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HomeMy WebLinkAbout04/17/2024 - Meeting Materials MEETING OF THE REDEVELOPMENT AGENCY FINANCE COMMITTEE Wednesday April 17, 2024 2:00 p.m. 451 S State Street Room 118 Salt Lake City, UT 84111 The Redevelopment Agency (RDA) Finance Committee meeting will be a hybrid meeting which enables people to join remotely or in-person to listen to the meeting and participate during public comment items. To access and participate in the electronic meeting please visit https://us02web.zoom.us/i/87093887988?pwd=WmovdlVNbUhEQUVESVZGWEZpVmN4dz09Meeting Password: 509222 Agenda 1. Roll Call 2. Approval of the minutes A. Review and Approval of the February 1,2024, Committee Minutes Members will review the February 1, 2024, meeting minutes and consider for approval. 3. Business A. NWQ, LLC Phases II &III Tax Increment Reimbursement Request Members will review a recommendation consideration of Phases II&III tax increment reimbursement request from NWQ, LLC. 4. Adjournment People with disabilities may make requests for reasonable accommodation no later than 48 hours in advance in order to attend this Redevelopment Agency Finance Committee. Accommodations may include alternate formats, interpreters, and other auxiliary aids. This is an accessible facility. For questions, requests, or additional information, please contact the RDA at 801-535-7240. MINUTES of the REDEVELOPMENT AGENCY FINANCE COMMITTEE Thursday, February 1, 2024 2:00pm 1. Roll Call The following members were present: Danny Walz, RDA Peter Makowski, Economic Development Blake Thomas, Community and Neighborhoods Tony Milner, Housing Stability Marina Scott for Mary Beth Thompson, Finance Amy Rowland, Redevelopment Advisory Committee Not present: Baxter Reeser Also Present: Cara Lindsley, RDA Deputy Director; Tracy Tran, Senior Project Manager;Allison Parks, Senior City Attorney; Sara Montoya, Senior City Attorney, Kate Werrett, Project Manager; Marcus Lee, Project Manager; Rusty Snow, Lincoln Avenue Communities;Ashley Atkinson, Perpetual Housing Fund of Utah; Amanda Rainey, Perpetual Housing Fund of Utah; Felina Lazalde, RDA Office Facilitator. 2. Approval of the minutes of the November 15, 2023 meeting. Amy Rowland made a motion to approve the minutes from the November 15, 2023 meeting. Peter Makowski seconded the motion. Upon roll call, this motion was passed unanimously. 3. Business A. Funding Recommendation for the High Opportunity Area Affordable Housing Funds Notice of Funding Availability through the Housing Development Loan Program (HDLP). Tracy Tran provided an overview of the High Opportunity Area Affordable Housing Funds Notice of Funding Availability via the Housing Development Loan Program (HDLP). Ms. Tran explained that the funds, established in 2017, aim to promote affordable housing development in areas fostering economic mobility. Since 2019,the RDA has approved a single loan in the amount of$1.8 million, leaving $2.7 million available for affordable housing in high opportunity areas through the HDLP. Projects seeking funding through this program must adhere to its guidelines,which detail various requirements, including eligibility criteria, project priorities, and standard loan terms. Notably, projects must address Annual Housing Priorities,ensuring the inclusion of deeply affordable or Affordable Family-Sized Housing. Specifically, at least 10% of the units must be affordable to those earning 40%AMI and below, or at least 10%of the units must have three or more bedrooms and be affordable to those earning 60%AMI and below. Both applicants have fulfilled this requirement.All projects must also comply with the RDA Sustainable Development Policy.Additionally, Ms. Tran presented project priorities used to evaluate and provide interest rate reductions. The RDA Board selected specific priorities for Fiscal Year 23-24, it was pointed out that items in bold were weighted slightly heavier than others. These include Family Housing,Target Populations, Homeownership, Missing Middle and Unique Housing Types, Sustainability,Transportation Opportunities, Neighborhood Safety, Expand Opportunity,Architecture and Urban Design, Commercial Vitality, Historic Preservation/Adaptive Reuse, and Public Art. Ms. Tran explained that the Committee is tasked with providing a recommendation for these two projects. She pointed out that because the funds have been open for so long, they have not been administered in a competitive manner. The group was informed that based on the guidelines, applications will be evaluated based on the following criteria: 1. Alignment with project priorities 2. Content and quality of the project narrative 3. Qualifications and experience of the applicant and development team 4. Content, effectiveness, and appropriateness of the budget, sources,and uses,operating proforma, and related assumptions. 5. Any and all content regarding building and site design. The Committee was presented with a summary of applications totaling$5.35 Million (see attached summaries): 1. 515 Tower Conversion Phase I -$2.65 Million 2. Fairmont Heights 11 -$2.7 Million Questions: • Amy Rowland asked the Staff if the portion where the amount was being requested, in each case, included all of the costs to the city or just this application. o Tracy Tran clarified the application amounts are only for this request. For example, 6.8% for the 515 Tower project does not include ARPA funds.Also,the Fairmont Heights application only addresses Phase 11 of the project while excluding the additional $3.2 million they are seeking in their other application. • The 515 Tower project includes a request for a cashflow loan. It looks like there is a deferred developer fee to repay, a commitment with residents to split the cashflow, and a cashflow note. Which party takes priority for payment? o Ashley Atkinson with the Perpetual Housing Fund of Utah explained the reasoning behind the request for a cashflow loan. The state offered a higher number of state tax credits.As a result,the Perpetual Housing Fund of Utah offered more units in anticipation of receiving state tax credits. Unfortunately,the Utah Housing Coalition (UHC) ran out of state credits which in turn left them with a financial gap. Ms.Atkinson explained they tried to work with the(UHC)to reduce the number of required units however they were ultimately notified that 96 units are still required.They were instructed to secure gap financing.Additionally, it was explained that Zions Bank has offered to partner with them in obtaining Federal Home Loan Bank(FHLB)financing. This project is ready to start construction in May of 2024. They cannot apply for the FHLB financing or some of the other loans and grants until later in the year.Their plan is to pay off most of this cashflow loan before the project is even stabilized. Since the FHLB is not awarded until late December,they want to prevent any delays in getting these units up and running.As far as repayment priority, if for some reason they don't secure any other financing,the RDA is in the priority up to the 1.15 debt service coverage ratio.The tenants have shared equity after the RDA, and any deferred fee would be paid very last. • Regarding the Fairmont project, there is a question for Staff about the ground floor activation piece, how would we ensure those obligations are met? o To clarify,the Fairmont project technically does not qualify for the commercial vitality priority,which would require commercial ground floor use. The project received points for the architecture urban design,the amount of ground floor glass, and ensuring there is not just a parking lot behind the walls. These requirements will be incorporated in the loan documents. If there is no follow-through on the part of the applicant, there will be recourse allowing for a default on the loan. It was noted that ensuring affordable rents is a vital piece. • Is it correct to say that specific benefit is tied to an interest rate reduction and the first recourse in the event of non-compliance would be an increase to their interest rate? o That is correct. • Would the developers of the Fairmont project like to provide some clarification regarding their schedule in order to ensure the provided information is correct? o Rusty Snow with Lincoln Avenue Communities explained they intend to apply for tax credits in 2024.The application for this project is related to an acquisition process. The acquisition would take place sometime around May. However,they will apply for tax credits, receive those credits, and close on the larger tax credit project some time in 2025. • What alternate plans do the Developers have if this particular gap financing fails? o Fairmont:We have a hard date of May to acquire an A+Affordable site in SLC. If they do not receive these funds, they will borrow from banks and other things of that nature. Obviously,that option is more strenuous for them and their partner with the Housing Authority for various reasons including higher interest rates. 0 515 Tower:They are going after several other different options, but it is really the time constraint that would hurt them. The Plans will be complete in less than a month. They will obtain a Tenant Improvement Permit from the City.As mentioned before,they expect to be able to start construction in early May. Since this project is a conversion, it will have a very quick construction turnaround.They will do everything they can to keep the project going. If this particular gap financing fails it will cause a delay, however it will not shut the project down. • Can the funding be split between the two projects? o Yes. Chair Walz explained that the objective of the meeting was to get a recommendation from the Committee to take the RDA Board of Directors for potential funding. Chair Walz made a request for any additional comments or discussion. Amy Rowland commented that when a project has 9%tax credits awarded,there is a delay as to when they are received. Until then it is just a gleam in the Developer's eyes. Since there are two applications that came in at the same time, and one that already has the tax credits in addition to the readiness to proceed with construction; it is clear who should receive the award.Amy then made a motion that we provide the$2.6 Million in funding requested for the 515 Tower project. Marina Scott seconded the motion. Upon Roll call, the motion was passed unanimously. 4. Adjournment There being no further business the meeting was adjourned. Danny Walz, Chairperson This document along with the digital recording constitute the official minutes of the Redevelopment Agency Finance Committee held February 1, 2024. HOUSING DEVELOPMENT PROJECT NAME: 515 Tower- Conversion Phase I LOAN PROGRAM ADDRESS: 515 E 100 S OVERVIEW HOUSING UNITS - - • •- Perpetual Housing Fund of Utah = -• •• • . 0'. LLC fount • - •- HDLP Loan Studio 40 - 25 15 • - •- Adaptive Reuse 1 Bed 8 - 6 2 • Underutilized 2 Bed - - - - 3 Bed 32 - 30 2 RDA FUNDING REQUEST 4 Bed 16 - 15 1 M. -Y'R • - $2650,000 Total 96 - 76 20 $39,231,648 ' •. 6.75% CONSTRUCTION DEBT AHEAD OF RDA PROPOSED TERMS Senior Debt $16,960,000 2% • 15 Yr PERMANENT SOURCES •. Cash Flow . • • Lien Priority Subordinate to permanent 7RDA ebt $6,508,958 16.7% debt n $2,650,000 6.8% $1,000,000 2.6% HDLP THRESHOLDS AND PRIORITIES Utility Rebates $76,800 0.2% -• Family-Sized Units and LIHTC Equity $27,696,083 71% • -- • Deeply Affordable Units SLCO ARPA Grant $598,584 1.5% • • • • - Deferred Feel $500,000 1.3% • Yes Total $39,030,425 100% 0'. Electric Yes Priorities Met Family Housing, Target USES Populations, Expand Opportunity, Historic Land $16,000,000 41.0% Preservation/Adaptive Hard Costs $15,466,320 39.6% Reuse, Transportation Soft Costs $1,097,907 2.8% Opportunities, Commercial Developer Fee $2,249,922 5.8% Vitality Financing Expense $1,921,418 4.9% TIMELINE Contingency $1,686,134 4.3% Reserves $608,724 1.6% • May 1, 2024 Total $39,030,425 100% • •, • - I December 31, 2024 LOW-INCOME HOUSING TAX CREDIT NNO -• Yes - • Yes, 9%, 2023 1 The Developer is committing an additional$625,000 of developer fee from the project to create an equity line of credit so that residents can access their equity prior to a refinance or sale event,for a total of$1,125,000 deferred developer fee. HOUSING DEVELOPMENT PROJECT NAME: 515 Tower- Conversion Phase I LOAN PROGRAM ADDRESS: 515 E 100 S RDA APPLICATION NOTES The RDA, through the City's American Rescue Act Plan (ARPA) funds, allocated $10,000,000 to the Perpetual Housing Fund of Utah, LLC to purchase this property for an affordable housing development with a tenant wealth building program. This$10,000,000 was used for the purchase of the property that would then allow PHF to develop additional projects that carry out their goals to provide 1,000 affordable homes that will help families and individuals build wealth. This is a unique model in which the developer will be contributing their own profits, which they will share with the tenants of the building. This development also applied for funding through the competitive HDLP, which will be in front of the RDA Finance Committee at a future date. The 515 Tower needs a total of $2,650,000 and if the full amount is received through this round of high opportunity area funding, they will not need to request funds through the competitive HDLP process. PROJECT SUMMARY From Developer: 515 Conversion Phase I a mixed-income, sustainable, adaptive-reuse project located on the East side of Salt Lake City. The project is part of multi-phase, mixed-use project on the site and will be a beacon of affordable housing in the rapidly unattainable east side of Salt Lake City. The overall project is planned to include a mixed-income daycare, local retailers, and impact-focused commercial and co-working space. This project is being developed by Perpetual Housing Fund and all 96 units in this phase will feature a shared-equity model - sharing 75%of the phase's profits and appreciation with the residents living here. 515 will incorporate an array of amenities that will benefit the lives of its residents including a fitness center, a clubhouse, a Greenbike station on site (with annual passes included at no charge), indoor bike storage, a bike-repair station, and shared outdoor space. Located within walking distance of the project is an elementary school, a core bus route, and a public park. The project will also be fully electric, contributing to better air-quality in the area and improving the health and wellbeing of its tenants. The units will also be built within the criteria for Enterprise Green Communities 2020. DEVELOPER SUMMARY The project is being developed by Perpetual Housing Fund with Giv Communities as a development consultant. The team has successfully developed or consulted on over a thousand affordable housing units utilizing the Low- Income Housing Tax Credit, OWHLF, and SLC loan programs along the Wasatch Front. Recent affordable housing projects by the development team include: Exchange - Salt Lake City Project Open Phases 1 and 2 -Salt Lake City Citizens West Phase I -Salt Lake City Denver Street Apartments-Salt Lake City Pamela's Place-Salt Lake City Imagine Jefferson -Ogden Startup Crossing- Provo Harris Village Shelter and Permanent Supportive Housing-Tooele HOUSING DEVELOPMENT PROJECT NAME: Fairmont Heights II LOAN PROGRAM ADDRESS: 2257 S 1100 E OVERVIEW LOW-INCOME HOUSING TAX CREDIT - - • •- Lincoln Avenue Capital and • • -• Yes, 9% Housing Authority of Salt Lake City No ' - •- HDLP Loan ' - •- New Construction ACQUISITION SOURCES • Office . • • 7RDAHighvnpp $3,200,000 45.1% RDA FUNDING REQUEST • _• ' -• - $2,700,000 Funds $2,700,000 38.1% • ' • - $34,009,242 HASLC Cash $800,000 11.3% PK •. 7.9% LAC Cash $390,000 5.5% Total $7,090,000 100% PROPOSED TERMS 2.81% 1% ACQUISITION USES • 16 Yr, 40 Yr . • • •. Cash Flow Acquisition $7,000,000 98.7% • Subordinate to permanent Insurance 1 $40,000 1 0.6% 1 debt Closing Costs 1 $50,000 1 0.7% 1 Total 1 $7,090,000 1 100% HDLP THRESHOLDS AND PRIORITIES -• Family-Sized Units and CONSTRUCTION DEBT AHEAD OF RDA • -- • Deeply Affordable Units • • • • - Senior Debt $21,767,665 • Yes Yes PERMANENT SOURCES • Target Populations, Expand •. • Opportunity, Senior Debt $3,790,000 11.1% Transportation RDA Loan $2,700,000 7.9% Opportunities, Architecture Utility Rebates $142,500 .42% and Urban Design LIHTC Equity $26,147,384 76.9% TIMELINE Deferred Fee $1,229,257 3.6% GP Capital $100 0.0% • May 1, 2024 Contribution • :4451W I December 31, 2024 Total $34,009,242 100% HOUSING UNITS PERMANENT USES Bedroom Total Market .0• 0• Count Units Rate AMI AMI Land $3,500,000 10.3% Studs 40 - - - Hard Costs $23,702,904 69.7% 1 Bed Soft Costs $898,000 2.6% 2 Bed 15 2 4 9 Tax Credit Fees $308,375 .9% 3 Bed - - - - Developer Fee $3,091,512 9.1% 4 Bed - - - - Financing Expense $2,146,018 6.3% Total 55 9 19 27 & Reserves Escrow& Reserves $362,432 1.1% Total $34,009,242 100% HOUSING DEVELOPMENT PROJECT NAME: Fairmont Heights II LOAN PROGRAM ADDRESS: 2257 S 1100 E RDA APPLICATION NOTES This project also applied for$3,200,000 for their Fairmont Heights I project through the competitive HDLP process. Both phases of the project will be located on the same parcel with Phase 1 being built first and Phase 2 to follow. The developer is seeking an acquisition to permanent financing loan, which means initial funds would be used to buy the property, but the developer would need to obtain tax credits, financing, and building approvals within 2 years. If successful, they would be able to convert their acquisition loan to a longer-term permanent financing loan. If they are not successful, they will be required to pay back the loan at the end of the acquisition loan term. This project is seeking funding from both sources of funds. PROJECT SUMMARY From Developer: This is Phase 11 of a two (2) phase project. Phase 11 is 55 units with 40 1 bed/1 bath units at 710 sf/unit, and 15 2 bed/2 bath units at 1038 sf/unit, with an emphasis on deeply affordable senior housing. The structure will be a 7-story midrise building comprised of a 2-story parking deck and a 5-story wooden structure containing the housing. The site is located near the Fairmont stop on the TRAX S-Line. 5 units will be set aside for the chronically homeless, 5 units for mobility impaired individuals, and 9 units for the disabled. The site presents an incredible opportunity to tie into the neighborhood fabric and locate housing near transit, employment, recreation, and services. Both phases are designed to mirror the surrounding neighborhood. The project transitions into the neighborhood using elements in both the contemporary form of the building and the materials that clad its skin. The space on the ground floor along Simpson Avenue and 1100 S will activate the building to the public and bring the design into the neighborhood. The pedestrian nature of the activities within and the rhythm of the living units help the project feel comfortable. DEVELOPER SUMMARY From Developer: Lincoln Avenue Communities was founded with the mission to expand access to high-quality, affordable homes for families, individuals, and seniors. This work is more important than ever amid historic inflation and a nationwide housing affordability crisis that have weighed heavily on communities across the country. These complex challenges have inspired us to continue developing innovative housing solutions that embody the bold and creative spirit of our growing company. Over the past year, we've reaffirmed our commitment to preserve and create thousands of affordable housing units, and we are excited to have recently broken ground on several ground-up developments, adding much-needed units to communities across the country. Today, we're proud that more than 50,000 residents at 119 properties across 22 states call an LAC community their home. We've maintained a resident-first approach across our portfolio, connecting families, individuals, and seniors with local organizations, health resources, and opportunities to further their educational and career goals. 0 SLCRDA RDA FINANCE COMMITTEE MEMORANDUM NWQ, LLC Phases II &III Tax Increment Reimbursement Request Wednesday,April 17, 2024: 2:00 PM—4:00 PM, Zoom Link(password: 509222) DATE: April 15, 2024 TO: RDA Finance Committee 1. Danny Walz, SLC Redevelopment Agency 2. Blake Thomas, SLC Community and Neighborhoods 3. Peter Makowski, SLC Department of Economic Development 4. Tony Milner, SLC Housing Stability 5. Mary Beth Thompson, SLC Finance 6. Amy Rowland, RAC Member 7. Baxter Reecer, RAC Member FROM: Kate Werrett,Project Manager RE: RDA Finance Committee Meeting—Recommendation consideration of Phases II & III tax increment reimbursement request from NWQ,LLC. L EXECUTIVE SUMMARY NWQ, LLC ("Developer") has requested a tax increment reimbursement for the development of improvements in the Northwest Quadrant Community Reinvestment Area ("CRA") that meet the goals and objectives of the Redevelopment Agency of Salt Lake City ("RDA") and provide significant public benefit. If approved, the Developer will receive a percentage of the tax increment generated from its project for a specified timeframe, and the RDA will receive the residual tax increment generated by the project. The Developer's request includes the reimbursement of certain eligible improvements ("Reimbursable Improvements"), separated into the following categories: • Systemwide Improvements: Infrastructure improvements that will facilitate the development of the entire CRA. • Project-specific Improvements: Improvements that will facilitate the Developer's second and third phases of development, encompassing 950.56-acres of land and provide approximately 14.7 million square feet of light industrial and manufacturing space ("Phases 11&111"). The RDA and Developer have negotiated the terms of a Reimbursement Agreement—refer to Attachment A: Term Sheet. The terms have been provided for consideration and recommendation by the RDA Finance Committee ("Committee"), with the Committee's recommendation to be forwarded, along with the Developer's request, to the RDA Board of Directors ("Board"). 1 0 SLCRDA II. BACKGROUND The Northwest Quadrant ("NWQ") north of Interstate 80 offers over 3,000 acres of developable land positioned to become a model of economic development that elevates the global competitiveness of Salt Lake City, Salt Lake County, and the State of Utah. To facilitate development of the NWQ, Salt Lake City ("City") and the RDA carried out the following efforts: • Community Reinvestment Area, January 2018: The RDA established the CRA to enable the collection of tax increment to carry out economic development and master plan implementation. Subsequently,the RDA entered into an interlocal agreement with the City to collect 75% of the City's tax increment for a period of 20 years ("Project Area Increment"). • Master Reimbursement and Development Agreement, January 2018: The RDA and City entered into a Master Reimbursement and Development Agreement ("Development Agreement")with each of the two majority property owners within the CRA. Pursuant to the Development Agreement with Developer, 70% of Project Area Increment generated from Developer's respective property shall be available for reimbursement. Prior to receiving Project Area Increment, Developer shall complete an application and review process and enter into a separate tax increment reimbursement agreement ("Reimbursement Agreement") that is approved by the Board. • Northwest Quadrant Tax Increment Reimbursement Policy, August 2018: The RDA adopted the Northwest Quadrant Tax Increment Reimbursement Policy ("Policy") that establishes the policies and procedures for evaluating and approving a Reimbursement Agreement. Pursuant to the Policy, applications for a reimbursement of$1 million or more of tax increment shall be subject to a public benefits analysis completed by a third-party consultant. Refer to attachment B:Public Benefits Analysis for an analysis of the Developer's request for Phases II&III completed by LRB Public Finance ("LRB"). • Northwest Quadrant Phase 1 Tax Increment Reimbursement Agreement, May 2020: In accordance with the Northwest Quadrant Tax Increment Reimbursement Policy, the RDA entered into a Participation and Reimbursement Agreement with NWQ, LLC for Phase 1 of the development. III. PROJECT OVERVIEW In coordination with adjacent property owners, the Developer is working to develop the SLC Port Global Logistics Center, an approximately 3,000-acre industrial and intermodal development that is served by rail and can accommodate manufacturing, warehouse, and distribution tenants of varying size. The Developer is the record owner of approximately 1,800 acres of land within the CRA. Development activities have been phased. Currently, the known phases have approximately the following acreage: • Phase 1: 361 acres • Phase II: 342.51 acres • Phase 111: 608.05 acres 2 0 SLCRDA Refer to Attachment D: Site Map&Buildings Plan for a site map of the development plan. Private investment for the planned system-wide improvements and the Phases II & III development will be over$1.8 billion. Phases II &III may create over$3.4 billion of new assessed value and generate approximately 7,300 jobs. IV. TAX INCREMENT BUDGET According to LRB's analysis, the RDA is projected to receive between $63,841,987 and $70,804,078 in Project Area Increment from Developer's Phases II&III development over a 15-year period. Of the actual amount, Developer is proposed to receive 70% as a reimbursement for Reimbursable Improvements.Tax increment projections are as follows: ASSUMPTION MODERATE SCENARIO HIGH SCENARIO VALUE VALUE Development Assessed $2,941,484,542 $3,406,982,527 Incremental Value 2022 City Tax Rate 0.003158 0.003158 Total City Tax Increment $81,506,526 $94,405,437 Participation Rate 75% 75% Total Agency Tax Increment $61,129,894 $70,804,078 The Developer has requested 70% of the RDA's portion of tax increment, which is projected to be between $42,790,926 and $49,562,855. Uses of tax increment are as follows: USES % MODERATE SCENARIO HIGH SCENARIO VALUE VALUE Tax Increment Reimbursement 70% $42,790,926 $49,562,855 CRA Housing 10% $6,112,989 $7,080,408 RDA Administration 10% $6,112,989 $7,080,408 Shared Costs 10% $6,112,989 $7,080,408 Total Uses of Tax Increment $61,129,894 $70,804,078 V. REIMBURSABLE IMPROVEMENTS The Developer has submitted a combined $288,283,201 in Reimbursable Improvements for systemwide and project-specific categories, as follows: IMPROVEMENT TOTAL COST Rail Plat A $3,826,355 700 N Extension to 80th W $5,340,896 700 N Extension past 80th $12,847,992 Lift Station 1 $242,176 System Wide Improvements Gas Regulator Station $1,355,987 I-80 Frontage Road Canal $900,000 Dedicated Roads in Phase III $20,948,555 Storm Water Filtration System $2,711,974 Total System Wide Improvement Costs $48,173,936 Imported Fill Building Foundations $30,056,585 Project Specific 20 Mil Vapor Barrier $38,644,180 Improvements Soft Spot Repair $2,236,724 Insulated Sandwich Panels $34,350,382 3 0 SLCRDA Solar Panels $134,821,393 Total Project Specific Improvement Costs $240,109,264 Total Combined Improvement Costs $288,283,201 Pursuant to the proposed terms, the reimbursement may be applied to any of the listed Reimbursable Improvements provided however that reimbursement does not exceed the actual cost incurred by the Developer. VI. POLICY ALIGNMENT The Developer's request aligns with the RDA and City's plans and policies for the NWQ. Policy alignment includes the following: • Economic Development: The Developer's Phases II & III development will create a dynamic employment center that will allow for the recruitment, retention, and expansion of businesses to provide livable-wage jobs and enhance economic prosperity.According to LRB's analysis,the project will generate over 7,300 jobs with an average wage of$48,037. In addition, it is estimated that Developer's project will employ between approximately 160 construction workers generating over $79.4 million in construction salaries over a 10-year period. • Infrastructure Improvements: The Developer's project will construct infrastructure in a coordinated, efficient, and systematic manner for the facilitation of economic development and implementation of the City general plan, including the Major Street Plan, the Northwest Quadrant Master Plan, and the Northwest Quadrant Master Drainage Plan. • Sustainability: The Developer's project will include a significant solar component to reduce greenhouse gas emissions and reduce energy consumption. The solar component will assist in mitigating impacts to air quality as new development occurs in the NWQ. The Northwest Quadrant Tax Increment Reimbursement Policy was approved prior to the RDA's Sustainable Development Policy. RDA staff and the attorney's office have determined that tax increment reimbursement agreements entered into within the Northwest Quadrant CRA and in compliance with the Northwest Quadrant Tax Increment Reimbursement Policy are not subject to the RDA's Sustainable Development Policy. • Affordable Housing: 10% of the tax increment generated from the Developer's project, estimated to be between $6.1 and $7.1 million, will be allocated toward affordable housing to ensure the availability and affordability of quality housing. VII. APPLICANT INFORMATION The tax increment reimbursement request is being coordinated by SLC GLC, an entity associated with Colmena Capitol, one of Developer's managing members. As part of the Colmena Group, SLC GLC has real estate experience in developing, owning, and managing multi-family apartments, commercial office space, student housing, research parks, retail, hotel, industrial warehouses, and mixed-use properties. The Colmena Group 4 RDA has a current portfolio of over$1.6 Billion, 5 million square feet and approximately 11,000 housing units. VIII. ATTACHMENTS A. Term Sheet B. Northwest Quadrant CRA Map Showing PH 2 &3 Site Plan &Buildings Plan C. Public Benefits Analysis 5 RDA ATTACHMENT A: TERM SHEET 6 Term Sheet for Tax Increment Reimbursement Agreement between RDA and NWQ LLC for Phases II&III ■ Property: Tax increment shall be reimbursed from Developer's Phase II&III development,which is more particularly described in Exhibit 1 to this term sheet(the Property). ■ Reimbursable Improvements: The RDA will agree to provide an annual reimbursement to Developer for certain improvements that have been identified as eligible for reimbursement. The annual reimbursement may be applied to any of the listed improvements as long as the conditions to payment are met. Reimbursable Improvements are as follows: Type Improvement Description of Costs Amount Systemwide Road construction of 400 North from Improvements 8000 West to 7400 West and 7400 Rail Plat A West from 700 North to 400 North. These roads shall be dedicated public roads when complete. $3,826,355 700 North Extension Road widening with swale(storm to 8000 West drain)and sidewalk improvements to 8000 West from 6715 West. $5,340,896 Total construction and buildout of the 700 North Extension road from 8000 West(Where the road past 8000 West currently ends)that will be constructed to 8780 West. $12,847,992 Infrastructure required by Salt Lake Lift Station 1 City Public Utilities for sanitary sewer service for the area. $242,176 Land for Dominion Energy regulator Gas Regulator station which provides necessary Station infrastructure for natural gas service from a high-pressure gas line to an end user. $1,355,987 Frontage SD canal that parallels the 1-80 Frontage Road North Temple frontage Road that will Canal run up to 8780 West from 8000 West. Roughly 5,070 linear feet of improvements. $900,000 8090 West, 8260 West, 8430 West roads that run from 700 North to 1400 North. Dedicated Roads in 8600 West road that runs from 800 Phase III North to 1400 North. 1000 North, 1200 North,and 1400 North roads that run from 8000 West to 8780 West. $20,948,555 Improvements on all existing storm Storm Water drain infrastructure and dedicated Filtration System public roads within the NWQ Project Area: 700 North, 1000 North,6550 West,6715 West, 6880 West, 7400 $2,711,974 1 7 West,400 North,8090 West,8260 West, 8430 West, 8600 West, 8000 West. Project-specific Imported Fill Required imported fill due to the Improvements Building present risk of liquefaction and poor (Phases II&III) Foundations soils. $30,056,585 Vapor barrier to be installed under each building footprint to mitigate the risk of 20 Mil Vapor Barrier environmental vapor intrusion pathways that arise from the former North Temple landfill site. $38,644,180 Soft Spot Repair Imported cobble,rock,and fill required to fix and remediate poor soils. $2,236,724 Cost differential between standard tilt- Insulated Sandwich up panels and high-insulating sandwich Panels panels to promote sustainable development. $34,350,382 Photovoltaic Systems that will be Solar Panels placed upon building rooftops that generate electricity and help remove carbon footprint. $134,821,393 NOTE: A cost escalator of 10%per line item may be applied to address inflation or market increases as improvements are developed over time. ■ RDA Participation: The RDA will agree to reimburse the Developer 70%of the annual tax increment the RDA is entitled to receive from the Property, subject to the terms of the Reimbursement Agreement, for a term of 20 years or the sum of the remaining collection years of the Project Area,whichever is less. The first annual payment shall be due in 2024 for the 2023 tax year. ■ Maximum Reimbursement: The maximum amount available for reimbursement shall be $49,562,855 (Maximum Reimbursement). The actual tax increment payment made to Developer may be lower or higher than the projected amount based on actual increment generated from the Property,provided,however,that the maximum total amount of the reimbursement shall not exceed the Maximum Reimbursement. In the event that tax increment revenue the RDA is entitled to receive from the NWQ Project Area exceeds the Maximum Reimbursement,Developer may request an increase in the Maximum Reimbursement,which the RDA Board may authorize in its sole discretion. ■ Conditions to Payment: The RDA will provide an annual payment for the Reimbursable Improvements once the following information is satisfactorily provided: 1. A description and/or depiction of the Reimbursable Improvements for which Developer is seeking reimbursement for that year. 2. Demonstration that the Reimbursable Improvements for which Developer is seeking reimbursement for that year have been completed and paid in full. 3. A list of tax parcels comprising the area to be served by the Reimbursable Improvement (Improvement Area), including owners and parcel numbers. 4. A map or drawing clearly identifying the boundaries of the Improvement Area, including the location of the Reimbursable Improvements. 2 8 5. The total actual cost of the Reimbursable Improvements paid by Developer, with executed construction contracts, supporting invoices,proof of payment, or other written documentation acceptable to the RDA. 6. Any other sources of revenue and/or financing used to pay for the Reimbursable Improvements, including but not limited to grants or loans from other governmental entities, impact fee reimbursements, additional tax increment sources, or reimbursements from pioneering agreements (Other Reimbursements). 7. Evidence reasonably acceptable to RDA that no mechanic's and materialmen's liens, or other financial encumbrances related to payment to contractors for the Reimbursable Improvements have been or will be recorded against the Property. 8. Evidence reasonably acceptable to RDA that no material or adverse changes have occurred in the finances,business, operations, or affairs of Developer. 9. The construction of the Reimbursable Improvements shall be in compliance with all laws and regulations. 10. Developer shall maintain the Reimbursable Improvements RDA provided reimbursements for during the term of the Reimbursement Agreement,unless ownership is transferred to the City. ■ Transfer of Property: Developer reserves the right to all payments and reimbursements for Reimbursable Improvements even if Developer sells any portion of the Property to a third-party.Any assignment of the right to receive payments and reimbursements under the Reimbursement Agreement must be in writing, signed by Developer and approved by RDA, and must include specific details regarding the right or amount of reimbursement transferred to a third party. ■ Conditions for Agreement Execution: 1. RDA Board approves terms of the agreement. 2. Developer obtains all required City approvals. 3. Developer receives approval from the RDA and its legal counsel of all matters pertaining to title, legality of the request,and the legality, sufficiency, and the form and substance of all documents that are deemed reasonably necessary for the transaction. 4. Such other terms as recommended by the RDA's legal counsel and staff. 3 9 EXHIBIT 1 TO TERM SHEET Legal Description and Map Phase 3 Parcels Parcel: 0729200003000 Legal Description: THE E 1/2&E 1/2 OF W 1/2 OF SEC 29, TIN R2W, SLM; LESS&EXCEPT,BEG N 00^17'17" E 896.19 FT&W 64.96 FT FR SE COR OF SEC 32, TIN,R2W, SLM;N 89^47'54" W 210.00 FT;NE'LY ALGA 30 FT RADIUS CURVE TO L 47.08 FT(CHD N 45^14'41" E 42.39 FT);N 00^17'17" E 1715.99 FT;N 00^21'58" E 2641.45 FT;N 00^21'58" E 0.49 FT;N 00^48'32" E 5281.60 FT; S 89^45'32" E 150.00 FT; S 00^17'54" W 0.41 FT; S 00^48'32" W 5281.60 FT; S 00^48'32" W 0.49 FT; S 00^21'58" W 2641.26 FT; S 00^17'17"W 1715.57 FT; SE'LY ALG A 30 FT RADIUS CURVE TO L 47.17 FT (CHD S 45^45'18" E 42.46 FT) TO BEG. ALSO LESS &EXCEPT,BEGN 89^45'32" W 200.00 FT FR NE COR OF SEC 29, TIN,R2W, SLM; S 00^48'32" W 80.30 FT;NW'LY ALG A 30 FT RADIUS CURVE TO L 47.42 FT(CHD N 44^28'30" W 42.64 FT);N 89^45'32" W 1760.31FT; W'LY ALG A 550 FT RADIUS CURVE TO R 236.33 FT(CHD N 77^26'56"W 234.52 FT); S 89^45'32" E 2020.23 FT TO BEG.ALSO LESS &EXCEPT,BEG N 00^17'17" E 895.96 FT FR SE COR OFSD SEC 32;N 89^47154" W 64.95 FT;NW'LY ALG A 30 FT RADIUS CURVE TO R 47.17 FT(CHD N 44A45'18"W 42.46 FT);N 00^17'17" E 1715.57 FT;N 00^21'58" E 2641.26 FT;N 00^48'32"E 0.49 FT;N 00^48'32" E 5281.60 FT;N 00^17'53"E0.41 FT; S 89^45'32" E 50.00 FT; S 00^21'45"W 2641.00 FT; S00^16'44" W 2640.71 FT; S 00^21;58"W 2641.95 FT; S 00^17'17" W 1745.41 FT TO BEG. Parcel: 07291000030000 Legal Description: THE W 1/2 OF THE W 1/2 OF SEC 29, T 1N, R 2W, S L M. 160 AC 5353-1232 09175-0202 Phase 2 Parcels Parcel: 07321000060000 Legal Description: BEG S 0^19'56"W 99 FT FR NW COR SEC 32,TIN,R2W, SLM; S 89^47'23"E 2638.70 FT; S 89^47'29" E 2393.95 FT; S 0^21'45"W 2050.56 FT;N 89^47'58" W 1496.07 FT;NW'LY ALG 2134.57 FTRADIUS CURVE TO L,CHD LENGTH 2508.50 FT(CHD N 56A20'03" W);N 89^46'57"W 1558.21 FT;N 0^19'56" E 745.85 FT TO BEG. 4 10 0 SLCRDA ATTACHMENT B: NORTHWEST QUADRANT CRA MAP SHOWING PH 2 &3 SITE PLAN & BUILDINGS PLAN ce -2 LU 0 0 Lu cr z ri jiw = �-1 I 7t jt[- , �' Mf�� I �„ 9-1 m I Lll RDA ATTACHMENT C: PUBLIC BENEFITS ANALYSIS 12 PUBLIC ff 3 FINANCE ADVISORS LEWIS ROBERTSON BURNINGHAM _S•. .ry.•. .`_. - .. � _��_�,. - .:�i: - - � - -. � �-._ _fir. .�.__ ._- - - � _..- f _ PEDEVELOPMENT • PTHWEST 1 . PANT AGENCY OF PHASE ANALYSIS LAKE CITY PREPARED FINANCELPB PUBLIC ADVISOPS • • ROB NORTHWEST QUADRANT .. PHASEBENEFITS ANALYSIS RELATED TO 11 AND PHASE The Redevelopment Agency of Salt Lake City (the "Agency") has retained LRB Public Finance Advisors ("LRB", formerly Lewis Young Robertson & Burningham, Inc.) to conduct an independent third-party review of the Tax Increment Reimbursement Application submitted by NWQ, LLC, developer of the Salt Lake City Global Logistics Center (hereafter referred to as the "Developer"). In accordance with Resolution No. R-26-2018 of Agency, which adopted the Northwest Quadrant Tax Increment Reimbursement Policy, LRB performed the following analysis pursuant to Section 3.2 Application Analysis. This Application Analysis examines and analyzes(i)the public benefits associated with the proposed development of Phase II and Phase III of Salt Lake City Global Logistics Center (the "Global Logistics Center"), and (ii) the financial need and appropriateness of tax increment reimbursement to the Developer to encourage and incentivize the development of supportable public infrastructure and private investment. The Developer, through its Tax Increment Reimbursement Application (attached hereto in Appendix A) has requested the Agency to provide tax increment reimbursement to cover a portion of the costs related to constructing system wide infrastructure improvements that will facilitate the development of the entire 3,000+ acres of developable land within the Northwest Quadrant Community Reinvestment Project Area(the"Northwest Quadrant CRA"or"NWQ CRX) and project specific infrastructure projects within the 950 acres referenced as Phase 11 and Phase III of the Global Logistics Center.The estimated costs of the infrastructure necessary to support Phase 11 and Phase III is estimated at$288 million. As noted in the previous paragraphs,the purpose of this report is to conduct a benefits analysis, which assesses the fiscal and economic impacts (benefits) that are anticipated to be derived from Phase II and Phase III of the development; determine the anticipated level of tax increment to be generated; and analyze the level of tax increment reimbursement necessary to facilitate the infrastructure projects within the Northwest Quadrant CRA. In summary,this analysis includes': 1. A brief summary of the Northwest Quadrant CRA; 2. An evaluation of the reasonableness of the costs of the proposed development; 3. Efforts that have been made, or will be made to maximize private investment; 4. The rationale for use of tax increment funds, including an analysis of whether the proposed development might reasonably be expected to occur in the foreseeable future solely through private investment; 5. An estimate of the total amount of project area funds that the Agency intends to spend on the development; 6. The anticipated public benefit from the proposed development, including a thorough analysis of the various development revenues and expenditures; ' A 15-year timeframe was used to calculate the public benefits of the development. Page 2 LRB PUBLIC FINANCE ADVISORS 141 NORTH Rio GRANDE,SUITE 101 1 SALT LAKE CITY,UT 84101 14 7. The associated business and economic activity the proposed development will likely stimulate; and 8. Whether tax increment participation is necessary and appropriate to undertake the proposed development. INTERLOCAL COOPERATION AGREEMENT- Salt Lake City and Agency Authorization was provided by Salt Lake City(the "City")to the Agency to receive Tax Increment for the purposes identified in an Interlocal Cooperation Agreement dated as of February 9,2018, which is also inclusive of the NWQ CRA Plan (adopted January 9, 2018). The Interlocal Cooperation Agreement is attached hereto and included in Appendix C.Therein is the adopted Project Area Budget (17C-5-303) and the required Public Benefits Analysis (17C-5-105(2)(b)). Other taxing entities who levy property taxes within the Northwest Quadrant CRA determined not to participate in the Northwest Quadrant CRA through sharing of tax increment revenues at the time it was created in 2018. Thus, for the purposes of this analysis only the City's tax increment is evaluated. MASTER DEVELOPMENT AND REIMBURSEMENT AGREEMENT The Master Development and Reimbursement Agreement (recorded January 31, 2018), by and between the Agency and the Developer, outlines additional information including design standards, infrastructure construction and dedication, planning and development coordination/dedication and tax increment reimbursement guidelines. A copy of the Master Development and Reimbursement Agreement is attached in Appendix D, which provides additional context to the idea of tax increment reimbursement to facilitate the Global Logistics Center. As was previously referenced herein, LRB relied in part upon that certain Tax Increment Reimbursement Application submitted by the Developer to the Agency and attached hereto in Appendix A. The Developer is seeking to receive 70% of the tax increment generated from Phase II and Phase III of the development to partially offset the significant infrastructure costs, which have been estimated to be approximately $288M. Page 3 LRB PUBLIC FINANCE ADVISORS 141 NORTH Rio GRANDE,SUITE 101 1 SALT LAKE CITY,UT 84101 - 15 SECTION II: NORTHWEST QUADRANT COMMUNITY REINVESTMENT AREA FIGURE2.1:NWQ PROJECT AREA I I� Pnr,<Eamrq,MU, � r B m � m 11 � I 1 I I I I I I I I I I rae u r b Via NWQ - GLOBAL LOGISTICS CENTER ,�Zo2,.o„_ ✓�✓�Sr• M4AER PLAY PROPOSAL AaW J.M23 Phase II of the Developer's plan will consist of"Rail Plat A" which development and associated buildings will be served by rail. In order to move forward with Phase II, significant infrastructure upsizing and construction is necessary, including building out of 700 North to 8000 West,as well as improvements to the east and south of the plat. Phase II also consists of the parcel that is west of 8000 West and south of 700 North. The current plan for the remainder of Phase II is made up of smaller spaces, as well as a possible commercial corner as continued adjacent development will create a larger workforce and the need for retail and commercial services to meet growing demands of the work force. Phase III (outlined in blue on map above) is reserved for larger spaces within the light industrial use. Along with Phase II, the necessary buildout of 700 North is anticipated to add significantly to the overall investment needed to serve the proposed development. Due to the size and shape of the parcels that make up Phase III, additional public roads and associated infrastructure will be required to provide adequate access to buildings.These roads will be public roads dedicated to the City for the benefit of the public. Per communication with Dominion Energy, any Page 4 LRB PUBLIC FINANCE ADVISORS 141 NORTH Rio GRANDE,SUITE 101 1 SALT LAKE CITY,UT84101 16 development in Phase III will require a gas regulation station to provide service to the structures. Without tax increment reimbursement, this cost is unlikely to be covered through private financing and investment, as it adds significantly to the cost burden on the land development. OVERVIEW AND SUMMARY OF THE NORTWEST QUADRANT CRA The Northwest Quadrant CRA or NWQ CRA is located immediately west of the Salt Lake City International Airport and north of Interstate 80. It contains over 3,000 acres of developable land near an international airport, major national and state highways, and national railway crossings. The Northwest Quadrant CRA will assist the State of Utah in competing with other global economic development regional hubs. After adopting the NWQ CRA Project Area Plan and entering into the Interlocal Cooperation Agreement with the City, the Utah State Legislature made the Northwest Quadrant CRA part of the State's Inland Port Authority and most of the tax increment and governing powers are controlled by the Inland Port Authority. However, the Interlocal Cooperation Agreement, attached in Appendix C was grandfathered and permitted the Agency to receive 75% of the City's property tax increment for a 20-year period. The Developer in the Tax Increment Reimbursement Application, attached as Appendix A, and the Developer's TIR Narrative, attached as Appendix B, requests that the Agency authorize reimbursement of 70% of all Tax Increment generated and received by the Agency related to Phase II and Phase III of the Global Logistics Center project. The Developer has indicated to the Agency that they will have over$29 million of tax increment reimbursement qualified expenses. These expenses will include both system-wide infrastructure projects that will facilitate development within the entire Northwest Quadrant CRA and project specific infrastructure expenses on the Developer's Phase II and Phase III development, which will include over 14 million square feet of light industrial and manufacturing space. As depicted in Table 2.1 below, the Project is anticipated to create over $3.4 billion of new assessed value and generate over 7,300jobs. It is estimated that the system-wide infrastructure investment will enable the development of billions in new assessed value. TABLE 2.1:PHASE I I AND PHASE I I I PROJECTIONS DEVELOPMENT PHASE • FT NEwAsSESSED TOTALJOBS VALUE I Phase II 5,684,138 $1,441,007,641 2,842 Phase III 9,031,579 $1,966,064,999 4,516 Total 14,715,717 1 $3,406,982,527 7,358 INFRASTRUCTURE EXPENSES In the Tax Increment Reimbursement Application (Appendix A),the Developer has provided an estimate of $288,283,201 for both system-wide infrastructure projects and project specific infrastructure projects(deemed to be qualified tax increment reimbursement expenses),which are critical for the development of Phase II and Phase III of the development.Table 2.2 outlines Pages LRB PUBLIC FINANCE ADVISORS 141 NORTH Rio GRANDE,SUITE 101 1 SALT LAKE CITY,UT 84101 17 the $48,173,936 of system-wide tax increment reimbursement qualified expenses, as identified by the Developer. E 2.2:SYSTEM-WIDE 1NFRASTRUCTURIL DESCRIPTION • COST Rail Plat $3,826,355 700 N Extension to 80th W 5,340,896 Lift Station 1 242,176 700 N Extension past 80th 12,847,992 Gas Regulator Station 1,355,987 1-80 Frontage Road Canal 900,000 Dedicated Roads in Phase 111 20,948,555 Storm Water Filtration System 2,711,974 Total System-Wide Infrastructure Costs $48,173,936 NPV System-Wide Infrastructure Costs $48,173,936 Table 2.3 outlines the $240,109,264 of project specific tax increment reimbursement qualified expenses within the Phase II and Phase III development, as identified by the Developer. TABLE 2.3:PROJECT SPECIFIC INFRASTRUCTURE COSTS DESCRIPTION • COST Imported Fill Building Foundation $30,056,585 20 Mil Vapor Barrier $38,644,180 Soft Spot Repair $2,236,724 Insulated Sandwich Panels $34,350,382 Solar Panels $134,821,393 Total Phase I Project-Specific Infrastructure Costs $240,109,264 NPV Phase I Project-Specific Infrastructure Costs $240,109,264 DEVELOPMENT ASSUMPTIONS Development assumptions for the Phase II and Phase III development were provided by the Developer. Table 2.4 includes the development assumptions used for this analysis, including a Moderate and High development scenario. TABLE 2.4:DEVELOPMENT ASSUMPTIONS AssumpTiON MODERATE • HIGH SCENARIO Phase II&Phase III Acres 950.56 950.56 Incremental Land Value $3.73/square foot $3.73/square foot Building Value $115.53/Square Foot $135.34/Square Foot Personal Property Value 10%of Building Value 10%of Building Value Land Use Flex/Light Industrial Flex/Light Industrial Absorption Schedule 2024-2033 2024-2033 Using these assumptions, the Phase II and Phase III development will create between an additional $2,026,801,991 and $2,347,539,131 in assessed value. Table 2.5 depicts the project assessed value of the development for the Moderate Scenario and Table 2.6 depicts the project assessed value of the development for the High Scenario. Page6 LRBPUBLICFINANCEADVISORS141NORTHRioGRANDE,SUITE1011SALTLAKECITY,UT84101 18 TABLE 2.5:PHASE II AND PHASE III PROJECTED TAXABLE VALUE:MODERATE SCENARIO TAX SQUARE FEET BUILDINGVALUE LANDVALUE PERSONAL TOTALINCREMENTAL YEAR PROPERTY VALUE Building 14 2025 338,800 39,141,564 3,914,156 3,607,350 46,663,070 Duraline 2024 301,939 34,883,013 3,488,301 3,214,875 41,586,189 Building 15 2026 725,329 83,797,259 8,379,726 7,722,891 99,899,876 Building 18 2027 1,019,200 117,748,176 11,774,818 10,851,862 140,374,855 Building 16 2027 108,360 12,518,831 1,251,883 1,153,756 14,924,470 Building 17 2027 107,500 12,419,475 1,241,948 1,144,599 14,806,021 C-Store 2026 107,024 12,364,483 1,236,448 1,139,531 14,740,462 Mt West 2025 444,312 51,331,365 5,133,137 4,730,781 61,195,283 Remainder 2025 246,000 28,420,380 2,842,038 2,619,268 33,881,686 Building 25 2026 250,880 28,984,166 2,898,417 2,671,228 34,553,811 Solar Farm Parcel 2026 871,636 100,700,061 10,070,006 9,280,680 120,050,747 Building 1 2027 162,958 18,826,538 1,882,654 1,735,084 22,444,276 Building 2 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679 Building 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679 Building 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679 Building 5 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679 Building 6 2027 94,080 10,869,062 1,086,906 1,001,710 12,957,679 Building 2027 105,840 12,227,695 1,222,770 1,126,924 14,577,389 Building 8 2028 105,840 12,227,695 1,222,770 1,126,924 14,577,389 Building 9 2028 105,840 12,227,695 1,222,770 1,126,924 14,577,389 Commercial Pads 2028 98,840 11,418,985 1,141,889 1,052,392 13,613,276 Building 10 2028 113,440 13,105,723 1,310,572 1,207,845 15,624,140 Building 19 2028 203,547 23,515,785 2,351,578 2,167,253 28,034,616 Building 20 2028 203,547 23,515,785 2,351,578 2,167,253 28,034,616 Building 21 2028 958,804 110,770,626 11,077,063 10,208,800 132,056,488 Building 22 2029 958,804 110,770,626 11,077,063 10,208,800 132,056,488 Building 23 2029 176,104 20,345,295 2,034,530 1,875,055 24,254,880 Building 24 2029 210,913 24,366,779 2,436,678 2,245,682 29,049,138 Building 25 2029 199,956 23,100,917 2,310,092 2,129,018 27,540,026 DC 26-1 2028 240,000 27,727,200 2,772,720 2,555,383 33,055,303 DC 26-2 2028 210,913 24,366,779 2,436,678 2,245,682 29,049,138 DC 26-3 2028 210,913 24,366,779 2,436,678 2,245,682 29,049,138 DC 26-4 2028 210,913 24,366,779 2,436,678 2,245,682 29,049,138 Building 27 2030 490,803 56,702,471 5,670,247 5,225,791 67,598,509 Building 28 2030 490,803 56,702,471 5,670,247 5,225,791 67,598,509 Building 29 2030 490,803 56,702,471 5,670,247 5,225,791 67,598,509 Building 30 2031 490,803 56,702,471 5,670,247 5,225,791 67,598,509 Building 31 2031 574,814 66,408,261 6,640,826 6,120,292 79,169,380 Building32 2031 596,913 60,874,259 6,087,426 5,610,270 72,571,955 Building33 2032 223,407 25,810,211 2,581,021 2,378,711 30,679,942 Building34 2032 201,052 23,227,538 2,322,754 2,140,687 27,690,979 Building35 2032 496,113 57,315,935 5,731,593 5,282,329 68,329,857 Building 36 2033 474,014 54,762,837 5,476,284 5,047,031 65,286,153 Building 37 2033 393,820 45,498,025 4,549,802 4,193,171 54,240,998 Building 38 2033 393,820 45,498,025 4,549,802 4,193,171 54,240,998 Total 14,715,817 $1,700,106,739 $170,010,665 $156,684,580 $2,026,711,991 Page7 LRBPUBLICFINANCEADVISORS141NORTHRioGRANDE,SUITE1011SALTLAKECITY,UT84101 , 19 TABLE 2.6:PHASE I PROJECTED TAXABLE VALUE:HIGH SCENARIO TAX SQUARE FEET BUILDINGVALUE LANDVALUE PERSONAL TOTALINCREMENTAL YEAR PROPERTY VALUE Building 14 2025 338,800 45,854,593 4,585,459 3,607,350 54,047,402 Duraline 2024 301,939 40,865,673 4,086,567 3,214,875 48,167,115 Building 15 2026 725,329 98,169,027 9,816,903 7,722,891 115,708,820 Building 18 2027 1,019,200 137,942,744 13,794,274 10,851,862 162,588,880 Building 16 2027 108,360 1 14,665,891 1,466,589 1,153,756 17,286,235 Building 17 2027 107,500 14,549,495 1,454,949 1,144,599 17,149,043 C-Store 2026 107,024 14,485,071 1,448,507 1,139,531 17,073,109 Mt West 2025 444,312 60,135,024 6,013,502 4,730,781 70,879,308 Remainder 2025 246,000 33,294,658 3,329,466 2,619,268 39,243,391 Building 25 2026 250,880 33,955,137 3,395,514 2,671,228 40,021,878 Solar Farm Parcel 2026 871,636 117,970,768 11,797,077 9,280,680 139,048,524 Building 1 2027 162,958 22,055,410 2,205,541 1,735,084 25,996,035 Building 2 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204 Building 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204 Building 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204 Building 5 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204 Building 6 2027 94,080 12,733,176 1,273,318 1,001,710 15,008,204 Building 2027 105,840 14,324,823 1,432,482 1,126,924 16,884,230 Building 8 2028 105,840 14,324,823 1,432,482 1,126,924 16,884,230 Building 9 2028 105,840 14,324,823 1,432,482 1,126,924 16,884,230 Commercial Pads 2028 98,840 13,377,414 1,337,741 1,052,392 15,767,548 Building 10 2028 113,440 15,353,439 1,535,344 1,207,845 18,096,627 Building 19 2028 203,547 27,548,893 2,754,889 2,167,253 32,471,035 Building 20 2028 203,547 27,548,893 2,754,889 2,167,253 32,471,035 Building 21 2028 958,804 129,768,500 12,976,850 10,208,800 152,954,149 Building 22 2029 958,804 129,768,500 12,976,850 10,208,800 152,954,149 Building 23 2029 176,104 23,834,644 2,383,464 1,875,055 28,093,163 Building 24 2029 210,913 28,545,838 2,854,584 2,245,682 33,646,103 Building 25 2029 199,956 27,062,872 2,706,287 2,129,018 31,898,177 DC 26-1 2028 240,000 32,482,593 3,248,259 2,555,383 38,286,236 DC 26-2 2028 210,913 28,545,838 2,854,584 2,245,682 33,646,103 DC 26-3 2028 210,913 28,545,838 2,854,584 2,245,682 33,646,103 DC 26-4 2028 210,913 28,545,838 2,854,584 2,245,682 33,646,103 Building 27 2030 490,803 66,427,308 6,642,731 5,225,791 78,295,830 Building 28 2030 490,803 66,427,308 6,642,731 5,225,791 78,295,830 Building 29 2030 490,803 66,427,308 6,642,731 5,225,731 78,295,830 Building 30 2031 490,803 66,427,308 6,642,731 5,225,731 78,295,830 Building31 2031 574,814 77,797,705 7,779,770 6,120,292 91,697,767 Building32 2031 526,913 71,314,585 7,131,459 5,610,270 84,056,313 Building 33 2032 223,407 30,236,828 3,023,683 2,378,711 35,639,221 Building34 2032 201,052 27,211,209 2,721,121 2,140,687 32,073,018 Building 35 2032 496,113 67,145,986 6,714,599 5,282,329 79,142,913 Building 36 2033 474,014 64,155,016 6,415,502 5,047,031 75,617,548 Building37 2033 393,820 53,301,228 5,330,123 4,193,171 62,824,522 Building38 2033 393,820 53,301,228 5,330,123 4,193,171 62,824,522 Total 14,715,817 $1,991,685,957 $199,168,597 $156,684,460 $2,347,539,131 Page8 LRBPUBLICFINANCEADVISORS141NORTHRioGRANDE,SUITE1011SALTLAKECITY,UT84101 , 20 SECTION III: PUBLIC BENEFITS ANALYSIS EVALUATION OF THE REASONABLENESS OF THE COSTS OF THE PROPOSED PROJECT AREA DEVELOPMENT Projected costs include system-wide infrastructure that will allow for development of the Northwest Quadrant CRA and site-specific infrastructure for over 14 million square feet of light/flex industrial space.The Developer has identified over$288 million of infrastructure costs, which are identified in Table 3.1. ABLE 3.1:TOTAL INFRASTRUCTURE COST DESCRIPTION TOTAL • Rail Plat $3,826,355 700 N Extension to 801h W 5,340,896 Lift Station 1 242,176 700 N Extension past 801h 12,847,993 Gas Regulator Station 1,355,987 1-80 Frontage Road Canal 900,000 Dedicated Roads in Phase 111 20,948,555 Storm Water Filtration System 2,711,974 Imported Fill Building Foundation 30,056,585 20 Mil Vapor Barrier 38,644,180 Soft Spot Repair 2,236,724 Insulated Sandwich Panels 34,350,383 Solar Panels 134,821,393 Total Infrastructure Costs $288,283,201 NPV Infrastructure Costs $288,283,201 The infrastructure costs are comparable to other construction projects within the Wasatch Front. Additional information regarding the infrastructure costs can be found in the Developer's TIR Narrative at the end of this document and included in Appendix B. EFFORTS MADE TO MAXIMIZE PRIVATE INVESTMENT Private investment in the Northwest Quadrant CRA and specifically within the proposed Phase II and Phase III of the development will be significant. Based on the information provided by the Developer and an independent survey of comparable costs, the private investment for the system-wide improvements and the Phase II and Phase III Development will be between $2.3 and $2.5 billion. RATIONALE FOR USE OF TAX INCREMENT FUNDS The site requires significant remediation and infrastructure investment. Additionally, the Developer is investing over$134.8 million in solar projects within the [Northwest Quadrant CRA or Phase II and Phase III of the development], which is in line with the City's sustainability goals Page9 LRBPUBLICFINANCEADVISORS141NORTHRIOGRANDE,SUITE1011SALTLAKECITY,UT84101 21 and vision. "But for" the use of tax increment, the significant system-wide infrastructure investment would not be feasible and the land within the [Northwest Quadrant CRA or Phase II and Phase III of the development] would remain in its underutilized state and continue to generate minimal benefit to the City and its residents. Phase II and Phase III of the Development area was generating $287 in annual property tax revenue for the City on $90,912 mostly vacant/agricultural land. Through the investment of tax increment funds, the property within Phase II and Phase III of the development is projected to generate up to $10,759,251 in annual property tax increment on $3,406,982,527 of assessed value. This substantial increase would not be realized without public participation. Table 3.2 breaks out these projections by the phase of development. ABLE 3.2:AGENCY TAX INCREMENT PROJECTIONS(15 YEARS) DEVELOPMENT • FT NEwAsSESSED #OF Phase II 5,684,138 $1,441,007,641 22 Phase III 9,031,579 $1,966,064,999 23 Total 14,715,717 $3,406,982,527 45 ESTIMATE OF TOTAL AMOUNT OF PROJECT AREA FUNDS THE AGENCY ESTIMATES TO SPEND ON DEVELOPMENT The Agency has not yet negotiated tax increment participation with the Developer for Phase II and Phase III of the development.This public benefit analysis will help guide the negotiation.The Agency has entered into an interlocal agreement (Appendix C) with the City whereby the City will pass through 75% of the tax increment generated in the NWQ. In addition, the City,Agency, and Developer may enter into a development agreement which provides that the Developer is eligible to receive 70% of the tax increment received by the Agency pending the successful completion of an application, review, and approval process. The Development is projected to generate between $63,841,987 and $70,804,078 during the remaining 15-year life of the CRA (20-year life for the entire CRA but 15-year life for Phase II and Phase III of development). Table 3.3 outlines the tax increment projections. TABLE 3.3:AGENCY TAX INCREMENT PROJECTIONS(15 YEARS) MODERATEASSUMPTION • HIGH SCENARIO VALUE VALUE I Development Assessed Incremental Value $2,941,484,542 $3,406,982,527 2022 City Tax Rate 0.003158 0.003158 Total City Tax Increment $81,506,526 $94,405,437 Participation Rate 75% 75% Total Agency Tax Increment $61,129,894 $70,804,078 NPV(4.00%) $39,466,362 $45,712,191 The Developer has requested 70% of the Agency's portion of tax increment related to Phase II and Phase II of the Development, which is projected to be between $42,790,926 and $49,562,855. Table 3.4 depicts an estimate of how much TIF will be generated within Phase II Page10 LRBPUBLICFINANCEADVISORS141NORTHRioGRANDE,SUITE1011SALTLAKECITY,UT84101 22 and Phase III and an allocation of how the Agency has determined to utilize the tax increment under the Interlocal Agreement. MODERATE Tax Increment Reimbursement 70% $42,790,926 $27,626,453 $49,562,855 $31,998,534 CRA Housing 10% $6,112,989 $3,946,636 $7,080,408 $4,571,219 RDA Administration and Operations 10% $6,112,989 $3,946,636 $7,080,408 $4,571,219 Shared Costs 10% $6,112,989 $3,946,636 $7,080,408 $4,571,219 Total Uses of Tax Increment $61,129,894 $39,466,362 $70,804,078 $45,712,191 ANTICIPATED PUBLIC BENEFIT FROM THE PROPOSED DEVELOPMENT 7EVENUES PROPERTY TAX Using the City's 2022 certified tax rate, the Development will generate between approximately $81 and $94 million of property tax revenue for the City during the 15-year life of the CRA, or an annual average of between $5,433,768 and $6,293,696. This is a significant increase over the $4,307 of base year taxes generated during the same period. Table 3.5 summarizes the City's property tax revenue. ABLE 3.5:CITY PR RTY TAX REVENUE(15 YF° MODERATEAssuMPTION VALUE VALUE 2022 City Tax Rate 0.003158 0.003158 Base Year Value $90,912 $90,912 Annual Base Year Property Tax Revenue $287 $287 15-year Base Year City Property Tax Total $4,307 $4,307 15-Year Base Year Properly Tax Total $14,369 $14,369 New Development Value $2,941,484,542 $3,406,982,527 Average Annual New Development Property Tax Revenue $5,433,768 $6,293,696 15-Year New Development Property Tax Total $81,506,526 $94,405,437 The Development is projected to generate over $244 million of property tax revenue for the other taxing entities within the Development. Under HB 433, the Utah Inland Port Authority is authorized to collect these revenues. Table 3.6 outlines the property tax revenues of the other taxing entities. FABLE 3.6:TAXING ENTITY PROPERTY TAX REVENUE(15 YEARS) MODERATETAxING ENTITY VALUE VALUE Salt Lake County $37,656,118 $43,615,432 Multicounty Assessing&Collecting Levy $387,143 $448,411 County Assessing&Collecting Levy $4,129,526 $4,783,049 Salt Lake City School District $112,194,068 $129,949,473 Pagell LRBPUBLICFINANCEADVISORS141NORTHRioGRANDE,SUITE1011SALTLAKECITY,UT84101 , 23 Salt Lake City $20,376,631 $23,601,359 Salt Lake City Library $15,950,295 $18,474,528 Metropolitan Water District-Salt Lake $5,471,622 $6,337,540 Salt Lake City Mosquito Abatement District $4,336,003 $5,022,202 Central Utah Water Conservancy District $10,323,816 $11,957,623 15-Year New Development Property Tax Total $210,825,224 $244,189,618 SALES TAX While industrial users typica I ly do not generate sales of goods,some large industrial spaces have cafeterias to serve employees. Using similar developments within the Wasatch Front, this analysis assumes each industrial unit will average $1.8 million in annual gross taxable sales within their cafeterias, increasing at an average annual inflation rate of two percent per year. The analysis assumed the City will capture the full 1.00% of the local option sales tax rate,which represents the City's average rate over the previous 5 years.The Correctional Facility Tax became effective on October 1, 2018,which allows the City to impose a 0.50% on taxable sales.Table 3.7 outlines the City's sales tax benefit. FABLE 3.7:CITY SALES TAX REVENUE(15 YEARS MODERATE/HIGHAssumPTION Local Option Rate 1.00% Correctional Facility Rate 0.50% Total City Sales Tax Rate 1.50% Average Annual Gross Taxable Sales $63,834,266 Average Annual Sales Tax Revenue $957,514 15-Year Gross Taxable Sales Total $957,513,985 15-Year Sales Tax Revenue Total $14,362,710 FRANCHISE TAX The City charges a municipal energy("franchise")tax on all taxable electric and natural gas sales within the City. Estimated average electric and natural gas usages were provided by Rocky Mountain Power and Dominion Energy, additionally a 75% deduction was multiplied to the electric taxes, as the solar investment will likely reduce the Development energy consumption. The actual franchise tax benefit will increase or decrease with the performance of the solar infrastructure.Table 3.8 summarizes the City's projected franchise tax revenue. Ax REVENUE ASSUMPTION MODERATE/HIGH VALUE Non-Residential Electric Use per SF $1.21 Solar Reduction 75% Development Electric Use per SF $0.31 Non-Residential Natural Gas Use per SF $0.16 Average Annual Franchise Tax $256,813 15-Year Franchise Tax Revenue Total $5,136,262 Page12 LRBPUBLICFINANCEADVISORS141NORTHRioGRANDE,SUITE1011SALTLAKECITY,UT84101 , 24 CLASS B/C ROAD FUNDS Utah Department of Transportation ("UDOT") distributes road funds to cities based on both a population distribution and a weighted road mile distribution. The Development will not increase the City's population but includes 1.39 miles of new roads. The Development is projected to generate $112,530 in Class B/C Road Funds Table 3.9 depicts the Class B/C Road Fund revenues. OAD FUNDS(15 MODERATE/HIGHASSUMPTION VALUE FY 2023 Weighted$per Mile $2,218 Miles of Road 2.93 Growth Rate 2.00% Average Annual Class B/C Road Funds $5,628 15-Year Class BIC Road Funds Total $112,530 TOTAL CITY REVENUES The Development is projected to produce between approximately$101 and $114 million of total City Revenue during the 15-year life of the CRA. This is a substantial increase over the $4,307 that would be produced if the NWQ remained in its current underutilized state. Table 3.10 summarizes the City's total Development revenues. TABLE 3.10:TOTAL CITY REVENUES(15 YEARs) MODERATEREVENUETYPE VALUE VALUE Property Tax $81,506,526 $94,405,437 Sales Tax $14,362,710 $14,362,710 Franchise Tax $5,136,262 $5,136,262 Class B/C Road Funds $112,530 $112,530 15-Year Revenue Total $101,118,027 $114,016,938 1TynITr'Jr%1T1 11Qr. The Development will also create additional General Government, Public Safety and Public Works expenses for the City. These expenses are calculated by multiplying the City's total cost per $ assessed value by the Development's projected assessed value. Additionally, the analysis factors in the cost to service the projected land uses within the Development. GENERAL GOVERNMENT ABLE 3.11:TOTAL GENERAL GOVERNMENT EXPENSE(15 YEARS) MODERATEASSUMPTIONS • HIGH SCENARIO VALUE VALUE 2021 Salt Lake City Assessed Value $37,481,061,604 $37,481,061,604 2021 General Government Expenditures $14,975,736 $14,975,736 Cost per$Assessed $0.00040 $0.00040 Development Assessed Value $2,941,484,542 $3,406,982,527 Inflation 3.0% 3.0% 15-Year General Government Total $971,366 $1,125,083 Page 13 LRB PUBLIC FINANCE ADVISORS 141 NORTH Rio GRANDE,SUITE 101 1 SALT LAKE CITY,UT 84101 - 25 PUBLIC SAFETY 2:TOTAL PUBLIC SAFETY EXPENSE(15 YEARS) ASSUMPTIONS MODERATE SCENARIO HIGH SCENARIO VALUE VALUE 2021 Salt Lake City Assessed Value $37,481,061,604 $37,481,061,604 2021 Public Safety Expenditures $127,712,417 $127,712,417 Cost per$Assessed $0.00341 $0.00341 Development Assessed Value $2,941,484,542 $3,406,982,527 Inflation 3.0% 3.0% 15-Year Public Safety Total $8,283,767 $9,594,655 PUBLIC WORKS ABLE 3.13:TOTAL PUBLIC WORKS EXPENSE(15 YEARS) AssumPTIONS MODERATE SCENARIO HIGH SCENARIO VALUE VALUE 2021 Salt Lake City Assessed Value $37,481,061,604 $37,481,061,604 2021 Public Works Expenditures $62,995,531 $62,995,531 Cost per$Assessed $0.00168 $0.00168 Development Assessed Value $2,941,484,542 $3,406,982,527 Inflation 3.0% 3.0% 15-Year Public Works Total $3,739,321 $4,732,668 TOTAL CITY EXPENDITURES TABLE 3.14:TOTAL CITY EXPENSE(15 YEARS) MODERATEASSUMPTIONS VALUE VALUE Estimated Budget(TIF Estimates) $61,129,894 $70,804,078 General Government $971,366 $1,125,083 Public Safety $8,283,767 $9,594,655 Public Works $3,739,321 $4,732,668 15-Year City Expense Total $74,124,349 $86,256,483 ',JET BENEFIT Phase II and Phase III of development are projected to have a total City net benefit of up to $27,760,268 during the 15-year life of the CRA. Any tax increment reimbursement up to this amount will still provide a net benefit to the City. Table 3.15 outlines the net benefit of the Development assuming both a moderate and high scenario valuation. NET BENEFITS SUMMARY ANALYSIS(REVENUES COMPARED TO EXPENSES) TABLE MODERATE VALUE VALUE Total Revenues $101,118,027 $114,016,936 Total Expenses $74,124,349 $86,256,483 Net Benefit $26,993,678 $27,760,455 Page14 LRBPUBLICFINANCEADVISORS141NORTHRioGRANDE,SUITE1011SALTLAKECITY,UT84101 , 26 THE ASSOCIATED BUSINESS AND ECONOMIC ACTIVITY THE PROPOSED DEVELOPMENT WILL LIKELY STIMULATE FULL-TIMEJOB CREATION It is anticipated that Phase II and Phase III of development will produce over 7,300 jobs. This is calculated by taking the average industrial employee per square foot and multiplying it by the square footage of Phase II and Phase III of the development.This analysis assumes the average salary will be $48,037Z, which represents the average salary of various industrial wages within Utah.Table 3.16 depicts the full-time jobs created by Phase II and Phase III of development. TABLE 3.16:FULL-TIME JOB' Assump-riONS VALUE Total Square Feet 14,715,717 Employee per SF 2,000 Total Projected Employees 7,358 Average Industrial Wage $48,037 Growth Rate 2.00% Average Annual Salaries $293,203,879 15-Year Salary Total $4,398,058,186 These wages will be reinvested into the local economy through purchases of goods, services, home, etc.Additionally,these wages will create additional jobs within the community. CONSTRUCTION BENEFIT Phase II and Phase III will also create a significant number of construction jobs and investment over the absorption period. The average construction wage is $49,274' per year. The analysis assumes during the construction period, there will be 100-175 construction workers in the Project.This will produce an average additional $9.4 million in annual wages.Table 3.16 depicts the Development construction wages. ABLE 3.1 b:l RUCTION JOB AssuMPTIONS VALUE Average Annual Construction Workers 160 Average Annual Wage $49,274 Average Annual Construction Salary $9,411,354 Absorption Period 10 Years Total Construction Salaries $79,388,603 In addition to the construction jobs, construction materials and supplies will also be purchased within the community.This could be a significant benefit, depending on the amount of materials and supplies purchased within the City. BLS, Merit Medical&Lifetime Products s BLS Page15 LRBPUBLICFINANCEADVISORS141NORTHRioGRANDE,SUITE1011SALTLAKECITY,UT84101 27 WHETHER TAX INCREMENT PARTICIPATION IS NECESSARY AND APPROPRIATE Our review and analysis has concluded that Tax Increment participation is necessary and appropriate for the following reasons: • Extraordinary Site and Location Improvements Necessary for Development:There are significant extraordinary infrastructure impediments in the Northwest Quadrant CRA and particularly within Phase II and Phase III of the Development, including soil remediation, access to utilities and renewable energy investments. • Tax Increment Participation Mitigates Several System-Wide Infrastructure Impediments: public participation in the form of Tax Increment reimbursement will assist the developer and the Agency in removing several impediments and system-wide infrastructure investments that based on our professional opinion will lead to substantial development with the remaining Northwest Quadrant CRA and specifically within Phase II and Phase III of the development. Due to the size and cost of the system-wide and project specific related infrastructure, the capital markets are unable to finance these necessary items without the benefit of public participation from future tax revenue that will be created by Phase II and Phase III of the Development. • Tax Increment Participation will lead to Significant Growth in the Area's Tax Base: Phase II and Phase III of development has the potential to create billions of new assessed value within an underutilized area that has generated very little tax revenue historically for the City and other taxing entities. • Current Capital Markets are not Sufficient to Cover the Extraordinary Costs: with the increases in construction costs and significant increase in interest rates over the past 2-4 year period, access to capital investment in Phase II and Phase III is significantly limited by virtue of these two factors. In essence, capital markets are likely to be able to cover the traditional "private" investment costs of Phase II and Phase III of Development but not the entire system-wide and project specific infrastructure needed to support the nearly 14 million square feet of development. "But for" the Tax Increment Reimbursement to the Developer, we believe Phase II and Phase III will remain underutilized and vacant for the foreseeable future. Page 16 LRB PUBLIC FINANCE ADVISORS 141 NORTH Rio GRANDE,SUITE 101 1 SALT LAKE CITY,UT 84101 - 28 Page 17 41 NORTH Pio GRANGE,SUITE 1011 SALT LAKE CITY,UT 84101 29 R D A T I R TAX INCREMENT REIMBURSEMENT PROGRAM 451 South State Street, Room 418, -• Box 145518, Salt Lake City, Utah 84114 1 :0 The Part A Application for the Tax Increment Reimbursement Program ("Program") is the first part of a two-part process to request tax increment reimbursement("Reimbursement')from the PART A Redevelopment Agency of Salt Lake City('RDA"). Please complete the application in full and APPLICATION provide supplemental documentation as indicated in section Vlll:Attachments. Within 10 business day of submission, RDA staff will notify the applicant if the Part A application is approved. Once Part A is approved, the applicant will be invited to submit the Part B application. NWQ Phase 2 and Phase 3 08/03/2023 Project Name Date of Application $1 ,828,554,355.22 $288,283,200.93 Total Project Cost Estimated Financial Gap 2023 2023 Estimated Project Start Date Estimated Project Completion Date Northwest Quadrant Salt Lake City UT 84116 • Project Street Address City State Zip Baron Gajkowski 8018422608 baron@slc-gIc.com Contact Name Contact Phone Contact Email Address NWQ, LLC 82-1888568 Business Name Tax ID Number 1201 E Wilmington Ave Salt Lake City UT 84106 Street Address City State Zip Entity Type: v LLC Sole Owner 501(c)3 Partnership Joint Venture —1 C Corp S Corp — Other: Ownership - Provide the following information for officers and shareholders owning 10%or more of the entity. Name, Title %Ownership Role in Proposed Project NWQ, GP 36.10 General Partner Are there any judgments or liens outstanding against the applicant? — Yes Iv No RDA TIR PROGRAM PART A APPLICATION PAGE 1 30 Project Summary: Provide a brief summary of the project. The Salt Lake City Global Logistics Center is a business park within the M-1 Zoning that provides sustainable, and state of the art industrial buildings that range from distribution, flex, manufacturing or the build to suit needs of tenants. Construction Type: n New Construction, Undeveloped Site ❑ New Construction, Demolition of Existing Structures ❑ Renovation/Rehabilitation of Existing Structure(s) ❑Addition to Existing Structure Energy Efficiency Upgrades L Other: 950.56 14,715,716.60 Land area(acres) Building area, (sq feet) If the applicant does not currently own the site,explain how site control has been or will be obtained, including timing of acquisition. Is the site occupied? ❑Yes ❑✓ No If yes,will the proposed project displace residents or businesses? ❑Yes ❑No What is the current and proposed zoning and use of the site? Does the project require a zoning change or variance, conditional use permit,subdivision, or other planning or zoning approval (including historic preservation)? ❑Yes ❑✓ No RDA TIR PROGRAM PART A APPLICATION PAGE 2 31 If a planning or zoning approval is required, indicate if this process has been initiated and provide a timeline. Is the project located within an existing RDA Project Area? ❑✓ Yes ❑No If Yes, please only fill out"Option I: Existing Project Area"fields in Section V If No, please only fill out"Option II: Single-Property Community Reinvestment Area"field in Section V Refer to the RDA Tax Increment Reimbursement Program Policies&Guidelines for more information on Project Objective Requirements. Option I: Existing Project Area Project is located in an existing Project Area and meets a corresponding Project Area Objective. Which RDA Project Area is the proposed project located? ❑ Central Business District ❑ Granary District ❑ Central City ❑ North Temple ❑ Depot District ❑West Temple Gateway Describe how the proposed project aligns with the Objectives as provided through the most recent Project Area Strategic Plan as adopted by the RDA Board of Directors. The project area is located within the NWQ. Option II: Single-Property Community Reinvestment Area("CRA") Project is not located in an existing Project Area, but will fulfill economic development objectives as described in the answers to the five questions below: 1) Explain how the proposed project will result in a minimum of a$12 million investment of private capital and expenditures. RDA TIR PROGRAM PART A APPLICATION PAGE 3 32 2) Demonstrate how the proposed project as a single-property CRA results in job retention/expansion and/or job creation. 3) Describe how the tax increment reimburement is necessary for the proposed project to succeed. 4)Confirm that the business is an existing Salt Lake City-based business, and describe how the tax ,. increment reimbursement will result in the business remaining or expanding in Salt Lake City. 5) Explain how the proposed project employs sustainable construction practices consistent with a reputable sustainable building program. Does the proposed project include a Public Benefit that may qualify it for increased incentives? Check all that apply. 0 Sustainability ❑ Transit Alternatives ❑ Public Amenities 0 Economic Impact ❑ Adaptive Reuse ❑ Affordable Housing:AMI Targets ❑ Historic Preservation ❑ Affordable Housing: Special Populations 0 Permanent Job Creation ❑ Affordable Housing: Neighborhood Opportunity ❑ Architecture&Urban Design Al Describe how the proposed project will meet the criteria for each of the Public Benefits selected above. ,. The business park's sustainable construction attracts national tenants that provide employment opportunities that range from manufacturing, to distribution and logistics. RDA TIR PROGRAM PART A APPLICATION PAGE 4 33 Development Team: Please provide the following information for each relevant development team member. Role Firm/Organization Contact Name, Email Years of Experience Architect AEUrbia Andrew Bollschweiler 20+ Contractor Multiple R&O, Tom Stuart, Campbell 20+ Developer Colmena Lance Bullen 20+ Owner NWQ, LLC Travis Lish 15+ Property CBRE Tom Dischmann 20+ Manager /Marketing Agent Other Other The applicant must attach the following to assist in verficiation of the funding gap. Check if Complete (please label accordingly) • 1: Sources and uses(template may be utilized) ❑ •2:Appraised project value ❑ •3: Operating pro forma(template may be utilized) ❑ •4: Preliminary plans(include renderings if available) ❑ •5: Market study(if available) ONLY for Single-Property CRA ❑ RDA TIR PROGRAM PART A APPLICATION PAGE 5 34 Tax Increment Reimbursement Calculation A sample Tax Increment Reimbursement calculation is attached to this application as Exhibit A. The formula below is to calculate the potential maximum total tax increment reimbursement generated from the proposed improvements and available to a developer shall be as follows: a. Step 1: Calculate the Total Annual Tax Increment • The difference between the base taxable value of the proposed project prior to improvements and the estimated new growth in taxable value resulting from the improvements. (New Growth—Base Value) • Multiplied by the current Salt Lake County effective tax rate. (New Growth—Base Value) x(Effective Tax Rate) = Total Annual Tl b. Step 2: Calculate the Annual Tax Increment Collected by the RDA • Total Annual TI multiplied by the percentage of TI collected from the taxing entities by the RDA (Total Annual TI)x(% of Tl collected by the RDA) =Annual Tl Collected by the RDA c. Step 3: Calculate the 1 sl Year Developer Allocation • (Annual Tl Collected by the RDA) x(Developer's Reimbursement Split[defined below]) = Estimated Year 1 TI Reimbursement to Developer (Refer to Section 2.4: Reimbursement Split for more information on calculating the split between the RDA and the developer.) d. Step 4: Calculate the Maximum Amount of Tax Increment Available to the Developer Over the Term of the TI Reimbursement Agreement. • (Estimated Year 1 Tax Increment Reimbursement to Developer)x(the Term of the Reimbursement Agreement') = Total Developer Tax Increment Available Over the Term Note: An annual growth multiplier based on current economic conditions may be applied to this calculation. Applicant Certification I/We hereby certify that all statements in this application are true and complete and are made for the purpose of obtaining credit. I/We fully understand that it is a federal crime punishable by fine or imprisonment or both to knowingly make any false statements concerning any of the above facts, as applicable under the provisions of Title 18, United States Code, Section 101. Baron Gajkowski Applicant(print) By(signature) Project Manager Title Date RDA TIR PROGRAM PART A APPLICATION PAGE 6 35 SLC GLC S A L T L A K E C I T Y 801 449 0753 6628 W 700 N,SUITE 501 O LORAL LOGISTICS CENTER WWW.SLC-GLC.COM SALT LAKE CITY,UT 84116 NWQ,LLC Phase 2 and Phase 3 TIR Application To whom it may concern, We are grateful and optimistic to apply for Tax Increment Reimbursement on phases 2 and 3 of the Salt Lake City Global Logistics Center. As we are continuing through phase 1 of the project, we recognize Salt Lake City's efforts and cooperation in helping us arrive at where we are today. Due to the unique challenges that are present in the Northwest Quadrant, development could not have taken place but for the help of Salt Lake City. This group effort has been provided throughout the RDA, Zoning, Engineering, Public Utilities, Planning Departments, Mayor's Office, and much more. We hope that our contributions to Salt Lake City reflect our gratitude for the ongoing cooperation that we already have and hope to continue to receive in the years to come. Included in the packet are the following: • RDA Application Cover Sheet • Qualification and Analysis Narrative • Analysis of Future Tax Increment o Costs Associated with Site-Wide Improvements (Infrastructure) o Costs Associated with Project/Lot Specific Burdens o Tax Increment Analysis w/20 year analysis & Construction Schedule • Project Map of Phase 2 and Phase 3 36 --------------------- -- ---------- r 1400 NORTH J IIIIIIIIIID cfI I \ \ II \ II III II IIII 393,820 SIF 393,820 SF 496.113 SF 474,014 SIF II II II II _ II �W. II IIII 4� ��� IIII-iiiiiiii,iii,iiiiiiii-iiiii�i�iii-iiiiiii�ii�i-�i,�iii��� —__— iiii�iiiiiii ii i-ii i-iii�iii�iiiiii-iiii�ii�iii-i�i L - - - - J i r i II SF 490,803 S 526913 SF 11, IIIIIIIIIIIIIIIIIIIIIIIIIIII� rHHHNHHHkh IIIIIIIIIII�� 490,803 F �`+ HHHIHHiHHHHHH� 574,814 SF , I I I I I I I I — — — — — Phase 1 (Existing TIRA) ---------- ---------------------------------------- REA=LD ------------cf: ---------- I ONOIIIIIIIIIID ! 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I F.3zcFiL_______ ___ I I � I I I I I I I 1 1 I I I I I I I I I I i I I I i I I I I I I I I I I I I I I I I I I I I i I I I I I I I I ; I I I I I I I I I I I iI I I I I I I I I I I I ' II I ' I I L NORTH O 0 a NWQ - GLOBAL LOGISTICS CENTER� AE2021 . 039 SP 69 arch'2ects and en° 'Meers MASTER PLAN PROPOSAL August 3, 2023 37 APPENDIX B: TIR NARRATIVE Page 18 41 NORTH Pio GRANGE,SUITE 1011 SALT LAKE CITY,UT 84101 38 Qualification &Analysis Narrative As shown on the map provided, Phases 2 and 3 are included in this TIR application. Phase 2 (outlined in red on the Master Plan)will consist of our"Rail Plat A"which we are anticipating these buildings being rail served. In order to move forward with this phase, we were required to put in major upsizes as well as build out 7th North to 80th West, as well as improvements to the east and south of the plat. Phase 2 also consists of the parcel that is west of 80th West and south of 7th North. The current plan for the remainder of phase 2 is made up of smaller spaces, as well as a possible commercial corner as continued adjacent development will create a larger workforce and the need for such will warrant. Phase 2 Parcel Ws: 0 07331000060000— 195.10 Acres 0 07321000060000— 147.41 Acres Phase 3 (outlined in blue on the Master Plan) is reserved for larger spaces within the light industrial use.Along with the second phase, the necessary buildout of 7th North will sum up to a large cost burden. Due to the size and shape of the parcels that make up Phase 3, additional public roads infrastructure will be required to grant the buildings access. These roads will be public roads dedicated to the city for the benefit of the public. Per communication with Dominion Energy, any development in Phase 3 will require a gas regulation station to provide service to the structures. Phase 3 Parcel Ws: 0 07292000030000 —448.05 Acres 0 07291000030000 — 160.0 Acres 39 As is the case with the majority of the NWQ, the zoning for both phases is M-1, which calls for a light manufacturing district. The current planned uses align with zoning regulations. Burdened Cost Narrative Included in the analysis are two separate groupings of costs. The first group of costs is associated with the necessary infrastructure and improvements required for developing raw land. Being one of the first developers to move forward with projects on this frontier, it requires an extensive amount of costs to provide the infrastructure for current and future users. With the historical land use being farmland, and grazing, there are little to no improvements regarding "backbone"or existing improvements for basic utility service. Not only does developing in the area present a momentous challenge to create roads from dirt paths but the costs associated with planning, designing, and installing sewer, storm drain, water lines, and streetlights are extensive. The second cost grouping consists of site-specific burdens that are present because of conditions that are encountered while developing in the Northwest Quadrant of Salt Lake City, Utah. Due to the proximity of the project site to the Great Salt Lake, the soil and geotechnical makeup present a large hurdle for development. Unlike almost any other site in Salt Lake City, the soil is at an elevated risk of liquefaction. The necessary fix and structural requirement are to import a significant amount of structural fill.As construction continues, we can more fully understand how much import fill is required, as well as "soft spot"repair. The quantitative analysis included in the application carries figures that are projected based on actual costs from the developments in Phase 1. Another large cost that is specific to the NWQ area is the proximity to the former landfill. Due to the environmental impact that has on the surrounding area, we must install a vapor barrier 40 to mitigate any pathways to VOC's (Volatile Organic Compounds)that present a risk to any possible inhabitants of the area. The cost of vapor barrier installation is being addressed on a per project basis as the building footprint matches the square footage of vapor barrier installed. The last cost that is included in the site-specific grouping is the improvements that are made to the project through implementing sustainable practices. With all our buildings, we have chosen to use thermally insulated"sandwich"panels which dramatically increase the R-Value. With the increase R-value being found throughout the development, it results in less energy required for heating, and cooling buildings throughout the year. The cost difference between the thermally insulated panels, and the basic panel that is built through standard construction practices, is included. Continuing along the lines of sustainable development, we are moving forward with the installation of solar panels on our buildings for a source of renewable energy. As we continue to work with Rocky Mountain Power and our tenants to identify ways to go green, solar is an excellent solution but includes a significant upfront cost. The cost is conservatively included in the quantitative analysis on buildings greater than 300,000 square feet. Moving forward, our goal is to install solar on as many buildings as possible, however a conservative approach was used in underwriting by only allocating the cost to buildings greater than 300,000 square feet. 41 APPENDIX COOPERATION Page 19 41 NORTH Pio GRANGE,SUITE 1011 SALT LAKE CITY,UT 84101 42 jr/ ^/n RECORDED INTERLOCAL. COOPERATION AGREEMENT FS 09 20M CrrY RECORDER [Northwest Qua&rant Project Area Tax Incrementj. THIS INTERLOCAL COOPERATION AGREEMENT ("Agreement") is executed as of a- - 7 2018 ("Effective Date"), by and between the Redevelopment Agency of Salt Lake City,a public entity("Agency"), and Salt Lake City Corporation,a Utah municipal corporation(the"City") (collectively, the "Parties"). RECITALS A. Pursuant to Resolution No. R-1-2018 adopted by the Agency on January 9, 2018, the Agency has commenced the process under Utah Code 17C to create the Northwest Quadrant Project Area(the'"Project Area"), and has prepared a draft.of a community reinvestment project #Replan for the Project Area, a copy of which is attached hereto as Exhibit A(the"Project Area PIan,"which includes the legal description and a map of the Project Area). B. Under the Project Area Plan, the Agency desires to support the development of the Pzoj;e;ct Area into.an ecologically-oriented industrial park that is an economic engine for the city, region,and state. C. The City has determined that it is in its best interests to provide certain financial assistance through the use of Tax Increment(as defined below)to Agency for development as set forth in the Project Area Plan. D. The Agency anticipates using tax increment(as defined in Utah Code§ 17C-1-102(60) ("Tax Increment")created by devel opment activities in the Project Area to assist in development as set forth intheeProject Area Plan. E. Utah Code § 17C-5-204 authorizes the City to consent to the payment to the Agency of a portion of its share of Tax Increment generated fittm the Project Area for the purposes set forth in the Project Area Plan. NOW,THEREFORE, for good and valuable consideration, the Parties agree as follows: 1. City's Consent. Pursuant to Utah Code § 17C-5-204, the City hereby agrees and consents that the Agency shall be entitled to retain seventy-five percent(75%) of the City's portion of the Tax Increment from the Project Area for twenty(20) years from the Effective Date of this Agreement. The calculation of annual Tax Increment shall be made using(a) Salt Lake County's then current tax levy rate for the City,and (b) the 2017 base year taxable value of $735,791,which taxable value is subject to adjustment as required bylaw. 2. Budget. Pursuant to Utah Code § 17C-5-204(6)(c), a copy of the Project Area budget is.attached hereto as ExhibitB. 43 3. Interlocal Cooperation Act. In satisfaction of the requirements of Utah Code § 1 1- 13, et sect. (the "Interlocal Cooperation Act") in connection with this Agreement, the Parties agree as follows: a. This Agreement shall be authorized and adopted by resolution of the legislative body of each Party pursuant to and in accordance with the provisions of Section 1 1-13-202.5 of the Interlocal Cooperation Act. b. This Agreement shall be reviewed as to proper form and compliance with applicable law by a duly authorized attorney on behalf of each Party pursuant to and in accordance with the Section 11-13-202.5(3) of the Interlocal Cooperation Act. c. Except as otherwise specifically provided herein, each Party shall be responsible for its own costs of any action taken pursuant to this Agreement, and for any financing of such costs. d. A duly executed original counterpart of this Agreement shall be filed immediately with the keeper of records of each Party pursuant to Section 11-13-209 of the Interlocal Cooperation Act. e. No separate legal entity is created by the terms of this Agreement. The Executive Director- of the Agency is hereby designated the administrator for all purposes of the Interlocal Cooperation Act, pursuant to Section 1 1-13-207 of the Interlocal Cooperation Act. f. Following the execution of this Agreement by each of the Parties, each Party shall cause a notice regarding this Agreement to be published in accordance with Section I 1-13-219 of the Interlocal Cooperation Act. g. No real or personal property shall be acquired jointly by the Parties as a result of this Agreement. To the extent a Party acquires, holds, or disposes of any real or personal property for use in the joint or cooperative undertaking contemplated by this Agreement, such Party shall do so in the same manner that it deals with other property of such Party. h. No separate legal entity is created by the terms of this Agreement. 4. Modification and Amendment. Any modification of or amendment to any provision of this Agreement shall be effective only if the modification or amendment is in writing and signed by each of the Parties. Any oral representation or modification concerning this Agreement shall be of no force or effect. 5. Further Assurance. Each of the Parties hereto agrees to cooperate in good faith with the othcr, to execute and deliver such further documents, to adopt any resolutions, to take any other official action, and to perform such other acts as may be reasonably necessary or appropriate to consummate and carry into effect the transactions contemplated under this Agreement. 44 6. Governing Law. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Utah. 7. Authorization. Each of the Parties hereto represents and warrants to the other that the warranting Party has taken all steps,including the publication of public notice where necessary, in order to authorize the execution, delivery, and performance of this Agreement by each such Party. Executed to be effective as of the Effective Date. 0'OMENTN REDEVELOPMENT AGENCY OF SALT LAKE �J '9� O�rF 2 CITY z SEAL o r � 0 •� Jac ueli 'e M. Biskupski, Executive Director 4 r LAKE;(0000 Approved as to form: Salt Lake City Attorney's Office j6N. K nne N. Lewis _ SALT LAKE CITY CORPORATION RECORDED YG� CITY RFCORDF'I 'ayor Jacqueline M. Biskupski o�nURA'Y'�Stie� A S TERS ---city ReJo`rcter Approved as to form: Salt Lake City Attorney's Office v E. Russell Vetter 3 45 EXHIBIT A [Attach Project Area Plan] 4 46 0 N F-- m m CRA PLAN Vic.:�.�• ���� � • ,'� •• .� ( �� �t�F�g'�, �� 13' IN SLCRDA t � -j1..7 mil. `,_ ,��� `,•�'_ �- REDEVELOPMENT AGENCOF SALT LAKE CITY I DE PAR TMEN T OF ECO N OM IC DEVELO ' Adopted January 9,2018 Salt Lake City Ordinance: 1-2018 RDA Resolution: R-1-2018 NWQ COMMUNITY REINVESTMENT AREA P L A N ACKNOWLEDGEMENTS : MAYOR RDA BOARD OF DIRECTORS RDA EXECUTIVE DIRECTOR James Rogers, District 1 Jacqueline M. Biskupski Andrew Johnston, District 2 Chris Wharton, District 3 DEPARTMENT OF ECONOMIC DEVELOPMENT DIRECTOR Derek Kitchen, District 4 RDA CHIEF EXECUTIVE OFFICER Erin Mendenhall, District 5 Lara Fritts Charlie Luke, District 6 Amy Fowler, District 7 RDA CHIEF OPERATING OFFICER Danny Walz 48 0 N T E N T S i) INTRODUCTION........................................................................................................4 1) COMMUNITY REINVESTMENT ANALYSIS (17C-5-105) .....................,.....,.......,............6 1(a): PROJECT AREA BOUNDARY DESCRIPTION ,.............................................................................. 7 1(b): EXISTING LAND USES AND NEIGHBORHOOD CONTEXT............................................................a 1(c): STANDARDS TO GUIDE PROJECT AREA DEVELOPMENT...................................a...................... 11 1(d): FURTHERING PURPOSES OF UTAH TITLE 17C ..................................................................... 13 1(e): GENERAL PLAN CONSISTENCY............................................................................................. 15 1(f): ELIMINATION OR REDUCTION OF BLIGHT..........................................:.................................. 15 1(g): SPECIFIC PROJECT AREA DEVELOPMENT ...................................,...........I..........I................. 15 1(h): PROCESS OF SELECTING PARTICIPANTS............................,..,............................................. 15 1(i): REASON FOR SELECTING THE PROJECT AREA.........................................I...................I......... 16 1(j): EXISTING PHYSICAL, SOCIAL, ECONOMIC CONDITIONS ................................,....................,...:. 16 1(k): FINANCIAL ASSISTANCE OFFERED TO PARTICIPANTS ...........................,,,.............................. 16 1(1): PUBLIC BENEFIT ANALYSIS SUMMARY................................................................................ 17 1(m): HISTORIC PRESERVATION...........................,...................................................................... 20 1(n): INTERLOCAL AGREEMENT................................................................................................. 20 2) PROJECT AREA BUDGET (17C-5-303)......................................................................21 1(a)! BASE TAXABLE VALUE..................... ............... . .. . .............................................. ., ... 22 1(b): PROJECTED AMOUNT OF TIF.............................................................................................. 22 1(c): COLLECTION PERIOD ....................................... ............................................................... 22 1(d): TIF PAID TO OTHER TAXING ENTITIES .............................,..........................,....................... 22 1(e): IF TIF COLLECTION AREA IS LESS THAN CRA BOUNDARY..................................................... 22 1(f): PERCENTAGE OF TIF AUTHORIZED TO RECEIVE.................................................................... 23 1(g): MAXIMUM CUMULATIVE DOLLAR AMOUNT..............................................4........................6.... 23 2: SALES AND USE TAX REVENUE.........................................,.....................................,.,............ 23 3: PROJECT AREA FUNDS TO IMPLEMENT THIS CRA PLAN ........................................................... 23 4: RDA'S COMBINED INCREMENTAL VALUE..........................................,...... .............................. 24 5: PROJECT AREA FUNDS USED FOR ADMINISTRATION...................................................I................ 25 6: EXPECTED SALES PRICE FOR PROPERTY THE RDA OWNS ......................................................... 26 EXHIBIT A: PROJECT AREA LEGAL DESCRIPTION AND MAP EXHIBIT B: DEFINITIONS EXHIBIT C: PUBLIC BENEFIT ANALYSIS (17C-5-105(2)(b)) NWQ COMMUNITY REINVESTMENT AREA PLAl"i 49 1IINTRODUCTION Through this Northwest Quadrant Community Reinvestment Area Plan ("CRA Plan"), the Redevelopment Agency of Salt Lake City ("RDA") contemplates the creation of a Community Reinvestment Area ("CRA") to facilitate the use of tax increment financing ("TIF") as a funding mechanism to further Salt Lake City's economic development goals. In addition, this CRA Plan will facilitate the implementation of the community vision and land use plan established by the Northwest Quadrant Master Plan. HARNESSING OPPORTUNITY Acclaimed as an area with unparalleled economic opportunity, the Northwest Quadrant ("NWQ") north of Interstate 80 offers over 3,000 acres of developable land in close proximity to an international airport, major highway interchange, and national rail crossing, Through the strategic cultivation of growth and prosperity, this area is positioned to become a model of regional economic development that elevates the global competitiveness of Salt Lake City, Salt Lake County, and the State of Utah. The complexity of developing the NWQ, combined with a changing economic landscape, requires a tactical approach to maximize the opportunities at hand. This CRA Plan sets forth goals, objectives, and strategies for the utilization of tax increment to advance development objectives in a sustainable, efficient, and collaborative manner. As efforts move forward, further coordination and partnership building will be key to take full advantage of the knowledge, skills, reach, and experience that stakeholders offer one another. State, county, city, public, private, and nonprofit partners together can have greater impact than working individually. With a steadfast approach, the development of the NWQ will provide jobs, economic growth, and regional prosperity for generations to come. 50 CRA PLAN REQUIREMENTS This CRA Plan complies with the community reinvestment project area plan requirements as per Utah Code 17C Community Reinvestment Agency Act. The RDA does not anticipate using eminent domain within the Project Area. Since the RDA is not carrying out a blight study or a blight determination, the Project Area is authorized through interlocal agreements with individual taxing entities, rather than a taxing entity committee. Prior to adopting a board resolution, the RDA Board of Directors (Board) has determined that this CRA Plan: • Contains a boundary description of the Project Area 0 Contains the RDA's purposes and intent with respect to the Project Area • Serves a public purpose • Produces a public benefit as per 17C-5-105(2) Is economically sound and feasible Conforms to the community's general plan • Promotes the public peace, health, safety, and welfare of the community PLAN & POLICY COORDINATION Salt Lake City has carried out various planning efforts focused citywide as well as specific to the NWQ. As components of the city's general plan, these efforts have established a clear vision for future development, and are based on extensive data gathering and community engagement. It is important that this CRA Plan draws from, builds upon, and integrates these prior plans and studies. The hierarchy of the these plans is outlined below. VISIONCITYWIDE SMALL AREA PLANS PLANS &STRATEGIES Plan Salt Lake Transportation, Sustainability, Quadrant Master C011111111);iij- Op NWQ COMMUNITY REINVESTMENT AREA PLAN 5 51 COMMUNITY REINVESTMENT ANALYSIS OVERVIEW Section 1 conforms to the requirements of 17C-5-105(1), and includes the following information: a. Project Area Boundary Description b. Existing Land Uses and Neighborhood Context c. Standards To Guide Project Area Development d. Furthering Purposes of Utah Title 17C e. General Plan Consistency f. Elimination or Reduction of Blight g. Specific Project Area Development h. Process of Selecting Participants i. Reasons for Selecting the Project Area j. Existing Physical, Social, and Economic Conditions k. Financial Assistance to be Offered to Participants I. Public Benefit Analysis Results m. Historic Preservation Requirements n. Interlocal Agreement 52 1 ( a ) : PROJECT AREA BOUNDARY DESCRIPTION The Northwest Quadrant Community Reinvestment Area ("Project Area") is generally defined on the south by Interstate 80 and 700 North; on the west by the Salt Lake City municipal boundary; on the North by the Salt Lake City municipal boundary; and on the east by 5600 West and the western edge of the decommissioned North Temple Landfill. Refer to Exhibit A for a complete legal description of the Project Area. FIGURE 1: PROJECT AREA BOUNDARY MAP L ....... ............... • ' ■ ' Salt Lake City Municipal Boundary ... ... Ld CU IL Ln .r . O cv ■ r I r O ............... 700 NORTH ■ ...... a Interstate 80 0 2,050 4,100 8,200 Feet i I I ■ I t I I I I i ■NORTHWEST QUADRANT CRA BOUNDARY PARCELS NWQ COMMUNITY REINVESTMENT AREA PLAN 7 53 1 ( b ) : EXISTING LAND USES AND NEIGHBORHOOD CONTEXT This section includes a general statement of the existing land uses, layout of principal streets, population densities, and building intensities of the Project Area and how each will be affected by the project area development. LAND USES Existing: Portions of the 7,739-acre Project Area have historically been used for agricultural, recreational, and conservation purposes include farming, grazing, hunting and fishing, housing for individuals working the land, and wildlife and habitat preservation. Today, several hundred acres are still being utilized as a working ranch, with the remainder of the area characterized by vacant land, large canals, stormwater management systems, natural habitat, and floodplains. In addition, regions within the Project Area are characterized by low elevations and highly liquefiable soils, which pose challenges to development. Anticipated Changes: The Northwest Quadrant Master Plan, adopted on August 16, 2016, provides a foundation for future land uses. Of the 7,739 acres contained within the Project Area, approximately half of the land area has been identified for preservation as a natural area. The remaining land area is considered to be developable as per zoning, drainage, and transportation planning requirements and standards. The Northwest Quadrant Overlay District, as established through zoning code, provides the following three subareas: 1. Development Area: Area in which development of light manufacturing uses may occur to promote economic development while minimizing impacts to sensitive lands. Supportive uses, such as restaurants, retail, and service stations are also permitted within this area. 2. Eco-Industrial Buffer Area: A 400' tract of land in which development may occur with additional design standards to mitigate impacts on birds, other wildlife, and the Natural Area. 3. Natural Area: Area in which new development is limited for the protection of sensitive lands and wildlife near the Great Salt Lake shorelands. LAYOUT OF PRINCIPAL STREETS Existing: There are currently no paved streets within the interior of the Project Area, however there are a limited number of privately-owned dirt roads. Anticipated Changes: In coordination with the development of the Utah State Correctional Facility, two access roads will be constructed, the first runs along 8000 West and the second zigzags from 700 North to 7200 West to 1400 North. Other major arterials, minor arterials, and collectors are being planned for the area and will be added to Salt Lake City's Major Street Plan. Additional local streets will be added as development occurs. �J 'III_Iy,I , i- Yi,:� 54 POPULATION DENSITIES Existing: Residential uses in the area are currently limited to housing for individuals working the land. As such, the Project Area has an extremely low population density. Anticipated Changes: As per the Northwest Quadrant Master Plan, residential is not a future land use within the Project Area. As such, the residential population density is anticipated to be few to zero. However, as the Project Area and adjacent landfill develops into a major employment center, a significant number of employees will be employed at businesses located in the NWQ. Tens of thousands of jobs will be created at full build-out depending on the type and density of businesses. BUILDING INTENSITIES Existing: Buildings currently located in the area are accessory structures relating to agricultural and recreational uses. As such, there are a very few existing structures in the Project Area. Anticipated Changes: Low density, large-scale industrial buildings will be developed for businesses relating to technology, manufacturing, processing, fabrication, assembly, freight handling, or similar operations. In addition, the NWQ has been contemplated for an intermodal facility and logistics park, to include a rail system co-located with light industrial development. Incidental commercial, service, and hospitality-oriented buildings will be developed and located primarily at gateways to the Project Area such as 7200 West at Interstate 80. 55 FIGURE 2: DEVELOPMENT FRAMEWORK MAP SALT LAKE CITY NORTHWEST QUADRANT 0 4,100 8,200 Feet r———— DEVELOPMENT FRAMEWORK I I I I I I I I I I I I Proposed RDA Area Planned Streets r---------------� - I Development Buffer 0 Conceptual Streets 1 N i Development Area Existing Railroad I I Landfill Area(closed) Canal I _ Natural Area xijr �z SLCRDA �<7, I I I 1 �ORTy I °�, 1100 N' O Co , - ee�C`�� o Z 1400 N_ — ` 1 I , I © I I I 1zcoN l I o O I I I i 1 i J. 700 N I. 400 N , I ' I _ 1 TO TOOELE �i% © TO DOWNTOWN SALT LAKE CnY 1. NATURAL AREA 5. MOUNTAINVIEW CORRIDOR @ 1-80 Area in which new development is limited for the UDOT's expansion plans for the Mountainview Corridor protection of sensitive lands and wildlife near the Great include a system connection located at 1-80 halfway Salt Lake shorelands. between the 5600 W and 7200 W ramps. 2. ECO INDUSTRIAL BUFFER 6. PLANNED STREETS Within this 400' tract of land, development may Two streets will be built to serve the new correctional occur with additional development standards that are facility. These streets will need to be up sized to intended to help mitigate impacts on wildlife and the accommodate economic development and growth. natural areas. 7. CONCEPTUAL STREETS 3. DEVELOPMENT AREA Once finalized, Salt Lake City's Major Street Plan will Area in which development of light manufacturing be updated to include additional arterial and collector uses may occur to promote economic development. streets, thereby enabling these streets to be eligible for Supportive uses, such as restaurants, retail, and impact fees. As development occurs, adjustments to services stations are also permitted within this area. the Major Street Plan may occur to provide flexibility. 4. EXISTING RAILROAD 8. 7200 WEST @ I-80 A short line railroad currently crosses under 1-80 west To be developed as a major gateway to Salt Lake City. of the International Center. This rail alignment has the Development is anticipated to be 4- 5 stories high, potential to be expanded into the Development Area to and provide office, lodging, and other services that will boost the economic advantage of the area. support the area's employees and visitors. NWQ COMMUNITY REINVESTMENT AREA PLAN 10 56 1 ( c ) : STANDARDS TO GUIDE PROJECT AREA DEVELOPMENT As standards to guide development, the RDA proposes to use the Guiding Principles provided in the Salt Lake City Northwest Quadrant Visioning Report ("Visioning Report"), dated March 2017. These Guiding Principles were established through analysis of existing site conditions, review of the Northwest Quadrant Master Plan, and input gathered through a stakeholder engagement process that was carried out between November 2016 and January 2017. Input was collected through seven roundtable groups that reached over 100 individual stakeholders. Guiding Principles are divided into Physical, Economic, and Environmental categories, as follows: PHYSICAL 1. Create a mixed-use gateway that highlights the project area as the western entry for Salt Lake City, capitalizes on key transportation corridors, and connects to existing neighborhoods. 2. Create walkable and bikeable linkages to nearby residential communities and recreation amenities. 3. Develop an infrastructure master plan that accounts for high water table and allows for flexibility in distribution and maintenance. 4. Design for an interconnected street and QROSPERITy transportation network that accommodates all modes (e.g. pedestrians, bicycles, passenger vehicles, cargo trucks, and a e passenger and freight rail). 5. Incorporate passive sustainable practices PRINCIPLES such as permeable surfaces, stormwater capture/bio-filtration swales, and dark sky �. C requirements. �ti 6. Limit expansive impermeable parking �y areas and maximize developable areas by incorporating transportation demand management strategies. NWQCOMMUNITY REINVEST�VENT AREA FLAN 57 ECONOMIC ENVIRONMENTAL 1. Maximize economic value and leverage 1. Promote transit use and alternative modes of regional demand by creating a forward- travel. thinking, innovative development plan for 2. Respect the existing canals and work to light industrial uses. incorporate the existing landscape into the 2. Assist in the identification of a preferred overall site design. location for an inland port to assure Salt 3. Promote development that respects the Lake City as a growing manufacturing and sensitive environment, balances uses distribution center that attracts high-quality and conservation, and reflects a keen and innovative businesses. understanding of the existing landscape that 3. Encourage development of industrial Mega is unique to the NWQ. Sites in order to enhance the employment 4. Promote public and environmental health base and economic prosperity of the region. to ensure clean air, clean water, and a 4. Create partnerships between local livable environment. educational institutions and business 5. Facilitate the implementation of entities to enhance on-the-job training and development standards in the Eco-Industrial capitalize on a young, growing workforce. Buffer to help mitigate impacts on birds, 5. Promote the NWQ as "open for business" wildlife, and the natural environment. by facilitating a streamlined development 6. Prioritize the ecological health of the approval process that includes clear NWQ by encouraging project designs that requirements but is flexible enough to prioritize the preservation and restoration of capitalize on market opportunities. native habitats. 6. Recognize that the area provides 7. Encourage development that incorporates opportunity to connect to the global renewable energy generation, is supply chain in a more meaningful way by environmentally friendly, and includes strategically aligning the site's exceptional sustainable practices to reduce energy ability to connect to regional, national, and consumption and greenhouse gas emissions. international transportation networks. 8. Encourage sustainable project development, 7. Maximize economic value by building possibly to include Eco-district synergies with the prison development and certification, LEED certification, and/or infrastructure improvements. Sustainable Sites certification. 8. Build in flexibility to ensure that implementation plans are nimble enough to adapt to changes in society, technology, and the economy. 9. Cultivate economic benefits enabled by Salt Lake City's Foreign Trade Zone (FTZ). 58 1 ( d ) : FURTHERING PURPOSES OF UTAH TITLE 17C By implementing this CRA Plan, the RDA shall leverage private investment with TIF to facilitate economic growth and prosperity through infrastructure improvements, preparation of building sites, business development, and citywide housing development. Implementation shall be carried out through the following objectives. OBJECTIVE : INFRASTRUCTURE IMPROVEMENTS 1 : TO CONSTRUCT INFRASTRUCTURE IN A COORDINATED, EFFICIENT, AND SYSTEMATIC MANNER FOR THE FACILITATION OF ECONOMIC DEVELOPMENT AND IMPLEMENTATION OF THE CITY'S GENERAL PLAN, MAJOR STREET PLAN, AND THE NORTHWEST QUADRANT MASTER DRAINAGE PLAN. TIF may be provided for capital and land costs associated with public infrastructure improvements. Projects shall facilitate economic development, the expansion of the City's tax base, and encourage orderly growth in compliance with the City's General Plan, Major Street Plan, and the Northwest Quadrant Master Drainage Plan. Eligible uses of funds may include, but not be limited to, the following: • Streets, sidewalks, curb and gutter, traffic controls, street lights, bike lanes, trails, wayfinding, and streetscaping; • Stormwater and drainage management systerns including drainage channels, storm drains, bio swales, retention areas, and canal improvements; • Water distribution and sewer systems; • Railways and related facilities and infrastructure, including rail track, spurs, terminals, bridges, underpasses, and crossings; and • Other infrastructure that may be located outside of the Project Area but that is found to directly benefit the Project Area. OBJECTIVE : SITE DEVELOPMENT AND REMEDIATION 2 : TO FACILITATE ECONOMIC GOALS AND OBJECTIVES THROUGH THE : PREPARATION OF BUILDING SITES FOR FUTURE DEVELOPMENT. TIF may be provided for costs associated with the preparation of building sites for development. Uses of TIF may include, but not be limited to, environmental remediation and/or containment; vapor intrusion mitigation; grading, fill and/ or soil correction; burden costs associated with bringing water, sewer, electrical, telecommunications, and/or other utility service to building sites; and landscaping or drainage improvements. TIF shall support projects that are in accordance with the City's General Plan, meet policies established for the NWQ, meet the City's economic development goals, are projected to generate an increase in the tax base, and meet financial criteria. 59 OBJECTIVE : BUSINESS DEVELOPMENT 3 ; TO FACILITATE AN ACTIVE AND VITAL EMPLOYMENT CENTER THROUGH THE RECRUITMENT, RETENTION, AND EXPANSION OF BUSINESSES TO PROVIDE LIVABLE WAGE JOBS AND ENHANCE ECONOMIC PROSPERITY. TIF may be provided to support business or industry-specific development projects. In addition to loans and reimbursements, the RDA may utilize TIF for the acquisition and/or disposition of property to carry out economic development objectives within the Project Area. TIF shall support projects that are in accordance with the City's general plan, meet policies established for the NWQ, meet the City's economic development goals, are projected to generate an increase in the tax base or return on investment, and meet financial criteria. OBJECTIVE : CITYWIDE HOUSING DEVELOPMENT 4 TO EXPAND THE AVAILABILITY AND AFFORDABILITY OF HOUSING . CITYWIDE TO PROVIDE ADDITIONAL HOUSING OPTIONS ALONG WITH JOB GROWTH. TIF may be provided for the development of citywide housing to ensure the availability and affordability of quality housing throughout Salt Lake City. Funding will not only provide affordable housing for existing Salt Lake City residents, but will also provide housing for the expanding employment base spurred by economic development in the NWQ. i _jTF; P�_.i ESQ :fir 60 1 ( e ) : GENERAL PLAN CONSISTENCY The Northwest Quadrant Master Plan is the community general plan for the Project Area. The construction of buildings and improvements in the Project Area will be carried out in accordance with the standards set forth in the Northwest Quadrant Master Plan, as well as other applicable plans and policies. Building permits will be issued by the City in order to assure that project area development is consistent with the Northwest Quadrant Master Plan and City ordinances. This CRA Plan aligns with the future land use framework and goals established through the Northwest Quadrant Master Plan. Goals are as follows: • Preserve natural open spaces and sensitive areas to sustain biodiversity and ecosystem functions. • Balance protection and management of natural lands with access to recreational opportunities. • Ensure that the City responds effectively to the social, environmental, and developmental concerns. • Encourage a resilient and diversified economy. • Support quality jobs that include nonpolluting and environmentally-conscious high-tech and manufacturing sectors. • Promote industrial development that is compatible with the environmentally-sensitive nature of the area. • Provide services and infrastructure that are similar to other parts of the City. 1 M : ELIMINATION OR REDUCTION OF BLIGHT Not applicable. 1 (g) : SPECIFIC PROJECT AREA DEVELOPMENT Specific projects and project sites have not been identified. Rather, project area development activities will facilitate infrastructure improvements, preparation of building sites, business development, and citywide housing development as further described in Section 1(d). 1 ( h ) : PROCESS OF SELECTING PARTICIPANTS The RDA may enter into participation agreements (also known as tax increment reimbursement agreements) for the purpose of providing incentives in the form of tax increment for project area development. Program participants shall be selected through an evaluation process as per the RDA's tax increment reimbursement program and policies. Potential participants must provide sufficient evidence that tax increment funding is necessary for the proposed project to succeed. In addition, the proposed project must align with CRA objectives and involve significant private investment so as to assure adequate yield of tax increment. 61 1 ( i ) : REASON FOR SELECTING THE PROJECT AREA Salt Lake City selected the Project Area due to the unparalleled opportunity to facilitate job creation, economic growth, and regional prosperity. However, the complexity of developing the NWQ, combined with a changing economic landscape, requires a tactical approach to maximize the opportunities at hand. As such, over the past several months, Salt Lake City has adopted a land use master plan, enacted zoning amendments, drafted an economic development visioning report and strategic plan, and established a public utilities basis for design. These efforts not only provide a land use and development framework for the area, but also provide an assessment of economic and market conditions to inform policy objectives and direct investments. Looking to the future, implementation of the vision and plans recently completed will require significant commitment of capital to leverage private investment. Establishment of the Project Area to facilitate tax increment financing is the first step in advancing development objectives in a sustainable, efficient, and collaborative manner. 1 (j ) : EXISTING PHYSICAL , SOCIAL , ECONOMIC CONDITIONS An analysis of social and economic conditions within the CRA is generally inapplicable due to the undeveloped nature of the area. Current physical conditions relate to wildlife management, ranching, farming, canals, stormwater management, and vacant land. The Project Area is adjacent to a major regional rail line and extensive highway infrastructure. A relatively small group of property owners control the majority of the Northwest Quadrant's undeveloped land, providing a unique opportunity for quality planning and collaboration on development. 1 ( k ) : FINANCIAL ASSISTANCE OFFERED TO PARTICIPANTS To promote investment in real property and consequent increases in property values, the RDA has established programs to assist property owners and businesses within RDA project areas. The most widely used forms of RDA assistance are loans, tax increment reimbursements, and the property acquisition/disposition process. However, the RDA may also develop project area- specific programs strategically targeted to promote the goals and objectives of the Project Area. An overview of existing programs is as follows: 1. TAX INCREMENT REIMBURSEMENT PROGRAM The RDA Tax Increment Reimbursement Program may provide project developers a tax increment reimbursement for the development of improvements that meet the goals and objectives of this CRA Plan and provide significant public benefit. Tax increment `l,%Q1. C01.' J' 'v ., 62 reimbursements shall be based upon the difference between the initial taxable value of a property prior to improvements and the increased taxable value resulting from said improvements. The developer will receive a percentage of the tax increment generated from its project for a specified time frame, and the RDA will receive the residual tax increment generated by the project. 2. LOAN PROGRAM The RDA Loan Program may provide financing to facilitate various development projects, including new construction, building rehabilitation, and energy efficiency upgrades. Funding is made available for construction costs or hard costs. Loan funds may also be used for site improvements associated with a development project. Use of funds for environmental remediation or demolition shall be considered on a case-by-case basis. 3. PROPERTY ACQUISITIOWDISPOSITION In addition to programs, the RDA may implement this CRA Plan by acquiring property to market for strategic redevelopment, particularly to stimulate private investment, improve conditions, and increase economic development with the area. As per the Utah Code 17C Community Reinvestment Agency Act, the RDA may sell, convey, grant, gift, or otherwise dispose of any interest in real property to provide for project area development. Disposition of all RDA-owned real property, including land write-downs, shall abide by the RDA's real property disposition policy, all applicable laws, and be conducted in a competitive and transparent manner as deemed appropriate and effective. 1 ( 1 ) : PUBLIC BENEFITS ANALYSIS SUMMARY According to the Utah Code 17C Community Reinvestment Agency Act, the RDA shall conduct an analysis to determine whether this CRA Plan will provide a public benefit. The RDA contracted with Zions Public Finance ("ZPFI") to carry out this effort. A summary of the resulting analysis, as completed by ZPFI, is as follows. Refer to Exhibit C for the complete Northwest Quadrant Community Reinvestment Area Public Benefits Analysis. a. An evaluation of the reasonableness of the costs of the proposed project area development An evaluation of the reasonableness of the costs of the proposed project area development is based on a comparison of the costs of the development compared to the revenues and benefits it will generate for the various taxing entities. The Project Area is currently generating only a minimal amount of tax revenues annually. Over 20 years, the anticipated tax revenues, assuming current conditions, will amount to $207,272. 63 BASE (EXISTING) TAX REVENUES: Base Year Tax Revenues Total — NPV* — AnnualTax 20 Years 20 Years Revenues Salt Lake County $32,934 $22,379 $1,647 Multicounty Assessing & Collecting Levy $147 $100 $7 County Assessing & Collecting Levy $3,591 $2,440 $180 Salt Lake City School District $84,586 $57,478 $4,229 Salt Lake City $63,072 $42,858 $3,154 Salt Lake Library $12,273 $8,340 $614 Salt Lake Metropolitan Water District $4,783 $3,250 $239 Central Utah Water Conservancy District $5,886 $4,000 $294 TOTAL $207,272 $140,845 $10,364 *Net present value discounted at a rate of 4 percent In comparison, with the projected development, the area will generate an estimated $233 million in property tax revenues over 20 years. The annual tax increment revenue will increase yearly, as development proceeds. b. Efforts that have been, or will be made to capitalize private investment Private investment in the area, for real property alone, is anticipated to reach nearly $3.6 billion within 35 years. This represents a substantial investment in an area of the Salt Lake Valley that is currently undeveloped and that deals with significant construction concerns, most notably the high water levels, soil stability, and lack of infrastructure. In an effort to increase private investment in the area, the RDA is proposing the creation of a CRA to assist with the extraordinary costs of construction that negatively impact the attractiveness of the area to developers. The amount to be contributed to the RDA is estimated at $174,815,907. Therefore, this represents a ratio of 20:1 of private investment to public investment. c. Rationale for use of project area funds ("but for" analysis) Development within the Project Area is unlikely to take place within the next ten years without some sort of public assistance. The rationale for the use of tax increment funds in the area is due to the extraordinary costs of construction associated with the high water table and lack of infrastructure in the area. In addition, there are development barriers relating to soil conditions and lowland areas within the general area. This adds uncertainty, time, and cost to the construction process. By assisting with these concerns, much of the present uncertainty expressed by developers would be mitigated and the area would become more attractive for development. 64 There is also some uncertainty regarding access to utilities and the placement of future infrastructure in the area. Preliminary plans indicate that the State of Utah will lead the construction effort for two roadway/transmission corridors, one running north from 1-80 to the prison site and the other running west from the International Center to the prison site. It is anticipated that the State will cover the up-front costs of street and baseline water/ sewer infrastructure. In anticipation of future development, Salt Lake City may allocate funding to cover the difference between the cost of baseline water/sewer infrastructure and a higher capacity system, thereby establishing a backbone system for the Project Area. Tax increment may be utilized to cover the cost of street and public utility improvements that lead from this backbone system to developable sites. d. An estimate of total amount of funds and the length of time during which funds will be spent Because of the extremely high costs associated with placing backbone infrastructure in this area, as well the uncertainties with the soil stability in some areas, the RDA anticipates the need for 75 percent of tax increment for a period of 20 years. Assuming a 20-year timeframe, with 75 percent of increment flowing to the RDA, the RDA would receive a total of nearly $175 million with a net present value (NPV) of roughly $100 million. e. The beneficial influences on the community's tax base The current taxable value of the Project Area is $735,791 or an average of $95.64 per acre. With the proposed development, the average taxable value per acre is projected to increase to $464,668 - an increase of roughly 485,751 percent. The following table summarizes the increases in real property taxable value projected at different time periods using the assumptions for absorption and average values. Year Taxable Value Increase over Current Value 5 $226,457,109 $225,721,318 10 $700,177,676 $699,441,885 15 $1,293,827,500 $1,293,091,710 20 $1,893,473,788 $1,892,737,997 25 $2,493,120,075 $2,492,384,285 30 $3,092,766,363 $3,092,030,572 35 $3,574,881,978 $3,574,146,187 Fourty-one percent of the increased tax revenues would benefit the Salt Lake City School District, 30 percent would benefit Salt Lake City and 16 percent would benefit Salt Lake County. Therefore, there are significant benefits to the tax base of the community from creating a project area. 65 f. The associated business and economic activity the proposed project area development will likely stimulate Based on a financial feasibility analysis completed by Jones Lang LaSalle, the Salt Lake City Northwest Quadrant Phase II Feasibility Analysis, nearly 32,000 jobs will be created in the Project Area. This is a significant number, as total employment in Salt Lake County was 712,912 in October 2017. Therefore, the job projections for the Project Area represent 4.5 percent of the current workforce in the County. The Kern C. Gardner Policy Institute ("Policy Institute") recently completed an economic analysis specifically looking at employment sector comparisons for the NWQ. The Policy Institute's analysis indicates that as many as 100,000+ jobs may be created at full build out when factoring in local multipliers. In addition to full-time jobs created in the Project Area, there will be a significant number of construction jobs created over a long period of time as absorption takes place in this area. g. Whether adoption of the proposed community reinvestment project area plan is necessary and appropriate to undertake the proposed project area development The creation of the proposed Community Reinvestment Project Area Plan is necessary and appropriate for the following reasons: • There are significant infrastructure issues (landfill remediation, uncertainty regarding access to utilities, and lowlands with high water tables) that make the area currently unattractive to developers. • The creation of a Project Area with remediation of the above-listed problems will generate significant economic development and increased property tax base. • The development that will take place in the area will create a significant number of new jobs. • Expansion of the Salt Lake City International Airport will create significant development opportunities in the area if a well-planned area, with good infrastructure, is available. • This area forms a gateway from the west, along 1-80, for visitors entering Salt Lake City, the State's capital city. 1 ( m ) : HISTORIC PRESERVATION Not applicable. 1 ( n ) : INTERLOCAL AGREEMENT According to the Utah Code 17C Community Reinvestment Agency Act The Project Area is subject to an interlocal agreement with taxing entities, rather than a taxing entity committee, because the RDA is not carrying out a blight study. 66 .' R,OJ ECT AREA BUDGET OVERVIEW Section 2 of this CRA Plan conforms with the requirements of 17C-5-303, and includes the following information: 1) Receipt of Tax Increment a. Base taxable value; b. Projected amount of tax increment to be generated within the CRA; c. Each project area funds collection period; d. Projected amount of tax increment to be paid to other taxing entities in accordance with Section 17C-1-410 (if applicable); e. If the area from which tax increment is collected is less than the entire community reinvestment project area: (i) a boundary description of the portion or portions of the community reinvestment project area from which the agency receives tax increment; and (ii) for each portion described in Subsection (1)(e)(i), the period of time during which tax increment is collected; f. Percentage of tax increment the agency is authorized to receive from the community reinvestment project area; and g. Maximum cumulative dollar amount of tax increment the agency is authorized to receive from the community reinvestment project area. 2) Receipt of Sales and Use Tax Revenue 3) Project Area Funds to Implement this CRA Plan 4) RDA's Combined Incremental Value 5) Amount for Administration 6) Property Owned and Expected to Sell NWQ COiWVIUNITY REINVESTMENT AREA PLAN 67 1 ( a ) : BASC iAXACILL VALUE The base year is anticipated to be 2017, with a base year taxable value of $735,791. 1 ( b ) : PROJECTED AMOUNT OF TIF INCREMENTAL PROPERTY TAX REVENUES GENERATED FOR 20 YEARS: e2 .1 7County e County $37,035,901 $21,148,021 nty Assessing & Collecting Levy $165,487 $94,495 ssessing & Collecting Levy $4,037,873 $2,305,682 Salt Lake City School District $95,121,698 $54,315,828 Salt Lake City $70,927,557 $40,500,633 Salt Lake Library $13,801,582 $7,880,898 Salt Lake Metropolitan Water District $5,378,315 $3,071,093 Central Utah Water Conservancy District $6,619,464 $3,779,807 TOTAL $233,087,876 $133,096,458 *Net present value discounted at a rate of 4 percent 1 ( c ) : COLLECTION PERIOD The collection period shall be 20 years. 1 (d):� TIF PAI11 TO 0 HFR TAX111G FN'' TITICS INCREMENTAL PROPERTY TAX REVENUES TO TAXING ENTITIES FOR 20 YEARS: Incremental Tax Revenues to Taxing Entitiesi i Years Salt Lake County $9,258,975 $5,287,005 Multicounty Assessing & Collecting Levy $41,372 $23,624 County Assessing & Collecting Levy $1,009,468 $576,421 Salt Lake City School District $23,780,424 $13,578,957 Salt Lake City $17,731,889 $10,125,158 Salt Lake Library $3,450,396 $1,970,224 Salt Lake Metropolitan Water District $1,344,579 $767,773 Central Utah Water Conservancy District $1,654,866 $944,952 TOTAL $58,271,969 $33,274,114 *Net present value discounted at a rate of 4 percent 1 ( e) : IF TIF C0111. 1170TION AREA IS LESS THIN CRA BOUNDARY Not applicable. The TIF collection area is the entire CRA boundary. JbVlJ C,O,,I:MUN:T Y RFI,NVF`�,T"JFiN I AR A P!—AJ 68 1 ( f) : PERCENTAGE OF TIF AUTHORIZED TO RECEIVE REQUESTED PARTICIPATION FROM TAXING ENTITIES: Taxing Entity Percentage Length Salt Lake County 75% 20 Years Salt Lake City School District 75% 20 Years Salt Lake City 75% 20 Years Salt Lake Library 75% 20 Years Salt Lake Metropolitan District 75% 20 Years Salt Lake City Mosquito Abatement Dis. 75% 20 Years Central Utah Water Conservancy District 75% 20 Years 1 (g) : MAXIMUM CUMULATIVE AMOUNT RECEIVED BY THE RDA Based on a conservative projection of tax increment generation, the RDA estimates receiving approximately $175,000,000 in tax increment revenues over a 20-year period. Actual receipt of tax increment may be higher depending on absorption rates, market conditions, and taxing entity participation terms. As such, tax increment budget estimates and maximums, if applicable, will be established through an interlocal agreement with each of the participating taxing entities. Estimated tax increment revenues are as follows: 20-YEAR TAX INCREMENT REVENUES TO RDA AT 75% PARTICIPATION RATE: Incremental Tax Revenues to •D2022-2041 Salt Lake County $27,776,926 $15,861,016 Multicounty Assessing & Collecting Levy $124,115 $70,871 County Assessing & Collecting Levy $3,028,405 $1,729,262 Salt Lake City School District $71,341,273 $40,736,871 Salt Lake City $53,195,668 $30,375,475 Salt Lake Library $10,351,187 $5,910,673 Salt Lake Metropolitan Water District $4,033,736 $2,303,320 Central Utah Water Conservancy District $4,964,598 $2,834,855 TOTAL $174,815,907 $99,822,343 2 : SALES AND USE TAX REVENUE : Not applicable. 3 : PROJECT AREA FUNDS TO IMPLEMENT THIS CRA PLAN BUDGET FOR 20-YEAR TAX INCREMENT REVENUES TO RDA: Activity Percentage Amount Administration 10% $17,481,591 Housing 10% $17,481,591 Shared Costs 10% $17,481,591 Redevelopment Activities 70% $122,815,907 Total 100% $174,815,907 Ai�/F'-T'V F A F' F 69 The RDA shall implement this plan through the following activities: • ADMINISTRATION AND OPERATIONS: The tax increment expected to be used to cover the operatings costs of administering and implementing the CRA Plan. • HOUSING: The tax increment allocation required to be used for housing activities pursuant to Section 17C-2-203, 17C-3-202, or 17C-5-307 for the purposes described in Section 17C-1-412. • SHARED COSTS: The tax increment expected to be used for redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple property owners or parcels, • REDEVELOPMENT ACTIVITIES: The tax increment expected to be used to carry out project development activities as further described in this CRA Plan. Activities may include, but not be limited to, land acquisition, public improvements, infrastructure improvements, loans, grants, and other incentives to public and private entities. 4 : RDA'S COMBINED INCREMENTAL VALUE PROJECT AREA ASSESSED BASE TAXABLE INCREMENTAL VALUE PROPERTY VALUE VALUE SLC CBD In $2,253,069,110 $136,894,100 $2,116,175,010 SLC CBD Out $468,564,069 $0 $468,564,069 Sugar House $358,792,409 $53,401,199 $305,391,210 West Temple $131,625,455 $50,234,090 $81,391,365 Baseball $2,994,111 $0 $2,994,111 West Capitol Hill $83,471,701 $28,322,952 $55,148,749 Depot District $419,610,969 $27,476,425 $392,134,544 Depot District Non-Collection $17,069,143 $0 $17,069,143 Granary $90,443,298 $48,813,397 $41,629,901 North Temple Viaduct $64,730,133 $36,499,680 $28,230,453 North Temple $106,098,060 $84,073,572 $22,024,488 Block 70 $158,846,344 $58,757,937 $100,088,407 COMBINED VALUE $4,155,314,802 $524,473,352 $3,630,841,450 5 : PROJECT AREA FUNDS USED FOR ADMINISTRATION The RDA anticipates utilizing up to 10 percent of the funds captured and retained by the agency, which is estimated to be $17,481,591. 6 : EXPECTED SALE PRICE FOR PROPERTY THE RDA OWNS The RDA does not own property within the Project Area. 70 EXHIBIT A : PROJECT AREA LEGAL DESCRIPTION & MAP Beginning at a point on the existing Salt Lake City boundary which is the Northwest Corner of Section 17, Township 1 North, Range 2 West, Salt Lake Base and Meridian, and running thence along the existing Salt Lake City boundary the following 18 courses: 1) N89°54'36"E 2637.89 feet to the N1/4 Corner of said Section 17; 2) N89°53'20"E 2640.05 feet to the NE Corner of said Section 17; 3) S89°48'47"E 2640.69 feet to the N1/4 Corner of Section 16 said Township; 4) N00°26'13"E 1320.23 feet to the W1/4 Corner of the SE1/4 of Section 9 said Township; 5) S89048'47"E 2625.84 feet to the E1/4 Corner of the SE1/4 of said Section 9; 6) S00°24'42"W 1320.23 feet to the NE Corner of said Section 16; 7) S00°24'42"W 2650.57 feet to the E1/4 Corner of said Section 16; 8) S00°26'25"W 1325.15 feet to the W1/4 Corner of the SW1/4 of Section 15; 9) S89°50'13"E 1322.93 feet to the Center of the SW1/4 of said Section 15; 10) NOO°23'04"E 2648.09 feet to the Center of the NW1/4 of said Section 15; 11) S89°44'08"E 3963.23 feet to the E1/4 Corner of the NE1/4 of said Section 15; 12) S89047'29"E 1317.60 feet to the Center of the NW1/4 of Section 14 said Township; 13) S00°15'30"W 3961.12 feet to the S1/4 Corner of the SW1/4 of said Section 14; 14) S89047'29"E 1317.60 feet to the S1/4 Corner of said Section 14; 15) S00°13'53"W 1320.92 feet to the E1/4 Corner of the NWl/4 Section 23 said Township; 16) S89°46'07"E 1320.22 feet to the Center of the NE1/4 of said Section 23; 17) S00°13'54"W 2643.89 feet to the Center of the SEl/4 of said Section 23; 18) S44°44'23"E 1868.01 feet to the SE Corner of said Section 23; thence along the east line of Section 26 said Township S00020'01"W 3991.93 feet to the north line of John Cannon Drive; thence along the north line of John Cannon Drive S89°47'45"E 44.00 feet to the projected east line of 5600 West; thence along the east line of 5600 West S00°20'07"W 1284.30 feet to the south line of Section 25 said township; thence along the south lines of said Section 25 and 26 N89°47'25"W 774.13 feet to the Southwest Corner of Watkins Industrial Park Subdivision as recorded in Book 2003P, Page 162 of Subdivisions, in the Salt Lake County Recorder's Office; thence along the south line of said Section 26 N89°47'24"W 2937.61 feet; thence S00011'54"W 99.14 feet to the Northeast Corner of Parcel 07-35-100-016; thence along said parcel the following 6 courses: 1) N89°46'53"W 1609.45 feet; 2) N89°50'44"W 2642.88 feet; 3) N89°50'20"W 2644.04 feet; 4) N89°44'53"W 1317.05 feet; 5) S00013'52"W 2541.25 feet; 6) S00°14'20"W 1723.95 feet to the north line of the 1-80 right-of-way and an 1849.86 foot radius non-tangent curve to the right; thence along said north line and said curve 63.56 feet (chord bears S71°02'20"W 63.56 feet); thence along said north line N89°47'45"W 9176.07 feet to the west boundary line of Salt Lake City; thence along said west boundary the following 10 courses: 1) N00°19'37"E 1745.63 feet to the West Quarter Corner of Section 32 said township; 2) N00°20'10"E 846.69 feet; 3) S89°47'26"E 1320.00 feet; 4) N00020'10"E 950.40 feet; 5) N89°47'26"W 1320,00 feet; 6) N00°20'10"E 844.84 feet to the Northwest Corner of said Section 32; 7) N00°19'16"E 5285.43 feet to the Southwest Corner of Section 20 said township; 8) N00017'46"E 2629.78 feet to the West Quarter Corner of said Section 20; 9) N00018'30"E 2631.00 feet to the Northwest Corner of said Section 20; 10) NOO°17'29"E 5280.23 feet to the point of beginning. Contains 7,739.092 acres, more or less. Ct)J `,I'.! P�_F,\i: I_XI I31T 71 PROPOSED NORTHWEST QUADRANT CRA BOUNDARY 2625,84' SALT LAKE CITY w SB9'49'47'E MUNICIPAL BOUNDARY f 2537.89' 2840.05' 2640.69' N8W5C35'E N89.53'20'E -S89'48'47'E SALT LAKE CITY MUNICIPAL BOUNDARY RC 3963.23' 1317,80'SSW44'0B'E 589'47'29'E JRi Jl ~2 Beginning at a point on tyro existing Salt Laka CRy boundary wh¢n is the ^ Northwesl Comer of Section 17, Townahlp 1 North, Range 2 West. Soil Lake Bees and Meridian, and running thence along the existing Salt Lake City boundary the following 18 courses. 1) N89154'36'E 2637.89 feet to the N) Corner of Baia Section ,7;2) N89-53'20'E 2640.05 feet to the NE Comer of said Sector 17; 3) SB9'5WI3'E n 589'48'47'E 2640.89 feet to the N) Corner of Section 16 said Township; 4) N00'26'13'E 1320.23 feet to the W) Corner of the SEj Of Sol- 9 said Township; 5) S89'48Y7"E 2625.54 feet to the Ej C.-, of the SEj of said } Section 9; 6) Soo' 24'42'1y 1320.23 feel to the NE Comer of said Section 16: 7) S00'24'42'W 2650.57 teat to the Ej Corner of said Section 16; 8) S00.26'WW >/ 1325.15 feel to the Q Corner of the SWI of Section 15; 9) SB9'50'13'E 1322.93 S89r47'29 E�" G Q lest to the Canter of the SW) of sold Section M 10) N00'23'04'E 2648.09 lest t3,7,60' g R to the Center of the NW) of sold 5ection 15; 11) S89'44'08"E 3963.23 feet to z m lha El Comn of the NEj of sold Section 15; 12) S89'47'29"E 1317.60 feel to ^I320.22'_ uj the Center of the N,9)of Secton 14 said Township; 13)S00.15'30'W 3961.12 feet S89'4W01'E O la lha 4 Corner of the SWj of said Sedan 14; 14) S89.47'29'E 1317 60 feet to I �< m the S)Corner of said Section 14; 15)S00'13'53'W 1320,92 rest to the El Corner of the N'W) Scotian 23 said Township; 16) S89'46.07'E 1320.22 reel to the Center J of the NEj of said Section 23; 17) S00'13'54 W 2643.59 feet to the Center of O Q the SEj of said Section 23; 18) S44'44'23E 1868.01 feet to the SE Comer of G sad Section 23; thence along the east line of Section 26 said Township w a Y S00'20'00W 3991.93 feet to the north line of John Cannon Drive; thence along Uw the north One of John Cannon Drive SBW47'45'E 44.00 feet to the projected east Q line of 56W West; thence along the east 9"of 5600 West S00.20'07'W 1284.30 Z feat to the south line of Section 25 said township; thence thong the south lines rov of said Section 25 and 25 N89'47'25'W 774.13 feel to the Southwest Corner Of Watkins Industrial Pork Subdivision as recorded In Book 2003P, Page 162 of 'ry, Subdivisions, in the Salt Lake County Recorders Office; thence along the south line \7. of said Section 26 N89'47'24'yl 2937.61 feet; thence 500'11'S4n/l 99.14 feet to ✓�� } Ise Nartheost Corner or Parcel 07-35-100-018: !hence along said parcel the faiawing 6 courses 1) NB9'46'53"W 1609.45 feet; 2) N89'50'44 W 2842.88 feet; 3) N89-50'20-W 2,644.04 feet; 4) N89'44'53-W 1317.05 feet; 5) 500'13.52-W U 2541.25 feet; 6) S00'14'20'W 1723.95 feel to the north line of the I-80 right-of-way and on 1849.86 root rod;us --tangent curve to the right; thence LJ along said north line and said curve 63.56 feet (chord bears S71.02'20'W 63.56 Y fact);tnencs along sad north line N8747'45`W 9176.07 feet to the west boundary line of Sall Lake City; thence along said west boundary the following 10 courses: Q 1) N00'19'37E 1745.93 feel to the West Quarter Corns, or Section 32 said o a lownehip; 2) ,D0r20'I0'E 845.69 feet; 3) S89'47'26'E 1320.00 feet; 4) P¢v N00'20'10'E 950.40 feet; 5) NB9.47'26 W 1320.00 fact; 6) NOO'20'10'E 844.84 `�n Q @ feel to the Northwest Comer at said Section 32; 7) N00'19'16'E 5265.43 feel to a §{ the Southwest Coma,of Section 20 said township;8)N00'17'46'E 2629.78 feet to the West Ouorter Corder of said Section 20; 9) NW'1B'30'E 2631.00 feet to the V) Northwest Comer of said Section 20: 10) NOO'17'29"£ 5260.23 feet to the pant of tle0lnninnqq 589'47'4S'E Contains 132.092 ones,more or leas. 700 NORTH s soo'„'s47v N0020'10'E N69.44'Syyf 99.14' S�5t 644.84' 1317.OS' N09'50'20'W 489'50'44`W N89'47'241v m ll.'41'26"W 2544.04' 2642.88' 2937.81 '320.00, N8g'47'26Yf 0 f189'4,09.4V 774.13' Q O 1609.45' n vh w \ a¢ `S891'i47-26'E 1320.00' 400.20'101 g N61r47'45`W CTy,csyOZ2Lf It$►tl 9178.07' L.63.56L Nw INTERSTATE 80 NWQ COMMUNITY REINVESTMENT AREA PLAN: EXHIBIT A6 72 EXHIBIT B : DEFINITIONS 1. The term "Act" or "Utah Code 17C Community Reinvestment Agency Act" shall mean the "Limited Purpose Local Government Entities - Community Reinvestment Agency Act" as found in Title 17C, Utah Code Annotated 1953, as amended. 2. The term "Affordable Housing" shall mean housing to be owned or occupied by persons and families of low or moderate income, as determined by resolution of the RDA. 3. The term "Base Taxable Value" unless otherwise adjusted in accordance with provisions of this title, shall mean a property's taxable value as shown upon the assessment roll last equalized during the base year. 4. The term "Base Year" shall mean, except as provided in Subsection 17C-1-402(4)(c), the year during which the assessment roll is last equalized 5. The term "Board" shall mean the governing body of the Agency, as provided in Section 17C-1-203 of the Act. 6. The term "City" shall mean the city of Salt Lake City. 7. The term "Housing Allocation" shall mean tax increment allocated for housing under Section 17C-2- 203, 17C-3-202, or 17C-5-307 for the purposes described in Section 17C-1-412. 8. The term "Income Targeted Housing" shall mean housing to be owned or occupied by a family whose annual income is at or below 80% of the median annual income for Salt Lake County. 9. The term "Northwest Quadrant Master Plan" shall mean the Community General Plan as required by the Act, which acts as the master plan, adopted by Salt Lake City on August 16, 2016. 10. The term "Project Area" shall mean the area described in Exhibit A attached hereto. 11. The term "Project Area Budget" shall mean a multiyear projection of annual or cumulative revenues and expenses and other fiscal matters pertaining to the Project Area that includes: (i) the Base Taxable Value of property in the Project Area; (ii) the projected Tax Increment expected to be generated within the Project Area; (iii) the amount of Tax Increment expected to be shared with other taxing entities; (iv) the amount of Tax Increment expected to be used to implement the Project Area Plan, including the estimated amount of Tax Increment to be used for land acquisition, public improvements, infrastructure improvements, and loans, grants, or other incentives to private and public entities; (v) the Tax Increment expected to be used to cover the cost of administering the Project Area Plan; NO if the area from which Tax Increment is to be collected is less than the entire Project Area: (a) the tax identification numbers of the parcels from which Tax Increment will be collected; or (b) a legal description of the portion of the Project Area from which Tax Increment will be collected; (vii) for property that the RDA owns and expects to sell, the expected total cost of the property to the RDA and the expected selling price; and (viii) the following required information: (a) the number of tax years for which the RDA will be allowed to receive Tax Increment from the Project Area; and (b) the percentage of Tax Increment or maximum cumulative dollar amount of Tax Increment the RDA is entitled to receive from the Project Area under the Project Area Budget. 12. The term "RDA" shall mean the Redevelopment Agency of Salt Lake City. 13. The term "Taxable Value" shall mean the value of property as shown on the last equalized assessment roll as certified by the Salt Lake County Assessor. 14. The term "Tax Increment" shall mean the difference between: (i) the amount of property tax revenues generated each tax year by all taxing entities from the area within a Project Area designated in the Project Area Plan as the area from which Tax Increment is to be collected, using the current assessed value of the property; and (ii) the amount of property tax revenues that would be generated from that same area using the Base Taxable Value of the property. 15. The term "Taxing Entity" shall mean a public entity that levies a tax on a parcel or parcels of property located within the City. 73 y r , r ♦1f� �0 r r • - • 4 r r n b .. 14 � r Salt Lake City Redevelopment Agency Northwest Quadrant Community Reinvestment Area Benefits Analysis ZIONS ©© PUBLIC FINANCE,INC. ©0 December 7, 2017 74 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ©o on Contents Contents........................................................................................................................................................1 Background...................................................................................................................................................2 Development Assumptions...........................................................................................................................4 ZonesA&C...............................................................................................................................................5 BenefitsAnalysis...........................................................................................................................................5 Evaluation of the Reasonableness of the Costs of the Proposed Project Area Development.................5 Efforts to Maximize Private Investment...................................................................................................7 Rationale for Use of Project Area Funds—Whether the Proposed Project Area Development Might Reasonably Be Expected to Occur in the Foreseeable Future Solely Through Private Investment.........7 Estimate of Total Amount of Project Area Funds the Agency Intends to Spend on Project Area Development and Length of Time Over Which the Project Area Funds Will Be Spent............................8 Beneficial Influences on the Community's Tax Base................................................................................9 Associated Business and Economic Activity the Proposed Project Area Development Will Likely Stimulate.................................................................................................................................................10 Whether Adoption of the Proposed Community Reinvestment Project Area Plan is Necessary and Appropriate to Undertake the Proposed Project Area Development....................................................12 AppendixA..................................................................................................................................................13 AppendixB..................................................................................................................................................15 1 Zions Public Finance,Inc.December 2017 75 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ''— on Background The purpose of this report is to conduct a benefits analysis for development of the Northwest Quadrant under Utah Code§17C-5-105(2)which lists the following requirements: (a) An Agency shall conduct an analysis in accordance with Subsection (2)(b) to determine whether the proposed community reinvestment project area plan will provide a public benefit. (b) The analysis described in Subsection (2)(a)shall consider: (i) the benefit of any financial assistance or other public subsidy to be provided by the agency, including: (A) an evaluation of the reasonableness of the costs of the proposed project area development; (B) efforts that have been, or will be made,to maximize private investment; (C) the rationale for use of project area funds, including an analysis of whether the proposed project area development might reasonably be expected to occur in the foreseeable future solely through private investment;and (D) an estimate of the total amount of project area funds that the agency intends to spend on project area development and the length of time over which the project area funds will be spent; and (ii) the anticipated public benefit derived from the proposed project area development, including: (A) the beneficial influences on the community's tax base; (B) the associated business and economic activity the proposed project area development will likely stimulate;and (C) whether adoption of the proposed community reinvestment project area plan is necessary and appropriate to undertake the proposed project area redevelopment. The study area, outlined in the figure below, is the area located immediately west of the Salt Lake City International Airport and the International Center, and north of 1-80, not including the North Temple Landfill. 2 Zions Public Finance,Inc.December 2017 76 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ©o ©0 FIGURE 1: MAP OF PROJECT AREA BOUNDARIES PROPOSED NORTHWEST QUADRANT COMMUNITY REINVESTMENT AREA --�: Salt Lake City , :llunici al R...... I I - �C: t Salt Lake International Airport I q: I � .... .�� i € .... ............ : l' I Iclnsctt) V, N 180E:.....:......::.r:::::..:.t...............2' 1�. U 0.25 0.5 I 1.5 7 Miles I'ry il,�ar.1('RA 141u„non':�a A,I I I thI RIt\B—M.,f Di—h.ra,.hi 17_ .6 Pnil.i.a..l R-i.a•,I t'R%Th, ii,la— it,•r:i.�h.r This report is organized as follows: • Background • Development Assumptions • Tax Increment Projections • Benefits Analysis 3 Zions Public Finance,Inc.December 2017 77 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis 190 ©o Development Assumptions Development assumptions were provided by the Salt Lake City Redevelopment Agency("RDA")from the Salt Lake City Northwest Quadrant Phase Il Feasibility Analysis prepared by JLL in December 2017. Absorption projections are for light industrial,flex office, retail and hotel development. Zones A&C represent the study area shown above, minus the landfill. Zone B represents the landfill site. TAsle. 1: BUILDING SF A3SURPTIuw PROJECTIONS,2019-2053 Light Industrial Flex Office Retail Hotel Rooms/Acres Zone A 14,196,995 5,166,231 85,327 115 Zone B 5,880,412 5,302,950 534,293 718 Zone C 20,115,587 2,088,368 - - TOTAL SFAbsorbed 40,192,994 12,557,549 619,620 833 Source: Salt Lake City Northwest Quadrant Phase I!Feasibility Analysis For purposes of analysis,Zones A and C have been combined in this study, and Zone B (landfill) is considered in a separate analysis. Therefore,the total square feet absorbed in zones A&Cis as follows: i ABLE 2: BUILDING SF ABSORPTION PROJECTIONS,2019-2053,ZoNEs A&C Light Industrial Flex Office Retail Hotel Rooms/Acres Zone A 14,196,995 5,166,231 85,327 115 Zone C 20,115,587 2,088,368 - - TOTAL SF Absorbed 34,312,582 7,254,599 85,327 115 Source: Salt Lake City Northwest Quadrant Phase Il Feasibility Analysis The JLL study also provides estimates of the future densities,or floor area ratios (FAR),of the various types of development. ZPFI has used the JLL assumptions for light industrial, retail and hotel, but has slightly reduced the FAR for flex office. TABLE 3: DUiLOING DENSI i y ASsui41P IIONS Light Industrial Flex Office Retail Hotel Rooms/Acres Building sf per acre 13,068 17,424 13,068 79 Floor Area Ratio 0.3 0.5 0.3 NA Finally,the JLL report also provides estimates of the land and construction costs of the various types of development. This analysis uses the JLL estimates for all categories, with the exception of flex office construction costs. For this category,we have reduced the building costs to$100 per building square foot. Throughout the analysis, all costs have been inflated at a growth rate of two percent per year. 4 Zions Public Finance,Inc.December 2017 78 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis 110 ©a TABLE n: LANo COSrs PER A(:RE Light Industrial Flex Office Retail Hotel Rooms/Acres $189,006 $325,319 $285,628 $831,904 i XaLf 5: V ( ";STRUCTION COSTS PCP Light Industrial Flex Office Retail Hotel Rooms/Acres $60 $100 $160 $130,000 In addition, personal property valuation must be added to the light industrial and flex office construction costs. This analysis adds$5.00 per building square foot to the light industrial and flex office categories in order to cover personal property valuation. While it is recognized that personal property values depreciate yearly, and replacement costs must also be considered, the$5.00 is an average value used. Personal property values range significantly in industrial development. With no specific tenants in mind at this point in time,a conservative estimate has been used. Zones A & C Based on the foregoing assumptions,total valuation is expected to reach $3,574,881,978 over the 35- year time period of this analysis. i:%IIiF6: Pr,.)rCTID TAXABLE VALUE AT BUILDOUT—ZONEs A&C Building Category Taxable Value at Buildout Zones A&C—Land Light Industrial $496,363,338 Flex Office $54,189,523 Retail $1,865,342 Hotel $1,214,581 TOTAL Land $553,632,784 Zones A&C—Construction Light Industrial $2,230,727,390 Flex Office $761,872,774 Retail $13,654,827 Hotel $14,994,202 TOTAL Construction $3,021,249,194 TOTAL TAXABLE VALUE $3,574,881,978 Benefits Analysis Evaluation of the Reasonableness of the Costs of the Proposed Project Area Development An evaluation of the reasonableness of the costs of the proposed project area development is based on a comparison of the costs of the development compared to the revenues and benefits it will generate for the various taxing entities. 5 Zions Public Finance,Inc.December 2017 79 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ©0 ©n The project area is currently generating only a minimal amount of tax revenues annually. Over 20 years, the anticipated tax revenues,assuming current conditions, will amount to$207,272.1 TAuL 7: ivast(Exisl isvG)Tax R�vENuEs Base Year Tax Revenues Total—20 Years NPV*—20 Years Annual Tax Revenues Salt Lake County $32,934 $22,379 $1,647 Multicounty Assessing&Collecting Levy $147 $100 $7 County Assessing&Collecting Levy $3,591 $2,440 $180 Salt Lake City School District $84,586 $57,478 $4,229 Salt Lake City $63,072 $42,858 $3,154 Salt Lake Library $12,273 $8,340 $614 Salt Lake Metropolitan Water District $4,783 $3,250 $239 Central Utah Water Conservancy District $5,886 $4,000 $294 TOTAL $207,272 $140,845 $10,364 *Net present value discounted at a rate of 4 percent In comparison, with the projected development,the area will generate an estimated$233 million in property tax revenues over 20 years. The annual tax increment revenue will increase yearly,as development proceeds. TAELL 8.INCRENIEN i AL PROPERLY TAX REVENUES GENERATED Incremental Tax Revenues-100% Total—20 Years NPV*—20 Years Salt Lake County $37,035,901 $21,148,021 Multicounty Assessing&Collecting Levy $165,487 $94,495 County Assessing&Collecting Levy $4,037,873 $2,305,682 Salt Lake City School District $95,121,698 $54,315,828 Salt Lake City $70,927,557 $40,500,633 Salt Lake Library $13,801,582 $7,880,898 Salt Lake Metropolitan Water District $5,378,315 $3,071,093 Central Utah Water Conservancy District $6,619,464 $3,779,807 TOTAL $233,087,876 $133,096,458 *Net present value discounted at a rate of 4 percent Therefore,the proposal to contribute 75 percent to the Agency,with 25 percent remaining with the taxing entities appears reasonable. The following table shows the additional property tax revenues that the taxing entities will receive,assuming 25 percent of incremental tax revenues for a period of 20 years. The additional amount is projected to be over$58 million. TAXING ENTITIES FOR 20 YEARti Incremental Tax Revenues to Taxing Entities Total—20 Years NPV*—20 Years Salt Lake County $9,258,975 $5,287,005 Multicounty Assessing&Collecting Levy $41,372 $23,624 County Assessing&Collecting Levy $1,009,468 $576,421 Salt Lake City School District $23,780,424 $13,578,957 Salt Lake City $17,731,889 $10,125,158 Salt Lake Library $3,450,396 $1,970,224 Salt Lake Metropolitan Water District $1,344,579 $767,773 'The base year taxable value of the project area is$735,791. 6 Zions Public Finance,Inc.December 2017 80 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis no ©n Incremental Tax Revenues to Taxing Entities Total—20 Years NPV*—20 Years Central Utah Water Conservancy District $1,654,866 $944,952 TOTAL $58,271,969 $33,274,114 *Net present value discounted at a rate of 4 percent Efforts to Maximize Private Investment Private investment in the area,for real property alone, is anticipated to reach nearly$3.6 billion within 35 years. This represents a substantial investment in an area of the Salt Lake Valley that is currently undeveloped and that deals with significant construction concerns, most notably the high water levels, soil stability and lack of infrastructure. In an effort to increase private investment in the area,the Redevelopment Agency is proposing the creation of a CRA to assist with the extraordinary costs of construction that negatively impact the attractiveness of the area to developers. The amount to be contributed to the Agency is estimated at$174,815,907. Therefore,this represents a ratio of 20:1 of private investment to public investment. Rationale for Use of Project Area Funds—Whether the Proposed Project Area Development Might Reasonably Be Expected to Occur in the Foreseeable Future Solely Through Private Investment Development within the proposed Project Area is unlikely to take place within the next ten years without some sort of public assistance.The rationale for the use of tax increment funds in the area is due to the extraordinary costs of construction associated with the high water table and lack of infrastructure in the area. By assisting with these concerns, much of the present uncertainty expressed by developers would be mitigated and the area would become more attractive for development. As the following map shows,there are a considerable amount of lowland areas within the general area. This adds uncertainty,time and cost to the construction process. 7 Zions Public Finance,Inc.December 2017 81 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ©o ©a FIGURE 2: MAP OF LOWLANDS•N NORTHWEST QUADRANT AREA Northwest Area �. — v Legend - `; � " P •i= N There is also some uncertainty regarding access to utilities and the placement of future infrastructure in the area. Preliminary plans indicate that the State of Utah will lead the construction effort for two roadway/transmission corridors,one running north from 1-80 to the prison site and the other running west from the International Center to the prison site. It is anticipated that the State will cover the upfront costs of street and baseline water/sewer infrastructure. In anticipation of future development, Salt Lake City may allocate funding to cover the difference between the cost of baseline water/sewer infrastructure and a higher capacity system,thereby establishing a backbone system for the study area. Tax increment may be utilized to cover the cost of street and public utility improvements that lead from this backbone system to developable sites. Estimate of Total Amount of Project Area Funds the Agency Intends to Spend on Project Area Development and Length of Time Over Which the Project Area Funds Will Be Spent Because of the extremely high costs associated with placing backbone infrastructure in this area,as well the uncertainties with the soil stability in some areas,the Redevelopment Agency anticipates the need for 75 percent of tax increment for a period of 20 years. The tax increment projections shown below assume completion of major roads and utilities. Assuming a 20-year timeframe,with 75 percent of 8 Zions Public Finance,Inc.December 2017 82 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ©o ©o increment flowing to the Agency,the Agency would receive a total of nearly$175 million with a net present value (NPV)of roughly$100 million. -;VT REVENUES 1.0 AGENCY AT 757,PARTICIPATION R%ATi Incremental Tax Revenues to Agency _ Total,20 Years NPV,20 Years Salt Lake County $27,776,926 $15,861,016 Multicounty Assessing&Collecting Levy $124,115 $70,871 County Assessing&Collecting Levy $3,028,405 $1,729,262 Salt Lake City School District $71,341,273 $40,736,871 Salt Lake City $53,195,668 $30,375,475 Salt Lake Library $10,351,187 $5,910,673 Salt Lake Metropolitan Water District $4,033,736 $2,303,320 Central Utah Water Conservancy District $4,964,598 $2,834,855 TOTAL $174,815,907 $99,822,343 Beneficial Influences on the Community's Tax Base The current taxable value of the project area is$735,791(see list of attached parcels in Appendix A)or an average of$95.64 per acre.Z With the proposed development,the average taxable value per acre is projected to increase to$464,668—an increase of roughly 485,751 percent. The following table summarizes the increases in real property taxable value projected at different time periods using the assumptions for absorption and average values discussed previously in this analysis. TABLE 11: INCRE(VIENTAL PROPERTY TAX VALUE Year Taxable Value Increase over Current Value 5 $226,457,109 $225,721,318 10 $700,177,676 $699,441,885 15 $1,293,827,500 $1,293,091,710 20 $1,893,473,788 $1,892,737,997 25 $2,493,120,075 $2,492,384,285 30 $3,092,766,363 $3,092,030,572 35 $3,574,881,978 $3,574,146,187 The project area is located in Tax Districts 13E and 13F. The two districts have the following taxing entities,with the following tax rates:3 TABLE 12: PERCENT.A-_,R:: .e T�;VARious TAXING ENTITIES Taxing Entity Tax Rate %of Total Salt Lake County 0.002238 16% Z Based on 7,693.41 acres in the project area. 3 Tax District 13E accounts for 942.52 acres in the project area,while Tax District 13F accounts for 6,750.89 acres. There is one difference between the two tax districts. 13E includes the Magna Mosquito Abatement District while 13F does not. The Magna Mosquito Abatement District is not included in the analysis as much of the area located in Tax District 13E is undevelopable and the impacts of the Mosquito Abatement District would be minimal. 9 Zions Public Finance,Inc.December 2017 83 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ©o ©n Taxing Entity Tax Rate %of Total Multicounty Assessing&Collecting Levy 0.00001 0% County Assessing&Collecting Levy 0.000244 2% Salt Lake City School District 0.005748 41% Salt Lake City 0.004286 30% Salt Lake Library 0.000834 6% Salt Lake Metropolitan Water District 0.000325 2% Central Utah Water Conservancy District 0.0004 3% TOTAL 0.014085 100% Therefore,41 percent of the increased tax revenues would benefit the Salt Lake City School District,30 percent would benefit Salt Lake City and 16 percent would benefit Salt Lake County. Therefore,there are significant benefits to the tax base of the community from creating a project area. Associated Business and Economic Activity the Proposed Project Area Development Will Likely Stimulate Full-Time Job Creation. The proposed development will create jobs in the study area. The number of jobs created will vary significantly by type,as shown in the table below,taken directly from the JLL study. TABLE 13: AVERAGE BUILDING SQUARE FEET PER EMPLOYEE Development Type Square Feet per Employee Light Industrial 2,000 Flex Office 500 Retail 500 Hotel 0.5 employees per room Using both the total square feet projections of JLL,and DLL's estimate of the number of square feet per employee, nearly 32,000 jobs are created in the study area. This is a significant number. Total employment in Salt Lake County was 712,912 in October 2017.4 Therefore,the job projections for the project area represent 4.5 percent of the current workforce in the County. TABLE 14. PROJECTED 108 CREATION-35 YEARS SF per Square Feet per Employee Employee/Employees per Total SF Total Jobs Room Light Industrial 2,000 34,312,582 17,156 Flex Office 500 7,254,599 14,509 Retail 500 85,327 171 Hotel(per Room) 0.5 115 58 TOTAL 31,894 °Source: https://jobs.utah.gov/wi/press/2001press/ratecurrent.pdf 10 lions Public Finance,Inc.December 2017 84 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ©� At the present time,average wages for available jobs in the Northwest Quadrant (including the International Center and south of 1-80) are between $42,000 to$50,000,' CABLE 151 PROJECTED JOB CREATION BY f mui'RAM- Year 5 Year 10 Year 20 Year 30 Light Industrial 1,012 3,296 9,050 14,833 Flex Office 856 2,788 7,654 12,544 Retail 10 33 90 148 Hotel 58 58 58 58 TOTAL 1,936 6,174 16,852 27,582 Assuming an average wage of$50,000,the following wages would be paid annually in the timeframes shown below: Wages Year 5 Year 10 Year 20 Year 30 Jobs 1,936 6,174 16,852 27,582 Wages Paid in That Year $96,779,109 $308,714,911 $842,578,514 $1,379,124,848 With the wages paid,these employees will create additional jobs in the community through their purchases for food, entertainment, housing, transportation, education, etc. Construction Job Creation. In addition to full-time jobs created in the study area,there will be a significant number of construction jobs created over a long period of time as absorption takes place in this area, The average construction wage is roughly$50,000 per year.6 With benefits and other costs, this analysis uses an average construction job cost of$75,000. Labor costs represent approximately 40 percent of construction expenses,with the remaining 60 percent mainly allocated for construction supplies, and with some room for overhead and profit.This analysis assumes that 40 percent of the projected construction investment per year will be spent on construction labor and that the number of construction jobs created per year will vary depending on the level of development taking place in that year. Given the absorption projections shown earlier in this report, it is assumed that the area will average 460 construction jobs per year,'with some years higher and other years lower. As the table below indicates, projected jobs are based on average burdened labor of$75,000 per employee,with construction labor estimated at 40 percent of new construction costs. The number of jobs created and wages paid in given years, is shown in the table below. 5 Source: Job Search databases, multiple listing services and active brokers 6 Utah Department of Workforce Services 'Construction jobs in the early years are much lower than construction jobs in later years, as absorption is projected to increase over time. Therefore,the average of 381 jobs per year is much more reflective of later years, as this analysis considers development through 2050. The average number of jobs in the first three years is only 30. 11 Zions Public Finance,Inc.December 2017 85 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis 190 ©o TAP.LE 17: PROJECTED JOBS AND WAGES PAID Year 5 Year 10 Year 20 Year 30 Construction Cost $55,721,852 $91,181,212 $101,312,458 $101,312,458 Construction Wages Paid $22,288,741 $36,472,485 $40,524,983 $40,524,983 Construction Jobs 297 486 540 540 Whether Adoption of the Proposed Community Reinvestment Project Area Plan is Necessary and Appropriate to Undertake the Proposed Project Area Development The creation of the proposed Community Reinvestment Project Area Plan is necessary and appropriate for the following reasons: • There are significant infrastructure issues (landfill remediation, uncertainty regarding access to utilities,and lowlands with high water tables)that make the area currently unattractive to developers • The creation of a Project Area with remediation of the above-listed problems will generate significant economic development and increased property tax base • The development that will take place in the area will create a significant number of new jobs • Expansion of the Salt Lake City International Airport will create significant development opportunities in the area if a well-planned area,with good infrastructure, is available • This area forms a gateway from the west, along 1-80,for visitors entering Salt Lake City,the State's capitol city. 12 Zions Public Finance,Inc.December 2017 86 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ©a Appendix A T c 1 q r'`''CELSIN PROJECT AREA Parcel ID Owner Name Property Location 7094000020000 GILLMOR, EDWARD L JR 2698 N 8800 W 7094000044002 GILLMOR, EDWARD L,JR 2698 N 8800 W 7152000050000 SALT LAKE CITY CORPORATION 2698 N 8800 W 7154000040000 SALT LAKE CITY CORPORATION 2698 N 8800 W 7161000020000 KENNECOTT UTAH COPPER LLC 2698 N 8800 W 7162000010000 SIV GILLMOR PROPERTIES, LLC 2698 N 8800 W 7171000030000 EPPERSON ASSOCIATES, LLC 2698 N 8800 W 7173000020000 EPPERSON ASSOCIATES, LLC 2698 N 8800 W 7173000030000 KENNECOTT UTAH COPPER 2698 N 8800 W 7174000020000 EPPERSON ASSOCIATES, LLC 2698 N 8800 W 7201000010000 KENNECOTT UTAH COPPER 2698 N 8800 W 7201000020000 EPPERSON ASSOCIATES, LLC 2698 N 8800 W 7202000030000 MOREHOUSE, RICHARD M & 2698 N 8800 W 7203000010000 EPPERSON ASSOCIATES, LLC 2698 N 8800 W 7223000050000 KENNECOTT UTAH COPPER LLC 6901 W IEIGHTYWEST FWY 7223000060000 DIVERSIFIED HABITATS 1 LLC 6901 W IEIGHTYWEST FWY 7223000070000 G-BAR VENTURES, LLC 2698 N 8800 W 7223000080000 GILLMOR, EDWARD L,JR 2698 N 8800 W 7231000180000 SALT LAKE CITY CORPORATION 2698 N 8800 W 7231000190000 SALT LAKE CITY CORPORATION 2698 N 8900 W 7233000034001 SIV GILLMOR PROPERTIES, LLC 2698 N 8800 W 7234000040000 G-BAR VENTURES, LLC 850 N 5600 W 7251000120000 SALT LAKE CITY CORPORATION& 780 N S600 W 7261000080000 KENNECOTT UTAH COPPER, LLC 6620 W 700 N 7262000010000 G-BAR VENTURES, LLC 850 N 5600 W 7262000030000 SUBURBAN LAND RESERVE, INC 718 N 5600 W 7262760010000 G-BAR VENTURES, LLC 850 N 5600 W 7264000010000 SUBURBAN LAND RESERVE INC 775 N 5600 W 7264000024001 SUBURBAN LAND RESERVE, INC 695 N JOHN GLENN RD 7264000024002 SUBURBAN LAND RESERVE, INC 695 N JOHN GLENN RD 7264260010000 G-BAR VENTURES, LLC 850 N 5600 W 7271000030000 G-BAR VENTURES, LLC 2698 N 8800 W 7271000040000 GILLMOR, EDWARD L,JR 2698 N 8800 W 7274000020000 KENNECOTT UTAH COPPER LLC 6680 W 700 N 7291000030000 EPPERSON ASSOCIATES, LLC 8306 W 700 N 7292000010000 EPPERSON ASSOCIATES LLC 8306 W 700 N 7321000010000 BONNEVILLE INTERNATIONAL CORP 550 N 8800 W 13 Zions Public Finance,Inc.December 2017 87 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis ©o ©o Parcel ID Owner Name Property Location 7321000030000 EPPERSON ASSOCIATES,LLC 8306 W 700 N 7321000040000 EPPERSON ASSOCIATES, LLC 8700 NORTHTEMPLE FRTG ST 7322000030000 EPPERSON ASSOCIATES LLC 8390 NORTHTEMPLE FRTG ST 7331000050000 EPPERSON ASSOCIATES,LLC 7610 NORTHTEMPLE FRTG ST 7351000170000 KENNEC01T UTAH COPPER LLC 675 N JOHN GLENN RD 7352010050000 SALT LAKE CITY CORP 578 N JOHN GLENN RD 7331000010000 7341000010000 7342000010000 7342000020000 7342000030000 7342000040000 7342000050000 14 Zions Public Finance,Inc.December 2017 88 Salt Lake City Northwest Quadrant CRA I DRAFT Market and Benefits Analysis 190 ©o Appendix B Tax Increment projections spreadsheet 15 Zions Public Finance,Inc.December 2017 89 RR " Fx»a as o a q e d I IBM da �g^3 tay Mxax6 If a »i zs; a gMU; 't R ax�se4 & $5 5 ,in ?e^j=xa $$ a $p - spa a a- ames1a a aaAzg a 1# " R rInxsx^ 925 „9 zt Ell m dd6 ; tq�v ��pa5a��■x5^}a� A ii in 6 Mail w aaa u n8ea a x n a?�_ N,Znam: s irae� es as uaa�G4�xx ifQ ^y Ell a s 3 asRE �� elaE i t 19 6 d d q�P gg gg 90 z H z k }\i\\ \ 91 EXHIBIT B [Attach Project Area Budget] 5 92 Project Area Budget Salt Lalce City's Portion of Tax Increment from the Northwest Quadrant Community Reinvestment Area Pursuant to the Northwest Quadrant Project Area Tax Increment Interlocal Cooperation Agreement ("Interlocal Agreement") the Redevelopment Agency of Salt Lake City ("RDA') shall be entitled to retain seventy-five percent (75%) of Salt Lake City's portion of the Tax increment from the Northwest Quadrant Community Reinvestment Area("CRA Area") for twenty (20)years. Accordingly, tax increment ("TIF") shall be utilized to implement the.Northwest Quadrant Community Reinvestment Area Plan("CRA Plan") as follows: 1. BUDGET ALLOCATIONS Budget allocations shall be provided as follows: Activity Percentage 1. Administration and Operations I0`%, 2. Housing 10% �. Shared Costs 10%, 4. Redevelopment Activities 70% Total 100% Description of activities is as follows: I, Administration and Operations: The tax increment expected to be used to cover the operating costs of administering and implementing the CRA Plan. ?. housing: 17ue tax increment expected to be used for housing activities pursuant to Utah Code 17C. I Shared Costs: The tax increment allocation required to be used for redevelopment activities that benefit the entire Project Area, are system wide, or that benefit multiple property owners or parcels. 4. Redevelopment Activities: The tax increment expected to be used to carry out project development activities as further described in this CRA Plan. Activities may include,but not be limited to, land acquisition,public improvements, infrastructure improvements, loans, grants, and other incentives to public and private entities. Ii. BUDGET PRIORITIES Priorities for the allocation of TiF are as follows: 1. Infrastructure Improvements: TIF may be provided for capital and land costs associated with public infrastructure. improvements. Projects shall facilitate economic development, the expansion of the City's tax base, and encourage orderly growth in compliance with the City's General Plan, Major Sheet Plan, and the Northwest Quadrant Master Drainage Plan. Eligible uses of fiends may include, but not be limited to,the rollowing: Streets, sidewalks,curb and gutter,traffic controls,street lights, bike lanes, trails, wayfinding, and streetscaping; 93 • Stonnwater and drainage management systems including drainage channels,storm drains, bio swales, retention areas, and canal improvements; • Water distribution and sewer systems; • Railways and related facilities and infrastructure, including rail track, spurs, terminals,bridges, underpasses,and crossings;and • Other infrastructure that may be located outside of the Project Area but that is found to directly benefit the CRA Area. 2. Site Development and Remediation: TIF may be provided for costs associated with the preparation of building sites for development. Uses of TIF may include,but not be limited to,environmental remediation and/or containment; vapor intrusion mitigation; grading, fill and/or soil correction; burden costs associated with bringing water,sewer, electrical, telecommunications, and/or other utility service to building sites; and landscaping or drainage improvements. TIF shall support projects that are in accordance with the City's General Plan, meet policies established for the NWQ, meet the City's economic development goals, are projected to generate an increase in the tax base,and meet financial criteria. 3. Business Development: TIF may be provided to support business or industry-specific development projects. In addition to loans and reimbursements, the RDA may utilize TIF for the acquisition and/or disposition of property to carry out economic development objectives within the Project Area.TIP shall support projects that are in accordance with the City's general plan, meet policies established for the NWQ, meet the City's economic development goals, are projected to generate an increase in the tax base or return on investment,and meet financial criteria. 4. Citywide Housing Development: TIF may be provided for the development of citywide housing to ensure the availability and affordability of quality housing throughout Salt Lake City. Funding will not only provide affordable housing for existing Salt Lake City residents, but will also provide housing for the expanding employment base spurred by economic development in the Northwest Quadrant. 94 APPENDIX D: MASTER DEVELOPMENT . , REIMBURSEMENT AGREEMENT Page20 LRBPUBLICFINANCEADVISORS141NORTHRIOGRANDE,SUITE1011SALTLAKECITY,UT84101 , 95 Recording Requested By and When Recorded Return to: Salt Lake City Corporation Attn: 451 South State Street Salt Lake City, UT 84111 Parcel Nos. 07-29-100-003-0000 07-29-200-003-0000 07-32-100-003-0000 07-32-100-004-0000 07-32-200-004-0000 07-33-100-005-0000 RECORDED JAN 3 t 2018 MASTER DEVELOPMENT AND REIMBURSEMENT AGREEMENT CITY R EC O R Ci E R Northwest Ouadrant(West) This Master Development and Reimbursement Agreement (this "Agreement") is made and entered into and made effective as of the date this Agreement is recorded by the City Recorder ("Effective Date") by and among SALT LAKE CITY CORPORATION, a Utah municipal corporation("City"); the REDEVELOPMENT AGENCY OF SALT LAKE CITY, a public entity ("RDA"); and NWQ, LLC, a Utah limited liability company ("Master Developer"). City, RDA and Master Developer may from time to time be referred to herein each a&a"Party"or collectively as the "Parties." RECITALS A. Master Developer is the record owner of approximately 1,516 acres of lands located in Salt Lake County,Utah, which are more particularly described on the attached Exhibit A (the "Property"). The Property is located within an area of Salt Lake City known as the Northwest Quadrant. B. Master Developer is engaged in planning a large scale, master planned logistics center, industrial and warehousing system and series of projects within portions of the Property, and areas located near the Property. C. A significant component of the development of the Property is the installation of an infrastructure network in, around and near the Property to facilitate the development of the Intended Uses. D. Infrastructure planned for the area will require close coordination between property owners, users and public and private service providers and will include rail and road improvements, along with utilities and other improvements reasonable, necessary and useful for the development of the Property. K;OPERTV OF SALT DICE 1 CITY RECORDER'S OFFICE 4823-3�53-56.57 P.O. BOX 145515 SALT LAKE CITY, LiTAH 84114-5515 96 E. To support the development of the Property and the development of areas within City's jurisdiction, on January 9, 2018, RDA and City created and approved the Northwest Quadrant Community Reinvestment Project Area (the "Project Area") under Utah Code 17C-5- 101, et seq. F. The Project Area includes the Property as well as a neighboring property owned by Kenneeott Utah Copper LLC,a Utah limited liability company and other properties. G. Under Utah Code Title 17C, RDA is entitled to receive certain Tax Increment from the Project Area. H. City and RDA have executed an interlocal agreement whereby a portion of the Tax Increment received by City shall be paid to RDA for use in accordance with this Agreement, the Project Area Plan, and separate reimbursement agreements entered into between RDA and property owners, including Master Developer. I. This Agreement provides the core approvals and commitments that will facilitate the commencement of development within the Property and provide a basis for future agreements governing the development of the Property, construction of infrastructure and the reimbursement of costs. AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: ARTICLE I DEFINITIONS 1.1 Definitions. 1.1.1 "Buildout"means the completion of all development in the Property. 1.1.2 "Citv's Current Laws" means all laws, ordinances, policies, standards, guidelines, directives, procedures and processing fee schedules of City in effect as of the date of this Agreement. 1.1.3 "City's Future Laws" means the laws, ordinances, policies, standards, guidelines, directives, procedures and processing fee schedules of City which may be in effect in the future at any time when a Development Application is submitted and which may or may not apply to such Development Application based upon the terms of this Agreement. 1.1.4 "Developer's Reimbursable Expenses" means costs incurred by Master Developer or its assigns for the construction of Permitted Improvements. 1.1.5 "Development Application"means an application to City for development of a portion of the.Property, including, but not limited to applications for site plan, subdivision, PROPERTY OF SALT LAICE sza 3�s2=sss7 CITY RECORDER'S OFFICE RR©. BOX 145515 97 SALT LAJ« CIN UTAN 84114-55 l 5 building permit or other permit, certificate or authorization from City required for development of the Property. 1.1.6 "Intended Uses" means the use of all or portions of the Property for warehouses, logistic centers, intermodal transfer facilities, offices, rail freight tenilinal facilities, storage facilities. light manufacturing and supporting or facilitating uses allowed under City's Current Laws. 1.1.7 "Master Developer"means NWQ LLC, or its successors and assigns. 1.1.8 "Of fsite Impr•oi,ements" shall have the meaning given in Section 3.2 below. 1.1.9 "Permitted Improvements" means site improvements; road infrastructure, bridges over and under passes and including heavy haul roads described below; remediation or containment of environmental conditions; water and sewer improvements; storin water improvements; dedications of land for excess capacity in System Improvements or excess capacity in improvements accommodating uses outside of the Project Area; Offsite hnprovements; utility infrastructure of every type including, but not limited to, electric, gas, fiber, communications- rail infi-astructure; street lighting; developer incentives to facilitate and attract development to the Northwest Quadrant Project Area that has a positive impact for Salt Lake City, including projects that increase property tax value, provide high paying jobs, attract prominent tenants, promote green building standards or encourage good planning design; and other uses as agreed to by RDA and Master Developer in future agreements. 1.1.10 "Project Area' means the Northwest Quadrant Conunur ity Reinvestment Project Area as may be expanded or modified. 1.1.11 "Project ,9rea Increment" shall mean the Tax Increment received by the RDA pursuant to an interlocal agreement executed with any applicable taxing entities in the Project Area, including the interlocal agreement executed January 9, 2018 with City. 1.1.12 "Project Area Plan" means the plan for the Project Area approved by RDA and City on January 91 2018. 1.1.13 "Project Phase" means an area designated by Master Developer for development of a particular phase or portion of the Property. L 1.14 "Property" means the real property described on Exhibit A. 1.1.15 "Reimbursable Svstem Improvement Expenses" means costs and expenses, as approved by City, incurred by Master Developer, or its contractors or those working on its behalf, in acquu-ing or dedicating right of way for the location of System Improvements and the construction of System hnprovements. 1.1.16 "Sub Area Plan" means a plan for a portion of the Property, or Project Area, as may be established by RDA. 3 4823-3o52->657 98 1.1.17 "Sub-developer" means an owner of development parcel within the Property which is not the Master Developer, or an affiliate of Master Developer. 1.1.18 "System Irnproi,ements" means improvements included in City's impact fee facility plan now or in the future and are located within or facilitate development of the Property and other properties. 1.1.19 "Tax Increment" shall have the same meaning set forth in Utah Code § 17C-1-102(60) which is: . . . the difference between: (i) the amount of property tax revenue generated each tax year by a taxing entity from the area within a project area designated in the project area plan as the area from which tax increment is to be collected, using the current assessed value of the property; and(ii) the amount of property tax revenue that would be generated fi•om that same area using the base taxable value of the property. 1.1.20 "Transfer Acknowledgment" means an acknowledgment in the form attached hereto as Exhibit B. 1.1.21 "Transfer Deed"has the meaning set forth in Section 9.2. ARTICLE H CITY APPROVALS AND VESTING 2.1 City Approval. City and RDA enter into this Agreement after taking all necessary actions to enter into the agreements and understandings set forth herein. City's enactment of the resolution approving this Agreement, and entering into this Agreement, are legislative acts allowed and authorized by Utah Code § 10-9a-101, et seq.,, including specifically Utah Code § 10-9a-102(2). 2.2 Project Vesting. To the maximum extent permissible under state and federal law, and at equity, City and Master Developer agree that this Agreement confirms that Master Developer is vested with all rights to develop the Property in accordance with City's Current Laws without modification or change by the City except as specifically provided herein. By way of further clarification, Master Developer is vested with the right to develop and locate on the Property the uses and densities including, without limitation, the Intended Uses, and to develop in accordance with dimensional requirements as allowed by City's Current Laws. The Property is also vested with access to all City roads, described below, which adjoin or traverse any portion of the Property. The Parties intend that the rights granted to Master Developer hereunder are contractual vested rights and include the rights that exist as of the Effective Date under statute, common law and at equity. The Parties acknowledge and agree this Agreement provides significant and valuable rights, benefits, and interests in favor of Master Developer and the Property, including, but not limited to, certain vested rights, development rights, permitted and conditional uses (including for industrial and commercial uses), potential rights for new improvements, facilities, and infrastructure, as well as flexible tutting, sequencing, and phasing 48 3651-5657 4 PROPERTY OF SALT LACE CITY P.ECORDER'S OFFICE phi. 50X 145515 99 S,t�J LAKE 01Y, UTA14 84114-5515 rights to assist in the development of the Property. To the extent the City Council adopts that certain land use ordinance known as Ordinance No. Inland Port in Manufacturing Zones Text Amendment, Petition #PLNPCM2017-01038 ("Text Amendment"), such Text Amendment shall become included in the City's Current Laws and Master Developer shall automatically be vested in the Text Amendment without further action or approval by the City. 2.2.1 Rescission Option. To the extent Masten Developer has executed this Agreement in advance of City approval of the Text Amendment, and if the Text Amendment is not enacted in a form reasonably satisfactory to Master Developer by February 28, 2018, then Master Developer may deliver notice of rescission to City and RDA to terminate this Agreement. Any such rescission notice must be delivered, if-t all, no later than March 14, 2018. Upon Master Developer's delivery of notice of rescission pursuant to this Section, this Agreement shall automatically terminate whereupon the Parties shall have no further rights or obligations under this Agreement. 2.2.2 Invalidity. If any of the City's Current Laws are declared to be unlawful, unconstitutional or otherwise unenforceable then Master Developer will, nonetheless comply with the terms of this Agreement to the extent not precluded by law. In such an event, Master Developer and City shall cooperate to have City adopt a new enactment which is materially similar to any such stricken provisions and which implements the intent of the Parties under this Agreement. 2.2.3 City's Future Laws. City's Future Laws with respect to development or use of the Property shall not apply except as follows: A. City's Future Laws that Master Developer agrees in writing to the application thereof to the Property; B. City's Future Laws which are generally applicable to all properties in the City's jurisdiction and which are required to comply with State and Federal laws and regulations affecting the Property; C. City's Future Laws that are updates or amendments to existing building,plumbing, mechanical, electrical, dangerous buildings, or similar construction or safety related codes, such as the International Building Code, the APWA Specifications, AAHSTO Standards, the Manual of Uniform Traffic Control Devices or similar standards that are generated by a nationally or statewide recognized construction/safety organization, or by the State or Federal governments and are required to meet legitimate concerns related to public health, safety or welfare; D. City's Future Laves that are health and environmental standards based on the City's obligations to comply with Federal or State environmental laws; E. Taxes, or modifications thereto, so long as such taxes are lawfully imposed and charged uniformly by the City to all properties, applications, persons and entities similarly situated; PROPERnr OF SALT LAID aszs 3G52=3637 CITY RECORDER'S OFFICE PO. BOX 145516 SALT LAKE CITY, UtAJ+ 94114-551$ 100 F. Changes to the amounts of fees (but not changes to the times provided in the City's Current Laws for the imposition or collection of such fees) for the processing of Development Applications that are generally applicable to all development within City's jurisdiction(or a portion of the City as specified in the lawfully adopted fee schedule) and which are lawfully adopted pursuant to State law; or G. Impact fees or modifications thereto which are lawfully adopted, imposed and collected. 2.2.4 Applications Under City's Future Laws. Without waiving any rights granted or benefits imparted by this Agreement, Master Developer may at any time, choose to submit a Development Application for some or all of the Property under the City's Future Laws in effect at the time of the Development Application. Any Development Application filed for consideration under the City's Future Laws shall be governed by all portions of the City's Future Laws related to the Development Application. The election by Master Developer at any time to submit a Development Application under the City's Future Laws shall not be construed to prevent or limit Master Developer from submitting and relying for other Development Applications on the City's Current Laws. 2.3 Change in Law/Non-Conforming Uses. For the term of this Agreement, City ,agrees that any City's Future Law shall not apply to the Property where the application would impair or impede development, or eliminate or reclassify a use allowed under City's Current Laws. To the extent any change in law causes a use, structure or parcel to become non- conforming, such non-conforming status shall not impair, impede or prohibit the development of previously approved uses, reconstruction or restoration of developed uses, or the extension of such uses on parcels within the Property. If a City's Future Law applies to any portion of the Property under Section 2.2 above, it shall only apply as may be necessary to meet a legitimate governmental interest and then only to the minimum extent needed to meet such legitimate governmental interest. 2.4 Most Favored Nation. Should any property immediately adjacent to the Property, or the Project Area (excluding road rights of way, including interstates) receive a zoning use or development entitlement not included in City's Current Laws, and which use or entitlement. could facilitate development within the Project Area, City agrees to cooperate with Master Developer to promptly obtain the same use or entitlements for the Property. 2.5 Term. The initial term of this Agreement shall be forty (40) years beginning on the Effective Date, which term may be extended by written agreement of City, RDA, and Master Developer, 2.6 Development of Property. The development of the Property shall be in accordance with City's Current Laws, City's Future Laws (to the extent that they apply as allowed by this Agreement) and this Agreement. City and RDA agree that Master Developer shall have the full power and exclusive control of the Property. Nothing in this Agreement shall obligate Master Developer (or its successors) to develop the Property or to develop in any particular order or phase and that Master Developer reserves all discretion to determine whether to develop a particular portion or phase of the Property based upon Master Developer's business 6 PROPERTY OF SALT LAXE 4823-36525657 CITY RECORDERS OFFICE PO. sox 145515 SALT LAKE CITY, UTAH 64114-5515 101 judgment. The Property may be developed for all uses allowed by City's Current Laws, including, but not limited to, the Intended Uses. 2.7 Design Requirements. City shall not impose design requirements on buildings, improvements and structures located within the Property other than those required by City's Current Laws. 2.8 Open Space Dedications. No further open space dedications shall be required as a condition of Development Application approval; it being acknowledged by the Parties that prior to entering into this Agreement, and as consideration for creating a natural area to the north of the Property, the Property is located within an area designated by City as suitable for development. So long as there is no residential development within the Property, development within the Property shall not be required to pay open space or park impact fees of any type. 2.9 Recitals and Exhibits. The above recitals and all exhibits hereto are hereby incorporated by reference into this Agreement. 2.10 Separate Development Agreements. Master Developer may elect to propose and enter into separate agreements with City to govern the construction or development of a particular phase or portion of phase within the Property. City agrees to cooperate with the preparation and execution of any such separate agreement with Master Developer. ARTICLE III ROADS AND UTILITIES 3.1 Roads. 3.1.1 Allajor Roads. The Property includes proposed or existing state roads and City arterial and collector roads. To the extent such roads will be owned by the State of Utah ("State"), the State will be responsible for the acquisition of right of way and development of such roads. Prior- to development or acquisition of arterial or collector roads, the City shall provide Master Developer nine (9) months advance notice and an opportunity to consult and comment on any proposed plans to acquire or develop arterial and collector roads. City agrees to cooperate with Master Developer in relocating, modifying or removing planned City arterial and collector roads to the extent a Project Phase necessitates or would be improved by a different road configuration. 3.1.2 Local Roads. Subject to Section 3.3, Master Developer shall be responsible for the dedication of right of way and the construction of local roads installed in connection with the development of a Project Phase or portion thereof. 3.1.3 Heavv Haul Road. Master Developer may elect to plan, designate and construct, or have constructed, certain roads designed and constructed for heavy loads in connection with the uses contemplated for the Property. If such roads will be public roads, City's prior approval will be required. The Parties agree in coordinating infi-astructure locations to accommodate such roads, which may be public or private roads. 7 4823-3652-507 102 3.1.4 Road Widths. City agrees that road right of way and pavement widths for local roads, collector roads, arterial roads and any other public roads shall not exceed the standards applicable to other similar developments within Salt Lake City. 3.1.5 Drainage Areas. Master Developer may propose that drainage facilities, including swales, berms and surface facilities for the Project Area, or portion thereof, be located within rights of way, including road rights of way, dedicated to City. City agrees to accept such offers of dedication consistent with City standards; provided that Master Developer provide a commitment to have such areas as may be located outside of the typical road rights of way cross sections maintained by an owners association or other form of property owner group. 3.2 Culinary Water and Sanitary Sewer Improvements. Master Developer shall be responsible for constructing and installing the requisite service and water and sewer distribution lines and similar improvements within the Property necessary for City to provide culinary water and sewer-service to a particular Project Phase. Master Developer shall not be required to install transmission, service or distribution lines (or other significant infrastructure improvements) outside of the Property, or lines within the Property providing capacity for areas outside of the Property beyond City's normal project level requirements;provided, hotivever, Master Developer acknowledges that certain areas within the Property may not be developable without ,the construction of infrastructure improvements outside the Property that would not be paid for by City("Offsite Improvements"). All such Offsite Improvements shall qualify for reimbursement under the term Permitted Improvements, or other reimbursement provision as provided for in this Agreement. The foregoing limitation shall not prohibit Master Developer from installing improvements, including Offsite Improvements, subject to City's approval, for the benefit of areas outside of the Property, or areas leading to the Property, where the costs for such development will be paid for or Master Developer may be reimbursed by Project Area. Increment, fees from a pioneering agreement(s), and/or the payment of impact fees. 3.3 Storm Water Improvements. Master Developer shall manage storm water flows within the Property according to the Northwest Quadrant Storm Water Drainage Master Plan or other City-approved Northwest Quadrant master plan. City Agrees to coordinate with Master Developer in advance of approving or amending the Northwest Quadrant Storm Water Drainage Master Plan in a way that will affect the Project Area. City agrees to work with Master Developer to approve storm water systems which account for the large amount of time anticipated that will be required to develop the Property, and to allow the usage of existing drainage areas by Master Developer where possible. City agrees to minimize situations where Master Developer is required to design or construct detention or retention facilities to address storm water flows originating from outside the Property without reimbursement from City or other property owners. Master Developer may be required to provide additional drainage capacity in conveyance channels and associated easements to accommodate pass-through drainage from other properties. Notwithstanding the foregoing, the City may require dedications for storm water drainage within the Property. Any dedications for excess capacity required for flows originating outside of the Project Area shall entitle Master Developer to obtain reimbursement, including under the definition of Permitted Improvements, for the value of the associated land dedications or space set aside for pass-through facilities. City agrees to consider design of drainage systems which incorporate filtering or other methods so a project or property may avoid the costs of designing a system with an oil/water separator, including the installation 8 M-36M-5657 PROPERTY OF SALT LAKE CITY RECORDER'S OFFICE PO. BOX 145015 103 SAT LAKE CITY, UTAII 84114-5515 of swales, bio-titters and other systems best suited for the unique drainage conditions in the Project Area. 3.4 City Services. City agrees that it shall make available (subject to application for service, issuance of applicable permits and payment of connection fees and applicable commodity usage rates) culinaiy water, sanitary sewer, street light, stonn water and other municipal services to the Property. Such services shall be provided to the Property at the same levels of services, on the same terms and at rates as approved by the Salt Lake City Council, which rates may not differ materially fi-om those charged to others in Salt Lake City. 3.5 Installation of Public Improvements. Notwithstanding any other provisions of this Agreement, all improvements to be publically dedicated shall be constructed in compliance With City's Current Laws and this Agreement. For each Project Phase, or portion thereof that is subject to a Development Application, Master Developer may enter into an improvement construction and assurance agreement in a forni consistent with State law and City's Current Laws prior to recording the final plat for such phase, provided, ho3iviver, subject to City's Current Laws, Master Developer may elect to install public improvements associated with such phase in coordination with City, and in advance of plat recordation in order to eliminate or reduce the need for providing financial assurances for public improvements within each phase which are cornpleted in advance of dedication. 3.6 City Cooperation. City agrees to cooperate in making available public rights of way and easements for use by utility and service providers to development within the Property. City fin-ther agrees to cooperate with Master Developer in efforts to relocate, reconfigure or upgrade canal facilities which cross onto any portion of the Property. Separate agreements under this Section will not require RDA approval. ARTICLE IV DEVELOPMENT PROCESSES 4.1 Planning Coordination and Approval. City will use reasonable efforts to process any Development Application promptly. Should City's Current Laws allow discretion as to whether a Development Application should be approved by City staff or a public body, City staff shall initially review the Development Application at the staff-level and make a reasonable determination about whether the land use decision can appropriately be made at staff-level. In the event the Development Application is forwarded to a non-staff land use authority, the City will provide notice to the applicant of the reasons for referring the decision to a non-staff land use authority. 4.2 Conditional Use Permits. City agrees that any conditional use permmits shall be approved in accordance with State law and City's Current Laws. City agrees further that no land use authority may impose conditions on a conditional use permit which relate to criteria or detrimental impacts not expressly stated in City's Current Laws. No conditional use pernit application shall be the subject to more than two public hearings without the express written consent of Master Developer. 9 4823-3652-5057 104 4.3 Processing. City shall promptly process Development Applications. In order to ensure that the Development Applications are promptly reviewed and processed, City will use reasonable efforts to designate one or more City Planning Division staff member(s) as principal liaisons/specialists on the Development Applications. These Planning Division staff members will be frilly informed on the terns of this Agreement and will facilitate timely review of any Development Applications subrnitted hereunder. 4.4 Acceptance of Certifications Required for Development Applications. Any Development Application requiring the signature, endorsement, or certification and/or stamping by a person holding a license or professional certification required by the State of Utah in a particular discipline shall be so signed, endorsed, certified or stamped signifying that the contents of the Development Application comply with the applicable regulatory standards of City. Subject to City's review and confirmation, a Development Application with the foregoing signature, endorsement, certification or stamp shall be deemed to meet the specific standards which are the subject of the opinion or certification. It is not the intent of this Section to preclude the normal process of City's "redlining", commenting on or suggesting alternatives to the proposed designs or specifications in the Development Application. 4.5 City Denial of a Development Application. If City denies a Development Application then City shall provide a written determination advising the applicant of the reasons for denial including specifying the reasons City believes that the Development Application is not consistent with this Agreement. In the event of a denial, City shall notify Master Developer even if Master Developer is not the applicant. The following provisions shall apply to any such denial: 4.5.1 Meet and Confer regarding Development Application Denials. City and applicant shall, within fifteen (15) days of any denial, discuss possible methods of resolving the issues specified in the denial of a Development Application. These discussions will not stay any appeal deadlines, and any party seeking to appeal should file a formal appeal with the City in order to preserve jurisdiction. The Parties may agree to stay the time for a formal appeal hearing on the denial. 4.5.2 City Denials of Development Applications Based on Denials from Non- City Agencies. If City's denial of a Development Application is based on the denial of the Development Application by a non-City agency, applicant shall appeal any such denial through the appropriate procedures for such a decision and not through the processes specified below. 4.6 Mediation of Development Application Denials. 4.6.1 Issues Subject to Mediation. Issues resulting from the City's denial of a Development Application may, upon the concurrence of both Parties, be mediated. 4.6.2 Mediation Process. If City and applicant mutually agree to mediation, the Parties shall attempt within ten (10) business days to appoint a mutually acceptable mediator with knowledge of the issue in dispute. If the Parties are unable to agree on a single acceptable mediator they shall each, within ten (10) business days, appoint their own representative. These two representatives shall, between them, choose the single mediator. Applicant shall pay the fees 10 U23-3652-507 105 of the chosen mediator. The chosen mediator shall within fifteen (15) business days, review the positions of the Parties regarding the mediation issue and promptly attempt to mediate the issue between the Parties. If the Parties are unable to reach agreement, the mediator shall notify the Parties in writing of the resolution that the mediator deems appropriate. The mediator's opinion shall not be binding on the Parties. ARTICLE V TAX INCREMENT REIMBURSEMENT 5.1 CRA Project Area. RDA has established a Project Area Plan which includes the Property and other property in the vicinity of the Property. The Project Area is intended to produce Tax Increment available for the purposes described in this Agreement and the Project Area Plan, including the Permitted Improvements, economic development within the Project Area Plan and other purposes as set forth in future agreements relating to the development of the Property. Costs incurred by Master Developer in developing, acquiring or installing Permitted Improvements shall be reimbursable from Project Area Increment as more particularly set forth in this Article. RDA's obligations under this Agreement are special limited obligations payable solely from the Tax Increment collected from the Properly and generated from property taxes paid on behalf of the Property. RDA shall not expand or modify the Project Area without the written consent of Master Developer. 5.2 Project Area Tax Reimbursement Policy.. Within six (6) months after the Effective Date, RDA agrees to adopt a Tax Increment reimbursement policy ("TI Policy") for the Project Area. The TI Policy shall include the following provisions: 5.2.1 Reimbursement Applications. RDA staff shall review each application for a new reimbursement agreement and forward the application to the RDA Board of Directors ("Board") within thirty (30) days of receipt. The TI Policy will also establish that the Board will use best efforts to consider the application within sixty (60) days of the Board's receipt of the application from RDA staff and to decide the application as soon as reasonably practicable thereafter. 5.2.2 Reimbursement Triggers and Duration. Each application for a new reimbursement agreement shall include an estimate of anticipated total future value, projected construction schedule and recommended future assessed value "trigger" for commencing tax increment collection and disbursement. The project area funds collection period for each individual reimbursement period shall be for a period not less than twenty(20) years dating from the day on which the first payment of project area funds is distributed to an agency under an interlocal agreement. 5.2.3 Mutual Cooperation. RDA agrees to lead and cooperate with efforts of the Parties to have other taxing entities enter into interlocal and other agreements allocating such taxing entity(ies)' tax increment to RDA for use in the Project Area as described in this Agreement. 5.2.1 Increment Allocations. Unless otherwise agreed by RDA and Master Developer in writing,RDA shall allocate Project Area Increment received by RDA as follows: 11 PROPERTY OF SALT LAKE 4M.-A652-.%57 CITY RECORDERI OFFICE P.O. BOX 145515 SALT LAKE CITY, -UTAW 84114.5515 106 A. Administrative Increment. Ten percent (10%) of the Project Area Increment received by RDA may be used by RDA for the payment of RDA administrative costs ("Administrative Increment"), provided however, that if any portion of the Administrative Increment is not spent by the RDA on administrative costs in a given year, the RDA shall reallocate the Administrative Increment to become Area-Wide Increment to be used in accordance with Subsection C below. B. Developer's Tcra:Iticj•emerrt. Seventy percent (70%) of the Project Area Increment, plus any potential reallocated Affordable Housing Increment, shall be available for reimbursement of Developer's Reimbursable Expenses. C. Area-Wide Increment, Ten percent (10%) of the Project Area Increment shall be available for Project Area-wide improvements, including improvements located outside of Project Area but which directly benefit or specifically enhance the Project Area in a way that is measurable and not hypothetical or remote. D. Affordable Housing Increment. Ten percent (10%) of the Project Area Increment shall be used for affordable housing uses as required by State law, providedl, hor•rvver, should the state amend Title 17C of the Utah Code to remove the mandatory ten percent (10%) affordable housing requirement applicable to projects such as the Project Area then such increment may be reallocated in RDA's discretion and pursuant to Utah Code 17C. 5.22 Assignable. This Agreement or future reirnbursernent agreements as to any portion of the Project Area may be assigned, in whole or in part, by Master Developer to successors, including Sub-developers, in writing, and subject to RDA's written approval, which approval shall not be unreasonably withheld, delayed, or conditioned. RDA will be bound by the same terns to the assignees. 5.2.3 Separate Reimbursement Agreements. Separate reimbursement agreements shall be approved by the RDA Board of Directors in accordance with this Agreement and will not require City approval. ARTICLE VI IMPACT FEE REIMBURSEMENT 6.1 Reimbursements/ Impact Fee Plans. City will, within six (6) months of the Effective Date, create a process by which it will commit to reimburse Master Developer from applicable and available impact fees for Master Developer's Reimbursable System Improvement Expenses, which are not paid for by Project Area Increment or a pioneering or other reimbursement agreement. Nothing in the foregoing process shall preclude expenses from being reimbursed from more than one revenue source so long as Master Developer is only reimbursed once for Permitted hnprovements or Reimbursable System Improvement Expenses. Master Developer acknowledges that there are currently no City impact fee facilities plans for System Improvements in the Northwest Quadrant that are water, sewer, storm water, or street lighting improvements. City agrees to consult with Master Developer in advance of amending or enacting any impact fee facilities plan(s) which includes improvements to be located within or directly servicing the Project Area. 12 482-3-365'-5657 107 6 2 Reimbursement Process. City's impact fee reimbursement process for the System Improvements will include the requirement that, should Master Developer elect to construct any System Improvement, Master Developer shall coordinate such construction with City. The impact fee reimbursement process will also require Master Developer to provide City with estimates for the costs of all System Improvements as they are received, which City may include in updating its impact fee facilities plan. The impact fee reimbursement process will include a requirement that Master Developer provide monthly reports to City of all costs incurred by Master Developer in constructing System Improvements and in calculating Reimbursable System Inprovement Expenses, and a requirement that City provide Master Developer with reports on impact fees collected upon reasonable request and without requiring Master Developer to file a records request. The impact fee reimbursement process will only be for impact fees collected for roads, police, and fire under City Code 18.98, et seat., and will not include impact fees collected by the City's Public Utilities Department. 6.3 No Moratorium or Waiver. City shall include the obligations set forth in this Agreement into any subsequently amended or adopted impact fee facilities plan. Should City reduce any impact fees fi-om the amounts set on the date of this Agreement, then City shall deposit a suin equal to the amount of such reduction into each fund for each class or grouping of impact fees at the time of payment to Master Developer hereunder; it being the Parties' intent that the effective amount of the impact fees not be reduced while obligations are outstanding to Master Developer under this Agreement ARTICLE VII PIONEERING AGREEMENTS AND OTHER METHODS FOR REIMBURSING INFRASTRUCTURE COSTS 7.1 Bonds and Assessment Area. The Parties agree to evaluate and, where feasible, explore the creation of assessment areas and consider the appropriateness of issuing bonds to the extent such actions will facilitate development of the Property in accordance with this Agreement and the Project Area Plan. 7.2 Pioneering Agreements. City and Master Developer shall enter into pioneering agreements for any infrastructure, including System Improvements or Permitted Improvements, where Master Developer and City have mutually determined that a pioneering agreement will facilitate the reimbursement for costs incurred in developing and improving the Property as set forth in such pioneering agreements. Such pioneering agreements shall include provisions requiring others connecting to infrastructure built with excess capacity to pay for their share of such capacity, including construction, and other reasonable costs and expenses incurred in developing the excess capacity. City and Master Developer will include a definition in the pioneering agreements clarifying that "excess capacity" is limited to the cost of upsizing infrastructure. Nothing in a pioneering agreement shall preclude expenses from being reimbursed fi-om more than one revenue source so long as Master Developer is only reimbursed once for Permitted Improvements or Reimbursable System Improvement Expenses. 13 4823-36i2-5657 108 ARTICLE VIII ANNEXATION AND SUB PROJECTS 8.1 Additional Property. If Master Developer acquires properties immediately adjacent to the Property, Master Developer may elect to include such later acquired properties in this Agreement, subject to City's and RDA's approval, which approval shall not be unreasonably withheld, delayed, or conditioned. Such later acquired properties must be located within the Project Area to be included in this Agreement, which inclusion must comply with Section 5.1 above. 8.2 Sub-developer Agreements. The Parties hereto, or some of them, may enter into separate agreements with Sub-developers or others obtaining rights from Master Developer, provided however that nothing in any separate agreement may conflict with the entitlements and benefits obtained by Master Developer in this Agreement without the express written consent of Master Developer,or, as applicable,City and/or RDA. ARTICLE IX ASSIGNMENT AND TRANSFER 9.1 Assignment and Transfer of Development. If Master Developer assigns, transfers, or otherwise conveys the entire Property orally portion thereof to a subsequent owner, and intends to transfer any of the rights and obligations under this Agreement in connection with such transfer, Master Developer shall execute and deliver a"Transfer Acknowledgment"in the form attached hereto as Exhibit B for the purpose of notifying City of the transfer. Upon delivery of a fully executed Transfer Acknowledgment, the obligations of Master Developer shall automatically be assigned and assumed to the identified assignee and Master Developer shall be released from the obligations that are assumed by the identified assignee. 9.2 'Transfer Deeds. Master Developer may make transfers, with or without transferring the rights under this Agreement under Section 9.1 above, in anticipation or furtherance of future land use approvals and development of the Property or a particular portion therein. In accordance with Utah Code § 10-9a-103(57)(c)(v), Master Developer may convey portions of the Project by metes and bounds prior to recordation of a plat of subdivision for such portion and City agrees to execute an acknowledgment on such deeds of conveyance (each a "Transfer Deed") for the purposes of acknowledging only City's consent to the conveyance by metes and bounds of the real property that is the subject of the applicable Transfer Deed. Master Developer expressly acknowledges that City's execution of a Transfer Deed shall not in any way be deemed a waiver of the requirement that the property transferred pursuant to such Transfer Deed shall be subject to the approval process set forth in this Agreement or City's Current Laws. 9.3 Reservation of Reimbursement Rights. Notwithstanding any provision in City's Current Laws to the contrary, Master Developer reserves unto itself the right to all payments and reimbursements for items constructed within the Property or by Master Developer even if Master Developer sells any portion of the Property to a third-party. Any assignment of the right to receive payments and reimbursements under this Agreement must be in writing, signed by 14 482.336525657 PROPERTY OF SALT LAKE CITY RECCRDER'S OFFICE PO. BOX 145515 109 SALT LAKE CITY, UTAH 841 14-5516 Master Developer, and approved by RDA, and must include specific details regarding the light. or amount of reimbursement transferred to a third party. In the event of a transfer of any reimbursement or payment right under this Agreement, both assignor and assignee must provide written notice to RDA and City in accordance with this Agreement. Notwithstanding the foregoing, Master Developer shall not be entitled to retain reimbursements or payments under this Agreement that exceed the actual costs incurred by Master Developer. ARTICLE X DISPUTE RESOLUTION 10.1 Default. Except as otherwise expressed herein, in the event of a failure by any Party to comply with the connnrritments set forth herein, within thirty (30) days of written notice Of such failure from the other Party, the non-defaulting Party shall have the right to pursue any or all of the following remedies, which right shall be cumulative: 10.1.1 To cure such default or enjoin such violation and otherwise enforce the requirements contained in this Agreement; and 10.1.2 To enforce all rights and remedies available at law and in equity including, but not linited to, injunctive relief, and/or damages. ARTICLE XI GENERAL MATTERS 11.1 Amendments. Any alteration or change to this Agreement shall be made in a writing executed by Master Developer and City, after approval by City's appropriate executive or legislative bodies. A provision of this Agreement relating to RDA may be amended with the written consent of RDA but RDA need not be a Party to an amendment that does not alter the reimbursement obligations of RDA hereunder. Master Developer need not obtain the written consent of a subsequent owner of a portion of the Property in order to amend this Agreement. 11.2 Exclusion from Moratoria. The Property shall be excluded from any moratorium adopted pursuant to Utah Code 5 10-9a-504 unless such a moratorium is found on the record by the City Council to be necessary to avoid jeopardizing a compelling, countervailing public interest. 11.3 No Waiver. Nothing in this Agreement shall be construed as waiving Master Developer's rights under the United States and Utah constitutions, and the land use and development laws of the state of Utah. 11.4 Captions and Construction. This Agreement shall be construed according to its fair and plain meaning and as if prepared by all Parties hereto and shall be interpreted in accordance with Utah law. Titles and captions are for convenience only and shall not constitute a portion of this Agreement. As used in this Agreement, masculine, feminine or neuter gender and the singular or plural number shall each be deemed to include the others wherever and whenever the context so dictates. Furthermore, this Agreement shall be construed so as to effectuate the public purposes, objectives and benefits set forth herein. As used in this Agreement, the words "include" and "including" shall mean "including, but not Limited to" and shall not be interpreted 15 7821_3652_5657 110 to limit the generality of the terms preceding such word. To the extent a general provision of City's Current Laws or Future Laws, or any other law, conflicts with a specific provision of this Agreement or an interpretation necessary to give effect to the Agreement, then tlis Agreement shall control. 11.5 Laws and Forum. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their respective successors and assigns, and shall be construed in accordance with Utah law. Any action brought in connection with this Agreement shall be brought in a court of competent jurisdiction located in Salt Lake County, Utah. 11.6 No Thud Party Rights. Unless otherwise specifically provided herein, the obligations of the Parties set forth in this Agreement shall not create any rights in or obligations to any other persons or third parties. 11.7 Force Maieure. Any prevention, delay or stoppage of the performance of any obligation under this Agreement which is due to strikes; labor disputes; inability to obtain labor, materials, equipment or reasonable substitutes therefor; acts of nature; governmental restrictions, regulations or controls; judicial orders; enemy or hostile government actions; wars; civil cornmotlons; fires, floods, earthquakes or other casualties or other- causes beyond the reasonable control of the Party obligated to perform hereunder shall excuse performance of the obligation by that Party for a period equal to the duration of that prevention, delay or stoppage. Any Party seeking relief under the provisions of this section must have notified the other Party in writing of a force majeure event within thirty (30) days following occurrence of the claimed force majeure event. 11.8 Notices. All notices shall be in writing and shall be deemed to have been sufficiently given or served when presented personally, or delivered by a reputable overnight courier that keeps receipts of delivery (such as UPS or Federal Express), or when deposited in the United States mail, by registered or certified mail, addressed as follows: City: Salt Lake City 451 South State Street Salt Lake City, UT 84111 Attention: City Recorder With a copy to: Salt Lake City Office of the City Attorney 451 South State Street Salt Lake City, UT 84111 Attention: City Attorney RDA: Salt Lake City Redevelopment Agency 451 South State Street Salt Lake City, UT 84111 Attention: Ceief Administrative Officer With a copy to: Salt Lake City 16 4823-3052-5657 111 Office of the City Attorney 451 South State Street Salt Lake City, UT 84111 Attention: Chief Counsel, RDA Master Developer: NWQ, LLC 166 East 14000 South, Suite 210 Draper, UT 84080 Attn: Lance Bullen With a copy to: Snell and Wilmer L.L.P. 15 West South Temple, Suite 1200 Salt Lake City, UT 84101 Attn: Wade R. Budge Such addresses may be changed by notice to the other Party given in the same manner as above provided. Any notice given hereunder shall be deemed given as of the date delivered or mailed. 11.9 Entire Agreement. This Agreement, together with documents and all regulatory approvals given by City for the Property, contain and constitute the entire agreement of the Parties with respect to the subject matter hereof and supersede any prior promises, representations, warranties, inducements or understandings between the Parties which are not contained in such agreements, regulatory approvals and related conditions. It is expressly agreed by the Parties that this Agreement and additional planned agreements between Master Developer and City, or between Master Developer and RDA, as contemplated and referred to elsewhere in this Agreement, are intended to and shall govern and facilitate the developnnent of the Property. 1 1.10 Termination. If not timely rescinded in accordance with Section 2.2.1. above, this Agreement shall terminate upon the first of the following to occur: (1) mutual written agreement of the Parties, (ii) Buildout, or (Ili) forty (40) years after the Effective Date, unless extended by in writing by City, RDA, and Master Developer, whichever occurs first. 1 1.1 1 Further Action. The Parties hereby agree to execute and deliver such additional documents and to take all further actions as may become necessary or desirable to fully cant' out the provisions and intent of this Agreement. 11.12 Agreement Runs with the Land. This Agreement shall be recorded against the Property as described in the Exhibit A. The agreements contained herein shall be deemed to run with the land and shall be binding on and shall inure to the benefit of all successors in ownership of the Property. Successors in title are on record notice of the provisions of this Agreement. Notwithstanding the foregoing, each successor in interest shall accede only to the benefits and burdens of this Agreement pursuant to an assignment by Master Developer which pertain to that specific portion of the Property to which such successor- holds fee title or leasehold estate, and shall not be deemed to be the "Master Developer" or a third party beneficiary of any of the rights, interests, or benefits relating to other portions of the Property. The provisions, responsibilities and benefits relating or appertaining to a specific portion of the Property may be 17 4823-3653-56i7 112 assigned to such portion of the Property, or owner thereof, by specific written instrument executed by Master Developer and approved by City and RDA, which approval shall not be unreasonably withheld, delayed, or conditioned. 1 1.13 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument. 11.14 Representation Regarding Ethics. Master Developer represents and warrants that it has not: (1) provided an illegal gift or payoff to a City officer or employee or former City officer or employee, or his or her relative or business entity; (2) retained any person to solicit or secure this contract upon an agreement or understanding for a commission, percentage, brokerage or contingent fee, other than bona fide employees or bona fide conu-nercial setting agencies for the purpose of securing business; (3) knowingly breached any of the ethical standards set forth in the City's conflict of interest ordinance, Chapter 2.44, Salt Lake City Code; or (4) knowingly influenced, and hereby promises that it will not knowingly influence, a City officer or employee or former City officer or employee to breach any of the ethical standards set forth in the City's conflict of interest ordinance, Chapter 2.44, Salt Lake City Code. IN WITNESS WHEREOF, the Parties have executed this Development Agreement on January , 2018. [Remainder of Page Intentionally Blank Signatures Follmtj 18 4923-301-5657 113 CITY: SALT LAKE CITY CORPORATION, a Utah municipal corporation RECORDED ATTEST: JAN 3 12018 Ja quel' e M. Biskupski,Mayor CITY RECORDER mdi Mansell, City Record • Approved as to form: Salt Lake City Attorney's Office E.Russell Vetter ACKNOWLEDGMENT NOTARY PUBLIC 1j 'o SIMONE BUTLER ° 697404 STATE OF UTAH - COMMISSION EXPIRES SS. OCTOBER 25.2021 County of Salt Lake STATE OF UTAI-1 On this —X day of January, 2018, before the undersigned notary public in and for the said state, personally appeared Jacqueline M. Biskupski known or identified to me to be the Mayor of Salt Lake City, who executed the foregoing instrument on behalf of said City and acknowledged to me that said City executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. Notary Public for Utah Residing at: �A j+ Lu 10- GOU Yl My Commission Expires: [Signatures Continue on Following Page] PROPERTY OF SALT LAKE 19 CITY RECORDER'S OFFICE 4823-3G52-SG57 p0. BOX 145515 SALT LAKE CITY, UTAH 841 1 4-55 1 5 114 RDA: REDEVELOPMENT AGENCY OF SALT LAKE CITY, a public entity: OpM�I�Tq a .� moo,GORpo��r� C �- = SE o�� J queli e M. Biskupski, Executi�Dector Y � �1 s4 4�rN®s i 000 Approved as to form: Salt Lake City Attorney's Office Katherine N. Lewis ACKNOWLEDGMENT NOTARY PUBLIC SIMONE BUTLER 697404 STATE OF UTAH COMMISSION EXPIRES OCTOBER 25,2021 SS. STATE OF UTAH County of Salt Lake ) On this 315k day of January, 2018, before the undersigned notary public in and for the said state, personally appeared Jacqueline M. Biskupski, known or identified to me to be the Executive Director of the Redevelopment Agency of Salt Lake City, and who executed the foregoing instrument on behalf of said Redevelopment Agency of Salt Lake City and acknowledged to me that said Redevelopment Agency of Salt Lake City executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year fast above written. Notary Public for Utah Residing at: SAW wtk W\mbj My Commission Expires: 0 2 1,0Z [Signatures Continue on Following Page] oPER'iY OF SALT LAKE 4823-3652-563 20 jirT f ECORDER'S OFFICE r U, E-OX 145515 .0 LAKE CITY UTAH £34114-5515 115 MASTER DEVELOPER: NWQ,LLC, a Utah limited liability company: By: NWQ GP, LLC, a Utah limited liability company Its: Manager By: WADSWORTH NWQ, LLC,a Utah limited liability company Its: Manager By: KW VENTURES, LC, a Utah limited liability co pany Its: Manager By- Kip L. Wads -th,Manager By: COLMENA NWQ, LLC, a Utah limited liability company Its: Manager By: COLMENA CAPITAL, INC., a Utah corporation Its: Manager By: Name: Its: By: STOKES STEVENSON NWQ, LLC,a Utah limited liability company Its: Manager By: STOKES STEVENSON MGT NWQ, LLC, a Utah limited liability company Its: Manager By: BES INVESTMENT FUND, LLC, a Utah limited liability company Its: Manager 21 4823-3652-5657 116 it MASTER DEVELOPER: NWQ, LLC, a Utah limited liability company: By: NWQ GP, LLC,a Utah limited liability company Its: Manager By: WADSWORTH NWQ,LLC, a Utah limited liability company Its: Manager By: KW VENTURES, LLC, a Utah limited liability company Its: Manager j By: Kip L. Wadsworth, Manager By: COLMENA NWQ, LLC,a Utah limited liability company Its: Manager By: COLMENA CAPITAL, INC.,a Utah corporation Its: Manager By: N I MlLl�i rya�By: STOKES STEVENSON NWQ, LLC, a Utah limited liability company Its: Manager By: STOKES STEVENSON MGT NWQ, LLC, a Utah limited liability company Its: Manager i By: BES INVESTMENT FUND, LLC, a Utah limited liability company Its: Manager 21 PROPERTY OF SALT LAKE 4823=3632-5657 CITY RECORDER'S OFFICE. PO, BOX 145.515 117 SALT LAKE CITY, UTAH 841 1 4-551 5 By: BryarrS evenson, Manager By: STRUCTURED FINANCE CORPORATION, a Utah corporation Its: Manager By: Travis Lig , President ACKNOWLEDGMENT STATE OF UTAH ) ss. County of Salt Lake ) On this day of , 2018, before the undersigned notary public in and for the said state, personally appeared Kip L. Wadsworth, known or identified to me to be the Manager of KW VENTURES, LLC, a Utah limited liability company, and the person who executed the foregoing instrument and acknowledged to me that said company executed the same as manager of WADSWORTH NWQ, LLC, which is a manager of NWQ GP, LLC., a manager of NWQ, LLC. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. Notary Public for Utah STATE OF UTAH ) ss. County of Salt Lake ) On this ZVI day of vt,wtY 2018, before the undersigned notary public in and for the said state, personally appeared [- vice- R,uMc n , known or identified to me to be the A an"cj. of COLMENA CAPITAL, INC., a Utah corporation, and the person who executed the foregoing instrument and acknowledged to me that said company executed the same as manager of COLMENA NWQ. LLC, which is a manager of NWQ GP, LLC, a manager of NWQ,LLC. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. '�Z� L YVONNE M SCHENK N t r Public fo 1 i s NOTARY PUBLIC•STATE OF UTAH My Comm.Exp. 10/29/2018 Commission#679172 `- PROPERTY OF SALT LAKE CITY RECORDER'S OFFICE P.O. BOX 145515 118 SALT LAKE CITY, U iA1 l 84114-5515 I I I By: Bryan Stevenson, Manager By: STRUCTURED FINANCE CORPORATION, a Utah corporation Its: Manager By: Travis Lish, President ACKNOWLEDGMENT STATE OF UTAH ) ss. County of Salt Lake ) On this IS; day of �"Aa,, A�. 2018, before the undersigned notary public in and for the said state, personally appeared Kip L. Wadsworth, known or identified to me to be the Manager of KW VENTURES, LLC, a Utah limited liability company, and the person who executed the foregoing instrument and acknowledged to me that said company executed the same as manager of WADSWORTH NWQ, LLC, which is a manager of NWQ GP, LLC., a manager of NWQ, LLC. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. Notary Public for Utah r``� .�,r Robert Roman Groesbeck a Notary Public State of Utah STATE OF UTAH ) '.a My Commission Expires on: ss. .. March 24,2020 0 County of Salt Lake ) Comm.Number:6B13508 On this day of 2018, before the undersigned notary public in and for the said state, personally appeared , known or identified to me to be the of COLMENA CAPITAL, INC., a Utah corporation, and the person who executed the foregoing instrument and acknowledged to me that said company executed the same as manager of COLMENA NWQ, LLC, which is a manager of NWQ GP, LLC, a manager of NWQ LLC. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. Notary Public for Utah 22 PROPERTY OF SALT LAKE 4823-3652-5657 CITY RECORDER'S OFFICE P.G. BOX 145515 S,"IT LAKE CITY, UTAH 841 14-5515 119 STATE OF UTAH ) SS. County of Salt Lake ) 0On this26 day of jymLowNI , 2018, before the undersigned notary public in and for the said state, personally appeared Bryan Stevenson, known or identified to me to be the Manager of BES INVESTMENT FUND, LLC, a Utah limited liability company, and the person who executed the foregoing instrument and acknowledged to me that said company executed the same as manager of STOKES STEVENSON MGT NWQ, LLC, which is a manager of STOKES STEVENSON NWQ, LLC, which is a manager of NWQ GP, LLC, a manager of NWQ, LLC. IN WITNESS WHEREOF,I have hereunto set my hand and seal the day and year first above written. (/� No JPublic for�Uwah YVONNE M SCHENK STATE OF UTAH ;- NOTARY PUBLIC-STATE OF UTAH My Comm.Up. 10/29/2018 : ss Commission#679172 County of Salt Lake ) On this_P day of A ngA,- , 2018, before the undersigned notary public in and for the said state, personally appeared Travis Lish, known or identified to me to be the President of STRUCTURED FINANCE CORPORATION, a Utah corporation, and the person who executed the foregoing instrument and acknowledged to me that said company executed the same as manager of STOKES STEVENSON MGT NWQ,LLC, which is a manager of STOKES STEVENSON NWQ, LLC, which is a manager of NWQ GP,LLC,a manager of NWQ, LLC. IN WITNESS WHEREOF, I have hereunto set my hand and seal the day and year first above written. ( '4�� 1 YVONNE M SCHENK o a1•y Public ah NOTARY PUBLIC-STATE OF UTAH My Comm.Up. 10/29/2018 Commission#679172 l-IB_AT-IY-#6657d-v l-Master_Develop men t_Agreement_(N W Q_LLC)(!an_2_nnal).docx I F170,17-RT`( 01: SAD I.AI(EC 23 CITY REC,_—)R[!f-_VQj OF i iCC. 482-3-3652-5657 P.Q, i3 C�is 1 ',51 SALT L/\i<E CITY, UTAH 841 1 4-551 5 120 EXHIBIT A Legal Description and Map of the Property, Legal Description by Parcel The following parcels in Salt Lake County, State of Utah: COUNTY PARCEL e o r o 07-29-200-003-0000 8306 W 700 N 448.05 The East Half and the East Half of the West Half of Section 29, Township 1 North, Range 2 West, Salt Lake Base and Meridian. 07-29-100-003-0000 910 N 8800 W 160 The West Half of the West Half of Section 29, Township 1 North,Range 2 West,Salt Lake Base and Meridian. 07-32-100-003-0000 650 N 8800 W 23.6 Beginning at the Northwest corner of Section 32,Township 1 North, Range 2 West, Salt Lake Base and Meridian, running thence East 1320 feet; thence South 844.84 feet; thence West 1320 feet;thence North 844.84 feet to beginning. LESS AND EXCEPT that portion within the road. 07-32-100-004-0000 8750 W NORTH 79.54 Beginning at the West Quarter corner of Section 32, TEMPLE ST Township 1 North, Range 2 West, Salt Lake Base and Meridian, running thence South 1780 feet, more or less, to the North line of 1-80; thence East 1320 feet, more or less; thence North 2624.8 feet, more or less; thence West 1320 feet;thence South 844.8 feet to the point of beginning. LESS AND EXCEPT therefrom any portion of either parcel above which lies South of the North line North Temple Street or within 1-80 and any portion lying within roads. 07-32-200-004-0000 202 N 8800 W 354.41 The East Half of Section 32,Township 1 North,Range 2 West, Salt Lake Base and Meridian. ALSO the East Half of the West Half of Section 32,Township 1 North,Range 2 West,Salt Lake Base and Meridian. LESS AND EXCEPT therefrom any portion of either parcel above which lies South of the North line North Temple Street or within 1-80 and any portion lying within roads. ALSO LESS AND EXCEPT from the aforesaid East Half of the West Half of said Section 32 which lies within that portion previously deeded to the Radio Service Corporation of Utah, more particularly described as follows: Beginning at a point 844.8 feet South from the Northwest corner of Section 32, Township 1 North, Range 2 West, Salt Lake Base and Meridian, running thence East 1558.3 feet; thence South 950.4 feet; thence West 1558.3 feet; thence North 950.4 feet to the point of beginning. 07-33-100-005-0000 7610 W NORTH 395.95 The West 240 rods of Section 33,Township 1 North,Range 2 TEMPLE ST West,Salt Lake Base and Meridian. LESS AND EXCEPT therefrom any portion of either parcel above which lies South of the North line North Temple Street or within 1-80 and any portion lying within roads. FURTHER LESS AND EXCEPT therefrom all the following 3 24 4823-3b53-5657 121 pieces of land lying within the aforesaid PARCELS 5 AND 8 ABOVE,which were conveyed to the State of Utah, Division of Facilities and Construction Management, a division of the Department of Administrative Services, by Quit Claim Deed, included as an attachment to Special Warranty Deed, recorded November 3, 2016 as Entry No. 12405144 in Book 10496 at Page 1608 of Official Records, and said Quit Claim Deed being separately recorded November 22,2016 as Entry No.12418688 in Book 10503 at Page 673 of Official Records: Exception Parcel 1(Access Road): A parcel of land for an access road being part of an entire tract of land situate in the E1/2 of Section 29, and the E1/2 of Section 32 Township 1 North, Range 2 West, Salt Lake Base and Meridian, in Salt Lake County, Utah. The boundaries of said parcel of land are described as follows: Beginning at a point in the existing northerly highway right of way line of the north Frontage Road of Interstate 80, which point is 896.19 feet N.00°17'17"E.along the section line and 64.96 feet WEST from the southeast corner of said Section 32;and running thence N.89'47'54"W.210.00 feet along said existing highway right of way line to the point of curvature of a non-tangent curve to the left with a radius of 30.00 feet; thence northeasterly along said curve with an arc length of 47.08 feet, chord bears N.45°14'41"E. 42.39 feet; thence N.00°17'17"E. 1715.99 feet; thence N.00°21'58"E. 2641.45 feet to the northerly section line of said Section 32 (at a point 245.00 feet N.89°47'20"W. along the section line from the northeast corner of said Section 32); thence N.00°21'58"E. 0.49 feet; thence N.00°48'32"E. 5281.60 feet to the northerly section line of said Section 29 (at a point 200.00 feet N.89°45'32"W. along the section line from the northeast corner of said Section 29; thence 5.89°45'32"E. 150.00 feet along the northerly section line of said Section 29 (at a point 50.00 feet N.89°45'32"W. along the section line from the southeast corner of said Section 29); thence 5.00°17'54"W. 0.41 feet;thence 5.00°48'32"W. 5281.60 feet to the southerly section line of said Section 29 (at a point 95.00 feet N.89°47'20"W. along the section line from the southeast corner of said Section 29); thence 5.00°48'32"W. 0.49 feet; thence 5.00°21'58"W. 2641.26 feet; thence 5.00°17'17"W. 1715.57 feet to the point of tangency of a curve to the left with a radius of 30.00 feet; thence southeasterly along said curve with an arc length of 47.17 feet, chord bears 5.44°45'18"E. 42.46 feet to the point of beginning. Exception Parcel 2(Secondary Access Road): A parcel of land for an access road, also known as the secondary access road, being part of an entire tract of land situate in the NE1/4 NE1/4 and NW1/4 NE1/4 of Section 29, Township 1 North, Range 2 West, Salt Lake Base and Meridian, in Salt Lake County, Utah. The boundaries of said parcel of land are described as follows: 25 4823-3652-5657 122 Beginning at a point 200.00 feet N.89°45'32"W. along the section line from the northeast corner of said Section 29; and running thence 5.00°48'32"W. 80.30 feet to the point of curvature of a non-tangent curve to the left with a radius of 30.00 feet; thence northwesterly along said curve with an arc length of 47.42 feet, chord bears N.44°28'30"W. 42.64 feet; thence N.89°45'32"W. 1760.31 feet to the point of tangency of a curve to the right with a radius of 550.00 feet; thence westerly along said curve with an arc length of 236.33 feet, chord bears N.77°26'56"W. 234.52 feet to the north line of said section 29 and northerly boundary line of said entire tract; thence 5.89°45'32"E. 2020.23 feet along said northerly boundary line to the point of beginning. Exception Parcel 3(East Strip UDOT Road): A parcel of land being part of an entire tract of land situate in the E1/2 of Section 29,and the E1/2 of Section 32 Township 1 North, Range 2 West, Salt Lake Base and Meridian, in Salt Lake County, Utah.The boundaries of said parcel of land are described as follows: Beginning at the intersection of the existing northerly highway right of way line of the north Frontage Road of Interstate 80 and the east section line of said Section 32, which point is 895.96 feet N.00°17'17"E. along the section line from the southeast corner of said Section 32; and running thence N,89°47'54"W. 64.95 feet along said existing northerly highway right of way line to the point of tangency of a curve to the right with a radius of 30.00 feet; thence northwesterly along said curve with an arc length of 47.17 feet, chord bears N.44°45'19"W. 42.46 feet; thence N.00°17'17"E. 1715.57 feet; thence N.00°21'58"E. 2641.26 feet;thence N.00°48'32"E.0.49 feet to the northerly section line of said Section 32 (at a point 95.00 feet N.89°47'20"W. along the section line from the northeast corner of said Section 32); thence N.00°48'32"E. 5281.60 feet; thence N.00°17'53"E. 0.41 feet to the northerly section line of said Section 29; thence 5.89°45'32"E. 50.00 feet along said section line to the northeast corner of said Section 29; thence 5.00°21'45"W. 2641.00 feet along the section line to the east quarter corner of said Section 29; thence 5.00°16'44"W. 2640.71 feet along the section line to the southeast corner of said Section 29; thence 5.00°21'58"W. 2641.95 feet along the section line to the east quarter corner of said Section 32;thence 5.00°17'17"W. 1745.41 feet along the section line to the point of beginning. 26 4523-3652-5657 123 Parcel Map Rar.�s xa- ef ■ � ■ � rll � f; 4.t�E_�-l_/EiEfiilfflfiEEfffElf ■ a �� � w ° } 45. ■ r w + ■ _ _ ._ tact - - . r ■ Few. r ■ 4 � _ f ■ f • - - - - -- "isms i WR N'Rw BEi•■Yf1fv- ir _�-�-�l tfte e+rr•f l R���} w � ■ f ■ I i , h ■ `y w ■ 't ■ f --was ElflffEffEEEf■E E l f x w f f!!!!E f �•_ .E f: NORTHWEST QUADRANT COMMUNTIY REINVESTMENT AREA AEr 0 2,000 4,000 8,000 Feet NWQLLC-OWNED PARCELS 27 4323-3652-5657 124 EXHIBIT B [Form of Transfer Acknowledgment] TRANSFER ACKNOWLEDGEMENT THIS TRANSFER ACKNOWLEDGEMENT is executed and delivered this , 2018, ("Effective Date"),by NWQ, LLC, a Utah limited liability company("NWQ") and provided to Salt Lake City Corporation, a Utah municipal corporation ("City"); and Redevelopment Agency of Salt Lake City, a public entity("RDA"). RECITALS A. NWQ entered into that certain Master Development and Reimbursement Agreement for the Northwest Quadrant(West) with City and RDA,recorded on., as Entry No. in Book at Page of the official records of the Sall Lake County Recorder, State of Utah (the "Development Agreement"). Capitalized terns used but not defined herein shall have the meanings given to such tenns in the Development Agreement. B. The Development Agreement vests the use, configuration, densities, and processes related to more than 1,500 acres of land in the northwest area of Salt Lake City. C. The Development Agreement designates NWQ as a "Developer," with such designation giving rise to various rights, obligations,and duties thereunder. D. Pursuant to Section 9.1 of the Development Agreement Developer may assign or transfer "any of the rights and obligations under this Agreement" and in connection with such a transfer is to provide notice on this form to City. NOW, THEREFORE, pursuant to Section 9.1 the Development Agreement, NWQ hereby acicuowledges that it has transferred and assigned the following rights, obligations, and duties as a Developer under the Development Agreement to ("Transferee"), and Transferee hereby acknowledges its acceptance of such rights and assumption of such obligations described below: 1. Summary of Interests Transferred: EXECUTED as of the date first above written. NWQ: NWQ, LLC a Utah limited liability company By: Name: Title: 28 4823-3652-5657 125 TRANSFEREE: By: Name: Title: CERTIFICATE OF NOTICE DELIVERY Pursuant to Section 9.1 and 11.8 of the Development Agreement,NWQ, as transferor,hereby arranges delivery of this notice by hand delivery to the following: City: Salt Lake City 451 South State Street Salt Lake City,UT 841 1 l Attention: City Recorder With a copy to: Salt Lake City Office of the City Attorney 451 South State Street Salt Lake City, UT 84111 RDA: Salt Lake City Redevelopment Agency 451 South State Street Salt Lake City,UT 84111 Attention: Chief Administrative Officer With a copy to: Salt Lake City Office of the City Attorney 451 South State Sheet Salt Lake City, UT 84111 Attention: Chief Counsel, RDA Receipt acknowledged by: Salt Lake City Redevelopment Agency of Salt Lake City: By: By: 29 4823-3652-5657 126 APPENDIX E: MODEL CALCULATIONS/SOURCES Page 21 41 NORTH Pio GRANGE,SUITE 1011 SALT LAKE CITY,UT 84101 127 r J Redevelopment Agency of Salt Lake City APPENDIX E.1: Development Absorption Schedule and Assumptions for Phase II and Phase III Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis 43560 Assumptions Full Land Value Land Value (assuming Per SF Land Total Finished Property Tax building sf at Assumptions AcreM Value Land ValuejW Unit Exemption Building SF 35%) Building 14 22.22 3.73 3,607,350 Per Square Foot 0% 338800 968,000 Duraline 19.80 3.73 3,214,875 Per Square Foot 0% 301939 862,683 Building 15 47.58 3.73 7,722,891 Per Square Foot 0% 725329 2,072,369 Building 18 66.85 3.73 10,851,862 Per Square Foot 0% 1019200 2,912,000 Building 16 7.11 3.73 1,153,756 Per Square Foot 0% 108360 309,600 Building 17 7.05 3.73 1,144,599 Per Square Foot 0% 107500 307,143 C-store 7.02 3.73 1,139,531 Per Square Foot 0% 107024 305,783 Mt West 29.14 3.73 4,730,781 Per Square Foot 0% 444312 1,269,463 Remainder 16.14 3.73 2,619,268 Per Square Foot 0% 246000 702,857 Building 25 16.46 3.73 2,671,228 Per Square Foot 0% 250880 716,800 Solar Farm Parcel 57.17 3.73 9,280,680 Per Square Foot 0% 871635.6 2,490,387 BLD 1 10.69 3.73 1,735,084 Per Square Foot 0% 162958 465,594 BLD 2 6.17 3.73 1,001,710 Per Square Foot 0% 94080 268,800 BLD 3 6.17 3.73 1,001,710 Per Square Foot 0% 94080 268,800 BLD 4 6.17 3.73 1,001,710 Per Square Foot 0% 94080 268,800 BLD 5 6.17 3.73 1,001,710 Per Square Foot 0% 94080 268,800 BLD 6 6.17 3.73 1,001,710 Per Square Foot 0% 94080 268,800 BLD 7 6.94 3.73 1,126,924 Per Square Foot 0% 105840 302,400 BLD 8 6.94 3.73 1,126,924 Per Square Foot 0% 105840 302,400 BLD 9 6.94 3.73 1,126,924 Per Square Foot 0% 105840 302,400 Commercial Pads 6.48 3.73 1,052,392 Per Square Foot 0% 98840 282,400 BLD 10 7.44 3.73 1,207,845 Per Square Foot 0% 113440 324,114 Building 19 13.35 3.73 2,167,253 Per Square Foot 0% 203547 581,563 Building 20 13.35 3.73 2,167,253 Per Square Foot 0% 203547 581,563 Building 21 62.89 3.73 10,208,800 Per Square Foot 0% 958804 2,739,440 Building 22 62.89 3.73 10,208,800 Per Square Foot 0% 958804 2,739,440 Building 23 11.55 3.73 1,875,055 Per Square Foot 0% 176104 503,154 Building 24 13.83 3.73 2,245,682 Per Square Foot 0% 210913 602,609 Building 25 13.12 3.73 2,129,018 Per Square Foot 0% 199956 571,303 DC 26-1 15.74 3.73 2,555,383 Per Square Foot 0% 240000 685,714 DC 26-2 13.83 3.73 2,245,682 Per Square Foot 0% 210913 602,609 DC 26-3 13.83 3.73 2,245,682 Per Square Foot 0% 210913 602,609 DC 26-4 13.83 3.73 2,245,682 Per Square Foot 0% 210913 602,609 Building 27 32.19 3.73 5,225,791 Per Square Foot 0% 490803 1,402,294 Building 28 32.19 3.73 5,225,791 Per Square Foot 0% 490803 1,402,294 Building 29 32.19 3.73 5,225,791 Per Square Foot 0% 490803 1,402,294 Building 30 32.19 3.73 5,225,791 Per Square Foot 0% 490803 1,402,294 Building 31 37.70 3.73 6,120,292 Per Square Foot 0% 574814 1,642,326 Building 32 34.56 3.73 5,610,270 Per Square Foot 0% 526913 1,505,466 Building 33 14.65 3.73 2,378,711 Per Square Foot 0% 223407 638,306 Building 34 13.19 3.73 2,140,687 Per Square Foot 0% 201052 574,434 Building 35 32.54 3.73 5,282,329 Per Square Foot 0% 496113 1,417,466 Building 36 31.09 3.73 5,047,031 Per Square Foot 0% 474014 1,354,326 Building 37 25.83 3.73 4,193,171 Per Square Foot 0% 393820 1,125,200 Building 38 25.83 3.73 4,193,171 Per Square Foot 0% 393820 1,125,200 Irotall 156,684,578 14,715,716.60 Building Value Units or Building Per Unit/SF Total Finished Assumptions SF Value Personal Property Building 14 338,800 135.34 45,854,593 4,585,459 Duraline 301,939 135.34 40,865,673 4,086,567 Building 15 725,329 135.34 98,169,027 9,816,903 Building 18 1,019,200 135.34 137,942,744 13,794,274 Building 16 108,360 135.34 14,665,891 1,466,589 Building 17 107,500 135.34 14,549,495 1,454,949 C-store 107,024 135.34 14,485,071 1,448,507 Mt West 444,312 135.34 60,135,024 6,013,502 Remainder 246,000 135.34 33,294,658 3,329,466 Building 25 250,880 135.34 33,955,137 3,395,514 Solar Farm Parcel 871,636 135.34 117,970,768 11,797,077 BLD 1 162,958 135.34 22,055,410 2,205,541 BLD 2 94,080 135.34 12,733,176 1,273,318 BLD 3 94,080 135.34 12,733,176 1,273,318 BLD 4 94,080 135.34 12,733,176 1,273,318 BLD 5 94,080 135.34 12,733,176 1,273,318 BLD 6 94,080 135.34 12,733,176 1,273,318 BLD 7 105,840 135.34 14,324,823 1,432,482 BLD 8 105,840 135.34 14,324,823 1,432,482 BLD 9 105,840 135.34 14,324,823 1,432,482 Commercial Pads 98,840 135.34 13,377,414 1,337,741 BLD 10 113,440 135.34 15,353,439 1,535,344 Building 19 203,547 135.34 27,548,893 2,754,889 Building 20 203,547 135.34 27,548,893 2,754,889 Building 21 958,804 135.34 129,768,500 12,976,850 Building 22 958,804 135.34 129,768,500 12,976,850 Building 23 176,104 135.34 23,834,644 2,383,464 Building 24 210,913 135.34 28,545,838 2,854,584 128 Appendix E.1 NWQ, LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Building 25 199,956 135.34 27,062,872 2,706,287 DC 26-1 240,000 135.34 32,482,593 3,248,259 DC 26-2 210,913 135.34 28,545,838 2,854,584 DC 26-3 210,913 135.34 28,545,838 2,854,584 DC 26-4 210,913 135.34 28,545,838 2,854,584 Building 27 490,803 135.34 66,427,308 6,642,731 Building 28 490,803 135.34 66,427,308 6,642,731 Building 29 490,803 135.34 66,427,308 6,642,731 Building 30 490,803 135.34 66,427,308 6,642,731 Building 31 574,814 135.34 77,797,705 7,779,770 Building 32 526,913 135.34 71,314,585 7,131,459 Building 33 223,407 135.34 30,236,828 3,023,683 Building 34 201,052 135.34 27,211,209 2,721,121 Building 35 496,113 135.34 67,145,986 6,714,599 Building 36 474,014 135.34 64,155,016 6,415,502 Building 37 393,820 135.34 53,301,228 5,330,123 Building 38 393,820 135.34 53,301,228 5,330,123 TOTAL 14,715,717 $ 1,991,686,967 $ 199,168,696 Additional Assumptions Discount Rate 4.00% Primary Residential Value Exemption 45.00% Personal Property Rate(%of Building V� 10.00% Growth Rate 4.00% � 1 1 1 1 Tax Year Absorption Rates T!20�iiM 20 20 203 20 20 20 041 Building 14 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Duraline 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 15 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 18 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 16 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 17 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% C-store 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Mt West 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Remainder 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 25 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Solar Farm Parcel 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 1 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 2 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 3 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 4 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 5 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 6 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 7 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 8 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 9 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Commercial Pads 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% BLD 10 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 19 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 20 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 21 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 22 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 23 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 24 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 25 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% DC 26-1 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% DC 26-2 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% DC 26-3 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% DC 26-4 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 27 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 28 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 29 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 30 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 31 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 32 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 33 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 34 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 35 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 36 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 37 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% Building 38 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% � 11 ' � 1 1 1 1 ing 14 2023 2024 2025 2026 2029 20 20 20 2042 Building Value 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 45,854,593 Personal Property Values 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 4,585,459 Land Value 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 3,607,350 Total Property Values 54,047,402 56,209,299 58,457,671 60,795,977 63,227,816 65,756,929 68,387,206 71,122,694 73,967,602 76,926,306 80,003,359 83,203,493 86,531,633 89,992,898 93,592,614 97,336,318 101,229,771 105,278,962 202 2025 2026 2027 2029 2030 2033 2036 2037 2039 2040 2042 Building Value 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 40,865,673 Personal Property Values 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 4,086,567 Land Value 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,214,875 3,2141875 Total Property Values 48,167,115 50,093,800 52,097,552 54,181,454 56,348,712 58,602,661 60,946,767 63,384,638 65,920,023 68,556,824 71,299,097 74,151,061 77,117,103 80,201,788 83,409,859 86,746,253 90,216,104 93,824,748 97,577,738 Building 15 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 1 2042 Building Value - 98,169,027 98,169,027 1 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 98,169,027 Personal Property Values 1 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 9,816,903 Land Value 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 7,722,891 129 Appendix E.1 NWQ, LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Total Property Values 115,708,820 120,337,173 125,150,660 130,156,687 135,362,954 140,777,472 146,408,571 152,264,914 158,355,511 164,689,731 171,277,320 178,128,413 185,253,550 192,663,692 200,370,239 208,385,049 216,720,451 Building 18 2023 2024 2025 2026 2027 2028 2029 2030 2031 20 2034 2035 2036 2037 2039 2040 2041 2042 Building Value - 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 137,942,744 Personal Property Values 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 13,794,274 Land Value 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 10,851,862 Total Property Values 162,588,880 169,092,435 175,856,133 182,890,378 190,205,993 197,814,233 205,726,802 213,955,874 222,514,109 231,414,674 240,671,261 250,298,111 1 260,310,035 270,722,437 281,551,334 292,813,388 uildin 16 2023 2024 2025 2026 2027 IRM RMM L 30 2033 2034 2036 2038 2039 2040 2042 Building Value 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891 14,665,891726,611,365 4,665,891 14,665,891 14,665,891 14,665,891 14,665,891 Personal Property Values 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,589 1,466,5891,466,589 1,466,589 1,466,589 1,466,589 1,466,589 Land Value 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,756 1,153,7561,153,756 1,153,756 1,153,756 1,153,756 1,153,756 Total Property Values 17,286,235 17,977,685 18,696,792 19,444,664 20,222,450 21,031,348 21,872,602 22,747,506 23,657,407 24,603,703 25,587,851 27,675,820 28,782,852 29,934,167 31,131,533 Building 1 2023 2024 1 2025 2026 2027 2029 2030 2031 2033 2034 M2036 2037 2039 2040 2042 Building Value 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 14,549,495 Personal Property Values 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 1,454,949 Land Value 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 1,144,599 Total Property Values 17,149,043 17,835,005 18,548,405 19,290,341 20,061,955 20,864,433 21,699,010 22,566,971 23,469,649 24,408,435 25,384,773 26,400,164 27,456,170 28,554,417 29,696,594 30,884,458 C-store 2023 2024 2025 2026 20 2028 2029 2032 W 2 2041 2042 Building Value 14,485,070.87 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 14,485,071 Personal Property Values 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 1,448,507 Land Value 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 1,139,531 Total Property Values - 17,073,109 17,756,033 1 18,466,274 19,204,925 1 19,973,122 1 20,772,047 21,602,929 22,467,046 23,365,728 1 24,300,357 25,272,371 26,283,266 27,334,597 28,427,981 1 29,565,100 1 30,747,704 31,977,612 2023 2024 2025 2026 2027 2028 2029 M L 2030 M M 2033 M M 136 2039 M W2041 2042 Building Value 60,135,024 60,135,024.01 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 60,135,024 Personal Property Values 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 6,013,502 Land Value 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 4,730,781 Total Property Values 70,879,308 73,714,480 76,663,059 79,729,582 82,918,765 86,235,516 89,684,936 93,272,334 97,003,227 100,883,356 104,918,690 109,115,438 113,480,055 118,019,258 122,740,028 127,649,629 132,755,614 138,065,839 ReMinder 2023 2024 2025 2026 2027 2TW 202&6 1 2030 2031 2032 2033 2034 2035 203&6 1 2037 2038 20 2040 1 2041 2042 Building Value 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 33,294,658 Personal Property Values 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 3,329,466 Land Value 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 2,619,268 Total Property Values 39,243,391 1 40,813,127 42,445,652 44,143,478 45,909,217 47,745,586 49,655,409 51,641,626 53,707,291 55,855,583 58,089,806 60,413,398 62,829,934 65,343,131 67,956,857 70,675,131 73,502,136 76,442,222 ilding 2 2023 2024 2025 2026 JE 2027 2029 2030 032 2033 2036 2039 2042 Building Value 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 33,955,137 Personal Property Values 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 3,395,514 Land Value 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 2,671,228 Total Property Values 40,021,878 41,622,753 43,287,663 45,019,170 46,819,937 48,692,734 50,640,444 52,666,061 54,772,704 56,963,612 59,242,156 61,611,843 64,076,316 66,639,369 69,304,944 72,077,142 74,960,227 Solar Farm Parcel 2023 2024 2025 202!__W 2027 2028 2029 2030 2031 62032 2033 2034 2035 2036 2037 2039 2040 M§ 2041 2042 Building Value 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 117,970,768 Personal Property Values 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 11,797,077 Land Value 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 9,280,680 Total Property Values 139,048,524 144,610,465 150,394,884 156,410,679 162,667,107 169,173,791 175,940,742 182,978,372 190,297,507 197,909,407 205,825,784 214,058,815 222,621,168 231,526,014 240,787,055 250,418,537 260,435,278 2023 2024 2025 2026 2027 2028 2029 2030 AM 2033 2034 2036 2037 2039 2040 2042 Building Value - 22,055,410 22,055,410 22,055,410 22,055,410 ]22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 22,055,410 Personal Property Values 2,205,541 2,205,541 2,205,541 2,205,541 ,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 2,205,541 Land Value 1,735,084 1,735,084 1,735,084 1,735,084 ,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 1,735,084 Total Property Values - 25,996,035 27,035,876 28,117,311 99,242,004 ,411,684 31,628,151 32,893,277 34,209,008 35,577,369 37,000,463 38,480,482 40,019,701 41,620,489 43,285,309 45,016,721 46,817,390 2023 2024 202 2026 2027 2029 2030 031 032 2033 2034 2036 2037 2039 2040 2042 Building Value - 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 Personal Property Values 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 Land Value 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 Total Property Values 15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 24,028,619 24,989,763 25,989,354 27,028,928 BLD 3 2023 2024 2025 2026 2027 2028 2029 2030 2031 2W 2033 2034 2036 2037 A16 jw 2039 2040 2042 Building Value 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 Personal Property Values 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 Land Value 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 Total Property Values 15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 24,028,619 24,989,763 25,989,354 27,028,928 2023 2024 2025 2026 20 2028 2033 M 1 2036 2038 2039 2041 2 Building Value 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 Personal Property Values 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 Land Value 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 Total Property Values 15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 24,028,619 24,989,763 25,989,354 27,028,928 BLD 5 2023 2024 2025 2026 2027 2029 2030 2031 2Q2& 2033 1 2034 2035 2036 2037n23,1 2039 2040 2041 2042 Building Value 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 Personal Property Values 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 Land Value 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 Total Property Values 15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 24,028,619 24,989,763 25,989,354 27,028,928 BLD 6 2023 2024 202 2026 2027 2029 2030 2033 2036 2039 2040 2042 Building Value 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 1 12,733,176 12,733,176 12,733,176 12,733,176 12,733,176 Personal Property Values 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 1,273,3181 1,273,318 1,273,318 1,273,318 1,273,318 1,273,318 Land Value 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 1,001,710 Total Property Values 15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 24,028,619 24,989,763 25,989,354 27,028,928 BLD 7 2023 2024 2026 2026 2031 2M 2033 2034 2038 2039 20 -Tr 2042 Is Building Value 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 1 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 Personal Property Values 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 Land Value 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 Total Property Values 16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 25,992,496 27,032,196 28,113,484 29,238,023 30,407,544 BLD 2023 2024 2025 2026 2027 2029 2030 2031 032 2033 2034 2036 2037 038 2039 2040 2042 Building Value 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 1 14,324,823 1 14,324,823 14,324,823 14,324,823 14,324,8231 14,324,823 1 14,324,823 14,324,823 14,324,823 Personal Property Values 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 Land Value 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 Total Property Values 16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 25,992,496 27,032,196 28,113,484 29,238,023 2023 2024 202 2026 2027 L2029 r 2030 2033 W 2036 2037 2039 2040 2042 Building Value 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 14,324,823 Personal Property Values 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 1,432,482 Land Value 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,9241 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 1,126,924 Total Property Values 16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 25,992,496 27,032,196 28,113,484 29,238,023 Commercial Patic 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 1 Ir 2041 2042 Building Value 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 13,377,414 1 13,377,414 13,377,414 Personal Property Values 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 1,337,741 Land Value 1,052,392 1,052,392 1 1,052,392 1 1,052,392 1 1,052,392 1,052,392 1 1,052,392 1 1,052,392 1 1,052,392 1,052,392 1,052,392 1,052,392 1 1,052,392 1,052,392 1,052,392 Total Property Values 15,767,548 16,398,250 17,054,180 17,736,347 18,445,801 19,183,633 19,950,978 20,749,017 1 21,578,978 22,442,137 23,339,823 24,273,416 25,244,352 26,254,126 27,304!291 2023 2024 202 2026 2027 032 2033 035 2036 2041 2042 130 Appendix E.1 NWQ, LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Building Value 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 15,353,439 Personal Property Values 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 1,535,344 Land Value 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 1,207,845 Total Property Values 18,096,627 18,820,492 19,573,312 20,356,245 21,170,494 22,017,314 22,898,007 23,813,927 24,766,484 25,757,143 26,787,429 27,858,926 28,973,283 30,132,215 31,337,503 Building 19 2023 2024 2026 2026 2027 2028 2029 2030 2031 32 2033 2034 2035 2036 2037 2038 2039 2040 2041 2 442 Building Value 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,5489893 Personal Property Values 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 Land Value 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 Total Property Values 32,471,035 33,769,876 35,120,671 36,525,498 37,986,518 39,505,979 41,086,218 42,729,667 44,438,853 46,216,408 48,065,064 49,987,666 51,987,173 54,066,660 56,229,326 Building 20 2023 2024 2025 2026 2027 2029 2030 2 2033 2036 2042 Building Value 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 27,548,893 Personal Property Values 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 2,754,889 Land Value 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 2,167,253 Total Property Values 32,471,035 33,769,876 35,120,671 36,525,498 37,986,518 39,505,979 41,086,218 42,729,667 44,438,853 46,216,408 48,065,064 49,987,666 51,987,173 54,066,660 56,229,326 ilding 2 2023 2024 202 2026 2027 2029 2030 2033 2036 2039 2042 Building Value 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 Personal Property Values 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 Land Value 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 Total Property Values 152,954,149 159,072,315 165,435,208 172,052,616 178,934,720 186,092,109 193,535,794 201,277,225 209,328,314 217,701,447 226,409,505 235,465,885 244,884,520 254,679,901 264,867,097 Building 22 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Am Building Value - 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 129,768,500 Personal Property Values 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 12,976,850 Land Value 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 10,208,800 Total Property Values 152,954,149 159,072,315 165,435,208 172,052,616 178,934,720 186,092,109 193,535,794 201,277,225 209,328,314 217,701,447 226,409,505 235,465,885 244,884,520 254,679,901 ilding 2 2023 2024 202 2026 2027 2028 2030 032 2033 035 2036 038 2039 2042 Building Value 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 23,834,644 Personal Property Values 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 2,383,464 Land Value 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,875,055 1,8759055 1,8759055 1,8759055 Total Property Values 28,093,163 29,216,890 30,385,566 31,600,988 32,865,028 34,179,629 35,546,814 36,968,687 38,447,434 39,985,331 41,584,745 43,248,134 44,978,060 46,777,182 Building 24 2023 2024 2025 2026 2027 2028 2029 2030 2031 2033 2034 2036 2036 2037 2039 2040 2042 Building Value 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 Personal Property Values 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 Land Value 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,2459682 2,245,682 2,245,682 Total Property Values 33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 51,796,630 53,868,495 56,023,235 Building 25 2023 2024 2025 2026 2027 2028 2029 2030 2033 2034 2036 2038 2039 2040 204 2042 Building Value 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 27,062,872 Personal Property Values 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 2,706,287 Land Value 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 2,129,018 Total Property Values - 31,898,177 33,174,104 34,501,068 35,881,111 37,316,356 38,809,010 40,361,370 41,975,825 43,654,858 45,401,052 47,217,094 49,105,778 51,070,009 53,112,810 DC 26-1 2023 2024 2026 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Building Value 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 32,482,593 Personal Property Values 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 3,248,259 Land Value 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 2,555,383 Total Property Values 38,286,236 39,817,685 41,410,392 43,066,808 44,789,480 46,581,060 48,444,302 50,382,074 52,397,357 54,493,251 56,672,981 58,939,901 61,297,497 63,749,396 66,299,372 DC 26-2 2023 2024 2026 2026 2027 2028 2029 2030 2031 2032 2033 2034 2036 2037 38 2039 2040 2041 20 Building Value 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 Personal Property Values 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 Land Value 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 Total Property Values 33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 51,796,630 53,868,495 56,023,235 58,264,165 DC 2 2023 2024 2026 2026 2027 2029 2030 2033 2036 2039 2042 Building Value 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,5459838 28,545,838 28,5459838 Personal Property Values 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 Land Value 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 Total Property Values 33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 51,796,630 53,868,495 56,023,235 58,264,165 DC 26- 2023 2024 2025 2026 2027 2028 2029 203 2031 2032 2033 2034 2035 20 2037 2038 2039 2040 2041 2042 Building Value 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 28,545,838 Personal Property Values 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 2,854,584 Land Value 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 2,245,682 Total Property Values 33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 51,796,630 53,868,495 56,023,235 58,264,165 Building 27 2023 2024 202 2026 202 2029 2030 2033 035 2036 2039 2040 2042 Building Value - 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 Personal Property Values 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 Land Value 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 Total Property Values 78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 111,439,380 115,896,955 120,532,833 125,354,147 Building 28 2023 2024 2025 2026 2027 2028 2029 2033 2038 2042 Building Value 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 Personal Property Values 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 Land Value 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 Total Property Values 78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 111,439,380 115,896,955 120,532,833 125,354,147 ilding 29 2023 2024 2025 2026 2027 2028 2029 2030 21 2033 2034 2035 2036 038 2039 2040 2041 2042 EE Building Value 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 Personal Property Values 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 Land Value 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,2259791 Total Property Values 78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 111,439,380 115,896,955 120,532,833 125,354,147 Building 3 2023 2024 2025 2026 2027 2028 20 2033 2034 2036 2037 2039 2040 2042 Building Value - 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 66,427,308 Personal Property Values 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 6,642,731 Land Value 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 5,225,791 Total Property Values 78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 111,439,380 115,896,955 120,532,833 Building 31 2023 2024 2025 2026 2027 2028 2029 2030 2031 2033 2034 20 2037 2039 2040 2042 Building Value 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 77,797,705 Personal Property Values 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 7,779,770 Land Value 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 6,120,292 Total Property Values - 91,697,767 95,365,678 99,180,305 103,147,517 107,273,418 111,564,355 116,026,929 120,668,006 125,494,726 130,514,516 135,735,096 141,164,500 Building 3 2023 2024 202 2026 2027 2028 2029 2033 2036 2039 2042 Building Value - 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 71,314,585 Personal Property Values 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 7,131,459 Land Value 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 5,610,270 Total Property Values 84,056,313 87,418,566 90,915,309 94,551,921 98,333,998 102,267,358 106,358,052 110,612,374 115,036,869 119,638,344 124,423,877 129,400,833 Building 33 2023 2024 2026 2026 2027 2028 2029 2030 2031 2 2033 2034 2036 20 2037 2038 2039 2040 2041 2042 Building Value - 30,236,828 30,236,828 30,236,828 1 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 30,236,828 Personal Property Values 3,023,683 3,023,683 3,023,683 3,023,683 1 3,023,683 1 3,023,683 1 3,023,683 3,023,683 3,023,683 3,023,683 3,023,683 131 Appendix E.1 NWQ, LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Land Value 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 2,378,711 Total Property Values 35,639,221 37,064,790 38,547,381 40,089,277 41,692,848 43,360,562 45,094,984 46,898,783 48,774,735 50,725,724 52,754,753 Builloing 34 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2039 2042 Building Value 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 27,211,209 Personal Property Values 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 2,721,121 Land Value 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 2,140,687 Total Property Values 32,073,018 33,355,938 34,690,176 36,077,783 37,520,894 39,021,730 40,582,599 42,205,903 43,894,139 45,649,905 47,475,901 ilding 3 2023 2024 202 2026 2027 2028 20 12031Am032 2033 2036 2039 2042 Building Value 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 67,145,986 Personal Property Values 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 6,714,599 Land Value 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 5,282,329 Total Property Values 79,142,913 82,308,630 85,600,975 89,025,014 92,586,014 96,289,455 100,141,033 104,146,675 108,312,542 112,645,043 117,150,845 Building 36 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Building Value - 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 64,155,016 Personal Property Values 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 6,415,502 Land Value 5,047,031 5,047,031 1 5,047,031 5,047,031 5,047,031 5,047,031 1 5,047,031 5,047,031 1 5,047,031 5,047,031 Total Property Values 75,617,548 78,642,250 81,787,940 85,059,458 88,461,836 92,000,310 95,680,322 99,507,535 103,487,837 107,627,350 Building 37 2023 2024 20 2026 2027 2028 2029 2030 2031 2032 2033 035 2 336 20 S 2039 2041 2042 Building Value 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 Personal Property Values 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 Land Value 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 Total Property Values 62,824,522 65,337,503 67,951,003 70,669,043 73,495,805 76,435,637 79,493,062 82,672,785 85,979,696 89,418,884 Building 38 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 J§§MNMMML 2036 2037 2038 2039 2040 2041 2042 Building Value 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 53,301,228 Personal Property Values 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 5,330,123 Land Value 4,193,171 1 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 4,193,171 Total Property Values 62,824,522 65,337,503 1 67,951,003 70,669,043 73,495,805 76,435,637 79,493,062 82,672,785 85,979,696 89,418,884 Grand Total Property Values 48,167,115 2141263,902 534,686,789 8711019,706 1,3301613,893 1,6301430,042 1,930,534,734 2,261,806,034 2,499,133,427 2,800,365,357 2,912,379,971 3,028,875,170 3,150,030,177 3,276,031,384 3,407,072,639 3,643,355,545 3,685,089,767 3,832,493,367 3,985,793,091 Sq Ft Absorption 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 d& 2038 2039 2040 2041 2042 Building 14 - 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 338,800 Duraline 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 301,939 Building 15 - - 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 725,329 Building 18 - 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 1,019,200 Building 16 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108,360 108$ 60 Building 17 - 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 107,500 C-store - 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 107,024 Mt West 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 444,312 Remainder 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 246,000 Building 25 - 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 250,880 Solar Farm Parcel 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 871,636 BLD 1 - 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 162,958 BLD 2 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 BLD 3 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 BLD 4 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 BLD 5 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 BLD 6 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 94,080 BLD 7 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 BLD 8 - 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 BLD 9 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 105,840 Commercial Pads 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 98,840 BLD 10 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 113,440 Building 19 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 Building 20 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 203,547 Building 21 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 Building 22 - 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 958,804 Building 23 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 176,104 Building 24 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 Building 25 - 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 199,956 DC 26-1 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 240,000 DC 26-2 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 DC 26-3 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 DC 26-4 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 210,913 Building 27 - - 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 Building 28 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 Building 29 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 Building 30 - 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 490,803 Building 31 574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814 574,814 Building 32 526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913 526,913 Building 33 - 223,407 223,407 223,407 223,407 223,407 223,407 223,407 223,407 223,407 223,407 223,407 Building 34 201,052 201,052 201,052 201,052 201,052 201,052 201,052 201,052 201,052 201,052 201,052 Building 35 496,113 496,113 496,113 496,113 496,113 496,113 496,113 496,113 496,113 496,113 496,113 Building 36 - 474,014 474,014 474,014 474,014 474,014 474,014 474,014 474,014 474,014 474,014 Building 37 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 Building 38 - - - - - - - - - 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 393,820 TOTAL SF 301,939 1,331,051 3,285,920 5,260,178 7,922,775 9,468,552 10,940,961 12,533,491 13,454,063 14,716,717 14,716,717 14,715,717 14,716,717 14,715,717 14,716,717 14,716,717 14,715,717 14,715,717 14,716,717 132 Appendix E.1 NWQ, LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City APPENDIX E.2: Comparables of Assessed Valuations of Industrial Product Northwest Quadrant CRA - Phase 11 and Phase III Benefits Analysis #of acres 950 Industrial Comparables within the NWQ CRA Project Area Bldg.Value I Land Value Parcel ID# Bldg. SF FAR% Total Acreage Total SF Tax Dist. Land Value Building Value Total Final Value SF I SF 7273010140000 585,750 0.38 35.69 1,554,656 01X 3,609,900 77,804,600 81,414,500 132.83 2.32 7273010080000 221,760 0.40 12.83 558,875 01X 1,426,800 31,730,800 33,157,600 143.09 2.55 7264000060000 855,000 0.28 70.26 3,060,526 01T 25,200,000 205,091,000 230,291,000 239.87 8.23 7264260010000 457,320 0.34 30.58 1,332,065 01X 7,817,000 57,035,800 64,852,800 124.72 5.87 7262000050000 824,320 0.39 48.05 2,093,058 01X 13,244,300 87,364,400 100,608,700 105.98 6.33 7273020060000 205,340 0.36 12.99 565,844 01X 1,442,900 19,738,700 21,181,600 96.13 2.55 7271260010000 1,067,000 0.45 54.06 2,354,854 01X 5,369,100 104,979,484 110,348,584 98.39 2.28 7273010130000 1,032,248 0.40 58.59 2,552,180 01X 5,819,000 113,329,200 119,148,200 109.79 2.28 7271260020000 1,011,710 0.42 55.25 2,406,690 01X 5,487,300 114,675,100 120,162,400 113.35 2.28 7273030020000 164,940 0.32 11.88 517,493 01X 1,330,500 31,223,400 32,553,900 189.30 2.57 TOTALS: 6,425,388 0.37 390.18 16,996,241 70,746,800 842,972,484 913,719,284 Avg. $ 135.34 $ 3.73 Moderate Scenario $115.53 Additional Tables Below Used as Comparisons for other Western Salt Lake Valley Industrial Uses SF Conversion 43560 Type of Development Acres 2023 Land Value Land Value/SF Flex Space Parcel# Industrial/Manufacturing Land Value Building Value Total Value Value Per Acre 20-10-400-013-4001 Hexcel Corporation 17.41 3,597,600.00 4.74 3,597,600.00 27,229,000.00 30,826,600.00 1,770,626.08 15-23-378-014-0000 W-GL SLC 2.57 739,000.00 6.60 739,000.00 11,945,100.00 12,684,100.00 4,935,447.47 07-27-303-002-0000 Phase 1A GLC 5,LLC 11.88 1,330,500.00 2.57 1,330,500.00 31,223,400.00 32,553,900.00 2,740,227.27 15-17-300-005-0000 Eridanus Centennial Plaza,LLC 14.58 7,602,200.00 11.97 7,602,200.00 21,404,700.00 29,006,900.00 1,989,499.31 15-21-426-012-0000 IBC Utah,LLC 14.69 4,837,600.00 7.56 4,837,600.00 22,030,500.00 26,868,100.00 1,829,006.13 15-07-300-013-0000 Stoly Associates LC 30.00 16,357,300.00 12.52 16,357,300.00 13,396,800.00 29,754,100.00 991,803.33 15-09-105-012-0000 Metro Development,LLC 38.33 14,391,500.00 8.62 14,391,500.00 4,043,400.00 18,434,900.00 480,952.26 15-23-402-006-0000 B F Enterprises,LLC 3.31 942,100.00 6.53 942,100.00 9,948,900.00 10,891,000.00 3,290,332.33 14-01-101-004-0000 Pool 5 Industrial UT,LLC 45.92 23,103,200.00 11.55 23,103,200.00 93,772,800.00 116,876,000.00 2,545,209.06 07-36-251-016-0000 Reliance Steel&Aluminum Co 5.90 2,040,400.00 7.94 2,040,400.00 13,382,000.00 15,422,400.00 2,613,966.10 Average 18.46 $ 7,494,140.00 $ 8.06 Average: 2,318,706.93 2023 Building Building Type of Development Acres Value Value/SF Flex Space Parcel# Ind ustriallManufacturing 20-10-400-013-4001 Hexcel Corporation 17.41 27,229,000.00 35.90 15-23-378-014-0000 W-GL SLC 2.57 11,945,100.00 106.70 07-27-303-002-0000 Phase 1A GLC 5,LLC 11.88 31,223,400.00 60.34 15-17-300-005-0000 Eridanus Centennial Plaza,LLC 14.58 21,404,700.00 33.70 15-21-426-012-0000 IBC Utah,LLC 14.69 22,030,500.00 34.43 15-07-300-013-0000 Stoly Associates LC 30.00 13,396,800.00 10.25 15-09-105-012-0000 Metro Development,LLC 38.33 4,043,400.00 2.42 15-23-402-006-0000 B F Enterprises,LLC 3.31 9,948,900.00 69.00 14-01-101-004-0000 Pool 5 Industrial UT,LLC 45.92 93,772,800.00 46.88 07-36-251-016-0000 Reliance Steel&Aluminum Co 5.90 13,382,000.00 52.07 Average 18.46 $ 24,837,660.00 $ 45.17 133 Appendix E.2 NWQ, LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City APPENDIX E.3: Multi-Year Tax Increment Forecast of Phase II and Phase II Development Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis ASSUMPTIONS: Discount Rate 4.0% Growth Rate 4.0% INCREMENTAL TAX ANALYSIS: Payment Year 2024 2025 2026 2027 2028 2029 2030 9W 2031 2032 2033 2034 2035 2036 2037 2038 2039 TOTALS NPV Cumulative Taxable Value Year Year Year Year Year Year Year Year Year Year Year Year10 Year11 Year12 Year13 Year14 Year15 Tax District 13 Building 14 - 54,047,402 56,209,299 58,457,671 60,795,977 63,227,816 65,756,929 68,387,206 71,122,694 73,967,602 76,926,306 80,003,359 83,203,493 86,531,633 89,992,898 Duraline 48,167,115 50,093,800 52,097,552 54,181,454 56,348,712 58,602,661 60,946,767 63,384,638 65,920,023 68,556,824 71,299,097 74,151,061 77,117,103 80,201,788 83,409,859 Building 15 - - 115,708,820 120,337,173 125,150,660 130,156,687 135,362,954 140,777,472 146,408,571 152,264,914 158,355,511 164,689,731 1 171,277,320 178,128,413 185,253,550 Building 18 - 162,588,880 169,092,435 175,856,133 182,890,378 190,205,993 197,814,233 205,726,802 213,955,874 222,514,109 231,414,674 240,671,261 250,298,111 Building 16 17,286,235 17,977,685 18,696,792 19,444,664 20,222,450 21,031,348 21,872,602 22,747,506 23,657,407 24,603,703 25,587,851 26,611,365 Building 17 17,149,043 17,835,005 18,548,405 19,290,341 20,061,955 20,864,433 21,699,010 22,566,971 23,469,649 24,408,435 25,384,773 26,400,164 C-store - 17,073,109 17,756,033 18,466,274 19,204,925 19,973,122 20,772,047 21,602,929 22,467,046 23,365,728 24,300,357 25,272,371 26,283,266 27,334,597 Mt West 70,879,308 73,714,480 76,663,059 79,729,582 82,918,765 86,235,516 89,684,936 93,272,334 97,003,227 100,883,356 104,918,690 109,115,438 113,480,056 118,019,258 Remainder 39,243,391 40,813,127 42,445,652 44,143,478 45,909,217 47,745,586 49,655,409 51,641,626 53,707,291 55,855,583 58,089,806 60,413,398 62,829,934 65,343,131 Building 25 - 40,021,878 41,622,753 43,287,663 45,019,170 46,819,937 48,692,734 50,640,444 52,666,061 54,772,704 56,963,612 59,242,156 61,611,843 64,076,316 Solar Farm Parcel 139,048,524 144,610,465 150,394,884 156,410,679 162,667,107 169,173,791 175,940,742 182,978,372 190,297,507 197,909,407 205,825,784 214,058,815 222,621,168 BLD 1 - 25,996,035 27,035,876 28,117,311 29,242,004 30,411,684 31,628,151 32,893,277 34,209,008 35,577,369 37,000,463 38,480,482 40,019,701 BLD 2 15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 BLD 3 15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 BLD 4 15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 BLD 5 16,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 BLD 6 15,008,204 15,608,532 16,232,874 16,882,189 17,557,476 18,259,775 18,990,166 19,749,773 20,539,764 21,361,354 22,215,809 23,104,441 BLD 7 16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 25,992,496 BLD 8 - 16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 BLD 9 16,884,230 17,559,599 18,261,983 18,992,462 19,752,161 20,542,247 21,363,937 22,218,495 23,107,234 24,031,524 24,992,785 Commercial Pads 15,767,548 16,398,250 17,054,180 17,736,347 18,445,801 19,183,633 19,950,978 20,749,017 21,578,978 22,442,137 23,339,823 BLD 10 18,096,627 18,820,492 19,573,312 20,356,245 21,170,494 22,017,314 22,898,007 23,813,927 24,766,484 25,757,143 26,787,429 Building 19 32,471,035 33,769,876 35,120,671 36,525,498 37,986,518 39,506,979 41,086,218 42,729,667 44,438,853 46,216,408 48,065,064 Building 20 32,471,035 33,769,876 35,120,671 36,525,498 37,986,518 39,505,979 41,086,218 42,729,667 44,438,853 46,216,408 48,065,064 Building 21 152,954,149 159,072,315 165,435,208 172,052,616 178,934,720 186,092,109 193,535,794 201,277,225 209,328,314 217,701,447 226,409,505 Building 22 152,954,149 159,072,315 165,435,208 172,052,616 178,934,720 186,092,109 193,535,794 201,277,225 209,328,314 217,701,447 Building 23 28,093,163 29,216,890 30,385,566 31,600,988 32,865,028 34,179,629 35,546,814 36,968,687 38,447,434 39,985,331 Building 24 33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 Building 25 31,898,177 33,174,104 34,501,068 35,881,111 37,316,356 38,809,010 40,361,370 41,975,825 43,654,858 45,401,052 DC26-1 38,286,236 39,817,685 41,410,392 43,066,808 44,789,480 46,581,060 48,444,302 50,382,074 52,397,357 54,493,251 56,672,981 DC26-2 33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 DC26-3 33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,936,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 DC26-4 33,646,103 34,991,947 36,391,625 37,847,290 39,361,182 40,935,629 42,573,054 44,275,977 46,047,016 47,888,896 49,804,452 Building 27 - - 78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 Building 28 78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 Building 29 78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 107,153,250 Building 30 - 78,295,830 81,427,663 84,684,770 88,072,161 91,595,047 95,258,849 99,069,203 103,031,971 Building 31 91,697,767 95,365,678 99,180,305 103,147,517 107,273,418 111,564,355 116,026,929 120,668,006 Building 32 84,056,313 87,418,566 90,915,309 94,551,921 98,333,998 102,267,358 106,358,052 110,612,374 Building 33 - 35,639,221 37,064,790 38,547,381 40,089,277 41,692,848 43,360,562 45,094,984 Building 34 32,073,018 33,356,938 34,690,176 36,077,783 37,520,894 39,021,730 40,582,599 Building 35 79,142,913 82,308,630 85,600,975 89,025,014 92,586,014 96,289,455 100,141,033 Building 36 - 75,617,548 78,642,250 81,787,940 85,059,458 88,461,836 92,000,310 Building 37 62,824,522 65,337,503 67,951,003 70,669,043 r 73,495,805 76,435,637 Building 38 62,824,522 65,337,503 67,951,003 70,669,043 73,495,805 76,435,637 New Assessed Value 48,167,115 214,263,902 534,686,789 871,019,706 ########### 1,630,430,042 1,930,534,734 2,261,806,034 2,499,133,427 2,800,365,357 2,912,379,971 3,028,875,170 3,150,030,177 3,276,031,384 3,407,072,639 TOTAL INCREMENTAL VALUE: 48,077,003 214,173,790 534,596,677 870,929,594 #####tom 1,630,339,930 1,930,444,622 2,261,715,922 2,499,043,315 2,800,275,245 2,912,289,859 3,028,785,058 3,149,940,065 3,275,941,272 3,406,982, TAX RATE&INCREMENT ANALYSIS: 2022 Rates Salt Lake County 0.001459 70,144 312,480 779,977 1,270,686 1,941,234 2,378,666 2,816,519 3,299,844 3,646,104 4,085,602 4,249,031 4,418,997 4,595,763 4,779,598 4,970,788 43,615,432 28,158,787 Multicounty Assessing&Collecting Levy 0.000015 721 3,213 8,019 13,064 19,958 24,455 28,957 33,926 37,486 42,004 43,684 45,432 47,249 49,139 51,105 448,411 289,601 County Assessing&Collecting Levy 0.000160 7,692 34,268 85,535 139,349 212,884 260,854 308,871 361,875 399,847 448,044 465,966 484,606 503,990 524,151 545,117 4,783,049 3,088,010 Salt Lake City School District 0.004347 208,991 931,013 2,323,892 3,785,931 5,783,787 7,087,088 8,391,643 9,831,679 10,863,341 12,172,796 12,659,724 13,166,129 13,692,789 14,240,517 14,810,153 129,949,473 83,897,359 Salt Lake City 0.003158 151,827 676,361 1,688,256 2,750,396 4,201,794 5,148,613 6,096,344 7,142,499 7,891,979 8,843,269 9,197,011 9,564,903 9,947,511 10,345,423 10,759,251 94,405,437 60,949,588 Salt Lake City Library 0.000618 29,712 132,359 330,381 538,234 822,264 1,007,550 1,193,015 1,397,740 1,544,409 1,730,570 1,799,795 1,871,789 1,946,663 2,024,532 2,105,515 18,474,528 11,927,437 Metropolitan Water District-Salt Lake 0.000212 10,192 45,405 113,334 184,637 282,071 345,632 409,254 479,484 529,797 593,658 617,405 642,102 667,787 694,500 722,280 6,337,540 4,091,613 Salt Lake City Mosquito Abatement District 0.000168 8,077 35,981 89,812 146,316 223,528 273,897 324,315 379,968 419,839 470,446 489,265 508,836 629,190 550,358 572,373 5,022,202 3,242,410 Central Utah Water Conservancy District 0.000400 19,231 85,6701 213,839 348,372 532,210 652,136 772,178 904,686 999,617 1,120,110 1,164,916 1,211,514 1,259,976 1,310,377 1,362,793 11,957,623 7,720,024 Totals: 0.010537 506,587 2,256,749 5,633,045 9,176,985 14,019,729 17,178,892 20,341,095 23,831,701 26,332,419 29,506,500 30,686,798 31,914,308 33,190,918 34,518,593 35,899,375 314,993,696 203,364,728 TOTAL INCREMENTAL REVENUE IN PROJECT AREA: 506,587 2,256,749 5,633,045 9,176,985 14,019,729 17,178,892 20,341,095 23,831,701 26,332,419 29,506,500 30,686,798 31,914,308 33,190,918 34,518,593 35,899,375 1 314,993,696 203,364,728 134 Appendix E.3 NWQ, LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City APPENDIX E.3: Multi-Year Tax Increment Forecast of Phase II and Phase II Development Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis ASSUMPTIONS: Discount Rate 4,0% Growth Rate 4,0% PROJECT AREA BUDGET 2024 2025 2026 2 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Sources of Funds: TOTALS PropertV Tax Participation Rate forBudaet Salt Lake County 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Multicounty Assessing&Collecting Levy 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% County Assessing&Collecting Levy 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Salt Lake City School District 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 01/. 0% Salt Lake City 0% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% 75% Salt Lake City Library 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Metropolitan Water District-Salt Lake 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Salt Lake City Mosquito Abatement District 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Central Utah Water Conservancy District 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Property Tax Increment for Budget Salt Lake County Multicounty Assessing&Collecting Levy County Assessing&Collecting Levy Salt Lake City School District - SaltLakeCity 113,870 507,271 1,266,192 2,062,797 3,151,346 3,861,460 4,572,258 5,356,874 5,918,984 6,632,452 6,897,759 7,173,677 7,460,633 7,759,067 8,069,438 70,804,078 45,712,191 Salt Lake City Library - - - - - - - - - - - - - - - Metropolitan Water District-Salt Lake Salt Lake City Mosquito Abatement District Central Utah Water Conservancy District Total Property Tax Increment for Budget: 113,870 507,271 1,266,192 2,062,797 3,151,346 3,861,460 4,572,258 5,356,874 5,918,984 6,632,452 6,897,759 7,173,677 7,460,633 7,759,067 8,069,438 70,804,078 1 45,712,191 Uses of Tax Increment Funds: 20A 2025 6 2027 2028 2029 J6 2030 2031 2032 2034 2035 2036 2037 2038 Redevelopment Activities(Infrastructure,Relocation,Incentives,etc.) 70.0% 79,709 355,089 1 886,335 1,443,958 2,205,942 2,703,022 3,200,581 3,749,812 4,143,289 4,642,716 4,828,431 5,021,574 5,222,443 5,431,347 5,648,607 49,562,855 31,998,534 CRA Housing 10.0% 11,387 50,727 126,619 206,280 315,135 386,146 457,226 535,687 591,898 663,245 689,776 717,368 746,063 775,907 806,944 7,080,408 4,571,219 RDA Administration and Operations 10.0% 11,387 50,727 126,619 206,280 315,135 386,146 457,226 535,687 591,898 663,245 689,776 717,368 746,063 775,907 806,944 7,080,408 4,571,219 Shared Costs 10.0% 11,387 50,727 126,619 206,280 315,135 386,146 457,226 535,687 591,898 663,245 689,776 717,368 746,063 775,907 806,944 7,080,408 4,571,219 Total Uses 113,870 507,271 1,266,192 2,062,797 3,151,346 3,861,460 4,572,258 5,356,874 5,918,984 6,632,452 6,897,759 7,173,677 7,460,633 7,759,067 8,069,438 70,804,078 45,712,191 REMAINING TAX REVENUES FOR TAXING ENTITIES 2025 2026 2027 2028 2029 2030 2031 2034 2035 2036 2037 2039 TOTALS NPV Salt Lake County 70,144 312,480 779,977 1,270,686 1,941,234 2,378,666 2,816,519 3,299,844 3,646,104 4,085,602 4,249,031 4,418,997 4,595,763 4,779,598 4,970,7881 43,615,432 28,158,787 MulticountyAssessing&Collecting Levy 721 3,213 8,019 13,064 19,958 24,455 28,957 33,926 37,486 42,004 43,684 45,432 47,249 49,139 51,105 448,411 289,501 County Assessing&Collecting Levy 7,692 34,268 85,535 139,349 212,884 260,854 308,871 361,875 399,847 448,044 465,966 484,606 503,990 524,151 545,117 4,783,049 3,088,010 Salt Lake City School District 208,991 931,013 2,323,892 3,785,931 5,783,787 7,087,088 8,391,643 9,831,679 10,863,341 12,172,796 12,659,724 13,166,129 13,692,789 14,240,517 14,810,153 129,949,473 83,897,359 Salt Lake City 37,957 169,090 422,064 687,599 1,050,449 1,287,153 1,524,086 1,785,625 1,972,995 2,210,817 2,299,253 2,391,226 2,486,878 2,586,356 2,689,813 23,601,359 15,237,397 Salt Lake City Library 29,712 132,359 330,381 538,234 822,264 1,007,550 1,193,015 1,397,740 1,544,409 1,730,570 1,799,795 1,871,789 1,946,663 2,024,532 2,105,515 18,474,528 11,927,437 Metropolitan Water District-Salt Lake 10,192 45,405 113,334 184,637 282,071 345,632 409,254 479,484 529,797 593,658 617,405 642,102 667,787 694,500 722,280 6,337,540 4,091,613 Salt Lake City Mosquito Abatement District 8,077 35,981 89,812 146,316 223,528 273,897 324,315 379,968 419,839 470,446 489,265 508,836 529,190 550,358 572,373 5,022,202 3,242,410 Central Utah Water Conservancy District 19,231 85,670 213,839 348,372 532,210 652,136 772,178 904,686 999,617 1,120,110 1,164,916 1,211,514 1,259,976 1,310,377 1,362,793 11,957,623 7,7201024 Total 392,717 1,749,479 4,356,853 7,114,188 10,868,384 13,317,432 15,758,837 18,474,827 20,413,435 22,874,048 23,789,040 24,740,631 25,730,285 26,759,526 27,829,937 244,189,618 157,652,537 135 Appendix E.3 NWQ, LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City ASSUMPTIONS: APPENDIX Ek Base Year Taxes Northwest Quadrant CRA-Phase II and Phase III Benefits Analysis Discount Rate 4.0% 32758 Phase II Inflation Rate 0.0% 58154 Phase III 90912 INCREMENTAL TAX ANALYSIS: Payment Year 2024 2025 2026 zuzu 2036 2037 2038 2039 'r r r � r � r TOTALS NPV Cumulative Taxable Value Year Year Year 1 1 Year 2 Year 3 Year 4 Year5 Year 6 Year 7 Year 8 Year 9 Year l: Year 13 Year 14 Year 15 Base Year Value(Real Property) 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 TOTAL INCREMENTAL VALUE: 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 90,912 TAX RATE&INCREMENT ANALYSIS: _ 2022 RATES Salt Lake County 0.001459 133 133 133 133 133 133 133 133 133 133 133 133 133 133 133 1,990 1,418 MulticountyAssessing&Collecting Levy 0.000015 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 20 15 County Assessing&Collecting Levy 0.000160 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 218 156 Salt Lake City School District 0.004347 395 395 395 395 395 395 395 395 395 395 395 395 395 395 395 5,928 4,225 Salt Lake City 0.003158 287 287 287 287 287 287 287 287 287 287 287 287 287 287 287 4,307 3,069 Salt Lake City Library 0.000618 56 56 56 56 56 56 56 56 56 56 56 56 56 56 56 843 601 Metropolitan Water District-Salt Lake 0.000212 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 289 206 Salt Lake City Mosquito Abatement District 0.000168 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 229 163 Central Utah Water Conservancy District 0.000400 36 36 36 36 36 36 36 36 36 36 36 36 36 36 36 545 389 Totals: 0.010537 958 958 958 958 958 958 958 958 958 958 958 958 958 958 958 14,369 10,241 TOTAL BASE YEAR REVENUE IN PROJECT AREA: 958 958 958 958 958 958 958 958 958 958 958 958 958 958 958 14,369 10,651 136 Appendix E.4 NWQ,LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City Appendix E.5: Sales Tax Analysis Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis Additional Assumptions .•pp��N°i-4 UTAH CODE TITLE 59,CHAPTER 12-SALES&USE TAX ACT st-v,lr sdr,m 1-1- wl-Hnr,l Iw.piWl 1- Growth Rate 2.00% �r�r'��- -�y Lx-I..ral..h,A l„•T., rc-am.nic.l.(nh.r l.r n1., ��/ ``7�i COMBINED SALES AND USE TAX RATES ro-'1...0 1., '1�; l'(,-(bunt)Op(i.n ink,1'a P,i^^ Discount Rate 4.00% jl� EXL Tax Rates Subject to Streamline Sales Tax Rules Mr-Ma.I..it 1., TX-CRtr.'-.up1W.In, an,t O MA-Add'l Ma,l-il la, Rk-Re,.n('wmw.it, 1.,II.cluda,.Wd'I ltex.r,l Zaq OTHER TAXES APPLY TO CERTAIN TRANSACTIONS W-%t..,,r..r'i,td c.id.n.. cF-r.rr ,i..nnl r rie(� O (L' Cf-lew,n llp(iw,lran.p.natiuu I+ITWnY emili..wt.n ina.rprralrJ al).r,.nn ° a• ff v s.Id-ill,Ha ,tr Hain 1,-il uiin i.l.r.nd i. Personal Property Rate 15/o may - Rates In affect as of January 1,2023Ili=►-.„1., 1h 1 Itll-ruu.,,:(irp-Ili=h..,.P.Wk I..it ud.r.rpura(eJ S-it l'...q,uu,Nt-k tit,.,,hr New Sales to State 30.00% ° 4 tH9a ;r•' Please see instructions below nvai.:r:hnnJi•=r. .H,urnJr,unv=. 70.00/o . ,. (P-llw.h P.blir IrmJl New Sales to County 100.00% •.t-..pplirnr W sl.r].k,@ I,a• New Sales to City 100.00% Cntyl cod( Annual Sales/Unit 1,800,000 city for Common Rana Transit and Highways Hosp Arts BZoo CHyrTown Opt. I Impacted Comm Comb-d ocation Code P.S.D.I ST* LS CO I MT MA MF CT HT HH AT CP SM RH CZ 1 TO TN 1 RR CIF I sales Rale Viorgan Count 15-000 15-000 4.85%' 1.00% 0.25% 0.10% 6.20% city County State ran City15-007 15 007 4.85%' 1.00% 025% 0.25% 0.1000 6.45% lute County 16-000 16-0001 4.85%' 1 1.00% 025%1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6.10% Effective Effective Effective "CleviIle 16-003 ,6•000 4.85%' 1.00°6 o.zs a 6.12% Sales Tax Rates(Net Rate) Rate Rate Rate unction 16-0OS 16-500 4.8s%' 1.00% 0.25% 6.10% m ston 16-008 16.000 4.85%' i_00% 025% 6.10% State 0.000% 0.000% 4.850% vale 16-007 16.000 4.8s% 1.00% 025% 6.10% County 0.000% 0,250% 0.000% Cn Co., 17-000 17-000 4.85% 1.00% o.zs�e o.zs% 6.35% County Option Trans 0.000% 0.250% 0.000% arden Cit 17-001 17.001 4.85% 1.00% 0.25% 0.25% 1 60% 7.95% aketown 17-002 17.000 4.85%' 1.00% 025% 0.25°6 6.35 Transportation Infrastructure 0.000% 0.250% 0.000% ands 17-005 17-D00 1 4.85% 1 1.00% 0-25%1 1 1 1 1 1 1 o.25% 6.35% Additional Mass Trans 0.000% 0.250% 0.000% oodruff 17-010 17.000 4.85%' 1 1.00%1 0.25% 025%1 1 1 1 1 1 1 1 1 6.35% �artg C nty 18-000 18-0001 4.85%' 1 1.00%1 0.25%1 0.30%1 0.25%1 1 0.25%1 i i 0.25% Botanical,Cultural,Zoo 0.000% 0.100% 0.000% - - - - -- - -- -- - - -- City 1.000% 0.000% 0.000% Correctional Facility Sales Tax 0.500% 0.000% 0.000% Mass Transit 0.000% 0.300% 0.000% Total 1.500% 1.400% 4.850% Source:Rates in effect as of January 1,2023 1 3 4 10 11 4 3 3 3 3 GROSS TAXABLE SALES �11" W Err 2023 2024 2025 2026 2021 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total Manufacturing 1,800,000 7,236,000 14,580,720 32,872,334 53,329,781 61,596,377 68,228,304 74,992,870 81,892,728 88,930,582 90,709,194 92,523,378 94,373,845 96,261,322 98,186,549 957,513,985 Total Gross Taxable Sales 1,800,000 7,236,000 14,580,720 32,872,334 53,329,781 61,596,377 68,228,304 74,992,870 81,892,728 88,930,582 90,709,194 92,523,378 94,373,845 96,261,322 98,186,549 957,513,985 CITY SALES TAX REVENUE(est.) 1 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Total NPV 4% Estimated Gross Taxable Sales 1,800,000 7,236,000 14,580,720 32,872,334 53,329,781 61,596,377 68,228,304 74,992,870 81,892,728 88,930,582 90,709,194 92,523,378 94,373,845 96,261,322 98,186,549 957,513,985 624,764,418 City Sales Tax Generation 27,000 108,540 218,711 493,085 799,947 923,946 1,023,425 1,124,893 1,228,391 1,333,959 1,360,638 1,387,851 1,415,608 1,443,920 1,472,798 14,362,710 9,371,466 Total Sales Tax Generation 27,000 108,540 218,711 493,085 799,947 923,946 1,023,425 1,124,893 1,228,391 1,333,959 1,360,638 1,387,851 1,415,608 1,443,920 1,472,798 14,362,710 9,371,466 Appendix E.5 137 NWQ, LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City Appendix E.6: Franchise Tax Revenue Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis FN PerSq.Ft. 92,846 417,484 1,051,241 1,716,509 2,637,079 3,214,673,272878,799 4,427,090 4,847,300 5,407,893 5,516,051 5,626,372 5,738,899 5,8571245 751 56,306,611 36,536;387l Revenue 92,846 417,484 1,051,241 1,716,509 2,637,079 3,214, ,799 4,427,0904,847,300 5,407,893 5516,051 5,626,372 5,738,899 5,85 ,751 56,306,611 36,536,387Revenue 5,571 25,049 63,074 102,991 168,225 192,8 ,328 265,625 2901838 324,474 330,963 337,582 344,334 35 3,378,397 2,192,183 Non-Residential Electric Energy Usage per SF per Year $ 0.31 $ 0.31 $ 0.32 $ 0.33 $ 0.33 $ 0.34 $ 0.35 $ 0.35 $ 0.36 $ 0.37 $ 0.37 $ 0.38 $ 0.39 $ 0.40 $ 0.41 ASSUMPTIONS: 2023 Electric Tax Revenue $ 3,378,397 Inflation(CPI) 2.00% Franchise Tax Rate 6.00% Discount Rate 4.00% ii „ - NWQ Dth Per Sq.Ft. 48,310 217,228 546,987 893,143 1,372,139 1,672,647 1,971,408 2,303,527 2,522,173 2,813,863 2,870,140 2,927,543 2,986,094 3,045,816 3,106,732 29,297,749 19,010,803 Total 48,310 217,228 546,987 893,143 1,372,139 1,672,647 1,971,408 2,303,627 2,522,173 2,813,863 2,870,140 2,927,643 2,986,094 3,045,816 3,106,732 29,297,749 19,010,803 Tax Revenue 2,899 13,034 32,819 53,589 82,328 100.359 118,284 138,212 151,330 168,832 172,208 175,653 179,166 182,749 186,404 1,757,865 1,140,648 Non-Residential NG per SF per Year $ 0.16 $ 0.16 $ 0.17 $ 0.17 $ 0.17 $ 0.18 $ 0.18 $ 0.18 $ 0.19 $ 0.19 $ 0.20 $ 0.20 $ 0.20 $ 0.21 $ 0.21 Natural Gas Tax Revenue $ 1,757,865 ASSUMPTIONS: 2023 Inflation(CPI) 2.00% Total Franchise Tax Revenue $ 6,136,262 Franchise Tax Rate 6.00% Discount Rate 4.00% Average Electricity per/SF per Year $ 1.21 Source:Rocky Mountain Power:Energy Usage Calculator-Conservative assumptions used to calculate Average Yearly Gas Use per/SF $ 0.16 8,469 38,083 95,894 156,579 240,553 293,236 345,612 403,837 442,168 493,305 503,171 513,235 523,500 533,970 544,649 An average from multiple sources,rounded down Appendix E.6 138 NWQ,LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City Appendix E.7: Class C Road Fund Revenue Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis 2023 Class BIC Road Funds Road Revenues $ 6,571,174 Reference: https://www.udot,utah.gov/connect/business/public-entities/local-government-program-assistance/ Weighted#of miles 2,962.90 Weighted$per mile $ 2,217.82 Class B/C Road Fund FY 2023 Weighted$per Mile $2,218 LF 15492.95 New Miles of Road(Phase II and III) 2.934 Converted to miles 2.934 Growth Rate 2.00% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Total 6,507.08 6,637.22 6,769.97 6,905.36 7,043.47 7,184.34 7,328.03 7,474.59 7,624.08 7,776.56 7,932.09 8,090.73 8,252.55 8,417.60 8,585.95 1 $ 112,529.63 Appendix E.7 139 NWQ,LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City Appendix E.8: City Expenditures Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis Building 14 - 1,580 1,692 1,813 1,942 2,080 2,228 2,387 2,557 2,739 2,934 3,143 3,367 3,606 3,863 35,931 23,997 Duraline 1,367 1,464 1,569 1,680 1,800 1,928 2,065 2,212 2,370 2,539 2,719 2,913 3,120 3,342 3,580 34,669 23,506 Building 15 - - 3,484 3,732 3,997 4,282 4,587 4,914 5,263 5,638 6,040 6,470 6,930 7,424 7,952 70,712 46,508 Building 18 - 5,042 5,401 5,786 6,197 6,639 7,111 7,618 8,160 8,741 9,364 10,030 10,744 90,833 58,814 Building 16 536 574 615 659 706 756 810 868 929 996 1,066 1,142 9,657 6,253 Building 17 - 532 570 610 654 700 750 803 1 861 922 988 1,058 1,133 9,581 6,203 C-store 514 551 590 632 677 725 777 832 891 955 1,023 1,095 1,173 10,434 6,862 Mt West 2,072 2,219 2,377 2,547 2,728 2,922 3,130 3,353 3,592 3,848 4,122 4,415 4,729 5,066 47,120 31,471 Remainder 1,147 1,229 1,316 1,410 1,510 1,618 1,733 1,857 1,989 2,130 2,282 2,444 2,618 2,805 26,089 17,424 Building 25 - 1,205 1,291 1,383 1,481 1,587 1,700 1,821 1,950 2,089 2,238 2,397 2,568 2,751 24,458 16,086 Solar Farm Parcel 4,186 4,484 4,804 5,146 5,512 5,905 6,325 6,775 7,258 7,775 8,328 8,921 9,556 84,976 55,889 BLD 1 - 806 864 925 991 1,061 1,137 1,218 1 1,305 1,398 1,497 1,604 1,718 14,523 9,404 BLD 2 465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429 BLD 3 465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429 BLD 4 465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429 BLD 5 465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429 BLD 6 465 499 534 572 613 656 703 753 807 864 926 992 8,385 5,429 BLD 7 524 561 601 644 689 738 791 1 847 908 972 1,042 1,116 9,433 6,108 BLD 8 - 539 578 619 663 710 761 815 873 935 1,002 1,073 8,566 5,459 BLD 9 539 578 619 663 710 761 815 873 935 1,002 1,073 8,566 5,459 Commercial Pads 504 539 578 619 663 710 761 815 873 935 1,002 8,000 5,098 BLD 10 578 619 663 710 761 815 873 935 1,002 1,073 1,150 9,182 5,851 Building 19 1,037 1,111 1,190 1,275 1,366 1,463 1,567 1,679 1,798 1,926 2,063 16,475 10,498 Building 20 1,037 1,111 1,190 1,275 1,366 1,463 1 1,567 1,679 1,798 1,926 2,063 16,475 10,498 Building 21 4,886 5,233 5,606 6,005 6,433 6,891 7,381 7,907 8,470 9,073 9,719 77,603 49,452 Building 22 - 5,032 5,390 5,774 6,185 6,626 7,097 7,603 8,144 8,724 9,345 69,921 43,838 Building 23 924 1 990 1,061 1,136 1,217 1,304 1 1,396 1,496 1,602 1,716 12,842 8,052 Building 24 1,107 1,186 1,270 1,361 1,457 1,561 1,672 1,791 1,919 2,056 15,381 9,643 Building 25 - 1,049 1,124 1,204 1,290 1,382 1,480 1,586 1,698 1,819 1,949 14,582 9,142 DC 26-1 1,223 1,310 1,403 1,503 1,610 1,725 1,848 1,979 2,120 2,271 2,433 19,425 12,378 DC26-2 1,075 1,151 1,233 1,321 1,415 1,516 1,624 1,739 1,863 1,996 2,138 17,071 10,878 DC26-3 1,075 1 1,151 1,233 1,321 1,415 1,516 1 1,624 1,739 1,863 1,996 2,138 17,071 10,878 DC26-4 1,075 1,151 1,233 1,321 1,415 1,516 1,624 1,739 1,863 1,996 2,138 17,071 10,878 Building 27 - - 2,653 2,842 3,044 3,261 3,493 3,742 4,009 4,294 4,600 31,938 19,695 Building 28 2,653 2,842 3,044 3,261 3,493 3,742 4,009 4,294 4,600 31,938 19,695 Building 29 2,653 2,842 3,044 3,261 3,493 3,742 4,009 1 4,294 4,600 31,938 19,695 Building 30 - 2,733 2,927 3,136 3,359 3,598 3,854 4,129 4,423 28,159 17,073 Building 31 3,201 3,428 3,672 3,934 4,214 4,514 4,836 5,180 32,979 19,996 Building 32 2,934 3,143 3,366 3,606 3,863 4,138 4,433 4,748 30,231 18,329 Building 33 - 1,281 1,372 1,470 1,575 1,687 1,807 1,936 11,129 6,632 Building 34 1,153 1,235 1,323 1,417 1,518 1,626 1,742 10,015 5,969 Building 35 2,845 3,048 3,265 3,497 3,746 4,013 4,299 24,713 14,728 Building 36 2,800 2,999 1 3,213 3,442 3,687 3,949 20,090 11,765 Building 37 2,326 2,492 2,669 2,859 3,063 3,281 16,691 9,775 Building 38 2,326 2,492 2,669 2,859 3,063 3.281 16,691 9,775 Total 1,367 6,263 16,098 27,011 42,501 53,640 65,419 78,944 89,844 103,693 111,076 118,985 127,457 136,532 146,253 1,125,083 716,800 ASSUMPTIONS: 2021 General Government Expenditure 1,125,0831 Cost per$Assessed(2021) $ 0.00040 Inflation(CCI) 3.0% Assessed Value(2021)t 37,481,061,604 General Government Expenditures(2021)2 14,975,736 Industrial Cost Ratio 10% Equalization Ratio(commercial vs.residential) 65% Discount Rate 4.00% Note 1:Source,Utah State Tax Commission,2021 List of Final Values,Total Real Property,Personal Property,Centrally Assessed w/out Motor Vehicle(hftps://propertytax.utah.govAax-rates/final-value/2021yevaluebyentity.pdf) Note 2:Source,Utah State Auditors Office-Salt Lake City 2021 CAFR 11 Building 14 13,473 14,432 15,460 16,560 17,739 19,003 20,355 21,805 23,357 25,020 26,802 28,710 30,754 32,944 306,415 204,648 Duraline 711,657 12,487 13,376 14,329 15,349 16,442 17,612 18,866 20,210 21,649 23,190 24,841 26,610 28,505 30,534 295,658 200,455 Building 15 29,709 31,824 34,090 36,517 39,117 41,903 44,886 48,082 51,505 55,172 59,101 63,309 67,816 603,032 396,619 140 Appendix E.8 NWQ,LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Building 18 42,998 46,060 49,339 52,852 56,615 60,646 64,964 69,589 74,544 79,852 85,537 91,627 774,623 501,564 Building 16 4,571 4,897 5,246 5,619 6,019 6,448 6,907 7,399 7,925 8,490 9,094 9,742 82,357 53,326 Building 17 - 4,535 4,858 5,204 5,575 5,971 6,397 6,852 7,340 7,863 8,422 9,022 9,664 81,703 52,902 C-store - 4,384 4,696 5,030 5,388 5,772 6,183 6,623 7,095 7,600 8,141 8,720 9,341 10,006 88,979 58,522 Mt West 17,669 18,927 20,274 21,718 23,264 24,920 26,695 28,595 30,631 32,812 35,149 37,651 40,332 43,204 401,841 268,381 Remainder 9,783 10,479 11,225 12,024 12,880 13,798 14,780 15,832 16,960 18,167 1 19,461 20,846 22,330 1 23,920 222,485 148,593 Building 25 - 10,276 11,008 11,791 12,631 13,530 14,493 15,525 16,631 17,815 19,083 20,442 21,897 23,457 208,579 137,184 Solar Farm Parcel 35,702 38,244 40,966 43,883 47,008 50,355 53,940 57,780 61,894 66,301 71,022 76,079 81,496 724,670 476,621 BLD 1 - 6,875 7,364 7,889 8,450 9,052 9,697 10,387 11,127 11,919 12,767 13,676 14,650 123,853 80,194 BLD 2 3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 6,881 7,371 7,896 8,458 71,504 46,298 BLD 3 3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 6,881 7,371 7,896 8,458 71,504 46,298 BLD 4 3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 1 6,881 7,371 7,896 1 8,458 71,504 46,298 BLD 5 3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 6,881 7,371 7,896 8,458 71,504 46,298 BLD 6 3,969 4,252 4,554 4,879 5,226 5,598 5,997 6,424 6,881 7,371 7,896 8,458 71,504 46,298 BLD 7 4,465 4,783 5,124 5,488 5,879 6,298 6,746 7,227 7,741 8,292 8,883 9,515 80,442 52,086 BLD 8 - 4,599 4,927 5,277 5,653 6,056 6,487 6,949 7,443 7,973 8,541 9,149 73,054 46,553 BLD 9 4,599 4,927 5,277 5,653 6,056 6,487 6,949 7,443 7,973 8,541 9,149 73,054 46,553 Commercial Pads 4,295 4,601 4,928 5,279 5,655 6,058 6,489 1 6,951 7,446 7,976 1 8,544 68,223 43,474 BLD 10 4,929 5,280 5,656 6,059 6,490 6,953 7,448 7,978 8,546 9,154 9,806 78,300 49,896 Building 19 8,845 9,475 10,149 10,872 11,646 12,475 13,363 14,315 15,334 16,426 17,595 140,495 89,529 Building 20 8,845 9,475 10,149 10,872 11,646 12,475 13,363 14,315 15,334 16,426 17,595 140,495 89,529 Building 21 41,664 44,630 47,808 51,212 54,858 58,764 62,948 67,430 72,231 77,373 82,882 661,798 421,726 Building 22 - 42,913 45,969 49,242 52,748 56,504 60,527 64,836 69,452 74,397 79,695 596,283 373,845 Building 23 7,882 1 8,443 9,044 9,688 10,378 11,117 1 11,908 12,756 13,665 1 14,638 109,520 68,664 Building 24 9,440 10,112 10,832 11,603 12,429 13,314 14,262 15,278 16,366 17,531 131,167 82,237 Building 25 - 8,949 9,587 10,269 11,000 11,784 12,623 13,521 14,484 15,515 16,620 124,353 77,964 DC 26-1 10,429 11,171 11,967 12,819 13,732 14,709 15,757 16,878 18,080 19,367 20,746 165,656 105,563 DC26-2 9,165 9,817 10,516 11,265 12,067 12,927 13,847 14,833 15,889 17,020 18,232 145,579 92,769 DC 26-3 9,165 9,817 10,516 11,265 12,067 12,927 13,847 14,833 15,889 17,020 18,232 145,579 92,769 DC 26-4 9,165 9,817 10,516 11,265 1 12,067 12,927 1 13,847 14,833 15,889 17,020 18,232 145,579 92,769 Building 27 - - 22,626 24,237 25,963 27,811 29,791 31,913 34,185 36,619 39,226 272,370 167,957 Building 28 22,626 24,237 25,963 27,811 29,791 31,913 34,185 36,619 39,226 272,370 167,957 Building 29 22,626 24,237 25,963 27,811 29,791 31,913 34,185 36,619 39,226 272,370 167,957 Building 30 - 23,305 24,964 26,742 28,646 30,685 32,870 35,210 37,717 240,138 145,600 Building 31 27,294 29,237 31,319 33,549 1 35,938 38,496 41,237 1 44,173 281,243 170,522 Building 32 25,019 26,801 28,709 30,753 32,943 35,288 37,801 40,492 257,806 156,312 Building 33 10,926 11,704 12,538 13,430 14,386 15,411 16,508 94,904 56,560 Building 34 9,833 10,533 11,283 12,086 12,947 13,869 14,856 85,407 50,900 Building 35 24,264 25,991 27,842 29,824 31,948 34,222 36,659 210,750 125,600 Building 36 - 23,878 25,578 27,400 29,351 31,440 33,679 171,326 100,331 Building 37 19,839 21,251 1 22,764 1 24,385 1 26,121 1 27,981 1 142,341 83,357 Building 38 19,839 21,251 22,764 24,385 26,121 27,981 142,341 83,357 Total - 11,667 53,411 137,284 230,349 362,449 457,440 557,888 1 673,228 1 766,185 884,293 947,254 1,014,699 1,086,945 1,164,336 1,247,236 9,594,655 6,112,840 ASSUMPTIONS: 2021 Public Safety Expenditure 9,594,655 Cost per$Assessed(2021) $ 0.00341 Inflation(CCI) 3.0% Assessed Value(2021)1 37,481,061,604 Public Safety Expenditures(2018)2 127,712,417 Industrial Cost Ratio 10% Equalization Ratio(commercial vs.residential) 65% Discount Rate 4.00% Note 1:Source,Utah State Tax Commission,2021 List of Final Values,Total Real Property,Personal Property,Centrally Assessed w/out Motor Vehicle(hftps://propertytax.utah.govftax-rates/final-value/2021yevaluebyentity.pdf) Note 2:Source,Utah State Auditors Office-Salt Lake City 2021 CAFR Building 14 6,646 7,119 7,626 8,169 8,750 9,373 10,041 10,755 11,521 12,342 13,220 14,162 15,170 16,250 151,142 100,945 Duraline 5,750 6,159 6,598 7,068 7,571 8,110 8,688 9,306 9,969 10,678 11,439 12,253 13,126 14,060 15,061 145,836 98,877 Building 15 - - 14,654 15,698 16,815 18,013 19,295 20,669 22,140 23,717 25,406 27,214 29,152 31,228 33,451 297,452 195,637 Building 18 - 21,209 22,719 24,337 26,070 27,926 29,914 32,044 34,326 36,770 39,388 42,192 45,196 382,091 247,402 Building 16 2,255 2,415 2,587 2,772 2,969 3,180 3,407 3,649 3,909 4,188 4,486 4,805 40,623 26,303 Building 17 - 2,237 2,396 2,567 2,750 2,945 3,155 3,380 3,620 3,878 4,154 4,450 4,767 40,301 26,095 C-store - 2,162 2,316 2,481 2,658 2,847 3,050 3,267 3,499 3,749 4,016 4,301 4,608 4,936 43,890 28,867 Mt West 8,715 9,336 10,000 10,713 11,475 12,292 13,167 14,105 15,109 16,185 17,337 18,572 19,894 21,311 198,213 132,382 Remainder 4,825 5,169 5,537 5,931 6,353 6,806 7,290 7,809 8,365 8,961 9,599 10,283 11,015 11,799 109,743 73,295 Building 25 - 5,069 5,430 5,816 6,230 6,674 7,149 7,658 8,203 8,787 9,413 10,083 10,801 11,570 102,884 67,668 Solar Farm Parcel 17,610 18,864 20,207 21,646 23,187 24,838 26,606 28,501 30,530 32,704 35,032 37,527 40,199 357,451 235,099 BLD 1 - 3,391 3,633 3,891 4,168 4,465 4,783 5,123 5,488 5,879 6,298 6,746 7,226 61,092 39,557 BLD 2 1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837 BLD 3 1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837 BLD 4 1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837 BLD 5 1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837 141 Appendix E-8 NWQ,LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx BLD 6 1,958 2,097 2,246 2,406 2,578 2,761 2,958 3,169 3,394 3,636 3,895 4,172 35,270 22,837 BLD 7 2,202 2,359 2,527 2,707 2,900 3,106 3,328 3,565 3,818 4,090 4,381 4,693 39,679 25,692 BLD 8 - 2,269 2,430 2,603 2,788 2,987 3,200 3,427 3,672 3,933 4,213 4,513 36,035 22,963 BLD 9 2,269 2,430 2,603 2,788 2,987 3,200 3,427 3,672 3,933 4,213 4,513 36,035 22,963 Commercial Pads 2,119 2,269 2,431 2,604 2,789 2,988 3,201 3,429 3,673 3,934 4,214 33,652 21,444 BLD 10 2,431 2,605 2,790 2,989 3,201 3,429 3,674 3,935 4,215 4,515 4,837 38,622 24,612 Building 19 4,363 4,673 5,006 5,363 5,744 6,153 6,592 7,061 7,564 8,102 8,679 69,301 44,161 Building 20 4,363 4,673 5,006 5,363 5,744 6,153 6,592 7,061 7,564 8,102 8,679 69,301 44,161 Building 21 20,551 22,014 23,582 25,261 27,059 28,986 31,050 33,260 35,629 38,165 40,883 326,439 208,021 Building 22 - 21,168 22,675 24,289 26,018 27,871 29,855 31,981 34,258 36,697 39,310 294,123 184,403 Building 23 3,888 4,165 4,461 4,779 5,119 5,484 5,874 6,292 6,740 7,220 54,022 33,869 Building 24 4,656 4,988 5,343 5,723 6,131 6,567 7,035 7,536 8,073 8,647 64,700 40,564 Building 25 - 4,414 4,729 5,065 5,426 5,812 6,226 6,670 7,144 7,653 8,198 61,339 38,457 DC 26-1 5,144 5,510 5,903 6,323 6,773 7,255 7,772 8,325 8,918 9,553 10,233 81,712 52,070 DC26-2 4,521 4,843 5,187 5,557 5,952 6,376 6,830 7,316 7,837 8,395 8,993 71,808 45,759 DC 26-3 4,521 4,843 5,187 5,557 5,952 6,376 6,830 7,316 7,837 8,395 8,993 71,808 45,759 DC26-4 4,521 4,843 5,187 5,557 5,952 6,376 6,830 7,316 7,837 8,395 8,993 71,808 45,759 Building 27 - - 11,161 11,955 12,806 13,718 14,695 15,741 16,862 18,063 19,349 134,349 82,846 Building 28 11,161 11,955 12,806 13,718 14,695 15,741 16,862 18,063 19,349 134,349 82,846 Building 29 11,161 11,955 12,806 13,718 14,695 15,741 16,862 18,063 19,349 134,349 82,846 Building 30 - 11,495 12,314 13,191 14,130 15,136 16,213 17,368 18,604 118,451 71,819 Building 31 13,463 14,422 15,448 16,548 17,727 18,989 20,341 21,789 138,726 84,112 Building 32 12,341 13,220 14,161 15,169 16,249 17,406 18,646 19,973 127,166 77,103 Building 33 - 5,390 5,773 6,184 6,625 7,096 7,602 8,143 46,812 27,899 Building 34 4,850 5,196 5,565 5,962 6,386 6,841 7,328 42,128 25,107 Building 35 11,968 12,820 13,733 14,711 15,759 16,881 18,082 103,955 61,954 Building 36 - 11,778 12,617 13,515 14,477 15,508 16,612 84,508 49,489 Building 37 9,786 10,482 11,229 12,028 12,885 13,802 70,211 41,117 Building 38 9,786 10,482 11,229 12,028 12,885 13,802 70,211 41,117 Total - 5,760 26,346 67,717 113,622 178,782 226,637 275,184 332,077 1 377,929 436,187 467,243 1 500,5111 536,148 1 574,3211 615,213 4,732,668 3,015,225 ASSUMPTIONS: 2021 Public Works Expenditure 4,732,668 Cost per$Assessed(2021) $ 0,00168 Inflation(CCI) 3.0% Assessed Value(2021)1 37,481,061,604 Public Works Expenditures(2018)2 62,995,531 Industrial Cost Ratio 10% Equalization Ratio(commercial vs.residential) 65% Discount Rate 4.00% Note 1:Source,Utah State Tax Commission,2021 List of Final Values,Total Real Property,Personal Property,Centrally Assessed w/out Motor Vehicle(https://propertytax.utah.gov/tax-rates/final-value/2021yevaluebyentity.pdf) Note 2:Source,Utah State Auditors Office-Salt Lake City 2021 CAFR 142 Appendix E.8 NWQ,LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City Appendix E.9: City Benefit/Cost Analysis Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis REVENUESp�� jft Year 5 Year 6 Year 7rqmw.A Year Year 10 Year 11 Year 12 Year 13 Yea Year 1 Property Tax(Increment) 151,827 676,361 1,688,256 2,750,396 4,201,794 5,148,613 6,096,344 7,142,499 7,891,979 8,843,269 9,197,011 9,564,903 9,947,511 1 10,345,423 10,759,251 94,405,437 60,949,588 Sales Tax 27,000 108,540 218,711 493,085 799,947 923,946 1,023,425 1,124,893 1,228,391 1,333,959 1,360,638 1,387,851 1,415,608 1,443,920 1,472,798 14,362,710 9,371,466 Class B/C Road Funds - 6,507 6,637 6,770 6,905 7,043 7,184 7,328 7,475 7,624 7,777 7,932 8,091 8,253 8,418 8,586 112,530 79,051 Energy Sales&Use Tax(Natural Gas) 2,899 13,034 32,819 53,589 82,328 100,359 118,284 138,212 151,330 168,832 172,208 175,653 179,166 182,749 186,404 1,757,865 1,140,648 Energy Sales and Use Tax(Electric) 5,571 25,049 63,074 102,991 158,225 192,877 227,328 265,625 290,838 324,474 330,963 337,582 344,334 351,221 358,245 31378,397 2,192,183 TOTAL REVENUES - 193,804 829,621 2,009,631 3,406,965 5,249,337 6,372,979 7,472,709 8,678,704 9,570,162 10,678,310 11,068,753 11,474,080 11,894,871 12,331,730 12,785,284 114,016,938 73,732,936 EXPENDITURES Estimated Budget - 113,870 507,271 1,266,192 2,062,797 3,151,346 1 3,861,460 4,572,258 5,356,874 1 5,918,984 6,632,452 6,897,759 7,173,677 7,460,633 7,759,067 8,069,438 70,804,078 45,712,191 General Government Services - 1,367 6,263 16,098 27,011 42,501 1 53,640 65,419 78,944 1 89,844 103,693 111,076 118,985 127,457 136,532 146,253 1,125,083 716,800 Public Works Servics 5,262 24,110 61,971 103,980 163,611 1 206,490 251,833 303,898 345,859 399,173 427,594 458,039 490,651 525,585 563,007 4,331,061 2,759,358 Public Safety Services 11,657 53,411 137,284 230,349 362,449 457,440 557,888 673,228 766,185 884,293 947254 1,014,699 1,086,945 1,164,336 1,247,236 9,594,655 6,112,840 TOTAL EXPENDITURES 132,157V 591,055 1,481,545 2,424,137 3,719,907 4,579,03 ,447,398 6,412,943 7,120,871 8,019,611 8,383:68 8,765,400 9,165,686 ,585,520 10,025,934 85,854,877 55,301,189 ITotal Revenue m1nus Expenditures 61,647 238,566 528,086 982,828 1,529,430 1,793,949 2,025,311 2,265,760 2,449,291 2,658,699 2,685,070 2,708,680 2,729,185 2,746,210 2,759,350 28,162,061 18,431,747 Appendix E.9 NWQ,LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx 143 Redevelopment Agency of Salt Lake City Appendix E.10: Full-Time and Construction Job Creation e Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis Job Creation Manufacturing Jobs 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Manufacturing 0 151 666 1,643 2,630 3,961 4,734 5,470 6,267 6,727 7,358 7,358 7,358 7,358 7,358 7,358 Average Wage 0 48,037 48,998 49,978 50,977 51,997 53,037 54,098 55,180 56,283 57,409 58,557 59,728 60,923 62,141 63,384 Total Annual Salaries 7,252,136 32,609,307 82,111,499 134,074,945 205,979,828 251,090,980 295,939,672 345,795,984 378,618,231 422,405,598 430,853,709 439,470,784 448,260,199 457,225,403 466,369,911 Average Employee/SF or Room Industrial ASSUMPTIONS: 2023 2,000 Jobs/SF 2,000 JLL Study Industrial SF 14,715,717 Discount Rate 6.00% Growth Rate 2.00% Construction Jobs 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 TOTALS Construction Jobs 100 125 150 175 175 175 175 175 175 175 1,600 Average Wage 45,000 45,900 46,818 47,754 48,709 49,684 50,677 51,691 52,725 53,779 492,737 Total Annual Salaries 4,500,000 5,737,500 7,022,700 8,357,013 8,524,153 8,694,636 8,868,529 9,045,900 9,226,818 9,411,354 79,388,603 2019 2023 Industrial Production 31,420 40,347 Medical Manufacturing Tech 46,290 50,288 Cargo and Freight Workers 42,470 32,905 Chemical Equipment Operators 39,520 53,100 Controlled Machine Tool Operators 35,220 36,786 Conveyor Operators 44,900 36,962 Supervisors Production and Operation 60,190 60,585 Food Processing Workers 26,780 49,369 Industrial Mechanics 58,000 55,238 Industrial Techs 58,780 55,238 Industrial Truck Drivers 35,850 57,590 Average 43,584 48,037 BLS, Merit Medical, and Lifetime Products Salary.com Appendix E.10 144 NWQ,LLC Public Benefits Analysis 11.15.2023(Appendix E Version).xlsx Redevelopment Agency of Salt Lake City Northwest Quadrant CRA - Phase II and Phase III Benefits Analysis Appendix E.11: System-Wide and Project Infrastructure Costs System-Wide Infrastructure Total Cost Rail Plat A 3,826,355.25 700 N Extension to 80th W 5,340,896.28 Lift Station 1 242,176.13 700 N Extension past 80th 12,847,992.98 Gas Regulator Station 1,355,986.93 1-80 Frontage Road Canal 900,000.00 Dedicated Roads in Phase 3 20,948,555.04 Storm water Filtration System 2,711,973.87 Total System-Wide Infrastructure Costs 48,173,936.48 NPV System-Wide Infrastructure Costs $ 48,173,936.48 Project Specific Costs(Phase 11&111) Total Cost Imported Fill Building Foundation 30,056,584.75 20 Mil Vapor Barrier 38,644,180.39 Soft Spot Repair 2,236,723.99 Insulated Sandwich Panels 34,350,382.57 Solar Panels 134,821,392.76 Total Site Specific(Phase 1)Infrastructure Costs 240,109,264.45 NPV Site Specific(Phase 1)Infrastructure Costs $ 240,109,264.45 Total Infrastructure Costs Total Cost Rail Plat A 3,826,355.25 700 N Extension to 80th W 5,340,896.28 Lift Station 1 242,176.13 700 N Extension past 80th 12,847,992.98 Gas Regulator Station 1,355,986.93 1-80 Frontage Road Canal 900,000.00 Dedicated Roads in Phase 3 20,948,555.04 Storm water Filtration System 2,711,973.87 Imported Fill Building Foundation 30,056,584.75 20 Mil Vapor Barrier 38,644,180.39 Soft Spot Repair 2,236,723.99 Insulated Sandwich Panels 34,350,382.57 Solar Panels 134,821,392.76 Total Infrastructure Costs 288,283,200.93 NPV Infrastructure Costs $ 288,283,200.93 Appendix E.11 NWQ, LLC P69c Benefits Analysis 11.15.2023(Appendix E Version).xlsx