ECS ECONOMIC CONSULTING SERVICES

428 Old Newport Blvd. Newport Beach, CA 92663 Phone: (949) 574-0800 Fax: (949) 574-0848 www.economicconsultingservices.com

Memorandum Report

PRELIMINARY ANALYSIS OF REDEVELOPMENT POTENTIALS FOR THE E-ZONE LOCATED IN THE CITY OF BUENA PARK, CALIFORNIA

Prepared for:

THE CITY OF BUENA PARK

February, 2008 ECS ECONOMIC CONSULTING SERVICES

TABLE OF CONTENTS

Text Page

INTRODUCTION 1 THE ECONOMIC ENVIRONMENT OF THE E-ZONE IN THE CITY OF BUENA PARK 4 ORANGE COUNTY GENERAL OVERVIEW 4 THE CITY OF BUENA PARK 5 THE E-ZONE 7 SITE LOCATION 10 SITES AVAILABLE FOR DEVELOPMENT 11 THE AVAILABLE MARKETS 11 THE LOCAL RESIDENT MARKET 14 Population 15 Age and Income Demographics 18 Other General Demographic Data 20 THE VISITOR MARKET 25 Orange County Tourism 25 Tourists Staying with Friends and Relatives 30 Buena Park Tourist Market 30 MARKET SUMMARY 30 SWOT ANALYSIS FOR THE E-ZONE IN BUENA PARK 34 STRENGTHS 34 WEAKNESSES 34 OPPORTUNITIES 35 THREATS 35 ANALYSIS OF POTENTIALS FOR AN URBAN ENTERTAINMENT CENTER AT THE E-ZONE IN BUENA PARK 36 COMPARABLE SHOPPING, DINING AND ENTERTAINMENT CENTERS 36 CityWalk – Universal City, California 37 The Irvine Spectrum – Irvine, California 42 The Block at Orange – California 46 Summary of Comparable Shopping, Dining and Entertainment Centers 52 OTHER COMPARABLE/COMPETITIVE DEVELOPMENTS 55 Brea Downtown 55 Downtown Disney 55

ECS ECONOMIC CONSULTING SERVICES

TABLE OF CONTENTS -Continued-

Text Page

Anaheim GardenWalk 60 Victoria Gardens 63 Bella Terra 63 EXISTING RETAIL ENVIRONMENT IN BUENA PARK 66 Future Mall Potentials 71 EXISTING RETAIL ENVIRONMENT 71 ANALYSIS OF THE U.E.C. COMPONENT AT BUENA PARK’S E-ZONE DISTRICT 73 RECOMMENDED CONCEPT 73 Restaurants 75 Retail 75 Entertainment Venues 77 Total Space 77 U.E.C. ATTENDANCE AND FINANCIAL POTENTIALS 77 Attendance Potentials 78 Estimated Annual Sales & Sizing 80 Projected Rental Income 82 Ten-Year Summary of Attendance & Financial Potentials 83 Planning Factors 83 SUMMARY 86 ANALYSIS OF POTENTIALS FOR HOTEL RESORTS AT THE E-ZONE IN BUENA PARK 87 BACKGROUND DATA FOR HOTEL/RESORTS WITH WATERPARKS 87 Indoor Waterparks in the Dells 88 General Observations of Waterpark Facilities in the Lodging Industry 95 Hotel/Waterpark Resorts Characteristics 95 Typical Development Costs for Upscale Hotel Waterpark Resorts 96 BUENA PARK E-ZONE HOTEL MARKET, ROOM INVENTORY AND RATES 96 POTENTIALS FOR A HOTEL RESORT WITH WATER PARK 100 POTENTIALS FOR A HOTEL WITH CONFERENCE CENTER 104 SUMMARY 108 ANALYSIS OF POTENTIALS FOR AN AQUARIUM ATTRACTION AT THE E-ZONE IN BUENA PARK 108 REVIEW OF OTHER RIPLEY’S AQUARIUM ATTRACTIONS 108

ECS ECONOMIC CONSULTING SERVICES

TABLE OF CONTENTS -Continued-

Text Page

Ripley’s Aquarium – Myrtle Beach, South Carolina 108 Ripley’s Aquarium – Gatlinburg, Tennessee 110 Market Capture Rate Experience 110 ATTENDANCE POTENTIAL 113 TEN-YEAR ATTENDANCE AND FINANCIAL POTENTIALS 113 PLANNING FACTORS 116 SUMMARY 116 ANALYSIS OF POTENTIALS FOR A DINNER THEATER ATTRACTION AT THE E-ZONE IN BUENA PARK 118 ANALYSIS OF POTENTIALS FOR AN INTERACTIVE MUSEUM AT THE E-ZONE IN BUENA PARK 124 ANALYSIS OF POTENTIALS FOR A BASS PRO SHOP AT THE E-ZONE IN BUENA PARK 130 ANALYSIS OF POTENTIALS FOR A FREE-STANDING CONFERENCE CENTER AT THE E-ZONE IN BUENA PARK 130 SUMMARY OF USES 132 POTENTIAL ECONOMIC IMPACTS AND BENEFITS RESULTING FROM THE OPERATIONS & DEVELOPMENT OF THE RECOMMENDED ELEMENTS OF THE REVITALIZED E-ZONE IN BUENA PARK 139 ECONOMIC IMPACTS AND BENEFIT 139 COMPONENTS OF ECONOMIC IMPACT 139 Impact Areas 140 The Multiplier Effect 140 TAX REVENUE POTENTIALS 141 IMPACTS OF CONSTRUCTION 143 IMPACTS OF OPERATIONS 145 INDUCED VISITATION AND SPENDING 146 IMPACTS OF THE ECONOMIC MULTIPLIER 149 NON-QUANTIFIABLE IMPACTS 149 SUMMARY OF POTENTIAL SITES 151 SPECIFIC RECOMMENDATIONS 154 SITES ALONG BEACH BOULEVARD 154 WEST-END OF THE BUENA PARK MALL 154 KNOTT’S EASTERN-MOST PROPERTY 155 SOUTH-END OF MASTERPLAN ZONE 155 NORTH-END OF MASTERPLAN ZONE 156

ECS ECONOMIC CONSULTING SERVICES

LIST OF TABLES

Table Page

1 BUENA PARK FACT SHEET 6 2 OVERVIEW OF GENERAL OPERATING DATA FOR BUENA PARK’S MAIN ATTRACTIONS 9 3 BUENA PARK RESIDENT MARKET POPULATION, HOUSEHOLDS AND NUMBER OF FAMILIES 17 4 BUENA PARK RESIDENT MARKET ESTIMATED POPULATION BY AGE (2007) 19 5 BUENA PARK RESIDENT MARKET ESTIMATED HOUSEHOLDS BY HOUSEHOLD INCOME (2007) 21 6 BUENA PARK RESIDENT MARKET POPULATION BY RACE/ETHNICITY (2007) 22 7 BUENA PARK NUMBER OF HOUSING UNITS IN THE RESIDENT MARKET (2007) 23 8 BUENA PARK RESIDENT MARKET HOUSEHOLDS BY SIZE (2000) 24 9 ORANGE COUNTY VISITOR STATISTICS (2006) 26 10 STATISTICS AND TRENDS OF ROOM BUSINESS IN ORANGE COUNTY 27 11 BUENA PARK HOTEL STATISTICS 28 12 ORANGE COUNTY OVERNIGHT VISITOR MARKET IN HOTEL ACCOMMODATIONS (2006) 29 13 INVENTORY OF BUENA PARK E-ZONE HOTELS 31 14 BUENA PARK OVERNIGHT VISITOR MARKET IN HOTEL & MOTEL ACCOMMODATIONS (2006) 32 15 MARKET SUMMARY – FOR BUENA PARK’S E-ZONE (2007 & 2012) 33 16 OPERATING EXPERIENCE – CITYWALK, UNIVERSAL CITY (PHASE I & PHASE II) 38 17 UNIVERSAL’S CITYWALK – PHASE III 40 18 TENANT MIX AND SIZING AT THE IRVINE SPECTRUM 44 19 IRVINE SPECTRUM LIST OF PHASE II TENANTS 45 20 IRVINE SPECTRUM LIST OF PHASE III TENANTS 47 21 IRVINE SPECTRUM LIST OF PHASE IV TENANTS 48 22 THE BLOCK AT ORANGE GENERAL OPERATING DATA 49 23 COMPARATIVE ANALYSIS OF SPECIALTY SHOPPING, DINING AND ENTERTAINMENT CENTERS 53 24 BREA DOWNTOWN TENANT LIST 57 25 DOWNTOWN DISNEY DISTRICT INVENTORY OF TENANTS 59 26 ANAHEIM GARDENWALK GENERAL INFORMATION 61 27 GENERAL OPERATING DATA – BUENA PARK DOWNTOWN 67 28 INVENTORY OF BUENA PARK DINING OPTIONS 72 29 SELECTED NATIONAL CHAIN RESTAURANT OPERATING CHARACTERISTICS 74 30 PRELIMINARY TENANT MIX FOR THE PROPOSED RETAIL/ENTERTAINMENT CENTER 76 31 MARKET AND ATTENDANCE ANALYSIS FOR A U.E.C. PROJECT IN BUENA PARK 79 32 EVALUATION OF ACTIVITY AND RELATED SPATIAL REQUIREMENTS FOR A U.E.C. IN BUENA PARK 81 33 PRELIMINARY ANALYSIS OF A U.E.C. IN BUENA PARK 84 34 DESIGN DATA PLANNING FACTORS FOR THE PROPOSED U.E.C. 85

ECS ECONOMIC CONSULTING SERVICES

LIST OF TABLES

Table Page

35 GENERAL OPERATING DATA – GREAT WOLF LODGE 89 36 GENERAL OPERATING DATA – WILDERNESS HOTEL & GOLF RESORT 91 37 GENERAL OPERATING DATA – KALAHARI RESORT 92 38 GENERAL OPERATING DATA – CHULA VISTA RESORT 94 39 BUENA PARK HOTEL STATISTICS 98 40 STATISTICS AND TRENDS OF ROOMS BUSINESS IN ORANGE COUNTY 99 41 HOTEL WITH WATER PARK – BUENA PARK 101 42 PRELIMINARY ANALYSIS OF A HOTEL WITH WATERPARK IN BUENA PARK 102 43 PRELIMINARY ESTIMATE OF LAND AREA REQUIREMENT FOR A HOTEL WITH WATERPARK IN BUENA PARK 103 44 HOTEL WITH CONFERENCE CENTER – BUENA PARK 105 45 PRELIMINARY ANALYSIS OF A HOTEL WITH CONFERENCE CENTER IN BUENA PARK 106 46 PRELIMINARY ESTIMATE OF LAND AREA REQUIREMENT FOR A HOTEL AND CONFERENCE CENTER IN BUENA PARK 107 47 GENERAL OPERATING DATA – RIPLEY’S AQUARIUM - MYRTLE BEACH, SOUTH CAROLINA 109 48 GENERAL OPERATING DATA – RIPLEY’S AQUARIUM OF THE SMOKIES - GATLINBURG, TENNESSEE 111 49 MARKET ANALYSIS FOR COMPARABLE RIPLEY’S AQUARIUM FACILITIES 112 50 MARKET ANALYSIS FOR AN AQUARIUM PROJECT IN BUENA PARK 114 51 PRELIMINARY ANALYSIS FOR AN AQUARIUM ATTRACTION IN BUENA PARK 115 52 DESIGN DAY PLANNING FACTORS – PROPOSED AQUARIUM ATTRACTION 117 53 GENERAL OPERATING DATA – DIXIE STAMPEDE 119 54 ESTIMATED ATTENDANCE AND MARKET PENETRATION OF DIXIE STAMPEDE DINNER THEATERS 121 55 DINNER THEATER ANALYSIS – BUENA PARK 122 56 PRELIMINARY ANALYSIS OF A DINNER THEATER IN BUENA PARK 123 57 DINNER/SHOW THEATER LAND AREA REQUIREMENTS 125 58 TITANIC BRANSON SUMMARY OF OPERATIONS 126 59 PRELIMINARY ANALYSIS OF AN INTERACTIVE MUSEUM IN BUENA PARK 128 60 DESIGN DAY PLANNING FACTORS - PROPOSED INTERACTIVE MUSEUM ATTRACTION 129 61 FREE-STANDING CONFERENCE CENTER ANALYSIS – BUENA PARK 131 62 PRELIMINARY ANALYSIS OF FREE-STANDING CONFERENCE CENTER IN BUENA PARK 133 63 CONFERENCE CENTER LAND USE REQUIREMENTS 134 64 OVERALL ATTENDANCE/PATRONAGE, ON-SITE ACTIVITY AND LAND AREA REQUIREMENTS FOR VARIOUS USES PROPOSED FOR BUENA PARK E-ZONE 135 65 OVERALL USE ANALYSIS FOR BUENA PARK E-ZONE 142

ECS ECONOMIC CONSULTING SERVICES

LIST OF TABLES

Table Page

66 SALES TAX/BED TAX & PROPERTY TAX POTENTIALS FOR THE VARIOUS RECOMMENDED USES AT THE BUENA PARK E-ZONE 142 67 DIRECT CONSTRUCTION IMPACTS 144 68 BUENA PARK AREA ESTIMATED TOURIST VISITATION AND EXPENDITURES 147 69 IMPACT OF THE ECONOMIC MULTIPLIER ON DIRECT JOBS AND EXPENDITURES 150

LIST OF FIGURES

Figure Page

I BUENA PARK E-ZONE STUDY AREA 2 II MAP OF BUENA PARK’S E-ZONE 8 III AGENCY-OWNED SITES 12 IV COMMON OWNERSHIP SITES 13 V BUENA PARK RESIDENT MARKETS 16 VI CITYWALK SITE MAP 41 VII IRVINE SPECTRUM SITE MAP 43 VIII THE BLOCK AT ORANGE SITE MAP 51 IX MAP OF COMPARABLE/COMPETITIVE URBAN ENTERTAINMENT CENTERS AND SHOPPING CENTERS 56 X BREA DOWNTOWN SITE MAP 58 XI ANAHEIM GARDENWALK SITE MAP 62 XII VICTORIA GARDENS TENANT LIST AND MAP 64 XIII BELLA TERRA MAP AND TENANT LIST 65 XIV BUENA PARK DOWNTOWN LOWER LEVEL – SITE MAP 68 XV BUENA PARK DOWNTOWN UPPER LEVEL – SITE MAP 69 XVI BUENA PARK PLACE – SITE MAP 70 XVII BUENA PARK E-ZONE FUTURE POTENTIAL VISITATION 153

   

 
    
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OPERATING EXPERIENCE - CITYWALK, UNIVERSAL CITY PHASE I & PHASE II

INITIAL DEVELOPMENT - AS OF MAY 1993 • Development Cost - $150,000,000 • Development Size - 146,000 Sq. Ft. • Restaurant Space - 71,000 Sq. Ft. • Merchandise Space - 75,000 Sq. Ft.

EXPANDED DEVELOPMENT - AS OF JULY 1995 • Development Size - 90,600 Sq. Ft. • Restaurant Space • Entertainment Space Hard Rock Cafe - 15,000 Sq. Ft. B.B. King's Bar - 10,600 Sq. Ft. Country Western - 15,000 Sq. Ft. Major Sports Bar - 10,000 Sq. Ft. • Merchandise Space - 30,000 Sq. Ft. Hollywood Athletic Club - 10,000 Sq. Ft.

SALES INFORMATION Annual Annual Size Sales Sales Sq.Ft. Seats (millions) Per Sq.Ft. Restaurants Wolfgang Puck's 4,000 140 $3.0 $750 Gladstones 14,000 750 $10.0 $715 Hard Rock Cafe 15,000 500 $ 5.0 Food $1,000 (projected) $10.0 Mdse.

Merchandise $350 - $500/Sq.Ft./year - Low Must sell minimum of $350/sq.ft. per year $500 - $700/Sq.Ft./year - Medium to remain tenants Over $700/Sq.Ft./year - High

RENTAL RATES • Up to $60/Sq.Ft./Year • Most restaurants sales; more than cover the minimum rent.

MOVIES - CINEPLEX ODEON • 18 Theaters with attendance of 2.4 million/year. • Estimated at 4,500 seats and 112,500 sq. ft. • The theaters performance has increased substantially with CityWalk. • On average people attend 5 times a year.

MOTION BASE THEATER • 500 Seats • Annual rent = $1,000,000 • This attraction is reported to be doing marginally.

PARKING • 9,500 Spaces and adding 3,000 spaces • $6.00 to park w/ a $2.00 rebate for movies.

GENERAL COMMENTS • CityWalk is reportedly helping the Universal Hotel occupancy by about 10 percent. • Promotion Costs - $500,000 Annually • Security Costs - $600,000 Annually (Sheriff Station on Site) • Upstairs space isn't doing nearly as well as ground floor space • The Magic Show and Motion Base are only doing fair. • A peak-in park evening is 10,000 patrons. • Length of Stay - 4 hours with movie/ 3.25 without • Ice Rink - Attracts 30,000 during winter. Sponsored by Pepsi with $100,000 & split in revenue 50/50. • There are some 5 kiosks and are adding another 5.

SOURCE: Economic Consulting Services.

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39 Table 17

UNIVERSAL'S CITY WALK - PHASE III

Opened: April 13, 2000

Total Leasable Space: 93, 000 Sq. Ft.

Sit-Down Restaurants: CityFood Court Outlets: • Shanghai and Mein • Jerry's Famous Deli • Wasabi at City Walk • Versailles Restaurant • Buca di Beppo • Gaucho Grill Rapido • Cafe Tu Tu Tango • Rubio's Baja Grille • Karl Strauss Microbrewery & Beer Garden • Panda • Pit Fire Pizza Co. Retail Shops: • Tommy's Hamburgers • Skechers USA • Wetzel's Pretzels • Hollywood Harley Davidson • Benita's Frites • Kelly Slater's Quicksilver • Boatrider Club Entertainment: • Wound & Wound Toy Co. • IMAX-3D • Them! • Jillian's Hi-Life Bowling • Laundry Matt's • NASCAR Silicon Motor Speedway • Retro Rad • Club Rumba • Awesome Atoms • Howl at the Moon • Cirque Du Bijoux • Atomic Garage • Van's

SOURCE: Amusement Business

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43 Table 18

TENANT MIX AND SIZING AT THE IRVINE SPECTRUM

FACILITY SIZING: 39 acres

PARKING: Free Parking As of Phase II - 7,000 spaces

PHASE I FOOD SERVICE: Restaurants 44,000 sq. ft. Outdoor Seating 4,250 Food Court 16,000 Subtotal: 64,250 sq. ft.

RETAIL: Barnes & Noble 20,000 sq. ft. Blockbuster Music 11,000 Sega City 15,000 Out Takes 3,000 Other Kiosk Retail 3,000 Subtotal: 52,000 sq. ft.

THEATERS : 21 Screens & 6,900 Seats (inc. Imax) 141,000 sq. ft.

IMAX THEATER: 520 seats 3-D Imax 15,000 sq. ft. 580 for conventional Imax TOTAL: 272,250 sq. ft.

PHASE II SUMMARY $65 million expansion that included 55,000 sq. ft. Dave & Busters and 32 other new tenants; totaling some 250,000 square feet

The average Dave & Buster's facility brings in 700,000 annual visitors and $13 million in sales

PHASE III SUMMARY Completed by 2002 - 90% retail and total 332,000 square feet of space

PHASE IV SUMMARY To be completed by 2006 will bring the total space to 1.15 million square feet

OBSERVATION OF ON-SITE ACTIVITY: 1) Lunch business is better than expected. 2) Friday, Saturday and Sunday, is at or over capacity. 3) They have a strong support from the primary resident market on weekend nights for the cinemas and restaurants. 4) Some restaurants have up to 2 hour wait and movies tend to sell out

SOURCE: Economic Consulting Services.

44 Table 19

IRVINE SPECTRUM LIST OF PHASE II TENANTS

FACILITY (Opened in July, 1998) COMMENTS Dave & Buster's - 55,000 square feet restaurant/arcade/casino Sing Sing restaurant, live entertainment Johnny Rockets '50s-style diner Rock Bottom Restaurant & Brewery restaurant, brew pub Wetzel's Pretzels snacks Cool Planet ice cream, merchandise Jamba Juice juice bar The Coffee Bean & Tea Leaf coffee house Cuban Cigar Factory cigar store GLOW! glow-in-the-dark merchandise Limbo Lounge Gen X clothing for men and women NASCAR Silicon Motor Speedway virtual reality simulated auto racing Gary's Island tropical-style apparel Houdini's Magic Shop magic-related gifts Brookstone gifts and accessories DAPY gifts, cards O' My Sole casual shoes Skechers family casual footwear Watch Station/Sunglass Hut watches and sunglasses Electronics Boutique computer software, video games Lids hats and caps She'moni jewelry Vintage Animation animation "cells" and TV and movie art The Cheesecake Factory restaurant Fudgery candy store Speedway Cafe motor-sports-themed restaurant Gameworks video and virtual reality games Big Entertainment science fiction-comic related merchandise

Opened End of 1999 Crazy Horse Steakhouse & Saloon restaurant & live entertainment The Improv Comedy Club live entertainment comedy club

SOURCE: Irvine Spectrum Management and Economic Consulting Services.

45

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46 Table 20

IRVINE SPECTRUM LIST OF PHASE III TENANTS

FACILITY (Completed in 2002) COMMENTS Big Wheel ferris wheel Carousel carousel Beach Bound children's apparel/footwear Bellino Footwear footwear Chic Kids children's apparel/footwear Forever 21 women's apparel Robinsons May department store Suede apparel/footwear Urban Outfitters apparel/footwear V-Generation women's apparel Windsor Fashions women's apparel Auntie Anne's Pretzels snacks The Fish Market restaurant/eatery Funnel Factory snacks Gold Spoon Yogurt frozen yogurt Jody Maroni's Sausage Kingdom restaurant/eatery Red Robin restaurant/eatery Thaifoon-A Taste of Asia restaurant/eatery Valentino Chocolates candy store Wahoo's Fish Tacos restaurant/eatery Full Body Scanning Happy Nails & Spa nail salon and spa Le Optical Boutique glasses and sumglasses Planet Beauty beauty supplies Toni & Guy Hair Salon hair salon Kelly's Coffee & Fudge coffee and chocolates Tilly's apparel/footwear Advanced Motorsports motor-sports-themed store AT&T Wireless mobile phone store Barnes & Nobles bookstore Child's Play Toys toystore Claire's Accessories jewelry Fresh Lemonade home décor Hidden Dreams Fine Art Gallery art gallery Que Sera Italian gifts Ritz Camera camera store Russo's Pet Experience pet store Soap Box Star Photo photography service T-Mobile mobile phone store Tahitian Black Pearls jewelry Tres Jolie jewelry

SOURCE: Irvine Spectrum Management and Economic Consulting Services.

47 Table 21

IRVINE SPECTRUM LIST OF PHASE IV TENANTS

FACILITY (2004, 2005 & 2006) COMMENTS 2004 Angl women's apparel and accessories Baliston footwear Bodies in Motion health club California Pizza Kitchen restaurant/eatery Finish Line footwear Frederick's of Hollywood women's lingerie and accessories Hollister Co. teen apparel Javier's Cantina & Grill restaurant/eatery Kay Jewelers jewelry 2005 Ann Taylor Loft women's apparel Anthropologie women's apparel and accessories Aveda Salon & Spa salon and spa bebe women's apparel BEBE SPORT sport apparel and accessories The Body Shop skin and hair care products Brighton Collectibles accessories Chuao Chocolate Café restaurant/eatery J. Stephens footwear Kaitlyn Clothing women's apparel Kiddie Kandids photo studio LensCrafters eyewear Metropark apparel Nordstrom department store Old Navy apparel Perfumania designer fragrances Rip Curl sport apparel and accessories Robert Wayne Footwear footwear Rockport footwear Select Comfort mattress store Shana women's apparel Sharper Image innovative, high-quality products Tall Girl Shop women's apparel This Little Piggy Wears Cotton children's apparel Torrid women's apparel Under Armour sport apparel Verizon Wireless mobile phone store The Vitamin Shoppe health/nutrition/fitness store White House Black Market apparel and accessories 2006 Target everyday items

SOURCE: The Irvine Company and Economic Consulting Services

48 Table 22

THE BLOCK AT ORANGE GENERAL OPERATING DATA

OPENING DATE: November, 1998

DEVELOPMENT COST: $165.0 Million

TOTAL AVAILABLE SPACE 75 Acres

LEASABLE SPACE 800,000 Square Feet

NUMBER OF TENANTS: 114

EST. ANNUAL SALES$ 300,000,000

EST. ANNUAL ATTENDANCE 12,000,000

EST. PER CAPITA EXPENDITURES$ 25.00

TENANT SIZE BY TYPE RESTAURANT 240,000 Square Feet ENTERTAINMENT 235,000 Square Feet RETAIL 325,000 Square Feet TOTAL LEASABLE AREA 800,000

TENANT GENERAL DATA ANCHOR TENANTS: 11 SPECIALTY SHOPS 100 MAJOR RESTAURANTS 7 FOOD CAFE COURT: 24 Outlets CINEMA 30 Screens

HOURS OF OPERATION 10 am - 11 pm*

PARKING AVAILABLE DAILY 5,500 Spaces ADDITIONAL DURING PEAKS 2,500 8,000 Spaces

MAJOR COMPETITION: IRVINE SPECTRUM 1,150,000 Square Feet DISTANCE FROM THE BLOCK 15 Miles South

* Some restaurants & entertainment venues opened later

SOURCE: The Block at Orange and Economic Consulting Services.

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73 Table 29

SELECTED NATIONAL CHAIN RESTAURANT OPERATING CHARACTERISTICS

Average Unit Sales Average Average Number Selected Restaurant Concepts (millions) Size (sq. ft.) Sales/Sq. Ft. of Units

Carrabba's Italian Grill $3.10 6,650 $465 163

Buca di Beppo $2.5 to $3.0 8,000 $310 to $375 94 (300 seats)

Joe's Crab Shack $3.50 6,818 to 13,000 $270 to $510 138

Cheesecake Factory $11 5,400 to 17,300 $635 to 2,035 87 Cheesecake Factory 3 Grand Lux

PF Chang's $5.60 6,000 to 7,600 $735 to $930 103

McCormick & Schmick $5.20 6,000 to 14,000 $371 to $865 52 avg. 8,500

Wolfgang Puck - Full Service $4.5 to $4.8 4,300 $1,045 to $1,115 59

Ruth Chris Steakhouse $4.50 7,500 $600 88

Cheeseburger in Paradise $4.0 to $4.5 6,650 $600 to $675 6 (250 seats)

Biaggi's $4.00 6,750 to 7,425 $1,455 to $1,600 18 (250 to 275 seats)

Johny Carino's $2.50 6,430 $390 109

Kahunaville* $7.5 to $8.0 18,000 to 30,000 $645 11 (350 to 500 seats) average

AVERAGE $4.80 8,800 $545 138

* Selected units reportedly do up to $9.0 million.

SOURCE: Various restaurants; Chainleader Magazine; Economics Research Associates and Economic Consulting Services.

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88 Table 35

GENERAL OPERATING DATA GREAT WOLF LODGE

LOCATION: Wisconsin Dells, Wisconsin

OWNER: Great Lakes Companies, Inc., Great Bear Lodge, Sandusky, Ohio, Great Wolf Lodge

YEAR OPENED: June, 1997

NUMBER OF ROOMS: 309 all suite guest rooms with 13 suite styles.

HOTEL ROOM RATES: Suites: $269-$409 Condos: $299-$699

HOTEL OCCUPANCY RATE: 72 - 74% (according to the Senate Hospitality Group)

MEETING SPACE: 5,400 Sq. Ft.

NUMBER OF EMPLOYEES: Full Time: 150; Part Time: 150

PROPERTY OVERVIEW: INDOOR WATERPARK 64,000 square foot indoor entertainment area featuring: - Spirit Island™ - One of America's largest indoor waterparks - Ten waterslides - Five pools - Two whirlpools: Family and adult whirlpools - Fort Mackenzie™ - Interactive Treehouse Waterfort featuring a nearly 1,000-gallon tipping water bucket - Wolf's Den™ - Waterpark snack shop - Howlin' Tornado™ - Six-story extreme tube ride with 65-foot funnel drops 30 feet every second

OUTDOOR WATERPARK - Thunder Bay™ - Outdoor waterpark - Puddle's Pond™ - Features outdoor kiddie motorized bumper boats - Eagle Peak Rock Wall™ - A 25-foot tall rock climbing wall - Mini-Treehouse - A mini version of the indoor treehouse complete with tipping water bucket - Half Moon Lake™ - Leisure River winds around perimeter of outdoor waterpark - Sun Tan Island - More than 100 lounge chairs set around Half Moon Lake and Sun Tan Island - Four water basketball hoops - Howling Wolf - two outdoor waterslides (re-opening 2006)

ADMISSION FEES: Water Park: Free to hotel guests; not open to the public

OTHER AMENITIES: - Wiley's Woods™ - Interactive four-story, live video game adventure - Cameo - An Aveda® Concept Spa & Salon - Youkon Jack's™ Game Parlor - Over 70 games and ticket redemption center - Cub Club™ - Daily crafts, activities and bedtime storytelling - Iron Horse™ - Fitness room - The Loose Moose Bar & Grill™ - 200-seat casual, themed family restaurant - Bear Claw Cafe™ - Confectionery cafe featuring Starbucks specialty coffees - Buckhorn Exchange™ - Gift emporium and convenience store - Grand Clock Tower - Features an 8-minute "Rhythm of Nature" show - Mascots - Wiley™ the Wolf and Biko™ the Bear

PERCENTAGE OF FACILITIES' GUESTS: Under 3 4-12 13-18 19-29 30-45 Over 45 5% 30% 15% 10% 30% 10%

SOURCE: Great Wolf Lodge, Amusement Business, IAAPA-2004 International Directory and Buyer's Guide and Economic Consulting Services.

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GENERAL OPERATING DATA WILDERNESS HOTEL & GOLF RESORT

LOCATION: Lake Delton, Wisconsin

YEAR OPENED: June, 1995

NUMBER OF ROOMS: 443 standard hotel guest rooms, 76 condominiums, 40 vacation villas and cabins

HOTEL ROOM RATES: Average for the 443 standard rooms: $250-$275 (according to the Senate Hospitality Group)

HOTEL OCCUPANCY RATE: 70 - 75% (according to the Senate Hospitality Group)

PROPERTY OVERVIEW: The resort is divided into 2 areas: the New Frontier region and the Wild West region. NEW FRONTIER:  281 guest rooms  The Wild Canyon Café family-style restaurant  5 meeting rooms  Tommy Knockers Watering Hole  Sauna & fitness center  General Store  KLONDIKE KAVERN INDOOR WATERPARK  NEW FRONTIER OUTDOOR WATERPARK 65,000 sq. ft. waterpark featuring: 95,000 sq. ft. waterpark featuring: - The Hurricane - family raft ride - 600-ft lazy river - 400-ft. lazy river - 200-ft tube slide and a 400-ft tube slide - Two, 500-ft. tube rides - Kiddie area - Gold Mine Mountain - 45-ft high kid's activity area - Outdoor pools and hot spa - Indoor/outdoor pool - Cafeteria-style snack bar - Indoor/outdoor hot springs - Deck space with lounge chairs and tables - OK Coral Lazer Tag Arena - 8 high-end Cabanas available for rent - Lounge space, patio furniture and televisions - On-site café  OUTDOOR WAVE POOL 15,450 sq. ft. outdoor wave pool featuring: - Wave simulator generating waves as tall as 4 feet. - 2,150 sq. ft. play lagoon area - Lounge deck surrounding both pool and play lagoon area.

WILD WEST:  162 guest rooms  The Thirsty Buffalo Saloon  3 meeting rooms  The Giddy Up Pub  Fitness Center  Pistol Pete's Beans & Ice Cream  The Northern Lights Arcade  The Trading Post Gift Shop  Mackinac Tap & Snack Shack  O.P. Marketplace Convenience Store  WILD WEST INDOOR WATERPARK  LAKE WILDERNESES OUTDOOR WATERPARK 70,000 sq. ft. waterpark featuring: 40,000 sq. ft. waterpark featuring: - The Cannonbowl tube slide - 13,000 sq. ft. pool with built in lounging ridge - The Surge interactive wavepool - 300-ft. tube slide - The Fantastic Voyage raft ride - 220-ft body slide with plunge pool - Ransack Ridge - six-level free standing play feature - Two, 100-ft speed slides with plunge pool - Lap pool  DODGE 'EM CITY INDOOR PLAY PARK - Indoor/outdoor spa 30,000 sq. ft. featuring: - Children's wading pool with water activities - Timberland Playhouse - 3 story dry foam playhouse - Bar and lounge area - 12 high-end Cabanas available for rent

WILDERNESS WOODS GOLF CLUB 18-hole golf course

ADMISSION FEES: Water Park: Free to hotel guests; not open to the public Golf Club: hotel guests receive discounted golf rates.

SOURCE: Wilderness Hotel & Golf Resort and Economic Consulting Services. 91 Table 37

GENERAL OPERATING DATA KALAHARI RESORT

LOCATION: Wisconsin Dells, Wisconsin

NUMBER OF ROOMS: 740 African-themed guest rooms and suites

HOTEL ROOM RATES: Average room rate: $225-$250 (according to the Senate Hospitality Group)

HOTEL OCCUPANCY RATE:72 - 75% (according to the Senate Hospitality Group)

PROPERTY OVERVIEW:  INDOOR WATERPARK - Flowrider wave maker - Lazy River - 920 feet - Victoria Falls - 504 feet family raft ride - Master Blaster - 570 foot uphill water roller coaster - Wave Pool - Animal Kingdom with slides, interactive water features all surrounded by 3,000 sq. ft. pool - KidSplash play area  OUTDOOR WATERPARK - The Anaconda raft ride - Swahili Swirl flume ride - Wild Wildebeest raft ride - Splash Down Safari interactive play feature

ADMISSION FEES: Open to public All day admission $ 39.00 Evening admission$ 25.00

OPERATING HOURS: Indoor Waterpark: Open from 10 AM to 10 PM (Open one hour earlier for Resort guests) Memorial Day through Labor Day Outdoor Waterpark: Open from 10 AM to dusk, Memorial Day through Labor Day, weather permitting

 CONVENTION CENTER 65,000 sq. ft. of meeting space including: - 35 meeting rooms - Two ballrooms - 2,000 free self-parking spaces

OTHER AMENITIES: Spa Kalahari and Salon, restaurants, lounges and concessions, Pottery Pizzazz, Big Game Room, Desert Star Cinema, and shopping.

SOURCE: Kalahari Resort and Economic Consulting Services

92

             
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93 Table 38

GENERAL OPERATING DATA CHULA VISTA RESORT

LOCATION: Wisconsin Dells, Wisconsin

NUMBER OF ROOMS: 300 Expansion: 147 condominiums (groundbreaking: June 30, 2005)

HOTEL ROOM RATES: Guest Rooms Guest Suites Fantasy Suites Peak Season: $135 - $175 $180 - $270 $210 - $270 Off- Season: $70 - $130 $110 - $220 $150 - $230

MEETING SPACE: 40,000 sq. ft. meeting space featuring a 14,000 sq. ft. Conference Center

PROPERTY OVERVIEW: OUTDOOR WATERPARK  INDOOR WATERPARK 120,000 sq. ft. waterpark featuring: 30,000 sq. ft. waterpark featuring: - Adventure Lagoon swim/activity pool including 3 slides: - Forgotten Falls hot tub * 350 ft. Rattlesnake Run waterslide - Canyon Rock Ruin slides * 150 ft. Sidewinder slide - Cougar Crossing indoor pool * The Chute 40 ft. plunge slide - Coyote Mountain lagoon - Durango Drop body slide - El Nino wading pool - Switchback Canyon tube slide - Water Basketball - Red Rock Racers speed slides  Also indoors is an Exercise Room, - Gator Tail tube slide Sauna, The Lost City of Gold - Paradise Bay - pool, lounge chairs, Paradise Bay Poolside Café Arcade - Cactus Cove - wading pool designed for toddlers - Sulfur Springs Outdoor Whirlpool  Also outdoors is the Cactus Bar & Grill, New Desert Oasis sand play area and the Superstition Springs Mini-Golf Course

ADMISSION FEES: Water Park: Free to hotel guests; not open to the public

OTHER AMENITIES:  Chula Vista Golf Resort featuring an 18-hole course, full-service practice range and clubhouse  Live 50's Show  Spa del Sol

EXPANSION: Proposed Phase I Indoor Water Park as part of a $200 million condominium development project at the Chula Vista Resort. Plans call for nearly 60,000 square feet of water activities and playground including 8 in/outdoor water slides; interactive activities; treehouse with water slides; 500 gallon tipping bucket; in/outdoor jacuzzis; kiddie activity pool; water walks.

SOURCE: Chula Vista Resort and Economic Consulting Services.

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eas are considered to be tourist destinations and hence visitor attractions are typically patronized by tour- ists coming to the area.

ATTENDANCE POTENTIAL

Attendance at the proposed Ripley’s type aquarium project is tied directly to the available market and its growth. A breakdown of the resident and tourist markets for 2009 (a presumed first year of operations) their respective estimated capture rates, and estimated attendance potential is presented in Table 50.

A review of the table indicates that the primary resident market is estimated to be captured at a rate of 10 percent and the secondary market at a rate of 5 percent, or an overall average of 7 percent. For the tourist market, the capture rates are as follows: the overnight hotel visitors to Buena Park (Category I) at 20 per- cent; overnight visitors staying with friends and relatives of the primary market (Category II) at 5 percent; while tourists staying in the remaining hotel/motel overnight accommodations in Orange County estimated at 5 percent. Based on applying these rates to the potential available markets, the recommended Ripley’s type aquarium is projected to receive approximately 1.77 million visitors in its first year of operations, or about 7 percent of the total market of 26.7 million residents and tourists.

TEN-YEAR ATTENDANCE AND FINANCIAL POTENTIALS

A ten-year attendance and financial analysis for the recommended Aquarium project is presented in Table 51. As the table shows, attendance at an attraction of this type is estimated to increase from 1.77 million in 2009 to 2.05 million by the tenth operating year (2018). Per capita expenditures for this attraction are esti- mated at $16.21 in 2009 and increase to $21.15 by 2018. This is based on applying an admission yield of 75 percent of a base adult admission price of $16.95. Annual revenues are estimated to total $28.7 million in the first year and increase to $43.4 million by the tenth year. Operating expenses are estimated at 70 percent of revenues, which after deducting this from revenues yields an operating profit level that increases from $8.6 million in 2009 to some $13.0 million in year ten. For this use, the warranted investment is cal- culated at $71.6 million (based on the first year profit capitalized at 12 percent); while the development budget (including land cost) is estimated at $65 million.

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