CITY OF DETROIT BROWNFIELD REDEVELOPMENT AUTHORITY BROWNFIELD PLAN FOR THE 640 TEMPLE REDEVELOPMENT PROJECT

Transcription

1 EXHIBIT A CITY OF DETROIT BROWNFIELD REDEVELOPMENT AUTHORITY BROWNFIELD PLAN FOR THE 640 TEMPLE REDEVELOPMENT PROJECT Prepared by: Temple Group Holdings, LLC 1 Kercheval Avenue Grosse Pointe Farms, Michigan Contact Person: Christos Moisides Phone: (586) AKT Peerless 333 W. Fort Street, Suite 1410 Detroit, Michigan Contact Person: Jeremy McCallion Phone: (248) February 9, 2018

2 CITY OF DETROIT BROWNFIELD REDEVELOPMENT AUTHORITY BROWNFIELD PLAN TABLE OF CONTENTS I. INTRODUCTION I-1 II. GENERAL PROVISIONS A. Description of Eligible Property II-2 B. Basis of Eligibility II-3 C. Summary of Eligible Activities II-3 D. Estimate of Captured Taxable Value and Tax II-5 Increment Revenues; Impact of Tax Increment Financing on Taxing Jurisdictions E. Plan of Financing; Maximum Amount II-7 Of Indebtedness F. Duration of Plan II-7 G. Effective Date of Inclusion II-8 H. Displacement/Relocation of Individuals II-8 On Eligible Property I. Local Brownfield Revolving Fund (LBRF) II-8 J. Brownfield Redevelopment Fund II-9 K. Developer s Obligations, Representations and Warrants II-9 III. ATTACHMENTS A. Site Map A B. Legal Descriptions B C. Project Description C D. Supportive Letters D

3 E. Estimated Cost of Eligible Activities E F. TIF Tables F G. BSEED Acknowledgement G H. Incentives Chart H

4 Exhibit A I. INTRODUCTION In order to promote the revitalization of environmentally distressed and blighted areas within the boundaries of the City of Detroit, Michigan (the City ), the City has established the City of Detroit Brownfield Redevelopment Authority (the DBRA ) pursuant to Michigan Public Act 381 of 1996, as amended ( Act 381 ). The primary purpose of this Brownfield Plan ( Plan ) is to promote the redevelopment of and private investment in certain brownfield properties within the City. Inclusion of property within this Plan will facilitate financing of environmental response and other eligible activities at eligible properties and will also provide tax incentives to eligible taxpayers willing to invest in revitalization of eligible sites, commonly referred to as brownfields. By facilitating redevelopment of brownfield properties, this Plan is intended to promote economic growth for the benefit of the residents of the City and all taxing units located within and benefited by the DBRA. This Plan is intended to apply to the eligible property identified in this Plan and, if tax increment revenues are proposed to be captured from that eligible property, to identify and authorize the eligible activities to be funded by such tax increment revenues. This 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 sections of Act 381 are noted throughout the Plan for reference purposes. This Plan describes the project to be completed (see Attachment C) and contains information required by Section 13(2) of Act

5 Exhibit A II. GENERAL PROVISIONS A. Description of the Eligible Property (Section 13 (2)(h)) and the Project The property comprising the eligible property consists of four (4) parcels comprising 1.21 acres and the two public alleys immediately adjacent (north and west) of the subject property. The parcels with addresses Street and 674 Temple Street are facilities. The other two (2) parcels are adjacent and contiguous to the facility parcels. The parcels and all tangible personal property located thereon will comprise the eligible property and is referred to herein as the Property. Attachment A includes a site map of the Property. The eligible property under this Plan will include all new taxable tangible personal property to be located on the Property. The Property is located in the City of Detroit s Cass Park Historic District, on the west side of the City of Detroit, on the block bounded by Charlotte Street to the north, Second Avenue to the east, Temple Street to the south and Third Avenue to the west. Parcel information and the legal description for the Property is outlined below. Address Parcel ID Owner Legal Description Street Temple Street Wayne County Land Bank Corporation Wayne County Land Bank Corporation N TEMPLE 2120 W 1/2 19 BLK 84 CASS FARM SUB L1 P131 PLATS, W C R 4/ X 190 N TEMPLE 22 BLK 84 CASS FARM SUB L1 P131 PLATS, W C R 4/ X Temple Street Wayne County Land Bank Corporation N TEMPLE 23 BLK 84 CASS FARM SUB L1 P131 PLATS, W C R 4/ X Temple Street L Wayne County Land Bank Corporation N TEMPLE 24 BLK 84 CASS FARM SUB L1 P131 PLATS, W C R 4/ X 190 Temple Group Holdings, LLC is the project developer ( Developer ). The project is the redevelopment of the 169,337-square foot commercial building currently located at 640 Temple Street as well as the redevelopment of the adjacent vacant lot. The redevelopment encompasses several components including hotel and hotel auxiliary facilities, a restaurant and banquet facility, residential apartments and a lounge/night club. The project description provided herein is a summary of the proposed development at the time of the adoption of the Plan. The actual development may vary from the project 2

6 Exhibit A description provided herein, without necessitating an amendment to this Plan, so long as such variations are not material and arise as a result of changes in market and/or financing conditions affecting the project and/or are related to the addition or immaterial removal of amenities to the project. All material changes, as determined by DBRA in its sole discretion, to the project description are subject to the approval of the DBRA staff and shall be consistent with the overall nature of the proposed development, its proposed public purpose, and the purposes of Act 381. Attachment C provides a description of the project to be completed at the Property (the Project ) and Attachment D includes letters of support for the Project. B. Basis of Eligibility (Section 13 (2)(h) and Section 2 (o)) The Property is considered eligible property as defined by Act 381, Section 2 because (a) the Property was previously utilized or is currently utilized for a commercial purpose; (b) it is located within the City of Detroit, a qualified local governmental unit under Act 381; and (c) the Property is determined to be a facility or adjacent or contiguous to the Property as defined by Act 381. Facility AKT Peerless conducted soil and groundwater sampling on the subject property. The results of the investigation indicate the following: Arsenic, chromium, lead, mercury, selenium, silver, benzo(a)pyrene, dibenzo(a,h)anthracene and phenanthrene at concentrations exceeding the MDEQ Part 201 RCC. Various concentrations in soil were detected above the groundwater surface water interface protection criteria, drinking water protection criteria and direct contact criteria. In addition, arsenic, chromium, lead, mercury, selenium and silver were detected in shallow groundwater at the subject property at concentrations exceeding the MDEQ Part 201 RCC. Various concentrations in groundwater were detected above the groundwater surface water interface criteria and drinking water criteria. According to Part 201, a facility means any area, place, or property where a hazardous substance in excess of the concentrations that satisfy the cleanup criteria for unrestricted residential use has been released, deposited, disposed of, or otherwise comes to be located. Based on laboratory analytical results, the parcels with address 640 and 674 Temple Street meet the definition of a facility, as defined in Part 201 of the NREPA, Michigan Public Act (PA) 451, 1994, as amended. Adjacent and Contiguous The parcels with addresses 650 and 660 Temple Street are adjacent and contiguous to the facility parcels. Eligible activities will be completed on the parcels and the inclusion of the parcels in this Plan will support the Project. C. Summary of Eligible Activities and Description of Costs (Section 13 (2)(a),(b)) 3

7 4 Exhibit A The eligible activities that are intended to be carried out at the Property are considered eligible activities as defined by Section 2 of Act 381, because they include department specific activities, site preparation, infrastructure improvements, demolition and lead and asbestos abatement, development and preparation of brownfield plan and/or work plan. A summary of the eligible activities and the estimated cost of each eligible activity intended to be paid for with tax increment revenues from the Property are shown in the table attached hereto as Attachment E. The eligible activities described in Attachment E are not exhaustive. Subject to the approval of DBRA staff in writing, additional eligible activities may be carried out at the Property, without requiring an amendment to this Plan, so long as such eligible activities are permitted by Act 381 and the performance of such eligible activities does not exceed the total costs stated in Attachment E. It is currently anticipated that construction activities for the Project will begin in the spring/summer of 2018 and all eligible activities will be completed within months. Unless otherwise agreed to in writing by the DBRA, all eligible activities shall commence within eighteen months after the date the governing body approves this Plan and will be completed within three (3) years after approval of the Michigan Strategic Fund work plan, if applicable, or three (3) years after execution of the Reimbursement Agreement (as that term is defined below). Any long-term monitoring or operation and maintenance activities or obligations that may be required will be performed in compliance with the terms of this Plan and any documents prepared pursuant to this Plan. The Developer desires to be reimbursed for the costs of eligible activities. Tax increment revenue generated by the Property will be captured by the DBRA and used to reimburse the cost of the eligible activities completed on the Property pursuant to the terms of a Reimbursement Agreement to be executed by the DBRA and Developer after approval of this Plan (the Reimbursement Agreement ) to the extent permitted by Act 381. In the event this Plan contemplates the capture of tax increment revenue derived from taxes levied for school operating purposes (as defined by Section 2(uu) of Act 381 and hereinafter referred to as School Taxes ), the Developer acknowledges and agrees that DBRA s obligation to reimburse the Developer for the cost of eligible activities with tax increment revenue derived from Local Taxes, or Specific Taxes that are considered Local Taxes, (as these capitalized terms are defined by Section 2(ff) and Section 2(pp) of Act 381, respectively) is contingent upon: (i) the Developer receiving at least the initial applicable work plan approvals by the Michigan Strategic Fund and the Michigan Department of Environmental Quality, as may be required pursuant to Act 381, or (ii) the Developer providing the DBRA with evidence, satisfactory to DBRA, that the Developer has the financial means to complete the project without the capture of, and subsequent reimbursement with, the contemplated School Taxes. The costs listed in Attachment E are estimated costs and may increase or decrease depending on the nature and extent of environmental contamination and other unknown conditions encountered on the Property. The actual cost of those eligible activities encompassed by this Plan that will qualify for reimbursement from tax increment revenues of the DBRA from the Property shall be governed by the terms of the

8 Exhibit A Reimbursement Agreement. No costs of eligible activities will be qualified for reimbursement except to the extent permitted in accordance with the terms and conditions of the Reimbursement Agreement and Section 2 of Act 381. The Reimbursement Agreement and this Plan will dictate the total cost of eligible activities subject to payment, provided that the total cost of eligible activities subject to payment or reimbursement under the Reimbursement Agreement shall not exceed the estimated costs set forth in Attachment E. As long as the total costs are not exceeded, line item costs of eligible activities may be adjusted after the date this Plan is approved by the governing body, to the extent the adjustments do not violate the terms of the approved MDEQ or MSF work plan. D. Estimate of Captured Taxable Value and Tax Increment Revenues (Section 13(2)(c)); Beginning Date of Capture of Tax Increment Revenues (Section (13)(2)(f); Impact of Tax Increment Financing on Taxing Jurisdictions (Section 13(2)(g)) This Plan anticipates the capture of tax increment revenues to reimburse the Developer for the costs of eligible activities under this Plan in accordance with the Reimbursement Agreement. A table of estimated tax increment revenues to be captured is attached to this Plan as Attachment F. The figures included in Attachment F are estimates and are subject to change depending on actual assessed values and changes to annual millage rates. The estimated effective initial taxable value for this Brownfield Plan is $0 and is based on land and real property tax only. The initial taxable value of $0 is set in 2017, which is the taxable value of the Property when it was included in this Plan. The Property was sold by the Wayne County Land Bank Corporation (WCLBC) to the Developer in May of The WCLBC would typically levy an Eligible Tax Reverted Property Specific Tax (Land Bank Specific Tax) on the Property for a period of five (5) years after the Property was sold to the Developer; however, on December 14, 2017, the WCLBC Board of Directors approved to exempt the Land Bank Specific Tax for the Property to incentivize the creation of jobs and economic investment in the City of Detroit and, in lieu of this capture, entered into a separate agreement with the Developer in which the Developer will make certain payments to the WCLBC in accordance with the terms of that agreement. Tax increments are projected to be captured and applied to (i) the reimbursement of eligible activity costs and the payment of DBRA administrative and operating expenses, (ii) make deposits into the State Brownfield Redevelopment Fund, and (iii) make deposits into the DBRA s Local Brownfield Revolving Fund. The estimated allocation of tax increment revenue produced on the Property for the life of the Plan is shown in the table on the next page. The Developer anticipates approval of an Obsolete Property Rehabilitation Act (OPRA) Tax Abatement which would abate 50% of state taxes for up to six (6) years and abate 100% of local taxes for up to twelve (12) years. In the event the OPRA is approved, the tax abatement will reduce the property tax obligations of the eligible property for the 5

9 Exhibit A periods applicable under the abatement certificate, thereby reducing the amount of tax increment revenues available under this Plan. 6

10 Exhibit A School Capture State Education Tax Millage Rate Developer Reimbursement DBRA Admin Reimbursement State Revolving Fund LBRF DDA Taxing Jurisdiction (SET) $ 1,131,152 $ 1,386,699 $ 258,807 School Operating Tax $ 3,393,457 $ 776,422 Local Capture Wayne Co $ 74,606 $ 263,199 WC Jails $ 70,716 $ 249,476 WC Parks $ 18,537 $ 65,394 WC RESA $ 7,274 $ 25,663 WC RESA SP ED $ 253,873 $ 895,626 WC RESA ENH $ 150,765 $ 531,876 In addition, the following taxes are projected to be generated but captured by the Downtown Development Authority (DDA). DDA $ 453,859 WC HCMA $ 98,511 WC Comm College $ 1,487,678 General City $ 9,158,896 Library $ 2,125,707 WC Tax $ 2,592,832 In addition, the following taxes are projected to be generated but not captured under the Plan. Zoo $ 45,905 DIA $ 91,809 Debt Service $ 4,345,380 School Debt $ 5,967,604 TOTALS $ 5,100,380 $ 2,031,234 $ 1,386,699 $ 1,035,230 $ 15,917,483 $10,450,699 6

11 7 Exhibit A In no event shall the duration of this Plan exceed thirty-five (35) years following the date of the governing body s resolution approving this Plan, nor shall the duration of the tax capture exceed the lesser of the period authorized under subsection (3) and (5) of Section 13 of Act 381 or 30 years. Further, in no event shall the beginning date of the capture of tax increment revenues be later than five (5) years after the date of the governing body s resolution approving this Plan. E. Plan of Financing (Section 13(2)(d)); Maximum Amount of Indebtedness (Section 13(22222)(e)) The eligible activities are to be financed solely by the Developer. The DBRA will reimburse the Developer for the cost of approved eligible activities, but only from tax increment revenues generated from the Property. No advances have been or shall be made by the City or the DBRA for the costs of eligible activities under this Plan. All reimbursements authorized under this Plan shall be governed by the Reimbursement Agreement. The inclusion of eligible activities and estimates of costs to be reimbursed in this Plan are intended to authorize the DBRA to fund such reimbursements and does not obligate the DBRA or the City to fund any reimbursement or to enter into the Reimbursement Agreement providing for the reimbursement of any costs for which tax increment revenues may be captured under this Plan, or which are permitted to be reimbursed under this Plan. The amount and source of any tax increment revenues that will be used for purposes authorized by this Plan, and the terms and conditions for such use and upon any reimbursement of the expenses permitted by this Plan, will be provided solely under the Reimbursement Agreement contemplated by this Plan. Unless otherwise agreed upon by the Developer, the DBRA, and the State of Michigan, the DBRA shall not incur any note or bonded indebtedness to finance the purposes of this Plan. Interest shall be paid under this Plan as provided in the Reimbursement Agreement, provided that to the extent that the Michigan Strategic Fund or Michigan Department of Environmental Quality does not approve the payment of interest on an eligible activity with school taxes, interest shall not accrue or be paid under this Plan with respect to the cost of such eligible activity. Unless otherwise agreed upon by the Developer, the DBRA, and the State of Michigan, the DBRA may approve interest on the local portion of the reimbursement to the extent that the projected internal rate of return to the Developer does not exceed twenty (20%), as more specifically stated in the Reimbursement Agreement. Reimbursements under the Reimbursement Agreement shall not exceed the cost of Eligible Activities permitted under this Plan. F. Duration of Plan (Section 13(2)(f)) Subject to Section 13b(16) of Act 381, the beginning date and duration of capture of tax increment revenues from the Property shall occur in accordance with the TIF table

12 8 Exhibit A described in Exhibit F. In no event, however, shall this Plan extend beyond the maximum term allowed by Section 13(2)(f) of Act 381 for the duration of this Plan. Furthermore, this Plan, or any subsequent amendment thereto, may be abolished or terminated in accordance with Section 14(8) of Act 381 in the event of any of the following: a. The governing body may abolish this Plan (or any subsequent amendment thereto) when it finds that the purposes for which this Plan was established have been accomplished. b. The governing body may terminate this Plan (or any subsequent amendment thereto) for an eligible property if the project for which eligible activities were identified in this Plan (or any subsequent amendment thereto) fails to occur with respect to the eligible property for at least two (2) years following the date of the governing body resolution approving this Plan (or any subsequent amendment thereto), provided that the governing body first does both of the following: (i) gives 30 days written notice to the Developer at its last known address by certified mail or other method that documents proof of delivery attempted; and (ii) provides the Developer with an opportunity to be heard at a public meeting. Notwithstanding anything in this subsection to the contrary, this Plan (or any subsequent amendment thereto) shall not be abolished or terminated until the principal and interest on bonds, if any, issued under Section 17 of Act 381 and all other obligations to which the tax increment revenues are pledged have been paid or funds sufficient to make the payment have been identified or segregated. G. Effective Date of Inclusion in Brownfield Plan The Property will become a part of this Plan on the date this Plan is approved by the governing body. H. Displacement/Relocation of Individuals on Eligible Property (Section 13(2)(i-l)) There are no persons or businesses residing on the Property and no occupied residences will be acquired or cleared, therefore there will be no displacement or relocation of persons or businesses under this Plan. I. Local Brownfield Revolving Fund ( LBRF ) (Section 8; Section 13(2)(m)) The DBRA has established a Local Brownfield Revolving Fund (the LBRF ). The LBRF will consist of all tax increment revenues authorized to be captured and deposited in the LBRF, as specified in Section 13(5) of Act 381, under this Plan and any other plan of the DBRA. It may also include funds appropriated or otherwise made available from public or private sources. The amount of tax increment revenue authorized for capture and deposit in the LBRF is estimated at $1,035,230. All funds, if any, deposited into the LBRF shall be used in accordance with Section 8 of Act 381.

13 Exhibit A J. Brownfield Redevelopment Fund (Section 8a; Section 13(2)(m)) The DBRA shall pay to the Department of Treasury at least once annually an amount equal to 50% of the taxes levied under the state education tax, 1993 PA 331, MCL to , that are captured under this Plan for up to the first twenty five (25) years of the duration of capture of tax increment revenues for each eligible property included in this Plan. If the DBRA pays an amount equal to 50% of the taxes levied under the state education tax, 1993 PA 331, MCL to , on a parcel of eligible property to the Department of Treasury under Section 13b(14) of Act 381, the percentage of local taxes levied on that parcel and used to reimburse eligible activities for the Project under this Plan shall not exceed the percentage of local taxes levied on that parcel that would have been used to reimburse eligible activities for the Project under this Plan if the 50% of the taxes levied under the state education tax, 1993 PA 331, MCL to , on that parcel were not paid to the Department of Treasury under Section 13b(14) of Act 381. K. Developer s Obligations, Representations and Warrants The Developer and its affiliates shall comply with all applicable laws, ordinances, executive orders, and/or other regulations imposed by the City or any other properly constituted governmental authority with respect to the Property and shall use the Property in accordance with this Plan. Furthermore, in consideration of the benefits contemplated by this Agreement, and notwithstanding the absence of any other independent legal requirement to do so, Developer represents and warrants that it shall comply with City Executive Order (as amended and/or replaced) and City Executive Order (as amended and/or replaced). The Developer, at its sole cost and expense, shall be solely responsible for and shall fully comply with all applicable federal, state, and local relocation requirements in implementing this Plan. The Developer represents and warrants that a Phase I Environmental Site Assessment ( ESA ), and if appropriate, a Phase II ESA, baseline environmental assessment, and due care plan, pursuant to Part 201 of Michigan s Natural Resources and Environmental Protection Act (MCL et seq.), have been performed on the Property ( Environmental Documents ). Attached hereto as Attachment G is the City of Detroit s Department of Buildings, Safety Engineering and Environmental acknowledgement of its receipt of the Phase I ESA, and if appropriate, the Phase II ESA. The Developer further represents and warrants that the Project does not and will not include a Wayne County Land Bank Authority, Detroit Land Bank Authority or State of Michigan Land Bank financing component. Except as otherwise agreed to by the DBRA, any breach of a representation or warranty contained in this Plan shall render the Plan invalid, subject to the Developer s reasonable opportunity to cure as described in the Reimbursement Agreement. # v9 9

14 III. ATTACHMENTS Exhibit A

15 Exhibit A ATTACHMENT A Site Map

16

17 THIRD AVENUE X X X X XX X X X X XX X X 2970 THIRD STREET X X X X X 2944 THIRD STREET 2944 THIRD STREET 2952 THIRD STREET 676 TEMPLE STREET ALLEY 671 CHARLOTTE STREET CHARLOTTE STREET 191 FACILITY 674 TEMPLE STREET ADJACENT & CONTIGUOUS 276 TEMPLE STREET 660 TEMPLE SREET ADJACENT & CONTIGUOUS 645 CHARLOTTE STREET 650 TEMPLE STREET 633 CHARLOTTE STREET 276 FACILITY 640 TEMPLE STREET 625 CHARLOTTE STREET SECOND AVENUE ALLEY 2943 SECOND STREET 2733 SECOND AVENUE SECOND AVENUE CASS PARK LEGEND = PROPERTY LINE = PARCEL LINE = FORMER BUILDINGS 1953 ELIGIBLE PROPERTY MAP DRAWN BY: DATE: ARR 06/19/ TEMPLE STREET DETROIT, MICHIGAN PROJECT NUMBER : 12101F SCALE: 1" = 80' ± 0 FIGURE 2

18 Exhibit A ATTACHMENT B Legal Descriptions of Eligible Property to which the Plan Applies

19 674 TEMPLE STREET L N TEMPLE 24 BLK 84 CASS FARM SUB L1 P131 PLATS, W C R 4/ X TEMPLE STREET N TEMPLE 23 BLK 84 CASS FARM SUB L1 P131 PLATS, W C R 4/ X TEMPLE STREET N TEMPLE 22 BLK 84 CASS FARM SUB L1 P131 PLATS, W C R 4/ X TEMPLE STREET N TEMPLE W ½ 19 BLK 84 CASS FARM SUB L1 P131 PLATS, W C R 4/ X 190 The Public Alley immediately west adjacent to 674 Temple Street, bound by Charlotte Street to the north and Temple Street to the south. The Public Alley immediately north adjacent to all four real property parcels, bound by second avenue to the east and the first alley to the west.

20 Exhibit A ATTACHMENT C Project Description

21 Project Description Redevelopment Project Developer: Project Location: Capital Investment: Eligible Activities: Type of Eligible Property: Temple Group Holdings, LLC Street ~$65 million ~$5,737,224 (Department Specific Activities, Lead & Asbestos Abatement, Demolition, Site Preparation, Infrastructure Improvements, 15% Contingency on aforementioned activity costs and Preparation of a Brownfield Plan and Act 381 Work Plan.) Facility and Adjacent & Contiguous Project Overview: Temple Group Holdings, LLC is planning to redevelop the approximately acre property known as the former Standard Accident Insurance Company building designed in 1920 by famed architect Albert Kahn. The property contains one 169,337-sq.ft. building. Additionally, the redevelopment upgrade infrastructure and landscaping on the adjacent parcels to the West. A comprehensive redevelopment plan has not yet been finalized, but will likely incorporate mixed-use retail, residential and commercial uses including a hotel, restaurant and banquet facility and night club. It is in close proximity to the new QLine and Little Caesers Arena as well as the highly utilized Masonic Temple. The Project also anticipates local and state approval of Obsolete Property Rehabilitation Act (OPRA) Tax Abatements and Act 381 Work Plans. A Historic Tax Credit is also anticipated; therefore, the historic architectural features of the building will be preserved during rehabilitation. The building will be rehabilitated for reuse as mixed-use retail, residential and commercial use. It is anticipated that the building will be renovated to contain a 100-key boutique hotel including banquet facility, restaurant and bar (floors 1 through 4), 70 apartment units (floors 5 through 7), and a rooftop pool. The basement of the building will be converted into a lounge/night club with separate access. The adjacent vacant lot (currently paved with asphalt for parking) will be the location of an on-site underground stormwater management system and will be capped with grass and landscaping which will serve as an area for outdoor entertainment. The final development plans and will be determined based on market changes and community need. However, the primary objective will be to radically transform this underutilized building into a hub of activity, attracting new residents, creating new jobs and stimulating further redevelopment on nearby properties.

22 Exhibit A ATTACHMENT D Supportive Letters

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24 Exhibit A ATTACHMENT E Estimated Cost of Eligible Activities Table

25 ELIGIBLE ACTIVITIES COST SUMMARY Table 1. Eligible Activities Street Rehab Detroit, MI AKT Peerless Project No f2 As of February 1, 2018 Estimated Cost of Eligible Activity Department Specific Activities $ 1,122,300 Demolition $ 1,639,860 Lead and Asbestos Activities $ 425,000 Site Preparation Activities $ 741,100 Eligible Infrastructure Improvement Activities $ 1,066,500 TOTAL NON ENVIRONMENTAL ELIGIBLE ACTIVITIES $ 3,872,460 Total Environmental and Non Environmental Eligible Activities $ 4,994,760 15% Contingency on Eligible Activities $ 682,464 Brownfield Plan & Act 381 WP Preparation Activities $ 30,000 Cost Tracking & Compliance $ 30,000 Total Eligible Activities Cost with 15% Contingency $ 5,737,224 Interest (calculated at 5%, simple) $ 718,272 Total Eligible Activities Cost, with Contingency & Interest $ 6,455,496 BRA Administration Fee $ 2,031,234 State Redevelopment Fund $ 1,386,699 Local Brownfield Revolving Fund (LBRF) $ 1,035,230 Total Eligible Costs for Reimbursement $ 10,908,659 1 of 1

26 Exhibit A ATTACHMENT F TIF Tables

27 Table 2. Tax Increment Revenue Estimates Street Rehab Detroit, MI AKT Peerless Project No f2 As of February 1, 2018 End of OPRA End of OPRA Estimated TV Increase rate: 1.01 Plan Year School Local Calendar Year Initial Taxable Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ Incremental Taxable Value for Local TIF during Abatement Period $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 3,150,000 Incremental Taxable Value for School TIF, 50% abated $ 2,313,390 $ 5,715,732 $ 8,145,976 $ 8,243,185 $ 8,341,367 $ 8,440,531 Post Dev TV (40% of Construction Costs) Estimated New TV $ 7,776,780 $ 14,581,463 $ 19,441,951 $ 19,636,371 $ 19,832,734 $ 20,031,062 $ 20,231,372 $ 20,433,686 $ 20,638,023 $ 20,844,403 $ 21,052,847 $ 21,263,375 $ 21,476,009 $ 21,690,769 $ 21,907,677 Incremental Difference (New TV Initial TV) $ 7,776,780 $ 14,581,463 $ 19,441,951 $ 19,636,371 $ 19,832,734 $ 20,031,062 $ 20,231,372 $ 20,433,686 $ 20,638,023 $ 20,844,403 $ 21,052,847 $ 21,263,375 $ 21,476,009 $ 21,690,769 $ 21,907,677 School Capture State Education Tax (SET) School Operating Tax Millage Rate School Total State Tax Increment Revenue = 100% tax revenue on first $3.15m of TV, 50% of tax revenue on remaining TV (50% of state taxes abated above $3.15m in taxable value) First $3.15m $ 18,900 $ 18,900 $ 18,900 $ 18,900 $ 18,900 $ 18,900 $ $ $ $ $ $ $ $ $ Remaining TV $ 13,880 $ 34,294 $ 48,876 $ 49,459 $ 50,048 $ 50,643 $ 121,388 $ 122,602 $ 123,828 $ 125,066 $ 126,317 $ 127,580 $ 128,856 $ 130,145 $ 131,446 First $3.15m $ 56,700 $ 56,700 $ 56,700 $ 56,700 $ 56,700 $ 56,700 $ $ $ $ $ $ $ $ $ Remaining TV $ 41,641 $ 102,883 $ 146,628 $ 148,377 $ 150,145 $ 151,930 $ 364,165 $ 367,806 $ 371,484 $ 375,199 $ 378,951 $ 382,741 $ 386,568 $ 390,434 $ 394,338 Total School Tax Increment Revenue Capture (DBRA) $ 131,121 $ 212,778 $ 271,103 $ 273,436 $ 275,793 $ 278,173 $ 485,553 $ 490,408 $ 495,313 $ 500,266 $ 505,268 $ 510,321 $ 515,424 $ 520,578 $ 525,784 Local Capture Millage Rate Wayne Co WC Jails WC Parks WC RESA WC RESA SP ED WC RESA ENH Local Total Local Tax Increment Revenue = 100% tax revenue up to $3.15m (100% of local taxes abated above $3.15m in taxable value) DBRA $ 3,118 $ 3,118 $ 3,118 $ 3,118 $ 3,118 $ 3,118 $ 3,118 $ 3,118 $ 3,118 $ 3,118 $ 3,118 $ 3,118 $ 21,255 $ 21,467 $ 21,682 DBRA $ 2,955 $ 2,955 $ 2,955 $ 2,955 $ 2,955 $ 2,955 $ 2,955 $ 2,955 $ 2,955 $ 2,955 $ 2,955 $ 2,955 $ 20,147 $ 20,348 $ 20,552 DBRA $ 775 $ 775 $ 775 $ 775 $ 775 $ 775 $ 775 $ 775 $ 775 $ 775 $ 775 $ 775 $ 5,281 $ 5,334 $ 5,387 DBRA $ 304 $ 304 $ 304 $ 304 $ 304 $ 304 $ 304 $ 304 $ 304 $ 304 $ 304 $ 304 $ 2,072 $ 2,093 $ 2,114 DBRA $ 10,609 $ 10,609 $ 10,609 $ 10,609 $ 10,609 $ 10,609 $ 10,609 $ 10,609 $ 10,609 $ 10,609 $ 10,609 $ 10,609 $ 72,327 $ 73,050 $ 73,781 DBRA $ 6,300 $ 6,300 $ 6,300 mill expires Total Local Tax Increment Revenue Capture (DBRA) $ 24,060 $ 24,060 $ 24,060 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 121,082 $ 122,293 $ 123,515 Non Capturable Millages Millage Rate Zoo New TV $ 315 $ 315 $ 315 $ 315 $ 315 $ 315 $ 315 $ 315 $ 315 $ 315 $ 315 $ 315 $ 2,148 $ 2,169 $ 2,191 DIA New TV $ 630 $ 630 $ 630 $ 630 $ 630 $ 630 $ 630 $ 630 $ 630 $ 630 $ 630 $ 630 $ 4,295 $ 4,338 $ 4,382 Debt Service New TV $ 29,818 $ 29,818 $ 29,818 $ 29,818 $ 29,818 $ 29,818 $ 29,818 $ 29,818 $ 29,818 $ 29,818 $ 29,818 $ 29,818 $ 203,294 $ 205,327 $ 207,380 School Debt New TV $ 40,950 $ 40,950 $ 40,950 $ 40,950 $ 40,950 $ 40,950 $ 40,950 $ 40,950 $ 40,950 $ 40,950 $ 40,950 $ 40,950 $ 279,188 $ 281,980 $ 284,800 Total to Tax Jurisdictions $ 71,713 $ 71,713 $ 71,713 $ 71,713 $ 71,713 $ 71,713 $ 71,713 $ 71,713 $ 71,713 $ 71,713 $ 71,713 $ 71,713 $ 488,925 $ 493,814 $ 498,752 DDA Millages Millage Rate DDA DDA $ 3,114 $ 3,114 $ 3,114 $ 3,114 $ 3,114 $ 3,114 $ 3,114 $ 3,114 $ 3,114 $ 3,114 $ 3,114 $ 3,114 $ 21,233 $ 21,446 $ 21,660 WC HCMA DDA $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 676 $ 4,609 $ 4,655 $ 4,701 WC Comm College DDA $ 10,209 $ 10,209 $ 10,209 $ 10,209 $ 10,209 $ 10,209 $ 10,209 $ 10,209 $ 10,209 $ 10,209 $ 10,209 $ 10,209 $ 69,599 $ 70,295 $ 70,998 General City DDA $ 62,849 $ 62,849 $ 62,849 $ 62,849 $ 62,849 $ 62,849 $ 62,849 $ 62,849 $ 62,849 $ 62,849 $ 62,849 $ 62,849 $ 428,489 $ 432,774 $ 437,102 Library DDA $ 14,587 $ 14,587 $ 14,587 $ 14,587 $ 14,587 $ 14,587 $ 14,587 $ 14,587 $ 14,587 $ 14,587 $ 14,587 $ 14,587 $ 99,449 $ 100,443 $ 101,448 WC Tax DDA $ 17,792 $ 17,792 $ 17,792 $ 17,792 $ 17,792 $ 17,792 $ 17,792 $ 17,792 $ 17,792 $ 17,792 $ 17,792 $ 17,792 $ 121,303 $ 122,516 $ 123,741 Total DDA Taxes Total DDA Capture $ 109,227 $ 109,227 $ 109,227 $ 109,227 $ 109,227 $ 109,227 $ 109,227 $ 109,227 $ 109,227 $ 109,227 $ 109,227 $ 109,227 $ 744,683 $ 752,130 $ 759,651 1 of 2

28 Table 2. Tax Increment Revenue Estimates Street Rehab Detroit, MI AKT Peerless Project No f2 As of February 1, 2018 Estimated TV Increase rate: Plan Year Calendar Year Initial Taxable Value Incremental Taxable Value for Local TIF during Abatement Period Incremental Taxable Value for School TIF, 50% abated Post Dev TV (40% of Construction Costs) Estimated New TV Incremental Difference (New TV Initial TV) TOTAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3,150,000 $ 3,150,000 $ 3,150,000 $ 22,126,754 $ 22,348,021 $ 22,571,502 $ 22,797,217 $ 23,025,189 $ 23,255,441 $ 23,487,995 $ 23,722,875 $ 23,960,104 $ 24,199,705 $ 24,441,702 $ 24,686,119 $ 24,932,980 $ 25,182,310 $ 25,434,133 $ 22,126,754 $ 22,348,021 $ 22,571,502 $ 22,797,217 $ 23,025,189 $ 23,255,441 $ 23,487,995 $ 23,722,875 $ 23,960,104 $ 24,199,705 $ 24,441,702 $ 24,686,119 $ 24,932,980 $ 25,182,310 $ 25,434,133 School Capture State Education Tax (SET) School Operating Tax Millage Rate School Total First $3.15m Remaining TV First $3.15m Remaining TV $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 94,500 $ 132,761 $ 134,088 $ 135,429 $ 136,783 $ 138,151 $ 139,533 $ 140,928 $ 142,337 $ 143,761 $ 145,198 $ 146,650 $ 148,117 $ 149,598 $ 151,094 $ 152,605 $ 3,521,462 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 340,200 $ 398,282 $ 402,264 $ 406,287 $ 410,350 $ 414,453 $ 418,598 $ 422,784 $ 427,012 $ 431,282 $ 435,595 $ 439,951 $ 444,350 $ 448,794 $ 453,282 $ 457,814 $ 10,564,387 Total School Tax Increment Revenue Capture (DBRA) Local Capture Millage Rate Wayne Co WC Jails WC Parks WC RESA WC RESA SP ED WC RESA ENH Local Total Total Local Tax Increment Revenue Capture (DBRA) DBRA DBRA DBRA DBRA DBRA DBRA $ 531,042 $ 536,353 $ 541,716 $ 547,133 $ 552,605 $ 558,131 $ 563,712 $ 569,349 $ 575,042 $ 580,793 $ 586,601 $ 592,467 $ 598,392 $ 604,375 $ 610,419 $ 14,539,449 $ 21,899 $ 22,118 $ 22,339 $ 22,562 $ 22,788 $ 23,016 $ 23,246 $ 23,479 $ 23,713 $ 23,950 $ 24,190 $ 24,432 $ 24,676 $ 24,923 $ 25,172 $ 454,318 $ 20,757 $ 20,965 $ 21,174 $ 21,386 $ 21,600 $ 21,816 $ 22,034 $ 22,254 $ 22,477 $ 22,702 $ 22,929 $ 23,158 $ 23,390 $ 23,624 $ 23,860 $ 430,632 $ 5,441 $ 5,495 $ 5,550 $ 5,606 $ 5,662 $ 5,719 $ 5,776 $ 5,833 $ 5,892 $ 5,951 $ 6,010 $ 6,070 $ 6,131 $ 6,192 $ 6,254 $ 112,880 $ 2,135 $ 2,157 $ 2,178 $ 2,200 $ 2,222 $ 2,244 $ 2,267 $ 2,289 $ 2,312 $ 2,335 $ 2,359 $ 2,382 $ 2,406 $ 2,430 $ 2,454 $ 44,298 $ 74,518 $ 75,264 $ 76,016 $ 76,776 $ 77,544 $ 78,320 $ 79,103 $ 79,894 $ 80,693 $ 81,500 $ 82,315 $ 83,138 $ 83,969 $ 84,809 $ 85,657 $ 1,545,977 $ 18,900 $ 124,751 $ 125,998 $ 127,258 $ 128,531 $ 129,816 $ 131,114 $ 132,425 $ 133,750 $ 135,087 $ 136,438 $ 137,802 $ 139,180 $ 140,572 $ 141,978 $ 143,398 $ 2,607,004 Non Capturable Millages Millage Rate Zoo New TV DIA New TV Debt Service New TV School Debt New TV Total to Tax Jurisdictions DDA Millages Millage Rate DDA WC HCMA WC Comm College General City Library WC Tax DDA DDA DDA DDA DDA DDA Total DDA Taxes Total DDA Capture $ 2,213 $ 2,235 $ 2,257 $ 2,280 $ 2,303 $ 2,326 $ 2,349 $ 2,372 $ 2,396 $ 2,420 $ 2,444 $ 2,469 $ 2,493 $ 2,518 $ 2,543 $ 45,905 $ 4,425 $ 4,470 $ 4,514 $ 4,559 $ 4,605 $ 4,651 $ 4,698 $ 4,745 $ 4,792 $ 4,840 $ 4,888 $ 4,937 $ 4,987 $ 5,036 $ 5,087 $ 91,809 $ 209,454 $ 211,549 $ 213,664 $ 215,801 $ 217,959 $ 220,138 $ 222,340 $ 224,563 $ 226,809 $ 229,077 $ 231,368 $ 233,681 $ 236,018 $ 238,378 $ 240,762 $ 4,345,380 $ 287,648 $ 290,524 $ 293,430 $ 296,364 $ 299,327 $ 302,321 $ 305,344 $ 308,397 $ 311,481 $ 314,596 $ 317,742 $ 320,920 $ 324,129 $ 327,370 $ 330,644 $ 5,967,604 $ 503,740 $ 508,777 $ 513,865 $ 519,004 $ 524,194 $ 529,436 $ 534,730 $ 540,077 $ 545,478 $ 550,933 $ 556,442 $ 562,007 $ 567,627 $ 573,303 $ 579,036 $ 10,450,699 $ 21,877 $ 22,095 $ 22,316 $ 22,540 $ 22,765 $ 22,993 $ 23,223 $ 23,455 $ 23,689 $ 23,926 $ 24,166 $ 24,407 $ 24,651 $ 24,898 $ 25,147 $ 453,859 $ 4,748 $ 4,796 $ 4,844 $ 4,892 $ 4,941 $ 4,991 $ 5,041 $ 5,091 $ 5,142 $ 5,193 $ 5,245 $ 5,298 $ 5,351 $ 5,404 $ 5,458 $ 98,511 $ 71,708 $ 72,425 $ 73,150 $ 73,881 $ 74,620 $ 75,366 $ 76,120 $ 76,881 $ 77,650 $ 78,426 $ 79,211 $ 80,003 $ 80,803 $ 81,611 $ 82,427 $ 1,487,678 $ 441,473 $ 445,888 $ 450,347 $ 454,850 $ 459,399 $ 463,993 $ 468,632 $ 473,319 $ 478,052 $ 482,833 $ 487,661 $ 492,537 $ 497,463 $ 502,437 $ 507,462 $ 9,158,896 $ 102,462 $ 103,487 $ 104,522 $ 105,567 $ 106,623 $ 107,689 $ 108,766 $ 109,854 $ 110,952 $ 112,062 $ 113,182 $ 114,314 $ 115,457 $ 116,612 $ 117,778 $ 2,125,707 $ 124,979 $ 126,228 $ 127,491 $ 128,766 $ 130,053 $ 131,354 $ 132,667 $ 133,994 $ 135,334 $ 136,687 $ 138,054 $ 139,435 $ 140,829 $ 142,237 $ 143,660 $ 2,592,832 $ 767,247 $ 774,920 $ 782,669 $ 790,496 $ 798,401 $ 806,385 $ 814,449 $ 822,593 $ 830,819 $ 839,127 $ 847,518 $ 855,994 $ 864,554 $ 873,199 $ 881,931 $ 15,917,483 2 of 2

29 Developer Projected Reimbursement Table 3. Reimbursement Allocation Schedule Street Rehab Detroit, MI AKT Peerless Project No f2 As of February 1, 2018 Proportionality School & Local Taxes Local Only Taxes State 78.0% $ 4,524,610 $ 4,524,610 Estimated Total Years Local 22.0% $ 575,770 $ $ 575,770 of Plan: 30 TOTAL $ 5,100,380 $ $ 5,100,380 MDEQ 23.0% $ 1,327,217 MSF 77.0% $ 4,451,626 Total Plan Year Total State Incremental Revenue $ 131,121 $ 212,778 $ 271,103 $ 273,436 $ 275,793 $ 278,173 $ 485,553 $ 490,408 $ 495,313 $ 500,266 State Brownfield Redevelopment Fund (3 mills of SET) $ 6,940 $ 17,147 $ 24,438 $ 24,730 $ 25,024 $ 25,322 $ 60,694 $ 61,301 $ 61,914 $ 62,533 State TIR Available for Reimbursement $ 124,181 $ 195,630 $ 246,665 $ 248,707 $ 250,769 $ 252,851 $ 424,859 $ 429,107 $ 433,398 $ 437,732 Total Local Incremental Revenue $ 24,060 $ 24,060 $ 24,060 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 BRA Administrative Fee (15% of annual TIR) $ 23,277 $ 24,060 $ 24,060 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 $ 17,760 Local TIR Available for Reimbursement $ 783 $ $ $ $ $ $ $ $ $ Total State & Local TIR Available $ 124,964 $ 195,630 $ 246,665 $ 248,707 $ 250,769 $ 252,851 $ 424,859 $ 429,107 $ 433,398 $ 437,732 Beginning DEVELOPER Balance DEVELOPER Reimbursement Balance $ 6,455,496 $ 6,330,532 $ 6,134,902 $ 5,888,237 $ 5,639,530 $ 5,388,761 $ 5,135,910 $ 4,711,051 $ 4,281,944 $ 3,848,545 $ 3,410,813 STATE Reimbursement Balance $ 4,524,610 $ 4,400,428 $ 4,204,798 $ 3,958,132 $ 3,709,426 $ 3,458,657 $ 3,205,806 $ 2,780,947 $ 2,351,840 $ 1,918,441 $ 1,480,709 Eligible Activities Reimbursement $ 4,482,990 $ 124,181 $ 195,630 $ 246,665 $ 248,707 $ 250,769 $ 252,851 $ 424,859 $ 429,107 $ 433,398 $ 437,732 Environmental Eligible Activities $ 1,029,601 $ 28,520 $ 44,930 $ 56,651 $ 57,120 $ 57,594 $ 58,072 $ 97,577 $ 98,552 $ 99,538 $ 100,533 Non Environmental Eligible Activities $ 3,453,389 $ 95,661 $ 150,700 $ 190,014 $ 191,587 $ 193,175 $ 194,779 $ 327,282 $ 330,555 $ 333,861 $ 337,199 Interest Accumulation $ 41,619 Interest Reimbursement $ 41,619 $ $ $ $ $ $ $ $ $ $ Environmental Portion $ 9,559 $ $ $ $ $ $ $ $ $ $ Non Environmental Portion $ 32,061 $ $ $ $ $ $ $ $ $ $ Total STATE TIR Reimbursement $ 124,181 $ 195,630 $ 246,665 $ 248,707 $ 250,769 $ 252,851 $ 424,859 $ 429,107 $ 433,398 $ 437,732 LOCAL Reimbursement Balance $ 1,930,887 $ 1,930,104 $ 1,930,104 $ 1,930,104 $ 1,930,104 $ 1,930,104 $ 1,930,104 $ 1,930,104 $ 1,930,104 $ 1,930,104 $ 1,930,104 Eligible Activities Reimbursement $ 1,254,234 $ 783 $ $ $ $ $ $ $ $ $ Environmental Eligible Activities $ 288,058 $ 180 $ $ $ $ $ $ $ $ $ Non Environmental Eligible Activities $ 966,176 $ 603 $ $ $ $ $ $ $ $ $ Interest Accumulation $ 676,653 $ $ $ $ $ $ $ $ $ $ Interest Reimbursement $ 676,653 $ $ $ $ $ $ $ $ $ $ Environmental Portion $ 155,406 $ $ $ $ $ $ $ $ $ $ Non Environmental Portion $ 521,247 $ $ $ $ $ $ $ $ $ $ Total LOCAL TIR Reimbursement $ 783 $ $ $ $ $ $ $ $ $ Total Annual Developer Reimbursement $ 124,964 $ 195,630 $ 246,665 $ 248,707 $ 250,769 $ 252,851 $ 424,859 $ 429,107 $ 433,398 $ 437,732 LOCAL BROWNFIELD REVOLVING FUN LBRF Year LBRF Deposits $ $ $ $ $ $ $ $ $ $ STATE $ 1,035,230 $ $ $ $ $ $ $ $ $ LOCAL $ $ $ $ $ $ $ $ $ $ 1 of 3

30 Table 3. Reimbursement Allocation Schedule Street Rehab Detroit, MI AKT Peerless Project No f2 As of February 1, 2018 Estimated Capture Administrative Fees $ 2,031,234 State Redevelopment Fund $ 1,386,699 LBRF $ 1,035,230 ########## End of OPRA Total State Incremental Revenue $ 505,268 $ 510,321 $ 515,424 $ 520,578 $ 525,784 $ 531,042 $ 536,353 $ 541,716 $ 547,133 $ 552,605 State Brownfield Redevelopment Fund (3 mills $ 63,159 $ 63,790 $ 64,428 $ 65,072 $ 65,723 $ 66,380 $ 67,044 $ 67,715 $ 68,392 $ 69,076 State TIR Available for Reimbursement $ 442,110 $ 446,531 $ 450,996 $ 455,506 $ 460,061 $ 464,662 $ 469,308 $ 474,002 $ 478,742 $ 483,529 Total Local Incremental Revenue BRA Administrative Fee (15% of annual TIR) Local TIR Available for Reimbursement Total State & Local TIR Available DEVELOPER DEVELOPER Reimbursement Balance $ 17,760 $ 17,760 $ 121,082 $ 122,293 $ 123,515 $ 124,751 $ 125,998 $ 127,258 $ 128,531 $ 129,816 $ 17,760 $ 17,760 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ $ $ 21,082 $ 22,293 $ 23,515 $ 24,751 $ 25,998 $ 27,258 $ 28,531 $ 29,816 $ 442,110 $ 446,531 $ 472,078 $ 477,799 $ 483,577 $ 489,412 $ 495,307 $ 501,260 $ 507,272 $ 513,345 $ 2,968,703 $ 2,522,172 $ 2,050,094 $ 1,886,730 $ 1,863,214 $ 1,838,464 $ 1,812,466 $ 1,785,207 $ 1,756,677 $ 1,726,861 STATE Reimbursement Balance Eligible Activities Reimbursement Environmental Eligible Activities Non Environmental Eligible Activities Interest Accumulation Interest Reimbursement Environmental Portion Non Environmental Portion Total STATE TIR Reimbursement LOCAL Reimbursement Balance Eligible Activities Reimbursement Environmental Eligible Activities Non Environmental Eligible Activities Interest Accumulation Interest Reimbursement Environmental Portion Non Environmental Portion Total LOCAL TIR Reimbursement Total Annual Developer Reimbursement $ 1,038,599 $ 592,068 $ 141,072 $ $ $ $ $ $ $ $ 442,110 $ 446,531 $ 450,996 $ 99,452 $ $ $ $ $ $ $ 101,539 $ 102,554 $ 103,580 $ 22,841 $ $ $ $ $ $ $ 340,571 $ 343,977 $ 347,417 $ 76,611 $ $ $ $ $ $ $ 27,522 $ 14,097 $ $ $ $ $ $ $ $ $ $ 41,619 $ $ $ $ $ $ $ $ $ $ 9,559 $ $ $ $ $ $ $ $ $ $ 32,061 $ $ $ $ $ $ $ 442,110 $ 446,531 $ 450,996 $ 141,072 $ $ $ $ $ $ $ 1,930,104 $ 1,930,104 $ 1,909,022 $ 1,886,730 $ 1,863,214 $ 1,838,464 $ 1,812,466 $ 1,785,207 $ 1,756,677 $ 1,726,861 $ $ $ 21,082 $ 22,293 $ 23,515 $ 24,751 $ 25,998 $ 27,258 $ 28,531 $ 29,816 $ $ $ 4,842 $ 5,120 $ 5,401 $ 5,684 $ 5,971 $ 6,260 $ 6,553 $ 6,848 $ $ $ 16,240 $ 17,173 $ 18,115 $ 19,066 $ 20,027 $ 20,998 $ 21,978 $ 22,968 $ $ $ 62,673 $ 60,445 $ 58,106 $ 55,649 $ 53,071 $ 50,363 $ 47,519 $ 44,534 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 21,082 $ 22,293 $ 23,515 $ 24,751 $ 25,998 $ 27,258 $ 28,531 $ 29,816 $ 442,110 $ 446,531 $ 472,078 $ 163,364 $ 23,515 $ 24,751 $ 25,998 $ 27,258 $ 28,531 $ 29,816 LOCAL BROWNFIELD REVOLVING FUN LBRF Deposits STATE LOCAL $ $ $ $ 314,434 $ 460,061 $ 260,734 $ $ $ $ $ $ $ $ 314,434 $ 460,061 $ 260,734 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 2 of 3

31 Table 3. Reimbursement Allocation Schedule Street Rehab Detroit, MI AKT Peerless Project No f2 As of February 1, 2018 Total Projected End Plan Reimbursemen Total State Incremental Revenue $ 558,131 $ 563,712 $ 569,349 $ 575,042 $ 580,793 $ 586,601 $ 592,467 $ 598,392 $ 604,375 $ 610,419 State Brownfield Redevelopment Fund (3 mills $ 69,766 $ 70,464 $ 71,169 $ 71,880 $ 72,599 $ $ $ $ $ $ 1,386,699 State TIR Available for Reimbursement $ 488,364 $ 493,248 $ 498,180 $ 503,162 $ 508,194 $ 586,601 $ 592,467 $ 598,392 $ 604,375 $ 610,419 Total Local Incremental Revenue BRA Administrative Fee (15% of annual TIR) Local TIR Available for Reimbursement Total State & Local TIR Available DEVELOPER DEVELOPER Reimbursement Balance $ 131,114 $ 132,425 $ 133,750 $ 135,087 $ 136,438 $ 137,802 $ 139,180 $ 140,572 $ 141,978 $ 143,398 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 2,031,234 $ 31,114 $ 32,425 $ 33,750 $ 35,087 $ 36,438 $ 37,802 $ 39,180 $ 40,572 $ 41,978 $ 43,398 $ 519,478 $ 525,673 $ 531,930 $ 538,249 $ 544,632 $ 624,403 $ 631,647 $ 638,964 $ 646,353 $ 653,817 $ 1,695,747 $ 1,663,321 $ 1,629,572 $ 1,594,485 $ 1,558,047 $ 1,520,244 $ 1,481,064 $ 1,440,492 $ 1,398,514 $ 1,355,116 STATE Reimbursement Balance Eligible Activities Reimbursement Environmental Eligible Activities Non Environmental Eligible Activities Interest Accumulation Interest Reimbursement Environmental Portion Non Environmental Portion Total STATE TIR Reimbursement LOCAL Reimbursement Balance Eligible Activities Reimbursement Environmental Eligible Activities Non Environmental Eligible Activities Interest Accumulation Interest Reimbursement Environmental Portion Non Environmental Portion Total LOCAL TIR Reimbursement Total Annual Developer Reimbursement $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4,482,990 $ $ $ $ $ $ $ $ $ $ $ 1,029,601 $ $ $ $ $ $ $ $ $ $ $ 3,453,389 $ $ $ $ $ $ 41,619 $ $ $ $ $ $ $ $ $ $ $ 41,619 $ $ $ $ $ $ $ $ $ $ $ 9,559 $ $ $ $ $ $ $ $ $ $ $ 32,061 $ $ $ $ $ $ $ $ $ $ $ 4,524,610 $ 1,695,747 $ 1,663,321 $ 1,629,572 $ 1,594,485 $ 1,558,047 $ 1,520,244 $ 1,481,064 $ 1,440,492 $ 1,398,514 $ 1,355,116 $ 31,114 $ 32,425 $ 33,750 $ 35,087 $ 36,438 $ 37,802 $ 39,180 $ 40,572 $ 41,978 $ 43,398 $ 575,770 $ 7,146 $ 7,447 $ 7,751 $ 8,058 $ 8,369 $ 8,682 $ 8,998 $ 9,318 $ 9,641 $ 9,967 $ 132,236 $ 23,968 $ 24,978 $ 25,998 $ 27,029 $ 28,069 $ 29,120 $ 30,182 $ 31,254 $ 32,337 $ 33,431 $ 443,534 $ 41,399 $ 38,108 $ 34,652 $ 31,023 $ 27,213 $ 23,212 $ 19,011 $ 14,600 $ 9,969 $ 5,106 $ 676,653 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 31,114 $ 32,425 $ 33,750 $ 35,087 $ 36,438 $ 37,802 $ 39,180 $ 40,572 $ 41,978 $ 43,398 $ 575,770 $ 31,114 $ 32,425 $ 33,750 $ 35,087 $ 36,438 $ 37,802 $ 39,180 $ 40,572 $ 41,978 $ 43,398 $ 5,100,380 LOCAL BROWNFIELD REVOLVING FUN LBRF Deposits STATE LOCAL $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1,035,230 $ $ $ $ $ $ $ $ $ $ $ 3 of 3

32 Actual Allowed Interest Calculation - State Proportion Redevelopment 2/1/2018 MSF EA Amount DEQ EA Amount Totals In accordance to the ratio of MEGA vs DEQ EA's Calculated Allowed Interest $423, $126, $550, MSF Allowed Interest DEQ Allowed Interest Totals 77.00% 23.00% % $32, $41, MSF & DEQ EA's and Interest Totals (A) MSF EA's and Interest Total DEQ EA's and Interest Total Totals $455, $136, $592, TIF Summary NOTE: Does not include Brownfield MSF & DEQ Eligible Activity (EA) Amount $550, Scheduled payment $296, Plan/Work Plan Prep for MSF/DEQ or MSF & DEQ Allowed Annual Interest Rate 5.00 % Scheduled number of payments 2 MSF/DEQ Review Cost Capture Period for MSF & DEQ EA's with Interest (Total # of years) 2 Number of payments per year 1 Start date of Capture on MSF and DEQ EAs 1/1/2020 MSF & DEQ Allowed Interest $ 41, Extra Payments (optional) Actual Allowed Interest (MSF & DEQ or BRA Capped Interest, whichever is less) $41, PmtNo. Payment Date Beginning Balance Scheduled Payment Total Payment Principal Interest Ending Balance Cumulative Interest 1 1/1/2021 $ 550, $ 296, $ 296, $ 268, $ 27, $ 281, $ 27, /1/2022 $ 281, $ 296, $ 281, $ 267, $ 14, $ - $ 41,619.24