81-027 Questor Associates Economic Study of amendment to General Plan(ATTACHMENT)
c
City of Cupertino
AGREEMENT NO.
BY THIS AGREEMENT made and entered into on the 23rd day of April 19 81
by and between the CITY OF CUPERTINO (Hereinafter referred to as CITY) and
Name (1) guestor Associates (2)
Address 115 Sansome Street City San FranciscoCAZip94104Phone 433_0300
(Hereinafter referred as CONTRACTOR), in consideration of their mutual covenants, the parties hereto agree as follows:
CONTRACTOR Shall provide or furnish the following specified services and/or materials:
See Attachment A
DELIVERY:
EXHIBITS: The following attached exhibits hereby are made part of this Agreement: See Attachment A
TERMS The services and/or materials furnished under this Agreement shall commence on April 27, 1981
and shall be completed before July 20, 1981
COMPENSATION For the full performance of this Agreement, CITY shall pay CONTRACTOR: See Attachment A
GENERAL TERMS AND CONDITIONS
Hold Harmless. Contractor agrees to save and hold harmless the City, its officers, agents and employees from any and
all damage and liability of every nature, including all costs of defending any claim, caused by or arising out of the per-
formance of this agreement. City shall not be liable for acts of Contractor in performing services described herein.
Insurance. Should the City require evidence of insurability Contractor shall file with City a Certificate of Insurance
before commencing any services under this agreement. Said Certificate shall be subject to the approval of City's
Director of Administrative Services.
Non -Discrimination. No discrimination shall be made in the employment of persons under this agreement because of
the race, color, national origin, ancestry, religion or sex of such person.
Interest of Contractor. It is understood and agreed that this agreement is not a contract of employment in the sense
that the relation of master and servant exists between City and undersigned. At all times Contractor shall be deemed to
be an independent contractor and Contractor is not authorized to bind the City to any contracts or other obligations in
executing this agreement. Contractor certifies that no one who has or will have any financial interest under this
agreement is an officer or ernployee of City.
Changes. This agreement shall not be assigned or transferred without the written consent of the City. No changes or
variations of any kind are authorized without the written consent of the City.
CONTRACT CO-ORDINATOR and representative for CITY shall be:
Name Robert Cnwan Department _ Planning & Development
Address 10300 Torre Avenue Cupertino, CA 95014 Telephone 252-4505
This Agreement shall become effective upon its execution by CITY, in witness thereof, the parties have executed this
Agreement the day and year first written above.
CO ACG R: CITCUPERTINO:
By B,
Title ^aki Title
APPROVALS
De ment Head Date ler� Date
I
ATTACHMENT A
QUEVOR
Associates
115 Sansome Street, San Francisco, California 94104
415/433-0300
April 10, 1981
Mr. James A. Sisk
Planning Director
City of Cupertino
10300 Torre Avenue
Cupertino, CA 95014
Dear Mr. Sisk:
Questor Associates is pleased to submit a proposal to prepare an
economic study relating to the implications of an amendment to
the City of Cupertino General Plan.
Understanding of the Assignment
The City of Cupertino desires an economic analysis which will
evaluate the implications of three development scenarios relative
to market feasibility and fiscal impact on the City. The intent
of the City is to evaluate the current market conditions in
Cupertino and the surrounding area, and to assess the costs and
revenues derived from the new growth.
The Economic Study for the City of Cupertino will include three
parts:
o Part I of the research will be a thorough economic
analysis of the market area to determine the role
of major commercial centers in Cupertino, and to
define and evaluate market demand for retail and
office space.
o Part II of the research will be an analysis of the
three growth scenarios and evaluation of the impacts
of growth on local and regional commercial markets,
on the supply of and demand for housing, and on the
overall transportation system.
o Part III of the research will provide a cost/revenue
analysis of alternative growth scenarios based on
varying land uses and intensities of development,
addressing the capacity of the City to deliver
additional services, the costs associated with de-
livery, and the expected revenues derived from new
growth of retail -commercial facilities.
Mr. James A. Sisk
April 10, 1981
Page Two
These findings will be documented in a formal report submitted
to the City of Cupertino.
Given below is a more detailed scope of work, a description of
Questor's related experience and key personnel, a schedule of
performance, and recommended compensation.
Scope of Work
Through research, original studies, and established methodologies,
Questor professionals will complete the desired study, organized
into three general tasks, fully documented as follows:
Part I: Market Area Economic Analysis
Questor Associates will provide a thorough
analysis of the retail office market and con-
tributions made by major commercial centers
in Cupertino including Vallco Park, Crossroads/
Tom Center, and the strip/service commercial
areas.
To understand the full impacts of varying in-
tensities of commercial development, we must
first determine the total commercial market dynamics.
Thus, we will analyze demographic trends including
population, household formation and household
income, and project population trends and growth
and the subsequent demand for office and retail
�.: space from 1980-1990. We will compute the buying
power of the population based on income and ex-
penditure patterns. We will assess the absorption
levels based on population and employment growth.
We will assess expected commercial and office
sales value.
To perform this analysis, Questor Associates
expects to use City, County and State data,
Society of Real Estate Appraisers (SREA) data,
and interveiws with developers and realtors.
The data obtained in Part I will provide us with
a clear picture of the market dynamics, demand
for retail and office space, and an overall
assessment of development opportunities..
Mr. James A. Sisk
April 10, 1981
Page Three
Part II: Development Scenarios and Evaluation
of Grnwi-h
Using varying assumptions of development, Questor
will analyze three growth scenarios based on in-
tensity of development and describe the impacts
on regional and local commercial markets. Through-
out the analyses, we will assess the effects of Vallco
Park development on existing and potential development
in the Town Center and Crossroads area.
We will analyze growth trends in employment and
r population as a result of the development scenarios;
we will evaluate the positive and negative effects
ofintense development on the City and the Region.
These effects will include projected changes in the
labor force, employment opportunities, consumer
income, and spending power.
We will evaluate how each of the development
scenarios effects the supply of and demand for
housing. Specifically, we will assess the likely
demand for housing generated by new employment
opportunities in Cupertino; we will evaluate the
City's ability to supply additional housing.
To perform this analysis, we will use published
sources for historical population, employment,
housing, and transportation data, comparative
information obtained for other major shopping
developments, and quantitative analysis and computer
modeling to forecast trends over time.
From the data compiled and trends analyzed in Parts
I and II, Questor will define positive and negative
development impacts on housing, transportation,
and other commercial centers. We will evaluate the
measures that may be taken to mitigate any adverse
short- or long-term effects resulting from develop-
ment.
Part III: Cost Revenue Analvsis
Alternative development plans will result in fiscal
impacts on Cupertino. Thus, Questor will evaluate
the costs and revenues generated by alternative
land uses and development intensities from 1981
to 1990.
Mr. James A. Sisk
April 10, 1981
Page Four
We will define the direct and indirect revenues
associated with..development alternatives. Direct
revenues are those revenues derived from develop-
ment -- property taxes,- sales and use taxes, con-
struction related fees, and service charges.
Indirect revenues include expenditures generated
by population in -migration from added employment
as well as revenues to other businesses made by
new employees.
We will evaluate different development schemes and
then assess the current service capacity of the
City of Cupertino and assess the need for additional
services associated with population and employment
growth from the three development scenarios. We
will specifically examine induced demand for police,
fire, school, sanitary, and public administration
services.
Finally, we will assess the effects of Proposition
13 and Proposition 4 on the City's ability to pro-
vide additional services given our findings in
analyses performed above.
To perform the cost/revenue evaluation, we will use
local information to measure current service oper-
ations, and the excess and/or deficient capacity
in various government services. We will obtain
information from City and school officials, local
and regional planning offices, the local and County
tax assessors, and published information relating
to capital cost expenditures. We will use estab-
lished methodologies to compute the overall costs
and revenues resulting from expanded commercial
development.
Questor Associates' Professional Qualifications
Questor Associates has an established reputation as economic and
financial consultants in the area of housing programs, real estate
development, tax-exempt financing and regional economics. Because
of its substantial experience with both private and public sector
clients, Questor brings to every assignment a knowledge of the
development and financing process and an understanding of housing
tax and regulatory programs and policies and their impact on the
development process and the delivery of public services. We have
worked with both large and small developers and are sensitive to
their needs.
Mr. James A. Sisk
April 10, 1981
Page Five
To research and evaluate economic implications resulting from
substantial commercial development requires that the consultant
have a solid understanding of economics and finance, the land
development process, and fiscal impact assessments'. Such a
balance is not often found in consulting firms oriented exclu-
sively to either the public or the private sector.
Questor Associates provides regional economics services for public
and private sector clients. The firm performs economic assessments
of rapidly changing areas -- regions undergoing transition from
rural communities to autonomous urban areas, and regions exper-
iencing major shifts in industrial composition. Specific services
include detailed analysis of current economic base, forecasting
of population and employment growth trends, growing impacts of
major employers, development feasibility.for relocation of major
industrial/commercial facilities, and fiscal impacts on public
sector services resulting from regional economic change.
Questor's additional services include providing assistance in
converting underutilized properties to competitive financial
investments; strategic planning and policy analysis for significant
enterprise decisions; the negotiation and structuring of real
estate transactions; legal economic analysis, and expert -witness
testimony.
The firm also conducts appraisals of real property, analyses of
real estate investments, strategic use studies for developers of
complex projects, marketing strategy studies for sponsors of real
estate investment programs, due diligence evaluations, financial
feasibility studies'for public financing, and related research
studies.
Through its legal economic practice, the firm works with problem
investments, regulatory agency matters, and economic analyses
for litigation. I
Commitment of Key Personnel
Key staff to be assigned to this project have substantial public
and private sector consulting experience. As you will note from
the enclosed biographical profiles of Questor's professional staff,
the firm has all the necessary disciplines -- planning, finance,
law economics, statistics -- to successfully complete the engage-
ment.
Mr. James A. Sisk
April 10, 1981
Page Six
Schedule of Performance
Questor Associates proposes to complete the economic study within
twelve (12) weeks from authorization to proceed. As the attached
chart indicates, Questor will present status reports throughout
the contract period. We will participate in two public hearings
before the Planning Commission and City Council.
Recommended Compensation
Professional fees for this engagement will be $27,500, with travel
and computer expenses not to exceed $1,800. Schedule of payment
f..1 includes $9,000 upon execution of the contract, with the balance
billed monthly as incurred. Invoices are due upon receipt.
In order to complete the services described above by the agreed-
upon date and price, no modifications to the development proposal
will be allowed unless mutually agreed to by Questor Associates
and the City of Cupertino. Additional services shall not be per-
formed and Questor Associates shall not be entitled to receive any
compensation for additional services unless prior written approval
of such additional services has been given by the City of Cupertino.
Any additional services provided by Questor Associates beyond those
services described above shall be billed separately, on a time and
material basis.
Questor Associates welcomes the opportunity to work with the City of
Cupertino and its citizen's to achieve the desired objectives. Thank
you for your consideration. We look forward to meeting with you in
the next few weeks to describe further our capabilities and experience.
Sincerely, 6Athorized by
� I
94
Susan G. Levy it iam L. R m yer >
Consulting Manager 9xecutive Vice President
Accepted by — Date T
SGL:ck
Encls.
ADDENDUM:
Mr. William Ramseyer and the undersigned agreed verbally this date to shift the
Consulting Manager responsibility from Susan G. Levy to David E. Dowall. Further-
more, both Ms. Levy and Mr. Dowall will have major responsibility for preparation
of the Fiscal Impact Element of the study.
May 11, 1981
Robert Cowan
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QUESTOR ASSOCIATES
PROFESSIONAL QUALIFICATIONS
Questor Associates is a financial consulting, information
service, and investment advisory firm with a particular
specialization in real estate. Headquartered in San Fran-
cisco, Questor serves individual, corporate, institutional
and public sector clients on a noncontingency basis. The
central service is applied economic analysis, provided on a
national basis for the full spectrum of real property types
and geographic location. Specific areas of specialization
include investment analysis and strategy, valuation, feasi-
bility studies, transaction representation, housing
r*11 economics and policy studies, and legal economics.
Through its information services division, the firm also
sponsors educational programs and publishes a wide range of
materials on real estate and finance. Questor's Real Estate
Syndication Reporter service is a comprehensive source of
information on public real estate investment programs. It
provides the financial information and data analysis
necessary to evaluate the economics of real estate invest-
ments.
The firm and its principals have completed numerous assign-
ments involving appraisals of real property, analyses of
real estate investments, strategy studies for developers of
complex projects and sponsors of real estate investment
programs, due diligence evaluations of investment programs,
financial feasibility studies for public financings and
related research studies. Through its legal economics
practice, the firm has an active involvement in working with
problem investments, considering regulatory agency matters,
and preparation of economic analysis for litigation.
Questor Associates also advises on the structuring, ac-
quisitions, and management of real estate investments.
Questor's research team spans a wide range of multidisci-
plinary analytic capabilities. The firm's members possess a
unique combination of extensive practical. experience and
academic involvement.
Stephen E. Roulac, President, has managed Questor
Associates since its inception. He is a nationally
recognized expert on real estate investment and housing
economics. His professional experience includes real
estate strategy studies, housing policy, development
and investment management. As a member of the Cali-
fornia Corporation Commissioner's Blue Ribbon Committee
on Track Records and Projections, he played a key role
-1-
in developing the financial feasibility disclosure
model, which has become the standard for reporting on
real estate investment securities. Mr. Roulac is
Editor in Chief and Publisher of Questor's Real Estate
Syndication Reporter service.
His speaking, research, and writings have put Mr. Rou-
lac in the forefront of real estate and legal econo-
mics. Two such books, Real Estate Investment and
Finance (coauthored with Sherman Maisel), and Modern
Real Estate Investment, have become standards in the
profession.
For 10 years, Mr. Roulac was a faculty member of the
Stanford Graduate School of Business. He holds a
Ph. D. from Stanford University (where his research
emphasized management of the total enterprise and
finance), an M. B. A. with Distinction from Harvard
Business School, a J. D. from Boalt Hall, University of
California, Berkeley, and a B. A. in Economics from
Pomona College. He is also a Certified Public
Accountant.
William L. Ramseyer, Executive .Vice President, is a
specialist in economic development research, and market
activity analysis of equity real estate investment. As
a strategist, Mr. Ramseyer has worked with firms en-
gaged in the organization and operation of real estate
equity funds. He, has extensive experience in real
estate securities matters.
Mr. Ramseyer was a Legislative Assistant to Senator
Henry M. Jackson in Washington, D.C., and Aide to
Admiral Robert L.J. Long while an officer in the U.S.
Navy. He has since devoted his business career to
economic development research in the real estate sec-
tor, serving as Director of Research for the San Jose
Chamber of Commerce, and as publisher and editor of the
national research service, Real Estate Syndication
Digest.
Mr. Ramseyer has been a guest lecturer at the Stanford
University Graduate School of Business, and the Univer-
sity of California, Berkeley, School of Architecture.
He holds a B. A. in Business Administration, with an
Economics major, from the University of Puget Sound,
and recently completed the Advanced Management Program
of the Harvard Graduate School of Business Administra-
tion.
-2-
David E. Dowall, Vice President - Research and Plan-
ning, is a planner and economist. He specializes in
research methods and applications of advanced systems
analysis techniques to real estate decisions. His
professional experience has focused primarily on
analysis of complex real estate and legal economic
situations, local and regional growth management, urban
development and local economics, and environmental
regulation.
Mr. Dowall is Assistant Professor of City and Regional
Planning, University of California, Berkeley, where he
teaches graduate level Urban Land Economics, Land Use
Controls, Metropolitan Planning, and Planning Process
courses. He is a researcher with the Institute of
Urban and Regional Development, University of Cali-
fornia, Berkeley, and is Principal Investigator for
projects analyzing local and regional growth manage-
ment, urban development and land economics, and en-
vironmental regulation. His articles have appeared in
Energy Policy,. Property Tax Preferences for Agricul-
tural Land, Policy Studies Journal, Annals of. Regional
Science, and Environment and Planning.
Mr. Dowall holds a Ph. D. in Economics and a Master's
in Urban Regional Planning from the University of Colo-
rado, and a B. S. in Economics and Business from the
University of Maryland.
Robert H. Zerbst,•Vice President, has primary responsi-
bility for Questor's investment analysis and valuation
assignments. He plays a significant role in Questor's
investment management relationships, and also partici-
pates in Questor's information services activities. He
has extensive experience in consulting on complex val-
uation problems and development feasibility studies, as
well as in presenting expert testimony on condemnation,
zoning, tax assessment, and financing issues.
Mr. Zerb.st developed Questor's advanced proprietary
computer software capabilities for real estate invest-
ment decision making. These systems are employed in
Questor's professional practice and are also commer-
cially distributed. He is widely published, with arti-
cles in The Journal of Finance, The Appraisal Journal,
Land Economics, and the Real Estate Review, on the
topics of investment analysis, finance, and housing.
Mr. Zerbst has taught real estate at Southern Methodist
University, the University of British Columbia, the
University of South Carolina, and Ohio State Univer-
sity. He is a member of the American Institute of Real
:XC
Estate Appraisers and the Society of Real Estate Ap-
praisers.
Mr. Zerbst holds the M. A. I. and S. R. P. A. profes-
sional appraisal designations. He was awarded a Ph. D.
in Real Estate and Finance, and M. A. in Economics, and
an M. B. A. by Ohio State- University, and a B. A. from
Miami University.
Albert E. Zacharias, Comptroller, has primary responsi-
bility for administrative functions within the firm,
including information systems, financial management and
office op.erations. Formerly Chief Financial Officer
for an engineering firm, Mr. Zacharias has had exten-
sive experience in establishing accounting systems and
procedures, and in computer system design and pro-
gramming for various financial applications.
Mr. Zacharias was educated at Roosevelt University in
Chicago. He is a member, through mayoral appointment,
of the Daly City Redevelopment Agency Project Area
Committee. He remains a Director of the Daly City
Merchants Association, following his two-year term as
President of that organization.
Harry Hull III, Manager of Strategic Planning, is in-
volved in strategic planning, business development, and
investment management. While Assistant to the Presi-
dent of a minicomputer company, Mr. Hull developed and
executed a market research project on EDP use by ac-
counting firms, and participated in corporate planning.
As a practicing attorney, Mr. Hull managed several
administrative law =programs and worked on a wide
variety of legal problems at the Federal Trade Com-
mission in Washington, D.C. At the Energy Research and
Development Administration, he was involved primarily
in research and development procurement operations and
development of agency procurement regulations.
Mr. Hull holds a B. A. in Architecture from Yale Uni-
versity, and an M. B. A. from Stanford University,
where he concentrated in finance, investment, and new
enterprise management. Mr. Hull also holds a J. D.
from the Georgetown University Law Center, where he was
an editor of, and contributed to, the Georgetown Law
Journal. Immediately after law school, Mr. Hull was a
Court Law Clerk for the District of Columbia Court of
Appeals. Mr. Hull is a member of the New Hampshire and
District of Columbia Bars.
Barbara L. Holiday, Marketing Services Manager, im-
plements marketing strategies for Questor's consulting,
business advisory, investment management, and informa-
tion services. She also provides marketing services
for clients, from developing strategies through imple-
mentaton.
Ms. Holiday is experienced in property management and
sales of large residential and commercial developments,
including specialty shopping centers; corporate -level
marketing and communications for a publicly held
builder/developer; and investor and shareholder rela-
tions.
Ms. Holiday has a B. S. in Business Administration, and
an M. B. A. from Pepperdine University School of Busi-
ness and Management. She is a member of Delta Epsilon
Sigma National Honor Society.
Stanley E. Saeks, Director of Investment Services, is a
Member of the District of Columbia and Ohio Bars, and
specializes in negotiation and analysis of commercial
real estate transactions, including sharing arrange-
ments and financing techniques. He has an extensive
background in business law, with emphasis on legal and
tax effects of public and private placements of real
estate securities, and the formation of limited part-
nerships and corporations.
Before joining Questor, he was Attorney -Advisor in the
Division of Corporation Finance of the Securities and
Exchange Commission, Washington, D.C. His responsibil-
ities in that position included analyses of registra-
tion statements and merger proxies, and the interpre-
tation of federal securities statutes. Mr. Saeks
practiced law in, the Washington, D.C. law firm of Lane
and Edson, P.C. He has a B. A. in Political Science
from the University of Michigan, an M. B. A. from its
Graduate School of Business Administration, and a J. D.
from Ohio State University College of Law.
Robert K. Spicker, Director of Corporate Services,
performs strategic planning and transaction service
assignments. In addition to his corporate real estate
work, he participates in. Questor's investment manage-
ment practice in the areas of acquisition and property
management. Prior to joining Questor, he was the Vice
President of Del Monte Corporation's real estate sub-
sidiary for ten years, where his responsibilities
included: negotiating property acquisitions, disposi-
tions, and leases, and overseeing real estate develop-
-5-
ment. Mr. Spicker has a Bachelor's Degree from the
University of Oregon, with an emphasis in Accounting
and Business Statistics, and is a licensed California
real estate broker.
Steven W. Fader, Consulting Manager, is a planner and
economist with substantial experience performing market
feasibility studies and housing and planning program
studies. Mr. Fader's work at Questor has involved
feasibility studies for municipal financings for re-
development area programs, housing rehabilitation
programs, subsidized housing projects, and home pur-
chasing programs. Among these have been evaluations of
the largest mixed-use condominium and commercial
project in San Francisco, and the largest SB -99 fi-
nancing in California. Mr. Fader's experience also
includes market studies for office and retail devel-
opment, and financial feasibility analyses of solid
waste processing facilities.
Prior to joining Questor, Mr. Fader was an Associate
with Candeub, Fleissig and Associates, where he was
responsible for Section 8 housing and rehabilitation
program planning, historic preservation planning, and
downtown economic development studies. A graduate of
Cornell University with a Master of Regional Planning
degree, Mr. Fader also holds a B. A. degree, magna cum
laude, in sociology from Temple University.
Susan G. Levy, Consulting Manager, is a planner and
economist, with extensive experience in real estate
law, research and analysis, city planning, and consult-
ing. Before joining Questor, Ms. Levy held positions
as Project Director at the University of California,
Berkeley; Planner with the City of Palo Alto; and Re-
search Consultant for several law firms. At Questor
she is involved in property and financial feasibility
research, economic and financial strategies for land
use development, legal economics, valuation research,
and housing development in the public sector. Ms. Levy
has particular experience with both residential and
industrial properties.
Ms. Levy has a B. A. with Distinction from the Univer-
sity of North Carolina, and a Masters in City Planning
from the University of California, Berkeley. She is a
member of Pi Sigma Alpha National Honor Society, the
Urban Land Institute, and is an Associate with the
American Institute of Planners.
::
n
Among Ms. Levy's publications are: "Consumer Response
to High Housing Prices: The Case of Palo Alto, Cali-
fornia," Institute for Real Estate and Urban Economics,
University of California, Berkeley, February 1980; an
energy policy analysis article entitled "Project Inde-
pendence: Formulation, Change, and Fragmentation,"
Journal of Political Science, Fall 1979; and a Biblio-
graphy on Consumer Behavior in the Housing Market,
Vance Bibliographies for the Council of Planning Li-
brarians, December, 1979.
Gordon J. Schanck, Consulting Manager, is a financial
consultant, specializing in valuation and development
economics, whose work at Questor includes appraisals
and financial feasibility, highest and best use, and
strategic development studies. He specializes in
analyzing market demand and development cost data to
solve valuation and investment return problems.
Mr. Schanck's prior experience includes five years as a
Real Estate Appraiser with the Los Angeles County
Assessor where, as primary appraiser, he was respon-
sible for the appraisal of that county's highest valued
residential property, using a sophisticated multiple
regression system. His other appraisal assignments
have included highrise office buildings, industrial
warehouse properties, residential income properties,
and vacant land.
Mr. Schanck is experienced in cost estimating for new
construction and remodeling, preparing and presenting
testimony regarding market value, and determining the
impact of changes in zoning and environmental legisla-
tion on market value. He holds a B. A. in Economics
from Occidental College.
James F. Carberry, Associate, works in Questor's In-
formation Services Division, with responsibility for
the editorial content of various Questor financial
publications. In addition to involvement in new pro-
duct development, he also participates in those con-
sulting assignments that require extensive investi-
gative and interviewing skills.
Mr. Carberry has an extensive communications and
writing background. Before joining Questor, he spent
ten years at The Wall Street Journal as a staff re-
porter, specializing in real estate. Mr. Carberry has
received numerous awards for his investigative re-
porting. He holds a Bachelor's degree, with honors,
from the University of Missouri School of Journalism.
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Lanette A. Frostestad, Associate, conducts development
feasibility research and financial analyses of real
estate investments. She assists the editors of
Questor's Real Estate Syndication Reporter service on
evaluations of limited partnership investments and
sponsors. Her experience includes investment analysis
research for a pension fund consulting group.
Ms. Frostestad holds an A. B. with honors from Bryn
Mawr College and an M. B. A. in Finance and Interna-
tional Business from the University of Chicago.
Robert Hatheway, Associate, is involved in analysis of
major real estate limited partnership programs, and the
relationship of modern portfolio theory to the real
estate market. He brings to the firm experience in
financial analysis and the relationship of legal issues
to real estate investment.
Mr. Hatheway's education background includes a B. S:,
magna cum laude, in Finance from California State Uni-
versity, Hayward. A J. D. degree from Hastings College
of the Law, University of California, and an M. B.. A.
from the University of California, Berkeley; will be
conferred in May 1981.
James R. Logan, Associate, specializes in the analysis
of real estate investments, particularly the evaluation
of limited partnerships and sponsors. He has pre-
viously worked as*a planner.
Mr. Logan holds a B. A., magna cum laude, from the
University of Massachusetts, and is an M. B.'A. candi-
date at the University of California, Berkeley,
specializing in real estate.
Thomas M. McCahill, Associate, prepares financial
feasibility analyses and appraisals, and performs fi-
nancial analyses for real estate investments. He has
previously been involved with marketing analysis for
real estate investments.
Mr. McCahill holds a B. S. in Economics and an M. S. in
Real Estate Finance and Appraisal from the University
of Wisconsin. His academic emphasis was on market
feasibility, investment analysis, and appraisal.
Paul S. Saint Pierre, Associate, is a financial analyst
involved in market demand analysis, development feas-
ibility research, financial analysis of real estate
investments, and evaluation of limited partnership
investments and sponsors. Mr. Saint Pierre has pre-
viously worked as a business developer and planner for
a national economic and law center, and as a management
analyst for the Department of Treasury.
Mr. Saint Pierre holds a B. A. with honors from
Michigan State University and an M. B. A., magna cum
laude, in Finance and Real Estate from the University
of California, Berkeley.
Janet R. Baker, Research Librarian, organizes and
manages Questor's Research, Monograph, and Data
Collections. Her responsibilities include acquisition
of selected books and periodicals, maintaining collec-
tion accessibility and organization, accessing infor-
mation from a variety of online computer services, and
assisting with research projects.
Ms. Baker's work experience includes computer pro-
gramming and systems analysis. She has worked as a
librarian at Mechanics' Institute in San Francisco,
Cutter Laboratories, and Yale University. She received
a B. A. degree in Philosophy from Brandeis University,
and an M. S. degree in Library Science from the Uni-
versity of California, Berkeley. Ms. Baker is a member
of Beta Phi Mu honor society.
Jeff Allen, Analyst, assists with market research and
feasibility studies for housing. His experience in-
cludes transportation planning with a University of
Caliornia, Berkeley, task force for the National Com-
mission on Air Quality; and site analyses and back-
ground studies for the Sacramento Regional Transit
District.
Mr. Allen has a B.A. in geology from the University of
Wisconsin, and is a candidate for the Master's of City
Planning from the University of California, Berkeley.
Thomas R. Dorr, Analyst, performs economic feasibility
and impact studies. He is involved in field research
and data analysis, and assists in writing client
reports. His previous work experience includes
econometric analysis.
Mr. Dorr holds a B. S., with highest honors, from the
University of California at Davis, and was the top
graduate in the Managerial Economics Department. His
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academic emphasis was on econometrics and financial
analysis. Mr. Dorr has been accepted to Stanford
University's M. B. A. program.
Craig J. Corsini, Analyst, specializes in investigative
research on real estate -investment management prac-
tices, issues influencing real estate investment per-
formance, and real estate financing sources.
Mr. Corsini holds a B. A. from the University of Cal-
ifornia at Berkeley, with an emphasis in Urban Geo-
graphy and Statistics. He earned a California Teaching
certificate from Sonoma State University and has taught
social sciences in the San Francisco Bay Area secondary
schools.
Duncan R. Fuller, Analyst, is a planner with a special-
ization in land economics, and skills in statistical
analysis, economic modeling, and land use regulation.
His major responsibilities at Questor includes market
feasibility research, the interpretation of land use
policy, and the quantitative analysis of real estate
decisions.
Prior to joining Questor, Mr. Fuller worked as a
planner with the Pacific Gas and Electric Company. Mr.
Fuller obtained his A. B., magna cum laude, in Urban
Studies from Brown•University, and his Master's of City
Planning from the• University of California, Berkeley.
Joel M. Hausman, Analyst, is involved in market studies
and feasibility and impact studies. He also performs
field research, data analysis, and assists in writing
consulting reports. His work experience includes real
estate investment research and analysis.
Mr. Hausman holds a H. A., with honors, from the Uni-
versity of California at Berkeley. His coursework
included economics, accounting, and statistics.
William A. Roche, Analyst, performs research and analy-
sis for the firm's Real Estate Syndication .Reporter
information service. Mr. Roche has a B. S., with
honors, from the University of California at Berkeley
in Business Administration, with an emphasis in Fi-
nance.
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Mark R. Smith, Analyst, is involved in the analysis and
writing of feasibility, strategic use, and market
studies for clients. He also performs field research
and assists in report presentation. Mr. Smith's pre-
vious work experience has included management, con-
sulting, and analytical responsibilities.
Mr. Smith is a B. S. degree candidate at San Francisco
State University, with a concentration in. Finance.
Other major coursework includes economics, quantitative
analysis, and data systems.
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