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City of Santa Ana Proposal for Services July 15, 2014 Page 2 of 8 rent levels, vacancy rates, absorption rates, and other factors that may impact market potential. Kosmont will perform a brief review of property sales and/or tenant lease rates for different product types to provide corroboration for observed market pricing levels, as well as to provide insight into the potential for success of different development approaches. Task 3: Highest and Best Use Analysis Kosmont will identify the potential highest and best use of the Site based on the results of the site and market analyses, an understanding of Client's goals, entitlement and development constraints identified including political and community issues which may affect or delay development approvals. Kosmont will provide an analysis identifying the market-based highest and best use and include supporting market data and assessment of financial viability based on relevant metrics and other factors as may be appropriate. Such analysis will include the results of initial meetings with the Elks property ownership to ascertain the fundamental direction and priorities of the Elks. Task 4: Initial discussions with Elks and Zoo Representatives/ Initial Letter of Intent or MOU Kosmont will engage in discussions with representatives from the Elks Lodge and Santa Ana Zoo to determine commonalities and preferred approaches to the project based on various site plan options. As part of that process, Kosmont will assess the potential for the Elks to relocate some or all of their activities to other adjacent or nearby sites (preliminary), which will also include confirming parking requirements and zoo operations preferences in terms of primary entrance and other considerations. Kosmont can also evaluate the potential for a joint use in the form of a combined facility as a potential use that would accommodate special events and other activities. Based on these discussions and prior activities, Kosmont can explore various strategic alternatives that could be pursued through a Memorandum of Understanding (MOU) or initial Letter of Intent and assist with identifying and drafting preliminary terms and conditions to move forward in a binding transaction. Task 5: Preliminary Financial Analysis and Summary of Analysis Kosmont will provide a standard summary development pro forma illustrating the projected costs and expenses associated with the highest and best use analysis and estimated net operating income and rate of return projections. Consultant will use available "off the shelf' cost data and will not require the services of construction cost estimator unless requested by Client (would be additional cost). Deliverables for Tasks 1 through 5 will be a summary of Kosmont's findings in PowerPoint or memo format including the development pro forma. KOSMONT COMPANIES 865 South Figueroa Street 35" Floor Los Angeles CA 90017 ph 213.417.3300 fx 213.417.3311 w Aosmontcom