HomeMy WebLinkAboutCertificate of Empire Economics, Inc., Market Absorption Consultant, pursuant to Section 3(d)(24) of the Purchase Agreement
Quint & Thimmig LLP 4/20/2006 EMPIRE ECONOMICS, INC. Economic-Real Estate Consultants Joseph T. Janczyk, Ph.D. 35505 Camino Capistrano, Suite 200 Capistrano Beach, CA 92624 $51,250,000
TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES DISTRICT NO. 03-02 (RORIPAUGH RANCH) 2006 SPECIAL TAX BONDS CERTIFICATE OF MARKET ABSORPTION CONSULTANT The undersigned hereby
states and certifies: (i) that he is an authorized representative of Empire Economics, Inc., as market absorption consultant (the "Market Absorption Consultant"), and as such, is familiar
with the facts herein certified and is authorized and qualified to certify the same on behalf of the Authority; (ii) that in the opinion of the Market Absorption Consultant, the assumptions
made in the Market Absorption Study, dated February 1, 2006 (original study dated July 13, 2004) (the "Market Absorption Study"), are reasonable; (iii) that the Market Absorption Consultant
is not aware of any event or act which has occurred since the date of the Market Absorption Study which, in the opinion of the Market Absorption Consultant's opinion, would materially
and adversely affect the conclusions of the Market Absorption Study; (iv) that the Market Absorption Consultant hereby consents to the reproduction of the Market Absorption Study as
Appendix D to the Official Statement and to the references to the Market Absorption Consultant and to the Market Absorption Study made in the Official Statement; and (v) that the Market
Absorption Consultant certifies that as of the date hereof the Market Absorption Study contained in the Official Statement and the statements in the Official Statement under the captions
"PROPERTY OWNERSHIP AND DEVELOPMENT -Market Absorption Study" and in APPENDIX D -Market Absorption Study" insofar as such statements purport to summarize the Market Absorption Study,
are accurate in all material respects and do not omit to state a material fact necessary in order to make the statements contained therein, in the light of circumstances under which
they they are made, not misleading and no events or occurrences have been ascertained by the Market Absorption Consultant or have
come to the Market Absorption Consultant's attention that would substantially adversely change the opinions set forth in the Market Absorption Study; and (vi) that in making the foregoing
statements the Market Absorption Consultant has undertaken no additional research with respect to the project and that the dates of market entry referenced in the Market Absorption Study
may be delayed as a result of the delay in commencement of development of the project and that the dates for absorpti9on may experience a corresponding delay as well. Capitalized terms
used herein have the meaning given to them in the Bond Purchase Agreement, dated April 13, 2006, by and between the Temecula Public Financing Authority and Stone & Youngberg LLC, as
underwriter, relating to the Bonds. Dated: April 27, 2006 EMPIRE ECONOMICS, INC. as Market Absorption Consultant