VI. Selection of Developer

Silagi Trust was awarded the opportunity to develop the property because of the background and financial position of the Trust's members and they had the only proposal not requiring street access. Today, Silagi Trust has nearly $50 million in assets with approximately 475,000 square feet (sq. ft.) of commercial/industrial/residential property under management with an additional 670,000 sq. ft. under construction, development and planning. The properties are located in the Southern California area and on the Hawaiian island of Kauai.

Moshe Silagi, the founder of the Silagi Trust, started Westoaks Door and Hardware in 1980 and soon became a leading supplier of building materials to residential and commercial real estate business. In 1985, Silagi began investing in commercial developments consisting of convenience shopping centers, community shopping centers, class "A" professional office buildings, and upscale condominiums on the island of Kauai. To date, Silagi has been involved in the construction and development of approximately 800,000 to 900,000 sq. ft. of commercial/industrial/residential property. Many of these properties were sold to a real estate investment trust, Arden Realty, Inc. in a transaction completed in October, 1997. The remaining properties are held and managed by the Silagi Trust.