R2006-141 08-28-06
RESOLUTION NO. R2006-141
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, CONSENTING TO AN ASSIGNMENT AND
ASSUMPTION AGREEMENT.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS:
Section 1. That certain Assignment and Assumption Agreement, attached
hereto as Exhibit "A" and made a part hereof for all purposes, is hereby approved.
PASSED, APPROVED, AND ADOPTED this 28th day of August, AD., 2006.
~)1
TOM REID
MAYOR
ATTEST:
APPROVED AS TO FORM:
~ It,~
DARRIN M. COKER
CITY ATTORNEY
Exhibit "A"
Resolution 2006-141 8/28/06
ASSIGNMENT AND ASSUMPTION
AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Assignment
and Assumption") dated August _, 2006, is entered into by and between The Maverick Group,
LLP ("Assignor"), and Juliet Homes, LP ("Assignee"):
RECITALS
A. Reference is hereby made to that certain Development Agreement dated as
of February 13, 2006 by and between Assignor and City of Pearland, Texas (the "Contract"),
attached hereto as Exhibit "A". All initially capitalized terms not otherwise defined herein shall
have the meanings set forth in the Contract unless the context clearly indicates otherwise.
B. Assignor desires to assign to Assignee, all of Assignor's right, title and interest as
buyer in, to and under the Contract, and Assignee desires to accept the assignment thereof and
assume Assignor's obligations thereunder.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:
AGREEMENT
1. Assignment and Assumption; Assumption.
1.1 Assignment. Assignor hereby transfers, assigns and conveys, without
recourse, representation or warranty, express or implied, all of Assignor's rights, interests,
liabilities and obligations in and to the Contract.
1.2 Assumption. Assignee hereby assumes all of the terms and provisions
under the Contract, and all of Assignor's obligations under the Contract arising after the date
hereof and agrees fully and faithfully to pay, perform and discharge, as and when payment,
performance and discharge are due, all of Assignee's obligations under the Contract arising after
the date hereof.
1.3. This Assignment and Assumption shall be binding on and inure to the
benefit of Assignor and Assignee and their respective heirs, executors, administrators, successors
in interest and permitted assigns.
1.4 This Assignment and Assumption is contingent upon its approval by the
City of Pearl and, Texas.
2. Counterparts. This Assignment and Assumption may be executed in any number
of counterparts, each of which shall be deemed an original, but all of which when taken together
shall constitute one and the same instrument. Each counterpart may be delivered by facsimile
transmISSIOn. The signature page of any counterpart may be detached therefrom without
impairing the legal effect of the signature(s) thereon provided such signature page is attached to
any other counterpart identical thereto.
IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment and
Assumption as of the day and year first above written.
"ASSIGNOR"
The Maverick Group, LLP
By:
John 1. Kelly, Managing Partner
"ASSIGNEE"
Juliet Homes, LP
By: Juliet GP, LLC, its general partner
By:
Douglas A. Brown, Manager
APPROVED:
City of Pearland,
A Texas municipa
By:
Bill Eisen, City Manager
By:
\,""'....f",~
,\\~~~
l~~"'f.
::~/c ~o-\
~O. .%,g
.. ~:y -
- =
~ II
'\ it
~ ...~
". ~
""Il ~,,,,
~I',...",,""\~
"- "
shall constitute one and the same instrument. Each counterpart may be delivered by facsimile
transmission. The signature page of any counterpart may be detached therefrom without
impairing the legal effect of the signature(s) thereon provided such signature page is attached to
any other counterpart identical thereto.
IN WITNESS WHEREOF. Assignor and Assignee have executed this Assignment and
Assumption as of the day and year first above written.
"ASSIGNOR"
"ASSIGNEE"
Juliet Homes, LP
By: Juliet GP, LLc, its general partner
By: ~ ________
Doug as A. Brown, Manager
APPROVED:
City of Pearl and.
A Texas municipal corporation
By:
Bill Eisen, City Manager
By:
Y Dung Lorfing, City Secretary
ladbOl 28455408.11119011743P 42006214
Exhibit "A"
Resolution 2006-141 8128106
ASSIGNMENT AND ASSUMPTION
AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Assignment
and Assumption") dated August _, 2006, is entered into by and between The Maverick Group,
LLP ("Assignor"), and Juliet Homes, LP ("Assignee"):
RECITALS
A. Reference is hereby made to that certain Development Agreement dated as
of February 13, 2006 by and between Assignor and City of Pearland, Texas (the "Contract"),
attached hereto as Exhibit "A". All initially capitalized terms not otherwise defined herein shall
have the meanings set forth in the Contract unless the context clearly indicates otherwise.
B. Assignor desires to assign to Assignee, all of Assignor's right, title and interest as
buyer in, to and under the Contract, and Assignee desires to accept the assignment thereof and
assume Assignor's obligations thereunder.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:
~/
/'
AGREEMENT
1. Assignment and Assumption; Assumption.
1.1 Assignment. Assignor hereby transfers, assigns and conveys, without
recourse, representation or warranty, express or implied, all of Assignor's rights, interests,
liabilities and obligations in and to the Contract.
1.2 Assumption. Assignee hereby assumes all of the terms and provisions
under the Contract, and all of Assignor's obligations under the Contract arising after the date
hereof and agrees fully and faithfully to pay, perform and discharge, as and when payment,
performance and discharge are due, all of Assignee's obligations under the Contract arising after
the date hereof.
1.3. This Assignment and Assumption shall be binding on and inure to the
benefit of Assignor and Assignee and their respective heirs, executors, administrators, successors
in interest and permitted assigns.
1.4 This Assignment and Assumption is contingent upon its approval by the
City of Pearl and, Texas.
2. Counterparts. This Assignment and Assumption may be executed in any number
of counterparts, each of which shall be deemed an original, but all of which when taken together
shall constitute one and the same instrument. Each counterpart may be delivered by facsimile
transmission. The signature page of any counterpart may be detached therefrom without
impairing the legal effect of the signature(s) thereon provided such signature page is attached to
any other counterpart identical thereto.
IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment and
Assumption as of the day and year first above written.
"ASSIGNOR"
The Maverick Group, LLP
By:
John J. Kelly, Managing Partner
"ASSIGNEE"
Juliet Homes, LP
By: Juliet GP, LLC, its general partner
By:
Douglas A. Brown, Manager
APPROVED:
City of Pearland,
A Texas municiQal corporation
By: ~~ ~
Bl isen, City
By:
\\\\\""""'11.
,\\ Ctt.RL~A~:11,
",~.;..~~..1V ~
~~~~
: ~ I ~.~
--"". ~-
=V\e ou,'"
:=. JO 'V' =
- -
... -
~ ;:
~ ;:'
~ ....../;::
~" ~
~"I: ~...,..
111'".m""'\:
- ",
shall constitute one and the same instrument. Each counterpart may be delivered by facsimile
transmission. The signature page of any counterpart may be detached therefrom without
impairing the legal effect of the signature(s) thereon provided such signature page is attached to
any other counterpart identical thereto.
IN WITNESS WHEREOF. Assignor and Assignee have executed this Assignment and
Assumption as of the day and year first above written.
"ASSIGNOR"
"ASSIGNEE"
Juliet Homes. LP
By: Juliet GP. LLC, its general partner
By: ~_____
Doug as A. Brown, Manager
APPROVED:
City of Pearl and,
A Texas municipal corporation
By:
Bill Eisen, City Manager
By:
Young Lorfing, City Secretary
ladbOl 28455408.1111901 1143P 42006214
EXHIBIT
I ':4 ,.
DEVELOPMENT AGREEMENT
(EXHIBIT "A" TO RESOLUTION R2006- 24)
This Agreement is entered into this 30th day of December, 2005, by and between the CITY
OF PEARLAND, TEXAS, (hereinafter "City"), and THE MAVERICK GROUP, LLP
(hereinafter "Developer").
WHEREAS, Developer intends to develop 47.65 acres of land as planned unit
development consisting of garden home, town home, office and professional, general
business, and recreational uses to be known as Province Village (hereinafter
"Subdivision); and
WHEREAS, The City's Thoroughfare Plan depicts a minor collector street (hereinafter "the
Collector") connecting Pearland Parkway with Country Club Drive within the boundaries of
the Subdivision; and
WHEREAS, Developer is responsible for constructing or funding a portion of the collector
under provisions of the City's Subdivision Ordinance; and
WHEREAS, City and Developer desire an agreement to set forth their respective
responsibilities with regard to the construction of the Collector.
WITNESSETH:
NOW THEREFORE, in consideration of the foregoing premises and other good and
valuable consideration the receipt and sufficiency of which is hereby acknowledged, it is
hereby agreed as follows:
1. The Collector will be designed with a fifty-foot right of way width and twenty eight-
foot paving, subject to the following conditions:
a. A segment at both ends of the Collector will be designed with sixty-foot
right of way and adequate paving width to accommodate two through lanes
and one left turn lane. The length of each widened segment shall be
determined by the City.
b. The Developer will provide appropriate signage and striping to prohibit on-
street parking on the Collector.
c. The Collector will otherwise meet all City standards.
d. No parking will be permitted on either side of the Collector, for its full
length.
2. Developer will design, obtain all required permits, and construct the Collector
including paving, drainage, detention, and related earthwork.
3. Developer will cause its engineer to prepare plans and specifications, in
4. City will reimburse developer for the actual construction, engineering design, and
land costs for that portion of the Collector related to the crossing of the Clear Creek
1
oxbow channel, estimated to be $374,000 as shown in Exhibit 1. Actual
reimbursement shall not exceed the total estimated reimbursement by more than
5% without prior approval of the City Council. Developer shall be responsible for
acquiring the right-of-way contemplated by this provision; however, City agrees to, if
necessary, acquire the right-of-way under the provisions of State law, including the
City's power of eminent domain.
5. Upon approval of the plans and specifications by the City, Developer will obtain
competitive line item bids in accordance with Local Government Code Chapter 252
for the construction of the Collector in accordance with the plans and specifications.
The bid specifications will be prepared in a manner that clearly identifies and
distinguishes those items and quantities for which the City is responsible. The bids
will be reviewed by Developer and the City and a contract will be awarded to the
successful bidder by Developer. Both City and Developer reserve the right to
reject any and all bids for construction.
6. Upon approval of the bids by the Developer, the Developer shall cause the work to
be completed in accordance with the plans and specifications. Developer's
engineer shall monitor the progress and workmanship of the contractor, including
construction administration and materials testing. City shall also provide inspection
to monitor the workmanship of the contractor. Developer shall advance the funds
necessary to pay the contractor for the work performed.
7. City shall reimburse Developer for City's portion, as described in paragragh 4
above, of engineering and construction costs within forty-five days (45) following
the City's acceptance of the Collector.
8. City obligations under this Agreement will be paid from lawfully available funds that
may be currently available in the budget year in which the obligation may be due.
City agrees to use its best efforts to collect such revenues and appropriate such
funds as may be required to finance its obligations.
9. The initial term of this Agreement shall be for a period of three (3) years,being
retroactive to and commencing on the 30thday of December, 2005, and terminating
on the 31st day of December, 2008, at which time, this Agreement may be
automatically renewed in one (1) year increments contingent upon need and the
necessary funds being appropriated for said project in accordance with the City's
annual budgeting process.
10. This Agreement may only be amended, modified, or supplemented by written
agreement and signed by both parties.
11. No assignment by a party hereto of any rights under or interests in this Agreement
will be binding on another party hereto without the written consent of the party
sought to be bound; and specifically but without limitation moneys that may become
due and moneys that are due may not be assigned without such consent (exceptto
2
the extent that the effect of this restriction may be limited by law), and unless
specifically stated to the contrary in any written consent to an assignment no
assignment will release or discharge the assignor from any duty or responsibility
under this Agreement.
12. Nothing herein is intended to supersede or waive any City ordinance or regulation
pertaining to such construction.
13. Whenever possible, each provision of this Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision ofthis
Agreement is prohibitive or invalid under applicable law, such provision shall be
ineffective to the extent of such provision or invalidity, without invalidating the
remainder of such provision or the remaining provisions of this Agreement.
14. This Agreement shall be construed and enforced in accordance with and governed
by the laws of the State of Texas.
15. This Agreement and all obligations created hereunder shall be performable in
Brazoria County , Texas.
16. Resolution No. R2006-24 is incorporated herein and made a part ofthis Agreement
for all purposes.
17 . To accomplish execution of this Agreement, it may be executed in multiple
counterparts.
18. DEVELOPER HEREBY RELEASES, ACQUITS, AND FOREVER DISCHARGES
THE CITY, ITS OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS, AND
ASSIGNS FROM ANY AND ALL CLAIMS, DEMANDS, RIGHTS OR CAUSES OF
ACTION OF WHATSOEVER CHARACTER OR NATURE, INCLUDING
ATTORNEYS' FEES, ARISING FROM OR BY REASON OF ANY AND ALL
BODILY OR PERSONAL INJURIES, INCLUDING DEATH AND MENTAL
ANGUISH, DAMAGE TO PROPERTY AND THE CONSEQUENCES THEREOF
WHICH MAY BE SUSTAINED BY DEVELOPER, ITS HEIRS, EXECUTORS,
ADMINISTRATORS, SUCCESSORS, OR ASSIGNS AS A RESULT OF THE
CONSTRUCTION BY DEVELOPER OF THE IMPROVEMENTS REFERENCED
ABOVE, UNLESS CAUSED IN WHOLE OR IN PART BY THE NEGLIGENCE OF
THE CITY, ITS OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS, OR
ASSIGNS. DEVELOPER SHALL KEEP AND HOLD HARMLESS THE CITY, ITS
OFFICERS, AGENTS, EMPLOYEES, SUCCESSORS, AND ASSIGNS FROM ANY
AND ALL COST, LIABILITY, DAMAGE OR EXPENSE OF ANY NATURE AND
HOWSOEVER CAUSED, INCLUDING ATTORNEYS' FEES, CLAIMED OR
RECOVERED BY ANYONE BY REASON OF INJURY TO OR DEATH OF ANY
PERSON OR PERSONS OR DAMAGE TO OR DESTRUCTION OF PROPERTY
CAUSED BY OR RESULTING FROM THE NEGLIGENCE OF DEVELOPER,
3
THEIR AGENTS, EMPLOYEES, SUCCESSORS, OR ASSIGNS ARISING IN
CONNECTION WITH SUCH CONSTRUCTION BY DEVELOPER. THE
PROVISIONS OF THIS SECTION SHALL SURVIVE THE TERMINATION,
EXPIRATION, OR CANCELLATION OF THIS AGREEMENT.
19. By execution of this Agreement, both parties agree that the Development
Agreement (R2005-125), approved by the City Council on August 8,2005, is
terminated, and the responsibilities ofthe Parties subjectto said Agreement are no
longer applicable.
In witness whereof, the parties have hereunto set their hands and signatures on the date
first above mentioned.
THE MAVERICK GROUP, LLP
~ rJuft;23 O~
ATTEST:
CITY OF PEARLAND,
a Texas municipal corporation
ry
IfJ€ ~
Bill Eisen, City Manager
4
STATE OF LOUISIANA
PARISH OF BATON ROUGE
J~ This instrument was acknowled9Jed
."., ~lOZ.~
4,,/tiL-
Notary Pu?li~, State .of LOUisia7 ~ II
My CommIssIon ExpIres: fI. ., "-
f). fIft/ c 1/,$1 ..
tt ,I.., 1J1/4. If JI! Y
me on this
:2 rr~ day of
on behalf of
STATE OF TEXAS
BRAZORIA COUNTY
This instrument was acknowledged before me on this:)I~iday of
2006, by Bill Eisen, City Manager ofthe City of Pearland, a Texas home rule munic pality,
on behalf of said municipality.
My Commission Expires: 0 d.- Cl '1- do 10
.\\\\\1111111111111//1/
~\\\\, A lill/
ff~9:~~"",'!!Y ~,
."$ <:> ,,' ,jl.R Y I> ", -? ~
ff .... <:0 ~(/<l""'-;:'\
{ t. ~~~:\~J
~ ", '" OF 1'C.'f..'i>- ,: f$
~ 0 "'1.. . ~
~ ...,'-:'If:>/RES ,,' i'>
;.;.; ,." " ~
~~/I~09~'20\ 6 \,\~~~
II////lillllllllll\\\\\\\\\\\
D~-,~ b~
Notary Public, State of Texas
5
COSTS FOR "CROSSING" AT PROVINCE VILLAGE
OPINION OF PROBABLE COSTS
Job No. 1938-0002 (8.4)
July 26, 2005
b
:i5
j
EXHIBIT
'11/"'-
l
ITEM DESCRIPTION UNIT QUAN. UNIT COST TOTAL COST
1. LAND COSTS FOR CROSSING ACQUISITION AC. 2.5 $20,000.00 $50,000.00
2. WETLANDS ASSESTMENT STUDY EA 1 $3,850.00 $3,850.00
3. NW14 (CROSSING) PERMITTING EA 1 $12,000.00 $12,000.00
4. WETLAND PLANTINGS AC 2.4 $2,000.00 $4,800.00
5. USACOE APPLICATION FEES EA 1 $100.00 $100.00
6. DETENTION POND WET BOTTOM EXCAVATION AND CY 3,090 $5.00 $15,450.00
7. SURVEYING (FIELD AND OFFICE) DAY 2 $2,250.00 $4,500.00
8. 7' X 5' REINFORCED CONCRETE BOXES IF 100 $400.00 $40,00000
9. HEADWALlS FOR DUAL 7' X 5' BOX CULVERTS EA 2 $15,000.00 $30,000.00
10. GUARDRAILS, PAVEMENT STRIPING AND BUTTONS LS 1 $1,000.00 $1,00000
11. EXCAVATION AND SPREADING FROM CROSSING CY 500 $4.00 $2,000.00
12. SELECT FILL CY 500 $8.00 $4,00000
13. STORM WATER POLLUTION PREVENTION PLAN LS 1 $3,000.00 $3,000.00
14. INSTALL AND MAINTAIN REINFORCED FILTER FABRIC LF 400 $1.50 $600.00
15. HYDROMULCH AC 1 $1,200.00 $1,200.00
16. MISCELLANEOUS ITEMS LS 1 $6,000.00 $6,000.00
17. 6" REINFORCED CONCRETE PAVEMENT SY 931 $30.00 $27,930.00
18. 6" REINFORCED CONCRETE CURB LF 598 $400 $2,39200
19. 8" LIME STABILIZED SUBGRADE (MANIPULATION) SY 1,000 $2.00 $2,000.00
20. HYDRATED LIME FOR SUBGRADE PREPARATION TON 26.5 $125.00 $3,312.50
21. SLOPE PAVING SF 15,000 $4.00 $60,000.00
TOTAL $275,000.00
CONTINGENCIES (15%) $41,250.00
ENGINEERING (15%) $47,437.50
SOILS ENGINEERING AND TESTING (3%) $9,487 50
TOTAL WITH CONTINGENCIES AND ENGINEERING $374,000.00
W:\LAND\ 1938\0002\R ESID _ CDS1_ 072805. xls\CROSSING
_n_..._........__...
1.._.....-....1.1..._.,..,....,..
...;......,IIII'iI.IIl&___.I~.:.~.,iI~fll~_II'.!.'.
.~
C7/2G/2BB5 11:15
713953521<:1
PAGE B4/04
PARf\
'0. 67 - o.s
.R.
~
N
t
S.OI~ ; r . fO(l
.'
./
CPEE,~ ,
CLEAR
HARRIS COUNTY
',,'
,Q. r,j-
r,td?',>
""'<-,,,
.......;;f ,'v ((,'
<<- (J"-' r, f\
",'r' 'b
"'~""'~',"\
,'v C-<' "r~ ,\^v <<-'
Oq."'.s. r,; Q'
~j-_.... CCr~. v
o cf" '''' ,
4.~~;..$v<<.' <-
",.,P'
~v ,",'
TJB ALEXANDER rAMILY.
LTD. PAPTNERSHIP
F . N , ue ~ .3 6 2 .3
H. C. O.~.
~)
<>.
,<(-
~(J
\:
~.
<0
\:)~
&
~
~
ciS
,.0
BRAZORIA COUNTY
, ( Eit All elleu
~-~~ I'
\...~... I'
-"..-......''" I,',
:~:::- '---. " :~ .~. '. -'. -"" . -.- " . \,
,.sURr-EY, A-1.98"", '-~....___ .',
j'/'l/'/ i"l~... ---"'." .,~"'~
,j / "/';~ i/.' '/ ,.,,) ;'I'-i--'
"'-.1. I /J ~"lll' / .' I.
....,. '/ I I" I, ~ '
...,:, . ~ I .
;-....."--.. '....... I /';" "
, / ') . "".".I'-~/ .
'/ ",,' ""
',' .."......']1
,1 ""'"
-<, ........10: "",
, ',,"!I '-"
'\ " "
'-'111 ""\
OZ' '"',
,
~ Ie
Cl~ "v "-
~c~' 'b
<( ")Ov <(v
c,,; c, <<-.
'!:.~ c'l' <o'b '0'
-\ 'i ,)q:: ,0 V
"; c-<'- (),,-
,,<<.-, v
~l -leY
~
W,D,C, HALL SURVEY, A-23
S',
~-\ ~
'" (,,;
,::."'1" ->! C '],,1.-
.!::i'...... i:- '0
l) 'r-v ~i
~v ~Iy -\ o.()'
..... (l q-'
Co) ~ 't("f- Y<J'
o~ ~<<.-"'" "Io( .
c,s:.... (('" '
1...... . lb'
<v "'rv;w
cY ~_p
.$.v
T~B ALEXANDE~ FAMilY.
LTD. PARTNERSH IP
F .N. Ull13623
H. C. D, i=l.
PROV I NeE VilLAGE
OVERALL SITE PLAN
IN 1HE
THOMAS J. GREEN SURVEY A-198
BRAZORIA COUNTY, TEXAS &
W. D. C. HALL SURVEY A-23
HARR I S COUNTY, TEXAS
.lUIllE lOo.~
.Jot "'0. IH&-6QOI
,,~... \ ~r.OI O&'71-0~
SHt." I or .
LolA ~nllin..rtn" & SU"'.lI1ftl. Ine. LA
1m I..... - ...... 1Il,tll.\ll>l
~"BW F. ~IJ,~,(aJQ
Hlu-. t...... ntw2...J7tc
WARREN G KING, PARTNER
MABRY & KING, L.L.P.
ATTORNEYS AT LAW
19 BRIAR HOLLOW LANE. SUITE 115
HOUSTON, TEXAS 77027
BOARD CERTWIFD RFSIDE""Al_ REA._ ESTATE LAW TELEPHONE (713) 621 -7766
FACSIMILE (7131621-0224
wking@pinnacletitleco.com
LEGAL SPECIAL,lATIC',,"'
TEXAS BOARD
August 17, 2006
Darrin M. Coker
City Attorney
City of Pearland
3519 Liberty Drive
Pearland, TX 77581
VIA FEDERAL EXPRESS
Re: Juliet Homes, LP
Dear Mr. Coker:
Enclosed is the information you requested on Juliet Homes. Please let me know if you
need any additional information.
Sincerely,
L-/~
Warren G. King
L
BUSINESS PLAN
June 2006
JULIET HOMES, LP
\ ..
J
,
L
TABLE OF CONTENTS
3 Confidentiality Statement Marketing and Sales
24 Value Summary
Executive Summary 24 SWOT Analysis
4 The Opportunity 25 Marketing Approach
5 The Market 26 Pricing Model
6 The Team 26 Channel Revenues
7 The Portfolio 27 Sales Approach
9 1he Timeline
10 Financial Summary Operations
28 Leadership Team
Company Description
11 Company Overview 33 Financial Summary
12 Company Profile
14 Business Model APPENDIX
16 Key Relationships
The Market Analysis
17 Houston's Redevelopment Agenda
19 'Enget Market Trends
21 Market Potential
2 JULIET HOMES BUSINESS REPORT IliNI2""(O
Confidentiality Statement
This business plan (the "Plan") is the property of Ju-
liet Homes, LP ("Juliet Homes" or the "Company")
and contains certain information that is non-public,
confidential or proprietary in nature. It contains in-
formation intended only for the person to whom it
is transmitted (the "Recipient"). With receipt of this
plan, Recipient acknowledges and agrees that:
. In the event the Recipient does not wish to pur-
sue this matter, the Plan will be returned;
. The Recipient will not reproduce or redistribute
the Plan, in whole or in part, nor disclose its con-
tents, without the expressed written consent of
Juliet Homes;
· All of the information herein will be treated as
confidential material;
. The Recipient will make every effort not to dis-
close the confidential information, except as may
be required by law, and as necessary to the Re-
cipient's officers, directors, employees, agents and
professional consultants;
· The Company makes no representation as to the
accuracy or completeness of any of the materi-
als contained herein. It is expected that the Re-
cipient of the Plan will conduct his or her own
independent investigation of the Company. The
Plan should be read in conjunction with the ap-
pendices, exhibits and attachments provided, and
the Recipient should not rely upon statements
made.
As used herein, "confidential information" means
information about the Company furnished by the
Company to the Recipient, and the fact that the
Recipient is considering a transaction with the
Company, it does not include information that,
(1) was publicly known or otherwise known to the
Recipient at the time of disclosure; (2) subsequently
becomes publicly known through no act or omission
by the Recipient; or (3) otherwise becomes known to
the Recipient, other than through disclosure by the
Company, its representatives or attorneys.
Certain statements contained in this business plan,
including, without limitation, statements containing
the words, "anticipates," "believes," estimates,
"expects," "intends," "projects" and similar words
constitute forward-looking statements. Such forward-
looking statements involve known and unknown
risks, uncertainties and other factors that may cause
the actual results, performance or achievements of
the Company and its subsidiaries, or industry results,
to be materially different from any future results,
performance or achievements expressed or implied
by such forward looking statements. Given these
uncertainties, Recipients of this Plan are cautioned
not to place undue reliance on such forward-looking
statements.
[liNE 21l1l" JULIET HOMES BUSINESS REPORT .)
· EXECUTIVE SUMMARY ·
The growth of the urban popu-
lation in Houston and the city's
focus on redevelopment of the
East End and Buffalo Bayou
areas has created an extraordi-
nary opportunity for developers
that understand the Houston
market. Juliet Homes is such a
developer, and has established a
portfolio of holdings and stra-
tegic partnerships that positions
them to realize the potential of
these events.
The Opportunity
Houston is the 4th largest city
in the United States, has grown
twice as fast as any other top 5
city since 1990, and is projected
to grow by an additional 1.8 mil-
lion people by 2020. The city is
currently in the midst of strategic
redevelopment to accommodate
its growth. With the completion
of significant downtown com-
mercial redevelopment and the opening of its light
rail system, the city is now focused on redevelopment
of the Buffalo Bayou and adjacent Midtown and East
End areas of the city as centerpiece of new mixed-use
communities.
HOUJton is the 4th largest city in the
United States, has grown twice asftst as
any other top 5 city since 1990, and is
projected to grow by an additional 1.8
million people bv 2020
Juliet Homes has developed a
product concept that is laser fo-
cused on this demand-gated
communities of zero lot line
homes with luxury finishes and
amenities at affordable price
points.
Single-family home sales in the
Houston market now exceed
30,000 units annually. Juliet
Homes anticipates selling 7154
homes over the next five years at
an average price of $254,000.
lhis product offers a compel-
ling value within the reach of
virtually all segments of the tar-
get market.
Juliet Homes has established
the necessary relationships to af-
fect this plan. Juliet leadership
has 20 years experience in and
knowledge of the Houston real
estate market as well as long-standing relationships
with leading local real estate developers and investors.
These relationships allow Juliet to repeatedly identify
and exploit niche opportunities in a vibrant market.
Juliet has proven the soundness of its model and its
offering over the last two years via the sale of more
than 175 homes and the acquisition of more than
500 acres of strategic development property with a
fair market value of $180 million.
~L
A decade of population growth driven by foreign
immigration and strong job growth combined with
urban renewal making in-town living more desirable
has created a large market for single-family homes in-
side the 610 loop.
4 JUI.IET HOMES BUSINESS REPORT II' I .'1111(,
. EXECUTIVE SUMMARY.
The Market
Annual single-family home sales in Houston exceed
30,000 units. In Harris County alone, which con-
tains the Houston city center, new single family home
starts are on track to reach 6,700 this year - an 11 %
gain over last year.
Since 2000, large numbers of young professionals and
empty nesters have been relocating from the suburbs
seeking the convenience of in-town amenities and
relief from extended commute times. Traditionally
these buyers have been priced out of the single-family
home market in these areas and have had to settle for
either a town home or a house in the suburbs. Juliet
Homes offers these buyers a compelling alternative-
luxury in-town living at an affordable price.
Juliet has established a reputation for capturing the
most convenient location and building unique, qual-
ity homes that deliver luxury appointments and liv-
ability beyond square footage.
Harris County 2005 Construction Spend
(projected - dollars in millions)
$912
. Single Family II Multi-Family
Harris County alone is projected to reach $912 million in
single-family home construction spending in 2005.
Juliet generates revenue through both home sales and
mortgage financing via its interest in its mortgage
partner, First Texas Residential. Using a conservative
market penetration rate of less than 4%, Juliet proj-
ects attaining $1.8 billion in gross revenue and $380
million in net revenues through 2010. The compa-
ny's current portfolio of projects and land holdings
represent 54% of this target and are scheduled to be
substantially delivered by Q4 2008.
Gross Profit Contribution by Source
($ in Thousands)
$9,353
$21,376
$349,798
Development Projects II Turnkey Projects
Mortgage FinanCing
Il' 'i F ."il)(. I L! L.lI; T H () lVl E S B U SI N F S S R E P () RT
. EXECUTIVE SUMMARY'
The Team
Juliet's management team brings a combined 50 years
of experience spanning the gamut of the Houston
residential real estate market. Their areas of expertise
include:
· Mortgage banking
· Residential and commercial real estate develop-
ment
· Public and private accounting and financial man-
agement
· Sales and sales management
. Construction management
6 JULIET HUMES BUSINESS REPORT Il'-:E 2"""
~.
-*lID
J
_, !it. "
Equally important are the long-standing relationships
with local investors, developers, builders, and bankers
that this team leverages to create a solid and profitable
delivery platform.
L
. EXECUTIVE SUMMARY.
The Portfolio
Juliet homes currently has a portfolio of 24 projects
representing 3,854 residential units and $980 mil-
lion of revenue over the next 55 months. Projected
returns to Juliet on tbis existing portfolio are $193
million I. Conservative growth projections for future
projects place tbe total revenue and Juliet returns at
$1.8 billion and $380 million respectively througb
2012.
Juliet Homes currently controls a strong portfolio of real estate
in and adjacent to key redevelopment sites throughout the
Houston metro area
I Combined projected returns of this portfolio including finance revenues are S205 millioll
II'!I' 21111(, JULIET HOMES BUSINF.SS REPORT 7
. EXECUTIVE SUMMARY.
Portfolio Summary
Project Start Finish Units Per Unit Gross Profit
Midtown Village 06/01/04 06/30/07 120 $189,000 $22,680,000 $2,772,900
Memorial Village 03/30/05 12/31/06 54 $209,000 $11,286,000 $2,265,705
Yale Sr. - Heights 05/05/05 05/01106 18 $299,000 $5,382,000 $87Cl,520
Wescott #2 05/31/05 031.31/06 11 $325,000 $3,575,000 $768,750
Ball park 6 06/01/05 06/15/06 18 $219,000 $3,942,000 $452,175
Ballpark 5 & 7 09/15/05 12/15/06 12 $215,000 $2,580,000 $407,250
Silverwood Estates 03/24/06 03/31/08 80 $299,000 $23,920,000 $2,124,000
Fleur Garden Estates 03/31/06 03/31/07 40 $299,000 $11,%0,000 $1,735,700
Delano - Midtown 04/01106 03/31/07 18 $295,000 $5,310,000 $1,338,325
West 28th St. 01/25/06 12/31/06 12 $209,000 $2,508,000 $253,200
Tuscany Woods 05/1 5/06 12/30/08 350 $239,000 $83,650,000 $16,992,800
288 / Reed Road 05/31106 05/31108 150 $209,000 $31,350,000 $4,336,875
Veterans Memorial 07/31/06 07/31/08 132 $139,000 $18,318,000 $2,%0,480
Skyline 09/15/06 09/30/07 36 $239,000 $8,604,000 $907,040
1he Dominion 09/15/06 12/31/09 395 $169,000 $66,755,000 $11,312,850
Beverly Hills #1 09/30/06 06/30/07 15 $279,000 $4,185,000 $908,863
Atlanta #1 09/30/06 09/30/09 345 $400,000 $138,000,000 $25,893,159
Atascosita # 1 & 2 10/31/06 03/31/08 108 $299,000 $32,292,000 $7,493,920
Richmond #2 10/31106 03/31/08 30 $309,000 $9,270,000 $1,705,200
StafFordshi re 11/30/06 03/31/09 350 $159,000 $55,650,000 $9,391,770
Princess "Las Vegas " 12/01/06 06/30/12 200 $329,000 $65,800,000 $21,339,000
Dallas Market 12/31106 12/30/12 400 $275,000 $110,000,000 $21,330,000
Houston Market 12/31107 12/30/12 750 $259,000 $194,250,000 $39,521,250
TOTALS (24) 06/01/04 12/30/10 3,854 $254,164 $979,547,000 $193,481,532
8 JULIET HOMES BUSINESS REPORT II,,!, 211111,
EXECUTIVE SUMMARY.
The Timeline
Juliet is actively working a rollout plan that delivers
3,854 homes over the next 78 months. lhis timeline,
while aggressive, is consistent with past performance.
Existing relationshi ps with leading real
PROJECT
Midtown Villa::?\':'
i\.'krnnrial Village
Yak Sl. - HeighL~
We~cott #2
Ballpark: ()
Ballparh; :'i & 7
Silvnw(l(Hl Estate....
Flt'ur Garden Estates
Delano Midtown
\Vest 2Xth SI
fuse any Woods
2XX i Reed Road
Veterans Memorial
Skyline
I'he Dominion
Beverly Hills # I
Atlanta #1
Atascosita II I & 2
Richmond #2
Staffordshire I
Princess "Las Veg,.1s"
DaJJas Market
HUlIston :Vlarkd
START
f,il/n~
3/30/05
:'i/5!O:'i
'.)/31/05
()/l/O:'i
9/1:'iiO:'\
3/2-4/()()
~i31/()6
-1-/3/06
..1J2:'iiUf,
5/15i06
5/31106
7/31/06
l)/I:'i/06
l)lI 5!()()
1)13(1/(){j
l)/3(1/Uh
JO/31/()h
10/31/06
1/30/06
12/1/06
[2/31/06
.111107
estate investors and developers in the Houston market
provide Juliet with the opportunity to expand the
current portfolio. "Ihis expansion is projected to be an
additional 3300 homes through 2012.
2004 100S 2006 10117 200X "009 2010 2011 1012
FINISH UNITS lQI Q2 Q_' Q'IIQ! Q:, QJ Q4IQ] Q~ Q3 Q41 QJ Q2 Q_' Q41 QI Q2 Q.:; Q-l1 Qf Q2 Q,1 Q-l1 Ql Q2 Q' Q-l1 QJ Q2 Q1 Q-l1 QI Q2 Q_' Q.-II
6/19107 120
\2130/06 S4
-l-/2X/06 1 ~ -
3/30/06 11 -
6/1..J./()6 l'
12/1-l-/()(1 12
3/1RIOX RO
;1iJO/07 40
3i30/07 1R
11/JO/Uf) 12
12/19/0X 3)U
S!3(l(()X l50
7/J(J/U.~ IJ2
YI1~/U7 36
11no/OtJ jt)S
6/2tJ/07 IS
lJ/2tJ/UI) J..J.)
J/28/UX lOX
Ji2X/Ox 30
3/30/09 350
6/29/11 200
11/30/] 2 c100
I 1/19/] 2 750
-
-
Juliet Homes' current portfolio will deliver 3,854 homes across 24 projects in the next 55 months
IU'H 21111(, JULIET HOMES BUSINESS REPORT l)
. EXECUTIVE SUMMARY.
Financial Summary
","'"
..
~,
Operations
Turn-Key Sales Price
Total Units
Total Sales Price
Less: Sales Cost
Net Sales
Total Development Cost
Distributable Profit
Partner's Profit
Juliet Homes Profit
Current
Portfolio
3854
$ 979,547,000
$ (48,977,350)
$ 930,569,650
$(697,723,660)
$ 232,845,990
$ 39,364,459
$ 193,481,532
P;::;<jIo.
~'\1
-~,', ~..
~,.t
~\
\
New Projects New Projects
(thru 2008 - projected)(thru 2012 - projected)
1500
$ 381,245,589
$ (19,062,279)
$ 362,183,310
$(271,558,249)
$ 90,625,061
$ 15,320,884
$ 75,304,177
1800
$ 457,494,707
$ (22,874,735)
$ 434,619,971
$(325,869,898)
$ 108,750,073
$ 18,385,061
$ 90,365,012
Total
7154
$1,818,287,296
$ (90,914,365)
$ 1,727,372,931
$(1,295,151,807)
$ 432,221,124
$ 73,070,404
$ 359,150,720
FINANCING I MORTGAGE
Total Loan Volume (95% Total Sales) $ 930,569,650 $ 362,183,310 $ 434,619,971 $ 1,727,372,931
Total Loan Value (90% L TV) $ 837,512,685 $ 325,964,979 $ 391,157,974 $1,554,635,638
Fee Income (2.75% Average Yield) $ 23,031,599 $ 8,964,037 $ 10,756,844 $ 42,752,480
Partner Fee Income $ 11,515,799 $ 4,482,018 $ 5,378,422 $ 21,376,240
Juliet Homes Fee Income $ 11,515,799 $ 4,482,018 $ 5,378,422 $ 21,376,240
Total Juliet Homes Income $ 204,997,331 $ 79,786,195 $ 95,743,434 $ 380,526,960
10 JULIET HOMES BUSINESS REPORT II\iE illll"
· COMPANY DESCRIPTION ·
Company Overview
Juliet Homes is a privately held company, founded in
2003, that develops affordable luxury homes for
Houston's burgeoning urban market. The company
has acquired significant land holdings throughout
Houston, which are all in strategic locations relative
to current and fmure urban redevelopment zones. Ju-
liet's current portfolio of projects encompasses more
than 500 acres with a fair market value of over $180
million.2
Juliet Homes identifies and acquires attractive real es-
tate, specifies and designs homes compelling to the
market, ensures delivery via active project oversight,
and markets the product via direct sales. Construc-
tion is omsourced to established local builders who
bear financial responsibility for construction financing.
The company also realizes significant revenue through
its interest in First Texas Residential that services the
majority of the mortgage financing for Juliet Homes
products.
Juliet Homes has established relationships with sev-
eralleading developers and real estate investors in the
Houston market. On an annual basis, these investors
put over $2 billion to work in local real estate devel-
opment projects. The strength of these relationships
developed by Juliet management over the past 20
years allows Juliet to control highly desirable tracts
in and adjacent to active redevelopment zones on at-
tractive terms. In most cases, the land is contributed
in whole or in part as a Limited Partner interest in the
development project. This structure provides multiple
advantages including below market acquisition costs,
reduced project cash requirements, and enhanced
overall project
economics.
Juliet Homes developed t7 product
concept that reJOllt7tes with the Houston
mmliet.
Juliet Homes
has developed
a product con-
cept that resonates with the Houston marker. Geared
specifically for the influx of professionals and empty
nesters seeking the convenience of in-town living, Ju-
liet delivers quality finishes and luxury amenities at
affordable price points. 'The average price of a Juliet
home is $254,000, placing it in reach of virtually all
segments of the target market.
2 Fair market valuation of Juliet's land holdings based on recent sales of adjacent properties and insighr fi'()!Il loc:!1 RC'll Estate Brokers
employed by Juliet
rUNE 21l1l(' JLJLIET HOMF~ BLJ~INFSS REPORT 11
. COMPANY DESCRIPTION.
Company Profile
· founded in March 2003
~
· Developer of in-town communities of affordable
luxmy homes
-.'
The company has secmed more than 500 acres
of development property primarily in Houston's
redevelopment zones
(
· Cmrent portfolio of projects projected to yield
3,854 unit sales and $980 million in gross rev-
enue over the next 55 months
-
Established track record of delivering a difFer-
entiated product in high demand in the current
market - luxury living at an affordable price
,.7 JIf'"
/i'<~~
Proven business model leverages strategic
relationships with established real estate inves-
tors and developers who, on an annual basis,
put over $2 billion to work in local real estate
development projects
.,.A'
12 JULIET HOMES BUSINESS REPORT II'iF ,1111(,
. COMPANY DESCRIPTION.
Juliet's model and product concept are proven. As of
January 2006, 175 units have been sold generating
more than $3 million in profit to Juliet Homes.
Homes project is 18 months. The table below sum-
marizes completed Juliet Homes projects.
lhe average sales cycle for a given phase of a Juliet
PROJECT INVESTOR JULIET
Equity Cash-on-Cash Equity
Units Term Months Investment Profit % Return (APR) IRR I Profit % $/ Unit
BPI 49 June 2002 17 1$ 250,000 $ 500,000 (. ) 141.2% 116.9%, $ 809,854 100% $ 16,528
Nov 2003 I
i
Memorial Square 10 Aug 2003 15 ' $ 544,211 $ 72,520 50% 10.7% 10.5% 1$ 72,520 50% $ 7,252
Nov 2004
BP II (b I 12 Jan 2002 15 250,000 63,884 15% 20.4% 20.0% I
Apr 2003
BP II 12 April 2003 19 1$ 100,000 106,474 25% 67.2% 54.3% $ 255,537 75% $ 21,295
Dee 2004
Washington July 2003 I
Square (e) 24 July 2005 23 '$ 1,500,000 $ 526,000 (c) 26.3% 16.2% $ 496,273 100% $ 20,678
Capital returned after 16 months
BP III Sept 2003
(d) 22 June 2005 21 400,000 350,000 (d) 50.0% 43,2% i $ 838,079 100% $ 38,094
BPIV 14 2/28/04 I
12/1/05 21 107,000 84,619 20% 45.2% 39.3% i $ 338,475 80% 24,177
BPV 12 1/15/05
1/31/06 12 $ 325,000 $ 62,554 40% 19.2% 18.4% $ 93,831 60% 7,819
Briarhollow 20 9/30/04
1/31/06 16 275,000 $ 68,551 25% 18.7% 18.1%1 $ 205,652 75% $ 10,283
TOTALS 175 47 3,751,244 $ 1,834,635 37.1% 12.5% 10.5%, $ 3,110,221 62,9% $ 17,773
II';, ,11l1(, JUlIET HOMES llUSINFSS REPORT 15
Juliet's business model is
simple in concept - re-
develop conveniently lo-
cated property into gated
communities of zero lot
line homes offering luxury
appointments costing sig-
nificantly less than compa-
rable product available in
the traditional resale mar-
ket, This concept is born
out of management's more
than 20 years of sales and
matketing and mortgage
experience in the Houston
single-family residence
market, and is executed through a set of strong local
relationships and attention to detail.
ers, Juliet generally part-
ners with land holders in
and adjacent to key re-
development zones. 'lhis
arrangement yields attrac-
tive acquisition costs and
reduced cash requirements
compared to competing
projects in the region. 'The
land holder's interest is
held in a Limited Partner-
ship specific to the project,
which provides Juliet flexi-
bility in deal structure, the
ability to acquire control
of key real estate holdings,
and minimizes exposure via project compartmental-
ization, Across it's current portfolio, Juliet's land ac-
quisition cost basis is 17% below fair market value
resulting in a strong balance sheet backed by land value.
. COMPANY DESCRIPTION.
Business Model
Revenue
Consumers
~
Revenue
Delivery
Real Estate
Juliet Homes has assembled all the key elements to deliver
superior results for its customers, partners, and shareholders
Leveraging long-standing relationships with some of
Houston's leading real estate investors and develop-
e,! Fixed Fee: 1/49 of $500,000
Ih! Iiwcswr rolled [1rincipal and proht into next devdoPlllcnr project
2 Fair market valuation of' Juliet's land holdings based on reeem sales of adjacenr propenics and insight from loca] Real EsLltc
Brokers employed by Juliet
14 JULIET HOMES BUSINESS REPORT IllNE 21111(,
. COMPANY DESCRIPTION.
Home designs are tailored to the rampant demand for
superior luxury home finishes and amenities sought
by professionals and empty nesters looking to relo-
cate from the suburbs or move up from multi-fam-
ily homes. This attention to detail and laser focus on
the target market results in short sales cycles for Juliet
projects, typically 12 to 18 months.
Juliet relies on relationships with established local
builders for construction. Generally, Juliet subordi-
nates 30% to 50% of the value of the project's land
to collateralize the builder's construction note, which
is drawn and repaid pro rata during the project. This
leverage of Juliet's land equity provides a compelling
Juliet Homes Land Asset Value
($ in Thousands)
$180,537
$150,353
FMV
FMV
win-win for the builder and superior cash flow man-
agement for Juliet.
In addition to full development projects, Juliet gen-
erates a portion of its revenue via turnkey projects
where the builder/developer delivers finished homes
per specification at a fixed price, and Juliet's upside is
limited to margin on unit home sales in the project.
Turnkey projects currently represent 2.5% of Juliet's
projected gross profits.
The average sales cycle for a given phase of a Juliet
Homes project is 18 months. The table below sum-
marizes completed Juliet Homes projects.
The final leg underpinning Juliet's model is its 50%
interest in First Texas Residential, which services over
90% ofJuliet Homes' sales. This relationship adds 6%
to Juliet's projected gross profits across the portfolio.
Juliet's current portfolio of land holdings
represents $30 million of equity value
IlINE 21111(, JULIET HOMES RUSINFSS REPORT 15
. COMPANY DESCRIPTION'
Key Relationships
Juliet Homes has established significant relationships that provide the necessary foundation for success.
Partner Capability Description
First Texas
Residential
Mortgage
Financing
Through its esfablished network of Houston's leading real esfate investors and
developers, Juliet controls key land holdings in the midst of current
redevelopment activity. Model projects see land contributed in part or whole as
an LP interest in the development, yielding improvements in acquisition costs,
cash flow, and overall ro'ect economics.
Juliet Homes is a partner in First Texas Residential, and generates an addifional
revenue stream from ifs mortgage operations. First Texas Residential services over
90% of Juliet sales.
LPs / GPs
Real Esfafe
Acquisition
Juliet's key partnerships provide a solid and profitable delivery platform
16 JULIET HOMES BUSINESS REPORT IlNE 21111"
· THE MARKET ANALYSIS.
Houston's Redevelopment Agenda
Already the 4th largest city in the U.S., Houston is
growing more than twice as fast as any other city in
the top 5 - and this growth is not projected to stop
soon. The most recent numbers available bear this
out. Between 2000 and mid-2003, the population
of the Houston Micropolitan Statistical Area (MiSA)
grew 7.6%, compared to overall national growth of
only 3.3%.4 By 2020 Houston will be home to more
than 6.5 million people. Harris County, which en-
compasses Houston's downtown, is the country's 3rd
most populace after only Los Angeles County, CA
and Cook County, IL.
According to the Center for Immigration Stud-
ies, the primary accelerator of this growth is for-
eign immigration. Houston is an international
engineering and scientific center, and has been ex-
periencing a measurable shift in its demographic
makeup since the 1980s - a shift that the U.S. Cen-
sus Bureau projects to continue over the next 30 years
The latter half of the 1990s have seen significant in-
frastructure and redevelopment plans gain momen-
tum as the city attempts to accommodate its current
and anticipated growth. In addition to the visible evi-
dence such as downtown commercial redevelopment
and the opening of the light rail system in 2004, there
are massive transformations in the early stages for the
Buffalo Bayou and the adjacent Midtown and East
End areas of the city. These aggressive plans will drive
development in the region for the next 20 years.
The Buffalo Bayou redevelopment project alone is
projecting $5.6 billion of private investment along-
side $800 million of hard dollar public funding over
that term. This project plans to revitalize old indus-
4 u.s. Census Bureau 5 Master Plan for Buffalo Bayou and Beyond - August 2002
Population Growth of Top 5 Largest U.S. Cities
(PercerttChange 1990 -20(3)
-6.7%
l-New York 2-L06 Angleles 3~hicago 4.Houston S.Philadelphia
Since 1990, Houston has grown more than
twice as fast as any other top 5 U.S. city.
Howton~'popu!ation continues to expand and be-
come more diuer!e driven ky foreign inzmigration,
primari{y froni Latin Amaim and Asia
Components of Popullttlon Ch.nge
Houston-Bay town-Sugar Land MSA 2000-2003
ANNUAL TOTALS
12 Months Ending Net Foreign Nutural
July 1 ImmignlUon Increasfil'J
2000 43.935 54.187
2C<11 43.001 53.713
20002 43.006 55,570
2003 42.996 58.215
Totals 172.988 46.400 221.685
'in;-iu;i,.:i-- !,:,,"1, 'f'illli~t.'~'nl'l~t-~
'H'~l'l'~lll>IJ!h'" l-",,-'i; ("SlIk!,1 ,J'"Hrl~_l~I''' llt':""!_I..'1
Source: US Bureau O1lhe Census; all 2M:'! components 9s'maled by Greati'lf Houstoo
~_~!~~~~"<e_~_~~_~__q~_I1_~_~_~_~~~~~""<!~~"_ "
jl't\F 11111(, JULIET !-101vIFS BUSINFSS REPORT 17
. THE MARKET ANALYSIS
Implementation Plan: Existing & Proposed TIRZs
VI
QId !iur" "'.I'd fiR!
.....,,(Jt...1
~M.
t"Al~to'_
'-
L'!
--
l'II_v_Ot..u.....
l_....... ro:..llllil
__~_~ l
" ----- (v;:;:;-
~... ~ ,,/.~
tilll\,t".ft
t,?::','h~,d"'",''',
f:ovrlhW...vTlRl
At the end of 200], the dmv!1town area had $2.77 billion in construction prqjects and an addiriOlw!
$447 million in pre-construction projects
trial sectors of the city into a mixed-use centerpiece
of Houston built around the reclaimed waterfront
of the Bayou. Multiple Tax-Incremental Reinvest-
ment Zones (TIRZ) have already been established
and a single non-profit, the Buffalo Bayou Partner-
ship, has raised and leveraged over $40 million in
public and private funds for initial improvements.
The development renaissance occurring in and near
downtown Houston is also beginning to occur in ar-
eas of the East End closest to downtown. At the end
of200 1, the downtown area had $2.77 billion in con-
struction projects and an additional $447 million in
pre-construction projects('. Significant new residential
development activity is occurring in the East End.
'The building of Astro's Field (formerly Enron Field)
spurred the Lofts at the Ballpark residential project,
the first downtown development to cross Highway
59. In December 2001 Trammel Crow Residential
purchased the EI Mercado del Sol site to redevelop as
the Alexan Lofts, and the vacant property on rhe site
was sold to Perry Homes, which is planning a town
home community. The older subdivisions in the Lock-
wood area are experiencing renewed interest, a resur-
gence of renovation of its pre-WWII bungalows. As
ofJuly 2005, Juliet Homes has sold 129 single-family
homes in its Washington Square, Ball Park Plaza, Ball
Park Landing, and Memorial Square developments in
this area_
Buffalo Bayou and Beyond
"Mixed-Income and mixed-use development will
be encouraged In every neighborhood. These
diverse neighborhoods will expand to the Bayou in
the East End and Downtown on underutlllzed
industrial sites..."
- rosl rneJ rconornic Development fieport ?OO?
" East t:nd E,wlOmic Dellc!opment Report 2002
- Homeowner Vllcaney Rates JiJr the 75 [{lrgest Metropolitan Amls - Annua! Statistics 2004, US Census Bureau
& Houston, Text!s Continues to !Juild, Reillry limes
18 JULIET HOMES BUSINESS REPORT JlINE 2""(,
· TARGET MARKET TRENDS ·
The Growth of the Urban Population
Nearly 60% of Houston's population is between the ages of 20 and 64.
Since 2000, this group has in large numbers been relocating from the sub-
urbs seeking the convenience of in-town amenities and relief from extended
commute times. Homeowner occupancy rates in Houston are over 980/0,
indicating constrained availability for current demand7. Annual home sales
continue to exceed 30,000, a mark that was broken in 2002.8
In addition, Houston enjoys strong job growth -leading Texas in both to-
tal employment and in annual job growth.9 This is evidence of a trend that
is projected to continue.
West Houston alone is projected to add more than 227,000 jobs from 2000
to 2025.10
Houston Residents
7% 1D/O
t:l19&Under _20-64 065 & Gvef OS5&::her
Nearly 60% of Houston's
population is 20-64 years old
and";::epresents Juliet Homes'
target demographic
"ll1ere is a lot a/new construction near or close to downtown, with lIlfllZ)! tOWI! homes, lofts
and single fimzi0! homes. "
- Jvlimi Kwan, Realry Tinzes
Houston Metro Employment
(Jobs In Thousands)
2312.2
Dec-04
Jan-05
Feb-05
Mar-05
Houston has the highest total employment and the sttogest job growth of all Texas metropolitan areas!
9 Texas Workforce Commission data, seasonally adjusted by the Federal Reserve Bank of Dallas - March, 2005
10 West Houston Association - Demographic and Development Trends - September, 2003
1J Housing Projections by u.s. County - u.s. Census Bureau. (Harris County encompasses Houstons downtown).
liNE 21111(, JULIET HOiVIES BUSINESS REPORT ]lJ
. TARGET MARKET TRENDS.
The Transition of Urban Demand
Harris County 2005 Construction Spend
(projQct9d - dollars in millions)
-, ,~ ".~
ClSmgle Family .Multl-Family
Harris County alone is projected to
reach $912 million in single-family
home construction spending in 2005.
The combination of these market factors has created
an opportunity for Juliet Homes. Strong job and pop-
ulation growth combined with urban renewal making
in-town living more desirable has created a large mar-
ket for single-family homes throughout the Houston
metro area. Young professionals and empty nesters
are in market for quality homes with upscale finishes
and amenities. Traditionally, these buyers have been
priced out of the single-family home market in these
areas and have had to settle for either a town home
or a house in the suburbs. Juliet offers these buyers
what they're looking for-luxury in-town living at an
affordable price.
Strong job and population grmvth combined t\'ith urboll
renewalmoking in-town living more desimble has creaf-
edo large marketforsingle-family homes throughout the
Houston metro area!
Single-Family home starts in Harris County alone are
on pace to exceed 6,700 in 2005. This is an 11 % in-
crease over 2004. Juliet Homes' current and projected
portfolio encompasses 7,154 homes and delivers $1.8
billion in gross sales over the next 5 years. This repre-
sents a 3.9% market penetration of the overall Hous-
ton new home market.
~u
" Texas Workfnu Commission data, adjUJted by the hdeml Romle Bank lif Dilllas - March, 2005
II) West Howton Associmiml - Demogmphir lind Development 7i-em!; - September, 2003
11 Housing ProjeaiollS by us. - u.s. Census Bnrealt. (Hllrris Llntrlty encompasses Hot/stons downtown).
20 JULIET HOMES BUSINESS REPORT [21111f,
. TARGET MARKET TRENDS.
Market Potential
Single-Family
home starts in
Harris County
alone are on pace
to exceed 6,700
in 2005. This is
an 11% increase
over 2004. Juliet
Homes' current
and projected
portfolio encompasses 7,154 homes and delivers $1.8
billion in gross sales over the next 5 years. "Ihis repre-
sents a 3.9% market penetration of the overall Houston
new home market.
Harris County 2005 Construction Spend
(projected - dollars in millions)
[0 Single Family. Multi-Family I
Harris County alone is projected to
reach $912 million in single-family
home construction spending in 2005.
jlC;F 2(1111, JUI.IFT HCJ,\IFS BCSINESS REPORT 21
. TARGET MARKET TRENDS.
Competitive Position and Advantage
Juliet Homes' enjoys a strong competltlve posltIon III the
Houston market, based primarily on management's compre-
hensive knowledge of the local market, relationships that al-
low control of strategically located tracts of real estate at a sig-
nincant discount to market, and a highly-developed product
concept that is easily consumed by current demand.
Juliet Homes Controls Strategically Locared
Tracts of Developable Real Estate
Through established relationships with leading real estate in-
vestors and developers in the Houston market, Juliet Homes
controls over 500 acres of land in and adjacent to key redevel-
opment sites throughout the Houston area. Projects currently
in process encompass 3,854 units with 767 of those scheduled
for completion within 24 months. In most cases, these land
holdings are secured via a Limited Partner interest in the indi-
vidual development project, which serves to align the interests
of the landholder with those of Juliet Homes. The strength
of these relationships and Juliet Homes' performance to date
provide a platform for continued access to desirable real estate
on preferential terms.
Project Cost Basis FMV
Yale Sr. - Heighrs S l,l 00,000 51,100,000
WCSCO(( #2 5935,000 51,100,000
Ball park 6 5500,000 S800,00O
Hall park 5 & 7 5] 50,000 S3J7,OOO
Silverwood Estates 55,200,000 55,800,000
Fleur Garden Estates 53,300,000 53,700,000
Delano - Midrown S 1,100,000 $1,900,000
Wesr 28rh Sr. 53] 5,000 5395,000
Tu.scany \Xloods 54,851,500 $7,(,00,000
288 I Reed Road 52,500,000 510,000,000
Veterans i'v[emorial 51,900,000 S 1 0, 1 0),000
Skyline 52,100,000 52,400,000
'lhe Dominion 51,600,000 52,200,000
Heverly Hills # 1 5774,000 5 1,100,000
Adama # 1 545,000,000 S48,OOOOOO
Atascosit3 # I & 2 $4,300,000 5'5,000,000
Richmond #2 $2,250,000 $2,250,000
Staffordshire 55,227,200 $(,,000,000
Princess "Las Vegas" 59,000,000 $12,)00,000
Dallas Market 519,000,000 $22,000,000
HOllston 1v'[arker $2(),250,OOO S29,750,OOO
TOTAlS (24) $161,682,000 $180,537,000
At the portfolio level, Juliet's cost basis
for development property is 17%
below market
Juliet Homes currently controls a strong
portfolio of real estate in and adjacent to key
redevelopment sites throughollt the Houston
metro area
22 JULIET HOMES BUSINESS REPORT Il'''f.211116
. TARGET MARKET TRENDS.
Juliet Homes Delivers Quality Homes With Luxury
Finishes That Are In High Demand In Houston's Market
Juliet Homes offers a variety of 3 bedroom
floor plans from 1,300 to 1,SOO square feet
with price points in the $130 to $175 per
foot range. 1he portfolio average home is
1,450 square feet and sells for $254,165. Ju-
liet's attention to detail in finishes and ame-
nities make its homes an unparalleled value
in the Houston market. All homes include an
impressive array luxury appointments highly
valued by buyers in the target demographic.
The end result is short sales cycles for Juliet
Homes communities.
~L
Luxury Interior Amenities Gourmet Kitchen Appointmenh
.:. 42" Plasma TV
.:. Hardwood Floors in Entry, living. Kitchen
and Stairs
.:. Ceiling Fans in Master, Family Room,
Second Bedroom and Game Room/Study
.:. Alarm System
.;. Sculplured Rounded Sheetrock Corners
.:. Raised Panel Interior Doors
.:. Rocker Electrical SWItches throughout
.:. Crown Moldmg
.> Designer Paint
.> Granite Counlertops and Backsplash
.:. Hardwood Floors
.:. Black Gas RangelOven. Dlshwasher and
space save Micro'.vave
.:. Wine Chiller
.:. 42" cabinets
.:. Double Bov.1 Stainless Steel Sink with
Vegetable Sprayer
.:. Under~counter lIghling
Quality Exterior Finishes Master Suite and 80th
.:. Double Pane Windows
.:. Sod Backyard and Landscaped Front Yard
.:. Solid Wood Garage Doors
.:. Garage Door Openers
.:.. 6 foot Privacy Fence fOf Backyard
.:. 30 year Architectural Shingle Warranty
.;. Granite Counter Top wHh Double Bowt
Sinks
.:. Under-mount Sinks
.> Oil Rubbed Faucet
.> Whirlpool tub
.:. Separate Shower
.;. Ceiling Fan
":0. Large vValk+in Closet
Juliet Homes offers more home for less money than is typically
available in the adjacent neighborhoods.
11'NI cill!(. JULIET HUi\IES BUSiNESS REPORT 23
· MARKETING AND SALES ·
Value Summary
The following chart summarizes the clear value proposition Juliet Homes provides to each of its constituents:
Home Buyer land Holder Municipality (MMD) lender
. Superior finishes and
amenities
. No-cost development
. Strong alignment with
redevelopment priorities
. Baseline of Loan Volume
. In-town convenience
. Appreciated returns
on assets by
incorporating land
into projects as equity
. Zero sales cost
. Reduction in current in-
town housing shortages
. Affordable pricing
. Enhanced tax base
. One-stop shopping
· Reduced risk (proven
development and
sales partner)
SWOT Analysis
The following list presents a summary of the identified strengths,
weaknesses, opportunities, and threats of the Juliet Homes plan.
STRENGTHS
Location of existing land holdings
· Alignment of partner interests
Strength of proven product concept
Superior management of delivery risk and project
financials via ResCon Group
Mortgage finance partnership
.
Juliet believes that its superior platform and offering, proven
team, and sound marketing and sales plan provide a strong posi-
tion from which to capitalize on its strengths and mitigate its
threats. The company has taken considered steps to address key
weaknesses and threats. Specifically;
.
.
.
WEAKNESSES
Low barrier to entry for established builders
.
economic downturn In Houston mark.et
AlIgnment of landhold or tnt.r~ts In completed project!.
minimizes exposure 10 delay~ and mcrkel downturns.
OPPORTUNITY
Ju!~t', ~hong land .quity bolane. provld., prot@cll-onin
thai a mOfk@'pllc:lng downturn of os much as 35% would
still allow a br~akeven exit.
.
Expansion into broader Houston market
Expansion into multi-family market
Intere'it rete escalation
fir'it TeJ(01 R:esidenfiol PQrtnenhfp 5upports cu~tQm
plogrom tjevelopment r nece'S5cry
.
THREATS
· Economic downturn in Houston market
· Interest rate escalation
24 JULIET HOMES BUSfNESS REPORT Ili'll,rrOr,
. TARGET MARKET TRENDS.
Marketing Approach
Juliet Homes has an established marketing program
that has already delivered 175 sales and defined a brand
positioning that is resonating in the Houston market-
that of the in novatorofa new di mens ion in luxury living
These messages are the foundation of a set of profes-
sionally developed collateral that encompasses prim,
on-line, and multi-media mediums. To date, the
company has significantly leveraged its marketing
spend by focusing on promotional event marketing
in conjunction with local businesses within the local
service area. Juliet's total marketing costs including
advertising, public relations, and promotions are less
than 3% of sales.
Il"l2i1i1i1 JULIET HOivlES BUSINESS REPORT 25
, ,D'
/ - ,..
FROM THE; PO'S
J\"::~ ~-~~~~" n
Ilt.S'\l'At1O:Nit
. TARGET MARKET TRENDS.
Pricing Model
, II'
. '!I
FROM fHE lao's
Mf"CUTlO
.rIp,';'I;;1H'-J "''J', \'1.
:: ~-< +.
/",1'1
fROM THE; MID Zoo's
Juliet Homes delivers unmatched value in the Houston urban market
fl.lN"'T}()."$
Juliet Homes has established compelling price points for its product in the range of $139,000 to $400,000,
following a disruptive pricing strategy. The average price across the current portfolio is $254,165. 1he
superior locations and finishes of the homes make these prices extremely attractive and competitive in the
marketplace.
Channel Revenues
The following charts present the net revenue expected from each source as well as each source's
Gross Profit Contribution by Source
($ in Thousands)
$21,376
$9,353 t
Grass Profit Contribution by Source
(% of Gross Profit)
6%
2%
$349,798
ED Development Projects .Turnkey Projects 0 Mortgage Financin9j
92%
10 Development Projects. Turnkey Projects 0 Mortgage Financing
26 JULIET HOMES BUSINESS REPORT JUM 21111(,
MARKETING AND SALES
.
.
Direct Sales
Juliet Homes leverages a direct sales force for all de-
velopments. The sales force is trained on Juliet prod-
uct, assigned to specific communities, and managed
internally by Juliet. This team manages the sales side
of all transactions driven by Juliet's marketing efforts.
Rollout Strategy
Juliet has established a rollout plan that delivers 3,854 homes over the next 78 months. 'I his timeline, while
aggressive, is consistent with past performance.
PROJECl
l'vlidhl\vn
Memorial
Yale SL-
\Vc\cntl #2
Ballpark (,
Ballpark:'1 & 7
Silvt'rW(l{lll Estalcs
Fleur Ganlell E"latt's
Delano-Midtowll
West 2~th Sf.
Tll~cany Woncl~
18~ Reee! RO<tcl
Veterans Memonal
Skyline
Tho: DOlllininn
Beverly Hills #]
/\tbnta # I
Alascosit,j # ] & 1.
Richmond #1
Slatfordshire ]
PrlllCeSS "Las Vegas"
Dallas ,'I..\arkd
Hllll'oIOI1 tv'larkC!
STARI
6/1/04
~/J()IO.'i
:'1/5/05
5/31/05
6illO.')
9/15/05
~/2_Li()()
ii31/06
.:J-/Ji()(l
.:J-il:'i/06
5/]5/(16
513]/06
7,iJliOh
9/ J:'i/06
9/J5i06
9iJO/(16
()<~()i()6
1 ()r~ [/Or)
]O/J [/(16
1/30/0"
12/I/D6
] 2..'y \/06
3/1/07
2004 200S 2006 201J7 21JO~ 20llY 2010 2011 2012
FINISH t1I\lTS IQr Q::' Q1 Q..dQ! Q~ (U QdD! Q~ Q' QII Qr 12..' Ql 1)...11 QJ Q~ QJ Q-d QI Q~ (l'. Q-11 Ql {J2 Q_' Q..d QJ Q~ Q_' Q...1I QJ Q2 Q' (:Ill
6/29/07
12/.10/06
-I-.l2X/06
,/30/06
6/1-1-/06
12/1-1-/06
Y2X/OX
J/30/07
i/.,Oin7
12/JO/0(1
J 2.129/0X
5lJO/(lX
7/JD/OX
lJ/2XI(l7
12;/3(1/()9
hi2l)/07
()/2(J/()l)
1/2X/()X
3/2X/(JX
3/30/09
6/29/12
12/30/12
12/29/12
120
5-1-
I R
II
I X
12
SO
40
I X
12
J50
150
132
36
Jl)5
15
_lt5
IllX
-~()
3:'\0
2()()
100
7S()
-
-
-
-
Existing relationships with leading real estate investors and developers in the Houston market provide Juliet with the
opportunity to expand the current portfolio. This expansion is projected at an additional 3,300 homes through 2012.
[ll'lE 211111, JULIET HOMES BUSINFSS RFPORT 27
· OPERATIONS ·
Leadership Team
DOUG BROWN, CEO
Mr. Brown is an established Entrepreneur and inves-
tor in the Houston market. With more than 23 years
mortgage banking experience in the residential home
market, he leads Juliet Homes with keen insight into
the financial, product, and sales elements to win in the
Houston market. Over the last 4 years, he has success-
fully negotiated $80 million ofland acquisitions for res-
idential and commetcial development, and raised $15
million in equity financing for development of single-
family homes in the Houston market. As a founder and
principal with the Midtown Medical Group, LLC, Mr.
Brown successfully negotiated the $117 million con-
struction of a 300,000 square foot hospital in the Mid-
town area of Houston. Other commercial projects in
process include the acquisition and renovation of a six
story Medical Office Condo Building, the acquisition
and development of a 84,000 square foot office building
in Down-Town Houston, and the redevelopment of a
40,000 square foot office building in downtown Hous-
ton into a restaurant/lounge/night club for a nationally
known entertainer. Prior to founding Juliet, Mr. Brown
was a founder and principal of First Texas Residential,
which produces over $500 million in residential loan
volume per year. Prior to founding First Texas Residen-
tial, Mr. Brown established a ten-year track record in
senior management positions with Home Trust and Gi-
braltar Savings and Loan were he was responsible for
originating, packaging, and placing home mortgages.
28 .fULl ET HOMES BUSINESS REPORT IlNE 211111,
. OPERATIONS.
BERNIE KANE, coo
Mr. Kane heads all operational functions of Juliet
Homes, including sales, project management, and
personnel. With over 15 years of experience in the
Home Building industry, Mr. Kane has successfully
mastered the various aspects of home building which
include sales, construction management, design con-
trol, operations, and land development. As co-founder
of Juliet Homes, Mr. Kane is recognized as a pioneer
in Houston's Eastside Resurgence Development that
was heavily promoted by the City of Houston. He
has since used his insight, together with Mr. Brown,
to effectively guide Juliet Homes into a variety of
new markets such as Las Vegas, Atlanta, and Dallas.
RAYMOND LINDGREN, CFO
M r. Lindgren brings to Juliet more than 20 years of
broad experience in public and private accounting and
financial management. As a financial consultant focused
on commercial and residential real estate for 12 years, he
has led planning, startup, wind-down, and turnaround
projects for a variety of clients including U.S. Home,
Global Marine, and Grace Management.
Il;-a ,'11111, lULIEI' 1I0\olES BUSINESS REPORT 29
. OPERATIONS.
RYAN ROGERS
VP CONSTRUCTION
Mr. Rogers is responsible for all day-to-day over-
sight of Juliet projects. Most recently, Mr. Rogers
was the General Manager of Craftstar Homes de-
livering profitable projects in the Virginia, Mary-
land, and Washington D.C. area. Prior to Craftstar
Homes, he held increasing positions of responsibil-
ity over a 9-year career with David Powers Homes in
Houston where he was Vice President of Production.
3D fULIFT HOI\IFS BUSINESS REPORT IENE 211111,
ROBERT aD OM
DIRECTOR OF INVESTMENTS
Mr. adorn directs the execution of Juliet Homes'
growth strategy. He identifies potential parcels of land
for future development, evaluates and negotiates part-
nerships with landowners, and continually evaluates
the financial growth of Juliet Homes. Prior to joining
Juliet, Mr. adorn held VP of Investments positions at
Merrill Lynch and Smith Barney where he developed
strategies and services focused on tort settlement ser-
vices and risk management of capital accounts.
. OPERATIONS.
ANNE ECHOLS, VI' SALES
Ms. Echols brings to Juliet a strong track record of
success and the requisite team building skills and at-
tention to detail to lead all sales activities. Prior to
joining Juliet she was a Senior Sales Consultant with
David Weekly Homes where she consistently exceed-
ed objectives and established strong realtor relation-
ships and a deep understanding of the Houston market.
IGNACIO BERNAL
VI' LAND DEVELOPMENT
Mr. Bernal manages the execution of Juliet Homes
projects from consummation of land acquisition
through design, entitlement and permitting, vendor
management, construction specification and schedul-
ing. He brings 10 years of experience and relation-
ships in the Houston market. Prior to joining Juliet.
he owned and operated his own architectural design
and construction management company in Houston.
Mr. Bernal holds a Bachelor of Architecture from the
University of Houston's Honors Design Program.
JtiNE'IIIII, IULIFT HOMES BUSINESS I{FI'ORT 31
. OPERATIONS.
Juliet Homes has an Established Team with
Proven Leadership!
DIRECTOR OF INVESTMENTS
ROBERT ODOM
32 JULIET HOMES BUSINESS REPORT IlNE 21111(,
· FINANCIAL SUMMARY ·
7his table below summarizes.fuliet Home/projected financial perftrmance based on the assumptions in this plan.
Current New Projects New Projects
Operations Portfolio (thru 2008 - projected)(thru 2012 - projected) Total
Turn-Key Sales Price
Total Units 3854 1500 1800 7154
Total Sales Pnce S 979.547,000 $ 381.245,589 S 457,494,707 $ 1,818,287.296
Less: Sales Cost $ (48.977,350) S (19.062.279) S (22,874.735) S (90,914,36S)
Net Sales S 930.569.650 $ 362,183,310 $ 434,619,971 $ 1,727,372,931
Total Development Cost $(697,723,660) $(271.558.249) 5(325,869,898} $(1,295,151,807)
Distributable Profit $ 232.845,990 S 90,625.061 $ 108,750,073 S 432,221 .124
Partner's Profit S 39364,459 $ 15320.884 S 18,385,061 $ 73,070.404
Juliet Homes Profit $ 193,481,532 $ 75,304,177 $ 90,365,012 $ 359,150,720
FINANCING I MORTGAGE
Total Loan Volume (95% Total Sales) $ 930,569,650 $ 362,183,310 $ 434,619,971 $1,727,372,931
Total Loan Value (90% L TV) $ 837.512,685 $ 325,964,979 $ 391,157,974 $ 1,554,635.638
Fee Income (2.75% Average Yield) S 23.031,599 $ 8,964,037 S 10.756,844 $ 42.752.480
Partner Fee Income S 11515,799 $ 4,482,018 S 5,378422 $ 21,376,240
Juliet Homes Fee Income $ 11,515,799 $ 4,482,018 $ 5,378,422 $ 21,376,240
Total Juliet Homes Income $ 204,997,331 $ 79,786,195 $ 95,743,434 $ 380,526,960
~Ia
Ili'\lE 2'")(, JULIET HOMES BUSINESS REPORT 55
. APPENDIX.
Appendix A - Due Diligence Documents
The following documents, in a separate binder, are available upon request for qualified investors and
partners.
· Juliet Homes Limited Partnership Agreements
· Juliet Homes r;inancial Statements
34 JULIET IIOMES BUSINESS REPORT IlN121111(;