Advisory Opinions Beyond Business Valuation

Los Angeles Community College District - Solar Photovoltaic Systems Consulting -

• SP&H has provided consulting services to the Los Angeles Community College District to assist with the implementation of new central plants and photovoltaic systems at its several campuses. These systems were used to supply water heating and cooling, climate control, and electricity to the campuses.

  
  

• Our analyses included analyzing the specific energy and water consumption needs of each campus as well as the financial feasibility of the photovoltaic systems versus traditional natural gas-based power provided by local utilities.

  
  

• Throughout the course of our engagement, SP&H was actively involved in assessing proposals submitted by multiple major international energy companies and participating with the District, its legal counsel and other advisors in negotiations with these companies as well as the banks financing the systems.

Fairness Opinions of Venture Between Industry-Urban Development Agency & Majestic Realty Company-

• Majestic Realty Company presented the Agency with a joint venture proposal for a major,

  multi-structure industrial development. The venture period was anticipated to be 65 years.

  SP&H’s due diligence involved analyzing cash flows to the Agency, performing sensitivity

  analyses on projections developed by Majestic Realty Company, reviewing lease documents, and researching real estate markets and economic conditions.

Billboard Exchange Program - City of Anaheim -

• SP&H assisted the City of Anaheim in developing a proposed “swap” program for billboard companies to exchange existing street billboards for proposed freeway locations within the city.

  
  

• SP&H reviewed responses to the program from billboard companies and developed criteria and benchmarks for assessing the reasonableness of proposals. In addition to meetings with city staff and attorneys, SP&H participated in city council meetings where citizens and billboard companies made presentations concerning proposals and the swap program.

Fairness Opinions of Billboard Operations Rights for the Cities of Carson, Lynwood & Inglewood -

• Major outdoor advertising companies submitted proposals to these cities to construct several billboards. SP&H performed valuation analyses of the proposed operating rights payments to be made by the company to the cities.

Valuation Analyses of J. Filipi Vintage Company for the City of Rancho Cucamonga -

• The company was a winery that had been operating for 80 years and had been leasing its

  land and facilities from the City of Rancho Cucamonga. SP&H performed a valuation of the

  company to determine the extent to which it could financially support the operating costs for its property. Our valuation was used to assist the city in structuring a sale of the property to the company.

Valuation of Operating Permits for MT. Lassen Trout Farm, Inc -

• SP&H was retained by the California Wildlife Board to assist in the potential acquisition of several trout farms owned by Mt. Lassen Trout Farms, Inc. in northern California. Each of the trout farms operated from aquaculture facilities that sourced water from natural springs and were interconnected with neighboring springs and rivers.

  
  

• SP&H’s valuation analysis included the intangible value associated with permits to operate the trout hatchery operations from the naturally occurring springs.