News Articles- - ~
Boulder Urban Renewal Authority
7300 Canyon Boulevard
PO Box 791
Boulder, CO 80306
303-441-3276
303-441-4070
www.c i.bou Ider.co. us/bu ra
MEMORANDUM
November 25, 2003
TO: BURA Board of Commissioners
FROM: Brad Power, Executrve Director
SUBJECT: News Articles
Several news anc~les are attached for your mformahon, mcludmg:
• A Denver Busmess Journal article on hkely replacements for Coloradds Lord &
Taylor stores, followmg May Co 's announcement earlier in the year that Lord &
Taylor w~ll be leavmg the Colorado market
• An excerpt from the newsletter of Development Strategies Inc. of St Lou~s,
which shares a perspectrve on the nature of public/private partnersh~ps It was
authored by Rtchard Ward, the firm's senior prmcipal Richard and I serve on
ULPs Publtc/Private Partnership Council
• A short overview of the 2004 Denver area office market from Marcus &
Millichap Note the luie about the nature of the Boulder market
Familiar retail names consider Lord & Taylor space
BY PAULA MOORE
DENVERBUSINESSIOURIdAL
Seazs and Penney's aze the latest top potent~al
purchasers oflord &Taylor space forsale atthree
Denverazea malls, accordu~g to local retail
soiuces
J C. Penney & Co Inc of Plano, Texas, is sazd to
be looFang at go~ng into Flatlron Crossing in
Broomfield
A Penney's spokesman confirmed the retazler is
in preLmmary tatks ti nth several locahons "wtth
high-grow[h opportumt~es" nauonwide, but
decLned to comment about metro Denver
"[ can't conftan anythu~g aY t}vs pomt;' said
Penney's spokesman Quinton Crenshaw
Seazs, Roebuck & Co of the Ctucago area may
have its eye on Park Meadows Town Center mall
ui I.ittleton, the metro areas b~ggest mall at 17
m~llion squaze feet Sears would neither cor~finn
or deny its mterest in the mall's Lord & Taylor
space
"We cons~der Denver an excellent market, and
Pazk Meadows mall is a sfrong mall, but iPs too
soon to say ~f we would consider that locahon,"
said Seazs spokeswoman Cheryl Ann Lambert
Nordsuom remazns the favonte to take the
Lord & Taylor locanon at Denver's lugh-end
SEE RETAII. A52
~~ ~~ r3-~, ~~3
RETAIL: Lord & Taylor's impending departure means opportunities for other giant retailers
FROM PAGE A3
Cherry Creek Shoppmg Center, but ~['s no[
the otily contender and any deal remams a
longwayoff
Erecutlves Gom Seattle-based Nordstrom
Inc weremDenverSept 23[olooka[Cherty
CreeKs 120.000-square-foot Lord & Taylor
on the mall'swestend
A[ tYus potn[, ~Ps reallV a May companv
play," sa~d N~ck [.eMas[ers, Cherry Creek
mall's general manager "The}~II come ro us
and tell us who theyd hke to see as a 6uyer,
and we'll he~n d~scussions about ~f theWre
appropnate or mt " May owns most of the
closmglnrd&Taylorpad srtes, mcludmgthe
three m metto Denver
The Che cry Creek maR's other de parcmenc
stores, Wce mos[ of ~[s tenan[s, tend ro be
accomplishments of Denver's Top Pubhc Compan~es.
upscale and mcl~de Neunan Marcus and
SaksF~fthAvenue
"When you look at the departrnent srore
profile across the mazket rc makes sense for
Penne}~s to go to Aatlron and Nordstrom to
go to CherryCreek" sa~d alocalmtailexpett
Cherty Creek Shoppmg Cen[er is owned
6y the Bloomfield kLlls, M~ch -based
TaubmanCo
Taubman ~s fighMg a hosNe takewer b~d
by Sunon Pmperty Group Inc of In-
d~anapohs and Wes[field Amenca T[us[, Ihe
[1 S arm of Austra~as Westfield Holdu~gs
Ltd In Sep[embec the IvLch~gan Senate
passed a bdl allow~ng pubLrcampa~y
shareholders m argaruu themselves mro
gro ups ro blo ck [akeover attemp4s
All three metro-area malls vnth Lord &
Taylors have very srructured agreemen[s
When: Thursda}t October 23, 2003
1130-130pm
Where Marrmtt C~ry Cencer - 1701 Cal~fom~a, Demer
Cost $50 per Person by reg~s¢anon deadlme /
$60 per person aker Octo6er 17, 2003
$600 for a mrporaa table sponsorh~p'
by regis[ranon deadLne /$700 for a corporam table
sponsorsh~p* aher Oaober 17, 2003
Reply
Requesced• Call 303 86G 9670 or maiUfax the response form below
by Fnday, Oaober 17th or v~srt the web stm at http //
denver b~z~oumals com/demer/networkmg/evenu
Company
Name(s)
Title
Address
Telephone
y
q~: ~~4 O MC ^ Ysa Cartlu
~ ~i~a s
;; n FAX to (303) 837-3535 with credit card payment -
Exp
op t'ub~ic ~,ompanies ~
Yodre invited to join us for a luncheon hononng the - o,NV~, - I
wrth May abou[ the type of srom [ha[ can
take Nose spaces once Loed & Taylo r vaca[es
them, accordmg m re[aJ sowces The May
campany also wan[s [o mamtam good ccla-
nonslups wrth the malls because they still
will have May-owned Fnley's sroces aker Ihe
Lord&Taylorsleave
St Lou~s-6ased May has sa~d ~t ezpects ro
take many monihs to figure out the d~spos~-
non ot the 32 "underac}uevu~g" Lard &
7aylorpropemes ~Ps closmg m 15 states
The Colorado srores, wh~ch emplw a wtal
of 310 people, vnll stay open unN thev
spaces aze sold, leased ordosed
Unless May6les Chapter 11 barila~~p[cy. u
needs to hononrs operaangcovenants w~th
the malls whe~e I-urd & Tavlors are Iocared,
accorduig to retad experrs The company
mus[ conMUe [o opera[e [he stores oc d ~[
L V U1L \L~W
Jou~
Pbnnum Sparuor
J ERNST &YOUNG
FROM TNOUGHT TO F/N/SN °
Mrdu Sparuor
Comcast
'Corporau mb4 mdudn mrrvrAwb4 wrth
prrferred ponmanmg, rorporan wb4 ngn
Wnng m the evmt program, lunng m the
awarcG PowrrPamtpmmwnon anC lunng m
the DBJ tbank-you ad
ia61e Spansars -
L~st additional names on
separate sheet and attach
or mad to•
Denver Business loumal
1700 Broadway~ Suite 515
Denvei CO 80Y90
ATfENTION: Dee Marsh ~
__-~_ ~ i ~~~ ,-~
~=c
closes [hem, keep pa~2ng rent A1av also
could make some Fand of finana.J .enl~
ment wrth the mall owner or work nm ~omi
otherlundofagrecmen[
Denvervazea maRs wanc to moid tliev
Inld&Taylorsmresclosmgso thevdon dose
eevenue
4VhatevermoveMaymakes idtkelv~~dlbe
the une Ihatt~elds Uie most monev
Porlhe26weeksendedAug 30 Mavsrr~
enucs dropped 4 pelcent ro$587 h~lhon
because of the bad economys negnme
effec[ on sales H~pJier rcs[mcmnng cotits
caused Ihe reta~ler ro cuffer a ne[ loys for the
penod o( $38 mdhan cumpared m nn
mcomegvnof$139 m~Wond~nng[hc samc
penodlastvcar
The sroms could be sold m 6ulkor mdmd
ually bu[ re[ad analys[s expect Mav ro setl
them u~drv~dunllv [o make sum thc replace-
men[sfitvnthmalls otlieroccupantc
Other poss~ble cand~dates for the metm-
area Lorcl & 7aV~or spaces are depattmen[
sroros na[ vet m[he market - heAernted
Departmen[ Srores lne's Macvs and
Eloommgdales s[ores,
DETAILS and Target Corp'c
~~ Mazshall Field's But
[hose newcomers
Thefollaxrgretatl wont wanc ro wme
mmpaniesarebpal mto ttus mazket w~th
onddatesiofthe 7ustanestore.accord-
Lard&Taylorspxs mg m reta~l erzperts,
mtlxeeDnrvermea they wdl want mWtl•
shoppxgmalk plelocaUOnshere
(edpjaLLd Some area retazl
DeparOtidltStoles ms~ders think Seazs
~~• would work well a[
ACPeniceylatrc. Pazk Meadows'
Nqdspqn Inc. 136,000-square-foo4
Sems,poe6u~k8Ca [wo-level Locd &
TargetCap° Taylor The malls
departrnenFSro~e rtux
'pNnsMxy'sad already mcludes
8loaningdile4 No[ds[rom, Ddlazd's,
~Mai~ andP M~sr, Foley's
(eld'sandMmpis Nearby Southwest
ekpathnentstae5as Plaza mall m I~ttletan
wellatTatgetdls- has a Sears, but that
tomRSfnes. sto[e could close to
accommodare a Pazk
Meadows5eazs.
Pam Schenck, Park Meadows' general
manager, has hearcl nothmg Gom May
about who m~ght take the space "The}~~e a
good retailer, but whether they~~e an appro-
pnace fit here, I dont Faow," Schencksazd of
~an
" W hatever ends up 6emg m Iha[ space, we
will Park Meadow-ve it," Schenek sald
"4Vhateverenntyi[~swill addresstheDemer
hfesryle"
Sears appears to be vyu~g ro evoYve mto
theland ofsroiethatwould6tmto sprewWig
Park Meadows, ~+nth its Culorndo mountam
lodge arctutectl~ral style To upgrade ~[s
apparel o9enngs, Seus bough[ Lrtuted
Rrands' Struca~re mens clotlung brand foi
roughly S10 nuWon and outdaorry Lands
Endtlusyeaz
Penney's supposedly ~s tallang ro Ma~
ahou[ talang H7adron Crossmgs Lord A
Taylor srte, accordmg to reta~l sources
Fla[Irons Lord & Taylor, fhe me~o area~
newes[, mcludes 160,000 square feet anc
openedm2000
"That's one of Ihe rumors out there, alonF
u~nth Macy's and Bloorrwigdale's," Hugh 5
Crawford, E7atlronCmssm~ssemorproper
ty man ager, sa~d of Penne~s
Macench Co -owned F1atlrons, the metri
area's second-Iazgest mall vnth t 5 rtuWo~
square fee[, has Nordstrom, DJlazd's ane
Foley's departrnent smres Penne~s alread
has srores m ma)or azea malls such as Parl
Meadows, Southwes[ Plaza, Westrnmsre
Mall, lwrom Mall and'IWm Peaks MaII ii
Longmont
GIES~
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RATE
EVELOPMENT thc Pubhc Hou~m4' 8
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APUBLICATIONOFDEVELOPMENTSTRATEGIES'
, Economic 8 Market Reseamh • Strategm 8 Land Use Plannmg • Real Estate Appraisal 8 Counseling ~ ~
Some Perspectives on
Public/Private Partnerships
Richard C Ward, Scmor Prmc~pal
~rmerships between pub6c and pn-
vate mterests to achie~~e mmmon
ends are nothmg new to ouc soc~ety
• At one extreme, our tederal govern-
ment has evolved a svstem of nahonal
detense that is built on alliances
between various d~v~s~ons ot the
Depaitments of Detense and Encrgy
and pm ite busmesses, unn~ersihes,
end "thmk-Panks "
• The process of economic development
Tt the nahonal, state, iegional, and
local le~ ck is fundamentallv depend-
mt on the ~omt endeavors of bu5mess
and go~ ernment
• Increasmgly complex, most frequentl}~
urban, real estate deals are structured as
pubhc/pnaatepartnerships Mostof
these m~ olve local governments - crties
or counhes - as duhnct fmm state oi
federal governments, sharmg the nsks
and rewards of otherwise inteas~ble
redevelopment pro~eMs
Publ~c/private real estate partner-
ships are not easy to achieve and are often
Eraught w~th opportumhes for conflict and
fadure The b~ggest challenges come from
the mherent nature nf these partnerships -
the need to marry the dishnctiy different
(mnhnucd un pnge zl
Development
Strategies Marks
15 Years
evelopment Strateg~es mcor-
D porated m 1988 w~th a core ot
seven people servmg a small
but loyal cadre of cl~ents With great
thanks to a grow~ng list of clients,
2003 marks our 15th year, high-
hghted by more employees and the
contuiued promise of growth
Our miss~on remams to advise
cLents in thev economic, commumty,
and real estatc devefopment deci-
sions Over Yhe years, we've added
an appraisal practrce that broadened
our capac~ty Yor real estate analysis
We've retamed our core experhse m
^rban plamm~g whde extend~ng that
sk~ll to vacorporate the key disct-
pl~nes ot financial analys~s, market
analVs~s, and strategic planrung
Oiv cl~ents include fmancial
~nstituhons, government at all levels,
corporahons,non-profitand pubLc/
prtvate oxg~m~atrons, un~versihes
and med~cal centers, and mal estate
~m~estors, owners, and developers
The nahon has been our market-
place, with assignments from coast to
mast and from Canada to the Gulf
Our base, of course, is metropolrtan
St Loum, where we can claim to have
mfluenced development decisions m
the great ma~ority nf c~t~es and coun-
ues and m a vast array of busmesses
and mstituttons
Four of our orig~nal employees
remam and we are proud of some 50
others who have worked w~th us
throughout the years Our ownersh~p
(ronh~med on pngeg)
region
The proposed Lenexa Gty Cen[eris an example of a public-pnvate partnersh~p aimed at encourag~ng
mixed-use, urban-density development m the suburban Crty of Lenexa, Kansas m the Kansas City
Drvnoi~n~iv tiusanc.u~REVIEW
Some Perspectives on Public/Private Partnerships
(canhnued (ran tkc covcr)
missions and mot~vat~ons of public versus
pnvate mterests
At the root of th~s challenge ~s the
prroate sector's need to balance tmancial
risks and rewards (value cmation and net
cash flows from uperahons) Prn~ate pazt-
ners expect that the greater the n5k the
greater the requ~s~te antictpated rewards
This stands m stark contrast to the pubhc
sector's typically strong sanchons aga~nst
puthng pubhc capital at nsk and pubhc
officials' loathmg for bad publ~cit~~ and
fear of bemg on the wrong side m the
court of pubhc opmion
Bridging the gap
presented by these
different perspectives
requires a concerted
effort by both parties.
One has only to look at publ~c sector
regulat~ons-~onmg, bwlding, sign cndes-
and the prrvate sector's attempts to bvpass
their restnchons to reahze that thc twu seo-
tors am naturT] adversanes rather than
partners Breakmg out of this mold, there-
fnre, can be espec~ally d~fticult Lndividu~ls
ur orgamzahons whose developments
have becn ~mpeded bv what thev perceice
to bc un~ust o~ imf~ir pubhc regulat~ons
mav tmd ~t difhcult to trust a go~ emment
agenev, elected ofhc~al, or legislahve bodv
ati i p~rMer The reverse can be true for
thc publi~ otticial who h~s watched prr
~ ate etforts to undermme, distort, or
avo~d caretullv crafted pubhc guidehnes
devgned to ensure sater, more attrachve,
or Iesti mtmsi~ e private de~ elopment
Despite H~eSe ~nherent challenge5, a
re~ ie~~~ ut the landscape ot urban develop-
menttoda~ mduatesthatpubLc/pr~rate
pa~ tnersh~p5 appear to be growmg m
~~ope ~nd ti pe Sume ot tltese mvoh~e
pm .~h~ahun or outsourcing ot tvptcallv
public im esYments m facihties such as
sewera};e or H ater heatment plants,
airport termmals, or convenhon centers
Others result from pubLc mcentrves bemg
otFered to attract pnvate mvestment, skills
and cap~tal to pro~ects where obstacles
might otherw~se seem too great Examples
include an inhosp~table neighUorhood
wrth detenorated cond~t~ons, env~ron-
mental remed~ahon requ~rements, the
costs ot mmplex s~te assembly, the mordi-
nate costs of rehabil~tatron of h~storically
or arctutecturally sigmficant but obsolete
or severely detenorated structures, or
unusual or severe site cond~t~ons such as
steep slopes, madequate utilihes, flood-
ing, or madequate access
The easiest pazt of most pubhc/prr
~ ate partnerships is achieving agreement
regardmg mutually des~red outcomes,
such as the rehabilitahon of an ~mportant
lustor~c buildmg, buildmg a shoppmg
center to boost the tax base and provide
residents better shoppmg ophons, attr~ct-
ing new busmess to enhance the
commumty's image and employment
ophons, or redeployulg vacant and aban-
doned nroperhes rmpacted by past
em i~ ~~= mental pcoblems The hardest pnrt
is bw,.~mg the necessary trust and under-
standmg between the public and prn ate
sponsors that can lead to a soluhon that
meets the~r mutual ob~ectrves Too otten,
the parhes discover they are divided bv R~
range of basic misunderstandings and
ignorance of the mohvahons and capab~h-
hes of the opposite pazty
The public sponsor's perspectrve
of its private partner:
Typual areas of contl~ct are encountered
when the pubhc sponsor
• Fears that the developer ~s gomg to
make money un~ustly at public
expense This may occur bec~use of
the developer's fadure to hdly d~s-
close its financial analvs~s and model
IY may also be the result of the Gty'S
lack of understandmg and skills to
evaluute pnvate development hnano-
ing and the role plaved by a var~ety
ofexternalfactorssuch asfederal and
st~te taxes
PUBLIC/PRIVATE PARTNERSHIP
INTERMEDIARY/TRANSACTION SPECIALIST
- NON-PROFIT ORGANIZATION,
- ATTORN EY,
- REAL EST/1TE BROKER, OR
- DEVELOPMENT CONSULTANT
~ Summer2003
IA~u„r~u~i ~ii,w,.i~.REVIEW
• Feels the de~~eLoper is unwilhng or
unable tn put substaitt~al real cash
equitv in the deal
• Fecls imcert~m how to comm~t and
en5ure that the developer does what is
~romised ~nc1 feels a need to impose
tianchons for f~ilure to perform
• 1 eels rt needs to "see evervthmg"
about the c~eal and the busmess
The prrvate sponsor's perspective
of its public partner.
On the uther hand, a partneeslup mav be
dei aded b}' ~ private sponsor who
• hito~~s that polit~cal wmds can shift
and pubhc decision-making and opin-
~on can change very qu~ckly
• I~ uncertain who really can speak for
and comm~t the pubLc ent~tv
• I cels a nced to avoid makmg public
rt5 hi~ancial statement, hnanc~al plan,
or model for the pro~ect
• Fecls ~t ~s bein~ wh~p-sawed and
delaved by endless meet~ngs with
ditferent boards, comm~ss~ons, and
commun~ry org~niz~hons
• Understands hme is money and
bel~eves the city doesn't thmk this wat
Bndgin~ the gap presented Uy these
drfferent perspectives requ~res a concerted
effort by both p~ehes This includes fre-
yuent commimuahon, a constant push
for openness, and mutual educatinn on
the challenges, tears, anc~ asp~cahons of
each party as seen by the other One ot
thc best ways to budd such a base of
understandmg is for the two parties to
reta~n sepantely or, better vet, ~oinHy, the
serv~ces ot a third parry mtermediarv, or
"honest broker,` who u expenenced m
frammg and executmg public/pri~~ate
deals ahd transachons Such an mtermedi-
ary may be a real estate broker, an
attorney, or development consultant
An mlportant factor ~n enhancmg tho
prnspects for succe5sful public/private
partnerships is profess~onal organ¢ahons
that bnng together pubLc and pnvate
development interests The Urban Land
Inshtute, the Intemahonal Econom~c
Development Council, and the Nahonal
Council for Pubhc/Pcrcate Parmerships
aie tllrec such groups that help Support
and fotitei the5e partner5hips
Despite the challenges and complexr
hes of pubhc/pnvatc parhiersh~ps, thev
are a tundamental and grow~ng part of
the wocld ot real estTte and economtc
development Bv learnmg trom p~st expe-
ncnces and expendmg hme and re5ources
to Sharpen the skdls of the part~cipanYs m
these transachuns, urban development,
mve5tment, and parh~erships wdl become
evenshunger ^
Development Strategies
Marks 15 Years
(cm~hrwcd f~~~rn thr ~onor)
basc now includes almost every
currentemployec We'vegrown,
changed, and adapted to the needs
of our cLents and employees for 15
wonderEul years We look forward
to many, m~ny more~
Summer2003 ~
The 230-room Weshn Hotel ad~acent to Busch Stadwm and a MetroLmk stahon in downtown St Lows is a classic public-pnvate partnership involving rehabtli-
tafion o/ /our 79th century warehouses in 2000 usmg local and state tax increment financmg among otherpub6c resources
20~: Panr 2~ 2004 Rank 30 • 7 Places
~ 4
IL
~ 2
m
7P
N O
0
N
c
o _2
~
-4
~ 2004 NOI Rank 30, Down 7 Places Modest employment
growth and small rent gains are not enough to offset elevated
vacancy, dropping Denvei seven places
25%
~ Employment Forecast Atter shedding an estimated 10,000 ~o6s
2~~~a d m 2003, the Denver metro area is poised for a robusi employ-
d ment comeback ~n 2004, when payrolls are forecast to grow by
~ 2 2 percent, or 26,000 ~ohs
~ ~J% y
~ • Construction Forecast Developers are on track to complete
~ 650,000 square feet of office space in 2003, which is up from last
10% year but well below 2001's total of 31 million square feet Only
~ 315,000 square feet are slated for comple4on in 2004
5% • Vacancy Forecast Denver ottice vacancy is expected to rise by
a total of 120 basis points in 2003, to 20 9 percent Employment
growth m 2004 wtll mcrease office demand, reducing vacancy
by 40 basis points, to 20 5 percent
94 95 86 97 98 99 00 01 02 03"04'*
Dark Clouds Over Denver's Office
Market Begin to Part in 2004
conomic uncertainty has begun to lift as the Denver metro area
~received a boost to its corporate headquarters roster Overall office
market vacancy will climb an estimated 120 basis points in 2003, to
20 9 percent, but the rise is pro~ected to end in 2004, as office employment
grows and construction activity drops to 315,000 square feet The Class A
office markeYs vacancy is expected to peak at 25 7 percent in 2003, capping
14 consecutive quarters of increases, then slowly decline in 2004 Class B
owners will wait until 2004 for an uptick in absorption as tenants continue to
reiocate to Class A properties in 2003 The Broomfield submarket, anchored
by Interlocken, is anticipated to end nearly two years of vacancy above 30
percent amid decreasing rents The submarket is expected to post improve-
ment in vacancy of 10 basis points in 2003, to 29 9 percent In 2004. the area
Investment activity has remained brisk through 2003, though office mar-
ket fundamentals have continued to deteriorate Safety-minded investors are
searching for properties with stabilized balance sheets, credit tenants and
long lease terms, while opportunistic buyers are seeking bwldings with
upside potential ahead of improwng office employment prospects in 2004
The western suburbs provida a greater number of opportunities to purchase
bwldings with steady cash flows, since the area lacks a high concentration of
tech firms compared to the Northwest and Southeast corndors The
Southeast Corridor remains an investor favorite, with 700,000 square feet
changing hands, representing 25 percent of the square footage sold in the
metro area during the first three quarters of 2003
. Fent Forecast Lackluster tenant demand and excess capaciry are prompt-
ing office owners to accept lower effectrve rents for the third consecutive
year in 2003 The slide is forecast to continue in 2004, as effective rents fall
0 4 percant, to $14 43 per square foot
• Investment Forecast The resumption of growth in the high-tech and tele-
com sectors in 2004 will support investment demand for iniill, seasoned
Class B and Class C bwidings, while properties with vacancy issues that are
located away from traditional office clusters may continue to expenence
lengthy marketing dmes
Employment Trends
to^~o -on~~a -rotai
m
~ 5%
V ~%
~ -5% ~~
-10%
00 01 02 03' 04"
Abeolute Chenge (OOOS)
on~ce ia -is -~s o io
Total 43 34 -77 -10 26
Rent Trends
^EHecLVeRent ^AskingRent
$25
~0$20
c o
N LL
~y q $~ ~J
rn ,
m~ig70
a
$5
OD Ot 02 03• 04"
Sales Trends
~MatlianSalesPr~ce ~NUmbarolTranseciions
g Siio z°° 3
~ g~os +~ ~
$, B
a $100 ~~ ~
u , ~ ~
a ~5 ~
~ $gp 0
~ 00 01 02 03`•'
"'Preliminary ThrouBh 30 03
EsOmate "Faecast
2004 Annual Report Marcus~Millichap PeBa 19
Office Supply and Demand
~ Completlona
~ Net A6sarption
~ Vacancy