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Home My Public Portal About2016-05-23 Truman Hotel Redevelopment PlanTRUMAN HOTEL TAX INCREMENT FINANCING (TIF) REDEVELOPMENT PLAN May 23,2016 DEVELOPMENT STRATEGIES ® guiding ef fective decisions in real estate, community, and economic development TRUMAN HOTEL TAX INCREMENT FINANCING (TIF} REDEVELOPMENT PLAN May 23, 2016 TABLE OF CONTENTS 1 INTRODUCTION ..................................................................................................... 1 Overview of Redevelopment Area ..................................................................................... 1 Neighboring Development ................................................................................................. 3 Purpose of Redevelopment Plan ....................................................................................... 4 Summary of Redevelopment Plan ..................................................................................... 4 Use of Tax Increment Financing ........................................................................................ 5 Why Tax Increment Financing is Needed in the Redevelopment Area .............................. 5 Use and Benefits of Tax Increment Allocation Financing ................................................... 5 Organization of this Redevelopment Plan .......................................................................... 6 2 SUMMARY OF KEY FINDINGS ....................................................................................... 7 Introduction ....................................................................................................................... 7 Blighted Area Not Subject to Growth and Development By Private Enterprise and Not Reasonably Anticipated to be Developed Without TIF ....................... 8 Conformance to the City's Comprehensive Plan ............................................................... 8 Estimated Date of Completion of the Redevelopment Project and Retirement of Obligations to Finance Redevelopment Project Costs ............................................... 8 Relocation Assistance Plan ..................................................................................... 8 Cost-Benefit Analysis Showing Economic Impact on Each Taxing District ........................ 9 No Gambling Establishment .............................................................................................. 9 3 REDEVELOPMENT PLAN OBJECTIVES ............................................................ 10 4 GENERAL DESCRIPTION OF THE PROGRAM AND ACTIVITIES TO ACCOMPLISH OBJECTIVES ............................................................................... 11 5 EXISTING LAND USE ........................................................................................... 12 6 PROPOSED REDEVELOPMENT PLAN .............................................................. 13 7 ESTIMATED COSTS FOR REDEVELOPMENT PROJECT .................................... 15 8 ANTICIPATED FUNDS TO PAY COSTS AND OBLIGATIONS TO BE ISSUED ................................................................................................................. 17 Anticipated Sources of Funds to Pay the Costs .......................................................... 17 Evidence of Commitments to Finance the Project Costs ................................................. 17 Anticipated Type and Term of Sources of Funds to Pay Costs ........................................ 17 Anticipated Type and Term of the Obligations to be Issued ............................................. 19 9 EQUALIZED ASSESSED VALUATIONS ..................................................................... 20 Most Recent Equalized Assessed Valuation of Property Within the Redevelopment Area ....................................................................................... 20 Estimated Equalized Assessed Valuation after Redevelopment .................................... 20 10 REPORTING REQUIREMENTS ............................................................................ 21 MAPS Site Location .............................................................................................. 1 Aerial Photograph of Redevelopment Area ........................................................................ 2 Aerial Photograph of Neighboring Development. ................................................................ 3 Existing Land Use ............................................................................................................ 12 Site Plan .......................................................................................................................... 15 APPENDICES A Legal Description of the Redevelopment Area B Blight Study Report C Estimated Project Costs and Reimbursable Project Costs D TIF Revenue Projections E Certificate of Compliance with the City's Comprehensive Plan F Evidence of Commitment to Finance Project Costs G Cost-Benefit Analysis Tables H Developer's Affidavit I Developer's Background and Experience J List of Consultants ), Ra 1. INTRODUCTION Overview of Redevelopment Area The Truman Hotel TIF Redevelopment Area (the "Redevelopment Area " or "Area "), is located adjacent to United States Route 54 in southwestern Jefferson City , Missouri (the "City "). The Area is generally bounded by Jefferson Street to the southeast , an access road for offices of the Missouri Department of Transportation ("MoDOT") and Highway Patrol to the southwest , Southridge Drive to the northwest , and Zumwalt Road to the northeast. The Redevelopment Area comprises all parcels in this block except for the one containing the aforementioned MoDOT and Highway Patrol offices (see Site Location maps , below) . 110 .. " 0 Thomps onS I Ouoln,. Swill~ Auror.lA'W'~ Cood.:~JI Or SITE LO CAT ION frum.m Ho t el I II Redcvelo pml•n t Ar e.t J e lff'r ~.m C tty, MIY>UUII The Redevelopment Area , which consists of two parcels containing approximately 8.65 acres of land , is split into two Redevelopment Project Areas ("RPAs "). RPA 1 is to be activated for redevelopment concurrent with passage of the ordinance approving the Redevelopment Agreement for this Redevelopment Plan ; RPA 2 will be activated at a later date , currently expected to be October, 2018 . Appendix A provides a legal description of the Redevelopment Area and both RPAs Truman llotel Tl ~· Red e\ elopment Plan 00000 1 201 5 AERIA L IMAGE RY ltum.:tn I IOIPI Ill RC'dcvr>lopnK'nt 1\rc>,l JP II I'I \011 f lly, Mr\'>()1111 DrocNni:M•r Kll'1 The Redevelopment Area is located southwest of downtown Jefferson City in a mixed- use, auto-centric corridor featuring a number of low-to mid-range hotel and motel properties , fast food restaurants , and automotive services . The Area itself currently contains five buildings comprising approximately 146 ,000 square feet. Until recently , these buildings were operated as the Truman Hotel and Conference Center, a 233-room non-flagged convention hotel. The hotel , built in 1968 , has become increasingly outdated and rundown (see Blight Study Report prepared by Valbridge Property Advisors , attached as Exhibit D). Several of the buildings are completely unusable , due to their poor condition , and the others are not able to generate enough income to produce a profit. The current owner, Puri Group of Enterprises , has closed the hotel down in stages over the past several years to prepare for site redevelopment . The entire Redevelopment Area is currently zoned "C-2 " (General Commercial District), which , according to the City 's zoning code , "is intended to accommodate general trades and commercial services . . . located at select nodes , intersections , and highway interchanges to serve the motoring public and highway users." The proposed uses for the site are consistent with , and in furtherance of, this intention . Truman llotel ·1 I~· Rede ve l opme nt Plan 2 00000 2 Neighboring Development The Redevelopment Area's immediate surroundings are mostly occupied by low-density, highway-oriented commercial uses. Beyond the commercial district, to the east, west , and south , the land use is predominantly residential. To the northeast, along Jefferson and Madison Streets, lies a denser commercial corridor that connects the Area to downtown Jefferson City , approximately 1.5 miles away. NEIGHBORING DEVELOPMENT lruman llolel llr 1\ecleveloprnen l 1\rea Jrffrrson Cily, Missou o Truman l l otel Tl ~· Rede ve lopment Plan 000003 () O'[VflOPMtHTSTRATEGi f S• f>ecember }0 \S 3 Purpose of Redevelopment Plan The Redevelopment Area represents an important redevelopment opportunity, given its location near downtown Jefferson City and adjacent to one of the area's major arterial roads. The site is well-positioned for a hotel development; however, the existing hotel's poor condition has kept it from being profitable. The Redevelopment Projects described in this Redevelopment Plan are intended to return the site to productive use. These Redevelopment Projects will: • Have a substantial and significant public benefit by eliminating blight throughout the Redevelopment Area; • Provide attractive, convenient upper-midscale lodging options for visitors to the City; • Strengthen the City's Economic base by providing an important source of taxes for the City and other taxing jurisdictions on a site where comparatively little tax revenue is currently being generated; • Strengthen the City's Employment Base through creation of employment opportunities for residents of the City and surrounding communities; • Reinforce the attractiveness of the Highway 54 corridor as a destination, increasing commercial traffic that will support other area businesses; Summary of Redevelopment Plan The site is currently occupied by a shuttered five-building hotel, containing approximately 146,000 square feet, several large surface parking lots, and a swath of vacant land. It is not anticipated that the existing development can be reused for the types of activities for which the site is best suited. It is therefore necessary to demolish the existing buildings and reconfigure the parking areas. This Redevelopment Plan proposes, over the course of two Redevelopment Projects, to: 1. Demolish the existing, outdated hotel buildings; 2. Construct two new multi-story hotels-the first a 121-room Holiday Inn & Suites with an on-site restaurant; the second a 145-room Courtyard by Marriott; 3. Fully renovate and remodel the existing, outdated conference space into a new, 20,000 square foot conference, meeting, and event center; 4. Reconfigure the surface parking and ingress/egress for better circulation; 5. Provide improved parking areas, signage, landscaping, exterior lighting, etc. I t"Lllll:lll llutel II~ l~ede\ eiOI1111<.:1lt I' I an -1 000004 Use of Tax Increment Financing To facilitate redevelopment of the Redevelopment Area, it is proposed to use tax increment allocation financing ("TIF") pursuant to Section 99.800 et seq. of the REVISED STATUTES OF MISSOURI ("RSMo"), known as the Real Property Tax Increment Allocation Redevelopment Act ("TIF Act"). TIF has proven to be an effective tool for remedying conditions in "blighted areas" and for encouraging growth and development through investment by private enterprise in situations such as those faced in the Redevelopment Area. Why Tax Increment Financing is Needed in the Redevelopment Area While the revitalization of the Redevelopment Area has been desired by local residents, businesses, and the City in general for some time, there are a number of serious impediments to private redevelopment. Most significantly, the costs associated with making full productive use of the Redevelopment Area are greatly increased by the former hotel buildings' functional obsolescence and poor condition. Despite these high redevelopment costs, the site has a finite ability to generate revenue; consequently, an imbalance between expense and revenue is created that makes the project economically infeasible unless selected development costs are effectively reduced by means of TIF. These economic factors represent the second component of the "but for'' justification upon which this project's use of TIF is based -without the availability of TIF funds as a development incentive, private developers will continue to be discouraged from taking on the extraordinary costs of site redevelopment. The Developer's Affidavit, included as Appendix C, attests to the fact that the Redevelopment Area qualifies as a "blighted area" (as defined by the TIF Act) and that the Area has not been subject to growth and development through investment by private enterprise. The effect of these realities is that the Redevelopment Area would not reasonably be anticipated to be developed without the adoption of Tax Increment Financing. Use and Benefits of Tax Increment Allocation Financing Upon the City's adoption of TIF and approval of the Redevelopment Projects described in this Redevelopment Plan, payments resulting from incremental increases in various taxes occurring within the Redevelopment Area will be reallocated and deposited for a limited time into a special fund of the City (the "Special Allocation Fund"). These taxes will include incremental real property taxes ("Payments in Lieu of Taxes" or "PILOTs") and a portion of the incremental tax revenue generated by economic activities within the Redevelopment Area ("Economic Activity Taxes" or "EATs"), including taxes on certain sales and on utilities. I n1man lllltt:\ Ill· 1\t:dt:\elopment Plan 000005 Revenues deposited in the Special Allocation Fund may be used to secure obligations, the proceeds of which, in turn, may be used to finance the various Redevelopment Project Costs enumerated in section 99.805(15) of the TIF Act. For the duration of the Redevelopment Projects, all personal property and commercial surcharge tax revenue, as well as fifty percent of general sales and utility tax revenues, will be passed through to the applicable taxing districts. In addition, because tax revenue from the sale of hotel rooms is ineligible for capture by the TIF, the entirety of the general sales taxes on these transactions will continue to flow to applicable taxing jurisdictions. Furthermore, Jefferson City's 7.00 percent Convention and Visitors Bureau tax will continue to be paid to that entity. Once the TIF obligations are retired, the TIF is dissolved and all taxes generated in the Redevelopment Area will flow to applicable taxing jurisdictions, based on the Area's then- current assessed valuation and tax rates. TIF, as a redevelopment tool, provides several benefits. Typically, the stream of future revenues available through TIF is used to secure and finance TIF bonds or notes. Thus, the City and the Developer have funds available at the inception of the Redevelopment Project, when they are needed most. Additionally, TIF provides for direct representation of all affected taxing districts on the commission that reviews and recommends redevelopment plans and redevelopment projects to the City. Organization of this Redevelopment Plan Sections 99.805(13) and 99.810 of the TIF Act set forth the requirements for redevelopment plans. Accordingly, this Redevelopment Plan represents the comprehensive program of the City intended by the payment of Redevelopment Project Costs to reduce or eliminate those conditions, the existence of which qualify the Redevelopment Area as a "blighted area," "conservation area," or "economic development area" (as those terms are defined in Section 99.805 of the TIF Act), and to thereby enhance and insure the tax base of the taxing districts which extend into the Redevelopment Area. Subsequent sections of this Redevelopment Plan set forth a summary of key findings; Redevelopment Plan objectives (along with a general description of the program and activities to accomplish these objectives); existing and proposed land uses for the Redevelopment Area; the estimated costs of the Redevelopment Project; the anticipated sources of funds to pay costs; evidence of the commitments to finance the costs of projects; the anticipated type and term of the sources of funds to pay costs; the anticipated type and terms of the obligations to be issued; the most recent equalized assessed valuation of the property within the Redevelopment Area which is to be subjected to payments in lieu of taxes and economic activity taxes pursuant to Section 99.845 of the TIF Act; and an estimate of the equalized assessed valuation after redevelopment. This Redevelopment Plan also provides the basis and documentation for findings required by Sections 99.810.1(1) through 99.810.1(6) of the TIF Act and summarizes reporting requirements imposed by Section 99.810.2 of the TIF Act. Truman !lore! rtF Rede\ elopment Plan 6 000006 2. SUMMARY OF KEY FINDINGS Introduction In order to establish a Redevelopment Area, adopt a Redevelopment Plan, and authorize Tax Increment Financing, the City must find, and this Plan concludes, pursuant to Section 99.810 of the TIF Act that: a. The Redevelopment Area on the whole: 1.) Is a blighted area, a conservation area, or an economic development area; 2.) Has not been subject to growth and development through investment by private enterprise; and 3.) would not reasonably be anticipated to be developed without the adoption of tax increment financing. This finding shall include, but not be limited to, a detailed description of the factors that qualify the Redevelopment Area or project pursuant to sections 99.805(1) and 99.810.1 of the TIF Act and an affidavit, signed by the Developer and submitted with the Redevelopment Plan, attesting that the provisions of section 99.810.1 of the TIF Act have been met; b. The Redevelopment Plan conforms to the Comprehensive Plan for the development of the municipality as a whole; c. The estimated dates, which shall not be more than twenty-three years from the adoption of the ordinance approving any Redevelopment Project within a Redevelopment Area, of completion of any Redevelopment Project and retirement of obligations incurred to finance Redevelopment Project costs have been stated; d. A plan has been developed for relocation assistance for businesses and residences that will be relocated; e. A cost-benefit analysis has been performed showing the economic impact of the Redevelopment Plan on each taxing district that is at least partially within the boundaries of the Redevelopment Area. The analysis shall show the impact on the economy if the project is not built, as well as the impact if it is built according to the Redevelopment Plan contained herein. The cost-benefit analysis shall include a fiscal impact study on every affected political subdivision, and sufficient information for the TIF Commission to evaluate whether the project as proposed is financially feasible; and f. The Plan does not include the initial development or redevelopment of any "gambling establishment" (as that term is defined in section 99.805(6) of the TIF Act). Documentation of the determination that the Redevelopment Area meets the requirements of the TIF Act follows: ln111wn lll)tel II~· Rede\ elopment Plan 7 000007 Blighted Area Not Subject to Growth and Development by Private Enterprise and Not Reasonably Anticipated to be Developed Without TIF The Redevelopment Area meets the requirements for designation as a "blighted area" as defined by Section 99.805(1) of the TIF Act. The Blight Study Report for the Truman Hotel and Convention Center ("Blight Study") details and documents the conditions which qualify the Redevelopment Area as a "blighted area." The Blight Study is attached to this Redevelopment Plan as exhibit D. The Redevelopment Area has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of tax increment financing. Appendix C to this Redevelopment Plan contains an affidavit, signed by the Developer, which is submitted with and incorporated by reference in this Redevelopment Plan, attesting that the provisions of Section 99.810.1 of the Tl F Act have been met. Conformance to the City's Comprehensive Plan The uses proposed for the Redevelopment Area are consistent with and in furtherance of the current Jefferson City Comprehensive Plan. This Plan is "the guiding document for the growth [of] and future land use within Jefferson City." The Comprehensive Plan specifically identifies the Area as suitable for commercial uses such as those proposed in this Redevelopment Plan. Furthermore, the Developer has obtained, from the City's Department of Planning and Protective Services, a letter evidencing the proposed development's compliance with the Comprehensive Plan. It is attached to this Redevelopment Plan as exhibit E. Estimated Dates for Completion of the Redevelopment Project and Retirement of Obligations to Finance Costs of the Redevelopment Project This Redevelopment Plan states, in Section 8, that all TIF obligations issued to finance costs of the Redevelopment Project for RPA 1 are estimated to be retired no later than February, 2039. This conforms to the requirement of the TIF Act that all obligations be retired not more than 23 years from the date of adoption of the ordinance approving a Redevelopment Project in a TIF Redevelopment Area. (RSMo § 99.81 0). This Redevelopment Plan states that demolition of several of the existing hotel buildings is anticipated to begin in the spring of 2016, following approval of this Redevelopment Plan. The Redevelopment Project for RPA 1 is anticipated to be completed in the fall of 2017. RPA 2 is expected to be activated in the fall of 2018 and its redevelopment should be completed by the spring of 2020. Relocation Assistance Plan The property is owned by the Developer and is currently vacant, so no relocation is anticipated. To the extent any relocation is needed to carry out the Redevelopment Plan, Truman Ilcltel Til· Redevelopment Plan 000008 however, the provisions of Sections 523.200 to 523.215, Missouri Revised Statutes (as amended), shall be complied with. Cost-Benefit Analysis Showing Economic Impact on Each Taxing District A separate Cost-Benefit Analysis, which details the economic impact of this Redevelopment Plan on each taxing district that is at least partially within the boundaries of the Redevelopment Area, is incorporated herein by reference. The analysis shows the impact on taxing districts if the Redevelopment Projects are not built, as well as the impact if the Redevelopment Projects are built according to this Redevelopment Plan. The cost-benefit analysis additionally includes a study of the fiscal impact on each affected political subdivision and sufficient information from the Developer for the TIF Commission to evaluate whether the Redevelopment Projects, as proposed, are financially feasible. No Gambling Establishment This Redevelopment Plan does not include the initial development or redevelopment of any "gambling establishment" (as that term is defined in section 99.805(6) of the TIF Act). Truman !lot.: I I" If: Redevelopm.:nt Plan l) 000009 3. REDEVELOPMENT PLAN OBJECTIVES The following objectives have been established for this Redevelopment Plan. These objectives are consistent with those contained in the Jefferson City Comprehensive Plan, as well as those purposes outlined in the TIF Act: • To reduce or eliminate those conditions, the existence of which qualify the Redevelopment Area as a "blighted area" and thereby to enhance the public health, safety, welfare, and/or morals; • To provide a demonstration and catalyst project for the continued growth and development of the Highway 54 corridor; • To allow the Redevelopment Area to be put to productive use once again; • To support the neighboring commercial development along Highway 54 by providing a new commercial traffic generator in the area; • To provide a range of job opportunities, from entry-level to professional/managerial, for the residents of Jefferson City and surrounding communities; • To provide a funding mechanism which will pay for the costs of improvements needed to stimulate growth and development through private reinvestment; and • As a result of these activities, to enhance the tax bases and the resulting tax revenues for the City and all other taxing districts that extend into the Redevelopment Area. lnttnan llut<:l 11~· Rede\eloptn.cnt l'le~n 10 000010 4. GENERAL DESCRIPTION OF ACTIVITIES TO BE UNDERTAKEN TO ACCOMPLISH OBJECTIVES To accomplish the objectives of this Redevelopment Plan, a program has been initiated to make TIF available within the Redevelopment Area and to attract and encourage private investment in the Redevelopment Area. Steps undertaken to date include: • Preparation of this Redevelopment Plan providing for the redevelopment of the Redevelopment Area in accordance with and in furtherance of the Jefferson City Comprehensive Plan; • Study of the Redevelopment Area to document the existence of conditions that render the Redevelopment Area a "blighted area" under the TIF Act. The study methodology and documentation are set forth in a separate document, the Blight Study Report. (Study results provide the basis for the findings in Section 2 of this Redevelopment Plan); and • Solicitation and consideration of proposals from qualified private entities for redevelopment projects within the Redevelopment Area and selection of qualified redevelopers for purposes of negotiation to implement the Redevelopment Projects that meets the goals and objectives of the Jefferson City Comprehensive Plan and this Redevelopment Plan. As a result of these efforts, this Redevelopment Plan envisions a revitalized, productive, and inviting destination for the Jefferson City community and surrounding areas. Subsequent activities necessary to implement the Redevelopment Projects and to accomplish the objectives of this Redevelopment Plan include, without limitation: • The negotiation, approval, and execution of a Redevelopment Agreement providing for the terms upon which the developer will undertake the Redevelopment Projects in accordance with this Redevelopment Plan; • Demolition of existing hotel buildings; • Construction of new hotel buildings; • Parking, landscaping, and infrastructure improvements; • Funding of selected costs of the Redevelopment Projects and issuance of temporary and permanent TIF obligations. Truman I Iotel ri 1-· Rede\elopment Plan II 000011 5. EXISTING LAND USE The Redevelopment Area is comprised of two parcels occupied by five hotel buildings, several surface parking lots, and a swath of vacant land. The Redevelopment Area 's buildings currently contain a total of approximately 148,000 square feet, though their footprints are significantly smaller. EXISTING LAND USE IN THE TRUMAN HOTEL TIF REDEVELOPMENT AREA (As of December 2015) LAND USE Square Feet % of Total Square Footage Buildings (footprint) Surface Parking Vacant Land TOTAL Source: Cole County Assessor's Office GJ Bui ldings ~ Vacan t lan d ~ Parking EX IST IN G LAN D USE lrurnan Hotel 111 HcdCVC'IOpmcnt A1e.1 IPflt•t">orl ( rty, Mt\'>CJUII Truman llotel Til-" Redevelopment Plan 82,000 22% 225 ,000 60% 70 ,000 18% 377,000 100% lo so 100 I . -===::JF••t . () PCN!LO N~STRATEGIES~ 12 000012 6. PROPOSED DEVELOPMENT PLAN General Land Use and Redevelopment Project Areas When completed, the Redevelopment Area will have replaced an outdated, closed hotel with two new, high quality hotels and a new conference, convention, and event space. Below is a general description of the redevelopment proposed for each of the two RPAs. Redevelopment Project Area 1: This RPA consists of one parcel, 5.0 acres in size, comprising the southwestern portion of the Redevelopment Area. It currently contains three two-story hotel buildings, several surface parking lots, and a swath of vacant land. To enhance the commercial value and viability of the Area, the following actions are proposed: • Demolish the three existing, outdated hotel buildings; • Construct a new five-story, 121-room business class hotel with an indoor pool and restaurant; • Reconfigure parking lots and ingress/egress for improved circulation; • Provide attractive landscaping details, signage, exterior lighting, and other site upgrades to improve the overall image, safety, and functioning of RPA 1. Redevelopment Project Area 2: This RPA consists of one parcel, 3.65 acres in size, comprising the northeastern portion of the Redevelopment Area. It currently contains the two main buildings of the existing hotel, including the conference space, and surface parking. To enhance the commercial value and viability of the Area, the following actions are proposed: • Demolish the existing, outdated hotel buildings; • Construct a new four-story, 145-room business class hotel; • Replace the existing conference space with a new two-story, 20,000 square foot conference, meeting, and event space; • Connect the two new hotels to the new conference space via new breezeways; • Reconfigure parking lots and ingress/egress for improved circulation; • Provide attractive landscaping, signage, exterior lighting, and other site improvements to enhance the site's utility and image. It is important to note that the above description of proposed development reflects current plans for the redevelopment but could be subject to change in accordance with the TIF Act Truman Ilutel TIF Redevelopment Plan 13 000013 (7~0000 tl LICJd lLIJLlldflj.:J ,\;JjXl~j .:JLL j;J]Ojj liBlllllJJ" H9NVH:J OX .L:JHfflflS aNV A.NVNIWITE[}[cl SI NV7cl HLIS HAOEIV HH,L 7. ESTIMATED REDEVELOPMENT PROJECT COSTS Section 99.805(15) of the TIF Act authorizes the City to include as "[r]edevelopment project costs . . . the sum total of all reasonable or necessary costs incurred or estimated to be incurred, and any such costs incidental to a redevelopment plan or redevelopment project, as applicable" (internal quotation marks deleted). The TIF Act states that eligible redevelopment project costs include but are not limited to: a) Costs of studies, surveys, plans, and specifications; b) Professional service costs including, but not limited to, architectural, engineering, legal, marketing, financial, planning, or special services, subject to the limitations of Section 99.805(15)(b) of the TIF Act; c) Property assembly costs including, but not limited to, acquisition of land and other property, real or personal, or rights or interests therein, demolition of buildings, and the clearing and grading of land; d) Costs of rehabilitation, reconstruction, or repair or remodeling of existing buildings and fixtures; e) Costs of construction of public works or improvements; f) Financing costs including, but not limited to, all necessary and incidental expenses related to the issuance of obligations, and which may include payment of interest on any obligations issued pursuant to sections 99.800 to 99.865 of the TIF Act accruing during the estimated period of construction of any redevelopment project for which such obligations are issued and for not more than eighteen months thereafter, and including reasonable reserves thereto; g) All or a portion of a taxing district's capital costs resulting from the redevelopment project necessarily incurred or to be incurred in furtherance of the objectives of the redevelopment plan and project, to the extent the municipality by written agreement accepts and approves such costs; h) Relocation costs to the extent that a municipality determines that relocation costs shall be paid or are required to be paid by federal or state law; and i) Payments in lieu of taxes. lrllman Hotel Tlf' Rcckvclop!ncnt Plan I~ 000015 Estimated costs for the redevelopment are anticipated to total approximately $56.8 million. The table below summarizes the planned allocation of total costs. For a detailed breakdown of total project and TIF-eligible costs, please see appendix F. TRUMAN HOTEL TIF REDEVELOPMENT AREAS 1 & 2 ESTIMATED TOTAL PROJECT COSTS (in Thousands)* Studies & Property Demolition, New Financing Contingency/ RPA Professional Acquisition Environmental, Site Building Costs Reserve TOTAL Services & Relocation Prep & Improvements Costs 1 $2,800 $1,500 $3,920 $10,685 $975 $2,215 $22,095 2 $4,640 $2,750 $5,700 $16,568 $1,575 $3,470 $34,703 Total $7,440 $4,250 $9,620 $27,253 $2,550 $5,685 $56,798 The value of the TIF revenue stream for each RPA is detailed below: • RPA 1-The TIF in RPA 1 is expected to generate a total of $6,660,493 in revenue, which is presently valued at $3,577,852, assuming a discount rate of 5.25 percent. • RPA 2-The TIF in RPA 2 is expected to generate a total of $10,259,026 in revenue, which is presently valued at $5,303,350, assuming a discount rate of 5.50 percent. Redevelopment Costs anticipated to be funded out of TIF revenues have a total present value of approximately $8.9 million, as detailed in the following table: TRUMAN HOTEL TIF REDEVELOPMENT AREAS 1 & 2 ESTIMATED TIF-FUNDED PROJECT COSTS (in Thousands)* Property Demolition, RPA Studies & Acquisition Environmental, Building Financing Contingency TOTAL Professional Site Prep & Renovation Costs Services & Relocation Improvements Costs 1 $953 $0 $2,075 $0 $300 $250 $3,578 2 $1637 $0 $2,475 $300 $500 $400 $5312 Total $2,590 $0 $4,550 $300 $800 $650 $8890 *Estimates of Redevelopment Project and TIF-funded Costs are based upon certain assumptions that may not materialize and, as an estimate or projection, are subject to uncertainty and risks that could cause actual results to differ, possibly materially, from those contemplated in this estimation. Accordingly, the actual costs may vary from the contemplated costs. Furthermore, distribution of costs among the various cost categories for Redevelopment Projects is approximate. As the Redevelopment Projects are implemented, specific categorical items and actual associated costs may vary from those provided above. The above estimated costs are exclusive of costs of issuance of TIF Obligations (as herein defined), required reserve accounts, accrued interest on TIF Obligations and capitalized interest, if any. Truman Hr,tcl ri F Rcclc\ clOJllllCnt Plan 000016 8. ANTICIPATED SOURCES OF FUNDS TO PAY COSTS & OBLIGATIONS TO BE ISSUED Anticipated Sources of Funds to Pay Redevelopment Costs It is anticipated that the sources of funds to pay the costs of the Redevelopment Projects could include: • Funds available to the Developer through the Developer's own operating revenues, cash reserves, and other equity; • Funds made available through private debt financing obtained by the Developer, including a construction loan, permanent mortgage, and/or mezzanine financing; and • Proceeds of TIF notes or TIF bonds (collectively, "TIF Obligations") issued by the City and secured by anticipated PILOTs and EATs collected pursuant to the TIF Act upon adoption of tax increment allocation financing for the Redevelopment Area by the City and deposited from time to time in the "Special Allocation Fund" (as that term is defined in section 99.805(16) of the TIF Act) established for the Redevelopment Projects. Part of the TIF revenues will be derived from a 50% capture of the city's hotel tax with a corresponding offset in PILOTs. Please see Source of Funds table on the following page. Evidence of Commitments to Finance the Project Costs Appendix B contains a commitment letter provided by Mid America Bank to provide financing for the Redevelopment Project. The Developer also commits to finance Project Costs through a combination of equity, conventional financing, mezzanine financing, and TIF Obligations that would be purchased or privately placed by the Developer. Anticipated Type and Term of Sources of Funds to Pay Costs As noted above, Redevelopment Project funds anticipate a combination of developer equity, conventional financing, tax credits, and TIF Obligations. Conventional financing provided by the Developer will include both private construction financing and permanent financing. Terms of construction and permanent financing will be determined through negotiations between the Developer and the Developer's equity partners and private lending institutions. As detailed below, TIF Obligations may consist of an initial issuance of temporary notes to be subsequently refunded by permanent bonds, each secured by revenues deposited into the "Special Allocation Fund" for the Redevelopment Projects established pursuant to the TIF Act. As provided in the TIF Act, the maximum term of TIF financing will not exceed 23 years from the adoption by the City of the ordinance approving tax increment financing in each Redevelopment Project Area. Truman Hotel Tlf Redevelopment Plan 17 000017 SOURCE OF FUNDS ENTIRE PROJECT Source Amount Term Status Contact Person Contact Telephone TIF $8,889,468 23 Years Pending n/a n!a Mid America Bank $35,220,000 TBD Committed Tim Hagenhoff Puri Group $12,688,832 TBD Committed RamanPuri 573 874 3235 Total $56,798,300 Puri 22 .34% Ba nk 62 .01% I TIF 15.65% 100 .00%1 SOURCE OF FUNDS PROJECT 1 Source Amount Term Status Contact Person Contact TeleQhone TIF $3,577,853 23 Years Pending n/a n/a Mid America Bank $13,497,000 TBD Committed Tim Hagenhoff Puri Group $5,020,647 TBD Committed RamanPuri 573 874 3235 Total $22,095,500 Puri 22.72% I Ba nk 61 .08% TIF 16 .19% 100.00%1 SOURCE OF FUNDS PROJECT 2 Source Amount Term Status Contact Person Contact Teleohone TIF $5,311,615 23 Years Pending n/a n!a Mid America Bank $21,723,000 TBD Committed Tim Hagenhoff Puri Group $7,668,185 TBD Committed RamanPuri 573 874 3235 Total $34,702,800 Pu r i 22 .10% Bank 62.60% I TIF 15 .31% 100 .00%1 Truman Hotel Tlf Rcdcvclopmenl Plan 18 000018 Anticipated Type and Term of Obligations to be Issued It is anticipated that costs of the Redevelopment Projects may initially be financed through issuance by the City of Tax Increment Financing notes ("TIF Notes") purchased by the Developer or related parties associated with the development. The TIF Notes may be secured by, and payable from, revenues available in the Special Allocation Fund. TIF Notes may be issued in a net aggregate principal amount reflecting the Redevelopment Project Costs incurred pursuant to this Redevelopment Plan and approved pursuant to a redevelopment agreement between the City and the Developer. In no instance, however, shall the term of any TIF Obligation issued for this Redevelopment Project exceed 23 years from the adoption by the City of the ordinance approving tax increment financing for the Redevelopment Project. The anticipated date of approval is February, 2016 for RPA 1. In that case, the latest date anticipated for retirement of all TIF Obligations issued for RPA 1 would be February, 2039. The anticipated date of approval for RPA 2 is October, 2018. In that case, the latest date anticipated for retirement of all TIF obligations issued for RPA 2 would be October, 2041. Truman Hotel Tl F Rcckvclopmcnt Plan 19 000019 9. EQUALIZED ASSESSED VALUATIONS Most Recent Equalized Assessed Valuation of Property within each Redevelopment Project Area The most recent equalized assessed valuations ("EAV") of property within RPAs 1 & 2 of the Redevelopment Area are provided by the records of the Cole County Assessor's Office. Most recent EAVs reflect assessments for the tax year 2015. RPA 1 's 2015 assessed value is $270,432; RPA 2's 2015 assessed value is $289,568. Estimated Equalized Assessed Valuation after Redevelopment The estimated EAVs after redevelopment are predicated upon increases in property values resulting from the completion of the Redevelopment Projects. The table below provides an estimate of the EAVs resulting from full redevelopment of each Project Area. TRUMAN HOTEL TIF REDEVELOPMENT PROJECT AREAS 1 & 2 ESTIMATED EAV BEFORE AND AFTER REDEVELOPMENT RPA 2015 EAV ESTIMATED EAV PROJECTED AFTER REDEVELOPMENT INCREMENTAL EAV 1 $270,432 $5,688,832 $5,418,400 2 $289,568 $8,800,000 $8,510,432 Total $560,000 $14,488,832 $13,928,832 Sources: Cole County Assessor's Office, Pun Group of Enterpnses, and Development Strategies Truman Hotel Tl r Rcclcvc!opnKnt Plan ::o 000020 10. REPORTING REQUIREMENTS Annual TIF District Report Each year the governing body of the municipality, or its designee, shall prepare a report concerning the status of each redevelopment plan and redevelopment project, and shall submit a copy of such report to the director of the department of economic development. The requirements for such reports are detailed in the TIF Act at § 99.865.1. Annual Report Regarding Relocated Businesses The TIF Commission, by the last day of February each year, shall report to the State Director of Economic Development the name, address, phone number, and primary line of business of any business which relocates to the Redevelopment Area pursuant to requirements of § 99.810.2 of the TIF Act. Public Hearing Required Every Five Years Five years after the establishment of a TIF district pursuant to an approved redevelopment plan, and every five years thereafter, the municipality's governing body shall hold a public hearing regarding that redevelopment plan. The purpose of this hearing shall be to determine if the redevelopment project is making satisfactory progress under its proposed time schedule. The requirements for such hearings are detailed in § 99.865.3 of the TIF Act. lruman llotel Tl F Rede\ elopment Plan 21 000021 APPENDIX A Legal Description of the Truman Hotel Tax Increment Financing Redevelopment Area 000022 Overall Redevelopment Area A TRACT OF lAND IN THE SOUTHEAST QUARlER OF SECTION 13, TOWNSHIP 44 NORTH, RANGE 12 WEST, COL£ COUNTY, MISSOURI, DESCRIBED AS: BEGINNING AT A POINT fN THE SOUTHEASTERlY UNE: OF OLD MISSOURf $TATE ROUTE "C' NOW KNOWN AS SOUTHRIDGE DRIVE, SAJD POINT BEING THE SOUTHWESTERN CORNER OF PROPERlY CONVEYED TO BRECKENRIDGE HOTElS CORPOAAT&ON, BY DEED RECORDED IN BOOK W, ~E 323; THENCE ALONG SAID SOUTHEASTERLY UNE NORTH 54 DEGREES 48 MINUTES EAS:', 719.92 FEET, TO A POINT IEING THE INTERSECTION OF THE SOUTH£ASTERI.Y RIGHT·OF-WAY UNE OF OLD ROUTE "C"', NOW KNOWN AS SOUTitUDGE DRIVE Of THE SOUTHWESTERLY UNE OF OLD ROUTE "C" CONNECfiON NOW KNOWN AS ZUMWALT ROAD; THENC£ .1\LONG SAID SOUTHWESTEIIL Y UNE, SOUTH 35 DEGREES 15 MINUTES EAST, 214.25 FEET; TO A POINT IN THE NORTHWESTERLY RIGHT .OF-WAY UNE Of U.S. HIGHWAY NO. 54; THENCE ALONG SAID NORTHWEST£RLV UNE OF U.S. HIGHWAY NO. 54, SOUTH 35 DEGREES 00 MINUTES WEST, 1019.45 FEET TO THE NORTHEASTERLY CORNER OF A TRACT OF lAND DESClliBED IN BOOK 212, PAGE 473, COL£ COUNlY RECORDER'S OFFICE; THENCE LEAVING lHE RIGHT -oF-WAY UNE OF SAID U.S. ROUTE 54, NORTH 55 DEGREES OD MINUTES OD SECONDS WEST ALONG THE NORTHERLY UNE OF SAID TRACT AND THE NORTHWESTERLY EXTtNSION THEREOF, 283.00 FEET TO A POINT ON THE WESlERN BOUNDARY OF A TRACT OF LAND DESCRIBED IN BOOIC 232, PAGE 165, COLE COUNTY RECORDER'S OFFICE; THENCE NORTH 35 DEGREES OD MINUTES 00 SECONDS EAST, ALONG SAID WESTERN BOUNDARY 151.00 FEET TO THE MOST SOUTHERLY CORNER OF A TRACT OF lAND DESCRIBED IN BOOK 255, PAGE 683, COLE COUtr.Y RECORDER'S OFFICE; THENCE NORTH 05 DEGREES 23 MINUTES 44 SfCONOS EAST, AlONG THE WEmRlY UNE OF SAID TRACT, 50.61 FEET TO A POINT ON THE SOUTHERLY BOUNDARY OF THE AFORESAID TRACT IN BOOK 232, PAGE 165; THENCE NORTH 55 DEGREES 00 MINUTES 00 SECONDS WEST ALONG THE SOUTHERLY UNE OF SAID TRACT, 213.71 FEET TO lHE SOUTHEASTEIU. Y UNE OF OLD MISSOURI STATE ROUT£ "C", NOW KNOWN AS SOUTHRIDGE DRJVE; THENCE ALONG SAJO SOUTHEASTERLY UNE OF THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 925.37 rtCT, A DISTANa Or 70.0 FCCTTO A POINT OF TANGENCV, TH£NC£ NORTH 54 DEGREES 4a MINUTES EAST ALONG SAID SOUTHEASTERLY UN£ 162.25 FEET TO THE POINT OF &£GINNING. Subject to any and all easements. conditions, restrictions and other Items, now of record. Truman Hotel Tlf Redevelopment Plan APPENDIX A-I 000023 Redevelopment Project Area 1 A TRACT OF LAND LOCATED IN THE SOUTHEAST QUARTER OF SECTION 13 T44N R12W. IN THE CITY OF JEFFERSON, COL£ COUNTY, MISSOURI, BEING PART OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 633 PAGE 962 AND FURTHER DESCRIBED AS FOLLOWS: BEGINNING AT A POINT IN THE SOUTHEASTERLY LINE OF OLD MISSOURI STATE ROUTE "C~ NOW KNOWN AS SOUTHRIDGE DRIVE, SAID POINT BEING THE SOUTHWESTERN CORNER OF PROPERTY CONVEYED TO BRECKENRIDGE HOTELS CORPORATION, BY DEED RECORDED IN BOOK 182 PAGE 323, THENCE N 54.42'20"£, ALONG SAID SOUTHEASTERLY LINE, 221.20 FEET,· THENCE LEAVING SAID LINE, S 55tJO'Oo•E 200.82 FEET; THENCE S 35tJO'OO"W 174.50 FEET; THENCE S ss·oo'OO"E 169.50 FEET TO THE NORTHWESTERLY RIGHT-OF-WAY OF U.S. HIGHWAY 54,· THENCE S 3s·oo'OO"W, ALONG SAID UN£, 449.44 FEET TO THE NORTHEASTERLY CORNER OF A TRACT OF LAND DESCRIBED BY A DEED RECORDED IN BOOK 212 PAGE 473; THENCE N 55tJ6"4o•w, ALONG THE NORTHERLY LIN£ OF SAID TRACT, AND THE NORTHWESTERLY EXTENSION THEREOF, 283.39 FEET TO A POINT ON THE WESTERN BOUNDARY OF A TRACT OF LAND DESCRIBED BY A DEED RECORDED IN BOOK 232 PAGE 165,· THENCE N 35.07'50"£, ALONG THE WESTERLY LIN£ OF SAID TRACT, 152.68 FEET TO THE MOST SOUTHERLY CORNER OF A TRACT OF LAND DESCRIBED BY A DEED RECORDED IN BOOK 255 PAGE 683; THENCE N 5~8'30"E ALONG ·THE WESTERLY LIN£ THEREOF, 50.57 FEET TO A POINT ON THE SOUTHERLY BOUNDARY OF A TRACT OF LAND DESCRIBED BY A DEED RECORDED IN BOOK 232 PAGE 165; THENCE N 54"52'10"W, ALONG THE SOUTHERLY LINE OF SAID TRACT, 212.74 FEET TO THE SOUTHEASTERLY RIGHT-OF-WAY LINE OF OLD MISSOURI STATE ROUTE "C~ NOW KNOWN AS SOUTHRIDG£ DRIVE; THENCE ALONG SAID LINE, ON A CURVE TO THE RIGHT, HAVING A RADIUS OF 925.37 FEET, A DISTANCE OF 69.63 FEET. THE CHORD BEING N 52.37'40"£ 69.61 FEET; THENCE N 54.42'20"E 162.25 FEET TO THE BEGINNING AND CONTAINING 5.00 ACRES. (ALL OF THE BOOKS IN THIS DESCRIPTION ARE IN THE COL£ COUNTY RECORDER OF DEEDS OFFICE) Truman Hotel Tlf Rcckvclopmcnt Plan 000024 APPENDIX A-2 Redevelopment Project Area 2 A TRACT OF LAND LOCATED IN THE SOUTHEAST QUARTER OF SECTION 13 T44N R12W, IN THE CITY OF JEFFERSON, COL£ COUNTY, MISSOURI, BEING PART OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 633 PAGE 962, AND ALL OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 657 PAGE 870, FURTHER DESCRIBED AS FOLLOWS: STARTING AT A POINT IN THE SOUTHEASTERLY LINE OF OLD MISSOURI STATE ROUT£ ·c~ NOW KNOWN AS SOUTHRIDG£ DRIVE, SAID POINT BEING THE SOUTHWESTERN CORNER OF PROPERTY CONVEYED TO BRECKENRIDGE HOTELS CORPORA770N, BY DEED RECORDED IN BOOK 182 PAGE 323, THENCE N 54 "42'20•£. ALONG SAID SOUTHEASTERLY LIN£, 221.20 FEET TO THE POINT OF BEGINNING. FROM THE POINT OF BEGINNING, THENCE N 54"42'20•£, CON77NUING ALONG THE SOUTHEASTERLY LINE OF OLD MISSOURI STATE ROUT£ ·c~ NOW KNOWN AS SOUTHRIDGE DRIVE, 498.77 FEET TO THE NORTHEASTERLY CORNER OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 633 PAGE 962, ALSO BEING THE NORTHW£ST£RL Y CORNER OF A TRACT DESCRIBED BY A DEED RECORDED IN BOOK 657 PAGE 870; THENCE ALONG THE LINES OF SAID TRACT, N 54"42'20•£ 10.00 FEET; THENCE S 34•49'10•£ 211.78 FEET TO THE NORTHWESTERLY RIGHT-OF-WAY OF U.S. HIGHWAY 54; THENCE S 35"00'00"W, ALONG SAID UN£. AND THE SOUTHEASTERLY LIN£ OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 657 PAGE 870, A DISTANCE OF 10.65 FEET TO THE SOUTHEASTERLY CORNER OF SAID TRACT, ALSO BEING THE NORTHEAST£RL Y CORNER OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 633 PAGE 962; THENCE S 35"00'00"W, CONTINUING ALONG THE NORTHWESTERLY RIGHT-OF-WAY OF U.S. HIGHWAY 54 AND THE SOUTHEASTERLY LINE OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 633 PAGE 962, A DISTANCE OF 569.76 FEET,· THENCE, LEAVING SAID LIN£, N ss·oo•oo•w 169.50 FEET; THENCE N 35·oo•oo•E 174.50 FEET; N 55"00'oo•w 200.82 FEET TO THE BEGINNING AND CONTAINING 3.64 ACRES. (ALL OF THE BOOKS IN THIS DESCRIPTION ARE IN THE COL£ COUNTY RECORDER OF DEEDS OFFICE) Truman Hotel Tlf Rcckvclopmcnt Plan APPENDIX A-3 000025 APPENDIX 8 Blight Study Report 000026 Valbridge Property Advisors I Shane r Appraisal, Inc. 10990 Quivira Road, Suite 100 Overland Park, Kansas 66210 (913) 451-1451 phone (913) 529-4121 fax val bridge. com 000027 Val bridge PROPE RT Y ADV IS OR S October 1, 2015 Mr. Vivek Puri, JD, CHA Puri Group 3200 Vandiver Drive, Suite 11A Columbia, MO 65203 RE: Blight Study Report Truman Hotel and Convention Center 1510 Jefferson Street Jefferson City, Cole County, Missouri 65109 Dear Mr. Puri: 10990 Quivira Road, Suite 100 Overland Park, Kansas 66210 (913) 451-1451 phone (913) 529-4121 fax valbridge .com In accordance with your request, we have prepared a blight study report of the above-referenced property. This report sets forth the pertinent data gathered, the techniques employed, and the reasoning leading to our opinions. The property is known as the Truman Hotel and Convention Center, located at 1510 Jefferson Street in Jefferson City, Cole County, Missouri 65109. The Study Area is further identified as tax parcel number 1006130004002008. The Study Area contains four buildings that were constructed around 1968 , is of masonry construction and contains approximately 145 ,884 square feet of gross building area . The Truman Hotel and Convention Center contains 233 hotel room as well as 24,254 square feet of convention center space . The improvements are situated on an 8.510 acre (370 ,696 square foot) site . Puri Group is the client in this assignment and is the sole intended user of the report. The intended use is for potential redevelopment purposes. The value opinions reported herein are subject to the definitions, assumptions and limiting conditions, and certification contained in this report. 000028 Val bridge PROPERTY ADVISORS Mr. Vivek Puri, JD, CHA Puri Group October 1, 2015 Page 2 Based on the analysis contained in the following report, our value conclusions involving the Study Area property are summarized as follows: Conc lus io n-Ch apte r 353 As determined in the following study, it is our opinion that the Study Area represents a "blighted area" as is defined in Missouri "The Urban Redevelopment Corporations Law", Section 353 .010 to 353.190. Primary blighting factors include: Chapter 353 Blight Factors Yes No Age X Obsolescence X Inadequate or Outmoded Design X Physical Deterioration X As a result of the factors above , the Study Area suffers from all si x of the blight conditions, including economic and social liability. Chapter 353 Blight Conditions Yes No Economic Liability X Social Liability X Ill Health X Transmission of Disease X Crime X Inability to Pay Reasonable Ta xes X As a result of the age, obsolescence, inadequate and outmoded design and physical deterioration the Study Area has become and economic and social liability and those conditions are conducive to ill health, the transmission of disease, crime and the inability to pay reasonable taxes . Conc lu sio n-Ch apter 99 As determined in the following study, it is our opinion that the Study Area represents a "blighted area" as is defined the Missouri "Real Property Ta x Increment Allocation Redevelopment Act " Sections 99.300 to 99 .660 . Primary blighting factors include: Chapter 99 Blight Factors Yes No Defect ive or Inadequate Street Layout X Unsanitary or Unsafe Conditions X Improper Subdivision or Obsolete Platting X Deterioration of Site Improvements X Conditions which Endanger Life or Property by Fire and Other Causes X 000029 Val bridge PROPERTY ADVISORS Mr. Vivek Pur i, JD , CHA Pur i Group October 1, 2015 Page 3 As a result of the factors above , the Study Area suffers from three of the four blight conditions . Chapter 99 Blight Conditions Yes No Hindrance to Housing Accommodations X Economic Liability X Social Liability X Menace to Public Health , Safety, Morals or Welfare X As a result of the defective and inadequate street layout, unsanitary or unsafe conditions, deterioration of site improvement and conditions which endanger life or property by fire or other causes , the Study Area has become and economic liability, social liability as well as a menace to public health , safety, morals and welfare . This letter of transmittal is not considered valid if separated from this report, and must be accompanied by all sections of this report as outlined in the Table of Contents, in order for the value opinions set forth above to be valid. Respectfully submitted , Valbridge Property Advisors I Shaner Appraisals , Inc. Andrew Baker, MAl Senior Appraiser Missouri License #2013E030999 000030 Val bridge PROPERTY ADVISORS Table of Contents Cover Page Letter of Transmittal TRUMAN HOTEL AND CO NVE NTI ON CENTER TABLE OF CO NTE NTS Table of Contents .................................................................................................................................................................................. i Summary of Salient Facts .................................................................................................................................................................. ii Aerial and Front Views ....................................................................................................................................................................... iii Location Map ........................................................................................................................................................................................ iv lntroduction ............................................................................................................................................................................................ 1 City & Neighborhood Analysis ....................................................................................................................................................... 4 Site Description ..................................................................................................................................................................................... 8 Improvements Description ............................................................................................................................................................ 29 Blight Analysis ..................................................................................................................................................................................... 40 Gene ral Assumptions & Limiting Conditions ......................................................................................................................... 72 Addenda ................................................................................................................................................................................................ 73 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page i 000031 Val bridge PROPERTY ADVISORS TRUMAN HOT EL AND CONVENT ION CEN TER SUMMARY OF SA LI ENT FACTS Summary of Salient Facts Property Name : Address: Assessor 's Parcel Number: Zoning: Site Size: Existing Improvements Property Type: Gross Building Area: Number of Rooms: Year Built: Condition: Date of Inspection: Date of Report Preparation: VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Truman Hotel and Convention Center 1510 Jefferson Street Jefferson City, Cole , Missouri, 65109 1006130004002008 C-2 , General Commercial 8.510 gross acres (370,696 gross square feet) Hotel and convention center 145 ,884 233 1968 Poor September 14, 2015 October 1, 201 5 000032 Page ii Val bridge PROPERTY ADVISORS Aerial and Front Views AERIAL VIEW FRONT VIEW VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. 000033 TRUM AN HOTEL AN D CO NVENTION CENTER AER IAL AND FRONT VIEWS Page iii Val bridge PROPERTY ADVISORS Location Map .. ~· .f ! \ ; VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. 000034 TRUMAN HOTEL AND CONVENTION CE NTER LOC ATIO N MAP I / / Page iv Val bridge TRUM AN HOT EL AND CONVE NTION CENTER INTR ODUCT ION PROPERTY ADVISORS Introduction Client and Other Intended Users of the Blight Study The client and intended user in this assignment is Puri Group. Intended Use of the Blight Study The intended use of this report is to assist in determining if the Study Area is blighted for potential redevelopment purposes . We understand that this report may be submitted by the Puri Group to a governmental entity or agency for the purpose of making a blight determination. Identification of the Property Address: 1510 Jefferson Street Jefferson City, Missouri 65109 1006130004002008 Parcel Numbers: Owner: Legal Description Oracle Enterprises, Inc. A TRACT OF LAND IN THE SOUTtiEASi QUA.RTER OF SECTION 13, TOWNSHIP 44 NORTH, RANG E 12 WEST, COl£ COUNTY, M ISSOURI, DESCRIBED AS : BEGINNING AT A POINT IN TH E SOUT HEASTERLY LINE OF OLD MISSOURI STATE ROU TE "C: NOW KNOWN AS SOUTH RIDGE DRlVE, SAJD POINT BEING THE SOUTHWESTER N CORNER OF PROPERTY CONV EYE D TO BRECKENRIDGE HOTELS CORPORAT ION,, BY DEED RECORDED IN BOOK 182, PAG E 323; THENCE ALONG SAID SOUTHEASTERLY LINE NORTH 54 DEGREES 48 M INU TES EAST, 719.92 FEET, TO A POINT BEING THE INTERSECTION OF THE SOUTHEASTERLY RIGHT·OF·WAY LINE OF OLD ROUTE "C N, NOW KNOWN AS SOUTHRIDGE DRIVE OF THE SOUTHWESTE RLY LINE OF OLD ROUTE "C" CONNECTION NOW KNOWN AS ZUMWALT ROAD; THE NCE ALONG SAI D SOUTHWESTERLY l ir'lE , SOUTH 35 DEGR EES 15 MINUTES EAST, 2.14 .25 FEET; TO A POINT IN THE NORiHWESTE"RlY RIGHT·OF ·WAY LINE OF U.S. HIG flWAV NO . 54; TH ENCE ALONG SAID NORT HWESTERLY LIN E OF U.S. HIGHWAY NO . 54, SOUT H 35 O•EGRE:E:S 00 MINU TE S WEST, 1019.45 FEET TO THE NORTHEASTER LY CORNER OF A TRACT OF LAND DESCRIB ED I N BOOK 212, PAGE 473, COLE COUN TY RECORDER'S OFFICE ; THENCE LEAVING THE RIGHT-OF-WAY L.INE OF SAID U.S. ROUT£ 54 , NORTH SS DEGREES 00 M INU TES 00 SECONDS WEST AlONG THE NORlHERl Y LINE OF SAID TRACT AND THE NORTHWESTERLY EliTENSION THEREOF, 283 .00 FEET TO A POINT ON THE W ESTERN BOUNDARY OF A TRACT OF LAND DESCRIBED IN BOOK 232, PAG E 16S, CO LE COUNTY RECOR DER'S OFFICE ; THENCE NORTH 35 DEGREES 00 MINUTES 00 SECONDS EAST, ALONG SAID WESTERN BOUNDARY 151.00 FEET TO THE MOST SO UTHERLY CORNER OFA TRACT OF LAND DESCRIBED IN BOOK 255, PAGE 683, COLE COUNTY RECORDER'S OFFIC E; THENCE NORTH 05 DEGREES 23 MINUTES 44 SECONDS EAST, AlONG THE WESTERLY LI NE OF SAID TRACT, 50 .61 FEET TO A PO INT ON THE SOUiHERLY BOUNDARY OF THE AfORESAID TR ACT IN BOOK 232, PAGE 165; THEN CE NORTH 55 DEGREES 00 MINUTES 00 SECONDS WEST , ALONG THE SOUTHERLY LINE OF SAID TRACT, 213.71 FE ET TO THE SOIJTHEASTERLY LINE OF OLD MISSOURI STATE ROUT E "C", NOW KNOWN AS SOUTH RIDGE DRIVE; THENCE ALONG SAID SOUT HEASTERLY LINE Of THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 92.5 .37 FEEi, A otSTANCE OF 70.0 FEET TO A POINT OF TANGENCY; THENCE NOR TH 54 DEGREES 48 MINUTES EAST ALONG SAID SOUTHEASTERLY LINE 162 .25 FEETTO THE PO INT OF BEGINNI NG. Subj-ect to any a.nd all easements, conditions, r estrictions and other Items, now of record . VALBRIDGE PROPERTY ADVISORS I Shaner App ra isals, Inc. 000035 Page 7 Val bridge PROPERTY ADVISORS Type and Definition of Value Definition-Chapter 353 TRUMAN HOTEL AND CONVEN TION CE NTER INTRODUCTION The Missouri "The Urban Redevelopment Corporations Law ", Section 353.010 to 353 .190 defines a blighted area as "that porti o n of the cit y w ithin w hi ch t he legi slati ve aut ho rity of such city de t erm in es th at by reaso n of age, o bsol escence , in adeq uate or o utmoded des ig n or phys ical dete rio rati on ha ve beco m e econom ic and soc ial li ab ili ties , and t ha t such co nd iti ons are cond ucive to ill health , transm ission of d isease, cr im e or inability t o pa y reas onab le ta xes." Chapter 353 of the Missouri Urban Redevelopment Corporations Law narrows the b roader blight standard shared by Chapter 99 because it requ i res both economic and social liability to be present blighting factors . The conditions must also be conducive to ill health, transmission of disease , crime or the i nability to pay reasonable ta xes . Thus , at least three of the si x blighting conditions must be present, including economic and social liabilities . Definition-Chapter 99 The Missouri "Real Property Ta x Increment Allocation Rede v elopment Act " Sections 99.300 to 99 .660 defines a blighted area as an area which : A. By rea son of the predominance of defective or inadequate street layout, unsanitary or unsafe conditions , deterio ration of site improvements, i mproper subdi v ision or obsolete platting , or the existence of condition s w hich endanger life or property by fire and other causes , or any combination of such factors, retards the provision of housing accommodations or constitutes an economic or social li ability or a menace to the public health , safety, morals, or welfare i n its present condition and use ; or B. Has been declared blighted or found to be a blighted area pursuant to Missouri Law includ i ng , but not limited to chapter 353 and sections 99 .800 to 99 .865. (67.1401 RSMo .) In ou r analysis , w e ha ve analyzed five blighting factors w hich include: 1. Defecti ve or inadequate street la yout, 2. Unsanitary or unsafe conditions, 3. Deterioration of site improvements, 4. Improper subdivi sion or obsolete platting, and 5. Existence of Conditions w hich endanger life or property by fire or other cause. If a predominance of any of these five factors is present in the Study Area , we ne xt analyze if these factors (or a combination of these factors ) are a cause of the four blighting conditions which include : 1. Retard s the p rov ision of housing accommodation s, 2. Economic Liability 3. Soc ial liability and 4 . Menace to public health, safety, morals and welfare. Before undertaking our analysis , it is important to clarify the definition as it applies to this report. According to state law, it is not necessa ry fo r every condition to be present in order to declare the Study Are a blighted . In fact, an area can be declared blighted according to the Chapter 99 definition if only one condition is present. We have completed a blight analysis of the property according the Chapter 99 definition. However, the property will also meet the definition under Missouri La w if a legislative authority determined that the Study Area is blighted under the Chapter 353 definition . To the best of our knowledge, the Study Area property has not previously been declared blighted . In addition to the above definition, we have also considered several court cases which provide insight on the con sideration of blight. The following are references to Missouri Supreme Court Cases . • Parking Systems . Inc. v. Kansas City Downtow n Redevelopment Corporation, 518 S.W.2d 11, 15 (Mo .1974). The courts determined that it is not necessary for an area to be what commonly would be considered a "slum " in order to be blighted. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. 0000 36 Page2 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CO NVE NTION CE NT ER INT RODUCT ION • Crestwood Commons Redevelopment Corporation v. 66 Drive-In , Inc., 812 S.W . 2d 903, 910 (MO . App . E.D .1991 ). The courts determined that an otherwise viable use of a property may be considered blighted if it is an economic underutilization of the property. • State ex . Rei Atkinson v. Planned Industrial Expansion Authority, 517 S.W.2d 36 at 46 (Mo . bane 1975). The courts determined that blight may also be found if the redevelopment of an area "could promote a higher level of economic activity, increased employment, and greater services to the public." • Maryland Plaza Redevelopment Corporation v. Greenberg , 594 S.W.2d 284 , 288 (MO .App .E.D 1979) The courts determined that it is not necessary for every property within an area designated as blighted to conform to the blight definition . A preponderance of blight conditions is adequate to designate an area for redevelopment. Date of Report The date of this report is October 1, 2015 , which is the same as the date of the letter of transmittal. Date of Inspect ion Andrew Baker conducted an interior and exterior inspection of the property on September 14 , 2015. Competency No additional work was necessary to meet the competency provision . We have completed numerous blight analyses on properties for local municipalities in Kansas and Missouri. These blight studies have utilized various definitions of blight under Missouri Statutes (R.S. Mo. 67 , 99, and 353) and Kansas Statutes (K.S.A Chapter 12). The reader is directed to the appraiser qualifications for further substantiation. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. 000037 Page 3 Val bridge PROPERTY ADVISORS City & Neighborhood Analysis TRUMAN HOTEL AND CO NV ENTI ON CE NTER CITY AND NEIGHBO RH OOD ANAL YS IS The Study Area is located in the City of Jefferson, Cole County, Missouri. Jefferson City is located in the central area of the State of Missouri and is about 30 miles to the south of Columbia , Missouri . Downtown Jefferson City, with includes the Missouri State Capital , is located approximately two miles to the north along Highway 54. The following analysis focuses on the social , economic, government, and environmental forces that form the elements of supply and demand and subsequently affect local real estate values . Market Area Overview According to Market Analysis for Real Estate , published by the Appraisal Institute, the trade/market area is delineated by physical, political, and socioeconomic boundaries or by the time-distance relationship represented by travel times to and from common destinations . A market area is an area in which alternati ve, similar properties effectively compete with the Study Area in the minds of probable , potential users . For the poses of this report, the neighborhood boundaries are best described as the city limits of Jefferson City. ~ ~ [§] .@ Wamwr1ght ~ E§] [§] --Taos G o gle \.f l ' VALBRIDGE PROPER TY ADVISORS I Shaner Appraisals, Inc. Page4 0000 38 Val bridge PROPERTY ADVISORS Neighborhood Land Use TRUMAN HOTEL AND CONVENT ION CEN TER CITY AND NEIGHBORHOOD ANA LYSIS Land use in the Jefferson City includes most ly single family, industrial, and commercial land . Significant land use characteristics in the immediate area are summarized in the following table. Predominant Age of Improvements 50+ years Predominant Quality and Condition Fair to Averaqe Approximate Percent Developed 90 % Residential 65 % Retail 15 % Office 5% Industrial 5% Vacant 10% Life Cycle Stage Second-stability Infrastructure/Planning Average Predominant Direction of Growth Western portion of the city Major Developments In April 2015 it was announced that Continental Commercial Products, a company that makes plastic trash cans and other cleaning products, would move it manufacturing operations from Bridgeton , Missouri (located in the St. Louis area) to Jefferson City . The company has lea sed 534 ,000 square feet of manufacturing space and plans to begin operation in Jefferson City by the end of 2015. The relocation should create 200 jobs in the local area. In January 2015, the Special Olympics selected a site in southern Jefferson City for a planned "Training for Life Campus ". This project would construct a 44 ,000 square foot building on a 15 acre site to be the home for 30 or more training camps per year. The estimated costs of this project are $12.5 million and it is anticipated to generate $1 million in tourism revenue annually as well as 1,700 to 1,950 hotel room stays each year. Construction of the project would begin after the organization raises enough money in a capital campaign, which is hoped to be concluded by the end of the year. Demographic Analysis The following demographic information was obtained from the 2000 U.S. Census , 2010 U.S. Census, and Site to do Business (STDB) forecasts for 2015 and 2020. We have included the data from the area within a five-minute drive of the Study Area as well as Jefferson City . Po p ulation Jefferson City has a current population of 43 ,511 . Since 2010, the population has been growing at a rate of 0.2 0%, which is similar to the area within a five minute drive . Population 5 Minute Drive Jefferson City 2000 Census 11,665 41 ,960 2010 Census 11 ,701 43 ,079 2015 Estimate 11,788 43,511 2020 Projection 11,905 43,983 % Change 2010-2015 0.15% 0.20 % %Change 2015-2020 0.2 0% 0.22 % VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 5 000039 Val bridge PROPERTY ADVISORS Educational Attainment TRUMA N HOTEL AND CO NVENTION CEN TER CI TY AND NEIGHBOR HO OD ANA LYS IS The following table shows the educational attainment for the population over the age of 25. Jefferson City has 35.4% of people with a Bachelor's degree and 12.8% of people with an Advanced degree. Education 5 Minute Drive Jefferson City High School Diploma (%) 92 .8% 91.8 % Bachelor's Degree (%) 32.2 % 35.4 % Advanced Degree (%) 10.5 % 12.8% Housing STDB projects that 53.3 % of the housing units in Jefferson City are owner occupied , 38.2% are renter occupied, and 8.4 % are vacant. Median home values are $155 ,389 , which is higher than the area within a five minute drive . Housing 5 Minute Drive Jefferson City Total Housing Units 2015 5,630 19,185 Owner Occupied % 41.7 % 53.3 % Renter Occupied % 47.6 % 38.2% Vacant(%) 10 .6% 8.4 % Median Home Value 2015 $136 ,822 $155 ,389 Median Home Value 2020 $180 ,354 $195 ,504 %Change 2015-2020 6.36 % 5.16% Household Income STDB projects median household income to be $49 ,766 in Jefferson City, which is higher than the household income levels the area within a five minute drive . Median Household Income 5 Minute Drive Jefferson City 2015 Estimate $37 ,240 $49 ,766 2020 Projection $43,343 $57,331 %Change 2015 -2020 3.28 % 3.04 % VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 6 000040 Val bridge PROPERTY ADVISORS Major Employers TRUMAN HOTE L AND CO NV ENTION CE NTER CIT Y AND NEIGHBO RHOOD ANALYSIS Jefferson City is the state capital of the State of Missouri. By far the largest employer in Jefferson City is the State of Missouri . Add itional large employers are included in the table below. The majority of the employers in the local area are smaller and local in scope . Compa ni es with ov er 1 ,000 emp loyees State of Missouri 14,208 Jefferson C ity Pub lic Schoo ls 1,556 Scholast ic, Inc. 1 ,400 Cap ital Reg ion Medical Center 1,398 SSM Hea lth -St. Mary's Hospital 1,070 So urce: Jefferson City Ch amber of Co m m erce Conclusions Based on our analysis of the preceding factors , the neighborhood appears to be in the second stage of its life cy cle , a period of stability. Recent growth has been primarily limited to single-family development located on the west end of the city. Given the history of the neighborhood, it is our opinion that the short term outlook is good , with slow growth expected in the near term. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 7 000041 Val bridge PROPERTY ADVISORS Site Description TRUMAN HO TEL AND CO NVENTION CE NTER SITE DESCRIPTION The following description is based on our property inspection, assessor records , and information provided by the owner. General Data Street Address : Assessor 's Parcel Number: Physical Characteristics Site Area : Shape: Parcel Location : Adjacent Land Uses North: South : East: West: A ERIA L MAP 1510 Jefferson Street, Jefferson City, Missouri 65109 1006130004002008 370 ,696 square feet, or 8.51 acres Irregular The parcel is located to the southwest of Zumwalt Road , in between Southridge Drive and Jefferson Street Missouri Commission for the Deaf, Vacant Land Highway 54 Conoco Gas Station , U-Haul Dealer Motor Vehicle and Driver's License Examination Office, Former Movie Theatre VALBRIDGE PROPER TY ADVISORS I Shaner Appraisals , Inc. Page 8 000042 Val bridge PROPERTY ADVISORS Utilities Electricity: Gas: Water: Sewer: Flood Zone Data Flood Map Panel : Flood Zone : Ameren Missouri TRUMAN HOTE L AND CONVE NT ION CEN TER SIT E DESCR IPT ION Ameren Missouri Missouri-American Water Company City of Jefferson 29027C0525E dated September 5, 2012 X, 'area of minimal flood hazard' VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 9 000043 Val bridge PROPERTY ADVISORS Zoning Designation Zoning Code: Zoning Jurisdiction: Zoning Comments : C-2, General Commercial City of Jefferson TRUMAN HOTEL AND CONVENTION CENTER SITE DESCRIPT ION According to the municipal code, the purpose of the C-2 district is "to accommodate general trades and commercial services not permitted in central and neighborhood zoning districts located at select nodes, intersections and highway interchanges to serve the motoring public and highway users . Buffering, landscaping and open space areas are required to mitigate impacts of the more intensive land uses and traffic activities as well as provide adequate access and traffic improvements ." ZONING MAP VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 70 000044 Val bridge PROPERTY ADVISORS Topography TRUM AN HOTEL AND CONVENTION CE NTER SITE DESCR IPTION The site has a gentle slope that runs downward toward the northeast portion of the site . The topography of the site does not present any developmental limitations . The follo w ing shows the topographic maps of the site . Site Conclusion The Study Area site is functional for its legally permissible use of a commercial development. The site is currently zoned for commercial use , such as retail , office or lodging use . Commercial uses are also consistent with the surrounding development in the local area . The Stud y Area has the necessary utilities and infrastructure to permit commercial uses of the sit e. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 77 000045 ·Val bridge PROPERTY ADVISORS AERIAL PHOTOGRAPHS North view South view VALBRIDGE PROPERTY ADVISORS I Shaner App raisals, Inc. 000046 TRUM AN HOT EL AND CO NVEN TION CE NTER SIT E DESCR IPTION Page 72 Val bridge PROPERTY ADVISORS VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. East view West view 000047 TRUMA N HO TEL AND CONVENT ION CE NTER SIT E DESCR IPTI ON Page 73 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CO NV ENTI ON CENTER IMPR OVE ME NTS DESCR IPT ION Improvements Description The following description is based on our property inspection , assessor records , and information provided by the owner. The following is our description of the Truman Hotel and Convention Center, which includes a total of five buildings that were constructed in 1968 and contain a total of 145 ,994 square feet of gross building area . The following shows a map of each of the fi ve buildings that com ·prise the Study Area . General Data Property Type: Property Subtype : Number of Buildings: Hotel Rooms: Quality: Condition: Building Areas & Ratios Gross Building Area (GBA): Land-to-Building Ratio : Number of Parking Spaces Parking Ratio (spaces/GSA) Age I Life Year Built: Actual Age : Hotel-Motel Hotel and convention center Five 233 Average Poor 145 ,884 square feet (based on public records) 2.76-to-1 353 1.53 spaces per hotel room 1968 (Based upon the Cole County Assessor 's Office) 47 y ears VALBRIDGE PROPER TY ADVISORS I Shaner App raisals, Inc. 000048 Page2 9 Val bridge PROPERTY ADV ISORS TR UMA N HOTE L AND CO NV ENT ION CE NTER IMP ROVE ME NT S DE SCR IPT ION Convention Center Building -·! Size TO 3'". ~tY.I. 5® t'J:~'::!NCi~ Gross Building Area (GBA): Exterior Construction Class : Foundation : Frame/Walls : Exterior Wall Finish : Windows : Interior Floors : Walls : Ceiling Finish : Lighting Fi xtures : No. of Restrooms : LOViE R LEVEL 45 ,264 square feet Class C per Marshall Valuation Se rv ice Poured concrete Masonry Brick Single-pane Generally include carpet and tile Painted drywall Suspended acoustic tile Various fluorescent and incandescent fi xtures ICFHP.SQ ~.: C I TY Three set's of common area men 's and women 's restrooms VALBR IDGE PROPER TY ADVISORS I Shaner App raisals , Inc. 00004 9 Page 30 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CO NVE NTIO N CEN TER IMPROVEM ENTS DESCR IPTIO N Analysis/Comments on Improvements-Convention Center Building The convention center building was constructed in 1968 and contains 45,264 square feet of gross building area. This building contains a total of two floors that can host conventions with the large meeting spaces. The total convention center space is 24,254 square feet. The lower floor contains the Glenwood space as well as Stratford Hall which contains four areas separated by operable partitions (air walls) that can be removed in order to create larger meeting spaces. This lower floor contains two set's of men's and women's restrooms as well a small wine cellar. The upper level contains several smaller rooms for meeting spaces including Binghams and the Library Lounge . The west end of this floor contains Hermitage Hall, which contains two separated areas that are separated by operable partitions . This floor contains one set of common area men's and women's restrooms . The lobby/front desk area of the 100/200 Building can be accessed via a hallway to the west of the Convention Center Building . 100/200 Building Size Gross Building Area (GBA): Total Rooms: Exterior Construction Class : Foundation: Frame/Walls : Exterior Wall Finish : Windows: 49,060 square feet 88 Class C per Marshall Valuation Service Poured concrete Masonry Brick Single-pane VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc 000050 Page 37 Val bridge PROPERTY ADVISORS Interio r Floors: Walls : Ceiling Finish: Lighting Fixtures: No . of Restrooms: TR UMA N HOTEL AND CO NVEN TI ON CE NTER IMPROVE M ENTS DES CRIP TI ON Carpet in room area and hallways, tile in restroom area , hardwood in lobby area Painted drywall Suspended acoustic tile Primarily incandescent fi xtures One common area men 's and women 's restroom , each room contains a private bathroom . Analysis/Comments on lmprovements-100/200 Building The 100/200 Building was constructed in 1968 and contains 49,060 square feet of gross building area . The rooms in this building has been updated within the past several years and contains new furniture and appliances . This building contains a total of 88 rooms that are located in three w ings (north , south and west). This building contains the front lobby area. The front lobby contains hard w ood floors , antique furniture , chandeliers, as well as several paintings . This building also contains a small office that is used by the owners for sale s and catering services . An outdoor pool is located to the northwest of the 100/200 Building . This pool area contains a concrete patio as w ell as a pool house to store chemicals and equipment. Thi s pool is t y picall y onl y open during the summer months. 300, 400 and 500 Buildings S08AMAC H!li t (IS TflO O~) 400 8UllV lNG VALBRIDGE PRO PERTY AD VISORS I Shaner Appraisa ls, In c. 000051 ICE B SO O AM~.C HlNH (lSI !LOGP,) Page 32 Val bridge PROPERTY ADV ISORS 300 Building Size Gross Building Area (GBA): Total Rooms : 400 Building Size Gro ss Building Area (GBA ): Total Rooms : 500 Building Size Gross Building Area (GBA): Total Rooms : Exterior Construction Class : Foundation: Frame/Walls: Exterior Wall Finish : Windows: Interior Floors : Walls : mtm ~1S{S1 ._.__ ~ SSS /517 58 0/55~ ~ssms sgliSSS mrsr mt5ss ' '~O"AG;f ?'/"7 . ~t .:, lo ,.\I..:'~~ ] 18,900 square feet 54 16 ,200 square feet 46 16,460 square feet 45 TRUM AN HOTEL AN D CONVE NTION CE NTER IMPRO VE MENT S DESCRIPTION Class C per Marshall Valuation Se rv ice Poured concrete Masonry Brick Single -pane Carpet in room area and hallways, tile in restroom area Painted drywall VALBRIDGE PROPERTY ADVISORS I Shaner App raisals, Inc Page 33 000052 Val bridge PROPERTY ADVISORS Ceiling Finish: Lighting Fixtures: No. of Restrooms : TRUMA N HOTEL AND CO NVENTION CE NTER IMPROVE MENT S DESCR IPTI ON Suspended acoustic tile Primarily incandescent fixtures Each room contains a private bathroom. Analysis/Comments on lmprovements-300, 400 and 500 Building The Study Area contains three exterior buildings located to the south of the convention center building that are substantially similar in construction . The 300 building contains 54 rooms as well as 18,900 square feet of gross building area . This building is connected to the convention center building via an interior walkway on the second floor. The 400 Building contains 46 rooms and 16 ,200 square feet of gross building area. The 500 building contains 45 rooms and 16,460 square feet of gross building area. Rooms in each of these buildings have a very dated interior with old furniture , carpet in need of replacement and peeling paint. The guest rooms in Building 400 and 500 have not been rented in the past several years due to their condition . Rooms in these buildings each contain approximately 338 square feet of space. The rooms can fit two queen size beds (although many rooms are missing beds) and contains a small private bathroom at the rear portion of the room . VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 34 000053 Val bridge PROPERTY ADVISORS TRUMAN HOTE L AND CO NVENTION CENTER IMPROVEMENTS DESCRIPTIO N South elevation of convention building and entrance 100 Building -East elevation VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 35 000054 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CO NVE NTI ON CE NTE R IMPROVEMENTS DE SCRIPT ION 100 Building -North elevation 300 Building -North elevation VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 36 0000 55 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CONVEN TI ON CE NTER IMPROVEME NT S DE SCRIPT ION 500 Building-North elevation 500 Building -South elevation VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 37 000056 Val bridge PROPERT Y ADVISORS TRUM AN HOTEL AND CONVENTION CEN TER IMPRO VEMENTS DESCR IPTION Building 100/200-Lobby area Meeting room space VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Pag e 38 000057 Val bridge PROPERTY ADV ISORS TRUMAN HOTEL AND CONVENTION CE NTER IMPROVEME NTS DE SCR IPT ION Typical room-300, 400 and 500 Buildings Ty pical room-1 00 /200 Building VALBRIDGE PROPERTY ADVI SORS I Shaner Appraisals, Inc Page 39 00005 8 Val bridge PROPERTY ADVISORS Blight Analysis Blight Defined-Chapter 353 TRUM AN HOTEL AND CO NVE NTI ON CENTE R BLIGHT ANALYS IS As presented earlier, Section 353 .020 (2) R.S.Mo of Missouri 's Urban Redevelopment Corporations Law defines a blighted area as "that portion of the city within which the legislative authority of such city determines that by reason of age, obsolescence, inadequate or outmoded design or physical deterioration have become economic and social liabilities, and that such cond itions are conducive to ill health , transmission of disease , cr ime or inability to pa y reasonable ta xes." Chapter 353-Factor #1 Age Age I Life Ye ar Built: Actual Age : Building Type : Useful Life (MVS ): 1968 (Based upon the Cole County Asse ssor's Office) 47 y ears Class C (Masonry) Fu l l-Service Hotel, Average Quality 50 years The five buildings in the Stud y Area were constructed in 1968 and are 47 years old . The Stud y Area is classif ied as a Full -Se rv ice Hotel of average qual ity. According to Marshall Valuation Services (MVS), this building type has a useful life of 50 years . Useful life is defined as "The period of time over which a structure or a component of a property may reasonably be expected to perform the function for which it was de signed ." Therefore , based upon its age , the structures are considered to be ve ry close to the end of their useful life. Chapter 353-Factors #2 and #3 Obsolescence and Inadequate or Outmoded Design Obsolescence is defined as "1. The process , quality, state or condition of falling into disuse or gradually becoming obsolete . 2. A dimin ution in the value or usefulness of property, especially as a result of technological ad vances ." (Blac k's Law Dictiona ry, 101h Edition) Inadequate is defined as "Not enough or not good enough ." (Merriam-Webster Dictionary) Outmoded is defined as "1. Not being in st y le . 2. No longer acceptable , current or usable." (Merriam- Web ster Dict ionary) Based upon the abo ve definit ions , we have analyzed Factors #2 and #3 together, t ak ing into account how the Study Area differs from a modern hotel /convention center property. Hotel properties must balance functional , layout and aesthetic issues to simultaneousl y meet the needs of gue sts , staff and the owner. Well -designed properties are considered to be safe , cost-effective , and maintain their functionality over time . Hotel design mu st take into account the activities that will be conducted within the hotel, as well as the space relationships between these activities. The following chart, shows the typical space relationships within a modern hotel : VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 40 0000 59 Val bridge PROPERTY ADVISORS Figure 21.1 TRU MA N HOT EL AND CONV ENTI O N CENT ER BLI GHT ANALYS IS Basic Schematic Relationshjps B a sic Relationships Admin . r-- O fii cc.s " Parking u ~ u:i I w I I I D an Liu c t Accou nt. Fron t and Office ---OHi ce Lo bby M~~n n g R ooms Publu; Th 1kt lii Poo l and Health G u est Re sr,llfra ms Kit c hen C lub R.o o m s U J r k o f H ouse 0 ill ~ E .)) '--- Source: (deRoos , J.A. (2011) Planning and Programming a Hotel, f ro m Cornell Uni v ersity, School of Hospitality Administration site: http://scholarship.sha .corne l l.edu/articles /31 0/) The follo w ing sho ws our anal ysis of the features that are considered to be obsolete and display an inadequate or outmoded design. Exterior Cor ridor The guest rooms i n the 300, 400 and 500 Buildings, as we ll as some rooms in the 100/200 Building display an exterior corridor design. In this type of design , guests enter the rooms from exterior. This design feature was popular during the 1950 's and 1960 's as it was seen to offer convenience and a more home-like atmosphere. The exterior design also decreases the amount of common area space and is more cost- effective to construct. Ho wever, since the 1970 's hotel design has been more focused on interior corridor design in which rooms are accessed from a common area hall way . Int erior design hotel s are considered to provide for greater guest security, which is especially important for guests that are visiti ng an unfamiliar area . According to Hotel News Now, exterior corridor hotels are significantly older than interior corridor hotels. VALBRIDGE PROPER TY AD VISORS [Shane r Appraisals, Inc. Page 47 000060 Val bridge PROPERTY AD VISORS TRUMAN HOTEL AND CO NVENTI ON CE NTER BLIGHT ANALYSIS Hotel News Now Reports that exterior corridor hotels have been losing market share over the past 20 years and consistently have a lower occupancy rate and lower average daily rate than interior corridor hotels . The few exterior hotels that have been added in recent years have almost exclusively been economy chains, which have lower rental rates and have a limited amount of on-site amenities. The Study Area has been designed to be a convention center property, which makes the poor design especially harmful to income potential. Convention center hotel properties are most often luxury facilities with full-service accommodations and amenities. Furniture, Fixtures and Equipment The Study Area has obsolete furniture, fixtures and equipment, especially in the 300 , 400 and 500 buildings. This FF&E includes very dated beds, televisions, alarm clocks, and other items. There are also many rooms in these buildings that are missing these basic items. The photographs on the following page shows some of the obsolete FF&E. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 42 000061 Val bridge PROPERTY ADVISORS TRUMAN HO TEL AND CO NV ENTI ON CE NTER BL IGHT ANA LY SIS Carpet is in very poor condition and needs to be replaced . Obsolete comforter and bedsheets. The beds have not been replaced in many years. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 43 000062 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CONVENT ION CE NTER BLIGHT ANALYS IS Obsolete LED display alarm clock. Obsolete television . Televisions at modern hotels are flat-screens . VALBR IDGE PROPERTY ADV ISORS I Shaner Appraisals, Inc. Page 44 000063 Val bridge PROPERTY ADVISORS Mechanical Systems TRUMA N HOT EL AND CO NVE NTI ON CE NTER BLI GHT ANA LY SIS The heating air conditioning system in the guest rooms is provided by window PTAC (Packaged Terminal Air Conditioners) unit that is considered to be very obsolete . This system is controlled by a thermometer in the guest room . However, the calibration of this thermometer does not work and the guest may only turn the heating and cooling system on and off. Also , the PTAC unit is very loud and this can make it difficult to sleep at night. Non -F lag In the hotel industry, a flag identifies the management company that operates the hotel. Until appro ximately 10 years ago , the Study Area was previously operated as a Ramada Inn. Since that time, the Study Area has been operated as a non-flag hotel, in which an independent owner operates the property. Non-flag hotels have lower occupancy rates and lower average daily rates . ADA Compliance The American with Disabilit i es Act (ADA) is a federal law that prohibits discrimination based upon disability. In new hotel properties, the ADA requires a door width of at least 32 inches in all guestrooms in order to allo w for guests that use wheelchairs, crutches and w alkers. The entrance doors in the 300, 400 and 500 Buildings are typically 26 inches or 28 inches . Other issue s w ith ADA compliance include that the Study Area should have at least three rooms that have accessible roll-in showers and three rooms that can accommodate hearing impaired guests. The Study Area is not ADA compliant and this is an indication of obsolescence and an inadequate or outmoded design. Chapter 353-Factor #4-Physical Deterio ration The Study Area has numerous issues w ith deferred maintenance. The interior of the building would require a complete renovation , including new floor tile , ceilings and painted w alls . Also , man y other components of the improvements w ould need to be replaced , including the HVAC , roof and parking lot area . As discussed throughout thi s report, there is a significant amount of ph ysical deterioration in the building and site improvements. Below , we show pictures of the extent of the physical deterioration at the Stud y Area . VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 45 000064 Val bridge PROPERTY ADVISORS TRU MA N HOTEL AND CONVENT ION CEN TER BLIGH T ANA LYSIS Cracked masonry on the front of the hotel. Water is able to leak into the interior of the structure which has caused mold and mildew damage. Cracks in the brick retaining wall . VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 46 000065 Val bridge PROPERTY ADVISORS TRUMAN HOT EL AND CO NVE NTI ON CE NTER BLIGHT ANALYS IS Cracks in the pavement area at the swimming pool. Peeling paint on awning located near the swimming pool. Also , rust stains on the metal frame area. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 47 000066 Val bridge PROPERTY ADV ISORS TRUMAN HOTEL AND CONVENT ION CEN TER BLI GHT ANALYSIS Stained ceiling tiles in the Convention Center building due to a leaking roof. The roof on each of the buildings is in need of replacement. Acoustic ceiling tile and furniture has been removed from guest room due to water damage. VALBRIDGE PROPERT Y ADVISORS I Shaner Appraisals, Inc Page 48 000067 Val bridge PROPERTY ADVISORS TRU MA N HOTEL AND CONVEN TION CE NTER BLI GHT ANALYS IS The carpet is in very poor condition and needs to be replaced. The carpet in the gue st rooms in the 300, 400 and 500 Building has not been replaced in over 25 years. Example of pot holes found in various locations in the parking area . VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 49 00006 8 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CONVENTION CENTER BLIGHT ANALYSIS Peeling wa ll paper in the convention center area due to moisture. Rust on railing area . VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 50 000069 Val bridge PROPERTY ADVISORS Blight Factors Conclusion-Chapter 353 TRU MA N HOT EL AND CO NV ENTI ON CE NTER BLI GHT ANAL YSIS Each of the four blight factors of the definition found in Chapter 353 of the Missouri Revised Statutes are present in the Study Area. Chapter 353Biight Factors Yes No Age X Obsolescence X Inadequate or Outmoded Design X Physical Deterioration X The blighting factors can range from minor (overgrown landscaping) to significant (poor design and significant physical deterioration). As four of the factors exi st within the Study Area , we ne xt examine whether these factors contribute to the four conditions defined by the statute. Chapter 353-(ondition #1 Economic Liability Economic is defined as "Of, related to, or based on the production, and consumption of goods and services" (Source: Merriam-Webster Dictionary) Liability is defined as "One that acts as a disadvantage ." (Source: Merriam-Webster Dictionary) Combining the two definitions above, economic liability can be anything that acts as a disadvantage to the production, and consumption of goods and services . In order to determine if the Study Area represents an economic liability, we have examined the revenue as well as the profitability of the Study Area over the previous two years. We also note that the area can be considered an economic liability due to the low tax revenue and the inability to pay reasonable taxes . A ta x analysis of the Study Area is included later in this report. The following table shows the income that has been generated over the past two years. These statements include the first six months of 2015 and the final six months of 2013 . Revenue Jan-Jul 2015 2014 Jui-Dec 2013 Sales-Banquet Operations $137,711 $289 ,113 $116,041 Sales-Restaurant $5,487 $107 ,034 $52 ,335 Sales-Room Income $334,254 $803,097 $756,623 Interest Income $0 $409 $2 ,093 Other Income $776 $9,280 $2 ,218 Total : $478 ,228 $1 ,208 ,933 $929,310 The revenue for the room income was decreased significantly in February 2014 when Union Pacific Railroad ended their contract at the Study Area. This contract provided for 2,000 room nights per month, and approximately $9 60 ,000 in revenue per year. The following table shows the annualized revenue , as well as the annual change in income over the past two years . VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 57 000070 Val bridge TRUMA N HOTEL AND CO NVE NTI ON CE NT ER BLI GHT ANALYS IS PROPERTY ADVISORS Annualized 2015 2014 Annualized ' Revenue 2015 %Change 2014 %Change 2013 Sales-Banquet Operations $275,423 -4.74% $289,113 24.57% $232,082 Sales-Restaurant $10,974 -89 .75% $107,034 2.26% $104,669 Sales-Room Income $668,508 -16.76% $803,097 -46.93% $1,513,247 Interest Income $0 -99.97% $409 -90.22% $4,186 Other Income $1,552 -83.28% $9,280 109 .18% $4,436 Total: $956,456 -20.88% $1,208,933 -34.96% $1,858,620 Overall, the revenue decreased 35% from 2013 to 2014 and decreased 21% from 2014 to 2015. For the past several years, the owner has not rented rooms in the 400 and 500 Buildings due to their condition . The property has shuttered the operations at the restaurant and bar and will soon shutter operations at the catering service . It is anticipated that shuttering these operations will further decrease the banquet operations and room income at the hotel. The following table shows the profitability of the Study Area over the past two years. Revenue Jan-Jul 2015 2014 Jui-Dec 2013 Total Income : Total Expenses: Gross Profit (Loss) $478,228 ($561 ,298) ($83,070) $1,208,933 ($1,496 ,519) ($287,586) $929,310 ($909 ,872) $19,438 The Study Area has not been profitable over the past two years , and was only barely profitable in 2013 . As revenues drop, the continued operation of the facility as a full-service hotel will be more difficult for the owner. Based upon the declining revenue and the net loss of income over the previous two years , we have concluded that the Study Area constitutes an economic liability. This economic liability is a result of its age, obsolescence, inadequate or outmoded design and physical deterioration . Chapter 353 Condition #2-Social Liability Social is defined as "Of, relating to, or concerned with the welfare of human beings as members of society" (Source: Merriam-Webster Dictionary) Liability is defined as "One that acts as a disadvantage ." (Source : Merriam-Webster Dictionary) Combining the two definitions above, social liability can be anything that works to the disadvantage of the welfare of members of a given community or of interaction among such members . On our inspection and after discussions with the owners, there are several social liabilities that are discussed in greater detail in other sections of this report. The Study Area encourages ill health and the transmission of disease . These issues can harm the health not only of guests and employees within the Study Area , but also the community at large . The welfare of the community is substantially based on job opportunities and adequate amenities such as lodging provided by various ta xing jurisdictions from its ta x revenue sources . The Site Area is operating at a very low occupancy. The low occupancy and shuttering of the restaurant and catering operations means that the Study Area is not able to provide job opportunities for members of the community as would be expected from commercial areas of this nature . Likewise, the lack of tax revenues reduces the ability of ta xing districts to provide educational and other services to its community members . VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 52 000071 Val bridge PROPERT Y ADVISORS TRUMA N HOTEL AN D CO NVENT IO N CENTER BLI GHT ANALYSIS This concept of a social liability as the underutilization of a property as a basis for blight has been upheld by the Missouri Supreme Court. The Court has determ ined that "the concept of urban redevelopment has gone far beyond 'slum clearance ' and the concept of economic underutilization is a valid one ." Blight exists to the extent an area is operating at less than its potential. The community is harmed by the foregone tangible and intangible benefits resulting from underperformance. The decline of ta x revenues is a result of four blighting factors within the Study Area , and thus by these factors the Stud y Area is an economic and social liability. Based on the data and information contained in this report, we have determined that the Study Area constitutes both a "social liability" and an "economic liability" and meets the definition of a blighted area . Chapter 353-Condition #3 and #4111 Health and the Transmission of Disease The north wing of the 100/200 Building currently has a mold infestation . This infestation may be due to water entering the building via the leaking roof or the cracked masonry on the front of the building . Therefore , the ill health caused by the mold infestation is the result of the physical deterioration of the property. According to the Centers for Disease Control and Prevention (CDC),"molds can cause nasal stuffiness , throat irritation, coughing or wheezing , eye irritation , or, in some cases , skin irritation ... Immune- compromised people and people with chronic lung illnesses, such as obstructive lung disease , may get se rious infections in their lungs when they are ex posed to mold ." The presence of mold in the 100/200 Building is considered to be a menace to public health. Mold infestation VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 53 000072 Val bridge PROPERTY ADVISORS .· , • , ; • • . ' '0 ·, Mold infestation TRUMA N HOTEL AND CONVEN TION CE NTER BLI GHT ANALYS IS In addition to the mold infestation described above , we also encountered the presence of mildew in other areas of the property. The guest rooms of the 300 , 400 and 500 Buildings there were signs of mildew damage due to a musky smell. Mold and mildew are the result of exposure to water and may carry other bacteria that is harmful to human health . The property is also reported to have a has a cockroach infestation. Cockroaches can cause allergies, especially in people who have asthma that can lead to skin rashes . Cockroaches can also transport microbes that are potential dangerous to humans, including E. coli, Salmonella , six parasitic worms and more than seven other types of human pathogens. Chapter 353-(ondition #5 Crime In order to determine the extent of crime within the Study Area, we contacted the Jefferson City Police Department. Donna Henson, a dispatcher with the Jefferson City Police Department sent us the incident reports for crimes that had been reported at the address of the hotel. In total, there were 13 incident reports that have occurred within the past year. The incident reports that are criminal in nature include: 1. Seven cases of trespassing from individuals that have been asked repeatedly to leave the hotel. 2. Three instances of guests attempting to leave the hotel without paying . 3. Theft of items in the convention center areas as well as items in the 500 building. 4. Copper theft in the 500 Building. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals , Inc Page 54 000073 Val bridge PROPERTY ADVISORS TRUMA N HOTEL AND CO NVE NTION CE NTER BLI GHT ANA LYS IS Trespassing is a continuous problem at the Study Area. On our inspection, we noticed evidence of unwanted people staying overnight underneath the exterior stairwell Blanket and trash items from a trespasser Based upon the crimes that have been reported at the hotel over the past year, we conclude that crime is an indication of blight. Chapter 353-Condition #4 Inability to Pay Reasonable Taxes The city and other taxing districts are highly dependent on real property taxes, personal property taxes, utility taxes and sales taxes generated in its commercial areas. The Study Area is generating substantially less in taxes in the last several years and its real property tax generation is declining. Without redevelopment it is expected that the real property tax generation will continue to decline . Clearly the Study Area is not generating the amount of tax revenues to its potential and thus results in an economic liability. The following table, courtesy of the Jefferson City News Tribune, shows the breakdown of funding sources for the Jefferson City municipal government VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 55 000074 Val bridge PROPERTY A DVISORS TRUMA N HOTEL AND CO NVEN TI ON CE NT ER BLI GHT ANALYS IS CITY REVENUES -GENERAL FUND-FY2015 Contribution Donations Fees 0 .38% Licenses & Permits 2 .23% Charges for Services 8.28% Inter- Interest Income 0.31% Other Non- Operating Revenue 0.08% Transfers in 0.08% Sales & Use Taxes 33.22% Currently, over 50% of the revenue for the City of Jefferson is obtained through property taxes (17 .79%) and Sales and Use taxes (33.22%). The following shows our analysis of sales and real estate taxes that are generated at the Study Area. Sales Tax Analy sis In our analysis of economic liability, we discussed the declining revenue that is generated at the Study Area. This includes declining revenue from room rentals due to the very high vacancy at the property as well as the shuttering of the restaurant and catering operations. Overall, the revenue decreased 35% from 2013 to 2014 and decreased 21% from 2014 to 2015 . The declining revenue as well as the loss of income at the property over the past two years shows an inability to pay reasonable sales taxes. Real Esta t e Tax Ana ly sis Property taxes are based upon an appraisal of the property performed by the Cole County Assessor 's Office with an effective date of January 1. The appraised value is then multiplied by the assessment rate in order to determine the assessed value. The assessed values are then multiplied by local mill levy, which is determined by the tax rates as established by taxing authorities such as city councils, school boards and county commissioners. The following table shows the assessment rates for each of the property types, as determined by Missouri Law . Assessment Ratio Residential: Commercial: Agricultural : 19% 32% 12% Tax statements are typically sent in November and real estate taxes are due in full on December 31. By far the largest recipients of real estate taxes is the Jefferson City School district. The following table shows the recipients of real estate taxes at the Study Area . VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 56 000075 Val bridge PROPER TY ADVISORS ' ~ ' ' Di str i ct CO LE CO UNTY GR CC SP ECIAL SVCS JC SC H OO L DIST JEF FER SON CITY LIB RARY JEFF CITY FIRE PE NS ION FUND ROAD & BRIDGE ST ATE OF ~10 S URT AX otal T ax Rate 0 .100 0 .090 3.693 0.460 0.200 0.096 0 .270 0.03 0 0 .580 5.519 TRUMA N HOTEL AND CO NVENT ION CE NTER BLI GHT ANALYS IS Exte nsio n $563 .65 5507.85 $20,814 .47 $2,592.79 $1 ,127.3 0 $541.6 7 $1 ,521.8 6 $169.10 $3,269.17 $3 1 ,107.8 € • JC SCH OO L DIST • SURT AX • JEFFERSON CIT Y • ROAD & BR IDG E • LI BRAR Y • COLE COUNT Y GR • JEFF CIT Y FIRE PENSION FUND • CC SPE CIAL SVCS • STATE OF MO The assessed values, applicable tax rates and total taxes , including direct assessments , are shown in the following table: Tax ID #: 10-06-13-0004-002-008 Tax Year 2015 2014 2013 2012 Land Value $1,471,800 $1,177 ,400 $1,177,000 Improved Value $278,200 $584,000 $584,000 Total Appraised Value $1,750,000 $1,761,406 $1,761,406 $4,000,000 Total Assessed Value $560,000 $563,650 $563,650 $1,280,000 Tax Rate 5.51900% 5 .51860% 5.51040% Ad Valorem Tax $31,108 $31,106 $70,533 Special Assessments $0 $0 $0 Total Taxes $31,108 $31,106 $70,533 Payment Status Paid Paid Paid Amount Due $0 $0 $0 The appraised value was reduced from $4,000 ,000 in 2012 to $1,761,406 in 2013, a decrease of 56%. Real Estate taxes at the Study Area were previously considerably higher. For tax year 2015, the Study Area has an appraised value for tax purposed of $1,750,000. Approximately 84% of the value for tax purposes is allocated to the land and 16% is allocated to the improvements. This ratio is considered to be very high. Recently constructed commercial properties typically have a land value that is 15% to 20% of the total value . The tax rates for 201 5 have not yet been set. However, based upon the 2014 tax rates , the property would pay $30,906 in real estate taxes in 2015. According to the assessor's office, real estate taxes are current as of the effective date. VALBR IDGE PROPER TY ADVISORS I Shaner Appraisa ls. Inc. Page 57 000076 Val bridge PROPERTY ADVISORS Assessment Comparables TRU MA N HOT EL AND CO NV ENTI ON CENTER BLIGHT ANALYSIS In order to demonstrate the inability to pa y reasonable ta xes, w e h av e su rv eye d the ta x rate s at modern hotel properties i n the area . Dat a for th es e properties is found in the table below: Name/ Address Year Built Number of Rooms Appraised Value Value per Room Real Estate Taxes Taxes per Room Capital Plaza Ho t el 4 15 W. McCarthy St reet Jeffe r son City, MO 1996 255 $11 ,500,000 $45,098 $203,099 $796 Ham pt o n Inn 4800 Co untry Cl ub Dr ive Jeffe r so n City, MO 1998 73 $3,1 09,219 $42,592 $52,280 $716 Fairfield Inn 362 1 W. Tr uman Blvd. Jeffe rso n City, MO 1998 65 $2,9 71 ,000 $45 ,708 $52,720 $8 11 Truman Hote l 1510 Je f ferson Street Jefferson City, MO 1968 233 $1,750,000 $7 ,511 $30,906 $133 The apprai sed va lue s for the three comparable properties an alyzed ab ove range s from $716 to $8 11 per room , w ith an average v alue of $774 per room . This compare s to the current apprai sed value of the Stud y A rea of $133 per room. The current apprai sed value of the Stud y Area is appro ximatel y 83% le ss than modern hotel properties in the area. The real estate t ax re venue is from the Stu dy Area is consid ered t o be very lo w and thi s is an indication o f an inabil it y to pa y re as on able ta xes. VALBRIDGE PROPERTY AD VISORS I Shaner Appraisals, Inc. Page 58 00 0 07 7 Val bridge PROPERTY ADVISORS Conclusion-Chapter 353 TRUMAN HOTEL AND CO NVE NTION CE NTER BLI GHT ANALYS IS Each of the four blight factors of the definition found in Chapter 353 of the Missouri Revised Statutes are present in the Study Area . Chapter 353Biight Factors Yes No Age X Obsolescence X Inadequate or Outmoded Design X Physical Deterioration X The Study Area suffers from each of the six blight conditions of the definition, including economic and social liability. Chapter 353 Blight Conditions Yes No Economic Liability X Social Liability X Ill Health X Transmission of Disease X Crime X Inability to Pay Reasonable Taxes X Based upon our analysis , we conclude that this underutilization of the property is partially the result of the four blighting factors that have been discussed earlier in the report. The Study Area , in its present condition and use, constitutes an economic liability, a social liability, is conducive to ill health, the transmission of disease , crime and the inability to pay reasonable taxes. It is our opinion that the Study Area represents a "blighted area" as is defined in Missouri "The Urban Redevelopment Corporations Law ", Section 353 .010 to 353.190 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 59 000078 Val bridge PROPERTY ADVISORS Blight Defined-Chapter 99 TRUMA N HOTEL AND CO NVENTION CE NTER BLI GHT ANA LYS IS The Missouri "Real Property Ta x Increment Allocation Redevelopment Act " Sections 99.300 to 99 .660 defines a blighted area as an area which : A. By reason of the predominance of defective or inadequate street layout, unsanitary or unsafe conditions , deterioration of site improvements, improper subdivision or obsolete platting, or the existence of conditions which endanger life or property by fire and other causes , or any combination of such factors, retards the provision of housing accommodations or constitutes an economic or social liability or a menace to the public health , safety, morals, or welfare in its present condition and use ; or B. Has been declared blighted or found to be a blighted area pursuant to Missouri Law includ i ng , but not limited to chapter 353 and sections 99 .800 to 99 .865. (67.1401 RSMo.) To the best of our knowledge, the Study Area has not previously been declared blighted by any government agency . Chapter 99 Factor #1-Defective or Inadequate Street Layout Conditions associated with defective or inadequate street layout include poor vehicular access and /or internal circulation; substandard driveway definition and parking layout (e.g . lack of curb cuts , awkward entrance and ex it points); offset or irregular intersections; and substandard or nonexistent pedestrian circulation and lack of signage . Trans portat ion Rou tes Highway 54 runs through Jefferson City in the north/south direction and connects the area to the Lake of the Ozarks to the south and more rural communities to the north . Highway 63 is located to the north of Jefferson City and connects the area to Columbia , MO, located about 30 miles to the north . Highway 50 runs through the city in an east /west direction and eventually connects w ith Kansas City to the west and St. Louis to the east. Overall, access to the area is considered to be av erage . The following map shows the areas w ithin a 5, 10 and 15-minute dri ve time of the property. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 60 000079 Val bridge PROPERTY ADVISORS ' I I I I Frontage St reets ' I l!!:il,.. ... ' I I I I ' I I I o I ;1 I ' ' ' I \ ' J MCI-Y ,• ' \ I I B t ... -' f ~ StThoma s UE.I ' ' TRUMAN HOT EL AND CO NV ENT ION CE NTER BLIGHT ANALYSIS -' e on non Mill The Study Area is located to the south of Zumwalt Street, in between Jefferson Street and Southridge Drive . Jefferson Street is a frontage road along Highway 54 . According to the Missouri Department of Transportation , Highway 54 has a traffic volume of 24,115 per day . The following table shows information about the streets that front the Study Area. Street Name : Jefferson Street Southridge Drive Access : One curb cut Two curb cuts Street Paving : Asphalt Asphalt At Signalized Intersection : None None Lanes : Two Two Direction of Traffic: Northeast/southwest Northeast/southwest Condition : Average Average Curbs : None None Sidewalk: None None Overall Visibility: Good Good VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 67 000080 Val bridge PROPERTY ADVISORS Jefferson Street looking southwest TRUM AN HOTEL AND CO NVENT ION CE NTER BLI GHT ANALYS IS Southridge Drive looking northeast We note the lack of curbing as well as median lane along Jefferson Street and Southridge Drive . Curbs allow surface water to properly drain, discourages illegal parking, and provides support to the pavement edge which will reduce the cost of future repairs . They also provide a more professional and finished look to the roadway which is important in commercial areas such as the Study Area. The median lanes allow for a greater amount of safety and improved traffic flow for motorists stranded in the event of an emergency or breakdown . It also allows for better traffic flow for motorists trying to make left turns into the busy commercial areas located in the Study Area. One of the conditions that was common throughout the Study Area was that of non-existent pedestrian circulation. There are no sidewalks located on the interior of the property or along Jefferson Drive or Southridge Drive. The lack of sidewalks creates a dangerous environment for pedestrians within the Study Area . Creating pedestrian linkages with major activity hubs such as a convention center is often a planning priority of communities. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 62 000081 Val bridge PROPERTY ADVISORS Local Traffic Signals TRUMA N HOTEL AND CONVENT ION CE NTER BLI GH T ANALYS IS The following aerial map shows the ingress/egress points, with the Study Area outlined in red . The Study Area contains one curb cut on the south end of Jefferson Street and two curb cuts on the north end of Southridge Drive. As shown above, the entrance to the hotel is located on the northeastern portion of the site, far away from all of the curb cuts . It is difficult for people unfamiliar with the property to discern the location of the entrance to the hotel, based upon the location of the curb cuts. Interior Traffic We have also considered the interior traffic circulation within the Study Area . Unlike modern hotel properties, the Study Area does not have speed bumps which might slow vehicles and allow for greater safety for pedestrians. Also , the Study Area does not have any traffic signs to instruct vehicles to yield or stop . This has the potential to be confusing for motorists and dangerous for pedestrians as there are many buildings sharing access drives in the parking area . Conclus io n Based upon the information presented above , it is concluded that the Study Area suffers from a defective or inadequate street layout. The roadways that front the Study Area do not contain any curbing or a median lane area, which does not allow for the adequate flow of traffic and is not a professional, finished look that is important for commercial areas such as the Study Area. Also , there are no sidewalks located around the area . Finally, the interior traffic at the Study Area does not allow for good traffic flow as there are no speed bumps or traffic signals , and the location of the curb cuts is far away from the entrance to the hotel lobby. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, In c Page 63 000082 Val bridge PROPERTY ADVISORS Chapter 99 Factor #2-Unsanitary or Unsafe Conditions TR UMA N HOTEL AND CO NV ENTION CEN TER BLI GHT ANALYS IS There are numerous instances within the Study Area ex hibiting unsafe or unsanitary conditions. Many of these issues have been documented in previous sections of this report. As discussed in the previous section, there is a defective or inadequate street layout in the area , which is potentially dangerous for motorists and pedestrians . There is a mold infestation in the north wing of the 100/200 building . There is also mildew damage in all of the other buildings at the property. We also noticed debris such as peeling wall paint and debris in many ofthe vacant rooms . Additional instances of unsafe or unsanitary conditions are documented in the pictures below. Mold and mildew damage in the carpet. Note guest rooms have suspended acoustic tile ceiling , national chains no longer allow the same . VALBRIDGE PROPERTY ADVISORS I Shaner Ap praisals, Inc. Page 64 0000 83 Val bridge PROPERTY ADVISORS . . .. • "~ • A• TRUMAN HOT EL AND CONVEN TI ON CE NTER BLI GHT ANALYS IS Crumbling brick wall near the gas pipes. '· ~ ,t·~ I ·..; , . .. . .. I ·:to·. ....... ,1" . Mold infestation in the north wing of the 100 /200 Building . VALBR IDGE PROPERTY ADVISORS J Shaner Appraisals, Inc Page 65 000084 Val bridge PROPERTY ADV ISORS TRUMAN HOTEL AND CO NVENTION CE NTER BLI GHT ANALYSIS Chapter 99 Factor #3-Deterioration of Site Improvements Site improvements are defined as "Improvements on and off a site that make it suitable for its intended use or development. On-site improvements include grading, landscaping paving and utility hook-ups; off-site improvements include streets, curbs, sidewalks, drains and connecting utility lines." (Dictionary of Real Estate Appraisal , 51h Edition). It is determined that Study Area has deterioration of site improvements and the pictures on the following pages show the extent. We discussed some of these issues with physical depreciation in the previous section of this report. Cracked pavement showing deterioration of parking lot. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 66 000085 Val bridge PROPERTY ADVISORS TRUMA N HOTE L AND CO NVE NTI ON CE NT ER BLI GHT ANA LYS IS Cracked pavement in parking area . Cracked pavement in the pool area . VALBRIDGE PROPERTY AD VISORS I Shaner Appraisa ls, Inc. Page 67 000086 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CONVENTION CENTER BLIGHT ANALYS IS Deteriorated curbing and gutter. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals , Inc. Page 68 000087 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CONVE NTION CENTER BLI GHT ANALYSIS Chapter 99 Factor #4-lmproper Subdivision of Obsolete Platting There are specific conditions that can be used to determine the existence of improper subdivision or obsolete platting. Among these conditions are irregular or faulty lot shape and/or layout, inadequate lot size, and poor access. Our inspection and review of public records suggests these conditions are not present within the Study Area . This factor of blight generally applies to urban settings where fractioned interests prohibit coherent development of modern, functional facilities. In this case , however, the site is unplatted land . The property will need to be platted for development to occur, but the lack of existing platting is not considered to be an indi cat ion of blight. Chapter 99 Factor #5-Existence of Conditions Which Endanger Life or Property The property is also considered to be a fire risk. There is no sprinkler system in any of the buildings at the Study Area . Thi s risk is especially significant at the Stud y Area due as the kitchen area can represent a significant fire risk . The guest rooms each contain a smoke detector. However, the guest rooms in the 400 and 500 Buildings have been vacant for at least a year and these smoke detectors have not been checked to see if they are in good working order. The lack of functioning fire sprinkler systems in the buildings will increase fire risk which can endanger life and property. Overall, cond itions which endanger life or property are considered to be an indication of blight in the Study Area . Blight Factors Conclusion-Chapter 99 The predominance of blighting factors within the Study Area is established by the presence of four of the five blighting factors . The table below provides a review of the blighting factors . Chapter 99 Blight Factors Yes No Defective or Inadequate Street Layout X Unsanitary or Unsafe Conditions X Deterioration of the Site Improvements X Improper Subdivision or Obsolete Plattinq X Conditions which Endanger Life or Property by Fire and Other Causes X As four of the five blighting factors exist w ithin the Study Area , we ne xt examine whether these factors contribute to the four conditions defined by the statute . VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 69 00008 8 Val bridge PROPERTY ADVISORS TRUMAN HOTEL AND CO NVEN TI ON CE NTER BLI GHT ANALYS IS Chapter 99 Condition #1-Hinderance to Housing Accommodations This condition of the blight definition is intended to intended to deal with the growth and development in the surrounding neighborhood. The Study area is zoned C-2, General Commercial District by the City of Jefferson. According to the municipal code, the purpose of the C-2 district is "to accommodate general trades and commercial services not permitted in central and neighborhood zoning districts located at select nodes, intersections and highway interchanges to serve the motoring public and highway users. Buffering, landscaping and open space areas are required to mitigate impacts of the more intensive land uses and traffic activities as we ll as provide adequate access and traffic improvements." Residential uses are not encouraged within this zoning district and therefore this condition is not considered to be applicable. Chapter 99 Condition #2-Economic Liability The Study Area has experienced declining revenues and is generating little in real estate taxes and sales taxes at present. Without redevelopment it is expected that revenues will continue to decline and tax generation will continue to be very lo w. As discussed in the previous section, the Study Area is considered to be an economic liability. We believe that the poor street layout, unsanitary or unsafe conditions, the deterioration of site improvements, as well as the fire risk at the Study Area has contributed to the economic liability. Chapter 99-Condition #3 Social Liability As discussed in the previous section, the Study Area is not able to provide jobs or adequate tax revenue for services and is considered to be a social liability. We believe that the poor street layout, unsanitary or unsafe conditions, the deterioration of site improvements, as wel l as the fire risk at the Study Area has contributed to the social li ability. Chapter 99 Condition #4-Menace to Public Health, Safety, Morals and Welfare As discussed in the previous section, the Study Area has a mold infestation in the north wing of the 100/200 Building. There is also an issue with mildew in each of the buildings. Finally, the property has a cockroach infestation in the hotel area. The Study Area is concluded to be a menace to public health, safety , morals and welfare. We believe that the unsanitary or unsafe conditions have contributed to the menace to public health, safety, morals and welfare. VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc Page 70 000089 Val bridge PROPERTY ADVISORS Conclusion-Chapter 99 TRUMAN HOTEL AND CONVENT ION CE NTE R BLI GHT ANA LYS IS Four of the five components of the blight definition found in Chapter 99 of the Missouri Revised Statutes are present in the Study Area. Chapter 99 Blight Factors Yes No Defective or Inadequate Street Layout X Unsanitary or Unsafe Conditions X Deterioration of Site Improvements X Improper Subdivision or Obsolete Platting X Conditions which Endanqer Life or Property by Fire and Other Causes X By reason of a predominance of these condition, the Study Area suffers from three of the four blighting conditions . Chapter 99 Blight Conditions Yes No Hindrance to Housing Accommodations X Economic Liability X Social Liability X Menace to Public Health , Safety, Morals and Welfare X Based upon our analysis and after conversations with the owners , we conclude that this underutilization of the property is partially the result of the four blighting factors that have been discussed earlier in the report. The Study Area , in its present condition and use, constitutes an economic liability, a social liability, as well as a menace to public health and safety and is therefore concluded to be a blighted area as defined by the Missouri "Real Property Ta x Increment Allocation Rede velopment Act " Sections 99 .300 to 99 .660 . Respectfully submitted , Valbridge Property Advisors I Shaner Appraisals, Inc. Andrew Baker, MAl Senior Appraiser Missouri License #2 013E030999 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. 000090 Page 77 TRUM AN HOTE L AND CONVENTI ON CENTER CE RT IFICA TION General Assumptions & Limiting Conditions This blight study is subject to the following limiting conditions: 1. All information in this report has been obtained from reliable sources . We cannot, however, guarantee or be responsible for the accuracy of information furnished by others. 2. Possession of this report or a copy thereof does not imply the right of publication or use for any purpose by any other than the addressee, without the written consent of the appraiser. This report was prepared for the sole and exclusive use of the appraiser's client. No third parties are authorized to rely upon this report without the express written consent of the appraiser. 3. The appraiser is not required to give testimony or attendance in court by reason of this blight study, unless prior agreements have been made in writing . 4 . Neither all nor any part of the contents of this report shall be conveyed to the public through advertising, public relations , news, sales, or other media, without the written consent and approval of the author, particularly as to the conclusions, the identity of the consultant or firm with which he is connected , or any reference to the Appraisal Institute. 5. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data) and has noted in the blight study whether the Study Area site is located in an identified Special Flood Hazard Area. Because the consultant is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination. VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. Page 72 000091 Val bridge PROPERTY ADVISORS Addenda VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals , In c 000092 TRUMAN HOTEL AND CONVENTION CENTER AD DENDA Page 73 Val bridge PROPERTY ADVISORS Glossary TRUMA N HO TEL AND CO NVE NTION CE NTE R ADDE ND A Definitions are taken from the Dictionary of Real Estate Appraisal, 51h Edition (Dictionary), the Uniform Standards of Professional Appraisal Practice (USPAP) and Building Owners and Managers Association International (BOMA). Absolute Net Lease A lease in which the tenant pays all expenses including structural maintenance, building reserves, and management; often a long-term lease to a credit tenant. (Dictionary) Additional Rent Any amounts due under a lease that is in addition to base rent. Most common form is operating expense increases. (Dictionary) Amortization The process of retiring a debt or recovering a capital investment, typically though scheduled, systematic repayment of the principal; a program of periodic contributions to a sinking fund or debt retirement fund . (Dictionary) As Is Market Value The estimate of the market value of real property in its current physical condition, use , and zoning as of the appraisal date. (Dictionary) Base (She ll ) Building The existing shell condition of a building prior to the installation of tenant improvements. This condition varies from building to building, landlord to landlord, and generally invol ves the level of finish above the ceiling grid. (Dictionary) Base Rent The minimum rent stipulated in a lea se. (Dictionary) Base Year The year on which escalation clauses in a lease are based. (Dictionary) Building Common Area The areas of the building that provide services to building tenants but which are not included in the rentable area of any specific tenant. These areas may include, but shall not be limited to, main and auxiliary lobbies, atrium spaces at the level of the finished floor, concierge areas or security desks, conference rooms, lounges or vending areas food service facilities, health or fitness centers, daycare facilities, locker or shower facilities, mail rooms , fire control rooms, fully enclosed courtyards outside the exterior walls, and building core and service areas such as fully enclosed mechanical or equipment rooms. Specifically excluded from building common areas are; VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. floor common areas, parking spaces, portion s of loading docks outside the building line, and major vertical penetrations. (BOMA) Building Rentable Area The sum of all floor rentable areas . Floor rentable area is the result of subtracting from the gross measured area of a floor the major vertical penetrations on that same floor. It is generally fi xe d for the life of the building and is rarely affected by changes in corridor size or configuration. (BOMA ) Certificate of Occupancy (COO) A statement issued by a local government verifying that a newly constructed building is in compliance w ith all codes and m ay be occupied. Common Area (Pub lic) Factor In a lease , the common area (public) factor is the multiplier to a tenant's useable space that accounts for the tenant's proportionate share of the common area (restrooms , elevator lobby, mechanical rooms , etc.). The public factor is usually expressed as a percentage and ranges from a lo w of 5 percent for a full tenant t o as high as 15 percent or more for a multi-tenant floor. Subtracting one (1) from the quotient of the rentable area divided by the useable area yields the load (p ublic) factor. At times confused w ith the "lo ss factor" which is the total rentable area of the full floor less the useable area divided by the rentable area . (BOMA ) Common Area Maintenance (CAM) The expense of operating and maintaining co mmon areas; may or ma y not include management charges and usually does not include capital expenditures on tenant improvements or other improvements to the property. CAM can be a line-item expense for a group of items that can include maintenance of the parking lot and landscaped areas and sometimes the exterior wa ll s of the buildings. CAM can refer to all operating expenses. CAM can refer to the reimbursement by the tenant to the landlord for all expenses reimbursable under the lease. Sometimes reimbursements ha ve what is ca lled an administrative load. An example wo uld be a 15 percent addition to total operating expenses, which are then prorated among tenants. The administrative load , also called an administrative and marketing fee , can be a substitute for or an addition to a management fee . (Dictionary) Page 74 000093 Val bridge PROPERTY ADVISORS Condominium A form of ownership in which each owner possesses the exclusive right to use and occupy an allotted unit plus an undivided interest in common areas. A multiunit structure, or a unit within such a structure, with a condominium form of ownership. (Dictionary) Conservation Easement An interest in real property restricting future land use to preservation, conservation, wildlife habitat, or some combination of those uses. A conservation easement may permit farming , timber harvesting, or other uses of a rural nature to continue, subject to the easement. In some locations, a conservation easement may be referred to as a conservation restriction. (Dictionary) Contributory Value The change in the value of a property as a whole, whether positive or negative, resulting from the addition or deletion of a property component. Also called deprival value in some countries. (Dictionary) Debt Coverage Ratio (DCR) The ratio of net operating income to annual debt service (OCR = NOI/Im), which measures the relative ability to a property to meet its debt service out of net operating income. Also called Debt Service Coverage Ratio (DSCR). A larger DCR indicates a greater ability for a property to withstand a downturn in revenue , providing an improved safety margin for a lender. (Dictionary) Deed Restriction A provision written into a deed that limits the use of land . Deed restrictions usually remain in effect when title passes to subsequent owners. (Dictionary) Depreciation 1) In appraising, the loss in a property value from any cause; the difference between the cost of an improvement on the effective date of the appraisal and the market value of the improvement on the same date. 2) In accounting, an allowance made against the loss in value of an asset for a defined purpose and computed using a specified method. (Dictionary) Disposition Value The most probable price that a specified interest in real property is likely to bring under the following conditions: Consummation of a sale within a exposure time specified by the client; The property is subjected to market conditions prevailing as of the date of valuation; VA LBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. TRUM A N HOTEL AND CO NVENTI ON CE NTER ADDE NDA Both the buyer and seller are acting prudently and knowledgeably; The seller is under compulsion to sell; The buyer is typically motivated; Both parties are acting in w hat they consider to be their best interests; An adequate marketing effort will be made during the exposure time specified by the client; Payment will be made in cash in U.S. dollars or in terms of financial arrangements comparable thereto; and The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated w ith the sale. (Dictionary) Easement The right to use another's land for a stated purpose. (Dictionary) EIFS Exterior Insulation Finishing System. This is a type of exterior wall cladding system . Sometimes referred to as d ry-vit. Effective Date 1) The date at which the analyses, opinions, and advice in an appraisal, re view, or consulting service apply. 2) In a lease document, the date upon which the lease goes into effect. (Dictionary) Effecti v e Rent The rental rate net of financial concessions such as periods of no rent during the lease term and above-or below-market tenant improvements (Tis). (Dictionary) EPDM Ethylene Diene Monomer Rubber. A type of synthetic rubber typically used for roof coverings. (Dictionary) Escalation Clause A clause in an agreement that provides for the adjustment of a price or rent based on some event or index. e.g., a pro vision to increase rent if operating expenses incre ase; also called an expense recovery clause or stop clause. (Dictionary) Estoppel Certificate A statement of material factors or conditions of which another person can rely because it cannot be denied at a later date. In real estate, a buyer of rental property typically requests estoppel certificates from existing tenants. Sometimes referred to as an estoppel letter. (Dictionary) Page 75 000094 Val bridge PROPERTY ADVISORS Excess Land Land that is not needed to serve or support the existing improvement. The highest and best use of the excess land may or may not be the same as the highest and be st use of the improved parcel. Exc ess land may ha ve the potential to be sold separately and is valued separately. (Dictionary) Ex pen se Stop A clause in a lea se that limits the landlord 's expense obligation, which results in the lessee paying any operating expenses above a stated level or amount. (Dictionary) Ex posure Time 1) The time a property remains on the market. 2) The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events assuming a competitive and open market. (Dictionary) Extraord i nary Assumption An assumption, directly related to a specific assignment, which, if found to be false , could alter the appraiser's opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal , or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis . (Dictionary) Fai r Market Value The price at which the property should change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. [Treas. Reg. 20.2031-1 (b); Rev. Rul. 59-60. 1959-1 C. B. 237] Fee Simple Estate Absolute ownership unencumbered by any other interest or estate, subject only to the limitations imposed by the governmental powers of taxation, eminent domain, police power, and escheat. (Dictionary) Floor Common Area Areas on a floor such as washrooms, janitorial closets, electrical rooms, telephone rooms , mechanical rooms, elevator lobbies, and public corridors w hich are available primarily for the use of tenants on that floor. (BOMA) VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. TRUMAN HOTEL A ND CONVE NTI ON CE NTER ADD ENDA Full Serv ice (Gross) Lease A lease in which the landlord receives stipulated rent and is obligated to pay all of the property's operating and fi xed expenses; also called a full serv ice lease. (Dictionary) Going Concern Value • The market value of all the tangible and intangible assets of an established and operating business with an indefinite life, as if sold in aggregate; more accurately termed the market value of the going concern. • The value of an operating business enterprise. Goodwill may be separately measured but is an integral component of going-concern value w hen it exists and is recognizable. (Dictionary) Gross Bu il ding Area The total constructed area of a building. It is generally not used for leasing purposes (BOMA) Gross Measured Area The total area of a building enclosed by the dominant portion (the portion of the inside finished surface of the permanent outer building wall which is 50 percent or more of the vertical floor-to-ceiling dimension, at the given point b eing measured as one moves horizontally along the wa ll ), excluding parking areas and loading docks (o r portions of the same) outside the building line. It is generally not used for leasing purpo ses and is calculated on a floor by floor basis. (BOMA) Gross Up Method A method of calculating variable operating expense in income-producing properties when less than 100 percent occupancy is assumed. The gross up method approximates the actual expense of providing services to the rentable area of a building given a specified rate of occupancy. (Dictionary) Ground Lease A lease that grants the right to use and occupy land. Improvements made by the ground lessee typically revert to the ground lessor at the end of the lease term. (Dictionary) Ground Rent The rent paid for the right to use and occupy land according to the terms of a ground lease; the portion of the total rent allocated to the underlying land. (Dictionary) HVAC Heating , ventilation, air conditioning. A general term encompassing any system designed to heat and cool a building in its entirety. Page 76 000095 Val bridge PROPERTY ADVISORS Highest & Best Use The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest va lue. The four criteria the highest and best use must meet are 1) legal permissibility, 2) physical possibility, 3) financial feasibility, and 4) ma ximally profitability. Alternatively, the probable use of land or improved -specific with respect to the user and timing of the use-that is adequately supported and results in the highest present va lue. (Dictionary) Hypothetical Condition That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical , legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. (Dictionary) Industrial Gross Lease A lea se of industrial property in w hich the landlord and tenant share expenses. The landlord receives stipulated rent and is obligated to pay certain operating expenses, often structural maintenance, insurance and real estate taxes as specified in the lease . There are significant regional and local differences in the use of this term. (Dictionary) Insurable Value A t ype of value for insurance purposes. (Dictionary) (Typicall y this includes replacement cost less basement excavation, foundation, underground piping and architect's fees). Investment Value The value of a property interest to a particular investor or class of investors based on the investor's specific requirements. In vest ment value may be different from market value because it depends on a set of investment criteria that are not necessarily typical of the market. (Dictionary) Just Compensation In condemnation, the amount of loss for which a property owner is compensated when his or her property is taken. Just compensation should put the owner in as good a position as he or she would be if the property had not been taken. (Dictionary) Leased Fee Interest A freehold (ow nership interest) where the possessory interest has been granted to another party by creation of VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc TRUM A N HOT EL AND CONVENT IO N CENTER ADDE NDA a contractual landlord-tenant relationship (i.e., a lease). (Dictionary) Leasehold Interest The tenant's possessory interest created by a lease. (Dictionary) Lessee (Tenant) One who has the right to occupancy and use of the property of another for a period of time according to a lease agreement. (Dictionary) Lessor (Landlord) One who conveys the rights of occupancy and use to others under a lease agreement. (Dictionary) Liquidation Value The most probable price that a specified interest in real property should bring under the following conditions: Consummation of a sale w ithin a short period. The property is subjected to market conditions prevailing as of the date of va luation. Both the buyer and seller are acting prudently and knowledgeably. The seller is under extreme compulsion to sell. The buyer is typically motivated . Both parties are acting in what they consider to be their best interests. A normal marketing effort is not possible due to the brief exposure time. Payment will be made in cas h in U.S. dollars or in terms of financial arrangements comparable thereto . The price represents the normal consideration for the property sold, unaffected by special or creative financing or sales concessions granted by anyone associated wi th the sale. (Dictionary) Loan to Value Ratio (LTV ) The amount of money borrowed in relation to the total market va lue of a property. Expresse d as a percentage of the loan amount divided by the property value. (Dictionary) Major Vertical Penetrations Stairs, elevator shafts, flue s, pipe shafts, vertical ducts, and the like, and their enclosing walls. Atria, lightwe ll s and similar penetrations above the finished floor are included in this definition . Not included , however, are ve rtical penetrations built for the private use of a tenant occupying office areas on more than one floor. Structural columns, openings for vertical electric cable or telephone distribution, and openings for plumbing lines are not considered to be major vertical penetrations. (BOMA) Page 71 000096 Val bridge PROPERTY ADVISORS Market Rent The most probable rent that a property should bring in a competitive and open market reflecting all conditions and restriction s of the lease agreement including permitted uses , use restrictions , expense obligations; term, concessions, renewal and purchase options and tenant improvements (Tis). (Dictionary) Market Value The most probable price wh ich a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under co nditions w hereby: a. Buyer and seller are typically motivated; b . Both partie s are well informed or well advised, and acting in what they consider their own best interests; c. A reasonable time is allowed for exposure in the open market; d. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and e. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated w ith the sale. Market Value As If Complete Market value as if complete means the market va lue of the property with all proposed construction, conversion or rehabilitation hypothetically completed or under other specified hypothetical conditions as of the date of the appraisal. With regard to properties w herein anticipated market conditions indicate that stabilized occupancy is not likely as of the date of completion, this estimate of value shall reflect the market va lue of the property as if complete and prepared for occupancy by tenants. Market Value As If Stabilized Market value as if stabilized means the market va lue of the property at a current point and time w hen all improvements have been physically constructed and the property has been leased to its optimum level of long term occupancy. Marketing Time An opinion of the amount of time it might take to sell a real or personal property interest at the concluded market value level during the period immediately after the effective date of the appraisal. Marketing time differs from exposure time, which is always presumed to precede VA LBRID GE PRO PERTY ADVISO RS I Shaner App ra isa ls, Inc TRUM A N HOT EL AND CO NVENTI O N CENTER A DDE ND A the effective date of an appraisal. (Advisory Opinion 7 of the Standards Board of the Appraisal Foundation and Statement on Appraisal Standards No. 6, "Reasonable Exposure Time in Real Property and Personal Property Market Value Opinions" address the determination of reasonable exposure and marketing time). (Dictionary) Master Lease A lease in which the fee owner leases a part or the entire property to a single entity (the master lease) in return for a stipulated rent. The master lessee then leases the property to multiple tenants. (Dictionary) Modified Gross Lease A lease in which the landlord receives stipulated rent and is obligated to pay some, but not all, of the property's operating and fixed expenses. Since assignment of expenses varies among modified gross leases , expense responsibility must always be specified. In some markets, a modified gross lease may be called a double net lease , net net lease, partial net lease , or semi-gross lease. (Dictionary) Option A legal contract, typically purchased for a stated consideration, that permits but does not require the holder of the option (known as the optionee) to buy, sell, or lease real property for a stipulated period of time in accordance with specified terms; a unilateral right to exercise a privilege . (Dictionary) Partial Interest Di vided or undivided rights in real estate that represent less than the whole (a fractional interest). (Dictionary) Pass Through A tenant's portion of operating expenses that may be composed of common area maintenance (CAM ), real estate taxes, property insurance, and any other expenses determined in the lease agreement to be paid by the tenant. (Dictionary) Prospective Future Value Upon Completion Market value "upon completion" is a prospecti ve future value estimate of a property at a point in time when all of its improvements are fully completed. It assumes all proposed construction, conversion, or rehabilitation is hypothetically complete as of a future date when such effort is projected to occur. The projected completion date and the value estimate must reflect the market value of the property in its projected condition, i.e., completely vacant or partially occupied. The cash flow must reflect lease-up costs, required tenant improvements and leasing commissions on all areas not leased and occupied. Page 78 000097 Val bridge PROPERTY ADV ISORS Prospective Futu re Value Upon Stabilization Market value "upon stabilization " is a prospective future value estimate of a property at a point in time when stabilized occupancy has been achieved . The projected stabilization date and the value estimate must reflect the absorption period required to achieve stabilization. In addition, the cash flows must reflect lease-up costs, required tenant improvements and leasing commissions on all unleased areas. Replacement Cost The estimated cost to construct, at current prices as of the effective appraisal date, a substitute for the building being appraised , using modern materials and current standards, design, and layout. (Dictionary) Reproduction Cost The estimated cost to construct, at current prices as of the effective date of the appraisal, an exact duplicate or replica of the building being appraised , using the same materials, construction standards, design , layout, and quality of workmanship and embodying all of the deficiencies, super-adequacies, and obsolescence of the subject building . (Dictionary) Retrospective Value Opinion A value opinion effective as of a specified historical date. The term does not define a type of value. Instead , it identifies a value opinion as being effective at some specific prior date. Value as of a historical date is frequently sought in connection with property tax appeals , damage models, lease renegotiation , deficiency judgments, estate tax, and condemnation. Inclusion of the type of value with this term is appropriate, e.g., "retrospective market value opinion ." (Dictionary) Sandwich Lea se hold Estate The interest held by the original lessee when the property is subleased to another party; a type of leasehold estate. (Dictionary) Sublease An agreement in w hich the lessee (i.e., the tenant) leases part or all of the property to another party and thereby becomes a lessor. (Dictionary) VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. TRUMAN HOTEL AN D CONVEN TION CEN TER AD DENDA Subordination A contractual arrangement in which a party with a claim to certain assets agrees to make his or her claim junior, or subordinate, to the claims of another party. (Dictionary) Substantial Completion Generally used in reference to the construction of tenant improvements (Tis). The tenant's premises are typically deemed to be substantially completed when all of the Tis for the premises have been completed in accordance with the plans and specifications previously approved by the tenant. Sometimes used to define the commencement date of a lease . Surplus Land Land that is not currently needed to support the existing improvement but cannot be separated from the property and sold off. Surplus land does not have an independent highest and best use and may or may not contribute value to the improved parcel. (Dictionary) Triple Net (Net Net Net) Lease A lease in which the tenant assumes all expenses (fixed and variable) of operating a property except that the landlord is responsible for structural maintenance, building reserves , and management. Also called NNN, triple net leases , or fully net lease. (Dictionary) (The market definition of a triple net leases varies ; in some cases tenants pay for items such as roof repairs , parking lot repairs, and other similar items.) Usable Area The measured area of an office area, store area or building common area on a floor. The total of all the usable areas or a floor shall equal floor usable area of that same floor. The amount of floor usable area can vary over the life of a building as corridors expand and contract and as floors are remodeled. (BOMA) Va lue -in -Use The value of a property assuming a specific use , which may or may not be the property's highest and best use on the effective date of the appraisal. Value in use may or may not be equal to market value but is different conceptually. (Dictionary) Page 79 000098 Val bridge PROPERTY ADVISORS Subject Photographs IMAGE PLACEHOLDER *right click; Change Picture * Caption here IMAGE PLACEHOLDER *right click; Change Picture * Caption here IMAGE PLACEHOLDER *right click; Change Picture * Caption here VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. 0000 99 TRUMA N HOTEL AND CO NV ENTIO N CENT ER ADDE NDA IMAGE PLACEHOLDER *right click· Change Picture* Caption here IMAGE PLACEHOLDER *right click· Change Picture * Caption here IMAGE PLACEHOLDER *right click· Change Picture * Caption here Page 80 Val bridge PROPERTY ADVISORS Argus Reports VALBR IDGE PROPER TY ADVISORS \ Shaner Appraisals , Inc. 000100 TRUMAN HOTEL AND CO NV ENTION CE NTER ADDE NDA Page 87 Val bridge PROPERTY ADVISORS Lease-Up Discount Calculation VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc 000101 TRUMAN HOTEL AND CONVENTION CENTER ADDE NDA Page 82 Val bridge PROPERTY ADVISORS Lease-Up Adjustment Professional Office N/A N/A N/A N/A N/A N/A N/A Net Rentable Area Currently Occupied Area Stabilized Occupancy Vacant Area Professional Office N/A N/A N/A N/A N/A N/A N/A Total AbsorB.tion Profe ss ional Office N/A N/A N/A N/A N/A N/A N/A Total Total Occupied %Occupied Lost Rent Profe ss io na I Office N/A N/A N/A N/A VALBRIDGE PROPERTY ADVISORS N/A TRUMAN HOT EL AND CO NVENT ION CENT ER ADDE NDA 0.0% 0 sf 0.0% 0 sf 0.0% 0 sf 0.0% 0 sf 0.0% 0 sf 0.0% 0 sf 0.0% 0 sf 0.0% 0 sf 100.0% 844,763 sf 100.0% 844,763 sf 92.0% 777,182 sf Period (Months) Share oi Vacant Area #DIV/01 #DIV /0 1 #DIV /0! #DIV /0 ! #DIV /0! #DIV /0 ! #DIV /0! #DIV /0! Market Rental Rates $3 1.00 psf $0.00 psf $0.00 psf $0.00 psf $0.00 psf $0 .00 psf Page 83 000102 $0.00 psf N/A N/A $0.0 0 p sf Val bridge PROPERTY ADVISORS VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. 00010 3 TRUMA N HOTEL AND CO NVE NTION CE NT ER AD DEND A Page 84 Val bridge PROPERTY ADVISORS Exhibit 3, etc. VALBRIDGE PROPERTY ADVISORS I Shaner App raisals, Inc. 000104 TRUMA N HOTEL AND CO NVE NTION CE NTER ADDE NDA Page 85 Val bridge PROPERTY ADVISORS Qualifications VALBR IDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. 000105 TRUMAN HOTEL AND CONVENTION CE NTE R ADDE NDA Page 86 Val bridge PROPERTY ADVISORS TRUMA N HOTEL AND CO NV ENTION CE NTER ADDE NDA Qualifications of Andrew Baker General Certified Real Property Appraiser Valbridge Property Advisors I Shaner Appraisals, Inc. Independent Valuations for a Variable World State Certificat ions State of Kansas State of Missouri Education BA Case Western Reserve University Contact Deta ils 913-647-4989 Valbridge Property Advisors Shaner Appraisals , Inc. 10990 Quivira Road Suite 100 Overland Park, KS 66210 www.va l bridge.com abaker@valbridge.com Membership/ Affiliations : Candidate for Designation : Appraisal Institute Appraisal Institute and Related Courses: Basic Appraisal Principles Basic Appraisal Procedures Uniform Standards of Professional Appraisal Practice Real Estate Finance , Statistics and Valuation Modeling Market Analysis and Highest and Best Use Sales Comparison Approach Income Approach Part 1 and 2 Report Writing and Case Studies Appraisal Review Apartment Appraisal , Concepts and Applications Advanced Income Capitalization Advanced Concepts & Case Studies Advanced Market Analysis and Highest & Best Use Ex perience: Real Estate Analyst/Certified General Appraiser Val bridge Property Advisors I Shaner Appraisals, Inc. (2012-Present) Real Estate Analyst Integra Realty Resources . (2008-2012) Appraisal/valuation and consulting assignments include: apartment buildings; retail buildings and shopping centers ; office buildings; industrial buildings; religious and special purpose properties including schools, churches and car washes; daycares ; residential subdi v isions; industrial , skilled nursing , commercial and residential land. Assignments also include tax appeal valuations and rent comparability studies . Assignments have been concentrated in the Kansas City Metropolitan area . VALBR IDGE PROPER TY ADVISORS I Shaner App ra isals , Inc. Page 87 000106 Val bridge PROPERTY ADVISORS VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals , Inc. 000107 TRUMAN HOTEL AND CO NVE NTION CE NT ER ADDENDA Page 88 Val bridge PROPERTY ADV ISORS VALBRIDGE PROPER TY ADVISORS I Shaner App raisals, Inc. 000108 TRUMA N HO TEL AND CO NV ENTION CE NTER AD DE NDA Page 89 Val bridge PROPERTY ADVISORS Information on Valbridge Property Advisors TRUMAN HOTEL AND CONVENT ION CE NTER ADDE NDA Valbridge covers the U.S . from coast to coast , and is one of the Top 3 national commercial real estate valuation and advisory services firms based on: • Total number of MAis (163 on staff) • Total number of office locations (60 across the U.S.) • Total number of staff (600+ strong ) Valbridge is owned by our local office leaders. Every Valbridge office is led by a senior managing director who holds the MAl designation of the Appraisal Institute. Valbridge services all property types , including : • Office • Industrial • Retail • Apartments /multifamily/senior living • Lodging /hospitality/recreational • Land • Special -purpose properties Val bridge welcomes single -property ass ignments as well as portfolio, multi-market and other bulk - property engagements. Specialty services include: • Portfolio valuation • REO /foreclosure evaluation • Real estate market and feasibility analysis • Property and lease comparables , including lease review • Due diligence • Property ta x assessment and appeal -support services • Valuations and anal ysis of property under eminent domain proceedings • Valuations of property for financial reporting , including goodwill impairment, impairment or disposa l of long-lived assets , fair value and leasehold v aluations • Valuation of property for insurance , estate planning and trusteeship , including fractional interest valuation for gifting and IRS purposes • Cost segregation studies • Litigation support, including ex pert witness testimony • Business and partnership valuation and advisory services, including partial interests Independent Valuation for a Variable World VALBRIDGE PROPERTY ADVISORS I Shaner App raisals, Inc Page 90 000109 Val bridge PROPERTY ADVISORS Office Locations ALABAMA CONNE C TICUT Valbridge Property Advisors I Valbridge Property Advisors 1 Real Estate App raisers, LL C ltalia & Lemp, Inc . 4 732 Woo dmere Bou le va rd 6 Central Row, Th ird Floor Montgomery, AL 361 06 Hartford, CT 06 103-270 1 334-277-5077 ph one 860 -246-4606 ph one 334 -277-5078 fax 17 Hi gh Stre et , Suite 214 Norwa lk, CT 06851 ARIZONA 203 -286-6520 ph one Valbridge Property Ad visors I MJN Enterprises, Inc . FLORIDA 6061 E. Grant Ro ad , Suite 12 1 Valbridge Property A dvisors 1 T ucson, AZ 857 12 A r malavage Va l uation , LL C 520-321-0000 ph one 2240 Venetia n Court 520-290-5293 fax Na pl es , FL 34 109 239 -5 14-4646 pho ne CALIFORNIA 239 -5 14-464 7 fax Valbridge Property Advisors I Michael Burger & Associates Va lbridge Property Advisors 1 49 15 Ca ll oway Dri ve, Suite 101 Beaumont, Matthes & Ch urch , Bake rsf ield , CA 933 12 Inc . 66 1-587-10 10 phone 603 Hill crest Street 66 1-834-07 48 fax Orl ando , FL 32803 407-839-3626 phone Val brid ge Property Advisors 1 407-839-3453 fax Cummings Appra isal Group, Inc . Valbridge Property Advisors I 99 S. Lake Avenu e, Suite 21 B room , Moody, Joh nson & Pasadena , CA 9 11 0 1 Grainger, In c . 626-7 44-0428 phone 121 West Forsy1 h Stree t, #1000 626 -7 44-0922 fax Jacksonville , FL 32202 904-296-3000 phone Va lbridge Property Advisors 1 90 4-296-8722 fax Hulberg & Assoc iates, Inc . 225 Crossroads Blvd , Suite 326 Valbridge Property Advisors 1 Carme l, CA 93923 Entreken Associates , Inc . 83 1-9 17-0383 ph one 11 00 16t h Street N 925-327-1696 fa x St. Petersburg , FL 33705 727-894-1800 phone 2813 Coffee Road , Sui te E-2 727-894-8916 fax Modesto , CA 95355 209-569-0450 pho ne GEORGIA 209-569-045 1 fax Valbridge Property Advisors 1 Cantrell Miller, LLC One North Ma rket Stre et 26 75 Paces Ferry Road , Ste 145 Sa n Jose , CA 95113 Atlan ta, GA 30339 408-279-1520 phon e 678-644-4853 phone 408-279 -3428 fax IDAHO 3 160 Crow Canyon Place , #245 Valbridge Prope rty Advisors 1 Sa n Ramon , CA 94583 A uble , Jolicoeu r & Ge ntry, Inc. 925-327 -1 66 0 phone 1875 N. Lakewood Drive, #1 00 925-327-1696 fa x Co eur d'Alen e, 10 838 14 208 -292-2965 pho ne Va l bridge Property Advisors 1 208-292-297 1 fax Penner & Assoc iates, Inc . 1370 N. Brea Boul evard , #255 Va lbridge Property Ad visors I Full erton, CA 92835 Mountain States Appra isal 7 14-449-0852 pho ne &Cons ulting , Inc. 714-738-437 1 fax 1459 Tyre ll Lan e, Suite B Bo ise , ID 83706 Valb ridge Property Adv isors 1 208-336-1097 phone Ribacchi & Assoc iates 1030 1 Placer Lan e, Su it e 100 208-345-1175 fax Sacramen to, CA 95827 INDIANA 9 16-36 1-2509 phon e Valbridge Property Advisors 1 9 16-36 1-2632 fax Mitchel l Appra isals, Inc . COLORADO 820 Fort Way ne Ave nue Val bridge Property Advisors 1 In dianapolis , IN 46204 Bristol Realty Counselors 3 17-687-274 7 phone 5345 Arapahoe, Suit e 7 317-687-2748 fax Boul der, CO 80303 303-443-9600 phone IOWA 303-443-9623 fa x Val bridge Property Advisors 1 Roy R. Fisher, In c. Va lbridge Property Advisors I 20 10 East 38th Stree t, Suite 201 Mou ntain West Davenport , lA 52807 562 Highway 133 563-355-6606 phone Carbonda le, CO 8 1623 563-355-66 12 fax 970-340-1016 ph one 970-797-9 124 fax VALBRIDGE PROPE RTY ADVISORS I Shaner App rai sals, Inc. KANSAS Valbridge Property Advisors 1 Shaner Appraisals , Inc . 10990 Qui vira Roa d , Suite 100 Ov erland Park, KS 662 1 0 913-451 -145 1 phone 913 -529 -412 1 fax KENTUCKY Valb ridg e Property Advisors !Allgeie r Company 21 4 South 8th Stree t , Su it e 200 Louisvill e, KY 40202 502-585-3651 phone 502-589-7 480 fax LOUISIANA Va lbridge Pro perty Advisors 1 Argote , Derbes , Graham , Shuffield & Tatje, Inc . 5 12 North Ca useway Boulevard Metairi e, LA 7000 1 50 4-833-8234 phone 504-830-3870 fax 76 07 Fem Ave nue , Suite 104 Shreveport , LA 71105 318-797-0543 phone MARYLAND Val bridge Property Advisors 1 Lipman Frizzell & Mitch ell LLC 6240 Old Dobbin Lane, Suite 140 Co lu mb ia , MD 21045 410-4 23 -2300 phone 4 10-423-2410 fax MASSACHUSETTS Va lb ridge Property Advisors 1 Bu ll ock Co mmerc ial Appraisal , LLC 2 1 Muzzey Street , Suite 2 Lex ing ton, MA 0242 1 78 1-652-0700 phone MICHIGAN Val bridge Pro perty Advisors 1 Th e Oetze i-Hartman Grou p 32 1 Wood land Pass , Suit e 200 East Lansing , Ml 48823 517-336-0001 phone 517-336-0009 fax MINNESOTA Valbridge Property Ad v isors 1 Ma rde ll Partners , Inc . 120 South 6th Str ee t, Sui te 1650 Mi nn ea pol is , MN 55402 612-253-0650 phone 6 12-253-5650 fax NEVADA Val bridge Property Advisors 1 Lubawy & A s sociates , Inc . 3034 S. Durango Drive , Suite 100 Las Vegas , NV 89117 702-242-9369 phone 702-2 42-639 1 fax NORTH CAROLINA Va lbridge Property Advisors 1 John Bosworth &As sociates , LLC 4530 Park Roa d , Suite 100 Charlott e , NC 28209 704-376-5400 phone 704-376-1 095 fax Va lb ridge Property Advisors 1 Paramount Apprais al Group, Inc . 412 E. Cha th am Street Cary , NC 2751 1 919-859-2666 phone 9 19-859-2667 fax 000110 Truman Hotel and Co nvention Center ADDE ND A OHIO TEXAS Valbridge Property Ad visors 1 Va lb ridge Property Advisors 1 Ak ron Appra isa l Group , Inc . Du gger, Canaday, Grafe , Inc . 1655 W. Marke t Stree t, Sui te 130 111 So led ad, Suit e 800 Akron, OH 44 3 13 Sa n Ant oni o , T X 78 205 330-899-9900 ph one 210-227-6229 phon e 330 -680-520 4 fax 2 10-2 27 -8520 fax Valbridge Property Advisors 1 Valbridge Pro pe rty Advisors 1 Allgeier Company T he Ge ral d A . Teel Compan y, 9277 Cen tre Point Dr., Su ite 350 Inc . West Cheste r, OH 45069 Two En ergy Squa re 513-785-0820 ph one 4849 Gree nvil le Avenue , Ste 1495 513 -563-3539 fax Dall as , TX 75206 214-446-1611 phone Va lbridge Pro perty Adv isors 974 Campbell Roa d, Suite 204 526 E. Superio r Avenue , Suite Houston , TX 77024 455 713 -467-5858 phone Cle ve land , OH 44 11 4 7 13-467-0704 fax 216-367-9690 ph one 330-680-5204 fax Va lbridge Property A dvisors 2731 8 1 st Stree t OKLAHOMA Lub bock , T X 79 423 Va lbridge Property Ad visors 1 806-74 4-1 188 ph one Walton Property Services, LLC 806-744-1189 fax 8282 Sou th Memoria l Drive , #302 UTAH Tu lsa , OK 74 133 918-712-9992 phone Valbridge Property Advisors 1 918-742-306 1 fax Free and Associates , Inc . 260 Sou th 2500 West , Suite 301 PENNSYLVANIA Pleasant Grove , UT 84062 Val br idge Property Ad v isors I 801-492-9328 phone Ba ro ne, Murtha , Shonberg & 801-492 -1420 fax Associates , Inc. 1100 Ea st 6600 So uth , Suite 201 4701 Bapt ist Road , Suite 304 Salt La ke Ci ty, UT 84 121 Pit tsbu rgh, PA 15227 80 1-26 2-3388 phone 4 12-88 1-6080 ph one 41 2-88 1-80 40 fax 801-262-7893 fax Valbridge Prope rty Advisors 1 20 Nort h Main , Suite 304 Lukens & Wolf, L LC St. George, UT 84770 435-773 -6300 phone 150 So uth Wa rn er Road , Ste. 440 435-773-6298 fax King of Prussia , PA 19404 215-545-1 900 phone VIRGIN I A 2 15-545-8548 fax Valbr idge Property Advisors I SOUTH CAROLINA Axia l Advisory Group, L LC Valb ridge Property Advi s o rs 1 656 Independence Parkway , #220 Atlant ic App raisals, L LC Chesapeake , VA 23320 757 -4 10-1222 phone 1250 Fai rmon t Avenue 757-410-2956 fax Mt. Pleasant, SC 29464 843-884-1266 pho ne 7400 Bea ufo nt Sp rings Drive , 843-88 1-7532 fax #300 Ri chmo nd , VA 23225 800 Main St ree t , Suite 220 804-672-4473 ph one Hil to n Head Island , SC 29926 843-3 42-2302 phone 4 732 Longh ill Road, Suite 3202 843-342-2304 fax W illi amsbu rg , VA 23188 757 -345-00 10 phone Valbridge Property Advis ors 1 757-345-0170 fax Robins on Company 6 10 N. Ma in St reet WASHINGTON Greenville , SC 29601 Va lbridge Property Advisors 1 86 4-233-6277 phone Allen Brackett Shed d 864-233-8577 fax 41 9 Be rke ley Ave nue , Suite A Fircrest , WA 98466 TENNESSEE 253 -27 4-0099 ph one Va lbridge Property Advisors I 253-56 4-9442 fax R.K . Barnes & Assoc iates , Inc . 11 2 Westwood Pla ce , Suit e 300 12320 NE 8th Street , Suite 200 Brentwood , TN 37027 Bell evue, WA 98005 615-369-0670 ph one 425-450-4040 ph one 615-369-067 1 fa x 42 5-688-1819 fax Valbridge Property Advisors 1 Valbridge Property Advisors 1 C & I Appraisa l Servic es , Inc . Au b le , Jolicoe ur & Gentry, Inc . 6750 Popla r Avenue , Sui te 706 324 N. Mulla n Road Memphis , TN 38138 Spokane Vall ey , WA 99206 90 1-753-6977 phone 509 -747-0999 phone 509-7 4 7-3559 fax Val br idge Property Advisors 1 Meridian Realty Advisors , LLC WISCONSIN 213 Fox Road Val bridge Property Advisors I Knoxville , T N 37922 Vita le Rea lty Advisors, LLC 865-522-2424 phone 1266 0 W. North Ave nue 865-522-0030 fax Brookfiel d , W I 53005 26 2-782-7990 ph one 262 -782-7590 fax Page 91 APPENDIX C Estimated Project Costs and Reimbursable Costs viii ~ ~ ~ ~ VII '4lil VIII --V!/1/1 000111 ... Debt and Equity Financing Detail Table PROJECT 1 I ~'Hl illl · 1 :fi i !1r'T; ll!l.l..l.l!:IJU :f' li'i' i'TTTi.'Ji' il !1ll :n:!lml ~· I I C~im.1 Equity Contribution Land Valu e (Est) $1,500,000 S ubtotal $1,500,000 Hard Construction Costs Demo li tion $300,000 Landscaping $75 ,000 Pub li c Space FF&E $1 ,845 ,000 Common Area Impr ovements $1 ,700,000 New Structure $10,685 ,000 S ubtotal $14,605,000 Soft Construction Costs Architectural, Engineering, Survey $450 ,000 E ngineering&Survev Insurance , Permits and Inspections $300,000 F in ancing Costs/Intere st Ex pense During Co nstruction Period $975,000 Adm ini strative/Overhead $300,000 Lega l $250,000 Developer Fee $1,500,000 S ubtotal $3,775,000 Contingency Hard Cost Contingency (1 0%) $1 ,460 ,500 Soft Cost Contingency (20%) $755 ,000 S ubtotal $2,215,500 nuw~.,~ lii:P-¥.tll.l~;.~l I *It is estimated that approx imately 16 % of the total Pf-IASE I costs will be reimbursed from TIF Re venu es because the net present value of the proj ected T IF Rev e nu es is only $3 ,55 7,853 over a 23 year period. 000112 $300,000 $75,000 $1,700,000 $2,075,000 $450,000 $300 ,000 $975,000 $300,000 $25 0,000 $829,647 $3,104,647 $1,460 ,500 $755,000 $2,215,500 lii~-1.!;....,. r! .. , Debt and Equity Financing Detail Table PROJECT 2 ... .. liii-'IIIIIR ('1.1 t«r1~l1 !.1.L1.1.i:i.W1 I II r:ll :R"I [\Iii c ...... ~ ·-' I • l.ri'!.'l~ ~ Equity Contribution Land Value (Est) $2 ,750 ,000 Subtota l $2,750,000 Ha rd Construction Costs Demolition $450,000 $450,000 Landscaping $125 ,000 $125 ,000 Public Space FF&E $3 ,225 ,000 Common Area Improvements $1,900 ,000 $1,900,000 New Structure $16,568 ,000 Subtota l $22,268,000 $2,475,000 Soft Construction Costs Architectural , Engineering , Survey $590,000 $590,000 Engineering& Survey Insurance, Permits and Inspections $500,000 $500,000 Financing Costs/Interest Expense During Construction Period $1 ,575 ,000 $1,575,000 Administrative/Overhead $450,000 $450,0 00 Legal $300 ,000 $300,000 Developer Fee $2,800,000 $2,243,479 S ubtota l $6,215,000 $5,658,479 Contingency Hard Cost Contingency (1 0%) $2,226 ,800 $2,226,8 00 Soft Cost Contingency (20%) $1 ,243,000 $1,243,000 Subtota l $3,469,800 $3,469,800 l'llU~ll.. ~IIJUI 3Jl.th I Jlio,.ArA!.AIII *It is es timate d that appro ximately 15 % a{ the total PJ-IAS E 1 costs will be re im bursed from Tl F Revenues beca use th e net present va lu e of the proj ecte d T!F Revenues is on ly $5,311,615 over a 23 year period. 000113 Debt and Equity Financing Detail Table Total Project . 'I .......... ..... t{;ffi' I • I . t f:~'h:.t.'l. :.w !J.IJ.lli.W ~~"i"'.IL11111J..'1._'1 I 1.1 illl r:.r11 & WI ~:I f.:t Eq uity Contribution Land Va lu e (Est) $4 ,250 ,000 Subtota l $4,250,000 Ha rd Construction Costs Demolition $750 ,000 $750 ,000 Landscaping $200,000 $200 ,000 Public Space FF&E $5,070 ,000 Common Area Improvements $3 ,600 ,000 $3 ,600,000 N ew Structure $27 ,253 ,000 Subtota l $36,873,000 $4,550,000 Soft Construction Costs Arch it ectura l, En g ineerin g, $1 ,040 ,000 $1 ,040 ,000 Survey In s urance , Permits and $800 ,000 $800 ,000 In s pections Financing Costs/Int e rest Expense Durin g C onstruction $2 ,550 ,000 $2 ,550 ,000 A drn in istrati ve /Ov e rhead $750 ,000 $750 ,000 Legal $550 ,000 $550 ,000 Developer Fee $4 ,300 ,000 $3,152 ,995 Subtota l $9,990,000 $8,842,995 Contingency Hard Cost Contin g ency (I 0%) $3 ,687 ,300 $3 ,687 ,300 Soft Cost Continge ncy (20%) $1,998 ,000 $1,998 ,000 Subtotal $5,685,300 $5,685,300 :un~u. II:S.."1;,116U:t~llliJ 111 l.!~l·l:W..\1.101 *It is es t imated t h at less th an 1 6 % of t h e t o t a l project costs wi ll be re imburse d from T IF Re ve nu es becau se t h e ne t prese n t va lu e of t he proj ected T IF Re ve nu es is o nly $8,890,468 S ee Sou rce of Funds 000114 Redevelopment Construction Cost Square Footage Cost Per SF Project Area RPA 1 $22 ,095 ,500 85 ,000 $260 RPA2 $34 ,702 ,800 145 ,000 $239 Total Area $56,798,300 230,000 $247 000 1 15 APPENDIX D TIF Revenue Projections Truman Hotel Tlf Rcclc\clopmcnl Plan APPC:\DIX C -I 000116 PROJECT I Estimated PILOTS and EATS for Life of Project PROJECT I 1. Property TaK Ca lculation = Assessed Value •$.4 994% 2. PILOT =Increase in Property Tax •( 4.8844/5.4944) 3. EATS Tax calculated based upon an estimate that only 70% of the sales generated will be ta xa ble. 4. EATS calculated by taking SO% of the tax collected on taxable sales and capturing 22.635% which is 1.75/7.725 0001 17 Jurisid ic t io n Ra t e state 4 .225% City 2.000% County 1.500% Total 7.725% Ju r isi dic tion Rate State 0.0300% General Reven ue 0.0752% School 3.6928% Road and Bridge 0.2700% libra ry 0.2000% Special Services 0.0903% City 0.5561% Fire 0.0000% Su rtax 0.5800% Total 5 4944% PROJE CT II Estimated PILOTS and EATS (or Life o(Project PROJECT II 1. Property Tax Calculation= Assessed Value "5.4994% 2. PILOT = Increase in Property Tax"( 4.8844/5.4944) 3. EATS Ta x calculated based upon an estimate that only 70% of the sales generated will be taxable. 4. EATS calculated by taking SO% o f the tax collected on taxable sales and capturing 22.635% which is 1. 75/7.725 000 118 Jurisidiction Rate state 4.225% City 2.000% County 1.500% Total 7 725% Jurisidiction Rate State 0.0300% General Revenue 0.0752% School 3.6928% Road and Bridge 0.2700% libra ry 0.2000% Specia l Services 0.0903% City 0.556 1% Fire 0.0000% SurtaK 0.5800% Total 5.4944% APPENDIX E Certificate of Compliance with the Jefferson City Comprehensive Plan 000119 City of lefferson Departmen t of Planning & Pro tective Service s 320 E. McCarty St., Room 120 Jefferson City, MO 65101 December 7 , 2015 Mr . Vi vek Puri , JD , CHA Vice Pres ident and General Counsel Puri Group of Enterprises , Inc. 3300 Vandiver Drive Columbia, MO 65202 RE: Truman Hotel TIF Plan 151 0 and 1590 Jefferson Street Jefferson City , MO 65109 Dear Mr. Puri: Carrie Tergin, Mavor Janice McMillan, AICP, Director Phone: 573.634.6410 Fax: 573.634.6457 This letter is in response to your request to initiate the process to prepare a final Ta x Increment Financing Plan for the above-referenced property . The above-referenced properties are within the corporate boundaries of the City of Jefferson, Missouri. The City's comprehensive development plan depicts these properties as suitable for "commercial " use . Your plan to redevelop the properties for commercial purposes , including hotel , conference center and incidental uses , is in compliance with the City 's comprehensive plan . Sincerely , Janice McMillan , AICP Individuals should contact the ADA Coordinator at (573) 634-6570 to reque st accommodations or alternative formats as required under the Americans with Di sabilities Act. Please allow three busin ess days to process the request. Truman Hotel Tlf' Redevelopment Plan APPENDIX C -I 0001 20 APPENDIX F Evidence of Commitment to Finance Project Costs 000121 WARDSVILLE I MET A I LINN I HOLTS SUMMIT I BELLE www.midambk.com January 21,2016 Puri Group of Enterprises, Inc. c/o Dr. Ravinder Puri 404 Sudbury Drive Columbia, MO 65203 RE: Truman Re-Development by Puri Group Dear Dr. Puri, T hanks for the opportunity to finance the Truman Hotel Site Redevelopment TIF Project located at 1510 Jefferson Street, Jefferson City. I am pleased to inform yo u that the financing for the Project based on the TIF plan as submitted on January 2 1, 2016, has been approved pending its acceptance and approval by the City of Jefferson. As the TIF plan explains, we think that it is a very crucial element of the overall financial viability of the area and the Project itself. Again thanks for the opportunity and please contact me immediately upon approval of the TIF plan or before if you have any questions. Sincerely, ~~~~~ Senior Vice President // Mid Americ a Bank WARDSVILLE META LINN HOLTS SUMMIT BELLE 1511 Friendship Road P.O. Box 187 P.O . Box 649 P .O . Bo x 424 P.O. Bo x 727 Jefferson City, Mo. 65 101 Meta , MO 65058 Li~~25051 Holts Summit, MO 65043 Bell e, MO 65013 573-635-0019 573-229-4256 573-897-2211 573-896-4 790 573 -859-3399 Fax 573-636-9446 Fa x 573-229-4621 Fax 573-897 -320 1 Fa x 573-896-4598 Fax 573-859-3383 December I I, 2015 City of Jefferson , Missouri Attn : Drew Hilpert, City Counselor 320 E. McCarty Street Jefferson City, MO 6510 I RE: Truman Hotel and Conference Center Redevelopment -Letter of Interest to Fund Dear Drew : The purpose of this letter is to display our interest to assist in the redevelopment of the Truman Hotel and Conference Center in Jefferson City, Missouri (the "Project") by providing financing to sister concerns of the Puri Group; PGE Hospitality, Inc . and Oracle Enterprises, Inc. Along with the assistance of the Tax Increment Financing, we intend to fully support and finance the project. The Puri Group's interest and ability to fund the project is further subject to the following conditions: I) Final approval by applicable governing authorities for Tax Increment Financing in connection with the Project. 2) A satisfactory debt financing commitment and execution of loan documents; and 3) A full and satisfactory review of all financ ial and development data, including development plan and schedule, in connection with the Project and Borrower. We are excited about the opportunities that will become available to the Jefferson City community from the development of this Project, and will support it in every way feasible . Although this letter should not be cons trued as an absolute commitment to fund this Project, please know that we fully intend to support this Project by filling any financing Gap or providing any additional financing to bring it to fruition . Should you have any questions in regards to the same , pl ease do not hesitate to contact me . Dr . Ravi K. Puri President and CEO 000123 APPENDIX G Cost-Benefit Analysis Tables 000124 • • • • • • • • • • • Redevelopment Project Area (RP A) 1 000125 PROJECT I COST BENEFIT ANALYSIS, ECONOMIC IM PACT ANALYS IS AND FISCAL IMPACT ANALYSIS IN CREASED TAX REVEN U E VERSUS THE VALUE OF THE IN CENT IVES PROVIDED (BY AFFECTED TAXING JURISDICTION): Thi s sp readshe et depicts (on th e left) the total incentives provided by affected taxing jurisdictions, and it is compared to the potential increased tax revenue to those juri sdiction , from all sources and net of TIF red irected r evenue, from the Redevelopment Project (on the ri ght) over a 23 year period. Please note that this ana ly sis does not in clude the benefit to the State of Missouri from the Project, and it is inte nd ed to address the City's internal po li cy that asks for a comparison of potential increased revenue, from all sources, to the va lu e of the incen tives provided. It includes on ly revenue f rom the Redeve lopment Area. 000126 PROJECT I 2015 Sales Tax Rates urisidictio Rate Not Subject to Tl aptured by Tl F state 4 .225 % 4.225% 0 .000% City 2.000% 1.000% 1.000% County 1.500% 0.750% 0 .750% Total 7 .725% 5 .975% 1 .750% 2015 mill property tax RATES share of surtax urisidictio Rate ~'Jot Subject to Tl ~ptured by Tl F Jurisidiction Rate percent of total ffective rate State 0 .0300% 0.0300% 0 .0000% State 0.0300% 0.6105% 0.0335% General R 0.0752 % 0.0000% 0.0752% General Reve 0.0752 % 1.5302% 0.0841% Schoo l 3 .6928% 0.0000% 3.69 28% School 3.6928% 75.1424% 4 .1286% Road and 0 .2700% 0 .0000% 0 .2700% Road and Brie 0 .2700% 5.4941 % 0.3019 % Library 0 .2000% 0.0000% 0.2000% Library 0.2000% 4 .0697 % 0 .2236 % Special Se 0 .0903 % 0.0000% 0.0903% Special Servic 0.0903 % 1.8375% 0.1010% City 0 .5561 % 0.0000% 0.5561% City 0 .5561 % 11.3157% 0.6217% Fire 0 .0000% 0.0000% 0.0000% Surta x 0.5800% 0.5800% 0.0000% Total 5.4944% 0.6100% 4.8844% Total 4 .9144% 100.0000% 5.4944% 000127 PROJECT I ECONOMIC IMPACT: REAL PROPERTY VALUES AND ECONOMIC ACTIVITY WITHIN REDE V ELOPMENT AREA The c hart below sets f o rth the projected economic impact of the Project on property values and sa les in the Redevelopm e nt Area with and without the Redevelopment Project. Projected Projected Assessed Assessed Value Value (No TIF/No Base Assessed with Project Project) Projected Sales Projected Sales (No w/Project TIF/No Project) Year Base Sales 1 $ 270 ,432 $ 270 ,432 $ 270,4 32 $ 0 $ 0 $ 0 2 $ 270 ,432 $ 2,844 ,416 $ 269 ,080 $ 0 $ 1,176 ,4 55 $ 0 3 $ 270 ,432 $ 5,688 ,832 $ 267,73 4 $ 0 $ 3,154 ,156 $ 0 4 $ 270 ,432 $ 5,74 5,720 $ 266,396 $ 0 $ 3,692,300 $ 0 5 $ 27 0,432 $ 5,745 ,720 $ 265 ,064 $ 0 $ 4 ,162 ,998 $ 0 6 $ 270 ,432 $ 5,889 ,363 $ 263 ,738 $ 0 $ 4 ,668,535 $ 0 7 $ 270 ,432 $ 5,889 ,363 $ 262 ,420 $ 0 $ 4,88 1,962 $ 0 8 $ 270 ,432 $ 6,036 ,597 $ 26 1,108 $ 0 $ 5,102 ,935 $ 0 9 $ 270 ,432 $ 6,036 ,597 $ 259 ,802 $ 0 $ 5,334,378 $ 0 10 $ 2 70,432 $ 6,187 ,5 12 $ 258 ,503 $ 0 $ 5,359,626 $ 0 11 $ 27 0,432 $ 6,187 ,5 12 $ 257 ,2 11 $ 0 $ 5,384 ,529 $ 0 12 $ 27 0,432 $ 6,280,325 $ 255,925 $ 0 $ 5,410,055 $ 0 13 $ 270 ,432 $ 6,280,325 $ 254,645 $ 0 $ 5,4 36 ,2 18 $ 0 14 $ 27 0,432 $ 6,374 ,530 $ 253 ,372 $ 0 $ 5,452 ,309 $ 0 15 $ 27 0,432 $ 6,374 ,530 $ 252 ,105 $ 0 $ 5,468 ,64 1 $ 0 16 $ 27 0,432 $ 6,470,148 $ 250 ,844 $ 0 $ 5,4 85 ,218 $ 0 17 $ 270 ,432 $ 6,470,148 $ 249 ,590 $ 0 $ 5,496 ,436 $ 0 18 $ 270 ,432 $ 6,567 ,200 $ 248 ,342 $ 0 $ 5,507,765 $ 0 19 $ 270,432 $ 6,567 ,200 $ 247 ,100 $ 0 $ 5,5 19 ,207 $ 0 20 $ 270 ,432 $ 6,567 ,200 $ 24 5,865 $ 0 $ 5,530 ,765 $ 0 21 $ 270,432 $ 6,567 ,200 $ 24 4 ,636 $ 0 $ 5,542 ,437 $ 0 22 $ 270,432 $ 6,567 ,200 $ 243 ,4 12 $ 0 $ 5,554 ,227 $ 0 23 $ 27 0,4 32 $ 6,567 ,200 $ 242,195 $ 0 $ 5,566 ,134 $ 0 000128 PROJECT I ECONOMIC IMPACT : PERSONAL PROPERTY VALUE AND ASSESSED VALUE (OVER 23 YEARS): The chart below sets for the projected market value (left side) and assessed value (right side) of all personal property within the Redevelopment Area over a period of 23 years . Please note three items : (1) the "Base" column depicts the growth in personal property taxes assuming project is built, (2) the "addition" columns shows the replacement of personal property as it ends its useful life of seven years, (3) the Depreciation shows the loss in value of personal property over its useful life of 7 years, and (4) values within the "Base w/out Project" column are based upn the project not being done. 000129 PROJECT I FISCAL IMP AC T: AD VALOREM TAXES REDIRECTED BY TIF (BY AFFECTED TAX JURISDICTION) Th e chart be low sets forth the ad va lorem/rea l es tat e ta xes redirec t by TIF by each ta x jurisdiction affected , inc lud in g the annua l total for all ta xing juri sdiction s, over the 23-year TIF term. Year General Revenue/county School Road & Bridge Libl'31) Special Sen ices City TOTAL. I $ $0 $ $0 $ $0 $ $0 $ $0 $ $0 $0 2 $ $1,434 $ $70,434 $ $5 ,1 so $ $3 ,815 $ $1,722 s $10,607 $93,162 3 $ $2 ,664 $ $130,826 $ $9 ,5 65 $ $7,085 $ $3 ,199 $ $19,701 $173,041 4 $ $2,497 $ $122,624 $ $8 ,966 $ $6,64 1 $ $2,999 $ $18,466 $162,193 5 $ $2,270 $ $111 ,492 $ $8,152 $ $6,038 $ $2,726 $ $16,790 $147 ,469 6 $ $2 ,131 $ $104,663 $ $7 ,652 $ $5,668 $ $2,559 $ $15,761 $138,436 7 $ $2,030 $ $99,677 $ $7 ,288 $ $5,398 $ $2,437 $ $15,0 10 $13 1,841 8 $ $2 ,032 $ $99,797 $ $7 ,297 $ $5,405 $ $2,440 $ $15,028 $132,000 9 $ $1 ,920 $ $94,300 $ $6,895 $ $5,107 $ $2,306 $ $14,201 $124,729 10 $ $2,032 $ $99,764 $ $7 ,294 $ $5,403 $ $2,440 $ $15,024 $13 1,956 11 $ $2 ,032 $ $99,764 $ $7 ,294 $ $5,403 $ $2,440 $ $15,024 $13 1,956 12 $ $2,100 $ $103,140 $ $7,54 1 $ $5 ,586 $ $2,522 $ $15,532 $136,421 13 $ $2,100 $ $103 ,140 $ $7 ,541 $ $5,586 $ $2,522 $ $15,532 $136,42 1 14 $ $2 ,170 $ $106,567 $ $7,792 $ $5,772 $ $2,606 $ $16,048 $140,954 15 $ $2 ,170 $ $106,567 $ $7,792 $ $5,772 $ $2,606 $ $16,048 $140 ,9 54 16 $ $2,241 $ $1 10,045 $ $8 ,046 $ $5,960 $ $2,691 $ $16,572 $145 ,554 17 $ $2,241 $ $110,045 $ $8 ,046 $ $5,960 $ $2,69 1 $ $16,572 $145,554 18 $ $2,313 $ $11 3,575 $ $8 ,304 $ $6,151 $ $2,777 $ $17 ,103 $150 ,223 19 $ $2 ,313 $ $1 13,5 75 $ $8 ,304 $ $6,151 $ $2,777 $ $17,103 $150,223 20 $ $2,313 $ $1 13,575 $ $8,304 $ $6,15 1 $ $2,777 $ $17,103 $150,223 21 $ $2,313 $ $1 13,575 $ $8 ,304 $ $6,15 1 $ $2,777 $ $17,103 $150 ,223 22 $ $2,313 $ $1 13,575 $ $8 ,304 $ $6,15 1 $ $2,777 $ $17 ,103 $150,223 23 $ $2,313 $ $1 13,575 $ $8 ,304 $ $6,151 $ $2,777 $ $17,103 $150,223 TOTAL $ 4 7,943 $ 2,354,292 $ 172 ,135 $ 127 ,507 $ 57,569 $ 354,534 $3,1 13,980 NPV $ 26,387 I 1,295,753 I 94,739 I 70,177 I 31,685 I 195,128 1,713,869 0001 30 PROJECT I The chart below sets forth the City and County sales tax revenues that are redirected by TIF over the 23-year TIF term. Year City County TOTAL 1 $ 0 $ 0 $ 0 2 $ 2,910 $ 2,183 $ 5,093 3 $ 6,305 $ 4,729 $ 11,034 4 $ 7,760 $ 5,820 $ 13,580 5 $ 8,245 $ 6,184 $ 14,429 6 $ 8,730 $ 6,548 $ 15,278 7 $ 8,973 $ 6,729 $ 15,702 8 $ 9,197 $ 6,898 $ 16,094 9 $ 9,427 $ 7,070 $ 16,497 10 $ 9,662 $ 7,247 $ 16,909 11 $ 9,904 $ 7,428 $ 17,332 12 $ 10,152 $ 7,614 $ 17,765 13 $ 10,405 $ 7,804 $ 18,209 14 $ 10,561 $ 7,921 $ 18,483 15 $ 10,720 $ 8,040 $ 18,760 16 $ 10,881 $ 8,160 $ 19,041 17 $ 10,989 $ 8,242 $ 19,232 18 $ 11,099 $ 8,325 $ 19,424 19 $ 11,210 $ 8,408 $ 19,618 20 $ 11,322 $ 8,492 $ 19,814 21 $ 11,436 $ 8,577 $ 20,012 22 $ 11,550 $ 8,663 $ 20,213 23 $ 11,666 $ 8,749 $ 20,415 TOTAL $ 213,104 $ 159,828 $ 372,932 NPV $ 111,283 $ 83,462 $ 194,745 000131 PROJECT I COST /BENEFIT ANALYSIS: This chart shows net taxes (after TIF) by tax type with the Redevelopment Project and taxes without the Redevelopment Project over a 23 year period. The far right column shows the net benefit (in terms of net tax revenue to all taxing jurisdictions) from the Redevelopment Project after TIF assistance (i.e., cost). In other words, this chart shows the taxes generated with the Project/with TIF after reducing those revenues by the amount redirected by TIF and compares that revenue to the projected tax revenue from the Redevelopment Area without the Project/without TIF. The net benefit (i.e., additional tax revenue) is approximately $15 Million in real terms and nearly $8 Million in present value terms . 000132 PROJEC T I COST/BENEFIT ANALYSIS: TAXES (REAL AND PRESENT VALUE) BY JURISDICTION AND TAX TYPE The charts below provide a more individualized breakdown of the chart above. And it shows the net benefit (after TIF) from the Redevelopment Project by taxing jurisdiction and by sou r ce of Tax Revenue over the same 23-year period. The final chart provides the Redevelopment Project's total benefit (in terms of additional tax revenue) to each taxing jurisdiction. 000133 PROJECT I ECONOMIC IMPACT: LODGING TAXES GENERATED FROM REDEVELOPMENT PROJECT OVER 23 YEARS DEPOSITING OVER $3 MILLION DIRECTLY TO THE CITY FOR THE DEVELOPMENT OF A CITY CONFERENCE CENTER AND TO PROMOTE TOURISM TIF YEAR ParceiiD Description Sales Lodging Tax 50% redirected 1 10-06-13-0004-002-008 .002 1590 Jefferson Street $0 $0 $ - 2 10-06-13-0004-002-008.002 $876,455 $61,352 $ 30,675 .91 3 10-06-13-0004-002 -008.002 $2,504,156 $175,291 $ 87,645.46 4 10-06-13-0004-002-008 .002 $2,892,300 $202,461 $ 101,230.50 5 10-06-13-0004-002-008 .002 $3,312,998 $231,910 $ 115,954.93 6 10-06-13-0004-002-008.002 $3,768,535 $263,797 $ 131,898.73 7 10-06-13-0004-002-008 .002 $3,956,962 $276,987 $ 138,493 .67 8 10-06-13-0004-002-008.002 $4,154,810 $290,837 $ 145,418 .35 9 10-06-13-0004-002-008.002 $4,362,550 $305,379 $ 152,689 .25 10 10-06-13-0004-002-008.002 $4,363,502 $305,445 $ 152,722.57 11 10-06-13-0004-002-008.002 $4,363,502 $305,445 $ 152,722.57 12 10-06-13-0004-002-008.002 $4,363 ,502 $305,445 $ 152,722.57 13 10-06-13-0004-002-008.002 $4,363 ,502 $305,445 $ 152,722.57 14 10-06-13-0004-002-008.002 $4,363,502 $305,445 $ 152,722.57 15 10-06-13-0004-002-008.002 $4,363,502 $305,445 $ 152,722.57 16 10-06-13-0004-002-008.002 $4,363,502 $305,445 $ 152,722.57 17 10-06-13-0004-00 2-008.00 2 $4,363 ,502 $305,445 $ 152,722.57 18 10-06-13-0004-002-008.002 $4,363,502 $305,445 $ 152,722.57 19 10-06-13-0004-002-008.002 $4,363,502 $305,445 $ 152,722.57 20 10-06-13-0004-002-008 .002 $4,363,502 $305,445 $ 152,722.57 21 10-06-13-0004-002-008 .002 $4,363,502 $305,445 $ 152,722.57 22 10-06-13-0004-002-008.002 $4,363,502 $305,445 $ 152,722.57 23 10-06-13-0004-002-008.002 $4,363 ,502 $305,445 $ 152,722.57 Total $86,917,794 $6,084,246 $ 3,042,123 NPV 5.25% $45,733,270 $3,201,329 $ 1,600,664 000134 PROJECT I ECONOMIC IMPACT :TOTAL AD VALOREM TAXES GENERATED WITH REDEVELOPMENT PROJECT OVER 23 YEARS-LESS TAXES REDIRECTED BY TIF A jurisdiction-by-jurisdiction breakdown of the ad valorem/real property taxes generated within the Redevelopment Area over 23 years from the Redevelopment Project. Year State General School Road & Bridge Library Special City TOTAL Revenue Services 1 $ 91 $ 227 $ 11,165 $ 816 $ 605 $ 273 $ $1,681 $14,859 2 $ 295 $ 739 $ 36,266 $ 2,652 $ 1,964 $ 887 $ $5,461 $48,263 3 $ 761 $ 1,908 $ 93,678 $ 6,849 $ 5,074 $ 2,291 $ $14,107 $124,668 4 $ 846 $ 2,121 $ 104,178 $ 7,617 $ 5,642 $ 2,547 $ $15,688 $138,641 5 $ 936 $ 2,347 $ 115,243 $ 8,426 $ 6,241 $ 2,818 $ $17,354 $153,366 6 $ 1,040 $ 2,606 $ 127,961 $ 9,356 $ 6,930 $ 3,129 $ $19,270 $170,291 7 $ 1,080 $ 2,707 $ 132,916 $ 9,718 $ 7,199 $ 3,250 $ $20,016 $176,886 8 $ 1,128 $ 2,828 $ 138,876 $ 10,154 $ 7,521 $ 3,396 $ $20,913 $184,817 9 $ 1,173 $ 2,939 $ 144,339 $ 10,553 $ 7,817 $ 3,530 $ $21,736 $192,087 10 $ 1,179 $ 2,956 $ 145,139 $ 10,6 12 $ 7,861 $ 3,549 $ $21,857 $193,152 11 $ 1,179 $ 2,956 $ 145,139 $ 10,612 $ 7,861 $ 3,549 $ $21,857 $193,152 12 $ 1,183 $ 2,965 $ 145,616 $ 10,647 $ 7,886 $ 3,561 $ $21,928 $193,786 13 $ 1,183 $ 2,965 $ 145,616 $ 10,647 $ 7,886 $ 3,561 $ $21,928 $193,786 14 $ 1,187 $ 2,975 $ 146,099 $ 10,682 $ 7,913 $ 3,573 $ $22,001 $194,430 15 $ 1,187 $ 2,975 $ 146,099 $ 10,682 $ 7,9 13 $ 3,573 $ $22,001 $194,430 16 $ 1,191 $ 2,985 $ 146,590 $ 10,718 $ 7,939 $ 3,585 $ $22,075 $195,083 17 $ 1,191 $ 2,985 $ 146,590 $ 10,718 $ 7,939 $ 3,585 $ $22,075 $195,083 18 $ 1,195 $ 2,995 $ 147,089 $ 10,754 $ 7,966 $ 3,597 $ $22,150 $195,746 19 $ 1,195 $ 2,995 $ 147,089 $ 10,754 $ 7 ,966 $ 3,597 $ $22,150 $195,746 20 $ 1,195 $ 2,995 $ 147,089 $ 10,754 $ 7,966 $ 3,597 $ $22,150 $195,746 21 $ 1,195 $ 2,995 $ 147,089 $ 10,754 $ 7,9 66 $ 3,597 $ $22,150 $195,746 22 $ 1,195 $ 2,995 $ 147,089 $ 10,754 $ 7,966 $ 3,597 $ $22,150 $195,746 23 $ 1,195 $ 2,995 $ 147,089 $ 10,754 $ 7,966 $ 3,597 $ $22,150 $195,746 TOTAL $ 23,998 $ 60,156 $ 2,954,042 $ 215,986 $ 159,989 $ 72,235 $ 444,850 $ $3,931,257 NPV $ 12,731 Sl 31,912 Sl 1,567,099 $f 114,579 $f 84,873 $1 38,320 $1 235,990 Sl 2,085,504 000135 PROJECT I ECONO M IC IMPACT : AD VALO REM TA XES GENERATED W/OUT REDEVELOPMENT PROJE CT OVER 23 YEA RS Same as abov e, but t he ch art bel ow shows th e res ulting ad valorem ta x revenue s to each ta xi ng jurisdiction if th e Redevelopment Proj ec t is not und ertak en . Year State General School Road & Bridge Library Special City TOTAL Revenue Services 1 $ 91 $ 227 $ 11,165 $ 816 $ 60 5 $ 27 3 $ $1,681 $ $14,859 2 $ 90 $ 226 $ 11,109 $ 8 1 2 $ 602 $ 272 $ $1,673 $ $14,784 3 $ 90 $ 225 $ 11,054 $ 80 8 $ 599 $ 270 $ $1,66 5 $ $14,710 4 $ 89 $ 224 $ 10,998 $ 804 $ 596 $ 269 $ $1,6 5 6 $ $14,637 5 $ 89 $ 223 $ 10,943 $ 800 $ 593 $ 268 $ $1,648 $ $14,564 6 $ 88 $ 22 2 $ 10,889 $ 796 $ 590 $ 266 $ $1,640 $ $14,491 7 $ 88 $ 221 $ 10,834 $ 79 2 $ 587 $ 265 $ $1,632 $ $14,418 8 $ 88 $ 220 $ 10,780 $ 788 $ 584 $ 264 $ $1,623 $ $14,346 9 $ 87 $ 21 8 $ 10,726 $ 784 $ 581 $ 262 $ $1,61 5 $ $14,275 10 $ 87 $ 217 $ 10,673 $ 780 $ 578 $ 261 $ $1,607 $ $14,203 11 $ 86 $ 2 16 $ 1 0,61 9 $ 776 $ 575 $ 260 $ $1,599 $ $14,132 12 $ 86 $ 2 15 $ 10,5 66 $ 773 $ 572 $ 258 $ $1,59 1 $ $14,062 13 $ 8 5 $ 21 4 $ 10,5 13 $ 769 $ 56 9 $ 257 $ $1,58 3 $ $13,991 14 $ 85 $ 213 $ 1 0,461 $ 765 $ 567 $ 25 6 $ $1,575 $ $13,92 1 15 $ 8 5 $ 212 $ 1 0,408 $ 761 $ 564 $ 255 $ $1,567 $ $13,8 5 2 16 $ 84 $ 211 $ 1 0,356 $ 7 5 7 $ 561 $ 253 $ $1,560 $ $13,782 17 $ 84 $ 2 10 $ 10,305 $ 7 53 $ 558 $ 252 $ $1,5 52 $ $13,713 18 $ 83 $ 209 $ 10,2 53 $ 7 50 $ 55 5 $ 2 51 $ $1,544 $ $13,645 19 $ 83 $ 208 $ 10,202 $ 746 $ 553 $ 249 $ $1,536 $ $13,577 20 $ 82 $ 207 $ 10,15 1 $ 742 $ 550 $ 248 $ $1,529 $ $13,509 21 $ 82 $ 206 $ 10,100 $ 738 $ 547 $ 24 7 $ $1,521 $ $13,441 22 $ 82 $ 20 5 $ 1 0,0 50 $ 735 $ 544 $ 246 $ $1,513 $ $13,374 23 $ 8 1 $ 204 $ 9,999 $ 73 1 $ 542 $ 245 $ $1,506 $ $13,307 TOTAL $ 1,975 $ 4,952 $ 243,156 $ 17,778 $ 13,169 $ 5,946 $ 36,617 $ 323,594 NPV $ 1,144 $ 2,868 $ 140,840 $ 10,298 $ 7,628 $ 3,444 $ 21,209 $ 187,431 000 136 PROJECT I ECONOMIC IMPACT: PERSONAL PROPERTY TA XES GENERATED W ITH REDEVELOPMENT PROJECT OVER 23 YEA RS Sa me as above, but the chart below shows the resulting perso nal property tax revenues to each taxing jurisdicti o n if the Redevelopment Project is undertaken. Year State General School Road& Library s.,ecial City TOTAL Revenue Bridge Services 1 $ 0$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ $0 2 $ 183 $ 6 12 $ 22 ,597 $ 1,652 $ 1,224 $ 552 $ 3,403 $ $30,224 3 $ 157 $ 525 $ 19 ,371 $ 1,4 16 $ 1,050 $ 473 $ 2 ,9 17 $ $25 ,908 4 $ 13 1 $ 437 $ 16,144 $ 1,180 $ 875 $ 394 $ 2,431 $ $21 ,593 5 $ 105 $ 350 $ 12 ,9 18 $ 945 $ 700 $ 315 $ 1,945 $ $17 ,278 6 $ 78$ 263 $ 9,69 1 $ 709 $ 525 $ 237 $ 1,460 $ $12,962 7 $ 52$ 175 $ 6,465 $ 473 $ 350 $ 158 $ 974 $ $8,647 8 $ 26 $ 88 $ 3 ,239 $ 237 $ 175 $ 79 $ 488 $ $4,332 9 $ 43 $ 142 $ 5,25 1 $ 384 $ 285 $ 128 $ 79 1 $ $7,023 10 $ 35 $ 1 19 $ 4,378 $ 320 $ 237 $ 107 $ 659 $ $5 ,855 11 $ 28 $ 95 $ 3 ,505 $ 256 $ 190 $ 86 $ 528 $ $4,687 12 $ 21 $ 71 $ 2,63 1 $ 192 $ 143 $ 64 $ 396 $ $3 ,520 13 $ 14 $ 48 $ 1,758 $ 129 $ 95 $ 43 $ 265 $ $2,352 14 $ 7 $ 24 $ 885 $ 65 $ 48 $ 22 $ 133 $ $1 ,184 15 $ 85 $ 284 $ 10 ,488 $ 767 $ 568 $ 256 $ 1,579 $ $14,027 16 $ 71 $ 237 $ 8,740 $ 639 $ 474 $ 2 13 $ I ,3 16 $ $11 ,689 17 $ 57$ 189 $ 6,992 $ 5 11 $ 379 $ 171 $ 1,053 $ $9 ,35 1 18 $ 42 $ 142 $ 5,244 $ 383 $ 284 $ 128 $ 790 $ $7 ,014 19 $ 28 $ 95 $ 3 ,496 $ 256 $ 189 $ 85 $ 526 $ $4 ,676 20 $ 99 $ 332 $ 12 ,248 $ 896 $ 664 $ 299 $ 1,844 $ $16 ,38 1 21 $ 71 $ 237 $ 8 ,752 $ 640 $ 474 $ 2 14 $ I ,318 $ $11 ,706 22 $ 57$ 190 $ 7 ,004 $ 5 12 $ 380 $ 17 1 $ 1,055 $ $9,368 23 $ 43 $ 142 $ 5 ,256 $ 384 $ 285 $ 128 $ 792 $ $7 ,030 TOTAL $ 1,434 $J 4,797 SJ 177,051 $J 12,946 $J 9,594 $J 4,323 $J 26,663 $J 236,807 NPV $ 899 Sl 3 ,008 $1 111,008 $1 8,11 7 $J 6,015 $J 2,710 $J 16,718 $J 148,474 State 0 .0297 Genera l Re ven ue 0.0995 Sc hool 3 .6743 Road and Bridge 0.2687 Library 0.1991 Special Services 0 .0897 City 0 .55 33 Total 4 .9144 0001 37 PROJECT I ECO N O MIC IMPACT : PER SO NA L PR O PERT Y TAX ES GENER ATED W/O UT REDE V EL O PMENT PR OJ ECT OV ER 23 YEARS Sa m e as a b ove, but th e cha rt b e low shows th e r es ulting p e r so na l prope rty t ax r eve nues t o eac h t ax in g jurisdi ctio n if t he Red eve lo pm e nt Proj ect is NOT un de rta ke n . Year State General Revenue School Road& Library Special City TOTAL Bridge Services I $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 2 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 3 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 4 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 5 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 6 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 8 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 9 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 lO $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 11 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 l2 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 13 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 14 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 15 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 16 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 17 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 18 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 19 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 20 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 21 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 22 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 23 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 TOTAL 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 NPV $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 000138 PRO JEC T I ECONOMIC IMPACT: SALES TAXES GENERATED FROM AND W/OUT REDEVELOPMENT PROJECT (BY JUR ISDICTION) OVER 23 YEARS-LESS AMOUNTS REDIRECTED BY TIF. 000139 PROJECT I ECONOM IC IMPACT: SA LES TAXES GENER AT ED FROM ROOM SA LE S FR OM REDE VEL OPME NT PRO JE CT (BY JU RIS DI CTI ON) OV ER 23 YEARS -APPROX 6.8 M ILLI O N IN SA LE S TAX W ILL BE GENER ATED W ITH 3M ILLIO N O F IT GO IN G TO THE CITY AND COU NT Y TIFYEAR ParceiiD Description Sales Room Sales Tax State City County 1 10-06-13-0004-002-008.002 1590 Jefferson Street $0 $0 $0 $0 $0 2 10-06-13-0004-002-008.002 $876,455 $67,706 $37,030 $17,529 $13,147 3 10-06-13-0004-002-008.002 $2,504,156 $193,446 $105,801 $50,083 $37,562 4 10-06-13-0004-002-008.002 $2,892,300 $223,430 $122,200 $57,846 $43,385 5 10-06-13-0004-002-008.002 $3,312,998 $255,929 $139,974 $66,260 $49,695 6 10-06-13-0004-002-008.002 $3,768,535 $291,119 $159,221 $75,371 $56,528 7 10-06-13-0004-002-008.002 $3,956,962 $305,675 $167,182 $79,139 $59,354 8 10-06-13-0004-002-008 .002 $4,154,810 $320,959 $175,541 $83,096 $62,322 9 10-06-13-0004-002-008.002 $4,362,550 $337,007 $184,318 $87,251 $65,438 10 10-06-13 -0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 11 10 -06-13-0004-002-008 .002 $4,363,502 $337,081 $184,358 $87,270 $65,453 12 10-06-13-0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 13 10-06-13-0004-002 -008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 14 10-06-13-0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 15 10-06-13-0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 16 10-06-13-0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 17 10-06-13-0004 -002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 18 10-06-13-0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 19 10-06-13-0004-002-008 .002 $4,363,502 $337,081 $184,358 $87,270 $65,453 20 10-06-13-0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 21 10-06-13-0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 22 10-06-13-0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 23 10-06-13-0004-002-008.002 $4,363,502 $337,081 $184,358 $87,270 $65,453 Total $86,917,794 $6,714,400 $3,487,919 $1,651,086 $1 ,238,314 0 00 140 PROJECT I ECONOMIC IMPACT: PAYROLL DISTRIBUTED W ITHIN TH E LOCAL COMMUN ITY OVER THE 23 YEAR PERIOD OF APPROX 28 MILLION TIF YEAR ParceiiD Description Room Sales F & B Sales Total Sales Est Payroll 1 10-06-13-0004-002-008 .002 1590 Jeffe rson Street $0 $0 $0 $0 2 10-06-13-0004-002-008 .002 $876,455 $300,000 $1,176,455 $294,114 3 10-06-13-0004-002-008 .002 $2 ,504,156 $650,000 $3,154,156 $788,539 4 10-06-13-0004-002-008.002 $2,892 ,300 $800,000 $3 ,692,300 $923 ,075 5 10-06-13-0004-002-008 .002 $3 ,312,998 $850,000 $4,162,998 $1,040,750 6 10-06-13-0004-002-008 .002 $3,768,535 $900,000 $4,668 ,535 $1,167,134 7 10-06-13-0004-002-008.002 $3,956,962 $925,000 $4,88 1,962 $1 ,220,491 8 10-06-13-0004-002-008 .002 $4,154,810 $948,125 $5,102,935 $1,275,734 9 10-06-13-0004-002-008.002 $4,362 ,550 $971,828 $5 ,334,378 $1 ,333,595 10 10-06-13-0004-00 2-008.002 $4,363,502 $996,124 $5,359,626 $1,339,906 11 10-06-13-0004-002-008 .002 $4,363,502 $1,021,027 $5,384,529 $1,346,132 12 10-06-13-0004-002 -008.002 $4,363 ,502 $1 ,046 ,553 $5,410,055 $1,352 ,514 13 10-06-13-0004-002-008.002 $4,363,502 $1,072,716 $5,436,218 $1 ,359,055 14 10-06-13-0004-002-008 .002 $4,363 ,502 $1 ,088,807 $5,452,309 $1 ,363 ,077 15 10-06-13-0004-002 -008.002 $4,363,502 $1,105 ,139 $5,468,641 $1 ,367 ,160 16 10-06-13-0004-002-008.002 $4,363,502 $1 ,121,716 $5,485,218 $1 ,371 ,305 17 10-06-13-0004-002-008 .002 $4,363 ,502 $1 ,132,934 $5,496,436 $1 ,374,109 18 10-06-13-0004-002-008.002 $4,363 ,502 $1 ,144,263 $5 ,507,765 $1 ,376,941 19 10-06-13-0004-002-008.002 $4 ,363,502 $1 ,155,705 $5 ,519,207 $1 ,379,802 20 10-06-13-0004-002-008.002 $4,363 ,502 $1,167,263 $5 ,530,765 $1 ,382,691 2 1 10-06-13-0004-002 -008.002 $4,363,502 $1,178,935 $5,542,437 $1,385,609 22 10-06-13-0004-002-008.002 $4,363,502 $1,190,725 $5 ,554,227 $1 ,388 ,557 23 10-06-13-0004-002-008 .002 $4,363,502 $1,202,632 $5 ,566,134 $1 ,391,533 Total $86,917,794 $21,969,491 $108,887,285 $27,221,821 000141 YEAR 0 Rooms Occupancy Average Rate Room Occupied Revenues Rooms Meeting Revenue Food and Beverage Other Income Total Expenses Rooms Meeting Expense Food and Bevearge Other Expenses Total Dep Income Operating Exp Management Fee Sales/Marketing Franchise Fee Maintenance Utilities/Phone Total $975 nc . Before FC $975 Fixed Costs nsurance Pro erty Tax $14,859 I Cash Flo w ($22,095,000) Reversion Value of Asset (Year 23) NOI Cap Rate Fair Mar ket Va lu e Less Selling Cost Less Remaining Mortgage Pr in cipal Net Equity in Asset PROJECT I REDEVELOPMENT PROJECT AREA ONE PROJECTIONS (WITH TIF) YEAR 1 121 45 % $108 54.45 $2,146,419 $493,676 $182,446 $19,318 $2,841,859 $497,325 $172 ,787 $118 ,590 $13,522 $802,224 $2,039,635 $284,186 $85,256 $272,818 $42,628 $71,046 $755,934 $131,530 $1,415,231 $70,000 $156,284 $226,284 $1,188,947 $1,188,947 $2,193,896 8.50% $25,810,536 ($774,316) ($8, 135,000) $16,901,22 0 YEA R 2 YEAR 3 YEAR4 YEAR 5 121 121 121 121 50% 55 % 60% 65 % $113 $119 $125 $131 60.5 66.55 72.6 78.65 $2,504,156 $2,892,300 $3,312,998 $3,768,535 $575,956 $665,229 $761,989 $866,763 $212,853 $245,845 $281,605 $320,325 $22,537 $26,031 $29,817 $33,917 $3,315,502 $3,829,405 $4,386,409 $4,989,540 $580,213 $670,146 $767,622 $873,170 $20 1,585 $232,830 $266 ,696 $303 ,367 $138 ,355 $159,800 $183 ,043 $208 ,212 $15,776 $18,221 $20,872 $23,742 $935,928 $1 ,080,997 $1,238,233 $1,408,490 $2,379,574 $2,748,408 $3,148,176 $3,581,050 $331,550 $382,940 $438,641 $498,954 $99,465 $114,882 $131,592 $149,686 $318,288 $367,623 $421,095 $478,996 $49,733 $57,441 $65,796 $74,843 $82,888 $95,735 $109,660 $124,739 $881,924 $1,018,622 $1,166,785 $1,327,218 $275,620 $281,716 $282,699 $290,596 $1,773,270 $2,011,502 $2,264,090 $2,544,428 $70,700 $71,407 $72,121 $72,842 $312,567 $315,693 $315,693 $323,585 $383,267 $387,100 $387,814 $396,427 $1,390,003 $1,624,402 $1,876,276 $2,148,001 $1,390,003 $1,624,402 $1,876,276 $2,148,001 Unleveraged Internal Rate of Return YEAR 6 121 65 % $138 78.65 $3,956,962 $910,101 $336,342 $35,613 $5,239,017 $916,828 $3 18 ,535 $218 ,622 $24,929 $1,478,914 $3,760,103 $523 ,902 $157,171 $502,946 $78,585 $130,975 $1,393,579 $291,161 $2,657,685 $73,571 $323,585 $397,156 $2,260,529 $2,260,529 7 .65% 000142 YEAR 7 121 65 % $145 78.65 $4,154,810 $955,606 $353,159 $37,393 $5,500,968 $962,669 $334,462 $229 ,553 $26,175 $1,552,860 $3,948,108 $550,097 $165,029 $528,093 $82,515 $137,524 $1,463,258 $298,782 $2,783,632 $74,306 $331,675 $405,981 $2,377,651 $2,377,651 YEARS YEAR 9 YEAR 10 121 121 121 65 % 65 % 65 % $152 $152 $152 78.65 78.65 78.65 $4,362,550 $4,363,502 $4 ,363,502 $1,003,387 $1,003,605 $1,003,605 $370,817 $370,898 $370,898 $39,263 $39,272 $39,27 $5,776,017 $5,777,277 $5,777,277 $1,010,803 $1,011,023 $1,011,02 $351 ,185 $351 ,262 $351 ,262 $24 1,031 $241 ,083 $241 ,083 $27,484 $27,490 $27,490 $1,630,503 $1,630,859 $1,630,85 $4,145,513 $4,146,418 $4,146,418 $577,602 $577,728 $577,728 $173,280 $173,318 $173,318 $554,498 $554,619 $554,619 $86,640 $86,659 $86,659 $144,400 $144,432 $144,432 $1,536,420 $1,536,756 $1,536,756 $299,332 $307,157 $3,120,283 $2,908,425 $2,916,819 $5,729,946 $75,049 $75,800 $76,558 $331,675 $339,967 $339,967 $406,724 $415,767 $416,525 $2,501,701 $2,501,052 $5,313,421 II Net Equity in Asset at 11 years : ' II $2,501,701 $2,501,052 $5,313.421 II $16,901,220 PRO JECT I REDEVELOPMEN T PROJECT AREA ONE PROJECTIONS (WITHOU T TIF) YEARO YEAR 1 YEAR 2 YEAR 3 YEAR4 YEAR 5 YEAR6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 Rooms 121 121 121 121 121 121 121 121 121 121 45 % 50% 55 % 60% 65 % 65 % 65 % 65 % 65 % 65 % $108 $113 $119 $125 $131 $138 $145 $152 $152 $152 54.45 60 .5 66.55 72.6 78.65 78.65 78.65 78.65 78.65 78.65 $2,146,419 $2,504,156 $2,892,300 $3,312,998 $3,768,535 $3,956,962 $4,154,810 $4,362,550 $4,363,502 $4,363,502 $493,676 $575,956 $665,229 $761,989 $866,763 $910,101 $955,606 $1,003,387 $1 ,003,605 $1,003,605 $182,446 $212,853 $245,845 $281,605 $320,325 $336,342 $353,159 $370,817 $370,898 $370,8 $19,318 $22,537 $26,031 $29,817 $33,917 $35,613 $37,393 $39,263 $39,272 $39,272 $2,841,859 $3,315,502 $3,829,405 $4,386,409 $4,989,540 $5,239,017 $5,500,968 $5,776,017 $5,777,277 $5,777,277 $497,325 $580,213 $670,146 $767,622 $873,170 $916,828 $962,669 $1,010,803 $1,011,023 $1,011,023 $172,787 $20 1,585 $232 ,830 $266 ,696 $303 ,367 $318 ,535 $334,462 $351 ,185 $351 ,262 $351 ,262 $118 ,590 $138 ,355 $159 ,800 $183 ,043 $208 ,212 $218 ,622 $229 ,553 $241 ,031 $241 ,083 $241 ,083 $13,522 $15,776 $18,221 $20,872 $23,742 $24,929 $26,175 $27,484 $27,490 $27,490 $802,224 $935,928 $1,080,997 $1,238,233 $1,408,490 $1,478,914 $1 ,552,860 $1,630,503 $1,630,859 $1,630,859 $2,039,635 $2,379,574 $2,748,408 $3,148,176 $3,581,050 $3,760,103 $3,948,108 $4,145,513 $4,146,418 $4,146,418 $284,186 $331,550 $382,940 $438,641 $498,954 $523,902 $550,097 $577,602 $577,728 $577,728 $85,256 $99,465 $114,882 $131,592 $149,686 $157,171 $165,029 $173,280 $173,318 $173,318 $272,818 $318,288 $367,623 $421,095 $478,996 $502,946 $528,093 $554,498 $554,619 $554,619 $42,628 $49,733 $57,441 $65,796 $74,843 $78,585 $82,515 $86,640 $86,659 $86,659 $71,046 $82 ,888 $95,735 $109,660 $124,739 $130,975 $137,524 $144,400 $144,432 $144,432 $755,934 $881,924 $1,018,622 $1,166,785 $1,327,218 $1,393,579 $1,463,258 $1,536,420 $1,536,756 $1,536,756 e FC $0 $1,283,700 $1,497,650 $1,729,786 $1,981,391 $2,253,833 $2,366,524 $2,484,850 $2,609,093 $2 ,609,662 $2,609,662 Fix e d Cos ts Ins urance $70,000 $70,700 $71,407 $72,121 $72,842 $73,571 $74,306 $75,049 $75,800 $76,558 Property Tax $14,859 $156,284 $312,567 $315,693 $315,693 $323,585 $323,585 $331,675 $331,675 $339,967 $339,967 To t al $226,284 $383,267 $387,100 $387,814 $396,427 $397,156 $405,981 $406,724 $415,767 $416,525 Inc Aft er FC. $2,193,138 as h Flo w Rev e rsi on Va lue of As set (Y ear 23) NOI $2,193,896 Cap Rate 8.50% Fair Market Va lue $25,810,536 Less Selling Cost@ 3.0% ($774,316) Less Remain ing Mortgage Principa l ($8,135,000) Net Equity in Asset $16,901,220 Unl e veraged Inte rnal Ra te of Re turn 5 .54% 000 143 Redevelopment Project Area (RPA) 2 000144 PROJECT II COS T BENEFIT ANALYSIS, ECONOM IC IMPACT A NALYSIS A ND FI SCAL IMPACT ANALYS IS INCREASED TAX REVENUE VERS US THE VALUE OF THE IN CEN TI VES PROVIDED (BY AFFEC TED TAXING JURISDICTION): Thi s sp read sheet depicts (on the left) the total incentives provided by affected ta xing jurisdi ctions, and it is compared to the potentia l increased tax re ve nue to those jurisdiction, from all so urces and net of TIF r edirected r eve nue, fro m the Redeve lopment Project (on the ri ght) ove r a 23 year period. Please note that thi s analysis does not include th e benefit to th e State of Mi sso uri from the Proj ect, and it is intend ed t o add r ess the City's interna l po licy that asks f o r a co mpari so n of potential increased r even ue, fro m all sources, to the value of the ince nti ves provided. It includes o nl y r eve nu e from the Redeve lopment Area. 000145 PROJECT II 2015 Sales Tax Rates Ju r isidiction Rate Not Subject to TIF Captu r ed by TIF state 4 .225 % 4 .225 % 0 .000% City 2.000 % 1.000% 1.000% County 1.500% 0 .750% 0 .750 % Total 7.725% 5.975% 1.750% 2015 mill property tax RATES share of surtax J u risid iction Rate Not Subject to TIF Captured by TIF Jurisidiction Rate percent oftotal effective r ate State 0.0300% 0.0300 % 0 .0000% State 0 .0300% 0 .6105 % 0.0335 % General Reven 0 .0752 % 0 .0000 % 0 .0752 % General Revenue 0 .0752 % 1 .5302 % 0 .0841 % School 3.6928 % 0 .0000 % 3.6928 % School 3.6928 % 75 .1424% 4 .1286% Road and Brid~ 0 .2700 % 0 .0000% 0 .2700 % Road and Brid ge 0 .2700% 5 .4941 % 0.3019 % Library 0.2000 % 0 .0000% 0 .2000 % Library 0 .2000% 4 .0697 % 0 .2236 % Special Service 0 .0903 % 0 .0000% 0.0903 % Special Services 0 .0903 % 1 .8375 % 0.1010 % City 0.5561 % 0 .0000% 0 .5561 % City 0 .5561 % 11.3157% 0.6217 % Fire 0.0000% 0 .0000% 0.0000% Surta x 0.5800% 0 .5800% 0.0000% Total 5.4944% 0.6100% 4.8844% Total 4.9144% 100.0000% 5.4944% 0 00146 PROJECT II ECONOMIC IMPACT: REAL PROPERTY VALUES AND ECONOMIC ACTIVITY WITHIN REDEVELOPMENT AREA The chart below sets forth the projected economic impact of the Project on property values and sales in the Redevelopment Area with and without the Redevelopment Project. 000147 PROJECT II ECONOMIC IMPACT: PERSONAL PROPERTY VALUE AND ASSESSED VALUE (OVER 23 YEARS): The chart below sets for the projected market value (left side) and assessed va lue (right side) of all personal property within the Redevelopment Area over a period of 23 years. Please note three items: (1) the "Base" column depicts the growth in personal property taxes assuming project is built, (2) the "addition " co lumns shows the replacement of personal property as it ends its useful life of seven years, (3) the Depreciation shows the los s in value of personal property over its useful life of 7 years, and (4) va lue s within the "Base w/out Project" column are based upn the project not being done. 000148 PROJECT II FISCAL IMPACT: AD VALOREM TAXES RE DIRECTED BY TIF (BY AFFECTED TAX JURISDICTION) The chart be low sets fort h the ad va lorem/real estate taxes redirect by TIF by eac h tax jurisdiction affected, including the ann ua l total for all taxing jurisdictions, over the 23-year TIF term. Year General Revenue/county School Road & Bridge Library Special Sen•ices City TOTAL I $ $0 $ $0 $ $0 $ $0 $ $0 $ $0 $0 2 $ $1 ,226 $ $60 ,229 $ $4 ,404 $ $3 ,262 $ $1 ,473 $ $9 ,070 $79,663 3 $ $3 ,659 $ $179 ,689 $ $13,138 $ $9 ,732 $ $4 ,394 $ $27,059 $2 37,671 4 $ $4 ,02 1 $ $197,464 $ $14 ,438 $ $10 ,695 $ $4 ,829 $ $29 ,736 $26 1,181 5 $ $3 ,707 $ $182 ,050 $ $13,3 11 $ $9 ,860 $ $4 ,452 $ $27 ,415 $240,795 6 $ $3 ,615 $ $177 ,498 $ $12 ,978 $ $9 ,6 13 $ $4 ,340 $ $26 ,729 $234,773 7 $ $3 ,480 $ $170,904 $ $12 ,496 $ $9 ,256 $ $4 ,179 $ $25 ,737 $226,052 8 $ $3 ,647 $ $179 ,107 $ $13,095 $ $9 ,700 $ $4 ,380 $ $26 ,972 $236 ,901 9 $ $3 ,647 $ $179 ,107 $ $13 ,095 $ $9 ,700 $ $4,380 $ $26 ,972 $236,901 10 $ $3 ,750 $ $184 ,15 1 $ $13,464 $ $9 ,974 $ $4 ,503 $ $27 ,73 1 $243 ,573 11 $ $3 ,750 $ $184 ,15 1 $ $13 ,464 $ $9 ,974 $ $4 ,503 $ $27,73 1 $243 ,573 12 $ $3,854 $ $189 ,27 1 $ $13 ,839 $ $10 ,25 1 $ $4 ,628 $ $28 ,502 $250 ,346 13 $ $3 ,854 $ $189 ,27 1 $ $13 ,839 $ $10,25 1 $ $4 ,628 $ $28 ,502 $250 ,346 14 $ $3 ,960 $ $194 ,468 $ $14,2 19 $ $10,532 $ $4 ,755 $ $29 ,285 $257,220 15 $ $3 ,960 $ $194 ,468 $ $14,2 19 $ $10,532 $ $4 ,755 $ $29 ,285 $257,220 16 $ $4 ,068 $ $199,743 $ $14 ,604 $ $10,8 18 $ $4 ,884 $ $30,079 $264,197 17 $ $4 ,068 $ $199 ,743 $ $14,604 $ $10,8 18 $ $4 ,884 $ $30,079 $264 ,197 18 $ $4 ,068 $ $199 ,743 $ $14,604 $ $10 ,8 18 $ $4 ,884 $ $30,079 $264,197 19 $ $4 ,068 $ $199 ,743 $ $14,604 $ $10 ,8 18 $ $4 ,884 $ $30,079 $264,197 20 $ $4 ,068 $ $199 ,743 $ $14 ,604 $ $10,8 18 $ $4 ,884 $ $30,079 $264,197 21 $ $4 ,068 $ $199 ,743 $ $14 ,604 $ $10 ,8 18 $ $4 ,884 $ $30 ,079 $264,197 22 $ $4 ,068 $ $199 ,743 $ $14 ,604 $ $10 ,8 18 $ $4 ,884 $ $30,079 $264,19 7 23 $ $4 ,068 $ $199 ,743 $ $14 ,604 $ $10,8 18 $ $4 ,884 $ $30 ,079 $264,197 TOTAL $ 82,673 $ 4,059 ,772 $ 296,831 $ 219,875 $ 99,274 $ 611,362 $5,369,788 NPV $ 43 ,356 2,129,053 155,666 115,308 52,062 320,615 2,816,060 000149 PROJECT II The chart below sets forth the City and County sales tax revenues that are redirected by TIF over the 23-year TIF term. Year City County TOTAL 1 $ 0 $ 0 $ 0 2 $ 485 $ 364 $ 849 3 $ 4,850 $ 3,638 $ 8,488 4 $ 8,730 $ 6,548 $ 15,278 5 $ 11,640 $ 8,730 $ 20,370 6 $ 14,550 $ 10,913 $ 25,463 7 $ 16,975 $ 12,731 $ 29,706 8 $ 19,400 $ 14,550 $ 33,950 9 $ 20,855 $ 15,641 $ 36,496 10 $ 22,310 $ 16,733 $ 39,043 11 $ 23,280 $ 17,460 $ 40,740 12 $ 23,765 $ 17,824 $ 41,589 13 $ 24,240 $ 18,180 $ 42,421 14 $ 24,725 $ 18,544 $ 43,269 15 $ 25,220 $ 18,915 $ 44,134 16 $ 25,724 $ 19,293 $ 45,017 17 $ 26,238 $ 19,679 $ 45,917 18 $ 26,763 $ 20,072 $ 46,836 19 $ 27,299 $ 20,474 $ 47,772 20 $ 27,844 $ 20,883 $ 48,728 21 $ 28,401 $ 21,301 $ 49,702 22 $ 28,969 $ 21,727 $ 50,696 23 $ 29,549 $ 22,162 $ 51,710 TOTAL $ 461,813 $ 346,360 $ 808,173 NPV $ 219,684 $ 164,763 $ 384,447 000150 PROJECT II COST /BE NE FIT ANA LYS IS: Thi s chart sho w s net t axes (after TIF) by t ax t ype w ith th e Re deve lopmen t Pro j ect and t axes w it h o ut t he Redeve lopmen t Pro j ec t over a 23 year period . Th e f ar ri ght co lum n shows t he net benefit (in terms of net tax revenue t o all taxin g jurisd ictio ns) from th e Re deve lopment Pro j ec t after TIF ass ista nce (i.e ., cost). In ot her words, t hi s chart sh ows the t axes generated wi th t he Project/with TIF after red uci ng those revenue s by the amount redirected by TIF and compares t hat revenue to t he pr ojected tax revenue from t he Redeve lo p men t Area w it hout th e Pro j ect/witho ut TIF. The net benefit (i.e., add itiona l t ax reve n ue) is ove r $18 M illi o n in rea l terms and oevr $9 Mil lion i n p r esen t va l ue terms. TIF Net Taxes with TIF Taxes without TIF (No Project) Year Ad Valorem Personal Sales Tax l 1tilityTnx Lodging Tux TOTAL Ad \'alore111 Tux Personal Sales Tux lltility T:l\ Lodging TOTAL Tax Property Tax Propert) Tux Tax Difference I $14,859 $0 $0 $1,300 $0 $16,159 $14,859 $0 $0 $1 ,300 $0 $16,159 $0 2 $25,303 $8 ,19 1 $30,051 $1,788 $12,250 $77 ,583 $14 ,784 $0 $0 $1,326 $0 $16,1 10 $6 1,472 3 $181 ,575 $52 ,830 $3 15,829 $4,225 $129,439 $683 ,898 $14 ,710 $0 $0 $1,353 $0 $16,063 $667,835 4 $206,4 16 $48 ,5 14 $38 1,494 $5 ,038 $148 ,267 $789,728 $14 ,637 $0 $0 $1,380 $0 $16,0 16 $773,712 5 $226,802 $44 ,199 $444 ,573 $5 ,184 $168,654 $889,41 1 $14 ,564 $0 $0 $1,407 $0 $15,971 $873,441 6 $244,9 12 $39,884 $499,307 $5,334 $185,259 $974,695 $14 ,49 1 $0 $0 $1,435 $0 $15,926 $958,769 7 $253 ,633 $35,569 $533 ,624 $5 ,487 $193,98 1 $1,022,294 $14 ,4 18 $0 $0 $1,464 $0 $15,882 $1,006,4 1 1 8 $255,174 $31,253 $548,693 $5,645 $193 ,9 81 $1,034,745 $14,346 $0 $0 $1,4 93 $0 $15,840 $1,018,906 9 $255,174 $26,938 $557 ,734 $5 ,806 $193,98 1 $1,039,633 $14 ,275 $0 $0 $1,523 $0 $15,798 $1,023,835 10 $256,12 1 $13 ,096 $566,776 $5,972 $193 ,98 1 $1,03 5,945 $14 ,203 $0 $0 $1,554 $0 $15,757 $1,020,189 II $256 ,121 $11 ,929 $572 ,8 03 $6,141 $193 ,98 1 $1,040,975 $14 ,132 $0 $0 $1 ,585 $0 $15,7 17 $1,025,258 12 $257,083 $10,76 1 $575 ,8 17 $6,315 $193 ,98 1 $1,043 ,956 $14,062 $0 $0 $1,6 16 $0 $15,678 $1,028,279 13 $257,083 $9,593 $578,770 $6,493 $193,98 1 $1,045 ,920 $13,99 1 $0 $0 $1,649 $0 $15,640 $1,030,280 14 $258,059 $8 ,425 $58 1,78 3 $6,676 $193 ,98 1 $1,048 ,924 $13,921 $0 $0 $1,682 $0 $15,603 $1,033,32 1 15 $258,059 $7 ,257 $584,856 $6,863 $193,981 $1,051 ,0 16 $13 ,852 $0 $0 $1 ,715 $0 $15,567 $1,035,449 16 $259,050 $6,090 $587 ,990 $7,055 $193,98 1 $1,054 ,165 $13 ,782 $0 $0 $1,750 $0 $15 ,532 $1,038,633 17 $259,050 $13 ,5 40 $59 1,187 $7 ,2 52 $193,98 1 $1 ,065,009 $13,7 13 $0 $0 $1,785 $0 $15,498 $1,04 9,5 11 18 $259,050 $1 1,202 $594 ,4 48 $7 ,453 $193 ,98 1 $1,066,134 $13,645 $0 $0 $1 ,820 $0 $15,465 $1,050,669 19 $259,050 $8,864 $597,774 $7,660 $193,98 1 $1,067,329 $13 ,577 $0 $0 $1,857 $0 $15,433 $1,051 ,895 20 $259,050 $6,526 $601 ,166 $7 ,872 $193,98 1 $1,068,595 $13 ,509 $0 $0 $1 ,894 $0 $15,403 $1,053,193 2 1 $259,050 $4,188 $604,627 $8 ,089 $193,98 1 $1,069,935 $13,441 $0 $0 $1,9 32 $0 $15,373 $1,054,562 22 $259,050 $2 1,480 $608 ,157 $8,3 12 $193 ,98 1 $1,090,979 $13,374 $0 $0 $1,9 70 $0 $15,344 $1,075,634 23 $259,050 $16,804 $6 11 ,757 $8 ,540 $193 ,98 1 $1,090,132 $13 ,307 $0 $0 $2,0 10 $0 $15,317 $1,074 ,815 TOTAL $5,278,773 $437,134 $11,569,215 $140,499 $3,941,541 $21,367,161 $323,594 $0 $0 $37,498 so $361,092 $21,006,069 NPV $2,735,504 $278,299 $5,851,770 $70,970 $2,032 ,796 $10,969,339 $183,234 $0 $0 $20,048 $0 $203,282 $1 0, 766,057 00015 1 COST/BENEF IT ANALYSIS' TAXES (REAL AND PRESENT VALUE) BY JURISDICTION AND TAX TYPE The charts below provide a more individua lized breakdown of the chart above. And it shows the net benefit (after TIF) from the Redevelopment Project by taxing jurisdiction and by source of Tax Revenue over the same 23-yea r period. The final chart provides the Redevelopment Project's total benefit (in te rms of additiona l tax revenue) to each t ax ing jurisdiction. PROJECT II 000152 PROJECT II ECONOMIC IMPACT: LODGING TAXES GENERATED FROM REDEVELOPMENT PROJECT OVER 23 YEARS DEPOSITING OVER $6 .5 MILLION DIRECTLY TO THE CITY FOR THE DEVELOPMENT OF A CITY CONFERENCE CENTER AND TO PROMOTE TOURISM TIF YEAR ParceiiD Description Sales Lodging Tax 50% REDIRECTED 1 10-06-13-0004-002-008 .002 1590 Jefferson Street $0 $0 $ - 2 10-06-13-0004-002-008.002 $350,000 $24,500 $ 12,250.00 3 10-06-13-0004-002-008.002 $3,698,267 $258,879 $ 129A39.33 4 10-06-13-0004-002-008.002 $4,236,196 $296,534 $ 148,266 .87 5 10-06-13-0004-002-008.002 $4,818,673 $337,307 $ 168,653 .57 6 10-06-13-0004-002-008.002 $5,293,127 $370,519 $ 185,259.46 7 10-06-13-0004-002 -008 .002 $5,542,306 $387,961 $ 193,980.71 8 10-06-13-0004-002-008.002 $5,542,306 $387,961 $ 193,980.71 9 10-06-13-0004-002-008 .002 $5,542,306 $387,961 $ 193,980.71 10 10-06-13 -0004-002-008 .0 02 $5,542,306 $387,961 $ 193,980 .71 11 10-06-13 -0004-002-008 .002 $5,542,306 $387,961 $ 193,980.71 12 10-06-13-0004-00 2-008.002 $5,542,306 $387,961 $ 193,980 .71 13 10-06-13-0004-002-008.002 $5,542,306 $387,961 $ 193,980 .71 14 10-06-13-0004-002 -008 .002 $5,542,306 $387,961 $ 193,980.71 15 10-06 -13 -0004-002-008.002 $5,542,306 $387,961 $ 193,980.71 16 10-06-13-0004-002-008.002 $5,542,306 $387,961 $ 193,980.71 17 10-06-13-0004-002-008.002 $5,542,306 $387,961 $ 193,980.71 18 10-06-13-0004-002-008.002 $5,542,306 $387,961 $ 193,980.71 19 10-06-13-0004-002-008.002 $5,542,306 $387,961 $ 193,980.71 20 10-06-13-0004-002-008.002 $5,542,306 $387,961 $ 193,980.71 21 10-06-13-0004-002-008 .002 $5,542,306 $387,961 $ 193,980.71 22 10-06-13-0004-002-008 .002 $5,542,306 $387,961 $ 193,980.71 23 10-06-13-0004-002-008 .002 $5,542,306 $387,961 $ 193,980.71 Total $112,615,466 $7,883,083 $ 3,941,541.30 NPV 5.25% $58,079,900 $4,06 5,593 $ 2,032, 796.49 000153 PROJECT II ECONOMIC IMPACT: AD VALOREM TAXES GENERATED FROM REDEVELOPMENT PROJECT OVER 23 YEARS-LESS TAXES REDIRECTED BY TIF A jurisdiction-by-jurisdiction breakdown of the ad valorem/real property taxes generated within the Redevelopment Area over 23 years from the Redevelopment Project. Year State General School Road & Bridge Library Special City TOTAL Revenue Services 1 $ 91 $ 227 $ 11,165 $ 816 $ 605 $ 273 $ $1,681 $14,859 2 $ 154 $ 387 $ 19,014 $ 1,390 $ 1,030 $ 465 $ $2,863 $25,303 3 $ 1,108 $ 2,778 $ 136,440 $ 9,976 $ 7,390 $ 3,336 $ $20,547 $181,575 4 $ 1,260 $ 3,159 $ 155,106 $ 11,341 $ 8,400 $ 3,793 $ $23,357 $206,416 5 $ 1,385 $ 3,471 $ 170,425 $ 12,461 $ 9,230 $ 4,167 $ $25,664 $226,802 6 $ 1,495 $ 3,748 $ 184,032 $ 13,456 $ 9,967 $ 4,500 $ $27,714 $244,912 7 $ 1,548 $ 3,881 $ 190,586 $ 13,935 $ 10,322 $ 4,660 $ $28,700 $253,633 8 $ 1,558 $ 3,905 $ 191,744 $ 14,019 $ 10,385 $ 4,689 $ $28,875 $255,174 9 $ 1,558 $ 3,905 $ 191,744 $ 14,019 $ 10,385 $ 4,689 $ $28,875 $255,174 10 $ 1,563 $ 3,919 $ 192,456 $ 14,071 $ 10,423 $ 4,706 $ $28,982 $256,121 11 $ 1,563 $ 3,919 $ 192,456 $ 14,071 $ 10,423 $ 4,706 $ $28,982 $256,121 12 $ 1,569 $ 3,934 $ 193,178 $ 14,124 $ 10,462 $ 4,724 $ $29,091 $257,083 13 $ 1,569 $ 3,934 $ 193,178 $ 14,124 $ 10,462 $ 4 ,724 $ $29 ,091 $257,083 14 $ 1,575 $ 3,949 $ 193,912 $ 14,178 $ 10,502 $ 4,742 $ $29,201 $258,059 15 $ 1,575 $ 3,949 $ 193,912 $ 14,178 $ 10,502 $ 4,742 $ $29,201 $258,059 16 $ 1,581 $ 3,964 $ 194,656 $ 14,232 $ 10,542 $ 4,760 $ $29,313 $259,050 17 $ 1,581 $ 3,964 $ 194,656 $ 14,232 $ 10,542 $ 4,760 $ $29,313 $259,050 18 $ 1,581 $ 3,964 $ 194,656 $ 14,232 $ 10,542 $ 4,760 $ $29,313 $259,050 19 $ 1,581 $ 3,964 $ 194,656 $ 14,232 $ 10,542 $ 4,760 $ $29,313 $259,050 20 $ 1,581 $ 3,964 $ 194,656 $ 14,232 $ 10,542 $ 4,760 $ $29,313 $259,050 21 $ 1,581 $ 3,964 $ 194,656 $ 14,232 $ 10,542 $ 4,760 $ $29,313 $259,050 22 $ 1,581 $ 3,964 $ 194,656 $ 14,232 $ 10,542 $ 4,760 $ $29,313 $259,050 23 $ 1,581 $ 3,964 $ 194,656 $ 14,232 $ 10,542 $ 4,760 $ $29,313 $259 ,050 TOTAL $ 32,224 $ 80,776 $ 3,966,599 $ 290,019 $ 214,829 $ 96,995 $ 597,331 $ $5,278,773 NPV $ 16,699 $ 41,859 $ 2,055,524 $ 150,290 $ 111,326 $ 50,264 $ 309,542 $ 2,735,504 000154 PROJECT II ECONOMIC IMPACT: AD VALOREM TAXES GENERATED W/OUT REDEVELOPMENT PROJECT OVER 23 YEARS Same as above, but the chart below shows the resulting ad valorem tax revenues to each taxing jurisdiction if the Redevelopment Project is not undertaken. Year State General School Road & Bridge Library Special City TOTAL Revenue Services 1 $ 91 $ 227 $ 11,165 $ 816 $ 605 $ 273 $ $1,681 $ $14,859 2 $ 90 $ 226 $ 11,109 $ 812 $ 602 $ 272 $ $1,673 $ $14,784 3 $ 90 $ 225 $ 11,054 $ 808 $ 599 $ 270 $ $1,665 $ $14,710 4 $ 89 $ 224 $ 10,998 $ 804 $ 596 $ 269 $ $1,656 $ $14,637 5 $ 89 $ 223 $ 10,943 $ 800 $ 593 $ 268 $ $1,648 $ $14,564 6 $ 88 $ 222 $ 10,889 $ 796 $ 590 $ 266 $ $1,640 $ $14,491 7 $ 88 $ 221 $ 10,834 $ 792 $ 587 $ 265 $ $1,632 $ $14,418 8 $ 88 $ 220 $ 10,780 $ 788 $ 584 $ 264 $ $1,623 $ $14,346 9 $ 87 $ 218 $ 10,726 $ 784 $ 581 $ 262 $ $1,615 $ $14,275 10 $ 87 $ 217 $ 10,673 $ 780 $ 578 $ 261 $ $1,607 $ $14,203 11 $ 86 $ 216 $ 10,619 $ 776 $ 575 $ 260 $ $1,599 $ $14,132 12 $ 86 $ 215 $ 10,566 $ 773 $ 572 $ 258 $ $1,591 $ $14,062 13 $ 85 $ 214 $ 10,513 $ 769 $ 569 $ 257 $ $1,583 $ $13,991 14 $ 85 $ 213 $ 10,461 $ 765 $ 567 $ 256 $ $1,575 $ $13,921 15 $ 85 $ 212 $ 10,408 $ 761 $ 564 $ 255 $ $1,567 $ $13,852 16 $ 84 $ 211 $ 10,356 $ 757 $ 561 $ 253 $ $1,560 $ $13,782 17 $ 84 $ 210 $ 10,305 $ 753 $ 558 $ 252 $ $1,552 $ $13,713 18 $ 83 $ 209 $ 10,253 $ 750 $ 555 $ 251 $ $1,544 $ $13,645 19 $ 83 $ 208 $ 10,202 $ 746 $ 553 $ 249 $ $1,536 $ $13,577 20 $ 82 $ 207 $ 10,151 $ 742 $ 550 $ 248 $ $1,529 $ $13,509 21 $ 82 $ 206 $ 10,100 $ 738 $ 547 $ 247 $ $1,521 $ $13,441 22 $ 82 $ 205 $ 10,050 $ 735 $ 544 $ 246 $ $1,513 $ $13,374 23 $ 81 $ 204 $ 9,999 $ 731 $ 542 $ 245 $ $1,506 $ $13,307 TOTAL $ 1,975 $ 4,952 $ 243,156 $ 17,778 $ 13,169 $ 5,946 $ 36,617 $ 323,594 NPV $ 1,119 $ 2,804 $ 137,686 $ 10,067 $ 7,457 $ 3,367 $ 20,734 $ 183,234 000155 PROJECT II ECONOMI C IMPACT : PERSONAL PROPERTY TA XES GENER ATED W ITH REDEVELOPMENT PROJECT OV ER 23 YEARS Same as above, but the ch art below shows the resulting perso nal property ta x re ve nues to each taxing jurisdi ct ion if the Rede ve lopm e nt Proje ct is undertaken . Year State General School Rond& Library Special City TOTAL Revenue I $ 0$ 2 $ 50$ 3 $ 320 $ 4 $ 294 $ 5 $ 268 $ 6 $ 24 1 $ 7 $ 2 15 $ 8 $ 189 $ 9 $ 163 $ 10 $ 79 $ 11 $ 72$ 12 $ 65 $ 13 $ 58$ 14 $ 51 $ 15 $ 44 $ 16 $ 37 $ 17 $ 82 $ 18 $ 68 $ 19 $ 54$ 20 $ 40 $ 21 $ 25 $ 22 $ 130$ 23 $ 102 $ TOTAL $ 2,646 $ NPV $ 1,6 85 $ 0.0060S3S51 ~----------~ r-------r; r-:__;__:__:__:_:....::_--l 0. 0 2 0 2 5 6112 1--------+--1 0.74766007 t---:---:----:----l 0. 0 54 6682191------+--1 0.040512224 ~--~------~ r-------r; 1-':-'--'-'--'----'--=---__:_:_:.__--l 0 . 018 2 53 7 8 3 1--------+--1 0 .112596042 0 166 # 983 895 808 720 633 546 265 242 218 194 17 1 147 123 274 227 180 132 85 435 340 8,855 5,637 Bridge $ 0 $ 0 $ 6,124 $ 44 8 $ 39,499 $ 2,888 $ 36,272 $ 2,652 $ 33,046 $ 2,4 16 $ 29,820 $ 2,180 $ 26,593 $ 1,944 $ 23,367 $ 1,709 $ 20,140 $ 1,473 $ 9,792 $ 716 $ 8,9 18 $ 652 $ 8,045 $ 588 $ 7,172 $ 524 $ 6,299 $ 461 $ 5,426 $ 397 $ 4 ,553 $ 333 $ 10,123 $ 740 $ 8,375 $ 6 12 $ 6,627 $ 485 $ 4 ,879 $ 357 $ 3,132 $ 229 $ 16,060 $ 1,174 $ 12,564 $ 9 19 $ 326,8 27 $ 23,897 $ 208,073 $ 15 ,214 State I General Re venue Sc hool I Ro ad and Bridge Library I Special Ser v ic es City I 000156 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 0 332 2,140 1,965 1,791 1,6 16 1,441 1,266 1,091 53 1 483 436 389 34 1 294 247 549 454 359 264 170 870 681 17,709 11 ,275 0.0297 0.0995 3 .6743 0.2687 0 .1991 0.0897 0.5533 4.9144 Sen· ices $ 0 $ 150 $ 964 $ 886 $ 807 $ 728 $ 649 $ 570 $ 492 $ 239 $ 2 18 $ 196 $ 175 $ 154 $ 132 $ Il l $ 247 $ 204 $ 162 $ 11 9 $ 76 $ 392 $ 307 $ 7,979 $ 5,080 $ 0 $ $0 $ 922 $ $8,19 1 $ 5,948 $ $52 ,830 $ 5,463 $ $48,5 14 $ 4,977 $ $44,199 $ 4,49 1 $ $39 ,884 $ 4,005 $ $35,569 $ 3,5 19 s $31 ,253 $ 3,033 $ $26 ,938 $ 1,475 $ $13,096 $ I ,343 $ $11 ,929 $ 1,2 12 s $10,761 $ 1,080 $ $9,593 $ 949 $ $8 ,425 $ 8 17 $ $7,257 $ 686 $ $6,090 $ 1,525 $ $13 ,540 $ 1,26 1 $ $11 ,202 $ 998 $ $8 ,864 $ 735 $ $6 ,526 $ 472 $ $4,188 $ 2,4 19 $ $2 1,480 $ 1,892 $ $16,804 $ 49,220 $ 43 7,134 $ 3 1,335 $ 278,299 PROJECT II ECONO M IC IMPACT : PE RSONAL PROPERT Y T AX ES GENE RATED W /OUT REDE V ELOP ME NT PROJECT O V ER 23 YEAR S Sa m e as abo ve, but the c ha rt bel ow sho w s th e r esulting perso n a l pro pe rty ta x r ev e nu es to eac h t ax in g juri sdi ction if th e Re d ev e lopm e nt Proj ect is NOT un dert a ke n . Year State General Revenue School Road& Library Special City TOTAL Bridge Services I $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 2 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 3 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 4 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 5 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 6 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 7 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 8 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 9 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 10 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 II $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 12 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 13 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 14 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 IS $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 16 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 17 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 18 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 19 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 20 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 21 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 22 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 23 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 TOTAL 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 NPV $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 0001 57 PROJECT II ECONOMIC IMPACT: SALES TAXES GENERATED FROM AND W/OUT REDEVELOPMENT PROJECT (BY JURISDICTION) OVER 23 YEARS-LESS AMOUNTS REDIRECTED BY TIF. 000158 PROJECT II ECONOMIC IMPACT: SALES TAXES GENERATED FROM ROOM SALES FROM REDEVELOPMENT PROJECT (BY JURISDICTION) OVER 23 YEARS -APPROX 6.8 MILLION IN SALES TAX WILL BE GENERATED WITH 3MILLION OF IT GOING TO THE CITY AND COUNTY TIF YEAR ParceiiD Description Sales Room Sales Tax State City County 1 10-06-13-0004-002-008.002 1590 Jefferson Street $0 $0 $0 $0 $0 2 10-06-13-0004-002-008 .002 $350,000 $27,038 $14,788 $7,000 $5,250 3 10-06-13-0004-002-008.002 $3,698,267 $285,691 $156,252 $73,965 $55,474 4 10-06-13-0004-002-008.002 $4,236,196 $327,246 $178,979 $84,724 $63,543 5 10-06-13-0004-002-008 .002 $4,818,673 $372,243 $203,589 $96,373 $72,280 6 10-06-13-0004-002-008.002 $5,293,127 $408,894 $223,635 $105,863 $79,397 7 10-06-13-0004-002-008.002 $5,542,306 $428,143 $234,162 $110,846 $83,135 8 10-06-13-0004-002-008 .002 $5,542,306 $428,143 $234,162 $110,846 $83,135 9 10-06-13-0004-002-008.002 $5,542,306 $428,143 $234,162 $110,846 $83,135 10 10-06-13-0004-002-008.002 $5 ,542,306 $428,143 $234,162 $110,846 $83,135 11 10-06-13-0004-00 2-008.00 2 $5,542,306 $428,143 $234,162 $110,846 $83,135 12 10-06-13-0004-00 2-008.00 2 $5,542,306 $428,143 $234,162 $110,846 $83,135 13 10-06-13-0004-002-008.002 $5,542,306 $428,143 $234,162 $110,846 $83,135 14 10-06-13-0004-002-008.002 $5,542,306 $428,143 $234,162 $110,846 $83,135 15 10-06-13-0004-002-008.002 $5,542,306 $428,143 $234,162 $110,846 $83,135 16 10-06-13-0004-002-008 .002 $5,542,306 $428,143 $234,162 $110,846 $83,135 17 10-06-13 -0004-002-008 .002 $5,542,306 $428,143 $234,162 $110,846 $83,135 18 10-06-13-0004-002-008 .002 $5,542,306 $428,143 $234,162 $110,846 $83,135 19 10-06-13-0004-002-008.002 $5,542,306 $428,143 $234,162 $110,846 $83,135 20 10-06-13-0004-002-008.002 $5,542,306 $428,143 $234,162 $110,846 $83,135 21 10-06-13-0004-002-008.002 $5,542,306 $428,143 $234,162 $110,846 $83,135 22 10-06-13-0004-002-008 .002 $5,542,306 $428,143 $234,162 $110,846 $83,135 23 10-06-13-0004-002-008 .002 $5,542,306 $428,143 $234,162 $110,846 $83,135 Total $112,615A66 $8,699,545 $4,758,003 $2,252,309 $1,689,232 000159 PROJECT II ECONOMIC IMPACT : PAYROLL DISTRIBUTED WITHIN THE LOCAL COMMUNITY OVER THE 23 YEAR PERIOD OF APPROX 28 MILLION TIF YEAR ParceiiD Description Room Sales F & B Sales Total Sales Est Payroll 1 10-06-13-0004-002-008.002 1590 Jefferson Street $0 $0 $0 $0 2 10-06-13-0004-002-008.002 $350,000 $50,000 $400,000 $100,000 3 10-06-13-0004-002-008.002 $3,698,267 $500,000 $4,198,267 $1,049,567 4 10-06-13-0004-002-008 .002 $4,236,196 $900,000 $5,136,196 $1,284,049 5 10-06-13-0004-002-008 .002 $4,818,673 $1,200,000 $6,018,673 $1 ,504,668 6 10-06-13-0004-002-008 .002 $5,293 ,127 $1,500,000 $6,793,127 $1,698,282 7 10-06-13-0004-002-008 .002 $5,542 ,306 $1,750,000 $7,292,306 $1,823,077 8 10-06-13-0004-002-008.002 $5,542 ,306 $2,000,000 $7,542,306 $1,885,577 9 10-06-13-0004-002-008.002 $5,542,306 $2,150,000 $7,692,306 $1,923 ,077 10 10-06-13-0004-002-008 .002 $5,542 ,306 $2,300,000 $7,842,306 $1,960,577 11 10-06-13-0004-002-008.002 $5,542 ,306 $2,400,000 $7,942,306 $1,985,577 12 10-06-13-0004-002-008 .002 $5,542 ,306 $2,450,000 $7,992,306 $1,998,077 13 10-06-13-0004-002-008.002 $5,542,306 $2,499,000 $8,041,306 $2,010,327 14 10-06-13-0004-002-008.002 $5,542 ,306 $2,548,980 $8,091,286 $2,022,822 15 10-06-13-0004-002-008.002 $5,542 ,306 $2,599,960 $8,142,266 $2,035,566 16 10-06-13-0004-002-008.002 $5,542,306 $2,651,959 $8,194,265 $2,048,566 17 10-06-13-0004-002-008.002 $5,542 ,306 $2,704,998 $8,247,304 $2,061,826 18 10-06-13-0004-002-008.002 $5,542 ,306 $2,759,098 $8,301,404 $2,075,351 19 10-06-13-0004-002-008.002 $5,542 ,306 $2,814,280 $8,356,586 $2,089,146 20 10-06-13-0004-002-008 .002 $5,542 ,306 $2 ,870,565 $8,412,871 $2,103 ,218 21 10-06-13-0004-002-008 .002 $5,542 ,306 $2,927,977 $8,470,283 $2,117,571 22 10-06-13-0004-002-008 .002 $5,542 ,306 $2,986,536 $8,528,842 $2,132,211 23 10-06-13-0004-002-008 .002 $5,542,306 $3,046,267 $8,588,573 $2,147,143 Total $112,615,466 $47,609,620 $160,225,086 $40,056,271 0001 6 0 REDEVELOPMENT PROJECT AREA TWO PROJECTIONS WITH TIF) YEARO YEAR 1 YEA R 2 YEAR 3 YEAR 4 YEA R S YEAR6 YEAR 7 YEARS YEAR 9 YEA R 10 Rooms 145 145 145 145 145 145 145 145 145 145 Occ u pancy 50% 55% 60% 65% 68% 68% 68% 68% 68 % 68% Average Rate $121 $127 $133 $140 $147 $154 $154 $154 $154 $154 Room Occ u pied 72.5 79.75 87 94.25 98.6 98.6 98.6 98.6 98.6 98.6 Revenues Rooms $3,201,963 $3,698,267 $4,236,196 $4,818,673 $5,293,127 $5,557,784 $5,542,306 $5,542,306 $5,542,306 $5,542,306 Meeting Reve nu e $1,536,942 $1,775,168 $2,033,374 $2,312,963 $2,540,701 $2,667,736 $2,660,307 $2,660,307 $2,660,307 $2,660,307 Foo d a nd Beve ra ge $272,167 $314,353 $360,077 $409,587 $449,916 $472,412 $471,096 $47 1,096 $471,096 $471,096 Other Income $28,818 $33,284 $38,126 $43 ,3 68 $47,638 $50,020 $49,881 $49,881 $49,881 $49,881 Total $5,039,889 $5,821,072 $6 ,667 ,773 $7,584,592 $8,331,383 $8,747,952 $8,723,590 $8,723,590 $8,723,590 $8,723,59011 Expense s Rooms $881,981 $1,018,688 $1,166,860 $1,327,304 $1,457,992 $1,530,892 $1,526,628 $1,526,628 $1,526,628 $1,526,628 Meeti ng Expense $691,624 $798 ,826 $9 15,018 $1,040 ,833 $1,143 ,316 $1,200,48 1 $1 ,197,138 $1,197 ,138 $1,197 ,138 $1,197,138 Food an d Be vearge $176 ,908 $204,329 $234,050 $266 ,232 $292 ,44 5 $307,068 $306 ,212 $306,2 12 $306 ,2 12 $306 ,2 12 Ot he r Expe nses $20,172 $23,299 $26,688 $30,358 $33,347 $35,014 $34,917 $34,917 $34,9 17 $34,917 Total $1,770,685 $2,045,141 $2,342,617 $2,664,726 $2,927,099 $3,073,454 $3 ,064,895 $3,064,895 $3,064,895 $3,064,895 Dep Income $3,269,204 $3,775,930 $4,325,157 $4,9 19,866 $5,404,283 $5,674,497 $5,658,694 $5,658,694 $5,658,694 $5,658,694 Operating Exp Ma nagement Fe e $503,989 $582,107 $666,777 $758,459 $833,138 $874,795 $872,359 $872,359 $872,359 $872,359 Sales/Market in g $151,197 $174,632 $200,033 $227,538 $249,94 1 $262,439 $261,708 $261,708 $261,708 $261,708 Fra nchise Fee $483,829 $558,823 $640,106 $728,121 $799,813 $839 ,803 $837,465 $837,465 $837,465 $837,465 Ma in tenance $75,598 $87,316 $100,017 $113,769 $124,971 $131,219 $130,854 $130,854 $130,854 $130,854 Utilities/Phone $125,997 $145,527 $166,694 $189,615 $208,285 $218,699 $218,090 $2 18,090 $218,090 $218,090 Total $1,340,610 $1,548,405 $1,773,628 $2,017,501 $2,216,148 $2,326,955 $2,320,475 $2,320,475 $2,320,475 $2,320,475 TIF Revenue $325 $94,550 $379,823 $429,763 $435,002 $450,829 $455,226 $470,477 $473,184 $482,568 $4,832,079 Income Before FC $2,023,143 $2,607,348 $2,981,292 $3,337,366 $3,638,964 $3,802,768 $3,808,696 $3,811,404 $3,820,788 $8,170,298 Fixed Costs Insurance $90,000 $90,900 $91,809 $92,727 $93,654 $94,591 $95,537 $96,492 $97,457 $98,432 Property Taxes $15,910 $120,877 $435,156 $483,507 $483,507 $495,595 $495,595 $507,985 $507,985 $515 ,605 $515,605 Total $210,877 $526,056 $575,316 $576,234 $589,249 $590,186 $603,522 $604,477 $613,062 $614,036 Income After FC $1,812,266 $2,081,292 $2,405,976 $2,761,132 $3,049,715 $3,212,583 $3,205,175 $3,206,927 $3,207,726 Cash Flow ($34,702,800) $1,812,266 $2,081,292 $2,405,976 $2,761,132 $3,049,715 $3,212,583 $3,205 ,175 $3,206,927 $3,207,726 Reversion Value of Asset (Year 23) NO I $2,725,158 Cap Rate 8.00% Fair Ma rket Val ue $34,064,474 Less Se llin g Cos t ($1,021,934) Less Remaining Mortgage Principal ($13,100,000) Net Equity in Asset $19,942,540 Unlevera ged Internal Rate of Return 5.34% 00 01 6 1 REDEVELOP M ENT PROJECT AREA TWO PROJECT IONS (WIT HOUT TIF) YEARO YEAR 1 YEA R 2 YEAR3 YEA R 4 YEARS YEAR6 YEAR 7 YE AR 8 YEAR 9 YEAR 10 Rooms 145 145 145 145 145 145 145 145 145 145 Occ upancy 50% 55% 60% 65%68.00% 68% 68% 68% 68% 68% Average Rate $121 $127 $133 $140 $147 $154 $154 $154 $154 $154 Room Occupied 72.5 79.75 87 94.25 98.6 98.6 98 .6 98.6 98 .6 98.6 Revenues Rooms $3,201,963 $3,698,267 $4,236,196 $4,818,673 $5,293,127 $5,557,784 $5,542,306 $5,542,306 $5,542,306 $5,542,306 Meeting Re ve nue $1,536,942 $1,775,168 $2,033,374 $2,312,963 $2,540,701 $2,667,736 $2,660,307 $2,660,307 $2,660,307 $2,660,307 Foo d and Beverage $272,167 $314,353 $360,077 $409,587 $449,916 $472,4 12 $4 71,096 $471,096 $4 71,096 $471,096 Oth er Income $28,818 $33,284 $38,126 $43,368 $47,638 $50,020 $49,881 $49,88 1 $49,881 $49,88 1 Tot al $5,039,889 $5,821,072 $6,667,773 $7,584,592 $8,33 1,383 $8,747,952 $8,723,590 $8,723,590 $8,723,590 $8, 723,59g[ Expenses Rooms $881,981 $1,0 18,688 $1,166,860 $1,327,304 $1,457,992 $1,530,892 $1,526,628 $1,526,628 $1,526,628 $1,526,628 Meeting Expe nse $691 ,624 $798 ,826 $915,0 18 $1,040 ,833 $1,143,3 16 $1,200,481 $1 ,197,138 $1 ,197,138 $1,197 ,138 $1 ,197,138 Food and Bevea rg e $176 ,908 $204 ,329 $234 ,0 50 $266,232 $292,44 5 $307,068 $306 ,2 12 $306 ,212 $3 06 ,2 12 $306,212 Other Expen ses $20,172 $23,299 $26,688 $30,358 $33,347 $35,014 $34,917 $34,9 17 $34,9 17 $34,917 Tota l $1,770,685 $2,045,14 1 $2,342,617 $2 ,664,726 $2 ,927,099 $3,073,454 $3,064,895 $3,064,895 $3,064,895 $3,064,895 Dep Income $3,269,204 $3,775,930 $4,325,157 $4,9 19,866 $5,404,283 $5,674,497 $5,658,694 $5,658,694 $5,658,694 $5,658,694 Operating Exp Manag eme nt Fee $503,989 $582,107 $666,777 $758,459 $833,138 $874,795 $872,359 $872,359 $872,359 $872,359 Sa les/Marketing $15 1,197 $174,632 $200,033 $227,538 $249,941 $262,439 $261,708 $26 1,708 $26 1,708 $261,708 Franchise Fee $483,829 $558,823 $640,106 $728,121 $799,813 $839,803 $837,465 $837,465 $837,465 $837,465 Ma in tenance $75,598 $87,316 $100,017 $113,769 $124,971 $131,219 $130,854 $130,854 $130,854 $130,854 Utili ties/Phone $125,997 $145,5 27 $166,694 $189,615 $208,285 $2 18,699 $218,090 $218,090 $218,090 $2 18,090 Total $1,340,610 $1,548,405 $1,773,628 $2,017,501 $2,2 16,148 $2,326,955 $2,320,475 $2,320,475 $2,320,475 $2,320,475 Income Before FC $1,928,593 $2,227,525 $2,551,529 $2,902,364 $3,188,135 $3,347,542 $3,338,22 0 $3,338,220 $3,338,220 $3,338,220 Fixed Costs Insu rance $90,000 $90,900 $91,809 $92,727 $93,654 $94,591 $95,537 $96,492 $97,457 $98,432 Prope rty Ta xes $15,910 $120,877 $435,156 $483,507 $483,5 07 $495,595 $495,595 $507,985 $507,985 $515,605 $5 15,605 Total $210,877 $526,056 $575,316 $576,234 $589,249 $590,186 $603,522 $604,477 $613,062 $614,036 Income After FC $1,7 17,716 $1,701,469 $1,97 6,213 $2,326,130 $2,598,886 $2,7 57,356 $2,734,698 $2,7 33,743 $2,725,158 Cash Flow ($34,702,800) $1,717,716 $1,701,469 $1,976,213 $2,326,130 $2,598,886 $2,757,356 $2,734,698 $2,733,74 3 $2,725,158 Reversion Value of Ass et (Year 23) NOI $2,725,158 Ca p Rate 8.00% Fair Market Va lu e $34,064,474 Less Selling Cost ($1,021,934) Less Remaining Mortgage Princ ipal ($13 , 100,000) Net Equity in Asset $19,942,540 Unl ev eraged Interna l Rate of Return 2.96% 00 0162 APPENDIX H Developer's Affidavit 000163 DEVELOPER AFFIDAVIT STATE OF MISSOURI COUNTY OF BOONE I, the Undersigned, am over the age of I 8 years and have personal knowledge of the matters stated herein. The Undersigned, swears, affirms, and certifies the following to be true to induce the approval of the Tax Increment Financing for the Redevelopment Area described in the Redevelopment Plan for the Truman Hotel and Conference Center. (the "Redevelopment Plan"). I. I am the duly authorized representative of the Puri Group of Enterprises, Inc. (the "Developer") and am authorized by the Developer to attest to the matters set forth herein. 2. I am familiar with the Redevelopment Area described in the Redevelopment Plan. In my Opinion, based upon the factors set forth in the Blight Study Conducted by Vallbridge Property Advisors, the Redevelopment Area, on the whole, qualifies as a "blighted area" as defined in Section 99.805(3) of the Missouri Revised Statutes, as amended. 3. The redevelopment ofthis area would not reasonably anticipated to be developed without the adoption of tax increment financing. Affiant further sayeth not. Puri Group of Enterprises, Inc. A Missouri Corpora · n BY:~ Dr. Ravi K. Puri, President and CEO Subscribed and sworn to before me this _!_I __ day of December, 2015. Commission Expires: l'd/;)j2o!~ Notary Public BUMN Rlf"l-gY No!11ry Public· Notary Seat STATE OF MISSOURI County of Boone My Commission Exp1res 12/15/2015 Commi$Sion # 11498188 000164 APPENDIX I Developer's Background and Experience 000165 lmJ Hilton ~Garden Inn® CO L U MBIA DOUBLETREE BY HILTON '" J EFFE R SON C I TY J EFFE R SON C I TY tEff T RSON CITY I ur1 Group of Enterprises JEFFERSON C I TY 000166 2 Corporate T he Puri Group of Enterprises stands for Excellence in Hospitality. Establi shing their fir st limited service hotel in 1996 , today the group offers over 806 hotel rooms and employs over 500 individuals in Mid Missouri. Considered a preferred developer and operator, with premier hotel franchisor s such as Hilton World Wide ,Inc., Choice Hotel s International , Inc., and Intercontinental Hotel Group , Inc., the Puri Group develops and operate s such brands as Comfort Suites , DoubleTree By Hilton, Hilton Garden Inn , Hampton Inn, and Holiday Inn Express and Suites. In 2013 , the Puri Group launched its own sports bar franchise , Cheerleader Pub and Grill. Whether it is a place to sleep or a place to eat , the staff and managers of the Puri Group , represent the best of hospitality and promise you an enjoyable experi e nce to remember. We want our guests to feel that they truly hav e a hom e away f ro m hom e . Commitment & Corporate Responsibility Commitment To be a preeminent hospitality /restaurant enterprise providing excellence in services and culinary creations. Corporate Responsibility Integrity and ethical behavior is the base of our heritage and provides the foundation for each corporate initiative we unde11ake. Our involvement in the communities we serve, is evident through our sponsorships of both non-profits and need-based organizations. I ~ri G ro up o f Enterp ri ses 000167 3 Recently constructed hotel with elegant large comfortable suites, large indoor swimming pool , and state of the art fitness center is close to the University of Missouri and football stadium. 5000 sq. ft., of meeting space for small meetings , receptions or trade shows provides a premium amenity to guests. llJri Grou_j) of Enterprises 000168 4 Cheerleader Pub and Grill is designed with a sports theme focused on the SEC. Interior walls exhibit the pictures that include panoramic aerial view of the football stadiums of various Universities , their cheerleading teams , mascots and logos. The ambience, contemporary decor, fresh cooked food, and an large bar have become the talk of the town and favorite SEC hangout. 40 Beer Taps 42 Seat Bar 285 seats capacity 20 Wide screen TV's Two 100" Projection TVs SEC Team Shop lliri G ro u8 of Enterprises 00169 5 DOUBL E TRE E BY HILTON '" Contemporary upscale hotel located in the heart of Jefferson City. The hotel is known for providing unmatched views of the Capitol city from majority ofthe 151 rooms . 9,000 sq. ft. of meeting or event space is also available for weddings , trade shows and small conferences . llJri Gro up of Ente rprises 000170 Sapphires Restaurant and Lounge , is on the 13 floor of the DoubleTree Hotel in Jefferson City. It shows a panoramic view of the city specially the Capitol dome. Delicious food along with the view of the city is the talk of the town. I iJri Group of Enterpri ses 000171 7 Garden Conference Center The Garden Conference Center has been the explicit place for large meetings and events since opening its doors. The spacious facility can accommodate about 800 guests and comprises a full service kitchen for gourmet food service. Ample parking and easy access from the highway and downtown are of great attraction to the conference center. llJri Group of Enterprises 000172 8 Hilton Gard en Inn Columbia ~Hilton ~Garden Inn® Columbia 151 rooms with 15,000 sq. ft. of meeting space await. Known for the exceptional service and accommodations the newly updated hotel was awarded the 2014 TripAdvisor Certificate of Excellence A ward. This honor is awarded to establishments that achieve outstanding traveler reviews on TripAdvisor, the world 's largest travel site. Our staff takes great pride in consistently offering an exceptional experience to our guests. I ~ri G roup o f En terpri se s 000173 The Garden Grille and Bar is inside the Hilton Garden Inn and serves breakfast and dinner to guests. Catering for all events including room service at the hotel is provided from the Garden Grille and Bar. The Garden Bar opens for cocktails in the evening. ll.Jri G ro up of En te rpri ses 000174 Platinum and Gold Medals-awarded (@ CoMFORT SUITES 77 guestrooms at Comfort Suites Jefferson City provide excellent accommodation, within minutes from the Capitol building. The hotel has been the recipient of Platinum and Gold awards since its opening . I ~ri Group of Enterprises 000175 11 By Hilton The hotel with 73 guest rooms, a large inviting lobby and three meeting rooms provides travelers comfortable accommodations just a few minutes from the Capitol in Jefferson City. 12 Community Involvement Sponsor for St. Jude's Hospital Telethon Host and Sponsor for Apple for Teacher Award Banquet Host and Sponsor for Special Learning Center Magic Moments Fundraiser Sponsor and Chairman of the Committee for Special Olympics of Missouri-Over the Edge fundraiser American Cancer Society Relay for Life Host Hotel Sponsor ~ D t X JBLETREE I Y CHOIC£ H01'[LS Hilton Garden Inn· • ur1 Group of Enterprises St. Jude Children's Research Hospital ALSA C ·Dan n y Thoma s, Found er ~· ~ !ipeclal Olympics 1 ;t-1' M ISSD UIJ 'JJ:l!-.:l!'l "''"w:::'d "'~' Sund.ty J uue 3 m2~t 6P IJ ~,~I'T.nG ~-1:~1-~ -:;;r ~"<"""-= ·::.:-,"". ~:D: ., ........ >·.e ~ .. ,....,. I ~n G rq)t5b~7 7 nte r prises KRCG 13 &eelfe-l(ee at eae~ toa.e~ ;otirt tir tfel"tJ-iee, aJffel(t'tt'etf al(rl ;el"tftJI(I(ef • ur1 Group of Enterprises 3300 Vandiver Drive Columbia, MO 65202 Phone 573.814.5464 000178 14 15 Dr. Ravinder K Puri; President/CEO ,;f tc·.:--1'1'' -':'".{~ •') ' .... . - ~-·, ~ \. ~ ' ~ . Dr. Ravi K. Puri is the founder of Puri Group of Enterprises. He entered into the business world in the year 1990 , after serving his profession for 30 years. He taught and conducted research in various prominent Universities in the US and abroad. During his career he published approximately 100 research papers in journals of international repute. He is articulate , foresighted , intelligent, organized , and hardworking ; his guidance has steered the Group through a maelstrom of tough economic times that started in 2008 , allowing the Group to emerge twice as big as when the recession started. A celebrated scientist, professor , author, and now business man, he attributes his success to the simple principle "nothing s ucceeds like success; failure has no explanation!" Resume attached below. Dr. Raman Puri, MD Vice PresidentjCFO Dr. Raman Puri , is a physician, specialized in internal medicine. He graduated from the University of Missouri-Columbia School of Medicine. After completing his residency in internal medicine from his Alma Mater , he started his own practice in 2001 in Columbia, under the name and style of Magnolia Critical Care and Internal Medicine. He is both popular and well-liked by patients and staff at Boone Hospital. D escribed a s intelligent, industrious , confident and a perfectionist, he believes in achieving each and every goal he sets. Dr. Raman P uri has been working with the Puri Group of Enterprises since its inception. He is the Vice President and Chief 000179 16 Financial Officer of the Group. In addition to being responsible for the finances and accounts as CFO of t he Puri G roup , he is r esponsible for c oordinating all as pects o f t he architecture , engineering , and construction of each project to insure it adheres to the brand standards of each franchisor. Resume attached below. Mr. Vivek Puri,}D, CHA, Secretary and Genera l Counse l. Vivek Puri , a Cetiified Hotel Administrator, and a licensed practicing member of the Missouri Bar advises the Puri Group on various matters in their daily operations. Vivek's emphasis in employment, insurance , property and contract law is an asset to the construction and operations of the Puri Group and all its s ister co ncems. In addition to his role as General Cow1sel , he is the regional operations advisor to four hotels ; collectively 533 rooms in Jefferson City, Missouri . He serves the legal community as a member of the Solo and Small Firm Planning Committee of the MO Bar and providing legal services to the indigent, garnering him a spot on the Pro B ono Wall of Fame for t he M issouri B ar A ssociation i n 2 0 14. H e s erves t he 1 ocal community by donating his time to fund raising efforts of the Missouri Special Olympics as the Chair for the Over the Edge Committee, sponsming for the Apples for Teacher 's Progran1 for the last five years , sponsoring the annual f undraiser for the Special Learning Center fort he I ast seven years , and sponsoring the St. Judes telethon locally for the last three years. He was honored in 2013 with induction into the Circle of Excellence for the DoubleTree By Hilton Brand for Hilton Worldwide , Inc., an honor bestowed by Hilton to only 10 individuals every year. Reswne attached below. 000180 CEO/President of Ravi K. Puri, Ph.D. 404 Sudbury Drive, Columbia, M065203 573.424.0748 (Cell) Puri Group of Enterprises, Inc., Columbia, MO Qualifications: Ph.D. (1975), Pharmacy Post Doctorate (1980-82) School of Pharmacy University of Mississippi Oxford, MS Professional Experiences: 1970-2000, Teaching and Research, Almost 30 years. 139 Taught in the various universities in the United States and abroad and conducted research in the field of Natural products, Biochemistry and Environmental Sciences. Worked on Time Beach Project of Dioxins. Published nearly 100 scientific research papers and reviews in Journals of international repute. Published chapters in the reputed reference books. Celebrated author of a book entitled Natural Aphrodisiacs: Myth or Reality. The book is one of the most comprehensive compilations on this subject and received wide applause from the Physicians, Pharmacists, Herbalists and Natural Products Chemists. Couple of books are under publications. 1995-2015, Hospitality Industry Almost 20 years of experience in the Hospitality Industry. Starting the reputed hotels projects from scratch to finish. Collaborating with the international franchisers, construction, financing and operation of the hotels from all prospects including General Administration, advertising and marketing, and developments of new projects. All the undertaking projects were successful. CEO/President of the following: 1996: RDR Enterprises, Inc., Kingdom City, MO, Comfort Inn, Kingdom City, MO 1998: Labella Enterprises, Inc., Jefferson City, MO, Hampton Inn, Jefferson City. 2004: Perry Winkle Enterprises, Inc. Jefferson City, MO, Comfort suites, Jefferson City, MO 2006: KCP Hospitality, Inc., Columbia, MO, Hilton Garden Inn and Conference Center, Columbia, MO 2008: Vinca Entrprises, Inc., Double Tree Hotel, Jefferson City, MO 2013: Oracle Enterprises, Inc., Truman Hotel and Conference Center, Jefferson City, MO 2013: Cheerleader Pub and Grill, Inc., Cheerleader Pub and Grill 2014: RVR Enterprises, Inc. Holiday Inn Express and Suites, Columbia, MO 000181 CURRICULUM VITAE RAMAN PURl, MD Address: Puri Group of Enterprises, Inc 3300 Vandiver Dr Columbia, MO 65202 Email: Rarnan.Puri@Hilton.com Phone: 573 814-5464 Fax: 573 814-5465 Education: 1988-1992 B.S. Biochemistry Honors, Cum Laude Minor in Biology and Computer Engineering University ofMissouri, Columbia, Missouri 1992-1996 Doctor ofMedicine (MD) University ofMissouri, Columbia, Missouri 1996 -1997 Internship Categorical Internal Medicine University ofMissouri, Columbia, Missouri 1997 -1999 Residency Internal Medicine University ofMissouri, Columbia, Missouri Professional Experience: Present to 1995 Vice President and on Board of Directors Puri Group of Enterprises, Inc 3300 Vandiver Drive, Columbia, MO 65202 • Directed Hotel Development, Construction, and Operation for over a decade • Interaction with National Franchise Companies such as Intercontinental Hotel Group, Marriot, Hilton Hotels, Choice Hotels International • Puri Group owns and operates Holiday Inn Express and Suites University of Missouri, Hilton Garden-Columbia, Landmark 000182 141 DoubleTree Hotel Jefferson City, MO, Hampton Inn-Jefferson City, MO, Comfort Suites-Jefferson City and Garden Conference Center Columbia, Truman Hotel and Conference Center Jefferson City and Cheerleader Pub and Grill Present to 1999 Private Practice-Magnolia Critical Care and Internal Medicine 2475 Broadway Bluffs, Suite 301, Columbia, Missouri • • • • Consultant Research Papers Presented at Conferences President & CEO -Group Practice Critical Care and Internal Medicine Affiliated with Boone Hospital Center Managing a Multi-Specialty Private Group of multiple Physicians Practice Interest: Critical Care Medicine, Infectious Disease Wyeth corporation for Zosyn and Tygacil brand. Certified and trained on use of Zosyn and Tigecycline. Bayer Health Care for A vel ox brand. Certified and trained on use of fluroquinolones. Puri, Raman and Roland, William, "Ehretianone: A Novel Quinoid with Anti-Snake Venom Activity" Annual Regional American College of Physicians Conference, Lake of Ozarks, November 1997. Puri, Raman and Pickup Stephen, "Ehretianone, A Novel Quinoid Xanthene from Ehretia Buxifolia Roxb: Structure Elucidation by One and Two-Dimensional NMR Spectroscopy," Student Research Day, April 4, 1994, School of Medicine, University of Missouri, Columbia. Emamanuel, Z.S., Ganavendhan, S.G., Balakrishkna, K, Bima Rao, R., Sivaraman, J, Subramanian, K.S., and Puri, Raman, PickupS. and Puri, R.K., "Ehretianone, A Novel Quinoid Xanthene from Ehretia Buxifolia Roxb: Elucidation of its structure and activity," XIV Annual Conference of Indian Association of Biomedical Scientists, Madras, India, September 11th & 12th, 1993. Puri, Raman, Wong, T.C. and Puri, Ravi, "Characterization of Glycoalkaloids from Solanum platanifolium Sims: 13 C and 1H Assignment by Two-Dimensional NMR Spectroscopy," Missouri Academy of Science, April 22-24, 1992, Rolla, Missouri. 000183 142 Research Publications Honor Societies Professional Memberships Licensure Puri, Raman, Wong, T.C. and Puri, Ravi,"Characterization of Steroidal Glycoalkaloids from Solanum platanifolium Sims: Be and 1H Assignment by Two-Dimensional NMR Spectroscopy," 26th American Chemical Society Regional Meeting, November 6- 8, 1991, Omaha, Nebraska. Puri, Raman, Wong, T.C. and Puri, Ravi,"13 C and 1H Assignment ofSolasodine and Diosgenin by Two-Dimensional NMR Spectroscopy," South-Central-Missouri American Chemical Society Research Symposium, March 18, 1991, University of Missouri-Rolla, Rolla, Missouri." Puri, Raman, Wong, T.C. and Puri, Ravi,"Characterization of Steroidal Alkaloids from Solanum platanifolum Sims: 13 C and 1 H Assignment by Two-Dimensional NMR Spectroscopy," Research Science Symposium, August 2, 1991, University ofMissouri, Columbia, MO 65202. Emamanuel, Z.S., Ganavendhan, S.G., Balakrishkna, K, Bima Rao, R., Sivaraman, J, Subramanian, K.S., and Puri, Raman, and Puri, R.K., "Ehretianone, A Novel Quinoid Xanthene from Ehretia Buxifolia Roxb: Elucidation of its structure and activity," Journal of Natural Product Chemistry, (1996), 59(7), 664-667. Puri, Raman, Wong, T.C. and Puri, Ravi, "Solasodine and Diosgenin: Be and 1H Assignment by Two-Dimensional NMR Spectroscopy," Magnetic Resonance in Chemistry, Vol31, 278- 282 (1993). Puri, Raman, Wong, T.C. and Puri, Ravi, "BC and 1HNMR Assignments and Structural Determination of a Novel Glycoalkaloid from Solanum platanifolium Sims" Journal of Natural Product Chemistry, Vol 57, No.5, pp.587-596, May 1994. Phi Lambda Upsilon Honorary Society, Gamma Sigma Delta Honor Society and Golden Key National Honor Society Society of Critical Care Medicine, American College of Physicians, American Medical Association Missouri Medical Association, Boone County Medical Society. Chairman Internal Medicine Association of America. Licensed in Missouri & Kansas 000184 143 Certification BE Internal Medicine, BLS & ACLS, Certified, Member Society of Critical care Medicine and American College of Physicians Awards & Honors: 2015 Planning Commissioner and Chairman Of Planning and To Zoning Board City of Columbia, Missouri. 2007 2008 Member Critical Care Committee 2004 Chairman Internal Medicine Association of America to 2002 1999 Elected to Residency Council 3rd term 1997 Selected Regional ACP Representative for MU Internal Medicine Program 1997 Won 1st place at 1997 Annual Regional American College of Physician Meeting For Best Scientific Research Presentation 1997 Elected to Residency Council 2nd term 1998 President Society of Internal Medicine Residents 1996 Elected to Residency Council 1st term 1994 Second place in Poster Presentation on Student Research Day at the School of Medicine, Columbia MO. 1993 Awarded a Research Internship from the School of Medicine 1992 Outstanding Senior Research Award in Chemistry 1992 Second place in Research Paper Presentation in Chemistry at the Missouri Academy of Science 1992 Howard Hughes Medical Institute Intern A ward of Achievement in Research 000185 144 Lectures Presented 1992 Howard Hughes Medical Institute Undergraduate Research Scholar July 24, 2008, "Complicated Skin Infections: Epidemiology and Management in the Current Era of Resistance," Maggiano's Little Italy, Nashville, Tennesse. April 24, 2008, "Complicated Intra-abdominal Infections: Management, Outcomes and Antimicrobial Choices," Trezo Mare, Kansas City, Missouri. April19, 2008, "Complicated Skin and Soft Tissue Infections," Evidence Based Primary Care Update, Internal Medicine Association of America, Hilton Garden Inn, Columbia, Missouri. November 8, 2007, "Tigecycline: First in a New Class of Broad-SpectrumAntibiotics- clAI," Macaroni Grill, St. Peters, Missouri. October 10, 2007, "Treating Complicated Skin And Skin Structure Infections in an Era of Increasing Resistance," Touch, Springfield, Missouri. September 28, 2007, "Tigecycline: First in a New Class of Broad-Spectrum Antibiotics-Comprehensive Slide Deck," St. Joseph Health Center, St. Charles, Missouri. September 27, 2007, "Management of Patients with Complicated Intra-abdominal Infections: Balancing Empiric Coverage with Antibiotic Stewardship," Celebration Restaurant, Cape Girardeau, Missouri. August 8, 2007, "Tigecycline: First in a New Class of Broad-SpectrumAntibiotics- ciAI," Citizen Kane's Steakhouse, Clayton, Missouri. July 12,2007, "Tigecycline: First in a New Class of Broad-SpectrumAntibiotics-ciAI and cSSSI," Core Physicians, Columbia, Tennessee. July 11, 2007, "Tigecycline: First in a New Class of Broad-Spectrum Antibiotics-ciAI and cSSSI," The Park Cafe, Nashville, Tennessee. April17, 2007, "Tigecycline: First in a New Class of Broad-SpectrumAntibiotics-ciAI and cSSSI," Evidence Based Primary Care Update, Internal Medicine Association of America, Hilton Garden Inn, Columbia, Missouri. November 2, 2006, "Treatment of Lower Respiratory Tract Infections: LRTis," The Pear Tree, Bevier, Missouri. September 12, 2006, "Antibiotic Resistance and Hospital Acquired Infections," Wyeth VSB, Northeast Regional Hospital, Kirksville, Missouri. 000186 145 May 15, 2006, "Hospital Acquired Pneumonia," Wyeth VSB, Bolivar Family Care, Bolivar, Missouri. April17, 2006, "Multi Resistant Gram Negative Bacteria: ESBLs," Evidence Based Primary Care Update, Internal Medicine Association of America, Holiday Inn Select, Columbia, Missouri. April 17, 2005, "Antibiotic Resistance and Hospital Acquired Infections," Evidence Based Primary Care Update, Internal Medicine Association of America, Holiday Inn Select, Columbia, Missouri. November 8, 2004, "Hospital Acquired Pneumonia," Quincy, Illinois. July 16, 2004, "Multi Resistant Gram Negative Pathogens," St. John's Hospital, Springfield, Missouri. July 15, 2004, "Antibiotic Resistance and Hospital Acquired Infections," Twin Hills Country Club, Joplin, Missouri. April 22, 2004, "Hospital Acquired Pneumonia," Trattoria Stradanova, Columbia, Missouri. April17, 2004, "Multi Resistant Gram Negative Bacteria: ESBLs," Evidence Based Primary Care Update, Internal Medicine Association of America, Holiday Inn Select, Columbia, Missouri. December 16,2003, "Multi Resistant Gram Negative Pathogens," VA Hospital, Columbia, Missouri. November 14, 2003, "Hospital Acquired Pneumonia," Starker's Reserve, Kansas City, Missouri. November 12, 2003, "Multi Resistant Gram Negative Bacteria: ESBLs," Aquavin, St. Louis, Missouri. November 5, 2003, "Febrile Neutropenia," Tumor Board Conference, Boone Hospital Columbia, Missouri. October 21, 2003, "Multi Resistant Gram Negative Bacteria: ESBLs," Acuff Auditorium, University Hospital and Clinics, Columbia, Missouri. August 7, 2003, "Antibiotic Resistance and VRE," Phelps County Regional Medical Center, Rolla, Missouri. April11, 2003, "Alternative Medicine," Evidence Based Review in Internal Medicine, Internal Medicine Association of America, Holiday Inn Select, Columbia, Missouri 000187 146 Conferences Attended (CME Credits) 2005-2008, Evidence Based Update in Primary Care, Internal Medicine Association of America, Hilton Garden Inn, Columbia, Missouri, (13.5). January 25-27, 2008, Tygacil Speaker Training, Wyeth Marketing Speakers Training, Atlanta, Georgia. July 21-23, 2006, Infectious Diseases and Emerging Pathogens Consult Program, Wyeth Infectious Diseases, Renaissance Downtown, Chicago, Illinois. February 25-27, 2005, Zosyn Brand Conference, Antibiotic Resistance Update 2005, Grand Hyatt, Manhattan, New York. April17-18, 2004, Evidenced Based Update in Primary Care, Internal Medicine Association of America, Holiday Inn Select, Columbia, Missouri, (13.5). April 2 and 3, 2004, Ave/ox Brand Conference, Bayer Health Care, Hotel Intercontinental, Chicago, Illinois. March 4 and 7, Zosyn Brand Conference for Critical Care Specialist, PGA National Resort, Palm Beach, Florida. April11-12, 2003, Evidenced Based Review in Internal Medicine, Internal Medicine Association of America, Holiday Inn Select, Columbia, Missouri, (13.5). October 2-5, 2002, Capital Regional Healthy Review, Capital Regional Hospital, Capitol Plaza, Jefferson City (28.5) June 3, 2001,Asthma & Allergy Management/or Millennium, Educational Institute of Immunology, Hyatt, Kansas City, Missouri. (10) April2001, Family Practice Board Review, Williams & Wilkins Health Science Education, Baltimore, Maryland. (15) November 4, 2000, Advanced Cardiac Life Support, University of Missouri Quarter Deck Building, Columbia, Missouri. (8) October 6-7,2000, Pulmonology For the Primary Care Physician Methodist Health Care -Memphis Hospitals, The Ritz Carlton, St. Louis, Missouri. (8) April 16, 2000, Beta Blockers in the Management of Cardiovascular Disease, John Hopkins University School of Medicine, Baltimore, Maryland. (1) May 14,2000, Multiple Myeloma Update: New Advances in Biology and Treatment, Strategic Institute for Continuing Health Care Education, Vienna, Virginia. (1) 000188 147 Vivek Puri, JD 3200 Vandiver Drive; Suite llA Columbia, MO 65202 Phone (573) 424-0869 Fax (573) 449-6339 Email: Vivek. Puri@purilawfirm.com Professional and Legal Experience: 1996 -Current 149 Puri Group of Enterprises 4804 Country Club Drive Jefferson City, MO 65109 Certified Hotel Administrator by American Hotel and Lodging Association. Certified GM for Full Service Hotels for Hilton Worldwide, Inc. Certified GM for Limited Service With Hilton Worldwide, Inc. Certified GM for Choice Hotels International, Inc. 2003 -Current Puri Law Firm, LLC. Responsible for Case Preparation, Client Interviewing, 3200 Vandiver Drive; Suite 11A Columbia, Mo 65202 Legal Research and Writing in Land Use, Real Estate Development Partnership and Business Dissolution, Collections. Education: Litigation in Construction, Employment and Labor Law. Member of the Solo and Small Firm Committee for the Missouri Bar. Member of the Civil Procedures Committee of the Missouri Bar. 2003 American Hotel and Motel Association Certified Hotel Administrator. 2002 Juris Doctorate from University of Missouri-Columbia School of Law Honors: Member of Board of Advocates Finalist in Oral Arguments Competition for Class of2003. 1996 Bachelors of Science-Biochemistry from University ofMissouri-Columbia with Honors. Minor in Biology and Psychology. ~ Honors: Graduated with Divisional Honors in Biochemistry, Honors College Graduate. Publications: Chapter in book entitled Plants for Environmental Studies: Photosynthetic electron transport as a bioassay. 209. Wang, Gorsch, Hughes. CRC Press LLC.1997. Chapter in book entitled Plants for Environmental Studies: Plant uptake and metabolism of polychlorinated biphenyls (PCBs ). 481. Wang, Gorsch, Hughes. CRC Press, LLC.1997. Community Involvement: 2000 -Current: Member of Jefferson City Chamber of Commerce Transportation Committee 2006 -Current: Member of Choice Hotels international Regional Advisory Board to Choice Hotel Owners Council 2009-Current: Sponsor of the Moments of Magic Annual Fund Raiser for the For Special Learning Center 2012-Current: Sponsor of the Over the Edge Committee for the Missouri Special Olympics, 2012-Current: Local Sponsor of St. Jude's Telethon, 2010-Current: Local Sponsor ofKPLA 101.5 "Apples for Teachers" Jefferson City Accolades: 2013 Inducted into the Circle of Leadership for the DoubleTree Brand for Hilton Worldwide, Inc. 2014 Pro Bono Wall of Fame for the Missouri Bar Association 000189 • • • ~ • • • • • • • • • • APPENDIXJ List of Consultants 000190 ~~ DEVELOPMENT STRATEGIES ® guiding effective decisions in real estate, community, and economic development FIRM PROFILE Development Strategies provides economic and market research, strategic and land use planning, counseling, and valuation services. With our mission to provide sound strategic guidan ce in real estate, community , and economic development, w e have assembled a team of ex perts that work collaboratively to find the best solution. The varied backgrounds of our team is appropriate for the diversity of our clients, which range from for-profit to non -profit, small businesses to major corpo rations, local governments to federal agencies, and foundations and institutions of all t y pes. The foundation of our services is quality research and anal ysis. Our effort is placed in appl y ing market reality to an opti m istic future , resulting in wise investment of our clients ' resources. The depth and range of our collective kno w ledge and experience provide great value to clients in achieving effective implementation of their visions, plans , and strategies . Development Strategies was founded in 1988 by the core consulting staff of a predecessor firm. Our professionals hold various graduate degrees in business administration, urban and regional planning, architecture, urban affairs, community planning, economics , geography, real estate development, geographic information systems (GIS ), and urban design . To enhance the depth and range of services to our clients , we frequently partne r on project teams that include architects , landscape architects, urban designers , developers , engineers, attorneys , social workers , and other specialists. 10 South Rroaciway, Suite 1500 • St. Louis, MO 6310/ • p 3 14.4 21.2800 0001 9 1 REAL ESTATE DEVELOPMENT SERVICES Market Analysis and Strategies Highest & Best Use Studies Site Evaluation & Selection Land Use Planning Project Programming Valuations and Appraisals Subsidy Analysis and Valuations Financial Feasibility Analysis Development Concept Evaluation Plan and Design Review COMMUNITY DEVELOPMENT SERVICES Redevelopment Planning Neighborhood/District/Corridor Planning Downtown Revitalization Strategies Housing Surveys and Strategic Planning Community and Stakeholder Engagement Needs & Capacity Analysis Fiscal & Economic Impact Assessments Cost/Benefit and Community ROI Analysis Development Guidelines & Regulations Site Acquisition Strategies ECONOMIC DEVELOPMENT SERVICES Gap Funding and Incentives Analysis Economic & Fiscal Impacts Assessments Business Retention/ Attraction/Creative Strategies Location & Business Cl i mate Analysis Industry Targeting & Clu ster Analysis Facilitated Strategic Planning Developrnent Incentives Audits Business Organizational Structure WWW.DEVELOPMENT-STRATEGIES.COM LARRY MARKS AIAAICP EDUCATION Master of Architecture In Urban Design Uni vers ity of Pennsy lvania 197 4 Master of City Planning Univers ity of Pennsylvania 197 4 Master of Architecture Washington Unive rsity St. Louis, Missouri 1 969 Bachelor of Architectural Sc ience, Wash ington University St. Louis, Missour i 1967 REGISTRATIONS Ame rican Institute of Certified Planners (A ICP) Architectural Li cense State of Missour i PROFESSIOr,IAL MEMBERSHIPS American Institute of Architects (A lA) American Planning Association Congress for the New Urbanism Former Nat iona l Vice Chair AlA Regiona l and Urban Design Committee National Trust for Historic Preservation U.S . Green Build ing Counci l GUEST LECTURER School of Architecture Washington University in St. Louis Pr i nc ipa l, Exec utive V ice Pres ident CAREER SUMMARY AND BACKGROUND Mr. Marks is respo ns i b le for ove rsee ing t h e f i rm 's la rge-scale p lanning assignments t l1at requ ire specia l attentio n to iss ues associated w ith phys ical deve lopment. In th is capac ity , 11e directs Development Strategies' strategic land use p lanning, deve lopme nt programming and faci lity plann i ng, a n d site selection work. He also oversees t h e firm's i ncentives stud- ies (TIF, CID, TDD, N ID). To each assignment Larry b r ings a pass ion for the revita li zat ion and redeve lopment of c ities , both large a nd s m a l l. H is extens ive experience in work i ng for both the pub lic sector and p ri vate sector prov ides a spec ia l ab ili t y and perspective that allows h im to se rve as a br idge between the two sectors to faci li tate unique and implementab le qua l ity urban deve l- opment. Prio r to j oin i ng Deve lopment Strategies, Mr. Marks wo r ked for He llmuth, Obata and Kassa- baum , Arcllitects, St. Lou is; Dav id A. Crane and Partners, Arch itects , Ph il adelphia , Pen n syl- van ia; and Ka lsberge r and Assoc iates, Pr i nceton, New Jersey . His experience at these firms inc luded design, p lann i ng, and management respons i bil ities. EXPERIENCE With over 40 years of experience in urban planning and design , Larry l1as worked on a wide range of projects that inc ludes area and community revita lization plans; strategic development plans for medical centers and universities; site analysis and feasibil ity studies; retail district and corridor studies ; transit-oriented development studies; and redevelopment plans in volving bligl1t analysis, ta x increment financing, and related public incentives . Community/Downtown Rede ve lopment Plans CORTEX Rede velopme nt Plan , St. Louis , MO ; Ballpark Village , St. Louis , MO; Eman uel Hospital Neighborhood Revitalization Plan, Potiland , OR; Downtown Re vitaliza tion Plan , Chica go Heights, IL ; O'Fallon Retail Strategy, O'Fallon, MO.; Medica l/Education District Plan , Jackson , MS;; 18111 & Vine Neighborllood Plan, Kansas City, MO; Meado ws Shopping Center Redevelopment Plan , Indianapolis, IN; Northsude Regeneration Plan. St. Louis , MO ; Botanical Heights Redeve lopment Plan , St Louis, MO; Grand Center Rede ve lopment Plan, St Louis, MO; Justin Plac e Neighbo rhood Rede vel opment Plan , Kansas City , MO; North Oakland Med ical Center Neighborhood Plan, De - tro it, M l; Ball win To wn Center Rede velop ment Pla n, Ballwin , MO; St Luke 's Medical Center Neighborhood Rev ita lization Plan , Phoenix , AZ. Strategic Land Use Plans Uni ve rsity of Dela ware Surplus Land Use Stud y, DE; US Highway 40 Corridor Hi-Tech Plan, St Louis , MO ; Bo ys Town of Nebraska Surplus Land Use Study, Omaha, NE; Chesterfield Valley Mas- ter Plan and De ve lopment Guidelines, Cl1esterfield, MO; New Castle County Strategic Land Use Plan , DE; Un ivers ity of Missouri Research Park, Weldon Spr ing , MO; Genera l Health Medical Campus Land Use Plan and Guidelines, Baton Rouge, LA: NorthPark Business Park De ve lopment Plan, St Lou is, MO; Strategic Land Use Plan , Independence, MO; M ixed Use Strategic Land Use Plan , Des Moines, lA. TOD Pl ans Master plans for f ive stations in Prince George's County for Washington DC Metro ; station area plans for original Metro li nk alignment; station area development opportunity updates for Me- trolink stations; deta iled development opportunity study for Forest Park Station . Incentives Anal ys is Sales, revenue projectio ns, and financia l a na lysis for new and existing reta il and mixed-use de- velo pments utilizing tax increment financ ing and other forms of development subsidies . DAVID LIBONN. ESQ EDUCATION Juns Doctor Washrngton Unrversrty School of Law. 2014 Bachelor of Arts. Geograph y/Urban Plannrng. Central Connect rcut State Unrversrty, 2010 PROFESSIONAL MEMBERSHIPS Missouri Bar (admitted 2014) American Bar Assocratron Bar Association of Metro St. Louis Urban Land Institute RECENT PUBLICATIONS From Cautionary Example to City on a Hill: Revitalizing St. Louis IVIay Require an Innovative Regional Taxation Model. 91 WASH. U. L. REV . 1035 (2014) Legal Co nsu ltant CAREER SUMMARY AND BACKGROUND David brings a unique perspective to Development Strategies' projects, owing to his ed uc a- tion and ex perience in the fields of land use , zon ing, municipal, and public finance la w . Da vid's lega l education expands upon his undergraduate studies in urban planning, cartog- raph y, economic geograph y, and Geographic Information Systems . Afte r grad ua ting high school in 2002, David served an apprenticeship w ith a master build - er, wo rk ed as a carpe nter, and ultimately owned a small residential remode ling business w hile wo rkin g part-t im e to wa rd l1is bache lo r's degree. His remod e ling exper ience includ ed historic restorations, hom e reno va tions. and new const ru ction proj ects throughout Connect- icut and western Massachusetts. Prior to joining De ve lopm e nt Strategies, Da v id ga in ed exper ie nc e wo rking in a var iety of environments including: the St. Louis De ve lopment Corporation (S LDC ). t he Prob lem Prop- e rti es Unit of th e St. Louis City Cou nse lor's office, the c hambe rs of Fede ral Magistrate Judge Shirley Mensah of the East e rn District of Missouri, and pr iva t e sector tax incenti ve consu ltin g. EXPERIENCE Since joinin g Deve lopment Strategies in 2014, Da v id has contributed valuab le lega l a naly- sis to a range of projects. in c luding bond reven u e projections, specia l taxation district feasi - b ili ty and re ve nu e a nalyses, tax-increment financ in g redevelopment d istrict studies, and low-income housing ta x cred it market studies. • Anal yzed the cu rr ent revenue generation and reve nu e potential of a major New Urbani st developm ent in St. Charles , Missouri to determine its capacity to suppo rt the issuance of a $2 1 million refunding bond . • Ass isted the New Yor k-based legal team represent ing a regional St. Louis ban k in respond- ing to a banking practices investigat ion by the U.S. Department of Just ice . • Counseled a client team through the process of app lying for tax-increme nt financing to sup- port redevelopment of a n underutilizecl site in the City of St. Louis into a new , urba n-sca led automotive dea lersllip and service center. • Rev iewed and analyzed developme nt agreements and ground leases concern ing the devel- op ment of numerous proposed res idential phases on the grounds of a Uni versity of Mis- souri research park in St. Charles County. • Managed prod ucti on of a blighting study to a ll ow th e Land Clearance for Redevelopment Authority of the City of St. Louis to utili ze the power of eminent doma in in acquiring land fo r , relocation of t he Na tional Geospatial In telligence Agency. • Analyzed Ten nessee's tax-increme nt fin an cing law in order to ca lculate the value of a reve- nue bond for a major in ternatio nal retai ler in Memph is. • Calculated and co mpared the revenue potential and political feasibility of a variety of spe- cia l taxation districts for a capital improvement project in St. Charles, Missouri . • Produc ed important tax-increment financin g district ma te rials for the NorthPark bus in ess park development in St. Louis County and the Cortex inn ovation district in St. Louis City. • Studied Oh io spec ial im pro vement d istrict law and counse led Clayco, Inc . on the feasibi lity of using such distri cts to provide gap financing for a student-oriented mixed-use develop- ment at Cleveland State Uni ve rsi ty. • Contribu ted research and analysis to several low-i nco me housing tax credit market studies. COMPANY PROFILE PUBLIC SECTOR SERVICES Engineering Surveys and Services Columbia + Jefferson City • Sedalia 000194 Company Profile Engineering Surveys and Services Page 11 1 WHOWEARE 1.1 Firm History Since its founding in 1954, Engineering Surveys and Services (ES&S) has been delivering solutions to support the built environment of mid-Missouri. Over the decades, the firm has added to the services it provides to clients in the public sector and private industry. Today, ES&S offers consulting services for the planning and design of civil infrastructure in the transportation and water industries; site preparation for vertical construction; full- service land surveying and construction observation services; and laboratory facilities to perform a comprehensive list of analytical and construction material testing required for most public infrastructure and building projects. For over five decades, ES&S has provided this wide range of design and construction services to assist clients and design partners, longer than any other central Missouri-based firm. Our staff has amassed extensive knowledge of the region's surveying records and geotechnical conditions. ES&S enjoys strong working relationships with regulatory agencies and utility providers, helping to deliver more efficient design and reduced cost of construction for clients . The combination of comprehensive services available in each office and accumulated knowledge of the region allows for effective, hands-on project management and better control over project deadlines and budget. ES&S has three offices-Columbia , Jefferson City and Sedalia-to serve clients throughout the region. Each location offers in -house resources to provide the firm's core services . ES&S also offers a comprehensive analytical laboratory in Columbia. 1.2 Registration & Licensing Engineering Surveys and Services, LLC is licensed to provide professional services in the State of Missouri as provided below: • Registration as Professional Engineering Corporation (Certificate/License No. 2004005018) • Registration as Professional Land Surveying Corporation (Certificate/License No. 2004004672) • Certificate of Good Standing (LC0076100) The Certificate of Good Standing certifies that ES&S has filed all required annual reports, met all franchise tax requirements and currently maintains a proper registered agent and/or office as required by the Office of the Missouri Secretary of State . ES&S will provide copies of these documents upon request. I ., ,, 000195 Company Profile Engineering Surveys and Services Page 12 2 WHAT WE DO ES&S has one of the strongest and most stable engineering and design support practices in mid-Missouri . Firm-wide staff is approaching fifty - a mix of registered professional engineers and surveyors; design drafting and field services technicians ; and laboratory specialists . We maintain design workstations, survey crews , materials testing equipment and fleet vehicles in each of our three office locations . Below we describe in more detail our firm 's service offerings . 2.1 Engineering Services Our engineering, design and support personnel have the technical expertise and project management skills needed to guide projects from the conceptual design phase , through construction documents, to facility startup. With our extensive design experience supplemented by our knowledge of local , county, state , and federal regulations pertaining to site development, we can manage and design a variety of civil engineering projects: Civil Engineering • • • • • • • • • Land-Use Planning Conceptual Site Layout & Property Evaluations Site Plans for Commercial , Residential , Institutional, Educational & Industrial Developments Transportation & Infrastructure Design Stormwater Management & Soil Erosion Control Plans Slope & Stream Bank Stabilization Permitting for Site Development Construction Cost Estimating Contract I Construction Administration Geotechnical Engineering • • • • • Subsurface Exploration Soil Analysis Hydrology & Hydrogeology Foundation Design Recommendations Pavement Design Recommendations 0001 96 Company Profile Engineering Surveys and Services Page 13 Environmental Engineering • • • • • • • 2.2 Water & Wastewater Analysis Facility Planning & Engineering Reports Wastewater Treatment-Small Systems Wastewater Collection Systems Water Transmission & Distribution Systems Surface I Subsurface Water Monitoring & Evaluation Permit Applications Land Surveying Leveraging the latest equipment technology in data acquisition, ES&S's land surveying division is fully capable of providing all of your surveying needs . The firm's long history in central Missouri has produced an extensive inventory of records and project files for land corner monumentation on all types of tracts and parcels throughout the region. ES&S regularly provides the following land surveying services: • ALTA/ACSM land title surveys • Cadastral surveys • Boundary surveys • Topographic surveys • Construction staking and layout • Geodetic surveys • Hydrographic surveys 2.3 Construction-Related Services ES&S provides high quality, well trained personnel that respond efficiently to our client's needs. All technicians are cross-trained in a variety of areas ~ including soil, aggregate and concrete and are dispatched in company-owned and insured vehicles . The Columbia materials laboratory has been validated by the U.S . Army Corps of Engineers, verifying testing and reporting procedures for numerous soils, concrete, mortar and aggregate test procedures. Engineering personnel provide project oversight for materials operat ions and any necessary field observations. Construction-related services offered include: • Earthwork observation and testing I I \ 1 i I 000197 Company Profile Engineering Surveys and Services Page 14 • Concrete, grout and mortar testing • Foundation construction observation and documentation (shallow foundation , drilled shafts, driven piles, rammed aggregate piers , micropiles, auger cast piles) • • • • Reinforcing steel placement documentation Certified welding inspector for structural steel connections Post-tensioned concrete tendon placement and loading documentation Floor flatness and levelness observation • Fireproofing adhesion, cohesion, applied density and intumescent paint ES&S maintains MoDOT-certified technicians for construction observation and materials testing services. Firm staff are familiar with MoDOT's Local Public Agency (LPA) guidelines and offer construction observation administration and oversight to meet FHWA and MoDOT requirements, including: • Maintenance of the construction diary • Preparation of progress reports • Wage rate interviews • Assist with EEO compliance • Document quantities of work in place for pay estimates • Change order documentation • Perform semi-final observation with contractor • Coordinate final observation with MoDOT • Submit final observation report and applicable final documentation as required 2.4 Analyticallaboratory The regulatory structure related to the nation's water and environmental resources is both demanding and dynamic. For this reason , ES&S has maintained a state-of-the-art analytical laboratory since 1973 to serve our clients' regulatory compliance needs . ES&S's test methods are documented and comply with requirements of a number of relevant regulatory and accrediting agencies, including EPA, APHA, AWWA, WEF, USBM , ASTM, and AASHTO . Laboratory personnel undergo internal certification to perform tests and analyses on a yearly basis , and equipment is checked and calibrated annually by outside agencies. ES&S maintains an extensive Quality Assurance Program in accordance -~ with the EPA Handbook for Analytical Quality Control in Water and Wastewater Laboratories , as well as our own Laboratory I \t \ . I 000198 Company Profile Engineering Surveys and Services ES&S -delivering solutions for Mid-Missouri's built environment since 1954. Page /5 Operations Manual, which covers every test and analysis performed by our lab. This program contributes to precise and accurate data generation by the various methods used . Standards, blanks, duplicate samples and spike samples are utilized during specified analytical runs to ensure no interference and good repeatability . Also , samples are periodically sent to other laboratories for confirmation of reproducibility. ES&S voluntarily participates in the Environmental Resource Associates (ERA; formerly Analytical Products Group) Water Pollution Proficiency Testing Program , regularly achieving a weighted ranking in the top 5% of participating labs for acceptable data reporting. 3 WHERE WE LIVE ES&S has three locations in mid-Missouri, each capable of efficient and effective response to your needs for design and constru ction support services. Each office offers engineering design and surveying production capacity and onsite construction materials testing, with analytical laboratory services in Columbia . Columbia 1113 Fay Street Columbia , MO 65201 573-449-2646 000199 Jefferson City 802 El Dorado Drive Jefferson City, MO 65101 573-636-3303 Sedalia 1775 West Main Street Sedalia , MO 65301 660-826-8618 I \ 29 Simon Associates, Inc. A OC::IIIil UTEClif"U IE 13 South Sixth Street, Columbia, MO 65201 Phone: 573-87 4-1818 Fax: 573-499-0887 www.simonassoc.net jsimon@simonassoc.net Established August 1989 as a Sub-ChapterS Corporation Registered with the Missouri Secretary of State Office Professional Services: • Master Planning • Space Planning • IBC 2006 and IBC 2009 Code Review Compliance • ADA & ANSI Accessibility Evaluation Compliance • Site Design • Project Cost Estimating • Construction Document Development • Bidding/Negotiation with Contractors • Construction Management • 3D Computer Visualization • Historical Restoration • Interior Design 000200 Principal Architect EDUCATION 1978 B .A. Architecture Kansas State University College of Architecture , Planning , & Design Manhattan , Kansas PROFESSIONAL REGISTRATION State of Missouri , 1984 LEED Certified PROFESSIONAL MEMBERSHIPS AlA CSI IBC PROFESSIONAL EXPERIENCE 1994-Present Principal and Owner Simon Associates, Inc. Columbia , Missouri 1989-1994 Principal and Owner Simon-Connell Architects Columbia , Missouri 1985-1989 Principal and Co-owner JCA Architects, Inc. Columbia , Missouri 1984-1985 Project Architect JCA Architects , Inc. Columbia , Missouri 1982-1984 Intern Architect Westenhaver , Renner, Howell Architects , Inc. Columbia , Missouri 1980-1982 Intern Architect Sunshine Design Flagstaff, Arizona 1979-1980 Intern Architect Nelson Architects Flagstaff, Arizona 00020 1 30 Architect EDUCATION 1998 B.A . Environmental Design University of Missouri Columbia, Missouri PROFESSIONAL REGISTRATION State of Missouri , 2011 PROFESSIONAL MEMBERSHIP AlA PROFESSIONAL E X PERIENCE 2011-Present Architect Simon Associates, Inc. Columbia , Missouri 1999-2011 Associate I Designer Simon Associates , Inc. Columbia , Missouri 1998-1999 Facilities Management University of Missouri Columbia , Missouri 1998 Architectural Draftsperson GBQC Architects Philadelphia, Pennsylvania 000 202 3 1 Associates EDUCATION 2010 M .A. Architecture Kansas State University Manhattan, Kansas PROFESSIONAL EXPERIENCE 2011-Present Intern Architect Simon Associates, Inc. Columbia, Missouri 2010-2011 Tegerdine Construction, LLC. Columbia, Missouri 2010 Design Assistant Jim Jones Kansas State University Manhattan , Kansas 2009 Graduate Teaching Assistant Kansas State University Manhattan , Kansas EDUCATION 2012 M.A. Architecture Kansas State University Manhattan, Kansas 2011 Spring Study Abroad-Italy PROFESSIONAL E X PERIENCE 2012-Present Intern Architect Simon Associates, Inc . Columbia, Missouri 2011 Summer Intern Architect SP Architects St. Louis, Missouri 2010 Summer Crew Member Hill Construction Manhattan, Kansas 2006-2007 Customer Service Allosource St. Louis, Missouri 000203 32 Associates EDUCATION 2008 B .A. Industrial Design Art Institute of Colorado Denver , Colorado PROFESSIONAL EXPERIENCE 2013-Present Draftsperson Simon Associates, Inc. Columbia , Missouri 2010-2012 Free Lance Product Design Battenfeld Technologies Columbia , Missouri 2008-2009 Summers Free Lance Renderings Denver International Airport Denver , Colorado EDUCATION 2012 Computer Science Columbia College Columbia , Missouri 2009 Drafting Design Technology Moberly Area Community College Moberly, Missouri PROFESSIONAL EXPERIENCE 2012-Present Draftsperson Simon Associates, Inc. Columbia , Missouri 2004-2009 Draftsperson Columbia Associates Architecture , Inc. Columbia, Missouri 000 204 33 34 Val bridge PROPERT Y ADVISORS Information on Valbridge Property Adviso rs Valbridge covers the U.S. from coast to coast, and is one of the Top 3 national commercial real estate valuation and advisory services firms based on: • Total number of MAis (163 on staff) • Total number of office locations (60 across the U.S.) • Total number of staff (600+ strong) Valbridge is owned by our local office leaders. Every Valbridge office is led by a senior managing director who holds the MAl designation of the Appraisal Institute. Valbridge services all property types, including: • Office • Industrial • Retail • Apartments/multifamily/senior living • Lodging/hospitality/recreational • Land • Special-purpose properties Val bridge welcomes single-property assignments as well as portfolio, multi-market and other bulk- property engagements. Specialty services include: • Portfolio valuation • REO/foreclosure evaluation • Real estate market and feasibility analysis • Property and lease comparables , including lease review • Due diligence • Property tax assessment and appeal-support services • Valuations and analysis of property under eminent domain proceedings • Valuations of property for financial reporting , including goodwill impairment, impairment or disposal of long-lived assets, fair value and leasehold valuations • Valuation of property for insurance, estate planning and trusteeship, including fractional interest valuation for gifting and IRS purposes • Cost segregation studies • Litigation support, including expert witness testimony • Business and partnership valuation and advisory services , including partial interests Independent Valuation for a Variable World VA LBRIDGE PROPERTY ADVISORS I Shaner Appraisals, Inc. 000205 Val bridge PROPERTY ADVISORS Office Locations ALABAMA CONNECTICUT KANSAS Valbridg e Property Adv isors I Val bridge Pro perty Advi sors 1 Valbridg e Pro perty Adv isors 1 Rea l Es t ate Appraisers , LLC ltalia & L emp , Inc . Sh an er Appra isals , Inc . 4 732 Woodmere Boul evard 6 Central Row , T hird Fl oo r 10990 Quivira Road , Su it e 100 Mon tgomery, A L 36 106 Hartford , CT 06103-2701 Overland Park , KS 6621 0 334-277-5077 phone 860-246-4606 phone 9 13-451-145 1 phone 334-277-5078 fax 17 High Street , Suite 214 9 13-529-412 1 fax Norwa lk, CT 0685 1 ARIZONA 203-286-6520 phone KENTUCKY Val brid ge Property Adv iso rs 1 Valbridg e Pro perty Adv isors MJ N Enterprises , In c. FLORIDA !Allgeier Co mpany 6061 E. Gra nt Road, Suite 121 Valbridg e Pro p erty Ad v is o rs 1 214 South 8th Street , Suit e 200 T ucson , AZ 857 12 Armalav age Valu ation , LLC Loui sv ill e, KY 40202 520-321-0000 phone 2240 Veneti an Court 502-585-3651 phone 520-290-5293 fax Napl es , FL 34 109 502-589-7 480 fax 239-514-4646 phone CALIFORNIA 239-514-4647 fax LOUISIANA Valbridg e Property Ad v iso rs 1 Val bridg e Pro perty Adv is ors 1 Mic hae l Burger & Associ ates Valbridge Property Ad v isors I Argote, Derbes , Graham , 49 15 Calloway Drive , Su ite 101 Beaumont, Matth es & Church , Shuffield & Tatj e, Inc. Bakersfield , CA 933 12 In c. 5 12 North Ca useway Bou leva rd 661 -587-1010 phone 603 Hillcrest Street Me tairi e, LA 70001 661-834-0748 fax Orlando , FL 32803 504-833-8234 phone 407-839-3626 phone 504 -830-3870 fax Va lbrid ge Property Ad v iso rs 1 407-839-3453 fax Cumming s Appra isal 7607 Fem Avenue , Suite 104 Gro up, In c . Valbridg e Pro perty Ad v is ors 1 Shreveport, LA 71 1 OS 99 S. Lake Aven ue, Sui te 21 Broom , Mood y, J o hn son & 318-797-0543 phone Pasadena , CA 9 11 01 Grainger, In c. MARYLAND 626-744-0428 phone 121 West Forsyth Street , #1000 Val b ridg e Pro perty Advis ors 1 626-744-0922 fax Jacksonvill e, FL 32202 904-296-3000 phone Lipman Frizze ll & Mitc hell LLC Valbrid ge Property Ad v iso rs 1 904-296-8722 fax 6240 Old Dobbin Lane , Su it e 140 Hulberg & Associates , Inc . Co lumbia , MD 21045 225 Crossroads Blvd, Suite 326 Valbridge Property Ad v isors 1 4 10-423-2300 phone Carmel, CA 93923 Entre ken Assoc iates, Inc . 4 10-423-2410 fax 83 1-9 17-0383 phone 11 00 16th Street N 925-327-1696 fax St. Pete rsb urg , FL 33705 MASSACHUSETTS 727-894-1800 phone Valbridg e Property Adv isors 1 2813 Coffee Road, Suite E-2 727-894-89 16 fax Bull o c k Co mm erc ial Appraisal, Modesto , CA 95355 LLC 209-569-0450 phone GEORGIA 21 Muzzey Street , Su ite 2 209-569-0451 fax Va lbridg e Pro p erty Ad v isors 1 Lex ington , MA 02421 Cantrell Miller, LLC 78 1-652-0700 phone One North Market St reet 2675 Paces Ferry Road , Ste 145 MICHIGAN Sa n Jose, CA 951 13 Atl anta, GA 30339 Valbridge Property Adviso rs 1 408-279-1520 phone 678-644-4853 phone 408-279-3428 fax Th e Oetzei-Hartman Group IDAHO 321 Wood land Pass , Su ite 200 3160 Crow Canyon Pl ace , #245 Valbridg e Prop erty Ad vi s o rs 1 East Lansing , M l 48823 San Ramon , CA 94583 5 17-336-000 1 phone 925-327-1660 phone Aubl e, J o li coe ur & Gentry, Inc . 517-336-0009 fax 925-327-1696 fax 1875 N. Lakewood Drive, #100 Coeur d'Alene, ID 838 14 MINNESOTA Valbrid ge Pro perty Advisors 1 208-292-2965 phone Valbridg e Property Adviso rs 1 Penn er & A ssociates, In c . 208 -292-297 1 fax Mard ell Partners, Inc. 1370 N . Brea Bou levard , #255 120 Sou th 6th Street , Su ite 1650 Fu llerton , CA 92835 Valbridge Pro p erty Advisors 1 Min neapo li s , MN 55402 714-449-0852 phone Mo untain States App rai s al 612-253-0650 phone &Co nsulti ng , Inc . 714-738-437 1 fax 1459 Tyre ll Lane , Suite B 6 12-253-5650 fax Val bridg e Pro p erty Adv iso rs 1 Boise , ID 83706 NEVADA Ribacc h i & Associ ates 208 -336-1097 phone Val b r idg e Property Advis o rs 1 1030 1 Placer Lane, Sui te 100 208-345-11 75 fax Lubawy & A ssociates, Inc. Sacramento, CA 95827 3034 S . Du rango Dri ve, Suite 100 9 16-36 1-2509 phone INDIANA Las Vegas, NV 89 11 7 9 16-361-2632 fax Valbridge Pro perty Ad v isors 1 702-242-9369 phone M itchell Appraisals , Inc . 702-242-6391 fax COLORADO 820 Fort Wayne Avenue Indianapolis , IN 46204 NORTH CAROLINA Valbri dge P rope rty Ad viso rs 1 317-687-2747 phone Va lbridg e Property Adv isors 1 B r is tol Rea lty Counse lors 5345 Arapahoe, Su ite 7 3 17-687-2748 fax John Bosw o rth &Asso c iates , Bou lde r, CO 80303 LLC 303-443-9600 ph one IOWA 4530 Park Road , Sui te 100 303-443-9623 fax Valbridge Pro p erty Advisors 1 Cha rl otte, NC 28209 Roy R. Fish er, In c. 704-376-5400 phon e Val bridge Property Adv is ors I 2010 East 38th St reet , Su it e 201 704-376-1095 fax Mounta i n West Davenport , lA 52807 562 Highway 133 563-355-6606 phone Val bridg e Property Ad v iso rs 1 Ca rbonda le, CO 81623 563-355-6612 fax Paramo unt Appraisal 970-340-1016 pho ne Group, In c. 970-797-9 124 fax 4 12 E. Chatham St reet Ca ry, NC 275 11 9 19-859-2666 phone 9 19-859-2667 fax VALBRIDGE PROPERTY ADVISORS I Shaner App raisals , Inc. 000 206 35 Trum an Hotel an d Co nvention Center ADD ENDA OHIO TEXAS Valbr idge Property Ad v isors 1 Valbr id ge Pro perty Advi s ors 1 A k ron Appra isal Gro up, Inc. Dug ge r, Canaday, Grafe, In c. 1655 W Market Street , Suite 130 111 Soledad , Suite 800 Akron , OH 44313 San Antonio , TX 78205 330-899-9900 pho ne 210-227-6229 phone 330-680-5204 fax 2 10-227-8520 fax Val bridg e Property Ad v is o rs 1 Val bridg e Pro p erty Ad v isors 1 Allg ei er Compan y The G era ld A . Te el Compan y, 9277 Centre Poin t Dr., Suite 350 Inc . West Chester, OH 45069 Two Energy Squa re 513-785-0820 pho ne 4849 Greenville Avenue , Ste 1495 513-563-3539 fax Dallas , T X 75206 214-446-16 11 pho ne Val b ri dge Property Ad v is o rs 974 Campbe ll Road , Suite 204 526 E. Supe ri or Avenue , Suite Houston , T X 77024 455 713-467-5858 phone Clevel and, O H 44 114 713-467-0704 fax 216-367-9690 phone 330-680-5204 fax Val brid ge Pro p erty Advi sors 273 1 81st Street OKLAHOMA Lubbock, TX 79423 Val bridg e Pro p erty Ad v is o rs 1 806-7 44-1188 phone Walto n Prop erty Servic es , LLC 806-744-11 89 fax 8282 So uth Memorial Drive , #302 UTAH Tulsa , OK 74 133 9 18-712-9992 phone Val brid ge Property Ad v iso rs 1 9 18-742-306 1 fax Fre e and As sociates, In c. 260 Sou th 2500 West , Suite 30 1 PENNSYLVANIA Pl easan t Grove , UT 84062 Val bridge Pro p erty Ad v iso rs 1 801-492-9328 pho ne Barone, Murtha , Sh o nberg & 80 1-492-1420 fax As s o c iates , Inc. 1100 East 6600 So uth , Su ite 20 1 470 1 Bapti st Road , Suite 304 Sa lt Lake Ci ty, UT 84 12 1 Pittsburgh , PA 15227 80 1-262-3388 pho ne 412-88 1-6080 phone 80 1-262-7893 fax 4 12-88 1-8040 fax Va l bridge Property Ad vi s o rs 1 20 North Ma in , Su it e 304 Lu ke ns & Wo lf, LLC St. George , UT 84 770 435-773-6300 phone 150 Sou th Warner Road , Ste . 440 435-773-6298 fax King of Prussia , PA 19404 215-545-1900 phone VIRGINIA 215-545-8548 fax Valbridge Pro p erty A dv is o rs 1 SOUTH CAROLINA Ax ial Ad v iso ry Grou p, LLC Va l bridg e Property Ad v iso rs 1 656 Independence Parkway , #220 Chesapeake , VA 2332 0 Atl antic Appraisal s , LLC 757-410-1222 pho ne 1250 Fa irmont Avenue Mt . Pleasant, SC 29464 757 -410-2956 fax 843-884-1266 phone 7 400 Beaufont Sp rin gs Drive , 843-881-7532 fax #300 Ri chmond , VA 23225 BOO Main Street , Suite 220 804-672-4473 phone Hi lton Head Island, SC 29926 843-342-2 302 phone 4 732 Longh i II Road, Suit e 3202 843-342-2 304 fax W illiam sb urg , VA 23 188 757-345-0010 phone Va lbridge Pro p erty Advis o rs 1 757-345-0170 fax Ro binson Co mpan y 610 N. Ma in St reet WASHINGTON Greenvill e, SC 29601 Valbridg e Pro perty Ad v isors 1 864-233-6277 pho ne Allen Brac kett Sh edd 864-233-8577 fax 4 19 Berkeley Ave nu e, Suite A TENNESSEE Fircrest , WA 98466 253-27 4-0099 phone Va lbridge Property Ad viso rs 1 253-564-9442 fax R.K . Barnes & A s socia tes , Inc. 112 Westwood Pl ace , Su ite 300 12320 NE 8t h Street , Suite 200 Brentwood , T N 37027 Be ll evue , WA 98005 615-369-0670 phone 425-450-4040 pho ne 6 15-369-0671 fax 425-688-1819 fax Val bridge Property Ad v isors 1 Valbridg e Property Ad v isors 1 C & I Appraisal Serv ices, Inc . Auble, J o licoe ur & Gentry, In c . 6750 Pop lar Avenue , Suite 706 324 N. Mullan Road Memp hi s , TN 38138 Spokane Va ll ey , WA 99206 901-753-6977 phone 509-747-0999 phone 509-7 4 7-3559 fax Va lbridge Pro p erty Ad v isors 1 Meridian Realty Adviso rs , LLC WISCONSIN 213 Fox Road Valbridge Property Ad vi sors 1 Knoxvi ll e, TN 37922 Vi ta le Rea lty Advisors , LLC 865-522-2424 phone 12660 W. No rt h Avenue 865-522-0030 fax Brookfield , W I 53005 262-782-7990 phone 262-782-7590 fax Page 91