August 2023 — revd-8-10-23-OCIDA-Regular-Packet.pdf =================================================== 1- ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY 335 MONTGOMERY STREET FLOOR 2M, SYRACUSE, NY 13202 PHONE: 315.435.3770  FAX: 315.435.3669  ONGOVED.COM Regular Meeting Agenda August 10, 2023 8:30 AM Call to Order the Regular Meeting of the Agency A. Approval of Minutes: July 20, 2023 B. Treasurer’s Report C. Payment of Bills D. Conflict of Interest Action Items: 1. QP2 Properties, LLC (3101-23-03A) Second Meeting QP2 Properties, LLC is proposing a the construction of two (2) three -story residential apartment buildings, with approximately 96 garden style apartments and various tenant amenities. The project includes six (6) garages containing interior parking spaces and surface parking spaces . The project also includes three (3) commercial buildings totaling 33,200 square feet of commercial rental space with additional surface parking surfaces. The applicant is requesting exemptions from certain sa les and use taxes , real estate transfer taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board to authorize adoption of SEQRA determination. b. A resolution of the Board authorizing the financial assistance the Agency will provide Agency benefits req uested include exemptions from sales and use taxes , real estate transfer taxes and mortgage recording taxes. Representative: Ozzie Crisalli/Michael Arcuri, QP2 Properties, LLC [Literal native PDF text; original page 1; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY 335 MONTGOMERY STREET FLOOR 2M, SYRACUSE, NY 13202 1- PHONE: 315.435.3770  FAX: 315.435.3669  ONGOVED.COM Regular Meeting Agenda August 10, 2023 8:30 AM Call to Order the Regular Meeting of the Agency A. Approval of Minutes: July 20, 2023 B. Treasurer’s Report C. Payment of Bills D. Conflict of Interest Action Items: [Literal native PDF text; original page 1; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 1. QP2 Properties, LLC (3101-23-03A) Second Meeting QP2 Properties, LLC is proposing a the construction of two (2) three-story residential apartment buildings, with approximately 96 garden style apartments and various tenant amenities. The project includes six (6) garages containing interior parking spaces and surface parking spaces. The project also includes three (3) commercial buildings totaling 33,200 square feet of commercial rental space with additional surface parking surfaces. The applicant is requesting exemptions from certain sales and use taxes, real estate transfer taxes and mortgage recording taxes. Agency Action Requested: a. A resolution of the Board to authorize adoption of SEQRA determination. b. A resolution of the Board authorizing the financial assistance the Agency will provide Agency benefits requested include exemptions from sales and use taxes, real estate transfer taxes and mortgage recording taxes. Representative: Ozzie Crisalli/Michael Arcuri, QP2 Properties, LLC 2 2. Bid Award: White Pine Commerce Park Demolition The Agency is proposing to accept the bid of a Company to complete site clearance services at White Pine Commerce Park such services to include inspection, abatement and potential demolition of vacant Agency owned structures.. Agency Action Required: a. A resolution of the Board authorizing Executive Director to accept a bid and enter into one or more agreements for site clearance services with the following company for site clearance services at White Pine Commerce Park: < Company pending OCIDA Board decision > Representative: Robert Petrovich, Executive Director, OCIDA 3. Tracey Road Equipment, Inc. / Gerald W. Tracey Project (3101-20-03B) Request for execution and delivery of mortgage related documents with respect to financing. Agency Action Requested: a. A resolution of the board authorizing execution and delivery of documents. Representative: Jeff Davis, OCIDA Legal Counsel, Barclay Damon LLP 4. Cor Inner Harbor Company, LLC et. al. (3101-15-14A) Request for authorization to release from the Agency’s leasehold interest and sell parcels of property. Agency Action Requested: a. A resolution of the board authorizing a release of a portion of the Agency leasehold interest and the sale of parcels of property and related actions. Representative: Robert Petrovich, Executive Director, OCIDA Adjourn [Literal native PDF text; original page 2; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 2. Bid Award: White Pine Commerce Park Demolition The Agency is proposing to accept the bid of a Company to complete site clearance services at White Pine Commerce Park such services to include inspection, abatement and potential demolition of vacant Agency owned structures.. Agency Action Required: a. A resolution of the Board authorizing Executive Director to accept a bid and enter into one or more agreements for site clearance services with the following company for site clearance services at White Pine Commerce Park: < Company pending OCIDA Board decision > Representative: Robert Petrovich, Executive Director, OCIDA 3. Tracey Road Equipment, Inc. / Gerald W. Tracey Project (3101-20-03B) Request for execution and delivery of mortgage related documents with respect to financing. Agency Action Requested: a. A resolution of the board authorizing execution and delivery of documents. Representative: Jeff Davis, OCIDA Legal Counsel, Barclay Damon LLP 4. Cor Inner Harbor Company, LLC et. al. (3101-15-14A) Request for authorization to release from the Agency’s leasehold interest and sell parcels of property. Agency Action Requested: a. A resolution of the board authorizing a release of a portion of the Agency leasehold interest and the sale of parcels of property and related actions. Representative: Robert Petrovich, Executive Director, OCIDA Adjourn 2 DRAFT Onondaga County Industrial Development Agency Regular Meeting Minutes July 20 , 2023 A regular meeting of the Onondaga County Industrial Development Agency was held on T hursday, July 20, 2023, Oncenter Meeting Room 1/2/3, 800 South State Street , Syracuse, New Yo r k . Patrick Hogan called the meeting to order at 8: 3 1 am with the following: PRESENT: Patrick Hogan Janice Herzog Kevin Ryan Cydney Johnson ABSENT: Fanny Villarreal Susan Stanczyk Elizabeth Dreyfuss ALSO PRESENT: Robert M. Petrovich, Executive Director Nate Stevens, Treasurer Nancy Lowery, Secretary Svetlana Dyer, Assistant Secretary Karen Doster, Recording Secretary Alexis Rodriguez, Assistant Treasurer Len Rauch, Economic Development Jeff Davis, Barclay Damon Law Firm Amanda Fitzgerald, Barclay Damon Law Firm Leila Dwyer, Barclay Damon Law Firm Ozzie Crisalli, QP2 Properties, LLC Michael Arcuri, QP2 Properties, LLC Tony Mancuso, Milton Cat Brad Ferrin, Milton Cat Wendy Lougn o t, Costello, Cooney & Fearon, PLLC Sarah Bruce, Syracuse Habitat for Humanity Carson Henry, Micron Steve Bills, LeChase John Sidd, Hancock Estabrook, LLP Isabelle Harris, County Executive Office Joe Nehme , Micron Justin Davis Krystal Cole Mike Kuhn Ellen Abbott Rick Moriarty Neil Webb , Ramboll Tom Behm , Micron Christine Minkler Con n or Wight Scott Schild Glenn Coin APPROVAL OF REGULAR MEETING MINUTES – JUNE 8 , 2023 & JUNE 22 , 2023 U pon a motion by Janice Herzog , seconded by Cydney Johnson , the OCIDA Board approved the regular meeting minutes of June 8 , 2023 and June 22, 2023 . Motion was carried. TREASURER’S REPORT Page3 [Literal native PDF text; original page 3; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] DRAFT Onondaga County Industrial Development Agency Regular Meeting Minutes July 20, 2023 A regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, July 20, 2023, Oncenter Meeting Room 1/2/3, 800 South State Street, Syracuse, New York. Patrick Hogan called the meeting to order at 8:31 am with the following: PRESENT: Patrick Hogan Janice Herzog Kevin Ryan Cydney Johnson ABSENT: Fanny Villarreal Susan Stanczyk Elizabeth Dreyfuss [Literal native PDF text; original page 3; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] ALSO PRESENT: Robert M. Petrovich, Executive Director Carson Henry, Micron Nate Stevens, Treasurer Steve Bills, LeChase Nancy Lowery, Secretary John Sidd, Hancock Estabrook, LLP Svetlana Dyer, Assistant Secretary Isabelle Harris, County Executive Office Karen Doster, Recording Secretary Joe Nehme, Micron Alexis Rodriguez, Assistant Treasurer Justin Davis Len Rauch, Economic Development Krystal Cole Jeff Davis, Barclay Damon Law Firm Mike Kuhn Amanda Fitzgerald, Barclay Damon Law Firm Ellen Abbott Leila Dwyer, Barclay Damon Law Firm Rick Moriarty Ozzie Crisalli, QP2 Properties, LLC Neil Webb, Ramboll Michael Arcuri, QP2 Properties, LLC Tom Behm, Micron Tony Mancuso, Milton Cat Christine Minkler Brad Ferrin, Milton Cat Connor Wight Wendy Lougnot, Costello, Cooney & Fearon, Scott Schild PLLC Glenn Coin Sarah Bruce, Syracuse Habitat for Humanity APPROVAL OF REGULAR MEETING MINUTES – JUNE 8, 2023 & JUNE 22, 2023 Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board approved the regular meeting minutes of June 8, 2023 and June 22, 2023. Motion was carried. TREASURER’S REPORT Page3 2 Nate Stevens gave a b r ief review of the Treasurer’s Report for the month of June 2023 . Upo n a motion by Janice Herzog , seconde d by Kevin Ryan , the OCIDA Board approved the Trea s urer’s Report for the month of June 2023 . Motion was carried. PAYMENT OF BILLS Nate Stevens gave a brief review of the Payment of Bills Schedule # 4 8 3 . Upon a motion by Janice Herzog , seconded by Cydney Johnson , the OCIDA Board approved the Payment of Bills Schedule #4 8 3 for $ 17, 655.31 and PILOT payments to Syracuse City School District for $100,446.17, City of Syracuse for $55,023.97, Onondaga County for $69,868.94, Town of Onondaga for $.085, Town of DeWitt for $4.20 and Jamesville - DeWitt Central School District for $27.47 . Motion wa s carried . CONFLICT OF INTEREST DISCLOSURE The Conflict of Interest was circulated and there were no conflicts. QP2 PROPERTIES, LLC (3101 - 23 - 03A) Ozzie Crisalli stated they are proposing to build 96 apartments in 2 buildings and include d in that is 60 two bedroom and 36 one bedroom on a 15 acre site . He stated there will be 3 outparcel buildings for commercial office, retail, restaurant and personal service. He stated there is a walk /exercise loop around the property . He stated they are prepared to start construction as soon as they get through the process with the Agency. (He shared pictures of the project.) He stated they are doing modifications to the intersection and based on bids and estimates it is about $980,000 of work. He stated they a re widening the road 250 feet south on Henry Clay Boulevard, adding a turning lane and widening the road 150 feet north on Henry Clay Boulevard and adding a turning lane. He stated there is relocation of 8 power poles. P atrick Hogan asked what the rent s are going to be. Michael Arcuri stated rents are $1.80 a square foot. Ozzie Crisalli stated a 2 bedroom is 1,100 square feet and the rent is $1,980. H e Page4 [Literal native PDF text; original page 4; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Nate Stevens gave a brief review of the Treasurer’s Report for the month of June 2023. Upon a motion by Janice Herzog, seconded by Kevin Ryan, the OCIDA Board approved the Treasurer’s Report for the month of June 2023. Motion was carried. [Literal native PDF text; original page 4; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] PAYMENT OF BILLS Nate Stevens gave a brief review of the Payment of Bills Schedule #483. Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board approved the Payment of Bills Schedule #483 for $17,655.31 and PILOT payments to Syracuse City School District for $100,446.17, City of Syracuse for $55,023.97, Onondaga County for $69,868.94, Town of Onondaga for $.085, Town of DeWitt for $4.20 and Jamesville-DeWitt Central School District for $27.47. Motion was carried. [Literal native PDF text; original page 4; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] CONFLICT OF INTEREST DISCLOSURE The Conflict of Interest was circulated and there were no conflicts. [Literal native PDF text; original page 4; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] QP2 PROPERTIES, LLC (3101-23-03A) Ozzie Crisalli stated they are proposing to build 96 apartments in 2 buildings and included in that is 60 two bedroom and 36 one bedroom on a 15 acre site. He stated there will be 3 outparcel buildings for commercial office, retail, restaurant and personal service. He stated there is a walk/exercise loop around the property. He stated they are prepared to start construction as soon as they get through the process with the Agency. (He shared pictures of the project.) He stated they are doing modifications to the intersection and based on bids and estimates it is about $980,000 of work. He stated they are widening the road 250 feet south on Henry Clay Boulevard, adding a turning lane and widening the road 150 feet north on Henry Clay Boulevard and adding a turning lane. He stated there is relocation of 8 power poles. Patrick Hogan asked what the rents are going to be. Michael Arcuri stated rents are $1.80 a square foot. Ozzie Crisalli stated a 2 bedroom is 1,100 square feet and the rent is $1,980. He 2 Page4 3 stated one bedroom is 900 square feet and the rent is $1,620 a month. Patrick Hogan stated they ar e market rate. Ozzie Crisalli stated yes. Patrick Hogan stated he knows they are limited in green space because of parking requirement s . He asked if it is a requirement by the Town. Ozzie Crisalli stated it is a requirement of the town. He stated based on the activity and where the market is they would love to be able to expand and do more with more density but it is not in the mix. He stated they spent extra time and money making walk paths with pedestrian protection signals getting the tenants from the back of the property to the front of the property so they can walk safely . R obert Petrovich asked for a description of the traffic improvements that are going to happen at the intersection and an estimate of the value of the improvements being done in support of this project. Ozzie Crisalli stated they are spending $980,000 which 3 years ago started at $475,000. He displayed a map and stated the pink section on Route 31 east and west and Henry Clay Boulevard south and north is where they are widening the road and relocating power poles. He stated the green is the turning lane and they are going 250 feet from the intersection southbound on Henry Clay and doing 1 50 feet north from the intersecti on line n orth on Henry Clay. Michael Arcuri stated that intersection already has a failing grade for traffic so there is already problems with the existing conditions s o with their improvements they are actually improving the tr affic score after improveme nts are done. Ozzie Crisalli stated upon completion, at the busiest time of day, this improvement will raise the level by one grade. He stated they are not just ac commodating the project traffic, they are accommodating full intersection and all the res idents that basically drive by their road. Jeff Davis asked about the timing on the pre - construction work. Ozzie Crisalli stated he thinks they will start the bidding process because being overseen by New York State DOT, it takes a little bit longer . Michael Arcuri stated it is a condition to get their CFC so it has to be done before even starting. Ozzie Crisalli stated they expect the first retail and the first residential will be about 14 months after they start and expect tenants in September. Jeff Davis asked if they have full local zoning approvals. Ozzie Crisalli stated yes. Page5 [Literal native PDF text; original page 5; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] stated one bedroom is 900 square feet and the rent is $1,620 a month. Patrick Hogan stated they are market rate. Ozzie Crisalli stated yes. Patrick Hogan stated he knows they are limited in green space because of parking requirements. He asked if it is a requirement by the Town. Ozzie Crisalli stated it is a requirement of the town. He stated based on the activity and where the market is they would love to be able to expand and do more with more density but it is not in the mix. He stated they spent extra time and money making walk paths with pedestrian protection signals getting the tenants from the back of the property to the front of the property so they can walk safely. [Literal native PDF text; original page 5; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Robert Petrovich asked for a description of the traffic improvements that are going to happen at the intersection and an estimate of the value of the improvements being done in support of this project. Ozzie Crisalli stated they are spending $980,000 which 3 years ago started at $475,000. He displayed a map and stated the pink section on Route 31 east and west and Henry Clay Boulevard south and north is where they are widening the road and relocating power poles. He stated the green is the turning lane and they are going 250 feet from the intersection southbound on Henry Clay and doing 150 feet north from the intersection line north on Henry Clay. Michael Arcuri stated that intersection already has a failing grade for traffic so there is already problems with the existing conditions so with their improvements they are actually improving the traffic score after improvements are done. Ozzie Crisalli stated upon completion, at the busiest time of day, this improvement will raise the level by one grade. He stated they are not just accommodating the project traffic, they are accommodating full intersection and all the residents that basically drive by their road. [Literal native PDF text; original page 5; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Jeff Davis asked about the timing on the pre-construction work. Ozzie Crisalli stated he thinks they will start the bidding process because being overseen by New York State DOT, it takes a little bit longer. Michael Arcuri stated it is a condition to get their CFC so it has to be done before even starting. Ozzie Crisalli stated they expect the first retail and the first residential will be about 14 months after they start and expect tenants in September. Jeff Davis asked if they have full local zoning approvals. Ozzie Crisalli stated yes. 3 Page5 4 Jeff Davis stated SEQR was done at the town so this Board will have to do their own SEQR determination because he does not think the Agency was an involved agency at the time that the local agency did their SEQR. He stated that will be reviewed at the next meeting. Ozzie Crisalli stated b ased on the county On Plan , they think they hit three strong centers ; housing and neighborhoods, community mobil ity, and they don't have much green space, but what they do have they allocated for tenant use . Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board approved a resolution authorizing a public hearing for QP2 Properties, LLC project. Motion was carried. FAYETTE MANLIUS LLC (3101 - 22 - 01A) MODIFICATION MEETING Jeff Davis stated w hen this project was before the Board previously and ent er ed into the financing and mortgage for it, OCIDA executed termination agreements with regard to the financing. He stated the company is now coming back for additiona l financing and requesting the Agency enter into further documents to subordinate with r egard to the existing mortgage and the new financing . Robert Petrovich asked if it is ministerial. Jeff Davis stated yes but it is required to accommodate that. He stated the board is approving working with Agency Counsel and the executive to go through and execute the documents. Upon a motion by Janice Herzog, seconded by Kevin Ryan, the OCIDA Board approved a resolution authorizing execution and delivery of documents for the Fayette Manlius LLC project. Motion was carried. SOUTHWORTH MILTON INC. (d/b/a MILTON CAT) (3101 - 20 - 18A) MODIFICATION MEETING Brad Farrin stated they are looking to increase their sales and use exemption . He stated the cost of business has gone up since they s tarted the facility a nd they are close to finishing but they would like a dditional assistance. Page6 [Literal native PDF text; original page 6; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Jeff Davis stated SEQR was done at the town so this Board will have to do their own SEQR determination because he does not think the Agency was an involved agency at the time that the local agency did their SEQR. He stated that will be reviewed at the next meeting. Ozzie Crisalli stated based on the county On Plan, they think they hit three strong centers; housing and neighborhoods, community mobility, and they don't have much green space, but what they do have they allocated for tenant use. Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board approved a resolution authorizing a public hearing for QP2 Properties, LLC project. Motion was carried. [Literal native PDF text; original page 6; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] FAYETTE MANLIUS LLC (3101-22-01A) MODIFICATION MEETING Jeff Davis stated when this project was before the Board previously and entered into the financing and mortgage for it, OCIDA executed termination agreements with regard to the financing. He stated the company is now coming back for additional financing and requesting the Agency enter into further documents to subordinate with regard to the existing mortgage and the new financing. Robert Petrovich asked if it is ministerial. Jeff Davis stated yes but it is required to accommodate that. He stated the board is approving working with Agency Counsel and the executive to go through and execute the documents. Upon a motion by Janice Herzog, seconded by Kevin Ryan, the OCIDA Board approved a resolution authorizing execution and delivery of documents for the Fayette Manlius LLC project. Motion was carried. SOUTHWORTH MILTON INC. (d/b/a MILTON CAT) (3101-20-18A) MODIFICATION MEETING Brad Farrin stated they are looking to increase their sales and use exemption. He stated the cost of business has gone up since they started the facility and they are close to finishing but they would like additional assistance. 4 Page6 5 Patrick Hogan stated he thinks we all fairly well understand that. Nancy Lowery stated a public hearing was held and there were no comments on this matter. Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board approved a resolution authorizing an increase of the sales and use tax exemption for Southworth Milton, Inc. d/b/a Milton Cat. Motion was carried. SYRACUSE HABITAT FOR HUMANITY PROPERTY DISPOSITION OF PROPERTY. Sarah Bruc e stated she is the E xecutive D irector a t Syracuse Habitat for Humanity and she is here today to request the disposi tion of four additional houses o n top of the houses that had already come before the Board. She stated houses are located at 8502, 8623, 87 18 and 8722 Burnett Road for their deconstruction program. She stated they started with the first houses in the last two weeks and the prog ram has been going very well. She stated they have already sold many of the materials in the restore a nd they have been getting phone calls asking about windows and doors from the properties so the public is excited about the program as well. She stated they are very fortunate to be doing this. Pat rick Hogan stated we are pleased to have you and he want s to commen d Mr. P etrovich and the staff for thinking of this. He stated Habitat for Humanity is one of his favorite organizations. He stated they do a lot for the community that he represents as City Council. Upon a motion by Janice Herzog, seconded by Cydney Joh nson, the OCIDA Board approved a resolution authorizing disposition of property Motion was carried. ENGINEERING SERVICES – CONTRACT AMENDMENT Robert Petrovich stated the Agency has undertaken the steps necessary for the demolition of the v acant home s along Burnett R oad through the W hite P ine site. He stated this latest authorization would be to provide the monitoring services necessary as part of the demolition activities. He stated the request is to increase the amount of the Barton & Loguidice contract by $50,000 a nd not to exceed that amount s o we can move forward . He stated bids were received for the Page7 [Literal native PDF text; original page 7; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Patrick Hogan stated he thinks we all fairly well understand that. Nancy Lowery stated a public hearing was held and there were no comments on this matter. Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board approved a resolution authorizing an increase of the sales and use tax exemption for Southworth Milton, Inc. d/b/a Milton Cat. Motion was carried. SYRACUSE HABITAT FOR HUMANITY PROPERTY DISPOSITION OF PROPERTY. Sarah Bruce stated she is the Executive Director at Syracuse Habitat for Humanity and she is here today to request the disposition of four additional houses on top of the houses that had already come before the Board. She stated houses are located at 8502, 8623, 8718 and 8722 Burnett Road for their deconstruction program. She stated they started with the first houses in the last two weeks and the program has been going very well. She stated they have already sold many of the materials in the restore and they have been getting phone calls asking about windows and doors from the properties so the public is excited about the program as well. She stated they are very fortunate to be doing this. Patrick Hogan stated we are pleased to have you and he wants to commend Mr. Petrovich and the staff for thinking of this. He stated Habitat for Humanity is one of hisfavorite organizations. He stated they do a lot for the community that he represents as City Council. [Literal native PDF text; original page 7; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board approved a resolution authorizing disposition of property Motion was carried. ENGINEERING SERVICES – CONTRACT AMENDMENT Robert Petrovich stated the Agency has undertaken the steps necessary for the demolition of the vacant homes along Burnett Road through the White Pine site. He stated this latest authorization would be to provide the monitoring services necessary as part of the demolition activities. He stated the request is to increase the amount of the Barton & Loguidice contract by $50,000 and not to exceed that amount so we can move forward. He stated bids were received for the 5 Page7 6 demolition earlier this week . He sated we are v etting the low bidder to make sure there are no issues with the bid and he thinks we are in a p osition to ad vance that to the B oard for consideration at the August 10 meeting. Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board approved a resolution an amendment to the contract for engineering services with Barton & Loguidic e in connection with the development of White Pine Commerce Park authorizing asbestos monitoring assistance in the amount not to exceed $50,000. Motion was carried. MICRON NEW YORK SEMICONDUCTOR MANUFACTURING, LLC (3101 - 23 - 07A) Carson Henry stated he would like to thank the B oard for making this project possible . He stated without the foresight the Board put into developing the infrastruct ure that i s here in developing the site as well as the incen tive package, the future they are building here would be impossible . He stated he is going to start off today to talk a little bit about the background of M icron, why the project is needed, and some details of the project itself. He stated Micron was founded in a basement of a dentist's office back in 1978 and since then they have grown into a large multinational corporation with 44,000 t eam members spread across the world. He stated they are the fifth largest semi conductor company in the world a nd they are also one of only two semiconductor companies that offers a diverse portfolio of storage solutions that includes NAND and DRAM . He stated they are seeing a data transformation going on and more and more commonly it is becoming data based . He stated they are seeing digitization of that , hyper connectivity and the growth of AI. He stated machine learning is driving all this growt h see n here and is driven from a lot of different places . He stated we see social media content on a day to day basis, but there's an industrial revolution happening as well a nd that's led by mobility. He stated our cars are increasingly becoming thi ngs like data centers on wheels. He stated the average car has on the low end 200 semiconductors and the high end has 3 , 000. He stated a lot of those are made by Micron. He stat ed there are many different applications such as personalized health care, eat ing and enterta inment, use of AR and VR is being applied not only in industry, but also in education. He stated we are going to see quite a bit of increased robotic applications in agriculture. He stated wh at that means for M icron is (referred to a graph on the screen) on the left shows the DRA M and NAND, which is what they primarily ma k e, that growth or that percentage of the semiconductor industry has grow n from over 10% to ro ughly 30% in Page8 [Literal native PDF text; original page 8; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] demolition earlier this week. He sated we are vetting the low bidder to make sure there are no issues with the bid and he thinks we are in a position to advance that to the Board for consideration at the August 10 meeting. Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board approved a resolution an amendment to the contract for engineering services with Barton & Loguidice in connection with the development of White Pine Commerce Park authorizing asbestos monitoring assistance in the amount not to exceed $50,000. Motion was carried. [Literal native PDF text; original page 8; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] MICRON NEW YORK SEMICONDUCTOR MANUFACTURING, LLC (3101-23-07A) Carson Henry stated he would like to thank the Board for making this project possible. He stated without the foresight the Board put into developing the infrastructure that is here in developing the site as well as the incentive package, the future they are building here would be impossible. He stated he is going to start off today to talk a little bit about the background of Micron, why the project is needed, and some details of the project itself. He stated Micron was founded in a basement of a dentist's office back in 1978 and since then they have grown into a large multinational corporation with 44,000 team members spread across the world. He stated they are the fifth largest semiconductor company in the world and they are also one of only two semiconductor companies that offers a diverse portfolio of storage solutions that includes NAND and DRAM. He stated they are seeing a data transformation going on and more and more commonly it is becoming data based. He stated they are seeing digitization of that, hyper connectivity and the growth of AI. He stated machine learning is driving all this growth seen here and is driven from a lot of different places. He stated we see social media content on a day to day basis, but there's an industrial revolution happening as well and that's led by mobility. He stated our cars are increasingly becoming things like data centers on wheels. He stated the average car has on the low end 200 semiconductors and the high end has 3,000. He stated a lot of those are made by Micron. He stated there are many different applications such as personalized health care, eating and entertainment, use of AR and VR is being applied not only in industry, but also in education. He stated we are going to see quite a bit of increased robotic applications in agriculture. He stated what that means for Micron is (referred to a graph on the screen) on the left shows the DRAM and NAND, which is what they primarily make, that growth or that percentage of the semiconductor industry has grown from over 10% to roughly 30% in [Literal native PDF text; original page 8; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 6 Page8 7 the last 20 years. He stated that really reflects that increase in memory storage needed . He stated we are going to see the industry double in the next 10 years. He stated interesting fact is it took 50 years to go from zero to a $5 00 billi on profit ability industry and it took 10 years to go from $500 billion to a trillion. He stated memory will be increasing but sadly the US share of DRAM manufacturing, which is wh at Micron is going to make here in New York , has declined over the last fou r years so at this point it is only 2% and that 2% is made by the Micron plant in Virginia. He stated with this p roduct and with the plan t in Idaho, that percentage will grow to over 10%. He stated they know there is a question with the IDA about how much of the products they make in New York will be actually sold in New York an d while they don't release specific data, given the fact that memory is very ambiguous and anything with a switch has it, they can safely assume that the amount th ey sell i n New York will be proportional to the New York State economy . Carson Henry stated all of this is really possible thanks to the F ABS Act, which includes grants, other incentives and the state and local incentives he will talk about today. He stated that really helps bridge the economic gap between manufacturing in Asia and manufacturing here . He stated that is necessary for what they want to do. He stated it is not just about money, it is also about addressing the ecosystem and the FABS Act has created the framework for that so they can build not only the workforce, but the supplier ecosystem necessary for what they need to do . He stated this is a summary (shared investment graph) of our investment plan to make here . He stated 4 fabs totaling 2.4 million square feet of cleanroom and over 9 , 000 direct jobs and they expect that will create over 40,000 jobs in the community. He stated they will invest over $100 billion in this project. He stated t he first phase , fab 1 and 2, w ill be roughly $51 billion and they will invest $ 20 billion of that in the next 5 - 6 years. He stated the application today is just for fabs 1 and 2 a nd then they will come back i n roughly 10 years for fabs 3 and 4. He stated the reason for that is it is a very dynamic ind ustry and it makes sense for them to do the second p hase of the application when they are closer to building fabs 3 and 4. He stated they will see a peak at roughly 4,500 construction jobs and that peak will last about 9 months . He stated there will be c on tinuous construction as they build out the fabs and fill them with equipment based on market demand. He stated they refresh their equipment based o n the technology cycles they go through roughly every 18 months so that is going to create a lot of opport unity in the community. He stated he would like to thank the members of the B oard who are involved in the education industry because part of what they need to do is trai n the workforce of the future so the work they do is very much appreciated. He stated on the direct jobs, you will see 1 ,300 jobs in the Page9 [Literal native PDF text; original page 9; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] the last 20 years. He stated that really reflects that increase in memory storage needed. He stated we are going to see the industry double in the next 10 years. He stated interesting fact is it took 50 years to go from zero to a $500 billion profitability industry and it took 10 years to go from $500 billion to a trillion. He stated memory will be increasing but sadly the US share of DRAM manufacturing, which is what Micron is going to make here in New York, has declined over the last four years so at this point it is only 2% and that 2% is made by the Micron plant in Virginia. He stated with this product and with the plant in Idaho, that percentage will grow to over 10%. He stated they know there is a question with the IDA about how much of the products they make in New York will be actually sold in New York and while they don't release specific data, given the fact that memory is very ambiguous and anything with a switch has it, they can safely assume that the amount they sell in New York will be proportional to the New York State economy. [Literal native PDF text; original page 9; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Carson Henry stated all of this is really possible thanks to the FABS Act, which includes grants, other incentives and the state and local incentives he will talk about today. He stated that really helps bridge the economic gap between manufacturing in Asia and manufacturing here. He stated that is necessary for what they want to do. He stated it is not just about money, it is also about addressing the ecosystem and the FABS Act has created the framework for that so they can build not only the workforce, but the supplier ecosystem necessary for what they need to do. He stated this is a summary (shared investment graph) of our investment plan to make here. He stated 4 fabs totaling 2.4 million square feet of cleanroom and over 9,000 direct jobs and they expect that will create over 40,000 jobs in the community. He stated they will invest over $100 billion in this project. He stated the first phase, fab 1 and 2, will be roughly $51 billion and they will invest $20 billion of that in the next 5-6 years. He stated the application today is just for fabs 1 and 2 and then they will come back in roughly 10 years for fabs 3 and 4. He stated the reason for that is it is a very dynamic industry and it makes sense for them to do the second phase of the application when they are closer to building fabs 3 and 4. He stated they will see a peak at roughly 4,500 construction jobs and that peak will last about 9 months. He stated there will be continuous construction as they build out the fabs and fill them with equipment based on market demand. He stated they refresh their equipment based on the technology cycles they go through roughly every 18 months so that is going to create a lot of opportunity in the community. He stated he would like to thank the members of the Board who are involved in the education industry because part of what they need to do is train the workforce of the future so the work they do is very much appreciated. He stated on the direct jobs, you will see 1,300 jobs in the [Literal native PDF text; original page 9; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 7 Page9 8 first 3 years , that will climb as they build out the first fab and it will go up to 9 , 000 jobs over the course of the project . He stated just to reiterate, this is all enabled by the in centives and the e cosystem that i s created by both federa l , state and local government. He stated he thinks this is an interesting topic to a lot of people in the community and that is their preliminary site master plan. He stated he wants to highlight a couple things. H e stated first they are going to build f rom west to east and the first fab . He showed on the map where the first fab will be located. He stated the properties in orange and red are going are going to be part of the application because t hose are necessary for the utility infrastructure th ey n eed to build. He stated in pink they highlighted where they would do the construction fo r the second fab . He stated the proper ties in blue are not yet under control of OCIDA but they are not needed for 10 years so the re is plenty of time to work through that process. He stated a concern for the community is traffic and they are going to build multiple access points to the c ampus at full build out . He stated they expect to have roughl y 6 access points. He stated 2 al ong Caughdenoy Road, one for service trucks and one for employees. He stated along Route 31 they expect to have 3 access points. He stated there is another one they are planning on the lower right corner of the map. He stated not shown on the map is pro perty they purchased for a Micron child care center. He stated that is less than 2 minutes away on Caughdenoy Road. He stated that also provides opportunity to expand not just for child care but for health care and other community activities. He stated they are trying to preserve as much green space as they can because it is not only good for the environment, b ut also for employee enjoyment. He stated they like to ha ve places where people can walk and enjoy the outdoors on their breaks. He s tated for people who are d riving through the community, they will put in berm s o it is a nice positive aesthetic. He stated b ecause we get snow up here, they will have a mix of surface and structured parking so people don’t have to wipe t heir car off all the time. He stated they know the community has a lot of different questions about the projects s o they have scheduled in less than two weeks an open house. He stated it is designed to be informal but there will be a formal relatively short presentation to start . He stated there will be an exhibit and people can ask questions on topics they are most interested in . He stated it is really intended to hear from the community and answer questions they might have. He stated they look forward to seeing ever yone at the North Syracuse Junior High School on Taft Road on August 1. He stated he wants to thank the IDA again to make their future possible. Patrick Hogan stated he read a lot about Micron since it was mentioned they were coming here a nd he can't be lieve how forward thinking they are . He stated they are always ahead of the curve. He stated one of the examples is when he read in the paper the other day about child care Page10 [Literal native PDF text; original page 10; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] first 3 years, that will climb as they build out the first fab and it will go up to 9,000 jobs over the course of the project. He stated just to reiterate, this is all enabled by the incentives and the ecosystem that is created by both federal, state and local government. He stated he thinks this is an interesting topic to a lot of people in the community and that is their preliminary site master plan. He stated he wants to highlight a couple things. He stated first they are going to build from west to east and the first fab. He showed on the map where the first fab will be located. He stated the properties in orange and red are going are going to be part of the application because those are necessary for the utility infrastructure they need to build. He stated in pink they highlighted where they would do the construction for the second fab. He stated the properties in blue are not yet under control of OCIDA but they are not needed for 10 years so there is plenty of time to work through that process. He stated a concern for the community is traffic and they are going to build multiple access points to the campus at full build out. He stated they expect to have roughly 6 access points. He stated 2 along Caughdenoy Road, one for service trucks and one for employees. He stated along Route 31 they expect to have 3 access points. He stated there is another one they are planning on the lower right corner of the map. He stated not shown on the map is property they purchased for a Micron child care center. He stated that is less than 2 minutes away on Caughdenoy Road. He stated that also provides opportunity to expand not just for child care but for health care and other community activities. He stated they are trying to preserve as much green space as they can because it is not only good for the environment, but also for employee enjoyment. He stated they like to have places where people can walk and enjoy the outdoors on their breaks. He stated for people who are driving through the community, they will put in berm so it is a nice positive aesthetic. He stated because we get snow up here, they will have a mix of surface and structured parking so people don’t have to wipe their car off all the time. He stated they know the community has a lot of different questions about the projects so they have scheduled in less than two weeks an open house. He stated it is designed to be informal but there will be a formal relatively short presentation to start. He stated there will be an exhibit and people can ask questions on topics they are most interested in. He stated it is really intended to hear from the community and answer questions they might have. He stated they look forward to seeing everyone at the North Syracuse Junior High School on Taft Road on August 1. He stated he wants to thank the IDA again to make their future possible. [Literal native PDF text; original page 10; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Patrick Hogan stated he read a lot about Micron since it was mentioned they were coming here and he can't believe how forward thinking they are. He stated they are always ahead of the curve. He stated one of the examples is when he read in the paper the other day about child care 8 Page10 9 problems among the population of people who want to work and add more money to th eir families. He stated Micron has already made a step in that direction to provide child care services, so he wants to compliment Micron on that. He asked if that was a requirement as part of the CHIPS Act. Carson Henry stated it is an important part of the application b ut as Chairman Hogan pointed out, it i s just as important to community. Janice Herzog stated healthcare in the future was mentioned. She asked what Micron’s thoughts are on that. Carson Henry stated it would be a partnership with c ommunity organizations but with their scale it made sense to build a family healthcare center for their employees. Jeff Davis stated for the B oard and for the public, the action in front of the B oard t oday is resolution to declare OCIDA’s inten t to be l ead agency for SEQR purposes (S tate Environmental Quality Review Act ). He stated t his would be the first step in the process of the A gency declaring their intent to take the lead for the S tate part of the environmental review. Upon a motion by Janice Her zog, seconded by Kevin Ryan, the OCIDA Board approved a resolution declaring the Micron New York Semiconductor Manufacturing, LLC project a Type I action under SEQRA and the Agency’s intent to be Lead Agency for coordinated environmental review. Motion wa s carried. ADJOURN Upon a motion by Janice Herzog , seconded by Cydney Johnson , the OCIDA Board adjourned the meeting at 9:02 am. Motion was carrie d . _____________ __ __________________ Nancy Lowery, Secretary Page11 [Literal native PDF text; original page 11; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] problems among the population of people who want to work and add more money to their families. He stated Micron has already made a step in that direction to provide child care services, so he wants to compliment Micron on that. He asked if that was a requirement as part of the CHIPS Act. Carson Henry stated it is an important part of the application but as Chairman Hogan pointed out, it is just as important to community. Janice Herzog stated healthcare in the future was mentioned. She asked what Micron’s thoughts are on that. Carson Henry stated it would be a partnership with community organizations but with their scale it made sense to build a family healthcare center for their employees. Jeff Davis stated for the Board and for the public, the action in front of the Board today is resolution to declare OCIDA’s intent to be lead agency for SEQR purposes (State Environmental Quality Review Act). He stated this would be the first step in the process of the Agency declaring their intent to take the lead for the State part of the environmental review. Upon a motion by Janice Herzog, seconded by Kevin Ryan, the OCIDA Board approved a resolution declaring the Micron New York Semiconductor Manufacturing, LLC project a Type I action under SEQRA and the Agency’s intent to be Lead Agency for coordinated environmental review. Motion was carried. [Literal native PDF text; original page 11; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] ADJOURN Upon a motion by Janice Herzog, seconded by Cydney Johnson, the OCIDA Board adjourned the meeting at 9:02 am. Motion was carried. _________________________________ Nancy Lowery, Secretary 9 Page11 Revenue / Expense / Income Current Period Current YTD 2023 Budget Amount Current YTD Change to Budget Operating/Non-Op Revenue 149,681 2,002,222 1,472,880 529,342 Administrative Expense 46,274 348,082 816,000 (467,918) Operating/Program Expense 25,602 487,341 656,880 (169,539) Net Ordinary Income 77,805 1,166,800 - 1,166,800 Current YTD Prior YTD 5,954,375 4,173,738 306,566 - 5,647,810 4,173,738 265,054 110,438 5,912,864 4,284,176 260,264 4,790 Total 265,054 > 120 days Receivables 0-120 days July 31, 2023 Receivables Total ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY 335 MONTGOMERY STREET, 2ND FLOOR, SYRACUSE, NY 13202 PHONE: 315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET Current Assets Total Cash Less Pass Through Received Available Cash Page12 [Literal native PDF text; original page 12; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY 335 MONTGOMERY STREET, 2ND FLOOR, SYRACUSE, NY 13202 PHONE: 315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET July 31, 2023 2023 Budget Current YTD Revenue / Expense / Income Current Period Current YTD Amount Change to Budget Operating/Non-Op Revenue 149,681 2,002,222 1,472,880 529,342 Administrative Expense 46,274 348,082 816,000 (467,918) Operating/Program Expense 25,602 487,341 656,880 (169,539) Net Ordinary Income 77,805 1,166,800 - 1,166,800 [Literal native PDF text; original page 12; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Current Assets Current YTD Prior YTD Total Cash 5,954,375 4,173,738 Less Pass Through Received 306,566 - Available Cash 5,647,810 4,173,738 Receivables 265,054 110,438 Total 5,912,864 4,284,176 Receivables 0-120 days 260,264 > 120 days 4,790 Total 265,054 Page12 Onondaga County Industrial Development Agency Profit and Loss July 2023 Accrual Basis Friday, August 4, 2023 02:18 PM GMT-04:00 1/2 TOTAL Income 500 Operating Revenue 2116 Fees 2116.1 Agency Fees 27,042.00 2116.2 Application Fees 1,000.00 2116.3 WPCP Agency Fee 111,111.11 Total 2116 Fees 139,153.11 Total 500 Operating Revenue 139,153.11 501 Non-Operating Revenue 2401 Interest Income 6,774.27 501.2 Other Non-Operating Revenue 144.97 Total 501 Non-Operating Revenue 6,919.24 527 Nat Grid Matching Grant 3,609.00 534 Pilot & Pass Thru Revenue 528.003 OHB Redev LLC Funds Pass Thru 598.00 Total 534 Pilot & Pass Thru Revenue 598.00 550 WPCP Pass Thru Revenue 494,248.66 Total Income $644,528.01 GROSS PROFIT $644,528.01 Expenses 6400 Operating Expense 6406 Other Professional Services 2,275.74 6406.50 Consulting Services 2,500.00 Total 6406 Other Professional Services 4,775.74 6407 Administrative Expense 46,273.69 6408 Meeting Expenses 608.27 6409 Conference Attendence 339.80 6410 Office Expense 752.48 Total 6400 Operating Expense 52,749.98 6440 Legal Fees 6450 Barclay Damon 3,975.00 6460 IDA General Legal 3,713.83 Total 6450 Barclay Damon 7,688.83 Total 6440 Legal Fees 7,688.83 6500 Agency Program Expenses 6510 White Pine Commerce Park 250.00 6510.5 Insurance 3,452.33 6510.7 WPCP Marketing 5,750.79 Total 6510 White Pine Commerce Park 9,453.12 Page13 [Literal native PDF text; original page 13; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Onondaga County Industrial Development Agency Profit and Loss July 2023 TOTAL Income 500 Operating Revenue 2116 Fees 2116.1 Agency Fees 27,042.00 2116.2 Application Fees 1,000.00 2116.3 WPCP Agency Fee 111,111.11 Total 2116 Fees 139,153.11 Total 500 Operating Revenue 139,153.11 501 Non-Operating Revenue 2401 Interest Income 6,774.27 501.2 Other Non-Operating Revenue 144.97 Total 501 Non-Operating Revenue 6,919.24 527 Nat Grid Matching Grant 3,609.00 534 Pilot & Pass Thru Revenue 528.003 OHB Redev LLC Funds Pass Thru 598.00 Total 534 Pilot & Pass Thru Revenue 598.00 550 WPCP Pass Thru Revenue 494,248.66 Total Income $644,528.01 GROSS PROFIT $644,528.01 Expenses 6400 Operating Expense 6406 Other Professional Services 2,275.74 6406.50 Consulting Services 2,500.00 Total 6406 Other Professional Services 4,775.74 6407 Administrative Expense 46,273.69 6408 Meeting Expenses 608.27 6409 Conference Attendence 339.80 6410 Office Expense 752.48 Total 6400 Operating Expense 52,749.98 6440 Legal Fees 6450 Barclay Damon 3,975.00 6460 IDA General Legal 3,713.83 Total 6450 Barclay Damon 7,688.83 Total 6440 Legal Fees 7,688.83 6500 Agency Program Expenses 6510 White Pine Commerce Park 250.00 6510.5 Insurance 3,452.33 6510.7 WPCP Marketing 5,750.79 Total 6510 White Pine Commerce Park 9,453.12 [Literal native PDF text; original page 13; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Page13 Accrual Basis Friday, August 4, 2023 02:18 PM GMT-04:00 1/2 Onondaga County Industrial Development Agency Profit and Loss July 2023 Accrual Basis Friday, August 4, 2023 02:18 PM GMT-04:00 2/2 TOTAL 6530 800 Hiawatha Blvd. West 6530.1 Taxes 1,983.83 Total 6530 800 Hiawatha Blvd. West 1,983.83 Total 6500 Agency Program Expenses 11,436.95 6600 Non-Operating Expenses 6605 Pilot & Pass Thru Expenses 6606 OHB Redev LLC Funds Pass Thru 598.00 Total 6605 Pilot & Pass Thru Expenses 598.00 Total 6600 Non-Operating Expenses 598.00 6610 WPCP Pass Thru Expenses 6610.1 Barclay Damon 180,277.78 6610.2 JMT 128,787.88 6610.6 Barton & Loguidice 185,183.00 Total 6610 WPCP Pass Thru Expenses 494,248.66 Total Expenses $566,722.42 NET OPERATING INCOME $77,805.59 NET INCOME $77,805.59 Page14 [Literal native PDF text; original page 14; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Onondaga County Industrial Development Agency Profit and Loss July 2023 TOTAL 6530 800 Hiawatha Blvd. West 6530.1 Taxes 1,983.83 Total 6530 800 Hiawatha Blvd. West 1,983.83 Total 6500 Agency Program Expenses 11,436.95 6600 Non-Operating Expenses 6605 Pilot & Pass Thru Expenses 6606 OHB Redev LLC Funds Pass Thru 598.00 Total 6605 Pilot & Pass Thru Expenses 598.00 Total 6600 Non-Operating Expenses 598.00 6610 WPCP Pass Thru Expenses 6610.1 Barclay Damon 180,277.78 6610.2 JMT 128,787.88 6610.6 Barton & Loguidice 185,183.00 Total 6610 WPCP Pass Thru Expenses 494,248.66 Total Expenses $566,722.42 NET OPERATING INCOME $77,805.59 NET INCOME $77,805.59 [Literal native PDF text; original page 14; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Page14 Accrual Basis Friday, August 4, 2023 02:18 PM GMT-04:00 2/2 Onondaga County Industrial Development Agency Balance Sheet As of July 31, 2023 Accrual Basis Friday, August 4, 2023 02:17 PM GMT-04:00 1/3 TOTAL ASSETS Current Assets Bank Accounts 200 Cash 0.00 200.1 Cash - M & T Checking 5,060,923.91 200.2 Cash - M & T Money Maker Savings 902,359.39 200.4 Destiny USA Restricted Cash -8,957.82 210 Petty Cash 50.00 Total 200 Cash 5,954,375.48 Total Bank Accounts $5,954,375.48 Accounts Receivable 380 Accounts Rec. 380.6 A/R Fees, Lease & PILOT 1,065,869.55 Total 380 Accounts Rec. 1,065,869.55 Total Accounts Receivable $1,065,869.55 Other Current Assets 480 Prepaid Expenses 480.4 Credit Balance on Card -2,925.00 Total 480 Prepaid Expenses -2,925.00 Total Other Current Assets $ -2,925.00 Total Current Assets $7,017,320.03 Fixed Assets 100 Land 101 White Pines Commerce Park 2,503,051.37 101.1 WPCP GEIS 101.101 CHA GEIS 1 267,452.05 101.102 CHA GEIS 2 219,439.36 101.104 GEIS Reg Plan Board Overview 19,797.74 Total 101.1 WPCP GEIS 506,689.15 101.2 WPCP Legal 69,774.25 101.3 Engineering Services 52,675.00 101.301 Temporary Access 4,055.44 101.4 Environmental/Demo Services 10,318.98 Total 101.3 Engineering Services 67,049.42 101.5 Land Acquisition Costs 101.501 Land Purchases 1,160,063.57 101.502 Closing Costs 3,168.14 Page15 [Literal native PDF text; original page 15; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Onondaga County Industrial Development Agency Balance Sheet As of July 31, 2023 TOTAL ASSETS Current Assets Bank Accounts 200 Cash 0.00 200.1 Cash - M & T Checking 5,060,923.91 200.2 Cash - M & T Money Maker Savings 902,359.39 200.4 Destiny USA Restricted Cash -8,957.82 210 Petty Cash 50.00 Total 200 Cash 5,954,375.48 Total Bank Accounts $5,954,375.48 Accounts Receivable 380 Accounts Rec. 380.6 A/R Fees, Lease & PILOT 1,065,869.55 Total 380 Accounts Rec. 1,065,869.55 Total Accounts Receivable $1,065,869.55 Other Current Assets 480 Prepaid Expenses 480.4 Credit Balance on Card -2,925.00 Total 480 Prepaid Expenses -2,925.00 Total Other Current Assets $ -2,925.00 Total Current Assets $7,017,320.03 Fixed Assets 100 Land 101 White Pines Commerce Park 2,503,051.37 101.1 WPCP GEIS 101.101 CHA GEIS 1 267,452.05 101.102 CHA GEIS 2 219,439.36 101.104 GEIS Reg Plan Board Overview 19,797.74 Total 101.1 WPCP GEIS 506,689.15 101.2 WPCP Legal 69,774.25 101.3 Engineering Services 52,675.00 101.301 Temporary Access 4,055.44 101.4 Environmental/Demo Services 10,318.98 Total 101.3 Engineering Services 67,049.42 101.5 Land Acquisition Costs 101.501 Land Purchases 1,160,063.57 101.502 Closing Costs 3,168.14 [Literal native PDF text; original page 15; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Page15 Accrual Basis Friday, August 4, 2023 02:17 PM GMT-04:00 1/3 Onondaga County Industrial Development Agency Balance Sheet As of July 31, 2023 Accrual Basis Friday, August 4, 2023 02:17 PM GMT-04:00 2/3 TOTAL Total 101.5 Land Acquisition Costs 1,163,231.71 101.6 WPCP Marketing 2,984.34 Total 101 White Pines Commerce Park 4,312,780.24 106 North Salina Properties 0.00 106.1 435 North Salina 17,083.55 106.3 435 North Salina Building 634,421.53 Total 106 North Salina Properties 651,505.08 107 800 Hiawatha 604,840.42 Total 100 Land 5,569,125.74 104 Machinery & Equipment 104.1 Office Furniture 1,429.00 104.2 Equipment 4,589.00 Total 104 Machinery & Equipment 6,018.00 211 A/D Office Furniture -4,124.00 213 A/D Buildings -113,870.00 250 Investment in Real Property 29,508,083.00 Total Fixed Assets $34,965,232.74 Other Assets 240 Blue Sky Redevelopment 1,641.76 Total Other Assets $1,641.76 TOTAL ASSETS $41,984,194.53 LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 300 WPCP Pass Thru Payable 1,107,379.98 Total Accounts Payable $1,107,379.98 Other Current Liabilities 600 Accounts Payable 0.00 600.1 Due to Related Party - OED 348,081.10 600.102 Due to BD WPCP -0.34 600.204 OHB Redev LLC Funds 297,673.65 600.205 Exp Pay Prev Period 9,700.03 600.206 Mileage Reimbursement 0.34 600.208 BlueRock Energy Agreement Deposit 25,000.00 600.209 Syracuse Rail Overpayment 500.00 600.3 Onondaga County Loan 26,088,187.09 600.31 Accrued Interest - OC Note Payable 488,656.00 Total 600.3 Onondaga County Loan 26,576,843.09 Page16 [Literal native PDF text; original page 16; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Onondaga County Industrial Development Agency Balance Sheet As of July 31, 2023 TOTAL Total 101.5 Land Acquisition Costs 1,163,231.71 101.6 WPCP Marketing 2,984.34 Total 101 White Pines Commerce Park 4,312,780.24 106 North Salina Properties 0.00 106.1 435 North Salina 17,083.55 106.3 435 North Salina Building 634,421.53 Total 106 North Salina Properties 651,505.08 107 800 Hiawatha 604,840.42 Total 100 Land 5,569,125.74 104 Machinery & Equipment 104.1 Office Furniture 1,429.00 104.2 Equipment 4,589.00 Total 104 Machinery & Equipment 6,018.00 211 A/D Office Furniture -4,124.00 213 A/D Buildings -113,870.00 250 Investment in Real Property 29,508,083.00 Total Fixed Assets $34,965,232.74 Other Assets 240 Blue Sky Redevelopment 1,641.76 Total Other Assets $1,641.76 TOTAL ASSETS $41,984,194.53 [Literal native PDF text; original page 16; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] LIABILITIES AND EQUITY Liabilities Current Liabilities Accounts Payable 300 WPCP Pass Thru Payable 1,107,379.98 Total Accounts Payable $1,107,379.98 Other Current Liabilities 600 Accounts Payable 0.00 600.1 Due to Related Party - OED 348,081.10 600.102 Due to BD WPCP -0.34 600.204 OHB Redev LLC Funds 297,673.65 600.205 Exp Pay Prev Period 9,700.03 600.206 Mileage Reimbursement 0.34 600.208 BlueRock Energy Agreement Deposit 25,000.00 600.209 Syracuse Rail Overpayment 500.00 600.3 Onondaga County Loan 26,088,187.09 600.31 Accrued Interest - OC Note Payable 488,656.00 Total 600.3 Onondaga County Loan 26,576,843.09 [Literal native PDF text; original page 16; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Page16 Accrual Basis Friday, August 4, 2023 02:17 PM GMT-04:00 2/3 Onondaga County Industrial Development Agency Balance Sheet As of July 31, 2023 Accrual Basis Friday, August 4, 2023 02:17 PM GMT-04:00 3/3 TOTAL Total 600 Accounts Payable 27,257,797.87 601 PILOT and Pass Thru Payable 602 Pass Thru Payable 32,471.00 603 PILOT Pass Thru 1.01 Total 601 PILOT and Pass Thru Payable 32,472.01 631 Due to Other Governments 631.1 Towns 631.12 Dewitt -4.20 631.145 Onondaga -0.85 631.15 Salina -0.81 Total 631.1 Towns -5.86 631.3 Schools 631.325 Jamesville-Dewitt -27.47 631.356 Syracuse -114,994.17 Total 631.3 Schools -115,021.64 631.4 Onondaga County -79,297.94 631.5 City of Syracuse -63,517.97 Total 631 Due to Other Governments -257,843.41 Total Other Current Liabilities $27,032,426.47 Total Current Liabilities $28,139,806.45 Total Liabilities $28,139,806.45 Equity 3900 Equity Unreserved 9,753,381.97 3901 Equity-Investment Fixed Assets 2,345,838.63 463 Reserve For Contracts 368,811.84 465 Equity - Unreserved 4,017.16 Net Income 1,372,338.48 Total Equity $13,844,388.08 TOTAL LIABILITIES AND EQUITY $41,984,194.53 Page17 [Literal native PDF text; original page 17; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Onondaga County Industrial Development Agency Balance Sheet As of July 31, 2023 TOTAL Total 600 Accounts Payable 27,257,797.87 601 PILOT and Pass Thru Payable 602 Pass Thru Payable 32,471.00 603 PILOT Pass Thru 1.01 Total 601 PILOT and Pass Thru Payable 32,472.01 631 Due to Other Governments 631.1 Towns 631.12 Dewitt -4.20 631.145 Onondaga -0.85 631.15 Salina -0.81 Total 631.1 Towns -5.86 631.3 Schools 631.325 Jamesville-Dewitt -27.47 631.356 Syracuse -114,994.17 Total 631.3 Schools -115,021.64 631.4 Onondaga County -79,297.94 631.5 City of Syracuse -63,517.97 Total 631 Due to Other Governments -257,843.41 Total Other Current Liabilities $27,032,426.47 Total Current Liabilities $28,139,806.45 Total Liabilities $28,139,806.45 Equity 3900 Equity Unreserved 9,753,381.97 3901 Equity-Investment Fixed Assets 2,345,838.63 463 Reserve For Contracts 368,811.84 465 Equity - Unreserved 4,017.16 Net Income 1,372,338.48 Total Equity $13,844,388.08 TOTAL LIABILITIES AND EQUITY $41,984,194.53 [Literal native PDF text; original page 17; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Page17 Accrual Basis Friday, August 4, 2023 02:17 PM GMT-04:00 3/3 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY PAYMENT OF BILLS - SCHEDULE #484 August 10, 2023 GENERAL EXPENSES 1. BROWN & BROWN OF NEW YORK, INC.* 3,452.33 $ Policy #3FF8282, Inv#12895286 2. PARK STRATEGIES, LLC* 2,500.00 $ July 2023 Consulting Services, Inv#16588361 3. BROWN & BROWN OF NEW YORK, INC. 1,090.74 $ Policy #3FF8282, Inv#12991977 4. THE ONCENTER 1,449.75 $ OCIDA Board Meeting, Inv#CV30863-1 5. BOISE VALLEY ECONOMIC PARTNERSHIP 616.50 $ SEMICON West Expenses, Inv#5821350 6. JMT OF NEW YORK, INC. 14,041.85 $ Roth Steel Brownfield Cleanup, Inv#36-104372 7. ONONDAGA CIVIC DEVELOPMENT CORPORATION 604.06 $ 2nd Q Copier Reimbursement, Inv#1146 8. JMT OF NEW YORK, INC. 128,787.88 $ June 2023 Engineering Services 9. BARCLAY DAMON LLP 177,777.78 $ June 2023 Legal Costs 10. BARCLAY DAMON LLP 3,566.25 $ Roth Steel and OCIDA Legal 11. BARCLAY DAMON LLP 1,224.50 $ OHB Redev LLC, Inv#5246137 12. SYRACUSE BLUE PRINT 25.00 $ White Pine Commerce Park Demo, Inv#439957 TOTAL 335,136.64 $ *Ratification of Checks dated July 25, 2023 Page18 [Literal native PDF text; original page 18; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY PAYMENT OF BILLS - SCHEDULE #484 August 10, 2023 [Literal native PDF text; original page 18; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] GENERAL EXPENSES 1. BROWN & BROWN OF NEW YORK, INC.* $ 3,452.33 Policy #3FF8282, Inv#12895286 2. PARK STRATEGIES, LLC* $ 2,500.00 July 2023 Consulting Services, Inv#16588361 3. BROWN & BROWN OF NEW YORK, INC. $ 1,090.74 Policy #3FF8282, Inv#12991977 4. THE ONCENTER $ 1,449.75 OCIDA Board Meeting, Inv#CV30863-1 5. BOISE VALLEY ECONOMIC PARTNERSHIP $ 616.50 SEMICON West Expenses, Inv#5821350 6. JMT OF NEW YORK, INC. $ 14,041.85 Roth Steel Brownfield Cleanup, Inv#36-104372 7. ONONDAGA CIVIC DEVELOPMENT CORPORATION $ 604.06 2nd Q Copier Reimbursement, Inv#1146 8. JMT OF NEW YORK, INC. $ 128,787.88 June 2023 Engineering Services 9. BARCLAY DAMON LLP $ 177,777.78 June 2023 Legal Costs 10. BARCLAY DAMON LLP $ 3,566.25 Roth Steel and OCIDA Legal 11. BARCLAY DAMON LLP $ 1,224.50 OHB Redev LLC, Inv#5246137 12. SYRACUSE BLUE PRINT $ 25.00 White Pine Commerce Park Demo, Inv#439957 TOTAL $ 335,136.64 [Literal native PDF text; original page 18; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] *Ratification of Checks dated July 25, 2023 Page18 7/7/2023 1. Project 3101-23-03A 3. Location 7.Total Project Cost 27,736,203 $ 8. Total Jobs 3 Land 1,200,000 $ 8A. Job Retention 0 Site Work 1,904,400 $ 8B: Job Creation 3 Building 21,194,674 $ (Next 3 Years) Furniture & Fixtures - $ Equipment - $ Engineering/Architecture Fees 260,000 $ Financial Charges 1,878,500 $ Legal Fees 35,000 $ Other 1,263,629 $ Management/Developer Fees - $ Community Investment /Abatement QP2 Properties, LLC Abatement Summary $1,514,275 Sales Tax Abatement $1,347,857 Mortgage Tax Abatement $166,418 Property Tax Relief (PILOT) $0 Community Investment $41,684,648 PILOT Payments $0 Project Wages Estimate $889,445 Construction Benefit Estimate $13,059,000 Employee Benefits Estimate $0 Total Project Cost $27,736,203 Investment:Abatement Ratio 27.53 :1 4. School District 6. Project Type Onondaga County Industrial Development Agency Project Summary Draft 2. Project Number North Syracuse Central School District New construction QP2 Properties, LLC Clay Project Description The project includes the construction of two (2) three-story residential apartment buildings, with 96 garden style apartments and various tenant amenities. The project includes six (6) garages representing 48 garage parking spaces. The project also includes three (3) commercial buildings totaling 33,200 square feet of commercial development. 5. Tax Parcel(s) Fiscal Impact ($) 045.-01-02.1 Page19 [Literal native PDF text; original page 19; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Onondaga County Industrial Development Agency Project Summary Draft 7/7/2023 1. Project QP2 Properties, LLC 2. Project Number 3101-23-03A 3. Location Clay 4. School District North Syracuse Central School District 5. Tax Parcel(s) 045.-01-02.1 6. Project Type New construction 7.Total Project Cost $ 27,736,203 8. Total Jobs 3 Land $ 1,200,000 8A. Job Retention 0 Site Work $ 1,904,400 8B: Job Creation 3 Building $ 21,194,674 (Next 3 Years) Furniture & Fixtures $ - Equipment $ - Engineering/Architecture Fees $ 260,000 Financial Charges $ 1,878,500 Legal Fees $ 35,000 Other $ 1,263,629 Management/Developer Fees $ - [Literal native PDF text; original page 19; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Community Investment /Abatement QP2 Properties, LLC Project Description Fiscal Impact ($) Abatement Summary $1,514,275 Sales Tax Abatement $1,347,857 Mortgage Tax Abatement $166,418 Property Tax Relief (PILOT) $0 The project includes the construction of two (2) three-story residential apartment Community Investment $41,684,648 buildings, with 96 garden style apartments and various tenant amenities. The project PILOT Payments $0 includes six (6) garages representing 48 garage parking spaces. The project also Project Wages Estimate $889,445 includes three (3) commercial buildings totaling 33,200 square feet of commercial Construction Benefit Estimate $13,059,000 development. Employee Benefits Estimate $0 Total Project Cost $27,736,203 Investment:Abatement Ratio 27.53 :1 Page19 Onondaga County Industrial Development Agency Page 1 ONONDAG A 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 exem ption 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 Appli cant 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 Coun ty 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 compa ny’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 induc ement date. If this schedule cannot be met, the applicant w ill need to submit a closing schedule modification wr i tt en request to the Exe cutive Director that will be presented to OCIDA Board for consideration. 6. When completed, return this A pplication 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 A pplication will not be considered by the Agency until the A pplication 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 p roject 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 O fficers Law declares all records in the possession of the OCID A (with certain limited exceptions) are open to public inspection and copying. If the Applicant is of the opinion that there are elements of the p roject which are in the nature of trade secrets which, if disclosed to the public or otherwise widely dissemi nated, 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 L aw, the OCIDA ma y 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 A gency, all administrative and legal fees as stated in Section VI of the Application. Page20 [Literal native PDF text; original page 20; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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. [Literal native PDF text; original page 20; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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. [Literal native PDF text; original page 20; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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 Page20 Onondaga County Industrial Development Agency Page 2 10. A complete A pplication 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 P roject, 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 wa s ad opted by the OCIDA Board on January 18, 2022 . Page21 [Literal native PDF text; original page 21; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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 Page21 Onondaga County Industrial Development Agency Page 1 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 Please answe r all que stions. Use “None”, “Not Applicable” and “See Attached” where necessary. Submittal Date: _____________ A) Applicant /Project Operator i nformation (c ompany receiving benefits ) : Applicant /Project Operator: Click here to enter text. Applicant/ Project Operator Address: Phone: Fax: Website: E - mail: Federal ID#: NAICS: State and Year of Incorporation/Organization: __________________________________________ 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: Title: Address: Phone: Fax: E - mail: Section I: Applicant Information Page22 [Literal native PDF text; original page 22; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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: _____________ [Literal native PDF text; original page 22; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] A) Applicant/Project Operator information (company receiving benefits): Applicant/Project Operator: Click here to enter text. QP2 Properties, LLC Applicant/ Project Operator Address: 106 S. Main Street, North Syracuse, NY 13212 Phone: (315) 410-0373 Fax: (315) 410-0375 N/A Website: E-mail: ozzie@syracuserealtygroup.com Federal ID#: 26-1284821 NAICS: 531310 State and Year of Incorporation/Organization: __________________________________________ New York State - 2007 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: Orazio Crisalli Title: Member Address: 106 S. Main Street, North Syracuse, New York 13212 Phone: (315) 410-0373 Fax: (315) 410-0375 E-mail: ozzie@syracuserealtygroup.com Onondaga County Industrial Development Agency Page 1 Page22 Onondaga County Industrial Development Agency Page 2 C) Company Contact (if different from individual completing application): Name: Title: Address: Phone: Cell Phone : E - mail: D) Company Counsel: Name of Attorney: Firm Name: Address: Phone: Cell Phone : E - mail: E) Business Organization (check appropriate category): ☐ Corporation ☐ Partnership ☐ Public Corporation ☐ Joint Venture ☐ Sole Proprietorship ☐ Limited Liability Company ☐ Other (please specify): Year Established: State in which Organization is established: F) List all stockholders, members, or partners with % of ownership greater than 5 % : Name % of ownership Page23 [Literal native PDF text; original page 23; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] C) Company Contact (if different from individual completing application): Name: Title: Address: Phone: Cell Phone: E-mail: D) Company Counsel: Name of Attorney: Robert J. Smith Firm Name: Costello, Cooney & Fearon, PLLC Address: 211 West Jefferson Street, Suite 1, Syracuse, New York 13204 Phone: (315) 422-1152 Cell Phone: E-mail: rsmith@ccf-law.com E) Business Organization (check appropriate category): ☐ Corporation ☐Partnership ☐ Public Corporation ☐Joint Venture ☐ Sole Proprietorship ☐Limited Liability Company ☐ Other (please specify): Year Established: 2007 State in which Organization is established: New York F) List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership Orazio Crisalli 50% Michael Arcuri 50% Onondaga County Industrial Development Agency Page 2 Page23 Onondaga County Industrial Development Agency Page 3 G) Applicant Business Description: Estimated % of sales within Onondaga County: _ ______________________________________ _ Estimated % of sales outside Onondaga County but within New York State: 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. 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 Benefi ciary 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 1. Is the company or management of the Company now a plaintiff or defendant in any civil or criminal litigation? ☐ Yes ☐ No 2. Has any person listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐ Yes ☐ No Page24 [Literal native PDF text; original page 24; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] G) Applicant Business Description: Estimated % of sales within Onondaga County: ________________________________________ 100% Estimated % of sales outside Onondaga County but within New York State: 0 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 [Literal native PDF text; original page 24; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Onondaga County Industrial Development Agency Page 3 Page24 Onondaga County Industrial Development Agency Page 4 A) Project Location : Location where the investment will take place. If C ompany is moving, the new location should be entered here and the current location should be in Section I. Address: Legal Address (if different): City: Village/Town: Zip Code: School District: Tax Map Parcel ID(s): Full Market Value : ____ _ ___________ Footage of Existing Building: _________________ Census Tract: ___________________________________________________________________ B) Type (Check all that apply): ☐ New c onstruction ☐ Purchase of machinery and/or equipment ☐ Expansion/Addition to current facilities ☐ Brownfield/Remediated Brownfield ☐ Renovation of e xisting facility ☐ LEED Certification ☐ Housing Project ☐ Demolition and Construction ☐ Renewable Energy Project ☐ Acquisition of e xisting facility/propert y ☐ 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 p age 14 ) * For a Renewable Energy Project ( also s ee page 15 ) * For a Housing Project (also see p age 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; ☐ (ii i ) the size of the lot upon which the Proje ct 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; ☐ (v i ) describe your method for site control (Own, lease, other). Section II: Project and Site Information Page25 [Literal native PDF text; original page 25; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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: Northeast corner of State Route 31 & Henry Clay Boulevard Legal Address (if different): City: Clay Village/Town: Clay Zip Code: 13041 School District: North Syracuse Central Tax Map Parcel ID(s): 045.-01-02.1 Full Market Value: ________________ 1,200,000 Footage of Existing Building: _________________ N/A Census Tract: ___________________________________________________________________ 16067 113 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: [Literal native PDF text; original page 25; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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. See Attachment #1 * 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: See Attachment #1 ☐ 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). [Literal native PDF text; original page 25; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Onondaga County Industrial Development Agency Page 4 Page25 Onondaga County Industrial Development Agency Page 5 E) Select Project t ype for all end users at P roject 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 P roject, please provide the following information: 1. Does the P roject consist of new construction or expansion or substantial renovation of an existing facility? ☐ Yes ☐ No 2. Will the P roject create new employment opportunities or retain existing jobs that may otherwise be lost? ☐ Yes ☐ No 3. Does the P roject beneficiary serve a customer base primarily outside of Onondaga County? ☐ Yes ☐ No H) Will the completion of the P roject 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? _______________________________________________________ Page26 [Literal native PDF text; original page 26; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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. See Attachment #2 [Literal native PDF text; original page 26; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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. See Project Narrative (Attachment #1) [Literal native PDF text; original page 26; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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? _______________________________________________________ Planned Development District Approved & Site Plan approved Onondaga County Industrial Development Agency Page 5 Page26 Onondaga County Industrial Development Agency Page 6 2. Has the project received si te plan approval from the town or local planning board? ☐ Yes ☐ No 3. If no, w hat is the anticipated approval date? ________________________________ 4. If y es, provide the Agency with a copy of the Planning Board’s approval resolution along with the related SEQR determination. (NOTE: SEQR d etermination 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. Page27 [Literal native PDF text; original page 27; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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.) See Attachment #3 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 Page27 Onondaga County Industrial Development Agency Page 7 A) Project Costs and Finances Description of Costs Total Budget Amount % of Total Budget to be P rocured in Onondaga County Total Private Expenditure (should be less than or equal to total budget amount) Land Acquisition Site Work/Demo Building Construction & Renovation Furniture & Fixtures Equipment * Engineering/Architect s Financial Charges Legal Other Management/Developer Fees Total Project Cost 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 $ Project refinancing : estimated amount ( For refinancing of existing debt only) $ Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 2. Equity (excluding equity that is attributed to grants/tax credits) $ 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 4. Taxable Bond Issuance (if applicable) $ Section III: Construction Page28 [Literal native PDF text; original page 28; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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 1,200,000 100 1,200,000 Site Work/Demo 1,904,400 100 1,904,400 Building Construction 21,194,674 100 21,194,674 & Renovation Furniture & Fixtures Equipment* Engineering/Architect 260,000 100 260,000 sFinancial Charges 1,878,500 100 1,878,500 Legal 35,000 100 35,000 Other (5% contingency) 1,263,629 100 1,263,629 Management/Developer Fees Total Project Cost 27,736,203 100 27,736,203 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. [Literal native PDF text; original page 28; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] B) TOTAL Capital Costs $ 27,736,203 Project refinancing: estimated amount (For refinancing of existing debt only) $0 Sources of Funds for Project Costs: 1. Bank Financing $ _______________ 22,188,944 2. Equity (excluding equity that is attributed to grants/tax credits) $ 5,547,259 3. Tax Exempt Bond Issuance (if applicable) $ _______________ 0 4. Taxable Bond Issuance (if applicable) $ 0 Onondaga County Industrial Development Agency Page 7 Page28 Onondaga County Industrial Development Agency Page 8 5. Public Sources (Include sum total of all state and federal grants a nd tax credits) $ - Identify each state and federal grant/credit: $ $ $ 6. Total Sources of Funds for Project Costs $ _______________ 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: Estimate the number of construction jobs to be created by this Project: Estimate the average length of construction jobs to be created (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: Page29 [Literal native PDF text; original page 29; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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 $ _______________ 27,736,203 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: [Literal native PDF text; original page 29; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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: 120 Estimate the average length of construction jobs to be created (months): 30 Months Current annual payroll at facility: 0 Please list, if any, benefits that will be available to either full and/or part time 401K, Healthcare, Dental, Parking, Performance bonuses employees: Average annual benefit paid by the company ($ or % salary) per FTE job: 60% Amount or percent of wage employees pay for benefits: 40% 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: 3 Onondaga County Industrial Development Agency Page 8 Page29 Onondaga County Industrial Development Agency Page 9 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 shou ld 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 addi tional information or a substitu te 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 Year 1 Jobs Created Year 2 Jobs Created Year 3 If you prefer , you may attach a job chart of your own that outlines the job growth p rojections regarding the P roject. E) Financial Assistance sought ( estimated values ): ☐ Real Property Tax Abatement (PILOT): ☐ Mortgage Recording Tax Exemption (.75% of amount mortgaged): ☐ Sales and Use Tax Exemption (4% Local, 4% State): ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Page30 [Literal native PDF text; original page 30; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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) none n/a 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 Leasing Agent 39,500 1 0 0 Property Manager 43,500 1 0 0 [Literal native PDF text; original page 30; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Maintenance Man 58,000 1 0 0 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): 166,418 ☐ Sales and Use Tax Exemption (4% Local, 4% State): 1,347,857 ☐ Tax Exempt Bond Financing (Amount Requested): ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 9 Page30 Onondaga County Industrial Development Agency Page 10 F) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that w ould 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 U se T ax – 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 mat ch the amount in section “E” on page 9 , this calculation only exists to help you with your estimate): $ Page31 [Literal native PDF text; original page 31; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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): $ 22,188,944 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 166,418 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: $ 16,848,205 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): $ 1,347,857 Onondaga County Industrial Development Agency Page 10 Page31 Onondaga County Industrial Development Agency Page 11 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 par t of this comp leted Application prior to the completed application being provided to the OCIDA Board. A) PILOTS Estimate Table Worksheet OCIDA estimate of c urrent v alue New construction and renovation c osts OCIDA estimate of increase in value OCIDA e stimated value of completed project OCIDA estimate of taxes that would have been collected if the project did not occur Scheduled PILOT payments PILOT Year Exemption % County PILOT Amount Local PILO T Amount School PILOT Amount Total PILOT Full Tax Payment w/o PILOT Net Exemption 1 10 0 2 90 3 80 4 70 5 60 6 50 7 40 8 30 9 20 10 10 TOT AL 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 . Section I V: Estimate of Real Property Tax Abatement Benefits Page32 [Literal native PDF text; original page 32; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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 Page32 Onondaga County Industrial Development Agency Page 12 Tax 1. Will t he cost of the retail portion of the P roject exceed one - third of the total project cost ? ☐ Yes ☐ No 2. Is the P roject 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 l east 1.25 t imes 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 th e predominate purpose of the P roject to make available good s 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 For Retail Projects Only SECTION: V For Retail Projects Only Page33 [Literal native PDF text; original page 33; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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 Page33 Onondaga County Industrial Development Agency Page 13 Please complete the following as an addendum: P X, an 1. Describe the reasons why the Agency’s financial assistance is necessary. Describe ho w the P roject 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 writt en communication to the affec ted 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 t own , city or village where the P roject 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 decommissionin g 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 SECTION VI: For Solar Projects Only Page34 [Literal native PDF text; original page 34; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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 [Literal native PDF text; original page 34; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR GUIDANCE & BEST PRACTICE Onondaga County Industrial Development Agency Page 13 Page34 Onondaga County Industrial Development Agency Page 14 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 P roject’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 purch ase the real property on which the P roject 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 Com pany 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 P roject progresses through the OCIDA approval process. OCIDA staff are available to update these two documents as needed. OCIDA Solar PILOTs Guidance and Best Practice Page35 [Literal native PDF text; original page 35; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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. [Literal native PDF text; original page 35; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] 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 Page35 Onondaga County Industrial Development Agency Page 15 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 P roject being built in a blighted area? Please describe. 3. Is the P roject 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 P roject and for the financial assistance being requested from the Agency ? Please provide written documentation. 6. Is the P roject considered infill in a populated area? Please explain. 7. Does the P roject 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. SECTION VII: For Housing Projects Only Page36 [Literal native PDF text; original page 36; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] SECTION VII: For Housing Projects Only Please complete the following as an addendum: See Attachment 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 Page36 Page37 [Machine extraction from original PDF page 37; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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. [Machine extraction from original PDF page 37; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] In consideration of the extension of financial assistance by the Agency QP2 Properties, LLC (the Company) understands the Local Access Policy and agrees to complete Appendix C ofthe 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 3/9/2023 (date). Company: QP2 Properties, LLC Representative for Contract: Orazio D. Crisalli Address: 106 South Main Street City: North Syracuse State: NY Zip: 13212 Phone: 315-410-0373 Email: ozzie@syracuserealtygroup.com Project Address: Henry Clay Blvd & St. Rt. 31 City: Clay State: NY Zip: 13041 General Contractor: G.F. Frost Construction Co., Inc. Contact Person: Gary Frost Address: 5229 East Foxhill Lane City: Camillus State: NY Zip: 13031 Phone: 315-447-5835 Email: frost50@aol.com Title: Owner Onondaga County Industrial Development Agency Page 16 Page37 Page38 [Machine extraction from original PDF page 38; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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 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) Legal Deposit (All projects except Solar $2,500 Due at time of Projects) application 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 .0025 X TPC (total .0125) 3. PILOT is an additional fee Bonds Due at closing Bond refinancing and refunding .0025 of TPC Agency Legal Fees Fee for first $20 million .0025 X of the project cost or bond Due at closing amount Fee for expenses above $20 million .00125 X of project cost or bond amount Amendment or Modification of IDA 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 of 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 [Machine extraction from original PDF page 38; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] with other transactions such as grants of easement or lease or sale of OCIDA-owned property. Onondaga County Industrial Development Agency Page 17 Page38 Page39 [Machine extraction from original PDF page 39; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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. On ICrulls Name of Applicant Company QP2/Properties, LLC Signature of Officer or Authorized Representative: Name & Title of Officer or Authorized Representative: Orazio D. Crisalli, Managing Member Date: 3-9-23 Onondaga County Industrial Development Agency Page 18 Page39 Page40 [Machine extraction from original PDF page 40; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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: Ay nu QP2 Propete,LC Name of Applicant Company Signature of Officer or Authorized Representative: Name & Title of Officer or Authorized Representative: Orazio D. Crisalli, Managing Member Date: 3-9-2023 Onondaga County Industrial Development Agency Page 19 Page40 Page41 [Machine extraction from original PDF page 41; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Section XII: Representations, Certifications, and Indemnification Orazio D. Crisalli (Name of CEO or other authorized representative of Applicant) confirms and says that he/she is the Managing Member (title) of QP2 Properties, 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 [Machine extraction from original PDF page 41; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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 [Machine extraction from original PDF page 41; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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 proyide 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 Page41 Page42 [Machine extraction from original PDF page 42; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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 [Machine extraction from original PDF page 42; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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- [Machine extraction from original PDF page 42; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] a and Section 862(1) of the New York General Municipal Law. Onondaga County Industrial Development Agency Page 21 Page42 Page43 [Machine extraction from original PDF page 43; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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 [Machine extraction from original PDF page 43; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 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 Page43 Page44 [Machine extraction from original PDF page 44; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] An tnell Name of Applicant Company: Signature of Officer or Authorized Representative: Name & Title of Officer or Authorized Representative: Orazio D. Crisalli, Managing Member Date: 3/9/2027 STATE OF NEW YORK COUNTY OF ONONDAGA ) ss.; Orazro D. Crisally , being first duly sworn, deposes and says: 1. That I am the Managirs Me mbir (Corporate Officer) of Q?2 Prnopeohis L(C (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 pęnalties of perjury this 92 day of, 20 23 Warly SSmant (Notary Public) WENDY S. LOUGNOT Notary Public in the State of New Yor @uailfied In Oswego County, No. 02LO6020229 BMy Commission Expires Aprt 7, 2012 End of Application Rev 1.18.22 Onondaga County Industrial Development Agency Page 23 Page44 QP2 Properties, LLC OCIDA Application Attachment #1 Section II(C) and (D) – Project Narrative/Description Description of the Applicant The Applicant , QP2 Properties, LLC, is a limited liability company formed by the owners of Syracuse Realty Group. The primary purpose of the Applicant is the development of the instant Project. It should be noted that the Applicant was originally created in 2007 for the purpose of owning and redeveloping real property located at 106 South Main Street in the Vi llage of North Syracuse, Town of Clay. When the Applicant sold that property in 2021 it used the proceeds of the sale as downpayment on the purchase of the Clay Marketplace land. Clay Marketplace is currently the sole asset of the Applicant and the sole purpose of the Applicant is the development of Clay Marketplace. Description of the Project The is proposing the development of the real property located at the intersection of NYS Route 31 and Henry Clay Boulevard in the Town of Clay (Tax Map Number 045 . - 01 - 02.1) (the “Project Site”). The Project Site is 14.95 acres and is currently vacant commercial property. The Applicant intends to develop the Project Site into a mixed - use apartment project with 96 garden style apartments, 33 , 2 00 square feet of total commercial space on t hree out - parcels (the “Project”) . The P roject includes the construction of two (2) three - story residential apartment building s , with 96 garden style apartments and various tenant amenities (i.e. exercise room, meeting room, pet washing station, etc.) . This portion of the Project will include six (6) garages representing 48 garage parking spaces , as well as 188 surface parking spaces, for a total of 236 parking spaces. The apartment buildings will include a total of 125,106 square feet of residential space. The 96 garden style apartments will be comprised of sixty (60) 2 - Bedroom/2 - Bathroom unit s and thirty - six ( 36 ) 1 - Bedroom/1 - Bathroom units. The main entrance for the apartments will be located on Henry Clay Boulevard. The Project also includes three (3) commercial buildings totaling 33 , 2 00 square feet of commercial development as well as 198 surface parking spaces, which will be developed and leased out by the Applicant. While there are no signed Leases or LOIs for the commercial properties at this time, there has been interest shown by various entities (which far exceeds the actual rental sp ace available) with respect to this property (See Attachment #2). The main entrances for the commercial buildings will be located along New York State Route 31. The Applicant is aware of and supportive of the County’s development of it’s comprehensive pl an (Plan O N ondaga). In developing this project the Applicant has utilized many of the key themes of Plan O N ondaga into this Project, to the extent possible. For example, one of the goals of the County is walkability. The Project Site has been developed to encourage walkability between the residential and commercial/retail components of the Site. There will be sidewalks throughout the Page45 [Literal native PDF text; original page 45; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] QP2 Properties, LLC OCIDA Application Attachment #1 Section II(C) and (D) – Project Narrative/Description Description of the Applicant The Applicant, QP2 Properties, LLC, is a limited liability company formed by the owners of Syracuse Realty Group. The primary purpose of the Applicant is the development of the instant Project. It should be noted that the Applicant was originally created in 2007 for the purpose of owning and redeveloping real property located at 106 South Main Street in the Village of North Syracuse, Town of Clay. When the Applicant sold that property in 2021 it used the proceeds of the sale as downpayment on the purchase of the Clay Marketplace land. Clay Marketplace is currently the sole asset of the Applicant and the sole purpose of the Applicant is the development of Clay Marketplace. Description of the Project The is proposing the development of the real property located at the intersection of NYS Route 31 and Henry Clay Boulevard in the Town of Clay (Tax Map Number 045.-01-02.1) (the “Project Site”). The Project Site is 14.95 acres and is currently vacant commercial property. The Applicant intends to develop the Project Site into a mixed-use apartment project with 96 garden style apartments, 33,200 square feet of total commercial space on three out-parcels (the “Project”). [Literal native PDF text; original page 45; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] The Project includes the construction of two (2) three-story residential apartment buildings, with 96 garden style apartments and various tenant amenities (i.e. exercise room, meeting room, pet washing station, etc.). This portion of the Project will include six (6) garages representing 48 garage parking spaces, as well as 188 surface parking spaces, for a total of 236 parking spaces. The apartment buildings will include a total of 125,106 square feet of residential space. The 96 garden style apartments will be comprised of sixty (60) 2-Bedroom/2-Bathroom units and thirty- six (36) 1-Bedroom/1-Bathroom units. The main entrance for the apartments will be located on Henry Clay Boulevard. The Project also includes three (3) commercial buildings totaling 33,200 square feet of commercial development as well as 198 surface parking spaces, which will be developed and leased out by the Applicant. While there are no signed Leases or LOIs for the commercial properties at this time, there has been interest shown by various entities (which far exceeds the actual rental space available) with respect to this property (See Attachment #2). The main entrances for the commercial buildings will be located along New York State Route 31. [Literal native PDF text; original page 45; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] The Applicant is aware of and supportive of the County’s development of it’s comprehensive plan (Plan ONondaga). In developing this project the Applicant has utilized many of the key themes of Plan ONondaga into this Project, to the extent possible. For example, one of the goals of the County is walkability. The Project Site has been developed to encourage walkability between the residential and commercial/retail components of the Site. There will be sidewalks throughout the Page45 site to allow for walkability among all components of the Site. Another goal of the County is greenspace. While the inc lusion of greenspace into this Project was difficult due to the parking and other site requirements, the Applicant has built as much greenspace into the Project as possible. Behind the apartment buildings they have approximately eighty (80) feet of grassy and landscaped area for use of the residents and they have includes as much green space area along the periphery of the site as the site would allow. The Applicant has also committed to various improvements at the intersection of New York State Route 31 and Henry Clay Boulevard (the cost of which is estimated to be approximately $900,000) which will benefit the overall traffic and transportation through the area. In essence, this Project has been designed in a manner to create a strong walkable center of residential, commercial and green space area that is tailored to the County ’s goals. The Applicant will be the owner of the Project and will contract with Syracuse Realty Group to be the exclusive managing and leasing agent for the Project. Project Narrative Given the extensive development in the Town of Clay, including the new Micron facility which will be coming to the area, a great need exists for housing and services that this Project will provide . The applicant is requesting sales and use tax exemption and mortgage recording tax exemption to help financ e the project, which has become very difficult due to a number of factors. First, capital market changes such as drastically increasing interest rates, decreasing finance options for new constru ction, stagflation and a pending recession have made obtaining financing for this project exceedingly difficult . Second, as part of the municipal approval process, the Applicant has agreed to undertake a variety of public benefit improvements. For exampl e, the Applicant has agreed to widen Henry Clay Boulevard, add a traffic signal, etc. Such concession by the Applicant have increased the cost of this Project and, simultaneously, provide a significant benefit to the p ublic , in general, and the residents of the area . Given these factors, the requested tax abatements are necessary for the project to be financially feasible. The Applicant has taken substantial efforts to move this project forward quickly. The applicant has already received Planned Devel opment District Approval and Site Plan Approval . As a result, this project i s shovel ready. Page46 [Literal native PDF text; original page 46; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] site to allow for walkability among all components of the Site. Another goal of the County is greenspace. While the inclusion of greenspace into this Project was difficult due to the parking and other site requirements, the Applicant has built as much greenspace into the Project as possible. Behind the apartment buildings they have approximately eighty (80) feet of grassy and landscaped area for use of the residents and they have includes as much green space area along the periphery of the site as the site would allow. The Applicant has also committed to various improvements at the intersection of New York State Route 31 and Henry Clay Boulevard (the cost of which is estimated to be approximately $900,000) which will benefit the overall traffic and transportation through the area. In essence, this Project has been designed in a manner to create a strong walkable center of residential, commercial and green space area that is tailored to the County’s goals. The Applicant will be the owner of the Project and will contract with Syracuse Realty Group to be the exclusive managing and leasing agent for the Project. Project Narrative [Literal native PDF text; original page 46; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Given the extensive development in the Town of Clay, including the new Micron facility which will be coming to the area, a great need exists for housing and services that this Project will provide. The applicant is requesting sales and use tax exemption and mortgage recording tax exemption to help finance the project, which has become very difficult due to a number of factors. First, capital market changes such as drastically increasing interest rates, decreasing finance options for new construction, stagflation and a pending recession have made obtaining financing for this project exceedingly difficult. Second, as part of the municipal approval process, the Applicant has agreed to undertake a variety of public benefit improvements. For example, the Applicant has agreed to widen Henry Clay Boulevard, add a traffic signal, etc. Such concession by the Applicant have increased the cost of this Project and, simultaneously, provide a significant benefit to the public, in general, and the residents of the area. Given these factors, the requested tax abatements are necessary for the project to be financially feasible. The Applicant has taken substantial efforts to move this project forward quickly. The applicant has already received Planned Development District Approval and Site Plan Approval. As a result, this project is shovel ready. Page46 QP2 Properties, LLC OCIDA Application Attachment # 2 Section II(F) – Tenant Information The 96 garden style apartments which comprise the residential portion of the Project will be leased to various residential tenants. The 33 , 2 00 square feet of total commercial space will be leased to commercial tenants. While there have been no leases or LOIs entered into as of the date of this application, t he following Potential Tenants have indicated interest in signing an LOI or Lease at Clay Marketplace : 1. Fitness Studio : KW Fitness (3 rd location) - 6,200 s/f building 2. Convenience Store (2 nd location) – 1,500 – 2,000 s/f 3. Local Home Builder : MWG – 1,500 s/f 4. Daycare Center – 3,000 – 4,000 s/f 5. Tattoo Artist : Vessel Tattoo Co. – 2,000 s/f 6. Insurance Agent : Framers Ins. – 1,500 s/f 7. Regional Sub Shop – Jreck Subs (multiple locations) – 2,400 s/f 8. Liquor Store – 4,000 – 6,000 s/f 9. Financial Services: Edward Jones – 1,500 s/f 10. Real Estate Office – Syracuse Realty Group – 2,000 s/f 11. Salon – 1,500 - 2,000 s/f 12. Jewelry Store : Avani Jewelers – 1,000 s/f 13. Photographer – 1,000 s/f 14. Clothing Store : Slow Journey to Nowhere – 2,000 s/f 15. Local Established Pizza Shop (multiple locations) – 2 , 1 00 s/f 16. Coffee Shop – 2,000 s/f 17. Bank – 2,000 s/f 18. Barber Shop – 1600 s/f Potential Total Space requested: 42 , 7 00 s/f 1 1 Note that the potential tenant space requested far exceeds the available leasable area of 33,200 sq. ft. Page47 [Literal native PDF text; original page 47; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] QP2 Properties, LLC OCIDA Application Attachment #2 Section II(F) – Tenant Information The 96 garden style apartments which comprise the residential portion of the Project will be leased to various residential tenants. The 33,200 square feet of total commercial space will be leased to commercial tenants. While there have been no leases or LOIs entered into as of the date of this application, the following Potential Tenants have indicated interest in signing an LOI or Lease at Clay Marketplace: 1. Fitness Studio: KW Fitness (3rd location) - 6,200 s/f building 2. Convenience Store (2nd location) – 1,500 – 2,000 s/f 3. Local Home Builder: MWG – 1,500 s/f 4. Daycare Center – 3,000 – 4,000 s/f 5. Tattoo Artist: Vessel Tattoo Co. – 2,000 s/f 6. Insurance Agent: Framers Ins. – 1,500 s/f 7. Regional Sub Shop – Jreck Subs (multiple locations) – 2,400 s/f 8. Liquor Store – 4,000 – 6,000 s/f 9. Financial Services: Edward Jones – 1,500 s/f 10. Real Estate Office – Syracuse Realty Group – 2,000 s/f 11. Salon – 1,500- 2,000 s/f 12. Jewelry Store: Avani Jewelers – 1,000 s/f 13. Photographer – 1,000 s/f 14. Clothing Store: Slow Journey to Nowhere – 2,000 s/f 15. Local Established Pizza Shop (multiple locations) – 2,100 s/f 16. Coffee Shop – 2,000 s/f 17. Bank – 2,000 s/f 18. Barber Shop – 1600 s/f [Literal native PDF text; original page 47; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Potential Total Space requested: 42,700 s/f1 1 Note that the potential tenant space requested far exceeds the available leasable area of 33,200 sq. ft. Page47 Page48 [Machine extraction from original PDF page 48; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] marketplace LANDING OFFICE•RETAIL•DINING•APARTMENT LIVING A LIFESTYLE CENTER Page48 Page49 [Machine extraction from original PDF page 49; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] www.syracuserealtygroup.com. Further information on SRG can be found by visiting LLC consisting of the same individuals from the Syracuse Realty Group. The Developer is QP2 Properties, LLC, a single purpose, single asset THEDEVELOPER will be ground leased. Total project site area is 14.95 acres. totaling 15,200 square feet will be developed by SRG and one out-parcel there are three out-parcels for commercial development. Two out-parcels There will be 60 - 2 Br / 2 Bath units and 36 - 1 Br/ 1Bath units. In addition, of 125,106 square feet with parking for 236 cars (including the garages). The property will consist of two 3-story apartment buildings with a total PROJECT DESCRIPTION third out-parcel will be ground leased. square feet of total commercial space on two out-parcels. The land for a project with 96 garden style apartments, 48 garage spaces and 15,200 The Syracuse Realty Group (SRG) is developing a mixed-use apartment PROJECTOVERVIEW INVESTMENT OVERVIEW median household income of $75,596. $85,456. A 10-minute drive time contains a population of 60,894 with a contains a population of 24,435 with a median household income of for Route 31 and 6,788 for Henry Clay Boulevard. The three-mile radius Henry Clay Boulevard in the Town of Clay. The 2019 AADT are 10,407 The site is strategically located at the intersection of NYS Route 31 and LOCATION EQUITY REQUIRED TOTAL COST $25.2 MM $5.0 MM CLAY MARKETPLACE / DAVID'S LANDING CONSTRUCTION START Summer 2024 COMPLETION [Machine extraction from original PDF page 49; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Winter 2023 Page49 Page50 [Machine extraction from original PDF page 50; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAY MARKETPLACE / DAVID'S LANDING ECONOMIC DRIVERS INVESTMENT HIGHLIGHTS Significant corporate investment in the addressable market: post-pandemic by Business Insider. Syracuse recently named one of the Top 3 places in the country to live water and power. The Park is 1.5 miles from the project. manufacturers because of its size and access to vast amounts of by the County is being considered by domestic semiconductor The White Pine Commerce Park - 1200 acre development site owned the project Byrne Dairy expanding its ultra dairy plant, a 19 minute drive from factory, a 6 minute drive JMA Wireless investing $25 million to build out a 5G component field support and distribution center Raymour & Flanigan looking to hire 1,000 new employees at their SRC Inc. adding 300 new jobs at it Cicero campus, only 14 minutes and is located only a 10 minute drive from the site Lockheed Martin recently won a record setting $3 billion contract from the project minute drive from the project Amazon's new 3.7mm SF facility creating 1,000 new jobs only a 11 rounds k State land 医 Bayberry Liverpool 297 Solvay Lake Park Onondaga "antido over amazon marketplace A lifostule Cander CLAY 目 0 Twin Rinks at The MACC Galevillé LAKEFROHT Clay Youngs CNY Regional Market Syracuse Mattydale NORTHSIDE Syracuse North Lyncourt Embassy Surtes by Oneida Shores CountyiPark 590 Hilton Syracuse Cicero EASTWOOD Wegmans 038 Trader doe's Northern Pines Golf CI East-Syracuse 695 SRC JosephE Dewilt Memor Page51 [Machine extraction from original PDF page 51; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CULTURAL-RA-100 SITE PLAN HENRY -STATE HIGHWAY BOUNDARY RESIDENTIAL/AGRICULTURAL RA-100 GARAGE 24'x100' 330 94 GENERAL RETAIL PROPOSED NEW YORK STATE ROUTE 31 14,900 SF PROPOSED 3 STORY APARTMENTS GARAGE 24'x100 62,553± GROSS AREA 20,851±SFFOOTPRINT PAVER PATIO GARAGE 24'x100' RESIDENAL/ACRICULTURALRA-100 PINE PLAINS CEMETERY ASSOCIATION PARKNG P7 MEDICAL OFFICE/ PROPOSED 6,200 SF 172 GARAGE 24'x100' PIRE ACCESS 20 28' 含 EHL 28 SMALL RETAIL/CASUAL DINING GARAGE 24'x100' PROPOSED 国 PANG7 7 PROPOSED 9,000 SF PAYERPATIO 110 206 CLAY MARKETPLACE / DAVID'S LANDING GARAGE 24'x100' 29' 276 MANAGEMENT STORMWATER AREA MANAGEMENT STORMWATER AREA Page51 Page52 [Machine extraction from original PDF page 52; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] redevelopment projects in the Village of North Syracuse including the following: From 2006 to 2016, Ozzie and Michael as members of SRG completed multiple 7,000 sq.ft. of office and retail space totaling $3.2 million dollars. North Syracuse, New York consisting of 27,600 sq.ft. in total, 24 apartments and 106 S. Main Street, 201 S. Main Street, and 117 S. Main Street, in the Village of redevelopment team, he participated in the renovation and redevelopment of Commercial Investment Manager ("CCIM") designation. As party of the SRG the commercial real estate team at SRG. In 2014, Michael earned his Certified he joined SRG as a partner and associate broker and has worked exclusively on then by becoming a licensed Top Producing Residential Sales Agent. In 2007, 2006, first by purchasing, renovating, and reselling residential properties and Michael's focus was on residential and commercial real estate from 2001 to accounting. Michael has been a licensed Realtor in New York State since 2005. the State University of New York at Oswego with a Bachelor of Science in Michael Arcuri ("Michael") is a Member of the Company and a graduate of MICHAELARCURI transactions representing landlords, tenants, sellers, and buyers. During his career, he has participated in over 4 million square feet of real estate area in New York State from Watertown to Binghamton and Rochester to Albany. square feet of office, retail, and multi-family properties that cover a geographic [Machine extraction from original PDF page 52; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] building rehabilitation. Ozzie has managed and leased portfolios up to 2 million includes property management, construction, land development, and historic and local real estate companies in this market since 1986. His experience lifelong resident of Central New York, Ozzie has worked for national, regional, Ozzie has been a licensed Real Estate Broker in New York State of 24 years. A and finance. Ozzie is a broker and partner in Syracuse Realty Group ("SRG"). graduate of Siena College with a Bachelor of Science degree in accounting Orazio Crisalli ("Ozzie") is the Managing Member of the Company and is a ORAZIO CRISALLI Management Team DEVELOPMENTTEAM project and then delivering the project on-time and on-budget. compromising, scrutinizing change orders to the owners benefit, buying out the problems are litigated. Gary's most important skill is value engineering without also been asked several times to be an expert witness at trials when construction and employees with high standards and quality throughout his business. Gary has education, experience, and leadership abilities, he empowers his sub-contracts a NYS certified carpentry instructor and NYS Licensed Inspector. Through his Builders Exchange and has experience not only as a firm owner, but also as historic renovations, turn-key buildings. Gary is a member of the Syracuse firm G.F. Frost Construction Co., Inc. performs a wide array of services from [Machine extraction from original PDF page 52; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] management services along with commercial and residential contracting, his management is exampled through his work. While performing construction the ground up, more than $100 million in construction costs, his exemplary New York State. With over 1 million square feet of renovations and building from 1968. Gary has been a noteworthy leader in the construction industry throughout construction partner on the Project. Gary started in the construction industry in Gary F. Frost ("Gary") is president of GF Frost Construction Co., Inc. is the (GARY F.FROST) CONSTRUCTION MANAGER the managers of the Company. hereto as Exhibit "A" is a copy of the Manager's Fees or other compensation for Project with a management fee being paid to Syracuse Realty Group. Attached Syracuse Realty Group will be the exclusive managing and leasing agent for the (vi) 8 residential apartments with one 800 sq.ft. storefront (2016). commercial storefronts (2014); (v) 6,000 sq.ft. vacant retail space (2014); and vacant office building (2012); (iv) 16 one and two bedroom apartments with 2 sf.ft. office space with three separate office spaces (2009); iii) 17,200 sq.ft (i) 3,200 sq.ft. retail space with 1 residential apartment (2007); (ii) 4,100 CLAY MARKETPLACE / DAVID'S LANDING Page52 Page53 [Machine extraction from original PDF page 53; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAY MARKETPLACE / DAVID'S LANDING engineer on multiple projects in the Syracuse area. coordination and design for all projects, having been the consulting structural for Palucci Engineering, P.C. since 1985. Bob is responsible for the engineering in New York and twelve other states, and has been the chief structural engineer has more than 40 years experience in structural engineering, has registrations Bob Palucci earned Bachelor of Science degree from Syracuse University and ENGINEERING,P.C.(BOB PALUCCI) STRUCTURAL ENGINEERING:PALUCCI projects visions and create a larger community impact. is a result of identifying key stakeholders who share the mission to execute the provided by either the client, the site, or the environment. Their design success design decisions are based on the understanding and translation of information its client and the unique project goals established during conceptual design. Their experience. The company's design products is a reflection of the individuality of between people and their environment with over 50 years of combined industry In-ARCHITECTS specializes in designing space that enhances interaction (JOSEPH R.PIRANIO,AIA) ARCHITECTS:IN-ARCHITECTS offers watershed analysis, feasibility studies and septic system designs. engineering consulting services for municipal and private clients. In addition, it in site design for commercial and residential development and provides [Machine extraction from original PDF page 53; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] and CAD technology, and other services offered by the firm. The firm specializes municipal services, construction observation, contract administration, computer New York. The staff has extensive training and experience in site design, is located in the ELTA Business Park in Cicero, New York, just north of Syracuse, L.J.R. Engineering, P.C. was formed by Larry Roscini in February, 1990. The firm P.C.(ALEX WISNIEWSKI,PE) SITE ENGINEER:L.J.R.ENGINEERING, Architectural and Engineering Team Academy High School, Syracuse, New York. majors in Finance & Economics, and he graduated from Christian Brothers a B.S. with honors from the University of Albany (Albany, New York) with dual Estate Broker, has an MBA from Chapman College (Orange County California), principal, real estate broker, or consultant. He is a licensed New York State Real Since 1997, Tony has been involved in various real estate transactions as a the United States. To date, he has closed $2 billion in CRE transactions. construction and acquisition of office, retail and apartment properties throughout Commercial Real Estate Industry -- where he gained expertise in the financing, Tony Pugliese founded TAP Capital, LLC, after spending over 20 years in the MEMBER OF TAP CAPITAL,LLC ANTHONYA.PUGLIESE,MANAGING variety of clients. document phase through construction administration and coordination for a providing mechanical engineering services from the schematic and construction [Machine extraction from original PDF page 53; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Licensed professional engineer with over twenty five years of experience ENGINEERING PC(FRANK CRISPIN,PE) MECHANICAL ENGINEERING:ASM Financing Page53 Page54 [Machine extraction from original PDF page 54; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] MEDIANAGE MEDIAN NET WORTH MEDIAN HOUSEHOLDINCOME AVG.HOUSEHOLD SIZE POPULATION 10 MINUTE DRIVE DEMOGRAPHICS 41% 5% suE White Collar High School Graduate No High School Diploma 10% Unemployment Rate Services Blue Collar Bachelor's/Grad Some College $167,028 $75,956 60,894 40.7 25 28,841 TOTALEMPLOYEES 1,745 BUSINESSES 自 $200,000+ $150,000-$199,999 $100,000-$149,999 $75,000-$99,999 $50,000-$74,999 $35,000-$49,999 $25,000-$34,000 $15,000-$24,000 Indicator HOUSEHOLDS BYINCOME <$15,000 CLAY MARKETPLACE / DAVID'S LANDING 21.3% 16.6% 18.8% 11.6% Value 5.1% 7.9% 6.7% 6.4% 5.7% CEnDSwam Page54 Page55 [Machine extraction from original PDF page 55; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAY MARKETPLACE / DAVID'S LANDING MEDIAN AGE MEDIAN NET WORTH MEDIAN HOUSEHOLDINCOME AVG. HOUSEHOLD SIZE POPULATION 3 MILE RING DEMOGRAPHICS- 39% 50-5 No High School Diploma Blue Collar Bachelor's/Grad High School Graduate Services 10% Unemployment Rate White Collar Some College $252,605 $85,456 川 24,435 41.1 27 TOTALEMPLOYEES 7,459 BUSINESSES 541 $200,000+ $150,000-$199,999 $100,000-$149,999 $75,000-$99,999 $50,000-$74,999 $35,000-$49,999 $25,000-$34,000 $15,000-$24,000 Indicator HOUSEHOLDS BYINCOME <$15,000 10.1% 24.2% 17.3% 16.6% Value 7.1% 9.4% 5.5% 5.0% 4.9% Page55 Page56 [Machine extraction from original PDF page 56; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAYMARKETPLACERENDERINGS tenant signage tenant signage CLAY MARKETPLACE/ DAVID'S LANDING tenant signage Page57 [Machine extraction from original PDF page 57; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAY MARKETPLACE/ DAVID'S LANDING tenant signage tenant signage Page58 [Machine extraction from original PDF page 58; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] tenant signage tenant sigrage CLAY MARKETPLACE / DAVID'S LANDING Page58 Page59 [Machine extraction from original PDF page 59; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAY MARKETPLACE / DAVID'S LANDING tenant signage 2 Page59 Page60 [Machine extraction from original PDF page 60; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] DAVID'S LANDING RENDERINGS CLAY MARKETPLACE/ DAVID'S LANDING Page60 Page61 Page62 [Machine extraction from original PDF page 62; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] TENANT CONCIERGESERVICES IBDRM. FLOOR PLAN Discounted rental or purchase of balcony furniture and area rugs Pet walking and bathing services Trash pick-up 1A SECOND FLOOR PLAN FIRST FLOOR PLAN (THIRD FLOOR PLAN BIMILAR) H 電联 LXM 2 BDRM. FLOOR PLAN PROPERTYAMENITIES APARTMENTFEATURES BUILDING AMENITIES Gas stoves Built-in microwaves Ceramic tile shower enclosures Balcony with room for table and chairs Multiple shelves and rods in closets stainless steel appliances Full size washer & dryer in each apartment Tenant/Guest apartment for visitors use, seating, Wi-Fi, reading etc. Large, shared areas per floor for tenant's each building. Tenant's guest suite / Efficiency, one in on the floor of the Tenant Storage room 5' x 10' for each apartment Secure package delivery room (Amazon) CLAY MARKETPLACE/ DAVID'S LANDING Window treatments for uniformity Full 2nd bath in two-bedroom apartments Premium finishes, granite counters, Dedicated HVAC unit per apartment Card Access entry Pet washing station Meeting room interior / exterior Exercise room Close proximity to interstates - N,E,S,W Significant green area for Tenant's use building with fixed charcoal grills Large hard surface patio and gazebo per 1:2 parking garage ratio EV Charging Stations one-third of a mile Exercise walk or run loop approximately Walkable site – pedestrian signage Tenants On-site personal service commercial Page62 Page63 [Machine extraction from original PDF page 63; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAY MARKETPLACE / DAVID'S LANDING Page63 Page64 [Machine extraction from original PDF page 64; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAY MARKETPLACE/ DAVID'S LANDING Page64 Page65 [Machine extraction from original PDF page 65; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAY MARKETPLACE/ DAVID'S LANDING CONTACT 画 North Syracuse, NY 13212 c/o Syracuse Realty Group, LLC M 106 South Main Street QP2 PROPERTIES,LLC contact@syracuserealtygroup.com 315.410.0375 315.410.0373 Page65 Page66 [Machine extraction from original PDF page 66; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] CLAY MARKETPLACE/ DAVID'S LANDING © 2022, QP2 Properties, LLC Page67 [Machine extraction from original PDF page 67; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Newmark Knight Frank LIMITED SCOPE MARKET STUDY PROPOSED MARKET RATE DEVELOPMENT HENRY CLAY BOULEVARD CLAY, NEW YORK 13041 Analysis Prepared For: Mr. Michael Arcuri Syracuse Realty Group 106 South Main Street Syracuse, NY 13212 Analysis Prepared By: Newmark Knight Frank Valuation & Advisory 2410 North Forest Road Amherst, New York 14068 NKF Job No.: 20-0125638 Date of Report: January 25, 2021 Page67 Page68 [Machine extraction from original PDF page 68; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Newmark Knight Frank January 25, 2021 Mr. Michael Arcuri Syracuse Realty Group 106 South Main Street Syracuse, NY 13212 Re: Limited Scope Market Study Proposed Market Rate Development Henry Clay Boulevard Clay, Onondaga County, New York 13041 NKF Job No.: 20-0125638 Dear Mr. Arcuri: At your request, we have completed a Limited Scope Market Study necessary to form opinions related to the prospects of market support for a two-phased housing development that will offer one and two-bedrooms in a new construction walkup building product concept with 96 total units. Plans have been advanced by the developer with an intended rent/unit mix, so we will make recommendations related to intended and achievable rents based on comparison with other recent developments in the northern end of suburban Syracuse. Upon completion the buildings would reflect good quality and appeal with hardwood flooring, solid surface countertops, appliances including a stove, refrigerator and dishwasher, in-unit laundry and outdoor space. Surface parking would be included in the base rental rates. Garage/covered parking may be incorporated later at an additional monthly fee. The subject location is on the north side of Route 31 at the intersection with Henry Clay Boulevard in the northern end of the town of Clay and just east of the intersection with NYS Route 481 that provides highway connection to the airport, I-81 and the downtown core of Syracuse. Property [Machine extraction from original PDF page 68; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] uses in the immediate subject area relate to single family subdivisions, the Town of Clay offices, a convenience store and parks/athletic fields to the north. Uses to the west on Rt 31 consist of high density shopping and commercial plazas including the Great Northern Mall and multiple big box stores, national dining chains and service-based businesses. Northeast of the mall are two recently developed market rate complexes, Rivers Pointe and the Woodland Acres Townhomes with an older age-restricted property, Morgan Square just to the south. Other multifamily housing is farther west in Baldwinsville with a mix of new developments like Fobes Island and the Landings at Meadowood, early 20o0's product types and older walkup buildings. Rental options farther Newmark Knight Frank 2410 North Forest Road Amherst, NY 14068 www.ngkf.com Page68 Page69 [Machine extraction from original PDF page 69; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] January 25, 2021 Mr. Michael Arcuri south in Liverpool are mostly older walkup buildings with fewer recent developments. New options in Cicero to the east include the 400+ unit Tocco Villagio that continues adding new units. New development in the northern suburban market has been steady in recent years with at least five projects added and stabilized with a range of product types and price points in multistory elevator buildings and private entry townhomes with a range of common area amenities and in unit finishes that reflect good quality at the upper end of available options. There has also been significant activity in terms of proposed developments, with new units in the pipeline at the Landings at Meadowood, Tocco Villagio and Meyer Manor that will be delivered in 2021, and other projects that received approvals and had progressed to varying degrees such as the 66-unit Lakeview Manor apartments on Old Liverpool Road. A 72-unit development on Morgan Road was denied approvals earlier in 2020, and a large-scale project Urban Village near Lawton Road has been approved for concept but no development has commenced. Farther north in Cicero is the Apartments at LoSo with a marina, restaurant and other commercial uses was approved but has not yet progressed to development. Other proposals have been made farther north in Central Square, to the southeast in Salina and in the downtown core but remain under review. [Machine extraction from original PDF page 69; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] There are many dynamics that are influencing the prospects for development and support of this project at the current time. Some of the key characteristics which need to be considered when evaluating the results of this report and the prospects for development support include: The physical and locational characteristics of the subject site on a main transportation linkage near the largest density of commercial uses in the area. XX Ongoing development throughout the northern suburban market with 1,800+ new units delivered since 2012 or in the pipeline for 2021. At least 400 new units are proposed near the subject site with others farther south closer to the city of Syracuse. XX Economic influences impacting the greater Syracuse region from an employment and development perspective, which has benefited from growth and expansion in the downtown core, to the north near Crouse Hospital and continued development on/near the Syracuse University campus for academic/athletic buildings, new student housing and transportation upgrades related to Erie Boulevard/l-81 reconfiguration. Other key factors to consider and evaluate when studying the results of this report include: X Success of the recent new construction projects in the area that have maintained stable occupancy as new units have continually been delivered within proximity of the subject. XX Growth within the 35-44 year old population that makes up 12% of the total population in [Machine extraction from original PDF page 69; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] the PMA. These are considered the oldest millennial age cohort, and retention of these households has been integral in the support of recent multi-family development. ii Newmark Knight Frank 2410 North Forest Road Amherst, NY 14068 www.ngkf.com Page69 Page70 [Machine extraction from original PDF page 70; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] January 25, 2021 Mr. Michael Arcuri Rents in the area have increased with new development and projects have absorbed at reasonable levels, indicating stability in the general market but pricing does fluctuate with the newest developments utilizing daily pricing systems based on availability and others. XX Absorption has been positive and occupancy has held strong, which is an indication of strong housing market. Rent increases are evident at 1% to 5% for new leases and renewals for most projects in the sample, however rents at the high end remain static at renewal or turnover. XX Affordable and mixed-income housing has also been prevalent in the area with two recent projects marketing to a wide range of workforce households at Island Hollow to the east in Cicero offering units at 90% of AMI at market thresholds. The leveling off of the regional employment trends, coupled with the significant amount of new construction indicates that support for additional new units must consider the following: Locational aspects like nearby property uses, highway access and commute times. XX Reasonable variables in regards to lease-up and absorption patterns. XX Competitive rent thresholds for high-quality projects. Physical unit types. XX XX Those projects in the pipe-line as planned and proposed, and the locations of such projects. There are many critical and important variables and considerations that must be understood as [Machine extraction from original PDF page 70; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] the reader progresses through this analysis, and as with any site/market there are potential strengths but also some areas of concern that must be realized. These will be detailed and described within the report. It is important that the reader understands and recognizes the assumptions that we have applied within our market study are specific to the plans and the intended development in question. We have received documentation related to the site design, product layout, and the unit type/finishes. If there are any changes to this project, then the results of the analysis could vary. Also, it should be recognized that we have evaluated market conditions based on current economics in December 2020 but are not accounting for projections in household growth or overall rent thresholds. iii Newmark Knight Frank 2410 North Forest Road Amherst, NY 14068 www.ngkf.com Page70 Page71 [Machine extraction from original PDF page 71; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] January 25, 2021 Mr. Michael Arcuri The following will be addressed within this narrative document: Summarization of conclusions and recommendations. General overview of the product concept and the physical characteristics of the projects. X Discussion and description of the setting and location. X Identification of an appropriate market draw area, and an overview of demographics that will impact the development. Analysis of local and regional competition and establishment of appropriately supported X rent structures based on the product concept presented. We will rely on a variety of market information, but have also identified primary comparable projects for direct application and adjustment/consideration in establishing support for the rents. XX Demand analysis and model outlining prospective support for the product concept. It is important to recognize that this study represents a compilation of data gathered from various sources, including competitive properties surveyed, local municipal records, and interviews with market participants, town officials and review of secondary demographic data. Although the sources used are felt to be reliable, it is impossible to thoroughly verify and authenticate all data utilized. The analysis does not guarantee the data and assumes no liability for errors of a factual nature, analysis, or judgment provided. Among the sources utilized and cited throughout this [Machine extraction from original PDF page 71; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] study are the U.S. Census of Population and Housing, demographic information complied (2000 and 2010 Census and forecasts for the market). We have also utilized HISTA Data (Households by Income, Tenure, Age and Size). This information was used in part to establish the demand model, and capture analysis. The data reflects current projections prepared by Claritas in conjunction with Ribbon Demographics. The information used applies predominately to the 2020 operating year, but we also referenced some of the data that they consolidated from the 2010 Census and forecasts through 2025. Further, it must be recognized that the recommendations and conclusions provided in this market analysis are objective opinions based on the data gathered and interpretation of current and prospective supply and demand variables. Real estate markets are very dynamic in nature and continually effected by demographic, economic and developmental changes. The research and analysis undertaken was completed in December 2020. Utilization of this report and the recommendations/ conclusions undertaken are reflective of trends at this time. iv Newmark Knight Frank 2410 North Forest Road Amherst, NY 14068 www.ngkf.com Page71 Page72 [Machine extraction from original PDF page 72; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] January 25, 2021 Mr. Michael Arcuri COVID-19 Impact The Coronavirus/COVID-19 pandemic has disrupted the real estate market. We recognize those effects but sufficient transactional evidence is not yet available given how rapidly this situation has developed. The impact of COVID-19 could be extensive and will vary by location, property type and general economic conditions. This then requires consideration of various data sources and methods in order to properly reflect any impacts on value and operation of real property. The far-reaching impacts of the coronavirus/COVID-19 spread have not yet been realized and the market's response is evolving day by day. Our best attempts to pinpoint the current market conditions are provided herein and the increased risk in the market can only truly be gauged by the market's response. Some noted items include: XX Unemployment and labor force impacts have been significant. XX Rent thresholds and occupancy have been holding stable, however there may be some short term impacts on collection. We have talked with a number of local and regional property management groups that indicate that collections have been consistent, however, with the slowed economy there could be some stabilization of rent increases and slowed new development activity. Since the project is proposed, we have not factored future growth into the rent projections. XX The results are being presented in a summary report, and we do issue some caution in using this [Machine extraction from original PDF page 72; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] report for specific application to financing or funding, as the unit mix, product concept, rent structures and other variables may differ. Based on the preliminary nature of the project, we would recommend that the report be reviewed and updated to apply specifically to your advanced development concept. Respectfully, Newmark Knight Frank M. Lat ceen Danar fDhe David M. Carlon Joseph D. Sievert M. Scott Allen, MAI Analyst Analyst Review Analyst Senior Vice President Executive Vice President V Newmark Knight Frank 2410 North Forest Road Amherst, NY 14068 www.ngkf.com Page72 Page73 [Machine extraction from original PDF page 73; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Table of Contents Table of Contents Appraisal Transmittal and Certification Analysis Prepared For: Analysis Prepared By: Summary of Findings 1 Potential Issues & Concerns: 2 Physical Product/Rent and Unit Mix: 2 Market Draw Area: 3 Subject Location 4 Recently Developed Housing: 6 Planned and Proposed Housing: 6 Analysis of Supply 7 Rent Summary: 7 Summary of Market Rents 9 Achievable Market Rents: 9 Conclusion - Market Rent 11 The Target Market 11 Project Timing / Absorption: 12 Project Support/Capture: 12 Aerial Photograph 15 Primary Market Area Map 17 Market Area Demographics and Trends 18 Market Draw Area 18 Supply/ Competitive Projects 29 Analysis of Supply 29 Multifamily Market Analysis 37 Area Analysis 42 The Impact of COVID-19 42 Area Analysis 42 Addenda A. Area Analysis B. Demand Analysis Glossary C. Additional HISTA Information D. Qualifications Newmark Knight Frank 2410 North Forest Road Amherst, NY 14068 www.ngkf.com Page73 Page74 [Machine extraction from original PDF page 74; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 1 Summary of Findings This section will serve as a summary of the findings. The remainder of the narrative will provide a limited scope documentation on the following: The project and its location. XX XX Support for a market draw area and discussion of demographics that apply. XX Overview of competitive supply and establishment of appropriate market rent thresholds. XX Demand Analysis and explanatory comments. Prior to proceeding with some of the critical variables and assumptions applied in the report, we will present a synopsis of our thoughts and conclusion. Basically this section accounts for the question; will the project be supported, absorbed and succeed? Based on the information and documentation that will be provided within the report, we do feel that the answer to this question is Yes. The development is appropriate for the location given the location on a main transportation corridor near a great density of commercial services and recently developed market rate housing. There is ongoing development and new construction within this local market, with additional projects/proposals in the pipeline or awaiting development. As such, there are some critical positive development and locational factors to consider, but at the same time certain risks and variables must be evaluated and considered as the development advances. With any development there are favorable characteristics that impact the project, in addition to capture. This includes: [Machine extraction from original PDF page 74; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] There is market support for the developer's intended 96 total one and two-bedrooms over two phases that will target the local workforce. Capture indicates moderate support, as there are a significant number of renter households with 1-2 persons age 18-61. The overall weighted capture rate based on the pricing established for the 96 apartments is 3.69%. Generally, capture at 20% or lower is indicative of sound market support. XX The capture does not consider a contribution from senior 55+ empty nester households that would be considered a secondary method of support, or relocations and support from outside the established market area. Support for the location on a main transportation route near recently developed market XX rate housing and a significant concentration of commercial uses including, big box stores, dining and service-based businesses. XX The success of recent developments at Woodlands, the Landings, Tocco Villagio and other projects suggests the subject will be well supported by the market. Henry Clay Boulevard Clay, Onondaga County, NY Page74 Page75 [Machine extraction from original PDF page 75; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 2 The assumption that a good quality competitive product will be built. Amenities and features will include good quality/contemporary finishes, in-unit laundry, a balcony/patio, outdoor spaces and surface parking. XX Positioning: The subject rents will be higher than some, and lower than others, and the unit sizes, amenities and features will impact pricing and acceptance. At the rents projected, the complex will be well positioned in terms of comparability with other recently completed projects that offer similar amenities and features. The rent levels reflect the mid to upper end of the range for the most comparable projects referenced, but will be well positioned for success against recent/pipeline competitors. XX The PMA includes a large portion of the metro Syracuse area extending into parts of Oswego and Cayuga County where no substantial development has taken place so overall mobility of households in the PMA will increase given the existing regional options. Potential Issues & Concerns: As always, there are aspects of the market that require consideration and could cause some potential concerns. Items to recognize include: XX There are multiple proposals for new residential uses in the town of Clay and nearby Cicero, Liverpool and many others in/near the downtown core of Syracuse that may be competitive from a locational standpoint. XX There are some mixed-income units in the pipeline at Island Hollow that will be [Machine extraction from original PDF page 75; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] competitive with the lower-priced units at the subject, however these projects have income restrictions and other considerations. XX Recent and future development may limit the potential for rent increases given the subject's position against other complexes in the area and overall trends. XX The impact of the Covid-19 pandemic and unemployment factors that are influencing the local and national economy. Physical Product/Rent and Unit Mix: We are evaluating support for a project that reflects good quality and appeal, at what is assumed to be consistent with the upper end units in the area. The assumed physical product type includes: 1 and 2 bedroom units. We have made assumptions for average unit sizes. XX One full bathroom. XX Building secured by electronic key fobs and cameras, electronic locks into apartment units XX Good quality laminate/wood in bedrooms and living areas and ceramic tile in bathrooms. XX Solid kitchen countertops (granite or quartz) XX Stainless Steel Energy Star Rated stove, refrigerator and dishwasher. XX Washer/dryer in each unit Henry Clay Boulevard Clay, Onondaga County, NY Page75 Page76 [Machine extraction from original PDF page 76; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 3 XX Adequate in-unit closets, personal, locked storage units on each floor. XX Professionally managed XX Package/mail delivery room XX Outdoor patio space XX Surface parking included. Covered spaces may be integrated later for an additional fee Our recommended rent and unit mix are as follows: Market Rent Chart Unit Avg. Net Avg. Net Unit Type Count Rent (1) Avg Sq.Ft. Rent/Sq.Ft 1 BRM 36 $1,100 850 $1.29 2 BRM 60 $1,425 1,100 $1.30 All rents are presented plus gas and electric. The owner will cover water/sewer, and trash. XX XX Unit sizes and other building attributes were assumed based on conversations with the developer and other recently developed complexes in the area. XX The subject rents are in today's dollars and were established based on rents at other competitors. We are not providing projections for rent increases as the construction timing, finalized product concept and competition from other projects is variable. Market Draw Area: The primary market draw area, or what we define as the PMA, is the area from which the predominant renter households will be relocating from. We have referenced and used NCHMA guidelines in evaluating primary market draw area, and our general knowledge of support for similar development efforts. As a suburban redevelopment, we fully recognize that this project will pull tenants from a wide area so we include census tracts in the north and eastern part of the [Machine extraction from original PDF page 76; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] metro Syracuse market which extends farther north into Oswego County and west into Cayuga County. Historical movement patterns and ongoing development in the city preclude inclusion of these areas in addition to communities on the western end of the county. Even though the market draw for a certain ratio of occupants will be widespread, it is typical that developments of this nature generate anywhere from 65% to 75% of their tenant base from a smaller, more localized pool of prospective occupants. The subject site is specifically located in Census Tract 113. The primary market area includes a population of 344,941 and 143,855 total households in the current year estimates. The PMA comprises around 800 square miles, with general boundaries of the city of Oswego to the north, Oneida Lake/Madison County to the east, the downtown core of Syracuse, town of Onondaga and city of Auburn to the south, and smaller communities in neighboring Cayuga County to the west. Henry Clay Boulevard Clay, Onondaga County, NY Page76 Page77 [Machine extraction from original PDF page 77; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 4 Subject Location The subject location is on the north side of Route 31 at the intersection with Henry Clay Boulevard in the northern end of the town of Clay and just east of the intersection with NYS Route 481 that provides highway connection to the airport, l-81 and the downtown core of Syracuse. Property uses in the immediate subject area relate to single family subdivisions, the Town of Clay offices, a convenience store and parks/athletic fields to the north. Uses to the west on Rt 31 consist of high density shopping and commercial plazas including the Great Northern Mall and multiple big box stores, national dining chains and service-based businesses. Northeast of the mall are two recently developed market rate complexes, Rivers Pointe and the Woodland Acres Townhomes with an older age-restricted property, Morgan Square just to the south. Other multifamily housing is farther west in Baldwinsville with a mix of new developments like Fobes Island and the Landings at Meadowood, early 2000's product types and older walkup buildings. Rental options farther south in Liverpool are mostly older walkup buildings with fewer recent developments. New options in Cicero to the east include the 400+ unit Tocco Villagio that continues adding new units. New development in the northern suburban market has been steady in recent years with at least five projects added and stabilized with a range of product types and price points in multistory [Machine extraction from original PDF page 77; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] elevator buildings and private entry townhomes with a range of common area amenities and in unit finishes that reflect good quality at the upper end of available options. There has also been significant activity in terms of proposed developments, with new units in the pipeline at the Landings at Meadowood, Tocco Villagio and Meyer Manor that will be delivered in 2021, and other projects that received approvals and had progressed to varying degrees such as the 66-unit Lakeview Manor apartments on Old Liverpool Road. A 72-unit development on Morgan Road was denied approvals earlier in 2020, and a large-scale project Urban Village near Lawton Road has been approved for concept but no development has commenced. Farther north in Cicero is the Apartments at LoSo with a marina, restaurant and other commercial uses was approved but has not yet progressed to development. Other proposals have been made farther north in Central Square, to the southeast in Salina and in the downtown core but remain under review. Single family home pricing in the area remains stable with new houses being delivered in subdivisions farther south of the site and high pricing in the $310,000 to $359,000 range. Older homes like those farther east and south reflect lower pricing in the $140,000 to $200,000 range based on condition and size with some recently updated and larger homes above this range. There are multiple proposals in the immediate area for new residential subdivisions, townhome [Machine extraction from original PDF page 77; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] and patio home communities with 220 houses for a site of Rt 11 in Cicero, 72 patio homes and 121 houses farther west in Van Buren, with 315 houses and 168 townhome units proposed for part of the Northern Pines Golf Club farther west on Route 31 in Cicero. Henry Clay Boulevard Clay, Onondaga County, NY Page77 Page78 [Machine extraction from original PDF page 78; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 5 Regional Developments/Trends: There has been significant recent development in the area that has increased employment prospects, created new employment centers and other instances of growth in the region that would support the subject proposal summarized below. Amazon - a 3.8 million sq.ft. warehouse and a separate 112,000 sq.ft. last mile delivery center are being built in Clay and nearby Dewitt that will employee an estimated 1,200 people when open/completed in Fall 2021. Starting wages for these jobs will be $15/hour. XX SRC – 300 new jobs at the Cicero Campus as part of a regional growth strategy for this supplier of radar systems. The company employs around 1,000 people at the campus and intends to double their total workforce in the next three years. XX Byrne Dairy - expansion of the Ultra Dairy plant in Dewitt that will create an additional 64 full time jobs. XX Lockheed Martin - securitization of a $3bb contract to retain the 5,000+I jobs at the facility in Liverpool and Salina with a plan to expand into new lines of service and production. JMA Wireless - $25 million investment in the former Coyne building on the south side of XX Syracuse to create 5G component factory and create 100 new jobs. Milton CAT - $26 million facility to be developed in Cicero. XX Access Dental Laboratories - $4.1 million appliance startup with 50 jobs in Syracuse. XX Syracuse Tech Garden - the park located in downtown Syracuse was updated with over [Machine extraction from original PDF page 78; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] $19 million in new space serves as a business incubator and hosts the annual GENIUS NY competition where companies apply for a cash prize to open an office and production lines at the facility. Many recent winners work in the drone industry and recent winners include the Density group that provides real-time date related to property utilization metrics, and others include digital building modelers and automotive parts manufacturing and distribution. XX Nappi Longevity Institute - 360,000sq.ft. health and wellness complex at Upstate Medical University to provide greater access to critical care, medical advancements in brain health and an enhanced focus on treating and studying Alzheimer's disease. I-81 Removal and revitalization - The city of Syracuse and Federal Department of Transportation have begun formalizing the process of removing the highway and reducing traffic flow to surface roads where multiple redevelopments are planned related to affordable housing, public green space and job creation. XX Local Employment prospects - reported to include 200+ companies with over 3,000 job openings. Recent job postings in the area have been greater than 20,000 since April of 2020 and nearly as high as 25,000 unique postings in August 2020. Henry Clay Boulevard Clay, Onondaga County, NY Page78 Page79 [Machine extraction from original PDF page 79; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 6 Recently Developed Housing: The chart below summarizes recent development in the immediate parts of the PMA that would be considered direct competition for the subject. The totals for Tocco Villagio and The Landings at Meadowood include those under development that were already approved. New Development Name Total Units Year Built Rivers Pointe 416 2012-2014 36 2014 Aspen Springs 119 2014 Morgan Square Senior Woodland Acres Townhomes 285 2017 52 Fobes Island 2020 Meyer Manor 108 2021 Tocco Villagio 413 2013-2021 Landings at Meadowood 454 2016-2021 The 1,883 total units delivered since 2012 average 209 new units per year assuming all pipeline units are completed in 2021. Planned and Proposed Housing: XX Tocco Villagio - 198 units in the town of Clay with first deliveries expected in summer 2021 as clubhouse has already been built and in use by Phase I residents. XX Ravada Hill – 60 unit expansion in Liverpool approved but not built. XX Meyer Manor – 108 units under development in spring 2020 at 1225 Tulip Street in the village of Liverpool adjacent to existing apartments. XX Landings at Meadowood Il - 220 unit addition in Baldwinsville under development. XX Urban Villages - 475 units on a 30 acre site on Route 31 near Lawton Road, approved by town of Clay but no planning board approval or building permits issued. Apartments at LoSo – 248 units approved on Beach Road in Cicero, no construction yet. X XX [Machine extraction from original PDF page 79; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] United Group proposal for a PUD on Route 11 with 220 single family homes and 180 age- restricted units, not yet approved. XX Le Moyne Manor on Lakeshore Road in Cicero with 66 units. XX 72 units on Morgan Road in Clay were not approved near Faith Journey Church. XX Many other proposals and pipeline developments are farther south in the city of Syracuse closest to the downtown core in loft-rehab projects marketing to a wide range of workforce and empty nester households along with other student-specific projects. Henry Clay Boulevard Clay, Onondaga County, NY Page79 Page80 [Machine extraction from original PDF page 80; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 7 Analysis of Supply XX Local market rate rentals. The sample includes the newest developments in multistory elevator and walkup buildings in addition to the older garden style and townhouse properties that comprise the greatest share of rental options in the area and typically have offer the lower end of the rental options in the market. The sample includes projects in Cicero, Clay, Baldwinsville and mostly larger projects farther south in Salina and Liverpool. Rent Summary: The following is a summary of the primary and secondary comparable rentals. Rents are presented on an actual basis. Unit Type: 1 Bedroom Property Name Municipality Yr. Built Occ.(Avg) Utils* Sq. Ft. Rent Range Rent(Mid) $/SF(Mid) Tocco Villaggio Cicero 2016 99% H 900 $1040 - $1065 $ 1,052.50 $ 1.17 Rivers Pointe Clay 2012/14 97% 797 $1082 $ 1,082.00 $ 1.36 Clay 877 $1902 Rivers Pointe 2012/14 $ 1,902.00 $ 2.17 Rivers Pointe Clay 2012/14 949 $1123 $ 1,123.00 $ 1.18 Center Pointe at Radisson Baldwinsville 2002 100% 920 $995-$1195 $ 1,095.00 $ 1.19 The Fairways @ Timber Banks Baldwinsville 2008 100% 910 $1110-$1180 $ 1,145.00 $ 1.26 Aspen Springs Apartments Baldwinsville 2014 100% H 900 $1075 $ 1,075.00 $ 1.19 The Landings at Meadowood Baldwinsville 2016/2018 96% 802 $1190 - $1283 $ 1,236.50 $ 1.54 The Landings at Meadowood Baldwinsville 2016/2018 848 $1255- $1335 $ 1,295.00 $ 1.53 Fobes Island Apts Baldwinsville 2020 100% 850 $1180 - $1250 $ 1,215.00 $ 1.43 North Town Apartments [Machine extraction from original PDF page 80; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] North Syracuse 1960 100% H 625 $675-$725 $ 700.00 $ 1.12 South Bay Apartments North Syracuse 1960 100% H 600 $800 $ 800.00 $ 1.33 Palace Court North Syracuse 1986/2008 100% 730 $728 - $746 $ 737.00 $ 1.01 Morgan Square Senior Apartments Clay 2014 100% HE 625 $1165 $ 1,165.00 $ 1.86 Cicero 1979 100% HE 800 $805 S 805.00 $ 1.01 Cobblestone Square Apartments Cobblestone Square Apartments Cicero 1979 HE 850 $850 $ 850.00 $ 1.00 Cobblestone Square Apartments Cicero 1979 HE 850 $835 $ 835.00 $ 0.98 Cobblestone Square Apartments Cicero 1979 HE 850 $840 $ 840.00 $ 0.99 Maple Manor Apartments Bridgeport 1981 100% 570 $645 $ 645.00 $ 1.13 New Country Village Cicero 1992/2002 97% H 900 $930 $ 930.00 S 1.03 New Country Village Cicero 1992/2002 H 900 $900 $ 900.00 $ 1.00 Buckley Park Apartments Liverpool 1963 98% 700 $750 $ 750.00 S 1.07 Waterbury Ridge Liverpool 2009 100% 1291 $1040 - $1340 $ 1,190.00 S 0.92 Liverpool Grenadier Village 1980 99% H 650 $870- $910 $ 890.00 S 1.37 Grenadier Village Liverpool 1980 H 700 $800 - $945 S 872.50 S 1.25 Grenadier Village Liverpool 1980 H 700 $930 $ 930.00 $ 1.33 Drumlin Heights Baldwinsville 1980/2008-2010 100% 710 $920 $ 920.00 S 1.30 Kimbrook Manor Apartments Baldwinsville 1988 100% 597 $725 $ 725.00 $ 1.21 Kimbrook Manor Apartments Baldwinsville 1988 651 $775 $ 775.00 $ 1.19 Candlewood Gardens Baldwinsville 1980 100% 800 $540 $ 540.00 S 0.68 Cedarwood Apartments Baldwinsville 1971 100% H 650 $685 $ 685.00 $ 1.05 Cedarwood Apartments [Machine extraction from original PDF page 80; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Baldwinsville 1971 H 650 $742 $ 742.00 $ 1.14 Village Green Baldwinsville 1985 99% H 800 $875- $900 S 887.50 $ 1.11 Red Coach Apartments Baldwinsville 1965 100% H 600 $606 S 606.00 $ 1.01 Clayton Manor Apartments Liverpool 1987 100% H 650 $940 $ 940.00 $ 1.45 Ravada Hill Apartments Liverpool 2004 100% H 650 $980 - $1040 $ 1,010.00 $ 1.55 The Grove Liverpool 1970's 99% H 650 $795 $ 795.00 S 1.22 The Grove Liverpool 1970's H 680 $795 - $980 $ 887.50 $ 1.31 Georgian Court Liverpool 2008/2009 100% H 700 $740 - $795 $ 767.50 $ 1.10 1 Bedroom Averages: 99% 766.2 $ 931.82 $ 1.22 Henry Clay Boulevard Clay, Onondaga County, NY Page80 Page81 [Machine extraction from original PDF page 81; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 8 Unit Type: 2 Bedroom Property Name Municipality Yr. Built Occ.(Avg) Utils* Sq. Ft. Rent Range Rent(Mid) $/SF(Mid) Tocco Villaggio Cicero 2016 99% H 1100 $1250 - $1275 $ 1,262.50 $ 1.15 Tocco Villaggio Cicero 2016 H 1250 $1350 - $1375 $ 1,362.50 $ 1.09 Rivers Pointe Clay 2012/14 97% 977 $1608 $ 1,608.00 $ 1.65 Rivers Pointe Clay 2012/14 1015 $1338 $ 1,338.00 $ 1.32 Rivers Pointe Clay 2012/14 1076 $1665 S 1,665.00 $ 1.55 Rivers Pointe Clay 2012/14 1108 $1631 S 1,631.00 S 1.47 Rivers Pointe Clay 2012/14 1190 $1761 $ 1,761.00 S 1.48 Rivers Pointe Clay 2012/14 1203 $1476 $ 1,476.00 S 1.23 Center Pointe at Radisson Baldwinsville 2002 100% 1360 $1200 - $1495 $ 1,347.50 S 0.99 Baldwinsville 2008 The Fairways @ Timber Banks 100% 1175 $1290 - $1430 $ 1,360.00 $ 1.16 The Fairways @ Timber Banks Baldwinsville 2008 1250 $1369 - $1480 $ 1,424.50 $ 1.14 Baldwinsville 2014 100% H 1100 $1240 Aspen Springs Apartments $ 1,240.00 $ 1.13 The Landings at Meadowood Baldwinsville 2016/2018 96% 1167 $1460 - $1727 $ 1,593.50 $ 1.37 Fobes Island Apts Baldwinsville 2020 100% 1000 $1650 $ 1,650.00 $ 1.65 Fobes Island Apts Baldwinsville 2020 1100 $1325-$2135 $ 1,730.00 $ 1.57 North Town Apartments 1960 100% H 750 $810 -$850 $ 830.00 $ 1.11 North Syracuse South Bay Apartments 1960 100% H 700 $900 North Syracuse $ 900.00 S 1.29 Palace Court 1986/2008 100% 840 $796 North Syracuse S 796.00 S 0.95 Clay 2014 100% HE 825 $1295 Morgan Square Senior Apartments $ 1,295.00 S 1.57 Clay 2014 HE [Machine extraction from original PDF page 81; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 865 Morgan Square Senior Apartments $1310 S 1,310.00 S 1.51 Cobblestone Square Apartments Cicero 1979 100% HE 1000 $905 $ 905.00 S 0.91 Cicero 1979 HE 1050 $950 Cobblestone Square Apartments S 950.00 S 0.90 Cobblestone Square Apartments Cicero 1979 HE 1050 $960 S 960.00 $ 0.91 Cicero 1979 HE 1050 $940 Cobblestone Square Apartments $ 940.00 $ 0.90 Maple Manor Apartments Bridgeport 1981 100% 950 $755 $ 755.00 $ 0.79 New Country Village Cicero 1992/2002 97% H 1000 $975-$1005 $ 990.00 S 0.99 New Country Village Cicero 1992/2002 H 1050 $1025 $ 1,025.00 $ 0.98 Buckley Park Apartments Liverpool 1963 98% 950 $825 S 825.00 S 0.87 Woodland Acres Townhomes Liverpool 2017 99% 1086 $1670 - $1775 $ 1,722.50 S 1.59 Woodland Acres Townhomes Liverpool 2017 1160 $1670 -$1820 $ 1,745.00 $ 1.50 Grenadier Village Liverpool 1980 99% 700 $975-$1045 $ 1,010.00 $ 1.44 H Grenadier Village Liverpool 1980 H 900 $1040 - $1085 $ 1,062.50 S 1.18 Grenadier Village Liverpool 1980 H 900 $1125-$1160 $ 1,142.50 $ 1.27 Grenadier Village Liverpool 1980 H 900 $965 $ 965.00 $ 1.07 Drumlin Heights Baldwinsville 100% 885 $1060 1980/2008-2010 S 1,060.00 $ 1.20 Drumlin Heights Baldwinsville 1980/2008-2010 1118 $1445 $ 1,445.00 $ 1.29 Kimbrook Manor Apartments Baldwinsville 1988 100% 913 $845 $ 845.00 $ 0.93 Candlewood Gardens Baldwinsville 1980 100% 930 $585-$640 $ 612.50 $ 0.66 Candlewood Gardens Baldwinsville 1980 1050 $785 $ 785.00 $ 0.75 Cedarwood Apartments Baldwinsville 1971 100% H 800 $817- $850 $ 833.50 S 1.04 [Machine extraction from original PDF page 81; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Village Green Baldwinsville 1985 99% 975 $905-$1025 $ 965.00 S 0.99 H Village Green Baldwinsville 1985 H 975 $990 - $1085 $ 1,037.50 $ 1.06 Red Coach Apartments Baldwinsville 1965 100% H 638 $637 - $682 $ 659.50 $ 1.03 Clayton Manor Apartments Liverpool 1987 100% H 900 $820 - $1035 $ 927.50 $ 1.03 Clayton Manor Apartments Liverpool 1987 H 1100 $1015-$1150 $ 1,082.50 S 0.98 Ravada Hill Apartments Liverpool 2004 100% H 1100 $1145 $ 1,145.00 S 1.04 Ravada Hill Apartments Liverpool 2004 H 1100 $1220 - $1295 $ 1,257.50 $ 1.14 The Grove Liverpool 1970's 99% H 870 $960 $ 960.00 S 1.10 The Grove Liverpool 1970's H 950 $1049 - $1200 $ 1,124.50 S 1.18 The Grove Liverpool 1970's H 960 $1049 $ 1,049.00 S 1.09 Georgian Court Liverpool 2008/2009 100% H 900 $935-$965 $ 950.00 $ 1.06 Georgian Court Liverpool 2008/2009 H 900 $925-$940 $ 932.50 $ 1.04 2 Bedroom Averages: 99% 997.3 $ 1,158.64 $ 1.16 *Utils: (H)eat, (E)lectric Paid by Landlord Henry Clay Boulevard Clay, Onondaga County, NY Page81 Page82 [Machine extraction from original PDF page 82; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 9 XX The projects below are considered the most comparable and include: Tocco Villagio XX XX Rivers Pointe XX The Fairways XX Aspen Springs XX Fobes Island The Landings at Meadowood Later in the report we present details of the primary comparable projects and a location map. Summary of Market Rents Overviewed in the chart below is a summarization of market rents as they apply to upscale new construction market rate options in the northern suburban Syracuse market. This will be followed by a general discussion and then some other bullet points and comments pertaining to specific market characteristics and primary comparables. Market Rent Chart Avg. Net Avg. Net Unit Type Rent (1) Avg Sq.Ft. Rent/Sq.Ft $932 766 $1.22 1 BRM Market Averages $1,100 850 $1.29 1 BRM – Subject $1,159 997 $1.16 2 BRM Market Averages $1,425 1,100 $1.30 2 BRM – Subject XX Unit sizes for the subject were estimated based on the product concept provided by the developer. The market averages include a wide range of sizes with many properties offering multiple foreplans and renovated options for these unit types. XX The subject rents are in today's dollars and were established based on rents at other competitors. We are not providing projections for rent increases as the construction timing, finalized product concept and competition from other projects is variable. Achievable Market Rents: The achievable market rents consider adjustments for items such as location, the condition of [Machine extraction from original PDF page 82; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] the proposed units, amenities, and other factors and features. We have selected the most comparable projects, and within each project, the most comparable unit type in terms of size as there are often multiple floorplan options. Below is a summary of the adjustments applied to the market averages and the most comparable market rate developments for each unit/building type, followed by a description of the adjustments. Henry Clay Boulevard Clay, Onondaga County, NY Page82 Page83 [Machine extraction from original PDF page 83; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 10 Achievable Market Rents 1 BR 850 SF Mkt Avg Tocco Villagio Rivers Pointe The Fairways Aspen Springs Fobes Island The Landings Rent $ 932.00 $ 1,053.00 $ 1,082.00 $ 1,145.00 $ 1,075.00 $ 1,215.00 $ 1,236.00 Concessions $ $ $ $ $ $ $ Location $ $ $ $ $ $ (36.45) $ (37.08) Condition/Appeal $ $ $ $ $ 53.75 $ $ Amenities $ $ $ $ $ $ $ Parking S $ $ $ $ S $ Elevator $ $ $ $ $ $ $ Cable/Internet $ $ S (50.00) $ (50.00) $ $ $ Laundry $ $ 50.00 $ 25.00 $ 25.00 $ 50.00 $ $ Community Space $ $ $ (25.00) $ (25.00) $ $ $ (25.00) Storage $ $ $ 30.00 $ 50.00 $ 30.00 $ $ 30.00 Unit Size $ 29.00 $ (18.00) $ 19.00 $ (21.00) $ (18.00) $ $ Utilities $ $ (75.00) $ S $ (75.00) $ S Total S 961.00 $ 1,010.00 $ 1,081.00 $ 1,124.00 $ 1,115.75 $ 1,178.55 $ 1,203.92 Adopted Net $ 1,100.00 2 BR 1100 SF Mkt Avg Tocco Villagio Rivers Pointe The Fairways Aspen Springs Fobes Island The Landings Rent $ 1,159.00 $ 1,263.00 $ 1,631.00 $ 1,360.00 $ 1,240.00 $ 1,650.00 $ 1,594.00 Concessions $ $ $ $ $ $ $ Location $ $ $ $ $ $ (49.50) $ (47.82) Condition/Appeal $ $ $ $ $ 62.00 $ $ Amenities $ $ $ $ $ $ $ Parking $ $ $ $ $ $ $ Elevator $ $ $ $ $ $ $ Cable/Internet $ $ $ (50.00) $ (50.00) $ $ $ Laundry $ $ 50.00 $ 25.00 $ 25.00 $ 50.00 $ $ Community Space $ $ $ (25.00) $ (25.00) $ $ $ (25.00) Storage $ $ $ 30.00 $ 50.00 $ 30.00 $ $ 30.00 Unit Size $ 36.00 $ $ $ (26.25) $ $ 35.00 $ (23.45) Utilities $ $ (85.00) $ $ $ (85.00) $ $ Total $ 1,195.00 $ 1,228.00 $ 1,611.00 $ 1,333.75 $ 1,297.00 $ [Machine extraction from original PDF page 83; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 1,635.50 $ 1,527.73 Adopted Net $ 1,425.00 Adjustment Explanation: XX Concession: at the current time there are no concessions being offered. XX Location: All projects used for comparison are within the same general area on/near Route 31 with similar access to commercial services, transportation and employment. We apply minor downward adjustments for Fobes Island and the Landings at Meadowood for walkability as other comparable properties are similarly car-dependent. XX Condition: The subject units will reflect new construction at the time of completion and considered to be in good overall condition, consistent with the recently developed projects in the area so the only adjustment applied is to Aspen Springs which is older and has not been updated to any significant degree. XX For amenities, we considered variables such as parking, in unit laundry, elevator service, community space, fitness areas and cable/internet, in addition to other services and features that are offered in the local market. Parking in surface spaces is included in the rent, consistent with others. X Henry Clay Boulevard Clay, Onondaga County, NY Page83 Page84 [Machine extraction from original PDF page 84; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 11 X Cable/Internet is not provided at the subject, and a downward adjustment applies for projects that include one or both services. XX Laundry will include in unit washer and dryers for all subject apartments. In-unit laundry is now common in recent developments so upward adjustments apply to projects with either in-unit hookups ($25) or common facilities ($50). XX Community space relates those buildings that offer fitness centers, lounge areas, roof terrace, etc. The subject will have basic common spaces so downward adjustments apply for those with more extensive areas. XX Storage adjustments apply for projects without this amenity or those that offer this at an additional monthly fee. XX Unit Size: We adjusted unit sizes based on a variable of $.35 for every square foot of difference for the one and two-bedrooms. This is undertaken by a paired analysis that compares the individual rents at the same complex with different unit sizes. Utilities were adjusted to reflect tenant paid gas and electric. XX Conclusion - Market Rent The rents after adjustments range from $1,010 to $1,179 with a mean of $1,096 for 1BR units and from $1,228 to $1,635 for a 2BR with a mean of $1,415. We are adopting rents near than the mean at the higher end of the range with additional consideration given to recently completed projects in the immediate area. Adopted rents are presented below. Market Rent Chart Avg. Net Avg. Net Unit Type Rent (1) Avg Sq.Ft. Rent/Sq.Ft 1 BRM [Machine extraction from original PDF page 84; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] $1,100 850 $1.29 2 BRM $1,425 1,100 $1.30 The Target Market The subject target market would include 1 and 2-person renters age 18-55 including: Younger and mid-career professionals including the youngest empty-nesters XX XX Commuter Households given the nearby highway access. Young couple households or roommates One note to recognize is that we have not accounted for households age 55 and above in this analysis. While the project does offer unit sizes and features that would be desired by an older senior population, senior renters do not typically occupy a significant ratio of the units in family workforce projects with limited common amenities. age-restricted options are available in the PMA and there are some proposed for future development. Henry Clay Boulevard Clay, Onondaga County, NY Page84 Page85 [Machine extraction from original PDF page 85; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 12 Project Timing / Absorption: In this market we estimate absorption to be around 6 units per month when considering new housing and ongoing planned/proposed development locally. We recommend advanced marketing where the building has around 30% of the units preleased during construction with completion in the spring to allow for a stronger marketing. We expect that the buildings would achieve stabilization within 10 to 11 months from completion assuming some preleasing. These estimates assume some new competition from planned/proposed projects and typical mobility compared with recently delivered projects. Proactive marketing for available units before completion, and timing the construction to have first units available in early spring months will improve the chances of a more expedient leaseup period. This will also help position the development against other new pipeline developments and others that will have come online or experienced comprehensive renovations. Some recent leasing trends are presented as follows: Complex Type of Project Location Year Built # of Units Average Absorption Onondaga County Golden Legacy Senior- Onondaga Senior Market Rate Baldwinsville, NY 2007 144 10-12 per month Silverwood @ Radisson - Ononda Senior Market Rate Baldwinsville, NY 2007 36 4 per month Joslyn Court Phase II Family Tax Credit Syracuse, NY 2007 25 10-12 per month Riverknoll at Radison Family Tax Credit Baldwinsville, NY 2008 80 7-8 per month [Machine extraction from original PDF page 85; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Timber Banks at Radisson Market Rate Baldwinsville, NY 2008 154 7-8 per month Starlight Estates Market Rate Camillus 2008 48 3 per month Georgian Court Market Rate Liverpool, NY 2008-2009 24 4-5 per month Riverknoll at Radison II Family Tax Credit Baldwinsville, NY 2012 80 16 per month (From date of C of O) Rivers Pointe Market Rate Clay, NY 2013/14 416 15 per month (from issuance of 1st CO), same for Phase Il Morgan Square Senior Apartment Senior Market Rate Clay, NY 2014 119 7/mo for pre leasing, 6/mo for stabilization 22 mos from marketing VanKeuren Square Special Needs Syracuse, NY 2014 50 41 move-ins at opening, 9 unit leased in the next month. Joslyn Court Phase III & IV Family Tax Credit Syracuse, NY 2015 36 8 per month based on lottery system. Riverknoll at Radisson II Family Tax Credit Lysander, NY 2015 80 16/mo over 5 months, August to Dec from Phase I&ll Waitlist. Salina Crossing Family Tax Credit Syracuse, NY 2016 49 7 per month with 10 pre-leased. Canal Crossing Market Rate Camillus, NY 2016 96 61 leases signed in 5 months. 12 per month as of May, 2016 Camillus Pointe Senior Senior Market Rate Camillus, NY 2016 108 12-14 units per month over 8 month leaseup, mostly homeowners, many from out of state Harbor Street Lofts Family Tax Credit Syracuse, NY 2017 40 10 per month Lofts at Camillus Mills Market Rate Camilus, NY 2017 29 7-8 per month counting preleases Tocco Villaggio Market Rate Cicero, NY 2016 114 [Machine extraction from original PDF page 85; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Phase I - 114 units over 14 months or 8 units per, still 300 units pending Woodland Acres TH Market Rate Clay, NY 2017 285 20 units/month over 11 months, 50 units until stabilization Island Hollow amily & Senior Tax Cred Cicero, NY 2018 94 11-12 units per month for family and senior units over 8 months Fobes Island Market Rate Clay, NY 2020 52 12 units per month with some preleasing Project Support/Capture: The capture rate is defined by NCHMA guidelines as: "The percentage of age, size, and income gualified renter households in the primary market area that the property must capture to fill the units. Funding agencies may reguire restrictions to the qualified households used in the calculation including age, income, living in substandard housing, mover-ship and other comparable factors. The Capture Rate is calculated by dividing the total number of units at the property by the total number of age, size and income qualified renter households in the primary market area." Henry Clay Boulevard Clay, Onondaga County, NY Page85 Page86 [Machine extraction from original PDF page 86; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 13 The developer is intending to build 96 total apartments in two walkup buildings with a mix of one and two-bedroom unit sizes. Other notes related to the variables that apply to the demand analysis include: Age Qualification: Age 18-55 households as primary target market. Income Qualification: We applied a low-end affordability ratio of around 40% of income to afford the rent at the median 1BRs, or $1,210 per month (including utilities). This is typical of recent market developments in the area and appropriate given the income levels of the PMA. The upper limit is set at $100,000 given the rent tiers and locational variables. Household Size: 1 and 2-person households. Project Elimination: We are not applying any direct eliminations as the mobility ratio accounts for potential competition from pipeline projects that may or may not be delivered to be directly competitive with the subject. Mobility: The subject rents are at market and we are applying a mobility ratio of 30% given the other options in the market, typical movement patterns, other options and pipeline competitors in the market and region. Henry Clay Boulevard Clay, Onondaga County, NY Page86 Page87 [Machine extraction from original PDF page 87; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Summary of Findings 14 Summary Analysis Family Demand for 1 & 2 Bedroom apartments Note: The numbers apply to the demand glossary in addendum. 1 & 2 BRM - Market @ $1,210 1 Total Number of HH in the Market - 2020 (All HH) 143,855 2 % of Renters 31.30% 3 % of Owners 68.70% 4 Renter Mobility Contribution 8 Estimated Rents for Target Market - Gross Rent(2) $1210 9 Income Qual. Range: (3)-Specific Range based on rents $36,300 - $100,000 11 Total Income Qualified HH (From 2020 HISTA)(4) 8663 12 Elimination of Existing/Planned Competitors 0 13 8663 Net Demand 14 Income qual based on the specific band above 100.00% 15 Mobility Factor 30% 16 Net Demand 2599 3) Market Growth/Contraction 17 Applicable Growth (2 of the 5 years) 18 Total Demand By Unit Type 2599 19 Number of Units 96 20 Capture for unit type 3.69% 21 Ratio of total project (unit type compared to total) 100.0000% 22 Weighted Average Market Capture(pro-rated by type) 3.69% (1) 1/2 person HH for both unit types age 18-54. (2) Gross Rent is necessary in order to establish the income qualified range. (3) Low end for affordability based on around 40% of income Henry Clay Boulevard Clay, Onondaga County, NY Page87 Page88 [Machine extraction from original PDF page 88; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] SherwoodiCir 15 ta 31 enry yd enr Henry Clay Blvd 0E06 eaaph ay,aa NY eraph en C ard xoqdpw Page88 Page89 [Machine extraction from original PDF page 89; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Location and Service Map 16 Maider Rd Verplank Rd Van Heusen Rd 18 15 Euclid Clay Burnet Rd ① State Route 31 Caughdenoy Rd ① enry Clay Btvd 481 16 13 State Route 31 Cral 57 481 Oswego Rd Stearns Rd Maple Rd Rodger Corner Caughdenoy Rd 57 Stanley J. Hamlin Marsh Wildlife Management Area 481 Wetzel 10 Morgan Rd 日 Bayberry Oswego R mapbox Woodard © Mapbox, © OpenStreetMap COMMUNITY SERVICES COMMUNITYSERVICES NAME Address MILES FROM SITE 1 MAJOR HIGHWAY(S) Highway Route 31 0.09 2PUBLIC BUS STOP Bus Stop Great Northern Mall 1.3 SUBWAY/RAIL STATION Train Station Syracuse 7.8 3MAJOR EMPLOYERS / EMPLOYMENT CENTERS Raymour & Flanigan Furniture 4000 NY 31 1.8 4PHARMACY Wegmans Pharmacy 3955 NY 31 2 5CONVENIENCE STORE Circle K 8578 Henry Clay Blvd 0.1 6NEAREST MARKET Aldi 3942 NY 31 2.1 7 NEAREST FULL SERVICE MARKET Wegmans 3955 NY 31 1.8 8DISCOUNT DEPARTMENT STORE Dollar Tree 3873 NY 31 2.4 SCHOOLS: 9 ELEMENTARY Soule Road Elementary & Middle 8340 Soule Rd 1.6 10 HIGH Liverpool High School 4338 Wetzel Rd 2.9 HOSPITAL St. Joseph's Hospital 5112 W Taft Rd 5 11URGENT CARE WellNow Urgent Care 3840 NY 31 2.5 POLICE Onondaga County Sheriff 7120 Henry Clay Blvd 5.1 12FIRE Clay Fire Dept 4383 NY 31 0.6 13POST OFFICE USPS 5601 NY 31 3.5 14BANK M&T Bank 3945 NY 31 2.1 15SENIOR CENTER Town of Clay Senior Center 4948 NY 31 1.3 16DAY CARE Gail's House Daycare 4213 Streamwood Blvd 1.4 17 RECREATION CENTER Midstate Athletic Community Center 5575 Meltzer Ct 3.3 18LIBRARY [Machine extraction from original PDF page 89; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Northern Onondaga Public Library 8686 Knowledge Lane 3.6 * CALCULATED ALONG DEDICATED ROADWAYS **Walk Score is 14 Henry Clay Boulevard Clay, Onondaga County, NY Page89 Page90 [Machine extraction from original PDF page 90; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] aes Manlus 010400 yracuse w1m 020701 10322 0011800 010200 B Brcewerton 014200 11242 17 020703 2U 100 85 020702 01102 82 ueN ehepuour Aservaior 011300 Onondag. 024 0011102 060 013300 00110-03 016400 Schropp. 012800 eo 120 0170 020800 016002 020902 014700 01500 020901 011401 012300 12200 016502 009000 001900 021000 011402 0 1 021103 021200 012000 oaweg: rima 06 040200 021300 040400 arkTds 10 040300 7.5 Yay,da a , NY V Y Subject R PMA 5 en ard iles B Page90 Page91 [Machine extraction from original PDF page 91; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 18 Market Area Demographics and Trends Market Area Demographics and Trends Market Draw Area This Primary Market Area (PMA) considers historical movement patterns, housing development trends, existing and pipeline options that are present throughout the area. The PMA is expected to provide approximately 65%-75% of the eventual tenant base with the remainder coming from outside relocations or new household formation that are not quantified. A summarization of the census tracts and communities used are outlined below. GEOCODE COUNTY MCD_NAME ZIP 36011040200 Cayuga County Cato town 13033 36011040300 Cayuga County Mentz town 13140 36011040400 Cayuga County Brutus town 13166 36067000100 Onondaga County Syracuse city 13204 36067000200 Onondaga County Syracuse city 13208 36067000300 Onondaga County Syracuse city 13208 36067000400 Onondaga County Syracuse city 13208 36067000501 Onondaga County Syracuse city 13208 36067000600 Onondaga County Syracuse city 13208 36067000700 Onondaga County Syracuse city 13208 36067000800 Onondaga County Syracuse city 13203 36067000900 Onondaga County Syracuse city 13203 36067001000 Onondaga County Syracuse city 13206 36067001400 Onondaga County Syracuse city 13208 36067001500 Onondaga County Syracuse city 13203 36067001600 Onondaga County Syracuse city 13203 36067001701 Onondaga County Syracuse city 13203 36067001702 Onondaga County Syracuse city 13206 36067001800 Onondaga County Syracuse city 13206 36067001900 Onondaga County Syracuse city 13206 [Machine extraction from original PDF page 91; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 36067002000 Onondaga County Syracuse city 13204 36067002101 Onondaga County Syracuse city 13204 36067002300 Onondaga County Syracuse city 13203 36067002400 Onondaga County Syracuse city 13203 36067002700 Onondaga County Syracuse city 13204 36067004800 Onondaga County Syracuse city 13207 36067010100 Onondaga County Cicero town 13039 36067010200 Onondaga County Cicero town 13029 36067010301 Onondaga County Cicero town 13039 36067010321 Onondaga County Cicero town 13039 36067010322 Onondaga County Cicero town 13039 36067010400 Onondaga County Cicero town 13039 36067010500 Onondaga County Cicero town 13039 36067010600 Onondaga County Cicero town 13212 36067010700 Onondaga County Cicero town 13212 36067010800 Onondaga County Clay town 13212 36067010900 Onondaga County Clay town 13212 36067011011 Onondaga County Clay town 13088 36067011012 Onondaga County Clay town 13088 36067011021 Onondaga County Clay town 13090 36067011022 Onondaga County Clay town 13212 36067011101 Clay town 13090 Onondaga County 36067011102 Onondaga County Clay town 13090 36067011201 Onondaga County Clay town 13027 36067011202 Onondaga County Clay town 13090 36067011231 Onondaga County Clay town 13090 36067011232 Onondaga County Clay town 13090 36067011241 Onondaga County Clay town 13041 36067011242 Onondaga County Clay town 13041 36067011300 Onondaga County Clay town 13041 Henry Clay Boulevard Clay, Onondaga County, NY Page91 Page92 [Machine extraction from original PDF page 92; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Market Area Demographics and Trends 19 GEOCODE COUNTY MCD_NAME ZIP 36067011401 Onondaga County Lysander town 13027 36067011402 Onondaga County Lysander town 13027 36067011500Onondaga County Lysander town 13027 36067011600 Onondaga County Lysander town 13027 36067011700 Onondaga County Van Buren town 13027 36067011800 Onondaga County Van Buren town 13027 36067011900 Onondaga County Van Buren town 13027 36067012000 Onondaga County Elbridge town 13060 36067012100 Onondaga County Camillus town 13031 36067012200 Onondaga County Camillus town 13031 36067012300 Onondaga County Camillus town 13031 36067012400 Onondaga County Camillus town 13031 36067012500 Onondaga County Camillus town 13219 36067012600 Onondaga County Camillus town 13219 36067012700 Onondaga County Camillus town 13209 36067012800 Onondaga County Geddes town 13209 36067012900 Onondaga County Geddes town 13209 36067013000 Onondaga County Geddes town 13209 36067013100 Onondaga County Geddes town 13219 36067013200 Onondaga County Geddes town 13219 36067013300 Onondaga County Salina town 13088 36067013400 Onondaga County Salina town 13090 36067013500 Onondaga County 13088 Salina town 36067013600 Onondaga County Salina town 13088 36067013701 Onondaga County Salina town 13088 36067013800 Onondaga County Salina town 13212 36067013900 Onondaga County Salina town 13211 36067014000 Onondaga County Salina town 13211 36067014200 Onondaga County 13208 Salina town 36067014400 Onondaga County De Witt town 13057 [Machine extraction from original PDF page 92; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 36067014500 Onondaga County De Witt town 13057 36067016002 Onondaga County Onondaga town 13215 36067016400 Onondaga County Onondaga town 13215 36067016502 Onondaga County Marcellus town 13108 36075020701 Oswego County West Monroe town 13167 36075020702 Oswego County Hastings town 13036 36075020703 Oswego County Hastings town 13036 36075020800 Oswego County Palermo town 13069 36075020901 Oswego County Schroeppel town 13135 36075020902 Oswego County Schroeppel town 13132 36075021000 Oswego County Volney town 13069 36075021101 Oswego County Fulton city 13069 36075021102 Oswego County Fulton city 13069 36075021103 Oswego County Fulton city 13069 36075021104 Oswego County Fulton city 13069 36075021200 Oswego County Granby town 13069 36075021300 Oswego County Hannibal town 13074 Henry Clay Boulevard Clay, Onondaga County, NY Page92 Page93 [Machine extraction from original PDF page 93; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 20 Market Area Demographics and Trends General Demographics DEMOGRAPHIC SUMMARIZATION Onondaga Clay town, Census Tract 113, County, Onondaga County, Onondaga County, New York New York New York Total Housing Units 206,707 24,848 1,538 Population 467,669 59,626 3,178 Total Households 185,840 23,753 1,446 Median Household Income $57,271 $69,227 $58,264 Average Household Size - Owner Occupied 2.55 2.64 2.30 Average Household Size - Renter Occupied 2.17 2.10 1.93 Median Value of Owned Home $139,400 $142,300 $146,100 Median Monthly Gross Rent $823 $898 $1,174 % Renters Paying 35% or More(1) 40.50% 38.50% 43.20% Ratio of Population Age 65+ 15.70% 14.50% 21.40% Median Age 38.80 39.50 48.70 Household With One or More people 65+ 52,667 6,199 463 Ratio of Owner Occupied Households 64.90% 73.70% 71.80% Ratio of Renter Occupied Households 35.10% 26.30% 28.20% Ratio of Vacant Housing Units 10.10% 4.40% 6.00% Ratio of Vacant Rental Units 6.60% 5.90% 6.40% Tenure: Ratio of larger rental projects(2) 20.55% 22.05% 42.89% Ratio of Rental Units Built Post 1980 21.41% 35.45% 58.09% Employed 223,207 31,661 1,772 Unemployment Rate 6.4% 4.8% 3.5% Mean Travel Time to Work (minutes) 20.1 20.0 19.7 % of All People Below Poverty Line 14.9% 9.3% 5.2% (1) Gross rent as a percent of income. (2) Defined as rental units with 20 or more apartments. Source: 2013-2017 American Community Survey - 5 Year Estimate Some notes related to demographics statistics include: XX [Machine extraction from original PDF page 93; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Median income in the subject tract at $58,264 is below the town at $69,227. XX The median value of an owned home in the subject tract is $146,100 and is just above the town median at $142,300. XX Renter ratio is slightly higher in the subject census tract compared with the town as a whole. XX The median age is 49 in the subject census tract and 40 in the town. Henry Clay Boulevard Clay, Onondaga County, NY Page93 Page94 [Machine extraction from original PDF page 94; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Market Area Demographics and Trends 21 HISTA Data / Demographics The HISTA 2.2 information is outlined below. This data incorporates the 2010 Census and the 2010 - 2014 ACS data and uses 2008 as a base year with projections to 2020 and then forecasts onward through 2025. A summarization of the demographic data from HISTA 2.2 is outlined below, followed then by some general notes that apply to this documentation. Demographic Summary PMA - HISTA Data * 2015** 2020 % Change 2025 % Change 33,758 32,404 -4.01% 30,916 Total Renter Households: -4.59% Owner Occupied Households: 65,821 62,664 -4.80% 59,567 -4.94% Total Households: 99,579 95,068 -4.53% 90,483 -4.82% % of Renters 33.90% 34.09% 34.17% 2020 Data: Renters Earning $30,000 or Less: 34.60% Renters Earning $20,000 or Less: 21.25% Ratio of Renters with 3 or more persons 32.40% 2020 Estimated Median Income Market Draw Area: $64,130 $68,495 Median Income Subject Census Tract: * All data applies to under age 62 only ** The 2011-2015 ACS data has been used as the basis in the demographic summary for the equivalent of the 2015 household statistics. Population Under Age 62 Year Population % Change 2010(1) 290,381 N/A 2020(2) 268,935 -7.39% 2025 (3) 258,059 -4.04% 1) Census 2) Current Year Estimate 3) 5-yr Projection Notes evident by review of the data include: XX The data related to family households indicates continued decline over the next five years, following the trend of decline in population and household formations since [Machine extraction from original PDF page 94; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 2010. XX Overall, the PMA includes 34% renters and 66% owners. Over 34% of renters in the PMA earn less than $30,000 per year. XX XX The subject tract has a higher median income by over $4,000 than the PMA. Population changes are generally consistent with household changes. XX Henry Clay Boulevard Clay, Onondaga County, NY Page94 Page95 [Machine extraction from original PDF page 95; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 22 Market Area Demographics and Trends DEMOGRAPHIC DATA © 2020 All rights reserved Claritas Market Area Total Population Census 2000 343,868 Census 2010 351,777 Current Year Estimates 2020 344,941 Five-Year Projections 2025 342,642 Change 2000 - 2010 7,909 2.3% Estimated Change 2010 - 2020 -6,836 -1.9% Projected Change 2020 - 2025 -2,299 -0.7% Population by Sex 2020 Males 167,838 48.7% 2020 Females 177,103 51.3% Group Quarters Population Census 2000 2,001 Census 2010 2,369 Current Year Estimates 2020 2,352 Five-Year Projections 2025 2,345 Change 2000 - 2010 368 18.4% Estimated Change 2010 - 2020 -17 -0.7% Projected Change 2020 - 2025 -7 -0.3% Total Households Census 2000 138,075 Census 2010 144,605 Current Year Estimates 2020 143,855 Five-Year Projections 2025 143,540 Change 2000 - 2010 6,530 4.7% Estimated Change 2010 - 2020 -750 -0.5% Projected Change 2020 - 2025 -315 -0.2% Average Household Size 2000 2.48 Average Household Size 2010 2.42 Average Household Size 2020 2.38 Average Household Size 2025 2.37 Total Families Census 2000 90,892 Census 2010 91,661 Current Year Estimates 2020 91,339 Five-Year Projections 2025 91,189 Change 2000 - 2010 769 0.8% Estimated Change 2010 - 2020 -322 -0.4% Projected Change 2020 - 2025 -150 -0.2% Total Housing Units Census 2000 148,628 Census 2010 155,095 Current Year Estimates 2020 156,991 Five-Year Projections 2025 157,613 Change 2000 - 2010 6,467 4.4% Estimated Change 2010 - 2020 1,896 1.2% Projected Change 2020 - 2025 622 0.4% [Machine extraction from original PDF page 95; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Total Vacant Housing Units 2000 10,553 Total Vacant Housing Units 2010 10,490 Total Vacant Housing Units 2020 13,136 Total Vacant Housing Units 2025 14,073 Households by Tenure 2000 Owner 95,221 69.0% 2000 Renter 42,854 31.0% 2010 Owner 99,125 68.5% 2010 Renter 45,480 31.5% 2020 Owner 98,828 68.7% 2020 Renter 45,027 31.3% 2025 Owner 98,658 68.7% 2025 Renter 44,882 31.3% Henry Clay Boulevard Clay, Onondaga County, NY Page95 Page96 [Machine extraction from original PDF page 96; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Market Area Demographics and Trends 23 HISTA 2.2 Summary Data Market Area © 2020 All rights reserved Powered by Claritas Renter Households Age 15 to 54 Years Year 2020 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total S0-10,000 1,671 524 424 172 228 3,019 1,135 462 415 $10,000-20,000 287 257 2,556 $20,000-30,000 1,733 597 616 372 368 3,686 $30,000-40,000 1,848 698 504 431 273 3,754 S40,000-50,000 1,008 728 596 455 268 3,055 S50,000-60,000 1,025 787 599 295 187 2,893 S60,000-75,000 790 1,253 450 358 309 3,160 $75,000-100,000 543 1,002 174 291 157 2,167 $100,000-125,000 223 525 217 215 72 1,252 $125,000-150,000 74 332 217 131 115 869 $150,000-200,000 219 148 103 77 70 617 $200,000+ 252 207 164 41 65 729 Total 10,521 7,263 4,479 3,125 2,369 27,757 Renter Households Aged 55 to 61 Years Year 2020 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total S0-10,000 531 144 37 11 19 742 $10,000-20,000 406 127 19 8 8 568 S20,000-30,000 409 189 32 4 8 642 $30,000-40,000 264 164 20 5 16 469 S40,000-50,000 199 145 26 12 22 404 S50,000-60,000 196 167 20 8 4 395 $60,000-75,000 193 109 23 14 15 354 $75,000-100,000 117 216 36 31 7 407 $100,000-125,000 104 58 15 6 8 191 $125,000-150,000 84 31 23 8 3 149 $150,000-200,000 105 62 17 11 3 198 $200,000+ 56 45 15 5 7 128 Total 2,664 1,457 283 123 120 4,647 Renter Households Aged 62+ Years Year 2020 Estimates 1-Person 2-Person [Machine extraction from original PDF page 96; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 3-Person 4-Person 5+-Person Household Household Household Household Household Total S0-10,000 1,063 117 21 27 28 1,256 $10,000-20,000 2,503 250 72 25 38 2,888 $20,000-30,000 1,505 301 46 39 40 1,931 $30,000-40,000 1,032 426 48 49 45 1,600 $40,000-50,000 605 428 50 23 38 1,144 $50,000-60,000 503 254 54 34 28 873 S60,000-75,000 458 205 23 30 51 767 $75,000-100,000 353 223 54 26 45 701 $100,000-125,000 278 150 37 27 33 525 $125,000-150,000 186 55 15 21 26 303 $150,000-200,000 201 73 23 11 10 318 $200,000+ 213 67 13 9 15 317 Total 8,900 2,549 456 321 397 12,623 Henry Clay Boulevard Clay, Onondaga County, NY Page96 Page97 [Machine extraction from original PDF page 97; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Market Area Demographics and Trends 24 HISTA 2.2 Summary Data Market Area © 2020 All rights reserved Powered by Claritas Owner Households Age 15 to 54 Years Year 2020 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 204 102 77 62 56 501 $10,000-20,000 222 170 128 92 60 672 $20,000-30,000 420 372 266 212 132 1,402 $30,000-40,000 573 409 350 341 237 1,910 $40,000-50,000 864 651 564 386 277 2,742 $50,000-60,000 923 1,130 617 665 375 3,710 $60,000-75,000 952 1,050 1,262 945 787 4,996 $75,000-100,000 627 2,313 2,197 2,028 1,418 8,583 $100,000-125,000 320 1,599 2,006 2,097 1,180 7,202 $125,000-150,000 77 1,041 1,755 1,648 910 5,431 $150,000-200,000 103 1,106 1,083 1,935 933 5,160 $200,000+ 104 509 1,026 1,139 738 3,516 Total 5,389 10,452 11,331 11,550 7,103 45,825 Owner Households Aged 55 to 61 Years Year 2020 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total S0-10,000 285 129 39 32 23 508 $10,000-20,000 338 178 58 26 18 618 $20,000-30,000 294 261 104 25 14 698 $30,000-40,000 447 357 121 18 29 972 $40,000-50,000 333 382 197 22 70 1,004 $50,000-60,000 419 642 209 99 44 1,413 $60,000-75,000 487 900 166 102 99 1,754 S75,000-100,000 407 1,363 569 232 97 2,668 $100,000-125,000 183 1,180 557 241 70 2,231 $125,000-150,000 96 847 628 110 132 1,813 $150,000-200,000 201 651 469 185 209 1,715 $200,000+ 121 621 438 191 74 1,445 Total 3,611 7,511 3,555 1,283 [Machine extraction from original PDF page 97; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 879 16,839 Owner Households Aged 62+ Years Year 2020 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total S0-10,000 922 534 79 55 25 1,615 $10,000-20,000 2,131 731 108 41 29 3,040 $20,000-30,000 2,435 1,461 156 37 24 4,113 $30,000-40,000 2,006 2,122 242 42 14 4,426 $40,000-50,000 951 2,013 207 66 37 3,274 $50,000-60,000 872 1,988 315 61 44 3,280 $60,000-75,000 1,141 2,805 567 136 57 4,706 $75,000-100,000 862 2,981 701 153 105 4,802 $100,000-125,000 518 1,637 366 150 66 2,737 $125,000-150,000 264 751 155 102 42 1,314 $150,000-200,000 339 760 253 121 40 1,513 $200,000+ 325 791 123 78 27 1,344 Total 12,766 18,574 3,272 1,042 510 36,164 Henry Clay Boulevard Clay, Onondaga County, NY Page97 Page98 [Machine extraction from original PDF page 98; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Market Area Demographics and Trends 25 POPULATION DATA © 2020 All rights reserved Powered by Claritas Population by Age & Sex Market Area Census 2010 Current Year Estimates - 2020 Five Year Projections - 2025 Age Male Female Total Age Male Female Total Age Male Female Total 0 to 4 Years 10,935 10,193 21,128 0 to 4 Years 10,054 9,649 19,703 0 to 4 Years 9,855 9,481 19,336 5 to 9 Years 11,350 10,878 22,228 5 to 9 Years 10,397 9,851 20,248 5 to 9 Years 10,006 9,531 19,537 10 to 14 Years 12,083 11,563 23,646 10 to 14 Years 10,869 10,206 21,075 10 to 14 Years 10,282 9,758 20,040 15 to 17 Years 7,728 7,594 15,322 15 to 17 Years 6,492 6,238 12,730 15 to 17 Years 6,510 6,183 12,693 18 to 20 Years 6,244 5,764 12,008 18 to 20 Years 5,859 5,549 11,408 18 to 20 Years 5,891 5,547 11,438 21 to 24 Years 8,020 8,349 16,369 21 to 24 Years 7,409 7,394 14,803 21 to 24 Years 7,698 7,400 15,098 25 to 34 Years 21,393 22,229 43,622 25 to 34 Years 22,095 22,844 44,939 25 to 34 Years 20,481 20,799 41,280 35 to 44 Years 23,065 23,756 46,821 35 to 44 Years 20,780 21,685 42,465 35 to 44 Years 21,737 22,642 44,379 45 to 54 Years 27,838 28,993 56,831 45 to 54 Years 22,204 23,085 45,289 45 to 54 Years 19,603 20,543 40,146 55 to 64 Years 21,194 22,649 43,843 55 to 64 Years 24,508 25,964 50,472 55 to 64 Years 23,702 25,213 48,915 65 to 74 Years 11,500 13,606 25,106 65 to 74 Years 16,938 19,320 36,258 65 to 74 Years 20,122 22,768 42,890 75 to 84 Years 7,018 10,100 17,118 75 to 84 Years 7,422 9,922 17,344 [Machine extraction from original PDF page 98; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 75 to 84 Years 7,917 10,586 18,503 85 Years and Up 2,482 5,253 7,735 85 Years and Up 2,811 5,396 8,207 85 Years and Up 2,961 5,426 8,387 Total 170,850 180,927 351,777 Total 167,838 177,103 344,941 Total 166,765 175,877 342,642 62+ Years n/a n/a 61,396 62+ Years n/a n/a 76,006 62+ Years n/a n/a 84,583 Median Age: 39.6 Median Age: 41.5 Median Age: 42.2 Source: Claritas; Ribbon Demographics Ribbon Demographics, LLC www.ribbondata.com Tel: 916-880-1644 Population by Age Market Area 60,000 50,000 umf ple 40,000 30,000 20,000 10,000 0 0 to 4 Years 5 to 9 Years 10 to 14 Years 15 to 17 Years 18 to 20 Years 21 to 24 Years 25 to 34 Years 35 to 44 Years 45 to 54 Years 55 to 64 Years 65 to 74 Years 75 to 84 Years 85 Years and Up Census 2010 2020 Estimates 2025 Projections Source: Claritas; Ribbon Demographics Henry Clay Boulevard Clay, Onondaga County, NY Page98 Page99 [Machine extraction from original PDF page 99; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Market Area Demographics and Trends 26 HOUSEHOLD DATA © 2020 All rights reserved Claritas Households by Income and Age Market Area Current Year Estimates - 2020 Age Age Age Age Age Age Age Age 15-24 25-34 35-44 45-54 55 - 64 65-74 75 - 84 85+ Income Years Years Years Years Years Years Years Years Total Percent Less than $15,000 588 1,475 1,461 1,442 2,740 2,095 1,456 970 12,227 8.5% $15,000 - $24,999 572 1,171 1,242 1,115 1,845 2,575 2,022 1,420 11,962 8.3% S25,000 - $34,999 387 2,115 1,759 1,495 1,915 2,478 1,793 857 12,799 8.9% $35,000 - $49,999 902 2,695 2,507 2,371 3,163 3,627 2,026 930 18,221 12.7% $50,000 - $74,999 1,014 4,761 4,302 4,682 5,562 4,907 2,245 828 28,301 19.7% $75,000 - $99,999 384 3,116 3,468 3,782 4,246 2,990 983 359 19,328 13.4% $100,000 - $124,999 79 2,062 2,949 3,364 3,278 1,705 573 128 14,138 9.8% $125,000 - $149,999 43 1,527 2,164 2,566 2,601 689 227 62 9,879 6.9% $150,000 - $199,999 30 1,135 1,962 2,650 2,520 931 229 64 9,521 6.6% S200,000 and up 54 634 1,390 2.167 2,084 905 195 50 7,479 5.2% Total 4,053 20,691 23,204 25,634 29,954 22,902 11,749 5,668 143,855 100.0% Percent 2.8% 14.4% 16.1% 17.8% 20.8% 15.9% 8.2% 3.9% 100.0% Source: Claritas; Ribbon Demographics Estimated Households by Income - 2020 Market Area 30,000 25,000 um ods 20,000 15,000 10,000 5,000 0 Less than $15,000 - $25,000 - $35,000 - $50,000 - $75,000 - $100,000 - $125,000 - $150,000 - $200,000 $15,000 $24,999 $34,999 $49,999 $74,999 $99,999 $124,999 $149,999 $199,999 and up [Machine extraction from original PDF page 99; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Source: Claritas; Ribbon Demographics Henry Clay Boulevard Clay, Onondaga County, NY Page99 Page100 [Machine extraction from original PDF page 100; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Market Area Demographics and Trends 27 Median Household Income by Area Market Area - Liverpool, NY 2025 Geography ID Census 2000 2020 Estimate Projection 36011040200 $44,935 $72,774 $81,727 36011040300 $36,338 $59,992 $66,210 36011040400 $39,561 $64,130 $73,625 36067000100 $24,000 $55,682 $61,351 36067000200 $24,274 $40,545 $43,075 36067000300 $34,203 $61,207 $68,017 36067000400 $36,161 $53,588 $59,416 36067000501 $18,188 $28,322 $31,290 36067000600 $23,018 $30,909 $33,559 36067000700 $28,962 $39,091 $42,969 36067000800 $28,930 $46,667 $48,885 36067000900 $46,667 $72,103 $80,830 36067001000 $21,913 $41,897 $44,731 36067001400 $19,592 $27,849 $30,159 36067001500 $26,022 $39,825 $42,606 36067001600 $19,583 $25,578 $28,923 36067001701 $31,839 $42,628 $47,075 36067001702 $41,084 $50,778 $56,704 36067001800 $34,390 $50,363 $55,288 36067001900 $34,345 $48,315 $53,328 36067002000 $27,605 $37,645 $41,365 36067002101 $19,823 $39,077 $42,573 36067002300 $19,880 $23,282 $24,222 36067002400 $19,965 $27,727 $30,500 36067002700 $28,789 $51,306 $59,231 36067004800 $57,162 $81,294 $90,179 36067010100 $53,125 $93,781 $104,560 36067010200 $50,266 $76,305 $88,690 36067010301 $50,316 $79,429 $88,939 36067010321 $69,728 $105,800 $117,742 36067010322 $60,092 $108,137 $119,877 36067010400 $36,500 $93,396 $105,878 36067010500 $64,336 $88,958 $97,917 36067010600 $43,270 $67,910 $75,633 36067010700 $33,250 $55,438 $62,127 36067010800 $40,751 $51,500 $57,793 36067010900 $43,651 $65,239 $72,205 [Machine extraction from original PDF page 100; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 36067011011 $54,480 $67,621 $73,246 36067011012 $46,654 $64,247 $71,763 Henry Clay Boulevard Clay, Onondaga County, NY Page100 Page101 [Machine extraction from original PDF page 101; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Market Area Demographics and Trends 28 Median Household Income by Area Market Area - Liverpool, NY 2025 Geography ID Census 2000 2020 Estimate Projection 36067011021 $62,678 $87,188 $96,453 36067011022 $48,333 $76,660 $84,579 36067011101 $53,256 $91,927 $101,926 36067011102 $33,924 $53,571 $58,904 36067011201 $41,946 $67,960 $74,321 36067011202 $61,688 $94,607 $104,663 36067011231 $61,012 $83,713 $91,708 36067011232 $71,617 $92,292 $101,696 36067011241 $61,992 $127,815 $142,725 36067011242 $58,538 $102,891 $114,518 36067011300 $48,365 $68,495 $73,832 36067011401 $67,453 $91,102 $101,084 36067011402 $56,608 $80,943 $89,680 36067011500 $66,480 $102,974 $112,888 36067011600 $49,958 $81,027 $89,551 36067011700 $31,219 $49,173 $55,800 36067011800 $42,176 $58,667 $64,237 36067011900 $57,022 $81,998 $90,893 36067012000 $41,593 $69,888 $76,494 36067012100 $54,582 $95,170 $107,135 36067012200 $37,417 $56,745 $61,607 36067012300 $59,059 $92,039 $104,605 36067012400 $53,947 $75,962 $85,206 36067012500 $48,147 $66,720 $73,997 36067012600 $48,699 $71,452 $79,688 36067012700 $42,427 $67,614 $74,784 36067012800 $46,611 $69,602 $77,010 36067012900 $28,699 $43,929 $48,585 36067013000 $38,293 $56,683 $62,121 36067013100 $52,480 $81,845 $90,913 36067013200 $49,964 $76,580 $84,335 36067013300 $36,508 $62,993 $67,750 36067013400 $54,447 $67,910 $73,742 36067013500 $51,068 $70,771 $77,229 36067013600 $38,864 $58,164 $63,613 36067013701 $35,980 $55,973 $60,547 36067013800 $39,461 $65,152 $71,532 [Machine extraction from original PDF page 101; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 36067013900 $34,917 $54,839 $59,474 36067014000 $36,387 $53,368 $58,514 36067014200 $34,273 $54,167 $58,611 36067014400 $36,978 $53,694 $58,244 36067014500 $38,233 $61,849 $67,418 36067016002 $59,669 $106,354 $118,542 36067016400 $47,752 $74,185 $84,559 36067016502 $52,053 $81,133 $90,909 36075020701 $43,644 $62,629 $69,049 36075020702 $35,903 $57,480 $63,750 36075020703 $43,692 $68,217 $75,050 36075020800 $43,223 $61,231 $68,979 36075020901 $30,957 $47,260 $56,217 36075020902 $44,189 $71,864 $82,357 36075021000 $42,997 $64,869 $72,594 36075021101 $26,909 $44,375 $49,149 36075021102 $24,848 $39,743 $45,545 36075021103 $39,813 $57,200 $68,162 36075021104 $26,014 $50,822 $61,901 36075021200 $37,453 $62,036 $68,794 36075021300 $35,268 $60,381 $66,846 Median: $41,593 $64,130 $71,532 Henry Clay Boulevard Clay, Onondaga County, NY Page101 Page102 [Machine extraction from original PDF page 102; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 29 Supply / Competitive Projects Supply/ Competitive Projects Analysis of Supply The map and charts below indicate the primary and secondary market rate projects within the sample with the primary comparable projects in bold. ① 10 Youngs OakOrchard 481 Three Rivers Three Rivers Wildlife Management Area Verplank Rd State Route 31 481 31 Euclid Clay Sixty Rd ① Moyers Corners 57 ysander New Community Baldwinsvi 481 481 River Rd Cold Springs Rd 57 Henry Clay Blvd Morgan Rd North Village Green Elmcrest Allen Rd Bear Rd 690 mapbox © Mapbox, © OphiStreetMar Primary Comparable Properties Map Label Name S Corner of Henry Clay Boulevard 1 Tocco Villaggio 2 Rivers Pointe 3 The Fairways @ Timber Banks 4 Aspen Springs Apartments 5 The Landings at Meadowood 6 Fobes Island Apts Henry Clay Boulevard Clay, Onondaga County, NY Page102 Page103 [Machine extraction from original PDF page 103; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Supply / Competitive Projects 30 Phoenix 481 West Phoenix Forest Beach # 1 Youngs Oak Orchard Three Rivers Lower South Bay Rivers Wildlife Valentines gement Area B Beach 481 clid Clay Sixty Rd W Moyer ① Cicero Center Cicero 31 57 481 15 Lysander New Thom Brown Center Community nsville 481 481 River Rd 20 77 481 Cicero Swamp Wildlife 16 Henry Clay Management Area 370 Allen Rd racuse Vill Green mcrest 18 R ETaft Rd 48T 690 Bear Rd 21 中 Long Branch 370 ucl Rd Pitcher Hill Van Buren 90 Syracuse Hancock 298 Liverpool 90 International Airport Hinsdale Collamer 7th NSt ① E Molloy Rd 90 81 Polkville Edgewood 690 298 arners Garden Warners Rd Franklin Park ou5t mapbox PRY Secondary Comparable Properties Map Label Name S Corner of Henry Clay Boulevard 1 Woodland Acres Townhomes 2 North Town Apartments 3 Center Pointe at Radisson 4 South Bay Apartments 5 Palace Court 6 Morgan Square Senior Apartmen 7 Cobblestone Square Apartments 8 Maple Manor Apartments 9 New Country Village 10 Buckley Park Apartments 11 Waterbury Ridge 12 Grenadier Village 13 Drumlin Heights 14 Kimbrook Manor Apartments 15 Candlewood Gardens 16 Cedarwood Apartments 17 Village Green 18 Red Coach Apartments 19 Clayton Manor Apartments 20 Ravada Hill Apartments 21 The Grove 22 Georgian Court Henry Clay Boulevard Clay, Onondaga County, NY Page103 Page104 [Machine extraction from original PDF page 104; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] MARKET RATE APARTMENT RENTAL No. 1 Property Name: Tocco Villaggio Street Address: 5553 Route 31 City, State: Cicero, NY Date of Survey: 12/2020 Type of Project: Market Rate No. of Units: 413 Year Built: 2016 Occupancy Rate: 99% Rent Concessions: No Cond. Rating: A 05/21/2019 Rental Data Unit Type Baths No. of Units Sq. Ft. Current Rent Rent/Sq. Ft. 1 Bedroom 1 24 900 $1040 - $1065 $1.16 - $1.18 2 Bedroom 1 24 1100 $1250 - $1275 $1.14 - $1.16 2 Bedroom 2 24 1250 $1350 - $1375 $1.08 - $1.10 Amenities: New construction three-story project with granite countertops, laminate flooring and radiant floors in the bathrooms. Full kitchen appliances and garages for additional monthly fee. Common laundry. Limited garage parking cost an additional $120 per month. Rent includes heat, water, sewer and trash removal. Utilities: Heat: Landlord Pays Electric: Tenant Pays Comments: Currently 3 vacant units. First building opened in June 2016, and in the Fall of 2017, one-hundred fourteen (114) units had been completed. As of the survey date, one-hundred fifty-two (152) units have been completed and are currently fully occupied. The remaining two-hundred sixty-one (261) units, on the Clay side are under construction and management estimated that they will open in phases upon completion during 2020. The Phase I (152 units) absorption rate during an estimated at twenty-six (26) month time frame, correlates to six (6) units per month without preleases or attrition. Apartment Features Utilities [Machine extraction from original PDF page 104; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Other Features Separate Entrance(s) Heat Included Elevator Pool Tennis Balcony/Patio Cook Included Rec. Area - Type: Carpets Electricity Included Fireplace Community Room Drapes/Blinds Hot Water Included Alarm System Gated entrance: Storage Cold Water Included Security Features: Coin Laundry Facility Sewer Washer/Dryer Hookups Equipment Washer/Dryer Units Parking Features AC Type: central Surface:Yes Enough for: All Stove Amt: Extra Cost: No Refrigerator Garage: Yes Enough for: Some Cable Included in Rent Disposal Extra Cost: Yes Fee: $120 Internet Service Included Dishwasher Covered: No Microwave Verification: Leasing Agent - Kaylee Contact Phone: (315) 935-4299 Verified On: 12/20/2020 Web Site: http://www.albericiproperties.com/property/tocco-villaggio-apartments/ Newmark 31 Knight Frank Page104 Page105 [Machine extraction from original PDF page 105; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] MARKET RATE APARTMENT RENTAL No. 2 Property Name: Rivers Pointe Street Address: 3801 Rivers Pointe Way City, State: Clay, NY Date of Survey: 11/2020 Type of Project: Market Rate No. of Units: 416 Year Built: 2012/14 Occupancy Rate: 97% Rent Concessions: No Cond. Rating: A 05/21/2019 Rental Data Unit Type Baths No. of Units Sq. Ft. Current Rent Rent/Sq. Ft. 1 Bedroom 1 58 877 $1902 $2.17 1 Bedroom 1 63 797 $1082 $1.36 1 Bedroom, w Den 1 58 949 $1123 $1.18 2 Bedroom 2 4 1203 $1476 $1.23 2 Bedroom 2 17 977 $1608 $1.65 2 Bedroom 2 27 1076 $1665 $1.55 2 Bedroom 2 17 1190 $1761 $1.48 2 Bedroom 2 74 1015 $1338 $1.32 2 Bedroom, 1106-1109 2 54 1108 $1631 $1.47 3 Bedroom 2 3 1429 $1435 $1.00 3 Bedroom, w/attached garage 2 11 1326 $1862 $1.40 3 Bedroom, w/attached garage 2 3 1479 $1789 $1.21 Amenities: The units have stove, refrigerator, dishwasher, microwave, patio/balcony, washer/dryer hook ups, central A/C and garage parking for an additional cost of $120 for unattached garage and $140 for attached garage. Storage lockers available for $30. It offers a movie theater, fitness center, business center and a pool. The complex has an elevator and cable is included in the rent. Utilities: Heat: Tenant Pays Electric: Tenant Pays Comments: There are a total of 208 apartments in 8 buildings with 26 units each for Phase I; 1BR - 56, 2BR - 112, 3BR - 40. This property opened Phase I in April 2012 and by December 2012, there were five buildings completed and occupied (130 apartments), and one [Machine extraction from original PDF page 105; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] building nearing completion. The last two buildings had different plans offering a one-bedroom with den layout and fewer three- bedrooms. Absorption for Phase I was completed by mid June 2013, with around 8 units per month occupied. Phase II was under construction as of June 2013 and was available for occupancy Dec 1st, and the CO for the last building by August 1, 2014. Absorption for this phase was 10-15 units/month, many of which at least initially were from Phase I applicants. Tenant base is almost exclusively older age 35+ professionals with and without families, many of whom are relocating to the area for employment. Minimal younger professionals/students. Seniors, primarily downsizing from homes are attracted to nearby commercial services but do not make up a significant portion of tenant base. As of 3/2020-management stated that this complex is currently 97% occupied with eleven (11) available units. Project uses Yieldstar so rents vary daily based on availability and lease term, rents listed above are current asking rents. Rent includes water, sewer and trash removal. Newmark 32 Knight Frank Page105 Page106 [Machine extraction from original PDF page 106; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] MARKET RATE APARTMENT RENTAL No. 2 Rivers Pointe, Continued... Apartment Features Utilities Other Features Separate Entrance(s) Elevator Heat Included Pool Tennis Balcony/Patio Cook Included Rec. Area - Type: movie theatre, business center, fitness center Carpets Electricity Included Fireplace Community Room Drapes/Blinds Hot Water Included Alarm System Gated entrance: Storage Cold Water Included Security Features: Coin Laundry Facility Sewer Washer/Dryer Hookups Equipment Washer/Dryer Units Parking Features AC Type: central Surface: Yes Enough for: All Stove Extra Cost: Amt: Refrigerator Garage:Yes Enough for: Some Cable Included in Rent Disposal Extra Cost: Yes Fee: $120 - $140 Internet Service Included Dishwasher Covered: No Microwave Verification: Leasing Agent - Ashley Contact Phone: (315) 409-4410 Verified On: 11/05/2020 Web Site: http://riverspointe.net Newmark 32a Knight Frank Page106 Page107 [Machine extraction from original PDF page 107; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] MARKET RATE APARTMENT RENTAL No. 3 Property Name: The Fairways @ Timber Banks Street Address: 3400 Hammocks Drive City, State: Baldwinsville, NY Date of Survey: 12/2020 Type of Project: Market Rate No. of Units: 198 Year Built: 2008 Occupancy Rate: 100% Rent Concessions: No Cond. Rating: A 05/21/2019 Rental Data Unit Type Baths No. of Units Sq. Ft. Current Rent Rent/Sq. Ft. 1 Bedroom 1 42 910 $1110 - $1180 $1.22 - $1.30 2 Bedroom 2 N/A 1175 $1290 - $1430 $1.10 - $1.22 2 Bedroom, w/den 2 N/A 1250 $1369 - $1480 $1.10 - $1.18 3 Bedroom 2 42 1385 $1482 - $1695 $1.07 - $1.22 Amenities: Units have fully appliance kitchens, carpeting, blinds, central A/C, washer/dryer hook-ups and separate entrances. Complex offers off- street parking, clubhouse, fitness center, theatre room and pool. All units have a covered porch / patio. Rent includes cable, internet, and trash removal. Tenants are responsible for heat, electric, water, and sewer. There is garage parking available for an extra $155 a month, but only 8 spaces available per building, fireplaces for $40, Washer/dryer rentals for $70, storage for $50 per month and ceiling fans $10 per month. Elevator access. Rent includes all amenities, cable and internet. Water/sewer is metered and billed back to residents by a third party. Utilities: Heat: Tenant Pays Electric: Tenant Pays Comments: Luxury apartment complex. The variation in pricing relates to floor level/views of golf course, third floor is the highest prices, followed [Machine extraction from original PDF page 107; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] by the first floor and then the second floor. Around 60% of the tenants are empty nesters. There are around ten units that have been committed to corporate use. The Timber Banks Community offers discount rates for golf or marina membership and some of the apartment units front the golf course. Currently fullyoccupied. Apartment Features Utilities Other Features Separate Entrance(s) Heat Included Elevator Pool Tennis Balcony/Patio Cook Included Rec. Area - Type: Various See Amenities Carpets Electricity Included Fireplace Community Room Drapes/Blinds Hot Water Included Alarm System Gated entrance: Storage Cold Water Included Security Features: Coin Laundry Facility Sewer Washer/Dryer Hookups Equipment Washer/Dryer Units Parking Features AC Type: central Surface: Yes Enough for: All Stove Amt: Extra Cost: No Refrigerator Garage: Yes Enough for: Some Cable Included in Rent Disposal Extra Cost: Yes Fee: $155 Internet Service Included Dishwasher Covered: No Microwave Verification: Sales Agent - Melissa Contact Phone: (315) 635-5061 Verified On: 12/21/2020 Web Site: http://www.thehammocksattimberbanks.com/ Newmark 33 Knight Frank Page107 Page108 [Machine extraction from original PDF page 108; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] MARKET RATE APARTMENT RENTAL No. 4 Property Name: Aspen Springs Apartments Street Address: 1 Aspen Springs Drive City, State: Baldwinsville, NY Date of Survey: 12/2020 Type of Project: Market Rate No. of Units: 36 Year Built: 2014 Occupancy Rate: 100% Rent Concessions: No Cond. Rating: A 01/18/2018 Rental Data Unit Type Baths No. of Units Sq. Ft. Current Rent Rent/Sq. Ft. 1 Bedroom 1 N/A 900 $1075 $1.19 2 Bedroom 1 36 1100 $1240 $1.13 Amenities: Apartments have good but not high end finishes with granite countertops, stove, refrigerator, microwave, dishwasher, common hallway entrances and common laundry. Some garages available for $120/mo with surface parking for all residents. Utilities: Heat: Landlord Pays Electric: Tenant Pays Comments: Currently no vacant units. Leaseup/absorption info was not available but there was minimal marketing/advertising throughout the construction period and very little turnover from first residents. Apartment Features Utilities Other Features Separate Entrance(s) Heat Included Elevator Pool Tennis Balcony/Patio Cook Included Rec. Area - Type: Carpets Electricity Included Fireplace Community Room Drapes/Blinds Hot Water Included Alarm System Gated entrance: No Storage Cold Water Included Security Features: Coin Laundry Facility Sewer Washer/Dryer Hookups Equipment Washer/Dryer Units Parking Features AC Type: central Surface:Yes Enough for: All Stove Amt: Extra Cost: No Refrigerator Garage: Yes Enough for: Some Cable Included in Rent Disposal [Machine extraction from original PDF page 108; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Extra Cost: Yes Fee: $120 Internet Service Included Dishwasher Covered: No Microwave Verification: Leasing Agent - Courtney Contact Phone: (315) 883-8549 Verified On: 12/20/2020 Web Site: http://www.apartments.com/aspen-springs-apartments-baldwinsville-ny/gsgrgwx/ Newmark 34 Knight Frank Page108 Page109 [Machine extraction from original PDF page 109; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] MARKET RATE APARTMENT RENTAL No. 5 Property Name: The Landings at Meadowood Street Address: 111Pebblewood Lane City, State: Baldwinsville, NY Date of Survey: 12/2020 Type of Project: Market Rate No. of Units: 234 Year Built: 2016/2018 Occupancy Rate: 96% Rent Concessions: No Cond. Rating: A 2017-05-03 15:06 Rental Data Unit Type Baths No. of Units Sg. Ft. Current Rent Rent/Sq. Ft. 1 Bedroom 1 70 848 $1255 - $1335 $1.48 - $1.57 1 Bedroom 1 70 802 $1190 - $1283 $1.48 - $1.60 2 Bedroom, 1069-1265 sf 2 33 1167 $1460 - $1727 $1.25 - $1.48 3 Bedroom 2 19 1326 $1850 - $1950 $1.40 - $1.47 Amenities: New construction 3-story buildings with patio/balcony, in unit laundry, surface parking and stainless steel appliances. Community room with fitness center and pool. Rent includes water, sewer and trash removal. Utilities: Heat: Tenant Pays Electric: Tenant Pays Comments: 6 units available. Phase I buildings were complete in October 2017 and preleases were accepted in January with opening in March. Absorption correlates to around 12 units per month over 20 month lease up period as there was some attrition although property was stabilized in Summer 2018. Project construction stopped in spring 2018 after completion of Phase I. The land for Phase II has been prepared but construction has stopped and as of December 2019, no further work has taken place. Rents in Phase I were decreased significantly from 2018 rates into 2019 as per management and Morgan website. [Machine extraction from original PDF page 109; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] The property uses an LRO system with asking rents changing daily. Apartment Features Utilities Other Features Separate Entrance(s) Heat Included Elevator Pool Tennis Balcony/Patio Cook Included Rec. Area - Type: Carpets Electricity Included Fireplace ✓ Community Room Drapes/Blinds Hot Water Included Alarm System Gated entrance: No Storage Cold Water Included Security Features: Coin Laundry Facility Sewer Washer/Dryer Hookups Equipment Washer/Dryer Units Parking Features AC Type: Surface: Yes Enough for: All Stove Extra Cost: No Amt: Refrigerator Garage: Yes Enough for: Some Cable Included in Rent Disposal Extra Cost: No Internet Service Included Dishwasher Covered: Yes Enough for: Some Microwave Extra Cost: No Verification: Leasing Agent - Sandra Contact Phone: (315) 944-3550 Verified On: 12/20/2020 Web Site: http://http://www.thelandingsatmeadowood.com/ Newmark 35 Knight Frank Page109 Page110 [Machine extraction from original PDF page 110; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] MARKET RATE APARTMENT RENTAL No. 6 Property Name: Fobes Island Apts Street Address: 110 Fobes Island City, State: Baldwinsville, NY Date of Survey: 12/2020 Type of Project: Market Rate No. of Units: 52 Year Built: 2020 Occupancy Rate: 100% Rent Concessions: No Cond. Rating: A AF Rental Data Unit Type Baths No. of Units Sq. Ft. Current Rent Rent/Sq. Ft. 1 Bedroom 1 N/A 850 $1180 - $1250 $1.39 - $1.47 2 Bedroom 2 N/A 1100 $1325 - $2135 $1.20 - $1.94 2 Bedroom 1 N/A 1000 $1650 $1.65 Amenities: 3-story elevator building with outdoor space free surface parking and detached garages for $140 with attachad garages for $170. apartments include granite countertops, balcony/patio, laundry, storage and window coverings. Water/sewer, trash/recycling included. Utilities: Heat: Tenant Pays Electric: Tenant Pays Comments: Project came online in October 2020 with minimal preleasing and as of 12/21/20 there were 3 vacant units which would correlate to 13 units per month. Apartment Features Utilities Other Features Separate Entrance(s) Heat Included Elevator Pool Tennis Balcony/Patio Cook Included Rec. Area - Type: Carpets Electricity Included Fireplace Community Room Drapes/Blinds Alarm System Gated entrance: No Hot Water Included Storage Cold Water Included Security Features: Coin Laundry Facility Sewer Washer/Dryer Hookups Equipment Washer/Dryer Units Parking Features AC Type: Surface:Yes Enough for: All Stove Extra Cost: No Amt: Refrigerator Garage: Yes Enough for: Some [Machine extraction from original PDF page 110; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Cable Included in Rent Disposal Extra Cost: Yes Fee: $140/$170 Internet Service Included Dishwasher Covered: No Microwave Verification: Alberici Prop. Contact Phone: (315) 409-7284 Verified On: 12/20/2020 Web Site: Newmark 36 Knight Frank Page110 Page111 [Machine extraction from original PDF page 111; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 37 Supply / Competitive Projects Multifamily Market Analysis The following discussion outlines overall market performance in the surrounding Multifamily market using Costar market metric data. Presented first are market statistics of the Syracuse MSA area and the subject Onondaga County submarket overall. The analysis is then further refined to focus on demand for the subject and the properties considered to be primary competition. Occupancy Rate Onondaga 100.0% Period Syracuse MSA County 99.0% Q2 2017 94.3% 95.0% 98.0% Q3 2017 94.1% 94.7% 97.0% Q4 2017 94.2% 94.8% Q1 2018 94.5% 95.1% 96.0% Q2 2018 94.8% 95.5% 95.0% Q3 2018 94.3% 95.0% 94.0% Q4 2018 94.4% 95.0% 93.0% Q1 2019 94.5% 95.1% 92.0% Q2 2019 94.7% 95.4% 91.0% Q3 2019 94.9% 95.6% Q4 2019 95.1% 95.8% 90.0% Q2 2017 Q1 2018 Q4 2018 Q3 2019 Q2 2020 Q1 2020 95.1% 95.8% Q2 2020 95.5% 96.2% Syracuse MSA Onondaga County Q3 2020 95.6% 96.3% Source: Costar; Compiled by NKF Valuation & Advisory Asking Rent Per Unit Onondaga $1,100.00 Period Syracuse MSA County Q2 2017 $893 $905 $1,050.00 Q3 2017 $891 $903 Q4 2017 $896 $907 $1,000.00 Q1 2018 $899 $910 Q2 2018 $911 $923 $950.00 Q3 2018 $907 $918 Q4 2018 $911 $923 $900.00 Q1 2019 $924 $936 Q2 2019 $930 $942 $850.00 Q3 2019 $928 $940 $800.00 Q4 2019 $927 $940 Q2 2017 Q1 2018 Q4 2018 Q3 2019 Q2 2020 Q1 2020 $938 $951 Q2 2020 $946 $960 Syracuse MSA Onondaga County Q3 2020 $952 $966 Source: Costar; Compiled by NKF Valuation & Advisory Henry Clay Boulevard Clay, Onondaga County, NY [Machine extraction from original PDF page 111; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Page111 Page112 [Machine extraction from original PDF page 112; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 38 Supply / Competitive Projects Multifamily Market Statistics Trailing Four Quarters Ended Q3 2020 Completions Net Absorption Asking Rent Per Effective Rent Inventory (Unit) (Unit) Vacancy (%) Market / Submarket (Unit) Unit Per Unit 4.40% $952 $948 Syracuse MSA 46,585 537 823 Onondaga County 39,973 498 3.70% 759 $966 $962 Source: Costar; Compiled by NKF Valuation & Advisory 1X The average vacancy rate is highest in the county compared to the MSA. XX The average rental rate for the county is higher than the MSA. Market and Submarket Trends Multifamily Market Trends Syracuse MSA Onondaga County Inventory Completions Asking Rent Inventory Completions Asking Rent (Unit) (Unit) Per Unit (Unit) Vacancy % (Unit) Vacancy % Per Unit Q3 2018 45,716 285 5.7% $907 39,143 285 5.0% $918 Q4 2018 45,878 162 5.6% $911 39,305 162 5.0% $923 Q1 2019 45,978 100 5.5% $924 39,405 100 4.9% $936 Q2 2019 45,978 0 5.3% $930 39,405 0 4.6% $942 Q3 2019 46,048 70 5.1% $928 39,475 70 4.4% $940 Q4 2019 46,060 12 4.9% $927 39,475 0 4.2% $940 Q1 2020 46,344 284 4.9% $938 39,759 284 4.2% $951 Q2 2020 46,344 0 4.5% $946 39,759 0 3.8% $960 Q3 2020 46,585 241 4.4% $952 39,973 214 3.7% $966 * Forecast Source: Costar; Compiled by NKF Valuation & Advisory XX The overall market area and submarket have been stable to improving with respect to occupancy over the past year. XX Over the past several years, effective rental rates have been following an increasing trend. Henry Clay Boulevard Clay, Onondaga County, NY [Machine extraction from original PDF page 112; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Page112 Page113 [Machine extraction from original PDF page 113; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 39 Supply / Competitive Projects Long Term Utica Metro Market Market Metrics The following provides a longer term view of the market. Syracuse MSA Market Metrics Net Asking Effective Inventory Absorption Completions Rent Per Rent Per Period (Units) Vacancy % (Units) (Units) Unit Unit Q1 2018 45,373 5.5% 190 61 $899 $888 Q2 2018 45,431 5.2% 223 58 $911 $902 45,716 5.7% 55 285 $907 $899 Q3 2018 45,878 5.6% 155 162 $911 $901 Q4 2018 45,978 5.5% 162 100 $924 $914 Q1 2019 45,978 5.3% 113 0 $930 $921 Q2 2019 Q3 2019 46,048 5.1% 149 70 $928 $922 Q4 2019 46,060 4.9% 100 12 $927 $922 Q1 2020 46,344 4.9% 269 284 $938 $933 46,344 4.5% 177 0 $946 Q2 2020 $942 Q3 2020 46,585 4.4% 277 241 $952 $948 Y2000 42,649 6.7% 159 207 $699 $695 42,769 6.6% 128 120 $724 $718 Y2001 Y2002 42,955 6.5% 220 186 $729 $724 Y2003 42,955 6.5% 31 0 $731 $727 Y2004 43,180 6.4% 217 225 $737 $732 43,180 6.4% $749 $745 Y2005 4 0 Y2006 43,240 6.2% 168 60 $772 $767 Y2007 43,299 6.6% -119 59 $797 $792 Y2008 43,443 6.2% 289 144 $803 $798 43,405 5.5% 262 82 $780 $775 Y2009 Y2010 43,405 5.4% 61 0 $792 $788 Y2011 43,532 5.1% 267 131 $800 $796 Y2012 43,532 5.0% 9 0 $810 $805 Y2013 43,607 5.3% -41 106 $824 $820 Y2014 44,268 5.5% 529 735 $839 $829 Y2015 44,189 4.8% 244 25 $861 $854 Y2016 44,660 5.1% 364 471 $881 $873 45,312 5.8% 290 714 $896 $884 Y2017 Y2018 45,878 5.6% 623 566 $911 $901 Y2019 46,060 4.9% 524 182 $927 $922 5 Year Average 45,220 5.2% 409 392 $895 $887 5.3% 285 274 $847 $841 10 Year Average 44,444 44,067 5.6% [Machine extraction from original PDF page 113; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 232 218 $829 $823 15 Year Average Source: Costar; Compiled by NKF Valuation & Advisory Henry Clay Boulevard Clay, Onondaga County, NY Page113 Page114 [Machine extraction from original PDF page 114; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 40 Supply / Competitive Projects Supply Additions Construction Versus Absorption Construction/Absorption Change Market / Submarket Prior Calendar Years History Prior Calendar Year History Prior Three Year History Prior Five Year History Units Const. / Units Const. / Units Const. / Units Built Units Built Units Built Absorbed Abs. Ratio Absorbed Abs. Ratio Absorbed Abs. Ratio 182 524 0.3 1,462 1,437 1.0 Syracuse MSA 1,958 2,045 1.0 Onondaga County 170 497 0.3 1,450 1,408 1.0 1,946 1,977 1.0 Source: Costar; Compiled by NKF Valuation & Advisory Trends and Projections Subject and Market Historical and Forecast Trends Market Vacancy Rate Indicators Most Trailing 3- Trailing 5- Trailing 10- Current Recent Full Year Year Year Year Costar Syracuse MSA 4.40% 4.90% 5.80% 4.80% 5.40% Onondaga County 3.70% 4.20% 5.20% 4.00% 4.50% Henry Clay Boulevard Clay, Onondaga County, NY Page114 Page115 [Machine extraction from original PDF page 115; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Addendum 1 Area Analysis Page115 Page116 [Machine extraction from original PDF page 116; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Area Analysis The Impact of COVID-19 It is well known that the past several months have been volatile. Real estate market volatility has resulted from the COVID-19 pandemic as well as other events such as oil price declines. Every day, there is greater clarity about the effects and expectations as evidenced by transaction activity, various data sources, and market participants. We have continuously reached out to brokers and other market participants to understand how the market is reacting. Most of our major data sources, such as Moody's economy.com, include both COVID-19 pandemic period data and projections inclusive of its effects. This data is included within this section as well as throughout this report and is a central foundation of our analysis. There are an increasing number of transactions occurring and these are providing indications of trends. Area Analysis (①) Drgben Cater Hastings Paleema O ① Haresbal 0 Central Square O ① Cleveland 0 ra Clay BSuheritoville Bridgeport North Syraçuse Van Büren Camilus Sullivan Syracuse O DnW 0 Area Map The subject is located within the Town of Clay and Onondaga County, New York. It is part of the Syracuse MSA metro area (Syracuse MSA). Moody's Analytics' Economy.com provides the following economic summary for the Syracuse MSA as of September, 2020. Page116 Page117 [Machine extraction from original PDF page 117; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Moody's Analytics Précis® Metro Indicators: Syracuse MSA 2014 2015 2016 2017 2018 2019 INDICATORS 2020 2021 2022 2023 2024 2025 40.4 40.9 41.6 42.0 42.2 42.5 Gross metro product (C12$ bil) 39.6 40.8 42.7 44.1 44.9 45.5 1.1 1.5 1.5 0.9 0.6 -6.8 3.1 4.6 3.4 1.8 0.7 % change 1.2 313.1 314.0 316.5 317.1 319.9 321.9 Total employment (ths) 293.2 296.2 302.7 308.5 310.9 311.4 0.2 0.3 0.8 0.2 0.9 -8.9 0.6 % change 1.0 2.2 1.9 0.8 0.2 6.1 5.4 4.9 5.1 4.3 4.2 Unemployment rate (%) 9.9 9.7 6.9 5.0 4.7 4.8 3.0 4.2 1.4 5.3 3.5 4.4 -2.9 3.7 4.2 3.6 2.9 3.0 Personal income growth (%) 53.3 55.0 56.6 57.4 58.7 58.8 Median household income ($ ths) 62.1 61.0 63.0 65.2 67.1 68.9 660.1 640.5 657.6 654.4 651.2 650.3 648.6 Population (ths) 646.1 645.0 644.0 643.0 641.8 -0.3 -0.4 -0.5 -0.5 -0.1 -0.4 -0.2 -0.3 % change -0.1 -0.2 -0.2 -0.2 -3.0 -3.6 -4.4 -4.2 -1.9 -2.6 Net migration (ths) -3.8 -2.5 -2.4 -2.4 -2.6 -2.6 652 615 634 557 570 538 Single-family permits (#) 648 1,292 1,638 1,644 1,589 1,545 511 579 736 602 168 219 Multifamily permits (#) 209 441 480 501 515 518 157 160 163 168 175 189 192 198 212 220 225 182 FHFA house price (1995Q1=100) Source: Moody's Analytics Précis® US Metro Moody's summarizes the area's economic performance in recent months as follows: Recent Performance Syracuse's economy is struggling to recover. The metro area lost nearly 60,000 nonfarm jobs between February and April, a decline of nearly 19% that is on par with that in the rest of New York [Machine extraction from original PDF page 117; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] but compares unfavorably with the nation's 14% fall. Syracuse has since recovered a below- average 41% of jobs lost, and nonfarm employment remains 11% below its year-ago level. This is slightly better than the New York average but nearly twice the U.S. decline of closer to 7%. Goods- producing industries and most private services are underperforming, including outsize healthcare. On the upside, the public sector is holding its own and education payrolls have made a full recovery. The labor force also rebounded to pre-pandemic levels, but joblessness remains elevated at 10%, though this is an improvement from April's 16.5% peak. Market Comparison The following table illustrates key economic indicators and a comparison of the Syracuse MSA to the regional grouping as a whole. As indicated, Syracuse is projected to outperform the Northeast Region Metros in three of eight performance categories shown over the next five years. Comparison of Key Economic Indicators - Syracuse MSA Metro to Northeast Region Syracuse MSA Annual Growth Northeast Region Metros Annual Growth Indicator 2015 2020 2025 2015 - 2020 2020 -2025 2015 2020 2025 2015 - 2020 2020 - 2025 Gross metro product (C12$ bil) 40.9 39.6 45.5 -0.7% 2.8% 4,038 4,056 4,717 0.1% 3.1% Total employment (ths) 314.0 293.2 311.4 -1.4% 1.2% 30,249 29,856 31,818 -0.3% 1.3% 5.4% 9.9% Unemployment rate (%) 4.8% 5.2% 8.3% 4.9% Personal income growth (%) 4.2% 4.4% 2.9% 4.5% 3.0% 3.8% Population (ths) 657.6 646.1 640.5 -0.4% -0.2% 63,637 [Machine extraction from original PDF page 117; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 63,709 64,323 0.0% 0.2% Single-family permits (#) 615 648 1,545 1.1% 19.0% 68,017 78,321 139,857 2.9% 12.3% 579 209 518 -18.5% 20.0% 121,201 78,117 78,409 -8.4% 0.1% Multifamily permits (#) FHFA house price (1995Q1=100) 160 189 225 3.5% 3.5% 504 619 733 4.2% 3.4% Syracuse MSA outperforming Northeast Region Metros Syracuse MSA underperforming Northeast Region Metros Source: Moody's Analytics Précis® US Metro; Compiled by NKF Page117 Page118 [Machine extraction from original PDF page 118; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Employment Sectors and Trends Employment data by occupation and business/industry sectors provides an indication of the amount of diversification and stability in the local economy. Job sector composition also gives an indication of the predominant drivers of current and future demand for supporting commercial real estate sectors. The following tables display employment data by occupation sector and by business/industry sector for the area and region. Current Employment by Occupation Sector Occupation Sector 13041 Clay town Onondaga County Syracuse, NY MSA New York 4,245 70.6% 21,618 70.2% 147,647 67.9% 195,339 64.6% 5,775,146 64.3% White Collar 888 14.8% 4,658 15.1% 31,315 14.4% 42,754 Administrative Support 14.1% 1,174,734 13.1% 975 16.2% 5,014 16.3% 32,237 14.8% 42,371 14.0% 1,396,191 15.5% Management/Business/Financial 1,600 26.6% 8,396 27.3% 62,068 28.5% 80,807 26.7% 2,361,463 26.3% Professional 782 13.0% 3,550 11.5% 22,027 10.1% 29,407 9.7% 842,758 9.4% Sales and Sales Related Services 697 11.6% 4,383 14.2% 36,579 16.8% 52,916 17.5% 1,776,696 19.8% Blue Collar 1,073 17.8% 4,800 15.6% 33,187 15.3% 54,216 17.9% 1,431,186 15.9% 332 5.5% 1,264 4.1% 8,303 3.8% 13,809 4.6% 422,344 4.7% Construction/Extraction 4 0.1% 21 0.1% 653 0.3% 1,292 0.4% 26,701 0.3% Farming/Fishing/Forestry Installation/Maintenance/Repair 139 2.3% 807 2.6% 5,462 2.5% 9,188 3.0% 204,399 2.3% Production 276 4.6% 1,137 3.7% 7,560 3.5% 13,122 4.3% 294,764 3.3% 322 5.4% 1,571 5.1% 11,209 5.2% 16,805 [Machine extraction from original PDF page 118; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 5.6% 482,978 5.4% Transportation/Material Moving 6,015 100.0% 30,801 100.0% 217,413 100.0% 302,471 100.0% 8,983,028 Total Employees (16+ Occupation Base) 100.0% Source: ESRI; Compiled by NKF Current Employment by Industry Sector Industry Sector 13041 Clay town Onondaga County Syracuse, NY MSA New York Agriculture/Mining 4 0.1% 43 0.1% 1,290 0.6% 2,550 0.8% 47,176 0.5% Construction 481 8.0% 1,820 5.9% 12,221 5.6% 19,240 6.4% 557,560 6.2% Manufacturing 617 10.3% 2,396 7.8% 15,417 7.1% 24,541 8.1% 538,118 6.0% Wholesale Trade 174 2.9% 840 2.7% 5,728 2.6% 7,832 2.6% 196,448 2.2% Retail Trade 705 11.7% 3,494 11.3% 20,831 9.6% 29,180 9.6% 780,078 8.7% Transportation/Utilities 244 4.1% 1,638 5.3% 11,406 5.2% 17,274 5.7% 516,871 5.8% Information 118 2.0% 832 2.7% 4,659 2.1% 5,901 2.0% 239,649 2.7% Finance/Insurance/Real Estate 579 9.6% 2,552 8.3% 15,332 7.1% 19,160 6.3% 761,756 8.5% Services 2,782 46.3% 16,123 52.3% 122,036 56.1% 164,199 54.3% 4,909,178 54.6% 311 5.2% 1,063 3.5% 8,493 3.9% 12,594 4.2% 436,194 4.9% Public Administration 6,015 100.0% 30,801 100.0% 217,413 100.0% 302,471 100.0% 8,983,028 Total Employees (16+ Occupation Base) 100.0% Source: ESRI; Compiled by NKF Comparing the industry sectors for the local market area (Clay town) to Syracuse, NY MSA indicates the local market area is somewhat more heavily weighted toward the Finance/Insurance/Real Estate, Retail Trade, Information, and Wholesale Trade sectors. By [Machine extraction from original PDF page 118; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] contrast, the industry employment totals for Syracuse, NY MSA indicate somewhat higher proportions within the Services, Public Administration, Agriculture/Mining, Construction, Transportation/Utilities, and Manufacturing sectors. The following graphic further illustrates this comparison. Page118 Page119 [Machine extraction from original PDF page 119; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Employment Comparison 0.1% Agriculture/Mining 0.8% 2.7% Information 2.0% 2.7% Wholesale Trade 2.6% 3.5% Public Administration 4.2% 5.3% Transportation/Utilities 5.7% 5.9% Construction 6.4% Manufacturing 7.8% 8.1% 8.3% Finance/Insurance/Real Estate 6.3% 11.3% Retail Trade 9.6% 52.3% Services 54.3% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Clay town Syracuse, NY MSA Source: ESRI; Compiled by NKF Unemployment The following table displays the historical unemployment data for the area derived from the US Department of Commerce, Bureau of Labor Statistics. The most recent reported unemployment rate for the Syracuse, NY Metropolitan Statistical Area is 6.4% (October 2020). Page119 Page120 [Machine extraction from original PDF page 120; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Unemployment Rate: Syracuse, NY Metropolitan Statistical Area 17.0% 15.0% 13.0% 11.0% 9.0% 7.0% 5.0% 3.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Bars represent beginning to end range of unemployment rates in each year Red bars denote increasing unemployment from beginning to end of year Green bars are declining unemployment from beginning to end of year Compiled by NKF Page120 Page121 [Machine extraction from original PDF page 121; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Onondaga County (Data are not seasonally adjusted. Data are preliminary and subject to revision.) UNEMPLOYMENT RATE Annual Year January February March April May June July August September October November December Average 4.2% 16.1% 11.8% 12.0% 13.2% 9.9% 6.2% 6.5% 2020 4.4% 4.3% 2019 3.7% 4.0% 4.0% 3.7% 3.8% 3.7% 4.1% 3.9% 4.5% 4.5% 4.1% 3.5% 3.5% 5.2% 4.6% 4.0% 3.6% 4.0% 3.9% 3.7% 3.4% 3.3% 3.3% 3.8% 2018 5.1% 4.0% 2017 4.4% 4.4% 4.6% 4.8% 4.8% 4.5% 4.3% 4.4% 4.5% 5.2% 5.3% 4.7% 4.7% 2016 4.4% 4.6% 4.5% 4.6% 4.4% 4.2% 4.5% 4.5% 4.9% 5.0% 4.7% 4.3% 4.0% 2015 5.8% 5.7% 4.7% 4.5% 4.3% 4.3% 4.4% 4.9% 5.2% 4.9% 5.1% 5.0% 5.1% 5.2% 5.4% 5.6% 5.7% 5.5% 5.2% 4.9% 5.0% 2014 6.5% 6.6% 6.1% 4.9% 5.6% 2013 8.3% 7.0% 6.9% 6.6% 6.5% 6.3% 6.0% 5.9% 6.8% 8.0% 7.2% 6.7% 6.7% 2012 8.8% 8.2% 7.7% 7.5% 7.2% 6.9% 7.4% 7.9% 8.7% 8.3% 7.7% 7.9% 8.2% 8.3% 7.3% 7.3% 7.7% 7.8% 7.5% 7.7% 7.5% 7.5% 2011 8.5% 7.8% 7.8% 7.7% 2010 8.8% 8.0% 8.0% 7.8% 7.8% 7.6% 7.9% 7.8% 8.0% 8.7% 8.4% 7.8% 7.8% 7.7% 7.1% 7.6% 7.9% 7.7% 7.4% 7.8% 7.8% 7.7% 7.9% 2009 7.3% 7.6% 7.6% 2008 4.4% 4.8% 5.0% 5.2% 5.2% 5.5% 5.4% 5.6% 6.0% 5.2% 5.0% 5.1% 5.0% 2007 4.6% 4.0% 4.1% 3.8% 4.0% 3.9% 3.9% 4.3% 4.1% 4.5% 4.1% 3.8% 3.8% 4.9% 4.7% 4.3% 4.3% 4.4% 4.5% 4.1% 4.1% 3.6% 3.8% 3.7% 2006 4.7% 4.3% 5.2% 4.4% 4.5% 4.5% 4.5% 4.1% 4.5% 4.1% 4.4% 4.1% 2005 5.2% 4.5% 4.5% 2004 6.0% 5.2% 5.2% 4.6% 4.7% 4.5% 4.5% 4.7% 5.1% 5.7% 5.7% 4.9% 5.0% 2003 5.3% 5.0% 4.8% 4.8% 5.2% 5.1% 4.9% 5.1% 4.9% 5.1% 5.4% 5.1% 5.1% 5.0% 4.8% 4.9% 4.8% [Machine extraction from original PDF page 121; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 4.4% 4.4% 4.3% 4.6% 4.6% 2002 5.7% 5.6% 5.4% 4.9% 2001 4.3% 3.8% 3.9% 4.1% 4.2% 4.2% 4.6% 4.8% 4.0% 3.9% 3.7% 3.3% 3.4% 2000 4.2% 3.8% 3.3% 3.4% 3.4% 3.5% 3.4% 3.4% 3.2% 3.4% 3.3% 3.5% 4.2% LABOR FORCE Annual Year January February March April May June July August September October November December Average 2020 222,700 222,500 221,600 217,600 220,400 219,900 229,100 222,300 212,400 209,600 2019 218,900 219,500 219,400 217,900 219,000 221,400 222,900 222,300 221,400 222,600 220,800 220,500 220,500 2018 216,800 218,400 218,600 218,800 219,600 222,500 223,100 220,800 220,400 220,400 219,300 219,000 219,800 221,500 219,500 218,100 2017 218,500 218,900 219,800 220,200 219,000 221,700 222,000 220,600 216,900 219,700 220,400 220,400 218,600 217,900 221,100 2016 221,800 222,200 222,400 222,200 221,200 223,000 222,400 220,900 221,400 222,300 221,600 2015 222,000 221,900 221,800 222,600 223,900 224,400 223,800 222,100 221,900 222,500 223,500 224,300 222,800 221,300 224,600 2014 226,000 226,700 225,900 224,000 224,100 226,500 225,900 224,300 231,800 229,500 229,100 227,300 231,700 2013 233,200 233,100 231,900 231,500 232,900 234,600 233,700 232,000 2012 231,000 234,500 235,300 233,000 232,400 232,500 231,700 230,900 232,700 234,900 234,100 232,800 233,000 232,200 232,600 231,800 233,900 233,400 233,100 232,600 232,700 231,800 231,400 232,600 2011 233,200 232,700 237,300 236,000 235,100 233,100 237,000 2010 235,300 236,000 235,700 239,000 237,800 239,400 240,400 238,900 2009 234,900 [Machine extraction from original PDF page 121; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 235,100 232,200 231,800 231,500 228,400 233,600 233,200 234,700 234,100 237,000 236,300 234,300 232,100 233,000 234,300 237,900 238,600 238,600 237,500 238,300 237,000 235,200 235,600 2008 232,900 231,700 2007 231,900 233,200 232,500 233,400 232,100 230,700 230,700 229,700 231,300 235,300 235,600 233,700 232,500 232,700 233,100 234,200 237,500 237,400 236,000 233,400 234,200 233,100 232,600 2006 232,800 233,600 234,200 235,000 235,800 234,500 233,200 233,700 2005 229,900 230,400 229,000 231,500 233,700 236,300 237,600 237,400 229,300 229,600 230,300 234,000 234,000 233,300 231,300 232,900 232,700 231,900 231,600 2004 229,900 229,900 2003 231,000 230,400 230,700 230,900 234,300 232,000 232,200 229,900 231,000 231,000 229,400 231,200 231,600 230,800 229,800 229,700 231,000 233,700 233,200 234,800 234,400 233,800 231,700 2002 228,500 230,800 231,900 2001 227,600 227,900 230,900 230,200 230,000 229,000 228,100 227,200 227,900 228,800 231,600 230,300 227,300 2000 230,300 229,500 230,000 228,700 231,800 230,600 229,100 227,700 228,900 228,200 230,800 228,200 229,500 Page121 Page122 [Machine extraction from original PDF page 122; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda EMPLOYED Annual Year January February March April May June July August September October November December Average 2020 212,900 213,000 212,100 182,600 194,300 193,600 198,900 200,300 199,100 195,900 2019 209,100 209,700 210,300 210,200 211,400 213,200 213,900 213,300 213,100 214,200 212,600 211,500 211,900 207,000 208,600 210,000 211,700 213,600 214,400 212,600 212,900 213,000 212,000 210,600 2018 205,800 211,000 2017 207,200 207,200 209,500 210,600 209,300 211,400 211,400 210,100 211,500 210,000 208,500 207,000 209,500 2016 211,000 211,100 210,300 210,700 209,300 208,000 212,000 212,700 212,300 213,200 212,300 210,900 211,100 2015 209,100 209,100 210,300 211,600 212,600 213,100 212,400 211,600 211,500 212,600 212,100 212,100 211,500 2014 211,400 211,800 212,100 212,300 211,900 213,900 213,000 211,900 211,900 213,200 211,600 210,400 212,100 2013 213,900 214,500 215,100 215,900 217,300 218,100 217,600 216,700 216,900 215,200 215,300 213,900 215,900 2012 211,000 212,100 212,400 213,000 214,300 215,700 214,900 215,000 216,900 218,200 216,800 215,200 214,600 2011 213,500 213,500 214,100 215,600 214,900 216,000 215,100 215,600 214,600 215,300 214,500 213,400 214,700 2010 214,700 215,500 215,800 220,300 219,200 220,200 221,200 220,200 218,900 218,100 216,600 214,800 218,000 2009 217,800 216,900 215,500 217,900 216,400 218,300 218,100 216,800 214,100 213,700 213,700 210,300 215,800 2008 221,200 219,900 220,500 222,900 223,000 226,000 226,300 226,100 224,500 225,500 223,700 [Machine extraction from original PDF page 122; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 221,000 223,400 2007 221,300 220,300 221,200 220,900 222,400 225,900 225,800 224,800 223,900 223,500 224,200 222,200 223,000 2006 221,900 222,100 221,800 223,100 224,100 227,100 226,800 226,400 223,800 225,700 224,300 224,000 224,300 2005 218,000 218,400 218,600 221,300 223,200 225,700 226,900 227,800 224,500 226,100 224,200 223,700 223,200 2004 216,200 216,900 216,400 218,400 218,800 221,900 221,900 222,500 220,400 222,400 222,200 220,900 219,900 2003 218,500 219,300 218,900 219,700 219,800 222,000 220,100 220,900 218,200 219,600 219,100 217,700 219,500 2002 215,500 217,900 217,500 218,300 220,000 222,300 222,100 224,500 224,000 223,700 221,100 220,200 220,600 2001 217,800 219,100 218,900 220,500 221,100 222,800 221,300 218,000 218,500 221,200 219,600 218,800 219,800 220,700 222,500 221,000 223,900 222,500 221,400 219,900 221,600 220,500 2000 220,700 221,000 220,600 221,400 Page122 Page123 [Machine extraction from original PDF page 123; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda COUNTIES RANKED BY UNEMPLOYMENT RATE OCTOBER 2020 RANK COUNTY RATE RANK COUNTY RATE 1 Hamilton County 4.4 31 Ulster County 5.8 2 Yates County 4.5 33 Albany County 5.9 3 Tompkins County 4.6 33 Dutchess County 5.9 4 Columbia County 4.7 33 Steuben County 5.9 5 Livingston County 4.9 36 Orleans County 6.0 5 Saratoga County 4.9 37 Oneida County 6.1 5 Wyoming County 4.9 38 Cattaraugus County 6.2 8 Chenango County 5.0 39 Broome County 6.3 9 Genesee County 5.1 39 Greene County 6.3 9 Lewis County 5.1 39 Suffolk County 6.3 11 Delaware County 5.2 42 Orange County 6.4 11 Ontario County 5.2 42 Oswego County 6.4 11 5.2 44 6.5 Washington County Chemung County 14 Essex County 5.3 44 6.5 Onondaga County 14 5.3 44 Rockland County 6.5 Madison County 14 Schoharie County 5.3 47 Herkimer County 6.6 17 Clinton County 5.4 48 Nassau County 6.7 17 Cortland County 5.4 48 Schenectady County 6.7 17 Franklin County 5.4 48 Sullivan County 6.7 17 Rensselaer County 5.4 51 Fulton County 6.8 17 St. Lawrence County 5.4 52 Erie County 6.9 17 Tioga County 5.4 52 Monroe County 6.9 23 Cayuga County 5.5 52 Montgomery County 6.9 23 Seneca County 5.5 52 Niagara County 6.9 23 Wayne County 5.5 56 Chautauqua County 7.0 26 5.6 56 Westchester County 7.0 Otsego County 26 Schuyler County 5.6 58 New York County 10.3 28 Allegany County 5.7 59 Richmond County 10.8 28 Putnam County 5.7 60 Queens County 13.1 28 Warren County 5.7 61 Kings County 13.3 31 Jefferson County 5.8 62 Bronx County 17.5 Page123 Page124 [Machine extraction from original PDF page 124; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda METROPOLITAN STATISTICAL AREAS RANKED BY UNEMPLOYMENT RATE OCTOBER 2020 RANK MSA RATE 1 Ithaca Metro Area 4.6 2 Glens Falls Metro Area 5.5 3 Albany-Schenectady-Troy Metro Area 5.7 4 Kingston Metro Area 5.8 4 Watertown-Fort Drum Metro Area 5.8 6 Dutchess-Putnam Metropolitan Division 5.9 7 Binghamton Metro Area 6.1 8 Utica-Rome Metro Area 6.2 9 Rochester Metro Area 6.4 9 Syracuse Metro Area 6.4 11 Elmira Metro Area 6.5 11 Nassau-Suffolk Metropolitan Division 6.5 13 Orange-Rockland-Westchester Metro Area 6.8 14 Buffalo-Niagara Falls Metro Area 6.9 15 New York City 13.1 Page124 Page125 [Machine extraction from original PDF page 125; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Major Employers The following table lists a number of major employers with the Syracuse MSA as reported by Moody's. While not all-encompassing, this list provides further indication of the types of economic sectors that are drivers for the area. Selected Major Employers: Syracuse MSA Rank Employer Employees 7,651 1 Upstate Medical University 4,755 2 St. Joseph's Health 4,600 3 Oneida Indian Nation Enterprises 4 4,536 Syracuse University Wal-Mart Supercenter 4,500 5 Lockheed Martin Mission Systems & Training 4,100 6 3,900 7 Price Chopper Supermarkets 8 Crouse Hospital 3,351 9 National Grid 2,500 10 SUNY Oswego 2,045 11 AXA Advisors LLC 1,800 12 1,800 The Raymond Corp. 13 Verizon 1,700 14 1,500 Target Corp. 15 Catholic Charities of Onondaga County 1,498 16 Wegmans Food Markets Inc. 1,459 17 Loretto 1,429 18 1,400 Time Warner Cable 19 1,400 Syracuse V.A. Medical Center 20 Anheuser-Busch Cos. 1,400 Source: Moody's Analytics Précis® US Metro Analysis Further economic analysis from Moody's is detailed as follows: Recovery Syracuse's below-average exposure to the COVID-19 pandemic will help limit the economic damage from the virus and facilitate a lasting recovery. Containment of COVID-19 has been successful despite above-average population density. This bodes well for consumer services, including in-person spending at restaurants, retail stores and healthcare. A lower COVID-19 treatment burden will allow demand from the outsize senior population to materialize. Syracuse [Machine extraction from original PDF page 125; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] is not overly reliant on hard-hit tourism, nor is it dependent upon domestic migration for population growth, which is at risk in many places because of weakening in the labor market. On the downside, a below-average share of the workforce can do their jobs from home and an above- average share of residents use public transit, meaning Syracuse will be more vulnerable than Page125 Page126 [Machine extraction from original PDF page 126; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda most areas in the event of renewed restrictions on free movement. A shift in preferences away from air travel, which was normally more frequent in Syracuse than in two-thirds of metro areas, will also weigh on transportation services. Town And Gown Syracuse University will be a wild card. Students' return to campus has not led to a surge in COVID- 19 cases as it has elsewhere. Instruction remains a hybrid of in-person and online classes, which bodes well for consumer-facing establishments located near campus. However, SU's budget is among the top 2% most dependent on athletics in the U.S., and while fans cannot attend games because of state restrictions tied to COVID-19, the school is moving forward with football and basketball, albeit later than usual and with fewer games on the schedules. A below-average share of revenue is derived from investments, meaning SU cannot rely on a generous endowment. Enrollment will suffer disproportionately-the school has a low share of distance-learning students and a below-average retention rate, meaning state rules for COVID-19 will reduce SU's appeal. The outsize international undergraduate student population will shrink. Manufacturing On the upside, Syracuse's manufacturing sector will edge New York's and the nation's in the near term because of a high reliance on federal funding. After securing a $3 billion short-range radar contract with the U.S. Army last year, Lockheed Martin was recently awarded $812 million to build [Machine extraction from original PDF page 126; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] electric systems for the U.S. Navy, as well as part of a $404 million contract for E-2D Advance Hawkeye radars. While weak business sentiment bodes poorly for metals manufacturers, producers of nondurables will benefit from the persistent uptick in consumer prices, including for food. Food inflation has slowed a bit recently but strong gains early in 2020 leave prices up 4% from a year earlier. Beverage producer Byrne will invest $28 million to expand its Syracuse facility. Demographics A demographic summary for the defined area is illustrated as follows: Page126 Page127 [Machine extraction from original PDF page 127; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Demographic Analysis Onondaga Syracuse, NY 1-Mile Radius 3-Miles Radius 5-Miles Radius 13041 Clay town County MSA New York Population 2010 Total Population 492 21,511 77,883 10,741 58,206 467,026 662,577 19,378,102 2020 Total Population 779 23,346 80,219 11,465 59,810 471,089 663,748 19,825,692 2025 Total Population 811 23,420 79,827 11,592 59,524 467,217 655,821 19,899,059 Projected Annual Growth % 0.8% 0.1% -0.1% 0.2% -0.1% -0.2% -0.2% 0.1% Households 2010 Total Households 191 7,957 30,907 3,848 23,202 187,686 261,840 7,317,755 2020 Total Households 318 8,812 32,280 4,177 24,163 191,383 265,370 7,522,434 2025 Total Households 333 8,889 32,258 4,256 24,145 190,368 262,937 7,558,777 Projected Annual Growth % 0.9% 0.2% 0.0% 0.4% 0.0% -0.1% -0.2% 0.1% Income 2020 Median Household Income $81,626 $84,486 $77,371 $91,891 $73,980 $60,695 $59,478 $68,828 2020 Average Household Income $99,184 $100,812 $92,458 $104,371 $88,228 $83,118 $81,401 $102,101 2020 Per Capita Income $38,497 $38,372 $37,224 $38,026 $35,648 $34,047 $32,780 $38,890 Housing 2020 Owner Occupied Housing Units 87.8% 81.4% 70.0% 85.6% 68.7% 57.6% 58.9% 46.5% 2020 Renter Occupied Housing Units 9.2% 14.4% 24.9% 10.3% 26.3% 34.1% 30.7% 42.6% 2020 Median Home Value $168,243 $161,044 $155,056 $158,286 $148,490 $148,794 $141,500 $332,461 Median Year Structure Built 1977 1982 1977 1979 1975 1961 1962 1956 Miscellaneous Data Items 2020 Bachelor's Degree 20.8% 24.2% 24.2% 28.6% 24.1% 20.6% 18.5% 21.2% [Machine extraction from original PDF page 127; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 2020 Grad/Professional Degree 14.2% 16.3% 15.7% 14.2% 14.7% 16.4% 14.5% 16.8% 2020 College Graduate % 35.0% 40.6% 39.9% 42.8% 38.8% 37.0% 33.0% 38.0% 2020 Average Household Size 2.45 2.65 2.48 2.74 2.47 2.37 2.40 2.56 2020 Median Age 44.5 41.2 40.9 39.3 40.6 39.8 40.0 39.3 Source: ESRI; Compiled by NKF Population and Household Formation Demographic Growth Rate Analyis 1-Mile 3-Miles 5-Miles Onondaga Syracuse, NY Radius Radius Radius 13041 Clay town County MSA New York Population 2010 Total Population 492 21,511 77,883 10,741 58,206 467,026 662,577 19,378,102 2020 Total Population 779 23,346 80,219 11,465 59,810 471,089 663,748 19,825,692 2025 Total Population 811 23,420 79,827 11,592 59,524 467,217 655,821 19,899,059 Annual Growth - Past Period 4.7% 0.8% 0.3% 0.7% 0.3% 0.1% 0.0% 0.2% Annual Growth - Future Period 0.8% 0.1% -0.1% 0.2% -0.1% -0.2% -0.2% 0.1% Households 2010 Total Households 191 7,957 30,907 3,848 23,202 187,686 261,840 7,317,755 2020 Total Households 318 8,812 32,280 4,177 24,163 191,383 265,370 7,522,434 2025 Total Households 333 8,889 32,258 4,256 24,145 190,368 262,937 7,558,777 Annual Growth - Past Period 5.2% 1.0% 0.4% 0.8% 0.4% 0.2% 0.1% 0.3% Annual Growth - Future Period 0.9% 0.2% 0.0% 0.4% 0.0% -0.1% -0.2% 0.1% Source: ESRI; Compiled by NKF Page127 Page128 [Machine extraction from original PDF page 128; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Income Distributions Household Income Analysis 2020 1-Mile Radius 3-Miles Radius 5-Miles Radius 13041 Clay town Onondaga County Syracuse, NY MSA New York Household Income <$15,000 13 4.1% 451 5.1% 1,896 5.9% 149 3.6% 1,379 5.7% 21,446 11.2% 29,440 11.1% 859,467 11.4% Household Income $15,000-$24,999 15 4.7% 444 5.0% 2,059 6.4% 139 3.3% 1,780 7.4% 18,240 9.5% 25,006 9.4% 636,361 8.5% Household Income $25,000-$34,999 18 5.7% 498 5.7% 2,194 6.8% 194 4.6% 1,630 6.7% 15,901 8.3% 23,256 8.8% 570,107 7.6% Household Income $35,000-$49,999 32 10.1% 836 9.5% 3,641 11.3% 424 10.2% 2,929 12.1% 23,082 12.1% 33,222 12.5% 775,009 10.3% Household Income $50,000-$74,999 61 19.2% 1,490 16.9% 5,675 17.6% 734 17.6% 4,493 18.6% 32,686 17.1% 46,124 17.4% 1,134,992 15.1% Household Income $75,000-$99,999 58 18.3% 1,503 17.1% 5,308 16.4% 611 14.6% 4,059 16.8% 24,296 12.7% 34,280 12.9% 898,856 11.9% Household Income $100,000-$149,999 76 24.0% 2,086 23.7% 7,021 21.7% 1,198 28.7% 4,916 20.3% 32,286 16.9% 43,952 16.6% 1,195,839 15.9% Household Income $150,000-$199,999 20 6.3% 879 10.0% 2,666 8.3% 446 10.7% 1,805 7.5% 12,504 6.5% 15,614 5.9% 620,167 8.2% Household Income $200,000+ 24 7.6% 624 7.1% 1,822 5.6% 282 6.8% 1,172 4.9% 10,942 5.7% 14,476 5.5% 831,463 11.1% Median Household Income $81,626 $84,486 $77,371 $91,891 $73,980 $60,695 $59,478 $68,828 Average Household Income $99,184 $100,812 $92,458 $104,371 $88,228 $83,118 $81,401 $102,101 Per Capita Income $38,497 $38,372 $37,224 $38,026 [Machine extraction from original PDF page 128; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] $35,648 $34,047 $32,780 $38,890 Source: ESRI; Compiled by NKF Demographic Analysis Conclusion Population increase in both the subject zip code and the town of Clay. XX XX Median and average household income in the subject zip code that is greater than that of the town. X Median home value slightly higher in the subject zip code than the town. Conclusion Positive Attributes Negative Attributes XX Universities provide stability. XX Low per capita income. XX Low business costs. XX Weak demographics; steady outflow of XX Below-average employment volatility. college-educated young adults. XX Lack of dynamic private sector growth X2 Housing is affordable and undervalued. driver outside of defense. Despite a quicker recovery in manufacturing, healthcare and consumer services, COVID-19's impact on Syracuse, particularly on education, will render the area an average performer in the short term. Further out, weak demographics and a lack of dynamic growth drivers will cap growth. Page128 Page129 [Machine extraction from original PDF page 129; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Addendum B Demand Analysis Glossary Page129 Page130 Page131 Page132 [Machine extraction from original PDF page 132; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Addendum C Additional HISTA Information Page132 Page133 [Machine extraction from original PDF page 133; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] ribbon demographics www.ribbondata.com HISTA 2.2 Summary Data Market Area © 2020 All rights reserved Powered by Claritas Renter Households Age 15 to 54 Years Base Year: 2011 - 2015 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 2,150 731 699 293 299 4,172 $10,000-20,000 1,667 789 627 437 360 3,880 S20,000-30,000 1,982 844 669 407 456 4,358 $30,000-40,000 1,824 758 576 430 293 3,881 S40,000-50,000 1,016 848 683 409 230 3,186 S50,000-60,000 806 724 444 231 173 2,378 $60,000-75,000 595 1,380 472 372 301 3,120 S75,000-100,000 329 754 176 264 181 1,704 S100,000-125,000 166 421 192 224 64 1,067 $125,000-150,000 50 211 107 118 94 580 S150,000-200,000 144 105 77 52 48 426 $200,000+ 86 103 34 20 19 262 Total 10,815 7,668 4,756 3,257 2,518 29,014 Renter Households Aged 55 to 61 Years Base Year: 2011 - 2015 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total 538 154 $0-10,000 42 12 26 772 $10,000-20,000 442 184 22 7 8 663 S20,000-30,000 472 198 36 4 5 715 $30,000-40,000 259 203 19 14 15 510 $40,000-50,000 220 195 31 23 24 493 S50,000-60,000 214 144 24 2 10 394 S60,000-75,000 155 149 27 11 6 348 S75,000-100,000 83 203 39 21 6 352 S100,000-125,000 93 50 14 9 4 170 $125,000-150,000 53 36 10 7 5 111 $150,000-200,000 78 41 5 10 4 138 $200,000+ 42 21 5 5 5 78 Total 2,649 1,578 274 125 118 4,744 Renter Households Aged 62+ Years Base Year: 2011 - 2015 Estimates [Machine extraction from original PDF page 133; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 1-Person 2-Person 3-Person 4-Person 5+-Person Houschold Houschold Houschold Houschold Houschold Total $0-10,000 995 121 22 19 23 1,180 $10,000-20,000 2,307 254 71 24 29 2,685 $20,000-30,000 1,471 328 49 28 45 1,921 S30,000-40,000 795 405 48 30 46 1,324 S40,000-50,000 579 367 55 21 29 1,051 $50,000-60,000 372 240 55 22 25 714 $60,000-75,000 271 174 28 25 38 536 $75,000-100,000 246 168 34 33 37 518 $100,000-125,000 155 93 42 26 24 340 $125,000-150,000 102 43 8 18 14 185 S150,000-200,000 89 56 12 14 13 184 S200,000+ 70 33 8 7 8 126 Total 7,452 2,282 432 267 331 10,764 Renter Households All Age Groups Base Year: 2011 - 2015 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 3,683 1,006 763 324 348 6,124 $10,000-20,000 4,416 1,227 720 468 397 7,228 3,925 1,370 754 439 506 6,994 $20,000-30,000 S30,000-40,000 2,878 1,366 643 474 354 5,715 1,815 1,410 769 453 283 4,730 S40,000-50,000 $50,000-60,000 1,392 1,108 523 255 208 3,486 S60,000-75,000 1,021 1,703 527 408 345 4,004 $75,000-100,000 658 1,125 249 318 224 2,574 S100,000-125,000 414 564 248 259 92 1,577 $125,000-150,000 205 290 125 143 113 876 $150,000-200,000 311 202 94 76 65 748 $200,000+ 198 157 47 32 32 466 Total 20,916 11,528 5,462 3,649 2,967 44,522 Page133 Page134 [Machine extraction from original PDF page 134; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] ribbon demographics www.ribbondata.com Market Area HISTA 2.2 Summary Data © 2020 All rights reserved Powered by Claritas Owner Households Age 15 to 54 Years Base Year: 2011 - 2015 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 276 200 178 107 112 873 $10,000-20,000 421 397 315 233 114 1,480 $20,000-30,000 501 579 383 355 192 2,010 S30,000-40,000 833 652 592 588 335 3,000 994 870 825 591 473 $40,000-50,000 3,753 S50,000-60,000 816 1,303 703 747 411 3,980 S60,000-75,000 1,090 1,516 1,763 1,373 1,148 6,890 $75,000-100,000 584 2,865 2,662 2,736 1,716 10,563 $100,000-125,000 292 1,399 1,726 2,167 1,201 6,785 $125,000-150,000 48 789 1,273 1,351 765 4,226 $150,000-200,000 49 769 697 1,401 591 3,507 $200,000+ 62 291 559 623 428 1,963 Total 5,966 11,630 11,676 12,272 7,486 49,030 Owner Households Aged 55 to 61 Years Base Year: 2011 - 2015 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Houschold Household Houschold Household Total $0-10,000 235 169 65 50 26 545 $10,000-20,000 375 287 89 50 27 828 S20,000-30,000 348 403 127 44 17 939 S30,000-40,000 443 431 143 37 33 1,087 S40,000-50,000 448 523 218 20 112 1,321 S50,000-60,000 375 734 218 113 54 1,494 $60,000-75,000 523 1,118 203 117 130 2,091 $75,000-100,000 376 1,523 563 271 105 2,838 S100,000-125,000 180 1,273 542 251 68 2,314 $125,000-150,000 54 693 487 105 119 1,458 $150,000-200,000 103 502 297 110 124 1,136 $200,000+ 51 294 256 105 34 740 [Machine extraction from original PDF page 134; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Total 3,511 7,950 3,208 1,273 849 16,791 Owner Households Aged 62+ Years Base Year: 2011 - 2015 Estimates 2-Person 3-Person 4-Person 5+-Person 1-Person Household Household Household Household Household Total $0-10,000 795 533 97 45 27 1,497 $10,000-20,000 2,445 1,062 138 47 33 3,725 S20,000-30,000 2,699 1,957 216 50 29 4,951 $30,000-40,000 1,824 2,114 210 61 23 4,232 S40,000-50,000 942 2,350 242 87 40 3,661 S50,000-60,000 713 1,898 261 62 43 2,977 $60,000-75,000 669 2,014 376 117 60 3,236 $75,000-100,000 589 2,348 547 123 91 3,698 $100,000-125,000 278 1,179 268 109 60 1,894 $125,000-150,000 170 585 124 65 32 976 $150,000-200,000 126 410 132 54 26 748 $200,000+ 115 336 68 53 17 589 Total 11,365 16,786 2,679 873 481 32,184 Owner Households All Age Groups Base Year: 2011 - 2015 Estimates 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 1,306 902 340 202 165 2,915 $10,000-20,000 3,241 1,746 542 330 174 6,033 S20,000-30,000 3,548 2,939 726 449 238 7,900 S30,000-40,000 3,100 3,197 945 686 391 8,319 2,384 3,743 1,285 698 625 8,735 S40,000-50,000 $50,000-60,000 1,904 3,935 1.182 922 508 8,451 S60,000-75,000 2,282 4,648 2,342 1,607 1,338 12,217 $75,000-100,000 1,549 6,736 3,772 3,130 1,912 17,099 S100,000-125,000 750 3,851 2,536 2,527 1,329 10,993 S125,000-150,000 272 2,067 1,884 1,521 916 6,660 $150,000-200,000 278 1,681 1.126 1,565 741 5,391 $200,000+ 228 921 883 781 479 3,292 Total 20,842 36,366 17,563 14,418 8,816 [Machine extraction from original PDF page 134; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 98,005 Page134 Page135 [Machine extraction from original PDF page 135; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] ribbon demographics www.ribbondata.com HISTA 2.2 Summary Data Market Area © 2020 All rights reserved Powered by Claritas Renter Households Age 15 to 54 Years Year 2025 Projections 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 1,369 460 375 163 215 2,582 $10,000-20,000 874 343 316 234 222 1,989 $20,000-30,000 1,421 451 504 335 315 3,026 $30,000-40,000 1,529 552 405 363 253 3,102 $40,000-50,000 1,071 679 553 404 299 3,006 S50,000-60,000 934 605 572 252 173 2,536 $60,000-75,000 819 1,239 456 355 307 3,176 S75,000-100,000 658 1,128 215 312 165 2,478 $100,000-125,000 301 587 262 231 90 1,471 $125,000-150,000 120 453 267 162 122 1,124 S150,000-200,000 324 190 141 114 71 840 $200,000+ 422 296 252 75 88 1,133 Total 9,842 6,983 4,318 3,000 2,320 26,463 Renter Households Aged 55 to 61 Years Year 2025 Projections 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 473 115 29 12 19 648 $10,000-20,000 328 90 19 7 9 453 S20,000-30,000 347 159 29 3 7 545 S30,000-40,000 229 142 17 7 12 407 201 143 S40,000-50,000 28 13 20 405 S50,000-60,000 162 129 18 7 5 321 S60,000-75,000 190 100 25 14 13 342 S75,000-100,000 135 210 53 40 9 447 $100,000-125,000 129 57 25 8 7 226 S125,000-150,000 112 38 30 17 1 198 S150,000-200,000 145 76 17 16 4 258 $200.000+ 102 60 22 12 7 203 Total 2,553 1,319 312 156 113 4,453 Renter Households Aged 62+ Years Year 2025 Projections 1-Person [Machine extraction from original PDF page 135; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 2-Person 3-Person 4-Person 5+-Person Houschold Houschold Houschold Houschold Houschold Total $0-10,000 1,116 123 31 24 27 1,321 $10,000-20,000 2.428 225 72 32 37 2,794 S20,000-30,000 1,531 304 42 45 36 1,958 $30,000-40,000 1,068 444 45 55 51 1,663 S40,000-50,000 765 457 60 33 38 1,353 $50,000-60,000 530 237 51 33 31 882 576 241 32 S60,000-75,000 38 56 943 S75,000-100,000 453 262 61 38 53 867 $100,000-125,000 374 198 60 40 41 713 S125,000-150,000 276 66 30 26 20 418 S150,000-200,000 309 106 24 19 21 479 S200,000+ 400 111 24 11 29 575 Total 9,826 2,774 538 388 440 13,966 Renter Households All Age Groups Year 2025 Projections 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 2.958 698 435 199 261 4,551 3,630 658 407 273 S10,000-20,000 268 5,236 $20,000-30,000 3,299 914 575 383 358 5,529 S30,000-40,000 2,826 1,138 467 425 316 5,172 S40,000-50,000 2,037 1,279 641 450 357 4,764 $50,000-60,000 1,626 971 641 292 209 3,739 S60,000-75,000 1,585 1,580 519 401 376 4,461 $75,000-100,000 1,246 1,600 329 390 227 3,792 $100,000-125,000 804 842 347 279 138 2,410 $125,000-150,000 508 557 327 205 143 1,740 $150,000-200,000 778 372 182 149 96 1,577 $200,000+ 924 467 298 98 124 1,911 Total 22,221 11,076 5,168 3,544 2,873 44,882 Page135 Page136 [Machine extraction from original PDF page 136; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] ribbon demographics www.ribbondata.com HISTA 2.2 Summary Data Market Area © 2020 All rights reserved Powered by Claritas Owner Households Age 15 to 54 Years Year 2025 Projections 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 141 75 49 47 40 352 $10,000-20,000 141 100 94 61 42 438 S20,000-30,000 312 244 200 141 110 1,007 S30,000-40,000 434 300 249 245 170 1,398 S40,000-50,000 706 467 433 276 241 2,123 S50,000-60,000 736 789 440 504 251 2,720 $60,000-75,000 869 854 1,036 771 652 4,182 $75,000-100,000 674 2,051 1,950 1,730 1,245 7,650 S100,000-125,000 339 1,506 1,999 1,896 1,151 6,891 $125,000-150,000 110 1,130 1,828 1,653 956 5,677 S150,000-200,000 137 1,299 1,242 2,244 1,010 5,932 $200,000+ 181 684 1,407 1,593 1,018 4,883 Total 4,780 9,499 10,927 11,161 6,886 43,253 Owner Households Aged 55 to 61 Years Year 2025 Projections 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 228 98 25 23 20 394 $10,000-20,000 251 114 43 17 13 438 S20,000-30,000 228 190 74 16 12 520 S30,000-40,000 361 270 84 19 26 760 S40,000-50,000 287 300 168 19 60 834 S50,000-60,000 347 495 162 76 38 1,118 $60,000-75,000 449 799 147 90 81 1,566 S75,000-100,000 417 1,216 552 204 87 2,476 S100,000-125,000 196 1,150 551 238 68 2,203 $125,000-150,000 110 909 654 121 143 1,937 $150,000-200,000 264 733 552 216 242 2,007 $200,000+ 204 866 626 266 99 2,061 Total 3,342 7,140 3,638 1,305 889 [Machine extraction from original PDF page 136; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 16,314 Owner Households Aged 62+ Years Year 2025 Projections 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total $0-10,000 918 494 69 44 15 1,540 $10,000-20,000 1,934 614 90 36 26 2,700 S20,000-30,000 2,457 1,294 149 42 25 3,967 $30,000-40,000 2,058 1,918 211 42 21 4,250 S40,000-50,000 1,025 2,077 210 61 35 3,408 S50,000-60,000 939 1,862 295 68 36 3,200 S60,000-75,000 1,343 2,997 607 140 59 5,146 S75,000-100,000 1,042 3,405 780 156 134 5,517 $100,000-125,000 672 1,946 409 161 63 3,251 $125,000-150,000 375 922 169 122 65 1,653 $150,000-200,000 529 1,000 364 176 55 2,124 $200,000+ 617 1,353 205 123 37 2,335 Total 13,909 19,882 3,558 1,171 571 39,091 Owner Households All Age Groups Year 2025 Projections 1-Person 2-Person 3-Person 4-Person 5+-Person Household Household Household Household Household Total 1,287 667 143 114 $0-10,000 75 2,286 $10,000-20,000 2,326 828 227 114 81 3,576 2,997 1,728 423 199 147 5,494 $20,000-30,000 S30,000-40,000 2,853 2,488 544 306 217 6,408 S40,000-50,000 2,018 2,844 811 356 336 6,365 $50,000-60,000 2,022 3,146 897 648 325 7,038 S60,000-75,000 2,661 4,650 1,790 1,001 792 10,894 S75,000-100,000 2,133 6,672 3,282 2,090 1,466 15,643 $100,000-125,000 1,207 4,602 2,959 2,295 1,282 12,345 S125,000-150,000 595 2,961 2,651 1,896 1,164 9,267 S150,000-200,000 930 3,032 2.158 2,636 1,307 10,063 $200,000+ 1.002 2,903 2,238 1,982 1,154 9,279 Total 22,031 36,521 18,123 13,637 8,346 98,658 Page136 Page137 [Machine extraction from original PDF page 137; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] latas erent 15.0% 21.0% 10.5% 1100.0% 13.5% 13.5% 17.9% 4.5% 1.9% 1.2% %.0% 20,673 18,730 24,699 38240 18,694 28,993 14,467 100.0% Total 6,248 2,653 1.724 1359 ears Age 1,417 3,490 85+ 2.5% 894 512 307 221 45 38 29 13 14 75-84 ears 12249 3882 3,181 2027 1384 1,019 Age 8%98 301 219 84 54 98 bhi 65-74 ou Ag Years 15,62 3201 3202 2791 2885 2007 11.3% Age 781 336 163 161 153 wriaaco enss 200 5-64 ears _430 2246 3.935 2,089 1,105 18,041 arrea Age 2,043 3064 13.1% 566 258 305 5-54 Years 2,480 27,863 Age 2,113 2782 4.,.443 7,015 4,.804 2,160 20.2% 677 595 49 35 44 Years 2745 2787 3,135 3,860 6,609 9.063 4,176 1,780 23.7% Age 899 462 25 金- -3 ears 22,394 2,609 3562 4.,965 5,298 2,156 16.2% Age 2781 582 157 176 18 ears 1,867 1345 1,042 5,796 Age 950 435 4.2% 15 28 9 5 01 SuAR D hi OAT es 50 150 299 25 99 350 499 5000 799 $7500 - 99 100,0 12499 120 11999 $1500 - S81999 20,0 nd u$ Total erent 2 e ncome Page137 Page138 [Machine extraction from original PDF page 138; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] latas $200.000 dn pue 150,000- $199.999 12500- $149999 bbhis ou u lo $100.00 124999 ww.riaco $75,000- $99,999 ar ea $50,00- $74999 $35000 $49.99 25000- $34999 15.000- 24,999 ou hi OUAT ess than 15000 2 ed 30,000 25000 20,000 15.000 10,000 5,000 umm f olds Page138 Page139 Page140 [Machine extraction from original PDF page 140; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] latas erent 100.0% 11.8% 18.2% 133.5% 10.3% 7.5% 7.1% 7%9% 7.7% 8.1% 7%8% 43540 10810 0254 11,317 17000 26.,132 9435 14755 11007 11,640 11.190 1100.0% Total Years 1321 5,766 Age 4.0% 858 940 844 947 874 406 49 10 191 94 75-84 ears 12,409 1420 1,887 1777 2,111 2357 1,159 Age 356 .%98 669 297 346 bhi 65-74 ears 26,87 2,168 2517 2585 3,967 早5524 3704 2250 1439 1.730 18.7% Éo dAg Age 993 Sve e n 02 w.ri o 55- 64 Years 28,772 2_228 1,407 1533 2,706 4.763 4,038 3295 2825 2,989 2988 20.0% Age ar rea 5- 54 ears 1,096 3225 2559 22,791 1777 3.553 3034 2,889 2948 15.9% Age 086 730 5 - 44 ears 2128 24,208 Age 1260 1,488 347 4.068 3,612 3238 2562 _520 16.9% 985 金 3 Years 18,435 19154 13615 2,239 3.934 2,861 1988 1,617 1324 12.8% Age 098 4-4 ears Age 1,059 4,282 430 3.0% 099 547 379 906 102 63 39 97 u i OAT es 5 50 15 99 5 3499 350 499 50000 7,99 7500 -999 100,0 12499 1250 1999 1500 919,99 20,00 and up Total erent 2ed ncome Page140 Page141 [Machine extraction from original PDF page 141; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] latas $200000 dn pue 150000- $199.999 12500- 149999 bbi ro 2 1299 $100.000 w.aco 75.00- $99,999 ar ea $50,000- 74999 35.000- $4999 $25,000- $34,999 $1500- 24,999 ou AR Ni OUAT Less than 15000 2 e 30.000 25,000 20.000 15,000 1000 5,000 Numfer folds Page141 Page142 Page143 [Machine extraction from original PDF page 143; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] 0 oe ts bb ..co el 64 ernt hange -1.9% -3.5% -4.9% -111.4% -0.3% -3.1% 18.3% -0.70% 11.3% 0.3%0 2.0% -8.1%% 4.5% 6.7% 2.2% o 02 Change -1,035 -3,659 1,914 -5.,143 -1557 1,159 -2,299 Total 6,632 8577 -367 -711 -37 295 180 30 e al -2045 _542 -1,226 -751 3448 -168 -320 -448 5 957 664 - 30 na 6 -1,614 -2601 -1,073 Male 908- 3184 -19 -391 -587 289 957 495 150 18 32 ma bbahis to ars to 9 ars 0 t ears 5 t ears 8 t ears to ear to ar to ars 5 t ars 5 ars to ars t ars YEears nd U Total 2+ Years Han g Sex Age w.ib.com ar rea erent hange -8.9%- -10.9% -116.9% -2203% 15.1% -6.7% -55.0% 996- -99.3% 44.4% -1.9% 23.8% 3.0% 1.3% 6.1% hange si 02 -11,425 -1980 -2571 -1,566 -4356 早11542 11,152 -6,836 14.,610 -2,592 Total 009- 1317 6,629 226 472 e al -1027 -1.357 -1356 -2,071 -5.,908 -3,824 3315 5.714 -544 -215 -955 615 -178 143 n/a uA i OPT -1,214 -1,236 -2285 -5,634 -3,012 Male -385 3.314 5,438 -88- -953 -1 702 404 329 pa to ears to 9 ars 0 t ears o ears 8 t ear 1 t ars ar to ears 5 ars t ars to ears t ears Years and U Total 2+ Years 2 ed Age Page143 Page144 [Machine extraction from original PDF page 144; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] ib w.ra.co el 64 oe y ts Ye and Up t ar 5 t ars 5 ar ibn dhig 5 ear o Ag 5 t ars ww.ba.com ark ea 5 ar earS 早8 t ar 5 t7 ar 0 t ars 5 to 9 ears to ears ou i OPT 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -110.0% -20.0% -30.0% 2 ed erc ge Page144 Page145 [Machine extraction from original PDF page 145; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Addenda Addendum D Qualifications Page145 Page146 [Machine extraction from original PDF page 146; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Newmark Knight Frank DAVID M. CARLON Professional Background Senior Vice President David Carlon joined Newmark Knight Frank Valuation & Advisory in 2019 as a senior vice president in the Buffalo office, where he focuses on market analysis and appraisal work related to multifamily and residential housing. A 26-year industry veteran, Mr. Carlon has prepared valuations and market analyses across a broad range of property types that includes residential housing, commercial property, low-income housing projects, apartments, student apartments, historic preservation projects, senior housing projects, assisted living/nursing homes and vacant land. Over the course of his career, Mr. Carlon has focused on producing quality market analyses and appraisal work in a timely manner for mortgage lenders, corporations, non-profits, tax credit syndicators, Newmark Knight Frank 2410 North Forest Road private developers/investors and government entities including Rural Suite 204 Development and Fannie Mae/Freddie Mac. He also has experience with Amherst, NY 14068 feasibility studies, rent studies and litigation support regarding tax dave.canlon@ngkf.com assessment work. T 716.864.8576 Prior to joining Newmark Knight Frank, Mr. Carlon was an appraiser at Years of Experience GAR Associates, a commercial real estate and advisory firm established 26 Years in 1961. He began his career as a certified general appraiser. Areas of Specialization Licenses and Designations Valuation & Advisory [Machine extraction from original PDF page 146; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Market Analysis Certified general real property appraiser, state of New York Residential Housing Commercial Education Mixed Use Mr. Carlon earned his Bachelor of Science degree in accounting and Multifamily Land finance from the University of New Haven and has completed additional real estate finance, brokerage and appraisal coursework through certified online learning websites. 1 Page146 Page147 Page148 [Machine extraction from original PDF page 148; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Newmark Knight Frank JOSEPH D. SIEVERT Professional Background Senior Appraiser Joseph Sievert joined Newmark Knight Frank Valuation & Advisory in 2019 as a senior appraiser in the Buffalo office. Mr. Sievert has prepared valuations and market analyses across a wide range of property types including residential housing, low-income housing projects, apartments, student apartments, historic preservation projects, senior housing projects, commercial property and vacant land. Over the course of his career, Mr. Sievert has focused on producing quality market analyses and appraisal work in a timely manner for mortgage lenders, corporations, non-profits, tax credit syndicators, private developers/investors, and government entities including Fannie Newmark Knight Frank Mae/Freddie Mac, HUD and Rural Development. Mr. Sievert has 2410 North Forest Road, prepared various consulting reports for municipalities related to Suite 204 downtown revitalizations, planned unit developments, smart growth Amherst, NY 14228 joe.sievert@ngkf.com approaches and solutions for vacant property revitalization. T716.628.6667 Mr. Sievert started his career in the appraisal field in 2011 and focuses Years of Experience his work efforts on market analysis and appraisal work related to 8 Years multifamily and residential housing. Prior to joining Newmark Knight Frank, Mr. Sievert was an Analyst at GAR Associates, a commercial Areas of Specialization real estate and advisory firm established in 1961. [Machine extraction from original PDF page 148; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Valuation & Advisory Market Analysis Licenses and Designations Residential Housing Appraiser Trainee in New York State Commercial Mixed Use Multifamily Education Historic Preservation Land Mr. Sievert earned his Bachelor of Arts degree in Environmental Studies Public Policy from Hobart College in 2005 and later earned his Master's Degree in Regional and Urban Planning at the State University of New York at Buffalo in 2012. 1 Page148 Page149 [Machine extraction from original PDF page 149; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Newmark Knight Frank M. SCOTT ALLEN, MAI Professional Background Executive Vice President Scott Allen, MAl, joined Newmark Knight Frank Valuation & Advisory in 2019 as executive vice president of the Buffalo office. A 33-year industry veteran, Mr. Allen has prepared valuations and market analyses across a broad range of property types that includes residential housing, low- income housing projects, apartments, student apartments, historic preservation projects, senior housing projects, commercial property and vacant land. Over the course of his career, Mr. Allen has focused on producing quality market analyses and appraisal work in a timely manner for mortgage lenders, corporations, non-profits, tax credit syndicators, private developers/investors, and government entities including HUD, Rural Development, and Fannie Mae/Freddie Mac. Newmark Knight Frank Mr. Allen began his career as a certified general appraiser and currently North Forest Road, Suite 204 Amherst, NY 14068 focuses his work efforts on market analysis and appraisal work related to scott.allen@ngkf.com multifamily and residential housing. Prior to joining Newmark Knight T 716.523.0668 Frank, Mr. Allen was principal and partner of GAR Associates, a commercial real estate and advisory firm established in 1961. Years of Experience 33 Years Professional Affiliations Member, National Council of Housing Market Analysts (NCHMA) Areas of Specialization [Machine extraction from original PDF page 149; PP-OCRv6 medium; recognition errors possible; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; automatically indexed RAW MACHINE TEXT; unreviewed; errors possible; coverage unverified] Board of Directors, National Housing & Rehabilitation Association (NH •Valuation & Advisory & RA) Market Analysis Multifamily Member, Eastern & Western Lenders Association (HUD Lenders) Land Member, New York State Association For Affordable Housing HUD FHA/MAP (NYSAFAH) LIHTC Appraisals and Market studies Licenses and Designations Designated member, Appraisal Institute (MAI) Certified general real property appraiser, states of Arizona, Connecticut, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Vermont, and Virginia. Approved Market Analyst by New York State HCR and ADOH (Arizona Department of Housing) HUD MAP appraisal and market analysis Education Mr. Allen earned his Bachelor of Arts degree in materials and logistics management from Michigan State University's College of Business in 1986. Mr. Allen is currently certified by the Appraisal Institute's voluntary program of continuing education for its designated members, and has been an approved instructor for the HUD MAP Underwriting Training Program since 2013. 1 Page149 Page150 443 Electronics Parkway, Liverpool, NY 13088 · Office: 315 - 457 - 5200 · BartonandLoguidice.com August 1 , 202 3 Robert M. Petrovich, Director Onondaga County Industrial Development Agency 335 Montgomery Street, 2 nd Floor Syracuse , New York 13 202 Subj : Bid Results and Award Recommendation – ONGOV - 094 - 23 Re : White Pine Commerce Park – Site Clearance Project Town of Clay , Onondaga County , New York File: 825 . 005.001 Dear Robert : Included with th is letter is the County summary of the bid s received on July 18, 2023 for the above referenced project and a recommendation for award. Bid results are shown below: CONTRACT NO.1 – ASBESTOS REMOVAL/DEMOLITION Contractor Bid Item #1 Bid Item #2 Total Base Bid * Ritter & Paratore Contracting $ 1 ,30 0 ,000.00 $ 1 ,39 0,000.00 $ 2 , 79 0 ,000.00 Gorick Construction $ 942 ,000.00 $ 826 ,000.00 $ 1, 868 ,000.00 LM Sessler Excavating $ 3,571 ,000.00 $ 3,323 ,000.00 $ 6 , 994 ,000.00 WD Smith & Sons Consruction $ 1 ,457,753 .00 $ 1,546,864 .00 $ 3 , 104 , 617 .00 * Include s $50,000 allowance for each bid item The above is a Record of Bids which were based on a lump sum project with two bid items (plus a $50,000 allowance for each bid item) and two unit price items (petroleum contaminated soil per ton and petroleum contamin ated fluids per gallon). Any required unit pricing is anticipated to be insignificant in context of the total bid, t herefore, a detailed bid analysis is not required and the above summary of the total bid received from the contractors adequately represent s the results. B ids listed above were accompanied by a 5% bid bond and bidders completed the bid submittal paperwork . Gor ick’s finalized MWBE plan indicate s that the ir plan is to achieve the goal s for both M BE and WBE . Page151 [Literal native PDF text; original page 151; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] August 1, 2023 Robert M. Petrovich, Director Onondaga County Industrial Development Agency 335 Montgomery Street, 2nd Floor Syracuse, New York 13202 Subj: Bid Results and Award Recommendation – ONGOV-094-23 Re: White Pine Commerce Park – Site Clearance Project Town of Clay, Onondaga County, New York File: 825.005.001 Dear Robert: Included with this letter is the County summary of the bids received on July 18, 2023 for the above referenced project and a recommendation for award. Bid results are shown below: CONTRACT NO.1 – ASBESTOS REMOVAL/DEMOLITION Contractor Bid Item #1 Bid Item #2 Total Base Bid* Ritter & Paratore Contracting $1,300,000.00 $1,390,000.00 $2,790,000.00 Gorick Construction $942,000.00 $826,000.00 $1,868,000.00 LM Sessler Excavating $3,571,000.00 $3,323,000.00 $6,994,000.00 WD Smith & Sons Consruction $1,457,753.00 $1,546,864.00 $3,104,617.00 * Includes $50,000 allowance for each bid item [Literal native PDF text; original page 151; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] The above is a Record of Bids which were based on a lump sum project with two bid items (plus a $50,000 allowance for each bid item) and two unit price items (petroleum contaminated soil per ton and petroleum contaminated fluids per gallon). Any required unit pricing is anticipated to be insignificant in context of the total bid, therefore, a detailed bid analysis is not required and the above summary of the total bid received from the contractors adequately represents the results. Bids listed above were accompanied by a 5% bid bond and bidders completed the bid submittal paperwork. Gorick’s finalized MWBE plan indicates that their plan is to achieve the goals for both MBE and WBE. · · 443 Electronics Parkway, Liverpool, NY 13088 Office: 315-457-5200 BartonandLoguidice.com Page151 Robert M. Petrovich, Director Onondaga County Industrial Development Agency A ugust 1 , 202 3 Page 2 825.005.001 White Pine Commerce Park - Award Recommendation Letter 080123.docx We have reviewed state licensing Gorick Construction and found no abnormities. B&L has worked with Gorick Construction on a number of prior projects in multiple Counties throughout the State. We are very familiar with the company and consider them well qualified to comp lete this work . They are very familiar residential and commercial demolition and asbestos abatement , are generally familiar with the MWBE paperwork and requirements, and have the equipment and experience to complete this work . A post - bid interview with Gorick identified no areas of concern with regard to the project scope . Gorick did indicate that the Camillus Landfill may have a 60 ton/day cap on C&D deliveries and that this might be the only hindrance to the schedule. We recommend awarding Contract No.1 – White Pine Commerce Park – Site Clearance Project to Gorick Construction in the amount of $ 1,868,000.00 (Total Base Bid amount) . Please call should you have any questions regarding this information. Sincerely, BARTON & LOGUIDICE, D.P.C. David A. Morse John E. Rigge Sr. Managing Industrial Hygienist Vice President DAM Attachments Page152 [Literal native PDF text; original page 152; source SHA256 159ade1c3edd50a7f1a3335c1c65a6561600d6ecfb1570e46e3748dc0ea5f251; extraction completeness unverified] Robert M. Petrovich, Director Onondaga County Industrial Development Agency August 1, 2023 Page 2 We have reviewed state licensing Gorick Construction and found no abnormities. B&L has worked with Gorick Construction on a number of prior projects in multiple Counties throughout the State. We are very familiar with the company and consider them well qualified to complete this work. They are very familiar residential and commercial demolition and asbestos abatement, are generally familiar with the MWBE paperwork and requirements, and have the equipment and experience to complete this work. A post-bid interview with Gorick identified no areas of concern with regard to the project scope. Gorick did indicate that the Camillus Landfill may have a 60 ton/day cap on C&D deliveries and that this might be the only hindrance to the schedule. We recommend awarding Contract No.1 – White Pine Commerce Park – Site Clearance Project to Gorick Construction in the amount of $1,868,000.00 (Total Base Bid amount). Please call should you have any questions regarding this information. Sincerely, BARTON & LOGUIDICE, D.P.C. David A. Morse John E. Rigge Sr. Managing Industrial Hygienist Vice President DAM Attachments 825.005.001 White Pine Commerce Park - Award Recommendation Letter 080123.docx Page152