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HomeMy Public PortalAbout2017-02 - St. Mary's TIF Plan ST. MARY'S HOSPITAL TAX INCREMENT FINANCING PLAN Jefferson City, Missouri F&F DEVELOPMENT, LLC A Missouri Limited Liability Company DEVELOPER SUBMITTED FEBRUARY 2017 PREPARED BY: Polsinelli, P.C. 900 W. 48th Place, Suite 900 Kansas City, Missouri 64112 52689347.4 TABLE OF CONTENTS I. SUMMARY 1 II. DEFINITIONS 5 III. TAX INCREMENT FINANCING 9 IV. REDEVELOPMENT PLAN AND REDEVELOPMENT AREA 10 A. Redevelopment Plan Objectives 10 B. Specific Plan Objectives 10 V. EXISTING CONDITIONS IN THE REDEVELOPMENT AREA 11 VI. REDEVELOPMENT PROGRAM 11 A. Redevelopment Activities 11 B. General Land Use 12 C. Project Schedule 12 VII. FINANCING PLAN 12 A. Special Allocation Fund 12 B. Estimated Project Costs 13 C. Source of Funds 13 D. Nature and Term of Obligations 16 E. Use of Proceeds of Obligations ..17 F. Evidence of Commitments to Finance 17 VIII. PROCEDURES FOR PAYMENTS TO THE SPECIAL ALLOCATION FUND 17 IX. DISBURSEMENTS FROM SPECIAL ALLOCATION FUND 18 X. COST-BENEFIT ANALYSIS 19 XI. TERMINATION OF TAX INCREMENT FINANCING 19 XII. PROVISIONS FOR AMENDING THE TAX INCREMENT PLAN 19 XIII. REQUIRED STATUTORY FINDINGS 20 52689347.4 I. SUMMARY This St. Mary's Hospital Tax Increment Financing Plan ("Redevelopment Plan" or "TIF Plan") provides for the redevelopment of the Redevelopment Area, which consists of approximately 9.8 acres located generally at the southwest corner of 50 Highway and Bolivar Street Jefferson City, Missouri, which is commonly known as the former St. Mary's Hospital site, inclusive of various expansions to the historic hospital building, a three-story medical office building, various parking structures, and three adjacent pad sites which have historically been used for additional parking for the hospital. The Redevelopment Area is located generally within a commercial area of the City's downtown in close proximity to the State Capitol. The Redevelopment Area is comprised of the following Cole County tax parcels, plus adjacent public right of way: 11-03-07-0002-005-002 11-03-07-0002-004-026 11-03-07-0002-004-024 11-03-07-0002-004-028.001 11-03-07-0002-004-028 A depiction and legal description of the Redevelopment Area are attached hereto on Exhibit A-1. With the exception of public right-of-way, the Developer is the owner of record of the entirety of the Redevelopment Area. The original St. Mary's Hospital was constructed within the Redevelopment Area in 1905. The hospital was improved periodically over the course of its history, with substantial additions being made in 1932, 1964, 1988, 1995, and 2000. Total square footage of the hospital (as expanded) is approximately 235,323 square feet. Additionally, a three-story 38,045 square foot medical office building was constructed adjacent to the hospital in 1985, and parking garages were added over the course of the hospital's history, providing a total of approximately 800 parking spots as of today. In 2014, the owners of the St. Mary's Hospital (and former owners of the Redevelopment Area) elected to relocate the hospital's operations to another location within the City, which enabled them to construct a facility that meets current standards in the hospital industry. At that time, the Redevelopment Area was sold to the Developer, which acquired the Redevelopment Area with the goal of redeveloping and modernizing the site, while maximizing its historic appeal and location within the City's downtown/Capitol area. That said, as further discussed herein, the Redevelopment Area is blighted under Missouri law, and there will be substantial above-market costs to the Developer to undertake redevelopment of the Redevelopment Area. For that reason, the redevelopment proposed herein would not be possible but-for the use of Tax Increment Financing ("TIF"). The Developer's specific plan for the Redevelopment Area has two potential redevelopment options (the "Lincoln Project" and the "Commercial Project"), both of which will emphasize a mix of commercial uses, and historic preservation of the original St. Mary's 1 52689347.4 Hospital and conversion of that structure into an office space to serve the downtown/Capitol market. Both options will also feature upgrades to existing medical office building located within the Redevelopment Area. The Lincoln Project, which is the preferred redevelopment option for the Developer, would be focused around a satellite location for Lincoln University consisting of an approximately 180,000 square foot educational center, which would operate in conjunction with the existing Lincoln University campus in Jefferson City. The goal would be to build a new location closer to the governmental center of the State and the business center of the City to provide greater educational opportunities for Lincoln's students. The balance of the Redevelopment Area in the Lincoln Project would be finished out with commercial pad site development, focused on high-end restaurants and retail. A concept plan for the Lincoln Project is attached hereto as Exhibit A-2. In the event that the Lincoln Project does not come to fruition, the Developer will increase the amount of commercial square footage on the site in its place. Both projects would feature a mix of uses that would be synergistic — with office users and supporting retail and commercial uses, and in the case of the Lincoln Project, an influx of students to the local area. Both projects would also draw heavily from the downtown/Capitol area, and the steady traffic of governmental and business traffic. A concept plan for the Commercial Project is attached hereto as Exhibit A-3. A table comparing the two options follows below': Proposed Uses Lincoln Project Commercial Project Lincoln University Component _ Yes No St. Mary's Hospital Office Redevelopment Yes Yes Redevelopment of Medical Office Building Yes Yes Retail/Restaurant Buildings 4 6 Retail/Restaurant Square Footage 21,000 30,200 The Developer submits that either scenario will have substantial positive effects on the surrounding area and the City's economy more generally by redeveloping a currently unused blighted site for a high-end mixed-use project in the City's central commercial and governmental corridor. The Redevelopment Project itself will consist of the acquisition of the Redevelopment Area, demolition of unusable structures, restoration and rehabilitation of the original St. Mary's Hospital building and the medical office building, construction of new commercial buildings, installation of all infrastructure and site amenities, and architecture and engineering (and other soft costs) of such improvements. 1 Note that the Developer is still in the process of identifying tenants/users and reserves the right to undertake any use permitted within the zoning category applicable to the Redevelopment Area. The concept plans provided herein are for illustration purposes of the current concept for each of the Lincoln Project and Commercial Project, but actual development within either project may deviate from the uses, layout, or design shown in the concept plan. 2 52689347.4 This TIF Plan will make the Payments in Lieu of Taxes and Economic Activity Taxes available to reimburse certain Redevelopment Project Costs, such costs being referred to herein as Reimbursable Project Costs, on an as-collected basis (or "pay-as-you-go" basis), with the estimated net present value of the Payments in Lieu of Taxes and Economic Activity Taxes reflected on Exhibit F. It is proposed that for the Lincoln Project, all of the City's uncaptured Economic Activity Taxes would be committed to the Project via an annual appropriation of such revenues. For the Commercial Project, this Plan proposes to reduce that amount to 50% of the City's uncaptured Economic Activity Taxes. In addition, the Developer contemplates the creation of a Community Improvement District ("CID") that will impose an additional One Percent (1.00%) sales tax ("CID Sales Tax") for the purpose of providing additional revenue to finance Reimbursable Project Costs and other Redevelopment Project Costs, which is also anticipated to be funded on an as-collected or pay- as-you-go basis, with the projected net present value of the collected amount reflected on Exhibit F. One half (1/2) of the CID Sales Tax will be captured as Economic Activity Taxes upon creation of the CID and imposition of the CID Sales Tax. The remaining one half (1/2) of the CID Sales Tax is anticipated to be made available by the CID pursuant to the CID Act, a Development Agreement, and a Cooperative Agreement between the Developer, the bond issuer (if any), and CID. Termination of TIF shall not affect the CID, and upon such termination, the full CID Sales Tax shall be captured by the CID. The CID is expected to have a lifetime of twenty-three (23) years from the commencement of collection of the CID Sales Tax. As noted above, it is anticipated that all Payments in Lieu of Taxes, Economic Activity Taxes, and CID Sales Tax will be remitted to repay Redevelopment Project Costs on an as- collected basis. The City and/or the CID may, however, issue Obligations based on such revenue streams at their sole and exclusive discretion if market conditions support such issuance. Any Obligations issued by the City shall not be backed by the City's credit and shall be special limited Obligations secured solely by the revenues contemplated herein. In the event any Obligations are sold in support of this Plan, the proceeds of such sale shall be utilized for the same purposes as as-collected revenues hereunder. Nothing contained in this Plan shall be read to require the City or the CID to issue any such Obligations. The balance of this Redevelopment Plan will provide more specific detail on the proposed redevelopment, inclusive of further discussion of the Lincoln Project and the Commercial Project, and all items required under the TIF Act and the City's TIF Application. 3 52689347.4 APPENDIX EXHIBIT A - (1) Location and Legal Description of the Redevelopment Area (2) Lincoln Project Concept Plan (3) Commercial Project Concept Plan EXHIBIT B - Project Description EXHIBIT C - Specific Objectives of Redevelopment Plan EXHIBIT D - Blight Study EXHIBIT E _ Development Schedule EXHIBIT F - Sources and Uses & Estimated Redevelopment Project Costs and Reimbursable Project Costs EXHIBIT G - Estimated Annual Increases in Assessed Value and Resulting Payments in Lieu of Taxes and Economic Activity Taxes over Life of Project EXHIBIT H - Evidence of Commitment to Finance EXHIBIT I - Cost-Benefit Analysis, with Economic Impact and Fiscal Impact Analysis EXHIBIT J - Developer's Affidavit EXHIBIT K - Development Team Summary EXHIBIT L - Current Occupants/Tenants EXHIBIT M - Relocation Plan 4 52689347.4 II. DEFINITIONS As used in this TIF Plan, the following terms shall mean: A. Blighted Area: An area which, 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. B. City: Jefferson City, Missouri. C. City Council: The governing body of Jefferson City, Missouri. D. City Collector: The collector of Jefferson City, Missouri. E. City Treasurer: The treasurer of Jefferson City, Missouri. F. County Assessor: The Assessor of Cole County, Missouri. G. County Collector: The Collector of Cole County, Missouri. H. CID: The proposed St. Mary's Community Improvement District that would have the purpose of providing revenue to partially finance (i) Reimbursable Project Costs; and (ii) other Redevelopment Project Costs that qualify as CID costs pursuant to the CID Act. I. CID Act: The Community Improvement District Act, Sections 67.1401, et seq., Revised Statutes of Missouri, as amended. J. CID Revenue: That portion of the revenue derived from the CID Sales Tax that does not constitute an Economic Activity Tax. K. CID Sales Tax: The One Percent(1.00%) additional sales tax levied by the CID. L. Debt Service: The amount required for the payment of interest and principal on Obligations as they come due, for the payment of mandatory or optional redemption payments, and for payments to reserve funds required by the terms of Obligations. M. Developer: The developer selected by the City to implement this TIF Plan pursuant to a Development Agreement. The proposed Developer under this TIF Plan is F&F Development, LLC, or its successors or assigns. 5 52689347.4 N. Development Agreement: The agreement to be executed by the City and the Developer setting forth the rights and obligations of the Developer relating to the redevelopment of the Redevelopment Area, the construction of the Redevelopment Project and the payment and/or reimbursement of Reimbursable Project Costs and other Redevelopment Project Costs. O. Economic Activity Account: The separate segregated account within the Special Allocation Fund into which Economic Activity Taxes are to be deposited. P. Economic Activity Taxes: Fifty percent (50%) of the total additional revenue from taxes, penalties and interest which are imposed by the City or other Taxing Districts, and which are generated by economic activities within the Redevelopment Project Area, over the amount of such taxes generated by economic activities within the Redevelopment Project Area in the calendar year prior to the adoption of the Redevelopment Project for the Redevelopment Project Area by Ordinance, while tax increment financing remains in effect, but excluding personal property taxes, taxes imposed on sales or charges for sleeping rooms paid by transient guests of hotels and motels, taxes levied pursuant to Section 70.500, RSMo, licenses, fees or special assessments other than Payments In Lieu of Taxes and penalties and interest thereon. Q. Financing Costs: All costs reasonably incurred by the Developer, the City or other issuer authorized by the City or the CID in furtherance of the issuance of Private Loans or Obligations, including but not limited to interest, loan fees and points not exceeding one percent (1%) of the principal amount of the loan, loan origination fees not to exceed two percent (2%) of the principal amount of the loan, and interest payable to banks or similar financing institutions that are in the business of loaning money, plus reasonable fees and expenses of the Developer's or City's attorneys (including City Attorney, special TIF counsel, and bond counsel), the Developer's or City's administrative fees and expenses (including planning and/or financial consultants), underwriters' discounts and fees, the costs of printing any Obligations and any official statements relating thereto, the costs of credit enhancement, if any, capitalized interest, debt service reserves and the fees of any rating agency rating any Obligations. Any costs related to the financing of non-Reimbursable Project Costs shall not be a Financing Cost or a Reimbursable Project Cost. Unless expressly agreed to by Ordinance, Financing Costs shall not include any interest accruing on Developer's equity investment in the Redevelopment Projects. R. Obligations: Bonds, loans, debentures, notes, special certificates, or other evidences of indebtedness issued by the TIF Commission, the City, or the CID each with the prior written approval of the City Council, to pay or reimburse all or any portion of Reimbursable Project Costs incurred or estimated to be incurred, to finance the cost of issuing such Obligations, to establish reserves to refund or secure such Obligations, to finance the interest costs associated with such Obligations or to refund, redeem or defease outstanding Obligations. 6 52689347.4 S. Ordinance: An ordinance enacted by the City Council. T. Payments in Lieu of Taxes or "PILOTS": Revenues from real property taxes in the Redevelopment Project Area selected for the Redevelopment Project which are to be used to reimburse the Reimbursable Project Costs, which Taxing Districts would have received had the City not adopted tax increment allocation financing, and which result from levies made after the time of the adoption of tax increment allocation financing within the Redevelopment Project Area, and during the time the current equalized value of real property in the Redevelopment Project Area exceeds the Total Initial Equalized Assessed Value of real property in the Redevelopment Project Area, until the designation is terminated pursuant to this TIF Plan which shall not be later than Twenty-Three (23) years after the Redevelopment Project for the applicable Redevelopment Project Area is approved, excluding, however, the blind pension fund tax levied under the authority of Article 111, Section 38(b) of the Missouri Constitution, and the merchant's and manufacturer's inventory replacement tax levied under the authority of Article X, Section 6(2) of the Missouri Constitution. U. Payments in Lieu of Taxes Account: The separate segregated account within the Special Allocation Fund into which Payments in Lieu of Taxes are to be deposited. V. Private Loans: private loans obtained by the Developer, or its successors, assigns or transferees, from third party private lending institutions to fund Reimbursable Project Costs. W. Redevelopment Area: The real property legally described on Exhibit A for which the City has made a finding that there exist conditions which cause the area to be classified as a Blighted Area, an Economic Development Area, a Conservation Area, or a combination thereof. X. Redevelopment Plan: This St. Mary's Hospital Tax Increment Financing Plan, which represents a comprehensive program of the City for redevelopment intended by the payment of certain specified redevelopment costs to reduce or eliminate those conditions, the existence of which qualified the Redevelopment Project Area as an Economic Development Area, Conservation Area, or Blighted Area, or a combination thereof, and to thereby enhance the tax bases of the taxing districts which extend into the Redevelopment Area. Y. Redevelopment Project: The renovation and rehabilitation of the former St. Mary's Hospital and surrounding properties and public right-of-way, as set forth in this TIF Plan and in the Development Agreement, inclusive of either the Lincoln Project or the Commercial Project, in the sole discretion of the Developer. 7 52689347.4 Z. Redevelopment Project Area: The area selected for the Redevelopment Project. AA. Redevelopment Project Costs: The sum total of all reasonable or necessary costs incurred or estimated to be incurred, and any such costs incidental to this Redevelopment Plan or the Redevelopment Project, as applicable. Such costs include, but are not limited to, the following: 1. Costs of studies, surveys, plans and specifications; 2. Professional service costs, including, but not limited to, architectural, engineering, legal, marketing, financial, planning or special services (except for reasonable administrative costs of the TIF Commission, such costs shall be allowed only as an initial expense, and are included in the costs set forth in this TIF Plan for the Redevelopment Project); 3. 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; 4, Costs of rehabilitation, reconstruction, or repair or remodeling of existing buildings and fixtures and appurtenant facilities such as parking lots, landscaping and lighting; 5. Initial costs for an economic development area(as defined in the Act); 6. Costs of construction of public works or improvements; 7. 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 hereunder accruing during the estimated period of construction of the Redevelopment Project for which such Obligations are issued and for not more than eighteen months thereafter, and including reasonable reserves related thereto; 8. 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 this TIF Plan and such Redevelopment Project, to the extent the City by written agreement accepts and approves such costs; 9. Relocation costs to the extent that the City determines that relocation costs shall be paid or are required to be paid by federal or state law; and 10. Payments in lieu of taxes. 8 52689347.4 BB. Reimbursable Project Costs: The portion of the Redevelopment Project Costs set forth on Exhibit F as Reimbursable Project Costs and which are incurred by the Developer pursuant to a mutually agreeable Development Agreement between the City and the Developer and all Redevelopment Project Costs which are incurred by the City and/or the TIF Commission. CC. Special Allocation Fund: The fund that contains two separate segregated accounts, maintained by the City Director of Finance, into which, as required by the Act, all PILOTS and Economic Activity Taxes are to be deposited. DD. Taxing District: Any political subdivision of the State of Missouri located wholly or partially within the Redevelopment Area having the power to levy taxes. EE. TIF Act: The Real Property Tax Increment Redevelopment Act, Missouri Revised Statutes, Section 99.800 through 99.865. FF. TIF Commission: The Tax Increment Financing Commission of Jefferson City, Missouri. GG. Total Initial Equalized Assessed Value: That amount certified by the County Assessor which equals the most recently ascertained equalized assessed value of each taxable lot, block, tract, or parcel of real property within the Redevelopment Project Area immediately after tax increment financing for the Redevelopment Project Area has been approved by the City Council by an Ordinance. III. TAX INCREMENT FINANCING This Redevelopment Plan is adopted pursuant to the TIF Act. The TIF Act enables municipalities to finance certain Redevelopment Project Costs with the revenue generated (a) from PILOTs resulting from increased assessed valuation on new development and, subject to annual appropriations, and (b) from Economic Activity Taxes resulting from increased economic activities in the Redevelopment Project Area. It is initially anticipated that the Developer will be reimbursed on a "pay-as-you-go" basis as TIF revenues are collected annually. If market conditions are favorable, the TIF Commission, City, or CID, with the prior written consent of the City in each case, and at the sole discretion of the City Council, may issue Obligations to finance Reimbursable Project Costs, as permitted by law. The Developer also requests that the City to make an annual appropriation pledge of its remaining share of the Economic Activity Taxes not captured by the TIF (commonly known as "Super-TIF") for the Lincoln Project. As further discussed herein, the Super-TIF funding for the Commercial Project would be reduced to 50% of the City's uncaptured Economic Activity Taxes. In the event Obligations only partially fund Reimbursable Project Costs, to the extent that TIF Revenues exceed the amount required to repay the Obligations, such excess TIF Revenues will be used to reimburse the Developer for Reimbursable Project Costs not paid from the proceeds of the Obligations. Immediately after the City Council approves a Redevelopment Project and adopts tax increment financing for the Redevelopment Project Area, the County Assessor shall certify the 9 52689347.4 Total Initial Equalized Assessed Value of the Redevelopment Project Area. Real estate taxes (including penalties and interest thereon) resulting from: (1) all taxes levied on the Total Initial Equalized Assessed Value for the Redevelopment Project Area; (2) the blind pension fund tax levied under the authority of Article 111, Section 38(b) of the Missouri Constitution, and (3) the merchant's and manufacturer's inventory replacement tax levied under the authority of Article X, Section 6(2) of the Missouri Constitution, will be payable to Taxing Districts as if tax increment financing were not adopted. PILOTs (including applicable penalties and interest) collected from owners of property within the Redevelopment Project Area will be paid by the County Collector to the City Director of Finance and deposited in the PILOT Account within the Special Allocation Fund. In addition, the Economic Activity Taxes generated within the particular Redevelopment Project Area shall be paid by the collecting Taxing Districts to the City Director of Finance, who shall deposit such funds in the Economic Activity Account within the Special Allocation Fund. IV. REDEVELOPMENT PLAN AND REDEVELOPMENT AREA The Tax Increment Financing Commission of Jefferson City, Missouri (the "TIF Commission") proposes to undertake the redevelopment of the Redevelopment Area as described on Exhibit A in accordance with the terms of this Redevelopment Plan. For the purpose of redeveloping the Redevelopment Area, the Redevelopment Plan has been prepared and may be recommended to the City Council. Developer will implement the Redevelopment Plan and complete the Redevelopment Project pursuant to a mutually agreeable Development Agreement between the City and the Developer. A. Redevelopment Plan Objectives The general objectives of this TIF Plan are: 1. To reduce or eliminate the blighted conditions of the Redevelopment Area and prevent the blight from spreading. 2. To enhance the tax base of the City and other Taxing Districts by development of the Redevelopment Area to its highest and best use and encouraging private investment in the Redevelopment Area and the surrounding areas. 3. To create a high-end project that will serve the downtown/Capitol area of the City. 4. To increase employment in the City. 5. To enhance the aesthetics of the Redevelopment Area. 6. To serve as a catalyst for further high quality development and redevelopment in the City. B. Specific Plan Objectives Specific objectives of the Redevelopment Plan are set forth on Exhibit C. 10 52689347.4 V. EXISTING CONDITIONS IN THE REDEVELOPMENT AREA A study of the Redevelopment Area has been conducted documenting the existing blight conditions and is attached as Exhibit D. As detailed in the attached Blight Study Report, the Redevelopment Area's significant blight is a result of the predominance of a combination of factors, including substantially deteriorated and deteriorating site improvements, defective and inadequate street layout, improper and obsolete platting, unsanitary and unsafe conditions, and conditions which endanger life and property by fire. As a result of the predominance of these factors, the Redevelopment Area has become an economic and social liability and a menace to the public health, safety, morals, and welfare in its present condition and use. Alternative financing that the Developer has explored and considered is traditional debt financing, mezzanine debt financing, and various joint venture/partnership capital contributions structures. The Developer has also considered other avenues of public contribution, such as tax abatement through Chapter 100 bonds. After exploring these options, it is abundantly clear that without TIF, the private benefits from the rehabilitation efforts do not justify the costs incurred to undertake the redevelopment of the Redevelopment Area. The Developer Affidavit attached hereto as Exhibit J contains a detailed financial analysis of both the Lincoln Project and the Commercial Project. The findings of each financial analysis are as follows: Lincoln Project: Utilizing a 10-year operating proforma, the return to the Developer without the use of the incentives contemplated herein is incalculable — meaning so below-market that a rate of return cannot be analyzed. The return to the Developer including the use of incentives as contemplated herein is 8.80%, which is considered a reasonable to low return on investment for a typical real estate development project. Commercial Project: Utilizing a 10-year operating proforma, the return to the Developer without the use of the incentives contemplated herein is -6.32% (negative) — meaning that there would be a loss on investment for undertaking the project. The return to the Developer including the use of incentives as contemplated herein is 8.88%, which is considered a reasonable to low return on investment for a typical real estate development project. VI. REDEVELOPMENT PROGRAM A. Redevelopment Activities 1. Acquisition. Developer is the record owner of the Redevelopment Area. The tax parcels owned by the Developer are as follows: 11-03-07-0002-005-002 11-03-07-0002-004-026 11-03-07-0002-004-024 11-03-07-0002-004-028.001 11-03-07-0002-004-028 11 52689347.4 2. Developer Responsibilities: To achieve the objectives of this TIF Plan, the Developer will perform or cause to be performed the design, demolition, rehabilitation and construction of the Redevelopment Project in accordance with this TIF Plan and the Development Agreement. 3. Relocation Assistance. Although there is no guarantee that expiring tenant leases will be renewed, no businesses or other occupants shall be displaced as part of this Redevelopment Plan or the Redevelopment Project. While it is not anticipated that there will be a need for any relocation assistance, a Relocation Plan has been attached hereto as Exhibit M, as required by the TIF Act. B. General Land Use and Comprehensive Plan A description of the proposed Redevelopment Project is attached hereto as Exhibit B. After completion of the Redevelopment Project, the Redevelopment Area will continue to function for a mix of commercial uses as more particularly described herein — including one of the Lincoln Project or the Commercial Project. The Redevelopment Area is currently zoned C-2, General Commercial District. During and after construction of the Redevelopment Project, it shall be subject to the applicable provisions of the City's zoning ordinance as well as other codes and ordinances as may be amended from time to time. The Developer will cooperate in good faith with the City to the extent rezoning of the Redevelopment Area is deemed necessary to facilitate the Redevelopment Project. The Redevelopment Plan is generally consistent with the Comprehensive Plan of the City. For example, the Comprehensive Plan depicts the Redevelopment Area being used for a mix of commercial and public or semi-public uses. Either of the Lincoln Project or the Commercial Project appear to fit this description, with a mix of commercial, office, restaurant, retail, and potentially, educational uses. C. Project Schedule The proposed development schedule is set forth on.Exhibit E, which is incorporated into this subsection as though set out in full. VII. FINANCING PLAN A. Special Allocation Fund The City Treasurer shall establish and maintain the Special Allocation Fund, which shall contain two separate segregated accounts. PILOTs shall be deposited into the PILOT Account within the Special Allocation Fund, and Economic Activity Taxes shall be deposited into the Economic Activity Account within the Special Allocation Fund. PILOTs and Economic Activity Taxes so deposited and any interest earned on such deposits will be used and pledged for the payment of Reimbursable Project Costs, including the retirement of Obligations, if any, and for 12 52689347.4 the possible distribution to the Taxing Districts, in the manner set forth in Article IX of the Redevelopment Plan. B. Estimated Project Costs Redevelopment Project Costs mean and include the sum total of all reasonable and necessary costs incurred or estimated to be incurred, and any such costs incidental to a redevelopment plan or redevelopment project, as applicable, in implementing the Redevelopment Plan and the Redevelopment Project. Reimbursable Project Costs mean and include all reasonable and necessary costs allowed by the TIF Act, incurred by the City and/or the TIF Commission and those specified Reimbursable Project Costs incurred by the Developer pursuant to a mutually agreeable Development Agreement between the City and the Developer in such amounts as are set forth on Exhibit F. Currently, total Redevelopment Project Costs are estimated at: Lincoln Project: $44,382,718, plus Financing Costs Commercial Project: $30,654,350, plus Financing Costs Neither the City nor the TIF Commission shall have any obligation to reimburse any Reimbursable Project Cost unless and until funds are available in the Special Allocation Fund to pay such reimbursement. Further, notwithstanding anything to the contrary contained in this TIF Plan, all of Developer's rights under this TIF Plan are subject to Developer's compliance with all of the obligations of this TIF Plan and the Development Agreement, including but not limited to, the completion (as such term is defined in the Development Agreement) of the Redevelopment Project pursuant to the terms and conditions of this TIF Plan and the Development Agreement. All Reimbursable Project Costs approved and certified by the City will bear an interest rate equal to the actual rate of interest paid on amounts used to fund Reimbursable Project Costs from the time such Reimbursable Project Costs are incurred to the time they are reimbursed as Reimbursable Project Costs. This interest shall be classified as Reimbursable Project Costs and shall be reimbursed according to the reimbursement process provided in the Development Agreement. The costs of issuing any Obligations shall also be Reimbursable Project Costs, but only after such costs are approved, on an Obligation-by-Obligation basis, in writing by the City Council. Estimated Redevelopment Project Costs and Reimbursable Project Costs are set out on Exhibit F. C. Source of Funds Anticipated sources and amounts of funds to pay all of the Redevelopment Project Costs are shown on Exhibit F. PILOTs and Economic Activity Taxes (inclusive of the portion of the CID Sales Tax captured as such) shall be available for reimbursement of Reimbursable Project Costs on an as- collected basis or to retire Obligations that may be issued in accordance with this plan, the 13 52689347.4 proceeds of which will be used to defray Reimbursable Project Costs at the beginning of the Redevelopment Project. Estimated Reimbursable Project Costs are set forth on Exhibit F and far exceed the expected PILOTs and Economic Activity Taxes available for the Redevelopment Project. Assuming the net present value of that revenue stream at a 6.00% discount rate, it is estimated that PILOTs and Economic Activity Taxes will pay for the following approximate amounts of Reimbursable Project Costs: Lincoln Project: $6,264,589 (or approximately 14.04% of the total Redevelopment Project Costs for the Lincoln Project) Commercial Project: $5,399,557 (or approximately 17.47% of total Redevelopment Project Costs for the Commercial Project) Note that the figures above for Economic Activity Taxes reflect 50% of the CID Sales Tax as collected by the TIF. The Developer also proposes to capture a portion of the City's Economic Activity Taxes that are not captured by TIF by an annual appropriation of the same by the City (commonly known as a "Super-TIF"). There is support for this in (1) the importance of the Redevelopment Project to the City's downtown/Capitol area and (2) the Developer's inability to achieve a market rate of return absent such financing. The Developer proposes for the Lincoln Project to take 0.75% of the 1% of the City's Economic Activity Taxes that are uncaptured by TIF. This amount excludes the half(0.25%) of the City's dedicated parks sales tax that is not captured by TIF, as there are no parks or related items within the Lincoln Project. The Commercial Project would take only 50% of the City's uncaptured City Economic Activity Taxes (or 0.50%), which 0.50% would be comprised entirely of the City's uncaptured general sales tax (excluding the uncaptured portions of the City's parks sales tax and capital improvements sales tax). The purpose of this difference is to incentivize the Developer to undertake the Lincoln Project and to make the returns between the two projects more equal given the lesser emphasis on sales tax producing businesses in the Lincoln Project. Assuming the net present value of that revenue stream at a 6.00% discount rate, it is anticipated that such annual appropriation would pay for the following amount of Reimbursable Project Costs: Lincoln Project: $700,651 (or approximately 1.57% of the total Redevelopment Project Costs for the Lincoln Project) Commercial Project: $671,735 (or approximately 2.17% of total Redevelopment Project Costs for the Commercial Project) Provisions for the payment of this annual appropriation will be made in the Development Agreement. As will be stated in the Development Agreement and CID Cooperative Agreement, all revenues collected from the proposed CID Sales Tax shall be available for reimbursement of Redevelopment Project Costs and Reimbursable Project Costs on an as-collected basis or to retire Obligations that may be issued, the proceeds of which will be used to defray 14 52689347.4 Redevelopment Project Costs and Reimbursable Project Costs at the beginning of the project. Assuming the net present value of that revenue stream at a 6.00% discount rate, it is estimated that the CID Sales Tax will pay for the following approximate amounts of Reimbursable Project Costs: Lincoln Project: $467,100 (or approximately 1.05% of the total Redevelopment Project Costs for the Lincoln Project) Commercial. Project: $671,735 (or approximately 2.17% of total Redevelopment Project Costs for the Commercial Project) Again note that the figures above for Economic Activity Taxes reflect 50% of the CID Sales Tax as collected by the TIF. The Developer anticipates that it will obtain private financing or provide other capital to make up the difference between total Redevelopment Project Costs and all revenues available for reimbursement of Reimbursable Project Costs discussed above. Additionally, the Developer is pursuing New Market Tax Credits, State and Federal Historic Tax Credits and State Brownfields Tax Credits to support the Redevelopment Project. A prerequisite to the Developer proceeding with the Lincoln Project relies on the appropriation of funds by the State of Missouri to be granted to Lincoln University for its build-out and/or operating costs within the Lincoln Project. Further detail as to the exact anticipated sources and uses for the Redevelopment Project is set forth on Exhibit F. Calculations of expected proceeds of PILOTs are based on current real property assessment formulas and current property tax rates, both of which are subject to change due to many factors, including statewide reassessment, the effects of real property classification for real property tax purposes, and the rollback in tax levies resulting from reassessment or classification. Likewise, calculations of expected additional Economic Activity Taxes are based on current sales tax estimates and projected sales tax growth, and are based on numerous factors set forth in this TIF Plan, and may be subject to change or adjustment for multiple reasons, including general market conditions. 1. Payments in Lieu of Taxes a. Most Recent Assessed Valuation The total initial equalized assessed valuation of the Redevelopment Area according to records at the Cole County Assessor's Office is $419,300. b. Anticipated Assessed Valuation and Payments in Lieu of Taxes This Redevelopment Plan, for the reasons described above, estimates that the Redevelopment Area's assessed value following completion of the Redevelopment Project will be $7,580,844 in the case of the Lincoln Project, or $4,537,342 in the case of the Commercial Project. The assessed valuation for 15 52689347.4 either project is assumed to increase by 2% annually after completion. The increase in assessed valuation by year is shown on Exhibit G, as is the subject percentage of PILOTs available to pay Reimbursable Project Costs. c. Surplus PILOTs The amount of PILOTs in excess of Reimbursable Project Costs, not counting any retention of funds for the payment of future Reimbursable Project Costs, will be declared as surplus and will be available for distribution to the various Taxing Districts in the Redevelopment Project Areas in the manner provided by the Act. 2. Economic Activity Taxes a. Current Economic Activity Taxes The current annual tax revenues resulting from economic activities in the Redevelopment Project Area are approximately $0. b. Anticipated Economic Activity Taxes Upon completion of the Redevelopment Project, the total annual sales in the Redevelopment Project Area are estimated to be $7,875,000 in the case of the Lincoln Project, or $11,325,000 in the case of the Commercial Project, with sales increasing 2% annually in the case of either project. The increase in sales by year is shown on Exhibit G, as are Fifty Percent (50%) of the resulting Economic Activity Taxes available to pay Reimbursable Project Costs. c. Surplus Economic Activity Taxes The amount of Economic Activity Taxes in excess of Reimbursable Project Costs, not including the retention of funds for the payment of future Reimbursable Project Costs, will be declared as surplus and will be available for distribution to the various Taxing Districts in the Redevelopment Project Area in the manner provided by the Act. D. Nature and Term of Obligations Although it is not anticipated that Obligations will be immediately issued, Obligations may be issued, at the sole discretion of the City Council, pursuant to the Redevelopment Plan for a term not to exceed Twenty-Three (23) years at an interest rate determined by the issuer and underwriter and approved by the City. In no event shall any Obligations issued pursuant to this Plan be backed by the credit-support of the City. Any such Obligations shall be special obligations secured solely by the revenue streams for which they are issued. Revenues received in excess of One Hundred Percent (100%) of funds necessary for the payment of costs of issuance, principal, and interest on the 16 52689347.4 Obligations may be used to call Obligations in advance of their maturities. To the extent there are any excess TIF Revenues following the retirement of Obligations, such excess shall be used to reimburse the Developer for Reimbursable Project Costs not paid from the proceeds of the Obligations. E. Proceeds of Obligations The proceeds of Obligations, if issued at the sole discretion of the City Council, shall be used to pay for Reimbursable Project Costs incurred. F. Evidence of Commitment to Finance Attached Exhibit H, Developer has included evidence of commitment to finance that portion of the Redevelopment Project Costs that are not paid for by revenues from PILOTs, Economic Activity Taxes, and CID Sales Taxes. The commitment to finance is contingent upon the approval and adequacy of TIF and CID assistance. VIII. PROCEDURES FOR PAYMENTS TO THE SPECIAL ALLOCATION FUND A. Payments in Lieu of Taxes Following the designation of a Redevelopment Project Area, for as long as the Redevelopment Project Area is subject to tax increment financing, the County Assessor shall determine the assessed value of such Redevelopment Project Area without regard to tax increment financing. The County Collector and City Collector shall collect sums due from real property within such Redevelopment Project Area in accordance with the current equalized assessed valuation and tax levies in effect for each year. The amount collected which represents PILOTs shall be paid by the County Collector and the City Collector within Thirty (30) days after collection to the City Treasurer who shall immediately deposit the amount paid into the PILOT Account within the Special Allocation Fund, to be utilized and expended in accordance with the Act and the Redevelopment Plan. B. Economic Activity Taxes Following the designation of a Redevelopment Project Area, for as long as the Redevelopment Project Area is subject to tax increment financing, Economic Activity Taxes shall be determined and deposited into the Economic Activity Fund within the Special Allocation fund in accordance with the following procedures: 1. Documentation of Economic Activity Taxes Paid by Taxpayers The Developer will use commercially reasonable efforts to include in all future leases, deeds and other instruments of conveyance provisions to ensure that no later than Thirty (30) days following payment of any Economic Activity Tax, there is presented to the City Treasurer documentation of the type and amount of the Economic Activity Taxes paid by all persons and entities operating within the Redevelopment Project Area. The 17 52689347.4 documentation presented must clearly establish the type and amount of taxes paid and transactions that generated Economic Activity Taxes and may include actual tax returns, original sales records or similar specific business records of the person or entity operating within the Redevelopment Project Area, its tenants and successors in interest. Each person or entity collecting and remitting sales tax within the Redevelopment Project Area shall also be required to provide an authorization allowing the Missouri Department of Revenue to release to the City the aggregate sales tax figures for all of such persons' or entities' businesses within the Redevelopment Project Area. 2. Certification by City Council The City Council, following reasonable research and investigation, using independent consultants, accountants and counsel when appropriate, shall certify the nature and amount of Economic Activity Taxes payable by each Taxing District from which Economic Activity Taxes are due. 3. Presentation to Taxing Districts The City Council, or its authorized designee, shall deliver by mail or hand delivery its certification of Economic Activity Taxes payable by each Taxing District to the governing body of each such Taxing District. Each Taxing District shall within Thirty (30) days of receiving the certification or within Thirty (30) days after receiving any such Economic Activity Tax, whichever is later, appropriate the amount of Economic Activity Taxes actually received and pay the appropriate sum to the City Treasurer. 4. Deposit of Funds The City Treasurer shall deposit the payments of Economic Activity Taxes received from the respective Taxing Districts in the Economic Activity Account in the Special Allocation Fund, to be utilized and expended in accordance with the Act and the Redevelopment Plan. IX. DISBURSEMENTS FROM SPECIAL ALLOCATION FUND All disbursements from the Special Allocation Fund will be made by the City Treasurer out of the two separate segregated accounts maintained within the Special Allocation Fund for PILOTs and Economic Activity Taxes in proportion to their respective balances at the time of making a disbursement. On each distribution date, the City Treasurer shall disburse from the Special Allocation Fund in the following manner and order of preference: First, to pay the reasonable Reimbursable Project Costs of the City and the TIF Commission; Second, to pay Debt Service on Obligations at the times and in the amounts provided for by the terms of the Obligations, if any; 18 52689347.4 Third, to pay for or reimburse Developer for Reimbursable Project Costs that were not financed by Obligations; Fourth, following the completion of the Redevelopment Project, the retirement of all Obligations, and the payment of and/or reimbursement of Developer, the City, and the TIF Commission for all Reimbursable Project Costs incurred or anticipated, funds remaining in the Special Allocation Fund shall be disbursed by the City Treasurer to the appropriate Taxing Districts in accordance with the Act. X. COST-BENEFIT ANALYSIS A cost-benefit analysis showing the economic impact of this TIF Plan on each Taxing District is included in the analysis attached as Exhibit I. In addition, the cost-benefit analysis shows the fiscal impact on the jurisdictions if the Redevelopment Project is undertaken or not undertaken.2 The projections in Exhibit I are based on market assumptions, including those outlined in the assumptions and projections contained in the attached Exhibit I and Exhibit G. These market assumptions and the Cost/Benefit analysis shows the market feasibility of the proposed Redevelopment Project if the Redevelopment Project is built and is not built. Based on these assumptions and economic impact analysis, the Redevelopment Project is not only feasible, but will provide direct economic benefit to each affected taxing jurisdiction. In total, As is more particularly set forth in Exhibit I, it is anticipated that the net present value benefit to all taxing jurisdictions under the Lincoln Project is $8,607,998, with a net present value to all taxing jurisdictions under the Commercial Project of $11,250,742. These figures assume that the Redevelopment Project would not be undertaken but-for the support contemplated in this TIF Plan. XI. TERMINATION OF TAX INCREMENT FINANCING Tax increment financing for the Redevelopment Project Area shall remain in effect until the Redevelopment Project has been constructed, all Obligations repaid, and all Reimbursable Project Costs incurred or to be incurred pursuant to this TIF Plan have been reimbursed. At such time (but in no event later than Twenty-Three (23) years from the date on which tax increment financing is adopted for the Redevelopment Project Area), tax increment financing shall be terminated by the adoption of an Ordinance of the City Council terminating the designation of tax increment financing in any such Redevelopment Project Area, or by any other method authorized by the TIF Act. XII. PROVISIONS FOR AMENDING THE TAX INCREMENT PLAN The Redevelopment Plan and Project may be amended pursuant to the provisions of the TIF Act. 2 Please note that fiscal impact may also include the impact of additional City services associated with the Project, but because those services are already provided and because the Redevelopment Project is at an existing commercial facility, the impact on additional City services is likely negligible. As such, for purposes of the fiscal impact analysis,this TIF Plan only includes the fiscal impact of redirected tax revenues via TIF. 19 52689347.4 XIII. REQUIRED STATUTORY FINDINGS With the approval of this TIF Plan, the TIF Commission and the City Council have, as required by the TIF Act, made the findings set forth below, based upon the record of the public hearing on the Plan, including but not limited to the Blight Study attached as Exhibit D and the affidavit of the Developer attached as Exhibit J. Blighted Area. The Redevelopment Area on the whole is a Blighted Area, as is more particularly discussed in the Blight Study. Expectations for Development—"But For Test". The Redevelopment Area on the whole has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed to its highest and best use without the adoption of tax increment financing due to the substantial cost to ameliorate the blighted condition of the Redevelopment Area. The Developer Affidavit attached hereto as Exhibit J contains a detailed financial analysis of both the Lincoln Project and the Commercial Project. The findings of each financial analysis are as follows: Lincoln Project: Utilizing a 10-year operating proforma, the return to the Developer without the use of the incentives contemplated herein is incalculable — meaning so below-market that a rate of return cannot be analyzed. The return to the Developer including the use of incentives as contemplated herein is 8.61%, which is considered a reasonable to low return on investment for a typical real estate development project. Lincoln Project: Utilizing a 10-year operating proforma, the return to the Developer without the use of the incentives contemplated herein is -6.32% (negative) — meaning that there would be a loss on investment for undertaking the project. The return to the Developer including the use of incentives as contemplated herein is 8.22%, which is considered a reasonable to low return on investment for a typical real estate development project. Conforms to Comprehensive Plan of the City. This TIF Plan is in conformity with the City's Comprehensive Plan. Date to Adopt Redevelopment Project. The Ordinance approving the last of the Redevelopment Projects to be approved will not be adopted later than ten (10) years from the adoption of this TIF Plan. Date to Complete Redevelopment. The estimated date to complete the Redevelopment Project has been stated and such date is not more than twenty-three (23) years from the adoption of the Ordinance approving the Redevelopment Project. 20 52689347.4 Date to Retire Obligations. In the event Obligations are issued to finance Reimbursable Project Costs, it is anticipated that such Obligations will be retired in less than Twenty-Three (23) years from the adoption of the Ordinance approving the Redevelopment Project. Relocation _Assistance. Because the Redevelopment Plan does not displace any businesses or occupants in the Redevelopment Area, there will be no need for relocation assistance. Nevertheless, a Relocation Plan has been included as Exhibit M. Cost-Benefit Analysis. The cost-benefit analysis included on Exhibit I shows the economic impact of this TIF Plan on each Taxing District. The analyses show the impact on the economy if the Redevelopment Project is built and if the Redevelopment Project is not built pursuant to this TIF Plan. The analyses include a fiscal impact study on every Taxing District, and sufficient information to evaluate whether the Redevelopment Project as proposed is financially feasible. Gambling Establishment. This TIF Plan does not include the initial development or redevelopment of any gambling establishment as defined in the TIF Act. Reporting Requirements. The Commission shall report to the Director of the Department of Economic Development for the State of Missouri by the last day of February of each year the name, address, phone number and primary line of business of any business that relocates to the Redevelopment Area. Pursuant to the Act, the Director for the Department of Economic Development is required to compile and report the same to the governor, the speaker of the house and the president pro tempore of the Senate on the last day of April of each year. Redevelopment Project Area. The Redevelopment Project Area selected for the Redevelopment Project includes only those parcels of real property and improvements directly and substantially benefited by the proposed Redevelopment Project. Construction activity may take place and improvements may be constructed on land adjacent to, but not included within, the Redevelopment Area which benefits the Redevelopment Area, but such costs associated therewith will not be Reimbursable Project Costs. 21 52689347.4 oS{ i r S a I j r Y cy ro } y 3 A ) } i ti {7 1 } EXHIBIT A-1 GENERAL DEPICTION AND LEGAL DESCRIPTION OF REDEVELOPMENT AREA AND REDEVELOPMENT PROJECT AREA t , i . �4 T * i , � �, • or •, < , 0 _. ,. ,.. * rrl. CB ' . .• ire ,,, s4 yr \ '''' 1‘, Nktilie 1.4\ r .f.::. .41... i...:14:44k ' it 1' i / d ., . * 1' 4.\ t •' '''''l -ell. jililliti°1:(' r . / p 15.4113` ace , r `fir ♦ fes' W. . •-..—I..1;1' , N., 4 11°*. 1 " ''''''''l j '—';i::::131 i'' #7 4 L-.1 V ---..gyp-S� r + 1 )1 ? I ' :.' 1. t . ' ..tr:vb :1" /0 (00)4\ w ate.•• / 1' 1 /, i ',;74 ,, \ it . ....7.!. ,....."' . - .• , °> pp 4 `ryt _ .• . . i_ Zr-- 6. . , M1 _ _ ... _ *Note-Map is for general depiction only. Redevelopment Area includes all property/tax parcels legally described herein, as well as adjacent public right-of-way. 52689347.3 EXHIBIT A-1 (Continued) A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7, T44N RI 1W AND IN THE NORTHEAST QUARTER OF SECTION 12,T44N RI2W,IN THE CITY OF JEFFERSON,COLE COUNTY,MISSOURI,BEING A1.1.OF INLOT NUMBERS 656 THROUGH 663,768 THROUGH 770, PART OF INLOT NUMBER 771, PART OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 12, T44N R 12W. PART OF THE VACATED RIGHT-OF-WAY OF ELM STREET, HARRISON STREET, MILLER STREET,AND PART OF VACATED ALLEYS, AND THE TRACT DESCRIBED BY A QUIT CLAIM DEED RECORDED IN BOOK 289,PAGE 695. THIS TRACT IS ALSO DESCRIBED AS THE FIRST, FIFTH, SIXTH, NINTH AND TENTH PARAGRAPHS DESCRIBED BY COLE COUNTY ABSTRACT & TITLE CO. INFORMATIONAL COMMITMENT FILE NO, 76459, DATED DECEMBER 5, 20I2, THE VACATED RIGHT-OF-WAY OF HARRISON STREET,AND THE TRACT DESCRIBED BY A QUIT CLAIM DEED RECORDED IN BOOK 289 PAGE 695, BEGINNING AT TI IE NORTHEASTERLY CORNER OF INLOT NUMBER 669,THENCE ALONG THE SOUTHERLY RIGHT-OF-WAY LINE OF U.S. HIGHWAY SO AND 63, N84°37'40"E 52.39 FEET; THENCE S4I°17'00"E 63.14 FEET;THENCE 54°57'30"W 41.51 FEET; THENCE S29°13'00"W 37.62 FEET TO THE WESTERLY RIGHT-OF-WAY LINE OF MISSOURI BOULEVARD (BUSINESS ROUTE 50); THENCE ALONG SAID LINE, S75°04'40"W 57.76 FEET; THENCE ALONG A CURVE TO 1}IE LEFT, HAVING A RADIUS OF 539.91 FEET, A DISTANCE OF 325.26 FEET,THE CHORD BEING S57°49'10"W 32036 FEET;THENCE S40°33'40"W 244.46 FEET;THENCE ALONG A CURVE TO THE RIGHT,HAVING A RADIUS OF 459.06 FEET,A DISTANCE OF 152.32 FEET,THE CHORD BEING S50°04'00"W 151.62 FEET TO THP.EASTERLY LINE OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 300 PAGE 545, ALSO BEING THE WESTERLY LINE OF VACATED HARRISON STREET;THENCE N42°10'50"E,ALONG SAID LINE, 4.33 FEET; THENCE ALONG THE NORTHERLY LINE OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 300 PAGE 545, S86°46'10"W 6210 FEET TO THE EASTERLY RIGHT-OF- WAY LINE OF BOLIVAR STREET; THENCE ALONG SAID LINE N61°24'20"W 30.00 FEET; THENCE ALONG A CURVE TO THE RIGHT,HAVING A RADIUS OF 686.20 FEET,A DISTANCE OF 147.87 FEET, THE CHORD BEING N8°15'20"W 147.58 FEET;THENCE N 2^04'50"W 203.64 FEET;THENCE ALONG A CURVE TO THE RIGHT, HAVING A RADIUS OF 351.97 FEET, A DISTANCE OF 181.51 FEET, THE CHORD BEING N12°41'30"E 179.51 FEET; THENCE N42°I0'S0"E 441.00 FEET TO THE NORTHWESTERLY CORNER OF INLOT NUMBER 656;THENCE S47°S0'20"E,ALONG THE NORTHERLY LINE OF INLOT NUMBERS 656,657,658, AND 659,A DISTANCE OF 417.50 FEET TO THE BEGINNING AND CONTAINING 7.47 ACRES. TRACT 2 A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7,T44N RI 1W,IN THE CTi'Y OF JEFFERSON,COLE COUNTY,MISSOURI,BEING PART OF INLOT NUMBERS 772,773,775, 776, AND 777, THE VACATED ALLEY BETWEEN SAID INLOTS, AND PARCEL 2 OF A QUIT CLAIM DEED RECORDED 1N BOOK 336 PAGE 608. THIS TRACT IS ALSO DESCRIBED AS THE SECOND, THIRD AND FOURTH PARAGRAPHS DESCRIBED BY COLE COUNTY ABSTRACT&TITLE CO.INFORMATIONAL COMMITMENT FILE NO. 76459,DATED DECEMBER 5,2012,AND PARCEL 2 OF A QUIT CLAIM DEED RECORDED IN BOOK 336 PAGE 608. STARTING AT THE MOST NORTHERLY CORNER OF SAID INLOT 776,THENCE 547°36'30"E, ALONG THE NORTHEASTERLY LINES OF SAID INLOTS 776 AND 777,A DISTANCE OF 12338 FEET TO A POINT ON THE LEFT OR NORTHERLY LINE OF RAMP 4 AS PER PLANS OF JOB NO.5-11-54-2588 OF THE MISSOURI STATE HIGHWAY DEPARTMENT,THE POINT OF BEGINNING. EXHIBIT A-1 (Continued) FROM THE POINT OF BEGINNING, THENCE ALONG THE NORTHERLY OR WESTERLY LINE OF SAID RAMP 4, S47°43'30"W 78.89 FEET TO A POINT 63.00 FEET LEFT OF STATION 6+00;THENCE S59°45'30"W 51.57 FEET TO A POINT 70.00 FEET LEFT OF STATION 5+3330; THENCE S59°42'20"W 74.45 FEET TO A POINT 7133 FEET LEFT OF STATION 4+58.19, ALSO BEING ON THE SOUTHEWESTERLY LINE OF SAID INLOT 776;THENCE N47°34'10"W,ALONG THE SOUTHWESTERLY LINES OF SAID INLOTS 776 AND 775,A DISTANCE OF 139.27 FEET TO A POINT 4026 FEET LEFT OF STATION 1+43.65 OF DUNKLIN STREET AS PER PLANS OF JOB NO. 5-U-54-2588 OF THE MISSOURI STATE HIGHWAY DEPARTMENT; THENCE LEAVING THE SOUTHWESTERLY LINE OF INLOT 775, N9°15'00"W 46.29 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY LINE OF MISSOURI BOULEVARD, AT A POINT 76.00 FEET LEFT OF STATION 15+40; THENCE ALONG SAID LINE N38°15'00"E 50.32 FEET TO A POINT 54.00 FEET LEFT OF STATION 15+00;THENCE ALONG A CURVE TO THE LEFT,HAVING A RADIUS OF 553.06 FEET,A DISTANCE OF 205.41 FEET,THE CHORD BEING N51°12'10"E 20423 FEET TO A POINT 54.00 FEET LEFT OF STATION P.C. 13+14.92; THENCE N40°33'40"E 34.92 FEET TO A POINT 54.00 FEET LEFT OF STATION 12+80;THENCE N65°34'50"E 49.66 FEET TO A POINT 75.00 FEET LEFT OF STATION 12+35; THENCE ALONG THE NORTHERLY OR WESTERLY LINE OF RAMP 4 AS PER PLANS OF JOB NO. 5-U-54-2588 OF THE MISSOURI STATE HIGHWAY DEPARTMENT,S65°55'10"E 50.30 FEET TO A POINT 20.00 FEET LEFT OF STATION 9+50; THENCE SI3°28'50"E 46.29 FEET TO A POINT 25.00 FEET LEFT OF STATION 9+00;THENCE S4°50'50"W 89.43 FEET TO A POINT 40.00 FEET LEFT OF STATION 8*00;THENCE SI8°40'00"W 84.88 FEET TO A POINT 45.00 FEET LEFT OF STATION 71 00;THENCE S47°43'30"W 3.77 FEET TO THE BEGINNING AND CONTAINING 1.46 ACRES. TRACT 3 - (IS BOUNDED BY THE WESTERLY BANK OF WEARS CREEK, WHICH IS SUBJECT TO CHANGE DUE TO NATURAL CAUSES,AND MAY OR MAY NOT REPRESENT THE ACTUAL LOCATION OF THE LIMIT OF TITLE) A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7,T44N RI 1 W,IN THE CITY OF JEFFERSON,COLE.COUNTY,MISSOURI,BEING PART OF INLOT NUMBERS 668 AND 669 AND BEING THE TRACTS DESCRIBED BY A WARRANTY DEED RECORDED IN BOOK 352 PAGE 777 AND A QUIT CLAIM DEED RECORDED IN BOOK 395 PAGE 238. PART OF THIS TRACT IS ALSO DESCRIBED AS THE EIGHTH PARAGRAPH DESCRIBED BY COLE COUNTY ABSTRACT & TITLE CO, INFORMATIONAL COMMITMENT FILE NO. 76459, DATED DECEMBER 5,2012. BEGINNING AT THE INTERSECTION OF THE EASTERLY RIGHT-OF-WAY LINE OF MISSOURI BOULEVARD(BUSINESS U.S.HIGHWAY 50)AND THE NORTHERLY LINE OF INLOT 668,AT A POINT BEING 547°48'50"E 42.63 FEET FROM THE NORTHWESTERLY CORNER OF SAID INLOT; THENCE S47°48'50"E,ALONG THE NORTHERLY LINE OF INLOTS 668 AND 669,A DISTANCE OF 163.37 FEET TO THE MOST EASTERLY CORNER OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 352 PAGE 777,ALSO BEING THE NORTHWESTERLY CORNER OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 395 PAGE 238;THENCE CONTINUING ALONG THE NORTHERLY LINE OF IN1AT 669, S47°48'50"E 25.13 FEET TO THE WESTERLY BANK OF WEARS CREEK; THENCE ALONG THE WESTERLY BANK OF WEARS CREEK; S79°41'50"W 28,53 FEET; THENCE S69°54'00"W 25.00 FEET; THENCE S64°44'30"W 20.00 FEET;THENCE S50°03'10"W 20,00 FEET;THENCE S41°59'00"W 40.00 FEET; THENCE S36°44'50"W 40.00 FEET; THENCE S22°39'30"W 40,00 FEET TO THE NORTHERLY LINE OF ELM STREET;THENCE N4?°38'00"W ALONG SAID LINE; 119.83 FEET TO THE EASTERLY RIGHT-OF- WAY LINE OF THE MISSOURI BOULEVARD CONNECTION TO U.S. HIGHWAY 54; THENCE ALONG SAID LINE N21°58'20"W 24.37 FEET;THENCE N16°01'00"W 62.44 FEET TO THE EASTERLY RIGHT-OF- WAY LINE OF MISSOURI BOULEVARD (BUSINESS ROUTE 50); THENCE ALONG SAID LINE,ON A CURVE TO THE RIGHT, HAVING A RADIUS OF 459.91 FEET; A DISTANCE OF 160.03 FEET TO THE BEGINNING,THE CHORD BEING N52°28'30"E 159.22 FEET AND CONTAINING 0.79 ACRE. TRACT 4-(IS BOUNDED BY THE NORTHWESTERLY BANK OF WEARS CREEK, WHICH IS SUBJECT TO CHANGE DUE TO NATURAL CAUSES, AND MAY OR MAY NOT REPRESENT THE ACTUAL. LOCATION OF THE LIMIT OF TITLE) r j } } S I f 1 i .11A } (f } }y`) v 7 4 I _ .1f uI . + EXHIBIT A-2 LINCOLN PROJECT CONCEPT PLAN (Pr/11 .1- ,., _ _ ____,:s1 44 - r \''',, ;4\s.\ i ss : .. • - ', -. : '''' ., 1 iltitl 4 �`' ir _,. - � v it v 1 ' 'Or I I]- - ; Ns-i, ,,. •.. F'ill 1 r-• g ..., WAC fir ," ; . 411? t i,i :. _ I : ' Iiii I [ I 161 2/ /1 5 ! �l it a `• - • .,,r ,„ t 1 y i , I I f ___.), pp f i 11 iAr. iiil _ - - _ _ 1 . _ moi. ,I. . ' — HtellWAY 54,63 ( 1 ti } } )} ) • } EXHIBIT A-3 COMMERCIAL PROJECT CONCEPT PLAN —7— _ _._ ______, , .—4'"_,,'.'igr.7:r '.. ' - • '''' - • r RP ti r 1 ;.I.� �'� � ,A (H , , 0 \ i ‘, 5 a. , N. . 41..,, N.,,,,. . �• s \ , + . 1__7\ir;1111 A /AN,\\ • \ . \ r t r i i IC �� r , lik \ . i ti Fill MI , ,t•, Ilk ` j ' ( F_____ r • -- 1 i 1 ,1 A �y Ao . r i (,,,,„1:\ ,„ • ; w 1 - - _ 1 • O Ai BY ! 1iI. ..fin 1 :r 4. di r." Y ' f 1 E. I - rs p �i' } iliiik _ . __ - a' , ...... _ _ _ - t L v L - "' HIGHWAY 50263 _ _ lr . II y �u i } Irr� Y 4 •` • j } EXHIBIT B PROJECT DESCRIPTION PROPOSED ST.MARY'S HOSPITAL TIF PLAN REDEVELOPMENT PROJECTS Lincoln Project A. Partial demolition, environmental remediation, and excavation of Redevelopment Area; B. Renovation and restoration of historic St. Mary's Hospital for use as an office building; C. Renovation and restoration of medical office building; D. Partial demolition and renovation of St. Mary's Hospital expansions for use as Lincoln University satellite campus; E. Construction of 4 commercial pad sites, consisting of approximately 21,000 square feet of commercial space; and F. Construction of associated infrastructure, site work, and site amenities II. Commercial Project A. Partial demolition, environmental remediation, and excavation of Redevelopment Area; B. Renovation and restoration of historic St. Mary's Hospital for use as an office building; C. Renovation and restoration of medical office building; D. Complete demolition of St. Mary's Hospital expansions; E. Construction of 6 commercial pad sites, consisting of approximately 30,200 square feet of commercial space; and F. Construction of associated infrastructure, site work, and site amenities } S ; A A, } I {� EXHIBIT C SPECIFIC OBJECTIVES OF REDEVELOPMENT PLAN 1. To reduce or remediate the blighting conditions prevalent in the Redevelopment Area; 2. To cause the Redevelopment Area to be redeveloped, maximizing historic aspects, but creating a high-end mixed-use project, together with all amenities, landscaping, and infrastructure. 3. To expand the tax base of the City by encouraging private investment in the Redevelopment Area. 4. To increase the retail, shopping, and employment opportunities for the City's residents and business and governmental visitors to the downtown/Capitol area. 5. In the case of the Lincoln Project, to foster educational growth within the City. !a" 3 !!`) 3 EXHIBIT D BLIGHT STUDY k‘v Va I bridge PROPERTY ADVISORS Blight Study Report Former St. Mary's Hospital 100 St. Mary's Medical Plaza Jefferson City, Cole County, Missouri 65101 Report Date:April 11, 2016 j y. -i ;� i!► J t... f. .,., J �.fir? '. „, i, . ":7.— .il . ,. ''' 51;",,.• - '''',Z4. A— ,', .tii‘lei ..' , 12 1 1 Sr f E ig'i ' '' -3 is [.. • `4` s4� .... L , a 1 15` --'-.--_-1-, r- . , '`, ` ,a-J i. - A ; t 1 } '' � ' w � ' • I rti 14 rt '�' _.� } �, 1t�,... s.'4 -•. , Atf f mi. 17111 FOR: F&F Development, LLC cio Mr. Evan Fitts,JD, CHA 900 W. 48th Place, Suite 900 Kansas City, MO 64112 Valbridge Property Advisors I Shaner Appraisals, Inc. 1(1090 Quivira Road, Suite 100 Oveiland Palk, Kansas 040210 (01 ',) 451 1'1')1 phone Valbridge Job No: (913) '20 4121 tax KS01-16-0104-000 valbuidge corn Valbrid e g PROPERTY ADVISORS 10990 Quivira Road,Suite 100 Overland Park,Kansas 66210 (913)451-1451 phone (913)529-4121 fax valbridge.com April 11, 2016 F&F Development, LLC c/o Mr. Evan Fitts,JD, CHA 900 W.48th Place, Suite 900 Kansas City, MO 64112 RE: Blight Study Report Former St. Mary's Hospital 100 St. Mary's Medical Plaza Jefferson City, Cole County, Missouri 65101 Dear Mr. Fitts: In accordance with your request, I 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 my opinions. The property is known as the Former St. Mary's Hospital, located at 100 St. Mary's Medical Plaza in Jefferson City, Cole County, Missouri 65101. The Study Area contains the original St. Mary's Hospital that was constructed in 1905, as well as five additions, which were constructed in 1932, 1964, 1988, 1995 and 2000. The total area of the hospital building is 235,323 square feet. The Study Area also contains a three story medical office building that was constructed in 1985 and contains 38,045 square feet. Located around these buildings are thee parking garages that were constructed in 1964, 1985 and 1995.There are also two parcels to the south of Missouri Boulevard that provide additional support parking. In total,the Study Area contains over 800 parking spaces. The total area of the three sites that comprise the Study Area is 9.800 acres, or 426,888 gross square feet. F&F Development, LLC 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. ValbridgeMr.Evan F. Fitts F&F Development, LLC PROPERTY ADVISORS April 11,2016 Page 2 Based on the analysis contained in the following report, my conclusions involving the Study Area property are summarized as follows: Conclusion-Chapter 67/99 As determined in the following study, it is my opinion that the Study Area represents a "blighted area"as is defined the "Community Improvement District Act", Section 67.1401 to 67.1571 and the Missouri "Real Property Tax Increment Allocation Redevelopment Act"Sections 99.800 to 99.865. Primary blighting factors include: Chapter 67/99 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 Endanger Life or Property by Fire and Other Causes X As a result of the factors above,the Study Area suffers from three of the four blight conditions. Chapter 67/99 Blight Conditions Yes No Hindrance to Housing Accommodations X Economic Liability _ X Social Liability X Menace to Public Health, Safety, Morals or Welfare T 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 an 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. COMM✓ V ►./ Andrew Baker, MAI Senior Appraiser Missouri License#2013E030999 Va I brid0ge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS TABLE OF CONTENTS Table of Contents Cover Page Letter of Transmittal Table of Contents i Summary of Salient Facts ii Aerial and Front Views iii Location Map iv Introduction 1 City&Neighborhood Analysis 3 Site Description 7 Improvements Description 29 Blight Analysis-Chapter 67/99 52 General Assumptions & Limiting Conditions 69 Addenda 70 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page i Valbridge FORMER ST.MARY'S HOSPITAL SUMMARY OF SALIENT FACTS PROPERTY ADVISORS Summary of Salient Facts Property Name: Former St. Mary's Hospital Address: 100 St. Mary's Medical Plaza Jefferson City,Cole, Missouri,65101 Assessor's Parcel Number: 11-03-07-0002-005-002,11-03-07-0002-004-028,11-03- 07-0002-004-028.001,11-03-07-0002-004-026,11-03-07- 0002-004-024 Zoning: C-2, Commercial Total Site Size: 9.800 gross acres (426,888 gross square feet) Existing Improvements Property Type: Former Hospital and Medical Office. Gross Building Area (Former Hospital): 235,323 Gross Building Area (Medical Office) 38,045 Parking Spaces 800 Year Built 1905 to 2000 Condition: Fair Date of Inspection: March 16, 2016 Date of Report Preparation: April 11,2016 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page ii n 10Valbridge FORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS AERIAL AND FRONT VIEWS Aerial and Front Views AERIAL VIEW . r .1. ....- . s-, ,,,,,- 4 ''4. j. k f 4+ 7 **„.. Li .. Iy `TiI .'t,-- ,. . � e • ; _ r _ },► , iLi117 - enc 'Y , - , R . -,; , - q FQ • ! '_ , ! 1 'if'! ,+w —. • :: t, I I \ A •-. .,4-.,',. , ,o P T .11,1,4-, y 1; .4.4. ''._+ •e ,. :rr. " J .r.''.(4:b 4 ti ik FRONT VIEW 1 _). __JAIL, . ‘..., , \ik'. . . A/ IU i r d r4 f I 1 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page iii 0 Va lbridge PROPERTY ADVISORS FORMER ST.MARY'S HOSPITAL LOCATION MAP H Location Map ...,, ,. 1' • 1,.. OM tli, % . \• .•''''-"*.•..'.- '-.*:-: L. '' •,.. .,.. ,... i 1.•:0D :,.- . _......". -."".•:::„..___'" ,i, ,,. ••LL -, ' • / ti ., • L .-. .441tomos CR 10.1 t ' r-: t a ---..- 1! mit /.' '' ,........ Ad- S 1 %., ..... I 4... .... ..< Eil 4. 1 \ , \ g r---, •\ i ..." , VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page iv Valbr•dge FORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS INTRODUCTION Introduction Client and Other Intended Users of the Blight Study The client and intended user in this assignment is F&F Development, LLC. 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. I understand that this report may be submitted by the F&F Development, LLC to a governmental entity or agency for the purpose of making a blight determination. Identification of the Property Address: 100 St. Mary's Medical Plaza Jefferson City, Missouri 65101 Parcel Numbers: 11-03-07-0002-005-002,11-03-07-0002-004-028,11-03-07-0002- 004-028.001,11-03-07-0002-004-026,11-03-07-0002-004-024 Owner: F&F Development, LLC Legal Description A copy of the legal description is contained in the addenda of this report. Type and Definition of Value Definition-Chapter 67 The Missouri "Community Improvement District Act",Section 67.1401 to 67.1571 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 including, but not limited to chapter 353,sections 99.800 to 99.865, or section 99.300 to 99.715." Definition-Chapter 99 The Missouri"Real Property Tax Increment Allocation Redevelopment Act"Sections 99.800 to 99.865 defines a blighted area as a"An area which, 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." VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 7 Valbridge FORMER ST. MARY'S HOSPITAL INTRODUCTION PROPERTY ADVISORS Before undertaking the analysis,it is important to clarify the definition as it applies to this report. According to state law, it is not necessary for every condition to be present in order to declare the Study Area blighted. In fact, an area can be declared blighted if only one condition is present. Also,the conditions do not need to be present in each parcel, but must be found in the Study Area as a whole. I have completed a blight analysis of the property according the Chapter 67 and Chapter 99 definition. To the best of our knowledge,the Study Area property has not previously been declared blighted. In addition to the above definition, I have also considered several court cases which provide insight on the consideration of blight.The following are references to Missouri Supreme Court Cases. • Parking Systems. Inc. v. Kansas City Downtown 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. • Crestwood Commons Redevelopment Corporation v, 66 lJrive-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. Rel Atkinson v. Planned Industrial Expansion Authority, 517 S.W.2d 36 at 46 (Mo. banc 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 April 11, 2016,which is the same as the date of the letter of transmittal. Date of Inspection Andrew Baker, MAI conducted an interior and exterior inspection of the property on March 16,2016. I was accompanied by Curtis Neuenswander, the manager of the property and a representative of the owners. Competency No additional work was necessary to meet the competency provision. I 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. Page 2 0 ValbridgRSFORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS CITY AND NEIGHBORHOOD ANALYSIS City & Neighborhood Analysis 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. The Study Area is located in Downtown Jefferson City,with includes the Missouri State Capital. 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 alternative, 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,as outlined in red in the map below. ' , �- � 16 ( f Sail .('m`-.I w..a.agm Lk + cin ......../..r , ; .,...-41, rP 1 ,s IJ 3.E.474:,___ , _. i .—r`.-,. 1 \ ) •,,,,,i. ) ' . J 0 ••••.- - — 1_ k , I VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 3 ValbridgRSFORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS CITY AND NEIGHBORHOOD ANALYSIS Neighborhood Land Use Land use in the Jefferson City includes mostly single family,industrial,and commercial land.Significant land use characteristics in the immediate area are summarized in the following table. Predominant A•e of Im rovements 50+years Predominant Quality and Condition Fair to Average 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 its manufacturing operations from Bridgeton, Missouri (located in the St. Louis area) to Jefferson City. The company has leased 534,000 square feet of manufacturing space that it recently occupied. The relocation will 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. New St. Mary's Hospital In November 2014,the new St.Mary's Hospital opened at Highway 179 and Mission Drive.The new hospital has a total cost of$218 million and contains 158 all-private rooms and 375,000 square feet of space. Plans for the new hospital began in 2004 when the land was purchased by an entity related to St. Mary's. The project was officially announced in 2009 and ground broke on the project in 2012. The new hospital replaced the Study Area, which was originally constructed in 1905,with five additions in 1932, 1964, 1988, 1995 and 2000. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 4 VaibridgeFORMER ST.MARY'S HOSPITAL CITY PROPERTY ADVISORS AND NEIGHBORHOOD ANALYSIS A. 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. I have included the data from the area within a five-minute drive of the Study Area,which includes much of the downtown area, as well as Jefferson City. Population Jefferson City has a current population of 43,511. Since 2010,the population has been growing at a rate of 0.20%. The population in the local area has been slowly growing at a similar rate over the past five years and this is expected to continue into the foreseeable future. Population 5 Minute Drive Jefferson City 2010 Census 113,772 43,079 2015 Estimate 13,881 43,511I 2020 Pro'ection 14,002 43,983 %Change 2010-2015 0.15% 0.20% %Chan•e 2015-2020 0.17% 0.22% Educational Attainment 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 (%) 91.0% 91.8% Bachelor's Degree (%) 31.3% 35.4% Advanced De•ree (%) 10.7% 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 7,322 19,185 Owner Occupied % 40.0% 53.3% Renter Occupied% 49.2% 38.2% Vacant(%) 10.8% 8.4% Median Home Value 2015 $118,812 _ 1 $155,389 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 5 Valbridge FORMER ST, MARY'S HOSPITAL CITY AND NEIGHBORHOOD ANALYSIS III PROPERTY ADVISORS Household Income STDB projects median household income to be$49,766 in Jefferson City,which is higher than the household income levels of the area within a five minute drive. Median Household Income 5 Minute Drive Jefferson City 2015 Estimate $33,613 $49,766 2020 Projection $39,038 $57,331 %Change 2015-2020 3.22% 3.04% Major Employers Jefferson City is the state capital of the State of Missouri. By far the largest employer in Jefferson City is the State of Missouri. Jefferson City also contains two major hospital employers which are the Capital Region Medical Center and St. Mary's Hospital. SSM Health, which is the parent company of St. Mary's Hospital, formerly occupied the Study Area is the fifth largest employer in the area with 1,070 employees. Primary employers are related to government and health care and are considered to be stable. Companies with over 1,000 employees State of Missouri 14,208 Jefferson City Public Schools ' 1,556 1 Scholastic, Inc. f 1,400 Capital Region Medical Center 1,398 SSM Health - St. Mary's Hospital 1,070 Source: Jefferson City Chamber of Commerce Conclusions Based on the analysis of the preceding factors,the neighborhood appears to be in the second stage of its life cycle, 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 my opinion that the short term outlook is good, with slow growth expected in the near term. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 6 O . ValbridgRS FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS SITE DESCRIPTION Site Description The following description is based on the property inspection, assessor records,and information provided by the owner. AERIAL MAP ...ow.;-, N7-3747., ,. ,r7,-711k,,,,:s44:: ,i . , /-.1, ri lop N'... Vi t.' 4.,' ". ' -' Z 144 eir.fi31,4%. !' 1,--' , ---.. fib . ‘.24.i. ! 1 al I 61%. . tio ... . 4:1444.''.1i.e.*; 01,,,,, r 1 Nt4ii-wcitY. • F i • . 11‘\-,40, .,i Liu" ... , .. iii, '.. '''. , , e,., , , ..,... i , , .„ N. I • .. F t iL '4".**4 . 'd1. :1 ` ' 6.63' a c , "� . . ` Vt s' CIV `�. •4.,i ! '•. sem+ r7 t V .' \ ' ...� X19 f - \kr� . 1 �d / , .- . . b " / am I ! ff ..- .f. CFO , 1 • ., 'i * , ., in ,- ' ':* - ffr.:AS*,4.'-ri , -, . of.' ,••,\P1/4.% ", t,. , a- ' .i \. • • I ter' J►,. , !ft...17A _ J . _ ..__„. •,--4, or General Data Street Address: 100 St. Mary's Medical Plaza,Jefferson City, Missouri 65101 Assessor's Parcel Number: 11-03-07-0002-005-002,11-03-07-0002-004-028,11-03-07-0002- 004-028.001,11-03-07-0002-004-026,11-03-07-0002-004-024 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 7 PROPERTY ADVISORS ValbridgRS FORMER ST. MARY'S HOSPITAL SITE DESCRIPTION 05.. Physical Characteristics Site Area: The Study Area contains a total of three separate parcels,the total area of the three parcels is 426,888 square feet, or 9.80 acres North Parcel (Hospital) The North Parcel is located to the north of Missouri Boulevard. It contains the former hospital, medical office building as well as three parking garages. It contains a total site are of 7.12 acres, or 310,147 square feet. Southwest Parcel (Parking) The Southwest Parcel is bounded by Missouri Blvd.to the north and the on/off ramp for northbound Highway 54 to the south and east. The total area of this site is 1.53 acres, or 66,648 square feet. Southeast Parcel (Vacant Site): This parcel is located to the south of Missouri Blvd.and to the east of the northbound on/off ramp for Highway 54. This parcel previously had two commercial buildings that were recently demolished. This site is bisected by a previous alleyway between the two buildings. The total area of this parcel is 1.15 acres, or 50,094 square feet. The area to the east of the alley contains 0.39 acres and the area to the west of the alley contains 0.76 acres. I have combined these separate areas because the alley will likely be transferred to the developer for any future commercial development. Parcel Location: The Study Area is three parcels of land that are generally bounded by Highway 54/63 to the north,east and west, and Wears Creek to the south. Missouri Boulevard bisects the three sites and Bolivar Street runs to the north of the Hospital parcel. Utilities Electricity: Ameren Missouri Gas: Ameren Missouri Water: Jefferson City, MO Sewer: Jefferson City, MO The area has all utilities in the area in order to permit commercial development. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 8 FORMER ST.MARY'S HOSPITAL 41110 Valbridge SITE DESCRIPTION PROPERTY ADVISORS Flood Zone Data Flood Map Panel: 29051C0133E dated November 2, 2012 Flood Zone: X,X (Shaded)AE, 0 - . \Sit 1.::;4''' St Maly's Health i.t Ii ,D , . v, �` '. U �. }p e ]Ali , .: .. ilii — „,i, . ___. 4.y g 4 . '. -^ f ,i. .. -`I 4 ,, The Southeast Parcel is entirely located within floodzone AE (denoted by purple on the map above). This is defined as "Areas subject to inundation by the 1-percent-annual-chance flood event determined by detailed methods. Base Flood Elevations (BFEs) are shown. Mandatory flood insurance purchase requirements and floodplain management standards apply.” The Southwest Parcel is partially located in floodzone AE. The western portion (denoted in yellow in the map above) is located in Floodzone X (Shaded). This is defined as an "Area of moderate flood hazard, usually the area between the limits of the 100-year and 500-year floods. " Mandatory flood insurance is not required within this floodzone. The North Parcel is primarily located in Flood Zone X, or areas of minimal flooding. However, there is a portion of the south end of the site that is located in Flood Zone X (shaded). VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 9 411 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS SITE DESCRIPTION Zoning Designation Zoning Code: C-2,Commercial Zoning Jurisdiction: City of Jefferson City Permitted Uses A variety of commercial uses, including retail, office and lodging use. Zoning Comments: 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 C-2 I O C-3 ■C-4 i l C-D , M-1 M-2 ! I •M-3 ❑N-D ▪NC ❑PUD n M x \ RA-1 5 RA-2 •RC RD RS-1 RS-2 RS-3 RS-4 ❑RU VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 10 1111 ValbridgRS FORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS SITE DESCRIPTION Topography The North Parcel sites slopes downward from the north toward the south. The topographic difference is approximately 30 feet, based upon the review of the US topographic maps. This elevation difference is considered to be very significant and will present additional costs for a development. The Southeast and Southwest parcels are each basically level and at grade with fronting streets. Site Conclusion The Study Area site is functional for its legally permissible use of a commercial development. The site is currently zoned C-2, which permits various commercial uses, such as retail, office or lodging use. Commercial uses are also consistent with the surrounding development in the local area. The Study Area has the necessary utilities and infrastructure to permit commercial uses of the site. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 11 MValbridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Improvements Description The following description is based on my property inspection, building plans, assessor records, and information provided by the owner.The following is my brief description of the Former St. Mary's Hospital, medical office building and the three surrounding parking garages. The following shows a map of each of the major buildings in the Study Area. f „..,,,„,,,, .., fIr • r as L 4..: hl1 1. , ,, / - �. r. ' r-a ,, i. I , .. ,. , / ‘ 4461' , Irk i n f • r „C r f Ot ,+/I .. . -'Ural.Wing I. x �• ,. 4 arag • lt, as ' ' 4,”, .. "4, F •( 40 f ♦ %'`' 4 � ', ;or. ,. l'..> � l l . , =f• I • a � • h 1 et {w. ,i'. 1., South parkin a.h Garage / ;, r General Data Property Type: Hospital and Medical Office Number of Buildings: Two Number of Parking Garages Three Quality: Average Condition: Fair VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 29 000 Va I bridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Age of Improvements The former hospital consists of the original hospital building that was constructed in 1905, as well as five additions, which were constructed in 1932, 1964, 1988, 1995 and 2000. The Study Area also contains a three story medical office building that was constructed in 1985. In addition,the Study Area contains three attached parking garages that were constructed in 1964, 1985 and 1995. At present, each of the structures located in the Study Area shows significant indications of depreciation. Based upon the age/life method of depreciation many of the buildings are at or near the end of their useful life. The following tables shows the age of each of the buildings, based upon information provided to us by the owner. Age of Improvements Ref. Description Size Stories Year Liuiir Actual Age Useful Life(MV5) 1 Original Hospital Building 41,490 5 1905 111 50 2 First Hospital Additon 22,550 5 1932 84 50 3 Second Hospital Addition 46,330 5 1964 52 50 4 Boiler Room and South Parking Garage 22,136 2 1964 52 45 5 Medical Office Building and Parking Garage 38,045 3 1985 31 40 6 Third Hospital Addition 82,119 4 1988 28 50 7 North Parking Garage 68,400 2 1995 21 45 8 Fourth Hospital Addition 27,589 2 1995 21 50 9 Dining Room Additon 13,304 2 2000 16 50 The buildings in the Study Area are classified as a Hospital, Parking Garage and Medical Office of average quality. According to Marshall Valuation Services (MVS), these building types have a useful life of 50, 45 and 40 years, respectively. 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 designed." Therefore, based upon its age, each of the structures that was constructed before the mid-1980's is considered to be past the end of its useful life. /for fork:01 1°4' 5 WWII /53 z- - i/6y . Illi ,' IIIIIIIIII Irri � - &I'D90s I — will ' I i ' : i i II '- -\ '' "� r-I j �II' ,,.. ' I, I ! II {I IIII III1Ii ( I 1... II .1.: 't`', 'i r ft .,.. 4 44 '- '__ t " -I, 00-iv-- 1 LW 17- ..-,1044c:v4,1 . -ta,.- :, , iiolit "w III, �F FIRS1 FLOOR PLAN 1 11'7114.(1 ,11' VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 30 Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY r' PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Hospital Building Size Gross Building Area (GBA): 235,323 square feet Age/ Life Year Built: 1905, with additions in 1932, 1964, 1988, 1995 and 2000 Actual Age: Varies from 111 years to 16 years Typical Building Life(MVS): 50 years Remaining Economic Life: Would require a major renovation in order to have a functional utility for hospital use,or any other alternative use. Exterior Construction Class: Class A per Marshall Valuation Service Foundation: Rubble Stone in 1905 portion, poured concrete in all other portions Frame/Walls: Steel and concrete Exterior Wall Finish: Stone in 1905 portion, red brick in other portions. Windows: Single-pane Interior Floors: Varies widely depending on the area of the building. Primarily includes tile, painted concrete and carpet Walls: Painted drywall Ceiling Finish: Suspended acoustic tile Lighting Fixtures: Various fluorescent fixtures Mechanical Systems Electrical: Electric service has been turned off in order to reduce maintenance costs. Plumbing: Assumed adequate for commercial use. HVAC: The property is heated by a boiler system and cooled by a chiller system. The HVAC system has been turned off in order to reduce maintenance costs. As discussed later in this report,the boiler and chiller system is inadequate for hospital use. These systems are currently in poor condition and would need to be replaced in any future redevelopment. Fire Protection: Wet sprinkler system has been removed in order to reduce maintenance costs. Due to the lack of heat in the building,there is a risk that the sprinkler pipes could burst during freezing temperatures. Analysis/Comments on Improvements-Hospital Building The original Hospital Building was constructed in 1905,and contains five additions,which were constructed in 1932, 1964, 1988, 1995 and 2000. The total area of the hospital building is 235,323 square feet of gross building area. The hospital contains a total of five stories,including a partial basement. The basement area is primarily used for storage and contains the heating systems. The improvements are of a steel frame construction and were in average condition as of the effective date of the report. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 31 filValbridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Entrance to the hospital is located on the north side of the building. The ground floor consists of the entrance and emergency department area. The south side of this floor contains former surgery rooms. The east side of this floor was previously used as a cafeteria. Patient rooms are located on floors 2, 3 and 4 and are located on the west side of the building. Support executive offices are located on the second floor on the east side of the building. The floor plate areas get smaller on the upper floors of the hospital. The building plans at the end of this section show the individual rooms at the hospital. Medical Office Building Size Gross Building Area (GBA): 38,045 square feet, not including full basement Total Stories: Three,with a partial basement Age/ Life Year Built: 1985 Actual Age: 31 years Effective Age: 40 years Remaining Economic Life: Property is nearing the end of its useful life for medical office use. Exterior Construction Class: Class C per Marshall Valuation Service Foundation: Poured concrete Frame/Walls: Masonry Exterior Wall Finish: Brick Windows: Single-pane Interior Floors: Carpet in room area and hallways,tile in restroom area, hardwood in lobby area Walls: Painted drywall Ceiling Finish: Suspended acoustic tile Lighting Fixtures: Primarily incandescent fixtures No. of Restrooms: One common area men's and women's restroom Mechanical Systems Electrical: Electric service has been turned off in order to reduce maintenance costs. Plumbing: Assumed adequate for commercial use. HVAC: The property is heated by a boiler system and cooled by a chiller system. The HVAC system has been turned off in order to reduce maintenance costs. As discussed later in this report, the boiler and chiller system is inadequate for medical office use. These systems are currently in poor condition and would need to be replaced in any future redevelopment. Fire Protection: This building previously had a partial west sprinkler system that has been removed in order to reduce maintenance costs. Due to the lack of heat in the building, there is a risk that the sprinkler pipes could VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 32 Va I bridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION burst during freezing temperatures. A wet sprinkler system would need to be installed in the entire building in order to permit office use. Analysis/Comments on Improvements-Medical Office Building The Medical Office Building was constructed in 1985 and contains 38,045 square feet of gross building area. The improvements are of masonry construction,and were in fair condition as of the effective date of value. The Medical Office Building is located directly to the southwest of the Hospital Building. These two building are connected by a small corridor on the first two floors of the medical office building. The basement and first floor spaces are accessed by entrance doors on the southwest corner of the building. This entrance is located in the basement, which is connected to the south parking garage, as well as the ground floor. Interior office finishes mainly include carpet in room area and hallways,tile in restroom area, hardwood in lobby area. There is a common area restroom on each of the floors.These restrooms were recently renovated with new tile and faucets and are in good condition. There is a 2,500 lb capacity elevator that services the three floors and is located in the south of the building. There are also two stairwells located on the north and south portions of the building. VALBRIDGE PROPERTY ADVISORS Shaner Appraisals,Inc. Page 33 10 Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Parking Garage Buildings Size North Parking Garage: 55,000 square feet, in two stories Central Parking Garage: 38,000 square feet, in one story South Parking Garage: 28,000 square feet, in one story Year Built North Parking Garage: 1995 Central Parking Garage: 1964 South Parking Garage: 1985 Analysis/Comments on Improvements-Parking Garage Buildings The Study Area contains three attached parking garages. The North Parking Garage is located to the northeast of the hospital building and contains a total of two stories and three levels of parking. The total area of this parking garage is approximately 55,000 square feet. The Central Parking Garage is located to the southeast of the hospital building and is adjacent to Missouri Boulevard. This building was constructed in 1964 and contains two story and two levels of parking. The boiler system for the hospital is located in the basement of this building. The chiller system for the hospital is located to the west of the Central Parking Garage. The South Parking garage is located to the southwest of the Medical Office Building. This parking garage was constructed in 1985 at the same time as the Medical Office Building. It contains one story and two levels of parking. In addition,support parking is provided by surface parking lots to the south of the Central Parking Garage as well as the Southeast and Southwest Parcels. A pedestrian bridge connects the Southwest Parcel and the North Parcel. This pedestrian bridge is approximately 14 feet tall and traverses Missouri Boulevard. The total number of parking spaces is approximately 800. The parking ratio is 2.93 spaces per 1,000 square feet of gross building area. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 34 '1;r .! Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Functional Obsolescence The Hospital Building was originally constructed in 1905, with five additions in 1932, 1964, 1988, 1995 and 2000. The design of the Hospital Building was not considered to be adequate for the health needs of the region. The Study Area was replaced by the New St.Mary's Hospital,which is located to the east of Highway 179 and Mission Drive. The new hospital is about four miles to the southwest of the Study Area and is about a 10 minute drive, depending on traffic conditions. The new hospital had a project cost of $218 million and contains 158 all-private rooms and 375,000 square feet of space. Plans for the new hospital began in 2004 when the land was purchased by the operators of the hospital. The new hospital officially opened in November 2014. The following shows the analysis of the features that are considered to display functional obsolescence. My analysis is primarily based on the design differences between the new hospital and the Study Area. I have also examined the public statements from hospital officials as to why a new hospital was necessary to meet the health needs for Jefferson City and the surrounding region. Hospitals must balance functional, layout and aesthetic issues to simultaneously meet the needs of patients, guests,staff and the owner. Well-designed properties are considered to be safe for patients and staff,cost- effective, and maintain their functionality over time. Hospital design must take into account the activities that will be conducted, as well as the space relationships between these activities. The following chart, shows the typical space relationships within a modern hospital: .,.......„...-A- AOAtl1W9r1RAT10N rNrATNENT / I _i DiAGNO.rrtC II e_.;,...,:e r I / r1[RATMeNr f•. • y I TF 'v"rr!'se I I`1 GENERAL HOSPITAL RELATIONSHIPS i i 1 qr Ar• 1 a to"Taw r CVAsrwosrec A wAdeos risrarn..rNT I OVrsormovT cAe>•o�.vaa es' M(O CALL .Nowa t ovrwvrkrr n soR6rGA1 !'x`.1;11 sw.,4J:11` '� eWM" 1 1 4 roncxrArrvc x,RAY use arKarterivcP I L ,,i _ _ 1 ^}� PHARMAer S- • .!K f IN 6C-MAR F. i Droe►rtkoatV I ,! rti1Sr FKv..,- r—.L ..,_ r_J_1 Foot r .�r. : MAJOR CLINICAL RELATIONSHIPS Source: (Whole Building Design Guide site: https://www.wbda.org/design/hospital.Dho) VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 35 ST. MARY'S HOSPITAL BLIGHT STUDY 111Valbridge PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Size The new hospital contains a total size of approximately 375,000 square feet of gross building area. The former hospital and medical office buildings at the Study Area have a size of roughly 270,000 square feet. The new hospital is approximately 40% larger in size. In addition, the new hospital has excess land and areas that can be added for future phases as demand will increase for health services in the future. The Study Area is a fully built-out tract and additional space cannot be easily added to the existing design. Design Characteristics The new hospital has a number of different major design characteristics that are considered to be superior to the design at the Study Area. 1. The new hospital contains 158 all-private patients' rooms. The private rooms allow for more privacy for patients and guests than the shared rooms at the Study Area, which is imperative for requirements by the Health Insurance Portability and Accountability Act of 1996 (HIPPA). Each room has the same design and layout, which helps the nursing staff save time and make fewer errors. The modern nursing units have a more compact shape in an attempt to shorten the distance between the nurse station and the patient's bed. 2. Operating rooms have been designed so as to be more functional and have been spaced closer together. The storage space for supplies is adjacent to the operating rooms, which allows for fewer interruptions in patient care. Each operating room has updated scope equipment and portable x-rays, which allow for immediate results. 3. The imagining and testing services are now located adjacent to the emergency department. This allows for quicker turnaround for results and fewer false positives. 4. The labor delivery rooms are much larger and more convenient. The rooms have a hotel- like atmosphere and more amenities. The additional space allows for more comfort for new mothers as well as for visiting family members and other guests. 5. The general aesthetics are considered to be greatly superior at the new hospital when compared to the dated design at the Study Area. Hospital patients are often fearful, confused and depressed and these feelings may hamper recovery. The new hospital has been designed to be as unthreatening, comfortable and stress-free as possible. The exterior mainly contains windows,which allows for natural light to enter the building. There is a significant amount of artwork in the interior of the building which is designed to inspire. Many of the patient rooms overlook a secluded garden area,which can be used by patients and guests for reflection and prayer. HVAC System The primary functions of a hospital HVAC system require high amounts of airflows, pressure relationships between spaces,and filtration to prevent hospital acquired infections(HAls). This is different from a typical building HVAC system, in which comfort is the primary focus. A modern HVAC system can reduce the risk of infection by removing airborne microorganisms,which is especially important in the surgical suite. The HVAC requirements and costs for a hospital and higher than any other type of building. The HVAC system in the hospital is provided by a boiler and chiller system that was constructed in 1964 and is considered to be obsolete when compared to modern hospital design. Other types of equipment are more widely accepted, including variable refrigerant flow (VRF) systems, air curtains and geothermal heat pumps. This equipment reduces the transmission of airborne diseases, improves comfort and efficacy and saves money by reducing energy output. The current boiler and chiller system at the Study Area represents a super adequacy and would cost a considerable amount to operate and maintain in any future redevelopment. According to the owner, the VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 36 Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION boiler system and chiller system is in poor condition and would need to be replaced in any future redevelopment. Lack of Fire SDrinklers-Medical Office Building There is a lack of fire sprinklers in the medical office building. Only a small portion of this building has been improved with a fire sprinkler system and these fire sprinklers have been removed by the owners in order to save money on maintenance costs. Fire sprinklers would need to be installed in the entire medical office building due to current fire codes if this building will be occupied by an office user. Deferred Maintenance The Study Area has numerous issues with deferred maintenance. The interior of the building would require a complete renovation in order to allow for an alternative use, including new floor tile, ceilings and painted walls. Also, many other components of the improvements would need to be replaced, including the HVAC system and roof.As discussed throughout this report,there is a significant amount of physical deterioration in the building and site improvements. I have reviewed a report that was prepared by AllState Consultants and was dated February 8, 2016. The report discusses the current condition of the three parking structures as well as the pedestrian bridge that traverses Missouri Boulevard. The report lists major repairs that are needed at all three of these buildings that were primarily related to long term moisture exposure. The moisture damage was caused by degraded coatings and sealing joints caused by a lack of maintenance. The report also states that due to the high cost, repairs to the Central Parking garage as well as the pedestrian bridge would most likely not be financially feasible. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 37 0 Valbridge PROPERTY ADVISORS ST.MARY'S HOSPITAL BLIGHT STUDY IMPROVEMENTS DESCRIPTION Building Plans-Site Plan 6011vAlf SIRII I _,.--- i H To-muff 7 - ,. ..., , . ------ ) 0 - - .. I 4 z irf ( --4 --I'll, 1,--_-_-., ...2,-Li • _Tilf_ti_ '--2:- : ilti i -1.----i-gra-, 1 Shin. IF I ad.....s.o.n.........E.•...' 'Fj , i. 9-_.= -----• i.,., , • -- , r- MSSPAI BEONEWRO ,w..,_k K:3----___'-'.--.--- - , •' ' l i 1 I k-- -,-, 4 - - ) ---1 .-- - i til MARYS i 111 SITE PLAN ----—,--------_—, -1111t, 0 lli-M 'II ., I. ,.... ............. ....--...—..... ... —,.. ..... — „...„... ......—. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 38 0 ValbridgRS ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Basement 1.,1 t.,..,_ h. .1 ' , HI 1 I II :t i# I i L_y I I ,‘,,‘,,-•:,,,,.‘:-..! 5 --.1 ll..__ GAM 1 ik'',i'*II ii-1 1.r', I I 1.11..1 11 j ..h.-,,,—: fN L � f I.re_, 7 • — — I IPi j r Ti'7-7-771 :- . : 1C �r gra 11—= _ 1.L__-._.,�j I 'i'' VARY`S S'. MARYS 1 _ GROUND FLOOR PIAN g II 'I 'd HEAL'IA 11 CENTER . _ T. .n.r..�vfr nf,.'u N:r ••n Fl�,bnve ♦,f ea fT_ -- VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 39 Valbridge0 ST, MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Ground Floor _) r--y-� l I, 1.I �.,.i L ', m Le ja „Mil,f „�� -Ti _ . „ . IT " '6 ,' azo'!. l y SE g _BASEMENT FLOOR PLAN ® SI MR YS ��. b�.�e..�.a__ ,� �. , HEALER CENTER HEALTH CENTER ....... ..,._ , ... .....,1 . ......... r, ...,...,. ..,...... VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 40 4 Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-First Floor 11- III IIIA IHT111111 l hi LLT. ._!_1.11I I LI I I � ? -11�� l _; - 1 � i�.� - rd ,, ,,,,ig 1 _ii 1 li 'R—T 1 . _I _-M''''' --;_i_574.L'h,tiiktrly i _, . i id F. 'I fiti;,,CQII '''' ' IA t ' i'-- -C'N, —: . 4,..- 1 t' I T ' 4,!iir' I'� 1 rill �'" * ux- 1 o • _: - I t kir' _ Si MARYS ST MARYS FIRST FLOOR ti u pPLAN el g HFAL'H HEAI.'H CENTER CENILR VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 41 0 Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Second Floor illikiltilIi • I IIHI ' III. — 1 LI 1 (111.11L.L1111.iiil, — Hii11119J11111111 ; 11117 I .--' 1... • 'I° : I " " `, -%.' Or ' .j; I, 1 -6 ., -- J' - 11,., ,i. it • , 1 17.,.! 1 .'d , ,-. lito, Lri.p -• . .;:_-._,.,r=,.'—. •,, ii,..1-i- j V SECOND FLOOR PLAN 11 'I J !If,1_11 I VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 42 Val bridge0 ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Third Floor 1 II I [� tr • ] rYI f. � J Y J I I I if.L 1 —_ -. 2.... 14'a„=, THIRD FLOOR PLAN !UMW-if I I ; I. YiL.I2I 1 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 43 0 Vaibridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Fourth Floor ITT/ ..:-_-,-.,•, — . —\ -- . -Lill- . 11 r I _I] , .. .,1 ,.. , I ii- 1 , I — :. h :I r Ter; . '' -*:-, *ti:' - '.-.-'. ' Ide: �� 0' .''. . , � tiro I 1 7171717" ,7,1..FOURTH FLOOR PLAN M ,RY if CENTER Ic:N 11.1. ..,.r ..nv..•nieAnt ahrr.�w .Fn.... .r.. ... . . a.........i VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 44 ValbridgRS ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION 1 • R • -1- - 1 w I :. Iiiiiiimipumir_ ._. _ •___ iii-...... i �______ West Entrance Area Y, 1,!$011:ip,, f11;:e... 0r " 't - ,r I r 1 ___ . „ _,_......_ . _ . „,, ...... ,,,....._ ... . _ .... ,. .... _.. . ! .-T._ , . .. _ _ _. . . .. . _ : . .. ........_ . 1 . _ . West Elevation-Hospital building VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 45 LIGHT STUDY 11 Valbridge ST. MARY'SHOSPITAL IMPROVEMENTS BDESCRIPTION PROPERTY ADVISORS IM_ - 1 r Mi • Northeast Parking Garage ji el"� �'� �` r� } , � r • r 1. - _- East Elevation-Hospital Building Page 46 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. M1µ Val bridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION de , II 4. } 1 I 4 ,;� r i . ' Ii" :mit 1 Bill :' South Elevation-Hospital Building 11 0 1111141, 1 �y of •�'Y` � � �•.. — I JI Er1:' z x',I r' f,1 7 ' _ ..4_ I i ' West Elevation-Medical Office Building VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 47 Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY n PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION • -_ . , ,,, ---\ l I Medical Room ,Z- .FF , , I :F'_ 0 Dining Room VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 48 Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORSIMPROVEMENTS DESCRIPTION I r - II 1100 'La I '11---twinalc- - ,t,.- ; . .) I JJ1 I 1 •5 \- Storage Room-Ground Floor A 'I ._ . 1 , , , --i ..iJ _ , , , , , e_,., ii , I - - ' , ' ,, , ,, _, Hallway-Ground Floor of Hospital Building VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 49 IP" Vaibridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERII'ADVISORS IMPROVEMENTS DESCRIPTION f / ill Al ill i i -- r , 0 11114 ...7 ) 1 III , il -- - ___ .._ \,. _____ , e- ., . _ _ , , Office Space-Medical Office Building ellibibirr... I }i. .i mg lig,• - .711111054 fir.. y` a Hospital Entrance Area VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 50 ValbridgRS ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION 'I. x . • • pp tA .,-t._ .. V ,fi 4 2�r.'- Parking Area-Southwest Parcel � • ? 4 ..i K _ '. Typical Former Building Area-Southeast Parcel VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 51 ONValbridge FORMER ST. MARY'S HOSPITAL ,,.. PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 Blight Analysis-Chapter 67/99 Chapter 67/99 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 exit points); offset or irregular intersections; and substandard or nonexistent pedestrian circulation and lack of signage. Transportation Routes 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 with Kansas City to the west and St. Louis to the east. Overall, access to the area is considered to be good.The following map shows the areas within a 5, 10 and 15-minute drive time of the property. IIAlnI Jamestown lq µ Mo' 111/ . .. t li Hamburgs • , Californla ,K ikl • - r _ - .eonnal MITI i pan.lellnlIt M. reek iken ( Dont LI , • SIC` a Nc,t •I - ?� IIM e,ulnall. •1 Olean �- _— ^ s at'TM..._ - Ir.i VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 52 0 ValbridgeFORMER ST. MARY'S HOSPITAL BLIGHT PROPERTY ADVISORS ANALYSIS-CHAPTER 67/99 Frontage Streets The Study Area is located to the south of the intersection between Highway 54 and Highway 50. The Study Area has direct frontage along Bolivar Street and Missouri Boulevard. The following table shows information about the streets that front the Study Area. Frontage Streets Highway 50 Highway 54 Bolivar St. Missouri Blvd. Street Type Highway Highway Frontage Road-Highway Arterial 54 Access Points No Direct Access No Direct Access Two curb cuts to main Five curb cuts to Hospital hospital entrance and parcel. One curb cut for medical office entrance the Southeast and Southwest parcels. Street Paving Asphalt Asphalt Asphalt Asphalt Lanes Six Six Two Four,plus median lane Direction of Traffic North/South Northwest/Southeast Northeast/Southwest East/West Condition Average Average Average Average Curbs None None Yes Yes Sidewalk None None South side Both sides Traffic Count 35,626(MODOT 2013) 27,280(MODOT 2013) Low 24,124(CoStar 2005) I 4fyi,, Highway 54 looking northwest Bolivar Street looking east VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 53 V I ridge0 FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 ■ Jilall011111111.1 1/111/4*-- • Vp� NI c - ,4 --1.yy IIS i , r r.w .•.. " Y�Illigi ,v �I Missouri Blvd. looking west Missouri Blvd. looking east The streets in and around the study area are not designed on a grid system in which the streets run north/south and east/west. Missouri Boulevard and Bolivar Street will alter directions and this can cause poor visibility for vehicles that are trying to merge onto the roadways. Also,the twisting roadways can be confusing to motorists that are unfamiliar with the local area. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 54 Valbridge0 FORMER ST. MARY'S HOSPITAL BLIGHT PROPERTY ADVISORS ANALYSIS-CHAPTER 67/99 Local Traffic Signals The following aerial map shows the ingress/egress points,with the Study Area outlined in red. ' .' #64 714411:7 r 144 .,.„,.‘47-.00.27-,7; , ..•.,.i ,re,'N .., , , 491) ,..s , _ ,. . , P ' '' ').44\ '4 iir;1* " "` 7 ff _1:!il't- . !� ' �- rM1," d-,.., } fir•. s l '114, ' / ae'11��rte{ / 'z" y , _ � j 1. V ad�Mr�� ,6y `y. .. fw, . r dr A , 1, IIN l,,y, -w 1 . .A •0.83 •c. \..i., /4+1LN - Cr ' •ire 1, Gr ". • , , 4:N1/4.1b ii I ` „ stl - _ ` •rw • ' )11 � j i its 1 'Z 4.l . z I r ot,,, A r1 --.0 ► ! T •f „,,t,'. ' � � I r ' "" N. 4 Way j.{ '.�'.i. 4 VW . 4' ';4 1yf I" tio {r._ E. * i "" _• Vii. 'p ./a`.t { , 1 __ 1 •r ` -.:4N+' .,fir' � .. ill d ' % Of particular note are three streetlights located along Missouri Boulevard that are only approximately 1,200 feet (0.22 miles) apart. These streetlights are located at the Bolivar Street intersection, the Highway 54 egress/ingress point and the Highway 50 intersection. This distance is not considered to be an appropriate signal spacing according to the Missouri Department of Transportation(MODOT) Engineering Policy Guide, as shown in the table below. Table 010.6 Minimum Guidelines 17 rt..odway Ctaailloginou In Current end t°roJeard UNapnAra s In Rural Arses 1r_ Myor,Freeway ',Traffic signals not allowed _ ',Traffic signals not allowed Myer,NonFrearwey 114 mile(2,610 N.)-1 ndle(5,200 N.) 1 See note Wow' Miner I'.mile 11.320 n l.'.mils 12.640 It:1 See note below' - - ' Rural traffic signals are gsnecah tsotaled etgnals rather than signals pieced Inc progression along a route ,S,51411%are to be placed es leap 5266 It apart because el NO)rural opevating speeds VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 55 ValbridgeFORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS Oi BLIGHT ANALYSIS-CHAPTER 67/99 Missouri Boulevard is classified as a Major, Non-Freeway road. It is recommended that these types of roads have traffic lights that are spaced from 1/2 mile to one mile. Appropriate signal spacing is needed to preserve efficient traffic flow and progression on urban arterial roadways;for instance,a quarter-or half-mile spacing allows traffic signals to be effectively interconnected and synchronized.Adequate spacing will also tend to reduce rear-end collisions and "stop and go" driving that increases congestion, delay and air pollution. It is also noted that Missouri Boulevard has a significant number of ingress/egress access points around the study area. This includes a total of five curb cuts on the north side and two curb cuts on the south side of Missouri Boulevard. The area to the south of Missouri Boulevard is also bisected by the northbound on/off ramp for Highway 54. The high traffic volumes and narrow distance between the access points has the potential to cause collisions, especially when the roadway is wet or is covered in snow or ice. I have received reports from Sgt. Doug Ruediger with the Jefferson City Police Department. These reports indicate that there have been a total of 52 traffic accidents along Missouri Boulevard in between Highway 50 and Highway 54, including 21 accidents at the Missouri Boulevard/Bolivar Street intersection.At least five of these accidents were reported to be an injury accident. In addition to being unsafe, this area of Missouri Boulevard can cause long delays, especially during peak hours of traffic. These long delays are due, in part, to the high number of curb cuts which restricts traffic flow in the area. During the afternoon rush hour,the traffic lines can be so long that it is difficult to make left turns onto Missouri Boulevard. Chapter 67/99 Factor#2-Unsanitary or Unsafe Conditions There are numerous instances within the Study Area exhibiting unsafe or unsanitary conditions. There is standing water in several areas within the building due to the leaking roof. This has the potential to cause mold and mildew damage,which is especially likely due to the lack of functioning HVAC system which will increase the humidity during the summer months. 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 serious infections in their lungs when they are exposed to mold." In addition, there is a significant amount of trash and debris located throughout the Hospital and Medical office building. This has the potential to attract pest such as cockroaches and rats. These pests can cause additional problems for surrounding property owners. On the inspection, I noted several dead cockroaches, which suggests that the building may currently have an infestation. There is a defective or inadequate street layout in the area,which is potentially dangerous for motorists and pedestrians. There were reported to be 52 traffic accidents along Missouri Boulevard adjacent to the Study Area in 2015. The high number of traffic accidents, including five injury accidents, is concluded to cause ill health for the community. As discussed earlier in this report,Southeast and Southwest Parcels,as well as Missouri Boulevard is located within the 100-year floodplain. The area located around Wears Creek is susceptible to flash flooding. According to the Centers for Disease Control, flood waters pose various health risks, including infectious disease, chemical hazards and injuries. Flash floods can be especially dangerous as people tend to VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 56 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 underestimate the dangers. The U.S. National Weather Service reports that, on average, 127 people die every year as a result of flash floods in the United States. Pictures below show unsanitary or unsafe conditions at the Study Area. 1 I \\ At - • I. ilk LIN r• 1 r _-., Floor stain due to leaking roof is considered to be unsanitary. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 57 Valbridge FORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 111111 - Trash and other debris in a medical room. This has the potential to attract pests such as mice and roaches. On the inspection, I noted several dead cock roaches, which suggests there may be an infestation. Chapter 67/99 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, 5th Edition). It is determined that Study Area has deterioration of site improvements and the pictures on the following pages show the extent. I discussed some of these issues with physical depreciation in the previous section of this report. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 58 \/a l br id eFORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 -4,41414.4,,,,, ... r , 1 , P ..,... ..!. ., . ,r .. ._ r: 1, .,i, . , ,,. ., . . _:„... .. . . ,,,,. .. ,.,,f.- i�-I J Crumbling curb near the entrance area ,.4 �� 1. ._ _____ . __. . , . _____ 1 . ,,, .4 . _ _ . Ili .. . ._. __ -,, • . __ .. ....e:._,-rj,..4-yol„,:4 , . .... Weeds growing in cracks around the asphalt paving. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 59 ValbridgRSFORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS CHAPTER 67/99 ,,,. -.- s. - �,r^v- -- - -- - - .� ---�w. .41 ". - ---t"-imiti-,ErItiti-A ' .'" Deteriorated asphalt, weeds growing in parking area on the Southwest Tract f .• ,'' ;:l -* ..---At'''.-"•: u , -s'' ..0.• __C"'!__„„...,.-r -'rs't�4 l� y LSM -.I ,, i : Deteriorated asphalt on the Southeast Tract VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 60 OW Val bridgeFORMER ST.MARY'S HOSPITAL BLIGHT ANALYSIS-CHAPTER 67/99 PROPERTY ADVISORS Chapter 67/99 Factor#4-Improper 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 present within the Study Area. This factor of blight generally applies to urban settings where fractioned interests prohibit coherent development of modern, functional facilities. Individual parcels throughout the area have a wide variety of shapes and sizes. The subsequent lot splits were accomplished by a metes and bounds legal description, without official platting in order to guide development of the larger area. Also, the Southeast Tract is separated by a small alley that used to run in between the two commercial buildings. This alley has split the tract into two land areas that measure 0.39 acres and 0.76 acres, which are considered to be too small for most modern commercial uses. This alley serves no functional purpose and would most likely be transferred to the owner in order to create a larger and more functional commercial tract. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 67 Valbridge PROPER1 Y ADVISORS FORMER ST. MARY'S HOSPITAL BLIGHT ANALYSIS-CHAPTER 67/99 Chapter 67/99 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 at present. The owner removed the existing fire sprinkler system in order to minimize the costs of maintenance. There is no heat system in the buildings and the fire sprinklers have the potential to burst due to freezing water in the winter months. The lack of functioning fire sprinkler systems in the buildings will increase fire risk which can endanger life and property. There have been a total of 52 traffic accidents during 2015 that have been reported along Missouri Boulevard, according to the Jefferson City Police Department. This had included a total of five injury accidents. This high number of accidents is due, in part, to the large number of curb cuts located along Missouri Boulevard which restricts traffic flow and is confusing to motorists. Blight Factors Conclusion-Chapter 67/99 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 67/99 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 Platting X Conditions which Endanger Life or Property by Fire and Other Causes X As all five blighting factors exist within the Study Area, I next examine whether these factors contribute to the four conditions defined by the statute. VALBRIDGE PROPERTY ADVISORS Shaner Appraisals,Inc. Page 62 011/Valbridge ADVISORS FORMER ST. MARY'S HOSPITAL BLIGHT ANALYSIS-CHAPTER 67/99 Chapter 67/99 Condition #1-Hinderance to Housing Accommodations This condition of the blight definition is 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 well 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 67/99 Condition #2-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, as it is currently vacant and not producing any income or jobs for the local area. The area can be considered an economic liability due to the low tax revenue and the inability to pay reasonable taxes. Tax Analysis 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 63 41 ValbridgRSFORMER ST.MARY'S HOSPITAL 1• PROPERTY ADVISORS BLIGHT ANALYSIS CHAPTER 67/99 CITY REVENUES-GENERAL FUND-FY2015 Interest Contribution Other Income Donations Operating 0.31% Fees 0.38% Revenues Other Non- Licenses 0.20% Operating &Permits Revenue 2.23% Fines& 0.08% Charges Forfeitures Transfers In for 3.36% 0.08% Services 8.28% Carry Over Inter- - Surplus 0.00% Sales govern- &Use mental rI Taxes 1.943; 33.22% Inter- Property governmental Taxes Taxes 17.79% Franchise& 7.22% Utility Tax Other Taxes 24.49% 0.41% Currently,over 50%of the revenue for Jefferson City is obtained through property taxes(17.79%)and sales and use taxes (33.22%). 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: 19% Commercial: 32% Agricultural: 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 assessed values, applicable tax rates and total taxes are shown in the following table: Real Estate Tax Ana lys I s-2015 Rot, Parcel N Description Appraised Vnlue Per SF Assessed Value TAN Rate Total Taxes Per SF 1 I 103.0%,3102-oo4-078 Hospital $884,000 $3.76 5282,880 5.4944% 515,543 50.07 2 11-03-07-0002-004-028.001 Medical Office $2,279,000 $59.90 $729,280 5.4944% $40,070 $1.05 3 11-03-07-0002-005-002 Southwest Parking Lot $0 $0 $0 4.9144% $0 $0 1 11-03-07-0002-004-026 Former West Building $0 $0 $0 4.9144% $0 $0 11-03-07-0002-004-024 Former East Bulldkng SO SD $0 4.9144% 50 $0 Tote!: $3,J63,oan 521.57 $1,012,160 5.4944% 555,512 50.20 Combined, the Hospital Building and the Medical Office property is assessed at a value of approximately $11.57 per square foot. Hospital properties such as the Study Area are typically exempt for real estate taxes. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 64 Olt Val bridgeFORMER ST. MARY'S HOSPITAL BLIGHT ANALYSIS-CHAPTER 67/99 PROPFRIY ADVISORS Therefore, in order to determine if this is an underutilization of the property, I have examined the real estate taxes at modern office buildings. These buildings have a functional design for office use. Ref. Address Size(SF) Year Built Appraised Value Appraised Value/SF Taxes Taxes/SF 1 Office Building 19,500 2000 51,652,000 $85 $29,053 $1.49 919 Wildwood Drive Jefferson City,Missouri 2 Medical Office Building 20,000 2004 $2,131,700 $107 $37,480 $1.87 3527 W.Truman Blvd. Jefferson City,MO 3 Office Building 21,560 1985 $1,647,000 $76 $28,958 $1.34 3425 W.Truman Blvd. Jefferson City,Missouri Average: 20,353 1996 51,810,253 589 $31,830 51.57 SUBJECT: 273,368 1905.2000 53,163,000 511.57 555.612 $0.20 III 1 to 1111 11'• I il' r i �jj IIy �-ti. r y is s, Ate_ _"��' I' il�Q" 919 Wildwood Drive 3527 W.Truman Drive SPY'4111114 S , ~ 3425 W.Truman Drive VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 65 filValbridge ADVISORS FORMER ST. MARY'S HOSPITAL BLIGHT ANALYSIS-CHAPTER 67/99 The appraised values for the three office properties analyzed above ranges from $76.39 to $106.59 per square foot,with an average value of$89.23 per square foot. This compares to the current appraised value of$11.57 per square foot,which is about 87% less than the office buildings that were recently constructed and have a functional design. The property has been vacant for the past year and is generating no sales taxes. Currently, approximately one third of revenue for Jefferson City is obtained through sales and use taxes (33.22%). Jefferson City is highly dependent on the generation of sales taxes in major commercial areas such as the Study Area. The decline of tax revenues is a result of poor street layout, unsanitary or unsafe conditions, the deterioration of site improvement as well as the fire risk at the Study Area, and thus by these factors the Study Area is an economic liability. Chapter 67/99-Condition #3 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 the 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 surrounding street layout is considered be unsafe. In 2015 there were 52 traffic accidents along Missouri Boulevard and the surrounding intersections. The high traffic volumes and narrow distance between the access points along Missouri Boulevard is considered to be unsafe and therefore a social liability. The welfare of the community is substantially based on job opportunities and adequate amenities by various taxing jurisdictions from its tax revenue sources. The Study Area is currently vacant and this 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 taxing districts to provide educational and other services to its community members. 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 determined 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 tax revenues is a result of four blighting factors within the Study Area,and thus by these factors the Study Area is an economic and social liability. I 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 social liability. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 66 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 Chapter 67/99 Condition #4-Menace to Public Health, Safety, Morals and Welfare As discussed in the previous section, there have been 52 car accidents along Missouri Boulevard during 2015. These accidents have included at least five injury accidents. This roadway is considered to be very unsafe and a menace to public health and safety. There is also a leaking roof on the western portion of the hospital building. This has the potential to cause mold and mildew damage, which is especially likely due to the lack of functioning HVAC system. There is a significant amount of trash and debris located throughout the Hospital and Medical office building. This has the potential to attract pest such as cockroaches and rats. These pests can cause additional problems for surrounding property owners. As discussed earlier in this report, Southeast and Southwest Parcels, as well as Missouri Boulevard is located within the 100-year floodplain. The area located around Wears Creek is susceptible to flash flooding. According to the Centers for Disease Control, flood waters pose various health risks, including infectious disease,chemical hazards and injuries. The Study Area is concluded to be a menace to public health,safety, morals and welfare. I believe that the inadequate street layout unsanitary or unsafe conditions have contributed to the menace to public health, safety, morals and welfare. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 67 ValbridgeFORMER ST. MARY'S HOSPITAL BLIGHT PROPERTY ADVISORS ANALYSIS-CHAPTER 67/99 Conclusion-Chapter 67/99 All five of the components of the blight definition found in Chapter 67 and Chapter 99 of the Missouri Revised Statutes are present in the Study Area. Chapter 67/99 Blight Factors Yes I No Defective or Inadequate Street Layout X Unsanita or Unsafe Conditions X Deterioration of Site Improvements X Improper Subdivision or Obsolete Platting X Conditions which Endanger 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 67/99 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, I 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 "Community Improvement District Act", Section 67.1401 to 67.1571 and the Missouri "Real Property Tax Increment Allocation Redevelopment Act" Sections 99.800 to 99.865. . Respectfully submitted, Valbridge Property Advisors I CLQ Andrew Baker, MAI Senior Appraiser Missouri License#2013E030999 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 68 FORMER ST.MARY'S HOSPITAL CERTIFICATION 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. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 69 Valbridge• FORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS ADDENDA Addenda VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 70 V lb •d FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS ADDENDA Glossary Definitions are taken from the Dictionary of Real Estate Appraisal, 5th Edition (Dictionary), the Uniform Standards of Professional Appraisal Practice(USPAP)and Building Owners and Managers Association International(BOMA). floor common areas, parking spaces, portions of loading Absolute Net Lease docks outside the building line, and major vertical A lease in which the tenant pays all expenses including penetrations.(BOMA) structural maintenance, building reserves, and management;often a long-term lease to a credit tenant. Building Rentable Area (Dictionary) The sum of all floor rentable areas. Floor rentable area is the result of subtracting from the gross measured area of Additional Rent a floor the major vertical penetrations on that same floor. Any amounts due under a lease that is in addition to base It is generally fixed for the life of the building and is rarely rent. Most common form is operating expense increases. affected by changes in corridor size or configuration. (Dictionary) (BOMA) Amortization Certificate of Occupancy(COO) The process of retiring a debt or recovering a capital A statement issued by a local government verifying that investment, typically though scheduled, systematic a newly constructed building is in compliance with all repayment of the principal; a program of periodic codes and may be occupied. contributions to a sinking fund or debt retirement fund. (Dictionary) Common Area (Public) Factor In a lease, the common area (public) factor is the As Is Market Value multiplier to a tenant's useable space that accounts for The estimate of the market value of real property in its the tenant's proportionate share of the common area current physical condition, use, and zoning as of the (restrooms, elevator lobby, mechanical rooms, etc.). The appraisal date.(Dictionary) public factor is usually expressed as a percentage and ranges from a low of 5 percent for a full tenant to as high Base (Shell) Building as 15 percent or more for a multi-tenant floor. The existing shell condition of a building prior to the Subtracting one(1)from the quotient of the rentable area installation of tenant improvements.This condition varies divided by the useable area yields the load(public)factor. from building to building, landlord to landlord, and At times confused with the"loss factor"which is the total generally involves the level of finish above the ceiling rentable area of the full floor less the useable area divided grid.(Dictionary) by the rentable area.(BOMA) Base Rent Common Area Maintenance (CAM) The minimum rent stipulated in a lease.(Dictionary) The expense of operating and maintaining common areas;may or may not include management charges and Base Year usually does not include capital expenditures on tenant The year on which escalation clauses in a lease are basedimprovements or other improvements to the property. (Dictionary) CAM can be a line-item expense for a group of items that Building Common Area can include maintenance of the parking lot and The areas of the building that provide services to building landscaped areas and sometimes the exterior walls of the tenants but which are not included in the rentable area of buildings.CAM can refer to all operating expenses. any specific tenant.These areas may include,but shall not be limited to,main and auxiliary lobbies,atrium spaces at CAM can refer to the reimbursement by the tenant to the the level of the finished floor,concierge areas or security landlord for all expenses reimbursable under the lease. desks,conference rooms, lounges or vending areas food Sometimes reimbursements have what is called an service facilities, health or fitness centers, daycare administrative load. An example would be a 15 percent facilities, locker or shower facilities, mail rooms, fire addition to total operating expenses, which are then control rooms, fully enclosed courtyards outside the prorated among tenants. The administrative load, also exterior walls,and building core and service areas such as called an administrative and marketing fee, can be a fully enclosed mechanical or equipment rooms, substitute for or an addition to a management fee. Specifically excluded from building common areas are; (Dictionary) VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 75 ValbridgRS FORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS ADDENDA Condominium • Both the buyer and seller are acting prudently and A form of ownership in which each owner possesses the knowledgeably; exclusive right to use and occupy an allotted unit plus an • The seller is under compulsion to sell; undivided interest in common areas. I The buyer is typically motivated; I Both parties are acting in what they consider to be A multiunit structure, or a unit within such a structure, their best interests; with a condominium form of ownership.(Dictionary) • An adequate marketing effort will be made during the exposure time specified by the client; Conservation Easement • Payment will be made in cash in U.S. dollars or in An interest in real property restricting future land use to terms of financial arrangements comparable thereto; preservation, conservation, wildlife habitat, or some and combination of those uses.A conservation easement may • The price represents the normal consideration for permit farming,timber harvesting,or other uses of a rural the property sold, unaffected by special or creative nature to continue, subject to the easement. In some ' financing or sales concessions granted by anyone locations,a conservation easement may be referred to as associated with the sale.(Dictionary) a conservation restriction.(Dictionary) Easement Contributory Value The right to use another's land for a stated purpose. The change in the value of a property as a whole,whether (Dictionary) positive or negative, resulting from the addition or deletion of a property component. Also called deprival EIFS value in some countries.(Dictionary) Exterior Insulation Finishing System. This is a type of exterior wall cladding system. Sometimes referred to as Debt Coverage Ratio (DCR) dry-vit. The ratio of net operating income to annual debt service (DCR = NOI/Im),which measures the relative ability to a Effective Date property to meet its debt service out of net operating 1)The date at which the analyses,opinions,and advice in income.Also called Debt Service Coverage Ratio(DSCR). an appraisal, review, or consulting service apply. 2) In a A larger DCR indicates a greater ability for a property to lease document,the date upon which the lease goes into withstand a downturn in revenue,providing an improved effect.(Dictionary) safety margin for a lender.(Dictionary) Effective Rent Deed Restriction The rental rate net of financial concessions such as A provision written into a deed that limits the use of land. periods of no rent during the lease term and above- or Deed restrictions usually remain in effect when title below-market tenant improvements(Tls).(Dictionary) passes to subsequent owners.(Dictionary) EPDM Depreciation Ethylene Diene Monomer Rubber. A type of synthetic 1) In appraising, the loss in a property value from any rubber typically used for roof coverings.(Dictionary) cause; the difference between the cost of an improvement on the effective date of the appraisal and Escalation Clause the market value of the improvement on the same date. A clause in an agreement that provides for the 2) In accounting, an allowance made against the loss in adjustment of a price or rent based on some event or value of an asset for a defined purpose and computed index. e.g., a provision to increase rent if operating using a specified method.(Dictionary) expenses increase;also called an expense recovery clause or stop clause.(Dictionary) Disposition Value The most probable price that a specified interest in real Estoppel Certificate property is likely to bring under the following conditions: A statement of material factors or conditions of which another person can rely because it cannot be denied at a • Consummation of a sale within a exposure time later date. In real estate, a buyer of rental property specified by the client; typically requests estoppel certificates from existing • The property is subjected to market conditions tenants. Sometimes referred to as an estoppel letter. prevailing as of the date of valuation; (Dictionary) VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 76 Valbridge FORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS ADDENDA Excess Land Full Service (Gross) Lease Land that is not needed to serve or support the existing A lease in which the landlord receives stipulated rent and improvement.The highest and best use of the excess land is obligated to pay all of the property's operating and may or may not be the same as the highest and best use fixed expenses;also called a full service lease.(Dictionary) of the improved parcel. Excess land may have the potential to be sold separately and is valued separately. Going Concern Value (Dictionary) • The market value of all the tangible and intangible assets of an established and operating business with Expense Stop an indefinite life, as if sold in aggregate; more A clause in a lease that limits the landlord's expense accurately termed the market value of the going obligation, which results in the lessee paying any concern. operating expenses above a stated level or amount. • The value of an operating business enterprise. (Dictionary) Goodwill may be separately measured but is an integral component of going-concern value when it Exposure Time exists and is recognizable.(Dictionary) 1) The time a property remains on the market. 2) The estimated length of time the property interest being Gross Building Area appraised would have been offered on the market prior The total constructed area of a building.It is generally not to the hypothetical consummation of a sale at market used for leasing purposes(BOMA) value on the effective date of the appraisal; a retrospective estimate based on an analysis of past events Gross Measured Area assuming a competitive and open market.(Dictionary) The total area of a building enclosed by the dominant portion (the portion of the inside finished surface of the Extraordinary Assumption permanent outer building wall which is 50 percent or An assumption, directly related to a specific assignment, more of the vertical floor-to-ceiling dimension, at the which, if found to be false, could alter the appraiser's given point being measured as one moves horizontally opinions or conclusions. Extraordinary assumptions along the wall), excluding parking areas and loading presume as fact otherwise uncertain information about docks(or portions of the same)outside the building line. physical, legal,or economic characteristics of the subject It is generally not used for leasing purposes and is property; or about conditions external to the property calculated on a floor by floor basis.(BOMA) such as market conditions or trends; or about the integrity of data used in an analysis. (Dictionary) Gross Up Method A method of calculating variable operating expense in Fair Market Value income-producing properties when less than 100 percent The price at which the property should change hands occupancy is assumed. The gross up method between a willing buyer and a willing seller,neither being approximates the actual expense of providing services to under any compulsion to buy or sell and both having the rentable area of a building given a specified rate of reasonable knowledge of relevant facts. [Treas. Reg. occupancy.(Dictionary) 20.2031-1(b);Rev.Rul.59-60. 1959-1 C.B.237] Ground Lease Fee Simple Estate A lease that grants the right to use and occupy land. Absolute ownership unencumbered by any other interest Improvements made by the ground lessee typically revert or estate, subject only to the limitations imposed by the to the ground lessor at the end of the lease term. governmental powers of taxation, eminent domain, (Dictionary) police power,and escheat.(Dictionary) Ground Rent Floor Common Area The rent paid for the right to use and occupy land Areas on a floor such as washrooms, janitorial closets, according to the terms of a ground lease;the portion of electrical rooms, telephone rooms, mechanical rooms, the total rent allocated to the underlying land. elevator lobbies,and public corridors which are available (Dictionary) primarily for the use of tenants on that floor.(BOMA) HVAC Heating, ventilation, air conditioning. A general term encompassing any system designed to heat and cool a building in its entirety. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 77 ValbridgRS FORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS ADDENDA Highest& Best Use a contractual landlord-tenant relationship (i.e., a lease). The reasonably probable and legal use of vacant land or (Dictionary) an improved property that is physically possible, appropriately supported, financially feasible, and that Leasehold Interest results in the highest value.The four criteria the highest The tenant's possessory interest created by a lease. and best use must meet are 1) legal permissibility, 2) (Dictionary) physical possibility, 3) financial feasibility, and 4) maximally profitability.Alternatively,the probable use of Lessee (Tenant) land or improved —specific with respect to the user and One who has the right to occupancy and use of the timing of the use—that is adequately supported and property of another for a period of time according to a results in the highest present value.(Dictionary) lease agreement.(Dictionary) Hypothetical Condition Lessor(Landlord) That which is contrary to what exists but is supposed for One who conveys the rights of occupancy and use to the purpose of analysis. Hypothetical conditions assume others under a lease agreement.(Dictionary) conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or Liquidation Value about conditions external to the property,such as market The most probable price that a specified interest in real conditions or trends; or about the integrity of data used property should bring under the following conditions: in an analysis.(Dictionary) • Consummation of a sale within a short period. Industrial Gross Lease 1 The property is subjected to market conditions A lease of industrial property in which the landlord and prevailing as of the date of valuation. tenant share expenses. The landlord receives stipulated • Both the buyer and seller are acting prudently and rent and is obligated to pay certain operating expenses, knowledgeably. often structural maintenance, insurance and real estate • The seller is under extreme compulsion to sell. taxes as specified in the lease. There are significant • The buyer is typically motivated. regional and local differences in the use of this term. • Both parties are acting in what they consider to be (Dictionary) their best interests. A normal marketing effort is not possible due to the Insurable Value brief exposure time. A type of value for insurance purposes.(Dictionary) w Payment will be made in cash in U.S. dollars or in (Typically this includes replacement cost less basement terms of financial arrangements comparable thereto. excavation, foundation, underground piping and • The price represents the normal consideration for architect's fees). the property sold, unaffected by special or creative financing or sales concessions granted by anyone Investment Value associated with the sale.(Dictionary) The value of a property interest to a particular investor or class of investors based on the investor's specific Loan to Value Ratio (LTV) requirements. Investment value may be different from The amount of money borrowed in relation to the total market value because it depends on a set of investment market value of a property. Expressed as a percentage of criteria that are not necessarily typical of the market. the loan amount divided by the property value. (Dictionary) (Dictionary) Just Compensation Major Vertical Penetrations In condemnation,the amount of loss for which a property Stairs, elevator shafts, flues, pipe shafts, vertical ducts, owner is compensated when his or her property is taken. and the like,and their enclosing walls.Atria,lightwells and Just compensation should put the owner in as good a similar penetrations above the finished floor are included position as he or she would be if the property had not in this definition. Not included, however, are vertical been taken.(Dictionary) penetrations built for the private use of a tenant occupying office areas on more than one floor.Structural Leased Fee Interest columns,openings for vertical electric cable or telephone A freehold (ownership interest) where the possessory distribution, and openings for plumbing lines are not interest has been granted to another party by creation of considered to be major vertical penetrations.(BOMA) VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 78 00 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS ADDENDA Market Rent the effective date of an appraisal. (Advisory Opinion 7 of The most probable rent that a property should bring in a the Standards Board of the Appraisal Foundation and competitive and open market reflecting all conditions Statement on Appraisal Standards No. 6, "Reasonable and restrictions of the lease agreement including Exposure Time in Real Property and Personal Property permitted uses, use restrictions, expense obligations; Market Value Opinions" address the determination of term, concessions, renewal and purchase options and reasonable exposure and marketing time).(Dictionary) tenant improvements(Tls).(Dictionary) Master Lease Market Value A lease in which the fee owner leases a part or the entire The most probable price which a property should bring property to a single entity(the master lease)in return for in a competitive and open market under all conditions a stipulated rent. The master lessee then leases the requisite to a fair sale, the buyer and seller each acting property to multiple tenants.(Dictionary) prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition Modified Gross Lease is the consummation of a sale as of a specified date and A lease in which the landlord receives stipulated rent and the passing of title from seller to buyer under conditions is obligated to pay some, but not all, of the property's whereby: operating and fixed expenses. Since assignment of expenses varies among modified gross leases, expense a. Buyer and seller are typically motivated; responsibility must always be specified. In some markets, b. Both parties are well informed or well advised, and a modified gross lease may be called a double net lease, acting in what they consider their own best interests; net net lease, partial net lease, or semi-gross lease. c. A reasonable time is allowed for exposure in the (Dictionary) open market; d. Payment is made in terms of cash in United States Option dollars or in terms of financial arrangements A legal contract, typically purchased for a stated comparable thereto;and consideration, that permits but does not require the e. The price represents the normal consideration for holder of the option(known as the optionee)to buy,sell, the property sold unaffected by special or creative or lease real property for a stipulated period of time in financing or sales concessions granted by anyone accordance with specified terms; a unilateral right to associated with the sale. exercise a privilege.(Dictionary) Market Value As If Complete Partial Interest Market value as if complete means the market value of Divided or undivided rights in real estate that represent the property with all proposed construction, conversion less than the whole(a fractional interest).(Dictionary) or rehabilitation hypothetically completed or under other specified hypothetical conditions as of the date of the Pass Through appraisal. With regard to properties wherein anticipated A tenant's portion of operating expenses that may be market conditions indicate that stabilized occupancy is composed of common area maintenance (CAM), real not likely as of the date of completion, this estimate of estate taxes, property insurance,and any other expenses value shall reflect the market value of the property as if determined in the lease agreement to be paid by the complete and prepared for occupancy by tenants. tenant.(Dictionary) Market Value As If Stabilized Prospective Future Value Upon Completion Market value as if stabilized means the market value of Market value "upon completion" is a prospective future the property at a current point and time when all value estimate of a property at a point in time when all of improvements have been physically constructed and the its improvements are fully completed. It assumes all property has been leased to its optimum level of long proposed construction, conversion, or rehabilitation is term occupancy. hypothetically complete as of a future date when such effort is projected to occur. The projected completion Marketing Time date and the value estimate must reflect the market value An opinion of the amount of time it might take to sell a of the property in its projected condition,i.e.,completely real or personal property interest at the concluded vacant or partially occupied. The cash flow must reflect market value level during the period immediately after lease-up costs, required tenant improvements and the effective date of the appraisal. Marketing time differs leasing commissions on all areas not leased and from exposure time,which is always presumed to precede occupied. VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 79 Valbridge ''MO PROPERTY ADVISORS FORMER ST.MARY'S HOSPITAL ADDENDA Prospective Future Value Upon Stabilization Subordination Market value "upon stabilization" is a prospective future A contractual arrangement in which a party with a claim value estimate of a property at a point in time when to certain assets agrees to make his or her claim junior,or stabilized occupancy has been achieved. The projected subordinate,to the claims of another party.(Dictionary) stabilization date and the value estimate must reflect the absorption period required to achieve stabilization. In Substantial Completion addition, the cash flows must reflect lease-up costs, Generally used in reference to the construction of tenant required tenant improvements and leasing commissions improvements (TIs). The tenant's premises are typically on all unleased areas. deemed to be substantially completed when all of the Tls for the premises have been completed in accordance with Replacement Cost the plans and specifications previously approved by the The estimated cost to construct,at current prices as of the tenant. Sometimes used to define the commencement effective appraisal date, a substitute for the building date of a lease. being appraised, using modern materials and current standards,design,and layout.(Dictionary) Surplus Land Land that is not currently needed to support the existing Reproduction Cost improvement but cannot be separated from the property The estimated cost to construct,at current prices as of the and sold off.Surplus land does not have an independent effective date of the appraisal, an exact duplicate or highest and best use and may or may not contribute replica of the building being appraised, using the same value to the improved parcel.(Dictionary) materials, construction standards, design, layout, and quality of workmanship and embodying all of the Triple Net(Net Net Net) Lease deficiencies, super-adequacies, and obsolescence of the A lease in which the tenant assumes all expenses (fixed subject building.(Dictionary) and variable) of operating a property except that the landlord is responsible for structural maintenance, Retrospective Value Opinion building reserves, and management. Also called NNN, A value opinion effective as of a specified historical date. triple net leases,or fully net lease.(Dictionary) The term does not define a type of value. Instead, it identifies a value opinion as being effective at some (The market definition of a triple net leases varies;in some specific prior date. Value as of a historical date is cases tenants pay for items such as roof repairs, parking frequently sought in connection with property tax lot repairs,and other similar items.) appeals,damage models, lease renegotiation,deficiency judgments, estate tax, and condemnation. Inclusion of Usable Area the type of value with this term is appropriate, e.g., The measured area of an office area, store area or "retrospective market value opinion."(Dictionary) building common area on a floor. The total of all the usable areas or a floor shall equal floor usable area of that Sandwich Leasehold Estate same floor.The amount of floor usable area can vary over The interest held by the original lessee when the property the life of a building as corridors expand and contract and is subleased to another party;a type of leasehold estate. as floors are remodeled.(BOMA) (Dictionary) Value-in-Use Sublease The value of a property assuming a specific use, which An agreement in which the lessee(i.e.,the tenant)leases may or may not be the property's highest and best use part or all of the property to another party and thereby on the effective date of the appraisal.Value in use may or becomes a lessor.(Dictionary) may not be equal to market value but is different conceptually.(Dictionary) VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 80 .YR9P 'ElIE APPRAISER QUALIFICATIONS Qualifications of Andrew Baker, MAI General Certified Real Property Appraiser Valbridge Property Advisors I Shaner Appraisals, Inc. Ipor Independent Valuations for a Variable World State Certifications Membership/Affiliations: State of Kansas Member:Appraisal Institute-MAI designation State of Missouri Appraisal Institute and Related Courses: Education Basic Appraisal Principles BA Case Western Reserve Basic Appraisal Procedures University Uniform Standards of Professional Appraisal Practice Real Estate Finance, Statistics and Valuation Modeling Contact Details Market Analysis and Highest and Best Use Sales Comparison Approach 913-647-4989 Income Approach Part 1 and 2 Report Writing and Case Studies Valbridge Property Advisors I Appraisal Review Shaner Appraisals, Inc. Apartment Appraisal, Concepts and Applications 10990 Quivira Road Advanced Income Capitalization Suite 100 Advanced Concepts &Case Studies Overland Park, KS 66210 Advanced Market Analysis and Highest & Best Use Experience: www.valbridge.com Real Estate Analyst/Certified General Appraiser abaker@valbridge.com ValbridgePropertyAdvisors l Shaner Appraisals, Inc.(2012-Present) Real Estate Analyst Integra Realty Resources. (2008-2012) Appraisal/valuation and consulting assignments have included many different property types including retail, office, industrial and multifamily. Assignments also include tax appeal valuations and rent comparability studies. Assignments have been concentrated in the Kansas City Metropolitan area. Valbridge PROPERTY ADVISORS Shaner Appraisals,Inc. VALBRIDGE PROPERTY ADVISORS I SHANER APPRAISALS, INC. 10990 Quivira, Suite 100 Overland Park, Kansas 662101 (913)451-1451 www.valbridge.com www.shanerappraisals.com Valbridge Property Advisors 1 Shaner Appraisals, Inc. (VPA 1 SAI) is a full-service real estate valuation and consulting firm located in Kansas City. Founded in 1978, Shaner Appraisals established a solid reputation for professional real estate services, and became a founding member of Valbridge Property Advisors in 2013. Consisting of 66 appraisal firms across the U.S., VPA provides independent valuation and advisory services to local, regional, multi-market,and national clients. Professional and Accredited We strongly encourage our associates to obtain professional designations that augment their ability to fill clients' needs. The firm employs 13 full-time appraisers, including five MAI and one SRA designated member of the Appraisal Institute, which signifies the highest achievement in real estate appraisal. Our professionals represent over 100 years of valuation and related experience, and four associates are past presidents of the Kansas City Chapter of the Appraisal Institute. Experience The firm's primary market is Kansas and Missouri, but VPA 1 SAI has also completed assignments throughout the United States. We are noted for engagements relating to Market Studies, Feasibility Analyses, Litigation Support, and Valuation Services for all types of property from multi-family residences, to office buildings and industrial complexes. Members of our staff have given testimony before courts of law, conferred in Internal Revenue Service matters, and have worked closely with attorneys, accountants, lenders and investment bankers. Our professionals can assist in arbitration, mediation and settlement negotiations. VPA I SAI also has extensive experience in eminent domain matters and in valuing special purpose properties such as nursing homes, underground storage facilities, microwave towers, and rock quarries.All assignments are completed or reviewed by an MAI designated appraiser. Benefit Leveraging our expertise and creativity, along with the professional relationships cultivated more than three decades in the appraisal business, (VPA 1 SAI) provides clients with optimal advantages in real estate transactions. We know that an educated and experienced staff is only part of developing a successful project team that results in a top-notch analysis. It also requires a commitment to quality and the ability to communicate effectively with all relevant parties. Every client has specific needs and we dedicate the time to understand our clients'expectations and take pride in surpassing them. Leadership Laird Goldsborough MAI MRE—Senior Managing Director Bernie Shaner MAI SRA—Director of Litigation Services Jason Roos MAI - Director of Industrial Valuation TJ Hawks MAI - Director of Office Valuation Daniel Kann MAI—Director of Multifamily Valuation LIST OF SERVICES VALUATION/COUNSELING PURPOSES Commercial property appraisals Financing Eminent domain appraisals Ad valorem tax disputes Expert witness testimony Trusts and estates Property tax appeals Condemnation Market studies Investment analysis Feasibility studies Arbitration Litigation support Portfolio valuation Due diligence research Collateral assessment Appraisal review Right of way acquisition Partial interest valuation Financial structuring Conservation easement valuation Blight studies Rent studies General real estate counseling PROPERTY TYPES APPRAISED Office buildings—single/multi-tenant, standard office, medical office, surgery centers Retail centers—single/multi-tenant, neighborhood, community, regional shopping centers Industrial buildings—flex, R&D,distribution, manufacturing, underground, self-storage Land—All types Multi-family apartment complexes, LIHTC, HUD Nursing homes Hotels, motels, extended stay facilities Single family homes, condominiums, duplexes Churches Easement corridors PARTIAL CLIENT LIST Government Agencies/Municipalities Unified Gov.of Wyandotte County/Kansas City,KS Shawnee Mission School District City of Kansas City,MO Kansas City,MO School District City of Leawood Johnson County Airport Commission City of Lee's Summit Johnson County Appraiser's Office City of Lenexa Johnson County Board of County Commissioners City of Independence Johnson County Parks and Recreation Dept. City of Olathe Johnson County Wastewater District City of Shawnee Kansas Department of Transportation City of Gardner Kansas Highway Patrol City of Overland Park U.S.Department of Justice City of Wichita U.S.Postal Service City of St.Joseph Missouri Department of Transportation Eudora School District Federal Aviation Administration Olathe School District Veterans Affairs De Soto School District Army Corps of Engineers Blue Valley School District U.S.Marshals Service Gardner School District FannieMae General Services Administration(GSA) Dept.of Housing&Urban Development(HUD) Ames,Iowa City Assessor Polk County,Iowa Cedar Rapids,Iowa City Assessor Lending Institutions Bank Midwest,N.A. Commerce Bank Bank of America Country Club Bank Bank of Blue Valley Credit Suisse Blue Ridge Bank&Trust Co. The Alliant Co Berkshire Mortgage Financial First Federal Bank Bridger Commercial Funding First Kansas Bank Capitol Federal Savings First Mortgage Investment Corporation Central Bank of Kansas First National Bank of Olathe Grandbridge Real Estate Capital GMAC Commercial Mortgage Great Southern Bank BMO Harris Heartland Bank Quantum First Capital INTRUST Bank Red Mortgage Capital,Inc. Key Bank Commercial Mortgage Security Bank of Kansas LaSalle BankCentral Bank of the Midwest Southwest Bank Midland Loan Services Q10 I Triad Capital Advisors, Inc. Missouri Bank&Trust UMB Bank MMA Capital Management US Bank Newman Financial Services Valley View State Bank North American Savings Bank Washington Mortgage NorthMarq Capital, Inc. Wells Fargo Peoples Bank Thellman Financial Corporation Gershman Mortgage Arbor Commercial Funding Prudential Life Insurance Company Bank of Kansas City Corporations, Developers and Institutional Clients Allianz Life Insurance Company American States Insurance Company Allstate Insurance Property Tax Research Company St.Luke's Health System Protective Life Insurance Company Boy Scouts of America Salvation Army Burlington Northern Savage&Browning CaIPERS Sentinel Real Estate Corporation Cessna Aircraft Company Shawnee Mission Medical Center Cassidy Turley Shelter Insurance Copaken Brooks Jeffrey Smith Company Excel Corporation State Farm Fire and Casualty Insurance FMC Corporation Stern Brothers Valuation Advisors GE Capital Stephens&Company,Inc. Grubb&Ellis Tallgrass Energy Partners Southern Star Central Gas Pipeline, Inc. Mediacom Central Valley Gas Storage Company Northern Natural Gas Westar Energy Terra Venture,Inc. Hallmark Cards TRI Capital Hunt Midwest Wal-Mart Stores,Inc. J.A.Peterson Realty Company Washington Capital Principal Financial Group Weingart Foundation Marvin F.Poer and Company Yarco Companies, Inc. Paradigm Tax Group YWCA Cerner Corporation Zimmer Real Estate Services Cretcher Heartland Sprint Kansas City Power and Light Accounting and Law Firms Armstrong Teasdale Hubbard,Ruzicka,Kreamer&Kincaid L.C. Husch Blackwell LLP Payne&Jones Craft, Fridkin&Rhyne Orrick&Associates Deloitte LLP Polsinelli Ferree,Bunn,O'Grady&Rundberg PwC SNR Denton Shook,Hardy&Bacon,L.L.P. Lathrop&Gage Spencer Fane Britt&Browne LLP McAnany,VanCleave&Phillips,P.A. Stinson Morrison Hecker LLP CBIZ Wallace,Saunders,Austin, Brown&Enochs Mitchell,Kristl &Lieber,P.C. MarksNelson Ernst&Young Schlagel Kinzer LLC 4.YRp! r!59,!s ADDITIONAL INFORMATION Cole County I Information for Parcel 11-03-07-0002-005-002., Tax Year 2015 Page 1 of 1 Cole County u� _. • Room 100, Courthouse Annex Building ic 311 E. High Street .• I Jefferson City, Missouri 65101 ' ' ''$ r _■ _ ti, Phone: (573) 634-9124 Online Property Inquiry Information for Parcel 11-03-07-0002-005-002., Tax Year `" I Want To.. 2015 Start a New Search Go to the Collector Property Information Website Tax Year Alt.Parcel Class Go to the County 12015 v) 019119 _ Exempt Website Tax Code Land Use View: JCJEF Owner Name and Address Mailing Name and Address Billing &Collection S S M REGIONAL HEALTH S S M REGIONAL HEALTH SERVICES Payment History SERVICES 2505 MISSION DR Legal Description 2505 MISSION DR JEFFERSON CITY,MO 65109 Name JEFFERSON CITY, MO 65109 Site Address Legal Description Site Addresses MISSOURI BLVD PT INLOTS 772, 773, 775,776&777&PT VACATED 20' Tax Bill ALLEY Taxing Bodies Total Assessed Value Tax Rate Total Tax — 0 4.9144 $0.00 Print: Residential Value Agricultural Value Commercial Value Current Page 0 0 0 Full Report I Payments Tax Billed $0.00 Penalty Bllled $0.00 Cost Billed $0.00 Total Billed $0.00 Amount Paid $0.00 Total Unpaid $0.00 Date Paid y Paid By copyright d,2009-2016.YFVNFT.inr All rights reserved El Al,rl J cis y'Mr 1+�I•A�114 wEdge version 3 1 ^43 r�L! :Mit: Data updated 2016/03/21 KliiIINTI loading http://colemo.devnetwedge.com/view/RE/1103070002005002 3/22/2016 Cole County I Information for Parcel 11-03-07-0002-004-026., Tax Year 2015 Page 1 of 1 Cole County -t . Room 100, Courthouse Annex Building w" . ,1 311 E. High Street 411 Jefferson City, Missouri 65101 � ��i Phone: (573) 634-9124 Online Property Inquiry Information for Parcel 11-03-07-0002-004-026., Tax Year I Want To... 2015 Start a New Search Go to the Collector Property Information Website Tax Year Alt.Parcel Class Go to the County 2015...;1 019115 Exempt Website 'Tax Code Land Use View: JCJEF Owner Name and Mailing Name and Address Billing &Collection Address S S M REGIONAL HEALTH SERVICES Payment History S S M REGIONAL 2505 MISSION DR Legal Description HEALTH SERVICES JEFFERSON CITY,MO 65109 Name 2505 MISSION DR JEFFERSON CITY, MO Site Addresses 65109 Tax Bill Site Address Legal Description Taxing Bodies 511 MISSOURI BLVD PT IL 668&669; BEG INSTECTION OF W BANK WEARS CREEK&N LINE 509 MISSOURI BLVD OF ELM ST; N ALONG CREEK 200; W 195(S); S 160.02; SE 90(S); E 110 Print: (S)POB Current Page Total Assessed Value Tax Rate Total Tax Full Report 0 4.9144 $0.00 I Residential Value Agricultural Value Commercial Value 0 0 0 Payments Tax Billed $0.00 Penalty Billed $0.00 Cost Billed $0.00 _Total Billed $0.00 Amount Pald $0.00 Total Unpaid $0.0(1 Date Pald Paid By Copyright 4)2009-201C.pEVNFT Inc All rights reserved PW*J.. wEdge version 3 1 'Ctf W3 Mcg t o Data updated 2016/03/21 WEZIM loading http://colemo.devnetwedge.com/view/RE/1103070002004026 3/22/2016 Cole County I Information for Parcel 11-03-07-0002-004-024., Tax Year 2015 Page 1 of 1 Cole County I '` Room 100, Courthouse Annex Building 311 E. High Street Jefferson City, Missouri 65101 14: " Phone: (573) 634-9124 1 Online Property Inquiry Information for Parcel 11-03-07-0002-004-024., Tax Year I Want To... 2015 Start a New Search Go to the Collector Property Information Website Tax Year Alt.Parcel Class Go to the County 2015 vi 019114 Exempt i Website Tax Code Land Use View: JCJEF Owner Name and Address Mailing Name and Address Billing &Collection S S M REGIONAL HEALTH S S M REGIONAL HEALTH SERVICES Payment History SERVICES 2505 MISSION DR Legal Description 2505 MISSION DR JEFFERSON CITY, MO 65109 Name JEFFERSON CITY,MO 65109 Site Address Legal Description Site Addresses 505 MISSOURI BLVD BEG SW COR INLOT 666; SE 41.81; E'LY 99.74; NW 215.19; W'LY Tax Bill 92.66; SE 158.22 POB Taxing Bodies Total Assessed Value Tax Rate Total Tax 0 _4.9144 $0.00 _ Print: Residential Value Agricultural Value Commercial Value Current Page 0 0 0 Full Report Payments Tax Billed _ $0.00 Penalty Billed $0.00 Cost Billed $0.00 Total Billed $0.01 Amount Paid $0.00 I Total Unpaid $0.00 Date Pald Paid By Copyright,L,2009-2015,1IFVNFT Inc All rights reserved wEdge version 31 esi WE 173 -�r4� Dal,,updated 2016/03/21 ranzazill loading http://colemo.devnetwedge.com/view/RE/1103070002004024 3/22/2016 Information for Parcel 11-03-07-0002-004-028.001, Tax Year 2015 Tax Yea r ,Alt.Parcel Class 2015 • 019117 , Commercial Tax Code Land Use 1„ JCJEF Owner Name and Address Mailing Name and Address MISSOURI BLVD PROFESSIONAL OFFICE MISSOURI BLVD PROFESSIONAL OFFICE BUILDING PARTNERSHIP BUILDING PARTNERSHIP ATTN:A000UNTING ATTN:ACCOUNTING 2505 MISSION DR 2505 MISSION DR JEFFERSON CITY.MO 65109-9508 JEFFERSON CITY,MO 65109-9508 Site Address Legal Description 200 ST MARYS MEDICAL PLZ MISSOURI BLVD PROFESSIONAL BLDG JBUILDING ON LEASED LAND) Total Assessed Value Tax Rate Total Tax 729,280 5.4944 $40,069.56 I Residential Value Agricultural Value Commercial Value 0 _ 0 729,280 Payment History Tax Year Total Due Total Paid l 2015 _ 540,069.58 $40,069.56 2014 $40,248.96 $40,248.9. 2013 – _ $43,924.553_ $43,924.53 2012 s _ _ 340,186.25 $40,186.25 2011 $40,219.07— $40,219.07 2020540,215,42 640,215.42 201)9 540,836,76 $40,836.7 2008 _-. 542.331.06 542,331. - 2007 541.747.63 _ 541,747.63 2006 341,,767.33 $41,767.3 2005 846.045,46 x$46.045.4. 2004 $38,074.24 538,074.24 2003 536.064.00 _538,064.+, Information for Parcel 11-03-07-0002-004-028., Tax Year 2015 Property Information Tax Year AR.Parcel Class 2015 • 019116 Commercial Tax Cede Land Use JC3EF Owner Name and Mailing Name and Address ddress S S M REGIONAL HEALTH SERVICES S S M REGIONAL 2505 MISSION DR HEALTH JEFFERSON CITY,MO 65109-9508 SERVICES 2505 MISSION DR JEFFERSON CITY,. MO 65109-9508 Site Address Legal Description 100 ST MARYS INLOTS 656 TC:663&PT INLOTS 664,768,769,770&771;PT SWNW LYING MEDICAL Pa W OF INLOT 771;ALSO PT VACATED HARRIS0N.MILLEA.ELM I.ALLEYS.. Total Assessed ,Tax Rale Total Tax alae 5.4944 $15,542.56 282,880 Residential Vale Agricultural Value I 0 0 GoemierctaE Value 282.880_ Tax Year _ Total Due Total Paid 2015 $15,542.56 $15.542.5 2014 $15,612.14 115..612.14 2013 $18,374.4 $18.374.4 2012 $15,587.82 _ 115.587,8 2011 $15,600.54 115,600. 2010 $15,599.14 115,599.11 I 2009 $15.840.15 $15,840.15 I .2008 516,419.77 $16.419.77 :2007 _ _ $16.193.46 116.,.193. 2006 116.201.09 516,201.05 2005 - 516.270.69 116270_69 2004 $15,828.81 $16,828.81 I 2003 $16,824.28 $16,824.2 2002 116.188.29 $16,168.2 2001 _ $15,275,09 X515,27€.0 2000 $15,747.23^ 115,247,2. 1999 $15,332.09 $15,332.0 11-03-07-0002-004-024. 01/01 505 MISSOURI BLVD 3/7/2016 Owner: F & F DEVELOPMENT L L C AcctN: 1081 Class: X Partial: Use: 500 Units: 0 1HD: 203 Subd: Zoning: NC: "ty: JC School: JC Fire: . .. Legal: CITY OF JEFFERSON INLOT BEG SW COR INLOT 666; SE 41.81; E'LY 99.74; NW 215.19; W'LY 92.66; r, . SE 158.22 POB " - =4 *** Sales Data ' Mo Yr T Amount S V D *** Entry Data *** • Mo Day Yr Code Info Inits - - 7 20 15 0 0 GEK .*• Location Data '•• •••941).- r 07'20/2 15 Topography: 34 Utilities: 1 Road: 15 z" Drainage: 1 Traffic: 3 - *** Note Data *** 7/24/2015 BUILDING DEMOLISHED *** Building Permit Data *** Number Mo Day Yr Amount Purpose Closed DEM15-0015 6 10 2015 0 DEMOLITION X *** Land Data *** L EFF EFD ActPr CD Pct Value S Sq Ft A Acres 8 0.39 10 Total Acres: 0.39 Gross Code: Gross Value: * Dwelling Data *** 6tory Height: Bsmt Bed Rms: Exterior Walls: Bsmt Rec Rms: Style: Bsmt Full Baths: Condo Level: Bsmt Half Baths: Condo Type: Bsmt Addl Fixt: Base Area: Total Area: Year Built: Bsmt Garage: Est: Remod: Bsmt Garage(NA) : Lwr 1st 2nd 3rd Ovrd Comp Main Tot Rooms: Carport Spaces: AO Main Bedrooms: Det Gar Spaces: Al Main Full Baths: Att Gar Spaces: A2 Main Half Baths: FP Stacks: A3 Addl Fixtures: FP Openings: A4 Heat: Metal FP: A5 System: Grade/CDU: A6 Phys Cond: Cst/Dsn Pct: A7 Basement: Functional: A8 Bsmt Min Fin: Economic: A9 Bsmt Liv Area: A10 All *** OBY Data *** Al2 Type Qty Year Size G C MA Mods RCN %GD RCNLD *** Valuation Data MRA Est: Mkt Est: CC: Gross Bldg Desc: RCN: Gross Bldg Value: Pct Gd: 0.00 Miscellaneous Value: RCNLD: Land: 0 OBY: 0 Tot Cost: 0 960 Val: 960 Rsn: 0 Date: 3/7/16 Rev: CST Card Breakout Cls Land Bldg Total 11-03-07-0002-004-026. 01/01 511 MISSOURI BLVD 3/7/2016 Owner: F & F DEVELOPMENT L L C rcctI: 1084 Class: X Partial: Use: 500 Units: 0 HD: 203 Subd: Zoning: NC: �ty: JC School: JC Fire: Legal: CITY OF JEFFERSON INLOT PT IL 668 & 669; BEG INSTECTION OF W BANK WEARS CREEK & N LINE OF ELM ST; N ALONG CREEK 200; W 195 (S); S 160.02; SE 90 (S); E 110 (S) POB � • *** Sales Data *** Mo Yr T Amount S V D *** Entry Data *** id. • Mo Day Yr Code Info Inits 4 *: r< ": 7 20 15 0 0 GEK +144 *** Location Data •** .111%.. 11111,t ` Topography: 34 Utilities: 1 Road: 15 -- ' Drainage: 1 Traffic: 3 7/24/2015 *** Note Data *** BUILDING DEMOLISHED *** Building Permit Data " ' Number Mo Day Yr Amount Purpose Closed DEM150016 6 10 2015 0 DEMOLITION X Land Data *** L EFF EFD ActPr CD Pct Value S Sq Ft A Acres 8 0.76 20 Total Acres: 0.76 Code: Gross Value: *** Dwelling Data Story Height: Bsmt Bed Rms: Exterior Walls: Bsmt Rec Rens: Style: Bsmt Full Baths: Condo Level: Bsmt Half Baths: Base Area: Total Area: Condo Type: Bsmt Addl Fixt: Year Built: Bsmt Garage: Lwr 1st 2nd 3rd Ovrd Comp Est: Remod: Bsmt Garage(NA) : AO Main Tot Rooms: Carport Spaces: Al Main Bedrooms: Det Gar Spaces: A2 Main Full Baths: Att Gar Spaces: A3 Main Half Baths: FP Stacks: A4 Addl Fixtures: FP Openings: A5 Heat: Metal FP: A6 System: Grade/CDU: A7 Phys Cond: Cst/Dsn Pct: A8 Basement: Functional: A9 Bsmt Min Fin: Economic: A10 Bsmt Liv Area: All Al2 OBY Data *** Type Qty Year Size G C MA Mods RCN tGD RCNLD *** Valuation Data *** MRA Est: Mkt Est: CC: RCN: Gross Bldg Desc: Pct Gd: 0.00 Gross Bldg Value: RCNLD: Miscellaneous Value: Land: 0 OBY: 0 Tot Cost: 0 960 Val: 960 Rsn: 0 Date: 2/26/16 Rev: CST ********** Card Breakout ***' Cls Land Bldg Total 11-03-07-0002-004-028. 01/01 100 ST MARYS MEDICAL PLZ 3/7/2016 Owner: F & F DEVELOPMENT L L C 'acct#: NONE Class: C Partial: R Use: 461 Units: 0 'HD: 209 Subd: Zoning: NC: .ty: JC School: JC Fire: i Legal: CITY OF JEFFERSON INLOT INLOTS 656 TO 663 & PT INLOTS 664, - NI 768, 769, 770 & 771; PT SWNW LYING -go/ oft ime,,,,a W OF INLOT 771; ALSO PT VACATED M 'Iliss 1 mm�i HARRISON, MILLER, ELM & ALLEYS. , ' I _* ■n �, ." Sales Data q ! Mo Yr T Amount S V D - ,.a + a Entry Data .._ -- Mo Day Yr Code Info Inits ,,. - , — - 6 29 15 4 0 TPB .. 444rowm "' Location Data '** 4T` r _. Topography: 24 Utilities: 1 Road: 15 Drainage: 1 Traffic: 2 6/29/2015 —* Note Data **' 2015 BOE TOOK NO CHANGE '** Building Permit Data *** Number Mo Day Yr Amount Purpose Closed PB10-185EP 7 21 2010 203,560 MODIFY FILE ROOM X BP10-136EP 6 03 2010 52,900 ER DEPT RENO X BP08-358EP 10 06 2008 1,215,920 RENOVATION X BP2005-143 4 01 2005 800,000 ADDITION X BP2004-060 2 23 2004 500,000 MRI ADDITION X .** Land Data *" L EFF EFD ActPr CD Pct Value S Sq Ft A Acres ,tal Acres: 6.83 Gross Code: 1 Gross Value: 300,000 "* Dwelling Data *** Story Height: Bsmt Bed Rms: Base Area: Total Area: Exterior Walls: Bsmt Rec Rms: Style: Bsmt Full Baths: Lwr 1st 2nd 3rd Ovrd Comp Condo Level: Bsmt Half Baths: AO Condo Type: Bsmt Addl Fixt: Al Year Built: Bsmt Garage: A2 Est: Remod: Bsmt Garage(NA) : A3 Main Tot Rooms: Carport Spaces: A4 Main Bedrooms: Det Gar Spaces: A5 Main Full Baths: Att Gar Spaces: A6 Main Half Baths: FP Stacks: Addl Fixtures: FP Openings: A8 Heat: Metal FP: A9 System: Grade/CDU: A10 Phys Cond: Cst/Dsn Pct: All Basement: Functional: Al2 Bsmt Min Fin: Economic: Bsmt Liv Area: *'* Valuation Data '** MRA Est: *** OBY Data * Mkt Est: Type Qty Year Size G C MA Mods RCN %GD RCNLD CC: RCN: Pct Gd: 0.00 RCNLD: Land: 300,000 Gross Bldg Desc: PRKG GARAGE OBY: 584,000 Gross Bldg Value: 584,000 Tot Cost: 884,000 Miscellaneous Value: 960 Val: 884,000 960 Rsn: 0 Date: 2/26/16 Rev: CST ******'*** Card Breakout ********** Cls Land Bldg Total C 300,000 584,000 884,000 11-03-07-0002-004-028.001 01/02 200 ST MARYS MEDICAL PLZ 3/7/2016 Owner: F L F DEVELOPMENT L L C Acct#: NONE Class: C Partial: R Use: 658 Units: 0 'HD: 209 Subd: Zoning: NC: p ' ty: JC School: JC Fire: Legal: MISSOURI BLVD PROFESSIONAL BLDG (BUILDING ON LEASED LAND) '" Sales Data "* ` Mo Yr T Amount S V D ' y $ .*. Entry Data *.. ■ ® w Mo Day Yr Code Info Inits 6 29 15 4 0 TPB *" Location Data *** Topography: 1 Utilities: Road: 2 Drainage: 2 Traffic: 1 1 06/29/2015 '** Note Data *•* 2015 BOE TOOK NO CHANGE 6/29/2015 "' Building Permit Data '*' Number Mo Day Yr Amount Purpose Closed BP09-387EP 11 24 2009 56,778 ALTERATIONS X Land Data " L EFF EFD ActPr CD Pct Value S Sq Ft A Acres Total Acres: 0.29 Gross Code: Gross Value: *** Dwelling Data - Story Height: Bsmt Bed Rms: tenor Walls: Bsmt Rec Rms: .yle: Bsmt Full Baths: .ondo Level: Bsmt Half Baths: Condo Type: Bsmt Addl Fixt: Year Built: Bsmt Garage: Est: Remod: Bsmt Garage(NA) : Main Tot Rooms: Carport Spaces: Base Area: Total Area: Main Bedrooms: Det Gar Spaces: Main Full Baths: Att Gar Spaces: Lwr 1st 2nd 3rd Ovrd Comp Main Half Baths: FP Stacks: AO Addl Fixtures: FP Openings: Al Heat: Metal FP: A2 System: Grade/CDU: A3 Phys Cond: Cst/Dsn Pct: A4 Basement: Functional: A5 Bsmt Min Fin: Economic: A6 Bsmt Liv Area: A'7 AB * OBY Data A9 Type Qty Year Size G C MA Mods RCN sGD RCNLD A10 All Al2 *** Valuation Data '•' Gross Bldg Desc: MO BLVD PROF BLDG MRA Est: Gross Bldg Value: 2,279,000 Mkt Est: Miscellaneous Value: CC: RCN: Pct Gd: 0.00 RCNLD: Land: 0 OBY: 2,279,000 Tot Cost: 2,279,000 960 Val: 2,279,000 960 Rsn: 0 Date: 2/26/16 Rev: CST Card Breakout *"*****4' Cls Land Bldg Total C 2,279,000 2,279,000 11-03-07-0002-005-002. 01/01 MISSOURI BLVD 3/7/2016 Owner: F & F DEVELOPMENT L L C Acct#: N.T. Class: X Partial: Use: 460 Units: 0 )HD: 203 Subd: Zoning: NC: _ty: JC School: JC Fire: Legal: CITY OF JEFFERSON INLOT PT INLOTS 772, 773; 775, 776 & 777 & PT VACATED 20' ALLEY *** Sales Data *** No Picture Available Mo Yr T Amount S V D 3 1992 1 40,000 2 3 *** Entry Data *** Mo Day Yr Code Info Inits 9 5 95 0 2 REV *** Location Data *** Topography: 14 Utilities: 1 Road: 15 Drainage: 2 Traffic: 1 *** Note Data *** *** Building Permit Data *** Number Mo Day Yr Amount Purpose Closed *** Land Data *** L EFF EFD ActPr CD Pct Value S Sq Ft A Acres 8 1.53 50 Total Acres: 1.53 Gross Code: Gross Value: *** Dwelling Data *** tory Height: Bsmt Bed Rms: xterior Walls: Bsmt Rec Rms: Style: Bsmt Full Baths: Condo Level: Bsmt Half Baths: Condo Type: Bsmt Addl Fixt: Year Built: Bsmt Garage: Est: Remod: Bsmt Garage(NA): Base Area: Total Area: Main Tot Rooms: Carport Spaces: Main Bedrooms: Det Gar Spaces: Lwr 1st 2nd 3rd Ovrd Comp Main Full Baths: Att Gar Spaces: AO Main Half Baths: FP Stacks: Al Addl Fixtures: FP Openings: A2 Heat: Metal FP: A3 System: Grade/CDU: A4 Phys Cond: Cst/Dsn Pct: A5 Basement: Functional: A6 Bsmt Min Fin: Economic: A7 Bsmt Liv Area: A8 A9 *** OBY Data *** A10 Type Qty Year Size G C MA Mods RCN %GD RCNLD All Alt *** Valuation Data *** MRA Est: Gross Bldg Desc: Mkt Est: Gross Bldg Value: CC: Miscellaneous Value: RCN: Pct Gd: 0.00 RCNLD: Land: 100 OBY: 0 Tot Cost: 100 960 Val: 100 960 Rsn: 0 Date: 2/26/16 Rev: CST Card Breakout ********** Cls Land Bldg Total X 100 100 State of Missouri Cole County Ralph C.Bray Jr,Recorder of Deeds RECORDED Book: 660 Page: 577 Receipt tt:294005 Total Fees:$36.00 Reception:201512341 CJ�1 Pages Recorded:5 Date Recorded: 12/16/2015 1:06:47 PM ccA QUITCLAIM DEED THIS DEED, made and entered into effective as of the 16th day of December, 2015, by and between SSM REGIONAL HEALTH SERVICES, a Missouri nonprofit corporation ("Grantor"),having an address of 10101 Woodfield Lane, St. Louis, Missouri 63132, and F&F Development, L.L.C., a Missouri limited liability company ("Grantee"), having an address of 221 Bolivar Street, Suite 400,Jefferson City,Missouri 65101. WITNESSETH, that Grantor, for and in consideration of the sum of One Dollar ($1.00) and other valuable considerations paid by the said Grantee, the receipt and adequacy of which are hereby acknowledged, does by these presents REMISE, RELEASE AND FOREVER QUIT CLAIM unto Grantee, that certain real estate situated in the County of Cole, State of Missouri, and more particularly described on Exhibit A attached hereto and made a part hereof by this reference ("Property"), subject to general taxes for the calendar year 2015 and thereafter, special taxes becoming a lien after the date of this Deed, and all restrictions, easements, building lines, conditions,agreements and other matters of record and zoning regulations and laws. TO HAVE AND TO HOLD, the same, together with all rights and appurtenances to the same belonging, unto Grantee, and to the successors and assigns of Grantee forever. So that neither Grantor nor the successors or assigns of Grantor, nor any other person or persons for Grantor or in Grantor's name or behalf, shall or will hereafter claim or demand any right or title to the aforesaid Property, or any part thereof, but they and every one of them shall, by these presents, be excluded and forever barred. This Deed is being delivered to Grantee pursuant to Section 12(a)(i) of the Real Estate Sale Contract with an Effective Date of April 9, 2015, as amended, by and between Grantor and Grantee, which also required the Grantor to deliver to Grantee that certain Special Warranty Deed of even date herewith and recorded at BooklQ1O O, Page Sip of the records of the Recorder of Deeds of Cole County,Missouri. This conveyance and the Property described herein are subject to the same Use and Operation Restrictions set forth in such Special Warranty Deed. 1571947 SIGNATURE PAGE TO QUITCLAIM DEED IN WITNESS WHEREOF, this Quitclaim Deed has been executed by Grantor to be effective as of the date first above written. GRANTOR: SSM REGIONAL HEALTH SERVICES, a Missou nonprofit corporation II dr By: I I 111 �i/1!r1 1 Mir Name: I ham '. 1'hon • Title: 1'r 0,01 STATE OF MISSOURI ) ) ss. COUNTY OF ST.LOUIS ) On this P+ day , 2015, before me personally appeared William P. Thompson, being the President of SSM Regional Health Services, a Missouri nonprofit corporation, known to be the person who executed the foregoing instrument in behalf of said nonprofit corporation, and he acknowledged to me that he executed the same for the purposes therein stated. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the County and State aforesaid,the day and year first above written. Notary Public My term expires: Th ov. IA, o i"l DONNA FAYE LEE Notary Public-Notary Sal State of Missouri,St Louis County Commission* 13513185 My Commission Expires Nov 12.2017 A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7,T44N RI 1W,IN THE CITY OF JEFFERSON, COLE COUNTY, MISSOURI, BEING PART OF INLOT NUMBERS 664, 665, AND 666 AND ALSO BEING TRACT 2 OF A SURVEY RECORDED IN BOOK A PAGE 104. THIS TRACT IS ALSO DESCRIBED AS THE SEVENTH PARAGRAPH DESCRIBED BY COLE COUNTY ABSTRACT & TITLE CO. INFORMATIONAL COMMITMENT FILE NO. 76459, DATED DECEMBER 5,2012. BEGINNING AT THE SOUTHWESTERLY CORNER OF INLOT 666, THENCE N47°48'50"W ALONG THE SOUTHERLY LINE OF INLOT 665 AND 664, A DISTANCE OF 158.22 FEET TO THE EASTERLY RIGHT-OF-WAY LINE OF MISSOURI BOULVEARD (BUSINESS ROUTE 50); THENCE ALONG SAID RIGHT-OF-WAY ON A CURVE TO THE RIGHT, HAVING A RADIUS OF 459.91 FEET, A DISTANCE OF 79.91 FEET, THE CHORD BEING N70°06'00"E 79.81 FEET; THENCE N75°04'40"E 12.75 FEET; THENCE LEAVING SAID LINE S47°30'30"E 215.19 FEET TO THE NORTHWESTERLY BANK OF WEARS CREEK; THENCE S78°46'20"W ALONG THE NORTHWESTERLY BANK OF WEARS CREEK, 99.74 FEET TO THE SOUTHERLY LINE OF INLOT 666; THENCE N47°48'50"W ALONG SAID LINE,41.81 FEET TO THE BEGINNING AND CONTAINING 0.39 ACRE. EXHIBIT A TO QUITCLAIM DEED LEGAL DESCRIPTION TRACT 1, A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7, T44N RI 1 W AND IN THE NORTHEAST QUARTER OF SECTION 12,T44N R12W,IN THE CITY OF JEFFERSON,COLE COUNTY, MISSOURI, BEING ALL OF INLOT NUMBERS 656 THROUGH 663, 768 THROUGH 770, PART OF INLOT NUMBER 771, PART OF THE SOUTHEAST QUARTER OF THE NORTHEAST QUARTER OF SECTION 12, T44N R 12W, PART OF THE VACATED RIGHT-OF-WAY OF ELM STREET, HARRISON STREET, MILLER STREET, AND PART OF VACATED ALLEYS, AND THE TRACT DESCRIBED BY A QUIT CLAIM DEED RECORDED IN BOOK 289,PAGE 695. THIS TRACT IS ALSO DESCRIBED AS THE FIRST, FIFTH, SIXTH, NINTH AND TENTH PARAGRAPHS DESCRIBED BY COLE COUNTY ABSTRACT & TITLE CO. INFORMATIONAL COMMITMENT FILE NO. 76459, DATED DECEMBER 5, 2012, THE VACATED RIGHT-OF-WAY OF HARRISON STREET,AND THE TRACT DESCRIBED BY A QUIT CLAIM DEED RECORDED IN BOOK 289 PAGE 695. BEGINNING AT THE NORTHEASTERLY CORNER OF INLOT NUMBER 669, THENCE ALONG THE SOUTHERLY RIGHT-OF-WAY LINE OF U.S. HIGHWAY 50 AND 63, N84°37'40"E 52.39 FEET; THENCE S41°17'00"E 63.14 FEET; THENCE S4°57'30"W 41.51 FEET; THENCE S29°13'00"W 37.62 FEET TO THE WESTERLY RIGHT-OF-WAY LINE OF MISSOURI BOULEVARD (BUSINESS ROUTE 50); THENCE ALONG SAID LINE, S75°04'40"W 57.76 FEET; THENCE ALONG A CURVE TO THE LEFT, HAVING A RADIUS OF 539.91 FEET, A DISTANCE OF 325.26 FEET, THE CHORD BEING S57°49'10"W 320.36 FEET;THENCE S40°33'40"W 244.46 FEET;THENCE ALONG A CURVE TO THE RIGHT,HAVING A RADIUS OF 459.06 FEET, A DISTANCE OF 152.32 FEET,THE CHORD BEING S50°04'00"W 151.62 FEET TO THE EASTERLY LINE OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 300 PAGE 545, ALSO BEING THE WESTERLY LINE OF VACATED HARRISON STREET;THENCE N42°10'50"E,ALONG SAID LINE, 4.33 FEET; THENCE ALONG THE NORTHERLY LINE OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 300 PAGE 545, S86°46'10"W 62.80 FEET TO THE EASTERLY RIGHT-OF- WAY LINE OF BOLIVAR STREET; THENCE ALONG SAID LINE N61°24'20"W 30.00 FEET; THENCE ALONG A CURVE TO THE RIGHT, HAVING A RADIUS OF 686.20 FEET,A DISTANCE OF 147.87 FEET, THE CHORD BEING N8°15'20"W 147.58 FEET;THENCE N 2°04'50"W 203.64 FEET; THENCE ALONG A CURVE TO THE RIGHT, HAVING A RADIUS OF 351.97 FEET, A DISTANCE OF 181.51 FEET, THE CHORD BEING N12°41'30"E 179.51 FEET; THENCE N42°10'50"E 441.00 FEET TO THE NORTHWESTERLY CORNER OF INLOT NUMBER 656;THENCE S47°50'20"E,ALONG THE NORTHERLY LINE OF INLOT NUMBERS 656,657, 658, AND 659,A DISTANCE OF 417.50 FEET TO THE BEGINNING AND CONTAINING 7.47 ACRES. TRACT 2 A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7,T44N R11 W,IN THE CITY OF JEFFERSON,COLE COUNTY,MISSOURI,BEING PART OF INLOT NUMBERS 772,773,775, 776, AND 777, THE VACATED ALLEY BETWEEN SAID INLOTS, AND PARCEL 2 OF A QUIT CLAIM DEED RECORDED IN BOOK 336 PAGE 608. THIS TRACT IS ALSO DESCRIBED AS THE SECOND, THIRD AND FOURTH PARAGRAPHS DESCRIBED BY COLE COUNTY ABSTRACT&TITLE CO. INFORMATIONAL COMMITMENT FILE NO. 76459,DATED DECEMBER 5,2012,AND PARCEL 2 OF A QUIT CLAIM DEED RECORDED IN BOOK 336 PAGE 608. STARTING AT THE MOST NORTHERLY CORNER OF SAID INLOT 776, THENCE S47°36'30"E, ALONG THE NORTHEASTERLY LINES OF SAID INLOTS 776 AND 777,A DISTANCE OF 123.58 FEET TO A POINT ON THE LEFT OR NORTHERLY LINE OF RAMP 4 AS PER PLANS OF JOB NO.5-U-54-2588 OF THE MISSOURI STATE HIGHWAY DEPARTMENT,THE POINT OF BEGINNING. FROM THE POINT OF BEGINNING, THENCE ALONG THE NORTHERLY OR WESTERLY LINE OF SAID RAMP 4, S47°43'30"W 78.89 FEET TO A POINT 63.00 FEET LEFT OF STATION 6+00; THENCE S59°45'30"W 51.57 FEET TO A POINT 70.00 FEET LEFT OF STATION 5+33.30; THENCE S59°42'20"W 74.45 FEET TO A POINT 71.33 FEET LEFT OF STATION 4+58.19, ALSO BEING ON THE SOUTHEWESTERLY LINE OF SAID INLOT 776;THENCE N47°34'10"W,ALONG THE SOUTHWESTERLY LINES OF SAID INLOTS 776 AND 775, A DISTANCE OF 139.27 FEET TO A POINT 40.26 FEET LEFT OF STATION 1+43.65 OF DUNKLIN STREET AS PER PLANS OF JOB NO. 5-U-54-2588 OF THE MISSOURI STATE HIGHWAY DEPARTMENT; THENCE LEAVING THE SOUTHWESTERLY LINE OF INLOT 775, N9°15'00"W 46.29 FEET TO A POINT ON THE EASTERLY RIGHT-OF-WAY LINE OF MISSOURI BOULEVARD, AT A POINT 76.00 FEET LEFT OF STATION 15+40; THENCE ALONG SAID LINE N38°15'00"E 50.32 FEET TO A POINT 54.00 FEET LEFT OF STATION 15+00;THENCE ALONG A CURVE TO THE LEFT,HAVING A RADIUS OF 553.06 FEET,A DISTANCE OF 205.41 FEET,THE CHORD BEING N51°12'10"E 204.23 FEET TO A POINT 54.00 FEET LEFT OF STATION P.C. 13+14.92; THENCE N40°33'40"E 34.92 FEET TO A POINT 54.00 FEET LEFT OF STATION 12+80;THENCE N65°34'50"E 49.66 FEET TO A POINT 75.00 FEET LEFT OF STATION 12+35; THENCE ALONG THE NORTHERLY OR WESTERLY LINE OF RAMP 4 AS PER PLANS OF JOB NO. 5-U-54-2588 OF THE MISSOURI STATE HIGHWAY DEPARTMENT, S65°55'10"E 50.30 FEET TO A POINT 20.00 FEET LEFT OF STATION 9+50; THENCE S13°28'50"E 46.29 FEET TO A POINT 25.00 FEET LEFT OF STATION 9+00;THENCE S4°50'50"W 89.43 FEET TO A POINT 40.00 FEET LEFT OF STATION 8+00; THENCE S18°40'00"W 84.88 FEET TO A POINT 45.00 FEET LEFT OF STATION 7+00;THENCE S47°43'30"W 3.77 FEET TO THE BEGINNING AND CONTAINING 1.46 ACRES. TRACT 3 - (IS BOUNDED BY THE WESTERLY BANK OF WEARS CREEK, WHICH IS SUBJECT TO CHANGE DUE TO NATURAL CAUSES,AND MAY OR MAY NOT REPRESENT THE ACTUAL LOCATION OF THE LIMIT OF TITLE) A TRACT OF LAND LOCATED IN THE NORTHWEST QUARTER OF SECTION 7,T44N RI 1 W,IN THE CITY OF JEFFERSON,COLE COUNTY,MISSOURI,BEING PART OF INLOT NUMBERS 668 AND 669 AND BEING THE TRACTS DESCRIBED BY A WARRANTY DEED RECORDED IN BOOK 352 PAGE 777 AND A QUIT CLAIM DEED RECORDED IN BOOK 395 PAGE 238. PART OF THIS TRACT IS ALSO DESCRIBED AS THE EIGHTH PARAGRAPH DESCRIBED BY COLE COUNTY ABSTRACT & TITLE CO. INFORMATIONAL COMMITMENT FILE NO. 76459, DATED DECEMBER 5,2012. BEGINNING AT THE INTERSECTION OF THE EASTERLY RIGHT-OF-WAY LINE OF MISSOURI BOULEVARD(BUSINESS U.S.HIGHWAY 50)AND THE NORTHERLY LINE OF INLOT 668,AT A POINT BEING S47°48'50"E 42.63 FEET FROM THE NORTHWESTERLY CORNER OF SAID INLOT; THENCE S47°48'50"E,ALONG THE NORTHERLY LINE OF INLOTS 668 AND 669,A DISTANCE OF 163.37 FEET TO THE MOST EASTERLY CORNER OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 352 PAGE 777, ALSO BEING THE NORTHWESTERLY CORNER OF THE TRACT DESCRIBED BY A DEED RECORDED IN BOOK 395 PAGE 238;THENCE CONTINUING ALONG THE NORTHERLY LINE OF INLOT 669, S47°48'50"E 25.13 FEET TO THE WESTERLY BANK OF WEARS CREEK; THENCE ALONG THE WESTERLY BANK OF WEARS CREEK; S79°41'50"W 28.53 FEET; THENCE S69°54'00"W 25.00 FEET; THENCE S64°44'30"W 20.00 FEET;THENCE S50°03'10"W 20.00 FEET; THENCE S41°59'00"W 40.00 FEET; THENCE S36°44'50"W 40.00 FEET; THENCE S22°39'30"W 40.00 FEET TO THE NORTHERLY LINE OF ELM STREET; THENCE N47°38'00"W ALONG SAID LINE; 119.83 FEET TO THE EASTERLY RIGHT-OF- WAY LINE OF THE MISSOURI BOULEVARD CONNECTION TO U.S. HIGHWAY 54; THENCE ALONG SAID LINE N21°58'20"W 24.37 FEET;THENCE N16°01'00"W 62.44 FEET TO THE EASTERLY RIGHT-OF- WAY LINE OF MISSOURI BOULEVARD (BUSINESS ROUTE 50); THENCE ALONG SAID LINE, ON A CURVE TO THE RIGHT, HAVING A RADIUS OF 459.91 FEET; A DISTANCE OF 160.03 FEET TO THE BEGINNING,THE CHORD BEING N52°28'30"E 159.22 FEET AND CONTAINING 0.79 ACRE. TRACT 4-(IS BOUNDED BY THE NORTHWESTERLY BANK OF WEARS CREEK,WHICH IS SUBJECT TO CHANGE DUE TO NATURAL CAUSES, AND MAY OR MAY NOT REPRESENT THE ACTUAL LOCATION OF THE LIMIT OF TITLE) � .� SII Y P , /�" ,,,....„,--:•-.---' - �� -" 4 A�% / /II/ ii R ry{.�i'r dll' 1 ' �' i1. t+ t/ e,n. - '.- ,ae •-- 1st {4�, ;` `" :l" , ,-�_ I ,• I ,,7- 1 + - • I I .1 \,7- lN l ,o0'-'7„. ! I _ 1i .'-' Ts l s r `-' i �' s ~mo=w — — 3, {ti r rn m WPI a 1 1�I '�_. _- ,1 t • —. tssY," t' �..s_ MgPr:r" 7_iIt — c., jimi. 4'1� -- . [ .. f�,,,'.f'' — I \, _._, t. vim. 'gr AVN i W � ftf 4:W1119 MUMUaNV7 IYs3V/Y,L7V r, w � "r 4 s lOSSIN {.LN1I 3700 `A119 NOS&.7.ff3P =!•. f -- — -,.1s..�'' N7,LHT) H�L76'7H S,,VJVN '.LS ST. MARY'S HEALTH CENTER _,...e..-:1..!:" JEFFERSON CITY, COLE COUNTY, MISSOURI J+ / ALTA/ACSM LAND TITLE SURVEY .,. "• MAY 15, 2013 !r' - ,i' . i. ..• \ r ., _ 1 Y , Y ® =E•=1".. /—i i ,...a. Vii, , l � .. � � it , 1 1.t'- _ _I ---- _.•w - L 141, ili -Y••/y. 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If state financing is secured, construction will commence on the Lincoln Project in the Summer of 2017. Redevelopment of the St. Mary's Hospital Building and the Medical Office Building will occur at that time. If state financing is not secured for the Lincoln Project, the Developer may commence the Commercial Project at any time. Anticipated completion date is late 2018. * Dates are proposed and approximate 52689347.4 �15 ; 1 I v 7 } y1 1 J 1� �I EXHIBIT F SOURCES AND USES OF FUNDS & ESTIMATED REDEVELOPMENT PROJECT COSTS AND REIMBURSABLE PROJECT COSTS Lincoln Project Sources & Uses Sources of Funds Uses of Funds Equity $5,383,197 Land Acquisition $1,000,000 Debt $16,532,787 Demolition Costs $2,154,651 New Market Tax Credits $753,144 Site Preparation/Infrastructure $4,336,272 Federal HTC $1,125,000 Building Construction Costs $28,430,000 State HTC $1,406,250 Soft Costs $4,733,050 Brownfields Credits $2,000,000 Contingency $3,728,745 NPV of TIF $6,264,589 Project Carry $250,000 NPV of City Supplemental TIF $700,651 NPV of CID $467,100 State Lincoln Contribution $10,000,000 Total: $44,632,718 Total: $44,632,718 Commercial Project Sources & Uses Sources of Funds Uses of Funds Equity $4,775,386 Land Acquisition $1,000,000 Debt $14,101,543 Demolition Costs $2,668,666 New Market Tax Credits $753,144 Site Preparation/Infrastructure $4,336,272 Federal HTC $1,125,000 Building Construction Costs $16,919,000 State HTC $1,406,250 Soft Costs , $3,179,065 Brownfields Credits $2,000,000 Contingency $2,551,347 NPV of TIF $5,399,557 Project Carry _ $250,000 _ NPV of City Supplemental TIF $671,735 NPV of CID $671,735 Total: $30,904,350 Total: $30,904,350 Detailed budgets for each of the Lincoln Project and the Commercial Project follow. All Redevelopment Project Costs reflected in such budgets are anticipated to be Reimbursable Project Costs pursuant to both the TIF Act and the CID Act. The ultimate terms of reimbursement will be more particularly described in the Development Agreement. All budget and reimbursement amounts stated herein are exclusive of any Financing Costs, which shall also be considered Reimbursable Project Costs, which Financing Costs shall also be Reimbursable Project Costs to the extent incurred to finance Reimbursable Project Costs. 52689347.4 Lincoln Protect-Budget Cost Category Units Unit Unit Price Total TIF Eligible CID Eligible Land Acaulsition Land Acquisition $1,000,000 $1,000,000 $1,000,000 Subtotal: $1,000,000 $1,000,000 $1,000,000 Demolition Costs Asbestos Removal $1,400,000 $1,400,000 $1,400,000 Garage Demolition $150,000 $150,000 $150,000 Demolition of Walk Bridge $32,000 $32,000 $32,000 Demolition of East Building $122,248 $122,248 $122,248 Demolition Between Buildings $195,918 $195,918 $195,918 Medical Office Building Partial Demolition $55,500 $55,500 $55,500 Historic Building Partial Demolition $63,000 $63,000 $63,000 Partial Demolition of Central Building $135,985 $135,985 $135,985 Subtotal: $2,154,651 $2,154,651 $2,154,651 Site Preoarationllnfrastructure Site Utilities $742,000 $742,000 $742,000 Garage Repairs $1,000,000 $1,000,000 $1,000,000 Excavation $888,600 $888,600 $888,600 Asphalt/Pavement $565,302 $565,302 $565,302 Landscaping $325,100 $325,100 $325,100 Curb/Gutter $190,180 $190,180 $190,180 Sidewalks $85,090 $85,090 $65,090 Retaining Walls $540,000 $540,000 $540,000 Subtotal: $4,336,272 $4,336,272 $4,336,272 Building Construction Costs Lincoln University Site 135,350 SF $100.00 $13,535,000 $13,535,000 $13,535,000 Medical Office Building Remodel 37,000 SF $75.00 $2,775,000 $2,775,000 $2,775,000 Historic Building Remodel 75,000 SF $100.00 $7,500,000 $7,500,000 $7,500,000 Building 4A 8,000 SF $220.00 $1,760,000 $1,760,000 $1,760,000 Building 4B 4,500 SF $220.00 $990,000 $990,000 $990,000 Building 5 6,000 SF $220.00 $1,320,000 $1,320,000 $1,320,000 Building 7 2,500 SF $220.00 $550,000 $550,000 $550,000 Subtotal: $28,430,000 $28.430.000 $28,430,000 - Soft Costs Architecture&Engineering %of Building Costs 3.50% $995,050 $995,050 $995,050 Legal/Accounting $450,000 $450,000 $450,000 Closing Costs/Financing Fees %of Building Costs 1.00% $284,300 $284,300 $284,300 Interest Reserve %of Building Costs 1.00% $284,300 $284,300 $284,300 Construction Management Fee %of Building Costs 1.00% $284,300 $284,300 $284,300 Developer Fee %of Building Costs 6.00% $1,705,800 $1,705,800 $1,705,800 Overhead&Reimbursables %of Building Costs 1.00% $284,300 $284,300 $284,300 Testing,Surveys and Studies $100,000 $100,000 $100,000 Permits&Fees $125,000 $125,000 $125,000 Real Estate Taxes $120,000 $120,000 $120,000 Construction Period Insurance $100,000 $100,000 $100,000 Subtotal: $4,733.050 $4,733,060 $4,733,050 Contingency Hard Cost Contingency %of Hard Costs 10.00% $3,492,092 $3,492,092 $3,492,092 Soft Cost Contingency %of Soft Costs 5.00% $236,653 $236,653 $236,653 Subtotal: $3,728,745 $3,728,745 $3,728,745 GRAND TOTAL: $44,382,718 $44,382,718 $44,382,718 49037776.6 Commercial Protect-Budget Cost Category Units Unit Unit Price Total TIF Eligible CID Eligible Land Acquisition Land Acquisition $1,000,000 $1,000,000 $1,000,000 Subtotal: $1,000,000 $1,000,000 $1,000,000 Demolition Costs Asbestos Removal $1,400,000 $1,400,000 $1,400,000 Garage Demolition $150,000 $150,000 $150,000 Demolition of Walk Bridge $32,000 $32,000 $32,000 Demolition of East Building $122,248 $122,248 $122,248 Demolition Between Buildings $195,918 $195,918 $195,918 Medical Office Building Partial Demolition $55,500 $55,500 $55,500 Historic Building Partial Demolition $63,000 $63,000 $63,000 Total Demolition of Central Building $650,000 $650,000 $650,000 Subtotal: $2,668,666 $2,668,666 _ $2,668,686 Site Preoarationhinfrastructure Site Utilities $742,000 $742,000 $742,000 Garage Repairs $1,000,000 $1,000,000 $1,000,000 Excavation $888,600 $888,600 $888,600 Asphalt/Pavement $565,302 $565,302 $565,302 Landscaping $325,100 $325,100 $325,100 Curb/Gutter $190,180 $190,180 $190,180 Sidewalks $85,090 $85,090 $85,090 Retaining Walls $540,000 $540,000 $540,000 Subtotal: $4,336.272 $4,336,272 54.336.272 Building Construction Costs Medical Office Building Remodel 37,000 SF $75.00 $2,775,000 $2,775,000 $2,775,000 Historic Building Remodel 75,000 SF $100.00 $7,500,000 $7,500,000 $7,500,000 Building 2 6,000 SF $220.00 $1,320,000 $1,320,000 $1,320,000 Building 3 3,200 SF $220.00 $704,000 $704,000 $704,000 Building 4A 8,000 SF $220.00 $1,760,000 $1,760,000 $1,760,000 Building 4B 4,500 SF $220.00 $990,000 $990,000 $990,000 Building 5 6,000 SF $220.00 $1,320,000 $1,320,000 $1,320,000 Building 7 2,500 SF $220.00 $550,000 $550,000 $550,000 Subtotal: $16,919,000 $16,919,000 $16,919,000 Soft Costs Architecture&Engineering %of Building Costs 3.50% $592,165 $592,165 $592,165 Legal/Accounting $450,000 $450,000 $450,000 Closing Costs/Financing Fees %of Building Costs 1.00% $169,190 $169,190 $169,190 Interest Reserve %of Building Costs 1.00% $169,190 $169,190 $169,190 Construction Management Fee %of Building Costs 1.00% $169,190 $169,190 $169,190 Developer Fee %of Building Costs 6.00% $1,015,140 $1,015,140 $1,015,140 Overhead&Reimbursables %of Building Costs 1.00% $169,190 $169,190 $169,190 Testing,Surveys and Studies $100,000 $100,000 $100,000 Permits&Fees $125,000 $125,000 $125,000 Real Estate Taxes $120,000 $120,000 $120,000 Construction Period Insurance $100,000 $100,000 $100,000 Subtotal: $3,179,065 $3,179,065 $3,179,065 Contingency Hard Cost Contingency %of Hard Costs 10.00% $2,392,394 $2,392,394 $2,392,394 Soft Cost Contingency %of Soft Costs 5.00% $158,953 $158,953 $158,953 Subtotal: $2,551,347 $2,551,347 $2,551,347 GRAND TOTAL: $30,654,360 $30,654,350 $30,654,350 49037776,6 } Y 1 3 tt I 1, } (I" ` 4 ` 4 • 7 4 •\I s V EXHIBIT G ESTIMATED ANNUAL INCREASES IN ASSESSED VALUE AND RESULTING PAYMENTS IN LIEU OF TAXES AND ECONOMIC ACTIVITY TAXES OVER LIFE OF PROJECT See attached. ST.MARY'S HOSPIT SDEVELOPEMENT PROJECT A__.MPTONS (LINCOLN PROJECT) Appraised\aluc Total Assessed , Appraised Projected 1 otal Sales at Square Feetof Improsemcnts Value at Build Base Sales Rent 1 otal Rent Value PSI-- Saies.SF Buildout/Lease-up at Build Out Out PROJECT COMPONENTS AT RUIID.011 i _ Historic Office 75,000 $ 81.61 $ 6,120,774 $ 1,958,648 $ - $ - $ - $ 13 $ 975,000 Office 37,000 $ 81.61 $ 3,019,582 $ 966.266 $ - $ - $ - $ 13 $ 481,000 Lincoln Building 135,350 $ 81 61 $ 11,045,956 $ 3,534,706 $ - $ - $ - $ 3.50 $ 473,725 Building 4a 8,000 $ 166.85 $ 1,334,791 EMMEN $ - $ 375 $ 3.000.000 $ 20 $ 160,000 Buildings 4b 4,500 $ 166 85 $ 750,820 $ 240,262 $ - $ 375 $ 1,687,500 $ 25 $ 112,500 Bulletin.5 6,000 $ 166 85 $ 1,001,093 $ 320.350 $ - $ 375 $ 2,250.000 $ 25 $ 150,000 Building 7 2,500 $ 166.85 $ 417,122 $ 133,479 $ - $ 375 $ 937,500 $ 25 $ 62,500 101 A_ 268.350 S 23.690.139 S -.580.844 S ".8"5.000 S 2.352.725 2016\alues Base.Appraised Base.Assessed BASE PROJECT ASSUMPTIONS 11-03-07-0002-004-028-001 $ - $ - 11-03-07-0002-004-024 $ 51,000 $ 16,320 11-03-07-0002-004-026 $ 99,313 $ 31,780 11-03-07-0002-004-028 $ 1.000,000 $ 320,000 11-03-07-0002-005-002 $ 160,000 $ 51.200 101 U. c 1,310.313 S 419.300 2016 Vd\alorem lax Rates %Not Subject to Total%Subject to Taxing District Rate TIF TIF State 0.0300% 0 0300% 0.0000%, Cole Coun OR 0.0765% 0.0000% 0.0765% CC S.ecial Services 0.0906% 0.0000% 0.0906% Road&Bridge-Coun 0.2716% 0.0000% 0.2716% Libr. 0.2000% 0.0000% 0.2000% JC School District 3 6928% 0 0000% 3.6928% Jefferson City 0.5561% 0.0000% 0.5561% Surtax 0.5800% 0.5800% 0.0000% 101.0.. 5.4976'ii, 0.6100". 4.88-6",, FIA.AACI\G_ASST \IPTIONS Commercial Assessment Rate 32 0°0 2017 Sales Tac Rates Not Subject to Taxing District Rate TIF Subject to TIF State 4.225% 4 225% 0.000% City 2.000% 1.000% 1.000% County 1.500% 0.750% 0 750% CID 1 000% 0.500% 0.500% TO1 VL 8.725' , 6.4'5',, 2.2.510',, 552762811 LINCOLN PROJECT TIF PROJECTIONS BASE PROJECTED AsSFSSEU PROJECTED SAI ES EATS-Gq& City Suppkrormal TOT\1 TIE(ID TIF l'E 1R ASSESSED ASSESSF:U INCREMENT S.SE 811.ES S..\.LES INCREMENTPILOFS (..ounh E\TS-CIU TIF CID RI:\FM E 1 j$ 419,300 $ 419,300'I$ I$ - 5 - $ - 5 - $ - 5 - $ - $ S - 2 5 419,300 5 1.516,169'5 1,096,869 $ - 5 1,575,000 S 1,575,000 $ 53.611 $ 27,563 5 7,875 5 11,813 $ 7,875 $ 108,736 3 5 419.300 5 3,790,422 5 3,371,122 $ - $ 3,937,500 $ 3937.500 S 164,767_$ 68,906 $ 19,688 5 29.531_$ 19,688 $ 302,579 4 5 419,300 $ 7-580,644 S 7,161,544 $ - 5 7,875,000 $ 7,875,000 $ 350,028 $ _ 137.813 5 39,375 5 59,063 S 39375 $ 625,653 5 $ 419,300 5 7.732,461 $ 7,313,161 5 - 5 8,032,500 5 8,032,500 5 357.438 5 140,569 5 40,163 $ 60,244. $ 40,163 5 638,576 6 $ 419.300 $ 7,887,110 $ 7,467,810 S _ -1$ 8,193,150 5 8.193.150 S 364,997 $ 143,380 $ 40.966 $ 61,449 $ 40,966 5 651.757 7 5 419,300 5 8,044,853 5 7,625,553 5 • $ 8.357.013 $ 8,357,013 5 372,707_ $ 146.248 $ _ 41,785 5 62,678 $ 41.785 $ 665,202 8 $ 419,300 $ 8,205,750 $ 7,786,450 $ - 5 8,524,153 5 8,524,153 5 380.571 5 149,173 $ 42,621 $ 63,931 S 42,621 $ 678,916 9 5 419,300 5 8,369,865 5 7.950 565 _,5 - $ 8,694,636 S 8,694,636 $ 388,592 5 152,156 $ 43,473 5 65,210 $ 43.473 5 692,904 10 5 419,300 E 8.537.262 $ 8,117,962 $ _ - S 8.868,529 5 8,868,529 5 396.774 $ 155,199 .$ 44,343_5 66.514 5 44,343 $ 707,172 11 5 419.300 5 8,708,007 $ 8289.707 5 - 5 9,045,900 5 9.045.900 5 405,119 $ 158,303 $ 45.229 $ 67,844 $ 45,229 $ 721.725 12 5 419,300 5 8.882,167 5 8,462,867 $ - $ 9,226.818 $ 9,226,818 $ 413,631 $ 161.469 5 46,134 $ 69,201 $ 46,134 5 736,570 13 _ $ 419,300 $ 9.059.811 .5 8,640,511 5 - $ 9,411354 $ 9,411,354 $ 422.314 $ 164,699 _$ 47,057 5 70.585 5 47,057 _$ 751,711- 14 E 419.300 I 5 9,241,007 $ 8,821,707 $ - $ 9,599,581 5 9,599,581 5 431,170 5 167,993 $ 47,998 S 71,997 $ 47,998 $ 767,155 15 5 419,300 $ 9,425,827 5 9,006,527 5 _- $ 9.791 573 S 9,791,573 $ 440,203 $ 171,353 5 48,958 vS 73,437 5 48,958 $ 782,908 16 5 419,300 5 9,614,344 $ 9,195,044 5 - 5 9,987,404 $ _ 9,987,404 $ 449,417 5 174,780 5 49,937 1 5 74,906 E 49,937 5 798.976 17 5 419,300 5 9,806,631 $ 9387331 $ - 5 10.187.152 $ 10,187,152 S 458,815 5 178.275 $ 50,936 $ 76,404 5 50,936 S 815,365 18 $ 419,300 5 10,002,763 $ 9,583,463 $ - 5 10,390,895 _E 10,390,895 $ 468.401 5 181,841 5 51,954 5 77,932 $ 51,954 5 832,083 19 5 419.300 5 _10,202,610 $ 9,783,518 5 - $ 10,598,713 $ 10598,713 5 478,179 5 185,477 S 52,994 5 79,490 5 52.994 5 _ 849,134 20 5 419,300 S 10,406,875 5 9,987,575 $ - $ 10 810,687 5 10,810,687 $ _ 488.153 S 189,187 $ 54,053 $ 81,080 5 54,053 $ 866,527 21 5 419,300 S 10.615,012 $ 10,195,712 $ - 5 11,026,901 5 11,026,901 $ 498,326 5 192,9715 55.135 $ 82,702 5 _55,135 5 884,267 22 �5 419,300 $ 10,827,312 S 10.408.012 5 - $_ 11_247.439 9$ 11,247,439 5 508,702 5 196,830 $ 56,237 $ 84,356 5 56,237 5 902,362 23 i$ 419,300 5 11.043.859 5 10,624,559 5 _$ 11,472,388 5 11,472,388 $ _ 5 200,767 _S 57,362 $ 86,043 $ 57,362 $ 920-820 8,811,198 TOTALS5 3,444,950 5 984,271 S 1,476,407 S 984.271 S 15,701,098 NET PRESENT VALL I 6 00% I N S 4.162,637 5 1,634,851 S 467,100 $ 700,651 S 467,100 $ 7.432.340 Notes: (1)Of the total ad valorem tax rate,the total%captured by TIF is: 4 8876% (2)The projected appraised value is assumed to increase at the following percent every ye 2% (3)The projected sales are assumed to increase at the following percent every year 2% (4)Amount of assessed value/sales online Year 2: 20% (5)Amount of assessed value/sales online Year 3: 50% (6)Amount of assessed value/sales online Year 4: 100% (7)City Supplemental TIF%: 0 75%(Excludes 0 25%of park sales tax) 55276311 1 ST.MARY'S HOSPIT �DEVELOPEMENT PROJECT A__JMPTONS (COMMERCIAL PROJECT) Appraised Value Total Assessed Appraised Projected 'I otal Sales at Square I-eet \aloe PS}` of Improscments Value at Build Base Sales Rent Loral Rent SaleslS} Buildout/Lease-up at Build Out Out PROJECT COMPONENTS AT BUILD OUT Historic Office 75,000 I $ 81.61 $ 6,120,774 $ 1,958,648 $ - $ - $ - $ 13 1 $ 975,000 Office 37,000 $ 81.61 $ 3,019,582 $ 966.266 $ - $ - $ - $ 13 $ 481,000 Building 2 6,000 $ 166.85 $ 1,001,093 $ 320,350 $ - $ 375 $ 2,250,000 $ 15 $ 90,000 Building 3 3,200 $ 166.85 $ 533,916 $ 170,853 $ - $ 375 $ 1,200,000 $ 20 $ 64,000 Building 4a 8,000 $ 166 85 $ 1,334,791 $ 427,133 $ - $ 375 $ 3,000,000 $ 20 $ 160,000 Building 4b 4,500 $ 166 85 1 $ 750,820 $ 240,262 $ - $ 375 $ 1,687,500 $ 25 $ 112,500 Building 5 6,000 $ 166.85 $ 1,001.093 $ 320,350 $ - $ 375 $ 2,250,000 $ 25 $ 150,000 Building 7 2,500 $ 166.85 I $ 417,122 $ 133,479 $ - $ 375 $ 937,500 $ 25 $ 62,500 101 \I. 142.200 S 14.1'9.192 S 4.53".342 S 11.325.000 5 2,032.500 Base 2016 Values Base Appraised Assessed 1 PROJECT ASSI3IPUONS _ 11-03-07-0002-004-028-001 $ - 1 $ - 11-03-07-0002-004-024 $ 51,000 1 $ 16,320 11-03-07-0002-004-026 $ 99,313 $ 31,780 11-03-07-0002-004-028 $ 1,000,000 I $ 320,000 11-03-07-0002-005-002 $ 160,000 1 $ 51,200 JOT 11. S 1.310.313 S 419.300 2016 Ad Valorem Tax Rates %Not Subject to Total%Subject to Taxing District Rate TIF TIF State 0.0300% 0.0300% 0.0000% Cole County GR 0.0765% 0.0000% 0.0765% CC S.ecial Services 0.0906% 0.0000% 0.0906% Road&Bridge-County _ 0.2716% 0.0000% 0.2716% Library 0.2000% 0.0000% 0.2000% JC School District 3.6928% 0.0000% 3.6928% Jefferson City 0.5561% 0.0000% 0.5561%, Surtax 0.5800% 0.5800% 0.0000% TOTAL 5.4976",6, 0.6100'. 4.88"6"ro FINANCING ASSt\IPTIO\.S Commercial Assessment Rate 32.0% 2017 Sales Tax Rates Not Subject Taxing District Rate to TIF Subject to TIF State 4.225% 4.225% 0.000% City 2.000% 1.000%' 1 000% County 1.500% 0.750% 0.750% CID 1.000% 0.500% 0 500% TOTAL_ 8.-25"0 6.4"5",S. 2,250% 55276281.1 COMMERCIAL PROJECT TIF PROJECTIONS B\SS PROJECTED• \SSE SED PROJECTED 5ALF5 FATS-(Thj S Cil�'Simplon cnial 1075111E C ID IIFl ESR .1SSESSFD .1S.SSSFU B\SE SA LES PILOTS _ FATS-no (ID \1L1'F \\:A[-1_'F NT SATES INCREMENT Count\ Ti I-- RF\EN I.L 1 5 419.300 $ 419,300 5 - $ - 5 - S - 5 - $ - $ - 5 - 5 r $ - 2 $ 419300 $ 419 300 5 -I$ - 5 2265.000 1 2.265.000 $ - S 39,638 1$ 11,325 r$ 11325 $ 11,325 5 73,613 3 $ 419300_ 5 2268 671 5 1,849371 5 -15 5662.500 5 5662,500 $ 90,390 $ 99,094 S 28313 $ 28313 $ 28313 5 274,421 4 S 419300 5 4.537.342 $ _4118,042 S - $ 11.325,000 5 11,325,000 _5 201,273 $ 198.188 $ 56,625 S 56625 5 56625 $ 569336 5 E 419.300 5 4,628,088 5 3208788 S - 5 11 551,500 5 11,551,500 $ 205,709 $ 202151 5 57-758 W S 57,758 $_ 57.758 5 581.132 6 8 419,300,S 4,720.650 5 _ 4.301,350 $ - 5 11.782,530 $ 11,782.530 5 210,233 5 206,194 $ _58.913'$ 58.913 5 58,913_ 5 593,165 7 $ 419300_ $ 4-815.063 I S 4,395,763 5 - S 12-018.181 $ 12,018,181 $ 214,847 5 210.318 5_ 60,091 '5 60091, 1 60,091 S 605_438 8 S 419,300 5 4.911 364 $ 4,492,064 S - $ 12.258,544 5 12,258.144 $ 219,554..$ 214.525 5 61,293 $ 61,293 5 61,293 $ 617,957 9 $ 419300 $ 5,009592 $ 4590292 5 - S 1-2,503,715 S 12.5037/5 $ 224355 5 218,815 1 5 62,519 5 62,519 5 62,519 $ 630,726 _ _ 10 S 419,300 S 5,109,784_5 4.690.484 $ - _S 12.753.789 5 12 753.789_5 229.252 $ 223,191 $ 63.769 5 63.769 $ 63,769 $ _643,750 11 r S 419300 5 52113794 $ _ 4792679 5 - $ 13,008,865 S 13,008.865 S 234,247 5 227,655 $ 65.044 S 65,044 E 65,044 $ 557.035 12 5 419.300 5 5,316.219— $ _4896,919 5 - $ 13 269,042 5 13269,042 5 239,342 $ 232,208 $ 66,345 _$_ 66,345 5 66.345 S 670586 13 5 419300 5 5422543 5 5,003,243 $ - 5 13534,423 5 13,534,423 5 244.539 5 236,852 5 67,672 5 67672 S 67.672 5 684.407 14 5 419,300 5 5,530,994 5 5.111.694 5 - S 13,805,112 5 13,805-112 5 249.839 5 241589 5 69-026 5 69.026 5 69,026 S 698,505 15 5 419,300 5 5,641.614 S 5,222314 _$ - $ 14.081.214 $ 14,081.214 $ 255,246 S 246.421 5__ 70,406 5 70,406 5 70.40_6 5 712,885 16 5 419,300 $ 5,754.446' $ _ 5,335,146 $ - 5 14 362,838 5 _14,362,838 S 260.761 5 251350 $ 71,814 $ 71,814 5 71.814 $ 727,553 17 5 419300 $ 5,869,535' 5 5450235 $ - 5 14,650,095 5 14-650-095 5 266386 $ 256,377 S 73,250 $ 73250 $ 73,250 $ 742,514 18 $ 419,300 $ 5,986,926 $ 5,567,626 $ - 5 14.943.097__$ 14943 097 S 272,123 S 261.504 $ 74.715 L$ 74,715 5 74,715 S 757,774 19 S 419,300 $ _6.106.664 $ 5,687,364 5 -,$ 15.241.959 15 15,241,959 $ 277,976 5 266.734 $ 76,210 $ 76,210 5 76.210 S 773.339 20 '5 419.300 $ 6,228,798_ $ 5.809.498• $ _ - 5 15,546,798 $ 15.546.798 5 283,945 5 272,069 5 77.734 5 77,734 5 77.734 $ 789,216_ 21 5 419.300 I$ 6,353,374— 5 5.934.074 $ - 5 15857.734 S 15 857.734 $ 290,034 $ 277.510 5 79,289 5 79,289 $ 79,289 5 803,410 22 5 419,300 5 6.480.441 S 6,061,141 5 - $ 16.174.889 $ 16,174,889 $ 296244 5 283.061 $ 80,874 5 80,874 .S 80.874 5 821,928 23 5 419.300 $ 6.610,050 $ 6,190.750. $ 5 16,498,387 $ 16,498 387 $ 5,068,873302.579 S$ 4 2 , 92' $ 82.492 5 83877+ TOTALS88722 S 1,415,476 $ 1.415.476S 1,415,476 S 14.269,467 NET PRESENT VALUE 600% _ 5 2376.750 S 2351.072 5 671,735,S 671,735 5 671.735 S 6.743.027 Notes: (I)Of the total ad valorem tax rate,the total%captured by TIF is: 4 8876% (2)The projected appraised value is assumed to increase at the following percent every year: 2% (3)The projected sales are assumed to increase at the following percent every year: 2% (4)Amount of assessed value/sales online Year 2: 20% • (5)Amount of assessed value/sales online Year 3: 50% (6)Amount of assessed value/sales online Year 4: 100% (7)City Supplemental TIF%: 0 50% OS is I v 3 1 S f 3 { 7 • } q EXHIBIT H EVIDENCE OF COMMITMENT TO FINANCE See Attached. FHC FARMER HOLDING COMPANY Monday, June 20, 2016 City of Jefferson, Missouri Attn: Drew Hilpert, City Counselor 320 E. McCarty Street Jefferson City,MO 65101 Re: St. Mary's Hospital Redevelopment Project—Letter of Interest to Fund Dear Drew: The purpose of this letter is to display our interest to assist in financing the St. Mary's Hospital redevelopment project in Jefferson City,Missouri(the"Project")by providing financing to F&F Development,LLC. With the assistance the various financing sources contemplated in the Tax Increment Financing Plan for the Project,we intend to provide our full support to finance and carry out the Project, subject to the following conditions: 1) Final approval by applicable governing authorities for Tax Increment Financing and Community Improvement District financing, and other financing sources as contemplated in the Tax Increment Financing Plan for the Project; 2) A satisfactory debt financing commitment and execution of loan documents on mutually agreeable terms and conditions; and 3) A full and satisfactory review of all financial and development data, including the development plan and schedule, in connection with the Project and borrower. We are excited about the opportunities available to the Jefferson City community from this Project and will support this Project in every way feasible. Although this letter should not be construed as an absolute commitment to fund this Project, we fully intend to support this Project by filling any financing gap or providing any additional financing to bring the Project to fruition. If you should have any further questions, please do not hesitate to contact us. Sincerely, Rob Kingsbury Farmer Holding Company, LLC 221 Bolivar Street, Suite 400 Jefferson City, Missouri 65101 (Ph) 573.635.2255 53390165.1 • 1 ' .) k } EXHIBIT I COST BENEFIT ANALYSIS,ECONOMIC IMPACT ANALYSIS AND FISCAL IMPACT ANALYSIS The following table generally summarizes the overall economic impact of the Lincoln Project upon all affected taxing jurisdictions: Lincoln Project-Taxing Jurisdiction Cost-Benefit Analysis Summary NPV Revenue NPV Revenue WITH Taxing Jurisdiction WITHOUT Redevelopment Net NPV Benefit Benefit% Redevelopment State $4,195 1 $5,441,718 1 $5,437,523 129730.14% Cole County $60,892 , $1,113,792 $1,052,900 1829.12% 4 72 207 $44,243 258.21% Libra $27,96 $ I ry_ Jefferson City School District $516,333 $1,333,238 $816,905 _ 258.21% Jefferson City $77,755 $695,482 $617,727 894.46% Surtax $81,096 I $719,796 1 $638,699 887.58% CID*" n/a I n/a 1 n/a 1 n/a Total NPV Benefits: I $8,607,998 ""CID will be formed in conjunction with TIF and thus there is no impact from the creation of the TIF. Supporting detail for the foregoing figures follows in the attached detail sheets for each taxing jurisdiction. 52689347.4 Lincoln Project-Taxing Jurisdiction Cost-Benefit Analysis Summary ` i NPV Revenue NPV Revenue WITH Taxing Jurisdiction WITHOUT Redevelopment Net NPV Benefit Benefit% Redevelopment State $4,195 $5,441,718 $5,437,523 129730.14% Cole County $60,892 $1,113,792 $1,052,900 1829.12% Library $27,964 $72,207 $44,243 258.21% Jefferson City School District $516,333 $1,333,238 $816,905 258.21% Jefferson City $77,755 $695,482 $617,727 894.46% Surtax $81,096 $719,796 $638,699 887.58% CID**, n/a n/a n/a n/a I Total NPV Benefits:I $8,607,998 I **CID will be formed in conjunction with TIF and thus there is no impact from the creation of the TIF. 52710677.1 TIF Cost-Benefit Analysis-Tax Rates Taxing Jurisdiction Total Property Tax Subject to TIF Total Sales Tax Subject to TIF State 0.0300% 0.0000% 4.225% 0.000% Cole County 0.4387% _ 0.4387% 1.500% 0.750% Library 0.2000% 0.2000% 0.000% 0.000% Jefferson City School District 3.6928% 3.6928% 0.000% 0.000% Jefferson City 0.5561% 0.5561% 2.000% 1.000% Surtax 0.5800% 0.0000% 0.000% 0.000% CID 0.0000% 0.0000% 1 1.000% 0.500% 2016 Ad Valorem Tax Rates Taxing District Rate Not Subject to TIF Total Subject to TIF State 0.0300% 0.0300% 0.0000% Cole County GR 0.0765% 0.0000% 0.0765% CC Special Services 0.0906% 0.0000% 0.0906% Road&Bridge-County 0.2716% 0.0000% 0.2716% _ Library 0.2000% 0.0000% 0.2000% JC School District _ 3.6928% 0.0000% 3.6928% Jefferson City 0.5561% 0.0000% 0.5561% Surtax 0.5800% 0.5800% 0.0000% TOTAL 5.4976% 0.6100% 4.8876% 2017 Sales Tax Rates Taxing District Rate Not Subject to TIF Total Subject to TIF State 4.225% 0.000% City 2.000% I 1.000% 1.000% County 1.500% 0.750% 0.750% CID 1.000% I 0.500% 0.500% TOTAL 8.725% 6.475% 2.250% 52710677.1 Taxing Jurisdiction Cost-Benefit Analysis(30 Years,Including 1SF Running Through 2039) Mill Rate NM SIN.T.Not Captured Jurisdiction _?6I.0. Captured W TIF Sales Tex Rate W TIF $8911 0 0300% 0,03009 42250% '= Total NPV Bene(.: 55,437,523 Net Benefit Ratio: 1,297 30 Asses sau9134!41 Y.ma TOTA1SEIV51'11 ppsr4 Taa.r, Ya17OR -T>=•Bdi.Sika 4Nr Tv True- sesrm VolpeVo e46e+aa+t Wt..'g6f4e05fi tem.Tu iwcnu+ux hvess.n wnitis NVTld M'rtwwlraCrt+�vir VW. �F. .Yar I M+ :� TOM Pr tidal 184 5. on lhcmeu�au',IF 560, Z'WIS.Jna Tea T11.8ELOWV26R 44+$11 Rrbeefn6m++k AadrvHmms.li VA740UT Rair4Hureus t me/aw —a es w0114Pedreuseise sdl is.✓^astsunr A. Q4n 8177* Onu+M• REBlVELgaMEh.T w.'S.rrin�mnu v:. rp nru AFJE."=bP4'EhT 2017_ 51,012.160 $304 n SO 50 9204 31,012.180 I 30 3304 50 5322_ 50 50 30 30 • $0 $304 2016 51.002,036 3301 , 30 50 5301 SI 516,169 I 5504.009 5304 $151 _ 5455 91,575,000 51.575,000 30. 560,544 586.544 50,14* 2019 0292,015 9296 50 SO 9214 53.]90.422 32,778282 5304 5833 91.137 33,937,500 92,937,500 S0 5166.359 9186.359 5117,497 2020 3952.098 3295 _ 50S0 *20 57550244 56,568,684 I 5304 51.971 _ $2,274 •, 17,875,000 57,875,000 50 9332,719. 5332-719 9254,143 2021 _ 5972277 3292 30 v 50 5252 • 57,732,481 35,720301 $304 32,016 92.320 $6,032.500 38,032,500 SO 5319 373 5339,373 5541,03 2022 5962,554 5289 50 SO 00 57,887110 58874,950 5304 _ 52062 52,366 58.193150 58,1931590 9346.161 5349,161 5344,01 2023 5952,929 5286 SO _ 50 $214 38,044.853 4 57032,893 5304 52.110 .52.413 58357,013 58,357.013 50 $353,081 5353.084 $39811 2024 $943,399 5283 SO 50 5212 0205,750 11 05 37,193,590 1304 52.155 52,462 22524,153 _ $5524,153 50 _ 5380.145 9360.145 $142,907 2025 5933,965 9280 30 SO J 014 920 38f 65 57,357,75304 92.107 — 52.511 50,644,836 0684,638 50 3367 348 5367.348 00,50 '.=x..24 9924 626 5277 50 50_ 9277 38,537262 57,525,102 5304 52255 _ 52561 58,868,529 58.668,529 $0 _ 5374,6995 5374695 3377,267 2027 $915,379 5275 SO 50 52766 58708007 _ 37,695,847 534 92309 52..812 $9,045 900 599.045.900 50 5382,189 9382.159 $50.142 2028 5906 229 9277 $0 30 1 $377 50.553,18] 57,870007 3304 52,361 52665 ' 59,228818 59,326,818 SO 3389 833 5389,533 9192,414 2029 3897.163 5269 _ 50 la 920 59,059,811 32 047,651 5304 32.414 32,718 99411,354 . 59,411 354 50 I 3397 630 5397.830 268344 _ 203a 3888 192 5266 50 50 9214 59,241.007 58.228,847 9384 92,469 32772 599,599,581 39 599,581 50 _ 5405 582 5405,552 . $414,356 2031 5675310 5284 50 30 332 1 59.425827 58413,887 .5304 52524 52.828 59.791.573 54791.573 50 $411694 5413594 $419,622 2032 5670,317 3261 3° • 10 5281 90.81'.4.354 56062164 5314 '32,301 _ 52.684 59,967.404 '*,07.004 V _ 8010 0 _ $421,968 54245 2033 $861.811 3259 10 _35 520 35.608,01 0-724.1.1 5304 '(2899 52942 510,187-152 160.16.7.153 SC 54:0.407 5430.407 $432,341 2034 5553193 1256 56 50 5284 510.70.733 145017.902 „ Vox 32,07 • 53,001 510390,895 _ 930900.60. _ 50 341D15 3439.015 042.019 2035 5844.661 5253 50 20 $20 211112241111 99.10.845 133.4 52,37 33,061 .510595,713 11095712 $0 $2412 3447.796 v 00,80 2038 5836215 5251 80 84 061 150.4355315 0384733 5534 32515 53.122 $10,810,667 5107610.07 50 150.723 ' $456,752 00,04 , 2037 2827553 5248 SO 30 5248 1120522 0880.E 1304 52181 53165 511,026,901 511,049901 50 9110507 3465237 $411,071 , 2030 9819,574 5246 90 111 9248 51092731_^ 56519152 _ KW 9215 $3248 511.247439 311517:05 30 545.204 5175.204 �, 5479,452 2039 $811,375 2243 90 00 5243 _ 111.94.8461 6 T 51031 0 4, 19,010 53313 • 511.472,358 211.173_96810 3204,791 4 $484,708 8,022 , 2046 5603 265 5241 I B 50 5241 511`0.64.731 52.013 53,379 511701,636 $464:013 3491,403 $417,70 2041 5795232 5239 34 14 5258 515,4980031 55.8.5 53.447 $11,935 872 353421 5504,291 507,70 2042 5787260 5236 90 • 90 5129 2112715.531 _53.618 92516 _ 512,174,580 1314_126 _ $314376 9417,532 2043 5779,407 5234 5) I 50 5234 27104208 1 55360 51586 — 512,418082 55,74834 _ 5524964 532810 , 2044 5771 613 5231 50 20 5231 01193.':022 55 I 21936 0 33858 $122443 _ 355,137 5535,157 039,515 2045 5763297 5229 n 34 WI _ $111:7179 IIIL 02X1 23.731 312,919.772 5X104 45,860 $541,02 . 200 $753.256 5227 50 50 5227 $12,655.922 $3,306 53,806 $13178.168 5552778 5556.718 000.05 Tout Mend.WITH F.+da.elp8a0s 15%KIM! 96,441,718 4dtl 30305-WrT1VO4.T FsdseeloProlem 5519110: 34.136 Assumed Annual Reduction in Property V41ue/Salee WITHOUT Redevelopment 1.00% Assumed Annual Increase in Property Value/Sales WITH Redevelopment: 2 00% 527106771 Taxing Jurisdiction Cost-Benefit Analysis(30 years,including TIF Running Through 2039) M01 Rab Not 58141 Tax Nat Ce0Nred Jurisdiction 11E1135 COMM OV TIF Sales Tax Rate 61'T1F Cob County 04355% d. % 15000% 07500% Total NPV Benefit: 51,062,100 Net Benefit Ratio: 18.29 OUT I' 4440ENEFIi 54.5174 Vater WITH Inu_i P p Ing_ U i ITF14 T-IP Sale V 1x0a3.1N5aY+ Ur Ir't JTIFS 41016,T:. AI OB nT Wn41 ...THCUT p.i . v.THOU, 74gWitlawn, TIF fine Tarn .,. HF_i.=.nn F J JTH " Ficl- i -nl - F.EDE/ELOPfnE11T - ,i,i _�41� TIFB- � Tn � p,.uelire REDE'ELOFI4EYT 2017 11.012..160 14.408 SO 30 0101 3.1.013,110 SO 54..409 50 54408 50 50 50 11- 30 50 14,498 '=712 11,OC..015 $4.364 50 30 I 54.344 11516191 '$31009 54.406 1181 54354,1 $1,575,000 $1575000 50 5.1153 311,613 118,201 2519 34727111 $4,320 30 5012418 5.1710.422 ^.95.1710.422a77 44' 20 6 (36 2 54. 2 81 $4,019 33.937,500 $3.937.500 SO 5,51]1 $29,531 133,660 2`4'0 344141 5427/ 35 50 Il 64241 $T,520.142 $4,536-964 11-.416 ,92101 5410 57,675000 $7.875000 SO 5551447 $59.063 0260 3071 1175.4' 1 $4234 13 $0 IA 7.13:461 19.1:0.301 19.406 42315) , 14.113 56032.500 36032500 , 50 6102.. 1044 16 ,24.437 2022 1%2.5554 54192 30 30 13.112 57.844:16 1115'439 1140 1 11223t 54166 $6,193.150 , 18193.150 30 201149 $61 449 500.657 23511 SIMMS 54.150 30 30 64116 Sa,00-FI-1 52..1332_963 54.408 1133) 14.112 58.357.013 18,357,013 50 301.00 562671 41,111 3924 19431 54,109 SO 50 12103 10.210'-55' 07.113.7.40 14.66 r 29 (39301 14179 38,524.153 58,524.153 $0 51315' 113.831 181,101 ?02-2 5936 34,067 SO SO 1267 I $6.369985 i 17:%2705 14,15 13336) 64.15, 18,694.836 68.694636 30 193210 $65,210 50,312 5178 9924425 54027 10 SO 56.071 56.537.293 17.525.102 34.401 10211 14.11' 36,686,529 58..868.529 30 186.584 556,514 110.611 2027 3819.310 53.986 30 50 11.191 18205517 570.142 3111% 1E28 51.113 39.045.900 39045,900 SO 362,64 361,644 112006 4136 1009226 53,947 9) 50 10947 54.2.10C 32,100.00. 14.401 027='1 54.166 , 59.226816 $9226.818_ SO M.= 569.201 171467 = 5007.1. 53.907 30 10 53.331 _ 59.43.511 35.047.121 14.405 ,82504 14,130 $9,411 354 $9.411.354 10 570.55 370,585 174,718 3530 9M8090 33.969 40 18 . 5115 30.345,00± 90,52985 51,406 132934 14.14 69,599,591 59.5995731 10 37117 571,997 $71,141 2031 50.19210 53.929 SO 50 51,533 75.615.631 31411.68 34.481 WW2 52139 59791.573 59791573 30 323.405 573 437 , 4442 2032 0470.517 33.299 50 IA 13,101 59-614.344 39103.164 $1,403 (5275) 14173 51195.404 10967401 50 Tia,901 574,906 516,9511 2033 1101611 65.718 SO 30 68.859 59,908631 11.35423? 51408 15281) 14.127 510.10:151 310.151.158 19 351,402 $76,404 510,630 2034 1444}_505 15111 50 90 55113 310,002.763 36900.003 $4,0 (5288) 34.120 150-310.035 3151/03/5 50 177,927 571,932 892.062 2035 364.631 63,511 5 30 15 31.936 310.202118 18390.174. 14-4.26 (3294) 11.114 315.9/0315 91 0.0.513 50 $28.+00 379,490 41,1944 2035 8-036.116 30.642 30 50 89849 510,408875 50%11715 54.446 ($301) y 11,107 110950,661 31011414r 60 541.59 581.080 116,117 2037 41.AM 155411% 30 14 1 61.898 510,615012 20,135. . _ 14500 (3301) 33101 111=101 511.04,381 30 163.711 592,702 581.102 2038 56115,4 33515 $0 50 BAB 310,927312 11815.151 $1408 (5314) 34094 511.217.0 311247,0 60 384.350 $64,358 50,45 2039 1311.571 65.110 SO1 SO 13:364 511 043.659 510051000 34.405 _ ($321) 54,077 511.433.330 511,412,389 90 15a.043 586.043 10,130 2204050222'44 13.483 30 50 89,411 511,264 736 349058 14.091 911.704135 471.594 $87,764 1151,122 2041 MUM 17.468 50 SO 59A13 I 511 00031 550 039 550,290 11146152 _ 588.513 589,519 $118418 2042 575,230 32.424 50 10 11.01 511 719,831 I 351 040 551 927 117.124100 601,303 391,309 1142,54 2043 ' 1716:497 53,208 , 50 30 1119 $11,954,228 352.061 111.051 6/1411062 337.50 593.136 5143,111 2044 9521.112 19992 $0 90 113A11 512.193.312 553.102 153.133. 515411,50 44930 594996 1141,100 2045 ,313167 9227 $0 56 13.907 512.437.175_ 554.1644 354.114 132309,772 _ 544.411 596,896 3161,062 J 2046 5756.258 53.294 SO 50 ( 13,194 512685922 _ 45247 355.247 513,176,168 598.636 599936 5161,015 Total Benefits-WRNOUT Redevelopment(6%NOV): 50,50 Total Benefits WON Redevelopment(5%NPV): $1,11$,792 Mourned Annual Reduction in Property Value/Sales WITHOUT Redevelopment 1 70% A»umed Annual Increase in Property Value/Sales WITH Redevelopment. 200% 3.711,?1 Taxing Juri$4letlon Cost-Bene00 Analy515(30 Years,Ineluding TIF Running Through 2039) Mill Rita Not Sales Tv Not Captured Iuriedi tiorl Mill Rela Capturetl EV TIF Sales Tu Rata ko TIF Library 02000% 83202% 00000% 0.0000% Total NPV Benefit: $44,243 Net Benefit Ratio: 268 -..,,. t1 TOTAL EEEFiT Jnc�p•, Tn P SITH V_ S :aP - 5au TaSrt �� TmCaCE•a=F s. tour -.r r• - ,Ice ,. ''- F d -OUT F d 1 .nn T 71 d _ .dk .nl .. _.i P.EDEELOPr1Er1T � ,- �, rp ,rn REDE�ELOPIIE JT 2017 Si 012.160 32.024 SO SA 12.004 _ 31 012160 _50 52,024 SO S2-024 SO SO 11:1 30 SO 1 12-024 0015 Si 002038 32.004 30 SO 12004 31516.168 3.04.009 57.074 30 12024 51,575:000 91.575,000 10 10 SB lI 13424 2019 12.1310 $1984 30 SO 51-164 53.790.422 52778262 32.024 V 31024 03837 500 53637,500 50 00 SO 02.024 2020 5982098 _ 51994 SO 30 $1.664 57560.044 56.568684 02.024 _ m 52.024 37675.000_ 57.675.000 30 60 SO 12.024 2021 582277 31,945 SO 50 01.546 i 37732461 5670.301 52:024 SO 3=024 36632600 56.032.500 SO 30 00 11024 2022 5962554 51lin $0 10 11.562 37.667110 55 074-9601 52024 30 I 52.024 15.191.150 S8 193,150 SO SO SO 025 0 _ 2023 0461 429 01,906 50 SO 11.545 38 044 653 37.032 693 I 32.004 50 I., 32.024 56 357 013 56 357 013 30 30 SO 12.024 41.2 2024 $019 31.667 SO SO 01207 36205150 57193590 1."104 SO 32.024 I 58524.153 565241^.. SO 12 10 11424 2025 I 5033.55 91666. SO 30 v 11.661 l 36.369.865 07.357705 52024 _$0 32.014 56.691536 386&1.636 SO SO 50 12.024 - _ 2026 0924626 11,640 50 50 11,145 58.537262 37525/02 52.024 35 32024 30.26852948 56449 30 SO SO 82024 -, 2027 5915.379 01.031 50 SO 01,51 58708007 57.685647 52024 SO 52024 __ 39.045.900 31045900 50 SO 30 WAN 2020 $906.226 $1212 30 SO 51.613 36642.107 57670007 52.024 SO 52.024 59.226.810 6.226.618 50 SO 5O 02.05 , 2029 540.103 91 194 50 30 51.704 35069.611 {{ S8 047 651 52 024 SO 52924 59.411 354 19.411154 $0 013 32' 02-124 2030 5889192 511776 SO 30 01,112. 3924100] 1 $B 226 847 52,024 50 52024 59.599-561 59_599.581 50 00 SO 12_021 „ I 2421 7019.312 01;33 _ 90 00 11.79 I 09..14102' $0413.067 I 02.020 _'11 32.424 071,670 19,791.675 30 02 _ 30 72624 2032 $870517 S1741 30 50 11.741 39.614344 58002.184 I 52024 30 52024 59987.404 39.987.404 SO 30 SO 12.05 2033 3081.72' 51724 SD 30 01724 09,806.011 56794471 I 52024 So 52424 510 187 152 510.18].152 SO 30 , _ SO 12024 _ 2034 5653.193 51.706 30 SO , 01.701 _ $10.002.763 _ 10990503 .120224 50 52.024 510.390995 510190695 50 50 64 12.024 2035 1844 061 31.083 30 30 $1.45 510:202.618 $9.190,658 52.024 50 $2024 310 598713 310.598.713 50 30 00 12.924 2036 I 5035215 31.612 30 SO 51.572 510406.875 59.391715 3105 SO 32.024 510.810687 13001.0.687 30 SD 30 52.024 2037 3827653 _ 51.656 20 SO 51.066 310915.012 59002,852 52.024 50 7024 311020.801 311326.901 _ W SO 12 95,011 2036 5412,574 S1639 SO SO 1.866 11031'2,312 $9.615152 52024 SO _ 00.044 911247,439 311247,439 SO 32 SO 31024_ 2039 3811.376 01.623 SO , $0 01.053 511.043_859 310.031.899 02.024 30 .53.4514 511472383 311.472308 50 SO $0 112.824 3110 300.265 51607 _ 30 _ 90 11607. 511 264.736 522.529 522.529 511301666 SO 00 002_662 2041 67152.3 113E10 00 w 61,102 311.402617 &U.442 02215 31103567. Si _ SO 022.300 2042 6707.200 S1575 10 30 31,174 .511719.631 _ 523.440 523.440 _512174.590 30 30 515440 2043 37.5307 __ 1359 50 SO _ 51.665 311954228 371908 _ 31]908 45. 312.416.082 SO SO 3210 ._ 2044 3771611 01.543 SO 50 1.743113.123.242 324,367 324387 312.655443 II So SO 034.357 2045 3763,897 01528 30 30 1 MI_- 312 437179 1 524,674 $24.074 512915 772 30 _ 30 1124675 45 25 3758258 51513 50 50 1.011 312665922 525.272 625,372 013,178,168 so 00 01372 Total Benefits-WrTHOVT Redevel0pment(6%NPV): 121.841 Total 0505665 STH Redevelopment(5%NPV): $72,207 Assumed Annual Reduction in Properly 071,055102 WITHOUT Redevelopment: 2.00% Assumed Annual Increase in Prope7y Value/Sales WITH Redevelopment: 200% 327106771 %00 0 0uaud01190p N E LM 00I.snnnn 0451011 ul aseu0u,Rnuw 7..13760 %CO'L amu2WM.WE:frt4i124 n 11tAl acau-14011{1 1.,i stout is IA4N%6)12.udo1anala9 NIM 45.1.94$01 torics 4.1,4 %511.I4l9h.P.y2II0111N•49.95815101 155'{41 OS OS 99100 ELS- Eel 990991'4 9 006'499'015 116'114 OS 09 006'0Zt 9IZP01 9700 C`RROS 11 OSv 0/0616715 Wind 0606915 I 601'000015 erns 05 SC 40:1.1 66 1449 1 SST 9LVOSS1 OS of SW2011Sl1 Sa•0011 50=0515 ZWESL 014 swat ' of a It9 RS 01Titil I 5/01795 0S OS p991S245 911'1014 900165 900156115 - SHIM 01 05 061904 1066919 1 0000 6*e2901 OS 06 I 065 111015 r O00 ZOOS 6947071 L0511-115 11141 OS OS E00605 0901511 0000 0911®1 05 OS 019966 11S 1000005 1,13G,P1 190069,IIS It OS OS NC IMS f60 -- TL£ 5 1102 1 05351St OS OS 96910[LLS 106511[ 0950 LST RL390LLS 515* 05 01 696111 0901096 0700 L01 06 Of 960L11 011 is 101 (ISLES 11 L[r2CC 05 CLCS 669016 659'010 L -c.a.'.c.a.'. 151Rs 0S 66, 196'604 9:041* ICC L11-405 05 05 05 666(601 LS 611900110 LLC LOS 05 111105 10111999 01000*01S 5121 05 OS 590661 015512 5071 Ls'nai O1 OS OS 406-5.•0"415 106'920106 LLCLCS 0S ^ arm05900966 V 0115 0'1190LS 4661 I O'S OS 119005 254256 :002 atoll OS 05 R (59'019'015 099'019015 000105 - a 110Rt 91006061 549'901'015 feral I 06 05 099005 5109199 9000 11.0413 05 a 01 011565015 CLI965'015 111060 05 10E'001 959 061 65 619209015 240115 01 Of 094"211 I oeto 0906 5002 106413 OS CS Of 569080015 I 969064015 LLE-1011OS LLCLCS 00969A'1i 065 MIL' OLS e09'Lt5 05 a 4Ar1CT 04100, 0000 LLCM1 T5 OS 0S 001 LS1`011 I 091411'011 110135 0S LIE0E5 1LI 61116 LES 90966 SSW ISS 0C a 509'LES 1151915 met ala, OS OS - 66 1 '1019999 ba919665 UE Les 09 101101 p9110099 00001965 1741:ti 01 05 11,1ST 1969091 0 0 LLS'L15 OS - C4 70 I ELS 161'64 61216105 120205 21 0014S6 19901095 10590265 160Le 06 OS 4 126105 0106199 LOOZ 110016 OS OS OS I 19566065 LOS'6006$ CGS LES 0t LLCLOT 10990095 10010065 IU to OS OS I 690005 — 001'9994 0000 110119 - 09 a OS I 990 1.10 6S 05204166 //ton 01 02E LOS 159 21095 11585001 661-1130s a I 91',4 269'1999 6000 116111 OS 05 05 ILII a 8196990 /,00'10. as 210 LEI 190"21211 L9:29196 696111 05 a 660695 [0660 5S1 T 010151 06 OS 05 0065/055 409410.3 111005 05 LLE 005 109569 LS 100'60195 596445 05 OS 609006 9!04:04 4010 /lila 0S I OS OS LURA, 6G'999'29 LLE LES 05 LLE LES 201'tLS L 09011599 90410 04 a9 501'.05 50'199 9060 LIS LIS Of I OS 0S 501690 96916995 LLC LES I 05 - 1'1.{00 001.46616 I S9969C9S {CRS9S OS 060 51015 =.i area r OS 05 OS 641'0.'4'95 051/0565 100 LES I OS L'1LCi 065 C61 LS 05160095 RCKS I 051 65 OS 9091105 1*00013 5000 -- LLC LCS 0S OS C4 L61L5.014 110051'95 i 1LC La OS Lunt 069200'15 059069'95 061'6.1 OS 1. OS 061905 I 114 sa 5060 41LI CI 06 05 - 051'060'95 041461'00 /10001 00 416021 0560099$ 011"099'25 510206 06 05 Ss.al I 199 MSS 2000 LLCus , 0I OS 009200'95 00519094 !IOL' OS LLE LES 106001'94 :6010109 10C9a OS O5 100x* 14 2045 I 1002 LLCea St OS — OS 60/50905 06091111 049110 l OS as LCS /9999591 104065 LS isms OSZIM:IZEIMI @*'0465 0002 1[1:71 05 06 05 MS 1105-11 MUSTS LLS-LES O4 41920$ 06.{:,:'11 220061 CS SOWS II 70 - 61090fZ11Q.s110190 121111 05 05 01 006191013 000005'LS LLCLES 99 11605'1 8001,091 691915 LS 19011* 03 06 000'195 010790 i1 5190 /1CLa OS 01 05 Of 06 110105 01 U0 al 05 09101015 106401 OS 05 110000 604110'16 1100 1rJ3t'!d0 3,".3033 "•a .50006 -""�= 1 i lY3 3 3034 y . H1rn 11aN3a wlol 1 1 .. .1t'. a ae . • _ w•5a�.....1„.1 xvm.-07x0 ..,i,. 1 rd�.-. .� i H ,rnn� d a a-1__ _�. .». ..,1• ' e _�oN1• ... too :0pe919a0a912$ 901'9191 090999 AIN 14.1 *01000':-. 40000'0 %00000 990691 PAM 1.4.S 100106191161 AU.ss P4Nd50 51SO 4015.169 du.19 PLN., 4611100 uo6a!PSPnC ION 161.1.5 u (6002 46noo4Ll 69019un1 Al 691001691'99131 Oft sIsS19u510Ls8-1903 9o11.1594nf 691951 Taxing Jurisdiction Cost-Benefit Analysis(30 Years,including TIF Running Through 2039) MillMI11 5401-1941 Sales Tax Not Gestured Jurisdiction 1,,,..W 04etur34 W TIF 35ames Tex Rata W TIF Jefferson City 05561% 00000% 20000% 02500% 'Nate-075%wCilye uncaptunW 1%salnres captured to Co.1.71,.213Ynel-11 0.-o9r.f I'DM. Total NPV Benefit: 1617.727 Net Benefit Ratio: 894 PI Ta- TOTAL 6ENEFIT 4 a T, tet-tem ' JluTu P .,THOUT Salo Tax Yaai'H4r t.,THou A F<I �^72118 P.I. 1y4u1, TF Uucanlu JTE1.t T IP P ':a'e7 VJRH 172541!9 Uu :tl TIF Safra r T+• TOTAL BENEFIT t r bee t^JT R-E u11r�1na C4441 9444 Tm 6ala Selev Tar _ 652: FEDE.ELOP1IENT FEDE'�ELOPMENT 2017 31.012.160 3.5.629 SO 30 99.8_r SI 012160 30 19.124 30 35629 30 21 50 SO $0 35,121 2018 110332.821 35572 SO SO $6172 I 21.516 169 550.009 35.429 SO e 35629 31575000 51.575.000 30 32.936 5699 55635 2019 $667.413 55.077 W SO 11117 $3790.422 52776262 SS629 SD 55,69 51917500 .33.937.500 50 59844 59.644 111.972 2020 3982,090 55461 SO 60 56.411 57.560.844 ea.6689 55.629 SO 55629. 57,175000 $7.875.060 SO 519888 519668 526,115 2021.� 5972,277 35.407 12• 30 _ DART '7.10X:,461 50,725,291 55829 34 15.175 69050.9201 G 31.031']25 10 _ :."}.011 _ 320181 , 16,710 '252• 5062326 $5,353 SO So c 16.*1 57,867.110 16.874.950 $5429 60 35.629 _ 51,193.150 I 38193.150_ SD 520,463 320 953 371.151 2.021 I $952929 $5299 _ 50 30 6676 58.041,653 57.032893. 55829 50 55.829 59.357 013 58357013 30 320,893 520 693 525,311 2024 I 3943.399 35246 50 $0 661.6 38.205.750 37192.881 55.629 50 177.528 58.524.153 38524,153 50 521210 521.310 125141 2025 054165 16.16 _ SO 50 11.114 58.359.045 57,421,707 35.69 10 38.6429 58.694 536 16!896486 20 001.-121 $21 737 $27166 2026 1E8 GI $5142 30 50 *142 18.537282 37.525102 55629 SO 55829 18,868.529 38-06B.529_ SO 322.171 _ 322,171 597,500 2027 5015..^-'39 35.090 30 50 *066 [[ 36708.007 $7695.847 55629 50 55.129 39.045 900 $9045900 $0 522.615 322815 121143 2025 5908226 55040 SO SO *040 58882/67 67.870007 55629 50 53629 - 39226.816 e 59226818 90 $23067 $21067 152,526 2709. 510715254959 m 30 54.61 I 36186:11 r 16047651 XS ICS 12 15.{9'9 $6411.,'394. 3741131 30 00921 6 323,526 6167 41 774 3 .t52 W Hla 53 1 Sa 2401 I 68219.007 58:22064; 55528 _33 68.02 1199711 19.599501 18 123]191 523_999 151190 3571 1379310 14-190 53 SC _ 34.900 51:425,07 13417067 06024 SO S7,89 251791 073 39.111377 _ SC _ 524,479 324,479 $50,152 517C 167051' 3401 SO SO 14,181 56614.344 19,602164 $5829 S055629 699870 4l 39 987 404 60 $24,989 - 324989 _ 130,667 2033 5481 811 34793 50 SD 54/52 39.808:631 385929 794,471 r 55629 50 - 3170,157165 11 310167.152 50 625.466 325 961 131.527 7284 100.143 31,746 0 13 1474* 510022,725 '18.520-102 36853 10 37,025 110,393,555 310192666 $8 523971 525977 411352 2035 6144.3121 5497 54 _ SO 56167. $10202.616 $9,190,858 33,226 50 53,129 61059713 _ 110,59800 $0 526.497 $26497 333.120 2406 169715 34650 , SO SO *910 _ 310408975 .59.394.715 e 65529 30 35.629 510810,687 315.810,087 30 327027 - 327,027 ` 536566 _ 2037 5827853 11154 _ SO 30 *104 910 615,012 39.607.852 55829 50 55.829 611,070061 $11021901 $0 397.147 327587 123.525 2036 3819574 34556 $0 60 64641 $10 827 312 t 51815_152 55 629 50 55629 311247.939 611 247 439 $0 _ 128.10! 528.119 - 131747 2039 $811.378 54.512 30 I 20 4 51,362 311 043 659 310031,899 55.679 So 55.829 311.472288 311.425986 50 528,001 328,681 154,510 2040 123. 14467 90 10 14711 $;1211.733 33.68 313,603 161,51020 _ 1117,018 1117.014 $174.112 2041 _ 3785232 34,422 S 1-' 52/ 0 52 _ 111. 0,631 115,835 410506 5t1,i38Z 5013-736 51._,r - 1341,8691 2042 5787 260 34.378 SO S0 - *371 111,711631 165,171 565_174 $12174.590 I 3121,746 3121,746 4 516,879 e_ 2043 I 5779.407 54 334 30 SO 14.334 511 954 228 366:477 966.477 312.418.082 _ 5124,101 6124 181 ( 6135.031 7044 1771 ri3 3i,251 50 10 56101 511153112 I 167.107 1619177 112,898,443 $126.884 5128.884 1114471_ 2045 3763.151 31240 60 30 11245 6624217 17S .852.102 50.1113 512,119,7 $126.1311 3122.195 1191,7112046 3751258 34200 50 30 $4201 512605922 570.548 570546 313.178.168 $131 782 $131,782 $20510 1 Total Benefits-WITHOUT Redevelopment(5%1571.0: $71,716 Total Benefits WITH Redevelopment(6%NPV): 1526,412 Assumed Annual Reduction in Properly Value/Sales WITHOUT Redevelopment 100% Assumed Annual Increase in Properly Value/501n WITH Redevelopment 2 00% Taxing Jurisdiction Cost-0eneflt Analysis(30 Years,Including TIF Running Through 2039) Mill Rate Not 5,100 Tax Not Captured .1 ur__ition 8184 RKe Ca0Nred 05 TIF 51119 Tax Rate _TIF Surtax 05800% 05800% 00000% Total NPV NPV Beneft: 1038.699 Net Benefit Ratio: 8 88 A a ,„is P T,•: TOTAL BENEFIT \t T U So '1 THOl J 'I'HOUT et THOUT ':�luc U. 1135 ' "11TH Iouexic 11451105 _d TIF"rc nT.r• OTAL?E'!EF-;' �1 nF6iu3 T4nn ,� s SiFfaee 411daTa. .'1 T , T TH pec-. .6, F`11c5uv 11 EOE+.E4OPHENT Ir14wr3Awn•1 �Bx - T _ R.� � F a op „SI 008 8000 .. 3nrlifi.5 �XEl4`PHEN 2017 31 012 160 55.871 SO 30 58.871 51.012.180 50 55871 I 30 50,871 50 50 SO_ 50 10 11.111 47714 11.0G,034 $5812 I 55 , 50 36112 ) 51 519109 554.009 55871 52.923 $194 31.673.055 61375.000 SO 50 50 14191 2019 WC 816 55 754 50 50 16.765 53.790.422 52376. 55.971 510.114 $21.964 33.937 500 83.53,"..03. 50 50 50 821.184 2020 5982098 55.886 _ 50 SO 64381 97,580.844 38 58I 8 684 55871 138.098 543.989 57 875000 S7 875.000 $0 50 $0 94311 2021 5972.077 85,639 so 50 15.01 57732}61 56.720301 $671 534970 544,640 56032.500 I 50.032500 SO I $0 10 554141 2022 5862 554 15.563 50 30 16.003 97,957,510 55.874950 35671 539,675 945745 58.191.150 58.193 150 50 SO 50 536-746 2023 1552.25 55.527 50 1 1627 58,044.653 57.032_693 35871 540.790 54656 . 553151,073 56157.013 50 SO 50 I $1,610 2024 1943 O99 35472 SO $0 1,472 56205.76 57 193,590 $5.071 941 723 547593 36.524.153 58524,153 50 6 50 ( 8478712 2025 593]985 55.417 6 50 .16,117 58.369 865 57357.705 $5.071. 542675 540,545 36894..838 58894.636 $0 50 SO. I 5'@046 2020 3924826 35363 _ 50 30 86.15 55537.052 , 57 525102 55671 $43 848 549315 $0.066.529 58.888,529 50 30 - 50 00.138 2027 1015.371 55108 So I SO 18.309 I 38.708007 97895.847 , 55971 544638 .. 350506 59,045.900 59.048900 50 50 _ 50 0646 0650 2926 59226 55256 SO _ I SO 161266 50.682167 I 57670W7 55671 545.646 351517 _ 58.226816 59226916 50 50 50 01617 2029 5697.163 55204 $0 I $0 16501 59 059 811 56047 651 I 35811 948676 952.47 59.411.354 59,411 354 50 50 50 111147 2030 9568192 35.152 50 50 14112 59211.67 52,22651] 35671 547.727 551598 59.599.561 594599.561 50 50 _ SO $035 2031 1171110 $.100 50 50 , 11.100 59425827 58.413.407 55871 548,799 554070 9975!.07] $9.79193 6 50 6 04.170 2032 5870517 55 049 50 50 168711 59 614.344 36.6214 35.871 549.983 555.763 $9 987 404 56194.2 •. 4 30 55 55 164712 21333 3661611 1 54.999 30 00 PAY 59,500.531 55,74471 55971 551.006 553 878 510167152 510.187 152 35 50 SO 11.171 2034 _I 3853193 54.949 55 55 14.140 3110.002763 56.990 030 55.871 $52143 556.016 510:36.6% 510.390,695 50 5050 51.811 2035 1314561 _ 54529 SO 50 84.81 010302610 58,190.659 55871 553.306 559.1765105961 71] 510,5 .713 SO SO $0 WO 178 36 151215 $4650 00 SO r 84,660 310 4061375 935,66 75 59. 4 715 71 55 469 $603l 510910067 910.810667 55 50 86 11.11 - 2037 5427953 54802 IB SO 14.162 310 615 012 39.802652 55871 555697 561.567 511,0361601 511.026.901 50 SO 30 541,11 _ 2026 5519574 54.74 55 50 _ 1.714 510 827 312 I S6 815,152 55.871 556.929 562.71 511247439 $11247.439 1 55 55 14.71$ 2038 3811.378 54.708 50 SO 14.708 511 043 859 510.031.699 _ 55.671 550,14 564.054 511 472 31 511 472 388 50 55 6 14'51 _• 2040 563.285 54.859 SO SO 1,11 511264 736 365135 565.315 511 701.836 10 10 11135 2041 1795230 54,312 SO 6 14.612 511,496031 38642. - 366.542 911.935.872 • SO 30 111,142 2042 8157,280 34.5611 50 6 _ 14.81 511.719831 5,67 975 567975 $12,174590 SO SO 17.575 2043I 5775,107 94521 I 6 SO 54.621 351.05.6211 589335 569335 3•-2.°1,00 50 $0 - 10516 5771,13 34.170 I Y 1 36533 /71133312 1,7.-.7!, 5'072° 657.0183+9 10 SO 911,7726 2045 I 5761897 94.431 I 50 $014,4]1 512437179 I 572138 572136 512,919]72 90 SO I 173.533 246 I 5755258 $,31 I So 50 Il 8131 312,885822 _ I 573576 $73579 31]176.180 I 6 I SO I 171.671 Total Benefits-WITHOUT Redevelopment(5%NPV): 151,01 Total Benefits WITH Redevelopment(5%NPV): 8711,71 Assumed Annual Reduction in Property 21190011es WITHOUT Redevelopment 1 00% Assumed Annual Increase in Property VlllW5alea WITH Redevelopment: 2 00% Taxing Jurisdiction Cont-enefit Analysis(30 Years,including TIF Running Through 2039) MITI Rale Not Soles Too Not Captured Jerirdiction Mill Rate 01.0tered lei TIF Sales TU Rat.. 05:___I-IF 12 00000% 00000% 10000% 05000% Total NPV Benefit:5/0-CD created in conjunction with TiF,no net coats/benefit. Net Benet.Ratio: N/A '' r OUT ,^1 Thou TOTAL BENEFIT M' V .�pTN In�.� . ,I a 1TIF r• T ee'fMX regi+I Solo, U Yt •�I TIF 'il,, TM11:M.a Tar �oTAL 000EFT v1 TH .THour ITHOUT a B 'a.'Easa 7aer. _•.,s a0Ur. O+wMw 'F''''''''t''''' Ten eejMbl FEEEJ r i� n�� • -' I REDE'/ELoam'nT 'R`�,u1��mnrd _ TTH P-i•�n oP n.,, �r�lopmn! TsELUPI4Et1T 2017 1 —.. -_- 2015 1I p 2019 • -... 2020 ( ` 2021 , 1 2022 , I - - 7X16 _ -_ _ 2025 _ _ _ - - 2028 , 2027 4 2021 • 2030 2031 _ - - 2032 _ - 201] - 2DOa I 2035 ! - 2038 l i 2037 I i I 2038 I 2111a I -- I I 2040 - -- - 2011 _ 2042 I — 9341 2021 r 1 _ 2015 - - - 2046 I I - - t !e101.•WTliet7r M6avWpew,o)8%NPYF 61 Total Benefits'MRN Redevelopment(S%NPV): 99 Aa.umed Annual Reduction in Properly Velua/Sa%s WITHOUT Redevelopment: 1.00% Foamed Annual Increae in Property Value/Sale WITH Redevelopment: 2 00% EXHIBIT I (Continued) COST BENEFIT ANALYSIS,ECONOMIC IMPACT ANALYSIS AND FISCAL IMPACT ANALYSIS The following table generally summarizes the overall economic impact of the Commercial Project upon all affected taxing jurisdictions: St. Marys Hospital Commercial Project-Taxing Jurisdiction Cost-Benefit Analysis Summary NPV Revenue NPV Revenue WITH Net NPV Taxing Jurisdiction WITHOUT Benefit% Redevelopment Benefit Redevelopment State $4,195 $7,794,595 $7,790,401 1 185722.57% Cole County $61,340 $1,498,519 $1,437,180 2342.99% Library $27,964 $54,180 $26,216 93.75% Jefferson City School District $516,333 $1,000,387 $484,054 93.75% Jefferson City $77,755 $1,238,130 _ $1,160,375 1 1492.35% Surtax $81,096 $433,613 $352,516 434.69% CID*" n/a n/a n/a n/a Total NPV Benefits: $11,250,742 **CID will be formed in conjunction with TIF and thus there is no impact from the creation of the TIF. Supporting detail for the foregoing figures follows in the attached detail sheets for each taxing jurisdiction. 52689347.4 St. Mary's Hospital Commercial Project-Taxing Jurisdiction Cost-Benefit Analysis Summary NPV Revenue NPV Revenue WITH Taxing Jurisdiction WITHOUT Redevelopment Net NPV Benefit Benefit% Redevelopment State $4,195 $7,794,595 $7,790,401 185722.57% Cole County $61,340 $1,498,519 $1,437,180 2342.99% Library $27,964 $54,180 $26,216 93.75% Jefferson City School District $516,333 $1,000,387 $484,054 93.75% Jefferson City $77,755 $1,238,130 $1,160,375 1492.35% Surtax $81,096 $433,613 $352,516 434.69% CID** n/a n/a n/a n/a I Total NPV Benefits:I $11,250,742 **CID will be formed in conjunction with TIF and thus there is no impact from the creation of the TIF. 52718347.1 TIF Cost-Benefit Analysis-Tax Rates 1 Taxing Jurisdiction Total Property Tax Subject to TIF Total Sales Tax Subject to TIF State 0.0300% 0.0000% 4.225% 0.000% Cole County 0.4387% 0.4387% 1.500% 0.750% Library 0.2000% 0.2000% 0.000% 0.000% Jefferson City School District 3.6928% 3.6928% 0.000% 0.000% Jefferson City 0.5561% 0.5561% 2.000% 1.000% Surtax 0.5800% 0.0000% 0.000% 0.000% CID 0.0000% I 0.0000% 1.000% 0.500% 2016 Ad Valorem Tax Rates Taxing District Rate Not Subject to TIF Total Subject to TIF State 0.0300% 0.0300% 0.0000% Cole County GR 0.0765% 0.0000% 0.0765% CC Special Services 0.0906% 0.0000% 0.0906% Road&Bridge-County 0.2716% _ I 0.0000% 0.2716% Library 0.2000% 0.0000% 0.2000% JC School District 3.6928% 0.0000% 3.6928% Jefferson City 0.5561% 0.0000% 0.5561% Surtax 0.5800% 0.5800% 0.0000% TOTAL 5.4976% 0.6100% 4.8876% 2017 Sales Tax Rates Taxing District Rate Not Subject to TIF Total Subject to TIF State 4.225% 4.225% 0.000% City 2.000% 1.000% 1.000% County _ 1.500% 0.750% 0.750% CID 1.000% 0.500% 0.500% TOTAL 8.725% 6.475% 2.250% 52718347.1 Taxing Jurisdiction Cost-Benefit Analysis(30 Years,Including TIF Running Through 2039) Mill Rote Not Seise Taut Not Captured Jurisdiction Mill RRa Caatured by TIF Sales Tat Rate 6_,"___TIF State 00300% 00300% 42250% 42250% Total NPV Benefit: 57,790401 Net Benefit Ratio: 1,859.23 TOTAL BENEFIT - O '1`HOUT 4rtsnrr8Va1.to 400722 1„,.-i �t•is rug _. E T+,rt 5.84e654ea T.laatfu. U u TI F :+baETn TORTEACLEB.EENLOEPMTEVNT H S.denl^nw6 Owl.1ax �� - - F_ of �r R�DE`tELORt1ENT 2017 11:0/2,101 5304 S0 50 1504 31.012 160 50 5304 SO 5304 31 30 30 10 _ 30 6304 2015 16 04414 6201 10 W 141 55.010190 52 1304 50 6300 37.205.004 13105.7230 W $15151 165#10 14581 22510 592:111 $298 SO SO 1281. 52369.671 S1 256 511 5304 5377 5681 $5,662.500 35662500 50 $239.241 _ 5239.241 183211 _ 2020 5982.088_ 3295 $0 SO WM 34537,342 53.525182 $304 51058. 51.381 511.325,000 511.325000 50 5478,481 9478..461_ 5410115 0 1 911.77 3227 _ 50 10 Ow 344322.068 12415308 OM sl 016 ' 11 In 113S1.ag20 51-95e590 30 3488.051 S488,051 1414,819 , 2022 36624 326 51 14 121 14,72030 33708-490 1134 $1 113 91.308 1 351.765530 51:7325530 50 1482:012 4354 5487,412 14 ` 53 202] 1042.815 5288 I 90 SO 1281 54415.063 33,1302903 3314 31.141 51445 562.638.111 312.018,181 SO 557.768 3507.768 5628113 2024154`!9 1 3263 SO SO 1115 54911,384 53999204 5304 51,181 51473 512,255.544 312259.544 18 Y $511.023 3517.W 411317 ,_ 136 ems _ 3933965 _ 5280 SO $0 0 - 55,009.592 33.997432 $304 51,199 31,503 $12,503,715 112,503.715 SO 1 e575 led 3528202 1635-131 2021 5034.826 3277 10 $0 1137 95101.784 54767.824 638 1 31,229 $1533 512.753.788 512.753.789 11 0531640 1538,348 6344311 2027 $815.379 5275 V SO 1585 5021'929 14.1'01511_ 1534 51250 51.564 $13.006.865 511008965 84 8042.615 8549575 50113113 2028 $208226 $272 $0 30 5272 35211.'11 i 54304,059 1304 15265 5,510 31324.00_ 113150,045 50 5560.917 5590.617 1116115 2029 599%.163 5269 50 50 5163 y 15.422,543 34 410,3/3 1304 51,323 51.227. 313 534423 T 513 534 423 30 3571 829 $571029 1fl MS 2030 5888192 5268 SO 30 -1 1211 76.530:094 54518,834 5004 15,351 31,5.E 655433.155 5105511: SO $583.266 .3583,266 5301.$ 2031 $879.310 3264 31 SO 5214 58.141514 54,1.9,454 5301. 11,39 11.852 114.;81351 514,723,2-4 SO 5594931 5594931 7611634 2032 $870.517 $261 50 SO 6361 _ 29.154.46 34,742286 3304 11 c`I 31.775 514312.516 314.33.120 50 $906.830 1001'850 549111 2033 1861911 1259 50 SO $266 55.869 535 54.857.375 5304 , 51.457 $1781 314650.095 514.650,095 20 _ $618,967 5618967 5.037 2034 5853.193 1256 R SO $211 35229P. 34,974,766 1384 35.462 11.756 $14.043,191 114,524091 30 5631 346W5631.51 1/061545 2035 3641,091 $253 __ SO 1 V62 `0 11 63 53'.100.064 - $50944 00 116221 $1,011 114241.9+2* 315..311.362 '& 5643973 W 1140511 _ MOMS 2036 $636215 1251 _ 30 $0 3231 36221704 55,216.538 0500 14,965 11.4731 515541.756 115.546'19$ 9 3656852 36511.6 14111.521 2037 5822,853 5248 90 $0 $241 e6+5+324 55,51,214 6234 11,84 11501 21547-34. 113867,714 02 $868.989 3+60.553 1111186 2038 1 $519,574 5246 90 50 124$ 38,420,441 35468,251 11514 51.040 21.645 111.174.101 .512,154360 SG 3683,399 193.3110 118/393 2039 3511,378 3243 50 so 6243 36512,3'0 35,897.990 6504 31,479 51,663 I 513,404,307 511.481.361 50 ! 3697,057 .1,617465, x.30 2040 is9',2120 ( 3211 $0 14' 7541 36.742 251 32.061 1152] 316.32414 $710998 71710446 1711011 741 1731]]2 563 50 x1 IVO r 56877,096 48082 52,713 _ 317.904,181 523155 $829370 1257.311 5142 3727758 3236 50 30 3116 57014.636 - V.10 12104 357414320 _ 573$.7.4 11,220 1751111 1113 1275.495 5054 SO 89 5114 $7.154,931 52.140 72144 317.858.334 _ 3754307 578,715 596,16 26+4 3771511 t01 SO 30 jptff 57,298x029 $2,10 $2,143 316,.212 116, 552 5780 W" 27 5574.7* 2045 5<'41E7 U. 50 V 62r 2 57443.990 32253 , 52,221 115452518 2114..50 12443723 5717578 2046 5756.258 5227 30 50 1227 1 5]592.970 32278 52276 318.951 460 1800,699 5600.99 1522177 Total Benefits-WTTHOOT Redevelopment(514 NPV): $4,18 7pta1 Bme0.WITH Ra4eye8P10.,611°6 NPL'): $7,74,68 Assumed Annual Reduc5on in Property Value/Sales WITHOUT Redevelopment: 1 00% Assumed Annual Incrnse In Properly Value/Sales WITH Redevelopment: 200% 52718347 I Taxing Jurisdiction Cost-Beneflt Arlaly515(30 Years,including TIF Running Through 2039) Mill Re14Not, Sales Tee Not Captured Jurisdiction 011118013 Captured by TIF Sales Tex ReteTIF Cole Court/ 04327% 00000% 1 5000% Total NPV Benefit: $1437,110 Net Benefit Ratio: 2443 4 ilii- F ,.:0 TOTAL OENESIT ,.JI TH I::.2.. iii e'.,I:: Unexp 6 T IF f.TH rxtaeee In Saiaa' U r .Sa 1.1 TOTAL 00016 lJ115 nivel,' ' vk .W17H04/'r fE.traY,e Taa4s OLT F 9edra•Ialmmnn o9+�+ FECELOFr-LENT WGe F.ir l .B T...o 111 HFv1.. f R Jx Ir rm nl el iFS.=a�S.ne Tai T.- 9cnr:, FEDE/ELOPiAENT F d _i4 imcnl +C 2017 31 012160 $4 440 50 300 St012160 S0 34 440 I SO $4.440 30 _ 2SO $0 $0 't0 10440 2018 11.0033 4346 34396 50 SO _.^... 44 _ 91012160 SO 34440 30 _$4,440 S2.285.00U 32265000 30 316.956 $16998 lint= 2019 , S .OLS 42=2 50 30 4312 32.266671 51256 40 511 344 _ 30 34440 58.582300 15862530 30 542,469 542469 _$S-r1 ' �21320 9962.096 54308 50 SO I 43011 _ 34537342 33123.'100 4440 SO 54.440 $11 325 000 311103.400 SO I 364.938 364936 010.171 3621 5972277 54.265 SO SO I 4318 14.626066 $3615926 4440 SO ' 54.440 511.551 500 I 511551500 30 I 366.636 581030 86t.1771 2022 3 neo $4233 10 30 4?Ft 34.720.650 33.708480 54.940 I _ 30 $4.440 _ 611162530 611.162,530 90 • 086288 I 698.369 //2101 2023 1 0953.7.11 $4.180 90 50 14.118 4815.063 53.802.903 54.440 / 30 4440 512016161 512,016,161 30 590136 590..136 5845/1 2024 1 3142.331 54.139 SO $0 4131 i 34.911.364 53999204 54.440 30 54440 512755544 312.258.544 SO 391939 531,031 861:171 2025 $913.965 460; 30 SO 4011 35009592 53.997432 54.440 SO 54.440 $12 503 715 112501715 30 593776 393 770 111.415 2026 3934828 41056 30 SO 64.800 i 16109 784 54,097 624 94 440 SO 4440 512 753.789 512.753 789 50 595853 595.553 5386.094 , 2027 $915379 34-015 611 SO 84.018 "v S5.211 979 54 199 819 34.440 50 4440 513008865 313006665 30 _ 097:856 527.506 0100,940 2028 1102 6 53.976 50 10 - 1,975 55,318,219 4304.059 I 54440 30 _ 31.440 511259.042 513269047 30 399,516 380,610 1103.19 2029 3897163 53830 $0 SO 181.136 35422543 4-41030 $2440 50 4440 011845,473 913514,423 SO 3101.508 6101 508 _ 11118.101 3030 5668.192 53.896 SO SO 113119111 55630 994 4516.634 4440 30 ', 4,440 $13605.112 $13605.112 SO 3101536 $103,536 1107.171 2031 3079,310 63.658 SO 30 55.318 16641614 4.829.454 4440 50 • 34.440 $14861214 514:081214 1 $0_ 9121 _ 1106,5tl - $110.111 2032 470,517 51919 00 30 9 44 .11$ 357546 4.742266 4440 SO 34410 31462 3836 _ $14362,835 SO 5107721 5.107221 1112112 2033 $0611,911 33761 92 50 l 53711 35 659 535 4.657.375 4440 SO 34 440_ 314.050095 314.650.095 SO 5109676 1198.171 1114110 204 5853.193 53743 50 SO 4715 55986926 4974.766 4440 00 54.440 $14.943097 514.963.097 So $112073 $113,073 _ $111.054 2035 5644.661 31705 50 SO 15,79 36106664 55094.504 4040 50 54 400 515241.959 $15.241.959 SO $114315 5114,315 1111.79 2036 0036.215 53.59 $0 50 53.111 55228 798 55 216.638 $4 440 50 4.440 515.546 796 515 546:790 50 3110.801 611901 i 1101.041 2037 0087 02 $1832 50 SO 53,152 16353371 15.341214 4440 50 84.440 515.657234 $1585774 SO $116933 9118.933 1115573 -_ 2036 3810514 135$ 16 50 13.59 56460441 55.468281 4440 50 4..440 316174.669 316.17469 50 9121312 _ $121.312 1126752 2449 1611.378 33.560 SD 50 $3100 56610050 05:597,890 4440 SO 54,440 916496367 51504361 SO 5123138 $121738 _ _$131.171 2040 [9771 76[ 51.524 50 31 0J614 - .S6742251 329.570 529.516 516 828 354 3126213 3126213 1186.711 2041 3795,232 91439 SO 50 5349 38977.099 530,170 530.170 14921 I I 138-777 11111;7 . 1161_97 2042 I ST17-2130 53.454 I SO So I 63.454 57 014 636 530 773 530.773 517508220 1 I 0131312 5131312 T 1112086. 243 I 9779427 53-413 30 50 _ 13.48$ $7154931 531 389 531 389 517 558.384 5133 938 $133936 118322 _ a.1 441913 51385 30 So 0.355 57298029 _ I 532,016 532.016 518 215 552 1 5138617 $136 617 519.833 2005 5763b97 53.161 58 58 _3$.3$5 77443.960 68 57592_570 532.651 518,579863 4 31303 43 I 0101340 6172,91 SO SO 13.310 77.592.875 633210 533310 66.951410 $142,136 $1401]5 31$$0${_ 2046 5756258 33,310 Total Benefits-WRNOUT Redevelopment(5%NPV): 581,340 Tote]9en1Rb 7617 504112 1041tel6(5%NPV): 0.486,511 Assumed Annual Reduction in Property Value/Sales WITHOUT Redevelopment 1 00% Assumed Annual Increase in Property VNu✓5.1es WITH Redevelop:tier6: 2 00% 52718347.1 5551515455iiie15. 45511553ON & ! EN 3- ilatfsld nslundddtsiddduY .. - i 51,5 a a a & $ a a a 9 & $ 8 9 $ a a a 5i a R $ t4 $ 9 $ $ a a 1 N i i C k 1, a $ a aaaaM $ aaaaaaaaaaaa $ 3655 h0 d4 - ^ '1 n n " m o T _ r gi — , — r r r — E -:: 888888 .84888888884g FIr155A 'l . 5511 ,5 u :: u q u d u u u q :4 u p g p d 815 4 d d d ,, ,, 4 5 . . aaa552Raaa $ $ $ a555552a2 $ ,, t. , 77ffi C q `R k g q q q d p q q id 8. 8 8 g d q q 11' d8 8 --A E, FA & AR 'i' azAAA5 $ E5N5Zili 5r 5NN ¢$ : Taxing Jurisdiction Cost-Benefit Analysis(30 Years,Including TIF Running Through 2039) Mill Rate Not SRNs 11 01 Jur194i SOT lt, Rets Captured by TIF Eales Tex Ret. 04205.4 by TIF Jefferson City School District 36928% 00000% 00000% 00000% 7041 NPVBeneft $464,064 Net Benefit Ratio: 194 TO AL BENEFT703tim T'''''' r 14bs IMTH M8rra..• 1.9[.317011 TIF T .I.. ,, TOTAL BENEFIT V117 I-1 .•.I V,16f VRRO]If7 HOU T.x - 910.41.-Y937e 14tt14 I,,. n +n. uni�4fmnao s 5448 Tae WITHOUT Fda_ c,rFBon_ Wring71"9 T xbkpmnd *rot 234,,4 TIFB 0. 7744 REDET'ELOprtENT B.I,Boalu ilt F 3�..Tp n+ r 1•eo m��. REDE.ELOFp1EVT ' .w. Red • 2017 31512.130 137,377 30 50 537 371 5:.012.1041 I SO 137277 T 30 I 537377 3+ 0, SO 10 1 SO 337.377 9219 11934006 537.003 50 30 647.806 I I 11.0127(2I SO 337177 30 =1.517 11231.Kat 1_.2208 _30 SO SO tu067 1113 159.053 336,633 30 115.144J 52269.571 I 51256511 650271 fo 101.577 10.680500 55 662 500 I SO SO 50 517.171 2020 3,220 3 136207 SD IT F 133237 54 537 342 $3525.162 137377 10 537,377 311325000 111325 000 30 581 03 057j37 2021 107227 535904 10 SD 316904 54626068 135'5926 11777 30 1]],377 $11551500 511,551500 __ f0 SO SO 331177 2022 164:551 W-344 35 SO f15315 54710.850 11.101.490. $37377 30 537377 $11 782 530 011,7...) W 32 SO 31137 2023 ( 10=34 759150 SO 30 535,110 64315013 53802.503 337377 SO 337.377 513911,181 312,093131 SO 30 SO 147.377 _ 21E84 I 38.43.91 534838 SO $0 1131511 54211364 3 33.899:204 _ 537377 SD 23737 l 512255544 312256.544 ._ 50 SO 50 157,577 205 I slossee 29: 334469 SO 5 I 1310 69 1 55.0592 53997432 337 377 90 531,377 512.503715 512.sca 715 SO SO 30 157,577 2029 1 321 1! IOC 95 s0 I 5 444.545 55109.761 I 34097634 537.077 36 127207 312.753.739 112.753789 SO 50 SO 537.377 JI • 2017 x510270 255163 50 I 50 133303 35211979 54.199319 117377 30 537377 - 513.006.865 313.008.365 90 SO - 10 157]11 y 2078 30c:723113.436 30 14 533485 55316219 31304059 571,377 30 337377 - 313269.042 313269.042 SO 10 10 517,177 2029 1107.185 ,, 933138 r 50 SO 513.130 35422543 04451332 11737' 30 _ 537 377 313.534.423 313 534.423 20 10 I 10 337.377 2030 9150.117; 512531 30 50 352.715 332"0'314 3/5165/4 337377 10 537377 513.005112 51346,513 10 10 1 _30 337.377 306' 9116.300 $32.471 50 SO 5551571 90 541.814 54519454 137.377 SO 537377 114,®1.214 314011114 11 30 SO 537377 3.0x.+ 13705t7 332246 50 10 113.144 5754.446 $4742206 537377 30 _ 06317 1143M124 314.362.838 90 SD 50 571,571 0032 3151,471 531 825 50 Sc 101*VA 55369.535 34357375 537 377 30 337,377 113363E6D _ 314.50.095 50 50 30 517377 '1.3+4 154,.1,163 331507 _ SO SD 13.,311 35996926 34.974766 _ 337..7 1D 537.377 514943.097 514.943 097 30 34 14 537,117.. 2035 10332151 _ 131.152 10 SO 151,162 56 106 664 90.294304 737.377 50 337.377 315241 959 $15241 959 10 110 60 317,171 2036 5405310 20,060 10 90 330.343 352319a 10211136 537377 50 337377 315 546 798 319546.739 58 10 3 30 3373T 2037 5837335 991(1 SO 50 154316 39103374 55,341214 337377 SO 337971 95061,.734 _ 115,867,734 10 SO S0 $72,517 3015 1413321 53025 SD 30 110211 _ 56460441 55468281 137377 10 137.377 110.174369 316,174.509 10 30 30 521.517 MOD 3511371 $29 963 $0 30 111913 56.610 050 55.597 690 337.777 56 337277 516,498 387 318,490.387 SC $5 10 117.377 2012 514,a5 322151 fi 10 523151 _ 56742.251 3246.716 5243976 $16.628354 19 SD 1245371 2041 131521 53026655 SO 3215 13 56.5706 I 3253.57 5253 957 517.164921 50 10 3263561 2042 7731.'05 328893 s 50 10 305373 70:4,0! I 3259,037 i 3232 I 27 $1731250 10 30 37.9337 2043 1775.407 528.762 10 30 _ 333.115 ry 37.154931 5394..'11 3234217 117,15331 30 35 195421.1 3944 3771,613 529,494 30 50 52106 17298.029 5301902 _ 3+49102 313215.552 30 10 3138363 2045 371722` 138209 SO 513 121201 17443290 3.74,112 5274.692 116579,863 I 10 I SO 1274.152 2046 1794256 327927 30 55 3273 5 21 37592870 32803 5260.389 $16,951,45 I SO I SO 5330353 Total Benefits.591010137 Redevelopment(5%3774: 5616,333 Toni Nem9419((11 R.4e9eto30171(5%Mani 31.000,337 ki.3•4 Amu.,R46udbe 107059ngy 501.'•..,w,11Htrl7 Rea'e*.1dm-errn 100% 4p.p1t 330149IT.I .at Painterly 5at4e.Salve WITH Redevelopment 2688. 577111.I Taxing Jurisdiction Cost-Beneflt Analysis(30 Years,Including T1F Running Through 2039) Mill Rate Not. Solea Tsx Not Captured JurisdictioniIM I Rrte ...F.d bI,TIF Sales Tex Pat. N'TIF Jefferson City 05561% .._..• 20000% 0500% 'Note-half of Ceys 1%uncaptured sales He(or 050%)6.0151ed for City Supplemental TIP during TIF pend Total NPV Benefit: 51,160,375 Net Benefit Ratio: 15 92 n f•a,:.' Pro T.r.+ 7OTNLBEIJEF IT u s e 11 ITH�1T T _ 5.a sal r V,,431127 :vJ TH o PE" ,�a u. i�Bsae Tawa Un:.�•T'rsTFrFlI VJ P 5 "ITH Il6511.,., �,I+- +F6 ,. T TOTAL BENEFIT WITH P i. r ni F n l.. P F•d�a_el nr nr RETIEYELOP10ENT ^"'U''elaxpen _ F...1_ r 1 Frl_+r•+, 1 Chi.gar. TJI TIF rB_ne'� RE00-ELOPk1 Et 2017 91 012160 I 35629 I SO == um 3'412150 I 50 35.629 I So I 55629 I so I so so so SO SUM 2016 31 002 035 35 572 SO I SO I 56.622 I St 012 160 90 35,009 I 60 I 55 929 32265.000 52265000 50 911.325 $11.325 61994 2019 3992010 55517 30 60 J 19,117 52 268 671 31 256 511 55629 50 15523 1 55,0.'0 85.63206 So 45.112 322212 63,241 :410 59321398 55.461 30 30 S94•1 $4.537.342 43525182 55629 30 55 629 911 325 000 311 325.000 SO 056,625 356 625 11224 2021 3972277 30 94 55 33.432 54926.066 I 03..015923 95629 So 35629 _ 511 551 500 511.551500 30 357756 357756 653365 2022 3962554 35353 60 30 34513 o .54,120350 53706290 35929 60 35929 311762530 311202530 30 058.913 558913 184,141 2023 5952929 35299 o. 30 30 66.36 4-015.063 53902..903 20.672 39 _ _l 30.609 _ 312816,101 512016.161 50 580.091 580891 658.729 2024 3943233 35249 50 SO 36.246 94.911.364 53.899204 3563 SO 55629312258.544 312 258.544 30 361.293 361293 01,47. 20 1512 13.14 145 I 50 6414 63509592 53997.432 35629 30 35.629 l 312.503715 512 503715 30 562.519 562 519 60.147 2026 5924626 35.142 30 30 56.60 55.199764 54/197924 35629 SO 35429 512753789 312753789 SO 343.769 363769 565.565 2027 5915379 o. 35.090 60 50 1.04 35 211 979 13.131,319 16$F.6 1M 3660 3'2.053055 510.09.095 sa 30.044 585.044 176,173 2023 4906226 55040 50 SO 16.040 35.316.219 04.304.059 39.53 80 15330 513.21221342 583330.5-Q G r S6 5051 335.345 571.974 222 539].18] 34.969 50 • SO 1/60 5 35422543 54.410,343 35629 SO 35 I.629 313 534.423 513.634423 50 367.572 557 572 373,301 2030 3636.113 64+18 IS SO 33930 55530994 34.516,334 ss 629 60 35.629 I 313.605112 513.805.112 SO 369,026 389028 57464 2031 • 3879.310 54,1* 15. YJ 3533 45541.614 51629.454 45.679 30 .35 929 I $14 081.214 314081214 50 570406 1 375406 675036 2032 5870.517 51641 30 30 51.341 I 55734.448 34142286 35.629 30 35679 I 314 397338 514.362.314 30 571.814 371 614 170,443 2033 3861911 54793 3D 30 4.763 35.669535 54957.375 55126 So 35909 $14350025 314,650885 50 I 573450 573,258 176.171 2134 5953333 34.745 50 30 4,746 35.966926 54974,786 55629 30 55.629314943097 514.943097 30 574.715 0 374715 0,134 785 540.01 311137 102 So I SAW 36196634 55.091.`501 35629 50 I 35.629 + 315 241 959 515,241959 60 576210 376210 65163 2036 3836215 54.650 30 SO I 4.113 3622674 35216.638 35.629 30 55.629 515546.796 315,544798 SO I 577.734 377731 63363 2037 5827.853 54 604 30 50 I 14.104 56.353.374 35.341214 99 CZ( _ SO 55.29 515 857.734 015957,734 50 I 379.269 579289 184.117 14 20 3819574 54.558 1 So 50 61553 38.460 441 35,496.261 35679 50 _ 35633 5161'4,x35 , 560,174,33 30 I 403574 340.674 53.43 011274 4512 I 30 30 34,612 56910.050 55597.690 35.629 30 $5.629 516495.387 916,498,387 55 I 604.E 53:47 331,157 2040 $803265 51.467 365 30 54151 56242251 I 337494 337494 316828.]54 I 5168264 I 3158,24 {[1 3296.777 2041 5795232 I 51,422 SO 30 4.13 36272236 I 538244 338244 317.14921 3171 649 I 5171,549 I MS 2042 3787280 I 4.378 SO 10 4.571 37 014 638 I 5148005 929,277 317573177 5175 082 5175,082 3114.61 2043 5779407 1 51314 50 SO 14,334 57.154931 I 539789 538.769 61,16534 _ 3178584 3176564 1211.170 .,, I 0 I...- 34,391 88 so imam 57296.029 I 40584 54054 316215552 31x2156 I 9162,156 5166,749 2045 I 3763 597 III 34,245 60 35 11248 37 443.36541.396 541396 318.579.663 3185 799 5145,799 1227196 jI 2046 I _ 3756 256 34206 30 50 4.35 _ 57.592870 1 542,224 542224 311951460 314515 1 31899.515 1231.74 Total Benefits-WITHOUT Redevelopment(5%NPV): 577,74 Tot.I Benefits WITH Redevelopment(5%NPV): 11,24,14 Assumed Annual Reduction in Property Value/5483 WITHOUT Redevelopment: 1 00% 2480015519411 60e413 6e20.,V093i0 S5yRH 038.646656' 200% T^124+11 Taxing Jurisdiction Cost-Bene85 Analysis(30 Years,Including TIF Running Through 2039) Mill Rel.Not Sal.Tax Not Ceotured 20i,4iction Ile lie Captured by TIF 5.103 T.We yT-IF Surtax 05800% 05800% 00000% 00000% Total P1Mr Benefit 5552,516 Net Benefit Ratio: 5 35 n .d ,lug p T.,.+ 0303 n.L L6nr EFi d7rlr V.TH '�.� .pup u U _ Fr: s41es44TH JT bxae.as0Sie s Saa54ka�a Iii rrI TIF -1 Sl,n Tox TOT1LIIERIS WITH '/'xxUT r TIP Bee. F ., i,l F . „4 � m Fdc�lopn nn gE,�r.T26PI1ENT F•il�Je Tm�n[ o r5 _ T.c. V T P_tl�-_:�> .h.�en11 Oay.B.nre Ta,x Bm„•+:ill REDEVELOPMENT 2392 91,0111. 991971 30 SO 39.911 51.012.160 30 55,6]1 SO 35.571 SO 30 , 30 50 30 I 96.571 2016 $1.002036 35,812 30 99 116-615 11.013360 SO 55971 I. 50 55.371 I 52265.000 52265.000 SO SO 50 36671 2018 5962,016 55 751 SO 50 56.756 S2268.871 9536911 33,671 I 37,2911 313-359 35992.390 *8922500 30 30 30 65%11 2020 5982096 35.596 30 50 55,016 51537342 53525,182 55.971 I 32044E 001.347 511,583.910. 311,033.1535. 50 30 37 - MS17 _ 2021 5572277 55939 50 I SO 56,00 54.628088 53,615,926 55671 I 520 972 326 543 311 551 500 311551,50030 SO 30 025,043 Ian 556]354 3+ 56 .503 50 SO 95 54.220950 33.708.490 05.871 521 509 527380 511762.530 11178x530 0303 SO SO ,1 50 911.35 2023 3952,925 35.527 SO 50 161117 06815.063 93,0120355%/1 522057 527927 312.015.101 312.016.181 SO SO I so trim I 2024 $843.399 55.472 30 50 00.172 54,011 304 5].085,20 T 91.9f1 022015 1267r*8 512156,5.1 552,.•38,314 00 50 f 50 935,451. 2025 3933.965 35417 50 SO 16417 55 009 592 53,967432 55.071 323105 329 058 312 503 715 312,503,715 30 30 30 621,066 2828 5354.626 561.2 50 SO 56325 55109764 54097.524 35471 523766 W 529,537 312753789 312753,709 30 SO 50 12.637 17147 5319373 36,305 30 90 *8038 55_211979 14.199.619 55.671 _ 524.359 330229 513008.865 313009.065 30 50 SO 11022 2028 I 5906,226 55256 50 SO 56365 19.310.215 .54304059 55.621 524964 530634 313226,992 513289.02 50 50 SO 00.021 2025 J. 3597.163 55.204 50 SO 15204 35.422.543 _ 34410,353 $5971 325580 531 451 313 534.423 313.534423 30 30 30 131.461 2030 15400.192 35.152 50 50 • 96,1122 55.530.991 34515034 55,871 526.209 532.080 513605112 511805112 50 50 50 932.001 .21 3 5671,210 .55.100 SO SO Y,108 55641,014 54,629,454 55.871 526851 522 721 514061214 314,081,214 SO SO 50 532,721 1 2032 5570.517 55049 50 50 *8*8e38 55,754.446 14.742348 55,871 527505 533376 3143828/8 314362.538 SO 50 SD 133.574 2033 1 5861.011 54999 SO 20 14.04 04 4 55869535 54,657,375 55871 325173 5343 314.650.035 314,650,095 50 50 I 1 36 _ 935569 2034 • 9853.193 14 949 SO SO H.S. 35.904 926 54,974.786 55.071 328,654 531.724 314.943.097 314.943.097 30 10 SO _ 94734 2035 3044881 54899 _30 SO SSW 5610.664 55.094.504 55.071 529546 535.419 515 241,959 515241,959 SO 30 50 135.411 V 2036 5836215 24:8 0 00 60 54 510 58224.798 35216.638 35471 532,358 536,127 515.548.798 515,540.790 SO SO 30 32,127 2037 I 5827553 54502 30 80 KM 31053374 55.141214 $5,871 530979 536.650 115657.734 115.557.734 50 SO 35 06.160 2030 3819,574 54754 SO 50 54,756 3561C.44t 13,49113 5.5431 121716 537567 116.174189 116.174.559 SO SO 10 07.663 2039 5811378 54706 30 SO 14.701 36.610050 55597.690 35.871 532.466 9245331 015,845,357 910,206387 SO - SO 30 131,139 2040 5803„285 54 650 SO 30 14,044 55 742 251 538105 539.105 516 828 354 SO SO 131 106 2041 5^0,92 54,813 39 so 1.012 35077096 139567 139.857 117 164 921 50 50 539.387 2042 3757.250 9454 . ,4 55 93 1l, 57014456 340.685 540.695 517910320 SO 30 0303 538Y6 2043 6779.407 54521 3050 14501 _ 5'.13945'4 141,499 541,499 5174555384 30 SO 191406 2044 _ 5771,913 34.475 30 SO 14.471 57296029 5475"8 34,320 614216,820 12 10 542.116 2045 5763697 54431 30 30 91,421 57 443 990 543175 543175 518579.463 SO 50 511176 I. 2046 1 S138.- 1 34368 30 ' 90 SUSS 17592 870 • II 544.039 541.039 310.951.460 30 50 544.02 Total Benefits-WITHOUT Redevelopment(5%£711): *81,056 Tod 60919 VBTH R99.91.0trelt{6%14'81' 1423,013 Wsum.d Annual Reduction in Property Velu✓Sel.WITHOUT Redevelopment: 100% Assumed Annul Increase in Property Valve/Sal.WITH Redevelopment: 2.2614 327193171 Taxing Jurisdiction Cont-Beneflt Analysis(30 Years,Including BF Running Through 2039) MillRel Not Sales To Not Captured Jurrse lien SA Male Captured by TIF Sale T.Ret b TIF CID 00000% ODOM% 10000% 05000% Tow Nand Benet%kW-Rai crested In eacuur corn woe T-,,no net seetslbona&a Net Benefit Ratio: WA P ,T OT4i EE'''' -WITH ,•a Prop Un I 'Fl P ,T .1ae9MM nn.M.111 uM U -d TIF So! T 0511• Ta• TOTAL BENEFIT MTH .Ta�tIITHOUT ATiOUT - - - - TO"9see Sim Ta• S,P�J_+_lo m_ FEDI,ELOPIIENT P ` �,�_r rEr_ IrT J \.THP .nit Ps�w4a[m�m M Jan Wa• Ta- 0 I, P,EOE,ELOPMENT 2017 201E 11 IY 2010 I I 3030 I I I 2022_ 2023 2024 I f W ° l _ II I 2026 S - 1. 2027 II 2026 1 I f 2031 2032_ I 1033 F. v 2034 ram. 2036 2037 I - V 3036 1 - - _ - . 3«9 2255 2041 _ 3042 I 2043 _ _ .. . 20. - 2045 2046 Total Benefits-WITHOUT Redevelopment(5%NPV): M T6W Benefits FVOh11 Repeyecpnant(EN.€031 S0 Assumed Annual Reduction in Property Velu&Sales WITHOUT Redevelopment 100% 44i.,e 5 ."..0Ilennm n4•00e/t 35104 may.WiT34osye.gpnst 200% 522111347 1 } •S i } } Ii _� 4 7 1 F EXHIBIT J DEVELOPER AFFIDAVIT See Attached for Developer Affidavit. 52689347.3 APPLICANT'S AFFIDAVIT STATE OF MISSOURI ) ) S.S. COUNTY OF COLE ) Pursuant to R.S.Mo. 99.810.1(1). the undersigned, the developer ("Developer") which proposes to implement the St. Mary's Hospital Tax Increment Financing Plan ("Plan") states and deposes upon oath as follows: 1. The redevelopment contemplated within the Plan, whether the Lincoln Project or the Commercial Project as defined therein, would not reasonably be anticipated to be developed without the adoption of tax increment financing in support of the Plan and the utilization of all financing sources contemplated therein. 2. The Redevelopment Area described in the Plan is a blighted area, and has not been subject to growth and development through investment by private enterprise. 3. Attached hereto as Exhibit A and Exhibit B, respectively, are return analyses that demonstrate that both the Lincoln Project and the Commercial Project could not be undertaken "but for"the utilization of tax increment financing in support of either Project. 4. The information, statements and averments in this Affidavit are, to the best of its knowledge and belief, true, accurate and complete in all material respects, and are formulated from the Developer's good faith estimates as to the costs of redevelopment. FURTHER, AFFIANT SAITH NAUGHT. F&F Development,LLC By: Name: Rob Kingsbury Title: Authorized Signatory Subscribed and sworn to he ore me, the undersigned Notary Public in and for said County and State, this lay of � . 2016. (Notarial Seal/Stamp} s,, , ire of Notary JEAN HACKNEY Notary Public-Slate of Missouri eat Mack(jLe L My Commission Expires November 27,2019 Cole County ,yped11?r`'ted Name of Notary Public Commission 111500009 53048489 I r Mynti Si� r�e ire .4D[ 1 2 53048489 I Exhibit A Lincoln Project"With Incentives" and "Without Incentives" Return Analyses 530484891 Liwndn Pude.Prufww iW1THOUT Inerntivest Year 1 2 3 3 5 6 7 8 9 79 .PROJECT COSTS GROSS PROJECT COSTS S(43,382,718) TOTAL S(43382,718) Net Costs S(43382,718) New Market Tan Credit, S 753,144 Federal HTC S 1,125,000 State HTC S 1,406,250 Brorwfields Credits S 2,000,000 %of Coats: NPV of TIF 0.00% NPV of City Supplemental TIF 0.00% NPV of CID 0.00% State Contribution for Lacoln Project Debt to be Financed $(30,478,659) Equity 5 (7.619,665) AMORTIZATION TABLE R EVT'tL£ Debt flmrcipal 10,4 6.59 Commercial Rent S 470,445 S 1,176,113 S 2,352,225 S 2,375,747 S 2,399,505 S 2,423,500 5 2,447,735 S 2,472212 S 2,496,934 Tem 20 TOTAL S 470,445 $ 1,176,113 S 2,352,225 5 2,375,747 S 2,399,505 S 2,423,500 S 2,447,735 S 2,472312 S 2,496,934 Pan 12.760,1731 EXPE.4'4E5 Year Pa000S Lonna Frmq{al Bubbles 2,760.17.314 1.9t1.151 84 760,02639 29,693.659, Commercial Operating F (47,045) S (117,611) S (235.223) $ (237,575) S (239,950) S (242350) S (244,773) S (247,221) S (249,693) 2 2.766.13324 1.930,08652 836.046,72 28,857.592 Commercial Vacancy S (23,522) 5 (58,806) S (117,611) S (118,787) S (119,975) S (121,175) S (122,387) $ (123,611) S (124,847) 3 2.766.15524 1.875.743.48 890389.76 27,9673515' Commercial Brokerage 5 (28,227) 5 (70,567) S (141,134) S (142,545) S (143,970) S (145,410) S (146,864) $ (148,333) S (149,816) 4 .2.":66,153.25 1.817,968.44 948 0.69 27.018937 Capital Reserves 5 (23,522) S (58,806) S (117,611) S (118,787) S (119,975) 5 (121,175) S (122387) S (123,611) $ (124,847) 5 2766.13324' 1756230.91 1.009,90232 26009.035 TOTAL S (122,316) S (305,789) $ (611.579) $ (617,694) 5 (623,871) S (630,110) S (636,411) 5 (642,775) 5 (649,203) 6 776(.,I2324I. 1690.58726 1075.54597 24.933.489 _2.966,13324I 1.625,676 7a 1145,45646 25,788,932• DEBT SERVICE S (2.766,133) $ (2,766,133) I (2,766,133) 5 (2,766,133) S (2,766,133) I (2,766,133) $ (2,766,133) S (2,766,133) S (2,766,133) 6 11'766.13324' 1 46,222.11 1119,911.15 22368125 9 1 7.7662 33.24 1,46692788 129910535 . 21168.916 •C 9511 FLUM 10 I 2_766.133 24 1381479 53 1383.653 70 19,885.262 11 2 766 133 24 1292.54204 1.473.591 19 18.411.671 Equity&Carry S (1,250,000) S (7,619,665) S - S - S - S - S - S - T - S - 11 2,766.13:+.24 1.195.768.62 }569.374.6::_ 16542,296 Net Cash Flow After Debt Service S - S (2,418,004) S (1,895,810) S (1,025,487) S (1,008,080) S (990,500) S (972,743) $ (954,810) S (936,696) $ (918,402) 13 1756,13324 (.!194,76917 1.671,383 97 15,170,91: Hypothetical Sal 5 23,096,642 14 2366.133 24 986.109 31 1.780 023 93 13.390.888 Linn Payoff S(21368,916) 13 2,766,133.24 870,407.75 1.595 776 48 11.495.163 TOTAL(CASH FLOW TO DEVELOPER) S (1,250,000) 5(10,037,669) S (1,895,810) S (1,025,487) 5 (1,008,080) S (990,500) S (972,743) S (954,810) 5 (936,696) 5 909,324 (6 2.766,13314 747,185.60 2010,947.60 9.476.:13 CVVMIAA-Ma S 71 5434801 S(11,287,669) S(13,183,479) S(14,208,965) 5(15,217,046) 5(16,207,545) S(17,180,289) S(18,135,098) S(19,071,795) S(18,162,471) 17 2 766.133 24 61595400 1150.178 24 7.326.036 I8 2.766.13314 476.192.38 2169.900.80 5.4351,095 f7 2766.13314 3173-10.19 2,435,78704 15913418 t +I 74PI I}" 211 7766.133.34 168.82503 259730820 0 COMMERCIAL OPERATING CO: 10% COMMERCIAL VACANCY 5% COMMERCIAL BROKERAGE 6% CAPITAL RESERVES 5% CAP RATE 8% DEBT TERM 20 DEBT RATE 650% DEBT RATIO 80% EQUITY RATIO 20% YEAR 1 REVENUES 0% YEAR 2 REVENUES 20% YEAR 3 REVENUES 50% YEAR 4 REVENUES 100% ANNUAL REVENUE/COST GRO 1% FEDERAL HTC%OF HISTORIC 20% STATE HTC 96 OF HISTORIC CO 25% 96 OF TOTAL HISTORIC COSTS 75% LINCOL%PROJECT PROF(1043)IWC)104 I1S..4 Yc:• _ 4 5 6 7 8 1 II 11.111141111T1 WIN GROSS PROJECT COSTS 5(43,382718) TOTAL S(43.382,718) Net Coati 5(43,382718) Neve Market Tax Credila S 753,144 Federal HTC 5 1,125000 Stele HTC S 1,406,250 BrownRdds Credit S 2.000,000 %ofCom: NPV of TIE 5 6.264 589 14.04% NPT of Ow Supplemental TIF S 700.651 157% NPV(ACID S 467 100 1.05% Som Co...Ab.t6m for Bram Project S 10 000,000 Debt to he Financed 5(16.532787) 2q.d0 S (4.133,197) AMORTIZATION TABLE :162VE%1°E El4s, PrsoOd 0675178= Commercial 8=6 S 470,445 S 1,176,113 S 2352,.225 S 2373,747 5 2,399,505 5 2423,500 S 2447.735 S 2,472212 S 2,496,934 Term .70 TOTAL S 470,445 S 1,176 113 5 2352225 S 2375.747 S 2399305 5 2.423.500 5 2,447.735 S 2472,212 S 2,496,934 Pmt 10-580.1501 'ItiI'I".sl s )'4r 0°00.7! I Inn.20 Prm91rr1 II.inlra 1 .501456.!61 1.074631..)0_ 4:5,13..53. 16106.903 Coorotteial Operating 5 (47.045) S (117,611) S (235423)5 (237,575) S (239,950) S (22,350) S (244,773)S (247,221) S (249,693) 2 .500.456.15) (,1'40.93231 401664,62 15.653.451 Commercial Vacancy S (23,522)S (58,806) S (117611) 5 (118,787) 5 (119,975) 5 (121,175) S (122,387)S (123,611) 5 (124,847) 3 _0R.456.161 1.,517.47410.1 _48,156336 15,150.477 Commenial Bmk.aee 5 (28427) S (70,567) S (141,134)5 (142545) S (141970) 5 (145,410) S (146,864)S (148,333) S (149,816) 4 ,790,45$16, 961.01),01 1 114375.L7 _1i111A-I1;. _n-iel Rear... 5 !10`''01 S 1$1 11'7 3061 5 1117,6111 S 111 5 )119.975)S (131.115)5 ([21387)S 1113411)5 11244471 5 .560,450.16)0 913.646 a2 1 ]4769.3. ].}.IME-J2.- TOTAL $ (122316) 5 (305.789) S (611,579)S (617,694) S (623,871)5 (630110) S (636,411)5 (642,775) 5 (649,203) 6 .50645616) s1705 01 f 381.41T13 11571573 7 2_lD44 .764 879.13.6918 ' 03)326227 12903,500 DEBT SERVICE S (1.500,456) S (1,500,456) S (1,500,456) S (1501,456) S(1,500,456) S (1,500,456) S (1.500.456)S (1,500,456) 5 (1,500,456) __i_ 500,456.16 131,32914 I 661.72632 1/201,1111 9 1509456,16 705.717.6) ) 701_73443 ' 10.531,071' 1 1'l1I r.n1 l0 1.506454.16 746,00162 1 75454974 16,766327 71 1.500,154.101 710(_12449 3 799373.430 9.•117,691 Equity&Corry S (1250,000) S (4,133,197)5 S • 5 S S - S 5 • S • 12 1500.116.111 1119.167.31 I 131216.64 9.135904 Net Caah Flow After Debt Serio 5 - S (1,152,327)S (630333)$ 240,190 5 257597 S 275177 5 293,934 S 310,868 5 328,981 5 347275 IS 1.546.456.16) 563.63375 '1 50667741 {7.'1$11 Hypothetical Sak S 23,096,642 I4 1.500450.161 5714,90439 905.55'236 7,281,7 3 Iron Payoff S (11,537,071) 15 11.10041616 471142.38 1,02,21130 I 621.415 TOTAL(CASH FLOW TO DEVELOPER) S (1450,000) S (5,285,524)5 (630,133) 5 140,190 5 257,597 5 275,177 S 292,934 5 310,068 $ 328,981 5 11,906,846 18 1.500:136.18. 405301.06 8 _13430 5_140317) CL'911LSTIVE 0 015.6,0001 S (6,535,524)5 (7,165,657) 5 (6,925,466)5 (0.067,86,1 5 60,39.4697).5 (6,099,758) 5 (5,788491)5 (5,459,910) 56,446,936 17 1.300456.16 I_ ]3.1.116(/ 1,166,57322 3-972.921 ... II 1300:456161 278.3(4 391.1220127 2731.770 19 15011.458.161...131563 06 I 1,311050.13 1.408.874 20 14(6.4$6 16: 01,31114 { 1,.0H,61902 4 COMMERCIAL OPERATING CO: 10% COMMERCIAL VACANCY 5% COMMERCIAL BROKERAGE 6% CAPITAL RESERVES 5% CAPRATE e% DEBT TERM 20 DEBT RATE 6.30% DEBT RATIO 80% EQUITY RATIO 20% YEAR I REVENUES 0% YEAR2 REVENUES 20% YEAR 3 REVENUES 50% YEAR 4 REVENUES 100% ANNUAL REVENUE/COST GRO3 1% FEDERAL HTC% HISTORIC 20% STATE HTC%OF HISTORIC CO 25% %OF TOTAL HISTORIC COSTS I 75% Exhibit B Commercial Project"With Incentives" and "Without Incentives" Return Analyses 53048489 I COMMERCIAL PROJECT PROFORMA(WITHOUT INCENTIVES) Year 1 2 3 1 5 6 7 8 9 10 P$OJEC F COSTS, GROSS PROJECT COSTS _ 1(29,654,350) TOTAL S(29.654.350) Nei Cools S(29,654,350) New Market Tax Credits $ 753.144 Federal HTC S 1.125.000 State HTC S 1.406.250 Brmvofieids Credits 1 2.000.000 %of Cosmo NPV of TIP 0.00% NPV of City Sappkmeotal TIF 0,00% NPV of CID 0.00% Debt to he Financed S(19,495.965) Equity S (4,873.991) AMORTIZATION TABLE RLS'E cI T Debt Principal 1^ 19.495.965 Cmmr®aal Reni 5 406-500 S 1!11[,250 5 3,031,500 5 2_051'128 S 2,073,355 S 2,094,027 1 1.113.521 $ 2,136,178 S /157540 Term 20 TOTAL 5 406.500 S 1,016,250 S 2,032,500 S 2.052,825 5 2,073,353 S 2,094,087 S 2,115.028 S 2.136.178 S 2,157,540 Pmt (1.769.383) 'ENPENSE4 Year Pavmem Interest Principal Balance 1 1769383.00 1_267.237.72_ 502.145 78 18.993,819 Commercial Operating 5 (40,650) S (101,625) S (203.250) S (205,283) S (207.335) S (209,409) S (211.503) 5 (213,618) S (215,754) 2 L769.383.50 1.234.598.24 534.785.26 18-459034_ Commensal Vacancy S (20,325) 5 (50,813) S (101.625) S (102,641) S (103.668) $ (104.704) 5 (105,751) S (106,809) S (107.877) 3 1.769.383 50 1.199,037.50 560,546.30 17,889.488 Commercial Brokerage S (24.390) S (60.975) S (121,950) $ (123.170) S (124.401) $ (125,645) S (126.902) S (128,171) $ (129,452) 4 1.769.383.50 L363_B36.69 606366.81 _17182921 Capital'0srn.s S (30.325)S 187313) S (101.625.1 1 1101n413 S 1103.661) S 1104 704) S 51115.951) 5 (1(10.2091 1 91073773 5 1.769,383.50 11.3338935 645.993 65 16.636.927 TOTAL 5 1105,590) S 1164125) 5 (021,499) 1 1 55.3551 5 (539.0721 5 1544,463) 5 (5499071 5 055.4065 5 (560.9601 6 1.769.322 50 {081,400.16. 687902.24 15.948.944 7 1,769,32150 1.036.00133 732_702.15 15.216.242 DEBT SERVICE S (1769.383) S (1,769,383) 5(1,769.383) S(1,769.383) S (1,769,383) 5 (1,769,383) S(1.769.383) S (1769383) S (1.769,383) 1 1.769383.50 98905571 780.327.79 14.435.914 9 1,769383.50 _ 938.334.41 831.049.09 13,604.865 C'54)10 F1.0SS 10 1,769,383.50 884316.27 88506728 12.719.798 W 11 1.769,38350 822.71624 942396.66 11_777101 Equity&Carry 5 (1150,000) S (4.873.991) S - S - S - S - S - S - S - S - 12 1.769,21550, 765.510.06 1003.86544 10.773.335 Net Cash Flow After Debt Service $ - S (1,468573) S (1,017,358) S (265,333) S (250.293) S (235.102) 5 (219,759) S (204263) $ (188.612) S (172.804) 13 1.769113.50 70026681 1069.116.69 9.704.219 Hypothetical Sale S 19.957.242 14 1769383.50 630.774,22 1,138.60928 8,365.010 Loan Payoff S(13.604,865) 15 1.769.383 50 556.764.62 I 1212,611.18 7352991 TOTAL(CASH FLOW TO DEVELOPER) S (1,250,000) S (6,347,865) S (1,017,358) S (265,333) S (250,293) S (235,102) S (219,759) S (204,263) S (188,612) S 6,179573 16 1.769383 50 , 497,944.39 _ 119/419.11 6.061552 CUMIT-4.1IVE S (1250.8001 S (7,592,565) S (8,609,923) $(8,875,257) S(9,125,550) S (9,360,652) S(9,580,411) S(9,784,674) S(9,973,286) $ (3,793,713) 17 1.769.38330 354,1810.95 1..375.782,65_ 4686.169 IRR WITH 11iCVVITII:'f_k' -6-2.a DI 1769183.50 304.005)98 , .1464.782.52 3.221.386 19 L769303 50 209.390 11 1.559.993 39 1.661.393 A5511[Sl!7IONS. 1 20 /769,383.50 107990.54 1.661.392.96 0 COMMERCIAL OPERATING CO; 10% COMMERCIAL VACANCY 5% COMMERCIAL BROKERAGE 6% CAPITAL RESERVES 5% CAPRATE 8% DEBT TERM 20 DEBTRATE 650% DEBT RATIO 80% EQUITY RATIO 20% YEARI REVENUES 0% YEAR2 REVENUES 20% YEAR3 REVENUES 50% YEAR 4 REVENUES 100% ANNUAL REVENUE/COST GRO 1% FEDERAL HTC.A.OF HISTORIC 20% STATE HTC%OF HISTORIC CO 25"/. %OF TOTAL HISTORIC COSTS 75% Commercial Prolea Proforma(WITH lacwlive0 Year 1 2 3 i 5 d 5 8 9 10 PROJECT COSTS GROSS PROJECT COSTS S(29.654.350) TOTAL S(29.654.350) Net Cosk $(29,654 350) New Market Tao Credits $ 753.144 Federal HTC S 1.125 000 State HTC S 1.406.250 Brownfields Credik $ 2.000.000 %of Costs: NPV of TIF 5 5.399.557 17.47% NPV of City Supplemental TIF S 671.735 2.17% NPV of CID S 671735 2.17% Deo rn he FUtowssd S(14.101.543) Equity S (3,525,386) AMORTIZATION TABLE MEVENLE Debt Primciyal , 14.101545 Commercial Rent 5 406,500 5 15110.1550 $ 2,11.•:_55111 S 2,052825 S 2,073353 S 2,094,087 S 2,115.0178 S 1136.178 S 1157_440 Te® 20 TOTAL S 406.500 5 1.016.250 S 2,1152011 5 2.052 825 5 2.073,353 S 2.094.087 S 2,115.028 5 2.136,178 S 2.157,540 Pan (1.22794055 E\PE.1,'SES Year Pa,,onem. Werra P„ia,y.i! Balals I 1,279.00524 916.600.32 363,2203.93 .13.728234 Commercial Operam,g 5 (40.650) 5 (101.625) $ (203.250) S (205,283) S (207,335) 5 (209.409) S (211.503) 5 (213,618) S (215,754) 2 179.60524 891992.0 386.01315 13351.523 Commercial Vacancy $ (20.325) 5 (50,813) S (101.625) 5 (102.641) 5 (103,668) S (104.704) 5 (105,751) S (106.809) S (107.877) 3 1.279.80524 861849.14 411.956.11 11939.569 Commercial Brokerage 5 (24.390) 5 (60.975) S (121.950) S (123.170) 5 (124.401) S (125645) 5 (126.902) 5 (128 171) S (129.452) 4 1.279605.24 641,071.99 438.73325 12,500,836 Canal Rcscrres 5 120325) S ($0.813) 5 1101,6.251 5 1102641) 5 (103,668) S (104,7041 5 (105:751) 5 11016.0074) 5 (107,677) 5 19,605_24 411554.33 4632501311 11033,585 TOTAL $ (105.690) 5 (264,225) 5 (528.450) 5 (533.735) S (539,072) 5 (544,463) 5 (549.907) $ (555,406) 5 (560.960) 6 L2279E11514 20` +97-627-22 11.535,965 7 1,27980514 5_9.967.67 11 005.5195 DEBT SERVICE $ (1,279,805) S (1,279.805) S (1.279.805) 5 (1,279,805) 5 (1,279.805) 5(1,279.805) 5(1,279.805) $(1.279.805) S (1.279.805) 4 _1.0779.805.241 715:389.6 1 56441557 10.441_579 9 1,279,84514 675,71146. 601,I0236 9,940,477 CASH FLOSS 10 1,2.7980514 639.634,00_640,174.25 9,200,303 II 1-279:80524 598.019,67 681.745,57 9,518,547 Equity&Carry $ (1.250,000) $ (3,525.386) $ - S - S - $ - S - S - S - S - 1.2 1279.80524 512.703.611 726,E4363 7.792,415 Net Cash Flow After Debt Service S - S (978.995) S (527.780) 5 224.245 $ 239.285 5 254,476 5 269,819 5 285315 5 300.966 S 316,774 13 1.779.005.24 506.507.00 773298.24 7.019.117 Hypothetical Sale S 19.957.242 14 1,2.79.805.24 456,242.61 023563.63 6,195,555 Loan Payoff $ (9,840,477) 15 1179'805,24 401711.04 877,09410 5,215,460 TOTAL(CASH FLOW TO DEVELOPER) S (1,250,000) 5 (4,504,381) S (527,780) 5 224,245 5 239,285 5 254,476 5 269,819 S 285,315 S 300,966 S 10,433,540 16 1875.80514 315.69942 934.10533 4.304355 CUML'AT8VE $ (1,350,000 5 (5,754,381) S (6,282,161) 5 (6,057917) 5 (5,818,631) S (5,564,155) S (5,294,336) 5 (5,009,021) S (4,708,055) S 5,725,485 17 1179.80524.284963.08 994.822.17 3389.533 IHR WITH IWCIAS'IVES ..0'11 111 1.7.79,845.24 220319.63 1-059483.61 2330 047 T9 1179,505 24 131,453.07 1.120352,17 1201.695 .(001 tlP'rIlr.4 20 7379.605241 78.110,18 1261.695.11, COMMERCIAL OPERATING CO: 10% COMMERCIAL VACANCY 5% COMMERCIAL BROKERAGE 6% CAPITAL RESERVES 5% CAP RATE 8% DEBT TERM 20 DEBT RATE 6.50% DEBT RATIO 80% EQUITY RATIO 20% YEAR I REVENUES 0% YEAR2 REVENUES 20% YEAR 3 REVENUES 50% YEAR4 REVENUES 100% ANNUAL REVENUE/COST GRO' 1% FEDERAL HTC%OF HISTORIC 20% STATE HTC%OF HISTORIC CO 25% OF TOTAL HISTORIC COSTS 75% ti } j EXHIBIT K DEVELOPMENT TEAM F'c F Development, LLC(affiliate of Farmer Holdinnj Con►rpanny): Developer/Owner Farmer Holding Company is a privately held, vertically integrated construction materials and real estate company headquartered in Jefferson City, MO. Founded in 1972, the company has 750 employees. Over its 41 year history in real estate investment in Jefferson City, Farmer Holding Company has invested or developed 1.75 million SF of office, industrial, retail and residential space. Assisting F&F Development, LLC with this redevelopment will be Kirk Farmer and Rob Kingsbury. Experience includes: • Retail/Commercial: Redevelopment of the Capital Mall in Jefferson City • Office/Industrial: Numerous office/industrial locations, ranging from Jefferson City, Missouri to Springfield, Illinois and including (a) 221 Bolivar Street, Class A Office Building and (b) Missouri State Records, Missouri State Office Building • Stone Ridge Village: 213 acre retail and dining destination located on Missouri Boulevard in Jefferson City(currently at Phase II of four-phase development). • Boulevard Shoppes: An 8,100 square foot retail center along Missouri Boulevard in Jefferson City, Missouri. • Boulevard Center: An 11,520 square foot retail center that is located adjacent to Boulevard Shoppes. • Housing: 7 residential housing projects consisting of approximately 320,000 square feet (325 units) financed through state and federal tax credits for competitive and nuanced affordable housing projects. Central Missouri Professional Services, Inc.("CMPS"): Civil Enngineerirriz CMPS was founded in 1969 and provides engineering, surveying, geospatial services, and material testing. CMPS has been involved in the development of Jefferson City and the surrounding area for 41 years and has participated in a majority of the projects that have been a part of the Jefferson City and surrounding area growth during those years. CMPS offers GPS and conventional methods of surveying with four fully equipped survey crews to meet its client's needs statewide. CMPS offers complete engineering design and drafting services, geospatial services, and a complete material testing laboratory. Experience includes: • Walgreens • Best Western-Capital Inn • Candlewood Suites Extended Stay • Holiday In Express • Kohl's • Menards • Dicks Sporting Goods • PetSmart • Wildwood Crossing The CMPS Project Manager for this project will be Paul Samson, PE. Paul has been with CMPS for nearly 10 years, and prior to joining CMPS, Paul worked in MoDOT Central District for over 5 years. Paul's wide range of design experience will be an asset to the project team. He has worked closely with the Development Team on several recent projects, including: Stoneridge Village Shopping Center and Walgreens, Truman Boulevard. Paul also has close working relationships with city staff and local utility companies. Polsinelli PC("Polsinelli"): Leuial and Compliance The Polsinelli Real Estate group is structured with a focus on providing comprehensive representation to its clients as they navigate the challenging waters of real estate transactions whether it involves the development or redevelopment of property or the reutilization of existing facilities. Experience includes: • Redevelopment of The Elms Hotel and Spa, Excelsior Springs, Missouri • City Pointe, Webb City, Missouri • Valent Aerostructures Manufacturing Facilities, Washington, Missouri • Freighthouse Flats, Condominium Redevelopment, Kansas City, Missouri • Corbin Park, Overland Park, Kansas • Walmart TIF, Olathe Kansas • Bass Pro TIF and TDD, Olathe, Kansas • Santa Fe Plaza CID, Dodge City, Kansas • The Gateway Redevelopment, Mission, Kansas Leading the legal team from Polsinelli is Korb W. Maxwell. Economic development projects are the focus of Mr. Maxwell's practice. Mr. Maxwell's area of concentration is on large-scale development and employment projects that utilize complex federal, state, and municipal development incentives. His experience in working with municipalities and states in structuring and implementing incentive packages provides him with insight and practical experience that helps increase the likelihood of reaching a successful closing. Mr. Maxwell has significant experience with tax increment financing, transportation development districts, community improvement districts, special benefit districts,real and personal property tax exemptions and numerous federal and state tax credit programs. oS{ i J. • • } UI 1 `� EXHIBIT L LIST OF TENANTS/OCCUPANTS There are no tenants or occupants within the Redevelopment Area at this time. ) • 3 ) *.j • 6 EXHIBIT M ST. MARY'S HOSPITAL TAX INCREMENT FINANCING PLAN RELOCATION PLAN The City Council of the City of Jefferson, Missouri adopts this Relocation Plan as an exhibit to the St. Mary's Tax Increment Financing Plan as required-under Section 523.205 of the Revised Statutes of Missouri. Capitalized terms not otherwise defined in this Relocation Plan shall have the meaning set forth in the Plan. 1. Definitions. The following terms shall have the meanings set forth below for purposes of this Relocation Plan. 1.1 Business. Any lawful activity that is conducted: (a) primarily for the purchase, sale or use of personal or real property or for the manufacture, processing or marketing of products or commodities; or (b) primarily for the sale of services to the public. 1.2 City. The City of Jefferson, Missouri. 1.3 Decent, Safe and Sanitary Dwelling. A dwelling which meets applicable housing and occupancy codes. The dwelling shall: (a) Be structurally sound, weathertight and in good repair; (b) Contain a safe electrical wiring system; (c) Contain an adequate heating system; (d) Be adequate in size with respect to the number of rooms needed to accommodate the Displaced Person; and (e) For a Handicapped Displaced Person, be free of any barriers which would preclude reasonable ingress, egress or use of the dwelling. 1.4 Displaced Person. Any Person that moves from real property which is within the Redevelopment Area or moves such Person's personal property from real property which is within the Redevelopment Area permanently and voluntarily as a direct result of acquisition, rehabilitation or demolition of, or the written notice of intent to acquire, such real property, in whole or in part, for a public purpose. 1.5 Eligible Displaced Person. Any Displaced Person who occupied the real property to be acquired for not less than ninety (90) days prior to the Initiation of Negotiations and who is required to vacate such real property for any reason other than the expiration of a lease, renewal of a lease or any other contractual requirement contained within a lease. 1.6 Handicapped Displaced Person. Any Displaced Person who is deaf, legally blind or orthopedically disabled to the extent that acquisition of another residence presents a greater burden than other persons would encounter or to the extent that modifications to the replacement residence would be necessary. 1.7 Initiation of Negotiations. The delivery of the initial written offer of just compensation by the acquiring entity, to the owner of the real property, to purchase such real property for a Redevelopment Project, or the notice to the Person that he will be displaced by rehabilitation or demolition. 1.8 Person. Any individual, family, partnership, corporation or association. 1.9 Referral Site Notice. The written notice of referral sites to be provided to Displaced Persons by the Developer pursuant to Section 4 of this Relocation Plan. 1.10 Relocation Payment. The payment to be made by the Developer to an Eligible Displaced Person pursuant to Section 5 of this Relocation Plan. 2. Eligibility. Any Displaced Person shall have the right to receive relocation assistance in accordance with the terms of this Relocation Plan. In no event shall relocation assistance be provided to any Person who (i) purposely resides or locates such Person's Business in the Redevelopment Area solely for the purpose of obtaining relocation benefits or (ii) is relocated due to an expiring lease,renewed lease or a contractual agreement to relocate. 3. Notice. The Developer shall give to every Displaced Person a ninety (90) day written notice to vacate, prior to the date such Displaced Person is required to vacate its premises. 4. Referrals. The Developer shall provide residential Displaced Persons with three (3) Decent, Safe and Sanitary Dwelling referrals and shall provide each displaced Business with three (3) suitable referral sites. The Developer shall provide to each Handicapped Displaced Person ninety (90) days prior written notice of referral sites and shall provide to each other Displaced Person sixty (60) days prior written notice of referral sites, determined with reference to the date such Displaced Person is required to vacate its respective premises. The Developer shall make arrangements for transportation to inspect referral sites for Displaced Persons upon a written request for transportation made to the Developer in care of Polsinelli, PC, 900 West 48th Place, Suite 900, Kansas City, Missouri 64112, Attn: Korb W. Maxwell. Contemporaneous with the provision of a Referral Site Notice, the Developer shall notify such Displaced Person in writing of the availability of Relocation Payments and assistance under this Relocation Plan. 5. Relocation Payments. Each Eligible Displaced Person shall be entitled to the following Relocation Payment from the Developer: 5.1 Residential Displaced Persons. Each residential Eligible Displaced Person shall be provided with, at the option of such Eligible Displaced Person, either: (a) a One Thousand Dollar ($1000) fixed payment; or (b) actual reasonable costs of relocation, including actual moving costs, utility deposits, key deposits, storage of personal property up to one (1) month, utility transfer and connection fees and other initial rehousing deposits, including first and last month's rent and security deposit. 5.2 Displaced Businesses. Each Eligible Displaced Person operating a Business located in the Redevelopment Area shall be provided with, at the option of the Eligible Displaced Person, either: (a) a Three Thousand Dollar ($3,000) fixed payment; or (b) actual costs of moving, including costs for packing, crating, disconnection, dismantling, reassembling and installing all personal equipment and costs for relettering similar signs and similar replacement stationery, and up to an additional ten thousand dollars for reestablishment expenses. Reestablishment expenses are limited to actual costs incurred for physical improvements to the replacement property to accommodate the particular business at issue. 6. Special Needs. Any Displaced Person who believes that such Displaced Person has any special needs as the result of such Displaced Person's income, age, size of family, nature of business, availability of suitable replacement facilities and vacancy rates of affordable facilities may advise the Developer of such needs and such needs shall be given specific consideration with respect to the relocation benefits offered to such Displaced Person. To notify the Developer of such special needs, the Displaced Person having such needs must deliver written notice to the Developer in care of Polsinelli, PC, 900 West 48th Place, Suite 900, Kansas City, Missouri 64112, Attn: Korb W. Maxwell. Such notice shall identify the special needs and the basis of the special need. The Developer reserves the right to require from any Displaced Person claiming special needs, reasonable evidence of the alleged facts upon which a claim for special needs is based (by way of example, copies of income tax returns if income is an issue). 7. Deadline for Claims and Payments. All claims for Relocation Payments shall be filed with the Developer within six (6) months after: (a) for tenants, the date of displacement; or (b) for owners, the date of displacement or the final payment for the acquisition of the real property, whichever is later. Payment for a satisfactory claim for Relocation Payments shall be made by the Developer within thirty (30) days following the Developer's receipt of sufficient documentation to support the claim. 8. Advance Payment. If an Eligible Displaced Person demonstrates the need for an advance payment of the Relocation Payment in order to avoid or reduce a hardship, the Developer shall issue the Relocation Payment subject to such safeguards as the Developer may reasonably establish and are appropriate to ensure that the objective of the Relocation Payment is accomplished. 9. Waiver of Payment. An Eligible Displaced Person, who is also the owner of the applicable premises, may waive Relocation Payments as part of the negotiations for acquisition of the interest held by such Eligible Displaced Person. Such waiver shall be in writing, shall disclose the Eligible Displaced Person's knowledge of the provisions of this Relocation Plan and Section 523.205 of the Revised Statutes of Missouri and knowledge of entitlement to Relocation Payments under this Relocation Plan, and shall be filed with the City. 10. Amendment. In the event that a court of competent jurisdiction determines that this Relocation Plan does not satisfy the minimum requirements of Section 523.205 of the Revised Statutes of Missouri, then this Relocation Plan shall be automatically and retroactively amended to the minimum extent necessary to bring this Relocation Plan in conformity with the minimum requirements of Section 523.205 of the Revised Statutes of Missouri.