Your SlideShare is downloading. ×
Offering Memorandum
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Offering Memorandum

255

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
255
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Con fi d e n t i a l O f fe r i n g M emorandum Park Highlands Land 1,340 acres in North Las Vegas, Nevada Curt Allsop Doug Schuster Senior Associate Senior Vice President P: 702.733.7500 x 279 P: 702.733.7500 x 273 C: 702.696.8689 C: 702.501.2345 Curt.Allsop@grubb-ellis.com Doug.Schuster@grubb-ellis.com Grubb & Ellis|Las Vegas 3930 Howard Hughes Pkwy., Ste 180 Suzanne Sprenger Vittal Ram Las Vegas, NV 89169 Marketing Coordinator Associate P: 702.733.7500 P: 702.733.7500 x 282 P: 702.733.7500 x 290 F: 702.862.8242 C: 309.360.4445 C: 702.321.5665 www.gelasvegas.com Suzanne.Sprenger@grubb-ellis.com Vittal.Ram@grubb-ellis.comPlease note that neither Odyssey nor Grubb & Ellis, nor any other persons or parties involved in re: November 2005 Land Investors, L.L.C., et al., Bankruptcy No. BK-S-11-20704-MKN, makes any representation or warranty whatsoever, express or implied, regarding the content, accuracy or completeness of the information set forth herein.Any statements, information, reports, or written materials of any nature whatsoever are provided without any independent investigation by said persons and/or parties,and as such, said persons and/or parties assume no responsibility or liability for the accuracy or validity of the same. Therefore, any verification or review of the attacheddocuments is solely and completely the responsibility of the person reviewing same.
  • 2. TA B L E O F CO N T E N T SAU C T I O N D E TA I L S SECTION 1 Timeline & Bid Requirements 2GENERAL OVERVIEW SECTION 2 Executive Summary 4 Introduction 5 Investment Highlights 6-8 Estimated Annual Carry Costs 9 - 11 Park Highlands & Surrounding Vicinity 12 Park Highlands Ownership Map 13 Park Highlands Land Use 14 November 2005 Parcel Map & Sub-Parcel Zoning 15O V E R V I E W O F PA R C E L S SECTION 3 Parcel 1 17 - 24 Parcel 3 25 - 37 Parcel 4 38 - 44 Parcel 5 45 - 51 Parcel 6 52 - 58M A R K E T I N F O R M AT I O N SECTION 4 Las Vegas Land Comparables - Northern Region 60 Master Planned Community Land Comparables 61 Plans for the Area 62 - 67 ALL MAPS & PICTURES ARE AVAILABLE, FULL-SIZED, IN THE VIRTUAL DEAL ROOM
  • 3. A U C T I O N D E T A I L S
  • 4. PA R K H I G H L A N D S 2 AUCTION DETAILS Timeline Tuesday, November 29, 2011 5:00 p.m. (Pacific Time) PSA Revision/ Objection Deadline Thursday, December 8, 2011 5:00 p.m. (Pacific Time) Bid Deadline Monday, December 12, 2011 10:00 a.m. (Pacific Time) Auction Tuesday, December 13, 2011 1:30 p.m. (Pacific Time) Sale Hearing Friday, December 30, 2011 11:00 a.m. (Pacific Time) ClosingAU C T I O ND E TA I L S Bid Requirements All bids must contain the following: 1. An executed Contract of Sale, also referenced as the Purchase and Sale Agreement (PSA) 2. An agreement that the offer is binding & irrevocable until 48 hours after or the earlier of: a) closing of the Sale of the property, b) withdrawal of the property by the Debtors, or c) 30 days after the Sale Hearing. 3. A certified check or wire transfer in the amount equal to 5% of the cash purchase price payable to the order of the Debtors 4. Written evidence of available cash 5. Any other evidence of ability to consummate the transaction Please contact Curt Allsop at 702.733.7500 x 279 or by email at Curt.Allsop@grubb-ellis.com
  • 5. G E N E R A L O V E R V I E W
  • 6. PA R K H I G H L A N D S 4 EXECUTIVE SUMMARY General Park Highlands is one of the few remaining large land assemblages available for purchase in the western United States.OVERVIEWGENERAL Originally owned by the federal government, this property was sold in a BLM auction at a price of $675 million in Novem- ber of 2005. The assemblage consists of 2,675 total acres ideally located at the foothills of the mountains in the northern portion of the Las Vegas Valley. General access to Park Highlands is provided by two major freeways that lead to the Strip and all major employment areas. Direct access to Park Highlands is provided by the recently completed North 5th corridor and freeway interchange along with two additional freeway interchanges. Plans are in place to construct one more inter- change to further improve direct access. Open Space Unlike other master planned communities, Park Highlands includes several natural land preserves totaling over 500 acres of open space. These preserves provide unique park like amenities that will include integrated trail systems for residents of the master planned community. A high percentage of the homes to be built will be contiguous with preserved land which will create significant lot premium opportunities. Year End Absolute Auction - No Stalking Horse A once in a lifetime investment opportunity has been created through the 363 Bankruptcy auction to be held on December the 12th, 2011. The live absolute auction will allow 1,340 acres, the most significant portion of Park Highlands, to be sold to the highest qualified bidder; there is no Stalking Horse bid. This year-end deal creates the ability for a new owner to control one of the the biggest developments in Las Vegas for the next decade and beyond. Existing Development Agreement, New Owner Recent input from the City of North Las Vegas has unveiled the City’s willingness to partner with a new owner and begin the process of assigning warranted zone changes within the existing framework of the current Development Agreement. These include the density reduction plans that will make Park Highlands similar to Aliante. A new Active Adult community is one example of a warranted change to the development agreement that will facilitate end user development sooner rather than later. Limited Annual Carry Costs The City is open to the idea of modifying the Development Agreement, which is the only Contract that runs with the land. Because the Development Agreement is the only contract that runs with the land, the annual costs of carry for ownership of the 1,340 acres is limited to payment of Clark County property taxes. Specific detail for the real property represented by 147 parcels regarding infrastructure and carry costs can be found in the overview of parcels section of this Offering Memo- randum on pages 17-58.
  • 7. PA R K H I G H L A N D S 5INTRODUCTIONYou are invited to the Virtual Deal Room that has been established to inform Buyers interested in the Purchase of the OVERVIEWReal Property owned by November 2005 Land Investors LLC. Access to the Virtual Deal Room will provide the required GENERALprocedures that need to be followed in order to attend and bid at the 363 Bankruptcy auction held on December the 12thof this year.This property will be sold, and will close by year end.Also to be provided in the Virtual deal room are the following items:1. Complete Offering Memorandum2. All Due Diligence items available for download3. Contract for Sale with timing for comments, and or objections, and further instructions for bidding4. Bankruptcy Court Approved Bid Procedures, Notice of Sale, and Notice of Assumption5. Participation Requirements and appropriate Contact information6. The City of North Las Vegas Development Agreement7. Input from the City regarding potential variances to the Development Agreement8. Correspondence regarding recently completed offsite development9. 24 aerial photographs that document development progress (Flight - October 13, 2011)10. Individual parcel analysis, carry costs, preliminary title report, and recent market dataWe encourage each of you, as interested parties, to contact us directly with questions regarding the collateral and/orany procedural issues related to the auction.
  • 8. PA R K H I G H L A N D S 6 INVESTMENT HIGHLIGHTS Development Agreement is Flexible 1. Down zoning from High Density Residential of 50 to 25 dwelling units per acre (DU/AC) to Low Density ResidentialOVERVIEWGENERAL is supported by the City of North Las Vegas. 2. Reference the Parcel Analysis on pages 17 - 58 for new development opportunities that are created through mod- est changes to the Development Agreement. 3. Modifications may be approved by the City Manager without the requirement of a City Council Hearing. 4. Density reductions will allow modifications and reductions to the Park and Public Facilities requirements. A detailed Analysis of the Development Agreement is provided in the Annual Carry Cost section that follows this section. Strong End User Interest - New Active Adult Community 1. Shortage of Master Planned Communities for Active Adults creates a development opportunity not previously anticipated in the underwriting for Park Highlands. See map of Active Adult Communities below. 2. Land Funds seek alliances with Home Builders. 3. Home Builders are buying raw land today. 4. Commercial Developers are land banking large parcels of land. 5. The average price per acre for all land sales greater than 20 acres is $108,713. This average is based on 16 land sales that have transacted over the last year in the northern portion of the Las Vegas valley.* 5. Sales Comps for homes sup- port premiums as much as 50% when comparing master planned communities with homes that are not in a Mas- ter Plan, reference Single Family Residence sales comps.* * See comps in Section 4 pages 60 - 61 Active Adult Community Map
  • 9. PA R K H I G H L A N D S 7INVESTMENT HIGHLIGHTS.Nature Preservation Area Dramatically Increased OVERVIEW GENERAL 1. Land Area Preserves are required for more than just the Las Vegas Buckwheat and Las Vegas Bearpoppy. Less land is available for development. 2 11,000 acres that was planned for future development through new BLM auctions are under consideration for a nature preserve, and/or to be dedicated for the creation of a National Monument for Paleon- tology, reference the land use plan below. 3 Developable land outside of Park Highlands will be significantly reduced due to the increase in the area of land allocated for the Eglington Preserve, which is the 300 acres already within the boundary of Park Highlands. SEE INSET LAND USE HOLLYWOOD BLVD NORTH FIFTH ST NELLIS BLVD DECATUR BLVD ALIANTE PKWY WALNUT RD LAMB BLVD SLOAN LN COMMERCE ST CLAYTON ST PECOS RD HIGHLAND DR VALLEY DR REVERE ST SIMMONS ST LOSEE RD STATZ ST BRUCE ST T 18 S T 19 S MOCCASIN RD T 18 S T 19 S MOCCASIN RD MOCCASIN RD T 18 S PLAN R 62 E R 61 E T 19 S ROCKY AVE ROCKY AVE R 63 E R 62 E PROPOSED March 31, 2011 R 60 E R 61 E LOG CABIN WY LOG CABIN 5 4 3 2 1 6 5 1 6 5 4 3 2 1 6 WY GILBERT LN GILBERT LN RD LAND USES IRON IRON MOUNTAIN RD UNIVERSITY IRON MOUNTAIN IRON MOUNTAIN RD MOUNTAIN RD RESIDENTIAL OF DR BRENT LN BRENT LN Ranch Estates ( up to 2 du / ac ) VALLEY NORTH FIFTH ST NEVADA 8 9 10 11 12 7 8 REVERE ST HORSE DR 8 9 10 11 12 7 HORSE DR Single Family Low ( up to 6 du / ac ) 12 7 UNION PACIFIC RAILROAD COMMERCE LOSEE RD HIGHLAND BRUCE ST Single Family Medium ( up to 13 du / ac ) DR ST RACEL ST RACEL ST PKWY LAS VEGAS PECOS RD GRAND TETON DR GRAND TETON GRAND TETON DR GRAND TETON DR Multi-Family ( up to 25 du / ac ) DR DECATUR BLVD 604 AVIARY WY Master Planned Community ALIANTE STATZ ST WHISPERING SANDS EGLINGTON CAMPUS WHISPERING SANDS DR VD DR PRESERVE LAMB BLVD BL 93 NON - RESIDENTIAL AS FARM RD 17 16 15 14 13 17 FARM RD 16 18 G 13 18 15 14 13 VE SITE 18 Open Space NELLIS BLVD 15 S 17 LA R 60 E R 61 E SEVERENCE LN SEVERENCE LN TH Neighborhood Commercial R O MATCHLINE AVIARY WY N ELKHORN RD ELKHORN ELKHORN RD RD CL ARK NEVADA STATE ELKHORN RD Resort Commecial T S 215 RANG N NATIONAL GUARD E CLAYTO DORRELL LN R 62 E R 61 E DORRELL LN Community Commercial GOLDFIELD ST PK W Y AV RD DEER SPRINGS DEER SPRINGS DEER IA RY DEER SPRINGS WY 19 20 SPRINGS 19 20 21 24 19 20 ARK 21 22 23 24 Public / Semi - Public 24 WY W Y WY CO 22 MM 23 WY CL 215 ROME LAS VEGAS E TE ROME BLVD MOTOR SPEEDWAY Downtown Business District RC BLVD N ROME BLVD SP AVIA A E EE ALI DW WY AY RY ST CENTENNIAL CENTENNIAL PKWY CENTENNIAL PKWY BLVD CENTENNIAL PKWY Downtown Area of Influence CHRISTY PKWY IAL PKWY NN REGENA LOSEE RD A RK LN CL LAMB BLVD HOLLYWOOD BLVD CHECKE RE D F L REVERE ST E 215 NT AVE CE AZURE AVE AZURE AZURE AVE Employment CAM P:PlanZoneGISGIS PROJCOMP PLAN2006COMP PLAN AMENDMAP DOCScplan110331cplan110331 17x11 mxd RANCH HOUSE RD AVE INO RICE AVE TROPICAL TROPICAL Heavy Industrial COLEMAN ST TROPICAL 29 FERRELL ST 28 27 DONNA ST TROPICAL 28 30 29 26 A 29 27 26 25 PKWY TROPICAL PKWY G 30 PKWY NELLIS PECOS RD PKWY MARION 25 PKWY 25 30 BLVD MT. HOOD ST MIXED - USE DR BEESLEY DR LN LN EL D EL CAMPO GRANDE AVE ST BRUCE ST R DO LINN LN EL CAMPO SLOAN RA NN SHATZ GRANDE AVE EL CAMPO GRAND AVE Mixed - Use Employment DO A ANN RD ANN RD ANN RD ANN RD SHADOW CREEK CARLA ANN RD 604 APEX Mixed - Use Commercial DR LN NOVAK ST NORTH FIFTH ST HAMMER LN HAMMER LN HAMMER LN GOLF COURSE HAMMER LN HOWDY WELLS AVE INDUSTRIAL Mixed - Use Neighborhood VALLEY 147 AD ALLEN 36 AREAS RO WASHBURN RD SMILEY 33 34 35 31 32 IL WASHBURN WASHBURN RD 32 RA 36 RD 31 32 33 34 35 36 31 RD CLAYTON ST COMMERCE ST SIMMONS ST LAWRENCE ST IC CIF ST R 62 E R 63 E LA MADRE WY TRANSPORTATION PA DONNA 93 LONE MOUNTAIN RD N T 19 S T 19 S TE IO LONE MOUNTAIN RD R T 20 S Future North 5th Transit Route UN T 19 S T 20 S NO LOSEE RD T 20 S AL NELLIS O CRAIG RANCH 15 M IN REGIONAL PARK AIRFORCE Future Transit Influence Area BASE A C CRAIG RD 6 5 4 3 2 1 Future North 5th Transit Station CRAIG RD 2 1 6 5 CRAIG RD 5 4 3 LAMB BLVD 1 6 Existing Transit Route WALNUT RD BLVD ST ALEXANDER RD BL VD Main Streets ALEXANDER ALEXANDER RD AS BRUCE PECOS RD DR RD G LUTHER KING ST Union-Pacific Railroad AD LN SCO VE VALLEY DR R O C ENTE S ILR COLEMAN DECATUR BLVD LA TT R 63 E R 64 E ALLEN NORTH FIFTH ST GILMORE AVE INSET 35 36 RA H 5 36 31 32 33 34 31 RT ROB ST GOWAN RD NO 8 9 10 11 12 8 C T 17 S 7 T 17 S IFIC 11 12 VI GOWAN 7 9 10 7 T 18 S INS ON 8 T 18 S BOUNDARIES CI 12 REVERE ST RD MARTIN C R 62 E R 63 E COMMERCE CLAYTON 2 1 PA 1 6 5 4 3 6 COLTON AVE COLTON AVE ST N US BLM Disposal Boundary B LV D IO VD 93 UN BL CHEYENNE AVE 1 12 7 8 9 10 11 12 7 CHEYENNE AVE 15 S National Guard GA CHEYENNE AVE TATE VE CIVIC CENTER DR RS S NORTH LAS VEGAS LA BROOKS AVE BROOKS AVE INTE 13 AIR TERMINAL 4 13 17 16 15 Nellis Airforce Base Property N. 18 14 18 604 18 17 17 15 RR EVANS AVE EVANS AVE 14 ALTO AVE 17 16 14 13 RA 18 16 15 13 18 REVERE ST 13 UP Flood Control Basins NC 3 24 19 20 21 22 23 24 19 SIMMONS ST HO RD CARTIER AVE DR E SE D ST BLV 6 25 30 29 28 27 26 LO 25 30 CAREY AVE S CAREY AVE SMOKE RANCH RD CAREY AVE GA VE 15 BELMONT S COMSTOCK DR LA TE BUSINESS N. TA 5 36 31 32 33 34 36 31 RS 95 35 HOLLYWOOD BLVD 147 CIV TE CITY OF IC LAKE M IN MOCCASIN RD T 18 S T 18 S DECATUR BLVD EA T 19 S NORTH LAS VEGAS D BLVD 22 23 24 E. LAKE MEAD BLVD 147 21 22 23 24 T 19 S 19 BLVD UP 20 20 R 62 E NELLIS BLVD R 63 E R 64 E R 63 E 21 147 19 2 1 6 5 4 AS RR 2 1 6 Your Community of Choice PECOS RD G LAMB BLVD SLOAN LN W. LAKE MEAD BLVD VE DATE: 31 MARCH 2011 24 19 CORAN LN 20 3 RR LOSEE RD CENTER S LA IRON MOUNTAIN RD UP N. 1 12 8 10 11 0 0.5 1 1.5 2 7 12 7 9 Miles DR VEGAS DR VEGAS DR OWENS AVE 15 GRAND TETON ALIGNMENT TATE 21st ST OWENS BRUCE AVE R 63 E R 62 E R 62 E RS R 61 E ST R 61 E R 60 E INTE COMMUNITY DEVELOPMENT DEPARTMENT ST 4 13 17 16 0 0.5 15 1 14 2 13 3 18 93 LAS VEGAS 18 Miles PLANNING AND ZONING DIVISION N MATCHLINE NORTH BLVD MAI SEARLES AVE GIS SERVICES 25 30 29 28 WASHINGTON AVE 27 15 26 25 30 29 28 27 26 25 30 29 This information is for display purposes only. WASHINGTON AVE WASHINGTON AVE No liability is assumed as to the accuracy of the geographic data delineated hereon. North Las Vegas Land Use Plan ALL MAPS & PICTURES ARE AVAILABLE, FULL-SIZED, IN THE VIRTUAL DEAL ROOM
  • 10. PA R K H I G H L A N D S 8 INVESTMENT HIGHLIGHTSOVERVIEWGENERAL Support Demand Created by Future Development 1. University of Nevada Las Vegas (UNLV) northern campus at Park Highland’s eastern boundary 2. North 5th Corridor 3. Regional Fixed Guideway Project Reference complete detail for the three projects above in section 4 on pages 63 to 67. Regional Fixed Guideway Project Off Site Improvements Continue 1 A new, oversized water main that is capable of provid- ing water to Park Highlands is currently being installed on Losee Rd. 2. Access has been improved through the new freeway interchange locations at North 5th and Losee Rd. An additional freeway interchange will be installed at Revere St. Completed Detention Basin 3. Construction of 77 acre drainage detention basin is complete.
  • 11. PA R K H I G H L A N D S 9ESTIMATED ANNUAL CARRY COSTSGeneralUnlike the majority of other Master Planned Communities in the Greater Las Vegas area, Park Highlands does not have a OVERVIEW GENERALSpecial Improvement District (SID) that must be funded and paid semi-annually by the Developer. The absence of thesecosts creates a unique opportunity to own a 1,340 acre Master Planned Community where the only carry costs are lim-ited to the Property Taxes (see Property Tax detail in Parcel Asset Summary on pages 17-58).No Special Improvement District CostsWith no requirement for SID costs, and excluding Property Taxes, the majority of the capital commitments that will fol- low the land are limited to the construction of Public C-2.08 C-1.03 C-2.01 C-3.01 C-3.02 2.07 2.01A PROPOSED 3.04 C-3.05B Facilities. These include a Police Station, Fire Station, POLICE 3.05 STATION PROPOSED C-3.04A PROPOSED FIRE STATION C-3.09 3.07 PROPOSED and a Library. Other land dedications are required for C-2.03A LIBRARY SCHOOL C-2.12A C-3.07A C-1.09D 2.06 C-2.11A 3.08 3.06 schools and a post office. (Specific locations and the07A C-2.10A C-3.06A 2.03 C-3.08A 1.07 2.11 PROPOSED 1.09A SCHOOL 2.05 2.13 2.12 2.10 C-3.11A C-3.13C C-3.13D C-3.14A PROPOSED 4.1 amount of land to be dedicated can be found in the C-1.09 3.13B 3.13A SCHOOL 1.08 3.11 C-2.05A 3.14 4.06 1.09B 2.04 C-2.15C C-2.15D C-4.04B C-3.12 Parcel Aerials and the Asset Summary portion of this C-1.09C C-2.16A C-1.12A C-4.04A C-2.10B 3.15 1.12 2.16 2.15B 2.15A 4.04 C-4. Offering Memorandum.) 3.16 C-5.01A 7.01 7.02 4.05 C-4.05A Infrastructure Costs Contingent on the 5.02 C-7.01A C-7.02A C-5.02A NORTH RANCH 4.09 3,000th Permit by DR HORTON 6.04 C-5.09A C-6.05A5.07A 6.08 5.07 C-5.10A C-6.04A C-6.01A 6.01 PROPOSED C-6.08A The most significant fact concerning carry costs for LEGACY SCHOOL C-6.07A C-5.08 6.05 C HIGH DEER 6.02.05 5.11 C-5.10C SPRINGS 6.06 6.07 6.09 6.1 Park Highlands is the timing for the actual design C-5.10B CROSSINGS 6.03 C-5.09C C-5.09B C-6.06A C-6.09A C-5 11A and construction of the Public Facilities. These costsPublic Facilities Location Map are not triggered until long after home constructionbegins. The timeline for construction to commence ranges from on or before the issuance of the 1,500th building permiton the western portion of Park Highlands to the issuance of the 3,000th building permit on the eastern portion of ParkHighlands. Effectively, this allows all carry costs for these commitments to be deferred for several years. Exact languagefrom the Development Agreement regarding the timeline and the extent of capital commitments for the Public Facilitiesis found in the section that follows.Reductions to the Public Facilities RequirementIt is important to note that the Public Facilities planned for Park Highlands were based on a total dwelling unit count ofapproximately 16,000. Recent discussions with the City indicate that a much lower unit count may be desirable. TheCity is receptive to discussions regarding a reduction in the number of public facilities that will be commensurate witha reduction in unit count.Low Carry CostsThe SIDs are a good way to fund community infrastructure requirements, and per section 12.02 of the DevelopmentAgreement, the City does not object to the creation of one or more special improvement districts at a later date. How-ever; in a market where Master Planned Communities may not be fully developed immediately, not having to pay activeSID costs creates a competitive land carry advantage when compared to other communities.
  • 12. PA R K H I G H L A N D S 10 ESTIMATED ANNUAL CARRY COSTS CONTINUED Only One Contract Survives Closing Per the Purchase and Sale Agreement, (Contract of Sale or PSA), the only Contract that survives the Close of escrow for theOVERVIEWGENERAL acquisition of the subject 1,340 acres is the City of North Las Vegas Development Agreement dated May 3, 2006. For this reason, exact language has been included in this Offering Memorandum to help clarify the commitments that the new owner will assume: Per Section 3 of the City of North Las Vegas Development Agreement: Post Office Prior to the Auction, the City discussed with the United States Postal Service the receipt by the United States Postal Ser- vice of certain property for a United States Postal Facility (“Post Office”). The United States Postal Service and Developer have mutually agreed that the Post Office shall be located on parcel 4.10 as identified on the East Parcel of the Land Use Plan and shall be 3.8 gross acres (3.5 net acres). This land will be provided by the Developer to the United States Postal Service in a current “as is” condition. Neither Developer nor City will be responsible for any on-site grading, paving, utili- ties or construction of the Post Office. Developer agrees to provide roadway paving on Farm and stub utilities to the site. Schools The Clark County School District is responsible for providing the primary and secondary education of all school age chil- dren within Clark County. The Clark County School District and Developer have agreed that five (5) elementary school sites and one (1) middle school site are necessary within the Planned Community (the “School Sites”). The School Sites will be located within the area identified as parcel 2.5 on the West Parcel and within the areas identified as parcel 1.07, 3.07, 3.14, 5.06, and 6.05 on the East Parcel. Fire Station Developer shall design, construct and dedicate a Fire Station on Parcel 2.11 as identified on the East Parcel. The size of the Fire Station shall be similar in size to fire station 56 plus such additional square footage as necessary for: (i) one additional be sufficient to house the Ladder Truck which is approximately 58’ x 76’ and (ii) all related necessary person- nel and equipment. Such design and construction of the Fire Station building and development of the site shall be in conformance with the Development Standards and Design Guidelines. Developer shall commence construction of the Fire Station upon issuance of the 3,000th residential building permit on the East Parcel. Police Department Area Command and Maintenance Building Developer and City agree that the public safety needs for the City and the Planned Community are met provided that both the temporary and permanent facilities as set forth in this Section are satisfied. Temporary Area Command Developer agrees to give one hundred thousand dollars ($100,000) to the City for the purchase of a temporary modular structure and equipment which will serve the policing needs for the Planned Community (“Temporary Area Command”). Payment for the Temporary Area Command shall be made by no later than the issuance of the 1,500th residential build- ing permit on the West Parcel.
  • 13. PA R K H I G H L A N D S 11ESTIMATED ANNUAL CARRY COSTS CONTINUED Police Department Area Command and Maintenance Building Developer and City agree that Developer shall construct a Police Department Area Command and Maintenance Build- OVERVIEW GENERAL ing on Parcel 2.12 on the East Parcel (“Police Buildings”). On or before issuance of the 2,500th residential building per- mit on the East Parcel, the City and Developer shall mutually agree on the design of the Police Buildings and the site layout of these buildings on Parcel 2.12. Developer’s cost responsibilities shall not exceed the cost for a twenty-two thousand (22,000) square foot commercial shell building and the Maintenance Building shall not exceed the cost for a three thousand (3,000) square foot Shell building. Developer shall commence construction of the Police Buildings on or before issuance of the 3000th residential building permit on the East Parcel. Completion of construction of the Police Buildings shall be completed within twelve (12) months from the date of commencement. Library Building Developer shall design, construct, and dedicate a Shell library building on Parcel 2.06 on the East Parcel to the City of North Las Vegas Library District. The size of the Shell library building shall not exceed fifteen thousand (15,000) square feet and shall be similar in design and layout to the Aliante library. Such design and construction of the Shell library building and development of the site shall be in conformance with the Development Standards and Design Guidelines. The Shell library building shall be constructed during the construction of the community park on Parcel 2.06 (adjacent to the Police Station). The acreage that will be used for this Shell library building is part of the overall park acreage for the Planned Community. The City, on behalf of the North Las Vegas Library District (“Library Dis- trict”), agrees to equip and operate the library at the Library District’s sole expense. City and Developer agree to work together to ensure that the library is open to the public within six (6) months upon completion of construction and dedication.
  • 14. GENERAL OVERVIEW Please note that neither Odyssey nor Grubb & Ellis, nor any other persons or parties involved in re: November 2005 Land Investors, L.L.C., et al., Bankruptcy No. BK-S-11-20704-MKN, makes any representation or warranty whatsoever, express or implied, regarding the content, accuracy or completeness of the information set forth herein. Any statements, information, reports, or written SUBJECT LAND materials of any nature whatsoever are provided without any independent investigation by said persons and/or parties, and as such, said persons and/or parties assume no responsibility or liability PUBLIC SCHOOLS for the accuracy or validity of the same. Therefore, any verification or review of the attached documents is solely and completely the responsibility of the person reviewing same. CONDOS OFFICE BUILDINGS MAJOR RETAIL APARTMENTS MASTER PLANNED COMMUNITIES CASINOS INDUSTRIAL PARK BLM RECENT SALES COMPS LANDSILVERSTONE IRON RANCH MOUNTAIN GOLF RANCH COURSE GRAND TETON DR PARK ALIANTE HIGHLANDS PARK PARK HIGHLANDS & SURROUNDING VICINITY GOLF HIGHLANDS COURSE LYNBROOK ALIANTE FUTURE BOYD RD STATION CASINO ELKH O R N 215 JONES BLVD DEER SPRINGS WY ALIANTE N 5th ST DECATUR BLVD CENTENNIAL PKWY 215 ELDORADO HIGHLANDS PECOS RD TROPICAL PKWY INO al NORTE M ALIANTE PKWY CA ANN RD SHADOW CREEK LOSEE RD GOLF COURSE COMMERCE ST LOS 95 PRADOS GOLDEN 15 RAINBOW BLVD TRIANGLE LOS PRADOS RANCHO RANCHO INDUSTRIAL PARK ALLEN LN GOLF DEL DEL CLAYTON ST SANTE FE COURSE NORTE NORTE STATION COBBLESTONE NELLIS LONE MTN. MESA INDUSTRIAL LONE MOUNTAIN RD INDUSTRIAL PARK PARK PA R K H I G H L A N D S 12
  • 15. GRAND TETON DR Eglington Nature Preserve CLAYTON ST PARK HIGHLANDS OWNERSHIP MAP AL IA N TE KHORN RD PK EL W Y 215 ST N O YT 5TH ST DORR CLA E LL COMMERCE ST A LN VI AR Y W LOSEE RD Y Y DEER SPRINGS W DEER SPRINGS WYDECATUR BLVD CO M M ER REVERE ST CE S T ENNIAL PKWY CENT CENTENNIAL PKWY November 2005 Land Investors LLC 1,340 acres BOH Park Highlands NV LP 295.08 acres Highlands Park Holdings LLC 96.86 acres Parcel NLV 214.48 acres Standard Pacific Las Vegas Inc 111.91 acres NLV Parcel 68.18 acres AGR W Park Highlands LLC 91.5 acres Please note that neither Odyssey nor Grubb & Ellis, nor any other persons or parties involved in re: November 2005 Land Investors, L.L.C., et al., Bankruptcy No. BK-S-11-20704-MKN, makes any representation or warranty whatsoever, express or implied, regarding the content, accuracy or completeness of the information set forth herein. Any statements, information, reports, or written materials of any nature whatsoever are provided without any independent investigation by said persons and/or parties, and as such, said persons and/or parties assume no responsibility or liability for the accuracy or validity of the same. Therefore, any verification or review of the attached documents is solely and completely the responsibility of the person reviewing same. PA R K H I G H L A N D S 13 GENERAL OVERVIEW
  • 16. GENERAL OVERVIEW RESIDENTIAL COMMERCIAL INDUSTRIAL VERY LOW DENSITY RESIDENTIAL - VLDR NEIGHBORHOOD COMMERCIAL LIGHT INDUSTRIAL LOW DENSITY RESIDENTIAL - LDR CONVENIENCE COMMERCIAL HEAVY INDUSTRIAL MEDIUM LOW DENSITY RESIDENTIAL - MLDR COMMUNITY COMMERCIAL OTHER USES HORSE DR MEDIUM DENSITY RESIDENTIAL - MDR RESORT COMMERCIAL PUBLIC/SEMI-PUBLIC MEDIUM HIGH DENSITY RESIDENTIAL - MHDR REGIONAL COMMERCIAL ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL HIGH DENSITY RESIDENTIAL - HDR MIXED USE REDEVELOPMENT AREA VERY HIGH DENSITY RESIDENTIAL - VHDR BUSINESS, RESEARCH, OR DEVELOPMENT PARK OPEN SPACE OFFICE COMMERCIAL WILDERNESS STUDY AREA AVIARY WAY OTHER ALIANTE PKWY RIGHT OF WAY PARK HIGHLANDS LAND USE GRAND TETON DR OS OS OS OS PSP OS PSP OS OS OS OS MLDR NC NC MDR MDR MHDR MLDR MDR MDR MDR MDR CLAYTON ST MDR OS MLDR PSP OS MHDR OS HDR PSP OS WIDE MDR MDR DR MDR W HDR MDR OS OS G MLDR MU PSP MLDR WIN VHDR ING D PSP MDR R MDR OS PSP AD MLDR MU OS OS MDR MDR PSP PSP MHDR BRO OS OS MHDR MDR OS MU HDR MHDR MLDR OS MDR OS MHDR N DECATUR BLVD OS OS MHDR MU MHDR MHDR MU MHDR MDR OS OS VHDR MHDR MHDR MDR MHDR MLDR MHDR PSP ROW RCR OS MHDR RC HDR ELKHORN RD MHDR RC MHDR MDR MHDR LN W DORRELL LN N COMMERCE STW DORRELL MDR HDR OS PSP OS E DORREL OS L LN MDR MDR OS AV PSP OS HDR IA OS HDR HDR MU RY W DEER SPRINGS WAY MU W DEER SPRINGS WAY W DEER SPRINGS WAY W E DEER SPRINGS WAY N 5TH ST AY N CO MM ER CE ST CLAYTON ST 0 660 1,320 1,980 2,640 LOSEE RD DONNA ST VALLEY DR REVERE ST LAWRENCE ST Feet P:PlanZoneGISGIS_DATAOLYMPIA_LUolympia_lu_bnds_update100720.mxd PARK HIGHLANDS LAND USE CITY OF NORTH LAS VEGAS Your Community of Choice PLANNING AND ZONING DEPARTMENT - GIS SERVICES August 17, 2006 This information is for display purposes only. No liability is assummed as to the accuracy of the geographic data delineated hereon. DATE: 20 JULY 2010 PA R K H I G H L A N D S 14
  • 17. HORSE DR PARCEL 3 PARCEL 1 C-1.01 C-1.03 C-2.01 C-2.08 GRAND TETON DR C-3.01 C-3.02 C-4.01A C-1.2A 2.07 C-2.3A 2.01A C-3.05B 4.01 3.04 C-1.2B C-1.02A 3.05 C-2.3B C-3.04A C-4.02A 3.07 C-B 1.02 C-2.03A C-3.07A CLAYTON ST C-2.4A C-2.12A C-3.09 4.02 C-2.5A C-2.11A 3.06 C-A C-1.09D 2.06 3.08 2.6 2.03 C-2.10A C-3.08A C-3.06A C-1.07A 2.7 C-1.06A 2.11 C-3.13C C-3.14A 1.07 1.09A 2.13 C-3.13D C-4.10A 1.06 2.05 2.12 C-3.11A C-2.7A C-1.09 2.10 3.14 4.10 3.13B 3.13A 1.08 C-2.05A 3.11 3.2 1.09B 2.04 C-2.15D C-3.12 4.06 C-1.11A C-1.09C C-2.15C C-4.04B 4.08 C-1.12A C-2.16A 3.15 AL C-1.10A C-2.10B C-4.04A C-4.08A IA 1.11 1.12 2.16 2.15A C-C N 2.15B C-D TE RN RD 1.10 KHO 4.04 PARCEL PK EL W 3.16 1 2 3 4 Y 215 7.01 7.02 C-4.05A 5.01 3.6 C-5.01A C-7.01A C-7.02A 4.05 5.02 4.09B NOVEMBER 2005 PARCEL MAP & SUB-PARCEL ZONING ST C-5.02A ON 6.04 C-6.05A YT C-5.09A C-6.04A C-5.07A 6.08 C-5.10A 5TH ST PARCEL DORR 6.01 CLA 5.07 2 EL C-6.01A C-6.08A 6.05 C-6.08B LL C-5.08 4 6 N C-6.07A C-6.10B COMMERCE ST 6.02 AV IA 2 PARCEL 6.07 RY 5.05 3 6.03 6.06 6.09 6.10 5.06 C-5.10C W LOSEE RD 5.11 C-5.10B 5 C-6.10A Y Y C-5.06A C-5.09B C-6.06A C-6.09A DEER SPRINGS W C-5.09CDECATUR BLVD DEER SPRINGS WY C-5.11A CO M M ER CE REVERE ST ST ENNIAL PKWY CENT CENTENNIAL PKWY RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER VERY LOW DENSITY RESIDENTIAL - VLDR NEIGHBORHOOD COMMERCIAL LIGHT INDUSTRIAL RIGHT OF WAY LOW DENSITY RESIDENTIAL - LDR CONVENIENCE COMMERCIAL HEAVY INDUSTRIAL MEDIUM LOW DENSITY RESIDENTIAL - MLDR COMMUNITY COMMERCIAL OTHER USES MEDIUM DENSITY RESIDENTIAL - MDR RESORT COMMERCIAL PUBLIC/SEMI-PUBLIC MEDIUM HIGH DENSITY RESIDENTIAL - MHDR REGIONAL COMMERCIAL ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL HIGH DENSITY RESIDENTIAL - HDR MIXED USE REDEVELOPMENT AREA VERY HIGH DENSITY RESIDENTIAL - VHDR BUSINESS, RESEARCH, OR DEVELOPMENT PARK OPEN SPACE OFFICE COMMERCIAL WILDERNESS STUDY AREA PA R K H I G H L A N D S 15 GENERAL OVERVIEW
  • 18. O V E R V I E W O F P A R C E L S
  • 19. PA R K H I G H L A N D S 17OVERVIEW OF PARCELSPark HighlandsThe following detail provides an individual analysis of the 6 legal parcels and sub-parcels that define Park Highlands. Theseparcels match the legal descriptions in the Contract of Sale, which has also been referred to as the Purchase and Sale Agree-ment (PSA). There are 5 parcels and 147 sub-parcels that comprise the 1,340 acres of real property to be sold by year end.Parcel 2 is not part of the subject collateral.Parcel AnalysisIncluded in the individual parcel analysis are the costs of carry, approved zoning, suggested modifications to the zoning,and the current status of infrastructure. As previously indicated, the majority of the costs of carry are the annual propertytaxes. The annual tax commitment may be adjusted to reflect a new value of the subject property based on a new salesprice. For assistance in the property tax modification process,, please contact Curt Allsop at 702.733.7500 or by email atCurt.Allsop@grubb-ellis.com. OVERVIEW OF HORSE DR PA R C E L S PARCEL 3 PARCEL 1 C-1.01 C-1.03 C-2.01 C-2.08 GRAND TETON DR C-3.01 C-3.02 C-4.01A CLAYTON ST C-1.2A 2.01A 2.07 C-2.3A C-3.05B 4.01 3.04 C-1.2B C-1.02A 3.05 C-2.3B C-3.04A C-4.02A 3.07 C-B 1.02 C-2.03A C-3.07A C-2.4A C-2.12A C-3.09 4.02 C-2.5A C-2.11A 3.08 3.06 C-A C-1.09D 2.06 2.6 2.03 C-2.10A C-3.08A C-3.06A C-1.07A 2.7 C-1.06A 2.11 C-3.13C C-3.14A 1.07 1.09A 2.13 C-3.13D C-4.10A 1.06 2.05 2.12 C-3.11A C-2.7A C-1.09 2.10 3.14 4.10 3.13B 3.13A 1.08 C-2.05A 3.11 3.2 1.09B 2.04 C-2.15D C-3.12 4.06 C-1.11A C-1.09C C-2.15C C-4.04B 4.08 C-1.12A C-2.16A 3.15 AL C-1.10A C-2.10B C-4.04A C-4.08A IA 1.11 1.12 2.16 2.15A C-C N 2.15B C-D RN RD 1.10 TE PK EL KHO 4.04 PARCEL W Y 3.16 1 2 3 4 215 7.01 7.02 C-4.05A 5.01 3.6 C-5.01A C-7.01A C-7.02A 4.05 5.02 4.09B COMMERCE ST ST 5TH ST C-5.02A ON 6.04 C-6.05A YT C-5.07A C-5.09A C-6.04A 6.08 C-5.10A PARCEL DORR DECATUR BLVD CLA 5.07 EL 6.01 C-6.08A 2 C-6.01A C-6.08B LOSEE RD 6 6.05 LL C-5.08 4 N C-6.07A C-6.10B 6.02 AV IA RY 5.05 2 PARCEL 6.03 6.06 6.07 6.09 6.10 5.06 3 W Y 5.11 C-5.10C C-5.10B 5 C-6.10A Y C-6.06A C-6.09A DEER SPRINGS W C-5.06A C-5.09C C-5.09B DEER SPRINGS WY C-5.11A CO REVERE ST M M ER CE ST ENNIAL PKWY CENT CENTENNIAL PKWY RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER VERY LOW DENSITY RESIDENTIAL - VLDR NEIGHBORHOOD COMMERCIAL LIGHT INDUSTRIAL RIGHT OF WAY LOW DENSITY RESIDENTIAL - LDR CONVENIENCE COMMERCIAL HEAVY INDUSTRIAL MEDIUM LOW DENSITY RESIDENTIAL - MLDR COMMUNITY COMMERCIAL OTHER USES MEDIUM DENSITY RESIDENTIAL - MDR RESORT COMMERCIAL PUBLIC/SEMI-PUBLIC MEDIUM HIGH DENSITY RESIDENTIAL - MHDR REGIONAL COMMERCIAL ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL HIGH DENSITY RESIDENTIAL - HDR MIXED USE REDEVELOPMENT AREA VERY HIGH DENSITY RESIDENTIAL - VHDR BUSINESS, RESEARCH, OR DEVELOPMENT PARK OPEN SPACE OFFICE COMMERCIAL WILDERNESS STUDY AREA November 2005 Parcel Map & Sub-Parcel Zoning
  • 20. OVERVIEW OF PA R C E L S HORSE DR PARCEL 1 MAP PARCEL 1 C-1.01 C-1.03 C-2.01 C-2.08 GRAND TETON DR C-3.01 C-3.02 C-4.01A C-1.2A 2.07 C-2.3A 2.01A C-3.05B 4.01 3.04 C-1.2B C-1.02A 3.05 C-2.3B C-3.04A C-4.02A 3.07 C-B 1.02 C-2.03A C-3.07A CLAYTON ST C-2.4A C-2.12A C-3.09 4.02 C-2.5A C-2.11A 3.06 C-A C-1.09D 2.06 3.08 2.6 2.03 C-2.10A C-3.08A C-3.06A C-1.07A 2.7 C-1.06A 2.11 C-3.13C C-3.14A 1.07 1.09A 2.13 C-3.13D C-4.10A 1.06 2.05 2.12 C-3.11A C-2.7A C-1.09 2.10 3.14 4.10 3.13B 3.13A 1.08 C-2.05A 3.11 3.2 1.09B 2.04 C-2.15D C-3.12 4.06 C-1.11A C-1.09C C-2.15C C-4.04B 4.08 C-1.12A C-2.16A 3.15 AL C-1.10A C-2.10B C-4.04A C-4.08A IA 1.11 1.12 2.16 2.15A C-C N 2.15B C-D TE RN RD 1.10 KHO 4.04 PK EL W 3.16 1 2 3 Y 215 7.01 7.02 C-4.05A 5.01 3.6 C-5.01A C-7.01A C-7.02A 4.05 5.02 4.09B ST C-5.02A ON 6.04 C-6.05A YT C-5.09A C-6.04A C-5.07A 6.08 C-5.10A 5TH ST DORR 6.01 CLA 5.07 2 EL C-6.01A C-6.08A 6.05 C-6.08B LL C-5.08 4 N C-6.07A C-6.10B COMMERCE ST 6.02 AV IA 2 6.07 RY 5.05 3 6.03 6.06 6.09 6.10 5.06 C-5.10C W LOSEE RD 5.11 C-5.10B C-6.10A Y Y C-5.06A C-5.09B C-6.06A C-6.09A DEER SPRINGS W C-5.09CDECATUR BLVD DEER SPRINGS WY C-5.11A CO M M ER CE REVERE ST ST ENNIAL PKWY CENT CENTENNIAL PKWY RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER VERY LOW DENSITY RESIDENTIAL - VLDR NEIGHBORHOOD COMMERCIAL LIGHT INDUSTRIAL RIGHT OF WAY LOW DENSITY RESIDENTIAL - LDR CONVENIENCE COMMERCIAL HEAVY INDUSTRIAL MEDIUM LOW DENSITY RESIDENTIAL - MLDR COMMUNITY COMMERCIAL OTHER USES MEDIUM DENSITY RESIDENTIAL - MDR RESORT COMMERCIAL PUBLIC/SEMI-PUBLIC MEDIUM HIGH DENSITY RESIDENTIAL - MHDR REGIONAL COMMERCIAL ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL HIGH DENSITY RESIDENTIAL - HDR MIXED USE REDEVELOPMENT AREA VERY HIGH DENSITY RESIDENTIAL - VHDR BUSINESS, RESEARCH, OR DEVELOPMENT PARK OPEN SPACE OFFICE COMMERCIAL WILDERNESS STUDY AREA PA R K H I G H L A N D S 18
  • 21. PA R K H I G H L A N D S 19PARCEL 1 AERIAL PICTURE OVERVIEW OF PA R C E L S DECATUR BLVD ON TET D AN GR
  • 22. OVERVIEW OF PA R C E L S GRAND TETON DR C-1.2A C-2.3A PARCEL 1 TECHNICAL AERIAL C-1.2B C-2.3BHECKETHORNELEMENTARY C-B C-2.4A C-2.5A PROPOSED SCHOOL C-A ALIANTE DECATUR BLVD 2.6 2.7 PROPOSED TEMPORARY AREALYNBROOK COMMUNITY C-2.7A 3.2 C-C C-D HORN RD ELK AL IA ALIANTE N TE STATION PK CASINO 3.6 W Y PROMINENCE FIELDS by ASTORIA by ASTORIA ALIANTE AVIARY WY ALIANTE MARKETPLACE PA R K H I G H L A N D S 20
  • 23. PA R K H I G H L A N D S 21PARCEL 1 ASSET SUMMARY ANNUAL TAXABLE LOT # APN # ACRES ZONING DESCRIPTION TAXES VALUE C-1.2A 124-18-110-005 1.45 MPC PSP $0 SETBACK $0 C-1.2B 124-18-110-006 0.63 MPC RZ10 $0 SETBACK $0 C-A 124-18-210-003 3.34 MPC PSP $0 RIGHT-A-WAY $0 C-B 124-18-110-007 0.56 MPC RZ10 $0 RIGHT-A-WAY $0 C-2.3A 124-18-510-007 1.28 MPC PSP $0 SETBACK $0 C-2.3B 124-18-510-010 0.73 MPC RZ13 $0 SETBACK $0 C-2.4A 124-18-610-009 1.57 MPC RZ13 $0 SETBACK $0 C-2.5A 124-18-610-005 0.63 MPC PSP $0 SETBACK $0 2.6 124-18-610-002 9.00 MPC PSP $872 LAND $74,251 2.7 124-18-610-003 15.27 MPC MUZ $31,237 LAND $2,660,643 C-2.7A 124-18-610-006 1.40 MPC MUZ $0 SETBACK $0 3.2 124-18-310-002 9.03 MPC PSP $875 LAND $74,497 3.6 124-18-410-003 5.99 MPC PSP $791 LAND $67,389 OVERVIEW OF C-C 124-18-310-006 2.50 MPC PSP $0 RIGHT-A-WAY $0 PA R C E L S C-D 124-18-310-007 0.56 MPC RZ10 $0 RIGHT-A-WAY $0 53.94 $33,775 $2,876,780
  • 24. PA R K H I G H L A N D S 22 PARCEL 1 ANALYSIS General There are approximately 600 acres that make up Parcel 1 and Parcel 2. The amount of land in Parcel 1 that is owned by November 2005 Land Investors LLC is limited to 53.94 acres. Of the total, there are four main sub-parcels, three of which are designated for Public Facilities. Parcel 2 is not parket of the subject collateral. Zoning Sub-parcel 2.7 a 15.27 acre parcel in the middle of Parcel 1 that has a zoning designation of Mixed Use. The near term use for this parcel is a Temporary Area Command; however, this requirement is not triggered until on or before the issuance of the 1,500th building permit. Communications with the City of North Las Vegas (City) indicate their support for a more traditional use, one that would not require a commercial component. Infrastructure All utilities are within the immediate vicinity. Of major significance, is the fact that the 7.5 million gallon reservoir, as required in section 8.07 of the Development Agreement, has already been completed. Interior streets for the access toOVERVIEW OF PA R C E L S sub-parcel 2.7 are required. The pump station, as required in section 8.07 of the Development Agreement, has not been completed. Future Development Building permits for all vertical construction on all sub-parcels located within Parcel 1 will be contingent on the City’s sup- port and approval of plans for the completion of the Flood Control Channel on Grand Teton Drive as outlined in section 6A.02 in the Development Agreement.
  • 25. PA R K H I G H L A N D S 23LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 1C-1.1AC-1.1BC-1.3AC-1.4AC-2.1AC-2.1BC-2.2AC-2.2BC-3.1AC-3.3AC-3.4BC-3.5AC-3.5BC-4.1AC-4.2A OVERVIEW OFC-4.3A PA R C E L SC-4.5APlease contact Curt Allsop at 702.733.7500 or by email at Curt.Allsop@grubb-ellis.com for additional detail regarding thecurrent status of improvements for this parcel.Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with allof the Schedule B exceptions can be found.Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps thatdocument current and planned infrastructure and improvements.
  • 26. PA R K H I G H L A N D S 24 PARCEL 1 PICTURES Example of Park Highlands setback development standardsOVERVIEW OF PA R C E L S View of the NEC of Decatur & Elkhorn. Half street road construction continues south of Parcel 1 along Decatur C-2.3B C-2.3A C-2.4A GRAND TETON DR 2.6 Y W C-2.7A RY C-2.5A HORSE DR 2.7 IA DEER SPRINGS WY AV 3.6 C-1.2B C-B C-D C-1.2A 3.2 C-C C-A DECATUR BLVD End User super pad Lot 2.7 of Parcel 1 is ready for development
  • 27. HORSE DR PARCEL 3 MAP PARCEL 3 C-1.01 C-1.03 C-2.01 C-2.08 GRAND TETON DR C-3.01 C-3.02 C-4.01A C-1.2A 2.07 C-2.3A 2.01A C-3.05B 4.01 3.04 C-1.2B C-1.02A 3.05 C-2.3B C-3.04A C-4.02A 3.07 C-B 1.02 C-2.03A C-3.07A CLAYTON ST C-2.4A C-2.12A C-3.09 4.02 C-2.5A C-2.11A 3.06 C-A C-1.09D 2.06 3.08 2.6 2.03 C-2.10A C-3.08A C-3.06A C-1.07A 2.7 C-1.06A 2.11 C-3.13C C-3.14A 1.07 1.09A 2.13 C-3.13D C-4.10A 1.06 2.05 2.12 C-3.11A C-2.7A C-1.09 2.10 3.14 4.10 3.13B 3.13A 1.08 C-2.05A 3.11 3.2 1.09B 2.04 C-2.15D C-3.12 4.06 C-1.11A C-1.09C C-2.15C C-4.04B 4.08 C-1.12A C-2.16A 3.15 AL C-1.10A C-2.10B C-4.04A C-4.08A IA 1.11 1.12 2.16 2.15A C-C N 2.15B C-D TE RN RD 1.10 KHO 4.04 PK EL W 3.16 1 2 3 Y 215 7.01 7.02 C-4.05A 5.01 3.6 C-5.01A C-7.01A C-7.02A 4.05 5.02 4.09B ST C-5.02A ON 6.04 C-6.05A YT C-5.09A C-6.04A C-5.07A 6.08 C-5.10A 5TH ST DORR 6.01 CLA 5.07 2 EL C-6.01A C-6.08A 6.05 C-6.08B LL C-5.08 4 N C-6.07A C-6.10B COMMERCE ST 6.02 AV IA 2 6.07 RY 5.05 3 6.03 6.06 6.09 6.10 5.06 C-5.10C W LOSEE RD 5.11 C-5.10B C-6.10A Y Y C-5.06A C-5.09B C-6.06A C-6.09A DEER SPRINGS W C-5.09CDECATUR BLVD DEER SPRINGS WY C-5.11A CO M M ER CE REVERE ST ST ENNIAL PKWY CENT CENTENNIAL PKWY RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER VERY LOW DENSITY RESIDENTIAL - VLDR NEIGHBORHOOD COMMERCIAL LIGHT INDUSTRIAL RIGHT OF WAY LOW DENSITY RESIDENTIAL - LDR CONVENIENCE COMMERCIAL HEAVY INDUSTRIAL MEDIUM LOW DENSITY RESIDENTIAL - MLDR COMMUNITY COMMERCIAL OTHER USES MEDIUM DENSITY RESIDENTIAL - MDR RESORT COMMERCIAL PUBLIC/SEMI-PUBLIC MEDIUM HIGH DENSITY RESIDENTIAL - MHDR REGIONAL COMMERCIAL ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL HIGH DENSITY RESIDENTIAL - HDR MIXED USE REDEVELOPMENT AREA VERY HIGH DENSITY RESIDENTIAL - VHDR BUSINESS, RESEARCH, OR DEVELOPMENT PARK OPEN SPACE OFFICE COMMERCIAL WILDERNESS STUDY AREA PA R K H I G H L A N D S 25 GENERAL OVERVIEW
  • 28. OVERVIEW OF PA R C E L S FUTURE REVERE/215 INTERCHANGE PARCEL 3 AERIAL PICTURE RECENTLY COMPLETED N 5TH/215 INTERCHANGE ON TET D ANGR 215 PA R K H I G H L A N D S 26
  • 29. C-4.01A C-2.08 C-1.01 C-1.03 C-2.01 C-3.01 C-3.02 2.01A 2.07 PROPOSED C-3.05B 4.01 POLICE 3.04 3.05 PARCEL 3 TECHNICAL AERIAL C-1.02A STATION PROPOSED C-3.04A FIRE STATION 3.07 1.02 PROPOSED PROPOSED C-4.02A C-2.03A C-3.09 LIBRARY SCHOOL C-2.12A 4.02 C-3.07A C-2.11A 3.08 3.06 C-1.09D 2.06 C-2.10A C-1.07A 2.03 C-3.08A C-3.06A C-1.06A 1.07 2.11 C-3.13C C-3.14A C-4.10A 1.06 PROPOSED 1.09A 2.13 2.12 2.10 C-3.11A SCHOOL 2.05 C-3.13D C-1.09 3.13B PROPOSED 4.10 1.08 3.11 3.13A SCHOOL C-2.05A 3.14 4.06 C-1.11A 1.09B 2.04 C-3.12 C-2.15D C-4.04B 4.08 C-1.09C C-2.16A C-2.15C C-1.12A C-4.04A C-1.10A 1.11 C-2.10B 3.15 2.16 2.15A C-4.08A 1.12 2.15B 4.04 1.10 3.16 5.01 7.01 7.02 SPRINGDALE C-5.01A C-7.01A C-7.02A 4.05 C-4.05A 5.02 by PARDEE 4.09B NORTH RANCH C-5.02A by DR HORTON 6.04 C-5.09A C-6.05AAUTUMN C-5.07A 6.08 5.07 C-5.10A C-6.04ARIDGE C-6.01A 6.01 PROPOSED C-6.08Aby C-6.08BPULTE C-5.08 LEGACY SCHOOL C-6.07A DEER 6.02 6.05 C-6.10B CRAM HIGH MIDDLE SCHOOL 5.06 5.05 SPRINGS 6.06 6.07 6.09 6.10 5.11 C-5.10C C-5.10B CROSSINGS 6.03 C-6.10A C-5.06A C-5.09B C-5.09C C-6.06A C-6.09A C-5.11A ELDORADO HIGHLANDS PA R K H I G H L A N D S 27 OVERVIEW OF PA R C E L S
  • 30. PA R K H I G H L A N D S 28 PARCEL 3 ASSET SUMMARY ANNUAL TAXABLE LOT # APN # ACRES ZONING DESCRIPTION TAXES VALUE C-1.01 124-16-110-001 1.51 MPC PSP $146 LAND $12,457 1.02 124-16-210-001 77.04 MPC RZ6 $16,281 LAND $1,386,720 C-1.02A 124-16-210-003 2.61 MPC RZ6 $0 SETBACK $0 C-1.03 124-16-510-004 1.23 MPC PSP $0 LAND $0 1.06 124-16-210-002 47.66 MPC RZ10 $15,108 LAND $1,286,820 C-1.06A 124-16-210-004 2.41 MPC RZ10 $0 SETBACK $0 1.07 124-16-610-001 10.20 MPC PSP $539 LAND $45,900 C-1.07A 124-16-610-004 0.38 MPC PSP $0 SETBACK $0 1.08 124-16-710-001 9.08 MPC PSP $560 LAND $47,671 C-1.09 124-16-710-005 2.21 MPC PSP $0 RIGHT-A-WAY $0 1.09A 124-16-610-002 26.64 MPC RZ10 $8,914 LAND $759,240 1.09B 124-16-710-002 24.57 MPC RZ10 $8,221 LAND $700,246 C-1.09C 124-16-710-006 1.57 MPC RZ10 $0 SETBACK $0OVERVIEW OF C-1.09D 124-16-610-005 1.23 MPC RZ10 $0 SETBACK $0 PA R C E L S 1.1 124-16-412-001 13.86 MPC RZ50 $15,459 LAND $1,316,700 C-1.10A 124-16-310-003 1.07 MPC RZ50 $0 SETBACK $0 1.11 124-16-310-002 28.50 MPC RZ13 $12,046 LAND $1,026,000 C-1.11A 124-16-310-004 1.20 MPC RZ13 $0 SETBACK $0 1.12 124-16-710-003 30.09 MPC RZ13 $12,718 LAND $1,083,240 C-1.12A 124-16-710-007 0.68 MPC RZ13 $0 SETBACK $0 C-2.01 124-16-510-006 3.29 MPC PSP $0 LAND $0 2.01A 124-16-510-002 1.02 MPC PSP $7 LAND $571 2.03 124-16-610-003 31.74 MPC RZ6 $7,080 LAND $603,060 C-2.03A 124-16-610-006 1.18 MPC RZ6 $0 SETBACK $0 2.04 124-15-310-001 1.21 MPC PSP $117 LAND $9,983 2.05 124-15-210-001 34.94 MPC PSP/RZ6 $4,212 LAND $358,800 C-2.05A 124-15-310-005 1.30 MPC PSP/RZ6 $0 SETBACK $0 2.06 124-15-610-001 13.37 MPC PSP $706 LAND $60,166 2.07 124-15-510-001 4.71 MPC PSP $2,488 LAND $211,951 C-2.08 124-15-510-003 6.67 MPC PSP $0 LAND $0 2.1 124-15-610-002 15.94 MPC MUZ $22,499 LAND $1,916,394 C-2.10A 124-15-610-007 1.03 MPC MUZ $0 SETBACK $0 C-2.10B 124-15-710-002 0.41 OL NOT AVAIL $0 SETBACK $0 2.11 124-15-610-003 2.11 MPC PSP $242 LAND $20,574 C-2.11A 124-15-610-008 0.22 MPC PSP $0 SETBACK $0 2.12 124-15-610-004 4.48 MPC PSP $434 LAND $36,960 C-2.12A 124-15-610-009 0.18 MPC PSP $0 SETBACK $0 2.13 124-15-610-005 1.18 MPC PSP $135 LAND $11,506 2.15A 124-15-310-002 21.66 MPC RZ13 $9,155 LAND $779,760 2.15B 124-15-310-003 21.45 MPC RZ13 $9,066 LAND $772,200 C-2.15C 124-15-310-006 0.47 MPC RZ13 $0 SETBACK $0
  • 31. PA R K H I G H L A N D S 29PARCEL 3 ASSET SUMMARY CONTINUED ANNUAL TAXABLE LOT # APN # ACRES ZONING DESCRIPTION TAXES VALUE C-2.15D 124-15-310-007 0.75 MPC RZ13 $0 SETBACK $0 2.16 124-15-310-004 20.82 MPC MUZ $42,590 LAND $3,627,677 C-2.16A 124-15-310-008 0.88 MPC MUZ $0 SETBACK $0 C-3.01 124-14-110-003 12.51 MPC PSP $0 LAND $0 C-3.02 124-14-510-005 13.15 MPC PSP $0 LAND $0 3.04 124-14-110-002 21.31 MPC RZ10 $7,130 LAND $607,334 C-3.04A 124-14-110-005 0.68 MPC RZ10 $0 SETBACK $0 3.05 124-14-510-001 45.84 MPC RZ10 $14,531 LAND $1,237,680 C-3.05B 124-14-110-006 0.17 MPC RZ10 $0 SETBACK $0 3.06 124-14-610-001 22.12 MPC RZ10 $7,401 LAND $630,420 C-3.06A 124-14-610-005 1.01 MPC RZ10 $0 SETBACK $0 3.07 124-14-510-002 9.83 MPC PSP $606 LAND $51,609 C-3.07A 124-14-110-007 0.67 MPC PSP $0 SETBACK $0 OVERVIEW OF 3.08 124-14-210-002 26.75 MPC RZ10 $8,951 LAND $762,374 PA R C E L S C-3.08A 124-14-210-004 1.37 MPC RZ10 $0 SETBACK $0 C-3.09 124-14-210-005 1.74 MPC PSP $0 RIGHT-A-WAY $0 3.11 124-14-310-001 25.11 MPC RZ13 $11,202 LAND $954,180 C-3.11A 124-14-210-007 0.47 MPC RZ13 $0 SETBACK $0 C-3.12 124-14-310-006 0.86 MPC PSP $0 RIGHT-A-WAY $0 3.13A 124-14-310-003 18.73 MPC RZ10 $8,796 LAND $749,200 3.13B 124-14-310-002 7.35 MPC RZ10 $3,883 LAND $330,751 C-3.13C 124-14-310-005 0.68 MPC RZ10 $0 SETBACK $0 C-3.13D 124-14-210-006 1.41 MPC RZ10 $0 SETBACK $0 3.14 124-14-710-001 17.13 MPC RZ6 $8,045 LAND $685,200 C-3.14A 124-14-610-006 0.89 MPC RZ6 $0 SETBACK $0 3.15 124-14-310-004 39.04 MPC PSP $2,475 LAND $210,817 3.16 124-14-410-002 77.29 MPC PSP $7 LAND $571 4.01 124-14-510-003 2.24 MPC C-1 $4,009 LAND $341,509 C-4.01A 124-14-510-006 0.26 MPC C-1 $0 SETBACK $0 4.02 124-14-510-004 22.43 MPC RZ25 $16,261 LAND $484,769 C-4.02A 124-14-510-007 0.55 MPC RZ25 $0 SETBACK $0 4.04 124-14-410-001 26.34 MPC RZ13 $11,133 LAND $331,884 C-4.04A 124-15-710-004 0.34 MPC RZ13 $0 SETBACK $0 C-4.04B 124-14-310-007 1.83 MPC PSP $0 RIGHT-A-WAY $0 4.05 124-14-410-003 15.09 MPC RZ13 $6,378 LAND $190,134 C-4.05A 124-14-810-002 0.22 MPC RZ13 $0 SETBACK $0 4.06 124-14-710-002 3.13 MPC MUZ/PSP/RZ13 $248 LAND $7,395 4.08 124-14-710-003 42.42 MPC MUZ/PSP/RZ13/C-2 $65,082 LAND $1,940,206 C-4.08A 124-14-710-005 3.18 MPC MUZ/PSP/RZ13/C-2 $0 SETBACK $0 4.09B 124-23-510-001 2.22 MPC RZ13/C-2 $7,947 LAND $236,922 4.1 124-14-710-004 4.10 MPC PSP $325 LAND $9,686
  • 32. PA R K H I G H L A N D S 30 PARCEL 3 ASSET SUMMARY CONTINUED ANNUAL TAXABLE LOT # APN # ACRES ZONING DESCRIPTION TAXES VALUE 5.01 124-16-412-002 19.43 MPC RZ13 $10,265 LAND $874,351 C-5.01A 124-21-113-003 1.10 MPC RZ13 $0 SETBACK $0 5.02 124-21-510-001 24.80 MPC RZ13 $13,102 LAND $1,116,000 C-5.02A 124-21-510-003 0.61 MPC RZ13 $0 SETBACK $0 5.05 124-21-212-001 12.57 MPC PSP $1,107 LAND $94,274 5.06 124-21-212-002 9.93 MPC PSP $1,137 LAND $96,817 C-5.06A 124-21-212-004 0.49 MPC PSP $0 SETBACK $0 5.07 124-21-610-001 17.64 MPC RZ10 $10,355 LAND $882,000 C-5.07A 124-21-510-006 1.05 MPC RZ10 $0 SETBACK $0 C-5.08 124-21-610-006 2.49 MPC PSP $0 RIGHT-A-WAY $0 C-5.09A 124-21-610-007 0.28 MPC RZ10 $0 SETBACK $0 C-5.09B 124-21-610-008 0.44 MPC RZ10 $0 SETBACK $0 C-5.09C 124-21-610-009 0.09 MPC RZ10 $0 SETBACK $0OVERVIEW OF C-5.10A 124-21-610-010 0.50 MPC RZ10 $0 SETBACK $0 PA R C E L S C-5.10B 124-21-610-011 0.32 MPC RZ10 $0 SETBACK $0 C-5.10C 124-21-610-012 0.53 MPC RZ10 $0 SETBACK $0 5.11 124-21-610-004 0.92 MPC MUZ $2,117 LAND $180,337 C-5.11A 124-21-610-013 0.21 MPC MUZ $0 SETBACK $0 6.01 124-23-211-001 1.21 MPC PSP $160 LAND $13,614 C-6.01A 124-23-211-007 0.82 MPC PSP $0 SETBACK $0 6.02 124-23-211-002 2.05 MPC PSP $7 RIGHT-A-WAY $571 6.03 124-23-211-003 6.68 MPC PSP $765 LAND $65,131 6.04 124-23-111-001 21.82 MPC MZ13 $12,168 LAND $1,036,451 C-6.04A 124-23-111-002 0.64 MPC MZ13 $0 SETBACK $0 6.05 124-23-211-004 10.04 MPC PSP $884 LAND $75,300 C-6.05A 124-23-211-008 0.58 MPC PSP $0 SETBACK $0 6.06 124-23-211-005 9.38 MPC RZ25 $13,766 LAND $1,172,500 C-6.06A 124-23-211-009 0.33 MPC RZ25 $0 SETBACK $0 6.07 124-23-211-006 8.74 MPC RZ25 $12,826 LAND $1,092,500 C-6.07A 124-23-211-010 0.93 MPC RZ25 $0 SETBACK $0 6.08 124-23-510-002 28.36 MPC RZ25 $31,631 LAND $2,694,200 C-6.08A 124-23-610-003 0.55 MPC RZ25 $0 SETBACK $0 C-6.08B 124-23-610-004 0.06 MPC RZ25 $0 SETBACK $0 6.09 124-23-610-001 9.02 MPC RZ25 $13,767 LAND $1,172,600 C-6.09A 124-23-610-005 0.86 MPC RZ25 $0 SETBACK $0 6.1 124-23-610-002 9.45 MPC MUZ $26,581 LAND $2,264,031 C-6.10A 124-23-610-006 0.29 MPC MUZ $0 SETBACK $0 C-6.10B 124-23-610-007 0.04 MPC MUZ $0 SETBACK $0 7.01 124-15-410-001 7.25 MPC C-2 $14,831 LAND $1,263,240 C-7.01A 124-15-410-003 0.19 MPC C-2 $0 SETBACK $0 7.02 124-15-410-002 17.54 MPC RZ25 $20,593 LAND $1,754,000
  • 33. PA R K H I G H L A N D S 31PARCEL 3 ASSET SUMMARY CONTINUED ANNUAL TAXABLE LOT # APN # ACRES ZONING DESCRIPTION TAXES VALUE C-7.02A 124-15-410-004 0.38 MPC RZ25 $0 SETBACK $0 1176.18 $559,194 $47,629,866 OVERVIEW OF PA R C E L S
  • 34. PA R K H I G H L A N D S 32 PARCEL 3 ANALYSIS General Of the 1,176.18 acres in Parcel 3, there are 300 acres of park land included for the Eglington Preserve. Similar to open ter- rain provided by the Eglington Preserve, there are several other protected natural habitat areas of land that create park like amenities without the development costs of constructing a park. Details regarding the preserved areas of land in Park Highlands are found on in the Plans For The Area section of this Offering Memorandum on pages 63 - 67. Also included in this area are approximately 460 acres of Park Highlands Land that is owned by separate parties. The Park Highlands Owner- ship Map found on page 13 provides a delineation of the owners. The amount of land in Parcel 3 that is owned by November 2005 Land Investors LLC amounts to 1,176.18 acres. Of the total, there are five sub-parcels of land to be dedicated for schools along with two parcels for Public Facilities. See the Parcel 3 Technical Aerial, and Parcel 3 Asset Summary Spreadsheet that precede this section for more detail on the individual sub- parcels. Requirements for the completion of the Public Facilities are not triggered until the 3,000th building permit has been issued within sub-parcels 3-6. ZoningOVERVIEW OF PA R C E L S Other than Industrial zoning, all zoning types are offered on the 125 sub-parcels that make up Parcel 3. This parcel con- tains the majority of the land owned by November 2005 Land Investors LLC. While the City is receptive to zone changes that include density reductions that may potentially reduce the Public Facility requirements, one off zone changes are not desirable. The City has indicated their willingness to consider more thorough and far reaching changes to the Development Agreement that may be warranted based on current market conditions. The goal is to work together to study potential changes and document appropriate modifications to the Development Agreement in one major addendum. It is important to note that the approximate 350 acres adjacent to Sun City Aliante already have two points of formal paved access. The designated zoning types for this land range from Low Density Residential to Very High Density Residential. Communications with the City, indicate that zoning modifications required for a new Active Adult Community would not be objectionable and may be supported. Infrastructure All utilities are within the immediate vicinity for the western portion of Parcel 3. Other completed infrastructure items include a 77 acre detention basin on sub-parcels 3.15 and 3.16. Formal paved access to the western portion of Parcel 3 is provided by Elkhorn Rd which has been fully completed to the southwest corner of the Parcel. Formal paved access to the northwest corner of Parcel 3 is provided via one mile of the completed half street improvements along the northern border of Sun City Aliante. Utilities for the eastern portion of Parcel 3 will require the installation of a water line that extends two miles from Lamb Blvd. to Losee Rd. Additionally, there is a requirement to install approximately 4,000 feet of sewer line in order to connect septic services.
  • 35. PA R K H I G H L A N D S 33PARCEL 3 ANALYSIS CONTINUEDDirect freeway access for the eastern portion of Parcel 3 has recently been improved through the completion of the North5th Interchange and the Losee Rd. Interchange. Additional freeway access will be provided through the future Revere Inter-change one mile west of the current North 5th Interchange.Future DevelopmentAs of November 1, 2011 there are no specific encumbrances on title that will prevent the development of land and verticalconstruction in Parcel 3. As indicated above and in the Investment Highlights of this Offering Memorandum, the currentmarket may support end user development for more Active Adult housing.Recent land buying activity supports end user development for well located land. Comps in the Park Highlands area andthe five mile vicinity indicate that Land pricing is approximately $110,000 per acre for parcels of land ranging in size from20 acres to over 100 acres. OVERVIEW OF PA R C E L S
  • 36. PA R K H I G H L A N D S 34 LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 3 C-5.03A C-5.04A C-5.04B C-5.04C C-5.04DOVERVIEW OF PA R C E L S Please contact Curt Allsop at 702.733.7500 or by email at Curt.Allsop@grubb-ellis.com for additional detail regarding the current status of improvements for this parcel. Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with all of the Schedule B exceptions can be found. Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps that document current and planned infrastructure and improvements.
  • 37. PA R K H I G H L A N D S 35PARCEL 3 PICTURESWestern view of Parcel 3 highlighting the completed detention basin and Aliante Casino in the background OVERVIEW OF PA R C E L SCompleted water detention basin Eglington Preserve with Grand Teton as a northern borderCity of North Las Vegas has installed some electric & sewer Land N of Parcel 3 is protected by BLM for paleontological resources
  • 38. PA R K H I G H L A N D S 36 PARCEL 3 PICTURES CONTINUED Electric & sewer along Lots 1.10 & 1.11 looking South Lots 1.10 & 1.11 along East-bound 215OVERVIEW OF PA R C E L S Current construction on land located immediately South of Lots 5.06 & 5.05 Looking East across the northern portion of Parcel 3 Eastern view of Lots 7.01 & 7.02 looking towards N 5th Street
  • 39. PA R K H I G H L A N D S 37PARCEL 3 PICTURES CONTINUEDLooking West on Deer Springs along the southern portion of Parcel 3 OVERVIEW OF PA R C E L S Clayton St. leading N to the 215; Lot 5.01 to the rightLots 5.01Parcel 3 with VA Hospital & The Reserve Apts in the background Completed wash located on Lot 6.02
  • 40. GENERAL OVERVIEW HORSE DR PARCEL 4 MAP C-1.01 C-1.03 C-2.01 C-2.08 GRAND TETON DR C-3.01 C-3.02 C-4.01A C-1.2A 2.07 C-2.3A 2.01A C-3.05B 4.01 3.04 C-1.2B C-1.02A 3.05 C-2.3B C-3.04A C-4.02A 3.07 C-B 1.02 C-2.03A C-3.07A CLAYTON ST C-2.4A C-2.12A C-3.09 4.02 C-2.5A C-2.11A 3.06 C-A C-1.09D 2.06 3.08 2.6 2.03 C-2.10A C-3.08A C-3.06A C-1.07A 2.7 C-1.06A 2.11 C-3.13C C-3.14A 1.07 1.09A 2.13 C-3.13D C-4.10A 1.06 2.05 2.12 C-3.11A C-2.7A C-1.09 2.10 3.14 4.10 3.13B 3.13A 1.08 C-2.05A 3.11 3.2 1.09B 2.04 C-2.15D C-3.12 4.06 C-1.11A C-1.09C C-2.15C C-4.04B 4.08 C-1.12A C-2.16A 3.15 AL C-1.10A C-2.10B C-4.04A C-4.08A IA 1.11 1.12 2.16 2.15A C-C N 2.15B C-D TE RN RD 1.10 KHO 4.04 PK EL W 3.16 1 2 3 Y 215 7.01 7.02 C-4.05A 5.01 3.6 C-5.01A C-7.01A C-7.02A 4.05 5.02 4.09B ST C-5.02A ON 6.04 C-6.05A YT C-5.09A C-6.04A C-5.07A 6.08 C-5.10A 5TH ST DORR 6.01 CLA 5.07 2 EL C-6.01A C-6.08A 6.05 C-6.08B LL C-5.08 4 N C-6.07A C-6.10B COMMERCE ST 6.02 PARCEL AV IA 2 6.07 RY 5.05 3 6.03 6.06 6.09 6.10 5.06 C-5.10C W 5.11 C-5.10B C-6.10A Y Y C-5.06A C-6.06A C-6.09A DEER SPRINGS W C-5.09C C-5.09B 4DECATUR BLVD DEER SPRINGS WY C-5.11A CO M M LOSEE RD ER CE REVERE ST ST ENNIAL PKWY CENT CENTENNIAL PKWY RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER VERY LOW DENSITY RESIDENTIAL - VLDR NEIGHBORHOOD COMMERCIAL LIGHT INDUSTRIAL RIGHT OF WAY LOW DENSITY RESIDENTIAL - LDR CONVENIENCE COMMERCIAL HEAVY INDUSTRIAL MEDIUM LOW DENSITY RESIDENTIAL - MLDR COMMUNITY COMMERCIAL OTHER USES MEDIUM DENSITY RESIDENTIAL - MDR RESORT COMMERCIAL PUBLIC/SEMI-PUBLIC MEDIUM HIGH DENSITY RESIDENTIAL - MHDR REGIONAL COMMERCIAL ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL HIGH DENSITY RESIDENTIAL - HDR MIXED USE REDEVELOPMENT AREA VERY HIGH DENSITY RESIDENTIAL - VHDR BUSINESS, RESEARCH, OR DEVELOPMENT PARK OPEN SPACE OFFICE COMMERCIAL WILDERNESS STUDY AREA PA R K H I G H L A N D S 38
  • 41. PARCEL 4 AERIAL PICTURE RECENTLY COMPLETEDN 5TH/215 INTERCHANGE 215 E RD LOSE PA R K H I G H L A N D S 39 OVERVIEW OF PA R C E L S
  • 42. OVERVIEW OF PA R C E L S PROPOSED SCHOOL PARCEL 4 TECHNICAL AERIAL 1 2 3 PROPOSED NORTH UNLV CAMPUS 2155TH ST DEER PROPOSED SCHOOL LOSEE RD SPRINGS CROSSINGS DEER SPRINGS WY PA R K H I G H L A N D S 40
  • 43. PA R K H I G H L A N D S 41PARCEL 4 ASSET SUMMARY ANNUAL TAXABLE LOT # APN # ACRES ZONING DESCRIPTION TAXES VALUE LOT1 124-14-810-003 17.66 MPC RZ13/C-2 $63,221 LAND $5,384,891 LOT2 124-14-810-004 22.38 MPC C-2/RZ13 $80,118 LAND $6,824,111 LOT3 124-14-810-005 24.6 MPC C-2 $88,065 LAND $7,501,031 64.64 $231,404 $19,710,034 OVERVIEW OF PA R C E L S
  • 44. PA R K H I G H L A N D S 42 PARCEL 4 ANALYSIS General As the gateway to Park Highlands, Parcel 4 has been designated as the future resort and gaming component for the North- ern Portion of the Valley. Three parcels make up the 64.64 acre area of land that already has immediate freeway access via the Losee Rd. Interchange. Sub-parcels referenced as Lot 2 and Lot 3 make up 47 acres. These two parcels already have the desired gaming zoning. The Balance of Parcel 4 includes 17.66 acres, referenced as Lot 1. On the eastern border of Parcel 4, plans are underway to construct the Regional Fixed Guideway Project. Also at the eastern edge of Parcel 4, another Univer- sity of Las Vegas campus has been planned. Specific details regarding both of these projects are found in the Plans for the Area Section that follows on pages 63 - 67 of this Offering Memorandum. Zoning The City has provided a significant development opportunity through the gaming parcels included in Parcel 4. In the event that a larger Casino site is desirable, the City is open for negotiation. While the City is receptive to zone changes that include density reductions that may potentially reduce the Public FacilityOVERVIEW OF requirements, one off zone changes are not desirable. The City has indicated their willingness to consider more thorough PA R C E L S and far reaching changes to the Development Agreement that may be warranted based on current market conditions. The goal is to work together to make study potential changes and document appropriate modifications to the Develop- ment Agreement in one major addendum. Infrastructure Utilities for the eastern portion of Parcel 3 and 4 will require the installation of a water line that extends two miles from Lamb Blvd. to Losee Rd. Additionally, there is a requirement to install approximately 4,000 feet of sewer line in order to connect the required septic services for Parcel 3 and 4. Direct freeway access to parcel 4 is provided by the Losee Rd. Inter- change. Future Development As of November 1, 2011 there are no specific encumbrances on title that will prevent the development of land and vertical construction in Parcel 4. Gaming sites have traded for as high as $34 million per acre. While development of a Resort/ Casino site is not warranted any time soon, it is feasible that given the intense uses planned for this part of the valley, parcel 4 will be highly desirable land. Recent land buying activity supports end user development for well located land. Comps in the Park Highlands area and the 5 mile vicinity indicate that Land pricing is approximately $115,000 per acre for parcels of land ranging in size from 20 acres to over 100 acres.
  • 45. PA R K H I G H L A N D S 43LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 4There are no sub-parcels excluded from Parcel 4 OVERVIEW OF PA R C E L SPlease contact Curt Allsop at 702.733.7500 or by email at Curt.Allsop@grubb-ellis.com for additional detail regarding thecurrent status of improvements for this parcel.Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with allof the Schedule B exceptions can be found.Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps thatdocument current and planned infrastructure and improvements.
  • 46. PA R K H I G H L A N D S 44 PARCEL 4 PICTURES Eastern border of Parcel 4 on what will be north-bound Losee RdOVERVIEW OF PA R C E L S View of The Strip from the Losee & 215 Interchange On-ramp at the Losee & 215 Interchange just South of Parcel 4
  • 47. HORSE DR PARCEL 5 MAP C-1.01 C-1.03 C-2.01 C-2.08 GRAND TETON DR C-3.01 C-3.02 C-4.01A C-1.2A 2.07 C-2.3A 2.01A C-3.05B 4.01 3.04 C-1.2B C-1.02A 3.05 C-2.3B C-3.04A C-4.02A 3.07 C-B 1.02 C-2.03A C-3.07A CLAYTON ST C-2.4A C-2.12A C-3.09 4.02 C-2.5A C-2.11A 3.06 C-A C-1.09D 2.06 3.08 2.6 2.03 C-2.10A C-3.08A C-3.06A C-1.07A 2.7 C-1.06A 2.11 C-3.13C C-3.14A 1.07 1.09A 2.13 C-3.13D C-4.10A 1.06 2.05 2.12 C-3.11A C-2.7A C-1.09 2.10 3.14 4.10 3.13B 3.13A 1.08 C-2.05A 3.11 3.2 1.09B 2.04 C-2.15D C-3.12 4.06 C-1.11A C-1.09C C-2.15C C-4.04B 4.08 C-1.12A C-2.16A 3.15 AL C-1.10A C-2.10B C-4.04A C-4.08A IA 1.11 1.12 2.16 2.15A C-C N 2.15B C-D TE RN RD 1.10 KHO 4.04 PK EL W 3.16 1 2 3 Y 215 7.01 7.02 C-4.05A 5.01 3.6 C-5.01A C-7.01A C-7.02A 4.05 5.02 4.09B ST C-5.02A ON 6.04 C-6.05A YT C-5.09A C-6.04A C-5.07A 6.08 C-5.10A 5TH ST DORR 6.01 CLA 5.07 2 EL C-6.01A C-6.08A 6.05 C-6.08B LL C-5.08 4 N C-6.07A C-6.10B COMMERCE ST 6.02 AV IA 2 6.07 RY 5.05 3 6.03 6.06 6.09 6.10 5.06 C-5.10C W LOSEE RD 5.11 C-5.10B C-6.10A Y Y C-5.06A C-5.09B C-6.06A C-6.09A DEER SPRINGS W C-5.09CDECATUR BLVD DEER SPRINGS WY C-5.11A CO M M ER CE REVERE ST ST PARCEL ENNIAL PKWY 5 CENT CENTENNIAL PKWY RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER VERY LOW DENSITY RESIDENTIAL - VLDR NEIGHBORHOOD COMMERCIAL LIGHT INDUSTRIAL RIGHT OF WAY LOW DENSITY RESIDENTIAL - LDR CONVENIENCE COMMERCIAL HEAVY INDUSTRIAL MEDIUM LOW DENSITY RESIDENTIAL - MLDR COMMUNITY COMMERCIAL OTHER USES MEDIUM DENSITY RESIDENTIAL - MDR RESORT COMMERCIAL PUBLIC/SEMI-PUBLIC MEDIUM HIGH DENSITY RESIDENTIAL - MHDR REGIONAL COMMERCIAL ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL HIGH DENSITY RESIDENTIAL - HDR MIXED USE REDEVELOPMENT AREA VERY HIGH DENSITY RESIDENTIAL - VHDR BUSINESS, RESEARCH, OR DEVELOPMENT PARK OPEN SPACE OFFICE COMMERCIAL WILDERNESS STUDY AREA PA R K H I G H L A N D S 45 OVERVIEW OF PA R C E L S
  • 48. OVERVIEW OF PA R C E L S PARCEL 5 AERIAL PICTURE GRAND TETON 215DEER SPRINGS WY PA R K H I G H L A N D S 46
  • 49. 215 PARCEL 5 TECHNICAL AERIAL SPRINGDALE by PARDEE NORTH RANCH by DR HORTON ST ON AYT CLAUTUMN RIDGE by PULTE 4 LEGACY HIGH CRAM 2 MIDDLE SCHOOL 3 DEER SPRINGS WY CO M M ER CE ST ELDORADO HAYDEN HIGHLANDS ELEM. REVERE ST PA R K H I G H L A N D S 47 OVERVIEW OF PA R C E L S
  • 50. PA R K H I G H L A N D S 48 PARCEL 5 ASSET SUMMARY ANNUAL TAXABLE LOT # APN # ACRES ZONING DESCRIPTION TAXES VALUE LOT2 124-21-610-020 5.18 MPC RZ10 $2,737 LAND $233,100 LOT3 124-21-610-017 12.83 MPC RZ10 $6,778 LAND $577,351 LOT4 124-21-610-018 13.6 MPC RZ10 $7,185 LAND $612,000 31.61 $16,700 $1,422,451OVERVIEW OF PA R C E L S
  • 51. PA R K H I G H L A N D S 49PARCEL 5 ANALYSISGeneralOf the 1,340 acres total, Parcel 5 and Parcel 6 are the only parcels south of Interstate 215. Parcel 5 consists of 3 sub parcelsthat total a net of 31.61 acres. The land area required for setbacks and streets has already been subtracted. The subjectproperty is ideally located south of Interstate 215 and on the north side of Deer Springs Way between a Middle School anda High School. New home construction is underway on the south side of Deer Springs. This is a portion of Park Highlandsthat is ready for development.ZoningThe Zoning for the 31.61 acres is Master Planned Community / RZ 10 . Given the adjacency to existing development, andthe new home construction in progress, this parcel could be down zoned for a lower density that is appropriate for singlefamily development in this market. Alternatively, and as previously indicated in Parcel 1 Analysis, a Multi-Family develop-ment may create a higher and better use.While the City is receptive to zone changes that include density reductions that may potentially reduce the Public Facility OVERVIEW OFrequirements, one off zone changes are not desirable. The City has indicated their willingness to consider more thorough PA R C E L Sand far reaching changes to the Development Agreement that may be warranted based on current market conditions.The goal is to work together to study potential changes and document appropriate modifications to the DevelopmentAgreement in one major addendum.InfrastructureAll utilities are within the immediate vicinity for Parcel 5. Half street improvements along Deer Springs will provide accessto the south west and the south east corner of Parcel 5.Future DevelopmentAs of November 1, 2011 there are no specific encumbrances on title that will prevent the development of land and verticalconstruction in Parcel 5.In June of this year, the 46 acre parcel contiguous with the northern boundary of Parcel 6 sold with an additional 60 acresfor approximately $76,000 per acre.
  • 52. PA R K H I G H L A N D S 50 LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 5 There are no sub-parcels excluded from Parcel 5OVERVIEW OF PA R C E L S Please contact Curt Allsop at 702.733.7500 or by email at Curt.Allsop@grubb-ellis.com for additional detail regarding the current status of improvements for this parcel. Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with all of the Schedule B exceptions can be found. Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps that document current and planned infrastructure and improvements.
  • 53. PA R K H I G H L A N D S 51PARCEL 5 PICTURES OVERVIEW OF PA R C E L SLooking East towards Parcel 5 from Gentle Brook & Deer Springs WayDevelopment around a designated Public Space
  • 54. OVERVIEW OF PA R C E L S HORSE DR PARCEL 6 MAP C-1.01 C-1.03 C-2.01 C-2.08 GRAND TETON DR C-3.01 C-3.02 C-4.01A C-1.2A 2.07 C-2.3A 2.01A C-3.05B 4.01 3.04 C-1.2B C-1.02A 3.05 C-2.3B C-3.04A C-4.02A 3.07 C-B 1.02 C-2.03A C-3.07A CLAYTON ST C-2.4A C-2.12A C-3.09 4.02 C-2.5A C-2.11A 3.06 C-A C-1.09D 2.06 3.08 2.6 2.03 C-2.10A C-3.08A C-3.06A C-1.07A 2.7 C-1.06A 2.11 C-3.13C C-3.14A 1.07 1.09A 2.13 C-3.13D C-4.10A 1.06 2.05 2.12 C-3.11A C-2.7A C-1.09 2.10 3.14 4.10 3.13B 3.13A 1.08 C-2.05A 3.11 3.2 1.09B 2.04 C-2.15D C-3.12 4.06 C-1.11A C-1.09C C-2.15C C-4.04B 4.08 C-1.12A C-2.16A 3.15 AL C-1.10A C-2.10B C-4.04A C-4.08A IA 1.11 1.12 2.16 2.15A C-C N 2.15B C-D TE RN RD 1.10 KHO 4.04 PK EL W 3.16 1 2 3 Y 215 7.01 7.02 C-4.05A 5.01 3.6 C-5.01A C-7.01A C-7.02A 4.05 5.02 4.09B ST C-5.02A ON 6.04 C-6.05A YT C-5.09A C-6.04A C-5.07A 6.08 C-5.10A 5TH ST DORR 6.01 CLA 5.07 2 EL C-6.01A C-6.08A 6.05 C-6.08B LL C-5.08 4 N C-6.07A C-6.10B COMMERCE ST 6.02 AV IA 2 6.07 RY 5.05 3 6.03 6.06 6.09 6.10 5.06 C-5.10C W LOSEE RD 5.11 C-5.10B C-6.10A Y Y C-5.06A C-5.09B C-6.06A C-6.09A DEER SPRINGS W C-5.09CDECATUR BLVD DEER SPRINGS WY C-5.11A CO M M ER CE REVERE ST ST PARCEL ENNIAL PKWY 6 CENT CENTENNIAL PKWY RESIDENTIAL COMMERCIAL INDUSTRIAL OTHER VERY LOW DENSITY RESIDENTIAL - VLDR NEIGHBORHOOD COMMERCIAL LIGHT INDUSTRIAL RIGHT OF WAY LOW DENSITY RESIDENTIAL - LDR CONVENIENCE COMMERCIAL HEAVY INDUSTRIAL MEDIUM LOW DENSITY RESIDENTIAL - MLDR COMMUNITY COMMERCIAL OTHER USES MEDIUM DENSITY RESIDENTIAL - MDR RESORT COMMERCIAL PUBLIC/SEMI-PUBLIC MEDIUM HIGH DENSITY RESIDENTIAL - MHDR REGIONAL COMMERCIAL ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL HIGH DENSITY RESIDENTIAL - HDR MIXED USE REDEVELOPMENT AREA VERY HIGH DENSITY RESIDENTIAL - VHDR BUSINESS, RESEARCH, OR DEVELOPMENT PARK OPEN SPACE OFFICE COMMERCIAL WILDERNESS STUDY AREA PA R K H I G H L A N D S 52
  • 55. PARCEL 6 AERIAL PICTURE GRAND TETON 215DEER SPRINGS WY PA R K H I G H L A N D S 53 OVERVIEW OF PA R C E L S
  • 56. OVERVIEW OF PA R C E L S 215 PARCEL 6 TECHNICAL AERIAL SPRINGDALE by PARDEE NORTH RANCH by DR HORTON ST ON AYT CLAUTUMN RIDGE by PULTE 2 LEGACY HIGH CRAM MIDDLE SCHOOL DEER SPRINGS WY CO M M ER CE ST ELDORADO HAYDEN HIGHLANDS ELEM. REVERE ST PA R K H I G H L A N D S 54
  • 57. PA R K H I G H L A N D S 55PARCEL 6 ASSET SUMMARY ANNUAL TAXABLE LOT # APN # ACRES ZONING DESCRIPTION TAXES VALUE LOT2 124-21-610-016 13.5 MPC RZ10 $7,132 LAND $607,500 13.5 $7,132 $607,500 OVERVIEW OF PA R C E L S
  • 58. PA R K H I G H L A N D S 56 PARCEL 6 ANALYSIS General Parcel 6 is the second and last of the 147 sub-parcels that make up the overall 1,340 acres. Parcel 6 consists of one sub parcel that is only 1,500 feet from the new Revere St. / Interstate 215 Interchange that is planned for Park Highlands. This parcel is well located in the path of progress and contiguous to sub-parcel 5. Totaling a net of 13.5 acres, the land area required for setbacks and streets has already been subtracted. New home construction is underway on the south side of Deer Springs. This is a portion of Park Highlands that is ready for development. Zoning The Zoning for the 13.5 acres is Master Planned Community / RZ 10 . Given the adjacency to existing development, and the new home construction in progress, this parcel could be down zoned for a lower density that is appropriate for single fam- ily development in this market. Alternatively, and as previously indicated in Parcel 1 Analysis, a Multi-Family developmentOVERVIEW OF may create a higher and better use. PA R C E L S While the City is receptive to zone changes that include density reductions that may potentially reduce the Public Facility requirements, one off zone changes are not desirable. The City has indicated their willingness to consider more thorough and far reaching changes to the Development Agreement that may be warranted based on current market conditions. The goal is to work together to study potential changes and document appropriate modifications to the Development Agreement in one major addendum. Infrastructure For Parcel 6 all utilities are within 1,000 feet. Half street improvements along Revere and Dorrell Ln. will provide access to the Parcel 6. Future Development As of November 1, 2011 there are no specific encumbrances on title that will prevent the development of land and vertical construction in Parcel 6. In June of this year, the 46 acre parcel contiguous with the northern boundary of Parcel 6 sold with an additional 60 acres for approximately $76,000 per acre.
  • 59. PA R K H I G H L A N D S 57LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 6There are no sub-parcels excluded from Parcel 6 OVERVIEW OF PA R C E L SPlease contact Curt Allsop at 702.733.7500 or by email at Curt.Allsop@grubb-ellis.com for additional detail regarding thecurrent status of improvements for this parcel.Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with allof the Schedule B exceptions can be found.Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps thatdocument current and planned infrastructure and improvements.
  • 60. PA R K H I G H L A N D S 58 PARCEL 6 PICTURES Need descriptionOVERVIEW OF PA R C E L S New VA Hospital Need description
  • 61. M A R K E T I N F O R M A T I O N
  • 62. PA R K H I G H L A N D S 60 LAS VEGAS LAND COMPARABLES - NORTHERN REGION This copyrighted report contains research licensed to Grubb & Ellis - 102686. 10/27/201 Page PROPERTY LOCATION CITY, STATE SALES SALES PRICE PRICE PER SIZEI N F O R M AT I O N DATE ACRE MARKET 1. N Lamb Blvd. @ Ann Rd. Las Vegas, NV Sep-11 $11,500,000 $94,070 122.25 2. Ann Rd. @ Losee Rd. North Las Vegas, NV Aug-11 $50,000 $2,500 20 3. SW Camino al Norte & Ann Rd. North Las Vegas, NV Jul-11 $2,360,000 $125,000 18.88 4. NW Centennial Pkwy. & Shaumber Las Vegas, NV Jul-11 $2,385,600 $140,993 16.92 Rd. 5. SW Grand Teton Dr. & Aviary Way North Las Vegas, NV Jun-11 $8,000,000 $76,053 105.19 6. SW Farm Rd. & Hualapai Way Las Vegas, NV Jun-11 $2,623,000 $103,770 25.28 7. NW Rome Blvd. & 5th St. North Las Vegas, NV Jun-11 $2,500,000 $137,969 18.12 8. NW Tropical Pkwy. & Lamb Blvd. North Las Vegas, NV May-11 $2,447,640 $117,000 20.92 9. NW Rancho Dr. & Grand Teton Dr. Las Vegas, NV May-11 $2,850,000 $90,534 31.48 10. NE Kyle Canyon Rd. & Vineyard Rd. Las Vegas, NV Apr-11 $310,000 $15,500 20 11. 4034 Adabella Ave. Las Vegas, NV Mar-11 $3,000,000 $332,594 9.02 12. Deer Springs Way Las Vegas, NV Dec-10 $6,300,000 $105,386 59.78 13. Grand Teton Dr. North Las Vegas, NV Dec-10 $11,000,000 $120,219 91.5 14. NE Maggie Ave. & Coke Ave. Las Vegas, NV Nov-10 $725,000 $76,316 9.5 15. 7756-7760 Needlepoint Ct. Las Vegas, NV Oct-10 $10,200,000 $293,694 34.73 16. 320 Casmailia Ave. North Las Vegas, NV Sep-10 $5,170,000 $96,816 53.4 Totals $71,421,240 656.97 Avg. Price Per Acre $108,713
  • 63. PA R K H I G H L A N D S 61MASTER PLANNED COMMUNITY LAND COMPARABLES PROPERTY LOCATION CITY, STATE SALES SALES PRICE PRICE PER SIZE DATE ACRE Picaso Ct. & Dali Dr. S Indio, CA Apr-11 $7,009,949 $43,812 160 6906 Nelson Rd. Longmont, CO Apr-11 $30,000,000 $39,651 756.6 NE Bella Vista Rd. & Gantzel Rd. Queen Creek, AZ Jan-11 $30,042,870 $22,951 1,309 3900 W. Elkhorn Blvd. Sacramento, CA Dec-10 $28,000,000 $47,866 584.97 11722 Fargo Ave. Hanford, CA Dec-10 $9,000,000 $29,788 302.13 NEC of HWY 154 & HWY 246 San Ynez, CA Mar-10 $40,000,000 $28,777 1390 Totals $144,052,819 4502.7 Avg. Price Per Acre $31,992 I N F O R M AT I O N MARKET
  • 64. PA R K H I G H L A N D S 62 RESIDENTIAL LAND COMPARABLES SFR Home Sales Comps in Aliante Property Type: Residential Status: Closed Number of Properties: 74 SP/SqFt Bedrooms SqFt List Price LP/SqFt Sale Price SP/LP DOM [w/cents] High 5 3,732 $349,000 $121 $300,000 $115 109.1% 327 Low 2 1,157 $88,500 $60 $80,325 $63 79.6% 0 Average 3 1,704 $153,622 $91 $149,630 $88 97.46% 63 Median 3 1,570 $139,900 $88 $137,250 $86 97.4% 51 SFR Home Sales Comps outside Aliante Property Type: Residential Status: Closed Number of Properties: 65 SP/SqFt Bedrooms SqFt List Price LP/SqFt Sale Price SP/LP DOM [w/cents] High 6 3,340 $230,000 $75 $230,000 $76 113.9% 308 Low 2 1,096 $59,900 $38 $59,000 $38 81.3% 1 Average 3 1,852 $108,977 $58 $108,608 $58 99.31% 80 Median 3 1,606 $94,900 $58 $94,000 $58 100% 53I N F O R M AT I O N MARKET
  • 65. PA R K H I G H L A N D S 63PLANS FOR THE AREA - NORTHERN UNLV CAMPUSThe search for a new graduateand research campus location Desert National Wildlife Range Preliminary Site Planbegan in 2000. The project was SECTION18: Comprehensive Campus SECTION 7: Recreation/Residential Specialized Researchcoordinated with the cities in the SECTION 6: Large Area ResearchLas Vegas Valley, Clark County, the City of North Las Vegas Nellis Air Force Range SECTION 6U.S. Bureau of Land Management Legend of Land Uses:(BLM) and Nellis Air Force Base. Academics / ResearchThese efforts concluded in the SECTION 7selection of ±2,000 acres of open Specialized Researchland in North Las Vegas from Initial Building at UNLV North Campusnorth from I-215 about three Lamb Blvd. Pecos Rd. Residentialmiles between Lamb Boulevardand Pecos Road to the base of the Recreation / Athletic SECTION 18Sheep Mountains. Civic Wedge TransitThe new UNLV graduate and re- CC-215 Support Servicessearch campus planned for the VAnorth part of the Las Vegas Valleyis the combined vision of govern-ment, civic, business, and univer- Preliminary Site Plan for the North UNLV Campussity leaders. It is recognized that I N F O R M AT I O N MARKETeconomic diversification and growth is highly dependent on the availability of a first-class research university.The initial focus of the campus will be graduate education and research. UNLV intends to draw on the collective strengthsof other Nevada System of Higher Education institutions operating in the Las Vegas Valley to provide the broadest possibleeducational experiences at all levels.Economic challenges of 2010 have slowed the required comprehensive master planning and development of the newcampus infrastructure and first building. Nevertheless, UNLV continues to plan for the future and is hopeful that economicrecovery will enable the university to move forward.
  • 66. PA R K H I G H L A N D S 64 PLANS FOR THE AREA CONTINUED - N 5TH STREET The City of North Las Vegas, in conjunction with the Regional Transportation Commission of Southern Nevada (RTC), have been working to develop plans to improve North 5th Street between Owens Avenue and the Northern Beltway (CC-215), a distance of approximately seven miles. The goal of the North 5th Street Improvements Project is to provide an enhanced north-south transportation corridor and will evaluate ways to improve mobility, alleviate traffic congestion, provide transit, provide multi-use trail facilities, and accommodate future growth and development. This project has, and will continue to take place in phas- es. Overall, the goal of the improvements are intended to promote pedestrian-friendly neighborhoods and pro- vide improved transit service and facilities.I N F O R M AT I O N MARKET North 5th Corridor
  • 67. PA R K H I G H L A N D S 65PLANS FOR THE AREA CONTINUED - REGIONAL FIXED GUIDEWAY PROJECTThe purpose of and need for the Regional Fixed Guideway project is to address transportation problems and mobility needsassociated with travel within and to the Resort Corridor from Las Vegas, Henderson, and North Las Vegas. Specifically, theelements listed below, which are described in more detail in the following chapters of this report, constitute the overall pur-pose for conducting this study that have arisen from existing conditions and future growth. Identified solutions to promotethe project purpose are meant to address the needs of area residents.The elements of the project purpose include: 1. Provide high capacity transit services that respond to problems associated with the Valley’s roadway network 2. Provide transit service improvements that respond to transit deficiencies within and access to the Resort Corridor 3. Provide responsive transportation improvements to address issues associated with existing population and employ- ment and expected future growth within the corridor 4. Provide transportation improvements that respond to environmental goals for the region and the corridorThe entire Las Vegas Regional Fixed Guideway Project Alternatives Analysis is available for review in the Virtual Deal Room. I N F O R M AT I O N MARKET Mass Transit Rail System
  • 68. PA R K H I G H L A N D S 66 PLANS FOR THE AREA CONTINUED - EGLINGTON PRESERVE The Eglington Preserve is a 300-acre areathat may grow to thousands of acres. This is an area of sensitive habitat located on BLM lands in the Las Vegas Wash within the city limits of North Las Vegas (near Lot 2.10 in Parcel 3). The site is home to a large population of state-listed, critically endangered Las Vegas bearpoppy. The preserve was established as a mitigation site as part of the Clean Water Act: Restoration work is done on the preserve to offset unavoidable impacts from devel- opment in other parts of the Las Vegas Wash, a tributary to Lake Mead. The Nature Conservancy began work in the fall of 2010 to restore, enhance and protect 143 acres of the Wash and its associated wetlands, which will enhance sensitive plant and wildlife habitat and improve water quality. So far, six miles of post and cable fence have been installed around the preserve to reduce off-road vehicle damage, volunteers have removed large amounts of trash from the site, and al- most 21 acres have been restored with 2,812 new plants Eglington Preserve and 424 pounds of native plant seed.I N F O R M AT I O N MARKET 3,000 Acres of Open Space
  • 69. PA R K H I G H L A N D S 67PLANS FOR THE AREA CONTINUED - PALEONTOLOGICAL RESOURCESThe Upper Las Vegas Wash, until recently considered a wasteland by most, was once a beautiful and thriving wetlands,home to hundreds of ice-age mammals. In 1962, the National Science Foundation funded the “Big Dig,” a major excava-tion project that the National Geographic Society documented. The excavation included trenches that were 3,000 feetlong, 30 feet deep, and 12 feet wide across the wash. Scientists studied strata dating as far back as 200,000 years, coveringtwo ice-age periods. After the dig, a 1,000-acre parcel, includ-ing the Tule Springs Paleontological Site, located three mileseast of Floyd Lamb Park, was placed on the National Registerof Historic Places.In 2007, concerned individuals formed the Protectors of TuleSprings (POTS) to inform the public of the history and scien-tific importance of the upper Las Vegas Wash and help protectthe area. In January of 2010 the BLM reclaimed a large portionof the land allocated for development. As of that February, nofinal decision on the total area had been made. Paleontological Resources SiteThe nonprofit Las Vegas Ice Age Park Foundation was formed in2008 to assist in the development of the Ice Age Park. Working closely with the University of Nevada, POTS, BLM, the Stateof Nevada, and other local agencies, a 316-acre state-owned site located in the heart of the Wash has been set aside tobuild the Park. I N F O R M AT I O N MARKETPlans include building a world-class research lab and repository facility for fossils excavated in Southern Nevada wherescientists can study fossil remains, human activity in the region, and climate change by tracking regional warming andcooling periods over the last 200,000 years. Picnic areas, hiking trails, and guided tours would allow the general public toview surface and excavated areas. 11,000 Acres for Paleontological Studies
  • 70. CONFIDENTIAL OFFERING MEMORANDUM AND DISCLAIMERSGrubb & Ellis|Las Vegas (“Agent”) has been engaged by BryanCave, LLP as the exclusive agent for certain first lien lenders (“Lend-ers”) in connection with the 363 Bankruptcy Auction of 1,340 acres of real property owned by November 2005 Land Investors,LLC (the “Seller”) commonly known as “Park Highlands” (the “Property) and located in North Las Vegas, Nevada.Only individuals or entities with good faith interest in purchasing the Property (each, a “prospective buyer”) are entitled toreceive this Offering Memorandum (“Offering Memorandum” refers to this document and any materials accompanying thisdocument). If you are not a prospective buyer, you shall immediately return this Offering Memorandum and any materials as-sociated with the Property to Agent.Any prospective buyer receiving this Offering Memorandum agrees to read and review the following sections one through sixbelow before reviewing or taking possession of any information associated with the Property and to abide by all requirementsset forth in this Offering Memorandum. If a prospective buyer determines it is unwilling or unable to comply with the require-ments set forth in this Offering Memorandum, the prospective buyer shall immediately return this Offering Memorandum andany materials associated with the Property to Agent.1. Confidentiality. This Offering Memorandum includes confidential information subject to a Limited Disclosure Agreement.All prospective buyers are required to sign the Limited Disclosure Agreement before receiving this Offering Memorandum andany confidential information about the Property. If a prospective buyer has not signed a Limited Disclosure Agreement, the pro-spective buyer is instructed to immediately request a copy of the Limited Disclosure Agreement from Agent and to immediatelyreturn this Offering Memorandum and any materials associated with the Property to Agent. This Offering Memorandum shallnot be made available to a prospective buyer until such time as the prospective buyer has returned a signed copy of the LimitedDisclosure Agreement. Prospective buyers are encouraged to read and review the Limited Disclosure Agreement so that theyare aware of their obligations under the Limited Disclosure Agreement.2. Property “AS IS,” “WHERE-IS”. The Property will only be sold on an “AS-IS,” “WHERE-IS” basis. Bryan Cave LLP, the Lenders,Seller, Agent, and their respective representatives (collectively, “363 Sale Parties”), affiliates, officers, employees, shareholders,partners and directors (collectively, the “363 Sale Parties”), do not make and will not be deemed to have made, any representa-tion or warranty, express or implied, about the Property, in connection with the information in this Offering Memorandum, inconnection with any written or oral communication about the Property, or about the investment value of the Property. ThisOffering Memorandum may contain material errors or omissions. Accordingly, each prospective buyer agrees to: • independently verify, investigate, research and conduct its own due diligence with regard to the Property, the infor- mation in this Offering Memorandum, and any other written or oral communication about the Property; • not rely upon any written or oral information provided by Seller Parties about the Property; and • engage qualified and experienced independent professionals to assist in determining whether to purchase the Property.3. Not an Offer to Sell. This Offering Memorandum is not an offer to sell the Property and does not create any legally bindingobligation on the part of Seller. Seller shall have no legally binding obligation to any prospective buyer unless and until Seller’sand the prospective buyer’s confirmed authorized representatives have both signed a written purchase and sale agreement forthe Property that has been approved of by Seller and that contains Seller’s required terms and conditions approved by Seller andis in accordance with the terms and conditions required by the 363 Sales Procedures.4. Reservation of Rights. Seller reserves the rights available to it in connection with the 363 Sale and the pursuant to the bank-ruptcy case.5. Authorization to Access. Please contact Curt Allsop at 702.73.7500 or by email at Curt.Allsop@grubb-ellis.com for accessto the property .If you have no interest in the Property at this time, please return this Confidential Offering Memorandum immediately to: Grubb & Ellis|Las Vegas 3930 Howard Hughes Pkwy., Suite 180 Las Vegas, Nevada 89169 Curt Allsop · Doug Schuster · Vittal Ram · Suzanne Sprenger 702.733.7500

×