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HomeMy Public PortalAbout2017-05 - St. Mary's TIF Plan UPDATED ST. MARY'S HOSPITAL TAX INCREMENT FINANCING PLAN Jefferson City,Missouri F&F DEVELOPMENT,LLC A Missouri Limited Liability Company DEVELOPER SUBMITTED FEBRUARY 2017 (Updated May 2017) PREPARED BY: Polsinelli, P.C. 900 W. 48th Place, Suite 900 Kansas City, Missouri 64112 52689347.5 TABLE OF CONTENTS f. SUMMARY 1 II. DEFINITIONS 6 III. TAX INCREMENT FINANCING 10 IV. REDEVELOPMENT PLAN AND REDEVELOPMENT AREA 11 A. Redevelopment Plan Objectives 11 B. Specific Plan Objectives 11 V. EXISTING CONDITIONS IN THE REDEVELOPMENT AREA 12 VI. REDEVELOPMENT PROGRAM 12 A. Redevelopment Activities 12 B. General Land Use 13 C. Project Schedule 13 VII. FINANCING PLAN 13 A. Special Allocation Fund 13 B. Estimated Project Costs .............................14 C. Source of Funds 14 D. Nature and Term of Obligations 17 E. Use of Proceeds of Obligations 18 F. Evidence of Commitments to Finance 18 VIII. PROCEDURES FOR PAYMENTS TO THE SPECIAL ALLOCATION FUND 18 IX. DISBURSEMENTS FROM SPECIAL ALLOCATION FUND 19 X. COST-BENEFIT ANALYSIS 20 XI. TERMINATION OF TAX INCREMENT FINANCING 20 XII. PROVISIONS FOR AMENDING THE TAX INCREMENT PLAN 20 XIII. REQUIRED STATUTORY FINDINGS 21 52689347.5 MAY2017 UPDATE TO PLAN This Plan was previously submitted to the City of Jefferson, Missouri in February of 2017. Since that time, there have been two changes made to the collection of Payments in Lieu of Taxes contemplated hereunder. First, the Cole County Special Services mill levy rate has been excluded from the collection of Payments in Lieu of Taxes contemplated under this Plan pursuant to RSMo. § 99.845.15. Second, by a public vote in April of 2017, the mill levy rate for the Jefferson City School District was increased from 3.6928% to 4.7928%. This Plan proposes to capture the increased mill levy rate along with all other mills captured pursuant to the TIF Act. However, the Developer has agreed to not increase its reimbursement under this Plan based on this increase in the School District's mill levy rate. For that reason, this Plan will continue to refer to the lower mill levy rate in its financial calculations, and the value of Payments in Lieu of Taxes contemplated under this Plan will remain unchanged from those that were submitted in February 2017 (other than the exclusion of the Cole County Special Services tax as noted above). The amount of reimbursement to the Developer based on the lower mill levy rate will be addressed in the Development Agreement to be entered with the City pursuant to this Plan. I. SUMMARY This St. Mary's Hospital Tax Increment Financing Plan ("Redevelopment Plan," "TIF Plan," or "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. 1 52689347.5 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 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. 2 52689347.5 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 L 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. 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 forty (40) years, but figures used in this Plan pertaining to the CID Sales Tax are derived only from the period that the CID Sales Tax is collected as an Economic Activity Tax. 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. 3 52689347.5 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. 4 52689347.5 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 5 52689347.5 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. 6 52689347.5 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. 7 52689347.5 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, (i) the blind pension fund tax levied under the authority of Article 111, Section 38(b) of the Missouri Constitution, (ii) the merchant's and manufacturer's inventory replacement tax levied under the authority of Article X, Section 6(2) of the Missouri Constitution; and (iii)the Cole County Special Services tax levied pursuant to RSMo. § 205.968 to 205.972. 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. 8 52689347.5 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. 9 52689347.5 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 10 52689347.5 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. 11 52689347.5 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 8.65%, 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 8.79%, 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 12 52689347.5 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 13 52689347.5 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: $44,632,718, plus Financing Costs Commercial Project: $30,904,350, 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 14 52689347.5 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: $6,187,428 (or approximately 13.86% of the total Redevelopment Project Costs for the Lincoln Project) Commercial Project: $5,355,500 (or approximately 17.33% 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 15 52689347.5 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 16 52689347.5 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 17 52689347.5 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 18 52689347.5 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; 19 52689347.5 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 $8,687,725, with a net present value to all taxing jurisdictions under the Commercial Project of $11,293,932. 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. 20 52689347.5 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 8.65%, 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 8.79%, 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 Ado.t Red evelo ment Pro'ect. 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. 21 52689347.5 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. 22 52689347.5 i j ‘• • P S 5 I S 3 4 i f 3 E7E F ({- 4 j 1 F • 5g5 3 1 i 1 1 ,1 1 y e v V ',i J Y4 { • ti Ifr ,r 4 4 I., EXHIBIT A-1 GENERAL DEPICTION AND LEGAL DESCRIPTION OF REDEVELOPMENT AREA AND REDEVELOPMENT PROJECT AREA 1 1 . - t go W Or 4. 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Redevelopment Area includes all property/tax parcels legally described herein, as well as adjacent public right-of-way. 52689347.5 EXHIBIT A-1 (Continued) 1116.C11 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 ALL OF INLOT NUMBERS 656 THROUGH 663,768 THROUGH 770,PART OF INLOT NUMBER 771, PART OF THE SOLTIIEAST 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 N 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"F.63.14 FEET;THENCE S4°57'30"W 41.51 FEET; THENCE S29°I3'00"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 711E 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 439.06 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 DEF.I)RECORDED IN 1300K 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 543, S86.46'10"W 62.80 FEET TO THE EASTERLY RIGHT-OF- WAY LINE OF BOLIVAR STREET; THENCE ALONG SAID LINE N6I°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•I5'20"W 147.58 FEET;THENCE N 2°04'S0"W 203.64 FEET;THENCE ALONG A CURVE TO THE RIGHT, HAVING A RADIUS OF 351.97 FEET, A DISTANCE OF 181.31 FEET, THE CHORD BEING N12°41'30"E 179.51 FEET; THENCE N42°10'S0"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. TRAC'2 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 IN LOT 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 S4r36'30"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. 3-U-54-2588 OF THE MISSOURI STATE HIGHWAY DEPARTMENT,THE POINT OF BEGINNING. 52689347.5 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 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 N5I°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°53'10"E 50.30 FEET TO A POINT 20.00 FEET LEFT OF STATION 9+50; THENCE S 13°28'80"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 SI 8°40'00"W 84.88 FEET TO A POINT 45.00 FEET LEFT OF STATION 7100;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,COIF.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 ME 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 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 541°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 NI6.01'00"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 15922 FEET AND CONTAINING 0.79 ACRE TRAST 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) 52689347.5 � 4 1 y4 ): M � 3 r I .t I it EXHIBIT A-2 LINCOLN PROJECT CONCEPT PLAN I ._ — r1 r < 10 4 i1r;r � , .*� i ,N N. 1 (f. i' "J r 1, f � ; m I it i' r �. b I t9W N / • J .i E 1 �\ % ' r.'' .''''i I 5 Ilk I! , , 7- 1 1 \n N1 + , , I �� �fI j �' . ,_, ,i:a•', r' �f- — — - = i'i . . ' i�yg �; / �0 T fir— _ '' t >f ' T K� C 1 1 + / 1i 7s in I# i 8i6 �j L. , 1 . i , r t r T . 11 . . �' e — 1 I I 1 9 ii 9 J iiiiijir • • ,_‘•— IJ r L IJ iv HIGHWAY 50;63 - ..,__ ______-L 52680347.5 1 ' f i a � 1 }}E y�i M f EXHIBIT A-3 CO1\1MERCIAL PROJECT CONCEPT PLAN Il — -. = 4}, i;.r ----...7/' -. ir r it it/ P . : `/-• 1 ca_ r ^r. to+ + i I Ir f/ p + 1 it fI..r l J ,• / = ti V ?;' m 40-I ` • 1`14```` \ ', u ' , • G '` I 'L., I 4F c4 14�as i I.. � ' . F- \ . ,.,._ \ . , , , $ k ' Z E—.) i 1.7,7-17' ; \ .. al ~ ,,-� 1, . -— _ _ O 1i F SWI I ;I I. k q•g,., •I — 1 - 'A r1 T �°' — 0 l. e ." I V lo '� �, w Aa IL 1.. [ 4 � . I 1i' oo 7/ J - C.-) 7 [A;;01,. ` )• I j ,,v wtiP, 9 111 gl` � 1 -J 1 4MB y Y . y L r 'i HIGHWAY 5413 i,� W ))6891417.5 1 I ' 1 / { II 1 1 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 52689347.5 1 9 f I � Y4 (n )I j!I { 1 it 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. 52689347.5 1 • } 4........ .:. ..rte ...v.. ....�. ....- .............._ ... e..-...: ... :...... ......"_:r- .x..:. - ,a...�um�-�..:...-...v,n_,w...-�• .....�.e_.xw. .. �v...-_..m_...-. .. a.v.. .... ........i�r..�...u�...ery...wi...:.:..-. _v.......iu_��. ___. —. _._.. .,..--.. _ .. ., .� .-.u� __ ____ _ EXHIBIT D BLIGHT STUDY 52689347.5 4!: Valbridqe ,y, PROPERTY ADVISORS Blight Study Report Former St. Mary's Hospital 100 Si. Mary's Medical Plaza Jefferson City,Cole County, Missouri 65101 Report Date:April 11,2016 ihk. 614 t •:,.' I "t, ` DIPS `` r ;f { �► *il 1M r /'i., 1411VB.ES`ae a ' . • *►{ ---1 I, 0 ��a , - -mow I- `;s: 11110' tr ,li , . j , ,...t...,i. 7.", /. .., . :. . ,..„....,, / ,,,,,,,,,,,,4;;..-: _..). i ' : ' • %,:* • -- -�\ r . tri F '� T Nr- ti �, P- FOR: F&F Development, LLC c/o Mr. Evan Fitts, JD, CHA 900 W.48th Place, Suite 900 Kansas City, MO 64112 Valbridge Property Advisors Shaner Appraisals, Inc. 10990 Quivira Road, Suite 100 Overland Park, Kansas 66210 (913)451-1451 phone Valbridge Job No: (913) 529-4121 fax KS01-16-0.1021-000 valbridge.corn Valbridge 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. III Eva Valbridge vel pme t Fitts PROPERTY ADVISORS F&F Development, LLC 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. I 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 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. 0444_7 1414,7 Andrew Baker, MAI Senior Appraiser Missouri License#2013E030999 4110Valbridge 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 0 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS SUMMARY OF SALIENT FACTS 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 it 0 Vaibridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS AERIAL AND FRONT VIEWS Aerial and Front Views AERIAL VIEW it It . 4 /te,,,...-... ie.' >."'4rNil:,..,44\',0 d II • w y. r `C _[ 7.. )•., % M ` *kikc ,...' ,.._.,, i.�� aC i _x; . •4T. - , r, •‘,.i. .„./..c ,,,, . .. 1 I ,..„-_, ., .- , -,. . 1,.., „ -:...,.... .,. ..,. , . .. _ ... 4 .. ,, ._. .,,,,,.. a1 a 8 is ".; '' , L ., �! h 1 f 'I ^,tip r...i.' � v . • FRONT VIEW //e/ f _ . . vs , , ehPr 11eihu_ii, rI rim 1 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page iii 0 1/aibfidQRS FORMER ST.MARY'S HOSPITAL PROPERTY ADVI R5 LOCATION MAP Location Map ti \ 7r!I , 1 ;:.r// Lfi!.1 " ECtla,w i . .es., ky SMI ag, 1 ,„ t.,.,e4 Fes'^ 'A7. 4!'F7 im :.Y i t( K f ' :_5�+-r A '.r.• JobtixmG11y.. 1.1. 'fes. cam ..- fffX EIV y IF 2 " " 311 .'-,'� ,. ,...� 1 • r t, """a..,.y — - J ) \. yy 4 `y L rte.« - [�A.ti 4....-.r . : 4 w.:I '".0'p �R s e Y i a w • (ii, i\-_. - w f , ' { ', S rx P !" i r \„ VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page iv 0 Valbridge 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 1 0 Vlbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS INTRODUCTION 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 • Crestwood Commons Redevelopment Corporation v. 66 Drive-In, Inc., 812 S.W. 2d 903, 910 (MO. App. E.D.1991). The courts determined that an otherwise viable use of a property may be considered blighted if it is an economic underutilization of the property. • State ex. 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 promote a higher level of economic activity,increa • 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 2 411 Valbridge FORMER 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. .f Ll u 1=1 1-.1 Q L ��r wil .__w I. Jrb PI.4.6 1 o m , - _ w.nwrigOn • ' 4:9'..-....H. ..n Jdfwsrn t7y It + ® O y 6 r ' la:Y.tlM �ryw iLy n-T-: wµ • 1 , I w., 1 ,..,., l I .Li `` / n - © i -�sw o . c'..\\: LI d �" V' ,,� Twp O \�� 'J\• ,_ ' Go,9kyJ ,1 -44 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 3 0 Valbridge FORMER 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 Age of Improvements 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 •Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS CITY AND NEIGHBORHOOD ANALYSIS 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 13,772 43,079 2015 Estimate 13,881 43,511 2020 Projection 14,002 43,983 %Change 2010-2015 0.15% 0.20% %Change 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 Degree(%) 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 $155,389 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 5 0 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS CITY AND NEIGHBORHOOD ANALYSIS 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 I 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 Scholastic, Inc. 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 •Valbridge 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. -,ice -.R , e AERIAL ' q.,„, .. NI " ww.„ , 0 ':!`,,,,74,1 i !Y #fir. -,.,„ ' p .- - .4,_ b. , t..„114 : , / ' oSib, 74'1TiN 1 f `m' ,fir Y'it, M k /' PI. (P1' ......kili 1 IP 1 ,-- .. N .7,74 I' r r ,,i. , dill : Pillimummniy:6 • _ ...,....... 4. . .4, - 54:1 'ill.k+71V,•• •-� •' ~ el .� 4.14 it 'lr ./ / tio fri ` I 'I 11.1'4` V - - - 41 • 1 ". 1,..1 * WI or , , i —*It" _ , ..4it, 'I: 17.14. )i I V ,,,.' .14,/ e . ..,..., .. srq16 '"' , S' ♦ $" i. '...,:&4 ' { ' (t � f- - •• :, • . •� ma/ .hy j ` J' 1• 1' % :‘,4.07 f V A 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 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS SITE DESCRIPTION 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 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS SITE DESCRIPTION Flood Zone Data Flood Map Panel: 29051C0133E dated November 2, 2012 Flood Zone: X,X(Shaded)AE, h ornimilimispoi " c'? 1 , — _ _ — i' ' ' ..i'bc. . 1411014 W \ , , ik St Mary's Health Cm:1 VI 1 glp � ofll _ mmi-rittit‘ to 0 is r;aV i 1.77 AF 'f rIl .' AO10 l ., _\ 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 0 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 / : u•r - 0 C}1 I Y1� .c`2 ‘ M+y_ r II c-3 II III▪M-1 '.r /1,..‘.,.1- • ■▪M-3 + I■ •NC I ,. • ▪PUD i '.1.. 1 r. - '.. •RA-1 rr •RA-2 ; R ,w R ■RC •4.......-./r I r ' 0 RS-1 ❑RS-2 - .-:r I z w 4}' Ilii RS-3 • 1 w7 k ' x II RS-4 VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc Page 10 •Valbridge 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 71 Valbridge 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. NI Y M ` /. .,� „IF :,..' r Perking G- _' 4' 1 ". V. . ' — , •• A , IV, i .133_ • I. V rr Y ° `�� . 4fi # ,f " , 4 e -A." 1 fit., ;,, , 1 i IC1, I. ._ 1.,,,,,1 " / t s et f -rff. , i sio:'-' '414:e411 5 f , •t. do 0r�r ."..„�, se \ I ,J,�., y 0 ifs r F • VI- .v-4/ 1 de4 . .' Oki 10/4414 . • sc t � 0Ekir 'ic ,./ Goi1ea ;e 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 0 Valbridge 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 Built Actual Age Useful Life(MVS) 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 VAI IgAlf- 195 ® '132ii- - OP( , 11111111111 11 11 II 111111 me - M'D "3 _ -,.- f� _ '- 111111E 41.1.11W1..14 — _.. — II[Ilniiiiiiii IA lagigr ^\988P,Ituildp. inmllimill — y kiLf I 1 I ItI ! r ifigi v39 ;Rt v1 t i • 1r ..Y y 1.1 Iof1 y ,Y µ .. , MIA — [I./if i 1131, 4_ �t L l � _ II Ii. , i" ....._._......_„_". .-___..,,i, -. S!Mr S:MARYS _FIRST FLOOR PLAN VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 30 410Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY 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 37 0 Valbridge 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 0 Valbridge 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 I Shaner Appraisals,Inc Page 33 0 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 4110Valbridge 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: JMrArreM r' I ', 0444014:1477C - A, r* A 04rP.5pTCNT I t Writeii SINEW NOSPRAL IWAIIONNO►l itrawae laws 7 _Frfri wrw/rr Nawar 1 ,eeo+ea—11 il Ad 1. I OVTMTlaPir awesxwl �7� CLOMPS S 4ArrawNax1C .� OffiensaMcr Iir I AAt4A. it_IffilaulbnAerLa 1-4r4e+4,44E MAJOII CLINICAL NRAflONNLIPS Source: (Whole Building Design Guide site: https://www.wbdg.org/design/hospital.php) VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc Page 35 0 Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY 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 0 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 Sprinklers-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 ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Site Plan lGIAMRT f—� II llilfll a .,-.1.1...• . P.I 1 B. _1111 ilmi' •.110,a7:T5 3: ; 2,.:,, ,41.. :1 . i. ._ 10, 7. tri4.11,_ r. iii: . & " itt -v—.�.-- i! ill �� - r! 1 4 srACd/ T1 f L M1MhkAAQ 1[pNMf 1L IN LMB191/X10K06 MORE • D _ CN___.� _� 1 ri..1"1, --------,— ----, ' <1 { k ® SIM YS SITE PLAN I -A � ,b_..,..wr.�`.�._,,..�....a..-..�.m.a. HEALTH CEI kl . ..w.. .... ... . , ,.. ... .a „...o,. . CENTER VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 38 •Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Basement 1;1 �w —� �-n= I I I ii — +� ,' -,I i_1.-u-----"�--� • ti 111111101 .- i SI �, �� 11.x. t . F 11iLj-11a a, 1 L ` S GROUND FLOOR PLAN ST. M® ,. T ® ii HEALTH AL H NTER, CENTER -_ VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 39 411 0Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Ground Floor EnAt 1. g v °.14 rci ■ TIE ' _+ • mkw ar:. xIlwlt1 ` 4 ,• x it _ . ,_ ,. 7-.... •„„ , 1 _losti_. , p / 1 - + - (:! 1, . ._., I* t . ..'.--.414 1 - , J .... q 21-11::-. ' . 4 I 74 eh 1 i f i' .. r ,.,,,_1,.., q�aic � yYM' � ml ti II i SI MARYS SS: l� RY3= * BASEMENT FLOOR PLAN # ® g HEAL'H W�...,•..,..b.P.x. �- �_..,o, I JEAE"Ii CENTER CF 1T.R VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 40 410 Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-First Floor ilf1111111 ! '111. 11111t1�1l L pi.,. ilsm�mlmil air poo .... 1 .. LI, ':: ilm�iuut� ufl.,A 1 ill I 11. I I 1 J I J I J J I � a _ �� f- ' U �1 <t i " !L } (Elie • k - :.. _1 1ill -q Orr T • Ir I,i , I �riii _ y +� S'. MARYS S',hhY FIRST FLOOR PLAN - 4,... : .�.�.... ... _ ., ._�._. _._ VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 41 41)Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Second Floor €, II Il ll � ll llifll 11 �II � II �l ,i_.. l 1, 1 . .11.1_1_1_ siNiir i [1.7711-rr ti.-.. 11 11 ei '.'I1.. IVir l 1 ) Pl¢ 1ii .1i a0! L �� Sii. 61ARYS ST,MARY SECOND FLOOR PIAN kII A 4i O HEALTH C N R CENTER i • VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 42 !Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Third Floor Ji ,/, .. '1 ___ yr 3 P bilZ . ' hil rilITHIM 4,... ( j oww114144 r I a,l 11 f} ?3'�',`` ,4431TiLT:i2- I _ I St M RYS THIRD FLOOR PLANM Y, i IEWER .. .�........�_....vq..,__,., m ICL V R •VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 43 •Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Building Plans-Fourth Floor I A J ' 1r R• ir ,.L: - A � �� trdIPI ..4,.. I. ,,-r-, - – " '-1--‘.'ITH s I,._ _-__-_'- I i`,1,.— St SI iiiFOURTH FLOOR PLAN SI hKARYS If CENTER Il EA1EF VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 44 OValbridge PROPERTY ADVISORS ST.MARY'S HOSPITAL BLIGHT STUDY IMPROVEMENTS DESCRIPTION 111.15117"- II IMO I Vik VOL INN\111011 INS Will „Iii?"11 West Entrance Area r y f . r4 _i_1,,,_ 1 . h West Elevation-Hospital building VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 45 0 Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION IN ;ir. +,- II .- -,A. Northeast Parking Garage i. a_ . — . ' -.1-4(,4 sof �� ' _ 111\-- i ,. _ , . .11. ____ ., _ ,,r.viviv I, o f='''' ' 1 _ i • ---_ _____ _ ., East Elevation-Hospital Building VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc, Page 46 Valbridge.0 ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION ill i, 1 r4 ,,.• r 1 113*iliir f -7- I' ._:: ° i , ',,r-1 /VP lig 1 II lit ,,rig South Elevation-Hospital Building All .A#4- r{� Fr � r ,,-,,,,:::)1-_---4,i,,t1:,..-,... , . : ! k 1 , 1.!" L± N,6.: West Elevation-Medical Office Building VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc Page 47 0 Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION - 4, —.--- it 1:1:-: *iiii il[n. , , 1 w I Medical Room _________\ --a>.'",- 4'--- A. ill 1 III 111 ill Dining Room VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 48 0 Valbridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION Sika _.Ls..)0(44,,..... iii` lit- aI J 11 .7111 ! 11C- iti'. 140 i 1 4., . .:, „• ..,,, fp gal4. :_. V ' -,,,,„ .. irr- .. . Storage Room-Ground Floor s. NW 111111 . Hallway-Ground Floor of Hospital Building VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 49 Vaibridge ST. MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION L a 014 ip Office Space-Medical Office Building i 01 r." II li lit 1 ,. ir.--L. L a O II rgy,*r_Al. "...yam._. I Hospital Entrance Area VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 50 0 Valbridge ST.MARY'S HOSPITAL BLIGHT STUDY PROPERTY ADVISORS IMPROVEMENTS DESCRIPTION ah., ,. ::4 _= - - " —vim 1 r n- 1t Parking Area-Southwest Parcel ,.-4/,..__,...A --•-- .� *-- - - - - . a^ --, C: C Y 3 ;V Typical Former Building Area-Southeast Parcel VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 51 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 0 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. Id.na I Jamestown V' It_ '` ir I �� 0 / 1 r r /' NaraDuq 10 / / / R ranitrma o I..,....,1,, �. .-n ,,-I a pis r a _ + I I I „,_ , 1 , r amu. $ .. - .. i I 6 Russellville _ LoM. , Nyh a Valet /” - - r.ir r _ 1 4' WnspLalle Olean , A , iQ �d cf_ se man..~ ITnI VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 52 0 Vaibridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT 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 51 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) ~iI Highway 54 looking northwest Bolivar Street looking east VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc Page 53 •Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 , — -� -_" 001111.611 mai lit 1 IL wr SW 11 1.u....6 jig 'SR' i L - •_,,,4 __. •— '.-- . — JO' ' ir __40, -... 1,. p,,IC% sa Waal& Alt 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 0 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 Local Traffic Signals The following aerial map shows the ingress/egress points,with the Study Area outlined in red. r4,1-1'1.\, l r, r •y it. ,". ,'' yl'' ,. 1. lar g ; ;• � ra . ''‘. t4 , ;: ,�� .� , yr 4. • WI m% i 4' i te/ raj I t �'} r C I -w � •*' 'M� .fie ,4 1 , :i , 4 53( ac ‘....111,, . -h. ' will . 5 crui 7 ' i - ., '', ...L` • o o- el‘Pr-----, 1 -:.- 7, a ,.....•;z., /; . min - -11 r l: r_—� J ,, "' al IIPI►.a.], ,, r . 4 r r. A 'b!'-' i . \' ,. 4 f.' /1 , it\.- ,e 1.9.. -• • ,� '., r': . .p r `, •-.L.' - II' I s E - A!-. 1R 4 o%, r ILS A 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.40.6 Mlnlne/m Guidelines A_ Rwdw4y C Int4n4n _ _ In Cutnrrt and P141414pd lbban Anes _ I In Rua.Antal _ —''MMI LMajor,Finawey 1Tratfir signals not nHo. .d iLr,,+nc.gnnis non alioC•••• I Major,Non-Freeway %mile(1,64011)—1 mile(5,260 8-) _ 11sae note below' Minor Simile(1.32011.)-%mile(2,640 ft.) fisee note belm✓ 'Rani traffic signals are generally Isolated signals tether than signals placed Ina progression along a mule Signe are to be Meted at leap 5.280 8 aped because el high nevi operating speeds VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc, Page 55 0 Vaibridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS 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 Cbnditions 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 0 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. , t • F li 1 w S i . egt. M 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 • 4111 lir i' 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 •Vaibridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 r i .,...„., ,, ,_ .,..., . . . . N. -..'et‘.' 7 t 6'x,4 1 4 'yam' % tit, ' Nts ,/ n,,,414 F. T /' , c- rid ''d 1 Crumbling curb near the entrance area I lit . , . . , .. 44! , ._ ,,,, 4.4 ,,..__.....__ I ,, pi ti-into-- ---, __ T .:... %mom wt.: Weeds growing in cracks around the asphalt paving, VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 59 0 Vaibridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 �� - -—?r •., I1 4 {`. L 1w ,.y '�•.--...; JC1 t-. } Deteriorated asphalt,weeds growing in parking area on the Southwest Tract . tea. �-' r ra lit .. . S. * t.• Deteriorated asphalt on the Southeast Tract VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc. Page 60 Valbridge411 FORMER ST.MARY'S HOSPITAL 0PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 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 61 411 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS 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 I Shaner Appraisals,Inc Page 62 Vaibridge0 FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS 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 4 Valbridge FORMER ST.MARY'S HOSPITAL 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 &Perm@sRevenue 2.23% Fines& ` 0.08% Charges Forfeitures Transfers In for 3.38% 0.08% Services 8.28% Carry Over inter- Surplus govern- 0.00% Sales mental &Use 1.94% Taxes 33.22% Property Inter- gavemmentai Taxes TaxesTaxes FYanchise& 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 Analysis-2015 Ref, Parcel k Description Appraised Value Pei SF Assessed Value Tax Rate Total Taxes Per SF 1 11-03-07-0002-004-028 Hospital $884,000 $3.76 9282,88(1 5.4944% $15,543 $0.07 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 4 11-03-07-0002-004-026 Former West Building $0 $0 $0 4.9144% $0 $0 5 11-03-07-0002-004-024 Former East Building $0 $0 $0 4.9144% $0 $0 Total: $3,163,000 $11.57 $1,012,160 5.4944% 955,612 $8t20 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 0 VaIYri1.IQC FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT ANALYSIS-CHAPTER 67/99 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 ❑fflce Building 19,500 2000 1,652,000 $81 $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 $1,810,233 $89 $31,830 $1.57 SUBJECT: 273,368 1905-2000 $3,163,000 $11.57 $55,612 $0.20 • II - I. I I r _i, II iti y 919 Wildwood Drive 3527 W.Truman Drive .f`1l. �` 3425 W.Truman Drive VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc Page 65 Valbridge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS 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 Vaibridge.0 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 Valbridge FORMER ST. MARY'S HOSPITAL PROPERTY ADVISORS BLIGHT 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 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 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 0(444MAY 111/144%/ 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 Valbrid0ge FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS ADDENDA Addenda VALBRIDGE PROPERTY ADVISORS I Shaner Appraisals,Inc Page 70 400 Valbridge 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 based. improvements 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 Valbridge0 FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS ADDENDA Condominium i 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 r The seller is under compulsion to sell; undivided interest in common areas. i The buyer is typically motivated; 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 s 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 0 Vaibridge 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 0 Valbridge 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 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) ' 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 (LW) 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 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 l Shaner Appraisals,Inc Page 79 Valbridge0 FORMER ST.MARY'S HOSPITAL PROPERTY ADVISORS 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 TIs 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 0 Y.911?J!ElIE APPRAISER QUALIFICATIONS Qualifications of Andrew Baker, MAI General Certified Real Property Appraiser Valbridge Property Advisors I Shaner Appraisals, Inc. PHA 44 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 Valbridge PropertyAdvisors I 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. , 11.11 VALBRIDGE PROPERTY ADVISORS I SHANER APPRAISALS, INC. 10990 Quivira, Suite 100 Overland Park, Kansas 66210 1 (913)451-1451 www.valbridoe.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 1 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 Grand bridge 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 0 Valbridge PROPERTY ADVISORS ADDITIONAL INFORMATION Cole County I Information for Parcel 11-03-07-0002-005-002., Tax Year 2015 Page 1 of 1 44, Cole County Pr Room 100, Courthouse Annex Building tett,' 311 E. High Street ' Jefferson City, Missouri 65101 ' r _75 IN' Phone: (573) 634-9124 Online Property Inquiry Information for Parcel 11-03-07-0002-005-002., Tax Year I Want To...-1 2015 Start a New Search Go to the Collector Property Information Website Tax Year Alt.Parcel Class I Go to the County 12015 vi 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 Slte 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 • Payments fax Billed $0.00 Penalty Billed $0.00 Cost Billed $0.00 Total Billed $0.00 Amount Paid $0.00 Total Unpaid MOO Date Paid Pald By Copyright 0 2009-2015,QEVNET Inr All rights reserved wEdge version 31 r� TMJ.+ n1:. Data updated 2016/03/21 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 til : . Room 100, Courthouse Annex Building I� l 311 E. High Street Jefferson City, Missouri 65101 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 .015 v 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: (5)POB Current Page Total Assessed Value Tax Rate Total Tax 0 4.9144 $0.00 Full Report 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 Paid $0.00 Total Unpaid $0.00 Date Pald Pald By • Copyright®2009-2015,PEVNET Inc,All rights reserved !mow wEdge version 31 my ►� M Data updated 2016/03/21 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 t° Cole County ! , ; Room 100, Courthouse Annex Building `fr 311 E. High Street _ Jefferson City, Missouri 65101 - Phone: (573) 634-9124 [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 J2015 v! 019114 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 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 $0.001 Penalty Billed $0.001 Cost Billed $0.00 Total Billed $0.00 Amount Pald $0.00 Total Unpaid $0.00 Date Pald raid By Copyright 0 2009-2015,DEVNET.Inc.All rights reserved 13 wEdge version 3 1 Data updated 2016/03/21 loading http://colemo.devnetwedge.com/view/RE/1103070002004024 3/22/2016 Information for Parcel 11-03-07-0002-004-028.001, Tax Year 2015 Property Information Tax Year Alt.Parcel Class I-21-Fd.-51. 019117 Commercial Tax Code Land Use JCJEF Owner Name and Address Mailing Name and Address MISSOURI BLVD PROFESSIONAL OFFICE MISSOURI BLVD PROFESSIONAL OFFICE BUILDING PARTNERSHIP BUILDING PARTNERSHIP ATTN:ACCOUNTING ATTN:ACCOUNrING 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 6. (BUILDING ON LEASED LAND) Total Assessed Value Tax Rate Total Tax 729,280 5.4944 640.069.56 Residential Value Agricultural Value Commercial Value 0 0 729,280 Payment History Tax Year Total'Due Total Pald 2015 $40,069.56 $40.069.56 2014 140,248.96 $40,248.96 2013 $43,924.53 $43,924.53 2012 $40.186.25 $40486.25 2011 $40,219.07 540,219.07 2010 640,215.42 $40,215.42 2009 $40,836.76 $40,836,76 2008 $42,331.06_- 642,331.06 03 1007 $41,747. , $41,747.63 2006 $41,767.33 $41,747.33 2005 $46,045.46 $46,045.46 2004 $38,074.2;41— $38,074.24 2003 138,064.001 $38064.00 Information for Parcel 11-03-07-0002-004-028., Tax Year 2015 Property Information Tax Year AIL Parcel Class 2015'I 019116 Commercial Tax Code Land Use JCJEF Owner Name and Mailing Name and Address Address S S M REGIONAL HEALTH SERVICES 5 5 M REGIONAL 2505 MISSION DR HEALTH JEFFERSON CITY,MO 65109-9508 SERVICES 2505 MISSION DR JEFFERSON CITY, MO 65109-9508 _ Site Address Legal Deaalptlon 100 ST MARYS INLOTS 656 TO 663&PT INLOTS 664,768,769,770&771;PT SWNW LYING MEDICAL PLZ W OF INLOT 771;ALSO PT VACATED HARRISON,MILLER,ELM&ALLEYS, Total Assessed Tax Rate Total Tax Value 5.4944 $15,542.56 282.880 Residential Value Agricultural Value Commercial Value 0 0 282,880 Payment History Tax Year Total Due Total Paid .2015 515,542.56 515,542.56 2014 315,612.14 $15,612.14 2013118,374.46 $18,374.46 2012 $15,587.87_ $15,587.82 2011 115,600.54 515.600.54 2010 $15,599.14 $15,599.14 2009 515,840.15 515.840.15 2008 516,419.77 $16,419.77 2007 516,193.46 516,193.46 2006 516,201.09 $16,201.09 2005 $16,270.69 516,270.69 2004 $16,828.81 $16,828.81 2003 $16,824.28 $16.824.28 2002 $16,168.29 $16,168.29 2001 51.5,276.09 $15,276.09 2000 515,247.23( $15,247.23 1999 $15,332.09, _ $15,332.09 11-03-07-0002-004-024. 01/01 505 MISSOURI BLVD 3/7/2016 Owner: F & F DEVELOPMENT L L C Accts: 1081 Class: X Partial: Use: 500 Units: 0 203 Subd: Zoning: NC: `/: JC School: JC Fire: x► , Legal: CITY OF JEFFERSON INLOTF BEG SW COR INLOT 666; SE 41.81; E'LY 99.74; NW 215.19; W'LY 92.66; SE 158.22 POB ' +r+ *** Sales Data *** Mo Yr T Amount S V D *** Entry Data *** Mo Day Yr Code Info Inits ) 7 20 15 0 0 GEK *** Location Data *** 07 20'2015 Topography: 34 Utilities: 1 Road: 15 Drainage: 1 Traffic: 3 7/24/2015 *** Note Data *** BUILDING DEMOLISHED *** Building Permit Data *** Number Mo Day Yr Amount Purpose Closed DEM15-0015 6 10 2015 0 DEMOLITION X *** Land Data *** L EFF EFD ActPr CD Pct Value S Sq Ft A Acres 8 0.39 10 Total Acres: 0.39 Gross Code: Gross Value: Dwelling Data *** 56ory Height: Bsmt Bed Rms: Exterior Walls: Bsmt Rec Rms: Style: Bsmt Full Baths: Condo Level: Bsmt Half Baths: Condo Type: Bsmt Addl Fixt: Base Area: Total Area: Year Built: Bsmt Garage: Est: Remod: Bsmt Garage(NA) : Lwr 1st 2nd 3rd Ovrd Comp Main Tot Rooms: Carport Spaces: AO Main Bedrooms: Det Gar Spaces: Al Main Full Baths: Att Gar Spaces: A2 Main Half Baths: FP Stacks: A3 Addl Fixtures: FP Openings: A4 Heat: Metal FP: A5 System: Grade/CDU: A6 Phys Cond: Cst/Dsn Pct: A7 Basement: Functional: A8 Bsmt Min Fin: Economic: A9 Bsmt Liv Area: A10 All *** OBY Data *** Al2 Type Qty Year Size G C MA Mods RCN %GD RCNLD *** Valuation Data *** MRA Est: Mkt Est: CC: Gross Bldg Desc: RCN: Gross Bldg Value: Pct Gd: 0.00 Miscellaneous Value RCNLD: Land: 0 OBY: 0 Tot Cost: 0 960 Val: 960 Rsn: 0 Date: 3/7/16 Rev: CST Card Breakout ********** Cls Land Bldg Total 11-03-07-0002-004-026. 01/01 511 LIISSOURI BLVD 3/7/2016 Owner: F & F DEVELOPMENT L L C P'—t$: 1084 Class: X Partial: Use: 500 Units: 0 ' 203 Subd: Zoning: NC: : 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 *** Mo Day Yr Code Info Inits 7 20 15 0 0 GEK 07/20'2015 *** Location Data *** 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 s Code: Gross Value: *-* Dwelling Data *** Story Height: Bsmt Bed Rms: Exterior Walls: Bsmt Rec Rms: 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 %GD 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 111111111 Afct#: NONE Class: C Partial: R Use: 461 Units: 0 l: 209 Subd: Zoning: NC: /: JC School: JC Fire: Legal: CITY OF JEFFERSON INLOT 1 INLOTS 656 TO 663 & PT INLOTS 664, 768, 769, 770 & 771; PT SWNW LYING ,,..mr7 1.460001rrr W OF INLOT 771; ALSO PT VACATED a 2 ii. y =" HARRISON, MILLER, ELM & ALLEYS. IIIff IMF *** Sales Data *** MIMI c , Mo Yr T Amount S V D *** Entry Data *** ____ • _ - Mo Day Yr Code Info Inits '• ;,�__ , 6 29 15 4 0 TPB -r - ----� *** Location Data *** m 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 1 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: A7 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 & F DEVELOPMENT L L C 0 Acctl: NONE Class: C Partial: R Use: 658 Units: 0 ` 209 Subd: Zoning: NC: ' • JC School: JC Fire: Legal: MISSOURI BLVD PROFESSIONAL BLDG (BUILDING ON LEASED LAND) - *** Sales Data *** Mo Yr T Amount S V D 71":, III II liii*** Entry Data *** i II • ' . Mo Day Yr Code Info Inits a 6 29 15 4 0 TPB 111 .*** Location Data *** II t mi Topography: 1 Utilities: Road: 2 Drainage: 2 Traffic: 1 1 i 1 06!'29/2015 1 *** 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: "rior Walls: Bsmt Rec Rms: e: Bsmt Full Baths: L,..tdo 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: Cat/Dsn Pct: A4 Basement: Functional: A5 Bsmt Min Fin: Economic: A6 Bsmt Liv Area: A7 A8 *** OBY Data *** A9 Type Qty Year Size G C MA Mods RCN %GD RCNLD A10 All Al2 *** Valuation Data *** Gross Bldg Desc: MO BLVD PROF BLDG MRA Eat: 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 Cls Land Bldg Total C 2,279,000 2,279,000 11-03-07-0002-005-002. 01/01 MMSSOURi BLVD 3/7/2016 Owner: F & F DEVELOPMENT L L C Acct#: N.T. Class: X Partial: Use: 460 Units: 0 � 203 Subd: Zoning: NC: : JC School: JC Fire: • 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 Inita 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 *** cy Height: Bsmt Bed Rms: irior Walls: Bsmt Rec Rms: ....yle: Bent 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: 14 Phys Cond: Cst/Dsn Pct: A5 Basement: Functional: A6 Bacot Min Fin: Economic: A7 Bsmt Liv Area: A8 A9 *** OBY Data *** A10 Type Qty Year Size G C MA Mods RCN %GD RCNLD All 112 •** Valuation Data *** MRA Est: Gross Bldg Desc: Mkt Eat: Gross Bldg Value: CC: Miscellaneous Value: RCN: Pct Gd: 0.00 RCNLD: Land: 100 OBY: 0 Tot Cost: 100 960 Val: 100 960 Ron: 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#:294005 Total Fees:$36.00 Reception:201512341 �1 Pages Recorded:5 `J Date Recorded: 12/16/2015 1:06:47 PM QC 11 4 SE11. OUITCLAIM 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 Book(.Q.DO, 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 I BY: !. 111 _. Name: 1 ham 'lione I Title: Pr .`« STATE OF MISSOURI ) ) ss. COUNTY OF ST.LOUIS ) On this ►4 b`-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: h o,r. I A, ao I'1 DONNA FAYE LEE` Notary Public-Wary Seal State of MISsouri,SI Lout:County Commission N 13513155 My Commission Explras 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 1W 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 RI 1W,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) ST MARY'S HEALTH CENTER few. _ ] - ,,=— I .. JEFFERSON CfT'Y; COLE COUNTY MISSOURI ALTA/ACS`M LAND TITLE,5VRVEY MAY 15, 2013 lJ isatrf 344... I '. F /� `f _ I. 1 II- -6r r AA i .... ,rte ;'�'.,�.-. ,^ r -r I e if '__.-efrc: � ld ff A� T x11 �Ei f •- I, I •4 . `fiti 1I r fs IIS „ -1f- C II - �▪-- I W"�T ;c- g f - .�,....._--Iii ,-- _`. - y� ---L Sti• - -- , .,-- L 1 1j T�1 ��'i "+w „_.,;,--4,;....!,..._. " ,....IT � �1 v. i t, L-., ), ,I4 I 4� I 1 ` r a !1 y 4 'afar T . r 1 . .2, ::it -- ka. _. .O.,.Er 1.1 ." '- f Js r -- ;i k,"..[ ST. MARY'S HEALTH CENTER r;rry% • JRFIP'R' UN CITY COLA' COUNTY, MISSOURf '` — ,r A>TVACSM LANA TITIS SURVEY � , ,�� { r. 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S7 lfl.� .'f f'... �• Mit.7...,,..• -- ," .ixs { S7'. MARY'S HEALTH CENTER JEFFERSON CITY, COLE COUNTY, MISSOURI x... .r ALTA/ACSM LAND TITLE SURVEY MAY 15, 2013 '�_ G 42''�"' 'psi • fit, ''`.'_ ._ _,. m . ,_.___arr°rr44'uyrcAy_^e, v_tl..:tan�sa�, n' Z$ +• er'r"eAv .te'a ax.ra3 . ._.,..m..,..�...m... r---T iiiri .ai''l',kr(Xef:`.I .rrg ".rs d Cillp, 414 - 7" -ra.-Ine--mr.munr,r.r.-....=',917 A.'" '.V":17:11114t1T. :7,1 • 4747717.E11/1"7:.'."..4.1.'14ff..'''.4':-. ..w I • _ mear"c.r . 7,1111' raft S: l _ w.rm::� o . . w i :r�a,�� .11x4+ rrd' "'^ , =' r,� y "r d...o, ••- ".».-_,,. — - c' 5 r" --=x$"x. s^ er,.s—r.c.. w.a€ z . .7.. I J • �p o _�.r"". _sr.... T12%, S ,4.d"" L9L`Y 7 "1"` VLITWA': ▪ =LIZSZ'leriet217=EfeginTenEZ""'''a L '''. 11"11-.'" nisi iu?r0 a t.w,.'cm?:. �» r_ ¢ ', • -- e-'—.-,..„:„.........N.,...).....-4.=0 ....N. .....,........................... 1141:4 ",.g. 7:51: c5zunwitirgW_,_. .. 1111 r,�s �r xs - _.'_ I, ....F+� , �;.,,—.. , , "Y, .I' 4 fi 7t EXHIBIT E DEVELOPMENT SCHEDULE Acquisition December 2015 Renovation* Commencing 2017, site clearance and demolition, and site work Marketing, leasing/sale, and development of pad sites will be ongoing commencing in the Summer of 2017 Pursuit of Lincoln Project commenced in December 2015 and a determination as to state financing is anticipated to be made in the 2017 legislative session. 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 52689347.5 .. 6 nt i 1 ,,t ,i ti'. a ,i1 l 1 I V il 1 t 3 1 II II I ( ) j 1 .11 4 J i i:ll it 1 r: Ix EXHIBIT F SOURCES AND USES OF FUNDS & ESTIMATED REDEVELOPMENT PROJECT COSTS AND REIMBURSABLE PROJECT COSTS Lincoln Project Sources &Uses Sources of Funds Uses of hinds Equity $5,398,629 Land Acquisition&Carry $1,250,000 Debt $16,594,516 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 $2,000,000Contingency $3,728,745 NPV of TIF $6,187,428 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 hinds Equity $4,784,197 Land Acquisition&Carry $1,250,000 Debt $14,136,789 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 $5,355,500 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. 52689347.5 Lincoln Project-Budget Cost Category Units Unit Unit Price Total TIF Eligible CID Eligible Land Acauisitlon Land Acquisition&Carry $1,250,000 $1,250,000 $1,250,000 Subtotal: $1,250,000 $1,250,000 $1,250,000 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 Preparation/Infrastructure 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 $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 $4.733,050 $4,733,050 Continaencv 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: $44,632,718 $44,632,718 $44,632,718 55276281 1 Commercial Project-Budget Cost Category Units Unit Unit Price Total TIF Eligible CID Eligible Land Acquisition Land Acquisition&Carry $1,250,000 $1,250,000 $1,250,000 Subtotal: $1,250,000 $1,250.000 $1.250.000 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 $2.668.666 Site Preparationllnfrastructure 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 $4.336.272 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: $30,904,350 $30,904,350 $30,904,350 55276281 1 F e 1 1' j I f 9 11 1 1 t _$ {l d f i 4 u i �i 'r I b x p ti \ it 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. 52689347.5 ST.MARY'S HOSPITAL r"IEVELOPEMENT PROJECT AS; TONS (LINCOLN PRVJECT) Appraised Value Total Assessed tppraitied. Projeetayl Total Sales at Square Feet \nluc IPS1 of Improvements '1 alue at Build Base Sales `+aic.. . SuilduutfLrase-up Rent Total Rent at Build Out Out OJECT COMPONENTS AT BUILD OUT 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 $ 427.133 $ - $ 375 $ 3,000,000 ' $ 20 $ 160,000 Building 4b 4.500 $ 166.85 $ 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 I $ 150,000 Building 7 2,500 $ 166.85 $ 417,122 $ 133,479 $ - $ 375 $ 937,500 $ 25 $ 62,500 10 1 '11. 268.3511 '' 23.6'10.'39 !. 7,5111:811 S '.8-5,tl0tl s 2.3 2,225 1 2i11d,\aloes Base:Apprised Base Assessed RASE PROJECT ASSUMPTIONS 11-03-07-0002-004-028-0011 $ - $ - 11-03-07-0002-004-024 1 $ 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 JOT\1. s 1.3111.313 S -119.300 \d\.11nrcin 1.i'Nates %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 Special Services 0.0906% 0.0906% _ 0.0000% 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% 1(1 I V I 5.49-6('. 11.-11116"0 4.7tru2;. 11\\\( 1\(,.\Stil )11'110\s Commercial Assessment Rate 32 0°'0 2111-.Sales I an 12ates 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% I III \I {.'2 ". 6.4'5% ?2itl"w 552762811 LINCOLN PROJECT TIP PROJECTIONS 13\SI-. 112f].IFI"I'1iEl \A>k S,II) DItrk lICIIIEP S.\I.I:S EATS-C8y".4c II, Jupplclucul:l IOI\I III I II) i II YE \II \,SI S¢E ) t--<1,I,11-:D I\r RI'NON I 0\S I.••\I 1 5 S\I I.S IM RF\II(\'I PILOTS Coma) EATS-CED LIk l 111 RI.\FM 1. \ \11 I. \ \I 1 I- I $ 419,300 $ 419,300 I$ - $ - $ - $ - $ • $ - $ - $ - $ $ - 2 $ 419,300 5 1.516,169 $ 1.096,869 $ - $ 1,575,000 5 1,575.000 $ 52.617 $ 27,563 $ 7,875 $ 11,813 5 7,875 5 107.742 3 $ 419.300 $ 3,790,422 $ 3,371,122 5 - $ 3,937.500 S 3.937,500 $ 161,713 $ 68,906 5 19,688 $ 29,531 5 _19,688 $ 299,525 4 $ 419,300 5 7,580,844 $ 7,161.544 5 - 5 7,875,000 5 7,875,000 $ 343.539 $ 137.813 $ 39375 $ 59,063 $ 39,375 $ 619,164 5 5 419300 $ 7.732,461 $ 7,313,161 5 - $ _ 8,032,500 5 8.032.500 $ 350,812 5 140,569 5 40,163 $ 60,244 $ 40.163 $ 631,950 6 5 419,300 5 7,887,110 5 7,467,810 5 - 5 8,193.150 $ 8,193,150 $ 358,231 $ 143,380 $ 40,966 5 61.449 $ 40,966 5 644,991 7 5 419,300 5 8,044,853 5 7.625,553,$ - 5 8,357,013_ $ 8,357,013 5 365.798 5 146.248 $ 41,785 5 62,678 5 41,785 $ 658,293 8 5 419300 5 8,205,750 5 7,786,450 5 - 5 8,524.153 5 8.524,153 $ 373,516 $ 149,173 5 42,621 5 63.931 $ 42.621 $ 671,861 9 $ 419,300 $ 8,369,865 $ 7,950,565 $ - $ 8,694,636 $ 8,694,636 $ 381,389 $ 152,156 5 43.473 $ 65.210 $ 43,473 $ 685,701 10 I S 419,300 S 8,537,262 $ 8.117,962 5 - $ 8,868,529 5 8,868529 $ 389.419 5 155.199 5 44.343 $ 66,514 $ 44,343 5 699.817 11 I$ 419.300 $ 8,708,007 $ 8,288,707 5 - $ 9.045.900 $ 9,045,900 $ 397,609 $ 158,303 5 45.229 $ 67.844 $ 45,229 5 714,216 12 5 419,300 5 8,882,167 5 8.462.867_$ - 5 9,226,818 5 9,226,818 5 405.964 $ 161.469 $ 46,134 $ 69,201 5 46,134 5 728.902' 13 $ 419.300 5 9,059,811 5 8,640,511 $ - 5 9.411,354 5 9,411,354 5 414,485 $ 164,699 5 47,057_ 5 70,585 5 47,057 $ 743,883 14 5 419,300 5 9,241,007 15 8.821.707 5 - 5 9,599,581 5 9,599,581 5 423.177 $ 167.993 5 47,998 $ 71,997 $ 47,998 $ 759,163 15 _$ 419,300 5 9.425.827 $ 9.006,527 $ - $ 9,791,573 $ 9.791.573 5 432,043 $ 171353 $ 48,958 $ 73,437 $ 48.958 $ 774.748 16 $ 419.300 $ 9,614,344 5 9,195,044 5 - 5 9.987,404 $ 9,987,404 $ 441,086 $ 174,780 5 49.937 5 74,906 $ 49,937 $ 790,645 17 $ 419,300 5 9,806.631 5 9,387,331 $ - 5 10,187,152 $ 10,187.152 $ 450.310. $ 178,275 5 50,936 5 76,404 5 50,936 $ 806.861 18 $ 419.300 5 10,002,763 $ 9,583,463 $ - 5 10.390.895 5 10,390,895 $ 459,719 5 181,841 5 51,954 $ 77.932 $ 51,954 $ 823,400 19 5 419,300 5 10,202,818 $ 9.783.518 1 5 - $ 10,598,713 5 10,598,713 5 469.315 5 185.477 5 52,994 5 79,490 5 52,994 5 840.270 20 $ 419,300 5 10,406,875,_$ 9,987,575 G 5 - 5 10.810.687 $ 10,810,687 5 479,104 $ 189,187 $ 54,053 5 81.080 5 54,053 5 857,478 21 5 419.300 $ 10,615,012 5 10,195,712 f$ - 5 11.026,901 $ 11,026,901 5 489,088 $ 192.971 5 55.135 $ 82,702_$ 55,1355 875,030 22 f 5 419,300 5 10,827,312 5 10.408.012 1$ -'$ 11,247,439 $ 11,247,439 5 499.272 $ 196,830 _5 56,237 5 84,356 5 56.237- 5 892.933 23 f 5 419,300 5 11,043,859 $ 10,624,559 $ - $ 11.472.388 $ 11,472.388 5 509,660 $ 200,767 $ 57362 1$ 86.043 $ 57,362 I $ 911,194 TOTALS I 11 _$ 8,647,867 S 3,444,950 5 984.271 S 1,476.407 $ 984,271 S 15,537,767 NET PRESENT YAW 00% $ 4,085.476 $ 1.634,851 $ 467,100 5 700,651 5 467.100 5 7355.178 Notes: (1)Of the total ad valorem tax rate,the total%captured by TIF is: 4 7970% (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/salts 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) 553761,1 I ST.MARY'S HOSPITAL' 'EVELOPEMENT PROJECT AS: TONS (COMMERCIAL PROJECT) .'Ippra ed'aloe Total A_ sed appraised Projected Total Sales at tiyuare Feel of Improvements %'slut:al Build Basc SalesRent -I-otal Beni %aIle psi- at Build Out Out Sales/SI'' BuildoutiLeas-e-up PROJECT COMPO-NETTS AT BUILD O1."T Historic Office 75,000 $ 81.61 $ 6,120,774 $ 1,958,648 $ - 1 $ - $ - $ 13 $ 975,000 Office 37,000 $ 81.61 $ 3.019.582 $ 966,266 $ - $ - $ - $ 13 $ 481,000 I Building 2 6,000 $ 166.85 1 $ 1,001,093 $ 320,350 $ - $ 375 $ 2,250,000 $ 15 $ 90,000 Building 3 I 3,200 1 $ 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 $ 750,820 $ 240,262 $ - $ 375 $ 1,687,500 5 25 $ 112.500 Building 5 6,000 $ 166.85 5 1.001.093 $ 320,350 $ - $ 375 $ 2,250,000 $ 25 $ 150,000 Building 7 2,500 $ 166.85 $ 417.122 $ 133,479 $ - $ 375 5 937,500 $ _ 25 $ 62,500 `i o r i 142.2(ti) s 14.1-9,192 ' -1.33-.342 5 11.32501011 S 2.032.500 21/16 1able!, Base \ppraISnd Haw iissessed SASE 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 1 $ 31,780 11-03-07-0002-004-028 $ 1,000,000 $ 320,000 11-03-07-0002-005-002 $ 160,000 $ 51,200 I01 \l ti 1.3111.313 ' 419.3111) .\d\al i'em lax Rales %Not Subject to Total%Subject to Taxing District Rate TIF HF State 0.0300% 0.0300% 0 0000% Cole County GR 0.0765% 0.0000%1 0.0765%. CC Special Services 0.0906% 0.0906%1 0.0000%. Road&Brithe e-Coun 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% It)I \I 5.49-6% 1)_71)11('/0 4-'9`11"l, IA VA( l\(. /SSL A11'1 IO\S Col:lrrlercial Assessment Rate I 32.0°4 2111-Sales tax Rales Not Subject Taxing District Rate to HF Subject to HF State 4.225% 4.225% 0.000% City 1 2.000% 1.000% 1.000% County 1.500% 0.750% 0.750% CID 1.000% 0.500% 0.500% `I-()I AL 8.-.25"',. 6A75% 2.25)1% 552762811 COMMERCIAL PROJECT TIF PROJECTIONS ItVYl- PRIM t II I) _ 11111.\12 \SSI:ti�I.11 .o.+1�ti 4:F 13\SI \,SF 5,1;11l'120 II( 1F Is S,U.E\ E.ITS-City.F City Supplemental 1[11 1I ill-F 11t I\I RI.U1:\1 .S\1 1., S\IIS 1NCRESu Evr PILOT', I'G\1' -1'111 - T,1F (Alt IiI 11`tl F" V U l I. A UI I': 1 I$ 419.300_$ 419.300 5 - S - S - S - 5 - 5 - S - 5 - S - S - 2 I$ 419300 $ 419300 $ - $ - 5 2,265,000 $ 2.265.000 S _5 39.638 $ 11,325 5 11.325 $ 11.325 $ 73,613 3 15 419.300 5 2,268.671 5 1,849,371 5 - S 5.662.500 $ 5,662.500 $ 88.714 $ 99,094 $ 28,313 5 28,313 $ 28,313 $ 272,746 4 5 419.300 5 4.537342 $ 4.118,042 5 - $ 11325,000 $ 11,3250005 197,542. 5 198,188 $ 56,625 5 56.625 5 56625 $ 565605 5 5 419300_$ 4,628,088 $ 4,208,788 $ $ 11551,500 5 11,551,500 -5 201,896 $ 202,151 $ 57,758 5 57.758 5 57,758 8 577319 6 $ 419,300 $ 4,720.650 5 4301,350 S - 5 11,782.530 $ 11.782,530 $ 206,336 5 206.194 $ 58.913. $ 58.913 $ 58,913 $ 589,268 7S 419300 $ 4,815-063 $ 4.395,763 S - $ 12,018.181 _$ 12.018.181 $ 210.865 $ 210,318 5 60,091 $ 60,091 5 60.091 $ 601,456 8 5 419300 3 _ 4.911.364 $ 4,492,064 $ - 5 12,258544 5 12,258,544 5 215,484 5 214,525 S 61,293 5 61.293 5 61,293 5 613,887 9 5 419.300 $ 5.009.592 $ 4,590,292 S - 5 12,503,715 5 12,503,715 $ 220.196 8 218.815 5 62.519 $ 62.519 $ 62,519 5 626.567 10 _I$ 419300 $ 5,109,784 5 4.690.484 S - 5 12.753,789 $ 12,753389 $ 225.002 $ 223.191 5 63.769 $ 63.769 5 63.769_$ 639501 ii 5 419.300 5 5,211.979 5 4392.679 S - 5 13.008.865 $ 13,008,865 $ 229,905 $ 227,655 5 65,044 $ 65.044 5 65044 5 652.693 12 5 419300 5 5.316.219 $ 4.896.919,$ - $ 13,269,042 $ 13,269,042 S 234.905 5 232,208 5 66,345 5 66.345 5 66.345 5 666.149 _ 13 $ 419300 $ 5,422,543 $ 5,003,243 ,$ - S 13,534 423 5 13,534.423 5 240.006 5 236,852 $ 67.672 13 67.672 5 67.672 5 679.874 14 _ 5 419,300 S 5,530.994 5 5.111.694 5 - 5 13.805.112 $ 13.805.112 $ 245,208 $ 241.589 5 69,026 $ 69,026 5 69,026 5 693.874 15 ,$ 419,300 5 5.641.614_$ 5.222.314 $ - 5 14,081,214 5 14,081,214 5 250,514 $ 246,421 5 70,406 5 70.406 5 70.406 5 708,154 16 $ 419.300 $ 5.754.446 $ 5.335146 5 - $ 14,362838 S 14,362.838 $ 255,927 5 251,350 5 71,814. 5 71.814 5 71,814 $ 722.719 17 -$ 419300 $ 5.869535 $ 5 450,235 S - 5 14,650.095 5 14.650.095 5 261448 $ 256,377 5 73250 $ 73.250 5 73.250 $ 737576 18 '9 419300 5 5,986,926 $ 5.567.626_5 - 5 14,943,097 $ 14,943,097 5 267,079 $ 261504 5 74 715 5 74.715 $ 74,715 5 752730 19 $ 419.300 5 6,106,664 8 5.687364 5 - $ 15241,959 5 15241,959 S 272,823 $ 266,734 5 76,210 5 76,210 5 76210_$ 768.187 20 $ 419.300 $ 6,228.798 5 5,809.498 S - 5 15,546.798 5 15.546,798 5 278.682 6 272.069 5 77.734 $ 77.734 5 77.734 $ 783,953 21 $ 419300 $ 6,353.374 5 5.934.074 S - 5 15.857.734 $ 15.857734_8 284,658 $ 277510 5 79289 $ 79289 5 79,289 $ 800.034 22 5 419.300 6 6.480.441 5 6.061,141 5 -�$ 16.174.889 $ 16,174,889 $ 290,753 5 283,061 5 80,874 5 80.874 5 80,874 5 816.437 23 $ 419.300 5 6.610,050 '$ 6,190.750 $ - 5 16,498387 .5 16.498,387 S 296,970 5 288,722. 5 82,492 5 82,492 5 82,492 S 833.168 yTOTALS f I _S 4.974.913 S 4954.166 S 1.415.476 S 1.415.476 8 1.415.476 8 14,175.507 NET PRESENT VALUE 6.00%1 g 5 2,332,693 S 2351,072 $ 671,735 $ 671,735 S 671,735 S 6.698970 Notes: (1)Of the total ad valorem tax rate,the total%captured by TIE is: 4.7970% (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 TIP%: 0 50% 55276211 I ;•I 1 6 1 i r a 3 I ' d V U 11 f 1 } ti3 • Ir 3 i y E `, EXHIBIT H EVIDENCE OF COMMITMENT TO FINANCE See Attached. 52689347.5 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 - _ E. • • • f _ _ 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 $5.441.718 $5,437.523 129730.14% Cole County $60,892 $1,193,519 $1,132,627 1960.05% 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 Total NPV Benefits: $8,687,725 **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. 52689347.5 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 $5,441,718 $5,437,523 129730.14% Cole County, $60,892 $1,193,519 $1,132,627 1960.05% Library $27,964 $72,207 1 $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 l Total NPV Benefits:1 $8,687,725 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 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% 0.3481% 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% 1.000% 0.500% 2016 Ad Valorem Tax Rates Taxing District Rate Not Subject to TIF Total Subject to TIF State 0.0300% 0.0300% 1 0.0000% Cole County GR 0.0765% 0.0000% C 0.0765% CC Special Services 0.0906% 0.0906% 0.0000% 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% 0.7006% 4.7970% 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% 52710677.1 Taxing Jurisdiction Coat-Benefit Analysis(30 Years,Including TIF Running Through 2039) Mill Rate Not Sales Tax Not Carew. J 054741161 Mill Rale CWIMS4 W TIF Sales Tax Rate O TIE Slate 0 0300% ..:._. 42250% 42250% Total NPV Benefit, 55,437,523 Net Benefit Ratio: 1.297 30 1wJ 045.= ( TOTAL BENEFIT Incl a Trey 41"1173940072 54fea1CIerme1 OUT 554.(1.11 ,O"5472. baa :alrl� Ur�nFu ed TlF f] Tr.IP� P 054308%11TH Inwaaa4 attain. Urz1p T TIF,S r :T�•. TOTgLEEIIEBIT^.T CUT T1F9av'r454 T. TE 015r� 0464,,xliYmsnl F 1 n n, 12.,14-ak.lareill Ft:,s,1-1,1,11FERE.ELOPt1ENT Aylyrlk iannaM1 '.THF l _ eGenlflrelnd Q..ti FSr1 �%T,a E'' F=_DEVELOp'.IENT 291' 31.012.160 I 3104 30 SO 1 1554 51212,160 30 5304 SO - 5304 30 50 30 SO 30 (164 2016 51002.0]6 5301 SO SO 1 $50 _ 51518,169 _ 5504009 5304 3151 3466 51575000 II 515/5700 SO (IIr 366544 366.544 6611112019 3992 018 3290 SO 50 5233 53.790,422 52776.282 1304 3833 31.137 53.937.500_ 13577 50 9186.359. 5166.359 1117.497 2020 280065 5295 SO SO _ 1255 _ 57560,644 36,566.664 3304 .$1,971 32274 57675,000 57875000 50 5332.719 5332.719 5554.113 _ 2021 39-2277 5292 30 _ SO 5913 37.732,461 $6,720 301 3304 32-016 52320 30012500 38032500 30 5339.373 , 5139273 5141343 ]N2 5962554 5269 SO 30 _ 5915 37,667,110 56,674950 3.304 57760 52.330 _ 38.193.150 .58.193.150 30 5346.161 1348,151 24047 2022 5962929 _ 5206 SO SO 1191 55.04155.1 37,0332893 5301 52110 $2453 36357.013 38357.013 30 5353064 5353.084 6241.357 2024 5943 399 1783 SO SO 121$ _ 58205.750 37.193590 3304 52.156 52.462 34524.15] 38.524,153 30 0360.145 5160,145 1352.507 2025 5933.965 5280 SO I 1O $219 98 399965 57.357.705 5304 32207 52 511 52,394.636 $5 694 636 50 539349 3367.346 5411.311 2026 3924628 3277 I 50 50 $271 56537.262 31.525.142 $304 52255 52581 $8486.529 56.066,529 50 3374 695 3374.695 5177.297 2027 _ 3015278 3275 30 50 $2/6 56705-037 57595547 5304 52.309 11.012 59245,900 59.045.974 50 3312 159 5362189 $914,.102 r 2029 180,6.226 3272 30 50 5212 98,662.167 • 9470.007 $304 52.351 32.865 n 39225,818 39225918 30 $309.833 5369933 1112411 2029 5697,163 3259 59 50 1249 59.059.811 58.047.651 3104 52.414 52716 39411.354 99.411354 5053979 11 30 5397810 54011,1 2030 5855.192 a 5286 30 SO $311 39241.007 $8228.847 $YN 3269 4 52722. 59599551 39.599 581 30 a 5405:582 666582 1405.556 2061 $879,310 5254 50 SO 1244 99.425.227 388.413667 5304 52.524 I 52,60 59.791573 39.791.573 30 5413,964 5413694 1473,1122 2032 560617 3261 30 SO 6291 59,814344 56.602164 3304 • 52581 I 52.584 I Sl,9C'4}5 39957404 50 5421 868 5421 968 $47.4152 2033 $851611 5535 SO SO 12Q3 S8.806631 56294.471 3304 52536 52.942 I 510.167.52 _ 010,157.1622 50 5430407 5430407 1453393 2034 12153,116 956 50 30 $211 510 002.763 50963..602 5304 32.557 33001 110390.895 510.390.895 I 50 $439,015 5439015 141.015 22.35 5044881 5253 30 SO 106 310 202 818 59,190.958 5108 32.757 33,001 _510,596,713 310588713 _ 30 5497.:790 347.795 54I0.115A 2036 5836215 5251 30 30 _ 1351 510406.575 39,384,715 3304 17.511 53.122 510,610957 510,910,667 SO 3456,752 6 6.79 $411174 2037 612765' 5249 SB I SO 1248 910915212 19,302952 $304 32.681 32116 511026.901 311.026.901 50 5465887 5465,887 1 1316071 2018 16/1524 524 30 I 50 124 I 510 827 312 58,315.152 5304 32.945 33246 511 247.439 W 911217.439 30 5475204 5475204 5461.452 2039 5512276 5243 59 SO 514 I 511043.659 510031.699 5304 53.010 51313 511.472399 511.472,3118 53 544.738 5464.708 Y 5115812 2040 5503265 3241 SO 50 1241 311.264736 I $3.379 51.379 511701635 3404,402 9194403 5437732 _. 2041 5795232 5239 SO 50 1251 311.490031 55447 • $3.47 511955.672 5504291 1994391 1597.755 20Q I $757280 $236 SO 50 6713 311719.631 333.516 534515 512174590 3514376 3514.376 9141912 2043 I 3779.407 5214 SO 30 5214 So 1,964321 I 53509 33,585 572455910. 5524664 5524.664 5626260 2044 I 3771813 3231 30 SO 6231 312.193.312 33.658 53658 312666.443 3535 157 5535.157 1651,115 2045 5763.597 5229 30 SO MS 512.437179 $1731 1 53,731 512519.772 5545 650 , 5545880 114.612 2046 5756259 5227 3o 5O 1127 512655922 $3,655 33,006 513178.168 , 5556776 5558779 5141,513 Total Benefits.WRHOUT Redevelopment(5%NPV): $4,115 Total Benefits WITH Redevelopment(5%NPV): 55,41,711 Assumed Annual Reduction in Property Value/Sales WITHOUT Redevelopment 100% Assumed Annual Increase in Plop3y Value/Soles WITH Redevelopment 200% 2}714-21.1 Taxing JorlsdICOon Cost-Benefit Analysis(30 Veers,Inotoding TIF Running Through 2039) Mill Rata NO Sales Ti.N.Captured Juredidion 91_11_61. CSNut5d W TIF Sales Ts9 Rate W TIF Cole County 04355% 049374% 1500% 07500% Total WV Benefit: 51,132,527 Net Benefit Ratio: 16.90 r t..,sed V41un .. : .• � J:l-u,1p^1t Ert ,eanTF ST ' H . Lrn ,n5.i�• �__. _r• UncO rFS . TOIal OA4s 184 TOTAL EENEFT IrtV.973401.12 001,346t ■emrin 91910EV650PNE917 FEDE'ELOPn1Er1T 2017 $1.012160 54.408 50 90 54488 51.012.160 6 34 408 1 90 54206 SO I 50 I 90 30 30 IAA*2011 _ 51.002038 _ 34.364 90 50 5.504 31.516.189 55040 34 406 $4. 09 5441 848 6195000 51575.000 I{ 50 511 813 511 813 516.61 2019 3992 018 $4320 50 50 1 34,320 53.790.422 32378232 44408 52.426 $6.838 _ 53,937 500 4.937100 30 929,531 529 531 556.541 2020 3982.098 51.277 _ 30 50 I 44277 57,580.844 58.588.884 54408 55.741 510149 57,875000 57.875000 50 _ .9.053 559.063 66211 2021 1972277 54234 _ 50 62 44.234 57,732461 56.720.301 $4408 I 55.874 510282 38.032.500 58..032.500 50 960244 560444 570.623 671 5962554 _ 54.162 30 50 31.102 37.6 1 7.110 56874.950 54.406 36009 110417 58.193.150 38.193.150 50 561 449 361.449 -571,.5 _2023 5952 929 54.150 30 50 $5.188 38044 853 57m2593 54408 36147 510 555 38.357.013 36,34.033 50 562678 362.678 573.232 236 5643 785 54.109 50 50 14,101 $6.205.750 37.193390 94.408 55287 510 695 6.524.153 36 524.153 00 383,831 563.931 571.6.• 2025 3933 965 54 067 90 90 34,85 98.369 865 57357 705 54.408 513,431 510.8 58,694 636 55594-636 50 565 210 585210 $76511 1228 5924.623 34027 90 50 54027 59537262 57.525102 54 408 56 577 510585 5886-529 58,568.529 50 566 514 566514 577.495 2027 521-979 53.986 1 6 50 0.886 54,705607 _ 57.695347 94408 56726 511.134 Mesa 59.045.900 50 567.644 5678. 175671 2028 I 5908226 53347 50 6 13347 58802,167 57570.007 I 54408 56878 511286 59.226818 50.938,619 30 599201 589201 530.487 2029 I 5887183 53.907 90 50 6887 59.059.611 36047951 1 54408 57034 311.442 $9.411354 59411 354 50 170.58.5 570.585 63,027 2030 I 586.192 $3.66 50 So 59.889 99241,007 I 58226847 • 54408 57.192 511.600 $9.599.581 59.599581 50 571.947 $71.997 65867 2001 I $879.310 51.8So 50 m5. 59.425.827 58 413 667 I 5446 17254 $11.782 $9.791.573 59.791573 50 573 437 997 $6-16 2032 1 5.670.517 1I 53791 I 50 50 55.761.. 59814.344 5860216454406 37518 $112021 99987404 04 999874So 374906 174906 50.553 -. 2033 I 961811 I 91253 6 12 55.70 @.585.931 38.794471 1 3446 17.66 512.094 . 970.197.,567 5.0107171 SO _ 579.404 570404 56485 2034 587.155 I $3.718 50 SO 6.719 510002-763 96900.603 I 54 46 57 858 512286 510 390.895 910 390 695 50 971.932 577 932 00.197 2035 5841861 53.679 90 50 45.1711 510 202 818 59190.656 5446 53.033 512.441 510,598.713 51056713 I 90 576490 579490 .1851 2036 5838215 53642 90 90 1 55342 510406.875 59394.715 54408 96211 512619 510810.67 51081067 i 90 61.080. 581080 60.00 2037 5927.659 53.665 6 50 6.688 510815.012 .59802.852 34408 6.393 312851 5111126301 511,026901 1 6 I 582.702 582.702 165.583 2038 619574 53569 6 SD $1,611 510827.312 $9.615152 54408 58578 312 986 511247.438 511247.435 50 984 356 364.356 07,942 2039 _ 3311.571 53534 $0 6 le SU 511.043 659 310,031,409 54 406 $876 313 176 511472.388 511.472388 90 536.043 • 56043 199213 2040 580326 53498 6 50 53,598 511262 736 149,058 549058 311.701.836 587,764 67764 9135522 2041 9795232 93.4823 6 32 5560 $11.490..031 550 039 956038 511.935.872 96 519 I 588 518 55.65 2042 5787280 53429 6 6 0.42/ 9111,9:831 551.040 551 040 _ 332,194±135 591309 991.309 1142341 2043_ 1075,427 6.384 30 6 48.36 51195/228 552.061 552061 912.418082 993.133 993.136 8146.1N 2044 5771913 53380 _ 50 50 6.68 512 193 312 953.102 553.102 51266443 994996 594.998 1148.103 I 2045 5783.67 1. 53.327 50 6 53327 I 512.437179 11 954,164 sv 164 912919 772 396.898 _196593 115.62 2046 3756.258 93294 30 I 6 13.2. 912985.922 I $55247 355247 91317816 990,599 196338 $1640. Total Benefits-WITHOUT Redevelopment(6%NPV): 560,893 Total Benefits WITH Redevelopment(6%NPV): $1,10,811 Assumed Annual Reduction in Property Value/Sal.WITHOUT Redevelopment 1 00% Assumed Mn.l Increase in Property Value/Sales WITH Redevelopment: 2 00% 52710677.1 Taxing JurlsdletIon Cost-Benefit Analysis)30 Years,Including TIF Running Through 2039) 98)Rats Net Sales Tex Not Captured Jurisdiction Mill Rale Captured by TIF stiles Ta Rate M TIF Library 02000% 0 0000% 00000% 0 0000% Total NPV Benefit: $44,243 Net Benefit Ratio: 2.58 4e:.oy4i'eym Pralrsh Tar. TOTAL 0E05FrT a 0.0 1,-74i_=5 HEFIT WITH vm-ret)1' WaSeul 0 703 i13d1T 541r:144 Y4r1110ut smeaadv4lw WRk fnprrise manron6Y Y4Mn U�aN14. riF NO T I sri.30 a++ Isles ue In rta4s Imealrtuewr 97F.Saka Ta41'Aakl Tel ae,k-+'n''''" F+uepebwse�* E,ELoui .H.HsHerd ..Hawes -f1F-baa Taeea Tae. mTH.Menai pinnm "Bab.a4npmar4 �Oeer 9s+. T`f 8a�u.suc Ta. Fe Benefits 155.51,,,7.%"/IT c� " rd:.,Immrn OECE":EL.c.�.ssrn • 2017 31.012.160 92,024 SO 50 $2,024 $1,012180 SO 59-.1 $0 $2 024 3 _ $0 50 90 — 34 12,024 2016 51,002,038 $2004 _ S0 SO $2,004 51516.189 5504.009 9',524 $0 $2,024 91,+'13710 91.575.000 SO 50 _ SO 62.024 • 2019 3992,018 11,914 $0 SO 01,14 33.790,422 $2,776,202 I 002594 50 32,024 52257.500 53937,500 $0 33 $0 _ $2024 2020 3992.098 51,96 _ .1 SO 50 91,16 _ 27,580,844 $6.598,684 0224 SO 52.024 81.975.000 57,876,000 30 90 50 12,024 2021 $971,277 91,945 1 1 50 $1,16 $7,732,401 $8,720,301 92.024 SO 5.024 91.31.230 $8,032 500 • $0 1 1 $2,024 _ 2022 5962,554 31,925 I SO SO $1,626 57,887,110 $6,874950 87276 30. $2,024 36,1@21`= S0 90 $0 $2024 2023 $952,929 91.906 50 S0 $1,106 58.044.853 97,032.893 32.034 SO 52,024 SIS:AI) 59,18]150 58,357,013 1 1 10 l $0 �, 12624. 2024 $43,399 _ 31,67 SO SO $1,687 38.205.750 57,193.590 2041 SO $2,024 58724.563 98,524,153 SO SO $0 $2024 • 2025 5933 985 51,888 30 SO 11,01 $8.369,685 I 57 357,705 3.104 SO _ 52024 36984.050 58.894.636 30 SO , SO 32,024 2026 $824,626 $1, 9 SO S0 01,149 56537262 _ 97525.102 _. 52.024 30. 52,024 55,665,3'0 50,688529 S0 359 $0 X024 . 2027 5815,378 W 6 51,831 30 80 51,391 1,706,007 2],685,6] _32 ,4 90 52,024 92.10 .SLO 59 045,900 30 $0 $0 ._1'394 2026 5906,226 _ $1212 $0 SO 61,812 58.802.167 57.670.007 U2"124 SO $2,024 95.15(1.619 32226.818 00 63 $0 $214 . 2029 5697,103 51784 $0 SO $1,76 38.059811 38.047,851 , 12304 30 92,024 50.411.354 58411,354 30 50 SO $2024 2030r $880,192 $1,776 $0 30 $1,775 39241,007 1.228,67 32.014 _ 53 37.024 99398951 39,599581 $0 Se SO 62,024 31431 179310 $1.759 1 $0 _ 61.70 59.425.627 1.413667 _ , 12.424 SO 52.024 60764,5'3 59791.573 $0 50 $0 32,024 2032 $870,517 _ 31.741 W SO _ $1,741 _ 91014,34 1.00716 52.024 50 $2024 39.2,404 56.967.404 SO SO 1 62024 0932 161,011 51.724 35 SO 61,724 10.100.071 31.794 41 62.521 1 $2,024 110.137.153 $10.967,152 80 50_ $0 $2024 F "A•J 3 5853.193 _ $1,706 v 51 _ 50 11,706 2/0002713 159/3503 52.224 $0 32.224 $10,550 Nil 510.360.100 50 SO 1 02021 3025 5844,661 $160 30 30 11.396 S10 2518 07100039 _ 22.026 SO $2,024 510518713 113,11.713 40 62 1 53,_039 2836,215 51.672 Ii SG 30 _$1,672 _ 960.6=.67$ 26.384713 92,0450 22,024 1161210.097 21041085: A _ 53 $0 30111 2037 1 39 27.653 51, 6 I $0 So $1,639 515.415.012 $.20-632 92,024 1 _ 52,024 211031506 311.036991 99 12 so _ 17554.. 2038 119.574 1 31.639 1_ $0 $1,839 519..01?Al2 00,115.1$ 12234 60 52,024._ 111247_431 311247,435 50 10 $0 v 12,0+94 2526 111.378 51,623 SC SO $1,123 111,042.18 510031398 1i1V4 1 $0 52,024 131.472309 $11.4729$ 1 SO 50 52,934 2040 5803.265 51,6007 00 1 01,607 311214.721 42529 522529 111,701,348 L _ 10 $0 _ 13691_ 2041 3795,232 31 590 90 50 _ $1.960 _ 111.44.031 522.980 522,960 9113355.2 _19 1 631431. 2042 9787,280 31,575 SO 50 $1,676 _311,741,1.11 523440 13,440 313.173.300 30 SO 151441 2302 3779,407 51.,558 33 SO $1,61 $01204423 523.908 • $23,900 512411.812 50 $0 030,506 3044 $771,613 51.543 30 _ SO $1,643 112.103312 _ 324367 2224.307 412886445 30 1 $24587 2973 Ip S7133.07 51,528 10 SO $1,66 312417.178 324874 524,974 112919.712 1 50 122174 I 2046 9756258 31513 30 30 61.613 512.685.922 525 372 1 $25.372 313,178,158 • $0 30 526.372 • Tatar Senqtbs.WRHOL 51,ed0valopmmt 131.14PVI: $27,964 Total Benefits WITH Redevelopment(47.NPV): $73.207 Assumed Annual Reduction in Property V✓u✓3aNa WITHOUT Redevelopment: 1 00% Assumed Annual Increase in Property Value/Sales WITH Redevelopment: 200% 527106771 Ea51n0 J I.Iod1:Jo'n CoSI-546 7?A202y503(30 Years,Including IF R3mMng Through 2039) Mi01502 2 Sawn Tay NM 01edis640 *11I1Reh Carer.by TlF Soles Ter Rah Ceph144 by TIF :9675 son 7.7130022 05171. 3.6928% 00000% 0.0000% 0.0000% Tot!NPV Benefit 5015.905 Net Benefit Ratio: 258 THau v' is 'THou T.%v. Haul OT4L BEIUEFI 04sne.d Y4eie WTM I, •�0 F n u, -.I 58=745 T 5a1..724i3 Sa34s 4)rine .4 7 -� L 9C F t••,� over euere 7 i r VYf1� TF 4tr.Tu.. TH „'1PjAe 17 Baer SAln:ie SMT• i e r v,_ 1 _171 F. o� •i - vn IPOn�r RE0E0E50P5'9B6T Rsdn.ln..mak � r©- T Fu.:ILI'L7t - - B-7-- 1.:f.'-i'I��1,4 201' 51912160 537.377 50 34 $371.7 51,012150 50 11757 50 53737 50 52' SO 30 50 537.377 2011 111002.0311 557,003 53 10 337.033 _ 51.510169 !MUM .53737 SO 53]3]] 35516-007 11578000 SO EO SO - 117,531 3419 504013 335,633 30 50 536,653 53.790.422 52.]75]82 S3737 SO _ 537.277 13937`.60 51931500 d SO SO SO 530.,377 2020 42200 516257 10 3111 S0 S7 675381644 96566.604 53737 10 07:577 $7875000 97.875.000 SO fl 19 337177 2021 _t6977217135_904 I 04 SO 30 515565 67.732461 56.720.301 _92775 I SO 537.317 58032500 35,032500 I 30 SO 95 537.377 _ 2022 5382584 535545 50 I F7l PIUV' 537]'+7 33 53737 58193150 _ 60.149,100 50 30 SO $31177 _ 51773 $125221 535-190 SO 92 636.110 $0 53737 S0.557013 50357413 10 50 50 537177 • 6924 10e6,310 054116 so 1 80 10,33 50 637377 31.1524,153 95324.19 50 SO 50 - 537177 , 2025 9032465 514.489 34 50 534409 543611B65 57.357.706 S37.3T7 50 537377 16.604120 55594.638 50_ SO 30 137377 2026 MANN 534145 S0 50 1 $94.146 51237= 57 525,102 337 377 30 337,577 51/66529 18 588,529 50 30 30 567177_ _ 2027 35.5]73 553.173 50 50 635.695 30 53737 $9,545.900 59.045,900 50_ 39 SO 637177 MOO 1906225 133465 I 50 50 331916 s+ I 53]37 59226,818 69135156 SO 14 SO 537.377 2920 $037.195 535.112 I SO SO 331130 V11059 811 560174921 51757 50 1 53737 50.911,354 58415,254 50 SO $0 _ 337277 2210 *0031112 50.730 _I $0 50 132719 50238837 537.57 S0 137377 00399531 59599541 SO 50 39 13117 2017 1073210 532471 I 50 SO _ 132471 9/411867 33737 50 0177 52.701372 59.791573 SO 50 50 337377 2032 3310017 _ 632.345 SO 10 009,198 59814144 68.50218/ 537377 10 _ 53"•377 59.987404 59967.404 30 34 10 85717 2033 I 1961.011 531 825 50 50 333283 $9306.631 $5 794.471 517377 10 $37 377 $10.187152 S10 187192 10 10 50 I 137177 1m1 I 5653.163 937907 50 34 531.607 610002763 11.1611.913 32727 SO 53737 5103905% 1103135641 30 55 50 537377 21335 3644.8861 531 62 52 I 90 $1.192 510202815 51,110,913 637377 SO 53737 310$671] 150.591712 I so 60 50 937321 2036 ' 505215 130160 33 T[{ SO 330130 910,400478 59,394715 53737 1 50 55327 990/02/1 5108 87 106So SO Al $7}77 9 2037 56 .559 53:977. So 1 s0 I 330.611 110¢53.012 19502052 537.377 50 51777 111020101 1 $11 028901 SO 50 10 $3717 2035 5110575 330261 60 I SO $30266 3134320.7 $9.815,152 537377 90 537170 5112/7439 I 511247439 50 50 30 33117 2039 5011170 629.933 50 I SO 33!963 511.043 859 510 031.889 97317 50 93311 _ $11.472 386 611 472 386 50 14 51 .177177 3590 SICO213 129 H63 SO 50 676.633 541284736 ( 1114164 _ 9415964 $11101.535 30 10 1416160 4341 576634^ $29366 50 69 179111 611 490,031 1 5424304 5424.304 111,935 872 50 50 1424.304 1947 3117230 =1173 70 M 620,075 $11.]18.531 5432.790 5412790 1 312174.5 50 SO 5419730 2044 5773.407 $13.761 10 _ SO 526.792 517964,710 5441.445 5445449 911,456482 SO 50 54919 41 2044 3701.113 524.433 50 SO 126,464 112,382212 5450275 3490275 111903,403 SO _ 30 1410276 2045 _ 3703.12 _ VAIin $0 SO 61025* 911437179 soh 44r) 6438210 512.919,777 30 60 $9117/9 2046 17511219 527227 $0 50 19181 I 512663922 _7460.405 548a 486 313176.185 SO 10 5411.451 Tots!Bens.-WITHOUT Redevelopment(5%NPV): $511,333 34207 Be0e8p WITH7 ruall mn1(5%Nl41! 51,333,238 Meume6 annum 949,98enm7m7M85.5.a$.YS WITHOUT Redevelopment 1.00% 83sume4 Nana f94uuORyiu64n4W30343W1'MRedev&opmerm 200% 1:1154%'.1 Taxing Jurisdiction Cos[-Benefit Analysis(30 Years,Including TIF Running Through 2039) Mill Rate No[ 3e1e9 Tp Not Captured Jurisdiction Mig%W 00029160 by TIF Sales Tex RatebyTIF Jefferson City 05561% 00000% 20000% 02500% 'Note-0 75%of Ciys uncaptured 1%an..<captured for City Supplemental TIF during TIF period Total NPV Benefit: 5617.727 Net Benefit Ratio: 694 A -d F ' �4No VITHOUT TOTAL 944440] ,O,..,,. p„� Ui.._i 1 ^u TSF 3,11 �.0T bw.400 p,Seer U r '3TF S.,IO, To501 S.io.Tu TOTAL SE EFT WITH ,UT rn Ta.mrilnoT ./9,1172vm4r VNTH _. 1 THF ,�I F -.,. .O TH 911makmMoe ria].-.mumu JT Fdeeatonnrwn �..:r 2, -rimy. T.�..-; _ h+w Qase TF Labe 0571,57:a jerenla flfJ' ,. p!,,i- F FEOE'i EEO.44:97 2017 51-012.160 55.309 m 50 56.00 51012-190 SO $5-929 90 I 11,524 m - 50 SO SO SO 56-60 2016 31.00,036 55572 SO 50 56,672 51.516.115 3504009 15.629 50 _I $5,629 91575000 I 31525E00 35 $3.938 _ 53936 93689 2019 3992016 55517 f0 so 16,617 33790,422 .52.729262 19.829 SO 55829 50937.500 53937.500 30 59.644 59.644 116.172 2020 5982098 55.461 50 SG 69.181 57560,644 56.566.684 _ 55,620 SO 15.629 32875.000 51375.000 SO 519968 $19.689 626.510 2031 3972277 55407 30 SO 19,407 37732,461 36.720,301 55629 50 35.229 35032500 56032.560 SO 520081 330011 525718 2022 $952554 35153 10 30 59,999 17.617,110 56.874950 $5.629 30 55 MI. 58.193.150 32193150 30 520483 620443 129.111 2023 6952929 65289 35 50 6620 2!,04481 37.032993 95329 SO 55629 58255,0 973 13 38]57.013 SO 520693 $20693 931 • 2024 5641205 11260 SO 30 $6245 36205,750 _ 57,193590 35.629 ._ 1,5 SO 55.629 59524.153 $ 24,153 30 321310 521_310 _ 126.631 2025 5933985 _ 35.194 SO SO 96.11 351569 I 3 57.357.705. $589. 50 35.629 _ 3569/,636 x684635 60. 321.737 521737 127.356 02 5924626 35.142 60 SO 92,144 58537183 V25, .2162 35629 SO 55629 56.698529 59869529 90 322171 12..171 937.150 2027 5973529 19.090 50 60 1,010 51708.007 97.895647 55.629 60 5589 19045900 50.045.900 SO 627,615 322615 05140 2026 I 1650275 $5.045 50 SO 16.050 38882.16/ J $1170.007 $5.629 30 35629 33,226.818 99229118 50 623.067 323067 14.895 2029 3197.191 54.998 30 SO ISSN 39.059.811 36.047.651. 25.929 SO 55929 39411.234 35.411.31 30 _ 3529 971178 629.167 '.�]-0 3808.192 54,939 SO 30 1139 59241.007 58.228.847 $5929 SO 15 44 .629 595 ,981 39599581 30 '113.9. 523.9449 61P,m I 2031 1 $179310 94,890 SO 30 94.890 35,425,027 16,413667 35.829 SO $5529 5979193 39.791.573 30 524,479 524479 510.198 2032 I 1870517 $4941 50 _ 30 , 1.11 59614.344 11802154 35.629 60 ( 55629 599/7454 3998741E 30 324.989 524,969 310617 2033 _ 3461,611 $4,793 5C SO 1,763 99.906,631 38,794,471 551329 So _ I 55.629 310.165.153 510.117.152 30 325.488 525.498 331.097 21134 3853.193 54,745 60 m 60,745 510002.713 58990.603 35.929 SO 35.624 510.390 895 I $10.390.895 SO 075,922 525977 _ $31.989 2035 3644661 $4.367 SO SO 1.997 315.202,218 99,190.658 55629 SO _ 99.9 510594713 I 910.598.713 35 I 326.497 526.497 934535 2038 3536215 54350 SO SO 1.650 510.405.675 59294.715 .35829. 30 $5.629 310,810607 1 510,01097 50 527.027 527.027 1332.16 2037 _ 3477653 24911/ 35 SO 114.664 310 615 012 34602952 15.8'19 SO 65.829 311.026.901 511,676,621 SO 527.567 327567 133115 2038 1819.574 1.558 SO so 1699 010-827312 59.815,152 65929 30 $5.829 511.247,439 311.247.439 30 520.11■ 529-119 631.747 2039 39113/5 54512 SO I 30 94512 J 511.043859 310031.99 55629 , 10 35-@9 511472388 511.472.388 30 526.681 536:941 614390 27}.92 5601755 54.481 $0 I 30 15411 51121.736 567543 582149. $11,701638 $117018 5117,016 171108 2041 3706'=1 1.422 90 SO _ 1422 911,461931 583896 363.896 _ $11955522 5119339 3119,359 _. 5193260 • 2042 3765.360 34,5.'5 SO SO 14,376 311,719131 I 965174 585.174 912.174590 5121.740 5121.745 6199920 2043 [ 3719407 1334 30. 35 1.41 511954,226 56447] $66.4]] 512416.082 $124.161 5124161 1110161 2144 I 1771611 1.291 90 SO 14.291 _ 512,193312 341.607 957.807 51489.443 5126664 5134154 $10071 $318 I 3793 97 94748 _ 30 SO 130 912_437.179I $69.163 599.!63 311419.772 3129198 3129,198 5199.501 2046 I 5758,258 54206 I SO 50 __ 54208 312.815,922 _ 370546 I 370.548 513,171168 5131782 6131.782 9302.320 Total BeneM2-WITHOUT Redevelopment(514 NPV): 177.79 Total Benefits WITH Redevelopment(3%5757: $896,452 Assumed Annual Reduction to Property Value/Sales WITHOUT Redevelopment: 1 00% Assumed Annual lnaeese in Property Value/Sales WITH Redevelopment: 2 00% 527106711 Taxing Jurisdiction Cost-Beneflt Analysis(30 Years,including TIF Running Through 2039) Mill RM Not Sales In Not Captured u�• 4091.Rab Captured by TIF Sales Tex Rate $TIF Surtax 05800% on•0- 00000% 00000% Total NPV Benefit: 3638,699 Net Benefit Ratio: 8.98 p,,. 2. S TOTAL 8342315 Unci ur, dTFOi Tis P P 32$00179 In0520 26 Sole• Tn, U c Z+,n To.. ..r TOTAL BENEFT\NTH xWr .-. T i• 1 HOOT 3,f 85sv/V VFW I,,,, Pon,:,, ••� -RrCae.Y.nnvml F� I �I JHOUT MiMrnenT - • -� T. :-ITH Fetl� .i�� P+newly ees. 4900 83.,,eTS Fav:-1!r* u, 5:,III FE6Ei EL OPMENT 2017 _ 31..012.160 I 55.871 59 30 16.01_. 51012,160 50 35671 SO 35.871 50 SO $0 _ 59 50 $9171 2011 31.002.090 ) 51112 50 95 I 35.112 31_5111,1* 5310.154 10.471 20-30E1 $1.794 61.315884 11573.000 10. 32 50 *,754 2019 5992 016 9-754 30 59 99764 53790.422 52,778 262 _ 558871 316.114 321 984 53,937.500 53-837500 30 • SO SO T31. 8 . 2020 520.031 9.505 50 SO 56.889 57580.844 56.568,564 $5.671 $36098 543.969 37,875000 57.875.000 50 SO SO 9919$$ 2021 5971277 55.59 ,, 30 5o 15.Q$ 97732,461 36.720.301 58.671 538.976 544.848 38032300 58.032500 50 50 SO r $4846 2022. 596255 43 a 55.5 9 SO 16.93 3132.117 $8,874950 55.971 539.975 545,745 33,193.150 59.193.150 50 50 50 *49746 054 3962929 . 9577 !0 -• 119117 569457'- _ 37,0Y� 5553,71 949.135 141.420 51.237.213 _ 56567,059 6.1 50 30 50.89 2024 5943399 95472 SO SO 98,472 9100.7511 57.193590 35171 541_723 047593 58524,153 56524.153 50 SO 30 947,80 f F 2025 113299 55.417 9 50 16.417 97500823 57.357.]05 35871 $42676 518.555 58.694,638 .8.694.636 50 _ SO SO $41516 2428 3924.826 $5.35 50_ 1 30 0.513 9537262 57.525102 55.871 $43646 549.516 3519528 38.688.529 50 50 50 $9115 2027 _ 5852.376 55,30 33 9 15401 96.19.907' 57.895.8447 33.601 $44138 3M.55 59320$100 88.045.570 39 50 9 991)8 2028 5906.226 35258 I 9 9 36.258 39882.167 37,870,007 55475 345.546 I 91517 9228.818 59.229818 9 50 30 581.517 2029 3800.15 I 55284 I 9 30 I 56.20 54059.811 58,047,651 9671 0-00579 I $52.547 59411.354 5.411354 9 SO 9 513.147 _ 202O $6/13,112 32162 9 9 18152 _ _ 54241.007 9728.847 9571 $47717 3531 9599.581 9599.581 9 9 9 59.691 _ 355 979.310 15 100 30 50 56,100 9,425,827 59.413,567 55.871 548.799 554 670 9791.573 9.791373 9 9 $0 _ 94.570 2032 3870 517 55.08 50 9 85,845 9.514.341 58.532 184 _ 991 549193 _355 763 9 987.404 39 987:40 9 9 509679 541 9 99 2033 3861.811 99 9 50 14, 6131 94 .79471 55.871 91108 556878 _ 310 187 152 510.187.152 58 50 * s 358,671 2034 3a51.180 $4949 9 9 54.511 _ 310,002,763 9990.603 55.71 _ 552-145 554215 $10.350.895 310.390895 9 30 9 561,015 2035 5714.482 Sas _ 50 50 55 549 310,202818 9190.89 9 35.671 553306 5 .176 _ 819.808.713 510.596713 9 9 9 9 1 .171 • 2033 936215 $2 830 50 9 U S$8 510.406.875 38-394.715 36.871 554.49 580.39 510 810 97 510.810.97 _ 9 _ 9 9 *0510 2037 3827353 54302 SO $0 *4.102 310615012 9802152 55671 $55.697 91367 511026901 511.024,927 9 9 50 2038 3819.574 54754 9 SO $.754 510127.312 9115152 I 9 871 $56528 382.798 311 24749 511.247439 9 10 - 822 512,'79 2039 911,378 14,705 30 9 54.70 551.043,99 $10031199 55.871358.184 94,154 311472.388 511.472.368 9 44 50 5O 594 _ 2040 $85263 I 54.89 30 9 1119 $11.284.736 r - 95335 95.335 311701830 9 9 96.311 201 5795232 54 312 30 SO 54.112 $11.490 51 568.542 388,842 511 935 872 _ 9 9 1151.542 202 9737210 I 54.568 50 $0 9491 $11719,831 567.975 567,975 $12 174 590 50 1 90 847.173 2043 5779,407 JI 54521 9 $0 54,1221 311.954.228 .593 9 15 3 .335 512 418 082 9 50 *1.131 2044 $771 613 $4.475 9 9 54.476 512193112 _ 570]21 370711 5121941 30 9.4 _ 510.731 2045 1itl157 $4 9 431 50 8441 512.437179 372136 512,13E 312119-772 9 V 84139 2046 379,258 54.39 50 30 15.39 $12.685122 573578 573,578 313,178183 9 I so I 173,675 Tptl 001ea%•W 17'_50055018HCpmenl!5%%9711' 551,098 Total Bene600 WITH Redevelopment ISA NPV): $715,718 Assumed Annual Reduction in Property Value/Sales WITHOUT Redevelopment: 1 00% Assumed Annual Increase in Property Valu✓Sales WITH Redevelopment: 200% 327105771 Taxing Jurisdiction Cost-Benefit Analysis(30 Years,Including TIF Running Through 2039) Mill Rete Not Sales Tut Not Captured Juriedi"nn Mill Rete Lectured W TIF Salm Tar Rate 00110 CD 00000% 00000% 10000% 05000% Toll NPV Benefit N/A-CID created in conjunction with OF,no net costs/benefits Net Benefit Ratio: WA ac` ssvd LSie MWawty 7'.. 5ad1Wm9as Ta. t ''''Zi"....-7.- Asased Vfit avahes Tr„ Tar uneuWTe.TFlAN TMu . . mates lnta+m saes TFH �TW'�" TlF a., 7n.sales T •� t L1ll.33AJT fixdr.kwecNt 1!rrl:Apsnomtn..nsefnprnere esseBse _Tera MM nndaWmnnu MselY+�t OM P-1... � @enKe -,a,Et:•,,iEItT ovlstsYM"a TtB1.e7N1rt 2017 I , 2015 , 2019 2020 2021 . 20]2 - - - 33 2024 - 2025 II - I e 2026 - 2027 2020 - 2029 I . 2030 203, _ I - 1 2032 _ " 2033 I - I _ _ 2034t I - 2035 — 2036 _ _ - r 2037 2030 - t - 2039 I 2040 r 2041 I - - - I - _ - 2042 - eau _ _ I 1 0 204411IIr _ 1 20.15 I I ' a -rc Total Benefits-Wr0HOUT Redevelopment(5%NPV): 91 Total Benefits Wrill.Redevelapmerd(0%NW): 'N Assumed Annual Reduction in Property V✓u✓Setss WITHOUT Redevelopment 100% Assumed Annual Increese in Property V✓u✓S✓es WITH Redevelopment: 200% • -,,:M1T,3 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. Mary's Hospital Commercial Project-Taxing Jurisdiction Cost-Benefit Analysis Summary NPV Revenue NPV Revenue WITH Net NPV Taxing Jurisdiction WITHOUT Redevelopment Benefit Benefit Redevelopment State $4,195 $7,794,595 $7,790,401 185722.57% Cole County $61,340 $1,541,709 $1,480,369 2413.40% 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 Total NPV Benefits: $11,293,932 **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. 52689347.5 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 _ $1,541,709 $1,480,369 2413.40% 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 Total NPV Benefits:1 $11,293,932 I **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 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% 0.3481% 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% 0.0906% 0.0000% 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% 0.7006% 4.7970% 2017 Sales Tax Rates Taxing District Rate Not Subject to TIF Total Subject to TIF State 4.225% 4.225% 0.000% 'City 1 2.000% 1.000% 1.000% County 1.500% 0.750% _ 0.750% `CID 1.000% 1 0.500% 1 0.500% TOTAL 8.725% 6.475% 2.250% 52718347.1 Taxing Jurisdiction Cost-Benefit Analysis(30 Years,including TIF'limning Through 2039) min Rate Not Sales Tee Not Captured Jurisdiction NilIRet5 Captured ya TIF Setae Tex Rete bias State 00300% 00300% 42250% 42250% Total NPV Benefit: 17,790,401 Net Benefit Ratio: 1,859 23 • •' P L $1�"'.1 Thou '1 Thou- TOTALfiENEFT $2._5..215 TFCI T P akii WITH nsp_. unc',P21 Fs T,...5.-.1,, OTaI.SE EI-1 T., ;uc, ,P�I-v•,.iu� TIF 0 1 BavlaRe Tar � - THT .x< 'r' ~�Iliq r TIP. T. B�r. ckCE_oPI1E Jf _2017 51312160 5304 SO 30 p 1304 91,41_t90 30 - 51 5304 _.30 6301 $0 9 SO SO SO 5304 2018 I $1.002_036 01 SO SO I SSM 51012,150 30 5304 SO 3304 52265.000 32.285.000 SO 595,660 $95696 041060 2019 I 592.318 5296 SO 30 I _3969 52266.671 51.256.511 5304 5377 3681 55682.500 55.862500 50 3269,241 1233241 528-RI 2020 1 161M016 5295 50 SO 1296 $4537,342 53.525,182. 5304 31,058 31,391 311325.000 511,325.000 $0 I 5476.481 $671,451 6478.542 2021 3012_:7." $292 90 50 1212 34.621.063 53.615,926 3304 51,065 51368 , $115E1.5130 311351.500 , SO $466.051 5466.051 5459.431 2022 3962.554 3289 30 60 5228 34 720 650 53.706.490 3304 51.113 $1.416 311.782 530 911292.530 SO 5407 812 $497,612 _ 904.21$ 222 3952.929 5266 SO 30 SLS 54.815063 53,802,903 1364 51.143 51 445 $12016.181 311.014.151 11) 5907,+768 I $501.786 5101213 2024 3043,399 523 30 I 30 1283 54911264 53.809204 $304 31:170 51.473 512159.541 312250.544 SO 3617321 $517.923 $619197 2025 3932.65 $280 SO 50 129 I 5506,5$2 53.997.432 5304 51199 01.503 312505.715 512.505.715 50 $528262 I. $574740 1152,764 2026 5924326 3277 SO 30 1275 35109.764 I _ 55797924 5304 51229 51,533 312753769 532.751769 50 5538948 5536.648 33514819 2127 5915.370 3275 50 9 3271 55211979 31.190 819 3304 51260 91.561 513 008 865 513.005.685 SO 3549,625 3549.625 9551.15$ 2028 3906.228 5272 SO 50 . $272 35316219 64304,059 I $304 51291 $1,585 513 269 042 513.289.042 50 3640.117 _ 5590,613 3.532-211 2029 a 3.7,,10 3259 30 30. 921$ $5.422543 SA 410.383 I 5304 51.323 _ 3.1,627 313934 423 513534423 SO 3571:529. 59343-9 1671666 2330 2888,192 3266 30 30 1648 35330994 34519834 5304. 51256 31859 111405.192 313805112 SO 5583.266 $583266 $86164 5151 5879.310 5264 9 36 8644 35.341,614 54629454 5304 51.383 51,692 514061.214 514 081214 50 3594.931 3551931 R5161,152 2032 5470,517 3261 _ SO 50 8351 55,751 ate 54.742286 9304 62 51,423 31.725 514 3838 I 514 362,635 3O 4808.523 55. 83 16. 0 595160 2033 3661.811 3259 30 9 3643 558495/5 $1,657,375 $354 $1.457 $1,761 314550.095 , 314550.095 30 3610,967 $61686 9529,727 2034 1830,'12 3258 SO 50 1269 35,956,926 51.979.786 3304 1 51.492 110796 314943.097 314943.097 36 5651346 3851:348 5633,142 _ 2.235 5641.661 5253 SO SO SLS_ 56.106664 55.034504 3304 51.528 51,532 315221359 $15241.959 $0 5643973 3649.473 6946166 i .X135 1855..`15 37.1 9 80 101 36125791 3531690. 5104 $1465 3119 515,502.735 118541.714 9 6016152 365969 29116772 2037 5927,055 524850 20 1263 36553374 55 341 214 ` 5304 51302 51.906 515.657 731 515.857.734 SO 3669959 3569.959 _ 9611.15' 2038 38195/4 5349 v SO 9 /242 56460.441 4 33668 2811 5304 31.610 31,944 5161746 $16-174.689 641 3883 $ 389 833.569 1046,135 _ 2039 3871216 3243 SO 50 3243 I 56.610050 $5 597 690 � 8$5304 51.679 I 91963 316498387 316.498.38] 30 5697.04 5697.057 1695,960 2040 3861.265 3241 SO 503981 38.742.251 32,023 W.1,0516.628154 5710998 3710999 $711921 2041 3795232 3239 30 30 .W 5369 56.877095 W 52,063 52063 317164921 5725216 5139219 8727211 2042 5797220 5238 SO 50 528 57014.638 52.104 82.104 I 517506 220 I 51=7= 1700.722 9741,927 2043 $779.407 5254 5030 1334 _ 37.154.931 a 32.169 3212.146 32148 51].856384 I 215'54,517 1754.517 1700.553 04 24 5771 613 3221 50 ' 30 3233 9298.02 _ I 199 316,215552 5769807 11 1769.607 5715.725 2545 3763.697 3229 30 SO 3221 _ $7.443.990 I 52 233 32233 116519,063 rI 3784.999 h 1/ 6 64 999 _ 572 549 3756256 • 3227 30 30 _ 1227 57 592 870 I $2278 _` $2 9 1 273 316,9514 3800.699 3800699 192177 Tobi Benefits-WITHOUT Redevelopment(5%NPV): 5.,111 Total Benefits WITH Redevelopment(5%NPV): 37,794,596 4.8.7443.573.Ketioraten nPmpeitl Vanieleliei WFT14OU0I11464 1 0 1.041, Assumed Annual Increase in Property Valu✓541os WITH Redevelopment: 200% 5271/347 I Taxing Jurisdiction Cost-Benellt Analysis(30 Years,Including TIF Running Through 2039) Mill RE.NO Sales Tax Not Captured Jury"n Mill Rab 0.014354 IV TIF Soles Tax Rale aTIF Cole County 04387% 00906% 15000% 07500% Total NPV Benefit: 91,480,369 Net Benefit Ratio: 26.13 I.� WITHOUT i1 T OTN.,JITHClu, A-3E.Fi -,.ed 44sr.WrtM loci,_. .5711. T Unrall tlTF 1141 T F > 1945941111 11., 511 Salel 'rteal U . 51 Tr O'NL EENEFT"11TH V11THO 1 F r " U TF-' T WITHP•lu p .i - In09 11IIRRJu..24111 3183.4.. T. O!n I T T REDEVELOPMNTE EO�V ELOPIIENT P.r,1.lNynnmH !r E,�4 - 2017 51.01110 54440 30 50 84440 $1012180 SO 54440 S0 94.440 90 SO SO SO I 30 1.440 2015 93734234036 14.969 30 30 $4,910 I $1012160 Y 50 34.440 50 $4440 $2.265000 32.265,000 50 316988 516988 521 423 2019 5992.518 54352 0 0 _ 1.562 I 52263671 131.256511 14.410 31.138 .30.576 55.562,500 80.662.500 50 542.469 342.469 548.047 0026 3981139 $4.308 30 SO _ 54.108 54.537.342 53525.182 54.440 53194 37,834 311325.000 311.325 OW SO OHMS 5541935 199312 2021 3972,271 54265 50 30 1.256 94.828088 33 6155/28 54,440 $3.2756 57.714 311551500 511.351 500 30 $86.636 - 969.653 844 33 2022 3962554 54223 0 30 1323 34-720,650 31.708.490 34440 93,360 17 BOO I11.7375561 311.762510 30 - 560.369 568.369 M6IM 2023 91 3952.929 $4.190 I 30 30 86156 54815063 33.802.903 51440 53,445 1 57886 512,018,151 $12,018.181 30 390.136 590,136 563,022 20245551.799 34.139 0 30 $411 54911364 33.889.204 1.480 33919 57973 I 312_258.544 612258.544 SO • 9913. 391.939 98.312 2025 $433965 94.067 $0 0 5417 S5,00951 92 53.997.432 34,440 33,622 010 912503215 _ 512.503715 0 378 OM1 93,778 5937AM •. 2026 1124.005 34,056 50 30 _ 14063 _ 35 109 784 54997224 $4440 53.712 38.153 312,753.799 S1275321 50 395.853. 365.85] 81163 .5 2027 5915,379 34.016 SO SO 11.018 10,211.972 54,199.819 $1440 33.805 38245 313008,685 313.008,865 80 397.566 397586 1106512 l 4029 3908578 53.976 50 30 Masa 55.318219 _ 54.304.059 54,440 53.699 59.340 513269.042 313269.042 30 ` 5637/511 399,518 $107.485 2029 .163 33930 50 30 63,991 - 35.422543 54410383 34440 53386 $6436 313534.423 313534,423 30 $101506 _ 5191.606 811.634 2030 5688.192 5]-596 30 I 30 SLIM 80550994 54.518,634 $4,440 54.094 3E856 51590.5.112 113.805.112 SO 3103 538 1.1162,550 3-,.3.313 2031 357E110 53.858 50 30 63,163 65541614 $4.829.454 $4440 14.194 38.635 314,081.214 514.001214 SO 5105629 3105,609 1114.44 2632 5173,511 13,516 10 30 32,515 _ 55.754446 54,741288 9.6440 .34297 56,737 314362838 814.243,532 SO 3107721 3107.721 5115483 2033 5381 811 33 781 50 SO 1.731 55.689 535 34.657375 54440 54.401 38,841 514950095 314 650.095 30 5109.876 1106876 1118 717 2034 3653.132 53.743 _ 50 10 63.743 55.988656 94.974766 94.440 54587 _ 38.947 514 943 097 314 943 097 SO $112071 $112073 1121,021 _ 2035 3644661 53.706 50 SO 13.763 34000,561 55.084504 34.440 34.616 _ 59,055 I 315241958 515 241 959 SO 3114315 _ 5114314 5132]71 2036 3653215 $3.888 SO SO 63.863 56226.798 35216.638 54.440 1,728 39,167 1 314546726 915.546796 50. 3116,01 3116601 111.751 2037 3827 653 I 33.8.32 30 0 1 32,332 $6,353 374 35,341214 94.440 54839 39,279 I 315 857.734 315.657 734 50 3118 933 3118.933 1124212 3031 3819574 I 53.595 • 00 So I 53.636 38.480441 48`.468281 34440 34.954 36.595 516174989 516.17481 10 3151312 SIP 212 5130,101 2039 - 3611316 3390 SO SO I 1339 63810580 33.59760 54.440 35.622 $9,512 .316,498387 816,496,347 30 512.1.736 5121738 1113950 2640 1671365 53534 So 0 13.124 34242251 3295/8 529578 516.825354 5176217 1128213 1163,701 2041 5795232 13.463 0 0 13.41 087/098 330.175 330.170 _ 317,164921 • 3128.737 I $126,737 559487 2.342 578720 12,454 0 I 0 Saeas 17014,835 • 330275 530273 $1708220 5131 312 3131312 • 5582.111 5779 407 33.41930 55.41$ $7. 93 1541 331.389 531.31 317 8583134 _ 3133.936. 5133.938 8156.327 2044 5771 613 31305 00 I 0 9 $7290829 I 02016 .332018 518215552 31]56!7 1190,517 319.557 543 5752 8, V 33.351 50 SO 63551 I 37443.990 I 532,67 02.8557 014,035,483 3139.349 1139.349 1172003 2045 5756.258 $3416 0 1 0 Male f 57.592570 1 533.310 _ 313310 518951.40 $1421]8 3142,136 1173,635 Total Benefits-WITHOUT Redevelopment(5%NPV): 11,340 Total Benefits WITH Redevelopment(S%NPV): 81.11,705 Assumed Annul ReduO0on in Property Velual9ales WITHOUT Redevelopment: 1 0% Assumed Annul Moms.in Property Velua/Seles WITH Redevelopment: 200% 5271634]1 Taxing Jurisdiction Cost-Bclellt Analysts(30 Years,Including TIF Running Though 2039) Mill Rate Not SW.Tex Not Captured Ju,SdOt,O 1 9eLe Captured by TIF Sales Til Rata b TIF Library 02000% 00000% 00000% 40027% Total NPV Benefit: $26,216 Net Benefit Ratio: 196 'a p TU T J AUT OT�.L CENEFIT ., ,. Incl u U T TOTAL 6-rIEFTWTH i. F �a /1 'TROUT 1 '11'' ___ ,. • TFIA 14ka YRTH - .99142 TFSna _ 7, aTIF.'.A� x inP 1 1 • F d FEOE EL(1F115(1 •. a �� T. ,,T R�tl_�IOV n•,l raaee+b[nnmrt ..., E- ,, 9.-,,,, REOEVELQ,EN 7017 91.052660 52.024 00 I SO 12,04 $1 012160 SO _ 52024 50 32 024 50 SO 00 SO 30 02.024 , 2016 SI 092.038 52,001 SO SO 15.094 I $1 012 160 5032 52 020 SO 52024 52.265.000 295200 50 50 SO 1214 2014 .5992016 SI 964 SO SO 81,14 I 52264671 I 51266511 ._ 32024 SO 52024 55.682500_ 35.662.500 SO SO SO $2624 2020 $962086 $1364 SO 50 61.814 52.537342 53.525182 92.024 _ 50 32,024 311325.000 511.325000 SO _ S0 90 12.004 2021 777377 55.945 50 50 81.946 54672,089 33515326 1.024 00 33.024 511.551500 311 551 500 30 SO F0 82.824 2022 9381534 [1.6055 _ 30 JI SO 81426 34 720 650 61709,490 1.024 90 I 32024 £11.762530 51176253o. 30 so , _ 50 5224 0 2023 I 5952929 51.906 SO I 50 { $1,102 54,815063 53.802503 32.024 _ $0 I 1.024 912016161 1570315161 SO - SO 50 12.024 . 2=4 I 5943389 51187 SO 30 81461 $0911 364 01.899,304 12,906 50 11 32.024 512.258544 $12258.544 16 30 SS 15,634 2025 $933,965 51 666 SO S0 11161 05008.592 0399]432 32,024 SO 32.024 4 912503 715 $12503.715 $6 SO SO 12,04 v 2026 SaV43381 $1 849S0 SO 61849 35.109,784 64297.824 52,024 50 32.024 512253.789 312753.769 ' 30 SO _ $0 52-024 2027 5915.379 51.631 V 39 SO 81.651 55 211 979 34.199,818 52.024 30 32 024 413.RY,lffi 913408.865 30 30 30 52.934 2079 5904226 $1.812 30 SO 81.812 35 316 219 54304.059 52.024 SO $2024 1135361242 313269242 30 SO 30 _ 32.024 ,49 5067.133 1-,750 36 so 61,798 5270512513 91417,53 raw so 320_"4 912.934.4233 511.554,523 45 30 10 1026_ 2030 $888.162 31.778 SO 30 51.9771 $8,530594 54518.834_ 52.024 SO 82,024 $13.605.112 513.805.112 SO • SO SO . $2.014 2031 3279310 51.759 50 30 $1.781 _J1 55641914 .54829.454 52024 30 52024 114.Dal 214 514.081.214 50 _ SO SO 12924 2032 1470.517 $1 741 SO SO 61.741 ] 15754,446 51742.258 $2924 30 32-024 314362638 $14.363638 $0 SO SO $2.924 2013 ram 511 51724 SO SO 51.74 55869536 54367.375 • 52024 SO 52.024 314050.095 514.650.045 50 50 50 1226 2034 596,195 51,706 50 5011.708 55 986 926 54 974 7668 _ 92.024 30 1 1.024 314 943.097 314.943.097 SO 30 30 1264 2035 3614661 01.889 SO SO V 61.151 56.106.661 35.09454 32024 SO 52024 515241 959 515 241 959 55 50 30 80,034 2036 303[51_705 I 01.672 s0 SO 11.872 $6,228,796 55218638 52.024 55 65,24 I 515.546199 515545796 SO 30 SO 32024 2037 5827.653 I SIMS 30 SO 11360 _ 56:353374 15341 212 32024 SO 32,024 1 315,27,734 515357.734 I so SO SO 1206 2620 5919574 31659 $0 SO 11.86 36,480,141 55,488.281 $2424 00 32.024 316.1748899 I $18,176542 I so SO 50 52924. 2039 $811376 $1423 SO SO I 11.811 56410050 _ 55592890 32,024 SO 52024 316498387 316.498387 30 $0 Si 183.074 2040 1t=1.265 $1607 30 00 11,607 36742251 I 213.485 511,455 516.828354 SO SO 113.196. 2041 3795232 51 590 30 50 11.810 _ 58877.096 _ - 513754 013754 313,151.921 SO I 30 511796 3744 $787180 $1575 SO 30 55.815 57014,638 814.029 514.029 $17.508220 SO 30 114.425 2041 5778.407 31559 SO 30 51300 71.154931 I $151119 514.310 51]458.364 90 330' 114.912 2044 5771613 1143 SO SO 115429 I 014598 .4 1596 518115.552 SO m 5 61 10398 $0 914,698 2045 82304011 31,528 10 So 11.625 37 443590 514.818 512.096 019526/83 30 10 112.119 2046 5756258 $1,513 S0 SO 51615 57.592870 1 $15,188 315168 516.951,481 SO $0 616.161 Total Benefits-WITHOUT Redevelopment(5%NPV): 927164 Total Benefits WITH Redevelopment(6%NPV): 596,180 Amman.15,008522 eiwi el Rll2Mr 00490 .$196771141e1Mle8mmt 100% Assumed Annual hcrmse in Mowry Valua/S4les WITH Redevelopmem: 300% 2^2,0:-4'.I 'ruing Jurisdiction Cost-Benefit Analysts(30 Years,Including TIF Hauling Through 2039) MITI Red Not Soles Tax Not 4045520132 M11951e 40 Nu1.4 by T17 SeOn TU Role Copt+.by 117 Jefferson City School 0ieTict 36926% 00000% 0.0000% 0.0000% Total N111344075 5464,064 Net Benefit Ratio: 194 P ny7040553T 52937 Too WI7LIplT 70777E EENEF , v.lu•' n P iP v�ll +n bd'00721 �� ""� ]+I..*11 1rs+1...M544.4 Wraetmn]75 •a 37.1. TOTaL BENEFT Ii TH Tar 14 Fneli+. rt 047..0sSer'2 fedr,eMpso.n ,,LOUT F 1 - _ 0 � -.•T�"" =4454 P N HV 554rr 4w53on 5139507 4301 5Tae E ncfi:4 5E0E 7ELOp14ENT FEOE`4OP'4EIJi :'.'^_`3 I 13-37 30 SO 137171 51410.13 10 537377 SO 537.377 SO 50 _ 50 50 30 53717 T J 2 C 53700] 50 F 50 WAX 1191216E SO 537377 SO 537377 3_'285 UM= 16 I 10 570 697177 21119 I 536633 50 SO WAS 52266671 51256511 $37377 90 332.37? 12692503 1535016 10 50 50 337.377 2020 0 .733.150 536267 30 SO $315553' 0 $4.537342 53535.182 337.277 SO 127,977 1x1225002 151335000 30 50 50 957.117 2021 Jr 30 277 10 50 335104 54,626.086 33.119995 317377 SO 137377 511551.500 511551500 I 50 30 13 1371.77 2022 I 19£1014 I 135.545 30. s0 656.04 34720850 53700.410 557277 SO 537377 511.762530 511.762530 30 SO SO 13737 2W 58599M ! S35.190 50 SO 536.110 54.315.3!!:• 33102903 337177 50 537,377 512.019161 133119,111.4 10 30 55 131.377 3034 1642313 1 534636 50 50 691,135 54311.915 53199201 67377 50 5373, 352393544 5222231(503. _ 50 50 _ 50 557.377 2025 69843 534.469 33 SA 114435 55.009592 33997432 5300277 53 11137 112503315 512102715 50 SO $0 337327 _2026 3021W S34.145 36 50 I 64.146 55.109764 34.097624_ 333377 52 321.377 $12.]53.769 412753,769 SO 30 SO 617177 3027 5115375 _ 53325.~ SO 50 553101 55211 979 34.159111 377.917 SO 537377 311006.665 513.06.665 50 50 35. 197322 2028 39819220 733,46 92 SO 133,466 15336212 54354,69 147377 50 537377 513269042 513269.042 50 50 39 537277 ;020 5017.153 533.130 SO SO 633.130 1642554 I 14.110,253 337.377 SO 537377 _ 112.334.423 511314.413 30 19 _30 537177 313 5669.112 5]2.]99 50 50 121969 55130994 34518/34 537,377 50 337377 115.303,112 311-695+:12 SG SO 50 357.377 761.11 5079,310 S32,471 50 SO 159.01 55141914 54,629454 537377 540 537477 114061214 _ 513011214 50 50 SO 337177 2032 5270377 332,146 50 10 $51145 55754446 54.74226 137.37 10 321277 114251,336 114 362 618 50 SO 50 11117 2033 691111 531,478 10 10 _ 531226 6669535 _ 54.652,377 937,173 10 137327 514.850,095 114 650 095 50 - 10 10 S 317177 2034 5563,1'6 631303 10 50 331107 55386926 5.074.781 137.2=' 50 537277 514943.09] 514943097 50 30 SC 337177 _ 2035 3694 351 531,11E SO 50 131.192 5310e534 55,51411^4 517277 50 537327 515241559 515441 558 36 90 ] 10 13717 1A 1136215 530.880 SO SO 500..560 50225.7115 55211136 537377 50 137377 551545.704 1/55/5250 10 10 30 537377 7517 1C`7.51K1 530571 50 50 130.511 30559/74 6,341114 337377 30 _ 337277 415157.734 415.667734 50 ' SO SO 157177 2033 I 3917571 530265 50 50 130511 56.460.441 6,468281 537377 50 517377 111.1741M 516174589 SO 50 50 552177 3029 5510573 13313 48 50 311133 56510050 S5:597090 13737 10 537317 6. 51198]87 516.496397 SO 50 30 111177 V 2040 55`2785 528683 52 30 61113 56742251 I 5240410 5248378 516625354 W SO 1556,571 3.� 2041 1715252 . S21 10 10 121354 96877096 1 3253557 5253957 517.164921 6 50 50 1161167 2042 5797200 120073 93 SO 11375 _ , 57014 a'3 3259037 5259.037 31751333 I 30 SO _ 529.617 2042 571437 5203821 50 50 531 .054311 _ 5264.217 3269317 597,533344 so , SO 5214717 3044 57:1112 528.494 W 13 5- So 30 139.394 57298029 30505 5269.502 3 . 131200450 r SO 50 390/30 304E 3037107 127,345 50 la 311101 57 443 990 " _ 5214.50' 1774= 1 318579.663 SA 56 537U53 53 2046 57552 527927 50 I 50 62701 57 592 870 1 0390269 5280369 ^L 316951460 50 50 57/6199 7039235+672.5501.89.17043r+Ne0nieu(5%1P3.1: 5616353 Total genera.WITH Redevelopment l5%NPVI: 11,400167 04useel.05p3 Fimerr101441rprk0'10a1w 111:00J79nse..5La9nry 1i73S Assumed Annual hurls/in Properly ValuelSales WITH Redevelopment 1'A 5211/3471 Taxing Jurisdiction Cost-Benefit Analysis(30 Years,Induding TIF Running Through 2039) MuII Rale NA $ales Tax Not CeoWred Jurisdiction 94(3814 Centered by TIF Hetes Tea Rete 'CTIF Jefferson City 05561% 00000% 20000% 0500% 550.-bei of City.1%uncaptured ules tax(or 050%)ceptursd f0-City Supplemental TIF Curing TIF period Total NPV Benefit $1,150,375 Net Benefit Rasa: 15.92 '.THOU Tall F�UT -7121 ii,;i F 'J.,I �nt'1Ff rl �o IP cnO /Tr• I' - - T Unrap� dTFSrr' ±Tar OT4L SENEFTVJ TF :iii HC), 5,l. Si u OUT FnFn . r n I n p FH _5571. Ta, "' V,TF F 1 �l F tl n,� � ...: Tri 6 l r FED�Jc LCPn1ENT 0 .. n l:tl.0 � r FEZ=... OP lE JT F _. T. _ 201, 51.012160 $5629 02 SO 55155 ) $1.01210 SO $55a 10 95629 s0 SO 30 _ 80 0 35 iia 2016 31002038 $5572 30 30 _ 16.672 $1012160 . $0 55.929 50 55.929 52155000 52.2655.000 s0 511.325 311,325 . 615150 2019 5992015 95.517s0 30 45553 32288571 51159511 55679 30 35.629 $5592-500 95560500 50 528313 526.313 533,941 2020 5982.099 55,481 _ SO 50 $.351 34.537.342 5,$95182 55 629 30 55,629 311 325.000 310.+9.900 50 356,675 556525 562.255 2021 5972277 55.407 SO $0 (5447 54 628 088 53.615928 35`620 90 55.629 311.551500 311 551 500 SO 551.758 557.758 163,535 2022 9962554 55.353 50 0 11.233 54720,650 53.706.490 _56,-075 30 $,628 911)82530 511 782,530 30 998913 358511 150,691 2023 1952.,929 55299 50 10 ULM 50815063 23602803 55.629 10 I 35.88 $12018,161512018.181 30 I 580091 $63.981 94670 2024 5943399 55246 SO SD 1840 54911.364 33.599204 55.629 50 $665.9 $12 25044 5 J 512 25x544 30 1 361 293 961 293 OUP' 2025 _ 2933985 $5194 30 SD _• 35194 55008592 13997,432 55.89 50 55.629 512.503.715 312.503.715 I 50 58.519 582519 155,147 2026 SO24 626 _ 35.142 0 SO 55142 55.108.784 54.097624 $`+89 SO 55.89 $12753789 $12.753,789 $0 55:5.,10 560 3. 769 35339 2027 $915379 l 55090 - 50 90 I 36.040 55211979 54198.619 $5.629 0 55.629 513008985 313,008,865I 50 285044 MD. 170.613 2029 5909228 35.040 50 S0 (6,010 95,319,219 54.304.059 $5,629 30 55,628 313269042 513269.042 50 I 566345 366345 171.04 _ 2029 3897,163 _ $4989 SO SO 14.135 55:422543 54410.38 55.89 50 55629 313534.423 9'3,514.'451 SO 1 $07572 561.1072 573,391 2030 1166.102 $1939 SO $0 01353 55530994 4.4.51.4.534 5589 30 55,89 513,805,112 513 605 112 30 369.028 I 389026 575,451 _ 2031 3879310 54.690 $0 0 5100 55641614 $4.629.454 3809 SO 55.89 S14,081,214 314,081.214 $0 39.4317 570,406 175.830 20323870517 94,641 90 50 51641 35,754.448 54.742 : 296 55,629 S0 3579 $14562538 514.38.838 50. 571.614 $71,814 4 117.455 2033 i $861811 $4,793 SO 90 14.70 35558955 I 54.657.375 95.629 50 55629 514.585.065 $14550,095 SO _ 573.250 573.250 171.571 _ 2034 312.155 54,745 30 00 0.746 1 $0 986926 I 54.974.764 90.629 50 $629 914943.097 $14.943.0.0 SO 574715 574.710 (0.344 2035 $544.351 34,697 55 30 55.07 I 58 106 664 I 55094504 35.28 90 55.89 515241.959 515.241959 30 576.310 576,210 331.525 5734 5438215 54.950 30 $0 12.480 56129798 55216.636 I 35629 30 594070 915545.799 915546796 50 577.734 577.734 555513 0-22. 9527.850 54.604 50 50 94.655 59 155 574 95.541 214 I 30.629 30 55,029 315857234 515.957.734 50 579,269 379,289 04.515 2038 5819.574 54,558 55 0 51.06 58480441 55801211 . 55.629 SO I 95.629 $16.174889 316.174-589 30 580.874 160.674 _ 135509 2035 I 3811,378 54,512 SO SO (1612 586100`0 35597890 55.829 50 I 55,89 516,498 387 516496.67 SO 58248 582492 135.121 20.8 I $803265 $4,467 90 10 14-4(7 56742251 $37.494 537494 516,88,354 1138,214 9189294 1206.11 _. 21$41 5795132 54422 50 30 5437 66277.096335.144 538.244 517,164921 3171 849 31'3549 MUSS 2042 37872800 34328 10 50 94,375 57.01.4.638 1 539006 339006 117.151.722 3175062 3175.082 911101 2043 5779407 I $4,334 50 50 54194 37 154 931 I 53978.9 939788 317,656,384 3178 564 5178 584 1215.372 04 24 3771.613 1 54.291 50 SO 3101 57 298 028 1 340.584 940 584 318.215 552 9162158 5152.158 1222.740 2045 376 6,97 1 54.248 30 SO 0348 57443990 941196 541..396 516.579,683 $185799. I $185799 I 612].10 2046 57562.8 I 14,206 SO SO (4235 57592.770 542224 542,224 518,951.40 W $189515 I $10,515 I 1211,70 ' Total Benefit.WT4Ot1T Redevelopment(5%NPV): 177,755 Total Benefits WITH Redevelopment(5%NOV): 11,231.10 Assumed Annual Reduction in Property Velu✓Solea WITHOUT Redevelopment I.00% Assumed Annual Increase in Property Value/Sales WITH Redevelopment: 200% !32(8.1`,1 Taxing Jurisdiction Cost-Benefit Analysis(30 Years,Including TF Running Through 2039) Mill RM 255 0el58 Tsx Not Captured Jurisdiction Mill Rete 0.5597.80'TIP 5.1.Tex Rete $5110 Surtax 05900% 05800% 00000% 00000% Total NPT Benefit: 3352.316 Net Benefit Ratio: 5.36 .: .. Fr no,', nU LOUT TYfA6n�R'r- A 4d 342113 vR234 ,._1st p I, WOO:.• rin�un T rt , 008478 1170+7410 in Seam _JTP P1�_ -28(64(71 T4. 2.2764. 40Ti1 v-2,0527 17.'7.0- T9=g4a 755554.. r r r 9� rx • r v '."0Mmtma ...6, -.5543 .THP a-,1,,m, Pmlm.nprr..n 0-..m.9.1.4 lin" •Ikmellts RESE .OMPEINT 2017 31.012160 95171 30 50 56171 31.012160 50 5.871 1 00 5.871 So So So 50 50 18,977 2016 51.002.039 95812 So 10 66,615 51.012100 30 5.871 SO 5.871 52285.000 52265.000 - So 30 30 95.171 2019 5992.018 5754 5 90 0.214 8..555.571 31156511 5.871 1 972858 313.159 5.662500 5.652500 30 11 So So 113.1116 2020 3982.098 35,896 30 5 66.681 54537342 51129.12 8,921 330446 328217 911,32=000 $11225.00 30 5 So 121.517 - 2021 392177 - 5.939 30 - SO 11.656 94928.088 33815.928 5.571 920.972 9062143 911,5'1,100 911,531,502 00 10 So 128.928 3022 9622.5554 $5583 00 30 16.663 34.720`50 6 33.708.490 5.871 521 509 527.380 511782.530 5117822530 30 90. W W7313 2023 3952 929 5527 90 30 88.522 54.915.063 118002.903 5.871 322 057 527.927 312.018.181 312018.181 50 50 SO 127 327 2024 5943.399 15,472 50 30 1.3.521 54,811-154 51.599.204 35671 522.815 S28.486 013,208.544 312256.544 5 30 30 12.416 2025 _ 3933.965 35.417 30 _ 5 86.417 30009592 33997432 30,871 8:1.156 329210 512533.715 512503.715 30 So 90 128.911 0010 . 824616 5313 30 30 06,113 5198 784 54.097 6.4 5.871 323766 529637 312.753.769 512.753.759 90 90 5 621837 2027 3915379 $.309 60 30 15301 09.211.575 S4 199819 5,871 _] 924.359 530229 513.001.895 313.006.865 SO SO 20 130.226 ' 2028 3906226 5256 SO 30 98161 55.316211 5150.055 5.871 124% 330934 513.269.042 S13.289.042 80 30 SO 55.134 • 2029 _ 3897183 5204 5 5 16.204 3425533 54.410]93 5,171 325.80 51.451 313534423 513534.423 SO SO 5 691.81 2030 3886.192 5.152 _ SO 4 30 66.162 555994 54518934 33,671 321298 352,021 613905.112 313605.112 SO 30 50 651011 2211 579,313 5..100 SO 30 86.109 5641614 I 34.629454 55.871 525851 532.721 514.011.214 314081.214 30 30 5 00231 2032 5870.517 _ 5500 10 10 SLAY I SS.754 446 54742288 5.871 127 305 533376 314.362 638 514.382938 30 5 50 590.578 2033 5881 811 54899 30 30 51718 • 55 845 535 34.85/.375 35.871 1.8173 334.003 314 550,095 514.850.285 5 5 50 134.041 2034 3553.193 54.949 5 5 54.146 5986926 53204.720 $871 528.54 .134_.724 314.845,097 3149432197 5 SO 50 134.724. . 2035 54661 94,89 5 5 34146 5106 664 I 5 094 504 5.871 329548 335 419 515.241.959 315 241 959 13 70 5 55411 2036 38.3;1.6 14,850 10 30 14.110 I 36228 798 I 5218638 5.871 330 256 338.127 315 546.798 515.546.799 30 5 10 186.1ST _ 2037 3827853 54.802 30 30 __ 93,605 I 5_151371 I 5341214 5.871 530979 .536.650 315857,734 315557734 5 90 50 131.160 2038 519574 54.754 5 50 14.764 I 8480441 I 5468.211 36.871 551,701 957.587 518.171859 516.174.689 5 5 5 637611 2039 3811378 14709 5 80 14.706 56810.050 5.597690 5.871 -/M.43t 300210 511.05.587 310491387 18' S $0 _ 338331 ' 2340 392.25 54.859 5 30 1/00 5742251 I 339.105 339.105 31682/354 10 SO 633.163 2041 575232 .33.612 30 5 14852 3687.096 I _ 339687 339.187 , 317.164921 30 5 x 5 ,121 • 2042 3787280 34.566 30 30 94,05 57..014.638 940.9855 340.665. I 317508220 , 30 5 140,666 2043 5779 407 34.521 5 50 14.621 97194511 541.499 341..499 317.958.384 5 30 141,491 . 2044 37/1.613 54,475 5 SO 14.476 57298,029 I 81-5.2 I 102329 319.215,502 30 30 142.181 2341 9755897 94,431 50 5 14631 37443990 I 943175 $13175 300,67163 10 SC 133.576 2046 , 3756,258 14,380 30 50 14391 r 37592870 I 544939 944.039 918.951.460 l 10 30 344,931 Total Benefits-WRHOVT Redevelopment(5%NMI: 111,091 Total Benefits WT/Redevelopment(5%NPV): 1433.115 Maumee AnN13 846urOu 41 Pnen5rh Sktee3Paps 991TH00184da+48grr0d 100% AYumed Annu4 1101388 in Property Value5.1es WITH Redevelopment: 200% 527183471 Taxing Jurisdle0on Cost-Benefit Analysis(30 Years,Including TIF Running Through 2039) Mill Rate 51 Sale Ta NR Captured Ju60E0en ,,A Rete Captured EVTIF Sal.Ta Rate h TIF CIO 0.0000% 00000% 10000% 05000% Tst✓WV Benet WA•CIO area.In coot..pnseldl Ts',ea net e0NYpyne6p Net Benefit Ratio: WA 'iTM .7 THOI T :.THOU o Reaeneiii-u p�� lug ile 9�4+i.,r. Un�ppc d Flt T .•v n lT `..ilea^ neraTIT Lee Seke T, l :1 TIF Si,- 1,1,153k;T» TOTAL BENEFIT I.,IT Y �d1ave1.mRert GNU 4.349 Tv. FED,ELOFII ErIT r F. R I ern t F,. 1"1'"""1 N'ECFwE�OPs1F3lF 2017 2015 2019 — 1 1020 202] . 1 , pI 1015 1 2027 I 2029 - - — - _ _ 2az9 2030 ( _ 2031 2032 lav %0311 8 2036 I I 2037 2039 2039 _ 111 - . :740_ 2041 • - i 2092 2043 I I I +_eas I 2049 1 I iet✓Mermen-VY+inntlrRedereleomem SSF NPA, 41 Total Benefits WON Rede2✓apment(5%NPV): 40 Assumed Annual Reductnn in Properly V✓u✓S✓es WITHOUT Redevelopment: 1 00% A9wxo40Anrse9 IOO at Plwepr y✓p✓9eiaWITleN vs: 200% 527193471 { it III ' EXHIBIT J DEVELOPER AFFIDAVIT See Attached for Developer Affidavit. 52689347.5 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 b- bre me, the undersigned Notary Public in and for said County and State,this nay of /F' , 2016. (Notarial Seal/Stamp} ALLA IC..�tJ Si_, : ire of Notary JEAN MACKNEY Notary Public%Slate of Missouri e(�vk y-,lC2c4U&e My Commission Expires November 27,2019 4 CdeCounty -}a..dLP ' ted Name of Notary Public Commission N11500009 53048489 I My nzrission ex ices: - Ct)_ 19 53048489 I Exhibit A Lincoln Project"With Incentives"and "Without Incentives" Return Analyses 530484891 Lincoln Project Proforma(WITHOUT Incentives) Year 1 = , 4 5 0 7 8 0 10 7'Iia,IL(T EOM?' GROSS PROJECT COSTS $(43,382318) TOTAL 1(43382,718) Net Casts $(43,382318) New Market Toa Credit. 1 753,144 Federal HTC $ 1,125,000 State HTC $ 1,406,250 Brownfield,Credits $ 2,000,000 %of Cost.: NPV of TIF 0.00% NPV of City Supplemental TIF 0.00% NPV of CID 0.00% State Contribution for Lincoln Project Debt to be Financed $(30478959) Equity S (7.619,665) AMORTIZATION TABLE .R€V EN(UEDebt Principal ! 30,478,659 Commercial.Rent $ 470.445 $ 1,176,113 $ 2,352,225 1 2,375,747 $ 2,399,505 $ 2,423,500 $ 2,447,735 $ 2,472,212 $ 2,496,934 Term I 20 TOTAL $ 470,445 $ 1.176,113 $ 2,352,225 $ 2,375,747 $ 2,399,505 $ 2,423,500 $ 2,447,735 $ 2,472,212 $ 2,496,934 Not Year Ps.vmsot I locmtx Prim-Mel Balm« 1 2.766,133.14 1.981.11184 785,5_059 29,693,639 Commercial Operating 1 (47,045) S (117,611) $ (235,223) S (237,575) S (239,950) $ (242,350) $ (244,773) $ (247,221) 1 (249,693) 2 1766,13524 1,930.086 52 836.04672 25,857552 Commercial Vacancy $ (23,522) 1 (58,806) 1 (117,611) S (118,787) $ (119,975) $ (121,175) $ (122,387) S (123,611) 1 (124,847) 3 2766.133 24 1,875.743 48 1 890389 76 275167,202 Commercial Brokerage $ (28,227) $ (70,567) S (141,134) 1 (142,545) S (143,970) $ (145,410) S (146,864) 5 (148,333) $ (149.816) 4 2766,13324 1,817,108,1.1 I 948265.09 ,018,937 Capitol Rrxrt es S (23,5222' $ (50.806) S 017,611) S (118:787) $ (]19,975) 5 (121,175) $ 1)21387) 5 ((23,611) S (124,947) 5 2,766,)3323 1,756,230.91 , 1.009,90232 26.009.035 TOTAL 5 9122,7169 ; (205,783) $ (611.379) 5 1017.4491 S 03.571) $ (650,110) S (636.41)1 1 (84L77$) S 1649,753) 6 2766,13324 1.690,587-26. 1,075.54597 . 24.933 489 11766,133.24 1.620.676 78 1,145.456.16 23,788.532 DEBT SERVICE $ (2,766,133) S (2,766,133) 5 (2,766,133) S (2,766,133) $ (2,766,133) $ (2,766,133) $ (2,766,133) $ (2,766,133) S (2,766,133) 8 2,766,133.24 1,546,222.11 1219,911.13. 22,566,121 9 '2,766.1.33.24 1466,927 88 1,299,205.35 21268,916 ,:i--it 1 I iii 10 1766,133.24 1.3824'953 1.383,653.70 19,885262 11 2.766,13314 1292,542(14 1,473,591 19 18..411.671 Equity&Carry $ (1,250,000) $ (7,619,665) $ - 5 - 5 - $ - $ - 5 - $ - S - 12 2,766,133.24 L196.758.62 1369.37462 16.842296 Net Cash Floor After Debt Service $ - S (2,418,004) 5 (1,895,810) 5 (1,025,487) (1,508.080) 1 (990,500) $ (972,743) 5 (954,810) S (936,696) 5 (918.402) 13 2.766.133 24 1.094.749.27 1.671313 97 15.170,917 Hypothetical Sale 5 23,096,642 14 2;766,133.24 916.10931 1,7.80.023.91 13,390,888 Loan Payoff $(21,268,916) 13 2:64.13324 870,4157:75 _1,895.72548 11.495,163 TOTAL(CASH FLOW TO DEVELOPER) S (1,250,000) 1(10,037,669) 5 (1,895,810) S (1,025,487) S (1,008,080) S (990,500) $ (972,743) 3 (954,810) 5 (936,696) 5 909,324 16 2.766,133.20 747.18560 _2.01894764 9,476,215 CUMULATIVE 5 11256.018!1 S(11,287,669) S(13,183,479) 5(14,208,965) S(15,217,046) $(16,207545) S (17,180,289) $(18,135,098) S(19,071,795)-1(18,162,471) 17 2.766.133.24 61595497 I 2.100,:77.24 7.320,0311 1R469911111',t I N1151.• •"U 09' 18 2,764,13314 476,19135 1 1124991.89 5,036.095 19 1760,13324 327 346.19 12.438.787 04 1597308 50rr lir pm\-. 20 2766.133.24 168.82503 I557.30620 0_ 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% YEAR 2 REVENUES 20% YEAR 3 REVENUES 50% YEAR4 REVENUES 100% ANNUAL REVENUE/COST GRO 1% FEDERAL HTC%OF HISTORIC 20% STATE NCC%OF HISTORIC CO 25% %OF TOTAL HISTORIC COSTS 75% 1SNCOLy PROSECT PROFORM,1(331T71 INCENTIVES) Year 1 2 3 4 5 6 7 8 5 10 :0600:1'1'n'Iv GROSS PROJECT COSTS S(43,382,718) TOTAL S(43,382,718) Net Coat, 5(43,382,718) New Market Tar Credit, 5 753,144 Federal HTC 5 1,125,000 Mate HTC 5 1,406,250 Bro.mfidds Credit 5 2,000,000 %of Cot,: NPV of TIF 5 6,187,428 1316% NPV of(Sty Soppkmewt,l TIF S 700,651 157% NPV of CID 5 467,100 1.05% Stets C..8686'v for Lincoln Project 3 10,000,000 Debt to be Finaweed 1(16,594,516) Equity 5 (4,148.629) AMORTIZATION TABLE Ill vt'',lI Plea Principal 16.594,516 16.594,516 Commerdal Rent S 470,445 S 1,176,113 5 2332753 3 2.310,747 3 1,569,200 5 2425.590 5 2,447,75,5 S .7.47411 S 2_4911734 .Term 20 TOTAL S 470,445 5 1,176,113 5 2,352,225 S 2,375,747 S 2.399,505 5 2,423,500 5 2,447,735 S 2,472,212 5 2,496,934 •Pmt !1.5(6,2751 1 v'•,..4 Yew Noon; l Int>:a] I P..mnlvl 1 1344.< 1 1566.051411 70711.443 36 216,167,1411 Commercial Opera .30 tmg 5 (47,045) 5 (117.611) S (235,223) S (237,575) 5 (239,950)5 (242,350) 5 (244,773) S (247,221)S (249,693) 2 16.931411 1.050361 I 17.711,503 Commomd Vacancy S (23,522) S (58,806) S (117,611) 5 (118,787) S (119,975) 5 (121,175) S (121,387) 5 (123,611) S (124,847) 3 11166.018.48 1.024.:375 15.227.125 Cammotcid Brokerage S (28,227) S (70,567) 5 (141,134) 5 (142545) 5 (143,970) 5 (145,410) S (146,864) 5 (148,333) 5 (149,816) 4 1,505,053,41 959,7 79 10.821 c;r9irieemlm 5 175,.271 5 1518061 5 111`.6111 S (118.1111 S 1119.9731 3 G31.1751 6 ,..:-_487) 3 (123,611) 5 1124-847-+ 5 11.536054,16 951721357 1:2.11569 TOTAL 5 (122,316) 5 (305,789) S (611,579)S (617,694) S (623,871) S (630,110) S (636,411) 5 (642,775) S (649103) 6 11.106.05146 975,46390 7 i 1„508.0501 8111,1969 _ :.._1.117 DEBT SERVICE S (1,506,058) 5 (1,506,058) 5 (1,506,058) S (1,506,058)5(1,506,058) S (1,506,058) 5 (1,506,058)S (1,506,058) S (1,506,058) 1 L100.05149 041,88544 6647t7.3LT 7 1966,051.14 791,088 i' 1 . 1511.141 t0 t.560.691,41 752.72t --7-35.85 1513798 11 5.3-601538 08. 71-,.-- 316:- ,,1.416 Equity&Carry 5 (1,250,000) S (4,148,629) S - 1 5 - S - 1 • S - 3 - S. • 12 l:!, 5(5 Net Cash Flow After Debt Service 5 - S (1,157,929) 5 (635735)5 234,588 5 251,994 S 269,575 5 287,331 5 305,265 5 323,378 5 341,673 ,_i, - x•941 Hypothe6d Sok 5 23,096,642 90.165 Loan Payoff (11,580,148) 15 413,0t33.5. TOTAL(CASH FLOW TO DEVELOPER) 5 (1,250,000) 5 (5,206.558) S (635,735) 5 234,588 S 251,994 3 265,275 S 287,231 1 305,265 7 323,378 9 11,858,167 ,. 16 406,116.77 1179,431 CCMLL TIVE 5 11x4,658) 5 (6,556.558) S (7,192,293) S (6,957,705) 5 (6,705,711) 5(6,436,136) S (6,148,805)3 (5,843,539) 1 (5,520,161) 3 6,238,006 11 333341.45 ,4 3901759 13 -._. - _ 95934 13;6.710.15 2:41,915 (9 ._...-.--.....''2J55 .. 175,7.78,94. 1,327-100 44 1.414,130 20 91.919 CH 1.414.130.42 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 I REVENUES 0% YEAR REVENUES 20% YEAR 3 REVENUES 50% YEAR 4 REVENUES 100% ANNUAL REVENUE/COST GRO1 1% FEDERAL HTC%OF HISTORIC. 20% STATE HTC%OF HISTORIC CO 25% % TOTAL HISTORIC COSTS 1 75% Exhibit B Commercial Project"With Incentives" and "Without Incentives" Return Analyses 53048489 I COMMERCIAL PROJECT PROFORMA(WITHOUT INCENTIVES) Year 1 _ 3 - `� vv 10 I'1•111+ GROSS PROJECT COSTS $(29,654,350) TOTAL $(29.654.350) Net Cools 5(29,654.350) New Market Tu Credits $ 753.144 Federal HTC $ 1,125,000 State HTC $ 1.406,250 Brownfields Credits $ 2.000.000 %of Costs: NPV of TIF 0.00% NPV of City Supplemental TIF 0.00% NPV of CID 0.00% Debt to be Financed 5(19,495,965) Equity $ (4,873,991) AMORTIZATION TABLE Itl vv, Debt Pt-inapt! 19.495965 Cmnmcot l ricst S 406,500 S L01d250 S 2J$ MO S 2,052,835 S 2.M7303 S 2_094,067 S 1115.023 3 1.136.17E 9 1,151540 Term 20 TOTAL S 406,500 S 1,916,250 S 2-031500 $ 2,052.825 S 2,073353 S 2_094.087 I 2.115.025 S _`.126.178 S 2.157.540 ,Fmt r,'!•�, EFFYear Payment Interest 1 Principal Balm= 1 1,749.333.00 1.267.237.72 . 502.145..78 18.993.819 Commercial Operating S (40,650) S (101,625) 9 (203,250) $ (205.283) $ (207,335) $ (209,409) $ (211,503) 5 (213.618) S (215,754) 2 1.769.383 50 1234.598.24 534.785.2618_459.53.0 Commercial Vacancy 9 (20.325) 5 (50,813) S (101,625) S (102,641) 5 (103,668) $ (104,704) $ (105.751) $ (106.809) $ (101877) 3 1.769383 50 1.199.837.20 569.546.30_ 17.885489 Commercial Brokerage $ (24,390) $ (60.975) 5 (121,950) $ (123,170) $ (124.401) S (125.645) S (126,902) S (128,171) S (129.452) 4 1.769.383 50 1.142.816.69 -6116.566.51 17181921 Capital Reserves 0 (20,325) $ (50,813) S (101,625) S (1016411 S (103.668) S 11047043 $ (1051511 S (106.809) 1 (107,8771 5 I 1,769.383.50 1.123389.85 645.99365 16.636.927 TOTAL $ (105.690) 5 (264,225) S (528,450) $ (533,735) S (539,072) S (544,463) S (549,907) $ (555,406) $ (560,960) 6 1 1.769.383.50 1,081.400.28 687,98314 13946.944 ? 1.769,313 50 1.036.68135 732.70115 15116142 DEBT SERVICE 5 (1,769,383) S (1,769,383) S (1,769.383) S (1,769,383) S (1,769.383) S (1,769,383) $ (1.769.383) S (1.769,383) $ (1.769.383) 8 1.-69383_50 959.055.71 780.32779 _ 14.435.914 9 1.769.383.50 938.334.41 831.049.09 13.604.865 1 1.511F1,t5W 10 1.769,383.50 58431622 885.067.28 11719.798 11 1.769.383.50 1126,796.34 932596.66 1 I r7.205 Equity&Carry $ (1,250,000) S (4,873.991) $ - S - $ - I - $ - $ - S - 5 - 12 1.769363.50 765.515,06 (.003.865.44 10.773.335_ Net Cash Flow After Debt Service $ S (1.448,573) S (1,017,358) S (265.333) 9 (250,293) 5 (235302) 9 (219,759) 5 (204,263) S (188.612) S (172,804) 13 1.769_383 50 700.266.81 1.069.116.69 9.704.219 Hypothetical Sale 9 19,957.242 14 1.769.383 50 630.774.22 1138,009.25 8,561610 Loan Payoff S(13,604.865) 15 1.769353.50 556,704.62 1111611.66 7352_991 TOTAL(CASH FLOW TO DEVELOPER) S (1,250,000) $ (6,342,565) S (1,017,358) $ (265,333) S (250,293) $ (235,102) S (219,759) S (204,263) S (188,612) S 6,179,573 16 1,760353.50 477;94439 1_191.439 6.061552 CUMULATIVE S (1,25041'!,: $ (7,592,565) S (8,609,923) $ (8,875,257) $(9,125,550) S (9,360,652) $(9,580,411) S (9,784,674) $ (9,973,286) S (3,793,713) 17 _ 1_769.381 50 394,000.85 1375.382.65 4.686.169 MR WIlil 101 101101,. __(.,52".: t3 1.769,383 50 304.600.98 1 1.464.782.52 3.221.386_ 19 1.769.383 50 209.390.11 I 1.559.993 39 d 1.661.393 RN-4'111'11W, 20 1.769.383.50 107.990,54 I 1.661392 96 f 0 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% YEAR 2 REVENUES 20% YEAR3 REVENUES 50% YEAR4 REVENUES 100% ANNUAL REVENUE/COST ORO' 1% FEDERAL HTC%OF HISTORIC 20% STATE HTC%OF HISTORIC CO 25% %OF TOTAL HISTORIC COSTS 75% Commercial Project Proforma(WITH Incentives) Year 1 2 - 4 5 c. S 9 10 PRt}.IEt_r(OSP, GROSS PROJECT COSTS 8(29.654350) TOTAL 1(29,654,350) Net Costs S(29,654,350) New Market Tax Credits S 753,144 Federal HTC 5 1,125,000 State HTC S 1,406,250 Brownitelds Credits S 2,000,000 %of Costs: NPV of TIF S 5,355,500 1733% NPV of City Supplemental TIF 5 671,735 2.17% NPV of CID S 671,735 2.17% Debt to be Financed S(14,136,789) Equity S (3,534,197) AMORTIZATION TABLE 'RF,TE\19K _ Debt _ principal 14.136.789 Commercial Rent $ 406.500 $ 1,016,250 $ 2.032,500 S 2,052,825 $ 2,073,353 $ 2,094.087 $ 2.115,028 S 2,136,178 $ 2,157,540 Term 20 TOTAL $ 406,500 $ 1,016,250 $ 2,032 500 5 2,052,825 $ 2,073,353 $ 2,094,087 $ 2,115,028 S 2,136,178 $ 2,157,540 Pmt _(1383 004)1 y�wyy,,,_'� \k']-'113', Year Peymeal locccat +r. Mx= 1 1.210.004.01 918,391.Z4 164.11273 J3.772_676 Commercial Operating $ (40,650) $ (101,625) S (203,250) $ (205,283) $ (207,335) 8 (209,409) $ (211,503) 5 (213,618) $ (215,754) 2 1283,004.01 595,2225 96 38778905 13,364396 Commercial Vacancy $ (20,325) $ (50,813) S (101,625) $ (102.641) 1 (103,668) 5 (104,704) $ (105,751) 5 (106,809) $ (107,877) 3 1.283.004.01 1 870,019,16 412185,76 12,071,919 Commercial Brokerage 8 (24,390) 5 (60,975) S (121,950) $ (123,170) 8 (124,401) 5 (125,645) $ (126,902) S (128,171) $ (129,452) 4 1,285,854.81'843.17418 439.820.67 12532081 Capital Reserves 5 (20,325) S (50,813) S (101,625) 8 (102,641) $ (103,668) 8 (104,704) 8 (105,751) $ (106,809) $ (107,877) 5 1333,034.011 814,515 24 408.418.77 12.063662 TOTAL S (105,690) $ (264,225) 5 (528,450) 8 (533,735) 1 (539,072) S (544,463) S (549,907) $ (555,406) S (560,960) 6 1.283,054.01 784.138.02 498.56599 11364,796 7 1103.004.01 75/.711.73__551..B1111 11.,033.504 DEBT SERVICE S (1,283,004) S (1,283,004) 1 (1,283,004) S (1,283,004) $ (1,283,004) S (1,283.004) 5(1,283,004) $ (1,283,004) $ (1,283,004) _ 8 1.283004.01 717.177 73 565.82618 19.467.677 9 1,283,004:01 680.3399.53 60.2.63499 9,865.071 4,00,541.FLOik' 18 11-283,004.01 641229.70 641.77431 92.223.298 11 I6 1,2.83.004.01 599314.37• 683.489.64 8,5559.808 Equity&Carry $ (1,250,000) S (3,534,197) 8 - S - 8 - $ - S - S - S - I - 12 11.283.004-017 555.037,55 727916.47 7,811.872 Net Cash Flow After Debt Service 8 - 5 (982,194) $ (530,979) 1 221.046 $ 236,086 8 251,277 1 266,620 5 282,116 $ 297,768 $ 313,575 13 11.353:004.31 507.270-57 775231,04 7,036.661 Hypothetical Sale 8 19,957,242 14 1383.004,01 45738296 825.621,176 6211,040 Loan Payoff 8 (9,865,072) 15 1.253,004.51 403,717.59`f 879.216.43 5.331.753 TOTAL(CASH FLOW TO DEVELOPER) $ (1,250,000) 8 (4,516,391) $ (530,979) S 221,046 S 236,086 $ 251,277 S 266,620 S 282,116 $ 297,768 S 10,405,745 16 1283.004.01 34636397[ 936.440.04 4.395333 CUMULATIVE 8 (1.250.000) 8 (5,766391) I (6,297,370) S (6,076,324) S (5,840,238) S (5,588,960) 5 (5,322,340) $ (5,040,224) 8 (4,742,456) S 5,663,289 17 1281.004.09 285:695371 997208.65 1 3398.005 181114 1111 144 f:'.TlVF..5 - 18 1283.004.01 21087931 1,062_135.711 2335.871 19 1383904 01 151.11;1.62 1 1..131.172,40 1104,699 41'1-\4 F1it1E8 28 1283.00451 76,305.41 1 1.104.698.60 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 I REVENUES 0% YEAR 2 REVENUES 20% YEAR REVENUES 50% YEAR 4 REVENUES 100% ANNUAL REVENUE/COST GAO' 1% FEDERAL HTC%OF HISTORIC 20% STATE NTC%OF HISTORIC CO 25% %OF TOTAL HISTORIC COSTS 75% 1,".711 r 1 EXHIBIT K DEVELOPMENT TEAM F&F Development, LLCJaffiliate of Farmer Holding Companp): 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.("+CHIPS"": Civil En2ineerine 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 52689347 5 • 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"): Legal 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. 52689347.5 t ) I,4 9 ,r EXHIBIT L LIST OF TENANTS/OCCUPANTS There are no tenants or occupants within the Redevelopment Area at this time. 52689347.5 �) ti 1 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. 52689347.5 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 priorwritten 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. 52689347.5 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. 52689347.5