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BERSIN

PROPERTIES, LLC

IMMEDIATE RELEASE: February 4, 2014


On Friday, January 31, Bersin Properties submitted a proposal for


a comprehensive solution that will enable the project to move
forward. The solution provides for finalizing an Amended and
Restated PILOT Agreement that is essential to our being able to
obtain financing and begin construction. The Amended and
Restated PILOT, which has been negotiated with COMIDA
representatives, focuses on modifying dates to recognize the time
we have been prevented from obtaining financing as a result of
our prior lenders decision to stop funding during the Great
Recession and in violation of their loan agreement.

The Amended and Restated PILOT is being required to obtain
financing for the Project, said Jim Giuliano a partner in the
project.

The proposed solution provided for payment of $3,678,000 in
satisfaction of claims regarding the 1st and 2nd supplemental
milestone payments, payment of the 2014 Base PILOT Payment of
$392,000, and payment of other fees owed. To protect all taxing
jurisdictions, the Amended and Restated PILOT would not become
effective until Bersin pays all the aforementioned amounts. The
proposal also provided that the payments would be due no later
then six months from the time we get a conditional Amended and
Restated PILOT.

"We continue to hope we can all work together to find a solution
and begin creating jobs "

"However, the EICSDs intransigence with respect to the amount


and demands of upfront payment of monies without an Amended
and Restated PILOT is a classic catch 22 that is holding up the
project. "

"Further, the demand of the EICSD and Town of Irondequoit for
an additional $2.4 million in supplemental payments is a claim
not shared by COMIDA or the County. "

Over the life of the PILOT, it is estimated that the taxing
jurisdictions will be receiving fees and other payments exceeding
$30 million.

"The proposed solution aligns all parties towards completing
financing and beginning the project this year. "

"We have to remember that the primary goal is to get this project
started. Our proposal does that while protecting the rights of the
parties. The unfortunate issues simply evolve around timing of
payment and amount, both of which are simple to solve if the
parties are sincere in wanting to find a solution. "


Enclosure: Letter of January 31 to COMIDA, EICSD, and Town of
Irondequoit

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