Article 6 TM knowing the facts

Cover Memo for Extension of Letter of Intent

http://www.weston.govoffice.com/vertical/sites/%7B264E11B6-4A4A-4EC0-B631-35FE907B479E%7D/uploads/Cecil_memo_for_extension_of_LOI_11.21.13.pdf

Letter of Intent-Extension

http://www.weston.govoffice.com/vertical/sites/%7B264E11B6-4A4A-4EC0-B631-35FE907B479E%7D/uploads/Draft_language_for_extension_of_LOI_11.21.13.pdf

Under the new extension, the Town has the luxury of using Urbanica’s resources to determine what is the best scenario for these two buildings in the heart of Weston. Urbanica has years of experience transforming underutilized historic buildings into useful and beautiful spaces.

If the Town would have to issue a new RFP, such an option will not be available to the town anymore. In that scenario, that will be the 3rd RFP issued in the past 10 years. The best case the Town will get are some proposals from nonprofit organizations which do not have the resources to execute the project. They will demand to have the full ownership for zero purchase price and request a much larger subsidy from the Town funds.

If I just put my developer’s hat, the proposed extension letter is not very favorable to my company. But I am a long time resident of Weston and my ultimate goal is to see these properties gets rehabilitated properly and put to the correct use. Under the extension letter I agreed the Town to have full flexibility to come up to an ideal ownership structure, use and financing setup.

I think Urbanica, at the moment, is the only willing entity that has the knowledge, skills and resources to turn the good ideas to reality. Our interest is not politically driven, rather we want to be part of the solution and come up with an intelligent way to accomplish the best use for these beautiful structures. I hope the Weston voters share my view in this matter.

Sincerely,

Kamran Zahedi

Principal of Urbanica, Inc

www.urbanicaboston.com