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<br />.-- <br /> <br />. <br /> <br />. <br /> <br />Measuring a developer's financial capabilitites is very <br />difficult at this stage of the disposition process. In the <br />past, Keyser Marston Associates has used essentially two <br />general criteria factors in measuring or ranking the <br />financial capabilities of various developers. They are: <br /> <br />1. <br /> <br />A ratio of the anticipated development costs to <br />total assests of the developer. and <br /> <br />2. <br /> <br />A ratio of anticipated development costs to the <br />largest project previously undertaken by the <br />developer or members of the development team. <br /> <br />with respect to financial capabilities, Mr. Botti stated <br />that the assets of the Campeau team members were <br />conservatively estimated in excess of $1.0 billion and the <br />project represented less than four percent (4%) of their <br />assests. The IDM project and Essex development costs were <br />far in excess of the total assets of the various principles. <br /> <br />Mr. Swanson informed the Agency members that at 1:30 P.M. <br />Essex had delivered to Staff an Amendment to their proposal. <br />He also stated that the developers were present to give a <br />ten (10) minute presentation. <br /> <br />Chairman Bricken then invited Mr. Michael J. Maloney and Mr. <br />Stern of Campeau Corporation to address the Agency. Mr. <br />Maloney and Mr. Stern thanked the Agency for the opportunity <br />to address the Agency and expressed their Company's <br />gratitude for having been recommended by staff as the <br />developer for the A-2 site. They added that their Company <br />had worked very hard to put together a proposal which would <br />merit the Commission and Agency's review and consideration. <br />They also added that their Company felt that they had met <br />the expectations and quality of development that the City of <br />Santa Ana considers important to its long-term growth. Mr. <br />Maloney and Mr. Stern then made a comprehensive slide <br />presentation which showed many of the projects they have <br />developed in Canada and throughout the United States. <br /> <br />Chairman Bricken thanked Mr. Maloney and Mr. Stern for their <br />presentation and then called upon Mr. David Ball of IDM <br />Corporation. Mr. Ball reviewed the lending capabilitites of <br />the IDM Corporation. He pointed out that Chase Manhattan, <br />Union, Mitsui, Sumitomo and Imperial Bank, as well as <br />California Federal Savings and Loan, have expressed interest <br />in funding the IDM proposal for the A-2 site. Mr. Ball then <br />made a comprehensive slide presentation which showed many of <br />the projects they had developed. <br /> <br />Chairman Bricken thanked Mr. Ball for his presentation and <br />then called upon Mr. Christopher A. Wheeler of Essex. Mr. <br />Wheeler pointed out that Essex was now working on two <br /> <br />-4- <br />