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HomeMy WebLinkAboutresolution.council.095-00 RESOLUTION NO. (SERIES OF 2000) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, AUTHORIZING THE CITY MANAGER OF THE CITY OF ASPEN TO EXECUTE AND TRANSMIT A CERTAIN LETTER SETTING FORTH COMMITMENTS THAT THE CITY OF ASPEN SHALL MAKE TO THE FRIENDS FOR THE ASPEN SPORTS AND RECREATION COMPLEX IN RETURN FOR THEIR EFFORTS TO RAISE FUNDS SUFFICIENT TO CONSTRUCT AN ICE SKATING FACILITY AT THE ISELN PARK RECREATIONAL COMPLEX. WHEREAS, a group of citizens in the City of Aspen have organized themselves under the name of Friends for the Aspen Sports and Recreation Complex ("SPARC") to raise private funds sufficient to complete the construction of an ice skating facility within the Iselin Park recreational facility; and WHEREAS, SPARC has requested that the City Council make certain commitments to them and the donors willing to pledge funds for this endeavor; and WHEREAS, the City Council has reviewed a commitment letter addressed to SPARC appended hereto as Exhibit "1": and WHEREAS, the City Council desires to make certain comrunmems to SPARC in return for their efforts in raising sufficient funds to pay for the cost of building an ice skating facility within the proposed Iselin Park recreational facility and to memorialize those commitments in the appended letter. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO. That the City Manager of the City of Aspen is hereby directed to execute the letter appended hereto as Exhibit "1" on behalf of the City Council of the City of Aspen. Dated: ~~/~-' ,2000. I, Kathryn Koch. duly appointed and acting City Clerk do certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held ~ ,--~ ,2000. Kathryn S. I{~j City Cl~rk SPW-07/06/2000-G:\john\word\reso$\sparc-res.doc Iuly 11, 2000 DRAFT - 6/29/00 SPARC P.O. Box 1559 Aspen, CO 81612 Re: Iselin Park Ice-skating Rink Dear Board of Directors of SPARC: Last night the Aspen City Council reviewed the contents of this letter and authorized its delivery to you (by motion duly adopted and recorded in the Council's minutes). The purpose of this letter is to conftrm to you the City's commitments relative to the design and construction of an ice skating rink at the city owned Iselin Park complex. As you know, the voters of the City of Aspen in May 1999 approved a bond issue that authorizes the City to construct a number of improvements at the Iselin Park complex. The bond issue also authorizes the City to renovate the City's existing ice rink at the ice Garden. The City did not seek voter approval for the construction of a second sheet of ice in the City. It is the City's understanding that SPARC has been organized as an IRS Code 501(c)(3) tax-exempt organization and is incorporated in the State of Colorado as a not-for-profit corporation. (It may take a number of months for the organization to receive the appropriate legal documents evidencing this intention, but has received the permission of the Aspen Foundation to raise private funds under their auspices and tax-exempt status.) The purpose and mission of SPARC is to raise the requisite amount of funds from private donations to pay for the addition of an indoor ice-skating rink and related facilities to the City's proposed recreational facilities at the Iselin Park complex. In order to pursue SPARC's mission in this regard, you have asked the City to document its past efforts relating to the Iselin Park complex and the commitments that the City is prepared to make in the event that SPARC is successful in its mission to. raise sufficient funds to pay for the additional ice-skating rink and related facilities. I trust that the contents of this letter will help you in your efforts. SPARC July 1L 2000 Page 2 The Recreational Facilities Revenue Bond Question. On May 4, 1999, the voters of Aspen approved a bond question authorizing the City Council to increase City debt by $13,894,000.00 for the purpose of constructing and improving certain City recreational and park facilities( The facilities listed include the construction of a swimming pool, "construction and renovation of baseball/softball fields, tenms courts, basketball courts, trail and pedestrian walkways, ancillary parking facilities, landscaping, and relat~l improvements..." The City's Current Plans for the Renovation of the Iselin Park Complex. The Aspen City Council has directed staff to begin the process for designing and building the planned renovations for the Iselin Park complex. To date, the City has hired Durant Architects to design the new recreational facilities. The City Council has also authorized the expenditure of up to $250,000.00 for the design of an additional indoor ice-skating rink in the event that private donations are received to build the facility. Appended hereto as Exhibit A is a current project schedule for the completion of the Aspen Iselin Park Recreation Center. The schedule may change with time, but the exhibit does represent the City's current best esfmaate of the current schedule. The language of the ballot questions read as follows: Shall City of Aspen debt be increased $13,894,000.00, with a maximum repayment cost of $24,100,000.00, (but with no increase in the City's existing taxes), for the purpose of constructing and improving certain city recreational and park facilities, including, but not limited t~: · Construction of a swimming pool at Iselin Park: · Construction of a new clubhouse, pro-shop, nordic center, and restaurant at the City's Municipal Golf Course: · Renovation of the City's existing ice rink at the ice garden: and · · Construction and renovation of baseball/softball fields, tennis courts, basketball courts, trails and pedestrian walk'ways, ancillary parking facilities, landscaping, and related improvements throughout the City park system including: o Isalin Park; o Moore Playing Fields: o The Aspen School District; o Plum Tree Park: o Wagner Park: o Yellow Brick School building; o Rio Grande Trail; Cemetery Lane; Such debt to consist of the issuance of and paymem of sales tax revenue bonds, payable from the existing one percent sales tax of the City of Aspen deposited m the Parks and Open Space Fund of the City; whicl~ bonds shall bear interest and mature, be subject to redemption, with or without a premium, and be issued.. dated and sold at such time or times, at such prices (at, above or below par) and in such manner ans containing such terms, not inconsistem herewith, as the City Council may determine: and shall any earnings (regardless of amount) from the investment of the proceeds of such bonds constitme voter-approved revenue change? SPARC Suly 11, 2000 , Page 3 Current Negotiations with the Youth Center. As you may know, the Aspen Youth Center currently operates out of a building adjacent to the City's Parking Garage and the Pitkin County Jail. The Aspen Youth Center owns the building, but leases the land upon which it was built .from the City and County. The Aspen Youth Center has recently had discussions with the City Council to sell their building to the City for an amount equal m the amount it would cost m build a new facility at the Iselin Park complex. City Council is currently pursuing the idea of incorporating a new youth center facility within the Iselin Park complex. I make mention of this possibility as it may have an impact on the overall design, cost, and other issues for the renovation of recreational facilities at the Iselin Park complex, As soon as any concrete plans or agreement is finalized, we will certainly let you know. The City's Commitments to SPARC. The City recognizes that if SPARC is to begin a fund raising campaign that it needs certain commitments from the City at this time. Following are the commitments that the City is prepared m make, and does hereby make, to SPARC. a. The City will continue m spend up to $250,000.00 in design fees to incorporate into the existing plans of the recreational facilities at the Iselin Park complex an indoor ice-skating rink. b. The City will negotiate in good faith with SPARC for an agreement that sets forth in some detail the continuing relationship of the parties m construct and operate a new ice-skating facility. The agreement shall be completed and executed by the parties on or before the date established below for the completion of the Construction Document Phase for Phase I. c. The City and SPARC recognize that the City's commitment to build an ice skating facility at the Iselin Park complex must necessarily be tied to SPARC's ability m raise sufficient funds on a time schedule that coincides with the design and construction schedule for the ice skating facility within the entire complex. Accordingly, the parties hereby agree that the Exhibit appended hereto as Exhibit B constitutes a phasing plan and the cash flow required for the construction of the ice skating facility. It is understood by the parties that the cash flow requirements for each phase listed on the exhibit may change as the project progresses to construction. The City agrees to notify SPARC within 5 working days of any change to the cash flow projections on Exhibit B. d. If SPARC is able to raise no less than $4,209,379.00 (the amount listed on Exhibit B for Phase I) by the date that the Construction Document SPARC July 11, 2000 Page 4 Phase is completed as set forth in Exhibit .~2, the City will proceed to the Bidding Phase for Phase I as set forth in Exhibit A with the ice- skating facility included in the construction documents3. If Phase I of the ice-skating facility is included in the bid documents pursuant to the previous sentence, and in addition, SPARC is able to 'raise $4,209,379.00 (the mount listed on Exhibit B for Phase I) or the amount of the bid accepted by the City for Phase I of the ice skating facility (evidenced by a Notice of Bid Award approved by resolution of the City Council), whichever is more, by the date the Bidding Phase is completed, the City shall proceed to construct Phase I of the ice skating facility at the same tune that it constructs the remainder of the recreational complex at Iselin Park. The City shall be responsible for all Phase I project costs in excess of the bid amount accepted by the City for Phase I of the ice-skating facility pursuant to this subparagraph (d), excepting the costs of any Change orders that may thereafter be approved in writing by SPARC. If by the date the Construction Document Phase is completed SPARC is able to raise the additional amoum listed on Exhibit B for Phase II, the City shall include Phase I and Phase II in the Bidding Phase as set forth above, and if SPARC has raised that additional amount or the amount of the bid accepted by the City for Phases I and II, whichever is more, by the date the Bidding Phase is completed, the City will proceed to construct Phases I and II of the ice skating facility at the same time that it constructs the remainder of the recreational complex at Iselin Park. In such evem. the City shall be responsible for all Phase I and Phase II project costs in excess of the bid amount accepted by the City for Phases [ and II of the ice skating facility, excepting the costs of any Change Orders that may thereafter be approved in writing by SPARC. With respect to Phase HI of the ice skating facility, the estimated cost of which is listed on Exhibit B, the same procedure shall apply as is described in the paragraph immediately above for Phase II. If only Phase I of the ice skating facility is bid and constructed in accordance with the foregoing procedures, the City agrees that at such time as SPARC has raised the additional amounts listed on Exhibit B for Phase II, the City shall bid out Phase II, and if SPARC has raised Currently scheduled for September 11. 2000. The actual date may change depending on the progress made in the scheduled events prior to September 11, 2000. C~rrently scheduled for Februa~ 1. 2001. The actual date may change depending on the progress made in the scheduled events prior to February 1, 2001. SPARC July 11, 2000 Page 5 sufficient funds to cover the mount of the accepted bid for Phase II, the City shall proceed to construct Phase II. The City shall be responsible for all Phase II project costs in excess of the bid amount accepted by the City for Phase II, excepting the costs of any Change Orders that may thereafter be approved in writing by SPARC. The same procedure shall apply to the bidding and construction of Phase III of the ice skating facility. SPARC shall have the right to review and approve the Construction Documents for the ice skating facility. SPARC shall also have the right to review the bids submitted for Phases I, II and/or 1~ of the ice skating facility, and the City agrees not to accept a bid for any one or more of said Phases unless SPARC has first approved such bid. e. The term "raise" as used in paragraphs (d), above, shall mean funds that are immediately available for use by the City evidenced by a bank account containing the appropriate sums, legally binding and irrevocable pledges from donors, or a combination of such documentation. The City, through its City Attorney, shall have sole discretion in determining whether sufficient funds have been "raised" as contemplated by paragraph (d) above. f. If sufficient funds have not been raised by SPARC on, or before, the dates set forth in paragraph (d) above for completion of Phase I, SPARC may decide (in its sole and absolute discretion) to continue to accept donations for an ice-skating facility. In that event, the following commitments are made by the City: 1. The City will continue with the construction of the recreational facility without an ice-skating facility, but shall reserve sufficient land to accommodate an ice-skating facility in the future. In addition, the design of the recreational facility shall incorporate the ability to add on an ice-skating facility in the future. 2. The City commits to constructing an ice-skating facility as part of the overall recreational facility; provided, however that (a) sufficient funds are raised by SPARC to pay for all costs associated with the construction of an ice-skating facility which is reasonably similar in design to the facility to be designed by Dun'ant Architects as set forth in the schedule appended hereto as Exhibit A, (b) sufficient funds are raised by SPARC within thirty-six (36) months of the date SPARC July 11, 2000 Page 6 that the City decides to proceed with construction of the recreational facility without the inclusion of the ice-skating facility. g. In the event that SPARC has raised sufficient funds in accordance with the commitments contained herein, and the City accepts the donations, SPARC will not claim any title, equitable or otherwise, in any personal or real property, associated with the Iselin Park complex, the ice~skating facility, or any other related facilities. h. In the event that SPARC has raised sufficient funds in accordance with the commitments contained herein, and the City accepts the donations, the City hereby makes the following additional commitments to SPARC regarding the construction and operation of the ice-skating facility: 1. The City will dedicate and thereafter reserve the land necessary for the construction of the ice-skating facility. 2. The City shall be responsible for any housing mitigation that may be required by the Aspen Land Use Code for the construction of the ice~ skating facility. 3. The City shall not charge SPARC or any other entity for any City Community Developmem Department planning fees associated with the ice-skating facility. 4. The City will pay for any operational costs associated with the ice~ skating facilities. 5. The City will pay for any tree mitigation fees that may be required and shall maintain any surrounding landscaping features associated with the ice-skating facility. 6. The City shall construct all requisite utility connections and pay for any associated connection fees for the ice-skating facility. 7. The City shall pay for the initial construction and'on-going maintenance of all trail and bridge connections associated with the construction and operation of the ice-skating facilities. 8. The City shall provide construction management services during the construction of the ice-skating facility. SPARC July ll, 2000 Page 7' 9. The City shall provide all requisite parking facilities and/or parking mitigation associated with the construction and operation of an ice- skating facility. 10. The City shall engage an architect to complete all associated work necessary to complete design work for the ice-skating facility and supervise the work of the architect; provided, however, that the City may use funds donated by SPARC to pay for any additional architectural fees associated with the ice-skating facility over and above the $250,000.00 already committed by the City for this purpose. Any additional costs to SPACR for architectural work shall be included and identified in any bid that is accepted by the City in accordance with sub-paragraph (d) above. i. The City understands that SPARC may choose to accept donations from the public that are not specifically associated with the ice-skating facility, but may have some tangential relationship to the-overall design and operation of the recreational facility proposed for the Iselin Park complex. In the event that SPARC receives such donations, the City agrees to establish separate funds for such donations and agrees to expend such funds for the specific purpose for which they are donated; provided, however, that the City has an oppommity to review and accept such donations for their intended purpose, and the amount of the donation shall not be included in the funds referred to in paragraph (d) above. By way of illustration and not limitation, SPARC may receive a donation for a children's pool that is not associated with the ice-skating facility, but nevertheless may be an added attraction to the overall design and operation of the recreational facility. In such an event, SPARC shall confer with the City m determine if the City wishes to include a children's pool into the overall design of the recreational facility and agrees beforehand to operate such an amenity. j. The City further understands that SPARC may choose to offer naming rights for certain amenities or fixtures within the ice-skating facility or the recreational complex as an inducement m potential donors. The City commits to honoring such naming rights provided that the following procedures are followed: 1. The facility or fixture is listed in the appended document as Exhibit C that lists certain facilities, portions of facilities, and fixtures that the City has pre-approved for sale for naming rights. SPARC July 11, 2000 Page 8 2. The City is given an opportunity to approve the name chosen for the facility or fixture m ensure good taste and compatibility with the overall design of all the contemplated facilities; provided, however, that the City shall not unreasonably withhold its approval of the names chosen by individual donors. 3. The City approves in writing any portion of a facility or fixture that is not listed in Exhibit C for which an offer has been made by a potential donor. The City shall have the right m approve the portion of the facility or fixture proposed to be named by a potential donor, the name chosen, and the actual sign design chosen to be placed on, or near the portion of the facility or fixture chosen to be named. 4. All signs selected to be placed on or near a facility, portion of a facility, or fixture shall be pre-approved by the City and shall be in compliance with all sign regulations of the City of Aspen. The City shall not unreasonably withhold its approval in this regard, but shall determine the appropriateness of the design and text of a particular sign in the context of good taste and the overall design of the recreational facilities proposed for the Iselin Park complex. k. The City and SPARC recognize that the design and operational details of the ice-skating facility have not been finalized as of the date of this letter. Accordingly, the City commits m working cooperatively with SPARC, its members, and its potential donors to finalize a design and operational manual for all of the facilities at the Iselin Park complex that is acceptable to the entire Aspen community, its elected officials, appointed board and commission members, and all potential users. 1. The City and SPARC recognize that a significant portion of the capital costs for constructing the ice skating facility is projected to be raised from private donations. Private donors may logically expect that their donations be spem to support a high quality facility not only in its physical appearance, but a facility that operates efficiently and economically. To ensure that the City operates the ice skating facility and the remainder of the Iselin Park complex in the best possible way, consistent with any budgetary constraints that the City may face in the future, the City agrees to consult with SPARC and any other support group, which may include an advisory board, on a continuing basis in all matters relating to the formulation and implementation of operating guidelines, policies and procedures for the Iselin Park complex, personnel hiring and performance review systems that appy to employees SPARC July 1 I, 200O Page 9 of the Iselin Park complex, and the annual operating budget, appropriate reserves, and capital improvement maintenance program for the ice skating facility and other facilities within the Iselin Park complex. I trust that the contents of this letter meet your needs. If not, please advise at your earliest opportunity. In return for the commitments contained in this letter, the City asks that SPARC notify me in writing no later than July 24, 2000, whether it is (a) willing to accept the Challenge of raising the requisite funds to build the ice-skating facility consistent with the terms and conditions of this letter, (b) that it commits itself to providing the City with monthly written reports on the progress of its endeavors in this regard, and (c) that it commits to meeting with City staff on an as-needed basis to continue the cooperative venture that the City's commitments contained in this letter imply. On behalf of the Aspen City Council and City staff members that have worked with you to get to this point in this matter, I wish to express their gratitude to your organization for taking on this important commtmity project. Sincerely, Steve Barwick, City Manager cc: City Council Parks Deparanent Recreation Department Community Planning Department Finance Department City Attorney SPARC July 11, 2000 Page 10 EXHIBITS APPENDED TO LETTER TO SPARC Exhibit A Aspen lselin Park Recreation Center Project Schedule Exhibit B Iselin - Ice Rink Phasing Model and Cash Flow Requirement* Exhibit C List of Facilities, Portions of Facilities, and Fixtures Pre-approved available for naming rights. JPW-06/30/2000-G:\john\wordXletters\sparc.doc Aspen lselin Park Recreation Center Project Schedule 2 March 2000 Distribute draft Program Document to Building Committee and design team for review. (No meeting required.) 9 March 2000 Meet with fund raising committee. Design team meeting in Aspen for SD project coordination. (Baker, Davies, Passes, Slinger/and & Hagrnan) 10 March 2000 Distribute revised siting concepts to Building Committee for review. F~eview and approve the Program Document with Building Committee. Distribute draft project description and cost model for rewew. Programming phase complete. Begin Schematic Design phase. (Baker, Davies, Passes, S/ingerland & Hagrnan/ 17 March 2000 SD Progress drawings exchanged between a~l design team, 22 March 2000 Meet with Building Committee to review project. Review and approve the project description and cost model. Decide on construction delivery strategy. Lunch meeting with Planning staff to discuss project. (Baker, Garcia, Doyle & Hagman) 23/24 March 2000 SD Design charette with all design team. (Baker, Davies, Passes, Slinger/and & Hagrnan) 27 March 2000 Present siting concept to City Council for input, approval. Meet with Building Committee and Planning Commission members to review Schematic Design progress drawings. Begin Land Use application. (Baker, Davies, Passes, Slinger/and & Hagrnan) 31 March 2000 SD Progress drawings exchanged between all design team. 12 April 2000SD Progress drawings exchanged between all design team. 13 April 2000Meet with Building Committee to review Schematic Design progress drawings. Meet with DHM to review siting issues. Meet with Rock Creek and Planning staff to review Land Use application. (Baker, Doyle, Hagrnan & Slinger/and) 14 April 2000Design team meeting in Basalt. (Baker, Doyle, Hagrnan & Slingerland) Aspen Iselin Park Recreation Center Project Schedule February 15, 2000 21 April 2000SD Progress drawings exchanged between all design team. 27 April 2000Meet with Building Committee and Planning Commission members to formally approve final Schematic design. (Baker, Passas, Slinger/and, Doyle & Hagman! 5 May 2000 DD Progress drawings exchanged between all design Team. B May 2000 Design team meeting in Aspen for SD/DD project coordination. Present Schematic Design to City Council for input, approval. Schematic Design Phase complete, Begin Design Development phase. (Baker, Davies, Passas, S/ingerland, Doyle & Hagman) 9 May 2000 Design Team meeting in Aspen for DD project coordination. (Baker, Davies, Passas, Slinger/and, Doyle & Hagman! 18 May 2000 Meet with Building Committee To review Design Development progress drawings and outline specifications. fBaker & Doyle) 1 June 2000 Meet with Building Committee to approve Design Development drawings and outline specifications. Design Develooment phase complete. Begin one month design hiatus. Begin P&Z conceptual approval process. (Baker, Stinger/and, Doyle & Hagman) 15 June 2000 Meet with Rock Creek, P&Z to review permitting progress, (Baker & Doyle) 29 June 2000 Meet with Rock Creek, P&Z To review permitting progress. (Baker & Doyle) 10 July 2000 Report to City Council on project. Meet with Building Committee to review project. Begin Construction Documents. (Baker, Doyle & Hagrnanl 20 July 2000 Meet with Building Committee to rewew project, Meet with Rock Creek, P&Z to review permitting progress. fBaker & Doyle) 3 August 2000 Meet with Building Committee to review progress drawings. Design team meeting in Aspen for project coordination. Aspen IselJn Park Recreation Center Project Schedule February 15. 2000 Meet with Rock Creek, P&Z to review permitting progress. (Baker, Doy/e & Hagman) 17 August 2000 Meet with Building Committee to rewew project. Meet with Rock Creek, P&Z to review permitting progress. [Baker & Doy/e) 31 August 2000 Design team meeting in Denver for CD project coordination. (Baker, Doyle & Hagman) 11 September 2000 Report to City Council on project. Meet with Building Committee to approve Construction Documents and final specifications. Construction Document Phase complete. Begin bidding hiatus. fBaker & Hagrnanj 1 February 2001 City decides by this date if project is phased or built at one time. Begin bidding period. Pre-bid conference. /Baker & Doy/e) 1 March 2001 Bidding period complete. Begin awarding construction contracts, All city permitting complete Dy this date. 1 April 2001 All contracts awarded by the City by this date. Begin construction mobilization and shop drawings. 1 May 2001 Mobilization complete, Start construction, 15 August 2001 Foundations complete. 1 November 2001 Steel Complete. 1 April 2002 Shell Complete, 15 August 2002 Project complete. Owner takes possession. jUN. 14.2E~00 ~: 05PM PARKS DEPT MO. 654 P.~ Date: 18MayO0 To: Ed Sadist, Jeff Waoda, Tabatha Miller From; Steve Bosaart Re: Iselin - Ice Rink Phasing The SPARC group has requested a phasing breakdown of the ice rink in a $4mm, and two $2mm inorements, This is helpful for SPARC in projecting their fundraisi~g schedule. I+, is helpful for the City of Aspen in reaching an agreement with SPARC On their contributions. The ,attached spreadsheet shows each system, its cost as estimated by Durmnt, and as adjusted for the NHL size. Phase I would include: Foundations Superstructure Services (proportionate) Sitework General conditions (50%) Phase Il would include: interiors (arena and proportionate share of team area) Specialties/Ice Services (balance) General conditions (25%) PhaSe II't would include: interiors (balance) General conditions (25%) JLIN.14,~000 ~:05PM PARKS DEPT Iselin Pool I Ice SPARC Phasing Model ~ 8-May..0..0. SWE Durrant estimates NHL estimates International Ice 86% factor Fo[:ndaticns 656,278 564399 Supers~ructurs 2,013,269 1,73~ 411 Interiors 1.005.205 864,479 Services 1,g54,057 1,68C 489 Equip/Furn 155,000 133,300 Specialties/ice 75C.000 645 000 $itework 103,391 88,916 General requirement~ 1,768,726 1,535,304 Commons & Entry 746,000 746,000 Soft Costs 875 000 875~000 Totals 10.046,929 8 867.299 Phase I Foundations 564,399 $~rstru~ture 1.731,41 Sea/ices Etevator (1/3) 25,000 Water dist. 50.000 SaNitation .41,500 Dmlnage 69.000 Gas 50, HVAC 350, Electrical 350 DO0 Fire .... 120 ~00, $ubtotat services 1,055,500 $itework 88,916 General requirements 769,152. Total Phase I 4~209,379 Phase II Interiors lce,q'eam area/sealing 33,912 SF ~ 20.01 878,579 Ice 645,000 Equip/Furn (50%) ~6.850 Services (balance) 824,959 General requirements 384~.576 Total Phase Il 2.399.794 Phase III interiors (balance) '~5,900 Eq~[p/Furn (50%) 66,650 Commons & Entry 746,000 Soft Costs 875,000 GeneraJ requirements 384,576 Total Phase II 2,258,126 TOTAL PHASES Exhibit ~ - Naming Opportunities Bali Field~ cfizn~ two - ' Pe&/XC Bfidg~ ove~ Mavao~ T~m~ Couz~ D~hez ~ Hot Tub(s)