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12. On or about February 18, 2005, UniDev provided a Supplemental Submission <br /> to their response to the RFP. <br /> 13. In UniDev's Supplemental Submission, it made the following factual <br /> statements: "I. This entire transaction can be structured such that the County, in its sole <br /> discretion, will have no continuing obligations or liabilities. ... 3. UniDev will provide, <br /> through our financing partners, 100% of the financing for this project; 4. UniDev's financing <br /> arrangements for this project will be non-recourse to the County..." <br /> 14. UniDev's Supplemental Submission also stated: "at the county's request, <br /> UniDev will structure its proposal so that the development of the Waikoloa site,as well as the <br /> appropriate use of the revenue stream to be generated using UniDev's proprietary financing <br /> model for workforce housing development, can be undertaken by a stand-alone, not-for-profit <br /> corporation that will exist wholly independently of the county government. <br /> 15. UniDev's Supplemental Submission also stated that "A percentage of <br /> UniDev's Owner's Representative fee will remain "at risk" until the third phase of financing <br /> (i.e.,the vertical construction financing) has been closed". <br /> 16. UniDev in its Supplemental Submission further stated: "UniDev brings 100% <br /> of the project financing to the table at each of the following phases: <br /> ° Predevelopment funding <br /> 'Infrastructure financing <br /> 'Vertical construction loan/bond financing". <br /> 17. Based on the representations made in UniDev's Response to Waikoloa <br /> Employee Housing Project Request for Proposals and Supplemental Submission, UniDev was <br /> awarded The Project suhject to negotiation of a master development agreement. <br /> 4 <br />