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Preferred (Development) Alternative will be identified. Task 2.3: Feasibility Testing. SE will conduct a pro forma financial analysis to test the market Development Feasibility March 2016 feasibility of up to three development options on opportunity sites identified as part of the planning Analysis process. VMWP, in coordination with R+A and the scenario analysis process, will create detailed development project prototypes — including building characteristics such as square feet of use, parking spaces, parking format, leasable area, gross development area, etc. Prototypes will be indicative of opportunity sites found within the project area, with the intention of informing plan policy and development standards. Based on these prototypes, SE will estimate construction costs and attainable revenues. These estimates will be partly based on follow-up with developers interviewed during the Market Demand Analysis. A static financial model will be used to compare costs and capitalized project revenues in order to test sensitivity to variables such as building heights, density, inclusion of affordable housing, and increasing/decreasing market rents/sales prices. The sensitivity analysis will help clarify whether rents/values would need to increase to create a feasible project, and to understand the likely timeframe within which the tested project(s) would become feasible. The results will also be used to develop strategies and policies for incentivizing housing construction and fulfillment of affordable housing needs. Task 2.4: Photo-simulations, Massing Studies, and/or other Illustrative Graphics. Create photo- Illustrative Graphics March 2016 simulations and visual massing for the preferred alternative. This task could occur at the conclusion of the Visioning and Alternatives phase in order to summarize the preferred alternative direction for the community or elected officials, or could occur as a more direct component of plan development during Task 3.2. If City and Raimi + Associates mutually concur, detailed renderings of preferred plan concepts or designs may alternatively be substituted for or combined with the photo-simulations and massing studies at a level of effort not exceeding that established in the project budget. RAIMI + ASSOCIATES: BAY FAIR BART TRANSIT VILLAGE TOD SPECIFIC PLAN MAY 18, 2015 I PAGE A-8