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Ad Hoc Recommendation June 4, 2008 <br />Page 2 of 2 <br />A preliminary review of Cal-Coasts financial information by the Finance Director and Keyser <br />Marston reveals that they have the financial ability to fund pre-development costs through <br />entitlement. Similar to The Innisfree Companies, a fmancial partner would be brought in to fund <br />construction costs. The Finance Director has requested additional financial information from <br />Cal-Coast in order to complete the financial analysis. <br />An important element of developing the Shoreline-Marina opportunity site is to ensure the <br />proposed development reflects the desires of the community and takes into consideration local <br />concerns which the developer may not otherwise be aware o£ The creation of a Shoreline <br />Development Citizens Advisory Committee is recommended. <br />CONCLUSION <br />Following review of the proposals and interviews with Cal-Coast and the Innisfree Companies, <br />the Ad Hoc Committee recommends staff begin negotiating an Exclusive Right to Negotiation <br />Agreement with Cal-Coast and bring the Agreement to the Shoreline-Marina Committee in <br />September/October. Additionally, given the desire to ensure community involvement in the <br />visioning of the type of development that should occur at the Shoreline-Marina Area, the Ad Hoc <br />Committee also recommends staff begin work to create an advisory committee. <br />\\ch-fp01\dept$\CM\DEPT\Assistant TO CM\Cynthia CMOWIarina\NfasterDeveloperRFQ\AdHocRecommendation6-10- <br />08.docx <br />