6-4-26 OCIDA Regular Meeting Board Packet ========================================= 335 MONTGOMERY STREET, FLOOR 2M, SYRACUSE, NY 13202 315.435.3770 • ECONOMICDEVELOPMENT@ONGOV.NET • ONGOVED.COM Regular Meeting Agenda June 4, 2026 Call to Order the Regular Meeting of the Agency A. Approval of Regular Meeting Minutes: May 14, 2026 B. Treasurer’s Report C. Payment of Bills D. Conflict of Interest Action Items: 1. Jordan Landing LLC and Jordan Landing Housing Development Fund Corporation (Project #3101-25-07A) Second Meeting The applicant is proposing to construct 65 mixed-income housing units on approximately 8 vacant acres of land in the Village of Jordan. The project will also include a community room, fitness area, supporting housing services, offices, and laundry facilities. 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 certain real property taxes and real estate transfer taxes. Representative: Patrick Rock, Jordan Landing LLC, Managing Member 2. Clay Hospitality, LLC (Project #3101-25-08A) First Meeting The applicant is proposing to construct an approximately 64,000 sq. ft. extended stay hotel consisting of approximately 103 extended-stay suites with kitchenettes, and approximately 1,100 square feet of meeting space on an approximately 2.5-acre site in the Town of Clay. The project will also include an indoor pool, fitness center, outdoor patio with fire pits, grills, heaters, and seating, laundry facilities, market pantry, breakfast dining area and multi- functional lobby/lounge, and parking to accommodate trailers, boats, construction vehicles, etc. The hotel will be operated under the Home2 Suites by Hilton brand. Agency Action Requested: a. A resolution of the Board authorizing a public hearing. Representatives: Neil Patel, Clay Hospitality, LLC, Managing Member Sandeep Gautam, Baywood Hotels, Vice President of Asset Management Matthew Wells, Clay Hospitality, LLC, Counsel Thomas Clifford, Clay Hospitality, LLC, Counsel Page 1 of 242 3. D&D Motor Systems, Inc. (Project #3101-26-03A) First Meeting The applicant is proposing to acquire an interest in real property containing a 32,344 sq. ft. building in the Village of East Syracuse and move and expand their motor manufacturing business. Agency Action Requested: a. A resolution of the Board authorizing a public hearing. Representative: Mike Dieroff, D&D Motor Systems, Inc., Founder/Owner/President 4. Micron New York Semiconductor Manufacturing LLC - Project Updates Main Campus (Project #3101-23-07A), Rail Spur (Project # 3101-25-06A) 5. Contract Authorization Agency Action Requested: a. A resolution of the Board authorizing an amendment to the contract with Barton & Loguidice, D.P.C., consisting of an increase to the amount authorized for engineering services related to White Pine Science & Technology Park. Representative: Robert Petrovich, Executive Director 6. White Pine Science & Technology Park Agency Action Requested: a. A resolution of the Board adopting the final scoping document pursuant to the State Environmental Quality Review Act (SEQRA) for the White Pine Science & Technology Park, and authorizing the filing and distribution of the Final Scope pursuant to the requirements of SEQRA. Representative: Jeffrey Davis, Agency Counsel Adjourn Page 2 of 242 Regular Meeting Minutes May 14, 2026 A Regular meeting of the Onondaga County Industrial Development Agency was held on Thursday, May 14, 2026, at 335 Montgomery Street, Floor 2M, Syracuse, New York. Prior to calling the meeting to order, Randy Wolken welcomed the new board members, and each introduced themselves. Randy Wolken called the meeting to order at 8:30 AM with the following in attendance: PRESENT: Randy Wolken Alan Marzullo Mark Muthumbi Michael Greene Christina Hollenback Sally Santangelo ABSENT: Deka Eysaman ALSO PRESENT: Robert Petrovich, Executive Director Nate Stevens, Treasurer Alexis Rodriguez, Secretary Robert Schoeneck, Assistant Treasurer Evan Carter, Assistant Secretary Amanda Fitzgerald, Esq., Agency Counsel Jeffrey Davis, Esq., Agency Counsel (via Zoom) Charlie Breuer, Twin Ponds HB, LLC, Managing Member Brody Smith, Twin Ponds HB, LLC, Counsel Approval of Meeting Minutes: April 9, 2026 Upon motion by Mark Muthumbi, seconded by Alan Marzullo, the Board approved the Regular meeting minutes of April 9, 2026. Motion was carried. Treasurer’s Report: Nate Stevens gave a brief overview of the Treasurer’s Report for the month of April 2026. Page 3 of 242 Upon motion by Alan Marzullo, seconded by Mark Muthumbi, the Board approved the Treasurer’s Report for the month of April 2026. Motion was carried. Payment of Bills: Upon motion by Alan Marzullo, seconded by Mark Muthumbi, the Board approved the Payment of Bills. Motion was carried. Action Items: 1. Twin Ponds HB, LLC (Project #3101-25-02A) Second Meeting The applicant is proposing to construct a residential community consisting of approximately 309 multifamily units, a commercial space, and recreational areas in the Town of Manlius. Specific project amenities will include a well-equipped fitness center, a children’s play area, a dog park, a new dock, and a covered pavilion. Brody Smith, attorney at Bond Schoeneck & King who represents Twin Ponds HB, LLC made the following comments: The applicant proposes to construct a residential community consisting of 309 multifamily units as well as 5,700 sq. ft. of commercial space. In addition to that, there will be recreational areas associated with the ponds on the property. Most of the units will be in three five-story buildings except for five apartments being above the commercial space in a separate building. Amenities are to include a fitness center inside of a clubhouse, a children’s play area, a dog park, a dock at the ponds for non-motorized watercrafts and fishing, and a covered pavilion adjacent to the ponds. In addition to these amenities, the community will be surrounded by hiking trails, which will be able to connect two areas that are not currently linked by pedestrian paths. Limestone Creek to the east of the development can connect to the Erie Canalway Trail, where the Town and Village have expressed interest in having a connection. To the west of the development, you would make your way to the Town Center Retirement Community, Northeast Medical, and then to the southwest, you’d find the Town Center with retail and restaurants. The location is a 54-acre site at 5440 North Burdick St. The land is currently unimproved. There were once two quarries on the parcel that were then filled with water to create the twin ponds. Over the years there have been many attempts to develop the property but development was not able to come to fruition for reasons such as the property being incumbered by slopes, wetlands, a lack of usable space on the property, which was a challenge regarding the Town of Manlius zoning codes. This was overcome by the new Page 4 of 242 Planned Unit Development (PUD) law that was developed. On November 1, 2023, the Town Board adopted a District Plan, a zoning amendment, that allowed this project to move forward. The site plan was approved by the Town Board on August 26, 2024, after an extensive environmental review, including a review of environmental impacts, delineation of wetlands, preparation of a traffic study, and preparation of a stormwater pollution prevention plan. Onondaga County Planning supported the project and gave input on the project, ultimately leading to the Town adopting the project. There are five major points of this project. The first being project economics. The project costs will be $114 million resulting in a community investment of over $126 million. If the project doesn’t move forward on the existing plot of land, it would collect $172,000 in taxes over 10 years, whereas if the project does move forward it will collect $2,972,000 in the same time period. Additionally, the project will create 140 construction jobs that will begin as early as late 2026 and last two years. There will be seven full-time jobs as a result of the project, but this is a conservative number. This project will not proceed under the current lending environment and rapidly increasing construction costs without the tax incentives proposed to the Board for approval. The second point is that there is a need for housing. The Manlius Town Board was specific in their letter of support claiming that there is an urgent need for more apartments in particular in their community. Previous zoning patterns in the Town of Manlius have blocked this type of project in the past. The applicant included an updated housing study that defines the need for more apartment units in the Town, in the eastern suburbs of the County specifically. The number of available apartment units in the eastern suburbs out of the 14 complexes was 0 at the time of the study. In the northern suburbs there were over 3,100 total apartment units, and only six were available at the time. This process was completed over three months and the findings were consistent. The Town of Manlius acknowledges the need, having stated this need before and adjusting their zoning code accordingly. The third point is in regard to the Onondaga County Comprehensive Plan, which calls out a need for this type of housing. There is a shortage of units in the overall County. The County’s Comprehensive Plan states, “Today’s housing needs have changed dramatically due in large part to fewer households with children, fewer married household, and an aging population overall. There’s an increasing demand for apartments and attached units on small lots in more walkable neighborhoods. Shifts in housing size, makeup, lifestyle preference, declining/willingness/ability to own a home, and available inventory have led to an increase in demand for apartment units over detached owner-occupied homes.” This site is conveniently located in close proximity to shops and dining, allowing residents to easily walk to these areas in addition to the amenities provided such as the ponds, hiking trails, and Erie Canalway Trail system. According to the applicant, these characteristics match what was put forward in the Onondaga County Comprehensive Plan. Page 5 of 242 The fourth point is that this development is the type of project that the Agency’s UTEP was amended to align with. This project is infill, which doesn’t need a substantial update of existing infrastructure. The project site is surrounded by retail, senior housing, and a medical complex. Additionally, the site is not in close proximity to single family residential neighborhoods, which would avoid any negative impacts that typically hinder this kind of development. The fifth point is that outdoor recreation is a huge opportunity for this project. It has the potential to provide ample outdoor activities such as hiking trails. The project is situated to not only be an advantage to new residents, but also existing residents in the Village and residents at the senior living complexes. The trail connections were made a part of the planning improvement in the district planning conditions proposed by the Town, where the developer agreed to connect the trailways. The project is sustainable, including chargers for electric vehicles, and will utilize electric over gas for appliances and heating, as well as special accommodations that go above the Agency’s requirements because of planning conditions that were agreed to regarding units set aside for people with severe disabilities. Referring to the Agency’s UTEP, B. Smith pointed out six points to think about while evaluating a project: is the housing fulfilling an unmet need in the area, is there an applicable market study documenting the need for such housing, is the project aligned with the Plan Onondaga County Comprehensive Plan, is it infill, is any additional infrastructure needed to service this project, and is the project apart of a large mixed-use development. B. Smith relayed that this project meets all those standards. Sally Santangelo asked how many units will be set aside for individuals with physical disabilities. B. Smith responded that all of the units will be ADA-compliant, but in addition to that, the Planning Board and the Town identified that there is a benefit to having a certain number of units that are specifically designed for people with unique disabilities, above and beyond what the ADA accommodates. Conditions within the project’s zone change state that the owner shall convert no less than one apartment per 100 to be handicap accessible for persons with disabilities, wheelchair, vision, and hearing, as needed. There will be at least three units that will meet these standards, and the units will be modified to accommodate the individuals who will be applying for them. Alexis Rodriguez noted that there was a public hearing held for the project on April 29, 2026. Seven spoke in favor of the Agency’s proposed financial assistance. One of the participants who spoke in favor was Sara Bollinger, Town of Manlius Supervisor. The school district was also in attendance but did not make comments regarding the financial assistance. There were two individuals who spoke in opposition to the proposed financial assistance. Page 6 of 242 Alan Marzullo stated that it’s important to note that in the descent that the Board is required to only look at projects that are related to industrial, that’s not true. When you start looking at guiding community development and housing, that’s a job that this Board needs to do and take into account. Hearing what Brody Smith had to share, we know that the County is in deep need of housing. For all those reasons, I would move to make a motion. Randy Wolken read the Agency action requested, “A resolution of the Board to authorize adoption of SEQRA determination.” Motion was made by Alan Marzullo, seconded by Mark Muthumbi. Motion was carried. Randy Wolken read the Agency action requested, “A resolution of the Board authorizing the financial assistance the Agency will provide. Agency benefits requested include exemptions from certain real property taxes, real estate transfer taxes, sales and use taxes and mortgage recording taxes.” Motion was made by Alan Marzullo, seconded by Michael Greene. Motion was carried. 2. EH 26, LLC (Formerly Destiny USA Real Estate) (Project # 3101-14-01B) EH 26, LLC has requested the execution and delivery of a mortgage and related documents with respect to a refinancing. Amanda Fitzgerald stated that this is an administrative action. In order to provide financial assistance to projects, the IDA nominally steps into title. This project is a PILOT that was approved in 2016 in the City of Syracuse (Embassy Suites Hotel). It was formerly a Destiny project, but a few years ago it was assigned to EH26, LLC. EH26, LLC is refinancing and is asking for consent to refinance. The IDA is required to join the lender documents due to being nominally in title. Before the IDA joins the documents, Council will review them to ensure that they have the appropriate indemnification and hold harmless language that is necessary. Randy Wolken read the Agency action requested, “A resolution of the Board authorizing execution and delivery of documents.” Motion was made by Sally Santangelo, seconded by Christina Hollenback. Motion was carried. Motion to adjourn was made by Alan Marzullo and seconded by Sally Santangelo at 8:50 AM. ___________________________________ Alexis Rodriguez, Secretary Page 7 of 242 May 31, 2026 Revenue / Expense / Income Current Period Current YTD Operating/Non-Op Revenue 152,769 11,369,444 Administrative Expense 76,814 358,435 Operating/Program Expense 91,910 690,512 Net Ordinary Income (15,955) 10,320,496 Current Assets Current YTD Total Cash 46,026,401 Escrow Accounts 96,762 Net Cash 45,929,639 Page 8 of 242 Onondaga County Industrial Development Agency Statement of Activity May 1-31, 2026 TOTAL Revenue 500 Operating Revenue 2116 Fees 2116.1 Agency Fees 2,500.00 Total for 2116 Fees $2,500.00 2410 Lease Income 12,901.06 Total for 500 Operating Revenue $15,401.06 501 Non-Operating Revenue 2401 Interest Income 25,803.96 2405 WPCP Savings - Interest Income 31,008.94 2406 WPCP Phase 1 Improvements - Interest 36,511.67 2407 WPCP Phase 2 Improvements - Interest 44,043.41 Total for 501 Non-Operating Revenue $137,367.98 Total for Revenue $152,769.04 Gross Profit $152,769.04 Expenditures 6400 Operating Expense 6406 Other Professional Services 6406.50 Consulting Services 3,000.00 Total for 6406 Other Professional Services $3,000.00 6407 Administrative Expense 76,813.87 6409 Conference Attendence 353.97 6410 Office Expense 1,483.30 Total for 6400 Operating Expense $81,651.14 6440 Legal Fees 6450 Barclay Damon 6460 IDA General Legal 677.00 6480 Roth Legal 1,742.50 Total for 6450 Barclay Damon $2,419.50 Total for 6440 Legal Fees $2,419.50 6500 Agency Program Expenses 6510 White Pine Commerce Park 6510.3 Legal 1,206.00 Total for 6510 White Pine Commerce Park $1,206.00 6540 3649 Erie Blvd E 6540.3 Insurance 20,704.50 6540.4 Maintenance 950.00 6540.5 Legal 16,327.75 Total for 6540 3649 Erie Blvd E $37,982.25 Total for 6500 Agency Program Expenses $39,188.25 Page 9 of 242 Accrual Basis Monday, June 01, 2026 06:09 PM GMTZ 1/2 Onondaga County Industrial Development Agency Statement of Activity May 1-31, 2026 TOTAL 6514 White Pine Science & Technology Park 6514.1 Legal 19,632.42 6514.2 Engineering 2,188.50 6514.7 WPSTP - Marketing 23,643.86 Total for 6514 White Pine Science & Technology Park $45,464.78 6610 WPCP Pass Thru Expenses 6610.6 Barton & Loguidice 28,682.00 6610.7 Gorick Construction 410,400.00 Total for 6610 WPCP Pass Thru Expenses $439,082.00 Total for Expenditures $607,805.67 Net Operating Revenue -$455,036.63 Net Revenue -$455,036.63 Page 10 of 242 Accrual Basis Monday, June 01, 2026 06:09 PM GMTZ 2/2 Onondaga County Industrial Development Agency Statement of Financial Position As of May 31, 2026 TOTAL Assets Current Assets Bank Accounts 200.6 NBT OCIDA Savings 7,559,849.34 200.7 NBT - WPCP Savings 10,082,094.65 200.8 NBT - WPCP Phase 1 Improvements 12,283,722.13 200.9 NBT - WPCP Phase 2 Improvements 15,053,970.71 200 Cash $0.00 200.5 NBT Checking 1,046,764.08 Total for 200 Cash $1,046,764.08 Total for Bank Accounts $46,026,400.91 Accounts Receivable 380 Accounts Rec. 380.6 A/R Fees, Lease & PILOT 331,319.51 Total for 380 Accounts Rec. $331,319.51 Total for Accounts Receivable $331,319.51 Total for Current Assets $46,357,720.42 Fixed Assets 100 Land 105 3649 Erie Blvd East 16,117,318.46 107 800 Hiawatha 604,840.42 108 White Pine Science & Technology Park 2,140,557.00 Total for 100 Land $18,862,715.88 250 Investment in Real Property 3,082,772.87 Total for Fixed Assets $21,945,488.75 Total for Assets $68,303,209.17 Liabilities and Equity Liabilities Current Liabilities Other Current Liabilities 600 Accounts Payable $0.00 600.1 Due to Related Party - OED 233,801.21 600.3 Onondaga County Loan $28,079,656.77 600.31 Accrued Interest - OC Note Payable 3,095,059.00 Total for 600.3 Onondaga County Loan $31,174,715.77 600.4 Micron Deposit 96,761.54 Total for 600 Accounts Payable $31,505,278.52 Total for Other Current Liabilities $31,505,278.52 Total for Current Liabilities $31,505,278.52 Page 11 of 242 Accrual Basis Monday, June 01, 2026 06:10 PM GMTZ 1/2 Onondaga County Industrial Development Agency Statement of Financial Position As of May 31, 2026 TOTAL Long-term Liabilities 600.5 Onondaga County Loan - Non WPCP 13,577,147.96 Total for Long-term Liabilities $13,577,147.96 Total for Liabilities $45,082,426.48 Equity 3901 Equity-Investment Fixed Assets 5,277,648.00 3900 Equity Unreserved 8,119,894.18 Net Revenue 9,823,240.51 Total for Equity $23,220,782.69 Total for Liabilities and Equity $68,303,209.17 Page 12 of 242 Accrual Basis Monday, June 01, 2026 06:10 PM GMTZ 2/2 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY PAYMENT OF BILLS - SCHEDULE #517 June 4, 2026 GENERAL EXPENSES 1. DRYDEN MUTUAL INSURANCE CO. $ 1,661.20 Insurance Premium, Inv #S4 2. SELECTIVE $ 20,698.00 Insurance Payment #3 - 3649 Erie Blvd 3. JMT OF NEW YORK, LLP $ 10,908.00 Roth Steel, Inv #1-106961 4. GORICK CONSTRUCTION CO., INC. $ 21,600.00 WPCP Demolition Retainage - Inv#23449 5. ONONDAGA COUNTY $ 10,000,000.00 Partial Loan Repayment - per Terms of Promissory Note 6. GROSSMAN ST. AMOUR $ 17,200.00 2025 Audit 7. ONONDAGA COUNTY WATER AUTHORITY $ 151.73 8538 Caughdenoy Rd - Final 8. BARCLAY DAMON LLP $ 720.00 Retained Corporate & Public Finance Matters - Inv #5392276 9. BARCLAY DAMON LLP $ 21,786.40 Neighbors for a Better Micron - Inv #5392272 10. BARCLAY DAMON LLP $ 14,485.26 WPSTP - Inv #5392275 11. BARCLAY DAMON LLP $ 14,512.97 OCIDA - Shoppingtown - Inv #5392274 12. LOVELL AND ASSOCIATES $ 3,000.00 May 2026 Consulting 13. BARCLAY DAMON LLP $ 1,582.50 Roth Steel - Inv #5392277 14. ABC CREATIVE $ 10,920.00 Inv #8987 - Agency Services Page 13 of 242 15. BARCLAY DAMON LLP $ 23,337.51 Micron Financial Assistance - February 2026 16. BOND SCHOENECK & KING, PLLC 919.28 Inv #20132705 - Tessy Elbridge Resolution 17. ASSOCIATED REPORTERS INTERNATIONAL INC. $ 620.00 WPSTP Public Hearing - 4/30/2026 18. ROBERT PETROVICH $ 114.99 Mileage 19. NANCY LOWERY $ 141.06 Mileage 20. NATHANIEL STEVENS $ 114.99 Mileage 21. ALEXIS RODRIGUEZ $ 141.06 Mileage 22. EVAN CARTER $ 141.06 Mileage 22. ROBERT SCHOENECK $ 114.99 Mileage TOTAL $ 10,164,871.00 Page 14 of 242 5/29/2026 Project: Jordan Landing LLC Project Number: 3101-25-07A Location: 577 Peru Road School District: Jordan-Elbridge Project Type: New Construction, Housing Tax Parcel(s): 006.1-01-03.1; 006.1-01-04.1; 006.1-01-05.0 Village: Jordan Total Project Cost: $ 31,974,380 8. Total Jobs 5 Land Acquisition $ 200,000 8A. Job Retention 0 Site Work/Demo $ 3,051,000 8B: Job Creation 5 Building Construction & Renovation $ 19,289,831 (Next 5 Years) Furniture & Fixtures $ - Equipment $ 25,000 Project Soft Cost $ 9,408,549 Community Investment /Abatement Project Description Fiscal Impact ($) Abatement Summary $744,300 Sales Tax Abatement $0 Mortgage Tax Abatement $0 Property Tax Relief (PILOT) $744,300 The applicant is proposing to construct 65 mixed-income housing units on Community Investment $37,882,355 approximately 7.84 vacant acres of land adjacent to the Erie Canal Trail in the Village PILOT Payments $753,338 of Jordan. 30 units will be integrated supportive units for homeless veterans and Project Salaries and Benefits Estimated (10 yrs) $3,306,816 individuals with Serious Mental Illness (SMI). Construction Benefit Estimate $1,847,822 Total Project Cost $31,974,380 Investment:Abatement Ratio 50.90 :1 © 2026 Onondaga County Industrial Development Agency. All rights reserved. Page 15 of 242 Jordan Landing LLC A) PILOTS Estimate Table Worksheet for 13 years OCIDA estimate of current market value $ 37,950 Projected investment $ 19,289,831 OCIDA estimate of increase in value $ 3,562,050 OCIDA estimated value after project is completed $ 3,600,000 Taxes that would have been collected if the project did not occur $ 15,788 Scheduled PILOT payments $ 753,338 Full Tax County PILOT School PILOT YEAR Exemption % Town Village Total PILOT Payment w/o Net Exemption Amount District PILOT 1 100% $ 116 $ 114 $ 640 $ 205 $ 1,075.42 $ 102,017 $ 100,941 2 60% $ 4,546 $ 4,494 $ 25,175 $ 8,066 $ 42,280.93 $ 104,057 $ 61,776 3 60% $ 4,637 $ 4,584 $ 25,679 $ 8,227 $ 43,126.55 $ 106,138 $ 63,012 4 60% $ 4,729 $ 4,676 $ 26,192 $ 8,392 $ 43,989.08 $ 108,261 $ 64,272 5 60% $ 4,824 $ 4,769 $ 26,716 $ 8,560 $ 44,868.86 $ 110,426 $ 65,557 6 55% $ 5,519 $ 5,457 $ 30,568 $ 9,794 $ 51,338.60 $ 112,635 $ 61,296 7 55% $ 5,630 $ 5,566 $ 31,180 $ 9,990 $ 52,365.37 $ 114,887 $ 62,522 8 55% $ 5,742 $ 5,677 $ 31,803 $ 10,189 $ 53,412.68 $ 117,185 $ 63,772 9 45% $ 7,129 $ 7,048 $ 39,481 $ 12,649 $ 66,307.80 $ 119,529 $ 53,221 10 45% $ 7,271 $ 7,189 $ 40,271 $ 12,902 $ 67,633.96 $ 121,919 $ 54,285 11 35% $ 8,740 $ 8,641 $ 48,403 $ 15,508 $ 81,291.31 $ 124,358 $ 43,066 12 25% $ 10,264 $ 10,148 $ 56,844 $ 18,212 $ 95,467.90 $ 126,845 $ 31,377 13 15% $ 11,845 $ 11,711 $ 65,603 $ 21,019 $ 110,179.04 $ 129,382 $ 19,203 TOTAL $ 80,992 $ 80,075 $ 448,557 $ 143,713 $ 753,338 $ 1,497,637 $ 744,300 Year 0 1 2 3 4 5 Jobs Current/Actuals Creation Goals 5 Total Employment Goals 0 5 5 5 5 5 © 2026 Onondaga County Industrial Development Agency. All rights reserved. Page 16 of 242 Page 17 of 242 Page 18 of 242 Jordan Landing Proposed Organizational Chart Jordan Landing Housing Development Fund Corporation Jordan Landing LLC New York Housing Development Fund Nominee Agreement New York Limited Liability Company Corporation Beneficial Owner Nominee Owner/Fee Title Holder Eagle Star Housing Inc. Jordan Landing Managers LLC To be Formed Investor LLC New York not-for-profit Managing Member Investor Member corporation .01% 99.99% 100% Member Eagle Star Housing, Inc. Jordan Developers LLC Tax Credit Investor New York not-for-profit New York for-profit New York for-profit corporation corporation corporation 51% Member 49% Member 100% Member Rock PMC Rockabill Development LLC New York for-profit New York for-profit corporation corporation 51% Member 49% Member Page 19 of 242 Page 20 of 242 Page 21 of 242 Page 22 of 242 Page 23 of 242 Page 24 of 242 Page 25 of 242 Page 26 of 242 Page 27 of 242 Page 28 of 242 Page 29 of 242 Page 30 of 242 Page 31 of 242 Page 32 of 242 Page 33 of 242 Page 34 of 242 Page 35 of 242 Page 36 of 242 Section XI: Conflict of Interest Agency Board Members Randy Wolken Alan Marzullo Mark Muthumbi Deka Eysaman Christina Hollenback Sally Santangelo Michael Greene Agency Officers/Staff Robert M. Petrovich, Executive Director Nathaniel Stevens, Treasurer Alexis Rodriguez, Secretary Evan Carter, Assistant Secretary Robert Schoneck, Assistant Treasurer Agency Legal Counsel & Auditor Jeffrey Davis, Esq., Barclay Damon LLP Amanda Fitzgerald, Esq., Barclay Damon LLP Michael Lisson, CPA, Grossman St. Amour CPAs, PLLC The Applicant(s) has received 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: If there are two applicants (Real Estate Holding and Operating Company) both need to complete this page. Name of Applicant(s) Company _________________________________ Jordan Landing LLC Signature of Officer or Authorized Representative: _________________________________ Patrick Rock Digitally signed by Patrick Rock Date: 2026.05.19 14:11:36 -04'00' Name & Title of Officer or Authorized Representative: _________________________________ Patrick Rock, GP Date: ______________ 5/19/2026 Onondaga County Industrial Development Agency Page 37 of 242 Page 19 Page 38 of 242 Page 39 of 242 Page 40 of 242 Page 41 of 242 Section I: C) 4.Has the Applicant/Owner received assistance from Onondaga County Industrial DevelopmentAgency (OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or theOnondaga Civic Development Corporation (OCDC) in the past? Below is a list of housing developments completed by the Applicant's affiliated entities # of # of Housing Completion Project Name Project Address Buildings Units Date Government Funding Programs Paddock's Landing 116 State Street, Phoenix, NY 13135 1 32 4/6/1983 USDA Rural Development 515 Village Center 456 Main Street, Phoenix, NY 13135 1 15 6/1/1984 USDA Rural Development 515 Bradley Associates 56 Davis Street, Phoenix, NY 13135 2 24 6/27/1986 USDA Rural Development 515 Christopher Court 22 Maplehurst, Phoenix, NY 13135 5 40 4/30/1992 USDA Rural Development 515 Patrick Court 32 Maplehurst, Phoenix, NY 13135 2 24 12/16/1993 USDA Rural Development 515 Austin Court 42 Maplehurst, Phoenix, NY 13135 2 24 6/6/1998 USDA Rural Development 515 and New York State Old Erie Place I 20 North Beaver Street, Jordan, NY 130 1 24 9/26/1986 USDA Rural Development 515 Old Erie Place II 20 North Beaver Street, Jordan, NY 130 1 24 12/19/1986 USDA Rural Development 515 Old Erie Place III 20 North Beaver Street, Jordan, NY 130 1 24 2/14/1994 USDA Rural Development 515 Old Erie Place IV 20 North Beaver Street, Jordan, NY 130 1 24 1/8/2002 USDA Rural Development 515 and New York State Wolcott Meadows I 6032 Alport Street, Wolcott, NY 14590 5 40 11/8/1988 USDA Rural Development 515 and New York State Wolcott Meadows II 6032 Alport Street, Wolcott, NY 14590 1 30 12/4/1994 USDA Rural Development 515 and New York State Union Free School 23 First Street, Camillus, NY 13031 1 27 12/10/1993 New York State Housing Trust Fund Minetto Senior Housing12 Schuyler Street, Oswego, NY 13126 1 39 1/9/2002 New York State Housing Trust Fund Page 42 of 242 Section II D: Project Narrative: A statement that the Project described in this application would not be undertaken but for the financial assistance provided by the Agency. The PILOT agreement from the IDA is necessary for the Project to move forward. The real estate tax burden projected in year one is over $107,000. An amount that is unsustainable without a drastic change to the rents making the project no longer affordable. A PILOT also provides comfort to the investors, lenders and the State of New York, who are unlikely to invest without a stable PILOT Payment. For the project to provide affordable rents targeting low and moderate income families and veterans a PILOT is critical. Page 43 of 242 E. Project Description Jordan Landing: • Overview of the Development Jordan Landing is a thoughtfully designed, infill new construction development located in the Village of Jordan, Onondaga County, NY. Situated on 7.84 acres of vacant land (parcels 006.1-01-03.1, 006.1-01-04.1, and 006.1-01-05) adjacent to the Erie Canal Trail, this project will bring 65 units of mixed-income housing across nine two-story buildings. It is a response to pressing regional housing needs, offering high-quality, energy-efficient homes for working families and individuals—30 of which will be integrated supportive units for homeless veterans and individuals with Serious Mental Illness (SMI). The project received zoning support from the Village of Jordan in early 2025 and has since secured site plan approval, along with $250,000 in capital funding from OCHIP. The development’s design promotes mixed-income housing through income averaging, with units spanning 30%, 50%, 60%, and 70% of Area Median Income (AMI). The breakdown includes 35 one-bedroom, 16 two-bedroom, and 14 three-bedroom units, distributed across both townhouse and multifamily buildings. The multifamily building includes shared amenities: a community room, fitness area, service offices, and laundry facilities—all accessible to every resident. Below is a breakdown of units by bedroom type and AMI: Bedroom Total 30% 50% 60% 70% Size Units AMI AMI AMI AMI 1 35 6 21 4 4 2 16 1 6 6 3 3 14 0 2 6 6 Total 65 7 29 16 13 % of Total 100% 11% 44.5% 24.5% 20% The total square footage of the project is 74,203. • Supportive Housing Component Eagle Star Housing, a nonprofit service provider founded in 2012, leads the supportive housing component. Their mission to serve veterans facing homelessness aligns closely with the state's priorities. They have secured an award for 30 ESSHI-supported units (15 for homeless veterans, 15 for individuals with SMI). Eagle Star will provide direct services on-site, including mental health support, case management, transportation, and resident programming. Services will be 1 Page 44 of 242 led by a highly qualified House Manager with a Master of Social Work and significant experience, ensuring the program meets the complex needs of the target population. This integrated approach not only helps vulnerable individuals remain stably housed but also contributes to reducing regional homelessness. Recent Point-in-Time data shows homelessness in the NY-505 region increased by over 25% in the last year alone, with Onondaga County now accounting for 64% of the area’s homeless population. • Design, Sustainability, and Community Integration Jordan Landing incorporates sustainable design and green building practices to meet New York State Homes and Community Renewal (HCR)’s 2025 sustainability guidelines. The project will meet Enterprise Green Communities 2020 Plus standards and conduct HVAC commissioning to ensure long-term energy efficiency. Each building is two stories and wood-frame construction. The buildings are sited to avoid any disturbance to nearby DEC and USACE-regulated wetlands, although minor grading in the 100- foot buffer will be permitted under a forthcoming NYSDEC permit. The surrounding landscape, including a nearby forested wetland and the Erie Canal Trail, will offer residents access to nature and recreation. A central playground, walkable sidewalks, and adjacent public spaces further enhance the community-oriented design. • Location and Market Fit Jordan Landing is well-positioned within commuting distance of several regional employment hubs, including the forthcoming Micron Facility in Clay (30 minutes away), Downtown Syracuse (30 minutes), and Auburn (20 minutes). Though public transit is limited, Eagle Star will provide transportation services for supportive housing residents, and Onondaga County’s Dial-a-Ride program offers transit options for seniors and people with disabilities. Market conditions strongly support the development. Adjacent affordable housing—developed and managed by Rock PMC—remains fully occupied with long waiting lists. A recent market study found a favorable 10.44% capture rate and underscored stable rents and minimal vacancy in both market-rate and affordable housing sectors. With a rising population of people experiencing homelessness, especially veterans and individuals with SMI, Jordan Landing is a timely and much-needed intervention. • Site, Zoning, and Environmental Considerations The Project Site was made up of three parcels: # 006.1-01-03.1, 006.1-01-04.1, and 006.1-01- 05.0. At the August 20th Planning Board Meeting the Board passed a resolution consolidating these lots into one parcel which is expected to retain the 006.1-01-03.1 SBL number and has been confirmed to be addressed as 577 Peru Road. The Village of Jordan Planning Board 2 Page 45 of 242 granted final site plan approval in August 2025. The land is free of environmental hazards, and any work near the wetlands will proceed under proper permitting. • Development Team and Financing This collaborative effort brings together trusted partners: • Eagle Star Housing (Applicant, majority owner, service provider) • Rock PMC (Property Manager, municipal approvals lead) • Rockabill Development (Financing, construction closing, and coordination) • Bowes REDC (Predevelopment consultant) • Libolt & Sons / AHC (General Contractor) • Holmes King Kallquist (Architect) • Canon Heyman & Weiss (Legal counsel) Financing sources include: • 9% State and Federal Low Income Housing Tax Credits • NYS Supportive Housing Opportunity Program Funds • $250,000 from OCHIP • Equity from Key Bank (tax credit investor and lender) • Deferred Developer Fee from Project Developers Timeline and Readiness Jordan Landing is development-ready. Key milestones are as follows: • March 2026 – HCR Awards • August 2026 – Financial closing and construction start • March 2028 – Construction completion and lease-up begins • September 2028 – Full occupancy • December 2028 – Permanent closing The only outstanding municipal item is a building permit, expected within 4–6 weeks of application. The NYSDEC permit process for minor grading in the buffer zone will be underway in fall 2025, with approvals anticipated within five months. 3 Page 46 of 242 Section II: H) Local Approvals Attached please find a letter from the Village of Jordan outlining the approvals received as well as the SEQR. Please note that the total acreage of the property is 7.84 and the total square footage of the buildings is 74,203. Attached is a survey, site plans and building plans. Page 47 of 242 Page 48 of 242 Page 49 of 242 Agency Use Only [If applicable] Full Environmental Assessment Form Project : Part 2 - Identification of Potential Project Impacts Date : Part 2 is to be completed by the lead agency. Part 2 is designed to help the lead agency inventory all potential resources that could be affected by a proposed project or action. We recognize that the lead agency=s reviewer(s) will not necessarily be environmental professionals. So, the questions are designed to walk a reviewer through the assessment process by providing a series of questions that can be answered using the information found in Part 1. To further assist the lead agency in completing Part 2, the form identifies the most relevant questions in Part 1 that will provide the information needed to answer the Part 2 question. When Part 2 is completed, the lead agency will have identified the relevant environmental areas that may be impacted by the proposed activity. If the lead agency is a state agency and the action is in any Coastal Area, complete the Coastal Assessment Form before proceeding with this assessment. Tips for completing Part 2: • Review all of the information provided in Part 1. • Review any application, maps, supporting materials and the Full EAF Workbook. • Answer each of the 18 questions in Part 2. • If you answer “Yes” to a numbered question, please complete all the questions that follow in that section. • If you answer “No” to a numbered question, move on to the next numbered question. • Check appropriate column to indicate the anticipated size of the impact. • Proposed projects that would exceed a numeric threshold contained in a question should result in the reviewing agency checking the box “Moderate to large impact may occur.” • The reviewer is not expected to be an expert in environmental analysis. • If you are not sure or undecided about the size of an impact, it may help to review the sub-questions for the general question and consult the workbook. • When answering a question consider all components of the proposed activity, that is, the Awhole action@. • Consider the possibility for long-term and cumulative impacts as well as direct impacts. • Answer the question in a reasonable manner considering the scale and context of the project. 1. Impact on Land Proposed action may involve construction on, or physical alteration of, † NO † YES ✔ the land surface of the proposed site. (See Part 1. D.1) If “Yes”, answer questions a - j. If “No”, move on to Section 2. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may involve construction on land where depth to water table is E2d 9 ✔ 9 less than 3 feet. b. The proposed action may involve construction on slopes of 15% or greater. E2f 9 ✔ 9 c. The proposed action may involve construction on land where bedrock is exposed, or E2a 9 ✔ 9 generally within 5 feet of existing ground surface. d. The proposed action may involve the excavation and removal of more than 1,000 tons D2a 9 ✔ 9 of natural material. e. The proposed action may involve construction that continues for more than one year D1e 9 ✔ 9 or in multiple phases. f. The proposed action may result in increased erosion, whether from physical D2e, D2q 9 ✔ 9 disturbance or vegetation removal (including from treatment by herbicides). g. The proposed action is, or may be, located within a Coastal Erosion hazard area. B1i 9 ✔ 9 h. Other impacts: _______________________________________________________ 9 9 ___________________________________________________________________ Page 1 of 10 Page 50 of 242 FEAF 2019 2. Impact on Geological Features The proposed action may result in the modification or destruction of, or inhibit access to, any unique or unusual land forms on the site (e.g., cliffs, dunes, † NO ✔ † YES minerals, fossils, caves). (See Part 1. E.2.g) If “Yes”, answer questions a - c. If “No”, move on to Section 3. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. Identify the specific land form(s) attached: ________________________________ E2g 9 9 ___________________________________________________________________ b. The proposed action may affect or is adjacent to a geological feature listed as a E3c 9 9 registered National Natural Landmark. Specific feature: _____________________________________________________ c. Other impacts: ______________________________________________________ 9 9 ___________________________________________________________________ 3. Impacts on Surface Water The proposed action may affect one or more wetlands or other surface water ✔ † NO † YES bodies (e.g., streams, rivers, ponds or lakes). (See Part 1. D.2, E.2.h) If “Yes”, answer questions a - l. If “No”, move on to Section 4. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may create a new water body. D2b, D1h 9 9 b. The proposed action may result in an increase or decrease of over 10% or more than a D2b 9 9 10 acre increase or decrease in the surface area of any body of water. c. The proposed action may involve dredging more than 100 cubic yards of material D2a 9 9 from a wetland or water body. d. The proposed action may involve construction within or adjoining a freshwater or E2h 9 9 tidal wetland, or in the bed or banks of any other water body. e. The proposed action may create turbidity in a waterbody, either from upland erosion, D2a, D2h 9 9 runoff or by disturbing bottom sediments. f. The proposed action may include construction of one or more intake(s) for withdrawal D2c 9 9 of water from surface water. g. The proposed action may include construction of one or more outfall(s) for discharge D2d 9 9 of wastewater to surface water(s). h. The proposed action may cause soil erosion, or otherwise create a source of D2e 9 9 stormwater discharge that may lead to siltation or other degradation of receiving water bodies. i. The proposed action may affect the water quality of any water bodies within or E2h 9 9 downstream of the site of the proposed action. j. The proposed action may involve the application of pesticides or herbicides in or D2q, E2h 9 9 around any water body. k. The proposed action may require the construction of new, or expansion of existing, D1a, D2d 9 9 wastewater treatment facilities. Page 2 of 10 Page 51 of 242 l. Other impacts: _______________________________________________________ 9 9 ___________________________________________________________________ 4. Impact on groundwater The proposed action may result in new or additional use of ground water, or ✔ † NO † YES may have the potential to introduce contaminants to ground water or an aquifer. (See Part 1. D.2.a, D.2.c, D.2.d, D.2.p, D.2.q, D.2.t) If “Yes”, answer questions a - h. If “No”, move on to Section 5. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may require new water supply wells, or create additional demand D2c 9 9 on supplies from existing water supply wells. b. Water supply demand from the proposed action may exceed safe and sustainable D2c 9 9 withdrawal capacity rate of the local supply or aquifer. Cite Source: ________________________________________________________ c. The proposed action may allow or result in residential uses in areas without water and D1a, D2c 9 9 sewer services. d. The proposed action may include or require wastewater discharged to groundwater. D2d, E2l 9 9 e. The proposed action may result in the construction of water supply wells in locations D2c, E1f, 9 9 where groundwater is, or is suspected to be, contaminated. E1g, E1h f. The proposed action may require the bulk storage of petroleum or chemical products D2p, E2l 9 9 over ground water or an aquifer. g. The proposed action may involve the commercial application of pesticides within 100 E2h, D2q, 9 9 feet of potable drinking water or irrigation sources. E2l, D2c h. Other impacts: ______________________________________________________ 9 9 __________________________________________________________________ 5. Impact on Flooding The proposed action may result in development on lands subject to flooding. † NO ✔ † YES (See Part 1. E.2) If “Yes”, answer questions a - g. If “No”, move on to Section 6. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may result in development in a designated floodway. E2i 9 9 b. The proposed action may result in development within a 100 year floodplain. E2j 9 9 c. The proposed action may result in development within a 500 year floodplain. E2k 9 9 d. The proposed action may result in, or require, modification of existing drainage D2b, D2e 9 9 patterns. e. The proposed action may change flood water flows that contribute to flooding. D2b, E2i, 9 9 E2j, E2k f. If there is a dam located on the site of the proposed action, is the dam in need of repair, E1e 9 9 or upgrade? Page 3 of 10 Page 52 of 242 g. Other impacts: ______________________________________________________ 9 9 ___________________________________________________________________ 6. Impacts on Air The proposed action may include a state regulated air emission source. † ✔ NO † YES (See Part 1. D.2.f., D.2.h, D.2.g) If “Yes”, answer questions a - f. If “No”, move on to Section 7. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. If the proposed action requires federal or state air emission permits, the action may also emit one or more greenhouse gases at or above the following levels: i. More than 1000 tons/year of carbon dioxide (CO2) D2g 9 9 ii. More than 3.5 tons/year of nitrous oxide (N2O) D2g 9 9 iii. More than 1000 tons/year of carbon equivalent of perfluorocarbons (PFCs) D2g 9 9 iv. More than .045 tons/year of sulfur hexafluoride (SF6) D2g 9 9 D2g 9 9 v. More than 1000 tons/year of carbon dioxide equivalent of hydrochloroflourocarbons (HFCs) emissions vi. 43 tons/year or more of methane D2h 9 9 b. The proposed action may generate 10 tons/year or more of any one designated D2g 9 9 hazardous air pollutant, or 25 tons/year or more of any combination of such hazardous air pollutants. c. The proposed action may require a state air registration, or may produce an emissions D2f, D2g 9 9 rate of total contaminants that may exceed 5 lbs. per hour, or may include a heat source capable of producing more than 10 million BTU=s per hour. d. The proposed action may reach 50% of any of the thresholds in “a” through “c”, D2g 9 9 above. e. The proposed action may result in the combustion or thermal treatment of more than 1 D2s 9 9 ton of refuse per hour. f. Other impacts: ______________________________________________________ 9 9 __________________________________________________________________ 7. Impact on Plants and Animals The proposed action may result in a loss of flora or fauna. (See Part 1. E.2. m.-q.) † NO ✔ † YES If “Yes”, answer questions a - j. If “No”, move on to Section 8. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may cause reduction in population or loss of individuals of any E2o 9 9 threatened or endangered species, as listed by New York State or the Federal government, that use the site, or are found on, over, or near the site. b. The proposed action may result in a reduction or degradation of any habitat used by E2o 9 9 any rare, threatened or endangered species, as listed by New York State or the federal government. c. The proposed action may cause reduction in population, or loss of individuals, of any E2p 9 9 species of special concern or conservation need, as listed by New York State or the Federal government, that use the site, or are found on, over, or near the site. d. The proposed action may result in a reduction or degradation of any habitat used by E2p 9 9 any species of special concern and conservation need, as listed by New York State or the Federal government. Page 4 of 10 Page 53 of 242 e. The proposed action may diminish the capacity of a registered National Natural E3c 9 9 Landmark to support the biological community it was established to protect. f. The proposed action may result in the removal of, or ground disturbance in, any E2n 9 9 portion of a designated significant natural community. Source: ____________________________________________________________ g. The proposed action may substantially interfere with nesting/breeding, foraging, or E2m 9 9 over-wintering habitat for the predominant species that occupy or use the project site. h. The proposed action requires the conversion of more than 10 acres of forest, 9 9 E1b grassland or any other regionally or locally important habitat. Habitat type & information source: ______________________________________ __________________________________________________________________ i. Proposed action (commercial, industrial or recreational projects, only) involves use of D2q 9 9 herbicides or pesticides. j. Other impacts: ______________________________________________________ 9 9 __________________________________________________________________ 8. Impact on Agricultural Resources The proposed action may impact agricultural resources. (See Part 1. E.3.a. and b.) ✔ † NO † YES If “Yes”, answer questions a - h. If “No”, move on to Section 9. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may impact soil classified within soil group 1 through 4 of the E2c, E3b 9 9 NYS Land Classification System. b. The proposed action may sever, cross or otherwise limit access to agricultural land E1a, Elb 9 9 (includes cropland, hayfields, pasture, vineyard, orchard, etc). c. The proposed action may result in the excavation or compaction of the soil profile of E3b 9 9 active agricultural land. d. The proposed action may irreversibly convert agricultural land to non-agricultural E1b, E3a 9 9 uses, either more than 2.5 acres if located in an Agricultural District, or more than 10 acres if not within an Agricultural District. e. The proposed action may disrupt or prevent installation of an agricultural land El a, E1b 9 9 management system. f. The proposed action may result, directly or indirectly, in increased development C2c, C3, 9 9 potential or pressure on farmland. D2c, D2d g. The proposed project is not consistent with the adopted municipal Farmland C2c 9 9 Protection Plan. h. Other impacts: ________________________________________________________ 9 9 Page 5 of 10 Page 54 of 242 9. Impact on Aesthetic Resources The land use of the proposed action are obviously different from, or are in ✔ † NO † YES sharp contrast to, current land use patterns between the proposed project and a scenic or aesthetic resource. (Part 1. E.1.a, E.1.b, E.3.h.) If “Yes”, answer questions a - g. If “No”, go to Section 10. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. Proposed action may be visible from any officially designated federal, state, or local E3h 9 9 scenic or aesthetic resource. b. The proposed action may result in the obstruction, elimination or significant E3h, C2b 9 9 screening of one or more officially designated scenic views. c. The proposed action may be visible from publicly accessible vantage points: E3h i. Seasonally (e.g., screened by summer foliage, but visible during other seasons) 9 9 ii. Year round 9 9 d. The situation or activity in which viewers are engaged while viewing the proposed E3h action is: E2q, i. Routine travel by residents, including travel to and from work 9 9 ii. Recreational or tourism based activities E1c 9 9 e. The proposed action may cause a diminishment of the public enjoyment and E3h 9 9 appreciation of the designated aesthetic resource. f. There are similar projects visible within the following distance of the proposed D1a, E1a, 9 9 project: D1f, D1g 0-1/2 mile ½ -3 mile 3-5 mile 5+ mile g. Other impacts: ______________________________________________________ 9 9 __________________________________________________________________ 10. Impact on Historic and Archeological Resources The proposed action may occur in or adjacent to a historic or archaeological † NO ✔ † YES resource. (Part 1. E.3.e, f. and g.) If “Yes”, answer questions a - e. If “No”, go to Section 11. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may occur wholly or partially within, or substantially contiguous to, any buildings, archaeological site or district which is listed on the National or E3e 9 9 State Register of Historical Places, or that has been determined by the Commissioner of the NYS Office of Parks, Recreation and Historic Preservation to be eligible for listing on the State Register of Historic Places. b. The proposed action may occur wholly or partially within, or substantially contiguous E3f 9 9 to, an area designated as sensitive for archaeological sites on the NY State Historic Preservation Office (SHPO) archaeological site inventory. c. The proposed action may occur wholly or partially within, or substantially contiguous E3g 9 9 to, an archaeological site not included on the NY SHPO inventory. Source: ____________________________________________________________ Page 6 of 10 Page 55 of 242 d. Other impacts: ______________________________________________________ 9 9 __________________________________________________________________ If any of the above (a-d) are answered “Moderate to large impact may e. occur”, continue with the following questions to help support conclusions in Part 3: i. The proposed action may result in the destruction or alteration of all or part E3e, E3g, 9 9 of the site or property. E3f ii. The proposed action may result in the alteration of the property’s setting or E3e, E3f, 9 9 integrity. E3g, E1a, E1b iii. The proposed action may result in the introduction of visual elements which E3e, E3f, 9 9 are out of character with the site or property, or may alter its setting. E3g, E3h, C2, C3 11. Impact on Open Space and Recreation The proposed action may result in a loss of recreational opportunities or a † NO ✔ † YES reduction of an open space resource as designated in any adopted municipal open space plan. (See Part 1. C.2.c, E.1.c., E.2.q.) If “Yes”, answer questions a - e. If “No”, go to Section 12. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may result in an impairment of natural functions, or “ecosystem D2e, E1b 9 9 services”, provided by an undeveloped area, including but not limited to stormwater E2h, storage, nutrient cycling, wildlife habitat. E2m, E2o, E2n, E2p b. The proposed action may result in the loss of a current or future recreational resource. C2a, E1c, 9 9 C2c, E2q c. The proposed action may eliminate open space or recreational resource in an area C2a, C2c 9 9 with few such resources. E1c, E2q d. The proposed action may result in loss of an area now used informally by the C2c, E1c 9 9 community as an open space resource. e. Other impacts: _____________________________________________________ 9 9 _________________________________________________________________ 12. Impact on Critical Environmental Areas The proposed action may be located within or adjacent to a critical † NO ✔ † YES environmental area (CEA). (See Part 1. E.3.d) If “Yes”, answer questions a - c. If “No”, go to Section 13. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may result in a reduction in the quantity of the resource or E3d 9 9 characteristic which was the basis for designation of the CEA. b. The proposed action may result in a reduction in the quality of the resource or E3d 9 9 characteristic which was the basis for designation of the CEA. c. Other impacts: ______________________________________________________ 9 9 __________________________________________________________________ Page 7 of 10 Page 56 of 242 13. Impact on Transportation The proposed action may result in a change to existing transportation systems. ✔ † NO † YES (See Part 1. D.2.j) If “Yes”, answer questions a - f. If “No”, go to Section 14. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. Projected traffic increase may exceed capacity of existing road network. D2j 9 9 b. The proposed action may result in the construction of paved parking area for 500 or D2j 9 9 more vehicles. c. The proposed action will degrade existing transit access. D2j 9 9 d. The proposed action will degrade existing pedestrian or bicycle accommodations. D2j 9 9 e. The proposed action may alter the present pattern of movement of people or goods. D2j 9 9 f. Other impacts: ______________________________________________________ 9 9 __________________________________________________________________ 14. Impact on Energy The proposed action may cause an increase in the use of any form of energy. † NO ✔ † YES (See Part 1. D.2.k) If “Yes”, answer questions a - e. If “No”, go to Section 15. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action will require a new, or an upgrade to an existing, substation. D2k 9 9 b. The proposed action will require the creation or extension of an energy transmission D1f, 9 9 or supply system to serve more than 50 single or two-family residences or to serve a D1q, D2k commercial or industrial use. c. The proposed action may utilize more than 2,500 MWhrs per year of electricity. D2k 9 9 d. The proposed action may involve heating and/or cooling of more than 100,000 square D1g 9 9 feet of building area when completed. e. Other Impacts: ________________________________________________________ ____________________________________________________________________ 15. Impact on Noise, Odor, and Light The proposed action may result in an increase in noise, odors, or outdoor lighting. † NO ✔ † YES (See Part 1. D.2.m., n., and o.) If “Yes”, answer questions a - f. If “No”, go to Section 16. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may produce sound above noise levels established by local D2m 9 9 regulation. b. The proposed action may result in blasting within 1,500 feet of any residence, D2m, E1d 9 9 hospital, school, licensed day care center, or nursing home. c. The proposed action may result in routine odors for more than one hour per day. D2o 9 9 Page 8 of 10 Page 57 of 242 d. The proposed action may result in light shining onto adjoining properties. D2n 9 9 e. The proposed action may result in lighting creating sky-glow brighter than existing D2n, E1a 9 9 area conditions. f. Other impacts: ______________________________________________________ 9 9 __________________________________________________________________ 16. Impact on Human Health The proposed action may have an impact on human health from exposure ✔ † NO † YES to new or existing sources of contaminants. (See Part 1.D.2.q., E.1. d. f. g. and h.) If “Yes”, answer questions a - m. If “No”, go to Section 17. Relevant No,or Moderate Part I small to large Question(s) impact impact may may cccur occur a. The proposed action is located within 1500 feet of a school, hospital, licensed day E1d 9 9 care center, group home, nursing home or retirement community. b. The site of the proposed action is currently undergoing remediation. E1g, E1h 9 9 c. There is a completed emergency spill remediation, or a completed environmental site E1g, E1h 9 9 remediation on, or adjacent to, the site of the proposed action. d. The site of the action is subject to an institutional control limiting the use of the E1g, E1h 9 9 property (e.g., easement or deed restriction). e. The proposed action may affect institutional control measures that were put in place E1g, E1h 9 9 to ensure that the site remains protective of the environment and human health. f. The proposed action has adequate control measures in place to ensure that future D2t 9 9 generation, treatment and/or disposal of hazardous wastes will be protective of the environment and human health. g. The proposed action involves construction or modification of a solid waste D2q, E1f 9 9 management facility. h. The proposed action may result in the unearthing of solid or hazardous waste. D2q, E1f 9 9 i. The proposed action may result in an increase in the rate of disposal, or processing, of D2r, D2s 9 9 solid waste. j. The proposed action may result in excavation or other disturbance within 2000 feet of E1f, E1g 9 9 a site used for the disposal of solid or hazardous waste. E1h k. The proposed action may result in the migration of explosive gases from a landfill E1f, E1g 9 9 site to adjacent off site structures. l. The proposed action may result in the release of contaminated leachate from the D2s, E1f, 9 9 project site. D2r m. Other impacts: ______________________________________________________ __________________________________________________________________ Page 9 of 10 Page 58 of 242 17. Consistency with Community Plans The proposed action is not consistent with adopted land use plans. † NO ✔ † YES (See Part 1. C.1, C.2. and C.3.) If “Yes”, answer questions a - h. If “No”, go to Section 18. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action’s land use components may be different from, or in sharp C2, C3, D1a 9 9 contrast to, current surrounding land use pattern(s). E1a, E1b b. The proposed action will cause the permanent population of the city, town or village C2 9 9 in which the project is located to grow by more than 5%. c. The proposed action is inconsistent with local land use plans or zoning regulations. C2, C2, C3 9 9 d. The proposed action is inconsistent with any County plans, or other regional land use C2, C2 9 9 plans. e. The proposed action may cause a change in the density of development that is not C3, D1c, 9 9 supported by existing infrastructure or is distant from existing infrastructure. D1d, D1f, D1d, Elb f. The proposed action is located in an area characterized by low density development C4, D2c, D2d 9 9 that will require new or expanded public infrastructure. D2j g. The proposed action may induce secondary development impacts (e.g., residential or C2a 9 9 commercial development not included in the proposed action) h. Other: _____________________________________________________________ 9 9 __________________________________________________________________ 18. Consistency with Community Character The proposed project is inconsistent with the existing community character. † NO ✔ † YES (See Part 1. C.2, C.3, D.2, E.3) If “Yes”, answer questions a - g. If “No”, proceed to Part 3. Relevant No, or Moderate Part I small to large Question(s) impact impact may may occur occur a. The proposed action may replace or eliminate existing facilities, structures, or areas E3e, E3f, E3g 9 9 of historic importance to the community. b. The proposed action may create a demand for additional community services (e.g. C4 9 9 schools, police and fire) c. The proposed action may displace affordable or low-income housing in an area where C2, C3, D1f 9 9 there is a shortage of such housing. D1g, E1a d. The proposed action may interfere with the use or enjoyment of officially recognized C2, E3 9 9 or designated public resources. e. The proposed action is inconsistent with the predominant architectural scale and C2, C3 9 9 character. f. Proposed action is inconsistent with the character of the existing natural landscape. C2, C3 9 9 E1a, E1b E2g, E2h g. Other impacts: ______________________________________________________ 9 9 __________________________________________________________________ PRINT FULL FORM Page 10 of 10 Page 59 of 242 Page 60 of 242 KEPLINGER FREEMAN ASSOCIATES LANDSCAPE ARCHITECTURE & LAND PLANNING 6320 FLY ROAD, SUITE 109 EAST SYRACUSE, NEW YORK 13057 PHONE: (315) 445-7980 PB SUBMISSION 6/4/2025 NOT FOR 0 125 250 375 CONSTRUCTION SCALE IN FEET REV DATE : DRAWN DESCRIPTION : No : BY : 1 6/4/25 JPR MISC. REVISIONS 2 7/2/25 JPR BUS PARKING AREA ALL DRAWINGS AND SPECIFICATIONS ARE THE PROPERTY OF THE ARCHITECT, AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT C THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS AT THE SITE AND PROMPTLY NOTIFY THE ARCHITECT IN WRITING OF ANY DISCREPANCIES. JOB NO: 25014 DATE: 05/07/2025 DRAWN BY: JPR CHECKED BY: EGK SCALE: AS SHOWN PROJECT NORTH DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5(b). PART 69.5(b) OF THE TITLE VIII EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE HOLMES KING KALLQUIST 575 North Salina Street, Syracuse, NY 13208 Fax: (315) 476 - 5420 & Associates, Architects, LLP www.hkkarchitects.com 577 PERU ROAD, JORDAN, NEW YORK JORDAN LANDING NEW CONSTRUCTION Ph: (315) 476 - 8371 PHOTO BOARD Page 61 of 242 L9.1 8/28/2025 5:40:47 PM C:\Users\clounsbery\Documents\revit files\R25_25014_Jordan Landing_central_20250821_clounsbery.rvt BUILD Page 62 of 242 ING - 1A BUILDING - 2A BUILDING - 2B BUILDING - 4A BUILDING - 3A BUILDING - 1B BUILDING - 1C BUILDING - 1D BUILDING - 1E SCALE: 1/8" = 1'-0" CAMPUS PLAN NO.: REV. NEW CONSTRUCTION: BUILDING 4A DATE: JORDAN LANDING PROJECT NORTH 577 PERU ROAD, JORDAN, NY BY: DRAWN HOLMES KING KALLQUIST DRAWN BY: & Associates, Architects, LLP JOB NO: 25014 DATE: 05/06/2025 575 North Salina Street, Syracuse, NY 13208 HCR REVIEW DESCRIPTION: SCALE: 1/8" = 1'-0" AT THE SITE AND PROMPTLY NOTIFY THE G1.0 Author Ph: (315) 476 - 8371 Fax: (315) 476 - 5420 ALL DRAWINGS AND SPECIFICATIONS ARE THE CAMPUS PLAN ARCHITECT IN WRITING OF ANY DISCREPANCIES. THE CONTRACTOR SHALL VERIFY ALL DIMENSIONS PROPERTY OF THE ARCHITECT AND SHALL BE USED ONLY ON THE JOB DESIGNATED. COPYRIGHT C www.hkkarchitects.com BUILDING 4A PART 69.5(b) OF THE TITLE VIII EDUCATION LAW OF NEW YORK PROHIBITS ANY AND ALL ALTERATIONS TO THIS DRAWING OR DOCUMENT BY ANY PERSON, UNLESS ACTING UNDER THE DIRECTION OF A LICENSED ARCHITECT. ANY SUCH ALTERATIONS SHALL BE NOTED, SEALED, AND SIGNED BY THE ALTERING ARCHITECT IN ACCORDANCE WITH THE REQUIREMENTS OF PART 69.5( b). Section VII: For Housing Projects Only 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. {Section II (D) A Payment In Lieu of Taxes (PILOT) agreement is critical to the financial feasibility and long-term stability of Jordan Landing. The project’s operating budget demonstrates that real estate taxes represent one of the largest ongoing expenses, beginning at $107,000 in Year 1 and escalating annually by 2%. Even with modest tax growth, total operating costs exceed $580,000 in the first year, producing an income-to-expense ratio of only 1.04—barely above the minimum threshold for sustainable operations. This narrow margin leaves limited flexibility to address increases in utilities, insurance, and maintenance costs, which have risen sharply across the affordable housing sector. Without a PILOT agreement to moderate property tax levels, the project’s annual debt coverage ratio would fall below the 1.15–1.20 range required by lenders and investors, making permanent financing unattainable. The result would be a project that cannot move forward in its intended form— jeopardizing 65 new units of affordable and supportive housing in a community that has demonstrated significant unmet demand and 100% occupancy in comparable properties. A PILOT is not simply a financial convenience; it is a core component of the project’s capital and operating strategy. The development’s rents are restricted to serve households between 30% and 70% of Area Median Income, with 30 of the 65 units dedicated to supportive housing for homeless veterans and individuals with serious mental illness. These deeply affordable units produce lower operating revenue but are essential to addressing regional housing and homelessness priorities. A full property tax burden—calculated at market valuation rather than restricted-income valuation—would consume scarce operating funds that must otherwise support resident services, maintenance, and long-term reserve contributions. A structured PILOT provides a predictable and sustainable tax framework that balances community benefit with fiscal responsibility. It ensures that Jordan Landing contributes to local tax revenues at a reasonable rate while preserving sufficient cash flow to operate safely, maintain quality, and deliver ongoing supportive services. With a PILOT, the project can maintain a Debt Coverage Ratio of approximately 1.17 and modest but stable annual cash flow of around $34,000, ensuring financial viability without rent increases or service reductions. Without this PILOT, the project would likely face a cascading series of consequences: higher rents that undermine affordability targets, reduction or elimination of supportive units, or deferral of critical maintenance. Each of these outcomes would erode the long-term community value that the project is designed to deliver. By granting a PILOT, the Agency directly supports the creation of new, high-quality affordable housing that aligns with Plan Onondaga’s priorities—revitalizing village centers, expanding housing choice, and serving vulnerable populations—while ensuring that the project remains financially sound for decades 1 Page 63 of 242 to come. The PILOT is therefore not only beneficial but indispensable to realizing the full social, economic, and policy benefits of Jordan Landing. 2. Describe how the proposed housing project fulfills an unmet need in the community. Please provide a market study documenting a need for the proposed project. Jordan Landing directly responds to a well-documented shortage of affordable and supportive housing in Onondaga County and the Central New York region. The preliminary market study prepared for this project demonstrates a capture rate of only 10.44%, confirming that there is more than sufficient demand to absorb the proposed 65 mixed-income units. In nearby comparable developments, including the sponsor’s 90-unit Old Erie Place community, occupancy remains at 100% with a substantial waiting list, underscoring the lack of available, high-quality affordable housing options for working families and individuals in the area. The demand for supportive housing is equally urgent. The 2024 Point-in-Time Count documents a sharp rise in homelessness in Onondaga County—from 598 individuals in 2023 to 760 in 2024, with similar increases among veterans and people with serious mental illness. Jordan Landing’s 30 ESSHI- funded supportive units (15 for veterans and 15 for individuals living with mental illness) directly target these vulnerable populations, pairing stable housing with comprehensive on-site services. Additionally, the project is strategically located approximately 30 minutes from the Micron facility, positioning it to serve the expanding workforce associated with this transformative regional investment. As Micron and its suppliers bring thousands of new jobs to Central New York, the need for attainable, workforce-appropriate housing will intensify. Jordan Landing fills this gap by offering energy-efficient, affordable units in a walkable village setting close to jobs, transit, schools, and amenities—meeting both existing and emerging housing needs across income levels. In short, Jordan Landing fulfills multiple layers of unmet community need: it increases the affordable and supportive housing supply in a constrained market, advances the region’s capacity to accommodate workforce growth, and provides a stable, service-enriched environment for those most at risk of homelessness. 3. Describe how the proposed project aligns with the Plan Onondaga County comprehensive plan. (Plan Onondaga) Jordan Landing is fully aligned with the priorities and guiding principles of Plan Onondaga, which emphasizes sustainable growth, housing choice, community revitalization, and equitable access to opportunity. The project exemplifies smart growth and infill development by utilizing vacant land within the Village of Jordan—an established, infrastructure-served area—rather than extending development into greenfield sites. By leveraging existing water, sewer, and transportation infrastructure, the 2 Page 64 of 242 development supports the Plan’s goal of focusing investment where services already exist, preserving rural character while strengthening village centers. The Plan calls for expanded housing options that meet the needs of a diverse population, including seniors, families, veterans, and individuals with disabilities. Jordan Landing fulfills this by delivering a mix of income levels and household types, combining affordable workforce units with 30 supportive apartments for individuals and veterans in need of stability. This integrated approach promotes inclusion and community cohesion, key themes within Plan Onondaga’s housing and human services strategies. Furthermore, the project advances the Plan’s economic development and community renewal goals by ensuring that new and existing workers—particularly those tied to regional employers such as Micron—can find quality housing within commuting distance. The development’s location along the Erie Canalway Trail and its walkable access to schools, shops, and civic amenities also reinforce Plan Onondaga’s vision for connected, livable communities that prioritize health, accessibility, and quality of life. In essence, Jordan Landing translates Plan Onondaga’s priorities from policy to action: creating inclusive, sustainable, and locally integrated housing that strengthens the social and economic fabric of Onondaga County. 4. Is the Project considered infill in a populated area? If yes, please explain. Jordan Landing is unequivocally an infill development within a populated area. The eight-acre site is located within the Village of Jordan and is directly adjacent to existing multifamily housing, including the 90-unit Old Erie Place community. It is surrounded by established residential neighborhoods, schools, a library, shops, and the Erie Canal Trail—all within a short walk. The Village proactively rezoned the parcel from R-A (single-family residential) to R-C (multi-family residential) to accommodate the project, demonstrating strong local support and recognition of the site’s appropriateness for higher-density infill housing. Existing municipal water and sewer infrastructure serve the property, minimizing environmental impact and ensuring efficient land use. By reactivating a vacant parcel at the edge of an existing residential corridor, Jordan Landing strengthens the village’s housing base, supports local businesses, and enhances walkability and connectivity. Rather than contributing to suburban sprawl, it reinvests in the heart of an established community—an approach that embodies both the spirit and intent of New York State’s Smart Growth and community revitalization principles. 5. Is there additional infrastructure necessary to service the project? If yes, please explain. No the water, sewer and electric infrastructure exists on site. 3 Page 65 of 242 6. Is the project a part of a larger mixed-use development? If yes, please describe. No. The Project is a standalone housing development. 4 Page 66 of 242 6/1/2026 Project: Clay Hospitality, LLC Project Number: 3101-25-08A Location: Clay School District: Liverpool Project Type: New Construction, Hotel Tax Parcel(s): 021.-01-05.3; 021.-01-05.6; 021.-01-04.1 Village: N/A Total Project Cost: $ 19,253,000 8. Total Jobs 15 Land Acquisition $ 945,000 8A. Job Retention 0 Site Work/Demo $ 1,300,000 8B: Job Creation 15 Building Construction & Renovation $ 10,635,000 (Next 5 Years) Furniture & Fixtures $ 2,200,000 Equipment $ 1,500,000 Project Soft Cost $ 2,673,000 Community Investment /Abatement Project Description Fiscal Impact ($) Abatement Summary $1,729,138 Sales Tax Abatement $800,000 Mortgage Tax Abatement $96,747 Property Tax Relief (PILOT) $832,391 The applicant is proposing to construct a 64,000 +/- sq. ft. Home2 Suites by Hilton Community Investment $31,466,217 extended stay hotel consisting of 103 suites on approximately 2.54 acres in the Town PILOT Payments $978,403 of Clay. Project Salaries and Benefits Estimated (10 yrs) $7,539,170 Construction Benefit Estimate $3,695,643 Total Project Cost $19,253,000 Investment:Abatement Ratio 18.20 :1 © 2026 Onondaga County Industrial Development Agency. All rights reserved. Page 67 of 242 Clay Hospitality, LLC A) PILOTS Estimate Table Worksheet for 10 years OCIDA estimate of current market value $ 945,000 Projected investment $ 10,635,000 OCIDA estimate of increase in value $ 5,871,000 OCIDA estimated value after project is completed $ 6,816,000 Taxes that would have been collected if the project did not occur $ 251,056 Scheduled PILOT payments $ 978,403 Full Tax County PILOT School PILOT YEAR Exemption % Town Village Total PILOT Payment w/o Net Exemption Amount District PILOT 1 100% $ 2,831 $ 1,630 $ 18,466 $ - $ 22,928 $ 165,374 $ 142,445 2 90% $ 4,682 $ 2,696 $ 30,538 $ - $ 37,916 $ 168,681 $ 130,765 3 80% $ 6,606 $ 3,804 $ 43,085 $ - $ 53,494 $ 172,055 $ 118,560 4 70% $ 8,605 $ 4,955 $ 56,121 $ - $ 69,681 $ 175,496 $ 105,815 5 60% $ 10,681 $ 6,150 $ 69,662 $ - $ 86,493 $ 179,006 $ 92,512 6 50% $ 12,837 $ 7,391 $ 83,722 $ - $ 103,950 $ 182,586 $ 78,636 7 40% $ 15,075 $ 8,680 $ 98,316 $ - $ 122,071 $ 186,237 $ 64,167 8 30% $ 17,397 $ 10,017 $ 113,461 $ - $ 140,875 $ 189,962 $ 49,088 9 20% $ 19,806 $ 11,404 $ 129,172 $ - $ 160,382 $ 193,761 $ 33,380 10 10% $ 22,305 $ 12,842 $ 145,466 $ - $ 180,613 $ 197,637 $ 17,024 TOTAL $ 120,827 $ 69,568 $ 788,008 $ - $ 978,403 $ 1,810,794 $ 832,391 Year 0 1 2 3 4 5 Jobs Current/Actuals Creation Goals 11 3 1 Total Employment Goals 0 11 14 15 15 15 © 2026 Onondaga County Industrial Development Agency. All rights reserved. Page 68 of 242 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR FINANCIAL ASSISTANCE 1. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 2. 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. 3. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 4. All projects approved for benefits by the OCIDA Board will close with the Agency within 6-months of the OCIDA Board approval 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. 5. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at https://extapps.dec.ny.gov/docs/permits_ej_operations_pdf/feafpart1.pdf 6. Public Officers Law stipulates all records in the possession of the Agency (with certain limited exceptions) are open to public inspection and reproduction. Should the Applicant believe there are project elements which are trade secrets if publicly disclosed or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, the 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 Agency may also redact personal, private, and/or proprietary information from publicly disseminated documents. 7. A final Application (OCIDA staff reviewed/approved) and associated fees MUST be received at least 10 business days prior to the upcoming Board meeting to be placed on the agenda. A signed application may be submitted by mail and/or electronically in PDF format to Alexis Rodriguez at alexisrodriguez@ongov.net. • 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 This Application was adopted by the OCIDA Board on February 15, 2024. Onondaga County Industrial Development Agency Page 1 Page 69 of 242 Submit completed application to: Onondaga County Industrial Development Agency 335 Montgomery Street, Floor 2M Syracuse, NY 13202 Phone: 315-435-3770 alexisrodriguez@ongov.net Section I: Applicant Information Submittal Date: 5/13/2026 _____________ A) Applicant/Project Operator information (company receiving benefits): 1. Applicant/Project Operator: Clay __________________________________________________ Hospitality, LLC Applicant/Project Operator Address: 15 _______________________________________ __________ Fisher Road, Suite 15, Pittsford, NY 14534 Phone: 585-485-0131 __________________________ Fax: ________________________ __________ Website: ___________________________ Email: neil.patel@baywoodhotels.com _____________________ ____________ Federal ID#: 33-1258416 ________________________ NAICS: 721110 ________________________________ State of Incorporation: NY ____________________________________________________________ See link for your NYS incorporation information. https://apps.dos.ny.gov/publicInquiry 2. Owner (if different from Applicant/Project Operator): ____________________________ Owner Address: __________________________________________________________ Federal ID#: ______________________________________________________________ State of Incorporation: ______________________________________________________ List of stockholders, members, or partners of Owner: ____________________________ _ B) Applicant Business Organization (check appropriate category): ☐ Corporation ☐ Partnership ☐ Public Corporation ☐ Joint Venture ☐ Sole Proprietorship ✔ Limited Liability Company ☐ ☐ Other, explain List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership ___________________________________ Neil H. Patel (Managing Member _________________________________ 50.5 ___________________________________ Amit Patel _________________________________ 16.5 ___________________________________ Jayesh Patel _________________________________ 16.5 ___________________________________ Vinod Patel _________________________________ 16.5 Onondaga County Industrial Development Agency Page 2 Page 70 of 242 C) 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.: (*Percentage to equal 100%) 0 ________________ Applicant /Owner History: 1. Is the Owner and/or Applicant or any manager or owner of the Owner and/or Applicant now a x No ☐ Yes, explain plaintiff or defendant in any civil or criminal litigation? ☐ 2. Has any owner of manager of the Owner and/or Applicant listed above ever been convicted of a criminal offense (other than a minor traffic violation)? ☐ x No ☐ Yes, explain 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? ✔ No ☐ Yes, explain ☐ D) Has the Applicant/Owner received assistance from Onondaga County Industrial Development Agency (OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? ✔ ☐No ☐ Yes, explain (Provide year, project name, benefit description, amounts, address) E) Individual Completing Application: Name: Neil Patel Title: Managing _______________________________ Member Address: 15 Fisher Road, Suite 201, Pittsford, Phone: ______________________________ NY607-251-2268 14534 Cell Phone: 607-351-2268 E-mail:______________________________ neil.patel@baywoodhotels.com F) Company Contact (if different from individual completing application): Name: Title: ____________________________ Address: Phone: ___________________________ Cell Phone: Email: ___________________________ Onondaga County Industrial Development Agency Page 3 Page 71 of 242 G) Company Counsel: Name of Attorney: Matthew _____________________________________________________________ N. Wells Firm Name: Bond, __________________________________________________________________ Schoeneck & King, PLLC Address: One _____________________________________________________________________ Lincoln Center Phone: 315-218-8174 ______________________________________________________________________ Cell Phone: 315-481-8236 ___________________________________________________________________ Email: mwells@bsk.com _______________________________________________________________________ Onondaga County Industrial Development Agency Page 4 Page 72 of 242 Section II: Project and Site Information A) Project Location is where the investment will take place. If Applicant is moving, the new location should be entered here and the current location should be in Section I. Address:3955 NY-31 Legal Address (if different): TBD Upon Subdivision City:Liverpool Town: Clay _______________Village: Zip Code:13090 School District: Liverpool Tax Map Parcel ID(s): 021.-01-05.3 & 021.-01-05.6 & 021.-01-04.1 Full Market Value: $945,000.00 _______________ Square Footage of Existing Building(s):_______________ Vacant land B) Project Activity (Check all that apply): ✔ New construction ☐ ☐ Acquisition of existing facility ☐ Expansion to current facilities ☐ Brownfield/Remediated Brownfield ☐ Renovation of existing facility ☐ Demolition and construction ☐ Purchase of machinery/equipment C) Select Project Type or Project End Use at site (you may check more than one): ☐ Manufacturing ☐ Mixed Use ✔ Retail (see Section V) ☐ ☐ Facility of Aging ☐ Housing Project (see Section VII) ☐ Distribution/Wholesale ☐ Civic Facility (not for profit) ☐ Commercial ☐ Industrial ☐ Renewable Energy Project (see Section VI) ✔ Other, explain ☐ Hotel D) Project Narrative: Please check one of the two boxes below and attach statement. ✔ A statement that the Project described in this application would not be undertaken but for ☐ the financial assistance provided by the Agency. ☐ If the Project is going to advance regardless of any financial assistance from the Agency, please provide a statement indicating why the project should be considered by the Agency for any financial assistance. Onondaga County Industrial Development Agency Page 5 Page 73 of 242 E) Description of Project: Please attach a detailed narrative of the proposed Project. Please attached copies of site plans, sketches or maps. This narrative should include, but is not limited to: ✔ (i) a description of your Company’s background, customers, goods and services and the ☐ principal products to be produced and/or the principal activities that will occur on the Project site; ✔ (ii) the size of the Project in square feet and a breakdown of square footage per each ☐ intended use; ✔ (iii) the size of the lot upon which the Project sits or is to be constructed; ☐ ✔ (iv) the current use of the site and the intended use of the site upon completion of the ☐ Project; ✔ (v) describe your method for site control (Own, lease, other). ☐ F) 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? ✔ No ☐ Yes ☐ G) Please describe any compelling circumstances the Agency should be aware of while reviewing this application. H) Local Approvals (Site Plan and Environmental Review) Have site plans been submitted to the appropriate town or local planning department? ☐ No. When will the plans be submitted? _____☐ ✔ Yes, what is the status?_A_pproved ___ _ Has the project received site plan approval from the town or local planning board? ☐ No, anticipated approval date. _____ ✔ ☐Yes, date 8/13/2024 _____ _ 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.) 1. Environmental Review Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: https://extapps.dec.ny.gov/docs/permits_ej_operations_pdf/feafpart1.pdf b. Has Lead Agency been established? ☐ No ☐ ✔ Yes, name of Lead Agency ______of Town ____ ___ Clay Board c. Have any environmental issues been identified on the property? ☐✔ No ☐ Yes, explain Onondaga County Industrial Development Agency Page 6 Page 74 of 242 Section III: FINANCIAL AND EMPLOYMENT INFORMATION A) Project Costs and Finances Description of Costs Total Budget Amount Land Acquisition 945,000.00 Site Work/Demo 1,300,000.00 Building Construction & Renovation 10,635,000.00 Furniture & Fixtures 2,200,000.00 Equipment 1,500,000.00 Project Soft Cost 2,673,000.00 Management/Developer Total Project Cost Fees project 19,253,000.00 cost Management/Developer Fees projecthave Please costdocumentation available upon request. Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. Sources of Funds for Project Costs: 1. Bank Financing $__________________ 12,899,510.00 2. Equity $__________________ 6,353,490.00 3. Tax Exempt Bond Issuance (if applicable) $__________________ N/A 4. Taxable Bond Issuance (if applicable) $__________________ N/A 5. Total Sources of Funds for Project Costs $__________________ 19,253,000.00 6. Public Sources (Include sum total of all state and federal grants and tax credits) $__________________ -Identify each state and federal grant/credit: __________________________________ $__________________ __________________________________ $__________________ __________________________________ $__________________ Onondaga County Industrial Development Agency Page 75 of 242 Page 7 B) Employment and Payroll Information Full Time Equivalent (FTE) is defined as one employee working no less than 35 hours per week or two or more employees together working a total of 35 hours per week. 1. Are there people currently employed at the project site? ✔ No ☐ Yes, provide number of FTE jobs at the project site ___________ ☐ If you are relocating, are all employees moving to new site? ☐ No, explain ☐ Yes 2. Complete the following: Estimate the number of FTE jobs to be NA retained as a result of this Project: Estimate the number of construction jobs to 50+ be created by this Project: Estimate the average length of construction 18 months jobs to be created (months): Current annual payroll including the NA benefit cost: Average annual growth salary/wage 3% rate (%) C) New Employment Benefits Complete the following chart indicating the number of FTE jobs currently employed by the Applicant, FTE jobs currently 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. Onondaga County Industrial Development Agency Page 76 of 242 Page 8 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 Projected FTE Jobs FTE Jobs FTE Jobs FTE Jobs FTE Jobs Annual Pay Created Created Created Created Created Year 1 Year 2 Year 3 Year 4 Year 5 General Manager 85K 1 0 0 0 0 Operations Manager 65K 1 0 0 0 0 Ex. House Keeping 45K 1 0 0 0 0 House Keeping 38K 4 1 1 0 0 Guest Services 42K 3 2 0 0 0 Maintenance 48K 1 0 0 0 0 D) Financial Assistance sought: ✔ Real Property Tax Abatement (PILOT): Agency Staff will provide draft and final ☐ PILOT schedule: _____________________ ✔ Mortgage Recording Tax Exemption (.75% of mortgage): 96,747 ☐ _____________________ ✔ Sales and Use Tax Exemption (4% Local, 4% State): 800,000.00 ☐ _________________________ ☐ Tax Exempt Bond Financing (Amount Requested): ___________________________ ☐ Taxable Bond Financing (Amount Requested): Onondaga County Industrial Development Agency Page 77 of 242 Page 9 E) 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): $ 12,899,510.00 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 96,747 F) 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: $_____________ 10,000,000.00 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above): $_____________ 800,000.00 Onondaga County Industrial Development Agency Page 78 of 242 Page 10 Section IV: Estimate of Real Property Tax Abatement Benefits This section of the Application will be: (i) completed by Agency 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 County Local School Full Tax PILOT Total Exemption PILOT PILOT PILOT Payment Net Exemption Year Amount Amount Amount PILOT % 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 79 of 242 Page 11 SECTION: V For Projects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ✔ Yes ☐ No ☐ If yes, please answer, questions 2, 3 and/or 4 below. If yes, please explain how much the project will exceed one-third of the total project cost. 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) A poverty rate of at 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 If yes, please provide the data and explain. 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐ Yes ☐ ✔ No If yes, please provide a third party market study. 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 ☐ If yes, please provide data and explain. See attached supplemental information. Onondaga County Industrial Development Agency Page 80 of 242 Page 12 SECTION VI: For Solar Projects Only Please answer all the questions as an addendum to this application: 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, and village where the Project is located? ☐ Yes, please provide copy of the letter. ☐ 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 of the letter. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: 7. Will the Applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR GUIDANCE & BEST PRACTICE Onondaga County Industrial Development Agency Page 81 of 242 Page 13 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the Agency meeting agenda, proposed solar projects must provide the Agency with the following in advance of the Project’s first OCIDA Board meeting: 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating the municipality that is 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 than entire parcel then see 5 above. 7. A supporting document from the local town, village, city, and/or school district outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. The Agency cannot create the PILOT schedule without this information. 8. Absent a showing otherwise by the Company, deemed acceptable by the Agency in the sole and absolute discretion, the Company must close with the Agency on a project prior to consideration of any requested organizational structure or project entity ownership changes. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the Agency approval process. Agency staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 82 of 242 Page 14 SECTION VII: For Housing Projects Only Please answer all the questions as an addendum to this application: Defined terms: “Market Rate Housing”: Housing units priced at the current rental rate for the area. “Workforce Housing”: Housing consisting of a specified percentage of units (at least 10-15% per the PILOT Exemption Scale) with rent rates designated to an 80% household AMI as identified in the Workforce Housing AMI chart located in Housing Exhibit A on the Agency's website. Income levels for individuals living in the specified Workforce Housing units shall not exceed 120% AMI. “Senior Lifestyle Communities”: Housing communities for individuals 55 years or older. Communities may offer a variety of amenities, including but not limited to pools, community rooms, fitness centers, playgrounds, firepits, bocce/pickleball/tennis courts, picnic areas, spaces for relaxation and entertainment, safety amenities, on-site medical services, entertainment and dining, walkability, bike trails, and dog parks, playgrounds. 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. {Section II (D)} 2. Describe how the proposed housing project fulfills an unmet need in the community. 3. Please provide a market study documenting a need for the proposed project. 4. Describe how the proposed project aligns with the Plan Onondaga County comprehensive plan. (Plan Onondaga) 5. Is the Project considered infill in a populated area? If yes, please explain. 6. Is there additional infrastructure necessary to service the project? If yes, please explain. 7. Is the project a part of a larger mixed-use development? If yes, please describe. Onondaga County Industrial Development Agency Page 83 of 242 Page 15 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. In consideration of the extension of financial assistance by the Agency Clay Hospitality, LLC (the Company understands the Local Access Policy and agrees to abide by it. 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 5/4/2026 (date). If there are two applicants (Real Estate Holding and Operating Company) both need to complete this page. Applicant(s) Company: Clay Hospitality, LLC Representative for Contract: Neil Patel __ Address: 15 Fisher Road, Suite City: Pittsford State: NY Zip: 14534 Phone: 585-485-0131 Email: neil.patel@baywoodhotels.com Project Address: 3955 State Route 31 City: Liverpool State: NY Zip: 13090 Signature: General Contractor: Caryl Electric Company Inc. Contact Person: David Godin Address: 7786 Vicki Lane City: Baldwinsville State: NY Zip: 13219 Phone: 315-638-0456 Email: Authorized Representative: David Godin Title: General Manager Signature: Onondaga County Industrial Development Agency Page 16 Page 84 of 242 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 except Solar Projects) Due at time of 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 3. PILOT is an additional fee .0025 X TPC (total X .0125) 4. Bond refinancing .0025 X TPC (total X .015) Projects that exceed $250,000,000 in Total Project Cost and/or create in excess of 500 new jobs, may be eligible to negotiate a non- TBD based on Executive Director Due at closing standard Agency fee with the Executive determination Director. Agency Legal Fees Due at closing Fee for first $20 million .0025 X of the project cost or bond amount .. Fee for expenses above $20 million .00125 X of project cost or bond amount Amendment or Modification of IDA documents, including but not limited to name $2500 All Projects (except Solar or organization change, refinancing, etc. Project) Due at time of Consent to the amendment or modification of $4500 Solar Projects Request IDA documents prior to closing on the project Attorney fees determined by shall be given at OCIDA’s sole and absolute OCIDA Legal Representative. discretion. OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. Onondaga County Industrial Development Agency Page 85 of 242 Page 17 Section X: Recapture of Tax Abatement/Exemptions Information to be Provided the Company: 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 (UTEP). 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. If there are two applicants (Real Estate Holding and Operating Company) both need to complete this page. Name of Applicant(s) Company _________________________________ Clay Hospitality, LLC Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: Managing _________________________________ Member Date: 5/4/2026 ______________ Onondaga County Industrial Development Agency Page 86 of 242 Page 18 Section XI: Conflict of Interest Agency Board Members Randy Wolken Alan Marzullo Mark Muthumbi Deka Eysaman Christina Hollenback Sally Santangelo Michael Greene Agency Officers/Staff Robert M. Petrovich, Executive Director Nathaniel Stevens, Treasurer Alexis Rodriguez, Secretary Evan Carter, Assistant Secretary Robert Schoneck, Assistant Treasurer Agency Legal Counsel & Auditor Jeffrey Davis, Esq., Barclay Damon LLP Amanda Fitzgerald, Esq., Barclay Damon LLP Michael Lisson, CPA, Grossman St. Amour CPAs, PLLC The Applicant(s) has received 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: If there are two applicants (Real Estate Holding and Operating Company) both need to complete this page. Name of Applicant(s) Company Clay Hospitality LLC _________________________________ Signature of Officer or Authorized Representative: _________________________________ Name & Title of Officer or Authorized Representative: Neil Patel -Managing Member _________________________________ 05/29/2026 Date: ______________ Onondaga County Industrial Development Agency Page 87 of 242 Page 19 Section XII: Representations, Certifications, and Indemnification If there are two applicants (Real Estate Holding and Operating Company) both need to complete this page. Neil Patel (Name of CEO or other authorized representative of Applicant)(s) confirms and says that he/she is the Managing____________________ Member (title) of ____________________ Clay Hospitality, 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. 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. For additional information on NYS sales and use tax see here. C. 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. D. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an event of default under the Project closing documents. Please see this page for ST-340 form required in the above referenced employment report. Onondaga County Industrial Development Agency Page 88 of 242 Page 20 E. Housing Reports and Information: The Applicant understands and agrees that if the Project is a housing project, the Applicant shall file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of revenue-generating units constructed or reconstructed and the household income or tenant age, as applicable. Upon request of the Agency, the Applicant shall provide supporting documentation for all housing related information provided. Failure to provide such reports and supporting information shall be an event of default under the Project closing documents 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. 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. 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. H. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. I. The Applicant confirms and acknowledges that the 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. J. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. Onondaga County Industrial Development Agency Page 89 of 242 Page 21 The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. K. The Agency has the right to request and inspect supporting documentation regarding attestations made on this application. L. 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, reconstruction, equipping and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. Onondaga County Industrial Development Agency Page 90 of 242 Page 22 Page 91 of 242 Clay Hospitality, LLC Project OCIDA Application – Project Narrative – Section II, Questions D and E Clay Hospitality, LLC, an affiliate of Baywood Hotels, is a hotel development and management company with its members having over 35 years of experience. The group of members currently owns and operates over 50 hotels across the United States. Baywood Hotels treats workforce development as a community and economic investment, not simply a staffing function. Its existing hotel operations in Onondaga County demonstrate a proven commitment to stable employment, competitive wages, and long-term career advancement. Baywood Hotels currently operates two hotels in Onondaga County, employing a total of 50 associates across both properties: • Hampton Inn Clay: 28 employees (15 full-time, 13 part-time) with an average hourly wage of $18.02, exceeding the New York State minimum wage of $16.00. Nine associates have five or more years of tenure, and the hotel is led by a General Manager with seven years of service to the company, promoted internally from another Baywood-managed hotel. • Hampton Inn & Suites – Carrier Circle: 22 employees (9 full-time, 13 part-time) with an average hourly wage of $18.34. Seven associates have five or more years of tenure. Baywood Hotels’ commitment to workforce development is further reflected in long-term career growth among its associates. For example, the company’s Regional Chief Engineer began his career in 2009 as a Maintenance Technician at Hampton Inn Clay. Through training, mentorship, and internal advancement, he has progressed into a regional leadership role and now supports engineering operations across ten Baywood-managed hotels. Across both properties, Baywood Hotels invests in workforce stability through internal promotion, leadership development, and no-cost professional training. Line-level associates are offered American Hotel & Lodging Association (AHLA) certification programs at no cost, with wage increases awarded upon certification, and additional training and development opportunities are supported through the Hilton brand. This track record of competitive wages, employee retention, internal promotions, and career advancement demonstrates Baywood Hotels’ credibility as a long-term employer and trusted community partner, supporting the extension of assistance for future development in Onondaga County. Baywood Hotels further demonstrates its commitment to community impact through the BEAR Program, a company-supported charitable initiative designed to enrich the lives of individuals and families where Baywood associates live and work. The program supports educational and community-based initiatives that positively impact local communities and reinforces Baywood Hotels’ role as a long-term, engaged community partner. Clay Hospitality will own and operate the proposed Home 2 Suites by Hilton on an approximately 2.5 acre site that is located off NYS-31, adjacent to the Wegmans Shopping Plaza, Town of Clay, 23460950.v1 Page 92 of 242 NY. Clay Hospitality acquired a fee simple interest in the property for $945,000 on April 17, 2026. The site is currently vacant. Subdivision has been completed (a copy of the recorded subdivision plat is enclosed with this submission). The proposed Home 2 Suites by Hilton is specifically designed to accommodate families, extended stay contractors and business travelers and guests seeking a contemporary lodging experience. The proposed development will transform the currently vacant site next to the Wegmans Shopping Center bordering NY-481 into a four-story, 64,000+/- square foot hotel and associated amenities. The project will include the following: • 103 extended-stay suites with kitchens • Indoor Pool • Fitness center • Outdoor patio with firepits, BBQ grills, heaters, and seating • Guest laundry with washers and dryers • 1,100 SF meeting space • Market Pantry • Breakfast dining area and multi-functional lobby/lounge • Parking to accommodate trailers, boats, constructions vehicles, etc. This project has been through the approval process with the Town of Clay Planning Board. Our team has worked and developed this based upon input from local leaders, adjacent property owners, and community input to address the hotel demands and needs in Onondaga County and the surrounding area. Construction is scheduled to begin in Spring/Summer 2026, contingent upon the approval of the IDA benefits and securing lender financing. Once construction begins, the project is expected to take approximately 14 months to complete with an anticipated opening in November 2027. The project aligns with community goals of expanding its hotel room inventory to meet both current and future demands. As further explained in the supplemental response to Section V, Question 4, and supported by the enclosed Market Study dated as of April 27, 2026 and prepared by HVS Consulting & Valuation (the “Market Study”), there is a critical need for additional hotel rooms in the Greater Syracuse area, particularly within the Town of Clay. The proposed extended stay project will help offset the projected hotel room needs generated by Micron, the I-81 project and other additional developments. Clay Hospitality is applying to the Onondaga County Industrial Development Agency (“OCIDA”) for the following financial incentives: (1) real property tax abatement (PILOT); (2) mortgage recording tax exemption; and (3) sales and use tax exemption. As further documented in the Market Study, despite the significant demand for additional hotel rooms in the market and the ideal positioning of the Home2 Suites by Hilton brand, the returns on this project are currently below what would be expected by an investor and therefore likely not feasible without OCIDA’s financial incentives (including a PILOT, sales and use tax exemption, 23460950.v1 Page 93 of 242 and mortgage recording tax exemption). There are several reasons for this, including rising construction costs since the pandemic. Amplifying this is the 2025 NYS Energy Conservation Construction Code (ECCCNYS) which took effect on December 31, 2025. This new regulation implements stricter energy efficiency requirements for new buildings under seven-stories, which makes construction more expensive. Furthermore, ongoing trade negotiations and unpredictable implementation of tariffs increase construction costs and make it harder for developers to understand the total development costs. Additionally, the ongoing war in the middle east has increased gas and oil prices which contribute to increased development costs, and again, the total global and economic impact of this is not yet known. Rising labor costs have also impacted the feasibility of this project. Moreover, a challenging lending environment that has seen many lenders tighten financing and increase their equity requirements. These challenges are further exacerbated by higher interest rates and increased insurance requirements and costs. Therefore, as previously stated, and as further documented in the Market Study, the project will not be feasible at this time unless property taxes are managed through a PILOT abatement, and other costs are mitigated through sales tax and mortgage tax exemptions. 23460950.v1 Page 94 of 242 Clay Hospitality Project – Supplement to IDA Application Section V, Question 4 The Clay Hospitality Project (the “Project”) will result in the creation of 103 extended-stay suites with kitchenettes, which will be operated under the Home2 Suites by Hilton brand. As further documented and explained in the enclosed Market Study dated as of April 27, 2026 and prepared by HVS Consulting & Valuation, the predominate purpose of the Project is to make hotel rooms (particularly extended-stay hotel suites) more available within the Town of Clay and Onondaga County, which, but for the Project, would not be in line with market demands. The Project is located proximate to the new Micron development. Given the new jobs that will be created as part of the Micron project, there is expected to be an influx of new residents moving to the area. As such, the Micron project is expected to generate significant demand for extended-stay hotels, which often serve as transitional housing for relocations, as new residents learn the area and seek permanent housing. In addition, the construction will require a significant amount of temporary specialized labor, which will require housing for several month periods. The Home2 Suites by Hilton brand is ideal for this type of guest, as all guestrooms offer kitchenettes and a larger living area than a typical hotel. Given the multiple phases of the Micron project, construction on multiple fabrication plants is expected to create sustained demand for the foreseeable future. In addition to the Micron project, Syracuse is also poised to become the “Youth Sports Capital of the Northeast”, which is expected to create an additional 10,000 room nights in the area. While there is an increased demand for hotels within Onondaga County (and particularly within or near the Town of Clay), the area has experienced a decline in available hotel options for out-of- town travelers in recent years. Specifically, since 2024, nearby Downtown Syracuse has lost roughly 600 hotel rooms, which is very significant given the size of the lodging market. Visit Syracuse has acknowledged the negative impact of these closures and noted it is not sustainable given the investment taking place associated with the Micron project, the forecast growth in youth sporting tournaments, and the aging facilities that represent some of the current supply existing within the market. Visit Syracuse estimates the Downtown market needs an additional 1,000 hotel rooms, while in the Clay and Liverpool area, 500 to 750 new rooms are needed to accommodate the growth happening in the area and to avoid missing out on the potential upside that could be captured within the County if more hotel rooms were available. Therefore, the predominant purpose of the Project is specifically designed to help address the hotel/extended stay shortage within the area in light of the growing demand. Without the Project, the shortage of hotel accommodations in the Town of Clay and Onondaga County will persist, limiting the area’s ability to fully support the Micron project, youth sports tournaments, and other new developments. 23455486.v1 Page 95 of 242 Full Environmental Assessment Form Part 1 - Project and Setting Instructions for Completing Part 1 Part 1 is to be completed by the applicant or project sponsor. Responses become part of the application for approval or funding, are subject to public review, and may be subject to further verification. Complete Part 1 based on information currently available. If additional research or investigation would be needed to fully respond to any item, please answer as thoroughly as possible based on current information; indicate whether missing information does not exist, or is not reasonably available to the sponsor; and, when possible, generally describe work or studies which would be necessary to update or fully develop that information. Applicants/sponsors must complete all items in Sections A & B. In Sections C, D & E, most items contain an initial question that must be answered either “Yes” or “No”. If the answer to the initial question is “Yes”, complete the sub-questions that follow. If the answer to the initial question is “No”, proceed to the next question. Section F allows the project sponsor to identify and attach any additional information. Section G requires the name and signature of the applicant or project sponsor to verify that the information contained in Part 1is accurate and complete. A. Project and Applicant/Sponsor Information. Name of Action or Project: Proposed Hotel Project Location (describe, and attach a general location map): 3955 Route 31 (Wegmans Great Northern site) Brief Description of Proposed Action (include purpose or need): Construction of a (4) story, 103 room hotel with associated site improvements. Name of Applicant/Sponsor: Telephone: 585-485-0131 Neil Patel - Clay Hospitality, LLC E-Mail: neil.patel@baywoodhotels.com Address: 15 Fishers Road, Suite 201 City/PO: Pittsford State: NY Zip Code: 14534 Project Contact (if not same as sponsor; give name and title/role): Telephone: 585-458-3020 ext.115 Garth Winterkorn - Project Manager E-Mail: gwinterkorn@costich.com Address: 217 Lake Avenue City/PO: State: Zip Code: Rochester NY 14608 Property Owner (if not same as sponsor): Telephone: 585-720-5781 Kim Goergen - Wegmans Food markets, Inc E-Mail: Kim.Goergen@wegmans.com Address: 100 Wegmans Market Street City/PO: Rochester State: NY Zip Code:14624 Page 1 of 13 Page 96 of 242 B. Government Approvals B. Government Approvals, Funding, or Sponsorship. (“Funding” includes grants, loans, tax relief, and any other forms of financial assistance.) Government Entity If Yes: Identify Agency and Approval(s) Application Date Required (Actual or projected) a. City Counsel, Town Board, 9 Yes ✔ 9 No or Village Board of Trustees b. City, Town or Village 9 Yes 9 No ✔ Planning Board, Site Plan September 2024 Planning Board or Commission c. City, Town or ✔ 9 Yes 9 No Zoning Board of Appeals - area variances for September 2024 Village Zoning Board of Appeals building height and parking space dimensions d. Other local agencies 9 Yes 9 No ✔ OCWA, OCDOH, water main extension, back flow, October 2024 sanitary sewer extension e. County agencies 9 Yes 9 No f. Regional agencies 9 Yes 9 No g. State agencies ✔ 9 Yes 9 No SPDES Permit (NYSDEC) November 2024 h. Federal agencies 9 Yes 9 No i. Coastal Resources. i. Is the project site within a Coastal Area, or the waterfront area of a Designated Inland Waterway? 9 Yes ✔ 9 No ii. Is the project site located in a community with an approved Local Waterfront Revitalization Program? ✔ 9 Yes 9 No iii. Is the project site within a Coastal Erosion Hazard Area? 9 Yes ✔ 9 No C. Planning and Zoning C.1. Planning and zoning actions. Will administrative or legislative adoption, or amendment of a plan, local law, ordinance, rule or regulation be the 9 Yes ✔ 9 No only approval(s) which must be granted to enable the proposed action to proceed? • If Yes, complete sections C, F and G. • If No, proceed to question C.2 and complete all remaining sections and questions in Part 1 C.2. Adopted land use plans. a. Do any municipally- adopted (city, town, village or county) comprehensive land use plan(s) include the site 9 Yes ✔ 9 No where the proposed action would be located? If Yes, does the comprehensive plan include specific recommendations for the site where the proposed action 9 Yes 9 No would be located? b. Is the site of the proposed action within any local or regional special planning district (for example: Greenway; 9 Yes ✔ 9 No Brownfield Opportunity Area (BOA); designated State or Federal heritage area; watershed management plan; or other?) If Yes, identify the plan(s): _______________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ c. Is the proposed action located wholly or partially within an area listed in an adopted municipal open space plan, 9 Yes ✔ 9 No or an adopted municipal farmland protection plan? If Yes, identify the plan(s): ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ Page 2 of 13 Page 97 of 242 C.3. Zoning a. Is the site of the proposed action located in a municipality with an adopted zoning law or ordinance. 9 Yes 9 No ✔ If Yes, what is the zoning classification(s) including any applicable overlay district? RC-1_________________________________________________________________________________________________________ Regional Commercial _________________________________________________________________________________________________________ b. Is the use permitted or allowed by a special or conditional use permit? ✔ 9 Yes 9 No c. Is a zoning change requested as part of the proposed action? 9 Yes ✔ 9 No If Yes, i. What is the proposed new zoning for the site? ___________________________________________________________________ C.4. Existing community services. a. In what school district is the project site located? Liverpool ________________________________________________________________ Central School District b. What police or other public protection forces serve the project site? _________________________________________________________________________________________________________ Baldwinsville Police Department, New York State Police c. Which fire protection and emergency medical services serve the project site? Northern Onondaga Volunteer Ambulance, Clay Fire Department Station 1, Moyers Corners Fire Department Station 1 __________________________________________________________________________________________________________ d. What parks serve the project site? N/A__________________________________________________________________________________________________________ __________________________________________________________________________________________________________ D. Project Details D.1. Proposed and Potential Development a. What is the general nature of the proposed action (e.g., residential, industrial, commercial, recreational; if mixed, include all components)? Commercial - Hotel _________________________________________________________________________________________________________ b. a. Total acreage of the site of the proposed action? _____________ 2.34 acres b. Total acreage to be physically disturbed? _____________ 4.08 acres c. Total acreage (project site and any contiguous properties) owned or controlled by the applicant or project sponsor? _____________ 2.34 acres c. Is the proposed action an expansion of an existing project or use? 9 Yes ✔9 No i. If Yes, what is the approximate percentage of the proposed expansion and identify the units (e.g., acres, miles, housing units, square feet)? % ____________________ Units: ____________________ d. Is the proposed action a subdivision, or does it include a subdivision? 9 Yes 9 ✔ No If Yes, i. Purpose or type of subdivision? (e.g., residential, industrial, commercial; if mixed, specify types) ________________________________________________________________________________________________________ ii. Is a cluster/conservation layout proposed? 9 Yes 9 No iii. Number of lots proposed? ________ iv. Minimum and maximum proposed lot sizes? Minimum __________ Maximum __________ e. Will the proposed action be constructed in multiple phases? 9 Yes ✔9 No i. If No, anticipated period of construction: _____ months ii. If Yes: • Total number of phases anticipated _____ • Anticipated commencement date of phase 1 (including demolition) _____ month _____ year • Anticipated completion date of final phase _____ month _____year • Generally describe connections or relationships among phases, including any contingencies where progress of one phase may determine timing or duration of future phases: _______________________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ Page 3 of 13 Page 98 of 242 f. Does the project include new residential uses? 9 Yes ✔ 9 No If Yes, show numbers of units proposed. One Family Two Family Three Family Multiple Family (four or more) Initial Phase ___________ ___________ ____________ ________________________ At completion of all phases ___________ ___________ ____________ ________________________ g. Does the proposed action include new non-residential construction (including expansions)? 9 Yes 9 No ✔ If Yes, i. Total number of structures ___________ 1 54'2" ii. Dimensions (in feet) of largest proposed structure: ________height; ________width; 100' 222' length and _______ iii. Approximate extent of building space to be heated or cooled: ______________________ 64,223 square feet h. Does the proposed action include construction or other activities that will result in the impoundment of any 9 Yes ✔ 9 No liquids, such as creation of a water supply, reservoir, pond, lake, waste lagoon or other storage? If Yes, i. Purpose of the impoundment: ________________________________________________________________________________ ii. If a water impoundment, the principal source of the water: 9 Ground water 9 Surface water streams 9 Other specify: _________________________________________________________________________________________________________ iii. If other than water, identify the type of impounded/contained liquids and their source. N/A _________________________________________________________________________________________________________ iv. Approximate size of the proposed impoundment. Volume: ____________ million gallons; surface area: ____________ acres v. Dimensions of the proposed dam or impounding structure: ________ height; _______ length vi. Construction method/materials for the proposed dam or impounding structure (e.g., earth fill, rock, wood, concrete): ________________________________________________________________________________________________________ D.2. Project Operations a. Does the proposed action include any excavation, mining, or dredging, during construction, operations, or both? 9 Yes ✔ 9 No (Not including general site preparation, grading or installation of utilities or foundations where all excavated materials will remain onsite) If Yes: i .What is the purpose of the excavation or dredging? _______________________________________________________________ ii. How much material (including rock, earth, sediments, etc.) is proposed to be removed from the site? • Volume (specify tons or cubic yards): ____________________________________________ • Over what duration of time? ____________________________________________________ iii. Describe nature and characteristics of materials to be excavated or dredged, and plans to use, manage or dispose of them. ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ iv. Will there be onsite dewatering or processing of excavated materials? 9 Yes 9 No If yes, describe. ___________________________________________________________________________________________ ________________________________________________________________________________________________________ v. What is the total area to be dredged or excavated? _____________________________________acres vi. What is the maximum area to be worked at any one time? _______________________________ acres vii. What would be the maximum depth of excavation or dredging? __________________________ feet viii. Will the excavation require blasting? 9 Yes 9 No ix. Summarize site reclamation goals and plan: _____________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ b. Would the proposed action cause or result in alteration of, increase or decrease in size of, or encroachment 9 Yes ✔9 No into any existing wetland, waterbody, shoreline, beach or adjacent area? If Yes: i. Identify the wetland or waterbody which would be affected (by name, water index number, wetland map number or geographic description): ______________________________________________________________________________________________ _________________________________________________________________________________________________________ Page 4 of 13 Page 99 of 242 ii. Describe how the proposed action would affect that waterbody or wetland, e.g. excavation, fill, placement of structures, or alteration of channels, banks and shorelines. Indicate extent of activities, alterations and additions in square feet or acres: _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ iii. Will the proposed action cause or result in disturbance to bottom sediments? Yes 9 No If Yes, describe: __________________________________________________________________________________________ iv. Will the proposed action cause or result in the destruction or removal of aquatic vegetation? 9 Yes 9 No If Yes: • acres of aquatic vegetation proposed to be removed: ___________________________________________________________ • expected acreage of aquatic vegetation remaining after project completion:________________________________________ • purpose of proposed removal (e.g. beach clearing, invasive species control, boat access): ____________________________ ____________________________________________________________________________________________________ • proposed method of plant removal: ________________________________________________________________________ • if chemical/herbicide treatment will be used, specify product(s): _________________________________________________ v. Describe any proposed reclamation/mitigation following disturbance: _________________________________________________ _________________________________________________________________________________________________________ c. Will the proposed action use, or create a new demand for water? ✔9 Yes 9 No If Yes: i. Total anticipated water usage/demand per day: __________________________ 12,540 gallons/day ii. Will the proposed action obtain water from an existing public water supply? ✔9 Yes 9 No If Yes: • Name of district or service area: Onondaga County Water District _________________________________________________________________________ • Does the existing public water supply have capacity to serve the proposal? ✔9 Yes 9 No • Is the project site in the existing district? ✔9 Yes 9 No • Is expansion of the district needed? 9 Yes ✔ 9 No • Do existing lines serve the project site? ✔9 Yes 9 No iii. Will line extension within an existing district be necessary to supply the project? 9 Yes 9 ✔ No If Yes: • Describe extensions or capacity expansions proposed to serve this project: ________________________________________ ____________________________________________________________________________________________________ • Source(s) of supply for the district: ________________________________________________________________________ iv. Is a new water supply district or service area proposed to be formed to serve the project site? 9 Yes 9 No If, Yes: • Applicant/sponsor for new district: ________________________________________________________________________ • Date application submitted or anticipated: __________________________________________________________________ • Proposed source(s) of supply for new district: _______________________________________________________________ v. If a public water supply will not be used, describe plans to provide water supply for the project: ___________________________ _________________________________________________________________________________________________________ vi. If water supply will be from wells (public or private), what is the maximum pumping capacity: _______ gallons/minute. d. Will the proposed action generate liquid wastes? ✔9 Yes 9 No If Yes: i. Total anticipated liquid waste generation per day: _______________ 12,540 gallons/day ii. Nature of liquid wastes to be generated (e.g., sanitary wastewater, industrial; if combination, describe all components and approximate volumes or proportions of each): __________________________________________________________________ Sanitary waste, typical residential wastes associated with restroom and bathing. _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ iii. Will the proposed action use any existing public wastewater treatment facilities? ✔9 Yes 9 No If Yes: • Onondaga County Wastewater Collections Name of wastewater treatment plant to be used: _____________________________________________________________ • Name of district: Onondaga ______________________________________________________________________________________ County • Does the existing wastewater treatment plant have capacity to serve the project? ✔9 Yes 9 No • Is the project site in the existing district? ✔9 Yes 9 No • Is expansion of the district needed? 9 Yes ✔ 9 No Page 5 of 13 Page 100 of 242 • Do existing sewer lines serve the project site? 9 Yes ✔9 No • Will a line extension within an existing district be necessary to serve the project? 9 Yes ✔ ✔ 9 No If Yes: • Describe extensions or capacity expansions proposed to serve this project: ____________________________________ ____________________________________________________________________________________________________ An 8" dedicated sewer line will connect to the building. ____________________________________________________________________________________________________ iv. Will a new wastewater (sewage) treatment district be formed to serve the project site? 9 Yes ✔9 No If Yes: • Applicant/sponsor for new district: ____________________________________________________________________ • Date application submitted or anticipated: _______________________________________________________________ • What is the receiving water for the wastewater discharge? __________________________________________________ v. If public facilities will not be used, describe plans to provide wastewater treatment for the project, including specifying proposed receiving water (name and classification if surface discharge or describe subsurface disposal plans): ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ vi. Describe any plans or designs to capture, recycle or reuse liquid waste: _______________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ e. Will the proposed action disturb more than one acre and create stormwater runoff, either from new point 9 Yes 9 No ✔ sources (i.e. ditches, pipes, swales, curbs, gutters or other concentrated flows of stormwater) or non-point source (i.e. sheet flow) during construction or post construction? If Yes: i. How much impervious surface will the project create in relation to total size of project parcel? _____ 85K Square feet or _____ 1.94 acres (impervious surface) _____ 102K Square feet or _____ 2.34 acres (parcel size) ii. Describe types of new point sources.Runoff from pavement surfaces and building roof. __________________________________________________________________________ _________________________________________________________________________________________________________ iii. Where will the stormwater runoff be directed (i.e. on-site stormwater management facility/structures, adjacent properties, groundwater, on-site surface water or off-site surface waters)? On-site________________________________________________________________________________________________________ stormwater management facilities, located in an existing drainage easement to the Town of Clay. ________________________________________________________________________________________________________ • If to surface waters, identify receiving water bodies or wetlands: ________________________________________________ ____________________________________________________________________________________________________ ____________________________________________________________________________________________________ • Will stormwater runoff flow to adjacent properties? 9 Yes 9 No ✔ iv. Does the proposed plan minimize impervious surfaces, use pervious materials or collect and re-use stormwater? ✔ 9 Yes 9 No f. Does the proposed action include, or will it use on-site, one or more sources of air emissions, including fuel 9 Yes ✔9 No combustion, waste incineration, or other processes or operations? If Yes, identify: i. Mobile sources during project operations (e.g., heavy equipment, fleet or delivery vehicles) _________________________________________________________________________________________________________ ii. Stationary sources during construction (e.g., power generation, structural heating, batch plant, crushers) ________________________________________________________________________________________________________ iii. Stationary sources during operations (e.g., process emissions, large boilers, electric generation) ________________________________________________________________________________________________________ g. Will any air emission sources named in D.2.f (above), require a NY State Air Registration, Air Facility Permit, 9 Yes ✔ 9 No or Federal Clean Air Act Title IV or Title V Permit? If Yes: i. Is the project site located in an Air quality non-attainment area? (Area routinely or periodically fails to meet 9 Yes 9 No ambient air quality standards for all or some parts of the year) ii. In addition to emissions as calculated in the application, the project will generate: • ___________Tons/year (short tons) of Carbon Dioxide (CO2) • ___________Tons/year (short tons) of Nitrous Oxide (N2O) • ___________Tons/year (short tons) of Perfluorocarbons (PFCs) • ___________Tons/year (short tons) of Sulfur Hexafluoride (SF6) • ___________Tons/year (short tons) of Carbon Dioxide equivalent of Hydroflourocarbons (HFCs) • ___________Tons/year (short tons) of Hazardous Air Pollutants (HAPs) Page 6 of 13 Page 101 of 242 h. Will the proposed action generate or emit methane (including, but not limited to, sewage treatment plants, 9 Yes ✔9 No landfills, composting facilities)? If Yes: i. Estimate methane generation in tons/year (metric): ________________________________________________________________ ii. Describe any methane capture, control or elimination measures included in project design (e.g., combustion to generate heat or electricity, flaring): ________________________________________________________________________________________ _________________________________________________________________________________________________________ i. Will the proposed action result in the release of air pollutants from open-air operations or processes, such as 9 Yes ✔ 9 No quarry or landfill operations? If Yes: Describe operations and nature of emissions (e.g., diesel exhaust, rock particulates/dust): _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ j. Will the proposed action result in a substantial increase in traffic above present levels or generate substantial 9 Yes ✔ 9 No new demand for transportation facilities or services? If Yes: i. When is the peak traffic expected (Check all that apply): † Morning † Evening †Weekend † Randomly between hours of __________ to ________. ii. For commercial activities only, projected number of truck trips/day and type (e.g., semi trailers and dump trucks): _____________ ________________________________________________________________________________________________________ iii. Parking spaces: Existing ___________________ Proposed ___________ Net increase/decrease _____________________ iv. Does the proposed action include any shared use parking? Yes No v. If the proposed action includes any modification of existing roads, creation of new roads or change in existing access, describe: ________________________________________________________________________________________________________ vi. Are public/private transportation service(s) or facilities available within ½ mile of the proposed site? 9 Yes 9 No vii Will the proposed action include access to public transportation or accommodations for use of hybrid, electric 9 Yes 9 No or other alternative fueled vehicles? viii. Will the proposed action include plans for pedestrian or bicycle accommodations for connections to existing 9 Yes 9 No pedestrian or bicycle routes? k. Will the proposed action (for commercial or industrial projects only) generate new or additional demand 9 Yes 9 No ✔ for energy? If Yes: i. Estimate annual electricity demand during operation of the proposed action: ____________________________________________ Electrical demand consistent with hotel use. _________________________________________________________________________________________________________ ii. Anticipated sources/suppliers of electricity for the project (e.g., on-site combustion, on-site renewable, via grid/local utility, or other): From________________________________________________________________________________________________________ Grid, Clay Electric iii. Will the proposed action require a new, or an upgrade, to an existing substation? 9 Yes ✔ 9 No l. Hours of operation. Answer all items which apply. i. During Construction: ii. During Operations: • Monday - Friday: _________________________ 7:00AM-6:00PM • Monday - Friday: ____________________________ 24 Hours • Saturday: ________________________________ 7:00AM-6:00PM • Saturday: ___________________________________ 24 Hours • Sunday: _________________________________ N/A • Sunday: ____________________________________ 24 Hours • Holidays: ________________________________ N/A • Holidays: ___________________________________ 24 Hours Page 7 of 13 Page 102 of 242 m. Will the proposed action produce noise that will exceed existing ambient noise levels during construction, ✔ 9 Yes 9 No operation, or both? If yes: i. Provide details including sources, time of day and duration: During_______________________________________________________________________________________________________ construction _______________________________________________________________________________________________________ ii. Will the proposed action remove existing natural barriers that could act as a noise barrier or screen? 9 Yes ✔ 9 No Describe: _________________________________________________________________________________________________ _________________________________________________________________________________________________________ n. Will the proposed action have outdoor lighting? 9 Yes 9 No ✔ If yes: i. Describe source(s), location(s), height of fixture(s), direction/aim, and proximity to nearest occupied structures: _________________________________________________________________________________________________________ The site will be dark sky compliant with parking lot and building mounted lighting. Including Evolve Canopy (1) "EV", Lithonia Lighting Type 2 30K (1) "D 12", Lithonia Lighting Type 2 30K (2) "D 12", Lithonia Lighting Type 5 30K (1), Lithonia Lighting Forward THR 30K, Lithonia Lighting Forward Wall 30K (1) _________________________________________________________________________________________________________ ii. Will proposed action remove existing natural barriers that could act as a light barrier or screen? 9 Yes ✔9 No Describe: _________________________________________________________________________________________________ _________________________________________________________________________________________________________ o. Does the proposed action have the potential to produce odors for more than one hour per day? 9 Yes ✔ 9 No If Yes, describe possible sources, potential frequency and duration of odor emissions, and proximity to nearest occupied structures: ______________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ p. Will the proposed action include any bulk storage of petroleum (combined capacity of over 1,100 gallons) 9 Yes ✔ 9 No or chemical products 185 gallons in above ground storage or any amount in underground storage? If Yes: i. Product(s) to be stored ______________________________________________________________________________________ ii. Volume(s) ______ per unit time ___________ (e.g., month, year) iii. Generally, describe the proposed storage facilities:________________________________________________________________ ________________________________________________________________________________________________________ q. Will the proposed action (commercial, industrial and recreational projects only) use pesticides (i.e., herbicides, 9 Yes ✔ 9 No insecticides) during construction or operation? If Yes: i. Describe proposed treatment(s): ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ ii. Will the proposed action use Integrated Pest Management Practices? 9 Yes 9 No r. Will the proposed action (commercial or industrial projects only) involve or require the management or disposal ✔ 9 Yes 9 No of solid waste (excluding hazardous materials)? If Yes: i. Describe any solid waste(s) to be generated during construction or operation of the facility: • Construction: ____________________1 tons per ________________ month (unit of time) • Operation : ____________________ 144 tons per ________________month (unit of time) ii. Describe any proposals for on-site minimization, recycling or reuse of materials to avoid disposal as solid waste: • Construction: ________________________________________________________________________________________ ____________________________________________________________________________________________________ • Operation: __________________________________________________________________________________________ Traditional regional recycling practices will be employed for day to day operations. Separate dumpsters could be used to utilized to separate paper and cardboard from the waste system. ____________________________________________________________________________________________________ iii. Proposed disposal methods/facilities for solid waste generated on-site: • Construction: NYS-DEC ________________________________________________________________________________________ approved solid waste facility ____________________________________________________________________________________________________ • Operation: __________________________________________________________________________________________ NYS-DEC approved solid waste facility ____________________________________________________________________________________________________ Page 8 of 13 Page 103 of 242 s. Does the proposed action include construction or modification of a solid waste management facility? 9 Yes ✔ 9 No If Yes: i. Type of management or handling of waste proposed for the site (e.g., recycling or transfer station, composting, landfill, or other disposal activities): ___________________________________________________________________________________ ii. Anticipated rate of disposal/processing: • ________ Tons/month, if transfer or other non-combustion/thermal treatment, or • ________ Tons/hour, if combustion or thermal treatment iii. If landfill, anticipated site life: ________________________________ years t. Will the proposed action at the site involve the commercial generation, treatment, storage, or disposal of hazardous 9 Yes ✔ 9 No waste? If Yes: i. Name(s) of all hazardous wastes or constituents to be generated, handled or managed at facility: ___________________________ _________________________________________________________________________________________________________ _________________________________________________________________________________________________________ ii. Generally describe processes or activities involving hazardous wastes or constituents: ___________________________________ _________________________________________________________________________________________________________ ________________________________________________________________________________________________________ iii. Specify amount to be handled or generated _____ tons/month iv. Describe any proposals for on-site minimization, recycling or reuse of hazardous constituents: ____________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ v. Will any hazardous wastes be disposed at an existing offsite hazardous waste facility? 9 Yes 9 No If Yes: provide name and location of facility: _______________________________________________________________________ ________________________________________________________________________________________________________ If No: describe proposed management of any hazardous wastes which will not be sent to a hazardous waste facility: ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ E. Site and Setting of Proposed Action E.1. Land uses on and surrounding the project site a. Existing land uses. i. Check all uses that occur on, adjoining and near the project site. 9 Urban 9 Industrial ✔ 9 Commercial 9 Residential (suburban) 9 Rural (non-farm) 9 Forest 9 Agriculture 9 Aquatic ✔ 9 Other (specify): ____________________________________ ii. If mix of uses, generally describe: __________________________________________________________________________________________________________ __________________________________________________________________________________________________________ b. Land uses and covertypes on the project site. Land use or Current Acreage After Change Covertype Acreage Project Completion (Acres +/-) • Roads, buildings, and other paved or impervious 0.28 1.94 +1.66 surfaces • Forested 0 0 0 • Meadows, grasslands or brushlands (non- 3.80 1.46 -2.34 agricultural, including abandoned agricultural) • Agricultural 0 0 0 (includes active orchards, field, greenhouse etc.) • Surface water features 0 0.68 +0.68 (lakes, ponds, streams, rivers, etc.) • Wetlands (freshwater or tidal) 0 0 0 • Non-vegetated (bare rock, earth or fill) 0 0 0 • Other Describe: _______________________________ ________________________________________ Page 9 of 13 Page 104 of 242 c. Is the project site presently used by members of the community for public recreation? 9 Yes 9 ✔ No i. If Yes: explain: __________________________________________________________________________________________ d. Are there any facilities serving children, the elderly, people with disabilities (e.g., schools, hospitals, licensed 9 Yes ✔ 9 No day care centers, or group homes) within 1500 feet of the project site? If Yes, i. Identify Facilities: ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ e. Does the project site contain an existing dam? 9 Yes ✔ 9 No If Yes: i. Dimensions of the dam and impoundment: • Dam height: _________________________________ feet • Dam length: _________________________________ feet • Surface area: _________________________________ acres • Volume impounded: _______________________________ gallons OR acre-feet ii. Dam=s existing hazard classification: _________________________________________________________________________ iii. Provide date and summarize results of last inspection: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ f. Has the project site ever been used as a municipal, commercial or industrial solid waste management facility, 9 Yes ✔ 9 No or does the project site adjoin property which is now, or was at one time, used as a solid waste management facility? If Yes: i. Has the facility been formally closed? 9 Yes 9 No • If yes, cite sources/documentation: _______________________________________________________________________ ii. Describe the location of the project site relative to the boundaries of the solid waste management facility: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ iii. Describe any development constraints due to the prior solid waste activities: __________________________________________ _______________________________________________________________________________________________________ g. Have hazardous wastes been generated, treated and/or disposed of at the site, or does the project site adjoin 9 Yes ✔ 9 No property which is now or was at one time used to commercially treat, store and/or dispose of hazardous waste? If Yes: i. Describe waste(s) handled and waste management activities, including approximate time when activities occurred: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ h. Potential contamination history. Has there been a reported spill at the proposed project site, or have any ✔ 9 Yes 9 No remedial actions been conducted at or adjacent to the proposed site? If Yes: i. Is any portion of the site listed on the NYSDEC Spills Incidents database or Environmental Site ✔ 9 Yes 9 No Remediation database? Check all that apply: ✔9 Yes – Spills Incidents database 2103643 Provide DEC ID number(s): ________________________________ 9 Yes – Environmental Site Remediation database Provide DEC ID number(s): ________________________________ 9 Neither database ii. If site has been subject of RCRA corrective activities, describe control measures:_______________________________________ Spill ________________________________________________________________________________________________________ closed 07/19/2021. ________________________________________________________________________________________________________ iii. Is the project within 2000 feet of any site in the NYSDEC Environmental Site Remediation database? 9 Yes ✔ 9 No If yes, provide DEC ID number(s): ______________________________________________________________________________ iv. If yes to (i), (ii) or (iii) above, describe current status of site(s): _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ Page 10 of 13 Page 105 of 242 v. Is the project site subject to an institutional control limiting property uses? 9 Yes 9 No • If yes, DEC site ID number: ____________________________________________________________________________ • Describe the type of institutional control (e.g., deed restriction or easement): ____________________________________ • Describe any use limitations: ___________________________________________________________________________ • Describe any engineering controls: _______________________________________________________________________ • Will the project affect the institutional or engineering controls in place? 9 Yes 9 No • Explain: ____________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ E.2. Natural Resources On or Near Project Site a. What is the average depth to bedrock on the project site? ________________ Over 6 feet b. Are there bedrock outcroppings on the project site? 9 Yes ✔ 9 No If Yes, what proportion of the site is comprised of bedrock outcroppings? __________________% c. Predominant soil type(s) present on project site: ___________________________ Hilton loam __________% 100 ___________________________ __________% ____________________________ __________% d. What is the average depth to the water table on the project site? Average: _________ 2 feet e. Drainage status of project site soils: 9 Well Drained: _____% of site 9 Moderately Well Drained: ✔ _____% 100 of site 9 Poorly Drained _____% of site 9 0-10%: f. Approximate proportion of proposed action site with slopes: ✔ _____% 100 of site 9 10-15%: _____% of site 9 15% or greater: _____% of site g. Are there any unique geologic features on the project site? 9 Yes ✔ 9 No If Yes, describe: _____________________________________________________________________________________________ ________________________________________________________________________________________________________ h. Surface water features. i. Does any portion of the project site contain wetlands or other waterbodies (including streams, rivers, 9 Yes ✔ 9 No ponds or lakes)? ii. Do any wetlands or other waterbodies adjoin the project site? 9 Yes ✔ 9 No If Yes to either i or ii, continue. If No, skip to E.2.i. iii. Are any of the wetlands or waterbodies within or adjoining the project site regulated by any federal, 9 Yes ✔ 9 No state or local agency? iv. For each identified regulated wetland and waterbody on the project site, provide the following information: • Streams: Name ____________________________________________ Classification _______________________ • Lakes or Ponds: Name ____________________________________________ Classification _______________________ • Wetlands: Name ____________________________________________ Approximate Size ___________________ • Wetland No. (if regulated by DEC) _____________________________ v. Are any of the above water bodies listed in the most recent compilation of NYS water quality-impaired ✔ No 9 Yes 9 waterbodies? If yes, name of impaired water body/bodies and basis for listing as impaired: _____________________________________________ ___________________________________________________________________________________________________________ i. Is the project site in a designated Floodway? 9 Yes ✔ 9 No j. Is the project site in the 100-year Floodplain? 9 Yes ✔ 9 No k. Is the project site in the 500-year Floodplain? 9 Yes ✔ 9 No l. Is the project site located over, or immediately adjoining, a primary, principal or sole source aquifer? 9 Yes ✔ 9 No If Yes: i. Name of aquifer: _________________________________________________________________________________________ Page 11 of 13 Page 106 of 242 m. Identify the predominant wildlife species that occupy or use the project site: ______________________________ ______________________________ Deer _______________________________ ______________________________ ______________________________ Birds _______________________________ ______________________________ Small mammals n. Does the project site contain a designated significant natural community? 9 Yes ✔ 9 No If Yes: i. Describe the habitat/community (composition, function, and basis for designation): _____________________________________ ________________________________________________________________________________________________________ ii. Source(s) of description or evaluation: ________________________________________________________________________ iii. Extent of community/habitat: • Currently: ______________________ acres • Following completion of project as proposed: _____________________ acres • Gain or loss (indicate + or -): ______________________ acres o. Does project site contain any species of plant or animal that is listed by the federal government or NYS as ✔9 Yes 9 No endangered or threatened, or does it contain any areas identified as habitat for an endangered or threatened species? If Yes: i. Species and listing (endangered or threatened):______________________________________________________________________________ ________________________________________________________________________________________________________________________ Indiana Bat ________________________________________________________________________________________________________________________ p. Does the project site contain any species of plant or animal that is listed by NYS as rare, or as a species of 9 Yes ✔ 9 No special concern? If Yes: i. Species and listing:____________________________________________________________________________________________________ _______________________________________________________________________________________________________________________ q. Is the project site or adjoining area currently used for hunting, trapping, fishing or shell fishing? 9 Yes ✔ 9 No If yes, give a brief description of how the proposed action may affect that use: ___________________________________________ ________________________________________________________________________________________________________ E.3. Designated Public Resources On or Near Project Site a. Is the project site, or any portion of it, located in a designated agricultural district certified pursuant to 9 Yes ✔ 9 No Agriculture and Markets Law, Article 25-AA, Section 303 and 304? If Yes, provide county plus district name/number: _________________________________________________________________ b. Are agricultural lands consisting of highly productive soils present? 9 Yes ✔ 9 No i. If Yes: acreage(s) on project site? ___________________________________________________________________________ ii. Source(s) of soil rating(s): _________________________________________________________________________________ c. Does the project site contain all or part of, or is it substantially contiguous to, a registered National 9 Yes ✔ 9 No Natural Landmark? If Yes: i. Nature of the natural landmark: 9 Biological Community 9 Geological Feature ii. Provide brief description of landmark, including values behind designation and approximate size/extent: ___________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ d. Is the project site located in or does it adjoin a state listed Critical Environmental Area? 9 Yes ✔ 9 No If Yes: i. CEA name: _____________________________________________________________________________________________ ii. Basis for designation: _____________________________________________________________________________________ iii. Designating agency and date: ______________________________________________________________________________ Page 12 of 13 Page 107 of 242 Page 108 of 242 EAF Mapper Summary Report Monday, September 23, 2024 10:52 AM Disclaimer: The EAF Mapper is a screening tool intended to assist project sponsors and reviewing agencies in preparing an environmental assessment form (EAF). Not all questions asked in the EAF are answered by the EAF Mapper. Additional information on any EAF question can be obtained by consulting the EAF Workbooks. Although the EAF Mapper provides the most up-to-date digital data available to DEC, you may also need to contact local or other data sources in order to obtain data not provided by the Mapper. Digital data is not a substitute for agency determinations. B.i.i [Coastal or Waterfront Area] No B.i.ii [Local Waterfront Revitalization Area] Yes C.2.b. [Special Planning District] Digital mapping data are not available or are incomplete. Refer to EAF Workbook. E.1.h [DEC Spills or Remediation Site - Digital mapping data are not available or are incomplete. Refer to EAF Potential Contamination History] Workbook. E.1.h.i [DEC Spills or Remediation Site - Digital mapping data are not available or are incomplete. Refer to EAF Listed] Workbook. E.1.h.i [DEC Spills or Remediation Site - Digital mapping data are not available or are incomplete. Refer to EAF Environmental Site Remediation Database] Workbook. E.1.h.iii [Within 2,000' of DEC Remediation No Site] E.2.g [Unique Geologic Features] No E.2.h.i [Surface Water Features] No E.2.h.ii [Surface Water Features] No E.2.h.iii [Surface Water Features] No E.2.h.v [Impaired Water Bodies] No E.2.i. [Floodway] No E.2.j. [100 Year Floodplain] No E.2.k. [500 Year Floodplain] No E.2.l. [Aquifers] No E.2.n. [Natural Communities] No E.2.o. [Endangered or Threatened Species] Yes E.2.o. [Endangered or Threatened Species - Indiana Bat Name] Page 109 of 242 Full Environmental Assessment Form - EAF Mapper Summary Report 1 E.2.p. [Rare Plants or Animals] No E.3.a. [Agricultural District] No E.3.c. [National Natural Landmark] No E.3.d [Critical Environmental Area] No E.3.e. [National or State Register of Historic Digital mapping data are not available or are incomplete. Refer to EAF Places or State Eligible Sites] Workbook. E.3.f. [Archeological Sites] Yes E.3.i. [Designated River Corridor] No Page 110 of 242 Full Environmental Assessment Form - EAF Mapper Summary Report 2 STORMWATER MANAGEMENT FACILITY (TYPE P-2) STATIC WATER ELEV=418.54 CONTRACT WORK LIMIT LEGEND EX. ZONING REC-1 EX. ZONING RC-1 117 BY CLAY HOSPITALITY 1 .08 HANEE DE (S ' DIC TAIL PROPOSED DUMPSTER AP ) (TY ST REA SN AG ENCLOSURE STR P.) 9. 7 ' OR 0 30. A OW E BY WEGMANS FOOD PROPOSED12'x15' SHED 30. IPIN ' MARKETS, INC 0' G 9.7 52' ' . 251 679.23' 20. 6"E 24. 1' 0' 1 01' " RB R=4.0' E, 6 C. CU R=2.6' 1° N6 16 I D .5' W CO ) N ED 5 GRAL ETAIL 84. S PO NTE E D PROVEAL I LK (SE 99. 0' ST R EA R=5.0' SN AG R DEWA E 5' OR / SI A OW E 20.0' 24. (TYP.) 84. 12 0' PRORKING 4 9.5' 0' PA R=2.6' 7+3 POS SPA (TY ST REA SN AG 5 N03° 15' 34"W P.) R=4.0' NS OR ED CE ( R=20.0' A P OW E BIO-RETENTION FACILITY (TYP.) STO PROPOSED PARCEL 2 A GM 9.5' TYP WE RB N TIO STO P 35 AREA=32.218 ACRES CU TALLA x20 WEGMANS INS ITS ' .) OR 1,403,400 SQ. FT. PAVEMENT LIMITS R=5.0' PROPOSED PROPOSED 30' SITE PERIMETER N/F LIM 7+0 WEGMANS FOOD MARKETS INC EXISTING ZONING: RC-1 WHEEL STOP LANDSCAPE STRIP R=20.0' 0 T.A. #021.-01-05.6 R=5.0' (SEE DETAIL) STATE ROUTE 31 REGIONAL COMMERCIAL (TYP.) 15 80. PROPOSED ELECTRIC 5' 24. VEHICLE CHARGING STATIONS 0' PROPOSED 24. N28° 58' 44"W 160.02' 0" REVEAL 5.0 PR 103 =429 0' CONC. CURB EV ' OP RO .33 (TYP.) S2 PROPOSED 40' ACCESS R=3.0' 2 N 364 OS OM FF POSSIBLE FUTURE 8° EV ACCESS ROAD EASEMENT FROM PARCEL 2 13 3 ED S 76. R=5.0' . 58' TO PARCELS 1 AND 3 9 SN 2 4' 3' HO NE OW 44" TE 155 1 16 ST L W E 3 24. OR 6+0 N87° 19' 00"E 772.65' NORTH 0 HANEE DE YO 0' AG 1 (S DIC TAIL EA (R. PRORB (SE PRO STRIP YP.) CU AP ) (T PROPOSED PARCEL 3 RK . WIDT 3 RE O.W POS E DE POS ING AREA=2.536 ACRES A EMPTY CONC. PAD ED TAI W/ 8" BOLLARDS ED 76. 1 OR 110,449 SQ. FT. ST H VA SPOIL CONCRETE 6" R L) (T 4' 6 STOCK PILE ROCK (POOR CONDITION) R=5.4' EXISTING ZONING: RC-1 EVE YP. AT RIE PILE PROPOSED PARCEL 1 .0' R=5.0' REGIONAL COMMERCIAL 30 AL C ) AREA=23.078 ACRES R=1.7' E R S) ONC 6 12 3 OR 1,005,260 SQ. FT. R=25.7' P STO . EXISTING ZONING: RC-1 0' OU REGIONAL COMMERCIAL 12. PROPOSED OVERHEAD 24. TE 30. CANOPY (TYP.) 5+0 0' 0' PROPOSED ACCESS 377 0 R=3.0' IDE R=5.0' 481 EASEMENT FROM PARCEL 1 4" W .52' 13 TO PARCELS 2 AND 3 ED INT LIMITS OF PROPOSED 5 12 O S 0" REVEAL CURB P PA PROLLOW TYP.) 25. N28° 58' 44"W 217.50' Y IPE ( E 5' 26. 13 R=1.7' STR 0' 73. 42 R=25.7' S2 9' R=9.9' 8° .92' R=25.8' 135 PROPOSED ACCESS EASEMENT R=4.8' 08' STO TO BE PROVIDED FROM CARLING MEET EXISTING R=20.0' BAR P 159 PAVEMENT/GRADE 4 S TOP P.) 10 42" D Y 6" CONCRETE STEPS W/ HANDRAIL ROAD TO PARCEL NO. 3 OSE IL) (T BOLLARD ROP DETA CURB 0' 27. E (TYP.) R=20.0' P E S 16 PRIVATE (SEGMAN TION P W TALLAR=5.0' E STO PROPERTY 94.2' 59 STOP SIGN INS ITS A RE 127.5' A PROPOSED 6" LIM 4+0 7 GE 3 A 0 BOLLARDS (3) OR WEGMANS PROPOSED ST PAVEMENT LIMITS R=20.0' OW EX. ZONING RC-1 s WHEEL STOPS 278.35' SN S87° 19' 00"W FRAME STOP SHED EX. ZONING RC-1 R=18.7' 85.23' SIGN EX. SWITCHGEAR EX. TRANS. LIMITS OF PROPOSED CONC. PAD 6" BOLLARDS (5) 0" REVEAL CURB CONCRETE T SPEED PAD WITH HUMP 8" EX. ELECTRIC R=40.0' BOLLARDS DUMPSTER EQUIPMENT R=64.0' ENCLOSURE MEET R=165.0' 6" EXISTING STOP BOLLARD PAVEMENT / CONCRETE 8" MEET EXISTING (TYP.) PAD WITH R=40.0' GRADE (TYP.) CONCRETE TRASH BOLLARDS PAVEMENT/GRADE OP PAD WITH COMPACTOR ST 3+ TRANSFORMER METAL MEET EX. 00 METAL STEPS W/ FF=424.53 CONCRETE STEPS LANDING CURB/GRADE R=20.0' RELOCATED LIGHT PAD WITH AND POLE METAL GENERATOR FF=424.59 METAL LANDING 8" BOLLARDS 6" METAL STEPS STEPS FF=424.58 BOLLARD STEPS AND AND (TYP.) AND LANDING LANDING FF=424.53 LANDING CONC. SEE "END OF N/F WALL N/F CONCRETE LOADING DOCK WEGMANS FOOD MARKETS INC CURB DETAIL" NISTHA INCORPORATED FF=424.66 T.A. #021.-01-05.3 T.A. #021.-01-05.5 (OH DOOR) 3955-3959 STATE ROUTE 31 3979 STATE ROUTE 31 ELECTRIC FF=424.62 LIBER 3980 OF DEEDS PAGE 116 R=195.0' PANEL (OH DOOR) PROPOSED 6" R=165.0' RAMP REVEAL CARLING ROAD COMFORT INN CONC. CONCRETE AND SUITES CURB (60' WIDE R.O.W.) WALL 2+00 8" BOLLARDS EXISTING NF TRANSFORMER NISTHA INCORPORATED CONCRETE T.A.# 021-01-05.5 PAD MEET EXISTING ZONED RC-1 60' WIDE ACCESS AND DRAINAGE EASEMENT PAVEMENT / TO T.L. CANNON GRADE WEGMANS FOOD MARKET DICK'S SPORTING GOODS HOMEGOODS LEASE PARCEL PER MEMORANDUM OF LEASE PER LIBER 3971 OF DEEDS PAGE 275 PROJECT ENGINEER TITLE OF PROJECT EXISTING UTILITIES (LOCATION, SIZES AND INVERTS) SHOWN ON THE PLANS ARE APPROXIMATE AND ARE NOT CERTIFIED AS TO THE COPYRIGHT © 2026 COSTICH ENGINEERING, D.P.C. OF NEW G.W. Civil WEGMANS ROAD EXTENSION ACCURACY OF THEIR LOCATION OR COMPLETENESS. THE TE Y DRAWN BY 3955 ROUTE 31 GRAPHIC SCALE E L O R IT D.E.L. Engineering O IE A CONTRACTOR SHALL BE RESPONSIBLE FOR DETERMINING THE EXACT C HA TITLE OF DRAWING RK ST H C LOCATIONS AND DEPTHS OF ALL UTILITIES AND STRUCTURES IN THE IT IS A VIOLATION OF LAW FOR ANY Land BOUNDARY SITE AND PAVEMENT MARKING PLAN MI 40 0 20 40 80 160 PERSON, UNLESS ACTING UNDER THE PATH OF, OR CLOSELY PARALLEL TO, OR UNDER, THE PROPOSED DIRECTION OF A LICENSED PROFESSIONAL --- Surveying CONSTRUCTION. THE CONTRACTOR SHALL BE RESPONSIBLE FOR ANY ENGINEER, LAND SURVEYOR, ARCHITECT ER L I CE OR LANDSCAPE ARCHITECT, TO ALTER ANY TOPO/BASE LOCATION OF DELAYS OR DAMAGES OCCURRING AS A RESULT OF INCORRECTLY Landscape TAX PARCEL NO. 021.-01-04.1, 021.-01-05.3, PROJECT I NE LOCATED UTILITIES. IT IS THE CONTRACTORS RESPONSIBILITY TO ITEM ON THIS DOCUMENT IN ANY WAY . ANY LICENSEE WHO ALTERS THIS M.G. 021.-01-05.6, TOWN OF CLAY ( IN FEET ) Architecture NS NOTIFY THE VARIOUS UTILITY OWNERS IN AMPLE TIME FOR THEM TO DOCUMENT IS REQUIRED BY LAW TO AFFIX DATE COUNTY OF ONONDAGA, STATE OF NEW YORK NG 1 inch = 40 ft. HIS/HER SEAL AND THE NOTATION 02/11/2026 ED LOCATE AND MARK THEIR FACILITIES. THE CONTRACTOR SHALL ALSO 0 9 6 1 84 6433.01 E NOTIFY UNDERGROUND UTILITY LOCATION SERVICE AT LEAST 48 "ALTERED BY", FOLLOWED BY HIS/HER PR OFE AL Costich 217 Lake Avenue CLIENT WEGMANS FOOD MARKETS, INC DWG. # HOURS IN ADVANCE OF COMMENCING ANY WORK. NO. DATE REVISION BY CHKD. APVLS. SIGNATURE AND SPECIFIC DESCRIPTION OF THE ALTERATION, TO THE DOCUMENT. S S I ON SCALE 1"=40' Engineering Rochester, NY 14608 (585) 458-3020 100 WEGMANS MARKET STREET ROCHESTER, NEW YORK 14624 CC111 SHEET 4 OF 7 Page 111 of 242 MARKET STUDY Proposed Home2 Suites Liverpool/Clay 3955 NY 31* LIVERPOOL, NEW YORK * Exact address to be determined once subdivision completed SUBMITTED TO: PR OPOSED PREPARED BY: Neil Patel HVS Consulting & Valuation Baywood Hotels Division of TS Worldwide, LLC 15 Fishers Road, Suite 201 202 Wrexham Court North Pittsford, New York 14534 Tonawanda, New York 14150 +1 (607) 351-2268 +1 (828) 490-2274 April-2026 Page 112 of 242 May 28, 2026 Neil Patel Baywood Hotels 15 Fishers Road, Suite 201 Pittsford, New York 14534 HVS BUFFALO 202 Wrexham Court North Re: Proposed Home2 Suites Liverpool/Clay Area Tonawanda, New York 14150 Liverpool, New York +1 (828) 490-2274 +1 (516) 742-3059 FAX HVS Reference: 2026020296 www.hvs.com Dear Mr. Patel: Pursuant to your request, we herewith submit our market study pertaining to the above-captioned property. We have inspected the real estate and analyzed the hotel market conditions in the Liverpool and Clay, New York, area. We have studied the proposed project, and the results of our fieldwork and analysis are presented in this report. We have also reviewed the proposed improvements for this site. This report is not an appraisal but has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP), as provided by the Appraisal Foundation and as applicable for this consulting assignment. We hereby certify that we have no undisclosed interest in the property, and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein. Sincerely, TS Worldwide, LLC Christian Cross, Director ccross@hvs.com, +1 (828) 490-2274 Superior results through unrivaled hospitality intelligence. Everywhere. Page 113 of 242 Table of Contents SECTION TITLE PAGE 1. Executive Summary 4 2. Description of the Site and Neighborhood 10 3. Description of the Proposed Improvements 16 4. Market Area Analysis 26 5. Supply and Demand Analysis 46 6. Projection of Occupancy and Average Rate 71 7. Projection of Income and Expense 77 8. Feasibility Analysis 87 9. Statement of Assumptions and Limiting Conditions 96 Addenda Qualifications Page 114 of 242 1. Executive Summary Subject of the The subject of the market study is a site measuring 110,449 square feet (2.54 acres) Market Study that is planned to be improved with an extended-stay lodging facility; the hotel is anticipated to be associated with the Home2 Suites by Hilton brand. The property, which is expected to open on November 1, 2027, will feature 103 rooms, a breakfast dining area, 1,100 square feet of meeting space, an indoor pool, a fitness room, a lobby workstation, a market pantry, and a guest laundry room. The hotel will also contain the appropriate parking capacity (155 surface) and all necessary back-of- the-house space. RENDERING OF PROJECT The subject site’s location is 3955 NY 31, Liverpool, New York 13090. Community We note that in recent years there have been notable changes within the Syracuse Importance of this market and the local lodging industry. Since 2024, Downtown Syracuse lost roughly Project 600 hotels rooms, which is very significant given the size of the lodging market. Visit Syracuse acknowledged the negative impact of these closures and noted it is not sustainable given the investment taking place associated with the Micron project, the forecast growth in youth sporting tournaments, and the aging facilities that represent some of the current supply existing within the market. Onondaga County Executive Ryan McMahon also stressed the need for more hotel rooms in the market as Onondaga County is “poised to become the newest high-tech manufacturing hub in North America” and more hotels are needed both to April-2026 Page 115 of 242 Executive Summary Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 4 accommodate in growing demand but also because the industry is a “huge driver of sales tax.” In addition to the sales tax, a study commissioned by the American Hotel & Lodging Association (AHLA) and completed by Oxford Economics, titled “Economic Impact of the US Hotel Industry” noted the larger economic impact hotels have on their communities. The study found “for each $100 spent on lodging, hotel guests spend another $234 during their trip”. As further detailed later in this report, recent investments has Syracuse poised to become the "Youth Sports Capital of the Northeast". Without additional hotel rooms the market will be limited in the number of out-of-region teams and regional tournaments that can be hosted in the area. As such, it will limit the total potential benefit of this growing demand subsegment. Visit Syracuse notes families who come to the area for youth sports tournaments spend an average of around $600 within the community while there. In addition, the two new sports complexes opening this year are expected to create $20 million dollars annually in economic impact if there is enough lodging supply. Furthermore, the growth in youth sporting events and the introduction of these new facilities are expected generate over 10,000 room nights. Visit Syracuse estimates the Downtown market needs an additional 1,000 hotel rooms, while in the Clay and Liverpool area, 500 to 750 new rooms are needed to accommodate the growth happening in the area and to avoid missing out on the potential upside that could be captured within the county if more rooms were available. Meeting the Demand The proposed project is located proximate to the new Micron development. This Needs of the $100 billion dollar investment is creating significant demand for longer-term Community housing. Given the new jobs that will be created as part of this project, there is expected to be an influx of new residents moving to the area. County reports, including “Plan Onondaga” a county comprehensive plan, suggest there are housing needs within the market; as such, this project is expected to generate significant demand for extended-stay hotels, which often serve as transitional housing for relocations, as new residents learn the area and seek more permanent housing. In addition, the construction will require a significant amount of temporary specialized labor, which will require housing for several month periods. The subject hotel’s design and the Home2 Suites by Hilton brand is ideal for this type of guest, as all guestrooms offer kitchenettes and a larger living area than a typical hotel. These attributes attract guests staying for a longer period of time, but not looking to permanently relocate to the area. Given the multiple phases of the Micron project, construction on the multiple fabrication plants is expected to create sustained demand for the foreseeable future. April-2026 Page 116 of 242 Executive Summary Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 5 In addition to the hotel's in-house facilities and its location proximate to the Micron project, the subject hotel will benefit from its location in a retail complex that is anchored by Wegmans, a large grocery store. An additional 10,000 room nights are expected to be created by youth sport events and tournaments coming to the area. The Home2 Suites by Hilton brand in particular, appeals to families coming into the area for this purpose, as they are typically looking for a more spacious guestroom, a hotel with a pool for the children to enjoy between events/games, guestrooms with more than one bed/sleeping option, and complimentary breakfast being offered. The Home2 Suites by Hilton meets all of these needs. In addition, the hotel's meeting room will support youth sports teams booking at the hotel, as it can serve as a central place for soccer, lacrosse, and baseball/softball teams to convene or store equipment. Finally, these type of events typically create the most demand on the weekends, when commercial demand is at its lowest. As such, it will complement the demand generated from the Micron project. Feasibility Conclusion The conclusion of this analysis indicates that the property would generate a 8.9% return on an initial investment of $20,110,000. The investor surveys indicate discount rates ranging from 9.0% to 14.0%; the averages of the surveys range from 9.9% to 11.8%. Based on these parameters, the calculated return of 8.9% is below the averages and below the illustrated range of returns. Return requirements vary based on an individual investor’s circumstances, including the cost and availability of both debt and equity capital. This analysis is intended to provide information to assist the developer in evaluating the feasibility of the proposed project. Despite the significant demand for additional hotel rooms in the market and the ideal positioning of the Home2 Suites by Hilton brand, the returns on this project are currently below what would be expected by an investor and therefore likely not feasible. There are several reasons for this, including rising construction costs since the pandemic. Amplifying this is the 2025 NYS Energy Conservation Construction Code (ECCCNYS) which took effect on December 31, 2025. This new regulation implements stricter energy efficiency requirements for new buildings under seven-stories, which makes construction more expensive. Furthermore, as mentioned in the macro considerations portion of this report, ongoing trade negotiations and unpredictable implementation of tariffs increase construction costs and make it harder for developers to understand the total development costs. Finally, the ongoing war in the middle east has increased gas and oil prices which contribute to increased development costs, and again, the total global and economic impact of this is not yet known. April-2026 Page 117 of 242 Executive Summary Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 6 Pertinent Dates The date of the report is April 19, 2026. The property is expected to open on November 1, 2027. Ownership The developer of the proposed subject hotel is Baywood Hotels. Management and The proposed subject hotel will be managed by Baywood Hotels. Details pertaining Franchise Assumptions to management terms were not yet determined at the time of this report; however, we assume that the proposed hotel will be managed by a professional hotel- operating company, with fees deducted at rates consistent with current market standards. Our projections reflect a total management fee of 3.0% of total revenues. The proposed subject hotel will reportedly operate under a franchise agreement with Hilton Franchise Holding LLC, as a Home2 Suites by Hilton. We have reviewed the terms of the agreement, which span 20 years after the hotel's opening date. The proposed subject hotel's franchise agreement calls for a royalty fee of 5.0% of rooms revenue and a marketing assessment fee of 3.5% of rooms revenue. Home2 Suites by Hilton is an upper-midscale, extended-stay hotel brand that offers contemporary accommodations and a customizable guestroom design; furthermore, the Home2 Suites by Hilton commitment to sustainability is reinforced throughout every aspect of the brand. The hotel’s all-suite configuration provides suites with flexible separate living and bedroom areas (divisible by a drape in the studio suite or partial wall in the one-bedroom suite). The guestroom suites feature an industry-unique “working wall” that incorporates the kitchen and a flexible working/media space; the kitchens include a refrigerator, a microwave, a dishwasher, and other typical kitchen amenities. The media/working zone includes a queen-size sleeper sofa, a 42-inch flat-screen television, a rolling ottoman, ambient task lighting, an alarm clock and multimedia device, and various pieces of furniture that can be rearranged to create customized living spaces and adjustable storage options. Globally, for 2025, the brand operated at an overall occupancy of 76.2% and an average daily rate (ADR) of $137.20, resulting in an average RevPAR of $104.54. As of year-end 2025, there were 865 hotels (95,347 rooms) operating under the Home2 Suites by Hilton brand worldwide. Scope of Work The methodology used to develop this study is based on the market research and valuation techniques set forth in the textbooks authored by Hospitality Valuation Services for the American Institute of Real Estate Appraisers and the Appraisal Institute, entitled The Valuation of Hotels and Motels,1 Hotels, Motels and Restaurants: 1Stephen Rushmore, The Valuation of Hotels and Motels. (Chicago: American Institute of Real Estate Appraisers, 1978). April-2026 Page 118 of 242 Executive Summary Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 7 Valuations and Market Studies,2 The Computerized Income Approach to Hotel/Motel Market Studies and Valuations,3 Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations,4 and Hotels and Motels – Valuations and Market Studies.5 1. All information was collected and analyzed by the staff of TS Worldwide, LLC. Information was supplied by the client and/or the property’s development team. 2. The subject site has been evaluated from the viewpoint of its physical utility for the future operation of a hotel, as well as access, visibility, and other relevant factors. 3. The subject property's proposed improvements have been reviewed for their expected quality of construction, design, and layout efficiency. 4. The surrounding economic environment, on both an area and neighborhood level, has been reviewed to identify specific hostelry-related economic and demographic trends that may have an impact on future demand for hotels. 5. Dividing the market for hotel accommodations into individual segments defines specific market characteristics for the types of travelers expected to utilize the area's hotels. The factors investigated include purpose of visit, average length of stay, facilities and amenities required, seasonality, daily demand fluctuations, and price sensitivity. 6. An analysis of existing and proposed competition provides an indication of the current accommodated demand, along with market penetration and the degree of competitiveness. Unless noted otherwise, we have inspected the competitive lodging facilities summarized in this report. 7. Documentation for an occupancy and ADR projection is derived utilizing the build-up approach based on an analysis of lodging activity. 8. A detailed projection of income and expense made in accordance with the Uniform System of Accounts for the Lodging Industry (USALI) sets forth the anticipated economic benefits of the proposed subject property. 2 Stephen Rushmore, Hotels, Motels and Restaurants: Valuations and Market Studies. (Chicago: American Institute of Real Estate Appraisers, 1983). 3 Stephen Rushmore, The Computerized Income Approach to Hotel/Motel Market Studies and Valuations. (Chicago: American Institute of Real Estate Appraisers, 1990). 4 Stephen Rushmore, Hotels and Motels: A Guide to Market Analysis, Investment Analysis, and Valuations (Chicago: Appraisal Institute, 1992). 5 Stephen Rushmore and Erich Baum, Hotels and Motels – Valuations and Market Studies. (Chicago: Appraisal Institute, 2001). April-2026 Page 119 of 242 Executive Summary Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 8 9. A feasibility analysis is performed, in which the total property yield that the project would generate is compared to the total property yields indicated by market surveys. April-2026 Page 120 of 242 Executive Summary Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 9 2. Description of the Site and Neighborhood The suitability of the land for the operation of a lodging facility is an important consideration affecting the economic viability of a property and its ultimate marketability. Factors such as size, topography, access, visibility, and the availability of utilities have a direct impact on the desirability of a particular site. This site is in Clay, New, York, while the address is technically listed as Liverpool, New York. Physical Characteristics The subject site measures approximately 2.54 acres, or 110,449 square feet. The parcel's adjacent uses are set forth in the following table. FIGURE 2-1 SUBJECT PARCEL'S ADJACENT USES Direction Boundary Adjacent Use North Property Line Vacant Land South Property Line Comfort Inn & Suites Liverpool - Syracuse East Property Line State Route 481 West Property Line Vacant Land Topography and The topography of the site is generally flat. The size and configuration of the site Site Utility should be sufficient to accommodate the proposed improvements. April-2026 Page 121 of 242 Description of the Site and Neighborhood Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 10 VIEW OF SUBJECT SITE Access and Visibility It is important to analyze the site with respect to regional and local transportation routes and demand generators, including ease of access. The subject site is readily accessible to a variety of local and county roads, as well as state and interstate highways. April-2026 Page 122 of 242 Description of the Site and Neighborhood Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 11 MAP OF REGIONAL ACCESS ROUTES This market is served by a variety of major routes, including interstates and highways, as illustrated on the map. Regional access to/from the city of Syracuse, the Clay and Liverpool area, and the subject site, in particular, is considered very good. Vehicular access will be provided by an access road, which connects the subject site to State Route 31. While not directly accessible, the subject site is located adjacent to State Route 481. Both of these highways, State Route 381 and 481, are major local thoroughfares. The proposed subject hotel is anticipated to have adequate signage at the street, as well as on its façade. Overall, the subject site benefits from very good accessibility, and the proposed hotel is expected to enjoy good visibility from within its local neighborhood. April-2026 Page 123 of 242 Description of the Site and Neighborhood Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 12 SITE LOCATION April-2026 Page 124 of 242 Description of the Site and Neighborhood Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 13 Airport Access The proposed subject hotel will be served by the Syracuse Hancock International Airport, which is located approximately 7.5 miles to the southeast of the subject site. Neighborhood The neighborhood surrounding a lodging facility often has an impact on a hotel's status, image, class, style of operation, and sometimes its ability to attract and properly serve a particular market segment. This section of the report investigates the subject neighborhood and evaluates any pertinent location factors that could affect its future occupancy, average rate, and overall profitability. The neighborhood surrounding the subject site can be generally described as the State Highway 31corridor between the railroad tracks to the west and Morgan Road to the east. The neighborhood is primarily characterized by large big-box retail businesses and shopping complexes, restaurants, and other small businesses. In addition, there are some hotels located off of the main corridor, and Willow Field Elementary School is also located within this neighborhood. In general, this neighborhood is in the growth stage of its life cycle given the impact of the Micron project, which broke ground earlier this year. The proposed hotel's opening should be a positive influence on the area, and the property is expected to be in character with and to complement surrounding land uses. MAP OF NEIGHBORHOOD April-2026 Page 125 of 242 Description of the Site and Neighborhood Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 14 Utilities The subject site is assumed to be served by all necessary utilities. Zoning According to the local planning office, the subject property is zoned as follows: RC- 1 - Regional Commercial. Additional details pertaining to the proposed subject property’s zoning regulations are summarized in the following table. FIGURE 2-2 ZONING Municipality Governing Zoning Town of Clay Current Zoning Regional Commercial Current Us e Vacant Is Current Us e Permitted? Yes Is Change in Zoning Likely? No Permitted Us es Hotel, Retail, Res taurant, Office, Etc. Hotel Allowed Yes Legally Non-Conforming Not Applicable We assume that all necessary permits and approvals will be secured (including the appropriate liquor license as applicable) and that the subject property will be constructed in accordance with local zoning ordinances, building codes, and all other applicable regulations. Our zoning analysis should be verified before any physical changes are made to the site. Conclusion We have analyzed the issues of size, topography, access, visibility, and the availability of utilities. In general, the site should be well suited for future hotel use, with acceptable access, visibility, and topography for an effective operation. April-2026 Page 126 of 242 Description of the Site and Neighborhood Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 15 3. Description of the Proposed Improvements The quality of a lodging facility's physical improvements has a direct influence on marketability, attainable occupancy, and average room rate. The design and functionality of the structure can also affect operating efficiency and overall profitability. This section investigates the subject property's proposed physical improvements and personal property in an effort to determine how they are expected to contribute to attainable cash flows. Project Overview The Proposed Home2 Suites Liverpool/Clay will be an extended-stay lodging facility containing 103 rentable units. The four-story property is planned to open on November 1, 2027. Home2 Suites by Hilton is an upper-midscale, extended-stay hotel brand that offers contemporary accommodations and a customizable guestroom design; furthermore, the Home2 Suites by Hilton commitment to sustainability is reinforced throughout every aspect of the brand. The hotel’s all-suite configuration provides suites with flexible separate living and bedroom areas (divisible by a drape in the studio suite or partial wall in the one-bedroom suite). The guestroom suites feature an industry-unique “working wall” that incorporates the kitchen and a flexible working/media space; the kitchens include a refrigerator, a microwave, a dishwasher, and other typical kitchen amenities. The media/working zone includes a queen-size sleeper sofa, a 42-inch flat-screen television, a rolling ottoman, ambient task lighting, an alarm clock and multimedia device, and various pieces of furniture that can be rearranged to create customized living spaces and adjustable storage options. Globally, for 2025, the brand operated at an overall occupancy of 76.2% and an average daily rate (ADR) of $137.20, resulting in an average RevPAR of $104.54. As of year-end 2025, there were 865 hotels (95,347 rooms) operating under the Home2 Suites by Hilton brand worldwide. April-2026 Page 127 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 16 RENDERING OF SUBJECT HOME2 SUITES BY HILTON EXTERIOR Summary of the Per the plans and renderings provided, the proposed hotel will occupy one four- Facilities story building. Surface parking will be located around the building. Other site improvements will include freestanding signage, located at the main entrance to the site (additional signage is expected to be placed on the exterior of the building), as well as landscaping and sidewalks. The hotel's main entrance will lead directly into the lobby, and the first (ground) floor will house the public areas and the back-of- the-house space. Guestrooms are planned to be located on all four floors. The site and building components appear to be normal for a hotel of this type and should meet the standards for this suburban market. Based on information provided by the proposed subject hotel’s development representatives, the following table summarizes the facilities that are expected to be available at the proposed subject hotel. April-2026 Page 128 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 17 FIGURE 3-1 PROPOSED FACILITIES SUMMARY Guestroom Configuration Number of Units King Studio Suite 54 Queen/Queen Studio Suite 41 King One-Bedroom Suite 8 Total 103 Food & Beverage Facilities Seating Capacity Breakfas t Dining Area 42 Indoor Meeting & Banquet Facilities Square Footage Meeting Room 1,100 Amenities & Services Indoor Swimming Pool Gues t Laundry Area Fitnes s Room Lobby Works tation Market Pantry Infrastructure Parking Spaces 155 Surface Elevators 2 Gues t Life-Safety Sys tems Sprinklers , Smoke Detectors The hotel’s breakfast dining area will be located opposite the front desk in the lobby. The furnishings of the space are expected to be of a similar style and finish as lobby and guestroom furnishings. The hotel will offer one meeting room, to be located on the first floor. The hotel is planned to offer an indoor pool and a fitness room as recreational facilities. Other amenities are anticipated to include a lobby workstation, a market pantry, and a guest laundry area. The hotel will feature an all- suite guestroom configuration and the typical in-room amenities associated with the Home2 Suites by Hilton brand. Guestroom bathrooms will be of a standard size, with a shower-in-tub or shower stall, commode, and single sink with vanity area. Overall, the hotel's guestrooms and facilities should be appropriate for a property of this type, and we assume that they will meet brand standards. The hotel will be served by the necessary back-of-house space, including an in- house laundry facility, administrative offices, and a prep kitchen to service the needs of the breakfast dining area. These spaces should be adequate for a hotel of this type April-2026 Page 129 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 18 and should allow for the efficient operation of the property under competent management. TYPICAL HOME2 SUITES BY HILTON LOBBY TYPICAL HOME2 SUITES BY HILTON DINING AREA April-2026 Page 130 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 19 TYPICAL HOME2 SUITES BY HILTON FRONT DESK & HOME2MKT TYPICAL HOME2 SUITES BY HILTON SPIN2CYCLE April-2026 Page 131 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 20 TYPICAL HOME2 SUITES BY HILTON GUESTROOM TYPICAL HOME2 SUITES BY HILTON GUESTROOM April-2026 Page 132 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 21 FIRST FLOOR (MAIN LEVEL) PLAN April-2026 Page 133 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 22 GUESTROOM FLOOR PLAN April-2026 Page 134 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 23 ADA and We assume that the property will be built according to all pertinent codes and brand Environmental standards. Moreover, we assume its construction will not create any environmental hazards (such as mold) and that the property will fully comply with the Americans with Disabilities Act. Capital Expenditures Our analysis assumes that the hotel will require ongoing upgrades and periodic renovations after its opening in order to maintain its competitive level in this market and to remain compliant with brand standards. Thus, in keeping with industry standards, a reserve for replacement has been included in our forecast of income and expense to partially fund ongoing capital improvements. Construction Budget The construction budget for the 103-room subject hotel, as provided by the project developer, is illustrated in the following table. FIGURE 3-2 CONSTRUCTION BUDGET – PROPOSED SUBJECT PROPERTY Component Cost Cost per Room Hard Costs & Site Improvements Hard Costs $13,500,000 $131,068 Contingency 500,000 4,854 Subtotal Hard Cost & Site Improvements $14,000,000 $135,922 Other Costs FF&E $2,200,000 $21,359 Soft Costs, Developer Fee, and Pre-Opening Costs 2,375,000 23,058 Subtotal Other Costs $4,575,000 $44,417 Subtotal (without Land) $18,575,000 $180,340 Site Cost $945,000 $9,175 Total $19,520,000 $189,515 April-2026 Page 135 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 24 Conclusion Overall, the proposed subject property should offer a well-designed, functional layout of public areas, guestrooms, and back-of-the-house spaces. All typical and market-appropriate features and amenities are expected to be included in the hotel's design. We assume that the property will be constructed in accordance with modern standards for lodging facilities and that the furniture, fixtures, and finishes will be consistent with the property's anticipated positioning as an upper-midscale, extended-stay hotel; moreover, we assume that it will include the appropriate energy-efficient elements and be equipped with the requisite technology and building systems. We further assume that the building will be fully open and operational on the stipulated opening date and will meet all local building codes, as well as market and brand standards, and that the hotel staff will be adequately trained to allow for a successful opening, with pre-marketing efforts having introduced the product to the market at least six months in advance of the opening date. April-2026 Page 136 of 242 Description of the Proposed Improvements Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 25 4. Market Area Analysis The economic vitality of the market area and neighborhood surrounding the subject site is an important consideration in forecasting lodging demand and future income potential. Economic and demographic trends that reflect the amount of visitation provide a basis from which to project lodging demand. The purpose of the market area analysis is to review available economic and demographic data to determine whether the local market will undergo economic growth, stabilize, or decline. In addition to predicting the direction of the economy, the rate of change must be quantified. These trends are then correlated based on their propensity to reflect variations in lodging demand, with the objective of forecasting the amount of growth or decline in visitation by individual market segment (e.g., commercial, meeting and group, and leisure). Macro Considerations Much of 2025 was characterized by a notable degree of volatility related to changing government policies (including tariffs) and continued concerns about inflation, labor costs (and availability), and international travel. These conditions resulted in widespread uncertainty as to the outlook for the local, national, and international economies. Although circumstances were less volatile in the fourth quarter of 2025, the national lodging market as a whole registered lower occupancy and minimal ADR growth, due in part to the extended government shutdown. Similarly, the hospitality investment market remained subdued. Current market perspectives reflect a somewhat more optimistic outlook in terms of industry performance and investments. The market is expected to remain subdued in 2026, due in part to inflation and anticipated slow job growth, although the possibility of a recession has receded, according to many experts. However, the ongoing international conflicts have resulted in some caution on the part of investors and consumers, which may undermine the industry's performance. Positive notes for 2026 include the anticipated influx of demand in connection with the FIFA World Cup, as well as events related to the nation’s 250th anniversary. In the near term, supply growth is likely to be limited, as new development has been affected by increased construction costs and limited financing availability; slow revenue growth, combined with escalating expenses, has also undermined the feasibility of some new developments. Regarding the long term, we know that the hospitality industry has proven to be extraordinarily resilient following past “shock” events and downturns, such as 9/11, the Great Recession, and the COVID- 19 pandemic, which caused business to decline sharply. However, the industry’s performance has always recovered and continued to grow. Thus, we are confident that the industry will prove to be similarly resilient following the current period. April-2026 Page 137 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 26 National Economic The local market and economy are influenced by national trends; thus, Overview consideration of these trends is an important premise to this market-area analysis. The U.S. economy was severely affected by the COVID-19 pandemic, as illustrated in the following discussion. The onset of the pandemic resulted in decreased business activity, causing widespread economic hardships, including higher levels of unemployment. The depth and duration of this impact was influenced by the course of the pandemic and the nature and extent of restrictions on business and travel activity; the period of greatest impact was 2020. The shift of work locations from office environments to home offices also limited corporate transient and group travel. By all measures, the national economy had recovered from this downturn by year-end 2024, with notable growth recorded; however, some select markets and sectors experienced slower growth and continued to recover in 2025 and/or into early 2026. Gross domestic product (GDP) is a key measure of a country’s economic health and trends. Research has also identified a high degree of correlation between GDP and lodging demand. For the eight quarters leading up to 2020, GDP quarterly growth ranged between 0.9% and 3.8%, reflecting moderate economic expansion. The impact of the pandemic was considerable in 2020. As shutdowns halted major components of the U.S. economy from mid-March through May, GDP contracted by an annualized rate of 31.2% in the second quarter of 2020, the largest such decline in U.S. history. While shocking, this GDP decline was offset by a significant rebound in economic activity in the third quarter, greatly moderating the overall impact for the year. The U.S. economy grew by 33.8% on an annualized basis in the third quarter, followed by more modest gains in the five quarters that followed through the end of 2021, with GDP having surpassed the pre-pandemic peak by the first quarter of 2021. A pullback during the first half of 2022 was driven by the trade deficit and decreases in government spending and inventory investment, although the decline was offset by gains during the second half of the year. April-2026 Page 138 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 27 FIGURE 4-1 UNITED STATES GDP GROWTH RATE 40 33.8 $32 30 $30 Annualized % Cha nge 20 $28 GDP (Tri l lions) 10 2.8 1.9 4.5 6.3 6.7 2.3 6.9 2.8 2.9 2.5 4.7 3.4 0.8 3.6 3.3 1.9 3.8 4.4 0.5 $26 0 $24 -10 -1.6 -0.6 -0.6 -5.1 -5.4 -20 $22 -30 $20 -40 -31.2 $18 2020 2021 2022 2023 2024 2025 Annualized % Change GDP (Trillions) Sources: tradingeconomics.com, Bureau of Economic Analysis The positive trend continued through 2023 and 2024, with increases of 2.9% and 2.8% registered those years, respectively. GDP growth decelerated in 2025 (2.1%), with two negative quarters (first and fourth) outweighed by the positive second and third quarters. Within the hotel sector, a more active deal environment is expected in 2026 given the anticipated steady, albeit slower, growth in GDP in the coming quarters, as forecast by top economists, which should drive demand growth. However, the persisting pullback in international travel to the United States and uncertainty surrounding what effect the tariffs will have on prices, trade, employment, and domestic travel may limit transaction activity. We will be closely monitoring how these changes impact employment, hotel demand, ADRs, transaction activity and, ultimately, hotel values. The Wall Street Journal (WSJ) publishes an economic forecasting survey each quarter. Per the latest survey (January 2026), economists anticipate GDP to expand at a slightly slower pace in 2026, compared to 2025, by roughly 20 basis points, with another slight moderation in activity likely to occur in 2027. Economists are relatively optimistic that the United States will avoid a recession, reporting an average 27.0% probability that the country will experience a recession during the next twelve months (33.0% was the average probability level for the same question in both the July 2025 and October 2025 surveys). April-2026 Page 139 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 28 FIGURE 4-2 GDP, CPI, AND UNEMPLOYMENT PREDICTIONS Real GDP, Quarterly Annualized Growth Rate 1st Quarter 2026 2.13 % 2nd Quarter 2026 2.09 3rd Quarter 2026 2.09 4th Quarter 2026 2.14 Real GDP, Year-Over-Year Growth Rate 2025 2.35 % 2026 2.17 2027 2.09 2028 2.13 CPI, Year-Over-Year Change June 2026 2.80 % December 2026 2.63 June 2027 2.46 December 2027 2.39 Midpoint of the Range for the Federal Funds Rate On June 30, 2026 3.327 % On December 31, 2026 3.079 On June 30, 2027 3.037 On December 31, 2027 3.048 Unemployment, Annual Level June 2026 4.52 % December 2026 4.45 June 2027 4.37 December 2027 4.30 Source: Wall Street Journal Economic Forecasting Survey, January 2026 Driven by supply-chain disruptions and pent-up consumer demand, prices for most goods and services increased substantially in the wake of the pandemic; the CPI increased by 7.0% in 2021 and 6.5% in 2022. The Fed addressed inflation through April-2026 Page 140 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 29 successive interest-rate hikes (seven in 2022, and another four in 2023), and the pace of inflation decelerated, falling to the low 3.0% range by the end of 2023. While inflation increased to 3.5% by March 2024, a slow and gradual decline ensued, registering a relatively low 2.4% as of September 2024. That month, the Fed cut the federal funds rate for the first time since the COVID-19 pandemic, acknowledging the positive economic data and lower inflation in recent months, and two additional cuts followed in November and December 2024. The Fed approved three rate cuts in 2025, with the latest one occurring on December 10, 2025, when it lowered its key overnight borrowing rate by a quarter percentage point, putting it in a range between 3.5% and 3.75%. The successive increases in GDP, lower inflation levels, cuts to the Fed rate in 2024, and strong job growth through the first quarter of 2025 painted a positive picture of the U.S. economy. However, the first week of April 2025 sparked a notable change for this picture with the announcement of significant tariffs. As the year progressed, many were revised downward; these revisions, combined with the continued resiliency of the U.S. economy and gains in employment, bolstered markets. As of early 2026, expectations had emerged that a recession in the near term was less likely, compared to the sentiment in March/April. Nevertheless, it remains unclear how the new policies of the current administration will ultimately impact the economy and the hotel sector. Per the WSJ survey, unemployment levels are expected to remain relatively stable, hovering near the 4.4%–4.6% range over the course of the next twelve months. Economists surveyed anticipate the Fed funds rate to end 2026 at roughly 3.0% (compared to the target rate-range expectation of 3.5%–3.75% at year-end 2025), implying that there will be three additional rate cuts between present day and December 2026. Moreover, inflation is likely to wane, falling to 2.63% by year-end 2026. Within the hospitality industry, labor availability and costs remain a concern for hotel operators, although these issues have diminished somewhat since the height of the pandemic. Inflation benefited the industry by supporting strong ADR growth in most markets but also resulted in increased expenses, which put pressure on profitability. Inflation moderated significantly and was approaching the Fed’s target of 2.0% as of year-end 2025, which was considered a positive factor; however, the impact of tariffs may keep inflation levels near the 2.5%–3.0% mark in 2026, per economist expectations. We continue to closely monitor how these policy changes are affecting the U.S. lodging market and the local market analyzed within this report, as explained in the following chapter. In preparing this report, we have considered the impact of these factors on the lodging and investment markets to the best of our ability. However, our analysis April-2026 Page 141 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 30 only considers what is known at the time of the effective date of the report, and there is a high degree of uncertainty currently influencing the market and the economy. Market Area Definition The market area for a lodging facility is the geographical region where the sources of demand and the competitive supply are located. The subject site is located in the Town of Clay, the county of Onondaga, and the state of New York. The subject property’s market area can be defined by its Combined Statistical Area (CSA): Syracuse-Auburn, NY. The CSA represents adjacent metropolitan and micropolitan statistical areas that have a moderate degree of employment interchange. Micropolitan statistical areas represent urban areas in the United States based around a core city or town with a population of 10,000 to 49,999; the MSA requires the presence of a core city of at least 50,000 people and a total population of at least 100,000 (75,000 in New England). The following exhibit illustrates the market area. MAP OF MARKET AREA April-2026 Page 142 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 31 Economic and A primary source of economic and demographic statistics used in this analysis is the Demographic Review Complete Economic and Demographic Data Source published by Woods & Poole Economics, Inc.—a well-regarded forecasting service based in Washington, D.C. Using a database containing more than 900 variables for each county in the nation, Woods & Poole employs a sophisticated regional model to forecast economic and demographic trends. Historical statistics are based on census data and information published by the Bureau of Economic Analysis. Projections are formulated by Woods & Poole, and all dollar amounts have been adjusted for inflation, thus reflecting real change. These data are summarized in the following table. FIGURE 4-3 ECONOMIC AND DEMOGRAPHIC DATA SUMMARY Avg. Annual Compounded Chg. 2010 2020 2024 2029 2010-20 2010-24 2024-29 Resident Population (Thousands) Ononda ga County 467.9 474.2 468.4 470.0 0.1 % 0.0 % 0.1 % Sta te of New York 19,419.9 20,104.7 19,616.5 19,814.9 0.3 0.1 0.2 Uni ted Sta tes 309,382.3 331,526.9 337,214.9 348,565.1 0.7 0.6 0.7 Per-Capita Personal Income* Ononda ga County 44,350.0 55,236.0 55,071.0 58,769.0 2.2 1.6 1.3 Sta te of New York 53,670.0 66,790.0 69,776.0 76,210.0 2.2 1.9 1.8 Uni ted Sta tes 44,807.0 56,530.0 59,191.0 63,789.0 2.4 2.0 1.5 W&P Wealth Index Ononda ga County 95.3 94.1 90.2 89.5 (0.1) (0.4) (0.2) Sta te of New York 114.8 113.8 113.7 115.0 (0.1) (0.1) 0.2 Uni ted Sta tes 100.0 100.0 100.0 100.0 0.0 0.0 0.0 Food and Beverage Sales (Millions)* Ononda ga County 752.2 885.4 1,114.1 1,246.0 1.6 2.8 2.3 Sta te of New York 34,723.2 44,218.3 54,158.1 59,692.6 2.4 3.2 2.0 Uni ted Sta tes 502,826.6 611,998.2 777,882.3 881,336.7 2.0 3.2 2.5 Total Retail Sales (Millions)* Ononda ga County 7,543.8 8,478.7 9,570.4 10,211.9 1.2 1.7 1.3 Sta te of New York 279,750.6 347,194.8 389,587.3 418,214.8 2.2 2.4 1.4 Uni ted Sta tes 4,638,710.2 5,826,738.6 6,781,525.8 7,456,593.4 2.3 2.7 1.9 * Inflation Adjusted Source: Woods & Pool e Economi cs , Inc. April-2026 Page 143 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 32 The U.S. population grew at an average annual compounded rate of 0.6% from 2010 through 2024. The county’s population has grown more slowly than the nation’s population; the average annual growth rate of 0.0% between 2010 and 2024 reflects a gradually expanding area. Per-capita personal income increased slowly, at 1.6% on average annually for the county between 2010 and 2024. Local wealth indexes have remained stable in recent years, registering a modest 90.2 level for the county in 2024. Food and beverage sales totaled 1,114.1 million in the county in 2024, versus 752.2 million in 2010. This reflects a 2.8% average annual change. The pace of growth is anticipated to be 2.3% through 2029. The retail sales sector demonstrated an annual increase of 1.7% from 2010 to 2024. An increase of 1.3% average annual change is expected in county retail sales through 2029. Workforce The characteristics of an area's workforce provide an indication of the type and Characteristics amount of transient visitation likely to be generated by local businesses. Sectors such as finance, insurance, and real estate (FIRE); wholesale trade; and services produce a considerable number of visitors who are not particularly rate sensitive. The government sector often generates transient room nights, but per-diem reimbursement allowances often limit the accommodations selection to budget and mid-priced lodging facilities. Contributions from manufacturing, construction, transportation, communications, and public utilities (TCPU) employers can also be important, depending on the company type. The following table sets forth the county workforce distribution by business sector in 2010, 2020, and 2024 as well as a forecast for 2029. April-2026 Page 144 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 33 FIGURE 4-4 HISTORICAL AND PROJECTED EMPLOYMENT (000S) Avg. Annual Compounded Chg. Percent Percent Percent Percent Industry 2010 of Total 2020 of Total 2024 of Total 2029 of Total 2010-2020 2020-2024 2024-2029 Fa rm 3.1 0.8 % 3.1 0.9 % 3.2 0.8 % 3.2 0.8 % 0.3 % 0.6 % (0.4) % Fores try, Fi s hi ng, Rel a ted Acti vi ti es And Other 0.7 0.2 0.6 0.2 0.6 0.1 0.6 0.1 (2.0) 1.2 0.1 Mi ni ng 0.5 0.1 0.3 0.1 0.3 0.1 0.3 0.1 (4.0) (5.2) 0.3 Uti l i ti es 3.7 1.0 4.1 1.1 4.5 1.1 4.4 1.1 1.0 2.1 (0.4) Cons tructi on 17.4 4.6 18.1 5.0 19.1 4.8 19.0 4.7 0.4 1.3 (0.1) Ma nufa cturi ng 28.0 7.5 25.8 7.1 26.6 6.7 26.1 6.5 (0.8) 0.8 (0.4) Tota l Tra de 56.7 15.2 50.5 13.8 53.6 13.6 53.1 13.2 (1.2) 1.5 (0.2) Whol es a l e Tra de 15.8 4.2 13.0 3.6 14.6 3.7 14.4 3.6 (1.9) 3.0 (0.3) Reta i l Tra de 40.9 10.9 37.5 10.3 39.0 9.9 38.7 9.6 (0.9) 1.0 (0.2) Tra ns porta ti on And Wa rehous i ng 11.0 2.9 15.6 4.3 19.4 4.9 19.1 4.7 3.5 5.6 (0.3) Informa ti on 5.6 1.5 4.4 1.2 4.7 1.2 4.7 1.2 (2.4) 1.8 (0.3) Fi na nce And Ins ura nce 21.2 5.7 20.9 5.7 22.8 5.8 22.1 5.5 (0.2) 2.2 (0.6) Rea l Es ta te And Renta l And Lea s e 12.5 3.4 14.9 4.1 18.7 4.7 21.3 5.3 1.8 5.8 2.6 Tota l Servi ces 155.6 41.6 153.0 41.9 166.6 42.2 173.0 43.0 (0.2) 2.2 0.8 Profes s i ona l And Techni ca l Servi ces 22.5 6.0 23.3 6.4 24.1 6.1 24.9 6.2 0.4 0.8 0.7 Ma na gement Of Compa ni es And Enterpri s es 3.1 0.8 5.0 1.4 5.4 1.4 5.4 1.3 4.9 1.9 0.1 Admi ni s tra ti ve And Wa s te Servi ces 19.5 5.2 17.1 4.7 19.1 4.8 19.1 4.7 (1.3) 2.8 (0.0) Educa ti ona l Servi ces 15.3 4.1 18.2 5.0 18.1 4.6 18.7 4.7 1.8 (0.2) 0.7 Hea l th Ca re And Soci a l As s i s ta nce 45.4 12.1 45.4 12.4 47.0 11.9 49.8 12.4 (0.0) 0.9 1.2 Arts , Enterta i nment, And Recrea ti on 7.7 2.1 6.2 1.7 8.2 2.1 9.1 2.3 (2.1) 7.3 2.0 Accommoda ti on And Food Servi ces 24.8 6.6 20.7 5.7 26.6 6.7 28.0 7.0 (1.8) 6.6 1.0 Other Servi ces , Except Publ i c Admi ni s tra ti on 17.3 4.6 17.1 4.7 18.2 4.6 18.1 4.5 (0.1) 1.6 (0.1) Tota l Government 58.0 15.5 53.9 14.8 54.8 13.9 55.3 13.7 (0.7) 0.4 0.2 Federa l Ci vi l i a n Government 4.9 1.3 5.2 1.4 4.9 1.3 5.0 1.2 0.5 (1.2) 0.3 Federa l Mi l i ta ry 1.3 0.4 1.2 0.3 1.2 0.3 1.2 0.3 (1.1) (0.2) 0.0 Sta te And Loca l Government 51.7 13.8 47.6 13.0 48.7 12.3 49.0 12.2 (0.8) 0.6 0.1 TOTAL 374.0 100.0 % 365.3 100.0 % 394.9 100.0 % 402.0 100.0 % (0.2) % 2.0 % 0.4 % U.S. 172,901.7 — 195,286.6 — 218,894.3 — 232,833.6 — 1.2 2.9 1.2 Source: Woods & Pool e Economi cs , Inc. April-2026 Page 145 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 34 The preceding data illustrate the long-term employment trends in this market, including the recent impact of the pandemic and the subsequent recovery. Forecasts developed by Woods & Poole Economics, Inc. anticipate that total employment in the county will change by 0.4% on average annually through 2029. The trend is below the forecast rate of change for the United States as a whole during the same period. Radial Demographic The following table reflects radial demographic trends for our market area Snapshot measured by three points of distance from the subject site. April-2026 Page 146 of 242 Market Area Analysis 35 Proposed Home2 Suites Liverpool/Clay – Liverpool, New York FIGURE 4-5 DEMOGRAPHICS BY RADIUS 0.00 - 1.00 miles 0.00 - 3.00 miles 0.00 - 5.00 miles Population 2031 Projection 6,457 29,264 68,971 2026 Estimate 6,366 29,137 69,066 2020 Census 6,282 29,171 69,812 Percent Change: 2026 to 2031 1.4% 0.4% -0.1% Percent Change: 2020 to 2026 1.3% -0.1% -1.1% Households 2031 Projection 2,640 11,783 28,829 2026 Estimate 2,607 11,694 28,730 2020 Census 2,628 11,718 28,837 Percent Change: 2026 to 2031 1.3% 0.8% 0.3% Percent Change: 2020 to 2026 -0.8% -0.2% -0.4% Income 2026 Est. Average Household Income $135,497 $142,394 $128,968 2026 Est. Median Household Income 112,109 109,555 99,165 2026 Est. Civ. Employed Pop 16+ by Occupation Architecture/Engineering 146 556 1,350 Arts/Design/Entertainment/Sports/Media 17 171 687 Building/Grounds Cleaning/Maintenance 42 326 728 Business/Financial Operations 354 1,194 2,315 Community/Social Services 71 342 752 Computer/Mathematical 159 581 1,534 Construction/Extraction 99 459 1,085 Education/Training/Library 300 1,440 3,111 Farming/Fishing/Forestry 5 24 29 Food Preparation/Serving Related 137 600 1,691 Healthcare Practitioner/Technician 276 1,404 3,531 Healthcare Support 58 266 885 Installation/Maintenance/Repair 83 423 961 Legal 62 189 426 Life/Physical/Social Science 66 172 404 Management 436 1,940 4,161 Office/Administrative Support 449 1,741 3,826 Production 74 520 1,234 Protective Services 64 347 744 Sales/Related 266 1,393 3,167 Personal Care/Service 46 350 924 Transportation/Material Moving 170 932 2,485 Source: Environics Analytics April-2026 Page 147 of 242 Market Area Analysis 36 Proposed Home2 Suites Liverpool/Clay – Liverpool, New York This source reports a population of 69,066 and 28,730 households within a five- mile radius of the subject site. The average household income within this radius is reported at $128,968, while the median is $99,165. Unemployment The following table presents historical unemployment rates for the proposed Statistics subject hotel’s market area. FIGURE 4-6 UNEMPLOYMENT STATISTICS Year City MSA State U.S. 2015 4.3 % 5.4 % 5.2 % 5.3 % 2016 4.0 4.9 4.9 4.9 2017 4.1 5.0 4.6 4.4 2018 3.4 4.2 4.1 3.9 2019 3.2 4.0 3.9 3.7 2020 7.3 8.0 9.8 8.1 2021 4.1 5.0 7.1 5.4 2022 2.8 3.5 4.3 3.6 2023 2.9 3.5 4.1 3.6 2024 3.0 3.6 4.3 4.0 Recent Month - Nov 2024 2.7 % 3.3 % 4.2 % 4.2 % 2025 3.3 3.7 4.5 4.5 Source: U.S. Bureau of Labor Statis tics Prior to the pandemic, U.S. unemployment levels were firmly below the 4.6% level recorded in 2006 and 2007, the peak years of the economic cycle prior to the Great Recession. The national unemployment rates during the months leading up to the COVID-19 pandemic were in the 3.5%–3.7% range, reflecting a trend of stability and strength. However, in April 2020, after the onset of the pandemic, unemployment rose to 14.7%, while employment dropped by 20.7 million. Steady gains in employment have generally been registered since that time; however, job gains have fluctuated in recent months. While approximately 160,000 jobs were gained in January 2026, a contraction of approximately 113,000 jobs occurred in February 2026. This was followed by a gain of 178,000 jobs in March, with the most significant gains registered in the health care, construction, and transportation/warehousing sectors. The national unemployment rate was 4.3% in March 2026. April-2026 Page 148 of 242 Market Area Analysis 37 Proposed Home2 Suites Liverpool/Clay – Liverpool, New York Locally, the unemployment rate was 3.0% in 2024; for this same area in 2025, the most recent month’s unemployment rate was registered at 3.3%, versus 2.7% for the same month in 2024. As illustrated in the foregoing table, unemployment declined in 2016, and this positive trend generally continued through 2019. Unemployment data for the county and MSA are largely reflective of what is happening in Syracuse, which is the largest city and serves as an economic hub within the county. County economic development officials noted that local employment last decade was largely supported by the healthcare and education sectors. However, unemployment data from 2020 illustrate a sharp increase given the effects of the COVID-19 pandemic and related global economic crisis, which included massive furloughs/layoffs. Unemployment then declined in 2021 as the economy began to rebound; this trend continued in 2022 and remained fairly stable in 2023. A modest increase was noted in 2024, reportedly due to job declines in the manufacturing sector. The most recent comparative period shows an increase in November 2025, compared to the same month in 2024, which is in line with what is happening in the region, as well as the trends reflected in state and national unemployment levels. Major Business and Providing additional context for understanding the nature of the regional economy, Industry the following table presents a list of the major employers in the proposed subject property's market. April-2026 Page 149 of 242 Market Area Analysis 38 Proposed Home2 Suites Liverpool/Clay – Liverpool, New York FIGURE 4-7 MAJOR EMPLOYERS Largest Employer - Central New York* Agrana Fruits Gyps um Expres s , LTD Sodexo American Food & Vending INFICON Spectrum American Red Cros s JADAK Technologies SRC, Inc. Anaren Labratory Alliance of Central New York, LLC St. Jos eph's Hos pital Anheus er Bus ch Lakeview Amphitheater Stickley Inc. Aramark Liberty Res ources Suburban Propane AXA Equitable Lockheed Martin Sutherland Global Birnie Bus Loretto Syracus e City School Dis trict BNY Mellon Lowes Syracus e Univers ity Bris tol-Myers Squibb Marquardt Switches Syracus e VA Medical Center Byrne Dairy Marriott Syracus e Downtown Target Cardinal Health McDonald's Tes s y Catholic Charities of Onondaga County Mirbeau Inn & Spa Thomps on & Johns on Cintas National Grid Tops Markets Crous e Hos pital Novelis Turning Stone Res ort & Cas ino CXtec NYS Thruway Authority United Parcel Service Del Lago Res ort & Cas ino O'Brien & Gere United Pos tal Service Des tiny USA Peace Inc. Ups tate Univers ity Hos pital DOT Foods POMCO Verizon DUMAC Bus ines s Sys tems Price Chopper W.B. Mas on Dunkin' Donuts Rapid Res pons e Monitoring W.I.S. International EATON Crous e Hinds Raymour & Flanigan Walmart Excellus BlueCros s BlueShield Res cue Mis s ion Alliance Wegmans Firs t Student Roman Catholic Dioces e Welch Allyn G&C Foods ShoreGroup G.A. Braun Inc SKY Armory * Listed Aphetically Syracuse University is a private research institution that is continually ranked among the top 100 National Universities by U.S. News and World Report. SUNY Upstate Medical University is the only academic medical center in the region and is complemented by the larger Upstate University Health System. Other area companies and entities within the healthcare and education sectors include Bristol- Myers Squibb, Lotte Biologics, KPH Healthcare Services, Le Moyne College, Loretto Health and Rehabilitation Center, Norwell Health, SUNY College of Environmental Science and Forestry, Syracuse VA Medical Center, Trinity Health, and Baxter. Lockheed Martin, an aerospace and defense company, maintains a facility in nearby Salina. Lockheed's recent projects include a $276 million contract from 2024, for April-2026 Page 150 of 242 Market Area Analysis 39 Proposed Home2 Suites Liverpool/Clay – Liverpool, New York manufacturing next-generation radars for the Air Force, and a 2025 contract with the U.S. Navy that could be worth up to $1.36 billion, to produce an electronic warfare system for the Navy's submarines. Furthermore, in July 2023, groundbreaking occurred for the Interstate 81 Viaduct project. This $2.25 billion project will demolish the existing elevated highway through downtown Syracuse and reroute traffic to surface roads, as well as re-direct through traffic to Interstate 481 which will receive updates. Furthermore, a $350-million, 3.7-million-square-foot Amazon fulfilment center was completed in 2022. This project created 1,500 jobs and is one of the largest warehouses in the world. In October 2022, Micron Technology announced a $100- billion semiconductor fabrication facility that will also be located in the town of Clay. According to an economic impact study sponsored by New York State's Empire State Development agency and completed by completed by REMI, Inc., this project is expected to create 50,000 new permanent jobs by 2055, including jobs created directly at Micron but also including jobs at suppliers, contractors, and at other supporting companies. Construction was originally set to start in 2023 but due to delays related to a federal environmental review, the project didn't break ground until January 16, 2026. Office Space Statistics Trends in occupied office space can be indicators of lodging demand, as firms that occupy office space often exhibit a strong propensity to attract commercial visitors. Thus, trends that cause changes in vacancy rates or occupied office space may have a proportional impact on commercial lodging demand and a less direct effect on meeting demand. The following table details office space statistics for the pertinent market area. April-2026 Page 151 of 242 Market Area Analysis 40 Proposed Home2 Suites Liverpool/Clay – Liverpool, New York FIGURE 4-8 HISTORICAL AND PROJECTED OFFICE SPACE STATISTICS – GREATER MARKET VS. SUBMARKET Greater Syracuse, NY Market W Outer Onondaga County Submarket Percent Vacancy Asking Percent Under Percent Vacancy Asking Percent Under Year Inventory (SF) Change Occupied (SF) Rate Rental Rate Change Construction (SF) Inventory (SF) Change Occupied (SF) Rate Rental Rate Change Construction (SF) 2014 29,936,020 — 27,220,789 9.1 % $15.61 — 133,387 1,194,591 — 1,118,514 6.4 % $15.22 — 19,666 2015 30,065,425 0.4 % 27,825,625 7.4 15.69 0.5 % 303,813 1,217,275 1.9 % 1,141,577 6.2 15.39 1.1 % 29,352 2016 30,385,225 1.1 28,246,732 7.0 15.63 -0.4 65,000 1,285,615 5.6 1,201,330 6.6 15.28 -0.7 36,000 2017 30,399,054 0.0 28,382,195 6.6 15.98 2.2 202,623 1,321,615 2.8 1,259,831 4.7 15.62 2.2 100,000 2018 30,521,695 0.4 28,558,977 6.4 16.21 1.5 79,513 1,421,615 7.6 1,323,163 6.9 15.83 1.4 0 2019 30,217,508 -1.0 28,221,515 6.6 16.09 -0.8 63,082 1,421,615 0.0 1,316,682 7.4 15.71 -0.8 5,000 2020 30,280,590 0.2 28,063,288 7.3 15.82 -1.6 45,346 1,426,615 0.4 1,235,235 13.4 15.46 -1.6 0 2021 30,325,936 0.1 28,536,097 5.9 16.20 2.4 29,900 1,426,615 0.0 1,295,141 9.2 15.89 2.8 0 2022 30,123,496 -0.7 28,451,827 5.5 16.82 3.8 91,360 1,426,615 0.0 1,291,761 9.5 16.50 3.8 0 2023 30,104,660 -0.1 28,185,038 6.4 17.09 1.7 46,136 1,426,615 0.0 1,291,199 9.5 16.82 2.0 0 2024 30,025,796 -0.3 28,124,120 6.3 17.80 4.1 45,000 1,426,615 0.0 1,392,486 2.4 17.63 4.8 0 2025 29,938,056 -0.3 28,260,202 5.6 18.26 2.6 34,000 1,426,615 0.0 1,404,232 1.6 18.07 2.5 0 Forecast 2026 29,929,147 0.0 % 28,229,347 5.7 % $18.38 0.7 % 1,424,720 -0.1 % 1,410,865 1.0 % $18.18 0.6 % 2027 29,870,955 -0.2 28,173,165 5.7 18.65 1.5 1,422,068 -0.2 1,408,230 1.0 18.43 1.4 2028 29,812,844 -0.2 28,143,047 5.6 18.99 1.8 1,419,411 -0.2 1,406,382 0.9 18.75 1.7 2029 29,755,332 -0.2 28,113,187 5.5 19.36 1.9 1,416,770 -0.2 1,404,488 0.9 19.09 1.9 2030 29,703,181 -0.2 28,084,717 5.4 19.74 2.0 1,414,118 -0.2 1,402,391 0.8 19.46 1.9 Source: CoStar April-2026 Page 152 of 242 Market Area Analysis 41 Proposed Home2 Suites Liverpool/Clay – Liverpool, New York The greater Syracuse, NY market comprises a total of 29,938,056 square feet of office space. The market reported a 2025 vacancy rate of 5.6% and an average asking rental rate of $18.26 per square foot. The subject property is located in the W Outer Onondaga County submarket, which houses 1,426,615 square feet of office space. The submarket's vacancy rate is 1.6%, with 1,404,232 square feet occupied. This represents 5% of the overall occupied space in the greater market. The average asking lease rate in the W Outer Onondaga County submarket is $18.07. Airport Traffic Airport passenger counts are important indicators of lodging demand. Depending on the type of service provided by a particular airfield, a sizable percentage of arriving passengers may require hotel accommodations. Trends showing changes in passenger counts also reflect local business activity and the overall economic health of the area. Syracuse Hancock International Airport (SYR) serves the central New York State area. The airport underwent a one-year, $62.4-million renovation that was completed in October 2018; upgrades included a redesign of the terminal's interior and exterior, the addition of an aviation history museum, and the construction of a pedestrian bridge. In 2020, the taxi reconfiguration project took place, while in September 2021, a massive rehabilitation project of the main runway was completed. In September 2022, a $20-million state grant was announced that will be used to expand and modernize one of the airport's two passenger terminals and at that time, a multi-year plan to replace eleven jet bridges also began. Both the terminal expansion project and the jet-bridge project were completed in 2025. The following table illustrates recent operating statistics for the Syracuse Hancock International Airport, which is the primary airport facility serving the proposed subject hotel’s submarket. April-2026 Page 153 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 42 FIGURE 4-9 AIRPORT STATISTICS - SYRACUSE HANCOCK INTERNATIONAL AIRPORT Passenger Percent Percent Year Traffic Change* Change** 2015 2,007,854 — — 2016 2,004,066 (0.2) % (0.2) % 2017 2,074,878 3.5 1.7 2018 2,315,933 11.6 4.9 2019 2,583,193 11.5 6.5 2020 884,390 (65.8) (15.1) 2021 1,695,193 91.7 (2.8) 2022 2,530,188 49.3 3.4 2023 2,855,382 12.9 4.5 2024 3,004,747 5.2 4.6 2025 2,859,212 (4.8) 3.6 *Annual average compounded percentage change from the previous year **Annual average compounded percentage change from first year of data Source: Syracus e Hancock International Airport This facility recorded 3,004,747 passengers in 2024. The change in passenger traffic between 2023 and 2024 was 5.2%. The average annual change during the period shown was 4.6%. The significant increases in passenger traffic counts in 2018 and 2019 can be attributed in large part to more service by major air carriers in response to stronger economic conditions and a rise in demand. Several airlines either increased the number of flights in/out of the airport or added seats to their existing flights. Additionally, Frontier Airlines began commercial service to/from ten locations throughout the United States and Puerto Rico in July 2018. However, data from 2020 illustrate a substantial decline given the impact of the COVID19 pandemic and the travel restrictions that were implemented. The number of passengers traveling through SYR started to decline significantly in March 2020, with some airlines canceling routes, although passenger numbers slowly started to improve in June 2020. Data from 2021 and 2022 show a notable rebound due in part to new airlines starting service out of SYR. In November 2021, Southwest began servicing the Syracuse Hancock International Airport, and in June 2022, Breeze Airways, a low-cost carrier, had its inaugural flight out of SYR. This contributed to the year-end 2023 data exceeding pre-pandemic levels. Growth continued in 2024; however, in August 2024 Southwest Airlines ceased operations at SYR and Frontier shifted to more seasonal operations that same year. Despite United Airlines adding April-2026 Page 154 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 43 a second daily nonstop flight to Denver in June 2025, total passenger traffic declined given the absence of Southwest Airlines. Tourist Attractions The subject market benefits from a variety of tourism and leisure attractions in the area. Leisure demand generators include the Destiny USA super-regional shopping and entertainment complex, Oncenter Complex, NBT Bank Stadium, New York State Fairgrounds, Syracuse University, Rosamond Gifford Zoo at Burnet Park, and the JMA Wireless Dome, which completed upgrades in 2024. With the recent upgrades at the JMA Wireless Dome, larger acts have been coming to Syracuse, often selling out hotels throughout the market. In addition, youth sports create significant demand for area hotels from April through October annually. This demand source has historically been an important demand driver from both the existing facilities within the county, such as Salt City Sports in Syracuse and Legacy Sports Park in Clay, but also from events and tournaments held at Legends Fields in nearby Oswego County. Tournaments held at Legends Field create significant compression and benefit hotels within in Onondaga County given the limited lodging supply in Oswego. While already a notable demand driver, significant investment has been made to make Syracuse the "Youth Sports Capital of the Northeast" including the Superfield at Carrier Park in DeWitt, which is scheduled to open in April 2026, and the Hopkins Road Park in Liverpool, which has a Phase 1 completion date of Fall 2026. Visit Syracuse notes families who come to the area for youth sports tournaments spend an average of around $600 within the community while there, and the total economic impact of these two projects exceed $20 million dollars annually. Furthermore, the growth in youth sporting events and the introduction of these new facilities are expected generate over 10,000 room nights. We note that in recent years there have been notable changes within the Syracuse market and the local lodging industry. Since 2024, Downtown Syracuse lost roughly 600 hotels rooms, which is very significant given the size of the lodging market. In 2024, the 232-room Sheraton, the 279-room Crowne Plaza, and the 82-room Mayflower Hotel all closed, with the former converting to student dorms and the latter two being converted to apartments. Visit Syracuse acknowledged the negative impact of these closures but also noted that so far they have primarily been able to accommodate guests and events coming to the area by arranging accommodation outside of the Downtown core, such as in Carrier Circle, proximate to where the Superfield at Carrier Park is located. However, it was noted this is not sustainable given the investment taking place associated with the Micron project, the forecast growth in youth sporting tournaments, and the aging facilities that represent some of the current supply existing within the market. Visit Syracuse estimates the Downtown market needs an additional 1,000 hotel rooms, while in the Clay and Liverpool area, 500 to 750 new rooms are needed to accommodate the growth April-2026 Page 155 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 44 happening in the area and to not miss out on the potential upside that could be captured within the county if more rooms were available. Conclusion This section discussed a wide variety of economic indicators for the market area. The market area is experiencing a period of economic growth, spurred by the recent groundbreaking of Micron Technology's $100-billion semiconductor fabrication facility. Furthermore, many of the corporations or institutions that support this area, such as Lockheed Martin and Syracuse University, are renowned entities working with a multitude of clients. Finally, the investment and growth associated with Syracuse becoming the Youth Sports Capital of the Northeast should have significant impact on the area. As such, the outlook for the market area is positive. April-2026 Page 156 of 242 Market Area Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 45 5. Supply and Demand Analysis In the lodging industry, price varies directly, but not proportionately, with demand and inversely, but not proportionately, with supply. Supply is measured by the number of guestrooms available, and demand is measured by the number of rooms occupied; the net effect of supply and demand toward equilibrium results in a prevailing price, or average daily rate (ADR). The purpose of this section is to investigate current supply and demand trends, as indicated by the current competitive market, and to set forth a basis for the projection of future supply and demand growth. Definition of Subject The subject site is located in the greater Onondaga lodging market, which Hotel Market encompasses nearly 70 lodging facilities totaling roughly 7,000 guestrooms. Within this greater market, the direct submarket that will include the proposed subject hotel is known as the Clay and Liverpool area. The proposed subject hotel is expected to compete with three hotels on a primary level based on proximity, price, and product type. We have considered an additional seven hotels as future secondary competitors given differences in location, price, and facility offering. National Trends A hotel’s local lodging market is most directly affected by the supply and demand Overview trends within the immediate area. However, individual markets are also influenced by conditions in the national lodging market. We have reviewed national lodging trends to provide a context for the forecast of the supply and demand for the proposed subject hotel’s competitive set. STR is an independent research firm owned by CoStar that compiles data on the lodging industry, and this information is routinely used by typical hotel buyers. The following diagram presents annual hotel occupancy, ADR, and rooms revenue per available room (RevPAR) data since 1989. RevPAR is calculated by multiplying occupancy by ADR and provides an indication of how well rooms revenue is being maximized. April-2026 Page 157 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 46 FIGURE 5-1 NATIONAL OCCUPANCY, ADR, AND REVPAR TRENDS RevPAR Average Rate Occupancy $160 70.0% $140 60.0% $120 50.0% $100 40.0% $80 30.0% $60 20.0% $40 $20 10.0% $0 0.0% 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: STR The preceding chart illustrates the impact of the recessions of the early 1990s, 2000s, the financial crisis of 2008/09, and the 2020/21 pandemic on the U.S. lodging industry. In each case, the downturn caused lodging demand to drop, resulting in an occupancy decline. The aggregate ADR also fell, as hoteliers used price as a marketing tool to attract demand and support occupancy levels. As occupancy recovered, ADR growth resumed, although the ADR recovery lagged somewhat behind occupancy levels, as price discounts contributed to the initial recovery of demand. Following the financial crisis of the Great Recession, occupancy fell by over eight points, and ADR declined by 5.9%, resulting in an 18.3% decrease in RevPAR. The market recovered steadily thereafter, with occupancy surpassing the 65.0% mark in 2015, and ADR also consistently growing, albeit at a decelerating pace. The onset of the COVID-19 pandemic in March 2020 had a severe impact on the lodging industry, causing occupancy, ADR, and RevPAR to decline by unprecedented levels. By the conclusion of 2020, occupancy had fallen 22 points, with ADR decreasing by roughly $28.00, resulting in a RevPAR loss of 48.0% (rounded). The following table presents hotel occupancy, ADR, and RevPAR trends for the nation and its geographical regions, as well as across key categories (hotel class, location, and chain scale), for the last five calendar years; we have also included the 2019 data as a benchmark. The second table compares the most recently published year-to-date data with the figures for the same year-to-date period the year prior. April-2026 Page 158 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 47 FIGURE 5-2 NATIONAL OCCUPANCY AND ADR TRENDS Occupancy Average Rate RevPAR 2019 2021 2022 2023 2024 2025 2019 2021 2022 2023 2024 2025 2019 2021 2022 2023 2024 2025 United States 66.0 % 57.5 % 62.6 % 63.0 % 63.1 % 62.3 % $131.23 $124.96 $149.24 $156.00 $159.06 $160.54 $86.64 $71.88 $93.39 $98.22 $100.31 $100.02 Region New England 64.7 % 55.5 % 63.4 % 63.3 % 64.1 % 62.6 % $161.08 $155.80 $179.29 $190.86 $196.01 $197.46 $104.25 $86.54 $113.78 $120.86 $125.69 $123.59 Middle Atlantic 69.0 55.2 62.6 65.0 66.3 66.4 166.27 144.08 179.82 192.15 200.61 207.29 114.81 79.56 112.48 124.96 133.00 137.62 South Atlantic 67.5 59.8 64.7 64.5 64.9 63.8 128.41 130.45 152.61 156.33 157.92 160.81 86.68 77.95 98.70 100.89 102.54 102.52 E. North Central 61.1 52.3 57.2 57.5 57.9 58.5 112.64 105.25 123.33 129.12 133.93 135.00 68.82 55.09 70.52 74.26 77.51 79.00 E. South Central 62.4 59.5 61.0 61.0 59.0 58.5 103.58 104.70 119.73 126.05 127.39 127.06 64.61 62.30 73.04 76.88 75.20 74.34 W. North Central 58.3 51.0 55.3 56.1 55.6 55.6 99.28 97.34 109.00 115.04 118.36 119.98 57.88 49.68 60.27 64.51 65.86 66.76 W. South Central 62.6 58.1 59.9 60.2 60.2 58.7 101.84 95.75 112.13 116.19 119.69 120.15 63.77 55.64 67.20 69.92 72.09 70.47 Mountain 66.9 59.3 66.3 67.2 66.9 64.7 121.89 125.74 153.87 166.61 171.56 167.73 81.54 74.59 101.94 111.97 114.72 108.47 Pacific 73.6 60.2 66.9 66.6 66.7 66.7 171.40 157.79 190.58 196.22 194.78 196.75 126.16 95.00 127.42 130.67 129.90 131.18 Class Luxury 70.9 % 52.5 % 65.3 % 66.0 % 67.6 % 67.6 % $304.11 $322.00 $376.48 $384.66 $386.22 $397.92 $215.73 $168.95 $245.93 $153.96 $261.23 $269.06 Upper-Upscale 72.6 50.0 63.4 67.1 67.5 67.0 188.24 175.05 213.96 221.11 223.43 226.37 136.67 87.49 135.70 148.29 150.89 151.62 Upscale 71.5 59.3 66.8 68.7 69.1 68.4 143.60 132.34 156.30 163.81 166.52 165.72 102.68 78.42 104.39 112.53 115.12 113.42 Upper-Midscale 67.5 61.2 65.7 65.8 65.8 64.8 115.91 114.14 128.53 133.40 135.16 134.63 78.20 69.83 84.50 87.73 88.88 87.28 Midscale 59.5 56.8 59.7 58.7 58.2 57.4 95.82 98.83 100.19 101.41 101.46 100.04 57.03 56.10 59.83 59.57 59.07 57.44 Economy 59.4 58.7 56.4 54.3 53.6 52.4 75.50 76.14 77.65 79.32 78.90 77.15 44.83 44.72 43.80 43.04 42.30 40.44 Location Urban 73.2 % 51.8 % 63.3 % 66.4 % 67.5 % 67.1 % $183.20 $152.81 $196.47 $207.36 $213.15 $217.17 $134.12 $79.12 $124.44 $137.66 $143.84 $145.81 Suburban 66.7 59.9 63.8 63.4 63.6 62.7 111.26 104.93 126.13 126.32 128.01 128.18 74.24 62.90 80.45 80.06 81.34 80.40 Airport 73.7 60.3 67.9 69.5 69.4 68.4 119.22 104.82 126.57 134.50 135.73 135.00 87.85 63.18 85.91 93.43 94.36 92.36 Interstate 57.9 57.8 58.5 57.7 57.1 56.5 87.86 92.22 100.90 106.58 108.69 109.00 50.85 53.31 59.04 61.54 62.01 61.57 Resort 70.0 57.7 66.8 68.6 68.5 67.2 182.74 209.77 236.76 238.86 239.05 243.28 127.85 121.06 158.20 163.82 162.10 163.45 Small Town 57.8 56.7 57.5 55.8 55.3 54.8 107.26 116.96 124.72 133.63 136.86 138.94 61.98 66.34 71.72 74.63 75.86 76.08 Chain Scale Luxury 73.8 % 48.0 % 63.1 % 65.8 % 67.9 % 68.1 % $343.02 $383.48 $435.46 $427.97 $423.79 $443.97 $253.17 $184.12 $274.64 $281.53 $287.94 $302.50 Upper-Upscale 73.9 48.7 63.9 67.7 68.6 68.2 189.25 176.66 215.96 223.19 227.02 229.91 139.80 86.11 138.05 151.12 155.76 156.77 Upscale 72.6 59.6 67.4 69.2 69.6 68.9 142.38 128.62 155.28 161.85 164.36 164.23 103.32 76.68 104.58 112.00 114.46 113.13 Upper-Midscale 67.5 61.6 65.8 66.1 66.1 65.3 112.80 111.14 127.56 132.16 134.05 133.90 76.14 68.47 83.93 87.34 88.66 87.37 Midscale 58.1 56.5 60.1 59.0 58.6 58.0 86.61 89.48 95.19 95.94 96.69 96.09 50.30 50.59 57.18 56.65 56.68 55.73 Economy 58.7 59.7 57.2 55.0 54.5 53.5 63.70 66.88 72.24 72.69 72.08 70.71 37.36 39.90 41.34 40.00 39.26 37.84 Independents 63.5 56.9 60.0 59.2 58.8 57.7 133.08 137.44 155.20 162.24 164.47 165.33 84.44 78.24 93.05 96.00 96.69 95.38 Source: Year-End STR Lodging Reviews April-2026 Page 159 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 48 FIGURE 5-3 RECENT NATIONAL OCCUPANCY AND ADR TRENDS Occupancy - YTD February Average Rate - YTD February RevPAR - YTD February % Change % % % Rms. Rms. 2025 2026 Change 2025 2026 Change 2025 2026 Change Avail. Sold United States 55.6 % 56.2 % 1.0 % $155.30 $157.44 1.4 % $86.41 $88.52 2.4 % 0.7 % 1.7 % Region New England 50.3 % 49.4 % (1.8) % $146.25 $147.91 1.1 % $73.59 $73.11 (0.6) % 1.4 % (0.4) % Middle Atlantic 54.1 55.2 2.0 160.51 166.45 3.7 86.87 91.89 5.8 0.2 2.3 South Atlantic 62.4 61.0 (2.3) 170.04 173.02 1.8 106.17 105.52 (0.6) 0.7 (1.6) E. North Central 45.6 47.3 3.8 113.76 114.38 0.5 51.89 54.14 4.3 0.4 4.2 E. South Central 49.3 51.1 3.7 114.73 116.17 1.3 56.61 59.42 5.0 2.3 6.0 W. North Central 43.0 44.4 3.3 108.19 111.44 3.0 46.53 49.49 6.4 0.2 3.5 W. South Central 55.0 55.9 1.6 123.18 120.37 (2.3) 67.72 67.24 (0.7) 0.6 2.2 Mountain 59.9 60.8 1.5 179.98 179.61 (0.2) 107.78 109.18 1.3 0.7 2.2 Pacific 60.6 62.2 2.5 192.24 199.79 3.9 116.57 124.22 6.6 0.4 2.9 Class Luxury 61.1 % 61.9 % 1.3 % $399.10 $412.36 3.3 % $243.66 $255.11 4.7 % 1.7 % 3.0 % Upper-Upscale 61.5 61.9 0.8 220.34 224.58 1.9 135.42 139.08 2.7 0.6 1.4 Upscale 61.3 61.8 0.8 156.23 157.77 1.0 95.83 97.55 1.8 1.5 2.4 Upper-Midscale 57.2 57.9 1.3 126.58 127.49 0.7 72.41 73.87 2.0 1.3 2.6 Midscale 49.8 50.6 1.7 93.85 92.60 (1.3) 46.70 46.85 0.3 0.7 2.3 Economy 46.9 47.0 0.3 73.30 70.87 (3.3) 34.39 33.34 (3.0) (0.9) (0.7) Location Urban 58.9 % 59.5 % 1.2 % $194.43 $195.19 0.4 % $114.43 $116.22 1.6 % 0.4 % 1.5 % Suburban 56.3 57.0 1.3 122.24 123.36 0.9 68.82 70.32 2.2 0.8 2.0 Airport 64.0 65.2 1.9 134.80 136.98 1.6 86.26 89.37 3.6 0.6 2.5 Interstate 48.2 48.1 (0.2) 101.66 102.06 0.4 48.99 49.08 0.2 0.9 0.7 Resort 66.0 67.0 1.6 265.25 273.03 2.9 174.99 182.99 4.6 0.5 2.1 Small Town 45.6 45.7 0.2 122.21 123.72 1.2 55.70 56.53 1.5 0.9 1.2 Chain Scale Luxury 63.0 % 64.1 % 1.6 % $439.85 $451.77 2.7 % $277.28 $289.45 4.4 % 2.2 % 3.9 % Upper-Upscale 62.9 63.1 0.2 225.31 229.67 1.9 141.82 144.85 2.1 1.6 1.8 Upscale 62.0 62.4 0.6 155.35 157.39 1.3 96.28 98.16 2.0 1.7 2.3 Upper-Midscale 57.5 58.3 1.4 125.47 126.86 1.1 72.16 73.97 2.5 1.1 2.5 Midscale 50.2 50.9 1.4 90.45 89.33 (1.2) 45.36 45.45 0.2 2.6 4.1 Economy 48.2 48.7 0.9 67.95 65.58 (3.5) 32.78 31.91 (2.6) 0.0 0.9 Independents 50.9 51.5 1.0 157.56 160.24 1.7 80.26 82.47 2.8 (1.2) (0.1) Source: STR - February 2026 Lodging Review April-2026 Page 160 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 49 A lodging market’s performance is influenced by changes in supply and demand levels. The following graph illustrates the percentage change in these two metrics for the U.S. lodging industry as a whole since 2003, as reported by STR. FIGURE 5-4 HISTORICAL CHANGES IN SUPPLY AND DEMAND – U.S. LODGING INDUSTRY % Change in Supply % Change in Demand 50% 40% 30% 20% Average Demand Growth: 2003-2025: 1.4% 10% 0% -10% -20% -30% -40% Source: STR Excluding fluctuations due to the Great Recession in 2008/09 and the pandemic from 2020 to 2022, supply growth ranged between 0.2% and 2.0%, averaging 1.0% in these years. The pace of supply growth slowed significantly in the two to three years following the downturns in 2001/02, 2008/09, and 2020/21, reflecting the decline in new project-starts during those periods. As the market moved out of these cycles, supply growth accelerated. The impact of the pandemic caused a decline in supply, as hotels temporarily suspended operations or closed, in many cases for conversion to alternate use. The reopening of the temporarily closed properties caused an artificial spike in supply growth. Supply growth from 2023 through 2025 reflects the high cost of construction, as well as the limited availability of financing for new construction. The pace of supply growth is expected to remain muted through 2027, as these conditions will continue to affect supply growth in the near term. April-2026 Page 161 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 50 The changes in demand, as measured by the number of occupied rooms, display similar patterns. The years following the noted recessionary periods reflect relatively strong growth, as the market recovered from these downturns. Excluding the years of downturn and recovery, demand growth ranged from -0.5% to 4.6%, averaging 1.5%. Historical Supply and CoStar is an independent research firm that compiles and publishes data on the Demand Data lodging industry, routinely used by typical hotel buyers. We have analyzed historical supply and demand data from the CoStar database for the future competitors of the proposed subject property, as identified by HVS. This information is presented in the following table, along with the market-wide occupancy, ADR, and RevPAR levels. Per CoStar’s protocols, the aggregate figures include the data for the identified competitors, as well as for a composite property with a room count equal to 5.0% of the total rooms in the competitive set. The performance of the composite property is derived from the results of similar hotels in the market; based on CoStar’s algorithm, results are generated that are not materially different from the actual results that exclude the composite property. Thus, the inclusion of this hypothetical hotel does not skew the overall data to a material degree; however, it ensures the confidentiality of the actual hotels and is necessary to obtain the supply and demand data. It is not possible to obtain CoStar supply and demand data for a specifically defined competitive set without a composite property. As such, the average daily room count in the figure below differs from the total room inventory considered in the supply-and-demand analysis. April-2026 Page 162 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 51 FIGURE 5-5 HISTORICAL SUPPLY AND DEMAND TRENDS – ONONDAGA COUNTY Average Daily Available Occupied Average Year Room Count Room Nights Change Room Nights Change Occupancy Rate Change RevPAR Change 2009 4,685 1,710,178 — 932,407 — 54.5 % $88.98 — $48.51 — 2010 4,917 1,794,692 4.9 1,036,489 11.2 57.8 90.32 1.5 52.16 7.5 2011 5,115 1,866,989 4.0 1,099,151 6.0 58.9 91.78 1.6 54.04 3.6 2012 5,149 1,879,488 0.7 1,117,863 1.7 59.5 93.95 2.4 55.88 3.4 2013 5,241 1,912,816 1.8 1,138,000 1.8 59.5 97.58 3.9 58.06 3.9 2014 5,334 1,946,898 1.8 1,154,927 1.5 59.3 99.51 2.0 59.03 1.7 2015 5,366 1,958,550 0.6 1,135,539 (1.7) 58.0 101.70 2.2 58.96 (0.1) 2016 5,703 2,081,507 6.3 1,209,333 6.5 58.1 101.72 0.0 59.10 0.2 2017 6,206 2,265,191 8.8 1,282,497 6.0 56.6 101.39 (0.3) 57.40 (2.9) 2018 6,511 2,376,391 4.9 1,416,387 10.4 59.6 102.49 1.1 61.09 6.4 2019 6,625 2,418,299 1.8 1,407,410 (0.6) 58.2 103.13 0.6 60.02 (1.7) 2020 6,525 2,381,582 (1.5) 865,630 (38.5) 36.3 83.73 (18.8) 30.43 (49.3) 2021 6,672 2,435,333 2.3 1,259,229 45.5 51.7 101.04 20.7 52.25 71.7 2022 6,703 2,446,566 0.5 1,470,955 16.8 60.1 120.49 19.2 72.44 38.6 2023 6,479 2,364,878 (3.3) 1,446,888 (1.6) 61.2 128.39 6.6 78.55 8.4 2024 6,490 2,368,891 0.2 1,488,700 2.9 62.8 134.36 4.7 84.44 7.5 2025 6,870 2,507,442 5.8 1,550,292 4.1 61.8 136.38 1.5 84.32 (0.1) Year-to-Date Through February 2025 6,618 390,467 — 188,695 — 48.3 $119.60 — $57.80 — 2026 7,069 417,046 6.8 % 211,909 12.3 % 50.8 121.86 1.9 % 61.92 7.1 % Avera ge Annua l Compounded Cha nge: 2009 – 2019 3.5 % 4.2 % 1.5 % 2.2 % 2009 – 2025 2.4 3.2 2.7 3.5 2019 – 2025 0.6 % 1.6 % 4.8 % 5.8 % 2021 – 2025 0.7 5.3 7.8 12.7 April-2026 Page 163 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 52 FIGURE 5-6 ENTIRE ONONDAGA COUNTY SUPPLY Year Hotels Included in Sample Class Rooms Built Hotel Skyl er Syra cus e, Ta pes try Col l ecti on by Hi l ton Upper Ups ca l e 58 1921 Ma rri ott Syra cus e Downtown Upper Ups ca l e 315 1924 Bes t Wes tern Syra cus e Downtown Hotel a nd Sui tes Mi ds ca l e 68 1927 Hol i da y Inn & Sui tes Syra cus e Ai rport - Li verpool Upper Mi ds ca l e 137 1950 Econo Lodge Dewi tt I 90 Economy 44 1952 Rodewa y Inn Syra cus e Economy 50 1956 Econo Lodge Inn & Sui tes Ai rport North Syra cus e Economy 40 1960 Ra ndol ph Hous e Hotel , Tra dema rk Col l ecti on by Wyndha m Upper Mi ds ca l e 198 1962 Cl a ri on Poi nte Downtown Syra cus e Upper Mi ds ca l e 47 1964 Qua l i ty Inn & Sui tes Ea s t Syra cus e - Ca rri er Ci rcl e Mi ds ca l e 92 1965 Col l egi a n Hotel & Sui tes , Tra dema rk Col l ecti on by Wyndha m Upper Mi ds ca l e 73 1970 Doubl eTree by Hi l ton Hotel Syra cus e Ups ca l e 250 1977 Qua l i ty Inn & Sui tes Fa i rgrounds Mi ds ca l e 99 1978 Suburba n Studi os Syra cus e Fa i rgrounds Economy 44 1978 Da ys Inn by Wyndha m Syra cus e Economy 96 1982 Comfort Inn & Sui tes Li verpool -Syra cus e North Upper Mi ds ca l e 76 1983 Hotel Concord Syra cus e, a n As cend Col l ecti on Hotel Ups ca l e 109 1984 Super 8 by Wyndha m Li verpool /Syra cus e North Ai rport Economy 97 1985 Studi o 6 Sui tes – Ea s t Syra cus e, NY - Ai rport Economy 39 1985 Motel 6 Ea s t Syra cus e, NY - Ai rport Economy 47 1985 Comfort Inn & Sui tes Syra cus e-Ca rri er Ci rcl e Upper Mi ds ca l e 107 1986 Red Roof Inn Syra cus e Economy 114 1986 Qua l i ty Inn Tul l y I-81 Mi ds ca l e 43 1987 Da ys Inn by Wyndha m Li verpool /Syra cus e Economy 80 1988 Comfort Inn - NYS Fa i rgrounds Upper Mi ds ca l e 110 1988 Courtya rd Syra cus e Ca rri er Ci rcl e Ups ca l e 149 1988 Emba s s y Sui tes by Hi l ton Syra cus e Upper Ups ca l e 214 1989 HomeTown Inn by Red Roof Ea s t Syra cus e Economy 125 1990 Res i dence Inn Syra cus e Ca rri er Ci rcl e Ups ca l e 102 1990 Homewood Sui tes by Hi l ton Syra cus e Li verpool Ups ca l e 102 1991 Ameri ca s Bes t Va l ue Inn Ea s t Syra cus e Economy 95 1992 The Cra fts ma n Inn & Sui tes Independent 89 1995 Super 8 by Wyndha m Li verpool /Cl a y/Syra cus e Area Economy 43 1995 Extended Sta y Ameri ca Syra cus e Dewi tt Mi ds ca l e 121 1996 Comfort Inn & Sui tes Li verpool Syra cus e Upper Mi ds ca l e 63 1997 April-2026 Page 164 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 53 FIGURE 5-7 ENTIRE ONONDAGA COUNTY SUPPLY CONTINUED Year Hotels Included in Sample Class Rooms Built Ca ndl ewood Sui tes Ea s t Syra cus e Ca rri er Ci rcl e Mi ds ca l e 92 1998 Qua l i ty Inn Brewerton - Syra cus e Onei da La ke Area Mi ds ca l e 64 1998 Mi crotel Inn & Sui tes by Wyndha m Ba l dwi ns vi l l e/Syra cus e Economy 61 2000 Mi rbea u Inn & Spa Ska nea tel es Independent 34 2000 Cres tHi l l Sui tes Syra cus e Independent 83 2000 Bes t Wes tern The Inn a t the Fa i rgrounds Mi ds ca l e 47 2001 Hi l ton Ga rden Inn Syra cus e Ups ca l e 100 2002 Ca ndl ewood Sui tes Syra cus e-Ai rport Mi ds ca l e 124 2003 Syra cus e Gra nd Independent 61 2003 Hol i da y Inn Expres s Syra cus e Ai rport Upper Mi ds ca l e 95 2006 Ha mpton Inn Syra cus e Cl a y Upper Mi ds ca l e 77 2006 Hol i da y Inn Expres s Syra cus e-Fa i rgrounds Upper Mi ds ca l e 87 2006 Ci cero Gra nd - Syra cus e North Independent 65 2009 Hol i da y Inn Expres s & Sui tes Dewi tt (Syra cus e) Upper Mi ds ca l e 89 2009 Hol i da y Inn Expres s & Sui tes Syra cus e North - Ai rport Area Upper Mi ds ca l e 71 2010 Ha mpton by Hi l ton Inn & Sui tes Syra cus e Dewi tt Upper Mi ds ca l e 80 2010 Spri ngHi l l Sui tes Syra cus e Ca rri er Ci rcl e Ups ca l e 119 2010 Sta ybri dge Sui tes Syra cus e (Li verpool ) Ups ca l e 122 2011 Res i dence Inn Syra cus e Downtown a t Armory Squa re Ups ca l e 78 2013 Courtya rd Syra cus e Downtown a t Armory Squa re Ups ca l e 102 2013 Ha mpton by Hi l ton Inn & Sui tes Syra cus e/Ca rri er Ci rcl e Upper Mi ds ca l e 92 2015 Homewood Sui tes by Hi l ton Syra cus e - Ca rri er Ci rcl e Ups ca l e 101 2015 a l oft Syra cus e Inner Ha rbor Ups ca l e 134 2016 Sl eep Inn & Sui tes Ai rport Ea s t Syra cus e Mi ds ca l e 54 2016 Fa i rfi el d Inn & Sui tes Syra cus e Ca rri er Ci rcl e Upper Mi ds ca l e 108 2016 Ha mpton Inn & Sui tes Syra cus e North Ai rport Area Upper Mi ds ca l e 124 2017 Emba s s y Sui tes by Hi l ton Syra cus e Des ti ny USA Upper Ups ca l e 209 2017 Tru by Hi l ton Syra cus e North Ai rport Area Mi ds ca l e 93 2018 TownePl a ce Sui tes Syra cus e Li verpool Upper Mi ds ca l e 105 2018 Tru by Hi l ton Syra cus e-Ca mi l l us Mi ds ca l e 92 2018 Suburba n Studi os Ea s t Syra cus e Economy 108 2024 Home2 Sui tes by Hi l ton Syra cus e Li verpool Ai rport Area Upper Mi ds ca l e 110 2025 Ska nea tel es Fi el ds Res ort & Spa , Curi o Col l ecti on by Hi l ton Upper Ups ca l e 89 2025 Li vAwa y Sui tes Syra cus e Economy 126 2025 6,732 As displayed, Onondaga County hotels have achieved historical high occupancy and ADR data for over the past two years with the year-to-date data showing further growth. We note this data reflects the entire county, including some older hotels and economy hotels that drag down the overall market performance. Data presented later in the report will display submarket specific data for the subject hotel. April-2026 Page 165 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 54 FIGURE 5-8 HISTORICAL SUPPLY AND DEMAND TRENDS – SELECTED COMPETETIVE SET Average Daily Available Occupied Average Year Room Count Room Nights Change Room Nights Change Occupancy Rate Change RevPAR Change 2009 561 204,650 — 112,113 — 54.8 % $99.02 — $54.25 — 2010 635 231,859 13.3 136,254 21.5 58.8 99.78 0.8 58.64 8.1 2011 733 267,379 15.3 155,094 13.8 58.0 101.52 1.7 58.89 0.4 2012 764 279,003 4.3 170,111 9.7 61.0 105.24 3.7 64.16 9.0 2013 764 279,003 0.0 178,843 5.1 64.1 106.05 0.8 67.98 5.9 2014 764 279,003 0.0 178,839 (0.0) 64.1 109.09 2.9 69.92 2.9 2015 764 279,003 0.0 168,861 (5.6) 60.5 112.65 3.3 68.18 (2.5) 2016 764 279,003 0.0 171,325 1.5 61.4 110.18 (2.2) 67.66 (0.8) 2017 764 279,003 0.0 168,066 (1.9) 60.2 106.04 (3.8) 63.88 (5.6) 2018 801 292,453 4.8 171,400 2.0 58.6 104.08 (1.9) 61.00 (4.5) 2019 875 319,244 9.2 188,426 9.9 59.0 100.45 (3.5) 59.29 (2.8) 2020 875 319,244 0.0 124,855 (33.7) 39.1 87.24 (13.2) 34.12 (42.5) 2021 875 319,244 0.0 181,516 45.4 56.9 101.38 16.2 57.64 69.0 2022 875 319,244 0.0 208,415 14.8 65.3 119.99 18.3 78.33 35.9 2023 875 319,244 0.0 202,528 (2.8) 63.4 126.41 5.4 80.19 2.4 2024 875 319,211 (0.0) 208,773 3.1 65.4 132.34 4.7 86.55 7.9 2025 903 329,486 3.2 223,758 7.2 67.9 133.42 0.8 90.61 4.7 Year-to-Date Through February 2025 874 51,541 — 27,084 — 52.5 $114.86 — $60.36 — 2026 989 58,356 13.2 % 34,893 28.8 % 59.8 121.68 5.9 % 72.76 20.5 % Avera ge Annua l Compounded Cha nge: 2009 – 2019 4.5 % 5.3 % 0.1 % 0.9 % 2009 – 2025 3.0 4.4 1.9 3.3 2019 – 2025 0.5 % 2.9 % 4.8 % 7.3 % 2021 – 2025 0.8 5.4 7.1 12.0 April-2026 Page 166 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 55 FIGURE 5-9 SELECTED COMPETETIVE SET Competitive Date Hotels Included in Sample Class Status Rooms Open Comfort Inn - NYS Fa i rgrounds Upper Mi ds ca l e Secondary 110 Jul 1988 Homewood Sui tes by Hi l ton Syra cus e Li verpool Ups ca l e Secondary 102 Oct 1991 Comfort Inn & Sui tes Li verpool Syra cus e Upper Mi ds ca l e Secondary 63 Oct 1998 Hol i da y Inn Expres s Syra cus e-Fa i rgrounds Upper Mi ds ca l e Secondary 87 Aug 2006 Hol i da y Inn Expres s Syra cus e Ai rport Upper Mi ds ca l e Secondary 95 Ma y 2007 Ha mpton Inn Syra cus e Cl a y Upper Mi ds ca l e Primary 77 Oct 2007 Hol i da y Inn Expres s & Sui tes Syra cus e North - Ai rport Area Upper Mi ds ca l e Secondary 71 Ja n 2010 Sta ybri dge Sui tes Syra cus e (Li verpool ) Ups ca l e Secondary 122 Apr 2011 TownePl a ce Sui tes Syra cus e Li verpool Upper Mi ds ca l e Primary 105 Sep 2018 Home2 Sui tes by Hi l ton Syra cus e Li verpool Ai rport Area Upper Mi ds ca l e Primary 110 Oct 2025 Total 942 Source: CoSta r April-2026 Page 167 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 56 FIGURE 5-10 HISTORICAL SUPPLY AND DEMAND TRENDS (MONTHLY) 2021 2022 2023 2024 2025 2026 Month Occupancy ADR Occupancy ADR Occupancy ADR Occupancy ADR Occupancy ADR Occupancy ADR Ja nua ry 35.3 % $83.00 45.6 % $96.68 47.0 % $104.72 50.1 % $107.88 49.9 % $112.77 56.3 % $119.76 Februa ry 42.5 83.25 55.7 101.18 55.2 108.48 54.4 111.01 55.5 116.94 63.7 123.56 Ma rch 53.8 83.32 64.4 105.55 62.8 117.50 61.3 115.29 63.8 120.23 — — Apri l 50.7 88.09 67.3 110.42 61.3 120.60 68.0 135.05 69.8 132.23 — — Ma y 58.9 100.06 68.8 130.57 67.7 138.79 67.4 144.59 69.7 147.20 — — June 62.5 100.51 71.8 122.79 69.5 128.18 72.9 134.04 75.2 131.69 — — Jul y 70.6 114.36 72.7 133.17 70.1 139.39 75.7 136.56 76.0 140.17 — — Augus t 76.3 118.46 78.2 134.52 78.5 146.98 81.2 152.62 82.1 152.83 — — September 67.1 110.09 74.9 128.72 72.4 132.98 73.8 148.00 75.3 144.82 — — October 65.1 113.46 75.2 134.19 68.6 126.63 73.0 135.87 83.6 139.30 — — November 53.1 97.68 58.2 111.51 58.2 124.68 56.1 127.80 59.7 123.84 — — December 45.3 95.18 50.0 106.35 49.4 105.26 50.2 114.38 54.1 118.39 — — Annual Averages 56.9 % $101.38 65.3 % $119.99 63.4 % $126.41 65.4 % $132.34 67.9 % $133.42 — — Year-to-Date 38.7 % $83.13 50.4 % $99.04 50.9 % $106.66 52.2 % $109.43 52.5 % $114.86 59.8 % $121.68 Change from 2021 2022 2023 2024 2025 2026 Prior Year Occupancy ADR Occupancy ADR Occupancy ADR Occupancy ADR Occupancy ADR Occupancy ADR Ja nua ry -6.5 pts -10.3 % 10.3 pts 16.5 % 1.5 pts 8.3 % 3.1 pts 3.0 % -0.3 pts 4.5 % 6.4 pts 6.2 % Februa ry -10.0 -11.7 13.2 21.5 -0.5 7.2 -0.8 2.3 1.1 5.3 8.2 5.7 Ma rch 17.2 -8.6 10.7 26.7 -1.6 11.3 -1.5 -1.9 2.5 4.3 — — Apri l 33.7 12.5 16.6 25.3 -6.0 9.2 6.7 12.0 1.9 -2.1 — — Ma y 38.2 22.0 9.9 30.5 -1.1 6.3 -0.4 4.2 2.3 1.8 — — June 32.2 18.8 9.3 22.2 -2.3 4.4 3.4 4.6 2.3 -1.8 — — Jul y 27.7 27.5 2.2 16.4 -2.6 4.7 5.7 -2.0 0.3 2.6 — — Augus t 24.8 34.7 1.9 13.6 0.3 9.3 2.6 3.8 1.0 0.1 — — September 15.6 26.5 7.8 16.9 -2.5 3.3 1.4 11.3 1.4 -2.2 — — October 13.5 34.1 10.1 18.3 -6.6 -5.6 4.4 7.3 10.6 2.5 — — November 12.5 17.3 5.1 14.2 -0.1 11.8 -2.1 2.5 3.7 -3.1 — — December 12.1 17.5 4.7 11.7 -0.6 -1.0 0.8 8.7 3.9 3.5 — — Annual Change 17.7 pts 16.2 % 8.4 pts 18.3 % -1.8 pts 5.4 % 2.0 pts 4.7 % 2.5 pts 0.8 % — — Year-to-Date -8.2 -11.1 % 11.7 19.1 % 0.5 7.7 1.3 2.6 0.4 5.0 7.2 pts 5.9 % Source: CoSta r April-2026 Page 168 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 57 FIGURE 5-11 HISTORICAL SUPPLY AND DEMAND TRENDS (COSTAR) 350,000 80.0 300,000 70.0 60.0 250,000 50.0 Occupancy (%) Room Nights 200,000 40.0 150,000 30.0 100,000 20.0 50,000 10.0 0 0.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Available Room Nights Occupied Room Nights Occupancy It is important to note some limitations of the CoStar data. Hotels are occasionally added to or removed from the sample; furthermore, not every property reports data in a consistent and timely manner. These factors can influence the overall quality of the information by skewing the results, and these inconsistencies may also cause the CoStar data to differ from the results of our competitive survey. Nonetheless, CoStar data provide the best indication of aggregate growth or decline in existing supply and demand; thus, these trends have been considered in our analysis. Opening dates, as available, are presented for each reporting hotel on the previous table. The CoStar data for the competitive set reflect a market-wide occupancy level of 2025 in 67.9%, which compares to 65.4% for 2024. The CoStar data for the competitive set reflect a market-wide ADR level of $133.42 in 2025, which compares to $132.34 for 2024. These occupancy and ADR trends resulted in a RevPAR level of $90.61 in 2025. Over the last decade, occupancy typically bracketed 60%, with ADR trending upwards through 2015, before starting to decline and trend downwards from 2016 April-2026 Page 169 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 58 through 2019. The decline in ADR for this competitive set was due in part to both supply increases within the local area, but also supply increases throughout the county, as reflected in the previous data, which put downward pressure on rates. Furthermore, in 2018, demand in the market was elevated, primarily due to a large three-month bowling tournament that occupied a significant number of room nights throughout the market. While occupancy increased, rates were discounted as part of the contracts that were signed in relation to this event. In 2020, the COVID-19 pandemic affected the market, similar to the rest of the nation; however, a rebound commenced in the third quarter of 2020, with the occupancy reaching a historic peak in 2022, due in part to the construction of an Amazon fulfillment center. Occupancy declined modestly in 2023 demand from that project dissipated; however, the closure of several hotels in Downtown Syracuse led to an increase in occupancy in both 2024 and 2025. In the post-pandemic period ADR trended upwards, with significant growth being realized in 2021 and 2022, and above- inflation growth occurring in 2023 and 2024. Several things contributed to the strong ADR numbers including market recovery following the pandemic, heightened inflationary levels, and the closing of the Sheraton, the Crowne Plaza, and the Mayflower in the Downtown submarket. Furthermore, the Micron project and growth in youth sports has created demand for this market. Albeit limited, the year-to-date data reflects the strength of the local lodging market and the need for more hotel rooms within the Liverpool and Clay area. Despite the increase in supply following the opening of the Home2 Suites by Hilton Syracuse Liverpool Airport Area in October 2025, demand in up nearly 30.0% for this competitive set of hotels and occupancy has seen an increase of over seven percentage points. There also has been an increase in ADR of nearly 6.0% leading to RevPAR growth of 20.5%. Typically, hotels take three years on average to ramp up and be absorbed by a market; however, given the need for more hotel rooms within this submarket, the data suggest the new Home2 Suites by Hilton has already been absorbed and more rooms are needed. SUPPLY The following table summarizes the important operating characteristics of the primary competitors. This information was compiled from personal interviews, inspections, online resources, and our in-house database of operating and hotel facility data. The room count of each secondary competitor has been weighted based on its assumed degree of competitiveness with the Proposed Home2 Suites Liverpool/Clay. In cases where exact operating data for an individual property (or properties) were not available, we have used these resources, as well as the CoStar data, to estimate positioning within the market. April-2026 Page 170 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 59 FIGURE 5-12 COMPETITORS – OPERATING PERFORMANCE Est. Segmentation Estimated 2024 Estimated 2025 Weighted Weighted ercial Annual Annual Room Room Occupancy Yield Comm e Number of Group Leisur Property Rooms Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Penetration Penetration TownePl a ce Sui tes by Ma rri ott 105 65 % 25 % 10 % 105 70 - 75 % $120 - $125 $85 - $90 105 70 - 75 % $125 - $130 $90 - $95 100 - 110 % 95 - 100 % Syra cus e Li verpool Ha mpton by Hi l ton Syra cus e 77 65 25 10 77 75 - 80 140 - 150 115 - 120 77 75 - 80 150 - 160 110 - 115 110 - 120 120 - 130 Cl a y Home2 Sui tes by Hi l ton 110 65 25 10 Opened October 2025 28 60 - 65 125 - 130 80 - 85 90 - 95 85 - 90 Syra cus e Li verpool Ai rport Area Sub-Totals/Averages 292 65 % 25 % 10 % 182 74.8 % $133.42 $99.80 210 72.9 % $135.18 $99 106 % 107.0 % Seconda ry Competi tors 650 64 % 28 % 8 % 501 63.8 % $132.50 $84.53 501 67.0 % $133.40 $89 97 % 97.1 % Totals/Averages 942 64 % 27 % 8 % 683 66.7 % $132.77 $88.60 711 68.7 % $133.96 $92 100 % 100.0 % * Specific occupancy and average rate data were utilized in our analysis, but are presented in ranges in the above table for the purposes of confidentiality. April-2026 Page 171 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 60 FIGURE 5-13 SECONDARY COMPETITORS – OPERATING PERFORMANCE Est. Segmentation Estimated 2024 Estimated 2025 Weighted Weighted ercial Total Annual Annual Comm e Number of Competitive Room Room Group Leisur Property Rooms Level Count Occ. Average Rate RevPAR Count Occ. Average Rate RevPAR Comfort Inn & Sui tes 63 60 % 30 % 10 % 85 % 54 60 - 65 % $130 - $140 $80 - $85 54 60 - 65 % $130 - $140 $85 - $90 Li verpool -Cl a y Sta ybri dge Sui tes Syra cus e 122 65 30 5 85 104 70 - 75 130 - 140 100 - 105 104 75 - 80 130 - 140 105 - 110 Li verpool Homewood Sui tes by 102 65 30 5 85 87 75 - 80 140 - 150 105 - 110 87 75 - 80 140 - 150 110 - 115 Hi l ton Syra cus e Li verpool Hol i da y Inn Expres s Ci cero 71 65 25 10 75 53 55 - 60 130 - 140 75 - 80 53 60 - 65 130 - 140 80 - 85 Syra cus e North Ai rport Area Hol i da y Inn Expres s 95 65 25 10 75 71 55 - 60 130 - 140 70 - 75 71 60 - 65 130 - 140 80 - 85 Syra cus e Ai rport Hol i da y Inn Expres s 87 65 25 10 70 61 50 - 55 130 - 140 70 - 75 61 55 - 60 130 - 140 80 - 85 Syra cus e Fa i rgrounds Comfort Inn Fa i rgrounds 110 60 30 10 65 72 45 - 50 110 - 115 50 - 55 72 50 - 55 110 - 115 55 - 60 Totals/Averages 650 64 % 28 % 8 % 77 % 501 63.8 % $132.50 $84.53 501 67.0 % $133.40 $89.37 * Specific occupancy and average rate data was utilized in our analysis, but is presented in ranges in the above table for the purposes of confidentiality. April-2026 Page 172 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 61 The following map illustrates the locations of the proposed subject hotel and its future competitors. MAP OF COMPETITION April-2026 Page 173 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 62 Supply Changes It is important to consider any new hotels that may have an impact on the proposed subject hotel’s operating performance. Hotels that have recently opened, are under construction, or that may be in the early development stages in the wider Syracuse market are noted below. The list is categorized by the principal submarkets within the city. FIGURE 5-14 AREA DEVELOPMENT ACTIVITY Estimated Expected Number of Qtr. & Year Proposed Hotel Name Rooms Hotel Product Tier Development Stage of Opening Address Home2 Sui tes by Hi l ton Li verpool /Cl a y 103 Upper-Mi ds ca l e Due Di l i gence Peri od Q3 '27 New York Sta te Route 31, Li verpool , NY Dua l -Bra nded Res i dence Inn & Fa i rfi el d by Ma rri ott 162 Ups ca l e Due Di l i gence Peri od Q1 '27 Ca rl i ng Roa dd, Li verpool , NY The Ononda ga Hotel , Curi o Col l ecti on by Hi l ton 248 Upper-Ups ca l e Due Di l i gence Peri od Q3 '27 Ha rri s on Street, Syra cus e, NY Syra cus e Uni vers i ty Hotel 200 Upper-Ups ca l e Due Di l i gence Peri od Q4 '27 Uni vers i ty Avenue & Ha rri s on Street, Syra cus e, NY Home2 Sui tes by Hi l ton Li verpool 110 Upper-Mi ds ca l e Recentl y Opened Q4 '25 241 El wood Da vi s Roa d, Li verpool , NY Li vAwa y Sui tes Syra cus e 126 Economy Recentl y Opened Q2 '25 6595 Thomps on Rd, Syra cus e, NY, USA Suburba n Studi os Ea s t Syra cus e 108 Economy Recentl y Opened Q4 '24 6555 Ol d Col l a mer Roa d, Ea s t Syra cus e, NY Of the hotels listed in the preceding table, we have identified the following new supply that is expected to have some degree of competitive interaction with the proposed subject hotel based on location, anticipated market orientation and price point, and/or operating profile. FIGURE 5-15 NEW SUPPLY Total Weighted Number Competitive Room Estimated Opening Proposed Property of Rooms Level Count Date Development Stage Propos ed Home2 Sui tes Li verpool /Cl a y 103 100 % 103 November 1, 2027 Ea rl y Devel opment Dua l -Bra nded Res i dence Inn & Fa i rfi el d by Ma rri ott 162 100 162 Ja nua ry 1, 2027 Due Di l i gence Peri od Totals/Averages 265 265 The proposed dual-branded Residence Inn & Fairfield by Marriott will be similar to the proposed subject hotel in terms of product offering and service level, and is located in the same neighborhood as the subject property; as such, this hotel is expected to be fully competitive. Several other hotels are planned for the wider market, including some full-service hotels in the Downtown submarket. Furthermore, with the influx of investment taking place surrounding the Micron project, the closure of three hotels in 2024, the aging hotel inventory within the market, and growth generated by new youth sport facilities are all creating additional demand and spurring interest by hotel developers. As noted previously, Visit Syracuse estimates the Downtown submarket needs an additional 1,000 hotel rooms, while in the Clay and Liverpool area, 500 to 750 additional rooms are needed to accommodate the growth happening in the area. This study considers increases April-2026 Page 174 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 63 in supply beyond the aforementioned dual-branded Residence Inn & Fairfield by Marriott, which has been considered quantitatively; however, other future supply increases have only been considered qualitatively in our analysis. While we have taken reasonable steps to investigate proposed hotel projects and their status, due to the nature of real estate development, it is impossible to determine with certainty every hotel that will be opened in the future or what their marketing strategies and effect on the market will be. Depending on the outcome of current and future projects, the operating potential of the proposed subject hotel may be affected. Future improvement in market conditions will raise the risk of increased competition. Our forthcoming forecast of stabilized occupancy and ADR is intended to reflect such risk. Supply Conclusion We have identified various properties that are expected to be competitive to some degree with the proposed subject hotel. We have also investigated potential increases in competitive supply in this Clay/Liverpool submarket. The Proposed Home2 Suites Liverpool/Clay should enter a dynamic market of varying product types and price points. Next, we will present our forecast for demand change, using the historical supply data presented as a starting point. DEMAND The following table presents the most recent trends for the subject hotel market as tracked by HVS. These data pertain to the competitors discussed previously in this section; performance results are estimated, rounded for the competition, and weighted if there are secondary competitors present. In this respect, the information in the table differs from the previously presented CoStar data and is consistent with the supply-and-demand analysis developed for this report. FIGURE 5-16 HISTORICAL MARKET TRENDS Accommodated Room Nights Market Market Year Room Nights % Change Available % Change Occupancy Market ADR % Change RevPAR % Change Es t. 2021 143,955 — 249,240 — 57.8 % $101.88 — $58.84 — Es t. 2022 165,225 14.8 % 249,240 (0.0) % 66.3 120.74 18.5 % 80.04 36.0 % Es t. 2023 160,858 (2.6) 249,240 0.0 64.5 127.35 5.5 82.19 2.7 Es t. 2024 166,318 3.4 249,240 0.0 66.7 132.77 4.3 88.60 7.8 Es t. 2025 178,296 7.2 259,360 4.1 68.7 133.96 0.9 92.09 3.9 Avg. Annua l Compounded Chg., Es t. 2021-Es t. 2025: 5.5 % 1.0 % 7.1 % 11.8 % Although not shown in the preceding table, as a point of comparison, the year-to- date 2026 CoStar trend data indicates a market occupancy level of 59.8% versus 52.5% for the same period of time in 2025. Moreover, ADR registered $121.68 for April-2026 Page 175 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 64 the year-to-date 2026 period, reflecting a change of 5.9 % when compared with the ADR for the same period of time in 2025. Demand Analysis For the purpose of demand analysis, the overall market is divided into individual Using Market segments based on the nature of travel. Based on our fieldwork, area analysis, and Segmentation knowledge of the local lodging market, we estimate the 2025 distribution of accommodated-room-night demand as follows. FIGURE 5-17 BASE-YEAR ACCOMMODATED-ROOM-NIGHT DEMAND 2025 Marketwide Accommodated Percentage Market Segment Demand of Total Commerci a l 114,553 64 % Lei s ure 48,637 27 Group 15,107 8 Total 178,296 100 % In the base year, the market’s demand mix comprised commercial demand, with this segment representing roughly 64% of the accommodated room nights in this Clay/Liverpool submarket. The leisure segment comprised 27% of the total, with the final portion group in nature, reflecting 8%. The purpose of segmenting the lodging market is to define each major type of demand, identify customer characteristics, and estimate future growth trends. Starting with an analysis of the local area, three segments were defined as representing the proposed subject hotel’s lodging market. Various types of economic and demographic data were then evaluated to determine their propensity to reflect changes in hotel demand. Based on this procedure, we forecast the following average annual compounded market-segment growth rates. April-2026 Page 176 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 65 FIGURE 5-18 AVERAGE ANNUAL COMPOUNDED MARKET-SEGMENT GROWTH RATES Annual Growth Rate Market Segment 2026 2027 2028 2029 2030 Commerci a l 13.0 % 15.0 % 7.0 % 4.5 % 0.0 % Lei s ure 10.0 15.0 6.0 4.5 0.0 Group 8.0 12.0 5.5 3.0 0.0 Base Demand Growth 11.8 % 14.8 % 6.6 % 4.4 % 0.0 % Latent Demand A table presented earlier in this section illustrated the accommodated-room-night demand in the proposed subject hotel’s competitive market. Because this estimate is based on historical occupancy levels, it includes only those hotel rooms that were used by guests. Latent demand reflects potential room-night demand that has not been realized by the existing competitive supply, further classified as either unaccommodated demand or induced demand. Unaccommodated Unaccommodated demand refers to individuals who are unable to secure Demand accommodations in the market because all the local hotels are filled. These travelers must defer their trips, settle for less desirable accommodations, or stay in properties located outside the market area. Because this demand did not yield occupied room nights, it is not included in the estimate of historical accommodated- room-night demand. If additional lodging facilities are expected to enter the market, it is reasonable to assume that these guests will be able to secure hotel rooms in the future, and it is therefore necessary to quantify this demand. Unaccommodated demand is further indicated if the market is at all seasonal, with distinct high and low seasons; such seasonality indicates that although year-end occupancy may not average in excess of 70.0%, the market may sell out certain nights during the year. To evaluate the incidence of unaccommodated demand in the market, we have reviewed the average occupancy by the night of the week for the past twelve months for the competitive set, as reflected in the CoStar data. This is set forth in the following table. April-2026 Page 177 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 66 FIGURE 5-19 OCCUPANCY BY NIGHT OF THE WEEK Month Sunday Monday Tuesday Wednesday Thursday Friday Saturday Total Month Ma r - 2025 43.6 % 58.6 % 67.6 % 67.5 % 63.1 % 77.0 % 73.5 % 63.8 % Apr - 2025 44.7 65.2 70.7 75.3 71.8 78.9 80.9 69.9 Ma y - 2025 55.4 59.7 73.1 75.1 67.4 75.9 78.5 69.7 Jun - 2025 56.6 73.0 81.7 84.7 79.2 78.7 78.6 75.3 Jul - 2025 57.1 77.1 77.5 78.4 77.3 81.6 82.2 76.1 Aug - 2025 72.6 82.7 88.9 86.1 82.8 81.5 84.4 82.4 Sep - 2025 57.3 74.1 78.4 79.9 78.1 80.3 80.3 75.5 Oct - 2025 76.6 88.3 95.8 93.8 83.6 89.1 100.4 89.5 Nov - 2025 45.1 60.8 64.2 64.9 64.7 64.3 58.3 59.7 Dec - 2025 44.6 57.6 57.0 52.7 54.3 55.9 55.4 54.1 Ja n - 2026 44.9 54.9 64.8 65.5 56.2 56.9 52.8 56.4 Feb - 2026 50.4 62.3 68.1 71.9 65.9 63.9 63.5 63.7 Average 53.8 % 67.4 % 73.4 % 74.3 % 70.1 % 73.3 % 73.0 % 69.3 % Source: CoSta r The following table presents our estimate of unaccommodated demand in the subject market. FIGURE 5-20 UNACCOMMODATED DEMAND ESTIMATE Accommodated Room Unaccommodated Unaccommodated Market Segment Night Demand Demand Percentage Room Night Demand Commerci a l 114,553 7.1 % 8,126 Lei s ure 48,637 6.4 3,125 Group 15,107 8.3 1,250 Total 178,296 7.0 % 12,502 Accordingly, we have forecast unaccommodated demand equivalent to 7.0% of the base-year demand, resulting from our analysis of monthly and weekly peak demand and sell-out trends. Induced Demand Induced demand represents the additional room nights that are expected to be attracted to the market following the introduction of a new demand generator. Situations that can result in induced demand include the opening of a new manufacturing plant, the expansion of a convention center, or the addition of a new April-2026 Page 178 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 67 hotel with a distinct chain affiliation or unique facilities. Although increases in demand are expected in the local market, we have accounted for this growth in the determination of market-segment growth rates rather than induced demand. Accommodated Based upon a review of the market dynamics in the proposed subject hotel’s Demand and Market- competitive environment, we have forecast growth rates for each market segment. wide Occupancy Using the calculated potential demand for the market, we have determined market- wide accommodated demand based on the inherent limitations of demand fluctuations and other factors in the market area. The following table details our projection of lodging demand growth for the subject market, including the total number of occupied room nights and any residual unaccommodated demand in the market. April-2026 Page 179 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 68 FIGURE 5-21 FORECAST OF MARKET OCCUPANCY 2025 2026 2027 2028 2029 2030 Commercial Ba s e Dema nd 114,553 129,444 148,861 159,281 166,449 166,449 Una ccommoda ted Dema nd 8,126 9,183 10,560 11,299 11,808 11,808 Tota l Dema nd 122,679 138,627 159,421 170,580 178,257 178,257 Growth Ra te — 13.0 % 15.0 % 7.0 % 4.5 % 0.0 % Leisure Ba s e Dema nd 48,637 53,501 61,526 65,217 68,152 68,152 Una ccommoda ted Dema nd 3,125 3,438 3,954 4,191 4,380 4,380 Tota l Dema nd 51,762 56,939 65,479 69,408 72,532 72,532 Growth Ra te — 10.0 % 15.0 % 6.0 % 4.5 % 0.0 % Group Ba s e Dema nd 15,107 16,315 18,273 19,278 19,856 19,856 Una ccommoda ted Dema nd 1,250 1,350 1,512 1,595 1,643 1,643 Tota l Dema nd 16,357 17,665 19,785 20,873 21,499 21,499 Growth Ra te — 8.0 % 12.0 % 5.5 % 3.0 % 0.0 % Totals Ba s e Dema nd 178,296 199,260 228,660 243,776 254,457 254,457 Una ccommoda ted Dema nd 12,502 13,971 16,026 17,086 17,830 17,830 Tota l Dema nd 190,798 213,231 244,686 260,862 272,288 272,288 l es s : Res i dua l Dema nd 12,502 10,661 3,959 0 0 0 Tota l Accommoda ted Dema nd 178,296 202,570 240,727 260,862 272,288 272,288 Overall Demand Growth — 13.6 % 18.8 % 8.4 % 4.4 % 0.0 % Market Mix Commerci a l 64.2 % 65.0 % 65.2 % 65.4 % 65.5 % 65.5 % Lei s ure 27.3 26.7 26.8 26.6 26.6 26.6 Group 8.5 8.3 8.1 8.0 7.9 7.9 Existing Hotel Supply 711 793 793 793 793 793 Proposed Hotels 1 Propos ed Home2 Sui tes Li verpool /Cl a y 17 103 103 103 2 Dua l -Bra nded Res i dence Inn & Fa i rfi el d by Ma rri ott 162 162 162 162 Ava i l a bl e Room Ni ghts per Yea r 259,360 289,390 354,803 386,115 386,115 386,115 Ni ghts per Yea r 365 365 365 365 365 365 Total Supply 711 793 972 1,058 1,058 1,058 Rooms Suppl y Growth 11.6 % 22.6 % 8.8 % 0.0 % 0.0 % Marketwide Occupancy 68.7 % 70.0 % 67.8 % 67.6 % 70.5 % 70.5 % 1 Openi ng i n November 2027 of the 100% competi ti ve, 103-room Propos ed Home2 Sui tes Li verpool /Cl a y 2 Openi ng i n Ja nua ry 2027 of the 100% competi ti ve, 162-room Dua l -Bra nded Res i dence Inn & Fa i rfi el d by Ma rri ott April-2026 Page 180 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 69 The defined competitive market of hotels experienced a favorable trend of demand in 2024 and 2025, with both demand and occupancy reaching a historic peak for this competitive set. Year-to-date 2025 trends reflect a continuation of this trend. Overall, occupancy is expected to continue to increase given commercial growth and economic expansion related to Micron, and the growth in youth sports. However, new supply is expected to enter the market which will limit total occupancy for the set. Based on historical occupancy levels in this market, and taking into consideration the unprecedented growth and investment taking place, the market expected to stabilize near 70.0%. April-2026 Page 181 of 242 Supply and Demand Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 70 6. Projection of Occupancy and Average Rate Along with average rate results, the occupancy levels achieved by a hotel are the foundation of the property's financial performance. Most of a lodging facility's other revenue sources (such as food and beverage, other operated departments, and miscellaneous income) are driven by the number of guests, and many expense levels also vary with occupancy. To a certain degree, occupancy attainment can be manipulated by management. For example, hotel operators may choose to lower rates in an effort to maximize occupancy. Our forecasts reflect the operating strategy that we believe would be implemented by a typical, professional hotel management team to achieve an optimal mix of occupancy and average rate. HOME2 SUITES BY HILTON SEGMENTATION April-2026 Page 182 of 242 Projection of Occupancy and Average Rate Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 71 Forecast of Subject The proposed subject hotel's occupancy forecast is set forth as follows, with the Property’s Occupancy adjusted projected penetration rates used as a basis for calculating the amount of captured market demand. FIGURE 6-1 FORECAST OF SUBJECT PROPERTY'S OCCUPANCY Market Segment 2027 2028 2029 2030 Commercial Dema nd 159,421 170,580 178,257 178,257 Ma rket Sha re 1.7 % 10.1 % 10.4 % 10.5 % Ca pture 2,690 17,293 18,588 18,709 Penetra ti on 97 % 104 % 107 % 108 % Leisure Dema nd 65,479 69,408 72,532 72,532 Ma rket Sha re 1.7 % 9.9 % 10.1 % 10.1 % Ca pture 1,138 6,863 7,297 7,297 Penetra ti on 100 % 102 % 103 % 103 % Group Dema nd 19,785 20,873 21,499 21,499 Ma rket Sha re 1.8 % 11.0 % 11.9 % 11.9 % Ca pture 349 2,286 2,559 2,559 Penetra ti on 101 % 112 % 122 % 122 % Total Room Nights Captured 4,176 26,442 28,444 28,565 Ava i l a bl e Room Ni ghts 6,283 37,595 37,595 37,595 Subject Occupancy 66 % 70 % 76 % 76 % Ma rket-wi de Ava i l a bl e Room Ni ghts 354,803 386,115 386,115 386,115 Fair Share 2 % 10 % 10 % 10 % Ma rket-wi de Occupi ed Room Ni ghts 240,727 260,862 272,288 272,288 Market Share 2 % 10 % 10 % 10 % Market-wide Occupancy 68 % 68 % 71 % 71 % Total Penetration 98 % 104 % 107 % 108 % Within the commercial segment, the proposed subject hotel’s occupancy penetration is positioned above the market-average level. The subject hotel is located proximate to the new Micron development, which will generate a significant amount of demand. This $100 billion dollar investment is creating significant demand for longer-term housing. Given the new jobs that will be created as part of this project, there is expected to be an influx of new residents moving to the area. This is expected to generate significant demand for extended-stay hotels, which often serve as transitional housing for relocations, as new residents learn the area and seek more permanent housing. In addition, the several fabrication plants’ April-2026 Page 183 of 242 Projection of Occupancy and Average Rate Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 72 construction will require a significant amount of temporary specialized labor, which will require housing for several month periods. The subject hotel’s design is ideal for this type of guest, as all guestrooms offer kitchenettes and a larger living area than a typical hotel. These attributes attract guests staying for a longer period of time, but not looking to permanently relocate to the area. Given the multiple phases of the entire Micron project, construction on the multiple fabrication plants is expected to create sustained demand for the foreseeable future. In addition to the hotel's in-house facilities and its location proximate to the Micron project, the subject hotel will benefit from its location in a retail complex that is anchored by Wegmans, a large grocery store. The proposed subject hotel's occupancy penetration in leisure segment is positioned appropriately within the range of existing competitors. The subject hotel is expected to benefit from some compression from leisure events taking place at Syracuse University, the New York State Fairgrounds, and the JMA Wireless Dome. Furthermore, the subject hotel is expected to get some leisure demand from guests traveling along State Routes 31 and 481, and looking for a convenient stopover. Within the group segment, the proposed subject hotel's occupancy penetration is positioned above the market-average level. A large portion of the group demand within this submarket is created by youth sport events and tournaments. As noted, there is significant growth related to youth sports happening within Syracuse. The Home2 Suites by Hilton brand in particular, appeals to families coming into the area for this purpose, as they are typically looking for a more spacious guestroom, a hotel with a pool for the children to enjoy between events/games, guestrooms with more than one bed/sleeping option, and complimentary breakfast being offered. The Home2 Suites by Hilton meets all of these needs. Furthermore, these type of events typically create the most demand on the weekends when commercial demand is at its lowest. Finally, the hotel's meeting room will support youth sports teams booking at the hotel, as it can serve as a central place for soccer and baseball/softball teams to convene or store equipment. These positioned segment penetration rates result in the following market segmentation forecast. April-2026 Page 184 of 242 Projection of Occupancy and Average Rate Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 73 FIGURE 6-2 MARKET SEGMENTATION FORECAST – SUBJECT PROPERTY 2027 2028 2029 2030 Commerci a l 64 % 65 % 65 % 65 % Lei s ure 27 26 26 26 Group 8 9 9 9 Total 100 % 100 % 100 % 100 % Based on our analysis of the proposed subject hotel and market area, we have selected a stabilized occupancy level of 76%. The stabilized occupancy is intended to reflect the anticipated results of the property over its remaining economic life given all changes in the life cycle of the hotel. Thus, the stabilized occupancy excludes from consideration any abnormal relationship between supply and demand, as well as any nonrecurring conditions that may result in unusually high or low occupancies. Although the proposed subject hotel may operate at occupancies above this stabilized level, we believe it equally possible for new competition and temporary economic downturns to force the occupancy below this selected point of stability. Average Rate Analysis Although the ADR analysis presented here follows the occupancy projection, these two statistics are highly correlated; in reality, one cannot project occupancy without making specific assumptions regarding ADR. This relationship is best illustrated by revenue per available room (RevPAR), which reflects a property's ability to maximize rooms revenue. The following table summarizes the historical ADR and RevPAR levels of the proposed subject hotel’s future primary competitors. April-2026 Page 185 of 242 Projection of Occupancy and Average Rate Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 74 FIGURE 6-3 BASE-YEAR ADR AND REVPAR OF THE COMPETITORS Estimated 2025 Rooms Revenue Average Room Average Room Occupancy Per Available RevPAR Property Rate Rate Penetration Occupancy Penetration Room (RevPAR) Penetration TownePl a ce Sui tes by Ma rri ott Syra cus e $125 - $130 90 - 95 % 70 - 75 % 100 - 110 % $90 - $95 95 - 100 % Li verpool Ha mpton by Hi l ton Syra cus e Cl a y 150 - 160 110 - 120 75 - 80 110 - 120 110 - 115 120 - 130 Home2 Sui tes by Hi l ton Syra cus e 125 - 130 90 - 95 60 - 65 90 - 95 80 - 85 85 - 90 Li verpool Ai rport Area Avera ge - Pri ma ry Competi tors $135.18 100.9 % 72.9 % 106.1 % $98.56 107.0 % Avera ge - Seconda ry Competi tors 133.40 99.6 67.0 97.5 89.37 97.1 Overall Average $133.96 100.0 % 68.7 % 100.0 % $92.09 100.0 % . Subject As If Stabilized (In 2025 Dollars) $140.00 104.5 % 74.1 % 107.7 % $103.70 112.6 % We have selected the rate position of $140.00, in base-year dollars (2025), for the proposed subject hotel. We have positioned the proposed subject hotel's stabilized ADR in the 2025 base year in consideration of its new facility, strong brand affiliation, product type, and its location. Average rates for this competitive market are expected to continue to increase at a strong pace through the first few projection years; thereafter, ADR growth is anticipated to moderate, trending in line with inflation as new supply enters the market and things begin to normalize. The following table presents the ADR forecast for the market and the proposed subject hotel on a calendar-year basis, as well as the resulting ADR penetration level. The proposed subject hotel’s projected ADR (as if stabilized) is then fiscalized to correspond with the hotel’s anticipated date of opening for each forecast year. April-2026 Page 186 of 242 Projection of Occupancy and Average Rate Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 75 FIGURE 6-4 ADR FORECAST – MARKET AND PROPOSED SUBJECT PROPERTY Calendar Year 2025 2026 2027 2028 2029 2030 Ma rket ADR $133.96 $139.98 $144.88 $149.23 $153.71 $158.32 Projected Ma rket ADR Growth Ra te — 4.5% 3.5% 3.0% 3.0% 3.0% Propos ed Subject Property ADR (As -If Sta bi l i zed) $140.00 $146.30 $151.42 $155.96 $160.64 $165.46 ADR Growth Ra te 4.5% 3.5% 3.0% 3.0% 3.0% Propos ed Subject Sta bi l i zed ADR Penetra ti on 105% 105% 105% 105% 105% 105% Fiscal Year 2027/28 2028/29 2029/30 2030/31 Propos ed Subject Property Avera ge Ra te $155.20 $159.86 $164.66 $169.60 Rea l Avera ge Ra te Growth — 3.0% 3.0% 3.0% Ma rket ADR $144.06 $148.50 $152.96 $157.55 $162.27 Propos ed Subject ADR Penetra ti on (After Di s count) 105% 105% 105% 105% ADR Expres s ed i n Ba s e-Yea r Dol l a rs Defl a ted @ Infl a ti on Ra te $142.74 $142.74 $142.74 $142.74 The proposed subject hotel’s ADR penetration level is forecast to reach 105% by the stabilized period, consistent with our stabilized ADR positioning. The following occupancies and average rates will be used to project the proposed subject hotel’s rooms revenue; this forecast reflects years beginning on November 1, 2027, which correspond with our financial projections. FIGURE 6-5 FORECASTS OF OCCUPANCY, AVERAGE RATE, AND REVPAR ADR % Year Occupancy Average Rate Change RevPAR 2027/28 70 % $155.20 — % $108.64 2028/29 75 159.86 3.00 119.90 2029/30 76 164.66 3.00 125.14 April-2026 Page 187 of 242 Projection of Occupancy and Average Rate Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 76 7. Projection of Income and Expense In this chapter of our report, we have compiled a forecast of income and expense for the proposed subject hotel. This forecast is based on the facilities program set forth previously, as well as the occupancy and ADR forecast discussed previously. Comparable Operating In order to project future income and expense for the proposed subject hotel, we Statements have included a sample of individual comparable operating statements from our database of hotel statistics. All financial data are presented according to the three most common measures of industry performance: ratio to sales (RTS), amounts per available room (PAR), and amounts per occupied room night (POR). These historical income and expense statements will be used as benchmarks in our forthcoming forecast of income and expense. The proposed subject hotel’s stabilized statement of income and expense, deflated to 2025 dollars, is also presented. April-2026 Page 188 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 77 FIGURE 7-1 COMPARABLE OPERATING STATEMENTS: RATIO TO SALES Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2024/25 2023/24 2023 2022/23 2022 2025 Number of Rooms: 100 to 140 90 to 120 170 to 220 90 to 120 80 to 110 103 Days Open: 365 365 365 365 365 365 Occupancy: 75% 77% 69% 71% 77% 76% Average Rate: $141 $141 $126 $137 $151 $143 RevPAR: $105 $109 $87 $97 $116 $108 REVENUE Rooms 97.4 % 96.9 % 97.9 % 98.7 % 98.3 % 97.9 % Other Opera ted Depa rtments 1.7 3.1 1.4 1.1 0.7 1.4 Mi s cel l a neous Income 0.9 0.0 0.7 0.2 1.0 0.7 Tota l 100.0 100.0 100.0 100.0 100.0 100.0 DEPARTMENTAL EXPENSES* Rooms 22.0 28.1 25.5 24.8 27.3 25.5 Other Opera ted Depa rtments 43.9 10.1 50.0 37.2 98.3 50.0 Tota l 22.2 27.5 25.7 24.9 27.5 25.7 DEPARTMENTAL INCOME 77.8 72.5 74.3 75.1 72.5 74.3 UNDISTRIBUTED OPERATING EXPENSES Admi ni s tra ti ve & Genera l 7.1 6.6 9.0 6.8 7.4 7.2 Info. a nd Tel ecom. Sys tems 3.9 0.0 1.5 1.3 0.0 1.2 Ma rketi ng 4.9 5.8 4.4 5.8 5.2 4.5 Fra nchi s e Fee 8.3 7.8 7.2 8.4 4.9 9.3 Property Opera ti ons & Ma i ntena nce 4.9 4.2 4.3 3.5 3.3 3.8 Uti l i ti es 3.8 2.7 3.2 3.2 2.6 3.0 Tota l 33.0 27.1 29.5 29.0 23.4 28.9 GROSS OPERATING PROFIT 44.8 45.4 44.8 46.1 49.1 45.4 Ma na gement Fee 4.0 3.0 4.0 3.0 4.0 3.0 INCOME BEFORE NON-OPER. INC. & EXP. 40.9 42.3 40.8 43.1 45.1 42.4 EBITDA LESS RESERVE 36.8 % 38.0 % 34.5 % 38.0 % 42.2 % 32.4 % * Depa rtmenta l expens e ra ti os a re expres s ed a s a percenta ge of depa rtmenta l revenues April-2026 Page 189 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 78 FIGURE 7-2 COMPARABLE OPERATING STATEMENTS: AMOUNTS PER AVAILABLE ROOM Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2024/25 2023/24 2023 2022/23 2022 2025 Number of Rooms: 100 to 140 90 to 120 170 to 220 90 to 120 80 to 110 103 Days Open: 365 365 365 365 365 365 Occupancy: 75% 77% 69% 71% 77% 76% Average Rate: $141 $141 $126 $137 $151 $143 RevPAR: $105 $109 $87 $97 $116 $108 REVENUE Rooms $38,380 $39,615 $31,683 $35,550 $42,488 $39,595 Other Opera ted Depa rtments 678 1,248 460 395 284 555 Mi s cel l a neous Income 338 1 216 60 443 277 Tota l 39,397 40,864 32,359 36,005 43,214 40,427 DEPARTMENTAL EXPENSES Rooms 8,434 11,130 8,085 8,820 11,597 10,097 Other Opera ted Depa rtments 298 126 230 147 279 277 Tota l 8,732 11,256 8,315 8,967 11,876 10,374 DEPARTMENTAL INCOME 30,665 29,608 24,043 27,038 31,338 30,053 UNDISTRIBUTED OPERATING EXPENSES Admi ni s tra ti ve & Genera l 2,810 2,698 2,906 2,458 3,208 2,900 Info. a nd Tel ecom. Sys tems 1,544 0 486 458 0 475 Ma rketi ng 1,924 2,377 1,408 2,106 2,239 1,800 Fra nchi s e Fee 3,274 3,195 2,324 3,007 2,126 3,761 Property Opera ti ons & Ma i ntena nce 1,943 1,720 1,388 1,278 1,422 1,550 Uti l i ti es 1,488 1,101 1,021 1,151 1,123 1,200 Tota l 12,983 11,091 9,532 10,458 10,118 11,686 GROSS OPERATING PROFIT 17,682 18,517 14,511 16,580 21,220 18,366 Ma na gement Fee 1,576 1,232 1,294 1,078 1,724 1,213 INCOME BEFORE NON-OPER. INC. & EXP. 16,106 17,286 13,217 15,501 19,496 17,154 EBITDA LESS RESERVE $14,476 $15,540 $11,138 $13,671 $18,253 $13,113 April-2026 Page 190 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 79 FIGURE 7-3 COMPARABLE OPERATING STATEMENTS: AMOUNTS PER OCCUPIED ROOM Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Subject Stabilized $ Year: 2024/25 2023/24 2023 2022/23 2022 2025 Number of Rooms: 100 to 140 90 to 120 170 to 220 90 to 120 80 to 110 103 Days Open: 365 365 365 365 365 365 Occupancy: 75% 77% 69% 71% 77% 76% Average Rate: $141 $141 $126 $137 $151 $143 RevPAR: $105 $109 $87 $97 $116 $108 REVENUE Rooms $140.60 $141.27 $125.71 $136.52 $151.20 $142.74 Other Opera ted Depa rtments 2.49 4.45 1.82 1.52 1.01 2.00 Mi s cel l a neous Income 1.24 0.00 0.86 0.23 1.58 1.00 Tota l 144.32 145.72 128.39 138.27 153.78 145.74 DEPARTMENTAL EXPENSES Rooms 30.89 39.69 32.08 33.87 41.27 36.40 Other Opera ted Depa rtments 1.09 0.45 0.91 0.56 0.99 1.00 Tota l 31.99 40.14 32.99 34.44 42.26 37.40 DEPARTMENTAL INCOME 112.33 105.58 95.40 103.83 111.52 108.34 UNDISTRIBUTED OPERATING EXPENSES Admi ni s tra ti ve & Genera l 10.29 9.62 11.53 9.44 11.42 10.45 Info. a nd Tel ecom. Sys tems 5.65 0.00 1.93 1.76 0.00 1.71 Ma rketi ng 7.05 8.48 5.59 8.09 7.97 6.49 Fra nchi s e Fee 11.99 11.39 9.22 11.55 7.56 13.56 Property Opera ti ons & Ma i ntena nce 7.12 6.13 5.51 4.91 5.06 5.59 Uti l i ti es 5.45 3.93 4.05 4.42 4.00 4.33 Tota l 47.56 39.55 37.82 40.16 36.01 42.13 GROSS OPERATING PROFIT 64.77 66.03 57.57 63.67 75.52 66.21 Ma na gement Fee 5.77 4.39 5.14 4.14 6.14 4.37 INCOME BEFORE NON-OPER. INC. & EXP. 59.00 61.64 52.44 59.53 69.38 61.84 EBITDA LESS RESERVE $53.03 $55.41 $44.19 $52.50 $64.96 $47.27 The departmental income of the comparable properties ranged from 72.5% to 77.8% of total revenue. Our forecast anticipates that the proposed subject hotel’s departmental income will stabilize at 74.3%. The comparable properties achieved a gross operating profit (GOP) ranging from 44.8% to 49.1% of total revenue. Our forecast anticipates a stabilized GOP margin of 45.3% of total revenue. April-2026 Page 191 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 80 Inflation and In consideration of the trends in the Consumer Price Index (CPI), inflation factors Appreciation that directly influence lodging properties, projections set forth by economists Assumptions surveyed, and the Federal Reserve’s target inflation rate, we have applied a 3.0% underlying inflation rate in our analysis. This annual rate of growth is applied to income and expenses after the stabilized year to reflect the longer-term expectation of asset appreciation by typical investors. This position is based on interviews with numerous market participants indicating a distinction in the expectations of near-term cost inflation (e.g., related to labor and supplies) versus long-term income growth that drives appreciation. Any exceptions to the application of the assumed underlying inflation and EBITDA Less Replacement Reserve growth rates are discussed in our write-ups of individual income and expense items. Summary of Based on an analysis that will be detailed throughout this section, we have Projections formulated a revenue-and-expense forecast through the fifth projection year, including amounts per available room and per occupied room, as illustrated in the following table. The second table illustrates our ten-year forecast of income and expense, presented with a lesser degree of detail. The forecasts pertain to years that begin on November 1, 2027, expressed in inflated dollars for each year (figures in the forecast year columns have been divided by 1,000 and reflect thousands of dollars). April-2026 Page 192 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 81 FIGURE 7-4 DETAILED FORECAST OF INCOME AND EXPENSE 2027/28 Begins November 2028/29 Stabilized 2030/31 Number of Rooms: 103 103 103 103 Occupancy: 70% 75% 76% 76% Average Rate: $155.20 $159.86 $164.66 $169.60 RevPAR: $108.64 $119.90 $125.14 $128.89 Days Open: 365 365 365 365 Occupied Rooms: 26,317 %Gross PAR POR 28,196 %Gross PAR POR 28,572 %Gross PAR POR 28,572 %Gross PAR POR OPERATING REVENUE Rooms $4,084 97.8 % $39,655 $155.20 $4,507 97.9 % $43,762 $159.86 $4,705 97.9 % $45,676 $164.66 $4,846 97.9 % $47,046 $169.60 Other Operated Departments 61 1.5 589 2.31 64 1.4 619 2.26 66 1.4 640 2.31 68 1.4 659 2.38 Miscellaneous Income 30 0.7 294 1.15 32 0.7 309 1.13 33 0.7 320 1.15 34 0.7 330 1.19 Total Operating Revenues 4,175 100.0 40,538 158.66 4,603 100.0 44,690 163.25 4,803 100.0 46,636 168.12 4,948 100.0 48,035 173.16 DEPARTMENTAL EXPENSES * Rooms 1,095 26.8 10,632 41.61 1,159 25.7 11,249 41.09 1,200 25.5 11,647 41.99 1,236 25.5 11,997 43.25 Other Operated Departments 31 50.8 299 1.17 32 50.1 310 1.13 33 50.0 320 1.15 34 50.0 330 1.19 Total Expenses 1,126 27.0 10,931 42.78 1,191 25.9 11,559 42.22 1,233 25.7 11,967 43.14 1,270 25.7 12,326 44.44 DEPARTMENTAL INCOME 3,049 73.0 29,607 115.88 3,413 74.1 33,131 121.03 3,571 74.3 34,668 124.98 3,678 74.3 35,708 128.73 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 318 7.6 3,092 12.10 333 7.2 3,237 11.83 345 7.2 3,345 12.06 355 7.2 3,446 12.42 Info & Telecom Systems 52 1.2 506 1.98 55 1.2 530 1.94 56 1.2 548 1.98 58 1.2 564 2.03 Marketing 198 4.7 1,919 7.51 207 4.5 2,009 7.34 214 4.5 2,076 7.49 220 4.5 2,139 7.71 Franchise Fee 388 9.3 3,767 14.74 428 9.3 4,157 15.19 447 9.3 4,339 15.64 460 9.3 4,469 16.11 Prop. Operations & Maint. 170 4.1 1,653 6.47 178 3.9 1,730 6.32 184 3.8 1,788 6.45 190 3.8 1,842 6.64 Utilities 132 3.2 1,279 5.01 138 3.0 1,340 4.89 143 3.0 1,384 4.99 147 3.0 1,426 5.14 Total Expenses 1,258 30.1 12,217 47.82 1,339 29.1 13,004 47.50 1,389 29.0 13,481 48.60 1,430 29.0 13,886 50.06 GROSS OPERATING PROFIT 1,791 42.9 17,390 68.06 2,073 45.0 20,127 73.52 2,182 45.4 21,187 76.38 2,248 45.4 21,823 78.67 Management Fee 125 3.0 1,216 4.76 138 3.0 1,341 4.90 144 3.0 1,399 5.04 148 3.0 1,441 5.19 INCOME BEFORE NON-OPR. INC. & EXP. 1,666 39.9 16,174 63.30 1,935 42.0 18,786 68.63 2,038 42.4 19,788 71.33 2,099 42.4 20,382 73.47 NON-OPERATING INCOME & EXPENSE Property Taxes 227 5.4 2,201 8.61 233 5.1 2,267 8.28 240 5.0 2,335 8.42 248 5.0 2,405 8.67 Insurance 45 1.1 435 1.70 46 1.0 448 1.64 48 1.0 461 1.66 49 1.0 475 1.71 Total Expenses 271 6.5 2,636 10.32 280 6.1 2,715 9.92 288 6.0 2,796 10.08 297 6.0 2,880 10.38 EBITDA 1,394 33.4 13,538 52.99 1,655 35.9 16,071 58.71 1,750 36.4 16,992 61.25 1,803 36.4 17,502 63.09 Reserve for Replacement 84 2.0 811 3.17 138 3.0 1,341 4.90 192 4.0 1,865 6.72 198 4.0 1,921 6.93 EBITDA LESS RESERVE $1,311 31.4 % $12,727 $49.81 $1,517 33.0 % $14,731 $53.81 $1,558 32.4 % $15,126 $54.53 $1,605 32.4 % $15,580 $56.16 *Departmental expenses are expressed as a percentage of departmental revenues. April-2026 Page 193 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 82 FIGURE 7-5 TEN-YEAR FORECAST OF INCOME AND EXPENSE 2027/28 2028/29 2029/30 2030/31 2031/32 2032/33 2033/34 2034/35 2035/36 2036/37 Number of Rooms: 103 103 103 103 103 103 103 103 103 103 Occupied Rooms: 26,317 28,196 28,572 28,572 28,572 28,572 28,572 28,572 28,572 28,572 Occupancy: 70% 75% 76% 76% 76% 76% 76% 76% 76% 76% Average Rate: $155.20 % of $159.86 % of $164.66 % of $169.60 % of $174.68 % of $179.92 % of $185.32 % of $190.88 % of $196.61 % of $202.51 % of RevPAR: $108.64 Gross $119.90 Gross $125.14 Gross $128.89 Gross $132.76 Gross $136.74 Gross $140.84 Gross $145.07 Gross $149.42 Gross $153.90 Gross OPERATING REVENUE Rooms $4,084 97.8 % $4,507 97.9 % $4,705 97.9 % $4,846 97.9 % $4,991 97.9 % $5,141 97.9 % $5,295 97.9 % $5,454 97.9 % $5,618 97.9 % $5,786 97.9 % Other Operated Departments 61 1.5 64 1.4 66 1.4 68 1.4 70 1.4 72 1.4 74 1.4 76 1.4 79 1.4 81 1.4 Miscellaneous Income 30 0.7 32 0.7 33 0.7 34 0.7 35 0.7 36 0.7 37 0.7 38 0.7 39 0.7 41 0.7 Total Operating Revenues 4,175 100.0 4,603 100.0 4,803 100.0 4,948 100.0 5,096 100.0 5,249 100.0 5,406 100.0 5,569 100.0 5,736 100.0 5,908 100.0 DEPARTMENTAL EXPENSES * Rooms 1,095 26.8 1,159 25.7 1,200 25.5 1,236 25.5 1,273 25.5 1,311 25.5 1,350 25.5 1,391 25.5 1,432 25.5 1,475 25.5 Other Operated Departments 31 50.8 32 50.1 33 50.0 34 50.0 35 50.0 36 50.0 37 50.0 38 50.0 39 50.0 41 50.0 Total Expenses 1,126 27.0 1,191 25.9 1,233 25.7 1,270 25.7 1,308 25.7 1,347 25.7 1,387 25.7 1,429 25.7 1,472 25.7 1,516 25.7 DEPARTMENTAL INCOME 3,049 73.0 3,413 74.1 3,571 74.3 3,678 74.3 3,788 74.3 3,902 74.3 4,019 74.3 4,140 74.3 4,264 74.3 4,392 74.3 UNDISTRIBUTED OPERATING EXPENSES Administrative & General 318 7.6 333 7.2 345 7.2 355 7.2 366 7.2 377 7.2 388 7.2 399 7.2 411 7.2 424 7.2 Info & Telecom Systems 52 1.2 55 1.2 56 1.2 58 1.2 60 1.2 62 1.2 64 1.2 65 1.2 67 1.2 69 1.2 Marketing 198 4.7 207 4.5 214 4.5 220 4.5 227 4.5 234 4.5 241 4.5 248 4.5 255 4.5 263 4.5 Franchise Fee 388 9.3 428 9.3 447 9.3 460 9.3 474 9.3 488 9.3 503 9.3 518 9.3 534 9.3 550 9.3 Prop. Operations & Maint. 170 4.1 178 3.9 184 3.8 190 3.8 195 3.8 201 3.8 207 3.8 214 3.8 220 3.8 227 3.8 Utilities 132 3.2 138 3.0 143 3.0 147 3.0 151 3.0 156 3.0 160 3.0 165 3.0 170 3.0 175 3.0 Total Expenses 1,258 30.1 1,339 29.1 1,389 29.0 1,430 29.0 1,473 29.0 1,517 29.0 1,563 29.0 1,610 29.0 1,658 29.0 1,708 29.0 GROSS OPERATING PROFIT 1,791 42.9 2,073 45.0 2,182 45.4 2,248 45.4 2,315 45.4 2,385 45.4 2,456 45.4 2,530 45.4 2,606 45.4 2,684 45.4 Management Fee 125 3.0 138 3.0 144 3.0 148 3.0 153 3.0 157 3.0 162 3.0 167 3.0 172 3.0 177 3.0 INCOME BEFORE NON-OPR. INC. & EXP. 1,666 39.9 1,935 42.0 2,038 42.4 2,099 42.4 2,162 42.4 2,227 42.4 2,294 42.4 2,363 42.4 2,434 42.4 2,507 42.4 NON-OPERATING INCOME & EXPENSE Property Taxes 227 5.4 233 5.1 240 5.0 248 5.0 255 5.0 263 5.0 271 5.0 279 5.0 287 5.0 296 5.0 Insurance 45 1.1 46 1.0 48 1.0 49 1.0 50 1.0 52 1.0 53 1.0 55 1.0 57 1.0 58 1.0 Total Expenses 271 6.5 280 6.1 288 6.0 297 6.0 306 6.0 315 6.0 324 6.0 334 6.0 344 6.0 354 6.0 EBITDA 1,394 33.4 1,655 35.9 1,750 36.4 1,803 36.4 1,857 36.4 1,912 36.4 1,970 36.4 2,029 36.4 2,090 36.4 2,152 36.4 Reserve for Replacement 84 2.0 138 3.0 192 4.0 198 4.0 204 4.0 210 4.0 216 4.0 223 4.0 229 4.0 236 4.0 EBITDA LESS RESERVE $1,311 31.4 % $1,517 33.0 % $1,558 32.4 % $1,605 32.4 % $1,653 32.4 % $1,702 32.4 % $1,754 32.4 % $1,806 32.4 % $1,860 32.4 % $1,916 32.4 % 0 0 0 0 0 0 0 0 0 0 April-2026 Page 194 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 83 Forecast of Income and The following description sets forth the basis for the forecast of income and expense. Expense We anticipate that it will take three years for the proposed subject hotel to reach a stabilized level of operation. Each revenue and expense item has been forecast based upon our review of the proposed subject hotel's operating budget and comparable income and expense statements. The forecast is based upon fiscal years beginning November 1, 2027, expressed in inflated dollars for each year. Revenues associated with the proposed subject hotel's other operated departments and miscellaneous income category have been forecast to reflect the hotel's planned facilities and amenities. Expense levels fall within a range of reasonableness given the provided comparable operating statements; furthermore, franchise and management fees are set forth in accordance with our assumptions provided earlier in our report. Property Taxes Property (or ad valorem) tax is one of the primary revenue sources of municipalities. Based on the concept that the tax burden should be distributed in proportion to the value of all properties within a taxing jurisdiction, a system of assessments is established. Theoretically, the assessed value placed on each parcel bears a definite relationship to market value, so properties with equal market values will have similar assessments and properties with higher and lower values will have proportionately larger and smaller assessments. Depending on the taxing policy of the municipality, property taxes can be based on the value of the real property or the value of the personal property and the real property. We have based our estimate of the proposed subject property's market value (for tax purposes) on an analysis of assessments of comparable hotel properties in the local municipality. April-2026 Page 195 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 84 FIGURE 7-6 COUNTY-ASSESSED VALUE OF COMPARABLE HOTELS Hotel Year Open Land Improvements Total TownePl a ce Sui tes by Ma rri ott Syra cus e Li verpool 2018 $50,000 133,600 $183,600 Ha mpton by Hi l ton Syra cus e Cl a y 2007 10,000 107,400 117,400 Comfort Inn & Sui tes Li verpool -Cl a y 1998 14,800 80,200 95,000 Assessments per Room # of Rms TownePl a ce Sui tes by Ma rri ott Syra cus e Li verpool 105 $476 $1,272 $1,749 Ha mpton by Hi l ton Syra cus e Cl a y 77 130 1,395 1,525 Comfort Inn & Sui tes Li verpool -Cl a y 63 235 1,273 1,508 Positioned Subject - Per Room 103 $450 $1,400 $1,850 Positioned Subject - Total $46,350 $144,200 $190,550 Source: Onondoga County We have positioned the future assessment levels of the subject site and proposed improvements, based upon the illustrated comparable data. We have positioned these assessments closest to the TownePlace by Marriott because of the similarities in brand and product type; overall, the positioned assessments are well supported by the market data. Tax rates are based on the city and county budgets, which change annually. The most recent tax rate in this jurisdiction was reported at a millage rate of 1,021.45963. The following table shows changes in the tax/millage rate during the last several years. FIGURE 7-7 COUNTY TAX RATES Real Property Year Millage Rate 2024 964.54323 2025 1,015.50213 2026 1,021.45963 Source: Onondoga County April-2026 Page 196 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 85 Based on comparable assessments and the tax rate information, the following table illustrates the proposed subject property's projected property tax expense levels. FIGURE 7-8 PROJECTED PROPERTY TAX BURDEN (BASE YEAR) Real Property Land Improvements Total Pos itioned (As s es s ed Va lue) $46,350 $144,200 $190,550 Equa liza tion Ra te 1.00000 Milla ge Ra te 1,021.45963 Ta x Burden a s of Current As s es s ment Yea r $194,639 FIGURE 7-9 PROJECTED PROPERTY TAX EXPENSE – SUMMARY Taxes Payable Special Total Tax Year Real Total Assessments Payable Pos i ti oned $194,639 $194,639 $894 $195,534 2027/28 $225,640 $225,640 $1,037 $226,677 2028/29 232,409 232,409 1,068 233,477 2029/30 239,382 239,382 1,100 240,482 2030/31 246,563 246,563 1,133 247,696 2031/32 253,960 253,960 1,167 255,127 2032/33 261,579 261,579 1,202 262,781 2033/34 269,426 269,426 1,238 270,664 Conclusion In conclusion, our analysis reflects a profitable operation, with net income expected to total 32.4% of total revenue by the stabilized year. The stabilized total revenue comprises primarily rooms and food and beverage (F&B) revenue, with a secondary portion derived from other income sources. On the cost side, departmental expenses total 25.7% of revenue by the stabilized year, while undistributed operating expenses total 29.0% of total revenues; this assumes that the property will be operated competently by a well-known hotel operator. After a 3.0% of total revenues management fee, and 6.0% of total revenues in fixed expenses, a net income ratio of 32.4% is forecast by the stabilized year. April-2026 Page 197 of 242 Projection of Income and Expense Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 86 8. Feasibility Analysis Return on investment (ROI) can be defined as the future benefits of an income- producing property relative to its acquisition or construction cost. The first step in performing an ROI analysis is to determine the amount to be initially invested. For a proposed property, this amount is most likely to be the development cost of the hotel. Based on the total development cost, the investor will utilize an ROI analysis to determine if the future cash flow from a current cash outlay meets their own investment criteria and at what level above or below this amount such an outlay exceeds or fails to meet these criteria. Development Cost Because the proposed subject property will be a hotel, we have reviewed the Estimate development budget for the proposed subject hotel in performing a cost analysis. The detailed budget is presented in the Description of the Proposed Improvements chapter and reflects a total construction cost of $19,520,000, including site costs, hard and soft costs, and pre-opening and working capital, as well as any developers fee. The development cost estimate for the proposed subject property includes allowances for the contractor's overhead and profit but does not include an entrepreneurial incentive. The entrepreneurial incentive is “the amount an entrepreneur expects to receive for his or her contribution to a project…. The amount of entrepreneurial incentive required for a project represents the economic reward sufficient to motivate an entrepreneur to accept the risk of the project and to invest the time and money necessary in seeing the project to completion.”6 Entrepreneurial incentive is different than entrepreneurial profit, which cannot be measured until it is achieved. Entrepreneurial profit can be achieved through profit on a sale (i.e., the sales price less the development cost) or additional returns on an investment in an operating property. Whether the entrepreneur ultimately realizes a profit depends on how successful they have been in selecting the site, constructing the improvements, positioning the property appropriately in the market, and establishing and stabilizing business operations. Based on the development budget, we have estimated an entrepreneurial incentive equal to 3.0% of the development budget, which equates to $585,600. The total development cost has been calculated as shown in the following table. 6 Appraisal Institute, The Dictionary of Real Estate Appraisal, 6th Edition, 2015 April-2026 Page 198 of 242 Feasibility Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 87 FIGURE 8-1 TOTAL DEVELOPMENT COST Development Budget $19,520,000 Entrepreneurial Incentive (%) 3.0% Entrepreneurial Incentive $585,600 Total Development Cos t $20,105,600 (s ay) $20,110,000 Investment As an individual or company considering investment in hotel real estate, the Components decision to use one’s own cash, an equity partner's capital, or lender financing will be an internal one. Because hotels typically require a substantial investment, only the largest investors and hotel companies generally have the means to purchase properties with all cash. We would anticipate the involvement of some financing by a third party for the typical investor or for those who may be entering the market for hotel acquisitions at this time. In leveraged acquisitions and developments where investors typically purchase or build upon real estate with a small amount of equity cash (20.0% to 50.0%) and a large amount of mortgage financing (50.0% to 80.0%), it is important for equity investors to acknowledge the return requirements of the debt participant (mortgagee), as well as their own return requirements. Therefore, we will begin our rate-of-return analysis by reviewing the debt requirements of typical hotel mortgagees. Mortgage Component Hotel financing is available for most tiers of the lodging industry from a variety of lender types. While many lenders remain active, underwriting standards are more stringent than the pre-pandemic market, and loan-to-value (LTV) ratios remain in the 50.0%–70.0% range, depending on the actual in-place operating cash flows and debt-service-coverage ratio requirements, among other things. Lenders continue to be attracted to the lodging industry because of the higher yields generated by hotel financing relative to other commercial real estate. Commercial banks, mortgage REITs, private-debt investors, insurance companies, and CMBS and mezzanine lenders continue to pursue deals. At present, we find that lenders that are active in the market are using LTV ratios of 50.0% to 70.0%, and amortization periods of 20 to 30 years. Over the course of the last decade, the federal funds rate remained relatively low, peaking at 2.25% to 2.5% in late 2018 through mid-year 2019. Subsequently, concern about the trade war and a slowing economy led the Fed to reduce rates three times to a target rate of 1.5% to 1.75%. The rate remained at this level until mid-March 2020, at which point the Fed cut the target rate twice to zero. Furthermore, on March 23, 2020, the Fed pledged to maintain liquidity in debt April-2026 Page 199 of 242 Feasibility Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 88 markets by purchasing as many government and corporate-backed bonds, as necessary. In 2022, the Fed began raising the federal funds rate to combat heightened inflation. By July 2023, eleven increases had brought the rate to a range of 5.25% to 5.5%. In September 2024, the Fed reduced the rate by 50 bps, and two additional cuts followed in November and December. As of late 2025, it stood between 3.75% and 4.0%; the most recent changes occurred during the Fed's September and October 2025 meetings. Lenders have been adjusting their interest- rate levels to reflect these market conditions. Current interest-rate levels for most typical assets fall within the 6.0%–7.0% range. We note that our calculation of the internal rate of return does not include the construction period but rather considers the ten-year holding period starting on the date of the proposed hotel’s completion. As such, while it is important to take into account the current economic environment and how investment criteria have been trending, our positioning of the parameters considers potential changes in the investment climate by the date of the proposed hotel’s opening. Our analysis also considers a typical financing structure rather than the developer’s actual deal structure. Based on our analysis of the current lodging industry mortgage market and potential changes in the investment climate by the date of opening, as well as adjustments for specific factors, such as the subject site, proposed facility, and conditions in the Clay/Liverpool hotel market, we have assumed a mortgage at a loan-to-cost ratio of 65%, with an interest rate of 5.50% and an amortization period of 25 years. The following table summarizes the mortgage component. FIGURE 8-2 MORTGAGE COMPONENT Ini ti a l Cos t $20,110,000 Loa n to cos t 65.0% Mortga ge Amount $13,072,000 As s umed i nteres t ra te 5.50% As s umed Amorti za ti on 25 yea rs Debt Servi ce Cons ta nt 0.07369 Annua l Debt Servi ce $963,000 Mortga ge pa i d off over 10 yea rs 24.84% Ba l a nce a t end of 10 yea rs $9,824,000 April-2026 Page 200 of 242 Feasibility Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 89 Equity Component The remaining capital required for the development of the proposed subject property would be the equity investment. This is the balance of the total development cost minus the assumed mortgage amount, as illustrated in the table that follows. FIGURE 8-3 CALCULATION OF EQUITY COMPONENT Ini ti al Cos t $20,110,000 Mortgage 13,072,000 Equi ty Inves tment $7,038,000 Reversion The return on the development cost is derived from both the annual cash flow and the expectation of a sale of the property at the end of the holding period. For the purposes of this feasibility analysis, we have assumed that the developer would elect to hold the property for ten years. The estimated reversionary sales price as of that date is calculated by capitalizing the projected eleventh-year net income by an overall terminal capitalization rate. An allocation for the selling expenses is deducted from this sales price, and the net proceeds to the equity interest (also known as the equity residual) are calculated by deducting the outstanding mortgage balance from the reversion. We have reviewed several recent investor surveys. The following chart summarizes the averages presented for terminal capitalization rates in various investor surveys during the past decade. April-2026 Page 201 of 242 Feasibility Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 90 FIGURE 8-4 TERMINAL CAPITALIZATION RATES DERIVED FROM INVESTOR SURVEYS Source Data Point Range Average HVS Brokers Survey Spring 2026 Survey Sel ect-Servi ce Hotel s 7.5% – 11.5% 8.7% Li mi ted-Servi ce & Economy Hotel s 7.5% – 14.0% 9.1% PWC Real Estate Investor Survey 1st Quarter 2026 Survey Sel ect-Servi ce Hotel s 8.0% – 11.0% 9.3% Li mi ted-Servi ce Hotel s 8.5% – 10.0% 9.1% USRC Hotel Investment Survey Mid-Year 2025 Survey Li mi ted-Servi ce Hotel s 7.5% - 12.5% 9.2% Situs RERC Real Estate Report 4th Quarter 2025 Survey Second-Ti er Hotel s 8.5% – 11.5% 9.8% Fi rs t-Ti er Hotel s 7.5% – 10.5% 8.9% For purposes of this analysis, we have applied a terminal capitalization rate of 8.50%. The reversion to the mortgage and equity components is calculated below. FIGURE 8-5 REVERSION TO MORTGAGE AND EQUITY COMPONENTS Reversion Yea r 11 NOI $1,974,000 Termi na l Ca p Ra te 8.50% Es ti ma ted Sa l es Proceeds $23,224,000 Les s : Tra ns a cti on Cos ts @ 3.0% 697,000 Net Sa l es Proceeds $22,527,000 Les s : Mortga ge Component 9,824,000 Equi ty Revers i on $12,703,000 April-2026 Page 202 of 242 Feasibility Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 91 Internal Rate-of-Return Using the aforementioned investment components, the internal rate of return (IRR) Analysis indicated by the EBITDA forecast and the assumed reversionary sales proceeds are calculated, as presented in the following table. FIGURE 8-6 IRR TO THE TOTAL PROPERTY AND MORTGAGE AND EQUITY COMPONENTS Total Project Mortgage Component Equity Component Annual Cash on Annual Cash on Annual Cash on Year Total EBITDA Cash Return Debt Service Cash Return NOI to Equity Cash Return Initial Investment ($20,110,000) ($13,072,000) ($7,038,000) 2027/28 $1,311,000 6.5 % $963,000 7.4 % $348,000 4.9 % 2028/29 1,517,000 7.5 963,000 7.4 554,000 7.9 2029/30 1,558,000 7.7 963,000 7.4 595,000 8.5 2030/31 1,605,000 8.0 963,000 7.4 642,000 9.1 2031/32 1,653,000 8.2 963,000 7.4 690,000 9.8 2032/33 1,702,000 8.5 963,000 7.4 739,000 10.5 2033/34 1,754,000 8.7 963,000 7.4 791,000 11.2 2034/35 1,806,000 9.0 963,000 7.4 843,000 12.0 2035/36 1,860,000 9.2 963,000 7.4 897,000 12.7 2036/37 1,916,000 9.5 963,000 7.4 953,000 13.5 Reversion 22,527,000 112.0 9,824,000 75.2 12,703,000 180.5 Ten Year IRR 8.9 % 5.4 % 13.4 % Based on our forecast of EBITDA and the development cost, including an entrepreneurial incentive, the total project would yield an internal rate of return of 8.9%. Based on the mortgage assumptions, the equity component’s initial investment of $7,038,000 would achieve an internal rate of return of 13.4% over a ten-year holding period. The following table summarizes the range of equity yields indicated by hotels that were sold at (or at about) the time that we appraised them, along with the derived equity return based on the purchase price, debt assumptions, and our forecast. FIGURE 8-7 SUMMARY OF EQUITY YIELDS Source Data Point Range Average HVS Hotel Sa l es - Ful l -Servi ce & Luxury 10.4% – 19.7% 14.5% HVS Hotel Sa l es - Sel ect-Servi ce & Extended-Sta y 13.6% – 20.6% 16.2% HVS Hotel Sa l es - Li mi ted-Servi ce 14.3% – 23% 18.1% April-2026 Page 203 of 242 Feasibility Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 92 To evaluate the indicated IRR to the total property, we have reviewed several recent investor surveys, including the HVS Broker Survey, PWC Real Estate Investor Survey, USRC Hotel Investment Survey, and Situs RERC Real Estate Report. The following table summarizes the range of discount rates and average IRRs indicated by the investor surveys for hotels similar in class to the proposed subject property. FIGURE 8-8 RESULTS OF RECENT INVESTMENT SURVEYS – DISCOUNT RATES, HOTELS Source Data Point Range Average HVS Hotel Sa l es - Li mi ted-Servi ce 10.2% – 14% 11.8% HVS Hotel Sa l es - Sel ect-Servi ce & Extended-Sta y 9.9% – 13.1% 11.1% HVS Brokers Survey Spring 2026 Survey Sel ect-Servi ce Hotel s 9.0% – 13.0% 11.2% Li mi ted-Servi ce & Economy Hotel s 9.0% – 14.0% 11.5% PWC Real Estate Investor Survey 1st Quarter 2026 Survey Sel ect-Servi ce Hotel s 10.0% – 12.0% 11.0% Li mi ted-Servi ce Hotel s 9.5% – 13.0% 11.4% USRC Hotel Investment Survey Mid-Year 2025 Survey Li mi ted-Servi ce Hotel s 10.4% – 13.0% 11.4% Situs RERC Real Estate Report 4th Quarter 2025 Survey Second-Ti er Hotel s 9.8% – 12.0% 10.7% Fi rs t-Ti er Hotel s 9.0% – 11.0% 9.9% As discussed, based on our forecast of EBITDA and the development cost, including entrepreneurial incentive, the total project would yield an IRR of 8.9%. The investor surveys indicate discount rates ranging from 9.0% to 14.0%; the averages of the surveys range from 9.9% to 11.8%. Based on these parameters, the calculated return of 8.9% is below the averages and below the illustrated range of returns. Return requirements vary based on an individual investor’s circumstances, including the cost and availability of both debt and equity capital. This analysis is intended to provide information to assist the developer in evaluating the feasibility of the proposed project. Despite the significant demand for additional hotel rooms in the market and the ideal positioning of the Home2 Suites by Hilton brand, the returns on this project are currently below what would be expected by an investor and therefore likely not feasible. There are several reasons for this, including rising construction costs since the pandemic. Amplifying this is the 2025 NYS Energy April-2026 Page 204 of 242 Feasibility Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 93 Conservation Construction Code (ECCCNYS) which took effect on December 31, 2025. This new regulation implements stricter energy efficiency requirements for new buildings under seven-stories, which makes construction more expensive. Furthermore, as mentioned in the macro considerations portion of this report, ongoing trade negotiations and unpredictable implementation of tariffs increase construction costs and make it harder for developers to understand the total development costs. Finally, the ongoing war in the middle east has increased gas and oil prices which contribute to increased development costs, and again, the total global and economic impact of this is not yet known.. Sensitivity Analysis The preceding analysis is based on the current development cost of $20,110,000. This cost is an estimate and is subject to change as the project evolves, depending on market conditions and other factors. We have prepared an analysis calculating the impact of potential changes to the development cost on the ten-year IRR that the project would generate. The results of this sensitivity analysis are presented in the following table. FIGURE 8-9 SENSITIVITY ANALYSIS Development Cost Indicted IRR Based on Development Cost Variances in Mortgage Equity Development Cost Total Per Room Total Project Component Component Lower by -10% $18,099,000 $176,000 10.5% 5.4% 16.7% Lower by -5% 19,104,500 185,000 9.6% 5.4% 15.0% Ori gi na l 20,110,000 195,000 8.9% 5.4% 13.4% Hi gher by 5% 21,115,500 205,000 8.2% 5.4% 11.9% Hi gher by 10% 22,121,000 215,000 7.5% 5.4% 10.4% Hi gher by 15% 23,126,500 225,000 6.9% 5.4% 9.0% April-2026 Page 205 of 242 Feasibility Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 94 Conclusion In determining the potential feasibility of the Proposed Home2 Suites Liverpool/Clay, we analyzed the lodging market, researched the area’s economics, reviewed the estimated development cost, and prepared a ten-year forecast of income and expense, which was based on our review of the current and historical market conditions, as well as comparable income and expense statements. The conclusion of this analysis indicates that the property would generate a return of 8.9% on an initial investment of $20,110,000 . Based on the previously present mortgage loan assumptions, the equity component would receive a return of 13.4% on the initial investment. Return requirements vary based on an individual investor’s circumstances, including the cost and availability of both debt and equity capital. This analysis is intended to provide information to assist the developer in evaluating the feasibility of the proposed project. April-2026 Page 206 of 242 Feasibility Analysis Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 95 9. Statement of Assumptions and Limiting Conditions 1. This report is set forth as a market and feasibility study of the proposed subject hotel; this is not an appraisal report. 2. This report is to be used in whole and not in part; furthermore, all statements of assumptions and limiting conditions apply to the entire report, including any additional forms or addenda items presented. 3. No responsibility is assumed for matters of a legal nature, nor do we render any opinion as to title, which is assumed marketable and free of any deed restrictions and easements; the property is evaluated as free and clear unless otherwise stated. 4. We assume that there are no hidden or unapparent conditions of the sub- soil or structures, such as underground storage tanks, that would affect the property’s development potential. No responsibility is assumed for these conditions or for any engineering that may be required to discover them. 5. We have not considered the presence of potentially hazardous materials or any form of toxic waste on the project site. We are not qualified to detect hazardous substances and urge the client to retain an expert in this field if desired. 6. The Americans with Disabilities Act (ADA) became effective on January 26, 1992. We have assumed the proposed hotel would be designed and constructed to be in full compliance with the ADA. 7. We have made no survey of the site, and we assume no responsibility in connection with such matters. Sketches, photographs, maps, and other exhibits are included to assist the reader in visualizing the property. It is assumed that the use of the described real estate will be within the boundaries of the property described, and that no encroachment will exist. 8. All information, financial operating statements, estimates, and opinions obtained from parties not employed by TS Worldwide, LLC, are assumed true and correct. We can assume no liability resulting from misinformation. 9. Unless noted, we assume that there are no encroachments, zoning violations, or building violations encumbering the subject site. 10. The property is assumed to be in full compliance with all applicable federal, state, local, and private codes, laws, consents, licenses, and regulations (including the appropriate liquor license if applicable), and that all licenses, April-2026 Page 207 of 242Statement of Assumptions and Limiting Conditions Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 96 permits, certificates, franchises, and so forth can be freely renewed or transferred to a purchaser. 11. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless specified otherwise. 12. None of this material may be reproduced in any form without our written permission, and the report cannot be disseminated to the public through advertising, public relations, news, sales, or other media. 13. We are not required to give testimony or attendance in court because of this analysis without previous arrangements and shall do so only when our standard per-diem fees and travel costs have been paid prior to the appearance. 14. If the reader is making a fiduciary or individual investment decision and has any questions concerning the material presented in this report, it is recommended that the reader contact us. 15. We take no responsibility for any events or circumstances that take place subsequent to the date of our field inspection. 16. The quality of a lodging facility's onsite management has a direct effect on a property's economic viability. The financial forecasts presented in this analysis assume responsible ownership and competent management. Any departure from this assumption may have a significant impact on the projected operating results. 17. The financial analysis presented in this report is based upon assumptions, estimates, and evaluations of the market conditions in the local and national economy, which may be subject to sharp rises and declines. Over the projection period considered in our analysis, wages and other operating expenses may increase or decrease because of market volatility and economic forces outside the control of the hotel’s management. We assume that the price of hotel rooms, food, beverages, and other sources of revenue to the hotel will be adjusted to offset any increases or decreases in related costs. We do not guarantee that our estimates will be attained, but they have been developed based upon information obtained during the course of our market research and are intended to reflect the expectations of a typical hotel investor as of the stated date of the report. 18. This analysis assumes continuation of all Internal Revenue Service tax code provisions as stated or interpreted on either the date of this analysis or the date of our field inspection, whichever occurs first. 19. Many of the figures presented in this report were generated using sophisticated computer models that make calculations based on numbers carried out internally to many decimal places. In the interest of simplicity, April-2026 Page 208 of 242Statement of Assumptions and Limiting Conditions Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 97 most numbers have been rounded to the nearest tenth of a percent; thus, these figures may be subject to small rounding errors. 20. It is agreed that our liability to the client is limited to the amount of the fee paid as liquidated damages. Our responsibility is limited to the client; the use of this report by third parties shall be solely at the risk of the client and/or third parties. The use of this report is also subject to the terms and conditions set forth in our engagement letter with the client. 21. Evaluating and comprising financial forecasts for hotels is both a science and an art. Although this analysis employs various mathematical calculations to provide projections, the final forecasts are subjective and may be influenced by our experience and other factors not specifically set forth in this report. 22. This study was prepared by TS Worldwide, LLC. All opinions, recommendations, and conclusions expressed during the course of this assignment are rendered by our staff as company employees, rather than as individuals. April-2026 Page 209 of 242Statement of Assumptions and Limiting Conditions Proposed Home2 Suites Liverpool/Clay – Liverpool, New York 98 Christian Cross EMPLOYMENT 2017 to present HVS CONSULTING AND VALUATION SERVICES Buffalo, New York Summer 2016 HVS CONSULTING AND VALUATION SERVICES Internship Vancouver, British Columbia, Canada 2014–2015 ONTARIO RESTAURANT HOTEL & MOTEL ASSOCIATION Mississauga, Ontario, Canada 2010–2011 HILTON HOTEL & SUITES Niagara Falls, Ontario, Canada 2010–2011 VINTAGE HOTELS, QUEEN’S LANDING Niagara-on-the-Lake, Ontario, Canada 2008–2015 SOUTH COAST COOKHOUSE Crystal Beach, Ontario, Canada EDUCATION AND OTHER Bachelor of Commerce – University of Guelph TRAINING Other Specialized Training Classes Completed: Uniform Standards of Professional Appraisal Practice Basic Appraisal Procedures Basic Appraisal Principles General Appraiser Income Approach (Parts I and II) General Appraiser Market Analysis and HBU General Appraiser Report Writing and Case Studies General Appraiser Sales Comparison Approach General Appraiser Site Valuation and Cost Approach Real Estate Finance, Statistics, Valuation Modeling Expert Witness for Commercial Appraisers Commercial Appraisal Review Advanced Income Advanced Market Analysis & HBU HVS, Buffalo, New York Page 210 of 242 Qualifications of Christian Cross 1 EDUCATION (CONT’D) Pennsylvania State Mandated Law for Appraisers New York Fair Housing and Fair Lending Advanced Concepts & Case Studies Business Practices and Ethics Quantitative Analysis Introduction to Commercial Appraisal Review Land and Site Valuation Biennial USPAP Updates STATE CERTIFICATION Massachusetts, New York, Ohio, Pennsylvania, Washington, D.C. PUBLISHED ARTICLES HVS Journal “State of the District: A Look at the Washington, D.C., Lodging Market,” June 2025 HVS Journal “Looking Ahead to the 2026 NFL Draft in Pittsburgh and Its Impact on the Hotel Market,” July 2024 HVS Journal “Unique Factors Shaping the Buffalo Lodging Market,” June 2024 HVS Journal “Significant Changes and Transformative Projects Coming to Syracuse,” July 2023 HVS Journal “Beyond the PGA Championship: Exciting Happenings in Rochester,” June 2023 HVS Journal “Strong Rate Growth and New Travelers Discovering New York State’s Resort Markets: The Impact of COVID-19 and the Recovery of the Finger Lakes, the Adirondacks, and the Catskills/Hudson Valley Markets,” September 2022 HVS Journal “Autism and the Hospitality Industry: An Interview with Autism Double-Checked,” co- authored with Kyndall Wiedrich, April 2021 HVS Journal “The Hotel Industry's Pandemic Bright Spot: The Extended-Stay Segment,” co-authored with Rod Clough, February 2021 HVS Journal “HVS Market Pulse: Buffalo, New York,” February 2021 HVS Journal “Hotel Cleanliness Policies in the Time of COVID-19,” September 2020 HVS, Buffalo, New York Page 211 of 242 Qualifications of Christian Cross 2 EXAMPLES OF PROPERTIES APPRAISED Hampton by Hilton Emerson OR EVALUATED DELAWARE LakePoint, Cartersville Proposed LivSmart Dover, Dover Home-Towne Suites Columbus, PORTFOLIO EVALUATION Columbus 9 Extended Stay America Hotels, FLORIDA InTown Suites Columbus, Columbus Northeastern U.S. Aloft Miami Doral, Doral Hampton Inn Covington, Covington Best Western Premier Jacksonville Proposed Staybridge Suites, Covington ALABAMA Hotel, Jacksonville Sun Suites, Cumming InTown Suites Auburn, Auburn 24 North Hotel Key West, Key West Proposed Extended-Stay Hotel, Dalton Hotel Indigo Birmingham Five Points, Fairfield by Marriott Key West at The Proposed Westin & Villas @ Foxhall, Birmingham Keys Collection, Key West Douglasville InTown Suites Vestavia Hills, Gates Hotel Key West, Key West Hampton by Hilton Atlanta Duluth Birmingham Hilton Garden Inn Key West / The Gwinnett County, Duluth InTown Suites Decatur, Decatur Keys Collection, Key West InTown Suites Gwinnett Place Mall, Proposed Aqua Suites, Rosemary Duluth CALIFORNIA Beach Quality Inn, Duluth Proposed Fairfield by Marriott Hilton Garden Inn Atlanta Airport Buttonwillow, Buttonwillow GEORGIA North, East Point Courtyard by Marriott Atlanta Best Western Plus Fairburn Atlanta CONNECTICUT Alpharetta Avalon Area, Alpharetta Southwest, Fairburn Courtyard by Marriott Hartford Proposed Embassy Suites Halcyon Hampton by Hilton Atlanta Farmington, Farmington Village, Alpharetta Fayetteville, Fayetteville Courtyard by Marriott Hartford Proposed Homewood Suites Halcyon Hampton Inn Valdosta Lake Park, Lake Manchester, Manchester Village, Alpharetta Park Hilton Garden Inn Norwalk, Norwalk Aloft Atlanta Downtown, Atlanta Proposed Tapestry by Hilton, Residence Inn by Marriott Hartford Hilton Suites Atlanta Perimeter, Lawrenceville Rocky Hill, Rocky Hill Atlanta Home2 Suites by Hilton Atlanta West Hilton Garden Inn Shelton, Shelton Holiday Inn Express & Suites Atlanta Lithia Springs, Lithia Springs Homewood Suites by Hilton Downtown, Atlanta Hilton Garden Inn, Lithonia Wallingford Meriden, Wallingford Hotel Clermont, Atlanta Crestwood Suites, Marietta Hotel Indigo Atlanta Vinings, Atlanta InTown Suites Extended Stay Marietta, DISTRICT OF COLUMBIA Hyatt Regency Atlanta, Atlanta Marietta citizenM Washington DC Capitol Hotel, Proposed Boutique Hotel Atlanta, InTown Suites Marietta Town Center, Washington Atlanta Marietta citizenM Washington DC NoMa Hotel, Proposed Curio by Hilton Atlanta, Proposed New London Square Hotel, Washington Atlanta Marietta Kimpton Banneker Hotel, Washington Proposed Element, Atlanta Proposed AVID Hotel McDonough, Marriott Marquis Washington DC, Sheraton Atlanta, Atlanta McDonough Washington Ecco Suites, Augusta Garden Plaza Hotel, Norcross Morrow Washington DC Curio Proposed Fairfield Inn & Suites Hilton Atlanta Northeast, Norcross Collection by Hilton, Washington Braselton, Braselton Holiday Inn Express Rome Georgia, The St. Regis Washington, D.C., Proposed Tru by Hilton Braselton, Rome Washington Braselton Proposed Hampton Inn, Social Circle Waldorf Astoria Washington DC, Fairfield Inn & Suites by Marriott Proposed Tru by Hilton, Stockbridge Washington Calhoun, Calhoun Comfort Suites Northlake Tucker, The Willard InterContinental Hampton Inn Atlanta Canton, Canton Tucker Washington D.C., Washington Country Inn & Suites, Valdosta HVS, Buffalo, New York Page 212 of 242 Qualifications of Christian Cross 3 Country Inn & Suites by Radisson Proposed Dual-Branded Hilton Garden Extended StayAmerica Syracuse Warner Robins, Warner Robins Inn & Home2 Suites, Glassboro Dewitt, East Syracuse Fairfield by Marriott Syracuse Carrier ILLINOIS NEW YORK Circle, East Syracuse Prairie Lakes Hotel Bloomingdale, Hampton by Hilton Albany Downtown, Hampton by Hilton Syracuse Carrier Bloomingdale Albany Circle, East Syracuse Hampton by Hilton Bourbonnais Hilton Garden Inn Albany SUNY Area, Residence Inn by Marriott Syracuse Kankakee, Bourbonnais Albany Carrier Circle, East Syracuse Proposed DoubleTree, Bloomingdale Holiday Inn Express Albany SpringHill Suites by Marriott Syracuse Holiday Inn Express, Chicago Downtown, Albany Carrier Circle, East Syracuse Magnificent Mile, Chicago Home2 Suites by Hilton Albany Marco LaGuardia Hotel & Suites by Hotel Felix, Chicago Airport/Wolf Road, Albany Lexington, Flushing Viceroy Chicago, Chicago Extended StayAmerica Buffalo Proposed Hotel Hamilton, Hamilton Proposed Select Service Hotel Oak Amherst, Amherst Proposed Dual-Branded 100-Key La Park, Oak Park DoubleTree by Hilton Hotel Quinta & Hawthorne, Henrietta Courtyard by Marriott Peoria, Peoria Binghamton, Binghamton Hilton Garden Inn Elmira Corning, Adam's Mark Buffalo, Buffalo Horseheads INDIANA Hostel Buffalo Niagara, Buffalo Proposed Hotel Hunter, Hunter Proposed HomeTowne Studios, Avon Proposed Boutique Hotel Delaware Proposed Comfort Inn Ithaca, Ithaca Avenue, Buffalo Residence Inn by Marriott Kingston, MARYLAND Proposed Convention Center Hotel Kingston Historic Inns of Annapolis, Annapolis Downtown Buffalo, Buffalo Grand Adirondack Hotel Lake Placid, a Commander Hotel & Suites Ocean Proposed Hotel Buffalo, Buffalo Tribute Portfolio, Lake Placid City, Ocean City Residence Inn by Marriott Buffalo Proposed Dual Branded Residence Galleria Mall, Buffalo Inn/Fairfield Inn, Liverpool MINNESOTA Proposed Tapestry Collection by Proposed Home2 Suites Liverpool, Fairfield by Marriott Minneapolis Hilton, Canandaigua Liverpool Bloomington Mall of America, Tapestry Collection by Hilton, Proposed REDD Farm Hotel Lodi, Lodi Bloomington Canandaigua Proposed Holiday Inn Express Malta, Fairfield by Marriott Minneapolis Eden Proposed Courtyard by Marriott Malta Prairie, Eden Prairie Central Valley, Central Valley Home2 Suites by Hilton Middletown, Country Inn & Suites By Radisson Holiday Inn Express Cheektowaga Middletown Owatonna, Owatonna North East, Cheektowaga Proposed Hilton Garden Inn Sheraton Saint Paul Woodbury, Townhouse Buffalo International Newburgh, Newburgh Woodbury Airport by OYO, Cheektowaga Kimpton Hotel Eventi, New York Holiday Inn Express & Suites La Quinta Inn & Suites by Wyndham MISSISSIPPI Cooperstown, Cooperstown Times Square South, New York Extended Stay America Jackson Radisson Corning, Corning Holiday Inn Express Niagara Falls, Ridgeland, Ridgeland Holiday Inn Express Cortland, Niagara Falls Cortland Hotel Niagara, Niagara Falls MISSOURI Maidstone East Hampton, East Hyatt Place Niagara Falls, Niagara Falls Fairfield by Marriott Saint Louis West Hampton Proposed Cambria Hotel Niagara Falls, Wentzville, Wentzville Courtyard by Marriott Syracuse Niagara Falls Hampton by Hilton Saint Louis Carrier Circle, East Syracuse Holiday Inn Express Poughkeepsie, Wentzville, Wentzville DoubleTree by Hilton Hotel Syracuse, Poughkeepsie East Syracuse Van Wyck Hotel & Suites Near JFK NEW JERSEY Airport, Queens HVS, Buffalo, New York Page 213 of 242 Qualifications of Christian Cross 4 Comfort Suites Roanoke Fort Worth Homewood Suites by Hilton Raleigh Proposed Candlewood Suites, North, Rochester Cary, Cary Columbus Extended StayAmerica Rochester La Quinta Inn & Suites Raleigh Cary, Extended StayAmerica Columbus Greece, Rochester Cary Tuttle, Dublin Extended StayAmerica Rochester Proposed Aloft Hotel Charlotte, Extended StayAmerica Columbus Henrietta, Rochester Charlotte Dublin, Dublin Holiday Inn Express Irondequoit, Proposed Comfort Inn & Suites Marriott Columbus Northwest, Dublin Rochester Charlotte, Charlotte Extended Stay America Suites Findlay Holiday Inn Express Rochester Greece, Proposed Moxy Raleigh, Raleigh Tiffin Avenue, Findlay Rochester Residence Inn by Marriott Charlotte Fairfield by Marriott Findlay, Findlay Homewood Suites by Hilton Rochester Northlake, Charlotte Hampton Inn Findlay, Findlay Henrietta, Rochester Candlewood Suites Durham Research SpringHill Suites by Marriott Proposed Hotel Rochester, Rochester Triangle Park, Durham Columbus Airport Gahanna, Saranac Waterfront Lodge, Saranac Aloft Chapel Hill, Chapel Hill Gahanna Saratoga Hilton, Saratoga Springs La Quinta Inn & Suites Durham Chapel TownePlace Suites By Marriott Proposed Wyldwick Resort, Saugerties Hill, Durham Columbus Airport Gahanna, Gould Hotel Seneca Falls, Seneca Falls La Quinta Inn & Suites Durham Gahanna Proposed Seneca Falls Hotel, Seneca Research Triangle Park, Durham Homewood Suites by Hilton Columbus Falls Proposed SpringHill Suites, Durham Hilliard, Hilliard Proposed The Skaneateles Lodge, Proposed Tru by Hilton, Fayetteville Extended StayAmerica Toledo Holland, Curio Collection by Hilton, La Quinta Inn & Suites, Greensboro Holland Skaneateles Outer Banks Inn, Kill Devil Hills Fairfield by Marriott Lima, Lima Skaneateles Fields Resort & Spa, Curio Hilton Garden Inn Raleigh Durham Extended Stay America Maumee, Collection by Hilton, Skaneateles Airport, Morrisville Maumee Candlewood Suites Syracuse Airport, La Quinta Inn & Suites Raleigh Durham Proposed Full-Service Hotel Obetz, Syracuse Airport, Morrisville Obetz Proposed Syracuse University Hotel, La Quinta Inn & Suites Raleigh Hampton by Hilton North Olmsted Syracuse Crabtree, Raleigh Cleveland Airport, North Olmsted DoubleTree by Hilton Tarrytown, Proposed Dual-Brand Home2 Fairfield by Marriott Springfield, Tarrytown Suites/Tru Raleigh, Raleigh Springfield Proposed Tupper Lake Crossroads Proposed Origin Hotel, Raleigh Proposed Hotel Warren, Warren Hotel, Tupper Lake Holiday Inn Express & Suites Hampton by Hilton Zanesville, Best Western Watertown Fort Drum, Smithfield Selma I-95, Smithfield Zanesville Watertown Fairfield by Marriott Raleigh Wake Motel 6 Buffalo Airport Williamsville, Forest, Wake Forest PENNSYLVANIA Williamsville La Quinta Inn & Suites, Winston Salem Hilton Garden Inn Pittsburgh Thompson House, Windham Southpointe, Canonsburg Wylder Windham, Windham OHIO Hilton Garden Inn Hampton by Hilton Yonkers, Yonkers Candlewood Suites Columbus Pittsburgh/Cranberry, Cranberry Northeast, Columbus Township NORTH CAROLINA Extended Stay America Columbus Home2 Suites by Hilton Pittsburgh Hampton Inn, Asheboro Polaris, Columbus Cranberry, Cranberry Township 1899 Wright Inn & Carriage House, Extended StayAmerica Columbus Fairfield by Marriott DuBois, DuBois Asheville Easton, Columbus Courtyard by Marriott Erie Bayfront, La Quinta Inn & Suites Boone, Boone Extended StayAmerica Columbus Erie Proposed Home2 Suites Boone, Boone Worthington, Columbus Fairfield by Marriott Erie Millcreek Mall, Erie HVS, Buffalo, New York Page 214 of 242 Qualifications of Christian Cross 5 Homewood Suites by Hilton Erie, Erie Oaklander Hotel Autograph Collection Lodge at Mount Ida Farm & Vineyard, Proposed Hotel Erie, Erie Hotels, Pittsburgh Charlottesville Proposed Select-Service Hotel, Erie Sheraton Pittsburgh Hotel At Station Proposed AC by Marriott Summit Sheraton Erie Bayfront Hotel, Erie Square, Pittsburgh Pointe, Chesapeake Nemacolin Woodlands Resort, TRYP by Wyndham Pittsburgh Sheraton Reston Hotel, Reston Farmington Lawrenceville, Pittsburgh Courtyard by Marriott Pittsburgh Courtyard by Marriott Washington WEST VIRGINIA Greensburg, Greensburg Meadowlands, Washington Morgantown Marriott at Waterfront Holiday Inn Express & Suites Hyatt Place Pittsburgh South Meadows Place, Morgantown Johnstown, Johnstown Racetrack & Casino, Washington Lodge at Lake Harmony, Lake Proposed WoodSpring Suites, WISCONSIN Harmony Washington Proposed Homewood Suites by Hilton Willowbrook at Lake Harmony, Lake Extended Stay America Suites Madison, Madison Harmony Pittsburgh West Mifflin, West Mifflin Hampton by Hilton Grove City, Mercer Extended Stay America Wilkes Barre Hilton Garden Inn Pittsburgh Area Highway 315, Wilkes Barre Beaver Valley, Monaca Residence Inn by Marriott Extended StayAmerica Pittsburgh Williamsport, Williamsport Monroeville, Monroeville Hampton by Hilton Pittsburgh RHODE ISLAND Monroeville, Monroeville Hampton by Hilton South Kingstown Fairfield by Marriott Pittsburgh New Newport, South Kingstown Stanton, New Stanton Best Western Providence Warwick Club Quarters Philadelphia, Airport Inn, Warwick Philadelphia Ace Hotel Pittsburgh, Pittsburgh SOUTH CAROLINA Courtyard by Marriott Pittsburgh InTown Suites, Anderson Airport Settlers Ridge, Pittsburgh Hampton by Hilton Hilton Head, Hilton Crowne Plaza Pittsburgh South, Head Island Pittsburgh Park Lane Hotel & Suites, Hilton Head DoubleTree by Hilton Pittsburgh Island Green Tree, Pittsburgh Comfort Inn & Suites, Orangeburg Drury Plaza Hotel Pittsburgh Downtown, Pittsburgh TENNESSEE Extended Stay America Pittsburgh La Quinta Inn Chattanooga Hamilton Airport, Pittsburgh Place, Chattanooga Fairfield by Marriott Pittsburgh La Quinta Inn & Suites Kingsport Airport Robinson Township, TriCities Airport, Kingsport Pittsburgh Fairfield by Marriott Pittsburgh TEXAS Neville Island, Pittsburgh Extended Stay America Select Suites Home2 Suites by Hilton Oxford, Austin Northwest Lakeline Mall, Pittsburgh Austin Hyatt House Pittsburgh Bloomfield Shadyside, Pittsburgh VIRGINIA Maverick by Kasa, Pittsburgh Embassy Suites Crystal City, Arlington HVS, Buffalo, New York Page 215 of 242 Qualifications of Christian Cross 6 6/1/2026 Project: D&D Motor Systems, Inc. Project Number: 3101-26-03A Location: Dewitt School District: East Syracuse-Minoa Project Type: Manufacturing Relocation Tax Parcel(s): 009.-04-03.0 Village: East Syracuse Total Project Cost: $ 2,000,000 8. Total Jobs 25 Land Acquisition $ 1,400,000 8A. Job Retention 17 Site Work/Demo $ - 8B: Job Creation 8 Building Construction & Renovation $ 150,000 (Next 5 Years) Furniture & Fixtures $ 50,000 Equipment $ 400,000 Project Soft Cost $ - Community Investment /Abatement Project Description Fiscal Impact ($) Abatement Summary $207,400 Sales Tax Abatement $8,000 Mortgage Tax Abatement $10,500 Property Tax Relief (PILOT) $188,900 Community Investment $7,701,584 The applicant is proposing to expand their operations to an existing 32,344 sq. ft. PILOT Payments $477,263 building in the Village of East Syracuse. Project Salaries and Benefits Estimated (10 yrs) $5,212,003 Construction Benefit Estimate $12,319 Total Project Cost $2,000,000 Investment:Abatement Ratio 37.13 :1 © 2026 Onondaga County Industrial Development Agency. All rights reserved. Page 216 of 242 D&D Motor Systems, Inc. A) PILOTS Estimate Table Worksheet for 12 years OCIDA estimate of current market value $ 747,300 Projected investment $ 150,000 OCIDA estimate of increase in value $ 652,700 OCIDA estimated value after project is completed $ 1,400,000 Taxes that would have been collected if the project did not occur $ 355,588 Scheduled PILOT payments $ 477,263 Full Tax County PILOT PILOT YEAR Exemption % Town School District Village Total PILOT Payment w/o Net Exemption Amount PILOT 1 100% $ 2,234 $ 1,906 $ 13,426 $ 8,946 $ 26,512.53 $ 49,669 $ 23,156 2 100% $ 2,279 $ 1,944 $ 13,695 $ 9,125 $ 27,042.78 $ 50,662 $ 23,619 3 100% $ 2,324 $ 1,983 $ 13,969 $ 9,308 $ 27,583.64 $ 51,675 $ 24,092 4 90% $ 2,578 $ 2,199 $ 15,493 $ 10,323 $ 30,592.68 $ 52,709 $ 22,116 5 80% $ 2,841 $ 2,423 $ 17,072 $ 11,376 $ 33,711.05 $ 53,763 $ 20,052 6 70% $ 3,113 $ 2,655 $ 18,708 $ 12,466 $ 36,941.91 $ 54,838 $ 17,897 7 60% $ 3,395 $ 2,896 $ 20,403 $ 13,595 $ 40,288.53 $ 55,935 $ 15,647 8 50% $ 3,687 $ 3,145 $ 22,158 $ 14,765 $ 43,754.24 $ 57,054 $ 13,300 9 40% $ 3,989 $ 3,403 $ 23,975 $ 15,975 $ 47,342.46 $ 58,195 $ 10,853 10 30% $ 4,302 $ 3,670 $ 25,856 $ 17,229 $ 51,056.70 $ 59,359 $ 8,302 11 20% $ 4,626 $ 3,946 $ 27,803 $ 18,526 $ 54,900.58 $ 60,546 $ 5,645 12 10% $ 4,961 $ 4,232 $ 29,817 $ 18,526 $ 57,535.71 $ 61,757 $ 4,221 TOTAL $ 40,329 $ 34,400 $ 242,373 $ 160,160 $ 477,263 $ 666,163 $ 188,900 Year 0 1 2 3 4 5 Jobs Current/Actuals 17 Creation Goals 2 2 2 2 0 Total Employment Goals 17 19 21 23 25 25 © 2026 Onondaga County Industrial Development Agency. All rights reserved. Page 217 of 242 ONONDAGA COUNTY INDUSTRIAL DEVELOPMENT AGENCY APPLICATION FOR FINANCIAL ASSISTANCE 1. Fill in all blanks using “none”, “not applicable” or “not available”. If you have any questions about the way to respond, please call the Onondaga County Industrial Development Agency (the “Agency” or “OCIDA”) at 315-435-3770. 2. 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. 3. If the OCIDA Board approves benefits, it is the company’s responsibility to obtain and submit all necessary forms and documents. 4. All projects approved for benefits by the OCIDA Board will close with the Agency within 6-months of the OCIDA Board approval 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. 5. The Agency will not give final approval for this Application until the Agency receives a completed NYS Full Environmental Assessment Form concerning the project which is the subject of this Application. The form is available at https://extapps.dec.ny.gov/docs/permits_ej_operations_pdf/feafpart1.pdf 6. Public Officers Law stipulates all records in the possession of the Agency (with certain limited exceptions) are open to public inspection and reproduction. Should the Applicant believe there are project elements which are trade secrets if publicly disclosed or otherwise widely disseminated, would cause substantial injury to the Applicant’s competitive position, the 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 Agency may also redact personal, private, and/or proprietary information from publicly disseminated documents. 7. A final Application (OCIDA staff reviewed/approved) and associated fees MUST be received at least 10 business days prior to the upcoming Board meeting to be placed on the agenda. A signed application may be submitted by mail and/or electronically in PDF format to Alexis Rodriguez at alexisrodriguez@ongov.net. • 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 This Application was adopted by the OCIDA Board on February 15, 2024. Onondaga County Industrial Development Agency Page 1 Page 218 of 242 Submit completed application to: Onondaga County Industrial Development Agency 335 Montgomery Street, Floor 2M Syracuse, NY 13202 Phone: 315-435-3770 alexisrodriguez@ongov.net Section I: Applicant Information Submittal Date: __ 4/__ 4/2_0_2 ___ 6 ____ A) Applicant/Project Operator information (company receiving benefits): 1. Applicant/Project Operator: __ D _&__D__M_o __to_r_S __y_st_e_ms, __ _In_c_._________________________ Applicant/Project Operator Address: __ 21_5__P___ ark__A__v_e_n_u_e_,__S_y_r_a_c_u_s_e, ___N_Y __1 __3_2_0_4__ __________ Phone: __ (3_1_5_)_7 __0_1_-_0_6_3_5 ____________ Fax: __ 31_5_-_7_0 __1-___ 08_5_9___________ __________ Website: __ ww__w. __d_d__m_ot __o_r_s_y_s_t_e_m __s_._c_o_m __ Email: ___ mdi_er __o_f_f_@ __d_d_m __o_t_o_r_s_yt_e_m __s_._c_o_m _____ Federal ID#: __ 16_-_1_6_0 __2_7_4_5_____________ NAICS: __ 33_5_3 __1_2_________________________ State of Incorporation: __ Ne__w__Y_o_r_k___________________________________________________ See link for your NYS incorporation information. https://apps.dos.ny.gov/publicInquiry 2. Owner (if different from Applicant/Project Operator): __ Sa_m __e__a_s_a_b __o_v_e______________ Owner Address: __ No_n_e ______________________________________________________ Federal ID#: __ No_n_e __________________________________________________________ State of Incorporation: __ No_n _e__________________________________________________ List of stockholders, members, or partners of Owner: __ No_n ___ e ______________________ _ B)A pplicant Business Organization (check appropriate category): ☐ Corporation ☐ Partnership ☐ Public Corporation ☐ Joint Venture ☐ Sole Proprietorship ☐ Limited Liability Company ☐ Other, explain List all stockholders, members, or partners with % of ownership greater than 5%: Name % of ownership ___________________________________ Mike Dieroff _________________________________ 83.5% ___________________________________ Alexander Dieroff _________________________________ 10% ___________________________________ Austin Dieroff _________________________________ 6.5% ___________________________________ _________________________________ Onondaga County Industrial Development Agency Page 2 Page 219 of 242 C) Applicant Business Description: Estimated % of sales within Onondaga County: _________________________________ 0% Estimated % of sales outside Onondaga County but within New York State: ___________ 10% Estimated % of sales outside New York State but within the U.S.: __________________ 80% Estimated % of sales outside the U.S.: (*Percentage to equal 100%) ________________ 10% Applicant /Owner History: 1. Is the Owner and/or Applicant or any manager or owner of the Owner and/or Applicant now a plaintiff or defendant in any civil or criminal litigation? No Yes, explain 2. Has any owner of manager of the Owner and/or Applicant listed above ever been convicted of a criminal offense (other than a minor traffic violation)? No Yes, explain 3. Has any person listed in Section I ever been in receivership or declared bankruptcy? ☐ No ☐ Yes, explain D) Has the Applicant/Owner received assistance from Onondaga County Industrial Development Agency (OCIDA, Syracuse Industrial Development Agency (SIDA), New York State or the Onondaga Civic Development Corporation (OCDC) in the past? ☐No ☐ Yes, explain (Provide year, project name, benefit description, amounts, address) E) Individual Completing Application: Name: Michel Dieroff Title: _______________________________ Founder/owner/president Address: 215 Park Ave. Syracuse, NY 13204 Phone: ______________________________ (315) 701-0635 Cell Phone: (315) 440-0578 E-mail:______________________________ mdieroff@ddmotorsystems.com F) Company Contact (if different from individual completing application): Name: Same as above Title: ____________________________ None Address: None Phone: ___________________________ None Cell Phone: None Email: ___________________________ None Onondaga County Industrial Development Agency Page 3 Page 220 of 242 G) Company Counsel: Name of Attorney: _____________________________________________________________ Richard Bianco Firm Name: __________________________________________________________________ Baldwin Sutphen Bianco, PLLC Address: _____________________________________________________________________ 6320 Fly Road, Suite 105, Easy Syracuse, NY,13057 Phone: ______________________________________________________________________ 315-477-0100 Cell Phone: ___________________________________________________________________ 702-497-0766 Email: _______________________________________________________________________ rbianco@bsfattorneys.com Onondaga County Industrial Development Agency Page 4 Page 221 of 242 Section II: Project and Site Information A) Project Location is where the investment will take place. If Applicant is moving, the new location should be entered here and the current location should be in Section I. Address:304 W. Second Street Legal Address (if different): City:East Syracuse Town: _______________Village: Dewitt East Syracuse Zip Code:13057 School District: ESM Tax Map Parcel ID(s): 009.-04-03.0 Full Market Value: _______________ $1,400,000 Square Footage of Existing Building(s):_______________ 35,000 B) Project Activity (Check all that apply): ☐ New construction ☐ Acquisition of existing facility ☐ Expansion to current facilities ☐ Brownfield/Remediated Brownfield ☐ Renovation of existing facility ☐ Demolition and construction ☐ Purchase of machinery/equipment C) Select Project Type or Project End Use at site (you may check more than one): ☐ Manufacturing ☐ Mixed Use ☐ Retail (see Section V) ☐ Facility of Aging ☐ Housing Project (see Section VII) ☐ Distribution/Wholesale ☐ Civic Facility (not for profit) ☐ Commercial ☐ Industrial ☐ Renewable Energy Project (see Section VI) ☐ Other, explain D) Project Narrative: Please check one of the two boxes below and attach statement. ☐ A statement that the Project described in this application would not be undertaken but for the financial assistance provided by the Agency. ☐ If the Project is going to advance regardless of any financial assistance from the Agency, please provide a statement indicating why the project should be considered by the Agency for any financial assistance. Onondaga County Industrial Development Agency Page 5 Page 222 of 242 E) Description of Project: Please attach a detailed narrative of the proposed Project. Please attached copies of site plans, sketches or maps. This narrative should include, but is not limited to: ☐ (i) a description of your Company’s background, customers, goods and services and the principal products to be produced and/or the principal activities that will occur on the Project site; ☐ (ii) the size of the Project in square feet and a breakdown of square footage per each intended use; ☐ (iii) the size of the lot upon which the Project sits or is to be constructed; ☐ (iv) the current use of the site and the intended use of the site upon completion of the Project; ☐ (v) describe your method for site control (Own, lease, other). F) 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? ☐ No ☐ Yes G) Please describe any compelling circumstances the Agency should be aware of while reviewing this application. H) Local Approvals (Site Plan and Environmental Review) Have site plans been submitted to the appropriate town or local planning department? ☐ No. When will the plans be submitted? _____☐ None Yes, what is the status?______ Has the project received site plan approval from the town or local planning board? ☐ No, anticipated approval date. _____ None ☐Yes, date ______ 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.) 1. Environmental Review Information a. Please attach the appropriate Environmental Impact Forms to your application. Here is a link to the SEQR forms: https://extapps.dec.ny.gov/docs/permits_ej_operations_pdf/feafpart1.pdf b. Has Lead Agency been established? ☐ No ☐ Yes, name of Lead Agency __________________ Complete c. Have any environmental issues been identified on the property? ☐ No ☐ Yes, explain Onondaga County Industrial Development Agency Page 6 Page 223 of 242 Section III: FINANCIAL AND EMPLOYMENT INFORMATION A) Project Costs and Finances Description of Costs Total Budget Amount Land Acquisition $1,400,000 Site Work/Demo $0 Building Construction & Renovation $150,000 Furniture & Fixtures $50,000 Equipment $400,000 Project Soft Cost $0 Total Project Cost $2,000,000 Please have documentation available upon request. Do not include OCIDA fees, OCIDA application fees or OCIDA legal fees as part of the Total Project Cost. Sources of Funds for Project Costs: 1. Bank Financing $__________________ 0 2. Equity $__________________ 2,000,000 3. Tax Exempt Bond Issuance (if applicable) $__________________ 0 4. Taxable Bond Issuance (if applicable) $__________________ 0 5. Total Sources of Funds for Project Costs $__________________ 2,000,000 6. Public Sources (Include sum total of all state and federal grants and tax credits) $__________________ 450,000 over 10 yr -Identify each state and federal grant/credit: __________________________________ Recharge NY (NYPA) $__________________ In process __________________________________ National Grid $__________________ In process __________________________________ Fuse Hub $__________________ In process Onondaga County Industrial Development Agency Page 7 B) Employment and Payroll Information Full Time Equivalent (FTE) is defined as one employee working no less than 35 hours per week or two or more employees together working a total of 35 hours per week. 1. Are there people currently employed at the project site? ☐ No ☐ Yes, provide number of FTE jobs at the project site ___________ If you are relocating, are all employees moving to new site? ☐ No, explain ☐ Yes 2. Complete the following: Estimate the number of FTE jobs to be 17 retained as a result of this Project: Estimate the number of construction jobs to 1 be created by this Project: 3 Estimate the average length of construction jobs to be created (months): Current annual payroll including the $1,115,886 benefit cost: Average annual growth salary/wage 4% rate (%) C) New Employment Benefits Complete the following chart indicating the number of FTE jobs currently employed by the Applicant, FTE jobs currently 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. Onondaga County Industrial Development Agency Page 225 of 242 Page 8 Please use this chart to illustrate the current employment: Job Title/Category Current Annual Pay Current Employment (FTE) D&D Current Employees $65,640 without benefits 17 See Detailed Attached Salary Chart Please use this chart to illustrate the projected employment growth: Job Title/Category Projected FTE Jobs FTE Jobs FTE Jobs FTE Jobs FTE Jobs Annual Pay Created Created Created Created Created Year 1 Year 2 Year 3 Year 4 Year 5 Production & Office $65,640 2 2 2 2 D) Financial Assistance sought: ☐ Real Property Tax Abatement (PILOT): Agency Staff will provide draft and final PILOT schedule: _____________________ ☐ Mortgage Recording Tax Exemption (.75% of mortgage): _____________________ $10,500 ☐ Sales and Use Tax Exemption (4% Local, 4% State): _________________________ $8,000 ☐ Tax Exempt Bond Financing (Amount Requested): ___________________________ N/A ☐ Taxable Bond Financing (Amount Requested): N/A Onondaga County Industrial Development Agency Page 226 of 242 Page 9 D&D Motor Systems Salary Breakdown General Manager $ 101,691 Director Of Manufacturing $ 101,213 President $ 89,981 Engineering Technician $ 41,600 Administartive Assistant $ 41,600 Marketing Manager $ 60,091 VP Of Engineering $ 114,982 Computer Science Technician $ 101,691 Plant Manager $ 74,173 Factory Workers $ 318,864 TOTAL = $ 1,045,886 Bonuses Approx $70,000 annually Approx TOTAL After Bonuses = $ 1,115,886 Average Annual Pay per 17 employees is : $ 65,640 OCIDA - Employee Salary Summary.xlsx Page 227 of 242 5/29/2026 E) Mortgage Recording Tax Exemption Benefit Calculator: Amount of mortgage that would be subject to mortgage recording tax: Mortgage Amount (include sum total of construction/permanent/ bridge financing): $ 1,400,000 Estimated Mortgage Recording Tax Exemption Benefit (product of mortgage amount as indicated above, multiplied by .0075): $ 10,500 F) 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: $_____________ 100,000 Estimated State and local Sales and Use Tax Benefit (product of 8% multiplied by the figure, above): $_____________ 8,000 Onondaga County Industrial Development Agency Page 228 of 242 Page 10 Section IV: Estimate of Real Property Tax Abatement Benefits This section of the Application will be: (i) completed by Agency 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 County Local School Full Tax PILOT Total Exemption PILOT PILOT PILOT Payment Net Exemption Year Amount Amount Amount PILOT % 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 229 of 242 Page 11 SECTION: V For Projects For Retail Retail Projects Only Only Tax 1. Will the cost of the retail portion of the Project exceed one-third of the total project cost? ☐ Yes ☐ No If yes, please answer, questions 2, 3 and/or 4 below. If yes, please explain how much the project will exceed one-third of the total project cost. 2. Is the Project located in a distressed area? A distressed area is a census tract that has a) A poverty rate of at 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 If yes, please provide the data and explain. 3. Is the Project likely to attract a significant number of visitors from outside of the economic development region? ☐ Yes ☐ No If yes, please provide a third party market study. 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 If yes, please provide data and explain. Onondaga County Industrial Development Agency Page 230 of 242 Page 12 SECTION VI: For Solar Projects Only Please answer all the questions as an addendum to this application: 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, and village where the Project is located? ☐ Yes, please provide copy of the letter. ☐ 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 of the letter. ☐ No 6. Is the entire parcel being used for the solar project? ☐ Yes ☐ No, have you reached out to the town assessor to discuss a subdivision or slash parcel? Explain: 7. Will the Applicant enter into a decommissioning plan with the host community, including financial assurance the plan can be executed? ☐ Yes, explain. ☐ No *PLEASE SEE FOLLOWING PAGE FOR OCIDA SOLAR GUIDANCE & BEST PRACTICE Onondaga County Industrial Development Agency Page 231 of 242 Page 13 OCIDA Solar PILOTs Guidance and Best Practice OCIDA SOLAR PILOTs GUIDANCE AND BEST PRACTICE To be placed on the Agency meeting agenda, proposed solar projects must provide the Agency with the following in advance of the Project’s first OCIDA Board meeting: 1. Fully completed OCIDA application. 2. Copy of Environmental Assessment Form. 3. A SEQR resolution approved by a local municipality indicating the municipality that is 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 than entire parcel then see 5 above. 7. A supporting document from the local town, village, city, and/or school district outlining the agreed upon cost per megawatt to be used as a basis for the PILOT. The Agency cannot create the PILOT schedule without this information. 8. Absent a showing otherwise by the Company, deemed acceptable by the Agency in the sole and absolute discretion, the Company must close with the Agency on a project prior to consideration of any requested organizational structure or project entity ownership changes. You will receive a draft Cost Benefit Analysis and a Draft PILOT schedule from this office. You may use these documents as your Project progresses through the Agency approval process. Agency staff are available to update these two documents as needed. Onondaga County Industrial Development Agency Page 232 of 242 Page 14 SECTION VII: For Housing Projects Only Please answer all the questions as an addendum to this application: Defined terms: “Market Rate Housing”: Housing units priced at the current rental rate for the area. “Workforce Housing”: Housing consisting of a specified percentage of units (at least 10-15% per the PILOT Exemption Scale) with rent rates designated to an 80% household AMI as identified in the Workforce Housing AMI chart located in Housing Exhibit A on the Agency's website. Income levels for individuals living in the specified Workforce Housing units shall not exceed 120% AMI. “Senior Lifestyle Communities”: Housing communities for individuals 55 years or older. Communities may offer a variety of amenities, including but not limited to pools, community rooms, fitness centers, playgrounds, firepits, bocce/pickleball/tennis courts, picnic areas, spaces for relaxation and entertainment, safety amenities, on-site medical services, entertainment and dining, walkability, bike trails, and dog parks, playgrounds. 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. {Section II (D)} 2. Describe how the proposed housing project fulfills an unmet need in the community. 3. Please provide a market study documenting a need for the proposed project. 4. Describe how the proposed project aligns with the Plan Onondaga County comprehensive plan. (Plan Onondaga) 5. Is the Project considered infill in a populated area? If yes, please explain. 6. Is there additional infrastructure necessary to service the project? If yes, please explain. 7. Is the project a part of a larger mixed-use development? If yes, please describe. Onondaga County Industrial Development Agency Page 233 of 242 Page 15 Page 234 of 242 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 except Solar Projects) Due at time of 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 3. PILOT is an additional fee .0025 X TPC (total X .0125) 4. Bond refinancing .0025 X TPC (total X .015) Projects that exceed $250,000,000 in Total Project Cost and/or create in excess of 500 new jobs, may be eligible to negotiate a non- TBD based on Executive Director Due at closing standard Agency fee with the Executive determination Director. Agency Legal Fees Due at closing Fee for first $20 million .0025 X of the project cost or bond amount .. Fee for expenses above $20 million .00125 X of project cost or bond amount Amendment or Modification of IDA documents, including but not limited to name $2500 All Projects (except Solar or organization change, refinancing, etc. Project) Due at time of Consent to the amendment or modification of $4500 Solar Projects Request IDA documents prior to closing on the project Attorney fees determined by shall be given at OCIDA’s sole and absolute OCIDA Legal Representative. discretion. OCIDA reserves the right to modify this schedule at any time and assess fees and charges in connection with other transactions such as grants of easement or lease or sale of OCIDA-owned property. Onondaga County Industrial Development Agency Page 235 of 242 Page 17 Page 236 of 242 Page 237 of 242 Section XII: Representations, Certifications, and Indemnification If there are two applicants (Real Estate Holding and Operating Company) both need to complete this page. Michael Dieroff (Name of CEO or other authorized representative of Applicant)(s) confirms and says that he/she is the ____________________ (title) of Founder / Owner / President ____________________ D&D Motor Systems, Inc. (name of corporation or other entity) named in the attached Application (the “Applicant”), that he/she has read the foregoing Application and knows the contents thereof, and hereby represents, understands, and otherwise agrees with the Agency and as follows: A. First Consideration for Employment: In accordance with §858-b (2) of the New York General Municipal Law, the Applicant understands and agrees that if the Project receives any Financial Assistance from the Agency, except as otherwise provided by collective bargaining agreements, where practicable, the Applicant will first consider persons eligible to participate in WIA programs who shall be referred by the CNY Works for new employment opportunities created as a result of the Project. B. 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. For additional information on NYS sales and use tax see here. C. 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. D. Employment Reports: The Applicant understands and agrees that, if the Project receives any financial assistance from the Agency, the Applicant agrees to file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of people employed at the project site, salary levels, contractor utilization and such other information (collectively, “Employment Reports”) that may be required from time to time on such appropriate forms as designated by the Agency. Failure to provide Employment Reports within 30 days of an Agency request shall be an event of default under the Project closing documents. Please see this page for ST-340 form required in the above referenced employment report. Onondaga County Industrial Development Agency Page 238 of 242 Page 20 E. Housing Reports and Information: The Applicant understands and agrees that if the Project is a housing project, the Applicant shall file with the Agency, at least annually or as otherwise required by the Agency, reports regarding the number of revenue-generating units constructed or reconstructed and the household income or tenant age, as applicable. Upon request of the Agency, the Applicant shall provide supporting documentation for all housing related information provided. Failure to provide such reports and supporting information shall be an event of default under the Project closing documents 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. 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. 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. H. The Applicant understands and agrees that the provisions of Section 862(1) of the New York General Municipal Law, as provided below, will not be violated if financial assistance is provided for the proposed Project: § 862. Restrictions on funds of the Agency. (1) No funds of the Agency shall be used in respect of any project if the completion thereof would result in the removal of an industrial or manufacturing plant of the project occupant from one area of the state to another area of the state or in the abandonment of one or more plants or facilities of the project occupant located within the state, provided, however, that neither restriction shall apply if the agency shall determine on the basis of the application before it that the project is reasonably necessary to discourage the project occupant from removing such other plant or facility to a location outside the state or is reasonably necessary to preserve the competitive position of the project occupant in its respective industry. I. The Applicant confirms and acknowledges that the 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. J. The Applicant confirms and hereby acknowledges that as of the date of this Application, the Applicant is in substantial compliance with all provisions of Article 18-A of the New York General Municipal Law, including, but not limited to, the provision of Section 859- a and Section 862(1) of the New York General Municipal Law. Onondaga County Industrial Development Agency Page 239 of 242 Page 21 The Applicant and the individual executing this Application on behalf of Applicant acknowledge that the Agency and its counsel will rely on the representations and covenants made in this Application when acting hereon and hereby represents that the statements made herein do not contain any untrue statement of a material fact and do not omit to state a material fact necessary to make the statement contained herein not misleading. K. The Agency has the right to request and inspect supporting documentation regarding attestations made on this application. L. 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, reconstruction, equipping and/or installation of the Project described therein and (C) any further action taken by the Agency with respect to the Project, including without limiting the generality of the foregoing, all cause of action and attorney's fees and any other expenses incurred in defending any suits or action which may arise as a result of any of the foregoing. If, for any reason, the Applicant fails to conclude or consummate necessary negotiations, or fails, within a reasonable or specified period of time, to take reasonable, proper or requested action, or withdraws, abandons, cancels or neglects the Application, or if the Agency or the Applicant are unable to reach final agreement with respect to the Project, then, and in the event, upon presentation of an invoice itemizing the same, the Applicant shall pay to the Agency, its agents or assigns, all costs incurred by the Agency in the process of the Application, including attorney's fees, if any. Onondaga County Industrial Development Agency Page 240 of 242 Page 22 Page 241 of 242 Project Narrative I am the founder, owner, and President of an established electric motor manufacturing company operating in Syracuse, New York (www.ddmotorsystems.com) since 2001 called D&D Motor Systems, Inc. Due to rising operational and regulatory challenges in New York State, we are actively evaluating relocation and expansion opportunities. We currently have offers from several states down south to include Alabama, South Carolina, Georgia, just to name a few. We are the last United States manufacturing firm left making these specific electric motors for the industries we service. The company’s customers are Original Equipment manufacturers, distributors, and dealers for over twenty different industries. Some of the industries, just to name a few are golf carts, electric cars, boats, mining, go karts, automotive carriers, wind turbines, lawn mowers, forklift trucks, neighborhood electric vehicles, and motorcycles. Our complete current product line can be seen at: https://ddmotorsystems.com/CurrentRange.php . I am a local ES-M high school and West Point graduate. I want to grow and keep our jobs in central New York but we must be able to be competitive and play on a more level playing field like our competition. Therefore, without the assistance of OCIDA, this manufacturing expansion project will NOT occur in Onondaga County. Company & Project Overview • Industry: Electric motor manufacturing (industrial / vehicle / specialty applications) • Ownership: Privately held started in 2001 • Status: Existing operating manufacturer - have built and sold over 350,000 DC Electric Motors since 2001 incorporation. • Project Type: Relocation & major expansion - Adding both AC & Permanent Magnet motors to our DC Electric motor product line. • Current Location: The property we are in now is leased and is 18,000 sq ft. It is a portion of a much larger property. It used to be the HQ for Sealtest ice cream until they closed and left New York. Project Parameters • Capital Investment: $2 million • Existing & New Jobs: Existing - 17 full-time positions, New Jobs – 8 over the next 5 years • Average Wages: $65,000/year (excluding benefits) • New Facility Size: 32,344 sq ft (manufacturing + assembly + warehousing) 304 West 2nd Street, East Syracuse, NY 13057. (2.78 acre lot). • Zoning: Current facility is mainly vacant but also some warehousing. • Transportation Needs: Interstate truck access required near by. Method For Site Control • We will own the property with a closing date of June 1 and Timeline for Property Improvements is June 2026. Page 242 of 242