Romulus, MI, City of. City Taxation and Limitations. Tax Rates

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1 City Taxation and Limitations Property Tax The City's fiscal year begins on July 1. Real and personal property taxes are July 1 and a lien created upong the property on July 1, each year. Real property taxes and special assessments remaining unpaid on the following March 1st are turned over to the County Treasurer for collection. The County of Wayne, Michigan (the County ) is responsible for the collection of real property taxes of the City which are delinquent as of March 1 of each fiscal year (the "Delinquent Real Property Taxes"). In recent years, the County has purchased from the City all Delinquent Real Property Taxes from a tax payment fund established by the County. In return, the City has assigned to the County all amounts payable to the City from the taxpayers with respect to such Delinquent Real Property Taxes. If such Delinquent Real Property Taxes remain uncollected after three years from the date on which such taxes become delinquent, the County may charge the respective amount of such taxes back to the City. The purchase by the County from the City of the Delinquent Real Property Taxes as set forth above may be Series dependent 2016, 2014 upon the sale by the County of delinquent tax notes for that purpose, and there can be no assurance that the County will issue such delinquent tax notes or purchase such Delinquent Real Property Taxes in any fiscal year. Delinquent Real Property Taxes collected by the County in any fiscal year in which the County does not purchase from the City such Delinquent Real Property Taxes are paid to the City as and when collected by the County on a monthly basis following such collection. Personal property taxes uncollected as of the end of a fiscal year have historically accounted for less than 5.00% the City's local tax levies. Suit may be brought to collect personal property taxes and personal property may be seized and sold to satisfy the claim for unpaid taxes thereon. Tax Rates Levied July 1 City Operating Sanitation Services Library Services Library Services EPA Judgements Total

2 , 2006 Cap, 2006 Tax, 2001, 1999AB City Wide Millages Fiscal Year Ended June Non-Homestead Non-Homestead Homestead Properties Properties Homestead Properties Homestead Properties Properties City of Romulus PA 359 Promotions Sanitation Library EPA Judgement Levy County of Wayne Detroit Institute of Arts Wayne County Zoo Romulus Schools Wayne Westland Annex Schools Woodhaven Schools Wayne Community RESA State Education Levy Wayne County Community College Wayne County Transit Authority Huron-Clinton Metropolitan Authority Total , 2006 Cap, 2006 Tax, 2001, 1999AB SEV and Taxable Valuation Assessed Value Year of State Fiscal Year State State Ad Valorem Total Taxable as of December 31 Equalization and Tax Levy Ended June 30 Equalized Valuation Equalized Valuation Taxable Value Valuation ,458, ,458, ,529, ,464,130 * Includes IFT's and Land Banks Source: City of Romulus, 2006 Cap, 2006 Tax, 2001, 1999AB Property Tax Collection Record Collections % Collection Levied July 1 Tax Levy Collections (1) Percent Collected Percent Collected Plus Funding (2) Plus Funding ,225, ,579, % 94.25% 11,028, % (1) Real and personal taxes combined (2) Includes funding from County Tax Payment Fund (less chargebacks)

3 City Debt, 2006 Cap, 2006 Tax, 2001, 1999AB Legal Debt Margin As of June 30, 2016 SEV $ 969,458,930 Debt Limit 96,945,893 Debt Outstanding 40,460,062 Less: Exempt Obligations 25,075,062 Additional Debt which can be legally incurred 81,560,893 Non-exempt debt outstanding as percentage of SEV 1.59%, 2006 Cap, 2006 Tax, 2001, 1999AB Debt Statement As of June 30, 2016 Net Debt City Direct Debt Gross Self-Supporting Self-Supporting Net Per Capita % of Taxable Valuation Capital Improvement Bonds (LTGO) (2) 9,595,000 9,595,000 9,595,000 General Obligation Bonds Special Assessment Bonds (LTGO) 485, , ,000 Tax Increment Authority Revenue Bonds 10,370, , ,000 Tax Increment Authority Capital Improvement Bonds 875,000 4,430,000 4,430,000 Tax Increment Authority Capital Improvement Bonds 4,430,000 10,370,000 10,370,000 Share of County Issued bonds 14,705,062 14,705,062 14,705,062 Total Direct Debt 40,460,062 40,460,062 40,460,062 0 $0 0.00% Net Debt City Overlapping Gross City Share as % of Gross City Share as % of Gross Net City Share Per Capita % of Taxable Valuation Romulus School District 55,275, % % 55,275,927 Wayne - Westland School District 20,555, % 0.45% 92,498 Woodhaven-Brownstown School District 92,472, % 1.17% 1,081,928 Wayne County at-large 291,860, % 2.07% 6,041,519 Total Overlapping Debt Total City Direct and Overlapping Debt 460,164,254 62,491,872 $2, %

4 Employees Retirement System The City maintains the Police and Fire Defined Benefit Retirement System (MERS) and a General Government Employee's Defined Contribution Retirement System (the "systems") that cover substantially all full-time employees. The City's contributions due to the systems was $1,869,896 and $543,080 respectively. The City's unfunded liability is amortized over a period of 23 years. The MERS system is 41.4% funded. Other Post Employment Benefits As of June 30, 2016 Annual required contribution 5,385,254 Interest on the prior year s net OPEB obligation 1,069,347 Less adjustment to the annual required contribution (735,335) Annual OPEB Cost 5,719,266 Amounts contributed (2,546,820) Increase in net OPEB obligation 3,172,446 OPEB obligation Beginning of year 17,822,450 OPEB obligation End of year 20,994,896

5 Employer Contributions and Annual OPEB Cost Data Employer Contributions Annual Percentage of Percentage OPEB Fiscal Year Actuarial Valuation Date Required Contribution Annual OPEB Costs Annual OPEB Costs ARC Contributed Costs Contributed Net OPEB Obligation /30/2013 5,385,254 5,719,266 5,719, % 0.00% 20,994,897 Funding Progress of the Plan Actuarial Unfunded Unfunded Funded UAAL as a Actuarial Valuation Accrued AAL AAL Ratio Percentage of Actuarial Valuation Date of Assets Liability (AAL) (UAAL) (UAAL) (Percent) Covered Payroll Covered Payroll 6/30/2013 2,793,739 60,066,433 57,272,694 57,272, % General Fund Balance Fiscal Year Ended June 30, Non-spendable 677,549 Restricted - Committed - Assigned 2,720,878 Unassigned 3,250, ,648,683, 2006 Cap, 2006 Tax Revenues From the State of Michigan- Revenue Sharing Payments Fiscal Year Ended June 30, Statutory/CVTRS Constitutional Component Component Total Total ,826, ,747 1,828,058 2,135,789

6 Economic Profile, 2006 Cap, 2006 Tax, 2001, 1999AB Top Ten Taxpayers Fiscal Year Ended June 30, 2017 Taxpayer DTE Electric Company Delta Airlines Welsh Romulus LLC Ashley Romulus LLC IAC Metro LLC Delta Airlines Inc C1100 DTW Crown Enterprises Inc Airport Park Equities LLC Barrington Holdings Group LLC DTE Gas Company Ad Valorem Ad Valorem % of Ad Valorem Product or Service Taxable Valuation Taxable Valuation Taxable Valuation utility 19,053,408 19,053, % airline 14,123,836 14,123, % warehousing 13,417,942 13,417, % warehousing 11,542,000 11,542, % warehousing 8,646,187 8,646, % airlines 8,259,600 8,259, % trucking 7,428,152 7,428, % warehousing 6,601,400 6,601, % apartments 6,096,000 6,096, % utility 5,890,300 5,890, % Total 101,058, ,058, % Ten Largest Employers Company Delta Airlines General Motors Corporation Detroit Thermal Wayne County Airport Authority YanFeng Romulus Community Schools Archway Marketing Services City of Romulus Kerr Division/Sybron DST Industries Approximate Product or Service Number of Employees Airline 8,500 Automobile 1,170 Auto Parts Manufacturing 583 Airport 572 Auto Parts Manufacturing 500 Education 270 Promotional Marketing 255 Local Government 227 Dental Equipment 223 Automotive Products 176 Total 12,476

7 Series 2006 Cap, 2006 Tax, 2001, 1999AB Taxable Value by Use and Class Taxable Valuation - By Class 2017 Real Property 671,080,958 Personal Property 199,464,700 Total 870,545,658 Taxable Valuation - By Use 2017 Residential 266,247,004 Commercial 152,971,770 Industrial 240,519,543 Developmental 11,342,641 Personal Property 199,464,700 Total 870,545,658 Series 2006 Cap, 2006 Tax, 2001, 1999AB Tax Rate Limitations Maximum Purpose Rate Permitted Rate General Operating Sanitation Series 2001, 1999AB Schedule of Bond Maturities Water - Capital Share of County Issued Bonds Municipal Multi- Fiscal Year Building Authority Bonds TIFA Bonds MTF Bonds Improvement Bonds Sewer Court Ordered Sewer Other Purchase Agreement Authority Bonds ,075, , ,000 2,424,544 85, , , , ,000 Totals 1,950, , ,000 2,424, ,000

8 Series 1999AB Population Total U.S. Census Data 23,989 Series 1999AB Labor Agreements Employee Group Number of Employees Expiration Date of Contract Teamster Local /30/2020 P.O.L.C. 9 12/31/2017 P.O.A.M /31/2017 A.F.S.M.F. Local /30/2016 IAFF 13 6/30/2016

9 - Tax Increment Finance Authority 1, refunded 06/16/ City of Romulus, County of Wayne, State of Michigan, Tax Increment Finance Authority of the, 2004 Tax Increment Development Refunding Bonds, $5,445,000, Dated: September 15, 2004, refunded 06/03/2015 Series 2006 Tax, 2004 Projected TIFA Tax Increment Revenues and Debt Service Coverage - Current Year Update Captured Taxable Education Non-Education Total 2015 Refunding Surplus (Deficit) Education Tax Surplus (Deficit) Year Value Tax Increments Tax Increments Tax Increments Education Bonds General Obligation Refunding Bonds Total Existing Bonds Education Coverage Ratio All Increments Total Coverage Ratio ,487,750 1,135,455 2,029,663 3,165,119 1,135,455 1,393,734-2,529, % 2,029, % ,063,895 1,137,481 2,072,183 3,209,664 1,137, , ,138 2,389, % 1,714, % Series 2004 Captured Valuations Base Year % Change % Change Year Taxable Valuation Valuation Captured Valuation Tax. Valuation Cap. Valuation ,273, ,785,659 89,487, % 1.22% Series 2004 Taxable Value by Use and Class Fiscal Year Ended June 30, Taxable Valuation - By Class 2016 Real Property 174,500,509 Personal Property 71,772,900 Total 246,273,409 Taxable Valuation - By Use 2016 Residential 1,561,343 Commercial 74,100,427 Industrial 88,083,707 Developmental 10,755,032 Personal Property 71,772,900 Total 246,273,409 Series 2004 Major Taxpayers on Authority's Ad Valorem Tax Roll Name of Taxpayer Delta Airlines Delta Airlines Inc C1100DTW Airport Park Equities LLC Rea Investments Inc Sheraton Detroit Metro Airport Merri-Five Plaza LLC FFIII MI Romulus LLC American National Insurance Co Aeroplex One LLC Airport Industry Center LLC Description Real Prop. Valuation Personal Prop. Valuation Totals Percentage of Total Percentage of Total airlines 14,081,593-14,081, % 5.72% airlines - 5,979,800 5,979, % 2.43% warehousing 5,969,754-5,969, % 2.42% warehousing 5,277,400-5,277, % 2.14% hotel 4,465, ,700 5,211, % 2.12% parking 4,580,636-4,580, % 1.86% warehousing 4,547,300-4,547, % 1.85% warehousing 3,975,303-3,975, % 1.61% warehousing 3,948,379-3,948, % 1.60% warehousing 3,822,598-3,822, % 1.55% Series 2004 Tax Rates Non-Homestead Properties City of Romulus Operating PA 359 Promotions - Library Sanitation Down River Judgement - County of Wayne Romulus Schools Romulus Schools - Debt - State Education Tax Wayne Community RESA Wayne County Community College Wayne County Transit Authority Huron-Clinton Metropolitan Authority Total All Jurisdictions

10 - Tax Increment Finance Authority 1, refunded 06/16/ City of Romulus, County of Wayne, State of Michigan, Tax Increment Finance Authority of the, 2004 Tax Increment Development Refunding Bonds, $5,445,000, Dated: September 15, 2004, refunded 06/03/2015 Series 2004 Major Employers in Authority District Business Delta Airlines Wayne County Airport Authority YanFeng Kerr/Sybron Cooper Hotels Product/ Service Number of Employees Airline 8500 Airport 1170 Automotive 500 Dental Equipment 223 Hospitality 200 * Source - City of Romulus, Community Development Department

Romulus, MI, City of. City Taxation and Limitations

Romulus, MI, City of. City Taxation and Limitations Romulus, MI, City of 1 City of Romulus, County of Wayne, State of Michigan, 2016 Refunding Bonds, (Limited Tax General Obligation), $3,835,000, Dated: May 18, 2016 2 City of Romulus, County of Wayne, State