A G E N D A...Consider attached pro-forma for discussion of the property. Land - Approximately...

A G E N D AMEETING - Land Bank Authority

Manager's Conference Room

Thursday, July 16, 20208:45 AM

Meeting FormatThis meeting will be conducted via remote video and teleconference pursuant to 1 MRSA §403-A. Members of the public may join the meeting by phone by dialing 1 (929) 205-6099 using MeetingID 823 5190 0070 and Password 166709, or via computer athttps://us02web.zoom.us/j/82351900070?pwd=bGR2QlJ2cWwvajFLdWJNY1JFdm9xdz09XX . Members of the public may also submit comments via email to [email protected]. This is a work session of the “Sanford City Council” and not a business meeting of the CityCouncil. The meeting is open to the public but is not a public hearing. The Chairperson shallconduct the work session with the Committee Members and may elect to call upon the public inattendance for either questions or to obtain input and information. All work products will bedeveloped by consensus and forwarded as advisory to the full Council for any matter warrantinglegislative action by the City Council at a business meeting so posted and assembled.

Administration

19-658-01 Discuss the disposition of the 19 Bodwell Street property.

19-980-01 Consideration of proposal for a Residential Target Market Analysis of Sanford,Springvale, and downtown.

17-169-01 Properties of Concern

Airport

Public Works

Human Resources

Finance

Police Department

Fire Department

Parks & Recreation

Planning Department1

https://us02web.zoom.us/j/82351900070?pwd=bGR2QlJ2cWwvajFLdWJNY1JFdm9xdz09

Memo

Number:To: Land Bank AuthorityFrom: Ian Houseal, AdministrationDate: 2020-07-16 08:45:00

Subject: Discuss the disposition of the 19 Bodwell Streetproperty.

RECOMMENDATION Consider attached pro-forma for discussion of the property. Land - Approximately $30,000

ATTACHMENTS

4-Plex Proforma 20200628.pdf

3

https://legistarweb-production.s3.amazonaws.com/uploads/attachment/attachment/636557/4-Plex_Proforma_20200628.pdf

DEVELOPMENT SUMMARY

19 Bodwell StreetSANFORD, MAINE

PROJECT COSTSPurchase Price $0Soft Costs $59,180 Estimated costs including contingencyHard Costs $696,610 Estimated costs including contingencyDeveloper Fee $0 DeferredTOTAL DEVELOPMENT COSTS $755,790

NET OPERATING INCOMEAnnual Gross Rent $88,8005% Vacancy -$4,440Gross Operating Income $84,360Operating Expenses -$30,143NET OPERATING INCOME $54,217

EQUITYAdditional Equity $213,620TOTAL EQUITY $213,620

DEBTBank Debt $433,736Bank Debt Service (Annual) $26,372 5.625%, 25 year AmJunior Debt $108,434Junior Debt Service (Annual) $7,552 3.000%, 20 year AmTOTAL DEBT $542,170

TIFTotal Financing Gap (Annual) $7,552Annual Taxes $11,385TIF % 66%Annual TIF Payment into Revolving Fund $3,833Annual TIF Payment toward Gap Loan $7,552

CASH FLOWAnnual Cash Flow above Debt Service $20,293

4

DEVELOPMENT SUMMARY

19 Bodwell StreetSANFORD, MAINE

PROJECT COSTSPurchase Price $0Soft Costs $59,180 Estimated costs including contingency

Hard Costs $696,610 Estimated costs including contingency

Developer Fee $0 Deferred

TOTAL DEVELOPMENT COSTS $755,790

NET OPERATING INCOMEAnnual Gross Rent $88,8005% Vacancy -$4,440Gross Operating Income $84,360Operating Expenses -$30,143NET OPERATING INCOME $54,217

EQUITYAdditional Equity $213,620TOTAL EQUITY $213,620

DEBTBank Debt $433,736Bank Debt Service (Annual) $26,372 5.625%, 25 year Am

Junior Debt $108,434Junior Debt Service (Annual) $7,552 3.000%, 20 year Am

TOTAL DEBT $542,170

TIFTotal Financing Gap (Annual) $7,552Annual Taxes $11,385TIF % 66%Annual TIF Payment into Revolving Fund $3,833Annual TIF Payment toward Gap Loan $7,552

CASH FLOWAnnual Cash Flow above Debt Service $20,293

5

LOANS

[address] StreetSANFORD, MAINE

PERMANANT LOAN Loan Amount * $433,736 Total development costs, less equity and subordinate debt

Amortization (years) 30Rate 4.500%Payment (Monthly) $2,198Payment (Annual) $26,372

MICRO-TIF LOANJunior Debt $108,434Amortization (years) 30Rate 5.70%Payment (Monthly) $629Payment (Annual) $7,552

TOTAL ANNUAL DEBT SERVICE $33,924

* Estimated loan amount at a 62% LTV calculated by using the NOI of $65,331 and a 9% cap rate which equates to a $726,000 value.

6

COSTS


SOFT COSTSDevelopment Fee (deferred) $0Architecture Fee $6,966TIF Consulting $1,000Due Diligence / Permitting $5,000Brokerage $5,573Legal, CPA $6,966Insurance $5,000

Fees, Appraisal, and Closing Costs $15,000

Construction Loan Interest $2,000Investment Property Pricing Fee (2%) $8,675Contingency $3,000TOTAL SOFT COSTS $59,180

HARD COSTSLand Costs $0Construction $633,282Contingency $63,328TOTAL HARD COSTS $696,610

TOTAL DEVELOPMENT COSTS $755,790

7

RENTS


BUILDING 1 SF Price / SF Monthly Rent Annual RentUnit #1 - 2 bedroom 800 $22.50 $1,500 $18,000Unit #2 - 2 bedroom 800 $22.50 $1,500 $18,000Unit #3 - 2 bedroom 800 $22.50 $1,500 $18,000Unit #4 - 2 bedroom 800 $22.50 $1,500 $18,000Unit #5 - 1 bedroom 400 $21.00 $700 $8,400Unit #6 - 1 bedroom 400 $21.00 $700 $8,400TOTAL 4,000 $7,400 $88,800

* Rent includes a $200/mo for utilities fee

8

OPERATING BUDGET


Total Landlord Tenants

Property Management $4,218 $4,218 $0 Share price set in lease

Building Maintenance $2,500 $2,500 $0 Share price set in lease

Common Area Cleaning $0 $0 $0 Share price set in lease

Snow Removal $0 $0Taxes $11,385 $11,385 $0 Share price based on annual bill

Insurance $1,600 $1,600 $0 Share price based on annual bill

Trash $0 $0 Paid directly by tenant

Water / Sewer $9,600 $9,600 $0 Paid directly by tenant

Electric $420 $420 $0 Share price based on annual bill

Heat / Gas $420 $420 $0 Share price based on annual bill

TOTAL $30,143 $30,143 $0

Landlord Share 50.0%Tennant Share 50.0%

9

SOURCES + USES


USES

Acquisition $0Hard Costs $696,610Soft Costs $59,180Development Fee $0

Total Uses $755,790

SOURCES

EQUITYOwner Equity $213,620 20% min 28%

TOTAL EQUITY

SENIOR DEBTBank Debt $433,736

JUNIOR DEBTBank Debt $108,434 Completed value minus senior debt

$220,116TOTAL DEBT $108,434

Total Sources 755,790

10

INPUTS

Purchase Price $0SF total building 4,184SF / unit 900Interest Rate (Bank) 4.500% 4.750%Interest Rate (Secondary) 5.700%Ammoritization 30Dimensions / building 31.7x66 32 x 50 DuplexDimensions / unit 16 x 50 15.85x66 DuplexHard Costs n/a soft costs, land $633,282Hard Costs Contingency (10%) $63,328 $633,282 Plus solarHard Costs with Contingency $696,610 $553,282 QuoteSoft Costs $59,180 600,000 HighDevelopment Fee $0 500,000 Low Total Development Costs ie land, soft costs $755,790Qualified Development $0 inludes development fee

Vacancy Rate $0Current Taxes $311Estimated Taxes $11,385Owner Equity $213,620Loan Amount $433,736Closing costs on Freddie Mac loan $8,675

OUTPUTS

Cost / SF n/a soft costs, land $151Cost / SF with soft costs, land $181Gross Operating Income $84,360Operating Expenses $30,143NOI $54,217Debt Service Ratio 2.06 must be 1.25 per The First

Loan to Value (70% max) 70%Annual Debt Service $33,924DSCR 2.05 over 1.25 is goodCap Rate 10%Completed Appraised Value $542,170Appraised Value Less Debt $47,131Developer Equity on Leaseup $433,736Federal Investor Fair Market Value (3%)State Investor Fair Market Value (1%)

Sanford Mill Rate 20.7

11

Sanford 80% median imcome $58,640Years to pay off owner equity 11

Affordable Housing TIF 120% AMI 33% of units have to be affordablehave to legally restrict unit to be affordable

federal home loan bank genesis fund - affordable housing, eliza jenning-ivesbill glover - maine housing, multi-family housingjt gorman foundation - nicole leatherby, meet her, greg payne's wife

Market sales approach appraisal$163,00 / sf unit no soft costs$188,000 / unit sale market value Typical is more like $50,000 / unit

$20,000 taxes annually now$200,000 total taxes captured in 10 years

$80,000 per unit value$320,000

12

MULTI-YEAR CASH FLOW


Lease Up 100% 100%

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

NOI ESCALATIONGOI (1.0% Appreciation) $84,360 $87,390 $90,420 $93,450 $96,480 $97,445 $98,419 $99,403 Op. Exp. (3.0% Annual Increase) ($30,143) ($31,047) ($31,979) ($32,938) ($33,926) ($34,944) ($35,992) ($37,072)NOI $54,217 $56,343 $58,441 $60,512 $62,554 $62,501 $62,427 $62,331 Annual Debt Service ($33,924) ($33,924) ($33,924) ($29,557) ($29,557) ($29,557) ($29,557) ($29,557)Cash Flow after Debt Service $20,293 $22,418 $24,517 $30,955 $32,997 $241,280 $32,870 $32,774

New Debt (70% LTV - assumes the value at a 9% CAP) $486,117 Retirement of Orig. Debt (Month 61) ($386,626)

Project Equity at Refinance $208,336

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

PHASED DISTRIBUTIONSAnnual Operating Cash Flow after Debt Service $20,293 $22,418 $24,517 $30,955 $32,997 $241,280 $32,870 $32,774 Balance from Previous Year $14,150 $11,594 $11,116 $17,011 $19,978 $52,922 $52,563 Cumulative Cash Flow at Year End $14,150 $11,594 $11,116 $17,011 $19,978 $52,922 $52,563 $52,109

Operating Partner Return Tax Credit #REF! #REF! #REF! #REF! #REF!Development Fee ($160,000) ($1,000) ($20,000) ($20,000) ($20,000) ($25,000) $86,000 $0 $0 Return ($305,731) $0 $0 $0 $0 ($272,831) ($32,900) ($32,900)---- IRR Calc ($10) $1,000 $20,000 $20,000 $20,000 $25,000 $186,831 $32,900 $32,900 Total Return $305,731 IRR 11621%

Fed Tax Credit Investor - CEIReturn ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($18,417) $0 $0 Tax Credit #REF! #REF! #REF! #REF! #REF! $0 $0 $0 ---- Tax Credit Investment #REF! #REF! #REF! #REF! #REF! #REF! $18,417 $0 $0 Tax Credits #REF!Total Return #REF!IRR #VALUE!

13

Operating Budget

0% Commercial % of Total Building SF

Annual Share Landlord Share Tripple Net MonthlyProperty Management $4,218 33% $1,371 67% $2,847 $237Maintenance $2,500 33% $813 67% $1,687 $141 TaxesCommon Area Cleaning $0 33% $0 67% $0 $0 $15,000 Current Assessed ValueTaxes $11,385 33% $3,701 67% $7,684 $640 20.7 Tax Rate / $1,000

Insurance $1,600 33% $520 67% $1,080 $90 $311 AnnualTrash $7,200 100% $7,200 $0 $0 $26 MonthWater / Sewer $9,600 100% $9,600 $0 $0Common Electric $10,000 33% $3,251 67% $6,749 $562 $550,000 Appraised Value after Construction see LTV worksheetCommon Heat / Gas $10,000 33% $3,251 67% $6,749 $562 20.7 Tax Rate / $1,000Fees & Inspections $0 $0 $0 $0 $11,385 AnnualTOTAL CAM $468 $949 Month

Total $56,503 $29,707 $26,796$2,233

% of GOI -252% -100%

Annual Rent $88,800

electricity and heating are billed to tenantsUMU was supposed to be paying for heat, but haven't been because they were tied into the central heat

14

Soft Costs Worksheet

Direct Construction/Hard Cost based upon SF X Est. SF Cost#REF! Actual Spent(excluding land)

Development Fee $80,000 #REF! of Hard CostsArchitecture Consulting #REF! 2.0% of Hard CostsHistoric Consulting $0 3.0% of Hard CostsDue Diligence / Permitting #REF! 1.8% of equity raisedBrokerage $3,000 1.0% of Soft CostG&A, Insurance, Legal, CPA #REF! 3.0% of Soft CostAccountant (Historic, LLC Taxes) $7,000General Legal $10,000Historic AttorneyTax Credit Insurance $0General Insurance $1,000

Fees, Appraisals, and Closing Costs $17,349 4.0% of Loan Amount18 Month Construction Loan 25yr Am $20,000 16.0% see Amort ScheduleCEI Loan Interest Brokerage Calc

8.0% of Soft Cost 49977.05Contingency $14,320 0.025Subtotal #REF! 6247.1313

Deferred Fees

Development Fee $0Architecture FeeConstruction Management FeeFee for Sourcing Equity

Cash Required for Soft Costs #REF!

15

Hard Costs Worksheet

Division Task Cost

Demolition Power wash, lead abatement $40,000

Concrete None known

Dumpster Pads Confirm not needed

Elevator Install freight elevator into existing shaft $100,000

Metals Repair sliding metal doors. $5,000

MasonryInterior / exterior repointing, repair around windows, structural work as needed $300,000Remove concrete block from 25 openings in basement of Building 2 in preparation for new custom windows

Remove brick to restore 4 original window openings in Building 1.

Wood & PlasticsCarpenty in-house budget; build out common areas as needed to divide floors into smaller leasable spaces $300,000

Finishes

DrywallDrywall all new walls associated with common and tenant space, and any ceilings for bathrooms as speced in plans $75,0002 coats throughout rehab areas: all walls, ceiling, columns, doors, metal work, all interior and exterior conduit, HVAC ducting, etc2 coats on updates to leased space: stair well, lobby, hallways, bathrooms

FlooringRepair wood sub floor, restore and patch wood finish floor, sand, finish with stain or paint, and 2 coats of poly $120,000

Thermal & Moisture

Insulation, joint sealants Include insullation numbers in roofing & drywall quotes

Roofing Replace 60% of roof to similar R-value as recent roof work $140,000

Doors & Windows

Doors Installed, with hardware

Interior (20 estimated) $60,000

Building 2 Exterior 4 new doors (2 Lowell St Facade, 2 South Facade) $20,000

Building 1 Exterior 1 new door, new vestibule entrance with new storefront & door $12,000

Windows Replace 1st, 3rd, 4th floor windows with custom windows

Building 2, Lowell St Facade basement, 21 windows; 4th floor, 25 windows $230,000

Building 2, South Facade basement, 4 windows; 3rd floor, 4 windows; 4th floor, 8 windows $70,000

Building 2, East Facade 3rd floor, 25 windows, 4th floor, 25 windows $250,000

Building 1, Lowell St 4 new windows placed into new openings $20,000

Overhead Doors Replace 2 overhead doors with new custom overhead doors

Overhead door; façade 1 $15,000

Overhead door; façade 2 $15,000

Specialties Fire extinguishers & cabinets budget only $690

Equipment No appliances needed

Furnishings None

Special Construction None

Conveying System None

Fire Suppression Check existing system against current Codes.

Road work, new hookup, etc.

Plumbing Stub in plumbing to new tenant spaces on 3rd & 4th floors $300,000

Sewage ejector pumps?

MechanicalAdd furnaces needed to service leasable spaces, stub HVAC into each leasable space $300,000

Electrical (400 AMP)

Set up temporary power in new floors as needed, bring existing 3 phase into each leasable space, update lighting in common areas as needed. Owner to provide light fixtures. $300,000

Earthwork Bring in water line for sprinklers from the street $80,000

Landscaping $10,000

Utilities Electrical utility fees $7,500

SolarSize and install rooftop solar array, coordinate with CMP, install meter, etc. $160,000

Building Signage $10,000

Construction Management Includes on-site Super, Project Management, permitting, etc. $86,468

Overhead + Profit $81,217

Sub-Totals: $3,227,875

Total Change Orders $0

Sub-Total With Change Orders $3,227,875

Owner-paid Expenses $20,000

TOTAL $3,247,875

Contigency (10%) $324,788

Total with Contigency $3,572,663

Painting $120,000

16

Rent Worksheet

Price / SF annual

Rate(per BSF)

Cond.SF

Common Area SF

4 story building + basement

Basement - Commercial / Office Space $5 $0.42FL 1 - Retail Space $13 $1.08 2,863Fl 1 - Common Area $13 $1.08 320FL 2 - 1 Bedroom/1 Bath Unit 1 $1.43 910 0FL 2 - 1 Bedroom/1 Bath Unit 1 $1.37 950 0FL 2 - Common Area 197Basement - Unconditioned 268

Total 4,723 517Commercial Rent

Residential Rent

GrossCommon Area Commercial Residential

Basement 3,060 268 2,371 421First Floor 3,060 197 2,863 0Second Floor 2,100 0 0 2,100TOTAL 8,220 465 5,234 2,521Total SF minus common area 7,755

= Input = calculated result

17

Finished Basement

SF

Unfinished Basement

SF

Monthly Rent

Annual Rent Bldg. Count

12,371 $988 $11,855

0 $3,102 $41,379$347 $4,160

0 $1,300 $15,6000 $1,300 $15,6000 $0

2,371 0 $7,036 $88,594

$4,090 $53,234$31,200

Commercial % 67.5%Residential 32.5%

100%

18

PERMANENT LOAN ASSUMPTIONS CONSTRUCTION LOAN ASSUMPTIONSYearly rate> 4.50% 6.38%

Monthly rate > 0.38% 0.53%# of yrs > 30 Years

# of months> 360 Years 18Loan amount > $433,736 $433,736

Start date > 1-Mar-15 1-Mar-15

Monthly Pmt ($2,198) ($25,331)Annual Pmt ($26,372)

Loan Amortization # Date Balance Interest1 Mar-15 $433,736 $1,6272 Apr-15 $433,165 $1,6243 May-15 $432,592 $1,6224 Jun-15 $432,016 $1,6205 Jul-15 $431,438 $1,6186 Aug-15 $430,859 $1,6167 Aug-15 $430,277 $1,6148 Sep-15 $429,693 $1,6119 Oct-15 $429,106 $1,609

10 Nov-15 $428,518 $1,60711 Dec-15 $427,927 $1,60512 Jan-16 $427,334 $1,60313 Mar-16 $426,739 $1,60014 Mar-16 $426,141 $1,59815 Apr-16 $425,542 $1,59616 May-16 $424,940 $1,59417 Jun-16 $424,336 $1,59118 Jul-16 $423,729 $1,58919 Aug-16 $423,121 $1,58720 Sep-16 $422,510 $1,58421 Oct-16 $421,896 $1,58222 Nov-16 $421,281 $1,58023 Dec-16 $420,663 $1,57724 Jan-17 $420,043 $1,57525 Mar-17 $419,420 $1,57326 Mar-17 $418,795 $1,57027 Apr-17 $418,168 $1,568

Year 1

Year 2

19

28 May-17 $417,539 $1,56629 Jun-17 $416,907 $1,56330 Jul-17 $416,272 $1,56131 Aug-17 $415,636 $1,55932 Sep-17 $414,997 $1,55633 Oct-17 $414,355 $1,55434 Nov-17 $413,712 $1,55135 Dec-17 $413,065 $1,54936 Jan-18 $412,417 $1,54737 Mar-18 $411,765 $1,54438 Mar-18 $411,112 $1,54239 Apr-18 $410,456 $1,53940 May-18 $409,797 $1,53741 Jun-18 $409,136 $1,53442 Jul-18 $408,473 $1,53243 Aug-18 $407,807 $1,52944 Sep-18 $407,139 $1,52745 Oct-18 $406,468 $1,52446 Nov-18 $405,794 $1,52247 Dec-18 $405,118 $1,51948 Jan-19 $404,440 $1,51749 Mar-19 $403,759 $1,51450 Mar-19 $403,075 $1,51251 Apr-19 $402,389 $1,50952 May-19 $401,701 $1,50653 Jun-19 $401,009 $1,50454 Jul-19 $400,315 $1,50155 Aug-19 $399,619 $1,49956 Sep-19 $398,920 $1,49657 Oct-19 $398,218 $1,49358 Nov-19 $397,514 $1,49159 Dec-19 $396,807 $1,48860 Jan-20 $396,097 $1,48561 Feb-20 $395,385 $1,48362 Mar-20 $394,670 $1,48063 Apr-20 $393,952 $1,47764 May-20 $393,232 $1,47565 Jun-20 $392,509 $1,47266 Jul-20 $391,783 $1,46967 Aug-20 $391,054 $1,46668 Sep-20 $390,323 $1,46469 Oct-20 $389,589 $1,46170 Nov-20 $388,852 $1,458

Year 3

Year 4

Year 5

Year 6

20

71 Dec-20 $388,113 $1,45572 Jan-21 $387,371 $1,45373 Feb-21 $386,626 $1,45074 Mar-21 $385,878 $1,44775 Apr-21 $385,127 $1,44476 May-21 $384,374 $1,44177 Jun-21 $383,618 $1,43978 Jul-21 $382,858 $1,43679 Aug-21 $382,096 $1,43380 Sep-21 $381,332 $1,43081 Oct-21 $380,564 $1,42782 Nov-21 $379,793 $1,42483 Dec-21 $379,020 $1,42184 Jan-22 $378,244 $1,41885 Feb-22 $377,464 $1,41586 Mar-22 $376,682 $1,41387 Apr-22 $375,897 $1,41088 May-22 $375,109 $1,40789 Jun-22 $374,318 $1,40490 Jul-22 $373,524 $1,40191 Aug-22 $372,727 $1,39892 Sep-22 $371,927 $1,39593 Oct-22 $371,124 $1,39294 Nov-22 $370,318 $1,38995 Dec-22 $369,509 $1,38696 Jan-23 $368,697 $1,38397 Feb-23 $367,882 $1,38098 Mar-23 $367,064 $1,37699 Apr-23 $366,243 $1,373

100 May-23 $365,418 $1,370101 Jun-23 $364,591 $1,367102 Jul-23 $363,761 $1,364103 Aug-23 $362,927 $1,361104 Sep-23 $362,090 $1,358105 Oct-23 $361,251 $1,355106 Nov-23 $360,408 $1,352107 Dec-23 $359,561 $1,348108 Jan-24 $358,712 $1,345109 Feb-24 $357,860 $1,342110 Mar-24 $357,004 $1,339111 Apr-24 $356,145 $1,336112 May-24 $355,283 $1,332113 Jun-24 $354,417 $1,329

Year 7

Year 8

Year 9

21

114 Jul-24 $353,549 $1,326115 Aug-24 $352,677 $1,323116 Sep-24 $351,802 $1,319117 Oct-24 $350,923 $1,316118 Nov-24 $350,042 $1,313119 Dec-24 $349,157 $1,309120 Jan-25 $348,268 $1,306121 Feb-25 $347,377 $1,303122 Mar-25 $346,482 $1,299123 Apr-25 $345,583 $1,296124 May-25 $344,682 $1,293125 Jun-25 $343,776 $1,289126 Jul-25 $342,868 $1,286127 Aug-25 $341,956 $1,282128 Sep-25 $341,041 $1,279129 Oct-25 $340,122 $1,275130 Nov-25 $339,200 $1,272131 Dec-25 $338,274 $1,269132 Jan-26 $337,345 $1,265133 Feb-26 $336,412 $1,262134 Mar-26 $335,476 $1,258135 Apr-26 $334,536 $1,255136 May-26 $333,593 $1,251137 Jun-26 $332,647 $1,247138 Jul-26 $331,696 $1,244139 Aug-26 $330,743 $1,240140 Sep-26 $329,785 $1,237141 Oct-26 $328,824 $1,233142 Nov-26 $327,860 $1,229143 Dec-26 $326,891 $1,226144 Jan-27 $325,920 $1,222145 Feb-27 $324,944 $1,219146 Mar-27 $323,965 $1,215147 Apr-27 $322,982 $1,211148 May-27 $321,996 $1,207149 Jun-27 $321,005 $1,204150 Jul-27 $320,012 $1,200151 Aug-27 $319,014 $1,196152 Sep-27 $318,013 $1,193153 Oct-27 $317,007 $1,189154 Nov-27 $315,998 $1,185

22

155 Dec-27 $314,986 $1,181156 Jan-28 $313,969 $1,177157 Feb-28 $312,949 $1,174158 Mar-28 $311,925 $1,170159 Apr-28 $310,897 $1,166160 May-28 $309,865 $1,162161 Jun-28 $308,829 $1,158162 Jul-28 $307,790 $1,154163 Aug-28 $306,746 $1,150164 Sep-28 $305,699 $1,146165 Oct-28 $304,648 $1,142166 Nov-28 $303,592 $1,138167 Dec-28 $302,533 $1,134168 Jan-29 $301,470 $1,131169 Feb-29 $300,403 $1,127170 Mar-29 $299,332 $1,122171 Apr-29 $298,257 $1,118172 May-29 $297,177 $1,114173 Jun-29 $296,094 $1,110174 Jul-29 $295,007 $1,106175 Aug-29 $293,915 $1,102176 Sep-29 $292,820 $1,098177 Oct-29 $291,720 $1,094178 Nov-29 $290,617 $1,090179 Dec-29 $289,509 $1,086180 Jan-30 $288,397 $1,081181 Feb-30 $287,281 $1,077182 Mar-30 $286,160 $1,073183 Apr-30 $285,036 $1,069184 May-30 $283,907 $1,065185 Jun-30 $282,774 $1,060186 Jul-30 $281,636 $1,056187 Aug-30 $280,495 $1,052188 Sep-30 $279,349 $1,048189 Oct-30 $278,199 $1,043190 Nov-30 $277,045 $1,039191 Dec-30 $275,886 $1,035192 Jan-31 $274,723 $1,030193 Feb-31 $273,555 $1,026194 Mar-31 $272,383 $1,021195 Apr-31 $271,207 $1,017

23

196 May-31 $270,026 $1,013197 Jun-31 $268,841 $1,008198 Jul-31 $267,652 $1,004199 Aug-31 $266,458 $999200 Sep-31 $265,259 $995201 Oct-31 $264,056 $990202 Nov-31 $262,849 $986203 Dec-31 $261,637 $981204 Jan-32 $260,420 $977205 Feb-32 $259,199 $972206 Mar-32 $257,974 $967207 Apr-32 $256,743 $963208 May-32 $255,509 $958209 Jun-32 $254,269 $954210 Jul-32 $253,025 $949211 Aug-32 $251,776 $944212 Sep-32 $250,523 $939213 Oct-32 $249,264 $935214 Nov-32 $248,001 $930215 Dec-32 $246,734 $925216 Jan-33 $245,461 $920217 Feb-33 $244,184 $916218 Mar-33 $242,902 $911219 Apr-33 $241,615 $906220 May-33 $240,324 $901221 Jun-33 $239,027 $896222 Jul-33 $237,726 $891223 Aug-33 $236,420 $887224 Sep-33 $235,109 $882225 Oct-33 $233,793 $877226 Nov-33 $232,472 $872227 Dec-33 $231,146 $867228 Jan-34 $229,815 $862229 Feb-34 $228,479 $857230 Mar-34 $227,138 $852231 Apr-34 $225,792 $847232 May-34 $224,441 $842233 Jun-34 $223,085 $837234 Jul-34 $221,724 $831235 Aug-34 $220,358 $826236 Sep-34 $218,987 $821

24

237 Oct-34 $217,610 $816238 Nov-34 $216,228 $811239 Dec-34 $214,842 $806240 Jan-35 $213,450 $800241 Feb-35 $212,052 $795242 Mar-35 $210,650 $790243 Apr-35 $209,242 $785244 May-35 $207,829 $779245 Jun-35 $206,411 $774246 Jul-35 $204,987 $769247 Aug-35 $203,558 $763248 Sep-35 $202,124 $758249 Oct-35 $200,684 $753250 Nov-35 $199,239 $747251 Dec-35 $197,788 $742252 Jan-36 $196,333 $736253 Feb-36 $194,871 $731254 Mar-36 $193,404 $725255 Apr-36 $191,932 $720256 May-36 $190,454 $714257 Jun-36 $188,970 $709258 Jul-36 $187,481 $703259 Aug-36 $185,987 $697260 Sep-36 $184,486 $692261 Oct-36 $182,981 $686262 Nov-36 $181,469 $681263 Dec-36 $179,952 $675264 Jan-37 $178,429 $669265 Feb-37 $176,901 $663266 Mar-37 $175,366 $658267 Apr-37 $173,826 $652268 May-37 $172,280 $646269 Jun-37 $170,729 $640270 Jul-37 $169,171 $634271 Aug-37 $167,608 $629272 Sep-37 $166,039 $623273 Oct-37 $164,464 $617274 Nov-37 $162,883 $611275 Dec-37 $161,296 $605276 Jan-38 $159,703 $599277 Feb-38 $158,104 $593

25

278 Mar-38 $156,500 $587279 Apr-38 $154,889 $581280 May-38 $153,272 $575281 Jun-38 $151,649 $569282 Jul-38 $150,020 $563283 Aug-38 $148,385 $556284 Sep-38 $146,744 $550285 Oct-38 $145,096 $544286 Nov-38 $143,443 $538287 Dec-38 $141,783 $532288 Jan-39 $140,117 $525289 Feb-39 $138,445 $519290 Mar-39 $136,766 $513291 Apr-39 $135,081 $507292 May-39 $133,390 $500293 Jun-39 $131,693 $494294 Jul-39 $129,989 $487295 Aug-39 $128,279 $481296 Sep-39 $126,562 $475297 Oct-39 $124,839 $468298 Nov-39 $123,110 $462299 Dec-39 $121,374 $455300 Jan-40 $119,631 $449301 Feb-40 $117,882 $442302 Mar-40 $116,126 $435303 Apr-40 $114,364 $429304 May-40 $112,595 $422305 Jun-40 $110,820 $416306 Jul-40 $109,038 $409307 Aug-40 $107,249 $402308 Sep-40 $105,454 $395309 Oct-40 $103,651 $389310 Nov-40 $101,842 $382311 Dec-40 $100,027 $375312 Jan-41 $98,204 $368313 Feb-41 $96,375 $361314 Mar-41 $94,538 $355315 Apr-41 $92,695 $348316 May-41 $90,845 $341317 Jun-41 $88,988 $334318 Jul-41 $87,124 $327

26

319 Aug-41 $85,253 $320320 Sep-41 $83,375 $313321 Oct-41 $81,490 $306322 Nov-41 $79,598 $298323 Dec-41 $77,699 $291324 Jan-42 $75,793 $284325 Feb-42 $73,879 $277326 Mar-42 $71,958 $270327 Apr-42 $70,031 $263328 May-42 $68,096 $255329 Jun-42 $66,153 $248330 Jul-42 $64,204 $241331 Aug-42 $62,247 $233332 Sep-42 $60,283 $226333 Oct-42 $58,311 $219334 Nov-42 $56,332 $211335 Dec-42 $54,345 $204336 Jan-43 $52,352 $196337 Feb-43 $50,350 $189338 Mar-43 $48,341 $181339 Apr-43 $46,325 $174340 May-43 $44,301 $166341 Jun-43 $42,269 $159342 Jul-43 $40,230 $151343 Aug-43 $38,183 $143344 Sep-43 $36,129 $135345 Oct-43 $34,067 $128346 Nov-43 $31,997 $120347 Dec-43 $29,919 $112348 Jan-44 $27,834 $104349 Feb-44 $25,740 $97350 Mar-44 $23,639 $89351 Apr-44 $21,530 $81352 May-44 $19,413 $73353 Jun-44 $17,288 $65354 Jul-44 $15,156 $57355 Aug-44 $13,015 $49356 Sep-44 $10,866 $41357 Oct-44 $8,709 $33358 Nov-44 $6,544 $25359 Dec-44 $4,371 $16

27

360 Jan-45 $2,189 $8

28

Ending Interest

Principal Payment Balance per year$571 $2,198 $433,165 $573 $2,198 $432,592 $575 $2,198 $432,016 $578 $2,198 $431,438 $580 $2,198 $430,859 $582 $2,198 $430,277 $584 $2,198 $429,693 $586 $2,198 $429,106 $589 $2,198 $428,518 $591 $2,198 $427,927 $593 $2,198 $427,334 $595 $2,198 $426,739 $19,375$597 $2,198 $426,141 $600 $2,198 $425,542 $602 $2,198 $424,940 $604 $2,198 $424,336 $606 $2,198 $423,729 $609 $2,198 $423,121 $611 $2,198 $422,510 $613 $2,198 $421,896 $616 $2,198 $421,281 $618 $2,198 $420,663 $620 $2,198 $420,043 $623 $2,198 $419,420 $19,054$625 $2,198 $418,795 $627 $2,198 $418,168 $630 $2,198 $417,539

29

$632 $2,198 $416,907 $634 $2,198 $416,272 $637 $2,198 $415,636 $639 $2,198 $414,997 $641 $2,198 $414,355 $644 $2,198 $413,712 $646 $2,198 $413,065 $649 $2,198 $412,417 $651 $2,198 $411,765 $18,689$654 $2,198 $411,112 $656 $2,198 $410,456 $658 $2,198 $409,797 $661 $2,198 $409,136 $663 $2,198 $408,473 $666 $2,198 $407,807 $668 $2,198 $407,139 $671 $2,198 $406,468 $673 $2,198 $405,794 $676 $2,198 $405,118 $678 $2,198 $404,440 $681 $2,198 $403,759 $18,336$684 $2,198 $403,075 $686 $2,198 $402,389 $689 $2,198 $401,701 $691 $2,198 $401,009 $694 $2,198 $400,315 $696 $2,198 $399,619 $699 $2,198 $398,920 $702 $2,198 $398,218 $704 $2,198 $397,514 $707 $2,198 $396,807 $710 $2,198 $396,097 $712 $2,198 $395,385 $17,966$715 $2,198 $394,670 $718 $2,198 $393,952 $720 $2,198 $393,232 $723 $2,198 $392,509 $726 $2,198 $391,783 $728 $2,198 $391,054 $731 $2,198 $390,323 $734 $2,198 $389,589 $737 $2,198 $388,852 $739 $2,198 $388,113

30

$742 $2,198 $387,371 $745 $2,198 $386,626 $17,580$748 $2,198 $385,878 $751 $2,198 $385,127 $753 $2,198 $384,374 $756 $2,198 $383,618 $759 $2,198 $382,858 $762 $2,198 $382,096 $765 $2,198 $381,332 $768 $2,198 $380,564 $771 $2,198 $379,793 $773 $2,198 $379,020 $776 $2,198 $378,244 $779 $2,198 $377,464 $17,176$782 $2,198 $376,682 $785 $2,198 $375,897 $788 $2,198 $375,109 $791 $2,198 $374,318 $794 $2,198 $373,524 $797 $2,198 $372,727 $800 $2,198 $371,927 $803 $2,198 $371,124 $806 $2,198 $370,318 $809 $2,198 $369,509 $812 $2,198 $368,697 $815 $2,198 $367,882 $16,754$818 $2,198 $367,064 $821 $2,198 $366,243 $824 $2,198 $365,418 $827 $2,198 $364,591 $830 $2,198 $363,761 $834 $2,198 $362,927 $837 $2,198 $362,090 $840 $2,198 $361,251 $843 $2,198 $360,408 $846 $2,198 $359,561 $849 $2,198 $358,712 $853 $2,198 $357,860 $16,312$856 $2,198 $357,004 $859 $2,198 $356,145 $862 $2,198 $355,283 $865 $2,198 $354,417 $869 $2,198 $353,549

31

$872 $2,198 $352,677 $875 $2,198 $351,802 $878 $2,198 $350,923 $882 $2,198 $350,042 $885 $2,198 $349,157 $888 $2,198 $348,268 $892 $2,198 $347,377 $895 $2,198 $346,482 $898 $2,198 $345,583 $902 $2,198 $344,682 $905 $2,198 $343,776 $909 $2,198 $342,868 $912 $2,198 $341,956 $915 $2,198 $341,041 $919 $2,198 $340,122 $922 $2,198 $339,200 $926 $2,198 $338,274 $929 $2,198 $337,345 $933 $2,198 $336,412 $936 $2,198 $335,476 $940 $2,198 $334,536 $943 $2,198 $333,593 $947 $2,198 $332,647 $950 $2,198 $331,696 $954 $2,198 $330,743 $957 $2,198 $329,785 $961 $2,198 $328,824 $965 $2,198 $327,860 $968 $2,198 $326,891 $972 $2,198 $325,920 $975 $2,198 $324,944 $979 $2,198 $323,965 $983 $2,198 $322,982 $986 $2,198 $321,996 $990 $2,198 $321,005 $994 $2,198 $320,012 $998 $2,198 $319,014

$1,001 $2,198 $318,013 $1,005 $2,198 $317,007 $1,009 $2,198 $315,998 $1,013 $2,198 $314,986

32

$1,016 $2,198 $313,969 $1,020 $2,198 $312,949 $1,024 $2,198 $311,925 $1,028 $2,198 $310,897 $1,032 $2,198 $309,865 $1,036 $2,198 $308,829 $1,040 $2,198 $307,790 $1,043 $2,198 $306,746 $1,047 $2,198 $305,699 $1,051 $2,198 $304,648 $1,055 $2,198 $303,592 $1,059 $2,198 $302,533 $1,063 $2,198 $301,470 $1,067 $2,198 $300,403 $1,071 $2,198 $299,332 $1,075 $2,198 $298,257 $1,079 $2,198 $297,177 $1,083 $2,198 $296,094 $1,087 $2,198 $295,007 $1,091 $2,198 $293,915 $1,095 $2,198 $292,820 $1,100 $2,198 $291,720 $1,104 $2,198 $290,617 $1,108 $2,198 $289,509 $1,112 $2,198 $288,397 $1,116 $2,198 $287,281 $1,120 $2,198 $286,160 $1,125 $2,198 $285,036 $1,129 $2,198 $283,907 $1,133 $2,198 $282,774 $1,137 $2,198 $281,636 $1,142 $2,198 $280,495 $1,146 $2,198 $279,349 $1,150 $2,198 $278,199 $1,154 $2,198 $277,045 $1,159 $2,198 $275,886 $1,163 $2,198 $274,723 $1,167 $2,198 $273,555 $1,172 $2,198 $272,383 $1,176 $2,198 $271,207 $1,181 $2,198 $270,026

33

$1,185 $2,198 $268,841 $1,190 $2,198 $267,652 $1,194 $2,198 $266,458 $1,198 $2,198 $265,259 $1,203 $2,198 $264,056 $1,207 $2,198 $262,849 $1,212 $2,198 $261,637 $1,217 $2,198 $260,420 $1,221 $2,198 $259,199 $1,226 $2,198 $257,974 $1,230 $2,198 $256,743 $1,235 $2,198 $255,509 $1,240 $2,198 $254,269 $1,244 $2,198 $253,025 $1,249 $2,198 $251,776 $1,254 $2,198 $250,523 $1,258 $2,198 $249,264 $1,263 $2,198 $248,001 $1,268 $2,198 $246,734 $1,272 $2,198 $245,461 $1,277 $2,198 $244,184 $1,282 $2,198 $242,902 $1,287 $2,198 $241,615 $1,292 $2,198 $240,324 $1,296 $2,198 $239,027 $1,301 $2,198 $237,726 $1,306 $2,198 $236,420 $1,311 $2,198 $235,109 $1,316 $2,198 $233,793 $1,321 $2,198 $232,472 $1,326 $2,198 $231,146 $1,331 $2,198 $229,815 $1,336 $2,198 $228,479 $1,341 $2,198 $227,138 $1,346 $2,198 $225,792 $1,351 $2,198 $224,441 $1,356 $2,198 $223,085 $1,361 $2,198 $221,724 $1,366 $2,198 $220,358 $1,371 $2,198 $218,987 $1,376 $2,198 $217,610

34

$1,382 $2,198 $216,228 $1,387 $2,198 $214,842 $1,392 $2,198 $213,450 $1,397 $2,198 $212,052 $1,402 $2,198 $210,650 $1,408 $2,198 $209,242 $1,413 $2,198 $207,829 $1,418 $2,198 $206,411 $1,424 $2,198 $204,987 $1,429 $2,198 $203,558 $1,434 $2,198 $202,124 $1,440 $2,198 $200,684 $1,445 $2,198 $199,239 $1,451 $2,198 $197,788 $1,456 $2,198 $196,333 $1,461 $2,198 $194,871 $1,467 $2,198 $193,404 $1,472 $2,198 $191,932 $1,478 $2,198 $190,454 $1,483 $2,198 $188,970 $1,489 $2,198 $187,481 $1,495 $2,198 $185,987 $1,500 $2,198 $184,486 $1,506 $2,198 $182,981 $1,511 $2,198 $181,469 $1,517 $2,198 $179,952 $1,523 $2,198 $178,429 $1,529 $2,198 $176,901 $1,534 $2,198 $175,366 $1,540 $2,198 $173,826 $1,546 $2,198 $172,280 $1,552 $2,198 $170,729 $1,557 $2,198 $169,171 $1,563 $2,198 $167,608 $1,569 $2,198 $166,039 $1,575 $2,198 $164,464 $1,581 $2,198 $162,883 $1,587 $2,198 $161,296 $1,593 $2,198 $159,703 $1,599 $2,198 $158,104 $1,605 $2,198 $156,500

35

$1,611 $2,198 $154,889 $1,617 $2,198 $153,272 $1,623 $2,198 $151,649 $1,629 $2,198 $150,020 $1,635 $2,198 $148,385 $1,641 $2,198 $146,744 $1,647 $2,198 $145,096 $1,654 $2,198 $143,443 $1,660 $2,198 $141,783 $1,666 $2,198 $140,117 $1,672 $2,198 $138,445 $1,679 $2,198 $136,766 $1,685 $2,198 $135,081 $1,691 $2,198 $133,390 $1,697 $2,198 $131,693 $1,704 $2,198 $129,989 $1,710 $2,198 $128,279 $1,717 $2,198 $126,562 $1,723 $2,198 $124,839 $1,730 $2,198 $123,110 $1,736 $2,198 $121,374 $1,743 $2,198 $119,631 $1,749 $2,198 $117,882 $1,756 $2,198 $116,126 $1,762 $2,198 $114,364 $1,769 $2,198 $112,595 $1,775 $2,198 $110,820 $1,782 $2,198 $109,038 $1,789 $2,198 $107,249 $1,795 $2,198 $105,454 $1,802 $2,198 $103,651 $1,809 $2,198 $101,842 $1,816 $2,198 $100,027 $1,823 $2,198 $98,204 $1,829 $2,198 $96,375 $1,836 $2,198 $94,538 $1,843 $2,198 $92,695 $1,850 $2,198 $90,845 $1,857 $2,198 $88,988 $1,864 $2,198 $87,124 $1,871 $2,198 $85,253

36

$1,878 $2,198 $83,375 $1,885 $2,198 $81,490 $1,892 $2,198 $79,598 $1,899 $2,198 $77,699 $1,906 $2,198 $75,793 $1,913 $2,198 $73,879 $1,921 $2,198 $71,958 $1,928 $2,198 $70,031 $1,935 $2,198 $68,096 $1,942 $2,198 $66,153 $1,950 $2,198 $64,204 $1,957 $2,198 $62,247 $1,964 $2,198 $60,283 $1,972 $2,198 $58,311 $1,979 $2,198 $56,332 $1,986 $2,198 $54,345 $1,994 $2,198 $52,352 $2,001 $2,198 $50,350 $2,009 $2,198 $48,341 $2,016 $2,198 $46,325 $2,024 $2,198 $44,301 $2,032 $2,198 $42,269 $2,039 $2,198 $40,230 $2,047 $2,198 $38,183 $2,054 $2,198 $36,129 $2,062 $2,198 $34,067 $2,070 $2,198 $31,997 $2,078 $2,198 $29,919 $2,085 $2,198 $27,834 $2,093 $2,198 $25,740 $2,101 $2,198 $23,639 $2,109 $2,198 $21,530 $2,117 $2,198 $19,413 $2,125 $2,198 $17,288 $2,133 $2,198 $15,156 $2,141 $2,198 $13,015 $2,149 $2,198 $10,866 $2,157 $2,198 $8,709 $2,165 $2,198 $6,544 $2,173 $2,198 $4,371 $2,181 $2,198 $2,189

37

$2,189 $2,198 ($0)

38

Principal Cum Principal Cumulativeper year Paid Payment

$6,997 $6,997 $26,372

$7,319 $14,316 $26,372

39

$7,684 $21,999 $26,372

$8,036 $30,036 $26,372

$8,406 $38,441 $26,372

40

$8,792 $47,233 $26,372

$9,196 $56,429 $26,372

$9,618 $66,047 $26,372

$10,060 $76,107 $26,372

41

PERMANENT LOAN ASSUMPTIONSYearly rate> 5.70%

Monthly rate > 0.48%# of yrs > 30 Years

# of months> 360 YearsLoan amount > $108,434

Start date > 1-Mar-15

Monthly Pmt ($629)Annual Pmt ($7,552)

% TIF 66%Taxes Paid $3,833

Loan Amortization # Date Balance Interest1 Mar-15 $108,434 $5152 Apr-15 $108,320 $5153 May-15 $108,205 $5144 Jun-15 $108,089 $5135 Jul-15 $107,974 $5136 Aug-15 $107,857 $5127 Aug-15 $107,740 $5128 Sep-15 $107,622 $5119 Oct-15 $107,504 $511

10 Nov-15 $107,386 $51011 Dec-15 $107,266 $51012 Jan-16 $107,147 $50913 Mar-16 $107,026 $50814 Mar-16 $106,905 $50815 Apr-16 $106,784 $50716 May-16 $106,661 $50717 Jun-16 $106,539 $50618 Jul-16 $106,415 $50519 Aug-16 $106,292 $50520 Sep-16 $106,167 $50421 Oct-16 $106,042 $50422 Nov-16 $105,916 $50323 Dec-16 $105,790 $50324 Jan-17 $105,663 $50225 Mar-17 $105,536 $501

Year 1

Year 2

42

26 Mar-17 $105,408 $50127 Apr-17 $105,279 $50028 May-17 $105,150 $49929 Jun-17 $105,020 $49930 Jul-17 $104,889 $49831 Aug-17 $104,758 $49832 Sep-17 $104,627 $49733 Oct-17 $104,494 $49634 Nov-17 $104,361 $49635 Dec-17 $104,228 $49536 Jan-18 $104,093 $49437 Mar-18 $103,958 $49438 Mar-18 $103,823 $49339 Apr-18 $103,687 $49340 May-18 $103,550 $49241 Jun-18 $103,412 $49142 Jul-18 $103,274 $49143 Aug-18 $103,135 $49044 Sep-18 $102,996 $48945 Oct-18 $102,856 $48946 Nov-18 $102,715 $48847 Dec-18 $102,574 $48748 Jan-19 $102,431 $48749 Mar-19 $102,289 $48650 Mar-19 $102,145 $48551 Apr-19 $102,001 $48552 May-19 $101,856 $48453 Jun-19 $101,711 $48354 Jul-19 $101,564 $48255 Aug-19 $101,417 $48256 Sep-19 $101,270 $48157 Oct-19 $101,122 $48058 Nov-19 $100,972 $48059 Dec-19 $100,823 $47960 Jan-20 $100,672 $47861 Feb-20 $100,521 $47762 Mar-20 $100,369 $47763 Apr-20 $100,217 $47664 May-20 $100,063 $47565 Jun-20 $99,909 $47566 Jul-20 $99,755 $47467 Aug-20 $99,599 $47368 Sep-20 $99,443 $472

Year 3

Year 4

Year 5

Year 6

43

69 Oct-20 $99,286 $47270 Nov-20 $99,128 $47171 Dec-20 $98,970 $47072 Jan-21 $98,810 $46973 Feb-21 $98,650 $46974 Mar-21 $98,490 $46875 Apr-21 $98,328 $46776 May-21 $98,166 $46677 Jun-21 $98,003 $46678 Jul-21 $97,839 $46579 Aug-21 $97,674 $46480 Sep-21 $97,509 $46381 Oct-21 $97,343 $46282 Nov-21 $97,176 $46283 Dec-21 $97,008 $46184 Jan-22 $96,839 $46085 Feb-22 $96,670 $45986 Mar-22 $96,500 $45887 Apr-22 $96,329 $45888 May-22 $96,157 $45789 Jun-22 $95,984 $45690 Jul-22 $95,811 $45591 Aug-22 $95,637 $45492 Sep-22 $95,462 $45393 Oct-22 $95,286 $45394 Nov-22 $95,109 $45295 Dec-22 $94,931 $45196 Jan-23 $94,753 $45097 Feb-23 $94,574 $44998 Mar-23 $94,394 $44899 Apr-23 $94,213 $448

100 May-23 $94,031 $447101 Jun-23 $93,848 $446102 Jul-23 $93,664 $445103 Aug-23 $93,480 $444104 Sep-23 $93,295 $443105 Oct-23 $93,108 $442106 Nov-23 $92,921 $441107 Dec-23 $92,733 $440108 Jan-24 $92,545 $440109 Feb-24 $92,355 $439110 Mar-24 $92,164 $438111 Apr-24 $91,973 $437

Year 7

Year 8

Year 9

44

112 May-24 $91,780 $436113 Jun-24 $91,587 $435114 Jul-24 $91,392 $434115 Aug-24 $91,197 $433116 Sep-24 $91,001 $432117 Oct-24 $90,804 $431118 Nov-24 $90,606 $430119 Dec-24 $90,407 $429120 Jan-25 $90,207 $428121 Feb-25 $90,006 $428122 Mar-25 $89,804 $427123 Apr-25 $89,601 $426124 May-25 $89,398 $425125 Jun-25 $89,193 $424126 Jul-25 $88,987 $423127 Aug-25 $88,781 $422128 Sep-25 $88,573 $421129 Oct-25 $88,364 $420130 Nov-25 $88,155 $419131 Dec-25 $87,944 $418132 Jan-26 $87,733 $417133 Feb-26 $87,520 $416134 Mar-26 $87,306 $415135 Apr-26 $87,092 $414136 May-26 $86,876 $413137 Jun-26 $86,659 $412138 Jul-26 $86,442 $411139 Aug-26 $86,223 $410140 Sep-26 $86,003 $409141 Oct-26 $85,782 $407142 Nov-26 $85,560 $406143 Dec-26 $85,337 $405144 Jan-27 $85,113 $404145 Feb-27 $84,888 $403146 Mar-27 $84,662 $402147 Apr-27 $84,435 $401148 May-27 $84,207 $400149 Jun-27 $83,977 $399150 Jul-27 $83,747 $398151 Aug-27 $83,515 $397152 Sep-27 $83,283 $396

45

153 Oct-27 $83,049 $394154 Nov-27 $82,814 $393155 Dec-27 $82,578 $392156 Jan-28 $82,341 $391157 Feb-28 $82,103 $390158 Mar-28 $81,863 $389159 Apr-28 $81,623 $388160 May-28 $81,381 $387161 Jun-28 $81,138 $385162 Jul-28 $80,894 $384163 Aug-28 $80,649 $383164 Sep-28 $80,403 $382165 Oct-28 $80,156 $381166 Nov-28 $79,907 $380167 Dec-28 $79,657 $378168 Jan-29 $79,406 $377169 Feb-29 $79,154 $376170 Mar-29 $78,901 $375171 Apr-29 $78,646 $374172 May-29 $78,390 $372173 Jun-29 $78,133 $371174 Jul-29 $77,875 $370175 Aug-29 $77,616 $369176 Sep-29 $77,355 $367177 Oct-29 $77,093 $366178 Nov-29 $76,830 $365179 Dec-29 $76,566 $364180 Jan-30 $76,300 $362181 Feb-30 $76,033 $361182 Mar-30 $75,765 $360183 Apr-30 $75,495 $359184 May-30 $75,225 $357185 Jun-30 $74,952 $356186 Jul-30 $74,679 $355187 Aug-30 $74,405 $353188 Sep-30 $74,129 $352189 Oct-30 $73,851 $351190 Nov-30 $73,573 $349191 Dec-30 $73,293 $348192 Jan-31 $73,012 $347193 Feb-31 $72,729 $345

46

194 Mar-31 $72,445 $344195 Apr-31 $72,160 $343196 May-31 $71,873 $341197 Jun-31 $71,586 $340198 Jul-31 $71,296 $339199 Aug-31 $71,005 $337200 Sep-31 $70,713 $336201 Oct-31 $70,420 $334202 Nov-31 $70,125 $333203 Dec-31 $69,829 $332204 Jan-32 $69,531 $330205 Feb-32 $69,232 $329206 Mar-32 $68,932 $327207 Apr-32 $68,630 $326208 May-32 $68,326 $325209 Jun-32 $68,022 $323210 Jul-32 $67,715 $322211 Aug-32 $67,408 $320212 Sep-32 $67,098 $319213 Oct-32 $66,788 $317214 Nov-32 $66,476 $316215 Dec-32 $66,162 $314216 Jan-33 $65,847 $313217 Feb-33 $65,530 $311218 Mar-33 $65,212 $310219 Apr-33 $64,893 $308220 May-33 $64,572 $307221 Jun-33 $64,249 $305222 Jul-33 $63,925 $304223 Aug-33 $63,599 $302224 Sep-33 $63,272 $301225 Oct-33 $62,943 $299226 Nov-33 $62,613 $297227 Dec-33 $62,281 $296228 Jan-34 $61,947 $294229 Feb-34 $61,612 $293230 Mar-34 $61,275 $291231 Apr-34 $60,937 $289232 May-34 $60,597 $288233 Jun-34 $60,256 $286234 Jul-34 $59,913 $285

47

235 Aug-34 $59,568 $283236 Sep-34 $59,221 $281237 Oct-34 $58,873 $280238 Nov-34 $58,524 $278239 Dec-34 $58,172 $276240 Jan-35 $57,819 $275241 Feb-35 $57,465 $273242 Mar-35 $57,108 $271243 Apr-35 $56,750 $270244 May-35 $56,390 $268245 Jun-35 $56,029 $266246 Jul-35 $55,666 $264247 Aug-35 $55,301 $263248 Sep-35 $54,934 $261249 Oct-35 $54,566 $259250 Nov-35 $54,195 $257251 Dec-35 $53,823 $256252 Jan-36 $53,450 $254253 Feb-36 $53,074 $252254 Mar-36 $52,697 $250255 Apr-36 $52,318 $249256 May-36 $51,937 $247257 Jun-36 $51,555 $245258 Jul-36 $51,170 $243259 Aug-36 $50,784 $241260 Sep-36 $50,396 $239261 Oct-36 $50,006 $238262 Nov-36 $49,614 $236263 Dec-36 $49,220 $234264 Jan-37 $48,825 $232265 Feb-37 $48,427 $230266 Mar-37 $48,028 $228267 Apr-37 $47,627 $226268 May-37 $47,223 $224269 Jun-37 $46,818 $222270 Jul-37 $46,411 $220271 Aug-37 $46,003 $219272 Sep-37 $45,592 $217273 Oct-37 $45,179 $215274 Nov-37 $44,764 $213275 Dec-37 $44,347 $211

48

276 Jan-38 $43,929 $209277 Feb-38 $43,508 $207278 Mar-38 $43,085 $205279 Apr-38 $42,661 $203280 May-38 $42,234 $201281 Jun-38 $41,805 $199282 Jul-38 $41,374 $197283 Aug-38 $40,942 $194284 Sep-38 $40,507 $192285 Oct-38 $40,070 $190286 Nov-38 $39,631 $188287 Dec-38 $39,190 $186288 Jan-39 $38,746 $184289 Feb-39 $38,301 $182290 Mar-39 $37,854 $180291 Apr-39 $37,404 $178292 May-39 $36,953 $176293 Jun-39 $36,499 $173294 Jul-39 $36,043 $171295 Aug-39 $35,585 $169296 Sep-39 $35,124 $167297 Oct-39 $34,662 $165298 Nov-39 $34,197 $162299 Dec-39 $33,730 $160300 Jan-40 $33,261 $158301 Feb-40 $32,790 $156302 Mar-40 $32,316 $154303 Apr-40 $31,840 $151304 May-40 $31,362 $149305 Jun-40 $30,882 $147306 Jul-40 $30,399 $144307 Aug-40 $29,914 $142308 Sep-40 $29,427 $140309 Oct-40 $28,937 $137310 Nov-40 $28,445 $135311 Dec-40 $27,951 $133312 Jan-41 $27,455 $130313 Feb-41 $26,956 $128314 Mar-41 $26,454 $126315 Apr-41 $25,951 $123316 May-41 $25,444 $121

49

317 Jun-41 $24,936 $118318 Jul-41 $24,425 $116319 Aug-41 $23,912 $114320 Sep-41 $23,396 $111321 Oct-41 $22,878 $109322 Nov-41 $22,357 $106323 Dec-41 $21,834 $104324 Jan-42 $21,308 $101325 Feb-42 $20,780 $99326 Mar-42 $20,249 $96327 Apr-42 $19,716 $94328 May-42 $19,181 $91329 Jun-42 $18,642 $89330 Jul-42 $18,102 $86331 Aug-42 $17,558 $83332 Sep-42 $17,012 $81333 Oct-42 $16,464 $78334 Nov-42 $15,913 $76335 Dec-42 $15,359 $73336 Jan-43 $14,802 $70337 Feb-43 $14,243 $68338 Mar-43 $13,682 $65339 Apr-43 $13,117 $62340 May-43 $12,550 $60341 Jun-43 $11,981 $57342 Jul-43 $11,408 $54343 Aug-43 $10,833 $51344 Sep-43 $10,255 $49345 Oct-43 $9,674 $46346 Nov-43 $9,091 $43347 Dec-43 $8,505 $40348 Jan-44 $7,916 $38349 Feb-44 $7,324 $35350 Mar-44 $6,730 $32351 Apr-44 $6,132 $29352 May-44 $5,532 $26353 Jun-44 $4,929 $23354 Jul-44 $4,323 $21355 Aug-44 $3,714 $18356 Sep-44 $3,102 $15357 Oct-44 $2,488 $12

50

358 Nov-44 $1,870 $9359 Dec-44 $1,250 $6360 Jan-45 $626 $3

51

Ending Interest

Principal Payment Balance per year$114 $629 $108,320 $115 $629 $108,205 $115 $629 $108,089 $116 $629 $107,974 $116 $629 $107,857 $117 $629 $107,740 $118 $629 $107,622 $118 $629 $107,504 $119 $629 $107,386 $119 $629 $107,266 $120 $629 $107,147 $120 $629 $107,026 $6,144$121 $629 $106,905 $122 $629 $106,784 $122 $629 $106,661 $123 $629 $106,539 $123 $629 $106,415 $124 $629 $106,292 $124 $629 $106,167 $125 $629 $106,042 $126 $629 $105,916 $126 $629 $105,790 $127 $629 $105,663 $127 $629 $105,536 $6,062$128 $629 $105,408

52

$129 $629 $105,279 $129 $629 $105,150 $130 $629 $105,020 $131 $629 $104,889 $131 $629 $104,758 $132 $629 $104,627 $132 $629 $104,494 $133 $629 $104,361 $134 $629 $104,228 $134 $629 $104,093 $135 $629 $103,958 $5,967$136 $629 $103,823 $136 $629 $103,687 $137 $629 $103,550 $137 $629 $103,412 $138 $629 $103,274 $139 $629 $103,135 $139 $629 $102,996 $140 $629 $102,856 $141 $629 $102,715 $141 $629 $102,574 $142 $629 $102,431 $143 $629 $102,289 $5,875$143 $629 $102,145 $144 $629 $102,001 $145 $629 $101,856 $146 $629 $101,711 $146 $629 $101,564 $147 $629 $101,417 $148 $629 $101,270 $148 $629 $101,122 $149 $629 $100,972 $150 $629 $100,823 $150 $629 $100,672 $151 $629 $100,521 $5,776$152 $629 $100,369 $153 $629 $100,217 $153 $629 $100,063 $154 $629 $99,909 $155 $629 $99,755 $156 $629 $99,599 $156 $629 $99,443 $157 $629 $99,286

53

$158 $629 $99,128 $158 $629 $98,970 $159 $629 $98,810 $160 $629 $98,650 $5,672$161 $629 $98,490 $162 $629 $98,328 $162 $629 $98,166 $163 $629 $98,003 $164 $629 $97,839 $165 $629 $97,674 $165 $629 $97,509 $166 $629 $97,343 $167 $629 $97,176 $168 $629 $97,008 $169 $629 $96,839 $169 $629 $96,670 $5,562$170 $629 $96,500 $171 $629 $96,329 $172 $629 $96,157 $173 $629 $95,984 $173 $629 $95,811 $174 $629 $95,637 $175 $629 $95,462 $176 $629 $95,286 $177 $629 $95,109 $178 $629 $94,931 $178 $629 $94,753 $179 $629 $94,574 $5,446$180 $629 $94,394 $181 $629 $94,213 $182 $629 $94,031 $183 $629 $93,848 $184 $629 $93,664 $184 $629 $93,480 $185 $629 $93,295 $186 $629 $93,108 $187 $629 $92,921 $188 $629 $92,733 $189 $629 $92,545 $190 $629 $92,355 $5,323$191 $629 $92,164 $192 $629 $91,973 $192 $629 $91,780

54

$193 $629 $91,587 $194 $629 $91,392 $195 $629 $91,197 $196 $629 $91,001 $197 $629 $90,804 $198 $629 $90,606 $199 $629 $90,407 $200 $629 $90,207 $201 $629 $90,006 $202 $629 $89,804 $203 $629 $89,601 $204 $629 $89,398 $205 $629 $89,193 $206 $629 $88,987 $207 $629 $88,781 $208 $629 $88,573 $209 $629 $88,364 $210 $629 $88,155 $211 $629 $87,944 $212 $629 $87,733 $213 $629 $87,520 $214 $629 $87,306 $215 $629 $87,092 $216 $629 $86,876 $217 $629 $86,659 $218 $629 $86,442 $219 $629 $86,223 $220 $629 $86,003 $221 $629 $85,782 $222 $629 $85,560 $223 $629 $85,337 $224 $629 $85,113 $225 $629 $84,888 $226 $629 $84,662 $227 $629 $84,435 $228 $629 $84,207 $229 $629 $83,977 $230 $629 $83,747 $232 $629 $83,515 $233 $629 $83,283 $234 $629 $83,049

55

$235 $629 $82,814 $236 $629 $82,578 $237 $629 $82,341 $238 $629 $82,103 $239 $629 $81,863 $241 $629 $81,623 $242 $629 $81,381 $243 $629 $81,138 $244 $629 $80,894 $245 $629 $80,649 $246 $629 $80,403 $247 $629 $80,156 $249 $629 $79,907 $250 $629 $79,657 $251 $629 $79,406 $252 $629 $79,154 $253 $629 $78,901 $255 $629 $78,646 $256 $629 $78,390 $257 $629 $78,133 $258 $629 $77,875 $259 $629 $77,616 $261 $629 $77,355 $262 $629 $77,093 $263 $629 $76,830 $264 $629 $76,566 $266 $629 $76,300 $267 $629 $76,033 $268 $629 $75,765 $269 $629 $75,495 $271 $629 $75,225 $272 $629 $74,952 $273 $629 $74,679 $275 $629 $74,405 $276 $629 $74,129 $277 $629 $73,851 $279 $629 $73,573 $280 $629 $73,293 $281 $629 $73,012 $283 $629 $72,729 $284 $629 $72,445

56

$285 $629 $72,160 $287 $629 $71,873 $288 $629 $71,586 $289 $629 $71,296 $291 $629 $71,005 $292 $629 $70,713 $293 $629 $70,420 $295 $629 $70,125 $296 $629 $69,829 $298 $629 $69,531 $299 $629 $69,232 $300 $629 $68,932 $302 $629 $68,630 $303 $629 $68,326 $305 $629 $68,022 $306 $629 $67,715 $308 $629 $67,408 $309 $629 $67,098 $311 $629 $66,788 $312 $629 $66,476 $314 $629 $66,162 $315 $629 $65,847 $317 $629 $65,530 $318 $629 $65,212 $320 $629 $64,893 $321 $629 $64,572 $323 $629 $64,249 $324 $629 $63,925 $326 $629 $63,599 $327 $629 $63,272 $329 $629 $62,943 $330 $629 $62,613 $332 $629 $62,281 $334 $629 $61,947 $335 $629 $61,612 $337 $629 $61,275 $338 $629 $60,937 $340 $629 $60,597 $342 $629 $60,256 $343 $629 $59,913 $345 $629 $59,568

57

$346 $629 $59,221 $348 $629 $58,873 $350 $629 $58,524 $351 $629 $58,172 $353 $629 $57,819 $355 $629 $57,465 $356 $629 $57,108 $358 $629 $56,750 $360 $629 $56,390 $361 $629 $56,029 $363 $629 $55,666 $365 $629 $55,301 $367 $629 $54,934 $368 $629 $54,566 $370 $629 $54,195 $372 $629 $53,823 $374 $629 $53,450 $375 $629 $53,074 $377 $629 $52,697 $379 $629 $52,318 $381 $629 $51,937 $383 $629 $51,555 $384 $629 $51,170 $386 $629 $50,784 $388 $629 $50,396 $390 $629 $50,006 $392 $629 $49,614 $394 $629 $49,220 $396 $629 $48,825 $397 $629 $48,427 $399 $629 $48,028 $401 $629 $47,627 $403 $629 $47,223 $405 $629 $46,818 $407 $629 $46,411 $409 $629 $46,003 $411 $629 $45,592 $413 $629 $45,179 $415 $629 $44,764 $417 $629 $44,347 $419 $629 $43,929

58

$421 $629 $43,508 $423 $629 $43,085 $425 $629 $42,661 $427 $629 $42,234 $429 $629 $41,805 $431 $629 $41,374 $433 $629 $40,942 $435 $629 $40,507 $437 $629 $40,070 $439 $629 $39,631 $441 $629 $39,190 $443 $629 $38,746 $445 $629 $38,301 $447 $629 $37,854 $450 $629 $37,404 $452 $629 $36,953 $454 $629 $36,499 $456 $629 $36,043 $458 $629 $35,585 $460 $629 $35,124 $463 $629 $34,662 $465 $629 $34,197 $467 $629 $33,730 $469 $629 $33,261 $471 $629 $32,790 $474 $629 $32,316 $476 $629 $31,840 $478 $629 $31,362 $480 $629 $30,882 $483 $629 $30,399 $485 $629 $29,914 $487 $629 $29,427 $490 $629 $28,937 $492 $629 $28,445 $494 $629 $27,951 $497 $629 $27,455 $499 $629 $26,956 $501 $629 $26,454 $504 $629 $25,951 $506 $629 $25,444 $508 $629 $24,936

59

$511 $629 $24,425 $513 $629 $23,912 $516 $629 $23,396 $518 $629 $22,878 $521 $629 $22,357 $523 $629 $21,834 $526 $629 $21,308 $528 $629 $20,780 $531 $629 $20,249 $533 $629 $19,716 $536 $629 $19,181 $538 $629 $18,642 $541 $629 $18,102 $543 $629 $17,558 $546 $629 $17,012 $549 $629 $16,464 $551 $629 $15,913 $554 $629 $15,359 $556 $629 $14,802 $559 $629 $14,243 $562 $629 $13,682 $564 $629 $13,117 $567 $629 $12,550 $570 $629 $11,981 $572 $629 $11,408 $575 $629 $10,833 $578 $629 $10,255 $581 $629 $9,674 $583 $629 $9,091 $586 $629 $8,505 $589 $629 $7,916 $592 $629 $7,324 $595 $629 $6,730 $597 $629 $6,132 $600 $629 $5,532 $603 $629 $4,929 $606 $629 $4,323 $609 $629 $3,714 $612 $629 $3,102 $615 $629 $2,488 $618 $629 $1,870

60

$620 $629 $1,250 $623 $629 $626 $626 $629 ($0)

61

Principal Cum Principal Cumulativeper year Paid Payment

$1,408 $1,408 $7,552

$1,490 $2,898 $7,552

62

$1,585 $4,483 $7,552

$1,678 $6,161 $7,552

$1,776 $7,937 $7,552

63

$1,880 $9,816 $7,552

$1,990 $11,806 $7,552

$2,106 $13,912 $7,552

$2,229 $16,142 $7,552

64

Lease Up 100% 100%

Year 0 Year 1 Year 2 Year 3

GOI (1.0% Appreciation) $84,360 $87,390 $90,420

Op. Exp. (3.0% Annual Increase) ($30,143) ($31,047) ($31,979)

NOI $54,217 $56,343 $58,441

Interest Expense 25,519$ 25,115$ 24,656$ Depreciation Expense 16,085$ 16,085$ 16,085$ Taxable Income 12,613$ 15,142$ 17,701$

Federal Tax Credits 25,697$ 25,697$ 25,697$ Maine Tax Credits 40,151$ 40,151$ 40,151$

65

Year 4 Year 5 Year 6

$93,450 $96,480 $97,445

($32,938) ($33,926) ($34,944)

$60,512 $62,554 $62,501

24,210$ 23,743$ 23,253$ 16,085$ 16,085$ 16,085$ 20,217$ 22,726$ 23,163$

25,697$ 25,697$ 40,151$

66

Total Project Cost 755,790$

Total QRES 642,422$ Proj at 85% of Project Costs

Proj Federal HTC (20%) 128,484$

Proj Maine HTC (25%) 160,605$

Federal Depreciable Basis - QREs 513,937$

Depreciation (39 Years) 13,178$

Depreciation Non-QREs 2,907$

Total Annual Depreciation 16,085$

Tax Depreciation Federal HTC

Year 1 16,085$ 25,697$

Year 2 16,085$ 25,697$

Year 3 16,085$ 25,697$

Year 4 16,085$ 25,697$

Year 5 16,085$ 25,697$

Year 6 16,085$ -$

Tax Credit and Depreciation Projections

67

Proj at 85% of Project Costs

ME HTC

40,151$

40,151$

40,151$

40,151$

68

2020 188 Lincoln Street CEI LLC

1.0% 1.0%

Initial Capital Contribution - 2019 100$ #REF!

Capital Contributions (Distributions) -$

Line 2 - Net Rental Real Estate Income (Loss) 126$ 126$

Line 15 - Credits 257$ 257$

Footnote - State Tax Credits Allocated 40,151$

Ending Capital Account (31)$ #REF!


1.0% 1.0%

Beginning Capital Account (31)$ #REF!

Capital Contributions (Distributions)






1.0% 1.0%








1.0% 1.0%

K-1 Projections for 188 Lincoln

69








1.0% 1.0%





Footnote - State Tax Credits Allocated


70

Mullins

98.0% Sch K-1 TOTALS

#REF!

(5,000)$

12,361$ 12,613$

25,183$ 25,697$

40,151$

#REF!

Mullins


#REF!

(5,000)$

14,840$ 15,142$

25,183$ 25,697$

40,151$

#REF!

Mullins


#REF!

(5,000)$

17,347$ 17,701$

25,183$ 25,697$

40,151$

#REF!

Mullins


K-1 Projections for 188 Lincoln

71

#REF!

(5,000)$

19,813$ 20,217$

25,183$ 25,697$

40,151$

#REF!

Mullins


#REF!

(5,000)$

22,272$ 22,726$

25,183$ 25,697$

-$

#REF!

72

Memo

Number:To: Land Bank AuthorityFrom: Ian Houseal, AdministrationDate: 2020-07-16 08:45:00

Subject: Consideration of proposal for a Residential Target Market Analysis of Sanford,Springvale, and downtown.

RECOMMENDATION

ATTACHMENTS

Proposal - Targetted Market Analysis 07-09-20.pdfTMA Build Maine 06-04-20.pdf

73

https://legistarweb-production.s3.amazonaws.com/uploads/attachment/pdf/638043/Proposal_-_Targetted_Market_Analysis_07-09-20.pdf

https://legistarweb-production.s3.amazonaws.com/uploads/attachment/pdf/638044/TMA_Build_Maine_06-04-20.pdf

The City of Sanford, Maine Proposal

July 9, 2020

Attn: Ian Houseal, Director

Community Development

919 Main Street

The City of Sanford, ME 04073

[email protected]

(207) 608-4101

RE: Preliminary Residential Target Market Analysis

Proposal and Agreement for Consultation Services

Dear Ian,

On behalf of LandUseUSA | Urban Strategies, I would like to thank you for this opportunity to

present this letter proposal for consultation services for the City of Sanford, including the

Village of Springvale. If you authorize the work on this assignment, then we will conduct a

preliminary target market analysis for Sanford that mirrors the study recently presented at the

Build Maine conference for Portland, Lewiston, and Topsham.

The market analysis for Sanford will include some additional exhibits that will be important for

qualifying the model results, and that had not been included in the Build Main presentation. For

example, we will include profiles for the city’s top target markets (lifestyle clusters), a few

additional maps, more data and histograms, and similar types of resources. If time permits, we

might also provide some information on the price (value and rent) tolerances of the target

markets.

74


We will present the information in a portrait format rather than landscape like a slide

presentation. The report will include a cover page, chapter headers, and table of contents.

Most if not all of the pages in the report will include histograms, pie charts, line charts, and

similar types of graphics. To provide a sense of geographic perspective, we anticipate including

some data comparisons to York County and the State of Maine. If time permits, then we may

choose to compose and add a succinct one-page narrative executive summary.

We understand that your budget is small for this assignment, or $2,000. This is enough to fund

just two (2) days of professional time to complete the analysis. For this reason, we will

respectfully as for liberties in deciding the most efficient way to complete the analysis,

including researching the local market, choosing relevant variables, selecting comparative

geographies, running the gap model, presenting and conveying the results, and related tasks.

All work on this assignment will be completed virtually, including field and market research;

data collection and analysis; and meetings and phone conferences. To ensure that we can

complete the work efficiently while remaining within the budget, we will not conduct

qualitative research into the city’s history, planning progress, housing policies, or related topics.

Instead, we will focus on a quantitative and empirical data analysis and will verbally explain

how you might use it to address related housing questions; and how to gauge the possible

implications for the city’s two downtowns, neighborhoods, and reinvestment opportunities.

Our full hourly rate for professional time is $125 per hour, and we anticipate spending just 20

hours on the assignment, for a total of $2,000. To leverage work efficiencies, the data analysis

and models will be “batch run” along with other larger studies that are currently underway at

LandUseUSA. This also means that it may take up to two months to complete the assignment.

However, the trade-off is that you will receive more information at the end of the study. If we

accelerate the work, then we would also need to take some short-cuts that will result in less

information - albeit faster. Please let me know if you would like us to expedite the work, or if

you are willing to wait for more information.

We would submit only one invoice upon delivery of the draft report, in the amount of $2,000.

We would not require a retainer for this project, and in return we would ask that you pay our

invoice within 30 days of receipt. Payment of the invoice may not be delayed based on the

timing of a follow-up phone conference; your review of the draft report; or the timing of

refinements to answer a few questions.

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If you would like to authorize the work on this assignment, then please sign below, scan this

signed page, and email it to [email protected]. We will then commence with the

work immediately and without delay. I will also look forward to your call to answer any follow-

up questions that you might have.

AGREED:

Sharon Woods, Principal & CEO

LandUseUSA | Urban Strategies

6971 Westgate Drive

Laingsburg, Michigan 48848

(517) 290-5531 | [email protected]

AGREED ($2,000):

Preliminary Residential Target Market Analysis

. . . . . . . . . . . . . . . . . . . . . . . . .

Please Sign Above to Authorize

. . . . . . . . . . . . . . . . . . . . . . . . .

Please Print Your Name Above

The City of Sanford, Maine

. . . . . . . . . . . . . . . . . . . . . . . . .

Date Signed and Authorized

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In partnership with:

LandUseUSA | Urban Strategies6971 Westgate DriveLaingsburg, Michigan 48848www.LandUseUSA.com DBE-Certified

mailing address

alliances and partnershipsDowntown Collaborative | DCCollaborator

Counselors of Real Estate | CRECongress for the New Urbanism | CNUaForm-Based Codes Institute | FBCINational Charrette Institute | NCI

American Planning Assoc. | APAMI Association of Planning | MAPMI Downtown Association | MDAMI Economic Dev. Assoc. | MEDA

additional affiliations

board of directorsMichigan Chapter of the CNU | MiCNUMichigan Comm. Dev. Assoc. | MCDA

certifications

advanced educationMiami University | MUMasters Degree Arts - 1990 | MAApplied Geography | Urban PlanningSumma Cum Laude 4.0 with Honors University of Wisconsin | UWBachelors Degree Arts - 1988 | BAApplied Geography | Urban Planning

fortune 500 retailersGeneral Motors | Urban ScienceLocation IntelligenceDowntown Detroit | MichiganSenior Manager | 2001-2002 Sears Holdings | Kmart CorporationReal Estate Market StrategiesThe City of Troy | MichiganDirector | 2000-2001 Macy's, Inc. | Federated Dept. StoresArea Research, Location IntelligenceDowntown Cincinnati | OhioSenior Manager | 1993-2000 Target Corporation | Dayton-HudsonMarket Research & AnalysisDowntown Minneapolis | MinnesotaSenior Market Analyst | 1990-1993

Incremental Dev. Alliance | IDAFaculty Member

Sharon Woods is the founding Principal andPresident of LandUseUSA | Urban Strategies.Her specialty is studying the lifestylepreferences of migrating households,forecasting market opportunities, anddeveloping strategies for cities, urbanplanners, and developers. She focuses ontarget market households and their cravingsfor urban housing, retail, placemakingamenities, and social interaction.

Sharon is an active proponent and advocate for urbanism,placemaking, and aesthetics through good building form anddesign. She contributes to the urbanism cause by developinghousing and residential market studies, retail market studies, andland use strategies. Her personal mission is to inform and encouragecommunities, developers, and investors on ways to create vibranturban places that are engaging and that help them intercept targetmarket households who are on the move across the nation. Sharon serves as a faculty member with the IncrementalDevelopment Alliance, a non-profit and volunteer-basedorganization focused on teaching developers how to reinvest intotheir communities, and with small projects that incrementally addvalue. She is also a member of the Downtown Collaborative; andserves as a board member for her local chapter of the CNU. Sharon is a certified Counselor of Real Estate, which is an invitation-only organization that holds its members to exceptionally highstandards, and specifically on its six core principles of integrity,knowledge, experience, wisdom, commitment, and distinction. Sharon began her career with twelve years in leadership positions atfour Fortune 500 retail corporations; and developed expertise inlocation intelligence, site selection, revenue forecasting, and marketanalysis. She grew up in the Historic Seward Neighborhood ofMinneapolis and has worked in four downtowns, includingMinneapolis (Target), Cincinnati (Macy's), Detroit (GM), and Lansing(consulting). These urban places inspired her and in 2000 shedecided on the career change that has enabled her to make aninvaluable contribution to the urbanism cause.

Sharon Woods, PrincipalCRE | CNUa | FBCI | NCI | MA | DBE

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services overview market research & analysistarget market analysishousing and retail studieshighest and best use studiesdowntown market studiesoptimal land use strategieseconomic growth strategiesplanning support servicesreal estate consultationslocation intelligence

In partnership with:

LandUseUSA | Urban Strategies6971 Westgate DriveLaingsburg, Michigan 48848www.LandUseUSA.com DBE-Certified

mailing address

We provide professional consultation services with specializationin real estate market research and analysis. Our work includesplace-based target market analysis, downtown marketstrategies, housing and retail market studies, and land useeconomics. Our services are customized for each unique placeand project; and backed by industry intelligence on the lifestylepreferences of established residents, commuters, tenants,shoppers, and migrating households. communities - We assist communities of all sizes by measuringthe market potential for housing, retail, and mixed-use projects.Results are often used to guide the process of updating masterplans and zoning ordinances; make policy decisions about land useand investment; and validate or refute the feasibility of site-specificdevelopment proposals. urban planners - We support planning firms by demonstrating theeconomic viability of their master plans and site plans. We conductthe market analysis in the earliest stages of each planning project,and support our teams throughout the planning and stakeholderengagement process. developers - We help developers by identifying investmentopportunities, optimal land use strategies, and attainable rents andvalues per square foot. We are experts at forecasting marketopportunities by building format, tenure, rent, value, unit size, andabsorption rate. downtowns - We help downtowns identify the optimal mix ofmerchants and tenants for filling brick-and-mortar retail space. Wealso help by forecasting the market potential for urban lofts abovestreet-front retail; and for townhouses, row houses, and othermissing housing formats that can help transition into thesurrounding neighborhoods. nationwide - Our experience is coast-to-coast, from Alaska toPuerto Rico, and from California to Maine. We are DBE-certified innumerous states; and we are currently working on projects andassisting planning teams in California, Iowa, Colorado, Missouri, andMaryland.

Services Overview

board of directors CNU Michigan Chapter | MiCNUComm Develop. Assoc. | MCDA

speaking engagements university, college lecturesconferences, workshopsdeveloper forums, tutorialsreal estate bootcamps

additional affiliations American Planning Assoc. | APAAssociation of Planning | MAPDowntown Association | MDACommunity Dev. Assoc. | MCDA

alliances and partnerships Incremental Dev. Alliance | IDAFaculty Member Downtown Collaborative | DCCollaborator

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Target Market Analysis | Downtown Market Strategies | Land Use Economics

Residential Target Market AnalysisA Residential Target Market Analysis (TMA) is a specialized study of households who are on the move and seeking dynamic places for living, working, shopping, and playing. It focuses on households with a preference for urban

places, including downtown districts, mixed-use corridors, and surrounding neighborhoods. Study results are used to identify Missing Middle Housing format, particularly attached units in mixed-use projects and urban settings.

™

Address 6971 Westgate Drive Laingsburg, Michigan 48848

Phone (517) 290-5531

E-mail [email protected]

Website www.LandUseUSA.com

™

Facebook “f ” Logo CMYK / .ai Facebook “f ” Logo CMYK / .ai

Methods and Industry Intelligence

n Identification of Target Market Households

n Lifestyle Preferences and Expenditures

n Migration Patterns and Movership Rates

n Demographic and Generational Shifts

n Shifting Trends in the Housing Industry

n Gaps by Tenure, Price, and Unit Size

n Strategies by Missing Middle Housing Typology

n Location Analysis and Placement Strategies

n Implications for the Placemaking Process

n Implications for Planning and Development

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Sharon Woods, CRE, [email protected]

(517) 290-5531 cell phone

Target Market Analysis

Land Use Economics

Downtown Market Studies

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A comparison of established households andbuilt housing units by tenure and price.

Hypothesis:There are houses for owners and apartments

for renters – and this is just fine.The only “mismatch” is in the values and rents.

Supply-Demand AnalysisConventional Approach

81

The Conventional ApproachIs there an income v. rent gaps?

Renter Income Bracketswith Low-Moderate Income (LMI)

Extremely Low Very Low Low

Market Rate

82

The Conventional ApproachIs there an income v. rent gaps?

Contract Rent BracketsWith Low-Moderate Income (LMI)

Extremely Low

Very Low Low Market Rate

83

Conventional ApproachWhat is Currently Available?

Available For-Lease Choices

84

Conventional ApproachWhat is Currently Available?

Available For-Lease ChoicesRent per Square Foot vs. Unit Size

85

Conventional ApproachWhat is being built – if anything?

Approved Building PermitsDetached vs. Attached

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A study of the lifestyle preferences of householdswho are on the move.

Hypothesis:They are looking for housing formats that your

cities and towns don’t have. So, there is a mismatch.

Target Market Analysis(TMA)

87

The TMA ApproachMissing Building FormatsThe TMA Approach

Missing Building Formats

88

Missing Middle Building Formats

89

Missing Middle Building Formats

90

Who is on the move?Renters are on the move.

91

Who is on the move?Lower income households are on the move.

92

Who is on the move?Younger households are on the move.

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Downtown + Street Grid + Compact + Sense of Place

Can include Cities and Towns of all Sizes

The TMA ApproachRural-to-Urban Transect

The Rural-to-Urban TransectWhat is an Urban Place?

94

71 Lifestyle Clusters nationwide71 Lifestyle Clusters

URBAN

RURAL

95

Focused on Diversity of SinglesThe TMA ApproachDiverse Singles

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Focused on Diversity of FamiliesThe TMA ApproachDiverse Families

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1. SOCIO-ECONOMIC Data – U.S. Census and ACS estimates.Income, Family Size, Age, Ethnicity, Education, etc.

2. Tracking of LIFE EVENTS. Change of address, change inmarital status, new additions to the family, etc.

3. Consumer behavior in the RETAIL, CREDIT,MORTGAGE and LEASING markets.

How Experian Collects the DataHow Experian Collects the Data

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The State of Maine1. Portland (city)2. Lewiston (city)3. Topsham (town)

Lewiston

Topsham

Portland

99

Lewiston

Topsham

Portland

The State of Maine1. Portland (city)2. Lewiston (city)3. Topsham (city)

Brunswick

Auburn

100

Annual Market Potential | PortlandBased on In-Migration Only

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Annual Market Potential | LewistonBased on In-Migration Only

102

Annual Market Potential | TopshamBased on In-Migration Only

103

Annual Market Potential | PortlandBased on In-Migration of Renters Only

104

What do they want?

Striving Singles

Portland

105

Annual Market Potential | LewistonBased on In-Migration of Renters Only

106

What do they want?

Daring to Dream

Lewiston

Auburn

107

Annual Market Potential | TopshamBased on In-Migration of Renters Only

108

What do they want?

Digital Dependents

Topsham

Brunswick

109

What do they want?Share of Target Markets that are Renters

PortlandStriving Singles | O54

LewistonDaring to Dream | R66

TopshamDigital Dependents | O51

110

What do they want?Share of Renters that are Moving

PortlandStriving Singles | O54

LewistonDaring to Dream | R66

TopshamDigital Dependents | O51

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What do they want?Building Preferences | PortlandStriving Singles | O54

112

What do they want?Building Preferences | LewistonDaring to Dream | R66

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What do they want?Building Preference | TopshamDigital Dependents | O51

114

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Missing Middle Housing(Opticos Design Group)

115

General Urban | T4

37

600houses

Missing Middle HousingAnnual Market Potential | Lewiston

70ADU’s

75duplex

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General Urban | T4

38


160fourplexes

100townhouse

117

Urban Center | T5M

39


100triplex 150

multiplex

170lofts

80lofts

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The Housing MismatchThe State of Maine

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Additional Reading

1. How Urban Places can Adapt after the Coronavirus(Public Square – A CNU Journal)https://www.cnu.org/publicsquare/2020/04/08/how-urban-places-can-adapt-after-coronavirus

2. Michigan’s Missing Housing – Here’s the Scoophttps://landuseusa.com/publications/

3. Retail Apocalypse – Debunking the Mythhttps://landuseusa.com/publications/

4. Mosaic © USA Consumer Lifestyle Segmentationwww.experian.com/marketing-services/consumer-segmentation.html

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Sharon Woods, CRE, [email protected]

(517) 290-5531 cell phone

Target Market Analysis

Land Use Economics

Downtown Market Studies

121

Properties of Concern Current 07/09/2020

Pending Process 1. 3 Harvard St–Recovery of Expenses 2020, owner demolition pending 2. 17 State St –Recovery of Expenses 2020, potential rehab Demolition/Securing 1. 22 Montreal St– Notice Claim Covered Property, next steps 2. 52 Brook St–Recovery of Expenses 2020, Notice Claim Covered Property, next steps 3. 10 Brook St – Notice Claim Covered Property, next steps 4. 49 North Ave – asbestos abated, Recovery of Expenses 2020 5. 65 Emery St – asbestos abated, cleaned-out, Recovery of Expenses 2020 6. 199 Jagger Mill Rd –asbestos survey pending 7. 12 Proulx Ct – FED, hearing continued due to COVID 8. 28 Thompson St – Recovery of Expenses 2020, appeal, court, status pending Plan of Action 1. 43 Jagger Mill Rd – Rehab Plan, progress 2. 4 Minerva Ave – Rehab Plan, ended Apr 1 3. 54 Mill St – Rehab Plan, ended May 27 (trash), July 1 (building) 4. 72 River St – Rehab Plan, ending Sep 1 5. 35 Lebanon St –Rehab Plan updated, Court appeal 6. 11 Grammar St – Rehab Plan updated 7. 0 Malcolm Ave – Rehab Plan, ended Mar 6 8. 99 River St – Rehab Plan, pending 9. 11 Madison St –Rehab Plan updating, affidavit special tax 2020 10. 408 Main St – Rehab Plan updated, sold, reimbursed 11. 16 West Elm St – Rehab Plan, sold, reimbursed

Land Bank 1. 8 Perkins Ct – demolished, Recovery of Expenses 2020 2. 46 High St – demolished, Recovery of Expenses 2020 3. 7 Normand Ave – demolished, Recovery of Expenses 2020 4. 22 North Ave – demolished, affidavit special tax 2020 5. 93 Lebanon St – demolished, special tax 2019 6. 19 Mill St – secured, special tax 2019 7. 3 Beaver Hill Rd – demolished, special tax 2019 8. 15 Grove Ave – demolished, special tax 2019 9. 32 River St – demolished, clearing title, special tax 2018 10. 21 Sherburne St – sold 11. 13 State St – reimbursed 12. 2 Bougie Ln – reimbursed 13. 14 Proulx Ct – reimbursed 14. 2 Sherburne St – demolished, sold 15. 9 Kirk St – demolished, reimbursed 16. 35 Island Ave – demolished, reimbursed

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17. 5, 7 Allen St – demolished, reimbursed 18. 209 Brook St –demolished, reimbursed 19. 12 Island Ave – demolished, reimbursed 20. 50 High St – occupancy 21. 7 Calvin’s Way – secured, reimbursed 22. 33 Book St – owner demolished 23. 60 Riverside St – occupancy, reimbursed 24. 11 Goodwin St – occupancy 25. 54 Emery St – owner demolished 26. 26 Montreal St – owner demolished 27. 91 Pioneer Ave – demolished, sold 28. 19 Bodwell St – lot, sell 29. 13 Island Ave – lot, sell

Future Rural Dangerous Buildings 1. 215 Old Mill Rd 2. 254 Sunset St 3. 255 Blanchard Rd 4. 337 Sam Allen Rd 5. 357 Sam Allen Rd 6. 473 Oak St JUnK 1. 5 Carpenter St – Findings and Order, ended Jan 4 2. 8 Andrew Ave – Rehab Plan, ending Aug 23 3. 15 New Hampshire St – Notice to Claim Property, ended Jun 5 4. 26 Vaness St – Rehab Plan, ending Aug 23 5. 308 High St – Findings and Order, ended Feb 10 6. 642 New Dam Rd – Rehab Plan, ending Sep 15

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