Lansing Brownfield Redevelopment Authority LBRA

Lansing Brownfield Redevelopment Authority (LBRA) Board of Directors Meeting Friday, July 11, 2025 – 8:30 AM Lansing EDC Office - 401 S. Washington Sq. Suite 101, Lansing, MI 48933 AGENDA 1. Call to Order/Rollcall 2. New Board Member Welcome 3. Approval of LBRA Board Meeting Minutes – Friday, June 20, 2025 4. Turner North Development Project Brownfield Plan #89 (ACTION) 5. Brownfield Plan Policy Update – Version 4 (ACTION) 6. Open Forum for LBRA Board Members 7. Other Business 8. Public Comment 9. Adjournment  Page 1 of 2 Board of Directors Meeting Friday, June 20, 2025 – 8:30 A.M. Lansing EDC Office - 401 S. Washington Sq. Suite 101, Lansing, MI 48933 MINUTES Members Present: Chair - Shelley Davis Boyd, Vice-Chair - Calvin Jones, Treasurer - Catherine Rathbun (arrived 8:32am), Chaz Carrillo, Jonathan Smith, Rawley Van Fossen, Bryan Britten Members Absent: Secretary - Dr. Alane Laws-Barker Staff Present: Karl Dorshimer, Kris Klein, Brian Swett Guests: Brent Forsberg, John Knott, Connor Zook, Eric Helzer, Craig Willian Call to Order/Rollcall Chair Davis Boyd called the meeting to order at 8:30 A.M. Approval of LBRA Board Meeting Minutes – Friday, June 6, 2025 (ACTION) MOTION: Vice Chair Jones moved to approve the LBRA meeting minutes from the Friday, June 6, 2025, Board of Directors meeting, as presented. Motion seconded by Member Britten. YEAS: Unanimous; motion carried. (8:31am) Pleasant Grove & Holmes Development Project Brownfield Plan #80 Amendment No. 1 (ACTION) Kris Klein provided an overview of the request and introduced developer Brent Forsberg who presented the Pleasant & Holmes Development Project in more detail. Member Smith commented on the project gap and sequencing of funding sources in regard to project completion. Member Van Fossen commented on the other services proposed as part of the project. Member Carrillo inquired about the utilization of the property. Forsberg indicated the area on Figure 2 of the presentation below the dotted line would be where proposed Phase 1 building would be located, but that the entire lot would be prepared for future development. Chair Davis Boyd and Member Britten commented on the financing structure and use of “Crowd Funding” on other projects. Vice Chair Jones commented on the other projects Forsberg has led and the honoring of Malcolm X as part of the development. MOTION: Vice Chair Jones moved to approve the Pleasant Grove & Holmes Development Project Brownfield Plan #80 Amendment No. 1, as presented. Member Smith supported the motion.  Page 2 of 2 YEAS: SIX (6) NAYS: NONE (0) ABSTENTIONS: ONE (1), Chaz Carrillo 6 YEAS, 0 NAYS, 1 ABSTENSTION, Motion carried. Presentation on Turner North Development Project Brownfield Plan #89 (DISCUSSION) Klein introduced the development team, Eric Helzer of Turner North Development and Craig Willian of Develop Detroit. Helzer provided an overview of the development team and details of the project. Member Smith provided positive feedback on the presentation. Member Rathbun inquired about the location of this project in relation to the New Vision Lansing Old Town development and Klein informed the group it was one block north of that site on Turner Rd. Brownfield Plan Policy Updates (DISCUSSION) Klein presented the draft updates to the Brownfield Plan Brownfield Policy that will be brought before the Board at a future meeting for their consideration. Member Smith initiated a discussion about what improvements would be considered significant and at making the definition of “Public Benefit” clearer, as well as more clarity of what would be considered for variances from the standard terms of the Brownfield agreements. Member Van Fossen commented that there are many public improvements required by the city as part of developments. Treasurer Rathbun initiated discussion on the 15-year vs. 30-year term of capture. Member Britten requested a copy of the current Brownfield Plan Policy and Klein indicated that he would distribute a copy of the policy. Open Forum for LBRA Board Members None. Other Business None. Public Comment None. Adjournment Chair Davis Boyd adjourned the Lansing Brownfield Redevelopment Authority meeting at 9:51 A.M. ________________________________________________________ Kris Klein, President & CEO Lansing Economic Development Corporation (LEDC)  THE LANSING BROWNFIELD REDEVELOPMENT AUTHORITY (LBRA) Resolution Recommending Approval of Plan #89 Turner North Redevelopment At a meeting of the Board of Directors of the Lansing Brownfield Redevelopment Authority (LBRA) City of Lansing, Michigan, held on Friday, July 11, 2025, at 8:30 a.m., pursuant to notice duly given: PRESENT: Members: ABSENT: Members: The following preamble and resolution was offered by; Member: , and seconded by Member: WHEREAS, The LBRA (Authority) staff has worked closely with representatives of Turner North Redevelopment, LLC (the “Developer”) to draft Brownfield Plan #89 – Turner North Redevelopment (Plan); and WHEREAS, The LBRA staff has duly reviewed such Plan and has found it to be in compliance with the provisions of Act 381 of Michigan Public Acts of 1996, as amended (Act), and meets the following determinations and findings: 1. The Plan constitutes a public purpose under the Act; 2. The Plan meets all of the requirements for a brownfield plan set forth in Section 13 of the Act; 3. The proposed method of financing the cost of the eligible activities, as described in the Plan, is feasible and the Authority has the ability to arrange the financing; 4. The costs of the eligible activities proposed in the Plan are reasonable and necessary to carry out the purposes of the Act; and 5. The amount of the captured taxable value estimated to result from the adoption of the Plan is reasonable; and WHEREAS, The LBRA staff recommends approval of Brownfield Plan #89 – Turner North Redevelopment. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE LANSING BROWNFIELD REDEVELOPMENT AUTHORITY, AS FOLLOWS: 1. The Brownfield Plan described as Brownfield Plan #89 – Turner North Redevelopment in the form filed herewith is hereby approved by the Lansing Brownfield Redevelopment Authority and recommended for consideration by the City Council of the City of Lansing pursuant to Act 381 of Michigan Public Acts of 1996, as amended. 2. The LBRA Board hereby requests that the Lansing City Council, after required notification as specified by the Act, hold a public hearing in consideration of this matter, and subsequently approve the Plan. YEAS: NAYS: ABSTENTIONS: ABSENT: STATE OF MICHIGAN ) ) SS. COUNTY OF INGHAM ) I hereby certify that the foregoing is a true and complete copy of a resolution adopted at a meeting of the Brownfield Redevelopment Authority held on the 11th day of July, 2025, and said resolution is on file in the office of the Lansing Brownfield Redevelopment Authority and is available to the public. Public notice of the said meeting was given pursuant to and in compliance with Act No. 267, Public Acts of Michigan 1976, including in the case of a special or re-scheduled meeting, notice by publication or posting of at least eighteen (18) hours prior to the time set for the meeting. In addition, said meeting was held in full compliance with the Board’s By-Laws. IN WITNESS WHEREOF, I have hereunto affixed my official signature. ________________________________ Shelly Davis-Boyd, Chair  CITY OF LANSING BROWNFIELD REDEVELOPMENT AUTHORITY (LBRA) 401 S. Washington Sq. Ste. 101, Lansing, MI 48933 LBRA BROWNFIELD PLAN SUBMITTAL COVER SHEET For consideration of a Brownfield Plan by the City of Lansing Brownfield Redevelopment Authority (LBRA), the Applicant must complete this form in full, provide all additional application forms, and pay applicable administration fees with the submission of a Brownfield Plan. The submitted Brownfield Plan must adhere to Michigan Public Act 381 of 1996, as amended. APPLICANT INFORMATION Project Name: Turner North Development 1413 Turner Street- 33-01-01-09-252-131 No Address- 33-01-01-09-252-152 1421 Turner Street- 33-01-01-09-252-161 Project Address: No Address- 33-01-01-09-252-171 1429 Turner Street- 33-01-01-09-252-181 No Address- 33-01-01-09-252-191 (PART) Applicant Name: Turner North Development, LLC Contact Name: Craig Willian Contact Phone: 313-960-7706 Contact Email: craig@developdetroit.org Submittal Date: April 12, 2025 PLAN INFORMATION Developer Reimbursement (Maximum) (Table 1a) However, deficiency/shortfall $13,163,588 to the Developer is estimated at $2,136,541 Public Reimbursement (Maximum) (BRA Admin, LBRF, and MBRF) (Table 1a) $1,215,636 Duration of Plan (Maximum) 33 years Duration of Capture (Maximum) 30 years Total Local Capture during Plan (includes Application Fee, BRA Admin, and $9,716,330 LBRF) (Table 1a) Total State Capture during Plan (includes MBRF) (Table 1a) $4,662,894 Total New Taxes to Taxing Units during Plan (Table 3) $2,705,313 Version 2024.03.29 1 ADHERENCE TO LBRA BROWNFIELD PLAN POLICY As part of the LBRA‘s review of the Applicant’s submission, adherence to Plan Requirements and responses to the Plan Evaluation criteria will be considered. Applicant must complete each section in full in order for the LBRA to review the submission. Plan Requirements Applicant’s submission must meet or exceed the following Brownfield Plan requirements of the LBRA’s Brownfield Plan Policy. Instructions: Applicant must initial each “Request” column of the table below attesting to the Plan’s adherence to each criterion. * Exemptions to any Criterion: If the Plan does not meet one or more of the following criterion, an exemption must be requested by the Applicant. To request an exemption to a criterion, applicant must explain their request in the “Request” column. A request for exemption must be presented to the LBRA Board of Directors for their consideration at least one month prior to the final approval of the Brownfield Plan by the LBRA Board. LBRA Plan Policy Criteria Request 1) A minimum of 10% of yearly new incremental Plan adheres to criteria taxes flowing through to all taxing units. 2) A minimum of 10% of captured yearly local Plan adheres to criteria taxes going to LBRA Brownfield Administration and/or the LBRA Local Brownfield Revolving Fund. 3) A maximum of 5% simple interest on Developer Plan DOES NOT request interest Eligible Activities. 4) The Developer is not asking the City of Lansing Plan adheres to criteria or State of Michigan for the abatement or exemption of personal or real property taxes for the same project (ex: OPRA, Act 198, Act 328, etc.). 5) A stated not to exceed amount (life of plan cap) Plan adheres to criteria with for the reimbursement of Developer Eligible $8,889,702 Activities with local taxes. 6) A stated not to exceed amount (life of plan cap) Plan adheres to criteria with for the reimbursement of Developer Eligible $4,273,886 Activities with state taxes (if state taxes are captured). 7) A ratio of total state (if captured) to total local Plan adheres to criteria captured taxes requested to reimburse the Developer that is at least equal to the ratio of all annual captured state to local taxes. For example, if the annual brownfield capture is 20 mils state taxes and 30 mils local taxes, the ratio is 20/30 = .66 Thus in the brownfield plan for every dollar of local capture used to reimburse the Developer there should be at least 66 cents of Version 2024.03.29 2  state capture used to reimburse that Developer for Eligible Activities. 8) Language in the plan stating that if the state EXEMPTION REQUEST – In the event approves a 381 Workplan with less state tax that the state (MSHDA) denies any capture than what was in the plan approved by eligible activity costs in a Work Plan the City, the not to exceed amount of local request, those denied costs shall be capture in the plan will automatically be adjusted adjusted to local-only reimbursement: If by the LBRA to maintain the current state to local the state (MSHDA) does not approve capture ratio. of certain state tax funded eligible activity costs for the use of State tax capture, those costs then become eligible for reimbursement with the use of Local-only tax increment revenues not to exceed $767,871 (with 15% contingency). Plan Evaluation Instructions: Please mark the section applicable to the Project under each criteria in the “Response” column. The Applicant may provide additional information or answer under “Applicant Comments”. Criteria Response Applicant Comments Amount of private >/= $100,000,000 Estimated as of March investment pledged 27, 2025 Proforma $50,000,000 to $99,999,999 $25,000,000 to $49,999,999 $25,454,144 < $25,000,000 Ratio of private >/= 10:1 Ratio out of investment pledged $14,427,097 (Private to requested public 5:1 to 9:1 investment) to investment 1:1 to 4:1 X requested $11,027,047 (Public eligible activity investment), not including cost of < 1:1 financing for this Project or its eligible activities, is 1.31:1. Number of pledged >/= 500 4 full-time permanent jobs created that are employees new to the City 100 to 499 50 to 99 < 50 X 0 Version 2024.03.29 3  Average wage rate >/= $75,000/yr Based upon an average of new pledged jobs hourly wage of $24.00, $50,000 to $74,999 created that are new no overtime, resulting in to the City $30,000 to $49,999 X $49,920/year < $30,000 N/A (no new Jobs) Percent of total >/= 20% $1,031,856 (inc. 15% pledged private 10% to %19.9 contingency) out of project investment $25,454,144 is 4.01%. going to public 5% to 9.9% improvements < 5% X 0% Height of Building >/= 20 stories Downtown 4 stories Old Town 10 to 19 stories Downtown 5 to 9 stories Downtown 5 to 9 stories Not Downtown 3 to 4 stories Not Downtown X Other (please explain) Length of Brownfield </= 10 years Request 30 Year Plan capture. Estimated (Must be a stated 11 to 15 years maximum developer cap in the 16 to 20 years reimbursement of Brownfield Plan) eligible activities will X not be fully reimbursed over 30 year capture period resulting in a Other (please explain) potential deficiency/shortfall to the developer estimated at $2,136,541 Project reuses a Project Nat. Registered None apply Historic Building Property Project Meets Fed Standards Project in Local Historic District Project reuses Historic Building Project Provides a Downtown Housing Units X All the units will be High Priority and restricted to households Quality Product Downtown Hotel earning at or below 120 LEED Certified Building percent of the Area Median Income (AMI). Owner Occupied Housing Version 2024.03.29 4  High Quality Exterior X The Project will income- Materials/Exceptional average all 76 units at Architecture 80 percent AMI, no less than 59 of these units will be provided at or below 80 percent AMI and their affordability period will be 20 years. Other (please explain) This is a high level of commitment by the developer. Therefore, the entire Project is dedicated to affordable workforce housing. Other Factors that demonstrate 1. Developer has been highly engaged with the the need or impact of the Project community and has received strong public support or the applicant would like to from the Old Town businesses and residents. highlight (please list). 2. The Project will maximize the development opportunity at the property to increase property tax revenue for the city, county and state from its current property taxable value of $74,000 to approximately $4.2 million. 3. Project will create an estimated 75 average on-the- job peak full-time equivalent construction jobs (average salary approximately $54,449). 4. Project will create and estimated up to 36 prevailing wage jobs during the on-site and off-site construction phases. 5. Project redevelops six vacant underutilized parcels with three of the parcels being functionally obsolete. Other Project Assistance Please list all other incentives or assistance the Applicant is seeking or has received for the Project from the City of Lansing, Lansing Brownfield Redevelopment Authority, Lansing Economic Development Corporation, Michigan Economic Development Corporation, Michigan Department of Environment, Great Lakes & Energy, or other Local, State, or Federal agencies: Current requests under review for funding assistance: (a) Ingham County Housing Trust Fund; (b) LBRA LBRF Loan; (c) MSHDA Gap 19 REQUIRED WITH APPLICATION Applicant must submit the following items at the time the Brownfield Plan is submitted to the LBRA: • Complete Brownfield Plan per Michigan Public Act 381 of 1996, as amended Version 2024.03.29 5  • Litigation Affidavit for each person that has a 20% or greater ownership interest in the Applicant • City of Lansing Treasury Information Form for each person that has a 20% or greater ownership interest in the Applicant • Review and Application Fee APPLICANT SIGNATURE By signing below, the undersigned represents and warrants their authority to submit the Brownfield Plan on behalf of the Applicant and certifies all information provided by this Brownfield Plan Cover Sheet is true and correct. Furthermore, by signing below, the undersigned affirms that the Applicant’s submittal follows the LBRA’s Brownfield Plan Policy, as amended, and adheres to Michigan Public Act 381 of 1996, as amended. Applicant Name: Turner North Development, LLC By: Print Name: Craig P. Willian Its: Co-Manager Date: 06-30-2025 Version 2024.03.29 6 TURNER NORTH DEVELOPMENT OLD TOWN MULTIFAMILY REDEVELOPMENT PROJECT 1413 THROUGH PORTION OF 1503 TURNER STREET, LANSING, MI Property Addresses and Tax Parcel Numbers: 1413 Turner Street - 33-01-01-09-252-131 No Address - 33-01-01-09-252-152 1421 Turner Street - 33-01-01-09-252-161 No Address - 33-01-01-09-252-171 1429 Turner Street - 33-01-01-09-252-181 No Address - 33-01-01-09-252-191 (PART) Brownfield Plan No. 89 Revised April 28, 2025 Prepared with assistance from: ADVANCED REDEVELOPMENT SOLUTIONS PO Box 204 Eagle, Michigan 48822 Contact: Eric P. Helzer, EDFP Phone: (517) 648-2434 Reviewed by: LANSING BROWNFIELD REDEVELOPMENT AUTHORITY (LBRA) 401 S. Washington Square, Suite 101 Lansing, Michigan 48910 Contact: Karl Dorshimer Phone: (517) 243-3512 Approved by the Lansing Brownfield Redevelopment Authority ______ / ______ / 2025 Approved by the Lansing City Council ______ / ______ / 2025 Table of Contents Project Summary Sheet: Brownfield Plan No. 89 - Turner North Development Old Town Multifamily Redevelopment Project ................................ 3 Introduction ............................................................................................................................................................ 7 1. Description of the Eligible Property (Section 13(2)(h)) ......................................................... 8 2. Basis of Eligibility (Section 13(2)(h), Section 2(p)), Section 2(r)......................................15 3. Summary of Eligible Activities and Description of Costs (Section 13 (2)(a),(b))........18 4. Captured Taxable Value and Tax Increment Revenues (Section 13(2)(c),(f)) .............23 5. Method of Brownfield Plan Financing (Section 13(2)(d))....................................................26 6. Amount of Note or Bonded Indebtedness Incurred (Section 13(2)(e)) .........................26 7. Duration of the Brownfield Plan and Effective Date (Section 13(2)(f))..........................26 8. Estimated Impact on Taxing Jurisdictions (Section 13(2)(g)) ............................................26 9. Displacement of Persons (Section 13(2)(i-l)) ...........................................................................28 10. Local Brownfield Revolving Fund (Section 8)..........................................................................28 11. State Brownfield Redevelopment Fund (Section 8a) ............................................................29 12. Other Information (Section 13(2)(m)) ........................................................................................30 Tables Table 1 – Eligible Activities................................................................................................ 22 and 23 Table 1a – Itemized Eligible Activities Table 1b – Summary of Eligible Activities Table 2 – Captured Incremental Taxable Values & Tax Increment Revenues Captured............................................................................ 25 Table 3 – Impact to Taxing Jurisdictions: Tax Increment Paid, Captured, and Returned to Taxing Jurisdictions .................................................................................................... 28 Table 4 – Tax Increment Financing Estimates ............................................................. Exhibit C Table 4a1 – Base Year/Initial Taxable Value (ITV) Information Table 4a2 – Total Estimated Taxes Paid to All Taxing Jurisdictions on the Base Year Taxable Value/Initial Taxable Value (ITV) Table 4b – Estimated Future Taxable Value (FTV) Information Table 4c – Total Tax Increment Revenue Capture Estimate Table 4d – Tax Increment Revenue Reimbursement Allocation Table Table 4e – Total Taxes Paid to All Taxing Jurisdiction on the Total Captured Value (excludes any Base Year/ITV) During Brownfield Plan Tax Capture Period Table 4f1 – Tax Capture Not Allowed by BRA Table 4f2 – 10% of Tax Capture Passed-Through/Shared with Taxing Jurisdiction Figures Figure 1 – Scaled Property Location Map ..................................................................................... 9 Figure 2 – Eligible Property Boundary Map ............................................................................... 10 Brownfield Plan No. 89 Page 1 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 Exhibits A. ALTA / NSPS Land Title Surveys with Legal Descriptions B. Basis of Eligibility –  Exhibit B-1: Affidavits (3) of Functional Obsolescence dated April 3, 2025  Exhibit B-2: MSHDAs Partnership I (South Central) - Data Document 2022  Exhibit B-3: August 1, 2023, Real Estate Analysis for the Old Town District C. Table 4 – Tax Increment Financing Estimates Attachments A. Brownfield Plan Resolutions and Public Hearing Notice B. Brownfield Development and Reimbursement Agreement Brownfield Plan No. 89 Page 2 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 PROJECT SUMMARY SHEET: Brownfield Plan No. 89- Turner North Development Old Town Multifamily Redevelopment Project Project Name: Turner North Development Old Town Multifamily Redevelopment Project Applicant/Developer: Entity Name: Turner North Development, LLC and a Limited Dividend Housing Authority (LDHA) to be named and formed later (“Owner” or “Developer”) Contact: Craig Willian Mailing Address: 1452 Randolph St. STE 300 Detroit, MI 48226 Office Phone: 313-960-7706 Email: craig@developdetroit.org Eligible Property Location: The Eligible Property (“Property”) consists of six (6) adjacent & contiguous parcels located at the following addresses and tax parcel numbers, Lansing, Michigan: 1413 Turner Street - 33-01-01-09-252-131 No Address - 33-01-01-09-252-152 1421 Turner Street - 33-01-01-09-252-161 No Address - 33-01-01-09-252-171 1429 Turner Street - 33-01-01-09-252-181 No Address - 33-01-01-09-252-191 (PART) Property Size: Approximately 1.23-acres (53,578.80 square feet) Type of Eligible Property: Housing Property and Functionally Obsolete Property with Adjoining & Contiguous Properties Project Description: Turner North Development Old Town Multifamily Redevelopment Project (the “Project”) is a redevelopment project of six vacant parcels (three of which are functionally obsolete) into a new construction multifamily redevelopment project bringing new residents and expanded living opportunity into the City of Lansing. The proposed Project will consist of 76 affordable workforce housing units (comprised of an estimated: 57, 1-bedroom units; 15, 2-bedroom units; and 4, 3-bedroom units) contained within a four-story building with self-contained surface parking. Upon completion of construction, all the units will be restricted to households earning at or below 120 percent of the Area Median Income (AMI). The Project will income- average all 76 units at 80 percent AMI, no less than 59 of these units will be provided at or below 80 percent AMI and their affordability period will be 20 years. The Project will expand the tax base, result in significant capital investment into the community, and create new needed housing opportunities in the City of Lansing. Construction is anticipated to begin in Summer 2026 and be completed in early 2029. Brownfield Plan No. 89 Page 3 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 Total Capital Investment: This Brownfield Plan (“Plan”) anticipates approximately $26 million in Total Capital Investments (including acquisition and Developer eligible activity costs). Estimated Job Creation: Construction Jobs During the eligible activities and construction phases of the project, the Developer estimates that 75 average on-the-job peak full-time equivalent (FTE) construction jobs will be created. Additional indirect jobs will be created by spending earnings from both direct and indirect jobs (for example a construction worker’s purchase of lunch, gasoline, groceries, etc.). Actual pay rates are unknown, but the average construction worker salary in Michigan is approximately $ 54,449, or an equivalent hourly rate of $26, according to ERI Economic Research Institute. Permanent Jobs The redeveloped property will provide a variety of permanent jobs, ranging from support staff, administrative, managerial, and professional jobs. The Developer estimates that four (4) full-time equivalent jobs will be created with an average hourly wage of approximately $24.00. Estimated Gain in Taxable Value: (after Project completion) Base Year Future Taxable Increased/ Taxable Value Value Taxable Value (estimate) (Estimate) Starting in 2029 Starting in 2029 2025 (when 100% (when 100% completed) completed) $ 84,260 $ 4,138,100 $ 4,053,840 Annual Taxes Paid $ 6,745 $ 324,518 $ 317,772 Estimated Duration of Plan: 33 years (2025-2057) to reimburse the amounts specified in this Plan. Estimated Duration of Plan Capture: 30 years (2028-2057). Total estimated Plan capture duration for reimbursement of Department-Specific Activities; MSHDA Housing Development Activities; Brownfield Plan & Work Plan Preparation and Consulting & Support, Brownfield Plan & Work Plan Implementation; Contingency; Local Application Fees; Brownfield Redevelopment Authority (BRA) Administration and/or Local Brownfield Revolving Fund (LBRF); and State of Michigan Brownfield Redevelopment Fund (MBRF). Base Year of Plan: 2025 First Year of Plan Capture: 2028 Brownfield Plan No. 89 Page 4 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 Total Taxes Captured Estimate: (Total Plan Duration) Total/ Total Taxes Captured During Brownfield Plan Tax Capture Period Cumulative Estimated Tax Capture Period in Number of Years = 30 Brownfield Redevelopment Authority (BRA) Administration and/or $ 826,628 Local Brownfield Revolving Fund (LBRF) (10%) BRA Brownfield Plan & Work Plan Implementation (to BRA) $ - State of Michigan Brownfield Redevelopment Fund (MBRF) (Maximum $ 389,008 of 25-Year period for tax capture) Local Taxes to Developer * (to Reimburse Eligible Activities) $ 8,889,702 State School Taxes To Developer * (to Reimburse Eligible Activities) $ 4,273,886 Total New Tax Capture (See Table 1a) $ 14,379,225 * Developer Reimbursement Obligations may not be fully reimbursed based upon current estimates of projected Taxable Value and resultant tax capture from Local and State School Taxes. The identified Developer eligible costs in the Plan totaling $13,163,588 (not including captures for BRA Administration and/or LBRF, or MBRF) may not be fully reimbursed if Taxable Value and/or tax capture assumptions do not increase over the balance of the 30-year capture period, because Plan estimates a deficiency/shortfall in potential capture. Distribution of Total New Taxes Paid Estimate: (Total Plan Duration) Total New Taxes Received by Taxing Units $ 1,481,045 Total New Taxes Captured by BRA * $ 12,242,684 Total New Taxes $ 13,723,729 * The impact to each individual taxing jurisdiction may be as much as their proportionate share of $14,379,225 so long as there are available revenues. Developer Brownfield costs in this Plan are extraordinary and as a result, even with the maximum number of years of tax capture allowed, the Developer may not be fully reimbursed. Currently, as identified in Table 4d, the resultant deficiency/shortfall to the Developer is estimated at $2,136,541. Brownfield Plan No. 89 Page 5 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 Eligible Activities and Eligible Costs: Eligible activities are estimated at approximately $14,379,225 (inclusive of captures for Department-Specific Activities; MSHDA Housing Development Activities; Brownfield Plan & Work Plan Preparation and Consulting & Support, Brownfield Plan & Work Plan Implementation; Contingency; Local Application Fees; BRA Administration and/or LBRF; and MBRF) of which the projected costs of Developer eligible activities are $13,163,588. Developer eligible activities as defined in this Plan are the eligible activities necessary for the Developer to complete its proposed Project. Developer Brownfield costs in this Plan are extraordinary and as a result, even with the maximum number of years of tax capture allowed, the Project may not be fully reimbursed. The resultant deficiency/shortfall to the Developer is estimated at $2,136,541 if Taxable Value and/or tax capture assumptions do not increase over the balance of the 30-year capture period. Eligible Activities Eligible Costs EGLE Eligible Activities Department-Specific Activities Work Plan Approval Exempt Activities - Assessments $ 19,987 Work Plan Approval Exempt Activities - Due Care Planning $ 27,855 Due Care Activities $ - MSHDA Housing Development Eligible Activities Demolition Activities $ 569,261 Lead, Asbestos and Mold Abatement Activities $ 45,669 Infrastructure Improvements Activities, necessary for a Housing Project $ 1,371,178 Safety Improvements Activities $ 667,714 Site Preparation Activities $ 696,752 Housing Financing Gap $ 9,002,586 EGLE & MSHDA Contingency and Interest Contingency: EGLE Environmental (0%) $ - Contingency: MSHDA Eligible Activites (15%) (Not on Housing Financing Gap) $ 502,586 Interest: EGLE Environmental (Simple Interest: 0%) $ - Interest MSHDA Housing Development (Simple Interest: 0%) $ - Subtotal $ 12,903,588 Brownfield Plan & Work Plan Preparation and Consulting & Support (to Developer) $ 80,000 Brownfield Plan & Work Plan Implementation (including Tracking, Recording and Compliance (inclusive of annual income and price monitoring associated with housing development activities) $ 175,000 Local Application Fees (to Developer) $ 5,000 Subtotal: To Developer * $ 13,163,588 Brownfield Redevelopment Authority (BRA) Administration and/or Local Brownfield Revolving Fund (LBRF) (10%) $ 826,628 State of Michigan Brownfield Redevelopment Fund (MBRF) $ 389,008 Subtotal: To BRA & State $ 1,215,637 GRAND TOTAL $ 14,379,225 * Developer Reimbursement Obligations may not be fully reimbursed based upon current estimates of projected Taxable Value and resultant tax capture from Local and State School Taxes. The identified Developer eligible costs in the Plan totaling $13,163,588 (not including captures for BRA Administration and/or LBRF, or MBRF) may not be fully reimbursed if Taxable Value and/or tax capture assumptions do not increase over the balance of the 35-year capture period, because Plan estimates a deficiency/shortfall in potential capture. Brownfield Plan No. 89 Page 6 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 INTRODUCTION A. General The City of Lansing, Michigan (the “City”), established the Lansing Brownfield Redevelopment Authority (the “Authority” or “LBRA”) on October 1, 1997, pursuant to Michigan Public Act 381 of 1996, as amended (“Act 381”). The primary purpose of Act 381 is to promote the revitalization, redevelopment, and reuse of properties that are blighted, functionally obsolete, tax reverted, an historic resource, contaminated (also known as a “facility”), or housing property by providing economic incentives through tax increment financing to pay for certain approved eligible activities. The Authority is authorized by Act 381 to undertake all activities allowed by the statute. The purpose of this Brownfield Plan (the “Plan”), as amended is to promote the redevelopment of and investment in certain “Brownfield” properties within the City. Inclusion of Property within this Plan will facilitate financing of eligible activities at eligible properties, and will also provide tax incentives to eligible taxpayers willing to invest in revitalization of eligible sites, commonly referred to as “Brownfields” that are either environmentally contaminated (a “facility”), blighted property, historic resource, deemed functionally obsolete property, or housing property. By facilitating redevelopment of Brownfield properties, this Plan is intended to promote economic growth for the benefit of the City and all taxing units located within and benefited by the Authority. The City of Lansing has determined that this Plan is necessary to reduce unemployment, promote economic growth, provide new affordable workforce housing in the City, and increase capital investment thus creating new taxable value for the City and the State of Michigan. The identification or designation of a developer(s) or proposed use for the Eligible Property that is the subject of this Plan, shall not be integral to the effectiveness or validity of this Plan. This Plan is intended to apply to the Eligible Property identified in this Plan and, if tax increment revenues are proposed to be captured from that Eligible Property, to identify and authorize the eligible activities to be funded by such tax increment revenues. Any change in the proposed developer(s) or proposed use of the Eligible Property shall not necessitate an amendment to the Plan, affect the application of the Plan to the Eligible Property, or impair the rights available to the Authority under this Plan. The Plan is intended to be a living document, which may be modified or amended in accordance with the requirements of Act 381, as necessary to achieve the purposes of Act 381. The applicable sections of Act 381 are noted throughout the Plan for reference purposes. This Plan contains information required by Section 13(2) of Act 381. Brownfield Plan No. 89 Page 7 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 1. DESCRIPTION OF THE ELIGIBLE PROPERTY (SECTION 13(2)(H)) The Eligible Property (“Property”) consists of six (6) adjacent & contiguous parcels and is located in the City of Lansing (“City”), Michigan. The Property is situated west of Turner Street and north of Dodge River Drive, as depicted on the below Figure 1 – Scaled Property Location Map. The Property contains approximately 1.20-acres (53,578.80 square feet) as described and depicted in Exhibit A - ALTA / NSPS Land Title Survey with Legal Descriptions and Figure 2 – Eligible Property Boundary Map. Eligible Property* Address (if known) Tax ID Basis of Eligibility Housing Property and Functionally 1413 Turner Street 33-01-01-09-252-131 Obsolete Property Housing Property and Adjacent & No Address 33-01-01-09-252-152 Contiguous to Functionally Obsolete Property Housing Property and Functionally 1421 Turner Street 33-01-01-09-252-161 Obsolete Property Housing Property and Adjacent & No Address 33-01-01-09-252-171 Contiguous to Functionally Obsolete Property Housing Property and Functionally 1429 Turner Street 33-01-01-09-252-181 Obsolete Property Housing Property and Adjacent & No Address (PART) {portion 33-01-01-09-252-191 Contiguous to Functionally Obsolete of 1503 Turner Street} Property *See Exhibit A - ALTA / NSPS Land Title Survey with Legal Descriptions for each individual Eligible Property and Overall Parcel after redevelopment Brownfield Plan No. 89 Page 8 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 Brownfield Plan No. 89 Page 9 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 Brownfield Plan No. 89 Page 10 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 This Project is seeking tax increment financing (TIF) reimbursement for Brownfield eligible activities. The use of tax increment revenues (TIRs) are a necessary component of redevelopment financing for the Property. The Property is zoned and falls under the City Form-Based Zoning Code (FBC). The intent and purpose of the MX-3 Mixed-Use District Center district is to provide primarily a vertical mix of uses with higher density residential. Ground floor uses should be active and pedestrian focused. Development in this district is characterized by tall buildings lining urban streets near the City core. This district is intended to be one of the City’s most walkable and higher density areas because of its proximity to downtown. The Property is bound by multifamily residential use to the south, single family residential to the west, and commercial uses to the east and north. The Property is abutted by surface roadways, municipal water, sanitary and storm sewer services, and electrical and gas utilities. The Property consists of a vacant land and vacant buildings. The Property is in an area close to amenities which are both walkable and bikeable. The Property’s Walkscore scores well for both walkability and bikability, earning a score of 84 (very walkable) and 86 (very bikeable) out of 100 respectively. A Walkscore shows how walkable any given location is, similarly, a bike score indicates the ease of bike commuting in a particular area. Necessities and amenities such as markets, transit stops, and entertainment venues are all considered when calculating these scores. These scores are good indicators of how desirable the Property will be to the target market demographic. The Property is also situated on the Capital Area Transit Authority (CATA) Bus Line with a stop immediately in front of the Property on Turner Street. The Project proposes to redevelop the Property that will create significant economic opportunity for the local area. The redevelopment integrates design elements, Department-Specific Activities, Housing Development Activities, and economic development to further goals of the City and the Michigan State Housing Development Authority (“MSHDA”). It will result in: (1) the community and municipal benefits of increased property taxes on the Property; (2) housing development activities that will address specific housing needs on the Property; (3) elimination of vacant buildings; and (4) a substantial improvement to the appearance and aesthetics of the Property which will assist in increasing the property values of the neighboring community. The applicant has a strong desire to put this Property back to productive use and drastically improve the aesthetics of the area. The applicant will bring a significant investment and major improvement to the City. The Project will add to the economic vitality of the City. The parcel and all tangible real and personal property located thereon will comprise the Eligible Property and is referred to herein as the “Property.” Incremental tax revenues resulting from new personal property will be captured. Any such funds will be used to reimburse the Authority and Developer for eligible activities, to the extent authorized by this Plan, and an executed Brownfield Development and Reimbursement Agreement (“Agreement”), after adoption of this Plan, between the Developer, the Authority, and the City. Brownfield Plan No. 89 Page 11 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  PROPERTY CONDITIONS - 2025 PROPOSED PROJECT PARCEL SITE PLAN AFTER COMPLETION Brownfield Plan No. 89 Page 12 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  PROPOSED PROJECT SITE SKETCH AFTER COMPLETION Brownfield Plan No. 89 Page 13 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 PROJECT RENDERINGS View Looking Northwest along Turner Street View Looking Southwest along Turner Street Brownfield Plan No. 89 Page 14 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 2. BASIS OF ELIGIBILITY (SECTION 13(2)(H), SECTION 2(P)), SECTION 2(R) The Property is considered “Eligible Property” as defined by Act 381, Section 2, because (a) the Property was previously utilized or is currently utilized for residential or commercial purposes; (b) the vacant residential and commercial structures are “Functionally Obsolete” property; (c) the Property meets the definition of a “Housing Property”; (d) each of the remaining two (2) parcels are “adjacent or contiguous” to “Functionally Obsolete” property and “Housing Property”; and (d) the Property is located within the City of Lansing, a qualified local governmental unit, or “Core Community,” under Act 381. The applicant has a strong desire to put this Property back to productive use and drastically improve the aesthetics of the area. Eligible Property* Address (if known) Tax ID Basis of Eligibility Housing Property and Functionally 1413 Turner Street 33-01-01-09-252-131 Obsolete Property Housing Property and Adjacent & No Address 33-01-01-09-252-152 Contiguous to Functionally Obsolete Property Housing Property and Functionally 1421 Turner Street 33-01-01-09-252-161 Obsolete Property Housing Property and Adjacent & No Address 33-01-01-09-252-171 Contiguous to Functionally Obsolete Property Housing Property and Functionally 1429 Turner Street 33-01-01-09-252-181 Obsolete Property Housing Property and Adjacent & No Address (PART) {portion 33-01-01-09-252-191 Contiguous to Functionally Obsolete of 1503 Turner Street} Property *See Exhibit A - ALTA / NSPS Land Title Survey with Legal Descriptions for each individual Eligible Property and Overall Parcel after redevelopment “Functionally Obsolete” – The property qualifies as “Eligible Property” under Act 381 based on meeting the definition of a “Functionally Obsolete” property. According to Section 2(u), Functionally Obsolete means that the property is unable to be used to adequately perform the function for which it was intended due to a substantial loss in value resulting from factors such as overcapacity, changes in technology, deficiencies or superadequacies in design, or other similar factors that affect the property itself or the property’s relationship with other surrounding property. Exhibit B-1: Functional Obsolescence Determination dated April 3, 2025 (1413 Turner St., 1421 Turner St., 1429 Turner St.) includes the formal determination of functional obsolescence as made by the City Assessor for these three (3) parcels as it is related to its basis of eligibility and inclusion in the Plan as an “Eligible Property”. “Housing Property” – The property quali ies as “Eligible Property” under Act 381 based on meeting the de inition of a “Housing Property.” Act 381 de ines Housing Property, in part, as property on which one or more units of residential housing are proposed to be constructed at or below 120% Area Median Income (AMI). All of the Project’s rental units will provide affordable housing for individuals and families earning at or below 120% of Ingham County’s AMI and serves an important public purpose in Ingham County and the City of Lansing. According to Section 2(o)(ii), the Housing Property must be “located in a community that has identi ied a speci ic housing need and has absorption data or job growth data included in the brown ield plan.” Supportive information referenced below and additional information regarding the Property’s basis of eligibility and inclusion in the Plan as an Brownfield Plan No. 89 Page 15 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 “Eligible Property” is in Exhibit B-2: MSHDAs Partnership I (South Central) - Data Document 2022 and Exhibit B-3: August 1, 2023, Real Estate Analysis for the Old Town District. a) Located in a community with a speci ic housing need: The Project is located in Old Town which is the north end of Lansing, Michigan near Grand River and the Lansing River Trail. Old Town is listed on the National Register of Historic Places as the North Lansing Commercial District, established in the mid-19th Century. The North Lansing Historic Commercial District, which included 44 buildings centered in a one-block radius around the intersection of Cesar E. Chavez (Grand River) Avenue and Turner Street. Old Town has sought to revitalize itself through programs like Michigan Main Street which was a program established in 1996. Between then and 2020, vacancy rates in the area dropped from 90% to 10% as Old Town has been re-invented as a location for art, festivals, boutique stores and creative businesses. At the time of this writing, there are only four multifamily communities in the trade area (Motor Wheel Lofts, Amber Square Apartments, Crestwood Apartments and Temple Lofts); two are considered “affordable” which are dated and two are “market rate” built in the last few years. Therefore, the proposed Project of workforce housing will be the irst in the community in decades. Workforce and affordable housing are particularly needed in Lansing according to the Michigan State Housing Development Authority (MSHDA) Regional Housing Partnership (RHP) Regional Data document for South Central Housing Partnership – I. The MSHDA published Michigan’s irst Statewide Housing Plan in 2022 and established the Michigan Statewide Housing Partnership, which called for the creation of Regional Housing Partnerships (RHPs). The Tri-County Regional Planning Commission (Tri-County/TCRPC), in partnership with the Capital Area Housing Partnership (CAHP), lead a RHP effort for the tri-county region, serving Clinton, Eaton, and Ingham counties (Region I). This RHP, known as the state's South Central Regional Housing Partnership, brought public, private, and nonpro it stakeholders from across the region together to develop a ive-year housing action plan that addresses local and regional housing needs, builds on the region’s existing networks and housing ecosystem, and aligns with the priorities, goals, and strategies identi ied in both the Statewide Housing Plan and Tri-County's recent HousingDrives study. Their feedback, input from residents, and results from HousingDrives were used to develop a plan, which was submitted to MSHDA at the end of September 2023. The South Central Michigan Housing Partnership includes three counties (Clinton, Eaton and Ingham) as well as 17 Statewide Housing Needs Assessment markets. The Project location falls within the Lansing-Central-North market. Currently for the Project location, 82.50% of Lansing-Central-North households are at or below 120% Area Median Income (AMI) Group. Brownfield Plan No. 89 Page 16 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  One housing demand indicator, vacancy rates, for the Lansing-Central-North market are extremely low at 0.1% with renter housing households making up 61% of the housing stock in this speci ic market. Renter household income tends to be signi icantly lower than the statewide average, and unemployment is strongly higher. Housing supply indicators imply markets where single-family detached structures are very common, with some presence of denser housing types such as duplexes and small-scale multifamily structures. The stock tends to be quite old, with few units built after 2010 (4.3%), 47.2% dating back to 1939 or earlier, and 80.3% built before 1970. As such demand for new housing stock for-rent units is high. Overcrowded conditions are more common in these places than in other markets around the state. Home values and shelter costs are much lower in these areas; this is likely due to the age of the stock among other factors. Despite this, overburden is a large issue for many households here. A September 2023 Downtown Lansing, Inc Potential Site Development Plans report prepared by SmithGroup identi ies Lansing’s opportunities. One of those development opportunities is through the redevelopment of: (a) the many city-owned lots and surface parking lots, and; (b) vacant buildings and lots like the speci ic Project Eligible Property Turner North Development are working on redeveloping. Additionally, the August 1, 2023, Real Estate Analysis for the Old Town District prepared by LandUseUSA in collaboration with SmithGroup and CIB identi ies the demand for rental housing in the Old Town District at about 200 units annually after adjusting for new renters that have exceptionally high movership rates (375 units annually without adjusting). The Project has rental housing that meets this need. b) Absorption data or job growth data: Major employers in the trade area include the State of Michigan, Michigan State University, Sparrow Health (now University of Michigan- Sparrow), McLaren Health, GM’s Lansing Assembly Plant, Auto-Owners Insurance Group, Jackson National Life Insurance, and Lansing Community College. Brownfield Plan No. 89 Page 17 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  Absorption – Ingham County has a slightly higher housing absorption rate than the State of Michigan. According to the Federal Reserve Economic Data (FRED) economic data released for March 2025 (Housing Inventory: Median Days on Market, by month not seasonally adjusted), the median number of days property listings are on the market in Michigan for housing are 50 days. Ingham County, for the same period, housing median number of days property listings are on the market are 43 days. According to one private housing site for April 2025, Red in.com, there are approximately 60 available rental units in apartments in the Lansing-Central-North market. Job Growth – Using the most recent data, November 22, 2024, from the Research Seminar in Quantitative Economics (RSQE), RSQE predicts the number of payroll jobs in Michigan will grow by 19,000 next year (2025) and an additional 26,700 in 2026. RSQE is an economic forecasting and modeling group that has been a part of the University's Economics Department since 1952. They are the world's longest-running continuously operating economic forecasting group. They produce four forecasts per year of the U.S. and Michigan economies and annual forecasts of some Michigan economies. According to the Federal Reserve Economic Data (FRED) the unemployment rate, not seasonally adjusted, in Ingham County as of February 2025 was at 5.3 percent while for the same period Michigan was at 6 percent. The Project has rental housing that meets this need. As Eligible Property, the Property is eligible for Brownfield redevelopment incentives from the Authority. 3. SUMMARY OF ELIGIBLE ACTIVITIES AND DESCRIPTION OF COSTS (SECTION 13 (2)(A),(B)) The “eligible activities” that are intended to be carried out at the Property are considered “eligible activities” as defined by Section 2 of Act 381, because they include: Department-Specific Activities; Housing Development Activities; Brownfield Plan & Work Plan Preparation and Consulting & Support; Brownfield Plan & Work Plan Implementation; Contingency; Local Application Fees; BRA Administration and/or LBRF; and MBRF. The estimated cost of each eligible activity intended to be paid for with tax increment revenues captures from the Property are shown in the following tables (Tables 1a and 1b). Contingency is included in this Plan as identified on the tables throughout this Plan. A summary of the eligible activities that are proposed include: Department-Specific Activities. Work Plan Approval Exempt Activities included are Assessments and Due Care Planning. Phase I Environmental Site Assessments (ESAs), Phase II ESA and Baseline Environmental Assessment(s) report preparation as part of All Appropriate Inquiry (AAI} standards for a land transfer, purchase, acquisition, occupancy, renovation, or redevelopment. Preparation of these reports and all costs associated with their preparation are included. Work Plan Approval Exempt Activities - Due Care Planning included are Due Care Planning, Due Care Planning Subsurface Investigations, Planning for Compliance with Due Care Plans, and Bid Coordination. Health and Safety Plan, Project Management, and Eligible Activity Compliance are included. Housing Development Activities. Lead and Asbestos Abatement - Due to the age of the buildings, it is expected that lead and asbestos materials will be encountered during the building demolition process. Therefore, the proposed abatement costs will include proper assessment, removal and disposal of any materials encountered during the demolition process. The cost includes the cost of the initial survey to determine the presence of materials required for abatement and required 3rd-party oversight and reporting of abatement work. Bid Specification Compliance, Construction Management, Project Management, Brownfield Plan No. 89 Page 18 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 Eligible Activity Compliance, and Engineering & Other Professional Fees for Abatement Activities are included. Demolition - Demolition activities will include building demolitions, including proper removal and disposal of regulated materials, and select demolition of existing site improvements from the predeveloped site in preparation for the proposed redevelopment. Bid Specification Compliance, Construction Management, Project Management, Eligible Activity Compliance, and Engineering & Other Professional Fees for Demolition Activities are included. Site Preparation - Site preparation activities include clearing & grubbing, mass grading and land balancing, , staking, temporary erosion control, temporary traffic control, temporary site control, excavation for unstable material, fill material, compaction & sub-base, special foundations, soft costs, professional fees, including but not limited to geotechnical engineering, and active utility relocation. Bid Specification Compliance, Construction Management, Project Management, Eligible Activity Compliance, and Engineering & Other Professional Fees for Site Preparation Activities are included. Infrastructure Improvements Activities, necessary for a Housing Project – Infrastructure improvements that directly benefit the Project onsite and offsite include road repair, sidewalks, curb/gutter, approaches, storm water management, electric, sanitary sewer, gas, parking (inc. green space amenity), lighting, and landscaping & irrigation. Bid Specification Compliance, Construction Management, Project Management, Eligible Activity Compliance, and Engineering & Other Professional Fees for Infrastructure Improvements Activities are included. Safety Improvements – Safety improvements that directly benefit the Project include electrical hazards, elevator, emergency fire exits and alarm system, fire suppression system including water connection. Construction Management, Project Management, Eligible Activity Compliance, and Engineering & Other Professional Fees for Demolition Activities are included. Housing Financing Gap - Reimbursement provided to the Developer to fill a financing gap associated with the development of 76 housing units priced for income qualified households (affordable workforce apartments for households at or below the 120% Area Median Income (AMI)). In accordance with MSHDA’s Housing Subsidy Calculation memorandum dated September 1, 2023, using the U.S. Department of Housing and Urban Development FY 2025 Fair Market Rent Documentation System for Lansing-East Lansing County, the total potential rent loss (PRL) gap cap is calculated as $23,052,960 for the Plan’s reimbursement period to the Developer (30 years). The amount of Costs to Fill an Identified Housing Gap reimbursed through this Plan is $9,002,586. Brownfield Plan & Work Plan Preparation and Consulting & Support, Brownfield Plan & Work Plan Implementation. Costs incurred to prepare, develop this Plan, proposed Act 381 Work Plan, and the Agreement, as well as their implementation (including Tracking, Recording and Compliance {inclusive of annual income and price monitoring associated with housing development activities}), as required per Act 381 of 1996, as amended. The reasonable costs associated with consultation, representation, and support at public meetings associated with this Plan, proposed Act 381 Work Plan, and the Agreement have been included as an eligible activity. Local Application Fee. The Authority will be charging the Developer an application fee for the processing of this Plan. The Developer will seek reimbursement of this fee from local tax increment revenues. Authority Administration. Plan includes, as allowed by the statute, the capture of tax increment revenues for the costs of the Authority for the administration of this Plan over the Plan's duration. Authority Local Brownfield Revolving Fund (LBRF). Plan includes, as allowed by the statute, the capture tax increment revenues for deposit into Authority’s LBRF over the Plans duration. Brownfield Plan No. 89 Page 19 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 State of Michigan Brownfield Redevelopment Fund (MBRF). As required in Act 381, the Authority shall pay to the Department of Treasury at least once annually an amount equal to 50% of the taxes levied under the state education tax act, including 50% of that portion of specific taxes attributable to, but not levied under, the state education tax act, that are captured under this Plan. Payments to the MBRF are estimated at up to twenty-five (25) years starting in Year 1 through Year 25 of this Plan. The Eligible Activities projected in this Plan may switch categories if onsite, offsite or Property conditions change. If conditions change, an eligible activity may fall under a different category so long as the Plan adjustments stay within the Department-Specific Activities category and the Housing Development Activities category because this Plan contemplates capture of state revenues. For Department-Specific Activities, the line item costs for any eligible activity may be adjusted with the approval of the Authority after the date the Plan is approved by the Authority and/or Governing Body, so long as the costs do not exceed the total combined costs of said activities plus a pro-rata contingency amount, to the extent that the adjustments do not violate the terms of any approved documents, such as an Agreement or Work Plan (if applicable), or Public Act 381 of 1996, as amended. For Housing Development Activities, the line item costs for any eligible activity may be adjusted with the approval of the Authority after the date the Plan is approved by the Authority and/or Governing Body, so long as the costs do not exceed the total Housing Development Activities costs plus a pro-rata contingency amount, to the extent that the adjustments do not violate the terms of any approved documents, such as an Agreement or Work Plan (if applicable), or Public Act 381 of 1996, as amended. The Developer desires to be reimbursed for the costs of eligible activities. Tax increment revenue generated by the Property will be captured by the Authority and used to reimburse the cost of the eligible activities completed. Amendments to Act 381 that were signed into law on December 28, 2012 to allow local units of government to approve reimbursement of eligible activities with tax increment revenues attributable to local taxes on any eligible activities conducted on Eligible Property or prospective eligible properties prior to approval of the Plan (including Plan Amendments), if those costs and the Eligible Property are subsequently included in an approved Plan or Plan Amendment. If eligible activities are performed prior to Plan approval, approved eligible activity costs will be reimbursable in accordance with Act 381. Furthermore, costs in this Plan are subject to approval by the MSHDA for the use of state tax increment revenues. The MSHDA may adjust specific eligible activities amongst Department-Specific Activities and Housing Development Activities in accordance with state policy and guidance. Changes made between Department-Specific Activities and Housing Development Activities will be reflected in the Act 381 Work Plan. These adjustments made by the state are allowed and do not change the validity of this Plan, so long as the Grand Total of eligible activity costs identified are not exceeded. If the state (MSHDA) does not approve of certain state tax funded eligible activity costs for the use of State tax capture, those costs then become eligible for reimbursement with the use of Local-only tax increment revenues not to exceed $767,871 (with 15% contingency). In accordance with this Plan and the associated Agreement with the Authority, the amount advanced by the Developer will be repaid by the Authority, solely from the tax increment revenues realized from the Eligible Property. Tax increment revenues generated by this Project will be governed by the Agreement. Local and state school tax capture were assumed to reimburse eligible activity costs in this Plan. Further use of tax increment revenues generated by this Project will be governed by the Agreement. Tax increment revenues will be used to pay or reimburse the following obligations based upon the proposed Waterfall Structure for use of tax increment revenues. This Waterfall Structure may be amended in the Agreement between the Authority, City, and the Developer: Brownfield Plan No. 89 Page 20 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  1. 10% Pass-through/Tax Sharing with all Taxing Jurisdictions. An estimate of this tax sharing with all taxing jurisdictions in which the Eligible Property is located is provided in Table 3 and Table 4f2 of this Plan; 2. City/Local Brownfield Redevelopment Authority (LBRA): Reimbursement of Administration Expenses and/or Local Brownfield Revolving Fund (LBRF): Funded from Local Tax Capture is provided at 10% of tax increment revenues in this Plan; 3. State of Michigan Brownfield Redevelopment Fund (MBRF): Funded from the capture of the State Education Tax (SET) millages, 50% of the Captured SET for 25 years, is provided in this Plan; and 4. Developer Reimbursement for Eligible Activity costs and other eligible costs identified in this Plan. The costs listed in the tables are estimated costs and may increase or decrease depending on the nature and extent of the actual conditions encountered on the Property. The actual cost of those eligible activities encompassed by this Plan that will qualify for reimbursement from tax increment revenues of the Authority from the Property shall be governed by the terms of the Agreement. No costs of eligible activities will be qualified for reimbursement except to the extent permitted in accordance with the terms and conditions of the Agreement. Total Plan eligible activity costs identified shall not exceed $14,379,225, so long as there are available revenues. However, based upon current estimates of Projected Taxable Value and resultant tax capture, the identified Eligible Activities in Table 1a may not be fully reimbursed if Taxable Value assumptions don't increase over the 35-year capture period, because the Plan only estimates $12,242,684 in potential tax capture. If the actual costs of eligible activities are lower than the estimates identified in this Plan, capture may be lower or if the Taxable Value is higher than estimated eligible costs may be fully reimbursed. To summarize, if the Plan is adopted as proposed, Developer reimbursement shall be capped at an amount not to exceed $13,163,588 on the actual costs of the following Eligible Activities incurred by the Developer: Department-Specific Activities; MSHDA Housing Development Activities; Brownfield Plan & Work Plan Preparation and Consulting & Support, Brownfield Plan & Work Plan Implementation; Contingency; and Local Application Fees. The maximum capture for BRA Administration Fees and/or LBRF shall be $826,628 of Local Tax Capture. The maximum capture for MBRF shall be $389,008 of State Tax Capture. However, if the actual costs of eligible activities are lower than estimated, the amount reimbursed to the Developer, or paid for BRA Administration Fees and/or LBRF, and MBRF may be lower. Brownfield Plan No. 89 Page 21 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  Eligible Activity Local Tax State School Local Tax State Tax Amount Capture Tax Capture Capture Only Capture Only Table 1a - Itemized Eligible Activities Supported in Brownfield Plan 67.52% 32.48% 100.00% 100.00% EGLE Eligible Activities Department-Specific Activities Work Plan Approval Exempt Activities - Assessments $ 19,987 $ 13,495 $ 6,492 $ - $ - Work Plan Approval Exempt Activities - Due Care Planning $ 27,855 $ 18,808 $ 9,047 $ - $ - Due Care Activities $ - $ - $ - $ - $ - EGLE Environmental Eligible Activities Total $ 47,842 $ 32,303 $ 15,539 $ - $ - MICHIGAN STATE HOUSING DEVELOPMENT AUTHORITY (MSHDA) ELIGIBLE ACTIVITIES HOUSING DEVELOPMENT ACTIVITIES Demolition Activities $ 569,261 $ 384,366 $ 184,895 $ - $ - Renovation of Existing Buildings Activities $ - $ - $ - $ - $ - Lead, Asbestos and Mold Abatement Activities $ 45,669 $ 30,836 $ 14,833 $ - $ - Infrastructure Improvements Activities, necessary for a Housing Project $ 1,371,178 $ 925,822 $ 445,356 $ - $ - Safety Improvements Activities $ 667,714 $ 450,842 $ 216,872 $ - $ - Site Preparation Activities $ 696,752 $ 470,448 $ 226,304 $ - $ - Housing Financing Gap $ 9,002,586 $ 6,078,562 $ 2,924,024 $ - $ - MSHDA Housing Development Eligible Activities Total $ 12,353,160 $ 8,340,876 $ 4,012,284 $ - $ - EGLE & MSHDA Contingency and Interest Contingency: EGLE Environmental (0%) $ - $ - $ - $ - $ - Contingency: MSHDA Eligible Activites (15%) (Not on Housing Financing Gap) $ 502,586 $ 339,347 $ 163,239 $ - $ - Sub Total: Contingencies $ 502,586 $ 339,347 $ 163,239 $ - $ - Interest: EGLE Environmental (Simple Interest: 0%) $ - $ - $ - $ - $ - Interest MSHDA Housing Development (Simple Interest: 0%) $ - $ - $ - $ - $ - Sub Total: Interest $ - $ - $ - $ - $ - Sub Total: EAs + Contingencies + Interest $ 12,903,588 $ 8,712,526 $ 4,191,062 $ - $ - Brownfield Plan & Work Plan Preparation and Consulting & Support (to Developer) $ 80,000 $ 54,016 $ 25,984 $ - $ - Brownfield Plan & Work Plan Implementation (including Tracking, Recording and Compliance (inclusive of annual income and price monitoring associated with $ 175,000 $ 118,160 $ 56,840 $ - $ - housing development activities) Local Application Fees (to Developer) $ 5,000 $ - $ - $ 5,000 $ - Total Developer Administration: Brownfield Plan & Work Plan Preparation + $ 260,000 $ 172,176 $ 82,824 $ 5,000 $ - Brownfield Plan & Work Plan Implementation + Application Fees Sub Total: EAs + Contingencies + Interest + Developer Administration $ 13,163,588 $ 8,884,702 $ 4,273,886 $ 5,000 $ - Brownfield Redevelopment Authority (BRA) Administration and/or Local $ 826,628 $ - $ - $ 826,628 $ - Brownfield Revolving Fund (LBRF) (10%) BRA Brownfield Plan & Work Plan Implementation (to BRA) $ - $ - $ - $ - $ - Total BRA : BRA Administration + LBRF + BRA Brownfield Plan & Work Plan $ 826,628 $ - $ - $ 826,628 $ - Implementation Sub Total: EAs + Contingencies + Interest + Developer Administration + Total $ 13,990,216 $ 8,884,702 $ 4,273,886 $ 831,628 $ - BRA State of Michigan Brownfield Redevelopment Fund (MBRF) $ 389,008 $ - $ - $ - $ 389,008 GRAND TOTAL: EAs + Contingencies + Interest + Developer Administration + $ 14,379,225 $ 8,884,702 $ 4,273,886 $ 831,628 $ 389,008 Total BRA + MBRF * * Reimbursement Obligations may not be fully reimbursed based upon current estimates of projected Taxable Value and resultant tax capture. The identified eligible costs in this Brownfield Plan totaling $14,379,225 may not be fully reimbursed if Taxable Value and/or tax capture assumptions do not increase over the balance of the 30-year capture period, because the tax increment revenue projections estimate a deficiency/shortfall in potential tax capture of up to $2,136,541. Brownfield Plan No. 89 Page 22 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  Eligible Activity Amount Table 1b - Summary of Eligible Activities Supported in Brownfield Plan Total Local Taxes to Developer for Eligible Activities, Contingency and Interest $ 8,889,702 Total Local Tax Capture for Eligible Activities, Contingency and Interest $ 8,889,702 Total Local Taxes to BRA Administration and/or Local Brownfield Revolving Fund (LBRF) $ 826,628 Total Local Tax Capture to BRA $ 826,628 Total School Taxes to Developer for Eligible Activities, Contingency and Interest $ 4,273,886 Total School Tax Capture for Eligible Activities, Contingency and Interest $ 4,273,886 Total School Taxes to BRA Administration $ - Total School Taxes to BRA Local Brownfield Revolving Fund (LBRF) $ - Total School Tax Capture to BRA $ - Total School Taxes to State of Michigan Brownfield Redevelopment Fund (MBRF) $ 389,008 Total School Tax Capture to BRA & MBRF $ 389,008 Total Capture by Brownfield Redevelopment Authority (BRA) $ 826,628 Total Capture by State of Michigan Brownfield Redevelopment Fund (MBRF) $ 389,008 Total Capture for Developer** $ 13,163,588 GRAND TOTAL* $ 14,379,225 * Reimbursement Obligations may not be fully reimbursed based upon current estimates of projected Taxable Value and resultant tax capture. The identified eligible costs in this Brownfield Plan totaling $14,379,225 may not be fully reimbursed if Taxable Value and/or tax capture assumptions do not increase over the balance of the 30-year capture period, because the tax increment revenue projections estimate a deficiency/shortfall in potential tax capture of up to $2,136,541. **To meet Developer obligations. 4. CAPTURED TAXABLE VALUE AND TAX INCREMENT REVENUES (SECTION 13(2)(C),(F)) This Plan anticipates the capture of tax increment revenues to reimburse the Developer for the costs of eligible activities under this Plan in accordance with the Agreement. The initial taxable value of the Property shall be determined by the use of tax year 2025 tax values. Tax increment revenue is expected to be available for capture by the redevelopment on the Property in 2028. Estimates project that the Authority is expected to capture the tax increment revenues through 2057, which will be generated by the increase in taxable value. The following table provides a summary of the captured incremental taxable values and tax increment revenues captured which it will provide after completion of the redevelopment project. In addition, detailed tables of estimated tax increment revenues to be captured are attached to this Plan as Exhibit C, Table 4 - Tax Increment Financing Estimates. The captured incremental taxable value and associated tax increment revenue will be based on the actual increased taxable value from all taxable improvements on the Property set through the Brownfield Plan No. 89 Page 23 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 property assessment process by the local unit of government and equalized by the County. The actual increased taxable value of the land and all future taxable improvements on the Property may vary. Furthermore, the amount of tax increment revenue available under this Plan will be based on the actual millage levied annually by each taxing jurisdiction on the increase in taxable value resulting from the redevelopment project that is eligible and approved for capture. Eligible activities are estimated at approximately $14,379,225 so long as there are available revenues. However, based upon current estimates of Projected Taxable Value and resultant tax capture, the identified eligible activities to the Project in Table 1a may not be fully reimbursed if Taxable Value assumptions don't increase over the 35-year capture period, because the Plan only estimates $12,242,684 in potential tax capture. After tax capture payments to other obligations identified in this Plan (BRA Administration and/or LBRF, and MBRF), the resultant shortfall to Developer is estimated at $2,136,541. If the actual costs of eligible activities are lower than the estimates identified in this Plan, capture to the Project may be lower or if the Taxable Value is higher than estimated Project reimbursement may be satisfied. Additional Revenues Captured if Taxable Values Increase Estimated Eligible Activity Costs $14,379,225 Estimated Potential Tax Capture $12,242,684 Estimated Deficiency/Shortfall (this deficiency/shortfall may be captured if $2,136,541 Taxable Values increases) Brownfield Plan No. 89 Page 24 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  Table 2 - Captured Incremental Taxable Values & Tax Increment Revenues Captured Captured Tax Increment Tax Year Incremental Revenues Taxable Values Captured 2028 - Start of Tax Capture $ 3,640,040 $ 236,503 2029 $ 4,053,840 $ 263,389 2030 $ 4,177,940 $ 271,452 2031 $ 4,305,840 $ 279,762 2032 $ 4,437,540 $ 288,319 2033 $ 4,573,240 $ 297,136 2034 $ 4,712,940 $ 306,212 2035 $ 4,856,840 $ 315,562 2036 $ 5,005,040 $ 325,191 2037 $ 5,157,740 $ 335,112 2038 $ 5,315,040 $ 345,333 2039 $ 5,477,040 $ 355,858 2040 $ 5,643,840 $ 366,696 2041 $ 5,815,640 $ 377,858 2042 $ 5,992,640 $ 389,358 2043 $ 6,174,940 $ 401,203 2044 $ 6,362,740 $ 413,404 2045 $ 6,556,140 $ 425,970 2046 $ 6,755,340 $ 438,913 2047 $ 6,960,540 $ 452,245 2048 $ 7,171,840 $ 465,974 2049 $ 7,389,540 $ 480,118 2050 $ 7,613,740 $ 494,685 2051 $ 7,844,640 $ 509,688 2052 $ 8,082,540 $ 525,145 2053 $ 8,327,540 $ 541,063 2054 $ 8,579,940 $ 557,462 2055 $ 8,877,407 $ 576,789 2056 $ 9,145,107 $ 594,182 2057 $ 9,420,907 $ 612,102 Total Estimated Tax Increment Revenues Captured $ 12,242,684 Brownfield Plan No. 89 Page 25 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 5. METHOD OF BROWNFIELD PLAN FINANCING (SECTION 13(2)(D)) Eligible activities are planned to be financed by the Developer, City, and Ingham County’s Housing Trust Fund (HTF). Total capital investment is approximately $26 million, which will be financed by the Developer with the following sources of funds being pursued by the Developer: LBRF loan funding from the LBRA; HTF grant funding from Ingham County, and; Gap 19 funding from MSHDA. Any eligible activities identified within this Plan funded by an HTF grant cannot and will not be reimbursed with tax increment financing revenues under Act 381. If an HTF grant is not approved or utilized for any of the eligible activities listed within this Plan, those eligible activities may be reimbursed with tax increment financing revenues under Act 381. The Developer will be reimbursed for eligible costs as listed in Tables 1a and 1b above. The current estimated amount of capture used to reimburse the:  $13,163,588 capped amount for Developer costs in this Plan, so long as there are available tax increment revenue captures;  $389,008 for State Brownfield Revolving Fund (State of Michigan Brownfield Redevelopment Fund {MBRF}); and  $826,628 (10% from local-only tax revenues, see Table 1a) for BRA Administration Fees and/or LBRF in accordance with Act 381. MBRF, Authority Administration and LBRF capture are reflective of the redevelopment Project being completed. All reimbursements authorized under this Plan shall be governed by the Agreement. The Authority shall not incur any note or bonded indebtedness to finance the purposes of this Plan. The inclusion of eligible activities and estimates of costs to be reimbursed in this Plan is intended to authorize the Authority to fund such reimbursements. The amount and source of any tax increment revenues that will be used for purposes authorized by this Plan, and the terms and conditions for such use and upon any reimbursement of the expenses permitted by the Plan, will be provided solely under the Agreement contemplated by this Plan. 6. AMOUNT OF NOTE OR BONDED INDEBTEDNESS INCURRED (SECTION 13(2)(E)) The Authority will not incur a note or bonded indebtedness for the Brownfield project under this Plan. 7. DURATION OF THE BROWNFIELD PLAN AND EFFECTIVE DATE (SECTION 13(2)(F)) Subject to Section 13b(16) of Act 381, the date of tax capture shall commence no earlier than 2028 or the immediate following year—as increment revenue becomes available, but the beginning date of tax increment revenues capture shall not exceed five years beyond the date of the governing body resolution approving the Plan. In no event shall this Plan extend beyond the maximum term allowed by Section 13(2)(f) of Act 381 for the duration of this Plan. Total estimated Plan capture duration for reimbursement of Department-Specific Activities; Housing Development Activities; Brownfield Plan & Work Plan Preparation and Consulting & Support, Brownfield Plan & Work Plan Implementation; Local Application Fees; BRA Administration and/or LBRF; and MBRF capture is estimated at 30 years (2028-2057). This Plan’s capture of tax increment revenues shall not exceed 35 years, unless amended. Furthermore, this Plan, or any subsequent amendment thereto, may be abolished or terminated in accordance with Section 14(8) of Act 381 in the event of any of the following: a. The governing body may abolish this Plan (or any subsequent amendment thereto) when it finds that the purposes for which this Plan was established have been accomplished. Brownfield Plan No. 89 Page 26 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  b. The governing body may terminate this Plan (or any subsequent amendment thereto) if the project for which eligible activities were identified in this Plan (or any subsequent amendment thereto) fails to occur with respect to the Eligible Property for at least two (2) years following the date of the governing body resolution approving this Plan (or any subsequent amendment thereto), provided that the governing body first does both of the following: (i) gives 30 days' written notice to the Developer at its last known address by certified mail or other method that documents proof of delivery attempted; and (ii) provides the Developer with an opportunity to be heard at a public meeting. Notwithstanding anything in this subsection to the contrary, this Plan (or any subsequent amendment thereto) shall not be abolished or terminated until the principal and interest on bonds, if any, issued under Section 17 of Act 381 and all other obligations to which the tax increment revenues are pledged have been paid or funds sufficient to make the payment have been identified or segregated. 8. ESTIMATED IMPACT ON TAXING JURISDICTIONS (SECTION 13(2)(G)) The following table presents a summary of the impact to taxing jurisdictions (if the redevelopment Project is completed) over a 30-year capture period. The impact to each individual taxing jurisdiction may be as much as their proportionate share of $12,242.684. Table 1a identifies the total amount required for the Project's eligible activities and if sufficient tax increment revenue captures become available for capture the impact to each individual taxing jurisdiction could become as much as their proportionate share of $14,379,225. Additional information related to the impact of tax increment financing on the various taxing jurisdictions is presented in Exhibit C. Brownfield Plan No. 89 Page 27 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025  Table 3: Impact to Taxing Jurisdictions: Tax Increment Paid, Captured, and Returned to Taxing Jurisdictions Taxes Taxes Returned to Returned to Taxing Taxing Incremental Tax Impact/ Taxing Unit/ Entity 1 2 Jurisdiction: Jurisdiction: Taxes Paid Capture Tax Capture 10% Pass- Not Allowed Through/ 3 4 Tax Sharing CITY OF LANSING City Operating - Lansing $ 3,663,042 $ 3,296,738 $ - $ 366,304 Storm/ Montgomery Drain $ 48,991 $ - $ 48,991 $ - Public Safety $ 659,498 $ - $ 659,498 $ - Subtotal of Local Government Unit (LGU): Annual $ 4,371,532 $ 3,296,738 $ 708,490 $ 366,304 INGHAM COUNTY Ingham County $ 2,335,020 $ 2,101,518 $ - $ 233,502 Capital Region Airport Authority - CRAA $ 131,711 $ 118,540 $ - $ 13,171 Capital Area Transportation Authority - CATA $ 563,306 $ 506,975 $ - $ 56,331 LIBRARY Capital Area District Libraries - CADL $ 293,759 $ 264,383 $ - $ 29,376 INTERMEDIATE SCHOOL DISTRICTS (ISD) ISD Operating & Special Education $ 930,420 $ 837,378 $ - $ 93,042 COMMUNITY COLLEGE Lansing Community College - LCC $ 710,223 $ 639,201 $ - $ 71,022 LOCAL SCHOOL MILLAGES: excludes State School millages Lansing School District Debt (District #33020) $ 772,555 $ - $ 772,555 $ - Lansing School District Sinking Fund $ 557,276 $ 501,548 $ - $ 55,728 Subtotal of Non-LGU Local: Annual $ 6,294,271 $ 4,969,544 $ 772,555 $ 552,172 STATE SCHOOL MILLAGES: excludes Local School millages State Education Tax - SET $ 1,130,569 $ 1,017,512 $ - $ 113,057 Local School Operating - LSO $ 3,287,656 $ 2,958,890 $ - $ 328,766 Total State & Local School: Annual $ 4,418,224 $ 3,976,402 $ - $ 441,822 Total $15,084,027 $12,242,684 $1,481,045 $1,360,298 Notes: 1. Tax amount paid on incremental taxable value during Plan tax capture period (excludes tax amount paid on Base Year Taxable Value, if any). 2. The Plan may only capture millages allowed for tax capture. 3. Tax amount returned on incremental taxable value (excludes tax amount paid on Base Year Taxable Value, if any) during Plan tax capture period because millages are not allowed for tax capture by the BRA. 4. Tax amount returned on incremental taxable value (excludes tax amount paid on Base Year Taxable Value, if any) during Plan tax capture period because of 10% Pass-through/Tax Sharing with Taxing Jurisdiction. 9. DISPLACEMENT OF PERSONS (SECTION 13(2)(I-L)) There are no persons or businesses residing on the Property, and no occupied residences are designated for acquisition and clearance by the Authority; therefore, there will be no displacement or relocation of persons or businesses under this Plan. Therefore, no relocation assistance strategy for compliance with Michigan’s Relocation Assistance Law is needed in this Plan. 10. LOCAL BROWNFIELD REVOLVING FUND (SECTION 8) The Authority has established a Local Brownfield Revolving Fund (LBRF). The Authority will capture incremental tax revenues during the tax capture period of this Plan Amendment and deposit those revenues into the LBRF to fund other projects within the City of Lansing. All funds deposited in the LBRF shall be in accordance with Section 8 of Act 381. Brownfield Plan No. 89 Page 28 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 11. STATE BROWNFIELD REDEVELOPMENT FUND (SECTION 8A) The Authority shall pay to the Department of Treasury at least once annually an amount equal to 3 mills of the taxes levied under the state education tax, 1993 PA 331, MCL 211.901 to 211.906, that are captured under this Plan for up to the first twenty-five (25) years of the duration of capture of tax increment revenues for each Eligible Property included in this Plan. If the Authority pays an amount equal to 3 mills of the taxes levied under the state education tax, 1993 PA 331, MCL 211.901 to 211.906, on a parcel of Eligible Property to the Department of Treasury under Section 13B(14) of Act 381, the percentage of local taxes levied on that parcel and used to reimburse eligible activities for the Project under this Plan shall not exceed the percentage of local taxes levied on that parcel that would have been used to reimburse eligible activities for the Project under this Plan if the 3 mills of the taxes levied under the state education tax, 1993 PA 331, MCL 211.901 to 211.906, on that parcel were not paid to the Department of Treasury under Section 13b(14) of Act 381. State of Michigan Brownfield Redevelopment Fund (MBRF) capture is estimated at $389,008. Brownfield Plan No. 89 Page 29 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 12. OTHER INFORMATION (SECTION 13(2)(M)) Brownfield Plan Amendments The Authority and the City, in accordance with the Act, may amend this Plan in the future in order to fund additional eligible activities associated with the Project described herein in the event an amendment is deemed necessary for the completion of the Project and to meet the objectives of the Plan under Act 381. Explanation of Millages Captured A. All millages allowed will be captured by the BRA as allowed pursuant to Act 381 of the Public Acts of 1996, as amended, for use in this Plan after a 10% Pass-through/Tax Sharing with all Taxing Jurisdictions. Based on the above, and as required under Act 381, an estimate of the impact of tax increment financing on the revenues and tax sharing of all taxing jurisdictions in which the Eligible Property is located is provided in Table 3 and Table 4f2 of this Plan. B. Capture of School Millages, the Local School Operating (LSO) millage and the State Education Tax (SET) millage, by the Authority are allowed for EGLE-Environmental Eligible Activities of Exempt Activities – Assessments and Exempt Activities – Due Care Planning (“EGLE Exempt Activities”). EGLE Exempt Activities are not subject to approval of an Act 381 Environmental Work Plan by EGLE. C. Debt millages in this Plan – Act 381 does not allow capture of certain Ad Valorem millages and in the case of this Project’s Plan, Ad Valorem debt millages are not allowed for capture, see Table 4f1. Explanation on Proportionality of Eligible Activity Costs Based upon the assumptions made in this Plan, the state and local breakdown of tax capture millage percentages anticipated to be used for reimbursement of eligible costs through this Plan are summarized below. Local Capture State Capture EGLE and MSHDA Eligible Activities Proportionality Proportionality Local to State Tax Capture Revenue 67.52% 32.48% Percentages on EGLE and MSHDA amounts This Project to the City establishes a large residential development tax base partially on a City-owned Property that currently generates zero tax revenue with the remaining parcels generating only a combined total tax revenue of $6,745 per year. The Project provides a means for job creation and a new injection of capital into our economy. Additionally, the Developer has committed to a leasing schedule, leasing all 76 of its units to affordable workforce housing (units at or below 120% of the AMI) within current MSHDA affordability guidelines. These affordable workforce housing units will be an added benefit to the City’s residents and Project. Brownfield Plan No. 89 Page 30 Turner North Development Old Town Multifamily Redevelopment Project, Lansing, MI Revised April 28, 2025 EXHIBITS  EXHIBIT A ALTA / NSPS Land Title Surveys with Legal Descriptions Eligible Property* Address (if known) Tax ID Basis of Eligibility 1413 Turner Street Housing Property and Functionally 33-01-01-09-252-131 Obsolete Property Housing Property and Adjacent & No Address 33-01-01-09-252-152 Contiguous to Functionally Obsolete Property Housing Property and Functionally 1421 Turner Street 33-01-01-09-252-161 Obsolete Property Housing Property and Adjacent & No Address 33-01-01-09-252-171 Contiguous to Functionally Obsolete Property Housing Property and Functionally 1429 Turner Street 33-01-01-09-252-181 Obsolete Property Housing Property and Adjacent & No Address (PART) {portion 33-01-01-09-252-191 Contiguous to Functionally Obsolete of 1503 Turner Street} Property *See ALTA / NSPS Land Title Survey with Legal Descriptions for each individual Eligible Property and Overall Parcel after redevelopment on next page EXHIBIT A PROPERTY DESCRIPTION LEGEND: WFG Nation Title Insurance Company Issuing office file No.: ELA-24-04791 Commitment No.: ELA-24-04791-1 Property Address: 1413 Turner St, Lansing, MI 48906 Commitment Date: October 4, 2024 Parcel A Commencing in the West line of Turner Street at a 84/100 of a rod North of the Southeast corner of Lot 8, Block 10, Original Plat of the City of Lansing, Ingham County, Michigan, according to the recorded plat thereof as recorded in Liber 2 of Plats, Page 36, Ingham County Records; thence West 10 rods; thence South 4 rods; thence East 10 rods; thence North 4 rods to the Place of Beginning. Also described as: Commencing on the West side of Turner Street 2 rods North of the Southeast corner of Lot 9, Block 10, Original Plat of the City of Lansing, Ingham County, Michigan, according to the recorded plat thereof as recorded in Liber 2 of Plats, Page 36, Ingham County Records; thence North 4 rods; thence West 10 rods; thence South 4 rods; thence East 10 rods to the Point of Beginning. Parcel B Beginning 69 1/2 feet South of Lot 4, Block 9, Original Plat of the City of Lansing, Ingham County, Michigan, according to the recorded plat thereof as recorded in Liber 2 of Plats, Page 36, Ingham County Records; thence South 46 feet; thence West 165 feet; thence North 46 feet; thence East 165 feet to the Point of Beginning. Parcel C Commencing 28 1/2 feet South of the Southeast corner of Lot 4, Block 9, Original Plat of the City of Lansing, Ingham County, Michigan, according to the recorded plat thereof as recorded in Liber 2 of Plats, Page 36, Ingham County Records; thence West 165 feet; thence South 41 feet; thence East 165 feet; thence North 41 feet to the Point of Beginning. NORTH Parcel D The South 12 1/2 feet of Lot 4, Block 9, Original Plat of the City of Lansing, Ingham County, Michigan, according to the 0 10 20 40 recorded plat thereof as recorded in Liber 2 of Plats, Page 36, Ingham County Records. SCALE: 1" = 20' Also, Commencing at the Southeast corner of Lot 4, Block 9, Original Plat of the City of Lansing, Ingham County, Michigan, according to the recorded plat thereof as recorded in Liber 2 of Plats, Page 36, Ingham County Records; and running thence South 28 1/2 feet; thence West 165 feet; thence North 28 1/2 feet; thence East 165 feet to the Point of Beginning. NOTES CORRESPONDING TO SCHEDULE B ## WFG Nation Title Insurance Company X Issuing office file No.: ELA-24-04791 CAUTION!! Commitment No.: ELA-24-04791-1 THE LOCATIONS AND ELEVATIONS OF EXISTING UNDERGROUND UTILITI ES AS SHOWN ON THIS DRAWING ARE ONLY Property Address: 1413 Turner St, Lansing, MI 48906 APPROXIMATE. NO GUARANTEE IS EITHER EXPRESSED OR IMPLIED AS T O THE COMPLETENESS OR ACCURACY THEREOF. THE CONTRA CTOR SHALL BE EXCLUSIVELY RESPONSIBLE FOR Commitment Date: October 4, 2024 DET ERMINING THE EXACT UTILITY LOCATIONS AND ELEVATIONS PRIOR TO THE ST ART OF CONSTRUCTI ON. There were no plottable land survey matters listed in the Schedule B Exceptions ADDITIONAL PARCELS PARCEL E: (PER CITY OF LANSING TAX DESCRIPTION FOR PARCEL ID NO. 33-01-01-09-252-152) North 6.16 Rods of the South 7 rods of Lots 6, 7, & 8, Block 10, Original Plat of the City of Lansing. PARCEL F: Part of Lot 4, Block 9, ORIGINAL PLAT OF THE CITY OF LANSING, INGHAM COUNTY, MICHIGAN, as recorded in Liber 2 of Plats, Page 36, Ingham County Records, being more particularly described as: BEGINNING at the Northeast corner of the South 12-1/2 feet of said Lot 4; thence South 89 degrees 35 minutes 40 seconds West, along the Northline of the South 12-1/2 feet of said Lot 4, 165.86 feet; thence North 00 degrees 50 minutes 03 seconds East, along the West line of said Lot 4 and the East line of WYLLIS O. DODGE SUBDIVISION OF PART OF BLOCK 10 AND VACATED STREETS OF ORIGINAL PLAT CLIENT OF THE CITY OF LANSING, as recorded in Liber 6 of Plats, Page 40, Ingham County Records, 22.27 feet to the Southeast CREATIVE corner of Lot 12 of said WYLLIS O. DODGE SUBDIVISION; thence North 89 degrees 35 minutes 40 seconds East, 165.71 feet to the East line of said Lot 4; thence South 00 degrees 26 minutes 14 seconds West, along the East line of said Lot 4, 22.26 feet OPTIONS, LLC to the POINT-OF-BEGINNING. and TURNER NORTH DEVELOPMENT, SURVEYOR'S NOTES LLC 1452 RANDOLPH STREET, #300 LANSING, MICHIGAN TABLE A NOTES: OTHER NOTES: A. Bearings were established per GNSS Observations and linked to Continuously 2. The surveyed property is identified as: Operating Reference Stations (CORS) within the Michigan Spatial Reference PROJECT TITLE Parcel A - 1413 Turner Street Network (MSRN). OLD TOWN Parcel ID: 33-01-01-09-252-131 B. Per Section 5, Paragraph F of the Minimum Standard Detail Requirements for MULTIFAMILY Parcel B - 1421 Turner Street TURNER STREET Parcel ID: 33-01-01-09-252-161 ALTA/NSPS Land Title Surveys, Effective February 23 2021, there was no LANSING, MICHIGAN observable evidence of cemeteries, burial grounds, or individual grave sites on Parcel C - Vacant Turner Street the surveyed property. Parcel ID: 33-01-01-09-252-171 Parcel D - 1429 Turner Street C. No information was provided in regards to the abandonment or vacation of Parcel ID: 33-01-01-09-252-181 Beaver Street as is was platted in the Original Plat of the City of Lansing as Parcel E - Vacant Turner Street recorded in Liber 2 of Plats, Page 36, Ingham County Records. Parcel ID: 33-01-01-09-252-152 REVISIONS PER CLIENT COMMENTS 4/10/2025 Parcel F - Vacant Turner Street D. The location of surface improvements on this site, such as drives, walks and Parcel ID: 33-01-01-09-252-191 (PART) utilities, may be approximate or incomplete due to snow and ice conditions. 3. By graphic platting, the surveyed property is in "Zone X" per FEMA Flood Insurance Rate Map Number 26065C0018D, Effective Date of 08/16/2011 4. The area of the surveyed properties are as follows: Parcel A - 0.25± acres Parcel B - 0.18± acres Parcel C - 0.16± acres ORIGINAL ISSUE DATE: Parcel D - 0.16± acres APRIL 4, 2025 Parcel E - 0.39± acres ALTA/NSPS LAND TITLE SURVEY CERTIFICATE To: Creative Options LLC; DRAWING TITLE Parcel F - 0.09± acres Turner North Development LLC ALTA / NSPS WFG National Title Insurance Company; 8. Substantial features observed in the process of LAND TITLE conducting the fieldwork are shown on the survey map and are depicted as observed. SURVEY This is to certify that this map or plat and the survey on which it is based were made in accordance with the 2021 Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys, jointly established 13. Names of adjoining owners according to current tax and adopted by ALTA and NSPS, and includes Items 2, 3,4,8 and 13 of Table A thereof. records are noted and shown on the survey map. The field work was completed on January 7, 2025. PEA JOB NO. 2023-1080 P.M. CB SUR. WSF Wendy S. Fuller Date DN. JML Michigan Professional Surveyor No. 4001047969 Agent for PEA Group DRAWING NUMBER: NOTE: This survey is for the exclusive use and benefit of the parties indicated and is not intended for future transactions. 1 of 2  LEGEND: OVERALL PARCEL Part of Lot 4, Block 9, Lots 7, 8, and part of Lots 6 and 9, Block 10 and that part of Beaver Street not constructed and lying West of the West line of Turner Street, ORIGINAL PLAT OF THE CITY OF LANSING, INGHAM COUNTY, MICHIGAN, as recorded in Liber 2 of Plats, Page 36, Ingham County Records, being more particularly described as: COMMENCING at the Southeast Corner of said Lot 9; thence North 00 degrees 26 minutes 14 seconds East, 33.09 feet to the Northwest corner of the intersection of Dodge River Drive and Turner Street and the POINT-IF-BEGINNING of the following described Parcel; thence South 89 degrees 50 minutes 49 seconds West, along the North line of Dodge River Drive, 165.69 feet to the Southeast Corner of Lot 17 of WYLLIS O. DODGE SUBDIVISION OF PART OF BLOCK 10 AND VACATED STREETS OF ORIGINAL PLAT OF THE CITY OF LANSING, as recorded in Liber 6 of Plats, Page 40, Ingham County Records; thence along the East line of said WYLLIS O. DODGE SUBDIVISION, the following four (4) courses: NORTH 1) North 00 degrees 06 minutes 41 seconds East, 65.61 feet; 2) North 00 degrees 16 minutes 09 seconds East, 55.91 feet to the Northeast corner of Lot 16 of said WYLLIS O. DODGE SUBDIVISION; 0 10 20 40 3) North 00 degrees 03 minutes 13 seconds West, 53.53 feet to the Northeast corner of Lot 15 of said WYLLIS O. DODGE SUBDIVISION; SCALE: 1" = 20' 4) North 00 degrees 50 minutes 03 seconds East, 142.17 feet to the Southeast corner of Lot 12 of said WYLLIS O. DODGE SUBDIVISION; thence North 89 degrees 35 minutes 40 seconds East, 165.71 feet to the East line of said Lot 4, Block 9 of said ORIGINAL PLAT OF THE CITY OF LANSING an the West line of Turner Street ; thence South 00 degrees 26 minutes 14 seconds West, along the East Line of said Blocks 9 and ## 10 of said ORIGINAL PLAT OF THE CITY OF LANSING and the West line of Turner Street, X 317.95 feet to the Point of Beginning. CAUTION!! THE LOCATIONS AND ELEVATIONS OF EXISTING UNDERGROUND UTILITI ES AS SHOWN ON THIS DRAWING ARE ONLY APPROXIMATE. NO GUARANTEE IS EITHER EXPRESSED OR IMPLIED AS T O THE COMPLETENESS OR ACCURACY THEREOF. THE CONTRA CTOR SHALL BE EXCLUSIVELY RESPONSIBLE FOR DET ERMINING THE EXACT UTILITY LOCATIONS AND ELEVATIONS PRIOR TO THE ST ART OF CONSTRUCTI ON. CLIENT CREATIVE OPTIONS, LLC and TURNER NORTH DEVELOPMENT, LLC 1452 RANDOLPH STREET, #300 LANSING, MICHIGAN PROJECT TITLE OLD TOWN MULTIFAMILY TURNER STREET LANSING, MICHIGAN REVISIONS PER CLIENT COMMENTS 4/10/2025 ORIGINAL ISSUE DATE: APRIL 4, 2025 DRAWING TITLE ALTA / NSPS LAND TITLE SURVEY PEA JOB NO. 2023-1080 P.M. CB SUR. WSF DN. JML DRAWING NUMBER: 2 of 2  EXHIBIT B Basis of Eligibility Exhibit B-1: Affidavits (3) of Functional Obsolescence dated April 3, 2025 Exhibit B-2: MSHDAs Partnership I (South Central) – Data Document 2022 (A table with market names is on the next page) Market Name Market Name 55 Charlotte 212 Lansing-Southeast 100 Dewitt 214 Leslie 106 East Lansing 255 Okemos-Haslett 107 East Lansing-South, MSU 256 Olivet 177 Holt 328 St. Johns 208 Lansing-Central-North 351 Wacousta 209 Lansing-Central-Southwest 358 Waverly 210 Lansing-East 371 Williamston 211 Lansing-Outer-West Project Location The South Central Michigan Housing Partnership includes three counties (Clinton, Eaton and Ingham) as well as 17 Statewide Housing Needs Assessment markets. An analysis of the latest-available Census data, as well as changes in housing prices and availability since 2016, shows that these markets fall into eight broad categories. • The first group is comprised of markets in northern Clinton, central Clinton, and northwestern Ingham counties. Housing demand indicators in these areas are near statewide averages. The housing supply in these areas is predominately made up of single-family detached homes, with a slightly elevated proportion of mobile homes as well. Units here tend to be slightly larger than in other markets, and the percentage of new-build units is relatively low. Seasonal housing vacancies are low here, as are market vacancies. “Other” vacancies are higher than average, however. Both housing values and housing costs tend to be low; that coupled with moderate income tends to keep the incidence of shelter overburden relatively low. This pattern is likely to continue into the short term, at least, since housing costs and home values have decreased or remained steady since 2016. • The second market type incorporates territory in western and southwestern Eaton County and southeastern Ingham County. Housing demand indicators in these markets is positive, as incomes are slightly higher than statewide averages, and unemployment rates tend to be lower. Workers tend to have longer commutes in these markets. On the supply side, older, single- family homes tend to dominate the landscape. Homes tend to be larger among members of this group, and homeownership rates are significantly higher than statewide. Markets in this group tend to have a more stable household base, since they have relatively fewer new in-movers, and a significant proportion of households residing in their neighborhoods since before 1990. Rents and homeowner costs are lower than statewide, as is the percentage of households experiencing shelter overburden. Vacancy tends to be very low in this market group. Despite a sharp drop in market vacancies over the last five years, housing costs for residents have remained mostly stable. • The third market group includes neighborhoods in central and southwestern Lansing. Housing demand indicators in these markets are relatively low; household income tends to be significantly lower than the statewide average, and unemployment is strongly higher. Housing supply indicators imply markets where single-family detached structures are very common, with some presence of denser housing types such as duplexes and small-scale multifamily structures. The stock tends to be quite old, with few units built after 2010 and nearly a quarter dating back to 1939 or earlier. Overcrowded conditions are more common in these places than in other markets around the state. Home values and shelter costs are much lower in these areas; this is likely due to the age of the stock among other factors. Despite this, overburden is a large issue for many households here. Five-year trends in housing costs (both owner and renter) show decreases, even in the face of a decrease in the stock available for sale or rent. • Another group of markets with similar market dynamics is the eastern part of the City of Lansing and its near southern and western suburbs. The residents in this group tend to be younger on average, with moderately high incomes and low levels of unemployment. They also tend to be well-educated, with a higher-than-average proportion of persons with bachelors degrees.  Housing here tends to have more diversity in terms of both tenure and construction type; a majority is still single-family detached, but with higher levels of more-dense housing alternatives. Similarly, renters are more common in these markets, but most households own their homes. More of its stock tends to date back to the 1970s and 1980s, but some recent development has occurred as well. Housing quality is relatively high, since the percentage of units built before 1940 is low, as is the percentage of households that experience overcrowding. Housing values and cost tend to be moderately high in these markets, as is the overburdened percentage. Housing vacancy is not a large issue in these markets, as both the renter and owner vacancy rates are low, and there is not a large amount of seasonal or “other” vacancy either. Changes between 2016 and 2021 may indicate higher housing costs in the future, since the number of market vacancies has decreased significantly during that time. This seems to have increased housing costs and home values for current residents, especially renters. • The next market type takes in the southeastern corner of Clinton County as well as the northwestern portion of Ingham County. Housing demand indicators for this group are very strong, led by incomes that are significantly higher, and unemployment rates significantly lower, than statewide averages. Median age tends to be higher in these areas, as does educational attainment. The housing supply in this group is dominated by owner-occupied, larger, single- family detached structures, with little diversity in offerings outside of a slightly elevated presence of mobile homes. Housing values and costs for both owners and renters are high in these markets as well; however, higher incomes keep the overburden rate relatively low. Vacancies are a smaller portion of the total housing stock than in other places as well. The five- year trends show that market vacancies have increased in these areas, along with housing costs for both tenure types. • Southeastern Clinton County is included in the next housing market type. Housing demand indicators are strong here, performing better than the Michigan average. The housing supply in these markets, while not new, is of relatively recent vintage and corresponds to the push towards the exurban fringe, distant from more-established population centers. Units here tend to be larger and more expensive than average. Housing costs for owners and renters are higher than statewide, but due to higher income levels, shelter overburdened households are less common here than in other market types. Housing vacancies are low as well, which likely maintains higher housing values and rents. The five-year trend indicates that these patterns could extend into the future, since market vacancies declined strongly and costs for non- mortgaged homeowners and renters increased significantly as well. • Housing demand in the Okemos-Haslett area is high, as incomes are significantly above the state average, and employment levels are strong. Educational attainment is also much higher than in other market groups. The group’s housing supply displays some diversity, as single-family detached dwellings are only a bare majority in most areas in this group. Duplexes, triplexes and other denser small-scale multifamily structures are more common here as well, as is new construction. Homeownership rates are just under the state average, but homeowners still make up most households in most markets here. These markets also tend to have a higher degree of recent movers than statewide. Housing costs and home values are significantly higher here than in the rest of the state, but the higher incomes common to households in this group  tends to keep the overburden rate slightly lower than the Michigan average. Vacancies in the homeownership market are quite low, and rental vacancies are lower than statewide as well. Five-year trends in vacancy and costs show that even with a hefty increase in stock available for sale or rent in these markets, housing costs rose dramatically, especially for renters. Home values also rose strongly during this period. • Neighborhoods in East Lansing and southeastern Lansing are included in the last market group. Housing demand indicators in these markets is relatively soft, with low household incomes; however, the unemployment rate is closer to the state average. Residents of these markets tend to be younger, with higher levels of educational attainment. The housing supply displays great diversity; on average, single-family detached units account for less than a third of all homes here. Smaller units are common, and newer construction is more common here than the state in general. These markets tend to have a greater amount of resident turnover, as about a quarter of their households moved to their current residences within the last three years. Housing costs for mortgaged homeowners and renters are higher than state averages, and median home values are higher as well. This market type tends to have more homes available overall, and a low percentage of “other” vacancies. The five-year trend in vacancies shows that the number of homes for sale or lease has increased significantly in these areas. Costs for owners tended to decrease, while renters saw their shelter costs increase significantly. Home values were also up strongly, but less than the statewide average. • Given local market conditions, certain tools or practices can be more effective than others. This data review uses two sources to generate possible policies to investigate for use regionally. The first is a product of researchers at Brookings and the Aspen Institute, who used local trends in housing data to determine logical tools and practices that could be used to help solve housing issues. They derived a set of market types, and policy responses tailored to conditions within these groups. Their work is at https://www.brookings.edu/essay/introducing-the-housing- policy-matchmaker-a-diagnostic-tool-for-local-officials/. The other is derived from the National Community of Practice on Local Housing Policy, which is a joint project of the Furman Center at New York University and Abt Associates. Their work was funded by the Ford Foundation, the John D. and Catherine T. MacArthur Foundation, the Kresge Foundation and the JPMorgan Chase Foundation. They have assembled a large list of tools that are keyed to what they term strong and soft markets, which are detailed at https://localhousingsolutions.org/housing-policy- framework/. Each tool entry is hyperlinked to its description on the Local Housing Solutions website. These policies are not presented as prescriptions to meet local goals, since conditions outside the scope of this analysis could impact their appropriateness. Instead, they are a way to start thinking about what might work given a general sense of local market context.  Lansing‐Central‐North Population Households Median HH Income Owner HH Income Renter HH Income 23,606 9,512 $40,672 $54,013 $31,905 Housing Costs Owner Units Renter Units Home Value $68,950 2016 Value $64,684 2016 Rent $824 Gross Rent $934 Cost M/NM $925/$454 Value ▲ 6.6% Rent ▲ 13.4% $22,983 To afford median home $37,360 To afford median gross rent Affordability Gap Monthly Costs: Owners and Renters Cost‐Burdened Households $6,000 100% 76% 83% 54% 90% $5,000 80% 70% $4,000 60% $3,000 50% 40% $2,000 30% $1,237 $925 $934 20% $1,000 $798 $454 $503 10% 24% 17% 46% $0 0% Mortgaged Not Mortgaged Renter Mortgaged Not Mortgaged Renter 30% of Mo. Private Sector Wage 30% of Monthly Renter Income 30% of App. Miminum Wage Overburdened Not Burdened Housing and Development Conditions Housing Stock Number of Households by AMI Group Units 11,230 Owner HH 39% Renter HH 61% 3000 Median Year Built 1949 % Built Pre‐1970 80.3% Median Move Year 2015 % Built After 2010 4.3% 2,476 2500 Median Rooms 4.9 SF% 60.4% MM% 22.7% MF% 16% Vacancy Rates 2000 1,665 Total 15.3% Owner 0% Renter 0.1% 1,412 1500 1,369 Seasonal 0.6% Other 9.5% # V Rent 326 #V Owner 125 983 Homeownership Rate by Race/Ethnicity 1000 788 819 Black 23.7% White 45.2% 500 Asian 31.4% Other or Multiracial 32.9% Am. Indian 20.7% Hispanic 43.4% 0 Pacific Islnd 0.0% <30% 30% to 40% to 50% to 60% to 80% to >120% 40% 50% 60% 80% 120%  Lansing‐Central‐North Housing Policy Indicators Household Count and Growth Market Partnership Household Change, 2016 to 2021 1.8% 3.5% Household Count, 2021 9,512 190,462 Market Partnership Housing Affordability Number % % Change Number % % Change Home value / partnership income 1.07 ‐‐ ‐‐ ‐‐ ‐‐ ‐‐ Median Income, 2021 $40,672 ‐‐ 32.5% $64,417 ‐‐ 13.0% Median owner income, 2021 $54,013 ‐‐ 25.5% $83,145 ‐‐ 11.8% Median renter income, 2021 $31,905 ‐‐ 29.8% $35,865 ‐‐ 13.3% Median home value $68,950 ‐‐ 6.6% $166,411 ‐‐ 14.3% Median gross rent $934 ‐‐ 13.4% $941 ‐‐ 6.1% Income needed for median rent $37,360 ‐‐ ‐‐ $37,633 ‐‐ ‐‐ Income needed for median value $22,983 ‐‐ ‐‐ $55,470 ‐‐ ‐‐ Overburdened households 3,461 36% ‐21.5% 50,213 26.4% ‐11.5% Market Partnership Housing Quality and Vacancy Number % % Change Number % % Change "Other" vacancy 1,071 9.5% ‐19.0% 6,898 3.4% 0.6% Seasonal vacancy 68 0.6% 518.2% 683 0.3% ‐43.1% For‐Sale vacancy 125 1.1% ‐1.6% 1,376 0.7% ‐30.3% For‐Rent vacancy 326 2.9% ‐28.2% 3,822 1.9% ‐12.6% Homes built pre‐1940 5,296 47.2% ‐‐ 33,490 16.7% ‐‐ Homes built post‐1990 1,091 9.7% ‐‐ 56,930 28.5% ‐‐ Other Market Indicators Housing Policy Matchmaker Type* Low Cost and Growing Strength and Need Type** Low Strength and High Need (Type II) Gap Analysis 2021 Owner Units Renter Units Total Units Market demand (estimated annual moves) 70 463 533 Market supply (vacant on market, adjusted for age) 111 234 346 5 year Market production goals (based on 75K units) 0 220 220 1 year Market production goals (based on 15K units) 0 44 44 5 year Partnership goals (based on 75K units) 1,760 3,500 5,260 1 year Partnership goals (based on 15K units) 352 700 1,052  Lansing‐Central‐North Home Mortgage Disclosure Act Patterns, 2021 Total Apps 302 Total Amt/App $94,106 % Approved 75.5% Total Conventional Apps 202 Conventional Amt/App $95,396 % Conv Apprved 78.2% Total Assisted Apps 100 Assisted Amt/App $91,500 % Asst Apprvd 70.0% Applications by Race: White Total Apps 212 Total Amt/App $94,009 % Positive 77.4% Total Conventional Apps 147 Conventional Amt/App $94,592 % Conv Positive 80.3% Total Assisted Apps 65 Assisted Amt/App $92,692 % Asst Positive 70.8% Applications by Race: Black Total Apps 33 Total Amt/App $103,485 % Positive 64% Total Conventional Apps 22 Conventional Amt/App $113,182 % Conv Positive 63.6% Total Assisted Apps 11 Assisted Amt/App $84,091 % Asst Positive 63.6% Applications by Race: Asian Total Apps 8 Total Amt/App $95,000 % Positive 50.0% Total Conventional Apps 7 Conventional Amt/App $87,857 % Conv Positive 57.1% Total Assisted Apps 1 Assisted Amt/App $145,000 % Asst Positive 0.0% Applications by Race: Native American Total Apps 3 Total Amt/App $138,333 % Positive 100.0% Total Conventional Apps 2 Conventional Amt/App $110,000 % Conv Positive 100.0% Total Assisted Apps 1 Assisted Amt/App $195,000 % Asst Positive 100.0% Applications by Race: Hawaiian or Pacific Islander Total Apps 0 Total Amt/App $0 % Positive NA Total Conventional Apps 0 Conventional Amt/App $0 % Conv Positive NA Total Assisted Apps 0 Assisted Amt/App $0 % Asst Positive NA Applications by Race: Race Not Available Total Apps 39 Total Amt/App $85,000 % Positive 82.1% Total Conventional Apps 22 Conventional Amt/App $81,364 % Conv Positive 81.8% Total Assisted Apps 17 Assisted Amt/App $89,706 % Asst Positive 82.4% Applications by Ethnicity: Hispanic Total Apps 22 Total Amt/App $85,909 % Positive 72.7% Total Conventional Apps 14 Conventional Amt/App $82,143 % Conv Positive 85.7% Total Assisted Apps 8 Assisted Amt/App $92,500 % Asst Positive 50.0%  Market Conditions According to Household Growth and Housing Cost/Value Strong Markets: DeWitt East Lansing Holt Lansing-Central-North Lansing-Central-Southwest Lansing-East Lansing-Outer-West Leslie Okemos-Haslett Wacousta Waverly Williamston Soft Markets: Charlotte East Lansing-South, MSU Lansing-Southeast Olivet St. Johns Housing Policy Toolbox I. Create and preserve dedicated affordable housing units Suggested Market Type Establishing incentives or requirements for affordable housing Expedited permitting for qualifying projects Soft, Strong Reduced or waived fees for qualifying projects Soft, Strong Reduced parking requirements for qualifying developments Soft, Strong Tax abatements or exemptions Soft, Strong Density bonuses Strong Inclusionary zoning Strong Generating revenue for affordable housing Dedicated revenue sources Soft, Strong Employer-assisted housing programs Soft, Strong State tax credits for affordable housing Soft, Strong Tax increment financing Soft, Strong General obligation bonds for affordable housing Soft, Strong Housing trust funds Soft, Strong Increased use of multifamily private activity bonds to draw down 4 percent Low Income Housing Tax Credits Soft, Strong Activation of housing finance agency reserves Soft, Strong Demolition taxes and condominium conversion fees Strong Linkage fees/affordable housing impact fees Strong Transfers of development rights Strong Supporting affordable housing through subsidies Below-market financing of affordable housing development Soft, Strong Low income housing tax credit Soft, Strong Project-basing of housing choice vouchers Soft, Strong Acquisition and operation of moderate-cost rental units Strong Capital subsidies for building affordable housing developments Strong Operating subsidies for affordable housing developments Strong Preserving existing affordable housing The Rental Assistance Demonstration (RAD) Soft, Strong Preservation inventories Strong Rights of first refusal Strong Exhibit B-3: August 1, 2023, Real Estate Analysis for the Old Town District  EXECUTIVE SUMMARY Old Town ... Old Town District ... Lansing, Michigan August 1, 2023 Prepared by: In Collaboration with: Acknowledgements Downtown Lansing, Inc | Advisory Team Cathleen Edgerly, Executive Director, Downtown Lansing, Inc Project Manager, Comprehensive Market Analysis, Downtown Lansing, Inc Jen Estill, President, Board of Directors, Downtown Lansing, Inc Principal and Creative Director, Redhead Creative Consultancy James Tischler, Treasurer, Board of Directors, Downtown Lansing, Inc Development Director, State Land Bank Authority Julie Reinhardt, Director, Community Development, Downtown Lansing, Inc Trevor Benoit, Director, Design & Planning, Downtown Lansing, Inc Ashlee Willis, Advisor and Past President, Board of Directors, Downtown Lansing, Inc Founder & CEO, Michigan Premier Events (Corp, Assoc, Gov’t Event Management) Old Town, Lansing, Michigan Executive Summary Old Town District Retail Summary Retail Potential – There is an opportunity to lease up to 60,000 square feet (sf) of existing and new commercial space in the Old Town District within the next five years. New retail tenants should be concentrated in and near the retail core, east and west along Cesar E Chavez Avenue (including west of the Grand River), and north along Turner Road. The aggregate space could be allocated among 30 establishments with considerable flexibility in aggregate square feet (sf). Depending on the location, new buildings could include up to six levels of for-lease lofts. The recommendations have been carefully customized to leverage Old Town District’s existing strengths while also filling clear gaps and opportunities. Traditional merchants and discovery types of retailers, restaurants, and entertainment venues should be concentrated together in the district’s core, whereas services, home improvement stores, and overnight accommodations should be located at the periphery.  9,500 sf | A small pharmacy and specialty food stores like a healthy food co-op, international market, and bakery should be located anywhere along Cesar E Chavez Avenue.  4,500 sf | Apparel, accessories, and beauty supplies should be clustered together and proximate to established apparel boutiques within the retail core. They should not be fragmented from other traditional merchants.  6,000 sf | A variety of unique and discovery types of merchants offering sporting goods (skateboards, mopeds, resale), stationary, books, and artisan craft supplies, should be clustered in the heart of the retail core.  10,000 sf | Four unique restaurants, eateries, drinking establishments, and/or entertainment venues, could be located anywhere within the retail core, and they do not necessarily need to be clustered together.  14,500 sf | Hardline categories like an appliance store, mattress store, and home improvement stores and services (contractors, locksmith, flooring, lighting) should strive to cluster together near North Street.  12,500 sf | Non-retail services like a laundromat, printing and shipping services (with computer rental), recording studio, fitness center, and caterer should occupy space at the periphery or edges of the retail core.  3,000 sf | A boutique style hotel and retreat center could leverage the unique shopping environment (square footage is not included in the retail space). Flexible meeting space (3,000 sq. ft.) could be linked to the hotel. Retail Gaps and Opportunities Old Town District - Core and Periphery Count General Retail Category General Retail Category Sq. Ft. 1 Apparel - Screen Shop Sports apparel and iconic T-shirts 1,000 2 Apparel - Men's Urban fashions, casual wear 1,500 3 Accessories - Shoes Urban fashions for entire family 1,000 4 Beauty Supplies Organic, cottage industry products 1,000 5 Sporting Goods Skateboards, mopeds, resale goods 2,000 6 Greeting Cards, Other Collectibles Stationary, invitations, special orders 1,000 7 Book Stores Teaching, educational supplies 1,500 8 Art Supply Stores Full range of artisan craft supplies 1,500 9 Specialty Grocery - Neighborhood Healthy choices locally grown, co-op 3,000 10 Specialty Grocery - Neighborhood International market, imports, novelty 2,000 11 Pharmacy - Neighborhood Central Pharmacy or similar brand 2,500 12 Restaurant - African Cuisine Unique eateries, African cuisine 1,500 13 Restaurant - Middle Eastern Unique eateries, Middle Eastern bistro 1,500 14 Restaurant - Fish by Name Unique eateries, seafood restaurant 2,000 15 Entertain - Comedy, Piano, Dance Pride comedy, piano duel, dance club 5,000 16 Specialty Foods - Bakery, Sweets Daily bakery, breads, cupcakes, orders 2,000 Subtotal Old Town Core 30,000 17 Appliances, Electronics New and used appliance showroom 3,000 18 Furniture - Mattresses Mattresses, ready-to-assemble furniture 3,000 19 Home Improve - Contractors Plumbing, roof, siding, window svcs 1,500 20 Home Improve - Locksmith, Safes Locksmith shop with safe showroom 2,500 21 Home Improve - Floors Carpet, tile, and flooring showroom 3,000 22 Home Improve - Electric, Light Fixtures Light fixtures and installation svcs 1,500 23 Laundry and Dry Cleaning Modern laundromat, not dry cleaning 2,000 24 Convenience w/out Gas Wine + cheese cellar, beer cave, deli 2,000 25 Office Supplies Hourly computer rental, print & ship 2,500 26 Marketing - Recording Studio Recording studio, karaoke bar, DJ svc 2,000 27 Fitness Centers, Health Clubs, Gyms Fitness center, martial arts, yoga studio 3,000 30 Non-Restaurant Catering Services Specialty catering, special order svcs 1,000 28 Overnight Accommodations Boutique style hotel with retreat center . 29 Event Halls, Meeting Venues Meeting space linked to boutique hotel 3,000 Subtotal Old Town Periphery 30,000 Total Estimated Square Feet 60,000 Source: Based on a Comprehensive Market Analysis and retail study prepared by LandUseUSA | Urban Strategies; 2023. Old Town, Lansing, Michigan Executive Summary Old Town District Residential Summary Owner Potential – Avoid over-building new detached houses for owners and explore alternative formats like side-by-side duplexes and townhouses. Build no more than thirteen (13) detached houses for owners each year. Also strive to build nine (9) townhouses with private entrances and porches, or a few condo style apartments with shared entrances. Attached units should have vista views of the Grand River and/or retail core; and townhouses should have private porches. Renter Potential – For renters, focus on the development of up to 375 new units throughout the district each year, including 212 lofts, walkups, and courtyard apartments. Diversify the choices with 66 new for-lease townhouses with private entrances and stoops; and 97 accessory dwellings, small cottages, and units in small apartment houses. Additional Notes – About half of the new renters will be “Colleges and Cafes” and “Striving Singles” target markets with exceptionally high movership rates. They tend to turn-over the housing stock quickly and removing them from the analysis reduces the renter market potential to about 200 units annually. For every new residential unit that is constructed, at least one existing unit should be rehabilitated, renovated, remodeled. Some optimal Step Building © formats are shown below and would be ideal for sites located adjacent to Old Town’s retail core.  The Housing Mismatch | Lansing Old Town Capture with New Builds v. Existing Units | 2025 Project 100% Housing Type Proposed 90% 75% 69% Share of Total 56% 50% 37% 35% 30% 28% Demand Demand 26% Supply Supply 25% 15% 17% 6% 4% 0% OWNERS OWNERS OWNERS RENTERS RENTERS RENTERS Houses Town Condo Downtown Town Accessory Large Houses Style Lofts Houses Small Cottages Side-Side Apartments Walkups Private Cottages Private Lg Porch Shared Courtyard Entrances Subdivided Yard Vista View Entrances Apartments & Stoops Houses Supply represents all existing housing units as reported by the American Community Survey with one-year and five-year estimates through 2021. Demand is based on the number of new households migrating into the Old Town Lansing study area each year. All figures are unadjusted for out-migration; internal movership among existing households; vacancies; and new projects that might be in pipeline for future development. Based on the results of a comprehensive Residential Target Market Analysis and analysis prepared by LandUseUSA | Urban Strategies; 2022-2023. Annual Market Potential | Lansing Old Town Capture with New Builds | Year 2025 Note: Includes about 204 in-migrating 500 Owners v. Renters singles (i.e., the Colleges & Cafes and Total = 397 Striving Singles lifestyle clusters) who tend to seek student housing formats. Number of Housing Units 400 375 300 200 100 22 0 Owners Renters All charts represent the minimum and conservative market potential based on in- migration only, and excluding internal movership. There is a need to CAPTURE these new households that are moving into Old Town Lansing by building new units every year. All figures are unadjusted for out-migration, current vacancies, and competing developments that might be in the construction pipeline. 500 Tenure Allocated to Formats Total = 397 Number of Housing Units 400 Project Housing Type 300 Proposed 212 200 97 100 66 13 6 3 0 OWNERS OWNERS OWNERS RENTERS RENTERS RENTERS Houses Town Condo Downtown Town Accessory Large Houses Style Lofts Houses Small Cottages Side-Side Apartments Walkups Private Cottages Private Lg Porch Shared Courtyard Entrances Subdivided Yard Vista View Entrances Apartments & Stoops Houses Source: Target market analysis and exhibit prepared by LandUseUSA | Urban Strategies on behalf of Old Town Lansing; 2022. Annual Market Potential | Old Town Capture of New Owners | Year 2025 all other lifestyle clusters 4 Family Funtastic | B09 Suburban Attainment | D18 1 Total = 22 Status Seeking Singles | G24 1 Annual Capture Bohemian Groove | K40 1 Owner Households (excludes Rehabs Rooted Flower Power | L42 1 and Interception) Infants Debit Cards | M45 3 Full Steam Ahead | O50 Digital Dependents | O51 3 Urban Ambition | O52 1 Colleges Cafes | O53 1 Striving Singles | O54 1 Family Troopers | O55 Mid-Scale Medley | P56 2 Humble Beginnings | P61 Senior Discount Towers | Q65 Daring to Dream | R66 1 Hope for Tomorrow | R67 Small Town Pockets | S68 1 Urban Survivors | S69 1 Tough Times | S71 Underlying Mosaic Lifestyle Clusters provided by Experian Decision Analytics through 2021, and with forecasts through 2025. Analysis & exhibit prepared by LandUseUSA on behalf of Old Town Lansing; 2022 - 2023. Annual Market Potential | Old Town Capture of New Renters | Year 2025 all other lifestyle clusters Family Funtastic | B09 Suburban Attainment | D18 Total = 375 Status Seeking Singles | G24 1 Annual Capture Bohemian Groove | K40 9 Renter Households Rooted Flower Power | L42 (excludes Rehabs and Interception) Infants Debit Cards | M45 3 Full Steam Ahead | O50 15 Digital Dependents | O51 5 Urban Ambition | O52 32 Colleges Cafes | O53 3 Striving Singles | O54 196 Family Troopers | O55 14 Mid-Scale Medley | P56 2 Humble Beginnings | P61 3 Senior Discount Towers | Q65 1 Daring to Dream | R66 70 Hope for Tomorrow | R67 14 Small Town Pockets | S68 3 Urban Survivors | S69 1 Tough Times | S71 3 Underlying Mosaic Lifestyle Clusters provided by Experian Decision Analytics through 2021, and with forecasts through 2025. Analysis & exhibit prepared by LandUseUSA on behalf of Downtown Lansing, Inc.; 2022 - 2023.  Preferred Home Values | Old Town Capture with New-Builds | Year 2025 $500,000 or more $475 - 500,000 Minimum Number of $450 - 475,000 1 Annual New-Builds by Total Home Value $425 - 450,000 (Preferred by the Target Markets) ... $400 - 425,000 Total Owner Units = 22 New-Build Home Value Brackets $375 - 400,000 $350 - 375,000 $325 - 350,000 $300 - 325,000 1 $275 - 300,000 4 $250 - 275,000 2 $225 - 250,000 5 $200 - 225,000 4 $175 - 200,000 2 $150 - 175,000 3 $150,000 or less Based on the results of a Target Market Analysis and study of households moving into the local market. Analysis & exhibit prepared by LandUseUSA | Urban Strategies on behalf of Downtown Lansing, Inc.; 2022 - 2023. Preferred Contract Rents | Old Town Capture with New Builds | Year 2025 $2,000 or more 1 $1,900 - 2,000 Minimum Number of $1,800 - 1,900 Annual New-Builds by Monthly Contract Rent $1,700 - 1,800 (Preferred by the Target Markets) ... $1,600 - 1,700 Total Rental Units = 375 $1,500 - 1,600 Monthly Contract Rent Brackets $1,400 - 1,500 22 $1,300 - 1,400 $1,200 - 1,300 256 $1,100 - 1,200 $1,000 - 1,100 $900 - 1,000 78 $800 - 900 $700 - 800 18 $600 - 700 $500 - 600 $500 or less Based on the results of a Target Market Analysis and study of households moving into the local market. Analysis & exhibit prepared by LandUseUSA | Urban Strategies on behalf of Housing Lenawee; 2022 - 2023. Annual Market Potential | Lansing Old Town Intercept with New Builds | Year 2025 Note: Includes about 200 singles (i.e., the 500 Owners v. Renters Colleges & Cafes and Striving Singles lifestyle Total = 261 clusters) who are on the move but currently bypassing Lansing's Old Town District each year. Number of Housing Units 400 300 258 200 100 3 0 Owners Renters Both charts are based on the history of in-migration for Lansing's Old Town District over the past five years, and excluding internal movership. There is an upside opportunity to INTERCEPT these households that are on the move but currently bypassing the district. All figures are unadjusted for out-migration, current vacancies, and competing developments that might be in the construction pipeline. 500 Tenure Allocated to Formats Total = 261 Number of Housing Units 400 Project 300 Housing Type Proposed 198 200 100 31 29 2 1 0 0 OWNERS OWNERS OWNERS RENTERS RENTERS RENTERS Houses Town Condo Downtown Town Accessory Large Houses Style Lofts Houses Small Cottages Side-Side Apartments Walkups Private Cottages Private Lg Porch Shared Courtyard Entrances Subdivided Yard Vista View Entrances Apartments & Stoops Houses Source: Target market analysis and exhibit prepared by LandUseUSA | Urban Strategies on behalf of Old Town Lansing; 2022. Annual Market Potential | Lansing Old Town Retain with Rehabs | Year 2025 Note: Includes about 110 existing singles (i.e., 500 Owners v. Renters the Colleges & Cafes and Striving Singles Total = 372 lifestyle clusters) who are swapping addresses within Lansing's Old Town District each year. Number of Housing Units 400 346 300 200 100 26 0 Owners Renters Both charts represent a conservative market potential based on internal movership only, and excluding in-migration. There is a need to RETAIN these existing households that are moving within Lansing's Old Town District by rehabbing outdated units every year. All figures are unadjusted for out-migration, current vacancies, and competing developments that might be in the construction pipeline. 500 Tenure Allocated to Formats Total = 372 Number of Housing Units 400 300 200 129 137 100 80 16 7 3 0 OWNERS OWNERS OWNERS RENTERS RENTERS RENTERS Houses Town Condo Downtown Town Accessory Large Houses Style Lofts Houses Small Cottages Side-Side Apartments Walkups Private Cottages Private Lg Porch Shared Courtyard Entrances Subdivided Yard Vista View Entrances Apartments & Stoops Houses Source: Target market analysis and exhibit prepared by LandUseUSA | Urban Strategies on behalf of Old Town Lansing; 2022.  Block Groups | Residential CMA Old Town Study Area | 2020 Census Rd i ng ns La N E a s t St k e La W o o d St H ei g h t s A v e Whyte St Indiana Ave New Yo rk Av e N F a irv i e w A v e ve rd A N H i gh St E N o rth S t O h i o Ave Turner St N Larch St yfo N Ha 8.04 Cen te r St Groesbeck Golf Course Ho p ki n s Av E C esar E C h a vez Ave W Mapl e St 66.02 7.01 Porter St Ma r yland Av e W Kilborn St Center St Cleveland St C l a rk S t Mah l o n St N C hestnut St E Oak l and Ave W Oak l and A v e 8.03 Ma y S t N Penn s y l van i a Av e S eym o u r Ave N P i ne S t N C a p i to l Av e N F a ir v i e w Ave N C e dar St N L a r ch S t 69 69 882 ft N Ma gn o li a Av e N H a yfo r d Ave N Wa l n u t S t N Grand Ave M ar s ha ll St W Ge n ese e S t N C l em e ns Ave Sh i aw a ss e e S t E S hiaw ass ee S t W Ion i a St 96 Vine St 4/7/2023 1:20,000 0 0.13 0.25 0.5 mi 0 0.2 0.4 0.8 km Esri, NASA, NGA, USGS, FEMA, Province of Ontario, Esri, HERE, Garmin, SafeGraph, GeoTechnologies, Inc, METI/NASA, USGS, EPA, NPS, US  EXHIBIT C Table 4 – Tax Increment Financing Estimates Table 4a1 - Base Year/Initial Taxable Value (ITV) Information Table 4a2 - Total Estimated Taxes Paid to All Taxing Jurisdictions on the Base Year Taxable Value/Initial Taxable Value (ITV) Table 4b - Estimated Future Taxable Value (FTV) Information Table 4c - Total Tax Increment Revenue Capture Estimate Table 4d - Tax Increment Revenue Reimbursement Allocation Table Table 4e – Total Taxes Paid to All Taxing Jurisdiction on the Total Captured Value (excludes any Base Year/ITV) During Brownfield Plan Tax Capture Period Table 4f1 – Tax Capture Not Allowed by BRA Table 4f2 – 10% of Tax Capture Passed-Through/Shared with Taxing Jurisdiction  TURNER NORTH DEVELOPMENT ‐ OLD TOWN ‐ NEW CONSTRUCTION PROJECT 1413 through portion of 1503 Turner Street, Lansing, Michigan (6 Tax Parcel IDs) Table 4a1 ‐ Base Year/ Initial Taxable Value (ITV) Information Base Year/ Initial Taxable Value (ITV) of All Eligible Property in the Brownfield Plan by Property Identification Notes Property Classification Land Improve‐ Real Property Personal BASE YEAR = Address Tax Parcel Number Land Building Total ments Subtotal Property 2025 0 TURNER 33‐01‐01‐09‐252‐171 $ 3,568 $ ‐ $ ‐ $ 3,568 $ ‐ $ 3,568 Tax Exempt/ City‐owned 0 TURNER 33‐01‐01‐09‐252‐152 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ Property for 2025 1413 TURNER 33‐01‐01‐09‐252‐131 $ 11,334 $ ‐ $ 14,765 $ 26,099 $ ‐ $ 26,099 1421 TURNER 33‐01‐01‐09‐252‐161 $ 12,270 $ ‐ $ 28,350 $ 40,620 $ ‐ $ 40,620 1429 TURNER 33‐01‐01‐09‐252‐181 $ 5,743 $ ‐ $ 3,577 $ 9,320 $ ‐ $ 9,320 1503 TURNER (portion of) 33‐01‐01‐09‐252‐191 $ 4,653 $ ‐ $ ‐ $ 4,653 $ ‐ $ 4,653 Totals $ 37,568 $ ‐ $ 46,693 $ 84,260 $ ‐ $ 84,260 ‐ Last revised: 4/2/2025 Advanced Redevelopment Solutions Base Year/ ITV Page 1 of 1  TURNER NORTH DEVELOPMENT ‐ OLD TOWN ‐ NEW CONSTRUCTION PROJECT 1413 through portion of 1503 Turner Street, Lansing, Michigan (6 Tax Parcel IDs) Table 4a2 ‐ Total Estimated Taxes Paid to All Taxing Jurisdictions on the Base Year Taxable Value/ Initial Taxable Value (ITV) Real Property Buildings, Improvements to Land & Land Calendar/ AD VALOREM TAXING AUTHORITIES/ TAXING 2025 Tax Year 1 Millage Rate Paid JURISDICTIONS ‐ CITY OF LANSING ‐ ‐ ‐ ‐ City Operating ‐ Lansing 19.4400 $ 1,638 ‐ Storm/ Montgomery Drain 0.2600 $ 22 ‐ Public Safety 3.5000 $ 295 Subtotal of Local Government Unit (LGU): ‐ Annual 23.2000 $ 1,955 ‐ INGHAM COUNTY ‐ ‐ ‐ ‐ Ingham County 12.3921 $ 1,044 ‐ Capital Region Airport Authority ‐ CRAA 0.6990 $ 59 ‐ Capital Area Transportation Authority ‐ CATA 2.9895 $ 252 ‐ LIBRARY ‐ ‐ ‐ ‐ Capital Area District Libraries ‐ CADL 1.5590 $ 131 ‐ INTERMEDIATE SCHOOL DISTRICTS (ISD) ‐ ‐ ‐ ‐ ISD Operating & Special Education 4.9378 $ 416 ‐ COMMUNITY COLLEGE ‐ ‐ ‐ ‐ Lansing Community College ‐ LCC 3.7692 $ 318 LOCAL SCHOOL MILLAGES: excludes State ‐ School millages ‐ ‐ ‐ ‐ Lansing School District Debt (District #33020) 4.1000 $ 345 ‐ Lansing School District Sinking Fund 2.9575 $ 249 ‐ Subtotal of Non‐LGU Local: Annual 33.4041 $ 2,815 ‐ Total Local Tax Capture: Annual 56.6041 $ 4,769 STATE SCHOOL MILLAGES: excludes Local Millage Rate Paid ‐ ‐ ‐ School millages ‐ State Education Tax ‐ SET 6.0000 $ 506 ‐ Local School Operating ‐ LSO 17.4478 $ 1,470 ‐ Total State & Local School: Annual 23.4478 $ 1,976 TOTAL LOCAL and STATE & LOCAL SCHOOL ‐ 80.0519 $ 6,745 TAX CAPTURE: ANNUAL Notes: 1 The most current available millage rates are utilized (Summer 2024 and Winter 2024). Last revised: 4/2/2025 Advanced Redevelopment Solutions Base Year Taxes Paid Page 1 of 1  TURNER NORTH DEVELOPMENT ‐ OLD TOWN ‐ NEW CONSTRUCTION PROJECT 1413 through portion of 1503 Turner Street, Lansing, Michigan (6 Tax Parcel IDs) FIRST YEAR OF TAX Table 4b ‐ Estimated Future Taxable Value (FTV) Information 1, 2 CAPTURE Calendar/ Tax Year = 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 Tax Year FYE 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 2058 BP Capture 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Year Estimated Percentage (%) Change In Future Taxable Values (TV) of Building(s), Land Improvements & Land (excludes 0.00% 0.00% 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% any Personal Property) Tax Year = 2026 2027 2028 2029 % % % Estimated Future Taxable Value (FTV) and % Completed Completed Completed True Cash Value (TCV) of Building(s), Land Completed ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ by by by Improvements & Land Upon Completion by 12/31/28 FTV TCV Notes 12/31/25 12/31/26 12/31/27 Includes AV/FTV of Land Multi‐Family Residential Apartment Units $ 4,138,100 $ 8,276,103 0% 30% 90% 100% 1,241,400 3,724,300 4,138,100 4,262,200 4,390,100 4,521,800 4,657,500 4,797,200 4,941,100 5,089,300 5,242,000 5,399,300 5,561,300 5,728,100 5,899,900 6,076,900 6,259,200 6,447,000 6,640,400 6,839,600 7,044,800 7,256,100 7,473,800 7,698,000 7,928,900 8,166,800 8,411,800 8,664,200 8,924,100 9,191,800 9,467,600 upon 100% completion. Total $ 4,138,100 $ 8,276,103 ‐ ‐ ‐ ‐ ‐ 1,241,400 3,724,300 4,138,100 4,262,200 4,390,100 4,521,800 4,657,500 4,797,200 4,941,100 5,089,300 5,242,000 5,399,300 5,561,300 5,728,100 5,899,900 6,076,900 6,259,200 6,447,000 6,640,400 6,839,600 7,044,800 7,256,100 7,473,800 7,698,000 7,928,900 8,166,800 8,411,800 8,664,200 8,924,100 9,191,800 9,467,600 Total Future Taxable Value (FTV) of Building(s) and Land Improvements, Land & Personal Property (if any) 1,241,400 3,724,300 4,138,100 4,262,200 4,390,100 4,521,800 4,657,500 4,797,200 4,941,100 5,089,300 5,242,000 5,399,300 5,561,300 5,728,100 5,899,900 6,076,900 6,259,200 6,447,000 6,640,400 6,839,600 7,044,800 7,256,100 7,473,800 7,698,000 7,928,900 8,166,800 8,411,800 8,664,200 8,924,100 9,191,800 9,467,600 Base Year/ Initial Taxable Value (ITV) of Building(s) and Land Improvements 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 46,693 Base Year/ Initial Taxable Value (ITV) of Land 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 37,568 Total Base Year/ Initial Taxable Value (ITV) 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 84,260 Total Captured Taxable Value ( = to Total FTV of Building(s) and Land Improvements, Land & Personal Property (if any) minus Base Year/ ITV) $ ‐ $ 3,640,040 $ 4,053,840 $ 4,177,940 $ 4,305,840 $ 4,437,540 $ 4,573,240 $ 4,712,940 $ 4,856,840 $ 5,005,040 $ 5,157,740 $ 5,315,040 $ 5,477,040 $ 5,643,840 $ 5,815,640 $ 5,992,640 $ 6,174,940 $ 6,362,740 $ 6,556,140 $ 6,755,340 $ 6,960,540 $ 7,171,840 $ 7,389,540 $ 7,613,740 $ 7,844,640 $ 8,082,540 $ 8,327,540 $ 8,579,940 $ 8,877,407 $ 9,145,107 $ 9,420,907 Notes: All Future Taxable Values (FTV)/Future Assessed Values (FAV) are estimates only; the actual FTV/FAV may be higher or lower than estimated, and must be determined upon project completion by the governing body's Assessing personnel. FTV/FAV per square foot and/or per room/unit for both new construction and renovations may vary widely depending on the quality, quantity, type of improvements, and the property's location. 1 Additionally, for any renovations (if applicable), the FTV/FAV depends on whether improvements are assessed as “new improvements” or just “replacement/repair,” as determined by Assessing personnel. Until improvements are completed and assessed, it is only possible to estimate the FTV/FAV based on various assumptions. The Brownfield Plan will also capture all Personal Property taxes allowed for tax capture. The estimates of the Future Assessed Value (FAV) of Personal Property, if any are provided, and any associated Tax Increment Revenues, are estimates only, and the actual values of Personal Property and any associated property taxes generated are difficult to estimate due to the following: (a) uncertainty regarding the amount, value and type of Personal Property to be included in the project; (b) different depreciation rates applying to the various categories of Personal Property, such as 2 Furniture and Fixtures, Office and Electronic Equipment, Machinery and Equipment, and Computer Equipment; and (c) Personal Property being exempt from taxes if its True Cash Value (after depreciation) is less than $180,000 and the proper forms are submitted to the local unit of government (pursuant to Michigan Public Act 153 of 2013, as amended). The estimated Assessed/Taxable Value of any existing Personal Property is included in the Plan's Base Year/Initial Taxable Value. Advanced Redevelopment Solutions Estimated Future Taxable Value (FTV) Page 1 of 1  Table 4c - Total Tax Increment Revenue Capture Estimate TURNER NORTH DEVELOPMENT - OLD TOWN - NEW CONSTRUCTION PROJECT 1413 through portion of 1503 Turner Street, Lansing, Michigan (6 Tax Parcel IDs) 4/3/2025 Estimated Percentage (%) Change In Taxable Values (TV) 0.00% 0.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% Brownfield Plan Year 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Brownfield Plan Capture Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 TOTAL Calendar Year 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 Base Year Taxable Value $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 $ 84,260 ‐ Estimated New TV: Residential Apartments $ 3,724,300 $ 4,138,100 $ 4,262,200 $ 4,390,100 $ 4,521,800 $ 4,657,500 $ 4,797,200 $ 4,941,100 $ 5,089,300 $ 5,242,000 $ 5,399,300 $ 5,561,300 $ 5,728,100 $ 5,899,900 $ 6,076,900 $ 6,259,200 $ 6,447,000 $ 6,640,400 $ 6,839,600 $ 7,044,800 $ 7,256,100 $ 7,473,800 $ 7,698,000 $ 7,928,900 $ 8,166,800 $ 8,411,800 $ 8,664,200 $ 8,924,100 $ 9,191,800 $ 9,467,600 ‐ Incremental Difference (New TV ‐ Base TV) $ 3,640,040 $ 4,053,840 $ 4,177,940 $ 4,305,840 $ 4,437,540 $ 4,573,240 $ 4,712,940 $ 4,856,840 $ 5,005,040 $ 5,157,740 $ 5,315,040 $ 5,477,040 $ 5,643,840 $ 5,815,640 $ 5,992,640 $ 6,174,940 $ 6,362,740 $ 6,556,140 $ 6,755,340 $ 6,960,540 $ 7,171,840 $ 7,389,540 $ 7,613,740 $ 7,844,640 $ 8,082,540 $ 8,327,540 $ 8,579,940 $ 8,839,840 $ 9,107,540 $ 9,383,340 ‐ Multi‐Family Residential Apartment Units Millage Rate School Capture Captured State Education Tax ‐ SET 6.0000 $ 19,656 $ 21,891 $ 22,561 $ 23,252 $ 23,963 $ 24,695 $ 25,450 $ 26,227 $ 27,027 $ 27,852 $ 28,701 $ 29,576 $ 30,477 $ 31,404 $ 32,360 $ 33,345 $ 34,359 $ 35,403 $ 36,479 $ 37,587 $ 38,728 $ 39,904 $ 41,114 $ 42,361 $ 43,646 $ 44,969 $ 46,332 $ 47,938 $ 49,384 $ 50,873 $ 1,017,512 Local School Operating ‐ LSO 17.4478 $ 57,160 $ 63,658 $ 65,606 $ 67,615 $ 69,683 $ 71,814 $ 74,007 $ 76,267 $ 78,594 $ 80,992 $ 83,462 $ 86,006 $ 88,625 $ 91,323 $ 94,103 $ 96,965 $ 99,914 $ 102,951 $ 106,079 $ 109,301 $ 112,620 $ 116,038 $ 119,559 $ 123,185 $ 126,920 $ 130,768 $ 134,731 $ 139,402 $ 143,606 $ 147,937 $ 2,958,890 School Total 23.4478 $ 76,816 $ 85,548 $ 88,167 $ 90,866 $ 93,645 $ 96,509 $ 99,457 $ 102,494 $ 105,621 $ 108,844 $ 112,163 $ 115,582 $ 119,102 $ 122,728 $ 126,463 $ 130,310 $ 134,273 $ 138,354 $ 142,558 $ 146,888 $ 151,347 $ 155,942 $ 160,673 $ 165,546 $ 170,566 $ 175,736 $ 181,063 $ 187,340 $ 192,989 $ 198,810 $ 3,976,402 Millage Rate Local Capture Captured City Operating ‐ Lansing 19.4400 $ 63,686 $ 70,926 $ 73,097 $ 75,335 $ 77,639 $ 80,013 $ 82,458 $ 84,975 $ 87,568 $ 90,240 $ 92,992 $ 95,826 $ 98,745 $ 101,750 $ 104,847 $ 108,037 $ 111,322 $ 114,706 $ 118,191 $ 121,782 $ 125,479 $ 129,287 $ 133,210 $ 137,250 $ 141,412 $ 145,699 $ 150,115 $ 155,319 $ 160,003 $ 164,828 $ 3,296,738 Ingham County 12.3921 $ 40,597 $ 45,212 $ 46,596 $ 48,023 $ 49,491 $ 51,005 $ 52,563 $ 54,168 $ 55,821 $ 57,524 $ 59,278 $ 61,085 $ 62,945 $ 64,861 $ 66,835 $ 68,868 $ 70,963 $ 73,120 $ 75,342 $ 77,630 $ 79,987 $ 82,415 $ 84,915 $ 87,490 $ 90,144 $ 92,876 $ 95,691 $ 99,009 $ 101,994 $ 105,070 $ 2,101,518 Capital Region Airport Authority ‐ CRAA 0.6990 $ 2,290 $ 2,550 $ 2,628 $ 2,709 $ 2,792 $ 2,877 $ 2,965 $ 3,055 $ 3,149 $ 3,245 $ 3,344 $ 3,446 $ 3,551 $ 3,659 $ 3,770 $ 3,885 $ 4,003 $ 4,124 $ 4,250 $ 4,379 $ 4,512 $ 4,649 $ 4,790 $ 4,935 $ 5,085 $ 5,239 $ 5,398 $ 5,585 $ 5,753 $ 5,927 $ 118,540 Capital Area Transportation Authority ‐ CATA 2.9895 $ 9,794 $ 10,907 $ 11,241 $ 11,585 $ 11,939 $ 12,305 $ 12,680 $ 13,068 $ 13,466 $ 13,877 $ 14,300 $ 14,736 $ 15,185 $ 15,647 $ 16,123 $ 16,614 $ 17,119 $ 17,640 $ 18,176 $ 18,728 $ 19,296 $ 19,882 $ 20,485 $ 21,106 $ 21,746 $ 22,406 $ 23,085 $ 23,885 $ 24,605 $ 25,347 $ 506,975 Capital Area District Libraries ‐ CADL 1.5590 $ 5,107 $ 5,688 $ 5,862 $ 6,042 $ 6,226 $ 6,417 $ 6,613 $ 6,815 $ 7,023 $ 7,237 $ 7,458 $ 7,685 $ 7,919 $ 8,160 $ 8,408 $ 8,664 $ 8,928 $ 9,199 $ 9,478 $ 9,766 $ 10,063 $ 10,368 $ 10,683 $ 11,007 $ 11,341 $ 11,684 $ 12,039 $ 12,456 $ 12,832 $ 13,218 $ 264,383 ISD Operating & Special Education 4.9378 $ 16,176 $ 18,015 $ 18,567 $ 19,135 $ 19,721 $ 20,324 $ 20,944 $ 21,584 $ 22,242 $ 22,921 $ 23,620 $ 24,340 $ 25,081 $ 25,845 $ 26,631 $ 27,442 $ 28,276 $ 29,136 $ 30,021 $ 30,933 $ 31,872 $ 32,839 $ 33,836 $ 34,862 $ 35,919 $ 37,008 $ 38,129 $ 39,451 $ 40,641 $ 41,867 $ 837,378 Lansing Community College ‐ LCC 3.7692 $ 12,348 $ 13,752 $ 14,173 $ 14,607 $ 15,053 $ 15,514 $ 15,988 $ 16,476 $ 16,978 $ 17,496 $ 18,030 $ 18,580 $ 19,145 $ 19,728 $ 20,329 $ 20,947 $ 21,584 $ 22,240 $ 22,916 $ 23,612 $ 24,329 $ 25,067 $ 25,828 $ 26,611 $ 27,418 $ 28,249 $ 29,106 $ 30,115 $ 31,023 $ 31,958 $ 639,201 Lansing School District Sinking Fund 2.9575 $ 9,689 $ 10,790 $ 11,121 $ 11,461 $ 11,812 $ 12,173 $ 12,545 $ 12,928 $ 13,322 $ 13,729 $ 14,147 $ 14,579 $ 15,022 $ 15,480 $ 15,951 $ 16,436 $ 16,936 $ 17,451 $ 17,981 $ 18,527 $ 19,090 $ 19,669 $ 20,266 $ 20,880 $ 21,514 $ 22,166 $ 22,838 $ 23,629 $ 24,342 $ 25,076 $ 501,548 Local Total 48.7441 $ 159,687 $ 177,841 $ 183,285 $ 188,896 $ 194,673 $ 200,627 $ 206,755 $ 213,068 $ 219,570 $ 226,268 $ 233,169 $ 240,276 $ 247,593 $ 255,130 $ 262,895 $ 270,893 $ 279,131 $ 287,616 $ 296,355 $ 305,357 $ 314,626 $ 324,177 $ 334,012 $ 344,142 $ 354,579 $ 365,327 $ 376,399 $ 389,449 $ 401,193 $ 413,292 $ 8,266,282 Millage Rate Non‐Capturable Millages Paid Public Safety 3.5000 $ 12,740 $ 14,188 $ 14,623 $ 15,070 $ 15,531 $ 16,006 $ 16,495 $ 16,999 $ 17,518 $ 18,052 $ 18,603 $ 19,170 $ 19,753 $ 20,355 $ 20,974 $ 21,612 $ 22,270 $ 22,946 $ 23,644 $ 24,362 $ 25,101 $ 25,863 $ 26,648 $ 27,456 $ 28,289 $ 29,146 $ 30,030 $ 30,939 $ 31,876 $ 32,842 $ 659,104 Storm/ Montgomery Drain 0.2600 $ 946 $ 1,054 $ 1,086 $ 1,120 $ 1,154 $ 1,189 $ 1,225 $ 1,263 $ 1,301 $ 1,341 $ 1,382 $ 1,424 $ 1,467 $ 1,512 $ 1,558 $ 1,605 $ 1,654 $ 1,705 $ 1,756 $ 1,810 $ 1,865 $ 1,921 $ 1,980 $ 2,040 $ 2,101 $ 2,165 $ 2,231 $ 2,298 $ 2,368 $ 2,440 $ 48,962 Lansing School District Debt (District #33020) 4.1000 $ 14,924 $ 16,621 $ 17,130 $ 17,654 $ 18,194 $ 18,750 $ 19,323 $ 19,913 $ 20,521 $ 21,147 $ 21,792 $ 22,456 $ 23,140 $ 23,844 $ 24,570 $ 25,317 $ 26,087 $ 26,880 $ 27,697 $ 28,538 $ 29,405 $ 30,297 $ 31,216 $ 32,163 $ 33,138 $ 34,143 $ 35,178 $ 36,243 $ 37,341 $ 38,472 $ 772,093 Total Non‐Capturable Taxes 7.8600 $ 28,611 $ 31,863 $ 32,839 $ 33,844 $ 34,879 $ 35,946 $ 37,044 $ 38,175 $ 39,340 $ 40,540 $ 41,776 $ 43,050 $ 44,361 $ 45,711 $ 47,102 $ 48,535 $ 50,011 $ 51,531 $ 53,097 $ 54,710 $ 56,371 $ 58,082 $ 59,844 $ 61,659 $ 63,529 $ 65,454 $ 67,438 $ 69,481 $ 71,585 $ 73,753 $ 1,480,159 Total Annual Tax Increment Revenue (TIR) Available for Capture $ 236,503 $ 263,389 $ 271,452 $ 279,762 $ 288,319 $ 297,136 $ 306,212 $ 315,562 $ 325,191 $ 335,112 $ 345,333 $ 355,858 $ 366,696 $ 377,858 $ 389,358 $ 401,203 $ 413,404 $ 425,970 $ 438,913 $ 452,245 $ 465,974 $ 480,118 $ 494,685 $ 509,688 $ 525,145 $ 541,063 $ 557,462 $ 576,789 $ 594,182 $ 612,102 $ 12,242,684 Cumulative Tax Increment Revenue (TIR) Available for Capture $ 236,503 $ 499,892 $ 771,344 $ 1,051,106 $ 1,339,425 $ 1,636,561 $ 1,942,774 $ 2,258,336 $ 2,583,527 $ 2,918,639 $ 3,263,971 $ 3,619,830 $ 3,986,525 $ 4,364,383 $ 4,753,741 $ 5,154,944 $ 5,568,348 $ 5,994,318 $ 6,433,231 $ 6,885,476 $ 7,351,450 $ 7,831,568 $ 8,326,254 $ 8,835,941 $ 9,361,086 $ 9,902,148 $ 10,459,610 $ 11,036,400 $ 11,630,582 $ 12,242,684 ‐ Footnotes: The most current available millage rates are utilized (Summer 2024 & Winter 2024) and are assumed to be in effect for the duration of the Plan. Actual rates are subject to change and may be higher or lower, and may include the elimination of existing millages and/or the addition of new millages. Last revised: 4/3/2025 Advanced Redevelopment Solutions Total TIR Capture Page 1 of 1  Table 4d ‐ Tax Increment Revenue Reimbursement Allocation Table TURNER NORTH DEVELOPMENT ‐ OLD TOWN ‐ NEW CONSTRUCTION PROJECT 1413 through portion of 1503 Turner Street, Lansing, Michigan (6 Tax Parcel IDs) 4/3/2025 Developer Maximum School & Local Local‐Only School‐Only Reimbursement Proportionality Taxes Taxes Taxes Total Estimated Reimbursement State 32.48% $ 4,273,886 ‐ $ ‐ $ 4,273,886 BRA Administrative Fees and/or Estimated Total Local Brownfield Revolving Fund $ 826,628 30 Years of Plan Local 67.52% $ 8,884,702 $ 5,000 ‐ $ 8,889,702 (LBRF) TOTAL $ 13,158,588 $ 5,000 $ ‐ $ 13,163,588 State Brownfield Redevelopment Fund ‐ MBRF (50% of the $ 389,008 EGLE Activities 0.36% $ 47,842 captured SET millage) MSHDA Subtotal: Non‐Developer 99.64% $ 13,110,746 $ 1,215,637 Activities Reimbursement TOTAL 100.00% $ 13,158,588 Developer Reimbursement $ 13,163,588 Total $ 14,379,225 Brownfield Plan Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Brownfield Plan Capture Year 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 TOTAL Calendar Year 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 Total State Tax Incremental Revenue (TIR) $ ‐ $ ‐ $ ‐ $ 76,816 $ 85,548 $ 88,167 $ 90,866 $ 93,645 $ 96,509 $ 99,457 $ 102,494 $ 105,621 $ 108,844 $ 112,163 $ 115,582 $ 119,102 $ 122,728 $ 126,463 $ 130,310 $ 134,273 $ 138,354 $ 142,558 $ 146,888 $ 151,347 $ 155,942 $ 160,673 $ 165,546 $ 170,566 $ 175,736 $ 181,063 $ 187,340 $ 192,989 $ 198,810 $ 3,976,402 State Brownfield Redevelopment Fund ‐ MBRF: 50% of the Captured SET $ ‐ $ ‐ $ ‐ $ 9,828 $ 10,945 $ 11,280 $ 11,626 $ 11,981 $ 12,348 $ 12,725 $ 13,113 $ 13,514 $ 13,926 $ 14,351 $ 14,788 $ 15,238 $ 15,702 $ 16,180 $ 16,672 $ 17,179 $ 17,702 $ 18,239 $ 18,793 $ 19,364 $ 19,952 $ 20,557 $ 21,181 $ 21,823 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ 389,008 State TIR Available for Reimbursement $ ‐ $ ‐ $ ‐ $ 66,988 $ 74,603 $ 76,887 $ 79,240 $ 81,664 $ 84,161 $ 86,732 $ 89,381 $ 92,108 $ 94,918 $ 97,813 $ 100,794 $ 103,864 $ 107,025 $ 110,283 $ 113,638 $ 117,094 $ 120,653 $ 124,319 $ 128,095 $ 131,984 $ 135,990 $ 140,116 $ 144,365 $ 148,743 $ 175,736 $ 181,063 $ 187,340 $ 192,989 $ 198,810 $ 3,587,393 Total Local Tax Incremental Revenue (TIR) $ ‐ $ ‐ $ ‐ $ 159,687 $ 177,841 $ 183,285 $ 188,896 $ 194,673 $ 200,627 $ 206,755 $ 213,068 $ 219,570 $ 226,268 $ 233,169 $ 240,276 $ 247,593 $ 255,130 $ 262,895 $ 270,893 $ 279,131 $ 287,616 $ 296,355 $ 305,357 $ 314,626 $ 324,177 $ 334,012 $ 344,142 $ 354,579 $ 365,327 $ 376,399 $ 389,449 $ 401,193 $ 413,292 $ 8,266,282 BRA Administrative Fee and/or BRA Local Brownfield Revolving Fund (LBRF): 10% of Available Local TIR $ ‐ $ ‐ $ ‐ $ 15,969 $ 17,784 $ 18,328 $ 18,890 $ 19,467 $ 20,063 $ 20,676 $ 21,307 $ 21,957 $ 22,627 $ 23,317 $ 24,028 $ 24,759 $ 25,513 $ 26,290 $ 27,089 $ 27,913 $ 28,762 $ 29,635 $ 30,536 $ 31,463 $ 32,418 $ 33,401 $ 34,414 $ 35,458 $ 36,533 $ 37,640 $ 38,945 $ 40,119 $ 41,329 $ 826,628 Local TIR Available for Reimbursement $ ‐ $ ‐ $ ‐ $ 143,719 $ 160,057 $ 164,956 $ 170,006 $ 175,206 $ 180,564 $ 186,080 $ 191,761 $ 197,613 $ 203,642 $ 209,852 $ 216,248 $ 222,834 $ 229,617 $ 236,606 $ 243,803 $ 251,218 $ 258,854 $ 266,719 $ 274,821 $ 283,164 $ 291,759 $ 300,611 $ 309,728 $ 319,121 $ 328,794 $ 338,759 $ 350,504 $ 361,074 $ 371,963 $ 7,439,654 Total State & Local TIR Available $ ‐ $ ‐ $ ‐ $ 210,706 $ 234,660 $ 241,843 $ 249,247 $ 256,870 $ 264,725 $ 272,812 $ 281,142 $ 289,720 $ 298,560 $ 307,665 $ 317,043 $ 326,698 $ 336,643 $ 346,888 $ 357,441 $ 368,312 $ 379,507 $ 391,038 $ 402,916 $ 415,147 $ 427,749 $ 440,727 $ 454,093 $ 467,864 $ 504,530 $ 519,822 $ 537,844 $ 554,063 $ 570,773 $ 11,027,047 Beginning DEVELOPER Balance DEVELOPER Reimbursement Balance $ 13,163,588 $ 13,163,588 $ 13,163,588 $ 13,163,588 $ 12,952,882 $ 12,718,222 $ 12,476,379 $ 12,227,132 $ 11,970,262 $ 11,705,537 $ 11,432,725 $ 11,151,583 $ 10,861,862 $ 10,563,303 $ 10,255,638 $ 9,938,595 $ 9,611,898 $ 9,275,255 $ 8,928,367 $ 8,570,926 $ 8,202,614 $ 7,823,107 $ 7,432,069 $ 7,029,153 $ 6,614,006 $ 6,186,257 $ 5,745,530 $ 5,291,437 $ 4,823,573 $ 4,319,043 $ 3,799,221 $ 3,261,377 $ 2,707,313 $ 2,136,541 $ 2,136,541 MSHDA Housing Development Costs $ 13,110,746 $ 13,110,746 $ 13,110,746 $ 13,110,746 $ 13,110,746 $ 12,900,040 $ 12,665,380 $ 12,423,537 $ 12,174,290 $ 11,917,420 $ 11,652,695 $ 11,379,883 $ 11,098,741 $ 10,809,020 $ 10,510,461 $ 10,202,796 $ 9,885,753 $ 9,559,056 $ 9,222,413 $ 8,875,525 $ 8,518,084 $ 8,149,772 $ 7,770,265 $ 7,379,227 $ 6,976,311 $ 6,561,164 $ 6,133,415 $ 5,692,688 $ 5,238,595 $ 4,770,731 $ 4,266,201 $ 3,746,379 $ 3,208,535 $ 2,654,471 State Tax Reimbursement $ 4,258,347 $ 0$ 0$ 0$ 66,988 $ 74,603 $ 76,887 $ 79,240 $ 81,664 $ 84,161 $ 86,732 $ 89,381 $ 92,108 $ 94,918 $ 97,813 $ 100,794 $ 103,864 $ 107,025 $ 110,283 $ 113,638 $ 117,094 $ 120,653 $ 124,319 $ 128,095 $ 131,984 $ 135,990 $ 140,116 $ 144,365 $ 148,743 $ 175,736 $ 181,063 $ 187,340 $ 192,989 $ 198,810 Reimbursement Balance $ 4,258,347 $ 4,258,347 $ 4,258,347 $ 4,191,359 $ 4,116,756 $ 4,039,870 $ 3,960,629 $ 3,878,965 $ 3,794,804 $ 3,708,071 $ 3,618,691 $ 3,526,583 $ 3,431,665 $ 3,333,852 $ 3,233,058 $ 3,129,194 $ 3,022,169 $ 2,911,886 $ 2,798,249 $ 2,681,155 $ 2,560,502 $ 2,436,184 $ 2,308,089 $ 2,176,105 $ 2,040,115 $ 1,900,000 $ 1,755,635 $ 1,606,891 $ 1,431,155 $ 1,250,093 $ 1,062,752 $ 869,763 $ 670,953 Local Tax Reimbursement $ 8,852,399 $ 0$ 0$ 0$ 143,719 $ 160,057 $ 164,956 $ 170,006 $ 175,206 $ 180,564 $ 186,080 $ 191,761 $ 197,613 $ 203,642 $ 209,852 $ 216,248 $ 222,834 $ 229,617 $ 236,606 $ 243,803 $ 251,218 $ 258,854 $ 266,719 $ 274,821 $ 283,164 $ 291,759 $ 300,611 $ 309,728 $ 319,121 $ 328,794 $ 338,759 $ 350,504 $ 361,074 $ 371,963 Reimbursement Balance $ 8,852,399 $ 8,852,399 $ 8,852,399 $ 8,708,681 $ 8,548,624 $ 8,383,667 $ 8,213,661 $ 8,038,455 $ 7,857,891 $ 7,671,811 $ 7,480,050 $ 7,282,438 $ 7,078,796 $ 6,868,944 $ 6,652,695 $ 6,429,861 $ 6,200,244 $ 5,963,638 $ 5,719,835 $ 5,468,617 $ 5,209,762 $ 4,943,043 $ 4,668,222 $ 4,385,058 $ 4,093,299 $ 3,792,688 $ 3,482,960 $ 3,163,840 $ 2,835,046 $ 2,496,286 $ 2,145,782 $ 1,784,708 $ 1,412,745 Total MSHDA Reimbursement Balance $ 13,110,746 $ 13,110,746 $ 13,110,746 $ 12,900,040 $ 12,665,380 $ 12,423,537 $ 12,174,290 $ 11,917,420 $ 11,652,695 $ 11,379,883 $ 11,098,741 $ 10,809,020 $ 10,510,461 $ 10,202,796 $ 9,885,753 $ 9,559,056 $ 9,222,413 $ 8,875,525 $ 8,518,084 $ 8,149,772 $ 7,770,265 $ 7,379,227 $ 6,976,311 $ 6,561,164 $ 6,133,415 $ 5,692,688 $ 5,238,595 $ 4,770,731 $ 4,266,201 $ 3,746,379 $ 3,208,535 $ 2,654,471 $ 2,083,699 $ 2,083,699 EGLE Environmental Costs $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 State Tax Reimbursement $ 15,539 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ Reimbursement Balance $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 $ 15,539 Local Tax Reimbursement $ 32,303 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ Reimbursement Balance $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 $ 32,303 Total EGLE Reimbursement Balance $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 $ 47,842 Local Only Costs $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 Local Only Tax Reimbursement $ 5,000 $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ Total Local Only Reimbursement Balance $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 State Only Costs $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ State Only Tax Reimbursement $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ Total State Only Reimbursement Balance $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ Total Annual Developer Reimbursement $ ‐ $ ‐ $ ‐ $ 210,706 $ 234,660 $ 241,843 $ 249,247 $ 256,870 $ 264,725 $ 272,812 $ 281,142 $ 289,720 $ 298,560 $ 307,665 $ 317,043 $ 326,698 $ 336,643 $ 346,888 $ 357,441 $ 368,312 $ 379,507 $ 391,038 $ 402,916 $ 415,147 $ 427,749 $ 440,727 $ 454,093 $ 467,864 $ 504,530 $ 519,822 $ 537,844 $ 554,063 $ 570,773 $ 11,027,047 Advanced Redevelopment Solutions TIR Reimbursement Page 1 of 1  TURNER NORTH DEVELOPMENT ‐ OLD TOWN ‐ NEW CONSTRUCTION PROJECT 1413 through portion of 1503 Turner Street, Lansing, Michigan (6 Tax Parcel IDs) Table 4e ‐ Total Taxes Paid to All Taxing Jurisdictions on the Total Captured Value (excludes any Base Year/ ITV) During Brownfield Plan Tax Capture Period Commercial Real Property Personal Property Multi‐Family Residential Furniture & Apartment Fixtures, Units Machinery & Buildings, Equipment; Improvements Other to Land & Land Calendar/ 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 Millage Rate Millage Rate Tax Year Paid Paid BP Capture AD VALOREM TAXING AUTHORITIES/ TAXING Total Taxes 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 JURISDICTIONS 1 Year Paid BP Years BP Years 1‐End 1‐End ‐ CITY OF LANSING ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ City Operating ‐ Lansing 19.4400 19.4400 ‐ 70,762 78,807 81,219 83,706 86,266 88,904 91,620 94,417 97,298 100,266 103,324 106,474 109,716 113,056 116,497 120,041 123,692 127,451 131,324 135,313 139,421 143,653 148,011 152,500 157,125 161,887 166,794 172,577 177,781 183,142 $ 3,663,042 ‐ Storm/ Montgomery Drain 0.2600 0.2600 ‐ 946 1,054 1,086 1,120 1,154 1,189 1,225 1,263 1,301 1,341 1,382 1,424 1,467 1,512 1,558 1,605 1,654 1,705 1,756 1,810 1,865 1,921 1,980 2,040 2,101 2,165 2,231 2,308 2,378 2,449 $ 48,991 ‐ Public Safety 3.5000 3.5000 ‐ 12,740 14,188 14,623 15,070 15,531 16,006 16,495 16,999 17,518 18,052 18,603 19,170 19,753 20,355 20,974 21,612 22,270 22,946 23,644 24,362 25,101 25,863 26,648 27,456 28,289 29,146 30,030 31,071 32,008 32,973 $ 659,498 ‐ Subtotal of Local Government Unit (LGU): Annual 23.2000 23.2000 $ ‐ $ 84,449 $ 94,049 $ 96,928 $ 99,895 $ 102,951 $ 106,099 $ 109,340 112,679 116,117 119,660 123,309 127,067 130,937 134,923 139,029 143,259 147,616 152,102 156,724 161,485 166,387 171,437 176,639 181,996 187,515 193,199 199,055 205,956 212,166 218,565 $ 4,371,532 ‐ Local Government Unit (LGU): Cumulative $ ‐ $ 84,449 $ 178,498 $ 275,426 $ 375,322 $ 478,273 $ 584,372 $ 693,712 806,391 922,508 1,042,167 1,165,476 1,292,543 1,423,480 1,558,403 1,697,433 1,840,691 1,988,307 2,140,409 2,297,133 2,458,618 2,625,004 2,796,442 2,973,080 3,155,076 3,342,591 3,535,790 3,734,844 3,940,800 4,152,967 4,371,532 ‐ ‐ INGHAM COUNTY ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Ingham County 12.3921 12.3921 ‐ 45,108 50,236 51,773 53,358 54,990 56,672 58,403 60,186 62,023 63,915 65,865 67,872 69,939 72,068 74,261 76,520 78,848 81,244 83,713 86,256 88,874 91,572 94,350 97,212 100,160 103,196 106,323 110,010 113,327 116,745 $ 2,335,020 ‐ Capital Region Airport Authority ‐ CRAA 0.6990 0.6990 ‐ 2,544 2,834 2,920 3,010 3,102 3,197 3,294 3,395 3,499 3,605 3,715 3,828 3,945 4,065 4,189 4,316 4,448 4,583 4,722 4,865 5,013 5,165 5,322 5,483 5,650 5,821 5,997 6,205 6,392 6,585 $ 131,711 ‐ Capital Area Transportation Authority ‐ CATA 2.9895 2.9895 ‐ 10,882 12,119 12,490 12,872 13,266 13,672 14,089 14,520 14,963 15,419 15,889 16,374 16,872 17,386 17,915 18,460 19,021 19,600 20,195 20,809 21,440 22,091 22,761 23,452 24,163 24,895 25,650 26,539 27,339 28,164 $ 563,306 ‐ LOCAL SCHOOL MILLAGES: excludes State School millages ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Lansing School District Debt (District #33020) 4.1000 4.1000 ‐ 14,924 16,621 17,130 17,654 18,194 18,750 19,323 19,913 20,521 21,147 21,792 22,456 23,140 23,844 24,570 25,317 26,087 26,880 27,697 28,538 29,405 30,297 31,216 32,163 33,138 34,143 35,178 36,397 37,495 38,626 $ 772,555 ‐ Lansing School District Sinking Fund 2.9575 2.9575 ‐ 10,765 11,989 12,356 12,735 13,124 13,525 13,939 14,364 14,802 15,254 15,719 16,198 16,692 17,200 17,723 18,262 18,818 19,390 19,979 20,586 21,211 21,855 22,518 23,201 23,904 24,629 25,375 26,255 27,047 27,862 $ 557,276 ‐ Subtotal of Non‐LGU Local: Annual 33.4041 33.4041 $ ‐ $ 121,592 $ 135,415 $ 139,560 $ 143,833 $ 148,232 $ 152,765 $ 157,432 162,238 167,189 172,290 177,544 182,956 188,527 194,266 200,179 206,268 212,542 219,002 225,656 232,511 239,569 246,841 254,330 262,043 269,990 278,174 286,605 296,542 305,484 314,697 $ 6,294,271 ‐ Non‐LGU Local: Cumulative $ ‐ $ 121,592 $ 257,007 $ 396,567 $ 540,400 $ 688,632 $ 841,397 $ 998,829 1,161,067 1,328,256 1,500,545 1,678,090 1,861,045 2,049,573 2,243,839 2,444,018 2,650,286 2,862,827 3,081,829 3,307,485 3,539,996 3,779,565 4,026,406 4,280,736 4,542,779 4,812,769 5,090,943 5,377,548 5,674,090 5,979,574 6,294,271 ‐ ‐ Total Local Tax: Annual 56.6041 56.6041 $ ‐ $ 206,041 $ 229,464 $ 236,489 $ 243,728 $ 251,183 $ 258,864 $ 266,772 274,917 283,306 291,949 300,853 310,023 319,464 329,189 339,208 349,527 360,157 371,104 382,380 393,995 405,956 418,278 430,969 444,039 457,505 471,373 485,660 502,498 517,651 533,262 $ 10,665,803 ‐ Total Local Tax: Cumulative $ ‐ $ 206,041 $ 435,505 $ 671,994 $ 915,722 $ 1,166,905 $ 1,425,769 $ 1,692,541 1,967,458 2,250,763 2,542,713 2,843,566 3,153,589 3,473,053 3,802,242 4,141,450 4,490,977 4,851,134 5,222,239 5,604,618 5,998,614 6,404,569 6,822,847 7,253,816 7,697,855 8,155,360 8,626,733 9,112,392 9,614,890 10,132,541 10,665,803 ‐ Millage Rate Millage Rate ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Paid Paid ‐ STATE SCHOOL MILLAGES: excludes Local School millages ‐ State Education Tax ‐ SET 6.0000 6.0000 ‐ 21,840 24,323 25,068 25,835 26,625 27,439 28,278 29,141 30,030 30,946 31,890 32,862 33,863 34,894 35,956 37,050 38,176 39,337 40,532 41,763 43,031 44,337 45,682 47,068 48,495 49,965 51,480 53,264 54,871 56,525 $ 1,130,569 ‐ Local School Operating ‐ LSO 17.4478 5.4478 ‐ 63,511 70,731 72,896 75,127 77,425 79,793 82,230 84,741 87,327 89,991 92,736 95,562 98,473 101,470 104,558 107,739 111,016 114,390 117,866 121,446 125,133 128,931 132,843 136,872 141,023 145,297 149,701 154,891 159,562 164,374 $ 3,287,656 ‐ Total State & Local School: Annual 23.4478 11.4478 $ ‐ $ 85,351 $ 95,054 $ 97,963 $ 100,962 $ 104,051 $ 107,232 $ 110,508 113,882 117,357 120,938 124,626 128,425 132,336 136,364 140,514 144,789 149,192 153,727 158,398 163,209 168,164 173,268 178,525 183,940 189,518 195,262 201,181 208,156 214,433 220,900 $ 4,418,224 ‐ Total State & Local School: Cumulative $ ‐ $ 85,351 $ 180,405 $ 278,368 $ 379,331 $ 483,381 $ 590,613 $ 701,122 815,004 932,361 1,053,299 1,177,925 1,306,349 1,438,685 1,575,049 1,715,563 1,860,352 2,009,544 2,163,271 2,321,669 2,484,878 2,653,042 2,826,310 3,004,836 3,188,775 3,378,293 3,573,556 3,774,736 3,982,892 4,197,325 4,418,224 ‐ ‐ TOTAL LOCAL and STATE & LOCAL SCHOOL TAX: ANNUAL 80.0519 68.0519 $ ‐ $ 291,392 $ 324,518 $ 334,452 $ 344,691 $ 355,233 $ 366,097 $ 377,280 $ 388,799 $ 400,663 $ 412,887 $ 425,479 $ 438,447 $ 451,800 $ 465,553 $ 479,722 $ 494,316 $ 509,349 $ 524,831 $ 540,778 $ 557,204 $ 574,119 $ 591,547 $ 609,494 $ 627,978 $ 647,023 $ 666,635 $ 686,840 $ 710,653 $ 732,083 $ 754,162 $ 15,084,027 TOTAL LOCAL and STATE & LOCAL SCHOOL TAX: ‐ $ ‐ $ 291,392 $ 615,910 $ 950,362 $ 1,295,052 $ 1,650,286 $ 2,016,382 $ 2,393,662 $ 2,782,461 $ 3,183,124 $ 3,596,011 $ 4,021,490 $ 4,459,938 $ 4,911,738 $ 5,377,291 $ 5,857,013 $ 6,351,329 $ 6,860,678 $ 7,385,509 $ 7,926,287 $ 8,483,492 $ 9,057,611 $ 9,649,158 $ 10,258,652 $ 10,886,630 $ 11,533,653 $ 12,200,288 $ 12,887,129 $ 13,597,782 $ 14,329,865 $ 15,084,027 ‐ CUMULATIVE Percentage of Local Millages Paid 70.71% 83.18% 0.00% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% 70.71% Percentage of State & Local School Millages Paid 29.29% 16.82% 0.00% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% 29.29% Notes: The most current available millage rates are utilized (Summer 2024 & Winter 2024) and are assumed to be in effect for the duration of the Plan. Actual 1 rates are subject to change and may be higher or lower, and may include the elimination of existing millages and/or the addition of new millages. Advanced Redevelopment Solutions Total Taxes Paid Page 1 of 1  TURNER NORTH DEVELOPMENT ‐ OLD TOWN ‐ NEW CONSTRUCTION PROJECT 1413 through portion of 1503 Turner Street, Lansing, Michigan (6 Tax Parcel IDs) Table 4f1 ‐ Tax Capture Not Allowed by BRA Calendar/ 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 Tax Year AD VALOREM TAXING AUTHORITIES/ TAXING BP Capture Total JURISDICTIONS 1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Year ‐ CITY OF LANSING ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ City Operating ‐ Lansing ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ Storm/ Montgomery Drain ‐ 946 1,054 1,086 1,120 1,154 1,189 1,225 1,263 1,301 1,341 1,382 1,424 1,467 1,512 1,558 1,605 1,654 1,705 1,756 1,810 1,865 1,921 1,980 2,040 2,101 2,165 2,231 2,308 2,378 2,449 $ 48,991 ‐ Public Safety ‐ 12,740 14,188 14,623 15,070 15,531 16,006 16,495 16,999 17,518 18,052 18,603 19,170 19,753 20,355 20,974 21,612 22,270 22,946 23,644 24,362 25,101 25,863 26,648 27,456 28,289 29,146 30,030 31,071 32,008 32,973 $ 659,498 ‐ Subtotal of Local Government Unit (LGU): Annual $ ‐ $ 13,687 $ 15,242 $ 15,709 $ 16,190 $ 16,685 $ 17,195 $ 17,721 $ 18,262 $ 18,819 $ 19,393 $ 19,985 $ 20,594 $ 21,221 $ 21,867 $ 22,532 $ 23,218 $ 23,924 $ 24,651 $ 25,400 $ 26,172 $ 26,966 $ 27,785 $ 28,628 $ 29,496 $ 30,390 $ 31,312 $ 32,261 $ 33,379 $ 34,386 $ 35,423 $ 708,490 ‐ Local Government Unit (LGU): Cumulative $ ‐ $ 13,687 $ 28,929 $ 44,638 $ 60,828 $ 77,513 $ 94,709 $ 112,429 $ 130,691 $ 149,510 $ 168,903 $ 188,887 $ 209,481 $ 230,702 $ 252,569 $ 275,101 $ 298,319 $ 322,243 $ 346,894 $ 372,294 $ 398,466 $ 425,432 $ 453,216 $ 481,844 $ 511,340 $ 541,730 $ 573,042 $ 605,302 $ 638,681 $ 673,067 $ 708,490 ‐ ‐ INGHAM COUNTY ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Ingham County ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ Capital Region Airport Authority ‐ CRAA ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ Capital Area Transportation Authority ‐ CATA ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ LIBRARY ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Capital Area District Libraries ‐ CADL ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ INTERMEDIATE SCHOOL DISTRICTS (ISD) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ISD Operating & Special Education ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ COMMUNITY COLLEGE ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Lansing Community College ‐ LCC ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ LOCAL SCHOOL MILLAGES: excludes State School ‐ millages ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Lansing School District Debt (District #33020) ‐ 14,924 16,621 17,130 17,654 18,194 18,750 19,323 19,913 20,521 21,147 21,792 22,456 23,140 23,844 24,570 25,317 26,087 26,880 27,697 28,538 29,405 30,297 31,216 32,163 33,138 34,143 35,178 36,397 37,495 38,626 $ 772,555 ‐ Lansing School District Sinking Fund ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ Subtotal of Non‐LGU Local: Annual $ ‐ $ 14,924 $ 16,621 $ 17,130 $ 17,654 $ 18,194 $ 18,750 $ 19,323 $ 19,913 $ 20,521 $ 21,147 $ 21,792 $ 22,456 $ 23,140 $ 23,844 $ 24,570 $ 25,317 $ 26,087 $ 26,880 $ 27,697 $ 28,538 $ 29,405 $ 30,297 $ 31,216 $ 32,163 $ 33,138 $ 34,143 $ 35,178 $ 36,397 $ 37,495 $ 38,626 $ 772,555 ‐ Non‐LGU Local: Cumulative $ ‐ $ 14,924 $ 31,545 $ 48,674 $ 66,328 $ 84,522 $ 103,273 $ 122,596 $ 142,509 $ 163,029 $ 184,176 $ 205,968 $ 228,424 $ 251,563 $ 275,407 $ 299,977 $ 325,295 $ 351,382 $ 378,262 $ 405,959 $ 434,497 $ 463,902 $ 494,199 $ 525,415 $ 557,578 $ 590,716 $ 624,859 $ 660,037 $ 696,435 $ 733,929 $ 772,555 ‐ ‐ Total Local Tax: Annual $ ‐ $ 28,611 $ 31,863 $ 32,839 $ 33,844 $ 34,879 $ 35,946 $ 37,044 $ 38,175 $ 39,340 $ 40,540 $ 41,776 $ 43,050 $ 44,361 $ 45,711 $ 47,102 $ 48,535 $ 50,011 $ 51,531 $ 53,097 $ 54,710 $ 56,371 $ 58,082 $ 59,844 $ 61,659 $ 63,529 $ 65,454 $ 67,438 $ 69,776 $ 71,881 $ 74,048 $ 1,481,045 ‐ Total Local Tax: Cumulative $ ‐ $ 28,611 $ 60,474 $ 93,312 $ 127,156 $ 162,035 $ 197,981 $ 235,025 $ 273,200 $ 312,539 $ 353,079 $ 394,855 $ 437,905 $ 482,265 $ 527,976 $ 575,078 $ 623,613 $ 673,625 $ 725,156 $ 778,253 $ 832,963 $ 889,333 $ 947,415 $ 1,007,259 $ 1,068,918 $ 1,132,447 $ 1,197,901 $ 1,265,340 $ 1,335,116 $ 1,406,996 $ 1,481,045 ‐ STATE SCHOOL MILLAGES: excludes Local School ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ millages ‐ State Education Tax ‐ SET ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ Local School Operating ‐ LSO ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ Total State & Local School: Annual $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ ‐ Total State & Local School: Cumulative $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ ‐ TOTAL LOCAL and STATE & LOCAL SCHOOL TAX: ‐ $ ‐ $ 28,611 $ 31,863 $ 32,839 $ 33,844 $ 34,879 $ 35,946 $ 37,044 $ 38,175 $ 39,340 $ 40,540 $ 41,776 $ 43,050 $ 44,361 $ 45,711 $ 47,102 $ 48,535 $ 50,011 $ 51,531 $ 53,097 $ 54,710 $ 56,371 $ 58,082 $ 59,844 $ 61,659 $ 63,529 $ 65,454 $ 67,438 $ 69,776 $ 71,881 $ 74,048 $ 1,481,045 ANNUAL TOTAL LOCAL and STATE & LOCAL SCHOOL TAX: ‐ $ ‐ $ 28,611 $ 60,474 $ 93,312 $ 127,156 $ 162,035 $ 197,981 $ 235,025 $ 273,200 $ 312,539 $ 353,079 $ 394,855 $ 437,905 $ 482,265 $ 527,976 $ 575,078 $ 623,613 $ 673,625 $ 725,156 $ 778,253 $ 832,963 $ 889,333 $ 947,415 $ 1,007,259 $ 1,068,918 $ 1,132,447 $ 1,197,901 $ 1,265,340 $ 1,335,116 $ 1,406,996 $ 1,481,045 ‐ CUMULATIVE Notes: The most current available millage rates are utilized (Summer 2024 & Winter 2024) and are assumed to be in effect for the duration of the Plan. 1 Actual rates are subject to change and may be higher or lower, and may include the elimination of existing millages and/or the addition of new millages. Last revised: 4/2/2025 Advanced Redevelopment Solutions Taxes Not Captured/ Returned Page 1 of 1  TURNER NORTH DEVELOPMENT ‐ OLD TOWN ‐ NEW CONSTRUCTION PROJECT 1413 through portion of 1503 Turner Street, Lansing, Michigan (6 Tax Parcel IDs) Table 4f2 ‐ 10% of Tax Capture Passed‐Through/ Shared with Taxing Jurisdiction Percent (%) of Calendar/ Millage Rate Millage Rate 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 2057 Tax Year Allowed for Passed‐Thru to AD VALOREM TAXING AUTHORITIES/ TAXING Capture Taxing BP Capture 1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Total JURISDICTIONS Jurisdiction Year BP Years BP Years 1‐End 1‐30 ‐ CITY OF LANSING ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ City Operating ‐ Lansing 19.4400 10% ‐ 7,076 7,881 8,122 8,371 8,627 8,890 9,162 9,442 9,730 10,027 10,332 10,647 10,972 11,306 11,650 12,004 12,369 12,745 13,132 13,531 13,942 14,365 14,801 15,250 15,712 16,189 16,679 17,258 17,778 18,314 $ 366,304 ‐ Storm/ Montgomery Drain 0.0000 0% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ Public Safety 0.0000 0% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ Subtotal of Local Government Unit (LGU): Annual 19.4400 $ ‐ $ 7,076 $ 7,881 $ 8,122 $ 8,371 $ 8,627 $ 8,890 $ 9,162 $ 9,442 $ 9,730 $ 10,027 $ 10,332 $ 10,647 $ 10,972 $ 11,306 $ 11,650 $ 12,004 $ 12,369 $ 12,745 $ 13,132 $ 13,531 $ 13,942 $ 14,365 $ 14,801 $ 15,250 $ 15,712 $ 16,189 $ 16,679 $ 17,258 $ 17,778 $ 18,314 $ 366,304 ‐ Local Government Unit (LGU): Cumulative $ ‐ $ 7,076 $ 14,957 $ 23,079 $ 31,449 $ 40,076 $ 48,966 $ 58,128 $ 67,570 $ 77,300 $ 87,326 $ 97,659 $ 108,306 $ 119,278 $ 130,583 $ 142,233 $ 154,237 $ 166,606 $ 179,352 $ 192,484 $ 206,015 $ 219,957 $ 234,323 $ 249,124 $ 264,374 $ 280,086 $ 296,275 $ 312,954 $ 330,212 $ 347,990 $ 366,304 ‐ ‐ INGHAM COUNTY ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Ingham County 12.3921 10% ‐ 4,511 5,024 5,177 5,336 5,499 5,667 5,840 6,019 6,202 6,392 6,586 6,787 6,994 7,207 7,426 7,652 7,885 8,124 8,371 8,626 8,887 9,157 9,435 9,721 10,016 10,320 10,632 11,001 11,333 11,674 $ 233,502 ‐ Capital Region Airport Authority ‐ CRAA 0.6990 10% ‐ 254 283 292 301 310 320 329 339 350 361 372 383 395 407 419 432 445 458 472 487 501 517 532 548 565 582 600 621 639 659 $ 13,171 ‐ Capital Area Transportation Authority ‐ CATA 2.9895 10% ‐ 1,088 1,212 1,249 1,287 1,327 1,367 1,409 1,452 1,496 1,542 1,589 1,637 1,687 1,739 1,791 1,846 1,902 1,960 2,020 2,081 2,144 2,209 2,276 2,345 2,416 2,490 2,565 2,654 2,734 2,816 $ 56,331 ‐ LIBRARY ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Capital Area District Libraries ‐ CADL 1.5590 10% ‐ 567 632 651 671 692 713 735 757 780 804 829 854 880 907 934 963 992 1,022 1,053 1,085 1,118 1,152 1,187 1,223 1,260 1,298 1,338 1,384 1,426 1,469 $ 29,376 ‐ INTERMEDIATE SCHOOL DISTRICTS (ISD) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ISD Operating & Special Education 4.9378 10% ‐ 1,797 2,002 2,063 2,126 2,191 2,258 2,327 2,398 2,471 2,547 2,624 2,704 2,787 2,872 2,959 3,049 3,142 3,237 3,336 3,437 3,541 3,649 3,760 3,874 3,991 4,112 4,237 4,383 4,516 4,652 $ 93,042 ‐ COMMUNITY COLLEGE ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Lansing Community College ‐ LCC 3.7692 10% ‐ 1,372 1,528 1,575 1,623 1,673 1,724 1,776 1,831 1,886 1,944 2,003 2,064 2,127 2,192 2,259 2,327 2,398 2,471 2,546 2,624 2,703 2,785 2,870 2,957 3,046 3,139 3,234 3,346 3,447 3,551 $ 71,022 LOCAL SCHOOL MILLAGES: excludes State School ‐ millages ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Lansing School District Debt (District #33020) 0.0000 0% ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ $ ‐ ‐ Lansing School District Sinking Fund 2.9575 10% ‐ 1,077 1,199 1,236 1,273 1,312 1,353 1,394 1,436 1,480 1,525 1,572 1,620 1,669 1,720 1,772 1,826 1,882 1,939 1,998 2,059 2,121 2,185 2,252 2,320 2,390 2,463 2,538 2,625 2,705 2,786 $ 55,728 ‐ Subtotal of Non‐LGU Local: Annual 29.3041 $ ‐ $ 10,667 $ 11,879 $ 12,243 $ 12,618 $ 13,004 $ 13,401 $ 13,811 $ 14,233 $ 14,667 $ 15,114 $ 15,575 $ 16,050 $ 16,539 $ 17,042 $ 17,561 $ 18,095 $ 18,645 $ 19,212 $ 19,796 $ 20,397 $ 21,016 $ 21,654 $ 22,311 $ 22,988 $ 23,685 $ 24,403 $ 25,143 $ 26,014 $ 26,799 $ 27,607 $ 552,172 ‐ Non‐LGU Local: Cumulative $ ‐ $ 10,667 $ 22,546 $ 34,789 $ 47,407 $ 60,411 $ 73,812 $ 87,623 $ 101,856 $ 116,523 $ 131,637 $ 147,212 $ 163,262 $ 179,801 $ 196,843 $ 214,404 $ 232,499 $ 251,145 $ 270,357 $ 290,153 $ 310,550 $ 331,566 $ 353,221 $ 375,532 $ 398,520 $ 422,205 $ 446,608 $ 471,751 $ 497,766 $ 524,564 $ 552,172 ‐ ‐ Total Local Tax: Annual $ ‐ $ 17,743 $ 19,760 $ 20,365 $ 20,988 $ 21,630 $ 22,292 $ 22,973 $ 23,674 $ 24,397 $ 25,141 $ 25,908 $ 26,697 $ 27,510 $ 28,348 $ 29,211 $ 30,099 $ 31,015 $ 31,957 $ 32,928 $ 33,929 $ 34,958 $ 36,020 $ 37,112 $ 38,238 $ 39,398 $ 40,592 $ 41,822 $ 43,272 $ 44,577 $ 45,921 $ 918,476 ‐ Total Local Tax: Cumulative $ ‐ $ 17,743 $ 37,503 $ 57,868 $ 78,857 $ 100,487 $ 122,779 $ 145,752 $ 169,426 $ 193,822 $ 218,963 $ 244,871 $ 271,568 $ 299,079 $ 327,427 $ 356,637 $ 386,736 $ 417,751 $ 449,708 $ 482,637 $ 516,565 $ 551,524 $ 587,543 $ 624,656 $ 662,894 $ 702,291 $ 742,883 $ 784,705 $ 827,977 $ 872,554 $ 918,476 ‐ STATE SCHOOL MILLAGES: excludes Local School ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ millages ‐ State Education Tax ‐ SET 6.0000 10% ‐ 2,184 2,432 2,507 2,584 2,663 2,744 2,828 2,914 3,003 3,095 3,189 3,286 3,386 3,489 3,596 3,705 3,818 3,934 4,053 4,176 4,303 4,434 4,568 4,707 4,850 4,997 5,148 5,326 5,487 5,653 $ 113,057 ‐ Local School Operating ‐ LSO 17.4478 10% ‐ 6,351 7,073 7,290 7,513 7,743 7,979 8,223 8,474 8,733 8,999 9,274 9,556 9,847 10,147 10,456 10,774 11,102 11,439 11,787 12,145 12,513 12,893 13,284 13,687 14,102 14,530 14,970 15,489 15,956 16,437 $ 328,766 ‐ Total State & Local School: Annual 23.4478 $ ‐ $ 8,535 $ 9,505 $ 9,796 $ 10,096 $ 10,405 $ 10,723 $ 11,051 $ 11,388 $ 11,736 $ 12,094 $ 12,463 $ 12,842 $ 13,234 $ 13,636 $ 14,051 $ 14,479 $ 14,919 $ 15,373 $ 15,840 $ 16,321 $ 16,816 $ 17,327 $ 17,853 $ 18,394 $ 18,952 $ 19,526 $ 20,118 $ 20,816 $ 21,443 $ 22,090 $ 441,822 ‐ Total State & Local School: Cumulative $ ‐ $ 8,535 $ 18,040 $ 27,837 $ 37,933 $ 48,338 $ 59,061 $ 70,112 $ 81,500 $ 93,236 $ 105,330 $ 117,792 $ 130,635 $ 143,868 $ 157,505 $ 171,556 $ 186,035 $ 200,954 $ 216,327 $ 232,167 $ 248,488 $ 265,304 $ 282,631 $ 300,484 $ 318,878 $ 337,829 $ 357,356 $ 377,474 $ 398,289 $ 419,732 $ 441,822 ‐ TOTAL LOCAL and STATE & LOCAL SCHOOL TAX: ‐ $ ‐ $ 26,278 $ 29,265 $ 30,161 $ 31,085 $ 32,035 $ 33,015 $ 34,024 $ 35,062 $ 36,132 $ 37,235 $ 38,370 $ 39,540 $ 40,744 $ 41,984 $ 43,262 $ 44,578 $ 45,934 $ 47,330 $ 48,768 $ 50,249 $ 51,775 $ 53,346 $ 54,965 $ 56,632 $ 58,349 $ 60,118 $ 61,940 $ 64,088 $ 66,020 $ 68,011 $ 1,360,298 ANNUAL TOTAL LOCAL and STATE & LOCAL SCHOOL TAX: ‐ $ ‐ $ 26,278 $ 55,544 $ 85,705 $ 116,790 $ 148,825 $ 181,840 $ 215,864 $ 250,926 $ 287,059 $ 324,293 $ 362,663 $ 402,203 $ 442,947 $ 484,931 $ 528,193 $ 572,772 $ 618,705 $ 666,035 $ 714,803 $ 765,053 $ 816,828 $ 870,174 $ 925,139 $ 981,771 $ 1,040,121 $ 1,100,239 $ 1,162,179 $ 1,226,267 $ 1,292,287 $ 1,360,298 ‐ CUMULATIVE Notes: The most current available millage rates are utilized (Summer 2024 & Winter 2024) and are assumed to be in effect for the duration of the Plan. Actual rates are subject to 1 change and may be higher or lower, and may include the elimination of existing millages and/or the addition of new millages. Advanced Redevelopment Solutions Tax Captured Pass‐Through Page 1 of 1 ATTACHMENTS  ATTACHMENT A Brownfield Plan Resolutions and Public Hearing Notice  ATTACHMENT B Brownfield Development and Reimbursement Agreement  LANSING BROWNFIELD REDEVELOPMENT AUTHORITY Resolution Approving the LBRA Policy Guidelines for Brownfield Plans At a regular meeting of the Board of Directors of the Lansing Brownfield Redevelopment Authority (LBRA) held on Friday, July 11, 2025, at 8:30 a.m., pursuant to notice duly given: PRESENT: MEMBERS: ABSENT: MEMBERS: The following preamble and resolutions were offered by: MEMBER: , seconded by: MEMBER: WHEREAS, The LBRA’s priority in approving the use of tax increment financing for redevelopment projects is to protect the health and welfare of the community through environmental remediation and to incentivize real estate development that furthers the economic development goals of the City of Lansing. WHEREAS, The LBRA staff evaluated the use of tax increment financing for projects in the City of Lansing and determined the need to revise and replace the LBRA Brownfield Plan Policy, originally adopted on August 2, 2019, and last updated on December 12, 2023, to better achieve the economic development goals of the City of Lansing. WHEREAS, On February 7, 2025, the LBRA staff met with members of the LBRA Site Committee to propose policy changes. LBRA staff and the LBRA Site Committee met two additional times for this purpose. WHEREAS, A draft of the revised LBRA Brownfield Policy was discussed at the Special Meeting of the LBRA Board of Directors on June 20, 2025. WHEREAS, The LBRA Staff has incorporated feedback from the LBRA Site Committee and the LBRA Board of Directors into the revised LBRA Brownfield Plan Policy and believes these revisions will better achieve the economic development goals of the LBRA and the City of Lansing. WHEREAS, The LBRA Staff recommends adoption of the LBRA Brownfield Plan Policy Version 4. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE LANSING BROWNFIELD REDEVELOPMENT AUTHORITY (LBRA), AS FOLLOWS: 1. The LBRA Board approves the Brownfield Plan Policy, effective immediately. 2. The LBRA Board directs staff to produce, publish, and process all forms and other documentation necessary for the effective implementation of the Brownfield Plan Policy. 3. Additionally, the LBRA Board agrees that if any section, clause or phrase of this Resolution is declared as invalid by a court of law, that ruling shall not affect the intent and purpose of this Resolution and validity of the remaining provisions of the Resolution. 4. Finally, the LBRA Board declares that all resolutions or parts of resolutions in conflict with any of the provisions of this Resolution are repealed. YEAS: () NAYS: () ABSTENTIONS: () ABSENT: () PREAMBLE AND RESOLUTIONS DECLARED ADOPTED. STATE OF MICHIGAN ) ) ss. COUNTY OF INGHAM ) I hereby certify that the foregoing is a true and a complete copy of a preamble and resolutions adopted at a regular meeting of the Economic Development Corporation of the City of Lansing held on the 11th day of July 2025, and said preamble and resolutions are on file in the office of the Economic Development Corporation of the City of Lansing and are available to the public. Public notice of the meeting was given pursuant to and in compliance with Act No. 267, Public Acts of Michigan 1976, including in the case of a special or re-scheduled meeting, notice by publication or posting of at least eighteen (18) hours prior to the time set for the meeting. In addition, the meeting was held in full compliance with the Board’s Bylaws. IN WITNESS WHEREOF, I have hereunto affixed my official signature. Shelley Davis-Boyd, Chair LBRA Board of Directors  CITY OF LANSING BROWNFIELD REDEVELOPMENT AUTHORITY 401 S. Washington Sq. Ste. 101, Lansing, MI 48933 Policy Guidelines for Brownfield Plans Effective: July 11, 2025 Purpose To establish guidelines for the administration of the Brownfield Redevelopment Program and project agreements in the City of Lansing. Background Public Act 381 of 1996, MCL 125.265 et seq., (the “Act”), as amended, authorizes municipalities to create brownfield redevelopment authorities to facilitate the implementation of Brownfield Plans to promote the reuse and revitalization of urban properties. The City of Lansing (the “City”) created the Lansing Brownfield Redevelopment Authority (the “LBRA”) in 1997. This policy guides the administration of the LBRA’s Program under the Act. The use of tax Increment financing (TIF) to reimburse a developer for eligible brownfield activities is a discretionary development incentive. The City’s priority in using TIF is to protect the health and welfare of the community through environmental remediation and to incentivize development that achieves the City’s development goals. The LBRA is under no obligation to reimburse an applicant for all eligible activities. As described in this policy, TIF developer-reimbursable revenues are limited, unless a project is eligible for a variance AND includes significant public benefits. The intention of this policy is to encourage development outcomes that meets the goals of the City. Policy 1. Objective Brownfield Plans are recommended for approval to the LBRA Board of Directors based on the extent that the Brownfield Plan complies with this policy and the proposed project complies with the City’s planning documents, including, but not limited to: a. City of Lansing Comprehensive Plan (2012) b. City of Lansing Sustainability Plan c. City of Lansing Non-motorized Transportation Plan d. Downtown Lansing Comprehensive Market Analysis e. Regional Housing Needs Assessment f. Lansing Parking Study Version 4 – approved July 11, 2025 Page 1 of 5  g. Other plans as deemed necessary by LBRA staff during pre-application meetings. 2. Project Eligibility Projects are eligible for brownfield assistance if the project meets the following minimum criteria: a. Projects meet the requirements under the Act. b. Projects demonstrate a financial gap. 3. Invitation to Apply and Application Submission An applicant will receive an invitation to apply that includes a checklist of required application materials. At a minimum, the application must include: a. Brownfield application coversheet. b. Brownfield Plan that complies with the requirements of the Act. c. Cost estimates dated within the 3 months prior to application submission. d. Project financials (in the proforma format provided by the Lansing EDC). e. Completed City of Lansing Treasury Form. f. Completed City of Lansing Litigation Affidavit. g. Universal Development Agreement, signed by the applicant. h. Proof of community outreach and engagement. i. Other materials deemed relevant by LBRA staff during pre-application meetings. and included in the invitation checklist. 4. Application Review Upon receipt of the application and all required documents, and prior to any public consideration of the application, LBRA staff reviews the application for compliance with the Act and this policy. LRBA staff consults with city departments to confirm the applicant, and affiliated entities, is eligible to do business with the City and the project is permissible as proposed. Review must confirm the following: a. The applicant, and all individuals and entities that will have an ownership interest in the project, is not delinquent on any financial obligation to the City. b. The project is compatible with the City’s zoning ordinance, Comprehensive Plan, and other planning goals. c. The applicant, and its affiliated entities, does not have outstanding written orders or code compliance violations. d. The applicant, and its affiliated entities, is not in active litigation with the City, the LBRA, or the Lansing EDC. e. The applicant, and its affiliated entities, have not defaulted on the terms of previously executed agreements with the City, the LBRA, or the Lansing EDC. Version 4 – approved July 11, 2025 Page 2 of 5 5. Application and Other Fees All fees are levied according to an annually approved fee schedule posted on the Lansing EDC’s website. LBRA staff invoices the applicant for an application review fee upon receipt of the application and all required materials. The invoice must be paid prior to public consideration of the application. 6. Guidelines for Brownfield Plans Except for projects with a variance granted under Section 10, a Brownfield Plan submitted to the LBRA must adhere to the following guidelines: a. 20% of yearly new incremental taxes pass-through to all taxing units. b. 15% of yearly captured taxes go to the LBRA for brownfield administration and/or the Local Brownfield Revolving Fund. c. The duration of the Brownfield Plan does not exceed 15 years or the length of financing, whichever is less. d. The Brownfield Plan includes significant public infrastructure improvements, above and beyond what is required, scaled with the incentive amount, to activate a public space, improve safety, and/or increase mobility and connectivity. The applicant and LBRA staff will work collaboratively to determine the type and value of public infrastructure improvements. 7. Guidelines for Brownfield Plans with Housing Tax Increment Financing In addition to the guidelines in Section 6, a Brownfield Plan that includes Housing Tax Increment Financing must adhere to the following: a. 20% of units must be leased to households whose income is at or below the applicable AMI level based on household size, not to exceed 120% AMI. Unless otherwise required by law or MSHDA, income verification is only required at initial tenant lease-up. b. Rents for restricted units will be provided annually by the LBRA and will be based on the “rent by bedroom” less applicable utility allowances(s), set by MSHDA. c. Rent restrictions must remain in place for a minimum of 5 years, or the period of reimbursement, whichever is longer. Version 4 – approved July 11, 2025 Page 3 of 5  d. All EGLE- and MSF-eligible activities must be accounted for. 8. Variance Eligibility Projects that meet one or more of the eligibility criteria below AND include significant public benefits may be eligible for a variance from one or more of the Brownfield Plan guidelines in Section 6. However, capture for LBRA administration may not be reduced to zero. Only projects that meet one or more of the following criteria are eligible for a variance: a. Projects located within the Principal Shopping District, the boundaries of the Tax Increment Financing Authority, a Corridor Improvement Authority, or Targeted Redevelopment Area (see attached map). b. Projects proposed by first-time developers participating in an emerging developer initiative at the local, regional, or state level. c. Projects requesting reimbursement for EGLE-eligible activities only. 9. Variance Request An applicant must request a variance in writing prior to receiving an invitation to apply. A variance request must include: a. Project eligibility for a variance. b. The guideline(s) the applicant is requesting a variance from. c. The value of the variance. d. Why a variance is requested. e. Narrative explaining the public benefits and why those benefits were selected. 10. Variance Request Review and Approval Variance requests are reviewed by the LBRA Site Committee. Requests may be approved in-whole, approved in-part, or denied. The LBRA has created a list of potential public benefits which, if included in the design of the project, may improve the likelihood of variance approval. Public benefits may include, but are not limited to: a. Projects that support the mobility and connectivity goals of the City. b. Projects that provide a facility, service, social good, or a cultural amenity that is lacking and is prioritized by the community. c. Projects that include designs, materials, or other elements that make the project more resilient to climate change and/or reduces climate risk. d. Projects that create new high-quality jobs, especially projects in partnership with an educational institution or job training program. Version 4 – approved July 11, 2025 Page 4 of 5  e. Projects that address the needs of an underserved or vulnerable population, such as housing for those at risk of homelessness or experiencing homelessness. f. Projects that diversify the housing stock by providing a housing type or unit configuration that is in limited supply in the census tract. g. Projects that build community wealth, such as projects that include below market rents for commercial and office space for small, local businesses or nonprofits. h. Projects that include partnership with an organization or service provider to address a need for the community. LBRA staff provides a written explanation for the decision to grant or deny a variance within five business days of the LBRA Site Committee determination. 11. Misc. Brownfield Plan Provisions A Brownfield Plan submitted to the LBRA for approval must include the following statements and provisions: a. A “not to exceed amount” for the reimbursement of Developer Eligible Activities with local taxes. b. A “not to exceed amount” for the reimbursement of Developer Eligible Activities with state taxes. c. Language that if the state approves a workplan with less state capture than approved by the City, the “not to exceed” amount will automatically be adjusted by the LBRA to maintain the current state to local capture ratio. If a workplan is not approved by the state, local capture will be reduced to zero. The LBRA Board of Directors must explicitly provide approval for the project to be reimbursed only from local tax increment revenues. 12. Compliance a. Projects must be operated and maintained in compliance with City codes and ordinances. b. Projects must meet the agreed to commitments and comply with the reporting requirements outlined in the City of Lansing Universal Development Agreement. c. Additional reporting and compliance requirements will be detailed in the Reimbursement Agreement. 13. Policy Exemptions The LBRA Board of Directors reserves the right to waive this policy or any portion of it if the LBRA Board of Directors deems that it is in the best interest of the City or the LBRA. Version 4 – approved July 11, 2025 Page 5 of 5