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					bae urban economics
Southern California Qualifications
                                                                  BAE Southern California Qualifications

Since 1986, BAE has focused on creating sustainable communities by providing real estate
economics and development advisory services to clients throughout the U.S. BAE’s experience
ranges from statewide policy studies, to strategic plans, to development projects. Our work reflects
our commitment to excellence and dedication to the future of our places.

BAE’s services include feasibility studies, strategic planning, revitalization, public-private
transactions, public financing, fiscal and economic impacts analyses, and development advisory
services. We have extensive work experience in:

    Sustainable Development and TOD
    Economic Development
    Affordable and Workforce Housing
    Downtown & District Revitalization
    Public-Private Partnerships & Transactions
    Community Facilities and Parks
    Public Financing and Fees
    Economic Impacts

Our key asset is our highly-skilled core team of staff members who have worked together for many
years. Collectively, we bring our training in real estate development, city planning, geography,
economic development, marketing, and public policy to every engagement. We pioneered the use of
survey research to target urban housing products, created innovative GIS tools for smart growth
planning, and provided real estate advisory services to some of the largest revitalization and
sustainable development efforts in the U.S. BAE was the first urban economics practice to offer the
services of in-house LEED-AP professionals.

The outstanding quality of our work has been recognized by the American Planning Association (APA),
the Congress for New Urbanism, and other organizations through numerous awards for excellence.
The San Francisco Business Times has recognized BAE as one of the 100 Largest Women-Owned
Bay Area Businesses each year since 2000. BAE is also a certified Green Business.

This document highlights some of our accomplishments in southern California, as well as national
signature projects. For more information, see

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                                                                 BAE Southern California Qualifications

2010    West Broadway Urban Village Specific Plan
        Northern California Section, American Planning Association Award
        Baltimore State Center
        Charter Award, Congress for New Urbanism
2009    Stewardship Council Land Conservation Plan
        Association of Environmental Professionals’ Award
2008    Google High Technology Campus, NASA Ames Research Center
        Silicon Valley/San Jose Business Journal Deal of the Year Award
        San Leandro Downtown Transit-Oriented Development Strategy
        ABAG Growing Smarter Together Award
        23rd Street Specific Plan for the City of San Pablo
        Northern California Section, American Planning Association Award
2007    West Savannah Neighborhood Plan
        Georgia Section, American Planning Association
        Early Care and Education for All Plan for Alameda County
        Northern California Section, American Planning Association Award
2006    Presidio Trust Management Plan
        ULI Award for Excellence
2005    Coyote Valley Vision
        Charter Award, Congress for the New Urbanism
2004    West Hyattsville Transit Oriented Development Strategy
        AASHTO Best Project of the Year Award
2003    NASA Research Park
        Real Property Innovation, U.S. General Services Administration
        Bay Area Smart Growth Strategy
        Charter Award, Congress for the New Urbanism
2002    Interstate MAX Station Area Plan
        Oregon Chapter, American Planning Association Award
2001    Avila Beach Specific Plan
        California Chapter, American Planning Association Award
2000    NASA Research Park Economic Development Workbook
        Northern California Section, American Planning Association Award
1990s   Woodland East Street Corridor Specific Plan
        Sacramento Valley Section, American Planning Association Award
        Stockton Waterfront Revitalization Strategy
        California Chapter, American Planning Association Award
        Presidio Main Post Marketing Campaign
        National Association of Installation Developers
        The California Affordable Housing Cost Study
        California Chapter, American Planning Association Award
        Downtown Lemoore Revitalization Plan
        National Award, American Planning Association
        Downtown Larkspur Revitalization Plan
        Northern California Section, American Planning Association Award
        San Jose Housing Initiative
        Northern California Section, American Planning Association Award

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                                                                     BAE Southern California Qualifications

Los Angeles Sustainable Transit Communities Initiative
Mayor’s Office of City of Los Angeles, CA
                             The Sustainable Transit Communities initiative, led by the Mayor’s Office,
                             is developing a framework and guiding principles to rate more than 50
                             transit stations throughout the City of Los Angeles for transit-oriented
                             development, emphasizing affordable housing and job creation. BAE
                             served as the real estate economist on the consulting team engaged to
                             create this framework and identify 10 station areas with near-term
                             sustainable development opportunities. BAE analyzed demographic and
                             economic development trends, as well as real estate market conditions
                             and affordable housing needs in the area surrounding each of 50
stations. BAE’s work led to a rating of each station area in terms of near-term TOD opportunities,
and ability to create a sustainable development pattern with housing for all incomes and job

Statewide Transit-Oriented Development Study: Factors for Success
Caltrans, CA
This study created a landmark document profiling best practices in transit-oriented development
across California. Working with a transportation planner, BAE analyzed barriers and opportunities to
encourage transit-oriented development projects throughout the state. The study’s broad scope
included analysis of past planning and implementation efforts, financing profiles of five successful
projects, two developer panels to identify barriers and opportunities, and recommendations for state
agency actions to promote TOD and integrate its implementation within other state and local

Grantville Trolley Station Area Plan
Metropolitan Transportation System & Sandag
BAE, as part of a multidisciplinary team retained by SANDAG, worked with MTS to evaluate joint
development opportunities for the Grantville Trolley Station. This strategically located site offers
excellent freeway access and is well positioned to capture future growth spilling eastwards from
Mission Valley. However, the area faces significant obstacles in terms of visibility and its relationship
to adjacent industrial uses and site conditions, including flood zones, circulation challenges, and
traffic impacts from the nearby freeway off/on-ramps. BAE evaluated market potential for a variety
of mixed-use developments, including retail, office, for-sale and rental-residential (including student
housing serving nearby SDSU students). Work also included preparation of pro-formas to assess
prototype projects’ feasibility. The consultant team’s work was subsequently incorporated into a
larger Grantville community redevelopment planning effort.

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National City Plaza Boulevard TOD Opportunities
SANDAG and city of National City, CA
BAE assisted SANDAG, in collaboration with the City of National City, to identify transit-oriented
development alternatives for two key sites that will be adjacent to a future Bus Rapid Transit (BRT)
station running in the median of Interstate 15, south of downtown San Diego. This work is focused
on shifting existing proposed development projects to TOD even though the construction and
opening of BRT is five to seven years in the future. For one site, BAE worked with SANDAG and a
developer proposing a typical retail strip development to identify the financial feasibility of creating
denser phased development that could leverage a future BRT parking structure. The second site
was identified by BAE in its survey of the area, and is being considered as the preferred location for
the future BRT, with adjacent TOD that would also enhance pedestrian connections to the existing
neighborhood. BAE’s work included an assessment of market potential, preparation of development
pro-formas, and support for SANDAG’s meetings with property owners.

North Newhall TOD Specific Plan
City of Santa Clarita, CA
BAE served as the economics subcontractor for the preparation of a Specific Plan for a key infill area
located adjacent to the Newhall Station, on the Metrolink commuter rail line, which extends to
downtown Los Angeles. The City and the Specific Plan team collaborated to develop plans for a
mixed-use, transit-oriented district that will include commercial uses complementary to Old Town
Newhall, and a range of housing options that can attract rail commuters as well as people employed
within the local area. BAE’s work included a market overview for retail, office, and residential uses, a
financial analysis to test the viability of mixed-use development concepts, and an assessment of the
potential impacts of the Specific Plan on the City’s fiscal condition.

Long Beach Sustainability Strategy
City of Long Beach, CA
The City of Long Beach engaged BAE to create an implementation strategy for the City’s
sustainability policies related to green purchasing, green building, and sustainable land use
planning. BAE convened a series of workshops with city department heads to explore other cities’
approaches and Long Beach’s own practices, and to formulate new implementation procedures.
BAE also convened workshops with local architects and builders to discuss green building practices
that the City could adopt for its own facilities. The work culminated in a comprehensive
Sustainability Strategy adopted by City Council.

Barrio Logan Community Plan
Environmental Health Coalition (EHC), CA
As a lower-income community near downtown San Diego, Barrio Logan faced significant
gentrification pressure during the most recent housing boom. In response to this issue, EHC, a local
community development organization, provided significant stakeholder input to the planning process
undertaken by the San Diego Redevelopment Agency. EHC’s objectives were to assure that the Plan
addressed residents’ concerns. BAE provided EHC with technical support during the Community Plan
process by preparing a series of financial pro-formas to model the feasibility of residential prototypes

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at different densities. BAEs also analyzed the financial feasibility of alternative affordable housing
products, which informed EHC about the densities needed to support market rate and affordable
housing in the area. BAE then evaluated the effect of different densities on local land values, and
how the Plan might incent or discourage owners from transferring their property to facilitate

TOD Workshop for County Staff
Community Development Commission of the County of Los Angeles
As part of our on-call contract with the LA CDC, we were asked to prepare a two-day workshop to
enhance staff skills regarding evaluation of TOD project proposals. LA CDC, a long-time resource for
redevelopment funding across Los Angeles County, had been experiencing a strong increase in
project proposals promoting transit-oriented development. However, staff was not familiar with
specific TOD development issues such as increased parking garage costs, shared parking schemes,
and higher housing densities. The workshop covered project design, typical costs, need for limited
subsidies, and pro forma financial analysis.

National Transit-Oriented Development Study
Transportation Research Board,
                                  BAE served as a subconsultant to the Institute of Urban and
                                  Regional Development at the University of California, Berkeley to
                                  conduct a comprehensive look at the state of TOD and joint
                                  development projects throughout the U.S. Led by Dr. Robert
                                  Cervero, a national TOD expert, along with oversight from a
                                  distinguished panel of practitioners, the consultant team profiled
                                  successes and challenges facing transit agencies, local
                                  governments, and private developers. BAE conducted private
developer case studies and surveys of lenders to highlight the dynamics of private sector
participation in these projects. BAE also conducted detailed case studies of successes and lessons
learned for the Miami-Dade County region, and supported additional case studies for the San
Francisco Bay Area, District of Columbia, and Boston. The final report profiled dozens of TOD
projects and initiatives across the U.S.

Carbon Emission Reduction Through Historic Rehab
Department of Defense, US
                              BAE is currently completing a comprehensive analysis of DoD facilities
                              at three military installations to demonstrate improved methods of
                              economic analysis for historic rehab compared to new construction.
                              Traditionally, DoD’s economic models have over-estimated the costs of
                              historic rehab, and have not accounted for reduction in carbon
                              emissions from recycling buildings, resulting in tear-down/build-new
decisions. BAE’s work, including managing a team of architecture and engineering subconsultants,
will integrate carbon calculator models with life cycle estimates to create an updated methodology to
encourage building recycling for adaptive reuse.

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The Presidio of San Francisco Development Advisory Services
National Park Service and Presidio Trust, CA

BAE has served as Development Advisor to the National Park Service and the Presidio Trust for this
project since 1991. Initial work focused on market analysis and a solicitation process for the Main
Post (350,000 square feet of historic structures), the Letterman Complex (one million square feet),
the historic housing units, and several community facilities. For each solicitation, BAE developed the
RFP, marketed the sites, and evaluated proposals. BAE then negotiated long-term leases and
building rehabilitation agreements for more than 300,000 square feet of office, commercial, and
community facilities space. BAE also created a detailed $25 million operating budget for the
Presidio, which was reviewed by OMB as part of the Congressional funding process. This work led to
BAE’s development of the Presidio Cash Flow Model, specifying revenue streams, capital
improvements, and cost-sharing among tenants and occupants.

Subsequent BAE work has included an evaluation of in-house versus contracted property
management for the 1,000 housing units, development of a business plan for revenue generation
from the recreation portion of the Presidio, formulation of guidelines and sample lease documents
for cell sites, telecommunications and utility rate studies, and creation of a Service District Charge
(SDC) to recover the costs of providing municipal services. We have prepared infrastructure
summary reports, assessed the historic tax credit values of major structures, and prepared Park
Partner housing program guidelines. Most recently, BAE evaluated developer proposals for the reuse
of the Mason Street warehouses for the Presidio Trust.

BAE also assisted in formulating the Presidio Trust Implementation Plan, which seeks to create a
self-sustaining enterprise by 2012. Our work included coordinating cash flow analyses, along with a
special EIS analysis of housing impacts and refinements to the housing leasing program for Park
Partners. Due to our record of outstanding service, BAE has also been engaged to provide ongoing
real estate and business planning services to other components of the Golden Gate National
Recreational Area (GGNRA) including briefings to the U.S. Congress for special operating funding
allocations and infrastructure improvement programs.

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Downtown Los Angeles Economic Development Strategy
Community Redevelopment Agency of the City of Los Angeles, CA
BAE was selected to prepare the Downtown Los Angeles Economic Development Strategy. We
worked closely with CRA/LA and City Planning staff to analyze historic and current economic trends
including emerging industry sectors, occupational and labor force characteristics, and the impacts of
land use regulations on attraction and retention of businesses. Work also included an extensive
series of focus groups organized by industry sector, as well as over 40 individual stakeholder
interviews. The study focused on approaches to enhance the dynamic mix of businesses and
cultural organizations located downtown, including world-class music and theater, the Fashion
District, historic Spring Street, the proposed streetcar corridor, Broadway (home of original movie
theaters for Hollywood), and a myriad of specialty manufacturers, food industry companies, and
entertainment/dining entrepreneurs.

Urban Land Institute CleanTech Advisory Panel
ULI and CRA/LA, Los Angeles, CA
BAE Principal Ron Golem served as a member of this ULI Advisory Services Panel convened by
CRA/LA to evaluate options for implementation of the City’s CleanTech corridor that ties together
industrial sites on the east side of Downtown. Previous City efforts tried to attract large
manufacturers to a targeted 20-acre site at the southern end of the corridor. As a member of the
Panel, Ron participated in a week-long series of tours, interviews with key cleantech stakeholders,
analysis, and work with the Panel to formulate recommendations. The Panel’s presentation and
report provided detailed recommendations for strategies tailored to multiple nodes within the
Corridor, enhancement of transit access, new approaches to economic development, and support for
an industrial mixed-use area with residential that integrates existing small-scale manufacturing with
new cleantech, residential, and supporting retail uses.

Performing Arts / Community Center Rehabilitation Feasibility Study
Community Redevelopment Agency, City of Los Angeles
The Brotherhood Crusade, a prominent community non-profit organization, provides a range of
services to South Los Angeles. The organization owns a historic 1924 Presbyterian church that was
damaged in the 1994 Northridge earthquake, and further weakened by partial demolition from a
poorly engineered seismic retrofit. Working with a historical architect, BAE prepared an initial
feasibility study to assess the impact of lost of historic features on qualifying as an historic structure
for tax credit purposes. BAE also conducted a market assessment to evaluate the potential for
attracting and supporting a performing arts facility and other community-serving uses to the building.
This work included testing interest from specific prospective tenants, as well as the potential to
generate funder interest. The analysis supported preparation of a development pro forma to assess
the ability of a rehabilitated structure to achieve long-term financial self-sufficiency. The final report
assisted the Agency in its discussions with Brotherhood Crusade on the amount and type of
assistance to be provided by the Agency.

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High-Speed Broadband Economic Development Strategy
Association of Monterey Bay Area Governments, CA
BAE conducted this comprehensive regional economic development strategy for the central coast
area of California, encompassing the counties of Santa Cruz, San Benito, Monterey, San Luis Obispo,
and northern Santa Barbara. This region spans economies including major universities and research
centers (UC Santa Cruz, CSU Monterey Bay, and the Monterey Bay Environmental, Science, and
Technology Center), as well as major agricultural and tourism industry clusters. Funded by a grant
from the State of California, BAE assessed available broadband services, conducted a small
business survey of broadband access and e-commerce needs, evaluated strategies to increase
broadband access and internet utilization, and developed initiatives to increase job generation and
economic development throughout the region. The work included input from a large steering
committee, and culminated in a Broadband Access Forum with 125 participants held in 2003.

College Community Project Area Tax Increment Forecast
San Diego Redevelopment Agency, CA
The College Community Project Area, surrounding the campus of San Diego State University, is
notable for blighted conditions adjacent to such a prominent university and high quality residential
neighborhoods. The Project Area has failed to generate the anticipated increment, and has been the
center of disputes between the City and the University and its auxiliary Foundation regarding land
use entitlements, appropriate use of property tax exemptions, and future development plans. BAE
was retained by the Agency to conduct a detailed parcel-level analysis of development potential
based on University and Foundation plans, with evaluation of alternative scenarios for eventual
build-out as well as the future mix of tax-generating vs. tax-exempt properties. This analysis informed
Agency and City plans for redevelopment activities, as well as their ongoing negotiations with the
University and Foundation.

Walnut Creek Economic Development Strategy
City of Walnut Creek, CA
                         Walnut Creek is considered one of the state’s most successful newer
                         urbanized communities. Developed in the 1950s through 1970s, the City
                         has more than 100,000 residents and a diverse base of employment in
                         finance, banking, retail, entertainment, and R & D. During the 1980s,
                         downtown Walnut Creek transformed from a suburban retail environment to a
                         renowned open-air, pedestrian-oriented Main Street environment. Today,
                         Walnut Creek serves as a major regional lifestyle retail destination, and
                         boasts a major performing arts venue and a thriving artist community. BAE
                         worked with the Economic Development Commission comprised of major
business owners, chamber of commerce, education leaders, developers, and citizens, to formulate
the City’s first Economic Development Plan. Although the community has a strong economic base,
sections of the city suffered from outdated strip centers, obsolete business parks, and underutilized
sites at the BART station and along major commercial corridors. BAE conducted a comprehensive
background study of the local economy, including detailed analysis of firm-by-firm employment
patterns and interviews with three dozen business leaders across all firm sizes and industry

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categories. BAE also worked closely with an ad hoc subcommittee of auto dealers, some of whom
lead the state in sales volumes, but are constrained by their outdated facilities and locations. BAE
also conducted special studies of prior development regulatory constraints limiting FAR and height;
BAE developed financial pro formas for prototype projects at various densities to illustrate the need
for refined zoning regulations and reduced parking requirements. BAE also provided extensive fiscal
impact analysis of the General Plan Land Use Element prepared by other consultants, and supported
development of a unique two-year budget forecasting tool to monitor funding for capital
improvements. BAE’s work products can be found at:

NASA Ames Research Park Development Advisory Services
NASA Ames, Mountain View, CA
                             NASA Ames is a world-class research facility working in
                             nanotechnology, bio-informatics, information technology, and
                             advanced life sciences. This former military facility, located in the
                             heart of Silicon Valley, serves as a key engine for technology
                             research and development in the region and the world.

                                  As Economic and Real Estate Development Advisor, BAE assists
                                  NASA Ames with its ongoing development of a 213-acre
                                  collaborative R&D business park. To initiate the process, BAE
prepared the NASA Ames Economic Development Strategy, which bridged diverse stakeholder
interests in sustainable development, economic development, and federal facilities management.
BAE’s Strategy received an Award for Excellence in 2000 from the Northern California Chapter of the
American Planning Association.

BAE’s ongoing development advisory work includes conducting feasibility studies, preparing public-
private ground leases, analyzing financial returns from public-private partnerships, and coordinating
cost-sharing agreements to improve infrastructure, renovate historic structures, and build new

BAE has helped negotiate and close over 40 leases at NASA Research Park, which in combination
generate more than $14 million annually. Examples of BAE’s achievements on behalf of NASA
include a $146 million, 40-year ground lease with Google Inc. for development of a 1.2 million
square foot corporate campus; this achievement was named 2008 Deal of the Year by the Silicon
Valley Business Journal. BAE also supports a multi-tenant incubator leasing program to stimulate
development of cleantech, in historic buildings on NASA’s campus. BAE also supported NASA’s
landmark 60-year ground lease with the University of California, Santa Cruz for 70 acres slated for
2.9M square feet of development to create the University of California’s Silicon Valley Center. BAE’s
structuring of an active leasing program to foster economic development and collaborative research
at NASA Ames now serves as a model for NASA’s nine other research centers. Some of the exciting
research and co-locating companies are profiled in the BAE-authored Economic Benefits of NASA
Ames found at: .

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                                                                    BAE Southern California Qualifications

Westside Workforce Housing Strategy
Cities of West Hollywood, Santa Monica, Culver City, Beverly Hills, and Los Angeles, CA

BAE led a landmark study for five cities on the “west side” of Los Angeles County to address the need
for more workforce housing. These cities cooperate through a sub-regional Council of Governments
(elected officials) and a concurrent Westside Working Group (city staff). Due to the relationship
between high housing prices/rents and employee household incomes, the area faces the serious
challenge of providing sufficient housing affordable to the bulk of area’s job-holders, resulting in
excessive in-commuting, traffic congestion, pollution, and greenhouse gas emissions. Lack of
workforce housing challenges not only teachers and city workers, but a broad range of employees
working in firms which serve as the area’s economic engine (e.g., film producers, medical centers,
universities, hospitality/tourism firms, and banking /finance firms).

In concert with the Westside Working Group , BAE led an extensive year-long process to assess
needs, analyze data, interview employers, profile solutions, and recommend new workforce housing
strategy options. For the Study’s first phase, BAE helped the Working Group define workforce
housing as affordable to households earning from 80 to 180 percent of Area Median Income (AMI).
BAE also described workforce housing needs, the mismatch of incomes to existing housing prices,
and each city’s jobs-housing imbalance. BAE also reviewed Housing Element and parking/zoning
regulations, and prepared a series of pro-forma financial analyses to illustrate the effects of reduced
parking requirements, use of publicly-owned land for development, and factors which could create
feasible projects. BAE also interviewed the area’s largest 50 employers to gauge private sector
interest in collaborating on workforce housing.

The Study’s second phase profiled numerous local, regional, statewide, and national initiatives and
“best practices” to promote workforce housing development, including expanded inclusionary
ordinances, reduced parking requirements, mixed-income and occupation-targeted projects, and
refinements to attract the development community to available sites and funding programs. The
Study was hailed as a major step in sub-regional collaboration, and the COG directed staff to
formulate a work program to implement key initiatives. The Westside Workforce Housing Study is
available at:

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Best Practices for Affordable Housing Financing
San Diego Housing Commission (SDHC), CA
The San Diego Housing Commission (SDHC) engaged BAE to prepare this comprehensive survey and
analysis of affordable housing finance and implementation strategies in 18 comparative
metropolitan regions across the United States. As an integral component of SDHC’s overall
evaluation and update of San Diego’s inclusionary housing and commercial linkage fee programs,
the study provided recommendations on innovative programs and policies culled from best practices
in affordable housing finance from across the country.

Thousand Oaks Inclusionary Ordinance
City of Thousand Oaks, CA
BAE worked with a legal firm and a stakeholder group including local developers, housing advocates,
and citizens, to assist the City of Thousand Oaks in crafting an inclusionary housing ordinance and
jobs-housing linkage fee program. As part of this assignment, BAE provided recommendations
regarding the establishment of an affordable housing trust fund and density bonus ordinance to
further support the City’s affordable housing goals. The project included financial feasibility and
sensitivity tests of various residential and commercial development prototypes, and an evaluation of
the financial impact of the inclusionary housing requirements, in-lieu fees, and linkage fees on
developer return. The inclusionary ordinance was adopted by City Council.

Santa Barbara County Inclusionary Ordinance
Santa Barbara County, CA
BAE worked with developers and county staff to analyze alternative methods of setting the affordable
housing in-lieu fee. Santa Barbara County, one of the most expensive housing markets in the U.S.,
had historically collected the fee and funded affordable projects; however, the fee had become
insufficient to fund affordable units in today’s cost environment. BAE analyzed examples of in-lieu
fee programs in similar higher-priced housing markets, described three approaches to estimating an
updated fee, and convened several meetings with developers and other stakeholders to discuss fee
administration and cost issues.

California State University Systemwide Faculty Housing Study
California State University, Chancellor’s Office, CA
BAE was engaged by the Chancellor’s Office ofj California State University (CSU), the largest
university system in the world, to assess the impact of housing costs on the ability of campuses to
attract and retain faculty and critical staff. Our work included individual Housing Assessments
conducted for 12 CSU campuses, including Cal State Northridge and Pomona. The Housing
Assessments were based on a combination of quantitative and qualitative data, including a series of
focus groups and a system-wide survey of recently-hired faculty and staff, campus-specific “key
informant” interviews of deans and search committee chairs, , and interviews with faculty who
declined position offers at each campus. The assessment included an analysis of the housing
market “gap” between household incomes and housing costs for faculty.

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UC Irvine Faculty Housing Survey and Program Strategy
University of California, Irvine, CA
The University of California, Irvine (UCI) is one of several campuses in the UC system slated for rapid
growth in the next 10 years, leading to the need to recruit new faculty and staff against the backdrop
of high housing prices in the local area. UCI, which had facilitated faculty housing affordability by
developed on-campus for-sale units at below-market prices, engaged BAE to conduct a survey of all
faculty and staff, including recent hires, in order to identify housing needs of faculty and staff
households, current satisfaction with housing conditions, and interest in additional UCI-sponsored
housing projects. BAE prepared a detailed survey, which was distributed by email to all faculty and
staff, with a web-response format. BAE then tabulated and analyzed survey results, and prepared a
report summarizing the findings.

Affordable and Workforce Housing Projects
Selected Clients: BRIDGE Housing, Concern for Independent Living, New Haven Housing Authority,
A.F. Evans, Resources for Community Development, Seattle Housing Authority
                           BAE has completed more than 30 market and financial feasibility studies
                           for Low Income Housing Tax Credit (LIHTC) rental projects for a variety of
                           non-profit and for-profit developers in New York, California, and
                           throughout the U.S.

                            In central Brooklyn, BAE analyzed a 65-unit supportive housing project for
                            persons below 30 percent AMI for Concern for Independent Living, and a
                            21-unit project sponsored by Family Services Network of New York for
                            households from 30 percent to 60 percent AMI. For each market study,
BAE complied with state guidelines, including demographic analysis, review of competitive market-
rate supply, rent adjustments for utility allowances, and a special demand estimate that incorporates
pipeline supply to ensure market absorption. These studies support an application package
submitted to the state for allocation of LIHTCs and other funding sources.

BAE also analyzed the market potential for the Quinnipiac Terrace/Riverview HOPE VI project in New
Haven, CT, including detailed demographic analysis along with a review of the current rental and for-
sale housing markets.

Numerous private developers, both for-profit and non-profit, have also engaged BAE to conduct
affordable and workforce housing market analyses in support of their project planning. Our work
includes rent studies of city employees and teachers for Treasure Island in San Francisco, an
innovative workforce ownership project priced at 120 percent of median income in San Francisco, a
survey of affordable housing needs for workers at Disney World in Florida, and a major survey of
downtown employees in the City of Miami to analyze market segments for strategic housing planning
for 100,000 workers. In Seattle, we prepared a feasibility assessment of four alternatives for the
Rainier Vista HOPE VI project per a settlement agreement between the Housing Authority and tenant
groups. Our work involved analyzing alternative mixed-finance components, including workforce
housing and market-rate single family homes.

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                                                                  BAE Southern California Qualifications

Veteran’s Village Financial Review
City of San Diego Redevelopment Agency, CA
BAE assisted the Agency with review of a funding request for a proposed transitional housing for
homeless veterans. The project, the next phase of the existing non-profit’s Veterans Village of San
Diego, will provide housing and services targeted at the unique needs of Iraq and Afghanistan war
veterans. The project will utilize San Diego Housing Commission and Agency affordable housing loan
funds. BAE’s work included analysis of the non-profit’s pro forma, review of restrictions associated
with financing sources, recommendations for revisions to the project pro forma to enhance
feasibility, and preparation of a briefing for the Agency’s review.

Chula Vista Waterfront Master Plan Financial Feasibility Analysis
Environmental Health Coalition (EHC), CA
EHC, a non-profit organization advocating for social equity and community development, contracted
with BAE to support the organization’s participation in the master planning process for the Chula
Vista waterfront. BAE prepared a static pro-forma analysis which evaluated the development
program proposed for the draft Master Plan, along with an alternate EHC developed “Coalition Plan.”
For each development plan alternative, BAE estimated project revenues, development costs, profit
margins, and resulting residual land values. BAE’s work was the first development feasibility
analysis conducted for the Master Plan process, spurring the Port of San Diego to consider the
economic viability of sustainable development options proposed by EHC.

Ballpark Village Affordable Housing Financial Analysis
Environmental Health Coalition (EHC), CA
On behalf of EHC, BAE evaluated the affordable housing alternatives proposed by JMI in its Ballpark
Village, a 3.2 million square foot master planned development adjacent to PetCo Park in San Diego.
BAE prepared financial pro-formas to test the feasibility of several alternative affordable housing
schemes, including the ability of the project to feasibly support additional affordable housing at
either on- or off-site locations. BAE’s analysis led to additional affordable housing commitments to
surrounding communities affected by the proposed project.

3 rd Street Esplanade Mixed-Use Project Financial Analysis
Los Angeles County Community Development Commission, CA
As part of BAE’s on-call contract with LA CDC, we provided financial analysis and proposal review
services to assist staff in evaluating a proposed mixed-use retail and parking garage project at the
Civic Center station area. Our work including preparing a pro forma analysis of the developer’s
proposal and recommending adjustments to the number of parking garage spaces and assumptions
regarding retail lease revenues.

                                                                                               Page 13
                                                                    BAE Southern California Qualifications

Public Agency Office Building Buy/Lease Analysis
Los Angeles County Community Development Commission, CA
BAE, working under the direction of the Commission’s real estate staff, prepared an analysis of the
relative financial benefits and costs of relocating the Commission’s headquarters to a purchased
facility in another city, versus lease renewal at its current Monterey Park location or a new lease in
another city. The analysis addressed the availability of suitable sites and locations, market analysis,
preparation of pro-forma projections, and preparation of a report presented to the Commission.

Financial Analysis of Retail and Housing for Mixed-use TOD Project
Environmental Health Coalition (EHC), CA
EHC retained BAE to evaluate a mixed-use redevelopment project near the Barrio Logan Trolley
Station. The proposed project called for a large-scale condominium development and a reduction in
the originally programmed retail and community space, an important component to the local
community due to the lack of a neighborhood grocery store. BAE reviewed the development
feasibility of the project to determine excess developer returns that could be used for additional
affordable housing or to increase the amount of retail space. EHC presented BAE’s analysis to the
City of San Diego’s Redevelopment Agency, leading to changes in the proposed project to better
meeting community objectives.

Hotel Vitale Development Advisory Services
San Francisco MUNI and Mayor’s Office of Economic Development
                            BAE supported the San Francisco MUNI and the Mayor’s Office of
                            Economic Development in redevelopment of a former bus yard
                            located at a prime site near the San Francisco Waterfront. BAE was
                            first engaged to conduct a market and financial feasibility study of a
                            boutique hotel project. Following MUNI Board approval, BAE
                            assisted the City with a developer/operator solicitation and proposal
                            review. BAE evaluated the five proposals received for financial
                            return to the City, feasibility, and track record of the proposers. BAE
                            also served on the interview panel, and provided advisory services.

The development team of Emerald Fund and Joie de Vivre was selected to build the hotel. BAE
formulated the business terms for a 55-year ground lease with renewal options, and reversion of all
improvements to the City. BAE participated in the negotiation process, and supported the City
Attorney’s Office to craft the development agreement and long-term ground lease. Issues resolved
by BAE and parties to the negotiation included the timing of up-front payments, deferral of partial
ground lease payments until the project achieved stabilization, logistical issues related to bus
layover and transportation, and methods to ensure a quality operation of this flagship property. BAE
also drafted an Economic Benefits Report for review by the Budget Office and elected officials. This
long-term partnership between the MUNI and the development team will result in over $300 million
in revenue to the City of San Francisco. Hotel Vitale opened in 2004, and has enjoyed great success
anchoring a thriving, revitalized San Francisco waterfront. The hotel is located across from the Ferry
Building, along the Embarcadero.

                                                                                                 Page 14
                                                                    BAE Southern California Qualifications

NTC Promenade Foundation Strategic Review
City of San Diego Redevelopment Agency, CA
BAE assisted the City of San Diego Redevelopment Agency with a strategic review of the non-profit
NTC Promenade Performing and Visual Arts Center located at Liberty Station, the redeveloped site of
the former Naval Training Center in San Diego. The original concept was for historic military barracks
to be reused as multi-tenant arts spaces, using seed funding from the Liberty Station developer and
philanthropic sources. However, the City has had to provide substantial ongoing capital funding for
each phase of barracks redevelopment, and the non-profit has yet to become financially self-
sufficient. BAE’s work involved an initial review of demand and need for various arts facilities,
current and future tenant mix, evaluation of financial performance, review of future rehabilitation
plans, and identification of strategies that could make the non-profit more self-sufficient. Several
new ideas and alternative strategies were identified and presented to the Agency and the non-
profit’s Board.

University Child Care Center Expansion Feasibility Study
Cal Poly Pomona University, CA
Cal Poly Pomona University contracted with BAE to examine the feasibility of expanding the
University’s on-campus childcare center beyond its current capacity of 71 students. Through
expansion and an improved facility, the University hoped that the Children’s Center would better
serve students, faculty, staff, and the surrounding community as well as potentially increase revenue
from user fees. As part of this assignment, BAE conducted a survey of students, faculty, and staff,
and assessed the need for childcare services, usage rates, ages of children, location of current
providers, and ability to pay for services. BAE also facilitated student and faculty/staff focus groups,
and administered a survey of adjacent private employers to further explore potential demand for a
new center. In addition, BAE completed a series of interviews with other university childcare centers
to profile best practices. Finally, the study included a quantitative estimate of the on-campus
demand for childcare. In the project’s second phase, BAE conducted a detailed operations analysis
of a larger center, and identified potential sources for capital dollars.

High Line Park Revenue Study
New York City Economic Development Corporation, NY
The High Line, an abandoned freight rail line, runs through the dynamic Meatpacking District of
Manhattan. Elevated above the street, the line has evolved into a lush landscape of wildflowers and
habitat. Through the concerted efforts of area residents and the Friends of the High Line, the
structure was recently reconstructed, creating a beautiful natural oasis with numerous urban park
amenities. During the design of the park, BAE was engaged to analyze the revenue generation
potential of connection fees for private development projects, food and retail vendors, performances,
restaurants, and special events. BAE created a full set of options for enhanced park operations in
order to ensure long-term financial sustainability.

                                                                                                 Page 15
                                                                    BAE Southern California Qualifications

Janet Smith-Heimer, MBA, Managing Principal
                                Janet has specialized in real estate economics and urban
                                development for more than 25 years, and is a nationally recognized
                                expert in affordable housing, economic development, and public-
                                private partnerships. She contributes to major BAE engagements
                                across all of its offices.

                                 Since founding BAE in 1986, Janet has managed engagements for
                                 some of the largest public-private projects in the U.S. Her work
                                 includes transaction structuring and city agency support for the
                                 redevelopment of Pier 40 in NYC, a former ocean liner passenger
                                 terminal with the largest single footprint structure in Manhattan, to
                                 Hotel Vitale, a flagship boutique hotel at the San Francisco
waterfront developed on publicly-owned land. She also supported the Presidio of San Francisco,
one of the world's largest sustainable projects.

Janet's economic development expertise focuses on translating innovation into practical steps to
foster new job creation. She has led home-based business surveys, prepared economic strategic
plans to highlight place-making, structured small business start-up incubators, and helped re-orient
suburban communities to modernize economic development approaches. She has also integrated
high-speed broadband into local strategic plans, and advised on targeted funding sources such as
tenant improvement funds for small retail establishments. She has directed numerous downtown
and business district revitalization strategies, customizing her work to fit objectives such as
enhanced ethnic retailing, integration of farmers markets, and green retailer attraction. She has
also worked on large re-positioning strategies for aging mixed-use and single-purpose urban
projects. Her work has been used by cities as diverse as Los Angeles, Phoenix, Seattle, Portland,
Denver, Oakland, San Francisco, New York City, Washington DC, and Silicon Valley.

Janet also has strong expertise in all types of housing, including affordable, workforce, market-rate,
and senior product types. She has managed feasibility studies resulting in built projects for
downtown housing, artists’ lofts, transit-oriented, mixed-use, and special-purpose university and
employee housing programs. She has authored numerous policy reports for affordable and special
needs housing programs at the state, regional, and local levels of government.

Janet served as a lead instructor for the ULI Real Estate School for seven years. She speaks
regularly at conferences and seminars, and authored a chapter of ULI's Market Analysis textbook.
Janet received her M.B.A. with a specialization in Real Estate Development from Golden Gate
University, and a B.U.P. from the University of Cincinnati. She is a member in ULI, APA, IEDC, and
CNU. She serves as Advisory Board Member for the Next American City magazine, and as Vice-Chair
of her hometown's Sustainability Commission (in Albany, CA).

                                                                                                 Page 16
                                                                   BAE Southern California Qualifications

David Shiver, MCP, MBA, Principal
                                David Shiver has over 25 years of experience in feasibility analysis,
                                transaction structuring, negotiations, and marketing aspects of
                                publicly owned real estate development projects. His experience in
                                land acquisition, due diligence, marketing, leasing, negotiations, and
                                property disposition all enhance BAE's “hands on” approach to
                                development advisory services.

                                 David leads BAE’s work in economic development and real estate
                                 advisory services for NASA Ames, a national advanced research
                                 facility on 2,000 acres. His work focuses on development of of a
                                 collaborative R&D park for Silicon Valley firms, NASA, and major
                                 universities. He has conducted strategic planning, developer
solicitations, major long-term ground lease and and short-term building lease negotiations, and
financing for infrastructure. With David’s assistance, NASA Ames has pioneered public-private R&D
facilities, engaging leading researchers through both synergistic co-location and joint research

David also leads BAE's ongoing work for the redevelopment of Fort Monroe in Virginia, where he has
created the business plan for a vital, active community utilizing innovative financing mechanisms.
He also serves as Co-Principal Investigator for a major BAE study of green building and historic
preservation for the U.S. Department of Defense. This study assesses the economic variables and
carbon reduction potential of renovating historic and older structures at three installations to
demonstrate that DoD's traditional economic planning can be refined to recycle existing buildings.

Since 1994, David has also provided real estate and business advisory services to the National Park
Service and the Presidio Trust for the conversion of the Presidio of San Francisco from a military
base to a national urban park and mixed-use development. David’s work has included formulating a
$25 million detailed operating budget, creating an operating cost-recovery program which has
generated more than $16 million since its implementation, and supporting more than 25 lease
transactions. For the Trust, David has also completed studies of commercial leasing, property
management, maintenance, telecommunications, and utility business issues. He also
managed teams to create a comprehensive financial model for the Presidio Trust Implementation
Plan, and developed housing leasing and management plans for the Presidio's 1,100 housing units.

David received a B.A. in Public Affairs from the University of Chicago, and an M.C.P. and M.B.A. from
the University of California, Berkeley. He is a member of the Urban Land Institute, Congress for the
New Urbanism, Society of Campus and University Planners, and International Economic
Development Council.

                                                                                                Page 17
                                                                    BAE Southern California Qualifications

Matt Kowta, MCP, Principal
                               Matt manages BAE’s Sacramento area office. He specializes in public
                               finance, fiscal impact, affordable housing, redevelopment, and
                               strategic economic development. Throughout his career, Matt has
                               pioneered innovative techniques in economic analysis to meet the
                               challenges of contemporary urban development.

                                Matt has managed numerous assignments throughout the
                                Sacramento region, including the public facilities financing plan for
                                The Villages of Zinfandel, an 820-acre mixed-use project in Rancho
                                Cordova; a revitalization strategy for the Florin Road corridor shopping
                                district; comprehensive economic development strategies for the
                                Cities of Citrus Heights and Woodland; and the economic analysis for
the Sacramento Waterfront Master Plan Update. Under his leadership, BAE has been at the forefront
of economic analysis for transit-oriented development in the Sacramento region, including the
economic analysis for Sacramento Regional Transit’s landmark Transit for Livable Communities
study of transit-oriented development potential throughout its light rail system, and the Downtown-
Natomas-Airport Light Rail Alternatives Analysis study.

Other studies conducted for a diverse range of projects include real estate market analysis and
development feasibility analysis; economic studies in support of general plans, specific plans, and
other long-range planning efforts; fiscal impact analysis; affordable housing needs studies and
strategies; incorporation advisory services for the establishment of new cities; and numerous other
specialized economic analyses tailored to the unique needs of BAE’s clients.

Matt has also managed projects in locations ranging from the San Francisco Bay Area to
Reno/Tahoe, Oregon, Washington State, and Colorado. His experience spans the full continuum of
the development process, from long range planning and pre-development through redevelopment
and revitalization. He has provided expert witness and litigation support services to public agency
and private sector clients, including sworn testimony on behalf of property owners for cases involving
First Amendment access to private property for expressive purposes. He has also supported ongoing
litigation over revenue sharing arrangements for a newly incorporated community.

Matt earned a B.A. in Geography from UCLA and a Master of City and Regional Planning from
University of California, Berkeley (UCB). He has lectured at UCB, UC Davis, the California Downtown
Association, the California Local Agency Formation Commission, and ULI. He is a member of the
Urban Land Institute, APA, IEDC, and the California Association for Local Economic Development.
He serves on the Board of Directors for the Davis Downtown Business Association, a California Main
Street Community.

                                                                                                 Page 18
                                                                   BAE Southern California Qualifications

Ron Golem, MCP, Principal
                               Ron Golem specializes in project management for complex
                               assignments, including real estate transaction support, transit-
                               oriented development, strategic business planning, and program
                               development for public purposes. His experience spans a broad
                               range of product types, including office and retail projects, market-
                               rate and affordable housing, hotels and conference centers,
                               recreational facilities, historic preservation, and non-profit public

                                At BAE, Ron has been involved in a number of large-scale master
                                planning and Transit Oriented Development strategic plans
                                throughout the U.S. He assisted the State of Maryland in its
negotiations with a Master Developer for mixed-use redevelopment of State Center, a 30-acre state
office complex near downtown Baltimore. The developer selection through a Request for Proposals
was based on Ron’s feasibility analysis and recommendations for maximizing value to the State
through conversion of a single-use office campus to a dynamic mixed use environment. Ron also
recently worked on the team developing the Downtown San Leandro Transit Oriented Development
Strategy that seeks to leverage the BART station and proposed the East 14th Street Bus Rapid Transit
line that brackets the Downtown area to catalyze Downtown redevelopment and a range of infill
projects. The Strategy has won multiple smart growth awards.

Ron has managed a number of key planning and implementation engagements. As part of a
multidisciplinary team working to revitalize a tired commercial corridor in Castro Valley, CA, Ron
prepared detailed market assessments, financial feasibility analysis, organized developer and
retailer outreach, and formulated phased implementation recommendations for catalysts sites to
attract new development interest and the retail uses sought by the community. The resulting plan
was honored by the Northern California Chapter of the American Planning Association.

Prior to joining BAE, Ron served as Real Estate Specialist for the National Park Service, formulating
strategies for public/private partnerships and negotiating numerous agreements in the Golden Gate
National Recreation Area. Ron has also worked for private real estate development companies as an
Asset Manager, completing successful negotiations for over 150 commercial leases. He has
managed diverse portfolios of all types of commercial properties totaling in excess of two million
square feet.

Ron holds two degrees from U.C. Berkeley: an M.C.P. with a specialization in Project Development;
and a B.A. in Economics. He is a member of CNU and ULI.

                                                                                                Page 19
                                                                 BAE Southern California Qualifications

Paul Peninger, MCP, Principal
                               Paul Peninger leads projects for BAE throughout the United States
                               bringing a unique national perspective on sustainable development
                               to all of his projects. He is a recognized expert in affordable and
                               workforce housing, urban revitalization, community development
                               finance and public-private real estate transactions.

                                Paul's recent economic development projects include leading a
                                comprehensive economic development study of an industrial area
                                located adjacent to an underutilized transit station in Alexandria,
                                Virginia. This work included extensive public outreach and community
                                meeting facilitation. He also completed a redevelopment feasibility
                                study for a key retail and office site in Queens, NY, including pro
forma analysis of alternative development schemes. He led the economic analysis for Pittsburgh,
PA's first Master Plan Open Space and Recreation Element, providing strategic guidance to leverage
open space, parks and recreation facilities as key economic development catalysts. He also
supported the financial structuring of the South Hayward, CA BART development project, including
analysis of private and public shared revenue streams. Paul provides ongoing support to BAE's work
for the NASA Ames Research Park in Mountain View, CA by advising on available infrastructure and
project implementation financing sources and strategies.

Paul's innovative housing expertise is demonstrated by his leadership of a Best Practices study for
the San Diego Housing Commission to expand affordable and workforce housing opportunities in the
nation’s 8th largest city. He led the Housing Element Update processes for both Cupertino, CA and
South San Francisco, CA, including extensive community outreach, working through development
issues to create a balanced approach to future housing production. He also supported the Westside
Los Angeles Workforce Housing Strategy, and the Housing Production Toolkit for King County, WA.
Finally, he led BAE's work for Rockland County, NY to create a defensible Analysis of Impediments to
Fair Housing, showing the area's pattern of affordable housing investment and recommending
methods to strengthen future funding allocations.

Paul began his career at BAE in 1995, progressing through increasingly responsible positions. In
2004, he joined LISC Bay Area as a Program Officer, where he expanded his expertise in community
development finance including underwriting loans for projects utilizing New Market Tax Credits
(NMTCs) and Low Income Housing Tax Credits (LIHTCs). From 2006 through 2008, he served as
Research Director for the Non Profit Housing Association of Northern California (NPH), and rejoined
BAE as a Principal in 2008.

Paul earned a B.A. in Politics from the University of California, Santa Cruz, and an M.C.P. with a
concentration in Housing and Community Development from the University of California, Berkeley.
He lectures frequently at UC Berkeley, and has served on ULI Advisory Panels. He is a member of ULI
and APA.

                                                                                              Page 20
                                                                   BAE Southern California Qualifications

Simon Alejandrino, MCP, Vice President
                               Simon Alejandrino specializes in affordable housing, economic and
                               community development, and fiscal impact analyses.

                                He has completed inclusionary housing studies for the Cities of San
                                José, Sunnyvale, Thousand Oaks, Livermore, and Salinas, as well as
                                Santa Barbara County. He also supported the establishment of the
                                City of Bozeman’s inclusionary housing program, Montana’s first.
                                Simon’s housing expertise also includes an assessment of faculty
                                housing needs for California State University campuses, and a
                                quantitative housing impact analysis of the Presidio Trust
                                Implementation Plan and the UC Berkeley and UC Santa Cruz Long
                                Range Development Plans. Other assignments include research on
                                national “best practices” to encourage housing production for the
King County Regional Housing Toolkit, an economic impact analysis of supportive housing in Florida,
and feasibility studies for market rate and affordable housing projects throughout California.

Simon’s economic development work includes Economic Development Strategies for the Cities of
Richmond, San Ramon, and Belmont, CA. As part of these projects, Simon led extensive public
planning processes to craft comprehensive approaches to economic development. Simon has also
conducted retail market analyses for communities throughout the region, including the Cities of
Burlingame, Vallejo, Benicia, and San Ramon. For each of these cities, he assessed the potential for
new retail space based on a detailed leakage analysis and an evaluation of current store
performance. At the neighborhood scale, Simon supported the Nystrom United Revitalization Effort
by examining the potential for new commercial space, housing, and community facilities in a low-
income district of Richmond, CA.

Simon also works extensively in fiscal impact analyses, including analysis the fiscal impacts of major
mixed-use developments in the City of Vallejo, Burlingame’s Bayshore district, and the City of San
Mateo. His projects also include detailed fiscal impact analyses of the NASA Research Park and the
West Bench project in Salt Lake County, UT, a 200,000-unit master planned community with a 75+
year buildout, considered the largest real estate project in the U.S.

Prior to joining BAE, Simon worked as an intern for the Urban Strategies Council, developing a toolkit
for community-based governance, and conducting published research on gentrification of the
Mission District in San Francisco. He holds a B.A. in Environmental Studies from Brown University,
and an M.C.P. with a focus in Housing and Community Development from the University of California,
Berkeley. He is fluent in Spanish, conversant in Tagalog, and loves to ride his bike all over the Bay

                                                                                                Page 21
                                                                   BAE Southern California Qualifications

Nancy Fox, AICP, MCP, Vice President
                               Nancy Fox leads BAE's Washington DC office, and specializes in
                               public-private partnerships, redevelopment planning, affordable
                               housing, and public financing strategies.

                                Nancy’s experience includes leading BAE's on-call contract with the
                                Norfolk, VA Housing and Redevelopment Authority, which involves
                                strategic planning to revitalize neighborhoods throughout the city
                                through targeted mixed-income housing projects. She led an
                                industrial land use study, commissioned by the City of Alexandria, to
                                compare the economic impacts of retaining the current heavy
                                industrial uses to the impacts of relocating the current uses and
                                undertaking a mixed-use transit-oriented redevelopment. She also
led the BAE portions of the Portsmouth, VA Downtown Master Plan and Waterfront Strategy,
including an evaluation of development opportunities to stimulate increased private investment.
She completed the market feasibility and affordable housing components for the reuse of the
Amityville Army Reserve Center, a military base closure in the Town of Babylon, NY.

Additional examples of Nancy’s work include an analysis of potential transit-oriented development
strategies for the Aberdeen MARC/Amtrak Station; market and fiscal impact analyses for a major
planning strategy for Tyson’s Corner, VA; and evaluation of developer financial proposals for the City
of New Rochelle, NY.

Nancy has worked on several urban park and community facilities projects, including development of
a detailed operations budget for the East River Waterfront Esplanade in New York City. She
assessed the feasibility of restaurant and retail uses at Pier A in lower Manhattan, and supported an
analysis of community development benefits for the West Harlem Local Development Corporation.

Prior to joining BAE, Nancy served as Senior Project Officer for the New Jersey Schools Construction
Corporation, where she managed numerous urban school construction projects for a statewide
education initiative. She also served as project manager for several urban development
organizations and economic development agencies in New Jersey.

Nancy earned a Master of Urban Planning from the University of Michigan, with a focus on
Community and Economic Development. She received a B.A. in Psychology from Vassar College.
She is a member of ULI, APA, and AICP.

                                                                                                Page 22
                                                                     BAE Southern California Qualifications

Raymond Kennedy, MA, Vice President
                                 Raymond Kennedy has specialized in market research, affordable
                                 housing, financial analysis, quantitative methods, and survey
                                 research since joining BAE in 1988. He has conducted numerous
                                 revitalization strategies and economic impact studies for retail and
                                 commercial projects ranging from small-town downtowns to “big box”
                                 retail centers. He is one of the California’s leading experts on “urban
                                 decay” impact studies, profiling the effects of developing new retail
                                 on existing retail development in a trade area.

                                Ray has a strong background in affordable housing analysis. For
                                example, he managed the San Francisco Affordable Housing Study,
                                including the Housing DataBook and major surveys of tenants and
property owners. He has also managed market feasibility studies for affordable housing projects and
live/work units throughout the U.S.

Ray has also completed detailed cash flow analyses for military base conversion projects including
the Presidio of San Francisco, Mare Island Naval Shipyard, and NAS Alameda, as well as for housing
and mixed-use projects in Oakland, San Jose, and California's Central Valley.

Another of Ray’s specializations is in childcare and social services needs assessments, including use
of detailed unpublished Census data to track specialized populations and their service needs. He
has assisted in the preparation of childcare plans through the creation of demand estimates as well
as extensive surveys of residents, employers, and workers.

Ray’s work is characterized by innovative data analysis through the use of sophisticated computer
applications, including GIS, statistical software, complex spreadsheets, and relational databases. He
has developed an in-depth knowledge of specialized databases including the U.S. Census Public Use
Microdata Samples (PUMS), American Housing Survey, County Business Patterns, Dun & Bradstreet
and Claritas business databases, and assessor’s and other real property databases.

Ray received a B.A. in Anthropology and an M.A. in Geography from the University of Cincinnati, and
has also completed specialized training in real estate financial analysis at the University of California,

                                                                                                  Page 23
                                                                     BAE Southern California Qualifications

Sherry Rudnak, MA, LEED-AP, Senior Associate
                               Sherry specializes in economic analysis, cost-benefit studies, and real
                               estate market and financial feasibility studies. She supports BAE's new
                               Los Angeles office for all BAE services, and also serves as
                               the company-wide expert in economic impact studies and green
                               building analyses.

                              Sherry is BAE's expert for utilizing IMPLAN to estimate the economic
                              multiplier effects of proposed projects. Her economic impact work
                              includes assessing the impacts of a proposed $1B downtown
                              revitalization plan in Columbia, MD. She also analyzed the statewide
                              economic benefits for the State of CO’s new waste collection policy
                              aimed at increasing the recycling rate to 75 percent. Sherry also leads
BAE’s on-call work with the Bay Area Air Quality Management District (BAAQMD) to assess costs to
small and large businesses on air and climate change rules.

Sherry’s real estate market and financial work includes supporting the Downtown Los Angeles
Economic Development Strategy for CRA/LA, analyzing the feasibility of affordable housing and
mixed-income projects for the Barrio Logan neighborhood in San Diego. She also analyzed the
feasibility of modifying Sacramento’s inclusionary housing policy to incentivize additional for sale
affordable units in a variety of different residential project typologies, and she served as an on-call
financial analyst for the U.S. Coast Guard to guide real estate investment decisions.

Prior to joining BAE, Sherry held positions in economic research with the Federal Reserve Bank of
Atlanta and the Georgia State University Economic Forecasting Center. She received an M.A. in
Economics from California State University, Sacramento, and a B.A. in Economics from Georgia State
University. She earned her designation as a U.S. Green Building Council LEED Accredited
Professional in 2007. Sherry and her husband reside in Los Angeles.

Tessa Munikeyo, MCP, Senior Associate
                               Tessa Munekiyo is expert in strategic planning for affordable housing,
                               fiscal impact analyses, and financial feasibility analysis for public-
                               private partnerships. She also has a strong background in community
                               outreach and meeting facilitation. Her recent work includes preparing
                               the housing needs analyses and policies for Consolidated Plans for the
                               South Bay Cities Consortium (San Jose and surrounding communities),
                               Mountain View, CA and Cupertino, CA. She recently also completed a
                               comprehensive feasibility analysis of affordable teacher housing for
                               the San Francisco Unified School District, including a survey of 300
                               teachers and an assessment of 15 surplus school sites.

                            Her fiscal impact work includes assessing the municipal costs and
revenues generated by The Gateway in Menlo Park, a major mixed-use hotel, office and commercial

                                                                                                  Page 24
                                                                   BAE Southern California Qualifications

project proposed by Bohannon Development. She also assessed potential methods to reconfigure
revenue-sharing agreements between San Benito County and several cities. She has also conducted
market studies for multifamily housing, analyzed the office space development trends for Downtown
Portland, and profiled economic development opportunities for Downtown Charlotte, NC. Prior to
joining BAE, Tessa interned at East Bay Asian Local Development Corporation (EBLDC) and served as
a research fellow with UC Berkeley’s Center for Community Innovation. She received a B.A. in
Political Economy from Georgetown University and an M.C.P. with a concentration in Housing and
Community Development from the University of California, Berkeley.

Steve Murphy, MCP, Senior Associate
                               Steve Murphy specializes in economic development, fiscal impact
                               analysis, financial feasibility analysis, affordable housing policy, and
                               transit-oriented development. Since joining BAE in 2003, he has
                               worked on a wide variety of assignments, often pioneering innovative
                               uses of GIS to analyze complex real estate and urban planning
                               questions. Examples of Steve’s work include overseeing development
                               of a Retail Strategic Plan for the City of Pinole, CA. For this
                               assignment, he analyzed confidential sales tax data and performance
                               trends for local and national retailers. He also utilized GIS to analyze
                               trade area demographics and competitive supply. This work
                               culminated in a detailed plan to improve the tenant mix at existing
                               centers and to expand retail offerings in downtown. For the City of
Columbus, OH, Steve contributed to a citywide Economic Development Strategy, using GIS to help
identify underutilized parcels and understand their development potential and to model the value of
payroll taxes associated with various job creation strategies under consideration.

Steve has also prepared an extensive affordable housing policy study for Pinellas County in Florida's
Tampa Bay region, including a nexus analysis to support inclusionary housing requirements and
commercial linkage fees. He has analyzed the fiscal impacts of mixed-use projects such as the
Menlo Park Gateway, and has supported TOD station area plans by evaluating financial feasibility of
different project prototypes. He co-authored Transit-Oriented Development in America, which
provides a national best practices summary of TOD.

Prior to joining BAE, Steve served as an Associate with a Portland-based planning firm, and as a high
school English teacher in Los Angeles. Steve holds a B.A. in Economics from Stanford University and
an M.C.P. from the University of California, Berkeley.

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