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Page 1 of 3 Ogden City Council Work Session: March 21, 2017 BUSINESS DEPOT OGDEN - 2016 ANNUAL REPORT Purpose of Work Session: To Receive and Review the BDO 2016 Annual Report Executive Summary The Council will receive and review Business Depot Ogden’s 2016 Annual Report. Background May 27, 2008 During a City Council work session discussion regarding BDO CIP projects, the Council expressed a desire to be informed of the specific projects being proposed for funding. The Administration discussed the need for flexibility with capital projects at BDO. The infrastructure improvements and projects are funded through various established sources, and change periodically due to the nature of development at BDO. It was agreed that an annual report providing an overview of the projects, activities and future direction at BDO would be provided by October 1st each year. Because Boyer operates BDO on a calendar-year basis, it was latter agreed that the report would be provided February 15th. January 8, 2009 The Council received the first annual BDO Report from Administration. July 1, 2016 FY2017 Budget Guidelines The Council’s budget guideline regarding Business Depot Ogden reads as follows: Business Depot Ogden. An annual report will be provided by February 15th which includes an overview of the Business Depot Ogden (BDO) projects, activities and overall direction. An addendum to the Capital Improvements Project Quarterly Report will be provided that reflects ---PAGE BREAK--- Page 2 of 3 Ogden City Council Work Session: March 21, 2017 the activity of the funds budgeted for capital improvements at BDO. The proposed list of projects is to accompany the budget annually. February 14, 2017 The Council Office received the 2016 BDO Annual Report. Report The 2016 BDO Annual report provides an overview of the activities and successes at BDO during the 2016 calendar year. It is divided into the following sections: Leasing, Project Summaries, and Infrastructure. Highlights include the following: Leasing – Key Benchmarks The total developed area at BDO is more than 320 acres. The goal for development by 2016 was 119 acres. Based on the original projects, development is 29 years ahead of schedule. Occupancy Rate – New Buildings – 97% Occupancy Rate – Existing Buildings – 86% (Decreased from 98% in 2015) Three Buildings Currently Under Construction o Building 1040 – 236,000 sq. ft. o Building 1019 – 500,000 sq. ft. o Building 570 – 262,000 sq. ft. New Construction BDO 961 (Wayfair) – Expansion, 180,000 sq. ft. (Completed January 2016) BDO 1015 (Capstone Research and Development- one-half the space) - 109,200 sq. ft. (Completed April 2016) Infrastructure Improvements White Drive Detention Basin – Boarders BDO and Ogden Nature Center ---PAGE BREAK--- Page 3 of 3 Ogden City Council Work Session: March 21, 2017 Depot Drive Phase 4 – 400 North to Fairgrounds, 600 North from Depot Drive to 1140 West, and 1140 West from 400 North to 600 North (Completed October 2017, Landscaping, Spring 2017) Questions 1. Please review the report and identify the highlights and successes for 2016. 2. What are the goals for BDO for 2017? Council Staff Contact: Janene Eller-Smith, (801) 629-8165 ---PAGE BREAK--- A BOYER COMPANY BUSINESS PARK 2016 Annual Report to Ogden City ---PAGE BREAK--- EXECUTIVE SUMMARY Business' Depot' Ogden' has' had' another' great'year'in'terms'of'Leasing.''New'build; ings'are'at'97%'occupancy.''We'are'experi; encing' good' activity' at' BDO' from' brokers' and' companies' expressing' significant' in; terest'in'locating'here.' The' existing' buildings' at' BDO' consist' of' brick,'steel'and'concrete'structures'includ; ed'in'the'Master'Lease'Agreement'between' Ogden'City'and'Boyer'BDO,'L.C.''At'the'end' of'2016,'the'occupancy'rate'of'the'existing' space'at'BDO'was'86%.'This'represents'a' decrease'from'the'2015'year;end'occupan; cy' of' 98%' and' is' mainly' due' to' several' month;to;month'leases'that'vacated'at'the' end'of'the'year.'' SEPARATE'TRACT'LEASE'PARCELS' Two' new' buildings' were' completed' in' 2016,' and' three' are' under' construction.' The' BDO' 961' Expansion' and' BDO' 1015' buildings'were'both'completed.'We'began' construction'of'BDO'1040,'BDO'1019'and' BDO' 570' during' the' 3rd' quarter.' Since' 2001,' the' following' new' buildings' have' been' constructed' or' are' under' construc; tion:' Completed) • 24,363'sq.'ft.''BDO'Office'Building' • 263,200'sq.'ft.''Fresenius'Building' • 106,512'sq.'ft.''550'Building' • 106,512'sq.'ft.''551'Building' • 121,689'sq.'ft.''Lofthouse'Freezer' • 37,325'sq.'ft.''1080'Flex'Building' • 200,600'sq.'ft.''267'Building' • 83,674'sq.'ft.''475'Building' • 34,754'sq.'ft.''690'Building' • 406,250'sq.'ft.''SUSA'Building' • 172,500'sq.'ft.''Barnes'Building' • 34,754'sq.'ft.''1069'Building' • 135,000'sq.'ft.''450'Building' • 540,000'sq.'ft.''Hershey'Building' • 188,899'sq.'ft.''Cornerstone'Building' • 32,000'sq.'ft.''640'Building'' • 78,979'sq.'ft.''801'Building' • 160,000'sq.'ft.''766'Building' • 120,000'sq.'ft.''725'Building' • 108,836'sq.'ft.''Cornerstone'Expansion' • 67,600'sq.'ft.''1010'Building' • 109,200'sq.'ft.''955'Building' • 300,000'sq.'ft.''961'Building' • 180,000'sq.'ft.''BDO'961'Expansion' • 109,200'sq.'ft.''BDO'1015' ' Under)Construction' • 236,000'sq.'ft.''BDO'1040' • 500,000'sq.'ft.''BDO'1019' • 262,000'sq.'ft.''BDO'570' ' As' contained' in' our' Master' Lease' Agree; ment,'Boyer'Company'is'required'to'devel; op' a' minimum' acreage' by' certain' dates.'' The' first' “Performance' Evaluation' Date”' was' December' 31,' 2005.' ' The' required' minimum'acreage'to'be'developed'by'Boy; er'Company'by'that'date'was'30'acres.''The' second' date' was' December' 31,' 2009' at' which' time' Boyer' Company' was' required' to'have'developed'70.0'acres.''On'Decem; ber'31,'2014,'106.5'acres'were'required'to' have'been'developed.' The'total'area'developed/improved'at'BDO' is' approaching' 320.68' acres,' which' far' exceeds' the' goal' of' 119' acres' set' for' the' end' of' 2016.' We) are) currently) 29) years) ahead) of) schedule,) surpassing) the) De; cember) 31,) 2034) requirement) of) 242.5) acres.' The' next' performance' date' is' De; cember' 31,' 2019' at' which' time' Boyer' Company' would' have' been' required' to' have'developed'143'acres.''' MARKETING' In' 2016,' Business' Depot' met' objectives' laid'out'in'the'Marketing'Plan.''' Job'Creation';'Some'of'the'major'new'ten; ants' to' BDO' during' 2016' include' Honey; ville,' Readerlink' and' The' Home' Depot.' Several' tenants' continue' to' expand' into' space'such'as'Osprey'Packs'and'Petersen,' Inc.'' 'Job' creation' has' been' strong' and' compa; nies' here' at' BDO' have' continued' to' grow' and'hire'more'employees.'Tenants'at'BDO' currently'have'over'6,069'employees.' Manufacturing'Tenants';'New'tenants'such' as'Honeyville'represent'a'continued'effort' for'manufacturing'jobs'at'BDO.''' Target' Markets' Progress' is' being' made' with' target' markets.' ' There' has' been' a' concerted'effort'over'the'past'few'years'to' attract'both'broker'and'EDCUtah'attention' to'BDO,'which'has'paid'dividends'through' 2016.''We'continue'to'market'both'region; ally' and' nationally' through' print' adver; tisement,'brokers'and'national'forums'and' conventions.'' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ---PAGE BREAK--- EXECUTIVE SUMMARY ! ' ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY 1 2016%LEASING%AND%MARKETING% LEASING! Leasing! activity! during! 2016! was! very! strong.! Our! build! to! suit! prospects! continue! to! progress! as! well! as! several! tenant!expansions.!!We!have!had!some!of! existing! tenants! in! our! steel! sided! buildings! vacate.! ! We! continue! to! have!! interest! from! companies! coming! to! Utah! and! also! many! relocating.! Below! are! a! couple!of!main!leasing!items!of!interest:! • Construction! was! completed! on!961!Expansion!and!interior! call!center!for!Wayfair.!!! • Construction! was! completed! on! 1015! which! is! a! spec! building.! Half! of! the! building! was! leased! by! the! end! of! the! year!with!a!lease!under!review! with! a! national! tenant! for! the! balance!of!the!building.! • The! flex! buildings! are! a! focus! with! ENVE! and! other! tenants! vacating.! • Honeyville’s! 200,000! sq.! ft.!! building!is!under!construction.!! • BDO! 1019! is! under! construction.! ! It! will! be! a! 500,000! sq.! ft.! ! building! for! ReaderLink.! • BDO!570!is!under!construction.!! It! will! be! a! 260,000! sq.! ft.!! Home! Depot! Distribution! Center.! • Chart! A! shows! the! Leasing! Activity! • Exhibit! A! shows! the! 2016! Building!Occupancy! We!are!directing!our!marketing!efforts! into!three!major!areas!during!2017.!The! first!focus!is!the!steelXsided!buildings.! This!is!where!the!majority!of!our!vacant! space!is.!!!! Our! second! focus! will! be! on! our! flex! buildings.! ! We! have! 18,000! sq.! ft.!! available! now! plus! an! additional! 35,000! sq.! ft.! ! available! in! early! 2017.! ! Filling! these!spaces!is!a!priority.!!! The! third! focus! is! on! new! construction! projects.! Not! only! will! we! focus! on! our! new!buildings!under!construction,!but!we! will! pursue! additional! projects! to! commence!in!2017.! We!have!several!target!audiences!for!our! marketing!and!advertising!efforts.!The! first!group!is!local!companies!in!Weber! and!Davis!County.!This!includes!both! short!term!additional!warehouse!space! and/or!relocating!their!businesses!to! BDO.!The!second!group!is!the!brokerage! community!here!locally!and!in!Salt!Lake! City.!They!have!been!involved!in!many!of! the!deals!at!BDO!especially!in!2016,!and ! ! CHART!A! % ! Brick Steel Concrete Ground Level Specialty Separate Tract Separately Owned Total Sq. Ft. 1,395,600 1,909,380 652,180 98,063 153,060 3,722,292 2,327,393 Leased 1,386,820 1,461,055 610,830 91,793 81,000 3,645,046 2,327,393 - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1,800,000 2,000,000 2,200,000 2,400,000 2,600,000 2,800,000 3,000,000 3,200,000 3,400,000 3,600,000 3,800,000 4,000,000 ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 2 we! have! had! good! success! in! the! past! with! them! bringing! tenants! to! BDO.! The! third! effort! is! to! continue! our! close! relationship! with! EDCUtah.! A! number! of! our! tenants! worked! through! EDCUtah! when! initially! coming! to! Utah.! We! plan! to! market! to! these! tenants! by! improving! our! online! presence! through! an! improved! website! and! online! marketing.! We! also! plan!to!be!involved!with!networking!opportunities!in!real!estate! associations! and! other! networking! activities! to! improve! our! relationship!with!prospective!tenants!and!their!brokers.!We!will! also! pursue! our! current! tenants! to! see! what! referrals! we! can! gain! which! would! continue! to! strengthen! BDO! and! the! industries!that!have!come!here.!! EXHIBIT!A% 2016%BUILDING%OCCUPANCY% % PROJECTS% TOTAL%SQ.%FT.% TOTAL%LEASED% (EXECUTED)% OCCUPANCY%RATE% AT%YEAR%END% ! ! ! ! ! 2016! Management!&!Leasing! 24,808! 21,166! 85%! as#of#12/31/16# 550!South!Depot!Drive! 106,512! 106,512! 100%! Fresenius! 263,200! 263,200! 100%! 551!South!Depot!Drive! 106,512! 106,512! 100%! BDO!Cold! 121,689! 121,689! 100%! 1080!South!Depot!Drive! 37,325! 37,325! 100%! 267!North!Depot!Drive! 200,600! 200,600! 100%! 475!South!Depot!Drive! 83,674! 83,674! 100%! 690!West!1050!South! 34,754! 28,000! 81%! SUSA! 406,250! 406,250! 100%! Barnes! 172,500! 172,500! 100%! 1069!W.!Stewart!Drive! 34,754! 26,754! 77%! 450!N.!Depot!Drive! 135,000! 135,000! 100%! Hershey!Building! 540,000! 540,000! 100%! Cornerstone! 297,735! 297,735! 100%! % 640!West!1100!South! 32,000! 27,750! 87%! % 801!Depot!Drive! 78,979! 78,979! 100%! % 766!Depot!Drive! 160,000! 160,000! 100%! % 725!White!Drive! 120,000! 120,000! 100%! % 1010!Depot!Drive! 67,600! 67,600! 100%! % 955!West!White!Drive! 109,200! 109,200! 100%! % 961!West!2nd!Street! 480,000! 480,000! 100%! % 1015!West!White!Drive! 109,200! 54,600! 50%! % 1040!West!600!North! 204,357! 204,357! 100%! % 570!North!Depot!Drive! 262,276! 262,276! 100%! % 1019!West!400!North! 500,000! 500,000! 100%! % BDO!Cold!2! 107,535! 107,535! 100%! Average%Occupancy%Rate% 4,796,460% 4,719,214% 98%% ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 3 The!10,257,968!total!square!feet!of!space!available!at!BDO!is!divided!into!the!following!categories!as!of!December!31,!2016.! ! Existing%Buildings% Total%Sq.%Ft.% Leased% %%Leased% Available% %%Available% Brick! 99.37%! 0.63%! Steel! 76.52%! 23.48%! Concrete! 93.66%! 6.34%! Ground!Level! 93.61%! 6.39%! Specialty! 52.92%! 47.08%! Existing%Buildings% 86.29%! 13.71%! Subtotal% 86.29%! 13.71%! Separate%Tract% Total%Sq.%Ft.% Leased% %%Leased% Available% %%Available% Office! 85.32%! 14.68%! Distribution! 97.55%! 2.45%! Mfg!/!Wrhs! 100.00%! 0.00%! Flex! 86.31%! 13.69%! Freezer! 100.00%! 0.00%! Separate%Tract% 97.92%! 2.08%! Subtotal% 91.75%! 8.25%! Separately%Owned% 100.00%! 0.00%! Total% 93.62%! 6.38%! ! ! ! ! % % % % % % ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 4 BDO%OFFICE% BUILDING% ! 1150!South!Depot!Drive!! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 24,363 Building Type Office Number of Stories 2 Construction Budget $2,579,000 Construction Cost $2,322,000 Project Start Date 6/1/2000 Project Completion Date 3/2/2001 Contractor E.K. Bailey Construction Architect MHTN Architects Current Tenants The Boyer Company Oldcastle Precast NCS Pearson K&R Investments Practice Management Wasatch Civil Consulting ! ! ! ! ! ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! This! office! building! was! constructed! to! house! the! Management! and! Leasing! Office! for! the! Business!Depot!Ogden.!!It!was!also!built!to!provide!executive!office!suites!for!the!companies! with!manufacturing!and!warehousing!facilities!within!the!park.!!This!has!not!proven!to!be!the! case,! because! most! companies! want! to! have! office! space! on! site! next! to! their! production! areas.! ! ! In! fact,! we! have! found! the! majority! of! office! space! leased! is! from! companies! that! provide!a!service!to!the!tenants!or!have!no!relation!to!business!at!the!BDO.! Construction! took! place! through! the! winter! months! and! faced! the! typical! cold! weather! challenges.!The!building!is!currently!85%!occupied.! ! ! ! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 5 ! PROJECT!DESCRIPTION! ! This!building!was!constructed!to!meet!the!immediate!and!future!needs!of!Fresenius!Medical! Care.!Fresenius!is!a!manufacturer!of!dialysis!treatment!equipment.!Fresenius!began!leasing! 153,000! square! feet! of! the! 263,200! square! feet! warehouse! building.! ! The! balance! of! the! space!would!be!leased!to!shortXterm!tenants,!allowing!Fresenius!to!expand!into!the!balance! with!a!sixXmonth!notice.!!! Winter! conditions! added! to! the! cost! of! the! project,! but! the! project! was! completed! on! schedule!and!under!budget.!!The!building!was!constructed!on!the!site!of!an!existing!military! building,!necessitating!demolition!before!construction!could!begin.! After! completion,! the! balance! of! the! building! was! leased! to! ICON! Health! and! Fitness.!! Fresenius!then!expanded!into!the!balance!of!the!building!in!2006.!!During!2011!Fresenius! extended!its!lease!until!December!2021.! ! ! ! ! ! ! ! ! ! ! BOYER%FRESENIUS% BUILDING% ! 375!North!Depot!Drive!! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 263,200 Building Type Cross-Dock Warehouse Number of Stories 1 Construction Budget $7,400,000 Construction Cost $6,974,496 Project Start Date 6/8/2001 Project Completion Date 1/10/2002 Contractor R&O Construction Architect VCBO Architects Current Tenant Fresenius Medical ! ! ! ! ! ! ! % % % % ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 6 BDO%550% BUILDING% ! 550!South!Depot!Drive!! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 106,512 Building Type Rear-Load Warehouse Number of Stories 1 Construction Budget $3,500,000 Construction Cost $3,205,658 Project Start Date 8/1/2001 Project Completion Date 1/11/2002 Contractor Camco Construction Architect MHTN Architects Current Tenants Wayfair Mountain States Produce Fresenius ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The! 550! Building! was! the! first! speculative! warehouse! built! at! Business! Depot! Ogden.!! Building!construction!began!in!the!fall!of!2001!and!continued!through!the!winter!months.! The! shell! was! completed! in! January! of! 2002.! ! During! construction,! a! layer! of! coal! was! encountered!that!was!not!identified!in!the!original!soil!testing.!!Despite!the!problems,!the! shell! was! completed! on! schedule! and! under! budget.! It! has! become! one! of! our! prototype! buildings!and!has!been!constructed!in!two!other!locations!with!minor!modifications.!!! During!2011,!Wayfair,!an!online!retailer,!moved!its!30,000!square!foot!call!center!and!50,000! square! foot! warehouse! to! 550.! In! early! 2013! because! of! increased! demand! for! more! warehouse!space,!Wayfair!moved!its!warehousing!from!BDO!550!to!the!newly!constructed! BDO! 725! building.! ! In! May! of! 2013,! Fresenius! leased! the! vacant! warehouse,! bringing! the! occupancy!of!the!building!back!to!100%.!!Mountain!States!Produce!occupies!the!remaining! 26,000!square!feet.!! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 7 ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! Building! 551! was! one! of! the! first! few! newly! constructed! concrete! tiltXup! warehouse! buildings! at! BDO.! ! It! was! built! by! BigXD! Construction! and! was! originally! built! as! a! speculative! building.! ! During! construction! we! were! in! negotiations! with! a! prospective! tenant!who!intended!to!take!the!entire!building.!!! The!shell!was!completed!in!early!2003!on!schedule!and!under!budget.!!Because!the!building! was!a!speculative!build,!it!remained!vacant!for!a!period!of!time.!!!During!June!of!2005,!a!ten! year!lease!was!signed!by!Elkay!Manufacturing!to!occupy!the!building!in!full.!!In!2014,!Elkay! Manufacturing!extended!its!lease!5!years!to!May!2020.!! ! ! ! ! % % % % % % BDO%551%% BUILDING% ! 551!South!Depot!Drive!! Ogden,!UT! ! BUILDING+SPECS+ ! Rentable Square Footage 106,512 Building Type Rear-Load Warehouse Number of Stories 1 Construction Budget $3,022,000 Construction Cost $2,789,520 Project Start Date 4/15/2002 Project Completion Date 4/15/2003 Contractor Big-D Construction Architect MHTN Architects Current Tenants Elkay Manufacturing ! ! ! ! ! ! ! ! ! % % ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 8 BDO%COLD% BUILDING% ! 689!West!300!North!! Ogden,!UT! ! BUILDING+SPECS+ ! Rentable Square Footage 121,689 Building Type Freezer Number of Stories 1 Construction Budget $10,000,000 Construction Cost $9,650,000 Project Start Date 6/1/2003 Project Completion Date 3/1/2004 Contractor Big-D Construction Architect GSBS Architects Current Tenant TreeHouse Foods ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! In!2003!Lofthouse!Foods!consolidated!and!moved!their!production!to!BDO.!Part!of!the!deal! involved!the!construction!of!a!freezer!next!to!its!production!facility.! A! team! who! was! experienced! in! freezer! design! and! construction! was! assembled.! ! The! Lofthouse!Freezer!was!completed!on!time!and!under!budget!by!$350,000.!!This!savings!was! passed! on! to! Lofthouse! in! the! form! of! a! cash! payment.! ! Since! moving! to! BDO! in! 2004,! Lofthouse!has!continued!to!expand!their!product!lines,!taking!the!remaining!space!in!5D!for! production.!!In!2013,!Lofthouse!was!acquired!by!ConAgra!Foods!and!extended!its!lease!an! additional!ten!years!to!March!2024.!!In!2015,!ConAgra!was!purchased!by!TreeHouse!Foods.!! In! November,! a! lease! was! signed! with! TreeHouse! Foods! to! construct! an! expansion! to! this! freezer!which!will!be!built!under!a!separate!entity,!BDO!Cold!2.! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 9 ! ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! Building!1080!was!constructed!to!be!the!home!of!Edge!Products,!now!known!as!Powerteq.!! BDO!1080!is!also!referred!to!as!a!flex!building!and!was!the!first!of!its!kind!to!be!built!at!! BDO.!!Since!its!completion,!three!other!nearly!identical!flex!buildings!have!been!completed.!! These!buildings!are!intended!to!act!as!a!transition!between!the!office!space!to!the!south!and! the! larger! manufacturing! buildings! to! the! north.! ! The! south! end! of! these! buildings! was! designed!to!resemble!an!office!building!with!glass!and!brick.!!The!tilt!panels!were!finished! with!an!EIFS!system!to!match!the!look!of!the!office!buildings.! cost! of! this! project.! ! Edge! Products! originally! signed! a! lease! for! 21,325! square! feet! and! currently!leases!29,325!square!feet.!!In!2013,!Powerteq!renewed!its!lease!for!an!additional! five!years.!Wesco!Electric!moved!out!in!early!2014!and!ENVE,!a!bicycle!parts!manufacturer,! leased!the!remaining!8,000!square!feet.!!! In!December,!ENVE!vacated!their!space!which!now!available!to!lease.! ! % % % % % BDO%1080% BUILDING% ! 1080!South!Depot!Drive!! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 37,325 Building Type Flex Building Number of Stories 1 Construction Budget $2,240,000 Construction Cost $2,185,524 Project Start Date 8/15/2003 Project Completion Date 2/6/2004 Contractor E.K. Bailey Construction Architect GSBS Architects Current Tenants Powerteq ! ! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 10 BDO%267% BUILDING% ! 267!North!Depot!Drive!! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 200,600 Building Type Cross Dock Warehouse Number of Stories 1 Construction Budget $6,040,000 Construction Cost $5,620,844 Project Start Date 7/1/2004 Project Completion Date 8/1/2005 Contractor Big-D Construction Architect GSBS Architects Current Tenants Fresenius Medical Rossignol ! ! ! ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! This! building! was! built! as! an! addition! to! the! BDO! Fresenius! Building.! ! There! is! a! 60Xinch! sanitary!sewer!line!crossing!this!lot!on!a!diagonal,!dictating!the!size!and!shape!of!the!building.!!! Upon!completion!of!BDO!267,!we!had!no!tenant!prospects.!!In!2006,!Rossignol!Ski!Company! and! Fresenius! Medical! leased! the! building.! ! In! 2011,! Fresenius! Medical! Care! extended! its! lease! an! additional! ten! years! to! December! 2021.! In! 2015,! Rossignol! extended! its! lease! an! additional!seven!years!to!April!2023.! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 11 ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The! 475! building! was! the! fifth! newly! constructed! building! built! using! the! standard! BDO! warehouse!design!spec!of!28’!clear!height!and!concrete!tiltXup!walls.!!Although!the!building! has! a! similar! rearXload! warehouse! design! to! the! BDO! 550! and! 551! buildings,! it! has! the! lowest!amount!of!rentable!square!footage!at!just!over!83,000!sq.!ft.!!The!project!was!built! during!the!summer!months!and!was!completed!on!time!and!within!budget.!!!!! BigXD!Construction!was!awarded!construction!of!the!building!shell.!!During!construction,! we!entered!into!negotiations!with!the!Bob!Barker!Company!to!lease!62%!of!the!building! and!with!Proactive!Plastics!to!lease!the!remaining!square!footage.!!E.K.!Bailey!was!awarded! the!contract!to!complete!the!tenant!improvements!for!both!tenants.!!In!2008,!Bob!Barker,! exercised!its!first!right!of!refusal!and!leased!the!full!building.!!In!2016,!Bob!Barker!extended! their!lease!three!years,!through!November!2019.! ! ! ! ! ! ! ! ! ! ! ! % % BDO%475% BUILDING% ! 475!South!Depot!Drive!! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 83,674 Building Type Rear-Load Warehouse Number of Stories 1 Construction Budget $2,900,000 Construction Cost $2,895,675 Project Start Date 4/5/2005 Project Completion Date 12/12/2005 Contractor Big-D Construction Architect GSBS Architects Current Tenant Bob Barker ! ! ! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 12 BDO%690% BUILDING% ! 690!West!1100!South!! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 34,754 Building Type Flex Building Number of Stories 1 Construction Budget $1,867,000 Construction Cost $1,760,520 Project Start Date 7/1/2005 Project Completion Date 3/20/2006 Contractor E.K. Bailey Construction Architect GSBS Architects Current Tenants Vacant ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The! BDO! 690! building! is! a! speculative! building! constructed! adjacent! to! the! BDO! 1080! building.! This! building,! along! with! the! BDO! 1080,! BDO! 640! and! BDO! 1069! buildings,! is! intended! to! act! as! a! transition! between! the! office! space! to! the! south! and! the! larger! manufacturing!and!warehousing!buildings!to!the!north.!!The!south!end!of!this!building!was! designed! to! look! more! like! an! office! building! with! glass! and! brick.! ! The! tilt! panels! were! finished!with!an!EIFS!system!to!also!match!the!look!of!the!BDO!Office!building.!! Construction! took! place! through! the! winter! months,! increasing! the! cost! of! this! project.! ! The! project! was! completed! on! schedule! and! under! budget.! ! A! majority! of! the! building!was!leased!shortly!after!completion.!!ENVE!Composites!had!leased!the!building!for!a! number!of!years,!but!in!December!2016,!vacated!the!space!to!move!to!their!new!facility!in!the! City!owned!Trackline!project.!!We!are!working!with!prospective!tenants!that!could!occupy! this!building.!!This!will!be!a!major!focus!in!2017.! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 13 ! PROJECT!DESCRIPTION! ! The!SUSA!building!was!a!buildXtoXsuit!project!for!Scott!USA.!!It!was!designed!to!warehouse,! manufacture! and! distribute! its! merchandise! all! across! the! world.! ! Scott! USA! is! a! leading! manufacturer! of! ski! goggles! and! other! outdoor! products.! Scott! USA! currently! occupies! 286,250!square!feet!with!possible!plans!for!expansion!into!an!additional!120,000!square! feet!sometime!in!the!future.!Construction!proceeded!smoothly!and!was!completed!within! budget! and! on! schedule! even! through! the! winter! months.! Autoliv! currently! occupies! the! additional!120,000!square!feet!and!extended!its!lease!two!years!through!November!2018.! ! ! ! ! ! ! ! ! ! ! ! ! ! ! % BDO%SUSA% BUILDING% ! 651!West!Critchlow!! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 406,250 Building Type Cross Dock Warehouse Number of Stories Warehouse - 1 Office/Mezzanine - 2 Construction Budget $10,803,330 Construction Cost $10,600,000 Project Start Date 9/1/2005 Project Completion Date 6/30/2006 Contractor Big-D Construction Architect GSBS Architects Current Tenants Scott USA Autoliv ! ! ! ! ! ! ! ! ! % % ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 14 BDO%BARNES% BUILDING% ! 1025!South!Depot!Drive! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 172,500 Building Type Manufacturing Number of Stories Warehouse - 1 Office - 2 Construction Budget $7,400,000 Construction Cost $7,400,000 Project Start Date 8/1/2007 Project Completion Date 8/31/2008 Contractor Big-D Construction Architect GSBS Architects Current Tenants Barnes Aerospace ! ! ! ! ! ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! This!building!is!a!buildXtoXsuit!project!for!Barnes!Aerospace.!!Barnes!Aerospace!has!moved! the!majority!of!its!Ogden!production!to!this!new!facility.!!In!2014,!Barnes!moved!into!the! remaining!22,500!square!feet!of!space!and!extended!its!lease!until!2024.!The!building!is!now! 100%!occupied.!! + ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 15 ! ! ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The! 1069! building! is! a! speculative! building! constructed! east! of! the! 640! building.! ! This! building,! along! with! the! 1080,! 690! and! 640! buildings! are! intended! to! act! as! a! transition! between! the! office! space! to! the! south! and! the! larger! manufacturing! and! warehousing! buildings!to!the!north.!!The!south!end!of!this!building!was!designed!to!look!more!like!an! office!building!with!glass!and!brick.!!The!tilt!panels!were!finished!with!an!EIFS!system!to! match!the!look!of!the!office!buildings.!!The!building!is!occupied!with!the!following!tenants:! Avmat,! Professional! Botanicals,! and! ARYZTA.! ! Nutrisol! vacated! in! 2016,! leaving! 8,000! square!feet!vacant!in!this!building.! ! ! ! % % % % % % % % BDO%1069% BUILDING% ! 1069!South!Stewart!Drive!! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 34,754 Building Type Flex Building Number of Stories 1 Construction Budget $2,392,308 Construction Cost $2,333,276 Project Start Date 11/1/2007 Project Completion Date 7/24/2008 Contractor E.K. Bailey Construction Architect GSBS Architects Current Tenants Professional Botanicals Avmat Aryzta % % ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 16 BDO%450% BUILDING% ! 450!North!Depot!Drive! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 135,000 Building Type Manufacturing with front docks and rear-accessed rail Number of Stories 1 Construction Budget $6,000,000 Construction Cost $6,000,000 Project Start Date 9/1/2007 Project Completion Date 8/31/2008 Contractor Big-D Construction Architect GSBS Architects Current Tenants Southern Classic Foods Graham Packaging Tricor Braun + PROJECT!DESCRIPTION! ! The! 450! building! is! a! buildXtoXsuit! project! for! Southern! Classic! Foods! with! additional! speculative! space.! ! Southern! Classic! Foods! is! subleasing! a! portion! of! its! space! to! Graham! Packaging.! ! Southern! Classic! produces! and! bottles! all! of! the! syrups! for! Hershey,! while! Graham!Packaging!molds!the!plastic!bottles!that!contain!the!syrup.!!Southern!Classic!moved! to!the!BDO!to!be!close!to!the!Hershey!facility.!!Tricor!Braun!is!leasing!the!remaining!30,000! square!feet!of!speculative!space!in!the!building.!! ! ! ! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 17 ! PROJECT!DESCRIPTION! ! The!Hershey!building!was!built!under!a!ground!lease!for!Hershey!Foods.!!GENCO!Logistics,!a! thirdXparty!logistics!distributor,!operates!the!540,000!square!foot!facility.!This!facility!acts! as!the!western!U.S.!distribution!center!for!Hershey.!!Hershey!hired!BigXD!Construction!to! build! its! facility.! ! The! construction! was! completed! in! October! 2008.! ! The! construction! ! ! ! ! ! % % % % % % % % BDO%CHOCOLATE% BUILDING% ! 602!West!400!North! Ogden,!UT! ! BUILDING+SPECS+ Ground Lease 36,249 Acres Building Square Footage 540,000 Building Type Warehouse Number of Stories 1 Construction Budget $25,000,000 (managed by Hershey) Construction Cost N/A Project Start Date 3/1/2008 Project Completion Date 10/15/2008 Contractor Big-D Construction Architect GSBS Architects Current Tenant GENCO/Hershey Foods % % % % ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 18 BDO% CORNERSTONE% BUILDING% ! 900!South!Depot!Drive! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage Existing - 188,899 Expansion - 108,836 Building Type Manufacturing Number of Stories Warehouse - 1 Office/Mezzanine - 2 Construction Budget Existing - $7,108,138 Expansion - $4,664.033 Construction Cost Existing - $7,108,138 Expansion - $4,578,933 Project Start Date Existing - 6/15/2008 Expansion - 11/15/2013 Project Completion Date Existing Shell - 12/31/2008 Expansion – 6/1/2014 Contractor E.K. Bailey Construction Architect GSBS Architects Current Tenant Capstone Research & Development ! PROJECT!DESCRIPTION! ! The!Cornerstone!building!is!a!buildXtoXsuit!project!for!Cornerstone!Research!&!Development.!! Cornerstone!is!a!contract!nutritional!supplement!manufacturer!and!develops,!produces!and! packages! different! capsule,! tablet! and! specialty! powder! products.! ! The! building! shell! was! completed!in!late!2008,!and!the!tenant!improvements!were!completed!during!the!first!part!of! 2010.!!! Due!to!Cornerstone’s!growth,!Boyer!completed!an!additional!108,000!square!foot!warehouse! expansion! extending! out! from! the! east! side! of! the! building.! ! The! expansion! began! in! November!2013!and!was!completed!in!May!2014!X!on!time!and!on!budget.!Around!the!same! time!the!company!changed!its!name!to!Capstone.!! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 19 ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The!640!Building!is!a!speculative!building!constructed!just!east!of!the!690!Building.!!This! building,!along!with!the!1080,!690!and!1069!buildings!are!intended!to!act!as!a!transition! between! the! office! space! to! the! south! and! the! larger! manufacturing! and! warehousing! buildings!to!the!north.!!The!south!end!of!this!building!was!designed!to!look!more!like!an! office!building!with!glass!and!brick.!!The!tilt!panels!were!finished!with!an!EIFS!system!to! also!match!the!look!of!the!BDO!Office!building.!!! Upon! completion! in! December! 2011,! there! were! three! tenants;! Universal! Cycles,! Depot! Daycare!and!Luv!2!Scrap.!Five!9’s!moved!into!the!remaining!square!footage!in!early!2013.!! Luv!2!Scrap!moved!to!building!4A!in!spring!2015,!leaving!12,830!square!feet!of!available! space.!The!vacant!space!was!backfilled!with!4!tenants!–!Freeus,!Hyperthreads,!Rotor!and! ENVE.!!!ENVE!vacated!their!space!in!2016!and!Universal!Cycles!will!be!leaving!in!March,! 2017.!!Five!9’s!lease!expired!in!2016,!but!they!signed!an!extension!through!February!2020.!! We!are!currently!working!with!potential!tenants!to!fill!the!vacant!space.!!! ! % % % % % BDO%640% BUILDING% ! 640!West!1100!South! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 32,000 Building Type Flex Building Number of Stories 1 Construction Budget $2,250,000 Construction Cost $2,000,000 Project Start Date 03/1/2011 Project Completion Date 12/31/2011 Contractor E.K. Bailey Construction Architect GSBS Architects Current Tenants Universal Cycles Depot Daycare Freeus Hyperthreads Rotor Bike Five 9s % % % % ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 20 BDO%801% BUILDING% ! 801!South!Depot!Drive! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 78,979 Building Type Concrete Tilt-up Number of Stories 1 Construction Budget $7,100,000 Construction Cost $6,726,000 Project Start Date 10/15/2011 Project Completion Date 07/01/2012 Contractor Big-D Construction Architect GSBS Architects Current Tenant Home Depot + ! ! ! + ! ! ! ! ! PROJECT!DESCRIPTION! ! The!801!building!is!a!78,979!square!foot!buildXtoXsuit!project!for!Home!Depot.!!Although!the! building! shell! design! is! identical! to! the! other! concrete! tiltXup! warehouse! type! buildings! at! BDO,!the!entire!interior!was!built!out!as!a!call!center.!!The!call!center!provides!as!many!as! 850!jobs!and!services!the!needs!of!Home!Depot’s!online!customer!base.!!The!project!was!built! through!the!winter!months!and!into!the!summer!and!was!completed!under!budget.!!Home! Depot!moved!in!August!2012!and!was!fully!operational!by!early!2013.!!!!! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 21 % ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The!766!building!is!a!160,000!square!foot!concrete!tiltXup!buildXtoXsuit!project!for!Powder! Processors!and!PW!MacKenzie!Exhibit.!These!companies!had!been!renting!existing!space!at! BDO! for! many! years! and! decided! to! move! into! new! space! in! order! to! improve! their! company!image.!!! At! building! completion,! Powder! Processors! moved! into! a! 40,000! square! foot! space.! In! October!2013,!Powder!Processors!was!purchased!by!Pharmachem!Laboratories!which!took! 30,000!more!square!feet,!bringing!its!current!total!to!70,000!square!feet.!Two!additional! tenants! were! added! in! late! 2012.! Darko! Technologies! occupies! 10,000! square! feet! and! Pilot/Flying!J!occupies!20,000!square!feet.!!All!four!tenants!began!leasing!space!when!the! building!construction!was!completed!in!November!2012.!PW!MacKenzie!Exhibit!occupied! 60,000! square! feet! of! the! building! until! June! of! 2015! when! it! moved! to! BDO! 725.!! Whiteclouds! moved! into! the! newly! vacated! space! in! July! 2015,! and! currently! occupies! 60,000!square!feet.!!! Pilot/Flying!J!vacated!their!20,000!square!feet!space!in!2016!and!Fresenius!Medical!leased! the!20,000!square!feet,!leaving!the!building!100%!leased!at!the!end!of!2016.!! ! BDO%766% BUILDING% ! 766!South!Depot!Drive! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 160,000 Building Type Manufacturing/Warehousing Number of Stories 1 Construction Budget $7,975,000 Construction Cost $7,639,431 Project Start Date 10/15/2011 Project Completion Date 11/15/2012 Contractor Big D Construction Architect GSBS Architects Current Tenants Pharmachem Laboratories Whiteclouds Darko Technologies Fresenius Medical % % ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 22 BDO%725% BUILDING% ! 725!White!Drive! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 120,000 Building Type Warehouse Number of Stories 1 Construction Budget $5,260,000 Construction Cost $4,970,087 Project Start Date 5/29/2012 Project Completion Date 11/15/2012 Contractor Stacey Enterprises, Inc. Architect GSBS Architects Current Tenant PW MacKenzie Exhibit + + + + + PROJECT!DESCRIPTION! ! The!725!building!is!a!buildXtoXsuit!project!for!the!immediate!warehouse!needs!of!Wayfair.! This!is!a!120,000!square!foot!tiltXup!concrete!building.!!The!project!took!approximately!five! months!to!complete!and!was!completed!in!late!2012.!!It!was!on!schedule!and!under!budget.!!! Wayfair!had!been!renting!space!in!the!550!building!where!it!housed!both!a!call!center!and!a! warehouse.!!The!call!center!remained!in!the!550!building,!while!the!warehouse!moved!to!the! 725!building!in!January!2013.!Due!to!its!rapid!growth!and!need!for!additional!space,!Wayfair! vacated! BDO! 725! during! May! of! 2015! and! moved! into! the! newly! constructed! BDO! 961,! a! buildXtoXsuit! 300,000! square! foot! warehouse.! BDO! 725! was! backfilled! by! PW! MacKenzie! Exhibit! shortly! after! Wayfair’s! move.! PW! MacKenzie! was! previously! leasing! space! in! BDO! 766.! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 23 ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The!1010!building!is!a!67,600!square!foot!buildXtoXsuit!project!for!Allstate.!!Although!the! building!shell!design!is!identical!to!the!other!concrete!tiltXup!warehouse!type!buildings!at! BDO,! the! entire! interior! was! built! out! as! an! office! and! call! center.! ! The! call! center! will! provide!as!many!as!700!jobs!to!serve!the!needs!of!customers!throughout!the!country.!!The! project!was!built!during!the!winter!months!and!was!completed!in!June!2014!on!time!and! under! budget.! ! Upon! completion! the! building! was! split! into! two! separate! spaces! to! be! occupied!by!Esurance!and!Answer!Financial,!both!subsidiaries!of!Allstate.!!Esurance!moved! in! and! began! its! operation! right! after! building! completion.! Tenant! Improvements! were! completed!for!Answer!Financial!in!October!2014,!and!it!began!operations!in!November.! ! BDO 1010 BUILDING% ! 1010!South!Depot!Drive! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 67,600 Building Type Concrete Tilt-up Number of Stories 1 Construction Budget $7,644,948 Construction Cost $7,073,689 Project Start Date 11/11/2013 Completion Date 06/17/2014 Contractor Big-D Construction Architect GSBS Architects Current Tenants Esurance Answer Financial % % % % ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 24 BDO%955% BUILDING% ! 955!West!White!Drive! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 109,200 Building Type Warehouse Number of Stories 1 Construction Budget $4,569,998 Construction Cost $4,653,277 Project Start Date 09/15/2014 Completion Date 03/31/2015 Contractor Big-D Construction Architect GSBS Architects Current Tenants Osprey Packs, Inc. ! PROJECT!DESCRIPTION! ! The!955!building!is!a!109,200!square!foot!buildXtoXsuit!project!for!Osprey!Packs,!Inc.!Osprey! is!a!ColoradoXbased!company!that!makes!backpacks!and!travel!gear.!BDO!955!serves!as!one!of! its! warehousing! and! distribution! facilities.! ! The! project! was! awarded! to! Tom! Stuart! Construction.! Construction! began! in! early! fall! 2014,! continued! through! the! winter! months! and!was!completed!by!March!2015.!!Osprey!moved!into!the!building!upon!completion!and! now!occupies!the!entire!building.! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 25 ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The! 961! building! is! a! 300,000! square! foot! buildXtoXsuit! project! for! Wayfair.! Wayfair! occupied!100%!of!the!725!building.!!Due!to!its!rapid!growth!and!need!for!additional!space,! Wayfair! vacated! BDO! 725! during! May! 2015! and! moved! into! the! newly! constructed! BDO! 961.! BigXD! Construction! was! awarded! the! project.! Construction! began! in! early! fall! 2014,! continued! through! the! winter! months,! and! was! completed! on! time! within! budget.! Upon! completion! of! the! original! building,! we! began! construction! of! an! 180,000! square! foot! expansion!which!was!completed!in!January!2016.!! ! BDO 961 BUILDING% ! 961!West!2nd!Street! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 300,000 Building Type Warehouse Number of Stories 1 Construction Budget $13,384,750 Construction Cost $13,081.613 Project Start Date 09/22/2014 Completion Date 05/15/2015 Contractor Big-D Construction Architect GSBS Architects Current Tenants Wayfair ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 26 Rentable Square Footage 109,200 Building Type Warehouse Number of Stories 1 Construction Budget $5.593, 394 Construction Cost N/A Project Start Date 10/14/2015 Expected Completion Date 4/15/2015 Contractor EK Bailey Construction Architect GSBS Architects Current Tenants Capstone Research and Development BDO%1015% BUILDING% ! 1015!West!White!Drive! Ogden,!UT! ! BUILDING+SPECS+ ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! BDO!1015!is!a!109,000!square!foot!concrete!tiltXup!warehouse!built!as!speculative!space!just! west!of!the!BDO!955!building!on!the!newly!constructed!White!Drive.!!The!project!was!awarded! to!EK!Bailey!Construction.!!Due!to!the!high!occupancy!rate!at!BDO,!and!the!need!to!have!open! space!for!any!immediate!needs!of!prospective!tenants,!it!was!determined!there!was!a!demand! for!a!new!speculative!warehouse!building.!!We!are!currently!working!with!some!prospective! tenants!that!would!fill!part!or!all!of!the!space!upon!building!completion.!!The!project!began!in! the!fall!of!2015!and!is!expected!to!be!completed!in!April!2016.! Shortly! after! completion! of! the! building,! Capstone! Research! and! Development! moved! into! 27,300! square! feet.! ! Within! a! few! months,! Capstone! signed! a! three! year! lease! for! half! the! building.! ! We! are! currently! working! with! a! national! tenant! to! take! the! balance! of! building! during!the!first!half!of!2017.! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 27 ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The!1040!building!is!a!204,357!square!foot!buildXtoXsuit!project!for!Honeyville,!Inc.!!This! building!will!be!home!to!their!corporate!office!as!well!as!their!production!operations.!!This! project!was!awarded!to!EK!Bailey!Construction!and!construction!began!in!midXsummer!of! 2016.!!It!is!anticipated!that!construction!will!be!complete!in!June!of!2017.!! ! BDO 1040 BUILDING% ! 1040!West!600!North! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 204,357 Building Type Concrete Tilt-Up Number of Stories 1 Construction Budget $11,263,773 Construction Cost N/A Project Start Date 06/01/2016 Completion Date 06/15/2017 Contractor EK Bailey Construction Architect GSBS Architects Current Tenants Honeyville, Inc. ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 28 Rentable Square Footage 500,000 Building Type Warehouse Number of Stories 1 Construction Budget $23,500,000 Construction Cost N/A Project Start Date 09/15/2016 Expected Completion Date 06/30/2017 Contractor Big DConstruction Architect GSBS Architects Current Tenants ReaderLind Distribution BDO%1019% BUILDING% ! 1019!West!400!North! Ogden,!UT! ! BUILDING+SPECS+ ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! BDO! 1019! building! will! be! 500,000! square! foot! buildXtoXsuit! for! ReaderLink! Distribution.!! They! are! a! leading! distributor! of! books! and! will! be! moving! from! Clearfield! to! BDO.! ! This! project!was!awarded!to!BigXD!Construction!and!was!started!in!the!late!summer!of!2016,!with! an!anticipated!completion!date!in!June!2017.!!! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY! 29 ! ! ! ! ! ! ! ! PROJECT!DESCRIPTION! ! The!570!building!will!be!a!262,752!square!foot!buildXtoXsuit!distribution!center!for!Home! Depot.!!This!building!will!also!be!served!by!rail!coming!from!the!north!end!of!BDO.!!This! distribution!center!will!serve!Home!Depot!stores!in!Utah,!Idaho!and!Wyoming.!!The!project! was!awarded!to!BigXD!Construction!with!an!anticipated!!completion!date!in!June!2017.!! ! BDO 570 BUILDING% ! 570!North!Depot!Drive! Ogden,!UT! ! BUILDING+SPECS+ Rentable Square Footage 262,752 Building Type Warehouse Number of Stories 1 Construction Budget $18,800,000 Construction Cost $N/A Project Start Date 08/25/2016 Completion Date 06/30/2017 Contractor Big-D Construction Architect GSBS Architects Current Tenants Home Depot ---PAGE BREAK--- 2016 ANNUAL REPORT TO OGDEN CITY ! 30 2016!REVIEW!OF#CAPITAL#PROJECTS% ! At!the!end!of!2016,!the!following!Infrastructure!Projects!were!either!completed!or!nearing!completion:! + + White+ Drive+ Detention+ Basin+ In! 2015! the! White! Drive! Detention! basin! was! completed! as! part! of! the! road! project.! ! In! 2016,! the! detention! basin! was! landscaped!to!create!a!buffer!between!new!buildings!at!BDO!and!the!Ogden!Nature! Center.!! ! ! Depot+ Drive+ Phase+ 4+ The! scope! of! this! project! includes! the! reconstruction! of! Depot!Drive!from!400!North!to!the!Weber!County!Fairgrounds,!600!North!from! Depot! Drive! to! 1140! West,! and! 1140! West! from! 400! North! to! 600! North.! ! The! project! was! bid! on! April! 29th! with! Staker! Parson! Companies! being! the! lowest! bidder.!!! The!Notice!of!Award!was!issued!on!May!11,!2016,!with!work!to!begin!on!May!16,! 2016.!!The!project!was!scheduled!to!be!completed!by!the!end!of!September!and! will! provide! services! for! the! Honeyville! Project! as! well! as! the! Home! Depot! Distribution!Center!on!Depot!Drive.!Paving!was!completed!in!October!2016,!with! sidewalk!and!landscaping!to!be!completed!in!the!spring!of!2017.+ ! ! ! ! ! ! ! ! ! ! ! ! ! ! !