4TH QUARTER SEPTEMBER 2005

HENNESSEY >>2

HOGS & HEIFERS >>2

WHY DO BUSINESS IN LAS VEGAS >>3

NEW FACES >>4

Affordable Apartments Geared Toward Let’s take a Downtown Workers, Families closer look! On Wednesday, June 22, 2005, city officials developments. Citibank Community Development celebrated the grand opening of an innovative and Paramount Financial Group were integral Allure – North of Sahara and residential development for urban workers and forces behind the project, working closely with west of Las Vegas Boulevard, the city of Las Vegas, the state of Nevada and this 900-unit twin 39-story the developer to help expedite the development. condo tower will contain “L’Octaine is part of a concept that the council 35,000 s.f. of retail space. and I share with the Tom Hom Group, that we need to provide affordable, attainable housing for “juhl” – Soon to be located on our residents,” said Las Vegas Mayor Oscar B. the corner of Third street and Goodman. “These beautiful garden apartments Bonneville, this mixed-used will fill a need we have in our downtown for development will contain 355 housing that our workers, teachers and families residential units. can afford.” L’Octaine rises to three stories above a street Newport – This development level parking garage. The two ground floor retail will contain 168 residential units units in this mixed-use development are projected LʼOctaine with 6,159 s.f. of commercial at to be occupied in the fall. The property is close the southwest corner of Casino families in downtown Las Vegas. The opening of to the federal courthouse, the Fremont Street Center/Hoover. L’Octaine, a 51-unit apartment complex with ground- Experience, Las Vegas City Hall, Neonopolis and floor retail, was developed by the San Diego-based many other downtown destinations. For additional information about The Tom Hom Group, visit Streamline – This 26 story Tom Hom Group for professionals, city workers and condo will host 251 residential families who work in nearby government, retail, www.tomhomgroup.com. units and be located on Ogden museums, hotels, casinos and restaurants. Residential development continues. Allure has between Las Vegas Boulevard recently broken ground and “juhl”, Newport and L’Octaine, located at 801 S. Las Vegas Boulevard, & Sixth Street. is part of the city of Las Vegas’ efforts to redevelop Streamline await city council regulatory approval downtown by providing affordable housing before breaking ground.

THE URBAN RENAISSANCE > SEPTEMBER 2005 >> 1 Hennessey’s Tavern, Mickie Finnz Fish House Sign Lease

Former Wall Street stock broker and founder of Inc. and the Fremont Street Experience was Triple George Hennessey’s Tavern, Inc., Paul Hennessey, is commemorated in a special ceremony attended by Located next to Hogs & Heifers at The Block on bringing his well-known Irish pub to the Fremont Hennessey, Las Vegas Mayor Oscar B. Goodman, Third Street, Triple George gets its name from the Street Experience. With a string of Hennessey’s Ward 1 Councilwoman Lois Tarkanian and Joe Las Vegas nickname for an all-around good guy, restaurants dotting the Southern California coastline Schillaci, president and CEO of the Fremont Street solid tipper, etc. from South Bay to San Diego along with a High Experience. Now open daily for breakfast, lunch and dinner. Sierra mountain location in Mammoth Lakes, the The city of Las Vegas Office of Business establishment at the Fremont Street Experience Development helped to facilitate introductions The Downtown and the Griffin coming soon. will be the first Hennessey location in Nevada. between the pub owners and the Fremont Street “We were looking to expand to Las Vegas and Experience, leading to the signing of the lease. after researching several locations, the Fremont The two new restaurants will be vital in driving Funds Still Available for Street Experience, with the renewed interest pedestrian traffic between the Fremont Street Visual Improvment Programs and development in downtown, was the best fit,” Experience and the city of Las Vegas’ newly formed Hennessey said. “We feel that the combination of entertainment district. The city of Las Vegas Redevelopment Agency the traditional Hennessey’s Tavern with the beach- Councilwoman Lois Tarkanian, who represents the still has funds available in its Commercial and themed Mickie Finnz Fish House and Bar will bring part of the city where the new establishments will Entertainment Visual Improvement Programs. a new and fun experience for Las Vegas visitors be located, said she is pleased to welcome the Improvements to the facades of buildings, and locals alike.” businesses. permanent landscaping, parking facilities and other Hennessey’s Tavern, Inc. and the Fremont Street “I have enjoyed dining at Hennessey’s in San Diego external improvements are eligible for assistance. Experience have entered into an initial 10-year lease and I am very excited that they will be partners in The first program, Commercial VIP, offers a rebate our downtown renaissance,” Tarkanian said of any qualified improvement costs, to a maximum of $50,000 and is available to properties located in the city of Las Vegas Redevelopment Area. Advance Notice The second program, Entertainment District VIP, is available to those properties located in the Hogs & Heifers Downtown Entertainment Overlay District Area. This New York City-based bar was the original A rebate to a maximum of $50,000 is available inspiration for the film “Coyote Ugly” (and the and a 20% bonus, up to a maximum of $10,000 subsequent chain of bars/clubs). “The only person for projects that use neon signage or illuminated with attitude in the bar is the woman behind it” is the signage which is substantial in scope and which is philosophy at Hogs & Heifers, and frills are nowhere clearly visible from the city public right-of-way. to be found: no specialty cocktails, no dress codes, For additional information and an application Mayor Goodman congratulates Paul Hennessey as his no ties, no guest list, and no whining are allowed. It is wife and guests look on. packet, please contact Rich Atkins, Economic known worldwide for its raucous, honky-tonk energy Development Officer at the Office of Business agreement for approximately 11,500 square feet where bartenders and patrons sing and dance on the Development, at 702-229-6551. on the first floor of the Fremont Street Experience bar. commercial space located on the southwest corner Open from 4 p.m. to 4 a.m., Hogs & Heifers is located of Las Vegas Boulevard and Fremont Street. The on 201 N. Third Street, Las Vegas. Special Thanks signing of the lease between Hennessey’s Tavern, Mayor Oscar B. Goodman Councilman Gary Reese (Mayor Pro Tem) Hotlinks: Councilman Larry Brown OBD Web site: Redevelopment Activity: Councilman Lawrence Weekly • www.lasvegasnevada.gov/obd • RDA Plan and related documents Councilman Steve Wolfson Economic Development: • Downtown Las Vegas • 2005 City of Las Vegas Statistical Profile ° Brochures Councilwoman Lois Tarkanian • Current Downtown Tour ° Las Vegas Business Development Video Councilman Steven D. Ross ° Community Links City Manager Douglas A. Selby

2 << THE URBAN RENAISSANCE > SEPTEMBER 2005 Why Do Business in Las Vegas? THE CITY OF LAS VEGAS OFFICE OF BUSINESS DEVELOPMENT (OBD) IS READY TO ASSIST CUSTOMERS IN ACCOMPLISHING THEIR BUSINESS GOALS. OUR DEVELOPMENT STAFF IS WELL VERSED IN ECONOMIC DEVELOPMENT AND REDEVELOPMENT. OUR OFFICERS ARE ON HAND TO PROVIDE CUSTOMERS WITH A VARIETY OF PROGRAMS AND SERVICES.

HAVING TROUBLE FOLLOWING THE COMMERCIAL DEVELOPMENT PROCESS? CHECK OUT THE FLOW CHART BELOW. STILL HAVE QUESTIONS? CALL OBD’S EXPEDITOR, DAVID BRATCHER AT 229-2201. A Condensed Process Flow for a Proposed Commercial Development in the City of Las Vegas

Process Steps Procederal Tasks

Assemble Property and Eliminate Revert subdivided property to eliminate all unnecessary property lines. Utilize Reversionary All Unnecessary Property Lines Final Maps or Parcel Maps to assemble your site early in the development process.

Review Applicable Land Use and Review existing land use and zoning designations for the site you intend to develop. Your plans Development Standards for the Site may require you to apply for various land entitlements or privileged business licenses.

Apply for Land Entitlements Meet with the Planning Department to determine what, if any, land entitlements will be required and Privileged Licenses before you can begin any construction on your development site.

Prepare Required Engineering The conditions of approval associated with your land entitlements will require you to prepare Studies and Civil Improvement Plans and complete various engineering studies and civil improvement plans.

Prepare Architectural, Your architect will be required to submit an application for building permit for your proposed Structural, Plumbing, Electrical, development. The building permit application will be reviewed against your land entitlements, Mechanical, and Fire Protection building codes, and fire codes before a tenant improvement plan is approved for construction. Plans for Building Permit

Respond to Corrections The failure of the owner, architect, or contractor to respond to revisions requested throughout and Provide Revisions to the plan check process will cause unnecessary delays to the approval of your proposed Plan Check Comments development.

Pay Fees for Plans Review, When your building permit application is approved, you will be required to pay fees associated Sewer Connection, with the proposed development. Most of the fees collected are distributed to agencies other Traffic Mitigation, and than the Building Department. Desert Conservation

Obtain Building Permit and Many permits are issued with deferred submittals. These permits will include “inspection holds” Begin Construction if the deferred submittals are not provided to the Building Department as required.

Call for Site Inspections Your approved building permit will include a series of required site inspections by various city as Required by Building, agencies. The Building Department final inspection will be delayed if the other agencies have Construction Services, Fire not approved the site for occupancy and signed your inspection hard card. and the Planning Department

Obtain a Final Inspection from the No one can occupy a new development until a Certificate of Occupancy has been issued by Building Department and apply the Building Department. Plan the opening of your establishment after you have received your for your Certificate of Occupancy Certificate of Occupancy for the site.

Obtain Approved Business In addition to your Certificate of Occupancy you must also have an approved business license License from Planning, prior to opening your doors for business. Each business must have a Certificate of Occupancy Fire Health District, and and a valid business license to operate in the city. Business Licensing

THE URBAN RENAISSANCE > SEPTEMBER 2005 >> 3 New Faces and Loftier Places OBD Staff THE CITY OF LAS VEGAS OFFICE OF BUSINESS DEVELOPMENT (OBD) WELCOMES Administration JILL MELONE. Scott Adams, Director David Bratcher, Redevelopment Officer Expeditor On July 18, 2005, Jill joined OBD as a business specialist I as part of the transition Susan Lonborg, Management Analyst II plan to reorganize the city’s Real Estate function. She will be responsible for Margaret Lynn Smith, Admin. Secretary the oversight of OBD’s redevelopment and economic development real estate Carla Parker, Office Specialist II portfolio, reporting directly to Steve van Gorp, redevelopment manager. Economic Development Jill has been with the city of Las Vegas for 14 years in various capacities, Romeo Betea, Economic Development Manager most recently as a business specialist I and administrative assistant with the Jim Pegues, Sr. Economic Development Officer Department of Public Works, Real Estate & Asset Management Section. Richann Johnson, Sr. Economic Development Officer She brings more than 17 years of experience in real estate, business and Julie Quisenberry, Sr. Economic Development Officer customer service. As a senior office specialist, Jill was an essential member Adam Sumner, Economic Development Officer during the implementation of the Parking & Hearing Office. Jill was recognized Debbie Hume, Secretary for outstanding performance and productivity. Redevelopment Jill also earned credit from the assistant city manager for exemplary leadership Steve van Gorp, Redevelopment Manager and teamwork during the Municipal Parking Program transition from Municipal Bill Arent, Redevelopment Officer Court (holding positions of court clerk II, court clerk I and court clerk trainee). Scott Carter, Development Project Analyst She was recognized by the court administrator for assisting in the development Stoney Douglas, Sr. Economic Development Officer of communications tapes and during holiday warrant moratoriums. Scott Auyong, Sr. Economic Development Officer Jill graduated with Dean’s Honors from Morton Junior College. She earned Richard Atkins, Economic Development Officer Jill Melone, Business Specialist I honors from the National Dean’s List and was initiated into Phi Theta Kappa Jill Melone, Business Specialist I National Honor Fraternity. Melanie Pablo, Office Specialist

4 << THE URBAN RENAISSANCE > SEPTEMBER 2005 LAS VEGAS VLALLEYAS VEGAS VALLEY LAS VEGAS VLALLEYAS VEGAS VALLEY FACT SHEET FACT SHEET FACT SHEET FACT SHEET APRIL THROUGHAPRIL JUNE THROUGH 2005 JUNE 2005 APRIL THROUGHAPRIL JUNE THROUGH 2005 JUNE 2005 Real Estate Indicators,Real Estate cont. Indicators, cont. Economic IndicatorsEconomic Indicators (8) (1) Building Permits Building Value (8)Permits Value Employment ActivityEmployment (1) Activity City of Las VegasCity of Las Vegas New NewNew New Commercial New New Commercial New New Indicator Indicator Clark County Clark (IncludesCounty RDA) (Includes Las VegasRDA) RDA Las Vegas RDA Jurisdiction Jurisdiction Category CategorySingle Family Multi-familySingle Family Multi-family & Industrial Hotel/Motel & Industrial Hotel/Motel Total Total Unemployment RateUnemployment Rate 4.1% 4.1% Units 4,085 1,774 n/a 1,528 7,387 Units 4,085 1,774 n/a 1,528 7,387 New Jobs* New Jobs* 22,750 22,750 5,684 5,684 1,562 1,562 Unincorporated Unincorporated Permits Permits 4,085 1304,085 130106 6 106 4,327 6 4,327 Total EmploymentTotal Employment 856,741 856,741 214,047 214,047 58,833 58,833 Clark County Clark Valuation County Valuation$524,889,822 $206,182,956$524,889,822 $206,182,956 $138,964,672 $225,757,848 $138,964,672 $1,095,795,298 $225,757,848 $1,095,795,298 Agriculture, Forestry, Agriculture, Fishing & HuntingForestry, Fishing & Hunting 182 182 6 6 0 0 Certificates of OccupancyCertificates of Occupancy 4,185 4,185 Mining Mining 435 435 6 6 0 0 Units Units 1,198 1771,198 177 0 0 0 1,375 0 1,375 Utilities Utilities 3,745 3,745 1,401 1,401 0 0 City of Henderson City Permits of Henderson Permits 1,198 1771,198 177 16 0 16 1,391 0 1,391 Construction Construction 98,328 98,328 14,712 14,712 3,502 3,502 Manufacturing 24,765 3,887 924 Valuation Valuation$220,686,157 $13,253,106$220,686,157 $13,253,106 $39,381,718 $39,381,718 $ - $273,320,981 $ - $273,320,981 Manufacturing 24,765 3,887 924 Wholesale Trade 23,945 4,249 677 Certificates of OccupancyCertificates of Occupancy 1,278 1,278 Wholesale Trade 23,945 4,249 677 Retail Trade Retail Trade 102,002 102,002 32,038 32,038 4,703 4,703 Units Units 1,754 4181,754 418n/a 0 n/a 2,172 0 2,172 Transportation & Warehousing Transportation & Warehousing 32,027 32,027 3,779 3,779 2,900 2,900 City of North Permits 1,754 101 26 0 1,881 City of North Permits 1,754 101 26 0 1,881 Information Information 11,857 11,857 5,457 5,457 1,178 1,178 Las Vegas* Las Valuation Vegas* Valuation$251,311,716 $32,977,111$251,311,716 $32,977,111 $36,005,720 $36,005,720 $ - $320,294,547 $ - $320,294,547 Finance & Insurance Finance & Insurance 33,751 33,751 14,290 14,290 1,319 1,319 Certificates of OccupancyCertificates of Occupancy 69 69 Real Estate Rental &Real Leasing Estate Rental & Leasing 21,673 21,673 5,698 5,698 653 653 Units Units 1,242 1391,242 139 0 0 0 1,381 0 1,381 Professional, Scientific, Professional, & Technical Scientific, Services & Technical Services 37,729 37,729 14,316 14,316 3,752 3,752 City of Las Vegas City Permits of Las Vegas Permits 1,242 1,24210 10 65 0 65 1,317 0 1,317 Management of Companies Management & Enterprises of Companies & Enterprises 8,575 8,575 2,104 2,104 377 377 Valuation Valuation$156,667,976 $$156,667,976 8,305,488 $ 8,305,488 $60,722,061 $60,722,061 $ - $225,695,525 $ - $225,695,525 Administrative & Support, Administrative Waste Management & Support, Waste Management 60,848 60,848 13,232 13,232 2,390 2,390 Educational Services 25,072 1,598 112 Certificates of OccupancyCertificates of Occupancy 1,264 1,264 Educational Services 25,072 1,598 112 Health Care & Social Assistance 60,117 28,029 978 Units Units 0 0 0 0 0 0 0 0 0 0 Health Care & Social Assistance 60,117 28,029 978 Arts, Entertainment, Arts, & Recreation Entertainment, & Recreation 19,905 19,905 3,529 3,529 505 505 Las Vegas RDA Las Permits Vegas RDA Permits 0 0 0 0 0 0 0 0 0 0 Accommodation & Food Accommodation Services & Food Services 233,499 233,499 37,841 37,841 15,244 15,244 (Incl. in CLV total) Valuation $ - $ - $ - $ - $ - (Incl. in CLV total) Valuation $ - $ - $ - $ - $ - Other Services (except Other Public Services Administration) (except Public Administration) 20,070 20,070 6,344 6,344 1,098 1,098 Certificates of OccupancyCertificates of Occupancy 11 11 Public Administration Public Administration 34,644 34,644 20,886 20,886 18,474 18,474 Units Units 8,279 2,5088,279 2,508 0 1,528 0 12,315 1,528 12,315 Unknown / Other Unknown / Other 3,572 3,572 645 645 47 47 Clark County** Clark Permits County** Permits 8,279 4188,279 418213 6 213 8,916 6 8,916 Valuation Valuation$1,153,555,671 $252,413,173$1,153,555,671 $252,413,173 $275,074,171 $225,757,848 $275,074,171 $1,915,106,351 $225,757,848 $1,915,106,351 Note: Employment is establishment-basedNote: Employment is (by establishment-based place of work) and (byincludes place mulitple of work) job and holders. includes This mulitple data is job not holders. seasonally This adjusted.data is not seasonally adjusted. *Estimated for the City of Las Vegas and the Redevelopment Area (RDA). Certificates of OccupancyCertificates of Occupancy 6,796 6,796 *Estimated for the City of Las Vegas and the Redevelopment Area (RDA).

*North Las Vegas records*North non-residential Las Vegas records certificates non-residential of occupancy certificates only. of occupancy only. Tourism ActivityTourism Activity **Excludes cities of Boulder**Excludes City & citiesMesquite. of Boulder City & Mesquite. (2) (2) Visitor Volume Visitor Volume April April May MayJune June Q2, 2005* Q2, 2005* Fremont Street ExperienceFremont Street Experience728,867 728,867891,644 891,644892,064 892,0642,512,575 2,512,575 Las Vegas Valley Las Vegas Valley 3,290,313 3,290,3133,370,380 3,370,3803,222,784 3,222,7849,883,477 9,883,477 Sources: Sources: (1) Department of Employment,(1) Department Training, of Employment, and Reha- Training, and Reha- Visitor Volume %Visitor Change Volume from Prior% Change Year: from Prior Year: bilitation, U.S. Census Bureau, City of Las Vegas. bilitation, U.S. Census Bureau, City of Las Vegas. Fremont Street ExperienceFremont Street Experience 11.9% 11.9% -0.3% -0.3%-8.7% -8.7% 0.3% 0.3% (2) Las Vegas Convention and Visitors Authority, (2) Las Vegas Convention and Visitors Authority, Las Vegas Valley Las Vegas Valley 1.5% 1.5% 3.4% 3.4%7.2% 7.2% 4.0% 4.0% Fremont Street Experience.Fremont Street Experience. (3) Nevada State Gaming(3) Nevada Control State Board. Gaming Control Board. (3) (3) Gaming RevenueGaming Revenue April April May MayJune June Q2, 2005* Q2, 2005* (4) County & Municipal(4) Countyjurisdictional & Municipal governments, jurisdictional governments, Strip $447,595,000 $538,751,000 $489,594,000 $1,475,940,000 Restrepo ConsultingRestrepo Group (RCG). Consulting Group (RCG). Strip $447,595,000 $538,751,000 $489,594,000 $1,475,940,000 Downtown $51,989,000 $58,076,000 $51,382,000 $161,447,000 (5) RCG, Hanley Wood Market Intelligence. Downtown $51,989,000 $58,076,000 $51,382,000 $161,447,000 (5) RCG, Hanley Wood Market Intelligence. Boulder Strip $61,766,000 $77,411,000 $77,321,000 $216,498,000 (6) RCG, Center for Business and Economic Re- Boulder Strip $61,766,000 $77,411,000 $77,321,000 $216,498,000 (6) RCG, Center for Business and Economic Re- Las Vegas MSA** $561,350,000 $674,238,000 $618,297,000 $1,853,885,000 search, CB Richard Ellis. Las Vegas MSA** $561,350,000 $674,238,000 $618,297,000 $1,853,885,000 search, CB Richard Ellis. Clark County Clark County $723,516,000 $723,516,000$860,380,000 $860,380,000 $797,153,000 $797,153,000$2,381,049,000 $2,381,049,000 (7) RCG, Colliers International.(7) RCG, Colliers International. (8) County & Municipal jurisdictional governments, (8) County & Municipal jurisdictional governments, Gaming RevenueGaming % Change Revenue from Prior% Change Year: from Prior Year: RCG. RCG. Strip Strip 8.0% 8.0% 14.8% 14.8%16.4% 16.4% 13.3% 13.3% Downtown Downtown -3.8% -3.8% -3.3% -3.3%-2.9% -2.9% -3.3% -3.3% Boulder Strip Boulder Strip 9.4% 9.4% 18.6% 18.6%7.1% 7.1% 11.9% 11.9% Las Vegas MSA** Las Vegas MSA** 6.9% 6.9% 13.4% 13.4%13.3% 13.3% 11.4% 11.4% Clark County Clark County 6.6% 6.6% 14.9% 14.9%13.2% 13.2% 11.8% 11.8%

*Q2, 2005 % changes are*Q2, measured 2005 % changes against Q2,are measured2004 and willagainst not necessarily Q2, 2004 and equal will the not simple necessarily average equal of %the changes simple averageby month. of % changes by month. The Las Vegas Valley Fact Sheet was **Las Vegas MSA is comprised**Las Vegas of the MSA Strip, is comprisedDowntown ofand the the Strip, Boulder Downtown Strip. and the Boulder Strip. generated per contract between the city of Las Vegas Office of Business Development (4) (4) and Restrepo Consulting Group LLC. License ActivityLicense Activity Jurisdiction Jurisdiction Business LicensesBusiness Issued Licenses IssuedTotal Active LicensesTotal Active Licenses 702.967.3188 702.967.3188 Unincorporated ClarkUnincorporated County Clark County 2,812 2,812 45,496 45,496 www.rcg1.comwww.rcg1.com City of Henderson City of Henderson 1,173 1,173 14,330 14,330 City of North Las VegasCity of North Las Vegas 587 587 8,682 8,682 City of Las Vegas City of Las Vegas 1,671 1,671 38,277 38,277 Las Vegas RDA (Incl Lasuded Vegas in CLV RDA total) (Incl uded in CLV total) 418 418 6,115 6,115 Clark County* Clark County* 6,243 6,243 106,785 106,785

*Excludes cities of Boulder*Excludes City & citiesMesquite. of Boulder City & Mesquite.

Disclaimer: The information furnished by Restrepo Consulting Group (RCG) LLC in its quarterly reports -4-to -1- the city under this contract has been obtained from sources RCG deems reliable and-4- is submitted subject -1- to errors, omissions and changes. Although Restrepo Consulting Group LLC has no reason to doubt its accuracy, RCG does not guarantee it.

Insert 4 << THE URBAN RENAISSANCE > SEPTEMBER 2005 THE URBAN RENAISSANCE > SEPTEMBER 2005 >> Insert 1 LAS VEGASL VASALLEY VEGAS VALLEY LAS VEGASL VASALLEY VEGAS VALLEY FACT SHEETF ACT SHEET FACT SHEETF ACT SHEET APRIL THROUGHAPRIL J THROUGHUNE 2005 JUNE 2005 APRIL THROUGHAPRIL J THROUGHUNE 2005 JUNE 2005 Real Estate Indicators Real Estate Indicators Real Estate RealIndicators, Estate cont.Indicators, cont. (5) For-Sale Attached and Detached Residential Projects (5) (6) For-Sale Attached and Detached Residential Projects Apartment RentsApartment and Vacancy Rents and Vacancy (6) Active ProjectsActive Projects Jurisdiction Jurisdiction Projects TotalProjects Units Total Units Units Unsold Units Q2 Unsold Sales Avg. Q2 Min Sales Price* Avg. Avg. Min Price Price*/sf Avg. Price/sf Jurisdiction Jurisdiction Average MonthlyAverage Rent Monthly Rent Average VacancyAverage Rate Vacancy Rate Unincorporated Las Vegas Valley 210 48,968 18,672 6,361 $353,912 $229 Unincorporated Las Vegas Valley 210 48,968 18,672 6,361 $353,912 $229 Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley $829 $829 5.2% 5.2% City of Henderson 41 13,959 4,293 788 $378,120 $180 City of Henderson 41 13,959 4,293 788 $378,120 $180 City of HendersonCity of Henderson $897 $897 5.2% 5.2% City of North Las Vegas 74 15,179 6,849 2,004 $319,878 $155 City of North Las Vegas 74 15,179 6,849 2,004 $319,878 $155 City of North Las CityVegas of North Las Vegas $801 $801 5.1% 5.1% City of Las Vegas** 56 10,599 3,295 1,602 $369,621 $212 City of Las Vegas** 56 10,599 3,295 1,602 $369,621 $212 City of Las VegasCity of Las Vegas $753 $753 5.0% 5.0% Las Vegas RDA (Incl. in CLV total) 4 908 306 282 $855,468 $438 Las Vegas RDA (Incl. in CLV total) 4 908 306 282 $855,468 $438 Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV total) $626 $626 5.1% 5.1% Las Vegas Valley 381 88,705 33,109 10,755 $348,319 $206 Las Vegas Valley 381 88,705 33,109 10,755 $348,319 $206 Las Vegas Valley*Las Vegas Valley* $790 $790 5.2% 5.2%

Proposed Projects Proposed Projects *Direct rent and vacancy rates based on weighted average. Jurisdiction Jurisdiction Projects Multi-familyProjects Units Multi-family Single family Units Units Single SFR family / MF Units Units Mixed SFR / MF Units Total MixedUnits Planned Total Units Planned *Direct rent and vacancy rates based on weighted average. Unincorporated Las Vegas Valley 423 21,962 35,770 910 58,642 Unincorporated Las Vegas Valley 423 21,962 35,770 910 58,642 For-Lease Commercial Inventory (7) (7) City of HendersonCity of Henderson 76 764,068 4,068 5,820 5,820 909 909 10,797 10,797 For-Lease Commercial Inventory City of North Las CityVegas of North Las Vegas 107 1072,917 2,91714,655 14,655 1,771 1,771 19,343 19,343 Retail Inventory # of Projects Total space Vacancy Avg. lease rate Absorption Under Const. Planned City of Las Vegas 72 5,938 2,990 0 8,928 Retail Inventory # of Projects Total space Vacancy Avg. lease rate Absorption Under Const. Planned City of Las Vegas 72 5,938 2,990 0 8,928 (sf) (%) (sf) (%) (sf) (sf)(sf) (sf)(sf) (sf) Las Vegas RDA (Incl. in CLV total) 6 1,836 0 0 1,836 Las Vegas RDA (Incl. in CLV total) 6 1,836 0 0 1,836 Unincorporated LasUnincorporated Vegas Valley Las Vegas 105 Valley 16,486,063 105 16,486,063 6.9% 6.9%$1.59 823,736$1.59 823,736114,340 2,874,430 114,340 2,874,430 Las Vegas Valley 678 34,885 59,235 3,590 97,710 Las Vegas Valley 678 34,885 59,235 3,590 97,710 City of HendersonCity of Henderson 46 6,846,57146 6,846,571 5.1% 5.1%$1.96 564,683$1.96 564,683 - 326,902 - 326,902 City of North Las Vegas 19 2,976,092 1.6% $1.92 311,746 - 1,015,871 * Average price and price per sf are weighted by Q2 units sold. City of North Las Vegas 19 2,976,092 1.6% $1.92 311,746 - 1,015,871 * Average price and price per sf are weighted by Q2 units sold. City of Las Vegas 72 13,158,866 3.3% $1.75 1,168,292 - 822,048 ** Excluding the RDA,** Excludingthe CLV average the RDA, minimum the CLV price average and minimumaverage price price per and sf average are $265,826 price per/ $163. sf are $265,826 / $163. City of Las Vegas 72 13,158,866 3.3% $1.75 1,168,292 - 822,048 Note: Active definedNote: as projects Active havingdefined sales as projects this quarter, having or sales having this unsold quarter, units. or having unsold units. Las Vegas RDA (Incl.Las Vegasin CLV RDA total) (Incl. in CLV6 total) 684,6986 4.6%684,698 4.6%$1.35 36,317$1.35 36,317 - 55,710 - 55,710 Las Vegas ValleyLas Vegas Valley 242 39,467,592242 39,467,592 5.0% 5.0%$1.70 2,868,457$1.70 2,868,457 114,340 5,039,251 114,340 5,039,251 (6) Proposed Apartment Projects (6) Proposed Apartment Projects Office InventoryOffice Inventory# of Projects #Total of Projects space VacancyTotal space Avg. Vacancylease rate Avg.Absorption lease rate UnderAbsorption Const. UnderPlanned Const. Planned Year of Completion Year of Completion (sf) (%) (sf) (%) (sf) (sf)(sf) (sf)(sf) (sf)

Q3 - Q4, 2005 Q3 - Q4, 2005 2006 2006 Unincorporated LasUnincorporated Vegas Valley Las Vegas 448 Valley 17,064,595 448 17,064,595 12.8% 12.8%$2.16 1,058,929$2.16 1,058,9291,097,149 2,640,932 1,097,149 2,640,932 Jurisdiction Jurisdiction Type Type Projects Projects Units Units Projects Units Projects Units City of HendersonCity of Henderson 103 4,107,626103 17.4% 4,107,626 17.4%$2.45 210,540$2.45 210,540117,882 566,015 117,882 566,015 City of North Las Vegas 23 543,944 8.3% $2.43 70,749 24,466 242,971 Unincorporated LasUnincorporated Vegas Valley Las Vegas Age Restricted Valley Age Restricted - - - - 1 304 1 304 City of North Las Vegas 23 543,944 8.3% $2.43 70,749 24,466 242,971 City of Las Vegas 271 11,024,945 7.2% $2.09 257,020 471,204 725,908 Affordable Affordable ------City of Las Vegas 271 11,024,945 7.2% $2.09 257,020 471,204 725,908 Affordable & Age AffordableRestricted & Age Restricted ------Las Vegas RDA (Incl.Las Vegasin CLV RDA total) (Incl. in CLV49 total)2,251,993 49 13.7%2,251,993 13.7%$2.00 394,123$2.00 394,123 - 192,000 - 192,000 Conventional 2 730 4 1,457 Conventional 2 730 4 1,457 Las Vegas ValleyLas Vegas Valley 845 32,741,110845 32,741,110 11.4% 11.4%$2.20 1,597,238$2.20 1,597,238 1,710,701 4,175,826 1,710,701 4,175,826 Total Total 2 730 2 730 5 1,761 5 1,761 City of Henderson Age Restricted - - - - Industrial InventoryIndustrial Inventory# of Projects #Total of Projects space VacancyTotal space Avg. Vacancylease rate Avg.Absorption lease rate UnderAbsorption Const. UnderPlanned Const. Planned City of Henderson Age Restricted - - - - (sf) (%) (sf) (sf) (sf) Affordable Affordable ------(sf) (%) (sf) (sf) (sf) Affordable & Age AffordableRestricted & Age Restricted ------Unincorporated LasUnincorporated Vegas Valley Las Vegas 1,252 Valley 43,623,139 1,252 43,623,139 6.1% 6.1%$0.71 3,299,960$0.71 3,299,960 846,585 1,544,011 846,585 1,544,011 Conventional Conventional - - - - 2 415 2 415 City of HendersonCity of Henderson 195 6,267,302195 6,267,302 7.6% 7.6%$0.51 804,650$0.51 804,650268,738 427,240 268,738 427,240 Total - - 2 415 Total - - 2 415 City of North Las CityVegas of North Las Vegas 266 12,326,204266 12,326,204 7.8% 7.8%$0.51 1,931,210$0.51 1,931,210 462,875 303,537 462,875 303,537 City of North Las Vegas Age Restricted - - - - City of North Las Vegas Age Restricted - - - - City of Las VegasCity of Las Vegas 237 6,174,028237 6,174,028 4.7% 4.7%$0.82 384,564$0.82 384,564 - - - - Affordable Affordable ------Las Vegas RDA (Incl. in CLV total) 78 1,462,670 1.9% $1.00 -13,815 - - Affordable & Age Restricted - - - - Las Vegas RDA (Incl. in CLV total) 78 1,462,670 1.9% $1.00 -13,815 - - Affordable & Age Restricted - - - - Las Vegas ValleyLas Vegas Valley 1,950 68,390,6731,950 68,390,673 6.4% 6.4%$0.65 6,420,384$0.65 6,420,384 1,578,198 2,274,788 1,578,198 2,274,788 Conventional Conventional 1 340 1 340 2 1,040 2 1,040 Total Total 1 340 1 340 2 1,040 2 1,040 City of Las VegasCity of Las Vegas Age Restricted Age Restricted ------(7) (7) Affordable Affordable ------For-Lease CommercialFor-Lease EmploymentCommercial Employment Affordable & Age AffordableRestricted & Age Restricted ------Conventional 1 410 2 528 Conventional 1 410 2 528 Retail Employment Existing Under Construction Planned Total Total 1 410 1 410 2 528 2 528 Retail Employment Existing Under Construction Planned Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley 34,105 34,105 12 12 3,441 3,441 Las Vegas RDA Las Vegas RDA Age Restricted Age Restricted ------City of HendersonCity of Henderson 14,446 14,446 591 591 429 429 (Included in CLV (Incltotal)ud ed in CLV total)Affordable Affordable ------City of North Las Vegas 6,506 0 477 Affordable & Age Restricted - - - - City of North Las Vegas 6,506 0 477 Affordable & Age Restricted - - - - City of Las VegasCity of Las Vegas 28,279 28,279 752 752 520 520 Conventional Conventional ------Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV total)1,452 1,452 0 0 118 118 Total Total ------Las Vegas ValleyLas Vegas Valley 83,337 83,337 1,356 1,356 4,868 4,868 Las Vegas ValleyLas Vegas Valley Affordable Affordable - - - - 1 304 1 304

Age Restricted Age Restricted ------Affordable & AgeAffordable Restricted & Age Restricted ------Office EmploymentOffice Employment Existing ExistingUnder ConstructionUnder ConstructionPlanned Planned Conventional Conventional 4 1,480 4 1,480 10 3,440 10 3,440 Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley 84,989 84,989 2,012 2,012 7,677 7,677 Total Total 4 1,480 4 1,480 11 3,744 11 3,744 City of HendersonCity of Henderson 19,392 19,392 557 557 549 549 City of North Las CityVegas of North Las Vegas 2,849 2,849 128 128 897 897 Note: Affordable is subsidizedNote: Affordable housing is subsidizedunder Section housing 42 of underthe IRS Section tax code. 42 of Age the Restricted IRS tax code. is senior Age Restrictedhousing, generally is senior age housing, 55 years generally and older. age 55 years and older. City of Las VegasCity of Las Vegas 58,440 58,440 1,512 1,512 1,138 1,138 Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV total)11,107 11,107 0 0 0 0 (6) (6) Las Vegas Valley 165,670 4,208 10,261 Proposed ApartmentProposed Units Apartment by Quarter Units by Quarter Las Vegas Valley 165,670 4,208 10,261

Jurisdiction Jurisdiction Q3, 05 Q4, 05Q3, 05 2005 Q4, 05 Q1, 062005 Q2, 06 Q1, 06 Q3, 06 Q2, 06 Q4, 06Q3, 06 2006 Q4, 06 2006 Industrial Employment Existing Under Construction Planned Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley 730 - 730 730 - 392 730 1,094 392 275 1,094 - 275 1,761 - 1,761 Industrial Employment Existing Under Construction Planned City of Henderson - - - - 415 - - 415 Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley 74,473 74,473 672 672 1,621 1,621 City of Henderson - - - - 415 - - 415 City of Henderson 10,533 276 607 City of North Las CityVegas of North Las Vegas - 340 - 340 340 340- 1,040 - - 1,040 - - 1,040 - 1,040 City of Henderson 10,533 276 607 City of Las Vegas - 410 410 - 336 192 - 528 City of North Las CityVegas of North Las Vegas 20,658 20,658 405 405 314 314 City of Las Vegas - 410 410 - 336 192 - 528 City of Las Vegas 10,697 0 0 Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV - total) ------City of Las Vegas 10,697 0 0 Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV total)2,609 2,609 0 0 0 0 Las Vegas ValleyLas Vegas Valley 730 750 730 1,480 750 3921,480 2,885 392 467 2,885 - 467 3,744 - 3,744 Las Vegas ValleyLas Vegas Valley 116,361 116,361 1,353 1,353 2,543 2,543

-2- -2- -3- -3-

Insert 2 << THE URBAN RENAISSANCE > SEPTEMBER 2005 THE URBAN RENAISSANCE > SEPTEMBER 2005 >> Insert 3 LAS VEGASL VASALLEY VEGAS VALLEY LAS VEGASL VASALLEY VEGAS VALLEY FACT SHEETF ACT SHEET FACT SHEETF ACT SHEET APRIL THROUGHAPRIL J THROUGHUNE 2005 JUNE 2005 APRIL THROUGHAPRIL J THROUGHUNE 2005 JUNE 2005 Real Estate Indicators Real Estate Indicators Real Estate RealIndicators, Estate cont.Indicators, cont. (5) For-Sale Attached and Detached Residential Projects (5) (6) For-Sale Attached and Detached Residential Projects Apartment RentsApartment and Vacancy Rents and Vacancy (6) Active ProjectsActive Projects Jurisdiction Jurisdiction Projects TotalProjects Units Total Units Units Unsold Units Q2 Unsold Sales Avg. Q2 Min Sales Price* Avg. Avg. Min Price Price*/sf Avg. Price/sf Jurisdiction Jurisdiction Average MonthlyAverage Rent Monthly Rent Average VacancyAverage Rate Vacancy Rate Unincorporated Las Vegas Valley 210 48,968 18,672 6,361 $353,912 $229 Unincorporated Las Vegas Valley 210 48,968 18,672 6,361 $353,912 $229 Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley $829 $829 5.2% 5.2% City of Henderson 41 13,959 4,293 788 $378,120 $180 City of Henderson 41 13,959 4,293 788 $378,120 $180 City of HendersonCity of Henderson $897 $897 5.2% 5.2% City of North Las Vegas 74 15,179 6,849 2,004 $319,878 $155 City of North Las Vegas 74 15,179 6,849 2,004 $319,878 $155 City of North Las CityVegas of North Las Vegas $801 $801 5.1% 5.1% City of Las Vegas** 56 10,599 3,295 1,602 $369,621 $212 City of Las Vegas** 56 10,599 3,295 1,602 $369,621 $212 City of Las VegasCity of Las Vegas $753 $753 5.0% 5.0% Las Vegas RDA (Incl. in CLV total) 4 908 306 282 $855,468 $438 Las Vegas RDA (Incl. in CLV total) 4 908 306 282 $855,468 $438 Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV total) $626 $626 5.1% 5.1% Las Vegas Valley 381 88,705 33,109 10,755 $348,319 $206 Las Vegas Valley 381 88,705 33,109 10,755 $348,319 $206 Las Vegas Valley*Las Vegas Valley* $790 $790 5.2% 5.2%

Proposed Projects Proposed Projects *Direct rent and vacancy rates based on weighted average. Jurisdiction Jurisdiction Projects Multi-familyProjects Units Multi-family Single family Units Units Single SFR family / MF Units Units Mixed SFR / MF Units Total MixedUnits Planned Total Units Planned *Direct rent and vacancy rates based on weighted average. Unincorporated Las Vegas Valley 423 21,962 35,770 910 58,642 Unincorporated Las Vegas Valley 423 21,962 35,770 910 58,642 For-Lease Commercial Inventory (7) (7) City of HendersonCity of Henderson 76 764,068 4,068 5,820 5,820 909 909 10,797 10,797 For-Lease Commercial Inventory City of North Las CityVegas of North Las Vegas 107 1072,917 2,91714,655 14,655 1,771 1,771 19,343 19,343 Retail Inventory # of Projects Total space Vacancy Avg. lease rate Absorption Under Const. Planned City of Las Vegas 72 5,938 2,990 0 8,928 Retail Inventory # of Projects Total space Vacancy Avg. lease rate Absorption Under Const. Planned City of Las Vegas 72 5,938 2,990 0 8,928 (sf) (%) (sf) (%) (sf) (sf)(sf) (sf)(sf) (sf) Las Vegas RDA (Incl. in CLV total) 6 1,836 0 0 1,836 Las Vegas RDA (Incl. in CLV total) 6 1,836 0 0 1,836 Unincorporated LasUnincorporated Vegas Valley Las Vegas 105 Valley 16,486,063 105 16,486,063 6.9% 6.9%$1.59 823,736$1.59 823,736114,340 2,874,430 114,340 2,874,430 Las Vegas Valley 678 34,885 59,235 3,590 97,710 Las Vegas Valley 678 34,885 59,235 3,590 97,710 City of HendersonCity of Henderson 46 6,846,57146 6,846,571 5.1% 5.1%$1.96 564,683$1.96 564,683 - 326,902 - 326,902 City of North Las Vegas 19 2,976,092 1.6% $1.92 311,746 - 1,015,871 * Average price and price per sf are weighted by Q2 units sold. City of North Las Vegas 19 2,976,092 1.6% $1.92 311,746 - 1,015,871 * Average price and price per sf are weighted by Q2 units sold. City of Las Vegas 72 13,158,866 3.3% $1.75 1,168,292 - 822,048 ** Excluding the RDA,** Excludingthe CLV average the RDA, minimum the CLV price average and minimumaverage price price per and sf average are $265,826 price per/ $163. sf are $265,826 / $163. City of Las Vegas 72 13,158,866 3.3% $1.75 1,168,292 - 822,048 Note: Active definedNote: as projects Active havingdefined sales as projects this quarter, having or sales having this unsold quarter, units. or having unsold units. Las Vegas RDA (Incl.Las Vegasin CLV RDA total) (Incl. in CLV6 total) 684,6986 4.6%684,698 4.6%$1.35 36,317$1.35 36,317 - 55,710 - 55,710 Las Vegas ValleyLas Vegas Valley 242 39,467,592242 39,467,592 5.0% 5.0%$1.70 2,868,457$1.70 2,868,457 114,340 5,039,251 114,340 5,039,251 (6) Proposed Apartment Projects (6) Proposed Apartment Projects Office InventoryOffice Inventory# of Projects #Total of Projects space VacancyTotal space Avg. Vacancylease rate Avg.Absorption lease rate UnderAbsorption Const. UnderPlanned Const. Planned Year of Completion Year of Completion (sf) (%) (sf) (%) (sf) (sf)(sf) (sf)(sf) (sf)

Q3 - Q4, 2005 Q3 - Q4, 2005 2006 2006 Unincorporated LasUnincorporated Vegas Valley Las Vegas 448 Valley 17,064,595 448 17,064,595 12.8% 12.8%$2.16 1,058,929$2.16 1,058,9291,097,149 2,640,932 1,097,149 2,640,932 Jurisdiction Jurisdiction Type Type Projects Projects Units Units Projects Units Projects Units City of HendersonCity of Henderson 103 4,107,626103 17.4% 4,107,626 17.4%$2.45 210,540$2.45 210,540117,882 566,015 117,882 566,015 City of North Las Vegas 23 543,944 8.3% $2.43 70,749 24,466 242,971 Unincorporated LasUnincorporated Vegas Valley Las Vegas Age Restricted Valley Age Restricted - - - - 1 304 1 304 City of North Las Vegas 23 543,944 8.3% $2.43 70,749 24,466 242,971 City of Las Vegas 271 11,024,945 7.2% $2.09 257,020 471,204 725,908 Affordable Affordable ------City of Las Vegas 271 11,024,945 7.2% $2.09 257,020 471,204 725,908 Affordable & Age AffordableRestricted & Age Restricted ------Las Vegas RDA (Incl.Las Vegasin CLV RDA total) (Incl. in CLV49 total)2,251,993 49 13.7%2,251,993 13.7%$2.00 394,123$2.00 394,123 - 192,000 - 192,000 Conventional 2 730 4 1,457 Conventional 2 730 4 1,457 Las Vegas ValleyLas Vegas Valley 845 32,741,110845 32,741,110 11.4% 11.4%$2.20 1,597,238$2.20 1,597,238 1,710,701 4,175,826 1,710,701 4,175,826 Total Total 2 730 2 730 5 1,761 5 1,761 City of Henderson Age Restricted - - - - Industrial InventoryIndustrial Inventory# of Projects #Total of Projects space VacancyTotal space Avg. Vacancylease rate Avg.Absorption lease rate UnderAbsorption Const. UnderPlanned Const. Planned City of Henderson Age Restricted - - - - (sf) (%) (sf) (sf) (sf) Affordable Affordable ------(sf) (%) (sf) (sf) (sf) Affordable & Age AffordableRestricted & Age Restricted ------Unincorporated LasUnincorporated Vegas Valley Las Vegas 1,252 Valley 43,623,139 1,252 43,623,139 6.1% 6.1%$0.71 3,299,960$0.71 3,299,960 846,585 1,544,011 846,585 1,544,011 Conventional Conventional - - - - 2 415 2 415 City of HendersonCity of Henderson 195 6,267,302195 6,267,302 7.6% 7.6%$0.51 804,650$0.51 804,650268,738 427,240 268,738 427,240 Total - - 2 415 Total - - 2 415 City of North Las CityVegas of North Las Vegas 266 12,326,204266 12,326,204 7.8% 7.8%$0.51 1,931,210$0.51 1,931,210 462,875 303,537 462,875 303,537 City of North Las Vegas Age Restricted - - - - City of North Las Vegas Age Restricted - - - - City of Las VegasCity of Las Vegas 237 6,174,028237 6,174,028 4.7% 4.7%$0.82 384,564$0.82 384,564 - - - - Affordable Affordable ------Las Vegas RDA (Incl. in CLV total) 78 1,462,670 1.9% $1.00 -13,815 - - Affordable & Age Restricted - - - - Las Vegas RDA (Incl. in CLV total) 78 1,462,670 1.9% $1.00 -13,815 - - Affordable & Age Restricted - - - - Las Vegas ValleyLas Vegas Valley 1,950 68,390,6731,950 68,390,673 6.4% 6.4%$0.65 6,420,384$0.65 6,420,384 1,578,198 2,274,788 1,578,198 2,274,788 Conventional Conventional 1 340 1 340 2 1,040 2 1,040 Total Total 1 340 1 340 2 1,040 2 1,040 City of Las VegasCity of Las Vegas Age Restricted Age Restricted ------(7) (7) Affordable Affordable ------For-Lease CommercialFor-Lease EmploymentCommercial Employment Affordable & Age AffordableRestricted & Age Restricted ------Conventional 1 410 2 528 Conventional 1 410 2 528 Retail Employment Existing Under Construction Planned Total Total 1 410 1 410 2 528 2 528 Retail Employment Existing Under Construction Planned Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley 34,105 34,105 12 12 3,441 3,441 Las Vegas RDA Las Vegas RDA Age Restricted Age Restricted ------City of HendersonCity of Henderson 14,446 14,446 591 591 429 429 (Included in CLV (Incltotal)ud ed in CLV total)Affordable Affordable ------City of North Las Vegas 6,506 0 477 Affordable & Age Restricted - - - - City of North Las Vegas 6,506 0 477 Affordable & Age Restricted - - - - City of Las VegasCity of Las Vegas 28,279 28,279 752 752 520 520 Conventional Conventional ------Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV total)1,452 1,452 0 0 118 118 Total Total ------Las Vegas ValleyLas Vegas Valley 83,337 83,337 1,356 1,356 4,868 4,868 Las Vegas ValleyLas Vegas Valley Affordable Affordable - - - - 1 304 1 304

Age Restricted Age Restricted ------Affordable & AgeAffordable Restricted & Age Restricted ------Office EmploymentOffice Employment Existing ExistingUnder ConstructionUnder ConstructionPlanned Planned Conventional Conventional 4 1,480 4 1,480 10 3,440 10 3,440 Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley 84,989 84,989 2,012 2,012 7,677 7,677 Total Total 4 1,480 4 1,480 11 3,744 11 3,744 City of HendersonCity of Henderson 19,392 19,392 557 557 549 549 City of North Las CityVegas of North Las Vegas 2,849 2,849 128 128 897 897 Note: Affordable is subsidizedNote: Affordable housing is subsidizedunder Section housing 42 of underthe IRS Section tax code. 42 of Age the Restricted IRS tax code. is senior Age Restrictedhousing, generally is senior age housing, 55 years generally and older. age 55 years and older. City of Las VegasCity of Las Vegas 58,440 58,440 1,512 1,512 1,138 1,138 Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV total)11,107 11,107 0 0 0 0 (6) (6) Las Vegas Valley 165,670 4,208 10,261 Proposed ApartmentProposed Units Apartment by Quarter Units by Quarter Las Vegas Valley 165,670 4,208 10,261

Jurisdiction Jurisdiction Q3, 05 Q4, 05Q3, 05 2005 Q4, 05 Q1, 062005 Q2, 06 Q1, 06 Q3, 06 Q2, 06 Q4, 06Q3, 06 2006 Q4, 06 2006 Industrial Employment Existing Under Construction Planned Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley 730 - 730 730 - 392 730 1,094 392 275 1,094 - 275 1,761 - 1,761 Industrial Employment Existing Under Construction Planned City of Henderson - - - - 415 - - 415 Unincorporated LasUnincorporated Vegas Valley Las Vegas Valley 74,473 74,473 672 672 1,621 1,621 City of Henderson - - - - 415 - - 415 City of Henderson 10,533 276 607 City of North Las CityVegas of North Las Vegas - 340 - 340 340 340- 1,040 - - 1,040 - - 1,040 - 1,040 City of Henderson 10,533 276 607 City of Las Vegas - 410 410 - 336 192 - 528 City of North Las CityVegas of North Las Vegas 20,658 20,658 405 405 314 314 City of Las Vegas - 410 410 - 336 192 - 528 City of Las Vegas 10,697 0 0 Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV - total) ------City of Las Vegas 10,697 0 0 Las Vegas RDA (LasIncl udVegased in RDACLV (total)Includ ed in CLV total)2,609 2,609 0 0 0 0 Las Vegas ValleyLas Vegas Valley 730 750 730 1,480 750 3921,480 2,885 392 467 2,885 - 467 3,744 - 3,744 Las Vegas ValleyLas Vegas Valley 116,361 116,361 1,353 1,353 2,543 2,543

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Insert 2 << THE URBAN RENAISSANCE > SEPTEMBER 2005 THE URBAN RENAISSANCE > SEPTEMBER 2005 >> Insert 3 LAS VEGAS VLALLEYAS VEGAS VALLEY LAS VEGAS VLALLEYAS VEGAS VALLEY FACT SHEET FACT SHEET FACT SHEET FACT SHEET APRIL THROUGHAPRIL JUNE THROUGH 2005 JUNE 2005 APRIL THROUGHAPRIL JUNE THROUGH 2005 JUNE 2005 Real Estate Indicators,Real Estate cont. Indicators, cont. Economic IndicatorsEconomic Indicators (8) (1) Building Permits Building Value (8)Permits Value Employment ActivityEmployment (1) Activity City of Las VegasCity of Las Vegas New NewNew New Commercial New New Commercial New New Indicator Indicator Clark County Clark (IncludesCounty RDA) (Includes Las VegasRDA) RDA Las Vegas RDA Jurisdiction Jurisdiction Category CategorySingle Family Multi-familySingle Family Multi-family & Industrial Hotel/Motel & Industrial Hotel/Motel Total Total Unemployment RateUnemployment Rate 4.1% 4.1% Units 4,085 1,774 n/a 1,528 7,387 Units 4,085 1,774 n/a 1,528 7,387 New Jobs* New Jobs* 22,750 22,750 5,684 5,684 1,562 1,562 Unincorporated Unincorporated Permits Permits 4,085 1304,085 130106 6 106 4,327 6 4,327 Total EmploymentTotal Employment 856,741 856,741 214,047 214,047 58,833 58,833 Clark County Clark Valuation County Valuation$524,889,822 $206,182,956$524,889,822 $206,182,956 $138,964,672 $225,757,848 $138,964,672 $1,095,795,298 $225,757,848 $1,095,795,298 Agriculture, Forestry, Agriculture, Fishing & HuntingForestry, Fishing & Hunting 182 182 6 6 0 0 Certificates of OccupancyCertificates of Occupancy 4,185 4,185 Mining Mining 435 435 6 6 0 0 Units Units 1,198 1771,198 177 0 0 0 1,375 0 1,375 Utilities Utilities 3,745 3,745 1,401 1,401 0 0 City of Henderson City Permits of Henderson Permits 1,198 1771,198 177 16 0 16 1,391 0 1,391 Construction Construction 98,328 98,328 14,712 14,712 3,502 3,502 Manufacturing 24,765 3,887 924 Valuation Valuation$220,686,157 $13,253,106$220,686,157 $13,253,106 $39,381,718 $39,381,718 $ - $273,320,981 $ - $273,320,981 Manufacturing 24,765 3,887 924 Wholesale Trade 23,945 4,249 677 Certificates of OccupancyCertificates of Occupancy 1,278 1,278 Wholesale Trade 23,945 4,249 677 Retail Trade Retail Trade 102,002 102,002 32,038 32,038 4,703 4,703 Units Units 1,754 4181,754 418n/a 0 n/a 2,172 0 2,172 Transportation & Warehousing Transportation & Warehousing 32,027 32,027 3,779 3,779 2,900 2,900 City of North Permits 1,754 101 26 0 1,881 City of North Permits 1,754 101 26 0 1,881 Information Information 11,857 11,857 5,457 5,457 1,178 1,178 Las Vegas* Las Valuation Vegas* Valuation$251,311,716 $32,977,111$251,311,716 $32,977,111 $36,005,720 $36,005,720 $ - $320,294,547 $ - $320,294,547 Finance & Insurance Finance & Insurance 33,751 33,751 14,290 14,290 1,319 1,319 Certificates of OccupancyCertificates of Occupancy 69 69 Real Estate Rental &Real Leasing Estate Rental & Leasing 21,673 21,673 5,698 5,698 653 653 Units Units 1,242 1391,242 139 0 0 0 1,381 0 1,381 Professional, Scientific, Professional, & Technical Scientific, Services & Technical Services 37,729 37,729 14,316 14,316 3,752 3,752 City of Las Vegas City Permits of Las Vegas Permits 1,242 1,24210 10 65 0 65 1,317 0 1,317 Management of Companies Management & Enterprises of Companies & Enterprises 8,575 8,575 2,104 2,104 377 377 Valuation Valuation$156,667,976 $$156,667,976 8,305,488 $ 8,305,488 $60,722,061 $60,722,061 $ - $225,695,525 $ - $225,695,525 Administrative & Support, Administrative Waste Management & Support, Waste Management 60,848 60,848 13,232 13,232 2,390 2,390 Educational Services 25,072 1,598 112 Certificates of OccupancyCertificates of Occupancy 1,264 1,264 Educational Services 25,072 1,598 112 Health Care & Social Assistance 60,117 28,029 978 Units Units 0 0 0 0 0 0 0 0 0 0 Health Care & Social Assistance 60,117 28,029 978 Arts, Entertainment, Arts, & Recreation Entertainment, & Recreation 19,905 19,905 3,529 3,529 505 505 Las Vegas RDA Las Permits Vegas RDA Permits 0 0 0 0 0 0 0 0 0 0 Accommodation & Food Accommodation Services & Food Services 233,499 233,499 37,841 37,841 15,244 15,244 (Incl. in CLV total) Valuation $ - $ - $ - $ - $ - (Incl. in CLV total) Valuation $ - $ - $ - $ - $ - Other Services (except Other Public Services Administration) (except Public Administration) 20,070 20,070 6,344 6,344 1,098 1,098 Certificates of OccupancyCertificates of Occupancy 11 11 Public Administration Public Administration 34,644 34,644 20,886 20,886 18,474 18,474 Units Units 8,279 2,5088,279 2,508 0 1,528 0 12,315 1,528 12,315 Unknown / Other Unknown / Other 3,572 3,572 645 645 47 47 Clark County** Clark Permits County** Permits 8,279 4188,279 418213 6 213 8,916 6 8,916 Valuation Valuation$1,153,555,671 $252,413,173$1,153,555,671 $252,413,173 $275,074,171 $225,757,848 $275,074,171 $1,915,106,351 $225,757,848 $1,915,106,351 Note: Employment is establishment-basedNote: Employment is (by establishment-based place of work) and (byincludes place mulitple of work) job and holders. includes This mulitple data is job not holders. seasonally This adjusted.data is not seasonally adjusted. *Estimated for the City of Las Vegas and the Redevelopment Area (RDA). Certificates of OccupancyCertificates of Occupancy 6,796 6,796 *Estimated for the City of Las Vegas and the Redevelopment Area (RDA).

*North Las Vegas records*North non-residential Las Vegas records certificates non-residential of occupancy certificates only. of occupancy only. Tourism ActivityTourism Activity **Excludes cities of Boulder**Excludes City & citiesMesquite. of Boulder City & Mesquite. (2) (2) Visitor Volume Visitor Volume April April May MayJune June Q2, 2005* Q2, 2005* Fremont Street ExperienceFremont Street Experience728,867 728,867891,644 891,644892,064 892,0642,512,575 2,512,575 Las Vegas Valley Las Vegas Valley 3,290,313 3,290,3133,370,380 3,370,3803,222,784 3,222,7849,883,477 9,883,477 Sources: Sources: (1) Department of Employment,(1) Department Training, of Employment, and Reha- Training, and Reha- Visitor Volume %Visitor Change Volume from Prior% Change Year: from Prior Year: bilitation, U.S. Census Bureau, City of Las Vegas. bilitation, U.S. Census Bureau, City of Las Vegas. Fremont Street ExperienceFremont Street Experience 11.9% 11.9% -0.3% -0.3%-8.7% -8.7% 0.3% 0.3% (2) Las Vegas Convention and Visitors Authority, (2) Las Vegas Convention and Visitors Authority, Las Vegas Valley Las Vegas Valley 1.5% 1.5% 3.4% 3.4%7.2% 7.2% 4.0% 4.0% Fremont Street Experience.Fremont Street Experience. (3) Nevada State Gaming(3) Nevada Control State Board. Gaming Control Board. (3) (3) Gaming RevenueGaming Revenue April April May MayJune June Q2, 2005* Q2, 2005* (4) County & Municipal(4) Countyjurisdictional & Municipal governments, jurisdictional governments, Strip $447,595,000 $538,751,000 $489,594,000 $1,475,940,000 Restrepo ConsultingRestrepo Group (RCG). Consulting Group (RCG). Strip $447,595,000 $538,751,000 $489,594,000 $1,475,940,000 Downtown $51,989,000 $58,076,000 $51,382,000 $161,447,000 (5) RCG, Hanley Wood Market Intelligence. Downtown $51,989,000 $58,076,000 $51,382,000 $161,447,000 (5) RCG, Hanley Wood Market Intelligence. Boulder Strip $61,766,000 $77,411,000 $77,321,000 $216,498,000 (6) RCG, Center for Business and Economic Re- Boulder Strip $61,766,000 $77,411,000 $77,321,000 $216,498,000 (6) RCG, Center for Business and Economic Re- Las Vegas MSA** $561,350,000 $674,238,000 $618,297,000 $1,853,885,000 search, CB Richard Ellis. Las Vegas MSA** $561,350,000 $674,238,000 $618,297,000 $1,853,885,000 search, CB Richard Ellis. Clark County Clark County $723,516,000 $723,516,000$860,380,000 $860,380,000 $797,153,000 $797,153,000$2,381,049,000 $2,381,049,000 (7) RCG, Colliers International.(7) RCG, Colliers International. (8) County & Municipal jurisdictional governments, (8) County & Municipal jurisdictional governments, Gaming RevenueGaming % Change Revenue from Prior% Change Year: from Prior Year: RCG. RCG. Strip Strip 8.0% 8.0% 14.8% 14.8%16.4% 16.4% 13.3% 13.3% Downtown Downtown -3.8% -3.8% -3.3% -3.3%-2.9% -2.9% -3.3% -3.3% Boulder Strip Boulder Strip 9.4% 9.4% 18.6% 18.6%7.1% 7.1% 11.9% 11.9% Las Vegas MSA** Las Vegas MSA** 6.9% 6.9% 13.4% 13.4%13.3% 13.3% 11.4% 11.4% Clark County Clark County 6.6% 6.6% 14.9% 14.9%13.2% 13.2% 11.8% 11.8%

*Q2, 2005 % changes are*Q2, measured 2005 % changes against Q2,are measured2004 and willagainst not necessarily Q2, 2004 and equal will the not simple necessarily average equal of %the changes simple averageby month. of % changes by month. The Las Vegas Valley Fact Sheet was **Las Vegas MSA is comprised**Las Vegas of the MSA Strip, is comprisedDowntown ofand the the Strip, Boulder Downtown Strip. and the Boulder Strip. generated per contract between the city of Las Vegas Office of Business Development (4) (4) and Restrepo Consulting Group LLC. License ActivityLicense Activity Jurisdiction Jurisdiction Business LicensesBusiness Issued Licenses IssuedTotal Active LicensesTotal Active Licenses 702.967.3188 702.967.3188 Unincorporated ClarkUnincorporated County Clark County 2,812 2,812 45,496 45,496 www.rcg1.comwww.rcg1.com City of Henderson City of Henderson 1,173 1,173 14,330 14,330 City of North Las VegasCity of North Las Vegas 587 587 8,682 8,682 City of Las Vegas City of Las Vegas 1,671 1,671 38,277 38,277 Las Vegas RDA (Incl Lasuded Vegas in CLV RDA total) (Incl uded in CLV total) 418 418 6,115 6,115 Clark County* Clark County* 6,243 6,243 106,785 106,785

*Excludes cities of Boulder*Excludes City & citiesMesquite. of Boulder City & Mesquite.

Disclaimer: The information furnished by Restrepo Consulting Group (RCG) LLC in its quarterly reports -4-to -1- the city under this contract has been obtained from sources RCG deems reliable and-4- is submitted subject -1- to errors, omissions and changes. Although Restrepo Consulting Group LLC has no reason to doubt its accuracy, RCG does not guarantee it.

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