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proceeds other than the Workers' Compensation Fund. The value of the Site is $3.62 million. The City does not intend to reimburse itself from bond proceeds for the value of the Site. It is estimated that the costs of the Project will be as follows: Construction $87,806,000 Furniture, Fixtures and Equipment 6,100,000 Design and Engineering 4,712,000 Land and other City Contributions 8,520,000 Total $107,138,000 Status of Environmental Approvals The Project has been approved by the City of Santa Ana following a planning review. A mitigated negative declaration (the "MND") was prepared by the City in compliance with the California Environmental QualityAct "CE A" . The MND N was certified bythe( Q ) City Council on July 18, 1991. The time for challenging the MND has passed. Status of Bids and Estimated Start and Completion Dates Construction bids were received by the City on January 27, 1994. The winning bid was awarded at the February 22, 1994 City Council meeting to Perini Building Company, Inc. Construction of the Project is anticipated by the City to begin March, 1994 and is anticipated to be completed in March, 1996. The City currently expects to occupy the Project in March, 1996. The Leased Property The Leased Property includes 38 parcels of land currently owned by the City, including the Site on which the Project will be constructed, as described below. According to an appraisal by Parkcenter Realty Advisors dated January 3, 1994, the Leased Property has an appraised value of$93,983,000, including $3,620,000 as the appraised value of the Site of the Project. The Leased Property will have a fair rental value which is greater than or equal to the Base Rental. The City expects to release all of the Leased Property, other than the Site, from the Lease and Ground Lease upon coinpletion of the Project and the issuance of a certificate of occupancy therefor. See"SECURITY FOR THE BONDS -- The Lease -- Release of Leased Property." 3