Maguire/Thomas Partners Fifth & Grand, Ltd., Maguire/Thomas Partners Grand Place Tower, Ltd., Tax Matters Partner - Page 8

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          sites, the FAR for each of the proposed Library Tower and Grand             
          Place Tower buildings would exceed 23 to 1.                                 
               During MTP’s and CRA’s negotiation of the Library Square               
          development project in 1984, it was proposed that the City enact            
          an ordinance treating the Library Square tract as a single                  
          building site.  Under this ordinance, CRA would issue variations            
          to MTP permitting MTP to build Library Tower and Grand Place                
          Tower buildings as follows:                                                 
                                       Table 1                                        

                        Buildable Area           Total Permitted Net Floor Area       
                         Sq. Footage                     Sq. Footage                  
          Parcel       Gross     Net    Permitted Without Ord. &With Ord. &           
                                        FAR       CRA Variation CRA Variation         
          Library       69,277  55,600  6.0 : 1      333,600      1,300,000           
          Tower                                                                       
          Garage Plaza  75,000  75,000  17.5 : 1     562,500         26,000           
          Grand Place   60,500 52,500   6.0 : 1      315,000      1,200,000           
          Tower                                                                       
          One Bunker    30,384  30,400  37.2 : 1     220,000        240,000           
          Hill                                                                        
          Central                                                                     
          Library      147,211 147,211  17.5 : 1    1,104,083        361,000          
          Totals       382,372 360,711             2,535,183      3,107,000           

                                   Overall FAR:  48.12                                
               1 Includes a 25 percent density bonus for rehabilitation and expansion 
            of the Central Library.                                                   
               2 To be built within a building footprint not exceeding 3,000 square   
            feet.                                                                     
               3 The square footage of the existing building.                         
               4 Computed on the basis of gross buildable area square footage         
            (3,107,000 divided by 382,372, i.e., about 8.12).  The City’s Central City
            Community Plan provides for calculating FAR based on gross buildable square
            footage, and the CBD Plan provides for calculating FAR based on net       
            buildable square footage.  Overall FAR with respect to the five parcels   
            would be 8.61 if computed on a net buildable square footage basis.        
            (3,107,000 divided by 360,711, i.e., about 8.61.)                         






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