Investor/Developer RFP Proposal Review Committee Meeting

October 13, 2009

Committee Members

Alice Murray, Mike Carter, John White, David Robinson and Jan Lloyd

Other

Gene Engle (USFP Board Member), Pete Karamitsanis (I.C.)

Dr. Murray opened the meeting and thanked the committee members for their time and attention to the proposals submitted. She stated this meeting would be to narrow down proposals to a short-list and then meet again to go over these short-list firms to ultimately make a recommendation to Dr. Goodman and Dr. Genshaft.

Gene Engle stated that this process for Investor/Developer is new to the USF system and how important this process is as a whole.

16 proposals were received.

# 1

Deep/Broad

Analytical

Experience

Proposed team w/FL experience

Should be financing-focused

¾ Options

*direct debt

*indirect debt

*not for profit

*master lease w/fees

Frank – cash flow issues (short term)

Looking for financing/support from USFP

Experience w/both types of facilities

Not offering developer equity for fee developed proposal

Hiring developer

USFP back stops

# 2

Track record w/USF

Lot of experience – LEED projects

Core list of questions

Discussed tax exempt bonds

U.G.A

Good qualifications

No new ideas – financing

Not clear about options offered – looking for more definitive suggestions

Looks to act as financial advisor following additional meetings

Overall project plan seems reasonable

No discussion about developer equity – more fee developer

#3

No for profit methodology

BABS

Tax exempt Bonds – financing

Understand different Universities – used/needed different vehicles

Very comprehensive – residential mgmt; parking svc; staffing

Got the concept of whole campus rather than just this project

Light on team description

Offered good suggestions on financing alternatives

Proposing to be fee developer

Master lease w/guaranty

Higher level of immediate commitment

#4

Design/build

Developer

No funding/options

#5

Broad understanding of Poly

No specific recommendation of financing options

Review assets – we have the land

Analyze revenue streams

Will provide developer equity

# 6

Breadth of proposal coverage of prior projects including investment themselves

Owner/developer – at risk

Partner

Fee developer/purchaser

Worked with Starchitects

Every project involves unique financing structure

Got whole mission of Poly’s growth possibilities

One of the top proposals

Got the idea/hedging specific options (partner/purchaser)

Mentioned CRA/TIF

# 7

Master lease w/fees – entire package

Bring equity

Have the bank that would do the financing

Most straight forward

Seemed comprehensive

Bringing everything to the table

Would support operational $$

Model may be based on fees beyond what we change

Different from other proposals

Level of commitment

Liked Q&A

Don’t see depicted of what happens if we don’t meet the terms of the proforma

# 8

Master lease w/fees

References from projects

Sell them ‘physical asset’ – we don’t have one

Their exposure is set in stone

Not sure about tax advantages

# 9

Good group of options

But advisory only

Mentioned 4-5 strategies

Liked matrix

Advisory only

Naming rights

Pre-paid college plan mention

Not developer

Advisory services

# 10

Diverse project experience

Set up – not for profit

30K beds on campus; 50K off campus

Good details for both facilities

Committed to BAB or other TE Bonds

Bring equity to project

Identified best options for each facility

Comprehensive in approach

Good list of projects

Really “get” the residential life component

Good reputation

Managing 30K beds

# 11

Single finance option

Fee for development svcs and program mgmt

R.L. Master Lease

Projection may be optimistic

# 12

A/E Group

BAB as methodology

Didn’t get anything out of proposal

Limited higher education experience

Single proposal

# 13

Got wellness/education concept

Understood financing model needs

Several options discussed

Developer at risk

Opportunity for direct/indirect debt/BABS

Master lease w/fees

126 other student housing projects

Other experience w/rehab & medical (wellness center)

Not clear if they are investing in project

Fee developed

# 14

Fee developer – quotes fees

Have done minor equity

Offered numerous options

TE Bonds/BABS/Developer at risk

Limited higher education experience

# 15

Best written executive summary

Focused on higher education

Understand integration of Wellness Center

TE Bonds/Developer at Risk/BAB

Finance 100% cost

Will bring equity

Financing arm of developer

Master lease

# 16

Got ‘Big Picture’ A – Z

Experience w/residence halls and health centers

Master lease w/fees

Non-recourse financing 1.2 debt coverage

Recurring financing 1.0 debt coverage

Pledge of all revenues (both facilities)

No equity participation

Tpa Based

Comprehensive

Good experience for this project

They were listening and listed critical issues

Refer to central management plan for housing

15#6KUD

14#7MANTRA

13#10PLACE PROPERTIES

13#15TUFF

13#16UHS

11#9NEWMARK

11#14TRAMMEL

10#3COLLEGIATE

9#2CARTER

9#13SIGNET

8#1CAPSTONE

8#11PFIC

6#5IMG

6#8NATIONAL

5#4HASKELL

5#12RGA

Each proposal was rated 1 – 2 -3 with 1 being the lowest.

The three items that need to be reviewed when the committee reconvenes on November 3rd from 8:30 – 11:30am are below:

  1. Identify the primary objectives/goals for USFP’s projects.

1a.Get references from each firm (Geralyn will have these available at 11/3 meeting).

  1. Review each of the five with regard to how each of these identify with the objectives/goals in #1.
  2. Identify those who should be interviewed.

3a.Develop questions.