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The Historic Rotunda Building

The Historic Rotunda Building. Deal Structure Grant Obligations DDA. Education-. Local Government Staff Community Development Team Grantor Staff. Financial Planning. Buy out funds as a reserve. Buy Out-. Reassessment by Municipal or County Tax Assessor. Transfer Tax

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The Historic Rotunda Building

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  1. The Historic Rotunda Building

  2. Deal Structure • Grant Obligations • DDA

  3. Education- • Local Government Staff • Community • Development Team • Grantor Staff

  4. Financial Planning • Buy out funds as a reserve

  5. Buy Out- • Reassessment by Municipal or County Tax Assessor. • Transfer Tax • Tax Obligation of Former Investor or Partner • Communication

  6. Explanation of the Banc of America Historic Ventures/Rotunda Partners HTC deal 2/8/2007 Prior to Project Completion 1999 - 2001 Date Amount Stipulation Closing $1,000,000 Closing of escrow 4 months $2,000,000 25% verifiable project completion 7 months $2,000,000 50% verifiable project completion 10 months $2,000,000 75% verifiable project completion 14 months $2,000,000 Part III and Cert of Occupancy

  7. First five years after Project Completion 2001 - 2006 Project pays3% annual "preferred return" paid quarterly Project pays B of A's projected-related income taxes (paid annually) After five years 2006 Project sent executed letter demanding that B of A exercise its "put" option On the first day, B of A exited the Project for the negotiated $1.8M (20% of HTCs)

  8. California Capital Group Phil Tagami 300 Frank H. Ogawa Plaza, Suite 340 Oakland, CA 94612 510-268-8500 Mark A. Moss & Company Mark A. Moss 300 Frank H. Ogawa Plaza, Suite 30 Oakland, CA 94612 510-663-6677

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