Maguire/Thomas Partners Fifth & Grand, Ltd., Maguire/Thomas Partners Grand Place Tower, Ltd., Tax Matters Partner - Page 21

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               1.   Petitioners’ Expert                                               
               Petitioners’ expert was an attorney with extensive                     
          experience in representing clients engaged in real estate                   
          development projects, including private developers,                         
          redevelopment agencies, cities, and other public and private                
          entities.  He said that a variation provides project-specific               
          relief to a property owner from an otherwise applicable zoning              
          restriction, and that a variation covers only the particular                
          structure to be built.  He opined that a variation gives a                  
          property owner no right to construct a replacement building on              
          that property.                                                              
               Petitioners’ expert opined that Library Square and Fifth &             
          Grand obtained no benefits for the Library Tower and Grand Place            
          Tower parcels other than the Library Tower and Grand Place Tower            
          variations.  In contrast, he said that the covenants the City               
          recorded against the Central Library parcel would remain in                 
          effect until released by the City and/or CRA.                               
               Enactment by the City of Ordinance No. 159802 allowed the              
          MTP Designated Building Site to be established in order to treat            
          the five Library Square tract parcels as a single building site             
          to meet the City Charter’s 13-to-1 building density limitation.             
          Petitioners’ expert said that ordinance merely allowed CRA to               
          find and negotiate an agreement with a private developer wanting            








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