOAN 7-81 25,700 427 CLOSED NOT AVAILABL (NOTE: CREDITOR DECLINED TO, RATE, BUT PROVIDED FIGURES) SERVICE DIMENSION 1981 75,000 922 CLOSED AS AGREED COLORADO SECURITY BANK OF BOULDER 12-82 42,500 NOTE CLOSED AS AGREED SECURITY PACIFIC MORTGAGE 3-84 2.70 NOTE 2.70 TOO NEW MILLION • MILLION UNITED BANK OF CHERRY CREEK 3-84 882,218 INT. CLOSED AS AGREED ONLY EMPIRE SAVINGS AND LOAN 1-84 2,650,000 NOTE 2,650,000 TOO NEW METRO BANK 5-83 650,000 NOTE CLOSED AS AGREED 5-83 773,000 NOTE CLOSED AS AGREED BUSINESS/INVESTMENT CREDIT UNDER SHELTER EQUITIES COLORADO METRO BANK 9-83 550,000 NOTE 550,000 TOO NEW . 2-84 50,000 NOTE CLOSED AS AGREED FIDELITY NATIONAL BANK 11-83. 135,000 NOTE CLOSED AS AGREED VAIL ASSOC., INC. 12-83 467,500 NOTE 467,500 SUPPLEMENT UNITED BANK OF SKYLINE 8-83 8000 NOTE CLOSED AS AGREED INTRAWEST BANK OF NORTHGLENN 6-83 400,320 NA CLOSED AS AGREED COLORADO NATIONAL MORTGAGE 7-83 611,508 NOTE 611,508 TOO NEW SILVERADO SAVINGS 8-83 360,038 NOTE CLOSED AS AGREED METRO BANK - 9-83 278,016 NOTE CLOSED AS AGREED 6-83 611,766 NOTE CLOSED AS AGREED MINNESOTA MINNESOTA MUTUAL LIFE 7-83 1,600,000 16,500 1,600,000 AS AGREED PUBLIC RECORDS: 1. $D63849: KATHLEEN SEIBERT RECEIVED FINAL DISSOLUTION OF MARRIAGE FROM ANTHONY SEIBERT 6-1-78; THE ORIGINAL DECREE CALLED FOR NO CHILD SUPPORT AND $1000/MONTH MAINTENANCE BEGINNING IN 3-78 FOR 25 MONTHS. (DENVER D.C., COLORADO) -2- JM _789 SHERMAN ST..SUITE 500 . •, _ . DENVER.C0 80203 • TELEPHONE (303)837-t779 , • and factual data report C c C • PREPAREDFOR- r C�C(�CO ATTENTION �4C000NT NO 24515 GREENWOOD MORTGAGE COMPLETED DATE RECEIVED FHA NO 2ZI) CHARGES SUBJECTISI SEIBERT, NILS FREDERICK (KATHLEEN MARIE) • PUBLIC RECORDS: 2. #82CV1264: CIVIL COMPLAINT FOR BREACH OF CONTRACT/FORECLOSURE OF MECHANIC'S LIEN FILED AGAINST SUBJECT (MULTIPLE DEFENDANT) BY MILES D. BRADFIELD INC. 9-10-82 FOR $1024.16; DISMISSED 8-18-83. (BOULDER D.C., COLORADO) REMARK: SUBJECT INDICATED 30-DAY ACCOUNT WITH AMERICAN EXPRESS. INQUIRIES: * 1. CREDCO; 6-22-84 • -3- JM _789 SHERMAN ST., SUITE 500 • TIFNV FA I"n one.... First Interstate Bank - of Denver, N.A. First 633 Seventeenth Street Denver, Colorado 80270 Interstate 303 293-2211 Bank September 13, 1984 Board of County Commissioners Weld County Greeley, Colorado Gentlemen: Shelter Equities, Inc. is one of several companies referred to collectively as the Shelter Group. The Shelter Companies are all controlled by N. F. Anthony Seibert and have banked with First Interstate since 1974. We have loaned low six figures unsecured plus some six figure secured loan facilities. My personal knowledge of this customer is derived from my employ- ment at this Bank since January 1984 and from my position as Assistant Vice President with United Bank of Denver until December, 1983. The Shelter Group companies have also been customers of United since 1974 and I had banked them there since 1980. Real Estate projects successfully performed ranged from office parks and retail shopping centers to hotel/bar operations and luxury mountain homes. United had loaned low six figures unsecured and medium six figures secured and Shelter Group Companies carried average low six figure balances. At both my present and my former banks, all loan and deposit accounts have been handled in a completely satisfactory manner. During my four years as a banker for Shelter, I have become very familiar with each of the Shelter Companies and with management of the Shelter Group, and I have a very high regard for the organization and its management team. • If I may answer any further questions for you, please feel free to call me at 293-5669. Sincerely, /JZ��ZC2 1611-/-6 --- -, Sandra Schreiber Assistant Vice President Enterprise Banking SS/pb STOWE & FJERSKOVITS A Partnership Including Professional Corporations 1666 S. University Boulevard Denver, Colorado 80210 Office (303) 698-2423 Telecopier (303) 778-6521 Erick D. Stowe, P.C. David P. Herskovits, P.C. September 18 , 1984 Weld County Commissioners Box C Greeley, Colorado 80632 RE: Shelter Equities , Inc . Ladies and Gentlemen: We have been requested to reach preliminary conclusions with respect to the use of industrial bond financing for the purposes of acquiring and improving real property and constructing and equipping a building thereon for use as a retail shopping facility to be located within Weld County, and whether such use comes within the definition of "project" within the meaning set forth in the County and Municipality Development Revenue Bond Acts , consisting of Title 29, Article 3 Colorado Revised Statutes (the "Act") . The definition of "project" in the Act is as follows : " 'Project' means any land, building or other improvement and all real or personal properties , and any undivided or other interest in any of the foregoing, except • inventories , raw materials , and other working capital , whether or not in existence, suitable or used for or in connection with any of the following: (a) Manufacturing, industrial , commercial , agricultural or business enterprises . . ." • Our preliminary conclusion is that the acquiring and improving of the real property and the constructing and equipping of buildings thereon for use as a retail shopping facility come within the meaning of "project" for state law purposes as set forth in the Act. To date, we have discussed the proposed financing only in general terms and have provided this letter solely for the purpose of describing our affirmative conclusion as to the specific issue described above. Naturally, substantial additional factual detail and further legal analysis will be necessary before we or other bond counsel can render an opinion with respect to the overall transaction. • If I may be of any further assistance, please do not hesitate to write or call . Very truly yours , STOWE & HERSKOVITS Erick D. Stowe cc: Fred Cornwall EDS/jh GATEWAY PLAZA (EXCLUDING FOOD ANCHOR SITE) IN THE GATEWAY PARK NEIGHBORHOOD RETAIL CENTER U.S. 34 BYPASS AT 35TH AVENUE GREELEY, COLORADO AUGUST 30, 1984 SUBMITTED BY: SHELTER EQUITIES, INC. 8753 YATES DRIVE, SUITE 110 WESTMINSTER, COLORADO 80030 (303) 427-7000 - 133W.S H17Z 44 2- (f -- y 4 141 �` � = ` '+a� w. 67, eal �' 1x19 J Ar 4#r 0 ��v�`I �1p`��S.j�j ! -. r., �L L g ^ ...‘ ' t ' .- `.> E.,"b !",, \ .-4 pvcr. I-1 CL r. jti1 W 6, o �`" cc o Y - c xa �w tW W hj IL W ≤ ::a a it , . a... A I • o-y ' w� *... <...,,1 133d1S H15Z °a4ry 1 GATEWAY PLAZA GATEWAY PARK CITY OF GREELEY WELD COUNTY, COLORADO DEVELOPMENT AND LOAN SUMMARY THE PROJECT Shelter Equities, Inc. (SEI) (84% owned by N. AND DEVELOPER F. Anthony Seibert) has optioned, zoned, engineered and planned a 17 acre parcel of ground on 35th Avenue in Greeley, Colorado for the construction of a 153 , 265 square foot neighborhood shopping center containing a 58 ,000 square foot grocery store (currently in negotiations' with King Soopers and Albertsons) , 54 , 265 square feet for retail shop space, and an additional 41,000 square feet of pad space divided into six pads . Shelter Equities , Inc. has developed over $150 million in commercial real estate projects in Colorado over the last ten years, including the 290 room luxury Hilton Harvest House Hotel in Boulder which was sold to Citicorp and Aircoa in 1982. Shelter Equities is currently developing two hotel/office parks and completing a 190 ,000 square foot enclosed shopping mall . LOCATION The 17 acre site has 1,150 feet of frontage on 35th Avenue , a north-south designated major arterial street with four existing lanes, plus deceleration and acceleration lanes. The site also has 750 feet of frontage on 24th Street, an east-west collector , and 600 feet of frontage on 25th Street. The site is immediately south of Greeley' s second and newest high school (Greeley West High School) and is located in the heart of Greeley's growth area. The site is part of a 160 acre, master planned multi-use project which will include over 600 apartment units , 131,000 square feet of office space, a 350 ,000 square foot regional mall, 34 acres of high tech development, 100 room motel, and a hotel/convention center . PROJECT The proposed 153, 265 square foot Gateway Plaza consists of a contemporary designed one story strip center with conventional 60 ' bay depths anchored by a 58 ,000 square foot grocery store. - 1 - `/ In addition, because of the lack of competitive strip centers nearby, plus the extensive frontage on 24th Street, 35th Avenue, and 25th Street, the developers have chosen to provide six separate pads : two fast foods (both committed) , a bank pad (committed) and three additional pads, two of which will be designated for sit-down restaurants. The entire project will be heavily landscaped, and architecturally controlled to complement the brick exterior of the main building . PARKING A total of 893 parking spaces are provided which is a 5 .5 cars per 1 ,000 gross building square feet ratio. 275 spaces of that parking are for the pads . ZONING Zoning is P.U.D. This Neighborhood Center has been conceptually approved by the City of Greeley. UTILITIES All utilities are currently at the site. LOAN This proposal requires a ten year $5,650 ,000 REQUIREMENT loan, with 30 year amortization. VALUE The developer has retained the MAI appraisal firm of Blake & Associates to appraise the Gateway Plaza. The completed appraisal showing the value of the project will be provided upon its completion. ANTICIPATED The anticipated cash flow from all leases, CASH FLOW including pad leases, is $884 ,397 per year . COST SUMMARY Land acquisition $2,036 ,430 Construction costs 3,793,359 Subtotal $5 ,829 ,789 Interest costs $ 544,249 Marketing costs 256 ,000 Total costs $6,630,038 Less : Ground Sale 1,478 ,635 Total Developed Costs $5 , 151,403 - 2 - GATEWAY PLAZA GATEWAY PARK CITY OF GREELEY WELD COUNTY, COLORADO PROJECT SUMMARY SITE The site , containing 54 acres in Phase I and 106 acres in Phase II for a total of 160 acres, is situated on the north side of U.S. 34 Bypass (a major east-west artery) in Greeley, Colorado. In addition, the property borders 35th Avenue (a major north-south artery) on the east, 24th St. on the north and 47th Ave. on the west. These features combined with the high population from several residential subdivisions in the immediate vicinity of the subject property provide an excellent location for retail/commercial building use. The subject property drops gently to the east which allows excellent visibility to automobiles travelling into and out of Greeley on U. S. 34 Bypass and 35th Avenue, further enhancing it 's location. IMPROVEMENTS The site contains no improvements and none are contemplated in this proposal other than sidewalks, curb and gutter , asphalted streets, lighting and underground utilities. Construction will commence in October , 1984 on the 17 acre strip shopping center , a 11,720 square foot office building, and 160 multi-family units. November , 1984 is the projected starting date of the 100 room motel. ZONING The zoning is PUD in the city of Greeley, which permits the following : Strip Retail Shopping Centers Multi-Family Residential Housing Commercial Office Buildings Motel Regional Mall Recreational Facilities Research and Development Facilities All buildings shall be under the maximum allowable height of sixty feet. 3 - y LEASING Shelter Hospitality Management Company (SHMC) , is a licensed real estate brokerage company and is under contract to act as leasing agent for all buildings in Gateway Park. In addition, SHMC has arranged for the services of a local real estate professional to assist in leasing efforts . - 4 - GATEWAY PLAZA GATEWAY PARK CITY OF GREELEY WELD COUNTY, COLORADO AREA The subject property is located in the DESCRIPTION southwest section of Greeley, Colorado , four miles west of the Greeley-Weld County Airport (Jet and instrument landing system (ILS) rated) , approximately sixty miles north of the Denver metropolitan area and Stapleton International Airport. Access to the subject property is excellent via I-25 (a major north-south artery for Colorado) ; U. S. Highway 34 Bypass (a major east-west artery and one of two western entrances to Greeley) . Close by destinations have excellent access via 35th Ave. on the east, 47th Ave . on the west and 24th Street in the north . Schools , churches , public services , protective services and transportation services are all located within the immediate vicinity of the subject property. The City of Greeley, the county seat of Weld County, began with an agriculturally based economy because of the prime cattle ranges in the area. Agriculture has continued to play an important part in Greeley ' s economy, as Weld County leads the state and ranks among the national leaders in cattle, grains , sugar beets and other important agricultural products . Greeley has grown and diversified into the manufacturing and commercial fields , hosting such notable companies as : Hewlett-Packard; Hensel Phelps Construction Co. ; Eastman Kodak (located seven miles from Greeley) ; and Monfort Packing of Colorado, to name a few. Greeley is the home of Aims Community College with an enrollment of 5 ,400 students and the University of Northern Colorado which offers one of the finest programs for active elementary and secondary teachers in the United States. UNC has a full time enrollment of 8 ,725 students . Greeley also offers such amenities as Northern Colorado Medical Center (a major medical facility serving northern Colorado, southern Wyoming and western Nebraska and Kansas) , Memorial Hospital, two golf - 5 - . courses , fifteen elelentary schools , two junior high schools and two high schools . Immediately north and adjacent to the subject property is Greeley West High School . To the east of the subject property is West Lake subdivision. West Lake consists of single family homes with values of between $59 ,000 and $75 ,000 . Also , within the immediate vicinity of the subject site are Country Club Estates and College Green residential subdivisions with single family homes ranging in values between $175 ,000 to over $350 ,000. Across U.S. 34 'Bypass to the south is the Greeley Elks Club complete with a plush 9 hole golf course. The area west of the subject site is zoned for a mixture of residential and commercial use. Also, within the immediate vicinity of the subject property are : The Greeley Mall (approximately 1 mile south-east) ; Southmoor Park (a city owned recreational area 1 1/2 miles southeast) ; Brentwood Middle School (3/4 miles east) ; and Greeley West Field (a city owned recreational area 1 block north of the subject property) . Greeley continues to be a desirable location for Colorado ' s growing High Tech industry due to the ample supply of water and public utilities (Greeley presently has the ability to meet the city's water needs for the next twenty years) . The City also has a pro-growth political atmosphere which is enhanced by progressive zoning policies and an active City Promotional Project. These are some of the factors which led Hewlett Packard (among the leaders in the high tech field) to locate its division headquarters on a 580 acre site in Greeley and to the projection that Greeley will become one of Colorado's fastest growing cities within the next three to five years . 6 - - Subject Property Aerial Photo 3• ` :'��J'• lc-Via'. R' d d y�fe. ' -,1,444-..n - 4•r ^ e', mg � . T 1 , .%. f t •;,1/4",41 ' a , 3" 1 1 k ,� a ".+• ` . t '' \I Mi)\ ?� � � te. }y 'j�a� �.'�� T( ya J Y' �^i I 1 rzs"r' '; a 1 - 4 . 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' �'erg') t. $1,.. . ��'9L'�Si .. —t t� ,,tIt ` _ j 4yy} ,. ♦ J� _ x.R✓Lbr_"' • •-N+Mss.r•••jS - • Itltlil'tl• • ; s�A�+ ��_�x.r�av� _ MHMMr�Q t r • • til itl -_. ..._ wmturtraroe. a. v- . . t. t 1te li 1!LL ...,..e tut — ,.' to ! 1 4 ' 4 - 'l 1 fir-- _. ___ .— • [r7 }4a 1.0:4I iit J Z Ill Ill CC “jut ,-.A___.„ . .2\Att... , ~6_ t. 7 GATEWAY PLAZA GATEWAY PARK CITY OF GREELEY WELD COUNTY, COLORADO PROJECT DESCRIPTION GATEWAY PARK The Gateway project is designed as a full service multi-use park. The project will encompass 160 acres of phased land development. Phase I contains 54 acres and Phase II , 106 acres. PHASE I Phase I has been preliminarily platted into five projects to include : 1) A 17 acre neighborhood shopping center anchored by a 58 ,000 square foot Grocery Store (currently in negotiations with the King Soopers and Albertsons chains) and containing approximately 153 ,000 total square feet of Commercial and pad space . 2) A 312 unit apartment project designed in two phases containing 160 units and 152 units utilizing a total of 13 acres. 3) 6 . 0 acres of two and three story office buildings totaling approximately 85 ,000 • square feet. 4) A 100 room, 2 story budget motel utilizing 2. 5 acres . Allowing 6 acres for streets, projects 1 thru 4 utilize approximately 44 .5 acres of the first 54 acres of Phase I. The fifth improvement project, a 350 ,000 square foot regional mall anchored by two 50 ,000 square foot "Majors" , is designed around the "Town Center" concept that will include a 24 lane bowling alley, an eight screen theatre and a major food court. The mall will encompass approximately 35 acres and will utilize the remaining balance of 16 acres in Phase I plus an additional 26 acres in Phase II (allowing 7 . 6 acres in streets) . Thus, 26 .6 acres of Phase II will be developed immediately upon excercising the option to purchase this property. - 22 - I, The overall masterplan of the Gateway Park, as previously stated, is a "Town Center" concept . This goal will be achieved by designing the project to "human scale" allowing for heavily landscaped buffer areas between individual buildings (approximately 25% of the site will be landscaped in sod , mature trees and natural grasses) . In addition , the covenants will require a high use of natural materials . The amount of high glare glass and aluminum is resticted and all angled roofs will be shake shingle with flat roof structures being a minimum of 14 feet in height. The parking ratio required for the 17 acre neighborhood shopping center will be high at 5 . 5 cars for every 1 ,000 square feet of building space and is ideal for this type of high visitor ratio center . In addition, allowing a parking ratio of 1. 25 square feet per bedroom achieves a desirable effect for the residential area . Parking ratios on office buildings are one space for every 250 square feet of net leasable square footage and one space for each 1. 25 guest rooms on the model project. A commercial building association will be formed to share the mutual expenses of landscaping , maintenance and snow removal. As an additional marketing tool, the developer will immediately commence construction on the neighborhood shopping center , 160 residential units and a 11,720 square foot office building. These buildings will be of a style and quality conducive to - aiding future development and marketing of the project. The Greeley Gateway Park is located in an area which is experiencing a high residential growth rate. The present zoning and the City of Greeley's master plan provide confirmation that the future growth direction of the City will be westward. Due to the high concentration of residential units located in the immediate area of the Gateway Park and the lack of commercial/retail development currently taking place, this project will provide a tremendous service to the area. - 23 - GATEWAY PLAZA The Gateway Plaza is designed to provide area residents with an easily accessible and pleasant alternative to across town commuting in order to meet shopping , banking and dining needs. The neighborhood shopping center offers a 58 ,000 square foot grocery store combined with 54 , 265 square feet of retail space. In addition, the site will feature : • two 5 ,000 square foot sit down restaurants (pads A & B) . • two 5 ,000 square foot fast food sites , (pads C & D) . • one 16 ,000 square foot bank facility, (pad E) . • one 5 ,000 square foot service site, (pad F) . A total of 153, 265 square feet will be constructed in this high traffic project. The Gateway Plaza will be owned and operated by Shelter Equities, Inc. with the exception of pads E, C, D and the 58 ,000 square foot anchor space which will be sold. The Plaza will be of a quality consistent with the finest shopping centers in Colorado and substantially nicer than any other area center. The entire project will be heavily landscaped and architectually controlled to complement the brick exterior of the main building . - 24 - / L- GATEWAY PLAZA GATEWAY PARK CITY OF GREELEY WELD COUNTY, COLORADO DEVELOPER/MANAGEMENT DEVELOPER Shelter Equities , Inc . , (SEI) is the owner/developer of The Gateway Park. SEI is 84 percent owned by N. F. Anthony Seibert with the balance owned equally by four long term employees. Mr . Seibert has been actively involved as a Colorado real estate developer for the last thirteen years . N. F. Anthony Seibert and his companies (Shelter Equities, Inc . , Shelter Construction Management Corporation, Shelter Hospitality Management Company) have designed, built, and owned various residential and commerical properties, primarily in the Denver and mountain recreation areas. (See complete resume in appendix) Shelter Equities ' major projects include : . Sheridan Park , located in Westminster , Colorado. This 50 acre full service Business Park features a Ramada Hotel , Athletic Club, Restaurant Pads and over 750 ,000 square feet of prime office space (200 ,000 square feet of which are completed or currently under construction) . The 181 room first phase Ramada Hotel (owned and operated by The Shelter Group) is under construction and the grand opening is scheduled for July of 1985 . • Tiffany Square, a 190 ,000 square foot Shopping Mall located in Colorado Springs, Colorado. . The Hilton Harvest House Hotel in Boulder , Colorado, was completed in December , 1980 . In March, 1981, Citibank , N.A. acquired 50 percent of the Harvest House for its Investment and Management Division at a purchase price of $16 ,600 ,000 . The remaining 50 percent was sold in July, 1982 to AIRCOA. Other projects are currently in the planning stages as Shelter Equities , Inc. continues to develop approximately $50 million worth of real estate in Colorado each year . - 25 - Shelter Equities , Inc. , Shelter Hospitality Management Company and Shelter Construction Management Corporation are located in Sheridan Park in Suite 110 of Sheridan Park 2. CONSTRUCTION Shelter Construction Management Corporation is under contract to build-out Gateway Park at cost plus an overhead and profit fee. All construction is handled by third party sub-contractors with bonding requirements dictated by individual construction loans. MANAGEMENT Shelter Hospitality management company is responsible for all hotel and office building sales , management and leasing for properties owned by Shelter Equities, Inc. Hotels are managed for a 3 percent of gross revenue fee, office buildings for a 4 . 5 percent of gross revenue fee. Both fees are approximately one percentage point less (approximately 20 percent less) than Colorado Industry Standards . LEASING AGENT Shelter Hospitality Management company is a licensed real estate brokerage company and is under contract to act as leasing agent for all buildings in Gateway Park. Comprehensive resumes on key employees of Shelter Equities , Inc. , Shelter construction Management Corporation, and Shelter Hospitality management company are available upon request. - 26 - Li GATEWAY PLAZA GATEWAY PARK CITY OF GREELEY WELD COUNTY, COLORADO INCOME ANALYSIS Rent Per Sq. Ft. Tenant Sq. Ft./Size (Triple Net) Base Rent Shops A & B 54 , 265 12.50 $ 678 ,313 Pads A, B, & F 15 ,000 16 . 00 240 ,000 Totals 69 , 265 sq. ft. $ 918 ,313 gross income INCOME PROFORMA Income Gross Rental Income $ 918 ,313 Less : Vacancy (5% of shops A & B) 33 ,916 EFFECTIVE GROSS INCOME $ 884 ,397 Expenses Tenants pay all building related expenses in a triple net lease -0- NET OPERATING INCOME $ 884,397 LOAN REQUIREMENTS Loan Amount : $ 5 ,650 ,000 Term: Ten Year , Amortized Over 30 Years Rate : To be Negotiated Prepayment Locked For Three Years-No Prepayment Penalty Thereafter - 27 - GATEWAY PLAZA G,ATFWAY PARK CITY OF GREELEY WEED COUNTY, COLORADO LEASABLE SQUARE NWr'AGE Area Square Feet Retail Shops A and B 54,265 Pads: A 5,000 B 5,000 F 5,000 TOTAL PAD SPACE 15,000 TOTAL. LEASABLE SQUARE ECXYPAGE 69,2665 PARKING Retail Shops A & B 618 Pads 275 Total Parking 893 5.5 spaces per 1,000 square feet of gross leasable square feet. Strip Center Bay Depths 60 feet deep - 28 - .iPPLICATION TO REQUEST AUTHORI r0 ISSUE PRIVATE ACTIVITY BONDS IN COLORADO 1. County of Weld Issuing Authority Name 915 10th Street, Greeley, CO 80632 Address 356-4000 X 4218 Norman Carlson, Chairman, Board of Coun Telephone Number Officer Responsible for Bond IssueCommis sioner, 2 Donald D. Warden 356-4000, X 4218 Information Contact Name Telephone Number 915 10th Street, Greeley, CO 80632 Address 3 Shelter Equities, Inc. -- Shopping Center Project for Which Allocation is Requested 35th Avenue and State Highway 34 -- Retail shopping center Location or Address (if applicable), or Purpose of Project 4. October 15, 1984 Date of Adoption of Inducement Resolution (or Similar Action); please attach a copy to this form. 5. S 9,800,000 runt of Authority Requested 6. Is the project or purpose entitled to a priority allocation under Section 631(x)(3), of the Federal Act? No 7. If answer to No. 6 is yes, include facts with this application 'that support the project or purpose claim to priority allocation. • 8. Does the Issuing Authority intend to carry forward the allocation, applied for here, past calendar year 1984? No 9. Has a preliminary opinion by the Issuing Authority's bond counsel, in accordance with Section 5, Paragraph A, Subparagraph 5 of Executive Order No: D0O-2884 been included with this application? Yes , 10.A) I understand that applications which are incomplete will not be processed for allocations of authority to issue Private Activity Bonds; and B) To the best of my knowledge, the foregoing information is true and correct. (Signed) Name of Officer from Issuing Authority Chairman, Board of County Commissioners Title (,{ 4j1 OFFICE OF BOARD OF COUNTY COMMISSIONERS PHONE(303)356-4000, EXT. 4200 WI I DeP.O. BOX 758 GREELEY,COLORADO 80632 COLORADO October 1, 1984 SENT TO ALL SHOPPING CENTERS Weld County is in receipt of an application for the issuance of industrial development revenue bonds in the amount of $9,800,000 for Shelter Equities, Inc. The funds would be used to construct a shopping center in Greeley on Highway 34 and 35th Avenue. It is the policy of the Board of County Commissioners to attempt to notify all competitors in Weld County of industrial development bonds that may impact current businesses. The bond application will be considered by the Greeley City Council on Tuesday, October 2, 1984 at their regular meeting and by the Board of County Commissioners at a hearing scheduled for Monday, October 15, 1984 at 10:30 a.m. Any input for or against this issue may be provided to the Council or Board prior to the above meetings in writing, or verbally at the meeting times. Questions concerning this matter can be addressed to Don Warden, Director of Finance and Administration, at 356-4000, extension 4218. A copy of the application is available for public inspection in the Clerk to Board's Office located at 915 10th Street, Room 317, 8:00 a.m. - 5:00 p.m. , Monday - Friday. Very truly yours, BOARD OF COUNTY COMMISSIONERS OA) Norman Carlson, Chairman NC/ac tilty '4>\H• Ammip OFFICE OF BOARD OF COUNTY COMMISSIONERS PHONE(303)356-4000, EXT. 4200 "-O. BOX.758 , GREELEY.CO-ORADO 50632 C L j J'' -`1 COLORADO OCT s 1984 �' GREELEY. COLO. October 1, 1984 SENT TO ALL SHOPPING CENTERS Weld County is in receipt of an application for the issuance of industrial development revenue bonds in the amount of $9,800,000 for Shelter Equities, inc. The funds would be used to construct a shopping center in Greeley on Highway 34 and 35th Avenue. It is the policy of the Board of County Commissioners to attempt to notify all competitors in Weld County of industrial development bonds that may impact current businesses. The bond application will be considered by the Greeley City Council on Tuesday, October 2, 1984 at their regular meeting and by the Board of County Commissioners at a hearing scheduled for Monday, October 15, 1984 at 10:30 a.m. Any input for or against this issue may be provided to the Council or Board prior to the above meetings in writing, or verbally at the meeting times. Questions concerning this matter can be addressed to Don Warden, Director of Finance and Administration, at 356-4000, extension 4218. A copy of the application is available for public inspection in the Clerk to Board's Office located at 915 10th Street, Room 317, 8:00 a.m. - 5:00 p.m. , Monday - Friday. Very truly yours, BOARD OF COUNTY COMMISSIONERS • Norman Carlson, Chairman NC/ac NORM- THANKS FOR YOUR LETTER. I WOULD LIKE TO SEE THE SHOPPING CENTER COME TO CRCELEY AND THInKIT IS A GOOD LOCATION. I STILL RELIEVE THI IS NOT AN INTENDED USE OF IRO'S AS ONE BUSINESS SHOULD NOT HAVE AN ADVACTACE OVER ANOTHER EXISTING ROSINESS OR COMPOltING BUSINESS AT GOVERNMENT AND TAXPAYERS EXP-tSE. THANK YOU? Tom STARR STARR BITTERSWE�3534 West 10th Street Greeley, Colo. 80631 Shelter Equities, Inc. Shelter Investment Company ale THE SHELTER GROUP Shelter Construction Management Corp. Shelter Hospitality Management Company Seibert Investments CD COUNTY COG1hUSSItTEOS cl 0CT 121984 October 8 , 1984 Weld County Colorado Donald D. Warden Director of Finance and Administration 915 10th Street Greeley, Colorado 80631 Dear Mr . Warden : This letter is to specifically identify the application of proceeds of our request a for $9 .8 million Industrial Revenue Bond for Gateway Plaza. This request is for 153, 265 square foot, neighborhood shopping center anchored by a 58 ,000 square foot grocery store. In addition will be six separate pads : two fast food; a bank; two sit-down restaurants, and a third undetermined. This request does not include motel, office, or multi-family residential poritons of our overall P.U.D. Best regards, SHELTER HOSPITALITY MANAGEMENT COMPANY les Russ 11 Stark President CRS/cap • 8753 Yates Drive • Westminster, Colorado 80030 • (303) 427-7000 Prudential-Bache Fred R.Cornwall Anderson DeMonbrun Inc.Division Vice President Public Finance Department September 19 , 1984 Mr. Donald Warden Director of Finance Weld County Box C Greeley, Colorado 80632 Dear Don : Enclosed please find some additional information for the industrial development bond application that has been submitted by Shelter Equities Inc. Please note that we are now working with Shelter Equities to assist them in the placement of the bonds . We would like to revise the dollar amount of the application to $9 , 800 , 000 and I have enclosed an estimated debt service repayment schedule reflecting this increased size . Also enclosed please find the following: 1. A commitment letter from Prudential-Bache Securities Inc. indicating marketability of the bonds. 2 . A commitment letter from bond counsel stating legality of purpose for these bonds . 3 . Letter from the applicant' s principal bank stating suitability. 4 . A copy of the audited financing statement of Shelter Equities Inc. for the year ending June 30, 1984 . Prior years ' statements have been sent to you previously. Due to a merger, the prior years ' statements are in the names of Harvest Hotel Associates and Western Colorado Devel- opers . 5 . A credit report on the major stockholder of Shelter Equities , N. F. Anthony Seibert, by CREDCO. 6 . An estimated debt service repayment schedule . Prudential-Bache Securities Inc.,5675 So.DTC Blvd.,Englewood,CO 80111 Tel.303 740-7666 1800 582-3448(within Colorado only) Prudential-Bache So(unties Mr. Donald Warden September 19 , 1984 Page Two 7 . Resolution for the County Commissioners to be passed September 19 , 1984, if possible. Please let me know if there is any additional information that you need. Otherwise, I would appreciate the opportunity to present this to the Commission on Wednesday morning, September 19 , 1984 . Thank you for all your assistance . Sincerely, PRUDENTIAL-BACHE SECURITIES INC. Fred R. Cornwall Vice President FRC:tk Prudential-Bache secuir,';,5 Fred R.Cornwall Anderson DeMonbrun Inc.Division Vice President Public Finance Department September 19 , 1984 Mr. Donald Warden Director of Finance Weld County Box C Greeley, Colorado 80632 Dear Don: Prudential-Bache Securities Inc. has reviewed the financial information of Shelter Equities Inc. and the financial re- quirements that this organization has insofar as construction of a strip shopping center in the City of Greeley. It is our opinion that we will be able to market industrial development revenue bonds for the development that Shelter Equities is proposing. As usual, interest rates and repay- ment schedules have not been finalized at this time. However, we feel that the financial strength and business acumen is present to justify our assistance in the marketing of these securities. Therefore, we would like to request the approval of Weld County for the issuance of $9 . 8 million of industrial revenue bonds in the name of Weld County for the purpose of financing this strip shopping center at the intersection of 35th Avenue and 24th Street. Sincerely, PRUDENTIAL-BACHE SECU TIES INC. 6:""Ja. Fred R. Cornwall Vice President FRC:tk Prudential-Bache Securities Inc.,5675 So.DTC Blvd.,Englewood,CO 80111 Tel.303 740-7666 1 800 582-3448(within Colorado only) SHELTER EQUITIES K^TTIM A- ED DEPT , i-;T SERVICE REPAYMENT y•r6 +, a•,` ^i: i :;r':'f.:i j r g.,!s ., start date:, 11/01/P4 First interest payment." O4/O1/85 DEBT SERVICE SCHEDULE PERIOD ANNUAL. ENDING PRINCIPAL RATE INTEREST TO-ML { 10/01/85948. 575. 83 948,575. 83 .1. 1O/O1/O6 7O5, 000. 00 8. oOO 1 , 074, 010. 00 739, 810. 00 .JO1 i `8.7 715„ OOO„ 00 6„ O 1 . O18y 41.0., OO 1 . :7... , .. .1.;_fir .. 1 . 737, 41 0, 00 OO 4 10/01/88 235, 000.00 .� . .. �? 7 rti. c. .. .7 / .72, 50 �], ,?f)i^) 1 y i;)(`ai y �: wJ(�' ..»!, i ' . . ..t r a 8( �••� 755, 000. 00 5 C ^i-^� a: a 23r.• ,_! t.i-?/s).. /C3-T �„ 7,J:_) 7s.:3t:}„.._: r; ,. ,.1•J ._ 27`.!;. cS'?7,. 5O t. 10./01/90 2R0.000.00 9. 000 958, 365.. 00 1 , 2 385.. OO 7 ! �, q 2T 1 85. 1 . 233-, 137. 00 . :�.i)/ (,.1 i�:[ - i_�(.:� f;)Q�)„ (:?("% �. :d l»1 �j:' i_)t_) 8 10/01./92. 375, 000. 00 9. 500 905,475„ 00 1 . 24C., 4:35, O,:-.1 ::7 .[O/O1/97 36 0, O 0'.:0, 00 . 00:' 9 . 750 87:7, 610.. 00 •.' :3, 6 f 0.. 0'.: 1 . 277,610_00 i t0 1O/O1 /94 4.00. OOO„ OO 10. 000 c.378. 51O„ (.aO 1 778, 51.il. i_)i.• t 7 7 5 :�..„..-,. ,.._ 1O/O1 /95. 475. 000. 00 f 1 ..(_)(Z :1_.1 _' .i_ .. (_ti_? .::.-.•:�...,. 1:_).. Oi,) 12 1O/O1/96 480. 000. 00 10. 400 754, 140. 00 1 , 274, 140, 00 r' 7 575. 000. 00704, 220. 00 2 'L." '1:�/�?1/'�J 1C„)„ 6(;)t� 1 , 27.?. ..:.....0.. - - 1.4 1O/O1/98 590, i:)OO. 00 10. 800 647.. '710, 00 i .2.37. 5I0. 00 15 1O/O1/99 65O,000. 00 11 . 000 567.790. 00 :i 777 7^C'. 00 16 10/01/00 725, 000. 00 11 . 100 512 750, OO 1 . 277. 290. 00 17 10/01/01. 800., 0(: 0.,00 11 . 200 431 . 0:1 x. OO 1 ,. ^ c .. 0o i - 2 11 . 700 n. 1 , 277, 715, 00 1.A 1 C}r X31./{.? .. 895„ 000. 00 74 . 215. 00 1.9 10/01/03 995. 000. 00 11 . 400 4.1 080. 0(_) 1 .. 236, O8O 00 0 1O/O1/O4 1 , 110, 000. 00 1 1 .. 5OO 177,: 65O. OO 1 , 237,650. 0C TOTAL 9, 800, 000. 00 14„ 635,.510. E13 24,1 435,510, 83 First Interstate Bank F_fl4of Denver, N.A. First 633 Seventeenth Street Denver,Interstate 303 293 2211 ado 80270 Bank September 13, 1984 Board of County Commissioners Weld County Greeley, Colorado Gentlemen: Shelter Equities, Inc. is one of several companies referred to collectively as the Shelter Group. The Shelter Companies are all controlled by N. F. Anthony Seibertand have banked with First Interstate since 1974. We have loaned low six figures unsecured plus some six figure secured loan facilities. My personal knowledge of this customer is derived from my employ- ment at this Bank since January 1984 and from my position as Assistant Vice President with United Bank of Denver until December, 1983. The Shelter Group companies have also been customers of United since 1974 and I had banked them there since 1980. Real Estate projects successfully performed ranged from office parks and retail shopping centers to hotel/bar operations and luxury mountain homes . United had loaned low six figures unsecured and medium six figures secured and Shelter Group Companies carried average low six figure balances. At both my present and my former banks, all loan and deposit accounts have been handled in a completely satisfactory manner. During my four years as a banker for Shelter, I have become very familiar with each of the Shelter Companies and with management of the Shelter Group, and I have a very high regard for the organization and its management team. If I may answer any further questions for you, please feel free to call me at 293-5669. Sincerely,_/ / _Azn za Sandra Schreiber Assistant Vice President Enterprise Banking SS/pb STOWE & HERSKOVITS A Partnership Including Professional Corporations 1666 S. University Boulevard Denver, Colorado 80210 Office (303) 698-2423 Telecopier (303) 778-6521 Erick D. Stowe, P.C. David P. Herskovits, P.C. September 18, 1984 Weld County Commissioners Box C Greeley, Colorado 80632 RE: Shelter Equities , Inc. Ladies and Gentlemen: We have been requested to reach preliminary conclusions with respect to the use of industrial bond financing for the purposes of acquiring and improving real property and constructing and equipping a building thereon for use as a retail shopping facility to be located within Weld County, and whether such use comes within the definition of "project" within the meaning set forth in the County and Municipality Development Revenue Bond Acts , consisting of Title 29, Article 3 Colorado Revised Statutes (the "Act") . The definition of "project" in the Act is as follows : " 'Project' means any land, building or other improvement and all real or personal properties , and any undivided or other interest in any of the foregoing, except inventories , raw materials , and other working capital , whether or not in existence, suitable or used for or in connection with any of the following: (a) Manufacturing, industrial , commercial , agricultural or business enterprises . . . Our preliminary conclusion is that the acquiring and improving of the real property and the constructing and equipping of buildings thereon for use as a retail shopping facility come within the meaning of "project" for state law purposes as set forth in the Act . To date, we have discussed the proposed financing only in general terms and have provided this letter solely for the purpose of describing our affirmative conclusion as to the specific issue described above. Naturally, substantial additional factual detail and further legal analysis will be necessary before we or other bond counsel can render an opinion with respect to the overall transaction. If I may be of any further assistance, please do not hesitate to write or call . Very truly yours , STOWE & HERSKOVITS Erick D. Stowe cc : Fred Cornwall EDS/jh 1 Page l of 3 Shelter Equities,Inc. THE SHELTER GROUP Shelter InveConstrunt ction Manany ge Shelter Construction Management Corp. Shelter Hospitality Management Company Seibert Investments 1984 RESUME OF N. F. ANTHONY SEIBERT ADDRESS: The Shelter Group 8753 Yates Drive, Suite 110 Westminster, Colorado 80030 (303) 427-7000 THE SHELTER GROUP The Shelter Group is composed of three separate entities, encompassing two general areas of expertise: • Management of hotels, restaurants, lounges, athletic clubs, and commercial property • Real estate design, development, rehabilitation and construction management Shelter Equities, Inc., is an equity corporation holding real estate and hotel assets, and is 88% owned by N. F. Anthony Seibert (Seibert). Two companies, Shelter Hospitality Management Company and Shelter Construction Management Corporation are operating corporations owned by their management and Seibert. Seibert Investments is a personal investment and management company owned 100% by Seibert. HOSPITALITY, ATHLETIC CLUB, AND PROPERTY MANAGEMENT January 1977- SHELTER HOSPITALITY MANAGEMENT COMPANY (SHMC) Present Previously known as Continental Hotel Management Corp., this operating corporation managed the Hilton Harvest House Hotel,a 290 room resort hotel in Boulder,Colorado,from 1974 through 1982, and managed The Lodge at Vail, a 401 room condominium/hotel in Vail, Colorado in 1977 and 1978. During the eight year management period the Hilton Harvest House was expanded from a 142 room motel to a 290 room luxury resort hotel, including a 19,000 sq. ft. conference center, discotheque,gourmet dining room and oyster bar, 15 tennis courts(5 enclosed),a half-mile jogging lane, 2 swimming pools,jacuzzis,etc.A separate profit center corporation, known as The Harvest House Sporting Association, Inc.,was created in January, 1977 to operate the athletic club and was managed by CHMC. SHMC manages all Shelter Group Hospitality and commercial properties. REAL ESTATE AND HOTEL DEVELOPMENT November 1974- SHELTER EQUITIES, INC. (SEI) Present This corporation(originally known as Harvest Hotel Associates, Inc. (HHAI)) merged with Western Colorado Developers, Inc. (WCDI) on September 30, 1983. Both previous corporations were equity corporations (88% owned by Seibert) holding commercial real estate assets (WCDI) and hotel properties (HHAI). Harvest Hotel Associates, Inc.owned the Hilton Harvest House Hotel in Boulder, Colorado, from 1974 through 1981. In March, 1981, 100%of the land and improvements were sold to a partnership • of which HHAI retained a 50% beneficial interest. Citibank, N.A. acquired the remaining 50% for • its Investment and Management Division, using Stonehouse Limited as its acquisition corporation. 8753 Yates Drive • Westminster, Colorado 80030 • (303) 427-7000 Page 2 of 3 The equity partnership was known as HHH-City Associates. In July, 1982, HHAI sold its remaining 50% interest in the hotel. Western Colorado Developers, Inc. owned and developed commercial real property known as Sheridan Business Park, including numerous office buildings in that park and in other Denver Metropolitan locations. Shelter Equities, Inc.solely owns and is continuing the development of office buildings and a hotel in Sheridan Park, is joint venturing with the land owners a business park immediately north of Sheridan Park, and is joint venturing the development of a major shopping center in Colorado Springs. SEI solely owns and is developing a hotel/office complex in Boulder, Colorado. SEI is currently seeking additional development opportunities for hotel, commercial, and retail projects throughout the Southwest. June 1974- SHELTER CONSTRUCTION MANAGEMENT CORPORATION (SCMC) Present This operating corporation was created in 1981 and became active in 1982 with the complete staff of its predecessor(Shelter Construction Corp.)which had operated continuously since 1974.SCMC operates as a construction management firm only,and subcontracts virtually all labor and materials with all subcontractors required to be bondable. REAL ESTATE DEVELOPMENT The following projects were designed and/or built, and/or wholly or partially owned by N. F. Anthony Seibert and/or his controlled corporations or joint-venture partnerships. Completion Project and Location Description Value 11-82 - Gateway A 21 acre, low density suburban hotel/office $8,250,000 Present Northeast corner of park land development 47th Street and Boulder- Longmont Diagonal Boulder, Colorado 9-83 Sheridan Park North A 23 acre low density suburban office park 4,800,000 Present Westminster, Colorado land development immediately north of Sheridan Business Park 10-82 - Ramada Westminster 181 room luxury Ramada Hotel and 13,750,000 Present 8773 Yates Drive Conference Center Westminster, Colorado 8-82 - Tiffany Square 190,000 gross sq. ft. two story enclosed 30,500,000 Present Southwest corner of shopping mall Woodmen Road and I-25 Colorado Springs, Colorado 3-84 Sheridan Park 2, 3, 4, 7, An eight building luxury office complex 15,779,000 9, 11, 14, & 15 containing 150,153 sq. ft. 8753 Yates Drive Westminster, Colorado 3-84 The Ferrari House A spec built duplex on the Vail Golf Course 1,800,000 Vail, Colorado 6-83 Sheridan Business Park A 25 acre, low density suburban office park 5,200,000 Adams County, Colorado land development 6-83 The Lotus House A spec built duplex on the Vail Golf Course 1,800,000 Vail, Colorado 11-81 Powderidge 'B' 30 unit recreation condominium project 3,300,000 Breckenridge, Colorado located in Summit County 12-80 Hilton Harvest House Hotel Complete renovation of existing 142 rooms, 16,600,000 1345 28th Street bar, and restaurant, plus expansion with 148 Boulder, Colorado additional guest rooms, 19,000 sq. ft. confer- ence center and 15 tennis courts Page 3 of 3 Completion Project and Location Description Value 10-79 SME Office Building 18,000 sq. ft. luxury office building 2.520,000 469 South Cherry Street Denver, Colorado 5-77 Athletic World 26,000 sq. ft. racquetball facility with gym, 1,820,000 Mountain View Avenue tennis and health Longmont, Colorado 3-77 Parker Plaza Office Complex 80,000 net leasable square foot three 7,680,000 1582 South Parker Road building office complex Denver, Colorado 8-75 Parker Place Office Complex 100,000 net leasable square foot 9,600,000 2600 South Parker Road office building Denver, Colorado 3-75 Medical Building Complete renovation of an existing 40,000 4,400,000 2705 East Colfax square foot medical office complex Denver, Colorado 6-74 Delaware Plaza 12,000 net leasable square foot 1,260,000 1139 Delaware Street office building Denver, Colorado 10-73 Silver Queen West 160 unit-3 phase year-round condominium 11,200,000 at Wildernest development located in Summit County Dillon, Colorado 8-68 Seibert's Ridge Subdivision 20 acre land development 400,000 Barrington Hills, Illinois Total Project Valuation $140,659,000 PREVIOUS SALARIED EXPERIENCE May 1971- Azcor, Inc., Vice President—Marketing December 1972 Azcor is the land development subsidiary of Penn-Pacific Corp., a publicly held mini-conglomer- ate. Azcor has recreational and developments and housing projects in Colorado, Arizona and Hawaii. Responsible for delineating marketing, merchandising and sales strategy on all wholly- owned company projects. Previously President of Echo Canyon, Inc., Azcor's$35.0 million luxury home development on Camelback Mountain in Phoenix, Arizona. Responsible for all facets of development. June 1970- Pantek Corporation, Marketing Director May 1971 Pantek Corporation is a wholly-owned subsidiary of the Ball Corporation of Muncie, Indiana;and is one of the 22 housing systems producers selected by HUD under its Operation Breakthrough program. Responsible for delineating national corporate marketing strategy and goals, indepth market analysis resulting in project definition, product pricing and proposal. August 1964- Ford Motor Company, Marketing Staff—Real Estate Acquisition Specialist December 1969 Responsibilities: Control and review of division market representation plans and proposed real estate acquisitions including special studies of long-range company real estate needs; prepared surveys of existing secondary market dealerships; coordinated and implemented plans for dealer- ships incuding land purchase; rezoning,architectural design and facility construction;experienced in identification of prime sites for new franchises and company-owned facilities; supervised five technical specialists. OTHER EXPERIENCE Have held position as engineer-in-charge of general testing for Beech Aircraft Corporation; full- time faculty member in Engineering Department of the University of Colorado. ..'.-• EDUCATION Bachelor of Science, Mechanical Engineering, University of Colorado, 1963. Attended U.S. Air Force Academy 21/2 years—Dean's list. MBA credits at University of Michigan and University of Chicago. Pi Tau Sigma Honorary Mechanical Engineering Fraternity. PERSONAL Age 44, Married—three children; Health—excellent; Height-5'10"; Weight-160 lbs. rr Page 1 of 2 FINANCIAL REFERENCES Company Past Use (Borrowing Entity) Gill Savings and Loan 1983-84 — $19,000,000 construction and mini-perm loan on 615 Soledad Street Tiffany Square Shopping Center (Tiffany Square Partners) San Antonio, Texas 78292 (512) 299-6569 Mr. Stuart Modes Mr. Tom Shockey Minnesota Mutual Life Insurance Co. 1983-84 — $1,600,000 mini-perm loan on Sheridan Park 2 400 No. Robert Street (Harvest Hotel Associates, Inc.) St. Paul, Minnesota 55101 (612) 298-3830 Mr. Ray M. Antrium Colorado National Bank 1981-1984 — $1,400,000 standing loan for Sheridan Park 2 17th at Champa and $200,000 unsecured line of credit (Harvest Hotel P.O. Box 5168, T.A. Associates, Inc., Shelter Equities, Inc.) Denver, Colorado 80217 (303) 893-1862 Mr. Jonathon Lorenz Mr. Ron Dickman Baird & Warner 1982-84 — mortgage banker who has arranged over 730 17th Street $50,000,000 in real estate related loans (Harvest Hotel Denver, Colorado 80202 Associates, Inc., Western Colorado Developers, Inc., Tiffany (303) 571-1855 Square Partners, Shelter Equities, Inc.) Mr. Earl Belofsky Mr. Melvin Lisco United Bank of Cherry Creek 1982-84 — $725,000 and $1,300,000 land development 3773 Cherry Creek North Drive loans (Western Colorado Developers, Inc., Shelter Equities, Denver, Colorado 80206 Inc.) (303) 321-6661 Mr. Kirk Maze IntraWest Bank of Northglenn 1983-84 — $750,000 uncovered construction loan on 10701 Melody Drive Sheridan Park 15 (Western Colorado Developers, Inc.) Northglenn, Colorado 80234 (303) 452-5111 Mr. Max Wiley Mr. Clayton Collier Citibank, N.A. 1981-82 - $4,675,000 cash investment by Citibank's Invest- One Citicorp Center ment and Management Division to purchase 500/0 of the 153 East 53rd Street Hilton Harvest House Hotel, Boulder, Colorado (Harvest New York, New York 10043 Hotel Associates, Inc.) (212) 559-9843 Mr. Harry St. Clair Security Pacific Mortgage Corp. 1979-81 — $10,750,000 construction loan on the Hilton 1873 South Bellaire Street Harvest House Hotel (Shelter Construction Corp. and Harvest Denver, Colorado 80222 Hotel Associates, Inc.) (303) 691-5780 Mr. William Oxley Mr. Larry Edmiston John Hancock Mutual Life 1979-83 — $8,750,000 non-recourse first mortgage loan Insurance Company on the Hilton Harvest House Hotel. (Harvest Hotel 200 Berkeley Street Associates, Inc.) Boston, Massachusetts 02117 (617) 421-6000 Mr. Bob Letham Mr. Jack Penney Page 2 of 2 First Interstate Bank 1984—Various corporate loans (Shelter Hospitality Management 633 17th Street Company) Denver, Colorado 80270 (303) 293-5669 Ms. Sandra Schreiber Metro National Bank 1980-84 — Various personal and corporate loans (Western 17th and Glenarm Colorado Developers, Inc. and Seibert Investments), Denver, Colorado 80202 $650,000 uncovered construction loan on Sheridan Park 3, (303) 893-1234 $200,000 unsecured line of credit (Shelter Equities, Inc., Mr. Steve Stockmar Shelter Construction Management Corporation) Mr. Joseph Wing Fidelity Bank of Denver 1981-84 — $200,000 unsecured line of credit (Shelter 999 18th Street Investment Company), $300,000 line of credit (Harvest Hotel Denver, Colorado 80202 Associates, Inc.) (303) 629-5229 Mr. Joe Hovorka Mr. Ted Warren Empire Savings 1984 — $2,650,000 uncovered construction loan on 1654 California Street Sheridan Park 4 (Shelter Equities, Inc.) Denver, Colorado 80202 (303) 623-1771 Mr. Michael Rinaldi Silverado Banking 1983-84 — $770,000 uncovered construction loan on 6400 West Coal Mine Road Sheridan Park 15 (Western Colorado Developers, Inc.) Littleton, Colorado 80123 (303) 572-3535 Mr. Charles Stilwell Aetna Business Credit, Inc. (now Barclays) 1976 — $3,800,000 five year interim acquisition and 111 Founders Plaza, Suite 1200 remodeling loan for the Hilton Harvest House Hotel. East Hartford, Connecticut 06108 (Harvest Hotel Associates, Inc.) Loan paid off in 1979. (203) 528-4831 1980 - $2,200,000 second mortgage commitment on the Mr. Dave Johnson (now with Citicorp) Hilton Harvest House Hotel. This loan was declined. Security Bank of Boulder 1980-83 — Various personal and corporate loans (Harvest 603 South Broadway House Sporting Association, Inc. and Seibert Investments) Boulder, Colorado 80303 (303) 499-6200 Mr. Douglas Moll United Mortgage Co. 1973-75 — $1,200,000 construction loan (Alp/West—Silver 1660 Lincoln Queen Condominiums) Denver, Colorado 80264 (303) 839-1900 Mr. Fred Kirk Mr. Don Olson D. C. Burns Realty & Trust 1973-75 — $800,000 construction loan (Alp/West II—Silver 1636 Welton Street Queen Condominiums) Denver, Colorado 80202 (303) 629-1899 ,r) Mr. Larry Canterbury Central Bank of Denver 1978 — $1,200,000 loan commitment to purchase 80% of 1515 Arapahoe Street Security Bank of Boulder. Denver, Colorado 80292 1981 — Various personal and corporate loans (Seibert (303) 893-3456 Investments and Shelter Investment Company) Mr. Dave Pringle Mr. Mike Lubchenco n f THE SHELTER GROUP Shelter Equities, Inc. Shelter Hospitality naga Corp. Shelter Hospitality Management Company Seibert Investments RESUME OF CHARLES R. STARK ADDRESS: The Shelter Group 8753 Yates Drive, Suite 110 Westminster, Colorado 80030 (303) 427-7000 October 1983 Shelter Hospitality Management Company—President Present Accepted position to have total responsibility of developing new major hotels and acquisitions of n other existing hotel properties. Responsibility includes selection of architectural firms and contractors, consultation with these firms in the design, development, and construction. Market analysis, feasibility and site selection for hotel properties, pro forma and cash flow projections. Development of financial packages for presentation to contruction and mortgage lenders. Acquisition and negotiation of franchise and license agreements. Shelter Hospitality Management Company manages all Shelter Group hospitality and commercial properties. January 1977- Continental Hotel Management Corp.—President October 1983 Continental Hotel Management Corp.,founded in January, 1977, became a member of the Shelter family in 1983 and is now known as Shelter Hospitality Management Company. This corporation was responsible for managing THE LODGE AT VAIL,a 401 room condominium/hotel in Vail,Colo- rado and THE HILTON HARVEST HOUSE HOTEL, a 281 room resort hotel in Boulder, Colorado. In the first six months of operations, the Lodge's operating revenues increased 40%over the prior year's results.Actual operating dollar costs were decreased during the same period with an upgrad- ing of guest services. The Harvest House revenues were increased 310% in three years with an 860% increase in bottom line profits. June 1975- Harvest Hotel Associates, Inc.—President and General Manager November 1981 Accepted position as General Manager with the following objectives: to initiate tighter control, lower overall costs of operation, improve sales and to coordinate complete remodelling program with owner. The following figures reflect the result of first year objective management: second year increase—room sales 65%,food 33%, beverage 300%.All costs are below the nationally accepted standards (Pannell, Kerr, Forster). October, 1976 exercised option to purchase 8% of the corporation. Organized Boulder Motel Association—President 1976—affected tight cooperation between major hotels in advertising, purchasing, and marketing. Instrumental in establishing Boulder Conference and Visitors Bureau funded by City of Boulder-1977 Board of Directors. 8753 Yates Drive • Westminster, Colorado 80030 • (303) 427-7000 .1 Coordinated addition of 157 rooms and convention center along with total remodel of existing facility. Established pre-opening sales program for new facilities. Responsible for hiring and training of all personnel for opening of new facilities. October 1977- The Lodge at Vail (General Manager) June 1978 The Lodge at Vail is a 401 room full service condominium/hotel operating 12 months in the resort community of Vail, Colorado. This property had been under management contract to the Broad- moor Management Company of Colorado Springs. In the first six months of operations, this facility's operating revenues increased 40% over the prior year's results. Actual operating dollar costs were decreased during this same period with an upgrading of guest services. Responsible for three separate owner associations, including rentals and owner accounting. August 1973- Vail Investment Group—Partner and General Manager June 1975 Manager of two hotels and two condominium projects. Responsibilities included general manage- ment, liaison with general partner and condominium owners, financial management, group sales development and community relations. Specific accomplishments included reorganization of the accounting department to improve management projection and visibility. Established a sales pro- gram to develop off-season potential. Directed public relations and planned advertising campaigns through all media. Worked closely with Vail Resort Association and Denver Convention and Visitors Bureau. June 1971- Regency Hotel—General Manager August 1973 The Regency is Colorado's largest convention hotel with 450 guest rooms, four restaurants, Las Vegas style night club, discotheque, 2,000 person banquet facility and separate exhibition hall. Responsible for employee policy planning and establishment of job specifications for all depart- ments. Maintained liaison with owners and all department heads, charted financial management, planned public relations programs,directed advertising sales promotions. Reviewed and approved arrangements and coordination of major group functions. Developed a professional organization with the establishment of controls to ensure the performance of individuals and departments to r� increase profitability. October 1969- Clayton Inn Hotel—General Manager June 1971 General Manager of a 300 room hotel with two restaurants, a member of the preferred hotel association, and one of St. Louis' most prestigious hotels. Developed and directed this hotel toward realization of potential and established a general man- agement policy. Supervised restaurant management, sales staff and all department heads. Orig- inated and maintained a more effective filing system, sales program, employee policy,job specifi- cations and compensation. Planned public relations and sales promotions and reviewed plans for group functions. Maintained liaison with major clients and convention bureau. Represented hotel owners at many state and city functions. Initiated a refurbishment program which was 75% com- pleted at the time I accepted other employment. A major accomplishment was continued growth and rise in occupancy, despite a rapidly declining occupancy rate in the city of St. Louis. 1963-1968 U. S. Navy—Lieutenant Commander Member Board of Directors for officers clubs and quarters. Also served as flight training instructor and legal officer. PRIOR Apprenticeship in several New York hotels, including position as food and beverage controller at the Astor and resident manager at the Delmonico. CONSULTING • Alrae Hotel—New York City, New York • Delmonico Hotel—New York City, New York • Cloister Resort—Sea Island, Georgia • Double Tree Lodge—Eagle, Colorado EDUCATION St. Louis University, St. Louis, Missouri, B. S. Administration New York University, New York City, New York, MBA U.S. Navy Legal School, Newport, Rhode Island, (with distinction) Hello