1. Redfield to Redevelopment Libertyville, Illinois John Spoden, AICP, Director of Community Development, Village of Libertyville John McLinden, StreetScape Development, LLC

2. Greenfield – development on previously undeveloped site Brownfield – development on environmentally challenged site Redfield – development on foreclosed property DEFINITIONS

3. Libertyville, IL Located 35 miles NW of Chicago at commuter rail stop Incorporated 1882 Population 21,800 Median household income $105,000 Award-winning Main Street Community BACKGROUND

4. DOWNTOWN TRAIN STATION 3 MI TO INTERSTATE SCHOOL STREET

5. BACKGROUND

8. 1970s – Village of Libertyville identifies School Street as key future development site and commits to acquiring the 4 acre site 1976 – Village purchases first house 1976-2002 – Village systematically purchases each property as it comes on the market 2004 – Village issues RFP to nine pre-qualified developers to re-develop the site 2005 – Village selects developer based on concept of 31 Brownstones and 12 condos in the school building 2006 – Village approves original Planned Development 2007 – Construction begins on infrastructure and first 5-unit building 2008 – Village issues occupancy permits for first 5 units (4 of 5 sold) 2009 – Bank forecloses on property – a redfield is created 2009 – Village is approached by multiple developers about proposed concepts BACKGROUND

9. MOVING FORWARD - PRE-DEVELOPMENT January-September, 2009 – StreetScape Development, LLC envisions new development plan and gains Village support

10. MOVING FORWARD - PRE-DEVELOPMENT

11. The “Big Idea” MOVING FORWARD - PRE-DEVELOPMENT

12. Change development concept: townhomes single-family homes The “Big Idea” MOVING FORWARD - PRE-DEVELOPMENT

19. January-September, 2009 – StreetScape Development, LLC envisions new development plan and gains Village support

20. MOVING FORWARD - PRE-DEVELOPMENT January-September, 2009 – StreetScape Development, LLC envisions new development plan and gains Village support October, 2009 – StreetScape enters into purchase agreement with bank

21. January-September, 2009 – StreetScape Development, LLC envisions new development plan and gains Village support October, 2009 – StreetScape enters into purchase agreement with bank February, 2010 – StreetScape files to amend the Planned Development MOVING FORWARD - PRE-DEVELOPMENT

22. January-September, 2009 – StreetScape Development, LLC envisions new development plan and gains Village support October, 2009 – StreetScape enters into purchase agreement with bank February, 2010 – StreetScape files to amend the Planned Development August, 2010 – Village approves the amended Planned Development MOVING FORWARD - PRE-DEVELOPMENT

23. January-September, 2009 – StreetScape Development, LLC envisions new development plan and gains Village support October, 2009 – StreetScape enters into purchase agreement with bank February, 2010 – StreetScape files to amend the Planned Development August, 2010 – Village approves the amended Planned Development September, 2010 – StreetScape closes on the property MOVING FORWARD - PRE-DEVELOPMENT

24. September, 2010 CLOSING

25. January, 2012 SCHOOL STREET AT PRESENT

27. Phase 1 pricing - $449,000 - $689,000 Current pricing - $525,000 - $810,000 18%(+/-) price increase Sold without model home Ten closings to date (average - $628,673) SCHOOL STREET AT PRESENT

33. How was the project financed? HOW DID WE DO IT?

34. How was the project financed? HOW DID WE DO IT? Purchase property with cash

35. HOW DID WE DO IT? How was the project financed? Purchase property with cash Investor requirements

36. HOW DID WE DO IT? How was the project financed? Purchase property with cash Investor requirements zoning approval

37. HOW DID WE DO IT? How was the project financed? Purchase property with cash Investor requirements zoning approval pre-sell 6 homes

38. HOW DID WE DO IT? How was the project financed? Purchase property with cash Investor requirements zoning approval pre-sell 6 homes

39. Purchase property with cash Investor requirements zoning approval pre-sell 6 homes Secure bank construction financing on individual homes (same bank that foreclosed on property) HOW DID WE DO IT? How was the project financed?

40. Real Estate 101 HOW DID WE DO IT?

41. Location, Location, Location Real Estate 101 HOW DID WE DO IT?

42. Real Estate 102 HOW DID WE DO IT?

43. Marketing, Marketing, Marketing Real Estate 102 HOW DID WE DO IT?

44. Big Idea #2 HOW DID WE DO IT?

45. Sarah Susanka and Not So Big HOW DID WE DO IT?

46. What’s the attraction of big? HOW DID WE DO IT? Sarah Susanka and Not So Big

47. It’s a quality, not a quantity! The feeling of “Home” has almost nothing to do with size HOW DID WE DO IT? Sarah Susanka and Not So Big

48. HOW DID WE DO IT? Sarah Susanka and Not So Big

49. HOW DID WE DO IT? Sarah Susanka and Not So Big

50. Not So Big Showhouse Grand Opening held November 19, 2011 Open 12 weekends for 10 hours per weekend 5,350 visitors to date Average of 1 visitor every 1.3 minutes HOW DID WE DO IT? Sarah Susanka and Not So Big

51. HOW DID WE DO IT? Selling Approach

52. HOW DID WE DO IT? Selling Approach

53. Design Meeting #1 – “How do you live?” It’s personal A home is the ultimate Consumer Product Controlled customization HOW DID WE DO IT?

54. Retain top local Realtor HOW DID WE DO IT? Marketing, Marketing, Marketing

55. HOW DID WE DO IT? Marketing, Marketing, Marketing

56. HOW DID WE DO IT? Marketing, Marketing, Marketing

57. HOW DID WE DO IT? Marketing, Marketing, Marketing

58. HOW DID WE DO IT? Marketing, Marketing, Marketing PBS Nightly Business Report: Broken Developments / Redfield Sites

59. HOW DID WE DO IT? Marketing, Marketing, Marketing

60. HOW DID WE DO IT? Marketing, Marketing, Marketing

61. HOW DID WE DO IT? Marketing, Marketing, Marketing

62. HOW DID WE DO IT? Marketing, Marketing, Marketing

63. HOW DID WE DO IT?

64. WHY DID IT WORK? Public / Private Partnership Downtown Libertyville Location Emotional Connection / Selling Approach Create Great Product unlike anything else in the market Marketing, Marketing, Marketing Deliver the Ultimate Consumer Product

65. WHAT’S NEXT? SCHOOL STREET

66. WHAT’S NEXT? SCHOOL STREET

67. QUESTIONS?