WEBER STATE HOSPITALITY DEVELOPMENT OPPORTUNITY
This document has been prepared by Newmark Grubb ACRES for advertising and general information CHRIS FALK, CCIM, SIOR purposes only. While the information contained herein has been obtained from what are believed to [email protected] be reliable sources, the same has not been verified for accuracy or completeness. Newmark Grubb ACRES accepts no responsibility or liability for the information contained in this document. Any 801.416.1024 interested party should conduct an independent investigation to verify the information contained herein. TABLE OF CONTENTS OFFERING OVERVIEW OFFERING OVERVIEW
Weber State is pleased to offer the land described herein for exclusive future development of a hotel and hospitality site. The land contains approximately 2.99 acres and contains approximately 2.38 ACRES - WSU 604 linear feet of frontage on Harrison Boulevard (“Property”). Of such, approx. 2.38 acres are owned by WSU and approx 0.6 acres are owned by the US Govt. A Land swap and/or relocation of 0.6 ACRES - US GOV’T a water pipe will be part of any development to follow. Weber State intends to sell the Property outright to a party (“Buyer”) after soliciting and carefully reviewing all proposed submissions by interested parties to acquire, construct, and operate a first-class hospitality project. 2.99 ACRES Weber State reserves all rights and contingencies as outlined herein and as contained in future EFFECTIVE ACRES purchase contract(s) regarding University, Board of Regents, and other state approvals as deemed necessary. Weber State also reserves the right to outline the use and restrictions of the Property whereas the Property is being offered to fulfill specific function as outlined herein. For any questions regarding the property, process, and/or Property, please contact: 604 LINEAR FEET ROAD FRONTAGE
CHRIS FALK, CCIM, SIOR AADT Newmark Grubb ACRES 30,000 801.416.1024 TRAFFIC COUNT [email protected]
(please do not contact Weber State directly)
4 GENERAL SITE INFORMATION C 38,000 cars/day ou t ntr ee y H t Str ills 41s Dr Gas ive
2 2 ,0 0 0 c ar s/ day
3,600 cars/day
Harrison Boulevard
McKay-Dee Hospital
Anticoagulation Clinic
Homecare
30,000 cars/day
4600 South 6,000 cars/day
6
Edgewood Drive
CT NAILS Cloud 9 Smoke Shop GOLDEN JADE WSU
0.6 acres US Government
Harrison Boulevard WSU 2.38 acres total
30,000 cars/day
7 3 4 M 4 0 O 5 4 7 - C 4 2 . 9 8 3
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E n 2 e N 2 d 2 SITE SURVEY I g 0 - G 1 O
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WEBER STATE APPROX. 2.38 ACRES
US GOVERNMENT APPROX. 0.6 ACRES WSU TOTAL APPROX. 2.9875 ACRES
WSU US Government 0.6 acres
8 DETAILED SITE INFORMATION PROPERTY TITLE
Weber State will be working through Sue Heiner of First American Title for escrow and title. Though not required, it would be preferred that any buyer work through Ms. Heiner given the potential complexities. For title information, Ms. Heiner can be reached at sheiner@firstam. com or 801-479-6600. Click here to view the title report.
SUE HEINER 801-479-6600 [email protected]
10 UNITED STATES LAND SWAP 3 4 M 4 0 O 5 4 7 - C 4 The below highlighted parcel is currently owned by the United State Government and managed by Pineview Water Systems. This is an underground 2 . 9 8 3
G ) 1 pipe that will need to be relocated for future development. Weber State has verbally confirmed a developer’s ability to do so and understands h N 0 a I 8 ( t
R x the timeframe(s) that may be necessary to engineer, request, and be granted the rights by the United States government do to so. Likely a land U a
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E “swap” will be negotiated and directed by the government. n 2 e N 2 d 2 I g 0 - G 1 O
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Weber State recognizes that such a E 1 s 0 a N 8 ( E I
task may require time and is prepared C . S 5 L . A 7 S
to patiently work closely with the Buyer
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1 5 T to expedite this process. However, all 1 A 5 h 4 t - E 4 u R
work, conversations, negotiations, 9 o 3 ) G S 1 .
engineering, removal, and reinstallation 0 8 6 W (
4 n W i
of this system will be the sole 7 a W 5 responsibility of the Buyer. M
Pineview Water Systems is the managing entity for the US Government easement and the pipeline.
BENJAMIN QUICK General Manager Pineview Water Systems APPROX. (801) 726-9044 0.607 ACRES
11 STORM DRAIN INFORMATION
Per the attached study herein, WSU is receiving a new pond about half the size of the current RYAN CATHEY, PE feedback suggesting that the pipeline in pond could restrict flow enough to allow the President Page 1 of 1 Harrison Blvd does not have capacity to take the pipelines to accommodate the flow. Ryan may Talisman Civil Consultants, LLC [10.00.00.40] unrestricted flow from the Property. Ryan Cathey be contacted for further insight and discussion. 801-743-1308 of Talisman Civil Consultants has modeled that [email protected] Bentley SewerGEMS CONNECTSewerGEMS Bentley Edition
Exhibit 1: 10 YearSchematic:Schematic: Storm - Existing 10 Year Conditions Unrestricted Flow +1-203-755-1666
10 Year Schematic: 10 Ada Lindquist Plaza Pond Schematic: Unrestricted Flow
Pipe 1811 Systems, Haestad Inc. Bentley Solution Methods Center Siemon Drive Company Suite 200 W Watertown, CT 06795 USA 7 2 Pipe 1079
10 Year Storm - Existing Conditions Existing - Storm Year 1:Exhibit 10 Pipe 1081
Pipe 842 Relocation
Pipe 841 (Underground) Proposed Pond
Pipe 789 Pipe 1811 Pipe 1079 Pipe 1081 Pipe 842 Pipe 841 Pipe 789 Changes.stsw 2019-03-27 2019-03-27 Weber State Campus University Main - South Pond 3/28/2019 Pipe 1186 Pipe 1186 12 Ada Lindquist Plaza Pond
Proposed Pond Relocation (Underground)
2019-03-27 Weber State University Main Campus - South Pond Bentley SewerGEMS CONNECT Edition Changes.stsw Bentley Systems, Inc. Haestad Methods Solution Center [10.00.00.40] 3/28/2019 27 Siemon Company Drive Suite 200 W Watertown, CT 06795 USA Page 1 of 1 +1-203-755-1666 April 9th, 2019 Subject: WSU Southern Pond/Dee Events Center Storm Water Analysis
1.0 – Introduction We have received a request to assess the proposed location of a hotel development near Weber State University’s Dee Events Center and the resulting consequences to the existing storm drain system and Ada Lindquist Plaza pond. This analysis is an expansion upon the Storm Drain Master performed by Talisman Civil Consultants (TCC) and provided to WSU in 2017. The basis of this analysis is the data and SewerGEMS hydraulic models of said master plan.
1.1 – Overview The proposed development is located in a landscaped area approximately 800 feet west of the Dee Events Center. Currently, there is an approximately 54,000 cubic foot pond. We have designated this pond the Athletics Pond. It is located in the northern part of the landscaped area and detains runoff from the Dee Events Center and parking lot before discharging to a large 36” storm line that runs parallel to Harrison Blvd before ultimately discharging to the WSU Ada Lindquist Plaza pond. This pond is found to overflow in the event of 25 year, 24-hour storm. The purpose of this analysis is to better understand the downstream consequences if this pond was removed.
There are several criteria which are important for this analysis and are as follows:
Design criteria identified by the Ogden City Storm Water Design Standards. Significant points include, but are not limited to:
• Storm drain pipes are to adequately convey the 10-year, 24-hour storm. • Detention facilities shall be designed using the 25-year, 24-hour storm. • Retention facilities shall be designed using the 100 year, 24-hour storm.
Additionally, aspects that are important to Weber State have been identified as such: • An in-depth analysis on the WSU Ada Lindquist Plaza pond: o Does the Ada Lindquist Plaza pond have enough volume to handle unrestricted flow from the area tributary to the Athletics Pond? o Is expansion of the Ada Lindquist Plaza pond required to detain the additional flow rate from the area tributary to the Athletics Pond? • Can the 36” storm drain line running parallel to Harrison Blvd handle the unrestricted flow? o What are the capacity of these lines? o What are the estimated volumetric flow rates during a 10-year event?
TALISMAN CIVIL CONSULTANTS, LLC 5217 South State St, Suite 200, Murray, UT, 84107 | 801.743.1300 | www.talismancivil.com 2.0 – Analysis and Results This section will be broken up into three separate parts detailing the consequences to the storm drain lines parallel to Harrison Blvd, the impacts to the WSU Ada Lindquist Plaza pond, and the proposed relocation of the Athletics Pond, respectively.
2.1 – Storm Drain Lines Currently, discharge rates to this storm drain lines parallel to Harrison Blvd are controlled by the outflow structure of the Athletics Pond. These lines can be identified within the attached exhibit. The lines are 36” in size and ultimately discharge to the WSU Ada Lindquist Plaza pond. These lines adequately convey the 10-year storm flows when the discharge rate is controlled by the Athletics Pond.
Upon the removal of the pond, unrestricted flows into the storm drain system under Harrison Blvd cause these pipes to become over capacity and they do not adequately convey the 10-year storm flows. See below for a tabular summary of these lines. They are ordered southernmost to northernmost and can be identified in the attached exhibit.
It is important to note that the pipe capacity is based on Manning’s equation, which is highly dependent on the slope of the pipe. The pipe slopes from the master plan were derived from AGRC LiDAR data for surface elevation, and inverts depths were manually measured by TCC in 2016. The capacities of these lines may be subject to change if a full utility survey were performed.
Pipe Pipe Table 1 – HarrisonPeak Storm Flow Drain Flow/Capacity Line Metrics Peak Flow Flow/Capacity Pipe Capacity Diameter Slope Restricted Restricted Unrestricted Unrestricted Name (cfs) (in) (ft/ft) (cfs) (%) (cfs) (%) 1186 36 0.010 65.18 50.94 78.15 79.18 121.48 789 36 0.011 69.14 67.23 97.23 109.62 158.54 841 36 0.025 105.39 79.92 75.83 117.30 111.30 842 36 0.019 91.50 80.73 88.22 118.43 129.43 1081 36 0.036 126.23 81.23 64.35 117.83 93.35 1079 36 0.018 89.08 84.52 94.88 119.95 134.65 1811 36 0.091 201.37 89.65 44.52 127.61 63.37
2.2 – WSU Ada Lindquist Plaza pond The impact to downstream infrastructure effects not only the storm drain lines along Harrison, but the WSU Ada Lindquist Plaza pond as well. The Ada Lindquist Plaza pond is where most of the storm drain runoff from the entire campus is ultimately directed. The pond has a 2’x4’ outlet located on the west side at an elevation of 4617 ft for normal discharge and volume control. For emergency overflow control, a 5’ diameter riser is located on the western pond bank at an elevation 4627.5 Per the Ogden City requirement, the pond needs to be sized according to the 100-year storm event. Furthermore, the discharge rate is to be limited to 0.2 cfs per acre. The Ada Lindquist Plaza pond has approximately 232.5 acres tributary to it. This results in a discharge rate of 46.5 cfs. The 2’x4’ outlet currently allows discharge rates greater than this. Per the master plan, if the pond were to be limited to a discharge
TALISMAN CIVIL CONSULTANTS, LLC 5217 South State St, Suite 200, Murray, UT, 84107 | 801.743.1300 | www.talismancivil.com rate of 46.5 cfs, the volume of the pond would need to be increased by 175,000 cubic feet.
During current conditions when the discharge rate is controlled by the Athletics Pond, the maximum discharge rate of the Ada Lindquist Plaza pond is calculated to be 80.60 cfs. The maximum water elevation is calculated to reach 4621.62 ft, and the maximum pond volume is calculated to be 554,000 cubic feet. The pond is able to adequately detain the 100-year storm during current conditions.
Upon the removal of the Athletics Pond, storm flows from the Dee Event’s Center parking lot flow unrestricted into the Ada Lindquist Plaza pond. The maximum discharge rate is calculated to be 95.08 cfs. The maximum water elevation for the proposed conditions is calculated to reach 4622.89 ft. The maximum volume is calculated to be 690,000 cubic feet. The Ada Lindquist Plaza pond is robust enough to handle the additional unrestricted flow from the Dee Events Center and surrounding areas.
The difference in maximum water levels between the current and proposed scenarios is small for two reasons; the first is because the higher the pond elevation is, the greater the surface area of the pond becomes. This means it takes a greater volume of water for the pond water level to rise a set vertical distance. The second reason is that the once the 2’x4’ outlet becomes inundated, it becomes under pressure. The higher the water elevation above the outlet is, the more pressure it is under. The greater pressures result in greater flow through the outlet and the outlet actively responds to control pond volume.
See Table 2 below for a tabular summary of the Ada Lindquist Plaza pond for the current and proposed scenarios.
Table 2 – WSU Ada Lindquist Plaza Pond Metrics Ada 2’x4’ Emergency High Water Maximum Adequately Max Volume Lindquist Outlet Outlet Elevation Discharge Rate Detains 100 (cf) Plaza Pond Elevation Elevation (ft) (cfs) Year Storm? Existing 4617 4627.5 4621.62 554,000 80.60 Yes Conditions Proposed 4617 4627.5 4622.89 690,000 95.08 Yes Conditions
2.3 – Relocation of Athletics Pond Because the Ada Lindquist Plaza pond can handle the additional flows, but the lines under Harrison cannot, it is proposed that an underground detention facility be implemented to reduce the amount on storm flow entering the lines along Harrison. The detention facility would be located subsurface, underneath the pavement southeast of the Robert L. and Annette Marquardt Field House. A detention facility here would intercept more than half the storm flows stemming from the Dee Events Center and parking lot. A volume of 30,000 cubic feet would be required to detain the 25-year storm per Ogden City requirements. A maximum release rate of 10 cfs would be required to control discharge rates as to not overwhelm the Harrison lines during the 10-year storm. See the attached exhibit for the proposed relocation of the Athletics Pond.
TALISMAN CIVIL CONSULTANTS, LLC 5217 South State St, Suite 200, Murray, UT, 84107 | 801.743.1300 | www.talismancivil.com 3.0 – Conclusion The Dee Events Center and surrounding parking lot is a large swath of impervious area. During major storm events, a significant amount of storm water volume is directed via storm drain infrastructure to the Athletics Pond, where it is detained, and the release rate is controlled. This pond is predicted to overflow during the 25-year storm event. If this pond is to be completely removed, the WSU Ada Lindquist Plaza pond is robust enough to handle the additional volume. However, the storm drain lines running parallel to Harrison Blvd cannot. It is recommended that the pond be maintained or relocated such that storm flows from the Dee Event’s Center and the surrounding lots can be intercepted, and a discharge rate can be controlled as to not overwhelm downstream infrastructure.
If you have questions on the above comments, please feel free to call me at my direct number of (801) 743-1308
Sincerely,
Ryan Cathey, PE President Talisman Civil Consultants, LLC.
TALISMAN CIVIL CONSULTANTS, LLC 5217 South State St, Suite 200, Murray, UT, 84107 | 801.743.1300 | www.talismancivil.com BUS RAPID TRANSIT DEVELOPMENT PLAN
The Ogden/Weber State University (WSU) Bus Rapid Transit (BRT) is PROPOSED BRT ROUTE a 5.3-mile project connecting from the Ogden FrontRunner commuter Frontrunner !( Commuter Station rail station to Weber State University and McKay Dee Hospital. This !( !( !( project is the result of many years of planning and public outreach. !( The Wasatch Front Urban Area Long Range Transportation Plan 2004-
2030 first called for a transit project connecting downtown Ogden and BLVD HARRISON !( WSU. It was identified as a first phase project, which means the project is needed in the near future. Since then UTA and project partners have WSU OGDEN engaged the public in planning efforts. In late 2015 an alternatives !( analysis report for the corridor was published. After extensive study and public outreach, the locally preferred alternative for BRT was adopted. US Govt !(
The Ogden/WSU BRT will improve and replace the existing route !( 603, which is one of Ogden’s top performing routes. It will include WSU !( 13 stations and exclusive bus lanes from 32nd Street & Harrison up
McKay Dee !( to the Dee Events Center. This line will have 10-minute service from Hospital DETAIL 8:00 am and 5:00 pm with 15-minute service the remainder of the day !( AREA on weekdays, operating a total of 20 hours a day. Weekend service will run every 15 to 30 minutes. The project will include transit signal priority and uniquely branded stations and vehicles. For further information regarding this project, Contact:
TODD FINLINSON UDOT: Bus Rapid Transit Planning T 801.620.1619 tfinlinson@utah.gov
17 DESIGN DEVELOPMENT & OPERATION ASSET BRANDING, DESIGN, DEVELOPMENT & OPERATION
Weber State intends to work closely with the developer that is chosen to assist and REQUIREMENTS provide feedback when and where possible. Whereas Weber State would likely have visitors, representatives, and partners potentially staying at this location, its 110 BED MINIMUM hope would be that the project is done in a professional manner of high-quality of workmanship and design. Feedback that the University would provide is regarding BRANDING AND LINE OF HOSPITALITY THAT operation and design of such is as follows: REPRESENTS THE GROWTH, PROFESSIONALISM, AND CULTURE WEBER STATE • Anticipation that the project would contain a minimum of 110 beds • Branding and line of hospitality that represents the region, professionalism, NEEDS MEETINGS ROOM and culture of Weber State University WEBER STATE RIGHTS FOR HOSTING FOOTBALL, • Anticipation that design would include meeting room and similar-use space for BASKETBALL, ETC. the potential need(s) of visiting athletic teams, conferences, workshops, etc. • The ability for Weber State to discuss rights and/or options for preferred reservations regarding hosted athletic events, conferences, workshops, etc. • Feedback that Weber State estimates accommodating upwards of 300+ events annually at campus, all of which would provide potential need(s) for the hotel in varying manners
19 LOCAL & REGIONAL INFORMATION WEBER STATE UNIVERSITY
21 OGDEN, UTAH
INTRODUCTION ECONOMY SITE DEMOGRAPHICS 1 3 5 Ogden’s skyscrapers are Ben Lomond Peak, Mount Ogden is located 35 miles north of Salt Lake City MILE MILES MILES Ogden, and Strawberry Peak. Rather than see a lot and is a 30 minute drive from the Salt Lake City 2018 Estimated Population 12,800 77,999 137,972 of celebrities here, you’ll see plenty of stars. Ogden International Airport. It is a city of 80,000 within 2023 Projected Population 13,293 81,966 146,085 is full of good eats and a huge playground. Whether a larger metropolitan area that extends along the you’re enjoying the serenity of our mountains or Wasatch Front from Ogden, to Salt Lake City, to HOUSEHOLDS the eclectic vibe of downtown and the notoriously Provo. Ogden is a regional center for employment, 2018 Estimated Households 4,471 27,650 48,857 charming Historic 25th Street, Ogden has plenty to retail, and public services. Ogden offers access to offer. all the advantages of a major metropolitan area, 2023 Projected Households 4,631 28,989 51,637 but maintains a low cost of business and living, HISTORY INCOME high quality of life, and unparalleled access to the The first settlement of Ogden occured in 1846 by outdoors. In recent years, Ogden has experienced 2018 Est. Average HH Income $93,708 $75,518 $71,966 trapper Miles Goodyear as a trading post named a major renaissance, with the revitalization of its 2018 Est. Median HH Income $72,107 $56,100 $55,048 “Fort Buenaventura”. Purchased a year later by downtown and the growth of many industries. Mormon settlers and renamed “Brownsville”, the City Key industry clusters are outdoor recreation, 2018 Est. Per Capita Income $33,533 $27,201 $25,994 was later named a third and final time, this time after aerospace/advanced materials and composites, BUSINESS Peter Skene Ogden, a brigade leader of the Hudson and information technology/software. Ogden Bay Company who had trapped in the Weber Valley a offers the benefit of strong industry clusters, 2018 Est. Employees 7,144 34,738 67,497 generation earlier. unique assets that support innovation, a young, 2018 Est. Businesses 403 2,597 4,810 well-educated workforce, and high-quality, low- RECREATION/LEISURE cost locations. As a result, many businesses and Source: Esri Business Analyst Ogden and Weber County has great access to a wide residents have decided to call Ogden home. variety of activities for the outdoor enthusiast. There are over 170,000 acres of National Forest land, three ski resorts, over 210 miles of trails for hiking and mountain biking and 13,000 acres of lakes connected by pristine rivers for paddle-sports and fishing. From shopping, arts and culture, various attractions and outdoor activities Ogden offers endless possibilties. MCKAY-DEE HOSPITAL
McKay-Dee Hospital provides nationally ranked clinical programs and the latest technology to cover the full spectrum of healthcare needs, including skilled and compassionate providers committed to offering high-quality care. McKay-Dee is owned by Intermountain Healthcare, a Utah-based, not-for-profit system of 23 hospitals, a Medical Group with more than 1,600 physicians and advanced practice clinicians at about 180 clinics, a health plans division called SelectHealth, and other health services. Helping people SKI RESORTS live the healthiest lives possible, Intermountain is widely recognized as a leader in clinical quality improvement and in The Greatest Snow on Earth ® isn’t as far away as you think. Here in Ogden efficient healthcare delivery. With 310 licensed beds, McKay- you can experience 3 resorts, combined boasting over 11,600 skiable acres Dee is the 3rd largest hospital in the Intermountain system, and over 500” of snow! We’ve got the best skiing in Utah plus dozens of and the 4th largest Hospital in Utah. locally owned restaurants, dining and nightlife and family attractions, fueling your endorphins in surrounding mountains and so much more! Wonder and get lost in Ogden!
SKIABLE ACRES SKIABLE ACRES SKIABLE ACRES 3,000+ 8,464+ 120+ NUMBER OF RUNS NUMBER OF RUNS NUMBER OF RUNS 107 154 22 AVERAGE SNOWFALL AVERAGE SNOWFALL AVERAGE SNOWFALL 300” 500” 300” MINUTES FROM SITE MINUTES FROM SITE MINUTES FROM SITE 24-35 min 35-50 min 26-40 min
23 UTAH MARKET INSIGHTS
Utah is no longer a secret to the institutional investment community, largely due to the Holding on to #1 for job growth in current expansion robust fundamentals of Salt Lake City and along the Wasatch Front at large. Industry-adjusted state-to-U.S. employment growth ratios A few significant insights provided in the Economic Report to the Governor (a review of Growth since end of recession, 2009-2017
A 2018 and forecast for 2019) provided by the Kem Gardner Policy Institute of the University 1.26 N E of Utah are as follows: 0.70 1.21 0. 1 R N V 0. 1.0 I 0.72 N 0.6 1.07 S I I N A 1.16 • Utah’s population increased by 53,000 (23,200 in-migration and 29,400 natural 0.70 0. 0.69 1.01 0. 1 RI 0.71 IA PA C 0. 0 NE 0. 0.6 increase) NV 0.6 N 0.7 IN 1.1 U I 0.60 0. CA 1. 7 C 0.6 0.6 V 1. 6 1. 2 KS 0.00 VA E 0.9 • Unemployment rate at a 10-year low of 3.1% 0. 0. K 0. 0.69 NC N 1.1 K 1.02 A AR • 48,843 jobs created 1.1 N 0. SC 0.2 0.6 1.27 A GA S 0. 0 0.67 0.66 1.2 • 96.9 economic diversity rating 0. 0 - 0.79 A AK 1. 9 0. 0. 0 - 0.99 0. 1.00 - 1.29 Recent Accolades include: 1. 0 1. • #1 - Best State for Employment & Job Growth (U.S. News & World Report) I 0.91 • #3 - Best State For Business (Forbes) Land of opportunity • #3 - Best Economy (WalletHub) QualifiedNote: Ratio of actual opportunity employment growth zones to thein employmentthe West growth the state would have experienced if its industries grew at the same rate as those of the rest of the nation. Numbers above 1 indicate outperforming the nation. • #3 - The Best (and Worst) States for Business (24/7 Wall St.) Source: U.S. Bureau of Economic Analysis and the Kem C. Gardner Policy Institute
16 Utah Economy Kem C. Gardner Policy Institute Utah Informed: Visual Intellection for 2019 Major Salt Lake City Capital Projects: Opportunity Zones Part of the Tax Cuts and • $2.9 billion redevelopment of Salt Lake City International Airport (currently under Jobs Act of 2017 Economically-distressed construction) communities designated by the governor of each state for • New Utah State Prison preferential tax treatment to spur new investment. Investors can defer capital gains until sale • 1,400+ apartment units under construction or exchange, through 2026 10% exclusion of deferred • New 680,000 square-foot Convention Center Hotel announced gains for investments held longer than 5 years • The Gateway redevelopment 15% exclusion of deferred gains for investments held • UTA Clean Fuel Center longer than 7 years 100% exclusion of deferred gains for investments held longer than 10 years
24
Opportunity Zones format as checklis t bullet points Source: U.S.Pa Departmentrt of the T aofx Treasury C uts a Communitynd J obs A Developmentct of 2017 Financial Institutions Fund Opportunity Zones Resources and Internal Revenue Service Opportunity Zones FrequentlyE conom Askedical lQuestionsy-dis tres s ed communities des ignated by the G overnor of each s tate for preferential tax treatment to s pur new inves tment Inves tors can defer capital gains until s ale or exchange, through 2026 30 1Economic0% exclus i oDevelopmentn of deferred gains for inKemves tm C.e nGardnerts held lo Policynger th Institutean 5 years Utah Informed: Visual Intellection for 2019 15% exclus ion of deferred gains for inves tments held longer than 7 years 100% exclus ion of deferred gains for inves tments held longer than 10 years SUBMISSION OUTLINE & REQUIREMENTS SUBMISSION OUTLINE & REQUIREMENTS
The submission requirements and guidelines for any interested party and conditions of Seller made are subject to the approval of the are as follows: University Board of Trustees, the Utah State Board of Regents, and such other state agencies and entities as are required by law • The deadline for proposals to purchase the property or administrative practice or regulation. If such approvals are not should be submitted in ELECTRONIC FORM no later than obtained prior to the expiration of the Buyer’s feasibility period, 5:00 PM MST on August 2, 2019. then Seller will give written notice thereof to Buyer, and both parties • Please submit all proposals directly to Chris Falk at (cfalk@ngacres. shall be released from all further obligations hereunder including com). It will be the responsibility of the Buyer to confirm receipt of the return of all of the earnest money. If Seller does not provide all such submittals. Buyer notice of its failure to obtain necessary approvals prior to the expiration of the Feasibility Period, then this condition shall be ALL PROPOSALS SHOULD INCLUDE, BUT NOT BE LIMITED TO: automatically deemed fulfilled and waived and Seller and Buyer shall proceed to the settlement/closing pursuant to the terms of • Purchase Price the agree-upon contract, subject to any other conditions set forth • The amount of earnest money to be deposited and with Sue Heiner therein. of First American Title. • A brief bio of the Buyer (or Buyer’s team) that illustrates an operating • In what manner the Buyer intents to fund the purchase of the history, experience in the hospitality industry, current/past holdings Property. or developments, etc. • The Buyer’s timeline for settlement/closing including the Buyer’s • Any other information the Buyer deems appropriate contingency period. • Confirmation the Buyer acknowledges that the Property is being sold as-is, where-is. In addition, Buyer confirms and acknowledges that the Seller is a higher educational institution of the State of Utah and must obtain necessary approvals for the sale of the Property. Accordingly, it is agreed and understood that all promises
26 WEBER STATE HOSPITALITY DEVELOPMENT OPPORTUNITY
PROJECT CONTACTS:
CHRIS FALK SUE HEINER BENJAMIN QUICK BRANDON COOPER TODD FINLINSON RODGER (JAY) GENEREUX WSU REPRESENTATIVE FIRST AMERICAN TITLE PINEVIEW WATER SYSTEMS OGDEN CITY UDOT UDOT Newmark Grubb ACRES Sr. Escrow Officer General Manager Community & Economic Bus Rapid Transit Planning Region 1 Right-of-Way T 801.416.1024 T 801.479.6600 T 801.726.9044 Development T 801.620.1619 Control Coordinator M 801.499.6514 [email protected] T 801.629.8947 [email protected] T 801.620.1604 [email protected] [email protected]