Lance Robbins, Principal, Urban Smart Growth, Los Angeles, CA

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Presented by Lance Robbins, Principal, Urban
Smart Growth, Los Angeles, CA
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• Hope Artiste Village is a community, an eclectic
  mix of artists and entrepreneurs all working and
  living together in one of the biggest mill
  restoration projects in Rhode Island History.
• We strive to be the new artistic center of Rhode
  Island...a New England Destination. With easy
  access from I-95 and located minutes away from
  downtown Providence, the new Hope Artist Village
  will be a cultural destination point. We welcome
  you to explore the possibilities...

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The Arts in Rhode Island
For nearly a decade now, Providence has been
hailed as the region's up and coming arts
renaissance center.
In recent years - and with increasing success -
Pawtucket has focused attention on attracting the
arts as an economic driver.
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Village Vision

• Balancing Artists and Small Businesses
• Building Community
• Development of a Regional Destination
• Excellence and Innovation in Historical
  Restoration

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Our First Years

• The Village Project started June 2005.Urban
  Smart Growth established construction and
  development team in the village.
• The project is currently in the middle of its
  second phase of development, and coming to the
  end of its first year of leasing.
• June 2005 - December 2007
• 47 Tenants 79,742sf
• 16 Signed Tenants for 2008, including 2
  Restaurants!

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• Leases total 63
• Leases signed within the last 6 months 40

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Incentives

• New Construction within Renovation
• Flexible Lease Terms
• Tenant fit-out needs incorporated into rent
• Taxes Included in Monthly Rent
• Enterprise Zone for Economic Growth
• Loan Programs from the City of Pawtucket
• Community Advertising/Events
• Synergetic Environment between Arts and Small
  Businesses

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Workshop Industry

• Light industrial spaces were the first completed
  spaces and are now 90 filled with a wide variety
  of artisan tenants.
• Weave Shed 1 100 occupied January 2008
• Weave Shed 2 60 occupied 20 on deposit

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2005- Light Industry
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Light Industry Before and After
Unit 715 in 2005
Unit 715 in 2007
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2007 Light Industry Before and After
The Hive Custom Tattoo Studio and Gallery
Space Available for Lease
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Office Suites
Our Executive Office Suites offer the flexible
lease terms, full list of amenities, and a
professional office atmosphere.

• Flexible Terms- yearly or month to month lease
  options.
• Utilities, taxes, data installation included.
• Community Kitchen!
• 80 rented, 20 under construction

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2005 Office
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2006 Office Before and After
Space Available for Lease
McCarten Violins Workshop
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Live / Work Lofts

• The Village has invited eleven live/work tenants
  to a small interactive community along Main
  Street. Each unit features impressively designed
  bathrooms and kitchens, open floor plans, and a
  dramatic spiral staircase. Refinished floors,
  exposed brick walls, and restored loft windows.
• 100 pre-leased between July and September 15th.

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2007- Live/Work
Close to Completion
Live/Work Model
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2005-Retail
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2008-Retail
Interior Shopping Hallway Boasts Newly
Constructed Historic Windows, Custom-made Doors,
and Buffed Concrete Flooring
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Open House September 20071000 attending
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The Floating Art Project, a guerilla-gallery
adopted 7,000 square feet of space for an
elaborate presentation of local artwork. Today,
the organization is also a tenant in our retail
development.
Hometown heroes, Zox, played an outdoor concert
at our Pawtucket Arts Festival Open House. Our
plans are to develop the space for a summer
concert series of local talent.
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Urban Smart Growth in Rhode Island

• Greystone Mills, North Providence
• Eagle Square Lofts, Providence
• The Conant Thread Factory, Pawtucket

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Urban Smart GrowthBelville, North Carolina

• 80-acre waterfront
• re-development of new town-center across from
  Wilmington, NC.

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Creative Negotiating Points

• Taking A Developers Fees May Be An After Tax
  Loser
• Withdrawing Tax Credit Proceeds As Return Of
  Capital Tax Free
• Allocation Of State Tax Credit Certificate To
  Admitted Partner Tax Free
• Negotiating Sale Of Additional Credits And
  Minimal Time Adjuster (Room To Move)
• Benefits Of Negotiating A Phased Project (Room
  To Move)
• Refinancing Alternatives-Negotiate Up Front With
  A Credit Partner

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USGS Economic Game Plan

• Buy Opportunities Ahead Of The Curve
• Build For Investment, Not Resale
• Build For Minimal Cost
• Credits Are Supplemental, Not A Necessity
• In-House Operations