. Excellent location near Kansas Speedway/Village

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1 FOR SALE 220 Acres Master Planned Multifamily and Commercial Near Kansas Speedway Kansas Highway 7 126th Street SITE State Avenue The Plaza at Village West Legends Outlets Community America Ballpark Sporting Park KANSAS SPEEDWAY Hollywood Casino Nebraska Furniture Mart Cabela s Great Wolf Lodge Cerner I-435 Schlitterbahn Water Park I-70 NEC 126th and State Avenue; Kansas City, Kansas. Excellent location near Kansas Speedway/Village West development All utilities at or near Property. Entire Property master planned for multifamily and...commercial uses. Phase I apartment units zoned; sale to include all plans and related work product. Ready for permitting. Project Architects/Land Planners-NSPJ Architects. Project Engineers-George Butler and Associates Listing Price: (1) Entire parcel, 220+/- acres $18,000,000; $1.88/SF (2) Phase I apartment units, including plans and all supporting work product. $3,500,000; $10,542/unit (Site plan depicted on Approved Master Plan graphic.) (3) Additional subdivision of Property subject to negotiation This presentation is designed to provide the prospective buyer with the basic information needed for the analysis of this property as a potential real estate investment. The information contained in this presentation has been obtained from various sources which include the owner of the property and/or his staff and other sources needed and deemed reliable. We have no reason to doubt its accuracy, but no guarantee is made or responsibility assumed for the accuracy of data obtained from the above sources, estimates made, arithmetical errors, or any other events beyond our control. The prospective buyer should make their own analysis of the contents presented herein and verify to their own satisfaction all content and other related information. It is further recommended that their attorney advise them of all legal matters and CPA advise them of all tax related matters and to their own satisfaction examine the physical aspects of the property.

2 Property Analysis Land Description and Analysis Land Description Land Area Source of Land Area Primary Street Frontage Shape Topography Drainage Environmental Hazards Ground Stability 220+/- Acres Wyandotte County Public Records State Avenue Rectangular Gently sloping to rolling topography No problems reported or known by owner None reported or known by owner No problems reported or known by owner Flood Area Panel Number 20209C0130D Date February 5, 2014 Zone X Description Outside of 500-year floodplain Zoning; Other Regulations Zoning Jurisdiction Master Plan Designation Description Present Zoning Permitted Uses Other Land Use Regulations Utilities Service Water Sewer Electricity Natural Gas Local Phone Unified Government of Wyandotte County See approved Master Plan map Multifamily and multipurpose commercial-approved Master Plan Phase I unit apartments, plus a variety of commercial and residential uses See Development Agreement provided in Addendum None known or reported by owner Provider Kansas City Board of Utilities Kansas City Board of Utilities Kansas City Board of Utilities Kansas Gas Service Various Providers

3 Land Use Type Acres Multifamily (apartments) 104 Townhomes 19 Assisted Living 7 Office 9 Retail 32 Regional Retail 34 Sub Total 205 Streets and Greenspace 16 Total Land Area 221 Conclusion of Land Analysis Overall, the physical characteristics of the site and the availability of utilities result in functional utility suitable for a variety of uses including those permitted by the existing Master Plan as well as the Development Agreement with the Unified Government of Wyandotte County/Kansas City, Kansas dated November 15, A copy of this document is included in the Addendum hereto.

4 J APPROVED MASTER PLAN 1,300 Apartment Units / 75 Acres Commercial I E D (Townhomes) F B C (Retail) G A (Regional Retail) H... Residential The five apartment parcels (A-E) total 104 acres. An average density of 12.5 units/acre would yield 1,300 total apartment units across all five phases. Depending upon the density/intensity desired by the ultimate developer in conjunction with the approval of the Unified Government of Wyandotte County (UG), the overall number of units across the five phases could increase substantially. The UG anticipates a range of architectural styles and densities across these phases. Parcel A represents the 332-unit Phase I site plan. This project is zoned and includes a complete set of building plans. The project is ready for building permit submission. There is a 19 acre parcel (F) designated for townhomes. The townhome parcel allows for design and density flexibility between the developer and the UG. A conservative estimate would be six to ten units per acre. A seven acre parcel (J) is designated for senior housing/assisted living. Commercial The Master Plan provides a total of 75 acres for commercial use. The 32 acre parcel (G) located in the SW corner of the property is designated for Retail use. It is anticipated this parcel would be developed in a traditional retail manner. A floor area ratio (FAR) of 25% would yield in excess of 348,000 buildable SF. The 34 acre parcel (H) in the SE corner of the property is designated for Regional Retail use. Given the exceptional growth that has occurred in the Village West development area, the UG wanted to provide greater flexibility for the ultimate development of this parcel. A FAR of 25% would yield over 370,000 buildable SF. The nine acre parcel (I) located in the north central portion of the Property is designated for Office/Business Park use. This designation is in keeping with the parcel located to its immediate north. This parcel has frontage on the proposed Parkway that bisects the property. A FAR of 25% would yield over 98,000 buildable SF. The three commercial parcels represent in excess of 816,000 buildable SF given a 25% FAR.

5 Area Analysis Location The subject Property is located in Kansas City, Kansas at the NEC of 126th and State Avenue. The Property is about two miles west of the Kansas Speedway and The Legends Outlets retail center. Access and Linkages Primary highway access to the area is via I-435 which is approximately 3.5 miles to the east and I-70 which is 1.5 miles to the south. Highway 7 provides access to State Avenue and is approximately one mile west of the subject. State Avenue itself is a main linkage that borders the south boundary line of the Property and runs east/west while 126th Street runs north/south and borders the west boundary line of the subject. Additional accessibility is provided by the 110th Street interchange on I-70. Public transportation is provided by the Kansas City Area Transportation Authority and provides access to the Kansas City MSA. Overall, the primary mode of transportation in the area is by automobile. Demand Generators The notable demand generators for the subject property are Legends Outlets Kansas City, Sporting Park (MLS), Hollywood Casino at Kansas Speedway, and the Kansas Speedway (NASCAR) located to the east of the subject property. Legends Outlets Kansas City contains approximately 110 restaurants and retailers. Village West is also home to Nebraska Furniture Mart, Cabela s Outfitters, and Great Wolf Lodge. Schlitterbahn Vacation Village is a 370-acre resort with a 40-acre water park located three miles to the east of the subject property. Hollywood Casino is located on the southeast turn of Kansas Speedway and offers 2,000 slot machines, 52 table games, dining and retail attractions, and when fully completed, will include a hotel and convention center. Cerner Corporation, a global supplier of health care technology, is developing a 600,000 SF office campus near Village West. The first phase is completed and occupied, and Phase II is under construction and scheduled for a mid-2015 completion. When completed, this office campus will provide 4,500 jobs to the area. In addition to its strong employment base, the area is easily accessible to the Kansas City, Missouri and Johnson County, Kansas submarkets, all within minutes driving time. Access to employment centers in other submarkets is a major demand driver. Demographics A demographic profile of the surrounding area, including population, households, and income data, is presented in the table on the following page.

6 Surrounding Area Demographics Wyandotte 2013 Estimates 1-Mile Radius 3-Mile Radius 5-Mile Radius County, KS Kansas City MSA Population ,489 7,451 28, ,505 2,035,334 Population ,642 8,009 29, ,015 2,072,528 Population ,860 8,829 31, ,762 2,127,646 Compound % Change % 2.4% 1.6% 0.3% 0.6% Compound % Change % 2.0% 1.4% 0.3% 0.5% Households ,798 10,649 58, ,637 Households ,965 11,034 58, ,990 Households ,235 11,693 59, ,887 Compound % Change % 2.0% 1.2% 0.2% 0.6% Compound % Change % 1.8% 1.2% 0.3% 0.6% Median Household Income 2013 $57,831 $66,639 $65,619 $37,480 $54,321 Average Household Size College Graduate % 23% 28% 27% 15% 33% Median Age Owner Occupied % 74% 82% 81% 60% 67% Renter Occupied % 26% 18% 19% 40% 33% Median Owner Occupied $179,786 $172,843 $165,451 $95,328 $149,721 Housing Value Median Year Structure Built Avg. Travel Time to Work in Min Source: Claritas As shown above, the current population within a 3-mile radius of the subject is 8,009 and the average household size is 2.7. Population in the area has grown since the 2010 census, and this trend is projected to continue over the next five years. Compared to Wyandotte County overall, the population within a 3-mile radius is projected to grow at a faster rate. Median household income is $66,639 which is higher than the household income for Wyandotte County. Residents within a 3-mile radius have a considerably higher level of educational attainment than those of Wyandotte County, while median owner occupied home values are considerably higher. Land Use The area is suburban in character. Predominant land uses are agricultural, residential, and commercial. During the last five years, development has been predominantly of residential uses, and has included The Heights at Delaware Ridge apartment community), Delaware Highlands assisted living community, as well as Village West Apartments, Phase I, a 306-unit luxury apartment complex nearing completion. Village West Apartments, Phase II has been approved and preliminary grading has commenced.

7 Kansas Speedway and Village West The Kansas Speedway, an 82,000 seat NASCAR race track completed in 2001, was the original catalyst for development in the area. Over the next three years came Village West, a 400 acre master-planned retail and entertainment destination immediately east of the track, starting with a 720,000 SF Nebraska Furniture Mart in 2003, and a 190,000 SF Cabela s Outfitters. Kansas Speedway Nebraska Furniture Mart Cabela s Outfitters

8 Following the initial success of these stores, numerous developments have since been added, including: 1. Chateau Avalon - 62 suite luxury hotel 2. Hampton Inn - 76 room hotel 2. Great Wolf Lodge room lodge with a 40,000 SF indoor waterpark 3. Schlitterbahn Vacation Village - $750 million water park development being constructed in phases. At completion it will include a 40-acre waterpark, 1500 guest rooms, and 750,000 SF of retail space. Phase I has been completed.

9 4. Sporting Park - Constructed in June 2011, this facility is home to Kansas City s major league soccer (MLS) team, Sporting Kansas City. The facility has been touted as the most state of the art soccer stadium in the world. At a cost of $200 million, it includes significant technological features and an expandable seating capacity ranging from 18,500 to 25,000 based on demand. 5. Hollywood Casino - Opened February 3, 2012, this project s 120,000 SF first phase features 2,000 slot machines and 52 game tables, along with dining and entertainment venues. The first phase cost a reported $411 million. Later phases of the project, including more gambling space, a hotel, convention center, and retail could bring the total value to a projected $700 million.

10 6. Cerner Corporation - 600,000 SF office complex for Cerner s expansion is under construction at the southwest corner of I-435 and State Avenue. The completed project is expected to bring 4,500 new jobs to the area. The first building opened in the first quarter of 2013 and the second building is expected to open by mid Legends Outlets Kansas City - 750,000 SF lifestyle center featuring high-end outlets, restaurants, and entertainment venues including a 14 screen luxury movie theater. 8. Community America Ballpark - 5,800 seat baseball stadium that is home to the minor league Kansas City T-Bones baseball team 9. National Soccer Training Center - $75 million national training and coaching development center that will serve as a home base for the US Soccer Federation and its national teams. The 190-acre soccer village will be located at the SEC of 98th Street & Parallel Parkway. Construction is scheduled to begin in the fall of 2014.

11 10. The Plaza at the Speedway - 865,000 SF power center located directly across the street from Legends Outlets on the north side of Parallel Parkway. The Plaza at the Speedway offers a variety of retail and dining options to meet the everyday needs of the local community. Major tenants include: Super Walmart, Sam s Club, Kohl s, Best Buy, Mattress Firm and a host of local and regional retailers. 11. Hampton Inn - 76 room hotel 12. Holiday Inn Express - 96 room hotel 13. Country Inn & Suites near the Community America ballpark and Candlewood Suites on the north side of Parallel Parkway 14. The Heights at Delaware Ridge unit middle scale apartment development located just west of the subject Property at 130th Street & State Avenue. The Heights at Delaware Ridge was completed and sold in Representatives of the developer report a sale in excess of $140,000/unit. 15. Village West, Phase I - A 306-unit luxury apartment complex located east of the subject Property with frontage along 110th Street just north of State Avenue. While Phase I is nearing completion, Phase II has been approved and preliminary grading has begun. Outlook and Conclusions The area is in the growth stage of its life cycle and this trend should continue. Growth in this submarket clearly spports the addition of multifamily development.

12 Aerial GIS Image Parcel Acres Parcel Acres

13 Real Estate Taxes Real estate taxes and assessments for the current tax year are shown in the following table: Taxes and Assessments Assessed Values Taxes and Assessments Ad Valorem Tax ID Land Improvements Total Tax Rate Taxes Direct Asssessments Total $12,410 $4,696 $17, % $3,037 $54,108 $57, $5,868 $0 $5, % $1,057 $0 $1,057 $18,278 $4,696 $22,974 $4,094 $54,108 $58,202 Assessor s Market Value Tax ID Land Improvements Total $55,450 $40,840 $96, $19,560 $0 $19,560 $75,010 $40,840 $115,850

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