LETTER OF INTERESTFOR THE REDEVELOPMENT OF 125 DUNNELL ROAD.

MAPLBWOOD. NJ

Submitted By Markbuilt Homes, December 17th, 2008

CORPORATE NAME AND ADDRESS:

Markbuilt Properties, LLC2029 Moris AvenueUnion, NJ 07039

www.Markbuilt.com

STATE OF INCORPORATION:

New Jersey

MANAGER:

Michael Markovitz

AUTHORIZATION TO DO BUSINESS:

Markbuilt Properties, LLC is domestic LLC duly licensed and authorized to do businessin New Jersey. It is also fully insured.

EXPERIENCE AND OUALIFICATIONS :

Please see the attached informational package entitled "The Crossings at MaplewoodVillage" which was originally submitted to the Dunnell Road RedevelopmentSubcommittee on February 16th, 2006. This package contains a Corporate Overview ofMark Built Homes and the experience of its key mernbers.

CONCEPT FOR THE REDEVELOPMENT OF 125 DT]NNELL ROAD

We have concluded that the highest, best, and most appropriate use for the site would bemulti-family residential. A small upscale rental community is perfectly suited for thesite, for the following reasons.

l) Lack of supply. There are very few upscale rental options in Maplewood and thesurrounding towns. Gaslight Commons, a relatively new rental community in SouthOrange, has had historically low vacancy rates.

2) Proximity to NJ Transit train. Many commuters are seeking places to live that wouldnot require driving to the train station.

3) Proximity to downtown Maplewood. Additionally, many people would benefit fromliving within walking distance to town, allowing them to shop, eat and enjoy all thatMaplewood has to offer without having to get into a car.

4) Proximity to the Park System.

5) Parking require'ments for residential units are greatest at off-peak times. Duringcommuting times, the residents who drive to work would be leaving the area, creatingless of a burden on parking. Those residents that commute by train would not add asingle car to street traffic. This is exactly the opposite of what would happen if the sitewere developed for retail or commercial use. Many more cars would be coming into thearea and parking near the site at precisely the time when there is the most traffic and theleast available parking.

6) Rental Housing is preferable to For-Sale housing near train lines. People have less ofan issue with living adjacent to a train line when they are renting, preferring not to investtheir money in houses on train lines.

7) Residential development at this site will also benefit businesses in town. Theseresidents will be spending shopping dollars locally.

8) A residential development will help the town to meet part of its COAH obligation. Bycreating a fair share of low and moderate income units within the project, Maplewoodwill demonstrate its good faith in meeting its overall requirements of aflordable housing.

LAYOUT AND DESIGN CONCEPT

Included in this letter is the condominium concept we created over 2 years ago for thesite, which we called The crossings at Maplewood villuge. It was a 5l unitdevelopment, which included 3 stories of townhouse and-single-story.rrrlrc orr", a surfaceparking level. The_Crossings was a project that included the adjacent office building aspart of the overall dev_elopment concept. However, conversations with the owner of theoffice building proved fruitless, and the concept was shelved.

The economic times are very different today than they were in 2006. The demand forexpensive condominiums has drastically decreased. ieople are looking to downsize,scale back and save money where ever they can. Young professionahLe seeking placesto live that keep them connected to the City where theyivork, yet cost less and offer morespa:e than the high-priced apartments in New york, Jersey city and Hoboken. Theproject we are proposing for I25 Dunnell Road meets the needs ofthese yorrrr!professionals. Additionally, this project will appeal to empty-nesters boting io downsizeout of their homes in Maplewood and the surrounding towns, yet provide ealy walkableaccess to downtown's shopping and dining.

Thenew Crossings at Maplewood Village concept would include approximately 40-50residential units ranging in size from 650 square foot studios to l2dd+ square foot 2bedroom dwellings. The nurnber of dwelling units is limited by the nurrib"1. of on-siteparking spaces we could provide, as well as the number of stories we could build. Weanticipate that allparking would be built at street level, beneath 3 stories of frame builtconstruction where the residences would be located. Overall building heighr;anticipated to be 45 to 50 feet, which is well suited for the location ui3u".it to the trainline and other commercial buildings. The architectural style would be very much inkeeping with the best elements of the town and surrounding area. Mark Built has alwaysemployed the highest quality subcontractors for its homes ind townhome communites,and that practice would continue for this project.

KEY PERSONNEL

Michael Markovitz is the Managing Member and President of Mark Built Homes. He willbe responsible for all aspects of construction and design.

Jeffrey Markovitz is the in-house counsel, and will be handling the negotiation of allagreements with the township.

Michael Lerman is the project manager, and will be the lead contact person for allcommunication between Maplewood and Mark Built.

FINAI\CIAL CAPABILITY

Currently, the Markovitz famlly portfolio includes in excess of 5,000 apartment unitsthroughout New Jersey, New York and Connecticut, as well as substantial interests invarious shopping centers, office buildings, as well as the 383 roomNewark AirportHilton Hotel. Additionally, Monroe Markovitz currently serves as the Vice Chairman ofthe Board of Enterprise Bank. Additional bank references will be furnished upon request.In short, financial capability to see this project to successful completion will not be anissue.

THE

Submitted By Mark BuiltHomes

Prepared By Cheste6Ploussas, l-isowskyPartnership, LLP

February L6,2006

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UILDING A REPUTATION TO LIVEBY

Mark Built Homes is a family-owned firm boast-ing three generations of real estate experience -

and an unparalleled reputation for craftsmanshipand architectural integrity.

Led by Michael Markovitz, Harvard and Cornell-educated architect and builder, Mark Built Homes ismaking its mark for creating discriminating homesthat transcend mere luxury and rise to the height ofartistic grace.

Combining his architect's eye, his artisan's soul andhis meticulous head for detail Markovitz buildshomes that stir the heart and make the people wholive in them feel they are home.

Marked by imagination, creativity

And the passion to build

remarkable homes,

Every Mark Built Home

Bears the mark of its builder

The vision of its owners

And the birth of an incredible

dream.

A private community on Wisteria Way...Ten spectacular Mark Built HomesOn a lush and secluded cul-de-sac.. .Forty-f ive acres spanning Basking Ridge and Bernardsvil le...A gracious enclave of "shingle-style" residencesConvenient to the world...yet tucked away into the glory of nature.

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Privately enclosed on f ive prime acresOf Prestigious East Hil l Real estateRises The Heights at Tenafly...An upscale community of 35 town homesCelebrating the spaciousness of New Jersey l ivingAnd commuting into the City in a New York minute.

HEIG HTSAT T E N A F LY

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There's something quite remarkable about every Mark Bui l t Community - Andabout the people who choose to l ive in our homes.

Perhaps i t 's an appreciat ion of exceptional qual i ty - And the attent ion to detai lnot typical ly bui l t into homes of today.

. . .The uncompromising workmanship that transcends mere beauty and r ises tothe height of t imeless design.

. . .The sense of grace and proport ion as seen through the vision of an architect 'seye.

.. .The mark of excel lence that characterizes every Mark Bui l t home and makesour communit ies a joy to l ivein.

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Mark Bui l t Homes2029 Morris AveUnion, NJ 07083

908.687.6600

www. markbuilt . net

Markbuilt Homes was founded in 1999 by several of the members of the Markovitz family real estate business. Markbuiltcounts the following family members among its staff:

Monroe MarkovitzAttorney at Law of NJ and NY. He has served as an incorDorator and as a memberofthe Board of Directors oftheMadison State Bank for 5 years. For 13 years he was General Counsel toand a member ofthe Board of Directors oftheEssex Bank, and is now Vice Chairman and a member of the Board of Directors of the Enterprise Bank in Kenilworth, NJ.He has been a member of the NJ State Builders Association, as well as the MetroDolitan NJ Home Builders Association.He previously served a number of terms as General Counsel to the Metropolitan NJ Home Builders Association.

Michael MarkovitzLicensed Architect in NJ, NY and PA. A Professional Planner in New Jersey, and a Member of the AIA and NCARB, heholds a Bachelor of Architecture from Cornell University and a Masters of Architecture from Harvard. He has designedand built award-winning houses throughout New Jersey.

Jeffrey MarkovitzAttorney at Law in NJr and licensed to practice in the Federal District and State Courts of NJ. Over the past eight yearshe has spearheaded the acquisition of over 2000 apartment units in NJ and PA, and led the financing of over$250,000,000 in debt on the family real estate portfolio,

Daniel MarkovitzMBA from Stanford University. He has 12 years of experience in a variety of marketing areas. Most recently, he led thefamily in a $2,000,000 investment in the downtown revitalization of South Orange,

Michael LermanA graduate of Columbia High School in Maplewood and Rutgers College in New Brunswick, Michael also received his MBAfrom Rutgers and a law degree from Cardozo School of Law in New York City Over the past 20 years, Michael has identi-fied and successfully negotiated the purchase of properties valued in excess of 40 million dollars, and has procured ten-ants for over 100,000 square feet of retail space. In addition, Michael has redeveloped a number of large shopping cen-ters and has coordinated the construction, marketing and sales of high end luxury homes in New Jersey and New York.He currently resides in South Oranoe.

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Monroe Markovitz and family have been engaged in the real estate ownership, development and management field for thepast 50 years. The lvarkovitz family currently has interests in and manages in excess of 5.400 apartment units throughoutNJ, NY and PA. The family realty portfolio also includes substantial interests in various shopping centers and office buildingsas well as the Newark Airport Hilton Hotel. l4ost of this portfolio is managed by the Markovitz family,

The Markovitz family has been involved in the construction of in excess of 3,000 one-family residence dwellings and multi-family apartments. It continues to be active in land acquisition and development projects.

Financial and Dersonal references are available uDon reouest.

Monroe Markovitz2029 Morris AvenueUnion, New Jersey 07083

Monroe Markovitz has been engaged in the real estate ownership, development and management field for the past 43 years.Mr. Markovitz and his family currently have interests in and manage in excess of 5,000 apartment units throughout theStates of New Jersey, Pennsylvania and New York. Their family realty portfolio also includes substantial interests in variousshopping centers and office buildings, as well as the 383 room Newark Airport Hilton Hotel and assorted commercial proper-ties located throughout the United States. Most of this portfolio is managed by Monroe Markovitz and his family.

Mr, Markovitz has been involved in the construction of in excess of 3,000 one-family residential dwellings and multi-familyapartments. He continues to be active in land acquisition and development projects.

Mr. Markovitz is an Attorney at Law of the States of New Jersey and New York and, in addition to the real estate venturesenumerated above. has served as an incoroorator and as a member of the Board of Directors of the Madison State Bank forfive years. He also was General Counsel toand a memberofthe Board of Directors ofThe Essex Bankfor 13 years. Mr.Markovitz currently serves as the Vice Chairman of the Board of Directors of Enterprise Bank,

Mn Markovitz has been a member of the New Jersey State Builders Association, as well as the Metropolitan New JerseyHome Builders Association. He previously served a number of terms as General Counsel to the Metropolitan New JerseyHom€ Builders Association and actively participated in various projects of that Association.

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