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

2. Fuller Road Site: Existing Conditions

3. Fuller Road Site: Walkability

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

5. Fuller Road Site Plan: Overview

6. Fuller Road Site: Circulation

7. Fuller Road Site: Green Design

8. Fuller Road Site: Floor Plans

9. Financial Performance

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

11. 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%$6,488,150.51 8.00%$5,909,300.79 9.00%$5,364,268.62 10.00%$4,850,898.05 11.00%$4,367,186.73 12.00%$3,911,273.77 13.00%$3,481,428.63 Vacancy Rate Sensitivity Analysis Vacancy Rate (% Change)NPVIRR -30% $ 3,075,510.0019% -20% $ 3,627,428.0021% -10% $ 4,179,347.0022% 0 $ 4,850,898.0524% 10% $ 528,183.0026% 20% $ 5,835,102.0027% 30% $ 6,387,020.0029% Cap Rate Sensitivity Analysis Cap RateNPV 10% $ (5,045,008.48) 9% $ (888,618.20) 8% $ 4,731,264.96 7% $ 12,194,310.71 6% $ 21,623,904.77 Key Assumptions: Financial Summary: Total Development Cost: $ 102,796,808.61 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 $ 6,393,346.65 Sales Price (2017) $ 104,471,735.15 After Tax Cash Flow of Disposal $ 19,014,470.17 IRR24% NPV $ 4,850,898.05

12. Thanks! Andrew Rogers Genevieve Sparby Jordan Twardy Ying Ye http://netsirkdesign.com/arbordepot/