April 17, 2012

Mr. Thomas C. David, Jr. Pan American Engineers - Alexandria, Inc. 1717 Jackson Street Alexandria, Louisiana 71301

Re: A multifamily rental housing market study for the Eastern portion of Iberville Parish, Louisiana

Dear Mr. David:

Per your request, we have completed the following Housing Needs Assessment for the Eastern portion of Iberville Parish. This report was developed for Iberville Parish, to support its decision making process regarding the construction of workforce/mixed-income multifamily residential housing with Ike- Gustav recovery funds. Cook, Moore and Associates is permitting the Parish’s publication of these reports in support of this effort.

This report is a work-product created for the Parish. Cook, Moore and Associates will not discuss the report, or provide any interpretive support to third parties regarding the findings or conclusions contained within this report. Developers who are considering responding to any RFP issued by the Parish are advised to obtain their own market studies and should not rely solely on the broad determinations in this report for specific transactional decisions.

Respectfully submitted,

Craig A. Davenport Louisiana Certified General Real Estate Appraiser #G1128 A Rental Housing Market Study on the EAST IBERVILLE RENTAL HOUSING MARKET IBERVILLE PARISH, LOUISIANA

April 17, 2012

A Proposed Prepared for: RENTAL HOUSING DEVELOPMENT MR. THOMAS C. DAVID, JR. PAN AMERICAN ENGINEERS-ALEXANDRIA, INC. in the Eastern Portion of Iberville Parish, LA 1717 Jackson Streeet Alexandria, LA 71301

FILE #12 - 11246 April 17, 2012

Mr. Thomas C. David, Jr. Pan American Engineers - Alexandria, Inc. 1717 Jackson Street Alexandria, Louisiana 71301

Re: A multifamily rental housing market study for the Eastern portion of Iberville Parish, Louisiana

Dear Mr. David:

In accordance with your request, we have completed a market analysis of the Eastern Portion of Iberville Parish. The contents of the study include a general economic overview, an analysis of current and probable future demand, an analysis of multifamily residential construction trends in the general market area and a primary market area analysis of the immediate market area. We present the following report for your approval.

The data presented in this report represents the best found in the general market area as of the date of survey. It is understood that the terms of our engagement are such that we have no obligation to revise this report to reflect events or conditions which may occur subsequent to the date of survey. We will, however, always remain available to discuss the necessity for revision or additions in view of changes in the economic or market factors affecting the primary market area.

It is expressly understood that the scope of this study does not include any potentially adverse affects of zoning requirements, environmental issues, governmental issues or other restrictions that could possibly affect the use of any property in the primary market area. We have assumed that you are knowledgeable of any and all issues that may impact the feasibility of any specific project.

This report has been prepared to determine the feasibility of the proposed development option in the defined primary market area. As is customary in assignments of this nature, neither our names nor the material submitted may be included in any security prospectus, in newspaper publicity, or as part of any printed material, or used in offerings or representations in connection with the sale of securities or participation interests to the general public. Multifamily Housing Market Study Cook, Moore & Associates Eastern Portion of Iberville Parish April 17, 2012 Iberville Parish, Louisiana Page 2

We would be pleased to hear from you if we may be of further assistance in the interpretation and application of our findings and conclusions. We appreciate your cooperation extended to us during the course of this assignment and are glad to have had the opportunity to be of service. If we can be of any further assistance in this matter, please do not hesitate to call.

Respectfully submitted,

Craig A. Davenport Louisiana Certified General Real Estate Appraiser #G1128 TABLE OF CONTENTS

EXECUTIVE SUMMARY...... 1

INDEPENDENCE & NO IDENTITY OF INTEREST...... 5

MARKET AREA ANALYSIS ...... 6

PRIMARY MARKET ANALYSIS ...... 7

SECONDARY MARKET ANALYSIS ...... 11

DEMOGRAPHIC ANALYSIS ...... 51

MARKET/SUB-MARKET DEFINITION...... 51

RENTAL DEMAND HOUSING ANALYSIS ...... 60

OPERATING AND DEVELOPMENT COMPARISONS ...... 73

SOURCES OF DATA...... 78

CONCLUSIONS...... 79

ADDENDUM ...... 80 EXECUTIVE SUMMARY

The scope of this report is to determine if demand exists for the construction and rental of a proposed apartment complex in the Eastern portion of Iberville Parish. This development could be targeted towards a mixture of market rate and lower-income households.

The subject’s defined market area encompasses the Eastern portion of Iberville Parish (basically the portion of Iberville Parish east of the Mississippi River). The Census Tracts (as defined by the U.S. Census Bureau) within the market area include Census Tracts #22047952501 and #22047952502. The neighborhood contains a broad mixture of property uses. In the Regional Analysis section of this report, it is determined that the Greater Baton Rouge MSA (including Iberville Parish) has a diverse economy.

Population and income demographic data are presented. These figures show population within the subject’s trade area has been growing steadily since 1990, increasing significantly from 1990 to 2000, but increasing at a slower rate from 2000 to 2010. The number of households has also been growing steadily over the same time period. A review of the income demographics for the subject’s trade area indicate that the area has undergone a transformation. The Average Household Income for the subject’s trade area was $27,643 in 1990, however, by 2000 it had risen to $45,095. In 2010, the AHI is estimated at $51,650. In 1990, over 68.6% of the area’s households earned less than $35,000 per year. By 2000, that number had dwindled to approximately 53.9%, and has projected to be further decreased to 50.1% in 2010.

In the Rental Demand Section, the demand for rental housing units in the defined Trade Area are estimated as follows:

Cook, Moore & Associates 1 Executive Summary

Projected Rental Housing Demand in Subject's Trade Area 2013 to 2016 Source 2013 2014 2015 2016 Current Year Projected # Renter Households 286 294 302 310 Less: Previous Year # Renter Households 246 286 294 302 Shift in Rental Housing Demand 40 8 8 8 Minus: Projects Completed 2000-2013 0000 Plus: Residual Demand from Previous Year 0 76 87 98 Plus: Replacement of Depletion/Demolition 36 3 3 3 Effective Demand 76 87 98 109 Plus: Allowance for 7% Vacancy 5678 Total Demand for New Units 82 93 105 117

The demand analysis indicates that approximately 82± units are needed to meet demand for all income segments by 2013. This analysis takes into account the expected natural increase in population, the population and household trends, the changes in supply of rental housing units within the primary market area and those units that have been demolished or are substandard.

This analysis only considers those proposed units that are platted and have received site plan approval. As with any real estate market, there are likely other developers looking at the feasibility to develop multifamily housing complexes within the area that have not been made public yet (i.e. they have not received site plan approval or building permits). It is unreasonable to expect this analysis to encompass proposed apartment complexes that are still on the drawing board.

In addition, we have been asked to provide a breakout of the demand based on various income level restrictions. Applying the same methodology for all of the various lower-income segments, the following table illustrates the projected demand for rental housing for the various income levels:

Cook, Moore & Associates 2 Executive Summary

Projected Low-Income Rental Housing Demand in Subject's Trade Area 2013 to 2016 Source 2013 2014 2015 2016

Total Demand for New Units - 60% AMI 41 47 53 59

Total Demand for New Units - 40% AMI 28 32 36 39

Total Demand for New Units - 30% AMI 20 23 26 29

Total Demand for New Units - 20% AMI 12 13 15 17

Total Demand for New Units - 80%/Market 40 45 51 57

Note that there is overlap in the above categories. The 60% projections include all units below 60% AMI, which would also include the units for the 20%, 30% and 40% levels (i.e., these are not cumulative totals, but inclusive totals). In addition, tenants that qualify in the 20% and 30% AMI levels would likely need some type of governmental assistance (in the form of Section 8 vouchers) in order to afford rents at the projected levels. In addition, there is overlap between the 80%/Market demand and the lower-income housing demand, as the income levels overlap.

Trends in Employment According to the current Labor Force statistics, the Iberville Parish job market has remained fairly steady over the past several years, with 11,025 jobs reported in February 2012, 11,086 jobs reported in February 2011 and 11,052 jobs reported in February 2010. The current statistics indicate that roughly 61 jobs were lost between 2010 and 2011, but only 27 jobs from 2010 to 2012. These figures indicate a steady employment base within Iberville Parish.

Typical Features/Amenities in New Rental Product We have been asked to provide a discussion of the various amenities that would contribute to demand and the likelihood of success of a proposed development within the subject’s defined Trade Area. For rental housing in the lower-income segment, we would expect unit amenities to include 9' ceilings, a full kitchen

Cook, Moore & Associates 3 Executive Summary

appliance package (including stove/oven, refrigerator, dishwasher and microwave oven), washer and dryer, base utilities (water, sewer, trash collection and pest control) included in the rental rates and all rooms pre- wired for cable television, internet and telephone. For a market-rate complex, we would expect a similar unit amenity package, with higher-grade appliances (i.e., black or stainless appliances instead of white, etc.), private patio/balconies, and nicer interior finishes (ceramic or wood plank instead of vinyl tile, etc.).

For site amenities, we have seen lower-income properties offer a site amenity package consistent with market-rate complexes, including clubhouses with full kitchens, fitness centers, sports courts and business centers (with computers, copiers, etc.) for tenants use. Market-rate complexes typically have a superior unit amenity package, including the above, plus security gates at the front of the property, nicer finishes in the clubhouse, swimming pool, etc.

Conclusion In conclusion, this report notes that the demographics of the neighborhood support construction of additional rental units oriented towards market-rate households and lower-income households. The demand is present for absorption of newly-constructed units within the subject’s primary market area. Supply of rental units has been dwindling (i.e. many have been boarded, abandoned or have become substandard), indicating that demand should be increasing for newly-built, habitable rental units in the subject’s primary market area. It is likely that a newly-constructed complex in the subject’s defined Trade Area would be reasonably well-accepted.

Cook, Moore & Associates 4 INDEPENDENCE AND NO IDENTITY OF INTEREST

The market analysts in this report do hereby certify that we have personally reviewed the data on the proposed property, identified as:

Re: A proposed multifamily rental housing market study in the eastern portion of Iberville Parish, Louisiana

We certify to the best of our knowledge and belief,...

-The statements of fact contained in this report are true and correct;

-The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions and conclusions;

-We have no present or prospective interest in the property that is the subject of this report, and we have no personal interest or bias with respect to the parties involved;

-Our compensation is not contingent on any action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report;

-Our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of The Appraisal Institute;

-The use of this report is subject to the requirements of The Appraisal Institute relating to review by its duly authorized representatives; and,

-No one provided significant professional assistance to the person(s) signing this report.

-We certify that we are competent to complete a market study for this type property. We have performed numerous market studies over the past 10+ year period.

-We certify that the market study assignment was not based upon a requested conclusion or the approval of a loan.

-We have NOT appraised or provided any consultation services for the subject property within the past 3 years.

As of the date of this survey, Craig A. Davenport has completed the requirements under the educational programs of the State of Louisiana.

Cook, Moore & Associates 5 MARKET/SUB-MARKET DEFINITION

The Market Area or Trade Area can be defined as: "A group of complimentary land uses; a congruous grouping of inhabitants, buildings or business enterprises.”1 A neighborhood analysis can be defined as - The objective analysis of observable and/or quantifiable data indicating discernible patterns or urban growth, structure, and change that may detract from or enhance property values; focuses on four sets of considerations that influence value: social, economic, governmental and environmental factors2.

A neighborhood may be characterized by such uses as residential, commercial, industrial, recreational, agricultural, cultural, and civic activities, or a mixture of these. Analysis of the neighborhood is important because the various economic, social, physical, and political forces which affect a particular neighborhood also directly influence the individual properties within. Discussion of these factors as they affect the value of the subject property follows.

Primary/Secondary Market Analysis The Primary Market Area is defined as the area where the bulk of the subject’s tenants will come from and where the most direct competition can be found. The Secondary Market Area is a larger area from which potential tenants could be drawn from. Some tenants for the subject property may come from the secondary market, however, overall economic trends for the subject are directly affected by the secondary market.

The subject’s Primary Market Area is defined as the Western portion of Iberville Parish (consisting of the portion of Iberville Parish west of the Mississippi River). The Census Tracts (as defined by the U.S. Census Bureau) within the Primary Market Area include Census Tracts #22047952501 and #22047952502. A map illustrating these areas is provided:

1The Dictionary of Real Estate Appraisal, Fifth Edition (The Appraisal Institute, 2010), pg. 133

2The Dictionary of Real Estate Appraisal, Fifth Edition (The Appraisal Institute, 2010), pg. 133

Cook, Moore & Associates 6 Market/Sub-Market Definition

The subject’s Secondary Market Area (the area defined as a larger area affecting the overall dynamics of the primary market area) is defined as the Baton Rouge MSA. The Baton Rouge MSA covers a large area, including East Baton Rouge, West Baton Rouge, Iberville, Ascension and Livingston Parishes. The subject’s primary market area will focus on the eastern portion of Iberville Parish, while the secondary market area will focus on the Baton Rouge MSA.

Primary Market (Neighborhood) Analysis Definition: A group of complimentary land uses; a congruous grouping of inhabitants, buildings or business enterprises.3 A neighborhood analysis can be defined as - The objective analysis of observable and/or quantifiable data indicating discernible patterns or urban growth, structure, and change that may detract from or enhance property values; focuses on four sets of considerations that influence value: social, economic, governmental and environmental factors4.

3The Dictionary of Real Estate Appraisal, Fifth Edition (The Appraisal Institute, 2010), pg. 133

4The Dictionary of Real Estate Appraisal, Fifth Edition (The Appraisal Institute, 2010), pg. 133

Cook, Moore & Associates 7 Market/Sub-Market Definition

A neighborhood may be characterized by such uses as residential, commercial, industrial, recreational, agricultural, cultural, and civic activities, or a mixture of these. Analysis of the neighborhood is important because the various economic, social, physical, and political forces which affect a particular neighborhood also directly influence the individual properties within. Discussion of these factors as they affect the value of the subject property follows.

General Overview: St. Gabriel is the newest city in Iberville Parish, having been incorporated as a town in 1994 and having received city designation in 2001. It is on the east bank of the Mississippi River, approximately 12 miles south of Baton Rouge. St. Gabriel includes Sunshine, LA and Carville, LA. It is in the eastern portion of Iberville Parish, positioned between the East Baton Rouge and Ascension Parish boundary lines. Historic Bayou Manchac serves as the official boundary between St. Gabriel, Ascension Parish, and East Baton Rouge Parish. The area was settled by Acadian exiles who arrived in 1767 to help complete Fort St. Gabriel on Bayou Manchac. The bayou, at that time, was the boundary between the Spanish and English territory. The St. Gabriel Church was built by the Acadian settlers between 1774 and 1776, and is the oldest surviving church structure in the entire Mississippi Valley.

St. Gabriel incorporates a large portion of East Iberville, and boasts both residential communities and a strong industrial base. Since its incorporation, St. Gabriel has added many services for residents, including multi-million dollar sewer systems, improved lighting, parks, a new $4 million Community Center that includes a heated indoor swimming pool, large auditorium and other indoor and outdoor facilities, and a variety of community services.

The Premier Indoor Soccer facility opened in December 2010 across from the Community Center. This 27,000± square foot climate controlled facility has a 200x85 indoor soccer field (similar to an ice hockey rink with artificial turf instead of ice) and supporting viewing and concession areas. This facility offers year round soccer leagues and also offers flag football and lacrosse leagues during certain times of the year. This is a unique facility, as it is the only indoor soccer facility in the Greater Baton Rouge area.

Cook, Moore & Associates 8 Market/Sub-Market Definition

St. Gabriel’s location adjacent to East Baton Rouge Parish provides easy access to LSU and many State government offices in the Baton Rouge Central Business District via LA Highway 30. This has resulted in a thriving community, with new residential developments and new businesses and industry on the way. Progressive government has made St. Gabriel a city on the move.

East Iberville Elementary and High School are the main public schools located within the city; however, the residents take advantage of the many parochial and private schools in the nearby Baton Rouge and Gonzales areas. The Iberville Math, Science and Arts Academy East opened in August 2008 near the Community Center and the indoor soccer facility. The school is located on LA Highway 30. This school servers grades K-12, with a total enrollment around 700± students, with a waiting list for future classes. Every student in grades 6-12 are provided with a laptop computer.

St. Gabriel offers a comfortable country style living. Quality of life is of paramount importance to its citizens. It has been transformed from a primarily agricultural economy to one that is now dominated by the petrochemical industry. Iberville has a range of commercial and industrial businesses, including international corporations and small family-owned businesses. They are attracted to the parish because of its transportation routes, abundant raw materials, strong labor force and land availability. The transportation network includes nearby interstate and highway access, Mississippi River access, and railroad access in both East Iberville and West Iberville (the Parish is divided by the Mississippi River).

Iberville still has significant agricultural operations, especially in the north Iberville communities of Rosedale, Grosse Tete, Maringouin and in the White Castle area; and the fishing industry plays an important role in the rural areas of Bayou Sorrel and Bayou Pigeon. The Parish is situated in the industrial corridor, just 15 miles from the Baton Rouge CBD, the capital of the State of Louisiana. It offers easy access to State government and the economic engine that it provides.

Dow Chemical is the largest employer in the Parish, providing about 3,000 Dow and contract jobs. Other major employers include Georgia Gulf Corporation. and other chemical plants, and government agencies, such as the Iberville Parish School Board and the Iberville Parish Council. Shintech Corporation

Cook, Moore & Associates 9 Market/Sub-Market Definition

is already a major employer, and is now constructing a new $1 billion facility in Iberville with projections of 2,000 jobs during construction, and another 150 permanent jobs once it is complete.

The Elayn Hunt Correctional Institute is also of impact in the subject neighborhood. The Elayn Hunt Correctional Center (EHCC) is an adult male maximum security institution that was opened in 1979. It has an offender population of 2,105 and is located at St. Gabriel, Louisiana. EHCC serves multiple functions for the Louisiana Department of Public Safety and Corrections (DPS&C). EHCC has 561 security positions and 146 non-security positions. It is the second largest prison in the state of Louisiana.

Access: Access to the subject neighborhood is adequate. The major access road is Nicholson Drive (LA Highway 30). LA Highway 30 is a heavily-traveled, 2-lane, asphalt-paved road that traverses the southern edge of the developed portions of the City of Gonzales from east to west, with an I-10 interchange at the western edge of Gonzales. To the west, LA Highway 30 accesses many of the industrial facilities along the Mississippi River and eventually bends to the northwest, terminating in downtown Baton Rouge.

Neighborhood Facilities: Fire protection, police protection, schools, churches, hospitals and recreational facilities are within the boundaries of the neighborhood, or within a reasonable distance. There is an Iberville Parish Sheriff’s station along LA Highway 30 near the Community Center and the new school.

Typical Commercial Developments: Development in the immediate corridor has been extremely limited. There has been growth several miles to the east of the subject, closer to the Gonzales/Prairieville area.

Gonzales: Along Airline Highway in Gonzales, Wal-Mart and K-Mart-anchored centers have been built in the last decade. The Airline Highway corridor is centrally positioned to serve local residents, as the greater concentration of the local residential population (toward which Wal-Mart and K-Mart are oriented) are in developments just off of Airline Highway (as I-10 was built only 30 years ago). Virtually all of the spaces in the retail centers along Airline Highway southeast of Burnside Avenue are occupied. Minimal vacancy is noted, with most vacant spaces in newly-constructed centers that have yet to fully lease-up. A former Albertson’s grocery at the corner of Airline Highway and South Burnside Avenue was purchased by

Cook, Moore & Associates 10 Market/Sub-Market Definition

Walgreen’s for redevelopment as a drug store (which has been completed in the grocery store’s former parking lot) and strip retail center (which still remains proposed on the site of the grocery store building, which has not been demolished). A CVS/pharmacy was also recently completed just off of the northeast corner of the intersection (catacorner to the Walgreen’s site).

Development at the LA Highway 30/I-10 interchange began with construction of the Tanger Factory Outlet Center, a 130,000± square foot specialty mall built in 1992-93 (plus subsequent additions, including one completed in 2008±) in the northwest quadrant of the interchange. It was/is oriented toward a larger (regional) and more unique market than Gonzales alone, with major manufacturers selling merchandise to consumers at “near wholesale” prices. These tenants typically want to be a sufficient distance from their wholesale clients as not to disrupt their sales, but close enough to major metropolitan areas for their outlet facility will be successful. Despite continued growth in southeast Baton Rouge and Ascension Parish over the past 2 decades, Gonzales continues to meet these requirements, with the nearest major retail centers at Siegen Lane Market Place and the Mall of Louisiana (along I-10 in Baton Rouge). The next closest major retailers are in the suburbs New Orleans suburbs (roughly 45 minutes to the southeast). Numerous smaller facilities were completed following construction of Tanger, including major fast food chains such as Jack in the Box, McDonald's, Burger King, Taco Bell, Waffle House, Chili’s, Cracker Barrel, etc., gas station chains such as Exxon, Chevron, Shell, etc., and hotels, including Best Suites, Economy Inn, Best Western and Comfort Inn.

Also along LA Highway 30 are the Eastbank Shopping Center, vacant land, medium-density residential uses (small single-family dwellings and four-plex apartment buildings), St. Elizabeth’s Hospital, Lake Ascension Physicians and assorted retail/commercial properties. Near Interstate 10 are hotels (Budget Inn, Comfort Inn across I-10 to the southwest, Best Western, Family Inn, Cajun Circus Casino & Motel, Western Inn, Quality Inn and a Holiday Inn). Most properties further east along LA Highway 30 have commercial improvements, predominately retail, restaurant (fast-food), or gas station buildings. Off streets have residential developments (predominately multifamily).

Cook, Moore & Associates 11 Market/Sub-Market Definition

A 175,000± square-foot Cabela’s, a hunting, fishing, and outdoor gear store (constructed via a voter- approved sales tax proposal) was completed in the southwest quadrant of the interchange in October 2007. In addition to the outdoor gear sold, the store features a restaurant, gun library, full-service boat shop, shooting gallery, indoor archery range, and an adjoining 17-acre lake. The store is expected to generate between $65 and $75 million in sales annually. On top of the sales dollars, Cabella’s has created around 400± jobs. Strip retail centers, restaurants and hotels are expected to build on adjoining properties. Thus far, KFC, Sonic and Don’s Seafood restaurants, and a Hampton Inn hotel have been completed. Two additional sites for hotels in the development are known, with one sold in February 2009 and another under contract for sale. Also spurred by the Cabela’s development, a Home Depot was completed in November 2007 in the southeast quadrant of the LA Highway 30/Interstate 10 interchange.

Another significant development near the LA Highway 30/I-10 interchange is the Lamar Dixon Expo Center on St. Landry Road, approximately 1 mile south of Louisiana Highway 30. This multi-purpose activity center was constructed on a 247-acre tract at an estimated cost of over $58 million dollars. This complex was constructed by Bill and Mary Lee Dixon with mostly their private money (plus some monies from the State Department of Economic Development) and donated to the Baton Rouge Area Foundation. The center is the largest privately-funded facility of its kind in the country. The original idea for the center was to create a place for horse shows, however, before the final plans were drawn, it had become an expansive multi-purpose facility. Highlights of this complex include:

‘ Three arenas, of which the main arena is 112,500± square feet (seating 3,000± people), a smaller arena containing 66,000± square feet (seating 1,500± people) and an outdoor area containing 45,000± square feet (known as the 4-H arena described below).

‘ A 45,000± square foot covered cattle pen

‘ Eight stall barns containing 960 horse stalls or 300 cattle stalls, wash racks and restrooms, containing a total of 192,000± square feet of covered space

‘ A 4-H building, containing 74,750± square feet of covered area, with an outdoor arena for showing animals, restrooms, showers, concession stands and office space

Cook, Moore & Associates 12 Market/Sub-Market Definition

‘ A Trade Mart building, containing 20,000± square feet of enclosed, heated and cooled space, with roll-up doors, loading dock with a telephone and electrical floor grid for arts and craft shows, boat shows, auto shows, trade shows and other events. This building also has restrooms and a concession stand.

‘ A gymnasium building, containing 30,000± square feet (with 24,000± square feet on the first floor and 6,000± square feet on the second floor) of heated and cooled space, for basketball and volleyball and offices for the Ascension Parish Sheriff’s Office DARE Program.

‘ A forestry building, containing 11,250± square feet of heated and cooled space, with a stage and dance floor, kitchen and restrooms.

‘ Other miscellaneous buildings include a 7,500± square foot hay barn , a 7,500± square foot maintenance building and two 900± square foot bath houses for the RV Park.

Additional site improvements include an onsite recreational vehicle parking area with hookups and sewer facilities for 244 RV’s, an 11-acre stocked lake for fishing, several acres of parking lots and a large grassy area for Hot Air Balloon Festivals. There is an oversized waste water treatment plant on the west side of the property with additional capacity for future development. There is a new water well and tank that has been erected and donated to Baton Rouge Water Works. A retention pond is located at the rear of the property and a highway standard concrete bridge and road systems are in place at the rear entrance (Ashland Road).

The Lamar Dixon Expo Center had planned closed its doors after a $950 million loss in 2004 and a similar loss in 2003. Events scheduled through May 2005 continued, but no other events were scheduled until Ascension Parish signed an annually-renewable lease agreement for the facility in the Spring of 2005. The facility has continued to operate under Ascension Parish management and following its original mission statement.

In a November 2008 election, parish residents decided against raising property taxes to help purchase this facility. The current owner (a private firm) has decided to sell the property; it was offered to Parish for $7,000,000 (it was reportedly appraised for $49,000,000). It is reported (by Pat Bell, Chairman of District 4 in Ascension Parish) that the State of Louisiana is considering the purchase of this facility for emergency purposes. The Parish’s lease expired in June 2009. On August 12, 2009, the Parish bought the Lamar Dixon

Cook, Moore & Associates 13 Market/Sub-Market Definition

Expo Center and all associated fixtures, furniture, equipment, leases, contracts, etc. for a stated consideration of $7,500,000 ($250,000 was paid at closing, $250,000 is to paid at the end of the first year after closing, $500,000 is to be paid the second and third year after the closing and $6,000,000 is to be paid the fourth after closing; all payments are principal only and do not include the interest portion - agreed to be 100 basis points over the 30-day LIBOR). The Parish does, however, still have to abide to the original owners’ mission statement (...to enhance community quality of life through recreation, education and economic development...in a safe and user friendly environment). The purchase by the Parish has a major impact on local businesses (especially hotels and restaurants).

At the southern end of Gonzales, a traditional neighborhood development to be named Edenborne is planned in the southwest quadrant of the Interstate 10/LA Highway 44 interchange. Plans are for Edenborne to include 400 single-family homes, about 400 multifamily residences and more than 1 million square feet of commercial space, including offices, hotels, stores and a movie theater. Several major national retailers are reportedly interested in being part of the 345-acre development. The development is in its final engineering phases, but has yet to begin construction.

Single Family Developments: A key residential development in the area is University Club, developed on the LSU Golf team’s home course along Nicholson Drive south of Bluebonnet Road (immediately north of the Iberville/East Baton Rouge Parish line). The residences in this fenced and gated subdivision sell for between $400,000 and $800,000.

University Club South is a 130-lot subdivision on a 51.57± acre tract of land on the east side of Nicholson Drive approximately 2.5± miles south of Gardere Lane in Iberville Parish. University Club South Subdivision contains 60 standard lots, 31 Bayou Manchac frontage lots, 9 Bayou Paul frontage lots, 18 lake frontage lots and 12 corner lots. Lots average 10,588± square feet, varying in size from 6,000± square feet to 21,590± square feet, with average frontages of 50' - 60' and average depths of 120' - 160'. The lots in this subdivision have been selling in the $60,000 to $70,000 range.

Cook, Moore & Associates 14 Market/Sub-Market Definition

Another residential subdivision developed recently in the subject’s neighborhood is Spanish Lakes. This 172- lot subdivision was developed on a 57.37± acre tract of land on the eastern side of Nicholson Drive (LA Highway 30), approximately two miles south of Manchac Bayou. Spanish Lakes Subdivision contains 172 lots (including 103 interior lots, 40 lake front lots, 18 lake view lots and 11 corner lot). Lots average 8,326± square feet, varying in size from 5,811± square feet to 19,000± square feet. Most lots average 6,750± square feet, having average frontages of 50'± and average depths of 135'±. The developer has designated a 111,969± square foot parcel and a 142,503± square foot parcel along the Nicholson Drive frontage for future commercial development.

Conclusion: The regional and city analyses indicates that the St. Gabriel area offers a stable economic base. Economic indicators support a projection of slow, gradual economic growth and moderately increasing residential, commercial and industrial activity. The industrial facilities along the Mississippi River and the Hunt Correctional Institute are expected to continue to drive employment within the St. Gabriel for several years. Continued stability is expected.

Secondary Market (Regional) Analysis The forces that influence value can be segregated into four categories. Environmental considerations consist of man made or natural features that affect the operating environment of the property appraised. Social considerations relate to the quality of education, culture, population density, recreational facilities and amenities. These factors are commonly equated to a measure of the quality of life in a particular location. Governmental influences, with regard to the honesty, responsibility of government and its overall cost, have considerable influence on the business environment. The operating efficiency and responsiveness to business and industry needs strongly influences the level and quality of economic growth. Economic factors reflect a mix of all remaining forces. With proper interaction between the environmental, social and governmental forces, the economic base can develop to its potential.

ENVIRONMENTAL FACTORS Location, Size & Population: Baton Rouge, Louisiana's capital city, spans an area of 60.5± square miles. Baton Rouge is in the south central portion of Louisiana, along the eastern bank of the Mississippi River. It is approximately 130± river miles upstream from New Orleans, Louisiana, and 230± river miles

Cook, Moore & Associates 15 Regional Analysis

upstream from the mouth of the River at the Gulf of Mexico. It is approximately 80± miles northwest of New Orleans via Interstate 10. Baton Rouge is also served by I-12, I-55, I-59 and I-49 (all within 60 miles). There are over 150 industries of various kinds in the MSA (Metropolitan Statistical Area), with a civilian labor force of approximately 374,700±. Baton Rouge is a center of education, government, health care, biotechnology research, petrochemical production, and petroleum refining.

According to the 2000 U.S. Census, the Baton Rouge Metropolitan Statistical Area (MSA), which at the time included four surrounding Parishes (East Baton Rouge, West Baton Rouge, Ascension, and Livingston), contained a population of roughly 602,894 (up from 559,310 persons reported in the 1990 Census). The Baton Rouge MSA’s defined area changed in 2003 to include 9 parishes: East Baton Rouge, West Baton Rouge, Ascension, Livingston, Iberville, St. Helena, Pointe Coupee, East Feliciana, and West Feliciana. Based on the new MSA definition, the 2000 MSA population would have been 705,973± (per 2000 U.S. Census figures).

According to the 2000 U.S. Census, the population within East Baton Rouge Parish (in which the City of Baton Rouge is located) was roughly 412,852 (up from 380,105 in the 1990 census and 366,191 in 1980), and within the City of Baton Rouge was 227,818 (up from 219,531 in 1990 and 219,419 in 1980). The 2010 U.S. Census reported population for the Baton Rouge MSA, Parish, and City are 802,484±, 440,170±, and 229,493±, respectively. A substantial population increase attributed primarily to the influx of Hurricane Katrina evacuees to the area occurred in 2005-06. Local population statistics provided by the U.S. Census Bureau are provided in the following table:

BATON ROUGE AREA CENSUS POPULATION STATISTICS Year East Baton Rouge Parish Livingston Parish Ascension Parish 1960 230,058 26,974 27,927 1970 285,167 36,511 37,086 1980 366,191 58,806 50,068 1990 380,105 70,523 58,214 2000 412,852 91,814 76,627 2010 440,170 128,026 107,215

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The data reflects population growth in East Baton Rouge Parish of 2.84% annually from 1970-1980 (an effective growth rate of 2.53%, compounded annually). The growth rate from 1980-1990 slowed to 0.038% annually (an effective rate of 0.037%, compounded annually). The compound growth rate from 1990-2000 was 0.83% annually. Stronger population growth in the outlying areas of the MSA (most notably Livingston and Ascension Parishes) has been noted over the past few decades.

The Baton Rouge region experienced a substantial population increase following Hurricane Katrina in August 2005. The initial influx of hurricane evacuees was estimated at roughly 250,000±. Though many have left the area, the residual net population increase for the MSA is estimated at roughly 45,000± (a 6%± increase). The MSA’s historical population growth had not been so rapid.

The Baton Rouge area’s stagnant population trend in the 1980s was attributable to a regional economic slowdown in 1982-87. The slowdown was primarily due to a drastic fall in oil and gas prices, resulting in a significant reduction in domestic production. As the petrochemical industry (most notably the extraction sector) constituted a core employment base for the region, significant unemployment resulted. The 1986-90 period was marked by a sharply depressed regional economy. Baton Rouge has shown notable economic recovery since the late 1980s (15 straight years of economic growth occurred in 1987-2001), with most economists expecting further, gradual economic growth during the next several years. Even during the global recession of 2008-09, the Baton Rouge area continued to generate job and population growth. This will be discussed in greater detail subsequently.

Transportation: Baton Rouge is the farthest inland deep water port on the Mississippi River to which ocean-going ships can travel. Docks and terminals serve both deep water and river transportation. A 40-foot channel is maintained for roughly 230± miles from Baton Rouge to the Gulf of Mexico, with connections to the Intracoastal Canal. A study has been made to determine the cost effectiveness of deepening the channel to 50 feet. Baton Rouge ranks as the 2nd largest port in Louisiana, and within the top 10 largest in the nation.

Adjacent to the port are the Port Allen locks of the Intracoastal Waterway, which provide barge operators a savings of approximately 160± miles on traffic destined to Houston from Baton Rouge. The Greater Baton Rouge area is designated as a U. S. Customs Port of Entry, and a roughly 2,600-acre general

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purpose foreign trade zone is also available. The juncture of the Mississippi River and Gulf Intracoastal Waterway, coupled with strong inland transportation services, have made the Port of Greater Baton Rouge a strategic gateway for the handling of international and domestic commerce. Water transportation is the leading influence on industrial development along the Mississippi River from Baton Rouge to the Gulf. The Port of Baton Rouge was recently approved by the London Metals Exchange as a delivery area.

Baton Rouge is serviced by 4 major airlines (Delta, Continental, American and US Airlines. Air mail, passenger, and express service are available to most major cities. In January 2011 Vision Airlines began providing flight to Destin, FL and Orlando, FL. In May of 2011 Vision Airlines announced that it would be leaving the Baton Rouge market. Vision cited rising fuel costs and low bookings as the main reasons for exiting the market. Rental cars and taxi service are also available. The Baton Rouge area has roughly 10,000± hotel rooms, of which roughly 5,000± are committable for a citywide event. An additional 1,164± hotel rooms have been built since 2007, with 697± more currently under construction, another 1,227± rooms planned, and 570± proposed. Baton Rouge hotel rates are among the most affordable in the nation. One national bus line (Greyhound) has a terminal in Baton Rouge, furnishing service to all sections of the United States through various connections.

Two interstate systems (I-10 & I-12) intersect in south central Baton Rouge. These are the two major east-west arteries servicing South Louisiana and Baton Rouge. Interstate 12 has been widened from four to six lanes from the I-10/I-12 split to O'Neal Lane to reduce congestion during rush hours. An I-10/I-12 widening project from O’Neal Lane to Juban Road in Livingston Parish is underway. I-10 has 6 and 8 lanes from the CBD to the I-10/I-12 split. Two bridges span the Mississippi River at Baton Rouge. Access through the city is further served by U.S. Highways 61 and 190.

The Baton Rouge City-Parish Government in 2005 obtained an extension of a one-half cent Sales and Use Tax for Street and Road Improvements through Year 2030. The program is known as the Green Light Plan, a transportation and street improvements program geared toward alleviating the notorious traffic congestion present throughout the Baton Rouge region (which was only exacerbated by the influx of Hurricane Katrina evacuees to the area in 2005). Under the program, approximately 70% of the tax collected will be appropriated to street and road improvements. The balance of the future tax revenues has been bonded

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through the issuance of Sales Tax Revenue Bonds to fund 35 road improvement projects (widening, extensions, realignment, etc.) throughout the parish.

SOCIAL FACTORS Cultural: Baton Rouge has many cultural attractions. Numerous concerts, dramatic productions, industrial/trade shows, as well as sporting and other events are presented throughout the year at the Louisiana State University (LSU) Union Building, LSU’s Pete Maravich Assembly Center, and the Baton Rouge River Center. The Old Governor's Mansion has been converted into the Louisiana Arts and Science Center, featuring exhibits, workshops, and one of the largest planetariums in the world. The Baton Rouge Little Theater is one of the strongest community theaters in the nation (on the basis of membership to population). It produces five plays each season. The historic Old State Capital, built in 1847, houses the Louisiana Art Commission galleries. Also downtown are the River Center (a venue for large events such as concerts, theater performances, trade shows, and conferences), the new State Capitol, and the Shaw Center for the Arts (completed in 2005, it features art exhibits, performances, and rooftop dining with spectacular views). In addition to the downtown area, the City of Baton Rouge includes many established neighborhoods, such as Mid-City, with its eclectic mix of local shops and restaurants, the Garden District, with its beautiful older homes, and Spanish Town, known for its flamboyant Mardi Gras parades. Along with a focus on education and the arts, the area is renowned for its mixture of Southern, Cajun, Creole, French, and Mexican foods, as well as an abundance of other international cuisine. Over 900 restaurants are in the Baton Rouge area, offering a broad variety of cuisines.

Education: Educational facilities in the Parish include over 100 schools, with 33 parochial and private schools (59 in the MSA), accommodating roughly 75,000± students from kindergarten through high school. The student/teacher ratio for East Baton Rouge Parish is approximately 15 to 1. Bussing (desegregation) plans implemented over the past few decades by the Federal Government have promoted substantial growth in the private school systems, while the public school system has experienced proportionally decreasing enrollment. The net effect is continued segregation, but now based more on income class structure (rather than race or neighborhood proximity).

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Over the past few years, several suburban communities have separated from the East Baton Rouge Parish School District to form independent community school districts. Zachary and Baker created their own school districts in 2006, followed Central in 2007.

Baton Rouge has 4 business colleges, 1 state school (for the visually and/or hearing impaired), 2 trade schools, 1 community college, 1 nursing college and 2 major universities. The area has several libraries, including 13 public branches, 3 college libraries, and 1 state library.

Louisiana State University (LSU), established in 1860, is now a 300± acre campus with a physical plant of $200± million. (LSU Baton Rouge is part of the Louisiana State University System, which contains facilities and/or programs in each of Louisiana's 64 parishes.) LSU-BR is one of only 25 universities nationwide holding both land-grant and sea-grant status. The University brings in more than $120 million annually in outside research grants and contracts, a significant factor to the Louisiana economy. Moreover, LSU’s presence was responsible for approximately $1.2 billion in direct and indirect sales for the 2008 fiscal year in the Baton Rouge MSA. According to a report by the National Research Council, LSU consistently ranks among the top 30 universities in total federal, state, and private expenditures. It is a Tier 1 research institution. LSU was also ranked 16th among “Most Popular National Universities” by U.S. News and World Report in 2009. LSU-BR employs approximately 3,800± faculty and staff.

The Carnegie Foundation has classified LSU as a Doctoral/Research-Extensive University. Curricula leading to Bachelor's degrees are offered in 72 major fields, Master's degrees are offered in 78 major fields, and Doctoral degrees are offered in 53 major fields. The D.V.M. is offered by the School of Veterinary Medicine, and the J.D., L.L.M., and M.C.L. degrees are offered by the Paul M. Hebert Law Center in Baton Rouge. Despite its large enrollment, the university maintains an impressive record of small-class teaching. The student-faculty ratio is roughly 20:1.

Enrollment for LSU typically peaks in the fall semester at roughly 29,000 students and drops by about 7%-8% in the spring. Summer term enrollment typically totals roughly 11,500. In recent years, LSU enrollment has declined, due to more stringent admissions standards set in 2005. Fall 2010 enrollment was 28,771± students.

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LSU has been continuously increasing its admission standards, which has had a tremendous impact on the average GPA of its student population. LSU first moved from an open-enrollment model to selective enrollment in 1988 when the first admission standards were implemented. Admission standards have increased on a regular basis. As of 2005 (same standards apply in 2011), incoming freshmen must have a 3.0 high school grade point average on a specified group of college-preparatory courses and a minimum 1030 SAT/22 ACT score. These changes in admission standards have resulted in positive changes in the quality of students now enrolling at and graduating from LSU. Students arrive at LSU better prepared to succeed in college-level courses. LSU’s 6-year graduation rate has increased steadily in response to the changes in undergraduate admission standards and is now at 56%±. In addition, retention rates for enrolled students have increased. The freshman- to sophomore-year rate is now over 85%.

LSU is Louisiana’s flagship institution. LSU’s National Flagship Agenda was a seven-year plan (which began in 2003) to bring LSU to a new level of excellence by the Year 2010, the university’s 150th anniversary. It focused on action steps that increase research and scholarly productivity and the quality and competitiveness of its graduate and undergraduate students. LSU’s flagship agenda has suffered at the hands of the nation’s recent recession. In 2010, state funding to LSU was reduced by $12.6 million, forcing the university to reduce spending on research, faculty, and degree programs. Despite its budget cuts, LSU administration still aims to preserve the flagship agenda, reducing spending only where it is necessary, until higher state support resumes.

Southern University and A&M College is the largest predominately black university in the nation. Southern University came into existence in 1880 with the passing of ACT 87 of the Louisiana General Assembly after a group of black politicians petitioned the State Constitutional Convention to establish a school of higher learning for “colored” people. Southern first opened in 1881 in New Orleans, and has since established 5 additional campuses, with Baton Rouge being its main campus. Southern is a comprehensive institution offering 4-year, graduate, professional, and doctoral degree programs. This university today is part of the only historically black Land Grant university system in the United States. It offers Bachelor’s degrees in 42 areas, 19 Master’s, 5 Doctoral, and 2 Associate degrees. An average of roughly 9,000 students are enrolled each year at the Baton Rouge campus.

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The Jimmy Swaggart World Evangelism Bible College & Seminary opened in the Fall of 1984, and the seminary opened in the Fall of 1988. It trains students to become missionaries, evangelists, pastors, and teachers, all with a scriptural foundation. The WEBCS is part of the Jimmy Swaggart Ministries, headquartered in Baton Rouge, which has a printing and mailing plant, a radio station, television production facility, and recording studio, in addition to the college. Christian Bible College is another seminary college in the Baton Rouge area. Its curriculum is designed to train men and women for Christian service. Enrollment is open to all individuals, regardless of denominational affiliation. CBC has both Undergraduate and Graduate Programs, offering Bachelor, Master, Graduate Specialist, and Doctor of Theology Degrees (awarded to ministers), and Bachelor, Master, Graduate Specialist, and Doctor of Religious Education Degrees (awarded to non-ministers).

Medical: Baton Rouge is served by 7 hospitals containing approximately 2,426± beds and 24± nursing homes with 2,898± beds. This area also has 3 devoted rehabilitation hospitals and numerous specialty clinics. Baton Rouge has an abundance of medical care facilities for a city of its size. In addition, the Baton Rouge-based company Amedisys, is this nation’s largest provider of home healthcare services.

Our Lady of the Lake Regional Medical Center (OLOL) is the largest healthcare institution in the Greater Baton Rouge area. It is also the largest private medical center in Louisiana, with 763± licensed beds locally. Opened in 1923 (established by the Franciscan Missionaries of Our Lady), the Lake has grown from its modest beginning to a major player in healthcare, with an outreach spanning geographical and political boundaries. In a given year, OLOL treats approximately 25,000 patients in the hospital, and serves about 350,000 persons through outpatient locations with the assistance of over 850 physicians and 3,000 staff members. Our Lady of the Lake recently purchased 250± acres in Livingston Parish to build a “Healthplex” which is to offer imaging, surgery, lab and physical therapy services. Groundbreaking is scheduled for Winter 2010. Our Lady of the Lake has also purchased 60± acres of land between the Tau Center and Interstate 10 in order to accommodate future expansion of the Essen Lane Campus. Other recent improvements to the main campus include expanding St. Mary’s Tower to house 5 new operating rooms and amplifying the campus college curriculum to include Master’s programs in nursing.

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Baton Rouge General Medical Center (BRG) is a 544-bed community hospital with two locations (one Mid-City location on Florida Boulevard and one further south off Bluebonnet Boulevard), hundreds of doctors and nurses, and a system-wide commitment to exceptional patient care. BRG is the only community- owned, not-for-profit, full-service hospital in Baton Rouge. In 2004, BRG received top honors as Louisiana's Hospital of the Year for nurse excellence by the Louisiana State Nurses Association for the third consecutive year. It is also recognized as a top-rated cardiology program (HealthGrades, 2006), and is home to the region’s only adult and pediatric burn center. In July 2006, the hospital teamed up with the Irene W. and C.B. Pennington Foundation to open Pennington Cancer Center, a new state-of-the-art cancer center. This center is one of the first two sites in the world with the next generation of equipment and technology for cancer detection, treatment, and management.

Woman’s Hospital opened in 1968, becoming one of the first women's specialty hospitals in the nation. It is a 246-bed medical facility. Today, its staff and physicians deliver more than 8,000 babies each year, making Woman’s the 16th largest maternal delivery provider in the country and the largest in Louisiana. In addition, the hospital reportedly performs more than 7,000 surgeries, 45,000 mammograms, and 80,000 Pap tests on an annual basis. Woman’s Hospital is a not-for profit organization. All funds earned over expenses are reinvested into the hospital. Construction is underway for Woman’s Hospital’s new facility at Airline Highway and Pecue Lane in the southeastern portion of Baton Rouge, approximately 5± miles southeast of the current hospital. The new 5-story, 300-bed facility will house 520,000± square feet of hospital space and a 2-story medical office building (approximately 260,000± additional square feet). The site encompasses more than 85± acres and is to include convenient parking, walking trails, covered outdoor dining, a lake and a waterfront plaza.

Ochsner Medical Center - Baton Rouge (OMC-BR) is at southeastern quadrant of the I-12/O’Neal Lane interchange. The facility spans 85± acres and has 200 beds, all in private rooms, and a medical staff of over 200 physicians. In addition to providing cardiopulmonary, laboratory, radiology, physical therapy, and emergency services, OMC-BR is one of the first facilities in the region to offer robotic surgery for gynecological patients with the use of the Da Vinci® Surgical System. This ground-breaking medical device allows physicians to perform intricate operations through smaller, less invasive incisions resulting in quicker

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recovery times, and improved results for patients. The emergency department has two major trauma rooms and two cardiac rooms. Also available are same-day and inpatient surgery services, as well as endoscopy.

Earl K. Long Medical Center (part of LSU Health Sciences Center Health Care Services Division) is one of the nine charity hospitals throughout the State of Louisiana. It provides quality medical care to residents of Louisiana, regardless of income or insurance coverage. It also provides for the state’s medical and clinical education needs, thereby ensuring Louisianians the availability of well-trained professionals. On March 19th, 2010, lawmakers and LSU officials made the decision to close Earl K. Long Medical Center and shift its medical education and inpatient care to Our Lady of the Lake Regional Medical Center. The move was chosen in lieu of a $480 million replacement hospital for the outdated Earl K. Long Medical Center. The Lake will become LSU’s Baton Rouge-based teaching hospital. According to LSU System Vice President Fred Cerise, Earl K. Long will close by 2013.

Lane Memorial Hospital, in Zachary, Louisiana (10± miles north of Baton Rouge), opened in 1960 as a 40-bed, acute-care, not-for-profit facility. It is now a 137-bed facility that serves residents in the northern part of East Baton Rouge Parish, as well as the East and West Feliciana parishes. The hospital has approximately 700 employees (including over 100 doctors), with an annual payroll of over $16 million.

Mary Bird Perkins Cancer Center (adjacent to OLOL) is a freestanding, community-owned, nonprofit cancer radiation treatment, education and research facility. Founded in 1968 by a group of radiologists and community leaders, MBPCC was established in response to the significant need for an independent community cancer treatment facility in the Baton Rouge area. The Center began treating patients in 1971. Two other locations followed in 1988, in Hammond, LA, and in 1998 in Covington, LA.

Other medical services are available throughout the Greater Baton Rouge area. Ochsner Clinic Foundation Baton Rouge is a regional affiliate of Ochsner Clinic Foundation in New Orleans. Founded in 1986, Ochsner Clinic Foundation Baton Rouge is a physician-directed, integrated health care system that provides outpatient medical care and diagnostic services in more than 35 specialty areas. Currently, more than 85 providers see patients at the main clinic and neighborhood clinics. The LSU Student Health Center

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(on the LSU campus) is also important in providing health care to the large LSU student population in the Baton Rouge area.

Recreational Facilities: The Recreation and Park Commission for the Parish of East Baton Rouge (BREC) operates public park and recreation facilities and programs throughout East Baton Rouge Parish. BREC is a member of NRPA (The National Recreation and Park Association) and has been nationally accredited and recognized as one of America's premier recreation and park departments, having won the prestigious Gold Medal Award twice and been a finalist nine other times. The Baton Rouge MSA's public recreational facilities span over 11,832± acres and include 75± recreational centers, 3± stadiums, 9± lakes with 90± acres of fishing area, 20± golf courses, 1± miniature golf course, 4± bowling centers, 6± private and semi-private country clubs, 184± city parks, 114± playgrounds, 8± public swimming pools, 249± tennis courts, 17± soccer fields, 134± softball fields, 1,231± fitness/hiking trails, 15± bike trails, 12± movie theaters, 5± roller skating facilities, 4± theme parks, and a zoo. Also, as the state capital, Baton Rouge has several historic sites for touring. Excellent boating, hunting and fishing areas are within a short drive from the city.

The BREC Baton Rouge Zoo, which opened in 1970, has grown to become the #1 year-round family attraction in Baton Rouge, with nearly a quarter million guests each year. The Baton Rouge Zoo is home to over 1,800 animals from around the world. It was the first zoo in Louisiana to achieve the distinguished honor of being accredited by the American Zoo and Aquarium Association. As a leader in the zoo field, the BREC Zoo was accredited in 1977, four years before any other zoo in the state and eight years before such accreditation was mandatory for membership in this prestigious professional association. The Zoo is active in conservation programs and fully participates with other zoos around the world in 30± international Species Survival Plans (SSP) for critically endangered species. Educational programming has expanded to include activities such as community outreach programs, reading programs, day camps, weekend classes, teacher workshops, on-site live animal and artifacts encounters and demonstrations. The Zoo also works closely with the Louisiana State University School of Veterinary Medicine conducting research on several species.

The Baton Rouge River Center in the downtown area has a number of entertainment facilities. A recent expansion of The Baton Rouge River Center has made downtown Baton Rouge far more marketable to convention organizers. The entire complex, including the existing Arena and Theatre for the Performing

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Arts, as well as the new Exhibition Hall, includes over 200,000 square feet of new and renovated space, and incorporates state-of-the-art exhibition, meeting, concession, and kitchen facilities. The new 70,000-square- foot Exhibition Hall can be combined with the existing arena to create more than 100,000 square feet of contiguous exhibit space.

The economic impact of LSU sports on the region is significant. LSU Athletics brings a large number of fans to the area (LSU has ranked in the top 10 in attendance seven years in a row), who in turn spend a large amount of money, adding to the economy of the area. According to The Economic Impact of Louisiana State University on the Baton Rouge MSA by Stephen R. Barnes published in February of 2011, LSU Athletics creates roughly $106.5 million in new sales and over $32.5 million in household earnings annually, while supporting over 1,400 jobs in the community.

The City of Baton Rouge has 2 large casinos in the downtown area. The Belle of Baton Rouge Casino opened in September 1994. This 28,000 square foot casino offers 778± slots and 37± tables games. The Belle of Baton Rouge features a 300-room hotel, 150-seat buffet, deli, lounge, a retail outlet, Catfish Town Entertainment, retail and convention complex, and 10,000 square feet of meeting space. It has three floors of slots and table games, including live poker, craps, blackjack and more, and offers free parking in the parking garage and free shuttle service from the garage to the River Center. In addition, Hollywood Casino (formerly Casino Rouge) has over 1,100 slots and 31 table games over three decks. It also has 3 restaurants, including an upscale steakhouse, live music in the nightclub and free valet parking.

In early 2008, voters in East Baton Rouge Parish approved the development and construction of L’Auberge, Pinnacle Entertainment’s proposed $250 million gaming and entertainment resort. L’Auberge is to be built on a 550± acre site along the Mississippi River near Gardere Lane in Baton Rouge. It is being constructed in several phases, the first of which will include a state-of-the-art river boat casino with roughly 1,500 slot machines and 50 table games. It will also include a hotel and several restaurants and lounges which will host live entertainment. Future phases are to include a residential community, a full-service spa and health club, golf course, tennis courts and an equestrian center with riding trails. According to Pinnacle, L’Auberge is expected to create 1,200 direct permanent jobs in Phase One alone and bring in millions of dollars per year in tax revenues. Pinnacle originally announced that Phase One would be completed in late

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2009 or 2010, however (reportedly due to financing difficulties associated with the recession), groundbreaking was delayed. Completion of Phase I is expected in early 2012.

Arts: Fine and performing arts facilities abound in the Baton Rouge area, including 28 museums and 12 theaters. Among the many performance arts organizations are the Baton Rouge Ballet Company, the Baton Rouge Symphony, the Baton Rouge Little Theater, BREC’s Independence Park Theatre and Cultural Center, the Playmakers of Baton Rouge, Southern University Fine Arts Theater, the Swine Palace Productions & Reilly Theatre (a non-profit professional theatre company on the LSU campus), and the LSU Theatre. Of Moving Colors Productions is another arts organization that incorporates dance, visual arts, literature, and music into performances that educate and stimulate. Performances reflect a wide range of artistic mediums and cultural backgrounds. Among the fine arts galleries in the area are the Southern Museum of Art, the Louisiana Art and Science Museum, the Heritage Museum and Cultural Center, the Louisiana State Museum, the Enchanted Mansion, the Louisiana Art and Artists’ Guild Gallery, and the Baton Rouge Gallery. Also, on the LSU campus are the LSU Museum of Art, LSU Museum of Natural Science, LSU Rural Life Museum & Windrush Gardens, the LSU Union Art Gallery, and the LSU School of Art Gallery. In March 2005, the Shaw Center for the Arts opened. This state-of-the-art facility houses performing arts, the LSU Museum of Art, restaurants and a coffee shop with a spectacular view of the Mississippi River. Planning has been underway for several years on a proposed, $15 million Knock Knock Children’s Museum. The museum will be oriented towards children 8 years old and under. Although a location has not been announced, museum organizers have been granted $5 million from the state’s capital outlay budget.

The Baton Rouge area also hosts several cultural festivals. Some of these include the Bluegrass on the Bayou Festival, FestForAll, the Jambalaya Festival, the Louisiana Book Festival, the Louisiana Renaissance Festival, the Sorrento Boucherie, the Greater Baton Rouge State Fair and the Bayou Country Super Fest held in Tiger Stadium.

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GOVERNMENTAL FACTORS State Government: Local and state governments are headquartered in Baton Rouge, employing a combined total of 60,000± workers. State and local government are the largest employers in the area. In 1986, the State government was devastated economically, as severance taxes (production-based) from the oil and gas industry plummeted. At one time, the state budget deficit was projected to be as high as $1 billion. The state government addressed this by borrowing hundreds of millions of dollars in short-term loans, restructuring state government offices to decrease expenditures, and reducing personnel. With economic recovery in the 1990s, the layoffs halted and employment in state government recovered. The budget deficit was partially offset with gaming income (i.e. lottery, video poker, casinos, etc.). Stability in governmental employment has been noted in recent years, though cutbacks once again loom. While we do not foresee drastic changes in state employment in the near future, a reduction is likely.

The State of Louisiana has consistently sustained upgrades to its credit rating. Louisiana has been assigned a GO (general obligation) bond rating of A+ through both Standard and Poor’s and Fitch, and an A1 bond rating through Moody’s. The high ratings affirm Louisiana’s leadership in conservative management and fiscal accountability. The bond ratings from all 3 agencies were upgraded in mid-2008, which could save the state millions annually via lower interest rates and lower insurance costs on debt obligations. According to State Treasurer John Kennedy, Louisiana’s credit rating has improved because of the State’s continued efforts to reduce debt, its prudent investments in the Rainy Day Fund, the sale of 60% of its tobacco (lawsuit) settlement, and the placement of tobacco settlement sale proceeds into trust funds for health care and education.

State government is expected to exercise better budget management in the coming years, though the State Legislature has historically not been receptive to massive budget cuts (preferring, rather, to increase taxes). The current (conservative) administration has been well-accepted by the business community.

City-Parish Government: Since January 1949, Baton Rouge has been governed by a City-Parish form of government, the first of its kind in the United States. It is a consolidation of the parish (county) and city governing bodies into a single organization, eliminating duplicity of governmental services, increasing efficiency and reducing costs. The taxpayers pay only the salary of a single Mayor-President (instead of two

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chief administrators). Likewise, for both the city and parish, there is a single purchasing agent, treasurer, director of finance, clerk, attorney, personnel administrator, and public works director. The staffs of these offices handle the business of both city and parish. The twelve Metropolitan Council members legislate for the business of both the parish and city.

City property taxes average roughly 9± mills and Parish taxes average 95± mills. Levies for special purposes are assessed in some portions of the city and parish. These basic figures include parish, school, recreation, and city taxes. The Assessor recently completed a reappraisal of all property values (2008). The taxing authority reportedly increased assessments 7%, on average. Most adjustments in assessments are transaction-based, i.e., property values are often updated only when a property sells (and then the assessment is typically adjusted to reflect the sale price). New industries and additions to existing industries are generally granted 10-year tax exemptions on ad valorem taxes by state law. State and City-Parish sales taxes total 9%.

ECONOMIC FACTORS The Baton Rouge economy has experienced a stable, gradual recovery from the economic devastation of the mid and late-1980s. Core area employment has historically been tied to the petro-chemical industries. Increasing economic diversification and recovery of oil prices and production have contributed to recent economic improvements, though the global recession and increasing natural gas prices have dampened chemical industry activity (as natural gas is a key component in many processes).

A Glance at the Past: Unusually strong local economic growth occurred from 1975 to 1981, a peak employment year, triggered predominantly by domestic oil production and petrochemical industry expansions. During this period, employment in Louisiana grew approximately twice as fast as the national economy, as the energy-dependent Louisiana economy directly benefitted from sharply rising oil prices. Continued "boom" times became the anticipated norm.

The strong growth from the early 1970s through 1981 was driven primarily by a boom-bust cycle in the oil and natural gas extraction sector. During this period, the State's employment was growing roughly twice as fast as the national economy. The employment bubble was caused by what LSU economists term

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an "energy rush" (similar to economies during the gold rush days, which went through super-heated expansions until market forces adjusted and those economies were brought back to earth again).

Between 1981 and 1987, the price of Louisiana crude oil fell from $37/barrel at the wellhead to, at one point, under $10/barrel. During this period, the State lost nearly 147,000 jobs. This equated to roughly 9% of the State's work force. Compared to the "Great Depression" (1929-35), during which the national economy lost 7.5% of its wage and salary jobs, the State was economically devastated. The chemical industry suffered, as well, during this period. Between 1981-85, there was a rise in the exchange value of the dollar of over 80%. As the chemical industry was selling roughly 25% of its products in international markets, the exchange rate movement significantly reduced the market share for Louisiana firms. Approximately one-third of the chemical industry jobs evaporated in the early-1980s.

The effect of the region's economic plight on local realty was compounded by passage of the Tax Reform Act of 1986 (TRA86). The significant tax code changes enacted by this legislation (such as the elimination of investment tax credits) coerced many developers to initiate construction before sufficient demand was demonstrated by the market, as certain tax benefits would be lost by delayed construction. The surge of construction created a supply imbalance. Limitations on recognition of passive losses (of which most were generated by real estate investments) further impacted the demand for realty. When the local work force and industrial expansion diminished in the mid and late-1980s, local realty values plummeted.

Substantial restructuring and redirecting of State and local economies has since occurred. Devaluation of the dollar in the late-1980s boosted foreign demand for Louisiana chemicals and diversification/reorientation toward alternative core employment sources supported a strong recovery. By 1991, the state's economy regained all but 6,000± of the 147,000± jobs lost between 1981-87. Since 1988, the state has gained over 300,000 jobs - more than twice what it had lost in the 1980s.

Petrochemical Industry: Louisiana is the second largest refiner of petroleum in the U.S. The state has approximately nineteen refineries, which produce lubricants and fuels, including roughly 17 billion gallons (64 billion liters) of gasoline a year. The ExxonMobil refinery in Baton Rouge, with a capacity of 500,000 barrels of crude oil per day, is one of the largest refineries in the world.

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Louisiana's petrochemical industry manufactures one-quarter of America's petrochemicals, including basic chemicals, plastics, and fertilizers. Annual production by the nearly 100 petrochemical facilities operating in the State has been valued at more than $19.6 billion. The Baton Rouge region is home to approximately 65 of these petrochemical facilities, many of which are positioned along the Mississippi River. ExxonMobil manufactures 10± billion pounds of petrochemicals annually at its 150-acre complex of facilities, including olefins, aromatics, plasticizers, alcohols, acids, oxygenated fluids, higher olefins, phthalic anhydride, synthetic rubber, and escorez hydrocarbon resins. It also operates a 118-acre plastics plant in Baton Rouge, which produces polyethylene, polyethylene copolymers, and exact plastomers. Dow Chemical operates a 1,500-acre integrated facility in Iberville and West Baton Rouge Parishes, with 23± production units manufacturing more than 50 different basic and specialty chemical products. Dow is the largest employer in Iberville and West Baton Rouge parishes, employing more than 3,000 people. The Shell Chemical facility in Geismar, Louisiana (Ascension Parish), manufactures alpha olefins, detergent alcohols, alcohol ethoxylates, plasticizer alcohols, ethylene oxide, ethylene glycols, and propaneidiol. These chemicals are used to make personal care products, soaps, shampoos, and household cleaning products. BASF’s Geismar site produces a wide range of industrial chemicals that are used as catalysts and intermediates in the manufacture of hundreds of everyday consumer items.

Petrochemical and energy projects are expected to fuel capital investment in the Baton Rouge area over the next few years. Numerous major projects ( roughly $5+ billion) are in various stages of planning or construction throughout the region.

Economic Impact of LSU and Southern University Though a national recession, a more international labor market, and high natural gas prices have eroded some capacity and some jobs in the chemical sector, their economic impact remains a dominating factor. Only the state and local governments and the presence of two major universities play as large a role in the Capital Region economy. Today, the economic fortunes of the Baton Rouge MSA may be far less dependent on the River and the chemical industry than on its universities, which have begun to accelerate whole new sectors of the local economy with their potential in research, technology transfer, information science and work force development.

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LSU ranked third in the ranking of America’s Most Entrepreneurial Campuses by Forbes in October 2004. LSU is also the flagship institution of Louisiana and one of 102 public universities in the U.S. designated as “research extensive” by the prestigious Carnegie Foundation. MicroSystems Engineering Team Laboratory at LSU has over the years attracted millions of dollars in federal, state, and industrial support for research and development in new micro-manufacturing technology.

At the LSU AgCenter, a research and technology transfer branch of LSU that reaches far beyond agriculture into the areas of nutrition, health care, and biomedical science, ongoing research has led to a discovery that could revolutionize the production of some pharmaceuticals and vault the Capital Region economy into the bio-med vanguard. Richard Cooper, a researcher at the AgCenter, has developed a process for using chickens to mass-produce human proteins, which can be used to make medicines such as insulin. Cooper and his business partners have formed a company called TransGenRx.

The Louisiana Business & Technology Center, a department of the E.J. Ourso College of Business Administration, is a small business incubator focusing on technology companies located on the LSU campus. The LBTC began in 1988 as a joint venture between LSU, the Greater Baton Rouge Chamber of Commerce, and the Louisiana Public Facilities Authority. From its start in one small building, the center has grown to occupy 40,000± square feet and become a contributing factor to the Baton Rouge community, as well as the State of Louisiana's economic engine. As one of the nation's top 10 technology business incubators, according to a recent National Business Incubation Association and U.S. Department of Commerce survey (it ranked No. 3 in job creation), the LBTC has documented the creation of more than 8,000 jobs and brought in more than $75 million in grants, contracts, and sales for incubator clients.

Another high-tech incubator is in the Bon Carre’ Business Center in Baton Rouge, where a collaboration between state funding and private partners helped to create the Louisiana Technology Park. The park, which opened in 2001, includes Tier 1 Internet access, office space and consulting assistance for start-ups and a commercial data center.

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Southern University also operates a small business assistance center and the Southern Small Business Incubator, which opened in a facility in the Liberty Bank building on Scenic Highway in 2001. Southern officials hope the location will facilitate outreach to the surrounding North Baton Rouge community and boost business there.

Further statistics reported by the NASULGC on the economic impact of Southern University is also listed below: ‘ Sponsored research activity totaled almost $20± million in 1999-2000. ‘ The university employs 1,588± people, spent $46.8± million in 1999 on supplies, materials, equipment, acquisition, maintenance, and other institutional expenses. ‘ University employees spent another $54.5± million in the local economy. ‘ The university generated $1.7± million in tax revenue in 1999. ‘ About 2 in 3 graduates remain in Louisiana after receiving their degrees.

LSU reportedly has an economic impact of $1.3± billion on the area, providing 21,940± jobs with $737.7± million in household earnings. Following are excerpts from The Economic Impact of Louisiana State University on the Baton Rouge MSA by Stephen R. Barnes published in February of 2011 detailing statistics on LSU’s impact on the local economy:

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Table 1 discusses how LSU students allocated their budgets during the 2010 fiscal year.

Table 2 displays how LSU student spending and LSU expenditures (excluding athletics and capital improvement expenditures) flow through the MSA’s economy to create ripples in many different industries other than those where the original spending took place.

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Table 3 examines the total impact of LSU operations (excluding athletics and capital improvements expenditures) on household earnings in the MSA.

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Table 4 focuses on the jobs created across the MSA by LSU.

Table 5 summarizes the total economic impact of LSU on the MSA, including athletics and capital improvements.

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The presence of strong universities, a thriving community college, and a strong new state technical college system have played a huge role in creating an infrastructure that has the Baton Rouge MSA primed for success in the global economy. LSU, as a major research institution with top law and business schools and cutting-edge research arms such as CAMD and the Pennington Biomedical Research Center, is helping to produce the work force, the entrepreneurs and even the business start-ups that will drive the regional economy in the future.

Employment During the recessionary years of 1982-87, the Baton Rouge MSA lost roughly 2.2±% of its workforce, but immediately recovered its losses in 1988 when it gained 10,300± jobs. Through 2001, the Baton Rouge MSA enjoyed 13 straight years of expansion, maintaining an average annual employment growth rate of almost 3% (7,500± new jobs per year). Until 2001, the Baton Rouge MSA had the most enviable growth record in the state in terms of both size and consistency. Since 2001, the MSA has periodically struggled. During 2001-2002, the MSA lost 5,400± jobs (1.8% of its workforce). Until Hurricane Katrina hit in 2005, employment growth had since been weaker than during the 1990s.

Reorientation toward non-petrochemical industries, most notably health care and business services, has bolstered local employment. The Baton Rouge area accounts for approximately 18.1% of Louisiana's 2.05+ million non-farm jobs, ranking second after New Orleans. Preliminary data from the U.S. Department of Labor shows local non-farm employment stood at 369,300 in May 2010, roughly a 0.9% decrease (3,200 jobs) from previous year (5/09) levels. The following table illustrates the national, state, and Baton Rouge MSA employment trends over the past several years:

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UNEMPLOYMENT RATES YEAR NATIONAL LOUISIANA BATON ROUGE 1992 7.4 7.9 6.3 1993 6.8 7.4 6.8 1994 6.1 8.1 7.4 1995 5.7 6.9 6.1 1996 5.3 6.6 5.7 1997 4.7 5.7 4.3 1998 4.3 5.3 3.7 1999 4.1 4.2 3.0 2000 4.0 5.0 3.7 2001 5.8 5.2 4.7 2002 6.0 6.3 5.6 2003 5.7 6.5 6.5 2004 5.5 5.7 5.7 2005 5.1 7.2 6.9 2006 4.6 4.1 6.9 2007 4.6 3.8 3.8 2008 5.8 5.1 4.6 2009 9.3 6.8 6.4 2010 9.5 6.9 7.1 2011 8.8 7.5 7.6

Since 1991, the unemployment rate for the Baton Rouge MSA has generally been better than state and national averages, and has significantly improved from the levels of the mid-1980s. The state, national, and local unemployment rates showed marked improvement during 1995-2000. Gradually increasing unemployment, a product of the mild national recession in 2001, was noted during 2000-03. In 2004, the unemployment rate for the Baton Rouge MSA remained consistent with the state rate, both of which were slightly higher than the national rate. In 2005, however, the state and MSA exhibited a marked increase in unemployment, primarily due to the detrimental 2005 hurricane season. While the national unemployment rate rose sharply through the 2007-10 global recession, both the state and MSA have remained generally lower and more constant, reflecting a sound economy materially less affected by the recession.

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Review of Baton Rouge MSA civilian labor force statistics indicates that the local labor force has been growing since 1989 (except for a small decline in 2002, following the 2001 recession), generally mirroring national and state trends, though a notable spike resulting from Hurricane Katrina was noted in the 2006 figures. Stability in the workforce promotes economic growth, as securely employed residents are more inclined to make capital purchases (including real estate).

Weathering the Recession The Baton Rouge economy has shown remarkable resiliency in the wake of the nation’s most recent recession. In a 2010 study by the Brookings Institution, Baton Rouge’s economy ranked 21st out of the largest 100 U.S. economies in overall strength. Baton Rouge has only experienced a 2.7% drop in employment since 2007, compared to an average 6.7% drop for other metro areas around the nation. Furthermore, the city ranked 3rd best in unemployment at 5.9%, well below the US metro average of 10.1%. Baton Rouge also ranked 2nd in the nation for its three-year change in unemployment, which is up 2.4 percentage points. Foreclosed properties in Baton Rouge average 1.44 per 1,000 mortgages, compared to the U.S. metro average of 4.54 per 1,000. Finally, Baton Rouge is expected to lead Louisiana in job growth through 2015, according to a report by IHS Global Insight. The report shows Baton Rouge expanding at a rate of 1.379%, narrowly surpassing New Orleans with a 1.372% projected growth rate.

Drs. Loren C. Scott, M. Dek Terrell, and James A. Richardson, Professors of Economics at Louisiana State University in Baton Rouge, publish an annual report on the economy of the State of Louisiana. In The Louisiana Economic Outlook: 2011 to 2012, Drs. Scott, Terrell, and Richardson forecast that local job growth for the Baton Rouge MSA (which includes 9 Parishes: East Baton Rouge, West Baton Rouge, Livingston, Ascension, Iberville, St. Helena, Pointe Coupee, East Feliciana, and West Feliciana) will continue to increase, with a total of 6,700± new jobs expected (3,000± in 2011 and 3,700± in 2012), which follows the phenomenal growth of 15,000± jobs in 2007-2008 and 20,800± jobs during the 2005-2006 Hurricane Katrina evacuee influx. The following pages are excerpts from the LEO 2011-12 report:

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Most local economic sectors are still linked directly to fluctuations in the petro-chemical industries. Long term stagnation in the petro-chemical sector would likely have a ripple effect in other sectors, as seen in the mid-1980s. Such a trend, however, is not anticipated, as new export markets have opened via the North American Free Trade Agreement and the economy’s dependence on the petroleum extraction industry (which has been positively affected by recent increases in the price of crude oil) is limited due to substantial diversification that has occurred over the past 25± years.

Baton Rouge's two downtown riverboat casinos, The Belle of Baton Rouge Casino and the Hollywood Casino, also affect local employment. The gaming enterprises, which have accounted for more than $146 million in commercial development, employ over 2,000 people (predominantly low-wage, service jobs) and attract 2+ million passengers annually.

The following lists provide information on the major private and governmental employers in East Baton Rouge Parish, with approximate employment figures for each:

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MAJOR GOVERNMENTAL OR OTHER EMPLOYERS Employer Service or Product # Employees Louisiana State Government (except Universities) Government/Administration 24,985 East Baton Rouge Parish School Board Education 11,312 Louisiana State University Education 7,011 Baton Rouge City/Parish Government Government/Administration 4,389 Louisiana State Penitentiary Corrections 1,000+ Southern University Education 1,776 U.S. Post Office Government Mails 1,600

MAJOR PRIVATE EMPLOYERS The Shaw Group Fabricators 12,500 Turner Industries Industrial Services 11,092 J.E. Merit Construction Industrial Construction 8,000 Exxon Mobil Petroleum Refining 5,400 Jacobs Engineering/Constructor Group Engineering/Construction/Maintenance 4,000 Our Lady of the Lake Regional Medical Center Health Care 3,500 International Maintenance Building Maintenance 3,400 Anco Industries Manufacturing 3,100 General Health System Health Care 2,749 McDonald's of Baton Rouge Restaurant 2,750 Wal-Mart Retail 2,588 Harmony Corporation Industrial Construction 2,125 Performance Contractors Industrial Construction 3,300 Basic Industries Industrial Maintenance 1,850 Baton Rouge General Medical Center Health Care 1,800 Woman's Hospital Health Care 1,795 Triad Electric/Newton Group Electrical & Instrumental 1,600 West Telemarketing Service Telecommunications 1,500 Blue Cross Blue Shield of LA Health Insurance 1,316 Cajun Constructors Industrial Construction 1,350 Chase Bank Banking/Finance 1,240 Bohn Brothers Construction Heavy Hwy. & Industrial Construction 1,200 United Scaffolding Scaffolding 1,200 Earl K. Long Memorial Hospital Health Care 1,125 Piccadilly Cafeteria of LA Restaurant 1,100 South Central Bell Telephone Communications 1,000 Pala Group Industrial Construction & Maintenance 1,000 Philip Services Corp. Industrial Construction & Maintenance 1,000 Entergy/Gulf States Utilities Utility 1,000

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Drs. Scott, Terrell, and Richardson expect the Baton Rouge economy to continue growing over 2011- 2012, though not quite at the rate experienced in 2005-07 following Hurricanes Katrina and Rita. They project employment to rise by 6,700± jobs during 2011-2012. With the Baton Rouge MSA having the largest concentration of chemical industry activity in Louisiana, difficulties in the chemical industry could weigh heavily on the local economy. On an encouraging note, with two of the state’s largest universities and an increasingly diversifying economy, the Baton Rouge economy should remain relatively stable. Drs. Scott, Terrell, and Richardson remain optimistic about the long-term future of the Baton Rouge region, as well as the state. The adverse ripple from the 2008-2009 global recession and the government job losses likely to result from State budget cuts, we suspect, will cause the job growth figures in 2011-12 to be less than those projected by Drs. Scott, Terrell, and Richardson. Relative to national trends, however, the overall employment outlook for the Baton Rouge area is moderately positive.

Summary The poor economic times that Baton Rouge experienced in the late 1980s gave way to a substantially more prosperous economy in the 1990s and 2000s. Though certain economic segments may retract or remain rather flat for the 2011-12, the overall outlook remains relatively positive. Local job growth was very strong from 1990-2001 (with substantial improvements noted in the service and retail sectors, and unemployment remaining at or below State and National levels), though slowing was noted through 2004. An economic and population “boom” was noted following Hurricane Katrina (August 29, 2005), but has since leveled off. Household income levels have increased at a strong rate over the past several years before a drop off driven by the global recession (increasing from an estimated median household income of $37,224± in 2000 to only $37,242± in 2008). Drs. Scott and Richardson of Louisiana State University expect the Baton Rouge economy to continue to grow over 2011-2012, though at a slower pace than in preceding years. They project employment to rise by 6,700± jobs during 2011-2012. The overall economic outlook for the area is relatively positive, despite recessionary national economic conditions.

Cook, Moore & Associates 54 DEMOGRAPHIC ANALYSIS

Scope of Analysis This analysis will examine the social and economic conditions in the defined market area. This data has been obtained from multiple sources that include, but are not limited to, local, state and federal governmental institutions (i.e., US Department of Housing and Urban Development, US Census Bureau, US Department of Labor, etc.), private entities (Multiple Listing Service, etc.), and proprietary data sources. The data from governmental and private sources are assumed correct and accurate. The proprietary data was obtained from actual interviews with market participants. Their representations are considered to be factual and accurate. When possible, proprietary data is corroborated with third parties.

This market analysis is a study of the market area defined in this report. The analysis will examine the physical characteristics of the defined market. This includes development trends in this corridor, physical barriers such as natural drains, flood plains, wetlands and governmental restraints that include zoning or other related planning issues. The analysis will review historical absorption and the market’s ability to absorb new multifamily residential developments based on physical characteristics of the defined market.

Market/Sub-Market Analysis As previously discussed, the subject’s Primary Market Area is defined as the Eastern portion of Iberville Parish (basically the portion of Iberville Parish east of the Mississippi River). The Census Tracts (as defined by the U.S. Census Bureau) within the Primary Market Area include Census Tracts #22047952501 and #22047952502. The subject’s Secondary Market Area (the area defined as a larger area affecting the overall dynamics of the primary market area) is defined as the Baton Rouge MSA.

Population Analysis As the population increases, demand for housing should also have a corresponding increase. There are several factors to consider when estimating housing demand from population increases. They are: ‘ Where are the population increases coming from?; natural increase, domestic migration and immigration? ‘ What is the percent of home-ownership in a given population?

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‘ What is the speed at which individuals and households transition from multi-family housing to home-ownership? ‘ What is the mean household size? ‘ Is housing affordable? ‘ Is housing readily available?

The 2010 population figures indicate that the total population within the subject’s primary market area contained a population of roughly 6,860± (up from 6,726± people reported in the 2000 Census and 4,724± people reported in the 1990 Census). The median age for the subject’s primary market area was 34.6.

The best indication of statistics and trends within the subject’s primary market area can be found on the following pages. The following tables, acquired from STDB Online (an online demographic database), illustrate the population, income, age and household trends within the subject’s primary market area (defined as the Western portion of Iberville Parish).

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Population Trends The 2010 figures for the subject’s primary market area indicate that the population increased by 1.99% from the 2000 figures. The population also reported a 42.4% increase from the 1990 Census figures to the 2000 Census figures. The 1990 to 2000 figures were a significant increase, however, it appears that this growth has slowed from 2000 to 2010.

A glance at the demographics for the area notes a variety of trends. The population of age categories between 0 to 54 have been steady to declining, while all of the age categories 55 and up have been significantly increasing. This table indicates that the fastest growing age group was the 85+ year old group (+42.9%) followed by the 55 to 64 year old group (+42.5%). The median age for the subject’s primary market area in 2010 was 34.6 (up from 33.6 reported in the 2000 U.S. Census).

Household Analysis The 2010 figures for the subject’s primary market area indicate that the number of households increased 5.6% (from 1,332± households reported in the 2000 Census to 1,406± household reported in the 2010 Census). This is also a 19.1% increase from the 1990 Census figures. While population has been increasing, the number of households has also been increasing. This trend is likely to continue into the foreseeable future.

A closer look at the total number of households in the area provides a better picture of the subject’s primary market area. Of strong note is the number of households within the subject’s primary market area earning less than $35,000 (at 704± in 2010). According to the Census figures, the income figures for the subject’s primary market area indicate that 35.1% of the households earned less than $25,000 per year, 50.1% earn less than $35,000, and 61.2% earn less than $50,000. Households earning below $25,000 likely qualify for lower-income housing, while those households earning between $25,000 and $35,000 qualify for both market-rate housing and lower-income housing (depending on family size and rental rates). Those households earning above $35,000 do not typically qualify for lower-income housing and would, thus, require market-rate housing.

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According to the STDB Online estimates (and our estimations), approximately 50.4% of the households are 1 or 2 person households, 36.2% are 3 or 4 person households, and 13.4% are 5 or more person households. Further statistics indicate the type of households in the subject’s primary market area:

Household Type Totals % of Total

Households 1,332 100.0%

Total Family Households 970 72.8% Single Parent Families 340 25.5% Married with Children 347 26.1% Married without Children 283 21.2%

Total Non-Family Households 362 27.2% Householder Living Alone 306 23.0% Householder Not Living Alone 56 4.2%

The household statistics indicate that roughly 72.8% of the households are family households, while 27.2% are non-family households. These statistics also indicate that roughly 25.5% of the households within the subject’s Trade Area are Single-Parent Households.

Income Trends Income trends must also be considered. The aging of society was discussed in the previous sections. As residents get older, their children typically graduate high school/college and move out on their own. This is the time when earnings potential is typically at its greatest, expenses have been reduced (college children move on, house has been paid off, etc.) and savings, as well as discretionary income, should increase. The following table (provided by the STDB Database) indicates the income trends within the subject’s Trade Area:

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The preceding data indicates that the median household income for the subject’s primary market area in 2000 was $31,905, the average household income was $45,095 and the per capita income was $11,615. The 2010 estimates provided by STDB Online indicate that the current median household income is $34,950, while the average household income is $51,650. The statistics show (as a percentage of the total) that the greatest growth in the subject’s primary market area had occurred in those households earning over $100,000. This is consistent with the earlier statement that as the population gets older, the earnings potential increases. Although these growth rates look positive, one must realize the small number of households earning this level of income.

A quick glance at the subject’s trade area income figures reveals a change in the income demographics for the subject’s area. In 1990, approximately 68.6% of the area’s households earned less than $35,000 per year. By 2000, that number had dwindled to approximately 53.9%, with a further decrease to 50.1% in 2010.

Conclusions The demographics of the subject’s primary market area indicate that the population and the number of households has increased from 1990 to 2000 to 2010. Long-term population projections vary widely and are speculative. While an aging of the population has been noted in the United States. The subject’s primary market area is no exception, with its largest increase in the 85+ and 65-74 year old age groups.

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Rental Housing Demand Analysis To project the demand for rental housing units, we researched population and housing statistics for the Trade Area (defined as the eastern portion of Iberville Parish). Population estimates and projections obtained from the STDB Online Database (an online demographic database), combined with 1990 Census data, 2000 Census data and 2010 Census data (where available), provide the basis for the following statistics and analyses related to the Trade Area.

The population of the Trade Area increased by 42.4% between 1990 and 2000, and further increased 2.0% from 2000 to 2010. The average household size (persons per household) has also been shrinking over the same time period. The number of households has been increasing from 1990 to 2000 to 2010. The majority of dwellings in the Trade Area were constructed in the mid-1970s to early-1980s, though the late- 1990s and early-2000s have seen a small amount of new construction. Historical and projected population statistics are presented in the following table:

Trade Area - Table B1 Total Number of Persons per Year Population Households House (PPH) 1990 4,724 1,118 4.23 2000 6,726 1,332 5.05 2010 6,860 1,406 4.88 2013 (proj) 6,889 1,435 4.80

The distribution of households (owner versus renter) in the Trade Area is substantially more oriented toward owner-occupancy. This is likely due to the fact that minimal new rental housing has been constructed within the subject’s Trade Area over the past 20+ years. The distribution of owner-occupied houses versus renter-occupied houses, as well as the projected growth in the number of renter households for the Trade Area is illustrated on the following table:

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Trade Area - Table B2 Number of Owners Renters Year Households Number % Number % 1990 1,118 895 80.05% 223 19.95% 2000 1,332 1,086 81.53% 246 18.47% 2010 1,406 1,131 80.44% 275 19.56% 2013 (proj) 1,435 1,149 80.06% 286 19.94%

Based solely on the population trend, it would appear on the surface that there is diminished demand for rental units in the defined Trade Area. After reviewing the construction and demolition figures for the subject’s Trade Area and based on a canvassing of the subject’s trade area, a diminished housing supply is also noted.

Note that the number of rental households as a percentage of total households appears to have declined in the subject’s trade area. As the supply of housing oriented towards owner-occupied households has grown faster than the supply of housing for renter households (i.e. apartment complexes), these numbers have likely been skewed by the lack of supply of housing oriented towards renters. Without construction of new apartment units, this trend would likely continue.

Construction of rental units is needed to replace the decreased supply of housing units within the subject’s primary market area. The focus of this study is to determine the need and demand for additional rental units oriented towards all income segments, including low-to-moderate income families qualifying under the LIHTC program. Under this program, the maximum household income for eligible tenants is restricted to 120% of the HUD Very Low Income median household income for the area, adjusted for household size, which equates to 60% of the median household income (as of Fiscal Year 2011, according to HUD, was $53,000 per year for Iberville Parish).

The maximum allowable monthly rental rates under the various affordable housing programs are listed in Table B3A (note that these are before deducting utilities allowances). The maximum qualifying household income per household size is presented on Table B3:

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Maximum Household Income Family Size123456

Very Low Income $18,450 $21,050 $23,700 $26,300 $28,450 $30,550

60% of Median Income $22,140 $25,260 $28,440 $31,560 $34,140 $36,660

Table B3

Maximum Monthly Rental Rates Efficiency 1-Bedroom 2-Bedroom 3-Bedroom 4-Bedroom HUD Fair Market Rent $453 $455 $547 $741 $763

30% Rent Limit $277 $296 $356 $411 $458

40% Rent Limit $369 $395 $474 $548 $611

50% Rent Limit $461 $494 $593 $684 $764

60% Rent Limit $554 $593 $711 $821 $917

80% Rent Limit $738 $790 $948 $1,095 $1,222

Table B3A

The distribution of households by income groupings in the primary market area is presented in Table B4.

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Median Household Incomes for the Subject's Trade Area 1990 Census 2000 Census 2010 Estimates Income Number % Number % Number %

< $15,000 426 38.45% 339 25.41% 318 22.62% $15,000 - $24,999 182 16.43% 194 14.54% 175 12.45% $25,000 - $34,999 152 13.72% 186 13.94% 211 15.01% $35,000 - $49,999 167 15.07% 167 12.52% 157 11.17% $50,000 - $74,999 159 14.35% 271 20.31% 317 22.55% $75,000 - $99,999 9 0.81% 80 6.00% 98 6.97% $100,000 - $149,999 7 0.63% 57 4.27% 78 5.55% > $149,000 6 0.54% 40 3.00% 52 3.70%

Totals 1,108 100.00% 1,334 100.00% 1,406 100.00%

Avg. HH Income $27,643 $45,095 $51,650 Median HH Income $20,641 $31,905 $34,950 Per Capita Income $11,536 $11,615 $16,400 Table B4

A closer look at the tenant type within the subject’s immediate neighborhood indicates that the median household income for the subject’s Trade Area was $31,905 in 2000 and the average household income was $45,095. The Median Household Income has increased in 2010 to $34,950, while the Average Household Income has increased to $51,650. Both of these figures are expected to increase further by 2015. Of further note is that approximately 25% of the population is between the ages of 25 and 44, which is the core age of typical apartment residents. This confirms that a large number of tenants (in the income range that would qualify for the subject property) exist in the subject’s Trade Area.

Housing statistics were compiled through the U.S. Census Bureau and STDB Online (an online demographic database). A summary of the housing statistics for Iberville Parish, as well as the subject’s Primary Market Area (based on 2010 Census figures ), are provided in Table B5:

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Housing Stock Characteristics - Table B4 West Iberville East Iberville Parish Parish Combined Persons 26,132 6,860 32,992 Total Households 9,485 1,406 10,891 Family Households 7,023 1,004 8,027

Total Housing Units 11,115 1,593 12,708 Occupied 9,485 1,406 10,891 Owner 7,142 1,131 8,273 Renter 2,343 275 2,618 Vacant 1,630 187 1,817

2010 Per Capita Income $15,952 $16,400 2010 Average Household Income $43,466 $51,650 2010 Median Household Income $31,840 $34,950

These statistics (combined with the demographic analysis provided earlier) provide a basis for determining the need for additional rental housing in the subject’s Primary Market Area oriented towards all households. The demand for rental housing units oriented towards all income segments in the subject’s Primary Market area is estimated as follows:

Projected Rental Housing Demand in Subject's Trade Area 2013 to 2016 Source 2013 2014 2015 2016 Current Year Projected # Renter Households 286 294 302 310 Less: Previous Year # Renter Households 246 286 294 302 Shift in Rental Housing Demand 40 8 8 8 Minus: Projects Completed 2000-2013 0000 Plus: Residual Demand from Previous Year 0 76 87 98 Plus: Replacement of Depletion/Demolition 36 3 3 3 Effective Demand 76 87 98 109 Plus: Allowance for 7% Vacancy 5678 Total Demand for New Units 82 93 105 117

Table B6

Cook, Moore & Associates 68 Rental Housing Demand Analysis

The demand analysis indicates that approximately 82± units are needed to meet demand for rental housing units oriented towards all income segments for 2013 (the likely completion date of the subject property), 93± units for 2014, 105± units for 2015 and 117± units for 2016. Note that these are cumulative figures.

The Current Year # of Renter Households was obtained from Table B2, while the Previous Year # of Renter Households (2000 Renter Households for the first year of the analysis) is taken from the previous year’s indication. The difference between these two figures indicates the Shift in (incremental) Rental Housing Demand for the subject’s Trade Area.

From this must be deducted the number of new units completed since 2000 and those expected to be completed prior to 2013. We are unaware of any rental housing units being constructed within the subject’s defined Trade Area since 2000 and are unaware of any units currently under construction or pending.

Allowances for depleted units (either physically or functionally obsolete) must also be added. Apartments do not last forever. Each year a certain number are condemned and/or demolished and forever removed from the supply. To maintain the proper ratio of apartments for the population (holding all else constant), new units should be built annually to replace those removed from the supply (or older units should be renovated to extend their useful lives).

Review of life expectancy guidelines published by the Marshall Valuation Service (a nationally published and recognized cost service) indicate that typical garden apartment units have an expected useful life of 50 to 60 years. Marshall indicates that these estimates are based on appraiser's opinions and studies of actual mortality, condition of survivors, and ages at which major reconstruction or change of occupancy have taken place.

Note that the Marshall figures reflect the experience of apartments on a nationwide basis. As noted in earlier discussions, the extended periods of depression in the local apartment market have motivated some apartment owners/investors to renovate older properties rather than demolish the older structures and build new units. This was further spurred by the available inventory of lender-owned units available at extreme

Cook, Moore & Associates 69 Rental Housing Demand Analysis

discounts in the late 1980s and early 1990s. The economic lives of many local apartment units have been substantially extended by this circumstance.

It is also noted that the number of units demolished understates the actual number removed from the market, as demolition costs often delay destruction and removal (especially when asbestos abatement is required). Many units are removed from the market by simply boarding windows and doors. The substantial number of abandoned/boarded units noted in earlier discussions (virtually all of which are in the older, urban areas) support the assertion that a substantial number of apartment units are removed from the market (either condemned or abandoned) without actually being destroyed.

Local building officials estimated that at least as many units have been condemned without destruction as have been demolished. These records also do not reflect units which have been temporarily removed from service (often termed "down" units) within partially operating complexes (but have not been officially "condemned"). As such, the number of units physically destroyed over the past decade likely understates the number (for the purposes of this analysis) removed from the market (as "down" units being renovated are treated as new market entrants).

The rental units needed to satisfy the anticipated growth should be added to the allowance for depletion of existing units (i.e., demolition and/or dilapidation of the housing stock, as housing units do not last forever). Nancy Chung, a retired economic analyst with HUD, provided a basis for projection of depletion. She indicated that HUD typically applies an allowance of 0.5% per year (based on the total number of housing units) in projecting depletion of housing units. A total of 1,593 housing units existed in the subject’s trade area in 2010 (according to Census figures). Based on a depletion allowance of 0.5% per year, this equates to an annual allowance of 1,593 units x 0.5% = 8 units per year for the subject’s trade area. Of these 8 units, approximately 19.6% should be rental units, indicating a depletion of 2 rental units per year (8 total units x 19.6%). Since the subject’s Trade Area is so small, a depletion allowance of 1.0% would be warranted, indicating an annual depletion of 3 rental units per month. Construction of rental units is needed to replace the decreased supply of housing units within the subject’s Trade Area.

Cook, Moore & Associates 70 Rental Housing Demand Analysis

To meet expected demand and maintain consistent occupancy levels in units within the Trade Area, new units should be factored in to keep the market in equilibrium. Were 100% occupancy attained in the Trade Area, rentals would likely rise and competitive forces engage. An allowance based on 7% of the needed unit supply is reasonable to compensate for/maintain typical vacancy expectations. Additional units must be constructed to maintain the 7% vacancy rate within the trade area. This analysis indicates that there will be a need for an additional 418± rental housing units within the subject’s Primary Market Area by the Year 2013 for all income segments.

The above indicated demand is for rental units needed within the subject’s primary market area for all income segments. We have been asked to provide a demand for rental units under varying income segmentation at the 20%, 30%, 40%, 60%, 80% and market rate levels. The maximum allowable income levels for each of the traunches is provided:

Number of Persons 1 2 3 4 5 6

Maximum Allowable Income - 80% $29,520 $33,680 $37,920 $42,080 $45,520 $48,880

Maximum Allowable Income - 60% $22,140 $25,260 $28,440 $31,560 $34,140 $36,660

Maximum Allowable Income - 40% $14,760 $16,840 $18,960 $21,040 $22,760 $24,440

Maximum Allowable Income - 30% $11,070 $12,630 $14,220 $15,780 $17,070 $18,330

Maximum Allowable Income - 20% $7,380 $8,420 $9,480 $10,520 $11,380 $12,220

Based on the median household income for the area (reported at $31,840 for 2010), it is likely that most of the households in the area would likely qualify under the LIHTC guidelines for lower-income units oriented towards 60% of AMI or less. In earlier discussions, it was noted that approximately 50.1% of the households in the subject’s defined Primary Market Area earned less than $35,000 (which are income levels at which tenants would likely qualify under the LIHTC guidelines). Based on income segmentation, the following table illustrates the demand for lower-income housing (based on 60% of AMI) in the Primary Market Area:

Cook, Moore & Associates 71 Rental Housing Demand Analysis

Projected Low-Income Rental Housing Demand in Subject's Trade Area 2013 to 2016 Source 2013 2014 2015 2016

Total Demand for New Units 82 93 105 117 x Percentage of Income Eligible HHs 50.1% 50.1% 50.1% 50.1% Total Demand for New Units 41 47 53 59

Note that the above table indicates the demand for all income levels below 60% of the median area income (we will discuss the 80% level and market-rate units later). Applying the same methodology for all of the various lower-income segments, the following table illustrates the projected demand for rental housing for the various income levels:

Projected Low-Income Rental Housing Demand in Subject's Trade Area 2013 to 2016 Source 2013 2014 2015 2016

Total Demand for New Units - 60% AMI 41 47 53 59

Total Demand for New Units - 40% AMI 28 32 36 39

Total Demand for New Units - 30% AMI 20 23 26 29

Total Demand for New Units - 20% AMI 12 13 15 17

Note that there is overlap in the above categories. The 60% projections include all units below 60% AMI, which would also include the units for the 20%, 30% and 40% levels (i.e., these are not cumulative totals, but inclusive totals). In addition, tenants that would likely qualify in the 20% and 30% AMI levels would likely need some type of governmental assistance (in the form of Section 8 vouchers) in order to afford rents at the projected levels.

Cook, Moore & Associates 72 Rental Housing Demand Analysis

In addition, the we also estimated demand for 80% AMI levels and market-rate households. In the subject’s defined Trade Area, due to the income demographics, these levels would be oriented towards the same tenant base (though the market-rate units wouldn’t have income limitations). Based on the demographics of the area, roughly 48.7% of the households in the subject’s defined Primary Market Area between $25,000 and $74,999 (which are income levels that would be necessary to qualify for rental rates at the market rate level). Based on income segmentation, the following table illustrates the demand for middle-income housing in the Primary Market Area:

Projected Middle-Income Rental Housing Demand in Subject's Trade Area 2013 to 2016 Source 2013 2014 2015 2016

Total Demand for New Units 82 93 105 117 x Percentage of Income Eligible HHs 48.7% 48.7% 48.7% 48.7% Total Demand for New Units 40 45 51 57

Our segmentation analysis indicates that there will be a need for an additional 40± rental housing units (beyond those currently operating) oriented towards middle-income households within the subject’s Primary Market Area by the year 2013. A couple of items to point out regarding the middle-income analysis: ‘ Note that the middle-income limits ($25,000 to $74,999) overlap with the lower- income limits (under $35,000). This is due to the fact that some households earn too much to qualify under the LIHTC guidelines for the smaller units, however, they would qualify for the market-rate units.

‘ The demand for lower-income units and middle-income units are not cumulative. There is some overlapping demand due to the overlapping income limits.

Any proposed project would offer newly-built units in an area that hasn’t had any new rental units constructed in a long time, with an amenity package and condition superior to most of the other complexes in its immediate neighborhood. If new rental housing were built (either market-rate or low-income), with responsible, aggressive management and ample advertising, the subject should be able to attract and retain a reasonably substantial market share.

Cook, Moore & Associates 73 Rental Housing Demand Analysis

Construction of rental units is needed to replace the decreased supply of housing units within the subject’s Trade Area. This estimate is considered a reasonable indicator, based on the actual experience within the subject’s trade area.

To project the housing demand for households by unit size, we can reference Tables B3 and B4. Additional indications of demand for each unit size may be extracted from the distribution of renter households by household size reported in the Census figures. Typically, 1-bedroom units are rented by one and two-person households, 2-bedroom units are rented by two, three and four-person households, and 3 and 4-bedroom units are rented by three, four and/or more-person households. There is often some overlap of bedrooms needed depending on the age/sex composition of various households. The following table indicates the total population in the subject’s primary market area according to Census figures (as these are the most recent figures available on a Census Tract basis):

Persons Per Unit - Primary Market Area - Table B7 Persons Per Unit 1 2 3 4 5 6+ # of Households 306 365 276 206 103 76 Percent 23.0% 27.4% 20.7% 15.5% 7.7% 5.7%

The statistics indicate that roughly 50.4% of the population is 1 or 2-person households, 36.2% of the population is 3 or 4-person households and 13.4% are 5+-person households. While not definitive, these distribution figures provide an additional guidance in projecting need/demand by unit size. Using an income grouping-based allocation, the following distribution of demand by unit size (for all income segments) is projected:

Cook, Moore & Associates 74 Rental Housing Demand Analysis

Rental Housing Demand by Unit Size

Allocation # Units Efficiency Units 0.00% 0 1 Bedroom Units 30.00% 25 2 Bedroom Units 35.00% 29 3 Bedroom Units 20.00% 16 4 Bedroom Units 15.00% 12 Total Demand 100.00% 82

Table B7

Extensive discussions with managers of apartment complexes in the region note a varying amount of vacancies. A reasonable level of tenant demand should be generated and attracted by the subject's "new" condition and superior amenities. With responsible, aggressive management, ample advertising, and strong tenant profile controls, a new rental housing complex should be able to attract and retain a reasonably substantial market share.

Cook, Moore & Associates 75 OPERATING AND DEVELOPMENT COMPARISONS

Rental Restrictions: According to the prospectus, any developer who develops a rental housing complex would utilize the Parish’s CDBG funds or OCD funds to subsidize construction of any new rental units. In exchange for this favorable financing, a developer would have to restrict a portion of the units for lower-income households earning below 20%, 30%, 40%, 60% or 80% of the median area income. The rental cap for each unit type is based on a percentage of median household income figures for the area and expected household size (# of occupants).

Calculations of Low-Income Housing Rent Rates The allowable rental rates for the rental units (under the various favorable financing programs) are based on the following HUD guidelines:

Median IRS Set Aside Income Chart (by Parish) An owner/develop must elect one of the following set aside categories for the project: 1. At least 20% of the rental residential units in the development are rent restricted and are to be occupied by households whose income is 50% or less of the area median income (termed "very-low income" households).

2. At least 40% of the rental residential units in the development are rent restricted and are to be occupied by individuals whose income is 60% or less of the area median income (termed "low-income" households).

To Calculate Incomes: 20% Test: Multiply the "very-low income" figure by 0.4 to get the income level. 30% Test: Multiply the "very-low income" figure by 0.6 to get the income level. 40% Test: Multiply the "very-low income" figure by 0.8 to get the income level. 60% Test: Multiply the "very-low income" figure by 1.2 to get the income level. 80% Test: Multiply the "very-low income" figure by 1.6 to get the income level.

Cook, Moore & Associates 76 Operating and Development Comparison

To Calculate Rents: To calculate rental amounts for both tests, use the following formula: 1 BR: It is assumed that 1.5 persons will live in the unit. Add income limits for one and two persons; Divide by 2 (to get income limits for 1.5 persons); Divide by 12 (months); Multiply by 0.30 (30% of income toward rent); Equals allowable rent for a one-bedroom unit.

2 BR: It is assumed that 3 persons will live in the unit. Take income limit for 3 persons; Divide by 12; Multiply by 0.30 (30% of income toward rent); Equals allowable rent for a two-bedroom unit.

3 BR: It is assumed that 4.5 persons will live in the unit. Add income limits for four and five persons; Divide by 2 (to get income limits for 4.5 persons); Divide by 12 (months); Multiply by 0.30 (30% of income toward rent); Equals allowable rent for a three-bedroom unit.

4 BR: It is assumed that 6 persons will live in the unit. Take income limit for 6 persons; Divide by 12; Multiply by 0.30 (30% of income toward rent); Equals allowable rent for a four-bedroom unit.

One must then deduct the utility allowances from the above calculations to arrive at the maximum allowable rental rates per unit type. The allowable rental rates are determined by two governmental agencies. The Louisiana Housing and Finance Agency (LHFA) and the U.S. Department of Housing and Urban Development are the agencies responsible for setting rental rates and administering compliance programs.

There are two types of lower-income tenants in the State’s program. There are lower-income families (LI) and very-low income families (VLI). LIs are families or individuals whose annual incomes do not exceed 60% of the median income for the area in which the property is located. VLIs are families or individuals whose annual incomes do not exceed 50% of the area’s median income.

Cook, Moore & Associates 77 Operating and Development Comparison

The VLIs maximum rent cannot exceed 30% of the adjusted income of a family whose income equals 50% of the area median income. The LIs maximum rent cannot exceed 30% of the adjusted income of a family whose income equals 60% of the area median income. The median income for the eastern portion of Iberville Parish (the subject’s defined Trade Area) for the Fiscal Year 2012 is $53,000. The maximum qualifying household income per household size is presented in the table below:

Number of Persons 1 2 3 4 5 6

Very Low Income $18,450 $21,050 $23,700 $26,300 $28,450 $30,550 Adjustment Factor (HUD) 1.6 1.6 1.6 1.6 1.6 1.6 Maximum Allowable Income - 80% $29,520 $33,680 $37,920 $42,080 $45,520 $48,880

Very Low Income $18,450 $21,050 $23,700 $26,300 $28,450 $30,550 Adjustment Factor (HUD) 1.2 1.2 1.2 1.2 1.2 1.2 Maximum Allowable Income - 60% $22,140 $25,260 $28,440 $31,560 $34,140 $36,660

Very Low Income $18,450 $21,050 $23,700 $26,300 $28,450 $30,550 Adjustment Factor (HUD) 0.8 0.8 0.8 0.8 0.8 0.8 Maximum Allowable Income - 40% $14,760 $16,840 $18,960 $21,040 $22,760 $24,440

Very Low Income $18,450 $21,050 $23,700 $26,300 $28,450 $30,550 Adjustment Factor (HUD) 0.6 0.6 0.6 0.6 0.6 0.6 Maximum Allowable Income - 30% $11,070 $12,630 $14,220 $15,780 $17,070 $18,330

Very Low Income $18,450 $21,050 $23,700 $26,300 $28,450 $30,550 Adjustment Factor (HUD) 0.4 0.4 0.4 0.4 0.4 0.4 Maximum Allowable Income - 20% $7,380 $8,420 $9,480 $10,520 $11,380 $12,220

A table illustrating the currently allowable rentals for the units reserved for those tenants earning below 30% of the median area income are presented below:

Cook, Moore & Associates 78 Operating and Development Comparison

Maximum Rent Computation 30% 30% 30% 30% 30%

Number of Bedrooms Eff 1 2 3 4

Unadjusted Maximum Income $11,070 $23,700 $14,220 $32,850 $18,330 Adjustment Factor (HUD) / 1 / 2 / 1 / 2 / 1 Adjusted Maximum Annual Income $11,070 $11,850 $14,220 $16,425 $18,330 Allowable Rent Percentage (HUD) 0.30 0.30 0.30 0.30 0.30 Maximum Annual Rent $3,321 $3,555 $4,266 $4,928 $5,499 / 12 / 12 / 12 / 12 / 12 Maximum Monthly Rent $277 $296 $356 $411 $458

The above table illustrates the maximum allowable rental rates for households earning less than 30% of the median area income. Note that these rental rates are prior to deduction of the utility allowances. Following the same methodology in the table above, the following are the maximum allowable rental rates under the various different income limits (prior to deduction of utility allowances):

Income Maximum Rental Rates Limit Eff 1br 2br 3br 4br 30.00% $277 $296 $356 $411 $458 40.00% $369 $395 $474 $548 $611 50.00% $461 $494 $593 $684 $764 60.00% $554 $593 $711 $821 $917 80.00% $738 $790 $948 $1,095 $1,222

Any rental housing complex oriented towards lower-income households will have the added burden of a qualifying process that is more detailed than the competition. This may create two problems. The first is a reluctance of some tenants to divulge all of the pertinent data required for qualifying as a LI tenant. Secondly, more time is required to obtain the information and make the appropriate reports to the governing agencies, thereby reducing onsite management’s time for other required duties.

Cook, Moore & Associates 79 Operating and Development Comparison

Market Impact Statement Any rental housing complex in the subject’s defined Trade Area does not appear to be overly threatened by the existing supply of units in the Trade Area, as it will be reasonably well positioned to attract and intercept a core tenant base of rental households in the subject’s Trade Area. As such, a substantial upward adjustment in stabilized vacancy projections (above market-typical levels) does not appear warranted. Additionally, a new rental complex would not be expected to threaten the existing rental housing supply in the local market, as it will fill a need for additional rental units in the Primary Market Area.

Any new rental housing project would likely offer an amenity package consistent with that of the newly-constructed, lower-income properties in the region and superior to that in the older complexes in the area. With responsible, aggressive management and ample advertising, a new rental housing complex should be able to attract and retain a reasonably substantial market share. As such, it does not appear that a new rental housing complex would adversely affect the existing rental inventory.

Cook, Moore & Associates 80 SOURCES OF DATA

The data utilized in this report has been obtained from multiple sources that include, but are not limited to, local, state and federal governmental institutions (i.e., US Department of Housing and Urban Development, US Census Bureau, US Department of Labor, etc.), private entities (Multiple Listing Service, STDB Online, etc.), and proprietary data sources. The data from governmental and private sources are assumed correct and accurate. The proprietary data was obtained from actual interviews with market participants. Their representations are considered to be factual and accurate. When possible, proprietary data is corroborated with third parties.

Cook, Moore & Associates 81 CONCLUSIONS

To project the demand for multifamily housing units in the Trade Area, we researched population and housing statistics for the Trade Area (defined as the Eastern portion of Iberville Parish). Population estimates and projections were obtained from the STDB Online Database (an online demographic database), the 2000 Census data and the 2010 Census data. These data sources provide the basis for the demographic analysis discussed within this report. With responsible, aggressive management and ample advertising, a new rental housing complex within the subject’s defined Trade Area should be able to attract and retain a reasonably substantial market share.

In the Rental Housing Demand Analysis, our findings indicate demand for roughly 82± additional rental housing units oriented towards all income segments in 2013 within the subject’s defined Primary Market Area. We estimate an average absorption of 10± to 12± units per month after construction of any new rental units are completed, to achieve stabilized occupancy.

A new rental housing complex would face minimal competition, as there is no newer rental housing available within the defined Trade Area. A new rental housing complex in the Plaquemine area would be reasonably well positioned to attract and intercept a core tenant base and would be the closest rental complex to many of the major employment centers in the area.

We hope that this report has helped to shed some light on these issues. This report is not intended to advocate nor deter development of any rental property within the defined Trade Area. It is merely provided to help clarify issues regarding any proposed development within the proposed submarket. If you have any additional questions, or if we can provide any further assistance, please do not hesitate to contact us.

Respectfully submitted,

Craig A. Davenport Louisiana Certified General Real Estate Appraiser #G1128

Cook, Moore & Associates 82 ADDENDUM

Cook, Moore & Associates ** DEMOGRAPHIC DATA **

Cook, Moore & Associates 1990-2000 Comparison Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts 1990 Census 2000 1990-2000 Number Percent Number Percent Annual Rate Total Population 4,724 - 6,726 - 3.60% Total Households 1,118 100.0% 1,332 100.0% 1.77% Average Household Size 2.83 - 2.79 - -0.14% Total Families 857 76.7% 970 72.8% 1.25% Average Family Size 3.35 - 3.31 - -0.12% Per Capita Income $11,536 - $11,615 - 0.07% Total Housing Units 1,246 - 1,449 - 1.52%

Population by Sex Male 2,453 51.9% 3,894 57.9% 4.73% Female 2,271 48.1% 2,832 42.1% 2.23%

Population by Age Total 4,724 100.0% 6,726 100.0% 3.60% Age 0 - 4 288 6.1% 289 4.3% 0.03% Age 5 - 9 315 6.7% 324 4.8% 0.28% Age 10 - 14 264 5.6% 293 4.4% 1.05% Age 15 - 19 285 6.0% 414 6.2% 3.80% Age 20 - 24 442 9.4% 758 11.3% 5.54% Age 25 - 29 565 12.0% 725 10.8% 2.52% Age 30 - 34 594 12.6% 777 11.6% 2.72% Age 35 - 39 495 10.5% 780 11.6% 4.65% Age 40 - 44 364 7.7% 656 9.8% 6.07% Age 45 - 49 233 4.9% 520 7.7% 8.36% Age 50 - 54 177 3.7% 392 5.8% 8.28% Age 55 - 59 159 3.4% 238 3.5% 4.12% Age 60 - 64 165 3.5% 183 2.7% 1.04% Age 65 - 69 104 2.2% 116 1.7% 1.10% Age 70 - 74 97 2.1% 126 1.9% 2.65% Age 75 - 79 96 2.0% 64 1.0% -3.97% Age 80 - 84 46 1.0% 43 0.6% -0.67% Age 85+ 35 0.7% 28 0.4% -2.21% Median Age 31.7 33.6 0.58% Age 18+ 3,702 78.4% 5,627 83.7% 4.28% Age 65+ 378 8.0% 377 5.6% -0.03%

Households by Household Income Household Income Base 1,108 100.0% 1,334 100.0% 1.87% <$15,000 426 38.4% 339 25.4% -2.26% $15,000 - $24,999 182 16.4% 194 14.5% 0.64% $25,000 - $34,999 152 13.7% 186 13.9% 2.04% $35,000 - $49,999 167 15.1% 167 12.5% 0.00% $50,000 - $74,999 159 14.4% 271 20.3% 5.48% $75,000 - $99,999 9 0.8% 80 6.0% 24.42% $100,000 - $149,999 7 0.6% 57 4.3% 23.33% $150,000+ 6 0.5% 40 3.0% 20.89% Median Household Income $20,641 $31,905 4.45% Average Household Income $27,643 $45,095 5.02%

Data Note: Detail may not sum to totals due to rounding. Census 2000 medians are computed from reported data distributions. The "1990-2000 Annual Rate" is an annual compound rate.

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri converted 1990 Census data into 2000 geography.

©2011 Esri 4/10/2012 Page 1 of 5 1990-2000 Comparison Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

1990 Census 2000 1990-2000 Number Percent Number Percent Annual Rate

Families by Family Income Family Income Base 876 100.0% 973 100.0% 1.06% <$15,000 258 29.5% 183 18.8% -3.38% $15,000 - $24,999 162 18.5% 110 11.3% -3.80% $25,000 - $34,999 138 15.8% 153 15.7% 1.04% $35,000 - $49,999 158 18.0% 122 12.5% -2.55% $50,000 - $74,999 138 15.8% 237 24.4% 5.56% $75,000 - $99,999 9 1.0% 74 7.6% 23.45% $100,000 - $149,999 7 0.8% 54 5.5% 22.67% $150,000+ 6 0.7% 40 4.1% 20.89% Median Family Income $25,849 $41,240 4.78% Average Family Income $30,615 $53,084 5.66%

Households by Poverty Status and Household Type Total 1,108 100.0% 1,334 100.0% 1.87% Below Poverty Level 272 24.5% 269 20.2% -0.11% Married-couple Family 52 4.7% 49 3.7% -0.59% Other Family - Male Householder, No Wife 5 0.5% 13 1.0% 10.03% Other Family - Female Householder, No Husband 116 10.5% 109 8.2% -0.62% Nonfamily Households 99 8.9% 98 7.3% -0.10% At or Above Poverty Level 836 75.5% 1,065 79.8% 2.45% Married-couple Family 538 48.6% 576 43.2% 0.68% Other Family - Male Householder, No Wife 48 4.3% 50 3.7% 0.41% Other Family - Female Householder, No Husband 95 8.6% 176 13.2% 6.36% Nonfamily Households 155 14.0% 263 19.7% 5.43%

Households by Type Total 1,118 100.0% 1,332 100.0% 1.77% Family Households 857 76.7% 970 72.8% 1.25% Married-couple Families 579 51.8% 630 47.3% 0.85% With Related Children 327 29.2% 347 26.1% 0.60% Other Family (No Spouse Present) 278 24.9% 340 25.5% 2.03% With Related Children 199 17.8% 240 18.0% 1.89% Nonfamily Households 261 23.3% 362 27.2% 3.33% Householder Living Alone 236 21.1% 306 23.0% 2.63% Householder not Living Alone 25 2.2% 56 4.2% 8.40%

Households with Related Children 526 47.0% 587 44.1% 1.10%

Households by Vehicles Available Total 1,123 100.0% 1,332 100.0% 1.72% None 120 10.7% 90 6.8% -2.84% 1 301 26.8% 449 33.7% 4.08% 2 528 47.0% 551 41.4% 0.43% 3 140 12.5% 164 12.3% 1.59% 4 24 2.1% 62 4.7% 9.96% 5+ 10 0.9% 16 1.2% 4.81% Average Number of Vehicles Available 1.7 1.8 0.57%

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri converted 1990 Census data into 2000 geography.

©2011 Esri 4/10/2012 Page 2 of 5 1990-2000 Comparison Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

1990 Census 2000 1990-2000 Number Percent Number Percent Annual Rate

Housing Units by Occupancy Total 1,246 100.0% 1,449 100.0% 1.52% Occupied Housing Units 1,118 89.7% 1,332 91.9% 1.77% Owner Occupied Housing Units 895 71.8% 1,086 74.9% 1.95% Renter Occupied Housing Units 223 17.9% 246 17.0% 0.99% Vacant Housing Units 128 10.3% 117 8.1% -0.89% For Rent 42 3.4% 16 1.1% -9.20% For Sale Only 11 0.9% 23 1.6% 7.65% Rented or Sold, not Occupied 40 3.2% 24 1.7% -4.98% For Seasonal/Recreational/Occasional Use 6 0.5% 14 1.0% 8.84% For Migrant Workers 0 0.0% 0 0.0% 0.00% Other Vacant 29 2.3% 40 2.8% 3.27%

Housing Units by Units in Structure Total 1,246 100.0% 1,449 100.0% 1.52% 1, Detached 870 69.8% 987 68.1% 1.27% 1, Attached 15 1.2% 15 1.0% 0.00% 2 8 0.6% 6 0.4% -2.84% 3 or 4 11 0.9% 11 0.8% 0.00% 5 to 9 20 1.6% 27 1.9% 3.05% 10 to 19 15 1.2% 11 0.8% -3.05% 20+ 0 0.0% 4 0.3% 0.00% Mobile Home 293 23.5% 388 26.8% 2.85% Other 14 1.1% 0 0.0% -100.00%

Specified Owner Occupied Housing Units by Value Total 576 100.0% 703 100.0% 2.01% <$50,000 240 41.7% 118 16.8% -6.85% $50,000 - $99,999 248 43.1% 321 45.7% 2.61% $100,000 - $149,999 60 10.4% 104 14.8% 5.65% $150,000 - $199,999 18 3.1% 76 10.8% 15.49% $200,000 - $299,999 9 1.6% 40 5.7% 16.09% $300,000 - $499,999 1 0.2% 36 5.1% 43.10% $500,000+ 0 0.0% 8 1.1% 0.00% Median Home Value $57,059 $81,643 3.65% Average Home Value $65,117 $119,577 6.27%

Specified Renter Occupied Housing Units by Rent Total 198 100.0% 233 100.0% 1.64% With Cash Rent 140 70.7% 153 65.7% 0.89% <$200 90 45.5% 66 28.3% -3.05% $200 - $499 47 23.7% 83 35.6% 5.85% $500 - $749 3 1.5% 4 1.7% 2.92% $750 - $999 0 0.0% 0 0.0% 0.00% $1,000+ 0 0.0% 0 0.0% 0.00% No Cash Rent 58 29.3% 80 34.3% 3.27% Median Rent $152 $220 3.77% Average Rent $181 $221 2.02%

Data Note: Speci®ed owner occupied Housing Units include only single family units on less than 10 acres, with no business or medical of®ce on site. Speci®ed renter occupied HUs exclude single family units on 10+ acres. Average Rent excludes units paying no cash rent. Rent, Home Value, and Units in Structure data are complete counts in 1990 and sample counts in 2000, so changes in enumeration can affect comparability.

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri converted 1990 Census data into 2000 geography.

©2011 Esri 4/10/2012 Page 3 of 5 1990-2000 Comparison Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

1990 Census 2000 1990-2000 Number Percent Number Percent Annual Rate

Population 16+ by Employment Status Total 3,795 100.0% 5,767 100.0% 4.27% In Labor Force 1,335 35.2% 1,641 28.5% 2.09% Civilian Employed 1,197 31.5% 1,560 27.1% 2.68% Civilian Unemployed 138 3.6% 78 1.4% -5.55% In Armed Forces 0 0.0% 3 0.1% 0.00% Not in Labor Force 2,460 64.8% 4,126 71.5% 5.31%

Workers 16+ by Place of Work Total 1,159 100.0% 1,511 100.0% 2.69% Worked in State of Residence 1,146 98.9% 1,502 99.4% 2.74% Worked in County of Residence 594 51.3% 702 46.5% 1.68% Worked outside County of Residence 552 47.6% 800 52.9% 3.78% Worked outside State of Residence 13 1.1% 9 0.6% -3.61%

Workers 16+ by Transportation to Work Total 1,159 100.0% 1,511 100.0% 2.69% Drove Alone - Car, Truck, or Van 956 82.5% 1,258 83.3% 2.78% Carpooled - Car, Truck, or Van 152 13.1% 199 13.2% 2.73% Public Transportation 6 0.5% 5 0.3% -1.81% Walked 22 1.9% 15 1.0% -3.76% Other Means 15 1.3% 21 1.4% 3.42% Worked at Home 8 0.7% 13 0.9% 4.97%

Workers 16+ by Travel Time to Work Total 1,159 100.0% 1,511 100.0% 2.69% Did not Work at Home 1,151 99.3% 1,498 99.1% 2.67% Less than 5 minutes 56 4.8% 50 3.3% -1.13% 5 to 9 minutes 131 11.3% 178 11.8% 3.11% 10 to 19 minutes 397 34.3% 439 29.1% 1.01% 20 to 24 minutes 177 15.3% 172 11.4% -0.29% 25 to 34 minutes 300 25.9% 402 26.6% 2.97% 35 to 44 minutes 39 3.4% 113 7.5% 11.22% 45 to 59 minutes 45 3.9% 71 4.7% 4.67% 60 to 89 minutes 6 0.5% 28 1.9% 16.65% 90 or more minutes 0 0.0% 45 3.0% 0.00% Worked at Home 8 0.7% 13 0.9% 4.97% Average Travel Time to Work (in minutes) 18.8 24.4 2.64%

Population 15+ by Sex and Marital Status Total 3,857 100.0% 5,827 100.0% 4.21% Females 1,834 47.5% 2,414 41.4% 2.79% Never Married 595 15.4% 990 17.0% 5.22% Married, not Separated 680 17.6% 826 14.2% 1.96% Married, Separated 145 3.8% 87 1.5% -4.98% Widowed 209 5.4% 216 3.7% 0.33% Divorced 205 5.3% 295 5.1% 3.71% Males 2,023 52.5% 3,413 58.6% 5.37% Never Married 830 21.5% 1,865 32.0% 8.43% Married, not Separated 760 19.7% 1,147 19.7% 4.20% Married, Separated 122 3.2% 45 0.8% -9.49% Widowed 68 1.8% 73 1.3% 0.71% Divorced 243 6.3% 283 4.9% 1.54%

Data Note: Marital status data are complete counts in 1990 and sample counts in Census 2000, so changes in enumeration can affect comparability.

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri converted 1990 Census data into 2000 geography.

©2011 Esri 4/10/2012 Page 4 of 5 1990-2000 Comparison Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

1990 Census 2000 1990-2000 Number Percent Number Percent Annual Rate

Population by Race Total 4,724 100.0% 6,726 100.0% 3.60% White Alone 2,012 42.6% 2,535 37.7% 2.34% Black or African American Alone 2,624 55.5% 4,126 61.3% 4.63% American Indian or Alaskan Native Alone 24 0.5% 4 0.1% -16.40% Asian Alone 33 0.7% 19 0.3% -5.37% Paci®c Islander Alone 3 0.1% 1 0.0% -10.40% Some Other Race Alone 18 0.4% 13 0.2% -3.20% Two or More Races 10 0.2% 28 0.4% 10.84%

Diversity Index 54.9 49.3 -1.07%

Hispanic Population by Race Total 196 100.0% 76 100.0% -9.04% White Alone 137 69.9% 47 61.8% -10.15% Black or African American Alone 33 16.8% 13 17.1% -8.89% American Indian or Alaskan Native Alone 2 1.0% 0 0.0% -100.00% Asian or Paci®c Islander Alone 3 1.5% 0 0.0% -100.00% Some Other Race Alone 18 9.2% 11 14.5% -4.81% Two or More Races 3 1.5% 5 6.6% 5.24%

Population 3+ by School Enrollment Total 4,580 100.0% 6,562 100.0% 3.66% Enrolled in Public Preschool/Kindergarten 49 1.1% 84 1.3% 5.54% Enrolled in Private Preschool/Kindergarten 28 0.6% 67 1.0% 9.12% Enrolled in Public Elementary/High School 661 14.4% 728 11.1% 0.97% Enrolled in Private Elementary/High School 141 3.1% 196 3.0% 3.35% Enrolled in Public College 220 4.8% 178 2.7% -2.10% Enrolled in Private College 72 1.6% 12 0.2% -16.40% Not Enrolled in School 3,409 74.4% 5,297 80.7% 4.51%

Population 25+ by Educational Attainment Total 3,133 100.0% 4,653 100.0% 4.03% Less than 9th Grade 527 16.8% 650 14.0% 2.12% 9th - 12th Grade, No Diploma 669 21.4% 1,277 27.4% 6.68% High School Graduate 963 30.7% 1,473 31.7% 4.34% Some College, No Degree 592 18.9% 676 14.5% 1.34% Associate Degree 74 2.4% 63 1.4% -1.60% Bachelor©s Degree 172 5.5% 320 6.9% 6.41% Master©s/Professional/Doctorate Degree 136 4.3% 194 4.2% 3.62%

Data Note: The 1990 Census reported population by single races only. Esri estimates the multiracial population from 1990 Census data for the total population. In the 1990 Census, "Asian" and "Paci®c Islander" were not reported separately for the Hispanic Origin population. To compare the data, "Asian" and "Paci®c Islander" are combined in 2000. The Diversity Index summarizes racial and ethnic diversity. The index shows the likelihood that two persons, chosen at random from the same area, belong to different race or ethnic groups.

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri converted 1990 Census data into 2000 geography.

©2011 Esri 4/10/2012 Page 5 of 5 Census 2000 Summary Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

Summary 1990 Census 2000 1990-2000 Annual Rate Total Population 4,724 6,726 3.6% Total Households 1,118 1,332 1.77% Total Families 857 970 1.25% Total Housing Units 1,246 1,449 1.52%

Average Household Size 2.83 2.79 -0.14% Average Family Size 3.35 3.31 -0.12%

Median Household Income $20,641 $31,905 4.45% Average Household Income $27,643 $45,095 5.02% Per Capita Income $11,536 $11,615 0.07%

Number Percent

Population by Race Total 6,726 100.0% Population Reporting One Race 6,698 99.6% White 2,535 37.7% Black or African American 4,126 61.3% American Indian or Alaska Native 4 0.1% Asian 19 0.3% Native Hawaiian or Other Paci®c Islander 1 0.0% Some Other Race 13 0.2% Population Reporting Two or More Races 28 0.4%

Total Hispanic Population 76 1.1%

Population by Sex Male 3,894 57.9% Female 2,832 42.1%

Population by Age Total 6,726 100.0% Age 0 - 4 289 4.3% Age 5 - 9 324 4.8% Age 10 - 14 293 4.4% Age 15 - 19 414 6.2% Age 20 - 24 758 11.3% Age 25 - 29 725 10.8% Age 30 - 34 777 11.6% Age 35 - 39 780 11.6% Age 40 - 44 656 9.8% Age 45 - 49 520 7.7% Age 50 - 54 392 5.8% Age 55 - 59 238 3.5% Age 60 - 64 183 2.7% Age 65 - 69 116 1.7% Age 70 - 74 126 1.9% Age 75 - 79 64 1.0% Age 80 - 84 43 0.6% Age 85+ 28 0.4% Median Age 33.6

Age 18+ 5,627 83.7% Age 65+ 377 5.6%

Data Note: Population Reporting Two of More Races includes unique counts of the population who reported at least two races. Hispanic population can be of any race. Detail may not sum to totals due to rounding. Census 2000 medians are computed from reported data distributions. The "1990-2000 Annual Rate" is an annual compound rate.

Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3. Esri converted 1990 Census data into 2000 geography.

©2011 Esri 4/10/2012 Page 1 of 7 Census 2000 Summary Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

Number Percent

Population by Relationship and HH Type Total 6,726 100.0% In Households 3,718 55.3% In Family Households 3,284 48.8% Householder 970 14.4% Spouse 630 9.4% Child 1,282 19.1% Other Relatives 333 5.0% Nonrelatives 69 1.0% In Nonfamily Households 434 6.5% In Group Quarters 3,008 44.7% Institutionalized Population 2,999 44.6% Noninstitutionalized Population 9 0.1%

Population by Place of Birth and Citizenship Status Total 6,726 100.0% Native 6,624 98.5% Born in United States 6,602 98.2% Born outside United States 22 0.3% Foreign Born 102 1.5% Naturalized Citizen 61 0.9% Not a Citizen 41 0.6%

Population 15+ by Sex and Marital Status Total 5,827 100.0% Females 2,414 41.4% Never Married 990 17.0% Married, not Separated 826 14.2% Married, Separated 87 1.5% Widowed 216 3.7% Divorced 295 5.1% Males 3,413 58.6% Never Married 1,865 32.0% Married, not Separated 1,147 19.7% Married, Separated 45 0.8% Widowed 73 1.3% Divorced 283 4.9%

Population 3+ by School Enrollment Total 6,562 100.0% Enrolled in Nursery/Preschool: Public School 46 0.7% Enrolled in Nursery/Preschool: Private School 41 0.6% Enrolled in Kindergarten: Public School 38 0.6% Enrolled in Kindergarten: Private School 26 0.4% Enrolled in Grade 1-8: Public School 412 6.3% Enrolled in Grade 1-8: Private School 101 1.5% Enrolled in Grade 9-12: Public School 316 4.8% Enrolled in Grade 9-12: Private School 95 1.4% Enrolled in College: Public School 133 2.0% Enrolled in College: Private School 12 0.2% Enrolled in Grad/Professional School: Public 45 0.7% Enrolled in Grad/Professional School: Private 0 0.0%

Not Enrolled in School 5,297 80.7%

Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3.

©2011 Esri 4/10/2012 Page 2 of 7 Census 2000 Summary Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

Number Percent

Population 25+ by Educational Attainment Total 4,653 100.0% Less than 9th Grade 650 14.0% 9th - 12th Grade, No Diploma 1,277 27.4% High School Graduate 1,473 31.7% Some College, No Degree 676 14.5% Associate Degree 63 1.4% Bachelor©s Degree 320 6.9% Master©s/Professional/Doctorate Degree 194 4.2%

Population 16+ by Sex and Employment Status Total 5,767 100.0% Females in Labor Force 812 14.1% Civilian Employed 775 13.4% Civilian Unemployed 37 0.6% In Armed Forces 0 0.0% Females not in Labor Force 1,574 27.3%

Males in Labor Force 829 14.4% Civilian Employed 785 13.6% Civilian Unemployed 41 0.7% In Armed Forces 3 0.1% Males not in Labor Force 2,552 44.3%

Population 16+ by Sex and Work Status in 1999 Total 5,767 100.0% Females 2,386 41.4% Worked Full-time 520 9.0% Worked Part-time 902 15.6% Did Not Work 964 16.7% Males 3,381 58.6% Worked Full-time 650 11.3% Worked Part-time 911 15.8% Did Not Work 1,820 31.6%

Females 16+ by Employment Status and Age of Children Total 2,386 100.0% Own Children <6 Only 100 4.2% Employed/in Armed Forces 58 2.4% Unemployed 0 0.0% Not in Labor Force 42 1.8% Own Children 6-17 Only 308 12.9% Employed/in Armed Forces 225 9.4% Unemployed 16 0.7% Not in Labor Force 67 2.8% Own Children <6 and 6-17 87 3.6% Employed/in Armed Forces 54 2.3% Unemployed 1 0.0% Not in Labor Force 32 1.3% No Own Children <18 1,891 79.3% Employed/in Armed Forces 438 18.4% Unemployed 20 0.8% Not in Labor Force 1,433 60.1%

Source: U.S. Census Bureau, Census 2000 Summary File 3.

©2011 Esri 4/10/2012 Page 3 of 7 Census 2000 Summary Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

Number Percent

Civilian Employed Population 16+ by Occupation Total 1,560 100.0% Management/Professional 533 34.2% Service 340 21.8% Sales/Of®ce and Admin Support 330 21.2% Farming/Fishing/Forestry 1 0.1% Construction/Extraction/Maintenance 135 8.7% Production/Transportation/Material Moving 221 14.2%

Civilian Employed Population 16+ by Industry Total 1,560 100.0% Agriculture/Forestry/Fishing/Hunting/Mining 14 0.9% Construction 88 5.6% Manufacturing 268 17.2% Wholesale Trade 31 2.0% Retail Trade 122 7.8% Transportation/Warehousing/Utilities 68 4.4% Information 22 1.4% Finance/Insurance/Real Estate/Rental/Leasing 80 5.1% Professional/Scienti®c/Mgmt/Admin/Waste Mgmt Services 159 10.2% Educational/Health/Social Services 344 22.1% Arts/Entertainment/Recreation/Accommodation/Food Services 116 7.4% Other Services 63 4.0% Public Administration 185 11.9%

Workers 16+ by Place of Work Total 1,511 100.0% Worked in State of Residence 1,502 99.4% Worked in County of Residence 702 46.5% Worked outside County of Residence 800 52.9% Worked outside State of Residence 9 0.6%

Workers 16+ by Means of Transportation to Work Total 1,511 100.0% Drove Alone - Car, Truck, or Van 1,258 83.3% Carpooled - Car, Truck, or Van 199 13.2% Public Transportation 5 0.3% Walked 15 1.0% Other Means 21 1.4% Worked at Home 13 0.9%

Workers 16+ by Travel Time to Work Total 1,511 100.0% Did not Work at Home 1,498 99.1% Less than 5 minutes 50 3.3% 5 to 9 minutes 178 11.8% 10 to 19 minutes 439 29.1% 20 to 24 minutes 172 11.4% 25 to 34 minutes 402 26.6% 35 to 44 minutes 113 7.5% 45 to 59 minutes 71 4.7% 60 to 89 minutes 28 1.9% 90 or more minutes 45 3.0% Worked at Home 13 0.9%

Average Travel Time to Work (in minutes) 24.4

Source: U.S. Census Bureau, Census 2000 Summary File 3.

©2011 Esri 4/10/2012 Page 4 of 7 Census 2000 Summary Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

Number Percent Households by Type Total 1,332 100.0% Family Households 970 72.8% Married-couple Families 630 47.3% With Related Children 347 26.1% Other Family (No Spouse Present) 340 25.5% With Related Children 240 18.0% Nonfamily Households 362 27.2% Householder Living Alone 306 23.0% Householder Not Living Alone 56 4.2%

Households with Related Children 587 44.1%

Households by Age of Householder Total 1,332 100.0% Householder Age 15 - 24 61 4.6% Householder Age 25 - 34 224 16.8% Householder Age 35 - 44 291 21.8% Householder Age 45 - 54 316 23.7% Householder Age 55 - 64 213 16.0% Householder Age 65 - 74 148 11.1% Householder Age 75 - 84 67 5.0% Householder Age 85+ 12 0.9%

Households by Size Total 1,332 100.0% 1 Person Household 306 23.0% 2 Person Household 365 27.4% 3 Person Household 276 20.7% 4 Person Household 206 15.5% 5 Person Household 103 7.7% 6 Person Household 47 3.5% 7+ Person Household 29 2.2%

Households by Poverty Status in 1999 and HH Type Total 1,334 100.0% Below Poverty Level 269 20.2% Married-couple Family 49 3.7% Other Family - Male Householder, No Wife Present 13 1.0% Other Family - Female Householder, No Husband Present 109 8.2% Nonfamily Households 98 7.3% At or Above Poverty Level 1,065 79.8% Married-couple Family 576 43.2% Other Family - Male Householder, No Wife Present 50 3.7% Other Family - Female Householder, No Husband Present 176 13.2% Nonfamily Households 263 19.7%

Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3.

©2011 Esri 4/10/2012 Page 5 of 7 Census 2000 Summary Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts Number Percent Households by Household Income in 1999 Household Income Base 1,334 100.0% < $15,000 339 25.4% $15,000 - $24,999 194 14.5% $25,000 - $34,999 186 13.9% $35,000 - $49,999 167 12.5% $50,000 - $74,999 271 20.3% $75,000 - $99,999 80 6.0% $100,000 - $149,999 57 4.3% $150,000 - $199,999 21 1.6% $200,000 + 19 1.4% Median Household Income $31,905 - Average Household Income $45,095 -

Families by Family Income in 1999 Family Income Base 973 100.0% < $15,000 183 18.8% $15,000 - $24,999 110 11.3% $25,000 - $34,999 153 15.7% $35,000 - $49,999 122 12.5% $50,000 - $74,999 237 24.4% $75,000 - $99,999 74 7.6% $100,000 - $149,999 54 5.5% $150,000 - $199,999 21 2.2% $200,000+ 19 2.0% Median Family Income $41,240 - Average Family Income $53,084 -

Owner Occupied HUs by Value Total 1,081 100.0% < $50,000 360 33.3% $50,000 - $99,999 382 35.3% $100,000 - $149,999 118 10.9% $150,000 - $199,999 95 8.8% $200,000 - $299,999 53 4.9% $300,000 - $499,999 57 5.3% $500,000 - $999,999 14 1.3% $1,000,000+ 2 0.2% Median Home Value $71,065 - Average Home Value $105,180 -

Specified Renter Occupied HUs by Contract Rent Total 233 100.0% With Cash Rent 153 65.7% < $200 66 28.3% $200 - $499 83 35.6% $500 - $749 4 1.7% $750 - $999 0 0.0% $1,000 - $1,499 0 0.0% $1,500 - $1,999 0 0.0% $2000+ 0 0.0% No Cash Rent 80 34.3% Median Rent $220 - Average Rent $221 -

Data Note: Specified Renter Occupied HUs exclude houses on 10+ acres. Average Rent excludes units paying no cash rent. Census 2000 medians are computed from reported data distributions.

Source: U.S. Census Bureau, Census 2000 Summary File 3.

©2011 Esri 4/10/2012 Page 6 of 7 Census 2000 Summary Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts Number Percent Housing Units by Occupancy Total 1,449 100.0% Occupied Housing Units 1,332 91.9% Owner Occupied Housing Units 1,086 74.9% Average Household Size 2.87 - Renter Occupied Housing Units 246 17.0% Average Household Size 2.45 - Vacant Housing Units 117 8.1% For Rent 16 1.1% For Sale Only 23 1.6% Rented or Sold, not Occupied 24 1.7% For Seasonal/Recreational/Occasional Use 14 1.0% For Migrant Workers 0 0.0% Other Vacant 40 2.8%

Housing Units by Units in Structure Total 1,449 100.0% 1 Detached 987 68.1% 1 Attached 15 1.0% 2 6 0.4% 3 or 4 11 0.8% 5 to 9 27 1.9% 10 to 19 11 0.8% 20+ 4 0.3% Mobile Home 388 26.8% Other 0 0.0%

Housing Units by Year Structure Built Total 1,449 100.0% 1999 to March 2000 40 2.8% 1995 to 1998 183 12.6% 1990 to 1994 87 6.0% 1980 to 1989 353 24.4% 1970 to 1979 292 20.2% 1969 or Earlier 494 34.1% Median Year Structure Built 1978 -

Households by Year Householder Moved In Total 1,332 100.0% Moved in 1999 to March 2000 173 13.0% Moved in 1995 to 1998 336 25.2% Moved in 1990 to 1994 236 17.7% Moved in 1980 to 1989 247 18.5% Moved in 1970 to 1979 168 12.6% Moved in 1969 or Earlier 172 12.9% Median Year Householder Moved In 1992 -

Households by Vehicles Available Total 1,332 100.0% None 90 6.8% 1 449 33.7% 2 551 41.4% 3 164 12.3% 4 62 4.7% 5+ 16 1.2% Average Number of Vehicles Available 1.8 -

Source: U.S. Census Bureau, Census 2000 Summary File 1 and 3.

©2011 Esri 4/10/2012 Page 7 of 7 Demographic and Income Profile - Appraisal Version

Iberville East Prepared by D. Wesley Moore 22047952501, 22047952502 Geography: 2 Census Tracts

Summary 2000 2010 2015 Population 6,726 6,860 6,867 Households 1,332 1,406 1,413 Families 970 1,004 1,001 Average Household Size 2.79 2.78 2.77 Owner Occupied Housing Units 1,086 1,131 1,140 Renter Occupied Housing Units 246 275 273 Median Age 33.6 34.6 34.9 Trends: 2010 - 2015 Annual Rate Area State National Population 0.02% 0.00% 0.76% Households 0.10% 0.00% 0.78% Families -0.06% 0.00% 0.64% Owner HHs 0.16% 0.00% 0.82% Median Household Income 2.61% 0.00% 2.36% 2000 2010 2015 Households by Income Number Percent Number Percent Number Percent <$15,000 339 25.4% 318 22.6% 306 21.7% $15,000 - $24,999 194 14.5% 175 12.4% 163 11.5% $25,000 - $34,999 186 13.9% 211 15.0% 185 13.1% $35,000 - $49,999 167 12.5% 157 11.2% 212 15.0% $50,000 - $74,999 271 20.3% 317 22.5% 320 22.6% $75,000 - $99,999 80 6.0% 98 7.0% 95 6.7% $100,000 - $149,999 57 4.3% 78 5.5% 81 5.7% $150,000 - $199,999 21 1.6% 23 1.6% 24 1.7% $200,000+ 19 1.4% 29 2.1% 27 1.9%

Median Household Income $31,905 $34,950 $39,749 Average Household Income $45,095 $51,650 $51,759 Per Capita Income $11,615 $16,400 $17,254 2000 2010 2015 Population by Age Number Percent Number Percent Number Percent 0 - 4 289 4.3% 293 4.3% 295 4.3% 5 - 9 324 4.8% 307 4.5% 298 4.3% 10 - 14 293 4.4% 297 4.3% 311 4.5% 15 - 19 414 6.2% 394 5.7% 371 5.4% 20 - 24 758 11.3% 714 10.4% 746 10.9% 25 - 34 1,502 22.3% 1,486 21.7% 1,429 20.8% 35 - 44 1,436 21.4% 1,415 20.6% 1,404 20.4% 45 - 54 912 13.6% 899 13.1% 861 12.5% 55 - 64 421 6.3% 600 8.7% 603 8.8% 65 - 74 242 3.6% 286 4.2% 368 5.4% 75 - 84 107 1.6% 129 1.9% 135 2.0% 85+ 28 0.4% 40 0.6% 46 0.7% Data Note: Income is expressed in current dollars

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

April 10, 2012

©2012 Esri Page 1 of 2 Demographic and Income Profile - Appraisal Version

Iberville East Prepared by D. Wesley Moore 22047952501, 22047952502 Geography: 2 Census Tracts

Trends 2010-2015

2.6 2.4 2.2 2 1.8 1.6 1.4 1.2 1 0.8 0.6 Area State

Annual Rate (in percent) 0.4 USA 0.2 0 Population Households Families Owner HHs Median HH Income

Population by Age

20 18 16 14 12 10 Percent 8 6 2010 4 2015 2 0 0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+

2010 Household Income

$50K - $74K 22.5%

$75K - $99K 7.0%

$100K - $149K 5.5% $35K - $49K 11.2% $150K - $199K 1.6% $200K+ 2.1%

$25K - $34K 15.0% < $15K 22.6%

$15K - $24K 12.4%

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

April 10, 2012

©2012 Esri Page 2 of 2 Housing Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts 2000 Total Population 6,726 2000 Median HH Income $31,905 2010 Total Population 6,860 2010 Median HH Income $34,950 2015 Total Population 6,867 2015 Median HH Income $39,749 2010 - 2015 Annual Rate 0.02% 2010 - 2015 Annual Rate 2.61% Housing Units by Occupancy Status and Tenure

Census 2000 2010 2015 Number Percent Number Percent Number Percent Total Housing Units 1,449 100.0% 1,593 100.0% 1,634 100.0% Occupied 1,332 91.9% 1,406 88.3% 1,413 86.5% Owner 1,086 74.9% 1,131 71.0% 1,140 69.8% Renter 246 17.0% 275 17.3% 273 16.7% Vacant 117 8.1% 187 11.7% 221 13.5% Owner Occupied Housing Units by Value

Census 2000 2010 2015 Number Percent Number Percent Number Percent

Total 1,081 100.0% 1,131 100.0% 1,140 100.0% < $10,000 62 5.7% 40 3.5% 31 2.7% $10,000 - $14,999 35 3.2% 24 2.1% 20 1.8% $15,000 - $19,999 38 3.5% 18 1.6% 17 1.5% $20,000 - $24,999 41 3.8% 23 2.0% 15 1.3% $25,000 - $29,999 39 3.6% 28 2.5% 18 1.6% $30,000 - $34,999 45 4.2% 23 2.0% 22 1.9% $35,000 - $39,999 39 3.6% 27 2.4% 24 2.1% $40,000 - $49,999 61 5.6% 55 4.9% 44 3.9% $50,000 - $59,999 74 6.8% 57 5.0% 42 3.7% $60,000 - $69,999 95 8.8% 42 3.7% 46 4.0% $70,000 - $79,999 108 10.0% 43 3.8% 41 3.6% $80,000 - $89,999 71 6.6% 57 5.0% 37 3.2% $90,000 - $99,999 34 3.1% 53 4.7% 41 3.6% $100,000 - $124,999 82 7.6% 171 15.1% 117 10.3% $125,000 - $149,999 36 3.3% 101 8.9% 136 11.9% $150,000 - $174,999 66 6.1% 56 5.0% 88 7.7% $175,000 - $199,999 29 2.7% 35 3.1% 63 5.5% $200,000 - $249,999 28 2.6% 79 7.0% 71 6.2% $250,000 - $299,999 25 2.3% 60 5.3% 68 6.0% $300,000 - $399,999 49 4.5% 37 3.3% 77 6.8% $400,000 - $499,999 8 0.7% 36 3.2% 24 2.1% $500,000 - $749,999 8 0.7% 46 4.1% 56 4.9% $750,000 - $999,999 6 0.6% 7 0.6% 23 2.0% $1,000,000+ 2 0.2% 13 1.1% 19 1.7%

Median Value $71,065 $111,038 $135,110 Average Value $105,180 $166,795 $201,596

Data Note: Detail may not sum to totals due to rounding. Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

©2011 Esri 4/10/2012 Page 1 of 3 Housing Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts Census 2000 Vacant Housing Units by Status Number Percent

Total 117 100.0% For Rent 16 13.7% For Sale Only 23 19.7% Rented/Sold, Unoccupied 24 20.5% Seasonal/Recreational/Occasional Use 14 12.0% For Migrant Workers 0 0.0% Other Vacant 40 34.2% Census 2000 Occupied Housing Units by Age of Householder and Home Ownership Occupied Units Owner Occupied Units Number % of Occupied

Total 1,332 1,086 81.5% 15 - 24 61 36 59.0% 25 - 34 224 163 72.8% 35 - 44 291 236 81.1% 45 - 54 316 265 83.9% 55 - 64 213 183 85.9% 65 - 74 148 132 89.2% 75 - 84 67 60 89.6% 85+ 12 11 91.7% Census 2000 Occupied Housing Units by Race/Ethnicity of Householder and Home Ownership Occupied Units Owner Occupied Units Number % of Occupied

Total 1,332 1,086 81.5% White Alone 658 551 83.7% Black Alone 657 525 79.9% American Indian Alone 1 1 100.0% Asian Alone 3 1 33.3% Paci®c Islander Alone 0 0 0.0% Some Other Race Alone 4 2 50.0% Two or More Races 9 6 66.7%

Hispanic Origin 22 17 77.3% Census 2000 Housing Units by Units in Structure and Occupancy Housing Units Occupied Units Number Percent Number Percent Total 1,449 100.0% 1,332 100.0% 1, Detached 987 68.1% 931 69.9% 1, Attached 15 1.0% 12 0.9% 2 6 0.4% 3 0.2% 3 to 4 11 0.8% 7 0.5% 5 to 9 27 1.9% 27 2.0% 10 to 19 11 0.8% 11 0.8% 20 to 49 4 0.3% 4 0.3% 50 or More 0 0.0% 0 0.0% Mobile Home 388 26.8% 337 25.3% Other 0 0.0% 0 0.0%

Data Note: Persons of Hispanic Origin may be of any race. Source: U.S. Bureau of the Census, 2000 Census of Population and Housing.

©2011 Esri 4/10/2012 Page 2 of 3 Housing Profile Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts Census 2000 Specified Owner Occupied Housing Units by Selected Monthly Owner Cost Number Percent Total 703 100.0% With Mortgage 368 52.3% <$200 0 0.0% $200 - $299 6 0.9% $300 - $399 13 1.8% $400 - $499 18 2.6% $500 - $599 32 4.6% $600 - $699 61 8.7% $700 - $799 49 7.0% $800 - $899 30 4.3% $900 - $999 31 4.4% $1000 - $1249 66 9.4% $1250 - $1499 37 5.3% $1500 - $1999 4 0.6% $2000 - $2499 15 2.1% $2500 - $2999 0 0.0% $3000+ 6 0.9% With No Mortgage 335 47.7% Median Monthly Owner Costs for Units with Mortgage $817 Average Monthly Owner Costs for Units with Mortgage $941 Census 2000 Specified Renter Occupied Housing Units by Contract Rent Number Percent Total 233 100.0% Paying Cash Rent 153 65.7% < $100 20 8.6% $100 - $149 30 12.9% $150 - $199 16 6.9% $200 - $249 26 11.2% $250 - $299 26 11.2% $300 - $349 5 2.1% $350 - $399 23 9.9% $400 - $449 3 1.3% $450 - $499 0 0.0% $500 - $549 0 0.0% $550 - $599 0 0.0% $600 - $649 4 1.7% $650 - $699 0 0.0% $700 - $749 0 0.0% $750 - $799 0 0.0% $800 - $899 0 0.0% $900 - $999 0 0.0% $1000 - $1249 0 0.0% $1250 - $1499 0 0.0% $1500 - $1999 0 0.0% $2000+ 0 0.0% No Cash Rent 80 34.3%

Median Rent $220 Average Rent $221 Average Gross Rent (with Utilities) $318

Data Note: Specified Owner Occupied Housing Units exclude houses on 10+ acres, mobile homes, units in multiunit buildings, and houses with a business or medical office. Specified Renter Occupied Housing Units exclude houses on 10+ acres. Average Contract Rent and Average Gross Rent exclude units paying no cash rent. Source: U.S. Bureau of the Census, 2000 Census of Population and Housing.

©2011 Esri 4/10/2012 Page 3 of 3 Market Profile - Appraisal Version Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

2000 Total Population 6,726 2000 Group Quarters 3,008 2010 Total Population 6,860 2015 Total Population 6,867 2010 - 2015 Annual Rate 0.02% 2000 Households 1,332 2000 Average Household Size 2.79 2010 Households 1,406 2010 Average Household Size 2.78 2015 Households 1,413 2015 Average Household Size 2.77 2010 - 2015 Annual Rate 0.1% 2000 Families 970 2000 Average Family Size 3.31 2010 Families 1,004 2010 Average Family Size 3.34 2015 Families 1,001 2015 Average Family Size 3.35 2010 - 2015 Annual Rate -0.06% 2000 Housing Units 1,449 Owner Occupied Housing Units 74.9% Renter Occupied Housing Units 17.0% Vacant Housing Units 8.1% 2010 Housing Units 1,593 Owner Occupied Housing Units 71.0% Renter Occupied Housing Units 17.3% Vacant Housing Units 11.7% 2015 Housing Units 1,634 Owner Occupied Housing Units 69.8% Renter Occupied Housing Units 16.7% Vacant Housing Units 13.5% Median Household Income 2000 $31,905 2010 $34,950 2015 $39,749 Median Home Value 2000 $71,065 2010 $111,038 2015 $135,110 Per Capita Income 2000 $11,615 2010 $16,400 2015 $17,254 Median Age 2000 33.6 2010 34.6 2015 34.9

Data Note: Household population includes persons not residing in group quarters. Average Household Size is the household population divided by total households. Persons in families include the householder and persons related to the householder by birth, marriage, or adoption. Per Capita Income represents the income received by all persons aged 15 years and over divided by total population. Detail may not sum to totals due to rounding.

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015. Esri converted 1990 Census data into 2000 geography.

©2011 Esri 4/10/2012 Page 1 of 8 Market Profile - Appraisal Version Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

2000 Households by Income Household Income Base 1,334 < $15,000 25.4% $15,000 - $24,999 14.5% $25,000 - $34,999 13.9% $35,000 - $49,999 12.5% $50,000 - $74,999 20.3% $75,000 - $99,999 6.0% $100,000 - $149,999 4.3% $150,000 - $199,999 1.6% $200,000+ 1.4% Average Household Income $45,095 2010 Households by Income Household Income Base 1,406 < $15,000 22.6% $15,000 - $24,999 12.4% $25,000 - $34,999 15.0% $35,000 - $49,999 11.2% $50,000 - $74,999 22.5% $75,000 - $99,999 7.0% $100,000 - $149,999 5.5% $150,000 - $199,999 1.6% $200,000+ 2.1% Average Household Income $51,650 2015 Households by Income Household Income Base 1,413 < $15,000 21.7% $15,000 - $24,999 11.5% $25,000 - $34,999 13.1% $35,000 - $49,999 15.0% $50,000 - $74,999 22.6% $75,000 - $99,999 6.7% $100,000 - $149,999 5.7% $150,000 - $199,999 1.7% $200,000+ 1.9% Average Household Income $51,759 2000 Owner Occupied HUs by Value Total 1,081 <$50,000 33.3% $50,000 - 99,999 35.3% $100,000 - 149,999 10.9% $150,000 - 199,999 8.8% $200,000 - $299,999 4.9% $300,000 - 499,999 5.3% $500,000 - 999,999 1.3% $1,000,000+ 0.2% Average Home Value $105,180 2000 Specified Renter Occupied HUs by Contract Rent Total 233 With Cash Rent 65.7% No Cash Rent 34.3% Median Rent $220 Average Rent $221

Data Note: Income represents the preceding year, expressed in current dollars. Household income includes wage and salary earnings, interest, dividends, net rents, pensions, SSI and welfare payments, child support and alimony. Specified Renter Occupied HUs exclude houses on 10+ acres. Average Rent excludes units paying no cash rent.

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

©2011 Esri 4/10/2012 Page 2 of 8 Market Profile - Appraisal Version Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

2000 Population by Age Total 6,726 0 - 4 4.3% 5 - 9 4.8% 10 - 14 4.4% 15 - 19 6.2% 20 - 24 11.3% 25 - 34 22.3% 35 - 44 21.3% 45 - 54 13.6% 55 - 64 6.3% 65 - 74 3.6% 75 - 84 1.6% 85+ 0.4% 18+ 83.7%

2010 Population by Age Total 6,860 0 - 4 4.3% 5 - 9 4.5% 10 - 14 4.3% 15 - 19 5.7% 20 - 24 10.4% 25 - 34 21.7% 35 - 44 20.6% 45 - 54 13.1% 55 - 64 8.7% 65 - 74 4.2% 75 - 84 1.9% 85+ 0.6% 18+ 84.2%

2015 Population by Age Total 6,867 0 - 4 4.3% 5 - 9 4.3% 10 - 14 4.5% 15 - 19 5.4% 20 - 24 10.9% 25 - 34 20.8% 35 - 44 20.4% 45 - 54 12.5% 55 - 64 8.8% 65 - 74 5.4% 75 - 84 2.0% 85+ 0.7% 18+ 84.3%

2000 Population by Sex Males 57.9% Females 42.1% 2010 Population by Sex Males 57.5% Females 42.5% 2015 Population by Sex Males 57.5% Females 42.5%

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

©2011 Esri 4/10/2012 Page 3 of 8 Market Profile - Appraisal Version Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

2010 Population 15+ by Marital Status Total 5,963 Never Married 51.9% Married 32.8% Widowed 4.8% Divorced 10.5%

2000 Population 16+ by Employment Status Total 5,767 In Labor Force 28.5% Civilian Employed 27.1% Civilian Unemployed 1.4% In Armed Forces 0.1% Not in Labor Force 71.5%

2010 Civilian Population 16+ in Labor Force Civilian Employed 93.8% Civilian Unemployed 6.2%

2015 Civilian Population 16+ in Labor Force Civilian Employed 94.3% Civilian Unemployed 5.7%

2000 Females 16+ by Employment Status and Age of Children Total 2,386 Own Children < 6 Only 4.2% Employed/in Armed Forces 2.4% Unemployed 0.0% Not in Labor Force 1.8% Own Children < 6 and 6-17 Only 3.6% Employed/in Armed Forces 2.3% Unemployed 0.0% Not in Labor Force 1.3% Own Children 6-17 Only 12.9% Employed/in Armed Forces 9.4% Unemployed 0.7% Not in Labor Force 2.8% No Own Children < 18 79.3% Employed/in Armed Forces 18.4% Unemployed 0.8% Not in Labor Force 60.1%

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010 and 2015.

©2011 Esri 4/10/2012 Page 4 of 8 Market Profile - Appraisal Version Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

2010 Employed Population 16+ by Industry Total 1,572 Agriculture/Mining 0.8% Construction 6.9% Manufacturing 11.5% Wholesale Trade 2.2% Retail Trade 7.8% Transportation/Utilities 4.0% Information 1.1% Finance/Insurance/Real Estate 5.2% Services 49.0% Public Administration 11.5% 2010 Employed Population 16+ by Occupation Total 1,572 White Collar 55.6% Management/Business/Financial 12.6% Professional 24.5% Sales 6.6% Administrative Support 11.9% Services 24.2% Blue Collar 20.2% Farming/Forestry/Fishing 0.1% Construction/Extraction 5.5% Installation/Maintenance/Repair 3.6% Production 5.2% Transportation/Material Moving 5.9% 2000 Workers 16+ by Means of Transportation to Work Total 1,511 Drove Alone - Car, Truck, or Van 83.3% Carpooled - Car, Truck, or Van 13.2% Public Transportation 0.3% Walked 1.0% Other Means 1.4% Worked at Home 0.9% 2000 Workers 16+ by Travel Time to Work Total 1,511 Did Not Work at Home 99.1% Less than 5 minutes 3.3% 5 to 9 minutes 11.8% 10 to 19 minutes 29.1% 20 to 24 minutes 11.4% 25 to 34 minutes 26.6% 35 to 44 minutes 7.5% 45 to 59 minutes 4.7% 60 to 89 minutes 1.9% 90 or more minutes 3.0% Worked at Home 0.9% Average Travel Time to Work (in min) 24.4 2000 Households by Vehicles Available Total 1,332 None 6.8% 1 33.7% 2 41.4% 3 12.3% 4 4.7% 5+ 1.2% Average Number of Vehicles Available 1.8

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010.

©2011 Esri 4/10/2012 Page 5 of 8 Market Profile - Appraisal Version Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

2000 Households by Type Total 1,332 Family Households 72.8% Married-couple Family 47.3% With Related Children 26.1% Other Family (No Spouse) 25.5% With Related Children 18.0% Nonfamily Households 27.2% Householder Living Alone 23.0% Householder Not Living Alone 4.2%

Households with Related Children 44.1% Households with Persons 65+ 19.7%

2000 Households by Size Total 1,332 1 Person Household 23.0% 2 Person Household 27.4% 3 Person Household 20.7% 4 Person Household 15.5% 5 Person Household 7.7% 6 Person Household 3.5% 7+ Person Household 2.2%

2000 Households by Year Householder Moved In Total 1,332 Moved in 1999 to March 2000 13.0% Moved in 1995 to 1998 25.2% Moved in 1990 to 1994 17.7% Moved in 1980 to 1989 18.5% Moved in 1970 to 1979 12.6% Moved in 1969 or Earlier 12.9% Median Year Householder Moved In 1992

2000 Housing Units by Units in Structure Total 1,449 1, Detached 68.1% 1, Attached 1.0% 2 0.4% 3 or 4 0.8% 5 to 9 1.9% 10 to 19 0.8% 20+ 0.3% Mobile Home 26.8% Other 0.0%

2000 Housing Units by Year Structure Built Total 1,449 1999 to March 2000 2.8% 1995 to 1998 12.6% 1990 to 1994 6.0% 1980 to 1989 24.4% 1970 to 1979 20.2% 1969 or Earlier 34.1% Median Year Structure Built 1978

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing.

©2011 Esri 4/10/2012 Page 6 of 8 Market Profile - Appraisal Version Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

2000 Population 3+ by School Enrollment

Total 6,562 Enrolled in Nursery/Preschool 1.3% Enrolled in Kindergarten 1.0% Enrolled in Grade 1-8 7.8% Enrolled in Grade 9-12 6.3% Enrolled in College 2.2% Enrolled in Grad/Prof School 0.7% Not Enrolled in School 80.7%

2010 Population 25+ by Educational Attainment Total 4,855 Less than 9th Grade 10.3% 9th - 12th Grade, No Diploma 22.4% High School Graduate 36.2% Some College, No Degree 15.7% Associate Degree 2.3% Bachelor©s Degree 8.6% Graduate/Professional Degree 4.4%

Source: U.S. Bureau of the Census, 2000 Census of Population and Housing. Esri forecasts for 2010.

©2011 Esri 4/10/2012 Page 7 of 8 Market Profile - Appraisal Version Prepared by D. Wesley Moore

Iberville East 22047952501, 22047952502 Geography: 2 Census Tracts

Top 3 Tapestry Segments

1. Rural Bypasses 2. Midland Crowd 3. Metro City Edge

2010 Consumer Spending shows the amount spent on a variety of goods and services by households that reside in the market area. Expenditures are shown by broad budget categories that are not mutually exclusive. Consumer spending does not equal business revenue. Apparel & Services: Total $ $1,722,475 Average Spent $1,225.09 Spending Potential Index 51 Computers & Accessories: Total $ $217,707 Average Spent $154.84 Spending Potential Index 70 Education: Total $ $1,118,474 Average Spent $795.50 Spending Potential Index 65 Entertainment/Recreation: Total $ $3,504,162 Average Spent $2,492.29 Spending Potential Index 77 Food at Home: Total $ $4,961,605 Average Spent $3,528.88 Spending Potential Index 79 Food Away from Home: Total $ $3,449,508 Average Spent $2,453.42 Spending Potential Index 76 Health Care: Total $ $4,365,978 Average Spent $3,105.25 Spending Potential Index 83 HH Furnishings & Equipment: Total $ $1,867,483 Average Spent $1,328.22 Spending Potential Index 65 Investments: Total $ $1,528,939 Average Spent $1,087.44 Spending Potential Index 63 Retail Goods: Total $ $26,516,946 Average Spent $18,859.85 Spending Potential Index 76 Shelter: Total $ $14,759,710 Average Spent $10,497.66 Spending Potential Index 66 TV/Video/Sound Equipment: Total $ $1,369,802 Average Spent $974.25 Spending Potential Index 78 Travel: Total $ $1,741,597 Average Spent $1,238.69 Spending Potential Index 65 Vehicle Maintenance & Repairs: Total $ $1,027,548 Average Spent $730.83 Spending Potential Index 78

Data Note: The Spending Potential Index represents the amount spent in the area relative to a national average of 100.

Source: Consumer Spending data are derived from the 2005 and 2006 Consumer Expenditure Surveys, Bureau of Labor Statistics.

©2011 Esri 4/10/2012 Page 8 of 8 ASSUMPTIONS AND LIMITING CONDITIONS

Limit of Liability

The liability of Cornerstone Appraisal Group dba Cook, Moore & Associates, with respect to this report, or anything done or not done in connection therewith, whether in contract or in tort, or any other basis, shall be limited to standard damages for this litigation. Cornerstone Appraisal Group dba Cook, Moore & Associates shall not be liable for any special, indirect, incidental or consequential damages. This report is furnished for the benefit of the person to whom it is addressed only. This report reflects the professional judgement of Cornerstone Appraisal Group dba Cook, Moore & Associates on the matters set forth herein and shall not be construed as a guarantee or warranty of the matters set forth herein.

Copies, Publications, Distributions, Use of the Report

Possession of this report, or any copy thereof, does not carry with it the right of publication, nor may it be used for anything other than its intended use; the physical report(s) shall remain the property of the Appraiser(s) for the use of the client, the fee being for the analytical services only.

The Bylaws and Regulations of The Appraisal Institute and the National Association of Realtors requires each Member and Candidate to control the use and distribution of each report signed by such Member or Candidate. Therefore, except as hereinafter provided, the party for whom this report was prepared may distribute copies of this report, in its entirety, to such third parties as may be selected by the party for whom this report was prepared. However, selected portions of this report shall not be given to third parties without the prior written consent of the signatories of this report. Further, neither all nor part of this report shall be disseminated to the general public by the use of advertising media, public relations media, news media, sales media, or other media for public communication without the prior written consent.

Confidentiality

The Appraiser(s) may not divulge the material (evaluation) contents of the report, analytical findings or conclusions, or give a copy of the report to anyone other than the client or his designee as specified in writing except as may be required by The Appraisal Institute as they may request in confidence for ethics enforcement, or by a court of law or body with the power of subpoena.

The report is to be used only in its entirety and no part is to be used without the whole report. All conclusions and opinions concerning the analysis which will be set forth in the report was prepared by the Appraiser(s) whose signature(s) appear on the report, unless indicated as "Review Appraiser". No change of any item in the report shall be made by anyone other than the Appraiser(s). The Appraiser(s) shall have no responsibility if any such unauthorized change is made.

Cook, Moore & Associates Assumptions and Limiting Conditions

Trade Secrets

This report will be obtained from Cornerstone Appraisal Group dba Cook, Moore & Associates and consists of "trade secrets and commercial or financial information" which is privileged and confidential and exempted from disclosure under 5 U.S.C. 552 (b) (4). Notify the Appraiser(s) signing the report of any request to reproduce this report in whole or part.

Information Used

No responsibility will be assumed for accuracy of information furnished by or from others, the client, his designee, or public records. We are not liable for such information or the work of possible subcontractors. The comparable data relied upon in this report has been confirmed with one or more parties familiar with the transaction or from affidavit; all are considered appropriate for inclusion to the best of our factual judgement and knowledge.

Testimony, Consultation, Completion of Contract or Appraisal Services

The contract for appraisal, consultation or analytical service will be fulfilled and the total fee payable upon completion of the report, unless other arrangements have been made. The Appraiser(s), or those assisting in preparation of the report, will not be asked or required to give testimony in court or hearing because of having made the report, in full or in part, nor engage in post report consultation with client or third parties except under separate and special arrangements and at additional fees.

Exhibits

The sketches and maps in the report will be included to assist the reader in visualizing the property and are not necessarily to scale. Various photos, if any, are included for the same purpose and are not intended to represent the property in other than actual status, as of the date of the photos. Site plans are not surveys unless shown from separate Surveyors.

Legal, Engineering, Financial, Structural, or Mechanical Nature of Hidden Components, Soil

No responsibility is assumed for matters legal in character or nature, nor matters of survey, nor of any architectural, structural, mechanical, or engineering nature. No opinion will be rendered as to the title, which will be presumed to be good and merchantable. The property will be appraised as if free and clear, unless otherwise stated in particular parts of the report.

The legal description will be assumed to be correct and used in this report as furnished by the client, his designee, or as derived by the Appraiser(s).

Cook, Moore & Associates Assumptions and Limiting Conditions

The Appraiser(s) will inspect as far as possible, by observation, the land and the improvements thereon. It will not be possible to personally observe conditions beneath the soil or hidden structural, or other components. We will not critically inspect mechanical components within the improvements and no representations will be made therein as to those matters unless specifically stated and considered in the report. The value estimate will consider there being no such conditions that would cause a loss in value. Even though the land or the soil in the area being appraised may appear firm; however, subsidence in the area may not be known from a physical inspection by us. The Appraiser(s) will not warrant against this condition or occurrence of problems arising from soil conditions.

The report will be based on there being no hidden, unapparent, or apparent, conditions of the property site, subsoil, or structures which would render it more or less valuable. No responsibility will be assumed for any such conditions or for any expertise or engineering required to discover them. All mechanical components will be assumed to be in operable condition and status standard for properties of the subject type. Conditions of heating, cooling, ventilating, electrical and plumbing equipment will be considered to be commensurate with the condition of the balance of the improvements unless otherwise stated. No judgement will be made as to adequacy of insulation, type of insulation, or energy efficiency of the improvements or equipment.

If the Appraiser(s) is not supplied with termite inspection, survey, or occupancy permit, no responsibility or representation is assumed or made for any costs associated with obtaining same or for any deficiencies discovered before or after they are obtained. No representation or warranties are made concerning obtaining the above mentioned items.

The Appraiser(s) will assume no responsibility for any costs or consequences arising due to the need, or the lack of need for flood hazard insurance. An Agent from the Federal Flood Insurance Program should be contacted to determine the actual need for Flood Hazard Insurance.

Legality of Use

The report will be based on the premise that; there will be full compliance with all applicable federal, state and local environmental regulations and laws unless otherwise stated in the report; further that all applicable zoning, building and use regulations and restrictions of all types have been complied with unless otherwise stated in the report; further, it will be assumed that all required licenses, consents, permits, or other legislative or administrative authority, local, state, federal and/or private entity or organization have been or can be obtained or renewed for any use considered in the value estimate.

Fee

The fee for the report, or market study, will be for the service rendered and not for the time spent on the physical report.

Cook, Moore & Associates Assumptions and Limiting Conditions

Component Values

The distribution of the total valuation in this report between land and improvements will apply only under the existing program of utilization. The separate valuations for land and buildings must not be used in conjunction with any other reports and are invalid if so used.

Auxiliary and Related Studies

No environmental or impact studies, special market study or analysis, highest and best use analysis study or feasibility study have been requested or made unless otherwise specified in an agreement for services or in the report. The Appraiser(s) reserves the unlimited right to alter, amend, revise or rescind any of the statements, findings, opinions, values, estimates, or conclusions upon any subsequent such study or analysis or previous study of analysis subsequently becoming known to him.

Dollar Values, Purchasing Power

The market value estimate and the costs used will be as of the date of the estimate of value. All dollar amounts will be based on the purchasing power of the dollar, as of the date of the value estimate.

Inclusions

Furnishings and equipment or business operations except as specifically indicated and typically considered as a part of real estate, have been disregarded with only the real estate being considered in the value estimate, unless otherwise stated.

Proposed Improvements, Conditioned Value

Improvements proposed, if any, on or off-site, as well as any repairs required, will be considered, for purposes of this report, to be completed in a good and workmanlike manner according to information submitted and/or considered by the Appraiser(s). In cases of proposed construction, the report is subject to change upon inspection of property after construction is completed. The estimate of market value will be as of the date shown, as proposed, as if completed and operating at levels shown and projected.

Value Change, Dynamic Market, Influence

The estimated market value will be subject to change with market changes over time; value is highly related to exposure, time, promotional effort, terms, motivation, and conditions surrounding the offering. The value estimate considers the productivity and relative attractiveness of the property physically and economically in the marketplace.

Cook, Moore & Associates Assumptions and Limiting Conditions

The "Estimate of Market Value" in the report will not be based in whole or in part upon the race, color, creed, or national origin of the owners, past, present, or future, of the property, or owners or occupants of the properties in the vicinity of the property appraised.

In cases of appraisals involving the capitalization of income benefits, the estimate of market value will be a reflection of such benefits and the Appraiser's interpretation of income and yields and other factors derived from general and specific market information. Such estimates will be as of the date of the estimate of value; they are thus subject to change as the market is naturally dynamic.

The Appraiser(s) reserves the right to alter the opinion of value on the basis of any information withheld or not discovered in the normal course of a diligent investigation.

Management of the Property

It will be assumed that the property, which is the subject of this report, will be under prudent and competent ownership and management; neither inefficient nor super-efficient.

Continuing Education

"The Appraisal Institute" awards designations to Appraisers who qualify, under specific guidelines. Also, this organization conducts a voluntary program of education for its designated and non- designated members. MAI's and RM's who meet the minimum standards of this program are awarded periodic educational certification. The Appraiser(s) is educated and/or designated as described in the "Qualifications of Appraiser" included within this report.

Insulation, Lead-based Paints, other Hazardous Materials

Unless otherwise stated in this report, the existence of hazardous material, which may or may not be present on the property, was not observed by the Appraiser(s). The Appraiser(s) has no knowledge of the existence of such materials on, or in, the property. The Appraiser(s); however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on, or in, the property that would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired.

ACCEPTANCE OF, AND/OR USE OF, THE APPRAISAL REPORT WILL CONSTITUTE ACCEPTANCE OF THE ABOVE CONDITIONS.

Cook, Moore & Associates Qualifications of Appraiser CRAIG A. DAVENPORT Louisiana State Certified General Real Estate Appraiser #G1128

EDUCATION Louisiana State University, 1998 - Master of Science in Real Estate Finance Courses Included: Real Estate Principles, Real Estate Financing, Special Topics in Real Estate, Seminar in Advanced Financial Concepts Stetson University, 1992 - B.B.A. in Finance Appraisal Institute - Appraisal Institute - Challenged:

Level I Level II Course 110 - Appraisal Principles Course 510 - Advanced Income Capitalization Course 120 - Appraisal Procedures Course 520 - Highest & Best Use and Market Analysis Course 310 - Basic Income Capitalization Course 530 - Advanced Sales Comparison & Cost App Course 320 - General Applications Course 550 - Advanced Applications

Successfully Completed - Level II Course 410 - Standards of Professional Practice, Part A Course 420 - Standards of Professional Practice, Part B Course 540 - Report Writing & Valuation Analysis

BUSINESS EXPERIENCE Cook, Moore & Associates, 1998 - Present, Commercial Real Estate Appraiser/Multifamily Specialist Louisiana Department of Elections & Registration, 1995 - 1998, PC and Network Analyst GENEX Services, 1993 - 1994, Bill Review Reports Coordinator General Care Review, 1992 - 1993, National Accounts Report Coordinator

PROFESSIONAL AFFILIATIONS/QUALIFICATIONS Appraisal Institute - Associate Member Louisiana Certified General Real Estate Appraiser #G1128 Louisiana Real Estate Commission - Licensed Real Estate Agent Greater Baton Rouge Assoc. of REALTORS & LA Assoc. of REALTORS - Agent Commercial Investment Division of the GBRAR - Associate Member Louisiana Housing Finance Agency - Independent Qualified Housing Consultant Trends in Real Estate 2003 - 2010 Seminars - Multifamily Committee Louisiana Association of Affordable Housing Providers - Member Southwest Mortgagee Advisory Council for HUD Lenders - Member

Cook, Moore & Associates Qualifications - Craig A. Davenport

CLIENT LIST

I have co-signed (in conjunction with Tom W. Cook, MAI, or D. Wesley Moore, II, MAI, CCIM) appraisals submitted to the following clients (among others):

Banks Real Estate Firms/Others Mortgage Companies (con’t)

Alliance Bank of Baton Rouge Adams & Heutsch, Attorneys at Law Berkshire Capital Financial American Bank of Ruston Alexandria Affordable Housing Corp. Bizcapital (BIDCO) American Gateway Bank Belcher Properties Bridger Commercial Funding AmeriSphere Brian Campbell Companies Cambridge Capital Group, Inc. AmSouth Bank Brockman Enterprises Capital Financial Resources Bancorp South Brown Builders, Shreveport, LA Centennial Mortgage Bank of America Bulls Capital Partners, LLC Centerline Capital Group Bank of West Baton Rouge Caleb CDC Charter Mac Bank One Capital Realty Group CIBC Oppenheimer BB&T Community Development, Inc. (CDI) Collateral Mortgage Capital Beal Bank, Dallas, TX Domain Companies of Louisiana Column Financial Britton & Koontz Bank Fairfield Property Management Column Guaranteed Business Bank of Baton Rouge Guaranty Income Life Credit Suisse First Boston Business First Bank Gulf Coast Housing Partners CW Capital Capital One Bank HRI Properties, New Orleans, LA Davis-Penn Mortgage Citibank Community Development JPI Campus Quarters Deutsche Bank Citizens Bank & Trust Landmark Management Corp. Dougherty Mortgage Coastal Commerce Bank Latter & Blum Property Management Eastern Mortgage Capital Community Trust Bank Louisiana Housing Finance Agency Enterprise Mortgage Inc. Compass Bank Local Initiatives Support Corp (LISC) Evanston Financial Crescent Bank & Trust Louisiana Military Housing, LLC Fannie Mae Deposit Guaranty National Bank Maestri-Murrel Property Management GMAC Commercial Funding Deutsche Bank McCormack Baron Salazar Grandbridge Real Estate Capital Fidelity Bank & Trust Office of Community Development Green Park Financial First American Bank Padial Real Estate Greystone Servicing Corporation First Bank, Baton Rouge, LA Peek/Howe Real Estate HFC Funding First Bank & Trust, New Orleans, LA Provident Realty Advisors Highland Mortgage Company First National Bank R. W. Day & Associates Housing & Healthcare Finance First NBC Bank Radney Management, Houston, TX John Hancock Real Estate Finance Florida Parishes Bank Sheltering Palms Foundation Keybank Real Estate Capital Gulf Coast Bank & Trust Summit Asset Management Lend Lease Mortgage Capital Hancock Bank Sunquest Properties, Monroe, LA Love Funding Home Bank - Lafayette The Domain Companies of LA Malone Mortgage Company Iberia Bank The Lynd Company Midland Commercial Funding Iberville Bank & Trust The NRP Group MMA Financial J.P. Morgan Chase Bank Trinity Partners M&T Realty Capital Louisiana Bank & Trust Vintage Realty, David Alexander National Realty Funding MidSouth Bank Volunteers of America Oak Grove Capital Omni Bank Wisznia & Associates, New Orleans, LA Pace Realty Advisors Peoples State Bank Woodward Interests, New Orleans, LA PNC Multifamily Capital Progressive Bank Protective Life Insurance Company Regions Bank Prudential Huntoon Paige Resource Bank Red Mortgage Capital St. James Bank & Trust Mortgage Companies Red Stone Agency Lending St. Martin Bank & Trust Reilly Mortgage Group, Inc. State Bank & Trust Alliant Capital, LLC Rockhall Funding Teche Federal Savings Bank American Property Financing Rockport Mortgage Corp. Trustmark National Bank AMI Capital Silverhill Financial Union Planters Bank Andrews Commercial Mortgage Sims Mortgage Funding, Inc. Washington State Bank Arbor Commercial Mortgage Wachovia Multifamily Capital Whitney National Bank Berkadia Commercial Mortgage Walker & Dunlop Wells Fargo

Cook, Moore & Associates Qualifications - Craig A. Davenport

SPECIALIZED APPRAISAL EXPERIENCE

I have co-signed (in conjunction with Tom W. Cook, MAI, or D. Wesley Moore, II, MAI, CCIM) appraisals of numerous office buildings, retail buildings, industrial facilities, apartment complexes and vacant and/or wetland tracts. A partial list of relevant properties is provided:

Apartments - Baton Rouge Area Apartments - Baton Rouge Area Appletree Apartments, Baton Rouge, LA Mallard Crossing Apartment, Baton Rouge, LA Ardenwood Park Apartments, Baton Rouge, LA Melrose Apartments, Baton Rouge, LA Atrium Condos, Baton Rouge, LA Manor House Apartments, Baton Rouge, LA Audubon Park Apartments, Baton Rouge, LA Mansions in the Park Apartments, Baton Rouge, LA Baker Plaza, Baker, LA Marquette Apartments, Baton Rouge, LA Baker Townhouses, Baker, LA Melrose Peppermill Apartments, Baton Rouge, LA Bellemont Victoria Apartments, Baton Rouge, LA Melrose Place Apartments, Baton Rouge, LA Bellemont Victoria II Apartments, Baton Rouge, LA Mirage Villa Apartments, Baton Rouge, LA Bluebonnet Place Apartments, Baton Rouge, LA Monet Drive Apartments, Baton Rouge, LA Bon Carre’ Court Apartments, Baton Rouge, LA Monet Manor Apartments, Baton Rouge, LA Cabana Gardens Apartments, Baton Rouge, LA Monet Place Apartments, Baton Rouge, LA Canterbury Square Apartments, Baton Rouge, LA Monterrey Townhomes, Baton Rouge, LA Catholic Presbyterian Apartments, Baton Rouge, LA New Richmond Place Apartments, Baton Rouge, LA Cedarwood Apartments, Baton Rouge, LA Nine Oaks Place Apartments, Baton Rouge, LA Chateau Baker Apartments, Baker, LA Normandy Village Apartments, Baton Rouge, LA College View Apartments, Baton Rouge, LA North Highlands Apartments, Denham Springs, LA Copper Ridge Apartments, Baton Rouge, LA Nottingham Court Apartments, Baton Rouge, LA Cottages of Baton Rouge Apartments, Baton Rouge, LA Oakbrook Apartments, Baton Rouge, LA Country Place Apartments, Baton Rouge, LA Oak Village Apartments, Baton Rouge, LA Court of Three Sisters Apartments, Baton Rouge, LA Old Dutchtown Apartments, Prairieville, LA Cypress Gates Apartments, Denham Springs, LA Palms at McClelland Apartments, Baton Rouge, LA Cypress Lakes Apartments, Baton Rouge, LA Parc Fontaine Apartments, Baton Rouge, LA Cypress Park Apartments, Baton Rouge, LA Park East Apartments, Baton Rouge, LA Dove Creek Apartments, Baton Rouge, LA Pelican Bay - Phase III Apartments, Baton Rouge, LA Edgewater Apartments, Baton Rouge, LA Pinewoods Apartments, Baton Rouge, LA El Cid Apartments, Baton Rouge, LA Pirates Bend Apartments, Baton Rouge, LA Enclave at Towne Center Apartments, Baton Rouge, LA Plantation Gardens Apartments, Zachary, LA Evergreen at Coursey Place Apartments, Baton Rouge, LA Quarters Apartments, Baton Rouge, LA Gaslight Square Duplexes, Baton Rouge, LA Ranch House Apartments, Baton Rouge, LA GCHP - One Stop Apartments, Baton Rouge, LA Redwood Apartments, Baton Rouge, LA Georgetown/Melrose Plaza Apartments, Baton Rouge, LA Rembrandt Apartments, Baton Rouge, LA Goodwood Place Apartments, Baton Rouge, LA River Pines Apartments, Baton Rouge, LA Grand Oaks Apartments, Baton Rouge, LA Sam Vista Apartments, Baton Rouge, LA Greenoaks Apartments, Baton Rouge, LA Sandpiper Apartments, Baton Rouge, LA Hampton Court Apartments, Baton Rouge, LA Scott Elementary Apartments SRO, Baton Rouge, LA Hidden Pointe Apartments, Baton Rouge, LA Sharlo Apartments, Baton Rouge, LA Highland Plantation Apartments, Baton Rouge, LA Southern Meadows Apartments, Baton Rouge, LA Holly Court Apartments, Baton Rouge, LA Southgate Towers, Baton Rouge, LA Hudson Square Apartments, Baton Rouge, LA Southpark VIII Apartments, Baton Rouge, LA Indigo Park Apartments, Baton Rouge, LA Spanish Oaks Apartments, Baton Rouge, LA The Jefferson Apartments, Baton Rouge, LA Spires of Sherwood Apartments, Baton Rouge, LA Jefferson Heights Apartments, Baton Rouge, LA Stadium Square Apartments, Baton Rouge, LA Jefferson Lakes Apartments - Phase I, Baton Rouge, LA Tanglewood Apartments, Baton Rouge, LA Kenilworth Ridge Apartments, Baton Rouge, LA Teakwood Village Apartments, Baton Rouge, LA King’s Court Apartments, Baton Rouge, LA The Patrician Apartments, Baton Rouge, LA Kingston Point Apartments, Baton Rouge, LA Tiger Plaza Apartments, Baton Rouge, LA LaBelle/Centurion Place Apartments, Baton Rouge, LA Tiger Tower Apartments, Baton Rouge, LA Little Vegas Apartments, Baton Rouge, LA Titian Courtyard Apartments, Baton Rouge, LA Live Oak Trace Apartments, Denham Springs, LA Towne Oaks Apartments, Baton Rouge, LA Longridge Apartments, Baton Rouge, LA Magnolia Trace Apartments, Baton Rouge, LA

Cook, Moore & Associates Qualifications - Craig A. Davenport

Apartments - Baton Rouge Area (con’t) Apartments - Lake Charles Area Village Four Apartments, Baton Rouge, LA Chateau du Lac Apartments, Lake Charles, LA Village Green Apartments, Baton Rouge, LA Country Manor Apartments, Leesville, LA Wedgewood Apartments, Baton Rouge, LA Festival Apartments, Lake Charles, LA Wesley Chapel Apartments, Baton Rouge, LA Holly Grove Apartments, Leesville, LA Westport Village Apartments, Port Allen, LA Magnolia Apartments, Vinton, LA West Chimes Place Apartments, Baton Rouge, LA Mullers Lofts Apartments, Lake Charles, LA Willow View V Apartments, Baton Rouge, LA Place Vendome Apartment, Lake Charles, LA Woodcrest Apartments, Baton Rouge, LA Shadowwood Apartments, Lake Charles, LA Zachary Parkside Apartments, Zachary, LA Somerset Apartments, DeRidder, LA Urban Meadows Apartments, Baton Rouge, LA The Embers at Timber Ridge, Lake Charles, LA Village de Province Townhomes, Baton Rouge, LA University Square Apartments, Lake Charles, LA Wilshire Apartments, Lake Charles, LA Apartments - Alexandria Area Arbor Hills Apartments, Pineville, LA Apartments - Monroe Area Chateau Royale Apartments, Alexandria, LA Ashford Place Apartments, Monroe, LA Leisure Villa Apartments, Alexandria, LA Churchill Townhomes, Monroe, LS Pine Trace Apartments, Pineville, LA Finks Hideaway Apartments, Monroe, LA Hillcrest Apartments, Monroe, LA Apartments - Hammond Area II Frances Place Apartments, Monroe, LA Contempo Apartments, Hammond, LA Pinnacle Apartments I & II, Monroe, LA Cypress Estates I, II & III Duplexes, Pontchatoula, LA Pinnacle Apartments - Phase III, Monroe, LA Hammond Place Apartments, Hammond, LA Riverwood Apartments, Monroe, LA Lions Way Apartments, Hammond, LA Town & Country Apartments, Monroe, LA Tangi Lakes Apartments, Hammond, LA Village North Apartments, Monroe, LA Wooddale Apartments, Monroe, LA Apartments - Houma/Thibodaux Area Barataria Station Apartments, Houma, LA Apartments - St. Tammany Parish Area Bimini Bay Apartments, Houma, LA Brookstone Apartments, Covington, LA Houma Highlands Apartments, Houma, LA Canterbury House Apartments I & II, Slidell, LA Houma Highlands II Apartments, Houma, LA Forestwood Apartments, Slidell, LA Landing at Bayou Cane Apartments, Houma, LA Grand Palms Apartments, Mandeville, LA Residences at High Point Apartments, Gray, LA Lakeside Apartments, Slidell, LA Thibodaux Apartments, Thibodaux, LA Madison Park Apartments, Covington, LA Northshore Apartments, Slidell, LA Pine Crest Apartments, Covington, LA Apartments - Lafayette Area Acadian House Apartments, Lafayette, LA Bridgeway Apartments, Lafayette, LA Apartments - Shreveport/Bossier City Area Bridgeway II Apartments, Lafayette, LA Ashton Pines Apartments, Shreveport, LA Chateau Des Lion Apartments, Lafayette, LA Canebreak Apartments, Shreveport, LA Chateau Lafayette Apartments, Lafayette, LA Fountain Lakes Apartments, Bossier City, LA Cherokee Apartments, New Iberia, LA Island Park Apartments, Shreveport, LA Grande Pointe Apartments, Lafayette, LA Northgate Apartments, Bossier City, LA King Louis XIV Apartments, Lafayette, LA The Reserve of Bossier City Apartments, Bossier City, LA Lafayette Gardens Apartments, Lafayette, LA The Reserve of Bossier - Phase II Apartments, Bossier City, LA Mon Chateau Apartments, Lafayette, LA Treetops Apartments, Shreveport, LA Myrtle Place Apartments, New Iberia, LA Sommerset Apartments, Shreveport, LA Park Shadows Apartments, New Iberia, LA Pecan Terrace Apartments, Lafayette, LA Apartments - Other Areas Pinhook South Apartments, Lafayette, LA Ferriday Villa Apartments, Ferriday, LA Plantation Crossing Apartments, Lafayette, LA Indian Summer Apartments, Natchitoches, LA South Pointe Apartments, Lafayette, LA Ruston Apartments, Ruston, LA Villas at Angel Point Elderly, Lafayette, LA Southern Place Apartments, Ville Platte, LA Willowbend Apartments, Lafayette, LA Willowbrook II Apartments, Lafayette, LA

Cook, Moore & Associates Qualifications - Craig A. Davenport

Apartments - New Orleans Area Multifamily MAP Appraisals - HUD - 223(f) 2222 Tulane Avenue Apartments, New Orleans, LA Ansley Place Apartments, Houma, LA Audubon Pointe Apartments, Algiers, LA Ashton Pines Apartments, Shreveport, LA Beechgrove I & II Apartments, Westwego, LA Autumn Woods Apartments, Shreveport, LA Britton Apartments, Terrytown, LA Bellemont Apartments, Metairie, LA Bywater Arts Lofts, New Orleans, LA Bethel Apartments, Alexandria, LA Bywater Arts Lofts II, New Orleans, LA Bristol Place Apartments, Baton Rouge, LA Canterbury House Apartments, New Orleans, LA Canaan Towers Apartments, Shreveport, LA Carrollton Parc Apartments, New Orleans, LA Camelot Apartments, Metairie, LA Chateau Ames Apartments, Marrero, LA Canterbury Square Apartments, Baton Rouge, LA Chateau Thierry Apartments, New Orleans, LA Cedar Creek Apartments, Shreveport, LA Columbia Citi Residences Apartments, New Orleans, LA Chateau Audubon Apartments, Thibodaux, LA Curran Place Apartments, New Orleans, LA Chateau Deville Apartments, Alexandria, LA Ephesus Senior Housing, Westwego, LA Fairmont Towers Apartments, Shreveport, LA Falstaff Apartments, New Orleans, LA Fox Trail Apartments, Shreveport, LA Filmore Parc I & II Apartments, New Orleans, LA Frances Place Apartments, Monroe, LA Flint Goodridge Elderly Apartments, New Orleans, LA Grambling Apartments, Grambling, LA GCHP-MLK Apartments, New Orleans, LA Gravier Place Apartments, New Orleans, LA Gulfway Terrace Apartments, New Orleans, LA Gretna Park Apartments, Gretna, LA Hidden Lakes Apartments, New Orleans East, LA Indian Summer Apartments, Natchitoches, LA Highland Apartments, Covington, LA Jefferson Place Apartments, Marrero, LA Jackson’s Landing Apartments, New Orleans, LA Kingston Point Apartments, Baton Rouge, LA Josephine Lofts Apartments, New Orleans, LA LaBelle Aire/Centurion Arms Apartments, Baton Rouge, LA Lakewind East Apartments, New Orleans, LA Mansions in the Park Apartments, Baton Rouge, LA Marquis Apartments, New Orleans, LA Metairie Manor I & II Apartments, Metairie, LA McCaleb Supportive Housing, New Orleans, LA Ouachita Grand Apartments, Monroe, LA New Chateau Apartments, Marrero, LA Penny Lane Apartments, Ruston, LA Nine 27 Apartments, New Orleans, LA Pinnacle II Apartments, Monroe, LA Oak Villa Apartments, Algiers, LA Place Vendome Apartments, Lake Charles, LA Redemptorist Apartments, New Orleans, LA Plaza Park Apartments, New Orleans, LA Ridgefield Apartments, Marrero, LA Riverwood Apartments, Monroe, LA River Gardens CSII Apartments, New Orleans, LA Roquette Lodge I & II Apartments, Mandeville, LA River Garden Elderly Apartments, New Orleans, LA Sycamore Point Apartments, Leesville, LA Rotunda Apartments, New Orleans, LA Somerset Apartments, DeRidder, LA St. Charles Gardens Apartments, New Orleans, LA South Point Apartments, Shreveport, LA Skyview Terrace Apartments, New Orleans, LA Tangi Lakes Apartments, Hammond, LA The Willows, New Orleans, LA Timber Ridge Apartments, Leesville, LA Westchase Apartments, New Orleans, LA Treetops Apartments, Shreveport, LA Westchase Apartments, Harvey, LA Condominium Developments Westwood Village Apartments, Shreveport, LA Arlington Plantation Townhomes, Baton Rouge, LA Wooddale Apartments, Monroe, LA Bengal Condominiums, Baton Rouge, LA Berkeley Estates - Phases I & II Condominiums, Baton Rouge, LA Brightside Condominiums, Baton Rouge, LA Multifamily Housing - HUD 221(d)4 - New Construction Brightside Estate Condominiums, Baton Rouge, LA (Market Study, Limited Appraisal, Firm Appraisal) Courtney Place Condominiums, Baton Rouge, LA Emerald Forest - Phase II Condominiums, Covington, LA Alexandria Area Georgetown Condominiums, Baton Rouge, LA Bayou Place Apartments, Alexandria, LA Jessica’s Landing - Phases I& II Condominiums, Baton Rouge, LA Magnolia Place Apartments, Natchitoches, LA Lake Beau Pre Condominiums, Baton Rouge, LA Magnolia Trace Apartments, Alexandria, LA La Campaniele Condominiums, Baton Rouge, LA Magnolia Trace II Apartments, Alexandria, LA Southgate Towers Condominiums, Baton Rouge, LA Maison de Natchitoches Senior Apts, Natchitoches, LA Stonelake Condos - Phase I, Baton Rouge, LA Mason Estates Apartments, Alexandria, LA The Highlander Condominiums, Baton Rouge, LA Wooddale Park Apartments, Alexandria, LA The Gates at Brightside Condominiums, Baton Rouge, LA Venezia Condominiums, Biloxi, MS

Cook, Moore & Associates Qualifications - Craig A. Davenport

Multifamily Housing - HUD 221(d)4 - New Construction Multifamily Housing - HUD 221(d)4 - New Construction (Market Study, Limited Appraisal, Firm Appraisal) (Market Study, Limited Appraisal, Firm Appraisal)

Baton Rouge Area Lake Charles Area Boardwalk Place Apartments, Denham Springs, LA Country Club Pointe Apartments, Lake Charles, LA Camden Lakes Apartments, Baton Rouge, LA Lofts at Lakeside Apartments, Lake Charles, LA Essen Park Apartments, Baton Rouge, LA Nelson Park Apartments, Lake Charles, LA Forest Ridge Estates, Denham Springs, LA Southridge Apartments, Lake Charles, LA Highland Club - Phase II, Baton Rouge, LA West LaGrange Apartments, Lake Charles, LA Highland Park Apartments, Baton Rouge, LA West M Apartments, Lake Charles, LA High Grove Apartments, Baton Rouge, LA Whispering Hope Elderly Apartments, Lake Charles, LA Hooper Pointe Residences, Baton Rouge, LA Ivy Park Apartments, Baton Rouge, LA New Orleans Area Mansions at Ivy Lakes Apartments, Gonzales, LA Magazine Street Apts, New Orleans, LA Mt. Pleasant Apartments, Zachary, LA Marigny Square Apartments, New Orleans, LA Pinnacle Homes at Coursey Apartments, Baton Rouge, LA Metairie Palms Apartments, Metairie, LA River Place Apartments, Baton Rouge, LA Poydras at O’Keefe Apartments, New Orleans, LA Rouzan Mixed-Use Development, Baton Rouge, LA Villages on the Creek Apartments, New Orleans, LA Southgate Towers Apartments, Baton Rouge, LA The Banks Apartments, Baton Rouge, LA Shreveport/Bossier City Area The Patrician on Manchac Apartments, Prairieville, LA Alston Place Scattered Site Housing Complex, Shreveport, LA Tuscany Apartments, Gonzales, LA Blanchard Apartments, Blanchard, LA Vantage Point Apartments, Zachary, LA Esplanade Ridge Apartments, Shreveport, LA Village at Juban Lakes Apartments, Denham Springs, LA Fern Park Apartments, Shreveport, LA Villas on Blue Heron Lake, Zachary, LA Jamestown I & II Apartments, Bossier City, LA Zachary Parkside Apartments, Zachary, LA Lexington Place Apartments I & II, Bossier City, LA Mansfield Crossing Apartments, Shreveport, LA Hammond Area Provenance Place Apartments, Shreveport, LA Creeks on Morrison, Hammond, LA Riverscape Apartments, Shreveport, LA Hammond Apartments, Hammond, LA River Walk Apartments, Shreveport, LA Natalbany Gardens Apartments, Hammond, LA Spring Ridge Apartments, Shreveport, LA Providence Ridge Apartments, Hammond, LA Stockwell Landing Apartments, Bossier City, LA West Park Apartments, Hammond, LA The Woodlands Apartments, Shreveport, LA Villages at Westlake Apartments, Shreveport, LA Houma/Thibodaux Area Villages at Westlake Apts - Phase II, Shreveport, LA Bayou Reserve Apartments, Thibodaux, LA Walker Place Apartments, Bossier City, LA Belmere Apartments, Houma, LA Houma Highlands Apartments, Houma, LA St. Tammany Parish Area Oaks on Bayou Natchez, Thibodaux, LA Abita View Apartments, Covington, LA Residences at High Point Apartments, Houma, LA Brookstone Park Apartments, Covington, LA Terrebonne Parish Apartments, Thibodaux, LA Chenier Mixed-Use Development, Mandeville, LA The Landings at Houma Apartments, Houma, LA Harborside Apartments, Slidell, LA Madison Park Apartments, Covington, LA Lafayette Area Savannah Apartments, Slidell, LA Chateau Mirage Apartments, Lafayette, LA Slidell Apartments, Slidell, LA Estates at Martial Apartments, Lafayette, LA The Park at Covington Apartments, Covington, LA Lafayette Park Apartments, Lafayette, LA Village at Presidio Apartments, Slidell, LA Main Street Apartments, Lafayette, LA Main Street Annex Apartments, Lafayette, LA Other Areas Metairie Gardens Apartments, Youngsville, LA Marksville Apartments, Marksville, LA Sugarcrest Apartments, Broussard, LA Patriot Apartments, Haughton, LA Villa Broussard Apartments, Broussard, LA Reserve at Squirrel Run Apartments, New Iberia, LA Waterview at Sugar Mill Apartments, Youngsville, LA Richmond Road Apartments, Texarkana, TX/AR St. Mary Apartments, Morgan City, LA

Cook, Moore & Associates Qualifications - Craig A. Davenport

Multifamily Housing - HUD 221(d)4 - Substantial Rehab Multifamily Rent Comparability Studies - Section 8 (Market Study, Limited Appraisal, Firm Appraisal) Acadian Manor Apartments, Lafayette, LA Ardenwood Park Apartments, Baton Rouge, LA 210 Baronne Street, New Orleans, LA Bethel Apartments, Alexandria, LA Annunciation Inn Elderly Apartments, New Orleans, LA Chateau Ames Apartments, Marrero, LA Autumn Chase Apartments, Baton Rouge, LA Christopher Inn Apartments, New Orleans, LA Bacmonila Gardens Apartments, New Iberia, LA Country Acres Apartments, Lafayette, LA Bellemont Apartments, Metairie, LA Cypress Apartments, Lake Charles, LA Bethel Apartments, Alexandria, LA Cypress Gardens Apartments, St. Martinville, LA Chateau Thierry Apartments, New Orleans, LA D’ville Village Rental Complex, Donaldsonville, LA Civic Lofts Apartments, New Orleans, LA Elm Grove Gardens Apartments, Baton Rouge, LA Delille Inn Elderly Apartments, New Orleans, LA Elm Street Apartments, Baton Rouge, LA Elysian Fields Apartments, New Orleans, LA Gulfway Terrace Apartments, New Orleans, LA Gulfway Terrace Apartments, New Orleans, LA Holiday Acres, Baton Rouge, LA Hibernia Apartments, New Orleans, LA Hudson Square Apartments, Baton Rouge, LA Josephine Lofts Apartments, New Orleans, LA Laurel Gardens Apartments, Metairie, LA Lafayette Lofts Apartments, New Orleans, LA Little Flower Estates, Pontchatoula, LA Maritime Apartments, New Orleans, LA Live Oak Manor Apartments, Abbeville, LA Metal Works Apartments, New Orleans, LA Meadow Park Apartments, Baton Rouge, LA Muellers Apartments, Lake Charles, LA Nazareth I & II Elderly, New Orleans, LA Nazareth Inn I & II Elderly Apartments, New Orleans, LA New Chateau Apartments, Marrero, LA NCBA Estates at Orleans Elderly Apartments, New Orleans, LA Renaissance Gateway Apartments, Baton Rouge, LA North Park Apartments, Bossier City, LA Richmond Townhomes, Monroe, LA Nottingham Court Apartments, Baton Rouge, LA Ridgefield Apartments, Marrero, LA Orleans East Apartments, New Orleans, LA Riverview Apartments, Donaldsonville, LA Peltier Gardens Apartments, New Orleans, LA St. Michaels Elderly Apartments, New Orleans, LA Promenade Apartments, Baton Rouge, LA Scottlandville Square Apartments, Baton Rouge, LA Rice Mill Apartments, New Orleans, LA Spanish Arms Apartments, Baton Rouge, LA Ridgefield Apartments, Marrero, LA Tower Oaks Elderly Apartments, Lake Charles, LA Saratoga Lofts Apartments, New Orleans, LA Wynhoven I Apartments, Marrero, LA St. John Berchman Elderly Apartments, New Orleans, LA St. Martin Manor Elderly Apartments, New Orleans, LA Office Buildings St. Michaels Senior Apartments, New Orleans, LA Commerce Building, Downtown, Baton Rouge, LA Spanish Arms Apartments, Baton Rouge, LA Sear’s Building, Baton Rouge, LA Stephens Garage Apartments, New Orleans, LA Interline Office Building, Baton Rouge, LA Summit Garden Oaks Elderly, Algiers, LA Hancock Operations Center, Baton Rouge, LA Western Union Apartments, New Orleans, LA Essen Lane Office Building, Baton Rouge, LA Haymarket Dr. Office Building, Baton Rouge, LA Multifamily Housing Market Studies Lobdell Office Condos, Baton Rouge, LA 1600 Canal Street Apartments Market Study, New Orleans, LA 13000 Justice Avenue Suites 8, 9, 10, 13, Baton Rouge, LA Ardenwood Park Apartments, Baton Rouge, LA Seven Office Condos in the Wellington Park S/D Ascension Parish Apartment Market Study, Prairieville, LA Industriplex Blvd. Offices, Baton Rouge, LA Baronne 225 Apartments Market Study, New Orleans, LA 11135 Industriplex Boulevard, Baton Rouge, LA Cabana Gardens Apartments, Baton Rouge, LA State Farm Claims Center, Baton Rouge, LA Covington Apartment Market Study, Covington, LA 11777 Industriplex Boulevard, Baton Rouge, LA Denham Springs Apartment Market Study, Denham Springs, LA 10935 Perkins Road, Baton Rouge, LA Dutchtown Apartment Market Study, Prairieville, LA Celtic Marine 2 Office Building, Baton Rouge, LA Hammond Apartment Market Study, Hammond, LA North Oak Hills Office Complex, Baton Rouge, LA Lafayette Apartment and Condominium Market Study, Lafayette, LA Celtic Marine 3 Office Building, Baton Rouge, LA Lakeshore Apartments Market Study, Slidell, LA Losavio Bluebonnet Office Building, Baton Rouge, LA Live Oak Trace Market Study, Livingston Parish, LA Babb Construction Office Building, Baton Rouge, LA Nine27 Apartments, New Orleans, LA North Shreveport Apartment Market Study, Shreveport, LA Self-Storage Facilities Oak Island Apartments Market Study, New Orleans, LA Southpark Boat & RV Storage, Baton Rouge, LA Shreveport Apartment Market Study, Shreveport, LA Discount Self-Storage, Baton Rouge, LA Three Rivers Scattered Site, Covington, LA Tulane Avenue Market Study, New Orleans, LA Bars/Lounges Westbank of New Orleans Apartment Market Study, Marrero, LA Beck’s Wheel-N-Barrel, Donaldsonville, LA Westwego Apartment Market Study, Westwego, LA The Matrix, Baton Rouge, LA West Baton Rouge Parish Apartment Market Study, Brusly, LA Zachary Apartment Market Study, Zachary, LA

Cook, Moore & Associates Qualifications - Craig A. Davenport

Multifamily Housing Market Studies - LHFA Multifamily Housing Market Studies - LHFA 2101 Louisiana Avenue, New Orleans, LA Roquette Lodge IV Apts, Mandeville, LA Arbor Place Apartments, Gretna, LA Senior Residences at Columbia, New Orleans, LA Ardenwood Park Apartments, Baton Rouge, LA Smiley Heights Apts, Baton Rouge, LA Banyan Trace Scattered Site, Baton Rouge, LA St. Gabriel Scattered Site, St. Gabriel, LA Barataria Station Apartments, Houma, LA St. Michael’s Elderly Housing, New Orleans, LA Bastrop Elderly Apartments, Bastrop, LA Southwoods Pation Homes Apartments, Algiers, LA Bayberry Woods Elderly Apts, Baton Rouge, LA Spanish Arms Apartments, Baton Rouge, LA Bayou View Estates Scattered Site, Gonzales, LA Terrebonne Elderly Apts, Houma, LA Beau Maisons Scattered Site, Lafayette, LA The Woodlands Apartments, Chalmette, LA Beau Soliel Place Scattered Site, Lafayette, LA Townhomes of Sherwood, Baton Rouge, LA Belle Chasse Apts, Belle Chasse, LA Wisdom Place Elderly Apts, New Orleans, LA Bennett Homes Apts, Algiers, LA Woodlands Apts, New Orleans, LA Burnette Place Scattered Site, Houma, LA Bywater Arts Lofts II Apartments, New Orleans, LA Scattered Site Housing Developments - LHFA Chicory Place Scattered Site, Lafayette, LA Ashley Place II & III Scattered Site Complex, Denham Springs, LA Claiborne Lofts Apartments, New Orleans, LA Audrey Heights Scattered Site Complex, Covington, LA Cottages of Acadia Scattered Site, Lafayette, LA Banyan Trace - Phase II Scattered Site Complex, Baton Rouge, LA Cotton Bayou - Phase II Scattered Site, Monroe, LA Bayou Park Scattered Site Complex, Alexandria, LA Crescent Club Apts, New Orleans, LA Beau Maisons Scattered Site Housing Complex, Lafayette, LA Cypress Manor I & II Apts, New Orleans, LA Beau Soliel Scattered Site Housing Complex, Lafayette, LA Cypress Parc Apartments, New Orleans, LA Belhaven Trace Scattered Site Housing Complex, Baton Rouge, LA Cypress Trails Elderly Scattered Site, Lafayette, LA Beouf River Scattered Site Housing Complex, Monroe, LA Dorgenois Lofts Apartments, New Orleans, LA Brookstown Place SS Housing Complex, Baton Rouge, LA Forest Towers Elderly Apartments, New Orleans, LA Columbia Station SS Housing Complex, Bogalusa, LA Garden Oaks Apts, New Orleans, LA Cotton Bayou - Phase I SS Housing Complex, Monroe, LA Gentilly Ridge Elderly Apts, New Orleans, LA Cotton Bayou - Phase II SS Housing Complex, Monroe, LA Gold Seal Lofts Apartments, New Orleans, LA Cypress Trails Scattered Site Housing Complex, Lafayette, LA Hibernia Apartments, New Orleans, LA Dogwood Place Scattered Site Housing Complex, Iowa, LA Highland Park I & II Apts, New Orleans, LA Eagle Point IV Scattered Site Housing Complex, Bossier City, LA Hooper Road Apts, Baton Rouge, LA Enterprise Place SS Housing Complex, Alexandria, LA Hooper Pointe Apts, Baton Rouge, LA Gateway Scattered Site Housing Complex, Rayne, LA Iberville Onsite Apartments, New Orleans, LA Goldonna Scattered Site Housing Complex, Alexandria, LA Iberville Parish West Apts, Plaquemine, LA Hideaway Crossing I & II SS Housing Complex, Alexandria, LA Jackson’s Landing Apts, New Orleans, LA Hooper Ridge Scattered Site Housing Complex, Baton Rouge, LA Jefferson Davis Apartments, New Orleans, LA King Gardens Scattered Site Housing Complex, Shreveport, LA Jericho Homes Scattered Site, New Orleans, LA King Oaks I & II Scattered Site Housing Complex, Shreveport, LA Kenner Scattered Site Market Study, Kenner, LA Lawson Heights Scattered Site Housing Complex, Alexandria, LA LaSalle Apartments, New Orleans, LA LOR/ROS Scattered Site Housing Complex, Waggaman, LA Leesville Apartments, Leesville, LA Meridian Court Scattered Site Housing Complex, Shreveport, LA Legacy Heights Apartments, Alexandria, LA Mt. Zion Scattered Site Housing, Baton Rouge, LA Magnolia Park Apartments, Chalmette, LA North Pointe Scattered Site Housing Complex, Shreveport, LA Marine Lofts Apartments, New Orleans, LA Pine Grove SS Housing, Covington, LA Marquis Apartments, New Orleans, LA Ralph George Estates SS Housing Complex, Bastrop, LA Melrose East Apts, Baton Rouge, LA Restoration V & VI SS Housing Complex, Baton Rouge, LA McDonough 16 Apartments, New Orleans, LA River Bend I & II Scattered Site Housing Complex, Alexandria, LA Monterey Glen Apts, Baton Rouge, LA River Bend III & IV Scattered Site Housing Complex, Alexandria, LA Oak Springs Apts, Baton Rouge, LA Rosenwald I & II Scattered Site Housing Complex, Shreveport, LA Oak Villa Apts, Baton Rouge, LA Rosenwald III & IV SS Housing Complex, Shreveport, LA Oak Villa II Elderly Apartments, Algiers, LA Santa Rosa Heights Scattered Site Complex, Baton Rouge, LA Oakwood Estates II Elderly Scattered Site, Hammond, LA Shreveport Homes Scattered Site Complex, Shreveport, LA Park Place Apartments, Chalmette, LA Scottlandville Homes Scattered Site Complex, Baton Rouge, LA Peltier Gardens Apartments, New Orleans, LA Southern Pines Scattered Site Housing Complex, Monroe, LA Pine Crest Apts, Covington, LA St. Antoine Gardens Scattered Site Housing Complex, Lafayette, LA Promenade at Jackson Apartments, New Orleans, LA St. Landry Crossing Scattered Site Housing Complex, Opelousas, LA The Preserve Apts, New Orleans, LA St. Louis Pointe Scattered Site Housing Complex, Baton Rouge, LA Richwood Scattered Site Housing, Monroe, LA St. Vincent Villas I & II Scattered Site Housing, Shreveport, LA Riverfront Lofts Apartments, New Orleans, LA Villa Ashley I & II Scattered Site Housing, Baton Rouge, LA Riverview Apartments, Chalmette, LA

Cook, Moore & Associates Qualifications - Craig A. Davenport

Retail Special Use Properties Action Sports, Baton Rouge, LA Delta Zeta Sorority House, LSU Campus, Baton Rouge, LA The Settlement, Baton Rouge, LA Texaco Quick Lube, Mandeville, LA Nextel Retail Building, Baton Rouge, LA University at Louisiana Monroe - Madison Hall, Monroe, LA Arnold at Airline Retail, Baton Rouge, LA University at Louisiana Monroe - Masur Hall, Monroe, LA Airline Highway Retail, Baton Rouge, LA University at Louisiana Monroe - Ouachita Hall, Monroe, LA Florida Boulevard Retail, Baton Rouge, LA Unique Cuisine Catering, Baton Rouge, LA Gold-N-Guns Retail, Gonzales, LA Old Western Sizzlin’, Baton Rouge, LA Medical Juban’s Shopping Center, Baton Rouge, LA Mary Bird Perkins Cancer Center, Baton Rouge, LA New Generation Center, Lafayette, LA Flanders Medical Center, Baton Rouge, LA Three Former Fast Track Restaurants, Baton Rouge, LA Beau Chene Shopping Center, Baton Rouge, LA Banks LA Nurseries Strip Center, Perkins Road, Baton Rouge, LA First Bank Building, Baton Rouge, LA University View Shopping Center, Baton Rouge, LA La Centrale Shopping Center, Central, LA Subdivisions Crotwell Shopping Center, Denham Springs, LA Bocage Lakes Subdivision, Baton Rouge, LA Pearsons Shopping Center, Baton Rouge, LA Country Club Court Subdivision, Baton Rouge, LA Jefferson Highway Shopping Center, Baton Rouge, LA The Lakes at Aubin Wood Subdivision, Baton Rouge, LA Royal Standard - Perkins, Baton Rouge, LA Longwood Subdivision, Prairieville, LA Jim’s Firearms Strip Center, Baton Rouge, LA Southgate Shopping Center, Baton Rouge, LA University View II Shopping Center, Baton Rouge, LA Rickochet’s on East Boyd, Baton Rouge, LA Coursey Shopping Center, Baton Rouge, LA Co-Op Bookstore-Burbank, Baton Rouge, LA Village St. George Shopping Center, Baton Rouge, LA LA Gold & Gem, Baton Rouge, LA Carondelet Street Building, New Orleans, LA

Cook, Moore & Associates 1128 CGA



  Certified Appraiser License  CERTIFIED GENERAL            01 01 2012 12 31 2013       CRAIG A. DAVENPORT 

Chairmanh License Number:1128

SecretarySecretary



Certified Appraiser License Having complied with the license requirements as set forth in in R.S.1950 Title 37, Chapter 51, and Amendatory Acts, and the Real Estate Appraisers Board Rules and Regulations, a Certified Appraiser License is hereby granted to CRAIG A. DAVENPORT

In Testimony Whereof, This license has been issued by the Authority of the Louisiana Real Estate Appraisers Board.

Period Covered: 01 01 2012 Through 12 31 2013

Chairman License Number:1128

SecretarySecretary