8/13/2019 Urban Land Institute 2014 Hines Compeition-Cumberland Green Sheets

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1. Summary Pro FormaYear 0 Phase I Phase 2 Phase 3 Phase 4

2014-2015 2016 2017 2018 2019 2020 2021 2022Net Operating Income

Rental Housing 3,983,524 4,206,030 4,332,211 5,636,211For-Sale Housing 22,463,970 14,975,980

Existing Office 956,845 985,550 1,015,117 1,045,570 1,076,937 1,109,246 1,142,523 1,176,799Existing Retail 254,130 261,754 269,607 277,695 286,026 294,606 303,445 312,548

Existing Light Industrial 189,680 195,370 201,232$3,281,909 $3,410,367 $3,442,678 $3,578,958 $6,633,355 $6,871,356

Retail(All) $800,128 $824,132 $1,663,952 $1,713,871 $2,212,568 $2,278,9452,179,407 2,244,789 2,312,133 2,381,497 2,452,942 2,526,5301,940,181 2,054,387 2,797,072 2,852,185 3,465,794 3,536,167

329,338 339,218 349,395 359,876$76,363 $77,079 $77,816 $78,576

1,534,935 1,442,675 9,687,581 9,856,940 15,968,024 16,552,689 43,434,017 37,752,987Development Costs

Rental Housing 44,754,017 12,984,772For-Sale Housing 29,192,220 67,806,741

44,589,020 - - - 28,067,845 - 49,078,0009,628,823 10,103,212 5,544,101

15,952,60026,419,935 - 9,193,812 - 14,486,156 - 16,022,271

Surface Parking 328,125 2,009,438 1,721,2504,735,332

Farmers Market 1,632,370Land Acquisition 11,551,723 17,960,143

362,684 - 3,436,738 - 363,139 - -- 108,832,910 93,825,061 77,653,460 12,984,772 134,628,262

Ann ual Cash Flow1,534,935 1,442,675 9,687,581 9,856,940 15,968,024 16,552,689 43,434,017 37,752,987

Total Asset Value 33,865,524 107,544,027 111,998,919 200,798,721 210,394,225 289,988,682 298,751,1676%

108,832,910 93,825,061 77,653,460 134,628,262Net Cash Flow 1,534,935 (107,390,236) 9,687,581 (83,968,121) 15,968,024 (61,100,771) 43,434,017 (96,875,275)

33,865,524Debt Service

Construction Loan Payments (2,981,120) (2,803,493) (2,970,245)Permanent Loan Payments (5,725,562) (4,951,245) (10,021,273) (9,345,733) (13,102,560) (13,762,614)

Loan Proceeds 77,431,699 67,554,044 66,005,441 114,434,023Reimbursement from TIF Bond 11,914,407 21,396,880

CDBG Disaster Recovery Funds 3,000,000(32,330,589) (21,025,249) 3,962,019 228,065 5,946,750 (7,411,307) 30,331,457 3,796,133

Net Present Value 66,560,759Leveraged Net Present Value 215,297,756Loan to Value Ratio (LVR) 72% 34% 23% 29%Unleveraged IRR Before Taxes 11.67% Cap Rate 7% Current Site Value (start of Year 0) 33,865,524Leveraged IRR Before Taxes 30.05% Projected Site Value (end of Year 10) 410,096,681Debt Coverage Ratio 4.48 1.69 4.42 1.59 1.34 3.31 2.74

Year-by-Year Cumulative AbsorptionTotal Buildout 2016 2017 2018 2019 2020 2021 2022

Project Buildout by Development UnitsRental Housing (units) - - 308 308 308 387 387

For-Sale Housing (units) - 111 111 111(rooms) 158 158 158 158 158 158 158(spaces) 1,419 1,432 1,432 1,897 1,902 2,593 2,600(spaces) 109 109 109 109 683 683 1,142(acres) 0.81 0.81 5.96 5.96 5.96 5.96 5.96

Project Buildout by AreaRental Housing (s.f.) - - 299,202 299,202 299,202 375,632 375,631.50

For-Sale Housing (s.f.) - - - - 148,126 148,126 324,312(s.f.) 305,676 305,676 305,676 305,676 497,437 497,437 833,837(s.f.) 89,989 89,989 176,399 176,399 221,094 221,094 221,094(s.f.) 79,200 79,200 79,200 79,200 79,200 79,200 79,200(s.f.) 472,544 472,544 627,544 627,544 857,749 857,749 1,097,749(s.f.) 328,125 328,125 511,845 511,845 511,845 511,845 658,725

Green Space (s.f.) 35,218 35,284 259,784 259,784 259,784 259,784 259,784(s.f.) - - 40,500 40,500 40,500 40,500 40,500(s.f.) - - 52,600 52,600 52,600 52,600 52,600(s.f.) 1,310,752 1,310,818 2,352,750 2,352,750 2,967,537 3,043,967 3,943,433

Rental HousingFor-Sale Housing

3,55431

Infrastructure CostsRoadsUtilities

StreetscapesLandscaping

Cumberland River GreenwayTotal Infrastructure CostsTotal Development Costs

121,734,865

Leveraged Net Cash Flow

Value of Initial Land Contributi on

Office/Commercial

Hotel

Market-rate

Market-rate

Structured ParkingCulinary Incubator

Farmers MarketTotal Net Operating Income

Hotel

Structured Parking

Culinary Incubator

Total InfrastructureTotal Development Costs

Office/CommercialRetail (ALL)

Hotel

Structured ParkingSurface Parking

Green Space

Net Operating Income

Total Costs of SaleTotal Development Costs

Retail (ALL)

Market-rate

Hotel

2. Multiyear Development Program

Market-rate

Office/Commercial 145.99

Structured ParkingSurface Parking

Farmers MarketCulinary Incubator

Office/CommercialMarket-rate Retail

Hotel

Total

3. Unit Development and Infrastructure Costs 4. Equity and Financing SourcesDevelopment Costs Unit Cost Total Costs

Market-rate 149,190 57,738,789 Equity Sources (total)

274,008 96,998,961 Sulphur Dell Development Corporation

114.32 25,276,135100,966 15,952,600

Phase 2 Financing

Structured Parking 19,874 66,122,174Surface Parking 4,058,813 Financing Sources (total)

Phase 4 - Financing

Farmers Market 1,632,370 Phase 1 - FinancingCulinary Incubator 117 4,735,332

Public Private

Phase 3 Financing

363,1391,463,929 Public Subsidies (total, if any)1,325,583 Tax Increment Financing - Phase 1 Bond

Tax Increment Financing - Phase 2 Bond

394,250,039 Total

3,155,313 CDBG Disaster Recovery Funds6,307,964 4,327,813

8/13/2019 Urban Land Institute 2014 Hines Compeition-Cumberland Green Sheets

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8/13/2019 Urban Land Institute 2014 Hines Compeition-Cumberland Green Sheets

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