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The Auto Dealer is also considering additional parcels, without Agency financial assistance. <br />There are two parcels: 1200 Marina Boulevard (for a new or used car dealership) and <br />1444 Marina Boulevard (for vehicle storage). The status of these parcels are in varying <br />stages of commitment. Therefore, they are excluded from this analysis. <br />2. Private Assemblage - Additional Obligations <br />The Auto Dealer will incur additional cost obligations in order to secure a cleared site ready <br />for development. These costs must be included in this analysis, as we are comparing the <br />Auto Dealer's site assemblage costs to other auto dealers' land costs. The value range <br />indicated by the comparables are for cleared sites ready for development with no extraordi- <br />nary site preparation'costs, such as remediation. Below are summarized the Auto Dealer's <br />additional obligations. <br />Environmental Remediation <br />The Auto Dealer has negotiated a clean-up plan for its private purchase of 1302-1314 Marina <br />Boulevard. The Auto Dealer is buying this property "as is." The Buyer (dealer) has <br />budgeted $75,000 for clean-up. This arrangement is independent of the Agency agreement <br />with the Auto Dealer regarding clears -up costs for the other properties. The Auto Dealer is <br />assuming the risk that the clean up costs could be higher. <br />Demolition <br />Several of the parcels in the Private -Assemblage are improved with older commercial and <br />industrial structures. The Auto Dealer is planning on reusing some of these existing <br />improvements and will demolish others. According to the Agency, the Auto Dealer would <br />be responsible for demolishing any improvements and rough grading and compacting the <br />Private Assemblage and there would be no costs to the Agency. The cost to the Dealer will <br />range from $40,000 to $120,000 depending on the extent of the demolition work. This <br />analysis assumes a cost of $80,000 for demolition. The Auto Dealer will also fund additional <br />demolition costs of $30,000 to demolish the single family house at 1072 Marina Boulevard. <br />Business Relocations <br />The Auto Dealer may negotiate relocation of tenants from 1302-1314 Marina Boulevard. <br />Multiple leases exist on various portions of the property. They are short-term in nature and <br />the Auto Dealer is worldng with individual leases regarding relocation plans. This analysis <br />assumes the Auto Dealer has no business relocation costs. <br />KEYSER MARSTON ASSOCIATES INC. <br />19096\001 4M.doc Page 15 <br />