September 2022 — 9-13-22-OCIDA-Regular-Board-Packet-Condensed.pdf ================================================================= ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY 333 WEST WASHINGTON STREET, SUITE 130, SYRACUSE, NY 13202 PHONE: 315.435.3770  FAX: 315.435.3669  ONGOVED.COM OCIDA Regular Meeting Agenda September 13, 2022 8:00 AM Call to Order the Meeting of the Agency 1. Approval of Minutes August 18, 2022 Regular Meeting 2. Treasurer’s Report 3. Payment of Bills 4. Conflict of Interest 1. Camillus Mills Redevelopment Company, Inc. / Camillus Mills Phase II, LLC (3101- 21-08A) Modification Meeting Agency Action Requested: a. A resolution of the Board to authorize adoption of SEQRA determination. b. A resolution of the Board consenting to modification of project. Representative: Doug Sutherland, Member, Camillus Mills Phase II, LLC. 2. 1046 Old Seneca Turnpike, Inc. (3101-22-04A) Second Meeting The applicant is proposing to build an 88 room full-service hotel in the Town of Skaneateles. This a 98,000 square foot project on a 31 acre site at 1046 Old Seneca Turnpike. The applicant is requesting exemption from certain sales and use taxes and mortgage recording taxes. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY 333 WEST WASHINGTON STREET, SUITE 130, SYRACUSE, NY 13202 PHONE: 315.435.3770  FAX: 315.435.3669  ONGOVED.COM OCIDA Regular Meeting Agenda September 13, 2022 8:00 AM Call to Order the Meeting of the Agency 1. Approval of Minutes August 18, 2022 Regular Meeting 2. Treasurer’s Report 3. Payment of Bills 4. Conflict of Interest 1. Camillus Mills Redevelopment Company, Inc. / Camillus Mills Phase II, LLC (3101- 21-08A) Modification Meeting Agency Action Requested: a. A resolution of the Board to authorize adoption of SEQRA determination. b. A resolution of the Board consenting to modification of project. Representative: Doug Sutherland, Member, Camillus Mills Phase II, LLC. 2. 1046 Old Seneca Turnpike, Inc. (3101-22-04A) Second Meeting The applicant is proposing to build an 88 room full-service hotel in the Town of Skaneateles. This a 98,000 square foot project on a 31 acre site at 1046 Old Seneca Turnpike. The applicant is requesting exemption from certain sales and use taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board to authorize adoption of SEQRA determination and authorizing the Agency to provide financial assistance in support of the project in the form of an exemption from New York State sales and use taxes and a partial exemption from New York State mortgage recording taxes. Representative: Genevieve Trigg, 1046 Old Seneca Turnpike Legal Counsel, Barclay Damon Page 1 3. Syracuse Haulers Waste Removal, Inc. (3101-22-05A) Initial Meeting Syracuse Haulers Waste Removal, Inc. is proposing new construction of an approximately 24,624 square foot transfer station in the Town of Dewitt. The applicant is requesting exemptions from certain sales and use taxes, real property taxes, real estate transfer taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board authorizing a public hearing. Representative: Sarah Stephens, Consultant, SS Funding Sources 4. CVE US EI 4 Manlius North, LLC (3101-21-16A) Modification Meeting CVE US EI 4 Manlius North, LLC is proposing to modify its originally approved project and is now proposing to construct a 1.5 MW, 13.7-acre solar array on a 38.785-acre parcel of land in the Town of Manlius. The applicant is requesting additional exemptions from certain sales and use taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board to authorize adoption of SEQRA determination and authorizing the Agency to provide financial assistance in support of the project in the form of an exemption from New York State sales and use taxes and a partial exemption from New York State mortgage recording taxes. Representative: Genevieve Trigg, 1046 Old Seneca Turnpike Legal Counsel, Barclay Damon Page 1 3. Syracuse Haulers Waste Removal, Inc. (3101-22-05A) Initial Meeting Syracuse Haulers Waste Removal, Inc. is proposing new construction of an approximately 24,624 square foot transfer station in the Town of Dewitt. The applicant is requesting exemptions from certain sales and use taxes, real property taxes, real estate transfer taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board authorizing a public hearing. Representative: Sarah Stephens, Consultant, SS Funding Sources 4. CVE US EI 4 Manlius North, LLC (3101-21-16A) Modification Meeting CVE US EI 4 Manlius North, LLC is proposing to modify its originally approved project and is now proposing to construct a 1.5 MW, 13.7-acre solar array on a 38.785-acre parcel of land in the Town of Manlius. The applicant is requesting additional exemptions from certain sales and use taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board authorizing an additional public hearing. Representative: Carson Weinand, Senior Business Developer, CVE Group 5. CVE US EI 5 Manlius East, LLC (3101-21-17B) Modification Meeting CVE US EI 5 Manlius East, LLC is proposing to modify its originally approved project and is now proposing to construct a 5MW, 36.7-acre solar array on a 68.278 -acre parcel of land in the Town of Manlius. The applicant is requesting additional exemptions from certain sales and use taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board authorizing an additional public hearing. Representative: Carson Weinand, Senior Business Developer, CVE Group 2 Page 2 6. CVE US EI6 Manlius West, LLC (3101-21-18C) Modification Meeting CVE US EI 6 Manlius West, LLC is proposing to modify its originally approved project and is now proposing to construct a 5MW, 40.7-acre solar array on a 75- acre parcel of land in the Town of Manlius. The applicant is requesting additional exemptions from certain sales and use taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board authorizing an additional public hearing. Agency Action Requested: a. A resolution of the Board authorizing an additional public hearing. Representative: Carson Weinand, Senior Business Developer, CVE Group 5. CVE US EI 5 Manlius East, LLC (3101-21-17B) Modification Meeting CVE US EI 5 Manlius East, LLC is proposing to modify its originally approved project and is now proposing to construct a 5MW, 36.7-acre solar array on a 68.278 -acre parcel of land in the Town of Manlius. The applicant is requesting additional exemptions from certain sales and use taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board authorizing an additional public hearing. Representative: Carson Weinand, Senior Business Developer, CVE Group 2 Page 2 6. CVE US EI6 Manlius West, LLC (3101-21-18C) Modification Meeting CVE US EI 6 Manlius West, LLC is proposing to modify its originally approved project and is now proposing to construct a 5MW, 40.7-acre solar array on a 75- acre parcel of land in the Town of Manlius. The applicant is requesting additional exemptions from certain sales and use taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board authorizing an additional public hearing. Representative: Carson Weinand, Senior Business Developer, CVE Group 7. ICM Controls Corp. (3101-04-04B) Modification Meeting ICM Controls Corp. is requesting the Board to consent to the sale of its ownership interest in the land and improvements, with ICM Controls Corp. remaining at the project location as a tenant. Agency Action Requested: A resolution of the Board approving the assignment of certain rights, title and interest in a Project Facility by ICM Controls Corp. to William Barry Blvd North Syracuse NY LLC. Representative: Jeffrey Davis, OCIDA Counsel, Barclay Damon 9. DISTRICT EAST (3101-22-06A) Informational Meeting District East representative will provide a project update. Representative: Kevin Pole, OHB Redev, Inc. Legal Counsel, Bond, Schoeneck & King, PLLC 10. OCIDA Board SEQRA Working Group for District East Representative: Robert Petrovich, Executive Director, OCIDA Adjourn 3 Page 3 DRAFT Onondaga County Industrial Development Agency Regular Meeting Minutes August 18, 2022 Representative: Carson Weinand, Senior Business Developer, CVE Group 7. ICM Controls Corp. (3101-04-04B) Modification Meeting ICM Controls Corp. is requesting the Board to consent to the sale of its ownership interest in the land and improvements, with ICM Controls Corp. remaining at the project location as a tenant. Agency Action Requested: A resolution of the Board approving the assignment of certain rights, title and interest in a Project Facility by ICM Controls Corp. to William Barry Blvd North Syracuse NY LLC. Representative: Jeffrey Davis, OCIDA Counsel, Barclay Damon 9. DISTRICT EAST (3101-22-06A) Informational Meeting District East representative will provide a project update. Representative: Kevin Pole, OHB Redev, Inc. Legal Counsel, Bond, Schoeneck & King, PLLC 10. OCIDA Board SEQRA Working Group for District East Representative: Robert Petrovich, Executive Director, OCIDA Adjourn 3 Page 3 DRAFT Onondaga County Industrial Development Agency Regular Meeting Minutes August 18, 2022 A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, August 18, 2022 at 333 West Washington Street, Syracuse, New York in the large conference room on the first floor. Patrick Hogan called the meeting to order at 8:04 am with the following: PRESENT: Patrick Hogan Janice Herzog Victor Ianno Steve Morgan Susan Stanczyk Kevin Ryan Fanny Villarreal ABSENT: ALSO PRESENT: Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Jeff Davis, Barclay Damon Law Firm Brian Gerling, Barclay Damon Law Firm Christopher Andreucci, Harris Beach Law Firm Len Rauch, Office of Economic Development Rebecca Shiroff, Office of Economic Development Matthew Pelligra, Office of Economic Development Genevieve Trigg, Barclay Damon Law Firm Thomas Fernandez, 1046 Old Seneca Turnpike, Inc. Norm Swanson, 1046 Old Seneca Turnpike, Inc. Glenn Frank, OYA Solar Ryan Benz, OHB Redev, Inc. Mitch Latimer, Carpenter’s Union APPROVAL OF REGULAR MEETING MINUTES – JULY 21, 2022 Upon a motion by Victor Ianno, seconded by Susan Stanczyk, the OCIDA Board approved the regular meeting minutes of July 21, 2022. Fanny Villarreal abstained. Motion was carried. Page 4 TREASURER’S REPORT Nate Stevens gave a brief review of the Treasurer’s Report for the month of July 2022. A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, August 18, 2022 at 333 West Washington Street, Syracuse, New York in the large conference room on the first floor. Patrick Hogan called the meeting to order at 8:04 am with the following: PRESENT: Patrick Hogan Janice Herzog Victor Ianno Steve Morgan Susan Stanczyk Kevin Ryan Fanny Villarreal ABSENT: ALSO PRESENT: Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Jeff Davis, Barclay Damon Law Firm Brian Gerling, Barclay Damon Law Firm Christopher Andreucci, Harris Beach Law Firm Len Rauch, Office of Economic Development Rebecca Shiroff, Office of Economic Development Matthew Pelligra, Office of Economic Development Genevieve Trigg, Barclay Damon Law Firm Thomas Fernandez, 1046 Old Seneca Turnpike, Inc. Norm Swanson, 1046 Old Seneca Turnpike, Inc. Glenn Frank, OYA Solar Ryan Benz, OHB Redev, Inc. Mitch Latimer, Carpenter’s Union APPROVAL OF REGULAR MEETING MINUTES – JULY 21, 2022 Upon a motion by Victor Ianno, seconded by Susan Stanczyk, the OCIDA Board approved the regular meeting minutes of July 21, 2022. Fanny Villarreal abstained. Motion was carried. Page 4 TREASURER’S REPORT Nate Stevens gave a brief review of the Treasurer’s Report for the month of July 2022. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved the Treasurer’s Report for the month of July 2022. Motion was carried. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved the Treasurer’s Report for the month of July 2022. Motion was carried. PAYMENT OF BILLS Nate Stevens gave a brief review of the Payment of Bills Schedule #472 Upon a motion by Victor Ianno, seconded by Janice Herzog, the OCIDA Board approved the Payment of Bills Schedule #472 for $2,973,118.17 and PILOT payments to Onondaga County for $1,306.56, City of Syracuse for $2,032.07, Jamesville Dewitt Central School District for $131.07, Town of DeWitt for $20.03 and Town of Onondaga for $4.08. Motion was carried. PAYMENT OF BILLS Nate Stevens gave a brief review of the Payment of Bills Schedule #472 Upon a motion by Victor Ianno, seconded by Janice Herzog, the OCIDA Board approved the Payment of Bills Schedule #472 for $2,973,118.17 and PILOT payments to Onondaga County for $1,306.56, City of Syracuse for $2,032.07, Jamesville Dewitt Central School District for $131.07, Town of DeWitt for $20.03 and Town of Onondaga for $4.08. Motion was carried. CONFLICT OF INTEREST DISCLOSURE The Conflict of Interest was circulated and there were no conflicts reported. 1046 OLD SENECA TURNPIKE, INC. INITIAL MEETING Robert Petrovich stated Barclay Damon is conflicted out so Chris Andruecci of Harris Beach will be representing the Agency as conflict counsel. Genevieve Trigg stated she is from Barclay Damon and here on behalf of 1046 Old Seneca Turnpike Inc. She stated the applicant is proposing to develop an 88 room full service hotel in the Town of Skaneateles. She stated unlike other lodging and hotel facilities in the area, the applicant proposes a modern resort type facility intended to satisfy the market demand and accommodate leisure groups, business groups as well as families. She stated Skaneateles is already a tourist destination. She stated this project will provide a destination that will be able to accommodate the masses of tourists that visit from outside the region to Skaneateles annually. She stated given the limited number of rooms that are available in the town, this project will 2 Page 5 CONFLICT OF INTEREST DISCLOSURE The Conflict of Interest was circulated and there were no conflicts reported. 1046 OLD SENECA TURNPIKE, INC. INITIAL MEETING Robert Petrovich stated Barclay Damon is conflicted out so Chris Andruecci of Harris Beach will be representing the Agency as conflict counsel. Genevieve Trigg stated she is from Barclay Damon and here on behalf of 1046 Old Seneca Turnpike Inc. She stated the applicant is proposing to develop an 88 room full service hotel in the Town of Skaneateles. She stated unlike other lodging and hotel facilities in the area, the applicant proposes a modern resort type facility intended to satisfy the market demand and accommodate leisure groups, business groups as well as families. She stated Skaneateles is already a tourist destination. She stated this project will provide a destination that will be able to accommodate the masses of tourists that visit from outside the region to Skaneateles annually. She stated given the limited number of rooms that are available in the town, this project will 2 Page 5 support the local community by offering luxury overnight accommodations as well as helping offset overflow from facilities such as Spa Mirabeau and the Sherwood. She stated since those existing facilities do not offer room blocks to guests other than for events at those facilities, the applicant’s project will accommodate seasonal tourist and visitors seeking to enjoy the recreational opportunities, attractions and amenities throughout the town. She stated furthermore the town has banned short term rentals increasing demand so this project is needed to fill that demand and support tourism in the town. She stated the project is anticipated to create 50 full time jobs in the first 3 years. She stated all municipal approvals and SEQR have been completed. She stated the applicant is not seeking a PILOT, it is solely seeking sales and mortgage tax exemption to offset the capital cost. support the local community by offering luxury overnight accommodations as well as helping offset overflow from facilities such as Spa Mirabeau and the Sherwood. She stated since those existing facilities do not offer room blocks to guests other than for events at those facilities, the applicant’s project will accommodate seasonal tourist and visitors seeking to enjoy the recreational opportunities, attractions and amenities throughout the town. She stated furthermore the town has banned short term rentals increasing demand so this project is needed to fill that demand and support tourism in the town. She stated the project is anticipated to create 50 full time jobs in the first 3 years. She stated all municipal approvals and SEQR have been completed. She stated the applicant is not seeking a PILOT, it is solely seeking sales and mortgage tax exemption to offset the capital cost. Thomas Fernandez stated one of the major drivers to the market is the leisure group which is majority wedding blocks. He stated there is a lack of overall accommodations for those blocks in the market. He stated Skaneateles has roughly 12 major wedding venues such as the Sinclair, the Lodge, the Skaneateles Country Club and as previously said there is no room blocks in that market. He stated they have been working closely with staff at the Lodge at Welch Allyn and one of the biggest problems to bring more area guests is the lack of overnight accommodations to facilitate that site. He stated they know that is one driver that is going to be in both leisure and business travel to the market from outside this area. He stated the other is the overall lack of accommodations in the market. He stated they are looking to bring in rooms that match the family traveler, the getaway and the group travel. He stated this paired with a need for overall independent business travel being driven from the former Welch Allyn site and Tessy Plastics. He stated there is a need for this and it sits in a location within the town that plays well with all the different facilities. He stated their hotel will not offer banquet space and they will be there just as an amenity to all of these different facilities available in the market. He stated with an overall new demand for travel within the Finger Lakes and lack of accommodations they feel this project meets standards for this exemption. Thomas Fernandez stated one of the major drivers to the market is the leisure group which is majority wedding blocks. He stated there is a lack of overall accommodations for those blocks in the market. He stated Skaneateles has roughly 12 major wedding venues such as the Sinclair, the Lodge, the Skaneateles Country Club and as previously said there is no room blocks in that market. He stated they have been working closely with staff at the Lodge at Welch Allyn and one of the biggest problems to bring more area guests is the lack of overnight accommodations to facilitate that site. He stated they know that is one driver that is going to be in both leisure and business travel to the market from outside this area. He stated the other is the overall lack of accommodations in the market. He stated they are looking to bring in rooms that match the family traveler, the getaway and the group travel. He stated this paired with a need for overall independent business travel being driven from the former Welch Allyn site and Tessy Plastics. He stated there is a need for this and it sits in a location within the town that plays well with all the different facilities. He stated their hotel will not offer banquet space and they will be there just as an amenity to all of these different facilities available in the market. He stated with an overall new demand for travel within the Finger Lakes and lack of accommodations they feel this project meets standards for this exemption. Victor Ianno asked if there will be a restaurant in the facility. Thomas Fernandez stated there will a 100 seat restaurant in the facility and will be open to the public as well as guests. Victor Ianno asked if there will be business meeting rooms. Thomas Fernandez stated not necessarily business meeting rooms but private dining rooms for small gatherings. He stated they are trying to utilize this just for overnight accommodations. 3 Page 6 Robert Petrovich stated he is supportive of sales and use tax. He stated counsel has been working with staff to evaluate whether the appropriate path to proceed is tourism or the but/for provision relative to shortage of hotels in the area. Victor Ianno asked if there will be a restaurant in the facility. Thomas Fernandez stated there will a 100 seat restaurant in the facility and will be open to the public as well as guests. Victor Ianno asked if there will be business meeting rooms. Thomas Fernandez stated not necessarily business meeting rooms but private dining rooms for small gatherings. He stated they are trying to utilize this just for overnight accommodations. 3 Page 6 Robert Petrovich stated he is supportive of sales and use tax. He stated counsel has been working with staff to evaluate whether the appropriate path to proceed is tourism or the but/for provision relative to shortage of hotels in the area. Chris Andreucci stated the statute doesn’t allow the IDA to provide financial assistance for projects where retail makes up more than 1/3 of the total project cost and this would be 100%. He stated the project will have to fit in one of the 3 exemptions. He stated one is a highly distressed census tract which he does not believe that is the case. He stated the other is tourism and destination which means the project itself attracts folks from outside the economic development region. He stated as a side note way back when they put the tourism destination language in the statute, it was specifically for hotels but we have had case law since then that suggest the hotel in and of itself has to be the one that draws people to the area to make the tourism destination finding. He stated it is not an absolute; it is just in dicta in a case that came across. He stated the third would be the project provides services to the residents of the town that are not otherwise reasonably accessible. He stated there is a feasibility study that has been submitted that supports the conclusion that there is not enough overnight accommodations to the area. He stated this project in and of itself would support those findings or if there are enough folks within the region that are going to take advantage of the overnight accommodations the Board could do the but/for test. He stated today is not the findings but to approve a resolution to hold a public hearing and the Board will have to make a decision as to whether or not any of these exemptions apply. Chris Andreucci stated the statute doesn’t allow the IDA to provide financial assistance for projects where retail makes up more than 1/3 of the total project cost and this would be 100%. He stated the project will have to fit in one of the 3 exemptions. He stated one is a highly distressed census tract which he does not believe that is the case. He stated the other is tourism and destination which means the project itself attracts folks from outside the economic development region. He stated as a side note way back when they put the tourism destination language in the statute, it was specifically for hotels but we have had case law since then that suggest the hotel in and of itself has to be the one that draws people to the area to make the tourism destination finding. He stated it is not an absolute; it is just in dicta in a case that came across. He stated the third would be the project provides services to the residents of the town that are not otherwise reasonably accessible. He stated there is a feasibility study that has been submitted that supports the conclusion that there is not enough overnight accommodations to the area. He stated this project in and of itself would support those findings or if there are enough folks within the region that are going to take advantage of the overnight accommodations the Board could do the but/for test. He stated today is not the findings but to approve a resolution to hold a public hearing and the Board will have to make a decision as to whether or not any of these exemptions apply. Fanny Villarreal stated she is excited about this project and asked if the jobs are full time or part time. Genevieve Trigg stated they are anticipating 50 full time positions. Patrick Hogan stated Mr. Swanson has a great record as far as development and it is amazing what he has done for this community over the years. He stated he is in favor of this. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing a public hearing for the 1046 Old Seneca Turnpike, Inc. project. Kevin Ryan abstained. Motion was carried. 4 Page 7 Fanny Villarreal stated she is excited about this project and asked if the jobs are full time or part time. Genevieve Trigg stated they are anticipating 50 full time positions. Patrick Hogan stated Mr. Swanson has a great record as far as development and it is amazing what he has done for this community over the years. He stated he is in favor of this. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing a public hearing for the 1046 Old Seneca Turnpike, Inc. project. Kevin Ryan abstained. Motion was carried. 4 Page 7 FAYETTE MANLIUS, LLC ADMINISTRATIVE CORRECTION Jeff Davis stated as they were preparing for closing it was identified that two different public hearing notice dates were sent out at the time. He stated one went to the paper saying one thing and one went to the taxing jurisdictions saying another thing. He stated they worked with the applicant and renoticed and redid the public hearing. He stated this resolution is reaffirmation of a prior approval so that procedurally everything is done correctly. Robert Petrovich stated this course of action was supported and endorsed by the applicant. Jeff Davis stated they were given the option. He stated they felt it was a Scribner’s error but the project was given the option and given the time period they would rather renotice and redo the public hearing which was done. Nancy Lowery stated the public hearing was held and there were no comments. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution ratifying and reaffirming the approving resolution for the Fayette Manlius, LLC project. Motion was carried. FAYETTE MANLIUS, LLC ADMINISTRATIVE CORRECTION Jeff Davis stated as they were preparing for closing it was identified that two different public hearing notice dates were sent out at the time. He stated one went to the paper saying one thing and one went to the taxing jurisdictions saying another thing. He stated they worked with the applicant and renoticed and redid the public hearing. He stated this resolution is reaffirmation of a prior approval so that procedurally everything is done correctly. Robert Petrovich stated this course of action was supported and endorsed by the applicant. Jeff Davis stated they were given the option. He stated they felt it was a Scribner’s error but the project was given the option and given the time period they would rather renotice and redo the public hearing which was done. Nancy Lowery stated the public hearing was held and there were no comments. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution ratifying and reaffirming the approving resolution for the Fayette Manlius, LLC project. Motion was carried. OYA CAMILLUS A LLC MEETING TO MODIFY Jeff Davis stated OYA A and B have the same request from the applicant but requires separate votes. Glenn Frank stated OYA is requesting permission with regard to OYA Camillus A and B LLC who is the referenced party in the original resolutions. He stated those memberships interests held by OYA Camillus A & B were originally held by OYA Solar CDG LLC which was in turn owned by OYA Solar for the purpose of a financing transaction with Greenbacker. He stated OYA Solar will cause OYA Renewables Construction 2 LLC to be formed and they are asking that membership interests be transferred to OYA Renewables Holding LLC which in turn is required by the Greenbacker transaction. He stated that the LLC will be owned jointly by a subsidiary of OYA Solar B1 Intermediate Hold Call LLC and Rosewood Energy LLC which is an affiliate of Greenbacker. He stated this is the same situation for OYA Camillus A and OYA Camillus B. He stated is the reason for the request for the change in control resolution. 5 Page 8 OYA CAMILLUS A LLC MEETING TO MODIFY Jeff Davis stated OYA A and B have the same request from the applicant but requires separate votes. Glenn Frank stated OYA is requesting permission with regard to OYA Camillus A and B LLC who is the referenced party in the original resolutions. He stated those memberships interests held by OYA Camillus A & B were originally held by OYA Solar CDG LLC which was in turn owned by OYA Solar for the purpose of a financing transaction with Greenbacker. He stated OYA Solar will cause OYA Renewables Construction 2 LLC to be formed and they are asking that membership interests be transferred to OYA Renewables Holding LLC which in turn is required by the Greenbacker transaction. He stated that the LLC will be owned jointly by a subsidiary of OYA Solar B1 Intermediate Hold Call LLC and Rosewood Energy LLC which is an affiliate of Greenbacker. He stated this is the same situation for OYA Camillus A and OYA Camillus B. He stated is the reason for the request for the change in control resolution. 5 Page 8 Jeff Davis stated the Board has seen several of these with solar facilities where they need to change things around so this is similar to what the Board has seen before. He stated the resolutions before the Board are for consideration and in the resolutions it is noted in both A and B that it is a change in ownership. He stated it does not impact the prior SEQR resolutions and is not a material change to the financial assistance that has been provided. He stated the corporate structure items have been reviewed by counsel and there are no questions or concerns. He stated as consistent with IDA policy, there will be a small fee due to the IDA for the change in ownership, reprocessing and repapering of it from the legal side. He stated the applicant has agreed to work through that as well. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing the sale of a controlling interest in OYA Camillus A LLC to OYA Renewables Construction Holdings 2 LLC. Motion was carried. Jeff Davis stated the Board has seen several of these with solar facilities where they need to change things around so this is similar to what the Board has seen before. He stated the resolutions before the Board are for consideration and in the resolutions it is noted in both A and B that it is a change in ownership. He stated it does not impact the prior SEQR resolutions and is not a material change to the financial assistance that has been provided. He stated the corporate structure items have been reviewed by counsel and there are no questions or concerns. He stated as consistent with IDA policy, there will be a small fee due to the IDA for the change in ownership, reprocessing and repapering of it from the legal side. He stated the applicant has agreed to work through that as well. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing the sale of a controlling interest in OYA Camillus A LLC to OYA Renewables Construction Holdings 2 LLC. Motion was carried. OYA CAMILLUS B LLC MEETING TO MODIFY Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing the sale of a controlling interest in OYA Camillus B LLC to OYA Renewables Construction Holdings 2 LLC. Motion was carried. OYA CAMILLUS B LLC MEETING TO MODIFY Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing the sale of a controlling interest in OYA Camillus B LLC to OYA Renewables Construction Holdings 2 LLC. Motion was carried. DISTRICT EAST INITIAL MEETING Ryan Benz stated OHB continues to move forward with the redevelopment of Shoppingtown Mall. He stated they are looking to bring a mixed use facility to the former Shoppingtown site including the residential component, office, retail, movie theater and shops. He stated a significant public component is multiple parks, walking paths and such. He stated they are here today to make a formal request to the Board in assisting them moving forward with the SEQR process and subsequent to that they will ask for future benefits associated with the project as outlined. He stated since they last spoke they continue to advance their conversations with the two related parties, Transform Co and Benderson, who owns the former Sears and Macy’s buildings respectively. He stated while they are not ready to ink any deal they do continue to engage with them directly. He stated they remain optimistic that they can come to a deal and to 6 Page 9 DISTRICT EAST INITIAL MEETING Ryan Benz stated OHB continues to move forward with the redevelopment of Shoppingtown Mall. He stated they are looking to bring a mixed use facility to the former Shoppingtown site including the residential component, office, retail, movie theater and shops. He stated a significant public component is multiple parks, walking paths and such. He stated they are here today to make a formal request to the Board in assisting them moving forward with the SEQR process and subsequent to that they will ask for future benefits associated with the project as outlined. He stated since they last spoke they continue to advance their conversations with the two related parties, Transform Co and Benderson, who owns the former Sears and Macy’s buildings respectively. He stated while they are not ready to ink any deal they do continue to engage with them directly. He stated they remain optimistic that they can come to a deal and to 6 Page 9 avoid a future eminent domain proceeding however they are not prepared at this point to unrequest the future eminent domain request. He stated they are optimistic and continue to move forward and continue to meet on a daily basis. He stated they have a lot of interest from future tenants and they are negotiating letters of intent to put the whole package together. He stated he thinks they are in a strong place and the benefits request will allow them to continue to move forward. avoid a future eminent domain proceeding however they are not prepared at this point to unrequest the future eminent domain request. He stated they are optimistic and continue to move forward and continue to meet on a daily basis. He stated they have a lot of interest from future tenants and they are negotiating letters of intent to put the whole package together. He stated he thinks they are in a strong place and the benefits request will allow them to continue to move forward. Jeff Davis stated one of first steps that has to happen in a project like this is somebody needs to be lead agency for SEQR. He stated the applicant has requested that OCIDA consider that and the Agency has done that on other projects as the Board is aware. He stated counsel has reviewed the long EAF the applicant has submitted and the materials and it is sufficient to proceed with a resolution before the Board in terms of consideration to declare intent to be lead agency for SEQR. He stated the resolution before the Board states it is a Type I action and would require a coordinated review with all involved agencies under SEQR. He stated this resolution would be the first step which is the Board’s intent to declare lead agency status and classify the project as a Type I that would trigger a requirement on behalf of OCIDA to send out notices to all other involved and interested agencies that have been identified in the long form EAF. He stated then there is a 30 day wait period to see if anybody objects to OCIDA being lead agency. He stated that process would start where the Agency would have get through the SEQR process before the Board can consider the actual request and before an official vote. Jeff Davis stated one of first steps that has to happen in a project like this is somebody needs to be lead agency for SEQR. He stated the applicant has requested that OCIDA consider that and the Agency has done that on other projects as the Board is aware. He stated counsel has reviewed the long EAF the applicant has submitted and the materials and it is sufficient to proceed with a resolution before the Board in terms of consideration to declare intent to be lead agency for SEQR. He stated the resolution before the Board states it is a Type I action and would require a coordinated review with all involved agencies under SEQR. He stated this resolution would be the first step which is the Board’s intent to declare lead agency status and classify the project as a Type I that would trigger a requirement on behalf of OCIDA to send out notices to all other involved and interested agencies that have been identified in the long form EAF. He stated then there is a 30 day wait period to see if anybody objects to OCIDA being lead agency. He stated that process would start where the Agency would have get through the SEQR process before the Board can consider the actual request and before an official vote. Patrick Hogan stated he is in favor because this is a huge important project for the County. He stated he appreciates all the work Mr. Petrovich and the Economic Development Department have done and certainly would commend County Executive Ryan for taking this on. He stated he knows this is convoluted and a steep hill to climb but it will benefit the County. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution declaring the District East a Type I action under SEQRA and the Agency’s intent to be Lead Agency for a coordinated environmental review. Motion was carried. Patrick Hogan stated he is in favor because this is a huge important project for the County. He stated he appreciates all the work Mr. Petrovich and the Economic Development Department have done and certainly would commend County Executive Ryan for taking this on. He stated he knows this is convoluted and a steep hill to climb but it will benefit the County. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution declaring the District East a Type I action under SEQRA and the Agency’s intent to be Lead Agency for a coordinated environmental review. Motion was carried. EXECUTIVE SESSION 7 Page 10 Jeff Davis stated he would like to take a motion by the Board to go into Executive Session under the New York Public Office’s Law Section 105 for the purpose of discussing the proposed acquisition of land. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board went into Executive Session at 8:31 am to discuss the acquisition of real property. Motion was carried. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board adjourned Executive Session at 8:45 am. Motion was carried. (Steve Morgan left meeting.) EXECUTIVE SESSION 7 Page 10 Jeff Davis stated he would like to take a motion by the Board to go into Executive Session under the New York Public Office’s Law Section 105 for the purpose of discussing the proposed acquisition of land. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board went into Executive Session at 8:31 am to discuss the acquisition of real property. Motion was carried. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board adjourned Executive Session at 8:45 am. Motion was carried. (Steve Morgan left meeting.) PURCHASE CONTRACTS EXECUTION Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing the adoption of SEQRA determination. Motion was carried. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing the Executive Director to enter into purchase contracts and any related documents with respect to parcels of property. PURCHASE CONTRACTS EXECUTION Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing the adoption of SEQRA determination. Motion was carried. Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board approved a resolution authorizing the Executive Director to enter into purchase contracts and any related documents with respect to parcels of property. ADJOURN Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board adjourned the meeting at 8:47 am. Motion was carried. _________________________________ Nancy Lowery, Secretary 8 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 ADJOURN Upon a motion by Victor Ianno, seconded by Fanny Villarreal, the OCIDA Board adjourned the meeting at 8:47 am. Motion was carried. _________________________________ Nancy Lowery, Secretary 8 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY PAYMENT OF BILLS - SCHEDULE #473 September 13, 2022 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY PAYMENT OF BILLS - SCHEDULE #473 September 13, 2022 GENERAL EXPENSES 1. PARK STRATEGIES LLC* $ 2,500.00 Consulting Services, August 2022, Inv#16586922 2. FEDEX* $ 17.20 Inv#7-844-20623, 7-836-98719 3. NATIONWIDE** $ 1,842.69 Commercial Liability Insurance Premium, Policy #7J2551 4. CRYSTAL ROCK*** $ 61.52 Inv#22196031, 9-4-22, Water 5. ROBERT PETROVICH $ 223.22 Albany Meeting Mileage & Parking 6. LEONARD RAUCH $ 126.98 Meeting Mileage 7. RAMBOLL AMERICAS ENGINEERING SOLUTIONS, INC. $ 31,357.50 Inv#'s 1940015039, 1940014172, WPCP Site Development TOTAL $ 36,129.11 *Ratification of Checks dated August 22, 2022 **Ratification of Check dated September 2, 2022 ***Ratification of Check dated September 7, 2022 1 Page 18 Page 19 GENERAL EXPENSES 1. PARK STRATEGIES LLC* $ 2,500.00 Consulting Services, August 2022, Inv#16586922 2. FEDEX* $ 17.20 Inv#7-844-20623, 7-836-98719 3. NATIONWIDE** $ 1,842.69 Commercial Liability Insurance Premium, Policy #7J2551 4. CRYSTAL ROCK*** $ 61.52 Inv#22196031, 9-4-22, Water 5. ROBERT PETROVICH $ 223.22 Albany Meeting Mileage & Parking 6. LEONARD RAUCH $ 126.98 Meeting Mileage 7. RAMBOLL AMERICAS ENGINEERING SOLUTIONS, INC. $ 31,357.50 Inv#'s 1940015039, 1940014172, WPCP Site Development TOTAL $ 36,129.11 *Ratification of Checks dated August 22, 2022 **Ratification of Check dated September 2, 2022 ***Ratification of Check dated September 7, 2022 1 Page 18 Page 19 Onondaga County Industrial Development Project Summary 9/7/2022 1. Project Camillus Mills Phase II, LLC 2. Project Number 3101-21-08A 3. Location Camillus 4. School District West Genesee School District 6. Project Type New Construction 5. Tax Parcel(s) 002.-01-02.1 Village Camillus Onondaga County Industrial Development Project Summary 9/7/2022 1. Project Camillus Mills Phase II, LLC 2. Project Number 3101-21-08A 3. Location Camillus 4. School District West Genesee School District 6. Project Type New Construction 5. Tax Parcel(s) 002.-01-02.1 Village Camillus 7.Total Project Cost $ 13,005,000.00 8. Total Jobs 1.5 This will be one FTE and one PT position Land $ - 8A. Job Retention 0 Site Work $ 1,530,000 8B: Job Creation 1.5 Building $ 9,482,000 (Next 5 Years) Furniture & Fixtures $ 123,000 Equipment $ 100,000 Equipment Subject to NYS Production Exemption $ - Engineering/Architecture Fees $ 270,000 Financial Charges $ 670,000 Legal Fees $ 80,000 Other $ 100,000 Cost Benefit Analysis Camillus Mills Phase II, LLC Project Description Fiscal Impact ($) Estimated Abatement Cost $434,562 Sales Tax Abatement $349,812 Mortgage Recording Tax Abatement $84,750 Real Property Tax Relief $0 7.Total Project Cost $ 13,005,000.00 8. Total Jobs 1.5 This will be one FTE and one PT position Land $ - 8A. Job Retention 0 Site Work $ 1,530,000 8B: Job Creation 1.5 Building $ 9,482,000 (Next 5 Years) Furniture & Fixtures $ 123,000 Equipment $ 100,000 Equipment Subject to NYS Production Exemption $ - Engineering/Architecture Fees $ 270,000 Financial Charges $ 670,000 Legal Fees $ 80,000 Other $ 100,000 Cost Benefit Analysis Camillus Mills Phase II, LLC Project Description Fiscal Impact ($) Estimated Abatement Cost $434,562 Sales Tax Abatement $349,812 Mortgage Recording Tax Abatement $84,750 Real Property Tax Relief $0 New Investment $19,860,015 PILOT Payments $0 Project Wages (10 years) $1,150,000 This project is a $13million development of approximated 45,600 sf of building space on three Construction Wages $7,566,965 floors that will be residential only. There will be 46 units. This is the re-development of the vacant parcel at the old Camillus Cutlery Company site. Employee Benefits (10 years) $0 Project Capital Investment $11,012,000 Agency Fees $131,050 Benefit:Cost Ratio 45.70 :1 Page 20 New Investment $19,860,015 PILOT Payments $0 Project Wages (10 years) $1,150,000 This project is a $13million development of approximated 45,600 sf of building space on three Construction Wages $7,566,965 floors that will be residential only. There will be 46 units. This is the re-development of the vacant parcel at the old Camillus Cutlery Company site. Employee Benefits (10 years) $0 Project Capital Investment $11,012,000 Agency Fees $131,050 Benefit:Cost Ratio 45.70 :1 Page 20 CAMILLUS MILLS PHASE II 52 GENESEE ST. CAMILLUS, NY A +44,634 SQ.FT. MIXED-USE MARKET-RATE APARTMENT BUILDING THE SECOND PHASE OF THE REDEVELOPMENT OF THE HISTORIC CAMILLUS CUTLERY CO. FACTORY SITE Camillus Mills Page Redevelopment 21 Co., Inc. CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY CAMILLUS MILLS PHASE II 52 GENESEE ST. CAMILLUS, NY A +44,634 SQ.FT. MIXED-USE MARKET-RATE APARTMENT BUILDING THE SECOND PHASE OF THE REDEVELOPMENT OF THE HISTORIC CAMILLUS CUTLERY CO. FACTORY SITE Camillus Mills Page Redevelopment 21 Co., Inc. CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY INTRODUCTION Camillus Mills Redevelopment Co, Inc. is pleased to present the enclosed summary of Camillus Mills Phase II, a proposed +44,643 sq.ft. multifamily apartment building at 52 Genesee Street, Camillus NY (the “Project”). As background, the former Camillus Cutlery Company property known as 52-54 Genesee Street is owned by Camillus Mills Redevelopment Co., Inc. (the “Company”) and is comprised of Tax Map Nos. 002.-01-02.1 (52 Genesee Street) and 002.-01-04.1 (54 Genesee Street) (together the “Property”). The entire +4.4-acre Property is enrolled in the NYSDEC Voluntary Brownfield Cleanup Program. An affiliate of the Company named Camillus Mills, LLC, completed a certified historic rehabilitation of the National Register-listed former Camillus Cutlery Company headquarters building at 54 Genesee Street in 2017. Today the former headquarters contains 29 residential apartments and +8,800 sq.ft. of commercial space and has become, once again, a vibrant and welcomed presence in the Village’s downtown area. This completed project was envisioned as Phase I of an anticipated three-phase redevelopment of the 52-54 Genesee Street Property. The comprehensive redevelopment of the former Camillus Cutlery site is replacing an environmental liability and visual eyesore with a lively and revitalized multi-use campus in the heart of the Village of Camillus central business district. A second affiliate of the Company, named Camillus Mills Phase II, LLC (“Borrower” or “Applicant”) now seeks financing to proceed with construction of the fully approved second and largest phase of the redevelopment on the adjacent 52 Genesee Street lot. A location for a smaller third and final phase has been approved at the north end of the Property, however, is not imminent nor included in this request. INTRODUCTION Camillus Mills Redevelopment Co, Inc. is pleased to present the enclosed summary of Camillus Mills Phase II, a proposed +44,643 sq.ft. multifamily apartment building at 52 Genesee Street, Camillus NY (the “Project”). As background, the former Camillus Cutlery Company property known as 52-54 Genesee Street is owned by Camillus Mills Redevelopment Co., Inc. (the “Company”) and is comprised of Tax Map Nos. 002.-01-02.1 (52 Genesee Street) and 002.-01-04.1 (54 Genesee Street) (together the “Property”). The entire +4.4-acre Property is enrolled in the NYSDEC Voluntary Brownfield Cleanup Program. An affiliate of the Company named Camillus Mills, LLC, completed a certified historic rehabilitation of the National Register-listed former Camillus Cutlery Company headquarters building at 54 Genesee Street in 2017. Today the former headquarters contains 29 residential apartments and +8,800 sq.ft. of commercial space and has become, once again, a vibrant and welcomed presence in the Village’s downtown area. This completed project was envisioned as Phase I of an anticipated three-phase redevelopment of the 52-54 Genesee Street Property. The comprehensive redevelopment of the former Camillus Cutlery site is replacing an environmental liability and visual eyesore with a lively and revitalized multi-use campus in the heart of the Village of Camillus central business district. A second affiliate of the Company, named Camillus Mills Phase II, LLC (“Borrower” or “Applicant”) now seeks financing to proceed with construction of the fully approved second and largest phase of the redevelopment on the adjacent 52 Genesee Street lot. A location for a smaller third and final phase has been approved at the north end of the Property, however, is not imminent nor included in this request. 54 Genesee St. – Phase I of the Camillus Mills Redevelopment Project; Completed 2017 Page 22 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY CAMILLUS MILLS DEVELOPMENT – THREE-PHASE MASTER PLAN Page 23 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY 54 Genesee St. – Phase I of the Camillus Mills Redevelopment Project; Completed 2017 Page 22 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY CAMILLUS MILLS DEVELOPMENT – THREE-PHASE MASTER PLAN Page 23 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY PROJECT OVERVIEW The proposed Phase II building will be situated along the banks of Nine Mile Creek on the eastern portions of the Property identified as 52 Genesee Street. The Project will consist of one building containing approximately +44,634 sq.ft. of gross building space on three floors. The building is expected to contain 46 residential units ranging from +605–1,120 sq.ft. totaling +36,464 rentable sq.ft.. To elevate the finished floors above the FEMA-designated flood plain adjacent to the creek, the building will be constructed on steel and concrete piles. This elevated construction will allow for a +14,878 sq.ft. semi-open and secured parking garage beneath the building on the existing grade of the former factory. The garage will accommodate secured, covered parking for +36 vehicles and will be serviced by the building’s elevator. Phase II will also add +63 additional open surface parking spaces to the north end of the new building for a total of 99 spaces (2.15 per apartment unit). Architecturally, the Phase II building will feature a segmented design, and blend industrial components and features reflecting the various periods of construction that occurred at the former Camillus Cutlery manufacturing campus. Materials and features will include clapboard siding with a flat roof, ample windows that recall the old factory appearance, and fabricated steel and wooden cornices at various sections to add interest and context. The building will also include elements of modern aesthetics and convenience, including oversized sliding glass doors and balconies or porches on approximately 27 of the residences (59% of units). Numerous amenities will be included in the Project to attract and retain tenants. These include: PROJECT OVERVIEW The proposed Phase II building will be situated along the banks of Nine Mile Creek on the eastern portions of the Property identified as 52 Genesee Street. The Project will consist of one building containing approximately +44,634 sq.ft. of gross building space on three floors. The building is expected to contain 46 residential units ranging from +605–1,120 sq.ft. totaling +36,464 rentable sq.ft.. To elevate the finished floors above the FEMA-designated flood plain adjacent to the creek, the building will be constructed on steel and concrete piles. This elevated construction will allow for a +14,878 sq.ft. semi-open and secured parking garage beneath the building on the existing grade of the former factory. The garage will accommodate secured, covered parking for +36 vehicles and will be serviced by the building’s elevator. Phase II will also add +63 additional open surface parking spaces to the north end of the new building for a total of 99 spaces (2.15 per apartment unit). Architecturally, the Phase II building will feature a segmented design, and blend industrial components and features reflecting the various periods of construction that occurred at the former Camillus Cutlery manufacturing campus. Materials and features will include clapboard siding with a flat roof, ample windows that recall the old factory appearance, and fabricated steel and wooden cornices at various sections to add interest and context. The building will also include elements of modern aesthetics and convenience, including oversized sliding glass doors and balconies or porches on approximately 27 of the residences (59% of units). Numerous amenities will be included in the Project to attract and retain tenants. These include: • Community room with kitchenette, lounge furniture, workspaces and terrace overlooking the creek at the first floor, • Amply-size residents-only fitness room at the first floor, • On-site leasing and management office, • Indoor mail station and secure package delivery room at the main residential entry, • Creekside pavilion and overlook area for tenant enjoyment of outdoor space. Indoor amenities including the fitness center and community room will be managed via reservation app on tenants’ smart phones. Tenants will also be notified of package arrivals on their phone. On-site staff will ensure regular and proper cleaning of common areas, and the building will feature keyless entry and elevator fobs and automatic doors to eliminate touch points. Page 24 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY • Community room with kitchenette, lounge furniture, workspaces and terrace overlooking the creek at the first floor, • Amply-size residents-only fitness room at the first floor, • On-site leasing and management office, • Indoor mail station and secure package delivery room at the main residential entry, • Creekside pavilion and overlook area for tenant enjoyment of outdoor space. Indoor amenities including the fitness center and community room will be managed via reservation app on tenants’ smart phones. Tenants will also be notified of package arrivals on their phone. On-site staff will ensure regular and proper cleaning of common areas, and the building will feature keyless entry and elevator fobs and automatic doors to eliminate touch points. Page 24 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY WEST ELEVATION WEST ELEVATION EAST ELEVATION Page 25 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY SOUTH ELEVATION (GENESEE ST. FRONTAGE) EAST ELEVATION Page 25 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY SOUTH ELEVATION (GENESEE ST. FRONTAGE) NORTH ELEVATION Page 26 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY NORTH ELEVATION Page 26 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY PROJECT CONCEPTS AND IMAGERY Functional Kitchens with modern finishes Glass Showers – Camillus Mills Phase I pictured above Suspended Black Metal Balconies Open Floor Plans – Camillus Mills Phase I pictured above Page 27 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY INTERIOR RENDERINGS – VIEWS AT NORTH ENTRY AREA / RESIDENTIAL CORRIDOR Page 28 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY PROJECT CONCEPTS AND IMAGERY Functional Kitchens with modern finishes Glass Showers – Camillus Mills Phase I pictured above Suspended Black Metal Balconies Open Floor Plans – Camillus Mills Phase I pictured above Page 27 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY INTERIOR RENDERINGS – VIEWS AT NORTH ENTRY AREA / RESIDENTIAL CORRIDOR Page 28 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY PROJECT AMENITIES 1ST FLOOR FITNESS ROOM - Located near first floor south lobby and community room - West facing windows with plentiful natural light - Adjacent to unisex bathroom - Modern fitness & cardio equipment, mirrored walls - Key-card access for residential tenants only Representative Image Page 29 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY 1ST FLOOR CLUB ROOM - First floor with double French doors and lots of natural light - 250 SF cantilevered terrace for outdoor tables and workspace - Private creek-facing views with natural screening - Club room doubles as “work-from-home” space during business hours. Comfortable seating areas for working with a laptop or friendly gatherings - Kitchenette with refrigerator, sink, and coffee maker - Key-card access for residential tenants only Representative Image Page 30 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY PROJECT AMENITIES 1ST FLOOR FITNESS ROOM - Located near first floor south lobby and community room - West facing windows with plentiful natural light - Adjacent to unisex bathroom - Modern fitness & cardio equipment, mirrored walls - Key-card access for residential tenants only Representative Image Page 29 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY 1ST FLOOR CLUB ROOM - First floor with double French doors and lots of natural light - 250 SF cantilevered terrace for outdoor tables and workspace - Private creek-facing views with natural screening - Club room doubles as “work-from-home” space during business hours. Comfortable seating areas for working with a laptop or friendly gatherings - Kitchenette with refrigerator, sink, and coffee maker - Key-card access for residential tenants only Representative Image Page 30 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY CREEKSIDE TRAIL & PARK - Outdoor amenity space for use of all tenants - Pavilion area with hardscape, seating, and grill(s) - Private and serene place for relaxation, reading, morning coffee or work-from-home with a laptop - Walking trail running the southern to northern length of the property along the creek A cleaned-up and Nine Mile Creek will become an amenity with its park, trail and private views from the East side of the project Page 31 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY CREEKSIDE TRAIL & PARK - Outdoor amenity space for use of all tenants - Pavilion area with hardscape, seating, and grill(s) - Private and serene place for relaxation, reading, morning coffee or work-from-home with a laptop - Walking trail running the southern to northern length of the property along the creek A cleaned-up and Nine Mile Creek will become an amenity with its park, trail and private views from the East side of the project Page 31 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY PROFESSIONAL PROPERTY MANAGEMENT The Applicant will utilize professional property management services of The Sutton Companies (“Sutton”) for day-to-day operations, leasing, and back-office functions such as bookkeeping and accounting. Headquartered in Syracuse, Sutton is one of the Central New York region’s most respected property management firms. Its current residential portfolio totals over 2,000 units in 25+ properties. Its commercial portfolio includes over 1,000,000 square feet of medical, office, retail and mixed-use space for a variety of institutional and private clients. Sutton has managed Phase I of Camillus Mills since inception, and has been intimately involved in the planning and coordination of the Phase 2 and future Phase 3 efforts. Sutton’s direct experience in the leasing and operations of Phase I has been an invaluable resource and has helped shape many attributes of the proposed offering. Sutton is acutely aware of the leasing environment for both residential and commercial units in the Greater Syracuse area and has perception of demand for additional housing units in the Village of Camillus. From its experience, Sutton has advised that compact but well-designed units (one-bedroom units in particular) will be met with strong demand. Sutton has advised the Applicant closely on all aspects including unit layouts and finishes, amenity space form and function, and projected pricing of residential and commercial units. Over many years Sutton has become a trusted extension of the team for the members of the Borrower, as it currently manages over a half dozen other residential and commercial properties developed and owned by affiliates of the Borrower. Those properties include over 250 apartments and 125,000 SF of commercial space located in Syracuse, Skaneateles, Marcellus, Oswego and Rochester, NY. PROFESSIONAL PROPERTY MANAGEMENT The Applicant will utilize professional property management services of The Sutton Companies (“Sutton”) for day-to-day operations, leasing, and back-office functions such as bookkeeping and accounting. Headquartered in Syracuse, Sutton is one of the Central New York region’s most respected property management firms. Its current residential portfolio totals over 2,000 units in 25+ properties. Its commercial portfolio includes over 1,000,000 square feet of medical, office, retail and mixed-use space for a variety of institutional and private clients. Sutton has managed Phase I of Camillus Mills since inception, and has been intimately involved in the planning and coordination of the Phase 2 and future Phase 3 efforts. Sutton’s direct experience in the leasing and operations of Phase I has been an invaluable resource and has helped shape many attributes of the proposed offering. Sutton is acutely aware of the leasing environment for both residential and commercial units in the Greater Syracuse area and has perception of demand for additional housing units in the Village of Camillus. From its experience, Sutton has advised that compact but well-designed units (one-bedroom units in particular) will be met with strong demand. Sutton has advised the Applicant closely on all aspects including unit layouts and finishes, amenity space form and function, and projected pricing of residential and commercial units. Over many years Sutton has become a trusted extension of the team for the members of the Borrower, as it currently manages over a half dozen other residential and commercial properties developed and owned by affiliates of the Borrower. Those properties include over 250 apartments and 125,000 SF of commercial space located in Syracuse, Skaneateles, Marcellus, Oswego and Rochester, NY. Page 32 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY Page 32 CAMILLUS MILLS PHASE II – UPDATED SEPT. 2022 CAMILLUS, NY SPONSORSHIP TEAM The development of Camillus Mills Phase II – and the entire three-phase Camillus Mills Redevelopment project – is led by Franklin Properties. The company and its affiliates have developed, own and manage more than $75 million in real estate; five of which are certified historic rehabilitations of National Register Landmark properties for residential and commercial purposes. Four of the partners are also principals in MCK Building Associates, a general contractor with over $500 million in completed commercial and residential projects across New York State. Franklin Properties’ development portfolio is available upon request. Ted Kinder is a principal with Franklin Properties. He also co- Robert Medina is a principal of Franklin Properties. He also founded MCK Building Associates in 1978 along with Robert co-founded MCK in 1978 along with Ted Kinder and has 40 Medina. He possesses a B.A. from Pennsylvania State years’ experience in the construction industry. Robert is a University and an M.A. from Virginia Polytechnic Institute in former member of the Board of Directors of the Syracuse Urban Design and Planning. He is a long time resident of Builders Exchange. He resides in Camillus, NY. Skaneateles, NY. SPONSORSHIP TEAM The development of Camillus Mills Phase II – and the entire three-phase Camillus Mills Redevelopment project – is led by Franklin Properties. The company and its affiliates have developed, own and manage more than $75 million in real estate; five of which are certified historic rehabilitations of National Register Landmark properties for residential and commercial purposes. Four of the partners are also principals in MCK Building Associates, a general contractor with over $500 million in completed commercial and residential projects across New York State. Franklin Properties’ development portfolio is available upon request. Ted Kinder is a principal with Franklin Properties. He also co- Robert Medina is a principal of Franklin Properties. He also founded MCK Building Associates in 1978 along with Robert co-founded MCK in 1978 along with Ted Kinder and has 40 Medina. He possesses a B.A. from Pennsylvania State years’ experience in the construction industry. Robert is a University and an M.A. from Virginia Polytechnic Institute in former member of the Board of Directors of the Syracuse Urban Design and Planning. He is a long time resident of Builders Exchange. He resides in Camillus, NY. Skaneateles, NY. Tim Stitt, President of MCK, heads up the company's Douglas Sutherland is a principal of Franklin Properties. In construction operations. Tim draws upon nearly 30 years of his career Doug has led the development of dozens of construction experience and has been a key member of MCK’s complex real estate projects including adaptive reuse and management team since 1985. He has also been actively ground up-development. Previously Doug held involved a partner in numerous private developments with development positions with the Pyramid Companies. Franklin Properties. Tim Resides in Oswego, NY. Tim Stitt, President of MCK, heads up the company's Douglas Sutherland is a principal of Franklin Properties. In construction operations. Tim draws upon nearly 30 years of his career Doug has led the development of dozens of construction experience and has been a key member of MCK’s complex real estate projects including adaptive reuse and management team since 1985. He has also been actively ground up-development. Previously Doug held involved a partner in numerous private developments with development positions with the Pyramid Companies. Franklin Properties. Tim Resides in Oswego, NY. Jamie Kinder is Executive Vice President of MCK Building Chris Kinder is Founder of CK Realty Partners, a Associates. He is head of Project Management and assists with commercial real estate mortgage advisory that has estimating, marketing, and operations. Prior to joining MCK in originated over $400 million of commercial mortgages since 2004, he spent several years in the financial industry. Jamie is 2012. He is also founder of Cove Pointe Capital, a real estate a resident of Camillus, NY. investment company that has actively managed over $100 million of multifamily and commercial real estate. He was raised in Skaneateles, NY and resides in New Canaan, CT. Thomas Blair is a developer and attorney based in Skaneateles, NY. In the field of law, his specialties are Real Estate, Commercial Law, Banking, and Civil Litigation. He was admitted to the NYS bar in 2001. Mr. Blair attended undergraduate at SUNY Brockport and received his J.D. at Syracuse University. He is a resident of Skaneateles, NY. Jamie Kinder is Executive Vice President of MCK Building Chris Kinder is Founder of CK Realty Partners, a Associates. He is head of Project Management and assists with commercial real estate mortgage advisory that has estimating, marketing, and operations. Prior to joining MCK in originated over $400 million of commercial mortgages since 2004, he spent several years in the financial industry. Jamie is 2012. He is also founder of Cove Pointe Capital, a real estate a resident of Camillus, NY. investment company that has actively managed over $100 million of multifamily and commercial real estate. He was raised in Skaneateles, NY and resides in New Canaan, CT. Thomas Blair is a developer and attorney based in Skaneateles, NY. In the field of law, his specialties are Real Estate, Commercial Law, Banking, and Civil Litigation. He was admitted to the NYS bar in 2001. Mr. Blair attended undergraduate at SUNY Brockport and received his J.D. at Syracuse University. He is a resident of Skaneateles, NY. Page 33 Onondaga County Industrial Development Agency Project Summary Draft 8/5/2022 1. Project 1046 Old Seneca Turnpike, LLC 2. Project Number 3101-22-04A 3. Location Skaneateles 4. School District Skaneateles School District 6. Project Type New Construction and Retail 5. Tax Parcel(s) 028.-01-03.0 Village 0 Page 33 Onondaga County Industrial Development Agency Project Summary Draft 8/5/2022 1. Project 1046 Old Seneca Turnpike, LLC 2. Project Number 3101-22-04A 3. Location Skaneateles 4. School District Skaneateles School District 6. Project Type New Construction and Retail 5. Tax Parcel(s) 028.-01-03.0 Village 0 7.Total Project Cost $ 25,105,000.00 8. Total Jobs 49 Land $ 1,700,000 8A. Job Retention 0 Site Work $ 700,000 8B: Job Creation 49 Building $ 19,000,000 (Next 5 Years) Furniture & Fixtures $ 2,900,000 Equipment $ - Equipment Subject to NYS Production Exemption $ - Engineering/Architecture Fees $ 550,000 Financial Charges $ 215,000 Legal Fees $ 40,000 Other $ - Cost Benefit Analysis 1046 Old Seneca Turnpike, LLC Project Description Fiscal Impact ($) Estimated Abatement Cost $1,228,087 Sales Tax Abatement $1,084,800 Mortgage Recording Tax Abatement $143,287 Real Property Tax Relief $0 7.Total Project Cost $ 25,105,000.00 8. Total Jobs 49 Land $ 1,700,000 8A. Job Retention 0 Site Work $ 700,000 8B: Job Creation 49 Building $ 19,000,000 (Next 5 Years) Furniture & Fixtures $ 2,900,000 Equipment $ - Equipment Subject to NYS Production Exemption $ - Engineering/Architecture Fees $ 550,000 Financial Charges $ 215,000 Legal Fees $ 40,000 Other $ - Cost Benefit Analysis 1046 Old Seneca Turnpike, LLC Project Description Fiscal Impact ($) Estimated Abatement Cost $1,228,087 Sales Tax Abatement $1,084,800 Mortgage Recording Tax Abatement $143,287 Real Property Tax Relief $0 New Investment $60,187,914 PILOT Payments $0 This project is ocated on a 31 acre site at 1046 Old Seneca Turnpike in Skaneateles, the project Project Wages (10 years) $22,452,540 will be a 98,000 sf, 88 room full-service, boutique hotel in association with the Hilton Curio Construction Wages $2,611,800 Collection brand. Expected to open in fall 2023, guest amenities will include a fullservice restaurant with banquet capacity, an indoor pool, an indoor whirlpool, an outdoor pool, a fitness Employee Benefits (10 years) $13,471,524 room, and a gift shop. Project Capital Investment $21,400,000 Agency Fees $252,050 Benefit:Cost Ratio 49.01 :1 Page 34 New Investment $60,187,914 PILOT Payments $0 This project is ocated on a 31 acre site at 1046 Old Seneca Turnpike in Skaneateles, the project Project Wages (10 years) $22,452,540 will be a 98,000 sf, 88 room full-service, boutique hotel in association with the Hilton Curio Construction Wages $2,611,800 Collection brand. Expected to open in fall 2023, guest amenities will include a fullservice restaurant with banquet capacity, an indoor pool, an indoor whirlpool, an outdoor pool, a fitness Employee Benefits (10 years) $13,471,524 room, and a gift shop. Project Capital Investment $21,400,000 Agency Fees $252,050 Benefit:Cost Ratio 49.01 :1 Page 34 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. In accordance with Section 224-a(8)(d) of Article 8 of the New York Labor Law, the Agency has identified that any “financial assistance” (within the meaning of Section 858 of the General Municipal Law) granted by the Agency to the Applicant consisting of sales and use tax exemption benefits, mortgage recording tax exemption benefits and real property tax exemption benefits, constitutes “public funds” within the meaning of Section 224-a(2)(b) of Article 8 of the New York Labor Law and such funds are not excluded under Section 224-a(3) of Article 8 of the New York Labor Law. The Agency hereby notifies the Applicant of the Applicant’s obligations under Section 224-a (8)(a) of Article 8 of the New York Labor Law. 2. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 3. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 4. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. In accordance with Section 224-a(8)(d) of Article 8 of the New York Labor Law, the Agency has identified that any “financial assistance” (within the meaning of Section 858 of the General Municipal Law) granted by the Agency to the Applicant consisting of sales and use tax exemption benefits, mortgage recording tax exemption benefits and real property tax exemption benefits, constitutes “public funds” within the meaning of Section 224-a(2)(b) of Article 8 of the New York Labor Law and such funds are not excluded under Section 224-a(3) of Article 8 of the New York Labor Law. The Agency hereby notifies the Applicant of the Applicant’s obligations under Section 224-a (8)(a) of Article 8 of the New York Labor Law. 2. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 3. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 4. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 5. All projects approved for benefits by the OCIDA Board will close with the Agency within 6-months of the inducement date. If this schedule cannot be met, the applicant will need to submit a closing schedule modification written request to the Executive Director that will be presented to OCIDA Board for consideration. 6. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 7. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. 5. All projects approved for benefits by the OCIDA Board will close with the Agency within 6-months of the inducement date. If this schedule cannot be met, the applicant will need to submit a closing schedule modification written request to the Executive Director that will be presented to OCIDA Board for consideration. 6. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 7. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. 8. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 9. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. Onondaga!County!Industrial!Development!Agency! Page!1! Page 35 8. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 9. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. Onondaga!County!Industrial!Development!Agency! Page!1! Page 35 10. A complete Application consists of the following 9 items: · This Application · Local Access Agreement · Employment Plan · Conflict of Interest · A feasibility statement indicating the need for the requested benefits · Description of Project, Site Plans/Sketches, and Maps · NYS Full Environmental Assessment Form · A check payable to the Agency in the amount of $1,000 · A check payable to Barclay Damon LLP in the amount of $2,500 11. This Application was adopted by the OCIDA Board on January 18, 2022. Onondaga!County!Industrial!Development!Agency! Page!2! Page 36 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net 10. A complete Application consists of the following 9 items: · This Application · Local Access Agreement · Employment Plan · Conflict of Interest · A feasibility statement indicating the need for the requested benefits · Description of Project, Site Plans/Sketches, and Maps · NYS Full Environmental Assessment Form · A check payable to the Agency in the amount of $1,000 · A check payable to Barclay Damon LLP in the amount of $2,500 11. This Application was adopted by the OCIDA Board on January 18, 2022. Onondaga!County!Industrial!Development!Agency! Page!2! Page 36 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 07/05/2022 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: Click here to enter text. 1046 Old Seneca Turnpike LLC Applicant/ Project Operator Address: 505 E. Fayette Street, Syracuse, NY 13202 Phone: (315) 569-7419 Fax: Website: E-mail: nswanson@woodbinegroup.com Federal ID#: 81-1051078 NAICS: 721110 State and Year of Incorporation/Organization: __________________________________________ New York 2016 Owner (if different from Applicant/Project Operator): ____________________________________ Owner Address: Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ B) Individual Completing Application: Name: Rob Kelsey Title: CFO Address: 505 E. Fayette Street, Syracuse, NY 13202 Phone: (315) 552-8539 Fax: E-mail: rkelsey@woodbinegroup.com Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 07/05/2022 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: Click here to enter text. 1046 Old Seneca Turnpike LLC Applicant/ Project Operator Address: 505 E. Fayette Street, Syracuse, NY 13202 Phone: (315) 569-7419 Fax: Website: E-mail: nswanson@woodbinegroup.com Federal ID#: 81-1051078 NAICS: 721110 State and Year of Incorporation/Organization: __________________________________________ New York 2016 Owner (if different from Applicant/Project Operator): ____________________________________ Owner Address: Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ B) Individual Completing Application: Name: Rob Kelsey Title: CFO Address: 505 E. Fayette Street, Syracuse, NY 13202 Phone: (315) 552-8539 Fax: E-mail: rkelsey@woodbinegroup.com Onondaga!County!Industrial!Development!Agency! Page!1! Page 37 C) Company Contact (if different from individual completing application): Name: Title: Address: Phone: Cell Phone: E-mail: D) Company Counsel: Name of Attorney: Kevin McAuliffe Firm Name: Barclay Damon Address: 125 East Jefferson Street, Syracuse, NY 13202 Phone: (315) 425-2875 Cell Phone: (315) 382-8703 E-mail: KMcAuliffe@barclaydamon.com E) Business Organization (check appropriate category): ‫ ܆‬Corporation ‫܆‬Partnership ‫ ܆‬Public Corporation ‫܆‬Joint Venture ‫ ܆‬Sole Proprietorship ‫܆‬Limited Liability Company ‫ ܆‬Other (please specify): Year Established: 2016 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership Norman E. Swanson 100% Onondaga!County!Industrial!Development!Agency! Page!2! Page 38 G) Applicant Business Description: Onondaga!County!Industrial!Development!Agency! Page!1! Page 37 C) Company Contact (if different from individual completing application): Name: Title: Address: Phone: Cell Phone: E-mail: D) Company Counsel: Name of Attorney: Kevin McAuliffe Firm Name: Barclay Damon Address: 125 East Jefferson Street, Syracuse, NY 13202 Phone: (315) 425-2875 Cell Phone: (315) 382-8703 E-mail: KMcAuliffe@barclaydamon.com E) Business Organization (check appropriate category): ‫ ܆‬Corporation ‫܆‬Partnership ‫ ܆‬Public Corporation ‫܆‬Joint Venture ‫ ܆‬Sole Proprietorship ‫܆‬Limited Liability Company ‫ ܆‬Other (please specify): Year Established: 2016 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership Norman E. Swanson 100% Onondaga!County!Industrial!Development!Agency! Page!2! Page 38 G) Applicant Business Description: Estimated % of sales within Onondaga County: ________________________________________ 48% Estimated % of sales outside Onondaga County but within New York State: 40% Estimated % of sales outside New York State but within the U.S.: 10% Estimated % of sales outside the U.S.: 2% (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ‫܆‬Yes ‫܆‬No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ‫܆‬Yes ‫܆‬No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy?  Please attach any explanations.      ‫܆‬Yes ‫܆‬No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ‫܆‬Yes ‫܆‬No Estimated % of sales within Onondaga County: ________________________________________ 48% Estimated % of sales outside Onondaga County but within New York State: 40% Estimated % of sales outside New York State but within the U.S.: 10% Estimated % of sales outside the U.S.: 2% (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ‫܆‬Yes ‫܆‬No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ‫܆‬Yes ‫܆‬No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy?  Please attach any explanations.      ‫܆‬Yes ‫܆‬No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ‫܆‬Yes ‫܆‬No Onondaga!County!Industrial!Development!Agency! Page!3! Page 39 Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 1046 Old Seneca Turnpike, Skaneateles, NY 13152 Legal Address (if different): City: Village/Town: Town of Skaneateles Zip Code: School District: Skaneateles Tax Map Parcel ID(s): 028.-01-03.0 Full Market Value: ________________ $124,000 Footage of Existing Building: _________________ 0 Census Tract: ___________________________________________________________________ 36067016600 B) Type (Check all that apply): Onondaga!County!Industrial!Development!Agency! Page!3! Page 39 Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 1046 Old Seneca Turnpike, Skaneateles, NY 13152 Legal Address (if different): City: Village/Town: Town of Skaneateles Zip Code: School District: Skaneateles Tax Map Parcel ID(s): 028.-01-03.0 Full Market Value: ________________ $124,000 Footage of Existing Building: _________________ 0 Census Tract: ___________________________________________________________________ 36067016600 B) Type (Check all that apply): ‫܆‬New construction ‫܆‬Purchase of machinery and/or equipment ‫܆‬Expansion/Addition to current facilities ‫܆‬Brownfield/Remediated Brownfield ‫܆‬Renovation of existing facility ‫܆‬LEED Certification ‫ ܆‬Housing Project ‫܆‬Demolition and Construction ‫ ܆‬Renewable Energy Project ‫܆‬Acquisition of existing facility/property ‫ ܆‬Retail ‫܆‬Other: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: ‫܆‬New construction ‫܆‬Purchase of machinery and/or equipment ‫܆‬Expansion/Addition to current facilities ‫܆‬Brownfield/Remediated Brownfield ‫܆‬Renovation of existing facility ‫܆‬LEED Certification ‫ ܆‬Housing Project ‫܆‬Demolition and Construction ‫ ܆‬Renewable Energy Project ‫܆‬Acquisition of existing facility/property ‫ ܆‬Retail ‫܆‬Other: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: ‫ ܆‬i) a description of your Company’s background, customers, goods and services and the principal products to be produced and/or the principal activities that will occur on the Project site; ‫( ܆‬ii) the size of the Project in square feet and a breakdown of square footage per each intended use; ‫( ܆‬iii) the size of the lot upon which the Project sits or is to be constructed; ‫( ܆‬iv) the current use of the site and the intended use of the site upon completion of the Project; ‫( ܆‬vi) describe your method for site control (Own, lease, other). Onondaga County Industrial Development Agency Page 4 Page 40 E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ‫ ܆‬Industrial ‫܆‬Bank Office ‫ ܆‬Acquisition of Existing Facility ‫܆‬Retail ( see page 14) ‫ ܆‬Housing Project ( see page 17 ) ‫܆‬Mixed Use ‫ ܆‬Equipment Purchase ‫܆‬Facility for Aging ‫ ܆‬Multi-Use Tenant ‫܆‬Civic Facility (not for profit) ‫ ܆‬Renewable Energy Project ( see page 15) ‫܆‬Other ______________________ ‫ ܆‬Commercial ‫ ܆‬i) a description of your Company’s background, customers, goods and services and the principal products to be produced and/or the principal activities that will occur on the Project site; ‫( ܆‬ii) the size of the Project in square feet and a breakdown of square footage per each intended use; ‫( ܆‬iii) the size of the lot upon which the Project sits or is to be constructed; ‫( ܆‬iv) the current use of the site and the intended use of the site upon completion of the Project; ‫( ܆‬vi) describe your method for site control (Own, lease, other). Onondaga County Industrial Development Agency Page 4 Page 40 E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ‫ ܆‬Industrial ‫܆‬Bank Office ‫ ܆‬Acquisition of Existing Facility ‫܆‬Retail ( see page 14) ‫ ܆‬Housing Project ( see page 17 ) ‫܆‬Mixed Use ‫ ܆‬Equipment Purchase ‫܆‬Facility for Aging ‫ ܆‬Multi-Use Tenant ‫܆‬Civic Facility (not for profit) ‫ ܆‬Renewable Energy Project ( see page 15) ‫܆‬Other ______________________ ‫ ܆‬Commercial F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ‫܆‬Yes ‫܆‬No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ‫܆‬Yes ‫܆‬No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ‫܆‬Yes ‫܆‬No H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ‫܆‬Yes ‫܆‬No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ‫܆‬Yes ‫܆‬No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ‫܆‬Yes ‫܆‬No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ‫܆‬Yes ‫܆‬No H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ‫܆‬Yes ‫܆‬No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ‫܆‬Yes. What is the status? ‫܆‬No. When will the plans be submitted? _______________________________________________________ Planning Board Approved May 20, 2020. Onondaga County Industrial Development Agency Page 5 Page 41 2. Has the project received site plan approval from the town or local planning board?  ‫܆‬Yes ‫܆‬No 3. If no, what is the anticipated approval date? ________________________________ Planning Board Approved May 20, 2020. J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ‫܆‬Yes. What is the status? ‫܆‬No. When will the plans be submitted? _______________________________________________________ Planning Board Approved May 20, 2020. Onondaga County Industrial Development Agency Page 5 Page 41 2. Has the project received site plan approval from the town or local planning board?  ‫܆‬Yes ‫܆‬No 3. If no, what is the anticipated approval date? ________________________________ Planning Board Approved May 20, 2020. 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ‫܆‬Yes ‫܆‬No If yes, please attach an explanation. Onondaga!County!Industrial!Development!Agency! Page!6! Page 42 Section III: Construction A) Project Costs and Finances Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition $1,700,000 Site Work/Demo $700,000 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ‫܆‬Yes ‫܆‬No If yes, please attach an explanation. Onondaga!County!Industrial!Development!Agency! Page!6! Page 42 Section III: Construction A) Project Costs and Finances Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition $1,700,000 Site Work/Demo $700,000 Building Construction & Renovation $19,000,000 Furniture & Fixtures $2,900,000 Equipment* Engineering/Architect $550,000 sFinancial Charges $215,000 Legal $40,000 Other Management/Developer Fees Total Project Cost $25,105,000 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 25,105,000 Project refinancing: estimated amount (For refinancing of existing debt only) $0 Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 19,105,000 2. Equity (excluding equity that is attributed to grants/tax credits) $ 6,000,000 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 4. Taxable Bond Issuance (if applicable) $ Onondaga!County!Industrial!Development!Agency! Page!7! Page 43 Building Construction & Renovation $19,000,000 Furniture & Fixtures $2,900,000 Equipment* Engineering/Architect $550,000 sFinancial Charges $215,000 Legal $40,000 Other Management/Developer Fees Total Project Cost $25,105,000 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 25,105,000 Project refinancing: estimated amount (For refinancing of existing debt only) $0 Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 19,105,000 2. Equity (excluding equity that is attributed to grants/tax credits) $ 6,000,000 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 4. Taxable Bond Issuance (if applicable) $ Onondaga!County!Industrial!Development!Agency! Page!7! Page 43 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ 0 -Identify each state and federal grant/credit: $ $ $ 6. Total Sources of Funds for Project Costs $ _______________ 25,105,000 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ‫܆‬Yes ‫܆‬No If yes, provide number of FTE jobs at the facility: 2. Complete the following: 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ 0 -Identify each state and federal grant/credit: $ $ $ 6. Total Sources of Funds for Project Costs $ _______________ 25,105,000 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ‫܆‬Yes ‫܆‬No If yes, provide number of FTE jobs at the facility: 2. Complete the following: Estimate the number of FTE jobs to be retained as a result of this Project: 0 Estimate the number of construction jobs to be created by this Project: 60 Estimate the average length of construction jobs to be created (months): 12 Current annual payroll at facility: 0 Please list, if any, benefits that will be available to either full and/or part time Company supplemented Group Health Insurance. employees: Average annual benefit paid by the company ($ or % salary) per FTE job: 60% Amount or percent of wage employees pay for benefits: 8% Provide an estimate of the number of 400,000 residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: Onondaga!County!Industrial!Development!Agency! Page!8! Page 44 Estimate the number of FTE jobs to be retained as a result of this Project: 0 Estimate the number of construction jobs to be created by this Project: 60 Estimate the average length of construction jobs to be created (months): 12 Current annual payroll at facility: 0 Please list, if any, benefits that will be available to either full and/or part time Company supplemented Group Health Insurance. employees: Average annual benefit paid by the company ($ or % salary) per FTE job: 60% Amount or percent of wage employees pay for benefits: 8% Provide an estimate of the number of 400,000 residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: Onondaga!County!Industrial!Development!Agency! Page!8! Page 44 D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) n/a Please use this chart to illustrate the projected employment growth: Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 Professional $65,000 6 1 1 Clerical $48,000 6 3 Service $35,000 22 5 5 D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) n/a Please use this chart to illustrate the projected employment growth: Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 Professional $65,000 6 1 1 Clerical $48,000 6 3 Service $35,000 22 5 5 If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ‫ ܆‬Real Property Tax Abatement (PILOT): ‫ ܆‬Mortgage Recording Tax Exemption (.75% of amount mortgaged): $143,287.50 ‫ ܆‬Sales and Use Tax Exemption (4% Local, 4% State): $1,084,800 ‫ ܆‬Tax Exempt Bond Financing (Amount Requested): ‫ ܆‬Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 45 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ‫ ܆‬Real Property Tax Abatement (PILOT): ‫ ܆‬Mortgage Recording Tax Exemption (.75% of amount mortgaged): $143,287.50 ‫ ܆‬Sales and Use Tax Exemption (4% Local, 4% State): $1,084,800 ‫ ܆‬Tax Exempt Bond Financing (Amount Requested): ‫ ܆‬Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 45 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ Onondaga County Industrial Development Agency Page 10 Page 46 Section IV: Estimate of Real Property Tax Abatement Benefits Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ Onondaga County Industrial Development Agency Page 10 Page 46 Section IV: Estimate of Real Property Tax Abatement Benefits Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga!County!Industrial!Development!Agency! Page!11! Page 47 PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga!County!Industrial!Development!Agency! Page!11! Page 47 SECTION: V For Projects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ‫܆‬Yes ‫܆‬No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ‫܆‬Yes ‫܆‬No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ‫܆‬Yes ‫܆‬No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located.  ‫܆‬Yes ‫܆‬No Onondaga!County!Industrial!Development!Agency! Page!12! Page 48 SECTION: V For Projects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ‫܆‬Yes ‫܆‬No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ‫܆‬Yes ‫܆‬No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ‫܆‬Yes ‫܆‬No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located.  ‫܆‬Yes ‫܆‬No Onondaga!County!Industrial!Development!Agency! Page!12! Page 48 SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ‫ ܆‬Yes, please provide a copy of the lease ‫ ܆‬No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ‫ ܆‬Yes ‫ ܆‬No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ‫ ܆‬Yes. Please provide copy. ‫ ܆‬No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ‫ ܆‬Yes. Please provide copy. ‫ ܆‬No 6. Is the entire parcel being used for the solar project? ‫ ܆‬Yes ‫ ܆‬No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ‫ ܆‬Yes, explain. ‫ ܆‬No SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ‫ ܆‬Yes, please provide a copy of the lease ‫ ܆‬No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ‫ ܆‬Yes ‫ ܆‬No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ‫ ܆‬Yes. Please provide copy. ‫ ܆‬No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ‫ ܆‬Yes. Please provide copy. ‫ ܆‬No 6. Is the entire parcel being used for the solar project? ‫ ܆‬Yes ‫ ܆‬No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ‫ ܆‬Yes, explain. ‫ ܆‬No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR GUIDANCE & BEST PRACTICE Onondaga!County!Industrial!Development!Agency! Page!13! Page 49 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR GUIDANCE & BEST PRACTICE Onondaga!County!Industrial!Development!Agency! Page!13! Page 49 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. 8. Absent a showing otherwise by the Company, deemed acceptable by the Agency in the sole and absolute discretion, the Company must close with the Agency on a project prior to consideration of any requested organizational structure or project entity ownership changes. 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. 8. Absent a showing otherwise by the Company, deemed acceptable by the Agency in the sole and absolute discretion, the Company must close with the Agency on a project prior to consideration of any requested organizational structure or project entity ownership changes. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga!County!Industrial!Development!Agency! Page!14! Page 50 You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga!County!Industrial!Development!Agency! Page!14! Page 50 SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga!County!Industrial!Development!Agency! Page!15! Page 51 Section VIII: Local Access Policy Agreement SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga!County!Industrial!Development!Agency! Page!15! Page 51 Section VIII: Local Access Policy Agreement In absence of a waiver permitting otherwise, every project seeking the assistance of the Onondaga County Industrial Development Agency (Agency) must use local general contractors, sub- contractors, and labor for one-hundred percent (100%) of the construction of new, expanded, or renovated facilities. The project’s construction or project manager need not be a local company. Noncompliance may result in the revocation and/or recapture of all benefits extended to the project by the Agency. Local Labor is defined as laborers permanently residing in the State of New York counties of Cayuga, Cortland, Herkimer, Jefferson, Madison, Oneida, Onondaga, Oswego, Tompkins, and Wayne. Local (General/Sub) Contractor is defined as a contractor operating a permanent office in the State of New York counties of Cayuga, Cortland, Herkimer, Jefferson, Madison, Oneida, Onondaga, Oswego, Tompkins and Wayne. The Agency may determine on a case-by-case basis to waive the Local Access Policy for a project or for a portion of a project where consideration of warranty issues, necessity of specialized skills, significant cost differentials between local and non-local services or other compelling circumstances exist. The procedure to address a local labor waiver can be found in the OCIDA handbook, which is available upon request. Prior to issuance of any NYS Tax & Finance ST-60 forms, the Applicant must submit a Contractor Status Report to the Agency. In absence of a waiver permitting otherwise, every project seeking the assistance of the Onondaga County Industrial Development Agency (Agency) must use local general contractors, sub- contractors, and labor for one-hundred percent (100%) of the construction of new, expanded, or renovated facilities. The project’s construction or project manager need not be a local company. Noncompliance may result in the revocation and/or recapture of all benefits extended to the project by the Agency. Local Labor is defined as laborers permanently residing in the State of New York counties of Cayuga, Cortland, Herkimer, Jefferson, Madison, Oneida, Onondaga, Oswego, Tompkins, and Wayne. Local (General/Sub) Contractor is defined as a contractor operating a permanent office in the State of New York counties of Cayuga, Cortland, Herkimer, Jefferson, Madison, Oneida, Onondaga, Oswego, Tompkins and Wayne. The Agency may determine on a case-by-case basis to waive the Local Access Policy for a project or for a portion of a project where consideration of warranty issues, necessity of specialized skills, significant cost differentials between local and non-local services or other compelling circumstances exist. The procedure to address a local labor waiver can be found in the OCIDA handbook, which is available upon request. Prior to issuance of any NYS Tax & Finance ST-60 forms, the Applicant must submit a Contractor Status Report to the Agency. In consideration of the extension of financial assistance by the Agency 1046 Old Seneca Turnpike LLC (the Company) understands the Local Access Policy and agrees to complete Appendix C of the Agency’s application at the time of the application to the Agency and as part of a request to extend the valid date of the Agency’s tax-exempt certificate for the Project. The Company understands that an Agency tax-exempt certificate is typically valid for 12 months from the effective date of the project inducement and extended thereafter upon request by the Company. The Company further understands that any request for a waiver to this policy must be submitted in writing and approved by the Agency. I agree to the conditions of this agreement and certify all information provided regarding the construction and employment activities for the project as of 07/05/2022 (date). Company: 1046 Old Seneca Turnpike LLC Representative for Contract: Norman E. Swanson __ Address: 505 E. Fayette Street City: Syracuse State: NY Zip: 13202 Phone: (315) 569-7421 Email: nswanson@woodbinegroup.com Project Address: 1046 Old Seneca Turnpike City: Skaneateles State: NY Zip: 13152 In consideration of the extension of financial assistance by the Agency 1046 Old Seneca Turnpike LLC (the Company) understands the Local Access Policy and agrees to complete Appendix C of the Agency’s application at the time of the application to the Agency and as part of a request to extend the valid date of the Agency’s tax-exempt certificate for the Project. The Company understands that an Agency tax-exempt certificate is typically valid for 12 months from the effective date of the project inducement and extended thereafter upon request by the Company. The Company further understands that any request for a waiver to this policy must be submitted in writing and approved by the Agency. I agree to the conditions of this agreement and certify all information provided regarding the construction and employment activities for the project as of 07/05/2022 (date). Company: 1046 Old Seneca Turnpike LLC Representative for Contract: Norman E. Swanson __ Address: 505 E. Fayette Street City: Syracuse State: NY Zip: 13202 Phone: (315) 569-7421 Email: nswanson@woodbinegroup.com Project Address: 1046 Old Seneca Turnpike City: Skaneateles State: NY Zip: 13152 General Contractor: Eastern Dev Co, Inc. Contact Person: Norman E. Swanson Address: 505 E. Fayette Street City: Syracuse State: NY Zip: 13202 Phone: (315) 569-7421 Email: nswanson@woodbinegroup.com Authorized Representative: Rob Kelsey Title: CFO Digitally signed by Rob Kelsey Signature: Rob Kelsey Date: 2022.07.05 09:47:06 -04'00' Onondaga!County!Industrial!Development!Agency! Page!16! Page 52 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS N Non- refundable Application Fee (All projects $1,000 Due at time of except Solar Projects) application Non-refundable Application Fee (Solar $10,000 Projects Only) General Contractor: Eastern Dev Co, Inc. Contact Person: Norman E. Swanson Address: 505 E. Fayette Street City: Syracuse State: NY Zip: 13202 Phone: (315) 569-7421 Email: nswanson@woodbinegroup.com Authorized Representative: Rob Kelsey Title: CFO Digitally signed by Rob Kelsey Signature: Rob Kelsey Date: 2022.07.05 09:47:06 -04'00' Onondaga!County!Industrial!Development!Agency! Page!16! Page 52 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS N Non- refundable Application Fee (All projects $1,000 Due at time of except Solar Projects) application Non-refundable Application Fee (Solar $10,000 Projects Only) L Legal Deposit (All projects except Solar $2,500 Due at time of Projects) application S Legal Deposit (Solar Projects Only) $5,000 Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond Due at closing amount Fe Fee for expenses above $20 million .. .0 .00125 X of project cost or bond amount L Legal Deposit (All projects except Solar $2,500 Due at time of Projects) application S Legal Deposit (Solar Projects Only) $5,000 Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond Due at closing amount Fe Fee for expenses above $20 million .. .0 .00125 X of project cost or bond amount . Amendment or Modification of IDA U Up to but not to exceed 5% of Agency Due at time of documents, including but not limited to name Fee as noted on the Cost Benefit Request or organization change, refinancing, etc. Analysis at time of project approval. Consent to the amendment or modification ofLe Attorney fees determined by OCIDA IDA documents prior to closing on the project Legal Representative. shall be given at OCIDA’s sole and absolute discretion. OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. Onondaga!County!Industrial!Development!Agency! Page!17! Page 53 Section X: Recapture of Tax Abatement/Exemptions . Amendment or Modification of IDA U Up to but not to exceed 5% of Agency Due at time of documents, including but not limited to name Fee as noted on the Cost Benefit Request or organization change, refinancing, etc. Analysis at time of project approval. Consent to the amendment or modification ofLe Attorney fees determined by OCIDA IDA documents prior to closing on the project Legal Representative. shall be given at OCIDA’s sole and absolute discretion. OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. Onondaga!County!Industrial!Development!Agency! Page!17! Page 53 Section X: Recapture of Tax Abatement/Exemptions Information to be Provided by Companies: Each Company agrees that to receive benefits from the Agency it must, whenever requested by the Agency or required under applicable statutes or project documents, provide and certify or cause to be provided and certified such information concerning the Company, its finances, its employees and other topics which shall, from time to time, be necessary or appropriate, including but not limited to, such information as to enable the Agency to make any reports required by law or governmental regulation. Please refer to the OCIDA Uniform Tax Exemption Policy. (add hyperlink) I have read the foregoing and agree to comply with all the terms and conditions contained therein as well as policies of the Onondaga County Industrial Agency. Name of Applicant Company _________________________________ 1046 Old Seneca Turnpike LLC Digitally signed by Rob Kelsey Signature of Officer or Authorized Representative: Rob Kelsey _________________________________ Date: 2022.07.05 09:47:46 -04'00' Name & Title of Officer or Authorized Representative: _________________________________ Rob Kelsey, CFO Information to be Provided by Companies: Each Company agrees that to receive benefits from the Agency it must, whenever requested by the Agency or required under applicable statutes or project documents, provide and certify or cause to be provided and certified such information concerning the Company, its finances, its employees and other topics which shall, from time to time, be necessary or appropriate, including but not limited to, such information as to enable the Agency to make any reports required by law or governmental regulation. Please refer to the OCIDA Uniform Tax Exemption Policy. (add hyperlink) I have read the foregoing and agree to comply with all the terms and conditions contained therein as well as policies of the Onondaga County Industrial Agency. Name of Applicant Company _________________________________ 1046 Old Seneca Turnpike LLC Digitally signed by Rob Kelsey Signature of Officer or Authorized Representative: Rob Kelsey _________________________________ Date: 2022.07.05 09:47:46 -04'00' Name & Title of Officer or Authorized Representative: _________________________________ Rob Kelsey, CFO Date: ______________ 07/05/2022 Onondaga!County!Industrial!Development!Agency! Page!18! Page 54 Section XI: Conflict of Interest Agency Board Members 1. Patrick Hogan, Chairperson 2. Janice Herzog, Vice Chairperson 3. Steve Morgan, Director 4. Victor Ianno, Director 5. Sue Stanczyk, Director 6. Kevin Ryan, Director 7. Fanny Villarreal, Director Agency Officers/Staff 1. Robert M. Petrovich, Executive Director 2. Nathaniel Stevens, Treasurer 3. Nancy Lowery, Secretary 4. Karen Doster, Recording Secretary 5. Christopher Cox, Assistant Treasurer Agency Legal Counsel & Auditor 1. Jeffrey Davis, Esq., Barclay Damon LLP 2. Amanda Fitzgerald, Esq., Barclay Damon LLP 3. Michael G. Lisson, CPA, Grossman St. Amour Certified Public Accountants PLLC The Applicant has received from the Agency a list of members, officers and staff of the Agency. To the best of my knowledge, no member, officer or employee of the Agency has an interest, whether direct or indirect, in any transaction contemplated by this Application, except as hereinafter described: Date: ______________ 07/05/2022 Onondaga!County!Industrial!Development!Agency! Page!18! Page 54 Section XI: Conflict of Interest Agency Board Members 1. Patrick Hogan, Chairperson 2. Janice Herzog, Vice Chairperson 3. Steve Morgan, Director 4. Victor Ianno, Director 5. Sue Stanczyk, Director 6. Kevin Ryan, Director 7. Fanny Villarreal, Director Agency Officers/Staff 1. Robert M. Petrovich, Executive Director 2. Nathaniel Stevens, Treasurer 3. Nancy Lowery, Secretary 4. Karen Doster, Recording Secretary 5. Christopher Cox, Assistant Treasurer Agency Legal Counsel & Auditor 1. Jeffrey Davis, Esq., Barclay Damon LLP 2. Amanda Fitzgerald, Esq., Barclay Damon LLP 3. Michael G. Lisson, CPA, Grossman St. Amour Certified Public Accountants PLLC The Applicant has received from the Agency a list of members, officers and staff of the Agency. To the best of my knowledge, no member, officer or employee of the Agency has an interest, whether direct or indirect, in any transaction contemplated by this Application, except as hereinafter described: Name of Applicant Company _________________________________ 1046 Old Seneca Turnpike LLC Digitally signed by Rob Kelsey Signature of Officer or Authorized Representative: Rob Kelsey _________________________________ Date: 2022.07.05 09:49:06 -04'00' Name & Title of Officer or Authorized Representative: _________________________________ Rob Kelsey, CFO Date: ______________ 07/05/2022 Onondaga!County!Industrial!Development!Agency! Page!19! Page 55 Section XII: Representations, Certifications, and Indemnification Name of Applicant Company _________________________________ 1046 Old Seneca Turnpike LLC Digitally signed by Rob Kelsey Signature of Officer or Authorized Representative: Rob Kelsey _________________________________ Date: 2022.07.05 09:49:06 -04'00' Name & Title of Officer or Authorized Representative: _________________________________ Rob Kelsey, CFO Date: ______________ 07/05/2022 Onondaga!County!Industrial!Development!Agency! Page!19! Page 55 Section XII: Representations, Certifications, and Indemnification Norman E. Swanson (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ Member (title) of 1046 Old Seneca Turnpike ____________________ LLC (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. Norman E. Swanson (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ Member (title) of 1046 Old Seneca Turnpike ____________________ LLC (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga!County!Industrial!Development!Agency! Page!20! Page 56 D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga!County!Industrial!Development!Agency! Page!20! Page 56 F. Prevailing Wage: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant shall determine whether the Project is a “covered project” pursuant to Section 224-a of Article 8 of the New York Labor Law and, if applicable, the Applicant shall comply with Section 224-a of Article 8 of the New York Labor Law; and the Applicant further covenants that the Applicant shall provide such evidence of the foregoing as requested by the Agency. G. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. H. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. I. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: F. Prevailing Wage: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant shall determine whether the Project is a “covered project” pursuant to Section 224-a of Article 8 of the New York Labor Law and, if applicable, the Applicant shall comply with Section 224-a of Article 8 of the New York Labor Law; and the Applicant further covenants that the Applicant shall provide such evidence of the foregoing as requested by the Agency. G. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. H. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. I. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. J. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. J. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. K. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. L. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. Onondaga!County!Industrial!Development!Agency! Page!21! Page 57 M. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. K. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. L. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. Onondaga!County!Industrial!Development!Agency! Page!21! Page 57 M. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. N. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. O. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. N. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. O. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. Onondaga!County!Industrial!Development!Agency! Page!22! Page 58 Name of Applicant Company: _______________________________________ 1046 Old Seneca Turnpike LLC Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: _________________________________ Norman E. Swanson, Member Date: ______________ 07/05/2022 Onondaga!County!Industrial!Development!Agency! Page!22! Page 58 Name of Applicant Company: _______________________________________ 1046 Old Seneca Turnpike LLC Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: _________________________________ Norman E. Swanson, Member Date: ______________ 07/05/2022 STATE OF NEW YORK ) COUNTY OF ONONDAGA ) ss.; , being first duly sworn, deposes and says: 1. That I am the (Corporate Officer) of (Applicant) and that I am duly authorized on behalf of the Applicant to bind the Applicant. 2. That I have read and attached Application, I Know the contents thereof, and that to the best of my knowledge and belief, this Application and the contents of this Application are true, accurate and complete (Signature of Officer) Subscribed and affirmed to me under penalties of perjury this day of , 20 . (Notary Public) End of Application Rev 1.18.22 Onondaga!County!Industrial!Development!Agency! Page!23! Page 59 Skaneateles Lodge STATE OF NEW YORK ) COUNTY OF ONONDAGA ) ss.; , being first duly sworn, deposes and says: 1. That I am the (Corporate Officer) of (Applicant) and that I am duly authorized on behalf of the Applicant to bind the Applicant. 2. That I have read and attached Application, I Know the contents thereof, and that to the best of my knowledge and belief, this Application and the contents of this Application are true, accurate and complete (Signature of Officer) Subscribed and affirmed to me under penalties of perjury this day of , 20 . (Notary Public) End of Application Rev 1.18.22 Onondaga!County!Industrial!Development!Agency! Page!23! Page 59 Skaneateles Lodge PROJECT NARRATIVE Skaneateles Lodge is located on a bucolic 31-acre site at 1046 Old Seneca Turnpike in the Town of Skaneateles. The project consists of 98,000 sf, inclusive of 88 rooms with a mix of standard king rooms, two-queen rooms, family oriented 2-bedroom suites, and bridal style suite. The new resort style property will be affiliated with the Curio Collection Brand by Hilton. With a fall 2023 opening date, guest will enjoy such amenities as a noteworthy food and beverage offering inclusive of 3 meal restaurant, as well as a craft coffee bar and outdoor dining options, paired with an indoor pool, an outdoor pool, three outdoor hot tubs, a fitness center, and gift shop. The hotel structure will be comprised of a lower level with a two-story building above grade. Surface parking will be located to the west side. Other site improvements will include freestanding signage, located at the main entrance to the site, as well as landscaping and sidewalks. The tourism draw to the Finger Lakes area is currently unprecedented, although there are currently very few options for overnight accommodations in the eastern stretch of the area. With a complete void of resort style offerings. Current demand is not sated by the local offerings. PROJECT NARRATIVE Skaneateles Lodge is located on a bucolic 31-acre site at 1046 Old Seneca Turnpike in the Town of Skaneateles. The project consists of 98,000 sf, inclusive of 88 rooms with a mix of standard king rooms, two-queen rooms, family oriented 2-bedroom suites, and bridal style suite. The new resort style property will be affiliated with the Curio Collection Brand by Hilton. With a fall 2023 opening date, guest will enjoy such amenities as a noteworthy food and beverage offering inclusive of 3 meal restaurant, as well as a craft coffee bar and outdoor dining options, paired with an indoor pool, an outdoor pool, three outdoor hot tubs, a fitness center, and gift shop. The hotel structure will be comprised of a lower level with a two-story building above grade. Surface parking will be located to the west side. Other site improvements will include freestanding signage, located at the main entrance to the site, as well as landscaping and sidewalks. The tourism draw to the Finger Lakes area is currently unprecedented, although there are currently very few options for overnight accommodations in the eastern stretch of the area. With a complete void of resort style offerings. Current demand is not sated by the local offerings. There are three major groups seeking accommodations in the area. We identify these groups as leisure transient (individual visiting for pleasure solely based on area offerings), leisure group (majority of this group is wedding related), and business transient. The drive up and air travel leisure tourist is seeking both amenities and location when selecting a hotel for their stay. Many of the drive-up travelers are coming from major metro markets such as NYC, Boston, and Philadelphia. These guests are basing their stay solely on area and amenities. Skaneateles Lodge will be able to bring travelers from outside the immediate area and capture guests that may be seeking similar accommodations in the western stretches of the Finger Lakes, the Lake Placid area, or locales outside of NY state. The leisure group traveler makes up a significant percentage of overall accommodations and is a major tourism driver for the area. In conversations with fellow business members that are involved in event space sales the biggest obstacle to attracting new business is the overall lack of market accommodations. Skaneateles Lodge will allow these venues to accommodate more out of state guests with addition of more available rooms in the market. Business travel to the area is also in state of growth but again lacking availability. Page 60 There are three major groups seeking accommodations in the area. We identify these groups as leisure transient (individual visiting for pleasure solely based on area offerings), leisure group (majority of this group is wedding related), and business transient. The drive up and air travel leisure tourist is seeking both amenities and location when selecting a hotel for their stay. Many of the drive-up travelers are coming from major metro markets such as NYC, Boston, and Philadelphia. These guests are basing their stay solely on area and amenities. Skaneateles Lodge will be able to bring travelers from outside the immediate area and capture guests that may be seeking similar accommodations in the western stretches of the Finger Lakes, the Lake Placid area, or locales outside of NY state. The leisure group traveler makes up a significant percentage of overall accommodations and is a major tourism driver for the area. In conversations with fellow business members that are involved in event space sales the biggest obstacle to attracting new business is the overall lack of market accommodations. Skaneateles Lodge will allow these venues to accommodate more out of state guests with addition of more available rooms in the market. Business travel to the area is also in state of growth but again lacking availability. Page 60 With the transition of the former Welch Allyn site to Hill-Rom and finally Baxter there is an influx of a need for accommodations. The proximity to the site and with a known brand (Hilton) aiding in the ease of business travel Skaneateles Lodge can now assist in growing both business transient and business group events to the area that would otherwise be held at a different facility. This project will create new jobs, both temporary and permanent. Approximately 60 Skilled trade jobs will be available as soon as construction commences, with thirty-four (34) FT and/or FTE permanent staff hired for ongoing operations in year 1 and 49 total over the first 3 years. The operational jobs include managerial, service, and clerical. Given the greatly inflated cost to build due to global COVID supply chain issues, the savings from OCIDA participation is a critical contribution to the project going forward. It is our view that the property operations will repay these savings on construction in multiples through property taxes, sales taxes, occupancy taxes, and bringing guests into the county state-wide and regionally. With the transition of the former Welch Allyn site to Hill-Rom and finally Baxter there is an influx of a need for accommodations. The proximity to the site and with a known brand (Hilton) aiding in the ease of business travel Skaneateles Lodge can now assist in growing both business transient and business group events to the area that would otherwise be held at a different facility. This project will create new jobs, both temporary and permanent. Approximately 60 Skilled trade jobs will be available as soon as construction commences, with thirty-four (34) FT and/or FTE permanent staff hired for ongoing operations in year 1 and 49 total over the first 3 years. The operational jobs include managerial, service, and clerical. Given the greatly inflated cost to build due to global COVID supply chain issues, the savings from OCIDA participation is a critical contribution to the project going forward. It is our view that the property operations will repay these savings on construction in multiples through property taxes, sales taxes, occupancy taxes, and bringing guests into the county state-wide and regionally. DESCRIPTION OF PROJECT The site is owned by 1046 Old Seneca Turnpike LLC, which is 100% owned by Norman E. Swanson. The hotel will be operated by Skaneateles Suites LLC, which is 52% owned by Norman Swanson and 48% owned by Louise Swanson. The development company is Eastern Dev Co, Inc., which is owned by Norman Swanson and has been the General Contractor on dozens of Norm Swanson ground-up and renovation construction projects. Since 1984 Norm has been involved in the hospitality industry. His humble beginning came with the purchase of the Mohawk Manor on East Genesee Street in Syracuse which was transformed into the Genesee Grande Hotel. The Parkview Hotel, Hotel Skyler, and most recently, Tailwater Lodge in Altmar, NY are all examples of successful renovation and new build hospitality projects. Tailwater Lodge in Altmar, New York was completed and opened in February of 2014. A former elementary school, this very special property is situated on 35 acres fronting 2000 feet of the famous Salmon River with 88 rooms and a modern banquet facility capable of handling 450 person events. Much of Skaneateles Lodge is based off the design features of Tailwater Lodge. Page 61 Below are site map, elevation rendering, and a chart showing the breakdown of the facility configuration and amenities. The overall building is comprised of a basement level (27,287 sf), a first floor (40,290 sf), and a second floor (33,399) for a total area of 101,399 sf. DESCRIPTION OF PROJECT The site is owned by 1046 Old Seneca Turnpike LLC, which is 100% owned by Norman E. Swanson. The hotel will be operated by Skaneateles Suites LLC, which is 52% owned by Norman Swanson and 48% owned by Louise Swanson. The development company is Eastern Dev Co, Inc., which is owned by Norman Swanson and has been the General Contractor on dozens of Norm Swanson ground-up and renovation construction projects. Since 1984 Norm has been involved in the hospitality industry. His humble beginning came with the purchase of the Mohawk Manor on East Genesee Street in Syracuse which was transformed into the Genesee Grande Hotel. The Parkview Hotel, Hotel Skyler, and most recently, Tailwater Lodge in Altmar, NY are all examples of successful renovation and new build hospitality projects. Tailwater Lodge in Altmar, New York was completed and opened in February of 2014. A former elementary school, this very special property is situated on 35 acres fronting 2000 feet of the famous Salmon River with 88 rooms and a modern banquet facility capable of handling 450 person events. Much of Skaneateles Lodge is based off the design features of Tailwater Lodge. Page 61 Below are site map, elevation rendering, and a chart showing the breakdown of the facility configuration and amenities. The overall building is comprised of a basement level (27,287 sf), a first floor (40,290 sf), and a second floor (33,399) for a total area of 101,399 sf. Page 62 Page 63 Full Environmental Assessment Form Part 1 - Project and Setting Instructions for Completing Part 1 Part 1 is to be completed by the applicant or project sponsor. Responses become part of the application for approval or funding, are subject to public review, and may be subject to further verification. Complete Part 1 based on information currently available. If additional research or investigation would be needed to fully respond to any item, please answer as thoroughly as possible based on current information; indicate whether missing information does not exist, or is not reasonably available to the sponsor; and, when possible, generally describe work or studies which would be necessary to update or fully develop that information. Applicants/sponsors must complete all items in Sections A & B. In Sections C, D & E, most items contain an initial question that must be answered either “Yes” or “No”. If the answer to the initial question is “Yes”, complete the sub-questions that follow. If the answer to the initial question is “No”, proceed to the next question. Section F allows the project sponsor to identify and attach any additional information. Section G requires the name and signature of the applicant or project sponsor to verify that the information contained in Part 1is accurate and complete. Page 62 Page 63 Full Environmental Assessment Form Part 1 - Project and Setting Instructions for Completing Part 1 Part 1 is to be completed by the applicant or project sponsor. Responses become part of the application for approval or funding, are subject to public review, and may be subject to further verification. Complete Part 1 based on information currently available. If additional research or investigation would be needed to fully respond to any item, please answer as thoroughly as possible based on current information; indicate whether missing information does not exist, or is not reasonably available to the sponsor; and, when possible, generally describe work or studies which would be necessary to update or fully develop that information. Applicants/sponsors must complete all items in Sections A & B. In Sections C, D & E, most items contain an initial question that must be answered either “Yes” or “No”. If the answer to the initial question is “Yes”, complete the sub-questions that follow. If the answer to the initial question is “No”, proceed to the next question. Section F allows the project sponsor to identify and attach any additional information. Section G requires the name and signature of the applicant or project sponsor to verify that the information contained in Part 1is accurate and complete. A. Project and Applicant/Sponsor Information. Name of Action or Project: Woodbine Hotel Project Location (describe, and attach a general location map): 1046 Old Seneca Turnpike, Town of Skaneateles, Onondaga County Brief Description of Proposed Action (include purpose or need): Construction of hotel, parking areas, stormwater management areas, septic areas and associated utilities Name of Applicant/Sponsor: Telephone: 315-228-0036 Woodbine Group (c/o CHA Consulting, Inc - Brian Bouchard) E-Mail: bbouchard@chacompanies.com Address: 300 S. State Street, Suite 600 City/PO: Syracuse State: Zip Code: NY 13202 Project Contact (if not same as sponsor; give name and title/role): Telephone: E-Mail: Address: City/PO: State: Zip Code: A. Project and Applicant/Sponsor Information. Name of Action or Project: Woodbine Hotel Project Location (describe, and attach a general location map): 1046 Old Seneca Turnpike, Town of Skaneateles, Onondaga County Brief Description of Proposed Action (include purpose or need): Construction of hotel, parking areas, stormwater management areas, septic areas and associated utilities Name of Applicant/Sponsor: Telephone: 315-228-0036 Woodbine Group (c/o CHA Consulting, Inc - Brian Bouchard) E-Mail: bbouchard@chacompanies.com Address: 300 S. State Street, Suite 600 City/PO: Syracuse State: Zip Code: NY 13202 Project Contact (if not same as sponsor; give name and title/role): Telephone: E-Mail: Address: City/PO: State: Zip Code: Property Owner (if not same as sponsor): Telephone: 1046 Old Seneca Turnpike LLC E-Mail: Address: 505 E. Fayette St. City/PO: State: Zip Code: Syracuse NY 13202 Page 1 of 13 FEAF 2019 Page 64 Property Owner (if not same as sponsor): Telephone: 1046 Old Seneca Turnpike LLC E-Mail: Address: 505 E. Fayette St. City/PO: State: Zip Code: Syracuse NY 13202 Page 1 of 13 FEAF 2019 Page 64 B. Government Approvals B. Government Approvals, Funding, or Sponsorship. (“Funding” includes grants, loans, tax relief, and any other forms of financial assistance.) Government Entity If Yes: Identify Agency and Approval(s) Application Date Required (Actual or projected) a. City Counsel, Town Board, ✔ 9 Yes 9 No Town Board (Site Plan Approval) or Village Board of Trustees b. City, Town or Village 9 Yes 9 No ✔ Town Planning Board (Site Plan Approval) Planning Board or Commission c. City, Town or 9 Yes ✔ 9 No Village Zoning Board of Appeals d. Other local agencies 9 Yes ✔ 9 No e. County agencies 9 Yes 9 No ✔ Health Department (Septic Permit) f. Regional agencies 9 Yes ✔ 9 No g. State agencies ✔ 9 Yes 9 No DEC SPDES permit h. Federal agencies 9 Yes ✔ 9 No B. Government Approvals B. Government Approvals, Funding, or Sponsorship. (“Funding” includes grants, loans, tax relief, and any other forms of financial assistance.) Government Entity If Yes: Identify Agency and Approval(s) Application Date Required (Actual or projected) a. City Counsel, Town Board, ✔ 9 Yes 9 No Town Board (Site Plan Approval) or Village Board of Trustees b. City, Town or Village 9 Yes 9 No ✔ Town Planning Board (Site Plan Approval) Planning Board or Commission c. City, Town or 9 Yes ✔ 9 No Village Zoning Board of Appeals d. Other local agencies 9 Yes ✔ 9 No e. County agencies 9 Yes 9 No ✔ Health Department (Septic Permit) f. Regional agencies 9 Yes ✔ 9 No g. State agencies ✔ 9 Yes 9 No DEC SPDES permit h. Federal agencies 9 Yes ✔ 9 No i. Coastal Resources. i. Is the project site within a Coastal Area, or the waterfront area of a Designated Inland Waterway? 9 Yes ✔ 9 No ii. Is the project site located in a community with an approved Local Waterfront Revitalization Program? ✔ 9 Yes 9 No iii. Is the project site within a Coastal Erosion Hazard Area? 9 Yes ✔ 9 No C. Planning and Zoning i. Coastal Resources. i. Is the project site within a Coastal Area, or the waterfront area of a Designated Inland Waterway? 9 Yes ✔ 9 No ii. Is the project site located in a community with an approved Local Waterfront Revitalization Program? ✔ 9 Yes 9 No iii. Is the project site within a Coastal Erosion Hazard Area? 9 Yes ✔ 9 No C. Planning and Zoning C.1. Planning and zoning actions. Will administrative or legislative adoption, or amendment of a plan, local law, ordinance, rule or regulation be the 9 Yes ✔ 9 No only approval(s) which must be granted to enable the proposed action to proceed? • If Yes, complete sections C, F and G. • If No, proceed to question C.2 and complete all remaining sections and questions in Part 1 C.2. Adopted land use plans. a. Do any municipally- adopted (city, town, village or county) comprehensive land use plan(s) include the site ✔ 9 Yes 9 No where the proposed action would be located? If Yes, does the comprehensive plan include specific recommendations for the site where the proposed action 9 Yes ✔ 9 No would be located? b. Is the site of the proposed action within any local or regional special planning district (for example: Greenway; 9 Yes ✔ 9 No Brownfield Opportunity Area (BOA); designated State or Federal heritage area; watershed management plan; or other?) If Yes, identify the plan(s): _______________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ C.1. Planning and zoning actions. Will administrative or legislative adoption, or amendment of a plan, local law, ordinance, rule or regulation be the 9 Yes ✔ 9 No only approval(s) which must be granted to enable the proposed action to proceed? • If Yes, complete sections C, F and G. • If No, proceed to question C.2 and complete all remaining sections and questions in Part 1 C.2. Adopted land use plans. a. Do any municipally- adopted (city, town, village or county) comprehensive land use plan(s) include the site ✔ 9 Yes 9 No where the proposed action would be located? If Yes, does the comprehensive plan include specific recommendations for the site where the proposed action 9 Yes ✔ 9 No would be located? b. Is the site of the proposed action within any local or regional special planning district (for example: Greenway; 9 Yes ✔ 9 No Brownfield Opportunity Area (BOA); designated State or Federal heritage area; watershed management plan; or other?) If Yes, identify the plan(s): _______________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ c. Is the proposed action located wholly or partially within an area listed in an adopted municipal open space plan, 9 Yes 9 No or an adopted municipal farmland protection plan? If Yes, identify the plan(s): ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ Page 2 of 13 Page 65 C.3. Zoning a. Is the site of the proposed action located in a municipality with an adopted zoning law or ordinance. 9 Yes 9 No ✔ If Yes, what is the zoning classification(s) including any applicable overlay district? _________________________________________________________________________________________________________ Indutrial/Research/Office District (IRO) _________________________________________________________________________________________________________ c. Is the proposed action located wholly or partially within an area listed in an adopted municipal open space plan, 9 Yes 9 No or an adopted municipal farmland protection plan? If Yes, identify the plan(s): ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ Page 2 of 13 Page 65 C.3. Zoning a. Is the site of the proposed action located in a municipality with an adopted zoning law or ordinance. 9 Yes 9 No ✔ If Yes, what is the zoning classification(s) including any applicable overlay district? _________________________________________________________________________________________________________ Indutrial/Research/Office District (IRO) _________________________________________________________________________________________________________ b. Is the use permitted or allowed by a special or conditional use permit? ✔ 9 Yes 9 No c. Is a zoning change requested as part of the proposed action? 9 Yes ✔ 9 No If Yes, i. What is the proposed new zoning for the site? ___________________________________________________________________ C.4. Existing community services. a. In what school district is the project site located? ________________________________________________________________ Skaneateles b. What police or other public protection forces serve the project site? _________________________________________________________________________________________________________ Onondaga County Sheriff's Department and New York State Troopers c. Which fire protection and emergency medical services serve the project site? __________________________________________________________________________________________________________ Mottville Fire b. Is the use permitted or allowed by a special or conditional use permit? ✔ 9 Yes 9 No c. Is a zoning change requested as part of the proposed action? 9 Yes ✔ 9 No If Yes, i. What is the proposed new zoning for the site? ___________________________________________________________________ C.4. Existing community services. a. In what school district is the project site located? ________________________________________________________________ Skaneateles b. What police or other public protection forces serve the project site? _________________________________________________________________________________________________________ Onondaga County Sheriff's Department and New York State Troopers c. Which fire protection and emergency medical services serve the project site? __________________________________________________________________________________________________________ Mottville Fire d. What parks serve the project site? __________________________________________________________________________________________________________ __________________________________________________________________________________________________________ D. Project Details D.1. Proposed and Potential Development a. What is the general nature of the proposed action (e.g., residential, industrial, commercial, recreational; if mixed, include all components)? Commercial _________________________________________________________________________________________________________ b. a. Total acreage of the site of the proposed action? _____________ 30.97 acres b. Total acreage to be physically disturbed? _____________ 12.9 acres c. Total acreage (project site and any contiguous properties) owned or controlled by the applicant or project sponsor? _____________ 30.97 acres d. What parks serve the project site? __________________________________________________________________________________________________________ __________________________________________________________________________________________________________ D. Project Details D.1. Proposed and Potential Development a. What is the general nature of the proposed action (e.g., residential, industrial, commercial, recreational; if mixed, include all components)? Commercial _________________________________________________________________________________________________________ b. a. Total acreage of the site of the proposed action? _____________ 30.97 acres b. Total acreage to be physically disturbed? _____________ 12.9 acres c. Total acreage (project site and any contiguous properties) owned or controlled by the applicant or project sponsor? _____________ 30.97 acres c. Is the proposed action an expansion of an existing project or use? 9 Yes ✔9 No i. If Yes, what is the approximate percentage of the proposed expansion and identify the units (e.g., acres, miles, housing units, square feet)? % ____________________ Units: ____________________ d. Is the proposed action a subdivision, or does it include a subdivision? 9 Yes 9 ✔ No If Yes, i. Purpose or type of subdivision? (e.g., residential, industrial, commercial; if mixed, specify types) ________________________________________________________________________________________________________ ii. Is a cluster/conservation layout proposed? 9 Yes 9 No iii. Number of lots proposed? ________ iv. Minimum and maximum proposed lot sizes? Minimum __________ Maximum __________ e. Will the proposed action be constructed in multiple phases? 9 Yes ✔9 No i. If No, anticipated period of construction: _____ 24 months ii. If Yes: • Total number of phases anticipated _____ • Anticipated commencement date of phase 1 (including demolition) _____ month _____ year • Anticipated completion date of final phase _____ month _____year • Generally describe connections or relationships among phases, including any contingencies where progress of one phase may determine timing or duration of future phases: _______________________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ c. Is the proposed action an expansion of an existing project or use? 9 Yes ✔9 No i. If Yes, what is the approximate percentage of the proposed expansion and identify the units (e.g., acres, miles, housing units, square feet)? % ____________________ Units: ____________________ d. Is the proposed action a subdivision, or does it include a subdivision? 9 Yes 9 ✔ No If Yes, i. Purpose or type of subdivision? (e.g., residential, industrial, commercial; if mixed, specify types) ________________________________________________________________________________________________________ ii. Is a cluster/conservation layout proposed? 9 Yes 9 No iii. Number of lots proposed? ________ iv. Minimum and maximum proposed lot sizes? Minimum __________ Maximum __________ e. Will the proposed action be constructed in multiple phases? 9 Yes ✔9 No i. If No, anticipated period of construction: _____ 24 months ii. If Yes: • Total number of phases anticipated _____ • Anticipated commencement date of phase 1 (including demolition) _____ month _____ year • Anticipated completion date of final phase _____ month _____year • Generally describe connections or relationships among phases, including any contingencies where progress of one phase may determine timing or duration of future phases: _______________________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ Page 3 of 13 Page 66 f. Does the project include new residential uses? 9 Yes ✔ 9 No If Yes, show numbers of units proposed. One Family Two Family Three Family Multiple Family (four or more) Initial Phase ___________ ___________ ____________ ________________________ At completion of all phases ___________ ___________ ____________ ________________________ Page 3 of 13 Page 66 f. Does the project include new residential uses? 9 Yes ✔ 9 No If Yes, show numbers of units proposed. One Family Two Family Three Family Multiple Family (four or more) Initial Phase ___________ ___________ ____________ ________________________ At completion of all phases ___________ ___________ ____________ ________________________ g. Does the proposed action include new non-residential construction (including expansions)? 9 Yes 9 No ✔ If Yes, i. Total number of structures ___________ 1 ii. Dimensions (in feet) of largest proposed structure: ________height; 35 ________width; 210 and _______ 225 length iii. Approximate extent of building space to be heated or cooled: ______________________ 75,000 square feet g. Does the proposed action include new non-residential construction (including expansions)? 9 Yes 9 No ✔ If Yes, i. Total number of structures ___________ 1 ii. Dimensions (in feet) of largest proposed structure: ________height; 35 ________width; 210 and _______ 225 length iii. Approximate extent of building space to be heated or cooled: ______________________ 75,000 square feet h. Does the proposed action include construction or other activities that will result in the impoundment of any 9 Yes ✔ 9 No liquids, such as creation of a water supply, reservoir, pond, lake, waste lagoon or other storage? If Yes, i. Purpose of the impoundment: ________________________________________________________________________________ ii. If a water impoundment, the principal source of the water: 9 Ground water 9 Surface water streams 9 Other specify: _________________________________________________________________________________________________________ iii. If other than water, identify the type of impounded/contained liquids and their source. _________________________________________________________________________________________________________ iv. Approximate size of the proposed impoundment. Volume: ____________ million gallons; surface area: ____________ acres v. Dimensions of the proposed dam or impounding structure: ________ height; _______ length vi. Construction method/materials for the proposed dam or impounding structure (e.g., earth fill, rock, wood, concrete): ________________________________________________________________________________________________________ h. Does the proposed action include construction or other activities that will result in the impoundment of any 9 Yes ✔ 9 No liquids, such as creation of a water supply, reservoir, pond, lake, waste lagoon or other storage? If Yes, i. Purpose of the impoundment: ________________________________________________________________________________ ii. If a water impoundment, the principal source of the water: 9 Ground water 9 Surface water streams 9 Other specify: _________________________________________________________________________________________________________ iii. If other than water, identify the type of impounded/contained liquids and their source. _________________________________________________________________________________________________________ iv. Approximate size of the proposed impoundment. Volume: ____________ million gallons; surface area: ____________ acres v. Dimensions of the proposed dam or impounding structure: ________ height; _______ length vi. Construction method/materials for the proposed dam or impounding structure (e.g., earth fill, rock, wood, concrete): ________________________________________________________________________________________________________ D.2. Project Operations a. Does the proposed action include any excavation, mining, or dredging, during construction, operations, or both? 9 Yes ✔ 9 No (Not including general site preparation, grading or installation of utilities or foundations where all excavated materials will remain onsite) If Yes: i .What is the purpose of the excavation or dredging? _______________________________________________________________ ii. How much material (including rock, earth, sediments, etc.) is proposed to be removed from the site? • Volume (specify tons or cubic yards): ____________________________________________ • Over what duration of time? ____________________________________________________ iii. Describe nature and characteristics of materials to be excavated or dredged, and plans to use, manage or dispose of them. ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ iv. Will there be onsite dewatering or processing of excavated materials? 9 Yes 9 No If yes, describe. ___________________________________________________________________________________________ ________________________________________________________________________________________________________ v. What is the total area to be dredged or excavated? _____________________________________acres vi. What is the maximum area to be worked at any one time? _______________________________ acres vii. What would be the maximum depth of excavation or dredging? __________________________ feet viii. Will the excavation require blasting? 9 Yes 9 No ix. Summarize site reclamation goals and plan: _____________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ D.2. Project Operations a. Does the proposed action include any excavation, mining, or dredging, during construction, operations, or both? 9 Yes ✔ 9 No (Not including general site preparation, grading or installation of utilities or foundations where all excavated materials will remain onsite) If Yes: i .What is the purpose of the excavation or dredging? _______________________________________________________________ ii. How much material (including rock, earth, sediments, etc.) is proposed to be removed from the site? • Volume (specify tons or cubic yards): ____________________________________________ • Over what duration of time? ____________________________________________________ iii. Describe nature and characteristics of materials to be excavated or dredged, and plans to use, manage or dispose of them. ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ iv. Will there be onsite dewatering or processing of excavated materials? 9 Yes 9 No If yes, describe. ___________________________________________________________________________________________ ________________________________________________________________________________________________________ v. What is the total area to be dredged or excavated? _____________________________________acres vi. What is the maximum area to be worked at any one time? _______________________________ acres vii. What would be the maximum depth of excavation or dredging? __________________________ feet viii. Will the excavation require blasting? 9 Yes 9 No ix. Summarize site reclamation goals and plan: _____________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ b. Would the proposed action cause or result in alteration of, increase or decrease in size of, or encroachment 9 Yes ✔9 No into any existing wetland, waterbody, shoreline, beach or adjacent area? If Yes: i. Identify the wetland or waterbody which would be affected (by name, water index number, wetland map number or geographic description): ______________________________________________________________________________________________ _________________________________________________________________________________________________________ Page 4 of 13 Page 67 b. Would the proposed action cause or result in alteration of, increase or decrease in size of, or encroachment 9 Yes ✔9 No into any existing wetland, waterbody, shoreline, beach or adjacent area? If Yes: i. Identify the wetland or waterbody which would be affected (by name, water index number, wetland map number or geographic description): ______________________________________________________________________________________________ _________________________________________________________________________________________________________ Page 4 of 13 Page 67 ii. Describe how the proposed action would affect that waterbody or wetland, e.g. excavation, fill, placement of structures, or alteration of channels, banks and shorelines. Indicate extent of activities, alterations and additions in square feet or acres: _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ iii. Will the proposed action cause or result in disturbance to bottom sediments? Yes 9 No If Yes, describe: __________________________________________________________________________________________ iv. Will the proposed action cause or result in the destruction or removal of aquatic vegetation? 9 Yes 9 No If Yes: • acres of aquatic vegetation proposed to be removed: ___________________________________________________________ • expected acreage of aquatic vegetation remaining after project completion:________________________________________ • purpose of proposed removal (e.g. beach clearing, invasive species control, boat access): ____________________________ ____________________________________________________________________________________________________ • proposed method of plant removal: ________________________________________________________________________ • if chemical/herbicide treatment will be used, specify product(s): _________________________________________________ v. Describe any proposed reclamation/mitigation following disturbance: _________________________________________________ _________________________________________________________________________________________________________ c. Will the proposed action use, or create a new demand for water? ✔9 Yes 9 No If Yes: i. Total anticipated water usage/demand per day: __________________________ 14,580 gallons/day ii. Will the proposed action obtain water from an existing public water supply? ✔9 Yes 9 No If Yes: • Name of district or service area: Town _________________________________________________________________________ of Skaneateles • Does the existing public water supply have capacity to serve the proposal? ✔9 Yes 9 No • Is the project site in the existing district? ✔9 Yes 9 No • Is expansion of the district needed? 9 Yes ✔ 9 No • Do existing lines serve the project site? 9 Yes ✔ 9 No iii. Will line extension within an existing district be necessary to supply the project? 9 Yes 9 ✔ No If Yes: • Describe extensions or capacity expansions proposed to serve this project: ________________________________________ ____________________________________________________________________________________________________ • Source(s) of supply for the district: ________________________________________________________________________ iv. Is a new water supply district or service area proposed to be formed to serve the project site? 9 Yes 9 No If, Yes: • Applicant/sponsor for new district: ________________________________________________________________________ • Date application submitted or anticipated: __________________________________________________________________ • Proposed source(s) of supply for new district: _______________________________________________________________ v. If a public water supply will not be used, describe plans to provide water supply for the project: ___________________________ _________________________________________________________________________________________________________ vi. If water supply will be from wells (public or private), what is the maximum pumping capacity: _______ gallons/minute. d. Will the proposed action generate liquid wastes? ✔9 Yes 9 No If Yes: i. Total anticipated liquid waste generation per day: _______________ 14,580 gallons/day ii. Nature of liquid wastes to be generated (e.g., sanitary wastewater, industrial; if combination, describe all components and approximate volumes or proportions of each): __________________________________________________________________ _________________________________________________________________________________________________________ Sanitary wastewater approximately (14,580 gallons per day) _________________________________________________________________________________________________________ iii. Will the proposed action use any existing public wastewater treatment facilities? 9 Yes ✔ 9 No If Yes: • Name of wastewater treatment plant to be used: _____________________________________________________________ • Name of district: ______________________________________________________________________________________ • Does the existing wastewater treatment plant have capacity to serve the project? 9 Yes 9 No • Is the project site in the existing district? 9 Yes 9 No • Is expansion of the district needed? 9 Yes 9 No ii. Describe how the proposed action would affect that waterbody or wetland, e.g. excavation, fill, placement of structures, or alteration of channels, banks and shorelines. Indicate extent of activities, alterations and additions in square feet or acres: _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ iii. Will the proposed action cause or result in disturbance to bottom sediments? Yes 9 No If Yes, describe: __________________________________________________________________________________________ iv. Will the proposed action cause or result in the destruction or removal of aquatic vegetation? 9 Yes 9 No If Yes: • acres of aquatic vegetation proposed to be removed: ___________________________________________________________ • expected acreage of aquatic vegetation remaining after project completion:________________________________________ • purpose of proposed removal (e.g. beach clearing, invasive species control, boat access): ____________________________ ____________________________________________________________________________________________________ • proposed method of plant removal: ________________________________________________________________________ • if chemical/herbicide treatment will be used, specify product(s): _________________________________________________ v. Describe any proposed reclamation/mitigation following disturbance: _________________________________________________ _________________________________________________________________________________________________________ c. Will the proposed action use, or create a new demand for water? ✔9 Yes 9 No If Yes: i. Total anticipated water usage/demand per day: __________________________ 14,580 gallons/day ii. Will the proposed action obtain water from an existing public water supply? ✔9 Yes 9 No If Yes: • Name of district or service area: Town _________________________________________________________________________ of Skaneateles • Does the existing public water supply have capacity to serve the proposal? ✔9 Yes 9 No • Is the project site in the existing district? ✔9 Yes 9 No • Is expansion of the district needed? 9 Yes ✔ 9 No • Do existing lines serve the project site? 9 Yes ✔ 9 No iii. Will line extension within an existing district be necessary to supply the project? 9 Yes 9 ✔ No If Yes: • Describe extensions or capacity expansions proposed to serve this project: ________________________________________ ____________________________________________________________________________________________________ • Source(s) of supply for the district: ________________________________________________________________________ iv. Is a new water supply district or service area proposed to be formed to serve the project site? 9 Yes 9 No If, Yes: • Applicant/sponsor for new district: ________________________________________________________________________ • Date application submitted or anticipated: __________________________________________________________________ • Proposed source(s) of supply for new district: _______________________________________________________________ v. If a public water supply will not be used, describe plans to provide water supply for the project: ___________________________ _________________________________________________________________________________________________________ vi. If water supply will be from wells (public or private), what is the maximum pumping capacity: _______ gallons/minute. d. Will the proposed action generate liquid wastes? ✔9 Yes 9 No If Yes: i. Total anticipated liquid waste generation per day: _______________ 14,580 gallons/day ii. Nature of liquid wastes to be generated (e.g., sanitary wastewater, industrial; if combination, describe all components and approximate volumes or proportions of each): __________________________________________________________________ _________________________________________________________________________________________________________ Sanitary wastewater approximately (14,580 gallons per day) _________________________________________________________________________________________________________ iii. Will the proposed action use any existing public wastewater treatment facilities? 9 Yes ✔ 9 No If Yes: • Name of wastewater treatment plant to be used: _____________________________________________________________ • Name of district: ______________________________________________________________________________________ • Does the existing wastewater treatment plant have capacity to serve the project? 9 Yes 9 No • Is the project site in the existing district? 9 Yes 9 No • Is expansion of the district needed? 9 Yes 9 No Page 5 of 13 Page 68 • Do existing sewer lines serve the project site? 9 Yes 9 No • Will a line extension within an existing district be necessary to serve the project? 9 Yes 9 No If Yes: • Describe extensions or capacity expansions proposed to serve this project: ____________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ iv. Will a new wastewater (sewage) treatment district be formed to serve the project site? 9 Yes ✔ 9 No If Yes: • Applicant/sponsor for new district: ____________________________________________________________________ • Date application submitted or anticipated: _______________________________________________________________ • What is the receiving water for the wastewater discharge? __________________________________________________ v. If public facilities will not be used, describe plans to provide wastewater treatment for the project, including specifying proposed receiving water (name and classification if surface discharge or describe subsurface disposal plans): ________________________________________________________________________________________________________ Project is to be served by a new septic system that will be sized per NYS Department of Health regulations and recieve both NYS DEC and Onondaga _ ________________________________________________________________________________________________________ County Health department approvals vi. Describe any plans or designs to capture, recycle or reuse liquid waste: _______________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ Page 5 of 13 Page 68 • Do existing sewer lines serve the project site? 9 Yes 9 No • Will a line extension within an existing district be necessary to serve the project? 9 Yes 9 No If Yes: • Describe extensions or capacity expansions proposed to serve this project: ____________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ iv. Will a new wastewater (sewage) treatment district be formed to serve the project site? 9 Yes ✔ 9 No If Yes: • Applicant/sponsor for new district: ____________________________________________________________________ • Date application submitted or anticipated: _______________________________________________________________ • What is the receiving water for the wastewater discharge? __________________________________________________ v. If public facilities will not be used, describe plans to provide wastewater treatment for the project, including specifying proposed receiving water (name and classification if surface discharge or describe subsurface disposal plans): ________________________________________________________________________________________________________ Project is to be served by a new septic system that will be sized per NYS Department of Health regulations and recieve both NYS DEC and Onondaga _ ________________________________________________________________________________________________________ County Health department approvals vi. Describe any plans or designs to capture, recycle or reuse liquid waste: _______________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ e. Will the proposed action disturb more than one acre and create stormwater runoff, either from new point 9 Yes 9 No ✔ sources (i.e. ditches, pipes, swales, curbs, gutters or other concentrated flows of stormwater) or non-point source (i.e. sheet flow) during construction or post construction? If Yes: i. How much impervious surface will the project create in relation to total size of project parcel? _____ Square feet or _____ 3.41 acres (impervious surface) _____ Square feet or _____ 30.97 acres (parcel size) ii. Describe types of new point sources. __________________________________________________________________________ runoff from lodging building and parking areas _________________________________________________________________________________________________________ iii. Where will the stormwater runoff be directed (i.e. on-site stormwater management facility/structures, adjacent properties, groundwater, on-site surface water or off-site surface waters)? ________________________________________________________________________________________________________ stormwater runoff will be directed to on-site stormwater management structures ________________________________________________________________________________________________________ • If to surface waters, identify receiving water bodies or wetlands: ________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ • Will stormwater runoff flow to adjacent properties? 9 Yes ✔9 No iv. Does the proposed plan minimize impervious surfaces, use pervious materials or collect and re-use stormwater? ✔ 9 Yes 9 No f. Does the proposed action include, or will it use on-site, one or more sources of air emissions, including fuel 9 Yes ✔9 No combustion, waste incineration, or other processes or operations? If Yes, identify: i. Mobile sources during project operations (e.g., heavy equipment, fleet or delivery vehicles) _________________________________________________________________________________________________________ ii. Stationary sources during construction (e.g., power generation, structural heating, batch plant, crushers) ________________________________________________________________________________________________________ iii. Stationary sources during operations (e.g., process emissions, large boilers, electric generation) ________________________________________________________________________________________________________ g. Will any air emission sources named in D.2.f (above), require a NY State Air Registration, Air Facility Permit, 9 Yes ✔ 9 No or Federal Clean Air Act Title IV or Title V Permit? If Yes: i. Is the project site located in an Air quality non-attainment area? (Area routinely or periodically fails to meet 9 Yes 9 No ambient air quality standards for all or some parts of the year) ii. In addition to emissions as calculated in the application, the project will generate: • ___________Tons/year (short tons) of Carbon Dioxide (CO2) • ___________Tons/year (short tons) of Nitrous Oxide (N2O) • ___________Tons/year (short tons) of Perfluorocarbons (PFCs) • ___________Tons/year (short tons) of Sulfur Hexafluoride (SF6) • ___________Tons/year (short tons) of Carbon Dioxide equivalent of Hydroflourocarbons (HFCs) • ___________Tons/year (short tons) of Hazardous Air Pollutants (HAPs) e. Will the proposed action disturb more than one acre and create stormwater runoff, either from new point 9 Yes 9 No ✔ sources (i.e. ditches, pipes, swales, curbs, gutters or other concentrated flows of stormwater) or non-point source (i.e. sheet flow) during construction or post construction? If Yes: i. How much impervious surface will the project create in relation to total size of project parcel? _____ Square feet or _____ 3.41 acres (impervious surface) _____ Square feet or _____ 30.97 acres (parcel size) ii. Describe types of new point sources. __________________________________________________________________________ runoff from lodging building and parking areas _________________________________________________________________________________________________________ iii. Where will the stormwater runoff be directed (i.e. on-site stormwater management facility/structures, adjacent properties, groundwater, on-site surface water or off-site surface waters)? ________________________________________________________________________________________________________ stormwater runoff will be directed to on-site stormwater management structures ________________________________________________________________________________________________________ • If to surface waters, identify receiving water bodies or wetlands: ________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ • Will stormwater runoff flow to adjacent properties? 9 Yes ✔9 No iv. Does the proposed plan minimize impervious surfaces, use pervious materials or collect and re-use stormwater? ✔ 9 Yes 9 No f. Does the proposed action include, or will it use on-site, one or more sources of air emissions, including fuel 9 Yes ✔9 No combustion, waste incineration, or other processes or operations? If Yes, identify: i. Mobile sources during project operations (e.g., heavy equipment, fleet or delivery vehicles) _________________________________________________________________________________________________________ ii. Stationary sources during construction (e.g., power generation, structural heating, batch plant, crushers) ________________________________________________________________________________________________________ iii. Stationary sources during operations (e.g., process emissions, large boilers, electric generation) ________________________________________________________________________________________________________ g. Will any air emission sources named in D.2.f (above), require a NY State Air Registration, Air Facility Permit, 9 Yes ✔ 9 No or Federal Clean Air Act Title IV or Title V Permit? If Yes: i. Is the project site located in an Air quality non-attainment area? (Area routinely or periodically fails to meet 9 Yes 9 No ambient air quality standards for all or some parts of the year) ii. In addition to emissions as calculated in the application, the project will generate: • ___________Tons/year (short tons) of Carbon Dioxide (CO2) • ___________Tons/year (short tons) of Nitrous Oxide (N2O) • ___________Tons/year (short tons) of Perfluorocarbons (PFCs) • ___________Tons/year (short tons) of Sulfur Hexafluoride (SF6) • ___________Tons/year (short tons) of Carbon Dioxide equivalent of Hydroflourocarbons (HFCs) • ___________Tons/year (short tons) of Hazardous Air Pollutants (HAPs) Page 6 of 13 Page 69 h. Will the proposed action generate or emit methane (including, but not limited to, sewage treatment plants, 9 Yes ✔9 No landfills, composting facilities)? If Yes: i. Estimate methane generation in tons/year (metric): ________________________________________________________________ ii. Describe any methane capture, control or elimination measures included in project design (e.g., combustion to generate heat or electricity, flaring): ________________________________________________________________________________________ _________________________________________________________________________________________________________ i. Will the proposed action result in the release of air pollutants from open-air operations or processes, such as 9 Yes ✔ 9 No quarry or landfill operations? If Yes: Describe operations and nature of emissions (e.g., diesel exhaust, rock particulates/dust): _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ Page 6 of 13 Page 69 h. Will the proposed action generate or emit methane (including, but not limited to, sewage treatment plants, 9 Yes ✔9 No landfills, composting facilities)? If Yes: i. Estimate methane generation in tons/year (metric): ________________________________________________________________ ii. Describe any methane capture, control or elimination measures included in project design (e.g., combustion to generate heat or electricity, flaring): ________________________________________________________________________________________ _________________________________________________________________________________________________________ i. Will the proposed action result in the release of air pollutants from open-air operations or processes, such as 9 Yes ✔ 9 No quarry or landfill operations? If Yes: Describe operations and nature of emissions (e.g., diesel exhaust, rock particulates/dust): _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ j. Will the proposed action result in a substantial increase in traffic above present levels or generate substantial 9 Yes ✔ 9 No new demand for transportation facilities or services? If Yes: i. When is the peak traffic expected (Check all that apply): † Morning † Evening †Weekend † Randomly between hours of __________ to ________. ii. For commercial activities only, projected number of truck trips/day and type (e.g., semi trailers and dump trucks): _____________ ________________________________________________________________________________________________________ iii. Parking spaces: Existing ___________________ Proposed ___________ Net increase/decrease _____________________ iv. Does the proposed action include any shared use parking? Yes No v. If the proposed action includes any modification of existing roads, creation of new roads or change in existing access, describe: ________________________________________________________________________________________________________ vi. Are public/private transportation service(s) or facilities available within ½ mile of the proposed site? 9 Yes 9 No vii Will the proposed action include access to public transportation or accommodations for use of hybrid, electric 9 Yes 9 No or other alternative fueled vehicles? viii. Will the proposed action include plans for pedestrian or bicycle accommodations for connections to existing 9 Yes 9 No pedestrian or bicycle routes? j. Will the proposed action result in a substantial increase in traffic above present levels or generate substantial 9 Yes ✔ 9 No new demand for transportation facilities or services? If Yes: i. When is the peak traffic expected (Check all that apply): † Morning † Evening †Weekend † Randomly between hours of __________ to ________. ii. For commercial activities only, projected number of truck trips/day and type (e.g., semi trailers and dump trucks): _____________ ________________________________________________________________________________________________________ iii. Parking spaces: Existing ___________________ Proposed ___________ Net increase/decrease _____________________ iv. Does the proposed action include any shared use parking? Yes No v. If the proposed action includes any modification of existing roads, creation of new roads or change in existing access, describe: ________________________________________________________________________________________________________ vi. Are public/private transportation service(s) or facilities available within ½ mile of the proposed site? 9 Yes 9 No vii Will the proposed action include access to public transportation or accommodations for use of hybrid, electric 9 Yes 9 No or other alternative fueled vehicles? viii. Will the proposed action include plans for pedestrian or bicycle accommodations for connections to existing 9 Yes 9 No pedestrian or bicycle routes? k. Will the proposed action (for commercial or industrial projects only) generate new or additional demand 9 Yes 9 No ✔ for energy? If Yes: i. Estimate annual electricity demand during operation of the proposed action: ____________________________________________ _________________________________________________________________________________________________________ ii. Anticipated sources/suppliers of electricity for the project (e.g., on-site combustion, on-site renewable, via grid/local utility, or other): ________________________________________________________________________________________________________ National Grid (local utility) iii. Will the proposed action require a new, or an upgrade, to an existing substation? 9 Yes ✔ 9 No k. Will the proposed action (for commercial or industrial projects only) generate new or additional demand 9 Yes 9 No ✔ for energy? If Yes: i. Estimate annual electricity demand during operation of the proposed action: ____________________________________________ _________________________________________________________________________________________________________ ii. Anticipated sources/suppliers of electricity for the project (e.g., on-site combustion, on-site renewable, via grid/local utility, or other): ________________________________________________________________________________________________________ National Grid (local utility) iii. Will the proposed action require a new, or an upgrade, to an existing substation? 9 Yes ✔ 9 No l. Hours of operation. Answer all items which apply. i. During Construction: ii. During Operations: • Monday - Friday: _________________________ 7am-7pm • Monday - Friday: ____________________________ 24 hours • Saturday: ________________________________ • Saturday: ___________________________________ 24 hours • Sunday: _________________________________ • 24 hours Sunday: ____________________________________ • Holidays: ________________________________ • 24 hours Holidays: ___________________________________ Page 7 of 13 Page 70 l. Hours of operation. Answer all items which apply. i. During Construction: ii. During Operations: • Monday - Friday: _________________________ 7am-7pm • Monday - Friday: ____________________________ 24 hours • Saturday: ________________________________ • Saturday: ___________________________________ 24 hours • Sunday: _________________________________ • 24 hours Sunday: ____________________________________ • Holidays: ________________________________ • 24 hours Holidays: ___________________________________ Page 7 of 13 Page 70 m. Will the proposed action produce noise that will exceed existing ambient noise levels during construction, 9 Yes ✔ 9 No operation, or both? If yes: i. Provide details including sources, time of day and duration: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ii. Will the proposed action remove existing natural barriers that could act as a noise barrier or screen? 9 Yes 9 No Describe: _________________________________________________________________________________________________ _________________________________________________________________________________________________________ n. Will the proposed action have outdoor lighting? 9 Yes 9 No ✔ If yes: i. Describe source(s), location(s), height of fixture(s), direction/aim, and proximity to nearest occupied structures: _________________________________________________________________________________________________________ Parking lot lighting for safety and area lighting for patio and pool areas _________________________________________________________________________________________________________ ii. Will proposed action remove existing natural barriers that could act as a light barrier or screen? 9 Yes ✔ 9 No Describe: _________________________________________________________________________________________________ _________________________________________________________________________________________________________ o. Does the proposed action have the potential to produce odors for more than one hour per day? 9 Yes ✔ 9 No If Yes, describe possible sources, potential frequency and duration of odor emissions, and proximity to nearest occupied structures: ______________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ m. Will the proposed action produce noise that will exceed existing ambient noise levels during construction, 9 Yes ✔ 9 No operation, or both? If yes: i. Provide details including sources, time of day and duration: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ii. Will the proposed action remove existing natural barriers that could act as a noise barrier or screen? 9 Yes 9 No Describe: _________________________________________________________________________________________________ _________________________________________________________________________________________________________ n. Will the proposed action have outdoor lighting? 9 Yes 9 No ✔ If yes: i. Describe source(s), location(s), height of fixture(s), direction/aim, and proximity to nearest occupied structures: _________________________________________________________________________________________________________ Parking lot lighting for safety and area lighting for patio and pool areas _________________________________________________________________________________________________________ ii. Will proposed action remove existing natural barriers that could act as a light barrier or screen? 9 Yes ✔ 9 No Describe: _________________________________________________________________________________________________ _________________________________________________________________________________________________________ o. Does the proposed action have the potential to produce odors for more than one hour per day? 9 Yes ✔ 9 No If Yes, describe possible sources, potential frequency and duration of odor emissions, and proximity to nearest occupied structures: ______________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ p. Will the proposed action include any bulk storage of petroleum (combined capacity of over 1,100 gallons) 9 Yes ✔ 9 No or chemical products 185 gallons in above ground storage or any amount in underground storage? If Yes: i. Product(s) to be stored ______________________________________________________________________________________ ii. Volume(s) ______ per unit time ___________ (e.g., month, year) iii. Generally, describe the proposed storage facilities:________________________________________________________________ ________________________________________________________________________________________________________ q. Will the proposed action (commercial, industrial and recreational projects only) use pesticides (i.e., herbicides, 9 Yes ✔ 9 No insecticides) during construction or operation? If Yes: i. Describe proposed treatment(s): ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ii. Will the proposed action use Integrated Pest Management Practices? 9 Yes 9 No r. Will the proposed action (commercial or industrial projects only) involve or require the management or disposal 9 Yes 9 No of solid waste (excluding hazardous materials)? If Yes: i. Describe any solid waste(s) to be generated during construction or operation of the facility: • Construction: ____________________ tons per ________________ (unit of time) • Operation : ____________________ tons per ________________ (unit of time) ii. Describe any proposals for on-site minimization, recycling or reuse of materials to avoid disposal as solid waste: • Construction: ________________________________________________________________________________________ ____________________________________________________________________________________________________ • Operation: __________________________________________________________________________________________ ____________________________________________________________________________________________________ iii. Proposed disposal methods/facilities for solid waste generated on-site: • Construction: ________________________________________________________________________________________ ____________________________________________________________________________________________________ • Operation: __________________________________________________________________________________________ ____________________________________________________________________________________________________ p. Will the proposed action include any bulk storage of petroleum (combined capacity of over 1,100 gallons) 9 Yes ✔ 9 No or chemical products 185 gallons in above ground storage or any amount in underground storage? If Yes: i. Product(s) to be stored ______________________________________________________________________________________ ii. Volume(s) ______ per unit time ___________ (e.g., month, year) iii. Generally, describe the proposed storage facilities:________________________________________________________________ ________________________________________________________________________________________________________ q. Will the proposed action (commercial, industrial and recreational projects only) use pesticides (i.e., herbicides, 9 Yes ✔ 9 No insecticides) during construction or operation? If Yes: i. Describe proposed treatment(s): ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ii. Will the proposed action use Integrated Pest Management Practices? 9 Yes 9 No r. Will the proposed action (commercial or industrial projects only) involve or require the management or disposal 9 Yes 9 No of solid waste (excluding hazardous materials)? If Yes: i. Describe any solid waste(s) to be generated during construction or operation of the facility: • Construction: ____________________ tons per ________________ (unit of time) • Operation : ____________________ tons per ________________ (unit of time) ii. Describe any proposals for on-site minimization, recycling or reuse of materials to avoid disposal as solid waste: • Construction: ________________________________________________________________________________________ ____________________________________________________________________________________________________ • Operation: __________________________________________________________________________________________ ____________________________________________________________________________________________________ iii. Proposed disposal methods/facilities for solid waste generated on-site: • Construction: ________________________________________________________________________________________ ____________________________________________________________________________________________________ • Operation: __________________________________________________________________________________________ ____________________________________________________________________________________________________ Page 8 of 13 Page 71 s. Does the proposed action include construction or modification of a solid waste management facility? 9 Yes ✔ 9 No If Yes: i. Type of management or handling of waste proposed for the site (e.g., recycling or transfer station, composting, landfill, or other disposal activities): ___________________________________________________________________________________ ii. Anticipated rate of disposal/processing: • ________ Tons/month, if transfer or other non-combustion/thermal treatment, or • ________ Tons/hour, if combustion or thermal treatment iii. If landfill, anticipated site life: ________________________________ years t. Will the proposed action at the site involve the commercial generation, treatment, storage, or disposal of hazardous 9 Yes ✔ 9 No waste? If Yes: i. Name(s) of all hazardous wastes or constituents to be generated, handled or managed at facility: ___________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ ii. Generally describe processes or activities involving hazardous wastes or constituents: ___________________________________ _________________________________________________________________________________________________________ ________________________________________________________________________________________________________ iii. Specify amount to be handled or generated _____ tons/month iv. Describe any proposals for on-site minimization, recycling or reuse of hazardous constituents: ____________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ v. Will any hazardous wastes be disposed at an existing offsite hazardous waste facility? 9 Yes 9 No If Yes: provide name and location of facility: _______________________________________________________________________ ________________________________________________________________________________________________________ If No: describe proposed management of any hazardous wastes which will not be sent to a hazardous waste facility: ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ Page 8 of 13 Page 71 s. Does the proposed action include construction or modification of a solid waste management facility? 9 Yes ✔ 9 No If Yes: i. Type of management or handling of waste proposed for the site (e.g., recycling or transfer station, composting, landfill, or other disposal activities): ___________________________________________________________________________________ ii. Anticipated rate of disposal/processing: • ________ Tons/month, if transfer or other non-combustion/thermal treatment, or • ________ Tons/hour, if combustion or thermal treatment iii. If landfill, anticipated site life: ________________________________ years t. Will the proposed action at the site involve the commercial generation, treatment, storage, or disposal of hazardous 9 Yes ✔ 9 No waste? If Yes: i. Name(s) of all hazardous wastes or constituents to be generated, handled or managed at facility: ___________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ ii. Generally describe processes or activities involving hazardous wastes or constituents: ___________________________________ _________________________________________________________________________________________________________ ________________________________________________________________________________________________________ iii. Specify amount to be handled or generated _____ tons/month iv. Describe any proposals for on-site minimization, recycling or reuse of hazardous constituents: ____________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ v. Will any hazardous wastes be disposed at an existing offsite hazardous waste facility? 9 Yes 9 No If Yes: provide name and location of facility: _______________________________________________________________________ ________________________________________________________________________________________________________ If No: describe proposed management of any hazardous wastes which will not be sent to a hazardous waste facility: ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ E. Site and Setting of Proposed Action E.1. Land uses on and surrounding the project site a. Existing land uses. i. Check all uses that occur on, adjoining and near the project site. 9 Urban ✔ 9 Industrial 9 Commercial ✔ 9 Residential (suburban) 9 Rural (non-farm) 9 Forest ✔ 9 Agriculture 9 Aquatic 9 Other (specify): ____________________________________ ii. If mix of uses, generally describe: __________________________________________________________________________________________________________ Industrial uses to the north, farm fields to the east and south and residential lots to the west of the property __________________________________________________________________________________________________________ b. Land uses and covertypes on the project site. Land use or Current Acreage After Change Covertype Acreage Project Completion (Acres +/-) • Roads, buildings, and other paved or impervious surfaces 0.0 3.41 +3.41 E. Site and Setting of Proposed Action E.1. Land uses on and surrounding the project site a. Existing land uses. i. Check all uses that occur on, adjoining and near the project site. 9 Urban ✔ 9 Industrial 9 Commercial ✔ 9 Residential (suburban) 9 Rural (non-farm) 9 Forest ✔ 9 Agriculture 9 Aquatic 9 Other (specify): ____________________________________ ii. If mix of uses, generally describe: __________________________________________________________________________________________________________ Industrial uses to the north, farm fields to the east and south and residential lots to the west of the property __________________________________________________________________________________________________________ b. Land uses and covertypes on the project site. Land use or Current Acreage After Change Covertype Acreage Project Completion (Acres +/-) • Roads, buildings, and other paved or impervious surfaces 0.0 3.41 +3.41 • Forested 8.79 8.36 -0.43 • Meadows, grasslands or brushlands (non- 0.0 7.19 +7.19 agricultural, including abandoned agricultural) • Agricultural 21.58 11.41 -10.17 (includes active orchards, field, greenhouse etc.) • Surface water features 0.0 0.0 0.0 (lakes, ponds, streams, rivers, etc.) • Wetlands (freshwater or tidal) 1.20 1.20 0.0 • Non-vegetated (bare rock, earth or fill) 0.0 0.0 0.0 • Other Describe: _______________________________ ________________________________________ Page 9 of 13 Page 72 c. Is the project site presently used by members of the community for public recreation? 9 Yes 9 ✔ No • Forested 8.79 8.36 -0.43 • Meadows, grasslands or brushlands (non- 0.0 7.19 +7.19 agricultural, including abandoned agricultural) • Agricultural 21.58 11.41 -10.17 (includes active orchards, field, greenhouse etc.) • Surface water features 0.0 0.0 0.0 (lakes, ponds, streams, rivers, etc.) • Wetlands (freshwater or tidal) 1.20 1.20 0.0 • Non-vegetated (bare rock, earth or fill) 0.0 0.0 0.0 • Other Describe: _______________________________ ________________________________________ Page 9 of 13 Page 72 c. Is the project site presently used by members of the community for public recreation? 9 Yes 9 ✔ No i. If Yes: explain: __________________________________________________________________________________________ d. Are there any facilities serving children, the elderly, people with disabilities (e.g., schools, hospitals, licensed 9 Yes ✔ 9 No day care centers, or group homes) within 1500 feet of the project site? If Yes, i. Identify Facilities: ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ e. Does the project site contain an existing dam? 9 Yes ✔ 9 No If Yes: i. Dimensions of the dam and impoundment: • Dam height: _________________________________ feet • Dam length: _________________________________ feet • Surface area: _________________________________ acres • Volume impounded: _______________________________ gallons OR acre-feet ii. Dam=s existing hazard classification: _________________________________________________________________________ iii. Provide date and summarize results of last inspection: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ f. Has the project site ever been used as a municipal, commercial or industrial solid waste management facility, 9 Yes ✔ 9 No or does the project site adjoin property which is now, or was at one time, used as a solid waste management facility? If Yes: i. Has the facility been formally closed? 9 Yes 9 No • If yes, cite sources/documentation: _______________________________________________________________________ ii. Describe the location of the project site relative to the boundaries of the solid waste management facility: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ iii. Describe any development constraints due to the prior solid waste activities: __________________________________________ _______________________________________________________________________________________________________ g. Have hazardous wastes been generated, treated and/or disposed of at the site, or does the project site adjoin 9 Yes ✔ 9 No property which is now or was at one time used to commercially treat, store and/or dispose of hazardous waste? If Yes: i. Describe waste(s) handled and waste management activities, including approximate time when activities occurred: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ h. Potential contamination history. Has there been a reported spill at the proposed project site, or have any 9 Yes ✔ 9 No remedial actions been conducted at or adjacent to the proposed site? If Yes: i. Is any portion of the site listed on the NYSDEC Spills Incidents database or Environmental Site 9 Yes 9 No Remediation database? Check all that apply: 9 Yes – Spills Incidents database Provide DEC ID number(s): ________________________________ 9 Yes – Environmental Site Remediation database Provide DEC ID number(s): ________________________________ 9 Neither database ii. If site has been subject of RCRA corrective activities, describe control measures:_______________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ iii. Is the project within 2000 feet of any site in the NYSDEC Environmental Site Remediation database? 9 Yes 9 No If yes, provide DEC ID number(s): ______________________________________________________________________________ iv. If yes to (i), (ii) or (iii) above, describe current status of site(s): _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ i. If Yes: explain: __________________________________________________________________________________________ d. Are there any facilities serving children, the elderly, people with disabilities (e.g., schools, hospitals, licensed 9 Yes ✔ 9 No day care centers, or group homes) within 1500 feet of the project site? If Yes, i. Identify Facilities: ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ e. Does the project site contain an existing dam? 9 Yes ✔ 9 No If Yes: i. Dimensions of the dam and impoundment: • Dam height: _________________________________ feet • Dam length: _________________________________ feet • Surface area: _________________________________ acres • Volume impounded: _______________________________ gallons OR acre-feet ii. Dam=s existing hazard classification: _________________________________________________________________________ iii. Provide date and summarize results of last inspection: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ f. Has the project site ever been used as a municipal, commercial or industrial solid waste management facility, 9 Yes ✔ 9 No or does the project site adjoin property which is now, or was at one time, used as a solid waste management facility? If Yes: i. Has the facility been formally closed? 9 Yes 9 No • If yes, cite sources/documentation: _______________________________________________________________________ ii. Describe the location of the project site relative to the boundaries of the solid waste management facility: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ iii. Describe any development constraints due to the prior solid waste activities: __________________________________________ _______________________________________________________________________________________________________ g. Have hazardous wastes been generated, treated and/or disposed of at the site, or does the project site adjoin 9 Yes ✔ 9 No property which is now or was at one time used to commercially treat, store and/or dispose of hazardous waste? If Yes: i. Describe waste(s) handled and waste management activities, including approximate time when activities occurred: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ h. Potential contamination history. Has there been a reported spill at the proposed project site, or have any 9 Yes ✔ 9 No remedial actions been conducted at or adjacent to the proposed site? If Yes: i. Is any portion of the site listed on the NYSDEC Spills Incidents database or Environmental Site 9 Yes 9 No Remediation database? Check all that apply: 9 Yes – Spills Incidents database Provide DEC ID number(s): ________________________________ 9 Yes – Environmental Site Remediation database Provide DEC ID number(s): ________________________________ 9 Neither database ii. If site has been subject of RCRA corrective activities, describe control measures:_______________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ iii. Is the project within 2000 feet of any site in the NYSDEC Environmental Site Remediation database? 9 Yes 9 No If yes, provide DEC ID number(s): ______________________________________________________________________________ iv. If yes to (i), (ii) or (iii) above, describe current status of site(s): _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ Page 10 of 13 Page 73 v. Is the project site subject to an institutional control limiting property uses? 9 Yes 9 No • If yes, DEC site ID number: ____________________________________________________________________________ • Describe the type of institutional control (e.g., deed restriction or easement): ____________________________________ • Describe any use limitations: ___________________________________________________________________________ • Describe any engineering controls: _______________________________________________________________________ • Will the project affect the institutional or engineering controls in place? 9 Yes 9 No • Explain: ____________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ E.2. Natural Resources On or Near Project Site a. What is the average depth to bedrock on the project site? ________________ >20 feet Page 10 of 13 Page 73 v. Is the project site subject to an institutional control limiting property uses? 9 Yes 9 No • If yes, DEC site ID number: ____________________________________________________________________________ • Describe the type of institutional control (e.g., deed restriction or easement): ____________________________________ • Describe any use limitations: ___________________________________________________________________________ • Describe any engineering controls: _______________________________________________________________________ • Will the project affect the institutional or engineering controls in place? 9 Yes 9 No • Explain: ____________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ E.2. Natural Resources On or Near Project Site a. What is the average depth to bedrock on the project site? ________________ >20 feet b. Are there bedrock outcroppings on the project site? 9 Yes ✔ 9 No If Yes, what proportion of the site is comprised of bedrock outcroppings? __________________% c. Predominant soil type(s) present on project site: ___________________________ HnB Honeoye Silt Loam 3-8% slope __________% ___________________________ HnC Honeoye Silt Loam 8-15%slope __________% ____________________________ LtB Lima Silt Loam 3-8% slopes __________% d. What is the average depth to the water table on the project site? Average: _________ feet b. Are there bedrock outcroppings on the project site? 9 Yes ✔ 9 No If Yes, what proportion of the site is comprised of bedrock outcroppings? __________________% c. Predominant soil type(s) present on project site: ___________________________ HnB Honeoye Silt Loam 3-8% slope __________% ___________________________ HnC Honeoye Silt Loam 8-15%slope __________% ____________________________ LtB Lima Silt Loam 3-8% slopes __________% d. What is the average depth to the water table on the project site? Average: _________ feet e. Drainage status of project site soils: 9 Well Drained: _____% of site 9 Moderately Well Drained: ✔ _____% of site 9 Poorly Drained _____% of site 9 0-10%: f. Approximate proportion of proposed action site with slopes: ✔ _____% 90 of site 9 10-15%: ✔ _____% 10 of site 9 15% or greater: _____% of site g. Are there any unique geologic features on the project site? 9 Yes ✔ 9 No If Yes, describe: _____________________________________________________________________________________________ ________________________________________________________________________________________________________ h. Surface water features. i. Does any portion of the project site contain wetlands or other waterbodies (including streams, rivers, 9 Yes ✔ 9 No ponds or lakes)? ii. Do any wetlands or other waterbodies adjoin the project site? 9 Yes ✔ 9 No If Yes to either i or ii, continue. If No, skip to E.2.i. iii. Are any of the wetlands or waterbodies within or adjoining the project site regulated by any federal, 9 Yes 9 No state or local agency? iv. For each identified regulated wetland and waterbody on the project site, provide the following information: • Streams: Name ____________________________________________ Classification _______________________ • Lakes or Ponds: Name ____________________________________________ Classification _______________________ • Wetlands: Name ____________________________________________ Approximate Size ___________________ • Wetland No. (if regulated by DEC) _____________________________ v. Are any of the above water bodies listed in the most recent compilation of NYS water quality-impaired 9 Yes 9 No waterbodies? If yes, name of impaired water body/bodies and basis for listing as impaired: _____________________________________________ ___________________________________________________________________________________________________________ i. Is the project site in a designated Floodway? 9 Yes ✔ 9 No j. Is the project site in the 100-year Floodplain? 9 Yes ✔ 9 No k. Is the project site in the 500-year Floodplain? 9 Yes ✔ 9 No l. Is the project site located over, or immediately adjoining, a primary, principal or sole source aquifer? 9 Yes ✔ 9 No If Yes: i. Name of aquifer: _________________________________________________________________________________________ e. Drainage status of project site soils: 9 Well Drained: _____% of site 9 Moderately Well Drained: ✔ _____% of site 9 Poorly Drained _____% of site 9 0-10%: f. Approximate proportion of proposed action site with slopes: ✔ _____% 90 of site 9 10-15%: ✔ _____% 10 of site 9 15% or greater: _____% of site g. Are there any unique geologic features on the project site? 9 Yes ✔ 9 No If Yes, describe: _____________________________________________________________________________________________ ________________________________________________________________________________________________________ h. Surface water features. i. Does any portion of the project site contain wetlands or other waterbodies (including streams, rivers, 9 Yes ✔ 9 No ponds or lakes)? ii. Do any wetlands or other waterbodies adjoin the project site? 9 Yes ✔ 9 No If Yes to either i or ii, continue. If No, skip to E.2.i. iii. Are any of the wetlands or waterbodies within or adjoining the project site regulated by any federal, 9 Yes 9 No state or local agency? iv. For each identified regulated wetland and waterbody on the project site, provide the following information: • Streams: Name ____________________________________________ Classification _______________________ • Lakes or Ponds: Name ____________________________________________ Classification _______________________ • Wetlands: Name ____________________________________________ Approximate Size ___________________ • Wetland No. (if regulated by DEC) _____________________________ v. Are any of the above water bodies listed in the most recent compilation of NYS water quality-impaired 9 Yes 9 No waterbodies? If yes, name of impaired water body/bodies and basis for listing as impaired: _____________________________________________ ___________________________________________________________________________________________________________ i. Is the project site in a designated Floodway? 9 Yes ✔ 9 No j. Is the project site in the 100-year Floodplain? 9 Yes ✔ 9 No k. Is the project site in the 500-year Floodplain? 9 Yes ✔ 9 No l. Is the project site located over, or immediately adjoining, a primary, principal or sole source aquifer? 9 Yes ✔ 9 No If Yes: i. Name of aquifer: _________________________________________________________________________________________ Page 11 of 13 Page 74 m. Identify the predominant wildlife species that occupy or use the project site: ______________________________ ______________________________ _______________________________ ______________________________ ______________________________ _______________________________ ______________________________ n. Does the project site contain a designated significant natural community? 9 Yes ✔ 9 No If Yes: i. Describe the habitat/community (composition, function, and basis for designation): _____________________________________ ________________________________________________________________________________________________________ ii. Source(s) of description or evaluation: ________________________________________________________________________ iii. Extent of community/habitat: • Currently: ______________________ acres • Following completion of project as proposed: _____________________ acres • Gain or loss (indicate + or -): ______________________ acres Page 11 of 13 Page 74 m. Identify the predominant wildlife species that occupy or use the project site: ______________________________ ______________________________ _______________________________ ______________________________ ______________________________ _______________________________ ______________________________ n. Does the project site contain a designated significant natural community? 9 Yes ✔ 9 No If Yes: i. Describe the habitat/community (composition, function, and basis for designation): _____________________________________ ________________________________________________________________________________________________________ ii. Source(s) of description or evaluation: ________________________________________________________________________ iii. Extent of community/habitat: • Currently: ______________________ acres • Following completion of project as proposed: _____________________ acres • Gain or loss (indicate + or -): ______________________ acres o. Does project site contain any species of plant or animal that is listed by the federal government or NYS as 9 Yes ✔ 9 No endangered or threatened, or does it contain any areas identified as habitat for an endangered or threatened species? If Yes: i. Species and listing (endangered or threatened):______________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ p. Does the project site contain any species of plant or animal that is listed by NYS as rare, or as a species of 9 Yes ✔ 9 No special concern? If Yes: i. Species and listing:____________________________________________________________________________________________________ _______________________________________________________________________________________________________________________ o. Does project site contain any species of plant or animal that is listed by the federal government or NYS as 9 Yes ✔ 9 No endangered or threatened, or does it contain any areas identified as habitat for an endangered or threatened species? If Yes: i. Species and listing (endangered or threatened):______________________________________________________________________________ ________________________________________________________________________________________________________________________ ________________________________________________________________________________________________________________________ p. Does the project site contain any species of plant or animal that is listed by NYS as rare, or as a species of 9 Yes ✔ 9 No special concern? If Yes: i. Species and listing:____________________________________________________________________________________________________ _______________________________________________________________________________________________________________________ q. Is the project site or adjoining area currently used for hunting, trapping, fishing or shell fishing? 9 Yes 9 No If yes, give a brief description of how the proposed action may affect that use: ___________________________________________ ________________________________________________________________________________________________________ E.3. Designated Public Resources On or Near Project Site a. Is the project site, or any portion of it, located in a designated agricultural district certified pursuant to 9 Yes ✔ 9 No Agriculture and Markets Law, Article 25-AA, Section 303 and 304? If Yes, provide county plus district name/number: _________________________________________________________________ b. Are agricultural lands consisting of highly productive soils present? 9 Yes 9 No i. If Yes: acreage(s) on project site? ___________________________________________________________________________ ii. Source(s) of soil rating(s): _________________________________________________________________________________ c. Does the project site contain all or part of, or is it substantially contiguous to, a registered National 9 Yes ✔ 9 No Natural Landmark? If Yes: i. Nature of the natural landmark: 9 Biological Community 9 Geological Feature ii. Provide brief description of landmark, including values behind designation and approximate size/extent: ___________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ q. Is the project site or adjoining area currently used for hunting, trapping, fishing or shell fishing? 9 Yes 9 No If yes, give a brief description of how the proposed action may affect that use: ___________________________________________ ________________________________________________________________________________________________________ E.3. Designated Public Resources On or Near Project Site a. Is the project site, or any portion of it, located in a designated agricultural district certified pursuant to 9 Yes ✔ 9 No Agriculture and Markets Law, Article 25-AA, Section 303 and 304? If Yes, provide county plus district name/number: _________________________________________________________________ b. Are agricultural lands consisting of highly productive soils present? 9 Yes 9 No i. If Yes: acreage(s) on project site? ___________________________________________________________________________ ii. Source(s) of soil rating(s): _________________________________________________________________________________ c. Does the project site contain all or part of, or is it substantially contiguous to, a registered National 9 Yes ✔ 9 No Natural Landmark? If Yes: i. Nature of the natural landmark: 9 Biological Community 9 Geological Feature ii. Provide brief description of landmark, including values behind designation and approximate size/extent: ___________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ d. Is the project site located in or does it adjoin a state listed Critical Environmental Area? 9 Yes ✔ 9 No If Yes: i. CEA name: _____________________________________________________________________________________________ ii. Basis for designation: _____________________________________________________________________________________ iii. Designating agency and date: ______________________________________________________________________________ Page 12 of 13 Page 75 d. Is the project site located in or does it adjoin a state listed Critical Environmental Area? 9 Yes ✔ 9 No If Yes: i. CEA name: _____________________________________________________________________________________________ ii. Basis for designation: _____________________________________________________________________________________ iii. Designating agency and date: ______________________________________________________________________________ Page 12 of 13 Page 75 e. Does the project site contain, or is it substantially contiguous to, a building, archaeological site, or district 9 Yes ✔ 9 No which is listed on the National or State Register of Historic Places, or that has been determined by the Commissioner of the NYS Office of Parks, Recreation and Historic Preservation to be eligible for listing on the State Register of Historic Places? If Yes: i. Nature of historic/archaeological resource: 9 Archaeological Site 9 Historic Building or District ii. Name: _________________________________________________________________________________________________ iii. Brief description of attributes on which listing is based: _______________________________________________________________________________________________________ f. Is the project site, or any portion of it, located in or adjacent to an area designated as sensitive for 9 Yes 9 No ✔ archaeological sites on the NY State Historic Preservation Office (SHPO) archaeological site inventory? g. Have additional archaeological or historic site(s) or resources been identified on the project site? 9 Yes 9 No ✔ If Yes: i. Describe possible resource(s): See _______________________________________________________________________________ SHPO Letter of findings ii. Basis for identification: ___________________________________________________________________________________ h. Is the project site within fives miles of any officially designated and publicly accessible federal, state, or local 9 Yes 9 No scenic or aesthetic resource? If Yes: i. Identify resource: _________________________________________________________________________________________ ii. Nature of, or basis for, designation (e.g., established highway overlook, state or local park, state historic trail or scenic byway, etc.): ___________________________________________________________________________________________________ iii. Distance between project and resource: _____________________ miles. i. Is the project site located within a designated river corridor under the Wild, Scenic and Recreational Rivers 9 Yes ✔ 9 No Program 6 NYCRR 666? If Yes: i. Identify the name of the river and its designation: ________________________________________________________________ ii. Is the activity consistent with development restrictions contained in 6NYCRR Part 666? 9 Yes 9 No e. Does the project site contain, or is it substantially contiguous to, a building, archaeological site, or district 9 Yes ✔ 9 No which is listed on the National or State Register of Historic Places, or that has been determined by the Commissioner of the NYS Office of Parks, Recreation and Historic Preservation to be eligible for listing on the State Register of Historic Places? If Yes: i. Nature of historic/archaeological resource: 9 Archaeological Site 9 Historic Building or District ii. Name: _________________________________________________________________________________________________ iii. Brief description of attributes on which listing is based: _______________________________________________________________________________________________________ f. Is the project site, or any portion of it, located in or adjacent to an area designated as sensitive for 9 Yes 9 No ✔ archaeological sites on the NY State Historic Preservation Office (SHPO) archaeological site inventory? g. Have additional archaeological or historic site(s) or resources been identified on the project site? 9 Yes 9 No ✔ If Yes: i. Describe possible resource(s): See _______________________________________________________________________________ SHPO Letter of findings ii. Basis for identification: ___________________________________________________________________________________ h. Is the project site within fives miles of any officially designated and publicly accessible federal, state, or local 9 Yes 9 No scenic or aesthetic resource? If Yes: i. Identify resource: _________________________________________________________________________________________ ii. Nature of, or basis for, designation (e.g., established highway overlook, state or local park, state historic trail or scenic byway, etc.): ___________________________________________________________________________________________________ iii. Distance between project and resource: _____________________ miles. i. Is the project site located within a designated river corridor under the Wild, Scenic and Recreational Rivers 9 Yes ✔ 9 No Program 6 NYCRR 666? If Yes: i. Identify the name of the river and its designation: ________________________________________________________________ ii. Is the activity consistent with development restrictions contained in 6NYCRR Part 666? 9 Yes 9 No F. Additional Information Attach any additional information which may be needed to clarify your project. If you have identified any adverse impacts which could be associated with your proposal, please describe those impacts plus any measures which you propose to avoid or minimize them. G. Verification I certify that the information provided is true to the best of my knowledge. Applicant/Sponsor Name ___________________________________ Date_______________________________________ Signature________________________________________________ Title_______________________________________ PRINT FORM Page 13 of 13 Page 76 Below are site map, elevation rendering, and a chart showing the breakdown of the facility configuration and amenities. The overall building is comprised of a basement level (27,287 sf), a first floor (40,290 sf), and a second floor (33,399) for a total area of 101,399 sf. Page 77 Page 78 March 13, 2020 Town of Skaneateles Planning Board Attn: Mr. Joseph Southern 24 Jordan Street Skaneateles, New York 13152 RE: Proposed Hotel – Special Permit 1046 Old Seneca Turnpike CHA Project No. 36191 Dear Town of Skaneateles Planning Board: F. Additional Information Attach any additional information which may be needed to clarify your project. If you have identified any adverse impacts which could be associated with your proposal, please describe those impacts plus any measures which you propose to avoid or minimize them. G. Verification I certify that the information provided is true to the best of my knowledge. Applicant/Sponsor Name ___________________________________ Date_______________________________________ Signature________________________________________________ Title_______________________________________ PRINT FORM Page 13 of 13 Page 76 Below are site map, elevation rendering, and a chart showing the breakdown of the facility configuration and amenities. The overall building is comprised of a basement level (27,287 sf), a first floor (40,290 sf), and a second floor (33,399) for a total area of 101,399 sf. Page 77 Page 78 March 13, 2020 Town of Skaneateles Planning Board Attn: Mr. Joseph Southern 24 Jordan Street Skaneateles, New York 13152 RE: Proposed Hotel – Special Permit 1046 Old Seneca Turnpike CHA Project No. 36191 Dear Town of Skaneateles Planning Board: CHA, on behalf of the owner/applicant, is pleased to submit the enclosed updated Site Plan Drawings and Architectural Elevations related to the current Special Permit Application. The plans are submitted for your review and approval, which includes updates based on feedback received during the Planning Board meeting on 2/18/20 as well as our recent coordination with neighboring properties. The following is a summary of the project and related updates. CHA, on behalf of the owner/applicant, is pleased to submit the enclosed updated Site Plan Drawings and Architectural Elevations related to the current Special Permit Application. The plans are submitted for your review and approval, which includes updates based on feedback received during the Planning Board meeting on 2/18/20 as well as our recent coordination with neighboring properties. The following is a summary of the project and related updates. • Architectural Updates o Please refer to the enclosed Graphic Renderings and updated Floor Plans/Elevations dated 3/4/2020. o The current hotel design was influenced by the local agriculture style of old barn structures which have three basic components ▪ A stone foundation or base connecting the structure to the earth ▪ A post and beam structures with vertical board and sometimes batten ▪ All under a shingled gable roof. o These components have been incorporated in a repetitive manner for the proposed hotel building. The height of 35’ has directed the layout of the project in a horizontal manner and eliminated the ability to have tall vertical components (such as silos, towers, etc) which would not have had a functional aspect as they do within their agricultural counterparts. Instead, the façade elements have been employed to break apart various wall planes and add significant fenestration to the building exterior. o The choice of materials includes various stone elements, wood post/beam accents, wood board, and shingled roof with some metal components. o The shape of the building provides functionality. The “H” shape breaks up the square layout and provides an impressive entrance courtyard with covered walkway constructed of matching building materials. This courtyard is heavily landscaped for a natural setting. The rear of the building has the same impact, allowing a recessed shape that provides the rear deck and patio with seclusion leading out into the pool area, also landscaped for a natural setting. The purpose of the “H” shape allows for a quieter setting on the buildings exterior corridors where all the guest rooms will be located, while having the common space, entrances, and lobby completely accessible in the core of the building. • Architectural Updates o Please refer to the enclosed Graphic Renderings and updated Floor Plans/Elevations dated 3/4/2020. o The current hotel design was influenced by the local agriculture style of old barn structures which have three basic components ▪ A stone foundation or base connecting the structure to the earth ▪ A post and beam structures with vertical board and sometimes batten ▪ All under a shingled gable roof. o These components have been incorporated in a repetitive manner for the proposed hotel building. The height of 35’ has directed the layout of the project in a horizontal manner and eliminated the ability to have tall vertical components (such as silos, towers, etc) which would not have had a functional aspect as they do within their agricultural counterparts. Instead, the façade elements have been employed to break apart various wall planes and add significant fenestration to the building exterior. o The choice of materials includes various stone elements, wood post/beam accents, wood board, and shingled roof with some metal components. o The shape of the building provides functionality. The “H” shape breaks up the square layout and provides an impressive entrance courtyard with covered walkway constructed of matching building materials. This courtyard is heavily landscaped for a natural setting. The rear of the building has the same impact, allowing a recessed shape that provides the rear deck and patio with seclusion leading out into the pool area, also landscaped for a natural setting. The purpose of the “H” shape allows for a quieter setting on the buildings exterior corridors where all the guest rooms will be located, while having the common space, entrances, and lobby completely accessible in the core of the building. Page 79 Mr. Joseph Southern Page 2 March 13, 2020 The current site plan design and architectural design have also included all the necessary design review elements contained with the Planning Design Standards 148-18D, the rural siting principles 148-25, and the following Special Permit Findings Criteria (Chapt 148-16): 1. Will comply with all provisions and requirements of this chapter and of all other local laws and regulations and will be consistent with the purposes of the land use district in which it is located, with the Comprehensive Plan and with the purposes of this chapter. Page 79 Mr. Joseph Southern Page 2 March 13, 2020 The current site plan design and architectural design have also included all the necessary design review elements contained with the Planning Design Standards 148-18D, the rural siting principles 148-25, and the following Special Permit Findings Criteria (Chapt 148-16): 1. Will comply with all provisions and requirements of this chapter and of all other local laws and regulations and will be consistent with the purposes of the land use district in which it is located, with the Comprehensive Plan and with the purposes of this chapter. a. The enclosed design plans and supporting documentation have carefully considered the existing zoning district compliance, Comprehensive Plan guidelines, and Special Permit Review. More specifically, the proposed project is an allowable use within the Industrial Research Office (IRO) zoning district as per Chapter 148-8 (B) Use Table, which includes the proposed lodging facility and restaurant as uses permitted by issuance of a Special Permit. b. The project does not require any variances or deviations from the Zoning Ordinance established by the Town. c. It is clearly stated in the Comprehensive Plan that “commercial development shall be directed to the northern Hamlets and the core downtown area of the Village”. The project will also advance goals identified within the Comprehensive Plan. Specifically, Goal 3 “is centered on promoting clean industry job growth in and around the northern hamlets” and encouraging “supportive retail in hamlet population centers where there is sufficient demand to make a service or retail business viable”. d. Although the project is adjacent to the more industrial aesthetic of the existing Hillrom campus, the proposed hotel has been designed through inspiration of agricultural barn structures which consist of stone base foundations, post and beam structural elements with vertical boards, and a shingled gabled roof. a. The enclosed design plans and supporting documentation have carefully considered the existing zoning district compliance, Comprehensive Plan guidelines, and Special Permit Review. More specifically, the proposed project is an allowable use within the Industrial Research Office (IRO) zoning district as per Chapter 148-8 (B) Use Table, which includes the proposed lodging facility and restaurant as uses permitted by issuance of a Special Permit. b. The project does not require any variances or deviations from the Zoning Ordinance established by the Town. c. It is clearly stated in the Comprehensive Plan that “commercial development shall be directed to the northern Hamlets and the core downtown area of the Village”. The project will also advance goals identified within the Comprehensive Plan. Specifically, Goal 3 “is centered on promoting clean industry job growth in and around the northern hamlets” and encouraging “supportive retail in hamlet population centers where there is sufficient demand to make a service or retail business viable”. d. Although the project is adjacent to the more industrial aesthetic of the existing Hillrom campus, the proposed hotel has been designed through inspiration of agricultural barn structures which consist of stone base foundations, post and beam structural elements with vertical boards, and a shingled gabled roof. 2. Will not result in the release of harmful substances or any other nuisances, nor cause excessive noise, dust, odors, solid waste or glare. a. There will be no releases of harmful substances or nuisances associated with a hotel use. b. The on-site wastewater treatment system will be designed and permitted according to the Onondaga County Department of Health and NYSDEC standards required for the installation and operations of the septic system. This includes a pre-treatment system and redundant absorption fields necessary for longevity of the system. c. There will be no excessive noise, dust, odors, solid waste or glare associated with the hotel use. Construction will abide by the required State Pollution Discharge Elimination System (SPDES) permit required for construction activity to eliminate erosion and sediment concerns throughout the building phase as well as post construction management practices for the management of stormwater volume and quality. All permit requirements are outlined in the Stormwater Pollution Prevention Plan (SWPPP) developed by the design engineer and submitted to the Town Engineer for review and approval. The SWPPP will also be reviewed by the NYSDEC and approved prior to releasing the required permit necessary to start construction activities. 2. Will not result in the release of harmful substances or any other nuisances, nor cause excessive noise, dust, odors, solid waste or glare. a. There will be no releases of harmful substances or nuisances associated with a hotel use. b. The on-site wastewater treatment system will be designed and permitted according to the Onondaga County Department of Health and NYSDEC standards required for the installation and operations of the septic system. This includes a pre-treatment system and redundant absorption fields necessary for longevity of the system. c. There will be no excessive noise, dust, odors, solid waste or glare associated with the hotel use. Construction will abide by the required State Pollution Discharge Elimination System (SPDES) permit required for construction activity to eliminate erosion and sediment concerns throughout the building phase as well as post construction management practices for the management of stormwater volume and quality. All permit requirements are outlined in the Stormwater Pollution Prevention Plan (SWPPP) developed by the design engineer and submitted to the Town Engineer for review and approval. The SWPPP will also be reviewed by the NYSDEC and approved prior to releasing the required permit necessary to start construction activities. Page 80 Mr. Joseph Southern Page 3 March 13, 2020 3. Will not adversely affect the general availability of affordable housing in the Town. a. The proposed hotel use will not impact the availability of affordable housing in the Town. Short term lodging proposed under the hotel use is unrelated to residential housing stock within the Town. 4. Will not cause undue traffic congestion, unduly impair pedestrian safety or overload existing roads, considering their current width, surfacing and condition. a. The applicant has prepared a Traffic Generation Assessment which has been submitted to the Town Engineer and the Onondaga County DOT for review and approval. b. The proposed hotel and restaurant use will generate a maximum of 62 vehicle trips or fewer entering or existing during peak hours, which will not have any potentially significant adverse impact on traffic operations within the greater study area around Mottville Road. 5. Will have appropriate parking and be accessible to fire, police and other emergency vehicles. Page 80 Mr. Joseph Southern Page 3 March 13, 2020 3. Will not adversely affect the general availability of affordable housing in the Town. a. The proposed hotel use will not impact the availability of affordable housing in the Town. Short term lodging proposed under the hotel use is unrelated to residential housing stock within the Town. 4. Will not cause undue traffic congestion, unduly impair pedestrian safety or overload existing roads, considering their current width, surfacing and condition. a. The applicant has prepared a Traffic Generation Assessment which has been submitted to the Town Engineer and the Onondaga County DOT for review and approval. b. The proposed hotel and restaurant use will generate a maximum of 62 vehicle trips or fewer entering or existing during peak hours, which will not have any potentially significant adverse impact on traffic operations within the greater study area around Mottville Road. 5. Will have appropriate parking and be accessible to fire, police and other emergency vehicles. a. The proposed parking meets the required Zoning ordinance for the hotel and restaurant use. b. In an effort to reduce impervious area on site, a number of excess parking spaces have been shown in a reserved parking area. This area will not be built during the project construction, but will be available in the future if additional parking demand warrants the additional spaces. All aspects of the design and approval, including the stormwater management system, has considered the additional pavement area so that it can be constructed without the need for any significant modifications to the site or stormwater system. c. The applicant has consulted with the local fire department to ensure there is adequate fire access throughout the building, as well as appropriate locations of on site fire hydrants and fire department connections within the building. Please refer to Mottville Chief Baker’s letter provided to the Planning Board on 2-12-20. 6. Will not overload any public water, drainage or sewer system or any other municipal facility or service, including schools. a. The proposed parking meets the required Zoning ordinance for the hotel and restaurant use. b. In an effort to reduce impervious area on site, a number of excess parking spaces have been shown in a reserved parking area. This area will not be built during the project construction, but will be available in the future if additional parking demand warrants the additional spaces. All aspects of the design and approval, including the stormwater management system, has considered the additional pavement area so that it can be constructed without the need for any significant modifications to the site or stormwater system. c. The applicant has consulted with the local fire department to ensure there is adequate fire access throughout the building, as well as appropriate locations of on site fire hydrants and fire department connections within the building. Please refer to Mottville Chief Baker’s letter provided to the Planning Board on 2-12-20. 6. Will not overload any public water, drainage or sewer system or any other municipal facility or service, including schools. a. The on-site wastewater treatment system will be designed and permitting accordingly to the Onondaga County Department of Health and NYSDEC standards required for the installation and operations of the septic system. This includes a pre-treatment system and redundant absorption fields necessary for longevity of the system. b. The project has been designed in accordance with the State Pollution Discharge Elimination System (SPDES) permit required for construction activity to eliminate erosion and sediment concerns throughout the building phase as well as post construction management practices for the management of stormwater volume and quality. All permit requirements are outlined in the Stormwater Pollution Prevention Plan (SWPPP) development by the design engineer and submitted to the Town Engineer for review and approval. The SWPPP will also be reviewed by the NYSDEC and approved prior to releasing the required permit necessary to start construction activities. c. The hotel use has access to public water at Mottville Road and will not impact the capacity of Page 81 Mr. Joseph Southern Page 4 March 13, 2020 a. The on-site wastewater treatment system will be designed and permitting accordingly to the Onondaga County Department of Health and NYSDEC standards required for the installation and operations of the septic system. This includes a pre-treatment system and redundant absorption fields necessary for longevity of the system. b. The project has been designed in accordance with the State Pollution Discharge Elimination System (SPDES) permit required for construction activity to eliminate erosion and sediment concerns throughout the building phase as well as post construction management practices for the management of stormwater volume and quality. All permit requirements are outlined in the Stormwater Pollution Prevention Plan (SWPPP) development by the design engineer and submitted to the Town Engineer for review and approval. The SWPPP will also be reviewed by the NYSDEC and approved prior to releasing the required permit necessary to start construction activities. c. The hotel use has access to public water at Mottville Road and will not impact the capacity of Page 81 Mr. Joseph Southern Page 4 March 13, 2020 the system. The existing pipe is a 12” watermain having a 65 PSI static pressure. 7. Will not degrade any natural resource, ecosystem or historic resource, including Skaneateles Lake or Owasco Lake. a. The proposed construction will not degrade any natural resources, ecosystem, or historic resources. The stormwater management will be provided in accordance with the Town and State regulations of the SPDES permit related to water quality and volume of runoff discharged from the project site. Historic resources have been screened through the completion of an Archeological Study and will be avoided, as acknowledged by the NYS State Historic Preservation Office letters dated 8/21/18 and 6/28/19. 8. Will be suitable for the property on which it is proposed, considering the property’s size, location, topography, vegetation, soils, natural habitat and hydrology and, if appropriate, its ability to be buffered or screened from neighboring properties and public roads. the system. The existing pipe is a 12” watermain having a 65 PSI static pressure. 7. Will not degrade any natural resource, ecosystem or historic resource, including Skaneateles Lake or Owasco Lake. a. The proposed construction will not degrade any natural resources, ecosystem, or historic resources. The stormwater management will be provided in accordance with the Town and State regulations of the SPDES permit related to water quality and volume of runoff discharged from the project site. Historic resources have been screened through the completion of an Archeological Study and will be avoided, as acknowledged by the NYS State Historic Preservation Office letters dated 8/21/18 and 6/28/19. 8. Will be suitable for the property on which it is proposed, considering the property’s size, location, topography, vegetation, soils, natural habitat and hydrology and, if appropriate, its ability to be buffered or screened from neighboring properties and public roads. a. The proposed project is surrounding by existing mature hedgerow inclusive of full height trees approximately 40-50ft in height. Additional extensive landscaping is provided throughout the proposed project to create a natural aesthetic around the parking lot and building. Photographs have been submitted, which included a flight of red balloons to a height of 35’ (proposed building height and location on site). Various vantage points throughout the area, including road frontage on Old Seneca Turnpike, Mottville Road, Highland Ave, and Route 321, were photographed. The existing hedgerows lining the property will provide adequate screening of the property. b. The site lighting will be dark sky compliant. There will be no light trespass over adjacent property line. Light fixtures will be directed away from adjacent properties. c. Landscaping has been specifically included along the access road to prevent headlight glare onto adjacent properties. d. The project lot coverage and impervious areas are less than the maximum allowed within the district, leaving approximately 87% of the remaining parcel as open space. a. The proposed project is surrounding by existing mature hedgerow inclusive of full height trees approximately 40-50ft in height. Additional extensive landscaping is provided throughout the proposed project to create a natural aesthetic around the parking lot and building. Photographs have been submitted, which included a flight of red balloons to a height of 35’ (proposed building height and location on site). Various vantage points throughout the area, including road frontage on Old Seneca Turnpike, Mottville Road, Highland Ave, and Route 321, were photographed. The existing hedgerows lining the property will provide adequate screening of the property. b. The site lighting will be dark sky compliant. There will be no light trespass over adjacent property line. Light fixtures will be directed away from adjacent properties. c. Landscaping has been specifically included along the access road to prevent headlight glare onto adjacent properties. d. The project lot coverage and impervious areas are less than the maximum allowed within the district, leaving approximately 87% of the remaining parcel as open space. 9. Will be subject to such conditions on operation, design and layout of structures and provision of screening, buffer areas and off-site improvements as may be necessary to ensure compatibility with surrounding uses and to protect the natural, historic and scenic resources of the Town. a. Updates have been made to the architectural drawings and graphic renderings to shown conformance with the high level of architectural compatibility that the project will provide. 10. Will be consistent with the community’s goal of concentrating retail uses in the village and hamlets, avoiding strip commercial development and locating nonresidential uses that are incompatible with residential use on well buffered properties. a. The use is located in an appropriate parcel within the Industrial research office (IRO) district. b. The building has a setback of approximately 1,100 ft from Mottville road and is surrounded by existing mature hedgerows for buffering. Page 82 Mr. Joseph Southern Page 5 March 13, 2020 c. The project meets the intent of the Comprehensive Plan, focusing viable business opportunities within the northern areas of the Town, and specifically the IRO district. 9. Will be subject to such conditions on operation, design and layout of structures and provision of screening, buffer areas and off-site improvements as may be necessary to ensure compatibility with surrounding uses and to protect the natural, historic and scenic resources of the Town. a. Updates have been made to the architectural drawings and graphic renderings to shown conformance with the high level of architectural compatibility that the project will provide. 10. Will be consistent with the community’s goal of concentrating retail uses in the village and hamlets, avoiding strip commercial development and locating nonresidential uses that are incompatible with residential use on well buffered properties. a. The use is located in an appropriate parcel within the Industrial research office (IRO) district. b. The building has a setback of approximately 1,100 ft from Mottville road and is surrounded by existing mature hedgerows for buffering. Page 82 Mr. Joseph Southern Page 5 March 13, 2020 c. The project meets the intent of the Comprehensive Plan, focusing viable business opportunities within the northern areas of the Town, and specifically the IRO district. 11. Will be able to comply with the rural siting principles in §148-25, if applicable, and with the site planning standards of § 148-18D. a. The project satisfies the site planning standards of 148-18D, including the layout, architecture, landscaping, circulation, etc described in the ordinance. b. The project satisfies the rural siting principles of 148-25, including retaining existing property line hedgerows for screening, placing the building in the rear of the field, tucked behind existing tree lines away from the road, minimizing clearing of vegetation, use of curves in the driveway to increase the screening of buildings. The building height of 35’ will not protrude above the treelines and uses existing hedgerows as a backdrop. The building uses the natural topography, employing a walk out area of the basement for amenities. 12. Will have no greater overall impact on the site and its surroundings than would full development of uses of the property permitted by right. This criterion shall not apply in the HC District. 11. Will be able to comply with the rural siting principles in §148-25, if applicable, and with the site planning standards of § 148-18D. a. The project satisfies the site planning standards of 148-18D, including the layout, architecture, landscaping, circulation, etc described in the ordinance. b. The project satisfies the rural siting principles of 148-25, including retaining existing property line hedgerows for screening, placing the building in the rear of the field, tucked behind existing tree lines away from the road, minimizing clearing of vegetation, use of curves in the driveway to increase the screening of buildings. The building height of 35’ will not protrude above the treelines and uses existing hedgerows as a backdrop. The building uses the natural topography, employing a walk out area of the basement for amenities. 12. Will have no greater overall impact on the site and its surroundings than would full development of uses of the property permitted by right. This criterion shall not apply in the HC District. a. The proposed lodging and restaurant use is fully compatible with the surrounding area. The scale of the project is small compared specifically to the adjacent Hillrom Industrial campus in terms of building size, traffic generation, etc. Other permitted uses in the district would potentially have greater impacts on the surrounding area, specifically impacting the adjacent residential properties. Other permitted uses such as light industry, office buildings, warehousing, and wholesale businesses would have greater traffic impacts and potentially noise. The revised Site Plans and Building Elevations will create a project intended to advance the Goals of the Comprehensive Plan, meet all aspects of the Town’s design guidelines and Zoning ordinance, and fulfill the need for affordable lodging within the local area with an architectural character that mimics the natural surroundings. The following items have been included in this submission: • Ten (10) copies - Architectural Elevations & Colored Renderings Should you have any questions related to the submission, please do not hesitate to contact me at 315-471-3920 or bbouchard@chacompanies.com Very truly yours, a. The proposed lodging and restaurant use is fully compatible with the surrounding area. The scale of the project is small compared specifically to the adjacent Hillrom Industrial campus in terms of building size, traffic generation, etc. Other permitted uses in the district would potentially have greater impacts on the surrounding area, specifically impacting the adjacent residential properties. Other permitted uses such as light industry, office buildings, warehousing, and wholesale businesses would have greater traffic impacts and potentially noise. The revised Site Plans and Building Elevations will create a project intended to advance the Goals of the Comprehensive Plan, meet all aspects of the Town’s design guidelines and Zoning ordinance, and fulfill the need for affordable lodging within the local area with an architectural character that mimics the natural surroundings. The following items have been included in this submission: • Ten (10) copies - Architectural Elevations & Colored Renderings Should you have any questions related to the submission, please do not hesitate to contact me at 315-471-3920 or bbouchard@chacompanies.com Very truly yours, Brian F. Bouchard, P.E. Project Engineer V Enclosures V:\Projects\ANY\K5\36191\Corres\Special Permit Review Narrative-3-13-20.docx Page 83 Page 84 Page 85 Page 86 Page 87 Brian F. Bouchard, P.E. Project Engineer V Enclosures V:\Projects\ANY\K5\36191\Corres\Special Permit Review Narrative-3-13-20.docx Page 83 Page 84 Page 85 Page 86 Page 87 FEASIBILITY STUDY ProposedSkaneatel esLodge, Tapest ryCollec tionbyHilt on OLD SENECA TURNPIKE SKANEATELES, NEW YORK SUBMITTED TO: PR OPOSED PREPARED BY: Mr. Norm Swanson HVS Consulting & Valuation Woodbine Group Division of TS Worldwide, LLC 1030 E Genesee St 4775 Larimer Pkwy, Suite 200 Syracuse, New York 13210-1809 Johnstown, Colorado 80534 +1 (315) 476-4212 +1 (720) 877-1376 September-2021 Page 88 September 16, 2021 Mr. Norm Swanson Woodbine Group 1030 E Genesee St Syracuse, New York 13210-1809 FEASIBILITY STUDY ProposedSkaneatel esLodge, Tapest ryCollec tionbyHilt on OLD SENECA TURNPIKE SKANEATELES, NEW YORK SUBMITTED TO: PR OPOSED PREPARED BY: Mr. Norm Swanson HVS Consulting & Valuation Woodbine Group Division of TS Worldwide, LLC 1030 E Genesee St 4775 Larimer Pkwy, Suite 200 Syracuse, New York 13210-1809 Johnstown, Colorado 80534 +1 (315) 476-4212 +1 (720) 877-1376 September-2021 Page 88 September 16, 2021 Mr. Norm Swanson Woodbine Group 1030 E Genesee St Syracuse, New York 13210-1809 HVS DENVER Re: Proposed Skaneateles Lodge, Tapestry Collection by Hilton 4775 Larimer Pkwy, Suite 200 Skaneateles, New York Johnstown, Colorado 80534 +1 (720) 877-1376 HVS Reference: 2021021740 +1 (415) 896-0516 FAX www.hvs.com Dear Mr. Swanson: Pursuant to your request, we herewith submit our feasibility study pertaining to the above-captioned property. We have inspected the real estate and analyzed the hotel market conditions in the Skaneateles, New York, area. We have studied the proposed project, and the results of our fieldwork and analysis are presented in this report. We have also reviewed the proposed improvements for this site. Our report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), as provided by the Appraisal Foundation. HVS DENVER Re: Proposed Skaneateles Lodge, Tapestry Collection by Hilton 4775 Larimer Pkwy, Suite 200 Skaneateles, New York Johnstown, Colorado 80534 +1 (720) 877-1376 HVS Reference: 2021021740 +1 (415) 896-0516 FAX www.hvs.com Dear Mr. Swanson: Pursuant to your request, we herewith submit our feasibility study pertaining to the above-captioned property. We have inspected the real estate and analyzed the hotel market conditions in the Skaneateles, New York, area. We have studied the proposed project, and the results of our fieldwork and analysis are presented in this report. We have also reviewed the proposed improvements for this site. Our report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), as provided by the Appraisal Foundation. This report was produced during the ongoing COVID-19 pandemic. The impact of the pandemic is addressed throughout and considers market perspectives and information available on or about the effective date of the report. With vaccines widely available, and most travel restrictions lifted, the prevailing market outlook is that the peak impact of the pandemic on the travel industry is behind us. Most market participants believe that the recovery is underway and that demand will strengthen at an accelerating pace over the balance of the year. Our market research reflects a general expectation that the U.S. market will recover to 2019 levels by 2024; the timing and pace of recovery for individual markets will vary based on market-specific characteristics and conditions. This report was produced during the ongoing COVID-19 pandemic. The impact of the pandemic is addressed throughout and considers market perspectives and information available on or about the effective date of the report. With vaccines widely available, and most travel restrictions lifted, the prevailing market outlook is that the peak impact of the pandemic on the travel industry is behind us. Most market participants believe that the recovery is underway and that demand will strengthen at an accelerating pace over the balance of the year. Our market research reflects a general expectation that the U.S. market will recover to 2019 levels by 2024; the timing and pace of recovery for individual markets will vary based on market-specific characteristics and conditions. We hereby certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. Sincerely, TS Worldwide, LLC DRAFT DOCUMENT Brett E. Russell, Managing Director, Senior Partner BRussell@hvs.com, +1 (720) 877-1376 State Appraiser License (NY Temp) 46000053460 Superior results through unrivaled hospitality intelligence. Everywhere. Page 89 Table of Contents We hereby certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. Sincerely, TS Worldwide, LLC DRAFT DOCUMENT Brett E. Russell, Managing Director, Senior Partner BRussell@hvs.com, +1 (720) 877-1376 State Appraiser License (NY Temp) 46000053460 Superior results through unrivaled hospitality intelligence. Everywhere. Page 89 Table of Contents SECTION TITLE PAGE 1. Executive Summary 4 2. Description of the Site and Neighborhood 17 3. Market Area Analysis 26 4. Supply and Demand Analysis 45 5. Description of the Proposed Improvements 81 6. Projection of Occupancy and Average Rate 87 7. Projection of Income and Expense 96 8. Feasibility Analysis 116 9. Statement of Assumptions and Limiting Conditions 134 10. Certification 137 Addenda Qualifications Copy of Appraisal License(s) Page 90 1. Executive Summary SECTION TITLE PAGE 1. Executive Summary 4 2. Description of the Site and Neighborhood 17 3. Market Area Analysis 26 4. Supply and Demand Analysis 45 5. Description of the Proposed Improvements 81 6. Projection of Occupancy and Average Rate 87 7. Projection of Income and Expense 96 8. Feasibility Analysis 116 9. Statement of Assumptions and Limiting Conditions 134 10. Certification 137 Addenda Qualifications Copy of Appraisal License(s) Page 90 1. Executive Summary Subject of the The subject of the feasibility study is a 1,349,053-square-foot (30.97-acre) site to be Feasibility Study improved with a full-service, boutique lodging facility; the hotel will be associated with the Hilton Tapestry Collection brand. The property, which is expected to open on January 1, 2023, will feature 88 rooms, pick from drop-down list, modify as needed, an indoor pool, an indoor whirlpool, an outdoor pool, a fitness room, a lobby workstation, a gift shop an outdoor patio, and vending areas. The hotel will also contain the appropriate parking capacity (217 (surface)) and all necessary back-of- the-house space. Subject of the The subject of the feasibility study is a 1,349,053-square-foot (30.97-acre) site to be Feasibility Study improved with a full-service, boutique lodging facility; the hotel will be associated with the Hilton Tapestry Collection brand. The property, which is expected to open on January 1, 2023, will feature 88 rooms, pick from drop-down list, modify as needed, an indoor pool, an indoor whirlpool, an outdoor pool, a fitness room, a lobby workstation, a gift shop an outdoor patio, and vending areas. The hotel will also contain the appropriate parking capacity (217 (surface)) and all necessary back-of- the-house space. RENDERING OF PROJECT The subject site is also located proximate to the northern tip of Skaneateles Lake, one of the lakes located in the Finger Lake Region of Upstate New York, which is considered a tourism region within the Northeastern United States. The proposed property is expected to be a smaller boutique hotel that will cater to local commercial demand as well as provide an upscale lodging base to the region. The property is located within close proximity to a major commercial demand Page Proposed Skaneateles91 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 4 generator, Welch Allyn, Inc. and Hill-Rom as well as being close to existing meeting and conference facilities. Lastly, the Skaneateles area has seen recent development in high end luxury vacation homes which has increase the need for upscale lodging options for guests of the vacation residents. The subject site’s location is Old Seneca Turnpike, Skaneateles, New York . RENDERING OF PROJECT The subject site is also located proximate to the northern tip of Skaneateles Lake, one of the lakes located in the Finger Lake Region of Upstate New York, which is considered a tourism region within the Northeastern United States. The proposed property is expected to be a smaller boutique hotel that will cater to local commercial demand as well as provide an upscale lodging base to the region. The property is located within close proximity to a major commercial demand Page Proposed Skaneateles91 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 4 generator, Welch Allyn, Inc. and Hill-Rom as well as being close to existing meeting and conference facilities. Lastly, the Skaneateles area has seen recent development in high end luxury vacation homes which has increase the need for upscale lodging options for guests of the vacation residents. The subject site’s location is Old Seneca Turnpike, Skaneateles, New York . Pertinent Dates The effective date of the report is September 16, 2021. The subject site was inspected by Brett E. Russell on August 15, 2021. In addition to the inspection, Brett E. Russell participated in the research for this assignment and assisted in the report’s preparation. Brett E. Russell participated in the analysis and reviewed the findings but did not personally inspect the property. Pertinent Dates The effective date of the report is September 16, 2021. The subject site was inspected by Brett E. Russell on August 15, 2021. In addition to the inspection, Brett E. Russell participated in the research for this assignment and assisted in the report’s preparation. Brett E. Russell participated in the analysis and reviewed the findings but did not personally inspect the property. COVID-19 In December 2019, a novel coronavirus known as SARS-CoV-2 (COVID-19) was first identified in China, which has since spread throughout the world. The first reported case in the United States occurred in the State of Washington in late January 2020; by mid-March, cases had been identified in all 50 states, and the number of cases was increasing exponentially. The World Health Organization (WHO) officially declared COVID-19 a global pandemic on March 11, 2020, and the U.S. declared the outbreak a National Emergency on March 13, 2020. As the number of cases multiplied in the U.S. and throughout the world, governments implemented lockdowns and social-distancing measures in an effort to slow the spread of the virus. In most cases, these measures were effective, and the rates of infection slowed substantially through the summer months. After a spike in late December/early January, the number of new cases declined again. With vaccinations now available for all adults, infection rates have declined in most states. As a result, consumer confidence in being able to travel safely in the U.S. is rising; thus, the outlook for recovery of the travel industry has significantly improved. Most recently, the Delta variant has increased speculation for concern in some areas; however, the extent of the impact of the variant was largely unknown at the time of this report. COVID-19 In December 2019, a novel coronavirus known as SARS-CoV-2 (COVID-19) was first identified in China, which has since spread throughout the world. The first reported case in the United States occurred in the State of Washington in late January 2020; by mid-March, cases had been identified in all 50 states, and the number of cases was increasing exponentially. The World Health Organization (WHO) officially declared COVID-19 a global pandemic on March 11, 2020, and the U.S. declared the outbreak a National Emergency on March 13, 2020. As the number of cases multiplied in the U.S. and throughout the world, governments implemented lockdowns and social-distancing measures in an effort to slow the spread of the virus. In most cases, these measures were effective, and the rates of infection slowed substantially through the summer months. After a spike in late December/early January, the number of new cases declined again. With vaccinations now available for all adults, infection rates have declined in most states. As a result, consumer confidence in being able to travel safely in the U.S. is rising; thus, the outlook for recovery of the travel industry has significantly improved. Most recently, the Delta variant has increased speculation for concern in some areas; however, the extent of the impact of the variant was largely unknown at the time of this report. The pandemic led to global economic disruptions, as stock markets throughout the world suffered steep declines and the price of oil dropped precipitously. The markets have realized a significant recovery since the initial impact, and the price of oil has also recovered. In the United States, economic activity declined sharply because of restrictions on business and travel. In most areas of the nation, all but essential businesses were effectively closed for much of the second quarter of 2020, resulting in a 31.4% drop in GDP. With most states easing or lifting restrictions over the summer, the economy rebounded in the latter half of 2020, and with a 6.4% gain in the first quarter of 2021, actual GDP exceeded pre-pandemic levels. Significant government support contributed to this rebound, and the latest $1.9-trillion funding bill passed in March 2021 will further contribute to the ongoing economic recovery, with GDP growth for 2021 expected to reach or exceed 6.0%. While the long-term impact of the bailouts remains unknown, it is clear that the economic rebound is The pandemic led to global economic disruptions, as stock markets throughout the world suffered steep declines and the price of oil dropped precipitously. The markets have realized a significant recovery since the initial impact, and the price of oil has also recovered. In the United States, economic activity declined sharply because of restrictions on business and travel. In most areas of the nation, all but essential businesses were effectively closed for much of the second quarter of 2020, resulting in a 31.4% drop in GDP. With most states easing or lifting restrictions over the summer, the economy rebounded in the latter half of 2020, and with a 6.4% gain in the first quarter of 2021, actual GDP exceeded pre-pandemic levels. Significant government support contributed to this rebound, and the latest $1.9-trillion funding bill passed in March 2021 will further contribute to the ongoing economic recovery, with GDP growth for 2021 expected to reach or exceed 6.0%. While the long-term impact of the bailouts remains unknown, it is clear that the economic rebound is Page Proposed Skaneateles92 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 5 already well underway and will continue to stimulate the recovery of the hospitality industry. Page Proposed Skaneateles92 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 5 already well underway and will continue to stimulate the recovery of the hospitality industry. The hospitality industry was severely affected by the pandemic, as travel declined sharply and restrictions on group sizes resulted in the cancellation of meetings and conventions. Most festivals and sporting events were similarly affected. Business and group travel dropped sharply; leisure travel was also affected, although not as significantly, as many resort and drive-to destinations captured demand from Americans eager for a change of scenery. With vaccines widely available and infection rates falling, most travel restrictions have now been lifted, and travel has resumed. Leisure continues to be the strongest segment, with business travel also increasing, albeit at a slower pace. Group events are also returning, led by social gatherings. Corporate group and convention activity is anticipated to follow, initially consisting of events deferred from 2020 and early 2021, but this segment is not expected to regain historical levels until 2023 or 2024. The impact of the pandemic and ongoing recovery of the market are well illustrated by STR’s RevPAR statistics for the month of April, which saw the greatest impact due to the pandemic. In April 2019, RevPAR for the U.S. lodging industry was $89.36. With the onset of the pandemic, RevPAR dropped to $17.79 in April 2020, an 80% decline. In April 2021, RevPAR recovered to $63.46, still 29% below the 2019 level but a substantial improvement over the 2020 performance. Given the recent trend, hotel owners, operators, and investors are increasingly optimistic about the balance of the year and the ultimate recovery of the market. The hospitality industry was severely affected by the pandemic, as travel declined sharply and restrictions on group sizes resulted in the cancellation of meetings and conventions. Most festivals and sporting events were similarly affected. Business and group travel dropped sharply; leisure travel was also affected, although not as significantly, as many resort and drive-to destinations captured demand from Americans eager for a change of scenery. With vaccines widely available and infection rates falling, most travel restrictions have now been lifted, and travel has resumed. Leisure continues to be the strongest segment, with business travel also increasing, albeit at a slower pace. Group events are also returning, led by social gatherings. Corporate group and convention activity is anticipated to follow, initially consisting of events deferred from 2020 and early 2021, but this segment is not expected to regain historical levels until 2023 or 2024. The impact of the pandemic and ongoing recovery of the market are well illustrated by STR’s RevPAR statistics for the month of April, which saw the greatest impact due to the pandemic. In April 2019, RevPAR for the U.S. lodging industry was $89.36. With the onset of the pandemic, RevPAR dropped to $17.79 in April 2020, an 80% decline. In April 2021, RevPAR recovered to $63.46, still 29% below the 2019 level but a substantial improvement over the 2020 performance. Given the recent trend, hotel owners, operators, and investors are increasingly optimistic about the balance of the year and the ultimate recovery of the market. Ownership History The developer of the proposed subject hotel is Woodbine Group, which is based in Syracuse, New York. The subject site was last sold in mid-2019; the Woodbine Group has owned the site since that time, having purchased it from undisclosed party for a reported price of $1,700,000. Based on discussions with the owner, the purchase appears to have been an arm's-length transaction and was not subject to any concessions. No other transfers of the property have occurred in the last three years. The site is neither listed nor under contract for sale, and we have no knowledge of any recent listings. Management and The proposed subject hotel will be managed by the Woodbine Group. Details Franchise History and pertaining to management terms were not yet determined at the time of this report; Assumptions however, we assume that the proposed hotel will be managed by a professional hotel-operating company, with fees deducted at rates consistent with current market standards. Our projections reflect a total management fee of 3.0% of total revenues. Ownership History The developer of the proposed subject hotel is Woodbine Group, which is based in Syracuse, New York. The subject site was last sold in mid-2019; the Woodbine Group has owned the site since that time, having purchased it from undisclosed party for a reported price of $1,700,000. Based on discussions with the owner, the purchase appears to have been an arm's-length transaction and was not subject to any concessions. No other transfers of the property have occurred in the last three years. The site is neither listed nor under contract for sale, and we have no knowledge of any recent listings. Management and The proposed subject hotel will be managed by the Woodbine Group. Details Franchise History and pertaining to management terms were not yet determined at the time of this report; Assumptions however, we assume that the proposed hotel will be managed by a professional hotel-operating company, with fees deducted at rates consistent with current market standards. Our projections reflect a total management fee of 3.0% of total revenues. The proposed subject hotel will reportedly operate under a franchise agreement with Hilton Worldwide as part of the Hilton Tapestry Collection of Hotels. Page Proposed Skaneateles93 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 6 The proposed subject hotel will reportedly operate under a franchise agreement with Hilton Worldwide as part of the Hilton Tapestry Collection of Hotels. Page Proposed Skaneateles93 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 6 Summary of Hotel During the illustrated historical period, both occupancy and ADR generally followed Market Trends a strengthening trend, with RevPAR increasing by roughly 10% between 2014 and 2019. This improvement in market conditions was driven largely by increase population and growth in popularity of the region for leisure and group. RevPAR reached its high point in 2017, supported by the entrance of new, high-rated supply and the overall strong economy at that time. In influx of new supply began in 2018 and impacted market performance; however, based on trends that occurred in 2019 and into 2020, the market was absorbing the new supply quickly. In March 2020, the COVID-19 pandemic began to affect the local market, similar to the rest of the nation, resulting in decreased business activity, inclusive of the hospitality, tourism, and manufacturing industries; thus, occupancy declined; however, strong levels of tourism in the summer months of 2020 allowed for higher rates resulting in average rate increase in 2020. Year-to-date 2021 data illustrate a strong improvement in occupancy and in ADR. This rapid recovery was again the result of high leisure demand during the summer months coupled with rescheduled weddings and group events that had previous been cancelled or postponed. While the pandemic will continue to affect business to some degree in the near term, the overall outlook is optimistic given the dynamics of this market, the successful rollout of vaccines, the removal of most COVID-related restrictions, and the recent increase in travel. Summary of Hotel During the illustrated historical period, both occupancy and ADR generally followed Market Trends a strengthening trend, with RevPAR increasing by roughly 10% between 2014 and 2019. This improvement in market conditions was driven largely by increase population and growth in popularity of the region for leisure and group. RevPAR reached its high point in 2017, supported by the entrance of new, high-rated supply and the overall strong economy at that time. In influx of new supply began in 2018 and impacted market performance; however, based on trends that occurred in 2019 and into 2020, the market was absorbing the new supply quickly. In March 2020, the COVID-19 pandemic began to affect the local market, similar to the rest of the nation, resulting in decreased business activity, inclusive of the hospitality, tourism, and manufacturing industries; thus, occupancy declined; however, strong levels of tourism in the summer months of 2020 allowed for higher rates resulting in average rate increase in 2020. Year-to-date 2021 data illustrate a strong improvement in occupancy and in ADR. This rapid recovery was again the result of high leisure demand during the summer months coupled with rescheduled weddings and group events that had previous been cancelled or postponed. While the pandemic will continue to affect business to some degree in the near term, the overall outlook is optimistic given the dynamics of this market, the successful rollout of vaccines, the removal of most COVID-related restrictions, and the recent increase in travel. The following table provides a historical perspective on the supply and demand trends for a selected set of hotels, as provided by STR. Page Proposed Skaneateles94 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 7 The following table provides a historical perspective on the supply and demand trends for a selected set of hotels, as provided by STR. Page Proposed Skaneateles94 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 7 FIGURE 1-1 HISTORICAL SUPPLY AND DEMAND TRENDS (STR) Average Daily Available Room Occupied Average Year Room Count Nights Change Room Nights Change Occupancy Rate Change RevPAR Change 2014 361 131,765 — 67,251 — 51.0 % $219.18 — $111.87 — 2015 361 131,765 0.0 % 67,405 0.2 % 51.2 229.35 4.6 % 117.32 4.9 % 2016 363 132,495 0.6 71,671 6.3 54.1 233.56 1.8 126.34 7.7 2017 363 132,495 0.0 76,871 7.3 58.0 225.52 (3.4) 130.84 3.6 2018 460 167,989 26.8 90,611 17.9 53.9 229.60 1.8 123.84 (5.4) 2019 511 186,393 11.0 102,485 13.1 55.0 224.43 (2.3) 123.40 (0.4) 2020 514 187,486 0.6 67,498 (34.1) 36.0 259.01 15.4 93.25 (24.4) Year-to-Date Through July 2020 440 93,183 — 29,038 — 31.2 % $230.43 — $71.81 — 2021 542 114,904 23.3 % 49,395 70.1 % 43.0 310.23 34.6 % 133.36 85.7 % FIGURE 1-1 HISTORICAL SUPPLY AND DEMAND TRENDS (STR) Average Daily Available Room Occupied Average Year Room Count Nights Change Room Nights Change Occupancy Rate Change RevPAR Change 2014 361 131,765 — 67,251 — 51.0 % $219.18 — $111.87 — 2015 361 131,765 0.0 % 67,405 0.2 % 51.2 229.35 4.6 % 117.32 4.9 % 2016 363 132,495 0.6 71,671 6.3 54.1 233.56 1.8 126.34 7.7 2017 363 132,495 0.0 76,871 7.3 58.0 225.52 (3.4) 130.84 3.6 2018 460 167,989 26.8 90,611 17.9 53.9 229.60 1.8 123.84 (5.4) 2019 511 186,393 11.0 102,485 13.1 55.0 224.43 (2.3) 123.40 (0.4) 2020 514 187,486 0.6 67,498 (34.1) 36.0 259.01 15.4 93.25 (24.4) Year-to-Date Through July 2020 440 93,183 — 29,038 — 31.2 % $230.43 — $71.81 — 2021 542 114,904 23.3 % 49,395 70.1 % 43.0 310.23 34.6 % 133.36 85.7 % Competitive Number Year Year Hotels Included in Sample Class Status of Rooms Affiliated Opened Closed - Grand Adirondack Hotel Upscale Class Not Competitive 0 Dec 2020 Nov 1986 The Whiteface Lodge Luxury Class Primary 96 May 2020 Jun 2005 Hotel Saranac, Curio Collection by Hilton Upper Upscale Class Secondary 102 Jan 2018 Jul 1927 The Mirbeau Inn & Spa Luxury Class Primary 34 May 2020 May 2000 Tailwater Lodge Altmar, Tapestry Collection by Hilton Upscale Class Primary 87 Jun 2020 Jun 2012 Tapestry Collection by Hilton Hotel Canandaigua Upscale Class Primary 109 Jan 1900 U/C The Lake House On Canandaigua Luxury Class Primary 124 Aug 2020 Aug 2020 Renaissance The Del Monte Lodge Rochester Hotel & Spa Upper Upscale Class Secondary 99 Mar 2001 Apr 2000 Competitive Number Year Year Hotels Included in Sample Class Status of Rooms Affiliated Opened Closed - Grand Adirondack Hotel Upscale Class Not Competitive 0 Dec 2020 Nov 1986 The Whiteface Lodge Luxury Class Primary 96 May 2020 Jun 2005 Hotel Saranac, Curio Collection by Hilton Upper Upscale Class Secondary 102 Jan 2018 Jul 1927 The Mirbeau Inn & Spa Luxury Class Primary 34 May 2020 May 2000 Tailwater Lodge Altmar, Tapestry Collection by Hilton Upscale Class Primary 87 Jun 2020 Jun 2012 Tapestry Collection by Hilton Hotel Canandaigua Upscale Class Primary 109 Jan 1900 U/C The Lake House On Canandaigua Luxury Class Primary 124 Aug 2020 Aug 2020 Renaissance The Del Monte Lodge Rochester Hotel & Spa Upper Upscale Class Secondary 99 Mar 2001 Apr 2000 Total 651 Source: STR The following tables reflect our estimates of operating data for hotels on an individual basis. These trends are presented in detail in the Supply and Demand Analysis chapter of this report. Page Proposed Skaneateles95 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 8 FIGURE 1-2 PRIMARY COMPETITORS – OPERATING PERFORMANCE Est. Segmentation Estimated 2018 Estimated 2019 Weighted Weighted Annual Annual Total 651 Source: STR The following tables reflect our estimates of operating data for hotels on an individual basis. These trends are presented in detail in the Supply and Demand Analysis chapter of this report. Page Proposed Skaneateles95 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 8 FIGURE 1-2 PRIMARY COMPETITORS – OPERATING PERFORMANCE Est. Segmentation Estimated 2018 Estimated 2019 Weighted Weighted Annual Annual ient Number of Room Room Occupancy Yield p Trans Grou Property Rooms Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Penetration Penetration Whiteface Lodge Resort & Spa 96 55 % 45 % 96 40 - 45 % $400 - $425 $180 - $190 96 50 - 55 % $425 - $450 $220 - $230 85 - 90 % 160 - 170 % Mirbeau Inn & Spa 34 60 40 34 40 - 45 375 - 400 150 - 160 34 50 - 55 325 - 350 170 - 180 85 - 90 120 - 130 Lake House on Canandaigua 125 60 40 0 — — — 0 — — — — — ient Number of Room Room Occupancy Yield p Trans Grou Property Rooms Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Penetration Penetration Whiteface Lodge Resort & Spa 96 55 % 45 % 96 40 - 45 % $400 - $425 $180 - $190 96 50 - 55 % $425 - $450 $220 - $230 85 - 90 % 160 - 170 % Mirbeau Inn & Spa 34 60 40 34 40 - 45 375 - 400 150 - 160 34 50 - 55 325 - 350 170 - 180 85 - 90 120 - 130 Lake House on Canandaigua 125 60 40 0 — — — 0 — — — — — Sherwood Inn 25 65 35 25 40 - 45 200 - 210 90 - 95 25 50 - 55 190 - 200 105 - 110 90 - 95 70 - 75 Hilton Garden Inn Auburn New York 92 70 30 92 75 - 80 125 - 130 95 - 100 92 70 - 75 130 - 140 95 - 100 120 - 130 65 - 70 Sub-Totals/Averages 372 63 % 37 % 247 56.9 % $248.04 $141.08 247 60.7 % $261.89 $159 105 % 112.7 % Secondary Competitors 381 66 % 34 % 83 52.5 % $196.02 $102.84 95 51.2 % $184.90 $95 88 % 67.1 % Totals/Averages 753 64 % 36 % 330 55.8 % $235.72 $131.46 342 58.0 % $243.00 $141 100 % 100.0 % * Specific occupancy and average rate data were utilized in our analysis, but are presented in ranges in the above table for the purposes of confidentiality. Sherwood Inn 25 65 35 25 40 - 45 200 - 210 90 - 95 25 50 - 55 190 - 200 105 - 110 90 - 95 70 - 75 Hilton Garden Inn Auburn New York 92 70 30 92 75 - 80 125 - 130 95 - 100 92 70 - 75 130 - 140 95 - 100 120 - 130 65 - 70 Sub-Totals/Averages 372 63 % 37 % 247 56.9 % $248.04 $141.08 247 60.7 % $261.89 $159 105 % 112.7 % Secondary Competitors 381 66 % 34 % 83 52.5 % $196.02 $102.84 95 51.2 % $184.90 $95 88 % 67.1 % Totals/Averages 753 64 % 36 % 330 55.8 % $235.72 $131.46 342 58.0 % $243.00 $141 100 % 100.0 % * Specific occupancy and average rate data were utilized in our analysis, but are presented in ranges in the above table for the purposes of confidentiality. Page 96 Executive Summary Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 9 FIGURE 1-3 SECONDARY COMPETITORS – OPERATING PERFORMANCE Est. Segmentation Estimated 2018 Estimated 2019 Weighted Weighted Total Annual Annual ient p Number of Competitive Room Room Trans Page 96 Executive Summary Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 9 FIGURE 1-3 SECONDARY COMPETITORS – OPERATING PERFORMANCE Est. Segmentation Estimated 2018 Estimated 2019 Weighted Weighted Total Annual Annual ient p Number of Competitive Room Room Trans Grou Property Rooms Level Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Hotel Saranac, Curio Collection 102 70 % 30 % 25 % 25 40 - 45 % $250 - $260 $110 - $115 26 50 - 55 % $240 - $250 $120 - $125 by Hilton Renaissance Del Monte Lodge 99 70 30 25 25 70 - 75 190 - 200 140 - 150 25 70 - 75 200 - 210 140 - 150 Hotel & Spa Ascend Collection, Hotel North 92 60 40 25 23 35 - 40 150 - 160 60 - 65 23 25 - 30 115 - 120 30 - 35 Woods Tailwater Lodge 88 60 40 25 11 45 - 50 130 - 140 65 - 70 22 45 - 50 130 - 140 65 - 70 Totals/Averages 381 66 % 34 % 25 % 83 52.5 % $196.02 $102.84 95 51.2 % $184.90 $94.60 Grou Property Rooms Level Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Hotel Saranac, Curio Collection 102 70 % 30 % 25 % 25 40 - 45 % $250 - $260 $110 - $115 26 50 - 55 % $240 - $250 $120 - $125 by Hilton Renaissance Del Monte Lodge 99 70 30 25 25 70 - 75 190 - 200 140 - 150 25 70 - 75 200 - 210 140 - 150 Hotel & Spa Ascend Collection, Hotel North 92 60 40 25 23 35 - 40 150 - 160 60 - 65 23 25 - 30 115 - 120 30 - 35 Woods Tailwater Lodge 88 60 40 25 11 45 - 50 130 - 140 65 - 70 22 45 - 50 130 - 140 65 - 70 Totals/Averages 381 66 % 34 % 25 % 83 52.5 % $196.02 $102.84 95 51.2 % $184.90 $94.60 * Specific occupancy and average rate data was utilized in our analysis, but is presented in ranges in the above table for the purposes of confidentiality. Page 97 Executive Summary Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 10 Summary of Forecast Based on our analysis presented in the Projection of Occupancy and Average Rate Occupancy and chapter, we have chosen to use a stabilized occupancy level of 72% and a base-year Average Rate rate position of $212.00 for the proposed subject hotel. The following table reflects a summary of our market-wide and proposed subject hotel occupancy and average rate projections. * Specific occupancy and average rate data was utilized in our analysis, but is presented in ranges in the above table for the purposes of confidentiality. Page 97 Executive Summary Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 10 Summary of Forecast Based on our analysis presented in the Projection of Occupancy and Average Rate Occupancy and chapter, we have chosen to use a stabilized occupancy level of 72% and a base-year Average Rate rate position of $212.00 for the proposed subject hotel. The following table reflects a summary of our market-wide and proposed subject hotel occupancy and average rate projections. FIGURE 1-4 ADR FORECAST – MARKET AND PROPOSED SUBJECT PROPERTY Historical Calendar Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Market ADR $243.00 $276.78 $257.40 $252.25 $257.30 $265.02 $272.97 $281.16 $289.59 $298.28 Projected Market ADR Growth Rate — 13.9% -7.0% -2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0% Proposed Subject Property ADR (As-If Stabilized) $212.00 $241.47 $224.57 $220.07 $224.48 $231.21 $238.15 $245.29 $252.65 $260.23 ADR Growth Rate 13.9% -7.0% -2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0% Proposed Subject Stabilized ADR Penetration 87% 87% 87% 87% 87% 87% 87% 87% 87% 87.2% Fiscal Year 2023 2024 2025 2026 2027 2028 FIGURE 1-4 ADR FORECAST – MARKET AND PROPOSED SUBJECT PROPERTY Historical Calendar Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Market ADR $243.00 $276.78 $257.40 $252.25 $257.30 $265.02 $272.97 $281.16 $289.59 $298.28 Projected Market ADR Growth Rate — 13.9% -7.0% -2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0% Proposed Subject Property ADR (As-If Stabilized) $212.00 $241.47 $224.57 $220.07 $224.48 $231.21 $238.15 $245.29 $252.65 $260.23 ADR Growth Rate 13.9% -7.0% -2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0% Proposed Subject Stabilized ADR Penetration 87% 87% 87% 87% 87% 87% 87% 87% 87% 87.2% Fiscal Year 2023 2024 2025 2026 2027 2028 Proposed Subject Property Average Rate $224.48 $231.21 $238.15 $245.29 $252.65 $260.23 Opening Discount 3.0% 1.0% 0.0% 0.0% 0.0% 0.0% Average Rate After Discount $217.74 $228.90 $238.15 $245.29 $252.65 $260.23 Real Average Rate Growth — 5.1% 4.0% 3.0% 3.0% 3.0% Market ADR $257.30 $265.02 $272.97 $281.16 $289.59 $298.28 Proposed Subject ADR Penetration (After Discount) 85% 86% 87% 87% 87% 87% ADR Expressed in Base-Year Dollars Deflated @ Inflation Rate $203.15 $209.37 $211.49 $211.49 $211.49 $211.49 Summary of Forecast Our positioning of each revenue and expense level is supported by comparable Income and Expense operations or trends specific to this market. Our forecast of income and expense is Statement presented in the following table. Proposed Subject Property Average Rate $224.48 $231.21 $238.15 $245.29 $252.65 $260.23 Opening Discount 3.0% 1.0% 0.0% 0.0% 0.0% 0.0% Average Rate After Discount $217.74 $228.90 $238.15 $245.29 $252.65 $260.23 Real Average Rate Growth — 5.1% 4.0% 3.0% 3.0% 3.0% Market ADR $257.30 $265.02 $272.97 $281.16 $289.59 $298.28 Proposed Subject ADR Penetration (After Discount) 85% 86% 87% 87% 87% 87% ADR Expressed in Base-Year Dollars Deflated @ Inflation Rate $203.15 $209.37 $211.49 $211.49 $211.49 $211.49 Summary of Forecast Our positioning of each revenue and expense level is supported by comparable Income and Expense operations or trends specific to this market. Our forecast of income and expense is Statement presented in the following table. Page Proposed Skaneateles98 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 11 Page Proposed Skaneateles98 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 11 FIGURE 1-5 DETAILED FORECAST OF INCOME AND EXPENSE 2023 (Calendar Year) 2024 Stabilized 2026 2027 Number of Rooms: 88 88 88 88 88 Occupancy: 58% 68% 72% 72% 72% Average Rate: $217.74 $228.90 $238.15 $245.29 $252.65 RevPAR: $126.29 $155.65 $171.47 $176.61 $181.91 Days Open: 365 365 365 365 365 Occupied Rooms: 18,630 %Gross PAR POR 21,842 %Gross PAR POR 23,126 %Gross PAR POR 23,126 %Gross PAR POR 23,126 %Gross PAR POR OPERATING REVENUE Rooms $4,056 53.7 % $46,091 $217.72 $4,999 53.8 % $56,807 $228.88 $5,507 53.6 % $62,580 $238.13 $5,673 53.6 % $64,466 $245.30 $5,843 53.6 % $66,398 $252.65 Food 2,477 32.8 28,150 132.97 3,055 32.9 34,720 139.89 3,385 33.0 38,471 146.39 3,487 33.0 39,625 150.78 3,592 33.0 40,813 155.30 Beverage 682 9.0 7,753 36.62 859 9.2 9,767 39.35 964 9.4 10,949 41.66 992 9.4 11,278 42.91 1,022 9.4 11,616 44.20 Other Operated Departments 294 3.9 3,342 15.79 338 3.6 3,837 15.46 365 3.5 4,143 15.76 376 3.5 4,267 16.24 387 3.5 4,395 16.72 Miscellaneous Income 42 0.6 477 2.26 48 0.5 548 2.21 52 0.5 592 2.25 54 0.5 610 2.32 55 0.5 628 2.39 Total Operating Revenues 7,552 100.0 85,813 405.35 9,300 100.0 105,678 425.78 10,273 100.0 116,734 444.19 10,582 100.0 120,245 457.55 10,899 100.0 123,850 471.27 DEPARTMENTAL EXPENSES * Rooms 1,064 26.2 12,086 57.09 1,150 23.0 13,071 52.66 1,212 22.0 13,769 52.39 1,248 22.0 14,182 53.96 1,285 22.0 14,607 55.58 Food & Beverage 2,589 81.9 29,420 138.97 2,859 73.0 32,486 130.89 3,044 70.0 34,594 131.64 3,136 70.0 35,632 135.58 3,230 70.0 36,701 139.65 Other Operated Departments 132 45.0 1,505 7.11 140 41.4 1,587 6.39 146 40.0 1,657 6.31 150 40.0 1,707 6.50 155 40.0 1,758 6.69 Total Expenses 3,785 50.1 43,011 203.17 4,149 44.6 47,143 189.94 4,402 42.8 50,020 190.33 4,534 42.8 51,520 196.04 4,670 42.8 53,066 201.93 DEPARTMENTAL INCOME 3,767 49.9 42,802 202.18 5,151 55.4 58,535 235.84 5,871 57.2 66,714 253.86 6,048 57.2 68,725 261.51 6,229 57.2 70,784 269.35 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 663 8.8 7,536 35.60 672 7.2 7,631 30.75 704 6.8 7,995 30.42 725 6.8 8,235 31.34 746 6.8 8,482 32.28 Info & Telecom Systems 85 1.1 960 4.54 90 1.0 1,021 4.11 94 0.9 1,070 4.07 97 0.9 1,102 4.19 100 0.9 1,135 4.32 Marketing 391 5.2 4,448 21.01 397 4.3 4,514 18.19 396 3.9 4,504 17.14 408 3.9 4,639 17.65 421 3.9 4,779 18.18 Franchise Fee 284 3.8 3,226 15.24 400 4.3 4,545 18.31 496 4.8 5,632 21.43 511 4.8 5,802 22.08 526 4.8 5,976 22.74 Prop. Operations & Maint. 192 2.5 2,183 10.31 230 2.5 2,612 10.52 268 2.6 3,040 11.57 276 2.6 3,132 11.92 284 2.6 3,226 12.27 Utilities 178 2.4 2,022 9.55 189 2.0 2,150 8.66 198 1.9 2,252 8.57 204 1.9 2,320 8.83 210 1.9 2,389 9.09 Total Expenses 1,793 23.8 20,375 96.24 1,978 21.3 22,472 90.54 2,155 20.9 24,493 93.20 2,220 20.9 25,229 96.00 2,287 20.9 25,986 98.88 GROSS OPERATING PROFIT 1,974 26.1 22,428 105.94 3,174 34.1 36,063 145.30 3,715 36.3 42,221 160.66 3,828 36.3 43,496 165.51 3,942 36.3 44,799 170.47 Management Fee 227 3.0 2,574 12.16 279 3.0 3,170 12.77 308 3.0 3,502 13.33 317 3.0 3,607 13.73 327 3.0 3,716 14.14 INCOME BEFORE NON-OPR. INC. & EXP. 1,747 23.1 19,853 93.78 2,895 31.1 32,893 132.53 3,407 33.3 38,719 147.33 3,510 33.3 39,888 151.78 3,615 33.3 41,083 156.33 NON-OPERATING INCOME & EXPENSE Property Taxes 124 1.6 1,414 6.68 210 2.3 2,382 9.60 278 2.7 3,163 12.04 287 2.7 3,258 12.40 295 2.7 3,355 12.77 Insurance 42 0.6 482 2.28 43 0.5 492 1.98 45 0.4 507 1.93 46 0.4 522 1.99 47 0.4 538 2.05 Total Expenses 167 2.2 1,897 8.96 253 2.8 2,874 11.58 323 3.1 3,670 13.96 333 3.1 3,780 14.38 343 3.1 3,893 14.81 EBITDA 1,580 20.9 17,957 84.82 2,642 28.3 30,019 120.95 3,084 30.2 35,050 133.37 3,178 30.2 36,109 137.40 3,273 30.2 37,190 141.51 Reserve for Replacement 151 2.0 1,716 8.11 279 3.0 3,170 12.77 411 4.0 4,669 17.77 423 4.0 4,810 18.30 436 4.0 4,954 18.85 EBITDA LESS RESERVE $1,429 18.9 % $16,240 $76.71 $2,363 25.3 % $26,849 $108.18 $2,673 26.2 % $30,380 $115.60 $2,754 26.2 % $31,299 $119.10 $2,837 26.2 % $32,236 $122.66 FIGURE 1-5 DETAILED FORECAST OF INCOME AND EXPENSE 2023 (Calendar Year) 2024 Stabilized 2026 2027 Number of Rooms: 88 88 88 88 88 Occupancy: 58% 68% 72% 72% 72% Average Rate: $217.74 $228.90 $238.15 $245.29 $252.65 RevPAR: $126.29 $155.65 $171.47 $176.61 $181.91 Days Open: 365 365 365 365 365 Occupied Rooms: 18,630 %Gross PAR POR 21,842 %Gross PAR POR 23,126 %Gross PAR POR 23,126 %Gross PAR POR 23,126 %Gross PAR POR OPERATING REVENUE Rooms $4,056 53.7 % $46,091 $217.72 $4,999 53.8 % $56,807 $228.88 $5,507 53.6 % $62,580 $238.13 $5,673 53.6 % $64,466 $245.30 $5,843 53.6 % $66,398 $252.65 Food 2,477 32.8 28,150 132.97 3,055 32.9 34,720 139.89 3,385 33.0 38,471 146.39 3,487 33.0 39,625 150.78 3,592 33.0 40,813 155.30 Beverage 682 9.0 7,753 36.62 859 9.2 9,767 39.35 964 9.4 10,949 41.66 992 9.4 11,278 42.91 1,022 9.4 11,616 44.20 Other Operated Departments 294 3.9 3,342 15.79 338 3.6 3,837 15.46 365 3.5 4,143 15.76 376 3.5 4,267 16.24 387 3.5 4,395 16.72 Miscellaneous Income 42 0.6 477 2.26 48 0.5 548 2.21 52 0.5 592 2.25 54 0.5 610 2.32 55 0.5 628 2.39 Total Operating Revenues 7,552 100.0 85,813 405.35 9,300 100.0 105,678 425.78 10,273 100.0 116,734 444.19 10,582 100.0 120,245 457.55 10,899 100.0 123,850 471.27 DEPARTMENTAL EXPENSES * Rooms 1,064 26.2 12,086 57.09 1,150 23.0 13,071 52.66 1,212 22.0 13,769 52.39 1,248 22.0 14,182 53.96 1,285 22.0 14,607 55.58 Food & Beverage 2,589 81.9 29,420 138.97 2,859 73.0 32,486 130.89 3,044 70.0 34,594 131.64 3,136 70.0 35,632 135.58 3,230 70.0 36,701 139.65 Other Operated Departments 132 45.0 1,505 7.11 140 41.4 1,587 6.39 146 40.0 1,657 6.31 150 40.0 1,707 6.50 155 40.0 1,758 6.69 Total Expenses 3,785 50.1 43,011 203.17 4,149 44.6 47,143 189.94 4,402 42.8 50,020 190.33 4,534 42.8 51,520 196.04 4,670 42.8 53,066 201.93 DEPARTMENTAL INCOME 3,767 49.9 42,802 202.18 5,151 55.4 58,535 235.84 5,871 57.2 66,714 253.86 6,048 57.2 68,725 261.51 6,229 57.2 70,784 269.35 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 663 8.8 7,536 35.60 672 7.2 7,631 30.75 704 6.8 7,995 30.42 725 6.8 8,235 31.34 746 6.8 8,482 32.28 Info & Telecom Systems 85 1.1 960 4.54 90 1.0 1,021 4.11 94 0.9 1,070 4.07 97 0.9 1,102 4.19 100 0.9 1,135 4.32 Marketing 391 5.2 4,448 21.01 397 4.3 4,514 18.19 396 3.9 4,504 17.14 408 3.9 4,639 17.65 421 3.9 4,779 18.18 Franchise Fee 284 3.8 3,226 15.24 400 4.3 4,545 18.31 496 4.8 5,632 21.43 511 4.8 5,802 22.08 526 4.8 5,976 22.74 Prop. Operations & Maint. 192 2.5 2,183 10.31 230 2.5 2,612 10.52 268 2.6 3,040 11.57 276 2.6 3,132 11.92 284 2.6 3,226 12.27 Utilities 178 2.4 2,022 9.55 189 2.0 2,150 8.66 198 1.9 2,252 8.57 204 1.9 2,320 8.83 210 1.9 2,389 9.09 Total Expenses 1,793 23.8 20,375 96.24 1,978 21.3 22,472 90.54 2,155 20.9 24,493 93.20 2,220 20.9 25,229 96.00 2,287 20.9 25,986 98.88 GROSS OPERATING PROFIT 1,974 26.1 22,428 105.94 3,174 34.1 36,063 145.30 3,715 36.3 42,221 160.66 3,828 36.3 43,496 165.51 3,942 36.3 44,799 170.47 Management Fee 227 3.0 2,574 12.16 279 3.0 3,170 12.77 308 3.0 3,502 13.33 317 3.0 3,607 13.73 327 3.0 3,716 14.14 INCOME BEFORE NON-OPR. INC. & EXP. 1,747 23.1 19,853 93.78 2,895 31.1 32,893 132.53 3,407 33.3 38,719 147.33 3,510 33.3 39,888 151.78 3,615 33.3 41,083 156.33 NON-OPERATING INCOME & EXPENSE Property Taxes 124 1.6 1,414 6.68 210 2.3 2,382 9.60 278 2.7 3,163 12.04 287 2.7 3,258 12.40 295 2.7 3,355 12.77 Insurance 42 0.6 482 2.28 43 0.5 492 1.98 45 0.4 507 1.93 46 0.4 522 1.99 47 0.4 538 2.05 Total Expenses 167 2.2 1,897 8.96 253 2.8 2,874 11.58 323 3.1 3,670 13.96 333 3.1 3,780 14.38 343 3.1 3,893 14.81 EBITDA 1,580 20.9 17,957 84.82 2,642 28.3 30,019 120.95 3,084 30.2 35,050 133.37 3,178 30.2 36,109 137.40 3,273 30.2 37,190 141.51 Reserve for Replacement 151 2.0 1,716 8.11 279 3.0 3,170 12.77 411 4.0 4,669 17.77 423 4.0 4,810 18.30 436 4.0 4,954 18.85 EBITDA LESS RESERVE $1,429 18.9 % $16,240 $76.71 $2,363 25.3 % $26,849 $108.18 $2,673 26.2 % $30,380 $115.60 $2,754 26.2 % $31,299 $119.10 $2,837 26.2 % $32,236 $122.66 *Departmental expenses are expressed as a percentage of departmental revenues. Page 99 Executive Summary Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 12 *Departmental expenses are expressed as a percentage of departmental revenues. Page 99 Executive Summary Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 12 FIGURE 1-6 TEN-YEAR FORECAST OF INCOME AND EXPENSE 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Number of Rooms: 88 88 88 88 88 88 88 88 88 88 Occupied Rooms: 18,630 21,842 23,126 23,126 23,126 23,126 23,126 23,126 23,126 23,126 Occupancy: 58% 68% 72% 72% 72% 72% 72% 72% 72% 72% Average Rate: $217.74 % of $228.90 % of $238.15 % of $245.29 % of $252.65 % of $260.23 % of $268.04 % of $276.08 % of $284.36 % of $292.89 % of RevPAR: $126.29 Gross $155.65 Gross $171.47 Gross $176.61 Gross $181.91 Gross $187.36 Gross $192.99 Gross $198.78 Gross $204.74 Gross $210.88 Gross OPERATING REVENUE Rooms $4,056 53.7 % $4,999 53.8 % $5,507 53.6 % $5,673 53.6 % $5,843 53.6 % $6,018 53.6 % $6,199 53.6 % $6,385 53.6 % $6,576 53.6 % $6,773 53.6 % Food 2,477 32.8 3,055 32.9 3,385 33.0 3,487 33.0 3,592 33.0 3,699 33.0 3,810 33.0 3,925 33.0 4,042 33.0 4,164 33.0 Beverage 682 9.0 859 9.2 964 9.4 992 9.4 1,022 9.4 1,053 9.4 1,084 9.4 1,117 9.4 1,151 9.4 1,185 9.4 Other Operated Departments 294 3.9 338 3.6 365 3.5 376 3.5 387 3.5 398 3.5 410 3.5 423 3.5 435 3.5 448 3.5 Miscellaneous Income 42 0.6 48 0.5 52 0.5 54 0.5 55 0.5 57 0.5 59 0.5 60 0.5 62 0.5 64 0.5 Total Operating Revenues 7,552 100.0 9,300 100.0 10,273 100.0 10,582 100.0 10,899 100.0 11,226 100.0 11,563 100.0 11,910 100.0 12,266 100.0 12,634 100.0 DEPARTMENTAL EXPENSES * Rooms 1,064 26.2 1,150 23.0 1,212 22.0 1,248 22.0 1,285 22.0 1,324 22.0 1,364 22.0 1,405 22.0 1,447 22.0 1,490 22.0 Food & Beverage 2,589 81.9 2,859 73.0 3,044 70.0 3,136 70.0 3,230 70.0 3,327 70.0 3,426 70.0 3,529 70.0 3,635 70.0 3,744 70.0 Other Operated Departments 132 45.0 140 41.4 146 40.0 150 40.0 155 40.0 159 40.0 164 40.0 169 40.0 174 40.0 179 40.0 Total Expenses 3,785 50.1 4,149 44.6 4,402 42.8 4,534 42.8 4,670 42.8 4,810 42.8 4,954 42.8 5,103 42.8 5,256 42.8 5,414 42.8 DEPARTMENTAL INCOME 3,767 49.9 5,151 55.4 5,871 57.2 6,048 57.2 6,229 57.2 6,416 57.2 6,609 57.2 6,807 57.2 7,010 57.2 7,221 57.2 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 663 8.8 672 7.2 704 6.8 725 6.8 746 6.8 769 6.8 792 6.8 816 6.8 840 6.8 865 6.8 Info & Telecom Systems 85 1.1 90 1.0 94 0.9 97 0.9 100 0.9 103 0.9 106 0.9 109 0.9 112 0.9 116 0.9 Marketing 391 5.2 397 4.3 396 3.9 408 3.9 421 3.9 433 3.9 446 3.9 460 3.9 473 3.9 487 3.9 Franchise Fee 284 3.8 400 4.3 496 4.8 511 4.8 526 4.8 542 4.8 558 4.8 575 4.8 592 4.8 610 4.8 Prop. Operations & Maint. 192 2.5 230 2.5 268 2.6 276 2.6 284 2.6 292 2.6 301 2.6 310 2.6 319 2.6 329 2.6 Utilities 178 2.4 189 2.0 198 1.9 204 1.9 210 1.9 217 1.9 223 1.9 230 1.9 237 1.9 244 1.9 Total Expenses 1,793 23.8 1,978 21.3 2,155 20.9 2,220 20.9 2,287 20.9 2,355 20.9 2,426 20.9 2,499 20.9 2,574 20.9 2,651 20.9 GROSS OPERATING PROFIT 1,974 26.1 3,174 34.1 3,715 36.3 3,828 36.3 3,942 36.3 4,060 36.3 4,182 36.3 4,308 36.3 4,437 36.3 4,570 36.3 Management Fee 227 3.0 279 3.0 308 3.0 317 3.0 327 3.0 337 3.0 347 3.0 357 3.0 368 3.0 379 3.0 INCOME BEFORE NON-OPR. INC. & EXP. 1,747 23.1 2,895 31.1 3,407 33.3 3,510 33.3 3,615 33.3 3,724 33.3 3,836 33.3 3,951 33.3 4,069 33.3 4,191 33.3 NON-OPERATING INCOME & EXPENSE Property Taxes 124 1.6 210 2.3 278 2.7 287 2.7 295 2.7 304 2.7 313 2.7 323 2.7 332 2.7 342 2.7 Insurance 42 0.6 43 0.5 45 0.4 46 0.4 47 0.4 49 0.4 50 0.4 52 0.4 53 0.4 55 0.4 Total Expenses 167 2.2 253 2.8 323 3.1 333 3.1 343 3.1 353 3.1 363 3.1 374 3.1 386 3.1 397 3.1 EBITDA 1,580 20.9 2,642 28.3 3,084 30.2 3,178 30.2 3,273 30.2 3,371 30.2 3,472 30.2 3,576 30.2 3,683 30.2 3,793 30.2 Reserve for Replacement 151 2.0 279 3.0 411 4.0 423 4.0 436 4.0 449 4.0 463 4.0 476 4.0 491 4.0 505 4.0 EBITDA LESS RESERVE $1,429 18.9 % $2,363 25.3 % $2,673 26.2 % $2,754 26.2 % $2,837 26.2 % $2,922 26.2 % $3,010 26.2 % $3,100 26.2 % $3,193 26.2 % $3,288 26.2 % 0 0 0 0 0 0 0 0 0 0 FIGURE 1-6 TEN-YEAR FORECAST OF INCOME AND EXPENSE 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Number of Rooms: 88 88 88 88 88 88 88 88 88 88 Occupied Rooms: 18,630 21,842 23,126 23,126 23,126 23,126 23,126 23,126 23,126 23,126 Occupancy: 58% 68% 72% 72% 72% 72% 72% 72% 72% 72% Average Rate: $217.74 % of $228.90 % of $238.15 % of $245.29 % of $252.65 % of $260.23 % of $268.04 % of $276.08 % of $284.36 % of $292.89 % of RevPAR: $126.29 Gross $155.65 Gross $171.47 Gross $176.61 Gross $181.91 Gross $187.36 Gross $192.99 Gross $198.78 Gross $204.74 Gross $210.88 Gross OPERATING REVENUE Rooms $4,056 53.7 % $4,999 53.8 % $5,507 53.6 % $5,673 53.6 % $5,843 53.6 % $6,018 53.6 % $6,199 53.6 % $6,385 53.6 % $6,576 53.6 % $6,773 53.6 % Food 2,477 32.8 3,055 32.9 3,385 33.0 3,487 33.0 3,592 33.0 3,699 33.0 3,810 33.0 3,925 33.0 4,042 33.0 4,164 33.0 Beverage 682 9.0 859 9.2 964 9.4 992 9.4 1,022 9.4 1,053 9.4 1,084 9.4 1,117 9.4 1,151 9.4 1,185 9.4 Other Operated Departments 294 3.9 338 3.6 365 3.5 376 3.5 387 3.5 398 3.5 410 3.5 423 3.5 435 3.5 448 3.5 Miscellaneous Income 42 0.6 48 0.5 52 0.5 54 0.5 55 0.5 57 0.5 59 0.5 60 0.5 62 0.5 64 0.5 Total Operating Revenues 7,552 100.0 9,300 100.0 10,273 100.0 10,582 100.0 10,899 100.0 11,226 100.0 11,563 100.0 11,910 100.0 12,266 100.0 12,634 100.0 DEPARTMENTAL EXPENSES * Rooms 1,064 26.2 1,150 23.0 1,212 22.0 1,248 22.0 1,285 22.0 1,324 22.0 1,364 22.0 1,405 22.0 1,447 22.0 1,490 22.0 Food & Beverage 2,589 81.9 2,859 73.0 3,044 70.0 3,136 70.0 3,230 70.0 3,327 70.0 3,426 70.0 3,529 70.0 3,635 70.0 3,744 70.0 Other Operated Departments 132 45.0 140 41.4 146 40.0 150 40.0 155 40.0 159 40.0 164 40.0 169 40.0 174 40.0 179 40.0 Total Expenses 3,785 50.1 4,149 44.6 4,402 42.8 4,534 42.8 4,670 42.8 4,810 42.8 4,954 42.8 5,103 42.8 5,256 42.8 5,414 42.8 DEPARTMENTAL INCOME 3,767 49.9 5,151 55.4 5,871 57.2 6,048 57.2 6,229 57.2 6,416 57.2 6,609 57.2 6,807 57.2 7,010 57.2 7,221 57.2 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 663 8.8 672 7.2 704 6.8 725 6.8 746 6.8 769 6.8 792 6.8 816 6.8 840 6.8 865 6.8 Info & Telecom Systems 85 1.1 90 1.0 94 0.9 97 0.9 100 0.9 103 0.9 106 0.9 109 0.9 112 0.9 116 0.9 Marketing 391 5.2 397 4.3 396 3.9 408 3.9 421 3.9 433 3.9 446 3.9 460 3.9 473 3.9 487 3.9 Franchise Fee 284 3.8 400 4.3 496 4.8 511 4.8 526 4.8 542 4.8 558 4.8 575 4.8 592 4.8 610 4.8 Prop. Operations & Maint. 192 2.5 230 2.5 268 2.6 276 2.6 284 2.6 292 2.6 301 2.6 310 2.6 319 2.6 329 2.6 Utilities 178 2.4 189 2.0 198 1.9 204 1.9 210 1.9 217 1.9 223 1.9 230 1.9 237 1.9 244 1.9 Total Expenses 1,793 23.8 1,978 21.3 2,155 20.9 2,220 20.9 2,287 20.9 2,355 20.9 2,426 20.9 2,499 20.9 2,574 20.9 2,651 20.9 GROSS OPERATING PROFIT 1,974 26.1 3,174 34.1 3,715 36.3 3,828 36.3 3,942 36.3 4,060 36.3 4,182 36.3 4,308 36.3 4,437 36.3 4,570 36.3 Management Fee 227 3.0 279 3.0 308 3.0 317 3.0 327 3.0 337 3.0 347 3.0 357 3.0 368 3.0 379 3.0 INCOME BEFORE NON-OPR. INC. & EXP. 1,747 23.1 2,895 31.1 3,407 33.3 3,510 33.3 3,615 33.3 3,724 33.3 3,836 33.3 3,951 33.3 4,069 33.3 4,191 33.3 NON-OPERATING INCOME & EXPENSE Property Taxes 124 1.6 210 2.3 278 2.7 287 2.7 295 2.7 304 2.7 313 2.7 323 2.7 332 2.7 342 2.7 Insurance 42 0.6 43 0.5 45 0.4 46 0.4 47 0.4 49 0.4 50 0.4 52 0.4 53 0.4 55 0.4 Total Expenses 167 2.2 253 2.8 323 3.1 333 3.1 343 3.1 353 3.1 363 3.1 374 3.1 386 3.1 397 3.1 EBITDA 1,580 20.9 2,642 28.3 3,084 30.2 3,178 30.2 3,273 30.2 3,371 30.2 3,472 30.2 3,576 30.2 3,683 30.2 3,793 30.2 Reserve for Replacement 151 2.0 279 3.0 411 4.0 423 4.0 436 4.0 449 4.0 463 4.0 476 4.0 491 4.0 505 4.0 EBITDA LESS RESERVE $1,429 18.9 % $2,363 25.3 % $2,673 26.2 % $2,754 26.2 % $2,837 26.2 % $2,922 26.2 % $3,010 26.2 % $3,100 26.2 % $3,193 26.2 % $3,288 26.2 % 0 0 0 0 0 0 0 0 0 0 Page 100 Executive Summary Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 13 As illustrated, the hotel is expected to stabilize at a profitable level. Please refer to the Forecast of Income and Expense chapter of our report for a detailed explanation of the methodology used in deriving this forecast. Page 100 Executive Summary Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 13 As illustrated, the hotel is expected to stabilize at a profitable level. Please refer to the Forecast of Income and Expense chapter of our report for a detailed explanation of the methodology used in deriving this forecast. Feasibility Conclusion The Feasibility Analysis chapter of this report converts these cash flows into a net present value indication assuming set-forth debt and equity requirements and a development cost of $25,000,000. The construction budget provided by the developer includes site cost, FF&E, hard and soft costs, and pre=opening expenses; however, it does not include any developer's profit or entrepreneurial incentive typically associated with a development of this scale . Our estimate of replacement cost reflects these additional items, as well as the developer's fee and an entrepreneurial incentive. Feasibility Conclusion The Feasibility Analysis chapter of this report converts these cash flows into a net present value indication assuming set-forth debt and equity requirements and a development cost of $25,000,000. The construction budget provided by the developer includes site cost, FF&E, hard and soft costs, and pre=opening expenses; however, it does not include any developer's profit or entrepreneurial incentive typically associated with a development of this scale . Our estimate of replacement cost reflects these additional items, as well as the developer's fee and an entrepreneurial incentive. The conclusion of this analysis indicates that an equity investor contributing $8,764,000 (roughly 35% of the $25,000,000 development cost) could expect to receive a 23.0% internal rate of return over a ten-year holding period, assuming that the investor obtains financing at the time of the project’s completion at the loan-to- value ratio and interest rate set forth. The proposed subject hotel has an opportunity to fill an under served market with quality hotel rooms to support the growing upscale leisure travel to the area. Additionally, the hotel will provide a much needed bed base for area's conference and meeting center. Based on our market analysis, there is sufficient market support for the proposed upscale, boutique hotel. Our conclusions are based primarily on improving trends in the market, continued upscale residential development, and lack of quality lodging facilities in the market area. Our review of investor surveys indicates equity returns ranging from 12.9% to 22.9%, with an average of 18.5%. Based on these parameters, the calculated return to the equity investor, 23.0%, is above the average and within the range of market-level returns given the anticipated cost of $25,000,000. We note that the calculated return is based upon the developer's budget and then modified utilizing a cost estimated approach by HVS, which includes the developer's administrative costs, as well as an entrepreneurial incentive. The conclusion of this analysis indicates that an equity investor contributing $8,764,000 (roughly 35% of the $25,000,000 development cost) could expect to receive a 23.0% internal rate of return over a ten-year holding period, assuming that the investor obtains financing at the time of the project’s completion at the loan-to- value ratio and interest rate set forth. The proposed subject hotel has an opportunity to fill an under served market with quality hotel rooms to support the growing upscale leisure travel to the area. Additionally, the hotel will provide a much needed bed base for area's conference and meeting center. Based on our market analysis, there is sufficient market support for the proposed upscale, boutique hotel. Our conclusions are based primarily on improving trends in the market, continued upscale residential development, and lack of quality lodging facilities in the market area. Our review of investor surveys indicates equity returns ranging from 12.9% to 22.9%, with an average of 18.5%. Based on these parameters, the calculated return to the equity investor, 23.0%, is above the average and within the range of market-level returns given the anticipated cost of $25,000,000. We note that the calculated return is based upon the developer's budget and then modified utilizing a cost estimated approach by HVS, which includes the developer's administrative costs, as well as an entrepreneurial incentive. Assignment Conditions “Extraordinary Assumption” is defined in USPAP as follows: An assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. Comment: Uncertain information might include physical, legal, or economic characteristics of the Page Proposed Skaneateles101 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 14 subject property; or conditions external to the property, such as market conditions or trends; or the integrity of data used in an analysis.1 Assignment Conditions “Extraordinary Assumption” is defined in USPAP as follows: An assignment-specific assumption as of the effective date regarding uncertain information used in an analysis which, if found to be false, could alter the appraiser’s opinions or conclusions. Comment: Uncertain information might include physical, legal, or economic characteristics of the Page Proposed Skaneateles101 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 14 subject property; or conditions external to the property, such as market conditions or trends; or the integrity of data used in an analysis.1 The analysis is based on the extraordinary assumption that the described improvements have been completed as of the stated date of opening. The reader should understand that the completed subject property does not yet exist as of the date of this report. Our feasibility study does not address unforeseeable events that could alter the proposed project, and/or the market conditions reflected in the analyses; we assume that no significant changes, other than those anticipated and explained in this report, shall take place between the date of inspection and stated date of opening. The use of this extraordinary assumption may have affected the assignment results. We have made no other extraordinary assumptions specific to this feasibility study. However, several important general assumptions have been made that apply to this feasibility study and our studies of proposed hotels in general. These aspects are set forth in the Assumptions and Limiting Conditions chapter of this report. Intended Use of the This feasibility report is being prepared for use in the development of the proposed Feasibility Study subject hotel. The analysis is based on the extraordinary assumption that the described improvements have been completed as of the stated date of opening. The reader should understand that the completed subject property does not yet exist as of the date of this report. Our feasibility study does not address unforeseeable events that could alter the proposed project, and/or the market conditions reflected in the analyses; we assume that no significant changes, other than those anticipated and explained in this report, shall take place between the date of inspection and stated date of opening. The use of this extraordinary assumption may have affected the assignment results. We have made no other extraordinary assumptions specific to this feasibility study. However, several important general assumptions have been made that apply to this feasibility study and our studies of proposed hotels in general. These aspects are set forth in the Assumptions and Limiting Conditions chapter of this report. Intended Use of the This feasibility report is being prepared for use in the development of the proposed Feasibility Study subject hotel. Identification of the The client for this engagement is Woodbine Group. This report is intended for the Client and Intended addressee firm and may not be distributed to or relied upon by other persons or User(s) entities. Scope of Work The methodology used to develop this study is based on the market research and valuation techniques set forth in the textbooks authored by Hospitality Valuation Services for the American Institute of Real Estate Appraisers and the Appraisal Institute, entitled The Valuation of Hotels and Motels,2 Hotels, Motels and Restaurants: Valuations and Market Studies,3 The Computerized Income Approach to Hotel/Motel Market Studies and Valuations,4 Hotels and Motels: A Guide to Market Analysis, 1 The Appraisal Foundation, Uniform Standards of Professional Appraisal Practice, 2020–2021 ed. 2 Stephen Rushmore, The Valuation of Hotels and Motels. (Chicago: American Institute of Real Estate Appraisers, 1978). 3 Stephen Rushmore, Hotels, Motels and Restaurants: Valuations and Market Studies. (Chicago: American Institute of Real Estate Appraisers, 1983). 4 Stephen Rushmore, The Computerized Income Approach to Hotel/Motel Market Studies and Identification of the The client for this engagement is Woodbine Group. This report is intended for the Client and Intended addressee firm and may not be distributed to or relied upon by other persons or User(s) entities. Scope of Work The methodology used to develop this study is based on the market research and valuation techniques set forth in the textbooks authored by Hospitality Valuation Services for the American Institute of Real Estate Appraisers and the Appraisal Institute, entitled The Valuation of Hotels and Motels,2 Hotels, Motels and Restaurants: Valuations and Market Studies,3 The Computerized Income Approach to Hotel/Motel Market Studies and Valuations,4 Hotels and Motels: A Guide to Market Analysis, 1 The Appraisal Foundation, Uniform Standards of Professional Appraisal Practice, 2020–2021 ed. 2 Stephen Rushmore, The Valuation of Hotels and Motels. (Chicago: American Institute of Real Estate Appraisers, 1978). 3 Stephen Rushmore, Hotels, Motels and Restaurants: Valuations and Market Studies. (Chicago: American Institute of Real Estate Appraisers, 1983). 4 Stephen Rushmore, The Computerized Income Approach to Hotel/Motel Market Studies and Valuations. (Chicago: American Institute of Real Estate Appraisers, 1990). Page Proposed Skaneateles102 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 15 Investment Analysis, and Valuations,5 and Hotels and Motels – Valuations and Market Studies.6 Valuations. (Chicago: American Institute of Real Estate Appraisers, 1990). Page Proposed Skaneateles102 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 15 Investment Analysis, and Valuations,5 and Hotels and Motels – Valuations and Market Studies.6 1. All information was collected and analyzed by the staff of TS Worldwide, LLC. Information was supplied by the client and/or the property’s development team. 2. The subject site has been evaluated from the viewpoint of its physical utility for the future operation of a hotel, as well as access, visibility, and other relevant factors. 3. The subject property's proposed improvements have been reviewed for their expected quality of construction, design, and layout efficiency. 4. The surrounding economic environment, on both an area and neighborhood level, has been reviewed to identify specific hostelry-related economic and demographic trends that may have an impact on future demand for hotels. 5. Dividing the market for hotel accommodations into individual segments defines specific market characteristics for the types of travelers expected to utilize the area's hotels. The factors investigated include purpose of visit, average length of stay, facilities and amenities required, seasonality, daily demand fluctuations, and price sensitivity. 6. An analysis of existing and proposed competition provides an indication of the current accommodated demand, along with market penetration and the degree of competitiveness. Unless noted otherwise, we have inspected the competitive lodging facilities summarized in this report. 7. Documentation for an occupancy and ADR projection is derived utilizing the build-up approach based on an analysis of lodging activity. 8. A detailed projection of income and expense made in accordance with the Uniform System of Accounts for the Lodging Industry sets forth the anticipated economic benefits of the proposed subject property. 9. A feasibility analysis is performed, in which the market equity yield that an investor would expect is compared to the equity yield that an investor must accept. 1. All information was collected and analyzed by the staff of TS Worldwide, LLC. Information was supplied by the client and/or the property’s development team. 2. The subject site has been evaluated from the viewpoint of its physical utility for the future operation of a hotel, as well as access, visibility, and other relevant factors. 3. The subject property's proposed improvements have been reviewed for their expected quality of construction, design, and layout efficiency. 4. The surrounding economic environment, on both an area and neighborhood level, has been reviewed to identify specific hostelry-related economic and demographic trends that may have an impact on future demand for hotels. 5. Dividing the market for hotel accommodations into individual segments defines specific market characteristics for the types of travelers expected to utilize the area's hotels. The factors investigated include purpose of visit, average length of stay, facilities and amenities required, seasonality, daily demand fluctuations, and price sensitivity. 6. An analysis of existing and proposed competition provides an indication of the current accommodated demand, along with market penetration and the degree of competitiveness. Unless noted otherwise, we have inspected the competitive lodging facilities summarized in this report. 7. Documentation for an occupancy and ADR projection is derived utilizing the build-up approach based on an analysis of lodging activity. 8. A detailed projection of income and expense made in accordance with the Uniform System of Accounts for the Lodging Industry sets forth the anticipated economic benefits of the proposed subject property. 9. A feasibility analysis is performed, in which the market equity yield that an investor would expect is compared to the equity yield that an investor must accept. 5 Stephen Rushmore, Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations (Chicago: Appraisal Institute, 1992). 6 Stephen Rushmore and Erich Baum, Hotels and Motels – Valuations and Market Studies. (Chicago: Appraisal Institute, 2001). Page Proposed Skaneateles103 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 16 2. Description of the Site and Neighborhood The suitability of the land for the operation of a lodging facility is an important consideration affecting the economic viability of a property and its ultimate marketability. Factors such as size, topography, access, visibility, and the availability of utilities have a direct impact on the desirability of a particular site. The subject site is located in the Town of Skaneateles between Old Seneca Turnpike and Mottville Road. This site is in the city of Skaneateles, New York. 5 Stephen Rushmore, Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations (Chicago: Appraisal Institute, 1992). 6 Stephen Rushmore and Erich Baum, Hotels and Motels – Valuations and Market Studies. (Chicago: Appraisal Institute, 2001). Page Proposed Skaneateles103 Executive Summary Lodge, Tapestry Collection by Hilton – Skaneateles, New York 16 2. Description of the Site and Neighborhood The suitability of the land for the operation of a lodging facility is an important consideration affecting the economic viability of a property and its ultimate marketability. Factors such as size, topography, access, visibility, and the availability of utilities have a direct impact on the desirability of a particular site. The subject site is located in the Town of Skaneateles between Old Seneca Turnpike and Mottville Road. This site is in the city of Skaneateles, New York. LOCATION MAP Physical Characteristics The subject site measures approximately 30.97 acres, or 1,349,053 square feet. The parcel's adjacent uses are set forth in the following table. Page Proposed Skaneateles104 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 17 LOCATION MAP Physical Characteristics The subject site measures approximately 30.97 acres, or 1,349,053 square feet. The parcel's adjacent uses are set forth in the following table. Page Proposed Skaneateles104 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 17 FIGURE 2-1 SUBJECT PARCEL'S ADJACENT USES Direction Adjacent Use North Agriculture South Agriculture East Agriculture West Agriculture Topography and The topography of the site is generally flat and its shape should permit efficient use Site Utility of the site for the building and other improvements, as well as ingress and egress. Upon completion of construction, the subject site will not contain any significant portion of undeveloped land that could be sold, entitled, and developed for alternate use. It is expected that the site will be developed fully with building and site improvements, thus contributing to the overall profitability of the hotel. FIGURE 2-1 SUBJECT PARCEL'S ADJACENT USES Direction Adjacent Use North Agriculture South Agriculture East Agriculture West Agriculture Topography and The topography of the site is generally flat and its shape should permit efficient use Site Utility of the site for the building and other improvements, as well as ingress and egress. Upon completion of construction, the subject site will not contain any significant portion of undeveloped land that could be sold, entitled, and developed for alternate use. It is expected that the site will be developed fully with building and site improvements, thus contributing to the overall profitability of the hotel. VIEW OF SUBJECT SITE Page Proposed Skaneateles105 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 18 VIEW OF SUBJECT SITE Page Proposed Skaneateles105 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 18 AERIAL PHOTOGRAPH Access and Visibility It is important to analyze the site with respect to regional and local transportation routes and demand generators, including ease of access. The subject site is readily accessible to a variety of local and county roads, as well as state and interstate highways. Page Proposed Skaneateles106 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 19 AERIAL PHOTOGRAPH Access and Visibility It is important to analyze the site with respect to regional and local transportation routes and demand generators, including ease of access. The subject site is readily accessible to a variety of local and county roads, as well as state and interstate highways. Page Proposed Skaneateles106 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 19 MAP OF REGIONAL ACCESS ROUTES This market is served by a variety of major routes, including interstates and highways, as illustrated on the map. Regional access to/from the Town of Skaneateles and the subject site, in particular, is considered good. Primary vehicular access to the subject site will be provided by Mottville Road via a long driveway that should enhance the sense of arrival at the property. The subject site is located in a rural area; however has easy access to roadways which directly to area demand generators. The proposed subject hotel is anticipated to have adequate signage at the street, as well as on its façade. Overall, the subject site benefits from good accessibility, and the proposed hotel is expected to enjoy fair visibility from within its local neighborhood. Airport Access The proposed subject hotel will be served by the Syracuse Hancock International Airport, which is located approximately 24 miles to the northeast of the subject site. MAP OF REGIONAL ACCESS ROUTES This market is served by a variety of major routes, including interstates and highways, as illustrated on the map. Regional access to/from the Town of Skaneateles and the subject site, in particular, is considered good. Primary vehicular access to the subject site will be provided by Mottville Road via a long driveway that should enhance the sense of arrival at the property. The subject site is located in a rural area; however has easy access to roadways which directly to area demand generators. The proposed subject hotel is anticipated to have adequate signage at the street, as well as on its façade. Overall, the subject site benefits from good accessibility, and the proposed hotel is expected to enjoy fair visibility from within its local neighborhood. Airport Access The proposed subject hotel will be served by the Syracuse Hancock International Airport, which is located approximately 24 miles to the northeast of the subject site. Page Proposed Skaneateles107 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 20 Neighborhood The neighborhood surrounding a lodging facility often has an impact on a hotel's status, image, class, style of operation, and sometimes its ability to attract and properly serve a particular market segment. This section of the report investigates the subject neighborhood and evaluates any pertinent location factors that could affect its future occupancy, average rate, and overall profitability. Page Proposed Skaneateles107 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 20 Neighborhood The neighborhood surrounding a lodging facility often has an impact on a hotel's status, image, class, style of operation, and sometimes its ability to attract and properly serve a particular market segment. This section of the report investigates the subject neighborhood and evaluates any pertinent location factors that could affect its future occupancy, average rate, and overall profitability. The neighborhood that surrounds the subject site is generally defined by Stump Road to the north, Old Seneca Turnpike to the east, Jewett Road to the south, and Jordan Road to the west. The neighborhood is characterized by its rural nature with the majority of the area being farmland with pockets of residential and commercial development. Welch Allyn Inc and Hill-Rom are two large commercial demand generators within the neighborhood; Furthermore the WA Lodge is meeting and events center within the neighborhood. While no other hotels are located in the immediate neighborhood, the Mirabeau Inn and the Sherwood Inn are both located near the Town of Skaneateles. In general, this neighborhood is in the stable stage of its life cycle. The proposed subject hotel's opening should be a positive influence on the area, and the property is expected to be in character with and to complement surrounding land uses. Page Proposed Skaneateles108 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 21 The neighborhood that surrounds the subject site is generally defined by Stump Road to the north, Old Seneca Turnpike to the east, Jewett Road to the south, and Jordan Road to the west. The neighborhood is characterized by its rural nature with the majority of the area being farmland with pockets of residential and commercial development. Welch Allyn Inc and Hill-Rom are two large commercial demand generators within the neighborhood; Furthermore the WA Lodge is meeting and events center within the neighborhood. While no other hotels are located in the immediate neighborhood, the Mirabeau Inn and the Sherwood Inn are both located near the Town of Skaneateles. In general, this neighborhood is in the stable stage of its life cycle. The proposed subject hotel's opening should be a positive influence on the area, and the property is expected to be in character with and to complement surrounding land uses. Page Proposed Skaneateles108 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 21 MAP OF NEIGHBORHOOD Proximity to Local The subject site is located near the area's primary generators of lodging demand. A Demand Generators sample of these demand generators is reflected on the following map, including and Attractions respective distances from and drive times to the subject site. The property will also be a destination for leisure guests from outside the region as well as weddings from couples throughout the greater New York area. Overall, the subject site is well situated with respect to demand generators. Page Proposed Skaneateles109 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 22 MAP OF NEIGHBORHOOD Proximity to Local The subject site is located near the area's primary generators of lodging demand. A Demand Generators sample of these demand generators is reflected on the following map, including and Attractions respective distances from and drive times to the subject site. The property will also be a destination for leisure guests from outside the region as well as weddings from couples throughout the greater New York area. Overall, the subject site is well situated with respect to demand generators. Page Proposed Skaneateles109 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 22 ACCESS TO DEMAND GENERATORS AND ATTRACTIONS Utilities The subject site will reportedly be served by all necessary utilities. Soil and Geological and soil reports were not provided to us or made available for our review Subsoil Conditions during the preparation of this report. We are not qualified to evaluate soil conditions other than by a visual inspection of the surface; no extraordinary conditions were apparent. Nuisances We were not informed of any site-specific nuisances or hazards, and there were no and Hazards visible signs of toxic ground contaminants at the time of our inspection. Because we are not experts in this field, we do not warrant the absence of hazardous waste and urge the reader to obtain an independent analysis of these factors. Page Proposed Skaneateles110 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 23 Flood Zone According to the Federal Emergency Management Agency map illustrated below, the subject site is located in . ACCESS TO DEMAND GENERATORS AND ATTRACTIONS Utilities The subject site will reportedly be served by all necessary utilities. Soil and Geological and soil reports were not provided to us or made available for our review Subsoil Conditions during the preparation of this report. We are not qualified to evaluate soil conditions other than by a visual inspection of the surface; no extraordinary conditions were apparent. Nuisances We were not informed of any site-specific nuisances or hazards, and there were no and Hazards visible signs of toxic ground contaminants at the time of our inspection. Because we are not experts in this field, we do not warrant the absence of hazardous waste and urge the reader to obtain an independent analysis of these factors. Page Proposed Skaneateles110 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 23 Flood Zone According to the Federal Emergency Management Agency map illustrated below, the subject site is located in . COPY OF FLOOD MAP AND COVER Page Proposed Skaneateles111 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 24 The flood zone definition for the designation is as follows: #N/A Zoning According to the local planning office, the subject property is zoned as follows: RR - Rural Residential District. Additional details pertaining to the proposed subject property’s zoning regulations are summarized in the following table. COPY OF FLOOD MAP AND COVER Page Proposed Skaneateles111 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 24 The flood zone definition for the designation is as follows: #N/A Zoning According to the local planning office, the subject property is zoned as follows: RR - Rural Residential District. Additional details pertaining to the proposed subject property’s zoning regulations are summarized in the following table. FIGURE 2-2 ZONING Municipality Governing Zoning Town of Skaneateles Current Zoning Rural Residential District Current Use Vacant Land Is Current Use Permitted? Yes Is Change in Zoning Likely? Yes Permitted Uses Residential Hotel Allowed Yes Legally Non-Conforming Not Applicable We assume that all necessary permits and approvals will be secured (including the appropriate liquor license as applicable) and that the subject property will be constructed in accordance with local zoning ordinances, building codes, and all other applicable regulations. Our zoning analysis should be verified before any physical changes are made to the site. FIGURE 2-2 ZONING Municipality Governing Zoning Town of Skaneateles Current Zoning Rural Residential District Current Use Vacant Land Is Current Use Permitted? Yes Is Change in Zoning Likely? Yes Permitted Uses Residential Hotel Allowed Yes Legally Non-Conforming Not Applicable We assume that all necessary permits and approvals will be secured (including the appropriate liquor license as applicable) and that the subject property will be constructed in accordance with local zoning ordinances, building codes, and all other applicable regulations. Our zoning analysis should be verified before any physical changes are made to the site. Legal Description, A copy of the subject property's legal description is provided in the addenda to this Easements and report. We are not experts in interpreting legal descriptions. The description Encroachments appears to be accurate; however, we suggest obtaining verification of this description from a qualified expert. We are not aware of any easements attached to the property that would significantly affect the utility of the site or marketability of this project. Conclusion We have analyzed the issues of size, topography, access, visibility, and the availability of utilities. The subject site is ideally located near the Town of Skaneateles and is close proximity to Skaneateles Lake. In general, the site should be well suited for future hotel use, with acceptable access, visibility, and topography for an effective operation. Page Proposed Skaneateles112 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 25 3. Market Area Analysis Legal Description, A copy of the subject property's legal description is provided in the addenda to this Easements and report. We are not experts in interpreting legal descriptions. The description Encroachments appears to be accurate; however, we suggest obtaining verification of this description from a qualified expert. We are not aware of any easements attached to the property that would significantly affect the utility of the site or marketability of this project. Conclusion We have analyzed the issues of size, topography, access, visibility, and the availability of utilities. The subject site is ideally located near the Town of Skaneateles and is close proximity to Skaneateles Lake. In general, the site should be well suited for future hotel use, with acceptable access, visibility, and topography for an effective operation. Page Proposed Skaneateles112 Description of the Site and Neighborhood Lodge, Tapestry Collection by Hilton – Skaneateles, New York 25 3. Market Area Analysis The economic vitality of the market area and neighborhood surrounding the subject site is an important consideration in forecasting lodging demand and future income potential. Economic and demographic trends that reflect the amount of visitation provide a basis from which to project lodging demand. The purpose of the market area analysis is to review available economic and demographic data to determine whether the local market will undergo economic growth, stabilize, or decline. In addition to predicting the direction of the economy, the rate of change must be quantified. These trends are then correlated based on their propensity to reflect variations in lodging demand, with the objective of forecasting the amount of growth or decline in visitation by individual market segment (e.g., commercial, meeting and group, and leisure). The economic vitality of the market area and neighborhood surrounding the subject site is an important consideration in forecasting lodging demand and future income potential. Economic and demographic trends that reflect the amount of visitation provide a basis from which to project lodging demand. The purpose of the market area analysis is to review available economic and demographic data to determine whether the local market will undergo economic growth, stabilize, or decline. In addition to predicting the direction of the economy, the rate of change must be quantified. These trends are then correlated based on their propensity to reflect variations in lodging demand, with the objective of forecasting the amount of growth or decline in visitation by individual market segment (e.g., commercial, meeting and group, and leisure). Market Area Definition The market area for a lodging facility is the geographical region where the sources of demand and the competitive supply are located. The subject site is located in the city of Skaneateles, the county of Onondaga, and the state of New York. Skaneateles is a Town located on the northern shores of Lake Skaneateles in the Finger Lakes region of central New York State. The Tow was formed in 1830 primarily as a result of early turnpike development in the region. The area has been historically a tourist destination and vacation home market; however, shifting social-economic trends has resulted in more people relocating to the area and building large, permanent homes. The town is located in the western section of Onondaga County and also includes the Village of Skaneateles. The greater Syracuse area is located 20 miles to the northeast of the subject market. Due to its proximity to Syracuse and the Rochester areas, the market captures a lot of demand coming from those markets. The continued growth of the region coupled with proximity to several central and western New York markets provides further economic growth opportunities. Market Area Definition The market area for a lodging facility is the geographical region where the sources of demand and the competitive supply are located. The subject site is located in the city of Skaneateles, the county of Onondaga, and the state of New York. Skaneateles is a Town located on the northern shores of Lake Skaneateles in the Finger Lakes region of central New York State. The Tow was formed in 1830 primarily as a result of early turnpike development in the region. The area has been historically a tourist destination and vacation home market; however, shifting social-economic trends has resulted in more people relocating to the area and building large, permanent homes. The town is located in the western section of Onondaga County and also includes the Village of Skaneateles. The greater Syracuse area is located 20 miles to the northeast of the subject market. Due to its proximity to Syracuse and the Rochester areas, the market captures a lot of demand coming from those markets. The continued growth of the region coupled with proximity to several central and western New York markets provides further economic growth opportunities. Page Proposed Skaneateles113 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 26 Page Proposed Skaneateles113 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 26 LAKE SKANEATELES The subject property’s market area can be defined by its Combined Statistical Area (CSA): Syracuse-Auburn, NY. The CSA represents adjacent metropolitan and micropolitan statistical areas that have a moderate degree of employment interchange. Micropolitan statistical areas represent urban areas in the United States based around a core city or town with a population of 10,000 to 49,999; the MSA requires the presence of a core city of at least 50,000 people and a total population of at least 100,000 (75,000 in New England). The following exhibit illustrates the market area. Page Proposed Skaneateles114 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 27 LAKE SKANEATELES The subject property’s market area can be defined by its Combined Statistical Area (CSA): Syracuse-Auburn, NY. The CSA represents adjacent metropolitan and micropolitan statistical areas that have a moderate degree of employment interchange. Micropolitan statistical areas represent urban areas in the United States based around a core city or town with a population of 10,000 to 49,999; the MSA requires the presence of a core city of at least 50,000 people and a total population of at least 100,000 (75,000 in New England). The following exhibit illustrates the market area. Page Proposed Skaneateles114 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 27 MAP OF MARKET AREA Economic and A primary source of economic and demographic statistics used in this analysis is the Demographic Review Complete Economic and Demographic Data Source published by Woods & Poole Economics, Inc.—a well-regarded forecasting service based in Washington, D.C. Using a database containing more than 900 variables for each county in the nation, Woods & Poole employs a sophisticated regional model to forecast economic and demographic trends. Historical statistics are based on census data and information published by the Bureau of Economic Analysis. Projections are formulated by Woods & Poole, and all dollar amounts have been adjusted for inflation, thus reflecting real change. These data are summarized in the following table. Please note that these forecasts were formulated prior to the COVID-19 pandemic. Page Proposed Skaneateles115 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 28 MAP OF MARKET AREA Economic and A primary source of economic and demographic statistics used in this analysis is the Demographic Review Complete Economic and Demographic Data Source published by Woods & Poole Economics, Inc.—a well-regarded forecasting service based in Washington, D.C. Using a database containing more than 900 variables for each county in the nation, Woods & Poole employs a sophisticated regional model to forecast economic and demographic trends. Historical statistics are based on census data and information published by the Bureau of Economic Analysis. Projections are formulated by Woods & Poole, and all dollar amounts have been adjusted for inflation, thus reflecting real change. These data are summarized in the following table. Please note that these forecasts were formulated prior to the COVID-19 pandemic. Page Proposed Skaneateles115 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 28 FIGURE 3-1 ECONOMIC AND DEMOGRAPHIC DATA SUMMARY Average Annual Compounded Change 2000 2010 2019 2025 2000-10 2010-19 2019-25 FIGURE 3-1 ECONOMIC AND DEMOGRAPHIC DATA SUMMARY Average Annual Compounded Change 2000 2010 2019 2025 2000-10 2010-19 2019-25 Resident Population (Thousands) Onondaga County 458.0 467.5 467.6 470.9 0.2 % 0.0 % 0.1 % Syracuse, NY MSA 650.0 663.1 659.0 664.6 0.2 (0.1) 0.1 Syracuse-Auburn, NY CSA 731.8 742.9 737.1 743.3 0.2 (0.1) 0.1 State of New York 19,001.8 19,402.6 19,971.8 20,454.1 0.2 0.3 0.4 United States 282,162.4 309,348.1 331,969.3 350,937.2 0.9 0.8 0.9 Per-Capita Personal Income* Onondaga County $35,377 $39,331 $46,126 $50,349 1.1 1.8 1.5 Syracuse, NY MSA 33,348 37,164 43,335 47,154 1.1 1.7 1.4 Syracuse-Auburn, NY CSA 32,770 36,605 42,688 46,450 1.1 1.7 1.4 State of New York 43,213 47,369 57,002 61,604 0.9 2.1 1.3 United States 36,812 39,622 46,751 50,233 0.7 1.9 1.2 W&P Wealth Index Onondaga County 93.1 95.7 95.5 96.8 0.3 (0.0) 0.2 Syracuse, NY MSA 88.2 90.7 90.1 91.0 0.3 (0.1) 0.2 Syracuse-Auburn, NY CSA 86.8 89.5 88.9 89.8 0.3 (0.1) 0.2 State of New York 111.7 115.1 118.1 118.6 0.3 0.3 0.1 United States 100.0 100.0 100.0 100.0 0.0 (0.0) 0.0 Food and Beverage Sales (Millions)* Onondaga County $594 $670 $863 $911 1.2 2.9 0.9 Syracuse, NY MSA 792 863 1,105 1,167 0.9 2.8 0.9 Syracuse-Auburn, NY CSA 853 928 1,188 1,255 0.9 2.8 0.9 State of New York 23,876 30,918 41,191 43,566 2.6 3.2 0.9 United States 368,829 447,728 606,351 662,610 2.0 3.4 1.5 Total Retail Sales (Millions)* Onondaga County $6,784 $6,717 $7,923 $8,211 (0.1) 1.9 0.6 Syracuse, NY MSA 8,668 8,603 10,186 10,570 (0.1) 1.9 0.6 Syracuse-Auburn, NY CSA 9,461 9,455 11,147 11,566 (0.0) 1.8 0.6 State of New York 227,613 249,096 302,020 317,609 0.9 2.2 0.8 United States 3,902,830 4,130,414 5,156,220 5,598,240 0.6 2.5 1.4 Resident Population (Thousands) Onondaga County 458.0 467.5 467.6 470.9 0.2 % 0.0 % 0.1 % Syracuse, NY MSA 650.0 663.1 659.0 664.6 0.2 (0.1) 0.1 Syracuse-Auburn, NY CSA 731.8 742.9 737.1 743.3 0.2 (0.1) 0.1 State of New York 19,001.8 19,402.6 19,971.8 20,454.1 0.2 0.3 0.4 United States 282,162.4 309,348.1 331,969.3 350,937.2 0.9 0.8 0.9 Per-Capita Personal Income* Onondaga County $35,377 $39,331 $46,126 $50,349 1.1 1.8 1.5 Syracuse, NY MSA 33,348 37,164 43,335 47,154 1.1 1.7 1.4 Syracuse-Auburn, NY CSA 32,770 36,605 42,688 46,450 1.1 1.7 1.4 State of New York 43,213 47,369 57,002 61,604 0.9 2.1 1.3 United States 36,812 39,622 46,751 50,233 0.7 1.9 1.2 W&P Wealth Index Onondaga County 93.1 95.7 95.5 96.8 0.3 (0.0) 0.2 Syracuse, NY MSA 88.2 90.7 90.1 91.0 0.3 (0.1) 0.2 Syracuse-Auburn, NY CSA 86.8 89.5 88.9 89.8 0.3 (0.1) 0.2 State of New York 111.7 115.1 118.1 118.6 0.3 0.3 0.1 United States 100.0 100.0 100.0 100.0 0.0 (0.0) 0.0 Food and Beverage Sales (Millions)* Onondaga County $594 $670 $863 $911 1.2 2.9 0.9 Syracuse, NY MSA 792 863 1,105 1,167 0.9 2.8 0.9 Syracuse-Auburn, NY CSA 853 928 1,188 1,255 0.9 2.8 0.9 State of New York 23,876 30,918 41,191 43,566 2.6 3.2 0.9 United States 368,829 447,728 606,351 662,610 2.0 3.4 1.5 Total Retail Sales (Millions)* Onondaga County $6,784 $6,717 $7,923 $8,211 (0.1) 1.9 0.6 Syracuse, NY MSA 8,668 8,603 10,186 10,570 (0.1) 1.9 0.6 Syracuse-Auburn, NY CSA 9,461 9,455 11,147 11,566 (0.0) 1.8 0.6 State of New York 227,613 249,096 302,020 317,609 0.9 2.2 0.8 United States 3,902,830 4,130,414 5,156,220 5,598,240 0.6 2.5 1.4 * Inflation Adjusted Source: Woods & Poole Economics, Inc. Page 116 Market Area Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 29 The U.S. population grew at an average annual compounded rate of 0.8% from 2010 through 2019. The county’s population has grown more slowly than the nation’s population; the average annual growth rate of 0.0% between 2010 and 2019 reflects a gradually expanding area. Following this population trend, per-capita personal income increased slowly, at 1.8% on average annually for the county between 2010 and 2019. Local wealth indexes have remained stable in recent years, registering a near average 95.5 level for the county in 2019. * Inflation Adjusted Source: Woods & Poole Economics, Inc. Page 116 Market Area Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 29 The U.S. population grew at an average annual compounded rate of 0.8% from 2010 through 2019. The county’s population has grown more slowly than the nation’s population; the average annual growth rate of 0.0% between 2010 and 2019 reflects a gradually expanding area. Following this population trend, per-capita personal income increased slowly, at 1.8% on average annually for the county between 2010 and 2019. Local wealth indexes have remained stable in recent years, registering a near average 95.5 level for the county in 2019. Food and beverage sales totaled $863 million in the county in 2019, versus $670 million in 2010. This reflects a 2.9% average annual change, stronger than the 1.2% pace recorded in the prior decade, the latter years of which were adversely affected by the recession. Over the long term, the pace of growth is forecast to moderate to a more sustainable level of 0.9%, which is projected through 2025. The retail sales sector demonstrated an annual decline of -0.1% in the decade spanning from 2000 to 2010, followed by an increase of 1.9% in the period from 2010 to 2019. An increase of 0.6% average annual change is expected in county retail sales through 2025. Food and beverage sales totaled $863 million in the county in 2019, versus $670 million in 2010. This reflects a 2.9% average annual change, stronger than the 1.2% pace recorded in the prior decade, the latter years of which were adversely affected by the recession. Over the long term, the pace of growth is forecast to moderate to a more sustainable level of 0.9%, which is projected through 2025. The retail sales sector demonstrated an annual decline of -0.1% in the decade spanning from 2000 to 2010, followed by an increase of 1.9% in the period from 2010 to 2019. An increase of 0.6% average annual change is expected in county retail sales through 2025. Workforce The characteristics of an area's workforce provide an indication of the type and Characteristics amount of transient visitation likely to be generated by local businesses. Sectors such as finance, insurance, and real estate (FIRE); wholesale trade; and services produce a considerable number of visitors who are not particularly rate sensitive. The government sector often generates transient room nights, but per-diem reimbursement allowances often limit the accommodations selection to budget and mid-priced lodging facilities. Contributions from manufacturing, construction, transportation, communications, and public utilities (TCPU) employers can also be important, depending on the company type. The following table sets forth the county workforce distribution by business sector in 2000, 2010, and 2019, as well as a forecast for 2025. Please note that these forecasts were formulated prior to the COVID-19 pandemic. Page Proposed Skaneateles117 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 30 Workforce The characteristics of an area's workforce provide an indication of the type and Characteristics amount of transient visitation likely to be generated by local businesses. Sectors such as finance, insurance, and real estate (FIRE); wholesale trade; and services produce a considerable number of visitors who are not particularly rate sensitive. The government sector often generates transient room nights, but per-diem reimbursement allowances often limit the accommodations selection to budget and mid-priced lodging facilities. Contributions from manufacturing, construction, transportation, communications, and public utilities (TCPU) employers can also be important, depending on the company type. The following table sets forth the county workforce distribution by business sector in 2000, 2010, and 2019, as well as a forecast for 2025. Please note that these forecasts were formulated prior to the COVID-19 pandemic. Page Proposed Skaneateles117 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 30 FIGURE 3-2 HISTORICAL AND PROJECTED EMPLOYMENT (000S) Average Annual Compounded Change Percent Percent Percent Percent 2000- 2010- 2019- Industry 2000 of Total 2010 of Total 2019 of Total 2025 of Total 2010 2019 2025 FIGURE 3-2 HISTORICAL AND PROJECTED EMPLOYMENT (000S) Average Annual Compounded Change Percent Percent Percent Percent 2000- 2010- 2019- Industry 2000 of Total 2010 of Total 2019 of Total 2025 of Total 2010 2019 2025 Farm 1.2 0.4 % 1.1 0.4 % 1.2 0.4 % 1.3 0.4 % (1.1) % 1.2 % 0.5 % Forestry, Fishing, Related Activities And Other 0.2 0.1 0.2 0.1 0.3 0.1 0.3 0.1 1.4 2.4 1.0 Mining 0.2 0.1 0.3 0.1 0.3 0.1 0.3 0.1 7.5 (2.3) 1.4 Utilities 3.1 1.0 1.7 0.6 1.8 0.6 1.8 0.5 (5.7) 0.7 0.1 Construction 13.7 4.5 13.0 4.3 14.3 4.4 14.9 4.3 (0.5) 1.1 0.6 Manufacturing 35.0 11.6 22.1 7.4 20.4 6.3 19.6 5.7 (4.5) (0.9) (0.7) Total Trade 50.9 16.8 46.1 15.4 51.2 15.8 52.6 15.3 (1.0) 1.2 0.5 Wholesale Trade 16.8 5.5 14.4 4.8 15.8 4.9 16.2 4.7 (1.5) 1.0 0.4 Retail Trade 34.1 11.3 31.7 10.6 35.4 10.9 36.4 10.6 (0.7) 1.2 0.5 Transportation And Warehousing 9.8 3.2 10.0 3.3 11.1 3.4 12.0 3.5 0.2 1.2 1.2 Information 8.0 2.6 5.1 1.7 4.9 1.5 5.0 1.5 (4.5) (0.3) 0.3 Finance And Insurance 17.4 5.7 18.8 6.3 19.1 5.9 20.9 6.1 0.8 0.2 1.5 Real Estate And Rental And Lease 8.2 2.7 10.6 3.5 12.9 4.0 13.9 4.0 2.6 2.2 1.3 Total Services 114.7 37.8 127.1 42.4 144.4 44.5 156.8 45.5 1.0 1.4 1.4 Professional And Technical Services 17.4 5.7 19.7 6.6 22.0 6.8 23.9 7.0 1.3 1.2 1.4 Management Of Companies And Enterprises 3.9 1.3 2.9 1.0 4.3 1.3 4.2 1.2 (2.8) 4.4 (0.2) Administrative And Waste Services 14.0 4.6 17.2 5.7 15.5 4.8 16.4 4.8 2.0 (1.1) 1.0 Educational Services 11.8 3.9 12.5 4.2 14.1 4.3 15.9 4.6 0.6 1.3 2.0 Health Care And Social Assistance 31.2 10.3 36.5 12.2 43.1 13.3 48.9 14.2 1.6 1.9 2.1 Arts, Entertainment, And Recreation 5.0 1.6 6.3 2.1 7.1 2.2 7.6 2.2 2.3 1.4 1.1 Accommodation And Food Services 17.5 5.8 18.8 6.3 23.1 7.1 24.0 7.0 0.7 2.3 0.7 Other Services, Except Public Administration 13.9 4.6 13.2 4.4 15.2 4.7 15.8 4.6 (0.5) 1.6 0.6 Total Government 40.8 13.5 43.5 14.5 42.8 13.2 45.3 13.1 0.6 (0.2) 0.9 Federal Civilian Government 4.6 1.5 4.5 1.5 4.6 1.4 4.7 1.4 (0.3) 0.3 0.4 Federal Military 1.2 0.4 1.0 0.3 0.8 0.3 0.8 0.2 (1.7) (2.0) 0.1 State And Local Government 35.1 11.6 38.1 12.7 37.4 11.5 39.7 11.5 0.8 (0.2) 1.0 Farm 1.2 0.4 % 1.1 0.4 % 1.2 0.4 % 1.3 0.4 % (1.1) % 1.2 % 0.5 % Forestry, Fishing, Related Activities And Other 0.2 0.1 0.2 0.1 0.3 0.1 0.3 0.1 1.4 2.4 1.0 Mining 0.2 0.1 0.3 0.1 0.3 0.1 0.3 0.1 7.5 (2.3) 1.4 Utilities 3.1 1.0 1.7 0.6 1.8 0.6 1.8 0.5 (5.7) 0.7 0.1 Construction 13.7 4.5 13.0 4.3 14.3 4.4 14.9 4.3 (0.5) 1.1 0.6 Manufacturing 35.0 11.6 22.1 7.4 20.4 6.3 19.6 5.7 (4.5) (0.9) (0.7) Total Trade 50.9 16.8 46.1 15.4 51.2 15.8 52.6 15.3 (1.0) 1.2 0.5 Wholesale Trade 16.8 5.5 14.4 4.8 15.8 4.9 16.2 4.7 (1.5) 1.0 0.4 Retail Trade 34.1 11.3 31.7 10.6 35.4 10.9 36.4 10.6 (0.7) 1.2 0.5 Transportation And Warehousing 9.8 3.2 10.0 3.3 11.1 3.4 12.0 3.5 0.2 1.2 1.2 Information 8.0 2.6 5.1 1.7 4.9 1.5 5.0 1.5 (4.5) (0.3) 0.3 Finance And Insurance 17.4 5.7 18.8 6.3 19.1 5.9 20.9 6.1 0.8 0.2 1.5 Real Estate And Rental And Lease 8.2 2.7 10.6 3.5 12.9 4.0 13.9 4.0 2.6 2.2 1.3 Total Services 114.7 37.8 127.1 42.4 144.4 44.5 156.8 45.5 1.0 1.4 1.4 Professional And Technical Services 17.4 5.7 19.7 6.6 22.0 6.8 23.9 7.0 1.3 1.2 1.4 Management Of Companies And Enterprises 3.9 1.3 2.9 1.0 4.3 1.3 4.2 1.2 (2.8) 4.4 (0.2) Administrative And Waste Services 14.0 4.6 17.2 5.7 15.5 4.8 16.4 4.8 2.0 (1.1) 1.0 Educational Services 11.8 3.9 12.5 4.2 14.1 4.3 15.9 4.6 0.6 1.3 2.0 Health Care And Social Assistance 31.2 10.3 36.5 12.2 43.1 13.3 48.9 14.2 1.6 1.9 2.1 Arts, Entertainment, And Recreation 5.0 1.6 6.3 2.1 7.1 2.2 7.6 2.2 2.3 1.4 1.1 Accommodation And Food Services 17.5 5.8 18.8 6.3 23.1 7.1 24.0 7.0 0.7 2.3 0.7 Other Services, Except Public Administration 13.9 4.6 13.2 4.4 15.2 4.7 15.8 4.6 (0.5) 1.6 0.6 Total Government 40.8 13.5 43.5 14.5 42.8 13.2 45.3 13.1 0.6 (0.2) 0.9 Federal Civilian Government 4.6 1.5 4.5 1.5 4.6 1.4 4.7 1.4 (0.3) 0.3 0.4 Federal Military 1.2 0.4 1.0 0.3 0.8 0.3 0.8 0.2 (1.7) (2.0) 0.1 State And Local Government 35.1 11.6 38.1 12.7 37.4 11.5 39.7 11.5 0.8 (0.2) 1.0 TOTAL 303.2 100.0 % 299.6 100.0 % 324.8 100.0 % 344.5 100.0 % (0.1) % 0.9 % 1.0 % MSA 378.5 — 374.5 — 405.8 — 429.3 — (0.1) % 0.9 % 0.9 % U.S. 165,372.0 — 173,034.7 — 205,736.3 — 223,254.5 — 1.2 1.9 1.4 Source: Woods & Poole Economics, Inc. Page 118 Market Area Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 31 Woods & Poole Economics, Inc. reports that during the period from 2000 to 2010, total employment in the county contracted at an average annual rate of -0.1%. More recently, the pace of total employment growth in the county accelerated to 0.9% on an annual average from 2010 to 2019, reflecting the initial years of the recovery. TOTAL 303.2 100.0 % 299.6 100.0 % 324.8 100.0 % 344.5 100.0 % (0.1) % 0.9 % 1.0 % MSA 378.5 — 374.5 — 405.8 — 429.3 — (0.1) % 0.9 % 0.9 % U.S. 165,372.0 — 173,034.7 — 205,736.3 — 223,254.5 — 1.2 1.9 1.4 Source: Woods & Poole Economics, Inc. Page 118 Market Area Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 31 Woods & Poole Economics, Inc. reports that during the period from 2000 to 2010, total employment in the county contracted at an average annual rate of -0.1%. More recently, the pace of total employment growth in the county accelerated to 0.9% on an annual average from 2010 to 2019, reflecting the initial years of the recovery. Of the primary employment sectors, Total Services recorded the highest increase in number of employees during the period from 2010 to 2019, increasing by 17,291 people, or 13.6%, and rising from 42.4% to 44.5% of total employment. Of the various service sub-sectors, Health Care And Social Assistance and Accommodation And Food Services were the largest employers. Strong growth was also recorded in the Total Trade sector, as well as the Real Estate And Rental And Lease sector, which expanded by 11.0% and -7.6%, respectively, in the period from 2010 to 2019. Forecasts developed by Woods & Poole Economics, Inc. anticipate that total employment in the county will change by 1.0% on average annually through 2025. The trend is below the forecast rate of change for the U.S. as a whole during the same period. The following table illustrates historical and projected employment, households, population, and average household income data, as provided by REIS for the overall Los Angeles market. Page Proposed Skaneateles119 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 32 FIGURE 3-3 HISTORICAL & PROJECTED EMPLOYMENT, HOUSEHOLDS, POPULATION, AND HOUSEHOLD INCOME STATISTICS Of the primary employment sectors, Total Services recorded the highest increase in number of employees during the period from 2010 to 2019, increasing by 17,291 people, or 13.6%, and rising from 42.4% to 44.5% of total employment. Of the various service sub-sectors, Health Care And Social Assistance and Accommodation And Food Services were the largest employers. Strong growth was also recorded in the Total Trade sector, as well as the Real Estate And Rental And Lease sector, which expanded by 11.0% and -7.6%, respectively, in the period from 2010 to 2019. Forecasts developed by Woods & Poole Economics, Inc. anticipate that total employment in the county will change by 1.0% on average annually through 2025. The trend is below the forecast rate of change for the U.S. as a whole during the same period. The following table illustrates historical and projected employment, households, population, and average household income data, as provided by REIS for the overall Los Angeles market. Page Proposed Skaneateles119 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 32 FIGURE 3-3 HISTORICAL & PROJECTED EMPLOYMENT, HOUSEHOLDS, POPULATION, AND HOUSEHOLD INCOME STATISTICS Total Office Industrial Household Year Employment % Chg Employment % Chg Employment % Chg Households % Chg Population % Chg Avg. Income % Chg 2008 4,158,230 — 1,196,826 — 685,323 — 3,264,510 — 9,762,880 — $3,264,510 — 2009 3,919,570 (5.7) % 1,127,861 (5.8) % 619,034 (9.7) % 3,255,590 (0.3) % 9,805,350 0.4 % 3,255,590 (0.3) % 2010 3,932,100 0.3 1,132,413 0.4 619,366 0.1 3,250,010 (0.2) 9,847,710 0.4 3,250,010 (0.2) 2011 3,961,730 0.8 1,140,136 0.7 616,627 (0.4) 3,290,940 1.3 9,905,860 0.6 3,290,940 1.3 2012 4,071,500 2.8 1,168,368 2.5 629,032 2.0 3,327,860 1.1 9,964,890 0.6 3,327,860 1.1 2013 4,157,670 2.1 1,191,650 2.0 637,318 1.3 3,358,360 0.9 10,016,730 0.5 3,358,360 0.9 2014 4,216,800 1.4 1,196,818 0.4 636,720 (0.1) 3,377,050 0.6 10,064,390 0.5 3,377,050 0.6 2015 4,335,530 2.8 1,223,505 2.2 635,335 (0.2) 3,391,180 0.4 10,098,780 0.3 3,391,180 0.4 2016 4,418,770 1.9 1,241,116 1.4 626,365 (1.4) 3,400,710 0.3 10,107,950 0.1 3,400,710 0.3 2017 4,483,730 1.5 1,261,573 1.6 618,037 (1.3) 3,393,090 (0.2) 10,091,410 (0.2) 3,393,090 (0.2) 2018 4,545,370 1.4 1,287,825 2.1 614,446 (0.6) 3,383,070 (0.3) 10,055,150 (0.4) 3,383,070 (0.3) 2019 4,584,000 0.8 1,290,293 0.2 608,622 (0.9) 3,395,370 0.4 10,033,930 (0.2) 3,395,370 0.4 2020 4,065,230 #### 1,164,628 (9.7) 538,558 #### 3,401,960 0.2 10,041,860 0.1 3,401,960 0.2 Total Office Industrial Household Year Employment % Chg Employment % Chg Employment % Chg Households % Chg Population % Chg Avg. Income % Chg 2008 4,158,230 — 1,196,826 — 685,323 — 3,264,510 — 9,762,880 — $3,264,510 — 2009 3,919,570 (5.7) % 1,127,861 (5.8) % 619,034 (9.7) % 3,255,590 (0.3) % 9,805,350 0.4 % 3,255,590 (0.3) % 2010 3,932,100 0.3 1,132,413 0.4 619,366 0.1 3,250,010 (0.2) 9,847,710 0.4 3,250,010 (0.2) 2011 3,961,730 0.8 1,140,136 0.7 616,627 (0.4) 3,290,940 1.3 9,905,860 0.6 3,290,940 1.3 2012 4,071,500 2.8 1,168,368 2.5 629,032 2.0 3,327,860 1.1 9,964,890 0.6 3,327,860 1.1 2013 4,157,670 2.1 1,191,650 2.0 637,318 1.3 3,358,360 0.9 10,016,730 0.5 3,358,360 0.9 2014 4,216,800 1.4 1,196,818 0.4 636,720 (0.1) 3,377,050 0.6 10,064,390 0.5 3,377,050 0.6 2015 4,335,530 2.8 1,223,505 2.2 635,335 (0.2) 3,391,180 0.4 10,098,780 0.3 3,391,180 0.4 2016 4,418,770 1.9 1,241,116 1.4 626,365 (1.4) 3,400,710 0.3 10,107,950 0.1 3,400,710 0.3 2017 4,483,730 1.5 1,261,573 1.6 618,037 (1.3) 3,393,090 (0.2) 10,091,410 (0.2) 3,393,090 (0.2) 2018 4,545,370 1.4 1,287,825 2.1 614,446 (0.6) 3,383,070 (0.3) 10,055,150 (0.4) 3,383,070 (0.3) 2019 4,584,000 0.8 1,290,293 0.2 608,622 (0.9) 3,395,370 0.4 10,033,930 (0.2) 3,395,370 0.4 2020 4,065,230 #### 1,164,628 (9.7) 538,558 #### 3,401,960 0.2 10,041,860 0.1 3,401,960 0.2 Forecasts 2021 4,263,780 4.9 % 1,221,073 4.8 % 558,173 3.6 % 3,443,410 1.2 % 10,051,990 0.1 % 3,443,410 1.2 % 2022 4,378,720 2.7 1,246,504 2.1 565,071 1.2 3,487,470 1.3 10,066,840 0.1 3,487,470 1.3 2023 4,441,780 1.4 1,258,662 1.0 565,318 0.0 3,517,810 0.9 10,086,180 0.2 3,517,810 0.9 2024 4,472,740 0.7 1,267,356 0.7 561,642 (0.7) 3,546,940 0.8 10,100,990 0.1 3,546,940 0.8 2025 4,492,770 0.4 1,274,889 0.6 556,731 (0.9) 3,574,790 0.8 10,113,910 0.1 3,574,790 0.8 Forecasts 2021 4,263,780 4.9 % 1,221,073 4.8 % 558,173 3.6 % 3,443,410 1.2 % 10,051,990 0.1 % 3,443,410 1.2 % 2022 4,378,720 2.7 1,246,504 2.1 565,071 1.2 3,487,470 1.3 10,066,840 0.1 3,487,470 1.3 2023 4,441,780 1.4 1,258,662 1.0 565,318 0.0 3,517,810 0.9 10,086,180 0.2 3,517,810 0.9 2024 4,472,740 0.7 1,267,356 0.7 561,642 (0.7) 3,546,940 0.8 10,100,990 0.1 3,546,940 0.8 2025 4,492,770 0.4 1,274,889 0.6 556,731 (0.9) 3,574,790 0.8 10,113,910 0.1 3,574,790 0.8 Average Annual Compound Change 2008 - 2020 (0.2) % (0.2) % (2.0) % 0.3 % 0.2 % 0.3 % 2008 - 2010 (2.8) (2.7) (4.9) (0.2) 0.4 (0.2) 2010 - 2020 0.3 0.3 (1.4) 0.5 0.2 1.1 Forecast 2021 - 2025 1.3 % 1.1 % (0.1) % 0.9 % 0.2 % 0.9 % Source: REIS Report, 1st Quarter, 2021 Page 120 Market Area Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 33 Average Annual Compound Change 2008 - 2020 (0.2) % (0.2) % (2.0) % 0.3 % 0.2 % 0.3 % 2008 - 2010 (2.8) (2.7) (4.9) (0.2) 0.4 (0.2) 2010 - 2020 0.3 0.3 (1.4) 0.5 0.2 1.1 Forecast 2021 - 2025 1.3 % 1.1 % (0.1) % 0.9 % 0.2 % 0.9 % Source: REIS Report, 1st Quarter, 2021 Page 120 Market Area Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 33 For the Los Angeles market, of the roughly 4,100,000 persons employed, 29% are categorized as office employees, while 13% are categorized as industrial employees. Total employment is expected to expand by 4.9% in 2021, while office employment is forecast to expand by 4.8% in 2021. By 2026, total employment is anticipated to rebound to 2019 levels. The number of households is forecast to expand by 0.9% on average annually between 2021 and 2025. Population is forecast to expand during this same period, at an average annual compounded rate of 0.2%. Household average income is forecast to grow by 0.9% on average annually from 2021 through 2025. Radial Demographic The following table reflects radial demographic trends for our market area Snapshot measured by three points of distance from the subject site. Please note that these forecasts were formulated prior to the COVID-19 pandemic. Page Proposed Skaneateles121 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 34 For the Los Angeles market, of the roughly 4,100,000 persons employed, 29% are categorized as office employees, while 13% are categorized as industrial employees. Total employment is expected to expand by 4.9% in 2021, while office employment is forecast to expand by 4.8% in 2021. By 2026, total employment is anticipated to rebound to 2019 levels. The number of households is forecast to expand by 0.9% on average annually between 2021 and 2025. Population is forecast to expand during this same period, at an average annual compounded rate of 0.2%. Household average income is forecast to grow by 0.9% on average annually from 2021 through 2025. Radial Demographic The following table reflects radial demographic trends for our market area Snapshot measured by three points of distance from the subject site. Please note that these forecasts were formulated prior to the COVID-19 pandemic. Page Proposed Skaneateles121 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 34 FIGURE 3-4 DEMOGRAPHICS BY RADIUS 0.00 - 1.00 miles 0.00 - 3.00 miles 0.00 - 5.00 miles Population 2026 Projection 46,570 276,359 529,386 2021 Estimate 46,057 272,645 522,492 2010 Census 45,354 265,288 509,716 2000 Census 43,885 253,021 490,497 Percent Change: 2021 to 2026 1.1% 1.4% 1.3% Percent Change: 2010 to 2021 1.6% 2.8% 2.5% Percent Change: 2000 to 2010 3.4% 4.9% 3.9% Households 2026 Projection 24,111 129,252 243,890 2021 Estimate 23,837 127,449 240,561 2010 Census 23,448 124,352 234,809 2000 Census 23,474 121,231 228,232 Percent Change: 2021 to 2026 1.2% 1.4% 1.4% Percent Change: 2010 to 2021 1.7% 2.5% 2.5% Percent Change: 2000 to 2010 -0.1% 2.6% 2.9% Income 2021 Est. Average Household Income $133,951 $152,693 $153,646 2021 Est. Median Household Income 98,179 102,252 101,789 FIGURE 3-4 DEMOGRAPHICS BY RADIUS 0.00 - 1.00 miles 0.00 - 3.00 miles 0.00 - 5.00 miles Population 2026 Projection 46,570 276,359 529,386 2021 Estimate 46,057 272,645 522,492 2010 Census 45,354 265,288 509,716 2000 Census 43,885 253,021 490,497 Percent Change: 2021 to 2026 1.1% 1.4% 1.3% Percent Change: 2010 to 2021 1.6% 2.8% 2.5% Percent Change: 2000 to 2010 3.4% 4.9% 3.9% Households 2026 Projection 24,111 129,252 243,890 2021 Estimate 23,837 127,449 240,561 2010 Census 23,448 124,352 234,809 2000 Census 23,474 121,231 228,232 Percent Change: 2021 to 2026 1.2% 1.4% 1.4% Percent Change: 2010 to 2021 1.7% 2.5% 2.5% Percent Change: 2000 to 2010 -0.1% 2.6% 2.9% Income 2021 Est. Average Household Income $133,951 $152,693 $153,646 2021 Est. Median Household Income 98,179 102,252 101,789 2021 Est. Civ. Employed Pop 16+ by Occupation Architecture/Engineering 566 3,045 6,070 Arts/Design/Entertainment/Sports/Media 2,752 15,245 29,821 Building/Grounds Cleaning/Maintenance 394 1,943 5,053 Business/Financial Operations 3,490 14,937 27,005 Community/Social Services 316 2,101 4,135 Computer/Mathematical 1,571 6,809 13,210 Construction/Extraction 363 1,462 3,684 Education/Training/Library 1,622 11,060 19,015 Farming/Fishing/Forestry 16 59 207 Food Preparation/Serving Related 1,575 6,708 13,921 Healthcare Practitioner/Technician 1,736 9,575 17,402 Healthcare Support 411 2,174 4,617 Installation/Maintenance/Repair 163 848 2,017 Legal 903 6,884 12,441 Life/Physical/Social Science 556 3,228 5,134 Management 5,037 25,394 48,468 Office/Administrative Support 2,356 13,150 26,093 Production 419 1,878 3,782 Protective Services 122 1,024 2,346 Sales/Related 3,417 14,723 30,945 Personal Care/Service 724 4,300 8,994 Transportation/Material Moving 725 2,633 6,843 Source: Environics Analytics 2021 Est. Civ. Employed Pop 16+ by Occupation Architecture/Engineering 566 3,045 6,070 Arts/Design/Entertainment/Sports/Media 2,752 15,245 29,821 Building/Grounds Cleaning/Maintenance 394 1,943 5,053 Business/Financial Operations 3,490 14,937 27,005 Community/Social Services 316 2,101 4,135 Computer/Mathematical 1,571 6,809 13,210 Construction/Extraction 363 1,462 3,684 Education/Training/Library 1,622 11,060 19,015 Farming/Fishing/Forestry 16 59 207 Food Preparation/Serving Related 1,575 6,708 13,921 Healthcare Practitioner/Technician 1,736 9,575 17,402 Healthcare Support 411 2,174 4,617 Installation/Maintenance/Repair 163 848 2,017 Legal 903 6,884 12,441 Life/Physical/Social Science 556 3,228 5,134 Management 5,037 25,394 48,468 Office/Administrative Support 2,356 13,150 26,093 Production 419 1,878 3,782 Protective Services 122 1,024 2,346 Sales/Related 3,417 14,723 30,945 Personal Care/Service 724 4,300 8,994 Transportation/Material Moving 725 2,633 6,843 Source: Environics Analytics This source reports a population of 522,492 and 240,561 households within a five- mile radius of the subject site. The average household income within this radius is reported at $153,646, while the median is $101,789. Unemployment The following table presents historical unemployment rates for the proposed Statistics subject hotel’s market area. Page Proposed Skaneateles122 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 35 This source reports a population of 522,492 and 240,561 households within a five- mile radius of the subject site. The average household income within this radius is reported at $153,646, while the median is $101,789. Unemployment The following table presents historical unemployment rates for the proposed Statistics subject hotel’s market area. Page Proposed Skaneateles122 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 35 FIGURE 3-5 UNEMPLOYMENT STATISTICS Year County MSA State U.S. 2011 7.7 % 8.3 % 8.3 % 8.9 % 2012 7.9 8.5 8.5 8.1 2013 6.8 7.5 7.7 7.4 2014 5.6 6.1 6.3 6.2 2015 4.9 5.4 5.3 5.3 2016 4.5 4.9 4.9 4.9 2017 4.7 5.1 4.7 4.4 2018 4.0 4.3 4.1 3.9 2019 3.9 4.3 4.0 3.7 2020 8.4 8.4 10.0 8.1 Recent Month - Apr 2020 17.1 % 17.3 % 16.2 % 14.8 % 2021 5.7 5.7 7.8 6.1 Source: U.S. Bureau of Labor Statistics FIGURE 3-5 UNEMPLOYMENT STATISTICS Year County MSA State U.S. 2011 7.7 % 8.3 % 8.3 % 8.9 % 2012 7.9 8.5 8.5 8.1 2013 6.8 7.5 7.7 7.4 2014 5.6 6.1 6.3 6.2 2015 4.9 5.4 5.3 5.3 2016 4.5 4.9 4.9 4.9 2017 4.7 5.1 4.7 4.4 2018 4.0 4.3 4.1 3.9 2019 3.9 4.3 4.0 3.7 2020 8.4 8.4 10.0 8.1 Recent Month - Apr 2020 17.1 % 17.3 % 16.2 % 14.8 % 2021 5.7 5.7 7.8 6.1 Source: U.S. Bureau of Labor Statistics Prior to the pandemic, U.S. unemployment levels were firmly below the 4.6% level recorded in 2006 and 2007, the peak years of the economic cycle prior to the Great Recession. The unemployment rate for February 2020 was 3.5%. The unemployment rate had remained in the 3.5% to 3.7% range since April 2019, reflecting a trend of stability and strength of the U.S. economy. However, in April 2020, unemployment rose to 14.7%, and employment dropped by 20.7 million because of the COVID-19 pandemic. Steady declines in unemployment have been registered since April 2020; most recently, the national unemployment registered 5.4% in July 2021. After the nation's labor market showed signs of slowing in the fourth quarter of 2020, the fiscal stimulus from the U.S. government and a decline in the number of COVID-19 infections started to fuel improvements in the first quarter, a trend that extended into the second and third quarters with a roughly 500,0000-, 168,000-, and 782,000-person rise in employment registered in May, June, and July 2021, respectively. Prior to the pandemic, U.S. unemployment levels were firmly below the 4.6% level recorded in 2006 and 2007, the peak years of the economic cycle prior to the Great Recession. The unemployment rate for February 2020 was 3.5%. The unemployment rate had remained in the 3.5% to 3.7% range since April 2019, reflecting a trend of stability and strength of the U.S. economy. However, in April 2020, unemployment rose to 14.7%, and employment dropped by 20.7 million because of the COVID-19 pandemic. Steady declines in unemployment have been registered since April 2020; most recently, the national unemployment registered 5.4% in July 2021. After the nation's labor market showed signs of slowing in the fourth quarter of 2020, the fiscal stimulus from the U.S. government and a decline in the number of COVID-19 infections started to fuel improvements in the first quarter, a trend that extended into the second and third quarters with a roughly 500,0000-, 168,000-, and 782,000-person rise in employment registered in May, June, and July 2021, respectively. Locally, the unemployment rate was 8.4% in 2020; for this same area in 2021, the most recent month’s unemployment rate was registered at 5.7%, versus 17.1% for the same month in 2020. Unemployment rose in 2010 given the continued effects of the national recession. Unemployment declined in 2011, but increased minimally in 2012, consistent with regional and state-wide trends. Job growth resumed in 2013, and this positive trend generally continued through 2018. The most recent Page Proposed Skaneateles123 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 36 comparative period illustrates relative stability. Local employment has remained strong at entities within the academic and healthcare sectors, particularly Syracuse University and SUNY Upstate Medical University. Our economic development research reflects a promising outlook because of the strong local employment base and continued tourism to the area. Major Business and Providing additional context for understanding the nature of the regional economy, Industry the following table presents a list of the major employers in the proposed subject property's market. Locally, the unemployment rate was 8.4% in 2020; for this same area in 2021, the most recent month’s unemployment rate was registered at 5.7%, versus 17.1% for the same month in 2020. Unemployment rose in 2010 given the continued effects of the national recession. Unemployment declined in 2011, but increased minimally in 2012, consistent with regional and state-wide trends. Job growth resumed in 2013, and this positive trend generally continued through 2018. The most recent Page Proposed Skaneateles123 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 36 comparative period illustrates relative stability. Local employment has remained strong at entities within the academic and healthcare sectors, particularly Syracuse University and SUNY Upstate Medical University. Our economic development research reflects a promising outlook because of the strong local employment base and continued tourism to the area. Major Business and Providing additional context for understanding the nature of the regional economy, Industry the following table presents a list of the major employers in the proposed subject property's market. FIGURE 3-6 MAJOR EMPLOYERS Number of Rank Firm Employees FIGURE 3-6 MAJOR EMPLOYERS Number of Rank Firm Employees 1 SUNY Upstate Medical University 9,525 2 Syracuse University 4,621 3 St. Joseph's Hospital Health Center 3,745 4 Wegmans Food Markets, Inc. 3,713 5 Crouse Hospital 2,700 6 Loretto Health & Rehabilitation 2,476 7 Lockheed Martin 2,250 8 National Grid 2,000 9 Time Warner Cable 1,800 10 Raymour & Flanigan 1,400 Source: Onondaga County Office of Economic Development, 2019 1 SUNY Upstate Medical University 9,525 2 Syracuse University 4,621 3 St. Joseph's Hospital Health Center 3,745 4 Wegmans Food Markets, Inc. 3,713 5 Crouse Hospital 2,700 6 Loretto Health & Rehabilitation 2,476 7 Lockheed Martin 2,250 8 National Grid 2,000 9 Time Warner Cable 1,800 10 Raymour & Flanigan 1,400 Source: Onondaga County Office of Economic Development, 2019 The Finger Lake Region encompasses 11 “Finger Lakes” and 14 counties; the region includes cities such as Rochester and Syracuse. The subject hotel is situated in Skaneateles, roughly 20 miles southwest of the intersection of north-south Interstate 81 and east-west Interstate 90. Due to its rural location, Skaneateles is dependent upon visitation originating from diverse areas throughout Upstate New York and neighboring states. The area functions primarily as a summer leisure destination due in part to its access to Skaneateles Lake (one of the Finger Lakes). The region area also maintains notable outdoor activities, sightseeing, prominent wine trails, and a foliage season, similar to other northeastern locales such as the Adirondacks, Catskills, Berkshires of western Massachusetts, Pocono Mountains of Pennsylvania, Green Mountains of Vermont, and White Mountains of New Hampshire. Page Proposed Skaneateles124 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 37 The Finger Lake Region encompasses 11 “Finger Lakes” and 14 counties; the region includes cities such as Rochester and Syracuse. The subject hotel is situated in Skaneateles, roughly 20 miles southwest of the intersection of north-south Interstate 81 and east-west Interstate 90. Due to its rural location, Skaneateles is dependent upon visitation originating from diverse areas throughout Upstate New York and neighboring states. The area functions primarily as a summer leisure destination due in part to its access to Skaneateles Lake (one of the Finger Lakes). The region area also maintains notable outdoor activities, sightseeing, prominent wine trails, and a foliage season, similar to other northeastern locales such as the Adirondacks, Catskills, Berkshires of western Massachusetts, Pocono Mountains of Pennsylvania, Green Mountains of Vermont, and White Mountains of New Hampshire. Page Proposed Skaneateles124 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 37 Conference Activity The subject site is not located near any conventions center; however, will be the closes lodging facility to The Lodge Conference Center located adjacent. This corporate retreat and meeting facility features over 12,000 square feet of meeting space. It is used for all different groups including corporate retreats, training, as well as hosting SMERFE events including a large amount of weddings. Conference Activity The subject site is not located near any conventions center; however, will be the closes lodging facility to The Lodge Conference Center located adjacent. This corporate retreat and meeting facility features over 12,000 square feet of meeting space. It is used for all different groups including corporate retreats, training, as well as hosting SMERFE events including a large amount of weddings. THE LODGE - CONFERENCE CENTER Page Proposed Skaneateles125 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 38 THE LODGE - CONFERENCE CENTER Page Proposed Skaneateles125 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 38 CONFERENCE CENTER Usage statistics for this facility were unavailable upon request. However, reports from the market reflect that the facility is highly utilized by groups such as local professional associations and trade shows. Airport Traffic Airport passenger counts are important indicators of lodging demand. Depending on the type of service provided by a particular airfield, a sizable percentage of arriving passengers may require hotel accommodations. Trends showing changes in passenger counts also reflect local business activity and the overall economic health of the area. CONFERENCE CENTER Usage statistics for this facility were unavailable upon request. However, reports from the market reflect that the facility is highly utilized by groups such as local professional associations and trade shows. Airport Traffic Airport passenger counts are important indicators of lodging demand. Depending on the type of service provided by a particular airfield, a sizable percentage of arriving passengers may require hotel accommodations. Trends showing changes in passenger counts also reflect local business activity and the overall economic health of the area. Syracuse Hancock International Airport serves the central New York State area. Many major commercial airlines service the airport. In August 2016, the FAA granted the airport approximately $2.5 million to begin replacing seven passenger- boarding bridges and reconfigure the airport's exit taxiways. The airport underwent a one-year, $62.4-million renovation that was completed in October 2018; upgrades included a redesign of the terminal's interior and exterior, the addition of an aviation history museum, and the construction of a pedestrian bridge. Furthermore, renovations to the parking garage and construction of a separate rental-car facility are planned for 2020. Page Proposed Skaneateles126 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 39 The following table illustrates recent operating statistics for the Syracuse Hancock International Airport, which is the primary airport facility serving the proposed subject hotel’s submarket. Syracuse Hancock International Airport serves the central New York State area. Many major commercial airlines service the airport. In August 2016, the FAA granted the airport approximately $2.5 million to begin replacing seven passenger- boarding bridges and reconfigure the airport's exit taxiways. The airport underwent a one-year, $62.4-million renovation that was completed in October 2018; upgrades included a redesign of the terminal's interior and exterior, the addition of an aviation history museum, and the construction of a pedestrian bridge. Furthermore, renovations to the parking garage and construction of a separate rental-car facility are planned for 2020. Page Proposed Skaneateles126 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 39 The following table illustrates recent operating statistics for the Syracuse Hancock International Airport, which is the primary airport facility serving the proposed subject hotel’s submarket. FIGURE 3-7 AIRPORT STATISTICS - SYRACUSE HANCOCK INTERNATIONAL AIRPORT Passenger Percent Percent Year Traffic Change* Change** 2011 1,997,534 — — 2012 1,983,674 (0.7) % (0.7) % 2013 2,011,690 1.4 0.4 2014 2,001,314 (0.5) 0.1 2015 2,007,854 0.3 0.1 2016 2,004,066 (0.2) 0.1 2017 2,074,878 3.5 0.6 2018 2,315,933 11.6 2.1 2019 2,583,193 11.5 3.3 2020 884,390 (65.8) (8.7) Year-to-date, Jul 2020 620,727 — — 2021 791,013 27.4 % — FIGURE 3-7 AIRPORT STATISTICS - SYRACUSE HANCOCK INTERNATIONAL AIRPORT Passenger Percent Percent Year Traffic Change* Change** 2011 1,997,534 — — 2012 1,983,674 (0.7) % (0.7) % 2013 2,011,690 1.4 0.4 2014 2,001,314 (0.5) 0.1 2015 2,007,854 0.3 0.1 2016 2,004,066 (0.2) 0.1 2017 2,074,878 3.5 0.6 2018 2,315,933 11.6 2.1 2019 2,583,193 11.5 3.3 2020 884,390 (65.8) (8.7) Year-to-date, Jul 2020 620,727 — — 2021 791,013 27.4 % — *Annual average compounded percentage change from the previous year **Annual average compounded percentage change from first year of data Source: Syracuse Hancock International Airport Page Proposed Skaneateles127 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 40 FIGURE 3-8 LOCAL PASSENGER TRAFFIC VS. NATIONAL TREND 20% 10% Cha nge in Passenger Activity 0% -10% -20% -30% -40% -50% -60% -70% 2012 2013 2014 2015 2016 2017 2018 2019 2020 Local Passenger Volume National Passenger Volume *Annual average compounded percentage change from the previous year **Annual average compounded percentage change from first year of data Source: Syracuse Hancock International Airport Page Proposed Skaneateles127 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 40 FIGURE 3-8 LOCAL PASSENGER TRAFFIC VS. NATIONAL TREND 20% 10% Cha nge in Passenger Activity 0% -10% -20% -30% -40% -50% -60% -70% 2012 2013 2014 2015 2016 2017 2018 2019 2020 Local Passenger Volume National Passenger Volume Source: HVS, Local Airport Authority This facility recorded 884,390 passengers in 2020. The change in passenger traffic between 2019 and 2020 was -65.8%. The average annual change during the period shown was -8.7%. The recent increase in passenger traffic can be attributed in large part to more service by major air carriers in response to stronger economic conditions and a rise in demand. Several airlines either increased the number of flights in/out of the airport or added seats to their aircraft. Additionally, Frontier Airlines began commercial service to/from ten locations throughout the United States and Puerto Rico in July 2018. The following table illustrates recent operating statistics for the Ithaca Tompkins Regional, which is the secondary airport facility serving the proposed subject property’s submarket. Page Proposed Skaneateles128 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 41 FIGURE 3-9 AIRPORT STATISTICS – ITHACA TOMPKINS REGIONAL Source: HVS, Local Airport Authority This facility recorded 884,390 passengers in 2020. The change in passenger traffic between 2019 and 2020 was -65.8%. The average annual change during the period shown was -8.7%. The recent increase in passenger traffic can be attributed in large part to more service by major air carriers in response to stronger economic conditions and a rise in demand. Several airlines either increased the number of flights in/out of the airport or added seats to their aircraft. Additionally, Frontier Airlines began commercial service to/from ten locations throughout the United States and Puerto Rico in July 2018. The following table illustrates recent operating statistics for the Ithaca Tompkins Regional, which is the secondary airport facility serving the proposed subject property’s submarket. Page Proposed Skaneateles128 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 41 FIGURE 3-9 AIRPORT STATISTICS – ITHACA TOMPKINS REGIONAL Passenger Percent Percent Year Traffic Change* Change** 2011 241,482 — — 2012 242,493 0.4 % 0.4 % 2013 238,270 (1.7) (0.7) 2014 205,564 (13.7) (5.2) 2015 175,889 (14.4) (7.6) 2016 172,671 (1.8) (6.5) 2017 177,041 2.5 (5.0) 2018 193,924 9.5 (3.1) 2019 199,715 3.0 (2.3) 2020 217,894 9.1 (1.1) Year-to-date, Dec 2020 0 — — 2021 0 #NUM! % — Passenger Percent Percent Year Traffic Change* Change** 2011 241,482 — — 2012 242,493 0.4 % 0.4 % 2013 238,270 (1.7) (0.7) 2014 205,564 (13.7) (5.2) 2015 175,889 (14.4) (7.6) 2016 172,671 (1.8) (6.5) 2017 177,041 2.5 (5.0) 2018 193,924 9.5 (3.1) 2019 199,715 3.0 (2.3) 2020 217,894 9.1 (1.1) Year-to-date, Dec 2020 0 — — 2021 0 #NUM! % — *Annual average compounded percentage change from the previous year **Annual average compounded percentage change from first year of data Source: Ithaca Tompkins Regional Air traffic registered 217,894 passengers in 2020. The change in passenger traffic between 2019 and 2020 was 9.1%. Tourist Attractions The Central New York State area is a popular tourist destination for residents of New York State as well as neighboring states and Canada. Skaneateles Lake has long been a popular destination for recreational sailing; however access to the Lake is limited since its considered one of the cleanest fresh water lakes in the world. The clean water is a source for Syracuse who uses the water unfiltered. In addition to the Lake tourist frequent the area for its abundance of wineries, numerous fishing and hunting a regions, as well as fall foliage viewing. Page Proposed Skaneateles129 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 42 *Annual average compounded percentage change from the previous year **Annual average compounded percentage change from first year of data Source: Ithaca Tompkins Regional Air traffic registered 217,894 passengers in 2020. The change in passenger traffic between 2019 and 2020 was 9.1%. Tourist Attractions The Central New York State area is a popular tourist destination for residents of New York State as well as neighboring states and Canada. Skaneateles Lake has long been a popular destination for recreational sailing; however access to the Lake is limited since its considered one of the cleanest fresh water lakes in the world. The clean water is a source for Syracuse who uses the water unfiltered. In addition to the Lake tourist frequent the area for its abundance of wineries, numerous fishing and hunting a regions, as well as fall foliage viewing. Page Proposed Skaneateles129 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 42 SKANEATELES LAKE Conclusion This section discussed a wide variety of economic indicators for the pertinent market area. The market area is experiencing a period of economic growth and expansion, led by the education and healthcare sectors. The area's status as a primary service center for residents of Central New York also supplies consistent economic benefits to the communities in this region. Furthermore, many of the corporations or institutions that support this area, such as Lockheed Martin and Syracuse University, are renowned entities working with a multitude of clients. The outlook for the market area is positive. SKANEATELES LAKE Conclusion This section discussed a wide variety of economic indicators for the pertinent market area. The market area is experiencing a period of economic growth and expansion, led by the education and healthcare sectors. The area's status as a primary service center for residents of Central New York also supplies consistent economic benefits to the communities in this region. Furthermore, many of the corporations or institutions that support this area, such as Lockheed Martin and Syracuse University, are renowned entities working with a multitude of clients. The outlook for the market area is positive. Our analysis of the outlook for this specific market also considers the broader context of the national economy. The U.S. economy expanded at an overall rate of 2.3% in 2019, a decline from the 2.9% level achieved in 2018. For the seven quarters leading up to 2020, GDP quarterly growth ranged between 1.3% and 2.9%, reflecting moderate economic expansion. The slowdown and impact of COVID-19 became more evident in the first quarter of 2020, when GDP declined by 5.0%. As shutdowns halted major components of the U.S. economy from mid-March through May, and partial, halting re-openings continued to dampen business activity, the U.S. economy contracted by an annualized rate of 31.4% in the second quarter, the largest such decline in U.S. history. The decline affected virtually every corner of the economy, with major decreases in personal consumption, exports, private inventory investment, residential and nonresidential fixed investment, and state and local government spending. Page Proposed Skaneateles130 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 43 Our analysis of the outlook for this specific market also considers the broader context of the national economy. The U.S. economy expanded at an overall rate of 2.3% in 2019, a decline from the 2.9% level achieved in 2018. For the seven quarters leading up to 2020, GDP quarterly growth ranged between 1.3% and 2.9%, reflecting moderate economic expansion. The slowdown and impact of COVID-19 became more evident in the first quarter of 2020, when GDP declined by 5.0%. As shutdowns halted major components of the U.S. economy from mid-March through May, and partial, halting re-openings continued to dampen business activity, the U.S. economy contracted by an annualized rate of 31.4% in the second quarter, the largest such decline in U.S. history. The decline affected virtually every corner of the economy, with major decreases in personal consumption, exports, private inventory investment, residential and nonresidential fixed investment, and state and local government spending. Page Proposed Skaneateles130 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 43 FIGURE 3-10 UNITED STATES GDP GROWTH RATE 40 33.8 $23,000 30 Annualized % Cha nge $22,000 20 FIGURE 3-10 UNITED STATES GDP GROWTH RATE 40 33.8 $23,000 30 Annualized % Cha nge $22,000 20 GDP (Billions) 10 2.9 3.9 3.8 2.7 1.9 0.9 2.4 3.2 2.8 1.9 4.5 6.3 6.5 2.3 2.2 2.0 2.3 2.2 $21,000 0 -10 $20,000 -5.1 -20 $19,000 -30 -40 -31.2 $18,000 2016 2017 2018 2019 2020 2021 Annualized % Change GDP (Billions) Sources: tradingeconomics.com, Bureau of Economic Analysis GDP (Billions) 10 2.9 3.9 3.8 2.7 1.9 0.9 2.4 3.2 2.8 1.9 4.5 6.3 6.5 2.3 2.2 2.0 2.3 2.2 $21,000 0 -10 $20,000 -5.1 -20 $19,000 -30 -40 -31.2 $18,000 2016 2017 2018 2019 2020 2021 Annualized % Change GDP (Billions) Sources: tradingeconomics.com, Bureau of Economic Analysis While shocking, the second-quarter GDP decline was offset by a significant rebound in economic activity in the third quarter of 2020, greatly moderating the overall impact for the year. The U.S. economy grew by 33.8% on an annualized basis in the third quarter, followed by 4.5%, 6.3%, and 6.5% gains in the subsequent three quarters, respectively. The rebound has been supported by substantial stimulus by the federal government, including the March 2020 $2-trillion CARES economic-aid package, the December 2020 $900-million aid package, and the March 2021 $1.9- trillion American Rescue Plan. The considerable federal stimulus has raised concerns about rising inflation, which has traditionally benefited hotel investments, though rising labor costs are also a concern. Hotel investors remain bullish based on factors such as a rebound in travel demand, rising hotel performance levels, and opportunities to generate significant returns as the industry recovers. While shocking, the second-quarter GDP decline was offset by a significant rebound in economic activity in the third quarter of 2020, greatly moderating the overall impact for the year. The U.S. economy grew by 33.8% on an annualized basis in the third quarter, followed by 4.5%, 6.3%, and 6.5% gains in the subsequent three quarters, respectively. The rebound has been supported by substantial stimulus by the federal government, including the March 2020 $2-trillion CARES economic-aid package, the December 2020 $900-million aid package, and the March 2021 $1.9- trillion American Rescue Plan. The considerable federal stimulus has raised concerns about rising inflation, which has traditionally benefited hotel investments, though rising labor costs are also a concern. Hotel investors remain bullish based on factors such as a rebound in travel demand, rising hotel performance levels, and opportunities to generate significant returns as the industry recovers. Page Proposed Skaneateles131 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 44 4. Supply and Demand Analysis In the lodging industry, price varies directly, but not proportionately, with demand and inversely, but not proportionately, with supply. Supply is measured by the number of guestrooms available, and demand is measured by the number of rooms occupied; the net effect of supply and demand toward equilibrium results in a prevailing price, or average daily rate (ADR). The purpose of this section is to investigate current supply and demand trends, as indicated by the current competitive market, and to set forth a basis for the projection of future supply and demand growth. Page Proposed Skaneateles131 Market Area Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 44 4. Supply and Demand Analysis In the lodging industry, price varies directly, but not proportionately, with demand and inversely, but not proportionately, with supply. Supply is measured by the number of guestrooms available, and demand is measured by the number of rooms occupied; the net effect of supply and demand toward equilibrium results in a prevailing price, or average daily rate (ADR). The purpose of this section is to investigate current supply and demand trends, as indicated by the current competitive market, and to set forth a basis for the projection of future supply and demand growth. Definition of Subject The subject site is located in the greater Syracuse lodging market. Within this Hotel Market greater market, the direct submarket that will include the proposed subject hotel is located in central New York within the area known as the Finger Lakes Region, and more directly the Town of Skaneateles . The proposed subject hotel is expected to compete with five hotels on a primary level based on location in the Skaneateles area or offering a similar product type in a similar finger lake region. We have considered an additional four hotels as future secondary competitors given differences in locations and submarkets. National Trends A hotel’s local lodging market is most directly affected by the supply and demand Overview trends within the immediate area. However, individual markets are also influenced by conditions in the national lodging market. We have reviewed national lodging trends to provide a context for the forecast of the supply and demand for the proposed subject hotel’s competitive set. Definition of Subject The subject site is located in the greater Syracuse lodging market. Within this Hotel Market greater market, the direct submarket that will include the proposed subject hotel is located in central New York within the area known as the Finger Lakes Region, and more directly the Town of Skaneateles . The proposed subject hotel is expected to compete with five hotels on a primary level based on location in the Skaneateles area or offering a similar product type in a similar finger lake region. We have considered an additional four hotels as future secondary competitors given differences in locations and submarkets. National Trends A hotel’s local lodging market is most directly affected by the supply and demand Overview trends within the immediate area. However, individual markets are also influenced by conditions in the national lodging market. We have reviewed national lodging trends to provide a context for the forecast of the supply and demand for the proposed subject hotel’s competitive set. STR is an independent research firm that compiles data on the lodging industry, and this information is routinely used by typical hotel buyers. The following STR diagram presents annual hotel occupancy, average daily rate (ADR), and rooms revenue per available room (RevPAR) data since 1989. RevPAR is calculated by multiplying occupancy by average rate and provides an indication of how well rooms revenue is being maximized. Page Proposed Skaneateles132 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 45 STR is an independent research firm that compiles data on the lodging industry, and this information is routinely used by typical hotel buyers. The following STR diagram presents annual hotel occupancy, average daily rate (ADR), and rooms revenue per available room (RevPAR) data since 1989. RevPAR is calculated by multiplying occupancy by average rate and provides an indication of how well rooms revenue is being maximized. Page Proposed Skaneateles132 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 45 FIGURE 4-1 NATIONAL OCCUPANCY, AVERAGE RATE, AND REVPAR TRENDS $140 70.0% $120 60.0% $100 50.0% $80 40.0% $60 30.0% FIGURE 4-1 NATIONAL OCCUPANCY, AVERAGE RATE, AND REVPAR TRENDS $140 70.0% $120 60.0% $100 50.0% $80 40.0% $60 30.0% $40 20.0% $20 10.0% $40 20.0% $20 10.0% $0 0.0% 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 RevPAR Average Rate Occupancy $0 0.0% 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 RevPAR Average Rate Occupancy Source: STR The preceding chart illustrates the impact of the recessions of the early 1990s, 2000s, and the financial crisis of 2008/09 on the U.S. lodging industry. In each case, the downturn caused lodging demand to drop, resulting in an occupancy decline. The aggregate average rate (ADR) also fell, as hoteliers used price as a marketing tool to attract demand and support occupancy levels. As occupancy recovered, ADR growth resumed, although the ADR recovery lagged somewhat behind occupancy levels, as price discounts contributed to the initial recovery of demand. Throughout the period, both supply and demand increased, which contributed to the increased degree of volatility evident in each successive cycle. Source: STR The preceding chart illustrates the impact of the recessions of the early 1990s, 2000s, and the financial crisis of 2008/09 on the U.S. lodging industry. In each case, the downturn caused lodging demand to drop, resulting in an occupancy decline. The aggregate average rate (ADR) also fell, as hoteliers used price as a marketing tool to attract demand and support occupancy levels. As occupancy recovered, ADR growth resumed, although the ADR recovery lagged somewhat behind occupancy levels, as price discounts contributed to the initial recovery of demand. Throughout the period, both supply and demand increased, which contributed to the increased degree of volatility evident in each successive cycle. Following the financial crisis of the Great Recession, occupancy fell by over eight points, and ADR declined by 5.9%, resulting in an 18.3% decrease in RevPAR. The market recovered steadily thereafter, with occupancy surpassing the 65% mark in 2015, and average rates also consistently growing, albeit at a decelerating pace. The onset of the COVID-19 pandemic in March 2020 had a severe impact on the lodging industry, causing occupancy, ADR, and RevPAR to decline by unprecedented levels. The 2019 and 2020 annual data are presented in the following chart. The data are categorized by geographical region, price point, type of location, and chain scale, and the statistics include occupancy, ADR, and RevPAR. Following the financial crisis of the Great Recession, occupancy fell by over eight points, and ADR declined by 5.9%, resulting in an 18.3% decrease in RevPAR. The market recovered steadily thereafter, with occupancy surpassing the 65% mark in 2015, and average rates also consistently growing, albeit at a decelerating pace. The onset of the COVID-19 pandemic in March 2020 had a severe impact on the lodging industry, causing occupancy, ADR, and RevPAR to decline by unprecedented levels. The 2019 and 2020 annual data are presented in the following chart. The data are categorized by geographical region, price point, type of location, and chain scale, and the statistics include occupancy, ADR, and RevPAR. Page Proposed Skaneateles133 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 46 FIGURE 4-2 NATIONAL OCCUPANCY AND ADR TRENDS – CALENDAR-YEAR DATA Page Proposed Skaneateles133 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 46 FIGURE 4-2 NATIONAL OCCUPANCY AND ADR TRENDS – CALENDAR-YEAR DATA Occupancy Average Rate RevPAR Percent Change % Rms. 2019 2020 % Change 2019 2020 Change 2019 2020 % Change Avail. Rms. Sold United States 66.0 % 44.0 % (33.3) % $131.23 $103.25 (21.3) % $86.64 $45.48 (47.5) % (3.6) % (35.7) % Region New England 64.7 % 38.8 % (40.1) % $161.08 $123.17 (23.5) % $104.25 $47.77 (54.2) % (5.2) % (43.2) % Middle Atlantic 69.0 41.3 (40.1) 166.27 115.26 (30.7) 114.81 47.65 (58.5) (8.7) (45.3) South Atlantic 67.5 45.7 (32.2) 128.41 107.99 (15.9) 86.68 49.40 (43.0) (3.5) (34.6) E. North Central 61.1 39.1 (36.0) 112.64 86.72 (23.0) 68.82 33.93 (50.7) (2.3) (37.4) E. South Central 62.4 45.7 (26.8) 103.58 85.74 (17.2) 64.61 39.18 (39.4) 0.5 (26.4) W. North Central 58.3 39.1 (32.9) 99.28 83.65 (15.7) 57.88 32.72 (43.5) 0.2 (32.7) W. South Central 62.6 44.9 (28.2) 101.84 82.88 (18.6) 63.77 37.25 (41.6) (0.4) (28.5) Mountain 66.9 46.7 (30.1) 121.89 105.70 (13.3) 81.54 49.39 (39.4) (4.3) (33.2) Pacific 73.6 47.1 (36.0) 171.40 129.57 (24.4) 126.16 61.01 (51.6) (7.3) (40.7) Class Luxury 70.9 % 36.8 % (48.1) % $304.11 $285.78 (6.0) % $215.73 $105.29 (51.2) % (15.1) % (55.9) % Upper-Upscale 72.6 34.8 (52.1) 188.24 159.14 (15.5) 136.67 55.30 (59.5) (13.3) (58.5) Upscale 71.5 42.8 (40.1) 143.60 117.80 (18.0) 102.68 50.45 (50.9) (2.7) (41.7) Upper-Midscale 67.5 45.3 (32.9) 115.91 98.80 (14.8) 78.20 44.72 (42.8) 0.0 (32.9) Midscale 59.5 44.4 (25.4) 95.82 84.47 (11.8) 57.03 37.52 (34.2) (0.7) (25.9) Economy 59.4 49.2 (17.1) 75.50 65.45 (13.3) 44.83 32.30 (28.2) (1.3) (18.2) Location Urban 73.2 % 37.9 % (48.2) % $183.20 $127.80 (30.2) % $134.12 $48.47 (63.9) % (10.9) % (53.8) % Suburban 66.7 46.4 (30.4) 111.26 88.81 (20.2) 74.24 41.24 (44.4) (0.9) (31.0) Airport 73.7 44.5 (39.6) 119.22 93.71 (21.4) 87.85 41.72 (52.5) (1.2) (40.3) Interstate 57.9 44.8 (22.7) 87.86 79.05 (10.0) 50.85 35.39 (30.4) 0.8 (22.0) Resort 70.0 42.9 (38.6) 182.74 170.36 (6.8) 127.85 73.13 (42.8) (12.9) (46.6) Small Town 57.8 44.4 (23.1) 107.26 96.95 (9.6) 61.98 43.07 (30.5) (0.1) (23.2) Chain Scale Luxury 73.8 % 32.0 % (56.7) % $343.02 $329.54 (3.9) % $253.17 $105.40 (58.4) % (21.5) % (66.0) % Upper-Upscale 73.9 33.4 (54.8) 189.25 158.86 (16.1) 139.80 53.10 (62.0) (13.7) (61.0) Upscale 72.6 43.0 (40.7) 142.38 115.11 (19.2) 103.32 49.52 (52.1) (0.9) (41.3) Upper-Midscale 67.5 45.4 (32.7) 112.80 96.04 (14.9) 76.14 43.61 (42.7) 0.9 (32.1) Midscale 58.1 44.2 (23.8) 86.61 77.29 (10.8) 50.30 34.19 (32.0) 0.9 (23.2) Economy 58.7 50.9 (13.2) 63.70 58.21 (8.6) 37.36 29.64 (20.7) (0.4) (13.5) Independents 63.5 44.8 (29.5) 133.08 110.74 (16.8) 84.44 49.56 (41.3) (5.6) (33.4) Source: STR - December 2020 Lodging Review Occupancy Average Rate RevPAR Percent Change % Rms. 2019 2020 % Change 2019 2020 Change 2019 2020 % Change Avail. Rms. Sold United States 66.0 % 44.0 % (33.3) % $131.23 $103.25 (21.3) % $86.64 $45.48 (47.5) % (3.6) % (35.7) % Region New England 64.7 % 38.8 % (40.1) % $161.08 $123.17 (23.5) % $104.25 $47.77 (54.2) % (5.2) % (43.2) % Middle Atlantic 69.0 41.3 (40.1) 166.27 115.26 (30.7) 114.81 47.65 (58.5) (8.7) (45.3) South Atlantic 67.5 45.7 (32.2) 128.41 107.99 (15.9) 86.68 49.40 (43.0) (3.5) (34.6) E. North Central 61.1 39.1 (36.0) 112.64 86.72 (23.0) 68.82 33.93 (50.7) (2.3) (37.4) E. South Central 62.4 45.7 (26.8) 103.58 85.74 (17.2) 64.61 39.18 (39.4) 0.5 (26.4) W. North Central 58.3 39.1 (32.9) 99.28 83.65 (15.7) 57.88 32.72 (43.5) 0.2 (32.7) W. South Central 62.6 44.9 (28.2) 101.84 82.88 (18.6) 63.77 37.25 (41.6) (0.4) (28.5) Mountain 66.9 46.7 (30.1) 121.89 105.70 (13.3) 81.54 49.39 (39.4) (4.3) (33.2) Pacific 73.6 47.1 (36.0) 171.40 129.57 (24.4) 126.16 61.01 (51.6) (7.3) (40.7) Class Luxury 70.9 % 36.8 % (48.1) % $304.11 $285.78 (6.0) % $215.73 $105.29 (51.2) % (15.1) % (55.9) % Upper-Upscale 72.6 34.8 (52.1) 188.24 159.14 (15.5) 136.67 55.30 (59.5) (13.3) (58.5) Upscale 71.5 42.8 (40.1) 143.60 117.80 (18.0) 102.68 50.45 (50.9) (2.7) (41.7) Upper-Midscale 67.5 45.3 (32.9) 115.91 98.80 (14.8) 78.20 44.72 (42.8) 0.0 (32.9) Midscale 59.5 44.4 (25.4) 95.82 84.47 (11.8) 57.03 37.52 (34.2) (0.7) (25.9) Economy 59.4 49.2 (17.1) 75.50 65.45 (13.3) 44.83 32.30 (28.2) (1.3) (18.2) Location Urban 73.2 % 37.9 % (48.2) % $183.20 $127.80 (30.2) % $134.12 $48.47 (63.9) % (10.9) % (53.8) % Suburban 66.7 46.4 (30.4) 111.26 88.81 (20.2) 74.24 41.24 (44.4) (0.9) (31.0) Airport 73.7 44.5 (39.6) 119.22 93.71 (21.4) 87.85 41.72 (52.5) (1.2) (40.3) Interstate 57.9 44.8 (22.7) 87.86 79.05 (10.0) 50.85 35.39 (30.4) 0.8 (22.0) Resort 70.0 42.9 (38.6) 182.74 170.36 (6.8) 127.85 73.13 (42.8) (12.9) (46.6) Small Town 57.8 44.4 (23.1) 107.26 96.95 (9.6) 61.98 43.07 (30.5) (0.1) (23.2) Chain Scale Luxury 73.8 % 32.0 % (56.7) % $343.02 $329.54 (3.9) % $253.17 $105.40 (58.4) % (21.5) % (66.0) % Upper-Upscale 73.9 33.4 (54.8) 189.25 158.86 (16.1) 139.80 53.10 (62.0) (13.7) (61.0) Upscale 72.6 43.0 (40.7) 142.38 115.11 (19.2) 103.32 49.52 (52.1) (0.9) (41.3) Upper-Midscale 67.5 45.4 (32.7) 112.80 96.04 (14.9) 76.14 43.61 (42.7) 0.9 (32.1) Midscale 58.1 44.2 (23.8) 86.61 77.29 (10.8) 50.30 34.19 (32.0) 0.9 (23.2) Economy 58.7 50.9 (13.2) 63.70 58.21 (8.6) 37.36 29.64 (20.7) (0.4) (13.5) Independents 63.5 44.8 (29.5) 133.08 110.74 (16.8) 84.44 49.56 (41.3) (5.6) (33.4) Source: STR - December 2020 Lodging Review Page Proposed Skaneateles134 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 47 In December 2019, a novel coronavirus known as SARS-CoV-2 (COVID-19) was first identified in China, which has since spread throughout the world. The first reported case in the United States occurred in the State of Washington in late January 2020; by mid-March, cases had been identified in all 50 states, and the number of cases was increasing exponentially. The World Health Organization (WHO) officially declared COVID-19 a global pandemic on March 11, 2020, and the U.S. declared the outbreak a National Emergency on March 13, 2020. As the number of cases multiplied in the U.S. and throughout the world, governments implemented lockdowns and social-distancing measures in an effort to slow the spread of the virus. In most cases, these measures were effective, and the rates of infection slowed substantially through the summer months. After a spike in late December/early January, the number of new cases declined again. With vaccinations now available for all adults, infection rates have declined in most states. As a result, consumer confidence in being able to travel safely in the U.S. is rising; thus, the outlook for recovery of the travel industry has significantly improved. Most recently, the Delta variant has increased speculation for concern in some areas; however, the extent of the impact of the variant was largely unknown at the time of this report. Page Proposed Skaneateles134 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 47 In December 2019, a novel coronavirus known as SARS-CoV-2 (COVID-19) was first identified in China, which has since spread throughout the world. The first reported case in the United States occurred in the State of Washington in late January 2020; by mid-March, cases had been identified in all 50 states, and the number of cases was increasing exponentially. The World Health Organization (WHO) officially declared COVID-19 a global pandemic on March 11, 2020, and the U.S. declared the outbreak a National Emergency on March 13, 2020. As the number of cases multiplied in the U.S. and throughout the world, governments implemented lockdowns and social-distancing measures in an effort to slow the spread of the virus. In most cases, these measures were effective, and the rates of infection slowed substantially through the summer months. After a spike in late December/early January, the number of new cases declined again. With vaccinations now available for all adults, infection rates have declined in most states. As a result, consumer confidence in being able to travel safely in the U.S. is rising; thus, the outlook for recovery of the travel industry has significantly improved. Most recently, the Delta variant has increased speculation for concern in some areas; however, the extent of the impact of the variant was largely unknown at the time of this report. The pandemic led to global economic disruptions, as stock markets throughout the world suffered steep declines and the price of oil dropped precipitously. The markets have realized a significant recovery since the initial impact, and the price of oil has also recovered. In the United States, economic activity declined sharply because of restrictions on business and travel. In most areas of the nation, all but essential businesses were effectively closed for much of the second quarter of 2020, resulting in a 31.4% drop in GDP. With most states easing or lifting restrictions over the summer, the economy rebounded in the latter half of 2020, and with a 6.4% gain in the first quarter of 2021, actual GDP exceeded pre-pandemic levels. Significant government support contributed to this rebound, and the latest $1.9-trillion funding bill passed in March 2021 will further contribute to the ongoing economic recovery, with GDP growth for 2021 expected to reach or exceed 6.0%. While the long-term impact of the bailouts remains unknown, it is clear that the economic rebound is already well underway and will continue to stimulate the recovery of the hospitality industry. The pandemic led to global economic disruptions, as stock markets throughout the world suffered steep declines and the price of oil dropped precipitously. The markets have realized a significant recovery since the initial impact, and the price of oil has also recovered. In the United States, economic activity declined sharply because of restrictions on business and travel. In most areas of the nation, all but essential businesses were effectively closed for much of the second quarter of 2020, resulting in a 31.4% drop in GDP. With most states easing or lifting restrictions over the summer, the economy rebounded in the latter half of 2020, and with a 6.4% gain in the first quarter of 2021, actual GDP exceeded pre-pandemic levels. Significant government support contributed to this rebound, and the latest $1.9-trillion funding bill passed in March 2021 will further contribute to the ongoing economic recovery, with GDP growth for 2021 expected to reach or exceed 6.0%. While the long-term impact of the bailouts remains unknown, it is clear that the economic rebound is already well underway and will continue to stimulate the recovery of the hospitality industry. The hotel market performance data for 2020 reflect the onset and spread of the COVID-19 pandemic. Occupancy declined by 22 points, and ADR declined by roughly $28.00, resulting in a RevPAR loss of 47.5% when compared to 2019. The sharp downturn in travel caused by COVID-19 has continued into 2021, as the months of January and February 2020 were not notably affected by the pandemic. With travel still substantially below historic levels, data for the first quarter of 2021 continue to show a sharp downturn in travel activity. Page Proposed Skaneateles135 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 48 FIGURE 4-3 NATIONAL OCCUPANCY AND ADR TRENDS – YEAR-TO-DATE DATA The hotel market performance data for 2020 reflect the onset and spread of the COVID-19 pandemic. Occupancy declined by 22 points, and ADR declined by roughly $28.00, resulting in a RevPAR loss of 47.5% when compared to 2019. The sharp downturn in travel caused by COVID-19 has continued into 2021, as the months of January and February 2020 were not notably affected by the pandemic. With travel still substantially below historic levels, data for the first quarter of 2021 continue to show a sharp downturn in travel activity. Page Proposed Skaneateles135 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 48 FIGURE 4-3 NATIONAL OCCUPANCY AND ADR TRENDS – YEAR-TO-DATE DATA Occupancy - YTD June Average Rate - YTD June RevPAR - YTD June Percent Change % Rms. 2020 2021 % Change 2020 2021 Change 2020 2021 % Change Avail. Rms. Sold United States 43.1 % 53.8 % 24.9 % $108.91 $111.08 2.0 % $46.93 $59.77 27.4 % 5.2 % 31.3 % Region New England 35.6 % 46.5 % 30.5 % $115.09 $120.82 5.0 % $40.98 $56.13 37.0 % 5.9 % 38.2 % Middle Atlantic 40.2 48.1 19.6 119.46 117.21 (1.9) 48.01 56.35 17.4 0.2 19.9 South Atlantic 46.2 58.5 26.6 116.89 124.84 6.8 53.99 72.97 35.2 6.7 35.1 E. North Central 37.2 46.5 25.2 87.60 91.18 4.1 32.57 42.44 30.3 4.4 30.7 E. South Central 43.0 57.0 32.6 86.50 94.59 9.4 37.19 53.93 45.0 3.7 37.5 W. North Central 36.1 46.7 29.2 83.98 88.68 5.6 30.33 41.38 36.4 3.3 33.5 W. South Central 44.3 56.7 27.9 87.30 87.99 0.8 38.70 49.89 28.9 4.3 33.4 Mountain 45.7 55.8 22.2 111.62 111.54 (0.1) 51.01 62.29 22.1 9.0 33.2 Pacific 47.0 55.1 17.3 139.88 135.17 (3.4) 65.68 74.44 13.3 5.6 23.9 Class Luxury 41.1 % 45.0 % 9.5 % $295.99 $320.44 8.3 % $121.53 $144.11 18.6 % 22.6 % 34.3 % Upper-Upscale 39.4 42.7 8.5 173.92 161.13 (7.4) 68.48 68.81 0.5 11.6 21.1 Upscale 42.2 54.9 30.0 126.48 120.49 (4.7) 53.35 66.09 23.9 6.8 38.9 Upper-Midscale 42.5 57.5 35.3 102.09 104.26 2.1 43.40 59.95 38.1 4.7 41.6 Midscale 41.3 53.9 30.7 83.90 91.02 8.5 34.64 49.09 41.7 3.0 34.5 Economy 46.8 57.0 21.8 64.94 71.21 9.7 30.41 40.62 33.6 0.0 21.8 Location Urban 41.7 % 45.5 % 9.1 % $142.89 $128.00 (10.4) % $59.54 $58.21 (2.2) % 5.9 % 15.6 % Suburban 45.2 56.7 25.4 93.06 93.76 0.8 42.06 53.14 26.4 4.2 30.7 Airport 46.1 56.3 22.3 103.14 94.43 (8.4) 47.50 53.21 12.0 3.3 26.4 Interstate 40.8 54.9 34.6 77.24 85.22 10.3 31.50 46.78 48.5 2.6 38.1 Resort 45.6 54.0 18.4 183.93 196.89 7.0 83.82 106.26 26.8 16.3 37.7 Small Town 39.4 53.7 36.4 89.73 103.70 15.6 35.31 55.66 57.6 2.7 40.1 Chain Scale Luxury 41.6 % 38.9 % (6.6) % $350.02 $369.40 5.5 % $145.73 $143.58 (1.5) % 27.3 % 18.8 % Upper-Upscale 39.1 41.1 4.9 176.04 157.29 (10.7) 68.90 64.59 (6.2) 12.6 18.2 Upscale 42.6 55.2 29.5 125.35 115.79 (7.6) 53.42 63.90 19.6 7.0 38.5 Upper-Midscale 42.5 58.1 36.8 99.51 101.53 2.0 42.28 59.01 39.6 4.2 42.5 Midscale 41.2 53.6 30.1 77.02 82.62 7.3 31.70 44.25 39.6 2.3 33.2 Economy 48.5 58.3 20.2 57.10 62.29 9.1 27.70 36.32 31.1 (0.9) 19.1 Independents 43.1 53.9 25.1 109.63 122.53 11.8 47.21 65.99 39.8 4.8 31.1 Occupancy - YTD June Average Rate - YTD June RevPAR - YTD June Percent Change % Rms. 2020 2021 % Change 2020 2021 Change 2020 2021 % Change Avail. Rms. Sold United States 43.1 % 53.8 % 24.9 % $108.91 $111.08 2.0 % $46.93 $59.77 27.4 % 5.2 % 31.3 % Region New England 35.6 % 46.5 % 30.5 % $115.09 $120.82 5.0 % $40.98 $56.13 37.0 % 5.9 % 38.2 % Middle Atlantic 40.2 48.1 19.6 119.46 117.21 (1.9) 48.01 56.35 17.4 0.2 19.9 South Atlantic 46.2 58.5 26.6 116.89 124.84 6.8 53.99 72.97 35.2 6.7 35.1 E. North Central 37.2 46.5 25.2 87.60 91.18 4.1 32.57 42.44 30.3 4.4 30.7 E. South Central 43.0 57.0 32.6 86.50 94.59 9.4 37.19 53.93 45.0 3.7 37.5 W. North Central 36.1 46.7 29.2 83.98 88.68 5.6 30.33 41.38 36.4 3.3 33.5 W. South Central 44.3 56.7 27.9 87.30 87.99 0.8 38.70 49.89 28.9 4.3 33.4 Mountain 45.7 55.8 22.2 111.62 111.54 (0.1) 51.01 62.29 22.1 9.0 33.2 Pacific 47.0 55.1 17.3 139.88 135.17 (3.4) 65.68 74.44 13.3 5.6 23.9 Class Luxury 41.1 % 45.0 % 9.5 % $295.99 $320.44 8.3 % $121.53 $144.11 18.6 % 22.6 % 34.3 % Upper-Upscale 39.4 42.7 8.5 173.92 161.13 (7.4) 68.48 68.81 0.5 11.6 21.1 Upscale 42.2 54.9 30.0 126.48 120.49 (4.7) 53.35 66.09 23.9 6.8 38.9 Upper-Midscale 42.5 57.5 35.3 102.09 104.26 2.1 43.40 59.95 38.1 4.7 41.6 Midscale 41.3 53.9 30.7 83.90 91.02 8.5 34.64 49.09 41.7 3.0 34.5 Economy 46.8 57.0 21.8 64.94 71.21 9.7 30.41 40.62 33.6 0.0 21.8 Location Urban 41.7 % 45.5 % 9.1 % $142.89 $128.00 (10.4) % $59.54 $58.21 (2.2) % 5.9 % 15.6 % Suburban 45.2 56.7 25.4 93.06 93.76 0.8 42.06 53.14 26.4 4.2 30.7 Airport 46.1 56.3 22.3 103.14 94.43 (8.4) 47.50 53.21 12.0 3.3 26.4 Interstate 40.8 54.9 34.6 77.24 85.22 10.3 31.50 46.78 48.5 2.6 38.1 Resort 45.6 54.0 18.4 183.93 196.89 7.0 83.82 106.26 26.8 16.3 37.7 Small Town 39.4 53.7 36.4 89.73 103.70 15.6 35.31 55.66 57.6 2.7 40.1 Chain Scale Luxury 41.6 % 38.9 % (6.6) % $350.02 $369.40 5.5 % $145.73 $143.58 (1.5) % 27.3 % 18.8 % Upper-Upscale 39.1 41.1 4.9 176.04 157.29 (10.7) 68.90 64.59 (6.2) 12.6 18.2 Upscale 42.6 55.2 29.5 125.35 115.79 (7.6) 53.42 63.90 19.6 7.0 38.5 Upper-Midscale 42.5 58.1 36.8 99.51 101.53 2.0 42.28 59.01 39.6 4.2 42.5 Midscale 41.2 53.6 30.1 77.02 82.62 7.3 31.70 44.25 39.6 2.3 33.2 Economy 48.5 58.3 20.2 57.10 62.29 9.1 27.70 36.32 31.1 (0.9) 19.1 Independents 43.1 53.9 25.1 109.63 122.53 11.8 47.21 65.99 39.8 4.8 31.1 Source: STR - June 2021 Lodging Review In an effort to further understand the nature and degree of the impact of the pandemic thus far, we have reviewed the following weekly data for the U.S. lodging industry, as published by STR. Both occupancy and ADR began to decline significantly during the week of March 7, 2020, with national occupancy reaching a Page Proposed Skaneateles136 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 49 Source: STR - June 2021 Lodging Review In an effort to further understand the nature and degree of the impact of the pandemic thus far, we have reviewed the following weekly data for the U.S. lodging industry, as published by STR. Both occupancy and ADR began to decline significantly during the week of March 7, 2020, with national occupancy reaching a Page Proposed Skaneateles136 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 49 nadir of 21%; RevPAR dropped 83% from the 2019 level for the week ending April 11, 2020. Modest improvements began in late April when stay-at-home orders and travel restrictions were relaxed; the decline from 2019 performance fell below 50% in the latter half of the summer. However, with the relaxation in restrictions, the number of nationwide cases began to rise, reaching a peak during the December 2020/January 2021 holiday season. As a result, travelers pulled back, and RevPAR declines once again exceeded 50% in most weeks throughout the early winter. Beginning in February 2021, with vaccination rates rising and the number of cases declining, travel increased, and the RevPAR decline fell below 50%; this positive trend is anticipated to continue as the population is increasingly vaccinated, group gathering restrictions are lifted, and consumer confidence in travel continues to rise. For the year-to-date June 2021 period, RevPAR registered a 27% improvement over the same period in 2020 ($60 vs. $47). The expectation of recovery over the next two to four years remains, particularly given that recent travel activity demonstrates that many Americans are eager to travel. nadir of 21%; RevPAR dropped 83% from the 2019 level for the week ending April 11, 2020. Modest improvements began in late April when stay-at-home orders and travel restrictions were relaxed; the decline from 2019 performance fell below 50% in the latter half of the summer. However, with the relaxation in restrictions, the number of nationwide cases began to rise, reaching a peak during the December 2020/January 2021 holiday season. As a result, travelers pulled back, and RevPAR declines once again exceeded 50% in most weeks throughout the early winter. Beginning in February 2021, with vaccination rates rising and the number of cases declining, travel increased, and the RevPAR decline fell below 50%; this positive trend is anticipated to continue as the population is increasingly vaccinated, group gathering restrictions are lifted, and consumer confidence in travel continues to rise. For the year-to-date June 2021 period, RevPAR registered a 27% improvement over the same period in 2020 ($60 vs. $47). The expectation of recovery over the next two to four years remains, particularly given that recent travel activity demonstrates that many Americans are eager to travel. FIGURE 4-4 NATIONAL OCCUPANCY TRENDS – WEEKLY DATA Hotel Occupancy 2020 - 2021 2019 80% 60% 40% -6.2% 20% 0% J F M A M J J A S O N D J F M A M J J Months of the Year Page Proposed Skaneateles137 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 50 FIGURE 4-5 NATIONAL ADR TRENDS – WEEKLY DATA Hotel ADR 2020 - 2021 2019 $150 $100 6.6% $50 J F M A M J J A S O N D J F M A M J J Months of the Year FIGURE 4-6 NATIONAL REVPAR TRENDS – WEEKLY DATA FIGURE 4-4 NATIONAL OCCUPANCY TRENDS – WEEKLY DATA Hotel Occupancy 2020 - 2021 2019 80% 60% 40% -6.2% 20% 0% J F M A M J J A S O N D J F M A M J J Months of the Year Page Proposed Skaneateles137 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 50 FIGURE 4-5 NATIONAL ADR TRENDS – WEEKLY DATA Hotel ADR 2020 - 2021 2019 $150 $100 6.6% $50 J F M A M J J A S O N D J F M A M J J Months of the Year FIGURE 4-6 NATIONAL REVPAR TRENDS – WEEKLY DATA Hotel RevPAR 2020 - 2021 2019 $110 $90 $70 $50 0.6% $30 $10 J F M A M J J A S O N D J F M A M J J Months of the Year Hotel RevPAR 2020 - 2021 2019 $110 $90 $70 $50 0.6% $30 $10 J F M A M J J A S O N D J F M A M J J Months of the Year The downturn has affected the various sectors of the lodging industry to differing degrees. Hotels that derive a significant component of their demand from the group segment have been hit the hardest, followed by properties in markets with a high proportion of business and international travel. For this reason, the major metropolitan areas reported deep RevPAR declines through the first quarter of 2021, a trend that is starting to reverse. Hotels in locations that depend primarily on automobile traffic have fared better and the extended-stay category has also outperformed the national average. The popularity of “drive-to” destinations has been a particular bright spot, demonstrating Americans’ desire to travel, albeit in Page Proposed Skaneateles138 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 51 The downturn has affected the various sectors of the lodging industry to differing degrees. Hotels that derive a significant component of their demand from the group segment have been hit the hardest, followed by properties in markets with a high proportion of business and international travel. For this reason, the major metropolitan areas reported deep RevPAR declines through the first quarter of 2021, a trend that is starting to reverse. Hotels in locations that depend primarily on automobile traffic have fared better and the extended-stay category has also outperformed the national average. The popularity of “drive-to” destinations has been a particular bright spot, demonstrating Americans’ desire to travel, albeit in Page Proposed Skaneateles138 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 51 the relative safety of their own vehicles. With air travel increasing, the leisure segment continues to outperform all other segments, and hotels and markets that primarily depend on leisure travelers are showing strong signs of recovery. As restrictions have been lifted, some business travel has also resumed, and group events have started to occur in markets where local restrictions permit larger gatherings. These trends are evidence of the ongoing recovery of the market, and the weekly and monthly statistics are expected to reflect substantial increases over 2020 levels for the balance of the year, as all segments are increasingly confident in the safety of travel. The rate of infections is continuing to decline from the late 2020/early 2021 spike, and vaccines are increasingly available. Accordingly, hotel owners, operators, and investors generally anticipate the hospitality sector to recover at an accelerating pace, as vaccines, medical therapies, and public confidence support a return of travel. The recovery is expected to continue in 2022 and 2023, with national RevPAR anticipated to return to 2019 levels by 2024. the relative safety of their own vehicles. With air travel increasing, the leisure segment continues to outperform all other segments, and hotels and markets that primarily depend on leisure travelers are showing strong signs of recovery. As restrictions have been lifted, some business travel has also resumed, and group events have started to occur in markets where local restrictions permit larger gatherings. These trends are evidence of the ongoing recovery of the market, and the weekly and monthly statistics are expected to reflect substantial increases over 2020 levels for the balance of the year, as all segments are increasingly confident in the safety of travel. The rate of infections is continuing to decline from the late 2020/early 2021 spike, and vaccines are increasingly available. Accordingly, hotel owners, operators, and investors generally anticipate the hospitality sector to recover at an accelerating pace, as vaccines, medical therapies, and public confidence support a return of travel. The recovery is expected to continue in 2022 and 2023, with national RevPAR anticipated to return to 2019 levels by 2024. 2019 Base Year The severe disruption to the hospitality industry in 2020 and early 2021 is recognized by market participants as an anomaly. While it is important to understand how the hospitality industry, inclusive of individual markets and hotels, was affected by the pandemic, performance data from this period do not provide a reasonable basis for forecasting demand, occupancy, and ADR. Our interviews with market participants, including major brands, management companies, and investors, confirmed this opinion. The industry generally recognizes 2019 as representative of normalized performance levels, with recovery from the pandemic measured in terms of a rebound to those pre-pandemic benchmarks. We have utilized a similar approach in our analysis of the subject property and its competitive market, focusing on 2019 base-year performance and the trajectory of recovery to those metrics and beyond. Thus, the base year used in this report refers to 2019. 2019 Base Year The severe disruption to the hospitality industry in 2020 and early 2021 is recognized by market participants as an anomaly. While it is important to understand how the hospitality industry, inclusive of individual markets and hotels, was affected by the pandemic, performance data from this period do not provide a reasonable basis for forecasting demand, occupancy, and ADR. Our interviews with market participants, including major brands, management companies, and investors, confirmed this opinion. The industry generally recognizes 2019 as representative of normalized performance levels, with recovery from the pandemic measured in terms of a rebound to those pre-pandemic benchmarks. We have utilized a similar approach in our analysis of the subject property and its competitive market, focusing on 2019 base-year performance and the trajectory of recovery to those metrics and beyond. Thus, the base year used in this report refers to 2019. Historical Supply As noted previously, STR is an independent research firm that compiles and and Demand Data publishes data on the lodging industry, routinely used by typical hotel buyers. HVS has ordered and analyzed an STR Trend Report of historical supply and demand data for a group of hotels considered applicable to this analysis for the proposed subject hotel. This information is presented in the following table, along with the market-wide occupancy, average rate, and rooms revenue per available room (RevPAR). RevPAR is calculated by multiplying occupancy by average rate and provides an indication of how well rooms revenue is being maximized. In response to the travel restrictions and the decline in demand associated with the COVID-19 pandemic, numerous hotels in markets across the nation temporarily suspended operations. During these suspensions, hotels were typically closed to the Page Proposed Skaneateles139 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 52 Historical Supply As noted previously, STR is an independent research firm that compiles and and Demand Data publishes data on the lodging industry, routinely used by typical hotel buyers. HVS has ordered and analyzed an STR Trend Report of historical supply and demand data for a group of hotels considered applicable to this analysis for the proposed subject hotel. This information is presented in the following table, along with the market-wide occupancy, average rate, and rooms revenue per available room (RevPAR). RevPAR is calculated by multiplying occupancy by average rate and provides an indication of how well rooms revenue is being maximized. In response to the travel restrictions and the decline in demand associated with the COVID-19 pandemic, numerous hotels in markets across the nation temporarily suspended operations. During these suspensions, hotels were typically closed to the Page Proposed Skaneateles139 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 52 public, with the majority of staff furloughed; however, key management and maintenance staff were retained to preserve the property and prepare for reopening. While hotels in the subject market may have undergone or are undergoing similar reductions in operations, they are expected to reopen in 2021, if they have not reopened already. Our analysis considers the full supply of competitive rooms, including any hotels that have temporarily suspended operations. Page Proposed Skaneateles140 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 53 public, with the majority of staff furloughed; however, key management and maintenance staff were retained to preserve the property and prepare for reopening. While hotels in the subject market may have undergone or are undergoing similar reductions in operations, they are expected to reopen in 2021, if they have not reopened already. Our analysis considers the full supply of competitive rooms, including any hotels that have temporarily suspended operations. Page Proposed Skaneateles140 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 53 FIGURE 4-7 HISTORICAL SUPPLY AND DEMAND TRENDS Average Daily Available Room Occupied Average Year Room Count Nights Change Room Nights Change Occupancy Rate Change RevPAR Change 2014 361 131,765 — 67,251 — 51.0 % $219.18 — $111.87 — 2015 361 131,765 0.0 % 67,405 0.2 % 51.2 229.35 4.6 % 117.32 4.9 % 2016 363 132,495 0.6 71,671 6.3 54.1 233.56 1.8 126.34 7.7 2017 363 132,495 0.0 76,871 7.3 58.0 225.52 (3.4) 130.84 3.6 2018 460 167,989 26.8 90,611 17.9 53.9 229.60 1.8 123.84 (5.4) 2019 511 186,393 11.0 102,485 13.1 55.0 224.43 (2.3) 123.40 (0.4) 2020 514 187,486 0.6 67,498 (34.1) 36.0 259.01 15.4 93.25 (24.4) Year-to-Date Through July 2020 440 93,183 — 29,038 — 31.2 % $230.43 — $71.81 — 2021 542 114,904 23.3 % 49,395 70.1 % 43.0 310.23 34.6 % 133.36 85.7 % FIGURE 4-7 HISTORICAL SUPPLY AND DEMAND TRENDS Average Daily Available Room Occupied Average Year Room Count Nights Change Room Nights Change Occupancy Rate Change RevPAR Change 2014 361 131,765 — 67,251 — 51.0 % $219.18 — $111.87 — 2015 361 131,765 0.0 % 67,405 0.2 % 51.2 229.35 4.6 % 117.32 4.9 % 2016 363 132,495 0.6 71,671 6.3 54.1 233.56 1.8 126.34 7.7 2017 363 132,495 0.0 76,871 7.3 58.0 225.52 (3.4) 130.84 3.6 2018 460 167,989 26.8 90,611 17.9 53.9 229.60 1.8 123.84 (5.4) 2019 511 186,393 11.0 102,485 13.1 55.0 224.43 (2.3) 123.40 (0.4) 2020 514 187,486 0.6 67,498 (34.1) 36.0 259.01 15.4 93.25 (24.4) Year-to-Date Through July 2020 440 93,183 — 29,038 — 31.2 % $230.43 — $71.81 — 2021 542 114,904 23.3 % 49,395 70.1 % 43.0 310.23 34.6 % 133.36 85.7 % Competitive Number Year Year Hotels Included in Sample Class Status of Rooms Affiliated Opened Closed - Grand Adirondack Hotel Upscale Class Not Competitive 0 Dec 2020 Nov 1986 The Whiteface Lodge Luxury Class Primary 96 May 2020 Jun 2005 Hotel Saranac, Curio Collection by Hilton Upper Upscale Class Secondary 102 Jan 2018 Jul 1927 The Mirbeau Inn & Spa Luxury Class Primary 34 May 2020 May 2000 Tailwater Lodge Altmar, Tapestry Collection by Hilton Upscale Class Primary 87 Jun 2020 Jun 2012 Tapestry Collection by Hilton Hotel Canandaigua Upscale Class Primary 109 Jan 1900 U/C The Lake House On Canandaigua Luxury Class Primary 124 Aug 2020 Aug 2020 Renaissance The Del Monte Lodge Rochester Hotel & Spa Upper Upscale Class Secondary 99 Mar 2001 Apr 2000 Competitive Number Year Year Hotels Included in Sample Class Status of Rooms Affiliated Opened Closed - Grand Adirondack Hotel Upscale Class Not Competitive 0 Dec 2020 Nov 1986 The Whiteface Lodge Luxury Class Primary 96 May 2020 Jun 2005 Hotel Saranac, Curio Collection by Hilton Upper Upscale Class Secondary 102 Jan 2018 Jul 1927 The Mirbeau Inn & Spa Luxury Class Primary 34 May 2020 May 2000 Tailwater Lodge Altmar, Tapestry Collection by Hilton Upscale Class Primary 87 Jun 2020 Jun 2012 Tapestry Collection by Hilton Hotel Canandaigua Upscale Class Primary 109 Jan 1900 U/C The Lake House On Canandaigua Luxury Class Primary 124 Aug 2020 Aug 2020 Renaissance The Del Monte Lodge Rochester Hotel & Spa Upper Upscale Class Secondary 99 Mar 2001 Apr 2000 Total 651 Source: STR Page 141 Supply and Demand Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 54 Total 651 Source: STR Page 141 Supply and Demand Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 54 FIGURE 4-8 HISTORICAL SUPPLY AND DEMAND TRENDS (STR) 200,000 80.0 Occupancy (%) Room Nights 150,000 60.0 100,000 40.0 50,000 20.0 0 0.0 2014 2015 2016 2017 2018 2019 2020 Available Room Nights Occupied Room Nights Occupancy FIGURE 4-8 HISTORICAL SUPPLY AND DEMAND TRENDS (STR) 200,000 80.0 Occupancy (%) Room Nights 150,000 60.0 100,000 40.0 50,000 20.0 0 0.0 2014 2015 2016 2017 2018 2019 2020 Available Room Nights Occupied Room Nights Occupancy It is important to note some limitations of the STR data. Hotels are occasionally added to or removed from the sample; furthermore, not every property reports data in a consistent and timely manner. These factors can influence the overall quality of the information by skewing the results, and these inconsistencies may also cause the STR data to differ from the results of our competitive survey. Nonetheless, STR data provide the best indication of aggregate growth or decline in existing supply and demand; thus, these trends have been considered in our analysis. Opening dates, as available, are presented for each reporting hotel in the previous table. The STR data for the competitive set reflect a market-wide occupancy level of 2020 in 36.0%, which compares to 55.0% for 2019. The STR data for the competitive set reflect a market-wide average rate level of $259.01 in 2020, which compares to $224.43 for 2019. These occupancy and ADR trends resulted in a RevPAR level of $93.25 in 2020. It is important to note some limitations of the STR data. Hotels are occasionally added to or removed from the sample; furthermore, not every property reports data in a consistent and timely manner. These factors can influence the overall quality of the information by skewing the results, and these inconsistencies may also cause the STR data to differ from the results of our competitive survey. Nonetheless, STR data provide the best indication of aggregate growth or decline in existing supply and demand; thus, these trends have been considered in our analysis. Opening dates, as available, are presented for each reporting hotel in the previous table. The STR data for the competitive set reflect a market-wide occupancy level of 2020 in 36.0%, which compares to 55.0% for 2019. The STR data for the competitive set reflect a market-wide average rate level of $259.01 in 2020, which compares to $224.43 for 2019. These occupancy and ADR trends resulted in a RevPAR level of $93.25 in 2020. During the illustrated historical period, both occupancy and ADR generally followed a strengthening trend, with RevPAR increasing by roughly 10% between 2014 and 2019. This improvement in market conditions was driven largely by increase population and growth in popularity of the region for leisure and group. RevPAR reached its high point in 2017, supported by the entrance of new, high-rated supply and the overall strong economy at that time. In influx of new supply began in 2018 and impacted market performance; however, based on trends that occurred in 2019 and into 2020, the market was absorbing the new supply quickly. In March 2020, the COVID-19 pandemic began to affect the local market, similar to the rest of the nation, resulting in decreased business activity, inclusive of the hospitality, tourism, and manufacturing industries; thus, occupancy declined; however, strong levels of tourism in the summer months of 2020 allowed for higher rates resulting in average rate increase in 2020. Year-to-date 2021 data illustrate a strong improvement in occupancy and in ADR. This rapid recovery was again the result of high leisure demand during the summer months coupled with rescheduled weddings and group During the illustrated historical period, both occupancy and ADR generally followed a strengthening trend, with RevPAR increasing by roughly 10% between 2014 and 2019. This improvement in market conditions was driven largely by increase population and growth in popularity of the region for leisure and group. RevPAR reached its high point in 2017, supported by the entrance of new, high-rated supply and the overall strong economy at that time. In influx of new supply began in 2018 and impacted market performance; however, based on trends that occurred in 2019 and into 2020, the market was absorbing the new supply quickly. In March 2020, the COVID-19 pandemic began to affect the local market, similar to the rest of the nation, resulting in decreased business activity, inclusive of the hospitality, tourism, and manufacturing industries; thus, occupancy declined; however, strong levels of tourism in the summer months of 2020 allowed for higher rates resulting in average rate increase in 2020. Year-to-date 2021 data illustrate a strong improvement in occupancy and in ADR. This rapid recovery was again the result of high leisure demand during the summer months coupled with rescheduled weddings and group Page Proposed Skaneateles142 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 55 events that had previous been cancelled or postponed. While the pandemic will continue to affect business to some degree in the near term, the overall outlook is optimistic given the dynamics of this market, the successful rollout of vaccines, the removal of most COVID-related restrictions, and the recent increase in travel. Seasonality Seasonality trends are presented in the following tables. Page Proposed Skaneateles142 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 55 events that had previous been cancelled or postponed. While the pandemic will continue to affect business to some degree in the near term, the overall outlook is optimistic given the dynamics of this market, the successful rollout of vaccines, the removal of most COVID-related restrictions, and the recent increase in travel. Seasonality Seasonality trends are presented in the following tables. FIGURE 4-9 SEASONALITY 2014 2015 2016 2017 2018 2019 2020 2021 High Season - July, August, September, October Occupancy 60.0 % 62.0 % 67.7 % 70.4 % 65.5 % 69.2 % 47.1 % —% Average Rate $231.35 $246.96 $251.74 $243.55 $248.15 $238.58 $264.69 — RevPAR 138.90 153.20 170.55 171.42 162.65 164.98 124.67 — Shoulder Season - February, June, November Occupancy 50.4 % 49.3 % 52.1 % 57.7 % 52.7 % 53.9 % 33.7 % —% Average Rate $211.64 $215.45 $222.63 $215.87 $219.37 $215.80 $239.64 — RevPAR 106.69 106.17 115.90 124.45 115.54 116.22 80.77 — Low Season - January, March, April, May, December Occupancy 44.2 % 43.5 % 44.3 % 48.4 % 45.2 % 44.3 % 25.0 % —% Average Rate $210.88 $218.30 $218.71 $211.15 $214.55 $212.79 $266.37 — RevPAR 93.23 95.05 96.99 102.09 96.93 94.31 66.55 — Source: STR FIGURE 4-9 SEASONALITY 2014 2015 2016 2017 2018 2019 2020 2021 High Season - July, August, September, October Occupancy 60.0 % 62.0 % 67.7 % 70.4 % 65.5 % 69.2 % 47.1 % —% Average Rate $231.35 $246.96 $251.74 $243.55 $248.15 $238.58 $264.69 — RevPAR 138.90 153.20 170.55 171.42 162.65 164.98 124.67 — Shoulder Season - February, June, November Occupancy 50.4 % 49.3 % 52.1 % 57.7 % 52.7 % 53.9 % 33.7 % —% Average Rate $211.64 $215.45 $222.63 $215.87 $219.37 $215.80 $239.64 — RevPAR 106.69 106.17 115.90 124.45 115.54 116.22 80.77 — Low Season - January, March, April, May, December Occupancy 44.2 % 43.5 % 44.3 % 48.4 % 45.2 % 44.3 % 25.0 % —% Average Rate $210.88 $218.30 $218.71 $211.15 $214.55 $212.79 $266.37 — RevPAR 93.23 95.05 96.99 102.09 96.93 94.31 66.55 — Source: STR The illustrated occupancy and ADR patterns reflect important seasonal characteristics. We have reviewed these trends in developing our forthcoming forecast of market-wide demand and average rate. The competitive market has historically been characterized by a moderate degree of seasonality, which is evident in the monthly occupancy statistics. The strongest occupancy levels are often recorded in the summer months when demand from leisure travelers typically supplements the commercial segment that is the principal source of demand in this submarket. ADR levels have historically reflected a similar pattern. It is important to note, that while the market is seasonal, the degree of the seasonality is lesser as the market has seen increased commercial demand as well as the wiliness of groups, such as weddings, to utilize the facilities in the market during the shoulder periods in the spring and fall. The illustrated occupancy and ADR patterns reflect important seasonal characteristics. We have reviewed these trends in developing our forthcoming forecast of market-wide demand and average rate. The competitive market has historically been characterized by a moderate degree of seasonality, which is evident in the monthly occupancy statistics. The strongest occupancy levels are often recorded in the summer months when demand from leisure travelers typically supplements the commercial segment that is the principal source of demand in this submarket. ADR levels have historically reflected a similar pattern. It is important to note, that while the market is seasonal, the degree of the seasonality is lesser as the market has seen increased commercial demand as well as the wiliness of groups, such as weddings, to utilize the facilities in the market during the shoulder periods in the spring and fall. Patterns of Demand A review of the trends in occupancy and average rate by day of the week provides some insight into the impact that the current economic conditions have had on the competitive lodging market. The data, as provided by STR, are illustrated in the following table(s). Page Proposed Skaneateles143 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 56 Page Proposed Skaneateles144 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 57 Patterns of Demand A review of the trends in occupancy and average rate by day of the week provides some insight into the impact that the current economic conditions have had on the competitive lodging market. The data, as provided by STR, are illustrated in the following table(s). Page Proposed Skaneateles143 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 56 Page Proposed Skaneateles144 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 57 FIGURE 4-10 OCCUPANCY BY DAY OF WEEK (TRAILING 12 MONTHS) Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Aug - 20 42.4 % 44.6 % 50.2 % 49.0 % 49.3 % 58.0 % 61.7 % 50.6 % Sep - 20 44.7 35.6 37.3 37.2 39.9 57.2 65.7 44.8 Oct - 20 43.9 39.3 39.7 38.4 41.0 56.6 66.8 47.3 Nov - 20 22.8 24.9 28.0 28.4 33.2 44.9 48.6 32.4 Dec - 20 22.8 26.7 24.7 26.2 25.9 26.1 34.0 26.5 Jan - 21 22.9 20.5 23.0 22.9 25.9 37.7 43.2 28.7 Feb - 21 39.3 33.4 32.8 35.6 42.4 57.2 69.4 44.3 Mar - 21 28.5 29.3 29.1 31.6 30.7 45.0 63.2 36.1 Apr - 21 26.2 28.6 31.4 29.4 34.0 48.2 55.8 36.5 May - 21 31.0 24.3 30.1 29.8 34.8 52.1 56.8 37.0 Jun - 21 46.9 47.7 48.5 49.0 55.5 68.6 72.9 55.1 Jul - 21 55.6 57.7 58.3 63.8 60.0 70.6 74.4 63.4 Average 35.3 % 34.2 % 36.1 % 36.8 % 39.5 % 52.1 % 59.6 % 42.0 % FIGURE 4-10 OCCUPANCY BY DAY OF WEEK (TRAILING 12 MONTHS) Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Aug - 20 42.4 % 44.6 % 50.2 % 49.0 % 49.3 % 58.0 % 61.7 % 50.6 % Sep - 20 44.7 35.6 37.3 37.2 39.9 57.2 65.7 44.8 Oct - 20 43.9 39.3 39.7 38.4 41.0 56.6 66.8 47.3 Nov - 20 22.8 24.9 28.0 28.4 33.2 44.9 48.6 32.4 Dec - 20 22.8 26.7 24.7 26.2 25.9 26.1 34.0 26.5 Jan - 21 22.9 20.5 23.0 22.9 25.9 37.7 43.2 28.7 Feb - 21 39.3 33.4 32.8 35.6 42.4 57.2 69.4 44.3 Mar - 21 28.5 29.3 29.1 31.6 30.7 45.0 63.2 36.1 Apr - 21 26.2 28.6 31.4 29.4 34.0 48.2 55.8 36.5 May - 21 31.0 24.3 30.1 29.8 34.8 52.1 56.8 37.0 Jun - 21 46.9 47.7 48.5 49.0 55.5 68.6 72.9 55.1 Jul - 21 55.6 57.7 58.3 63.8 60.0 70.6 74.4 63.4 Average 35.3 % 34.2 % 36.1 % 36.8 % 39.5 % 52.1 % 59.6 % 42.0 % Source: STR Source: STR FIGURE 4-11 AVERAGE RATE BY DAY OF WEEK (TRAILING 12 MONTHS) Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Aug - 20 $269.72 $279.56 $266.22 $268.35 $266.23 $301.78 $276.55 $276.14 Sep - 20 258.57 248.58 250.09 238.11 225.53 292.82 292.10 261.96 Oct - 20 265.00 234.18 238.58 229.90 206.22 291.91 303.62 260.93 Nov - 20 222.70 200.85 207.22 222.63 218.37 282.68 266.96 237.47 Dec - 20 461.49 425.98 404.36 405.14 425.73 438.71 437.15 426.77 Jan - 21 373.76 315.79 306.40 288.05 291.07 394.18 351.43 341.86 Feb - 21 358.36 347.77 345.11 320.54 320.94 364.03 341.33 343.60 Mar - 21 351.54 302.96 294.39 271.22 269.75 316.61 308.97 302.22 Apr - 21 262.56 245.61 239.12 221.18 251.52 286.43 293.49 263.51 May - 21 315.50 255.18 249.86 247.70 252.14 254.68 252.44 260.86 Jun - 21 327.38 322.42 307.50 305.37 291.28 330.79 338.44 318.30 Jul - 21 345.15 314.73 307.45 314.62 322.77 341.96 336.41 327.51 FIGURE 4-11 AVERAGE RATE BY DAY OF WEEK (TRAILING 12 MONTHS) Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Aug - 20 $269.72 $279.56 $266.22 $268.35 $266.23 $301.78 $276.55 $276.14 Sep - 20 258.57 248.58 250.09 238.11 225.53 292.82 292.10 261.96 Oct - 20 265.00 234.18 238.58 229.90 206.22 291.91 303.62 260.93 Nov - 20 222.70 200.85 207.22 222.63 218.37 282.68 266.96 237.47 Dec - 20 461.49 425.98 404.36 405.14 425.73 438.71 437.15 426.77 Jan - 21 373.76 315.79 306.40 288.05 291.07 394.18 351.43 341.86 Feb - 21 358.36 347.77 345.11 320.54 320.94 364.03 341.33 343.60 Mar - 21 351.54 302.96 294.39 271.22 269.75 316.61 308.97 302.22 Apr - 21 262.56 245.61 239.12 221.18 251.52 286.43 293.49 263.51 May - 21 315.50 255.18 249.86 247.70 252.14 254.68 252.44 260.86 Jun - 21 327.38 322.42 307.50 305.37 291.28 330.79 338.44 318.30 Jul - 21 345.15 314.73 307.45 314.62 322.77 341.96 336.41 327.51 Average $309.34 $287.85 $282.88 $278.71 $276.18 $318.41 $310.87 $297.26 Source: STR Page Proposed Skaneateles145 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 58 FIGURE 4-12 OCCUPANCY AND AVERAGE RATE BY DAY OF WEEK (TRAILING 12 MONTHS) 70.0 $330.00 60.0 $320.00 $310.00 50.0 Occupancy (%) Average $309.34 $287.85 $282.88 $278.71 $276.18 $318.41 $310.87 $297.26 Source: STR Page Proposed Skaneateles145 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 58 FIGURE 4-12 OCCUPANCY AND AVERAGE RATE BY DAY OF WEEK (TRAILING 12 MONTHS) 70.0 $330.00 60.0 $320.00 $310.00 50.0 Occupancy (%) $300.00 40.0 $290.00 30.0 $280.00 20.0 $270.00 10.0 $260.00 0.0 $250.00 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Occupancy ADR Page 146 FIGURE 4-13 OCCUPANCY, AVERAGE RATE, AND REVPAR BY DAY OF WEEK (MULTIPLE YEARS) $300.00 40.0 $290.00 30.0 $280.00 20.0 $270.00 10.0 $260.00 0.0 $250.00 Sunday Monday Tuesday Wednesday Thursday Friday Saturday Occupancy ADR Page 146 FIGURE 4-13 OCCUPANCY, AVERAGE RATE, AND REVPAR BY DAY OF WEEK (MULTIPLE YEARS) Occupancy (%) Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Year Aug 18 - Jul 19 40.4 % 46.4 % 48.9 % 49.9 % 50.9 % 64.1 % 71.1 % 53.1 % Aug 19 - Jul 20 34.4 36.4 39.4 39.4 41.6 55.2 59.4 43.7 Aug 20 - Jul 21 35.3 34.2 36.1 36.8 39.5 52.1 59.6 42.0 Change (Occupancy Points) FY 19 - FY 20 (6.0) (10.0) (9.5) (10.5) (9.3) (8.9) (11.7) (9.4) FY 20 - FY 21 0.9 (2.1) (3.3) (2.6) (2.1) (3.1) 0.2 (1.7) Occupancy (%) Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Year Aug 18 - Jul 19 40.4 % 46.4 % 48.9 % 49.9 % 50.9 % 64.1 % 71.1 % 53.1 % Aug 19 - Jul 20 34.4 36.4 39.4 39.4 41.6 55.2 59.4 43.7 Aug 20 - Jul 21 35.3 34.2 36.1 36.8 39.5 52.1 59.6 42.0 Change (Occupancy Points) FY 19 - FY 20 (6.0) (10.0) (9.5) (10.5) (9.3) (8.9) (11.7) (9.4) FY 20 - FY 21 0.9 (2.1) (3.3) (2.6) (2.1) (3.1) 0.2 (1.7) ADR ($) Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Year Aug 18 - Jul 19 $233.26 $224.52 $216.17 $214.25 $206.06 $240.98 $244.49 $227.09 Aug 19 - Jul 20 232.94 223.18 219.13 214.62 212.14 248.79 251.81 231.36 Aug 20 - Jul 21 309.34 287.85 282.88 278.71 276.18 318.41 310.87 297.26 Change (Dollars) FY 19 - FY 20 ($0.32) ($1.34) $2.96 $0.37 $6.08 $7.81 $7.32 $4.27 FY 20 - FY 21 76.40 64.67 63.75 64.09 64.04 69.62 59.06 65.90 Change (Percent) FY 19 - FY 20 (0.1) % (0.6) % 1.4 % 0.2 % 2.9 % 3.2 % 3.0 % 1.9 % FY 20 - FY 21 32.8 29.0 29.1 29.9 30.2 28.0 23.5 28.5 ADR ($) Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Year Aug 18 - Jul 19 $233.26 $224.52 $216.17 $214.25 $206.06 $240.98 $244.49 $227.09 Aug 19 - Jul 20 232.94 223.18 219.13 214.62 212.14 248.79 251.81 231.36 Aug 20 - Jul 21 309.34 287.85 282.88 278.71 276.18 318.41 310.87 297.26 Change (Dollars) FY 19 - FY 20 ($0.32) ($1.34) $2.96 $0.37 $6.08 $7.81 $7.32 $4.27 FY 20 - FY 21 76.40 64.67 63.75 64.09 64.04 69.62 59.06 65.90 Change (Percent) FY 19 - FY 20 (0.1) % (0.6) % 1.4 % 0.2 % 2.9 % 3.2 % 3.0 % 1.9 % FY 20 - FY 21 32.8 29.0 29.1 29.9 30.2 28.0 23.5 28.5 RevPAR ($) Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Year Aug 18 - Jul 19 $94.15 $104.18 $105.81 $107.00 $104.98 $154.46 $173.78 $120.58 Aug 19 - Jul 20 80.08 81.16 86.35 84.64 88.28 137.39 149.54 101.13 Aug 20 - Jul 21 109.19 98.51 102.21 102.55 109.14 165.86 185.20 124.83 Change (Dollars) FY 19 - FY 20 ($14.07) ($23.02) ($19.46) ($22.36) ($16.69) ($17.07) ($24.23) ($19.45) FY 20 - FY 21 29.10 17.35 15.86 17.92 20.86 28.47 35.66 23.70 Change (Percent) FY 19 - FY 20 (14.9) % (22.1) % (18.4) % (20.9) % (15.9) % (11.1) % (13.9) % (16.1) % FY 20 - FY 21 36.3 21.4 18.4 21.2 23.6 20.7 23.8 23.4 Source: STR RevPAR ($) Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Year Aug 18 - Jul 19 $94.15 $104.18 $105.81 $107.00 $104.98 $154.46 $173.78 $120.58 Aug 19 - Jul 20 80.08 81.16 86.35 84.64 88.28 137.39 149.54 101.13 Aug 20 - Jul 21 109.19 98.51 102.21 102.55 109.14 165.86 185.20 124.83 Change (Dollars) FY 19 - FY 20 ($14.07) ($23.02) ($19.46) ($22.36) ($16.69) ($17.07) ($24.23) ($19.45) FY 20 - FY 21 29.10 17.35 15.86 17.92 20.86 28.47 35.66 23.70 Change (Percent) FY 19 - FY 20 (14.9) % (22.1) % (18.4) % (20.9) % (15.9) % (11.1) % (13.9) % (16.1) % FY 20 - FY 21 36.3 21.4 18.4 21.2 23.6 20.7 23.8 23.4 Source: STR In most markets, business travel, including individual commercial travelers and corporate groups, is the predominant source of demand on Monday through Thursday nights. Leisure travelers and non-business-related groups generate a majority of demand on Friday and Saturday nights. Page Proposed Skaneateles147 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 60 In most markets, business travel, including individual commercial travelers and corporate groups, is the predominant source of demand on Monday through Thursday nights. Leisure travelers and non-business-related groups generate a majority of demand on Friday and Saturday nights. Page Proposed Skaneateles147 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 60 SUPPLY Based on an evaluation of the occupancy, rate structure, market orientation, chain affiliation, location, facilities, amenities, reputation, and quality of each area hotel, as well as the comments of management representatives, we have identified several properties that are expected to be primarily competitive with the proposed subject hotel. If applicable, additional lodging facilities may be judged only secondarily competitive; although the facilities, rate structures, or market orientations of these hotels prevent their inclusion among the primary competitive supply, they are expected to compete with the proposed subject hotel to some extent. Primary Competition The following table summarizes the important operating characteristics of the future primary competitors and the aggregate secondary competitors (as applicable). This information was compiled from personal interviews, inspections, online resources, and our in-house database of operating and hotel facility data. In cases where exact operating data for an individual property (or properties) were not available, we have used these resources, as well as the STR data, to estimate positioning within the market. SUPPLY Based on an evaluation of the occupancy, rate structure, market orientation, chain affiliation, location, facilities, amenities, reputation, and quality of each area hotel, as well as the comments of management representatives, we have identified several properties that are expected to be primarily competitive with the proposed subject hotel. If applicable, additional lodging facilities may be judged only secondarily competitive; although the facilities, rate structures, or market orientations of these hotels prevent their inclusion among the primary competitive supply, they are expected to compete with the proposed subject hotel to some extent. Primary Competition The following table summarizes the important operating characteristics of the future primary competitors and the aggregate secondary competitors (as applicable). This information was compiled from personal interviews, inspections, online resources, and our in-house database of operating and hotel facility data. In cases where exact operating data for an individual property (or properties) were not available, we have used these resources, as well as the STR data, to estimate positioning within the market. Page Proposed Skaneateles148 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 61 FIGURE 4-14 PRIMARY COMPETITORS – OPERATING PERFORMANCE Est. Segmentation Estimated 2018 Estimated 2019 Weighted Weighted Annual Annual ient Number of Room Room Occupancy Yield p Trans Page Proposed Skaneateles148 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 61 FIGURE 4-14 PRIMARY COMPETITORS – OPERATING PERFORMANCE Est. Segmentation Estimated 2018 Estimated 2019 Weighted Weighted Annual Annual ient Number of Room Room Occupancy Yield p Trans Grou Property Rooms Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Penetration Penetration Whiteface Lodge Resort & Spa 96 55 % 45 % 96 40 - 45 % $400 - $425 $180 - $190 96 50 - 55 % $425 - $450 $220 - $230 85 - 90 % 160 - 170 % Mirbeau Inn & Spa 34 60 40 34 40 - 45 375 - 400 150 - 160 34 50 - 55 325 - 350 170 - 180 85 - 90 120 - 130 Lake House on Canandaigua 125 60 40 0 — — — 0 — — — — — Sherwood Inn 25 65 35 25 40 - 45 200 - 210 90 - 95 25 50 - 55 190 - 200 105 - 110 90 - 95 70 - 75 Hilton Garden Inn Auburn New York 92 70 30 92 75 - 80 125 - 130 95 - 100 92 70 - 75 130 - 140 95 - 100 120 - 130 65 - 70 Grou Property Rooms Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Penetration Penetration Whiteface Lodge Resort & Spa 96 55 % 45 % 96 40 - 45 % $400 - $425 $180 - $190 96 50 - 55 % $425 - $450 $220 - $230 85 - 90 % 160 - 170 % Mirbeau Inn & Spa 34 60 40 34 40 - 45 375 - 400 150 - 160 34 50 - 55 325 - 350 170 - 180 85 - 90 120 - 130 Lake House on Canandaigua 125 60 40 0 — — — 0 — — — — — Sherwood Inn 25 65 35 25 40 - 45 200 - 210 90 - 95 25 50 - 55 190 - 200 105 - 110 90 - 95 70 - 75 Hilton Garden Inn Auburn New York 92 70 30 92 75 - 80 125 - 130 95 - 100 92 70 - 75 130 - 140 95 - 100 120 - 130 65 - 70 Sub-Totals/Averages 372 63 % 37 % 247 56.9 % $248.04 $141.08 247 60.7 % $261.89 $159 105 % 112.7 % Secondary Competitors 381 66 % 34 % 83 52.5 % $196.02 $102.84 95 51.2 % $184.90 $95 88 % 67.1 % Totals/Averages 753 64 % 36 % 330 55.8 % $235.72 $131.46 342 58.0 % $243.00 $141 100 % 100.0 % * Specific occupancy and average rate data were utilized in our analysis, but are presented in ranges in the above table for the purposes of confidentiality. Page 149 Supply and Demand Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 62 Sub-Totals/Averages 372 63 % 37 % 247 56.9 % $248.04 $141.08 247 60.7 % $261.89 $159 105 % 112.7 % Secondary Competitors 381 66 % 34 % 83 52.5 % $196.02 $102.84 95 51.2 % $184.90 $95 88 % 67.1 % Totals/Averages 753 64 % 36 % 330 55.8 % $235.72 $131.46 342 58.0 % $243.00 $141 100 % 100.0 % * Specific occupancy and average rate data were utilized in our analysis, but are presented in ranges in the above table for the purposes of confidentiality. Page 149 Supply and Demand Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 62 The following map illustrates the locations of the proposed subject property and its future competitors. The following map illustrates the locations of the proposed subject property and its future competitors. MAP OF COMPETITION Page Proposed Skaneateles150 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 63 Our survey of the primarily competitive hotels in the local market shows a range of lodging types and facilities. Each primary competitor was inspected and evaluated. Descriptions of our findings are presented below. Page Proposed Skaneateles151 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 64 PRIMARY COMPETITOR #1 - WHITEFACE LODGE RESORT & SPA Whiteface Lodge FIGURE 4-15 ESTIMATED HISTORICAL OPERATING STATISTICS Resort & Spa 7 Whiteface Inn Lane Wtd. Annual Occupancy Yield Lake Placid, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration Est. 2018 96 40 - 45 % $400 - $425 $180 - $190 75 - 80 % 140 - 150 % Est. 2019 96 50 - 55 425 - 450 220 - 230 85 - 90 160 - 170 MAP OF COMPETITION Page Proposed Skaneateles150 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 63 Our survey of the primarily competitive hotels in the local market shows a range of lodging types and facilities. Each primary competitor was inspected and evaluated. Descriptions of our findings are presented below. Page Proposed Skaneateles151 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 64 PRIMARY COMPETITOR #1 - WHITEFACE LODGE RESORT & SPA Whiteface Lodge FIGURE 4-15 ESTIMATED HISTORICAL OPERATING STATISTICS Resort & Spa 7 Whiteface Inn Lane Wtd. Annual Occupancy Yield Lake Placid, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration Est. 2018 96 40 - 45 % $400 - $425 $180 - $190 75 - 80 % 140 - 150 % Est. 2019 96 50 - 55 425 - 450 220 - 230 85 - 90 160 - 170 This property benefits from its well-known Lake Placid location and resort amenities. Overall, the property appeared to be in good condition. Its location is superior to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. Page Proposed Skaneateles152 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 65 PRIMARY COMPETITOR #2 - MIRBEAU INN & SPA Mirbeau Inn & Spa FIGURE 4-16 ESTIMATED HISTORICAL OPERATING STATISTICS 851 West Genesse Street Wtd. Annual Occupancy Yield Skaneateles, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration Est. 2018 34 40 - 45 % $375 - $400 $150 - $160 70 - 75 % 120 - 130 % Est. 2019 34 50 - 55 325 - 350 170 - 180 85 - 90 120 - 130 This hotel benefits its upscale product and luxury spa facilities. Overall, the property appeared to be in good condition. Its location is similar to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. This property benefits from its well-known Lake Placid location and resort amenities. Overall, the property appeared to be in good condition. Its location is superior to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. Page Proposed Skaneateles152 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 65 PRIMARY COMPETITOR #2 - MIRBEAU INN & SPA Mirbeau Inn & Spa FIGURE 4-16 ESTIMATED HISTORICAL OPERATING STATISTICS 851 West Genesse Street Wtd. Annual Occupancy Yield Skaneateles, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration Est. 2018 34 40 - 45 % $375 - $400 $150 - $160 70 - 75 % 120 - 130 % Est. 2019 34 50 - 55 325 - 350 170 - 180 85 - 90 120 - 130 This hotel benefits its upscale product and luxury spa facilities. Overall, the property appeared to be in good condition. Its location is similar to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. Page Proposed Skaneateles153 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 66 PRIMARY COMPETITOR #3 - LAKE HOUSE ON CANANDAIGUA Lake House on FIGURE 4-17 ESTIMATED HISTORICAL OPERATING STATISTICS Canandaigua 770 South Main Street Wtd. Annual Occupancy Yield Canandaigua, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration This hotel benefits its recent opening and upscale product. Overall, the property appeared to be in good condition. Its location is similar to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. Page Proposed Skaneateles154 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 67 PRIMARY COMPETITOR #4 - SHERWOOD INN Page Proposed Skaneateles153 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 66 PRIMARY COMPETITOR #3 - LAKE HOUSE ON CANANDAIGUA Lake House on FIGURE 4-17 ESTIMATED HISTORICAL OPERATING STATISTICS Canandaigua 770 South Main Street Wtd. Annual Occupancy Yield Canandaigua, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration This hotel benefits its recent opening and upscale product. Overall, the property appeared to be in good condition. Its location is similar to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. Page Proposed Skaneateles154 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 67 PRIMARY COMPETITOR #4 - SHERWOOD INN Sherwood Inn FIGURE 4-18 ESTIMATED HISTORICAL OPERATING STATISTICS 26 West Genesee Street Wtd. Annual Occupancy Yield Skaneateles, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration Est. 2018 25 40 - 45 % $200 - $210 $90 - $95 75 - 80 % 65 - 70 % Est. 2019 25 50 - 55 190 - 200 105 - 110 90 - 95 70 - 75 This hotel is somewhat disadvantaged by its older product and independent branding. Overall, the property appeared to be in fair condition. Its location is similar to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. Page Proposed Skaneateles155 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 68 PRIMARY COMPETITOR #5 - HILTON GARDEN INN AUBURN NEW YORK Sherwood Inn FIGURE 4-18 ESTIMATED HISTORICAL OPERATING STATISTICS 26 West Genesee Street Wtd. Annual Occupancy Yield Skaneateles, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration Est. 2018 25 40 - 45 % $200 - $210 $90 - $95 75 - 80 % 65 - 70 % Est. 2019 25 50 - 55 190 - 200 105 - 110 90 - 95 70 - 75 This hotel is somewhat disadvantaged by its older product and independent branding. Overall, the property appeared to be in fair condition. Its location is similar to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. Page Proposed Skaneateles155 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 68 PRIMARY COMPETITOR #5 - HILTON GARDEN INN AUBURN NEW YORK Hilton Garden Inn FIGURE 4-19 ESTIMATED HISTORICAL OPERATING STATISTICS Auburn New York 74 State Street Wtd. Annual Occupancy Yield Auburn, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration Est. 2018 92 75 - 80 % $125 - $130 $95 - $100 130 - 140 % 70 - 75 % Est. 2019 92 70 - 75 130 - 140 95 - 100 120 - 130 65 - 70 This hotel benefits from its location in the larger populated area of Auburn and its national brand affiliation. Overall, the property appeared to be in good condition. Its location is superior to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. Page Proposed Skaneateles156 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 69 Hilton Garden Inn FIGURE 4-19 ESTIMATED HISTORICAL OPERATING STATISTICS Auburn New York 74 State Street Wtd. Annual Occupancy Yield Auburn, NY Year Room Count Occupancy Average Rate RevPAR Penetration Penetration Est. 2018 92 75 - 80 % $125 - $130 $95 - $100 130 - 140 % 70 - 75 % Est. 2019 92 70 - 75 130 - 140 95 - 100 120 - 130 65 - 70 This hotel benefits from its location in the larger populated area of Auburn and its national brand affiliation. Overall, the property appeared to be in good condition. Its location is superior to that of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton. Page Proposed Skaneateles156 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 69 Secondary We have also reviewed other area lodging facilities to determine whether any may Competitors compete with the proposed subject hotel on a secondary basis. The room count of each anticipated secondary competitor has been weighted based on its assumed degree of competitiveness in the future with the proposed subject hotel. By assigning degrees of competitiveness, we can assess how the proposed subject hotel and its future competitors may react to various changes in the market, including new supply, changes to demand generators, and renovations or franchise changes of existing supply. The following table sets forth the pertinent operating characteristics of the secondary competitors. Page Proposed Skaneateles157 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 70 FIGURE 4-20 SECONDARY COMPETITOR(S) – OPERATING PERFORMANCE Est. Segmentation Estimated 2018 Estimated 2019 Secondary We have also reviewed other area lodging facilities to determine whether any may Competitors compete with the proposed subject hotel on a secondary basis. The room count of each anticipated secondary competitor has been weighted based on its assumed degree of competitiveness in the future with the proposed subject hotel. By assigning degrees of competitiveness, we can assess how the proposed subject hotel and its future competitors may react to various changes in the market, including new supply, changes to demand generators, and renovations or franchise changes of existing supply. The following table sets forth the pertinent operating characteristics of the secondary competitors. Page Proposed Skaneateles157 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 70 FIGURE 4-20 SECONDARY COMPETITOR(S) – OPERATING PERFORMANCE Est. Segmentation Estimated 2018 Estimated 2019 Weighted Weighted Total Annual Annual ntie p Number of Competitive Room Room Trans Grou Property Rooms Level Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Weighted Weighted Total Annual Annual ntie p Number of Competitive Room Room Trans Grou Property Rooms Level Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Hotel Saranac, Curio Collection 102 70 % 30 % 25 % 25 40 - 45 % $250 - $260 $110 - $115 26 50 - 55 % $240 - $250 $120 - $125 by Hilton Renaissance Del Monte Lodge 99 70 30 25 25 70 - 75 190 - 200 140 - 150 25 70 - 75 200 - 210 140 - 150 Hotel & Spa Ascend Collection, Hotel North 92 60 40 25 23 35 - 40 150 - 160 60 - 65 23 25 - 30 115 - 120 30 - 35 Woods Tailwater Lodge 88 60 40 25 11 45 - 50 130 - 140 65 - 70 22 45 - 50 130 - 140 65 - 70 Totals/Averages 381 66 % 34 % 25 % 83 52.5 % $196.02 $102.84 95 51.2 % $184.90 $94.60 * Specific occupancy and average rate data was utilized in our analysis, but is presented in ranges in the above table for the purposes of confidentiality. Hotel Saranac, Curio Collection 102 70 % 30 % 25 % 25 40 - 45 % $250 - $260 $110 - $115 26 50 - 55 % $240 - $250 $120 - $125 by Hilton Renaissance Del Monte Lodge 99 70 30 25 25 70 - 75 190 - 200 140 - 150 25 70 - 75 200 - 210 140 - 150 Hotel & Spa Ascend Collection, Hotel North 92 60 40 25 23 35 - 40 150 - 160 60 - 65 23 25 - 30 115 - 120 30 - 35 Woods Tailwater Lodge 88 60 40 25 11 45 - 50 130 - 140 65 - 70 22 45 - 50 130 - 140 65 - 70 Totals/Averages 381 66 % 34 % 25 % 83 52.5 % $196.02 $102.84 95 51.2 % $184.90 $94.60 * Specific occupancy and average rate data was utilized in our analysis, but is presented in ranges in the above table for the purposes of confidentiality. Page 158 Supply and Demand Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 71 Page 158 Supply and Demand Analysis Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 71 We have identified four hotels that are expected to compete with the proposed subject hotel on a secondary level. Three of the four secondary competitors utilize national branded assets located in more Urban areas throughout the Finger Lakes and Upstate New York region. Due to these hotels capturing more local corporate demand their were deemed secondary competitors. The last secondary competitor is a similar asset to the subject property and is operated by the same team that the proposed subject property is to be managed by. However, this property is located in a more rural market capturing more corporate retreat business from its surrounding communities thus was also deemed a secondary competitor. We have identified four hotels that are expected to compete with the proposed subject hotel on a secondary level. Three of the four secondary competitors utilize national branded assets located in more Urban areas throughout the Finger Lakes and Upstate New York region. Due to these hotels capturing more local corporate demand their were deemed secondary competitors. The last secondary competitor is a similar asset to the subject property and is operated by the same team that the proposed subject property is to be managed by. However, this property is located in a more rural market capturing more corporate retreat business from its surrounding communities thus was also deemed a secondary competitor. Supply Changes It is important to consider any new hotels that may have an impact on the proposed subject hotel’s operating performance. The hotels that have recently opened, are under construction, or are in the stages of early development (if any) in the Skaneateles market are noted below. The list is categorized by the principal submarkets within the city. Supply Changes It is important to consider any new hotels that may have an impact on the proposed subject hotel’s operating performance. The hotels that have recently opened, are under construction, or are in the stages of early development (if any) in the Skaneateles market are noted below. The list is categorized by the principal submarkets within the city. FIGURE 4-21 AREA DEVELOPMENT ACTIVITY Estimated Expected Number of Qtr. & Year Proposed Hotel Name Rooms Hotel Product Tier Development Stage of Opening Tapestry Collection by Hilton Hotel Canandaigua 109 Upper-Upscale Under Construction 3Q/2022 Grand Adirondack Hotel,Tribute Portfolio 92 Upper-Upscale Under Construction 2Q/2022 Of the hotels listed in the preceding table, we have identified the following new supply that is expected to have some degree of competitive interaction with the proposed subject hotel based on location, anticipated market orientation and price point, and/or operating profile. FIGURE 4-21 AREA DEVELOPMENT ACTIVITY Estimated Expected Number of Qtr. & Year Proposed Hotel Name Rooms Hotel Product Tier Development Stage of Opening Tapestry Collection by Hilton Hotel Canandaigua 109 Upper-Upscale Under Construction 3Q/2022 Grand Adirondack Hotel,Tribute Portfolio 92 Upper-Upscale Under Construction 2Q/2022 Of the hotels listed in the preceding table, we have identified the following new supply that is expected to have some degree of competitive interaction with the proposed subject hotel based on location, anticipated market orientation and price point, and/or operating profile. FIGURE 4-22 NEW SUPPLY Total Weighted Number Competitive Room Estimated Opening Proposed Property of Rooms Level Count Date Development Stage Proposed Subject Property 88 100 % 88 January 1, 2023 Early Development Tapestry Collection by Hilton Hotel Canandaigua 109 100 109 July 1, 2022 Under Construction Grand Adirondack Hotel,Tribute Portfolio 92 25 23 June 1, 2022 Under Construction Totals/Averages 289 220 Page Proposed Skaneateles159 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 72 FIGURE 4-22 NEW SUPPLY Total Weighted Number Competitive Room Estimated Opening Proposed Property of Rooms Level Count Date Development Stage Proposed Subject Property 88 100 % 88 January 1, 2023 Early Development Tapestry Collection by Hilton Hotel Canandaigua 109 100 109 July 1, 2022 Under Construction Grand Adirondack Hotel,Tribute Portfolio 92 25 23 June 1, 2022 Under Construction Totals/Averages 289 220 Page Proposed Skaneateles159 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 72 The proposed Tapestry Collection by Hilton Hotel Canandaigua and Grand Adirondack Hotel, Tribute Portfolio will be similar to the proposed subject hotel in terms of product offering and service level. However due to their relative distance from the subject property and differences in local markets, they have been weighted as secondarily competitive new supply in our analysis. In response to the travel restrictions and the decline in demand associated with the COVID-19 pandemic, numerous hotels in markets across the nation temporarily suspended operations. During these suspensions, hotels were typically closed to the public, with the majority of staff furloughed; however, key management and maintenance staff were retained to preserve the property and prepare for reopening. While hotels in the subject market may have undergone or are undergoing similar reductions in operations, they are expected to reopen in 2021, if they have not reopened already. Our analysis considers the full supply of competitive rooms, including any hotels that have temporarily suspended operations. The proposed Tapestry Collection by Hilton Hotel Canandaigua and Grand Adirondack Hotel, Tribute Portfolio will be similar to the proposed subject hotel in terms of product offering and service level. However due to their relative distance from the subject property and differences in local markets, they have been weighted as secondarily competitive new supply in our analysis. In response to the travel restrictions and the decline in demand associated with the COVID-19 pandemic, numerous hotels in markets across the nation temporarily suspended operations. During these suspensions, hotels were typically closed to the public, with the majority of staff furloughed; however, key management and maintenance staff were retained to preserve the property and prepare for reopening. While hotels in the subject market may have undergone or are undergoing similar reductions in operations, they are expected to reopen in 2021, if they have not reopened already. Our analysis considers the full supply of competitive rooms, including any hotels that have temporarily suspended operations. While we have taken reasonable steps to investigate proposed hotel projects and their status, due to the nature of real estate development, it is impossible to determine with certainty every hotel that will be opened in the future or what their marketing strategies and effect on the market will be. Depending on the outcome of current and future projects, the future operating potential of the proposed subject hotel may be affected. Future improvement in market conditions will raise the risk of increased competition. Our forthcoming forecast of stabilized occupancy and average rate is intended to reflect such risk. Supply Conclusion We have identified various properties that are expected to be competitive to some degree with the proposed subject hotel. We have also investigated potential increases in competitive supply in this Skaneateles submarket. The Proposed Skaneateles Lodge, Tapestry Collection by Hilton should enter a dynamic market of varying product types and price points. Next, we will present our forecast for demand change, using the historical supply data presented as a starting point. While we have taken reasonable steps to investigate proposed hotel projects and their status, due to the nature of real estate development, it is impossible to determine with certainty every hotel that will be opened in the future or what their marketing strategies and effect on the market will be. Depending on the outcome of current and future projects, the future operating potential of the proposed subject hotel may be affected. Future improvement in market conditions will raise the risk of increased competition. Our forthcoming forecast of stabilized occupancy and average rate is intended to reflect such risk. Supply Conclusion We have identified various properties that are expected to be competitive to some degree with the proposed subject hotel. We have also investigated potential increases in competitive supply in this Skaneateles submarket. The Proposed Skaneateles Lodge, Tapestry Collection by Hilton should enter a dynamic market of varying product types and price points. Next, we will present our forecast for demand change, using the historical supply data presented as a starting point. DEMAND The following table presents the most recent trends for the subject hotel market as tracked by HVS. These data pertain to the competitors discussed previously in this section; performance results are estimated, rounded for the competition, and weighted if there are secondary competitors present. In this respect, the information in the table differs from the previously presented STR data and is consistent with the supply and demand analysis developed for this report. Page Proposed Skaneateles160 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 73 DEMAND The following table presents the most recent trends for the subject hotel market as tracked by HVS. These data pertain to the competitors discussed previously in this section; performance results are estimated, rounded for the competition, and weighted if there are secondary competitors present. In this respect, the information in the table differs from the previously presented STR data and is consistent with the supply and demand analysis developed for this report. Page Proposed Skaneateles160 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 73 FIGURE 4-23 HISTORICAL MARKET TRENDS Accommodated Room Nights Market Market Year Room Nights % Change Available % Change Occupancy Market ADR % Change RevPAR % Change Est. 2018 67,183 — 120,469 — 55.8 % $235.72 — $131.46 — Est. 2019 72,483 7.9 % 124,921 3.7 % 58.0 243.00 3.1 % 140.99 7.3 % Est. 2020 56,686 (21.8) 136,694 9.4 41.5 276.78 13.9 114.78 (18.6) Avg. Annual Compounded Chg., Est. 2018-Est. 2020: (8.1) % 6.5 % 8.4 % (6.6) % Demand Analysis For the purpose of demand analysis, the overall market is divided into individual Using Market segments based on the nature of travel. Based on our fieldwork, area analysis, and Segmentation knowledge of the local lodging market, we estimate the 2019 distribution of accommodated-room-night demand as follows. FIGURE 4-23 HISTORICAL MARKET TRENDS Accommodated Room Nights Market Market Year Room Nights % Change Available % Change Occupancy Market ADR % Change RevPAR % Change Est. 2018 67,183 — 120,469 — 55.8 % $235.72 — $131.46 — Est. 2019 72,483 7.9 % 124,921 3.7 % 58.0 243.00 3.1 % 140.99 7.3 % Est. 2020 56,686 (21.8) 136,694 9.4 41.5 276.78 13.9 114.78 (18.6) Avg. Annual Compounded Chg., Est. 2018-Est. 2020: (8.1) % 6.5 % 8.4 % (6.6) % Demand Analysis For the purpose of demand analysis, the overall market is divided into individual Using Market segments based on the nature of travel. Based on our fieldwork, area analysis, and Segmentation knowledge of the local lodging market, we estimate the 2019 distribution of accommodated-room-night demand as follows. FIGURE 4-24 BASE-YEAR ACCOMMODATED-ROOM-NIGHT DEMAND Marketwide Accommodated Percentage Market Segment Demand of Total Transient 46,464 64 % Group 26,018 36 Total 72,483 100 % FIGURE 4-24 BASE-YEAR ACCOMMODATED-ROOM-NIGHT DEMAND Marketwide Accommodated Percentage Market Segment Demand of Total Transient 46,464 64 % Group 26,018 36 Total 72,483 100 % FIGURE 4-25 MARKET-WIDE ACCOMMODATED-ROOM-NIGHT DEMAND 36% Transient Group 64% Page Proposed Skaneateles161 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 74 In the base year, the market’s demand mix comprised transient demand, with this segment representing roughly 64% of the accommodated room nights in this Skaneateles submarket. The group segment comprised 36% of the total, with the final portion in nature, reflecting 0%. Using the distribution of accommodated hotel demand as a starting point, we will analyze the characteristics of each market segment in an effort to determine future trends in room-night demand. FIGURE 4-25 MARKET-WIDE ACCOMMODATED-ROOM-NIGHT DEMAND 36% Transient Group 64% Page Proposed Skaneateles161 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 74 In the base year, the market’s demand mix comprised transient demand, with this segment representing roughly 64% of the accommodated room nights in this Skaneateles submarket. The group segment comprised 36% of the total, with the final portion in nature, reflecting 0%. Using the distribution of accommodated hotel demand as a starting point, we will analyze the characteristics of each market segment in an effort to determine future trends in room-night demand. Transient Segment Transient demand consists of individuals and families spending time in an area or passing through en route to other destinations; this segment represents travelers that are not associated with a group or room-night contract. Travel purposes include business, sightseeing, recreation, or visiting friends and relatives. Transient demand also includes room nights booked through Internet sites such as Expedia, Hotels.com, and Priceline; however, this demand may include group and convention attendees who use these channels to take advantage of any discounts that may be available on these sites. In resort destinations, transient demand is strongest Friday and Saturday nights, and all week during holiday periods and the summer months. In urban and suburban destinations, transient demand is typically strongest on Tuesday, Wednesday, and Thursday nights. The typical length of stay ranges from one to four days, depending on the destination and travel purpose. The rate of double occupancy typically ranges from 1.0 to 3.0 people per room, with higher double occupancy occurring in resort destinations. Price sensitivity tends to vary with product type. All-suite properties with inclusive food and beverage or luxury destination properties tend to drive strong transient room rates, with discounted rates offered at older or value-oriented hotels with limited amenities. For destination locations, future transient demand is related to the overall economic health of the primary source cities for visitation; the overall economic health of the surrounding neighborhood is considered for urban and suburban locations. Transient Segment Transient demand consists of individuals and families spending time in an area or passing through en route to other destinations; this segment represents travelers that are not associated with a group or room-night contract. Travel purposes include business, sightseeing, recreation, or visiting friends and relatives. Transient demand also includes room nights booked through Internet sites such as Expedia, Hotels.com, and Priceline; however, this demand may include group and convention attendees who use these channels to take advantage of any discounts that may be available on these sites. In resort destinations, transient demand is strongest Friday and Saturday nights, and all week during holiday periods and the summer months. In urban and suburban destinations, transient demand is typically strongest on Tuesday, Wednesday, and Thursday nights. The typical length of stay ranges from one to four days, depending on the destination and travel purpose. The rate of double occupancy typically ranges from 1.0 to 3.0 people per room, with higher double occupancy occurring in resort destinations. Price sensitivity tends to vary with product type. All-suite properties with inclusive food and beverage or luxury destination properties tend to drive strong transient room rates, with discounted rates offered at older or value-oriented hotels with limited amenities. For destination locations, future transient demand is related to the overall economic health of the primary source cities for visitation; the overall economic health of the surrounding neighborhood is considered for urban and suburban locations. Primary transient demand generators for this market typically include companies in the area, such as Welch Allyn, Inc. In additional, the transient segment include leisure travelers who frequent the area during the summer months as well as those coming to the region year-round for the wineries or viewing the fall foliage in September and October. Commercially driven demand declined notably in 2020 and early 2021 given the COVID-19 pandemic; however this was offset by increased leisure transient demand during the summers of 2020 and 2021. As employees return to offices and business travel resumes coupled with continued strong leisure demand, we expect transient demand to remain strong and experience growth through the stabilized year. Page Proposed Skaneateles162 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 75 Primary transient demand generators for this market typically include companies in the area, such as Welch Allyn, Inc. In additional, the transient segment include leisure travelers who frequent the area during the summer months as well as those coming to the region year-round for the wineries or viewing the fall foliage in September and October. Commercially driven demand declined notably in 2020 and early 2021 given the COVID-19 pandemic; however this was offset by increased leisure transient demand during the summers of 2020 and 2021. As employees return to offices and business travel resumes coupled with continued strong leisure demand, we expect transient demand to remain strong and experience growth through the stabilized year. Page Proposed Skaneateles162 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 75 Group Segment In the limited-service sector, group demand is most commonly generated by groups that require ten or more room nights, but which need little to no meeting space within the hotel. Examples of these groups include family reunions, sports teams, and bus tours. In some markets, limited-service hotels may also accommodate demand from groups or individuals attending events at the local convention center or at one of the larger convention hotels in the area. Group Segment In the limited-service sector, group demand is most commonly generated by groups that require ten or more room nights, but which need little to no meeting space within the hotel. Examples of these groups include family reunions, sports teams, and bus tours. In some markets, limited-service hotels may also accommodate demand from groups or individuals attending events at the local convention center or at one of the larger convention hotels in the area. Training groups from nearby companies, such as Welch Allyn, Inc., have historically generated meeting/group demand for local hotels; furthermore, social groups, in particular weddings and reunions have represented primary sources of demand during weekend and holiday periods. However, this type of demand was almost non-existent in 2020 and early 2021 due to the COVID-19 pandemic. Smaller groups have begun to return to the market including wedding groups, and some larger groups are anticipated to return in the latter half of 2021, with a more notable rebound projected for 2022 and 2023. Demand within this segment is forecast to recover fully by the stabilized year. Training groups from nearby companies, such as Welch Allyn, Inc., have historically generated meeting/group demand for local hotels; furthermore, social groups, in particular weddings and reunions have represented primary sources of demand during weekend and holiday periods. However, this type of demand was almost non-existent in 2020 and early 2021 due to the COVID-19 pandemic. Smaller groups have begun to return to the market including wedding groups, and some larger groups are anticipated to return in the latter half of 2021, with a more notable rebound projected for 2022 and 2023. Demand within this segment is forecast to recover fully by the stabilized year. The purpose of segmenting the lodging market is to define each major type of Base Demand Growth demand, identify customer characteristics, and estimate future growth trends. Rates Starting with an analysis of the local area, two segments were defined as representing the proposed subject hotel’s lodging market. Various types of economic and demographic data were then evaluated to determine their propensity to reflect changes in hotel demand. Based on this procedure, we forecast the following average annual compounded market-segment growth rates. The purpose of segmenting the lodging market is to define each major type of Base Demand Growth demand, identify customer characteristics, and estimate future growth trends. Rates Starting with an analysis of the local area, two segments were defined as representing the proposed subject hotel’s lodging market. Various types of economic and demographic data were then evaluated to determine their propensity to reflect changes in hotel demand. Based on this procedure, we forecast the following average annual compounded market-segment growth rates. FIGURE 4-26 AVERAGE ANNUAL COMPOUNDED MARKET SEGMENT GROWTH RATES Annual Growth Rate Market Segment 2020 2021 2022 2023 2024 2025 Transient -6.0 % 35.0 % 15.0 % 8.0 % 4.0 % 2.0 % Group -50.0 45.0 20.0 10.0 5.0 3.0 Base Demand Growth -21.8 % 37.3 % 16.2 % 8.5 % 4.3 % 2.3 % Latent Demand A table presented earlier in this section illustrated the accommodated-room-night demand in the proposed subject hotel’s competitive market. Because this estimate is based on historical occupancy levels, it includes only those hotel rooms that were used by guests. Latent demand reflects potential room-night demand that has not been realized by the existing competitive supply, further classified as either unaccommodated demand or induced demand. Page Proposed Skaneateles163 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 76 FIGURE 4-26 AVERAGE ANNUAL COMPOUNDED MARKET SEGMENT GROWTH RATES Annual Growth Rate Market Segment 2020 2021 2022 2023 2024 2025 Transient -6.0 % 35.0 % 15.0 % 8.0 % 4.0 % 2.0 % Group -50.0 45.0 20.0 10.0 5.0 3.0 Base Demand Growth -21.8 % 37.3 % 16.2 % 8.5 % 4.3 % 2.3 % Latent Demand A table presented earlier in this section illustrated the accommodated-room-night demand in the proposed subject hotel’s competitive market. Because this estimate is based on historical occupancy levels, it includes only those hotel rooms that were used by guests. Latent demand reflects potential room-night demand that has not been realized by the existing competitive supply, further classified as either unaccommodated demand or induced demand. Page Proposed Skaneateles163 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 76 Unaccommodated Unaccommodated demand refers to individuals who are unable to secure Demand accommodations in the market because all the local hotels are filled. These travelers must defer their trips, settle for less desirable accommodations, or stay in properties located outside the market area. Because this demand did not yield occupied room nights, it is not included in the estimate of historical accommodated- room-night demand. If additional lodging facilities are expected to enter the market, it is reasonable to assume that these guests will be able to secure hotel rooms in the future, and it is therefore necessary to quantify this demand. Unaccommodated Unaccommodated demand refers to individuals who are unable to secure Demand accommodations in the market because all the local hotels are filled. These travelers must defer their trips, settle for less desirable accommodations, or stay in properties located outside the market area. Because this demand did not yield occupied room nights, it is not included in the estimate of historical accommodated- room-night demand. If additional lodging facilities are expected to enter the market, it is reasonable to assume that these guests will be able to secure hotel rooms in the future, and it is therefore necessary to quantify this demand. Unaccommodated demand is further indicated if the market is at all seasonal, with distinct high and low seasons; such seasonality indicates that although year-end occupancy may not average in excess of 70%, the market may sell out certain nights during the year. To evaluate the incidence of unaccommodated demand in the market, we have reviewed the average occupancy by the night of the week for the past twelve months for the competitive set, as reflected in the STR data. This is set forth in the following table. Unaccommodated demand is further indicated if the market is at all seasonal, with distinct high and low seasons; such seasonality indicates that although year-end occupancy may not average in excess of 70%, the market may sell out certain nights during the year. To evaluate the incidence of unaccommodated demand in the market, we have reviewed the average occupancy by the night of the week for the past twelve months for the competitive set, as reflected in the STR data. This is set forth in the following table. FIGURE 4-27 OCCUPANCY BY NIGHT OF THE WEEK Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Aug - 20 42.4 % 44.6 % 50.2 % 49.0 % 49.3 % 58.0 % 61.7 % 50.6 % Sep - 20 44.7 35.6 37.3 37.2 39.9 57.2 65.7 44.8 Oct - 20 43.9 39.3 39.7 38.4 41.0 56.6 66.8 47.3 Nov - 20 22.8 24.9 28.0 28.4 33.2 44.9 48.6 32.4 Dec - 20 22.8 26.7 24.7 26.2 25.9 26.1 34.0 26.5 Jan - 21 22.9 20.5 23.0 22.9 25.9 37.7 43.2 28.7 Feb - 21 39.3 33.4 32.8 35.6 42.4 57.2 69.4 44.3 Mar - 21 28.5 29.3 29.1 31.6 30.7 45.0 63.2 36.1 Apr - 21 26.2 28.6 31.4 29.4 34.0 48.2 55.8 36.5 May - 21 31.0 24.3 30.1 29.8 34.8 52.1 56.8 37.0 Jun - 21 46.9 47.7 48.5 49.0 55.5 68.6 72.9 55.1 Jul - 21 55.6 57.7 58.3 63.8 60.0 70.6 74.4 63.4 Average 35.3 % 34.2 % 36.1 % 36.8 % 39.5 % 52.1 % 59.6 % 42.0 % FIGURE 4-27 OCCUPANCY BY NIGHT OF THE WEEK Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Aug - 20 42.4 % 44.6 % 50.2 % 49.0 % 49.3 % 58.0 % 61.7 % 50.6 % Sep - 20 44.7 35.6 37.3 37.2 39.9 57.2 65.7 44.8 Oct - 20 43.9 39.3 39.7 38.4 41.0 56.6 66.8 47.3 Nov - 20 22.8 24.9 28.0 28.4 33.2 44.9 48.6 32.4 Dec - 20 22.8 26.7 24.7 26.2 25.9 26.1 34.0 26.5 Jan - 21 22.9 20.5 23.0 22.9 25.9 37.7 43.2 28.7 Feb - 21 39.3 33.4 32.8 35.6 42.4 57.2 69.4 44.3 Mar - 21 28.5 29.3 29.1 31.6 30.7 45.0 63.2 36.1 Apr - 21 26.2 28.6 31.4 29.4 34.0 48.2 55.8 36.5 May - 21 31.0 24.3 30.1 29.8 34.8 52.1 56.8 37.0 Jun - 21 46.9 47.7 48.5 49.0 55.5 68.6 72.9 55.1 Jul - 21 55.6 57.7 58.3 63.8 60.0 70.6 74.4 63.4 Average 35.3 % 34.2 % 36.1 % 36.8 % 39.5 % 52.1 % 59.6 % 42.0 % Source: STR The following table presents our estimate of unaccommodated demand in the subject market. Page Proposed Skaneateles164 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 77 Source: STR The following table presents our estimate of unaccommodated demand in the subject market. Page Proposed Skaneateles164 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 77 FIGURE 4-28 UNACCOMMODATED DEMAND ESTIMATE Accommodated Room Unaccommodated Unaccommodated Market Segment Night Demand Demand Percentage Room Night Demand Transient 46,464 4.1 % 1,883 Group 26,018 18.4 4,781 Total 72,483 9.2 % 6,664 Accordingly, we have forecast unaccommodated demand equivalent to 9.2% of the base-year demand, resulting from our analysis of monthly and weekly peak demand and sell-out trends. Induced Demand Induced demand represents the additional room nights that are expected to be attracted to the market following the introduction of a new demand generator. Situations that can result in induced demand include the opening of a new manufacturing plant, the expansion of a convention center, or the addition of a new hotel with a distinct chain affiliation or unique facilities. The following table summarizes our estimate of induced demand. FIGURE 4-28 UNACCOMMODATED DEMAND ESTIMATE Accommodated Room Unaccommodated Unaccommodated Market Segment Night Demand Demand Percentage Room Night Demand Transient 46,464 4.1 % 1,883 Group 26,018 18.4 4,781 Total 72,483 9.2 % 6,664 Accordingly, we have forecast unaccommodated demand equivalent to 9.2% of the base-year demand, resulting from our analysis of monthly and weekly peak demand and sell-out trends. Induced Demand Induced demand represents the additional room nights that are expected to be attracted to the market following the introduction of a new demand generator. Situations that can result in induced demand include the opening of a new manufacturing plant, the expansion of a convention center, or the addition of a new hotel with a distinct chain affiliation or unique facilities. The following table summarizes our estimate of induced demand. Accommodated Based upon a review of the market dynamics in the proposed subject hotel’s Demand and Market- competitive environment, we have forecast growth rates for each market segment. wide Occupancy Using the calculated potential demand for the market, we have determined market- wide accommodated demand based on the inherent limitations of demand fluctuations and other factors in the market area. The following table details our projection of lodging demand growth for the subject market, including the total number of occupied room nights and any residual unaccommodated demand in the market. Page Proposed Skaneateles165 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 78 Accommodated Based upon a review of the market dynamics in the proposed subject hotel’s Demand and Market- competitive environment, we have forecast growth rates for each market segment. wide Occupancy Using the calculated potential demand for the market, we have determined market- wide accommodated demand based on the inherent limitations of demand fluctuations and other factors in the market area. The following table details our projection of lodging demand growth for the subject market, including the total number of occupied room nights and any residual unaccommodated demand in the market. Page Proposed Skaneateles165 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 78 FIGURE 4-29 FORECAST OF MARKET OCCUPANCY 2019 2020 2021 2022 2023 2024 2025 Transient Base Demand 46,464 43,676 58,963 67,808 73,232 76,161 77,685 Unaccommodated Demand 1,883 2,543 2,924 3,158 3,284 3,350 Induced Demand 0 0 9,208 12,278 12,278 Total Demand 46,464 45,560 61,506 70,731 85,598 91,723 93,312 Growth Rate (1.9) % 35.0 % 15.0 % 21.0 % 7.2 % 1.7 % FIGURE 4-29 FORECAST OF MARKET OCCUPANCY 2019 2020 2021 2022 2023 2024 2025 Transient Base Demand 46,464 43,676 58,963 67,808 73,232 76,161 77,685 Unaccommodated Demand 1,883 2,543 2,924 3,158 3,284 3,350 Induced Demand 0 0 9,208 12,278 12,278 Total Demand 46,464 45,560 61,506 70,731 85,598 91,723 93,312 Growth Rate (1.9) % 35.0 % 15.0 % 21.0 % 7.2 % 1.7 % Group Base Demand 26,018 13,009 18,863 22,636 24,900 26,145 26,929 Unaccommodated Demand 4,781 6,932 8,319 9,150 9,608 9,896 Induced Demand 0 0 17,280 23,040 23,040 Total Demand 26,018 17,790 25,795 30,955 51,330 58,793 59,865 Growth Rate (31.6) % 45.0 % 20.0 % 65.8 % 14.5 % 1.8 % Group Base Demand 26,018 13,009 18,863 22,636 24,900 26,145 26,929 Unaccommodated Demand 4,781 6,932 8,319 9,150 9,608 9,896 Induced Demand 0 0 17,280 23,040 23,040 Total Demand 26,018 17,790 25,795 30,955 51,330 58,793 59,865 Growth Rate (31.6) % 45.0 % 20.0 % 65.8 % 14.5 % 1.8 % Totals Base Demand 72,483 56,686 77,826 90,444 98,132 102,306 104,614 Unaccommodated Demand 6,664 9,475 11,242 12,308 12,892 13,246 Induced Demand 0 0 26,488 35,318 35,318 Total Demand 72,483 63,350 87,301 101,686 136,928 150,516 153,177 less: Residual Demand 6,664 7,194 5,881 0 0 0 Total Accommodated Demand 72,483 56,686 80,107 95,805 136,928 150,516 153,177 Overall Demand Growth 7.9 % (21.8) % 41.3 % 19.6 % 42.9 % 9.9 % 1.8 % Market Mix Transient 64.1 % 77.1 % 70.5 % 69.6 % 62.5 % 60.9 % 60.9 % Group 35.9 22.9 29.5 30.4 37.5 39.1 39.1 Existing Hotel Supply 342 375 467 467 467 467 467 Proposed Hotels 1 Proposed Subject Property 88 88 88 2 Tapestry Collection by Hilton Hotel Canandaigua 55 109 109 109 3 Grand Adirondack Hotel,Tribute Portfolio 13 23 23 23 Totals Base Demand 72,483 56,686 77,826 90,444 98,132 102,306 104,614 Unaccommodated Demand 6,664 9,475 11,242 12,308 12,892 13,246 Induced Demand 0 0 26,488 35,318 35,318 Total Demand 72,483 63,350 87,301 101,686 136,928 150,516 153,177 less: Residual Demand 6,664 7,194 5,881 0 0 0 Total Accommodated Demand 72,483 56,686 80,107 95,805 136,928 150,516 153,177 Overall Demand Growth 7.9 % (21.8) % 41.3 % 19.6 % 42.9 % 9.9 % 1.8 % Market Mix Transient 64.1 % 77.1 % 70.5 % 69.6 % 62.5 % 60.9 % 60.9 % Group 35.9 22.9 29.5 30.4 37.5 39.1 39.1 Existing Hotel Supply 342 375 467 467 467 467 467 Proposed Hotels 1 Proposed Subject Property 88 88 88 2 Tapestry Collection by Hilton Hotel Canandaigua 55 109 109 109 3 Grand Adirondack Hotel,Tribute Portfolio 13 23 23 23 Change to Existing Hotels A Ascend Collection, Hotel North Woods -23 -23 -23 -23 -23 Available Room Nights per Year 124,921 136,694 162,151 187,129 242,451 242,451 242,451 Nights per Year 365 365 365 365 365 365 365 Total Supply 342 375 444 513 664 664 664 Rooms Supply Growth 3.7 % 9.4 % 18.6 % 15.4 % 29.6 % 0.0 % 0.0 % Marketwide Occupancy 58.0 % 41.5 % 49.4 % 51.2 % 56.5 % 62.1 % 63.2 % 1 Opening in January 2023 of the 100% competitive, 88-room Proposed Subject Property 2 Opening in July 2022 of the 100% competitive, 109-room Tapestry Collection by Hilton Hotel Canandaigua 3 Opening in June 2022 of the 25% competitive, 92-room Grand Adirondack Hotel,Tribute Portfolio A Change of room count in November 2020 of the 25% competitive, Ascend Collection, Hotel North Woods Change to Existing Hotels A Ascend Collection, Hotel North Woods -23 -23 -23 -23 -23 Available Room Nights per Year 124,921 136,694 162,151 187,129 242,451 242,451 242,451 Nights per Year 365 365 365 365 365 365 365 Total Supply 342 375 444 513 664 664 664 Rooms Supply Growth 3.7 % 9.4 % 18.6 % 15.4 % 29.6 % 0.0 % 0.0 % Marketwide Occupancy 58.0 % 41.5 % 49.4 % 51.2 % 56.5 % 62.1 % 63.2 % 1 Opening in January 2023 of the 100% competitive, 88-room Proposed Subject Property 2 Opening in July 2022 of the 100% competitive, 109-room Tapestry Collection by Hilton Hotel Canandaigua 3 Opening in June 2022 of the 25% competitive, 92-room Grand Adirondack Hotel,Tribute Portfolio A Change of room count in November 2020 of the 25% competitive, Ascend Collection, Hotel North Woods The defined competitive market of hotels experienced an occupancy decline in 2020 and early 2021 given the severe downturn in travel associated with the COVID-19 pandemic. Positive trends have been noted recently, as a rebound has begun. A full rebound is being driven by the lifting of all local and state restrictions in early 2021; this allowed many weddings to be booked in the summer and fall of 2021 and all through 2022, which should support the rebound of group demand; and the increase in transient demand, which has been significantly increased due to the fact more travelers are utilizing drive-to locations, will be lifted as well. The seasonality of the market, as well as the market's reliance on tourism and discretionary spending, has also been considered in our positioning of the stabilized market occupancy. Based on historical occupancy levels in this market, and taking into The defined competitive market of hotels experienced an occupancy decline in 2020 and early 2021 given the severe downturn in travel associated with the COVID-19 pandemic. Positive trends have been noted recently, as a rebound has begun. A full rebound is being driven by the lifting of all local and state restrictions in early 2021; this allowed many weddings to be booked in the summer and fall of 2021 and all through 2022, which should support the rebound of group demand; and the increase in transient demand, which has been significantly increased due to the fact more travelers are utilizing drive-to locations, will be lifted as well. The seasonality of the market, as well as the market's reliance on tourism and discretionary spending, has also been considered in our positioning of the stabilized market occupancy. Based on historical occupancy levels in this market, and taking into Page Proposed Skaneateles166 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 79 consideration typical supply and demand cyclicality, market occupancy is forecast to stabilize in the low 60s. Page Proposed Skaneateles167 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 80 5. Description of the Proposed Improvements The quality of a lodging facility's physical improvements has a direct influence on marketability, attainable occupancy, and average room rate. The design and functionality of the structure can also affect operating efficiency and overall profitability. This section investigates the subject property's proposed physical improvements and personal property in an effort to determine how they are expected to contribute to attainable cash flows. Page Proposed Skaneateles166 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 79 consideration typical supply and demand cyclicality, market occupancy is forecast to stabilize in the low 60s. Page Proposed Skaneateles167 Supply and Demand Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 80 5. Description of the Proposed Improvements The quality of a lodging facility's physical improvements has a direct influence on marketability, attainable occupancy, and average room rate. The design and functionality of the structure can also affect operating efficiency and overall profitability. This section investigates the subject property's proposed physical improvements and personal property in an effort to determine how they are expected to contribute to attainable cash flows. Project Overview The Proposed Skaneateles Lodge, Tapestry Collection by Hilton will be a full-service, boutique lodging facility containing 88 rentable units. The two-story property will open on January 1, 2023. The subject site is also located proximate to the northern tip of Skaneateles Lake, one of the lakes located in the Finger Lake Region of Upstate New York, which is considered a tourism region within the Northeastern United States. The proposed property is expected to be a smaller boutique hotel that will cater to local commercial demand as well as provide an upscale lodging base to the region. The property is located within close proximity to a major commercial demand generator, Welch Allyn, Inc. and Hill-Rom as well as being close to existing meeting and conference facilities. Lastly, the Skaneateles area has seen recent development in high end luxury vacation homes which has increase the need for upscale lodging options for guests of the vacation residents. Project Overview The Proposed Skaneateles Lodge, Tapestry Collection by Hilton will be a full-service, boutique lodging facility containing 88 rentable units. The two-story property will open on January 1, 2023. The subject site is also located proximate to the northern tip of Skaneateles Lake, one of the lakes located in the Finger Lake Region of Upstate New York, which is considered a tourism region within the Northeastern United States. The proposed property is expected to be a smaller boutique hotel that will cater to local commercial demand as well as provide an upscale lodging base to the region. The property is located within close proximity to a major commercial demand generator, Welch Allyn, Inc. and Hill-Rom as well as being close to existing meeting and conference facilities. Lastly, the Skaneateles area has seen recent development in high end luxury vacation homes which has increase the need for upscale lodging options for guests of the vacation residents. PROPOSED SUBJECT PROPERTY EXTERIOR Page Proposed Skaneateles168 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 81 Summary of the Based on information provided by the proposed subject hotel’s development Facilities representatives, the following table summarizes the facilities that are expected to be available at the proposed subject hotel. PROPOSED SUBJECT PROPERTY EXTERIOR Page Proposed Skaneateles168 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 81 Summary of the Based on information provided by the proposed subject hotel’s development Facilities representatives, the following table summarizes the facilities that are expected to be available at the proposed subject hotel. FIGURE 5-1 PROPOSED FACILITIES SUMMARY Guestroom Configuration Number of Units King 50 Queen/Queen 34 Suites 4 Total 88 Food & Beverage Facilities Seating Capacity Dining Room 150 Outdoor Dining TBD Amenities & Services Indoor Pool & Outdoor Pool Outdoor Whirlpool with Terrace Fitness Center Retail Outlet Game Room Hiking Trails Putting Green/Bocce Ball Courts Outdoor Patio & Fire Pit FIGURE 5-1 PROPOSED FACILITIES SUMMARY Guestroom Configuration Number of Units King 50 Queen/Queen 34 Suites 4 Total 88 Food & Beverage Facilities Seating Capacity Dining Room 150 Outdoor Dining TBD Amenities & Services Indoor Pool & Outdoor Pool Outdoor Whirlpool with Terrace Fitness Center Retail Outlet Game Room Hiking Trails Putting Green/Bocce Ball Courts Outdoor Patio & Fire Pit Infrastructure Parking Spaces 217 (surface) Elevators 2 Guest Life-Safety Systems Sprinklers, Smoke Detectors Construction Details Wood Frame Site Improvements and The proposed hotel will comprise one two-story building. Surface parking will be Hotel Structure located to the west of the hotel structure. Other site improvements will include freestanding signage, located at the main entrance to the site, as well as landscaping and sidewalks. Additional signage is expected to be placed on the exterior of the building. The hotel's main entrance will lead directly into the lobby, and the first (ground) floor will house the public areas and the back-of-the-house space. Guestrooms are planned to be located on the first and second floors. The site and building components are anticipated to be normal for a hotel of this type and should meet the standards for this resort market. Infrastructure Parking Spaces 217 (surface) Elevators 2 Guest Life-Safety Systems Sprinklers, Smoke Detectors Construction Details Wood Frame Site Improvements and The proposed hotel will comprise one two-story building. Surface parking will be Hotel Structure located to the west of the hotel structure. Other site improvements will include freestanding signage, located at the main entrance to the site, as well as landscaping and sidewalks. Additional signage is expected to be placed on the exterior of the building. The hotel's main entrance will lead directly into the lobby, and the first (ground) floor will house the public areas and the back-of-the-house space. Guestrooms are planned to be located on the first and second floors. The site and building components are anticipated to be normal for a hotel of this type and should meet the standards for this resort market. Planned Facilities The hotel’s restaurant and lounge area is anticipated to be located off the lobby and will feature indoor and outdoor seating. Its size and layout is expected to be appropriate for the hotel. The furnishings of the space are expected to be of a similar Page Proposed Skaneateles169 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 82 style and finish as lobby and guestroom furnishings. The hotel is anticipated to offer a private dining which can also be utilized for meeting space, which is to be located on the first floor; this space should be adequate and appropriate for a hotel of this type. The hotel will offer an indoor pool and whirlpool on the basement level of the property along with a fitness room. Additionally, an outdoor whirlpool and sitting areas will be situated near the outdoor dining area of the restaurant. Other amenities are likely to include a lobby workstation, a gift shop, and vending areas on all floors. Overall, the supporting facilities should be appropriate for a hotel of this type, and we assume that they will meet brand standards. Planned Facilities The hotel’s restaurant and lounge area is anticipated to be located off the lobby and will feature indoor and outdoor seating. Its size and layout is expected to be appropriate for the hotel. The furnishings of the space are expected to be of a similar Page Proposed Skaneateles169 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 82 style and finish as lobby and guestroom furnishings. The hotel is anticipated to offer a private dining which can also be utilized for meeting space, which is to be located on the first floor; this space should be adequate and appropriate for a hotel of this type. The hotel will offer an indoor pool and whirlpool on the basement level of the property along with a fitness room. Additionally, an outdoor whirlpool and sitting areas will be situated near the outdoor dining area of the restaurant. Other amenities are likely to include a lobby workstation, a gift shop, and vending areas on all floors. Overall, the supporting facilities should be appropriate for a hotel of this type, and we assume that they will meet brand standards. PROPOSED SUBJECT PROPERTY DINING AREA Page Proposed Skaneateles170 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 83 PROPOSED SUBJECT PROPERTY DINING AREA Page Proposed Skaneateles170 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 83 FIRST FLOOR PLAN Guestrooms The hotel is anticipated to feature standard and suite-style room configurations, with guestrooms present on all levels of the property's proposed single building. The standard guestrooms should offer typical amenities for this product type, while the suites are expected to feature a larger living area and additional amenities such as a microwave and small refrigerator. The guestroom bathrooms are anticipated to be of a standard size, with a shower-in-tub, commode, and single sink with vanity area, featuring a stone countertop. The floors are expected to be finished with tile, and the walls will likely be finished with knockdown texture (consistent with brand standards). Overall, the guestrooms should offer a competitive product for this upscale, boutique-style property. FIRST FLOOR PLAN Guestrooms The hotel is anticipated to feature standard and suite-style room configurations, with guestrooms present on all levels of the property's proposed single building. The standard guestrooms should offer typical amenities for this product type, while the suites are expected to feature a larger living area and additional amenities such as a microwave and small refrigerator. The guestroom bathrooms are anticipated to be of a standard size, with a shower-in-tub, commode, and single sink with vanity area, featuring a stone countertop. The floors are expected to be finished with tile, and the walls will likely be finished with knockdown texture (consistent with brand standards). Overall, the guestrooms should offer a competitive product for this upscale, boutique-style property. PROPOSED SUBJECT PROPERTY GUESTROOM Page Proposed Skaneateles171 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 84 PROPOSED SUBJECT PROPERTY GUESTROOM Page Proposed Skaneateles171 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 84 GUESTROOM FLOOR PLAN Back-of-the-House The hotel is expected to be served by the necessary back-of-the-house space, including an in-house laundry facility, administrative offices, and a full-service kitchen to service the needs of the restaurant. These spaces should be adequate for a hotel of this type and should allow for the efficient operation of the property under competent management. ADA and We assume that the property will be built according to all pertinent codes and brand Environmental standards. Moreover, we assume its construction will not create any environmental hazards (such as mold) and that the property will fully comply with the Americans with Disabilities Act. Capital Expenditures Our analysis assumes that the hotel will require ongoing upgrades and periodic renovations after its opening in order to maintain its competitive level in this market and to remain compliant with brand standards. These costs should be adequately funded by the forecasted reserve for replacement, as long as a successful, ongoing preventive-maintenance program is employed by hotel staff. GUESTROOM FLOOR PLAN Back-of-the-House The hotel is expected to be served by the necessary back-of-the-house space, including an in-house laundry facility, administrative offices, and a full-service kitchen to service the needs of the restaurant. These spaces should be adequate for a hotel of this type and should allow for the efficient operation of the property under competent management. ADA and We assume that the property will be built according to all pertinent codes and brand Environmental standards. Moreover, we assume its construction will not create any environmental hazards (such as mold) and that the property will fully comply with the Americans with Disabilities Act. Capital Expenditures Our analysis assumes that the hotel will require ongoing upgrades and periodic renovations after its opening in order to maintain its competitive level in this market and to remain compliant with brand standards. These costs should be adequately funded by the forecasted reserve for replacement, as long as a successful, ongoing preventive-maintenance program is employed by hotel staff. Construction Budget The construction budget for the 88-room subject hotel, as provided by the project developer, is illustrated in the following table. Page Proposed Skaneateles172 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 85 Construction Budget The construction budget for the 88-room subject hotel, as provided by the project developer, is illustrated in the following table. Page Proposed Skaneateles172 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 85 FIGURE 5-2 SUBJECT PROPERTY CONSTRUCTION BUDGET Component Cost Cost per Hard Costs & Site Improvements Building & Site Improvements $16,751,500 $189,497 Offsite Road/Misc 1,560,000 17,647 Subtotal Hard Cost & Site Improvements $18,311,500 $207,144 FF&E Subtotal FF&E 2,950,000 $33,371 Pre-Opening Costs and Working Capital Subtotal Pre-Opening and Working Capital $595,000 $6,731 Soft Costs MEP, Geo, CHA & MBL Engineering $174,000 $1,968 Studies & Surveys 20,500 232 Architect 100,000 1,131 Structural Engineering 78,000 882 Final Design 162,000 1,833 Taxes and Interest 263,000 2,975 Feesm SBA 504, Title 318,000 3,597 Hilton Fees 411,000 4,649 Subtotal Soft Costs $1,526,500 $17,268 FIGURE 5-2 SUBJECT PROPERTY CONSTRUCTION BUDGET Component Cost Cost per Hard Costs & Site Improvements Building & Site Improvements $16,751,500 $189,497 Offsite Road/Misc 1,560,000 17,647 Subtotal Hard Cost & Site Improvements $18,311,500 $207,144 FF&E Subtotal FF&E 2,950,000 $33,371 Pre-Opening Costs and Working Capital Subtotal Pre-Opening and Working Capital $595,000 $6,731 Soft Costs MEP, Geo, CHA & MBL Engineering $174,000 $1,968 Studies & Surveys 20,500 232 Architect 100,000 1,131 Structural Engineering 78,000 882 Final Design 162,000 1,833 Taxes and Interest 263,000 2,975 Feesm SBA 504, Title 318,000 3,597 Hilton Fees 411,000 4,649 Subtotal Soft Costs $1,526,500 $17,268 Subtotal (without Land and Developer's Fee) $23,383,000 $264,514 Site Cost $1,700,000 $19,231 Subtotal (without Developer's Fee) $25,083,000 $283,744 Conclusion Overall, the proposed subject property should offer a well-designed, functional layout of support areas and guestrooms. All typical and market-appropriate features and amenities are expected to be included in the hotel's design. We assume that the building will be fully open and operational on the stipulated opening date and will meet all local building codes and brand standards. Furthermore, we assume that the hotel staff will be adequately trained to allow for a successful opening and that pre-marketing efforts will have introduced the product to major local accounts at least six months in advance of the opening date. Page Proposed Skaneateles173 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 86 6. Projection of Occupancy and Average Rate Subtotal (without Land and Developer's Fee) $23,383,000 $264,514 Site Cost $1,700,000 $19,231 Subtotal (without Developer's Fee) $25,083,000 $283,744 Conclusion Overall, the proposed subject property should offer a well-designed, functional layout of support areas and guestrooms. All typical and market-appropriate features and amenities are expected to be included in the hotel's design. We assume that the building will be fully open and operational on the stipulated opening date and will meet all local building codes and brand standards. Furthermore, we assume that the hotel staff will be adequately trained to allow for a successful opening and that pre-marketing efforts will have introduced the product to major local accounts at least six months in advance of the opening date. Page Proposed Skaneateles173 Description of the Proposed Improvements Lodge, Tapestry Collection by Hilton – Skaneateles, New York 86 6. Projection of Occupancy and Average Rate Along with ADR results, the occupancy levels achieved by a hotel are the foundation of the property's financial performance and market value. Most of a lodging facility's other revenue sources (such as food and beverage, other operated departments, and miscellaneous income) are driven by the number of guests, and many expense levels vary with occupancy. To a certain degree, occupancy attainment can be manipulated by management. For example, hotel operators may choose to lower rates in an effort to maximize occupancy. Our forecasts reflect an operating strategy that we believe would be implemented by a typical, professional hotel management team to achieve an optimal mix of occupancy and average rate. Penetration Rate The proposed subject hotel’s forecasted market share and occupancy levels are Analysis based upon its anticipated competitive position within the market, as quantified by its penetration rate. The penetration rate is the ratio of a hotel's market share to its fair share. Along with ADR results, the occupancy levels achieved by a hotel are the foundation of the property's financial performance and market value. Most of a lodging facility's other revenue sources (such as food and beverage, other operated departments, and miscellaneous income) are driven by the number of guests, and many expense levels vary with occupancy. To a certain degree, occupancy attainment can be manipulated by management. For example, hotel operators may choose to lower rates in an effort to maximize occupancy. Our forecasts reflect an operating strategy that we believe would be implemented by a typical, professional hotel management team to achieve an optimal mix of occupancy and average rate. Penetration Rate The proposed subject hotel’s forecasted market share and occupancy levels are Analysis based upon its anticipated competitive position within the market, as quantified by its penetration rate. The penetration rate is the ratio of a hotel's market share to its fair share. Base-Year Penetration In the following table, the penetration rates attained by the primary competitors Rates by Market and the aggregate secondary competitors are set forth for each segment for the base Segment year. As discussed previously in the Supply and Demand Analysis chapter of this report, we are utilizing the market’s performance prior to the onset of the COVID- 19 pandemic as a benchmark for projecting a return to normalized performance. Base-Year Penetration In the following table, the penetration rates attained by the primary competitors Rates by Market and the aggregate secondary competitors are set forth for each segment for the base Segment year. As discussed previously in the Supply and Demand Analysis chapter of this report, we are utilizing the market’s performance prior to the onset of the COVID- 19 pandemic as a benchmark for projecting a return to normalized performance. FIGURE 6-1 HISTORICAL PENETRATION RATES t en all p nsi ou er Tra Ov Property Gr Whiteface Lodge Resort & Spa 77 % 112 % 90 % Mirbeau Inn & Spa 84 100 90 Lake House on Canandaigua Sherwood Inn 93 89 91 Hilton Garden Inn Auburn New York 141 108 129 Secondary Competition 91 83 88 FIGURE 6-1 HISTORICAL PENETRATION RATES t en all p nsi ou er Tra Ov Property Gr Whiteface Lodge Resort & Spa 77 % 112 % 90 % Mirbeau Inn & Spa 84 100 90 Lake House on Canandaigua Sherwood Inn 93 89 91 Hilton Garden Inn Auburn New York 141 108 129 Secondary Competition 91 83 88 The Hilton Garden Inn Auburn New York achieved the highest penetration rate within the transient segment. The highest penetration rate in the group segment Page Proposed Skaneateles174 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 87 was achieved by the Whiteface Lodge Resort & Spa, while the #VALUE! led the market with the highest penetration rate. Forecast of Subject Because the supply and demand balance for the competitive market is dynamic, Property’s Occupancy there is a circular relationship between the penetration factors of each hotel in the market. The performance of individual new hotels has a direct effect upon the aggregate performance of the market and, consequently, upon the calculated penetration factor for each hotel in each market segment. The same is true when the performance of existing hotels changes, either positively (following a refurbishment, for example) or negatively (when a poorly maintained or marketed hotel loses market share). The Hilton Garden Inn Auburn New York achieved the highest penetration rate within the transient segment. The highest penetration rate in the group segment Page Proposed Skaneateles174 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 87 was achieved by the Whiteface Lodge Resort & Spa, while the #VALUE! led the market with the highest penetration rate. Forecast of Subject Because the supply and demand balance for the competitive market is dynamic, Property’s Occupancy there is a circular relationship between the penetration factors of each hotel in the market. The performance of individual new hotels has a direct effect upon the aggregate performance of the market and, consequently, upon the calculated penetration factor for each hotel in each market segment. The same is true when the performance of existing hotels changes, either positively (following a refurbishment, for example) or negatively (when a poorly maintained or marketed hotel loses market share). A hotel’s penetration factor is calculated as its achieved market share of demand divided by its fair share of demand. Thus, if one hotel’s penetration performance increases, thereby increasing its achieved market share, this leaves less demand available in the market for the other hotels to capture, and the penetration performance of one or more of those other hotels consequently declines (other things remaining equal). This type of market share adjustment takes place every time there is a change in supply or a change in the relative penetration performance of one or more hotels in the competitive market. Our projections of penetration, demand capture, and occupancy performance for the proposed subject hotel account for these types of adjustments to market share within the defined competitive market. The proposed subject hotel's occupancy forecast is set forth as follows, with the adjusted projected penetration rates used as a basis for calculating the amount of captured market demand. A hotel’s penetration factor is calculated as its achieved market share of demand divided by its fair share of demand. Thus, if one hotel’s penetration performance increases, thereby increasing its achieved market share, this leaves less demand available in the market for the other hotels to capture, and the penetration performance of one or more of those other hotels consequently declines (other things remaining equal). This type of market share adjustment takes place every time there is a change in supply or a change in the relative penetration performance of one or more hotels in the competitive market. Our projections of penetration, demand capture, and occupancy performance for the proposed subject hotel account for these types of adjustments to market share within the defined competitive market. The proposed subject hotel's occupancy forecast is set forth as follows, with the adjusted projected penetration rates used as a basis for calculating the amount of captured market demand. Page Proposed Skaneateles175 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 88 Page Proposed Skaneateles175 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 88 FIGURE 6-2 FORECAST OF SUBJECT PROPERTY'S OCCUPANCY Market Segment 2023 2024 2025 Transient Demand 85,598 91,723 93,312 Market Share 11.9 % 13.0 % 13.5 % Capture 10,163 11,881 12,637 Penetration 90 % 98 % 102 % Group Demand 51,330 58,793 59,865 Market Share 16.3 % 17.2 % 17.5 % Capture 8,347 10,092 10,474 Penetration 123 % 130 % 132 % FIGURE 6-2 FORECAST OF SUBJECT PROPERTY'S OCCUPANCY Market Segment 2023 2024 2025 Transient Demand 85,598 91,723 93,312 Market Share 11.9 % 13.0 % 13.5 % Capture 10,163 11,881 12,637 Penetration 90 % 98 % 102 % Group Demand 51,330 58,793 59,865 Market Share 16.3 % 17.2 % 17.5 % Capture 8,347 10,092 10,474 Penetration 123 % 130 % 132 % Total Room Nights Captured 18,509 21,973 23,110 Available Room Nights 32,120 32,120 32,120 Subject Occupancy 58 % 68 % 72 % Market-wide Available Room Nights 242,451 242,451 242,451 Fair Share 13 % 13 % 13 % Market-wide Occupied Room Nights 136,928 150,516 153,177 Market Share 14 % 15 % 15 % Market-wide Occupancy 56 % 62 % 63 % Total Penetration 102 % 110 % 114 % Total Room Nights Captured 18,509 21,973 23,110 Available Room Nights 32,120 32,120 32,120 Subject Occupancy 58 % 68 % 72 % Market-wide Available Room Nights 242,451 242,451 242,451 Fair Share 13 % 13 % 13 % Market-wide Occupied Room Nights 136,928 150,516 153,177 Market Share 14 % 15 % 15 % Market-wide Occupancy 56 % 62 % 63 % Total Penetration 102 % 110 % 114 % Within the transient segment, the proposed subject hotel’s occupancy penetration is positioned appropriately within the range of existing competitors, supported by the subject property's brand affiliation and close proximity of transient demand including Welch Allyn, Inc. and the recreation area of the region. The proposed subject hotel's occupancy penetration in the group segment is positioned above the market-average level given the proposed hotel's expected popularity for hosting wedding parties in the region. Additionally, the subject property is located within a mile of the Lodge at Welch Allyn which is utilized for numerous corporate, social, and other large group events. The subject property will be the closest hotel this grouped demand generator. These positioned segment penetration rates result in the following market segmentation forecast. FIGURE 6-3 MARKET SEGMENTATION FORECAST – SUBJECT PROPERTY 2023 2024 2025 Within the transient segment, the proposed subject hotel’s occupancy penetration is positioned appropriately within the range of existing competitors, supported by the subject property's brand affiliation and close proximity of transient demand including Welch Allyn, Inc. and the recreation area of the region. The proposed subject hotel's occupancy penetration in the group segment is positioned above the market-average level given the proposed hotel's expected popularity for hosting wedding parties in the region. Additionally, the subject property is located within a mile of the Lodge at Welch Allyn which is utilized for numerous corporate, social, and other large group events. The subject property will be the closest hotel this grouped demand generator. These positioned segment penetration rates result in the following market segmentation forecast. FIGURE 6-3 MARKET SEGMENTATION FORECAST – SUBJECT PROPERTY 2023 2024 2025 Transient 55 % 54 % 55 % Group 45 46 45 Total 100 % 100 % 100 % Page Proposed Skaneateles176 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 89 FIGURE 6-4 STABILIZED MARKET SEGMENTATION – SUBJECT PROPERTY 46% 54% Transient Group Transient 55 % 54 % 55 % Group 45 46 45 Total 100 % 100 % 100 % Page Proposed Skaneateles176 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 89 FIGURE 6-4 STABILIZED MARKET SEGMENTATION – SUBJECT PROPERTY 46% 54% Transient Group Based on our analysis of the proposed subject hotel and market area, we have selected a stabilized occupancy level of 72%. The stabilized occupancy is intended to reflect the anticipated results of the property over its remaining economic life given all changes in the life cycle of the hotel. Thus, the stabilized occupancy excludes from consideration any abnormal relationship between supply and demand, as well as any nonrecurring conditions that may result in unusually high or low occupancies. Although the proposed subject hotel may operate at occupancies above this stabilized level, we believe it equally possible for new competition and temporary economic downturns to force the occupancy below this selected point of stability. Based on our analysis of the proposed subject hotel and market area, we have selected a stabilized occupancy level of 72%. The stabilized occupancy is intended to reflect the anticipated results of the property over its remaining economic life given all changes in the life cycle of the hotel. Thus, the stabilized occupancy excludes from consideration any abnormal relationship between supply and demand, as well as any nonrecurring conditions that may result in unusually high or low occupancies. Although the proposed subject hotel may operate at occupancies above this stabilized level, we believe it equally possible for new competition and temporary economic downturns to force the occupancy below this selected point of stability. Average Rate Analysis One of the most important considerations in estimating the value of a lodging facility is a supportable forecast of its attainable average rate, which is more formally defined as the average rate per occupied room. Average rate can be calculated by dividing the total rooms revenue achieved during a specified period by the number of rooms sold during the same period. The projected average rate and the anticipated occupancy percentage are used to forecast rooms revenue, which in turn provides the basis for estimating most other income and expense categories. Competitive Position Although the ADR analysis presented here follows the occupancy projection, these two statistics are highly correlated; in reality, one cannot project occupancy without making specific assumptions regarding average rate. This relationship is best illustrated by revenue per available room (RevPAR), which reflects a property's Page Proposed Skaneateles177 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 90 Average Rate Analysis One of the most important considerations in estimating the value of a lodging facility is a supportable forecast of its attainable average rate, which is more formally defined as the average rate per occupied room. Average rate can be calculated by dividing the total rooms revenue achieved during a specified period by the number of rooms sold during the same period. The projected average rate and the anticipated occupancy percentage are used to forecast rooms revenue, which in turn provides the basis for estimating most other income and expense categories. Competitive Position Although the ADR analysis presented here follows the occupancy projection, these two statistics are highly correlated; in reality, one cannot project occupancy without making specific assumptions regarding average rate. This relationship is best illustrated by revenue per available room (RevPAR), which reflects a property's Page Proposed Skaneateles177 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 90 ability to maximize rooms revenue. The following table summarizes the historical average rate and the RevPAR of the proposed subject hotel’s future primary competitors. ability to maximize rooms revenue. The following table summarizes the historical average rate and the RevPAR of the proposed subject hotel’s future primary competitors. FIGURE 6-5 BASE-YEAR AVERAGE RATE AND REVPAR OF THE COMPETITORS Estimated 2019 Rooms Revenue Average Room Per Available RevPAR Property Rate Room (RevPAR) Penetration Whiteface Lodge Resort & Spa $425 - $450 $220 - $230 160 - 170 % Mirbeau Inn & Spa 325 - 350 170 - 180 120 - 130 Lake House on Canandaigua — — — Sherwood Inn 190 - 200 105 - 110 70 - 75 Hilton Garden Inn Auburn New York 130 - 140 95 - 100 65 - 70 Average - Primary Competitors $261.89 $158.89 112.7 % Average - Secondary Competitors 184.90 94.60 67.1 Overall Average $243.00 $140.99 100.0 % . Subject As If Stabilized (In 2019 Dollars) $212.00 $140.09 99.4 % FIGURE 6-5 BASE-YEAR AVERAGE RATE AND REVPAR OF THE COMPETITORS Estimated 2019 Rooms Revenue Average Room Per Available RevPAR Property Rate Room (RevPAR) Penetration Whiteface Lodge Resort & Spa $425 - $450 $220 - $230 160 - 170 % Mirbeau Inn & Spa 325 - 350 170 - 180 120 - 130 Lake House on Canandaigua — — — Sherwood Inn 190 - 200 105 - 110 70 - 75 Hilton Garden Inn Auburn New York 130 - 140 95 - 100 65 - 70 Average - Primary Competitors $261.89 $158.89 112.7 % Average - Secondary Competitors 184.90 94.60 67.1 Overall Average $243.00 $140.99 100.0 % . Subject As If Stabilized (In 2019 Dollars) $212.00 $140.09 99.4 % We have selected the rate position of $212.00, in base-year dollars (2019), for the proposed subject hotel. Based on these considerations, the following table sets forth the basis for our projection of the proposed subject hotel’s average rate. We have positioned the proposed subject hotel’s stabilized average rate in base-year (2019) dollars at $212.00, which reflects an ADR penetration of %. Based on our review of the proposed improvements and the anticipated profile of the product and its operation, it is our opinion that the ADR penetration level should be achievable with appropriate management and marketing. The positioned stabilized average rate is projected to increase at the same rate as the overall market’s average rate, prior to consideration of any ADR discounting during the hotel’s ramp-up period. Note that Page Proposed Skaneateles178 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 91 We have selected the rate position of $212.00, in base-year dollars (2019), for the proposed subject hotel. Based on these considerations, the following table sets forth the basis for our projection of the proposed subject hotel’s average rate. We have positioned the proposed subject hotel’s stabilized average rate in base-year (2019) dollars at $212.00, which reflects an ADR penetration of %. Based on our review of the proposed improvements and the anticipated profile of the product and its operation, it is our opinion that the ADR penetration level should be achievable with appropriate management and marketing. The positioned stabilized average rate is projected to increase at the same rate as the overall market’s average rate, prior to consideration of any ADR discounting during the hotel’s ramp-up period. Note that Page Proposed Skaneateles178 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 91 our forecast of income and expense, which follows later in this report, assumes an underlying inflation rate of 1.0% in the first year, 2.0% in the second year, 2.0% in the third year, 2.0% in fourth year, and 2.0% in the fifth year, followed by a 3.0% annual rate of growth in the sixth projection year and beyond. The proposed subject hotel’s projected average rate (as if stabilized) is then fiscalized to correspond with the hotel’s anticipated date of opening for each forecast year. Discounts of 3% and 1% have been applied to the stabilized room rates projected for the first two years of operation, as would be expected for a new property of this type as it builds its reputation and becomes established in the market. our forecast of income and expense, which follows later in this report, assumes an underlying inflation rate of 1.0% in the first year, 2.0% in the second year, 2.0% in the third year, 2.0% in fourth year, and 2.0% in the fifth year, followed by a 3.0% annual rate of growth in the sixth projection year and beyond. The proposed subject hotel’s projected average rate (as if stabilized) is then fiscalized to correspond with the hotel’s anticipated date of opening for each forecast year. Discounts of 3% and 1% have been applied to the stabilized room rates projected for the first two years of operation, as would be expected for a new property of this type as it builds its reputation and becomes established in the market. The following table presents the proposed subject hotel’s ADR penetration level, followed by the average rate deflated to base-year dollars by the assumed underlying inflation rate, for each year of the forecast. FIGURE 6-6 ADR FORECAST – MARKET AND PROPOSED SUBJECT PROPERTY Historical Calendar Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Market ADR $243.00 $276.78 $257.40 $252.25 $257.30 $265.02 $272.97 $281.16 $289.59 $298.28 Projected Market ADR Growth Rate — 13.9% -7.0% -2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0% Proposed Subject Property ADR (As-If Stabilized) $212.00 $241.47 $224.57 $220.07 $224.48 $231.21 $238.15 $245.29 $252.65 $260.23 ADR Growth Rate 13.9% -7.0% -2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0% Proposed Subject Stabilized ADR Penetration 87% 87% 87% 87% 87% 87% 87% 87% 87% 87.2% The following table presents the proposed subject hotel’s ADR penetration level, followed by the average rate deflated to base-year dollars by the assumed underlying inflation rate, for each year of the forecast. FIGURE 6-6 ADR FORECAST – MARKET AND PROPOSED SUBJECT PROPERTY Historical Calendar Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Market ADR $243.00 $276.78 $257.40 $252.25 $257.30 $265.02 $272.97 $281.16 $289.59 $298.28 Projected Market ADR Growth Rate — 13.9% -7.0% -2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0% Proposed Subject Property ADR (As-If Stabilized) $212.00 $241.47 $224.57 $220.07 $224.48 $231.21 $238.15 $245.29 $252.65 $260.23 ADR Growth Rate 13.9% -7.0% -2.0% 2.0% 3.0% 3.0% 3.0% 3.0% 3.0% Proposed Subject Stabilized ADR Penetration 87% 87% 87% 87% 87% 87% 87% 87% 87% 87.2% Fiscal Year 2023 2024 2025 2026 2027 2028 Proposed Subject Property Average Rate $224.48 $231.21 $238.15 $245.29 $252.65 $260.23 Opening Discount 3.0% 1.0% 0.0% 0.0% 0.0% 0.0% Average Rate After Discount $217.74 $228.90 $238.15 $245.29 $252.65 $260.23 Real Average Rate Growth — 5.1% 4.0% 3.0% 3.0% 3.0% Market ADR $257.30 $265.02 $272.97 $281.16 $289.59 $298.28 Proposed Subject ADR Penetration (After Discount) 85% 86% 87% 87% 87% 87% ADR Expressed in Base-Year Dollars Deflated @ Inflation Rate $203.15 $209.37 $211.49 $211.49 $211.49 $211.49 Fiscal Year 2023 2024 2025 2026 2027 2028 Proposed Subject Property Average Rate $224.48 $231.21 $238.15 $245.29 $252.65 $260.23 Opening Discount 3.0% 1.0% 0.0% 0.0% 0.0% 0.0% Average Rate After Discount $217.74 $228.90 $238.15 $245.29 $252.65 $260.23 Real Average Rate Growth — 5.1% 4.0% 3.0% 3.0% 3.0% Market ADR $257.30 $265.02 $272.97 $281.16 $289.59 $298.28 Proposed Subject ADR Penetration (After Discount) 85% 86% 87% 87% 87% 87% ADR Expressed in Base-Year Dollars Deflated @ Inflation Rate $203.15 $209.37 $211.49 $211.49 $211.49 $211.49 We positioned the proposed subject hotel's stabilized ADR in the 2019 base year in consideration of its new facility, strong brand affiliation, and upscale product. Although the rate position would have been lowered in 2020, in line with market trends, we expect that rate position to recover and grow similarly to market trends going forward. Average rates for this competitive market are anticipated to continue to decline in the first projection year due to lower rates captures in the early months of 2021 with additional growth in the following years. The projected recovery and growth of market ADR is based upon the expectation that the Finger Lakes region Page Proposed Skaneateles179 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 92 We positioned the proposed subject hotel's stabilized ADR in the 2019 base year in consideration of its new facility, strong brand affiliation, and upscale product. Although the rate position would have been lowered in 2020, in line with market trends, we expect that rate position to recover and grow similarly to market trends going forward. Average rates for this competitive market are anticipated to continue to decline in the first projection year due to lower rates captures in the early months of 2021 with additional growth in the following years. The projected recovery and growth of market ADR is based upon the expectation that the Finger Lakes region Page Proposed Skaneateles179 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 92 will continue to be a popular leisure and group destination. The need for upscale wedding venues and guestrooms are expected to be elevated over the next few years due to cancelations and postponements cause by the pandemic. Corporate and corporate group demand is expected to begin a slow but steady recovery in the second half of 2021 as well and should help average rate growth. The proposed subject hotel’s ADR penetration level is forecast to reach % by the stabilized period, consistent with our stabilized ADR positioning. The following table sets forth our concluding forecast of the proposed subject hotel’s occupancy, average rate, and RevPAR, with corresponding penetration levels, for the first projection year through the stabilized year of operation. The market’s historical and projected occupancy, average rate, and RevPAR are presented for comparison, with the projections fiscalized to correspond with the proposed subject hotel’s forecast, as appropriate. Page Proposed Skaneateles180 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 93 FIGURE 6-7 COMPARISON OF HISTORICAL AND PROJECTED OCCUPANCY, ADR, AND REVPAR – PROPOSED SUBJECT PROPERTY AND MARKET will continue to be a popular leisure and group destination. The need for upscale wedding venues and guestrooms are expected to be elevated over the next few years due to cancelations and postponements cause by the pandemic. Corporate and corporate group demand is expected to begin a slow but steady recovery in the second half of 2021 as well and should help average rate growth. The proposed subject hotel’s ADR penetration level is forecast to reach % by the stabilized period, consistent with our stabilized ADR positioning. The following table sets forth our concluding forecast of the proposed subject hotel’s occupancy, average rate, and RevPAR, with corresponding penetration levels, for the first projection year through the stabilized year of operation. The market’s historical and projected occupancy, average rate, and RevPAR are presented for comparison, with the projections fiscalized to correspond with the proposed subject hotel’s forecast, as appropriate. Page Proposed Skaneateles180 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 93 FIGURE 6-7 COMPARISON OF HISTORICAL AND PROJECTED OCCUPANCY, ADR, AND REVPAR – PROPOSED SUBJECT PROPERTY AND MARKET Projected 2018 2019 2020 2021 2022 2023 2024 2025 2026 Proposed Skaneateles Lodge, Tapestry Collection by Hilton Occupancy — % — % 57.6 % 68.4 % 71.9 % 71.9 % Change in Points — — — 10.8 3.5 0.0 Occupancy Penetration — — 102.0 % 110.2 % 113.9 % 113.9 % Average Rate $241.47 $224.57 $220.07 $217.74 $228.90 $238.15 $245.29 Change — (2.0) % (1.1) % 5.1 % 4.0 % 3.0 % Average Rate Penetration 87.2 % 87.2 % 84.6 % 86.4 % 87.2 % 87.2 % RevPAR — — $125.47 $156.59 $171.35 $176.49 Change — — — 24.8 % 9.4 % 3.0 % RevPAR Penetration — — 86.3 % 95.2 % 99.4 % 99.4 % Historical Projected 2018 2019 2020 2021 2022 2023 2024 2025 2026 Skaneateles Submarket Occupancy 55.8 % 58.0 % 41.5 % 49.4 % 51.2 % 56.5 % 62.1 % 63.2 % 63.2 % Change in Points — 2.3 (16.6) 7.9 1.8 5.3 5.6 1.1 0.0 Average Rate $235.72 $243.00 $276.78 $257.40 $252.25 $257.30 $265.02 $272.97 $281.16 Change — 3.1 % 13.9 % (7.0) % (2.0) % 2.0 % 3.0 % 3.0 % 3.0 % RevPAR $131.46 $140.99 $114.78 $127.16 $129.15 $145.31 $164.52 $172.46 $177.63 Change — 7.3 % (18.6) % 10.8 % 1.6 % 12.5 % 13.2 % 4.8 % 3.0 % Projected 2018 2019 2020 2021 2022 2023 2024 2025 2026 Proposed Skaneateles Lodge, Tapestry Collection by Hilton Occupancy — % — % 57.6 % 68.4 % 71.9 % 71.9 % Change in Points — — — 10.8 3.5 0.0 Occupancy Penetration — — 102.0 % 110.2 % 113.9 % 113.9 % Average Rate $241.47 $224.57 $220.07 $217.74 $228.90 $238.15 $245.29 Change — (2.0) % (1.1) % 5.1 % 4.0 % 3.0 % Average Rate Penetration 87.2 % 87.2 % 84.6 % 86.4 % 87.2 % 87.2 % RevPAR — — $125.47 $156.59 $171.35 $176.49 Change — — — 24.8 % 9.4 % 3.0 % RevPAR Penetration — — 86.3 % 95.2 % 99.4 % 99.4 % Historical Projected 2018 2019 2020 2021 2022 2023 2024 2025 2026 Skaneateles Submarket Occupancy 55.8 % 58.0 % 41.5 % 49.4 % 51.2 % 56.5 % 62.1 % 63.2 % 63.2 % Change in Points — 2.3 (16.6) 7.9 1.8 5.3 5.6 1.1 0.0 Average Rate $235.72 $243.00 $276.78 $257.40 $252.25 $257.30 $265.02 $272.97 $281.16 Change — 3.1 % 13.9 % (7.0) % (2.0) % 2.0 % 3.0 % 3.0 % 3.0 % RevPAR $131.46 $140.99 $114.78 $127.16 $129.15 $145.31 $164.52 $172.46 $177.63 Change — 7.3 % (18.6) % 10.8 % 1.6 % 12.5 % 13.2 % 4.8 % 3.0 % Page 181 Projection of Occupancy and Average Rate Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 94 The following occupancies and average rates will be used to project the proposed subject hotel’s rooms revenue; this forecast reflects years beginning on January 1, 2023, which correspond with our financial projections. Page 181 Projection of Occupancy and Average Rate Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 94 The following occupancies and average rates will be used to project the proposed subject hotel’s rooms revenue; this forecast reflects years beginning on January 1, 2023, which correspond with our financial projections. FIGURE 6-8 FORECASTS OF OCCUPANCY AND AVERAGE RATE Average Rate Average Rate Year Occupancy Before Discount Discount After Discount 2023 58 % $224.48 3.0 % $217.74 2024 68 231.21 1.0 228.90 2025 72 238.15 0.0 238.15 Page Proposed Skaneateles182 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 95 7. Projection of Income and Expense In this chapter of our report, we have compiled a forecast of income and expense for the proposed subject hotel. This forecast is based on the facilities program set forth previously, as well as the occupancy and average rate (ADR) forecast discussed previously. FIGURE 6-8 FORECASTS OF OCCUPANCY AND AVERAGE RATE Average Rate Average Rate Year Occupancy Before Discount Discount After Discount 2023 58 % $224.48 3.0 % $217.74 2024 68 231.21 1.0 228.90 2025 72 238.15 0.0 238.15 Page Proposed Skaneateles182 Projection of Occupancy and Average Rate Lodge, Tapestry Collection by Hilton – Skaneateles, New York 95 7. Projection of Income and Expense In this chapter of our report, we have compiled a forecast of income and expense for the proposed subject hotel. This forecast is based on the facilities program set forth previously, as well as the occupancy and average rate (ADR) forecast discussed previously. The forecast of income and expense is expressed in current dollars for each year. The stabilized year is intended to reflect the anticipated operating results of the property over its remaining economic life given any or all applicable stages of build- up, plateau, and decline in the life cycle of the hotel. Thus, income and expense estimates from the stabilized year forward exclude from consideration any abnormal relationship between supply and demand, as well as any nonrecurring conditions that may result in unusual revenues or expenses. The ten-year period reflects the typical holding period of large real estate assets such as hotels. In addition, the ten-year period provides for the stabilization of income streams and comparison of yields with alternate types of real estate. The forecasted income streams reflect the future benefits of owning specific rights in income-producing real estate. The forecast of income and expense is expressed in current dollars for each year. The stabilized year is intended to reflect the anticipated operating results of the property over its remaining economic life given any or all applicable stages of build- up, plateau, and decline in the life cycle of the hotel. Thus, income and expense estimates from the stabilized year forward exclude from consideration any abnormal relationship between supply and demand, as well as any nonrecurring conditions that may result in unusual revenues or expenses. The ten-year period reflects the typical holding period of large real estate assets such as hotels. In addition, the ten-year period provides for the stabilization of income streams and comparison of yields with alternate types of real estate. The forecasted income streams reflect the future benefits of owning specific rights in income-producing real estate. Comparable Operating In order to project future income and expense for the proposed subject hotel, we Statements have included a sample of individual comparable operating statements from our database of hotel statistics. All financial data are presented according to the three most common measures of industry performance: ratio to sales (RTS), amounts per available room (PAR), and amounts per occupied room night (POR). These historical income and expense statements will be used as benchmarks in our forthcoming forecast of income and expense. The subject’s stabilized statement of income and expense, deflated to 2019 dollars, is also presented. Page Proposed Skaneateles183 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 96 FIGURE 7-1 COMPARABLE OPERATING STATEMENTS: RATIO TO SALES Comparable Operating In order to project future income and expense for the proposed subject hotel, we Statements have included a sample of individual comparable operating statements from our database of hotel statistics. All financial data are presented according to the three most common measures of industry performance: ratio to sales (RTS), amounts per available room (PAR), and amounts per occupied room night (POR). These historical income and expense statements will be used as benchmarks in our forthcoming forecast of income and expense. The subject’s stabilized statement of income and expense, deflated to 2019 dollars, is also presented. Page Proposed Skaneateles183 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 96 FIGURE 7-1 COMPARABLE OPERATING STATEMENTS: RATIO TO SALES Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2019 2019 2018/19 2018 2018 2019 Edition: 11 11 11 11 10 11 Number of Rooms: 60 to 80 80 to 110 120 to 150 90 to 110 70 to 100 88 Days Open: 365 365 365 365 365 365 Occupancy: 73% 78% 73% 74% 63% 72% Average Rate: $197 $200 $206 $200 $190 $211 RevPAR: $144 $156 $150 $148 $120 $152 REVENUE Rooms 48.5 % 48.2 % 74.2 % 93.7 % 56.4 % 53.6 % Food & Beverage 44.3 48.8 18.0 1.5 27.7 42.3 Other Operated Departments 0.4 3.0 7.2 4.5 15.3 3.5 Miscellaneous Income 6.8 0.1 0.5 0.3 0.6 0.5 Total 100.0 100.0 100.0 100.0 100.0 100.0 DEPARTMENTAL EXPENSES* Rooms 32.3 26.4 21.1 32.1 32.6 22.0 Food & Beverage 83.3 73.3 81.4 93.3 69.4 70.0 Other Operated Departments 35.7 58.1 42.7 29.6 54.6 40.0 Total 52.7 50.3 33.4 32.8 45.9 42.8 DEPARTMENTAL INCOME 47.3 49.7 66.6 67.2 54.1 57.2 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 11.8 7.8 9.0 7.7 11.1 6.8 Info. and Telecom. Systems 2.5 1.2 1.5 0.5 0.0 0.9 Marketing 8.4 3.3 8.5 0.7 9.0 3.9 Franchise Fee 0.0 0.0 4.8 6.8 0.0 4.8 Property Operations & Maintenance 4.0 3.1 3.7 2.4 8.1 2.6 Utilities 3.1 1.4 3.3 2.3 5.6 1.9 Total 29.9 16.8 30.7 20.4 33.8 21.0 GROSS OPERATING PROFIT 17.4 32.9 35.9 46.8 20.3 36.2 Management Fee (0.4) 2.9 3.5 0.0 3.8 3.0 INCOME BEFORE NON-OPER. INC. & EXP. 17.8 30.0 32.4 46.8 16.5 33.2 EBITDA LESS RESERVE 12.0 % 25.2 % 26.1 % 44.0 % 13.5 % 26.0 % Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2019 2019 2018/19 2018 2018 2019 Edition: 11 11 11 11 10 11 Number of Rooms: 60 to 80 80 to 110 120 to 150 90 to 110 70 to 100 88 Days Open: 365 365 365 365 365 365 Occupancy: 73% 78% 73% 74% 63% 72% Average Rate: $197 $200 $206 $200 $190 $211 RevPAR: $144 $156 $150 $148 $120 $152 REVENUE Rooms 48.5 % 48.2 % 74.2 % 93.7 % 56.4 % 53.6 % Food & Beverage 44.3 48.8 18.0 1.5 27.7 42.3 Other Operated Departments 0.4 3.0 7.2 4.5 15.3 3.5 Miscellaneous Income 6.8 0.1 0.5 0.3 0.6 0.5 Total 100.0 100.0 100.0 100.0 100.0 100.0 DEPARTMENTAL EXPENSES* Rooms 32.3 26.4 21.1 32.1 32.6 22.0 Food & Beverage 83.3 73.3 81.4 93.3 69.4 70.0 Other Operated Departments 35.7 58.1 42.7 29.6 54.6 40.0 Total 52.7 50.3 33.4 32.8 45.9 42.8 DEPARTMENTAL INCOME 47.3 49.7 66.6 67.2 54.1 57.2 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 11.8 7.8 9.0 7.7 11.1 6.8 Info. and Telecom. Systems 2.5 1.2 1.5 0.5 0.0 0.9 Marketing 8.4 3.3 8.5 0.7 9.0 3.9 Franchise Fee 0.0 0.0 4.8 6.8 0.0 4.8 Property Operations & Maintenance 4.0 3.1 3.7 2.4 8.1 2.6 Utilities 3.1 1.4 3.3 2.3 5.6 1.9 Total 29.9 16.8 30.7 20.4 33.8 21.0 GROSS OPERATING PROFIT 17.4 32.9 35.9 46.8 20.3 36.2 Management Fee (0.4) 2.9 3.5 0.0 3.8 3.0 INCOME BEFORE NON-OPER. INC. & EXP. 17.8 30.0 32.4 46.8 16.5 33.2 EBITDA LESS RESERVE 12.0 % 25.2 % 26.1 % 44.0 % 13.5 % 26.0 % * Departmental expense ratios are expressed as a percentage of departmental revenues Page Proposed Skaneateles184 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 97 FIGURE 7-2 COMPARABLE OPERATING STATEMENTS: AMOUNTS PER AVAILABLE ROOM * Departmental expense ratios are expressed as a percentage of departmental revenues Page Proposed Skaneateles184 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 97 FIGURE 7-2 COMPARABLE OPERATING STATEMENTS: AMOUNTS PER AVAILABLE ROOM Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2019 2019 2018/19 2018 2018 2019 Edition: 11 11 11 11 10 11 Number of Rooms: 60 to 80 80 to 110 120 to 150 90 to 110 70 to 100 88 Days Open: 365 365 365 365 365 365 Occupancy: 73% 78% 73% 74% 63% 72% Average Rate: $197 $200 $206 $200 $190 $211 RevPAR: $144 $156 $150 $148 $120 $152 REVENUE Rooms $52,420 $56,892 $54,652 $54,193 $43,689 $55,579 Food & Beverage 47,838 57,670 13,277 872 21,504 43,888 Other Operated Departments 401 3,501 5,327 2,586 11,843 3,679 Miscellaneous Income 7,332 90 397 172 483 526 Total 107,992 118,153 73,653 57,824 77,519 103,671 DEPARTMENTAL EXPENSES Rooms 16,928 15,045 11,538 17,374 14,225 12,227 Food & Beverage 39,870 42,300 10,809 814 14,923 30,721 Other Operated Departments 143 2,035 2,274 766 6,466 1,472 Total 56,941 59,380 24,621 18,953 35,615 44,420 DEPARTMENTAL INCOME 51,051 58,772 49,032 38,870 41,904 59,251 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 12,753 9,261 6,605 4,464 8,599 7,100 Info. and Telecom. Systems 2,743 1,393 1,111 275 0 950 Marketing 9,116 3,891 6,229 405 6,980 4,000 Franchise Fee 0 0 3,553 3,941 0 5,002 Property Operations & Maintenance 4,321 3,695 2,721 1,386 6,241 2,700 Utilities 3,360 1,609 2,401 1,324 4,373 2,000 Total 32,292 19,849 22,621 11,796 26,193 21,751 GROSS OPERATING PROFIT 18,759 38,923 26,411 27,074 15,711 37,499 Management Fee (410) 3,441 2,578 0 2,916 3,110 INCOME BEFORE NON-OPER. INC. & EXP. 19,169 35,483 23,834 27,075 12,795 34,389 EBITDA LESS RESERVE $12,898 $29,829 $19,209 $25,462 $10,464 $26,984 Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2019 2019 2018/19 2018 2018 2019 Edition: 11 11 11 11 10 11 Number of Rooms: 60 to 80 80 to 110 120 to 150 90 to 110 70 to 100 88 Days Open: 365 365 365 365 365 365 Occupancy: 73% 78% 73% 74% 63% 72% Average Rate: $197 $200 $206 $200 $190 $211 RevPAR: $144 $156 $150 $148 $120 $152 REVENUE Rooms $52,420 $56,892 $54,652 $54,193 $43,689 $55,579 Food & Beverage 47,838 57,670 13,277 872 21,504 43,888 Other Operated Departments 401 3,501 5,327 2,586 11,843 3,679 Miscellaneous Income 7,332 90 397 172 483 526 Total 107,992 118,153 73,653 57,824 77,519 103,671 DEPARTMENTAL EXPENSES Rooms 16,928 15,045 11,538 17,374 14,225 12,227 Food & Beverage 39,870 42,300 10,809 814 14,923 30,721 Other Operated Departments 143 2,035 2,274 766 6,466 1,472 Total 56,941 59,380 24,621 18,953 35,615 44,420 DEPARTMENTAL INCOME 51,051 58,772 49,032 38,870 41,904 59,251 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 12,753 9,261 6,605 4,464 8,599 7,100 Info. and Telecom. Systems 2,743 1,393 1,111 275 0 950 Marketing 9,116 3,891 6,229 405 6,980 4,000 Franchise Fee 0 0 3,553 3,941 0 5,002 Property Operations & Maintenance 4,321 3,695 2,721 1,386 6,241 2,700 Utilities 3,360 1,609 2,401 1,324 4,373 2,000 Total 32,292 19,849 22,621 11,796 26,193 21,751 GROSS OPERATING PROFIT 18,759 38,923 26,411 27,074 15,711 37,499 Management Fee (410) 3,441 2,578 0 2,916 3,110 INCOME BEFORE NON-OPER. INC. & EXP. 19,169 35,483 23,834 27,075 12,795 34,389 EBITDA LESS RESERVE $12,898 $29,829 $19,209 $25,462 $10,464 $26,984 Page Proposed Skaneateles185 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 98 FIGURE 7-3 COMPARABLE OPERATING STATEMENTS: AMOUNTS PER OCCUPIED ROOM Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2019 2019 2018/19 2018 2018 2019 Edition: 11 11 11 11 10 11 Number of Rooms: 60 to 80 80 to 110 120 to 150 90 to 110 70 to 100 88 Days Open: 365 365 365 365 365 365 Occupancy: 73% 78% 73% 74% 63% 72% Average Rate: $197 $200 $206 $200 $190 $211 RevPAR: $144 $156 $150 $148 $120 $152 REVENUE Rooms $196.71 $200.00 $206.16 $200.37 $190.38 $211.49 Food & Beverage 179.51 202.74 50.08 3.22 93.71 167.00 Other Operated Departments 1.51 12.31 20.10 9.56 51.61 14.00 Miscellaneous Income 27.51 0.32 1.50 0.64 2.10 2.00 Total 405.24 415.36 277.83 213.80 337.81 394.49 DEPARTMENTAL EXPENSES Rooms 63.52 52.89 43.52 64.24 61.99 46.53 Food & Beverage 149.61 148.71 40.77 3.01 65.03 116.90 Other Operated Departments 0.54 7.15 8.58 2.83 28.18 5.60 Total 213.67 208.75 92.87 70.08 155.20 169.03 DEPARTMENTAL INCOME 191.57 206.61 184.96 143.72 182.61 225.46 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 47.85 32.56 24.92 16.51 37.47 27.02 Info. and Telecom. Systems 10.29 4.90 4.19 1.02 0.00 3.61 Marketing 34.21 13.68 23.50 1.50 30.42 15.22 Franchise Fee 0.00 0.00 13.40 14.57 0.00 19.03 Property Operations & Maintenance 16.21 12.99 10.27 5.13 27.20 10.27 Utilities 12.61 5.66 9.06 4.90 19.05 7.61 Total 121.18 69.78 85.33 43.61 114.14 82.77 GROSS OPERATING PROFIT 70.39 136.84 99.63 100.11 68.46 142.69 Management Fee (1.54) 12.10 9.72 0.00 12.71 11.83 INCOME BEFORE NON-OPER. INC. & EXP. 71.93 124.74 89.91 100.11 55.76 130.86 EBITDA LESS RESERVE $48.40 $104.86 $72.46 $94.15 $45.60 $102.68 Page Proposed Skaneateles185 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 98 FIGURE 7-3 COMPARABLE OPERATING STATEMENTS: AMOUNTS PER OCCUPIED ROOM Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2019 2019 2018/19 2018 2018 2019 Edition: 11 11 11 11 10 11 Number of Rooms: 60 to 80 80 to 110 120 to 150 90 to 110 70 to 100 88 Days Open: 365 365 365 365 365 365 Occupancy: 73% 78% 73% 74% 63% 72% Average Rate: $197 $200 $206 $200 $190 $211 RevPAR: $144 $156 $150 $148 $120 $152 REVENUE Rooms $196.71 $200.00 $206.16 $200.37 $190.38 $211.49 Food & Beverage 179.51 202.74 50.08 3.22 93.71 167.00 Other Operated Departments 1.51 12.31 20.10 9.56 51.61 14.00 Miscellaneous Income 27.51 0.32 1.50 0.64 2.10 2.00 Total 405.24 415.36 277.83 213.80 337.81 394.49 DEPARTMENTAL EXPENSES Rooms 63.52 52.89 43.52 64.24 61.99 46.53 Food & Beverage 149.61 148.71 40.77 3.01 65.03 116.90 Other Operated Departments 0.54 7.15 8.58 2.83 28.18 5.60 Total 213.67 208.75 92.87 70.08 155.20 169.03 DEPARTMENTAL INCOME 191.57 206.61 184.96 143.72 182.61 225.46 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 47.85 32.56 24.92 16.51 37.47 27.02 Info. and Telecom. Systems 10.29 4.90 4.19 1.02 0.00 3.61 Marketing 34.21 13.68 23.50 1.50 30.42 15.22 Franchise Fee 0.00 0.00 13.40 14.57 0.00 19.03 Property Operations & Maintenance 16.21 12.99 10.27 5.13 27.20 10.27 Utilities 12.61 5.66 9.06 4.90 19.05 7.61 Total 121.18 69.78 85.33 43.61 114.14 82.77 GROSS OPERATING PROFIT 70.39 136.84 99.63 100.11 68.46 142.69 Management Fee (1.54) 12.10 9.72 0.00 12.71 11.83 INCOME BEFORE NON-OPER. INC. & EXP. 71.93 124.74 89.91 100.11 55.76 130.86 EBITDA LESS RESERVE $48.40 $104.86 $72.46 $94.15 $45.60 $102.68 Page Proposed Skaneateles186 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 99 The comparable statements’ departmental income ranged from 53.5% to 70.9% of total revenue. The comparable properties achieved a gross operating profit ranging from 31.1% to 51.4% of total revenue. Fixed and Variable HVS uses a fixed and variable component model to project a lodging facility's Component Analysis revenue and expense levels. This model is based on the premise that hotel revenues and expenses have one component that is fixed and another that varies directly with occupancy and facility usage. A projection can be made by taking a known level of revenue or expense and calculating its fixed and variable components. The fixed component is then increased in tandem with the underlying rate of inflation, while the variable component is adjusted for a specific measure of volume such as total revenue. Page Proposed Skaneateles186 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 99 The comparable statements’ departmental income ranged from 53.5% to 70.9% of total revenue. The comparable properties achieved a gross operating profit ranging from 31.1% to 51.4% of total revenue. Fixed and Variable HVS uses a fixed and variable component model to project a lodging facility's Component Analysis revenue and expense levels. This model is based on the premise that hotel revenues and expenses have one component that is fixed and another that varies directly with occupancy and facility usage. A projection can be made by taking a known level of revenue or expense and calculating its fixed and variable components. The fixed component is then increased in tandem with the underlying rate of inflation, while the variable component is adjusted for a specific measure of volume such as total revenue. The actual forecast is derived by adjusting each year’s revenue and expense by the amount fixed (the fixed expense multiplied by the inflated base-year amount) plus the variable amount (the variable expense multiplied by the inflated base-year amount) multiplied by the ratio of the projection year’s occupancy to the base-year occupancy (in the case of departmental revenue and expense) or the ratio of the projection year’s revenue to the base year’s revenue (in the case of undistributed operating expenses). Fixed expenses remain fixed, increasing only with inflation. Our discussion of the revenue and expense forecast in this report is based upon the output derived from the fixed and variable model. This forecast of revenue and expense is accomplished through a systematic approach, following the format of the Uniform System of Accounts for the Lodging Industry. Each category of revenue and expense is estimated separately and combined at the end in the final statement of income and expense. The actual forecast is derived by adjusting each year’s revenue and expense by the amount fixed (the fixed expense multiplied by the inflated base-year amount) plus the variable amount (the variable expense multiplied by the inflated base-year amount) multiplied by the ratio of the projection year’s occupancy to the base-year occupancy (in the case of departmental revenue and expense) or the ratio of the projection year’s revenue to the base year’s revenue (in the case of undistributed operating expenses). Fixed expenses remain fixed, increasing only with inflation. Our discussion of the revenue and expense forecast in this report is based upon the output derived from the fixed and variable model. This forecast of revenue and expense is accomplished through a systematic approach, following the format of the Uniform System of Accounts for the Lodging Industry. Each category of revenue and expense is estimated separately and combined at the end in the final statement of income and expense. Page Proposed Skaneateles187 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 100 Inflation and In consideration of the trends in the Consumer Price Index (CPI), projections set Appreciation forth by economists surveyed, and the Federal Reserve’s target inflation rate, we Assumptions have applied the underlying inflation rates as reflected in the following table. Page Proposed Skaneateles187 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 100 Inflation and In consideration of the trends in the Consumer Price Index (CPI), projections set Appreciation forth by economists surveyed, and the Federal Reserve’s target inflation rate, we Assumptions have applied the underlying inflation rates as reflected in the following table. FIGURE 7-4 INFLATION ASSUMPTIONS 2019 to 20 1.0% General Inflation Yr.1 1.0% 2020 to 21 2.0% General Inflation Yr.2 2.0% 2021 to 22 2.0% General Inflation Yr.3 2.0% 2022 to 23 2.0% General Inflation Yr.4 2.0% 2023 to 24 2.0% General Inflation Yr.5 2.0% Long-Term Appr. 3.0% Beyond the illustrated year, we have applied a 3.0% annual rate of growth to income and expenses to reflect the longer-term expectation of asset appreciation by typical investors. This position is based on interviews with numerous market participants indicating a distinction in the expectations of near-term cost inflation (i.e., related to labor and supplies) versus long-term income growth that drives appreciation. Any exceptions to the application of the assumed underlying inflation and EBITDA Less Replacement Reserve growth rates are discussed in our write-up of individual income and expense items. FIGURE 7-4 INFLATION ASSUMPTIONS 2019 to 20 1.0% General Inflation Yr.1 1.0% 2020 to 21 2.0% General Inflation Yr.2 2.0% 2021 to 22 2.0% General Inflation Yr.3 2.0% 2022 to 23 2.0% General Inflation Yr.4 2.0% 2023 to 24 2.0% General Inflation Yr.5 2.0% Long-Term Appr. 3.0% Beyond the illustrated year, we have applied a 3.0% annual rate of growth to income and expenses to reflect the longer-term expectation of asset appreciation by typical investors. This position is based on interviews with numerous market participants indicating a distinction in the expectations of near-term cost inflation (i.e., related to labor and supplies) versus long-term income growth that drives appreciation. Any exceptions to the application of the assumed underlying inflation and EBITDA Less Replacement Reserve growth rates are discussed in our write-up of individual income and expense items. Forecast of Revenue Based on an analysis that will be detailed throughout this section, we have and Expense formulated a forecast of income and expense. The following table presents a detailed forecast through the fifth projection year, including amounts per available room and per occupied room. The second table illustrates our ten-year forecast of income and expense, presented with a lesser degree of detail. The forecasts pertain to years that begin on January 1, 2023, expressed in inflated dollars for each year. Page Proposed Skaneateles188 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 101 Forecast of Revenue Based on an analysis that will be detailed throughout this section, we have and Expense formulated a forecast of income and expense. The following table presents a detailed forecast through the fifth projection year, including amounts per available room and per occupied room. The second table illustrates our ten-year forecast of income and expense, presented with a lesser degree of detail. The forecasts pertain to years that begin on January 1, 2023, expressed in inflated dollars for each year. Page Proposed Skaneateles188 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 101 FIGURE 7-5 DETAILED FORECAST OF INCOME AND EXPENSE 2023 (Calendar Year) 2024 Stabilized 2026 2027 Number of Rooms: 88 88 88 88 88 Occupancy: 58% 68% 72% 72% 72% Average Rate: $217.74 $228.90 $238.15 $245.29 $252.65 RevPAR: $126.29 $155.65 $171.47 $176.61 $181.91 Days Open: 365 365 365 365 365 Occupied Rooms: 18,630 %Gross PAR POR 21,842 %Gross PAR POR 23,126 %Gross PAR POR 23,126 %Gross PAR POR 23,126 %Gross PAR POR OPERATING REVENUE Rooms $4,056 53.7 % $46,091 $217.72 $4,999 53.8 % $56,807 $228.88 $5,507 53.6 % $62,580 $238.13 $5,673 53.6 % $64,466 $245.30 $5,843 53.6 % $66,398 $252.65 Food 2,477 32.8 28,150 132.97 3,055 32.9 34,720 139.89 3,385 33.0 38,471 146.39 3,487 33.0 39,625 150.78 3,592 33.0 40,813 155.30 Beverage 682 9.0 7,753 36.62 859 9.2 9,767 39.35 964 9.4 10,949 41.66 992 9.4 11,278 42.91 1,022 9.4 11,616 44.20 Other Operated Departments 294 3.9 3,342 15.79 338 3.6 3,837 15.46 365 3.5 4,143 15.76 376 3.5 4,267 16.24 387 3.5 4,395 16.72 Miscellaneous Income 42 0.6 477 2.26 48 0.5 548 2.21 52 0.5 592 2.25 54 0.5 610 2.32 55 0.5 628 2.39 Total Operating Revenues 7,552 100.0 85,813 405.35 9,300 100.0 105,678 425.78 10,273 100.0 116,734 444.19 10,582 100.0 120,245 457.55 10,899 100.0 123,850 471.27 DEPARTMENTAL EXPENSES * Rooms 1,064 26.2 12,086 57.09 1,150 23.0 13,071 52.66 1,212 22.0 13,769 52.39 1,248 22.0 14,182 53.96 1,285 22.0 14,607 55.58 Food & Beverage 2,589 81.9 29,420 138.97 2,859 73.0 32,486 130.89 3,044 70.0 34,594 131.64 3,136 70.0 35,632 135.58 3,230 70.0 36,701 139.65 Other Operated Departments 132 45.0 1,505 7.11 140 41.4 1,587 6.39 146 40.0 1,657 6.31 150 40.0 1,707 6.50 155 40.0 1,758 6.69 Total Expenses 3,785 50.1 43,011 203.17 4,149 44.6 47,143 189.94 4,402 42.8 50,020 190.33 4,534 42.8 51,520 196.04 4,670 42.8 53,066 201.93 DEPARTMENTAL INCOME 3,767 49.9 42,802 202.18 5,151 55.4 58,535 235.84 5,871 57.2 66,714 253.86 6,048 57.2 68,725 261.51 6,229 57.2 70,784 269.35 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 663 8.8 7,536 35.60 672 7.2 7,631 30.75 704 6.8 7,995 30.42 725 6.8 8,235 31.34 746 6.8 8,482 32.28 Info & Telecom Systems 85 1.1 960 4.54 90 1.0 1,021 4.11 94 0.9 1,070 4.07 97 0.9 1,102 4.19 100 0.9 1,135 4.32 Marketing 391 5.2 4,448 21.01 397 4.3 4,514 18.19 396 3.9 4,504 17.14 408 3.9 4,639 17.65 421 3.9 4,779 18.18 Franchise Fee 284 3.8 3,226 15.24 400 4.3 4,545 18.31 496 4.8 5,632 21.43 511 4.8 5,802 22.08 526 4.8 5,976 22.74 Prop. Operations & Maint. 192 2.5 2,183 10.31 230 2.5 2,612 10.52 268 2.6 3,040 11.57 276 2.6 3,132 11.92 284 2.6 3,226 12.27 Utilities 178 2.4 2,022 9.55 189 2.0 2,150 8.66 198 1.9 2,252 8.57 204 1.9 2,320 8.83 210 1.9 2,389 9.09 Total Expenses 1,793 23.8 20,375 96.24 1,978 21.3 22,472 90.54 2,155 20.9 24,493 93.20 2,220 20.9 25,229 96.00 2,287 20.9 25,986 98.88 GROSS OPERATING PROFIT 1,974 26.1 22,428 105.94 3,174 34.1 36,063 145.30 3,715 36.3 42,221 160.66 3,828 36.3 43,496 165.51 3,942 36.3 44,799 170.47 Management Fee 227 3.0 2,574 12.16 279 3.0 3,170 12.77 308 3.0 3,502 13.33 317 3.0 3,607 13.73 327 3.0 3,716 14.14 INCOME BEFORE NON-OPR. INC. & EXP. 1,747 23.1 19,853 93.78 2,895 31.1 32,893 132.53 3,407 33.3 38,719 147.33 3,510 33.3 39,888 151.78 3,615 33.3 41,083 156.33 NON-OPERATING INCOME & EXPENSE Property Taxes 124 1.6 1,414 6.68 210 2.3 2,382 9.60 278 2.7 3,163 12.04 287 2.7 3,258 12.40 295 2.7 3,355 12.77 Insurance 42 0.6 482 2.28 43 0.5 492 1.98 45 0.4 507 1.93 46 0.4 522 1.99 47 0.4 538 2.05 Total Expenses 167 2.2 1,897 8.96 253 2.8 2,874 11.58 323 3.1 3,670 13.96 333 3.1 3,780 14.38 343 3.1 3,893 14.81 EBITDA 1,580 20.9 17,957 84.82 2,642 28.3 30,019 120.95 3,084 30.2 35,050 133.37 3,178 30.2 36,109 137.40 3,273 30.2 37,190 141.51 Reserve for Replacement 151 2.0 1,716 8.11 279 3.0 3,170 12.77 411 4.0 4,669 17.77 423 4.0 4,810 18.30 436 4.0 4,954 18.85 EBITDA LESS RESERVE $1,429 18.9 % $16,240 $76.71 $2,363 25.3 % $26,849 $108.18 $2,673 26.2 % $30,380 $115.60 $2,754 26.2 % $31,299 $119.10 $2,837 26.2 % $32,236 $122.66 FIGURE 7-5 DETAILED FORECAST OF INCOME AND EXPENSE 2023 (Calendar Year) 2024 Stabilized 2026 2027 Number of Rooms: 88 88 88 88 88 Occupancy: 58% 68% 72% 72% 72% Average Rate: $217.74 $228.90 $238.15 $245.29 $252.65 RevPAR: $126.29 $155.65 $171.47 $176.61 $181.91 Days Open: 365 365 365 365 365 Occupied Rooms: 18,630 %Gross PAR POR 21,842 %Gross PAR POR 23,126 %Gross PAR POR 23,126 %Gross PAR POR 23,126 %Gross PAR POR OPERATING REVENUE Rooms $4,056 53.7 % $46,091 $217.72 $4,999 53.8 % $56,807 $228.88 $5,507 53.6 % $62,580 $238.13 $5,673 53.6 % $64,466 $245.30 $5,843 53.6 % $66,398 $252.65 Food 2,477 32.8 28,150 132.97 3,055 32.9 34,720 139.89 3,385 33.0 38,471 146.39 3,487 33.0 39,625 150.78 3,592 33.0 40,813 155.30 Beverage 682 9.0 7,753 36.62 859 9.2 9,767 39.35 964 9.4 10,949 41.66 992 9.4 11,278 42.91 1,022 9.4 11,616 44.20 Other Operated Departments 294 3.9 3,342 15.79 338 3.6 3,837 15.46 365 3.5 4,143 15.76 376 3.5 4,267 16.24 387 3.5 4,395 16.72 Miscellaneous Income 42 0.6 477 2.26 48 0.5 548 2.21 52 0.5 592 2.25 54 0.5 610 2.32 55 0.5 628 2.39 Total Operating Revenues 7,552 100.0 85,813 405.35 9,300 100.0 105,678 425.78 10,273 100.0 116,734 444.19 10,582 100.0 120,245 457.55 10,899 100.0 123,850 471.27 DEPARTMENTAL EXPENSES * Rooms 1,064 26.2 12,086 57.09 1,150 23.0 13,071 52.66 1,212 22.0 13,769 52.39 1,248 22.0 14,182 53.96 1,285 22.0 14,607 55.58 Food & Beverage 2,589 81.9 29,420 138.97 2,859 73.0 32,486 130.89 3,044 70.0 34,594 131.64 3,136 70.0 35,632 135.58 3,230 70.0 36,701 139.65 Other Operated Departments 132 45.0 1,505 7.11 140 41.4 1,587 6.39 146 40.0 1,657 6.31 150 40.0 1,707 6.50 155 40.0 1,758 6.69 Total Expenses 3,785 50.1 43,011 203.17 4,149 44.6 47,143 189.94 4,402 42.8 50,020 190.33 4,534 42.8 51,520 196.04 4,670 42.8 53,066 201.93 DEPARTMENTAL INCOME 3,767 49.9 42,802 202.18 5,151 55.4 58,535 235.84 5,871 57.2 66,714 253.86 6,048 57.2 68,725 261.51 6,229 57.2 70,784 269.35 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 663 8.8 7,536 35.60 672 7.2 7,631 30.75 704 6.8 7,995 30.42 725 6.8 8,235 31.34 746 6.8 8,482 32.28 Info & Telecom Systems 85 1.1 960 4.54 90 1.0 1,021 4.11 94 0.9 1,070 4.07 97 0.9 1,102 4.19 100 0.9 1,135 4.32 Marketing 391 5.2 4,448 21.01 397 4.3 4,514 18.19 396 3.9 4,504 17.14 408 3.9 4,639 17.65 421 3.9 4,779 18.18 Franchise Fee 284 3.8 3,226 15.24 400 4.3 4,545 18.31 496 4.8 5,632 21.43 511 4.8 5,802 22.08 526 4.8 5,976 22.74 Prop. Operations & Maint. 192 2.5 2,183 10.31 230 2.5 2,612 10.52 268 2.6 3,040 11.57 276 2.6 3,132 11.92 284 2.6 3,226 12.27 Utilities 178 2.4 2,022 9.55 189 2.0 2,150 8.66 198 1.9 2,252 8.57 204 1.9 2,320 8.83 210 1.9 2,389 9.09 Total Expenses 1,793 23.8 20,375 96.24 1,978 21.3 22,472 90.54 2,155 20.9 24,493 93.20 2,220 20.9 25,229 96.00 2,287 20.9 25,986 98.88 GROSS OPERATING PROFIT 1,974 26.1 22,428 105.94 3,174 34.1 36,063 145.30 3,715 36.3 42,221 160.66 3,828 36.3 43,496 165.51 3,942 36.3 44,799 170.47 Management Fee 227 3.0 2,574 12.16 279 3.0 3,170 12.77 308 3.0 3,502 13.33 317 3.0 3,607 13.73 327 3.0 3,716 14.14 INCOME BEFORE NON-OPR. INC. & EXP. 1,747 23.1 19,853 93.78 2,895 31.1 32,893 132.53 3,407 33.3 38,719 147.33 3,510 33.3 39,888 151.78 3,615 33.3 41,083 156.33 NON-OPERATING INCOME & EXPENSE Property Taxes 124 1.6 1,414 6.68 210 2.3 2,382 9.60 278 2.7 3,163 12.04 287 2.7 3,258 12.40 295 2.7 3,355 12.77 Insurance 42 0.6 482 2.28 43 0.5 492 1.98 45 0.4 507 1.93 46 0.4 522 1.99 47 0.4 538 2.05 Total Expenses 167 2.2 1,897 8.96 253 2.8 2,874 11.58 323 3.1 3,670 13.96 333 3.1 3,780 14.38 343 3.1 3,893 14.81 EBITDA 1,580 20.9 17,957 84.82 2,642 28.3 30,019 120.95 3,084 30.2 35,050 133.37 3,178 30.2 36,109 137.40 3,273 30.2 37,190 141.51 Reserve for Replacement 151 2.0 1,716 8.11 279 3.0 3,170 12.77 411 4.0 4,669 17.77 423 4.0 4,810 18.30 436 4.0 4,954 18.85 EBITDA LESS RESERVE $1,429 18.9 % $16,240 $76.71 $2,363 25.3 % $26,849 $108.18 $2,673 26.2 % $30,380 $115.60 $2,754 26.2 % $31,299 $119.10 $2,837 26.2 % $32,236 $122.66 *Departmental expenses are expressed as a percentage of departmental revenues. Page 189 Projection of Income and Expense Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 102 *Departmental expenses are expressed as a percentage of departmental revenues. Page 189 Projection of Income and Expense Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 102 FIGURE 7-6 TEN-YEAR FORECAST OF INCOME AND EXPENSE 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Number of Rooms: 88 88 88 88 88 88 88 88 88 88 Occupied Rooms: 18,630 21,842 23,126 23,126 23,126 23,126 23,126 23,126 23,126 23,126 Occupancy: 58% 68% 72% 72% 72% 72% 72% 72% 72% 72% Average Rate: $217.74 % of $228.90 % of $238.15 % of $245.29 % of $252.65 % of $260.23 % of $268.04 % of $276.08 % of $284.36 % of $292.89 % of RevPAR: $126.29 Gross $155.65 Gross $171.47 Gross $176.61 Gross $181.91 Gross $187.36 Gross $192.99 Gross $198.78 Gross $204.74 Gross $210.88 Gross OPERATING REVENUE Rooms $4,056 53.7 % $4,999 53.8 % $5,507 53.6 % $5,673 53.6 % $5,843 53.6 % $6,018 53.6 % $6,199 53.6 % $6,385 53.6 % $6,576 53.6 % $6,773 53.6 % Food 2,477 32.8 3,055 32.9 3,385 33.0 3,487 33.0 3,592 33.0 3,699 33.0 3,810 33.0 3,925 33.0 4,042 33.0 4,164 33.0 Beverage 682 9.0 859 9.2 964 9.4 992 9.4 1,022 9.4 1,053 9.4 1,084 9.4 1,117 9.4 1,151 9.4 1,185 9.4 Other Operated Departments 294 3.9 338 3.6 365 3.5 376 3.5 387 3.5 398 3.5 410 3.5 423 3.5 435 3.5 448 3.5 Miscellaneous Income 42 0.6 48 0.5 52 0.5 54 0.5 55 0.5 57 0.5 59 0.5 60 0.5 62 0.5 64 0.5 Total Operating Revenues 7,552 100.0 9,300 100.0 10,273 100.0 10,582 100.0 10,899 100.0 11,226 100.0 11,563 100.0 11,910 100.0 12,266 100.0 12,634 100.0 DEPARTMENTAL EXPENSES * Rooms 1,064 26.2 1,150 23.0 1,212 22.0 1,248 22.0 1,285 22.0 1,324 22.0 1,364 22.0 1,405 22.0 1,447 22.0 1,490 22.0 Food & Beverage 2,589 81.9 2,859 73.0 3,044 70.0 3,136 70.0 3,230 70.0 3,327 70.0 3,426 70.0 3,529 70.0 3,635 70.0 3,744 70.0 Other Operated Departments 132 45.0 140 41.4 146 40.0 150 40.0 155 40.0 159 40.0 164 40.0 169 40.0 174 40.0 179 40.0 Total Expenses 3,785 50.1 4,149 44.6 4,402 42.8 4,534 42.8 4,670 42.8 4,810 42.8 4,954 42.8 5,103 42.8 5,256 42.8 5,414 42.8 DEPARTMENTAL INCOME 3,767 49.9 5,151 55.4 5,871 57.2 6,048 57.2 6,229 57.2 6,416 57.2 6,609 57.2 6,807 57.2 7,010 57.2 7,221 57.2 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 663 8.8 672 7.2 704 6.8 725 6.8 746 6.8 769 6.8 792 6.8 816 6.8 840 6.8 865 6.8 Info & Telecom Systems 85 1.1 90 1.0 94 0.9 97 0.9 100 0.9 103 0.9 106 0.9 109 0.9 112 0.9 116 0.9 Marketing 391 5.2 397 4.3 396 3.9 408 3.9 421 3.9 433 3.9 446 3.9 460 3.9 473 3.9 487 3.9 Franchise Fee 284 3.8 400 4.3 496 4.8 511 4.8 526 4.8 542 4.8 558 4.8 575 4.8 592 4.8 610 4.8 Prop. Operations & Maint. 192 2.5 230 2.5 268 2.6 276 2.6 284 2.6 292 2.6 301 2.6 310 2.6 319 2.6 329 2.6 Utilities 178 2.4 189 2.0 198 1.9 204 1.9 210 1.9 217 1.9 223 1.9 230 1.9 237 1.9 244 1.9 Total Expenses 1,793 23.8 1,978 21.3 2,155 20.9 2,220 20.9 2,287 20.9 2,355 20.9 2,426 20.9 2,499 20.9 2,574 20.9 2,651 20.9 GROSS OPERATING PROFIT 1,974 26.1 3,174 34.1 3,715 36.3 3,828 36.3 3,942 36.3 4,060 36.3 4,182 36.3 4,308 36.3 4,437 36.3 4,570 36.3 Management Fee 227 3.0 279 3.0 308 3.0 317 3.0 327 3.0 337 3.0 347 3.0 357 3.0 368 3.0 379 3.0 INCOME BEFORE NON-OPR. INC. & EXP. 1,747 23.1 2,895 31.1 3,407 33.3 3,510 33.3 3,615 33.3 3,724 33.3 3,836 33.3 3,951 33.3 4,069 33.3 4,191 33.3 NON-OPERATING INCOME & EXPENSE Property Taxes 124 1.6 210 2.3 278 2.7 287 2.7 295 2.7 304 2.7 313 2.7 323 2.7 332 2.7 342 2.7 Insurance 42 0.6 43 0.5 45 0.4 46 0.4 47 0.4 49 0.4 50 0.4 52 0.4 53 0.4 55 0.4 Total Expenses 167 2.2 253 2.8 323 3.1 333 3.1 343 3.1 353 3.1 363 3.1 374 3.1 386 3.1 397 3.1 EBITDA 1,580 20.9 2,642 28.3 3,084 30.2 3,178 30.2 3,273 30.2 3,371 30.2 3,472 30.2 3,576 30.2 3,683 30.2 3,793 30.2 Reserve for Replacement 151 2.0 279 3.0 411 4.0 423 4.0 436 4.0 449 4.0 463 4.0 476 4.0 491 4.0 505 4.0 EBITDA LESS RESERVE $1,429 18.9 % $2,363 25.3 % $2,673 26.2 % $2,754 26.2 % $2,837 26.2 % $2,922 26.2 % $3,010 26.2 % $3,100 26.2 % $3,193 26.2 % $3,288 26.2 % 0 0 0 0 0 0 0 0 0 0 FIGURE 7-6 TEN-YEAR FORECAST OF INCOME AND EXPENSE 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Number of Rooms: 88 88 88 88 88 88 88 88 88 88 Occupied Rooms: 18,630 21,842 23,126 23,126 23,126 23,126 23,126 23,126 23,126 23,126 Occupancy: 58% 68% 72% 72% 72% 72% 72% 72% 72% 72% Average Rate: $217.74 % of $228.90 % of $238.15 % of $245.29 % of $252.65 % of $260.23 % of $268.04 % of $276.08 % of $284.36 % of $292.89 % of RevPAR: $126.29 Gross $155.65 Gross $171.47 Gross $176.61 Gross $181.91 Gross $187.36 Gross $192.99 Gross $198.78 Gross $204.74 Gross $210.88 Gross OPERATING REVENUE Rooms $4,056 53.7 % $4,999 53.8 % $5,507 53.6 % $5,673 53.6 % $5,843 53.6 % $6,018 53.6 % $6,199 53.6 % $6,385 53.6 % $6,576 53.6 % $6,773 53.6 % Food 2,477 32.8 3,055 32.9 3,385 33.0 3,487 33.0 3,592 33.0 3,699 33.0 3,810 33.0 3,925 33.0 4,042 33.0 4,164 33.0 Beverage 682 9.0 859 9.2 964 9.4 992 9.4 1,022 9.4 1,053 9.4 1,084 9.4 1,117 9.4 1,151 9.4 1,185 9.4 Other Operated Departments 294 3.9 338 3.6 365 3.5 376 3.5 387 3.5 398 3.5 410 3.5 423 3.5 435 3.5 448 3.5 Miscellaneous Income 42 0.6 48 0.5 52 0.5 54 0.5 55 0.5 57 0.5 59 0.5 60 0.5 62 0.5 64 0.5 Total Operating Revenues 7,552 100.0 9,300 100.0 10,273 100.0 10,582 100.0 10,899 100.0 11,226 100.0 11,563 100.0 11,910 100.0 12,266 100.0 12,634 100.0 DEPARTMENTAL EXPENSES * Rooms 1,064 26.2 1,150 23.0 1,212 22.0 1,248 22.0 1,285 22.0 1,324 22.0 1,364 22.0 1,405 22.0 1,447 22.0 1,490 22.0 Food & Beverage 2,589 81.9 2,859 73.0 3,044 70.0 3,136 70.0 3,230 70.0 3,327 70.0 3,426 70.0 3,529 70.0 3,635 70.0 3,744 70.0 Other Operated Departments 132 45.0 140 41.4 146 40.0 150 40.0 155 40.0 159 40.0 164 40.0 169 40.0 174 40.0 179 40.0 Total Expenses 3,785 50.1 4,149 44.6 4,402 42.8 4,534 42.8 4,670 42.8 4,810 42.8 4,954 42.8 5,103 42.8 5,256 42.8 5,414 42.8 DEPARTMENTAL INCOME 3,767 49.9 5,151 55.4 5,871 57.2 6,048 57.2 6,229 57.2 6,416 57.2 6,609 57.2 6,807 57.2 7,010 57.2 7,221 57.2 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 663 8.8 672 7.2 704 6.8 725 6.8 746 6.8 769 6.8 792 6.8 816 6.8 840 6.8 865 6.8 Info & Telecom Systems 85 1.1 90 1.0 94 0.9 97 0.9 100 0.9 103 0.9 106 0.9 109 0.9 112 0.9 116 0.9 Marketing 391 5.2 397 4.3 396 3.9 408 3.9 421 3.9 433 3.9 446 3.9 460 3.9 473 3.9 487 3.9 Franchise Fee 284 3.8 400 4.3 496 4.8 511 4.8 526 4.8 542 4.8 558 4.8 575 4.8 592 4.8 610 4.8 Prop. Operations & Maint. 192 2.5 230 2.5 268 2.6 276 2.6 284 2.6 292 2.6 301 2.6 310 2.6 319 2.6 329 2.6 Utilities 178 2.4 189 2.0 198 1.9 204 1.9 210 1.9 217 1.9 223 1.9 230 1.9 237 1.9 244 1.9 Total Expenses 1,793 23.8 1,978 21.3 2,155 20.9 2,220 20.9 2,287 20.9 2,355 20.9 2,426 20.9 2,499 20.9 2,574 20.9 2,651 20.9 GROSS OPERATING PROFIT 1,974 26.1 3,174 34.1 3,715 36.3 3,828 36.3 3,942 36.3 4,060 36.3 4,182 36.3 4,308 36.3 4,437 36.3 4,570 36.3 Management Fee 227 3.0 279 3.0 308 3.0 317 3.0 327 3.0 337 3.0 347 3.0 357 3.0 368 3.0 379 3.0 INCOME BEFORE NON-OPR. INC. & EXP. 1,747 23.1 2,895 31.1 3,407 33.3 3,510 33.3 3,615 33.3 3,724 33.3 3,836 33.3 3,951 33.3 4,069 33.3 4,191 33.3 NON-OPERATING INCOME & EXPENSE Property Taxes 124 1.6 210 2.3 278 2.7 287 2.7 295 2.7 304 2.7 313 2.7 323 2.7 332 2.7 342 2.7 Insurance 42 0.6 43 0.5 45 0.4 46 0.4 47 0.4 49 0.4 50 0.4 52 0.4 53 0.4 55 0.4 Total Expenses 167 2.2 253 2.8 323 3.1 333 3.1 343 3.1 353 3.1 363 3.1 374 3.1 386 3.1 397 3.1 EBITDA 1,580 20.9 2,642 28.3 3,084 30.2 3,178 30.2 3,273 30.2 3,371 30.2 3,472 30.2 3,576 30.2 3,683 30.2 3,793 30.2 Reserve for Replacement 151 2.0 279 3.0 411 4.0 423 4.0 436 4.0 449 4.0 463 4.0 476 4.0 491 4.0 505 4.0 EBITDA LESS RESERVE $1,429 18.9 % $2,363 25.3 % $2,673 26.2 % $2,754 26.2 % $2,837 26.2 % $2,922 26.2 % $3,010 26.2 % $3,100 26.2 % $3,193 26.2 % $3,288 26.2 % 0 0 0 0 0 0 0 0 0 0 Page 190 Projection of Income and Expense Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 103 The following description sets forth the basis for the forecast of income and expense. We anticipate that it will take three years for the proposed subject hotel to reach a stabilized level of operation. Each revenue and expense item has been forecast based upon our review of the proposed subject hotel's operating budget and comparable income and expense statements. The forecast is based upon calendar years beginning January 1, 2023, expressed in inflated dollars for each year. Page 190 Projection of Income and Expense Proposed Skaneateles Lodge, Tapestry Collection by Hilton – Skaneateles, New York 103 The following description sets forth the basis for the forecast of income and expense. We anticipate that it will take three years for the proposed subject hotel to reach a stabilized level of operation. Each revenue and expense item has been forecast based upon our review of the proposed subject hotel's operating budget and comparable income and expense statements. The forecast is based upon calendar years beginning January 1, 2023, expressed in inflated dollars for each year. Revenues associated with the proposed subject hotel's food and beverage (F&B) department, other operated departments, and miscellaneous income category have been forecast to reflect the hotel's planned facilities and amenities, including the hotel's full-service restaurant. The subject property's other income departments are expected to include a resort fee that covers parking and internet, as well as other items including revenue from pantry and vending machines. Expense levels fall within a range of reasonableness given the provided comparable operating statements; furthermore, franchise and management fees are set forth in accordance with our assumptions provided earlier in our report. Rooms Revenue Rooms revenue is determined by two variables: occupancy and average rate. We projected occupancy and average rate in a previous section of this report. The proposed subject hotel is expected to stabilize at an occupancy level of 72% with an average rate of $238.15 in 2025. Following the stabilized year, the proposed subject hotel’s ADR is projected to increase along with the underlying rate of growth assigned to EBITDA Less Replacement Reserve. Revenues associated with the proposed subject hotel's food and beverage (F&B) department, other operated departments, and miscellaneous income category have been forecast to reflect the hotel's planned facilities and amenities, including the hotel's full-service restaurant. The subject property's other income departments are expected to include a resort fee that covers parking and internet, as well as other items including revenue from pantry and vending machines. Expense levels fall within a range of reasonableness given the provided comparable operating statements; furthermore, franchise and management fees are set forth in accordance with our assumptions provided earlier in our report. Rooms Revenue Rooms revenue is determined by two variables: occupancy and average rate. We projected occupancy and average rate in a previous section of this report. The proposed subject hotel is expected to stabilize at an occupancy level of 72% with an average rate of $238.15 in 2025. Following the stabilized year, the proposed subject hotel’s ADR is projected to increase along with the underlying rate of growth assigned to EBITDA Less Replacement Reserve. Food and Beverage Food and beverage (F&B) revenue is generated by a hotel's restaurants, lounges, Revenue coffee shops, snack bars, banquet rooms, and room service. In addition to providing a source of revenue, these outlets serve as an amenity that assists in the sale of guestrooms. With the exception of properties with active lounges or banquet facilities that draw local residents, in-house guests generally represent a substantial percentage of a hotel's F&B patrons. In the case of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton, the F&B department will include pick from drop- down list, modify as needed; moreover, banquet space is expected to encompass 0 square feet. Although F&B revenue varies directly with changes in occupancy, the small portion generated by banquet sales and outside capture is relatively fixed. Page Proposed Skaneateles191 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 104 Food and Beverage Food and beverage (F&B) revenue is generated by a hotel's restaurants, lounges, Revenue coffee shops, snack bars, banquet rooms, and room service. In addition to providing a source of revenue, these outlets serve as an amenity that assists in the sale of guestrooms. With the exception of properties with active lounges or banquet facilities that draw local residents, in-house guests generally represent a substantial percentage of a hotel's F&B patrons. In the case of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton, the F&B department will include pick from drop- down list, modify as needed; moreover, banquet space is expected to encompass 0 square feet. Although F&B revenue varies directly with changes in occupancy, the small portion generated by banquet sales and outside capture is relatively fixed. Page Proposed Skaneateles191 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 104 FIGURE 7-7 FOOD AND BEVERAGE REVENUE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Food Revenue Percentage of Revenue 7.2 % 6.6 % 22.5 % 18.0 % 12.3 % 32.8 % 33.0 % Per Available Room $7,429 $5,658 $23,962 $16,525 $14,777 $28,150 $34,164 Per Occupied Room $23.55 $18.37 $80.05 $56.95 $47.51 $132.97 $130.00 Beverage Revenue Percentage of Revenue 2.6 % 3.1 % 7.3 % 0.0 % 9.0 % 9.0 % 9.4 % Per Available Room $2,645 $2,618 $7,746 $0 $10,747 $7,753 $9,724 Per Occupied Room $8.39 $8.50 $25.88 $0.00 $34.55 $36.62 $37.00 Food & Beverage Revenue Percentage of Revenue 9.8 % 9.7 % 29.7 % 18.0 % 21.3 % 0.0 % 0.0 % Per Available Room $10,074 $8,276 $31,708 $16,525 $25,524 $0 $0 Per Occupied Room $31.93 $26.86 $105.93 $56.95 $82.06 $0.00 $0.00 FIGURE 7-7 FOOD AND BEVERAGE REVENUE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Food Revenue Percentage of Revenue 7.2 % 6.6 % 22.5 % 18.0 % 12.3 % 32.8 % 33.0 % Per Available Room $7,429 $5,658 $23,962 $16,525 $14,777 $28,150 $34,164 Per Occupied Room $23.55 $18.37 $80.05 $56.95 $47.51 $132.97 $130.00 Beverage Revenue Percentage of Revenue 2.6 % 3.1 % 7.3 % 0.0 % 9.0 % 9.0 % 9.4 % Per Available Room $2,645 $2,618 $7,746 $0 $10,747 $7,753 $9,724 Per Occupied Room $8.39 $8.50 $25.88 $0.00 $34.55 $36.62 $37.00 Food & Beverage Revenue Percentage of Revenue 9.8 % 9.7 % 29.7 % 18.0 % 21.3 % 0.0 % 0.0 % Per Available Room $10,074 $8,276 $31,708 $16,525 $25,524 $0 $0 Per Occupied Room $31.93 $26.86 $105.93 $56.95 $82.06 $0.00 $0.00 Other Operated According to the Uniform System of Accounts, other operated departments include Departments Revenue any major or minor operated department other than rooms and F&B. Other Operated According to the Uniform System of Accounts, other operated departments include Departments Revenue any major or minor operated department other than rooms and F&B. FIGURE 7-8 OTHER OPERATED DEPARTMENTS REVENUE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 4.0 % 8.3 % 3.9 % 1.4 % 3.9 % 3.9 % 3.5 % Per Available Room $4,097 $7,072 $4,199 $1,313 $4,669 $3,342 $3,679 Per Occupied Room $12.99 $22.96 $14.03 $4.52 $15.01 $15.79 $14.00 Miscellaneous Income The miscellaneous income sources comprise those other than guestrooms, F&B, and the other operated departments. Changes in this revenue item through the projection period result from the application of the underlying inflation rate and projected changes in occupancy. Page Proposed Skaneateles192 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 105 FIGURE 7-8 OTHER OPERATED DEPARTMENTS REVENUE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 4.0 % 8.3 % 3.9 % 1.4 % 3.9 % 3.9 % 3.5 % Per Available Room $4,097 $7,072 $4,199 $1,313 $4,669 $3,342 $3,679 Per Occupied Room $12.99 $22.96 $14.03 $4.52 $15.01 $15.79 $14.00 Miscellaneous Income The miscellaneous income sources comprise those other than guestrooms, F&B, and the other operated departments. Changes in this revenue item through the projection period result from the application of the underlying inflation rate and projected changes in occupancy. Page Proposed Skaneateles192 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 105 FIGURE 7-9 MISCELLANEOUS INCOME Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 5.8 % 0.3 % 5.0 % 6.9 % 5.2 % 0.6 % 0.5 % Per Available Room $5,973 $270 $5,374 $6,311 $6,237 $477 $526 Per Occupied Room $18.93 $0.88 $17.95 $21.75 $20.05 $2.26 $2.00 Rooms Expense Rooms expense consists of items related to the sale and upkeep of guestrooms and public space. Salaries, wages, and employee benefits account for a substantial portion of this category. Although payroll varies somewhat with occupancy, and managers can generally scale the level of service staff on hand to meet an expected occupancy level, much of a hotel's payroll is fixed. A base level of front desk personnel, housekeepers, and supervisors must be maintained at all times. As a result, salaries, wages, and employee benefits are only moderately sensitive to changes in occupancy. FIGURE 7-9 MISCELLANEOUS INCOME Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 5.8 % 0.3 % 5.0 % 6.9 % 5.2 % 0.6 % 0.5 % Per Available Room $5,973 $270 $5,374 $6,311 $6,237 $477 $526 Per Occupied Room $18.93 $0.88 $17.95 $21.75 $20.05 $2.26 $2.00 Rooms Expense Rooms expense consists of items related to the sale and upkeep of guestrooms and public space. Salaries, wages, and employee benefits account for a substantial portion of this category. Although payroll varies somewhat with occupancy, and managers can generally scale the level of service staff on hand to meet an expected occupancy level, much of a hotel's payroll is fixed. A base level of front desk personnel, housekeepers, and supervisors must be maintained at all times. As a result, salaries, wages, and employee benefits are only moderately sensitive to changes in occupancy. Commissions and reservations are usually based on room sales and, thus, are highly sensitive to changes in occupancy and average rate. While guest supplies vary 100% with occupancy, linens and other operating expenses are only slightly affected by volume. Commissions and reservations are usually based on room sales and, thus, are highly sensitive to changes in occupancy and average rate. While guest supplies vary 100% with occupancy, linens and other operating expenses are only slightly affected by volume. FIGURE 7-10 ROOMS EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 29.1 % 25.1 % 29.3 % 25.6 % 23.2 % 26.2 % 22.0 % Per Available Room $24,102 $17,417 $19,191 $17,352 $19,435 $12,086 $12,227 Per Occupied Room $76.40 $56.54 $64.11 $59.81 $62.48 $57.09 $46.53 Food and Beverage Food expenses consist of items necessary for the primary operation of a hotel's food Expense and banquet facilities. The costs associated with food sales and payroll are moderately to highly correlated to food revenues. Items such as china, linen, and uniforms are less dependent on volume. Although the other expense items are basically fixed, they represent a relatively insignificant factor. Beverage expenses consist of items necessary for the operation of a hotel’s lounge and bar areas. The costs associated with beverage sales and payroll are moderately to highly correlated to beverage revenues. FIGURE 7-10 ROOMS EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 29.1 % 25.1 % 29.3 % 25.6 % 23.2 % 26.2 % 22.0 % Per Available Room $24,102 $17,417 $19,191 $17,352 $19,435 $12,086 $12,227 Per Occupied Room $76.40 $56.54 $64.11 $59.81 $62.48 $57.09 $46.53 Food and Beverage Food expenses consist of items necessary for the primary operation of a hotel's food Expense and banquet facilities. The costs associated with food sales and payroll are moderately to highly correlated to food revenues. Items such as china, linen, and uniforms are less dependent on volume. Although the other expense items are basically fixed, they represent a relatively insignificant factor. Beverage expenses consist of items necessary for the operation of a hotel’s lounge and bar areas. The costs associated with beverage sales and payroll are moderately to highly correlated to beverage revenues. Page Proposed Skaneateles193 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 106 Page Proposed Skaneateles193 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 106 FIGURE 7-11 FOOD AND BEVERAGE EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 115.8 % 90.4 % 83.6 % 63.7 % 60.7 % 81.9 % 70.0 % Per Available Room $11,668 $7,485 $26,499 $10,522 $15,491 $29,420 $30,721 Per Occupied Room $36.99 $24.30 $88.53 $36.27 $49.80 $138.97 $116.90 Other Operated Other operated departments expense includes all expenses reflected in the Departments Expense summary statements for the divisions associated in these categories, as discussed previously in this chapter. FIGURE 7-11 FOOD AND BEVERAGE EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 115.8 % 90.4 % 83.6 % 63.7 % 60.7 % 81.9 % 70.0 % Per Available Room $11,668 $7,485 $26,499 $10,522 $15,491 $29,420 $30,721 Per Occupied Room $36.99 $24.30 $88.53 $36.27 $49.80 $138.97 $116.90 Other Operated Other operated departments expense includes all expenses reflected in the Departments Expense summary statements for the divisions associated in these categories, as discussed previously in this chapter. FIGURE 7-12 OTHER OPERATED DEPARTMENTS EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 89.1 % 22.1 % 94.0 % 31.6 % 0.0 % 45.0 % 40.0 % Per Available Room $3,652 $1,565 $3,946 $414 $0 $1,505 $1,472 Per Occupied Room $11.58 $5.08 $13.18 $1.43 $0.00 $7.11 $5.60 Administrative and Administrative and general expense includes the salaries and wages of all General Expense administrative personnel who are not directly associated with a particular department. Expense items related to the management and operation of the property are also allocated to this category. FIGURE 7-12 OTHER OPERATED DEPARTMENTS EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 89.1 % 22.1 % 94.0 % 31.6 % 0.0 % 45.0 % 40.0 % Per Available Room $3,652 $1,565 $3,946 $414 $0 $1,505 $1,472 Per Occupied Room $11.58 $5.08 $13.18 $1.43 $0.00 $7.11 $5.60 Administrative and Administrative and general expense includes the salaries and wages of all General Expense administrative personnel who are not directly associated with a particular department. Expense items related to the management and operation of the property are also allocated to this category. Most administrative and general expenses are relatively fixed. The exceptions are cash overages and shortages; commissions on credit card charges; provision for doubtful accounts, which are moderately affected by the number of transactions or total revenue; and salaries, wages, and benefits, which are very slightly influenced by volume. Most administrative and general expenses are relatively fixed. The exceptions are cash overages and shortages; commissions on credit card charges; provision for doubtful accounts, which are moderately affected by the number of transactions or total revenue; and salaries, wages, and benefits, which are very slightly influenced by volume. FIGURE 7-13 ADMINISTRATIVE AND GENERAL EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 11.3 % 8.5 % 7.1 % 11.6 % 10.6 % 8.8 % 6.8 % Per Available Room $11,614 $7,220 $7,544 $10,658 $12,748 $7,536 $7,100 Per Occupied Room $36.82 $23.43 $25.20 $36.73 $40.98 $35.60 $27.02 Page Proposed Skaneateles194 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 107 Information and Information and telecommunications systems expense consists of all costs Telecommunications associated with a hotel’s technology infrastructure. This includes the costs of cell Systems Expense phones, administrative call and Internet services, and complimentary call and Internet services. Expenses in this category are typically organized by type of technology or the area benefiting from the technology solution. FIGURE 7-13 ADMINISTRATIVE AND GENERAL EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 11.3 % 8.5 % 7.1 % 11.6 % 10.6 % 8.8 % 6.8 % Per Available Room $11,614 $7,220 $7,544 $10,658 $12,748 $7,536 $7,100 Per Occupied Room $36.82 $23.43 $25.20 $36.73 $40.98 $35.60 $27.02 Page Proposed Skaneateles194 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 107 Information and Information and telecommunications systems expense consists of all costs Telecommunications associated with a hotel’s technology infrastructure. This includes the costs of cell Systems Expense phones, administrative call and Internet services, and complimentary call and Internet services. Expenses in this category are typically organized by type of technology or the area benefiting from the technology solution. Marketing Expense Marketing expense consists of all costs associated with advertising, sales, and promotion; these activities are intended to attract and retain customers. Marketing can be used to create an image, develop customer awareness, and stimulate patronage of a property's various facilities. The marketing category is unique in that all expense items, with the exception of fees and commissions, are totally controlled by management. Most hotel operators establish an annual marketing budget that sets forth all planned expenditures. If the budget is followed, total marketing expenses can be projected accurately. Marketing expenditures are unusual because, although there is a lag period before results are realized, the benefits are often extended over a long period. Depending on the type and scope of the advertising and promotion program implemented, the lag time can be as short as a few weeks or as long as several years. However, the favorable results of an effective marketing campaign tend to linger, and a property often enjoys the benefits of concentrated sales efforts for many months. Marketing Expense Marketing expense consists of all costs associated with advertising, sales, and promotion; these activities are intended to attract and retain customers. Marketing can be used to create an image, develop customer awareness, and stimulate patronage of a property's various facilities. The marketing category is unique in that all expense items, with the exception of fees and commissions, are totally controlled by management. Most hotel operators establish an annual marketing budget that sets forth all planned expenditures. If the budget is followed, total marketing expenses can be projected accurately. Marketing expenditures are unusual because, although there is a lag period before results are realized, the benefits are often extended over a long period. Depending on the type and scope of the advertising and promotion program implemented, the lag time can be as short as a few weeks or as long as several years. However, the favorable results of an effective marketing campaign tend to linger, and a property often enjoys the benefits of concentrated sales efforts for many months. FIGURE 7-14 MARKETING EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 7.5 % 5.3 % 5.2 % 4.1 % 3.0 % 5.2 % 3.9 % Per Available Room $7,713 $4,542 $5,546 $3,734 $3,625 $4,448 $4,000 Per Occupied Room $24.45 $14.74 $18.53 $12.87 $11.65 $21.01 $15.22 Franchise Fee As previously discussed, the proposed subject property is expected to be franchised under the Hilton Tapestry Collection brand. Costs associated with this franchise are summarized in the introductory chapter in this report. Marketing expense and franchise fees are often analyzed in total because hotels may account for some components of franchise expense in the marketing expense category. The subject property’s total marketing and franchise expense has been forecast at 8.7% of total revenue on a stabilized basis; the comparable operating statements show a range from 3.0% to 7.5% of total revenue. FIGURE 7-14 MARKETING EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 7.5 % 5.3 % 5.2 % 4.1 % 3.0 % 5.2 % 3.9 % Per Available Room $7,713 $4,542 $5,546 $3,734 $3,625 $4,448 $4,000 Per Occupied Room $24.45 $14.74 $18.53 $12.87 $11.65 $21.01 $15.22 Franchise Fee As previously discussed, the proposed subject property is expected to be franchised under the Hilton Tapestry Collection brand. Costs associated with this franchise are summarized in the introductory chapter in this report. Marketing expense and franchise fees are often analyzed in total because hotels may account for some components of franchise expense in the marketing expense category. The subject property’s total marketing and franchise expense has been forecast at 8.7% of total revenue on a stabilized basis; the comparable operating statements show a range from 3.0% to 7.5% of total revenue. Page Proposed Skaneateles195 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 108 Property Operations Property operations and maintenance expense is another expense category that is and Maintenance largely controlled by management. Except for repairs that are necessary to keep the facility open and prevent damage (e.g., plumbing, heating, and electrical items), most maintenance can be deferred for varying lengths of time. Maintenance is an accumulating expense. If management elects to postpone performing a required repair, the expenditure has not been eliminated, only deferred until a later date. A lodging facility that operates with a lower-than-normal maintenance budget is likely to accumulate a considerable amount of deferred maintenance. Page Proposed Skaneateles195 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 108 Property Operations Property operations and maintenance expense is another expense category that is and Maintenance largely controlled by management. Except for repairs that are necessary to keep the facility open and prevent damage (e.g., plumbing, heating, and electrical items), most maintenance can be deferred for varying lengths of time. Maintenance is an accumulating expense. If management elects to postpone performing a required repair, the expenditure has not been eliminated, only deferred until a later date. A lodging facility that operates with a lower-than-normal maintenance budget is likely to accumulate a considerable amount of deferred maintenance. The age of a lodging facility has a strong influence on the required level of maintenance. A new or thoroughly renovated property is protected for several years by modern equipment and manufacturers' warranties. However, as a hostelry grows older, maintenance expenses escalate. A well-organized preventive maintenance system often helps delay deterioration, but most facilities face higher property operations and maintenance costs each year, regardless of the occupancy trend. The quality of initial construction can also have a direct impact on future maintenance requirements. The use of high-quality building materials and construction methods generally reduces the need for maintenance expenditures over the long term. Changes in this expense item through the projection period result from the application of the underlying inflation rate and projected changes in occupancy. The age of a lodging facility has a strong influence on the required level of maintenance. A new or thoroughly renovated property is protected for several years by modern equipment and manufacturers' warranties. However, as a hostelry grows older, maintenance expenses escalate. A well-organized preventive maintenance system often helps delay deterioration, but most facilities face higher property operations and maintenance costs each year, regardless of the occupancy trend. The quality of initial construction can also have a direct impact on future maintenance requirements. The use of high-quality building materials and construction methods generally reduces the need for maintenance expenditures over the long term. Changes in this expense item through the projection period result from the application of the underlying inflation rate and projected changes in occupancy. FIGURE 7-15 PROPERTY OPERATIONS AND MAINTENANCE EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 4.0 % 3.4 % 6.5 % 3.6 % 2.9 % 2.5 % 2.6 % Per Available Room $4,168 $2,865 $6,903 $3,328 $3,455 $2,183 $2,700 Per Occupied Room $13.21 $9.30 $23.06 $11.47 $11.11 $10.31 $10.27 Utilities Expense The utilities consumption of a lodging facility takes several forms, including water and space heating, air conditioning, lighting, cooking fuel, and other miscellaneous power requirements. The most common sources of hotel utilities are electricity, natural gas, fuel oil, and steam. This category also includes the cost of water service. FIGURE 7-15 PROPERTY OPERATIONS AND MAINTENANCE EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 4.0 % 3.4 % 6.5 % 3.6 % 2.9 % 2.5 % 2.6 % Per Available Room $4,168 $2,865 $6,903 $3,328 $3,455 $2,183 $2,700 Per Occupied Room $13.21 $9.30 $23.06 $11.47 $11.11 $10.31 $10.27 Utilities Expense The utilities consumption of a lodging facility takes several forms, including water and space heating, air conditioning, lighting, cooking fuel, and other miscellaneous power requirements. The most common sources of hotel utilities are electricity, natural gas, fuel oil, and steam. This category also includes the cost of water service. Total energy cost depends on the source and quantity of fuel used. Electricity tends to be the most expensive source, followed by oil and gas. Although all hotels consume a sizable amount of electricity, many properties supplement their utility requirements with less expensive sources, such as gas and oil, for heating and Page Proposed Skaneateles196 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 109 cooking. The changes in this utilities line item through the projection period are a result of the application of the underlying inflation rate and projected changes in occupancy. Total energy cost depends on the source and quantity of fuel used. Electricity tends to be the most expensive source, followed by oil and gas. Although all hotels consume a sizable amount of electricity, many properties supplement their utility requirements with less expensive sources, such as gas and oil, for heating and Page Proposed Skaneateles196 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 109 cooking. The changes in this utilities line item through the projection period are a result of the application of the underlying inflation rate and projected changes in occupancy. FIGURE 7-16 UTILITIES EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 2.2 % 3.0 % 3.1 % 3.0 % 2.6 % 2.4 % 1.9 % Per Available Room $2,223 $2,512 $3,347 $2,785 $3,085 $2,022 $2,000 Per Occupied Room $7.05 $8.15 $11.18 $9.60 $9.92 $9.55 $7.61 FIGURE 7-16 UTILITIES EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 2.2 % 3.0 % 3.1 % 3.0 % 2.6 % 2.4 % 1.9 % Per Available Room $2,223 $2,512 $3,347 $2,785 $3,085 $2,022 $2,000 Per Occupied Room $7.05 $8.15 $11.18 $9.60 $9.92 $9.55 $7.61 Management Fee Management expense consists of the fees paid to the managing agent contracted to operate the property. Some companies provide management services and a brand- name affiliation (first-tier management company), while others provide management services alone (second-tier management company). Some management contracts specify only a base fee (usually a percentage of total revenue), while others call for both a base fee and an incentive fee (usually a percentage of defined profit). Basic hotel management fees are often based on a percentage of total revenue, which means they have no fixed component. While base fees typically range from 2% to 4% of total revenue, incentive fees are deal specific and often are calculated as a percentage of income available after debt service and, in some cases, after a preferred return on equity. Total management fees for the proposed subject hotel have been forecast at 3.0% of total revenue. Management Fee Management expense consists of the fees paid to the managing agent contracted to operate the property. Some companies provide management services and a brand- name affiliation (first-tier management company), while others provide management services alone (second-tier management company). Some management contracts specify only a base fee (usually a percentage of total revenue), while others call for both a base fee and an incentive fee (usually a percentage of defined profit). Basic hotel management fees are often based on a percentage of total revenue, which means they have no fixed component. While base fees typically range from 2% to 4% of total revenue, incentive fees are deal specific and often are calculated as a percentage of income available after debt service and, in some cases, after a preferred return on equity. Total management fees for the proposed subject hotel have been forecast at 3.0% of total revenue. Property Taxes Property (or ad valorem) tax is one of the primary revenue sources of municipalities. Based on the concept that the tax burden should be distributed in proportion to the value of all properties within a taxing jurisdiction, a system of assessments is established. Theoretically, the assessed value placed on each parcel bears a definite relationship to market value, so properties with equal market values will have similar assessments and properties with higher and lower values will have proportionately larger and smaller assessments. Page Proposed Skaneateles197 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 110 Property Taxes Property (or ad valorem) tax is one of the primary revenue sources of municipalities. Based on the concept that the tax burden should be distributed in proportion to the value of all properties within a taxing jurisdiction, a system of assessments is established. Theoretically, the assessed value placed on each parcel bears a definite relationship to market value, so properties with equal market values will have similar assessments and properties with higher and lower values will have proportionately larger and smaller assessments. Page Proposed Skaneateles197 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 110 FIGURE 7-17 HISTORIC SUBJECT PROPERTY TAX BURDEN (BASE YEAR) Real Property Appraised Value Assessed Value Percent Percent Year Land Change Land Change 2018 $93,000 — $93,000 — 2019 93,000 0.0 % 93,000 — % 2020 102,198 9.9 93,000 — 2021 108,140 5.8 93,000 — Source: Onondaga County Depending on the taxing policy of the municipality, property taxes can be based on the value of the real property or the value of the personal property and the real property. We have based our estimate of the proposed subject property's market value (for tax purposes) on an analysis of assessments of comparable hotel properties in the local municipality. FIGURE 7-17 HISTORIC SUBJECT PROPERTY TAX BURDEN (BASE YEAR) Real Property Appraised Value Assessed Value Percent Percent Year Land Change Land Change 2018 $93,000 — $93,000 — 2019 93,000 0.0 % 93,000 — % 2020 102,198 9.9 93,000 — 2021 108,140 5.8 93,000 — Source: Onondaga County Depending on the taxing policy of the municipality, property taxes can be based on the value of the real property or the value of the personal property and the real property. We have based our estimate of the proposed subject property's market value (for tax purposes) on an analysis of assessments of comparable hotel properties in the local municipality. FIGURE 7-18 COUNTY-ASSESSED VALUE OF COMPARABLE HOTELS Hotel Year Open Real Property Total School Mirbeau Inn & Spa 2000 $5,398,400 $5,398,400 $5,401,897 Sherwood Inn NA 2,500,000 2,500,000 2,500,000 Assessments per Room # of Rms Mirbeau Inn & Spa 34 $158,776 $158,776 $158,879 Sherwood Inn 25 100,000 100,000 100,000 Positioned Subject - Per Room 88 $110,000 $127,000 $110,000 Positioned Subject - Total $9,680,000 $11,176,000 $9,680,000 Source: Onondaga County FIGURE 7-18 COUNTY-ASSESSED VALUE OF COMPARABLE HOTELS Hotel Year Open Real Property Total School Mirbeau Inn & Spa 2000 $5,398,400 $5,398,400 $5,401,897 Sherwood Inn NA 2,500,000 2,500,000 2,500,000 Assessments per Room # of Rms Mirbeau Inn & Spa 34 $158,776 $158,776 $158,879 Sherwood Inn 25 100,000 100,000 100,000 Positioned Subject - Per Room 88 $110,000 $127,000 $110,000 Positioned Subject - Total $9,680,000 $11,176,000 $9,680,000 Source: Onondaga County We have positioned the future assessment levels of the subject site and proposed improvements, as well as the planned personal property, based upon the illustrated comparable data. We have positioned these assessments closest to the Mirabeau Inn & Spa because of the similarities in location and product; overall, the positioned assessments are well supported by the market data. Tax rates are based on the city and county budgets, which change annually. The most recent tax rate in this jurisdiction was reported at 9.97270%. The following table shows changes in the tax rate during the last several years. Page Proposed Skaneateles198 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 111 We have positioned the future assessment levels of the subject site and proposed improvements, as well as the planned personal property, based upon the illustrated comparable data. We have positioned these assessments closest to the Mirabeau Inn & Spa because of the similarities in location and product; overall, the positioned assessments are well supported by the market data. Tax rates are based on the city and county budgets, which change annually. The most recent tax rate in this jurisdiction was reported at 9.97270%. The following table shows changes in the tax rate during the last several years. Page Proposed Skaneateles198 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 111 FIGURE 7-19 COUNTY TAX RATES Real Property School Personal Property Equalization Year Millage Rate Millage Rate Millage Rate Rate 2018 9.34980 13.87802 9.34980 1.00000 2019 9.18390 14.19982 9.18390 1.00000 2020 9.59870 14.45013 9.59870 0.91000 2021 9.97270 14.26377 9.97270 0.86000 Source: Onondaga County Based on comparable assessments and the tax rate information, the proposed subject property's projected property tax expense levels are calculated as follows. FIGURE 7-19 COUNTY TAX RATES Real Property School Personal Property Equalization Year Millage Rate Millage Rate Millage Rate Rate 2018 9.34980 13.87802 9.34980 1.00000 2019 9.18390 14.19982 9.18390 1.00000 2020 9.59870 14.45013 9.59870 0.91000 2021 9.97270 14.26377 9.97270 0.86000 Source: Onondaga County Based on comparable assessments and the tax rate information, the proposed subject property's projected property tax expense levels are calculated as follows. FIGURE 7-20 PROJECTED PROPERTY TAX BURDEN (BASE YEAR) Real Property Personal Land Improvements Total School Property Positioned (Assessed Value) $93,000 $9,587,000 $9,680,000 $9,680,000 $1,496,000 Equalization Rate 0.86000 Millage Rate 9.97270 14.26377 9.97270 Tax Burden as of Current Assessment Year $83,021 $138,073 $14,919 FIGURE 7-21 PROJECTED PROPERTY TAX EXPENSE – REAL PROPERTY Real Property Real Tax Burden Base Rate of Tax % of Positioned Taxes Year (Positioned Prior to Increase) Burden Increase Tax Burden Payable FIGURE 7-20 PROJECTED PROPERTY TAX BURDEN (BASE YEAR) Real Property Personal Land Improvements Total School Property Positioned (Assessed Value) $93,000 $9,587,000 $9,680,000 $9,680,000 $1,496,000 Equalization Rate 0.86000 Millage Rate 9.97270 14.26377 9.97270 Tax Burden as of Current Assessment Year $83,021 $138,073 $14,919 FIGURE 7-21 PROJECTED PROPERTY TAX EXPENSE – REAL PROPERTY Real Property Real Tax Burden Base Rate of Tax % of Positioned Taxes Year (Positioned Prior to Increase) Burden Increase Tax Burden Payable Positioned $221,094 — $221,094 2023 $221,094 12.6 % 50 % $124,458 2024 248,915 3.0 75 $192,287 2025 256,383 3.0 100 $264,074 2026 264,074 3.0 100 $271,997 2027 271,997 3.0 100 $280,157 2028 280,157 3.0 100 $288,561 2029 288,561 3.0 100 $297,218 Page Proposed Skaneateles199 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 112 FIGURE 7-22 PROJECTED PROPERTY TAX EXPENSE – PERSONAL PROPERTY Positioned $221,094 — $221,094 2023 $221,094 12.6 % 50 % $124,458 2024 248,915 3.0 75 $192,287 2025 256,383 3.0 100 $264,074 2026 264,074 3.0 100 $271,997 2027 271,997 3.0 100 $280,157 2028 280,157 3.0 100 $288,561 2029 288,561 3.0 100 $297,218 Page Proposed Skaneateles199 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 112 FIGURE 7-22 PROJECTED PROPERTY TAX EXPENSE – PERSONAL PROPERTY Personal Property Personal Tax Burden Base Rate of Tax % of Positioned Taxes (Positioned Prior to Increase) Burden Increase Tax Burden Payable $14,919 — $14,919 $14,919 12.6 0 % $0 16,797 3.0 100 $17,300 17,300 3.0 80 $14,256 17,819 3.0 70 $12,848 18,354 3.0 70 $13,233 18,905 3.0 70 $13,630 19,472 3.0 70 $14,039 FIGURE 7-23 PROJECTED PROPERTY TAX EXPENSE – SUMMARY Taxes Payable Real Personal Total Personal Property Personal Tax Burden Base Rate of Tax % of Positioned Taxes (Positioned Prior to Increase) Burden Increase Tax Burden Payable $14,919 — $14,919 $14,919 12.6 0 % $0 16,797 3.0 100 $17,300 17,300 3.0 80 $14,256 17,819 3.0 70 $12,848 18,354 3.0 70 $13,233 18,905 3.0 70 $13,630 19,472 3.0 70 $14,039 FIGURE 7-23 PROJECTED PROPERTY TAX EXPENSE – SUMMARY Taxes Payable Real Personal Total $221,094 $14,919 $236,013 $124,458 $0 $124,458 $192,287 17,300 209,588 $264,074 14,256 278,330 $271,997 12,848 284,844 $280,157 13,233 293,390 $288,561 13,630 302,191 $297,218 14,039 311,257 Insurance Expense The insurance expense category consists of the cost of insuring the hotel and its contents against damage or destruction by fire, weather, sprinkler leakage, boiler explosion, plate glass breakage, and so forth. General insurance costs also include premiums relating to liability, fidelity, and theft coverage. Insurance rates are based on many factors, including building design and construction, fire detection and extinguishing equipment, fire district, distance from the firehouse, and the area's fire experience. Insurance expenses do not vary with occupancy. $221,094 $14,919 $236,013 $124,458 $0 $124,458 $192,287 17,300 209,588 $264,074 14,256 278,330 $271,997 12,848 284,844 $280,157 13,233 293,390 $288,561 13,630 302,191 $297,218 14,039 311,257 Insurance Expense The insurance expense category consists of the cost of insuring the hotel and its contents against damage or destruction by fire, weather, sprinkler leakage, boiler explosion, plate glass breakage, and so forth. General insurance costs also include premiums relating to liability, fidelity, and theft coverage. Insurance rates are based on many factors, including building design and construction, fire detection and extinguishing equipment, fire district, distance from the firehouse, and the area's fire experience. Insurance expenses do not vary with occupancy. Page Proposed Skaneateles200 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 113 Page Proposed Skaneateles200 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 113 FIGURE 7-24 INSURANCE EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 1.5 % 1.0 % 1.4 % 1.0 % 0.6 % 0.6 % 0.4 % Per Available Room $1,592 $867 $1,485 $904 $716 $482 $450 Per Occupied Room $5.05 $2.81 $4.96 $3.11 $2.30 $2.28 $1.71 Reserve for Furniture, fixtures, and equipment are essential to the operation of a lodging facility, Replacement and their quality often influences a property's class. This category includes all non- real estate items that are capitalized, rather than expensed. The furniture, fixtures, and equipment of a hotel are exposed to heavy use and must be replaced at regular intervals. The useful life of these items is determined by their quality, durability, and the amount of guest traffic and use. FIGURE 7-24 INSURANCE EXPENSE Comparable Operating Statements Proposed Subject Property Forecast #1 #2 #3 #4 #5 2023 Deflated Stabilized Percentage of Revenue 1.5 % 1.0 % 1.4 % 1.0 % 0.6 % 0.6 % 0.4 % Per Available Room $1,592 $867 $1,485 $904 $716 $482 $450 Per Occupied Room $5.05 $2.81 $4.96 $3.11 $2.30 $2.28 $1.71 Reserve for Furniture, fixtures, and equipment are essential to the operation of a lodging facility, Replacement and their quality often influences a property's class. This category includes all non- real estate items that are capitalized, rather than expensed. The furniture, fixtures, and equipment of a hotel are exposed to heavy use and must be replaced at regular intervals. The useful life of these items is determined by their quality, durability, and the amount of guest traffic and use. Periodic replacement of furniture, fixtures, and equipment is essential to maintain the quality, image, and income-producing potential of a lodging facility. Because capitalized expenditures are not included in the operating statement but affect an owner's cash flow, a forecast of income and expense should reflect these expenses in the form of an appropriate reserve for replacement. Periodic replacement of furniture, fixtures, and equipment is essential to maintain the quality, image, and income-producing potential of a lodging facility. Because capitalized expenditures are not included in the operating statement but affect an owner's cash flow, a forecast of income and expense should reflect these expenses in the form of an appropriate reserve for replacement. The International Society of Hospitality Consultants (ISHC) oversees a major industry-sponsored study of the capital expenditure requirements for full- service/luxury, select-service, and extended-stay hotels. The most recent study was published in 2014.7 Historical capital expenditures of well-maintained hotels were investigated through the compilation of data provided by most of the major hotel companies in the United States. A prospective analysis of future capital expenditure requirements was also performed based upon the cost to replace short- and long- lived building components over a hotel's economic life. The study showed that the capital expenditure requirements for hotels vary significantly from year to year and depend upon both the actual and effective ages of a property. The results of this study showed that hotel lenders and investors are requiring reserves for replacement ranging from 4% to 5% of total revenue. The International Society of Hospitality Consultants (ISHC) oversees a major industry-sponsored study of the capital expenditure requirements for full- service/luxury, select-service, and extended-stay hotels. The most recent study was published in 2014.7 Historical capital expenditures of well-maintained hotels were investigated through the compilation of data provided by most of the major hotel companies in the United States. A prospective analysis of future capital expenditure requirements was also performed based upon the cost to replace short- and long- lived building components over a hotel's economic life. The study showed that the capital expenditure requirements for hotels vary significantly from year to year and depend upon both the actual and effective ages of a property. The results of this study showed that hotel lenders and investors are requiring reserves for replacement ranging from 4% to 5% of total revenue. Based upon the results of our analysis, our review of the proposed subject asset, and current industry norms, a reserve for replacement equal to 4% of total revenues has been factored into our forecast of revenue and expense for funding the periodic 7 The International Society of Hotel Consultants, CapEx 2014, A Study of Capital Expenditure in the U.S. Hotel Industry. Page Proposed Skaneateles201 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 114 replacement of the proposed subject property's furniture, fixtures, and equipment. This amount has been ramped up during the initial projection period. Forecast of Revenue Projected total revenue, gross operating profit, and EBITDA Less Replacement and Expense Reserve are set forth in the following table. Conclusion Based upon the results of our analysis, our review of the proposed subject asset, and current industry norms, a reserve for replacement equal to 4% of total revenues has been factored into our forecast of revenue and expense for funding the periodic 7 The International Society of Hotel Consultants, CapEx 2014, A Study of Capital Expenditure in the U.S. Hotel Industry. Page Proposed Skaneateles201 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 114 replacement of the proposed subject property's furniture, fixtures, and equipment. This amount has been ramped up during the initial projection period. Forecast of Revenue Projected total revenue, gross operating profit, and EBITDA Less Replacement and Expense Reserve are set forth in the following table. Conclusion FIGURE 7-25 FORECAST OF REVENUE AND EXPENSE CONCLUSION Total Revenue Gross Operating Profit House EBITDA Less Replacement Reserve Profit As a % of Year Total % Change Total % Change Ratio Total % Change Ttl Rev Projected 2023 $7,552,000 — $1,974,000 — 26.1 % $1,429,000 — 18.9 % 2024 9,300,000 23.1 % 3,174,000 60.8 % 34.1 2,363,000 65.4 % 25.3 2025 10,273,000 10.5 3,715,000 17.0 36.3 2,673,000 13.1 26.2 2026 10,582,000 3.0 3,828,000 3.0 36.3 2,754,000 3.0 26.2 2027 10,899,000 3.0 3,942,000 3.0 36.3 2,837,000 3.0 26.2 Page Proposed Skaneateles202 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 115 8. Feasibility Analysis FIGURE 7-25 FORECAST OF REVENUE AND EXPENSE CONCLUSION Total Revenue Gross Operating Profit House EBITDA Less Replacement Reserve Profit As a % of Year Total % Change Total % Change Ratio Total % Change Ttl Rev Projected 2023 $7,552,000 — $1,974,000 — 26.1 % $1,429,000 — 18.9 % 2024 9,300,000 23.1 % 3,174,000 60.8 % 34.1 2,363,000 65.4 % 25.3 2025 10,273,000 10.5 3,715,000 17.0 36.3 2,673,000 13.1 26.2 2026 10,582,000 3.0 3,828,000 3.0 36.3 2,754,000 3.0 26.2 2027 10,899,000 3.0 3,942,000 3.0 36.3 2,837,000 3.0 26.2 Page Proposed Skaneateles202 Projection of Income and Expense Lodge, Tapestry Collection by Hilton – Skaneateles, New York 115 8. Feasibility Analysis Return on investment can be defined as the future benefits of an income-producing property relative to its acquisition or construction cost. The first step in performing a return-on-investment analysis is to determine the amount to be initially invested. For a proposed property, this amount is most likely to be the development cost of the hotel. Based on the total development cost, the individual investor will utilize a return-on-investment analysis to determine if the future cash flow from a current cash outlay meets his or her own investment criteria and at what level above or below this amount such an outlay exceeds or fails to meet these criteria. Return on investment can be defined as the future benefits of an income-producing property relative to its acquisition or construction cost. The first step in performing a return-on-investment analysis is to determine the amount to be initially invested. For a proposed property, this amount is most likely to be the development cost of the hotel. Based on the total development cost, the individual investor will utilize a return-on-investment analysis to determine if the future cash flow from a current cash outlay meets his or her own investment criteria and at what level above or below this amount such an outlay exceeds or fails to meet these criteria. As an individual or company considering investment in hotel real estate, the decision to use one’s own cash, an equity partner's capital, or lender financing will be an internal one. Because hotels typically require a substantial investment, only the largest investors and hotel companies generally have the means to purchase properties with all cash. We would anticipate the involvement of some financing by a third party for the typical investor or for those who may be entering the market for hotel acquisitions at this time. In leveraged acquisitions and developments where investors typically purchase or build upon real estate with a small amount of equity cash (20% to 50%) and a large amount of mortgage financing (50% to 80%), it is important for the equity investor to acknowledge the return requirements of the debt participant (mortgagee), as well as his or her own return requirements. Therefore, we will begin our rate-of-return analysis by reviewing the debt requirements of typical hotel mortgagees. As an individual or company considering investment in hotel real estate, the decision to use one’s own cash, an equity partner's capital, or lender financing will be an internal one. Because hotels typically require a substantial investment, only the largest investors and hotel companies generally have the means to purchase properties with all cash. We would anticipate the involvement of some financing by a third party for the typical investor or for those who may be entering the market for hotel acquisitions at this time. In leveraged acquisitions and developments where investors typically purchase or build upon real estate with a small amount of equity cash (20% to 50%) and a large amount of mortgage financing (50% to 80%), it is important for the equity investor to acknowledge the return requirements of the debt participant (mortgagee), as well as his or her own return requirements. Therefore, we will begin our rate-of-return analysis by reviewing the debt requirements of typical hotel mortgagees. Construction Cost Because the subject property is a proposed hotel, we have reviewed the Estimate development budget for the proposed subject hotel in performing a cost analysis. The details of this budget, prepared by the developers of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton, are presented in the following table. Page Proposed Skaneateles203 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 116 FIGURE 8-1 CONSTRUCTION BUDGET – PROPOSED SUBJECT PROPERTY Construction Cost Because the subject property is a proposed hotel, we have reviewed the Estimate development budget for the proposed subject hotel in performing a cost analysis. The details of this budget, prepared by the developers of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton, are presented in the following table. Page Proposed Skaneateles203 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 116 FIGURE 8-1 CONSTRUCTION BUDGET – PROPOSED SUBJECT PROPERTY Component Cost Cost per Hard Costs & Site Improvements Building & Site Improvements $16,751,500 $189,497 Offsite Road/Misc 1,560,000 17,647 Subtotal Hard Cost & Site Improvements $18,311,500 $207,144 FF&E Subtotal FF&E 2,950,000 $33,371 Pre-Opening Costs and Working Capital Subtotal Pre-Opening and Working Capital $595,000 $6,731 Soft Costs MEP, Geo, CHA & MBL Engineering $174,000 $1,968 Studies & Surveys 20,500 232 Architect 100,000 1,131 Structural Engineering 78,000 882 Final Design 162,000 1,833 Taxes and Interest 263,000 2,975 Feesm SBA 504, Title 318,000 3,597 Hilton Fees 411,000 4,649 Subtotal Soft Costs $1,526,500 $17,268 Component Cost Cost per Hard Costs & Site Improvements Building & Site Improvements $16,751,500 $189,497 Offsite Road/Misc 1,560,000 17,647 Subtotal Hard Cost & Site Improvements $18,311,500 $207,144 FF&E Subtotal FF&E 2,950,000 $33,371 Pre-Opening Costs and Working Capital Subtotal Pre-Opening and Working Capital $595,000 $6,731 Soft Costs MEP, Geo, CHA & MBL Engineering $174,000 $1,968 Studies & Surveys 20,500 232 Architect 100,000 1,131 Structural Engineering 78,000 882 Final Design 162,000 1,833 Taxes and Interest 263,000 2,975 Feesm SBA 504, Title 318,000 3,597 Hilton Fees 411,000 4,649 Subtotal Soft Costs $1,526,500 $17,268 Subtotal (without Land and Developer's Fee) $23,383,000 $264,514 Site Cost $1,700,000 $19,231 Subtotal (without Developer's Fee) $25,083,000 $283,744 The construction budget provided by the developer includes site cost, FF&E, hard and soft costs, and pre=opening expenses; however, it does not include any developer's profit or entrepreneurial incentive typically associated with a development of this scale . Our estimate of replacement cost reflects these additional items, as well as the developer's fee and an entrepreneurial incentive. Land Allocation In order to determine feasibility and developers’ equity contribution a site cost and allocation must be determined. As noted, the site was purchased for a reported amount of $1,700,000. Utilizing the revenue projection detailed in this report, a land value allocation was completed to determine if the property is being represented at market appropriate level. Subtotal (without Land and Developer's Fee) $23,383,000 $264,514 Site Cost $1,700,000 $19,231 Subtotal (without Developer's Fee) $25,083,000 $283,744 The construction budget provided by the developer includes site cost, FF&E, hard and soft costs, and pre=opening expenses; however, it does not include any developer's profit or entrepreneurial incentive typically associated with a development of this scale . Our estimate of replacement cost reflects these additional items, as well as the developer's fee and an entrepreneurial incentive. Land Allocation In order to determine feasibility and developers’ equity contribution a site cost and allocation must be determined. As noted, the site was purchased for a reported amount of $1,700,000. Utilizing the revenue projection detailed in this report, a land value allocation was completed to determine if the property is being represented at market appropriate level. Land allocation may be estimated in a variety of ways, including the sales comparison approach and the allocation, extraction, or ground rent capitalization Page Proposed Skaneateles204 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 117 methods. For the majority of hostelry properties, the two primary methods used are the sales comparison approach and the ground-lease capitalization approach. Ground Lease Hotels and resorts are routinely constructed on leased land. The lease terms differ Approach to Land somewhat from property to property, but the basis for the rental calculation is often Allocation tied to a percentage of revenue formula. By using the forecasted revenues for the proposed subject property and applying a typical ground-lease rental formula, an appraiser can determine the hotel's economic rent (i.e., the income attributed to the land). The land value can then be estimated by capitalizing the hypothetical ground rent. The self-adjusting aspect of this approach is the key to its reliability. Land allocation may be estimated in a variety of ways, including the sales comparison approach and the allocation, extraction, or ground rent capitalization Page Proposed Skaneateles204 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 117 methods. For the majority of hostelry properties, the two primary methods used are the sales comparison approach and the ground-lease capitalization approach. Ground Lease Hotels and resorts are routinely constructed on leased land. The lease terms differ Approach to Land somewhat from property to property, but the basis for the rental calculation is often Allocation tied to a percentage of revenue formula. By using the forecasted revenues for the proposed subject property and applying a typical ground-lease rental formula, an appraiser can determine the hotel's economic rent (i.e., the income attributed to the land). The land value can then be estimated by capitalizing the hypothetical ground rent. The self-adjusting aspect of this approach is the key to its reliability. We have researched actual long-term ground leases encumbering hotels. Our analysis of these ground lease rental formulas indicates that economic ground rents for hotels like the proposed subject property typically range from 2.0% to 5.0% of rooms revenue. Hotels with significant land relative to room count, hotels in resort areas, and hotels in land-sparse downtown markets may command higher ground rent. Using the revenue projections set forth for the proposed subject property as part of this appraisal, the following table shows how the economic ground rent has been calculated. We have used a ground rent percentage of 2.5% in our analysis, and the stabilized revenue level has been deflated back to first-projection-year dollars. Discounted Stabilized Rooms Revenue $5,293,156 Rental Percentage 2.5% Economic Ground Rent $132,329 We have researched actual long-term ground leases encumbering hotels. Our analysis of these ground lease rental formulas indicates that economic ground rents for hotels like the proposed subject property typically range from 2.0% to 5.0% of rooms revenue. Hotels with significant land relative to room count, hotels in resort areas, and hotels in land-sparse downtown markets may command higher ground rent. Using the revenue projections set forth for the proposed subject property as part of this appraisal, the following table shows how the economic ground rent has been calculated. We have used a ground rent percentage of 2.5% in our analysis, and the stabilized revenue level has been deflated back to first-projection-year dollars. Discounted Stabilized Rooms Revenue $5,293,156 Rental Percentage 2.5% Economic Ground Rent $132,329 Rent generated from an unsubordinated ground lease represents a low-risk flow of income. Because the tenant’s improvements typically amount to more than five times the value of the land, the risk of default is almost nonexistent. For hotel ground leases where the rent is tied to revenue, the property owner is also protected from the adverse effects of inflation. Based on these minimal risk factors, the current cost of long-term capital, and our analysis of the proposed subject property, we have selected a capitalization rate of 6.5%. Applying the indicated capitalization rate to the proposed subject property's economic ground rent results in the following estimate of land allocation. Economic Ground Rent $105,863 = = $1,500,000 Capitalization Rate 7.0% Page Proposed Skaneateles205 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 118 Rent generated from an unsubordinated ground lease represents a low-risk flow of income. Because the tenant’s improvements typically amount to more than five times the value of the land, the risk of default is almost nonexistent. For hotel ground leases where the rent is tied to revenue, the property owner is also protected from the adverse effects of inflation. Based on these minimal risk factors, the current cost of long-term capital, and our analysis of the proposed subject property, we have selected a capitalization rate of 6.5%. Applying the indicated capitalization rate to the proposed subject property's economic ground rent results in the following estimate of land allocation. Economic Ground Rent $105,863 = = $1,500,000 Capitalization Rate 7.0% Page Proposed Skaneateles205 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 118 The following sales support our conclusion of land allocation via the ground-lease approach. The following sales support our conclusion of land allocation via the ground-lease approach. FIGURE 8-1 SELECTED LAND SALES Price per Parcel Seller Buyer Sale Date Sale Price Size (SF) SF Fortress Investment Kirkville Road & I-481 East Syracuse, NY 13057 Widewaters Hotels Group September-20 $7,896,180 1,395,277 $5.66 Merdical Center Drive , Manlius, NY 13066 Varsity Pizza JEA Senior Living December-19 1,650,000 234,353 7.04 6683 Moore Road, Syracuse NY Blue Water Holdings Saia Motor Freight April-19 733,000 250,000 2.93 We have applied the following adjustments to these selected sales. Page Proposed Skaneateles206 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 119 FIGURE 8-1 SELECTED LAND SALES Price per Parcel Seller Buyer Sale Date Sale Price Size (SF) SF Fortress Investment Kirkville Road & I-481 East Syracuse, NY 13057 Widewaters Hotels Group September-20 $7,896,180 1,395,277 $5.66 Merdical Center Drive , Manlius, NY 13066 Varsity Pizza JEA Senior Living December-19 1,650,000 234,353 7.04 6683 Moore Road, Syracuse NY Blue Water Holdings Saia Motor Freight April-19 733,000 250,000 2.93 We have applied the following adjustments to these selected sales. Page Proposed Skaneateles206 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 119 FIGURE 8-2 LAND SALES ADJUSTMENT GRID Elements of Comparison Subject Property Sale #1 Sale #2 Sale #3 Sale Price $1,700,000 $7,896,180 $1,650,000 $733,000 Size (SF) 1,349,053 1,395,277 234,353 250,000 Price per SF $1.26 $5.66 $7.04 $2.93 Date of Sale Jan-19 Sep-20 Dec-19 Apr-19 Adjustments for Transaction Characteristics Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Adjustment 0.0% 0.0% 0.0% Adjusted Sales Price $7,896,180 $1,650,000 $733,000 FIGURE 8-2 LAND SALES ADJUSTMENT GRID Elements of Comparison Subject Property Sale #1 Sale #2 Sale #3 Sale Price $1,700,000 $7,896,180 $1,650,000 $733,000 Size (SF) 1,349,053 1,395,277 234,353 250,000 Price per SF $1.26 $5.66 $7.04 $2.93 Date of Sale Jan-19 Sep-20 Dec-19 Apr-19 Adjustments for Transaction Characteristics Property Rights Conveyed Fee Simple Fee Simple Fee Simple Fee Simple Adjustment 0.0% 0.0% 0.0% Adjusted Sales Price $7,896,180 $1,650,000 $733,000 Financing Terms Cash Equivalent Cash Equivalent Cash Equivalent Adjustment 0.0% 0.0% 0.0% Adjusted Sales Price $7,896,180 $1,650,000 $733,000 Conditions of Sale Normal Normal Normal Adjustment 0.0% 0.0% 0.0% Adjusted Sales Price $7,896,180 $1,650,000 $733,000 Market Conditions Similar Superior Superior Adjustment 0% -5% -5% Adjusted Sales Price $7,896,180 $1,567,500 $696,350 Adjusted Unit Price - Per Square Foot $5.66 $6.69 $2.79 Adjustments for Site Characteristics Financing Terms Cash Equivalent Cash Equivalent Cash Equivalent Adjustment 0.0% 0.0% 0.0% Adjusted Sales Price $7,896,180 $1,650,000 $733,000 Conditions of Sale Normal Normal Normal Adjustment 0.0% 0.0% 0.0% Adjusted Sales Price $7,896,180 $1,650,000 $733,000 Market Conditions Similar Superior Superior Adjustment 0% -5% -5% Adjusted Sales Price $7,896,180 $1,567,500 $696,350 Adjusted Unit Price - Per Square Foot $5.66 $6.69 $2.79 Adjustments for Site Characteristics Location Superior Superior Superior Direction of Adjustment - - - Functional Utility* Similar Similar Similar Direction of Adjustment = = = Size Similar Smaller Smaller Direction of Adjustment = - - Final Adjusted Unit Price - Per Square Foot $2.83 $2.34 $1.39 * Includes topography, configuration, and offsite availability/capacity Location Superior Superior Superior Direction of Adjustment - - - Functional Utility* Similar Similar Similar Direction of Adjustment = = = Size Similar Smaller Smaller Direction of Adjustment = - - Final Adjusted Unit Price - Per Square Foot $2.83 $2.34 $1.39 * Includes topography, configuration, and offsite availability/capacity Based on our analyses, a range of $1.39 to $2.83 is reflected for the subject site, which supports the $1.48-per-square-foot result of the ground-lease approach.!e$2,000,000 Mortgage Component Hotel financing is typically available from a variety of lender types including commercial banks, mortgage REITs, private-debt investors, insurance companies, and CMBS lenders. Over the last several investment cycles, lenders have briefly pulled back from the lodging sector during periods of economic and/or operational distress. However, they have repeatedly been drawn back to the sector by the higher yields generated by hotel financing relative to other commercial real estate. Data for the mortgage component may be developed from statistics of actual hotel mortgages made by long-term lenders. The American Council of Life Insurance, Page Proposed Skaneateles207 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 120 Based on our analyses, a range of $1.39 to $2.83 is reflected for the subject site, which supports the $1.48-per-square-foot result of the ground-lease approach.!e$2,000,000 Mortgage Component Hotel financing is typically available from a variety of lender types including commercial banks, mortgage REITs, private-debt investors, insurance companies, and CMBS lenders. Over the last several investment cycles, lenders have briefly pulled back from the lodging sector during periods of economic and/or operational distress. However, they have repeatedly been drawn back to the sector by the higher yields generated by hotel financing relative to other commercial real estate. Data for the mortgage component may be developed from statistics of actual hotel mortgages made by long-term lenders. The American Council of Life Insurance, Page Proposed Skaneateles207 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 120 which represents 20 large life insurance companies, publishes quarterly information pertaining to the hotel mortgages issued by its member companies. Because of the six- to nine-month lag time in reporting and publishing hotel mortgage statistics, it was necessary to update this information to reflect current lending practices. Our research indicates that the greatest degree of correlation exists between the average interest rate of a hotel mortgage and the concurrent yield on an average-A corporate bond. The following chart summarizes the average mortgage interest rates of the hotel loans made by these lenders. For the purpose of comparison, the average-A corporate bond yield (as reported by Moody's Bond Record) is also shown. FIGURE 8-2 AVERAGE MORTGAGE INTEREST RATES AND AVERAGE-A CORPORATE BOND YIELDS 9.0 8.0 7.0 Rate (%) 6.0 5.0 4.0 3.0 2011 - 3rd 2012 - 3rd 2013 - 3rd which represents 20 large life insurance companies, publishes quarterly information pertaining to the hotel mortgages issued by its member companies. Because of the six- to nine-month lag time in reporting and publishing hotel mortgage statistics, it was necessary to update this information to reflect current lending practices. Our research indicates that the greatest degree of correlation exists between the average interest rate of a hotel mortgage and the concurrent yield on an average-A corporate bond. The following chart summarizes the average mortgage interest rates of the hotel loans made by these lenders. For the purpose of comparison, the average-A corporate bond yield (as reported by Moody's Bond Record) is also shown. FIGURE 8-2 AVERAGE MORTGAGE INTEREST RATES AND AVERAGE-A CORPORATE BOND YIELDS 9.0 8.0 7.0 Rate (%) 6.0 5.0 4.0 3.0 2011 - 3rd 2012 - 3rd 2013 - 3rd 2014 - 3rd 2015 - 3rd 2016 - 3rd 2017 - 3rd 2018 - 3rd 2019 - 3rd 2011 - 1st 2012 - 1st 2013 - 1st 2014 - 1st 2014 - 3rd 2015 - 3rd 2016 - 3rd 2017 - 3rd 2018 - 3rd 2019 - 3rd 2011 - 1st 2012 - 1st 2013 - 1st 2014 - 1st 2015 - 1st 2016 - 1st 2017 - 1st 2018 - 1st 2019 - 1st 2020 - 1st Avg. Interest Rate (%) Avg. A Corp. Bond Yield (%) 2015 - 1st 2016 - 1st 2017 - 1st 2018 - 1st 2019 - 1st 2020 - 1st Avg. Interest Rate (%) Avg. A Corp. Bond Yield (%) Sources: American Council of Life Insurance, Moody's Bond Record, HVS The relationship between hotel interest rates and the yields from the average-A corporate bond can be detailed through a regression analysis, which is expressed as follows. Y = 0.95165343 X + 0.81443286 Page Proposed Skaneateles208 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 121 Where: Y = Estimated Hotel Mortgage Interest Rate X = Current Average-A Corporate Bond Yield (Coefficient of correlation is 95%) The August 5, 2021, average yield on average-A corporate bonds, as reported by Moody’s Investors Service, was 2.81%. When used in the previously presented equation, a factor of 2.81 produces an estimated hotel/motel interest rate of 3.49% (rounded). Sources: American Council of Life Insurance, Moody's Bond Record, HVS The relationship between hotel interest rates and the yields from the average-A corporate bond can be detailed through a regression analysis, which is expressed as follows. Y = 0.95165343 X + 0.81443286 Page Proposed Skaneateles208 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 121 Where: Y = Estimated Hotel Mortgage Interest Rate X = Current Average-A Corporate Bond Yield (Coefficient of correlation is 95%) The August 5, 2021, average yield on average-A corporate bonds, as reported by Moody’s Investors Service, was 2.81%. When used in the previously presented equation, a factor of 2.81 produces an estimated hotel/motel interest rate of 3.49% (rounded). Over the extended period of low interest rates throughout much of the last decade, hotel debt was generally available at interest rates between 3.0% and 6.0%, depending on the type of debt, loan-to-value ratio, and the quality of the asset and its market. In addition to the mortgage interest rate estimate derived from this regression analysis, HVS constantly monitors the terms of hotel mortgage loans made by our institutional lending clients. Fixed-rate debt is being priced at roughly 300 to 500 basis points over the corresponding yield on treasury notes. As of August 5, 2021, the yield on the ten-year T-bill was 1.19%, indicating an interest rate range from 4.2% to 6.2%. Over the course of the last decade, the federal funds rate remained relatively low, peaking at 2.25% to 2.5% in December 2018. Subsequently, in 2019, concern about the trade war and a slowing economy led the Fed to reduce rates three times to a target rate of 1.5% to 1.75%. The rate remained at this level until March 3, 2020, at which point the Federal Reserve (Fed) cut the target rate by a full 50 bps to 1.0% to 1.25%, the first time the agency has instituted an emergency rate cut since 2008; this was followed up by a cut to the benchmark interest rate all the way to 0% on March 16. The Fed instituted these rate cuts to address the growing economic impact from COVID-19. Furthermore, on March 23, the Fed pledged to maintain liquidity in debt markets by purchasing as many government and corporate-backed bonds as necessary. Going forward, the Fed has indicated its intention to keep rates at minimal levels until the economy has fully recovered. Although lenders have increased spreads on hotel loans to offset increased risk during the pandemic, those spreads have begun to narrow and are expected to return to more typical levels as hotel performance improves and the lending environment returns to normal. Over the extended period of low interest rates throughout much of the last decade, hotel debt was generally available at interest rates between 3.0% and 6.0%, depending on the type of debt, loan-to-value ratio, and the quality of the asset and its market. In addition to the mortgage interest rate estimate derived from this regression analysis, HVS constantly monitors the terms of hotel mortgage loans made by our institutional lending clients. Fixed-rate debt is being priced at roughly 300 to 500 basis points over the corresponding yield on treasury notes. As of August 5, 2021, the yield on the ten-year T-bill was 1.19%, indicating an interest rate range from 4.2% to 6.2%. Over the course of the last decade, the federal funds rate remained relatively low, peaking at 2.25% to 2.5% in December 2018. Subsequently, in 2019, concern about the trade war and a slowing economy led the Fed to reduce rates three times to a target rate of 1.5% to 1.75%. The rate remained at this level until March 3, 2020, at which point the Federal Reserve (Fed) cut the target rate by a full 50 bps to 1.0% to 1.25%, the first time the agency has instituted an emergency rate cut since 2008; this was followed up by a cut to the benchmark interest rate all the way to 0% on March 16. The Fed instituted these rate cuts to address the growing economic impact from COVID-19. Furthermore, on March 23, the Fed pledged to maintain liquidity in debt markets by purchasing as many government and corporate-backed bonds as necessary. Going forward, the Fed has indicated its intention to keep rates at minimal levels until the economy has fully recovered. Although lenders have increased spreads on hotel loans to offset increased risk during the pandemic, those spreads have begun to narrow and are expected to return to more typical levels as hotel performance improves and the lending environment returns to normal. Based on our analysis of the current lodging industry mortgage market and adjustments for specific factors, such as the property’s site, proposed facility, and conditions in the Skaneateles hotel market, it is our opinion that a 3.75% interest, 25-year amortization mortgage with a 0.061696 constant is appropriate for the proposed subject hotel. In the mortgage-equity analysis, we have applied a loan-to- cost ratio of 65%, which is reasonable to expect based on this interest rate and current parameters. Page Proposed Skaneateles209 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 122 Based on our analysis of the current lodging industry mortgage market and adjustments for specific factors, such as the property’s site, proposed facility, and conditions in the Skaneateles hotel market, it is our opinion that a 3.75% interest, 25-year amortization mortgage with a 0.061696 constant is appropriate for the proposed subject hotel. In the mortgage-equity analysis, we have applied a loan-to- cost ratio of 65%, which is reasonable to expect based on this interest rate and current parameters. Page Proposed Skaneateles209 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 122 Equity Component The remaining capital required for a hotel investment generally comes from the equity investor. The rate of return that an equity investor expects over a ten-year holding period is known as the equity yield. Unlike the equity dividend, which is a short-term rate of return, the equity yield specifically considers a long-term holding period (generally ten years), annual inflation-adjusted cash flows, property appreciation, mortgage amortization, and proceeds from a sale at the end of the holding period. To establish an estimate of the equity yield rate that a typical investor would require, we have used two sources of data: past appraisals and investor interviews. Equity Component The remaining capital required for a hotel investment generally comes from the equity investor. The rate of return that an equity investor expects over a ten-year holding period is known as the equity yield. Unlike the equity dividend, which is a short-term rate of return, the equity yield specifically considers a long-term holding period (generally ten years), annual inflation-adjusted cash flows, property appreciation, mortgage amortization, and proceeds from a sale at the end of the holding period. To establish an estimate of the equity yield rate that a typical investor would require, we have used two sources of data: past appraisals and investor interviews. Hotel Sales: Each appraisal performed by HVS uses a mortgage-equity approach in which income is projected and then discounted to a current value at rates reflecting the cost of debt and equity capital. In the case of hotels that were sold near the date of our valuation, we were able to derive the equity yield rate and unlevered discount rate by inserting the ten-year projection, total investment (purchase price and estimated capital expenditure and/or PIP), and debt assumptions into a valuation model and solving for the equity yield. The overall capitalization rates for the historical income and projected first-year income are based on the sales price “as is.” The following table shows a representative sample of hotels that were sold on or about the time that we appraised them, along with the derived equity return and discount rates based on the purchase price and our forecast. Page Proposed Skaneateles210 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 123 Hotel Sales: Each appraisal performed by HVS uses a mortgage-equity approach in which income is projected and then discounted to a current value at rates reflecting the cost of debt and equity capital. In the case of hotels that were sold near the date of our valuation, we were able to derive the equity yield rate and unlevered discount rate by inserting the ten-year projection, total investment (purchase price and estimated capital expenditure and/or PIP), and debt assumptions into a valuation model and solving for the equity yield. The overall capitalization rates for the historical income and projected first-year income are based on the sales price “as is.” The following table shows a representative sample of hotels that were sold on or about the time that we appraised them, along with the derived equity return and discount rates based on the purchase price and our forecast. Page Proposed Skaneateles210 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 123 FIGURE 8-3 SAMPLE OF HOTELS SOLD Page Proposed Skaneateles211 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 124 Overall Rate Based on Sales Price Total Number Date Property Equity Historical Projected Hotel Location of Rooms of Sale Yield Yield Year Year One Holiday Inn Casa Grande Casa Grande, AZ 176 Jan-20 11.6 % 20.0 % 13.5 % 8.0 % Marriott Griffin Gate Resort & Spa Lexington, KY 409 Dec-19 11.0 19.3 11.7 9.3 Monarch Beach Resort Dana Point, CA 400 Nov-19 8.1 14.9 5.5 5.3 Hilton Crystal City Arlington, VA 393 Nov-19 10.6 18.3 6.3 8.3 Grand Hyatt Denver Denver, CO 516 Sep-19 10.8 20.4 8.4 8.6 Kimpton Ink48 Hotel New York New York, NY 222 Sep-19 10.6 16.6 2.4 3.6 Hyatt Regency Atlanta Atlanta, GA 1,260 Sep-19 10.4 17.8 8.4 8.3 Hotel @ Fifth Avenue New York, NY 182 Aug-19 10.1 15.1 1.7 5.5 Club Quarters Hotel Times Square New York, NY 170 Aug-19 8.5 12.8 5.0 5.2 Irvine Marriott Irvine, CA 496 Jul-19 9.4 15.8 7.2 7.2 Westin Tampa Bay Tampa, FL 244 Jul-19 10.6 18.6 6.3 7.7 Westchester Marriott Tarrytown, NY 444 Mar-19 11.3 19.2 7.1 7.7 Renaissance Cruise Port Hotel Fort Lauderdale, FL 236 Mar-19 10.3 16.8 7.5 8.9 Marriott Mission Valley San Diego, CA 353 Mar-19 10.4 16.9 8.2 7.8 Halcyon a Hotel in Cherry Creek Denver, CO 154 Mar-19 9.6 16.7 4.0 6.3 Raleigh Hotel Miami Beach, FL 105 Feb-19 10.4 16.3 ‒ 4.0 Embassy Suites by Hilton New York, NY 310 Jan-19 7.6 10.8 ‒ ‒ Snow King Resort Jackson, WY 203 Dec-18 10.0 16.5 6.7 7.1 DoubleTree by Hilton Hotel Westminster, CO 186 Dec-18 11.5 19.7 6.8 9.3 Topnotch at Stowe Resort & Spa Stowe, VT 68 Dec-18 9.4 14.9 6.1 7.1 Cavallo Point Lodge Sausalito, CA 142 Dec-18 9.0 15.2 5.8 6.1 Grand Hotel Minneapolis, MN 140 Dec-18 10.1 16.2 10.5 8.3 Sheraton Suites Wilmington, DE 223 Nov-18 11.3 20.3 11.0 11.5 Ritz-Carlton Kapalua, HI 458 Oct-18 9.7 15.6 3.8 6.7 Embassy Suites by Hilton Williamsburg, VA 161 Jul-18 10.7 19.4 6.5 8.0 Hilton Washington DC North Gaithersburg, MD 301 Jul-18 12.5 20.6 6.5 8.0 Embassy Suites by Hilton Napa, CA 205 Jul-18 8.1 12.2 6.5 6.0 Atlantic Terrace Montauk, NY 96 Jul-18 10.0 16.1 4.5 5.2 Hyatt Centric Santa Barbara, CA 200 Jul-18 9.6 15.3 5.5 5.8 Holiday Inn Hotel & Suites Mesa, AZ 246 Jun-18 10.6 17.9 7.4 9.4 Waldorf Astoria Biltmore Phoenix, AZ 606 Apr-18 9.5 15.9 6.8 7.0 Waldorf Astoria Grand Wailea Wailea, HI 776 Apr-18 8.9 14.5 5.2 5.5 Embassy Suites by Hilton Indianapolis, IN 221 Feb-18 10.9 18.9 8.0 9.1 Westin Tysons Corner Falls Church, VA 407 Feb-18 10.4 18.1 8.3 8.7 DoubleTree University Area Minneapolis, MN 140 Feb-18 9.7 17.0 — 7.7 Mystic Hotel Union Square San Francisco, CA 82 Jan-18 8.9 15.2 6.2 6.4 DoubleTree Guest Suites Tampa, FL 203 Jan-18 11.1 18.3 8.8 7.6 Sheraton Suites Plantation, FL 263 Jan-18 12.5 21.2 7.4 9.1 FIGURE 8-3 SAMPLE OF HOTELS SOLD Page Proposed Skaneateles211 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 124 Overall Rate Based on Sales Price Total Number Date Property Equity Historical Projected Hotel Location of Rooms of Sale Yield Yield Year Year One Holiday Inn Casa Grande Casa Grande, AZ 176 Jan-20 11.6 % 20.0 % 13.5 % 8.0 % Marriott Griffin Gate Resort & Spa Lexington, KY 409 Dec-19 11.0 19.3 11.7 9.3 Monarch Beach Resort Dana Point, CA 400 Nov-19 8.1 14.9 5.5 5.3 Hilton Crystal City Arlington, VA 393 Nov-19 10.6 18.3 6.3 8.3 Grand Hyatt Denver Denver, CO 516 Sep-19 10.8 20.4 8.4 8.6 Kimpton Ink48 Hotel New York New York, NY 222 Sep-19 10.6 16.6 2.4 3.6 Hyatt Regency Atlanta Atlanta, GA 1,260 Sep-19 10.4 17.8 8.4 8.3 Hotel @ Fifth Avenue New York, NY 182 Aug-19 10.1 15.1 1.7 5.5 Club Quarters Hotel Times Square New York, NY 170 Aug-19 8.5 12.8 5.0 5.2 Irvine Marriott Irvine, CA 496 Jul-19 9.4 15.8 7.2 7.2 Westin Tampa Bay Tampa, FL 244 Jul-19 10.6 18.6 6.3 7.7 Westchester Marriott Tarrytown, NY 444 Mar-19 11.3 19.2 7.1 7.7 Renaissance Cruise Port Hotel Fort Lauderdale, FL 236 Mar-19 10.3 16.8 7.5 8.9 Marriott Mission Valley San Diego, CA 353 Mar-19 10.4 16.9 8.2 7.8 Halcyon a Hotel in Cherry Creek Denver, CO 154 Mar-19 9.6 16.7 4.0 6.3 Raleigh Hotel Miami Beach, FL 105 Feb-19 10.4 16.3 ‒ 4.0 Embassy Suites by Hilton New York, NY 310 Jan-19 7.6 10.8 ‒ ‒ Snow King Resort Jackson, WY 203 Dec-18 10.0 16.5 6.7 7.1 DoubleTree by Hilton Hotel Westminster, CO 186 Dec-18 11.5 19.7 6.8 9.3 Topnotch at Stowe Resort & Spa Stowe, VT 68 Dec-18 9.4 14.9 6.1 7.1 Cavallo Point Lodge Sausalito, CA 142 Dec-18 9.0 15.2 5.8 6.1 Grand Hotel Minneapolis, MN 140 Dec-18 10.1 16.2 10.5 8.3 Sheraton Suites Wilmington, DE 223 Nov-18 11.3 20.3 11.0 11.5 Ritz-Carlton Kapalua, HI 458 Oct-18 9.7 15.6 3.8 6.7 Embassy Suites by Hilton Williamsburg, VA 161 Jul-18 10.7 19.4 6.5 8.0 Hilton Washington DC North Gaithersburg, MD 301 Jul-18 12.5 20.6 6.5 8.0 Embassy Suites by Hilton Napa, CA 205 Jul-18 8.1 12.2 6.5 6.0 Atlantic Terrace Montauk, NY 96 Jul-18 10.0 16.1 4.5 5.2 Hyatt Centric Santa Barbara, CA 200 Jul-18 9.6 15.3 5.5 5.8 Holiday Inn Hotel & Suites Mesa, AZ 246 Jun-18 10.6 17.9 7.4 9.4 Waldorf Astoria Biltmore Phoenix, AZ 606 Apr-18 9.5 15.9 6.8 7.0 Waldorf Astoria Grand Wailea Wailea, HI 776 Apr-18 8.9 14.5 5.2 5.5 Embassy Suites by Hilton Indianapolis, IN 221 Feb-18 10.9 18.9 8.0 9.1 Westin Tysons Corner Falls Church, VA 407 Feb-18 10.4 18.1 8.3 8.7 DoubleTree University Area Minneapolis, MN 140 Feb-18 9.7 17.0 — 7.7 Mystic Hotel Union Square San Francisco, CA 82 Jan-18 8.9 15.2 6.2 6.4 DoubleTree Guest Suites Tampa, FL 203 Jan-18 11.1 18.3 8.8 7.6 Sheraton Suites Plantation, FL 263 Jan-18 12.5 21.2 7.4 9.1 Min: 7.6 % 10.8 % 1.7 % 3.6 % Mean: 10.1 17.0 6.9 7.3 Median: 10.4 16.8 6.7 7.7 Max: 12.5 21.2 13.5 11.5 Source: HVS Page Proposed Skaneateles212 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 125 Min: 7.6 % 10.8 % 1.7 % 3.6 % Mean: 10.1 17.0 6.9 7.3 Median: 10.4 16.8 6.7 7.7 Max: 12.5 21.2 13.5 11.5 Source: HVS Page Proposed Skaneateles212 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 125 Investor Interviews: We continuously monitor investor equity-yield requirements through discussions with hotel investors and brokers. During the previous period of market liquidity, we found that equity yield rates typically ranged from a low in the low-to-mid teens for high-barrier-to-entry "trophy assets"; the mid-to-upper teens for high-quality, institutional-grade assets in strong markets; and the upper teens to low 20s for quality assets in more typical markets. Equity yield rates have tended to exceed 20% for aging assets with functional obsolescence and/or other challenging property- or market-related issues. Equity return requirements typically vary with an investment’s level of leverage. The following table summarizes the range of equity yields indicated by hotel sales and investor interviews. We note that there tends to be a lag between the sales data and current market conditions; thus, the full effect of the change in the economy and capital markets may not yet be reflected. Investor Interviews: We continuously monitor investor equity-yield requirements through discussions with hotel investors and brokers. During the previous period of market liquidity, we found that equity yield rates typically ranged from a low in the low-to-mid teens for high-barrier-to-entry "trophy assets"; the mid-to-upper teens for high-quality, institutional-grade assets in strong markets; and the upper teens to low 20s for quality assets in more typical markets. Equity yield rates have tended to exceed 20% for aging assets with functional obsolescence and/or other challenging property- or market-related issues. Equity return requirements typically vary with an investment’s level of leverage. The following table summarizes the range of equity yields indicated by hotel sales and investor interviews. We note that there tends to be a lag between the sales data and current market conditions; thus, the full effect of the change in the economy and capital markets may not yet be reflected. FIGURE 8-4 SUMMARY OF EQUITY YIELD OR INTERNAL RATE OF RETURN REQUIREMENTS Pre-COVID Current Source Data Point Range Average Data Point Range Average HVS Hotel Sales - Full-Service & Luxury 10.8% - 21.2% 17.0% — — HVS Hotel Sales - Select-Service & Extended-Stay 12.7% - 22.9% 18.5% — — HVS Hotel Sales - Limited-Service 17% - 24.6% 19.7% — — HVS Investor Interviews 13% - 25% Based on the assumed 65% loan-to-cost ratio, the risk inherent in achieving the projected income stream, and the anticipated market position of the subject property, it is our opinion that a typical equity investor would anticipate a 0.0% internal rate of return over a ten-year holding period, assuming that the investor obtains financing at the time of the project’s completion at the loan-to-cost ratio and interest rate set forth. FIGURE 8-4 SUMMARY OF EQUITY YIELD OR INTERNAL RATE OF RETURN REQUIREMENTS Pre-COVID Current Source Data Point Range Average Data Point Range Average HVS Hotel Sales - Full-Service & Luxury 10.8% - 21.2% 17.0% — — HVS Hotel Sales - Select-Service & Extended-Stay 12.7% - 22.9% 18.5% — — HVS Hotel Sales - Limited-Service 17% - 24.6% 19.7% — — HVS Investor Interviews 13% - 25% Based on the assumed 65% loan-to-cost ratio, the risk inherent in achieving the projected income stream, and the anticipated market position of the subject property, it is our opinion that a typical equity investor would anticipate a 0.0% internal rate of return over a ten-year holding period, assuming that the investor obtains financing at the time of the project’s completion at the loan-to-cost ratio and interest rate set forth. Terminal Capitalization Inherent in this valuation process is the assumption of a sale at the end of the ten- Rate year holding period. The estimated reversionary sale price as of that date is calculated by capitalizing the projected eleventh-year net income by an overall terminal capitalization rate. An allocation for the selling expenses is deducted from this sale price, and the net proceeds to the equity interest (also known as the equity residual) are calculated by deducting the outstanding mortgage balance from the reversion. Page Proposed Skaneateles213 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 126 We have reviewed several recent investor surveys. The following chart summarizes the averages presented for terminal capitalization rates in various investor surveys during the past decade. Terminal Capitalization Inherent in this valuation process is the assumption of a sale at the end of the ten- Rate year holding period. The estimated reversionary sale price as of that date is calculated by capitalizing the projected eleventh-year net income by an overall terminal capitalization rate. An allocation for the selling expenses is deducted from this sale price, and the net proceeds to the equity interest (also known as the equity residual) are calculated by deducting the outstanding mortgage balance from the reversion. Page Proposed Skaneateles213 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 126 We have reviewed several recent investor surveys. The following chart summarizes the averages presented for terminal capitalization rates in various investor surveys during the past decade. FIGURE 8-5 HISTORICAL TRENDS OF TERMINAL CAPITALIZATION RATES 13.0 12.0 PWC - Limited-Service Hotels Terminal Cap Rate (%) 11.0 PWC - Select-Service Hotels 10.0 HVS Broker Survey - Limited-Service/Economy Hotels HVS Broker Survey - Select-Service Hotels 9.0 USRC - Limited-Service Hotels 8.0 Situs RERC - Second-Tier Hotels 7.0 Situs RERC - Third-Tier Hotels 6.0 2011 2012 2013 2014 FIGURE 8-5 HISTORICAL TRENDS OF TERMINAL CAPITALIZATION RATES 13.0 12.0 PWC - Limited-Service Hotels Terminal Cap Rate (%) 11.0 PWC - Select-Service Hotels 10.0 HVS Broker Survey - Limited-Service/Economy Hotels HVS Broker Survey - Select-Service Hotels 9.0 USRC - Limited-Service Hotels 8.0 Situs RERC - Second-Tier Hotels 7.0 Situs RERC - Third-Tier Hotels 6.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 FIGURE 8-6 TERMINAL CAPITALIZATION RATES DERIVED FROM INVESTOR SURVEYS Pre-COVID Current Source Data Point Range Average Data Point Range Average 2015 2016 2017 2018 2019 2020 2021 FIGURE 8-6 TERMINAL CAPITALIZATION RATES DERIVED FROM INVESTOR SURVEYS Pre-COVID Current Source Data Point Range Average Data Point Range Average HVS Brokers Survey Spring 2020 Survey Spring 2021 Survey Select-Service Hotels 6.0% - 10.5% 8.8% 7.0% - 10.0% 8.8% Limited-Service & Economy Hotels 6.5% - 12.0% 9.5% 7.5% - 10.0% 9.0% PWC Real Estate Investor Survey 1st Quarter 2020 Survey 1st Quarter 2021 Survey Select-Service Hotels 7.0% - 10.0% 8.4% 7.0% - 10.0% 8.3% Limited-Service Hotels 7.75% - 12.0% 9.3% 8.0% - 11.0% 9.1% USRC Hotel Investment Survey Winter 2020 Survey Winter 2021 Survey Limited-Service Hotels 6.5% - 9.3% 8.6% 7.5% - 9.3% 8.4% HVS Brokers Survey Spring 2020 Survey Spring 2021 Survey Select-Service Hotels 6.0% - 10.5% 8.8% 7.0% - 10.0% 8.8% Limited-Service & Economy Hotels 6.5% - 12.0% 9.5% 7.5% - 10.0% 9.0% PWC Real Estate Investor Survey 1st Quarter 2020 Survey 1st Quarter 2021 Survey Select-Service Hotels 7.0% - 10.0% 8.4% 7.0% - 10.0% 8.3% Limited-Service Hotels 7.75% - 12.0% 9.3% 8.0% - 11.0% 9.1% USRC Hotel Investment Survey Winter 2020 Survey Winter 2021 Survey Limited-Service Hotels 6.5% - 9.3% 8.6% 7.5% - 9.3% 8.4% Situs RERC Real Estate Report 1st Quarter 2020 Report 4th Quarter 2020 Report Second Tier Hotels 7.3% - 11.5% 9.1% 7.5% - 13.0% 10.0% Third Tier Hotels 8.0% - 12.0% 10.2% 8.0% - 15.0% 10.8% For purposes of this analysis, we have applied a terminal capitalization rate of 9.00%. Our final position for the terminal capitalization rate reflects the normalized Page Proposed Skaneateles214 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 127 Situs RERC Real Estate Report 1st Quarter 2020 Report 4th Quarter 2020 Report Second Tier Hotels 7.3% - 11.5% 9.1% 7.5% - 13.0% 10.0% Third Tier Hotels 8.0% - 12.0% 10.2% 8.0% - 15.0% 10.8% For purposes of this analysis, we have applied a terminal capitalization rate of 9.00%. Our final position for the terminal capitalization rate reflects the normalized Page Proposed Skaneateles214 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 127 market for hotel investments and also considers the subject property's attributes. Terminal cap rates are at the low end of the range for quality hotel assets in markets with high barriers to entry and at the high end of the range for older assets or for those suffering from functional obsolescence and/or weak market conditions, reflecting the market's recognition that certain assets have less opportunity for significant appreciation. market for hotel investments and also considers the subject property's attributes. Terminal cap rates are at the low end of the range for quality hotel assets in markets with high barriers to entry and at the high end of the range for older assets or for those suffering from functional obsolescence and/or weak market conditions, reflecting the market's recognition that certain assets have less opportunity for significant appreciation. Mortgage-Equity As the two participants in a real estate investment, investors and lenders must Method evaluate their equity and debt contributions based on their particular return requirements. After carefully weighing the risk associated with the projected economic benefits of a lodging investment, the participants will typically make their decision whether or not to invest in a hotel or resort by determining if their investment will provide an adequate yield over an established period. For the lender, this yield will typically reflect the interest rate required for a hotel mortgage over a period that can range from seven to ten years. The yield to the equity participant may consider not only the requirements of a particular investor but also the potential payments to cooperative or ancillary entities, such as limited partner payouts, stockholder dividends, and management company incentive fees. The return on investment analysis in a hotel acquisition would not be complete without recognizing and reflecting the yield requirements of both the equity and debt participants. The analysis will now calculate the yields to the mortgage and equity participants during a ten-year projection period. Mortgage-Equity As the two participants in a real estate investment, investors and lenders must Method evaluate their equity and debt contributions based on their particular return requirements. After carefully weighing the risk associated with the projected economic benefits of a lodging investment, the participants will typically make their decision whether or not to invest in a hotel or resort by determining if their investment will provide an adequate yield over an established period. For the lender, this yield will typically reflect the interest rate required for a hotel mortgage over a period that can range from seven to ten years. The yield to the equity participant may consider not only the requirements of a particular investor but also the potential payments to cooperative or ancillary entities, such as limited partner payouts, stockholder dividends, and management company incentive fees. The return on investment analysis in a hotel acquisition would not be complete without recognizing and reflecting the yield requirements of both the equity and debt participants. The analysis will now calculate the yields to the mortgage and equity participants during a ten-year projection period. The annual debt service is calculated by multiplying the mortgage component by the mortgage constant. Mortgage Component $16,274,000 Mortgage Constant 0.061696 Annual Debt Service $1,004,000 The yield to the lender based on a 65% debt contribution equates to an interest rate of 3.75%, which is calculated as follows. Page Proposed Skaneateles215 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 128 The annual debt service is calculated by multiplying the mortgage component by the mortgage constant. Mortgage Component $16,274,000 Mortgage Constant 0.061696 Annual Debt Service $1,004,000 The yield to the lender based on a 65% debt contribution equates to an interest rate of 3.75%, which is calculated as follows. Page Proposed Skaneateles215 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 128 FIGURE 8-7 RETURN TO THE LENDER Total Annual Present Worth of $1 Discounted Year Debt Service Factor at 3.7% Cash Flow 2023 $1,004,000 x 0.964377 = $968,000 2024 1,004,000 x 0.930022 = 934,000 2025 1,004,000 x 0.896892 = 900,000 2026 1,004,000 x 0.864942 = 868,000 2027 1,004,000 x 0.834130 = 837,000 2028 1,004,000 x 0.804415 = 808,000 2029 1,004,000 x 0.775759 = 779,000 2030 1,004,000 x 0.748124 = 751,000 2031 1,004,000 x 0.721474 = 724,000 2032 12,509,000 * x 0.695773 = 8,703,000 FIGURE 8-7 RETURN TO THE LENDER Total Annual Present Worth of $1 Discounted Year Debt Service Factor at 3.7% Cash Flow 2023 $1,004,000 x 0.964377 = $968,000 2024 1,004,000 x 0.930022 = 934,000 2025 1,004,000 x 0.896892 = 900,000 2026 1,004,000 x 0.864942 = 868,000 2027 1,004,000 x 0.834130 = 837,000 2028 1,004,000 x 0.804415 = 808,000 2029 1,004,000 x 0.775759 = 779,000 2030 1,004,000 x 0.748124 = 751,000 2031 1,004,000 x 0.721474 = 724,000 2032 12,509,000 * x 0.695773 = 8,703,000 Value of Mortgage Component $16,272,000 *10th year debt service of $1,004,000 plus outstanding mortgage balance of $11,505,000 The following table illustrates the cash flow available to the equity position, after deducting the debt service from the projected net income. Value of Mortgage Component $16,272,000 *10th year debt service of $1,004,000 plus outstanding mortgage balance of $11,505,000 The following table illustrates the cash flow available to the equity position, after deducting the debt service from the projected net income. FIGURE 8-8 NET INCOME TO EQUITY Net Income Available for Total Annual Net Income Year Debt Service Debt Service to Equity 2023 $1,429,000 - $1,004,000 = $425,000 2024 $2,363,000 - 1,004,000 = $1,359,000 2025 $2,673,000 - 1,004,000 = $1,669,000 2026 $2,754,000 - 1,004,000 = $1,750,000 2027 $2,837,000 - 1,004,000 = $1,833,000 2028 $2,922,000 - 1,004,000 = $1,918,000 2029 $3,010,000 - 1,004,000 = $2,006,000 2030 $3,100,000 - 1,004,000 = $2,096,000 2031 $3,193,000 - 1,004,000 = $2,189,000 2032 $3,288,000 - 1,004,000 = $2,284,000 FIGURE 8-8 NET INCOME TO EQUITY Net Income Available for Total Annual Net Income Year Debt Service Debt Service to Equity 2023 $1,429,000 - $1,004,000 = $425,000 2024 $2,363,000 - 1,004,000 = $1,359,000 2025 $2,673,000 - 1,004,000 = $1,669,000 2026 $2,754,000 - 1,004,000 = $1,750,000 2027 $2,837,000 - 1,004,000 = $1,833,000 2028 $2,922,000 - 1,004,000 = $1,918,000 2029 $3,010,000 - 1,004,000 = $2,006,000 2030 $3,100,000 - 1,004,000 = $2,096,000 2031 $3,193,000 - 1,004,000 = $2,189,000 2032 $3,288,000 - 1,004,000 = $2,284,000 In order for the present value of the equity investment to equate to the $8,764,000 capital outlay, the investor must accept a 23.0% return, as shown in the following table. Page Proposed Skaneateles216 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 129 In order for the present value of the equity investment to equate to the $8,764,000 capital outlay, the investor must accept a 23.0% return, as shown in the following table. Page Proposed Skaneateles216 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 129 FIGURE 8-9 EQUITY COMPONENT YIELD Net Income Present Worth of $1 Discounted Year to Equity Factor at 23.0% Cash Flow 2023 $425,000 x 0.813007 = $346,000 2024 $1,359,000 x 0.660980 = 898,000 2025 $1,669,000 x 0.537381 = 897,000 2026 $1,750,000 x 0.436895 = 765,000 2027 $1,833,000 x 0.355198 = 651,000 2028 $1,918,000 x 0.288779 = 554,000 2029 $2,006,000 x 0.234779 = 471,000 2030 $2,096,000 x 0.190877 = 400,000 2031 $2,189,000 x 0.155184 = 340,000 2032 $27,280,000 * x 0.126166 = 3,442,000 FIGURE 8-9 EQUITY COMPONENT YIELD Net Income Present Worth of $1 Discounted Year to Equity Factor at 23.0% Cash Flow 2023 $425,000 x 0.813007 = $346,000 2024 $1,359,000 x 0.660980 = 898,000 2025 $1,669,000 x 0.537381 = 897,000 2026 $1,750,000 x 0.436895 = 765,000 2027 $1,833,000 x 0.355198 = 651,000 2028 $1,918,000 x 0.288779 = 554,000 2029 $2,006,000 x 0.234779 = 471,000 2030 $2,096,000 x 0.190877 = 400,000 2031 $2,189,000 x 0.155184 = 340,000 2032 $27,280,000 * x 0.126166 = 3,442,000 Value of Equity Component $8,764,000 *10th year net income to equity of $2,284,080 plus sales proceeds of $24,996,000 Discounted Cash Flow The process of converting the projected income stream into an estimate of value via Analysis the DCF method is described as follows. Value of Equity Component $8,764,000 *10th year net income to equity of $2,284,080 plus sales proceeds of $24,996,000 Discounted Cash Flow The process of converting the projected income stream into an estimate of value via Analysis the DCF method is described as follows. 1. An appropriate discount rate is selected to apply to the projected net income before debt service. This rate reflects the "free and clear" internal rate of return to an all-cash purchaser or a blended rate of debt and equity return requirements. The discount rate takes into consideration the degree of perceived risk, anticipated income growth, market attitudes, and rates of return on other investment alternatives, as well as the availability and cost of financing. The discount rate is chosen by reviewing sales transactions and investor surveys and interviewing market participants. 2. A reversionary value reflecting the sales price of the property at the end of the ten-year holding period is calculated by capitalizing the eleventh-year net income by the terminal capitalization rate and deducting typical brokerage and legal fees. 3. Each year's forecasted net income before debt service and depreciation and the reversionary sales proceeds at the end of the ten-year holding period are converted to a present value by multiplying the cash flow by the chosen discount rate for that year in the forecast. The sum of the discounted cash flows equates to the value of the subject property. The following chart summarizes the averages presented for discount rates in various investor surveys during the past decade. 1. An appropriate discount rate is selected to apply to the projected net income before debt service. This rate reflects the "free and clear" internal rate of return to an all-cash purchaser or a blended rate of debt and equity return requirements. The discount rate takes into consideration the degree of perceived risk, anticipated income growth, market attitudes, and rates of return on other investment alternatives, as well as the availability and cost of financing. The discount rate is chosen by reviewing sales transactions and investor surveys and interviewing market participants. 2. A reversionary value reflecting the sales price of the property at the end of the ten-year holding period is calculated by capitalizing the eleventh-year net income by the terminal capitalization rate and deducting typical brokerage and legal fees. 3. Each year's forecasted net income before debt service and depreciation and the reversionary sales proceeds at the end of the ten-year holding period are converted to a present value by multiplying the cash flow by the chosen discount rate for that year in the forecast. The sum of the discounted cash flows equates to the value of the subject property. The following chart summarizes the averages presented for discount rates in various investor surveys during the past decade. Page Proposed Skaneateles217 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 130 Page Proposed Skaneateles217 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 130 FIGURE 8-10 HISTORICAL TRENDS OF DISCOUNT RATES 14.0 13.0 PWC - Limited-Service Hotels 12.0 PWC - Select-Service Hotels Discount Rate (%) 11.0 HVS Broker Survey - Limited-Service/Economy Hotels HVS Broker Survey - Select-Service Hotels 10.0 USRC - Limited-Service Hotels 9.0 Situs RERC - Second-Tier Hotels 8.0 Situs RERC - Third-Tier Hotels 7.0 2011 2012 2013 2014 2015 FIGURE 8-10 HISTORICAL TRENDS OF DISCOUNT RATES 14.0 13.0 PWC - Limited-Service Hotels 12.0 PWC - Select-Service Hotels Discount Rate (%) 11.0 HVS Broker Survey - Limited-Service/Economy Hotels HVS Broker Survey - Select-Service Hotels 10.0 USRC - Limited-Service Hotels 9.0 Situs RERC - Second-Tier Hotels 8.0 Situs RERC - Third-Tier Hotels 7.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 FIGURE 8-11 OVERALL DISCOUNT RATES DERIVED FROM SALES AND INVESTOR SURVEYS Pre-COVID Current Source Data Point Range Average Data Point Range Average 2016 2017 2018 2019 2020 2021 FIGURE 8-11 OVERALL DISCOUNT RATES DERIVED FROM SALES AND INVESTOR SURVEYS Pre-COVID Current Source Data Point Range Average Data Point Range Average HVS Hotel Sales - Full-Service & Luxury 7.6% - 12.5% 10.1% — — HVS Hotel Sales - Select-Service & Extended-Stay 8.3% - 12.7% 10.7% — — HVS Hotel Sales - Limited-Service 10% - 13.9% 11.5% — — HVS Brokers Survey Spring 2020 Survey Spring 2021 Survey Select-Service Hotels 6.5% - 18.0% 10.8% 6.0% - 12.0% 10.1% Limited-Service & Economy Hotels 6.5% - 20.0% 11.6% 5.5% - 12.0% 10.3% PWC Real Estate Investor Survey 1st Quarter 2020 Survey 1st Quarter 2021 Survey Select-Service Hotels 8.0% - 12.0% 10.0% 8.0% - 12.0% 10.2% Limited-Service Hotels 7.5% - 12.0% 10.0% 8.0% - 12.0% 9.7% HVS Hotel Sales - Full-Service & Luxury 7.6% - 12.5% 10.1% — — HVS Hotel Sales - Select-Service & Extended-Stay 8.3% - 12.7% 10.7% — — HVS Hotel Sales - Limited-Service 10% - 13.9% 11.5% — — HVS Brokers Survey Spring 2020 Survey Spring 2021 Survey Select-Service Hotels 6.5% - 18.0% 10.8% 6.0% - 12.0% 10.1% Limited-Service & Economy Hotels 6.5% - 20.0% 11.6% 5.5% - 12.0% 10.3% PWC Real Estate Investor Survey 1st Quarter 2020 Survey 1st Quarter 2021 Survey Select-Service Hotels 8.0% - 12.0% 10.0% 8.0% - 12.0% 10.2% Limited-Service Hotels 7.5% - 12.0% 10.0% 8.0% - 12.0% 9.7% USRC Hotel Investment Survey Winter 2020 Survey Winter 2021 Survey Limited-Service Hotels 7.5% - 11.0% 10.5% 9.7% - 12.0% 10.6% Situs RERC Real Estate Report 1st Quarter 2020 Report 4th Quarter 2020 Report Second Tier Hotels 6.5% - 13.5% 10.1% 7.5% - 16.0% 11.1% Third Tier Hotels 9.5% - 13.5% 11.0% 8.0% - 18.0% 12.0% We note that the averages illustrated in the previous table are derived from wide arrays of data points, and a range of reasonableness extends both lower and higher than the indicated data points. Based on our review of these surveys and sales USRC Hotel Investment Survey Winter 2020 Survey Winter 2021 Survey Limited-Service Hotels 7.5% - 11.0% 10.5% 9.7% - 12.0% 10.6% Situs RERC Real Estate Report 1st Quarter 2020 Report 4th Quarter 2020 Report Second Tier Hotels 6.5% - 13.5% 10.1% 7.5% - 16.0% 11.1% Third Tier Hotels 9.5% - 13.5% 11.0% 8.0% - 18.0% 12.0% We note that the averages illustrated in the previous table are derived from wide arrays of data points, and a range of reasonableness extends both lower and higher than the indicated data points. Based on our review of these surveys and sales Page Proposed Skaneateles218 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 131 transactions (see total property yields shown in the table titled Sample of Hotels Sold), as well as our interviews of market participants, we have selected a discount rate of 12.75% for our analysis. Utilizing the discount rate set forth, the DCF procedure is summarized as follows. Page Proposed Skaneateles218 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 131 transactions (see total property yields shown in the table titled Sample of Hotels Sold), as well as our interviews of market participants, we have selected a discount rate of 12.75% for our analysis. Utilizing the discount rate set forth, the DCF procedure is summarized as follows. FIGURE 8-12 DISCOUNTED CASH FLOW ANALYSIS EBITDA Less Discount Factor @ Discounted Year Reserve 12.75% Cash Flow 2023 $1,429,146 0.88692 $1,267,535 2024 2,362,720 0.78662 1,858,571 2025 2,673,455 0.69767 1,865,191 2026 2,754,290 0.61878 1,704,290 2027 2,836,767 0.54880 1,556,829 2028 2,921,638 0.48674 1,422,090 2029 3,009,655 0.43170 1,299,274 2030 3,099,969 0.38288 1,186,929 2031 3,193,000 0.33959 1,084,141 2032 39,789,000 * 0.30119 11,983,936 Estimated Value $25,228,787 (SAY) $25,200,000 Per Room $286,000 Reversion Analysis 11th Year's EBITDA Less Reserves $3,386,722 Capitalization Rate 9.0% Total Sales Proceeds $37,630,000 Less: Transaction Costs @ 3.0% 1,128,900 FIGURE 8-12 DISCOUNTED CASH FLOW ANALYSIS EBITDA Less Discount Factor @ Discounted Year Reserve 12.75% Cash Flow 2023 $1,429,146 0.88692 $1,267,535 2024 2,362,720 0.78662 1,858,571 2025 2,673,455 0.69767 1,865,191 2026 2,754,290 0.61878 1,704,290 2027 2,836,767 0.54880 1,556,829 2028 2,921,638 0.48674 1,422,090 2029 3,009,655 0.43170 1,299,274 2030 3,099,969 0.38288 1,186,929 2031 3,193,000 0.33959 1,084,141 2032 39,789,000 * 0.30119 11,983,936 Estimated Value $25,228,787 (SAY) $25,200,000 Per Room $286,000 Reversion Analysis 11th Year's EBITDA Less Reserves $3,386,722 Capitalization Rate 9.0% Total Sales Proceeds $37,630,000 Less: Transaction Costs @ 3.0% 1,128,900 Net Sales Proceeds $36,501,100 *10th year net income of $3,289,000 plus sales proceeds of $36,501,100 Conclusion In determining the potential feasibility of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton, we analyzed the lodging market, researched the area’s economics, reviewed the estimated development cost, and prepared a ten-year forecast of income and expense, which was based on our review of the current and historical market conditions, as well as comparable income and expense statements. The conclusion of this analysis indicates that an equity investor contributing $8,764,000 (roughly 35% of the $25,000,000 development cost) could expect to receive a 23.0% internal rate of return over a ten-year holding period, assuming that Page Proposed Skaneateles219 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 132 Net Sales Proceeds $36,501,100 *10th year net income of $3,289,000 plus sales proceeds of $36,501,100 Conclusion In determining the potential feasibility of the Proposed Skaneateles Lodge, Tapestry Collection by Hilton, we analyzed the lodging market, researched the area’s economics, reviewed the estimated development cost, and prepared a ten-year forecast of income and expense, which was based on our review of the current and historical market conditions, as well as comparable income and expense statements. The conclusion of this analysis indicates that an equity investor contributing $8,764,000 (roughly 35% of the $25,000,000 development cost) could expect to receive a 23.0% internal rate of return over a ten-year holding period, assuming that Page Proposed Skaneateles219 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 132 the investor obtains financing at the time of the project’s completion at the loan-to- value ratio and interest rate set forth. The proposed subject hotel has an opportunity to fill an under served market with quality hotel rooms to support the growing upscale leisure travel to the area. Additionally, the hotel will provide a much needed bed base for area's conference and meeting center. Based on our market analysis, there is sufficient market support for the proposed upscale, boutique hotel. Our conclusions are based primarily on improving trends in the market, continued upscale residential development, and lack of quality lodging facilities in the market area. Our review of investor surveys indicates equity returns ranging from 12.9% to 22.9%, with an average of 18.5%. Based on these parameters, the calculated return to the equity investor, 23.0%, is above the average and within the range of market-level returns given the anticipated cost of $25,000,000. We note that the calculated return is based upon the developer's budget and then modified utilizing a cost estimated approach by HVS, which includes the developer's administrative costs, as well as an entrepreneurial incentive. the investor obtains financing at the time of the project’s completion at the loan-to- value ratio and interest rate set forth. The proposed subject hotel has an opportunity to fill an under served market with quality hotel rooms to support the growing upscale leisure travel to the area. Additionally, the hotel will provide a much needed bed base for area's conference and meeting center. Based on our market analysis, there is sufficient market support for the proposed upscale, boutique hotel. Our conclusions are based primarily on improving trends in the market, continued upscale residential development, and lack of quality lodging facilities in the market area. Our review of investor surveys indicates equity returns ranging from 12.9% to 22.9%, with an average of 18.5%. Based on these parameters, the calculated return to the equity investor, 23.0%, is above the average and within the range of market-level returns given the anticipated cost of $25,000,000. We note that the calculated return is based upon the developer's budget and then modified utilizing a cost estimated approach by HVS, which includes the developer's administrative costs, as well as an entrepreneurial incentive. The analysis is based on the extraordinary assumption that the described improvements have been completed as of the stated date of opening. The reader should understand that the completed subject property does not yet exist as of the date of this report. Our feasibility study does not address unforeseeable events that could alter the proposed project, and/or the market conditions reflected in the analyses; we assume that no significant changes, other than those anticipated and explained in this report, shall take place between the date of inspection and stated date of opening. The use of this extraordinary assumption may have affected the assignment results. We have made no other extraordinary assumptions specific to this feasibility study. However, several important general assumptions have been made that apply to this feasibility study and our studies of proposed hotels in general. These aspects are set forth in the Assumptions and Limiting Conditions chapter of this report. Page Proposed Skaneateles220 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 133 9. Statement of Assumptions and Limiting Conditions The analysis is based on the extraordinary assumption that the described improvements have been completed as of the stated date of opening. The reader should understand that the completed subject property does not yet exist as of the date of this report. Our feasibility study does not address unforeseeable events that could alter the proposed project, and/or the market conditions reflected in the analyses; we assume that no significant changes, other than those anticipated and explained in this report, shall take place between the date of inspection and stated date of opening. The use of this extraordinary assumption may have affected the assignment results. We have made no other extraordinary assumptions specific to this feasibility study. However, several important general assumptions have been made that apply to this feasibility study and our studies of proposed hotels in general. These aspects are set forth in the Assumptions and Limiting Conditions chapter of this report. Page Proposed Skaneateles220 Feasibility Analysis Lodge, Tapestry Collection by Hilton – Skaneateles, New York 133 9. Statement of Assumptions and Limiting Conditions 1. This report is set forth as a feasibility study of the proposed subject hotel; this is not an appraisal report. 2. This report is to be used in whole and not in part. 3. No responsibility is assumed for matters of a legal nature, nor do we render any opinion as to title, which is assumed marketable and free of any deed restrictions and easements. The property is evaluated as though free and clear unless otherwise stated. 4. We assume that there are no hidden or unapparent conditions of the sub- soil or structures, such as underground storage tanks, that would affect the property’s development potential. No responsibility is assumed for these conditions or for any engineering that may be required to discover them. 5. We have not considered the presence of potentially hazardous materials or any form of toxic waste on the project site. We are not qualified to detect hazardous substances and urge the client to retain an expert in this field if desired. 6. The Americans with Disabilities Act (ADA) became effective on January 26, 1992. We have assumed the proposed hotel would be designed and constructed to be in full compliance with the ADA. 7. We have made no survey of the site, and we assume no responsibility in connection with such matters. Sketches, photographs, maps, and other exhibits are included to assist the reader in visualizing the property. It is assumed that the use of the described real estate will be within the boundaries of the property described, and that no encroachment will exist. 8. All information, financial operating statements, estimates, and opinions obtained from parties not employed by TS Worldwide, LLC are assumed true and correct. We can assume no liability resulting from misinformation. 9. Unless noted, we assume that there are no encroachments, zoning violations, or building violations encumbering the subject site. 10. The property is assumed to be in full compliance with all applicable federal, state, local, and private codes, laws, consents, licenses, and regulations (including the appropriate liquor license if applicable), and that all licenses, permits, certificates, franchises, and so forth can be freely renewed or transferred to a purchaser. 1. This report is set forth as a feasibility study of the proposed subject hotel; this is not an appraisal report. 2. This report is to be used in whole and not in part. 3. No responsibility is assumed for matters of a legal nature, nor do we render any opinion as to title, which is assumed marketable and free of any deed restrictions and easements. The property is evaluated as though free and clear unless otherwise stated. 4. We assume that there are no hidden or unapparent conditions of the sub- soil or structures, such as underground storage tanks, that would affect the property’s development potential. No responsibility is assumed for these conditions or for any engineering that may be required to discover them. 5. We have not considered the presence of potentially hazardous materials or any form of toxic waste on the project site. We are not qualified to detect hazardous substances and urge the client to retain an expert in this field if desired. 6. The Americans with Disabilities Act (ADA) became effective on January 26, 1992. We have assumed the proposed hotel would be designed and constructed to be in full compliance with the ADA. 7. We have made no survey of the site, and we assume no responsibility in connection with such matters. Sketches, photographs, maps, and other exhibits are included to assist the reader in visualizing the property. It is assumed that the use of the described real estate will be within the boundaries of the property described, and that no encroachment will exist. 8. All information, financial operating statements, estimates, and opinions obtained from parties not employed by TS Worldwide, LLC are assumed true and correct. We can assume no liability resulting from misinformation. 9. Unless noted, we assume that there are no encroachments, zoning violations, or building violations encumbering the subject site. 10. The property is assumed to be in full compliance with all applicable federal, state, local, and private codes, laws, consents, licenses, and regulations (including the appropriate liquor license if applicable), and that all licenses, permits, certificates, franchises, and so forth can be freely renewed or transferred to a purchaser. Page Proposed Skaneateles221 Statement of Assumptions and Limiting Conditions Lodge, Tapestry Collection by Hilton – Skaneateles, New York 134 11. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless specified otherwise. 12. None of this material may be reproduced in any form without our written permission, and the report cannot be disseminated to the public through advertising, public relations, news, sales, or other media. 13. We are not required to give testimony or attendance in court because of this analysis without previous arrangements and shall do so only when our standard per-diem fees and travel costs have been paid prior to the appearance. 14. If the reader is making a fiduciary or individual investment decision and has any questions concerning the material presented in this report, it is recommended that the reader contact us. 15. We take no responsibility for any events or circumstances that take place subsequent to the date of our field inspection. 16. The quality of a lodging facility's onsite management has a direct effect on a property's economic viability. The financial forecasts presented in this analysis assume responsible ownership and competent management. Any departure from this assumption may have a significant impact on the projected operating results. 17. The financial analysis presented in this report is based upon assumptions, estimates, and evaluations of the market conditions in the local and national economy, which may be subject to sharp rises and declines. Over the projection period considered in our analysis, wages and other operating expenses may increase or decrease because of market volatility and economic forces outside the control of the hotel’s management. We assume that the price of hotel rooms, food, beverages, and other sources of revenue to the hotel will be adjusted to offset any increases or decreases in related costs. We do not warrant that our estimates will be attained, but they have been developed based upon information obtained during the course of our market research and are intended to reflect the expectations of a typical hotel investor as of the stated date of the report. 18. This analysis assumes continuation of all Internal Revenue Servicetax code provisions as stated or interpreted on either the date of value or the date of our field inspection, whichever occurs first. 19. Many of the figures presented in this report were generated using sophisticated computer models that make calculations based on numbers carried out to three or more decimal places. In the interest of simplicity, most numbers have been rounded to the nearest tenth of a percent. Thus, these figures may be subject to small rounding errors. Page Proposed Skaneateles221 Statement of Assumptions and Limiting Conditions Lodge, Tapestry Collection by Hilton – Skaneateles, New York 134 11. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless specified otherwise. 12. None of this material may be reproduced in any form without our written permission, and the report cannot be disseminated to the public through advertising, public relations, news, sales, or other media. 13. We are not required to give testimony or attendance in court because of this analysis without previous arrangements and shall do so only when our standard per-diem fees and travel costs have been paid prior to the appearance. 14. If the reader is making a fiduciary or individual investment decision and has any questions concerning the material presented in this report, it is recommended that the reader contact us. 15. We take no responsibility for any events or circumstances that take place subsequent to the date of our field inspection. 16. The quality of a lodging facility's onsite management has a direct effect on a property's economic viability. The financial forecasts presented in this analysis assume responsible ownership and competent management. Any departure from this assumption may have a significant impact on the projected operating results. 17. The financial analysis presented in this report is based upon assumptions, estimates, and evaluations of the market conditions in the local and national economy, which may be subject to sharp rises and declines. Over the projection period considered in our analysis, wages and other operating expenses may increase or decrease because of market volatility and economic forces outside the control of the hotel’s management. We assume that the price of hotel rooms, food, beverages, and other sources of revenue to the hotel will be adjusted to offset any increases or decreases in related costs. We do not warrant that our estimates will be attained, but they have been developed based upon information obtained during the course of our market research and are intended to reflect the expectations of a typical hotel investor as of the stated date of the report. 18. This analysis assumes continuation of all Internal Revenue Servicetax code provisions as stated or interpreted on either the date of value or the date of our field inspection, whichever occurs first. 19. Many of the figures presented in this report were generated using sophisticated computer models that make calculations based on numbers carried out to three or more decimal places. In the interest of simplicity, most numbers have been rounded to the nearest tenth of a percent. Thus, these figures may be subject to small rounding errors. Page Proposed Skaneateles222 Statement of Assumptions and Limiting Conditions Lodge, Tapestry Collection by Hilton – Skaneateles, New York 135 20. It is agreed that our liability to the client is limited to the amount of the fee paid as liquidated damages. Our responsibility is limited to the client; the use of this report by third parties shall be solely at the risk of the client and/or third parties. The use of this report is also subject to the terms and conditions set forth in our engagement letter with the client. 21. Evaluating and comprising financial forecasts for hotels is both a science and an art. Although this analysis employs various mathematical calculations to provide value indications, the final forecasts are subjective and may be influenced by our experience and other factors not specifically set forth in this report. 22. This study was prepared by TS Worldwide, LLC. All opinions, recommendations, and conclusions expressed during the course of this assignment are rendered by the staff of TS Worldwide, LLC as employees, rather than as individuals. Page Proposed Skaneateles222 Statement of Assumptions and Limiting Conditions Lodge, Tapestry Collection by Hilton – Skaneateles, New York 135 20. It is agreed that our liability to the client is limited to the amount of the fee paid as liquidated damages. Our responsibility is limited to the client; the use of this report by third parties shall be solely at the risk of the client and/or third parties. The use of this report is also subject to the terms and conditions set forth in our engagement letter with the client. 21. Evaluating and comprising financial forecasts for hotels is both a science and an art. Although this analysis employs various mathematical calculations to provide value indications, the final forecasts are subjective and may be influenced by our experience and other factors not specifically set forth in this report. 22. This study was prepared by TS Worldwide, LLC. All opinions, recommendations, and conclusions expressed during the course of this assignment are rendered by the staff of TS Worldwide, LLC as employees, rather than as individuals. Page Proposed Skaneateles223 Statement of Assumptions and Limiting Conditions Lodge, Tapestry Collection by Hilton – Skaneateles, New York 136 10. Certification The undersigned hereby certify that, to the best of our knowledge and belief: 1. the statements of fact presented in this report are true and correct; 2. the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions; 3. we have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved; 4. we have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment; 5. our engagement in this assignment was not contingent upon developing or reporting predetermined results; 6. our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined result or direction in performance that favors the cause of the client, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this study; 7. our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice; 8. Brett E. Russell personally inspected the property described in this report; Brett E. Russell participated in the analysis and reviewed the findings, but did not personally inspect the property; 9. Brett E. Russell provided significant assistance to Brett E. Russell, and that no one other than those listed above and the undersigned prepared the analyses, conclusions, and opinions concerning the real estate that are set forth in this report; 10. Brett E. Russell has not performed services, as an appraiser or in any other capacity, on the property that is the subject of this report within the three- year period immediately preceding acceptance of this assignment; 11. the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code Page Proposed Skaneateles223 Statement of Assumptions and Limiting Conditions Lodge, Tapestry Collection by Hilton – Skaneateles, New York 136 10. Certification The undersigned hereby certify that, to the best of our knowledge and belief: 1. the statements of fact presented in this report are true and correct; 2. the reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, impartial, and unbiased professional analyses, opinions, and conclusions; 3. we have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved; 4. we have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment; 5. our engagement in this assignment was not contingent upon developing or reporting predetermined results; 6. our compensation for completing this assignment is not contingent upon the development or reporting of a predetermined result or direction in performance that favors the cause of the client, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this study; 7. our analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice; 8. Brett E. Russell personally inspected the property described in this report; Brett E. Russell participated in the analysis and reviewed the findings, but did not personally inspect the property; 9. Brett E. Russell provided significant assistance to Brett E. Russell, and that no one other than those listed above and the undersigned prepared the analyses, conclusions, and opinions concerning the real estate that are set forth in this report; 10. Brett E. Russell has not performed services, as an appraiser or in any other capacity, on the property that is the subject of this report within the three- year period immediately preceding acceptance of this assignment; 11. the reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code Page Proposed Skaneateles224 Certification Lodge, Tapestry Collection by Hilton – Skaneateles, New York 137 of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute; 12. the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives; and 13. as of the date of this report, Brett E. Russell has not completed the Standards and Ethics Education Requirements for Candidates of the Appraisal Institute. Page Proposed Skaneateles224 Certification Lodge, Tapestry Collection by Hilton – Skaneateles, New York 137 of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute; 12. the use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives; and 13. as of the date of this report, Brett E. Russell has not completed the Standards and Ethics Education Requirements for Candidates of the Appraisal Institute. DRAFT REPORT Brett E. Russell Managing Director, Senior Partner TS Worldwide, LLC State Appraiser License (NY Temp) 46000053460 DRAFT REPORT Brett E. Russell Managing Director, Senior Partner TS Worldwide, LLC State Appraiser License (NY Temp) 46000053460 DRAFT REPORT Brett E. Russell Managing Director, Senior Partner TS Worldwide, LLC State Appraiser License (NY Temp) 46000053460 Page Proposed Skaneateles225 Certification Lodge, Tapestry Collection by Hilton – Skaneateles, New York 138 DRAFT REPORT Brett E. Russell Managing Director, Senior Partner TS Worldwide, LLC State Appraiser License (NY Temp) 46000053460 Page Proposed Skaneateles225 Certification Lodge, Tapestry Collection by Hilton – Skaneateles, New York 138 L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com NOT FOR CONSTRUCTION Architect's Stamp NOT FOR CONSTRUCTION Architect's Stamp 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 237'-10 3/4" 42'-8" 152'-6 3/4" 42'-8" 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 237'-10 3/4" 42'-8" 152'-6 3/4" 42'-8" 24'-8 3/4" 44'-4 3/4" 14'-3 3/4" 29'-7" 14'-9 3/4" 24'-8 3/4" 39'-8" 3'-0" 1 A400 P 24'-8 3/4" 44'-4 3/4" 14'-3 3/4" 29'-7" 14'-9 3/4" 24'-8 3/4" 39'-8" 3'-0" 1 A400 P 3'-0" 3'-0" 3'-0" 3'-0" O 3'-0" 3'-0" 3'-0" 3'-0" O 3'-6" 1 1/2" 5'-0" 5'-0" 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 3'-6" 1 1/2" 5'-0" 5'-0" 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 43'-4 1/2" N 17'-10" 43'-4 1/2" N 17'-10" 17'-10" 17'-10" WOMENS COMMERCIAL DRYERS 17'-10" 17'-10" WOMENS COMMERCIAL DRYERS 30'-4 3/4" COMMERCIAL LAUNDRY MECH/ELEC MECHANICAL ELECTRICAL 30'-4 3/4" COMMERCIAL LAUNDRY MECH/ELEC MECHANICAL ELECTRICAL 27'-4 3/4" WASHERS 27'-4 3/4" WASHERS 66 1,026 SF 6,475 SF 171 1,263 SF 183 1,211 SF 184 318 SF 29'-7" 66 1,026 SF 6,475 SF 171 1,263 SF 183 1,211 SF 184 318 SF 29'-7" 29'-7" MENS 11'-4 3/4" 11'-4 3/4" 29'-7" MENS 11'-4 3/4" 11'-4 3/4" 9'-8 3/4" STAIR 1 5'-0" STAIR 2 9'-8 3/4" STAIR 1 5'-0" STAIR 2 SKANEATELES HOTEL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL SKANEATELES HOTEL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL WOODBINE GROUP 2 A401 WOODBINE GROUP 2 A401 BASEMENT M 6x6 TS COL 2 5 A308 STAFF ONLY BASEMENT M 6x6 TS COL 2 5 A308 STAFF ONLY Enter address here SK-6 3'-0" CONTROLLED 3'-0" ENTRY POINT 18'-9 1/4" Enter address here SK-6 3'-0" CONTROLLED 3'-0" ENTRY POINT 18'-9 1/4" L 6x6 TS COL 6x6 TS COL 9'-8 3/4" L 6x6 TS COL 6x6 TS COL 9'-8 3/4" 9'-8 3/4" 1 A308 ELEV 1 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL ELEV 2 I.T. ROOM 32'-11 1/4" 9'-8 3/4" 1 A308 ELEV 1 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL ELEV 2 I.T. ROOM 32'-11 1/4" HR 29'-1" HR 29'-1" 29'-1" 5'-0" 5'-0" POOL 165 52'-9 1/2" 9'-10" MIN MIN 9'-10" 52'-9 1/2" 61 205 SF 106'-8 3/4" 29'-1" 5'-0" 5'-0" POOL 165 52'-9 1/2" 9'-10" MIN MIN 9'-10" 52'-9 1/2" 61 205 SF 106'-8 3/4" 3,091 SF FITNESS 57 OFFICE 1 STORAGE SK-03 1,116 SF 6x6 TS COL 6x6 TS COL 62 167 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 164 SF 6x6 TS COL 6x6 TS COL 6x6 TS COL 2,239 SF 6x6 TS COL 3'-0" 3'-0" 3,091 SF FITNESS 57 OFFICE 1 STORAGE SK-03 1,116 SF 6x6 TS COL 6x6 TS COL 62 167 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 164 SF 6x6 TS COL 6x6 TS COL 6x6 TS COL 2,239 SF 6x6 TS COL 3'-0" 3'-0" " 11'-6 K " 11'-6 K CONFERENCE 9'-0" CONFERENCE 9'-0" " 0 6'-0" 166 " 0 6'-0" 166 9'- POOL 215 SF EMPLOYEE 9'- POOL 215 SF EMPLOYEE 150'-10 3/4" 20X30 9'-10" 20'-0" 9'-10" 6x6 TS COL BATH & LOCKER 147'-4 3/4" 150'-10 3/4" 20X30 9'-10" 20'-0" 9'-10" 6x6 TS COL BATH & LOCKER 147'-4 3/4" 147'-4 3/4" 58'-8 3/4" 150 29'-7" 147'-4 3/4" 58'-8 3/4" 150 29'-7" 29'-7" H S17 S17 S17 363 SF BASEMENT A OFFICE 149 6X6 TS COL 6x6 TS COL 6x6 TS COL S16 44'-0" 29'-7" H S17 S17 S17 363 SF BASEMENT A OFFICE 149 6X6 TS COL 6x6 TS COL 6x6 TS COL S16 44'-0" 7,222 SF MENS WOMENS G 1 7,222 SF MENS WOMENS G 1 11'-6" A401 11'-6" A401 6x6 TS COL 6x6 TS COL 6x6 TS COL 4 Q-1 3 6x6 TS COL S15 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 4 Q-1 3 6x6 TS COL S15 6x6 TS COL 6x6 TS COL 6x6 TS COL F S1 3'-0" 101'-10" S13 QUITE & KITCHEN 3'-0" S2 S14 S9 LEARNING STORAGE & 5'-0" 5'-0" S3 16'-5" CENTER PREP SNACK & BAR 14'-5" F S1 3'-0" 101'-10" S13 QUITE & KITCHEN 3'-0" S2 S14 S9 LEARNING STORAGE & 5'-0" 5'-0" S3 16'-5" CENTER PREP SNACK & BAR 14'-5" 14'-5" S5 S10 S11 169 170 TS4SGB 373 SF 3,214 SF E 6x6 TS COL 6x6 TS COL 6x6 TS COL S6 6x6 TS COL 6x6 TS COL 3'-0" 3'-0" 6x6 TS COL 6x6 TS COL 6X6 TS COL 6X6 TS COL 6x6 TS COL S8 S11 6x6 TS COL 14'-5" S5 S10 S11 169 170 TS4SGB 373 SF 3,214 SF E 6x6 TS COL 6x6 TS COL 6x6 TS COL S6 6x6 TS COL 6x6 TS COL 3'-0" 3'-0" 6x6 TS COL 6x6 TS COL 6X6 TS COL 6X6 TS COL 6x6 TS COL S8 S11 6x6 TS COL D EXTERIOR GLAZING EXTERIOR DOOR EXTERIOR DOOR AT HEALTH & FITNESS WITH SIDELIGHT AT WITH SIDELIGHT AT BREAK ROOM CORRIDOR EXIT CORRIDOR EXIT 168 586 SF 5'-0" D EXTERIOR GLAZING EXTERIOR DOOR EXTERIOR DOOR AT HEALTH & FITNESS WITH SIDELIGHT AT WITH SIDELIGHT AT BREAK ROOM CORRIDOR EXIT CORRIDOR EXIT 168 586 SF 5'-0" 6x6 TS COL 6X6 TS COL 29'-7" 6x6 TS COL 6X6 TS COL 29'-7" 29'-7" C HOT TUB 29'-7" C HOT TUB 2 CORRIDOR ABOVE CORRIDOR ABOVE A307 STAIR TOWER STAIR TOWER 6x6 TS COL LOCATION LOCATION 6x6 TS COL Revision Schedule 1'-6" Num Issue B . Date Description d By 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 2 CORRIDOR ABOVE CORRIDOR ABOVE A307 STAIR TOWER STAIR TOWER 6x6 TS COL LOCATION LOCATION 6x6 TS COL Revision Schedule 1'-6" Num Issue B . Date Description d By 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL 6x6 TS COL A 15'-2" 15'-2" STAIR STAIR A 15'-2" 15'-2" STAIR STAIR 3 A307 6'-4" UP R.O. 51'-0 3/4" 51'-0 3/4" 3 A307 6'-4" UP R.O. 51'-0 3/4" 51'-0 3/4" FRAME ROUGH OPENING FOR FUTURE BASEMENT ENTRY/EXIT FALSE CHIMNEY 3'-0" 64'-10 3/4" 102'-1 1/4" FOUNDATION 64'-10 3/4" 3'-0" FRAME ROUGH OPENING FOR FUTURE BASEMENT ENTRY/EXIT FALSE CHIMNEY 3'-0" 64'-10 3/4" 102'-1 1/4" FOUNDATION 64'-10 3/4" 3'-0" 67'-10 3/4" 102'-1 1/4" 67'-10 3/4" 2 67'-10 3/4" 102'-1 1/4" 67'-10 3/4" 2 A300 THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB FLOOR PLAN - BASEMENT - NEW DESIGNATED. COPYRIGHT 2009. 1 PART 69.5(b) OF TITLE VIII OF THE 1/8" = 1'-0" EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). A300 THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB FLOOR PLAN - BASEMENT - NEW DESIGNATED. COPYRIGHT 2009. 1 PART 69.5(b) OF TITLE VIII OF THE 1/8" = 1'-0" EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). Project number LA19027 Project number LA19027 10/6/2021 1:36:16 PM Date 2021-10-06 10/6/2021 1:36:16 PM Date 2021-10-06 Drawn by MLM Checked by WVL Drawn by MLM Checked by WVL A100 Scale 1/8" = 1'-0" A100 Scale 1/8" = 1'-0" Page 226 Page 226 L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 P: 315.263.6322 238'-2 3/4" www.lakearchitectural.com L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 P: 315.263.6322 238'-2 3/4" www.lakearchitectural.com 71'-2 3/4" 95'-9 1/4" 71'-2 3/4" 71'-2 3/4" 95'-9 1/4" 71'-2 3/4" 3'-0" 30'-0 1/2" 9'-2" 26'-0 1/2" 3'-0" 47'-10 3/4" 47'-10 3/4" 3'-0" 65'-2 3/4" 3'-0" 3'-0" 30'-0 1/2" 9'-2" 26'-0 1/2" 3'-0" 47'-10 3/4" 47'-10 3/4" 3'-0" 65'-2 3/4" 3'-0" 22'-10 1/2" A3003'-2" 26'-0 1/2" 9'-1" 30'-1 1/2" NOT FOR CONSTRUCTION 15 DOUBLE QUEEN ROOMS 1 15 KING ROOMS 1 A402 22'-10 1/2" A3003'-2" 26'-0 1/2" 9'-1" 30'-1 1/2" NOT FOR CONSTRUCTION 15 DOUBLE QUEEN ROOMS 1 15 KING ROOMS 1 A402 D Architect's Stamp EQ D Architect's Stamp EQ EQ 14'-4 3/4" EQ 14'-4 3/4" 14'-4 3/4" 14'-4 3/4" 14'-9 1/2" 13'-9 1/4" 14'-4 3/4" 14'-4 3/4" 14'-9 1/2" 13'-9 1/4" 14'-5" GFI 14'-5" GFI GFI 2 A301 1 T STAIR 5 STAIR 6 A307 101 KING 33 KING GFI 2 A301 1 T STAIR 5 STAIR 6 A307 101 KING 33 KING EQ EQ 118 3'-0" 2'-0" 2'-0" 3'-0" EQ EQ 118 3'-0" 2'-0" 2'-0" 3'-0" 2'-0" 3'-0" D D 2'-0" 3'-0" D D 7'-8 1/4" MIN 7'-8 1/4" MIN EQ EQ EQ EQ EQ EQ EQ 8'-6" 14'-8 3/4" EQ 8'-6" 14'-8 3/4" 14'-8 3/4" 13'-11 1/4" 14'-7 3/4" 14'-8 3/4" 13'-11 1/4" 14'-7 3/4" 14'-7 3/4" GFI 14'-7 3/4" GFI CLEAR 14'-0" CLEAR 14'-0" GFI GFI GFI GFI GFI 103 33 102 LANDSCAPED LANDSCAPED 119 120 GFI 103 33 102 LANDSCAPED LANDSCAPED 119 120 7'-4 1/4" 1'-6" DOUBLE HCA DOUBLE 7'-4 1/4" 1'-6" DOUBLE HCA DOUBLE MIN DOUBLE KING COURTYARD COURTYARD MIN DOUBLE KING COURTYARD COURTYARD EQ EQ EQ EQ EQ EQ EQ 5'-0" QUEEN QUEEN QUEEN EQ 5'-0" QUEEN QUEEN QUEEN MIN 55'-0" MIN 55'-0" 55'-0" 30'-0 1/4" 30'-0 1/4" 30'-0" 55'-0" 30'-0 1/4" 30'-0 1/4" 30'-0" 30'-0" A009 1 30'-0" A009 1 7'-3 3/4" A404 7'-3 3/4" A404 6'-11 1/2" 1 6'-11 1/2" 1 40'-9 1/2" DOUBLE DOUBLE 121 122 40'-9 1/2" DOUBLE DOUBLE 121 122 EQ EQ EQ EQ EQ QUEEN QUEEN 13'-10 1/4" EQ QUEEN QUEEN 13'-10 1/4" 13'-10 1/4" 13'-10 1/4" 14'-7 1/2" KING DOUBLE 13'-10 1/4" 13'-10 1/4" 14'-7 1/2" KING DOUBLE 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" CLEAR 105 104 LUGGAGE CART SEATING AREA QUEEN 14'-7 1/2" CLEAR 105 104 LUGGAGE CART SEATING AREA QUEEN GFI GFI GFI GFI GFI GFI 8'-0" 8'-0" GFI GFI 8'-0" 8'-0" 7'-7 3/4" 6'-11" 7'-7 3/4" 6'-11" EQ EQ EQ EQ EQ 1'-6" 5'-0" 1'-6" 1'-6" 5'-0" 1'-6" 57'-10 1/2" VESTIBULE 3'-0" 13'-11 3/4" 29'-11" 13'-11 3/4" 29'-11" 13'-11 3/4" 3'-0" EQ 1'-6" 5'-0" 1'-6" 1'-6" 5'-0" 1'-6" 57'-10 1/2" VESTIBULE 3'-0" 13'-11 3/4" 29'-11" 13'-11 3/4" 29'-11" 13'-11 3/4" 3'-0" EQ EQ 10'-7 1/4" EQ EQ 10'-7 1/4" 10'-7 1/4" EQ 10'-7 1/4" EQ EQ 3'-0" EQ 3'-0" 13'-11 3/4" CLEAR 1 14'-9" 13'-11 3/4" CLEAR 1 14'-9" 14'-9" 14'-1" 14'-9" 14'-1" 14'-1" GFI 14'-1" GFI GFI A301 EQ EQ EQ GFI A301 EQ EQ EQ EQ P 107 FS 106 GFI EQ P 107 FS 106 GFI GFI RETAINING TRANSOM GLAZING FS 123 124 KING GFI RETAINING TRANSOM GLAZING FS 123 124 KING REF EQ EQ O WALL KING 3'-0" COOLERS 3'-0" REF EQ EQ O WALL KING 3'-0" COOLERS 3'-0" 29'-4 1/2" 29'-4 1/2" N RECEPTION 7'-0 1/2" 2 A402 158 EQ 29'-4 1/2" 29'-4 1/2" N RECEPTION 7'-0 1/2" 2 A402 158 EQ EQ QUIET ROOM EQ QUIET ROOM 13'-10 1/4" 14'-7 1/2" 13'-10 1/4" 14'-7 1/2" 14'-7 1/2" 406 SF 14'-7 1/2" 406 SF CLEAR 155 GFI CLEAR 155 GFI 491 SF/ 60SF/OCC= 314 SF/ 15SF/OCC= 9 OCCUPANTS 491 SF/ 60SF/OCC= 314 SF/ 15SF/OCC= 9 OCCUPANTS GFI 108 GFI GFI 108 GFI 21 OCCUPANTS 471 SF 125 2 DOUBLE DOUBLE EQ 21 OCCUPANTS 471 SF 125 2 DOUBLE DOUBLE EQ EQ A009 398 SF/ 50SF/OCC= QUEEN COAT 8 OCCUPANTS QUEEN STORAGE 29'-11" EQ A009 398 SF/ 50SF/OCC= QUEEN COAT 8 OCCUPANTS QUEEN STORAGE 29'-11" 29'-11" HYDRATION MOP SINK STATION BUSINESS 29'-11" HYDRATION MOP SINK STATION BUSINESS SKANEATELES HOTEL 4'-11 1/2" 6'-6" CENTER SKANEATELES HOTEL 4'-11 1/2" 6'-6" CENTER 10'-8 1/2" 10'-8 1/2" DOUBLE 126 EQ 10'-8 1/2" 10'-8 1/2" DOUBLE 126 EQ EQ 6'-6" 4'-11 1/2" LOWER DESK CHECK EQ 6'-6" 4'-11 1/2" LOWER DESK CHECK FIRST LEVEL FIRST LEVEL WOODBINE GROUP QUEEN DOUBLE WOODBINE GROUP QUEEN DOUBLE 13'-10 1/4" WRITING HEIGHT 14'-7 1/2" 13'-10 1/4" WRITING HEIGHT 14'-7 1/2" 14'-7 1/2" STAIR 2 14'-7 1/2" STAIR 2 CLEAR 109 11'-5 1/2" LUGGAGE QUEEN CLEAR 109 11'-5 1/2" LUGGAGE QUEEN GFI 6X6 TS COL STAIR 1 6X6 TS COL 6X6 TS COL 6X6 TS COL CORRIDOR GFI GFI 6X6 TS COL STAIR 1 6X6 TS COL 6X6 TS COL 6X6 TS COL CORRIDOR GFI 1'-6" 9'-11 1/2" STONE ACCENT WALL HYDRATION M EQ 1'-6" 9'-11 1/2" STONE ACCENT WALL HYDRATION M EQ EQ STATION EQ STATION Enter address here 2 LOBBY 7'-11 1/2" 6X6 TS COL A308 5 CIRCULATION CIRCULATION Enter address here 2 LOBBY 7'-11 1/2" 6X6 TS COL A308 5 CIRCULATION CIRCULATION 67'-10" D D D SK-6 10'-0" 13'-10" 11'-2" 3'-0" 6X6 TS COL 6X6 TS COL 6X6 TS COL 6X6 TS COL 6X6 TS COL 6X6 TS COL 3'-0" 5'-0" 5'-0" 9'-10" 67'-10" D D D SK-6 10'-0" 13'-10" 11'-2" 3'-0" 6X6 TS COL 6X6 TS COL 6X6 TS COL 6X6 TS COL 6X6 TS COL 6X6 TS COL 3'-0" 5'-0" 5'-0" 9'-10" 7'-0" EQ 7'-0" EQ HYDRATION L HYDRATION L 13'-11 1/4" 14'-8 1/2" 13'-11 1/4" 14'-8 1/2" 14'-8 1/2" STATION 14'-8 1/2" STATION CLEAR GFI CLEAR GFI HYDRATION SLIDING BARN 1 11'-0 3/4" HYDRATION SLIDING BARN 1 11'-0 3/4" 11'-0 3/4" 9'-8 3/4" 11'-0 3/4" 9'-8 3/4" 9'-8 3/4" KING STATION DOOR 2 1 COFFEE/BAR GFI A410 LOUNGE 127 9'-8 3/4" KING STATION DOOR 2 1 COFFEE/BAR GFI A410 LOUNGE 127 6'-11 1/2" ELEV 1 A008 6'-11 1/2" ELEV 1 A008 1'-6" 110 1'-6" 110 MIN A308 ELEV 2 I.T. ROOM 33 HCA KING EQ MIN A308 ELEV 2 I.T. ROOM 33 HCA KING EQ 161 156 GAME AREA 161 156 GAME AREA 5'-0" MIN I.T. ROOM 206'-2 3/4" 5'-0" MIN I.T. ROOM 206'-2 3/4" 206'-2 3/4" 9'-10" 253 SF 3,296 SF 157 9'-10" 28'-9" 206'-2 3/4" 9'-10" 253 SF 3,296 SF 157 9'-10" 28'-9" 9 1/4" 28'-9" COAT 9 1/4" 28'-9" COAT 6" 714 SF 24 6'-0 1/4" 5'-5 1/4" 6" 714 SF 24 6'-0 1/4" 5'-5 1/4" 24 562 SF/ 15 SF/OCC= 24 562 SF/ 15 SF/OCC= 6'-11 1/2" 25 6 1 4 A300 38 OCCUPANTS 23 2 128 EQ 6'-11 1/2" 25 6 1 4 A300 38 OCCUPANTS 23 2 128 EQ 26 KING 5'-0" 10'-0" 26 KING 5'-0" 10'-0" 13'-11 1/4" HCA KING 14'-8 1/2" 13'-11 1/4" HCA KING 14'-8 1/2" 14'-8 1/2" MENS 14'-8 1/2" MENS CLEAR 111 WASH AREA CLEAR 111 WASH AREA GFI GFI GFI GFI 2 POOL TABLE GAME AREA 5'-0" 2 POOL TABLE GAME AREA 5'-0" 7'-0" EQ 7'-0" EQ 6X6 TS COL 6X6 TS COL 3'-0" 3'-0" 6X6 TS COL GLAZING 6X6 TS COL 28 9'-11 1/2" 6X6 TS COL 6X6 TS COL 3'-0" 3'-0" 6X6 TS COL GLAZING 6X6 TS COL 28 9'-11 1/2" 3 8'-11 1/4" 3 8'-11 1/4" K EXIT #2 6X6 TS COL 1'-6" 5'-0" 5'-0" 6X6 TS COL 5'-0" 192" K EXIT #2 6X6 TS COL 1'-6" 5'-0" 5'-0" 6X6 TS COL 5'-0" 192" 6'-11" WOMENS EQ 6'-6" 6'-11" WOMENS EQ 6'-6" 13'-10 1/4" 14'-7 1/2" 13'-10 1/4" 14'-7 1/2" 14'-7 1/2" DOOR INTO DINING 14'-7 1/2" DOOR INTO DINING CLEAR 10 SEATS FROSTED GLAZING GFI CLEAR 10 SEATS FROSTED GLAZING GFI KITCHEN 5 5.1 KITCHEN 5 5.1 112 5'-0" 4'-11 1/4" 73 6 129 112 5'-0" 4'-11 1/4" 73 6 129 6'-11 1/2" SITTING 72 SEATS 6'-11 1/2" SITTING 72 SEATS GFI DOUBLE AREA 2,608 SF 20 18 EQ GFI DOUBLE AREA 2,608 SF 20 18 EQ 19 19 QUEEN 1,952 SF/ 15SF/OCC= 7 DOUBLE 131 OCCUPANTS 24 SEATS AT BAR QUEEN QUEEN 1,952 SF/ 15SF/OCC= 7 DOUBLE 131 OCCUPANTS 24 SEATS AT BAR QUEEN 14'-11 1/4" 29'-11" 14'-11 1/4" 29'-11" 29'-11" 8 17 29'-11" 8 17 H 20 SEATS 16 18 8 H 20 SEATS 16 18 8 16.1 9 16.1 9 6'-11 1/2" 8 10 16.1 DOUBLE DISPLAY PRIVATE DINING 130 EQ 6'-11 1/2" 8 10 16.1 DOUBLE DISPLAY PRIVATE DINING 130 EQ 8 11 16 AREA QUEEN 8 11 16 AREA QUEEN 13'-10 1/4" KING 13'-10 1/4" KING 42'-10 1/2" 14'-7 1/2" 42'-10 1/2" 14'-7 1/2" 14'-7 1/2" 21 9 74 14'-7 1/2" 21 9 74 For Surfaces; Combustible 0' For For Surfaces; Combustible 0' For CLEAR Clearances - SLIDING GLASS CLEAR Clearances - SLIDING GLASS Surfaces - Non - 10 113 13 Surfaces - Non - 10 113 13 21'-0" PARTITION 12 21'-0" PARTITION 12 G 434 SF 11 G G 434 SF 11 G GFI GFI GFI GFI HOUSEKEEPING G Combustible For Non - Surfaces; For Combustible 15 HOUSEKEEPING G Combustible For Non - Surfaces; For Combustible 15 Clearances - 882 SF/ 15SF/OCC= 17 Clearances - 882 SF/ 15SF/OCC= 17 6'-11" MOP SINK CLOSET 13 6'-6" EQ 6'-11" MOP SINK CLOSET 13 6'-6" EQ 12 59 OCCUPANTS 12 59 OCCUPANTS G 6X6 TS COL STORAGE 6 G 6X6 TS COL STORAGE 6 14'-11 1/4" F 1 68 32 14'-11 1/4" F 1 68 32 16'-0" 20 SEATS KITCHEN 45 SK-04 3'-0" 6X6 TS COL 614 SF 16'-0" 20 SEATS KITCHEN 45 SK-04 3'-0" 6X6 TS COL 614 SF 5'-0" 75 44 EQ 5'-0" 75 44 EQ KING 31 43 3,266 SF 3'-0" 114 30 14'-9" KING 31 43 3,266 SF 3'-0" 114 30 14'-9" 14'-1" 14'-1" 14'-1" 14'-1" 5'-0" 200 SF/OCC= 32 5'-0" 200 SF/OCC= 32 32 20 OCCUPANTS 40 MOP SINK GFI 1'-0" 32 20 OCCUPANTS 40 MOP SINK GFI 1'-0" FLUSH FLOOR MOUNTED 41 DUMBWAITER TO BASEMENT 3'-0" EQ FLUSH FLOOR MOUNTED 41 DUMBWAITER TO BASEMENT 3'-0" EQ 8 SEATS FROSTED GLAZING 5'-0" 8 SEATS FROSTED GLAZING 5'-0" EXIT #1 DOOR OUT OF E 3'-0" 33" KITCHEN 39 E EXIT #1 DOOR OUT OF E 3'-0" 33" KITCHEN 39 E 3'-9 1/2" D 6'-11" EQ 3'-9 1/2" D 6'-11" EQ 33 SHIPPING/RECEIVING D 14'-7 1/2" 33 SHIPPING/RECEIVING D 14'-7 1/2" 38 38 36 GFI 38 38 36 GFI GFI 8'-0" 34 35 35 37 DOUBLE DOUBLE 677 SF 6'-11 1/2" GFI 8'-0" 34 35 35 37 DOUBLE DOUBLE 677 SF 6'-11 1/2" QUEEN QUEEN 3 A301 4 300 SF/OCC = EQ QUEEN QUEEN 3 A301 4 300 SF/OCC = EQ 2 OCCUPANTS 115 131 29'-11" 2 OCCUPANTS 115 131 29'-11" 29'-11" 10'-5 3/4" C PATIO DINING 6'-11 1/2" 29'-11" 10'-5 3/4" C PATIO DINING 6'-11 1/2" 34'-8" EQ 34'-8" EQ 160 46 20 OCCUPANTS @ KITCHEN KING KING WIF WIC LESS THAN 25 OCCUPANTS 14'-7 1/2" 160 46 20 OCCUPANTS @ KITCHEN KING KING WIF WIC LESS THAN 25 OCCUPANTS 14'-7 1/2" 2'-0" 2,267 SF ONE UNISEX BATHROOM REQ'D 2 116 132 2,267 SF/ 15SF/OCC= A307 Revision Schedule GFI 2'-0" 2,267 SF ONE UNISEX BATHROOM REQ'D 2 116 132 2,267 SF/ 15SF/OCC= A307 Revision Schedule GFI GFI GFI 152 OCCUPANTS 7'-7 3/4" 6'-11" 152 OCCUPANTS 7'-7 3/4" 6'-11" Num Issue EQ Num Issue EQ . Date Description d By 4" B . Date Description d By 4" B UNISEX EQ KING A 14'-4 3/4" 117 UNISEX EQ KING A 14'-4 3/4" 117 14'-7" 15'-2" 14'-7" 15'-2" 15'-2" STAIR 3 65'-11" STAIR 4 GFI 15'-2" STAIR 3 65'-11" STAIR 4 GFI 3 EQ 5'-8" 3 EQ 5'-8" 5'-1" A307 UP UP 30'-1 1/2" EMPLOYEE ENTRY 5'-1" A307 UP UP 30'-1 1/2" EMPLOYEE ENTRY EMPLOYEE ENTRY 6'-0" WIDE FALSE CHIMNEY CHASE FOR KITCHEN EXHAUST & MAKE UP RETAINING 3'-0" 65'-2 3/4" 101'-9 1/4" AIR 65'-2 3/4" 3'-0" WALL EMPLOYEE ENTRY 6'-0" WIDE FALSE CHIMNEY CHASE FOR KITCHEN EXHAUST & MAKE UP RETAINING 3'-0" 65'-2 3/4" 101'-9 1/4" AIR 65'-2 3/4" 3'-0" WALL 68'-2 3/4" 50'-10 3/4" 50'-10 3/4" 68'-2 3/4" THE CONTRACTOR SHALL VERIFY ALL 1 DIMENSIONS AT THE SITE AND PROMPTLY 2 NOTIFY THE ARCHITECT IN WRITING OF ANY A403 DISCREPANCIES. A403 ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH FLOOR PLAN - FIRST FLOOR - NEW ALTERATIONS SHALL BE NOTED, SEALED, 1 AND SIGNED BY THE ALTERING ARCHITECT IN 1/8" = 1'-0" ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). 68'-2 3/4" 50'-10 3/4" 50'-10 3/4" 68'-2 3/4" THE CONTRACTOR SHALL VERIFY ALL 1 DIMENSIONS AT THE SITE AND PROMPTLY 2 NOTIFY THE ARCHITECT IN WRITING OF ANY A403 DISCREPANCIES. A403 ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH FLOOR PLAN - FIRST FLOOR - NEW ALTERATIONS SHALL BE NOTED, SEALED, 1 AND SIGNED BY THE ALTERING ARCHITECT IN 1/8" = 1'-0" ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). Project number LA19027 Project number LA19027 10/6/2021 1:36:44 PM Date 2021-10-06 10/6/2021 1:36:44 PM Date 2021-10-06 Drawn by MLM Drawn by MLM Checked by WVL Checked by WVL A101 Scale 1/8" = 1'-0" A101 Scale 1/8" = 1'-0" Page 227 Page 227 L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com NOT FOR CONSTRUCTION NOT FOR CONSTRUCTION 238'-2 3/4" 71'-2 3/4" 95'-9 1/4" 3'-0" 65'-2 3/4" 3'-0" 2 1 A405 3'-0" 65'-2 3/4" 3'-0" A405 Architect's Stamp 30'-1 1/2" 5'-0" 30'-1 1/2" 30'-1 1/2" 5'-0" 30'-1 1/2" 27 DOUBLE QUEEN ROOMS 26 KING ROOMS 238'-2 3/4" 71'-2 3/4" 95'-9 1/4" 3'-0" 65'-2 3/4" 3'-0" 2 1 A405 3'-0" 65'-2 3/4" 3'-0" A405 Architect's Stamp 30'-1 1/2" 5'-0" 30'-1 1/2" 30'-1 1/2" 5'-0" 30'-1 1/2" 27 DOUBLE QUEEN ROOMS 26 KING ROOMS 10'-1" 5'-2" EQ EQ 14'-4 3/4" 14'-4 3/4" 14'-4 3/4" 10'-1" 5'-2" EQ EQ 14'-4 3/4" 14'-4 3/4" 14'-4 3/4" 14'-8 3/4" 14'-9 1/2" 14'-5" KING GFI 14'-8 3/4" 14'-9 1/2" 14'-5" KING GFI GFI 2 GFI 2 14'-1" STAIR 5 A301 1 STAIR 6 A307 201 KING 14'-1" STAIR 5 A301 1 STAIR 6 A307 201 KING EQ EQ DN 239 EQ EQ DN 239 D D D D EQ EQ EQ D D D D EQ EQ EQ EQ HCA HCA 4 EQ HCA HCA 4 14'-8 3/4" 14'-8 3/4" 13'-11 1/4" 14'-7 3/4" 14'-8 3/4" 14'-8 3/4" 13'-11 1/4" 14'-7 3/4" 14'-7 3/4" DOUBLE GFI 14'-7 3/4" DOUBLE GFI GFI DOUBLE DOUBLE 1 GFI GFI DOUBLE DOUBLE 1 GFI GFI QUEEN KING 1 QUEEN QUEEN2 A411 5 A411 203 202 SK-5 240 241 GFI QUEEN KING 1 QUEEN QUEEN2 A411 5 A411 203 202 SK-5 240 241 EQ EQ EQ EQ EQ EQ EQ 55'-0" 55'-0" 6 EQ 55'-0" 55'-0" 6 30'-0 1/4" 30'-0 1/4" 30'-0" 30'-0" 30'-0 1/4" 30'-0 1/4" 30'-0" 30'-0" A009 1 A009 1 40'-7 1/2" DOUBLE DOUBLE EQ EQ 40'-7 1/2" DOUBLE DOUBLE EQ EQ EQ EQ EQ QUEEN KING 13'-10 1/4" EQ QUEEN KING 13'-10 1/4" QUEEN 14'-7 1/2" QUEEN 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" 205 242 243 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" 205 242 243 GFI GFI GFI 204 EQ GFI GFI GFI 204 EQ EQ EQ EQ EQ EQ TV 1 A407 3'-0" EQ TV 1 A407 3'-0" EQ 57'-10 1/2" 10'-7 1/4" EQ 57'-10 1/2" 10'-7 1/4" 10'-7 1/4" EQ EQ 1 10'-7 1/4" EQ EQ 1 14'-9" 14'-9" 14'-1" 14'-1" 14'-9" 14'-9" 14'-1" 14'-1" GFI A301 EQ Range 3'-0" GFI A301 EQ Range 3'-0" GFI KING KING 245 GFI KING KING 245 EQ EQ 207 DW 244 EQ EQ 207 DW 244 29'-4 1/2" 29'-4 1/2" PRIVATE EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ SUITE 29'-4 1/2" 29'-4 1/2" PRIVATE EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ SUITE REF 14'-9" 14'-7 1/2" 14'-7 1/2" 14'-7 3/4" 14'-7 1/2" 14'-7 1/2" 14'-8 1/2" 206 18'-0 3/4" REF 14'-9" 14'-7 1/2" 14'-7 1/2" 14'-7 3/4" 14'-7 1/2" 14'-7 1/2" 14'-8 1/2" 206 18'-0 3/4" EQ EQ 14'-7 1/2" 14'-7 1/2" EQ EQ 14'-7 1/2" 14'-7 1/2" GFI DOUBLE KING DOUBLE DOUBLE DOUBLE KING KING DOUBLE GFI DOUBLE KING DOUBLE DOUBLE DOUBLE KING KING DOUBLE GFI DOUBLE QUEEN QUEEN QUEEN QUEEN GFI DOUBLE QUEEN QUEEN QUEEN QUEEN SECOND LEVEL QUEEN 225 227 229 231 233 235 237 QUEEN SECOND LEVEL QUEEN 225 227 229 231 233 235 237 QUEEN SKANEATELES HOTEL EQ EQ SKANEATELES HOTEL EQ EQ 208 246 208 246 WOODBINE GROUP 29'-11" 29'-11" WOODBINE GROUP 29'-11" 29'-11" TV 4'-11 1/2" DOUBLE DOUBLE TV 4'-11 1/2" DOUBLE DOUBLE EQ EQ QUEEN 10'-8" 209 HOUSEKEEPING ICE & VENDING EQ EQ QUEEN 10'-8" 209 HOUSEKEEPING ICE & VENDING Enter address here QUEEN Enter address here QUEEN 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" 5'-0" 210 CL 247 5'-0" 210 CL 247 GFI GFI GFI GFI GFI GFI GFI GFI 2'-6" HYDRATION GFI GFI GFI GFI 2'-6" HYDRATION EQ EQ EQ EQ HYDRATION GFI GFI GFI STATION STATION 2 A308 CHASE FOR FIREPLACE 8'-0" HYDRATION GFI GFI GFI STATION STATION 2 A308 CHASE FOR FIREPLACE 8'-0" 5 SK-6 EQ EQ GFI GFI HYDRATION HYDRATION 5 SK-6 EQ EQ GFI GFI HYDRATION HYDRATION 14'-8 1/2" 14'-8 1/2" 14'-8 1/2" 14'-8 1/2" STATION GFI GFI GFI GFI STATION GFI STATION GFI GFI GFI GFI STATION GFI I.T. ROOM ELEV 2 3'-0" HCA KING ELEV 1 9'-8 3/4" I.T. ROOM ELEV 2 3'-0" HCA KING ELEV 1 9'-8 3/4" 9'-8 3/4" 248 10'-8" 9'-8 3/4" 248 10'-8" GFI KING 1 A308 I.T. ROOM 212 EQ GFI KING 1 A308 I.T. ROOM 212 EQ EQ 206'-2 3/4" EQ 206'-2 3/4" 206'-2 3/4" 9'-10" 9'-10" 206'-2 3/4" 9'-10" 9'-10" 28'-9" 28'-9" 28'-9" 28'-9" 232 4 A300 226 228 230 234 236 238 EQ 232 4 A300 226 228 230 234 236 238 EQ EQ KING KING DOUBLE KING DOUBLE DOUBLE KING HCA KING KING 14'-7 3/4" EQ KING KING DOUBLE KING DOUBLE DOUBLE KING HCA KING KING 14'-7 3/4" 14'-8 1/2" 14'-8 1/2" 14'-8 1/2" 14'-8 1/2" FS 213 QUEEN QUEEN QUEEN 250 214 FS 249 FS 213 QUEEN QUEEN QUEEN 250 214 FS 249 GFI GFI 14'-4 3/4" 14'-8" 14'-8" 14'-6 3/4" 14'-8" 14'-8" 14'-4 3/4" EQ GFI GFI 14'-4 3/4" 14'-8" 14'-8" 14'-6 3/4" 14'-8" 14'-8" 14'-4 3/4" EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ EQ 29'-4" 6'-11" 29'-4" 6'-11" EQ EQ 14'-8 1/4" EQ EQ 14'-8 1/4" 14'-7 1/2" 14'-7 1/2" EQ 13'-6 1/2" GFI 14'-7 1/2" 14'-7 1/2" EQ 13'-6 1/2" GFI DOUBLE DOUBLE QUEEN 15'-0 3/4" 15'-0 3/4" 15'-0 3/4" 15'-0 3/4" 6'-11 1/2" DOUBLE DOUBLE QUEEN 15'-0 3/4" 15'-0 3/4" 15'-0 3/4" 15'-0 3/4" 6'-11 1/2" QUEEN QUEEN GFI 215 14'-0" 30'-1 1/4" 13'-9 1/2" 30'-1 1/4" 14'-0" GFI 215 14'-0" 30'-1 1/4" 13'-9 1/2" 30'-1 1/4" 14'-0" EQ 251 EQ EQ 251 EQ EQ 102'-0" EQ 102'-0" 29'-11" 29'-11" 6'-11 1/2" DOUBLE KING DOUBLE 29'-11" 29'-11" 6'-11 1/2" DOUBLE KING DOUBLE EQ EQ EQ EQ EQ QUEEN 216 KING QUEEN EQ QUEEN 216 KING QUEEN 14'-7 1/2" 14'-7 1/2" 253 14'-7 1/2" 14'-7 1/2" 253 14'-8" 14'-8" 217 252 14'-8" 14'-8" 217 252 GFI GFI GFI GFI 6'-11" GFI GFI GFI GFI 6'-11" EQ EQ EQ EQ EQ DOUBLE ROOF BELOW EQ EQ DOUBLE ROOF BELOW EQ EQ EQ EQ KING QUEEN EQ EQ EQ KING QUEEN 14'-8" 14'-8" 219 14'-9" 14'-9" 14'-8" 14'-8" 219 14'-9" 14'-9" 14'-1" 14'-1" 218 14'-1" 14'-1" 218 GFI DOUBLE GFI GFI GFI DOUBLE GFI GFI QUEEN QUEEN GFI KING EQ GFI KING EQ EQ EQ EQ EQ EQ 254 255 6'-11" EQ 254 255 6'-11" KING DOUBLE EQ EQ KING DOUBLE EQ EQ EQ QUEEN EQ QUEEN 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" 14'-7 1/2" GFI 14'-8" 14'-8" GFI 14'-8" 14'-8" 256 GFI GFI DOUBLE 257 256 GFI GFI DOUBLE 257 GFI QUEEN DOUBLE 6'-11 1/2" QUEEN 3 A301 4 221 EQ GFI QUEEN DOUBLE 6'-11 1/2" QUEEN 3 A301 4 221 EQ EQ EQ 220 29'-11" EQ EQ 220 29'-11" 29'-11" Revision Schedule 6'-11 1/2" 29'-11" Revision Schedule 6'-11 1/2" DOUBLE Num Issue EQ EQ DOUBLE Num Issue EQ EQ EQ QUEEN KING . Date Description d By EQ QUEEN KING . Date Description d By 14'-7 1/2" 14'-7 1/2" GFI 223 222 14'-7 1/2" 14'-7 1/2" GFI 223 222 14'-8" 14'-8" 2 14'-8" 14'-8" 2 GFI A307 KING DOUBLE GFI GFI A307 KING DOUBLE GFI GFI QUEEN 6'-11" GFI QUEEN 6'-11" 258 EQ EQ 258 EQ EQ EQ 259 KING EQ EQ 259 KING EQ EQ HCA KING 224 14'-8 3/4" EQ HCA KING 224 14'-8 3/4" 14'-9 1/4" 15'-5 1/2" 14'-9 1/4" 15'-5 1/2" 260 15'-6" 15'-2" 260 15'-6" 15'-2" 15'-2" STAIR 3 STAIR 4 15'-2" STAIR 3 STAIR 4 GFI GFI 3 EQ GFI GFI 3 EQ EQ A307 UP EQ A307 UP THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY 3'-0" 65'-2 3/4" 65'-2 3/4" 3'-0" NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. 68'-2 3/4" 101'-9 1/4" 68'-2 3/4" 1 ALL DRAWINGS AND SPECIFICATIONS ARE A406 238'-2 3/4" 2 THE PROPERTY OF THE ARCHITECT AND A406 SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN FLOOR PLAN - SECOND FLOOR - NEW ACCORDANCE WITH THE REQUIREMENTS OF 1 PART 69.5(b). 1/8" = 1'-0" Project number LA19027 THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY 3'-0" 65'-2 3/4" 65'-2 3/4" 3'-0" NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. 68'-2 3/4" 101'-9 1/4" 68'-2 3/4" 1 ALL DRAWINGS AND SPECIFICATIONS ARE A406 238'-2 3/4" 2 THE PROPERTY OF THE ARCHITECT AND A406 SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN FLOOR PLAN - SECOND FLOOR - NEW ACCORDANCE WITH THE REQUIREMENTS OF 1 PART 69.5(b). 1/8" = 1'-0" Project number LA19027 10/6/2021 1:37:00 PM Date 2021-10-06 10/6/2021 1:37:00 PM Date 2021-10-06 Drawn by Author Checked by Checker Drawn by Author Checked by Checker A102 Scale 1/8" = 1'-0" A102 Scale 1/8" = 1'-0" Page 228 4 5 6 7 8 9 10 11 12 13 Page 228 4 5 6 7 8 9 10 11 12 13 L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com NOT FOR CONSTRUCTION NOT FOR CONSTRUCTION VESTIBULE Architect's Stamp VESTIBULE Architect's Stamp 1 A301 P O N 1 A301 P O N QUIET ROOM QUIET ROOM MAIN RECEPTION MERCHANDISE DESK DISPLAY MAIN RECEPTION MERCHANDISE DESK DISPLAY COAT FIREPLACE 6'-3 3/4" GRAB & GO COAT FIREPLACE 6'-3 3/4" GRAB & GO ENLARGED PLAN LVL 1 - CONT LOW CHECK WRITING STORAGE COUNTER 38" MAX AFF MERCHANDISE RECEPTION DISPLAY ENLARGED PLAN LVL 1 - CONT LOW CHECK WRITING STORAGE COUNTER 38" MAX AFF MERCHANDISE RECEPTION DISPLAY BUSINESS CENTER BUSINESS CENTER 6'-3 3/4" LUGGAGE UNDER COUNTER BEVERAGE COOLERS WOOD FEATURE WALL W/LOGO 6'-3 3/4" LUGGAGE UNDER COUNTER BEVERAGE COOLERS WOOD FEATURE WALL W/LOGO SKANEATELES HOTEL M SKANEATELES HOTEL M WOODBINE GROUP LOUNGE WOODBINE GROUP LOUNGE Enter address here 5 SK-6 2 A308 COFFEE/BAR WHITE BIRCH SCREEN WALL ENTRY TO GAMING COUNTER WITH SOLID LOWER WALL W/ GREY STAINED WHITE OAK L Enter address here 5 SK-6 2 A308 COFFEE/BAR WHITE BIRCH SCREEN WALL ENTRY TO GAMING COUNTER WITH SOLID LOWER WALL W/ GREY STAINED WHITE OAK L PAIR OF SLIDING SEAT IN 1 THE ROUND BARN DOORS TO A308 COVER COFFEE AT NIGHT LIQUOR DURING COFFEE/BAR DAY COAT PAIR OF SLIDING SEAT IN 1 THE ROUND BARN DOORS TO A308 COVER COFFEE AT NIGHT LIQUOR DURING COFFEE/BAR DAY COAT GAME AREA ENTRY TO GAMING GAME AREA ENTRY TO GAMING DISPLAY TABLE WHITE BIRCH SCREEN WALL WITH SOLID LOWER WALL W/ GREY STAINED WHITE OAK 28 K DISPLAY TABLE WHITE BIRCH SCREEN WALL WITH SOLID LOWER WALL W/ GREY STAINED WHITE OAK 28 K DINING H 16.1 PRIVATE DINING Revision Schedule Num Issue . Date Description d By G F DINING H 16.1 PRIVATE DINING Revision Schedule Num Issue . Date Description d By G F 31 30 THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY 32 NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN E ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). 31 30 THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY 32 NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN E ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). Project number LA19027 D 10/6/2021 1:37:02 PM Date 2021-10-06 Drawn by MLM Project number LA19027 D 10/6/2021 1:37:02 PM Date 2021-10-06 Drawn by MLM Checked by WVL 1 FLOOR PLAN - FIRST FLOOR - NEW - Callout 10 A404 1/4" = 1'-0" Scale 1/4" = 1'-0" Page 229 Checked by WVL 1 FLOOR PLAN - FIRST FLOOR - NEW - Callout 10 A404 1/4" = 1'-0" Scale 1/4" = 1'-0" Page 229 L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 3 4 5 6 7 8 9 10 11 12 13 14 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com 3 4 5 6 7 8 9 10 11 12 13 14 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com NOT FOR CONSTRUCTION A301 P Architect's Stamp O N NOT FOR CONSTRUCTION A301 P Architect's Stamp O N WOMENS WOMENS LAUNDRY MECH/ELEC MENS LAUNDRY MECH/ELEC MENS STAIR 1 STAIR 2 LAUNDRY STAIR 1 STAIR 2 LAUNDRY ENLARGED PLANS - BASEMENT M 8'-0 1/4" 5 2 SK-6 A308 ENLARGED PLANS - BASEMENT M 8'-0 1/4" 5 2 SK-6 A308 SKANEATELES HOTEL WOODBINE GROUP L 5'-0" Enter address here 1 A308 ELEV 1 ELEV 2 I.T. ROOM SKANEATELES HOTEL WOODBINE GROUP L 5'-0" Enter address here 1 A308 ELEV 1 ELEV 2 I.T. ROOM HR ? FITNESS ? HR ? FITNESS ? OFFICE OFFICE STORAGE POOL K 76'-8" STORAGE POOL K 76'-8" CONFERENCE CONFERENCE POOL AREA POOL AREA EMPLOYEE 63'-8" EMPLOYEE 63'-8" BATH & LOCKER H S17 S17 S17 BASEMENT A OFFICE S16 BATH & LOCKER H S17 S17 S17 BASEMENT A OFFICE S16 MENS WOMENS G MENS WOMENS G 4 Q-1 3 S15 Revision Schedule 4 Q-1 3 S15 Revision Schedule F Num Issue S1 . Date Description d By S13 F Num Issue S1 . Date Description d By S13 S2 S9 S14 S3 S2 S9 S14 S3 SNACK & BAR S5 S11 S10 SNACK & BAR S5 S11 S10 TS4SGB S6 S11 S8 TS4SGB S6 S11 S8 E THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE D THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). E THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE D THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). Project number LA19027 10/6/2021 1:37:25 PM Date 2021-10-06 Project number LA19027 10/6/2021 1:37:25 PM Date 2021-10-06 FLOOR PLAN - BASEMENT - NEW - Callout 2 Drawn by MLM 1 WVL 1/4" = 1'-0" Checked by FLOOR PLAN - BASEMENT - NEW - Callout 2 Drawn by MLM 1 WVL 1/4" = 1'-0" Checked by SK-03 Scale 1/4" = 1'-0" Page 230 SK-03 Scale 1/4" = 1'-0" Page 230 L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 1 www.lakearchitectural.com L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 1 www.lakearchitectural.com 28'-9" 1 2'-1 1/2" 4 1/2" 6'-1 1/4" 1'-10" 4 1/2" 6'-6" 2'-0" 9'-5 1/2" 5 1/4" 3'-2" 5'-10 1/4" 1'-6 1/2" 1'-7 1/2" NOT FOR CONSTRUCTION MOUNTED IN CAB 28'-9" 1 2'-1 1/2" 4 1/2" 6'-1 1/4" 1'-10" 4 1/2" 6'-6" 2'-0" 9'-5 1/2" 5 1/4" 3'-2" 5'-10 1/4" 1'-6 1/2" 1'-7 1/2" NOT FOR CONSTRUCTION MOUNTED IN CAB 4" D (4)USB R 4" D (4)USB R 1'-6" 2 1'-6" 2 5" Architect's Stamp 5" Architect's Stamp EQ 3 A412 1 T EQ 3 A412 1 T 4'-0" 4'-11" 4 3'-0" 6'-0 1/4" 2" 5'-10 1/4" 4'-0" 4'-11" 4 3'-0" 6'-0 1/4" 2" 5'-10 1/4" 5'-0" 7'-10 1/4" EQ 8'-3 1/2" 5'-0" 7'-10 1/4" EQ 8'-3 1/2" 8'-3 1/2" 6'-10" BENCH SEAT WITH STORAGE BELOW TYPICAL PRIVACY CURTAIN WALL CURTAIN AT BENCH SEAT MOUNTED WITH DRAPERY OF OWNERS CHOICE BENCH SEAT WITH STORAGE BELOW TYPICAL. PRIVACY CURTAIN WALL MOUNTED WITH DRAPERY OF OWNERS CHOICE 8'-3 1/2" 6'-10" BENCH SEAT WITH STORAGE BELOW TYPICAL PRIVACY CURTAIN WALL CURTAIN AT BENCH SEAT MOUNTED WITH DRAPERY OF OWNERS CHOICE BENCH SEAT WITH STORAGE BELOW TYPICAL. PRIVACY CURTAIN WALL MOUNTED WITH DRAPERY OF OWNERS CHOICE 11'-4 1/2" 3'-6 1/4" 2/10 X 7/0 3'-4 1/2" WAP KING 11'-4 1/2" 3'-6 1/4" 2/10 X 7/0 3'-4 1/2" WAP KING 1'-5" 4 13'-9" 1'-5" 4 13'-9" 13'-9" GFI 13'-9" GFI 5 1/4" FIRST FLOOR 2 A408 5 0" T 5 1/4" FIRST FLOOR 2 A408 5 0" T 3 3 3 4-d 3 3 3 4-d 1'-6" MIN 3 1/2" = 1'-0" 1'-6" MIN 3 1/2" = 1'-0" 4'-4" MIN NON ADA STAGGER OUTLETS TO 5'-5 3/4" 4'-4" MIN NON ADA STAGGER OUTLETS TO 5'-5 3/4" 5'-5 3/4" REDUCE SOUND TRANSMISSION 1 FROM ROOM TO ROOM NO 4'-6" OUTLETS TO FALL BACK TO BACK 5'-0" 5'-5 3/4" REDUCE SOUND TRANSMISSION 1 FROM ROOM TO ROOM NO 4'-6" OUTLETS TO FALL BACK TO BACK 5'-0" 2'-4 1/2" 2'-4 1/2" 3/0 X 7/0 2'-4 1/2" 2'-4 1/2" 3/0 X 7/0 (2)USB 2'-6" 48" AFF (2)USB 2'-6" 48" AFF REF TV 48" AFF R REF TV 48" AFF R D D ? D D ? A412 FLOOR PLAN - FIRST FLOOR - NEW - Callout 6 - Callout 1 1 1/2" = 1'-0" A412 FLOOR PLAN - FIRST FLOOR - NEW - Callout 6 - Callout 1 1 1/2" = 1'-0" SKANEATELES HOTEL TYPICAL KING SKANEATELES HOTEL TYPICAL KING WOODBINE GROUP 1 10" WOODBINE GROUP 1 10" FIRST FLOOR 0" 28'-9" 5-b FIRST FLOOR 0" 28'-9" 5-b Enter address here 4 2'-1 1/2" 10'-5 1/4" 3'-0" 3'-9" 9'-5 1/2" 1/2" = 1'-0" 1'-11 3/4" 7'-5 3/4" Enter address here 4 2'-1 1/2" 10'-5 1/4" 3'-0" 3'-9" 9'-5 1/2" 1/2" = 1'-0" 1'-11 3/4" 7'-5 3/4" 4" GWB CEILING @ 2 8' - 6" L2 L2 4" GWB CEILING @ 2 8' - 6" L2 L2 EQ 3 A412 1 EQ 3 A412 1 EQ 4'-0" 4'-11" 4 L EQ EQ EQ EQ 1 EQ 4'-0" 4'-11" 4 L EQ EQ EQ EQ 1 EQ A307 EQ EQ A307 EQ 7'-10 1/4" L 11'-11 1/4" 5'-3" 19'-3 3/4" GWB CEILING @ 8' - 6" 7'-10 1/4" L 11'-11 1/4" 5'-3" 19'-3 3/4" GWB CEILING @ 8' - 6" 11'-4 1/2" 1'-2" 3'-6 1/4" 11'-4 1/2" 1'-2" 3'-6 1/4" EQ L2 SD D EQ L2 SD D 3'-4 1/2" W 3'-4 1/2" W 48" A.F.F. 4 EQ EQ 13'-9" 48" A.F.F. 4 EQ EQ 13'-9" 13'-9" 13'-9" HS 13'-9" 13'-9" HS GFI 2 A408 5 H T GFI 2 A408 5 H T 3 GWB CEILING @ 3 3 3 GWB CEILING @ 3 3 9' - 0" GWB CEILING @ GWB CEILING @ 8' - 6" 9' - 0" 9' - 0" GWB CEILING @ GWB CEILING @ 8' - 6" 9' - 0" EQ T EQ EQ T EQ 5'-5 3/4" 5'-5 3/4" 5'-11" L2 L2 EQ EQ EQ EQ FABRIC CUSHION TOP FABRIC BY OWNER AT 3'-2" 6'-3 1/2" 5'-11" L2 L2 EQ EQ EQ EQ FABRIC CUSHION TOP FABRIC BY OWNER AT 3'-2" 6'-3 1/2" 2'-4 1/2" BENCH WINDOW SEAT EQ WOOD STORAGE CABINETS BELOW WINDOW SEAT 2'-4 1/2" BENCH WINDOW SEAT EQ WOOD STORAGE CABINETS BELOW WINDOW SEAT (2)USB REF TV (2)USB REF TV 48" AFF FIRST FLOOR FIRST FLOOR 48" AFF 2'-4 1/2" 11'-4 1/2" 0" 0" 13'-9" 48" AFF FIRST FLOOR FIRST FLOOR 48" AFF 2'-4 1/2" 11'-4 1/2" 0" 0" 13'-9" 5-a 5-c RCP - FIRST FLOOR - NEW - Callout 1 2 5 6 1/2" = 1'-0" 1/2" = 1'-0" 1/2" = 1'-0" Revision Schedule 5-a 5-c RCP - FIRST FLOOR - NEW - Callout 1 2 5 6 1/2" = 1'-0" 1/2" = 1'-0" 1/2" = 1'-0" Revision Schedule Num Issue . Date Description d By Num Issue . Date Description d By THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). Project number LA19027 Project number LA19027 10/6/2021 1:37:06 PM Date 2021-10-06 10/6/2021 1:37:06 PM Date 2021-10-06 Drawn by Author Checked by Checker Drawn by Author Checked by Checker A408 Scale 1/2" = 1'-0" A408 Scale 1/2" = 1'-0" Page 231 Page 231 L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 1 www.lakearchitectural.com L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 1 www.lakearchitectural.com 25'-0" 5'-11 3/4" 8 3/4" 5'-2" 2'-4" 5'-2" 2'-0" 5 1/4" 9'-0 1/4" 1 3'-0" 6'-0 1/4" NOT FOR CONSTRUCTION MOUNTED IN CAB 25'-0" 5'-11 3/4" 8 3/4" 5'-2" 2'-4" 5'-2" 2'-0" 5 1/4" 9'-0 1/4" 1 3'-0" 6'-0 1/4" NOT FOR CONSTRUCTION MOUNTED IN CAB 4" D D (4)USB 4" D D (4)USB 1'-6" Architect's Stamp 1'-6" Architect's Stamp EQ R E.F. 5 EQ R E.F. 5 4'-0" 4'-11" 6 A412 8 4'-0" 4'-11" 6 A412 8 7'-3 1/4" 7'-3 1/4" WINDOW BENCH SEAT 7'-3 1/4" 7'-3 1/4" WINDOW BENCH SEAT 7'-8 1/2" 7 7'-8 1/2" 7 EQ WITH STORAGE BELOW 6'-10" 2'-11 1/4" EQ WITH STORAGE BELOW 6'-10" 2'-11 1/4" 2/10 X 7/0 2'-9 1/2" 13'-11 1/4" 2/10 X 7/0 2'-9 1/2" 13'-11 1/4" 13'-11 1/4" 13'-11 1/4" 13'-11 1/4" GFI T WAP WAP 3 13'-11 1/4" GFI T WAP WAP 3 5 1/4" 6 5 3 3 A409 FIRST FLOOR 5 1/4" 0" 2'-8 3/4" 6 1/2" 2'-10" 2'-5 3/4" 4 5 1/4" 3'-2" 5'-10 1/4" 20'-9 1/2" 3'-2" 9'-5 1/2" 11 - a 30'-3" 5 1/4" 6 5 3 3 A409 FIRST FLOOR 5 1/4" 0" 2'-8 3/4" 6 1/2" 2'-10" 2'-5 3/4" 4 5 1/4" 3'-2" 5'-10 1/4" 20'-9 1/2" 3'-2" 9'-5 1/2" 11 - a 30'-3" 6'-2 3/4" 6'-2 3/4" 6'-2 3/4" 4 1/2" = 1'-0" 48" A.F.F. 48" AF.F. 1 6'-2 3/4" 4 1/2" = 1'-0" 48" A.F.F. 48" AF.F. 1 2'-0" 3/0 X 7/0 (2)USB 2'-0" 3/0 X 7/0 (2)USB (2)USB REF TV (2)USB REF TV FLOOR PLAN - FIRST FLOOR - NEW - Callout 6 - Callout 2 1 1/2" = 1'-0" FLOOR PLAN - FIRST FLOOR - NEW - Callout 6 - Callout 2 1 1/2" = 1'-0" DOUBLE QUEEN SKANEATELES HOTEL WOODBINE GROUP 1 DOUBLE QUEEN SKANEATELES HOTEL WOODBINE GROUP 1 Enter address here FIRST FLOOR 0" Enter address here FIRST FLOOR 0" EQ GWB CEILING @ 8' - 6" EQ GWB CEILING @ 8' - 6" EQ L2 L2 L2 L2 EQ L2 L2 L2 L2 EQ 3'-11 3/4" E.F. 5 EQ 3'-11 3/4" E.F. 5 EQ 11 - c 3 GWB CEILING @ EQ EQ EQ EQ 1/2" = 1'-0" 9' - 0" L 6 A412 8 EQ 11 - c 3 GWB CEILING @ EQ EQ EQ EQ 1/2" = 1'-0" 9' - 0" L 6 A412 8 6'-11 3/4" EQ EQ 7 L GWB CEILING @ 8' - 6" 7'-9 1/2" 3'-0" 4'-6" 3'-0" 2'-6" 6'-11 3/4" EQ EQ 7 L GWB CEILING @ 8' - 6" 7'-9 1/2" 3'-0" 4'-6" 3'-0" 2'-6" 11'-4 1/2" 1'-2" 11'-4 1/2" 1'-2" EQ 20'-9 1/2" 3'-2" 23'-11 1/2" L2 6'-3 1/2" EQ 20'-9 1/2" 3'-2" 23'-11 1/2" L2 6'-3 1/2" 13'-11 1/4" 6'-0" 3 GFI SD D 13'-11 1/4" 6'-0" 3 GFI SD D 6 A409 5 H 6 A409 5 H 4'-9" HS 4 9'-0 1/4" 4'-9" HS 4 9'-0 1/4" EQ GWB CEILING @ GWB CEILING @ GWB CEILING @ 9' - 0" 8' - 6" EQ GWB CEILING @ GWB CEILING @ GWB CEILING @ 9' - 0" 8' - 6" 6'-11 3/4" 9' - 0" 6'-11 3/4" 9' - 0" EQ L2 L2 10'-8" 10'-1 5/8" EQ EQ EQ EQ EQ L2 L2 10'-8" 10'-1 5/8" EQ EQ EQ EQ 3'-11 3/4" T 30'-3" 3'-1 1/2" 2'-6 3/4" 3'-11 3/4" T 30'-3" 3'-1 1/2" 2'-6 3/4" EQ 3'-10" 2X2 CHASE FIRST FLOOR FIRST FLOOR 0" 0" EQ 3'-10" 2X2 CHASE FIRST FLOOR FIRST FLOOR 0" 0" 11 - b 11 - d RCP - FIRST FLOOR - NEW - Callout 2 6 5 2 1/2" = 1'-0" 1/2" = 1'-0" 1/2" = 1'-0" Revision Schedule 11 - b 11 - d RCP - FIRST FLOOR - NEW - Callout 2 6 5 2 1/2" = 1'-0" 1/2" = 1'-0" 1/2" = 1'-0" Revision Schedule Num Issue . Date Description d By Num Issue . Date Description d By THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). Project number LA19027 Project number LA19027 10/6/2021 1:37:10 PM Date 2021-10-06 10/6/2021 1:37:10 PM Date 2021-10-06 Drawn by MLM Checked by WVL Drawn by MLM Checked by WVL A409 Scale 1/2" = 1'-0" Page 232 A409 Scale 1/2" = 1'-0" Page 232 16 L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 16 L A KE A R C H I T E C T U R A L DESIGN. BUILD.LIVE 10'-1" 5 1/4" 18'-2 3/4" 2100 West Lake Road Skaneateles NY 13152 7'-6 3/4" 2'-6 1/4" 18'-2 3/4" P: 315.263.6322 1'-0" 3'-4" 2'-9" 3'-0" www.lakearchitectural.com 2'-4" 1'-0" MOUNTED IN CABINET 10'-1" 5 1/4" 18'-2 3/4" 2100 West Lake Road Skaneateles NY 13152 7'-6 3/4" 2'-6 1/4" 18'-2 3/4" P: 315.263.6322 1'-0" 3'-4" 2'-9" 3'-0" www.lakearchitectural.com 2'-4" 1'-0" MOUNTED IN CABINET 1'-6" 4 1/2" 5 1'-6" 4 1/2" 5 (4)USB NOT FOR CONSTRUCTION D D D (4)USB NOT FOR CONSTRUCTION D D D 6" SK-6 1'-6" ADA SHOWER SEAT 6" SK-6 1'-6" ADA SHOWER SEAT ROLL-IN SHOWER AT HCA RESTROOM ROLL-IN SHOWER AT HCA RESTROOM 3'-0" ADA GRAB BARS TYPICAL HCA SHOWER Architect's Stamp 3'-0" ADA GRAB BARS TYPICAL HCA SHOWER Architect's Stamp 5'-11 1/2" 3'-0" ø 5' - 0" 5'-11 1/2" 3'-0" ø 5' - 0" 4'-0" MIN ADA 4'-0" MIN ADA 8'-6" 8'-6" L ADA COMPLIANT T SHOWER CONTROLS 2'-6" 8'-6" 8'-6" L ADA COMPLIANT T SHOWER CONTROLS 2'-6" 7" 6" 11'-4 1/2" 2'-0" 6" 16 7" 6" 11'-4 1/2" 2'-0" 6" 16 13'-11 1/4" 13'-11 1/4" 13'-11 1/4" 2/10 X 7/0 6'-11" 3'-2" 5 1/4" 10'-6 1/4" SIDE APPROACH AT SIDE APPROACH AT 13'-11 1/4" 2/10 X 7/0 6'-11" 3'-2" 5 1/4" 10'-6 1/4" SIDE APPROACH AT SIDE APPROACH AT 3'-0" BED LOCATION BED LOCATION 1'-6" 2'-10" 6" BENCH SEAT WITH STORAGE BELOW MIN 32" MIN CLEAR 3'-0" BED LOCATION BED LOCATION 1'-6" 2'-10" 6" BENCH SEAT WITH STORAGE BELOW MIN 32" MIN CLEAR 6" TYPICAL. PRIVACY CURTAIN WALL MOUNTED 6 WITH DRAPERY OF OWNERS CHOICE GFI 6" TYPICAL. PRIVACY CURTAIN WALL MOUNTED 6 WITH DRAPERY OF OWNERS CHOICE GFI 5 1/4" 2'-2" SIDE APPROACH AT TV CREDENZA 3 3 5 A410 4 J 5 1/4" 2'-2" SIDE APPROACH AT TV CREDENZA 3 3 5 A410 4 J 1'-6" MIN 8'-0" 3 1'-6" MIN 8'-0" 3 5'-5 1/4" 5'-0" 5'-0" BENCH SEAT WITH STORAGE 3'-0" BELOW TYP. PRIVACY CURTAIN 9'-0" 5'-5 1/4" 5'-0" 5'-0" BENCH SEAT WITH STORAGE 3'-0" BELOW TYP. PRIVACY CURTAIN 9'-0" 9'-0" WALL MOUNTED WITH DRAPERY 2'-6 3/4" 8'-6" OF OWNERS CHOICE 6'-10" 9'-0" WALL MOUNTED WITH DRAPERY 2'-6 3/4" 8'-6" OF OWNERS CHOICE 6'-10" (2)USB (2)USB (2)USB 3/0 X 7/0 8" 2'-0" (2)USB 3/0 X 7/0 8" 2'-0" REF 6" TV REF 6" TV 48" AFF 48" AFF 1'-5" WAP 48" AFF 48" AFF 1'-5" WAP FIRST FLOOR 0" 12 - a ENLARGED PLAN HCA KING 3 1 1/2" = 1'-0" 1/2" = 1'-0" FIRST FLOOR 0" 12 - a ENLARGED PLAN HCA KING 3 1 1/2" = 1'-0" 1/2" = 1'-0" 16 1 L A308 L 4'-5 1/4" 3'-0" 16 1 L A308 L 4'-5 1/4" 3'-0" SKANEATELES HOTEL WOODBINE GROUP KING HCA 6" SKANEATELES HOTEL WOODBINE GROUP KING HCA 6" 6" D SD EQ 6" D SD EQ Enter address here 1'-6" GWB CEILING @ HS E.F. 8' - 6" Enter address here 1'-6" GWB CEILING @ HS E.F. 8' - 6" EQ U U EQ U U EQ EQ 1'-6" T GWB CEILING @ 6'-11" 3'-2" 9' - 0" EQ EQ 1'-6" T GWB CEILING @ 6'-11" 3'-2" 9' - 0" EQ EQ EQ EQ EQ 9'-0" 9'-0" EQ EQ EQ EQ EQ 9'-0" 9'-0" EQ 8'-6" L 8'-6" EQ 8'-6" L 8'-6" 8'-6" T V 8'-6" T V BENCH SEAT WITH STORAGE BELOW TYP. PRIVACY CURTAIN EQ WALL MOUNTED WITH DRAPERY H BENCH SEAT WITH STORAGE BELOW TYP. PRIVACY CURTAIN EQ WALL MOUNTED WITH DRAPERY H 13'-11 1/4" GWB CEILING @ 13'-11 1/4" GWB CEILING @ 1'-6" OF OWNERS CHOICE 8' - 6" U 1'-6" OF OWNERS CHOICE 8' - 6" U GFI 6 FIRST FLOOR FIRST FLOOR 0" 0" 3'-2" 5 A410 4 GFI 6 FIRST FLOOR FIRST FLOOR 0" 0" 3'-2" 5 A410 4 3 EQ 3 EQ EQ GWB CEILING @ GWB CEILING @ 9' - 0" 8' - 6" EQ GWB CEILING @ GWB CEILING @ 9' - 0" 8' - 6" 2'-6" 12 - d 12 - b L 4 5 EQ EQ 1/2" = 1'-0" 1/2" = 1'-0" 7'-4 1/4" 3'-2" 18'-2 3/4" 2'-6" 12 - d 12 - b L 4 5 EQ EQ 1/2" = 1'-0" 1/2" = 1'-0" 7'-4 1/4" 3'-2" 18'-2 3/4" EQ EQ EQ EQ EQ (2)USB EQ EQ EQ EQ EQ (2)USB (2)USB 1'-6" RCP - FIRST FLOOR - NEW - Callout 3 2 1/2" = 1'-0" (2)USB 1'-6" RCP - FIRST FLOOR - NEW - Callout 3 2 1/2" = 1'-0" 16 Revision Schedule 16 Revision Schedule Num Issue . Date Description d By Num Issue . Date Description d By FIRST FLOOR 0" FIRST FLOOR 0" 12 - c 6 THE CONTRACTOR SHALL VERIFY ALL 1/2" = 1'-0" DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). 12 - c 6 THE CONTRACTOR SHALL VERIFY ALL 1/2" = 1'-0" DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). Project number LA19027 Date 2021-10-06 Project number LA19027 Date 2021-10-06 10/6/2021 1:37:17 PM Drawn by MLM 10/6/2021 1:37:17 PM Drawn by MLM Checked by WVL Checked by WVL A410 Scale 1/2" = 1'-0" Page 233 A410 Scale 1/2" = 1'-0" Page 233 16 10'-8" 3'-0" 3'-0" 5'-0" 3'-0" 5'-7" 30'-3" L A KE A R C H I T E C T U R A L 1'-0" 3'-4" 2'-8" 3'-8" 2'-0" 5'-0" 3'-0" 5'-0" 2'-4" 2'-3" DESIGN. BUILD.LIVE 7'-0" 3'-2 3/4" 5 1/4" 2'-4" 1'-0" 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com 16 10'-8" 3'-0" 3'-0" 5'-0" 3'-0" 5'-7" 30'-3" L A KE A R C H I T E C T U R A L 1'-0" 3'-4" 2'-8" 3'-8" 2'-0" 5'-0" 3'-0" 5'-0" 2'-4" 2'-3" DESIGN. BUILD.LIVE 7'-0" 3'-2 3/4" 5 1/4" 2'-4" 1'-0" 2100 West Lake Road Skaneateles NY 13152 P: 315.263.6322 www.lakearchitectural.com (4)USB D D D D 1'-6" 8' - 6" (4)USB D D D D 1'-6" 8' - 6" 1'-6" EQ EQ EQ EQ U U U U NOT FOR CONSTRUCTION EQ EQ 1'-6" EQ EQ EQ EQ U U U U NOT FOR CONSTRUCTION EQ EQ 5'-11" 3'-6 1/4" 5'-11" 3'-6 1/4" 3'-0" T 3'-0" 3'-0" T 3'-0" EQ Architect's Stamp MIN CLEAR EQ EQ Architect's Stamp MIN CLEAR EQ 8'-6" V 7" 6" 2'-0" 6" 3'-3 1/2" EQ 8'-6" V 7" 6" 2'-0" 6" 3'-3 1/2" EQ 13'-11 1/4" 8' - 6" H 2/10 X 7/0 EQ EQ EQ 13'-11 1/4" 8' - 6" H 2/10 X 7/0 EQ EQ EQ 3'-0 1/4" 4 4 2 1/4" 3'-0 1/4" 4 4 2 1/4" GFI U 2 A411 5 2 A411 5 EQ GFI U 2 A411 5 2 A411 5 EQ 5 1/4" 6 6 2'-0 1/2" 1'-6" 3'-0" 6" 3'-2 1/4" 5 1/4" 6 6 2'-0 1/2" 1'-6" 3'-0" 6" 3'-2 1/4" 1'-6" MIN MIN 10'-8" 5 1/4" EQ 9' - 0" EQ 8' - 6" 9' - 0" 1'-6" MIN MIN 10'-8" 5 1/4" EQ 9' - 0" EQ 8' - 6" 9' - 0" 5'-0" 5'-0" MIN 3'-0" L EQ (2)USB 5'-0" 5'-0" MIN 3'-0" L EQ (2)USB (2)USB (2)USB (2)USB EQ EQ EQ EQ 3/0 X 7/0 8" (2)USB (2)USB (2)USB EQ EQ EQ EQ 3/0 X 7/0 8" 6" TV 6" TV ENLARGED RCP-HCA DOUBLE QUEEN ENLARGED PLAN - HCA DOUBLE QUEEN 3 1 1/2" = 1'-0" 1/2" = 1'-0" ENLARGED RCP-HCA DOUBLE QUEEN ENLARGED PLAN - HCA DOUBLE QUEEN 3 1 1/2" = 1'-0" 1/2" = 1'-0" HCA DOUBLE QUEEN UNIT 16 TRUSS BEARING 23' - 6" HCA DOUBLE QUEEN UNIT 16 TRUSS BEARING 23' - 6" 6" D SD 6" D SD SKANEATELES HOTEL HS SKANEATELES HOTEL HS WOODBINE GROUP Enter address here THERMOSTAT WOODBINE GROUP Enter address here THERMOSTAT 9'-0" 8'-6" SECOND FLOOR SECOND FLOOR 14' - 0" 14' - 0" 9'-0" 8'-6" SECOND FLOOR SECOND FLOOR 14' - 0" 14' - 0" 15 - c 15 - b 4 2 1/2" = 1'-0" 1/2" = 1'-0" 16 15 - c 15 - b 4 2 1/2" = 1'-0" 1/2" = 1'-0" 16 TRUSS BEARING TRUSS BEARING 23' - 6" 23' - 6" R 6'-10" TRUSS BEARING TRUSS BEARING 23' - 6" 23' - 6" R 6'-10" SECOND FLOOR SECOND FLOOR 14' - 0" 14' - 0" SECOND FLOOR SECOND FLOOR 14' - 0" 14' - 0" 15 - a 15 - d 6 5 1/2" = 1'-0" 1/2" = 1'-0" Revision Schedule 15 - a 15 - d 6 5 1/2" = 1'-0" 1/2" = 1'-0" Revision Schedule Num Issue . Date Description d By Num Issue . Date Description d By THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT 2009. PART 69.5(b) OF TITLE VIII OF THE EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). Project number LA19027 Project number LA19027 10/6/2021 1:37:22 PM Date 2021-10-06 10/6/2021 1:37:22 PM Date 2021-10-06 Drawn by Author Checked by Checker Drawn by Author Checked by Checker A411 Scale 1/2" = 1'-0" Page 234 A411 Scale 1/2" = 1'-0" Page 234 Meeting Minutes PROJECT: SKANEATELES HOTEL ATTENDING: Norm Swanson, Charity Buchika, Melissa Parsons, Louise Swanson, Tom Fernandez, Joe Fernandez, Brian Corfield, Brian Benner, Wayne LaFrance, Mark Mareane, Anthony Fernando, Rob Gabor, Louise Swanson DATE: 06/06/2022 RE: Skaneateles Hotel Project Review NOTES: 1. GUESTROOM COMMENTS a. Lake to review adjoining door specifications for high stc rating (solid core doors review thickness) b. Lake to place connected rooms mimicking first floor on second floor rooms. c. Accent wall in guestrooms to be vertical white v groove wood d. Lake to update bed frames to platform beds e. Lake to show revised rug selection in room imagery f. Lake to add backlit mirror to bathroom matching tailwater g. Safe to be located in closet h. Lake to provide lower desk area adjacent to TV credenza for keureg and alarm clock i. Lake to update renderings with faucet and shower controls provided by Charity j. Lake to center TV credenza on beds in ADA rooms k. Lake to review main room light design with Charity l. Lake to show all electrical controls for typical rooms & coordinate with Rae after approval m. Provide horizontal bar hardware on shower door interior and exterior to act as towel rack and push bar n. Provide robe hooks and towel bars o. Provide corner shelf at shower p. Provide blocking for all restroom accessories q. Provide linear shower drains at all showers r. Lake to review lock requirements on sliding doors 2. EXTERIOR COMMENTS a. Lake to remove standing seam and replace with asphalt shingle b. Lake to adjust trim to driftwood color meshing with stone and roof color scheme Meeting Minutes PROJECT: SKANEATELES HOTEL ATTENDING: Norm Swanson, Charity Buchika, Melissa Parsons, Louise Swanson, Tom Fernandez, Joe Fernandez, Brian Corfield, Brian Benner, Wayne LaFrance, Mark Mareane, Anthony Fernando, Rob Gabor, Louise Swanson DATE: 06/06/2022 RE: Skaneateles Hotel Project Review NOTES: 1. GUESTROOM COMMENTS a. Lake to review adjoining door specifications for high stc rating (solid core doors review thickness) b. Lake to place connected rooms mimicking first floor on second floor rooms. c. Accent wall in guestrooms to be vertical white v groove wood d. Lake to update bed frames to platform beds e. Lake to show revised rug selection in room imagery f. Lake to add backlit mirror to bathroom matching tailwater g. Safe to be located in closet h. Lake to provide lower desk area adjacent to TV credenza for keureg and alarm clock i. Lake to update renderings with faucet and shower controls provided by Charity j. Lake to center TV credenza on beds in ADA rooms k. Lake to review main room light design with Charity l. Lake to show all electrical controls for typical rooms & coordinate with Rae after approval m. Provide horizontal bar hardware on shower door interior and exterior to act as towel rack and push bar n. Provide robe hooks and towel bars o. Provide corner shelf at shower p. Provide blocking for all restroom accessories q. Provide linear shower drains at all showers r. Lake to review lock requirements on sliding doors 2. EXTERIOR COMMENTS a. Lake to remove standing seam and replace with asphalt shingle b. Lake to adjust trim to driftwood color meshing with stone and roof color scheme Name: Mark Mareane Title: Studio Leader Cc: Skaneateles Hotel Team Page 2100 WEST LAKE ROAD SKANEATELES 235 NY 13152 P(315) 263-6322 Page 2100 WEST LAKE ROAD SKANEATELES 236 NY 13152 P(315) 263-6322 Page 237 Page 238 Page 239 Onondaga County Industrial Development Agency Project Summary DRAFT 9/12/2022 1. Project Syracuse Haulers Waste Removal, Inc. 2. Project Number 3101-22-05A 3. Location DeWitt 4. School District East Syracuse-Minoa School District 6. Project Type New Construction 5. Tax Parcel(s) 033.-04-10.1, 033.-04-10.3, 033.-04-13.1 Village 0 Name: Mark Mareane Title: Studio Leader Cc: Skaneateles Hotel Team Page 2100 WEST LAKE ROAD SKANEATELES 235 NY 13152 P(315) 263-6322 Page 2100 WEST LAKE ROAD SKANEATELES 236 NY 13152 P(315) 263-6322 Page 237 Page 238 Page 239 Onondaga County Industrial Development Agency Project Summary DRAFT 9/12/2022 1. Project Syracuse Haulers Waste Removal, Inc. 2. Project Number 3101-22-05A 3. Location DeWitt 4. School District East Syracuse-Minoa School District 6. Project Type New Construction 5. Tax Parcel(s) 033.-04-10.1, 033.-04-10.3, 033.-04-13.1 Village 0 7.Total Project Cost $ 4,767,275.00 8. Total Jobs 88 Land $ - 8A. Job Retention 78 Site Work $ 479,464 8B: Job Creation 10 Building $ 2,856,444 (Next 5 Years) Furniture & Fixtures $ - Equipment $ 1,136,367 Equipment Subject to NYS Production Exemption $ 285,000 Engineering/Architecture Fees $ 10,000 Financial Charges $ - Legal Fees $ - Other $ - OCIDA Incentive Analysis Syracuse Haulers Waste Removal, Inc. Project Description Fiscal Impact ($) Estimated Abatement $460,129 Sales Tax Abatement $319,425 Mortgage Recording Tax Abatement $10,804 Real Property Tax Relief $129,900 7.Total Project Cost $ 4,767,275.00 8. Total Jobs 88 Land $ - 8A. Job Retention 78 Site Work $ 479,464 8B: Job Creation 10 Building $ 2,856,444 (Next 5 Years) Furniture & Fixtures $ - Equipment $ 1,136,367 Equipment Subject to NYS Production Exemption $ 285,000 Engineering/Architecture Fees $ 10,000 Financial Charges $ - Legal Fees $ - Other $ - OCIDA Incentive Analysis Syracuse Haulers Waste Removal, Inc. Project Description Fiscal Impact ($) Estimated Abatement $460,129 Sales Tax Abatement $319,425 Mortgage Recording Tax Abatement $10,804 Real Property Tax Relief $129,900 Estimated Investment $90,093,278 PILOT Payments $385,294 Syracuse Haulers, Inc is proposing to expand it's existing facility with a roughly 24,624 SF Project Wages (10 years) $63,115,627 transfer station. The project calls for an investment of over $5.5 million and include the Construction Wages $4,715,750 remediation of soil on the adjacent lot, site work, construction of transfer station and purchase of equipment. Employee Benefits (10 years) $18,540,698 Project Capital Investment $3,335,908 Agency Fees $60,591 Benefit:Cost Ratio 195.80 :1 Copyright Onondaga County Industry Development Agency, All Rights Reserved Syracuse Haulers Waste Removal, Inc. 9/12/2022 A) PILOTS Estimate Table Worksheet DRAFT for 10 years Estimated Investment $90,093,278 PILOT Payments $385,294 Syracuse Haulers, Inc is proposing to expand it's existing facility with a roughly 24,624 SF Project Wages (10 years) $63,115,627 transfer station. The project calls for an investment of over $5.5 million and include the Construction Wages $4,715,750 remediation of soil on the adjacent lot, site work, construction of transfer station and purchase of equipment. Employee Benefits (10 years) $18,540,698 Project Capital Investment $3,335,908 Agency Fees $60,591 Benefit:Cost Ratio 195.80 :1 Copyright Onondaga County Industry Development Agency, All Rights Reserved Syracuse Haulers Waste Removal, Inc. 9/12/2022 A) PILOTS Estimate Table Worksheet DRAFT for 10 years OCIDA estimate of current market value $ 695,000.00 Projected investment $ 2,856,444.00 OCIDA estimate of increase in value $ 622,430.01 OCIDA estimated value after project is completed $ 1,317,430.01 Taxes that would have been collected if the project did not occur $ 271,786.77 Scheduled PILOT payments $ 385,294.14 OCIDA estimate of current market value $ 695,000.00 Projected investment $ 2,856,444.00 OCIDA estimate of increase in value $ 622,430.01 OCIDA estimated value after project is completed $ 1,317,430.01 Taxes that would have been collected if the project did not occur $ 271,786.77 Scheduled PILOT payments $ 385,294.14 East Syracuse- Full Tax Onondaga PILOT YEAR Exemption % DeWitt Minoa School Total PILOT Payment w/o Net Exemption County District PILOT East Syracuse- Full Tax Onondaga PILOT YEAR Exemption % DeWitt Minoa School Total PILOT Payment w/o Net Exemption County District PILOT 1 100% $ 3,660.19 $ 3,622.55 $ 17,538.60 $ 24,821.34 $ 47,050.91 $ 22,229.57 2 90% $ 4,067.75 $ 4,025.92 $ 19,491.51 $ 27,585.18 $ 47,991.93 $ 20,406.74 3 80% $ 4,490.15 $ 4,443.97 $ 21,515.53 $ 30,449.65 $ 48,951.77 $ 18,502.11 4 70% $ 4,927.82 $ 4,877.14 $ 23,612.71 $ 33,417.67 $ 49,930.80 $ 16,513.14 5 60% $ 5,381.20 $ 5,325.86 $ 25,785.17 $ 36,492.22 $ 50,929.42 $ 14,437.20 6 50% $ 5,850.74 $ 5,790.57 $ 28,035.08 $ 39,676.39 $ 51,948.00 $ 12,271.62 7 40% $ 6,336.91 $ 6,271.74 $ 30,364.67 $ 42,973.32 $ 52,986.96 $ 10,013.64 8 30% $ 6,840.19 $ 6,769.84 $ 32,776.24 $ 46,386.27 $ 54,046.70 $ 7,660.44 9 20% $ 7,361.06 $ 7,285.36 $ 35,272.12 $ 49,918.54 $ 55,127.64 $ 5,209.10 10 10% $ 7,900.04 $ 7,818.79 $ 37,854.73 $ 53,573.55 $ 56,230.19 $ 2,656.64 TOTAL $ 56,816.05 $ 56,231.74 $ 272,246.35 $ 385,294.14 $ 515,194.32 $ 129,900.18 1 100% $ 3,660.19 $ 3,622.55 $ 17,538.60 $ 24,821.34 $ 47,050.91 $ 22,229.57 2 90% $ 4,067.75 $ 4,025.92 $ 19,491.51 $ 27,585.18 $ 47,991.93 $ 20,406.74 3 80% $ 4,490.15 $ 4,443.97 $ 21,515.53 $ 30,449.65 $ 48,951.77 $ 18,502.11 4 70% $ 4,927.82 $ 4,877.14 $ 23,612.71 $ 33,417.67 $ 49,930.80 $ 16,513.14 5 60% $ 5,381.20 $ 5,325.86 $ 25,785.17 $ 36,492.22 $ 50,929.42 $ 14,437.20 6 50% $ 5,850.74 $ 5,790.57 $ 28,035.08 $ 39,676.39 $ 51,948.00 $ 12,271.62 7 40% $ 6,336.91 $ 6,271.74 $ 30,364.67 $ 42,973.32 $ 52,986.96 $ 10,013.64 8 30% $ 6,840.19 $ 6,769.84 $ 32,776.24 $ 46,386.27 $ 54,046.70 $ 7,660.44 9 20% $ 7,361.06 $ 7,285.36 $ 35,272.12 $ 49,918.54 $ 55,127.64 $ 5,209.10 10 10% $ 7,900.04 $ 7,818.79 $ 37,854.73 $ 53,573.55 $ 56,230.19 $ 2,656.64 TOTAL $ 56,816.05 $ 56,231.74 $ 272,246.35 $ 385,294.14 $ 515,194.32 $ 129,900.18 Year DRAFT Project Tax Billing and Payment Schedule 0 1 2 3 1. The anticipated PILOT Filing is Q 4 2022 Jobs 2. Applicant will NOT receive a 2023-24 School Tax Bill in September 2023 Current/Actuals 78 3. Applicant will receive a 2023 Town and County Tax Bill in January 2023 Creation Goals 10 0 5. Applicant will not receive a 2024 Town and County Tax Bill Total Employment Goals 88 6 2 2 6. Applicant will receive an OCIDA PILOT Bill for Year 1 in January 2024 Copyright Onondaga County Industry Development Agency, All Rights Reserved Year DRAFT Project Tax Billing and Payment Schedule 0 1 2 3 1. The anticipated PILOT Filing is Q 4 2022 Jobs 2. Applicant will NOT receive a 2023-24 School Tax Bill in September 2023 Current/Actuals 78 3. Applicant will receive a 2023 Town and County Tax Bill in January 2023 Creation Goals 10 0 5. Applicant will not receive a 2024 Town and County Tax Bill Total Employment Goals 88 6 2 2 6. Applicant will receive an OCIDA PILOT Bill for Year 1 in January 2024 Copyright Onondaga County Industry Development Agency, All Rights Reserved ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. In accordance with Section 224-a(8)(d) of Article 8 of the New York Labor Law, the Agency has identified that any “financial assistance” (within the meaning of Section 858 of the General Municipal Law) granted by the Agency to the Applicant consisting of sales and use tax exemption benefits, mortgage recording tax exemption benefits and real property tax exemption benefits, constitutes “public funds” within the meaning of Section 224-a(2)(b) of Article 8 of the New York Labor Law and such funds are not excluded under Section 224-a(3) of Article 8 of the New York Labor Law. The Agency hereby notifies the Applicant of the Applicant’s obligations under Section 224-a (8)(a) of Article 8 of the New York Labor Law. 2. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 3. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 4. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. In accordance with Section 224-a(8)(d) of Article 8 of the New York Labor Law, the Agency has identified that any “financial assistance” (within the meaning of Section 858 of the General Municipal Law) granted by the Agency to the Applicant consisting of sales and use tax exemption benefits, mortgage recording tax exemption benefits and real property tax exemption benefits, constitutes “public funds” within the meaning of Section 224-a(2)(b) of Article 8 of the New York Labor Law and such funds are not excluded under Section 224-a(3) of Article 8 of the New York Labor Law. The Agency hereby notifies the Applicant of the Applicant’s obligations under Section 224-a (8)(a) of Article 8 of the New York Labor Law. 2. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 3. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 4. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 5. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 6. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. 7. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 5. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 6. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. 7. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 8. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. 9. A complete Application consists of the following 9 items:  This Application  Local Access Agreement  Employment Plan Onondaga County Industrial Development Agency Page 1 Page 242  Conflict of Interest  A feasibility statement indicating the need for the requested benefits  Description of Project, Site Plans/Sketches, and Maps  NYS Full Environmental Assessment Form  A check payable to the Agency in the amount of $1,000  A check payable to Barclay Damon LLP in the amount of $2,500 10. This Application was adopted by the OCIDA Board on January 18, 2022. Onondaga County Industrial Development Agency Page 2 Page 243 8. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. 9. A complete Application consists of the following 9 items:  This Application  Local Access Agreement  Employment Plan Onondaga County Industrial Development Agency Page 1 Page 242  Conflict of Interest  A feasibility statement indicating the need for the requested benefits  Description of Project, Site Plans/Sketches, and Maps  NYS Full Environmental Assessment Form  A check payable to the Agency in the amount of $1,000  A check payable to Barclay Damon LLP in the amount of $2,500 10. This Application was adopted by the OCIDA Board on January 18, 2022. Onondaga County Industrial Development Agency Page 2 Page 243 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 8/30/22 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 8/30/22 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: Click here to enter text. Syracuse Haulers Waste Removal, Inc. Applicant/ Project Operator Address: 6223 Thompson Road, Suite 1000, Syracuse, NY 13206 Phone: 315-426-6771 Fax: 315-426-6770 www.syracusehaulers.com Website: E-mail: rocco@syracusehaulers.com Federal ID#: 16-1451841 NAICS: 562000 State and Year of Incorporation/Organization: __________________________________________ New York 1991 Owner (if different from Applicant/Project Operator): ____________________________________ Owner Address: Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ Rocco A Grosso B) Individual Completing Application: Name: Nicole Walz Title: Controller Address: 6223 Thompson Road, Suite 1000, Syracuse, NY 13206 Phone: 315-426-6771 Fax: 315-426-6770 E-mail: nicole@syracusehaulers.com Onondaga County Industrial Development Agency Page 1 Page 244 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: Click here to enter text. Syracuse Haulers Waste Removal, Inc. Applicant/ Project Operator Address: 6223 Thompson Road, Suite 1000, Syracuse, NY 13206 Phone: 315-426-6771 Fax: 315-426-6770 www.syracusehaulers.com Website: E-mail: rocco@syracusehaulers.com Federal ID#: 16-1451841 NAICS: 562000 State and Year of Incorporation/Organization: __________________________________________ New York 1991 Owner (if different from Applicant/Project Operator): ____________________________________ Owner Address: Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ Rocco A Grosso B) Individual Completing Application: Name: Nicole Walz Title: Controller Address: 6223 Thompson Road, Suite 1000, Syracuse, NY 13206 Phone: 315-426-6771 Fax: 315-426-6770 E-mail: nicole@syracusehaulers.com Onondaga County Industrial Development Agency Page 1 Page 244 C) Company Contact (if different from individual completing application): Name: Sarah Stephens Title: Consultant Address: 201 Croyden Road Phone: 315-530-2502 Cell Phone: E-mail: sarah@ssfundingresources.com D) Company Counsel: Name of Attorney: Gregory M Brown Firm Name: Brown Duke & Fogel, PC Address: 120 Madison Street, Suite 1620, Syracuse, NY 13202 Phone: 315-399-4343 Cell Phone: E-mail: gbrown@bdflegal.com E) Business Organization (check appropriate category): ☐ Corporation ☐Partnership ☐ Public Corporation ☐Joint Venture ☐ Sole Proprietorship ☐Limited Liability Company ☐ Other (please specify): Year Established: 1991 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership Rocco A Grosso 100% Onondaga County Industrial Development Agency Page 2 Page 245 G) Applicant Business Description: Estimated % of sales within Onondaga County: ________________________________________ 89% C) Company Contact (if different from individual completing application): Name: Sarah Stephens Title: Consultant Address: 201 Croyden Road Phone: 315-530-2502 Cell Phone: E-mail: sarah@ssfundingresources.com D) Company Counsel: Name of Attorney: Gregory M Brown Firm Name: Brown Duke & Fogel, PC Address: 120 Madison Street, Suite 1620, Syracuse, NY 13202 Phone: 315-399-4343 Cell Phone: E-mail: gbrown@bdflegal.com E) Business Organization (check appropriate category): ☐ Corporation ☐Partnership ☐ Public Corporation ☐Joint Venture ☐ Sole Proprietorship ☐Limited Liability Company ☐ Other (please specify): Year Established: 1991 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership Rocco A Grosso 100% Onondaga County Industrial Development Agency Page 2 Page 245 G) Applicant Business Description: Estimated % of sales within Onondaga County: ________________________________________ 89% Estimated % of sales outside Onondaga County but within New York State: 11% Estimated % of sales outside New York State but within the U.S.: 0 Estimated % of sales outside the U.S.: 0 (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ☐Yes ☐No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐Yes ☐No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? Please attach any explanations. ☐Yes ☐No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ☐Yes ☐No Onondaga County Industrial Development Agency Page 3 Page 246 Estimated % of sales outside Onondaga County but within New York State: 11% Estimated % of sales outside New York State but within the U.S.: 0 Estimated % of sales outside the U.S.: 0 (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ☐Yes ☐No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐Yes ☐No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? Please attach any explanations. ☐Yes ☐No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ☐Yes ☐No Onondaga County Industrial Development Agency Page 3 Page 246 Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 6223 Thompson Road Legal Address (if different): City: Syracuse Village/Town: Town of Dewitt Zip Code: 13206 School District: Jamesville-Dewitt Tax Map Parcel ID(s): 033-04-10.1, 033-04-10.3, 033-04-13.1 Full Market Value: ________________ $695,000 Footage of Existing Building: _________________ 112,700 Census Tract: ___________________________________________________________________ 144 B) Type (Check all that apply): ☐New construction ☐Purchase of machinery and/or equipment ☐Expansion/Addition to current facilities ☐Brownfield/Remediated Brownfield ☐Renovation of existing facility ☐LEED Certification ☐ Housing Project ☐Demolition and Construction ☐ Renewable Energy Project ☐Acquisition of existing facility/property ☐ Retail ☐Other: Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 6223 Thompson Road Legal Address (if different): City: Syracuse Village/Town: Town of Dewitt Zip Code: 13206 School District: Jamesville-Dewitt Tax Map Parcel ID(s): 033-04-10.1, 033-04-10.3, 033-04-13.1 Full Market Value: ________________ $695,000 Footage of Existing Building: _________________ 112,700 Census Tract: ___________________________________________________________________ 144 B) Type (Check all that apply): ☐New construction ☐Purchase of machinery and/or equipment ☐Expansion/Addition to current facilities ☐Brownfield/Remediated Brownfield ☐Renovation of existing facility ☐LEED Certification ☐ Housing Project ☐Demolition and Construction ☐ Renewable Energy Project ☐Acquisition of existing facility/property ☐ Retail ☐Other: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: ☐ i) a description of your Company’s background, customers, goods and services and the principal products to be produced and/or the principal activities that will occur on the Project site; ☐ (ii) the size of the Project in square feet and a breakdown of square footage per each intended use; ☐ (iii) the size of the lot upon which the Project sits or is to be constructed; ☐ (iv) the current use of the site and the intended use of the site upon completion of the Project; ☐ (vi) describe your method for site control (Own, lease, other). own Onondaga County Industrial Development Agency Page 4 Page 247 E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ☐ i) a description of your Company’s background, customers, goods and services and the principal products to be produced and/or the principal activities that will occur on the Project site; ☐ (ii) the size of the Project in square feet and a breakdown of square footage per each intended use; ☐ (iii) the size of the lot upon which the Project sits or is to be constructed; ☐ (iv) the current use of the site and the intended use of the site upon completion of the Project; ☐ (vi) describe your method for site control (Own, lease, other). own Onondaga County Industrial Development Agency Page 4 Page 247 E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ☐ Industrial ☐Bank Office ☐ Acquisition of Existing Facility ☐Retail ( see page 14) ☐ Housing Project ( see page 17 ) ☐Mixed Use ☐ Equipment Purchase ☐Facility for Aging ☐ Multi-Use Tenant ☐Civic Facility (not for profit) ☐ Renewable Energy Project ( see page 15) ☐Other ______________________ ☐ Commercial F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ☐Yes ☐No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ☐Yes ☐No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ☐Yes ☐No ☐ Industrial ☐Bank Office ☐ Acquisition of Existing Facility ☐Retail ( see page 14) ☐ Housing Project ( see page 17 ) ☐Mixed Use ☐ Equipment Purchase ☐Facility for Aging ☐ Multi-Use Tenant ☐Civic Facility (not for profit) ☐ Renewable Energy Project ( see page 15) ☐Other ______________________ ☐ Commercial F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ☐Yes ☐No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ☐Yes ☐No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ☐Yes ☐No H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ☐Yes ☐No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ☐Yes. What is the status? ☐No. When will the plans be submitted? ______ Septmber 2022 June 2022 ______________________________________________ Onondaga County Industrial Development Agency Page 5 Page 248 H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ☐Yes ☐No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ☐Yes. What is the status? ☐No. When will the plans be submitted? ______ Septmber 2022 June 2022 ______________________________________________ Onondaga County Industrial Development Agency Page 5 Page 248 2. Has the project received site plan approval from the town or local planning board? ☐Yes ☐No 3. If no, what is the anticipated approval date? ________________________________ 9/15/2022 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ☐Yes ☐No If yes, please attach an explanation. The newly acquired parcel was the former site of Oberdorfer; the site has DEC approved BUD that has been renewed for Syracuse Haulers. The site will require capping of some areas as well as other soil remediation and controls. Onondaga County Industrial Development Agency Page 6 Page 249 Section III: Construction A) Project Costs and Finances 2. Has the project received site plan approval from the town or local planning board? ☐Yes ☐No 3. If no, what is the anticipated approval date? ________________________________ 9/15/2022 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ☐Yes ☐No If yes, please attach an explanation. The newly acquired parcel was the former site of Oberdorfer; the site has DEC approved BUD that has been renewed for Syracuse Haulers. The site will require capping of some areas as well as other soil remediation and controls. Onondaga County Industrial Development Agency Page 6 Page 249 Section III: Construction A) Project Costs and Finances Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition 0 0 0 Site Work/Demo 479464 100 479464 Building Construction & Renovation 2,856,444 100 2,856,444 Furniture & Fixtures Equipment* 1136367 100 1136367 Engineering/Architect 285,000 100 285,000 sFinancial Charges Legal 10,000 100 10,000 Other Management/Developer Fees Total Project Cost 4,767,275 4,767,275 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 4,767,275 Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition 0 0 0 Site Work/Demo 479464 100 479464 Building Construction & Renovation 2,856,444 100 2,856,444 Furniture & Fixtures Equipment* 1136367 100 1136367 Engineering/Architect 285,000 100 285,000 sFinancial Charges Legal 10,000 100 10,000 Other Management/Developer Fees Total Project Cost 4,767,275 4,767,275 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 4,767,275 Project refinancing: estimated amount (For refinancing of existing debt only) $0 Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 1,440,663 2. Equity (excluding equity that is attributed to grants/tax credits) $ 2,214,339 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 0 4. Taxable Bond Issuance (if applicable) $ 0 Onondaga County Industrial Development Agency Page 7 Page 250 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ 1,112,273 Project refinancing: estimated amount (For refinancing of existing debt only) $0 Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 1,440,663 2. Equity (excluding equity that is attributed to grants/tax credits) $ 2,214,339 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 0 4. Taxable Bond Issuance (if applicable) $ 0 Onondaga County Industrial Development Agency Page 7 Page 250 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ 1,112,273 -Identify each state and federal grant/credit: ESD pending application $ 1,112,273 $ $ 6. Total Sources of Funds for Project Costs $ _______________ 4,767,275 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ☐Yes ☐No If yes, provide number of FTE jobs at the facility: 78 2. Complete the following: -Identify each state and federal grant/credit: ESD pending application $ 1,112,273 $ $ 6. Total Sources of Funds for Project Costs $ _______________ 4,767,275 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ☐Yes ☐No If yes, provide number of FTE jobs at the facility: 78 2. Complete the following: Estimate the number of FTE jobs to be retained as a result of this Project: 78 Estimate the number of construction jobs to be created by this Project: 100 estimate Estimate the average length of construction jobs to be created (months): 13 months Current annual payroll at facility: 4,902,000 Please list, if any, benefits that will be available to either full and/or part time health insurance, 401k, vacation days, personal days employees: Average annual benefit paid by the company ($ or % salary) per FTE job: 16,000 Amount or percent of wage employees pay for benefits: 0 Provide an estimate of the number of residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: 10 Onondaga County Industrial Development Agency Page 8 Page 251 Estimate the number of FTE jobs to be retained as a result of this Project: 78 Estimate the number of construction jobs to be created by this Project: 100 estimate Estimate the average length of construction jobs to be created (months): 13 months Current annual payroll at facility: 4,902,000 Please list, if any, benefits that will be available to either full and/or part time health insurance, 401k, vacation days, personal days employees: Average annual benefit paid by the company ($ or % salary) per FTE job: 16,000 Amount or percent of wage employees pay for benefits: 0 Provide an estimate of the number of residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: 10 Onondaga County Industrial Development Agency Page 8 Page 251 D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) Drivers / Thrower 2,506,000 37 Sales Reps 331,000 4 Management & Office Support 927,000 18 Recycling / Separation 130,000 3 Shop / Buildings & Grounds 1,008,000 16 Please use this chart to illustrate the projected employment growth: D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) Drivers / Thrower 2,506,000 37 Sales Reps 331,000 4 Management & Office Support 927,000 18 Recycling / Separation 130,000 3 Shop / Buildings & Grounds 1,008,000 16 Please use this chart to illustrate the projected employment growth: Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 Supervisor $65,000 1 0 0 Operator $60,000 1 1 0 Spotter $50,000 1 0 0 Sorter $42,000 3 1 2 If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ☐ Real Property Tax Abatement (PILOT): TBD ☐ Mortgage Recording Tax Exemption (.75% of amount mortgaged): 10,804.97 ☐ Sales and Use Tax Exemption (4% Local, 4% State): 205,167 ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 252 Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 Supervisor $65,000 1 0 0 Operator $60,000 1 1 0 Spotter $50,000 1 0 0 Sorter $42,000 3 1 2 If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ☐ Real Property Tax Abatement (PILOT): TBD ☐ Mortgage Recording Tax Exemption (.75% of amount mortgaged): 10,804.97 ☐ Sales and Use Tax Exemption (4% Local, 4% State): 205,167 ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 252 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ 1,440,663 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 10,804.97 G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ 2,564,589 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ 205,167 Onondaga County Industrial Development Agency Page 10 Page 253 Section IV: Estimate of Real Property Tax Abatement Benefits F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ 1,440,663 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 10,804.97 G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ 2,564,589 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ 205,167 Onondaga County Industrial Development Agency Page 10 Page 253 Section IV: Estimate of Real Property Tax Abatement Benefits Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga County Industrial Development Agency Page 11 Page 254 Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga County Industrial Development Agency Page 11 Page 254 SECTION: V ForProjects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ☐Yes ☐No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ☐Yes ☐No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐Yes ☐No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located. ☐Yes ☐No Onondaga County Industrial Development Agency Page 12 Page 255 SECTION: V ForProjects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ☐Yes ☐No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ☐Yes ☐No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐Yes ☐No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located. ☐Yes ☐No Onondaga County Industrial Development Agency Page 12 Page 255 SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ☐ Yes, please provide a copy of the lease ☐ No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ☐ Yes ☐ No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ☐ Yes. Please provide copy. ☐ No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ☐ Yes. Please provide copy. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ☐ Yes, please provide a copy of the lease ☐ No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ☐ Yes ☐ No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ☐ Yes. Please provide copy. ☐ No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ☐ Yes. Please provide copy. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR GUIDANCE & BEST PRACTICE Onondaga County Industrial Development Agency Page 13 Page 256 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR GUIDANCE & BEST PRACTICE Onondaga County Industrial Development Agency Page 13 Page 256 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. 8. Absent a showing otherwise by the Company, deemed acceptable by the Agency in the sole and absolute discretion, the Company must close with the Agency on a project prior to consideration of any requested organizational structure or project entity ownership changes. 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. 8. Absent a showing otherwise by the Company, deemed acceptable by the Agency in the sole and absolute discretion, the Company must close with the Agency on a project prior to consideration of any requested organizational structure or project entity ownership changes. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 14 Page 257 You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 14 Page 257 SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga County Industrial Development Agency Page 15 Page 258 Section VIII: Local Access Policy Agreement SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga County Industrial Development Agency Page 15 Page 258 Section VIII: Local Access Policy Agreement In absence of a waiver permitting otherwise, every project seeking the assistance of the Onondaga County Industrial Development Agency (Agency) must use local general contractors, sub- contractors, and labor for one-hundred percent (100%) of the construction of new, expanded, or renovated facilities. The project’s construction or project manager need not be a local company. Noncompliance may result in the revocation and/or recapture of all benefits extended to the project by the Agency. Local Labor is defined as laborers permanently residing in the State of New York counties of Cayuga, Cortland, Herkimer, Jefferson, Madison, Oneida, Onondaga, Oswego, Tompkins, and Wayne. Local (General/Sub) Contractor is defined as a contractor operating a permanent office in the State of New York counties of Cayuga, Cortland, Herkimer, Jefferson, Madison, Oneida, Onondaga, Oswego, Tompkins and Wayne. The Agency may determine on a case-by-case basis to waive the Local Access Policy for a project or for a portion of a project where consideration of warranty issues, necessity of specialized skills, significant cost differentials between local and non-local services or other compelling circumstances exist. The procedure to address a local labor waiver can be found in the OCIDA handbook, which is available upon request. Prior to issuance of any NYS Tax & Finance ST-60 forms, the Applicant must submit a Contractor Status Report to the Agency. In absence of a waiver permitting otherwise, every project seeking the assistance of the Onondaga County Industrial Development Agency (Agency) must use local general contractors, sub- contractors, and labor for one-hundred percent (100%) of the construction of new, expanded, or renovated facilities. The project’s construction or project manager need not be a local company. Noncompliance may result in the revocation and/or recapture of all benefits extended to the project by the Agency. Local Labor is defined as laborers permanently residing in the State of New York counties of Cayuga, Cortland, Herkimer, Jefferson, Madison, Oneida, Onondaga, Oswego, Tompkins, and Wayne. Local (General/Sub) Contractor is defined as a contractor operating a permanent office in the State of New York counties of Cayuga, Cortland, Herkimer, Jefferson, Madison, Oneida, Onondaga, Oswego, Tompkins and Wayne. The Agency may determine on a case-by-case basis to waive the Local Access Policy for a project or for a portion of a project where consideration of warranty issues, necessity of specialized skills, significant cost differentials between local and non-local services or other compelling circumstances exist. The procedure to address a local labor waiver can be found in the OCIDA handbook, which is available upon request. Prior to issuance of any NYS Tax & Finance ST-60 forms, the Applicant must submit a Contractor Status Report to the Agency. In consideration of the extension of financial assistance by the Agency Syracuse Haulers (the Company) understands the Local Access Policy and agrees to complete Appendix C of the Agency’s application at the time of the application to the Agency and as part of a request to extend the valid date of the Agency’s tax-exempt certificate for the Project. The Company understands that an Agency tax-exempt certificate is typically valid for 12 months from the effective date of the project inducement and extended thereafter upon request by the Company. The Company further understands that any request for a waiver to this policy must be submitted in writing and approved by the Agency. I agree to the conditions of this agreement and certify all information provided regarding the construction and employment activities for the project as of 8/30/22 (date). Company: Syracuse Haulers Waste Removal, Inc. Representative for Contract: Rocco Grosso __ Address: 6223 Thompson Road, Suite 1000 City: Syracuse State: NY Zip: 13206 Phone: 315-426-6771 Email: rocco@syracusehaulers.com Project Address: 6223 Thompson Road City: Syracuse State: NY Zip: 13206 In consideration of the extension of financial assistance by the Agency Syracuse Haulers (the Company) understands the Local Access Policy and agrees to complete Appendix C of the Agency’s application at the time of the application to the Agency and as part of a request to extend the valid date of the Agency’s tax-exempt certificate for the Project. The Company understands that an Agency tax-exempt certificate is typically valid for 12 months from the effective date of the project inducement and extended thereafter upon request by the Company. The Company further understands that any request for a waiver to this policy must be submitted in writing and approved by the Agency. I agree to the conditions of this agreement and certify all information provided regarding the construction and employment activities for the project as of 8/30/22 (date). Company: Syracuse Haulers Waste Removal, Inc. Representative for Contract: Rocco Grosso __ Address: 6223 Thompson Road, Suite 1000 City: Syracuse State: NY Zip: 13206 Phone: 315-426-6771 Email: rocco@syracusehaulers.com Project Address: 6223 Thompson Road City: Syracuse State: NY Zip: 13206 General Contractor: TBD Contact Person: Address: City: State: Zip: Phone: Email: Authorized Representative: Title: Signature: Onondaga County Industrial Development Agency Page 16 Page 259 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS N Non- refundable Application Fee (All projects $1,000 Due at time of except Solar Projects) application Non-refundable Application Fee (Solar $10,000 Projects Only) L Legal Deposit (All projects except Solar $2,500 Due at time of Projects) application S Legal Deposit (Solar Projects Only) $5,000 Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing General Contractor: TBD Contact Person: Address: City: State: Zip: Phone: Email: Authorized Representative: Title: Signature: Onondaga County Industrial Development Agency Page 16 Page 259 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS N Non- refundable Application Fee (All projects $1,000 Due at time of except Solar Projects) application Non-refundable Application Fee (Solar $10,000 Projects Only) L Legal Deposit (All projects except Solar $2,500 Due at time of Projects) application S Legal Deposit (Solar Projects Only) $5,000 Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond Due at closing amount Fe Fee for expenses above $20 million .. .0 .00125 X of project cost or bond amount . Amendment or Modification of IDA U Up to but not to exceed 5% of Agency Due at time of documents, including but not limited to name Fee as noted on the Cost Benefit Request or organization change, refinancing, etc. Analysis at time of project approval. Consent to the amendment or modification ofLe Attorney fees determined by OCIDA IDA documents prior to closing on the project Legal Representative. shall be given at OCIDA’s sole and absolute discretion. OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond Due at closing amount Fe Fee for expenses above $20 million .. .0 .00125 X of project cost or bond amount . Amendment or Modification of IDA U Up to but not to exceed 5% of Agency Due at time of documents, including but not limited to name Fee as noted on the Cost Benefit Request or organization change, refinancing, etc. Analysis at time of project approval. Consent to the amendment or modification ofLe Attorney fees determined by OCIDA IDA documents prior to closing on the project Legal Representative. shall be given at OCIDA’s sole and absolute discretion. OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. Onondaga County Industrial Development Agency Page 17 Page 260 Section X: Recapture of Tax Abatement/Exemptions Information to be Provided by Companies: Each Company agrees that to receive benefits from the Agency it must, whenever requested by the Agency or required under applicable statutes or project documents, provide and certify or cause to be provided and certified such information concerning the Company, its finances, its employees and other topics which shall, from time to time, be necessary or appropriate, including but not limited to, such information as to enable the Agency to make any reports required by law or governmental regulation. Please refer to the OCIDA Uniform Tax Exemption Policy. (add hyperlink) I have read the foregoing and agree to comply with all the terms and conditions contained therein as well as policies of the Onondaga County Industrial Agency. Name of Applicant Company _________________________________ Syracuse Haulers Waste Removal, Inc. Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: _________________________________ Rocco Grosso, CEO & Owner Date: ______________ Onondaga County Industrial Development Agency Page 17 Page 260 Section X: Recapture of Tax Abatement/Exemptions Information to be Provided by Companies: Each Company agrees that to receive benefits from the Agency it must, whenever requested by the Agency or required under applicable statutes or project documents, provide and certify or cause to be provided and certified such information concerning the Company, its finances, its employees and other topics which shall, from time to time, be necessary or appropriate, including but not limited to, such information as to enable the Agency to make any reports required by law or governmental regulation. Please refer to the OCIDA Uniform Tax Exemption Policy. (add hyperlink) I have read the foregoing and agree to comply with all the terms and conditions contained therein as well as policies of the Onondaga County Industrial Agency. Name of Applicant Company _________________________________ Syracuse Haulers Waste Removal, Inc. Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: _________________________________ Rocco Grosso, CEO & Owner Date: ______________ Onondaga County Industrial Development Agency Page 18 Page 261 Section XI: Conflict of Interest Agency Board Members 1. Patrick Hogan, Chairperson 2. Janice Herzog, Vice Chairperson 3. Steve Morgan, Director 4. Victor Ianno, Director 5. Sue Stanczyk, Director 6. Kevin Ryan, Director 7. Fanny Villarreal, Director Agency Officers/Staff 1. Robert M. Petrovich, Executive Director 2. Nathaniel Stevens, Treasurer 3. Nancy Lowery, Secretary 4. Karen Doster, Recording Secretary 5. Christopher Cox, Assistant Treasurer Agency Legal Counsel & Auditor 1. Jeffrey Davis, Esq., Barclay Damon LLP 2. Amanda Fitzgerald, Esq., Barclay Damon LLP 3. Michael G. Lisson, CPA, Grossman St. Amour Certified Public Accountants PLLC The Applicant has received from the Agency a list of members, officers and staff of the Agency. To the best of my knowledge, no member, officer or employee of the Agency has an interest, whether direct or indirect, in any transaction contemplated by this Application, except as hereinafter described: Name of Applicant Company _________________________________ Syracuse Haulers Waste Removal, Inc. Onondaga County Industrial Development Agency Page 18 Page 261 Section XI: Conflict of Interest Agency Board Members 1. Patrick Hogan, Chairperson 2. Janice Herzog, Vice Chairperson 3. Steve Morgan, Director 4. Victor Ianno, Director 5. Sue Stanczyk, Director 6. Kevin Ryan, Director 7. Fanny Villarreal, Director Agency Officers/Staff 1. Robert M. Petrovich, Executive Director 2. Nathaniel Stevens, Treasurer 3. Nancy Lowery, Secretary 4. Karen Doster, Recording Secretary 5. Christopher Cox, Assistant Treasurer Agency Legal Counsel & Auditor 1. Jeffrey Davis, Esq., Barclay Damon LLP 2. Amanda Fitzgerald, Esq., Barclay Damon LLP 3. Michael G. Lisson, CPA, Grossman St. Amour Certified Public Accountants PLLC The Applicant has received from the Agency a list of members, officers and staff of the Agency. To the best of my knowledge, no member, officer or employee of the Agency has an interest, whether direct or indirect, in any transaction contemplated by this Application, except as hereinafter described: Name of Applicant Company _________________________________ Syracuse Haulers Waste Removal, Inc. Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: _________________________________ Rocco Grosso, CEO & Owner Date: ______________ Onondaga County Industrial Development Agency Page 19 Page 262 Section XII: Representations, Certifications, and Indemnification Rocco Grosso (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ CEO & Owner (title) of ____________________ Syracuse Haulers Waste Removal, Inc. (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: _________________________________ Rocco Grosso, CEO & Owner Date: ______________ Onondaga County Industrial Development Agency Page 19 Page 262 Section XII: Representations, Certifications, and Indemnification Rocco Grosso (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ CEO & Owner (title) of ____________________ Syracuse Haulers Waste Removal, Inc. (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga County Industrial Development Agency Page 20 Page 263 E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga County Industrial Development Agency Page 20 Page 263 F. Prevailing Wage: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant shall determine whether the Project is a “covered project” pursuant to Section 224-a of Article 8 of the New York Labor Law and, if applicable, the Applicant shall comply with Section 224-a of Article 8 of the New York Labor Law; and the Applicant further covenants that the Applicant shall provide such evidence of the foregoing as requested by the Agency. G. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. H. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. I. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: F. Prevailing Wage: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant shall determine whether the Project is a “covered project” pursuant to Section 224-a of Article 8 of the New York Labor Law and, if applicable, the Applicant shall comply with Section 224-a of Article 8 of the New York Labor Law; and the Applicant further covenants that the Applicant shall provide such evidence of the foregoing as requested by the Agency. G. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. H. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. I. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. J. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. J. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. K. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. L. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. Onondaga County Industrial Development Agency Page 21 Page 264 M. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. K. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. L. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. Onondaga County Industrial Development Agency Page 21 Page 264 M. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. N. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. O. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. N. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. O. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. Onondaga County Industrial Development Agency Page 22 Page 265 Name of Applicant Company: _______________________________________ Syracuse Haulers Waste Removal, Inc Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: _________________________________ Rocco Grosso, CEO & Owner Date: ______________ Onondaga County Industrial Development Agency Page 22 Page 265 Name of Applicant Company: _______________________________________ Syracuse Haulers Waste Removal, Inc Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: _________________________________ Rocco Grosso, CEO & Owner Date: ______________ STATE OF NEW YORK ) COUNTY OF ONONDAGA ) ss.; , being first duly sworn, deposes and says: 1. That I am the (Corporate Officer) of (Applicant) and that I am duly authorized on behalf of the Applicant to bind the Applicant. 2. That I have read and attached Application, I Know the contents thereof, and that to the best of my knowledge and belief, this Application and the contents of this Application are true, accurate and complete (Signature of Officer) Subscribed and affirmed to me under penalties of perjury this day of , 20 . (Notary Public) End of Application Rev 1.18.22 Onondaga County Industrial Development Agency Page 23 Page 266 Project Description STATE OF NEW YORK ) COUNTY OF ONONDAGA ) ss.; , being first duly sworn, deposes and says: 1. That I am the (Corporate Officer) of (Applicant) and that I am duly authorized on behalf of the Applicant to bind the Applicant. 2. That I have read and attached Application, I Know the contents thereof, and that to the best of my knowledge and belief, this Application and the contents of this Application are true, accurate and complete (Signature of Officer) Subscribed and affirmed to me under penalties of perjury this day of , 20 . (Notary Public) End of Application Rev 1.18.22 Onondaga County Industrial Development Agency Page 23 Page 266 Project Description Syracuse Haulers is requesting assistance from OCIDA in the form of a PILOT, sales and use exceptions as well as a mortgage recording exemption. Due to the increase in material costs as well as supply chain issues, this expansion is significantly higher in cost than it would have been prior to the COVID pandemic; therefore, Syracuse Haulers is seeking the assistance from OCIDA to ensure this project can be carried out. If OCIDA is unable to assist with incentives for this project Syracuse Haulers would likely significantly decrease the size of the expansion resulting in less job creation. OCIDA”s assistance will enable Syracuse Haulers to remediate the former Oberdorfer site, expand Syracuse Hauler’s footprint, acquire new equipment and increase its workforce. Syracuse Haulers Waste Removal, Inc. intends to expand its existing facility on the 17.67 parcel (033.-04-10.1) with a roughly 24,624 SF transfer station. The newly acquired lot will likely be subdivided with existing Syracuse Haulers parcels, tax id 033.-04-10.3 and 033.-04-13.1, a September 15th Town of Dewitt site review meeting will be held where it is anticipated that the subdivision will be requested. The project calls for an investment of almost $5 million and include the remediation of soil on the adjacent lot, site work, construction of transfer station and purchase of equipment. Equipment includes a bailer, which is used for the final finished product generated in processing waste materials. Syracuse Haulers is requesting assistance from OCIDA in the form of a PILOT, sales and use exceptions as well as a mortgage recording exemption. Due to the increase in material costs as well as supply chain issues, this expansion is significantly higher in cost than it would have been prior to the COVID pandemic; therefore, Syracuse Haulers is seeking the assistance from OCIDA to ensure this project can be carried out. If OCIDA is unable to assist with incentives for this project Syracuse Haulers would likely significantly decrease the size of the expansion resulting in less job creation. OCIDA”s assistance will enable Syracuse Haulers to remediate the former Oberdorfer site, expand Syracuse Hauler’s footprint, acquire new equipment and increase its workforce. Syracuse Haulers Waste Removal, Inc. intends to expand its existing facility on the 17.67 parcel (033.-04-10.1) with a roughly 24,624 SF transfer station. The newly acquired lot will likely be subdivided with existing Syracuse Haulers parcels, tax id 033.-04-10.3 and 033.-04-13.1, a September 15th Town of Dewitt site review meeting will be held where it is anticipated that the subdivision will be requested. The project calls for an investment of almost $5 million and include the remediation of soil on the adjacent lot, site work, construction of transfer station and purchase of equipment. Equipment includes a bailer, which is used for the final finished product generated in processing waste materials. Once completed the project will include the creation of 10 new full-time jobs over the next 3 years to add to its existing workforce of 78 FTE’s. Syracuse Haulers has outgrown its existing facility and must expand in order to continue growing its business and serving its customers. The COVID pandemic brought on a number of challenges to our nation; including a labor shortage, which Syracuse Haulers, like many in its industry are still recovering from. Therefore, it is essential that Syracuse haulers, expand its footprint and purchase new equipment to increase the amount of material that can be processed. Without this expansion and purchase of equipment, Syracuse Haulers will be unable to maintain the volume of processed materials or expand its customer base, ensuring the viability of its company and workforce. Syracuse Haulers hauls and recycles both single and dual stream waste as well as construction and household waste. Syracuse Haulers processes waste and recycles material, bailing the final product. Syracuse Haulers utilizes cutting edge technology to ensure that it maximizes recycling capabilities for the waste it collects. Syracuse Haulers provides LEED services for green construction projects that need to divert from a waste facility. To date they have completed over 25 LEED certified projects with a diversion rate of 84%. Syracuse Haulers Profile Page 267 Once completed the project will include the creation of 10 new full-time jobs over the next 3 years to add to its existing workforce of 78 FTE’s. Syracuse Haulers has outgrown its existing facility and must expand in order to continue growing its business and serving its customers. The COVID pandemic brought on a number of challenges to our nation; including a labor shortage, which Syracuse Haulers, like many in its industry are still recovering from. Therefore, it is essential that Syracuse haulers, expand its footprint and purchase new equipment to increase the amount of material that can be processed. Without this expansion and purchase of equipment, Syracuse Haulers will be unable to maintain the volume of processed materials or expand its customer base, ensuring the viability of its company and workforce. Syracuse Haulers hauls and recycles both single and dual stream waste as well as construction and household waste. Syracuse Haulers processes waste and recycles material, bailing the final product. Syracuse Haulers utilizes cutting edge technology to ensure that it maximizes recycling capabilities for the waste it collects. Syracuse Haulers provides LEED services for green construction projects that need to divert from a waste facility. To date they have completed over 25 LEED certified projects with a diversion rate of 84%. Syracuse Haulers Profile Page 267 Syracuse Haulers Waste Removal, Inc. (SHWR) has 30 years of experience servicing villages and towns with residencies from 2,000 to 15,000 under multiple trash and recycling municipal contracts. SHWR has proven its ability under contracts in the Town of Manlius (8,000 homes/7800 tons trash & recycling), Town of Cicero (10,000 homes/12,500 tons trash & recycling), Town of Geddes (4,200 homes/3,500 tons trash), Town of Clay (15,000 homes/11,700 tons trash), Village of North Syracuse (2,350 homes/2,800 tons trash & recycling), Village of Manlius and the Village of Homer (1275 homes/1330 tons trash & recycling). Collection experience includes trash and recycling both curbside and automated. Recycling both dual stream and single stream. SHWR additionally services residential homes in Town of Marcellus, Town of Van Buren, Cazenovia, Madison and others. SHWR has commercial service agreements with Syracuse University 12 years, New York State Fair 6 years, Wegmans Mkts 6yrs, multiple large apartment complexes, 4 school districts and over 2,000 commercial customers and growing. We provide services for trash, recycling, food waste collection and disposal. SHWR operates in Onondaga, Madison, Oneida-Herkimer, Cortland, Thompkins, Cayuga and Jefferson counties. Syracuse Haulers Waste Removal, Inc. (SHWR) has 30 years of experience servicing villages and towns with residencies from 2,000 to 15,000 under multiple trash and recycling municipal contracts. SHWR has proven its ability under contracts in the Town of Manlius (8,000 homes/7800 tons trash & recycling), Town of Cicero (10,000 homes/12,500 tons trash & recycling), Town of Geddes (4,200 homes/3,500 tons trash), Town of Clay (15,000 homes/11,700 tons trash), Village of North Syracuse (2,350 homes/2,800 tons trash & recycling), Village of Manlius and the Village of Homer (1275 homes/1330 tons trash & recycling). Collection experience includes trash and recycling both curbside and automated. Recycling both dual stream and single stream. SHWR additionally services residential homes in Town of Marcellus, Town of Van Buren, Cazenovia, Madison and others. SHWR has commercial service agreements with Syracuse University 12 years, New York State Fair 6 years, Wegmans Mkts 6yrs, multiple large apartment complexes, 4 school districts and over 2,000 commercial customers and growing. We provide services for trash, recycling, food waste collection and disposal. SHWR operates in Onondaga, Madison, Oneida-Herkimer, Cortland, Thompkins, Cayuga and Jefferson counties. DEC Permitted Transfer Station Facility Onsite since 2006. Our DEC permitted transfer station allows us to collect and transfer various recycle items and C& D (construction and demolition material), such as clean wood, metal and sheetrock. We also provide LEED services for green construction projects that need to diverted from a waste facility. We have completed over 25 LEED certified projects with a diversion rate of 84%. Page 268 Page 269 Page 270 Page 271 Page 272 Page 273 Onondaga County Industrial Development Agency Project Summary Draft 9/1/2022 1. Project CVE US E14 North, LLC 2. Project Number 3101-21-16A 3. Location Manlius 4. School District Fayetteville-Manlius School District 6. Project Type Solar new contruction 5. Tax Parcel(s) 099.-01-03.0 0 DEC Permitted Transfer Station Facility Onsite since 2006. Our DEC permitted transfer station allows us to collect and transfer various recycle items and C& D (construction and demolition material), such as clean wood, metal and sheetrock. We also provide LEED services for green construction projects that need to diverted from a waste facility. We have completed over 25 LEED certified projects with a diversion rate of 84%. Page 268 Page 269 Page 270 Page 271 Page 272 Page 273 Onondaga County Industrial Development Agency Project Summary Draft 9/1/2022 1. Project CVE US E14 North, LLC 2. Project Number 3101-21-16A 3. Location Manlius 4. School District Fayetteville-Manlius School District 6. Project Type Solar new contruction 5. Tax Parcel(s) 099.-01-03.0 0 7.Total Project Cost $ 4,700,000 8. Total Jobs 0 Land $ 500,000 8A. Job Retention 0 Site Work $ 1,000,000 8B: Job Creation 0 Building $ (Next 5 Years) Furniture & Fixtures $ - Equipment $ 2,000,000 Equipment Subject to NYS Production $ - Exemption Engineering/Architecture Fees $ 250,000 Financial Charges $ 400,000 Legal Fees $ 100,000 Other- Solar Installation Labor $ 150,000 7.Total Project Cost $ 4,700,000 8. Total Jobs 0 Land $ 500,000 8A. Job Retention 0 Site Work $ 1,000,000 8B: Job Creation 0 Building $ (Next 5 Years) Furniture & Fixtures $ - Equipment $ 2,000,000 Equipment Subject to NYS Production $ - Exemption Engineering/Architecture Fees $ 250,000 Financial Charges $ 400,000 Legal Fees $ 100,000 Other- Solar Installation Labor $ 150,000 Cost Benefit Analysis CVE US E14 North, LLC Project Description Fiscal Impact ($) Abatement Cost $ 219,725 Sales Tax $ 188,000 Mortgage Tax $ 31,725 Property Tax Relief (PILOT) $ - New Investment $ 5,173,500 PILOT Payments $ - Project Wages (10 years) $ - Construction Wages $ 725,500 CVE USI4 Manlius West, LLC are proposing to construct a 1.5MW solar array on 13.7 acres of land in the Town of Manlius. Employee Benefits (10 years) $ - Project Capital Investment $ 4,400,000 Agency Fees $ 48,000 Cost Benefit Analysis CVE US E14 North, LLC Project Description Fiscal Impact ($) Abatement Cost $ 219,725 Sales Tax $ 188,000 Mortgage Tax $ 31,725 Property Tax Relief (PILOT) $ - New Investment $ 5,173,500 PILOT Payments $ - Project Wages (10 years) $ - Construction Wages $ 725,500 CVE USI4 Manlius West, LLC are proposing to construct a 1.5MW solar array on 13.7 acres of land in the Town of Manlius. Employee Benefits (10 years) $ - Project Capital Investment $ 4,400,000 Agency Fees $ 48,000 Benefit:Cost Ratio 24 :1 Copyright Onondaga Industrial Development Agency, All Rights Reserved Page 274 Benefit:Cost Ratio 24 :1 Copyright Onondaga Industrial Development Agency, All Rights Reserved Page 274 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 2. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 3. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 4. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 5. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 2. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 3. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 4. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 5. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. 6. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 7. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. 8. A complete Application consists of the following 9 items:  This Application  Local Access Agreement  Employment Plan  Conflict of Interest  A feasibility statement indicating the need for the requested benefits  Description of Project, Site Plans/Sketches, and Maps  NYS Full Environmental Assessment Form  A check payable to the Agency in the amount of $1,000  A check payable to Barclay Damon LLP in the amount of $2,500 9. This Application was adopted by the OCIDA Board on September 14, 2021. 6. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 7. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. 8. A complete Application consists of the following 9 items:  This Application  Local Access Agreement  Employment Plan  Conflict of Interest  A feasibility statement indicating the need for the requested benefits  Description of Project, Site Plans/Sketches, and Maps  NYS Full Environmental Assessment Form  A check payable to the Agency in the amount of $1,000  A check payable to Barclay Damon LLP in the amount of $2,500 9. This Application was adopted by the OCIDA Board on September 14, 2021. Onondaga County Industrial Development Agency Page 1 Page 275 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 08/04/22 Onondaga County Industrial Development Agency Page 1 Page 275 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 08/04/22 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: CVE US EI4 Manlius North, LLC Applicant/ Project Operator Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Fax: cvenorthamerica.com Website: E-mail: carson.weinand@cvegroup.com Federal ID#: 87-2982190 NAICS: State and Year of Incorporation/Organization: __________________________________________ New York, 2021 Owner (if different from Applicant/Project Owner): _____________________________________ CVE North America, Inc. Owner Address: 109 W 27th St, New York, NY 10001 Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ B) Individual Completing Application: Name: Carson Weinand Title: Senior Business Developer Address: 109 W 27th St, New York, NY 10001 Phone: 239-784-8080 Fax: E-mail: carson.weinand@cvegroup.com Onondaga County Industrial Development Agency Page 1 Page 276 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: CVE US EI4 Manlius North, LLC Applicant/ Project Operator Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Fax: cvenorthamerica.com Website: E-mail: carson.weinand@cvegroup.com Federal ID#: 87-2982190 NAICS: State and Year of Incorporation/Organization: __________________________________________ New York, 2021 Owner (if different from Applicant/Project Owner): _____________________________________ CVE North America, Inc. Owner Address: 109 W 27th St, New York, NY 10001 Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ B) Individual Completing Application: Name: Carson Weinand Title: Senior Business Developer Address: 109 W 27th St, New York, NY 10001 Phone: 239-784-8080 Fax: E-mail: carson.weinand@cvegroup.com Onondaga County Industrial Development Agency Page 1 Page 276 C) Company Contact (if different from individual completing application): Name: Thibaut Delespaul Title: General Manager, CVE North America, Inc. Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Cell Phone: 917-750-5110 E-mail: thibaut.delespaul@cvegroup.com D) Company Counsel: Name of Attorney: Joshua Sabo, Esq. Firm Name: Couch White, LLP Address: 540 Broadway, Albany, NY 12201 Phone: 518-320-3443 Cell Phone: E-mail: jsabo@couchwhite.com E) Business Organization (check appropriate category): ☐ Corporation ☐Partnership ☐ Public Corporation ☐Joint Venture ☐ Sole Proprietorship ☐Limited Liability Company ☐ Other (please specify): Year Established: 2021 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership CVE NA Devco, LLC 100% Onondaga County Industrial Development Agency Page 2 Page 277 G) Applicant Business Description: Please attach a description of your Company’s background, products, customers, goods and services. C) Company Contact (if different from individual completing application): Name: Thibaut Delespaul Title: General Manager, CVE North America, Inc. Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Cell Phone: 917-750-5110 E-mail: thibaut.delespaul@cvegroup.com D) Company Counsel: Name of Attorney: Joshua Sabo, Esq. Firm Name: Couch White, LLP Address: 540 Broadway, Albany, NY 12201 Phone: 518-320-3443 Cell Phone: E-mail: jsabo@couchwhite.com E) Business Organization (check appropriate category): ☐ Corporation ☐Partnership ☐ Public Corporation ☐Joint Venture ☐ Sole Proprietorship ☐Limited Liability Company ☐ Other (please specify): Year Established: 2021 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership CVE NA Devco, LLC 100% Onondaga County Industrial Development Agency Page 2 Page 277 G) Applicant Business Description: Please attach a description of your Company’s background, products, customers, goods and services. Estimated % of sales within Onondaga County: ________________________________________ 50% Estimated % of sales outside Onondaga County but within New York State: 50% Estimated % of sales outside New York State but within the U.S.: Estimated % of sales outside the U.S.: (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ☐Yes ☐No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐Yes ☐No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? Please attach any explanations. ☐Yes ☐No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ☐Yes ☐No Estimated % of sales within Onondaga County: ________________________________________ 50% Estimated % of sales outside Onondaga County but within New York State: 50% Estimated % of sales outside New York State but within the U.S.: Estimated % of sales outside the U.S.: (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ☐Yes ☐No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐Yes ☐No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? Please attach any explanations. ☐Yes ☐No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ☐Yes ☐No Onondaga County Industrial Development Agency Page 3 Page 278 Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 8107 East Seneca Turnpike (assigned by SOCPA; subdivided from No Number Duguid Rd) Legal Address (if different): City: Manlius Village/Town: Manlius Zip Code: 13104 School District: Fayetteville-Manlius Tax Map Parcel ID(s): 099.-01-03.0 (to be updated once subdivision is filed) Current Assessed Value: ________________ $251,000 (full parcel) Footage of Existing Building: _________________ 0 Census Tract: ___________________________________________________________________ B) Type (Check all that apply): Onondaga County Industrial Development Agency Page 3 Page 278 Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 8107 East Seneca Turnpike (assigned by SOCPA; subdivided from No Number Duguid Rd) Legal Address (if different): City: Manlius Village/Town: Manlius Zip Code: 13104 School District: Fayetteville-Manlius Tax Map Parcel ID(s): 099.-01-03.0 (to be updated once subdivision is filed) Current Assessed Value: ________________ $251,000 (full parcel) Footage of Existing Building: _________________ 0 Census Tract: ___________________________________________________________________ B) Type (Check all that apply): ☐New construction ☐Purchase of machinery and/or equipment ☐Expansion/Addition to current facilities ☐Brownfield/Remediated Brownfield ☐Renovation of existing facility ☐LEED Certification ☐ Housing Project ☐Demolition and Construction ☐ Renewable Energy Project ☐Acquisition of existing facility/property ☐ Retail ☐Other: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: ☐New construction ☐Purchase of machinery and/or equipment ☐Expansion/Addition to current facilities ☐Brownfield/Remediated Brownfield ☐Renovation of existing facility ☐LEED Certification ☐ Housing Project ☐Demolition and Construction ☐ Renewable Energy Project ☐Acquisition of existing facility/property ☐ Retail ☐Other: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: ☐ (i) the size of the Project in square feet and a breakdown of square footage per each intended use; ☐ (ii) the size of the lot upon which the Project sits or is to be constructed; ☐ (iii) the current use of the site and the intended use of the site upon completion of the Project; Onondaga County Industrial Development Agency Page 4 Page 279 ☐ (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; ☐ (v) please describe your method for site control (Own, lease, other). E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ☐ Industrial ☐Bank Office ☐ Acquisition of Existing Facility ☐Retail ( see page 14) ☐ Housing Project ( see page 17 ) ☐Mixed Use ☐ Equipment Purchase ☐Facility for Aging ☐ Multi-Use Tenant ☐Civic Facility (not for profit) ☐ Renewable Energy Project ( see page 15) ☐Other ______________________ ☐ Commercial ☐ (i) the size of the Project in square feet and a breakdown of square footage per each intended use; ☐ (ii) the size of the lot upon which the Project sits or is to be constructed; ☐ (iii) the current use of the site and the intended use of the site upon completion of the Project; Onondaga County Industrial Development Agency Page 4 Page 279 ☐ (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; ☐ (v) please describe your method for site control (Own, lease, other). E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ☐ Industrial ☐Bank Office ☐ Acquisition of Existing Facility ☐Retail ( see page 14) ☐ Housing Project ( see page 17 ) ☐Mixed Use ☐ Equipment Purchase ☐Facility for Aging ☐ Multi-Use Tenant ☐Civic Facility (not for profit) ☐ Renewable Energy Project ( see page 15) ☐Other ______________________ ☐ Commercial F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ☐Yes ☐No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ☐Yes ☐No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ☐Yes ☐No H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ☐Yes ☐No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ☐Yes ☐No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ☐Yes ☐No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ☐Yes ☐No H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ☐Yes ☐No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. Onondaga County Industrial Development Agency Page 5 Page 280 J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ☐Yes. What is the status? ☐No. When will the plans be submitted? _______________________________________________________ SEQRA Neg Dec and Special Use Permit have been awarded. 2. Has the project received site plan approval from the town or local planning board? ☐Yes ☐No 3. If no, what is the anticipated approval date? ________________________________ 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ☐Yes ☐No If yes, please attach an explanation. Onondaga County Industrial Development Agency Page 5 Page 280 J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ☐Yes. What is the status? ☐No. When will the plans be submitted? _______________________________________________________ SEQRA Neg Dec and Special Use Permit have been awarded. 2. Has the project received site plan approval from the town or local planning board? ☐Yes ☐No 3. If no, what is the anticipated approval date? ________________________________ 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ☐Yes ☐No If yes, please attach an explanation. Onondaga County Industrial Development Agency Page 6 Page 281 Section III: Construction A) Project Costs and Finances Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition $500,000 Site Work/Demo $1,000,000 Building Construction & Renovation Furniture & Fixtures Equipment $2,000,000 Engineering/Architect $250,000 sFinancial Charges $400,000 Legal $100,000 Other $150,000 Management/Developer Fees $300,000 Total Project Cost $4,700,000 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 4,700,000 Onondaga County Industrial Development Agency Page 6 Page 281 Section III: Construction A) Project Costs and Finances Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition $500,000 Site Work/Demo $1,000,000 Building Construction & Renovation Furniture & Fixtures Equipment $2,000,000 Engineering/Architect $250,000 sFinancial Charges $400,000 Legal $100,000 Other $150,000 Management/Developer Fees $300,000 Total Project Cost $4,700,000 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 4,700,000 Project refinancing: estimated amount (for refinancing of existing debt only) $ Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 4,230,000 2. Equity (excluding equity that is attributed to grants/tax credits) $ 470,000 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 4. Taxable Bond Issuance (if applicable) $ Onondaga County Industrial Development Agency Page 7 Page 282 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ -Identify each state and federal grant/credit: $ $ $ 6. Total Sources of Funds for Project Costs $ _______________ 4,700,000 Project refinancing: estimated amount (for refinancing of existing debt only) $ Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 4,230,000 2. Equity (excluding equity that is attributed to grants/tax credits) $ 470,000 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 4. Taxable Bond Issuance (if applicable) $ Onondaga County Industrial Development Agency Page 7 Page 282 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ -Identify each state and federal grant/credit: $ $ $ 6. Total Sources of Funds for Project Costs $ _______________ 4,700,000 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ☐Yes ☐No If yes, provide number of FTE jobs at the facility: 2. Complete the following: Estimate the number of FTE jobs to be retained as a result of this Project: 0 Estimate the number of construction jobs to be created by this Project: 40 Estimate the average length of construction jobs to be created (months): 5 months Current annual payroll at facility: Please list, if any, benefits that will be available to either full and/or part time employees: Average annual benefit paid by the company ($ or % salary) per FTE job: Amount or percent of wage employees pay for benefits: Provide an estimate of the number of residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: Onondaga County Industrial Development Agency Page 8 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ☐Yes ☐No If yes, provide number of FTE jobs at the facility: 2. Complete the following: Estimate the number of FTE jobs to be retained as a result of this Project: 0 Estimate the number of construction jobs to be created by this Project: 40 Estimate the average length of construction jobs to be created (months): 5 months Current annual payroll at facility: Please list, if any, benefits that will be available to either full and/or part time employees: Average annual benefit paid by the company ($ or % salary) per FTE job: Amount or percent of wage employees pay for benefits: Provide an estimate of the number of residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: Onondaga County Industrial Development Agency Page 8 Page 283 D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) Please use this chart to illustrate the projected employment growth: Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ☐ Real Property Tax Abatement (PILOT): ☐ Mortgage Recording Tax Exemption (.75% of amount mortgaged): 31,725 Page 283 D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) Please use this chart to illustrate the projected employment growth: Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ☐ Real Property Tax Abatement (PILOT): ☐ Mortgage Recording Tax Exemption (.75% of amount mortgaged): 31,725 ☐ Sales and Use Tax Exemption (4% Local, 4% State): 188,000 (only 4% local applies) ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 284 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ 4,230,000 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 31,725 G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ 4,700,000 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ 188,000 ☐ Sales and Use Tax Exemption (4% Local, 4% State): 188,000 (only 4% local applies) ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 284 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ 4,230,000 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 31,725 G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ 4,700,000 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ 188,000 Onondaga County Industrial Development Agency Page 10 Page 285 Section IV: Estimate of Real Property Tax Abatement Benefits Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga County Industrial Development Agency Page 10 Page 285 Section IV: Estimate of Real Property Tax Abatement Benefits Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga County Industrial Development Agency Page 11 Page 286 Onondaga County Industrial Development Agency Page 11 Page 286 SECTION: V ForProjects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ☐Yes ☐No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ☐Yes ☐No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐Yes ☐No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located. ☐Yes ☐No Onondaga County Industrial Development Agency Page 12 Page 287 SECTION: V ForProjects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ☐Yes ☐No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ☐Yes ☐No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐Yes ☐No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located. ☐Yes ☐No Onondaga County Industrial Development Agency Page 12 Page 287 SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ☐ Yes, please provide a copy of the lease ☐ No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ☐ Yes ☐ No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ☐ Yes. Please provide copy. ☐ No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ☐ Yes. Please provide copy. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ A SUP of our proposed site plan and subdivision has been received from the Town of Manlius. SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ☐ Yes, please provide a copy of the lease ☐ No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ☐ Yes ☐ No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ☐ Yes. Please provide copy. ☐ No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ☐ Yes. Please provide copy. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ A SUP of our proposed site plan and subdivision has been received from the Town of Manlius. 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR BEST PRACTICES Onondaga County Industrial Development Agency Page 13 Page 288 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR BEST PRACTICES Onondaga County Industrial Development Agency Page 13 Page 288 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 14 Page 289 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 14 Page 289 SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga County Industrial Development Agency Page 15 Page 290 Page 291 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga County Industrial Development Agency Page 15 Page 290 Page 291 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS N Non- refundable Application Fee $1,000 Due at time of application L Legal Deposit $2,500 Due at time of application Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond amount Due at closing .. Fe Fee for expenses above $20 million .0 .00125 X of project cost or bond amount OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. N Non- refundable Application Fee $1,000 Due at time of application L Legal Deposit $2,500 Due at time of application Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond amount Due at closing .. Fe Fee for expenses above $20 million .0 .00125 X of project cost or bond amount OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. Onondaga County Industrial Development Agency Page 17 Page 292 Page 293 Page 294 Section XII: Representations, Certifications, and Indemnification David Froelich (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ Director of Business Development (title) of ____________________ CVE US EI4 Manlius North, LLC (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. Onondaga County Industrial Development Agency Page 17 Page 292 Page 293 Page 294 Section XII: Representations, Certifications, and Indemnification David Froelich (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ Director of Business Development (title) of ____________________ CVE US EI4 Manlius North, LLC (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga County Industrial Development Agency Page 20 Page 295 D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga County Industrial Development Agency Page 20 Page 295 F. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. G. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. H. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: F. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. G. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. H. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. I. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. I. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. J. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. K. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. L. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. Onondaga County Industrial Development Agency Page 21 Page 296 J. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. K. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. L. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. Onondaga County Industrial Development Agency Page 21 Page 296 M. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. N. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. M. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. N. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. Onondaga County Industrial Development Agency Page 22 Page 297 Page 298 . August 6th, 2022 Onondaga County IDA 333 W. Washington St, Suite 130 Syracuse, NY 13202 RE: OCIDA Benefits Application - Section II, D: Description of Project Dear OCIDA, Please see the response from CVE US EI4 Manlius North, LLC regarding Section II, D: Description of Project of the OCIDA Application. x (i) the size of the Project in square feet and a breakdown of square footage per each intended use; - 13.7 acres, 1.5MWac x (ii) the size of the lot upon which the Project sits or is to be constructed; - 38.785 acres (per final subdivision map; to be subdivided from existing 230.854 acre parcel) x (iii) the current use of the site and the intended use of the site upon completion of the Project; - Current use of the site is an agricultural farm. The intended use of the site is solar renewable energy facility. x (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; - The generation of solar electricity. ☐ (v) please describe your method for site control (Own, lease, other). - Purchase and Sale Agreement. Onondaga County Industrial Development Agency Page 22 Page 297 Page 298 . August 6th, 2022 Onondaga County IDA 333 W. Washington St, Suite 130 Syracuse, NY 13202 RE: OCIDA Benefits Application - Section II, D: Description of Project Dear OCIDA, Please see the response from CVE US EI4 Manlius North, LLC regarding Section II, D: Description of Project of the OCIDA Application. x (i) the size of the Project in square feet and a breakdown of square footage per each intended use; - 13.7 acres, 1.5MWac x (ii) the size of the lot upon which the Project sits or is to be constructed; - 38.785 acres (per final subdivision map; to be subdivided from existing 230.854 acre parcel) x (iii) the current use of the site and the intended use of the site upon completion of the Project; - Current use of the site is an agricultural farm. The intended use of the site is solar renewable energy facility. x (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; - The generation of solar electricity. ☐ (v) please describe your method for site control (Own, lease, other). - Purchase and Sale Agreement. Sincerely, Carson Weinand Senior Business Developer Carson.weinand@cvegroup.com 239-784-8080 CVE North America, Inc. • 109 W. 27th Street • 8th Fl • • New York, NY 10001 Page • www.cvegroup.com/en 299 Onondaga County Industrial Development Agency Project Summary DRAFT 9/1/2022 1. Project CVE USI5 Manlius East, LLC 2. Project Number 3101-21-17B 3. Location Manlius 4. School District Fayetteville-Manlius School District 6. Project Type Solar new contruction 5. Tax Parcel(s) 099.-01-03.0 0 Sincerely, Carson Weinand Senior Business Developer Carson.weinand@cvegroup.com 239-784-8080 CVE North America, Inc. • 109 W. 27th Street • 8th Fl • • New York, NY 10001 Page • www.cvegroup.com/en 299 Onondaga County Industrial Development Agency Project Summary DRAFT 9/1/2022 1. Project CVE USI5 Manlius East, LLC 2. Project Number 3101-21-17B 3. Location Manlius 4. School District Fayetteville-Manlius School District 6. Project Type Solar new contruction 5. Tax Parcel(s) 099.-01-03.0 0 7.Total Project Cost $ 16,500,000 8. Total Jobs 0 Land $ 750,000 8A. Job Retention 0 Site Work $ 4,500,000 8B: Job Creation 0 Building $ (Next 5 Years) Furniture & Fixtures $ - Equipment $ Equipment Subject to NYS Production $ 5,500,000 Exemption Engineering/Architecture Fees $ 450,000 Financial Charges $ 1,200,000 Legal Fees $ 100,000 Other- Solar Installation Labor $ 3,000,000 Cost Benefit Analysis CVE USI5 Manlius East, LLC Project Description Fiscal Impact ($) Abatement Cost $ 771,375 7.Total Project Cost $ 16,500,000 8. Total Jobs 0 Land $ 750,000 8A. Job Retention 0 Site Work $ 4,500,000 8B: Job Creation 0 Building $ (Next 5 Years) Furniture & Fixtures $ - Equipment $ Equipment Subject to NYS Production $ 5,500,000 Exemption Engineering/Architecture Fees $ 450,000 Financial Charges $ 1,200,000 Legal Fees $ 100,000 Other- Solar Installation Labor $ 3,000,000 Cost Benefit Analysis CVE USI5 Manlius East, LLC Project Description Fiscal Impact ($) Abatement Cost $ 771,375 Sales Tax $ 660,000 Mortgage Tax $ 111,375 Property Tax Relief (PILOT) $ - New Investment $ 16,391,500 PILOT Payments $ - Project Wages (10 years) $ - Construction Wages $ 725,500 CVE USI5 Manlius West, LLC are proposing to construct a 5MW solar array on 36.7 acres of land in the Town of Manlius. Employee Benefits (10 years) $ - Project Capital Investment $ 15,500,000 Agency Fees $ 166,000 Benefit:Cost Ratio 21 :1 Copyright Onondaga County Industrial Development Agency, All Rights Revserved Page 300 Sales Tax $ 660,000 Mortgage Tax $ 111,375 Property Tax Relief (PILOT) $ - New Investment $ 16,391,500 PILOT Payments $ - Project Wages (10 years) $ - Construction Wages $ 725,500 CVE USI5 Manlius West, LLC are proposing to construct a 5MW solar array on 36.7 acres of land in the Town of Manlius. Employee Benefits (10 years) $ - Project Capital Investment $ 15,500,000 Agency Fees $ 166,000 Benefit:Cost Ratio 21 :1 Copyright Onondaga County Industrial Development Agency, All Rights Revserved Page 300 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 2. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 3. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 4. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 5. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 2. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 3. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 4. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 5. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. 6. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 7. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. 8. A complete Application consists of the following 9 items:  This Application  Local Access Agreement  Employment Plan  Conflict of Interest  A feasibility statement indicating the need for the requested benefits  Description of Project, Site Plans/Sketches, and Maps  NYS Full Environmental Assessment Form  A check payable to the Agency in the amount of $1,000  A check payable to Barclay Damon LLP in the amount of $2,500 9. This Application was adopted by the OCIDA Board on September 14, 2021. 6. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 7. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. 8. A complete Application consists of the following 9 items:  This Application  Local Access Agreement  Employment Plan  Conflict of Interest  A feasibility statement indicating the need for the requested benefits  Description of Project, Site Plans/Sketches, and Maps  NYS Full Environmental Assessment Form  A check payable to the Agency in the amount of $1,000  A check payable to Barclay Damon LLP in the amount of $2,500 9. This Application was adopted by the OCIDA Board on September 14, 2021. Onondaga County Industrial Development Agency Page 1 Page 301 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 08/06/22 Onondaga County Industrial Development Agency Page 1 Page 301 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 08/06/22 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: CVE US EI5 Manlius East, LLC Applicant/ Project Operator Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Fax: cvenorthamerica.com Website: E-mail: carson.weinand@cvegroup.com Federal ID#: 87-3033538 NAICS: State and Year of Incorporation/Organization: __________________________________________ New York, 2021 Owner (if different from Applicant/Project Owner): _____________________________________ Owner Address: Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ B) Individual Completing Application: Name: Carson Weinand Title: Senior Business Developer Address: 109 W 27th St, New York, NY 10001 Phone: 239-784-8080 Fax: E-mail: carson.weinand@cvegroup.com Onondaga County Industrial Development Agency Page 1 Page 302 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: CVE US EI5 Manlius East, LLC Applicant/ Project Operator Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Fax: cvenorthamerica.com Website: E-mail: carson.weinand@cvegroup.com Federal ID#: 87-3033538 NAICS: State and Year of Incorporation/Organization: __________________________________________ New York, 2021 Owner (if different from Applicant/Project Owner): _____________________________________ Owner Address: Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ B) Individual Completing Application: Name: Carson Weinand Title: Senior Business Developer Address: 109 W 27th St, New York, NY 10001 Phone: 239-784-8080 Fax: E-mail: carson.weinand@cvegroup.com Onondaga County Industrial Development Agency Page 1 Page 302 C) Company Contact (if different from individual completing application): Name: Thibaut Delespaul Title: General Manager, CVE North America, Inc. Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Cell Phone: 917-750-5110 E-mail: thibaut.delespaul@cvegroup.com D) Company Counsel: Name of Attorney: Joshua Sabo, Esq. Firm Name: Couch White, LLP Address: 540 Broadway, Albany, NY 12201 Phone: 518-320-3443 Cell Phone: E-mail: jsabo@couchwhite.com E) Business Organization (check appropriate category): ☐ Corporation ☐Partnership ☐ Public Corporation ☐Joint Venture ☐ Sole Proprietorship ☐Limited Liability Company ☐ Other (please specify): Year Established: 2021 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership CVE NA Devco, LLC 100% Onondaga County Industrial Development Agency Page 2 Page 303 G) Applicant Business Description: Please attach a description of your Company’s background, products, customers, goods and services. C) Company Contact (if different from individual completing application): Name: Thibaut Delespaul Title: General Manager, CVE North America, Inc. Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Cell Phone: 917-750-5110 E-mail: thibaut.delespaul@cvegroup.com D) Company Counsel: Name of Attorney: Joshua Sabo, Esq. Firm Name: Couch White, LLP Address: 540 Broadway, Albany, NY 12201 Phone: 518-320-3443 Cell Phone: E-mail: jsabo@couchwhite.com E) Business Organization (check appropriate category): ☐ Corporation ☐Partnership ☐ Public Corporation ☐Joint Venture ☐ Sole Proprietorship ☐Limited Liability Company ☐ Other (please specify): Year Established: 2021 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership CVE NA Devco, LLC 100% Onondaga County Industrial Development Agency Page 2 Page 303 G) Applicant Business Description: Please attach a description of your Company’s background, products, customers, goods and services. Estimated % of sales within Onondaga County: ________________________________________ 50% Estimated % of sales outside Onondaga County but within New York State: 50% Estimated % of sales outside New York State but within the U.S.: Estimated % of sales outside the U.S.: (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ☐Yes ☐No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐Yes ☐No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? Please attach any explanations. ☐Yes ☐No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ☐Yes ☐No Estimated % of sales within Onondaga County: ________________________________________ 50% Estimated % of sales outside Onondaga County but within New York State: 50% Estimated % of sales outside New York State but within the U.S.: Estimated % of sales outside the U.S.: (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ☐Yes ☐No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐Yes ☐No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? Please attach any explanations. ☐Yes ☐No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ☐Yes ☐No Onondaga County Industrial Development Agency Page 3 Page 304 Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 8109 East Seneca Turnpike (assigned by SOCPA; subdivided from No Number Duguid Rd) Legal Address (if different): City: Manlius Village/Town: Manlius Zip Code: 13104 School District: Fayetteville-Manlius Tax Map Parcel ID(s): 099.-01-03.0 (to be updated once subdivision is filed) Current Assessed Value: ________________ $251,000 (full parcel) Footage of Existing Building: _________________ 0 Census Tract: ___________________________________________________________________ B) Type (Check all that apply): Onondaga County Industrial Development Agency Page 3 Page 304 Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 8109 East Seneca Turnpike (assigned by SOCPA; subdivided from No Number Duguid Rd) Legal Address (if different): City: Manlius Village/Town: Manlius Zip Code: 13104 School District: Fayetteville-Manlius Tax Map Parcel ID(s): 099.-01-03.0 (to be updated once subdivision is filed) Current Assessed Value: ________________ $251,000 (full parcel) Footage of Existing Building: _________________ 0 Census Tract: ___________________________________________________________________ B) Type (Check all that apply): ☐New construction ☐Purchase of machinery and/or equipment ☐Expansion/Addition to current facilities ☐Brownfield/Remediated Brownfield ☐Renovation of existing facility ☐LEED Certification ☐ Housing Project ☐Demolition and Construction ☐ Renewable Energy Project ☐Acquisition of existing facility/property ☐ Retail ☐Other: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: ☐New construction ☐Purchase of machinery and/or equipment ☐Expansion/Addition to current facilities ☐Brownfield/Remediated Brownfield ☐Renovation of existing facility ☐LEED Certification ☐ Housing Project ☐Demolition and Construction ☐ Renewable Energy Project ☐Acquisition of existing facility/property ☐ Retail ☐Other: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: ☐ (i) the size of the Project in square feet and a breakdown of square footage per each intended use; ☐ (ii) the size of the lot upon which the Project sits or is to be constructed; ☐ (iii) the current use of the site and the intended use of the site upon completion of the Project; Onondaga County Industrial Development Agency Page 4 Page 305 ☐ (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; ☐ (v) please describe your method for site control (Own, lease, other). E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ☐ Industrial ☐Bank Office ☐ Acquisition of Existing Facility ☐Retail ( see page 14) ☐ Housing Project ( see page 17 ) ☐Mixed Use ☐ Equipment Purchase ☐Facility for Aging ☐ Multi-Use Tenant ☐Civic Facility (not for profit) ☐ Renewable Energy Project ( see page 15) ☐Other ______________________ ☐ Commercial ☐ (i) the size of the Project in square feet and a breakdown of square footage per each intended use; ☐ (ii) the size of the lot upon which the Project sits or is to be constructed; ☐ (iii) the current use of the site and the intended use of the site upon completion of the Project; Onondaga County Industrial Development Agency Page 4 Page 305 ☐ (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; ☐ (v) please describe your method for site control (Own, lease, other). E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ☐ Industrial ☐Bank Office ☐ Acquisition of Existing Facility ☐Retail ( see page 14) ☐ Housing Project ( see page 17 ) ☐Mixed Use ☐ Equipment Purchase ☐Facility for Aging ☐ Multi-Use Tenant ☐Civic Facility (not for profit) ☐ Renewable Energy Project ( see page 15) ☐Other ______________________ ☐ Commercial F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ☐Yes ☐No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ☐Yes ☐No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ☐Yes ☐No H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ☐Yes ☐No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ☐Yes ☐No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ☐Yes ☐No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ☐Yes ☐No H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ☐Yes ☐No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. Onondaga County Industrial Development Agency Page 5 Page 306 J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ☐Yes. What is the status? ☐No. When will the plans be submitted? _______________________________________________________ SEQRA Neg Dec and Special Use Permit have been awarded. 2. Has the project received site plan approval from the town or local planning board? ☐Yes ☐No 3. If no, what is the anticipated approval date? ________________________________ 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ☐Yes ☐No If yes, please attach an explanation. Onondaga County Industrial Development Agency Page 5 Page 306 J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ☐Yes. What is the status? ☐No. When will the plans be submitted? _______________________________________________________ SEQRA Neg Dec and Special Use Permit have been awarded. 2. Has the project received site plan approval from the town or local planning board? ☐Yes ☐No 3. If no, what is the anticipated approval date? ________________________________ 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ☐Yes ☐No If yes, please attach an explanation. Onondaga County Industrial Development Agency Page 6 Page 307 Section III: Construction A) Project Costs and Finances Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition 750,000 Site Work/Demo 4,500,000 Building Construction & Renovation Furniture & Fixtures Equipment 5,500,000 Engineering/Architect 450,000 sFinancial Charges 1,200,000 Legal 100,000 Other 3,000,000 Management/Developer Fees 1,000,000 Total Project Cost 16,5000,000 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 16,500,000 Onondaga County Industrial Development Agency Page 6 Page 307 Section III: Construction A) Project Costs and Finances Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition 750,000 Site Work/Demo 4,500,000 Building Construction & Renovation Furniture & Fixtures Equipment 5,500,000 Engineering/Architect 450,000 sFinancial Charges 1,200,000 Legal 100,000 Other 3,000,000 Management/Developer Fees 1,000,000 Total Project Cost 16,5000,000 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 16,500,000 Project refinancing: estimated amount (for refinancing of existing debt only) $ Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 14,850,000 2. Equity (excluding equity that is attributed to grants/tax credits) $ 1,650,000 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 4. Taxable Bond Issuance (if applicable) $ Onondaga County Industrial Development Agency Page 7 Page 308 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ -Identify each state and federal grant/credit: $ $ $ 6. Total Sources of Funds for Project Costs $ _______________ 16,500,000 Project refinancing: estimated amount (for refinancing of existing debt only) $ Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 14,850,000 2. Equity (excluding equity that is attributed to grants/tax credits) $ 1,650,000 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 4. Taxable Bond Issuance (if applicable) $ Onondaga County Industrial Development Agency Page 7 Page 308 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ -Identify each state and federal grant/credit: $ $ $ 6. Total Sources of Funds for Project Costs $ _______________ 16,500,000 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ☐Yes ☐No If yes, provide number of FTE jobs at the facility: 2. Complete the following: Estimate the number of FTE jobs to be retained as a result of this Project: 0 Estimate the number of construction jobs to be created by this Project: 40 Estimate the average length of construction jobs to be created (months): 5 months Current annual payroll at facility: Please list, if any, benefits that will be available to either full and/or part time employees: Average annual benefit paid by the company ($ or % salary) per FTE job: Amount or percent of wage employees pay for benefits: Provide an estimate of the number of residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: Onondaga County Industrial Development Agency Page 8 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ☐Yes ☐No If yes, provide number of FTE jobs at the facility: 2. Complete the following: Estimate the number of FTE jobs to be retained as a result of this Project: 0 Estimate the number of construction jobs to be created by this Project: 40 Estimate the average length of construction jobs to be created (months): 5 months Current annual payroll at facility: Please list, if any, benefits that will be available to either full and/or part time employees: Average annual benefit paid by the company ($ or % salary) per FTE job: Amount or percent of wage employees pay for benefits: Provide an estimate of the number of residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: Onondaga County Industrial Development Agency Page 8 Page 309 D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) Please use this chart to illustrate the projected employment growth: Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ☐ Real Property Tax Abatement (PILOT): ☐ Mortgage Recording Tax Exemption (.75% of amount mortgaged): 111,375 Page 309 D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) Please use this chart to illustrate the projected employment growth: Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ☐ Real Property Tax Abatement (PILOT): ☐ Mortgage Recording Tax Exemption (.75% of amount mortgaged): 111,375 ☐ Sales and Use Tax Exemption (4% Local, 4% State): 660,000 (only 4% local applies) ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 310 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ 14,850,000 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 111,375 G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ 16,500,000 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ 660,000 ☐ Sales and Use Tax Exemption (4% Local, 4% State): 660,000 (only 4% local applies) ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 310 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ 14,850,000 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 111,375 G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ 16,500,000 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ 660,000 Onondaga County Industrial Development Agency Page 10 Page 311 Section IV: Estimate of Real Property Tax Abatement Benefits Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga County Industrial Development Agency Page 10 Page 311 Section IV: Estimate of Real Property Tax Abatement Benefits Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga County Industrial Development Agency Page 11 Page 312 Onondaga County Industrial Development Agency Page 11 Page 312 SECTION: V ForProjects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ☐Yes ☐No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ☐Yes ☐No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐Yes ☐No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located. ☐Yes ☐No Onondaga County Industrial Development Agency Page 12 Page 313 SECTION: V ForProjects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ☐Yes ☐No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ☐Yes ☐No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐Yes ☐No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located. ☐Yes ☐No Onondaga County Industrial Development Agency Page 12 Page 313 SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ☐ Yes, please provide a copy of the lease ☐ No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ☐ Yes ☐ No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ☐ Yes. Please provide copy. ☐ No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ☐ Yes. Please provide copy. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ A SUP of our proposed site plan and subdivision has been received from the Town of Manlius. SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ☐ Yes, please provide a copy of the lease ☐ No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ☐ Yes ☐ No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ☐ Yes. Please provide copy. ☐ No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ☐ Yes. Please provide copy. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ A SUP of our proposed site plan and subdivision has been received from the Town of Manlius. 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR BEST PRACTICES Onondaga County Industrial Development Agency Page 13 Page 314 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR BEST PRACTICES Onondaga County Industrial Development Agency Page 13 Page 314 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 14 Page 315 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 14 Page 315 SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga County Industrial Development Agency Page 15 Page 316 Page 317 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga County Industrial Development Agency Page 15 Page 316 Page 317 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS N Non- refundable Application Fee $1,000 Due at time of application L Legal Deposit $2,500 Due at time of application Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond amount Due at closing .. Fe Fee for expenses above $20 million .0 .00125 X of project cost or bond amount OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. N Non- refundable Application Fee $1,000 Due at time of application L Legal Deposit $2,500 Due at time of application Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond amount Due at closing .. Fe Fee for expenses above $20 million .0 .00125 X of project cost or bond amount OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. Onondaga County Industrial Development Agency Page 17 Page 318 Page 319 Page 320 Section XII: Representations, Certifications, and Indemnification David Froelich (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ Director of Business Development (title) of ____________________ CVE US EI5 Manlius East, LLC (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. Onondaga County Industrial Development Agency Page 17 Page 318 Page 319 Page 320 Section XII: Representations, Certifications, and Indemnification David Froelich (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ Director of Business Development (title) of ____________________ CVE US EI5 Manlius East, LLC (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga County Industrial Development Agency Page 20 Page 321 D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga County Industrial Development Agency Page 20 Page 321 F. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. G. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. H. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: F. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. G. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. H. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. I. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. I. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. J. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. K. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. L. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. Onondaga County Industrial Development Agency Page 21 Page 322 J. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. K. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. L. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. Onondaga County Industrial Development Agency Page 21 Page 322 M. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. N. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. M. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. N. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. Onondaga County Industrial Development Agency Page 22 Page 323 Page 324 . August 6th, 2022 Onondaga County IDA 333 W. Washington St, Suite 130 Syracuse, NY 13202 RE: OCIDA Benefits Application - Section II, D: Description of Project Dear OCIDA, Please see the response from CVE US EI5 Manlius East, LLC regarding Section II, D: Description of Project of the OCIDA Application. x (i) the size of the Project in square feet and a breakdown of square footage per each intended use; - 36.7 acres, 5.0 MWac x (ii) the size of the lot upon which the Project sits or is to be constructed; - 68.278 acres (per final subdivision map; to be subdivided from existing 230.854 acre parcel) x (iii) the current use of the site and the intended use of the site upon completion of the Project; - Current use of the site is an agricultural farm. The intended use of the site is solar renewable energy facility. x (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; - The generation of solar electricity. ☐ (v) please describe your method for site control (Own, lease, other). - Purchase and Sale Agreement. Onondaga County Industrial Development Agency Page 22 Page 323 Page 324 . August 6th, 2022 Onondaga County IDA 333 W. Washington St, Suite 130 Syracuse, NY 13202 RE: OCIDA Benefits Application - Section II, D: Description of Project Dear OCIDA, Please see the response from CVE US EI5 Manlius East, LLC regarding Section II, D: Description of Project of the OCIDA Application. x (i) the size of the Project in square feet and a breakdown of square footage per each intended use; - 36.7 acres, 5.0 MWac x (ii) the size of the lot upon which the Project sits or is to be constructed; - 68.278 acres (per final subdivision map; to be subdivided from existing 230.854 acre parcel) x (iii) the current use of the site and the intended use of the site upon completion of the Project; - Current use of the site is an agricultural farm. The intended use of the site is solar renewable energy facility. x (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; - The generation of solar electricity. ☐ (v) please describe your method for site control (Own, lease, other). - Purchase and Sale Agreement. Sincerely, Carson Weinand Senior Business Developer Carson.weinand@cvegroup.com 239-784-8080 CVE North America, Inc. • 109 W. 27th Street • 8th Fl • • New York, NY 10001 Page • www.cvegroup.com/en 325 Onondaga County Industrial Development Agency Project Summary DRAFT 9/1/2022 1. Project CVE USI6 Manlius West, LLC 2. Project Number 3101-21-18C 3. Location Manlius 4. School District Fayetteville-Manlius School District 6. Project Type Solar new contruction 5. Tax Parcel(s) 099.-01-03.0 0 Sincerely, Carson Weinand Senior Business Developer Carson.weinand@cvegroup.com 239-784-8080 CVE North America, Inc. • 109 W. 27th Street • 8th Fl • • New York, NY 10001 Page • www.cvegroup.com/en 325 Onondaga County Industrial Development Agency Project Summary DRAFT 9/1/2022 1. Project CVE USI6 Manlius West, LLC 2. Project Number 3101-21-18C 3. Location Manlius 4. School District Fayetteville-Manlius School District 6. Project Type Solar new contruction 5. Tax Parcel(s) 099.-01-03.0 0 7.Total Project Cost $ 14,725,000 8. Total Jobs 0 Land $ 750,000 8A. Job Retention 0 Site Work $ 4,500,000 8B: Job Creation 0 Building $ (Next 5 Years) Furniture & Fixtures $ - Equipment $ Equipment Subject to NYS Production $ 5,500,000 Exemption Engineering/Architecture Fees $ 450,000 Financial Charges $ 1,150,000 Legal Fees $ 100,000 Other- Solar Installation Labor $ 1,275,000 7.Total Project Cost $ 14,725,000 8. Total Jobs 0 Land $ 750,000 8A. Job Retention 0 Site Work $ 4,500,000 8B: Job Creation 0 Building $ (Next 5 Years) Furniture & Fixtures $ - Equipment $ Equipment Subject to NYS Production $ 5,500,000 Exemption Engineering/Architecture Fees $ 450,000 Financial Charges $ 1,150,000 Legal Fees $ 100,000 Other- Solar Installation Labor $ 1,275,000 Cost Benefit Analysis CVE USI6 Manlius West, LLC Project Description Fiscal Impact ($) Abatement Cost $ 688,394 Sales Tax $ 589,000 Mortgage Tax $ 99,394 CVE USI6 Manlius West, LLC are proposing to construct a 5MW solar array on 40.7 acres of land in the Town of Property Tax Relief (PILOT) $ - Manlius. New Investment $ 14,598,750 PILOT Payments $ - Project Wages (10 years) $ - Construction Wages $ 725,500 Employee Benefits (10 years) $ - Project Capital Investment $ 13,725,000 Agency Fees $ 148,250 Cost Benefit Analysis CVE USI6 Manlius West, LLC Project Description Fiscal Impact ($) Abatement Cost $ 688,394 Sales Tax $ 589,000 Mortgage Tax $ 99,394 CVE USI6 Manlius West, LLC are proposing to construct a 5MW solar array on 40.7 acres of land in the Town of Property Tax Relief (PILOT) $ - Manlius. New Investment $ 14,598,750 PILOT Payments $ - Project Wages (10 years) $ - Construction Wages $ 725,500 Employee Benefits (10 years) $ - Project Capital Investment $ 13,725,000 Agency Fees $ 148,250 Benefit:Cost Ratio 21 :1 Copyright Onondaga County Industrial Development Agency, All Rights Reserved Page 326 Benefit:Cost Ratio 21 :1 Copyright Onondaga County Industrial Development Agency, All Rights Reserved Page 326 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 2. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 3. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 4. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 5. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR BENEFITS 1. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 2. If providing an estimate put “(est.)” after the figure or answer. If more space is needed to answer any specific question, attach a separate sheet. 3. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 4. When completed, return this Application by mail or fax to the Agency at the address indicated below. A signed application may also be submitted electronically in PDF format to Nancy Lowery at nancylowery@ongov.net. An Application will not be considered by the Agency until the Application fee has been received. 5. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at http://www.dec.ny.gov/permits/6191.html. 6. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 7. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. 8. A complete Application consists of the following 9 items:  This Application  Local Access Agreement  Employment Plan  Conflict of Interest  A feasibility statement indicating the need for the requested benefits  Description of Project, Site Plans/Sketches, and Maps  NYS Full Environmental Assessment Form  A check payable to the Agency in the amount of $1,000  A check payable to Barclay Damon LLP in the amount of $2,500 9. This Application was adopted by the OCIDA Board on September 14, 2021. 6. Please note the Public Officers Law declares all records in the possession of the OCIDA (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the project which are in the nature of trade secrets which, if disclosed to the public or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, this Applicant must identify such elements in writing and request that such elements be kept confidential. In accordance with Article 6 of the Public Officer’s Law, the OCIDA may also redact personal, private, and/or proprietary information from publicly disseminated documents. 7. The Applicant will be required to pay the Agency Application fee and, if accepted as a project of the Agency, all administrative and legal fees as stated in Section VI of the Application. 8. A complete Application consists of the following 9 items:  This Application  Local Access Agreement  Employment Plan  Conflict of Interest  A feasibility statement indicating the need for the requested benefits  Description of Project, Site Plans/Sketches, and Maps  NYS Full Environmental Assessment Form  A check payable to the Agency in the amount of $1,000  A check payable to Barclay Damon LLP in the amount of $2,500 9. This Application was adopted by the OCIDA Board on September 14, 2021. Onondaga County Industrial Development Agency Page 1 Page 327 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 08/06/22 Onondaga County Industrial Development Agency Page 1 Page 327 It is the policy of the Agency that any project receiving benefits from the Onondaga County Industrial Development Agency will utilize 100% local contractors and local labor for the construction period of the project unless a waiver is granted in writing by the Agency. Return to: Onondaga County Industrial Development Agency Attn: Nancy Lowery 333 W. Washington Street, Suite 130 Syracuse, NY 13202 Phone: 315-435-3770 | Fax: 315-435-3669 nancylowery@ongov.net Section I: Applicant Information Please answer all questions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ 08/06/22 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: CVE US EI6 Manlius West, LLC Applicant/ Project Operator Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Fax: cvenorthamerica.com Website: E-mail: carson.weinand@cvegroup.com Federal ID#: 87-3187796 NAICS: State and Year of Incorporation/Organization: __________________________________________ New York, 2021 Owner (if different from Applicant/Project Owner): _____________________________________ Owner Address: Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ B) Individual Completing Application: Name: Carson Weinand Title: Senior Business Developer Address: 109 W 27th St, New York, NY 10001 Phone: 239-784-8080 Fax: E-mail: carson.weinand@cvegroup.com Onondaga County Industrial Development Agency Page 1 Page 328 A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: CVE US EI6 Manlius West, LLC Applicant/ Project Operator Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Fax: cvenorthamerica.com Website: E-mail: carson.weinand@cvegroup.com Federal ID#: 87-3187796 NAICS: State and Year of Incorporation/Organization: __________________________________________ New York, 2021 Owner (if different from Applicant/Project Owner): _____________________________________ Owner Address: Federal ID#: State and Year of Incorporation/Organization: List of stockholders, members, or partners of Owner: ________________________________________________________________________________ B) Individual Completing Application: Name: Carson Weinand Title: Senior Business Developer Address: 109 W 27th St, New York, NY 10001 Phone: 239-784-8080 Fax: E-mail: carson.weinand@cvegroup.com Onondaga County Industrial Development Agency Page 1 Page 328 C) Company Contact (if different from individual completing application): Name: Thibaut Delespaul Title: General Manager, CVE North America, Inc. Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Cell Phone: 917-750-5110 E-mail: thibaut.delespaul@cvegroup.com D) Company Counsel: Name of Attorney: Joshua Sabo, Esq. Firm Name: Couch White, LLP Address: 540 Broadway, Albany, NY 12201 Phone: 518-320-3443 Cell Phone: E-mail: jsabo@couchwhite.com E) Business Organization (check appropriate category): ☐ Corporation ☐Partnership ☐ Public Corporation ☐Joint Venture ☐ Sole Proprietorship ☐Limited Liability Company ☐ Other (please specify): Year Established: 2021 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership CVE NA Devco, LLC 100% Onondaga County Industrial Development Agency Page 2 Page 329 G) Applicant Business Description: Please attach a description of your Company’s background, products, customers, goods and services. C) Company Contact (if different from individual completing application): Name: Thibaut Delespaul Title: General Manager, CVE North America, Inc. Address: 109 W 27th St, New York, NY 10001 Phone: 914-847-0043 Cell Phone: 917-750-5110 E-mail: thibaut.delespaul@cvegroup.com D) Company Counsel: Name of Attorney: Joshua Sabo, Esq. Firm Name: Couch White, LLP Address: 540 Broadway, Albany, NY 12201 Phone: 518-320-3443 Cell Phone: E-mail: jsabo@couchwhite.com E) Business Organization (check appropriate category): ☐ Corporation ☐Partnership ☐ Public Corporation ☐Joint Venture ☐ Sole Proprietorship ☐Limited Liability Company ☐ Other (please specify): Year Established: 2021 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership CVE NA Devco, LLC 100% Onondaga County Industrial Development Agency Page 2 Page 329 G) Applicant Business Description: Please attach a description of your Company’s background, products, customers, goods and services. Estimated % of sales within Onondaga County: ________________________________________ 50% Estimated % of sales outside Onondaga County but within New York State: 50% Estimated % of sales outside New York State but within the U.S.: Estimated % of sales outside the U.S.: (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ☐Yes ☐No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐Yes ☐No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? Please attach any explanations. ☐Yes ☐No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ☐Yes ☐No Estimated % of sales within Onondaga County: ________________________________________ 50% Estimated % of sales outside Onondaga County but within New York State: 50% Estimated % of sales outside New York State but within the U.S.: Estimated % of sales outside the U.S.: (*Percentage to equal 100%) H) Applicant History: If the answer to any of the following is “Yes”, please explain below. If necessary, attach additional information. 1. Is the company or management of the Company now a ☐Yes ☐No plaintiff or defendant in any civil or criminal litigation? 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐Yes ☐No 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? Please attach any explanations. ☐Yes ☐No I) Has the Project Beneficiary received assistance from OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? If yes please attach an explanation and please give year, project name, and description of benefits and address of project. ☐Yes ☐No Onondaga County Industrial Development Agency Page 3 Page 330 Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 8105 East Seneca Turnpike (assigned by SOCPA; subdivided from No Number Duguid Rd) Legal Address (if different): City: Manlius Village/Town: Manlius Zip Code: 13104 School District: Fayetteville-Manlius Tax Map Parcel ID(s): 099.-01-03.0 (to be updated once subdivision is filed) Current Assessed Value: ________________ $251,000 (full parcel) Footage of Existing Building: _________________ 0 Census Tract: ___________________________________________________________________ B) Type (Check all that apply): Onondaga County Industrial Development Agency Page 3 Page 330 Section II: Project and Site Information A) Project Location: Location where the investment will take place. If Company is moving, the new location should be entered here and the current location should be in Section I. Address: 8105 East Seneca Turnpike (assigned by SOCPA; subdivided from No Number Duguid Rd) Legal Address (if different): City: Manlius Village/Town: Manlius Zip Code: 13104 School District: Fayetteville-Manlius Tax Map Parcel ID(s): 099.-01-03.0 (to be updated once subdivision is filed) Current Assessed Value: ________________ $251,000 (full parcel) Footage of Existing Building: _________________ 0 Census Tract: ___________________________________________________________________ B) Type (Check all that apply): ☐New construction ☐Purchase of machinery and/or equipment ☐Expansion/Addition to current facilities ☐Brownfield/Remediated Brownfield ☐Renovation of existing facility ☐LEED Certification ☐ Housing Project ☐Demolition and Construction ☐ Renewable Energy Project ☐Acquisition of existing facility/property ☐ Retail ☐Other: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: ☐New construction ☐Purchase of machinery and/or equipment ☐Expansion/Addition to current facilities ☐Brownfield/Remediated Brownfield ☐Renovation of existing facility ☐LEED Certification ☐ Housing Project ☐Demolition and Construction ☐ Renewable Energy Project ☐Acquisition of existing facility/property ☐ Retail ☐Other: C) Project Narrative: A statement that there is a likelihood that the project would not be undertaken but for the financial assistance provided by the Agency or, if the project could be undertaken without financial assistance provided by the Agency, a statement indicating why the project should be undertaken by the agency. * For a Retail Project (also see page 14) * For a Renewable Energy Project (also see page 15) * For a Housing Project (also see page 17) D) Description of Project: Please provide a detailed narrative of the proposed Project. Please separately attach the description and any copies of site plans, sketches or maps. This narrative should include, but is not limited to: ☐ (i) the size of the Project in square feet and a breakdown of square footage per each intended use; ☐ (ii) the size of the lot upon which the Project sits or is to be constructed; ☐ (iii) the current use of the site and the intended use of the site upon completion of the Project; Onondaga County Industrial Development Agency Page 4 Page 331 ☐ (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; ☐ (v) please describe your method for site control (Own, lease, other). E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ☐ Industrial ☐Bank Office ☐ Acquisition of Existing Facility ☐Retail ( see page 14) ☐ Housing Project ( see page 17 ) ☐Mixed Use ☐ Equipment Purchase ☐Facility for Aging ☐ Multi-Use Tenant ☐Civic Facility (not for profit) ☐ Renewable Energy Project ( see page 15) ☐Other ______________________ ☐ Commercial ☐ (i) the size of the Project in square feet and a breakdown of square footage per each intended use; ☐ (ii) the size of the lot upon which the Project sits or is to be constructed; ☐ (iii) the current use of the site and the intended use of the site upon completion of the Project; Onondaga County Industrial Development Agency Page 4 Page 331 ☐ (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; ☐ (v) please describe your method for site control (Own, lease, other). E) Select Project type for all end users at Project site (you may check more than one): **Please check any and all end users as identified below ☐ Industrial ☐Bank Office ☐ Acquisition of Existing Facility ☐Retail ( see page 14) ☐ Housing Project ( see page 17 ) ☐Mixed Use ☐ Equipment Purchase ☐Facility for Aging ☐ Multi-Use Tenant ☐Civic Facility (not for profit) ☐ Renewable Energy Project ( see page 15) ☐Other ______________________ ☐ Commercial F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ☐Yes ☐No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ☐Yes ☐No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ☐Yes ☐No H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ☐Yes ☐No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. F) If applicant will not occupy 100% of the building in a real estate transaction, provide information on tenant(s) that includes name, present address, and percentage of project to be leased, type of business organization, relationship to applicant, date and term of lease. G) For the Agency to consider this Project, please provide the following information: 1. Does the Project consist of new construction or expansion or substantial renovation of an existing facility? ☐Yes ☐No 2. Will the Project create new employment opportunities or retain existing jobs that may otherwise be lost? ☐Yes ☐No 3. Does the Project beneficiary serve a customer base primarily outside of Onondaga County? ☐Yes ☐No H) Will the completion of the Project result in the removal of an industrial or manufacturing plant of the company from one area of the state to another area of the state OR in the abandonment of one or more plants or facilities of the company located within the state? Please explain if you answer “Yes” by attaching a response. ☐Yes ☐No I) Please attach a description of any compelling circumstances the Agency should be aware of while reviewing this application. Onondaga County Industrial Development Agency Page 5 Page 332 J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ☐Yes. What is the status? ☐No. When will the plans be submitted? _______________________________________________________ SEQRA Neg Dec and Special Use Permit have been awarded. 2. Has the project received site plan approval from the town or local planning board? ☐Yes ☐No 3. If no, what is the anticipated approval date? ________________________________ 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ☐Yes ☐No If yes, please attach an explanation. Onondaga County Industrial Development Agency Page 5 Page 332 J) Local Approvals (Site Plan and Environmental Review) 1. Have site plans been submitted to the appropriate town or local planning department? ☐Yes. What is the status? ☐No. When will the plans be submitted? _______________________________________________________ SEQRA Neg Dec and Special Use Permit have been awarded. 2. Has the project received site plan approval from the town or local planning board? ☐Yes ☐No 3. If no, what is the anticipated approval date? ________________________________ 4. If yes, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR determination is required for final approval and sales tax agency appointment.) 5. Environmental Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: http://www.dec.ny.gov/permits/6191.html b. Have any environmental issues been identified on the property? ☐Yes ☐No If yes, please attach an explanation. Onondaga County Industrial Development Agency Page 6 Page 333 Section III: Construction A) Project Costs and Finances Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition 750,000 Site Work/Demo 4,500,000 Building Construction & Renovation Furniture & Fixtures Equipment 5,500,000 Engineering/Architect 450,000 sFinancial Charges 1,150,000 Legal 100,000 Other 1,275,000 Management/Developer Fees 1,000,000 Total Project Cost 14,725,000 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 14,725,000 Onondaga County Industrial Development Agency Page 6 Page 333 Section III: Construction A) Project Costs and Finances Description of Costs Total % of Total Total Private Expenditure Budget Budget to be (should be less than or Amount Procured in equal to total budget Onondaga amount) County Land Acquisition 750,000 Site Work/Demo 4,500,000 Building Construction & Renovation Furniture & Fixtures Equipment 5,500,000 Engineering/Architect 450,000 sFinancial Charges 1,150,000 Legal 100,000 Other 1,275,000 Management/Developer Fees 1,000,000 Total Project Cost 14,725,000 Note: Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. You may attach a separate chart if needed. B) TOTAL Capital Costs $ 14,725,000 Project refinancing: estimated amount (for refinancing of existing debt only) $ Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 13,252,500 2. Equity (excluding equity that is attributed to grants/tax credits) $ 1,472,500 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 4. Taxable Bond Issuance (if applicable) $ Onondaga County Industrial Development Agency Page 7 Page 334 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ -Identify each state and federal grant/credit: $ $ $ 6. Total Sources of Funds for Project Costs $ _______________ 14,725,000 Project refinancing: estimated amount (for refinancing of existing debt only) $ Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 13,252,500 2. Equity (excluding equity that is attributed to grants/tax credits) $ 1,472,500 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 4. Taxable Bond Issuance (if applicable) $ Onondaga County Industrial Development Agency Page 7 Page 334 5. Public Sources (Include sum total of all state and federal grants and tax credits) $ -Identify each state and federal grant/credit: $ $ $ 6. Total Sources of Funds for Project Costs $ _______________ 14,725,000 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ☐Yes ☐No If yes, provide number of FTE jobs at the facility: 2. Complete the following: Estimate the number of FTE jobs to be retained as a result of this Project: 0 Estimate the number of construction jobs to be created by this Project: 40 Estimate the average length of construction jobs to be created (months): 5 months Current annual payroll at facility: Please list, if any, benefits that will be available to either full and/or part time employees: Average annual benefit paid by the company ($ or % salary) per FTE job: Amount or percent of wage employees pay for benefits: Provide an estimate of the number of residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: Onondaga County Industrial Development Agency Page 8 C) Employment and Payroll Information *Full Time Equivalent (FTE) is defined as one employee working no less than 40 hours per week or two or more employees together working a total of 40 hours per week. 1. Are there people currently employed at the project site? ☐Yes ☐No If yes, provide number of FTE jobs at the facility: 2. Complete the following: Estimate the number of FTE jobs to be retained as a result of this Project: 0 Estimate the number of construction jobs to be created by this Project: 40 Estimate the average length of construction jobs to be created (months): 5 months Current annual payroll at facility: Please list, if any, benefits that will be available to either full and/or part time employees: Average annual benefit paid by the company ($ or % salary) per FTE job: Amount or percent of wage employees pay for benefits: Provide an estimate of the number of residents in the Economic Development Region (Onondaga, Madison, Cayuga, Oneida, Oswego, and Cortland Counties) to fill new FTE jobs: Onondaga County Industrial Development Agency Page 8 Page 335 D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) Please use this chart to illustrate the projected employment growth: Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ☐ Real Property Tax Abatement (PILOT): ☐ Mortgage Recording Tax Exemption (.75% of amount mortgaged): 99,394 Page 335 D) New Employment Benefits i. Complete the following chart indicating the number of FTE jobs presently employed at the Project and the number of FTE jobs that will be created at the Project site at the end of the first, second, and third, years after the Project is completed. Jobs should be listed by title of category (see below), including FTE independent contractors or employees of independent contractors that work at the Project location. Do not include construction workers. ii. Feel free to include additional information or a substitute chart if you think additional material would add clarity. Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) Please use this chart to illustrate the projected employment growth: Job Title/Category Current Annual Pay Jobs Created Jobs Created Jobs Created Year 1 Year 2 Year 3 If you prefer, you may attach a job chart of your own that outlines the job growth projections regarding the Project. E) Financial Assistance sought (estimated values): ☐ Real Property Tax Abatement (PILOT): ☐ Mortgage Recording Tax Exemption (.75% of amount mortgaged): 99,394 ☐ Sales and Use Tax Exemption (4% Local, 4% State): 589,000 (only 4% local applies) ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 336 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ 13,252,500 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 99,394 G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ 14,725,000 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ 589,000 ☐ Sales and Use Tax Exemption (4% Local, 4% State): 589,000 (only 4% local applies) ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page 336 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ 13,252,500 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 99,394 G) Sales and Use Tax Benefit Calculator: Gross amount of costs for goods and services that are subject to State and local Sales and Use Tax – said amount to benefit from the Agency’s Sales and Use Tax exemption benefit: $ 14,725,000 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above) (This should match the amount in section “E” on page 9, this calculation only exists to help you with your estimate): $ 589,000 Onondaga County Industrial Development Agency Page 10 Page 337 Section IV: Estimate of Real Property Tax Abatement Benefits Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga County Industrial Development Agency Page 10 Page 337 Section IV: Estimate of Real Property Tax Abatement Benefits Section IV of this Application will be: (i) completed by IDA Staff based upon information contained within the Application, and (ii) provided to the Applicant for ultimate inclusion as part of this completed Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of current value New construction and renovation costs OCIDA estimate of increase in value OCIDA estimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Exemption County Local School Total Full Tax Net Exemption Year % PILOT PILOT PILOT PILOT Payment Amount Amount Amount w/o PILOT 1 100 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOTAL Estimates provided are based on current property tax rates and assessment value (current as of date of application submission) and have been calculated by IDA staff. Onondaga County Industrial Development Agency Page 11 Page 338 Onondaga County Industrial Development Agency Page 11 Page 338 SECTION: V ForProjects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ☐Yes ☐No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ☐Yes ☐No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐Yes ☐No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located. ☐Yes ☐No Onondaga County Industrial Development Agency Page 12 Page 339 SECTION: V ForProjects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ☐Yes ☐No 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) a poverty rate of a least 20% or at least 20% of households receiving public assistance, and (b) an unemployment rate of least 1.25 times the statewide unemployment rate for the year to which the date relates. ☐Yes ☐No 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐Yes ☐No 4. Is the predominate purpose of the Project to make available goods or services which would not, but for the Project, be reasonably accessible to the residents of the Town, City, County or Village of where the Project will be located. ☐Yes ☐No Onondaga County Industrial Development Agency Page 12 Page 339 SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ☐ Yes, please provide a copy of the lease ☐ No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ☐ Yes ☐ No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ☐ Yes. Please provide copy. ☐ No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ☐ Yes. Please provide copy. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ A SUP of our proposed site plan and subdivision has been received from the Town of Manlius. SECTION VI: For Solar Projects Only Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the Project would be affected if these benefits were not provided. [see Section II (C)] 2. Is the applicant leasing the property? ☐ Yes, please provide a copy of the lease ☐ No, purchased the property. Please provide documentation. 3. Has the applicant provided written communication to the affected taxing jurisdictions notifying them of its intent to construct a renewable energy project? ☐ Yes ☐ No 4. Has the applicant received a letter of support for the megawatt cost to be used as a basis for the PILOT from the town, city or village where the Project is located? ☐ Yes. Please provide copy. ☐ No 5. Has the applicant received a letter of support for the megawatt cost to be used as a basis for PILOT from the school district? ☐ Yes. Please provide copy. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, if not, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: ___________________________________________ A SUP of our proposed site plan and subdivision has been received from the Town of Manlius. 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR BEST PRACTICES Onondaga County Industrial Development Agency Page 13 Page 340 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: 7. Will the applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR BEST PRACTICES Onondaga County Industrial Development Agency Page 13 Page 340 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the OCIDA meeting agenda, proposed solar projects must provide OCIDA with the following in advance of the Project’s first OCIDA meeting: 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 14 Page 341 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating municipality will be lead agency, the type of action (I, II, or unlisted) and, if completed, the SEQR determination made by the municipality. 4. Copies of your zoning applications submitted to the local municipality. 5. Verification of parcel subdivision process with the town (if the entire parcel will not be used for the solar project). 6. A statement clarifying whether the applicant will lease or purchase the real property on which the Project is situated. If leased, provide a copy of the proposed or executed lease. If lease parcel is less then entire parcel then see 5 above. 7. A supporting document from the School District and the Town Board outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. OCIDA cannot create the PILOT schedule without this information. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 14 Page 341 SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga County Industrial Development Agency Page 15 Page 342 Page 343 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS SECTION VII: For Housing Projects Only Please complete the following as an addendum: 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe how the project would be impacted if these benefits were not provided. [see Section II (C)] 2. Is the Project being built in a blighted area? Please describe. 3. Is the Project fulfilling an unmet need in the area? Please explain. 4. Please provide a market study documenting a need for such housing. 5. Is there support from local government officials for the Project and for the financial assistance being requested from the Agency? Please provide written documentation. 6. Is the Project considered infill in a populated area? Please explain. 7. Does the Project provide walkability? 8. Is there additional county infrastructure necessary to service the Project? If, yes, please explain. 9. Is the Project part of a larger mixed-use development? Please describe. Onondaga County Industrial Development Agency Page 15 Page 342 Page 343 Section IX: Agency Fee Schedule * Minimum Fee to be applied to all project receiving OCIDA benefits is 1% of the Total Project Cost (TPC) ACTIVITY FEES COMMENTS N Non- refundable Application Fee $1,000 Due at time of application L Legal Deposit $2,500 Due at time of application Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond amount Due at closing .. Fe Fee for expenses above $20 million .0 .00125 X of project cost or bond amount OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. N Non- refundable Application Fee $1,000 Due at time of application L Legal Deposit $2,500 Due at time of application Minimum Fee of 1% of TPC 1. Sales and Use Tax Exemption .01 X TPC Due at closing 2. Mortgage Recording Tax 3. PILOT is an additional fee .0025 X TPC (total .0125) Bonds Due at closing B Bond refinancing and refunding .0025 of TPC A Agency Legal Fees .0. Fe Fee for first $20 million .0025 X of the project cost or bond amount Due at closing .. Fe Fee for expenses above $20 million .0 .00125 X of project cost or bond amount OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. Onondaga County Industrial Development Agency Page 17 Page 344 Page 345 Page 346 Section XII: Representations, Certifications, and Indemnification David Froelich (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ Director of Business Development (title) of ____________________ CVE US EI6 Manlius West, LLC (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. Onondaga County Industrial Development Agency Page 17 Page 344 Page 345 Page 346 Section XII: Representations, Certifications, and Indemnification David Froelich (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the ____________________ Director of Business Development (title) of ____________________ CVE US EI6 Manlius West, LLC (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. B. Other NYS Facilities: In accordance with §862 (1) of the New York General Municipal Law, the Applicant understands and agrees that projects which will result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant within the state is ineligible for Agency Financial Assistance, unless otherwise approved by the Agency as reasonably necessary to preserve the competitive position of the project in its respective industry or is reasonably necessary. C. Annual Sales Tax Filings: In accordance with §874(8) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any sales tax exemptions as part of the Financial Assistance from the Agency, the Applicant agrees to file, or cause to be filed, with the New York State Department of Taxation and Finance, the annual form prescribed by the Department of Taxation and Finance, describing the value of all sales tax exemptions claimed by the Applicant and all consultants or subcontractors retained by the Applicant. D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga County Industrial Development Agency Page 20 Page 347 D. Outstanding Bonds: The Applicant understands and agrees to provide on an annual basis any information regarding bonds, if any, issued by the Agency for the project that is requested by the Comptroller of the State of New York. E. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an Event of Default under the PILOT Agreement between the Agency and Applicant and, if applicable, an Event of Default under the Agent Agreement between the Agency and Applicant. In addition, a Notice of Failure to provide the Agency with an Employment Report may be reported to Agency board members, with said report being an agenda item subject to the open meetings law. Onondaga County Industrial Development Agency Page 20 Page 347 F. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. G. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. H. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: F. Absence of Conflicts of Interest: The Applicant has received from the Agency a list of the members, officers and employees of the Agency. No member, officer or employee of the Agency has an interest, whether direct or indirect in any transaction contemplated by this Application, except as hereinafter described in Section X. G. Compliance: The Applicant understands and agrees that it is in substantial compliance with applicable local, state, and federal tax, worker protection, and environmental laws, rules, and regulations. H. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. I. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. I. The Applicant confirms and acknowledges that the owner, occupant or operator receiving financial assistance for the proposed Project is in substantial compliance with applicable local, state, and federal tax, worker protection and environmental laws, rules and regulations. J. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. K. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. L. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. Onondaga County Industrial Development Agency Page 21 Page 348 J. The Applicant confirms and acknowledges that the submission of any knowingly false or knowingly misleading information may lead to the immediate termination of any financial assistance and the reimbursement of an amount equal to all or part of any tax exemption claimed by reason of the Agency’s involvement in the Project. K. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. L. The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. Onondaga County Industrial Development Agency Page 21 Page 348 M. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. N. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. M. The OCIDA has the right to request and inspect supporting documentation regarding attestations made on this application. N. Hold Harmless Agreement: Applicant hereby releases Onondaga County Industrial Development Agency and the members, officers, servants, agents and employees thereof (the "Agency") from, agrees that the Agency shall not be liable for, and agrees to indemnify, defend and hold the Agency harmless from and against any and all liability arising from or expense incurred by: (A) the Agency's examination and processing of, and action pursuant to or upon, the attached Application, regardless of whether or not the Application or the Project described therein or the tax-exemptions and other assistance requested therein are favorably acted upon by the Agency; (B) the Agency's acquisition, construction, and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. Onondaga County Industrial Development Agency Page 22 Page 349 Page 350 . August 6th, 2022 Onondaga County IDA 333 W. Washington St, Suite 130 Syracuse, NY 13202 RE: OCIDA Benefits Application - Section II, D: Description of Project Dear OCIDA, Please see the response from CVE US EI6 Manlius West, LLC regarding Section II, D: Description of Project of the OCIDA Application. x (i) the size of the Project in square feet and a breakdown of square footage per each intended use; - 40.7 acres, 5.0 MWac x (ii) the size of the lot upon which the Project sits or is to be constructed; - 123.791 acres (per final subdivision; to be subdivided from existing 230.854 acre parcel) x (iii) the current use of the site and the intended use of the site upon completion of the Project; - Current use of the site is an agricultural farm. The intended use of the site is solar renewable energy facility. x (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; - The generation of solar electricity. ☐ (v) please describe your method for site control (Own, lease, other). - Purchase and Sale Agreement. Onondaga County Industrial Development Agency Page 22 Page 349 Page 350 . August 6th, 2022 Onondaga County IDA 333 W. Washington St, Suite 130 Syracuse, NY 13202 RE: OCIDA Benefits Application - Section II, D: Description of Project Dear OCIDA, Please see the response from CVE US EI6 Manlius West, LLC regarding Section II, D: Description of Project of the OCIDA Application. x (i) the size of the Project in square feet and a breakdown of square footage per each intended use; - 40.7 acres, 5.0 MWac x (ii) the size of the lot upon which the Project sits or is to be constructed; - 123.791 acres (per final subdivision; to be subdivided from existing 230.854 acre parcel) x (iii) the current use of the site and the intended use of the site upon completion of the Project; - Current use of the site is an agricultural farm. The intended use of the site is solar renewable energy facility. x (iv) the principal products to be produced and/or the principal activities that will occur on the Project site; - The generation of solar electricity. ☐ (v) please describe your method for site control (Own, lease, other). - Purchase and Sale Agreement. Sincerely, Carson Weinand Senior Business Developer Carson.weinand@cvegroup.com 239-784-8080 CVE North America, Inc. • 109 W. 27th Street • 8th Fl • • New York, NY 10001 Page • www.cvegroup.com/en 351 Sincerely, Carson Weinand Senior Business Developer Carson.weinand@cvegroup.com 239-784-8080 CVE North America, Inc. • 109 W. 27th Street • 8th Fl • • New York, NY 10001 Page • www.cvegroup.com/en 351