ECI De\leIopluent Services~ LLC March 31. 2006 fvir. Charles Kungu \luniCJp. Inc. 10(1) Old Columbia Rd .. Suite 13-215 Columbia. iv1D 21046 Re: 566.740.000 Broad Street Community Development Authority (Richmond. VA) Revenue Bonds. Series 2003 Developer's Continuing Disclosure Statement Dear :vlr. Kungu: In accordance \\ith the "Continuing Disclosure Agreement" (the "Disclosure Agreement") by and between the undersigned. Broad Street Community DeveJopment Authority (the "Authority"). EClln\'estment Advisors (the "Developer") and MuniCap, Inc, (the "!\dministrator") dated as 01' ~ \'1ay 15. 2003: the Developer hereby provides the f()J!O\ving information as of ivlarch 31, 100(1. All te!1llS having initial capitalization and not defined herein shall havc the meanings set forth in the Limited Offering Memorandum dated as of May 9,2003. I () the best of the knowkdge of the undersigned: 1) S_ta_t_Lls oL.(onstruction an~ LColllpletion of the hlcilities as described in the Dev(.'lopmen.t !\!oll\:.'cmcnt (See Ex.hibit A attached): ~ ) Statement of ljnancing not tll!1dG.~ j with Bond Proceeds: The developer conf1rms that he has not obtained any additional financing f()r the completion of the project. 3) ~ J.0I£!I_le_n_t.as to Available J:_ul_lt_is: The developer continns that there are sufficient funds (both blmd tinanccd and non-bond financed) available to complete the CDA developmcllt as contcmplated. -!) l£gL~ lativt'. Adrninistrati\,'e or Judicial ChallcllRcs: There have been no legislative. adm in istrati ve, or.i ud icial chaJlenges to the construction or development within the district. 5) _S_t<ml,s.J;)Janv Governll1elltat~ \PlRQ~ :~ .lls: The developer knows orno new or pending governmental approvals since the closing of the bonds. Blues Armory Suite z:m 550 East Marshall 51. • Richmond. Virginia 23219 . DL.'M' lUll ,QQ n:;QC\ • j:'"v' RIM 7J.:~ 111,7';
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leIopluent Services~ LLC · ECI De\leIopluent Services~LLC March 31. 2006 fvir. Charles Kungu \luniCJp. Inc. 10(1) Old Columbia Rd .. Suite 13-215 Columbia. iv1D 21046 Re: 566.740.000
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ECI De\leIopluent Services~ LLC
March 31. 2006
fvir. Charles Kungu\luniCJp. Inc.10(1) Old Columbia Rd .. Suite 13-215Columbia. iv1D 21046
Re: 566.740.000Broad Street Community Development Authority(Richmond. VA) Revenue Bonds. Series 2003Developer's Continuing Disclosure Statement
Dear :vlr. Kungu:
In accordance \\ith the "Continuing Disclosure Agreement" (the "Disclosure Agreement") byand between the undersigned. Broad Street Community DeveJopment Authority (the"Authority"). EClln\'estment Advisors (the "Developer") and MuniCap, Inc, (the"!\dministrator") dated as 01' ~\'1ay 15. 2003: the Developer hereby provides the f()J!O\vinginformation as of ivlarch 31, 100(1. All te!1llS having initial capitalization and not defined hereinshall havc the meanings set forth in the Limited Offering Memorandum dated as of May 9,2003.I () the best of the knowkdge of the undersigned:
1) S_ta_t_LlsoL.(onstruction an~LColllpletion of the hlcilities as described in the Dev(.'lopmen.t!\!oll\:.'cmcnt (See Ex.hibit A attached):
~) Statement of ljnancing not tll!1dG.~j with Bond Proceeds: The developer conf1rms that he hasnot obtained any additional financing f()r the completion of the project.
3) ~J.0I£!I_le_n_t.as to Available J:_ul_lt_is: The developer continns that there are sufficient funds (bothblmd tinanccd and non-bond financed) available to complete the CDA developmcllt ascontcmplated.
-!) l£gL~lativt'. Adrninistrati\,'e or Judicial ChallcllRcs: There have been no legislative.adm in istrati ve, or.i ud icial chaJlenges to the construction or development within the district.
5) _S_t<ml,s.J;)JanvGovernll1elltat~\PlRQ~:~.lls: The developer knows orno new or pendinggovernmental approvals since the closing of the bonds.
Blues Armory Suite z:m 550 East Marshall 51. • Richmond. Virginia 23219. DL.'M' lUll ,QQ n:;QC\ • j:'"v' RIM 7J.:~ 111,7';
Broad Street CDA (Richmond, VA)Revenue Bonds, Series 2003
6) Section 3c Events: The developer confirms that he has no actual knowledge of theoccurrence of any Events, as described in Section 3c (pages G-6 through G-7) in theAgreement.
Mr. Michael '1'.' aingExecutive [ice/
..
Pres ident
Date: __ ~-ll)'_)' Jjo_O&_, .__ .... _.__
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Exhibit A
City Center Improvement Project - Broad Street CDABudget Statistics ReportDraw 30: March 2006
Original Budget Current Costs Expended Balance To BudgetCost Center Budget Changes Budget To-date Be Spent Change #
4/30/04 14 Atl. Life Remediation 20,000.00 Reflect final costs for demoAtl. Life Demolition 79,025.00 and abatement, plus parkingAtl. Life Surface Lots (316,500.00) lot buyout savingsContingency 217,475.00
4/30/04 15 GC Murphy Remediation (36,102.00) Reflect final costs for demoGC Murphy Demolition 65,647.00 and abatement, plus parkingGC Murphy Surface Lots (436,189.00) lot buyout savingsContingency 406,644.00
6/30/04 25 Public Utilities Pub Util upgrades (5,438,000) Reallocated budget toElect Util (922,700.00) reflect actual catagoriesConstruction 5,357,890.00Prof Fees 1,002,810.00
10/26/2004 26 Acquisitions (59,145.26) Final Close-outAtlantic Life 20,197.02 Projected Close-out6th & Franklin Garage (20,000.00) Projected Close-out6th Street Marketplace Demo (7,775.82) Final Close-outFood Ct Ren / Art Program (550,000.00) On Hold6th Street Fagade 103,628.00 Additional RepairsStreetscape 790,772.00 Actual Buy-out OverrunContingency (277 ,675. 94)
2/15/2005 27 GC Murphy Surface Lot 10,999.86 Projected Close-out5th & Marshall Deck 54,000.00 Projected Close-out6th & Franklin 66,000.14 Projected Close-outCommunity Information (50,000.00) Revised CI BudgetContingency (81,000.00)
5/20/2005
12/6/2005
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Atlantic Life Suriace LotGC Murphy Suriace Lot5th & Marshall Deck6th & Franklin7th & Marshall Garage6th Street FagadeStreetscapeProject ManagementContingencyOther Professional FeesCommunity Information
ContingencyStreetscapeGC Murphy Suriace Lot5th & Marshall Deck7th & Marshall Garage6th Street FagadeProject ManagementOther Professional FeesCommunity Information
482.21 Final Close-out2,312.00 Final Close-out2,696.20 Projected Close-out