COSTCO WHOLESALE WAREHOUSE

5800 Park Lake Road, Tax ID 33-20-02-08-276-004 No Known Address, Tax ID 33-20-02-09-151-003 East Lansing, Michigan 48823

Brownfield Plan No.22

Revised October 16, 2016

Prepared with assistance from: ADVANCED REDEVELOPMENT SOLUTIONS PO Box 204 Eagle, Michigan 48822 Contact: Eric P. Helzer, EDFP Phone: (517) 648-2434

East Lansing Brownfield Redevelopment Authority 410 Abbott Road East Lansing, Michigan 48823 Contact: Tim Dempsey Phone: (517) 319-6930

Approved by the East Lansing Brownfield Redevelopment Authority – 10/27/2016

Approved by the East Lansing City Council – 12/06/2016

Table of Contents Project Summary Sheet: Brownfield Plan No. 22 – Costco Wholesale Warehouse ...... 2 Introduction ...... 6 1. Description of the Eligible Property (Section 13(1)(h)) ...... 7 2. Basis of Eligibility (Section 13 (1)(h), Section 2 (m)), Section 2(r) ...... 14 3. Summary of Eligible Activities and Description of Costs (Section 13 (1)(a),(b)) ...... 15 4. Captured Taxable Value and Tax Increment Revenues (Section 13(1)(c)) ...... 17 5. Method of Brownfield Plan Financing (Section 13(1)(d))...... 18 6. Amount of Note or Bonded Indebtedness Incurred (Section 13(1)(e)) ...... 19 7. Duration of the Brownfield Plan and Effective Date (Section 13(1)(f)) ...... 19 8. Estimated Impact on Taxing Jurisdictions (Section 13(1)(g), Section 2(ee)) ...... 19 9. Displacement of Persons (Section 13(1)(i-l)) ...... 21 10. Authority Revolving Fund (Section 8; Section 13(1)(m)) ...... 21 11. Other Information (Section 8; Section 13(1)(n)) ...... 21

Tables

Table 1 – Eligible Activities ...... 16 and 17 Table 1a – Itemized Eligible Activities Table 1b – Summary of Eligible Activities

Table 2 – Captured Incremental Taxable Values & Tax Increment Revenues Captured...... 18

Table 3 – Impact to Taxing Jurisdictions ...... 20

Table 4 – Tax Increment Financing Estimates ...... Exhibit C Table 4a1 – Base Year/Initial Taxable Value (ITV) Information Table 4a2 – Taxes Paid to All Taxing Jurisdictions on the Base Year Taxable Value/Initial Taxable Value (ITV) Table 4b – Estimated Future Taxable Value (FTV) Information Table 4c – Impact of Tax Capture on Taxing Jurisdictions Table 4d – Reimbursement of Eligible Activities & Disbursements

Exhibits

A. Legal Descriptions (per Ingham County Assessing Records) and Eligible Property Boundary Maps

B. Basis of Eligibility - Functional Obsolescence Determination

C. Table 4 – Tax Increment Financing Estimates

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 1 Revised October 16, 2016 PROJECT SUMMARY SHEET: BROWNFIELD PLAN NO.22 – COSTCO WHOLESALE WAREHOUSE

Project Name: Costco Wholesale Warehouse

Applicant/Developer: Entity Name: Costco Wholesale Corporation c/o TJ Design Strategies, Ltd. Contact: Theodore R. Johnson Mailing Address: 2311 W. 22nd Street, Ste. 208, Oak Brook, IL 60523 Phone: (630) 368-0840 Email: [email protected]

Eligible Property Location: The eligible property (“Property”) consists of two (2) parcels located at: 5800 Park Lake Road, Tax ID 33-20-02-08-276-004; No Known Address, Tax ID 33-20-02-09-151-003; East Lansing, Michigan 48823

Property Size: Approximately 64.49 acres

Type of Eligible Property: Functionally Obsolete

Project Description: Costco Wholesale Warehouse This Brownfield Plan (the “Plan”) anticipates approximately $30 million in future investments by Costco Wholesale Corporation. This Plan contemplates redevelopment upon two (2) Eligible Properties. 5800 Park Lake Road (Tax ID 33-20-02-08-276-004) and an adjacent and contiguous parcel with no known address (Tax ID 33-20-02-09- 151-003) have been vacant for over 14 years and are blighted, underutilized and functionally obsolete property.

Costco Wholesale Warehouse (“Costco”) is a commercial redevelopment project that seeks to construct an approximate 156,170 square foot warehouse retail building that includes an attached tire center. In addition, a freestanding gasoline and diesel fueling facility is also proposed for the Property. Besides Costco, the Property currently has three (3) proposed outlots for future users to be determined. The project will occur on the 64.49-acre site south of East Saginaw Street and east of Park Lake Road. The applicant proposes to relocate an existing pipeline, raze the existing buildings on the Property, bring off-site infrastructure to the Property and construct this commercial project.

Costco's business concept is premised on achieving rapid inventory turnover and high sales volume by offering a limited assortment of nationally-branded, first-quality products in a wide variety of categories, at prices significantly below traditional wholesalers, discount retailers, and super markets. A significant portion of Costco's customer base is small and medium size businesses which purchase for commercial use and also individuals who are members of qualifying groups. The product line consists of typical department store merchandise, such as wearing apparel, dry goods, appliances, furniture, hardware and auto accessories; as well as a broad range of

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 2 Revised October 16, 2016 grocery store items, including fresh baked goods, meats, and produce. Costco also offers tire installation, pharmacy, one-hour photo, hearing aid, optometry and travel services.

Construction is scheduled to begin in the early spring 2017 and open in the Fall 2017. However, site preparation activities to relocate the existing infrastructure (pipeline), off-site infrastructure improvements and increased costs threaten the redevelopment planned.

The project is seeking tax increment financing through the Brownfield Redevelopment Financing Act (Public Act 381 of 1996), which is the subject of this Plan, to allow for a successful redevelopment of this Property.

Estimated Job Creation: Once complete, at least 75 immediate new full time jobs and 75 immediate new part time jobs for a total of 150 jobs will be created. It is anticipated that additional jobs will be created upon project maturation.

Estimated Gain in Taxes: (after Project completion)

Base Year/ Increased Future Taxable Current Taxable Taxable Value Value Value (Increment) (2017) (2018) (2018) $466,900 $4,307,800 $3,840,900

Annual Taxes Paid $35,599 $303,118 $292,025

Duration of Plan: 16 years (2017-2032)

Duration of Plan Capture: 15 years (2018-2032), total estimated Plan capture duration for reimbursement of Eligible Activities, Brownfield Plan Preparation, and ELBRA Administrative Fees.

Base Year of Plan: 2017

First Year of Plan Capture: 2018

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 3 Revised October 16, 2016 Gain in Taxes Breakdown: (Total Plan Duration) 25% of all new tax increment revenues generated by the proposed project will pass-through to all taxing jurisdictions during the Plan’s capture period.

New/Incremental Tax Gain (not captured) Breakdown Total/ Annual Notes Cumulative Average Capture Period Total New/Incremental Taxes Paid During Brownfield Plan Tax Capture Period in Years $ 4,266,774 $ 284,452 15.00

Percentage of Total New/Incremental Tax Revenue Received by each Taxing Unit/ Entity (taxes not Total/ Annual Pass-Through/ captured) Cumulative Average Sharing

CITY OF EAST LANSING $ 420,282 $ 28,019 Operating 25% $ 305,328 $ 20,355 Solid Waste/Recycling 25% $ 31,680 $ 2,112 Library 25% $ 34,718 $ 2,315 City Debt 100% $ 48,556 $ 3,237 Subtotal: Local Unit of Government - $ 420,282 $ 28,019 INGHAM COUNTY 25% $ 170,592 $ 11,373 Subtotal: County - $ 170,592 $ 11,373 Capital Region Airport Authority - CRAA 25% $ 12,134 $ 809 Capital Area Transportation Authority - CATA 25% $ 52,198 $ 3,480 INTERMEDIATE SCHOOL DISTRICTS (ISD) 25% $ 103,947 $ 6,930 Lansing Community College - LCC 25% $ 66,089 $ 4,406 Subtotal: Other Local/Regional Taxing Units (excluding Local School Millages) - $ 234,368 $ 15,625 EAST LANSING PUBLIC SCHOOLS (ELPS) - LOCAL SCHOOL MILLAGES: excludes State - $ 272,965 $ 18,198 School millages East Lansing School Debt 100% $ 254,517 $ 16,968 East Lansing School Building and Site ("Sinking Fund" millage available for tax capture) 25% $ 18,448 $ 1,230 HASLETT PUBLIC SCHOOLS (HPS) - LOCAL SCHOOL MILLAGES: excludes State School - $ - $ - millages Haslett School Debt 100% $ - $ - Haslett School Building and Site ("Sinking Fund" millage available for tax capture) 25% $ - $ - Subtotal: Local School Millages - $ 272,965 $ 18,198 Subtotal of County & All other Local/Regional Taxing Units (excluding Local Unit of - $ 677,925 $ - Government)

Subtotal of All of the Above (including Local Unit of Government) $ 1,098,208

EAST LANSING STATE SCHOOL MILLAGES: excludes Local School millages $ 1,173,566 $ 78,238

State Education Tax - SET 100% $ 293,392 $ 19,559 Local School Operating - LSO: 18 mills for Real Property; only 6 mills for Personal Property 100% $ 880,175 $ 58,678

HASLETT STATE SCHOOL MILLAGES: excludes Local School millages - $ - $ -

State Education Tax - SET 100% $ - $ - Local School Operating - LSO: 18 mills for Real Property; only 6 mills for Personal Property 100% $ - $ - Subtotal: State School Millages - $ 1,173,566 $ 78,238

GRAND TOTAL OF "NEW" TAX REVENUE TO ALL OF THE ABOVE (NOT CAPTURED) - $ 2,271,774 -

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 4 Revised October 16, 2016

Total Taxes Captured: (Total Plan Duration)

Total Taxes Captured During Brownfield Plan Tax Total/ Annual Capture Period Cumulative Average

Brownfield Redevelopment Authority (BRA) Administration $ 195,000 $ 13,000

BRA Local Site Remediation Revolving Fund (LSRRF) $ - $ -

State of Michigan Brownfield Redevelopment Fund (MBRF) $ - $ -

Local Taxes To Developer (Reimburse Eligible Activities) $ 1,800,000 $ 120,000

State School Taxes To Developer (Reimburse Eligible Activities) $ - $ -

Total New Tax Capture (See Table 1a) $ 1,995,000 $ 133,000

Distribution of Total New Taxes Paid: (Total Plan Duration) Total New Taxes Received by Taxing Units $ 2,271,774

Total New Taxes Captured $ 1,995,000

Total New Taxes $ 4,266,774

Eligible Activities and Eligible Costs:

Developer eligible activities are estimated at in excess of $8 million related to Baseline Environmental Assessment, Lead & Asbestos Abatement, Demolition, Site Preparation, Infrastructure Improvements, and Brownfield Plan Preparation activities. However, the applicant’s gap in financing the proposed project due to the Brownfield conditions is $1,800,000.

By way of adoption of this Plan, the Brownfield Plan will be capped at $1,995,000 (inclusive of BRA Administration Costs) of which the projected costs of developer eligible activities shall not exceed $1,800,000 (for use on Baseline Environmental Assessment, Lead & Asbestos Abatement, Demolition, Site Preparation, Infrastructure Improvements, and Brownfield Plan Preparation activities) and the maximum capture for BRA Administration shall be $195,000. However, if the actual costs of eligible activities are lower than the above estimates, developer reimbursement and BRA Administration capture may be lower.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 5 Revised October 16, 2016 INTRODUCTION

The City of East Lansing, Michigan (the “City”), established the East Lansing Brownfield Redevelopment Authority (the “Authority”) on August 28, 2000, pursuant to the Brownfield Redevelopment Financing Act, Michigan Public Act 381 of 1996, MCLA 125.2651 et. seq., as amended (“Act 381”), is authorized to exercise its powers within the City of East Lansing, Michigan.

The purpose of this Brownfield Plan (the “Plan”) to be implemented by the Authority, is to satisfy the requirements of Act 381 for including the eligible property described below in a Plan. This Plan promotes the redevelopment of and investment in the eligible “Brownfield” Property within the City, to facilitate financing of eligible activities at the Property. Inclusion of Property within any Plan in the City will facilitate financing of eligible activities at eligible properties, and will also provide tax incentives to eligible taxpayers willing to invest in revitalization of eligible sites, commonly referred to as “Brownfields” that are either environmentally contaminated (a “facility”), blighted property, historic resource or deemed functionally obsolete property. By facilitating redevelopment of the Property, this Plan is intended to promote economic growth for the benefit of the residents of the City and all taxing units located within and benefited by the Authority.

This Plan is intended to apply to the Eligible Property identified in this Plan and, if tax increment revenues are proposed to be captured from that Eligible Property, to identify and authorize the eligible activities to be funded by such tax increment revenues.

This Plan is intended to be a living document, which may be modified or amended in accordance with the requirements of Act 381, as necessary to achieve the purposes of Act 381. The applicable sections of Act 381 are noted throughout the Plan for reference purposes.

This Plan contains information required by Section 13(1) of Act 381.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 6 Revised October 16, 2016 1. DESCRIPTION OF THE ELIGIBLE PROPERTY (SECTION 13(1)(H))

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 7 Revised October 16, 2016 The Eligible Property (“Property”) consists of two parcels and is located at 5800 Park Lake Road (ID No. 33-20-02-08-276-004) and another with no known address (ID No. 33-20-02- 09-151-003), East Lansing, Ingham County, Michigan. The Property is situated to the south of East Saginaw Street and east of Park Lake Road. The Property contains approximately 64.49 acres in the City of East Lansing (“City”).

Near this Property is a Fiesta Charra restaurant located just northwest of this site, which is in Meridian Township, and zoned in the Township’s C-2, Community Service District. Across Saginaw to the northwest is The Marquette retirement community, zoned in the Township’s RA, Single-Family Medium Density District. Across Park Lake Road, to the west, is the former City of East Lansing’s Department of Public Works facility currently being used for Working Bugs and Red Cedar Spirits, zoned OIP, Office Industrial Park District. South of the Property are several parcels along Haslett Road zoned in the Township’s RA, Single-Family Medium Density District. To the southeast is the Wood Creek Subdivision zoned in the Township’s RAA, Single Family Low Density District. The Everett Woods and Everett Farms Subdivisions lay to the east, zoned in the Township’s RA, Single-Family Medium Density District. The property to the northeast is zoned under the City of East Lansing’s B-2, Retail Sales Business District, and is under a 425 Agreement with Meridian Township. The Property is abutted by surface roadways, municipal water, sanitary and storm sewer services, and electrical and gas utilities.

The existing property at 5800 Park Lake Road consists of a one story golf clubhouse and is accompanied by ancillary outbuildings including a maintenance building which serviced the golf course operations. The former Four Winds Golf Course first opened for play in 1987, was a public 9-hole golf course and closed prior to Spring 2002 play. A former mini golf development once operated in the western portion of the Property adjacent to the clubhouse.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 8 Revised October 16, 2016

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 9 Revised October 16, 2016

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 10 Revised October 16, 2016 See Exhibit A, Legal Descriptions (per ALTA/ACSM Land Title Survey) and Eligible Property Boundary Maps.

Eligible Property Address Tax ID Basis of Current Approximate (Parcel Reference #) Eligibility Zoning Combined Acreage 5800 Park Lake Road 33-20-02-08-276-004 Functionally RM-8 (Parcel A) Obsolete 64.49 No known Address 33-20-02-09-151-003 Functionally RM-8 (Parcel B) Obsolete

The Property consists of two parcels of land. Both parcels have been deemed “functionally obsolete” in accordance with Act 381 forming the parcels basis of eligibility. The parcels are located within the boundaries of the City of East Lansing, Michigan.

The Property consists of two parcels as identified in the above table. Parcels A and B are both zoned Planned Unit Development District (RM-8) and are under a requested rezoning to Retail Sales Business District (B-2) on a portion of the Property and Restricted Office Business District (B-4) on another portion of the Property. The B-2, Retail Sales Business District permits a variety of retail stores, personal service shops, restaurants, offices, mixed use structures containing residential dwellings and other businesses necessary to provide for the wide range of shopping and service needs of the community. The B-4, Restricted Office Business District is proposed for a permanent Conservation Easement on a portion of the Property.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 11 Revised October 16, 2016 The Property has been vacant and underutilized for over 14 years and the Project proposes to redevelop said Property into a vibrant commercial development. The redevelopment integrates design elements, environmental activities, and economic development to further goals of the City, the Michigan Department of Environmental Quality (“MDEQ”) and the Michigan Economic Development Corporation (“MEDC”). It will result in: (1) the community and municipal benefits of increased property taxes on the Property; (2) demolition and clean- up of the existing structures that will address the functional obsolescence on the Property, eliminating the existing blight; and (3) a substantial improvement to the appearance and aesthetics of the Property which will assist in increasing the property values of the neighboring community. The overall redevelopment of this site will include demolition, relocation of an existing pipeline and redevelopment into a commercial development project. The applicant has a strong desire to put this vacant property back to productive use and drastically improve the aesthetics of the area.

The parcel and all tangible real property located thereon will comprise the Eligible Property and is referred to herein as the “Property.” Any such funds will be used to reimburse the Authority and Developer for eligible activities, to the extent authorized by this Plan, and an executed development reimbursement agreement between the Developer and the Authority.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 12 Revised October 16, 2016

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 13 Revised October 16, 2016

2. BASIS OF ELIGIBILITY (SECTION 13 (1)(H), SECTION 2 (M)), SECTION 2(R)

The Property is considered “eligible property” as defined by Act 381, Section 2 because (a) the Property was previously utilized or is currently utilized for commercial purpose; (b) two of the parcels comprised by the Property have been determined to be a functionally obsolete; and, (c) the Property is located within the City of East Lansing, a qualified local governmental unit, or “Core Community” under Act 381.

Eligible Property Address Tax ID Basis of Approximate Combined (Parcel Reference #) Eligibility Acreage 5800 Park Lake Road 33-20-02-08-276-004 Functionally (Parcel A) Obsolete 64.49 No known Address 33-20-02-09-151-003 Functionally (Parcel B) Obsolete

Exhibit B includes the formal determination of functional obsolescence as made by the City of East Lansing Assessor on October 6, 2016 for the Property as it is related to its basis of eligibility and inclusion in the Plan. As Eligible Property, the Property is eligible for Brownfield redevelopment incentives from the Authority.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 14 Revised October 16, 2016 3. SUMMARY OF ELIGIBLE ACTIVITIES AND DESCRIPTION OF COSTS (SECTION 13 (1)(A),(B))

The “eligible activities” that are intended to be carried out at the Property are considered “eligible activities” as defined by Sec 2 of Act 381, because they include Baseline Environmental Activities (BEA) {Phase I ESA, Phase II ESA, and/or BEA}, lead & asbestos survey and abatement, demolition, site preparation, infrastructure improvements, and preparation of a Brownfield Plan.

Developer eligible activities are estimated at in excess of $8 million. However, the applicant’s gap in financing the proposed project due to the Brownfield conditions is $1,800,000. A summary of the eligible activities and the estimated cost intended to be paid for with Tax Increment Revenues from the Property are shown in the following tables (Tables 1a and 1b).

The Eligible Activities projected in this Plan may switch categories if onsite, offsite or building conditions change. If conditions change, an eligible activity may fall under a different category so long as the Plan does not involve the capture of State School Tax Increment Revenue (i.e., an Act 381 Work Plan). Local-only Tax Capture Plans can adjust between Environmental and Non-Environmental activity categories. Furthermore, for the eligible activities identified in the Plan, the costs of any activities may be adjusted after the date the Plan is approved by the Authority, so long as the costs do not exceed the combined total of all eligible activity costs (combined Environmental and Non-Environmental costs) plus a pro-rata contingency amount (if included but excluding the interest amount), to the extent that the adjustments do not violate the terms of any approved documents, such as a Development Reimbursement Agreement, or Public Act 381 of 1996, as amended.

The Developer desires to be reimbursed for the costs of eligible activities. Tax increment revenue generated by the Property will be captured by the Authority and used to reimburse the cost of the eligible activities completed on the Property. Amendments to Act 381 that were signed in to law on December 28, 2012 allow local units of government to approve reimbursement of eligible activities with tax increment revenues attributable to local taxes on any eligible activities conducted on eligible property or prospective eligible properties prior to approval of the Plan, if those costs and the eligible property are subsequently included in an approved Plan. In the event that eligible activities are performed prior to Plan approval, approved eligible activity costs will be reimbursable in accordance with Act 381. Furthermore, costs in this Plan are not subject to approval by the MDEQ and MSF (through the MEDC) because no use of state tax increment revenues is contemplated. All reimbursable costs will utilize captured local-only tax increment revenues from locally levied millages.

In accordance with this Plan and the associated Development Reimbursement Agreement (the “Agreement”) with the Authority, the amount advanced by the Developer will be repaid by the Authority solely from the tax increment revenues realized from the eligible property.

Tax increment revenues will first be used to pay or reimburse Administrative expenses described in the tables. Local-only tax capture was assumed to reimburse eligible activity costs in this Plan.

The costs listed in the tables are estimated costs and may increase or decrease depending on the nature and extent of the actual conditions encountered on the Property. The actual cost

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 15 Revised October 16, 2016 of those eligible activities encompassed by this Plan that will qualify for reimbursement from tax increment revenues of the Authority from the Property shall be governed by the terms of the Agreement. No costs of eligible activities will be qualified for reimbursement except to the extent permitted in accordance with the terms and conditions of the Agreement.

By way of adoption of this Plan, the Brownfield Plan will be capped at $1,995,000 (inclusive of BRA Administration Costs) of which the projected costs of developer eligible activities shall not exceed $1,800,000 (for use on Baseline Environmental Assessment, Lead & Asbestos Abatement, Demolition, Site Preparation, Infrastructure Improvements, and Brownfield Plan Preparation activities) and the maximum capture for BRA Administration shall be $195,000. However, if the actual costs of eligible activities are lower than the above estimates, developer reimbursement and BRA Administration capture may be lower.

Eligible Activity Local Tax Amount Table 1a - Eligible Activities Notes Capture Supported in Brownfield Plan 100.00% Baseline Environmental Assessment (BEA) Activities (a) $ 7,500 $ 7,500 Demolition Activities (a) $ 125,000 $ 125,000 Lead and Asbestos Abatement Activities (a) $ 20,000 $ 20,000 Infrastructure Improvements Activities (Public) - In Public ROW/Easements (a) $ 504,300 $ 504,300 Site Preparation Activities (a) $ 1,109,700 $ 1,109,700 Total Eligible Activities (to Developer) (a) $ 1,766,500 $ 1,766,500 Percentage/ Rate Contingency Environmental 0% $ - $ - Contingency Non-Environmental 0% $ - $ - Interest 0% $ - $ -

Sub Total: Eligible Activities (EAs) + Contingencies + Interest (to Developer) $ 1,766,500 $ 1,766,500

Brownfield Plan Preparation (a) $ 33,500 $ 33,500

Total Administrative: Brownfield Plan (to Developer) (a) $ 33,500 $ 33,500

Sub Total: EAs + Contingencies + Interest + Administrative (to Developer) (a) $ 1,800,000 $ 1,800,000

Brownfield Redevelopment Authority (BRA) Administration $ 195,000 $ 195,000 BRA Local Site Remediation Revolving Fund (LSRRF) $ - Total BRA: BRA Administration + LSRRF (to City) $ 195,000 $ 195,000

Sub Total: EAs + Contingencies + Interest + BRA Administrative + LSRRF $ 1,995,000 $ 1,995,000

State of Michigan Brownfield Redevelopment Fund (MBRF) $ - $ - GRAND TOTAL: EAs + Contingencies + Interest + BRA Administrative + LSRRF + MBRF $ 1,995,000 $ 1,995,000

NOTES: (a) Actual costs of Developer eligible activities are estimated at over $8 million. However, the applicant’s gap in financing the proposed project due to the Brownfield conditions is $1,800,000.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 16 Revised October 16, 2016 Eligible Activity Amount Table 1b - Summary of Eligible Activities Supported in Brownfield Plan Total Local Taxes to Developer Eligible Activities $ 1,800,000 Total Local Taxes to BRA Eligible Activities $ - Total Local Tax Capture Eligible Activities, Contingency and Interest $ 1,800,000

Total Local Taxes to BRA Administration $ 195,000 Total Local Taxes to Local Site Remediation Revolving Fund (LSRRF) $ - Total Local Taxes to BRA $ 195,000

Total School Taxes to Developer Eligible Activities, Contingency and Interest $ - Total School Taxes to BRA Eligible Activities, Contingency and Interest $ - Total School Taxes to State of Michigan Brownfield Redevelopment Fund (MBRF) $ - Total School Tax Capture Eligible Activities $ -

Total Capture by Brownfield Redevelopment Authority (BRA) $ 195,000 Total Capture by State of Michigan Brownfield Redevelopment Fund (MBRF) $ - Total Capture by Developer $ 1,800,000 GRAND TOTAL $ 1,995,000

4. CAPTURED TAXABLE VALUE AND TAX INCREMENT REVENUES (SECTION 13(1)(C))

This Plan anticipates the capture of tax increment revenues to reimburse the Developer for the costs of eligible activities under this Plan in accordance with the Agreement. The initial taxable value of the Property shall be determined by the use of tax year 2017 tax values. Tax increment revenue capture will begin when tax increment is generated by redevelopment on the Property; this is expected to begin in 2018. Estimates project that the Authority is expected to capture the tax increment revenues from 2018 through 2032 which will be generated by the increase in taxable value. The following table provides a summary of the captured incremental taxable values and tax increment revenues captured which it will provide after completion of the redevelopment projects. In addition, detailed tables of estimated tax increment revenues to be captured is attached to this Plan as Exhibit C, Table 4 - Tax Increment Financing Estimates. Prior to commencement of reimbursement to the Developer, payment of Authority Administrative fees will occur.

The captured incremental taxable value and associated tax increment revenue will be based on the actual increased taxable value from all taxable improvements (real property) on the Property set through the property assessment process by the local unit of government and equalized by the County. The actual increased taxable value of the land and all future taxable improvements on the Property may vary. Furthermore, the amount of tax increment revenue available under this Plan will be based on the actual millage levied annually by each taxing jurisdiction on the increase in tax value resulting from the redevelopment project that is eligible and approved for capture.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 17 Revised October 16, 2016 Table 2 - Captured Incremental Taxable Values & Tax Increment Revenues Captured

Captured Tax Increment Tax Year Incremental Revenues Taxable Values Captured 2017 - Base Year $ - $ - 2018 - Start of Tax Capture $ 3,840,900 $ 131,819 2019 $ 3,871,355 $ 132,870 2020 $ 3,902,115 $ 133,932 2021 $ 3,933,182 $ 135,004 2022 $ 3,964,560 $ 136,087 2023 $ 3,996,251 $ 137,182 2024 $ 4,028,260 $ 138,286 2025 $ 4,060,588 $ 139,403 2026 $ 4,093,240 $ 140,530 2027 $ 4,126,218 $ 141,668 2028 $ 4,159,527 $ 142,818 2029 $ 4,193,168 $ 143,979 2030 $ 4,227,146 $ 145,152 2031 $ 4,261,463 $ 146,337 2032 $ 4,296,124 $ 147,534

Total - $ 2,092,601

Total of "Surplus Revenue/Surplus Incremental Taxes Paid" be $ 97,601 returned to the applicable Taxing Jurisdictions on a pro-rata basis

Total Tax Increment Revenues Captured $ 1,995,000

5. METHOD OF BROWNFIELD PLAN FINANCING (SECTION 13(1)(D))

Eligible activities are to be financed by the Developer. The Developer will be reimbursed for eligible costs as listed in Tables 1a and 1b above. The current estimated amount of capture used to reimburse the Developer and Authority for costs in this Plan is $1,995,000 (including Authority Administrative fees).

All reimbursements authorized under this Plan shall be governed by the Agreement. The Authority shall not incur any note or bonded indebtedness to finance the purposes of this

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 18 Revised October 16, 2016 Plan. The inclusion of eligible activities and estimates of costs to be reimbursed in this Plan is intended to authorize the Authority to fund such reimbursements and does not obligate the Authority or the Township to fund any reimbursement or to enter into the Agreement providing for the reimbursement of any costs for which tax increment revenues may be captured under this Plan, or which are permitted to be reimbursed under this Plan. The amount and source of any tax increment revenues that will be used for purposes authorized by this Plan, and the terms and conditions for such use and upon any reimbursement of the expenses permitted by the Plan, will be provided solely under the Agreement contemplated by this Plan.

The Authority anticipates collecting $195,000 in Administrative costs under this Plan. No State Brownfield Revolving Fund (State of Michigan Brownfield Redevelopment Fund {MBRF}) is contemplated in this Plan as it is a local-only tax increment capture Plan. Administrative costs are reflective of the redevelopment project being completed.

6. AMOUNT OF NOTE OR BONDED INDEBTEDNESS INCURRED (SECTION 13(1)(E))

The Authority will not incur a note or bonded indebtedness for this Brownfield project under this Plan.

7. DURATION OF THE BROWNFIELD PLAN AND EFFECTIVE DATE (SECTION 13(1)(F))

In no event shall the duration of the Plan exceed 35 years following the date of the resolution approving the Plan, nor shall the duration of the tax capture exceed the lesser of the period authorized under subsection (4) and (5) of Section 13 of Act 381 or 30 years. The date of tax capture shall commence during the year construction begins but no earlier than 2018 or the immediate following year—as increment revenue becomes available, but the beginning date of tax increment revenues capture shall not exceed five years beyond the date of the governing body resolution approving the Plan.

8. ESTIMATED IMPACT ON TAXING JURISDICTIONS (SECTION 13(1)(G), SECTION 2(EE))

The following table presents a summary of the impact to taxing jurisdictions (if the redevelopment project is completed). 25% of all new tax increment revenues generated by the proposed project will pass-through to all taxing jurisdictions during the Plan’s capture period.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 19 Revised October 16, 2016 Table 3 - Impact to Taxing Jurisdictions Taxes Impact to Incremental Taxing Unit Returned to Taxing Taxes Paid Taxing Unit Jurisdiction CITY OF EAST LANSING - - - Operating $ 1,072,128 $ 305,328 $ 766,799 Solid Waste/Recycling $ 111,241 $ 31,680 $ 79,561 Library $ 121,908 $ 34,718 $ 87,190 Downtown Development Authority - DDA $ - $ - $ - City Debt $ 48,556 $ 48,556 $ - Subtotal $ 1,353,833 $ 420,282 $ 933,551 INGHAM COUNTY - - - County Operating $ 389,143 $ 110,823 $ 278,320 Potter Park Zoo $ 24,991 $ 7,117 $ 17,874 Public Transportation $ 7,314 $ 2,083 $ 5,231 Special Transportation $ 29,258 $ 8,332 $ 20,926 911 System $ 51,390 $ 14,635 $ 36,755 Juvenile Justice $ 36,572 $ 10,415 $ 26,157 Farmland Preservation $ 8,534 $ 2,430 $ 6,103 Health Services $ 21,334 $ 6,076 $ 15,258 Parks/Trails $ 30,477 $ 8,679 $ 21,798 Subtotal: County $ 599,014 $ 170,592 $ 428,422 Capital Region Airport Authority - CRAA $ 42,607 $ 12,134 $ 30,473 Capital Area Transportation Authority - CATA $ 183,289 $ 52,198 $ 131,091 INTERMEDIATE SCHOOL DISTRICTS (ISD) - - - RESA Operating $ 11,545 $ 3,288 $ 8,257 RESA Special Education $ 274,671 $ 78,223 $ 196,448 RESA Vocational Education $ 78,783 $ 22,436 $ 56,347 COMMUNITY COLLEGE - - - Lansing Community College - LCC $ 232,064 $ 66,089 $ 165,975 EAST LANSING PUBLIC SCHOOLS (ELPS) - LOCAL - - - SCHOOL MILLAGES: excludes State School millages East Lansing School Debt $ 254,517 $ 254,517 $ - East Lansing School Building and Site ("Sinking Fund" $ 62,884 $ 18,448 $ 44,436 millage available for tax capture) HASLETT PUBLIC SCHOOLS (HPS) - LOCAL SCHOOL - - - MILLAGES: excludes State School millages Haslett School Debt $ - $ - $ - Haslett School Building and Site ("Sinking Fund" millage $ - $ - $ - available for tax capture) EAST LANSING STATE SCHOOL MILLAGES: excludes - - - Local School millages State Education Tax - SET $ 293,392 $ 293,392 $ - Local School Operating - LSO: 18 mills for Real Property; $ 880,175 $ 880,175 $ - only 6 mills for Personal Property HASLETT STATE SCHOOL MILLAGES: excludes Local - - - School millages State Education Tax - SET $ - $ - $ - Local School Operating - LSO: 18 mills for Real Property; $ - $ - $ - only 6 mills for Personal Property Totals $ 4,266,774 $ 2,271,774 $ 1,995,000

Total Tax Increment Revenues Captured $ 1,995,000

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 20 Revised October 16, 2016

Additional information related to the impact of tax increment financing on the various taxing jurisdictions is presented Exhibit C, Table 4.

9. DISPLACEMENT OF PERSONS (SECTION 13(1)(I-L))

The Property has been vacant for over 14 years and no one is currently occupying the Property. Additionally, there are no residences that will be acquired to be cleared; therefore, there will be no displacement or relocation of persons or businesses under this Plan.

10. AUTHORITY REVOLVING FUND (SECTION 8; SECTION 13(1)(M))

The Authority has not established a LSRRF.

11. OTHER INFORMATION (SECTION 8; SECTION 13(1)(N))

The Authority and the East Lansing City Council, in accordance with the Act, may amend this Plan in the future in order to fund additional eligible activities associated with the Project described herein.

Brownfield Plan No.22 – Costco Wholesale Warehouse, East Lansing Page 21 Revised October 16, 2016 Exhibit A

Legal Descriptions And Eligible Property Boundary Maps

Redevelopment of parcels in East Lansing (“Property”) into a Commercial Redevelopment project (“Project”). Per ALTA/ACSM Land Title Survey of Parcels A and B, the Property Legal Descriptions are as follows:

Parcel A: 33-20-02-08-276-004

Parcel B: 33-20-02-09-151-003

Approximate Combined Acreage (Parcels A and B): 64.49

Eligible Property Location Map

Eligible Property Boundary Map (ALTA/ACSM Land Title Survey, 2 pages, to follow):

Exhibit B Basis of Eligibility Functional Obsolescence Determination

Exhibit C

Table 4 - Tax Increment Financing Estimates

Table 4a1 - Base Year/Initial Taxable Value (ITV) Information

COSTCO WHOLESALE WAREHOUSE DEVELOPMENT BROWNFIELD PLAN #22 Table 4a1 - Base Year/ Initial Taxable Value (ITV) Information

Base Year/ Initial Taxable Value (ITV) of All Eligible Property in the Brownfield Plan by Total Taxes Paid on Base Notes Property Identification Notes Property Classification Year/ ITV

Land Real Property Personal Personal BASE YEAR = Address Tax Parcel Number Land Improve- Building Total Real Property Subtotal Property Property ments 2017 Estimated Taxable Value for 2017, 33-20-02-09-151-003 based on Assessed Value for 2016 (as Haslett Road Note: In Haslett School $ 25,900 $ - $ - $ 25,900 $ - $ 25,900 $ 2,069 $ - of 12/31/2016). Note: Property is in District the Haslett School District.

Estimated Taxable Value for 2017, 33-20-02-08-276-004 based on Assessed Value for 2016 (as 5800 Park Lake Road Note: In East Lansing $ 432,700 $ 8,300 $ (0) $ 441,000 $ - $ 441,000 $ 33,529 $ - of 12/31/2015). Note: Property is in School District the East Lansing School District.

Totals $ 458,600 $ 8,300 $ (0) $ 466,900 $ - $ 466,900 $ 35,599 $ - -

Advanced Redevelopment Solutions Base Year/ ITV Page 1 of Page 1 Table 4a2 - Taxes Paid to All Taxing Jurisdictions on the Base Year Taxable Value/Initial Taxable Value (ITV)

COSTCO WHOLESALE WAREHOUSE DEVELOPMENT BROWNFIELD PLAN #22 Table 4a2 - Taxes Paid to All Taxing Jurisdictions on the Base Year Taxable Value/ Initial Taxable Value (ITV)

Millage Rate Millage Rate Base Paid: Real Paid: Personal 2017 Year Property Property AD VALOREM TAXING AUTHORITIES/ TAXING JURISDICTIONS (TJs) BP Year 0 Annual Annual Number

- CITY OF EAST LANSING - - - - - Operating 17.5891 17.5891 $ 8,212 - Solid Waste/Recycling 1.8250 1.8250 $ 852 - Library 2.0000 2.0000 $ 934 - City Debt 0.7966 0.7966 $ 372 - Subtotal of Local Government Unit (LGU): Annual 22.2107 22.2107 $ 10,370 - INGHAM COUNTY - - - - - County Operating 6.3842 6.3842 $ 2,981 - Potter Park Zoo 0.4100 0.4100 $ 191 - Public Transportation 0.1200 0.1200 $ 56 - Special Transportation 0.4800 0.4800 $ 224 - 911 System 0.8431 0.8431 $ 394 - Juvenile Justice 0.6000 0.6000 $ 280 - Farmland Preservation 0.1400 0.1400 $ 65 - Health Services 0.3500 0.3500 $ 163 - Parks/Trails 0.5000 0.5000 $ 233 - Capital Region Airport Authority - CRAA 0.6990 0.6990 $ 326 - Capital Area Transportation Authority - CATA 3.0070 3.0070 $ 1,404 - INTERMEDIATE SCHOOL DISTRICTS (ISD) - - - - - RESA Operating 0.1894 0.1894 $ 88 - RESA Special Education 4.5062 4.5062 $ 2,104 - RESA Vocational Education 1.2925 1.2925 $ 603 - COMMUNITY COLLEGE - - - - - Lansing Community College - LCC 3.8072 3.8072 $ 1,778

- EAST LANSING PUBLIC SCHOOLS (ELPS) - LOCAL SCHOOL MILLAGES: excludes State School millages - - - - - East Lansing School Debt 5.2050 5.2050 $ 2,295

- East Lansing School Building and Site ("Sinking Fund" millage available for tax capture) 1.2860 1.2860 $ 567

- HASLETT PUBLIC SCHOOLS (HPS) - LOCAL SCHOOL MILLAGES: excludes State School millages - - - - - Haslett School Debt 8.3300 8.3300 $ 216

- Haslett School Building and Site ("Sinking Fund" millage available for tax capture) 2.0283 2.0283 $ 53 - In ELPS: Subtotal of Non-Local Government Unit (LGU) Local: Annual 29.8196 29.8196 $ 13,755 - In ELPS: Total Local: Annual 52.0303 52.0303 $ 24,125

- In HPS: Subtotal of Non-Local Government Unit (LGU) Local: Annual 33.6869 33.6869 $ 268 - In HPS: Total Local: Annual 55.8976 55.8976 $ 268

- EAST LANSING STATE SCHOOL MILLAGES: excludes Local School millages - - - - - State Education Tax - SET 6.0000 6.0000 $ 2,646 Local School Operating - LSO: 18 mills for Real Property; only 6 mills for - Personal Property 18.0000 6.0000 $ 7,938 - HASLETT STATE SCHOOL MILLAGES: excludes Local School millages - - - - State Education Tax - SET 6.0000 6.0000 $ 155 Local School Operating - LSO: 18 mills for Real Property; only 6 mills for - Personal Property 18.0000 6.0000 $ 466 - In ELPS: Total State & Local School: Annual 24.0000 12.0000 $ 10,584 - In HPS: Total State & Local School: Annual $ 622 - IN ELPS: TOTAL LOCAL AND STATE & LOCAL SCHOOL: ANNUAL 76.0303 64.0303 $ 34,709

- IN HPS: TOTAL LOCAL AND STATE & LOCAL SCHOOL: ANNUAL 79.8976 67.8976 $ 890 - TOTAL LOCAL AND STATE & LOCAL SCHOOL: ANNUAL $ 35,599 Advanced Redevelopment Solutions Taxes Paid on Base Year Page 1 of 1 Table 4b – Estimated Future Taxable Value (FTV) Information

COSTCO WHOLESALE WAREHOUSE DEVELOPMENT BROWNFIELD PLAN #22 Table 4b - Estimated Future Taxable Value (FTV) Information

Estimated Percentage (%) Change In Future Taxable Values (TV) of Building(s) & Land Improvements shown below

Estimated Percentage (%) Change In Future Taxable Values (TV) of Raw Land shown below

Future Taxable Value (FTV) of Building(s) & Land Improvements Upon True Cash Value FTV Assumes $ Notes Estimated FTV Completion (TCV) Assumptions Invested In:

Construction = 156,170 SF; Costco Wholesale Warehouse: Portion in East Lansing School District $ 3,045,500 $ 6,091,000 2017 Assessed at $39 per SF

Costco Wholesale Warehouse: Portion in Haslett School District $ - $ - " 2017

Subtotal $ 3,045,500 -

Future Taxable Value (FTV) of Any Pre-Existing Personal Property included in the Base Year/ITV Subtotal Future Taxable Value (FTV) of Building(s), Land Improvements, and Any Pre-Existing Personal Property

Notes Future Taxable Value (FTV) of Raw Land Estimated FTV Notes

Tax Parcel Number - - Assumes annual increase noted 33-20-02-09-151-003 Note: In Haslett School District $ 25,900 above, if any. Assumes annual increase noted 33-20-02-08-276-004 Note: In East Lansing School District $ 432,700 above, if any. Vacant outlot assessed at $6.75 Outlot 1 - Part of original 33-20-02-08-276-004 (1.93 acres- 84,210 SF) $ 284,200 per SF. Vacant outlot assessed at $6.75 Outlot 2 - Part of original 33-20-02-08-276-004 (1.67 acres - 72,774 SF) $ 245,600 per SF. Vacant outlot assessed at $6.75 Outlot 3 - Part of original 33-20-02-08-276-004 (1.86 acres 81,164 SF) $ 273,900 per SF. Subtotal Future Taxable Value (FTV) of Raw Land $ 1,262,300

- Total Future Taxable Value (FTV) of Building(s) and Land Improvements, & Raw Land

- Total Captured Taxable Value ( = to Total FTV of Building(s) and Land Improvements & Raw Land minus Base Year/ ITV)

Notes: 1 All Future Taxable/Assessed Values (FTV) are estimates only; the actual Taxable/Assessed Values may be higher or lower than estimated, and must be determined upon project completion by the governing body's Assessing personnel. Taxable/Assessed Values per square foot and/or per room/unit for both new construction and renovations may vary widely depending on the quality, quantity, type of improvements, and the property's location. Additionally, for any renovations (if applicable), the Taxable/Assessed value depends on whether improvements are assessed as “new improvements” or just “replacement/repair,” as determined by Assessing personnel. Until improvements are completed and assessed, it is only possible to estimate the Future Taxable/Assessed Value based on various assumptions.

2 The Brownfield Plan will not capture any Personal Property taxes.

Advanced Redevelopment Solutions Future Taxable Value (FTV) Page 1 of 3 Year 2016 2017 2018 2019 2020 2021 2022 2023 BP Year 0 0 1 2 3 4 5 6 Number

0.00% 0.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

% % % Completed Completed Completed ------by by by 12/31/16 12/31/17 12/31/18

0% 100% 100% - - $ 3,045,500 $ 3,075,955 $ 3,106,715 $ 3,137,782 $ 3,169,160 $ 3,200,851 0% 100% 100% - - $ - $ - - - - -

- $ - $ 3,045,500 $ 3,075,955 $ 3,106,715 $ 3,137,782 $ 3,169,160 $ 3,200,851

$ - $ - $ - $ - $ - $ - $ - $ - - - 3,045,500 3,075,955 3,106,715 3,137,782 3,169,160 3,200,851

------

------

$ - $ - $ 25,900 $ 25,900 $ 25,900 $ 25,900 $ 25,900 $ 25,900

$ - $ - $ 432,700 $ 432,700 $ 432,700 $ 432,700 $ 432,700 $ 432,700

$ - $ - $ 284,200 $ 284,200 $ 284,200 $ 284,200 $ 284,200 $ 284,200

$ - $ - $ 245,600 $ 245,600 $ 245,600 $ 245,600 $ 245,600 $ 245,600

$ - $ - $ 273,900 $ 273,900 $ 273,900 $ 273,900 $ 273,900 $ 273,900

$ - $ - $ 1,262,300 $ 1,262,300 $ 1,262,300 $ 1,262,300 $ 1,262,300 $ 1,262,300

$ - $ - $ 4,307,800 $ 4,338,255 $ 4,369,015 $ 4,400,082 $ 4,431,460 $ 4,463,151

$ - $ - $ 3,840,900 $ 3,871,355 $ 3,902,115 $ 3,933,182 $ 3,964,560 $ 3,996,251

Advanced Redevelopment Solutions Future Taxable Value (FTV) Page 2 of 3 2024 2025 2026 2027 2028 2029 2030 2031 2032

7 8 9 10 11 12 13 14 15

1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

------

$ 3,232,860 $ 3,265,188 $ 3,297,840 $ 3,330,818 $ 3,364,127 $ 3,397,768 $ 3,431,746 $ 3,466,063 $ 3,500,724

------

$ 3,232,860 $ 3,265,188 $ 3,297,840 $ 3,330,818 $ 3,364,127 $ 3,397,768 $ 3,431,746 $ 3,466,063 $ 3,500,724

$ - $ - $ - $ - $ - $ - $ - $ - $ - 3,232,860 3,265,188 3,297,840 3,330,818 3,364,127 3,397,768 3,431,746 3,466,063 3,500,724

------

------

$ 25,900 $ 25,900 $ 25,900 $ 25,900 $ 25,900 $ 25,900 $ 25,900 $ 25,900 $ 25,900

$ 432,700 $ 432,700 $ 432,700 $ 432,700 $ 432,700 $ 432,700 $ 432,700 $ 432,700 $ 432,700

$ 284,200 $ 284,200 $ 284,200 $ 284,200 $ 284,200 $ 284,200 $ 284,200 $ 284,200 $ 284,200

$ 245,600 $ 245,600 $ 245,600 $ 245,600 $ 245,600 $ 245,600 $ 245,600 $ 245,600 $ 245,600

$ 273,900 $ 273,900 $ 273,900 $ 273,900 $ 273,900 $ 273,900 $ 273,900 $ 273,900 $ 273,900

$ 1,262,300 $ 1,262,300 $ 1,262,300 $ 1,262,300 $ 1,262,300 $ 1,262,300 $ 1,262,300 $ 1,262,300 $ 1,262,300

$ 4,495,160 $ 4,527,488 $ 4,560,140 $ 4,593,118 $ 4,626,427 $ 4,660,068 $ 4,694,046 $ 4,728,363 $ 4,763,024

$ 4,028,260 $ 4,060,588 $ 4,093,240 $ 4,126,218 $ 4,159,527 $ 4,193,168 $ 4,227,146 $ 4,261,463 $ 4,296,124

Advanced Redevelopment Solutions Future Taxable Value (FTV) Page 3 of 3 Table 4c - Impact of Tax Capture on Taxing Jurisdictions

COSTCO WHOLESALE WAREHOUSE DEVELOPMENT BROWNFIELD PLAN #22 Table 4c - Impact of Tax Capture on Taxing Jurisdictions

Millage Summary: Millage Rate Paid on Real Property without any Tax % of Local/ Percent (%) Year 2016 2017 2018 Exemptions Regional of Millage % of All AD VALOREM TAXING AUTHORITIES/ TAXING JURISDICTIONS Millages Rate Captured (all Millages Captured BP Year (TJs) Allowed for 0 0 1 Not Allowed except State Captured Number Annual Capture School for Capture BP Years: (Net) Millages) All Years - CITY OF EAST LANSING - - - 46.52% 46.52% ------Operating 17.5891 0.0000 17.5891 38.21% 38.21% 75.00% $ 0 $ 0 $ 50,668 - Solid Waste/Recycling 1.8250 0.0000 1.8250 3.96% 3.96% 75.00% $ 0 $ 0 $ 5,257 - Library 2.0000 0.0000 2.0000 4.35% 4.35% 75.00% $ 0 $ 0 $ 5,761 - Reserved for Future Use City Debt 0.00000.7966 0.79660.0000 0.0000 0.00% 0.00% 75.00%0.00% $ 0 $ 0 $ 0 - Subtotal of Local Government Unit (LGU) Millages and Tax Capture: - Annual 22.2107 0.7966 21.4141 46.52% 46.52% $ 0 $ 0 $ 61,687 - Local Government Unit (LGU) Tax Capture: Cumulative $ 0 $ 0 $ 61,687

- INGHAM COUNTY ------County Operating 6.3842 0.0000 6.3842 13.87% 13.87% 75.00% $ 0 $ 0 $ 18,391 - Potter Park Zoo 0.4100 0.0000 0.4100 0.89% 0.89% 75.00% $ 0 $ 0 $ 1,181 - Public Transportation 0.1200 0.0000 0.1200 0.26% 0.26% 75.00% $ 0 $ 0 $ 346 - Special Transportation 0.4800 0.0000 0.4800 1.04% 1.04% 75.00% $ 0 $ 0 $ 1,383 - 911 System 0.8431 0.0000 0.8431 1.83% 1.83% 75.00% $ 0 $ 0 $ 2,429 - Juvenile Justice 0.6000 0.0000 0.6000 1.30% 1.30% 75.00% $ 0 $ 0 $ 1,728 - Farmland Preservation 0.1400 0.0000 0.1400 0.30% 0.30% 75.00% $ 0 $ 0 $ 403 - Health Services 0.3500 0.0000 0.3500 0.76% 0.76% 75.00% $ 0 $ 0 $ 1,008 - Parks/Trails 0.5000 0.0000 0.5000 1.09% 1.09% 75.00% $ 0 $ 0 $ 1,440 - Capital Region Airport Authority - CRAA 0.6990 0.0000 0.6990 1.52% 1.52% 75.00% $ 0 $ 0 $ 2,014 - Capital Area Transportation Authority - CATA 3.0070 0.0000 3.0070 6.53% 6.53% 75.00% $ 0 $ 0 $ 8,662 - INTERMEDIATE SCHOOL DISTRICTS (ISD) ------RESA Operating 0.1894 0.0000 0.1894 0.41% 0.41% 75.00% $ 0 $ 0 $ 546 - RESA Special Education 4.5062 0.0000 4.5062 9.79% 9.79% 75.00% $ 0 $ 0 $ 12,981 - RESA Vocational Education 1.2925 0.0000 1.2925 2.81% 2.81% 75.00% $ 0 $ 0 $ 3,723 - COMMUNITY COLLEGE ------Lansing Community College - LCC 3.8072 0.0000 3.8072 8.27% 8.27% 75.00% $ 0 $ 0 $ 10,967

- EAST LANSING PUBLIC SCHOOLS (ELPS) - LOCAL SCHOOL MILLAGES: excludes State School millages ------East Lansing School Debt 5.2050 5.2050 0.0000 0.00% 0.00% 0.00% $ 0 $ 0 $ 0

- East Lansing School Building and Site ("Sinking Fund" millage available for tax capture) 1.2860 0.0000 1.2860 2.79% 2.79% 75.00% $ 0 $ 0 $ 2,929

- HASLETT PUBLIC SCHOOLS (HPS) - LOCAL SCHOOL MILLAGES: excludes State School millages ------Haslett School Debt 8.3300 8.3300 0.0000 0.00% 0.00% 0.00% $ 0 $ 0 $ 0 Haslett School Building and Site ("Sinking Fund" millage available for - tax capture) 2.0283 0.0000 2.0283 4.34% 4.34% 75.00% $ 0 $ 0 $ 0 - In ELPS: Subtotal of Non-LGU Local Millages and Tax Capture: Annual 29.8196 5.2050 24.6146 53.48% 53.48% $ 0 $ 0 $ 70,131 - In ELPS: Non-LGU Local Tax Capture: Cumulative $ 0 $ 0 $ 70,131 - In ELPS: Total Local Tax Capture: Annual 52.0303 6.0016 46.0287 100.00% 100.00% $ 0 $ 0 $ 131,819 - In ELPS: Total Local Tax Capture: Cumulative $ 0 $ 0 $ 131,819

- In HPS: Subtotal of Non-LGU Local Millages and Tax Capture: Annual 33.6869 8.3300 25.3569 55.02% 55.02% $ 0 $ 0 $ 0 - In HPS: Non-LGU Local Tax Capture: Cumulative $ 0 $ 0 $ 0 - In HPS: Total Local Tax Capture: Annual 55.8976 9.1266 46.7710 - - $ 0 $ 0 $ 0

- EAST LANSING STATE SCHOOL MILLAGES: excludes Local School millages ------State Education Tax - SET 6.0000 6.0000 0.0000 0.00% 0.00% 0.00% $ 0 $ 0 $ 0

- Local School Operating - LSO: 18 mills for Real Property; only 6 mills for Personal Property 18.0000 18.0000 0.0000 0.00% 0.00% 0.00% $ 0 $ 0 $ 0 - HASLETT STATE SCHOOL MILLAGES: excludes Local School millages ------State Education Tax - SET 6.0000 6.0000 0.0000 0.00% 0.00% 0.00% $ 0 $ 0 $ 0 Local School Operating - LSO: 18 mills for Real Property; only 6 mills - for Personal Property 18.0000 18.0000 0.0000 0.00% 0.00% 0.00% $ 0 $ 0 $ 0 - In ELPS: Total State & Local School Tax Capture: Annual 24.0000 24.0000 0.0000 0.00% 0.00% $ 0 $ 0 $ 0 - In ELPS: Total State & Local School Tax Capture: Cumulative $ 0 $ 0 $ 0 - In HPS: Total State & Local School Tax Capture: Annual 24.0000 24.0000 0.0000 0.00% 0.00% $ 0 $ 0 $ 0 - In HPS: Total State & Local School Tax Capture: Cumulative $ 0 $ 0 $ 0

IN ELPS: TOTAL LOCAL TAX AND STATE & LOCAL SCHOOL TAX - CAPTURE: ANNUAL 76.0303 30.0016 46.0287 - 100.00% $ 0 $ 0 $ 131,819 IN ELPS: TOTAL LOCAL TAX AND STATE & LOCAL SCHOOL TAX - CAPTURE: CUMULATIVE $ 0 $ 0 $ 131,819 IN HPS: TOTAL LOCAL TAX AND STATE & LOCAL SCHOOL TAX CAPTURE: ANNUAL 79.8976 33.1266 46.7710 - - $ 0 $ 0 $ 0 - TOTAL LOCAL AND STATE & LOCAL SCHOOL: ANNUAL $ 0 $ 0 $ 131,819 - TOTAL LOCAL AND STATE & LOCAL SCHOOL: CUMULATIVE $ 0 $ 0 $ 131,819

Notes: 1 Unless otherwise noted, the most current available millage rates are utilized and are assumed to be in effect for the duration of the Plan. Actual rates are subject to change and may be higher or lower, and may include the elimination of existing millages and/or the addition of new millages. Advanced Redevelopment Solutions Tax Impact Page 1 of 2 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Total Tax Capture During 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Brownfield Plan Tax Capture Period

------$ 51,070 $ 51,476 $ 51,886 $ 52,300 $ 52,718 $ 53,140 $ 53,567 $ 53,997 $ 54,432 $ 54,872 $ 55,316 $ 55,764 $ 56,216 $ 56,674 $ 804,096 $ 5,299 $ 5,341 $ 5,384 $ 5,426 $ 5,470 $ 5,514 $ 5,558 $ 5,603 $ 5,648 $ 5,693 $ 5,739 $ 5,786 $ 5,833 $ 5,880 $ 83,431 $ 5,807 $ 5,853 $ 5,900 $ 5,947 $ 5,994 $ 6,042 $ 6,091 $ 6,140 $ 6,189 $ 6,239 $ 6,290 $ 6,341 $ 6,392 $ 6,444 $ 91,431 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 62,176 $ 62,670 $ 63,169 $ 63,673 $ 64,182 $ 64,696 $ 65,215 $ 65,740 $ 66,269 $ 66,804 $ 67,345 $ 67,890 $ 68,442 $ 68,998 $ 978,958 $ 123,863 $ 186,533 $ 249,703 $ 313,376 $ 377,558 $ 442,254 $ 507,469 $ 573,209 $ 639,479 $ 706,283 $ 773,628 $ 841,518 $ 909,960 $ 978,958 -

------$ 18,537 $ 18,684 $ 18,833 $ 18,983 $ 19,135 $ 19,288 $ 19,443 $ 19,599 $ 19,757 $ 19,916 $ 20,078 $ 20,240 $ 20,405 $ 20,570 $ 291,857 $ 1,190 $ 1,200 $ 1,209 $ 1,219 $ 1,229 $ 1,239 $ 1,249 $ 1,259 $ 1,269 $ 1,279 $ 1,289 $ 1,300 $ 1,310 $ 1,321 $ 18,743 $ 348 $ 351 $ 354 $ 357 $ 360 $ 363 $ 365 $ 368 $ 371 $ 374 $ 377 $ 380 $ 384 $ 387 $ 5,486 $ 1,394 $ 1,405 $ 1,416 $ 1,427 $ 1,439 $ 1,450 $ 1,462 $ 1,474 $ 1,485 $ 1,497 $ 1,510 $ 1,522 $ 1,534 $ 1,547 $ 21,943 $ 2,448 $ 2,467 $ 2,487 $ 2,507 $ 2,527 $ 2,547 $ 2,568 $ 2,588 $ 2,609 $ 2,630 $ 2,651 $ 2,673 $ 2,695 $ 2,717 $ 38,543 $ 1,742 $ 1,756 $ 1,770 $ 1,784 $ 1,798 $ 1,813 $ 1,827 $ 1,842 $ 1,857 $ 1,872 $ 1,887 $ 1,902 $ 1,918 $ 1,933 $ 27,429 $ 406 $ 410 $ 413 $ 416 $ 420 $ 423 $ 426 $ 430 $ 433 $ 437 $ 440 $ 444 $ 447 $ 451 $ 6,400 $ 1,016 $ 1,024 $ 1,032 $ 1,041 $ 1,049 $ 1,057 $ 1,066 $ 1,074 $ 1,083 $ 1,092 $ 1,101 $ 1,110 $ 1,119 $ 1,128 $ 16,000 $ 1,452 $ 1,463 $ 1,475 $ 1,487 $ 1,499 $ 1,511 $ 1,523 $ 1,535 $ 1,547 $ 1,560 $ 1,572 $ 1,585 $ 1,598 $ 1,611 $ 22,858 $ 2,030 $ 2,046 $ 2,062 $ 2,078 $ 2,095 $ 2,112 $ 2,129 $ 2,146 $ 2,163 $ 2,181 $ 2,198 $ 2,216 $ 2,234 $ 2,252 $ 31,955 $ 8,731 $ 8,800 $ 8,870 $ 8,941 $ 9,013 $ 9,085 $ 9,158 $ 9,231 $ 9,306 $ 9,381 $ 9,457 $ 9,533 $ 9,611 $ 9,689 $ 137,467 ------$ 550 $ 554 $ 559 $ 563 $ 568 $ 572 $ 577 $ 581 $ 586 $ 591 $ 596 $ 600 $ 605 $ 610 $ 8,659 $ 13,084 $ 13,188 $ 13,293 $ 13,399 $ 13,506 $ 13,614 $ 13,723 $ 13,834 $ 13,945 $ 14,058 $ 14,171 $ 14,286 $ 14,402 $ 14,519 $ 206,004 $ 3,753 $ 3,783 $ 3,813 $ 3,843 $ 3,874 $ 3,905 $ 3,936 $ 3,968 $ 4,000 $ 4,032 $ 4,065 $ 4,098 $ 4,131 $ 4,165 $ 59,087 ------$ 11,054 $ 11,142 $ 11,231 $ 11,320 $ 11,411 $ 11,502 $ 11,595 $ 11,688 $ 11,782 $ 11,877 $ 11,973 $ 12,070 $ 12,168 $ 12,267 $ 174,048

------$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 2,959 $ 2,988 $ 3,018 $ 3,049 $ 3,079 $ 3,110 $ 3,141 $ 3,173 $ 3,205 $ 3,237 $ 3,269 $ 3,302 $ 3,335 $ 3,368 $ 47,163

------$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 70,694 $ 71,262 $ 71,835 $ 72,414 $ 72,999 $ 73,590 $ 74,187 $ 74,790 $ 75,399 $ 76,014 $ 76,635 $ 77,262 $ 77,895 $ 78,535 $ 1,113,643 $ 140,825 $ 212,087 $ 283,922 $ 356,336 $ 429,336 $ 502,926 $ 577,113 $ 651,903 $ 727,302 $ 803,315 $ 879,950 $ 957,212 $ 1,035,108 $ 1,113,643 - $ 132,870 $ 133,932 $ 135,004 $ 136,087 $ 137,182 $ 138,286 $ 139,403 $ 140,530 $ 141,668 $ 142,818 $ 143,979 $ 145,152 $ 146,337 $ 147,534 $ 2,092,601 $ 264,688 $ 398,620 $ 533,625 $ 669,712 $ 806,893 $ 945,180 $ 1,084,583 $ 1,225,112 $ 1,366,780 $ 1,509,598 $ 1,653,578 $ 1,798,730 $ 1,945,067 $ 2,092,601 -

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 - $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

------$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ------$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 - $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 -

$ 132,870 $ 133,932 $ 135,004 $ 136,087 $ 137,182 $ 138,286 $ 139,403 $ 140,530 $ 141,668 $ 142,818 $ 143,979 $ 145,152 $ 146,337 $ 147,534 $ 2,092,601

- $ 264,688 $ 398,620 $ 533,625 $ 669,712 $ 806,893 $ 945,180 $ 1,084,583 $ 1,225,112 $ 1,366,780 $ 1,509,598 $ 1,653,578 $ 1,798,730 $ 1,945,067 $ 2,092,601

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 132,870 $ 133,932 $ 135,004 $ 136,087 $ 137,182 $ 138,286 $ 139,403 $ 140,530 $ 141,668 $ 142,818 $ 143,979 $ 145,152 $ 146,337 $ 147,534 $ 2,092,601 $ 264,688 $ 398,620 $ 533,625 $ 669,712 $ 806,893 $ 945,180 $ 1,084,583 $ 1,225,112 $ 1,366,780 $ 1,509,598 $ 1,653,578 $ 1,798,730 $ 1,945,067 $ 2,092,601

Advanced Redevelopment Solutions Tax Impact Page 2 of 2 Table 4d - Reimbursement of Eligible Activities & Disbursements

COSTCO WHOLESALE WAREHOUSE DEVELOPMENT BROWNFIELD PLAN #22 Table 4d - Reimbursement of Eligible Activities & Disbursements

DISBURSEMENTS TO BROWNFIELD REDEVELOPMENT Totals AUTHORITY & MBRF Notes State of Michigan Brownfield Redevelopment Fund (MBRF): Funded from the capture of the State Education Tax (SET) - millages (if applicable) $ 0 - Estimated State Education Tax (SET) Captured

of Local Tax Capture per Reimbursement of Local Brownfield Redevelopment Authority - $ 13,000 year during Brownfield Administrative & Operating Expenses Plan. $ 195,000

- 0.00% of Local Tax Capture thereafter.

Local Brownfield Redevelopment Authority Site Remediation of Local Tax Capture during - 0.00% Revolving Fund (LSRRF) Brownfield Plan. $ 0 - 0.00% of Local Tax Capture Note: The LSRRF may capture for not more than 5 years after the thereafter. time that capture is required to reimburse all Eligible Activities. LSRRF is allowed to capture - up to: $ -

- Annual Remaining Revenue Available for Reimbursement - Cumulative Remaining Revenue Available for Reimbursement

Notes REIMBURSEMENT OF ELIGIBLE ACTIVITIES

Environmental Activities: Michigan Department of - Environmental Quality (MDEQ) - Local Tax Increment Reimbursement $ 0 - State & Local School Tax Increment Reimbursement (LSO & SET) $ 0 - TOTAL MDEQ REIMBURSEMENT (Eligible Costs) $ 0

Non-Environmental Activities: Brownfield Redevelopment - Authority (BRA) & Michigan Strategic Fund (MSF) - Local Tax Increment Reimbursement $ 1,800,000 - State & Local School Tax Increment Reimbursement (LSO & SET) $ 0 - TOTAL BRA & MSF REIMBURSEMENT (Eligible Costs) $ 1,800,000

TOTAL ANNUAL REIMBURSEMENT: BRA, MDEQ & MSF (Eligible - Costs) $ 1,800,000 TOTAL CUMULATIVE REIMBURSEMENT: BRA, MDEQ & MSF - (Eligible Costs)

- Remaining Unreimbursed Balance

- Surplus Revenue from Local Tax Increment = - Surplus Revenue from State and Local School Tax Increment =

Notes: 1 Unless amended by the local unit of government, the Plan is anticipated to remain in effect until all approved activities in this Plan are reimbursed. 2 The Eligible Activities projected in this Plan may switch categories if site or environmental conditions change. If conditions change, an Eligible Activity may fall under a different category (such as an Environmental or Non-Environmental Eligible Activity) so long as the Plan does not involve the capture of State School Tax Increment Revenue (i.e., an Act 381 Work Plan). Local Only Tax Capture Plans can adjust between Environmental and Non-Environmental Activity categories. 3 For the Eligible Activities identified in the Plan, the costs of any Activities may be adjusted after the date the Plan is approved by the Brownfield Redevelopment Authority or Governing Body, so long as the costs do not exceed the combined total of all Eligible Activity costs (combined Environmental and Non-Environmental costs) plus a pro-rata contingency amount (but excluding the interest amount), to the extent that the adjustments do not violate the terms of any approved documents, such as a Development Reimbursement Agreement, or Public Act 381 of 1996, as amended.

Advanced Redevelopment Solutions Tax Reimbursement Page 1 of 3 Year 2016 2017 2018 2019 2020 2021 2022 2023 2024 BP Year 0 0 1 2 3 4 5 6 7 Number

$ - $ - $ - $ - $ - $ - $ - $ - $ -

Annual: $ - $ - $ 13,000 $ 13,000 $ 13,000 $ 13,000 $ 13,000 $ 13,000 $ 13,000

Cumulative: $ 0 $ 0 $ 13,000 $ 26,000 $ 39,000 $ 52,000 $ 65,000 $ 78,000 $ 91,000

Annual: $ - $ - $ - $ - $ - $ - $ - $ - $ -

Cumulative: $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 0 $ 0 $ 118,819 $ 119,870 $ 120,932 $ 122,004 $ 123,087 $ 124,182 $ 125,286 $ 0 $ 0 $ 118,819 $ 238,688 $ 359,620 $ 481,625 $ 604,712 $ 728,893 $ 854,180

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 0 $ 0 $ 118,819 $ 119,870 $ 120,932 $ 122,004 $ 123,087 $ 124,182 $ 125,286 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 0 $ 0 $ 118,819 $ 119,870 $ 120,932 $ 122,004 $ 123,087 $ 124,182 $ 125,286

$ 0 $ 0 $ 118,819 $ 119,870 $ 120,932 $ 122,004 $ 123,087 $ 124,182 $ 125,286

$ 0 $ 0 $ 118,819 $ 238,688 $ 359,620 $ 481,625 $ 604,712 $ 728,893 $ 854,180

$ 1,800,000 $ 1,800,000 $ 1,681,181 $ 1,561,312 $ 1,440,380 $ 1,318,375 $ 1,195,288 $ 1,071,107 $ 945,820

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

Advanced Redevelopment Solutions Tax Reimbursement Page 2 of 3 Capture Period Ends for Developer Reimbursement

2025 2026 2027 2028 2029 2030 2031 2032 Totals 8 9 10 11 12 13 14 15 -

$ - $ - $ - $ - $ - $ - $ - $ - $ 0

$ 13,000 $ 13,000 $ 13,000 $ 13,000 $ 13,000 $ 13,000 $ 13,000 $ 13,000 $ 195,000

- $ 104,000 $ 117,000 $ 130,000 $ 143,000 $ 156,000 $ 169,000 $ 182,000 $ 195,000

$ - $ - $ - $ - $ - $ - $ - $ - $ 0 - $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 126,403 $ 127,530 $ 128,668 $ 129,818 $ 130,979 $ 132,152 $ 133,337 $ 134,534 - $ 980,583 $ 1,108,112 $ 1,236,780 $ 1,366,598 $ 1,497,578 $ 1,629,730 $ 1,763,067 $ 1,897,601 -

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 126,403 $ 127,530 $ 128,668 $ 129,818 $ 130,979 $ 132,152 $ 133,337 $ 36,933 $ 1,800,000 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

$ 126,403 $ 127,530 $ 128,668 $ 129,818 $ 130,979 $ 132,152 $ 133,337 $ 36,933 $ 1,800,000

$ 126,403 $ 127,530 $ 128,668 $ 129,818 $ 130,979 $ 132,152 $ 133,337 $ 36,933 $ 1,800,000

- $ 980,583 $ 1,108,112 $ 1,236,780 $ 1,366,598 $ 1,497,578 $ 1,629,730 $ 1,763,067 $ 1,800,000 - $ 819,417 $ 691,888 $ 563,220 $ 433,402 $ 302,422 $ 170,270 $ 36,933 $ 0

$ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 97,601 $ 97,601 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0

Capture Period Ends for Developer Reimbursement

Advanced Redevelopment Solutions Tax Reimbursement Page 3 of 3