A Smart Development Proposal By: Andrew Rogers Genevieve Sparby Jordan Twardy Ying Ye

Fuller Road Site: Existing Conditions

Fuller Road Site: Walkability

Three Key Conceptual Factors Ann Arbor Transit Recreation/Public Space Arbor +Depot+ Park

Fuller Road Site Plan: Overview

Fuller Road Site: Circulation

Fuller Road Site: Green Design

Fuller Road Site: Floor Plans

Financial Performance

Competitive Rents Residential Affordable: $10 Market Rate: $15 Retail: $29 Restaurant: $27 Office: $21 Parking: $150/year permit

Conservative Investment Expectations Key Assumptions: Inflation 3.5% Non-Hotel Vacancy Allowance 30.0% for 2013; 10.0% all other years Hotel Occupancy Rate 40.0% for 21013; 33.3% for 2014; 25% for all other Financing Interest Rate 8.0% Investment Hurdle Rate 10.0% Exit Cap Rate 8.0% LIHTC Securitization Price/Value Ratio 70.0% Discount Rate Sensitivity Analysis Discount RateNPV 7.00%$6,488, %$5,909, %$5,364, %$4,850, %$4,367, %$3,911, %$3,481, Vacancy Rate Sensitivity Analysis Vacancy Rate (% Change)NPVIRR -30% $ 3,075, % -20% $ 3,627, % -10% $ 4,179, % 0 $ 4,850, % 10% $ 528, % 20% $ 5,835, % 30% $ 6,387, % Cap Rate Sensitivity Analysis Cap RateNPV 10% $ (5,045,008.48) 9% $ (888,618.20) 8% $ 4,731, % $ 12,194, % $ 21,623, Key Assumptions: Financial Summary: Total Development Cost: $ 102,796, TIF Proceeds $ (27,433,323.12) LIHTC $ (7,554,214.77) City Affordable Housing Trust Fund Contribution $ (500,000.00) Construction Loan $ (60,915,924.06) The Alliance Group Equity Contribution $ 6,393, Sales Price (2017) $ 104,471, After Tax Cash Flow of Disposal $ 19,014, IRR24% NPV $ 4,850,898.05

Thanks! Andrew Rogers Genevieve Sparby Jordan Twardy Ying Ye