Item 26 - Public Hearing Regarding Bristol Project

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ta www.FinanceDTA.com X CONCLUSION SECTION X CONCLUSION DTA reviewed the Specific Plan to understand the proposed Project. We obtained market information from CoStar for multifamily, retail, hotel, and congregate care products for both Orange County and a 2-Mile Zone surrounding the Project site. We also reviewed the City's website for development regulations and standard plans for construction projects. DTA assessed DIFs currently being imposed by the City from various government websites. DTA referred to its database for development costs and reviewed similar projects to budget the indirect costs, marketing costs, and financing costs that are discussed above. We prepared a Project cash flow in accordance with the Project timing described in the Specific Plan. Often, large-scale development projects are amended as more information is analyzed. Product mixes may change after the completion of detailed market studies that may identify alternative product mixes and product types that may yield better financial metrics. DTA assumed that the final land plan and individual buildings may be modified to address the evolving marketplace during the life of the Project, which the Specific Plan identities will be completed in 2035. In preparing our Report, DTA evaluated the Specific Plan and determined that the Project would be financially successful based upon the available information, although we acknowledge Project metrics may change as more information becomes available. Based upon the information reviewed, DTA determined that the proposed Project would be profitable since the Project's NAV is $597,895,000, as shown in Table 49 below. Table 49: NAV Summary Total NAV $2,377,266,000 Total Costs ($1,779,371,000) Excess of NAV Over Costs $597,895,000 Related Bristol at 3600 South Bristol Street Land Residual Value Study Report Exhibit 10 September 27, 2023 34