Status update 1/19/15

Good Afternoon Mr. Alcides,

We hope you had a nice holiday!

We have the following update for your stores:

We had some delays in submitting the plans for your first location due to a few contract changes and it's hard to work with some vendors during the holiday times.
The revised plans from the plan review comments from the city will be ready tomorrow, January 20 of 2016.
Once the General Contractor is able to review the new plans, make adjustments to his scope of work as needed, then he will be able to execute the Construction contract.
He will then be taking the revised plans to Spartanburg either tomorrow or Thursday. At that time he will be able to know the timetable for the permit to be ready.
Once we have a date for the permit, we will start construction. We have everything in line, Accounting, Equipment, and vendors have all been setup. If we need to send any Agreements for your signature, we will send it via Docusign as we've always done, keep a lookout for that.

As far as your second location, it has been a slow process, due to Starbucks being in the Center. As you can imagine, they have the power to dictate who stays and who leaves the Center, and their Lease has many exclusions and comments. We had the following update from our Leasing rep today:

"Thank you for your patience. I am sure that you understand the speed at which we have been trying to work is never fast enough in the ground up development game. What I am pleased to be able to tell you though, is that we have received building permits. We should start construction immediately upon signing the Starbucks lease. This process has taken much longer than we expected but it continues to progress each week. My guess (don’t quote me on it) is that we should have the space turned over to Highway 55 and Starbucks in 3rd of 4th quarter of this year. Please continue to be patient as we are almost at the finish line. Thanks."

We have requested many updates and while Starbucks is still negotiating the Lease, we have to wait.

We have started looking for other locations as a backup, however, we feel that this location is the best and even with this delay, it is the best option and your location will be successful. We dont want to lose a good spot.

Please bear with us as we diligently work towards building and opening your locations. We will be updating you more often as to timelines on both locations.

As always, do not hesitate to contact us should you have any questions or concerns, have a great day!

FranVest Team

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