Astor House proposal: Foster

Foster Proposal

November 12, 2018 Regan and Libby Foster 5200 Wyandot St. Denver, CO 80221 Regan: 303-888-8552 Libby: 303-888-2420

Table of Contents Main Content A. Cover Letter............................................. page 3 B. n/a C. Notice of Intent to Purchase.................. page 4 D. Qualifications......................................... page 13 E. Financials................................................ page 21 F. Preservation Plan.................................... page 22 Attachments Business Plan............................................... page 23 Budget page 27page 27 5-year pro forma......................................... page 31 Expenses...................................................... page 32 Exhibit A...................................................... page 33 Letters of Recommendation...................... page 34

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A. Cover Letter

Libby and Regan Foster are submitting a proposal to purchase Golden’s

Astor House. We have enjoyed dreaming of ideas and creating plans for this historical project. We believe strongly in putting passion and purpose into all things we do. One of our strengths is having a vision for a space and putting together the perfect team to execute it. We see the Astor House as a foundational landmark in the downtown Golden area that will offer a new, creative, and inspiring community hub that honors the historical landmark, while embodying the cities progressive vision for the future. We like to think of our concept as “one foot in memory and one foot in the future”. As business owners in Golden, we feel it is our responsibility to guide downtown’s atmosphere toward the values in GV2030. Our friends and current clients in Golden may be tired of hearing us talk about it so much, because we cannot contain our excitement for the possibilities awaiting the Astor House!

We would like to paint a picture of who we are, what inspires us, and how these things influenced our ideas for the Astor House. In Regan’s office these words are written: creativity, design/build, impact, business/entrepreneurship, intentionality, community, exercise/competition, hospitality and health. These words represent who we are, and they act as a reminder that we should always pursue things that add value to ourselves and others. We enjoy expanding our knowledge and try to always have an open mind, so that we can continue to grow personally and professionally. The words that are written in Regan’s office helped guide the concepts in this proposal.

Our goal for every project we undertake is to be challenged and to grow. We consider the Astor House an amazing opportunity for this.

We would be thrilled to bring a fresh, entrepreneurial energy to the city of Golden.

In this proposal, we will go over some concepts that may feel new or rare to some readers. Feel free to reference Exhibit A to help define some of the ideas we are proposing. We are also very open and willing to talk through any and all ideas, if the need arises. We hope that by reading through our proposal and seeing our concept deck, you can sense the passion and enthusiasm that we have for Golden and this specific project.

We have had the privilege of working together on many projects in our 12 years of marriage. Two of them stand out as tasks that grew us, professionally and personally: Our home and The Dove Inn. We are ready and eager to start on venture number 3. We’re very honored that the city is giving us the opportunity to share this intention with you, and we look forward to sitting down with the committee in person to explore these ideas further.

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C. Notice of Intent to Purchase It’s no secret that most industries are being disrupted by massive innovation right now. We believe that as business owners, it is crucial to continuously implement strategic change to not only improve on what already exists, but also to be on the front lines, creating new and exciting opportunities to experience life. Our vision is to add this strategic innovation to every concept of the Astor House.

Golden has such a great main street and so many needs are met in the few blocks of Washington Avenue that run through downtown. It is quickly becoming a destination thanks to the great restaurants, bars and shopping that exist, not to mention the easy access to trails and the creek. We’re proposing that something brand new and cutting edge be added to Golden’s business DNA, right in the heart of downtown at the Astor House. Our concept for the Astor House has three parts: Revive, The Nest and The Oasis, each having the ability to reach people from all walks of life and demographics. All three reflect different aspects of Golden’s history and vision for the future.

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Revive

The Nest

The Oasis

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Revive The first floor will house Revive. The foundation of this space is one that facilitates creativity, education, health and community. All of our ideas for the Astor House stem from this foundation and are fluid, so that as new ideas and needs arise we are ready to make the necessary changes to keep Goldenites engaged. This idea was forged by thinking about Golden’s unique and thriving outdoor culture. People from all walks of life come to experience Golden, whether it’s through training for a race or leisurely walks along Clear Creek. The locals want a place to go that encourages health, community and peak performance. We would provide a healthy, enriching approach to beverages and food and bring in fresh and local options whenever possible. Because the environment we inhabit directly impacts how we feel, perform, get inspired, and connect with others, we will heighten the experience of our guests with the rich colors of fruits and vegetables and beautiful architecture, interior design and inspiring art. We would love to accommodate local, rotating art exhibits for the viewing pleasure of our patrons.

The first floor will be open to the public, so that people can experience the rich history of the space and because it has so much potential to impact Golden. It would serve several different purposes, depending on the time of day.

During the day, a juice bar is where one-of-a-kind, fresh juice beverages would be made to order. People can relax and enjoy small plates and locally sourced snacks.

This space would allow anyone to come and go, partake in healthy beverages and food and enjoy other people’s company. The possibilities of what can happen around a table is what draws in the community. We would have plenty of seating in the main area and a doorway to the northwest corner of the building with an outdoor patio.

As Coloradans, we love being outdoors and have some great ideas for the outdoor patio and backyard of the Astor House. These opportunities can be found in the Oasis section of the proposal. We would also love to explore the option of reducing our carbon footprint, composting and using solar energy as well. What better way to honor such a beautiful spot, in such a beautiful state!

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There is a small space to the east of the staircase with which we’d like to get really creative. Because our vision is to serve the local Golden community, one of the ideas that we would like to explore is a state-of-the-art renewal (biohacking) facility. This is the more progressive side of Revive and our hope is to integrate renewal technology to help facilitate healing and health to locals and tourists. This renewal would be for body and mind, targeting a wide range of people from the extreme athlete to the CEO to the stay at home mom. This could be of massive value to our local outdoor community and to tourists visiting Colorado. We also love the idea of partnering with Colorado School of Mines sports department and their athletes! Some options for the recovery facility are Cryotherapy, Red Light Therapy, a Hyperbaric Chamber, and an Oxygen Trainer (see Exhibit A on page 33).

These facilities would encourage health, wellness, and peak performance for all of the trainers and racers that come through the mountains of Golden. The facility would not only help people who want peak performance in sports, but also anyone who just wants to feel better (especially those sea level tourists!).

See Exhibit A for a description of these technologies.

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Revive would be a unique, fresh juice bar / eatery with stateof-the-art, science-backed technology that improves physical and cognitive performance, putting Golden on the map as an innovative center. People would visit us for a custom-made juice and sit in the Cryotherapy Tank to recover after a fun filled day in the mountains, or our guests could just partake in one or the other! This is a unique concept that we have rarely seen before, and would attract people from all over. Regan has some experience in the recovery world through competing and has traveled to conferences to learn more and experience the latest and greatest in recovery technology. He has seen the excitement for that industry and where it is going.

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During the evening hours, the main floor would also be a great space for events facilitating community involvement. We could host discussions on topics like sustainability, health and outdoor recreation, business and entrepreneurship, parenting in the outdoors, or anything the community is excited to discuss.

We would also love to see the space used for local business collaborations, dance lessons, fund-raisers and progressive dinners, story time for kiddos, or cooking lessons.

Partnerships with nonprofits that align with our values can be formed to maximize our impact. We have already spoken to nonprofits with whom we have working relationships and many are excited about potentially collaborating. The possibilities seem endless and exciting! The beauty of the space is that its uses can be fluid and these ideas can be strategized to see how businesses and locals can benefit from the space. We would form a board of directors that would help to keep our vision aligned with the vision and goals of Golden. There are many questions that need to be considered in order to finalize the organizations and partnerships that make sense for us, the Astor House and the city, but the more pressing question in this stage of the proposal is what will create the most lasting impact in our city and who is the best candidate to orchestrate that impact.

The main floor space can be used for a multitude of community events, or as a convenient and unique workspace.

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The Nest Our vision for the second floor is what we’re calling The Nest, it will bring the Astor House back to its historical hospitality roots as a micro hotel. The bulk of the space would be enlisted as a high-end approach to a creative hostel experience. There would be bunks that are soundproof and offer secure storage, TV’s, desks, and can fit up to two people. Because these bunks will be of exceptional design and high functionality, people will love the concept. Of course, there would be plenty of private showers and bathrooms to accommodate all guests.

We know there may be some hesitation at the word hostel, as it can conjure an idea of a “type” of traveler. However, we believe that if we can lead with innovation, this idea coupled with creative design would have quite the opposite effect, generating excitement around this new type of lodging. With the micro hotel concept, we are merging the need for affordability and privacy.

In addition to the micro-style rooms, there would also be space for two or more traditional hotel rooms as well as one large suite. This would be the ultimate space for couples celebrating life, whether it’s for a wedding, anniversary, birthday, etc. We truly believe that travelers are wanting to experience something affordable, but more importantly, today’s traveler is looking for something creative and unique. We now live in a world where if a destination isn’t “Instagrammable”, many people believe it isn’t worth visiting. We have full confidence that with our design and execution backgrounds and skills, we can make this a place that people want to stay and that will be the subject of many social media posts. We are noticing that this trend of micro-hotels is a movement taking hold around the world. The US hospitality world is beginning to catch on with these “pod-like” sleep areas being introduced in Washington, D.C. and Boston just this year!

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Sleeping compartments are a convenient way to give accommodations to travelers who want to spend most of their time out experiencing their destination.

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The Oasis We love the outdoor space at the Astor House. It boasts gorgeous views of the mountains and is a great size for gatherings and hangouts. The Oasis deserves to be designed in a way that offers amazing value to locals and travelers looking to celebrate life. We envision the back yard as being a beautiful and peaceful place to visit, with a large gazebo, built with unique architectural design, and landscaping throughout that creates a secret garden feel that can be utilized in all four seasons.

The back area will be rentable for parties such as weddings, birthdays, reunions, etc. or available for community use.

When the Oasis is not rented it would be open to the public.

People can come to read, have a picnic, bring their families or just relax. We could also support community, connection and fun through hosting open events like concerts, dancing, movies, work-outs, yoga, speakers, etc. An outdoor gathering spot for all ages could highly impact the vibe of downtown Golden and we think this space can achieve that through creative design. The Astor House lies in such close proximity to some of our favorite local Golden businesses, and we would be excited to work with them to enhance the vibrant outdoor culture our town has to offer.

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The Oasis would be a perfect spot to gather friends and family for an outdoor movie night or wedding party.

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For almost one hundred years the Astor House served as a place of respite for people traveling and in need of a place to recover. The miners would come to Golden needing a peaceful and comfortable place to recuperate and rejuvenate before heading back up the mountain. We believe life is meant to be celebrated and enjoyed through community and experiences and that the Astor House could be the perfect spot to usher in these things. Our vision is driven by these questions: How do we honor the history of the Astor House and how do we treasure the building? We see the space as Kevin Costner saw his back yard in “Field of Dreams”, “If you build it, they will come”.

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D. Qualifications We have 18 years of experience in construction, four years in hospitality, and hope to continue to lead lives filled with creativity and innovation on all future projects. We are always looking for new adventures to challenge us and to expand the ideas of what we think we can do.

We believe the Astor House could be an amazing opportunity to stretch us and to help downtown Golden move closer to the Heart and Soul community values. We believe the ideas mentioned in this proposal are just the tip of the iceberg in terms of the potential for what this could become and would love the opportunity to sit down and share more of our hearts and ideas.

Regan currently holds his General Contractors license through the cities of Golden and Denver. He started in the construction industry framing houses at sixteen and continued through college. He later moved on to work for several companies remodeling and flipping homes before starting his own company, Foster Design. He went on to design and build furniture while exploring new ways to build with different materials such as copper, concrete, steel and reclaimed wood (FosterDesignDenver.com). Regan has renovated homes for many years and just finished building a new duplex in the Highlands neighborhood. In 2016, we built our own home out of nine shipping containers, a unique approach that has found our home featured in publications all over the world, most recently in Dwell Magazine. Our most recent adventure was purchasing Golden’s very own Dove Inn at the end of 2017. Following are summaries and photos of outcomes for recent projects.

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Above photos are examples of pieces produced by Foster Designs, Regan’s furniture and home goods production freelance work.

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The Dove Inn We purchased the Inn in November 2017 and did a full renovation.

The Inn had gone through several low-end remodels which left the 1866 home stripped of its original Victorian details. When we first looked at the Inn our ideas took us to a style that mixed both modern amenities and functionality with Victorian finish work. We added panel molding, crown molding and dimensional trim, most of which was milled in our wood shop. It was very important to us to bring this historic home back to its roots.

People’s values are changing and it’s clear that they are wanting new experiences in their travels. The hotel industry is in a major disruption with a new generation that wants autonomy and freedom but wants to stay in unique places that can also feel like home. This is why Airbnb is now the largest hotel company in the world and they don’t own a single hotel. We have brought some innovative ideas to the Inn, making people feel more at home, giving them the freedom to use the facilities at their leisure. * Financials available upon request Visit our web site at DoveInn.com, or check out some of our media coverage at: 5280 magazine, Luxury Travel Magazine

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5200 Wyandot St. We built this 9-shipping container house in 2016. It is our current residence, but we also rent out the entire house on Airbnb. As we’ve gotten more and more publicity, more and more people want to rent the space.

Regan designed, contracted and built the house with the help of several others over a year’s time. The house is 4,000 sq. ft with 7 bedrooms and 5 bathrooms and sleeps 12 people. Libby’s Mom currently lives in the attached mother-in-law apartment.

As this is our home, we really wanted to build something unique and creative but more importantly, we wanted to build a space that was designed to host gatherings as community and connection with friends and family is very important to us.

Our home was featured in Dwell magazine!

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The living room, dining room and kitchen all have an open, spacious feel that is great for hosting people, with a large island for cooking and a 20 ft. sliding glass wall that opens to the back patio and yard. We have hosted fundraisers, master mind groups and corporate parties with companies and organizations like Uber, Basil Hayden’s (see video) and CrossPurpose. People are excited about creative spaces to be inspired in and to meet humanity’s common need for connection.

Reading on the digital version? Click here to watch a video produced during a Basil Hayden’s “Bourbon in Residence” event at our home.

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* Financials available upon request Check out articles about our home in Dwell Magazine and The Denver Post!

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4134 / 4136 Lipan In July of 2017 Regan and a partner started the process to build a duplex located in the Highlands neighborhood of Denver.

Each unit is 2,500 sq. ft., three floors, has a rooftop patio, four bedrooms and three and a half baths.

Our hope with this modern duplex was to build something more exciting than your average duplex and use our design expertise, construcktion know-how, and extreme attention to detail to build unique and intimate homes.

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We intentionally designed the first-floor layout to be a space that could host people and we maximized the space for functionality. We added fun and creative elements like the floating stair case, soaking tubs and unique fixtures. * Financials available upon request

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E. Financials Attached beginning on page 27 is our business plan and five-year pro-forma. We believe this building has incredible potential. We would like to sit down and have a round table discussion on what the hopes are from the city and how we can partner in a way that will bring the best value to the city, our family, and the community. After running the numbers for the repair and operating costs, in order to make this vision sustainable for both parties, our request would be to have the Astor House donated or sold at a price that would recoup the costs that the city has already put into it. So much of the purchase price depends on what the end result turns out to be, how thoroughly we want the building to be refurbished, whether the city wants to be involved, and how much the DDA would be able to assist in the project. Financing would ideally be obtained from a local lender in Golden as we want to continue in our theme of integrating local contribution. Our last resort would be private financing through investors with whom we have already worked. They have been briefed on the project and are on board with the idea.

While we have what we believe is a unique and viable vision for the Astor House, our plans are not set in stone and we would welcome input from the committee. Above all we want the Astor House to become a special place that will be enjoyed for decades to come by our community here in Golden and visitors alike.

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F. Preservation Plan Our vision for the Astor House is to preserve its history and architecture as much as possible while bringing the utilities and functionality up to today’s standards. We want the second floor to remain a hotel, honoring the building’s roots. Of course, we will bring in unique and creative ideas around how the hospitality is implemented. The exterior of the house would remain the same, but we would renew some aspects that need updating like paint, windows, decks, landscaping and anything else that needs to be repaired. The interior utilities, plumbing, electrical and HVAC will all be updated to code or better. We would need to re-frame all new walls, add insulation, install wood floors where needed, construct a new kitchen, restore the stairs, add sound proofing, add drywall, paint and finish details. We would love to partner with the Golden History Museum to help maintain the original, historic character of the building as we believe their docents will have a good picture of applicable period pieces to use.

Estimated time for rehab would be six to eight months after purchase and permits are obtained.

We would like to support the community as much as possible allowing any local contractors the opportunity to be a part of the project. Our estimated repair costs are around $1.8M. See attached budget on page 27 for repair costs.

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Business Plan Description of Business The Astor House was built is 1867 and was operated as a boarding house for miners, lawmakers, and travelers alike. The city of Golden currently owns the structure and is looking for creative ways to revitalize the Astor House, bringing the city of Golden and tourists a new and innovative business that also compliments the history of the city and the future of downtown Golden. Golden is a beautiful destination spot in Colorado and we see the Astor House as an integral piece of that destination. Our vision for the Astor House would have three separate parts offering a variety of value to locals and traveling enthusiasts. The three parts would consist of Revive, the Nest and the Oasis.

We believe the world of hospitality and recreation is being transformed as people are desiring a fresh, creative, and unique experience while they travel.

We want to bring these innovative ideas to every aspect of the Astor House. It is critical to know the answers to questions like: What do people desire when traveling? In what direction is the hospitality industry moving? How do we implement new ideas in such a way that Golden will be on the cutting edge of this growing industry?

Airbnb has become the largest hotel company in the world. The company was able to think outside the box and innovate their approach to hospitality. It is this kind of thinking that we believe could make the Astor House unique, as well as an incredible asset to the city of Golden.

The first element of the Astor House is Revive, to be located on the buildings first floor as the most ideal place to serve the community. We want the first floor to be a place that is open to the public so they can enjoy the incredible history the Astor House has to offer. Our vision is to be more than a bar or restaurant. Our exploratory phase birthed the idea of Revive and stemmed from our passion for outdoor recreation, health and connecting with others.

We want the space to be a place that other local businesses are excited about and can benefit from. Our vision is to have a fresh juice bar, which would include local coffee and potentially aperitifs, integrating all elements together to form unique drinks that offer nutrition and beauty. We would like to partner with local farmers to create small plate options that don’t require a full kitchen. We would also support other local pastry/sweet shops and coffee roasters. There would be tables throughout the main floor and a doorway leading back to the northwest corner of the building for an outdoor patio.

Another idea that we’d like to explore is a state-of-the-art renewal facility. As the more progressive element of Revive, our hope is to integrate recovery technology to help facilitate healing and health to locals and tourists. This renewal would be for body and mind, targeting a wide range of visitors from the extreme athlete, to the CEO, to the stay at home mom. This could be of massive value to our local outdoor community and to tourists visiting Colorado. Some options for the recovery facility are Cryotherapy, Red Light Therapy, a Hyperbaric Chamber, and an Oxygen Trainer (see Exhibit A on page 33). The emphasis would be on health and education, while creating a space that is designed with architectural elements that are pleasing to the eye, thus creating inspiration and good vibes.

The second element of our plan is the Nest, to be located on the second floor. The Nest is where we would bring the history of the Astor House back to life. Our vision is to have several different levels of accommodations, ranging from a high-end suite to hostel style bunks. There are several reasons why this element of our vision for The Astor House excites us. As we indicated earlier, we believe that the hospitality industry is currently being transformed, Foster Proposal November 12, 2018

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creating a massive shift in the way people are wanting to travel. Travelers want something creative, different, inspiring, and ultimately affordable. We think that putting a high-end spin on the hostel style of stay would be an exciting reason to visit. We also see this as being an alternative for adventureseeking people who want to come to Golden and experience our vast opportunities for outdoor recreation, but also need flexibility in terms of cost.

Our vision for the bunks is high-end hostel style beds that offer full privacy. The bunks will be lockable and soundproof. The guest will be offered comfort, security, and cleanliness at an affordable price. The bunks would support both a full-size bed and a twin, have room for TV’s and a place to put a suitcase. There would be multiple private bathrooms with full amenities for individual privacy. We plan to use innovative practices that would allow our guests to have a more streamlined and relaxing stay.

The third element is called the Oasis, which is the outdoor space at the Astor House. It boasts gorgeous views of the mountains and is a great size for gatherings. The Oasis deserves to be designed in a way that offers amazing value to locals and travelers looking to celebrate life. We envision the back yard as being a beautiful and peaceful place to visit, with a large gazebo built with unique architectural design, and landscaping throughout. This will create a “secret garden� feel that can be utilized in all four seasons. The back area will be rentable for parties such as weddings, birthdays, reunions, etc., or available for community use. When the Oasis is not rented it would be open to the public. People can come to read, have a picnic, bring their families or just relax. It would also support community, connection and fun through hosting open events like concerts, dances, movies, work-outs, yoga, speakers, etc. An outdoor gathering spot for all ages could highly impact the community life of downtown Golden and we think our creative design would facilitate this.

Products and Services The Astor House could be a spot for local businesses to collaborate to accomplish the same Heart and Soul community values. Our products and services would consist of lodging and an open space in the back yard for all people to enjoy and that is available for rent. In addition, product offerings on the first floor would be determined at a later date, but would consist of locally sourced food, coffee, pastries, and any other products that align with our brand.

People will be welcomed to socialize and connect with others inside, as well as on the outside patio. We are also excited about serving the community with state-of-the-art renewal technology.

Future: Our hope in transforming the Astor house is to continue to grow and innovate, constantly looking for ways to add more value to the local community, and serve tourists by restructuring our vision and direction as needed. We want to maintain fluidity, in order to consistently collaborate with others, while keeping things fresh and relevant. We understand the recovery facility is a relatively new concept, and hope to start small and see how people respond to it. If people are excited, and there is a good market, we hope to expand as needed to further serve the public.

Management, Personnel and Background At this time, Libby and Regan Foster are the only owners. We are open to any form of partnership with the city or private investors if needed, and would love to see what other creative minds could do when we collaborate.

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Libby will be the on-site management and event planning coordinator at the start. As the job description forms we would hire out the position. She currently oversees day-to-day operations at the Dove Inn, managing our three employees. She is currently transitioning these responsibilities to our manager. She answers all questions and concerns from guests, making sure everything is running smoothly. Libby’s education background is in veterinary medicine. She has worked in customer service since she was a teenager. Regan will be in charge of marketing, strategic planning, construction, and onsite management. Regan has worked in and managed construction sites for over sixteen years. He also owns his own construction company and has his General Contractor license. Regan also has experience as a firefighter for the city of Aurora.

Outside advisors will be interviewed and hired once the offer is accepted. We believe wise council is crucial to a successful business. We would like to start an advisory board which would help uphold our vision, and keep us connected to the Heart and Soul Community Values. The advisory board will also help us explore new and innovative ideas. We plan to keep full time employees on staff.

Location The Astor House is located in the downtown area of Golden, CO. The Astor House would host people from around the world, as it is a landmark to the city. It is located one building off of Washington Street, which is the main street with all the local shops and restaurants. It is located within walking distance of Clear Creek and Coors Brewery. It is a short drive from several well-known hiking trails, giving it an incredible location for a small and unique business.

Methods of Financial Record Keeping Once the offer is accepted, we will use our current bookkeeper, Claire Beland, and accountant, Go Figure Group to do budgeting, financial reviews, taxes, and payroll. Libby and Regan Foster will handle all scheduling until a website can be developed to manage our booking needs.

Insurance We plan to have full coverage on the business and building. All insurance will be reviewed upon acceptance of offer. Our insurance broker is Tina Kiel, with Denver West Insurance Brokers. We have already spoken to her about the city’s request to have insurance, including but not limited to, Commercial General Liability with a single limit of $3,000,000 per occurrence, automobile liability with a minimum $600,000 limit, workers compensation, and risk insurance for replacement value of city-owned equipment and personal property.

Industry Profile and Trends The economic environment is very diverse for the city of Golden. There is a strong tourist attraction to the outdoor culture, including mountain biking, trail running and hiking, water sports on the Clear Creek, shopping on the main strip, and numerous breweries. There is also consistent travel that comes from Coors brewery, CoorsTek and professors and parents from Colorado School of Mines. We plan to market ourselves to all demographics with the hopes of offering a clean, friendly and restful place to recover from all the activities in the city of Golden. The city of Golden hopes to diversify and create an environment that is welcoming to all demographics and we will do everything we can to work in that direction, as this is of highest priority to us as well. The city of Golden’s Economic Development Demographics web page shows a high number of tourists coming to Golden annually. We would love to be part of the reason that people are excited to visit Golden from around the corner to around the world.

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Marketing Plan All three components of our Astor House proposal - Revive, the Nest, and the Oasis - would be given their own brand treatments, logos, and general feeling of advertising. We have developed a relationship with BLKDG, a digital production and branding agency based locally, that we worked with for branding and search engine optimization strategies for our other property, The Dove Inn. We know that first impressions are crucial to a business, which is why making a brand is so important. Revive would likely employ a strategy of targeting the local Golden community as a new, healthy, communityfocused place to gather. For the recovery facility, we would reach out to local cycling and triathlon groups, as well as partner with some of the national races that come through the front range.

Marketing the Nest would be familiar territory for us as we have already made amazing contacts in the hospitality industry and have launched a marketing plan for The Dove Inn. We work with online booking engines, social media influencers, and PR contractors to ensure The Dove Inn is a sought-after and recognized place to stay. We would utilize much of the same approach for The Astor House.

As for the Oasis, we have consulted with wedding and event planners who would be thrilled to have a unique venue right in the heart of Golden to host events. We have also have relationships with photographers and have hosted a number of special events, small concerts, and community fundraisers both at The Dove Inn and at our property in Denver. We believe these already-established contacts will be a great help in getting a jump start in marketing the Astor House.

Additional Personnel We will hire a full-time manager to oversee all aspects of the Astor House. We would also need three to four additional employees that could work nights, as we would want to have staff 24/7.

5-year Pro-forma See page 31.

Yearly expenses See page 32.

Growth Plans We will run the Astor House as described until future growth requires new strategies. We will continue to strive to be on the cutting edge of the small business, hospitality, and renewal technology industries.

Financing Options Upon acceptance of offer we will secure financing for the project. We prefer to keep the financing local, as it is important to keep investing in the Golden community. We have had several other projects funded of similar value through traditional banks, and private funding. We have had preliminary discussions with potential financial partners, and all have expressed great interest in this project.

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Astor House Budget 3,000

square feet (finished)

Div. 1

$1,534,914

construction budget

$29,000

site conditions/ supplies

$244,000

GC / management fee

General Conditions

$138,484

general conditions

$1,396,430 hard costs

$1,807,914 Total budget

Site/office Supplies

Project Management

01-36

Safety supplies

$3,500.00

01-01

01-37

Water (consumption)

$2,200.00

01-02

Contracting fees

$130,000.00

01-38

Electric consumption

$4,000.00

01-03

Project Management

$50,000.00

01-40

Storage

$4,000.00

01-04

Bookkeeper

$5,000.00

Subtotal

$10,200.00

01-05

Accountant

$5,000.00

Contingency, Fee

01-06

Additional Skilled labor

$20,000.00

01-53

GC additional permit fee

$8,000.00

01-07

Contracts/legal

$14,000.00

Water tap fee

$100,188.00

01-09

Design Assist

$20,000.00

Sewer tap fee

$25,296.00

Road Closures

$5,000.00

Subtotal

$138,484.00

01-10 01-11

Total

$244,000.00 Div. 2

Site Conditions

Existing Conditions Tree removal

$1,500.00

01-20

Temp fencing/ sidewalk protection

$5,000.00

Site Survey

$2,500.00

01-21

Temp toilets

$1,500.00

Demolition

$7,000.00

01-23

Temp barricades/signage

$2,000.00

Unforeseen conditions (sub-surface)

$5,000.00

01-25

Temp protection/security

$2,000.00

Subtotal

$16,000.00

01-28

Dumpsters

$4,000.00

01-31

Site clean up

$2,000.00

Slab on grade

$8,000.00

01-32

Final clean

$2,500.00

Interior flatwork

$-

01-35

Temp/punch labor

$10,000.00

Subtotal

$8,000.00

Subtotal

$29,000.00

Foster Proposal November 12, 2018

Div. 3

Concrete

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Div. 4

Div. 5

Div. 6

Div. 7

Masonry

Div. 8

Openings

Brick/stone repair

$8,000.00

Exterior doors

$5,500.00

Stone/cast stone

$1,000.00

Interior doors

$6,000.00

Scaffolding

$1,500.00

Windows

$45,000.00

Subtotal

$10,500.00

Storefront

$4,000.00

Door hardware

$5,000.00

Metals Permanent steel site fencing

$6,000.00

Glazing

$30,000.00

Metal Stairs

$25,000.00

Mirrors

$3,200.00

Awnings/canopies/trellises

$12,500.00

Subtotal

$98,700.00

Elevator/conveyance

???

Subtotal

$43,500.00

Div. 9

Woods, Plastics, Composites

Finishes Gypsum board

$25,400.00

Tile

$8,800.00

Rough Carpentry

$6,000.00

Tile installation

$14,800.00

Infill framing, soffits, drops

$4,000.00

Wood flooring

$29,230.00

Rehab Stairs

$5,500.00

Tile carpeting

$2,000.00

Siding

$9,500.00

Wall coverings

$8,000.00

Interior finish carpentry

$145,000.00

Exterior painting

$10,000.00

Trim package

$11,000.00

Interior painting

$17,800.00

Architectural woodwork

$18,000.00

Subtotal

$116,030.00

Exterior decks

$10,800.00

Subtotal

$209,800.00

Div. 10

Thermal and Moisture Protection Foundation drainage

Pending further assessment

Fire stop

$3,000.00

Acoustic sealants

$35,000.00

Subtotal

$38,000.00

Foster Proposal November 12, 2018

Div. 11

Specialties Signage

$6,000.00

Toilet and bath accessories

$4,000.00

Tub and Shower enclosures

$25,000.00

Fire Extinguishers

$2,000.00

Subtotal

$37,000.00

Equipment Appliances

$35,000.00

Revive equipment

$100,000.00

Subtotal

$135,000.00

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Div. 12

Div. 21

Div. 22

Div. 23

Furnishings

Div. 26

Electrical

Casework

$6,000.00

Underground/trenching

$2,000.00

Casework labor

$45,000.00

$8,800.00

Countertops

$18,000.00

Electrical gear: switchboards, panelboards, metering

Window treatments

$4,500.00

$32,000.00

Furniture

$72,000.00

Wiring, communications, intelligent lighting

Subtotal

$145,500.00

Electrical trim

$2,000.00

Lighting

$35,000.00

Low voltage

$2,200.00

Fire Alarm

$6,200.00

Solar

???

Subtotal

$88,200.00

Fire Suppression Fire sprinkler system

$25,000.00

Subtotal

$25,000.00

Plumbing water tap and sewer replacement

$60,000.00

Drain, waste, vent

$12,000.00

Hot/cold water

$13,500.00

Plumbing fixtures

$16,000.00

Natural gas piping

$4,500.00

Sewer main

???

Kitchen/Bath faucets

$6,500.00

Sinks

$4,000.00

Subtotal

$116,500.00

Heating, Ventilating, Conditioning

and

Air

Div. 32

Ducting

$8,000.00

Refrigerant piping

$4,000.00

Exhaust and supply fans

$2,800.00

Hot water heater

$8,000.00

Furnace

$16,000.00

Air conditioner

$6,000.00

Louvers, grills, registers, diffusers

$3,500.00

Subtotal

$48,300.00

Foster Proposal November 12, 2018

Div. 31

Misc.

Architectual drawings

$12,000.00

Engineering drawings

$5,200.00

Branding/Logo design

$5,000.00

Website

$21,000.00

Kitchen/cleaning supplies

$8,000.00

Computers,Audio, Video

$18,000.00

Decorations

$22,000.00

Subtotal

$91,200.00

Exterior Improvements Flatwork

$10,000.00

Landscape pavers/paving

$4,200.00

Gazebo

$75,000.00

Landscape fencing

$8,000.00

Planting irrigation

$7,000.00

Bike racks

$6,000.00

Electrical/plumbing

$12,500.00

Landscape

$28,000.00

Planting

$18,500.00

Subtotal

$169,200.00

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Div. 33

Utilities Water distribution mains

???

Sanitary sewer

???

Storm drain

???

Electrical (permanent power)

???

Gas main

???

Subtotal

$-

Foster Proposal November 12, 2018

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Astor House 5-year Pro Forma * Yearly Gross Income: 60% Occupancy * Based on $0 purchase price + $1.8M rehab costs at 6% interest on a 30year loan The Nest

50%

60%

70%

70%

70%

Number of rooms

Rates

year 1 Income

year 2

year 3

year 4

year 5

Full size Bunk Beds: 6

$85

$93,075

$111,690

$130,305

$130,305

$130,305

Twin Size bunk beds: 10

$65

$118,625

142,350

$166,075

$166,075

$166,075

Mid tier: 2

$110

$40,150

48,180

$56,210

$56,210

$56,210

Upper tier: 2

$155

$56,575

67,890

$79,205

$79,205

$79,205

Honeymoon suite: 1

$215

$39,237

47,085

$54,932

$54,932

$54,932

Number of nights rented

Rates

Annual income

4 nights on average a month

6 hr rental: $2,500

$120,000

132,000

144,000

156,000

168,000

Lease agreement

Monthly Rate

Annual income

365 days

$3,000

$36,000

36,000

36,000

36,000

36,000

monthly income

annual income

2,500

30,000

40,000

50,000

50,000

50,000

$533,662

$625,195

$716,727

$728,727

740,727

The Oasis

Revive CafĂŠ

Revive facility Equipment used Total Gross Income: Total Annual Expenses:

$330,000

Annual debt Service

$132,000

Total expenses

$462,000

30 yr amortization at 6%= $11,000

Annual Net Cash Flow

$71,662

$163,195

$254,727

$266,727

$278,727

Cap Rate= total gross income - total annual expense / 1.8M

11.30%

16.30%

21.40%

22.10%

25.20%

Foster Proposal November 12, 2018

31 of 38

Astor House Expenses Monthly

Annually

Employees

$15,800

$189,600

Insurance

$2,500

$30,000

Utilities

$1,500

$18,000

Maintenance/repair

$800

$9,600

Payroll services

$350

$4,200

Acounting

$400

$4,800

Workers Comp

$450

$5,400

Taxes

$800

$9,600

Internet/Phone

$500

$6,000

Advertising/Marketing

$2,000

$24,000

Inn Supplies

$2,000

$24,000

Landscaping/Maintenance

$400

$4,800

Total expense:

$27,500

$330,000

Debt Service: 1.8M @ 6%

$11,000

$132,000 $462,000

Total:

Foster Proposal November 12, 2018

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Exhibit A Biohack, in reference to Renewal Technology (verb, noun): (v): To use a range of processes or technology to improve your mind and body, in order to perform at your best. (n): The art and science of manipulating nutrition, fitness and lifestyle to improve health and cognitive function.

Cryotherapy uses -200 degree liquid nitrogen to cool a tube like chamber and can increase fat burning and boost your immune system, it can also decrease inflammation and improve your mood. A person would stand in the chamber for 2-4 minutes.

Red Light Therapy can promote muscle recovery, decrease inflammation and boost mitochondrial function. There are many ways to be exposed to these red light wavelengths, including laying in a tanning style bed or standing in front of a light attached to the wall.

Oxygen Trainer is a mask worn during exercise that supplies or limits oxygen intake in order to help maximize oxygen utilization and diffusion deep into your tissues. It can also be used for altitude acclimatization.

Hyperbaric Chamber is a pressurized room or tube in which someone would breathe 100% oxygen. It offers an increase in blood oxygen temporarily restoring normal levels of blood gases and tissue function to promote healing.

Foster Proposal November 12, 2018

33 of 38

November 12, 2018

Foster Proposal

Adam Hawk Executive Coach/Organizational Development Consultant Resources for Leading www.resourcesforleading.com

Sincerely,

34 of 38

Having exposure to Regan and Libby’s other projects and studied their proposal I would expect the City of Golden to be incredibly pleased with what will come to life through their work on the Astor House. I would highly recommend Regan and Libby on integrity alone, but along with their proven capacity to create amazing spaces their integrity only adds to their incredible credentials. Welcoming community through wellness, rest, connection and celebration in the Astor House will be a gift Regan and Libby provide to all who pass through the Astor House doors.

As an Executive Coach and Organizational Development Consultant I work with entrepreneurs, executive teams and individuals in leadership roles across the country. Having worked with leaders everywhere from the largest companies in the world to entrepreneurial startups I’ve found each endeavor has different requirements. I work with those who have created opportunities from the ground up and have found it takes a unique blend of vision, creativity and a high level of execution. Rarely do all those traits fall in one team, but Regan and Libby together bring that package to life. They have an incredible capacity to conceptualize an end product as well as the path it takes to get there. They bring to life projects and enterprises with impeccable design as well as operational efficiencies. Their drive to do things well from start to finish uniquely equips them to take on a project such as the Astor House.

The Astor House creates an incredible opportunity for the City of Golden to further its reach to its community and passers-through. When Golden’s history meets today’s innovative society we find unique opportunities to connect Golden’s past with our ever changing today. Regan and Libby Foster are uniquely gifted in their ability to conceptualize into the future while honoring the past. They have already done it with The Dove Inn where they’ve melded vintage taste with leading hospitality innovation. Their eye for design, ability to craft unique spaces and offer the community something unlike anything else is second to none.

To Whom It May Concern,

City of Golden 1000 Tenth Street Golden, CO 80401

November 12, 2018

Letters of recommendation

Owner

November 12, 2018

Foster Proposal

Claire Beland, MBA

Sincerely,

35 of 38

Regan & Libby are fully involved in every aspect of the business and while the Dove Inn website, marketing & booking options are digitally state of the art, the Fosters maintain an old fashioned, hands-on operational involvement, including staying on top of financial statement analysis. These business owners do not cut corners, as is evidenced by the quality of design & workmanship in their restoration of the Dove Inn. They also do everything “by the book” in terms of permits/inspections/employment laws, immediately putting the initial contract workers on outsourced payroll. This family embodies the business ethics and lifestyle values we all desire for the city of Golden!

It’s rare that you come across a business owner that is such an asset to the local community, concerned with making a positive impact on the quality of life and health of the local economy, as well as achieving personal success. I met the Fosters late in 2017 when they purchased the Dove Inn from the Padillas as I was the accountant for the Inn. They retained me to continue handling the monthly accounting, financial reporting & sales tax for the Dove Inn under the new ownership. I hesitated initially because of my full client load but was so impressed with Regan’s vision for the historic landmark and strong desire to source goods & services locally to the extent possible, that I agreed to be a part of their team. Regan continues to purchase/hire locally, right down to the kombucha he provides on tap for guests & the breakfast selections purchased from Café 13.

In addition to the enormous respect I have for the Fosters as business owners, we quickly bonded over a shared unwavering focus on health, fitness & the outdoor Colorado lifestyle including mountain biking & skiing.

Dear City of Golden,

City of Golden Astor House Historical Committee

Nov 11, 2018

303.216.2033 claire@applewoodbiz.com

Applewood Business Services LLC Golden, Colorado 80401

November 12, 2018

Foster Proposal

Regards, Peter Musser 303-502-0086 Allsion Musser 303-502-0087

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We would be happy to speak more about our thoughts or elaborate on anything. Please do not hesitate to contact us.

We are thrilled with the prospect of having the Fosters vision for the Astor house come to fruition. We know we would be frequenting there often and there is no one we would recommend more highly to execute this endeavor.

The Fosters have the experience, skills, and connections to make this project a reality.

Our faith in them is more than lip service as we personally invested in another one of their recent development projects. In addition to their practical experience and skills, which speak for themselves, there are some aspects of their character that will have an even greater contribution to their success. These being their passion for personal growth and integrity. As long as we have known the Fosters there has been a constant dialogue about what they are currently learning and how they are pursuing excellence in all aspects of their lives from business to family life to community contribution.

The Fosters have shared in depth with us their plans for the historic Astor house in Golden and we couldn’t be more enthused about their vision and goals for the project.

As Golden residents we feel their plans will bring a new and unique vibrancy to downtown Golden while maintaining its historical roots. By creating the spaces of Revive, Nest and Oasis the Fosters will be meeting the needs and desires of not only community members of all ages but also individuals that will travel to Golden to participate in a one of a kind experience. What the Fosters hope to achieve with the Astor house incorporates our personal values of health and community. These are values shared by so many Golden individuals and families.

It is with great pleasure and excitement that we write this reference for Regan and Libby Foster. We have known the Fosters for over 10 years. During this time our families have grown close and we have been able walk with the Fosters through their many projects and entrepreneur pursuits.

To whom it may concern,

November 11, 2018

November 12, 2018

Foster Proposal

Sincerely, Caitlyn Georger caitlyn@thefamilycoop.com M: 970.309.2898

Thank you for your time and consideration. Please contact me should you have any questions.

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Golden is my home by choice. My husband and I moved here from Aspen four years ago to launch a software business, and we purchased our first home in Pleasant View three years ago, just before our first son was born. Golden has trail access, a beautiful water way, a vibrant community of entrepreneurs, exciting events for the whole family and wonderful parks. What’s missing, is a physical space where families can gather, where kids can be themselves while parents exchange hardships over nourishing food and drink. The Historic Astor House, as envisioned by the Fosters, will bring this missing element to our special town, making Golden more welcoming and family friendly.

Beyond my professional interest in collaborating with the Fosters, I have known the enterprising couple for four years. During this time, I have watched them grow as individuals, partners and business owners in their pursuits of providing innovative options for housing and lodging in the Denver area. I am particularly fond of their work to modernize the Dove Inn last year, which compliments Golden’s budding downtown and brings a youthful presence to an aging building. I firmly believe the Fosters will put the same care, attention and vision into the Historic Astor House - maintaining the original feel of the building, while modernizing it to meet the needs of Golden’s growing population of young families and techies.

As a mama of two young boys, a resident of Golden and co-founder of The Family Co-Op, I am deeply supportive of the Foster’s proposal for a mixed use building in the heart of Golden. The Family Co-Op is a community resource dedicated to educating, nourishing and empowering the whole family. My colleagues and I are currently seeking a space in which we can grow our offerings to include support groups, movement and meditation classes, co-working, childcare and a treatment room. The Astor House, as envisioned by the Fosters, could be the ideal space for our business, as it’s accessible, multi-purpose and has a patio where children and families can breath in the fresh Golden air.

It is my honor to share my support of Regan and Libby Foster’s proposal to the City of Golden to purchase the Historic Astor House.

Dear Primary Project Representatives,

November 10, 2018

November 12, 2018

Foster Proposal

Forbes Cone

Sincerely,

these factors taken together demonstrate their unique ability to rehab the Astor House.

events, are involved in local initiatives and have invested a small fortune in the Dove Inn. All of

and identity. Lastly, many residents give lip service to ‘community’, but Regan and Libby plan

community, civic leaders and residents, to develop a proposal that reflects the towns priorities

community, they have sought input from a wide range of constituents, including the business

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remarkable and manifests their gifts as designers. Additionally, their finger is on the pulse of our

town. As the owners of the recently renovated Dove Inn, the transformation is nothing short of

This couple has a proven track record and are deeply invested in the long term future of our

refurbish and re-imagine the Astor House, give strong consideration to Regan and Libby Foster.

stick by which the 2030 vision will be evaluated. As this committee considers proposals to

A key landmark in Golden, the rehabilitation of the Astor House will be a significant measuring

progressive future, it is crucial to choose strategic partnerships that fulfill the 2030 vision.

decisions. As Golden considers the best compromise between the town’s historical roots and a

in Golden and I hope to raise them here, which compels me to care deeply about city planning

kids, I am increasingly anxious about the future of my beloved town. Both of my kids were born

As a prototypical Golden resident; an adventurous, 30-something-year-old, father of two young

that has invested in health, community, and purposeful growth.

after work drink. Fast forward a decade, and downtown Golden is now a thriving hub of activity

streets, drew tourists in search of a vacation trinket or Coors workers looking for a quick meal or

downtown. Only eight years ago, the store fronts along Washington Ave., and the adjacent side

As a resident of Golden since 2011, I have witnessed a dizzying transformation to the

October 28, 2018

City of Golden: Astor House Restoration Committee,

2312 Willow Creek Drive Golden, CO 80401 (720) 215-1253 forbes.cone@gmail.com

Letter of Support: Regan and Libby Foster