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December 2006

December 2006. December 2006. Pontic Pointe Professional Buildings. Apprx . 37,000 sq ft of Professional Class A office space Proposed Fair Market Value of $6,800,000 Home of MY Family Dentistry. September 7, 2007. Closed on Pontic Pointe 6.38 Acres Total 4.2 Acres Usable

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December 2006

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  1. December 2006

  2. December 2006

  3. Pontic Pointe Professional Buildings • Apprx. 37,000 sqft of Professional Class A office space • Proposed Fair Market Value of $6,800,000 • Home of MY Family Dentistry

  4. September 7, 2007 • Closed on Pontic Pointe • 6.38 Acres Total • 4.2 Acres Usable • Sale Price of $625,000 • 10% down • Green Bank for financing • Andy and Wes invests $31,250 each

  5. Green Bank • Loan 1 = $1,400,000 • $625,000 for Land Acquisition • $475,000 for Site Development • $300,000 for Soft Cost, Interest Reserves • Loan 2 = $2,500,000 • Building 17,400 sqft Office Building • Finish of 5,000 + sqft Dental Office • Loan 3 = $1,900,000 • Building 16,800 sqft Office Building • Current Balance = $1,217,000

  6. Pontic Pointe • 6.38 Acres total • 4.2 Acres Usable

  7. November, 2007 • Informed of No-Fill Line which was adopted July, 2007 • Drastically changed site layout and required re-engineering to make project fit land use

  8. January, 2008 • New Budget Sent to Green Bank

  9. February, 2008 • Site work begins with Sequoyah Limited LLC • John Johnson Leaves Green Bank

  10. April, 2008 • Meet with Josh Howell, New Green Bank Banker • Official Ground Breaking Ceremony

  11. May –July 2008 • Re-Work Budget • Retaining walls due to No Fill Line • Hallsdale-Powell Water Line • Geo Fabric to due to standing water • New Budget • $812,000 for site work • Increase of $337,000 • Total = 7.6% increase in total project costs

  12. Green Bank • Began to have financial trouble • Could not Increase loan amount to cover additional site work • Solution to open Loan 2 was to find other financing to buy and finish out space for 6,500 sqft Dental Office • Construction ceases June/July 2008

  13. August-September 2008 • Signs of Economic Down Turn become evident • Housing Market Crashes • Pontic Properties Begin meeting with banks for financing to Buy and Finish Office Space

  14. November, 2008 • Barack Obama Elected as 44th President of the United States of America

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