WIREWORKS AT C.O.I.L. Nathanael Greene Developments Tyler T.J. Bausinger, Kiera McCloy, Austin Neri, Joseph Vilotti, Katelyn Tufariello

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1 WIREWORKS AT C.O.I.L. Nathanael Greene Developments Tyler T.J. Bausinger, Kiera McCloy, Austin Neri, Joseph Vilotti, Katelyn Tufariello

2 I. Introduction & Investment Thesis II. Comprehensive Site Vision III. Demographic Support IV. Building-Level Vision V. Financials VI. Conclusion

3 Introduction & Investment Thesis WireWorks at C.O.I.L. represents a step forward in neighborhood creation in Chambersburg with redevelopment of key historic buildings and new structures while attracting future investments due to projected returns of 14% and additional plans for future developments.

4 Roebling Block 2

5 WireWorks at C.O.I.L. Site Vision

6 WireWorks at C.O.I.L. Site Vision

7 TRENTON & CHAMBERSBURG: OFFICE, MULTI-FAMILY & RETAIL

8 Market Outlook Vibrant Community Strong Economy Rich History

9 Band House Building 51 11,950 sf. Coffee Shop First Floor 3 Screen Movie Theater and Quick service food Second Floor Future Stabilized Yield to Cost: 20.64%

10 Roebling Brewyard Building 52 13,357 sf. Brewery and American-style restaurant Future Stabilized Yield to Cost: 15.06%

Equilibrium Building 54 100,000 sf. First Floor: 10,000 sf.

Community Center & Museum Second Floor: Artists Lofts and

11 Equilibrium Building ,000 sf. First Floor: 10,000 sf. American Steakhouse 10,000 sf. Day Care 30,000 sf. Community Center & Museum Second Floor: Artists Lofts and Colony 35 units (5 Low & Moderate) Future Stabilized Yield to Cost: 13.56%

13 Saxonburg House Building 57 52,579 total sf. Loft apartments 59 units (5 Low & Moderate) Future Stabilized Yield to Cost: 11.83%

14 The Forge Building 58 42,705 sf. Collaborative Office Space on 1st and 3rd floors operated by Benjamin's Desk Future Stabilized Yield to Cost: 12.86%

15 Mühlhausen Lofts Building 62 34,387 sf. Loft Apartments 20 units (4 Low & Moderate) Future Stabilized Yield to Cost: 17.63%

16 Elizabeth Gardens 63,590 sf. New Construction Traditional Multi-Family Apartments 42 units (10 Low & Moderate) Future Stabilized Yield to Cost: 15.03%

17 Washington Place 40,275 total sf. First floor retail (13,425 sf.) Three floors traditional multifamily apartments 38 units (10 Low & Moderate) Future Stabilized Yield to Cost: 14.58%

18 Ferdinand Avenue Hudson Street Mott Street South Clinton Avenue

19 Urban Farming Initiative Atop: Washington Place Elizabeth Gardens Garage on South Clinton Nathanael Greene

20 Nathanael Greene

21 South Clinton Garage

22 Financials MAKING BLOCK 2 FINANCIALLY VIABLE AND CULTURALLY VIBRANT

23 Elizabeth Gardens Washington Place Mühlhausen Lofts The Forge Saxonburg House Equilibrium Roebling Brewyard Band House Permits/Clean Up Parking Garage Construction Timeline Ending Month Phase Starting Month Ending Month Parking Garage 0 6 Permits/Clean Up 0 8 Band House 9 18 Roebling Brewyard Equilibrium Saxonburg House The Forge Mühlhausen Lofts Washington Place Elizabeth Gardens 32 44

24 Construction Timeline Details Quarter Cost Source Building Q1 (0-4) $6,837,091 Construction Loan, Historic Tax Credit, City of Trenton Equity Parking Garage/Clean-Up Q2 (5-8) $4,497,091 Construction Loan, Historic Tax Credit Parking Garage/Clean-Up Q3 (9-12) $1,358,382 Construction Loan Band House/Brewyard/Equilibrium, Pavement Q4 (13-16) $5,698,823 Construction Loan, Historic Tax Credit, City of Trenton Equity Band House/Brewyard/Equilibrium/Saxonburg Q5 (17-20) $6,689,134 Construction Loan, Historic Tax Credit Band House/Brewyard/Equilibrium/Saxonburg Q6 (21-24) $9,180,772 Construction Loan, Historic Tax Credit, Band House, Brewyard Revenue Equilibrium/Saxonburg/The Forge Q7 (25-28) $8,087,983 Construction Loan, Historic Tax Credit, Band House, Brewyard, Equilibrium, Saxonburg Revenue Equilibrium/Saxonburg/The Forge/Muhlhausen Q8 (29-32) $3,416,293 Construction Loan, Band House, Brewyard, Equilibrium, Saxonburg, The Forge Revenue Building E/Muhlhausen/Wash. Place Q9 (33-36) $6,100,861 Construction Loan, Band House, Brewyard, Equilibrium, Saxonburg, The Forge Revenue Building Muhlhausen/Wash. Place/Elizabeth Q10 (37-40 $5,292,361 Construction Loan, Band House, Brewyard, Equilibrium, Saxonburg, The Forge, Muhlhausen Revenue Building Wash. Place/Elizabeth Q11 (41-44)$6,465,055 Construction Loan, Band House, Brewyard, Equilibrium, Saxonburg, The Forge, Muhlhausen, Wash. Place Revenue Building Wash. Place/Elizabeth/Green Roof

25 USES sq. ft Green Roof 52,993 Turf 7,150 Total Ground Area Contingency $191, Green Roof $1,059, Clean-Up $1,348, Landscaping $2,966, Pavement $270, Turf $107, Parking Garage $7,020, Band House $1,556, Roebling Brewyard $1,583, Equilibrium $11,564, Saxonburg House $9,024, The Forge $7,644, Muhlhausen Lofts $3,384, Washington Place $8,506, Elizabeth Gardens $7,332, Total Cost $63,557, SOURCES Sources & Uses Construction Loan $41,312, Historic Tax Credit $19,067, LEED Gold $197, City of Trenton Equity $2,980, Total Financing $63,557,111.03

26 Pro-Forma Rental Revenue Total Rental Revenue Total Percentage Rent 1/31/ /31/ /31/ /31/ /31/ /31/ /31/2024 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 $ - $ 303,004 $ 4,176,858 $ 7,321,330 $ 7,467,757 $ 7,617,112 $ 7,769,454 $ - $ 878 $ 3,855 $ 5,061 $ 5,162 $ 5,265 $ 5,370 Parking Revenue $ - $ 30,087 $ 242,775 $ 355,283 $ 362,389 $ 369,637 $ 377,029 Total Tenant Revenue $ 8,750 $ 47,214 $ 261,630 $ 376,094 $ 383,616 $ 391,288 $ 399,114 Consolidated Pro Forma Potential Gross Revenue $ 8,750 $ 350,218 $ 4,438,488 $ 7,697,424 $ 7,851,373 $ 8,008,400 $ 8,168,568 Operating Expenses Total Operating Expenses $ 683,571 $ 819,115 $ 837,191 $ 855,712 $ 858,823 $ 860,129 $ 861,462 Net Operating Income $ (674,821) $ (487,935) $ 3,335,489 $ 6,368,830 $ 6,455,160 $ 6,600,133 $ 6,748,005 Development Total Development Costs $ 13,797,743 $ 19,714,752 $ 13,641,566 $ 6,309,253 $ 52,140 $ 52,140 $ 52,140 Cash Flow Before Debt $ (14,472,564) $ (20,370,717) $ (10,910,379) $ (60,729) $ 6,276,698 $ 6,419,145 $ 6,564,440 Debt Service Interest $ 154,183 $ 147,499 $ 143,776 $ 139,882 $ 135,810 $ 131,550 $ 127,095 Principal $ 74,350 $ 81,034 $ 84,757 $ 88,651 $ 92,723 $ 96,983 $ 101,439 Loan Repayment $ 228,533 $ 228,533 $ 228,533 $ 228,533 $ 228,533 $ 228,533 $ 228,533 Total Debt $ 457,066 $ 457,066 $ 457,066 $ 457,066 $ 457,066 $ 457,066 $ 457,066 Service Cash Flow After Debt Service $ (14,929,630) $ (20,827,783) $ (11,367,445) $ (517,795) $ 5,819,632 $ 5,962,078 $ 6,107,374 Cash On Cash Yield 26% 27% 28% Net Sale Proceeds $ 73,288,488 $ (14,929,630) $ (20,827,783) $ (11,367,445) $ (517,795) $ 5,819,632 $ 5,962,078 $ 79,395,862 Projected IRR 14%

27 Construction Construction Year 5 Stabilized Cost Cost PSF IRR $61,557,111 $ % $62,057,111 $ % $62,557,111 $ % $63,057,111 $ % $63,557,111 $ % $64,057,111 $ % $64,557,111 $ % $65,057,111 $ % $65,557,111 $ % Sensitivities Cap Selling Price Stabilized Rate Price PSF IRR 6.00% $97,717,984 $ % 6.50% $90,201,216 $ % 7.00% $83,758,272 $ % 7.50% $78,174,387 $ % 8.00% $73,288,488 $ % 8.50% $68,977,400 $ % 9.00% $65,145,323 $ % 9.50% $61,716,621 $ % 10.00% $58,630,790 $ %

29 Appendix MARKET DEMOGRAPHICS TRENTON DEMOGRAPHIC SEGMENTATION TRENTON AREA MULTI-FAMILY TRENTON AREA OFFICE ROEBLING BREWYARD EQUILIBRIUM FAST/CASUAL DINING FINANCIALS INDIVIDUALIZED PRO FORMAS BAND HOUSE ROEBLING BREWYARD EQUILIBRIUM SAXONBURG HOUSE THE FORGE MÜHLHAUSEN LOFTS WASHINGTON PLACE ELIZABETH GARDENS AMORTIZATION SCHEDULE SAXONBURG BEDROOM SPLITS ELIZABETH GARDENS BEDROOM SPLITS THE FORGE FLOOR SPLITS

30 Demographics According to Esri, an online database of demographics and income statistics for every zip code: Chambersburg median age is 32.2 years Median income is $40,000/ HH Most residents are new to the area, and have children There are many single mothers living here Main demographic is young Hispanic families new to the area

31 Trenton Area Multi- Family Large concentration of single family attached units Most units are pre-1940 construction Minimal class A units in area 8 units 73 class B units available in area

32 Trenton Area Office Limited class A office space - <190,000SF Low vacancy rate for both A and B space - <5%

33 Trenton Demographic Segmentation

Roebling Brewyard Craft Beer - a growing industry (over 4000 breweries in the US and increasing) Need for sustainable production Each gallon of beer produced= 15-20 gallons of water used

34 Roebling Brewyard Craft Beer - a growing industry (over 4000 breweries in the US and increasing) Need for sustainable production Each gallon of beer produced= gallons of water used Sustainable breweries use 3-4 gallons of water Solar panels, water and packaging recycling initiatives Young urban residents = high demand for an upscale brewery with carbon footprint concerns

35 Equilibrium Building 54 According to the National Restaurants Association: 40% of US consumers dine out in full service restaurants 1-3 times a month With an improving economy, restaurant sales achieved over $710B in sales in 2015 There is a strong demand for daycare in Trenton, as many facilities are run-down, or have poor reviews online The average weekly cost for daycare in Trenton is $235/week per child Many families in Chambersburg are young, Hispanic, and working class

36 Fast/Casual Dining

37 Amortization Schedule Amortization Schedule: Fulton Bank Loan-To-Value (LTV) 65.00% Loan Term 10 Loan Value $ 41,312, Amortization Term 30 Amortization Periods 300 Calculated Payment $229,626 Interest Rate 4.50%

38 Property Name/Address Band House Value Owned Retail RSF 11,950 SF Required Parking Spots per 1,000 RSF spots Coffee Shop RSF 50.00% of RSF 5,975 RSF Movie Theater RSF 50.00% of RSF 5,975 RSF Construction Schedule Post-Construction Lease-Up Duration Total Project Timeline Coffee Average Annual Base Rent PSF NNN Movie Theater Average Annual Base Rent PSF NNN 9 months 3 months 12 months $25.00 PSF $30.00 PSF Band House Individual Pro Forma Annual Percentage Rent/Parking/Ancillary Income $837 Gross Potential Annual Operating Income - Coffee $149,375 Gross Potential Annual Operating Income - Movie $179,250 Outparcel Ground Rent $0 Percentage Rent/Parking/Ancillary Income $837 Less Annual Vacancy & Credit Loss 7.00% ($23,062.31) Total Annual Revenue, Net $306,399 "Current" Stabilized Net Operating Income (NOI) $306,399 Base Building Hard Cost & Contingency $930,953 Tenant Improvements (TIs) $298,750 Soft Cost - % of Hard Costs, Contingency & TIs $310,318 Leasing Commissions - Coffee $7,469 Leasing Commissions - Movie $8,963 Band House Total Project Cost (TPC) 0.0% $1,556,452 Per GSF $130.25

39 Property Name/Address Roebling Brewyard Value Owned Retail RSF 13,357 SF Required Parking Spots per 1,000 RSF spots Brew House RSF % of RSF 13,357 RSF Construction Schedule Post-Construction Lease-Up Duration Total Project Timeline Brew House Average Annual Base Rent PSF NNN 6 months 3 months 9 months $20.00 PSF Roebling BrewYard Individual Pro Forma Annual Percentage Rent/Parking/Ancillary Income $935 Gross Potential Annual Operating Income $267,134 Percentage Rent/Parking/Ancillary Income $935 Less Annual Vacancy & Credit Loss 5.00% ($13,403) Total Annual Revenue, Net $254,666 "Current" Stabilized Net Operating Income (NOI) $254,666 Base Building Hard Cost & Contingency - today's value $1,064,526 Tenant Improvements (TIs) - today's value $333,918 Soft Cost - % of Hard Costs, Contingency & TIs $354,842 Leasing Commissions - Small Shops 5-year term $12,733 Roebling Brewyard Total Project Cost (TPC) 0.0% $1,766,019 Per GSF $132.22

40 Property Name/Address Equilibrium Retail Value Low and Moderate Owned Retail RSF 50,000 SF Required Parking Spots per 1,000 RSF spots Restaurant RSF 20.00% of RSF 10,000 RSF Day Care RSF 20.00% of RSF 10,000 RSF Community Service RSF 20.00% 10,000 RSF Museum RSF 40.00% 20,000 RSF Pre-Construction Duration Construction Schedule Post-Construction Lease-Up Duration Total Project Timeline 0 months 13 months 3 months 16 months Restaurant Average Annual Base Rent PSF NNN - today's value $20.00 PSF Day Care Average Annual Base Rent PSF NNN - today's value $15.00 PSF Community Service Average Annual Base Rent PSF NNN - today's value $0 Museum Average Annual Base Rent PSF NNN - today's value $0 Percentage Rent $ 2, Gross Potential Annual Operating Income - Restaurant $200,000 Gross Potential Annual Operating Income - Day Care $150,000 Gross Potential Annual Operating Income - Community Service $0 Gross Potential Annual Operating Income - Museum $0 Percentage Rent/Parking/Ancillary Income $ 2, Less Annual Vacancy & Credit Loss 5.00% ($17,625) Total Annual Revenue, Net $334,875 "Current" Stabilized Net Operating Income (NOI) $334,875 Style Units SF Average Monthly Rents 1 BR $950 Value Property Name/Address Equilibrium Residential Square Footage sq. ft. Units 35 units Required Parking Spots 1.0/unit 35 spots Construction Schedule Post-Construction Lease-Up (Monthly Rate) Total Time to Stabilization 13 months 3 months 16 months Average Unit Size 1,000 RSF Average Monthly Rent $2.35 PSF $2,350 Average Monthly Parking Rent $50 Annual Gross Potential Revenue - Apartments $1,044,000 Annual Gross Potential Revenue - Parking $21,000 Less Annual Vacancy and Credit Losses 7.00% ($74,550) Annual Potential Revenue, Net $990,450 Monthly Operating Expenses $350/unit ($12,190) Real Estate Taxes $150/unit ($5,190) Total Operating and Taxes $500/unit ($17,380) Equilibrium Individual Pro Formas Equilibrium Retail Base Building Hard Cost & Contingency - today's value $3,879,980 Tenant Improvements (TIs) - today's value $1,250, Soft Cost - % of Hard Costs, Contingency & TIs $1,616,658 Leasing Commissions - Restaur 5-year term $10,000 Leasing Commissions - Day Care $7,500 Leasing Commissions Community Service $0 Leasing Commissions Museum $0 "Current" Stabilized Annual Net Operating Income (NOI) $973,070 Base Building Hard Cost & Contingency $2,880,000 Tenant Improvements $960,000 Soft Cost % Hard Cost & Contingency & TIs $960,000 Equilibrium Residential Total Project Cost (TPC) $6,764,138 Per GSF $ Total Project Cost (TPC) $4,800,000 Per Apartment $137,143

41 Low and Moderate Style Units SF Average Monthly Rents 1 BR $950 2 BR $1,050 Value Property Name/Address Saxonburg House Building Square Footage sf Maximum Allowable Units 59 units Required Parking Spots 1.0/unit 59 spots Saxonburg House Individual Pro Forma Construction Schedule Post-Construction Lease-Up (Monthly Rate) Total Time to Stabilization 9 months 3 months 12 months Average Unit Size 830 RSF Average Monthly Rent (today's value) $2.35 PSF $1,951 Average Monthly Parking Rent $50 Annual Gross Potential Revenue - Apartments $1,442,754 Annual Gross Potential Revenue - Parking $35,400 Less Annual Vacancy and Credit Losses 7.00% ($103,471) Annual Potential Revenue, Net $1,374,683 Monthly Operating Expenses - today's value $350/unit ($247,800) Real Estate Taxes - today's value $150/unit ($106,200) Total Operating and Taxes $500/unit ($354,000) Saxonburg House "Current" Stabilized Annual Net Operating Income (NOI) $1,020,683 Base Building Hard Cost & Contingency - today's value $5,865,600 Retail Tenant Improvements - today's value $1,353,600 Soft Cost % Hard Cost & Contingency & TIs $1,804,800 Total Project Cost (TPC) $9,024,000 Per Apartment $152,949

42 Property Name/Address The Forge Value Lot Square Footage 42,705 SF Total Allowable FAR 1.0 FAR 42,705 FAR Residual Office GSF 42,705 GSF Rentable Office SF 91% Efficiency 38,862 RSF Required Parking Spots per 1,000 RSF spots Construction Schedule Post-Construction Lease-Up Duration Total Project Timeline 9 months 3 months 12 months The Forge Individual Pro Forma Average Annual Rent PSF Full Service - today's value $40.00 PSF Average Monthly Parking Rent per Spot - today's value $50.00 Gross Potential Annual Operating Income - Office $1,554,462 Gross Potential Annual Operating Income - Parking $46,634 Less Annual Vacancy 5.00% ($80,055) Total Annual Revenue, Net $1,521,041 Annual Operating Expenses - today's value $10.00 PSF ($388,616) Real Estate Taxes - today's value $5.00 PSF ($194,308) Total Operating and Taxes $15.00 PSF ($582,923) "Current" Stabilized Net Operating Income (NOI) $938,118 % TPC Base Building Hard Cost & Contingency - today $ PSF 65.0% $4,968,764 Office Tenant Improvements (TIs) - today's val $40.00 PSF 15.0% $1,146,638 The Forge Soft Cost % Hard Costs, Contingency & TIs 35.00% 20.0% $1,528,850 Total Project Cost (TPC) 100.0% $7,644,252 Per GSF $179

43 Low and Moderate Style Units SF Average Monthly Rents 2 BR $1,050 Value Property Name/Address Mühlhausen Lofts Square Footage Sq. Ft. Maximum Allowable Units 20 units Required Parking Spots 1.0/unit 20 spots Muhlhausen Lofts Individual Pro Forma Construction Schedule 9 months Post-Construction Lease-Up (Monthly Rate) 10 units/mo. 2 months Total Time to Stabilization 11 months Average Unit Size 1,200 RSF Average Monthly Rent (today's value) $2.35 PSF $2,820 Average Monthly Parking Rent $50 Annual Gross Potential Revenue - Apartments $727,200 Annual Gross Potential Revenue - Parking $12,000 Less Annual Vacancy and Credit Losses 7.00% ($51,744) Annual Potential Revenue, Net $687,456 Monthly Operating Expenses - today's value $350/unit ($84,000) Real Estate Taxes - today's value $150/unit ($36,000) Total Operating and Taxes $500/unit ($120,000) "Current" Stabilized Annual Net Operating Income (NOI) $567,456 Muhlhausen Lofts Base Building Hard Cost & Contingency - today's value $2,030,400 Retail Tenant Improvements - today's value $676,800 Soft Cost % Hard Cost & Contingency & TIs $676,800 Total Project Cost (TPC) $3,384,000 Per Apartment $169,200

44 Property Name/Address Owned Retail RSF 13,425 SF Required Parking Spots per 1,000 RSF spots Sweetgreen RSF 17.00% of RSF 2,282 RSF Panera RSF 16.00% of RSF 2,148 RSF Convenience Store RSF 16.00% 2,148 RSF Fresh Market RSF 17.00% 2,282 RSF Hair and Nail RSF 17.00% 2,282 RSF Art Shop RSF 17.00% 2,282 RSF Construction Schedule Post-Construction Lease-Up Duration Total Project Timeline Washington Place Retail Value 9 months 3 months 12 months Sweetgreen Average Annual Base Rent PSF NNN - today's value $28.00 PSF Panera Average Annual Base Rent PSF NNN - today's value $28.00 PSF Convenience Store Average Annual Base Rent PSF NNN - today's value $18 Fresh Market Average Annual Base Rent PSF NNN - today's value $18 Hair and Nail Average Annual Base Rent PSF NNN - today's value $18 Art Shop Average Annual Base Rent PSF NNN - today's value $18 Percentage Rent $ Gross Potential Annual Operating Income - Sweetgreen $63,903 Gross Potential Annual Operating Income - Panera $60,144 Gross Potential Annual Operating Income - Convenience Store $38,664 Gross Potential Annual Operating Income - Fresh Market $41,081 Gross Potential Annual Operating Income - Hair and Nail $41,081 Gross Potential Annual Operating Income - Art Shop $41,081 Percentage Rent/Parking/Ancillary Income $ Less Annual Vacancy & Credit Loss 5.00% ($14,345) Total Annual Revenue, Net $272,548 "Current" Stabilized Net Operating Income (NOI) $272,548 Low and Moderate Style Units SF Average Monthly Rents 2 BR $1,050 3 BR $1,150 Value Property Name/Address Washington Place Multi Fam Square Footage 26,850 Maximum Allowable Units 68.7/acre 38 units Required Parking Spots 1.0/unit 38 spots Construction Schedule 9 months Post-Construction Lease-Up (Monthly Rate) 10 units/mo. 3 months Total Time to Stabilization 12 months Average Unit Size 800 RSF Average Monthly Rent (today's value) $2.35 PSF $1,880 Average Monthly Parking Rent $50 Annual Gross Potential Revenue - Apartments $986,880 Annual Gross Potential Revenue - Parking $22,800 Less Annual Vacancy and Credit Losses 7.00% ($70,678) Annual Potential Revenue, Net $939,002 Monthly Operating Expenses - today's value $200/unit ($91,200) Real Estate Taxes - today's value $50/unit ($22,800) Total Operating and Taxes $250/unit ($114,000) Washington Place Individual Pro Formas Washington Place Retail Base Building Hard Cost & Contingency - today's value $1,043,123 Tenant Improvements (TIs) - today's value $347, Soft Cost - % of Hard Costs, Contingency & TIs $347,708 Leasing Commissions - Sweetgree 5-year term $114 Leasing Commissions - Panera $107 Leasing Commissions - Convenience Store $107 Leasing Commissions - Fresh Market $114 Leasing Commissions - Hair and Nail $114 Leasing Commissions - Art Shop $114 Total Project Cost (TPC) $1,738,766 Per GSF $ "Current" Stabilized Annual Net Operating Income (NOI) $825,002 Base Building Hard Cost & Contingency - today's value $4,060,800 Tenant Improvements - today's value $1,353,600 Soft Cost % Hard Cost & Contingency & TIs $1,353,600 Total Project Cost (TPC) $6,768,000 Per Apartment $178,105 Washington Place Multi Family

45 Low and Moderate Style Units SF Average Monthly Rents 2 BR $1,050 3 BR $1,150 Value Property Name/Address Elizabeth Gardens Lot Acreage 63,590 Maximum Allowable Units 42 units Required Parking Spots 1.0/unit 42 spots Construction Schedule 9 months Post-Construction Lease-Up (Monthly Rate) 10 units/mo. 3 months Total Time to Stabilization 12 months Elizabeth Gardens Individual Pro Forma Average Unit Size 1,000 RSF Average Monthly Rent (today's value) $2.35 PSF $2,350 Average Monthly Parking Rent $50 Annual Gross Potential Revenue - Apartments $1,238,484 Annual Gross Potential Revenue - Parking $25,200 Less Annual Vacancy and Credit Losses 7.00% ($88,458) Annual Potential Revenue, Net $1,175,226 Monthly Operating Expenses - today's value $200/unit ($100,800) Real Estate Taxes - today's value $50/unit ($25,200) Total Operating and Taxes $250/unit ($126,000) "Current" Stabilized Annual Net Operating Income (NOI) $1,049,226 Elizabeth Gardens Base Building Hard Cost & Contingency - today's value $4,399,200 Retail Tenant Improvements - today's value $1,466,400 Soft Cost % Hard Cost & Contingency & TIs $1,466,400 Total Project Cost (TPC) $7,332,000 Per Apartment $174,571

46 Low and Moderate Saxonburg Bedroom Splits Style Units SF Average Monthly Rents 1 BR $950 2 BR $1,050 Saxonburg Bedroom Split Style Units SF Average Monthly Rents Studio $1,175 1 BR $1,645 2 BR $2,233

47 The Forge Office Split Floor SF PSF 1 13,928 $ ,928 $40.00 The Forge Floor Split

48 Low and Moderate Style Units SF Average Monthly Rents Elizabeth Gardens Bedroom Splits 2 BR $1,050 3 BR $1,150 Elizabeth Gardens Bedroom Split Style Units SF Average Monthly Rents 3 BR $2,500

UNDERSTANDING THE DEVELOPMENT PRO FORMA

UNDERSTANDING THE DEVELOPMENT PRO FORMA March 16, 2017 ULI Urban Leadership Program Dr. Steven Webber Ryerson University/Urbanformation Consulting Pro forma Financial analysis based on Revenues Costs Return