Proposed Project:
25 High Quality (4 star) Rooms with Spa.
57 Parking Spaces, 5.4 Acres of Public Access Gardens, 2 meeting rooms.
Rispin LLC is a Beardslee/Swenson Partnership


RISPIN CHRONOLOGY

1919	Henry Rispin, purchased most of Capitola launching his dream of developing for the rich and famous.
1922	Built the mansion in 1922 / on 5.4 acres of land. (Rispin/Library RDA 6.5)
1929	Stock market crash……Rispin went broke …..sold to Robert Hayes Smith
1936	Smith picked up on Rispin's dream and he went broke
1941	Order of Poor Clares acquired & occupied it until 1959
1985	City bought it for $1.35 million "For restoration and future development".
1997	City entered into an ENA with Rispin Partners (Beardslee & Floyd)
2003	City sold to the RDA for $1.35 million: Straight Note / 7.75% / 2017
2004	City approved plan for 25 room hotel
2005	Stipulated agreement filed. Grant of conservation/public easements on 10 acres
2006	Barry Swenson Builder replaced Rispin Partners, Inc. (Beardslee & Floyd) with the new Rispin LLC
2008	March 24 Stipulated agreement expired April 9 City/RDA review of final project including minor adjustments April? City/RDA review of Project financial feasibility RDA/Rispin Partners execute 55 year lease/operating agreement w/ RDA Issuance of building permits May RDA puts up $1M May 15 Groundbreaking
2010	Development completion of project and RDA puts up $2m
2017	RDA pays off City $1.35m loan + %@7.75 & Admin fees of $600k

Environmental Benefits: The New & Restored Buildings will use environmentally sensitive construction practices. Construction will recycle & reuse much of the existing building & materials, i.e., existing clay roof tiles will be removed and re-installed. Preservation of the Nature Habitat along Soquel Creek by the City of Capitola & Rispin LLC. Beardslee/Swenson will sponsor the stewardship of the Monarch Butterfly Habitat which is managed by independent Monarch Butterfly specialists, arborists and eco specialists. Data is currently being collected from three dedicated weather stations to establish a rehabilitation program (Stations provided by Rispin LLC). Active tree management and an adaptive re-use plan will be implemented to preserve and enhance the plant resources on the site. Rispin LLC pay for creek habitat repairs monitoring. This project will incorporate low flow water fixtures in compliance with Soquel Creek Water District.

Economic Benefits: Rispin LLC is investing $11.5 Million into the project ($7.5m loan from Bank of the West and an investment of $3m) and an additional $1m note to the City during Construction. Rispin Hotel will increase the local job base by 20 full time employees and 18 part-employees. Restoration of a Non-Performing City Blight into an Income Producing source of Revenue that Visitors and Locals can enjoy. The Rispin Mansion provides Coastal Visitor Serving property. Create a Public/Private Partnership that will increase the overall tax base for the City of Capitola. City of Capitola will receive rent payments on 8% gross of approximately first full year $208,000 income, and at the tenth year over $294,000. The project earns over $2.6 million in 10 years for the City. Add $160,000 per year from Hotel Tax to the General Fund. Increase the City Sales Tax Revenue via Food, Beverage, and Misc. Sales. NOTE: For every night spent by lodging guests will provide an additional $50.00 - $80.00 spent in taxable transactions. Project Creates over 100 Prevailing Wage Jobs during construction. Project provides Over $70,000 for traffic improvement in the City of Capitola. A $50,000/year savings to the City for no longer needing to upkeep the property (i.e. weed control, graffiti & vandalism)

Community Benefits: Restore a Historic Building for the City of Capitola and its Residents. (City owns all property, as well as all New & Restored Structures). $5 Million spent on Public Parks, Peery/Rispin Trail & Rispin Grand Garden with new wheelchair accessible paths. The Redevelopment Agency provides $3 Million of the $5 Million for public improvements. The 3 million dollars is the redevelopment funds, not the City of Capitola general funds. Provide Public Facilities for Community Events (Weddings & Conferences) The Historic Garden & Rispin Peery trail, with 2 new wheelchair paths shall be open to the public as a park site (5.4 acres). Project is already approved (in 2004) and is up for minor changes by the City Council on April 9, 2008 at 6:00pm. Rispin LLC provides resources to maintain an education historical program using tours exhibits and special gatherings. A public Use plan, approved by the City Council, will be in place to guide an active public access program.

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For more information contact Ricardo de la Cruz at Barry Swenson Builder
(831) 475-7100 or Email:rdelacruz@barryswensonbuilder.com

www.rispinhotel.com or www.ci.capitola.ca.us