EAST LANSING BROWNFIELD REDEVELOPMENT AUTHORITY

Transcription

1 EAST LANSING BROWNFIELD REDEVELOPMENT AUTHORITY AMENDED BROWNFIELD PLAN #23 314, 328, 334, 340, 341 Evergreen Avenue Albert Avenue Lot 4 and Evergreen Avenue Lot 8 East Lansing, Michigan Prepared By: East Lansing Brownfield Redevelopment Authority 410 Abbot Road East Lansing, Michigan Contact Person: Tim Dempsey tdempse@cityofeastlansing.com Phone: Triterra 1375 S. Washington Avenue, Suite 300 Lansing, Michigan Contact Person: Dave Van Haaren dave.vanhaaren@triterra.us Phone: April 21, 2017 Approved by the City of East Lansing BRA on Adopted by the City of East Lansing City Council on

2 TABLE OF CONTENTS 1.0 PROJECT SUMMARY INTRODUCTION AND PURPOSE ELIGIBLE PROPERTY INFORMATION PROPOSED REDEVELOPMENT BROWNFIELD CONDITIONS BROWNFIELD PLAN Description of Costs to Be Paid With Tax Increment Revenues and Summary of Eligible Activities Estimate of Captured Taxable Value, Tax Increment Revenues and Impact of Tax Increment Financing on Taxing Jurisdictions Method of Financing Plan Costs and Description of Advances by the Municipality Maximum Amount of Note or Bonded Indebtedness Duration of Brownfield Plan Legal Description, Property Map, Property Characteristics and Personal Property Estimates of Residents and Displacement of Families Plan for Relocation of Displaced Persons Provisions for Relocation Costs Strategy for Compliance with Michigan s Relocation Assistance Law Description of the Proposed Use of Local Site Remediation Revolving Fund Other Material that the Authority or Governing Body Considers Pertinent FIGURES Figure 1: Property Location Map Figure 2: Property Boundary Diagram Figure 3: Overall Site Plan Figure 4: Soil Analytical Results Exceeding of MDEQ GRCC 100 W. Grand River Avenue Figure 5: Soil Analytical Results Exceeding of MDEQ GRCC 136 W. Grand River Avenue Figure 6: Soil Analytical Results Exceeding of MDEQ GRCC 341 Evergreen Avenue Figure 7: Soil Boring Map with Analytical Results Albert Avenue (PM Environmental) Figure 8: Soil Boring Map with Analytical Results Evergreen Avenue (PM Environmental) i

3 TABLES Table 1: Tax Increment Revenue Capture Estimates Table 2: Tax Increment Revenue Reimbursement Entity Allocation Table ATTACHMENTS Attachment A: Legal Descriptions of the Property Attachment B: Summary of Known Environmental Conditions Attachment C: Affidavit of Function Obsolescence i

4 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, PROJECT SUMMARY Project Name: Developer: Property Location: Parcel Information: Type of Eligible Property: Project Description: 314, 328, 334, 340, 341 Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot Grand River LLC and 341 Evergreen LLC 314, 328, 334, 340, 341 Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 East Lansing, Michigan The property consists of thirteen (14) parcels; Parcel IDs , , , , , , , , , , , , and Facility, Functionally Obsolete and Adjacent and Contiguous A complete redevelopment of the subject property located in downtown East Lansing. The project includes a complete demolition and redevelopment of the complex of vacant, underutilized, and functionally obsolete building structures and adjacent thoroughfares located in the immediate proximity of Michigan State University (MSU) and City Hall for the City of East Lansing. The Mixed-use Development includes: An 11-story hotel and apartment building with 2 levels of structured / accessory parking located at the northwest corner of West Grand River Avenue and Abbot Road. The proposed structure will include 150 guestrooms, meeting rooms, a ballroom with outdoor entertaining space, ground floor retail, 198 mixed market residential units. The proposed structure includes a public plaza at the corner of West Grand River and Abbot Road for the benefit of building tenants, customers and the general public. 2

5 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, 2017 The second and third levels of the structure will include a 226 car screened parking structure integrated into the building for hotel guests and building residents. The screened enclosure will consist of brick masonry, metal panel and louvered openings. It will provide no visible evidence of the parking deck. A 5-story, 66 unit owner-occupied residential building with 2 levels of structured / accessory parking at the basement and ground levels. The building will front on Valley Court Drive and be located at the site of the former Evergreen Arms Apartments. This parking structure integrated into the building will accommodate 66 cars and 46 bikes. Three parking lots accessed from Albert Avenue and the Albert Avenue extension will accommodate 147 parking spaces. The surface lots will accommodate both monthly parkers and daily/hourly parking. Daily and hourly parking will be located across Albert Avenue from the mixed use building to accommodate retail customers and the general public. All surface parking will be owned and operated by the City. Relocation and construction of new roadways, public way improvements, utilities, etc. Brownfield eligible activities include Baseline Environmental Assessment activities, due care activities, asbestos surveys and abatement, building and site demolition, site preparation and public infrastructure improvements. Total Capital Investment: Property and Building Improvements Land Costs: $11,250,000 Hard Costs of Construction: $115,188,155 Soft Costs: $27,950,745 TOTAL INVESTMENT: $154,388,920 3

6 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, 2017 Estimated at $154,388,920 of which 1.6% is currently proposed for Brownfield Reimbursement specific to expenses associated with the proposed buildings A & C and 6.4% for is proposed for Brownfield Reimbursement specific to expenses and interest associated with Site Work and Public Improvements. The Brownfield Reimbursement to address existing debt on the DDA s Evergreen properties does not include any investment by the Developer. Estimated Job Creation/Retention: The redevelopment is anticipated to generate 164 new fulltime equivalent jobs with an estimated annual payroll of 5.3 million dollars. Additionally, this redevelopment will result in the creation/retention of construction related jobs. On average, 165 construction related jobs / employees will be employed each day for the project s duration and will result in construction related payroll estimated at 26.3 million dollars. Duration of Plan: 21 years (starting in 2018). Reimbursable Costs: $19,626,658 Use of New Tax Increment Revenue (TIR): Use Reimburse Developer and City for Eligible Activity Costs $19,626,658 20% Tax Increment Revenue to Taxing Units $5,266,468 State Brownfield Revolving Fund $1,124,213 ELBRA Plan Administration $315,000 Local Site Remediation Revolving Fund (LSRRF) $0 New Taxes to City Debt, School Debt, DDA $2,898,035 Total $29,230,374 4

7 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, INTRODUCTION AND PURPOSE The City of East Lansing Brownfield Redevelopment Authority (Authority or ELBRA ), duly established by resolution of the City Council of the City of East Lansing, pursuant to the Brownfield Redevelopment Financing Act, Michigan Public Act 381 of 1996, MCLA et. seq., as amended (Act 381), is authorized to exercise its powers within the City of East Lansing, Michigan. The purpose of this Brownfield Plan (the Plan ), to be implemented by the ELBRA, is to satisfy the requirements for a Brownfield Plan as specified in Act 381 The Plan will allow the ELBRA to use tax increment financing to reimburse 100 Grand River LLC, 341 Evergreen LLC (collectively referred to as the Developer ) and the City of East Lansing (the City ) for the costs of eligible activities required to redevelop the eligible property located at 314, 328, 334, 340, 341 Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 in the City of East Lansing, Michigan, (collectively referred to as the Property ). The development activities proposed in this Brownfield Plan will only be economically viable with the support and approval of the brownfield redevelopment incentives described herein. 5

8 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, ELIGIBLE PROPERTY INFORMATION This Brownfield Plan is presented to support the Developer in the redevelopment of 14 parcels of land and various adjacent road right-of-ways located in Downtown East Lansing, Ingham County, Michigan. The parcels are a mix of privately and publicly owned parcels commonly referred to as the Park District Planning Area. The location of the Property is depicted on Figure 1. A summary of the Property is presented in the table below: Eligible Property Address Tax ID Basis of Eligibility 100 W Grand River Avenue Facility and Functionally Obsolete 124 W Grand River Avenue Adjacent and Contiguous 128 W Grand River Avenue Adjacent and Contiguous 130 W Grand River Avenue Adjacent and Contiguous 136 W Grand River Avenue Facility 140 W Grand River Avenue Adjacent and Contiguous 303 Abbot Road Adjacent and Contiguous Albert Avenue Right-of-Way N/A Facility Evergreen Right-of-Way N/A Facility 314 Evergreen Avenue Adjacent and Contiguous 328 Evergreen Avenue Adjacent and Contiguous 334 Evergreen Avenue Adjacent and Contiguous 340 Evergreen Avenue Adjacent and Contiguous 341 Evergreen Avenue Facility Albert Avenue Lot Facility Evergreen Avenue Lot Facility The Property consists of approximately 3 acres of land with a mix of developed and vacant parcels. The parcels along West Grand River include a 37,192-square foot, four-story commercial building at 100 W. Grand River Avenue and an 17,369-square foot, two-story commercial and residential building at W. Grand River Avenue. The buildings along West Grand River have been vacant and/or underutilized for over a decade. The former bank building located at 303 Abbot Road was demolished by the East Lansing Downtown Development Authority (DDA) in August The parcels located at 314 through 340 Evergreen Avenue include a mix of residential and commercial buildings and are all currently occupied. The former Evergreen Arms Apartment buildings at 341 Evergreen Avenue were demolished by the Developer in July of The parcels identified as Albert Avenue Lot 4 and Evergreen Avenue Lot 8 are surface parking lots owned and operated by the City of East Lansing. 6

9 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, 2017 The Property is situated within the City of East Lansing Downtown Development Authority (DDA) boundaries and in the immediate proximity of Michigan State University (MSU) and City Hall. The Property is located within the boundaries of the City of East Lansing, Michigan. Property layout and boundaries are depicted on Figures 2 and 3. The legal description of the Property is included in Attachment A. The Property is considered an eligible property as defined by Act 381, Section 2 because: (a) the Property was previously utilized as a commercial property; (b) it is located within the City of East Lansing, a qualified local governmental unit (QLGU) under MCL (k); (c) the parcels located at 100 and 136 W. Grand River Avenue, 341 Evergreen Avenue, Albert Avenue Lot 4, Evergreen Avenue Lot 8 and the adjacent Evergreen Avenue and Albert Avenue right-of-ways have been determined to meet facility status as the term is defined by Part 201 of Michigan s Natural Resources and Environmental Protection Act, P.A. 451, as amended; (d) the parcel located at 100 W. Grand River Avenue has been determined to be functionally obsolete as defined in Section 2(s) of Act 381; and (d) the remaining parcels of the Property are adjacent and contiguous to the aforementioned qualifying parcels. Refer to Attachment B, Summary of Known Environmental Conditions and Attachment C, Affidavit of Functional Obsolescence and Attachment D Letter of Blighted Conditions. Figures depicting environmental impact are provided as Figure 4 through 8. 7

10 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, PROPOSED REDEVELOPMENT The Project includes a complete redevelopment of the subject Property including the demolition of all existing structures and the construction of a multi-story mixed-use building, two low-rise residential buildings and a parking structure. The Mixed-use Development Project includes an 11-story hotel and apartment building with 2 levels of parking located at the northwest corner of West Grand River Avenue and Abbot Road ( Building A ). The proposed structure will include 150 guestrooms, meeting rooms, a ballroom with outdoor entertaining space, ground floor retail, 198 mixed market residential units. The proposed structure includes a plaza at the corner of West Grand River and Abbot Road for the benefit of building tenants, customers and the general public. The second and third levels of the structure will include a 226 car screened parking structure integrated into the building for hotel guests and building residents. The screened enclosure will consist of brick masonry, metal panel and louvered openings. It will provide no visible evidence of the parking deck. The proposed Project includes a 5-story, 66-unit owner-occupied residential building with 2 levels of structured / accessory parking at the basement and ground levels ( Building C ). The building will front on Valley Court and be located at the location of the former Evergreen Arms Apartments. This parking structure integrated into the building will accommodate 66 cars and 46 bikes. Three parking lots accessed from Albert Avenue and the Albert Avenue extension will be constructed to accommodate 147 parking spaces. The surface lots will accommodate both monthly parkers and daily/hourly parking. Daily and hourly parking will be located across Albert Avenue from the mixed use building to accommodate retail customers and the general public. All surface parking will be owned and operated by the City. The Development Project includes significant public way improvements within street rightof-ways and underground infrastructure improvements to correct awkward street alignments and improve capacity of water and sewer lines and redevelopment of Evergreen Avenue as a pedestrian/bicycle thoroughfare. According to the City, the underground infrastructure is over 80 years old and will need to be replaced or upgraded in the next 10 to 20 years. Public way infrastructure improvements include the closure of portions of Evergreen Avenue and realignment Albert Avenue. Underground infrastructure improvements include new water, electric, storm water, and sanitary service. The total anticipated investment into the redevelopment project is estimated at $154,388,920 including $115,188,155 in hard costs for construction. The development will result in the complete redevelopment of deteriorating, functionally obsolete and contaminated property in the city of East Lansing. This development will improve the appearance of the area and put the property back to productive use. 8

11 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, 2017 The redevelopment is anticipated to generate 164 new full-time equivalent jobs with an estimated annual payroll of 5.3 million dollars. Additionally, this redevelopment will result in the creation/retention of construction related jobs. On average, 165 construction related jobs / employees will be employed each day for the project s duration and will result in construction related payroll estimated at 26.3 million dollars. 9

12 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, BROWNFIELD CONDITIONS The parcel located at 100 W. Grand River Avenue contained a residential house from at least 1906 to By 1927 the dwelling was razed, the current four-story commercial building, and a former north-adjoining building (the Abbot Building ) were constructed. The Abbot building was razed in 1985, and converted into a parking-lot. This parcel has been used for a bank, State Theater, retail, salons, photography studios, commercial offices, drug store, dry cleaning, printing, and residential purposes. The building has been vacant since at least The parcel located at W. Grand River Avenue contained a residential house and an outbuilding from at least 1906 until The buildings were razed in 1917, and the current two-story commercial building was constructed. Sometime between 1913 and 1926 a residential house (215 Evergreen Avenue) was constructed in the north portion of this parcel, and was razed prior to By 1951 a residential house (211 Evergreen Avenue) was built north of the commercial building on this parcel; the dwelling was converted into a store by 1953, and razed by This parcel has been used for commercial offices, retail, multiple restaurants, dance and fitness studios, dry cleaning, and residential purposes. The building has been vacant since at least The parcel located at 303 Abbot Road contained a residential dwelling from at least 1906 through approximately The residence was demolished circa 1938, at which time a two-story commercial building was constructed on the Property. From 1938 until 2007, the parcel was used for various commercial operations, including multiple banks and a multitude of corporate offices. The building remained vacant from 2007 until its demolition in The parcel located at 341 Evergreen contained two residential dwellings and two detached, single-car garages/ sheds from at least 1926 until they were razed sometime prior to In , two apartment buildings were constructed on the Property. The buildings were razed in July The buildings at W. Grand River Avenue contain asbestos containing building materials (e.g. pipe insulation, boiler wrap insulation, cement board paneling, floor tile, roofing and roof flashing, roofing tar and fabric, fire doors, mastic, and building caulking) that will require abatement prior to interior demolition and renovation. The presence of contaminants in subsurface soils at levels greater than the Michigan Department of Environmental Quality (DEQ) Part 201 residential generic cleanup criteria is documented at 100 W. Grand River Avenue, 136 W. Grand River Avenue, 341 Evergreen Avenue, Albert Avenue Lot 4, Evergreen Avenue Lot 8 and within right-of-ways immediately adjacent to the subject parcels. A summary of known environmental conditions is included 10

13 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, 2017 in Attachment B. Maps depicting environmental impact within the boundary of the Property is provided as Figures 4-8. Additionally, on April 18, 2008, the City of East Lansing Assessing Department formally determined the parcel located at 100 W. Grand River Avenue is functionally obsolete as the term is defined in Section 2(s), of Act 381. The Assessing Department determined the building suffers functional obsolescence and should be razed from the site for future development. The Affidavit of Functional Obsolescence is provided in Attachment C. 11

14 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, BROWNFIELD PLAN 6.1 Description of Costs to Be Paid With Tax Increment Revenues and Summary of Eligible Activities The Developer and City will be reimbursed for the costs of eligible activities necessary to prepare the Property for redevelopment. The activities included in the Plan are considered eligible activities as defined by Sec 2 of Act 381. Brownfield eligible activities include Baseline Environmental Assessment activities, DEQ department specific due care activities, asbestos surveys and abatement, building and site demolition, site preparation, public infrastructure improvements, eligible property acquisition costs by the City of East Lansing DDA (a QLGU) and preparation of the Brownfield Plan and Act 381 Work Plan. The costs of eligible activities included in, and authorized by, this Plan will be reimbursed with incremental local and state tax revenues generated by the Property redevelopment and captured by the ELBRA, subject to any limitations and conditions described in this Plan and the terms of a Reimbursement Agreement between the Developer and the Authority (the Reimbursement Agreement ). The total cost of activities eligible for reimbursement from tax increment revenues is projected to be $19,626,658. The Brownfield Plan includes three primary categories for Brownfield reimbursement to be funded through the capture and reimbursement of 80% of tax increment revenues. The remaining 20% will be captured annually and dispersed to respective taxing units. Refer to Table 2, Tax Increment Revenue Reimbursement Entity Allocation Table, to review the allocation and schedule for reimbursement of tax increment revenues. The three categories for the Brownfield reimbursement are: Buildings A & C Brownfield eligible expenses related to Buildings A &C total $15,326,784 and represent 13% of the total estimated construction cost of $115,188,155. Eligible activities in this category include environmental work, site preparation, special foundation premium, excavation, earth retention, infrastructure improvements including structured parking, and associated soft costs. The Developer will fund this work and be reimbursed for eligible expenses at a total reimbursement limit of $2,500,000. This amount represents 15% of the eligible expenses and 2.2% of the total estimated construction costs. It will be reimbursed at a rate of 80% of the total available tax increment. No interest expenses will be reimbursed for eligible activities related to Buildings A & C. Refer to Table 2 to review the allocation and schedule for reimbursement of tax increment revenues. 12

15 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, 2017 Site Preparation, Rights of Way and Infrastructure Improvements. Brownfield eligible expenses in this category include building demolition and abatement activities, all proposed street, sidewalk, parking and utility demolition and construction, etc. This activity also includes re-configuration of the street network including the alignment of Albert Avenue and the traffic signal at the Abbot Road intersection and extension of Albert Avenue to Valley Court, the new combination storm sewer serving the Oakwood neighborhood, new water mains, surface parking lots, street and parking lot lighting, landscaping and site furnishings. The developer will fund and be reimbursed for this work. 100% of Developer costs incurred including soft costs specific to this work shall be reimbursed from the 80% tax increment at a total reimbursement limit of $9,876,658. This includes $6,414,114 in eligible activities costs and 5% statutory interest on the Developer funded amount. Eligible Property Acquisition Costs - Existing DDA/City Evergreen Debt The existing DDA/City debt on the 314 through 344 Evergreen Avenue parcels will be paid off through capture from the 80% tax increment. Ownership of the parcel will remain with the DDA. The Developer is not providing any funding for this activity. Reimbursement to the DDA/City will be limited to $7,250,000 to cover both principal and interest. The costs listed herein are estimated and may increase or decrease depending on the nature and extent of unknown conditions encountered on the Property. The actual cost of those eligible activities encompassed by this Plan that will qualify for reimbursement from tax increment revenues captured by the ELBRA shall be governed by the terms of a Reimbursement Agreement. No costs of eligible activities will be qualified for reimbursement except to the extent permitted in accordance with the terms and conditions of the Reimbursement Agreement and Section 2 of Act 381 of 1996, as amended (MCL ). The Reimbursement Agreement and this Plan will dictate the total cost of eligible activities subject to payment. As long as the total cost limit described in this Plan is not exceeded, line item costs of eligible activities may be adjusted after the date this Plan is approved by the City of East Lansing City Council. 6.2 Estimate of Captured Taxable Value, Tax Increment Revenues and Impact of Tax Increment Financing on Taxing Jurisdictions The costs of eligible activities included in, and authorized by, this Plan will be reimbursed with incremental local and school tax revenues generated by the Property redevelopment and captured by the ELBRA. This Plan does include the capture of the School Operating or State Education Tax. The 2016 taxable value of the Property was $1,748,996 which is the initial taxable value for this Plan. Taxable values were obtained from the City of East Lansing on November 7,

16 A summary of initial taxable values is presented in the table below: Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, Taxable Values Address Tax ID Taxable Value 100 W Grand River Avenue $437, W Grand River Avenue $39, W Grand River Avenue $43, W Grand River Avenue $43, W Grand River Avenue $225, W Grand River Avenue $45, Abbot Road $0 314 Evergreen Avenue $462, Evergreen Avenue $76, Evergreen Avenue $126, Evergreen Avenue $99, Evergreen Avenue $149,707 Albert Avenue Lot $0 Evergreen Avenue Lot $0 TOTAL $1,748,996 The increase in projected taxable values are phased over 4 years with a final taxable value of $20,616,500 in This projected future taxable value is based on an estimate provided by the City of East Lansing Assessor s Office. The actual taxable value will be determined by the City s Assessor after the development is completed. It is estimated that the ELBRA will capture tax increment revenues from 2018 through 2038 to reimburse the cost of the eligible activities and capture for ELBRA administration of the Plan. The total impact of incremental tax capture on taxing jurisdictions is estimated at $21,065,871 based on $19,626,658 of Developer/City Reimbursement, $315,000 for ELBRA administration of the Plan and $1,124,213 in tax capture for deposits into the State Brownfield Revolving Fund. The captured incremental taxable value and associated tax increment revenue will be based on the actual increased taxable value from all taxable improvements on the Property as determined by the City Assessor and the actual millage rates levied by the various taxing jurisdictions during each year of the plan. The actual tax increment captured will be based on taxable value set through the property assessment process by the local unit of government and the millage rates set each year by the taxing jurisdictions. 14

17 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, Method of Financing Plan Costs and Description of Advances by the Municipality The Developer is ultimately responsible for financing the costs of eligible activities included in this Plan. Neither the ELBRA nor the County of Ingham will advance any funds to finance the eligible activities described in this Plan. All Plan financing commitments and activities and cost reimbursements authorized under this Plan shall be governed by the Reimbursement Agreement. The inclusion of eligible activities and estimates of costs to be reimbursed in this Plan is intended to authorize the ELBRA to fund such reimbursements. The amount and source of any tax increment revenues that will be used for purposes authorized by this Plan, and the terms and conditions for such use and upon any reimbursement of the expenses permitted by the Plan, will be provided solely under the Reimbursement Agreement contemplated by this Plan. Reimbursements under the Reimbursement Agreement shall not exceed the cost of eligible activities and reimbursement limits described in this Plan Maximum Amount of Note or Bonded Indebtedness Not applicable. 6.5 Duration of Brownfield Plan The duration of this Brownfield Plan for the Property is anticipated to be 21 years total tax capture after the first year of tax capture anticipated as 2018 under this Plan. In no event shall the duration of the Plan exceed 35 years following the date of the resolution approving the Plan, nor shall the duration of the tax capture exceed the lesser of the period authorized under subsection (4) and (5) of Section 13 of Act 381 or 30 years. Further, in no event shall the beginning date of the capture of tax increment revenues be later than five years after the date of the resolution approving the Plan. 6.6 Legal Description, Property Map, Property Characteristics and Personal Property The boundary subject to this Brownfield Plan consists of 14 parcels of land and various adjacent road right-of-ways located in East Lansing, Ingham County, Michigan. The Property is situated within an area of downtown commercial development located in the immediate proximity of Michigan State University (MSU) and City Hall. The Property is 15

18 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, 2017 located within the boundaries of the City of East Lansing, Michigan. The general Property location is depicted on Figures 1. Property layout and boundaries are depicted on Figures 2 and 3. A legal description for each parcel is included in Attachment A. The subject Property includes all tangible personal property that now or in the future comes to be owned or installed on the Property by the Developer. 6.7 Estimates of Residents and Displacement of Families The parcels located at 328, 334, 340 and 344 Evergreen are occupied for residential use and the parcel at 314 Evergreen is occupied for both residential and commercial use. All parcels are rental properties owned by the City of East Lansing DDA. 314 and 334 Evergreen will be occupied through at least May 2018 at which time the leases expire. The commercial space of 314 Evergreen has a month to month lease. 328, 340 and 344 Evergreen will be occupied through at least August of 2018 at which time the leases will expire. All residents of the property are transient residents that moved into the property subsequent to purchase by the DDA with the understanding that the property was purchased for redevelopment. As such, the current residents will not meet the definition of displaced persons. 6.8 Plan for Relocation of Displaced Persons Persons occupying residential parcels located along Evergreen Avenue will be notified of expiration of leases in accordance with existing lease agreements. All residents of the property are transient residents that moved into the property subsequent to purchase by the DDA with the understanding that the property was purchased for redevelopment. As such, the current residents will not meet the definition of displaced persons. The following provision is contained in all leases: ALTERATION OF LEASE BY LESSOR: Lessees understand and agree that the leased Premises has been acquired for redevelopment by the East Lansing Downtown Development Authority (DDA) and the lease may be terminated upon 90 days written notice to vacate if the DDA determines that the property is needed for the project and the leased premises will not be available for lease after the expiration of this lease, that this lease may not be renewed or extended from month-to-month beyond the expiration of the initial term described in paragraph one and that Lessee will not be eligible for any moving expenses or relocation benefits at the end of the lease. Lessee also acknowledges and agrees that access to the leased Premises from Evergreen Street may be limited from time to time on or after September 2015, due to construction activities in connection with the Park District Project and that vehicular access and parking on Evergreen Street may be restricted. 16

19 Amended Brownfield Plan #23 314, 328, 334, Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 April 21, Provisions for Relocation Costs No persons will be displaced outside of the terms of existing lease agreements and, therefore, no relocation costs will be incurred. A provision for relocation costs is not applicable and is not needed for this Plan Strategy for Compliance with Michigan s Relocation Assistance Law All residents of the property are transient residents that moved into the property subsequent to purchase by the DDA with the understanding that the property was purchased for redevelopment. As such, the current residents will not meet the definition of displaced persons. The following provision is contained in all leases: ALTERATION OF LEASE BY LESSOR: Lessees understand and agree that the leased Premises has been acquired for redevelopment by the East Lansing Downtown Development Authority (DDA) and the lease may be terminated upon 90 days written notice to vacate if the DDA determines that the property is needed for the project and the leased premises will not be available for lease after the expiration of this lease, that this lease may not be renewed or extended from month-to-month beyond the expiration of the initial term described in paragraph one and that Lessee will not be eligible for any moving expenses or relocation benefits at the end of the lease. Lessee also acknowledges and agrees that access to the leased Premises from Evergreen Street may be limited from time to time on or after September 2015, due to construction activities in connection with the Park District Project and that vehicular access and parking on Evergreen Street may be restricted. Therefore, no relocation assistance strategy is needed for this Plan Description of the Proposed Use of Local Site Remediation Revolving Fund The ELBRA has not established, managed, or maintained a Local Site Remediation Revolving Fund (LSRRF). Therefore, the ELBRA will not capture incremental local taxes to fund the LSRRF and no LSRRF monies will be used to finance or reimburse eligible activities described in this Brownfield Plan Other Material that the Authority or Governing Body Considers Pertinent The Developer is relying on additional financial support through an amendment of an existing Large Brownfield Michigan Business Tax (MBT) Credit awarded to the site ( W. Grand River, 303 Abbot Road, Evergreen Avenue) by the Michigan Department of Economic Development (MEDC) in May 2011; MEDC Project No

20 FIGURES Figure 1: Property Location Map Figure 2: Property Boundary Diagram Figure 3: Overall Site Plan Figure 4: Soil Analytical Results Exceeding of MDEQ GRCC 100 W. Grand River Avenue Figure 5: Soil Analytical Results Exceeding of MDEQ GRCC 136 W. Grand River Avenue Figure 6: Soil Analytical Results Exceeding of MDEQ GRCC 341 Evergreen Avenue Figure 7: Soil Boring Map with Analytical Results Albert Avenue (PM Environmental) Figure 8: Soil Boring Map with Analytical Results Evergreen Avenue (PM Environmental)

21 W. GRAND RIVER AVENUE, 303 ABBOT ROAD, 314, 328, 334, 340, 341 EVERGREEN AVENUE EAST LANSING, MI 48823

22 ABBOT ROAD VALLEY COURT 341 Evergreen Avenue Evergreen Avenue Evergreen Avenue Approximate Property Boundary Parcel Boundaries Diagram Created By: IOS Date: 4/19/2017 EVERGREEN AVENUE FIGURE 2 Property Boundary Diagram Project Number: , 334, 340, 341 Evergreen Avenue, Evergreen Lot 8, Albert Avenue Lot 4 East Lansing, MI Evergreen Avenue Lot Evergreen Avenue Evergreen Avenue Albert Avenue Lot ALBERT AVENUE ALBERT AVENUE W. GRAND RIVER AVENUE 140 W. Grand River Avenue W. Grand River Avenue W. Grand River Avenue W. Grand River Avenue W. Grand River Avenue Abbot Road W. Grand River Avenue

23 LINDEN ST. ONE WAY ONE WAY ABBOT ROAD RESIDENTIAL ENTRY C ONE WAY ALLEY ONE WAY VALLEY COURT 21 EVERGREEN R.O.W. PEDESTRIAN / BIKE 7 ONE WAY 14 4 ONE WAY ONE WAY ALBERT AVENUE 4 ALBERT AVE. EXT. ONE WAY CHURCH ENTRY PARKING ACCESS RAMP UP RETAIL RES. ENTRY LOADING ACCESS ALBERT AVENUE A HOTEL ENTRY ABBOT ROAD W. GRAND RIVER AVENUE FIGURE Solomon Cordwell Buenz OVERALL SITE PLAN 100 W.GRAND RIVER AVE. EAST LANSING, MI 100 GRAND RIVER LLC. & 341 EVERGREEN LLC R1 # ' 64'

24 ALBERT AVENUE B110 B102 B101 B108 B109 FIGURE 4 SOIL ANALYTICAL RESULTS IN EXCEEDANCE OF PART 201 MDEQ GRCC PROJECT NUMBER: W. GRAND RIVER AVENUE & 303 ABBOT ROAD EAST LANSING, MICHIGAN DIAGRAM CREATED BY: AMS DATE: 11/10/2016 ABBOT ROAD Approximate Boring/Sample Locations Approximate Soil Gas Sample Locations Approximate Facilty Boundary Other Property Boundaries 303 Abbot Road W. Grand River Avenue SG-3 SG-4 EVERGREEN AVENUE 4-1 (9/15/16) Constituent g/kg Approximate Facility Boundary Copper Mercury 110, W. GRAND RIVER AVENUE Silver 5,640 Zinc 185,000

25 ALBERT AVENUE B105 B103 B104 FIGURE 5 SOIL ANALYTICAL RESULTS IN EXCEEDANCE OF PART 201 MDEQ GRCC PROJECT NUMBER: W. GRAND RIVER AVENUE & ADJACENT PROPERTIES EAST LANSING, MICHIGAN DIAGRAM CREATED BY: AMS DATE: 11/10/2016 EVERGREEN AVENUE SG W. Grand River SG-2 W. GRAND RIVER AVENUE 1-2 (9/15/16) Constituent g/kg Barium Lead 477, ,000 Mercury 149 Zinc 915,000 B107 B (9/15/16) Constituent g/kg Mercury W. Grand River W. Grand River W. Grand River W. Grand River Approximate Boring/Sample Locations Approximate Soil Gas Sample Locations Approximate Facility Boundary Other Property Boundaries

26 B5 3-5 (8/15/16) Constituent g/kg Selenium 850 B (8/15/16) Constituent g/kg Arsenic 5,200 B (8/15/16) Constituent g/kg Arsenic 5,500 Selenium 410 B6 B5 B1 B4 341 Evergreen Avenue B2 B3 EVERGREEN AVENUE Approximate Facility Boundary FIGURE 6 BORING LOCATIONS & ANALYTICAL RESULTS EXCEEDING MDEQ PART 201 GRCC PROJECT NUMBER: EVERGREEN AVENUE EAST LANSING, MICHIGAN DIAGRAM CREATED BY: RD DATE: 11/10/2016

27 FIGURE 7

28 FIGURE 8

29 TABLES Table 1: Tax Increment Revenue Capture Estimates Table 2: Tax Increment Revenue Reimbursement Entity Allocation Table

30 Table 1 Tax Increment Revenue Capture Estimates 100 Grand River LLC and 341 Evergreen LLC East Lansing, MI April 21, Plan Year Initial Taxable Value (TV) $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 Projected Annual Increase in TV 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% Projected TV $ 3,500,000 $ 8,000,000 $ 13,000,000 $ 20,616,500 $ 20,822,665 $ 21,030,892 $ 21,241,201 $ 21,453,613 $ 21,668,149 $ 21,884,830 $ 22,103,678 $ 22,324,715 $ 22,547,962 Total Captured TV $ - $ 1,751,004 $ 6,251,004 $ 11,251,004 $ 18,867,504 $ 19,073,669 $ 19,281,896 $ 19,492,205 $ 19,704,617 $ 19,919,153 $ 20,135,834 $ 20,354,682 $ 20,575,719 $ 20,798,966 Annual TIF Revenue by Taxing Jurisdiction State Capture Millage Rate School Operating $ 31,518 $ 112,518 $ 202,518 $ 339,615 $ 343,326 $ 347,074 $ 350,860 $ 354,683 $ 358,545 $ 362,445 $ 366,384 $ 370,363 $ 374,381 State Education Tax (SET) $ 10,506 $ 37,506 $ 67,506 $ 113,205 $ 114,442 $ 115,691 $ 116,953 $ 118,228 $ 119,515 $ 120,815 $ 122,128 $ 123,454 $ 124,794 Local Capture State Millage: % City Operating $ 30,799 $ 109,950 $ 197,895 $ 331,862 $ 335,489 $ 339,151 $ 342,850 $ 346,586 $ 350,360 $ 354,171 $ 358,021 $ 361,908 $ 365,835 City Solid Waste/Recycling $ 3,196 $ 11,408 $ 20,533 $ 34,433 $ 34,809 $ 35,189 $ 35,573 $ 35,961 $ 36,352 $ 36,748 $ 37,147 $ 37,551 $ 37,958 City Library $ 3,502 $ 12,502 $ 22,502 $ 37,735 $ 38,147 $ 38,564 $ 38,984 $ 39,409 $ 39,838 $ 40,272 $ 40,709 $ 41,151 $ 41,598 Lansing Community College (LCC) $ 6,666 $ 23,799 $ 42,835 $ 71,832 $ 72,617 $ 73,410 $ 74,211 $ 75,019 $ 75,836 $ 76,661 $ 77,494 $ 78,336 $ 79,186 East Lansing Public Schools - Building & Site $ 2,252 $ 8,039 $ 14,469 $ 24,264 $ 24,529 $ 24,797 $ 25,067 $ 25,340 $ 25,616 $ 25,895 $ 26,176 $ 26,460 $ 26,747 Intermediate School District (ISD) Operating $ 332 $ 1,184 $ 2,131 $ 3,574 $ 3,613 $ 3,652 $ 3,692 $ 3,732 $ 3,773 $ 3,814 $ 3,855 $ 3,897 $ 3,939 ISD Special Education $ 7,890 $ 28,168 $ 50,699 $ 85,021 $ 85,950 $ 86,888 $ 87,836 $ 88,793 $ 89,760 $ 90,736 $ 91,722 $ 92,718 $ 93,724 ISD Vocational Education $ 2,263 $ 8,079 $ 14,542 $ 24,386 $ 24,653 $ 24,922 $ 25,194 $ 25,468 $ 25,746 $ 26,026 $ 26,308 $ 26,594 $ 26,883 County Operating $ 11,179 $ 39,908 $ 71,829 $ 120,454 $ 121,770 $ 123,099 $ 124,442 $ 125,798 $ 127,168 $ 128,551 $ 129,948 $ 131,360 $ 132,785 County -Animal Control $ 420 $ 1,500 $ 2,700 $ 4,528 $ 4,578 $ 4,628 $ 4,678 $ 4,729 $ 4,781 $ 4,833 $ 4,885 $ 4,938 $ 4,992 County - Potter Park Zoo $ 718 $ 2,563 $ 4,613 $ 7,736 $ 7,820 $ 7,906 $ 7,992 $ 8,079 $ 8,167 $ 8,256 $ 8,345 $ 8,436 $ 8,528 County - Public Transportation $ 210 $ 750 $ 1,350 $ 2,264 $ 2,289 $ 2,314 $ 2,339 $ 2,365 $ 2,390 $ 2,416 $ 2,443 $ 2,469 $ 2,496 County - Special Transportation $ 840 $ 3,000 $ 5,400 $ 9,056 $ 9,155 $ 9,255 $ 9,356 $ 9,458 $ 9,561 $ 9,665 $ 9,770 $ 9,876 $ 9,984 County System $ 1,476 $ 5,270 $ 9,486 $ 15,907 $ 16,081 $ 16,257 $ 16,434 $ 16,613 $ 16,794 $ 16,977 $ 17,161 $ 17,347 $ 17,536 County - Juvenile Justice $ 1,051 $ 3,751 $ 6,751 $ 11,321 $ 11,444 $ 11,569 $ 11,695 $ 11,823 $ 11,951 $ 12,082 $ 12,213 $ 12,345 $ 12,479 County - Farmland Preservation $ 245 $ 875 $ 1,575 $ 2,641 $ 2,670 $ 2,699 $ 2,729 $ 2,759 $ 2,789 $ 2,819 $ 2,850 $ 2,881 $ 2,912 County - Health Services $ 613 $ 2,188 $ 3,938 $ 6,604 $ 6,676 $ 6,749 $ 6,822 $ 6,897 $ 6,972 $ 7,048 $ 7,124 $ 7,202 $ 7,280 County - Parks/Trails $ 876 $ 3,126 $ 5,626 $ 9,434 $ 9,537 $ 9,641 $ 9,746 $ 9,852 $ 9,960 $ 10,068 $ 10,177 $ 10,288 $ 10,399 Capital Region Airport Authority (CRAA) $ 1,224 $ 4,369 $ 7,864 $ 13,188 $ 13,332 $ 13,478 $ 13,625 $ 13,774 $ 13,923 $ 14,075 $ 14,228 $ 14,382 $ 14,538 Capital Area Transportation Authority (CATA) $ 5,265 $ 18,797 $ 33,832 $ 56,735 $ 57,355 $ 57,981 $ 58,613 $ 59,252 $ 59,897 $ 60,548 $ 61,207 $ 61,871 $ 62,542 Local Millage: % Total Millage: % Non-Capturable Millages - New Tax Revenue City Debt $ 1,395 $ 4,980 $ 8,963 $ 15,030 $ 15,194 $ 15,360 $ 15,527 $ 15,697 $ 15,868 $ 16,040 $ 16,215 $ 16,391 $ 16,568 Downtown Development Authority $ 3,033 $ 10,826 $ 19,486 $ 32,677 $ 33,034 $ 33,394 $ 33,759 $ 34,126 $ 34,498 $ 34,873 $ 35,252 $ 35,635 $ 36,022 East Lansing Public Schools - Debt $ 9,114 $ 32,536 $ 58,561 $ 98,205 $ 99,278 $ 100,362 $ 101,457 $ 102,563 $ 103,679 $ 104,807 $ 105,946 $ 107,097 $ 108,259 Cumulative Debt Millage $ 13,541 $ 61,884 $ 148,893 $ 294,805 $ 442,311 $ 591,428 $ 742,171 $ 894,556 $ 1,048,601 $ 1,204,322 $ 1,361,735 $ 1,520,857 $ 1,681,706 1 of 2

31 Table 1 Tax Increment Revenue Capture Estimates 100 Grand River LLC and 341 Evergreen LLC East Lansing, MI April 21, 2017 Initial Taxable Value (TV) Projected Annual Increase in TV Projected TV Total Captured TV Annual TIF Revenue by Taxing Jurisdiction State Capture Plan Year Millage Rate School Operating State Education Tax (SET) Local Capture State Millage: City Operating City Solid Waste/Recycling City Library Lansing Community College (LCC) East Lansing Public Schools - Building & Site Intermediate School District (ISD) Operating ISD Special Education ISD Vocational Education County Operating County -Animal Control County - Potter Park Zoo County - Public Transportation County - Special Transportation County System County - Juvenile Justice County - Farmland Preservation County - Health Services County - Parks/Trails Capital Region Airport Authority (CRAA) Capital Area Transportation Authority (CATA) Local Millage: Total Millage: $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 $ 1,748,996 1% 1% 1% 1% 1% 1% 1% 1% $ 22,773,442 $ 23,001,176 $ 23,231,188 $ 23,463,500 $ 23,698,135 $ 23,935,116 $ 24,174,468 $ 24,416,212 $ 21,024,446 $ 21,252,180 $ 21,482,192 $ 21,714,504 $ 21,949,139 $ 22,186,120 $ 22,425,472 $ 5,246,500 $ 378,440 $ 382,539 $ 386,679 $ 390,861 $ 395,085 $ 399,350 $ 403,658 $ 94,437 $ 6,745,281 $ 126,147 $ 127,513 $ 128,893 $ 130,287 $ 131,695 $ 133,117 $ 134,553 $ 31,479 $ 2,248,427 $ 369,801 $ 373,807 $ 377,852 $ 381,939 $ 386,066 $ 390,234 $ 394,444 $ 92,281 $ 6,591,301 $ 38,370 $ 38,785 $ 39,205 $ 39,629 $ 40,057 $ 40,490 $ 40,926 $ 9,575 $ 683,897 $ 42,049 $ 42,504 $ 42,964 $ 43,429 $ 43,898 $ 44,372 $ 44,851 $ 10,493 $ 749,476 $ 80,044 $ 80,911 $ 81,787 $ 82,671 $ 83,565 $ 84,467 $ 85,378 $ 19,974 $ 1,426,702 $ 27,037 $ 27,330 $ 27,626 $ 27,925 $ 28,227 $ 28,531 $ 28,839 $ 6,747 $ 481,913 $ 3,982 $ 4,025 $ 4,069 $ 4,113 $ 4,157 $ 4,202 $ 4,247 $ 994 $ 70,975 $ 94,740 $ 95,767 $ 96,803 $ 97,850 $ 98,907 $ 99,975 $ 101,054 $ 23,642 $ 1,688,644 $ 27,174 $ 27,468 $ 27,766 $ 28,066 $ 28,369 $ 28,676 $ 28,985 $ 6,781 $ 484,349 $ 134,224 $ 135,678 $ 137,147 $ 138,630 $ 140,128 $ 141,641 $ 143,169 $ 33,495 $ 2,392,401 $ 5,046 $ 5,101 $ 5,156 $ 5,211 $ 5,268 $ 5,325 $ 5,382 $ 1,259 $ 89,937 $ 8,620 $ 8,713 $ 8,808 $ 8,903 $ 8,999 $ 9,096 $ 9,194 $ 2,151 $ 153,643 $ 2,523 $ 2,550 $ 2,578 $ 2,606 $ 2,634 $ 2,662 $ 2,691 $ 630 $ 44,969 $ 10,092 $ 10,201 $ 10,311 $ 10,423 $ 10,536 $ 10,649 $ 10,764 $ 2,518 $ 179,874 $ 17,726 $ 17,918 $ 18,112 $ 18,307 $ 18,505 $ 18,705 $ 18,907 $ 4,423 $ 315,941 $ 12,615 $ 12,751 $ 12,889 $ 13,029 $ 13,169 $ 13,312 $ 13,455 $ 3,148 $ 224,843 $ 2,943 $ 2,975 $ 3,008 $ 3,040 $ 3,073 $ 3,106 $ 3,140 $ 735 $ 52,463 $ 7,359 $ 7,438 $ 7,519 $ 7,600 $ 7,682 $ 7,765 $ 7,849 $ 1,836 $ 131,158 $ 10,512 $ 10,626 $ 10,741 $ 10,857 $ 10,975 $ 11,093 $ 11,213 $ 2,623 $ 187,369 $ 14,696 $ 14,855 $ 15,016 $ 15,178 $ 15,342 $ 15,508 $ 15,675 $ 3,667 $ 261,942 $ 63,221 $ 63,905 $ 64,597 $ 65,296 $ 66,001 $ 66,714 $ 67,433 $ 15,776 $ 1,126,837 $ TOTALS 26,332,339 Non-Capturable Millages - New Tax Revenue City Debt Downtown Development Authority East Lansing Public Schools - Debt Cumulative Debt Millage $ 16,748 $ 16,929 $ 17,113 $ 17,298 $ 17,485 $ 17,673 $ 17,864 $ 4,179 $ 298,516 $ 36,412 $ 36,807 $ 37,205 $ 37,607 $ 38,014 $ 38,424 $ 38,839 $ 9,086 $ 649,008 $ 109,432 $ 110,618 $ 111,815 $ 113,024 $ 114,245 $ 115,479 $ 116,725 $ 27,308 $ 1,950,510 $ 1,844,298 $ 2,008,652 $ 2,174,785 $ 2,342,714 $ 2,512,457 $ 2,684,034 $ 2,857,461 $ 2,898,035 $ 2,898,035 $ 29,230,374 2 of 2

32 Table 2 Tax Increment Revenue Reimbursement Entity Allocation Table 100 W Grand River LLC and 341 Evergreen LLC East Lansing, MI April 21, 2017 BUILDINGS A & C SITE WORK / PUBLIC IMPROVEMENTS PARCEL B - DDA TOTALS TIF Eligible Activities: $2,500,000 $6,414,114 $7,250,000 $16,164,114 % of Total Eligible Activities: 15.47% 39.68% 44.85% % Total Interest Allocation: $0 $3,462,544 $0 $3,462,544 % of Total Interest Allocation: 0.00% % 0.00% % A B C D E = A-B-C-D Period Year Local / State Annual Total Tax Capture 20% Allocation Capture for State Brownfield Redevelopment Fund (3 mills of SET) (25-Yrs) Capture for BRA Administrative Costs Total State & Local TIR Available for Reimbursement to Developer TIF Eligible Activity Reimbursement 0.0% Interest TIF Eligible Activity Reimbursement 5.0% Interest TIF Eligible Activity Reimbursement 0.0% Interest TIF Eligible Activity Reimbursement Interest Earned / Paid TIF Available After Reimbursement $123,041 $24,608 $5,253 $15,000 $78,180 $0 $0 $0 $0 $78,180 $0 $78,180 $0 $ $439,250 $87,850 $18,753 $15,000 $317,647 $145,827 $0 $0 $0 $171,820 $0 $317,647 $0 ($0) $790,593 $158,119 $33,753 $15,000 $583,722 $583,722 $0 $0 $0 $0 $0 $583,722 $0 $ $1,325,795 $265,159 $56,603 $15,000 $989,033 $989,033 $0 $0 $0 $0 $0 $989,033 $0 $ $1,340,282 $268,056 $57,221 $15,000 $1,000,005 $781,418 $0 $102,607 $0 $115,979 $0 $1,000,005 $0 $ $1,354,914 $270,983 $57,846 $15,000 $1,011,085 $0 $0 $474,617 $0 $536,469 $0 $1,011,085 $0 $ $1,369,692 $273,938 $58,477 $15,000 $1,022,277 $0 $0 $479,870 $0 $542,407 $0 $1,022,277 $0 $ $1,384,618 $276,924 $59,114 $15,000 $1,033,580 $0 $0 $485,176 ($0) $548,404 $0 $1,033,580 ($0) $ $1,399,693 $279,939 $59,757 $15,000 $1,044,997 $0 $0 $490,535 ($0) $554,462 $0 $1,044,997 ($0) $ $1,414,919 $282,984 $60,408 $15,000 $1,056,528 $0 $0 $495,948 $0 $560,580 $0 $1,056,528 $0 $ $1,430,297 $286,059 $61,064 $15,000 $1,068,174 $0 $0 $501,415 $0 $566,759 $0 $1,068,174 $0 $ $1,445,829 $289,166 $61,727 $15,000 $1,079,936 $0 $0 $506,936 $0 $573,000 $0 $1,079,936 $0 $ $1,461,516 $292,303 $62,397 $15,000 $1,091,816 $0 $0 $512,513 ($0) $579,303 $0 $1,091,816 ($0) $ $1,477,360 $295,472 $63,073 $15,000 $1,103,815 $0 $0 $518,145 $0 $585,670 $0 $1,103,815 $0 $ $1,493,363 $298,673 $63,757 $15,000 $1,115,934 $0 $0 $523,834 $0 $592,100 $0 $1,115,934 $0 $ $1,509,526 $301,905 $64,447 $15,000 $1,128,174 $0 $0 $529,580 ($0) $598,594 $0 $1,128,174 ($0) $ $1,525,850 $305,170 $65,144 $15,000 $1,140,536 $0 $0 $535,383 $0 $605,154 $0 $1,140,536 $0 $ $1,542,337 $308,467 $65,847 $15,000 $1,153,023 $0 $0 $257,555 $854,347 $41,120 $0 $298,675 $854,347 $ $1,558,990 $311,798 $66,558 $15,000 $1,165,634 $0 $0 $0 $1,165,634 $0 $0 $0 $1,165,634 $ $1,575,809 $315,162 $67,276 $15,000 $1,178,371 $0 $0 $0 $1,178,371 $0 $0 $0 $1,178,371 $ $368,665 $73,733 $15,740 $15,000 $264,192 $0 $0 $0 $264,192 $0 $0 $0 $264,192 $ $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTALS: $26,332,339 $5,266,468 $1,124,213 $315,000 $19,626,658 $2,500,000 $0 $6,414,114 $3,462,544 $7,250,000 $0 $16,164,114 $3,462,544 ($0) % of Tax Capture: % 20.00% 4.27% 1.20% 74.53% 12.74% 0.00% 32.68% 17.64% 36.94% 0.00% 82.36% 17.64% 0.00% TIF Eligible Activities and Interest Subtotals: $2,500,000 $9,876,658 $7,250,000 $19,626,658

33 ATTACHMENT A Legal Description of the Property

34 ATTACHMENT A Legal Description of the Property 314, 328, 334, 340 and 341 Evergreen Avenue Albert Ave Lot 4 and Evergreen Avenue Lot 8 East Lansing, Michigan Address/Tax ID 100 W Grand River Avenue W Grand River Avenue W Grand River Avenue W Grand River Avenue W Grand River Avenue W Grand River Avenue Abbot Road Evergreen Avenue Evergreen Avenue Evergreen Avenue Evergreen Avenue Evergreen Avenue Legal Description* LOTS 21 AND 22, ALSO S 22' OF LOT 23 OAKWOOD PART OF LOT 14-COM AT SE COR OF LOT 14-W'LY ALONG N LINE OF GD RIVER AVE 23 1/2 FT -N'LY AT RT ANGLES TO GD RIVER AVE 90 FT E'LY PLL TO GD RIVER AVE TO EVERGREEN AVE-S'LY ALONG EVERGREEN AVE. TO BEG OAKWOOD PART OF LOT 14-COM. 23 1/2 FT. NW OF SE COR. OF LOT 14-NE AT RT ANG TO GD RIVER AVE 90 FT-NW PLL.TO GD. RIVER AVE. 21 1/2 FT- SW AT RT ANG TO GD RIVER AVE 90 FT SE ALONG N. LINE OF GR.RIVER AVE. 21 1/2 FT. TO BEG OAKWOOD PART OF LOT 14-COM. 45 FT. NW OF SE COR OF LOT 14-NE AT RT ANG TO GD RIVER AVE 90 FT. NW PLL. TO GD. RIVER AVE. 21 1/2 FT - SW AT RT ANG TO GD RIVER AVE 90 FT SE ALONG N. LINE OF GD. RIVER AVE. 21 1/2 FT. TO BEG. OAKWOOD COM AT THE SE COR OF LOT 14 OAKWOOD PART OF THE NE 1/4 OF SEC 13 CITY OF EAST LANSING TH W'LY PLL WITH GRAND RIVER AVE 66.5 FT TO POB TH CONT W'LY PLL WITH GRAND RIVER AVE 43 FT TH N'LY PLL WITH E LOT LN OF LOT 13 OAKWOOD 90 FT TH W'LY PLL WITH GRAND RIVER AVE 22.5FT TH N'LY PLL WITH W LOT LN OF LOT 13 OAKWOOD 75 FT THE'LY PLL WITH GRAND RIVER AVE FT TH S'LY ALONG THE W'LY LN OF EVERGREEN AVE TO A PT FT N OF THE SE COR OF LOT 14 OAKWOOD TH W'LY PLL TO GRAND RIVER AVE 58.5 FT M OR L TH S'LY PLL WITH W'LY LOT LN OF LOT 14 OAKWOOD 90 FT TO POB PART OF LOT 13-COM /2 FT NW OF SE COR OF LOT 14 -NE AT RT ANG TO SAID GRAND RIVER AVE. 90 FT-NW PLL TOGD RIVER AVE 22 1/2 FT-SW AT RT ANG TO SAID GRAND RIVER AVE 90 FT SE ALONG N.LINE OF GD RIVER AVE. TO BEG. OAKWOOD N 44 FT OF LOT 23 & S 16 FT OF LOT 24 OAKWOOD LOTS 26 AND 28 OAKWOOD SUB EXC COM AT NW COR OF LOT 28 TH E 100' TH S45' TH W TO EVERGREEN AVE, TH N'LY ALG SAID AVE TO POB SEC 13 T4N, R1W. COM AT THE NW COR OF LOT 28 OF OAKWOOD SUBD TH E 100 FT TH S 45 FT TH W TO EVERGREEN AVE TH N'LY ALONG SAID AVE TO PLACE OF BEG SEC 13 T4NR2W LOT 30 OAKWOOD LOT 32 OAKWOOD THAT PART OF LOTS 17, 18, & 19 LYING N OF A LINE DRAWN DUE W FROM A PT 28 1/2 FT S OF NE COR OF LOT 17. OAKWOOD 1

35 ATTACHMENT A Legal Description of the Property 314, 328, 334, 340 and 341 Evergreen Avenue Albert Ave Lot 4 and Evergreen Avenue Lot 8 East Lansing, Michigan Address/Tax ID Legal Description* Albert Avenue Lot Evergreen Avenue Lot ADJACENT VACATED ALLEY. * Per City of East Lansing Assessing Records PART OF LOT 25 - BEG. AT NE COR OF LOT 25 - W 165 FT - S 50 FT - E 165 FT - N 50 FT TO BEG OAKWOOD COMBINED DESCRIPTION:(NEW 2010) ALL OF LOT 20 AND THOSE PARTS OF LOTS 15, 16, 17, &18, PLAT OF OAKWOOD, CITY OF EAST LANSING, INGHAM COUNTY, MICHIGAN, DESCRIBED AS BEGINNING AT A POINT ON THE WESTERLY LINE OF EVERGREEN AVENUE, SAID POINT BEING FEET SOUTHEASTERLY ALONG SAID WESTERLY LINE OF EVERGREEN AVENUE FROM THE NORTHEAST CORNER OF LOT 17 OF SAID OAKWOOD PLAT, THENCE SOUTHERLY ALONG SAID WESTERLY LINE OF EVERGREEN AVENUE TO A POINT FEET SOUTHEASTERLY ALONG SAID WESTERLY LINE OF EVERGREEN AVENUE FROM THE CORNER BETWEEN LOTS 15 AND 16, THENCE N89º55 W TO THE NORTHERLY LINE OF THE ALLEY, THENCE N70º03 W ALONG SAID NORTHERLY LINE OF THE ALLEY FEET TO THE LOT CORNER COMMON TO LOTS 16, 17 AND 20 OF SAID OAKWOOD PLAT, THENCE NORTHERLY ALONG THE EAST LOT LINE OF SAID LOT 20 TO A POINT DUE WEST FROM THE POINT OF BEGINNING, THENCE DUE EAST TO THE POINT OF BEGINING. ALSO N ½ OF THE 2

36 ATTACHMENT B Summary of Environmental Conditions

37 ATTACHMENT B Summary of Known Environmental Conditions 314, 328, 334, 340, 341 Evergreen Avenue, Albert Avenue Lot 4 and Evergreen Avenue Lot 8 East Lansing, Michigan The parcel located at 100 W. Grand River Avenue contained a residential house from at least 1906 to By 1927 the dwelling was razed, the current four-story commercial building, and a former northadjoining building (the Abbot Building ) were constructed. The Abbot building was razed in 1985, and converted into a parking-lot. This parcel has been used for a bank, State Theater, retail, salons, photography studios, commercial offices, drug store, dry cleaning, printing, and residential purposes. The building has been vacant since at least The parcel located at W. Grand River Avenue contained a residential house and an outbuilding from at least 1906 until The buildings were razed in 1917, and the current two-story commercial building was constructed. Sometime between 1913 and 1926 a residential house (215 Evergreen Avenue) was constructed in the north portion of this parcel, and was razed prior to By 1951 a residential house (211 Evergreen Avenue) was built north of the commercial building on this parcel; the dwelling was converted into a store by 1953, and razed by This parcel has been used for commercial offices, retail, multiple restaurants, dance and fitness studios, dry cleaning, and residential purposes. The building has been vacant since at least The parcel located at 303 Abbot Road contained a residential dwelling from at least 1906 through approximately The residence was demolished circa 1938, at which time a two-story commercial building was constructed on the Property. From 1938 until 2007, the parcel was used for various commercial operations, including multiple banks and a multitude of corporate offices. The building remained vacant from 2007 until its demolition in The parcel located at 341 Evergreen contained two residential dwellings and two detached, single-car garages/ sheds from at least 1926 until they were razed sometime prior to In , two apartment buildings were constructed on the Property. The buildings were razed in July The buildings at W. Grand River Avenue asbestos containing building materials (e.g. pipe insulation, boiler wrap insulation, cement board paneling, floor tile, roofing and roof flashing, roofing tar and fabric, fire doors, mastic, and building caulking) that will require abatement prior to interior demolition and renovation. The following known environmental assessments and hazardous material surveys were conducted to evaluate current conditions of the Property: Phase II Environmental Site Assessment Letter Report, Northwest corner of Abbot and Grand River Avenue, East Lansing, dated April 10, 2008 prepared by PM Environmental, Inc. (PM);

38 Phase II Environmental Site Assessment Letter Report, Northwest corner of Abbot Road and Albert Avenue, East Lansing, dated June 27, 2008 prepared by PM; Asbestos-Containing Materials & Hazardous Materials Inspection, W. Grand River Avenue, East Lansing, dated July 19, 2016, prepared by Triterra; Asbestos-Containing Materials & Hazardous Materials Inspection, 100 W. Grand River Avenue, East Lansing, dated July 26, 2016, prepared by Triterra; Phase I Environmental Site Assessment (ESA), 341 Evergreen Avenue, East Lansing, dated August 22, 2016, prepared by Triterra; Phase I ESA, W. Grand River Avenue, East Lansing, dated August 25, 2016, prepared by Triterra; Baseline Environmental Assessment (including a Phase II investigation), 341 Evergreen Avenue, East Lansing, dated August 23, 2016, prepared by Triterra; Baseline Environmental Assessment (including a Phase II investigation), 100 W. Grand River Avenue, East Lansing, dated August 25, 2016, prepared by Triterra; Baseline Environmental Assessment (including a Phase II investigation), 136 W. Grand River Avenue, East Lansing, dated August 25, 2016, prepared by Triterra; The aforementioned asbestos survey identified a significant amount of asbestos containing building materials with the structure located on the Property. ACM documented at the Property included pipe insulation, boiler wrap insulation, cement board paneling, floor tile, roofing and roof flashing, roofing tar and fabric, fire doors, mastic, and building caulking that will require abatement prior to interior demolition and renovation In 2008, PM conducted Phase II ESAs at the City Parking Lot #10, within the right-of-way Albert Avenue and at the parking lot (Evergreen Avenue Lot 8) and road right-of-way at an between Valley Court and Evergreen Avenue. The investigation identified heavy metals (i.e. arsenic, selenium), polynuclear nuclear aromatic hydrocarbons (PAHs) and volatile organic compounds (VOCs) in shallow soil samples within adjacent road right-of-ways that are also within the boundary of the Property area. Concentrations within this area were above the residential generic cleanup criteria established under Part 201 of Michigan s Natural Resources and Environmental Protection Act (NREPA), P.A. 451, as amended. In 2016, Triterra conducted Phase II ESAs at W. Grand River Avenue and 341 Evergreen Avenue. The investigation identified heavy metals (i.e. arsenic, barium, copper, lead, mercury, silver, and zinc) at 100 W. Grand River Avenue, 136 W. Grand River Avenue, 341 Evergreen Avenue in subsurface soils above the residential generic cleanup criteria established under Part 201. Environmental impact at the Project area is believed to be from urban fill and the historical use of the subject parcels.

39 ATTACHMENT C Affidavit of Functional Obsolescence

40