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Winn proposal

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    WinnCompanies Proposal for a Downtown Center City Campus at Sibley:

    Saving Taxpayer Money, Meeting MCCs Needs & Reviving Downtown

    January 30, 2013

    Dear Rochester leader,

    We are writing to provide you with important information to consider as part of the ongoing process toselect the highest quality, safest and also most economically efficient permanent home for MonroeCommunity College's (MCC) Downtown Campus.

    Following the December 11 County Resolution approving funding for an improved, permanent downtownMCC campus, we were encouraged to see the Countys commitment to exploring multiple options thatwould offer a fantastic, downtown learning environment for future generations of students in an efficientdevelopment approach that would minimize the financial burden to taxpayers. Toward that end, weworked diligently during the past month to create a revised development proposal that delivers on bothgoals for the County, the college and the Rochester community.

    As you know, the WinnCompanies submitted a proposal last year based on the bid specifications

    provided by MCC. Those specifications were tailored for a building like the Kodak building, an officebuilding without academic characteristics or an existing campus infrastructure. The MCC specificationsrequired the colleges existing campus spaces in the Sibley Building be demolished and rebuilt, which isfar from the most efficient development method in terms of finance or design. Even under theseconstraints, our final net development cost to the County and SUNY came in at $67 million with theinclusion of tax credits, which is $8 million less than the $75 million Kodak site development cost. Thisproposal included a five-year, lease-to-own structure, which we later learned was not ideal for MCCleadership. We believed at that time that we offered the best proposal for the students and the taxpayers ofMonroe County, but, unfortunately, we were not given the opportunity to present our plan to the CollegeBoard and other interested parties prior to a vote.

    Since then, the WinnCompanies has delivered on its promise and invested in the City of Rochester and

    Monroe County by purchasing the Sibley Building and beginning a smart, efficient development processthat will greatly benefit the local community and contribute to the revitalization of this great city. Webelieve our investment is already noticeable at the building in terms of cleanliness, safety and appearance.

    We are now submitting the following new proposal designed to fulfill the Countys publicly stated desireto examine multiple fiscally responsible options for the MCC campus.

    We want to be crystal clear as to costs and structure of a Sibley Campus under this revised proposal. Itdoes not contemplate tax credits and, therefore, can result in the immediate sale to MCC of any portion ofthe Sibley Building that college leaders believe they need.

    Based on our analysis, the WinnCompanies can deliver the MCC campus at Sibley for $18 million less

    than the Kodak proposal. Our new approach efficiently improves existing spaces within the currentcampus while expanding with new construction in vacant areas of the building.

    For the price of $57 million, the Sibley Building can meet or exceed every single criteria of Kodak andthe College Board's site selection criteria, including:

    A greater amount of built-out square footage (275,539 square feet);

    A dedicated MCC entrance and lobby and separated utilities;

    All new heating and cooling systems;

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    WinnCompanies Proposal for a Downtown Center City Campus at Sibley:

    Saving Taxpayer Money, Meeting MCCs Needs & Reviving Downtown

    Benefits to Taxpayers

    Cost to Build The renovated and expanded campus at Sibley without tax credits would cost

    $57 million. This represents a savings of $18 million for the taxpayers of Monroe

    County (more than $9 million) and SUNY ($9 million) as compared with the proposed$75 million Kodak site. These cost savings stem from the revised plan for renovation, as

    opposed to demolition and rebuild, of certain aspects of the existing campus, coupled

    with significant expansion and newly built amenities, including a cafeteria, auditorium

    spaces, and large gathering spaces for students to meet and socialize.

    Cost Certainty Any cost overruns at the Sibley site would be borne by WinnDevelopment, a

    40-year-old, well-capitalized, nationally renowned historic renovation company. Any

    cost overruns at the Kodak site will be borne by Monroe County taxpayers. DiMarco

    Constructors have priced out the Winn plan in detail based on extensive site visits and

    design review.

    Cost to Operate At Sibley,MCC would only have to own the 275,539 square feet that the

    college has called for in its own specifications. Taxpayers would not be asked to finance

    the operation of the approximately 300,000 square feet of unneeded vacant space that

    would remain at the 561,951-square-foot Kodak site.

    Expansion - In the 1 million square foot Sibley Building, there is plenty of expansion space

    available for future growth by MCC (100,000 square feet or more), as well as leasable

    space to local business and community partners of the college. Any unused portion of

    the Kodak site will burden Monroe County with ongoing insurance, repair, security andheating costs. Potential expansion space at Sibley carries no upfront cost for taxpayers.

    Ease of Acquisition Unlike the Kodak site, Monroe County taxpayers will not need to pay for

    lengthy due diligence, bankruptcy attorneys, or pre-development at the Sibley Building.

    WinnDevelopment already has completed due diligence, so there will be no surprises. In

    addition, since WinnDevelopment holds the current four-and-a-half-year lease,

    development of a new campus could begin as soon as MCC wishes.

    Benefits to the College

    Ownership No tax credits are used in our plan, allowing MCC to own the campus space it

    wants immediately. This is a major change in our Sibley proposal, which the College

    Board and County may not have been aware of until now. The MCC campus would be

    a legally separated condominium, with separate utilities, entrances and elevators.

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    WinnCompanies Proposal for a Downtown Center City Campus at Sibley:

    Saving Taxpayer Money, Meeting MCCs Needs & Reviving Downtown

    Benefits to the College (continued)

    Updated Facilities We are confident in our ability to update and/or add at Sibley all the

    requested facilities detailed in MCC's specifications, including student lounges, a

    cafeteria, fitness center and larger classrooms. A roof top green and a courtyard green

    are also included in our plan. Flexible floor plates and the selective elimination of

    columns at Sibley allow for the creation of auditoriums and larger classrooms. Columns

    will no longer interfere with the learning experience in classrooms.

    Collegiality/Academia The Sibley Building is adjacent to RITs new Center for Urban

    Entrepreneurship, which will create a true downtown academic community and create

    opportunities for MCC students. The University of Rochesters Eastman School of

    Music and the Eastman Theater is two blocks away, and the University of Rochesters

    School of Dentistry is in the Sibley Building.

    Visible & Prominent MCC Identity MCC will have its own exclusive, designated entrance

    and separate and spacious lobby with plenty of visibility and prominent presence (please

    see rendering attached which illustrates the banners, signage and dedicated street level

    entry) along Clinton Avenue. The inclusion of a dedicated entry and lobby is a

    significant update to our previous proposal. A prominent presence on the corner of Main

    and Clinton offers greatly enhanced advertising opportunities for MCC to attract more

    students, compared to Kodak's peripheral location.

    Accessible Parking The Sibley Building is connected to approximately 1,700 covered parking

    spots, including 100 spots in the basement of the building, which we propose to providefor MCC, if they so desire. There are 439 uncovered spaces at Kodak site, where the

    lack of parking could severely hamper expansion or marketability of the approximately

    300,000 square feet of vacant space that the County would then be forced to purchase.

    College Green The Sibley Building proposal creates an expansive college green on the 5th

    floor roof for the exclusive use of students and staff. (Please see rendering attached).

    Vertical Transportation New escalators that are now being installed in the Sibley Building

    and three renovated elevators that will be installed soon will quickly transport students

    and staff between floors. There are no escalators at the Kodak site.

    Site Utilities The Sibley Building has access to all public utilities including the Monroe

    County fiber network. As SUNY requires, no utilities would need to be "shared" with

    other buildings or users.

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    WinnCompanies Proposal for a Downtown Center City Campus at Sibley:

    Saving Taxpayer Money, Meeting MCCs Needs & Reviving Downtown

    Benefits to Downtown

    Community Hub The Sibley Building already offers retail, food, shopping, healthcare, day

    care, and dental services. Many more important tenants will be added in the near future

    as the building is redeveloped. It is readily apparent that with all the development acrossMain Street at Midtown, the Sibley Building will once again be the best place for office,

    retail, residents and institutions to come together as the heartbeat of Rochester with easy

    access to transit.

    Economic Activity A new downtown campus at the Sibley Building will be in the heart of

    Rochester, allowing MCCs 3,000 students, faculty and staff to benefit and participate

    in the downtowns rebirth, hundreds of millions of dollars of private investment, and

    opportunities to interact with local merchants and potential future employers.

    Public Transportation The Sibley Building is the most convenient location for students, staffand visitors to the college. The new $50 million 87,000 square foot RTS Transit Center

    is being built just 25 steps from the building, nearly across the street from the proposed

    exclusive MCC entrance.

    Safety The Sibley Building will be at the heart of a rejuvenated, lively and safe downtown.

    With the inclusion of the Rochester Police Substation (to be completed and occupied by

    50 police officers in July 2013), and the addition of a new $350,000, 60 camera, state-

    of-the-art security and entry system (being installed at the building now), our goal is to

    make the Sibley Building the safest building in downtown Rochester.

    Housing There are plans for much needed, quality affordable housing, as well as market rate

    housing, in the connected tower at Sibley.

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    WinnCompanies Proposal for a Downtown Center City Campus at Sibley:

    Saving Taxpayer Money, Meeting MCCs Needs & Reviving Downtown

    About WinnCompanies

    Founded 40 years ago

    Has never missed a mortgage payment or real estate tax payment in its history

    6th

    Largest Property Management Company in the Nation

    Largest Manager of Affordable Housing in the Country

    Largest Manager of Military Housing in the Country

    More than 3,100 employees

    Manage 12 assets that are as large or larger than Sibley

    Manage more than 1,250,000 square feet of commercial space

    Manage 545 properties in 23 states totaling 95,233 housing units

    Manage 46 properties in New York State totaling 11,481 housing units

    About WinnDevelopment

    Redeveloped more than $2 billion of real estate

    Redeveloped more than 70 properties in 13 states

    Sibley is Winns 18th large scale historic rehab

    To read more about the WinnCompanies history, award winning work, and projects please visit:

    winncompanies.com

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    Total Square Feet 275,539

    AmountGeneral Construction, FF&E and Design* $43,936,849

    Soft Costs, Legal, Fees $3,327,306

    Financing Costs $2,240,747

    Acquisition $7,600,000

    Total $57,104,901

    WinnCompanies Proposal for a Downtown Campus at Sibley:

    Saving Taxpayer Money, Meeting MCC's Needs & Reviving Downtown

    *Hard cost budget based on detailed pricing by Dimarco Constructors with

    backup.

    No tax credits are used in this proposal, therefore MCC can buy the

    Sibley Campus at any time.

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    D E V E L O P E R :

    A R C H I T E C T : The Architectural Team

    Sibley BuildingRochester, NY

    December 19, 2012

    Winn DevelopmentExterior Rendering

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    D E V E L O P E R :

    A R C H I T E C T : The Architectural Team

    Sibley BuildingRochester, NY

    January 30, 2013

    Winn DevelopmentBasement

    MCC

    Retail

    Ofce Tenant

    Rochester Police

    Common Area

    Residential

    Back of House

    KEY

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    D E V E L O P E R :

    A R C H I T E C T : The Architectural Team

    Sibley BuildingRochester, NY

    January 30, 2013

    Winn DevelopmentFirst Floor

    MCC

    Retail

    Ofce Tenant

    Rochester Police

    Common Area

    Residential

    Back of House

    KEY

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    D E V E L O P E R :

    A R C H I T E C T : The Architectural Team

    Sibley BuildingRochester, NY

    January 30, 2013

    Winn Development

    MCC

    Retail

    Ofce Tenant

    Rochester Police

    Common Area

    Residential

    Back of House

    KEY

    Second Floor

    Scheme 2

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    D E V E L O P E R :

    A R C H I T E C T : The Architectural Team

    Sibley BuildingRochester, NY

    January 30, 2013

    Winn DevelopmentThird Floor

    MCC

    Retail

    Ofce Tenant

    Rochester Police

    Common Area

    Residential

    Back of House

    KEY

    MCC :

    Potential Community Partnership

    Space + Potential Cafeteria /

    Student Lounge

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    D E V E L O P E R :

    A R C H I T E C T : The Architectural Team

    Sibley BuildingRochester, NY

    January 30, 2013

    Winn DevelopmentFourth Floor

    MCC

    Retail

    Ofce Tenant

    Rochester Police

    Common Area

    Residential

    Back of House

    KEY

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    D E V E L O P E R :

    A R C H I T E C T : The Architectural Team

    Sibley BuildingRochester, NY

    January 30, 2013

    Winn DevelopmentFifth Floor

    MCC COLLEGE GREEN

    MCC

    Retail

    Ofce Tenant

    Rochester Police

    Common Area

    Residential

    Back of House

    KEY

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    D E V E L O P E R :

    A R C H I T E C T : The Architectural Team

    Sibley BuildingRochester, NY

    January 30, 2013

    Winn DevelopmentSixth Floor

    MCC

    Retail

    Ofce Tenant

    Rochester Police

    Common Area

    Residential

    Back of House

    KEY

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