Offering Memorandum

Grubb & Ellis|Las Vegas

3930 Howard Hughes Pkwy., Ste 180

Las Vegas, NV 89169

P: 702.733.7500

F: 702.862.8242

www.gelasvegas.com

Park Highlands Land 1,340 acres in North Las Vegas, Nevada

Curt Allsop Doug SchusterSenior Associate Senior Vice President

P: 702.733.7500 x 279 P: 702.733.7500 x 273

C: 702.696.8689 C: 702.501.2345

[email protected] [email protected]

Suzanne Sprenger Vittal RamMarketing Coordinator Associate

P: 702.733.7500 x 282 P: 702.733.7500 x 290

C: 309.360.4445 C: 702.321.5665

[email protected] [email protected]

Please note that neither Odyssey nor Grubb & Ellis, nor any other persons or parties involved in re: November 2005 Land Investors, L.L.C., et al., Bankruptcy No. BK-S-11-20704-MKN, makes any representation or warranty whatsoever, express or implied, regarding the content, accuracy or completeness of the information set forth herein. Any statements, information, reports, or written materials of any nature whatsoever are provided without any independent investigation by said persons and/or parties, and as such, said persons and/or parties assume no responsibility or liability for the accuracy or validity of the same. Therefore, any verifi cation or review of the attached documents is solely and completely the responsibility of the person reviewing same.

Conf ident ia l O ffer ing Memorandum

AU C T I O N D E TA I L S SECTION 1

Timeline & Bid Requirements 2

G E N E R A L O V E R V I E W SECTION 2

Executive Summary 4

Introduction 5

Investment Highlights 6 - 8

Estimated Annual Carry Costs 9 - 11

Park Highlands & Surrounding Vicinity 12

Park Highlands Ownership Map 13

Park Highlands Land Use 14

November 2005 Parcel Map & Sub-Parcel Zoning 15

O V E R V I E W O F PA R C E L S SECTION 3

Parcel 1 17 - 24

Parcel 3 25 - 37

Parcel 4 38 - 44

Parcel 5 45 - 51

Parcel 6 52 - 58

M A R K E T I N F O R M AT I O N SECTION 4

Las Vegas Land Comparables - Northern Region 60

Master Planned Community Land Comparables 61

Plans for the Area 62 - 67

TA B L E O F CO N T E N T S

ALL MAPS & PICTURES ARE AVAILABLE, FULL-SIZED, IN THE VIRTUAL DEAL ROOM

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AUCTION DETAILS

Timeline

Tuesday, November 29, 2011 5:00 p.m. (Pacifi c Time) PSA Revision/ Objection Deadline

Thursday, December 8, 2011 5:00 p.m. (Pacifi c Time) Bid Deadline

Monday, December 12, 2011 10:00 a.m. (Pacifi c Time) Auction

Tuesday, December 13, 2011 1:30 p.m. (Pacifi c Time) Sale Hearing

Friday, December 30, 2011 11:00 a.m. (Pacifi c Time) Closing

Bid Requirements All bids must contain the following:

1. An executed Contract of Sale, also referenced as the Purchase and Sale Agreement

(PSA)

2. An agreement that the off er is binding & irrevocable until 48 hours after or the

earlier of:

a) closing of the Sale of the property,

b) withdrawal of the property by the Debtors, or

c) 30 days after the Sale Hearing.

3. A certifi ed check or wire transfer in the amount equal to 5% of the cash purchase

price payable to the order of the Debtors

4. Written evidence of available cash

5. Any other evidence of ability to consummate the transaction

Please contact Curt Allsop at 702.733.7500 x 279 or by email at [email protected]

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SP A R K H I G H L A N D S 2

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EXECUTIVE SUMMARY

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P A R K H I G H L A N D S 4

General

Park Highlands is one of the few remaining large land assemblages available for purchase in the western United States.

Originally owned by the federal government, this property was sold in a BLM auction at a price of $675 million in Novem-

ber of 2005. The assemblage consists of 2,675 total acres ideally located at the foothills of the mountains in the northern

portion of the Las Vegas Valley. General access to Park Highlands is provided by two major freeways that lead to the Strip

and all major employment areas. Direct access to Park Highlands is provided by the recently completed North 5th corridor

and freeway interchange along with two additional freeway interchanges. Plans are in place to construct one more inter-

change to further improve direct access.

Open Space

Unlike other master planned communities, Park Highlands includes several natural land preserves totaling over 500 acres

of open space. These preserves provide unique park like amenities that will include integrated trail systems for residents of

the master planned community. A high percentage of the homes to be built will be contiguous with preserved land which

will create signifi cant lot premium opportunities.

Year End Absolute Auction - No Stalking Horse

A once in a lifetime investment opportunity has been created through the 363 Bankruptcy auction to be held on December

the 12th, 2011. The live absolute auction will allow 1,340 acres, the most signifi cant portion of Park Highlands, to be sold to

the highest qualifi ed bidder; there is no Stalking Horse bid. This year-end deal creates the ability for a new owner to control

one of the the biggest developments in Las Vegas for the next decade and beyond.

Existing Development Agreement, New Owner

Recent input from the City of North Las Vegas has unveiled the City’s willingness to partner with a new owner and begin

the process of assigning warranted zone changes within the existing framework of the current Development Agreement.

These include the density reduction plans that will make Park Highlands similar to Aliante. A new Active Adult community

is one example of a warranted change to the development agreement that will facilitate end user development sooner

rather than later.

Limited Annual Carry Costs

The City is open to the idea of modifying the Development Agreement, which is the only Contract that runs with the land.

Because the Development Agreement is the only contract that runs with the land, the annual costs of carry for ownership

of the 1,340 acres is limited to payment of Clark County property taxes. Specifi c detail for the real property represented by

147 parcels regarding infrastructure and carry costs can be found in the overview of parcels section of this Off ering Memo-

randum on pages 17-58.

INTRODUCTION

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You are invited to the Virtual Deal Room that has been established to inform Buyers interested in the Purchase of the

Real Property owned by November 2005 Land Investors LLC. Access to the Virtual Deal Room will provide the required

procedures that need to be followed in order to attend and bid at the 363 Bankruptcy auction held on December the 12th

of this year.

This property will be sold, and will close by year end.

Also to be provided in the Virtual deal room are the following items:

1. Complete Off ering Memorandum

2. All Due Diligence items available for download

3. Contract for Sale with timing for comments, and or objections, and further instructions for bidding

4. Bankruptcy Court Approved Bid Procedures, Notice of Sale, and Notice of Assumption

5. Participation Requirements and appropriate Contact information

6. The City of North Las Vegas Development Agreement

7. Input from the City regarding potential variances to the Development Agreement

8. Correspondence regarding recently completed off site development

9. 24 aerial photographs that document development progress (Flight - October 13, 2011)

10. Individual parcel analysis, carry costs, preliminary title report, and recent market data

We encourage each of you, as interested parties, to contact us directly with questions regarding the collateral and/or

any procedural issues related to the auction.

Development Agreement is Flexible

1. Down zoning from High Density Residential of 50 to 25 dwelling units per acre (DU/AC) to Low Density Residential

is supported by the City of North Las Vegas.

2. Reference the Parcel Analysis on pages 17 - 58 for new development opportunities that are created through mod-

est changes to the Development Agreement.

3. Modifi cations may be approved by the City Manager without the requirement of a City Council Hearing.

4. Density reductions will allow modifi cations and reductions to the Park and Public Facilities requirements.

A detailed Analysis of the Development Agreement is provided in the Annual Carry Cost section that follows this

section.

Strong End User Interest - New Active Adult Community

1. Shortage of Master Planned Communities for Active Adults creates a development opportunity not previously

anticipated in the underwriting for Park Highlands. See map of Active Adult Communities below.

2. Land Funds seek alliances

with Home Builders.

3. Home Builders are buying

raw land today.

4. Commercial Developers are

land banking large parcels of

land.

5. The average price per acre

for all land sales greater than

20 acres is $108,713. This

average is based on 16 land

sales that have transacted

over the last year in the

northern portion of the Las

Vegas valley.*

5. Sales Comps for homes sup-

port premiums as much as

50% when comparing master

planned communities with

homes that are not in a Mas-

ter Plan, reference Single

Family Residence sales

comps.*

* See comps in Section 4 pages 60 - 61

INVESTMENT HIGHLIGHTS

Active Adult Community Map

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.Nature Preservation Area Dramatically Increased

1. Land Area Preserves are required for more than just the Las Vegas Buckwheat and Las Vegas Bearpoppy. Less land

is available for development.

2 11,000 acres that was planned for future development through new BLM auctions are under consideration for a

nature preserve, and/or to be dedicated for the creation of a National Monument for Paleon-

tology, reference the land use plan below.

3 Developable land outside of Park Highlands will be signifi cantly reduced due to the increase in the area of land

allocated for the Eglington Preserve, which is the 300 acres already within the boundary of Park Highlands.

ALL MAPS & PICTURES ARE AVAILABLE, FULL-SIZED, IN THE VIRTUAL DEAL ROOM


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LAND USEPLAN

March 31, 2011

LAND USESRESIDENTIAL

Ranch Estates ( up to 2 du / ac )

Single Family Low ( up to 6 du / ac )

Single Family Medium ( up to 13 du / ac )

Multi-Family ( up to 25 du / ac )

Master Planned Community

NON - RESIDENTIALOpen Space

Neighborhood Commercial

Resort Commecial

Community Commercial

Public / Semi - Public

Downtown Business District

Downtown Area of Influence

Employment

Heavy Industrial

MIXED - USEMixed - Use Employment

Mixed - Use Commercial

Mixed - Use Neighborhood

TRANSPORTATIONFuture North 5th Transit Route

Future Transit Influence Area

Future North 5th Transit Station

Existing Transit Route

Main Streets

Union-Pacific Railroad

BOUNDARIESBLM Disposal Boundary

National Guard

Nellis Airforce Base Property

Flood Control Basins

CLARK215

BUSINESS

95

93

15

CITY OFNORTH LAS VEGASYour Community of Choice

604

15

93

147 147

147

604

604

CLARK215

CLARK215

147

GRAND TETON ALIGNMENT

MOCCASIN RD

IRON MOUNTAIN RD

N. LA

S VEGAS BLVD

US 93

N. L

AS V

EGAS

BLV

D

INTE

RSTA

TE 1

5

INTERSTATE 15

UP

RR

INTE

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5

UP RR

UP RR2

1 12

6 51

4 13

4

16

14

12

12

11

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9

15

10

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6

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APEXINDUSTRIAL

AREAS

0 1 2 30.5MilesMATCHLINE

MATCHLINE

1593

SEE INSET

INSET

COMMUNITY DEVELOPMENT DEPARTMENTPLANNING AND ZONING DIVISION

GIS SERVICES

This information is for display purposes only.No liability is assumed as to the accuracy of the geographic data delineated hereon.

0 20.5 1 1.5Miles

North Las Vegas Land Use PlanG

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Support Demand Created by Future Development

1. University of Nevada Las Vegas

(UNLV) northern campus at Park

Highland’s eastern boundary

2. North 5th Corridor

3. Regional Fixed Guideway Project

Reference complete detail for the

three projects above in section 4 on

pages 63 to 67.

Off Site Improvements Continue

1 A new, oversized water main that is capable of provid-

ing water to Park Highlands is currently being installed

on Losee Rd.

2. Access has been improved through the new freeway

interchange locations at North 5th and Losee Rd. An

additional freeway interchange will be installed at

Revere St.

3. Construction of 77 acre drainage detention basin is

complete.

Regional Fixed Guideway Project

Completed Detention Basin

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ESTIMATED ANNUAL CARRY COSTS

General

Unlike the majority of other Master Planned Communities in the Greater Las Vegas area, Park Highlands does not have a

Special Improvement District (SID) that must be funded and paid semi-annually by the Developer. The absence of these

costs creates a unique opportunity to own a 1,340 acre Master Planned Community where the only carry costs are lim-

ited to the Property Taxes (see Property Tax detail in Parcel Asset Summary on pages 17-58).

No Special Improvement District Costs

With no requirement for SID costs, and excluding Property Taxes, the majority of the capital commitments that will fol-

low the land are limited to the construction of Public

Facilities. These include a Police Station, Fire Station,

and a Library. Other land dedications are required for

schools and a post offi ce. (Specifi c locations and the

amount of land to be dedicated can be found in the

Parcel Aerials and the Asset Summary portion of this

Off ering Memorandum.)

Infrastructure Costs Contingent on the 3,000th Permit

The most signifi cant fact concerning carry costs for

Park Highlands is the timing for the actual design

and construction of the Public Facilities. These costs

are not triggered until long after home construction

begins. The timeline for construction to commence ranges from on or before the issuance of the 1,500th building permit

on the western portion of Park Highlands to the issuance of the 3,000th building permit on the eastern portion of Park

Highlands. Eff ectively, this allows all carry costs for these commitments to be deferred for several years. Exact language

from the Development Agreement regarding the timeline and the extent of capital commitments for the Public Facilities

is found in the section that follows.

Reductions to the Public Facilities Requirement

It is important to note that the Public Facilities planned for Park Highlands were based on a total dwelling unit count of

approximately 16,000. Recent discussions with the City indicate that a much lower unit count may be desirable. The

City is receptive to discussions regarding a reduction in the number of public facilities that will be commensurate with

a reduction in unit count.

Low Carry Costs

The SIDs are a good way to fund community infrastructure requirements, and per section 12.02 of the Development

Agreement, the City does not object to the creation of one or more special improvement districts at a later date. How-

ever; in a market where Master Planned Communities may not be fully developed immediately, not having to pay active

SID costs creates a competitive land carry advantage when compared to other communities.

LEGACYHIGH

NORTH RANCHby DR HORTON

DEERSPRINGS

CROSSINGS

PROPOSEDSCHOOL

PROPOSEDSCHOOL

PROPOSEDSCHOOL

PROPOSEDSCHOOL

PROPOSEDLIBRARY

PROPOSEDPOLICE

STATION PROPOSEDFIRE STATION

1.12

1.08

1.07

1.09B

1.09A

2.032.06

2.052.11

2.10

2.07

3.11

4.042.15A

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3.13A3.13B

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4.1

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7.01 7.025.02

.05

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2.13 2.12C-1.09

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C-3.01 C-3.02

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C-3.05B

C-3.09

C-3.07A

C-3.08AC-3.13C

C-3.13D

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C-4.04A

C-4.04B

C-4.05A

C-3.06A

C-3.14A

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4.09

C-6.04A

C-6.08A

C

C-6.09A

C-6.07A

C-6.06A

C-6.01A

C-6.05A

C-7.02AC-7.01A

C-5.02A

C-5.01A

5.07A

C-5.08

C-5 11A

C-5.09AC-5.10A

C-5.10BC-5.10C

C-5.09BC-5.09C

C-2.10B

C-3.11A

Public Facilities Location Map

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ESTIMATED ANNUAL CARRY COSTS CONTINUED

Only One Contract Survives Closing

Per the Purchase and Sale Agreement, (Contract of Sale or PSA), the only Contract that survives the Close of escrow for the

acquisition of the subject 1,340 acres is the City of North Las Vegas Development Agreement dated May 3, 2006. For this

reason, exact language has been included in this Off ering Memorandum to help clarify the commitments that the new

owner will assume:

Per Section 3 of the City of North Las Vegas Development Agreement:

Post Offi ce

Prior to the Auction, the City discussed with the United States Postal Service the receipt by the United States Postal Ser-

vice of certain property for a United States Postal Facility (“Post Offi ce”). The United States Postal Service and Developer

have mutually agreed that the Post Offi ce shall be located on parcel 4.10 as identifi ed on the East Parcel of the Land Use

Plan and shall be 3.8 gross acres (3.5 net acres). This land will be provided by the Developer to the United States Postal

Service in a current “as is” condition. Neither Developer nor City will be responsible for any on-site grading, paving, utili-

ties or construction of the Post Offi ce. Developer agrees to provide roadway paving on Farm and stub utilities to the site.

Schools

The Clark County School District is responsible for providing the primary and secondary education of all school age chil-

dren within Clark County. The Clark County School District and Developer have agreed that fi ve (5) elementary school

sites and one (1) middle school site are necessary within the Planned Community (the “School Sites”). The School Sites

will be located within the area identifi ed as parcel 2.5 on the West Parcel and within the areas identifi ed as parcel 1.07,

3.07, 3.14, 5.06, and 6.05 on the East Parcel.

Fire Station

Developer shall design, construct and dedicate a Fire Station on Parcel 2.11 as identifi ed on the East Parcel. The size

of the Fire Station shall be similar in size to fi re station 56 plus such additional square footage as necessary for: (i) one

additional be suffi cient to house the Ladder Truck which is approximately 58’ x 76’ and (ii) all related necessary person-

nel and equipment. Such design and construction of the Fire Station building and development of the site shall be in

conformance with the Development Standards and Design Guidelines. Developer shall commence construction of the

Fire Station upon issuance of the 3,000th residential building permit on the East Parcel.

Police Department Area Command and Maintenance Building

Developer and City agree that the public safety needs for the City and the Planned Community are met provided that

both the temporary and permanent facilities as set forth in this Section are satisfi ed.

Temporary Area Command

Developer agrees to give one hundred thousand dollars ($100,000) to the City for the purchase of a temporary modular

structure and equipment which will serve the policing needs for the Planned Community (“Temporary Area Command”).

Payment for the Temporary Area Command shall be made by no later than the issuance of the 1,500th residential build-

ing permit on the West Parcel.

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P A R K H I G H L A N D S 1 0

ESTIMATED ANNUAL CARRY COSTS CONTINUED

Police Department Area Command and Maintenance Building

Developer and City agree that Developer shall construct a Police Department Area Command and Maintenance Build-

ing on Parcel 2.12 on the East Parcel (“Police Buildings”). On or before issuance of the 2,500th residential building per-

mit on the East Parcel, the City and Developer shall mutually agree on the design of the Police Buildings and the site

layout of these buildings on Parcel 2.12. Developer’s cost responsibilities shall not exceed the cost for a twenty-two

thousand (22,000) square foot commercial shell building and the Maintenance Building shall not exceed the cost for

a three thousand (3,000) square foot Shell building.

Developer shall commence construction of the Police Buildings on or before issuance of the 3000th residential building

permit on the East Parcel. Completion of construction of the Police Buildings shall be completed within twelve (12)

months from the date of commencement.

Library Building

Developer shall design, construct, and dedicate a Shell library building on Parcel 2.06 on the East Parcel to the City

of North Las Vegas Library District. The size of the Shell library building shall not exceed fi fteen thousand (15,000)

square feet and shall be similar in design and layout to the Aliante library. Such design and construction of the Shell

library building and development of the site shall be in conformance with the Development Standards and Design

Guidelines. The Shell library building shall be constructed during the construction of the community park on Parcel

2.06 (adjacent to the Police Station). The acreage that will be used for this Shell library building is part of the overall

park acreage for the Planned Community. The City, on behalf of the North Las Vegas Library District (“Library Dis-

trict”), agrees to equip and operate the library at the Library District’s sole expense. City and Developer agree to work

together to ensure that the library is open to the public within six (6) months upon completion of construction and

dedication.

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PARK HIGHLANDS & SURROUNDING VICINITY

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PARC

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GE

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RV

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OV

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S

Park Highlands

The following detail provides an individual analysis of the 6 legal parcels and sub-parcels that defi ne Park Highlands. These

parcels match the legal descriptions in the Contract of Sale, which has also been referred to as the Purchase and Sale Agree-

ment (PSA). There are 5 parcels and 147 sub-parcels that comprise the 1,340 acres of real property to be sold by year end.

Parcel 2 is not part of the subject collateral.

Parcel AnalysisIncluded in the individual parcel analysis are the costs of carry, approved zoning, suggested modifi cations to the zoning,

and the current status of infrastructure. As previously indicated, the majority of the costs of carry are the annual property

taxes. The annual tax commitment may be adjusted to refl ect a new value of the subject property based on a new sales

price. For assistance in the property tax modifi cation process,, please contact Curt Allsop at 702.733.7500 or by email at

[email protected].

OVERVIEW OF PARCELS

RESIDENTIALVERY LOW DENSITY RESIDENTIAL - VLDR

LOW DENSITY RESIDENTIAL - LDR

MEDIUM LOW DENSITY RESIDENTIAL - MLDR

MEDIUM DENSITY RESIDENTIAL - MDR

MEDIUM HIGH DENSITY RESIDENTIAL - MHDR

HIGH DENSITY RESIDENTIAL - HDR

VERY HIGH DENSITY RESIDENTIAL - VHDR

COMMERCIALNEIGHBORHOOD COMMERCIAL

CONVENIENCE COMMERCIAL

COMMUNITY COMMERCIAL

RESORT COMMERCIAL

REGIONAL COMMERCIAL

MIXED USE

BUSINESS, RESEARCH, OR DEVELOPMENT PARK

OFFICE COMMERCIAL

INDUSTRIALLIGHT INDUSTRIAL

HEAVY INDUSTRIAL

OTHER USESPUBLIC/SEMI-PUBLIC

ELDORADO DEVELOPMENT/HIGH DENSITY/COMMERCIAL

REDEVELOPMENT AREA

OPEN SPACE

WILDERNESS STUDY AREA

OTHERRIGHT OF WAY

215

ALIANTE PKWY

CO

MM

ERC

E ST

DEER SPRINGS WY

CLA

YTON ST

DORRELL LN

COM

MERC

E ST

5TH

ST

REV

ERE

ST

CENTENNIAL PKWYCENTENNIAL PKWY

DEC

ATU

R B

LVD

AVIARY W

YDEER SPRINGS WY

GRAND TETON DR

HORSE DR

CLA

YTO

N ST

ELKHORN RD

LOSEE R

D

2.72.6

3.2

1.02

1.06

1.101.11 1.12

1.08

1.07

1.09B

1.09A2.03

2.06

2.052.11

2.10

2.07

3.11

4.04

2.15A2.15B2.16

2.04

3.043.05

3.08

3.07

3.13A3.13B

3.15

3.16

4.05

4.01

4.023.06

4.08

3.14 4.10

4.06

1 2 3

6.016.05

6.03 6.066.07

6.08

6.09 6.10

6.04

6.02

7.01 7.02

5.02

5.01

5.055.06

5.07

5.11

42

32

3.6

2.132.12

C-2.5A

C-2.7A

C-2.4AC-B

C-A

C-1.2A

C-1.2B

C-C C-D

C-2.3A

C-2.3B

C-1.01

C-1.09

C-1.03

2.01A

C-1.02A

C-1.06A C-1.07A

C-1.10A

C-1.11AC-1.12A

C-2.03A

C-1.09D

C-1.09C

C-2.01

C-2.05A

C-2.11AC-2.12A

C-2.08

C-2.10A

C-2.15C

C-2.15D

C-2.16A

C-3.01 C-3.02

C-3.04A

C-3.05B

C-3.09C-3.07A

C-3.08AC-3.13C C-3.13D

C-3.12

C-4.04A

C-4.04B

C-4.05A

C-4.01A

C-4.02A

C-3.06A

C-3.14AC-4.10A

C-4.08A

4.09B

C-6.04A

C-6.08AC-6.08B

C-6.10A

C-6.10B

C-6.09A

C-6.07A

C-6.06A

C-6.01A

C-6.05A

C-7.02AC-7.01A

C-5.02A

C-5.01A

C-5.06A

C-5.07A

C-5.08

C-5.11A

C-5.09AC-5.10A

C-5.10BC-5.10C

C-5.09BC-5.09C

C-2.10B

C-3.11A

PARCEL 1 PARCEL 3

PARCEL 4

PARCEL 5

PARCEL 6

November 2005 Parcel Map & Sub-Parcel ZoningO

VE

RV

IEW

OF

PAR

CE

LS


RES

IDEN

TIA

LV

ER

Y LO

W D

EN

SIT

Y R

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NTI

AL

- VLD

R

LOW

DE

NS

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RE

SID

EN

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L - L

DR

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OW

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NS

ITY

RE

SID

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L - M

LDR

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NTI

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R

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EN

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EN

SIT

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ES

IDE

NTI

AL

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R

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HIG

H D

EN

SIT

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IDE

NTI

AL

- VH

DR

CO

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ERC

IAL

NE

IGH

BO

RH

OO

D C

OM

ME

RC

IAL

CO

NV

EN

IEN

CE

CO

MM

ER

CIA

L

CO

MM

UN

ITY

CO

MM

ER

CIA

L

RE

SO

RT

CO

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ER

CIA

L

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NA

L C

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RC

IAL

MIX

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S, R

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H, O

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PM

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OFF

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L

IND

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IND

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L

OTH

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PU

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C/S

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BLI

C

ELD

OR

AD

O D

EV

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PM

EN

T/H

IGH

DE

NS

ITY

/CO

MM

ER

CIA

L

RE

DE

VE

LOP

MEN

T A

REA

OP

EN

SPA

CE

WIL

DE

RN

ES

S S

TUD

Y A

RE

A

OTH

ER RIG

HT

OF

WAY

215

ALIANTE P

KWY

COMMERCE ST

DEE

R S

PR

ING

S W

Y

CLAYTON

ST

DO

RRE

LL LN

COM

MERCE ST

5TH ST

REVERE STC

ENTE

NN

IAL

PK

WY

CEN

TEN

NIA

L P

KW

Y

DECATUR BLVD

AVIARY W

YD

EER

SP

RIN

GS

WY

GR

AN

D T

ETO

N D

R

HO

RSE

DR

CLAYTON ST

ELK

HO

RN

RD

LOSEE RD

2.7

2.6

3.2

1.02

1.06

1.10

1.11

1.12

1.08

1.07

1.09

B

1.09

A2.

032.

06

2.05

2.11

2.10

2.07

3.11 4.04

2.15

A2.

15B

2.16

2.04

3.04

3.05

3.08

3.07

3.13

A3.

13B

3.15 3.16

4.05

4.01

4.02

3.06

4.08

3.14

4.10

4.06 1

23

6.01

6.05

6.03

6.06

6.07

6.08

6.09

6.10

6.04

6.02

7.01

7.02

5.02

5.01 5.

055.

06

5.07

5.11

42

32

3.6

2.13

2.12

C-2.5A

C-2.7A

C-2.4A

C-B

C-A

C-1.2A C-

1.2B

C-C

C-D

C-2.3A C-2.3B

C-1.01

C-1.09

C-1.03

2.01

A

C-1.02

A C-1.06

AC-1.07

A

C-1.10

AC-1.11

AC-1.12

A

C-2.03

A

C-1.09

D

C-1.09

C

C-2.01

C-2.05

A

C-2.11

AC-2.12

A

C-2.08

C-2.10

A

C-2.15

C

C-2.15

D

C-2.16

A

C-3.01

C-3.02

C-3.04

A

C-3.05

B

C-3.09

C-3.07

A

C-3.08

AC-3.13

CC-3.13

D

C-3.12

C-4.04

A

C-4.04

B

C-4.05

A

C-4.01

A

C-4.02

A

C-3.06

A

C-3.14

AC-4.10

A

C-4.08

A

4.09

B

C-6.04

A

C-6.08

AC-6.08

B

C-6.10

A

C-6.10

B

C-6.09

A

C-6.07

A

C-6.06

A

C-6.01

A

C-6.05

A

C-7.02

AC-7.01

A

C-5.02

A

C-5.01

A

C-5.06

AC-5.07

A C-5.08

C-5.11

A

C-5.09

AC-5.10

A

C-5.10

BC-5.10

C

C-5.09

BC-5.09

C

C-2.10

B

C-3.11

A

PARC

EL 1

PARCEL 1 MAP

OV

ER

VIE

W O

FPA

RC

ELSP A R K H I G H L A N D S 1 8

GRAND TETON

DEC

ATU

R B

LVD

PARCEL 1 AERIAL PICTURE

OV

ER

VIE

W O

FPA

RC

ELS


PARCEL 1 TECHNICAL AERIAL

HEC

KET

HO

RN

EL

EMEN

TARY

ALI

AN

TE

STAT

ION

CASI

NO

ALI

AN

TE

ALI

AN

TE

LYN

BR

OO

K

PRO

MIN

ENC

Eby

AST

OR

IAFI

ELD

Sby

AST

OR

IAA

LIA

NTE

MA

RK

ETPL

AC

E

2.7

2.6

3.2

3.6

C-2.5A

C-2.7A

C-2.4A

C-B

C-A

C-1.2A

C-1.2B

C-C

C-D

C-2.3A C-

2.3B

PRO

POSE

DSC

HOO

L

PRO

POSE

DTE

MPO

RARY

AR

EACO

MM

UN

ITY

ALIANTE P

KWY

DECATUR BLVD

AVIARY WY

GR

AN

D T

ETO

N D

R

ELK

HO

RN

RD

OV

ER

VIE

W O

FPA

RC


PARCEL 1 ASSET SUMMARY

LOT # APN # ACRES ZONING ANNUAL TAXES DESCRIPTION TAXABLE

VALUE

C-1.2A 124-18-110-005 1.45 MPC PSP $0 SETBACK $0

C-1.2B 124-18-110-006 0.63 MPC RZ10 $0 SETBACK $0

C-A 124-18-210-003 3.34 MPC PSP $0 RIGHT-A-WAY $0

C-B 124-18-110-007 0.56 MPC RZ10 $0 RIGHT-A-WAY $0


C-2.3B 124-18-510-010 0.73 MPC RZ13 $0 SETBACK $0

C-2.4A 124-18-610-009 1.57 MPC RZ13 $0 SETBACK $0


2.6 124-18-610-002 9.00 MPC PSP $872 LAND $74,251

2.7 124-18-610-003 15.27 MPC MUZ $31,237 LAND $2,660,643

C-2.7A 124-18-610-006 1.40 MPC MUZ $0 SETBACK $0

3.2 124-18-310-002 9.03 MPC PSP $875 LAND $74,497

3.6 124-18-410-003 5.99 MPC PSP $791 LAND $67,389

C-C 124-18-310-006 2.50 MPC PSP $0 RIGHT-A-WAY $0

C-D 124-18-310-007 0.56 MPC RZ10 $0 RIGHT-A-WAY $0

53.94 $33,775 $2,876,780

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ELS


PARCEL 1 ANALYSIS

General

There are approximately 600 acres that make up Parcel 1 and Parcel 2. The amount of land in Parcel 1 that is owned by

November 2005 Land Investors LLC is limited to 53.94 acres. Of the total, there are four main sub-parcels, three of which

are designated for Public Facilities. Parcel 2 is not parket of the subject collateral.

Zoning

Sub-parcel 2.7 a 15.27 acre parcel in the middle of Parcel 1 that has a zoning designation of Mixed Use. The near term use

for this parcel is a Temporary Area Command; however, this requirement is not triggered until on or before the issuance

of the 1,500th building permit. Communications with the City of North Las Vegas (City) indicate their support for a more

traditional use, one that would not require a commercial component.

Infrastructure

All utilities are within the immediate vicinity. Of major signifi cance, is the fact that the 7.5 million gallon reservoir, as

required in section 8.07 of the Development Agreement, has already been completed. Interior streets for the access to

sub-parcel 2.7 are required. The pump station, as required in section 8.07 of the Development Agreement, has not been

completed.

Future Development

Building permits for all vertical construction on all sub-parcels located within Parcel 1 will be contingent on the City’s sup-

port and approval of plans for the completion of the Flood Control Channel on Grand Teton Drive as outlined in section

6A.02 in the Development Agreement.

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LIST OF EXCLUDED SUB-PARCELS FROM PARCEL 1

C-1.1AC-1.1BC-1.3AC-1.4AC-2.1AC-2.1BC-2.2AC-2.2BC-3.1AC-3.3AC-3.4BC-3.5AC-3.5BC-4.1AC-4.2AC-4.3AC-4.5A

Please contact Curt Allsop at 702.733.7500 or by email at [email protected] for additional detail regarding the

current status of improvements for this parcel.

Enter the Virtual Deal Room for access to the Due Diligence folder where a complete Preliminary Title Report along with all

of the Schedule B exceptions can be found.

Also in the Virtual Deal Room are Pro-formas for development, home and land sales comps, along with technical maps that

document current and planned infrastructure and improvements.

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PARCEL 1 PICTURES

DECATUR BLVD

AVIARY W

YD

EER

SP

RIN

GS

WY

GR

AN

D T

ETO

N D

R

HO

RSE

DR

2.7

2.6

3.2

3.6

C-2.5A

C-2.7A

C-2.4A

C-B

C-A

C-1.2A C-

1.2B

C-C

C-D

C-2.3A C-2.3B

End User super pad Lot 2.7 of Parcel 1 is ready for development

View of the NEC of Decatur & Elkhorn. Half street road construction continues south of Parcel 1 along Decatur

Example of Park Highlands setback development standards

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PARCEL 3 MAP

RES

IDEN

TIA

LV

ER

Y LO

W D

EN

SIT

Y R

ES

IDE

NTI

AL

- VLD

R

LOW

DE

NS

ITY

RE

SID

EN

TIA

L - L

DR

ME

DIU

M L

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DE

NS

ITY

RE

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EN

TIA

L - M

LDR

ME

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SIT

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215

ALIANTE P

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PK

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DECATUR BLVD

AVIARY W

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SP

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GR

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ELK

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RN

RD

LOSEE RD

2.7

2.6

3.2

1.02

1.06

1.10

1.11

1.12

1.08

1.07

1.09

B

1.09

A2.

032.

06

2.05

2.11

2.10

2.07

3.11 4.04

2.15

A2.

15B

2.16

2.04

3.04

3.05

3.08

3.07

3.13

A3.

13B

3.15 3.16

4.05

4.01

4.02

3.06

4.08

3.14

4.10

4.06 1

23

6.01

6.05

6.03

6.06

6.07

6.08

6.09

6.10

6.04

6.02

7.01

7.02

5.02

5.01 5.

055.

06

5.07

5.11

42

32

3.6

2.13

2.12

C-2.5A

C-2.7A

C-2.4A

C-B

C-A

C-1.2A C-

1.2B

C-C

C-D

C-2.3A C-2.3B

C-1.01

C-1.09

C-1.03

2.01

A

C-1.02

A C-1.06

AC-1.07

A

C-1.10

AC-1.11

AC-1.12

A

C-2.03

A

C-1.09

D

C-1.09

C

C-2.01

C-2.05

A

C-2.11

AC-2.12

A

C-2.08

C-2.10

A

C-2.15

C

C-2.15

D

C-2.16

A

C-3.01

C-3.02

C-3.04

A

C-3.05

B

C-3.09

C-3.07

A

C-3.08

AC-3.13

CC-3.13

D

C-3.12

C-4.04

A

C-4.04

B

C-4.05

A

C-4.01

A

C-4.02

A

C-3.06

A

C-3.14

AC-4.10

A

C-4.08

A

4.09

B

C-6.04

A

C-6.08

AC-6.08

B

C-6.10

A

C-6.10

B

C-6.09

A

C-6.07

A

C-6.06

A

C-6.01

A

C-6.05

A

C-7.02

AC-7.01

A

C-5.02

A

C-5.01

A

C-5.06

AC-5.07

A C-5.08

C-5.11

A

C-5.09

AC-5.10

A

C-5.10

BC-5.10

C

C-5.09

BC-5.09

C

C-2.10

B

C-3.11

A

PARC

EL 3

GE

NE

RA

LO

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RV

IEW



GRAND TETO

N

REC

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MPL

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N

5TH

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AN

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FUTU

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5 IN

TERC

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215

OV

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CRA

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ING

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OH

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LAN

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PRO

POSE

DSC

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PRO

POSE

DSC

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PRO

POSE

DSC

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PRO

POSE

DSC

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PRO

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DLI

BRAR

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PRO

POSE

DPO

LICE

ST

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NPR

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SED

FIRE

STA

TIO

N1.

02

1.06

1.10

1.11

1.12

1.08

1.07

1.09

B

1.09

A

2.03

2.06

2.05

2.11

2.10

2.07

3.11

4.04

2.15

A2.

15B

2.16

2.04

3.04

3.05

3.08

3.07

3.13

A3.

13B

3.15

3.16

4.05

4.01

4.02

3.06

4.08

3.14

4.10

4.06

6.01

6.05

6.03

6.06

6.07

6.08

6.09

6.10

6.04

6.02

7.01

7.02

5.02

5.01

5.05

5.06

5.07

5.11

2.13

2.12

C-1.01

C-1.09

C-1.03

2.01

A

C-1.02

A C-1.06

AC-1.07

A

C-1.10

A

C-1.11

A

C-1.12

A

C-2.03

A C-1.09

D

C-1.09

C

C-2.01

C-2.05

A

C-2.11

AC-2.12

A

C-2.08

C-2.10

A

C-2.15

CC-2.15

DC-2.16

A

C-3.01

C-3.02

C-3.04

A

C-3.05

B

C-3.09

C-3.07

A

C-3.08

AC-3.13

CC-3.13

D

C-3.12

C-4.04

A

C-4.04

B

C-4.05

A

C-4.01

A

C-4.02

A

C-3.06

A

C-3.14

AC-4.10

A

C-4.08

A

4.09

B

C-6.04

A

C-6.08

AC-6.08

B

C-6.10

A

C-6.10

B

C-6.09

A

C-6.07

A

C-6.06

A

C-6.01

A

C-6.05

A

C-7.02

AC-7.01

A

C-5.02

A

C-5.01

A

C-5.06

AC-5.07

A

C-5.08

C-5.11

A

C-5.09

AC-5.10

A

C-5.10

BC-5.10

C

C-5.09

BC-5.09

C

C-2.10

B

C-3.11

A

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VALUE

C-1.01 124-16-110-001 1.51 MPC PSP $146 LAND $12,457

1.02 124-16-210-001 77.04 MPC RZ6 $16,281 LAND $1,386,720

C-1.02A 124-16-210-003 2.61 MPC RZ6 $0 SETBACK $0

C-1.03 124-16-510-004 1.23 MPC PSP $0 LAND $0

1.06 124-16-210-002 47.66 MPC RZ10 $15,108 LAND $1,286,820

C-1.06A 124-16-210-004 2.41 MPC RZ10 $0 SETBACK $0

1.07 124-16-610-001 10.20 MPC PSP $539 LAND $45,900


1.08 124-16-710-001 9.08 MPC PSP $560 LAND $47,671

C-1.09 124-16-710-005 2.21 MPC PSP $0 RIGHT-A-WAY $0

1.09A 124-16-610-002 26.64 MPC RZ10 $8,914 LAND $759,240

1.09B 124-16-710-002 24.57 MPC RZ10 $8,221 LAND $700,246

C-1.09C 124-16-710-006 1.57 MPC RZ10 $0 SETBACK $0

C-1.09D 124-16-610-005 1.23 MPC RZ10 $0 SETBACK $0

1.1 124-16-412-001 13.86 MPC RZ50 $15,459 LAND $1,316,700

C-1.10A 124-16-310-003 1.07 MPC RZ50 $0 SETBACK $0

1.11 124-16-310-002 28.50 MPC RZ13 $12,046 LAND $1,026,000

C-1.11A 124-16-310-004 1.20 MPC RZ13 $0 SETBACK $0

1.12 124-16-710-003 30.09 MPC RZ13 $12,718 LAND $1,083,240

C-1.12A 124-16-710-007 0.68 MPC RZ13 $0 SETBACK $0

C-2.01 124-16-510-006 3.29 MPC PSP $0 LAND $0

2.01A 124-16-510-002 1.02 MPC PSP $7 LAND $571

2.03 124-16-610-003 31.74 MPC RZ6 $7,080 LAND $603,060

C-2.03A 124-16-610-006 1.18 MPC RZ6 $0 SETBACK $0

2.04 124-15-310-001 1.21 MPC PSP $117 LAND $9,983

2.05 124-15-210-001 34.94 MPC PSP/RZ6 $4,212 LAND $358,800

C-2.05A 124-15-310-005 1.30 MPC PSP/RZ6 $0 SETBACK $0

2.06 124-15-610-001 13.37 MPC PSP $706 LAND $60,166

2.07 124-15-510-001 4.71 MPC PSP $2,488 LAND $211,951

C-2.08 124-15-510-003 6.67 MPC PSP $0 LAND $0

2.1 124-15-610-002 15.94 MPC MUZ $22,499 LAND $1,916,394


C-2.10B 124-15-710-002 0.41 OL NOT AVAIL $0 SETBACK $0

2.11 124-15-610-003 2.11 MPC PSP $242 LAND $20,574


2.12 124-15-610-004 4.48 MPC PSP $434 LAND $36,960


2.13 124-15-610-005 1.18 MPC PSP $135 LAND $11,506

2.15A 124-15-310-002 21.66 MPC RZ13 $9,155 LAND $779,760

2.15B 124-15-310-003 21.45 MPC RZ13 $9,066 LAND $772,200

C-2.15C 124-15-310-006 0.47 MPC RZ13 $0 SETBACK $0

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VALUE

C-2.15D 124-15-310-007 0.75 MPC RZ13 $0 SETBACK $0

2.16 124-15-310-004 20.82 MPC MUZ $42,590 LAND $3,627,677


C-3.01 124-14-110-003 12.51 MPC PSP $0 LAND $0

C-3.02 124-14-510-005 13.15 MPC PSP $0 LAND $0

3.04 124-14-110-002 21.31 MPC RZ10 $7,130 LAND $607,334

C-3.04A 124-14-110-005 0.68 MPC RZ10 $0 SETBACK $0

3.05 124-14-510-001 45.84 MPC RZ10 $14,531 LAND $1,237,680

C-3.05B 124-14-110-006 0.17 MPC RZ10 $0 SETBACK $0

3.06 124-14-610-001 22.12 MPC RZ10 $7,401 LAND $630,420

C-3.06A 124-14-610-005 1.01 MPC RZ10 $0 SETBACK $0

3.07 124-14-510-002 9.83 MPC PSP $606 LAND $51,609


3.08 124-14-210-002 26.75 MPC RZ10 $8,951 LAND $762,374

C-3.08A 124-14-210-004 1.37 MPC RZ10 $0 SETBACK $0


3.11 124-14-310-001 25.11 MPC RZ13 $11,202 LAND $954,180

C-3.11A 124-14-210-007 0.47 MPC RZ13 $0 SETBACK $0


3.13A 124-14-310-003 18.73 MPC RZ10 $8,796 LAND $749,200

3.13B 124-14-310-002 7.35 MPC RZ10 $3,883 LAND $330,751

C-3.13C 124-14-310-005 0.68 MPC RZ10 $0 SETBACK $0

C-3.13D 124-14-210-006 1.41 MPC RZ10 $0 SETBACK $0

3.14 124-14-710-001 17.13 MPC RZ6 $8,045 LAND $685,200

C-3.14A 124-14-610-006 0.89 MPC RZ6 $0 SETBACK $0

3.15 124-14-310-004 39.04 MPC PSP $2,475 LAND $210,817

3.16 124-14-410-002 77.29 MPC PSP $7 LAND $571

4.01 124-14-510-003 2.24 MPC C-1 $4,009 LAND $341,509

C-4.01A 124-14-510-006 0.26 MPC C-1 $0 SETBACK $0

4.02 124-14-510-004 22.43 MPC RZ25 $16,261 LAND $484,769

C-4.02A 124-14-510-007 0.55 MPC RZ25 $0 SETBACK $0

4.04 124-14-410-001 26.34 MPC RZ13 $11,133 LAND $331,884

C-4.04A 124-15-710-004 0.34 MPC RZ13 $0 SETBACK $0

C-4.04B 124-14-310-007 1.83 MPC PSP $0 RIGHT-A-WAY $0

4.05 124-14-410-003 15.09 MPC RZ13 $6,378 LAND $190,134

C-4.05A 124-14-810-002 0.22 MPC RZ13 $0 SETBACK $0

4.06 124-14-710-002 3.13 MPC MUZ/PSP/RZ13 $248 LAND $7,395

4.08 124-14-710-003 42.42 MPC MUZ/PSP/RZ13/C-2 $65,082 LAND $1,940,206

C-4.08A 124-14-710-005 3.18 MPC MUZ/PSP/RZ13/C-2 $0 SETBACK $0

4.09B 124-23-510-001 2.22 MPC RZ13/C-2 $7,947 LAND $236,922

4.1 124-14-710-004 4.10 MPC PSP $325 LAND $9,686

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VALUE

5.01 124-16-412-002 19.43 MPC RZ13 $10,265 LAND $874,351

C-5.01A 124-21-113-003 1.10 MPC RZ13 $0 SETBACK $0

5.02 124-21-510-001 24.80 MPC RZ13 $13,102 LAND $1,116,000

C-5.02A 124-21-510-003 0.61 MPC RZ13 $0 SETBACK $0

5.05 124-21-212-001 12.57 MPC PSP $1,107 LAND $94,274

5.06 124-21-212-002 9.93 MPC PSP $1,137 LAND $96,817


5.07 124-21-610-001 17.64 MPC RZ10 $10,355 LAND $882,000

C-5.07A 124-21-510-006 1.05 MPC RZ10 $0 SETBACK $0


C-5.09A 124-21-610-007 0.28 MPC RZ10 $0 SETBACK $0

C-5.09B 124-21-610-008 0.44 MPC RZ10 $0 SETBACK $0

C-5.09C 124-21-610-009 0.09 MPC RZ10 $0 SETBACK $0

C-5.10A 124-21-610-010 0.50 MPC RZ10 $0 SETBACK $0

C-5.10B 124-21-610-011 0.32 MPC RZ10 $0 SETBACK $0

C-5.10C 124-21-610-012 0.53 MPC RZ10 $0 SETBACK $0

5.11 124-21-610-004 0.92 MPC MUZ $2,117 LAND $180,337


6.01 124-23-211-001 1.21 MPC PSP $160 LAND $13,614


6.02 124-23-211-002 2.05 MPC PSP $7 RIGHT-A-WAY $571

6.03 124-23-211-003 6.68 MPC PSP $765 LAND $65,131

6.04 124-23-111-001 21.82 MPC MZ13 $12,168 LAND $1,036,451

C-6.04A 124-23-111-002 0.64 MPC MZ13 $0 SETBACK $0

6.05 124-23-211-004 10.04 MPC PSP $884 LAND $75,300


6.06 124-23-211-005 9.38 MPC RZ25 $13,766 LAND $1,172,500

C-6.06A 124-23-211-009 0.33 MPC RZ25 $0 SETBACK $0

6.07 124-23-211-006 8.74 MPC RZ25 $12,826 LAND $1,092,500

C-6.07A 124-23-211-010 0.93 MPC RZ25 $0 SETBACK $0

6.08 124-23-510-002 28.36 MPC RZ25 $31,631 LAND $2,694,200

C-6.08A 124-23-610-003 0.55 MPC RZ25 $0 SETBACK $0

C-6.08B 124-23-610-004 0.06 MPC RZ25 $0 SETBACK $0

6.09 124-23-610-001 9.02 MPC RZ25 $13,767 LAND $1,172,600

C-6.09A 124-23-610-005 0.86 MPC RZ25 $0 SETBACK $0

6.1 124-23-610-002 9.45 MPC MUZ $26,581 LAND $2,264,031


C-6.10B 124-23-610-007 0.04 MPC MUZ $0 SETBACK $0

7.01 124-15-410-001 7.25 MPC C-2 $14,831 LAND $1,263,240

C-7.01A 124-15-410-003 0.19 MPC C-2 $0 SETBACK $0

7.02 124-15-410-002 17.54 MPC RZ25 $20,593 LAND $1,754,000

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VALUE

C-7.02A 124-15-410-004 0.38 MPC RZ25 $0 SETBACK $0

1176.18 $559,194 $47,629,866

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PARCEL 3 ANALYSIS

General

Of the 1,176.18 acres in Parcel 3, there are 300 acres of park land included for the Eglington Preserve. Similar to open ter-

rain provided by the Eglington Preserve, there are several other protected natural habitat areas of land that create park

like amenities without the development costs of constructing a park. Details regarding the preserved areas of land in Park

Highlands are found on in the Plans For The Area section of this Off ering Memorandum on pages 63 - 67. Also included in

this area are approximately 460 acres of Park Highlands Land that is owned by separate parties. The Park Highlands Owner-

ship Map found on page 13 provides a delineation of the owners.

The amount of land in Parcel 3 that is owned by November 2005 Land Investors LLC amounts to 1,176.18 acres. Of the total,

there are fi ve sub-parcels of land to be dedicated for schools along with two parcels for Public Facilities. See the Parcel 3

Technical Aerial, and Parcel 3 Asset Summary Spreadsheet that precede this section for more detail on the individual sub-

parcels. Requirements for the completion of the Public Facilities are not triggered until the 3,000th building permit has been

issued within sub-parcels 3-6.

Zoning

Other than Industrial zoning, all zoning types are off ered on the 125 sub-parcels that make up Parcel 3. This parcel con-

tains the majority of the land owned by November 2005 Land Investors LLC.

While the City is receptive to zone changes that include density reductions that may potentially reduce the Public Facility

requirements, one off zone changes are not desirable. The City has indicated their willingness to consider more thorough

and far reaching changes to the Development Agreement that may be warranted based on current market conditions.

The goal is to work together to study potential changes and document appropriate modifi cations to the Development

Agreement in one major addendum.

It is important to note that the approximate 350 acres adjacent to Sun City Aliante already have two points of formal paved

access. The designated zoning types for this land range from Low Density Residential to Very High Density Residential.

Communications with the City, indicate that zoning modifi cations required for a new Active Adult Community would not

be objectionable and may be supported.

Infrastructure

All utilities are within the immediate vicinity for the western portion of Parcel 3. Other completed infrastructure items

include a 77 acre detention basin on sub-parcels 3.15 and 3.16.

Formal paved access to the western portion of Parcel 3 is provided by Elkhorn Rd which has been fully completed to the

southwest corner of the Parcel. Formal paved access to the northwest corner of Parcel 3 is provided via one mile of the

completed half street improvements along the northern border of Sun City Aliante.

Utilities for the eastern portion of Parcel 3 will require the installation of a water line that extends two miles from Lamb

Blvd. to Losee Rd. Additionally, there is a requirement to install approximately 4,000 feet of sewer line in order to connect

septic services.

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PARCEL 3 ANALYSIS CONTINUED

Direct freeway access for the eastern portion of Parcel 3 has recently been improved through the completion of the North

5th Interchange and the Losee Rd. Interchange. Additional freeway access will be provided through the future Revere Inter-

change one mile west of the current North 5th Interchange.

Future Development

As of November 1, 2011 there are no specifi c encumbrances on title that will prevent the development of land and vertical

construction in Parcel 3. As indicated above and in the Investment Highlights of this Off ering Memorandum, the current

market may support end user development for more Active Adult housing.

Recent land buying activity supports end user development for well located land. Comps in the Park Highlands area and

the fi ve mile vicinity indicate that Land pricing is approximately $110,000 per acre for parcels of land ranging in size from

20 acres to over 100 acres.

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C-5.03AC-5.04AC-5.04BC-5.04CC-5.04D







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PARCEL 3 PICTURES

Western view of Parcel 3 highlighting the completed detention basin and Aliante Casino in the background

Completed water detention basin

Eglington Preserve with Grand Teton as a northern border

City of North Las Vegas has installed some electric & sewer Land N of Parcel 3 is protected by BLM for paleontological resources

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PARCEL 3 PICTURES CONTINUED

Eastern view of Lots 7.01 & 7.02 looking towards N 5th StreetLooking East across the northern portion of Parcel 3

Current construction on land located immediately South of Lots 5.06 & 5.05

Electric & sewer along Lots 1.10 & 1.11 looking South Lots 1.10 & 1.11 along East-bound 215

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PARCEL 3 PICTURES CONTINUED

Looking West on Deer Springs along the southern portion of Parcel 3

Parcel 3 with VA Hospital & The Reserve Apts in the background Completed wash located on Lot 6.02

Lots 5.01

Clayton St. leading N to the 215; Lot 5.01 to the right

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PARCEL 4 MAP

RES

IDEN

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2.7

2.6

3.2

1.02

1.06

1.10

1.11

1.12

1.08

1.07

1.09

B

1.09

A2.

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06

2.05

2.11

2.10

2.07

3.11 4.04

2.15

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15B

2.16

2.04

3.04

3.05

3.08

3.07

3.13

A3.

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3.15 3.16

4.05

4.01

4.02

3.06

4.08

3.14

4.10

4.06 1

23

6.01

6.05

6.03

6.06

6.07

6.08

6.09

6.10

6.04

6.02

7.01

7.02

5.02

5.01 5.

055.

06

5.07

5.11

42

32

3.6

2.13

2.12

C-2.5A

C-2.7A

C-2.4A

C-B

C-A

C-1.2A C-

1.2B

C-C

C-D

C-2.3A C-2.3B

C-1.01

C-1.09

C-1.03

2.01

A

C-1.02

A C-1.06

AC-1.07

A

C-1.10

AC-1.11

AC-1.12

A

C-2.03

A

C-1.09

D

C-1.09

C

C-2.01

C-2.05

A

C-2.11

AC-2.12

A

C-2.08

C-2.10

A

C-2.15

C

C-2.15

D

C-2.16

A

C-3.01

C-3.02

C-3.04

A

C-3.05

B

C-3.09

C-3.07

A

C-3.08

AC-3.13

CC-3.13

D

C-3.12

C-4.04

A

C-4.04

B

C-4.05

A

C-4.01

A

C-4.02

A

C-3.06

A

C-3.14

AC-4.10

A

C-4.08

A

4.09

B

C-6.04

A

C-6.08

AC-6.08

B

C-6.10

A

C-6.10

B

C-6.09

A

C-6.07

A

C-6.06

A

C-6.01

A

C-6.05

A

C-7.02

AC-7.01

A

C-5.02

A

C-5.01

A

C-5.06

AC-5.07

A C-5.08

C-5.11

A

C-5.09

AC-5.10

A

C-5.10

BC-5.10

C

C-5.09

BC-5.09

C

C-2.10

B

C-3.11

A

PARC

EL

4

GE

NE

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RV

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REC

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DEE

RSP

RIN

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CRO

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215

LOSEE RD

5TH ST

12

3

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VALUE

LOT1 124-14-810-003 17.66 MPC RZ13/C-2 $63,221 LAND $5,384,891

LOT2 124-14-810-004 22.38 MPC C-2/RZ13 $80,118 LAND $6,824,111

LOT3 124-14-810-005 24.6 MPC C-2 $88,065 LAND $7,501,031

64.64 $231,404 $19,710,034

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PARCEL 4 ANALYSIS

General

As the gateway to Park Highlands, Parcel 4 has been designated as the future resort and gaming component for the North-

ern Portion of the Valley. Three parcels make up the 64.64 acre area of land that already has immediate freeway access via

the Losee Rd. Interchange. Sub-parcels referenced as Lot 2 and Lot 3 make up 47 acres. These two parcels already have the

desired gaming zoning. The Balance of Parcel 4 includes 17.66 acres, referenced as Lot 1. On the eastern border of Parcel 4,

plans are underway to construct the Regional Fixed Guideway Project. Also at the eastern edge of Parcel 4, another Univer-

sity of Las Vegas campus has been planned. Specifi c details regarding both of these projects are found in the Plans for the

Area Section that follows on pages 63 - 67 of this Off ering Memorandum.

Zoning

The City has provided a signifi cant development opportunity through the gaming parcels included in Parcel 4. In the event

that a larger Casino site is desirable, the City is open for negotiation.




The goal is to work together to make study potential changes and document appropriate modifi cations to the Develop-

ment Agreement in one major addendum.

Infrastructure

Utilities for the eastern portion of Parcel 3 and 4 will require the installation of a water line that extends two miles from

Lamb Blvd. to Losee Rd. Additionally, there is a requirement to install approximately 4,000 feet of sewer line in order to

connect the required septic services for Parcel 3 and 4. Direct freeway access to parcel 4 is provided by the Losee Rd. Inter-

change.

Future Development


construction in Parcel 4.

Gaming sites have traded for as high as $34 million per acre. While development of a Resort/ Casino site is not warranted

any time soon, it is feasible that given the intense uses planned for this part of the valley, parcel 4 will be highly desirable

land. Recent land buying activity supports end user development for well located land. Comps in the Park Highlands area

and the 5 mile vicinity indicate that Land pricing is approximately $115,000 per acre for parcels of land ranging in size from

20 acres to over 100 acres.

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There are no sub-parcels excluded from Parcel 4







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PARCEL 4 PICTURES

On-ramp at the Losee & 215 Interchange just South of Parcel 4

Eastern border of Parcel 4 on what will be north-bound Losee Rd

View of The Strip from the Losee & 215 Interchange

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PARCEL 5 MAP

RES

IDEN

TIA

LV

ER

Y LO

W D

EN

SIT

Y R

ES

IDE

NTI

AL

- VLD

R

LOW

DE

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SID

EN

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LDR

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ALIANTE P

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COMMERCE ST

DEE

R S

PR

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S W

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CLAYTON

ST

DO

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5TH ST

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AVIARY W

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LOSEE RD

2.7

2.6

3.2

1.02

1.06

1.10

1.11

1.12

1.08

1.07

1.09

B

1.09

A2.

032.

06

2.05

2.11

2.10

2.07

3.11 4.04

2.15

A2.

15B

2.16

2.04

3.04

3.05

3.08

3.07

3.13

A3.

13B

3.15 3.16

4.05

4.01

4.02

3.06

4.08

3.14

4.10

4.06 1

23

6.01

6.05

6.03

6.06

6.07

6.08

6.09

6.10

6.04

6.02

7.01

7.02

5.02

5.01 5.

055.

06

5.07

5.11

42

32

3.6

2.13

2.12

C-2.5A

C-2.7A

C-2.4A

C-B

C-A

C-1.2A C-

1.2B

C-C

C-D

C-2.3A C-2.3B

C-1.01

C-1.09

C-1.03

2.01

A

C-1.02

A C-1.06

AC-1.07

A

C-1.10

AC-1.11

AC-1.12

A

C-2.03

A

C-1.09

D

C-1.09

C

C-2.01

C-2.05

A

C-2.11

AC-2.12

A

C-2.08

C-2.10

A

C-2.15

C

C-2.15

D

C-2.16

A

C-3.01

C-3.02

C-3.04

A

C-3.05

B

C-3.09

C-3.07

A

C-3.08

AC-3.13

CC-3.13

D

C-3.12

C-4.04

A

C-4.04

B

C-4.05

A

C-4.01

A

C-4.02

A

C-3.06

A

C-3.14

AC-4.10

A

C-4.08

A

4.09

B

C-6.04

A

C-6.08

AC-6.08

B

C-6.10

A

C-6.10

B

C-6.09

A

C-6.07

A

C-6.06

A

C-6.01

A

C-6.05

A

C-7.02

AC-7.01

A

C-5.02

A

C-5.01

A

C-5.06

AC-5.07

A C-5.08

C-5.11

A

C-5.09

AC-5.10

A

C-5.10

BC-5.10

C

C-5.09

BC-5.09

C

C-2.10

B

C-3.11

A

PARC

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5

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GRA

ND

TET

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215

DEE

R SP

RIN

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OV

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CRA

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NC

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DEE

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S W

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T

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COM

MER

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VALUE

LOT2 124-21-610-020 5.18 MPC RZ10 $2,737 LAND $233,100

LOT3 124-21-610-017 12.83 MPC RZ10 $6,778 LAND $577,351

LOT4 124-21-610-018 13.6 MPC RZ10 $7,185 LAND $612,000

31.61 $16,700 $1,422,451

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PARCEL 5 ANALYSIS

General

Of the 1,340 acres total, Parcel 5 and Parcel 6 are the only parcels south of Interstate 215. Parcel 5 consists of 3 sub parcels

that total a net of 31.61 acres. The land area required for setbacks and streets has already been subtracted. The subject

property is ideally located south of Interstate 215 and on the north side of Deer Springs Way between a Middle School and

a High School. New home construction is underway on the south side of Deer Springs. This is a portion of Park Highlands

that is ready for development.

Zoning

The Zoning for the 31.61 acres is Master Planned Community / RZ 10 . Given the adjacency to existing development, and

the new home construction in progress, this parcel could be down zoned for a lower density that is appropriate for single

family development in this market. Alternatively, and as previously indicated in Parcel 1 Analysis, a Multi-Family develop-

ment may create a higher and better use.






Infrastructure

All utilities are within the immediate vicinity for Parcel 5. Half street improvements along Deer Springs will provide access

to the south west and the south east corner of Parcel 5.

Future Development



In June of this year, the 46 acre parcel contiguous with the northern boundary of Parcel 6 sold with an additional 60 acres

for approximately $76,000 per acre.

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PARCEL 5 PICTURES

Looking East towards Parcel 5 from Gentle Brook & Deer Springs Way

Development around a designated Public Space

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PARCEL 6 MAP

RES

IDEN

TIA

LV

ER

Y LO

W D

EN

SIT

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ES

IDE

NTI

AL

- VLD

R

LOW

DE

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RE

SID

EN

TIA

L - L

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ME

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ALIANTE P

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COMMERCE ST

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PR

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S W

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ENTE

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PK

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L P

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DECATUR BLVD

AVIARY W

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SP

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GS

WY

GR

AN

D T

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HO

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CLAYTON ST

ELK

HO

RN

RD

LOSEE RD

2.7

2.6

3.2

1.02

1.06

1.10

1.11

1.12

1.08

1.07

1.09

B

1.09

A2.

032.

06

2.05

2.11

2.10

2.07

3.11 4.04

2.15

A2.

15B

2.16

2.04

3.04

3.05

3.08

3.07

3.13

A3.

13B

3.15 3.16

4.05

4.01

4.02

3.06

4.08

3.14

4.10

4.06 1

23

6.01

6.05

6.03

6.06

6.07

6.08

6.09

6.10

6.04

6.02

7.01

7.02

5.02

5.01 5.

055.

06

5.07

5.11

42

32

3.6

2.13

2.12

C-2.5A

C-2.7A

C-2.4A

C-B

C-A

C-1.2A C-

1.2B

C-C

C-D

C-2.3A C-2.3B

C-1.01

C-1.09

C-1.03

2.01

A

C-1.02

A C-1.06

AC-1.07

A

C-1.10

AC-1.11

AC-1.12

A

C-2.03

A

C-1.09

D

C-1.09

C

C-2.01

C-2.05

A

C-2.11

AC-2.12

A

C-2.08

C-2.10

A

C-2.15

C

C-2.15

D

C-2.16

A

C-3.01

C-3.02

C-3.04

A

C-3.05

B

C-3.09

C-3.07

A

C-3.08

AC-3.13

CC-3.13

D

C-3.12

C-4.04

A

C-4.04

B

C-4.05

A

C-4.01

A

C-4.02

A

C-3.06

A

C-3.14

AC-4.10

A

C-4.08

A

4.09

B

C-6.04

A

C-6.08

AC-6.08

B

C-6.10

A

C-6.10

B

C-6.09

A

C-6.07

A

C-6.06

A

C-6.01

A

C-6.05

A

C-7.02

AC-7.01

A

C-5.02

A

C-5.01

A

C-5.06

AC-5.07

A C-5.08

C-5.11

A

C-5.09

AC-5.10

A

C-5.10

BC-5.10

C

C-5.09

BC-5.09

C

C-2.10

B

C-3.11

A

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CRA

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L

LEG

ACY

HIG

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DEN

ELEM

.

NO

RTH

RA

NC

Hby

DR

HO

RTO

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SPR

ING

DA

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PA

RD

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AU

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NR

IDG

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PULT

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ELD

OR

AD

OH

IGH

LAN

DS

2

215

DEE

R S

PR

ING

S W

Y

CLAYTO

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T

REVERE ST

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VALUE

LOT2 124-21-610-016 13.5 MPC RZ10 $7,132 LAND $607,500

13.5 $7,132 $607,500

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PARCEL 6 ANALYSIS

General

Parcel 6 is the second and last of the 147 sub-parcels that make up the overall 1,340 acres. Parcel 6 consists of one sub

parcel that is only 1,500 feet from the new Revere St. / Interstate 215 Interchange that is planned for Park Highlands. This

parcel is well located in the path of progress and contiguous to sub-parcel 5. Totaling a net of 13.5 acres, the land area

required for setbacks and streets has already been subtracted.

New home construction is underway on the south side of Deer Springs. This is a portion of Park Highlands that is ready

for development.

Zoning

The Zoning for the 13.5 acres is Master Planned Community / RZ 10 . Given the adjacency to existing development, and the

new home construction in progress, this parcel could be down zoned for a lower density that is appropriate for single fam-

ily development in this market. Alternatively, and as previously indicated in Parcel 1 Analysis, a Multi-Family development

may create a higher and better use.






Infrastructure

For Parcel 6 all utilities are within 1,000 feet. Half street improvements along Revere and Dorrell Ln. will provide access to

the Parcel 6.

Future Development



In June of this year, the 46 acre parcel contiguous with the northern boundary of Parcel 6 sold with an additional 60 acres

for approximately $76,000 per acre.

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PARCEL 6 PICTURES

Need description

New VA Hospital

Need description

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LAS VEGAS LAND COMPARABLES - NORTHERN REGION

This copyrighted report contains research licensed to Grubb & Ellis - 102686. 10/27/201Page

PROPERTY LOCATION CITY, STATE SALES DATE

SALES PRICE PRICE PER ACRE

SIZE

1. N Lamb Blvd. @ Ann Rd. Las Vegas, NV Sep-11 $11,500,000 $94,070 122.25

2. Ann Rd. @ Losee Rd. North Las Vegas, NV Aug-11 $50,000 $2,500 20

3. SW Camino al Norte & Ann Rd. North Las Vegas, NV Jul-11 $2,360,000 $125,000 18.88

4. NW Centennial Pkwy. & Shaumber

Rd.

Las Vegas, NV Jul-11 $2,385,600 $140,993 16.92

5. SW Grand Teton Dr. & Aviary Way North Las Vegas, NV Jun-11 $8,000,000 $76,053 105.19

6. SW Farm Rd. & Hualapai Way Las Vegas, NV Jun-11 $2,623,000 $103,770 25.28

7. NW Rome Blvd. & 5th St. North Las Vegas, NV Jun-11 $2,500,000 $137,969 18.12

8. NW Tropical Pkwy. & Lamb Blvd. North Las Vegas, NV May-11 $2,447,640 $117,000 20.92

9. NW Rancho Dr. & Grand Teton Dr. Las Vegas, NV May-11 $2,850,000 $90,534 31.48

10. NE Kyle Canyon Rd. & Vineyard Rd. Las Vegas, NV Apr-11 $310,000 $15,500 20

11. 4034 Adabella Ave. Las Vegas, NV Mar-11 $3,000,000 $332,594 9.02

12. Deer Springs Way Las Vegas, NV Dec-10 $6,300,000 $105,386 59.78

13. Grand Teton Dr. North Las Vegas, NV Dec-10 $11,000,000 $120,219 91.5

14. NE Maggie Ave. & Coke Ave. Las Vegas, NV Nov-10 $725,000 $76,316 9.5

15. 7756-7760 Needlepoint Ct. Las Vegas, NV Oct-10 $10,200,000 $293,694 34.73

16. 320 Casmailia Ave. North Las Vegas, NV Sep-10 $5,170,000 $96,816 53.4

Totals $71,421,240 656.97

Avg. Price Per Acre $108,713

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NP A R K H I G H L A N D S 6 0

MASTER PLANNED COMMUNITY LAND COMPARABLES

PROPERTY LOCATION CITY, STATE SALES DATE

SALES PRICE PRICE PER ACRE

SIZE

Picaso Ct. & Dali Dr. S Indio, CA Apr-11 $7,009,949 $43,812 160

6906 Nelson Rd. Longmont, CO Apr-11 $30,000,000 $39,651 756.6

NE Bella Vista Rd. & Gantzel Rd. Queen Creek, AZ Jan-11 $30,042,870 $22,951 1,309

3900 W. Elkhorn Blvd. Sacramento, CA Dec-10 $28,000,000 $47,866 584.97

11722 Fargo Ave. Hanford, CA Dec-10 $9,000,000 $29,788 302.13

NEC of HWY 154 & HWY 246 San Ynez, CA Mar-10 $40,000,000 $28,777 1390

Totals $144,052,819 4502.7

Avg. Price Per Acre $31,992

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RESIDENTIAL LAND COMPARABLES

Property Type: Residential Status: Closed Number of Properties: 74

Bedrooms SqFt List Price LP/SqFt Sale Price SP/SqFt[w/cents] SP/LP DOM

High 5 3,732 $349,000 $121 $300,000 $115 109.1% 327Low 2 1,157 $88,500 $60 $80,325 $63 79.6% 0

Average 3 1,704 $153,622 $91 $149,630 $88 97.46% 63Median 3 1,570 $139,900 $88 $137,250 $86 97.4% 51

SFR Home Sales Comps in Aliante

Property Type: Residential Status: Closed Number of Properties: 65

Bedrooms SqFt List Price LP/SqFt Sale Price SP/SqFt[w/cents] SP/LP DOM

High 6 3,340 $230,000 $75 $230,000 $76 113.9% 308Low 2 1,096 $59,900 $38 $59,000 $38 81.3% 1

Average 3 1,852 $108,977 $58 $108,608 $58 99.31% 80Median 3 1,606 $94,900 $58 $94,000 $58 100% 53

SFR Home Sales Comps outside Aliante

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PLANS FOR THE AREA - NORTHERN UNLV CAMPUS

The search for a new graduate

and research campus location

began in 2000. The project was

coordinated with the cities in the

Las Vegas Valley, Clark County, the

U.S. Bureau of Land Management

(BLM) and Nellis Air Force Base.

These eff orts concluded in the

selection of ±2,000 acres of open

land in North Las Vegas from

north from I-215 about three

miles between Lamb Boulevard

and Pecos Road to the base of the

Sheep Mountains.

The new UNLV graduate and re-

search campus planned for the

north part of the Las Vegas Valley

is the combined vision of govern-

ment, civic, business, and univer-

sity leaders. It is recognized that

economic diversifi cation and growth is highly dependent on the availability of a fi rst-class research university.

The initial focus of the campus will be graduate education and research. UNLV intends to draw on the collective strengths

of other Nevada System of Higher Education institutions operating in the Las Vegas Valley to provide the broadest possible

educational experiences at all levels.

Economic challenges of 2010 have slowed the required comprehensive master planning and development of the new

campus infrastructure and fi rst building. Nevertheless, UNLV continues to plan for the future and is hopeful that economic

recovery will enable the university to move forward.

SECTION 6

SECTION 7

SECTION 18

SECTION18: Comprehensive Campus

SECTION 7: Recreation/Residential Specialized Research

SECTION 6: Large Area Research

Desert National Wildlife Range

City

of N

orth

Las

Veg

as

VAN

ellis

Air

Forc

e R

ange

CC-215

Pec

os R

d.

Lam

b B

lvd.

Legend of Land Uses:

Academics / Research

Specialized Research

Initial Building at UNLV North Campus

Residential

Recreation / Athletic

Civic Wedge

Transit

Support Services

Preliminary Site Plan

Preliminary Site Plan for the North UNLV Campus

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PLANS FOR THE AREA CONTINUED - N 5TH STREET

The City of North Las Vegas, in conjunction with the Regional Transportation Commission of Southern Nevada (RTC), have

been working to develop plans to improve North 5th Street between Owens Avenue and the Northern Beltway (CC-215), a

distance of approximately seven miles.

The goal of the North 5th Street Improvements Project is to provide an enhanced north-south transportation corridor and

will evaluate ways to improve mobility, alleviate traffi c congestion, provide transit, provide multi-use trail facilities, and

accommodate future growth and development.

This project has, and will continue to take place in phas-

es. Overall, the goal of the improvements are intended

to promote pedestrian-friendly neighborhoods and pro-

vide improved transit service and facilities.

North 5th Corridor

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PLANS FOR THE AREA CONTINUED - REGIONAL FIXED GUIDEWAY PROJECT

The purpose of and need for the Regional Fixed Guideway project is to address transportation problems and mobility needs

associated with travel within and to the Resort Corridor from Las Vegas, Henderson, and North Las Vegas. Specifi cally, the

elements listed below, which are described in more detail in the following chapters of this report, constitute the overall pur-

pose for conducting this study that have arisen from existing conditions and future growth. Identifi ed solutions to promote

the project purpose are meant to address the needs of area residents.

The elements of the project purpose include:

1. Provide high capacity transit services that respond to problems associated with the Valley’s roadway network

2. Provide transit service improvements that respond to transit defi ciencies within and access to the Resort Corridor

3. Provide responsive transportation improvements to address issues associated with existing population and employ-

ment and expected future growth within the corridor

4. Provide transportation improvements that respond to environmental goals for the region and the corridor

The entire Las Vegas Regional Fixed Guideway Project Alternatives Analysis is available for review in the Virtual Deal Room.

Mass Transit Rail System

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PLANS FOR THE AREA CONTINUED - EGLINGTON PRESERVE

The Eglington Preserve is a 300-acre areathat may grow to thousands of acres. This is an area of sensitive habitat located

on BLM lands in the Las Vegas Wash within the city limits of North Las Vegas (near Lot 2.10 in Parcel 3). The site is home to

a large population of state-listed, critically endangered Las Vegas bearpoppy. The preserve was established as a mitigation

site as part of the Clean Water Act: Restoration work is done

on the preserve to off set unavoidable impacts from devel-

opment in other parts of the Las Vegas Wash, a tributary to

Lake Mead.

The Nature Conservancy began work in the fall of 2010 to

restore, enhance and protect 143 acres of the Wash and its

associated wetlands, which will enhance sensitive plant

and wildlife habitat and improve water quality. So far, six

miles of post and cable fence have been installed around

the preserve to reduce off -road vehicle damage, volunteers

have removed large amounts of trash from the site, and al-

most 21 acres have been restored with 2,812 new plants

and 424 pounds of native plant seed.

3,000 Acres of Open Space

Eglington Preserve

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PLANS FOR THE AREA CONTINUED - PALEONTOLOGICAL RESOURCES

The Upper Las Vegas Wash, until recently considered a wasteland by most, was once a beautiful and thriving wetlands,

home to hundreds of ice-age mammals. In 1962, the National Science Foundation funded the “Big Dig,” a major excava-

tion project that the National Geographic Society documented. The excavation included trenches that were 3,000 feet

long, 30 feet deep, and 12 feet wide across the wash. Scientists studied strata dating as far back as 200,000 years, covering

two ice-age periods. After the dig, a 1,000-acre parcel, includ-

ing the Tule Springs Paleontological Site, located three miles

east of Floyd Lamb Park, was placed on the National Register

of Historic Places.

In 2007, concerned individuals formed the Protectors of Tule

Springs (POTS) to inform the public of the history and scien-

tifi c importance of the upper Las Vegas Wash and help protect

the area. In January of 2010 the BLM reclaimed a large portion

of the land allocated for development. As of that February, no

fi nal decision on the total area had been made.

The nonprofi t Las Vegas Ice Age Park Foundation was formed in

2008 to assist in the development of the Ice Age Park. Working closely with the University of Nevada, POTS, BLM, the State

of Nevada, and other local agencies, a 316-acre state-owned site located in the heart of the Wash has been set aside to

build the Park.

Plans include building a world-class research lab and repository facility for fossils excavated in Southern Nevada where

scientists can study fossil remains, human activity in the region, and climate change by tracking regional warming and

cooling periods over the last 200,000 years. Picnic areas, hiking trails, and guided tours would allow the general public to

view surface and excavated areas.

Paleontological Resources Site

11,000 Acres for Paleontological Studies

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CONFIDENTIAL OFFERING MEMORANDUM AND DISCLAIMERS

Grubb & Ellis|Las Vegas (“Agent”) has been engaged by BryanCave, LLP as the exclusive agent for certain fi rst lien lenders (“Lend-ers”) in connection with the 363 Bankruptcy Auction of 1,340 acres of real property owned by November 2005 Land Investors, LLC (the “Seller”) commonly known as “Park Highlands” (the “Property) and located in North Las Vegas, Nevada. Only individuals or entities with good faith interest in purchasing the Property (each, a “prospective buyer”) are entitled to receive this Off ering Memorandum (“Off ering Memorandum” refers to this document and any materials accompanying this document). If you are not a prospective buyer, you shall immediately return this Off ering Memorandum and any materials as-sociated with the Property to Agent. Any prospective buyer receiving this Off ering Memorandum agrees to read and review the following sections one through six below before reviewing or taking possession of any information associated with the Property and to abide by all requirements set forth in this Off ering Memorandum. If a prospective buyer determines it is unwilling or unable to comply with the require-ments set forth in this Off ering Memorandum, the prospective buyer shall immediately return this Off ering Memorandum and any materials associated with the Property to Agent. 1. Confi dentiality. This Off ering Memorandum includes confi dential information subject to a Limited Disclosure Agreement. All prospective buyers are required to sign the Limited Disclosure Agreement before receiving this Off ering Memorandum and any confi dential information about the Property. If a prospective buyer has not signed a Limited Disclosure Agreement, the pro-spective buyer is instructed to immediately request a copy of the Limited Disclosure Agreement from Agent and to immediately return this Off ering Memorandum and any materials associated with the Property to Agent. This Off ering Memorandum shall not be made available to a prospective buyer until such time as the prospective buyer has returned a signed copy of the Limited Disclosure Agreement. Prospective buyers are encouraged to read and review the Limited Disclosure Agreement so that they are aware of their obligations under the Limited Disclosure Agreement. 2. Property “AS IS,” “WHERE-IS”. The Property will only be sold on an “AS-IS,” “WHERE-IS” basis. Bryan Cave LLP, the Lenders, Seller, Agent, and their respective representatives (collectively, “363 Sale Parties”), affi liates, offi cers, employees, shareholders, partners and directors (collectively, the “363 Sale Parties”), do not make and will not be deemed to have made, any representa-tion or warranty, express or implied, about the Property, in connection with the information in this Off ering Memorandum, in connection with any written or oral communication about the Property, or about the investment value of the Property. This Off ering Memorandum may contain material errors or omissions. Accordingly, each prospective buyer agrees to:

• independently verify, investigate, research and conduct its own due diligence with regard to the Property, the information in this Off ering Memorandum, and any other written or oral communication about the Property;• not rely upon any written or oral information provided by Seller Parties about the Property; and• engage qualifi ed and experienced independent professionals to assist in determining whether to purchase the Property.

3. Not an Off er to Sell. This Off ering Memorandum is not an off er to sell the Property and does not create any legally binding obligation on the part of Seller. Seller shall have no legally binding obligation to any prospective buyer unless and until Seller’s and the prospective buyer’s confi rmed authorized representatives have both signed a written purchase and sale agreement for the Property that has been approved of by Seller and that contains Seller’s required terms and conditions approved by Seller and is in accordance with the terms and conditions required by the 363 Sales Procedures. 4. Reservation of Rights. Seller reserves the rights available to it in connection with the 363 Sale and the pursuant to the bank-ruptcy case.

5. Authorization to Access. Please contact Curt Allsop at 702.73.7500 or by email at [email protected] for access to the property .

If you have no interest in the Property at this time, please return this Confi dential Off ering Memorandum immediately to:

Grubb & Ellis|Las Vegas3930 Howard Hughes Pkwy., Suite 180 Las Vegas, Nevada 89169 Curt Allsop · Doug Schuster · Vittal Ram · Suzanne Sprenger

702.733.7500

Documents

Offering Memorandum