BROWNFIELD PLAN # & 133, 135 and East Grand River Avenue and 200 Albert Avenue, East Lansing, Michigan 48823

Transcription

1 EAST LANSING BROWNFIELD REDEVELOPMENT AUTHORITY Center City District BROWNFIELD PLAN # & 133, 135 and East Grand River Avenue and 200 Albert Avenue, East Lansing, Michigan PREPARED BY East Lansing Brownfield Redevelopment Authority 410 Abbot Road East Lansing, Michigan Contact Person: Tim Dempsey Phone: (517) AKT Peerless 1000 S. Washington Avenue, Ste 104 Lansing, Michigan Contact Person: Bret Stuntz Phone: (248) PROJECT # REVISION DATE BRA APPROVAL CITY APPROVAL 12007b May 23, 2017 May 25, 2017

2 Table of Contents 1.0 INTRODUCTION GENERAL PROVISIONS DESCRIPTION OF ELIGIBLE PROPERTY (SECTION 13 (L)(H) BASIS OF ELIGIBILITY (SECTION 13 (1)(H), SECTION 2 (M)), SECTION 2(R) SUMMARY OF ELIGIBLE ACTIVITIES AND DESCRIPTION OF COSTS (SECTION 13 (1)(A),(B)) ESTIMATE OF CAPTURED TAXABLE VALUE AND TAX INCREMENT REVENUES (SECTION 13(1)(C)); IMPACT OF TAX INCREMENT FINANCING ON TAXING JURISDICTIONS (SECTION 13(1)(G), SECTION 2(EE)) PLAN OF FINANCING (SECTION 13(1)(D)); MAXIMUM AMOUNT OF INDEBTEDNESS (SECTION 13(1)(E)) DURATION OF BROWNFIELD PLAN (SECTION 13(1)(F)) EFFECTIVE DATE OF INCLUSION IN BROWNFIELD PLAN DISPLACEMENT/RELOCATION OF INDIVIDUALS ON ELIGIBLE PROPERTY (SECTION 13(1)(I-L)) LOCAL SITE REMEDIATION REVOLVING FUND ( LSRRF ) (SECTION 8, SECTION 13(1)(M)) OTHER INFORMATION... 9 ATTACHMENTS Attachment... Site Maps Figure 1 Scaled Property Locaton Map Figure 2 Eligible Property Boundary Map Figure 3 Site Map with Soil Results Exceeding MDEQ RCC Figure 4 Site Map with Groundwater Results Exceeding MDEQ RCC Atachment B... Legal Descripton Atachment C... Tables Table 1 Eligible Actvites Table 2 Tax Increment Revenue Estmates Table 3 Reimbursement Allocaton Schedule Atachment D...Basis for Transformatonal Designaton I

3 PROJECT SUMMARY PROJECT NAME ELIGIBLE PROPERTY LOCATION TYPE OF ELIGIBLE PROPERTY SUBJECT PROJECT DESCRIPTION Center City District - Redevelopment and Reuse of Properties Located a 125 & 133, 135 and East Grand River Avenue and 200 Albert Avenue, East Lansing, Michigan. The Eligible Property is located at 125 & 133, 135 and East Grand River Avenue and 200 Albert Avenue, East Lansing, Michigan. Parcel ID Numbers , , & , respectivel. Facility and Adjacent & Contiguou The Center City District (Project) consists of the redevelopment of the subject property, which is located at 125 & 133, 135 and East Grand River Avenue and 200 Albert Avenue in the heart of downtown East Lansing. The final plans for the redevelopment have not been completed. However, this Project will include the demoliton of the existng structures and surface parking lot and the constructon of a new mixed-use development offering commercial retail space, a mix of rental residental housing, integrated parking and streetscape. This Project will ultmately transform underutilied property to optmal economic use and will provide high-demand commercial and residental space in the City s downtown. In additon to the economic benefits of this development to East Lansing and the surrounding downtown including substantal public infrastructure improvements and façade improvements, environmental actvites are antcipated that would provide a safer and healthier downtown. The Project is seeking approval of Tax Increment Financing (TIF). Constructon is expected to begin in July of 2017, pending local and state approvals of economic incentive. BROWNFIELD PLAN #24 CENTER CITY DISTRICT, EAST LANSING, MI REVISION DATE: MAY 23, 2017 Page 1

4 ELIGIBLE ACTIVITIES DEVELOPER S ESTIMATED REIMBURSABLE COSTS MAXIMUM DURATION OF CAPTURE Baseline Environmental Assessment (BEA) Activitie {Phase I Environmental Site Assessment (ESA), Phase II ESAs, and BEA}, Due Care Actvites, Additonal Response Actvites, Prepararation a Brownfield Plan and Act 381 Work Plan, Demoliton, Lead and Asbestos Survey and Abatement, Site Preparaton and Infrastructure Improvements. $25,865,708 Est. Eligible Activiti $ 1,343,771 Contngency $28,777,559 Interest $55,987, years ESTIMATED TOTAL CAPITAL INVESTMENT $125 million INITIAL TAXABLE VALUE $1,543,104 BROWNFIELD PLAN #24 CENTER CITY DISTRICT, EAST LANSING, MI REVISION DATE: MAY 23, 2017 Page 2

5 LIST OF ACRONYMS AND DEFINITIONS BEA BFP OR PLAN ELBRA ELIGIBLE PROPERTY ESA LSRRF MDEQ MEDC MSF PHASE I ESA PHASE II ESA SUBJECT PROPERTY RCC TIF TIR Baseline Environmental Assessment (Michigan process to provide new property owners and/or operators with exemptions from environmental liability Brownfield Plan East Lansing Brownfield Redevelopment Authority Property for which eligible activities are intfied under a Brownfield Plan, referred to herein as the subject property. Environmental Site Assessment Local Site Remediation Revolving Fun Michigan Department of Environmental Quality Michigan Economic Development Corporatio Michigan Strategic Fund An environmental historical review and site inspection (no soil and/or groundwater sampling and analysis) Environmental subsurface investigation (includes soil soil gas, and/or groundwater sampling and analysis) The Eligible Property, located at 125 & 133, 135 and East Grand River Avenue, northwest of the intersecton of Bailey Street and East Grand River Avenue in East Lansing, Michigan; it comprises 4 parcels. Residential Cleanup Criteri Tax Increment Financing (TIF describes the process of using TIR i.e., TIF is the use of TIR to provide financial support to a project) Tax Increment Revenue (new property tax revenue, above base predevelopment revenue, usually due to redevelopment and improvement that is generated by a property after aproval of a Brownfield Plan) BROWNFIELD PLAN #24 CENTER CITY DISTRICT, EAST LANSING, MI REVISION DATE: MAY 23, 2017 Page 3

6 BROWNFIELD PLAN 125 & 133, 135 and East Grand River Avenue and 200 Albert Avenue, East Lansing, Michigan Introduction The City of East Lansing, Michigan (the City ), established the East Lansing Brownfield Redevelopment Authority (the Authority ) on August 28, 2000, pursuant to Michigan Public Act 381 of 1996, as amended ( Act 381 ). The primary purpose of Act 381 is to encourage the redevelopment of eligible property by providing economic incentves through tax increment financing for certain eligible actvites. The main purpose of this Brownfield Plan is to promote the redevelopment of and investment in the subject property. Inclusion of subject property within the Brownfield plan will facilitate financing of environmental response and other eligible actvites at the subject property, and will also provide tax incentves to eligible taxpayers willing to invest in revitaliiaton of the site, commonly referred to as a Brownfield. By facilitatng redevelopment of Brownfield propertes, Brownfield plans are intended to promote economic growth for the benefit of the residents of the City and all taxing units located within and benefited by the Authority. This Brownfield Plan is intended to apply to the subject property identfied in this Brownfield Plan and, if tax increment revenues are proposed to be captured from that subject property, to identfy and authorize the eligible actvites to be funded by such tax increment revenues. This Brownfield Plan is intended to be a living document, which may be modified or amended in accordance with the requirements of Act 381, as necessary to achieve the purposes of Act 381. The applicable sectons of Act 381 are noted throughout the Brownfield Plan for reference purposes. This Brownfield Plan contains informaton required by Secton 13(1) of Act General Provisions The following sections detail information required by Act Description of Eligible Property (Section 13 (l)(h) The Eligible Property (the subject property ) is located at 125 & 133, 135 and East Grand River Avenue and 200 Albert Avenue, in the northwest ¼ of Secton 18 (Township 4 North /Range 1 West) in East Lansing, Michigan. The subject property is situated south of the intersecton of Albert Avenue and Grove Street. The subject property consists of four parcels and approximately 2.02 acres. The subject property is located in an area of East Lansing (the City ) that is characterized by high-density commercial and residental propertes and is adjacent to the Michigan State University campus. The following table describes each parcel which comprises the subject property. See Atachment A, Figures 1 and 2 for maps of the subject property. BROWNFIELD PLAN #24 CENTER CITY DISTRICT, EAST LANSING, MI REVISION DATE: MAY 23, 2017 Page 4

7 Eligible Property Informatio Address Tax Identificatio Basis of Brownfield Approximate Number Eligibility Acreage 125 & 133 E. Grand River Adjacent and Contiguou E. Grand River Adjacent and Contiguou E. Grand River Facility/Adjacent and Contiguou Albert Facility 1.35 Total 2.02 The subject property is zoned City Center Commercial (B3). It currently contains a two-story, 15,768- square foot mixed-use commercial and residental building, a partal two-story, 7,346-square foot vacant commercial building, a two-story, 18,144-square foot mixed-use commercial and residental building, and a surface parking lot described as Lot 1 or Albert Avenue Parking Lot. The Center City District (the Project ) consists of the complete demoliton and redevelopment of the subject property. The final plans for the redevelopment have not been completed. However, this Project will include the demoliton of the existng development and constructon of a new mult-story mixed-use development offering approximately 45,789 square feet of retail space, 273 market rate apartments and 91 senior/actve adult housing (age 55 and up) units. The new development will also contain a multstory, publicly owned, operated and maintained parking deck, with an estmated 613 parking spaces. The Project will dramatcally transform this area of downtown East Lansing, returning an underutilized property back to productve use and providing high-demand commercial and residental space and parking. In additon, the Project includes substantal improvements to Albert Avenue to transform the area into a true pedestrian corridor with landscaping and other placemaking design features. Atachment A includes site maps of the Eligible Property; refer to Figure 1, Scaled Property Locaton Map and Figure 2, Eligible Property Boundary Map (which includes lot dimensions). The legal descriptons of the parcels included in the Eligible Property are presented in Atachment B. The parcels and all tangible real and personal property located thereon will comprise the Eligible Property, which is referred to herein as the subject property. 2.2 Basis of Eligibility (Section 13 (1)(h), Section 2 (m)), Section 2(r) The subject property is considered Eligible Property as defined by Act 381, Secton 2 because: (a) the subject property was previously utilied as a commercial and/or residentia property; (b) it is located within the City of East Lansing, a qualified local governmental unit, or Core Community under Act 381; (c) the parcels with addresses East Grand River Avenue and 200 Albert Avenue have each been determined to be a facility, and (d) the parcels with addresses , 125 & 133 and 135 East Grand River Avenue each qualify as being adjacent and contguous to a facility parcel. From as early as 1906, the subject property has been developed and used for residental and/or commercial uses. The existng buildings were constructed in 1923 (125 & 133 East Grand River Avenue), 1951 (135 East Grand River Avenue) and 1921 ( East Grand River Avenue). BROWNFIELD PLAN #24 CENTER CITY DISTRICT, EAST LANSING, MI REVISION DATE: MAY 23, 2017 Page 5

8 In October 2016, a Phase I Environmental Site Assessment (ESA) was completed for the subject property. According to the Phase I ESA, recognized environmental conditons (RECs) were identfied including previous subject property uses in the 1920s as printng operatons and an auto wash staton, knowno contaminants on adjacent propertes ( Ann Street/211 Albert Avenue to the north), and historical uses of an adjacent property (221 M.A.C. Avenue to the east) as a dry cleaner. To further investgate the RECs, AKT Peerless completed a Limited Phase II Environmental Site Assessment (ESA) on the subject property in January According to laboratory analytcal results of soil and groundwater samples collected on the subject property, chromium and benzene were detected in soil at concentratons above the Michigan Department of Environmental Quality (MDEQ) Residental Cleanup Criteria including Drinking Water Protecton (DWP) Criteria and Groundwater Surface Water Interface Protecton (GSIP) Criteria. Refer to Figure 3, Site Map with Soil Results Exceeding MDEQ RCC. In additio, concentratons of lead and benzene were detected in groundwater at concentratons exceeding MDEQ RCC including Drinking Water (DW) Criteria. Refer to Figure 4, Site Map with Groundwater Results Exceeding MDEQ RCC. Based on laboratory analytcal results, two parcels ( E. Grand River and 200 Albert) of the subject property meet the definiton of a facility, as defined in Part 201 of the Natural Resources and Environmental Protecton Act (NREPA), Michigan Public Act (PA) 451, 1994, as amended. The other two parcels (125 & 133 E. Grand River and 135 E. Grand River) are adjacent and contguous to the facility parcels; E. Grand River is also adjacent and contguous to 200 Albert. 2.3 Summary of Eligible Activities and Description of Costs (Section 13 (1)(a),(b)) The eligible activities that are intend to be carried out at the subject property are considered eligible actvites as defined by Sec 2 of Act 381, because they include BEA Actvites (Phase I ESA, Phase II ESAs, and BEA), due care actvites, additonal response actvites, preparaton of Brownfield and Act 381 work plans, lead and asbestos survey and abatement, demoliton site preparaton and infrastructure improvements (see Table 1). A summary of the eligible actvites and the estmated cost of each eligible actvitivintended to be paid for with Tax Increment Revenues from the subject property is shown in the table below. Estimated Reimbrsable Costs Description of Eligible Activity Estimated Cost* 1. BEA Activities $ 34, Due Care Activities $ 183, Additional Response Activities $ 17, Demolition $ 623, Lead and Asbestos Activities $ 128, Site Preparation $ 4,223, Infrastructure Improvements $ 20,620,309 Total Environmental and Non-Environmental Eligible Activities $ 25,830, % Contingency on Eligible Activities $ 1,343, Brownfield Plan & Act 381 WP Preparation Activities $ 35,000 Total Eligible Activities Cost with 6% Contingency $ 27,209,479 BROWNFIELD PLAN #24 CENTER CITY DISTRICT, EAST LANSING, MI REVISION DATE: MAY 23, 2017 Page 6

9 Description of Eligible Activity Estimated Cost* 10. Interest (calculated at 5%)** $ 28,777,559 Total Eligible Activities Cost with Contingency & Interest $ 55,987, BRA Administration Fee $ 450, State Revolving Fund $ 1,959,935 Total Eligible Costs for Reimbursement $ 58,396,973 *Estimated costs are subject to approval by MSF and MDEQ, if necessary for approval of school tax reimbursement. Any costs subject to approval by MSF and/or MDEQ but not approved by the MSF or MDEQ may become local only costs paid out of captured tax increment revenues from locally levied millages (to the extent available). **Interest is calculated at 5% using a conventional financing structure. A detailed breakout of the eligible activities and the estimated cost of each eligible activity intended to be paid for with a capture of 100% of the available tax increment revenues for 30 years (TIR) from the subject property is shown in Attachment C, Table 1. It is currently anticipated that construction will begin in July 2017 and be completed by March Proposed TIR capture and disbursement is outlined below: It is proposed that nonrecourse tax increment revenue bonds under Secton 17 of Act 381 will be issued and sold by the ELBRA to pay the costs of certain eligible actvites. TIR generated by the subject property will be captured by the ELBRA and used to reimburse the cost of the eligible actvites completed on the subject property afer approval of this Brownfield Plan and an associated Reimbursement Agreement and Bond Indenture. The Developer may be reimbursed for eligible actvites not financed by the Bonds with TIR subject to the terms of the Reimbursement Agreement and Bond Indenture. Payments will be made to the full extent incremental property tax revenues are or become available for such purposes under the Act. The costs listed in the table referenced above are estmated costs and may increase or decrease depending on the nature and extent of environmental contaminaton and other conditons encountered on the subject property. In additon, the interest cost referenced above is an estmate and may increase or decrease depending on the actual incurred eligible actvity costs and financing costs. However, under no circumstances may the total reimbursed costs for eligible actvites, contngency, and interest exceeed 55,396,973. The actual cost of those eligible actvites, contngency, and interest encompassed by this Brownfield Plan that will be financed with Bond proceeds or qualify for reimbursement from TIR of the ELBRA from the subject property shall be governed by the terms of a Reimbursement Agreement, or Bond Indenture or other document with the Authority. No costs of eligible actvites will be qualified except to the extent permited in accordance with this Plan and the terms and conditons of the Reimbursement Agreement or Bond Indenture. TIR may first be used to pay or reimburse administratve expenses described in the table above. The cost and list of eligible actvites must be approved by the MDEQ and the MSF, as applicable. In the e eventhat the use of school tax revenues is not approved by the MDEQ or MSF, as applicable, TIR will consist of local-only tax increment revenue (to the extent available). BROWNFIELD PLAN #24 CENTER CITY DISTRICT, EAST LANSING, MI REVISION DATE: MAY 23, 2017 Page 7

10 2.4 Estimate of Captured Taxable Value and Tax Increment Revenues (Section 13(1)(c)); Impact of Tax Increment Financing On Taxing Jurisdictions (Section 13(1)(g), Section 2(ee)) A table of estmated TIR to be captured is atached to this Brownfield Plan as Atachment C, Table 2. TIR capture is expected to begin in All reimbursement or payment of debt service will be in accordance with the Reimbursement Agreement or Bond Indenture. The total estmated cost of the eligible actvites and other costs (including administratve fees, contngency and interest) to be financed through the capture of TIR is projected to be $5,987,038. The estmated effectve base taxable value for this Brownfield Plan is 1,543,104, and is based on land and real property tax only. Redevelopment of the subject property is expected to initally generate incremental taxable value in 2020 with the first significant increase in taxable value of approximately $21,471,525 beginning in It is estmated that the Authority will capture the 2020 through 2049 TIR to make payments to the State Brownfield Redevelopment Fund, pay Authority administratve fees, pay debt service and/or reimburse the cost of the eligible actvites, and reimburse interest. An estmated schedule of TIR reimbursement is provided as Atachment C, Table 3. The captured incremental taxable value and associated TIR will be based on the actual increased taxable value from all taxable improvements on the subject property and the actual millage rates levied by the various taxing jurisdictons during each year of the plan, as shown in Atachment C, Tables 2 and 3. The actual TIR captured will be based on the taxable value set through the property assessment process by the local unit of government and equalized by the County and the millage rates set each year by the taxing jurisdictons. 2.5 Plan of Financing (Section 13(1)(d)); Maximum Amount of Indebtedness (Section 13(1)(e)) Certain eligible actvites are antcipated to be financed by the Bonds with TIR as a source to pay debt service. The ELBRA intends to issue the Bonds in accordance with Secton 17 of the Act. Further, the ELBRA will reimburse the proposed developer or Bond Trustee for the cost of approved eligible actvites, but only from TIR generated from the subject property as available, and subject to the Reimbursement Agreement and Bond Indenture. All reimbursements and payment of debt service authorized under this Brownfield Plan shall be governed by the Reimbursement Agreement and Bond Indenture. The inclusion of eligible actvites and estmates of costs to be reimbursed in this Brownfield Plan is intended to: (1) authorize the ELBRA to fund such reimbursements or otherwise use TIR for debt service on Bonds, the proceeds of which are used to fund eligible actvites; and (2) does not obligate the Authority to fund any reimbursement, issue any bonds, enter into a Bond Indenture or to enter into the Reimbursement Agreement providing for the reimbursement of any costs for which TIR may be captured under this Brownfield Plan, or which are permited to be reimbursed under this Brownfield Plan. The amount and source of any TIR that will be used for purposes authorized by this Brownfield Plan, and the terms and conditons for such use, will be provided solely under the Reimbursement Agreement or Bond Indenture contemplated by this Brownfield Plan. 2.6 Duration of Brownfield Plan (Section 13(1)(f)) In no event shall the duraton of the Brownfield Plan exceed 35 years following the date of the resoluton approving the Brownfield Plan, nor shall the duraton of the tax capture exceed the lesser of the period BROWNFIELD PLAN #24 CENTER CITY DISTRICT, EAST LANSING, MI REVISION DATE: MAY 23, 2017 Page 8

11 authorized under subsecton (4) and (5) of Secton 13 of Act 381 or 30 years. Further, in no event shall the beginning date of the capture of TIR be later than five years afer the date of the resoluton approving the Brownfield Plan. 2.7 Effective Date of Inclusion in Brownfield Plan The subject property will be included in a Brownfield Plan on the date this Brownfield Plan is approved by the City of East Lansing. The date of tax capture shall commence in the year when TIR becomes available (antcipated to be 2020), but the beginning date of tax capture shall not exceed five years beyond the date of the governing body resoluton approving the Brownfield Plan amendment. 2.8 Displacement/Relocation of Individuals on Eligible Property (Section 13(1)(i-l)) Existing leaseswill end before development actvites on the subject property commence. There will be no persons or businesses residing on the Eligible Property, and no occupied residences will be acquired or cleared; therefore there will be no displacement or relocaton of persons or businesses under this Brownfield Plan. 2.9 Local Site Remediation Revolving Fund ( LSRRF ) (Section 8, Section 13(1)(m)) The Authority has not established a Local Site Remediaton Revolving Fund (LSRRF) Other Information The tax capture breakdown of TIR antcipated to become available for use in this Brownfield Plan is summarized below. There are non-homestead mills available for capture, with school millage equaling mills (34%) and local millage equaling mills (66%). If the project will include homestead residental property, it is antcipated to be minimal and thus has not been incorporated into the TIR capture projecton. The requested tax capture for MSF and MDEQ eligible actvites breaks down as follows: Tax Capture Estmates Eligible Activities, Interest, State to Local Tax Capture Contingency MSF/MDEQ School tax capture (34.2%) $19,144,048 MSF/MDEQ Local tax capture (65.8%) $36,832,701 Local-Only tax capture $10,288 Total $55,987,038 BROWNFIELD PLAN #24 CENTER CITY DISTRICT, EAST LANSING, MI REVISION DATE: MAY 23, 2017 Page 9

12 A achments

13 A achment A Site Maps

14 EAST LANSINGQUADRANGLE MICHIGAN - INGHAM COUNTY 7.5 MINUTE SERIES (TOPOGRAPHIC) MILE FEET KILOMETER MICHIGAN QUADRANGLE LOCATION IMAGE TAKEN FROM 1970 U.S.G.S. TOPOGRAPHIC MAP PHOTOREVISED SCALED PROPERTY LOCATION MAP 200 ALBERT AVENUE, 125 & 133, 135, AND E GRAND RIVER AVENUE EAST LANSING, MICHIGAN PROJECT NUMBER : 12007B-2-20 DRAWN BY: ARR DATE: 12/21/2016 FIGURE 1

15

16 ABBOT ROAD ABBOT ROAD Benzene ABBOT ROAD E GRAND RIVER AVENUE E GRAND RIVER AVENUE PUBLIC ALLEY 200 ALBERT AVENUE (SURFACE PARKING LOT #1) 125 & 133 E GRAND RIVER AVENUE E GRAND RIVER AVENUE 135 E GRAND RIVER AVENUE AKT-5 AKT-4/TW AKT-2/TW AKT-6/TW AKT-3/TW AKT-8/TW AKT-8 (1-2') 12/20/ ug/kg (1) AKT-10 AKT-9 AKT-11 AKT-12 AKT-7/TW ALBERT AVENUE GROVE STREET AKT-1/TW MAC AVENUE Chromium, Total AKT-7 (5-6') 12/20/2016 8,100 ug/kg (2) Chromium, Total AKT-12 (4-5') 12/20/2016 6,900 ug/kg (2) LEGEND = PROPERTY LINE = PARCEL LINE = SOIL BORING Chromium, Total AKT-11 (4-5') 12/20/2016 5,600 ug/kg (2) = SOIL BORING/TEMPORARY MONITORING WELL CRITERIA NOTE (1) - Exceeds Residential Drinking Water Protection Criteria and RBSLs (2) - Exceeds Groundwater Surface Water Interface Protection Criteria and RBSLs AKTPEERLESS SITE MAP WITH SOIL RESULTS EXCEEDING MDEQ RCC 200 ALBERT AVENUE, 125 & 133, 135, AND E GRAND RIVER AVENUE EAST LANSING, MICHIGAN PROJECT NUMBER : 12007B-2-20 DRAWN BY: ARR/OGO DATE: 12/21/ SCALE: 1" = 60' 0 FIGURE 3

17 ABBOT ROAD ABBOT ROAD Benzene ABBOT ROAD E GRAND RIVER AVENUE E GRAND RIVER AVENUE PUBLIC ALLEY 200 ALBERT AVENUE (SURFACE PARKING LOT #1) 125 & 133 E GRAND RIVER AVENUE E GRAND RIVER AVENUE 133 E GRAND RIVER AVENUE AKT-5 AKT-4/TW AKT-2/TW AKT-6/TW AKT-3/TW AKT-8/TW AKT-8 (1-2') 12/20/ ug/kg (1) AKT-10 AKT-9 AKT-11 AKT-12 AKT-7/TW ALBERT AVENUE GROVE STREET AKT-1/TW MAC AVENUE Lead AKT-7/TW 12/20/ ug/l (1) LEGEND = PROPERTY LINE = PARCEL LINE = SOIL BORING = SOIL BORING/TEMPORARY MONITORING WELL CRITERIA NOTE (1) - Exceeds Residential Drinking Water Criteria AKTPEERLESS SITE MAP WITH GROUNDWATER RESULTS EXCEEDING MDEQ RCC 200 ALBERT AVENUE, 125 & 133, 135, AND E GRAND RIVER AVENUE EAST LANSING, MICHIGAN PROJECT NUMBER : 12007B-2-20 DRAWN BY: ARR/OGO DATE: 12/21/ SCALE: 1" = 60' 0 FIGURE 4

18 A achment B Legal Descrip on(s)

19 Record Details Ingham County AccessMyGov.com Page 1 of 2 9/22/ E GRAND RIVER AVE EAST LANSING, MI (Property Address) Parcel Number: Property Owner: HECHT MARVIN & LYNN (TRUST) Summary Information > Commercial/Industrial Building Summary > Assessed Value: $365,300 Taxable Value: $330,689 - Yr Built: # of Buildings: 1 - Total Sq.Ft.: 7,346 > Property Tax Information found Item 1 of 3 1 Image / 2 Sketches Access additional record information for a small convenience fee. * > Additional areas of information include: Delinquent Tax Information Show Purchase Options * Additional record information is free for all homeowners, click the 'Show Purchase Options' button for more information. Owner and Taxpayer Information Owner HECHT MARVIN & LYNN (TRUST) 4876 PINEVIEW CIR DELRAY BEACH, FL Taxpayer SEE OWNER INFORMATION General Information for Tax Year 2016 Property Class COMMERCIAL IMPROVED Unit CITY OF EAST LANSING School District EAST LANSING Assessed Value $365,300 MG Not Available Taxable Value $330,689 USER NUM IDX 0 State Equalized Value $365,300 USER ALPHA 1 Not Available Date of Last Name Change 08/25/2015 USER ALPHA 3 Not Available Notes Not Available Historical District Not Available Census Block Group Not Available USER ALPHA 2 Not Available Principal Residence Exemption Information Homestead Date Not Available Principal Residence Exemption June 1st Final % % % Previous Year Information Year MBOR Assessed Final SEV Final Taxable 2015 $374,900 $374,900 $329, $351,600 $351,600 $324, $319,400 $319,400 $319,400 Land Information Zoning Code B3 Total Acres Land Value $240,885 Land Improvements $0 Renaissance Zone No Renaissance Zone Expiration Date Not Available ECF Neighborhood 2020 INGHAM COMMERCIAL Mortgage Code Not Available DOWNTOWN Lot Dimensions/Comments Neighborhood Enterprise Zone No Lot(s) Frontage Depth No lots found. Total Frontage: 0.00 ft Average Depth: 0.00 ft Legal Description E 1/2 OF LOT 7 EXC S 3 FT & E 3 IN OF W 1/2 OF LOT 7 EXC S 3 FT COLLEGE GROVE

20 Record Details Ingham County AccessMyGov.com Page 2 of 2 9/22/2016 Land Division Act Information Date of Last Split/Combine Not Available Number of Splits Left 0 Date Form Filed Not Available Unallocated Div.s of Parent 0 Date Created Not Available Unallocated Div.s Transferred 0 Acreage of Parent 0.00 Rights Were Transferred Not Available Split Number 0 Courtesy Split Not Available Parent Parcel Not Available Sale History Sale Date Sale Price Instrument Grantor Grantee Terms of Sale Liber/Page 07/16/2015 $1.00 QC HECHT MARVIN HECHT MARVIN & LYNN (TRUST) NOT USED ECF Building Information sq ft Store, Retail (Commercial) Floor Area 7,346 sq ft Estimated TCV $489,635 Occupancy Store, Retail Class C Stories Above Ground 2 Average Story Height 14 ft Basement Wall Height 12 ft Year Built 1951 Year Remodeled 1986 Percent Complete 100% Heat Package Heating & Cooling Physical Percent Good 44% Functional Percent Good 100% Economic Percent Good 90% Effective Age 32 yrs **Disclaimer: BS&A Software provides AccessMyGov.com as a way for municipalities to display information online and is not responsible for the content or accuracy of the data herein. This data is provided for reference only and WITHOUT WARRANTY of any kind, expressed or inferred. Please contact your local municipality if you believe there are errors in the data. Copyright 2016 BS&A Software, Inc.

21 Record Details Ingham County AccessMyGov.com Page 1 of 2 9/22/ E GRAND RIVER AVE EAST LANSING, MI (Property Address) Parcel Number: Property Owner: KAY BAUM ASSOCIATES Summary Information > Commercial/Industrial Building Summary - Yr Built: # of Buildings: 1 - Total Sq.Ft.: 15,768 > Assessed Value: $648,600 Taxable Value: $593,244 > Property Tax Information found Item 1 of 4 2 Images / 2 Sketches Access additional record information for a small convenience fee. * > Additional areas of information include: Delinquent Tax Information Show Purchase Options * Additional record information is free for all homeowners, click the 'Show Purchase Options' button for more information. Owner and Taxpayer Information Owner KAY BAUM ASSOCIATES KERCHEVAL PLACE GROSSE POINTE, MI Taxpayer SEE OWNER INFORMATION General Information for Tax Year 2016 Property Class COMMERCIAL IMPROVED Unit CITY OF EAST LANSING School District EAST LANSING Assessed Value $648,600 MG Not Available Taxable Value $593,244 USER NUM IDX 0 State Equalized Value $648,600 USER ALPHA 1 Not Available Date of Last Name Change 05/02/2013 USER ALPHA 3 Not Available Notes Not Available Historical District Not Available Census Block Group Not Available USER ALPHA 2 Not Available Principal Residence Exemption Information Homestead Date Not Available Principal Residence Exemption June 1st Final % % % Previous Year Information Year MBOR Assessed Final SEV Final Taxable 2015 $623,700 $623,700 $591, $583,600 $583,600 $582, $573,000 $573,000 $573,000 Land Information Zoning Code B3 Total Acres Land Value $478,890 Land Improvements $0 Renaissance Zone No Renaissance Zone Expiration Date Not Available ECF Neighborhood 2020 INGHAM COMMERCIAL Mortgage Code Not Available DOWNTOWN Lot Dimensions/Comments Neighborhood Enterprise Zone No Lot(s) Frontage Depth No lots found. Total Frontage: 0.00 ft Average Depth: 0.00 ft Legal Description E 1/2 OF LOT 5 EXC S 3 FT & W 1/2 OF LOT 7 EXC E 3 IN OF W 1/2 OF LOT 7 & EXC S 3 FT COLLEGE GROVE

22 Record Details Ingham County AccessMyGov.com Page 2 of 2 9/22/2016 Land Division Act Information Date of Last Split/Combine Not Available Number of Splits Left 0 Date Form Filed Not Available Unallocated Div.s of Parent 0 Date Created Not Available Unallocated Div.s Transferred 0 Acreage of Parent 0.00 Rights Were Transferred Not Available Split Number 0 Courtesy Split Not Available Parent Parcel Not Available Sale History Sale Date Sale Price Instrument Grantor Grantee Terms of Sale Liber/Page No sales history found. Building Information sq ft Shopping Center, Mixed w/residential (Commercial) Floor Area 15,768 sq ft Estimated TCV $760,563 Occupancy Shopping Center, Mixed w/residential Class C Stories Above Ground 2 Average Story Height 12 ft Basement Wall Height 10 ft Year Built 1923 Year Remodeled 1988 Percent Complete 100% Heat Package Heating & Cooling Physical Percent Good 44% Functional Percent Good 100% Economic Percent Good 100% Effective Age 32 yrs **Disclaimer: BS&A Software provides AccessMyGov.com as a way for municipalities to display information online and is not responsible for the content or accuracy of the data herein. This data is provided for reference only and WITHOUT WARRANTY of any kind, expressed or inferred. Please contact your local municipality if you believe there are errors in the data. Copyright 2016 BS&A Software, Inc.

23 Record Details Ingham County AccessMyGov.com Page 1 of 2 9/22/ E GRAND RIVER AVE EAST LANSING, MI (Property Address) Parcel Number: Property Owner: BALLEIN MANAGEMENT LLC Summary Information > Commercial/Industrial Building Summary > Assessed Value: $682,400 Taxable Value: $619,171 - Yr Built: # of Buildings: 1 - Total Sq.Ft.: 18,144 > Property Tax Information found Item 1 of 5 3 Images / 2 Sketches Access additional record information for a small convenience fee. * > Additional areas of information include: Delinquent Tax Information Show Purchase Options * Additional record information is free for all homeowners, click the 'Show Purchase Options' button for more information. Owner and Taxpayer Information Owner BALLEIN MANAGEMENT LLC 421 E GRAND RIVER AVE EAST LANSING, MI Taxpayer SEE OWNER INFORMATION General Information for Tax Year 2016 Property Class COMMERCIAL IMPROVED Unit CITY OF EAST LANSING School District EAST LANSING Assessed Value $682,400 MG Not Available Taxable Value $619,171 USER NUM IDX 0 State Equalized Value $682,400 USER ALPHA 1 Not Available Date of Last Name Change 05/02/2013 USER ALPHA 3 Not Available Notes Not Available Historical District Not Available Census Block Group Not Available USER ALPHA 2 Not Available Principal Residence Exemption Information Homestead Date Not Available Principal Residence Exemption June 1st Final % % % Previous Year Information Year MBOR Assessed Final SEV Final Taxable 2015 $654,300 $654,300 $617, $607,600 $607,600 $607, $600,000 $600,000 $600,000 Land Information Zoning Code B3 Total Acres Land Value $606,600 Land Improvements $0 Renaissance Zone No Renaissance Zone Expiration Date Not Available ECF Neighborhood 2020 INGHAM COMMERCIAL Mortgage Code Not Available DOWNTOWN Lot Dimensions/Comments Neighborhood Enterprise Zone No Lot(s) Frontage Depth No lots found. Total Frontage: 0.00 ft Average Depth: 0.00 ft Legal Description LOT 9 & W 22 FT OF LOT 11 EXC S 3 FT COLLEGE GROVE

24 Record Details Ingham County AccessMyGov.com Page 2 of 2 9/22/2016 Land Division Act Information Date of Last Split/Combine Not Available Number of Splits Left 0 Date Form Filed Not Available Unallocated Div.s of Parent 0 Date Created Not Available Unallocated Div.s Transferred 0 Acreage of Parent 0.00 Rights Were Transferred Not Available Split Number 0 Courtesy Split Not Available Parent Parcel Not Available Sale History Sale Date Sale Price Instrument Grantor Grantee Terms of Sale Liber/Page 01/15/2008 $1,425, WD HOYT, JACK ET AL BALLEIN MANAGEMENT LLC ARMS LENGTH B3296/P45 Building Information sq ft Store, Retail (Commercial) Floor Area 18,144 sq ft Estimated TCV $654,381 Occupancy Store, Retail Class D Stories Above Ground 2 Average Story Height 12 ft Basement Wall Height 8 ft Year Built 1921 Year Remodeled 1960 Percent Complete 100% Heat Package Heating & Cooling Physical Percent Good 35% Functional Percent Good 100% Economic Percent Good 100% Effective Age 45 yrs **Disclaimer: BS&A Software provides AccessMyGov.com as a way for municipalities to display information online and is not responsible for the content or accuracy of the data herein. This data is provided for reference only and WITHOUT WARRANTY of any kind, expressed or inferred. Please contact your local municipality if you believe there are errors in the data. Copyright 2016 BS&A Software, Inc.

25 Record Details Ingham County AccessMyGov.com Page 1 of 2 9/22/ ALBERT AVE LOT 1 EAST LANSING, MI (Property Address) Parcel Number: Property Owner: CITY OF EAST LANSING Summary Information > Assessed Value: $0 Taxable Value: $0 > Property Tax Information found Item 1 of 1 0 Images / 1 Sketch Access additional record information for a small convenience fee. * > Additional areas of information include: Delinquent Tax Information Show Purchase Options * Additional record information is free for all homeowners, click the 'Show Purchase Options' button for more information. Owner and Taxpayer Information Owner CITY OF EAST LANSING LOT ABBOT RD EAST LANSING, MI Taxpayer SEE OWNER INFORMATION General Information for Tax Year 2016 Property Class EXEMPT - REAL Unit CITY OF EAST LANSING School District EAST LANSING Assessed Value $0 MG Not Available Taxable Value $0 USER NUM IDX 0 State Equalized Value $0 USER ALPHA 1 Not Available Date of Last Name Change 01/14/2013 USER ALPHA 3 Not Available Notes Not Available Historical District Not Available Census Block Group Not Available USER ALPHA 2 Not Available Principal Residence Exemption Information Homestead Date Not Available Principal Residence Exemption June 1st Final % % % Previous Year Information Year MBOR Assessed Final SEV Final Taxable 2015 $0 $0 $ $0 $0 $ $0 $0 $0 Land Information Zoning Code B3 Total Acres Land Value $0 Land Improvements $0 Renaissance Zone No Renaissance Zone Expiration Date Not Available ECF Neighborhood 7000 INGHAM EXEMPT Mortgage Code Not Available Lot Dimensions/Comments Neighborhood Enterprise Zone No Lot(s) Frontage Depth No lots found. Total Frontage: 0.00 ft Average Depth: 0.00 ft Legal Description LOTS 4, 6, 8, 10 AND LOT 2 EXC WEST 96 FT AND LOT 12 EXC SOUTH 20 FT OF EAST 30 FT THEREOF COLLEGE GROVE CITY OF EAST LANSING INGHAM COUNTY MICHIGAN

26 Record Details Ingham County AccessMyGov.com Page 2 of 2 9/22/2016 Land Division Act Information Date of Last Split/Combine Not Available Number of Splits Left 0 Date Form Filed Not Available Unallocated Div.s of Parent 0 Date Created Not Available Unallocated Div.s Transferred 0 Acreage of Parent 0.00 Rights Were Transferred Not Available Split Number 0 Courtesy Split Not Available Parent Parcel Not Available Sale History Sale Date Sale Price Instrument Grantor Grantee Terms of Sale Liber/Page No sales history found. **Disclaimer: BS&A Software provides AccessMyGov.com as a way for municipalities to display information online and is not responsible for the content or accuracy of the data herein. This data is provided for reference only and WITHOUT WARRANTY of any kind, expressed or inferred. Please contact your local municipality if you believe there are errors in the data. Copyright 2016 BS&A Software, Inc.

27 A achment C Tables

28 Table 1. Eligible Activities East Grand River Avenue East Lansing, MI AKT Peerless Project No As of May 23, 2017 ELIGIBLE ACTIVITIES COST SUMMARY Estimated Cost of Eligible Activity BEA Activities $ 34,000 Due Care Activities $ 183,825 Additional Response Activities $ 17,550 TOTAL ENVIRONMENTAL ELIGIBLE ACTIVITIES $ 235,375 Demolition $ 623,035 Lead and Asbestos Activities $ 128,810 Site Preparation Activities $ 4,223,179 Eligible Infrastructure Improvement Activities $ 20,620,309 TOTAL NON-ENVIRONMENTAL ELIGIBLE ACTIVITIES $ 25,595,333 Total Environmental and Non-Environmental Eligible Activities $ 25,830,708 6% Contingency on Eligible Activities $ 1,343,771 Brownfield Plan & Act 381 WP Preparation Activities $ 35,000 Total Eligible Activities Cost with 6% Contingency $ 27,209,479 Interest $ 28,777,559 Total Eligible Activities Cost, with Contingency & Interest $ 55,987,038 BRA Administration Fee $ 450,000 State Revolving Fund $ 1,959,935 Total Eligible Costs for Reimbursement $ 58,396,973 1 of 3

29 Table 1. Eligible Activities East Grand River Avenue East Lansing, MI AKT Peerless Project No As of May 23, 2017 ELIGIBLE ACTIVITIES COST DETAIL # of Units Unit Type Cost/ Unit Est. Total Cost Baseline Environmental Assessment Activities Phase I ESA 1 LS $ 5,000 $ 5,000 Phase II ESA 1 LS $ 15,000 $ 15,000 BEA 4 LS $ 3,500 $ 14,000 Subtotal $ 34,000 Due Care Activities HASPs 1 LS $ 5,855 $ 5,855 Dewatering 1 LS $ 35,130 $ 35,130 Contaminated Soil Management - T & D 1,200 CY $ 40 $ 48,000 Sheeting and Shoring 1 LS $ 35,130 $ 35,130 Surveying and Staking 1 LS $ 11,710 $ 11,710 On-Site Due Care Oversight 1 LS $ 25,000 $ 25,000 On-Site Planning, Evaluation & Supervision during Due Care Activities 1 LS $ 15,000 $ 15,000 Due Care - Administrative Project Management 1 LS $ 8,000 $ 8,000 Subtotal $ 183,825 Additional Response Activities Waterproofing for Elevator Pits 1 EA $ 17,550 $ 17,550 Demolition Site Demolition - (Albert Ave) 75,000 SF $ 1.07 $ 80,000 Site Demolition - (Grand River) 1 LS $ 165,300 $ 165,300 Building Demolition 1 LS $ 274,700 $ 274,700 Soft Costs Related to Demolition 1 LS $ 35,236 $ 35,236 Indirect Costs Related to Demolition 1 LS $ 67,800 $ 67,800 Subtotal $ 623,035 Lead & Asbestos Abatement L & A Abatement - Asbestos Abatement - existing building on Grand River 1 LS $ 117,100 $ 117,100 Oversight/PM for Abatement 1 LS $ 11,710 $ 11,710 Subtotal $ 128,810 2 of 3

30 Table 1. Eligible Activities East Grand River Avenue East Lansing, MI AKT Peerless Project No As of May 23, 2017 Site Preparation Grading and Earth Retention 1 LS $ 210,000 $ 210,000 Surveying and Staking for Deep Foundations and Geopiers 1 LS $ 12,439 $ 12,439 Dewatering for Deep Foundations 1 LS $ 31,078 $ 31,078 Deep Foundations due to Unsuitable Soils (Grand River Development) 1 LS $ 1,000,000 $ 1,000,000 Deep Foundations due to Unsuitable Soils (Albert Ave. Development) 1 LS $ 1,598,000 $ 1,598,000 Tower Crane Rental & Operation (Grand River Development) 1 LS $ 690,000 $ 690,000 Temporary Site Control -- Fence 1 LS $ 10,000 $ 10,000 Temporary Access Roads 1 LS $ 12,000 $ 12,000 Temporary Erosion Control -- silt fencing 1 LS $ 7,580 $ 7,580 Temporary Erosion Control -- Sediment Bags 1 LS $ 5,903 $ 5,903 Waterproofing for elevator pits 1 LS $ 16,000 $ 16,000 Clearing and grubbing 1 LS $ 15,000 $ 15,000 Soft Costs Related to Site Preparation 1 LS $ 276,178 $ 276,178 Indirect Costs Related to Site Preparation 1 LS $ 339,000 $ 339,000 Subtotal $ 4,223,179 Infrastructure Improvements (eligible) Public Utility Improvements 1 LS $ 330,000 $ 330,000 Parking Garage Garage - Cast in Place Structure 1 LS $ 9,364,000 $ 9,364,000 Garage - Tower Crane Rental & Operation 1 LS $ 1,440,000 $ 1,440,000 Garage - Façade Elements 1 LS $ 1,730,000 $ 1,730,000 Garage - Partitions and Doors 1 LS $ 723,000 $ 723,000 Garage - Elevators 1 LS $ 588,000 $ 588,000 Garage - MEP (fire protection, lights, floor drains, etc.) 1 LS $ 1,870,000 $ 1,870,000 Garage - General Conditions 1 LS $ 614,000 $ 614,000 City Parking Office/Maintenance Space 3,000 SF $ 75 $ 225,000 Urban Stormwater Management 1 LS $ 150,000 $ 150,000 Landscape in ROW - exterior landscape 1 LS $ 100,000 $ 100,000 Outdoor Furnishings 1 LS $ 100,000 $ 100,000 Albert Avenue Improvements 1 LS $ 230,000 $ 230,000 Pedestrian Pavements (in ROW) 1 LS $ 340,000 $ 340,000 Soft Costs Related to Infrastructure Improvements 1 LS $ 963,109 $ 963,109 Indirect Costs Related to Infrastructure Improvements 1 LS $ 1,853,200 $ 1,853,200 Subtotal $ 20,620,309 Brownfield Plan & Act 381 Work Plan Preparation Brownfield Plan 1 LS $ 15,000 $ 15,000 Act 381 Work Plan 1 LS $ 20,000 $ 20,000 Subtotal $ 35,000 3 of 3

31 Table 2. Tax Increment Revenue Estimates East Grand River Avenue East Lansing, MI AKT Peerless Project No As of May 23, 2017 Estimated TV Increase rate: Plan Year Calendar Year Initial Taxable Value $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 $ 1,543,104 Post-Dev TV (Developer Estimated) Estimated New TV $ 23,014,629 $ 23,359,848 $ 23,710,246 $ 24,065,900 $ 24,426,888 $ 24,793,292 $ 25,165,191 $ 25,542,669 $ 25,925,809 $ 26,314,696 $ 26,709,417 $ 27,110,058 $ 27,516,709 $ 27,929,459 $ 28,348,401 Incremental Difference (New TV - Initial TV) $ 21,471,525 $ 21,816,744 $ 22,167,142 $ 22,522,796 $ 22,883,784 $ 23,250,188 $ 23,622,087 $ 23,999,565 $ 24,382,705 $ 24,771,592 $ 25,166,313 $ 25,566,954 $ 25,973,605 $ 26,386,355 $ 26,805,297 School Capture State Education Tax (SET) School Operating Tax Local Capture City Op City Solid Waste City Library Lan Comm Coll Ingham Co Summer ELPS B&S IISD Op IISD Sp Ed IISD Voc Ed Ingham Co Winter CATA Airport Millage Rate School Total Millage Rate Local Total Initial $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 $ 9,259 Incremental $ 128,829 $ 130,900 $ 133,003 $ 135,137 $ 137,303 $ 139,501 $ 141,733 $ 143,997 $ 146,296 $ 148,630 $ 150,998 $ 153,402 $ 155,842 $ 158,318 $ 160,832 Initial $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 $ 27,776 Incremental $ 386,487 $ 392,701 $ 399,009 $ 405,410 $ 411,908 $ 418,503 $ 425,198 $ 431,992 $ 438,889 $ 445,889 $ 452,994 $ 460,205 $ 467,525 $ 474,954 $ 482,495 Initial $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 $ 27,142 Incremental $ 377,665 $ 383,737 $ 389,900 $ 396,156 $ 402,505 $ 408,950 $ 415,491 $ 422,131 $ 428,870 $ 435,710 $ 442,653 $ 449,700 $ 456,852 $ 464,112 $ 471,481 Initial $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 $ 2,816 Incremental $ 39,186 $ 39,816 $ 40,455 $ 41,104 $ 41,763 $ 42,432 $ 43,110 $ 43,799 $ 44,498 $ 45,208 $ 45,929 $ 46,660 $ 47,402 $ 48,155 $ 48,920 Initial $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 $ 3,086 Incremental $ 42,943 $ 43,633 $ 44,334 $ 45,046 $ 45,768 $ 46,500 $ 47,244 $ 47,999 $ 48,765 $ 49,543 $ 50,333 $ 51,134 $ 51,947 $ 52,773 $ 53,611 Initial $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 $ 5,875 Incremental $ 81,746 $ 83,061 $ 84,395 $ 85,749 $ 87,123 $ 88,518 $ 89,934 $ 91,371 $ 92,830 $ 94,310 $ 95,813 $ 97,339 $ 98,887 $ 100,458 $ 102,053 Initial $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 $ 9,851 Incremental $ 137,079 $ 139,282 $ 141,519 $ 143,790 $ 146,095 $ 148,434 $ 150,808 $ 153,218 $ 155,664 $ 158,147 $ 160,667 $ 163,225 $ 165,821 $ 168,456 $ 171,130 Initial $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 $ 1,984 Incremental $ 27,612 $ 28,056 $ 28,507 $ 28,964 $ 29,429 $ 29,900 $ 30,378 $ 30,863 $ 31,356 $ 31,856 $ 32,364 $ 32,879 $ 33,402 $ 33,933 $ 34,472 Initial $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 $ 292 Incremental $ 4,067 $ 4,132 $ 4,198 $ 4,266 $ 4,334 $ 4,404 $ 4,474 $ 4,546 $ 4,618 $ 4,692 $ 4,766 $ 4,842 $ 4,919 $ 4,998 $ 5,077 Initial $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 $ 6,954 Incremental $ 96,755 $ 98,311 $ 99,890 $ 101,492 $ 103,119 $ 104,770 $ 106,446 $ 108,147 $ 109,873 $ 111,626 $ 113,404 $ 115,210 $ 117,042 $ 118,902 $ 120,790 Initial $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 $ 1,994 Incremental $ 27,752 $ 28,198 $ 28,651 $ 29,111 $ 29,577 $ 30,051 $ 30,532 $ 31,019 $ 31,515 $ 32,017 $ 32,527 $ 33,045 $ 33,571 $ 34,104 $ 34,646 Initial $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 $ 5,683 Incremental $ 79,082 $ 80,353 $ 81,644 $ 82,954 $ 84,283 $ 85,633 $ 87,003 $ 88,393 $ 89,804 $ 91,236 $ 92,690 $ 94,166 $ 95,663 $ 97,184 $ 98,727 Initial $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 $ 4,640 Incremental $ 64,565 $ 65,603 $ 66,657 $ 67,726 $ 68,812 $ 69,913 $ 71,032 $ 72,167 $ 73,319 $ 74,488 $ 75,675 $ 76,880 $ 78,103 $ 79,344 $ 80,604 Initial $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 $ 1,079 Incremental $ 15,009 $ 15,250 $ 15,495 $ 15,743 $ 15,996 $ 16,252 $ 16,512 $ 16,776 $ 17,044 $ 17,315 $ 17,591 $ 17,871 $ 18,156 $ 18,444 $ 18,737 Non-Capturable Millages Millage Rate City Debt New TV $ 18,333 $ 18,608 $ 18,888 $ 19,171 $ 19,458 $ 19,750 $ 20,047 $ 20,347 $ 20,652 $ 20,962 $ 21,277 $ 21,596 $ 21,920 $ 22,249 $ 22,582 ELPS Debt New TV $ 119,791 $ 121,588 $ 123,412 $ 125,263 $ 127,142 $ 129,049 $ 130,985 $ 132,950 $ 134,944 $ 136,968 $ 139,023 $ 141,108 $ 143,224 $ 145,373 $ 147,553 Total Non-Capturable Taxes of 2