FULTON COUNTY BOARD OF ASSESSORS Regular Meeting … · 5/5/2020 · FULTON COUNTY BOARD OF...

235 Peachtree St., NE ♦ Suite 1400 ♦ Atlanta, Georgia 30303

FULTON COUNTY BOARD OF ASSESSORS Regular Meeting Agenda

(Teleconference) May 7, 2020 12:30 PM

Call to Order Roll Call 20-0507-100 – Approval of Agenda Invocation 20-0507-101 – Approval of April 16, 2020 Minutes Public Comment Development Authority of Fulton County 20-0507-102 – Eagle Environmental Construction & Development LLC Page 48 20-0507-103 – Airport Logistics West LLC Page 63 Development Authority of Atlanta 20-0507-104 – City Lights Associates II-A LLC Page 81 Section Reports 20-0507-200 – Field Book Changes Page 4 20-0507-201 – Homestead Exemption Changes Page 8 20-0507-202 – Special Properties Page 11 20-0507-203 – Personal Property Administrative Changes Page 27 20-0507-204 – Commercial Administrative Changes Page 29 20-0507-205 – 2017 Appeal No Changes Page 35 20-0507-206 – 2016 Appeal Second Reviews Page 36 20-0507-207 – 2017 Appeal Second Reviews Page 37 20-0507-208 – 2018 Appeal Second Reviews Page 38 20-0507-209 – 2019 Appeal Second Reviews Page 39 20-0507-210 – 2019 Appeal Withdrawals Page 41 20-0507-211 – 2018 Appeal Withdrawals Page 42 20-0507-212 – 2018 Appeal 180-Day Resolutions Page 44 20-0507-213 – 2019 Appeal No-Changes (Personal Property) Page 45 20-0507-214 – 2019 Appeal Withdrawals (Personal Property) Page 46 Chief Appraiser’s Report Executive Session

Fulton County Board of Assessors Regular Meeting Minutes – April 16, 2020 – Teleconference

Board Member Attendance: Salma Ahmed, Chair; Michael Fitzgerald, Vice-Chair; Lisa Aman, Edward London and Pamela Smith. Staff Attendance: DeWayne Pinkney, Deputy Chief Appraiser/Secretary; Dwight Robinson, Chief Appraiser; Curtis Broden, Tara Parker and Kevin Whitman, Deputy Chief Appraisers; Gaetjens Coreus, Appraisal Manager; Henry Brigham, Information Systems Manager; Bradford Fleming, Assistant Secretary; Jacqueline Davis, Executive Assistant; Cheryl Ringer & Detriss Thomas, Office of the Fulton County Attorney; Jessica Corbitt, Office of Communications.

Salma Ahmed called the meeting to order at 12:38 p.m. 20-0416-100 – Approval of Agenda – Motion to approve: London, Second: Aman. The motion passed unanimously. Invocation – Edward London gave the invocation. 20-0416-101 - Approval of April 2, 2020 Minutes – Motion to approve: Aman, Second: London. The motion passed unanimously. Public Comment – There were no public comment cards submitted. Section Reports Motion Second Vote 20-0416-200 – Homestead Exemption Changes London Aman Unanimous 20-0416-201 – Exemption Approvals Aman London Unanimous 20-0416-202 – Personal Property Administrative Changes Fitzgerald Aman Unanimous 20-0416-203 – Personal Property Releases Fitzgerald London Unanimous 20-0416-204 – 2019 Appeal No Changes London Aman Unanimous 20-0416-205 – 2019 Appeal Withdrawals London Aman Unanimous Resolutions 20-0416-R100 – Resolution to Ratify Chief Appraiser’s Actions to Comply with Governor’s Executive Orders Edward London made a motion seconded by Pamela Smith to approve the resolution, retroactive to March 14, 2020. The motion passed unanimously. Chief Appraiser’s Report A copy of the report is included with the minutes of this meeting. Executive Session: Motion for executive session to discuss litigation: London, Second: Aman. The motion passed unanimously. The closing of executive session will conclude this meeting as no additional business will be discussed. Adjournment: Motion to close executive session and adjourn: London, Second: Aman. The motion passed unanimously and the meeting was adjourned at 1:48 p.m.

Fulton BOA Meeting - 05-07-20 - Page 2

Board of Assessors Minutes – April 16, 2020 Page 2 of 2

Submitted by:

S. DeWayne Pinkney, Secretary


BOARD OF TAX ASSESSORS MEETING OF

FBC Field Book Changes

07 May, 202005/02/2020 HT536GAFUL

1

COMMERCIAL PROPERTIES

11 -0920-0325-230-5

14 -0176-0009-052-1

14 -0176-0009-052-1

14 -0176-0009-052-1

Remove from Digest

Land consolidation

Land consolidation

Land consolidation

TRI UNITY HOLDINGS

GRESHAM CLARENCE

GRESHAM CLARENCE

GRESHAM CLARENCE

PARCEL MERGED BACK INTO 11 092003252347

PARCEL MERGED WITH 14 -0176-0009-053-9



1

2

3

4

0

0

0

0

-124,600

-243,500

-243,500

-243,500

PARCEL ID OWNER NAMEYEAR REASON

NOTES

PREVIOUS

CHANGE

2019

2017

2018

2019

124,600

243,500

243,500

243,500

CURRENT

MS

MS

MS

MS

APPRAISER




07 May, 202005/02/2020 HT536GAFUL

2

RESIDENTIAL PROPERTIES

14 -0176-0009-052-1

14 -0176-0009-052-1

14 -0176-0009-052-1

14 -0176-0009-052-1

Remove from Digest

Remove from Digest

Remove from Digest

Remove from Digest

GRESHAM CLARENCE

GRESHAM CLARENCE

GRESHAM CLARENCE

GRESHAM CLARENCE


MERGED WITH PARCEL 14 017600090539



5

6

7

8

0

0

0

0

-243,500

-243,500

-243,500

-243,500


NOTES

PREVIOUS

CHANGE

2013

2014

2015

2016

243,500

243,500

243,500

243,500

CURRENT

MS

MS

MS

MS

APPRAISER




07 May, 202005/05/2020 HT536GAFUL

1


12 -3223-0023-010-2

12 -3223-0023-010-2

12 -3223-0023-010-2

12 -3223-0023-010-2

12 -3223-0023-010-2

12 -3223-0023-010-2

12 -3223-0023-010-2

Ownership correction







PRIMROSE CHRISTOPHER R & JENNIFER K



GLENN REBECCA JAYNE ALISON &



GLENN REBECCA JAYNE & CHRISTPHER RADFORD

1

2

3

4

5

6

7

53,900

53,900

53,900

78,800

78,800

78,800

87,600

0

0

0

0

0

0

0


NOTES

PREVIOUS

CHANGE

2012

2013

2014

2015

2016

2017

2018

53,900

53,900

53,900

78,800

78,800

78,800

87,600

CURRENT

MS

MS

MS

MS

MS

MS

MS

APPRAISER




07 May, 202005/05/2020 HT536GAFUL

2


12 -3223-0023-010-2

17 -0228- LL-096-9



GLENN REBECCA JAYNE ALISON

BROCK BUILT HOMES LLC

8

9

89,700

512,100

0

0


NOTES

PREVIOUS

CHANGE

2019

2019

89,700

512,100

CURRENT

MS

MS



HEC Homestead Exemption Changes

07 May, 202005/02/2020 HT536GAFUL

1

HOMESTEAD DIVISION

09C-1300-0051-203-1

09C-1300-0051-203-1

14 -0055-0009-048-5

14 -0055-0009-048-5

14 -0055-0009-048-5

14 -0105-0002-103-5

14 -0178-0004-094-6

Continuing occupancy





Homestead removal

Homestead removal

JOHNSON VALRIE P

JOHNSON VALRIE P

GILLESPIE HOLLIS SPEIR



HOWARD DANIELLE

WATSON MARY L & ROBERT A

REINSTATEMENT DUE TO NAME CHANGE

REINSTATEMENT DUE TO NAME CHANGE

APPLIED BEFORE DEADLINE



VEHICLE REGISTER IN TX

DECEASED IN 2007

1

2

3

4

5

6

7

180,800

204,600

43,600

220,800

299,700

73,000

37,800

0

0

0

0

0

0

0


NOTES

PREVIOUS

CHANGE

2018

2019

2017

2018

2019

2019

2019

180,800

204,600

43,600

220,800

299,700

73,000

37,800

CURRENT

AW

AW

AW

AW

AW

FB

FB

APPRAISER




07 May, 202005/02/2020 HT536GAFUL

2

HOMESTEAD DIVISION

14F-0158- LL-235-8

14F-0158- LL-235-8

14F-0158- LL-235-8

14F-0158- LL-235-8

14F-0158- LL-235-8

17 -0001-0010-053-0

17 -0035- LL-220-8

Homestead removal

Homestead removal

Homestead removal

Homestead removal

Homestead removal


Homestead removal

JEFFERSON MICHELLE A





MATICH DELORES M

COONS TRACY C

PER TAXPAYER REQUEST





REINSTATEMENT

MULTIPLE HOMESTEADS

8

9

10

11

12

13

14

140,500

140,500

140,500

169,000

218,300

736,600

68,400

0

0

0

0

0

0

0


NOTES

PREVIOUS

CHANGE

2015

2016

2017

2018

2019

2019

2017

140,500

140,500

140,500

169,000

218,300

736,600

68,400

CURRENT

FB

FB

FB

FB

FB

AW

AW




07 May, 202005/02/2020 HT536GAFUL

3

HOMESTEAD DIVISION

17 -0035- LL-220-8

17 -0035- LL-220-8

17 -0073-0006-009-1

17 -0092-0008-058-3

Homestead removal

Homestead removal

Homestead removal


COONS TRACY C

COONS TRACY C

MILLS W CURTIS

KINSEY LINDA FAY

MULTIPLE HOMESTEADS

MULTIPLE HOMESTEADS

DECEASED IN 2017

REINSTATE OWNERSHIP CORRECTION

15

16

17

18

101,300

125,200

148,100

133,900

0

0

0

0


NOTES

PREVIOUS

CHANGE

2018

2019

2019

2019

101,300

125,200

148,100

133,900

CURRENT

AW

AW

FB

FB



















AD2 Administrative Agenda-Personal Property

07 May, 202004/29/2020 HT536GAFUL

1

PERSONAL PROPERTY

P20090005749

P20090005749

P20090005749

P20090005749

P20200000202

P20200000202

P20200000202

Field audit or Discovery




Personal property return filed late



GRAND SLAM SPORTS CENTER GA LLC




ALTON LANE INC

ALTON LANE INC

ALTON LANE INC

1

2

3

4

5

6

7

32,956

32,956

32,956

32,956

52,230

56,412

53,864

32,956

32,956

32,956

32,956

52,230

56,412

53,864

Personal Property Value Update


NOTES

PREVIOUS

CHANGE

2016

2017

2018

2019

2017

2018

2019

0

0

0

0

0

0

0

CURRENT

P

P

PROPERTY TYPE

BUSNES

BUSNES

BUSNES

BUSNES

BUSNES

BUSNES

BUSNES

P50

P50

P50

P50

P50

P50

P50

APPRAISER



AD2 Administrative Agenda-Personal Property

07 May, 202004/29/2020 HT536GAFUL

2

PERSONAL PROPERTY

P20200000322

P20200000322

P20200000322

P20200000335

P20200000373

P20200000396

P20200000396








VILLARREAL ENTERPRISE LLC



ABUELOS INC

NATIONAL AVC LLC

BE-LIV-IT BUSINESS GROUP INC

BE-LIV-IT BUSINESS GROUP INC

8

9

10

11

12

13

14

106,798

98,355

88,705

123,139

143,876

49,922

46,162

106,798

98,355

88,705

123,139

143,876

49,922

46,162

Personal Property Value Update


NOTES

PREVIOUS

CHANGE

2017

2018

2019

2019

2019

2018

2019

0

0

0

0

0

0

0

CURRENT

P

P

P

P

PROPERTY TYPE

BUSNES

BUSNES

BUSNES

BUSNES

BUSNES

BUSNES

BUSNES

P50

P50

P50

P50

P16

P50

P50



CAD Administrative Agenda - Commercial

07 May, 202005/05/2020 HT536GAFUL

1


14 -0080-0003-049-8

14 -0080-0003-052-2

14 -0080-0003-209-8

14 -0080-0003-210-6

17 -0018-0009-018-7

Land Split

Brownfield Certification

Land Split

Land Split

Apply Economic Development Valuation

TUFF PARKING LLC

ATLANTA DEVELOPMENT AUTHORITY DBA

TUFF PARKING LLC

TUFF PARKING LLC

JMC T2 LLC

RE-ESTABLISH CERTIFICATION

CORRECT RAMP UP PERCENTAGE TO 65%

1

2

3

4

5

7,442,700

6,029,468

6,385,300

1,585,700

86,392,280

-7,774,000

0

-4,028,400

-1,018,000

6,645,560


NOTES

PREVIOUS

CHANGE

2018

2019

2018

2018

2019

15,216,700

6,029,468

10,413,700

2,603,700

79,746,720

CURRENT

623

623

623

623

626

APPRAISER








A2 Appeal No Changes - Real Property

07 May , 2020

04/30/2020

1

HT531GAFOR


14 -0071- LL-010-5

14 -0071- LL-011-3

14 -0071- LL-012-1

14 -0071- LL-013-9

C904

C904

C904

C904

NBHD

NBHD

NBHD

NBHD

2,011,900

430,900

369,400

2,404,300

IMP

IMP

IMP

IMP

2,011,900

430,900

369,400

2,404,300

NOTICE VALUE

NOTICE VALUE

NOTICE VALUE

NOTICE VALUE

0

0

0

0

1

2

3

4

2,011,900

430,900

369,400

2,404,300

Total

Total

Total

Total

05R

05R

05R

05R

LAND

LAND

LAND

LAND

GEORGIA FILM & TELEVISION CENTER LLC




001

001

001

001

175 LAKEWOOD WAY SW ATLANTA




District

District

District

District

LUC CODE:

LUC CODE:

LUC CODE:

LUC CODE:

366

320

320

366

APPRS:

APPRS:

APPRS:

APPRS:

APPL REASON:

APPL REASON:

APPL REASON:

APPL REASON:

Value/Unif/Taxibility




STAFF RECOM:

STAFF RECOM:

STAFF RECOM:

STAFF RECOM:

No change in value

No change in value

No change in value

No change in value

******************************

******************************

******************************

******************************

2,011,900

430,900

369,400

2,404,300

0

0

0

0

CURRENT

CURRENT

CURRENT

CURRENT

CHANGE

CHANGE

CHANGE

CHANGE

2017

2017

2017

2017



SRV Appeal Second Reviews

07 May , 2020

04/30/2020

1

HT531GAFOR


14 -0071- LL-007-1

14 -0071- LL-009-7

14 -0071- LL-014-7

14 -0071- LL-015-4

14 -0071- LL-016-2

C904

C904

C904

C904

C904

NBHD

NBHD

NBHD

NBHD

NBHD

3,614,700

319,000

2,625,900

2,404,300

2,923,300

IMP

IMP

IMP

IMP

IMP

3,614,700

319,000

2,625,900

2,404,300

2,923,300

NOTICE VALUE

NOTICE VALUE

NOTICE VALUE

NOTICE VALUE

NOTICE VALUE

0

0

0

0

0

1

2

3

4

5

3,614,700

319,000

2,625,900

2,404,300

2,923,300

Total

Total

Total

Total

Total

05R

05R

05R

05R

05R

LAND

LAND

LAND

LAND

LAND

CITY OF ATLANTA

CITY OF ATLANTA

CITY OF ATLANTA

CITY OF ATLANTA

CITY OF ATLANTA

UN

183

183

183

183


LAKEWOOD WAY SW ATLANTA




District

District

District

District

District

LUC CODE:

LUC CODE:

LUC CODE:

LUC CODE:

LUC CODE:

699

699

699

699

699

APPRS:

APPRS:

APPRS:

APPRS:

APPRS:

APPL REASON:

APPL REASON:

APPL REASON:

APPL REASON:

APPL REASON:






STAFF RECOM:

STAFF RECOM:

STAFF RECOM:

STAFF RECOM:

STAFF RECOM:

No change in value

No change in value

No change in value

No change in value

No change in value

******************************

******************************

******************************

******************************

******************************

3,614,700

319,000

2,625,900

2,404,300

2,923,300

0

0

0

0

0

CURRENT

CURRENT

CURRENT

CURRENT

CURRENT

CHANGE

CHANGE

CHANGE

CHANGE

CHANGE

2016

2016

2016

2016

2016




07 May , 2020

04/30/2020

1

HT531GAFOR


14 -0071- LL-014-7

C904NBHD 2,625,900IMP

2,625,900NOTICE VALUE

0

1

2,625,900Total05R

LAND

CITY OF ATLANTA

001


DistrictLUC CODE: 699APPRS:

APPL REASON: Value/Unif/Taxibility

STAFF RECOM: No change in value

******************************

2,625,900

0CURRENTCHANGE

2017




07 May , 2020

04/30/2020

1

HT531GAFOR


14 -0071- LL-014-7

C904NBHD 2,625,900IMP

2,625,900NOTICE VALUE

0

1

2,625,900Total05R

LAND

CITY OF ATLANTA

001


DistrictLUC CODE: 699APPRS:

APPL REASON: Value/Unif/Taxibility

STAFF RECOM: No change in value

******************************

2,625,900

0CURRENTCHANGE

2018




07 May , 2020

04/30/2020 HT531GAFOR

1


22 -5160-0250-112-92990 MANORVIEW LN MILTON

Value and Uniformity

033 TaxDistrict

APPL REASON:

LAND

Total

NOTICE VALUEVEERAM JANARDHANA R &

Recommended value reflects current mkt

179,500 455,500

1

******************************

CHANGE56

635,000.00

768,200

IMP

STAFF RECOM:

133,200 635,000CURRENT

APPRS:2019

2265.1NBHD:




07 May , 2020

04/30/2020

1

HT531GAFOR


14 -0071- LL-014-7

14 -0071- LL-015-4

14 -0071- LL-016-2

C904

C904

C904

NBHD

NBHD

NBHD

2,625,900

2,594,000

2,923,300

IMP

IMP

IMP

2,236,700

4,140,300

6,168,900

NOTICE VALUE

NOTICE VALUE

NOTICE VALUE

0

0

0

1

2

3

2,625,900

2,594,000

2,923,300

Total

Total

Total

05R

05R

05R

LAND

LAND

LAND

CITY OF ATLANTA

CITY OF ATLANTA

CITY OF ATLANTA

001

001

001




District

District

District

LUC CODE:

LUC CODE:

LUC CODE:

699

699

699

APPRS:

APPRS:

APPRS:

APPL REASON:

APPL REASON:

APPL REASON:



STAFF RECOM:

STAFF RECOM:

STAFF RECOM:

Correct data characteristics


Value/Unif/Taxibility Correct data characteristics

******************************

******************************

******************************

2,625,900

2,594,000

2,923,300

389,200

1,546,300

3,245,600

CURRENT

CURRENT

CURRENT

CHANGE

CHANGE

CHANGE

##

##

##

2019

2019

2019



WD Appeal Withdrawn

07 May , 2020

04/30/2020

1

HT531GAFOR


14 -0255- LL-051-7

14 -0255- LL-052-5

C505

C505

NBHD

NBHD

16,232,300

26,653,200

IMP

IMP

22,756,500

36,883,500

NOTICE VALUE

NOTICE VALUE

4,380,000

6,346,800

1

2

20,612,300

33,000,000

Total

Total

20

20

LAND

LAND

LANDMARK CG PHASE 2 LLC

LANDMARK CG PHASE 1 LLC

300

300

3505 REDWINE RD EAST POINT

3505 REDWINE RD EAST POINT

District

District

LUC CODE:

LUC CODE:

2A1

2A1

APPRS:

APPRS:

APPL REASON:

APPL REASON:



STAFF RECOM:

STAFF RECOM:

Prev year BOE/SC/ARB/MORITORIUM

Prev year BOE/SC/ARB/MORITORIUM

******************************

******************************

20,612,300

33,000,000

2,144,200

3,883,500

CURRENT

CURRENT

CHANGE

CHANGE##

2019

2019



WPA Withdrawal Pending BTA Approval

07 May , 2020

04/30/2020 HT531GAFOR

1


17 -0139- LL-112-2576 BROADLAND RD NW LOT 1 ATLANTA


430 TaxDistrict

APPL REASON:

LAND

Total

NOTICE VALUENICHOLAS DANIEL IMERMAN TRUST ET AL


252,500 164,600

1

******************************

CHANGE05

417,100.00

940,500

IMP

STAFF RECOM:

523,400 417,100CURRENT

## APPRS:2018

1718.NBHD:



WPA Withdrawal Pending BTA Approval

07 May , 2020

04/30/2020

1

HT531GAFOR


14 -0071- LL-007-1

14 -0071- LL-009-7

14 -0071- LL-015-4

14 -0071- LL-016-2

C904

C904

C904

C904

NBHD

NBHD

NBHD

NBHD

0

319,000

2,404,300

2,923,300

IMP

IMP

IMP

IMP

3,614,700

319,000

2,404,300

2,923,300

NOTICE VALUE

NOTICE VALUE

NOTICE VALUE

NOTICE VALUE

3,614,700

0

0

0

1

2

3

4

3,614,700

319,000

2,404,300

2,923,300

Total

Total

Total

Total

05R

05R

05R

05R

LAND

LAND

LAND

LAND

CITY OF ATLANTA

CITY OF ATLANTA

CITY OF ATLANTA

CITY OF ATLANTA

001

001

001

001


LAKEWOOD WAY SW ATLANTA



District

District

District

District

LUC CODE:

LUC CODE:

LUC CODE:

LUC CODE:

699

699

699

699

APPRS:

APPRS:

APPRS:

APPRS:

APPL REASON:

APPL REASON:

APPL REASON:

APPL REASON:





STAFF RECOM:

STAFF RECOM:

STAFF RECOM:

STAFF RECOM:

No change in value

No change in value

No change in value

No change in value

******************************

******************************

******************************

******************************

3,614,700

319,000

2,404,300

2,923,300

0

0

0

0

CURRENT

CURRENT

CURRENT

CURRENT

CHANGE

CHANGE

CHANGE

CHANGE

2018

2018

2018

2018



CR5 Past 180 days; No CRT

07 May , 2020

04/30/2020 HT531GAFOR

1


17 -0096-0002-015-5149 INTERLOCHEN DR NE ATLANTA

Fair Market Value

074 TaxDistrict

APPL REASON:

LAND

Total

NOTICE VALUEBINNEY GREGORY B & GRETCHEN L

Recommended value reflects current mkt

267,800 1,232,200

1

******************************

CHANGE05

1,500,000.00

1,940,700

IMP

STAFF RECOM:

440,700 1,500,000CURRENT

## APPRS:2018

1714.7NBHD:


P2 Appeal No Changes - Personal Property

04/29/2020

1

LEGALTAXYRPROPERTY TYPEAPPRDISTRICT

NAMEDESCREASON FOR CHANGESTAFF RECOMMENDATION

NOTICEVALUE

CURRENT CHANGE

PERSONAL PROPERTY

BOARD OF TAX ASSESSORS MEETING OF07 May , 2020

HT531GAFOR

P00000000273

P00000000297

P00006495262

P20180001235

P00000001162

P00000029752

69,310,692

33,375,803

47,463,350

3,725,519

1,451,460

100,780,570

0

0

0

0

0

0

69,310,692

33,375,803

47,463,350

3,725,519

1,451,460

100,780,570

1

2

3

4

5

6

COCA COLA CO THE

COCA COLA COMPANY THE

COCA COLA COMPANY THE

FANTATICS RETAIL GROUP CONCESSIONS LLC

INTERSTATE TRUCK EQUIPMENT INC

NESTLE PURINA PETCARE COMPANY

3791 BROWNS MILL RD SE ATLANTA 30354

1001 GREAT SOUTHWEST PKWY FUL

7075 LA GRANGE BLVD 100 FUL

1414 ANDREW YOUNG INTERNATIONAL BLVD NW ATLANTA 30313

2740 SULLIVAN RD ATLANTA 30337

5001 FAYETTEVILLE RD FUL




Fair Market Value


Fair Market Value

2019

2019

2019

2019

2019

2019

BUSNES

BUSNES

BUSNES

BUSNES

BUSNES

BUSNES

******************************

******************************

******************************

******************************

******************************

******************************

No change in appeal value






P56

P56

P56

P48

P56

P56

05

70

70

05

15

25


WD Appeal Withdrawn

05/01/2020

1

LEGALTAXYRPROPERTY TYPEAPPRDISTRICT

NAMEDESCREASON FOR CHANGESTAFF RECOMMENDATION

NOTICEVALUE

CURRENT CHANGE

PERSONAL PROPERTY

BOARD OF TAX ASSESSORS MEETING OF07 May , 2020

HT531GAFOR

P00000000385 2,026,254 -1,866,987 159,2671 CONKLIN METAL INDUSTRIES INC684 ANTONE ST NW SUITE 100 ATLANTA 30318

Fair Market Value

2019BUSNES

******************************

Adjusting equipment value

P56

05


DEVELOPMENT AUTHORITY DOCUMENTS

1. EAGLE ENVIRONMENTAL CONSTRUCTION & DEVELOPMENT LLC

2. AIRPORT LOGISTICS WEST LLC

3. CITY LIGHTS ASSOCIATES II-A LLC

114433460\V-5

MEMORANDUM OF AGREEMENT REGARDING LEASE STRUCTURE AND

VALUATION OF LEASEHOLD INTEREST

Eagle Environmental Construction & Development LLC, a Georgia limited liability company (the “Company”), has evaluated the feasibility of financing the acquisition, construction, equipping, and installation of a mixed-use development consisting of apartments, parking, commercial and retail space, and an economic development project under O.C.G.A. § 36-62-2(6)(N) (the “Project”), to be owned by the Development Authority of Fulton County (the “Authority”) and leased to the Company. The Project is to be located at 395 and 409 Whitehall Street SW, in the City of Atlanta, Fulton County, Georgia, which currently consists of unused parcels, previously occupied by Simmons Metal Plating Company, and on land which is more particularly described on Exhibit A attached hereto (the “Project Site”). Building fixtures and equipment (the “Equipment”) related to the Project are more particularly described on Exhibit B attached hereto and made part hereof.

The Company estimates that by September 1, 2023, it would have theretofore made or caused to be made aggregate capital expenditures of approximately $100,000,000.00 towards the acquisition, construction, equipping, installation and leasing of the Project on behalf of the Authority, for lease to the Company. The Company projects that the Project will generate 22 new retail jobs, nine new property management jobs and approximately 100 temporary and full time construction jobs during Project construction, all new employment opportunities for individuals able to present the paperwork necessary to obtain legal employment. The parties agree that nothing herein contained shall be construed as an attestation by the Fulton County Board of Assessors (the “Board”) or the Authority as to the economic viability of the Project. The parties acknowledge that they have entered into this Memorandum in good faith, and that the Board and the Authority make no representations or warranties regarding any outcome or consequences of any future legal challenges.

In order to induce and facilitate the development of the Project within Fulton County, upon the Company’s request, the Authority will make available to the Company conduit taxable revenue bond financing in an amount not to exceed $100,000,000.00 (the “Bond Financing”), which covers all or a part of the anticipated capital investment at the Project, and the Board proposes to utilize the ad valorem valuation methodology set forth in this Memorandum.

Under the proposed transaction and contemporaneously with, or subsequent to, the closing of the Bond Financing, the Company would transfer the Project and all components thereof, as then existing, to the Authority, or cause the same to be so transferred, and the Authority and the Company would enter into a lease agreement (the “Lease,” substantially in the form attached hereto as Exhibit C) under which the Authority would lease the Project as then or thereafter existing to the Company. The Company’s rental payments under the Lease would be an amount sufficient, and would be payable at such times, as would permit the Authority to pay the principal of and interest on the bonds issued as part of the Bond Financing related to the Project (the “Bonds”) as and when the same become due and payable. The Lease would grant to the Company an option to acquire the Project at the termination of the Lease; provided that appropriate provision is made for the retirement of the Bonds prior to or in connection with any such conveyance of the

2 114433460\V-5

Project at the termination of the Lease. The Lease contains provisions permitting the assignment of the Company’s interest thereunder pursuant to certain conditions and requirements.

The Company may purchase the Bonds itself or through one of its wholly owned subsidiaries, or would otherwise arrange for purchase of the Bonds issued by the Authority. If the Company or any affiliate of the Company is the holder of all outstanding Bonds, the Company may prepay all Lease rentals and all Bond indebtedness by surrendering the Bonds or causing the Bonds to be surrendered to the Authority for cancellation.

It is anticipated that legal transfer of the Project to the Authority and the execution and delivery of the Lease between the Company and the Authority therefor would occur on or before December 1, 2020. The completion and/or occupancy of the Project by the Company, as determined by the Board, shall constitute the completion date (the “Completion Date”) for purposes of this Memorandum. As to be provided in the Lease, the Company will have access to and control of the Project prior to the Completion Date in order to complete the acquisition, construction, equipping, installation and leasing of the Project. The term of the Lease will expire on or about ten years from the date of the Completion Date.

All parties to this Memorandum recognize and agree that the Authority is not subject to ad valorem taxation on its interest in either the real property or the personal property portions of the Project. The parties further understand and agree that the Company will be subject to ad valorem taxation on its leasehold interest in the Project (the “Leasehold Interest”). Pursuant to O.C.G.A. § 36-80-16.1(e) and the decision of the Supreme Court of Georgia in W.C. Harris, et al. vs. DeKalb County Board of Tax Assessors, 248 Ga. 277 (1981) (the “Harris Case”), which permits the Board to agree in advance to fixed or percentage, reasonable and non-arbitrary valuation methods, the parties (including any assignee of the Company pursuant to an assignment in accordance with the applicable provisions of the Lease) desire to agree upon an appropriate, reasonable and non-arbitrary methodology for valuation of the Leasehold Interest. The Board acknowledges and attests to its familiarity with the form of Lease attached hereto as Exhibit C, and expressly confirms that it will discharge its official responsibility relating to the valuation of property within Fulton County for ad valorem tax purposes by appraising and valuing the fair market value of the Leasehold Interest in accordance with applicable law, including specifically Sherman v. Fulton County Board of Assessors, et al., 288 Ga. 88 (2010), SJN Properties, LLC v. Fulton County Board of Assessors, et al., 296 Ga. 793 (2015) and the Harris Case and the valuation technique therein set forth.

All parties to this Memorandum further recognize and agree that all or a portion of the Project Site constitutes “brownfield property” within the meaning of O.C.G.A. § 48-5.7.6 (the “Brownfield Preferential Assessment Act”). Since all or a portion of the Project Site does constitute brownfield property, the director of the Environmental Protection Division of the Department of Natural Resources of the State of Georgia has (i) approved a corrective action plan or compliance status report for such brownfield property; (ii) issued a limitation of liability with respect to such brownfield property; and (iii) certified certain eligible costs of remediation pursuant O.C.G.A. § 48-5.7.6(j). Accordingly, such brownfield property (including any subsequent improvements thereto) is subject to preferential classification and assessment for purposes of ad valorem property taxation, all as more particularly described in the Brownfield Preferential Assessment Act. The Authority further acknowledges that, notwithstanding the applicability of the Brownfield Preferential Assessment Act to all or a portion of the Project Site, it intends to enter

3 114433460\V-5

into the Bond Financing hereinabove described, pursuant to which the Authority shall issue the Bonds, obtain title to the Project Site, the Project and the Equipment, and lease the same to the Company pursuant to the Lease, thereby providing for the valuation of such leasehold interest in the manner and upon the terms set forth herein.

In order to provide the Company with sufficient information and certainty upon which it can base its decision to carry out the Project in Fulton County, the parties agree that it is important to set forth the methodology by which it is agreed that the Leasehold Interest of the Company in the Project will be valued for ad valorem property purposes. That methodology, which represents the utilization by the Board of the “income approach to appraisal” with a reasonable and non-arbitrary discounted cash flow analysis for the successive years of the Lease term, is as follows:

1. It is expected that the Project will be completed by September 1, 2023. There will be no value to the Leasehold Interest of the Company in the Project prior to the Completion Date in accordance with the precedent established in the Harris Case. Thus, there will be no ad valorem real property or personal property taxes on any assets acquired by the Authority in connection with the Project prior to January 1 of the year immediately following the Completion Date (the “Tax Commencement Date”). Notwithstanding the foregoing, or anything herein to the contrary or any precedent under the Harris Case, to the extent that any property conveyed to the Authority as part of the Project was subject to ad valorem taxation in Fulton County prior to such conveyance, the Company hereby agrees that such property shall remain subject to taxation in Fulton County until the Tax Commencement Date, and the Company agrees to tender timely tax payment amounts to Fulton County, based on the assessed value of such property for tax purposes immediately prior to the conveyance of such property to the Authority.

2. Beginning on the Tax Commencement Date, assets acquired by the Authority will be valued for ad valorem property tax purposes based on the following ten (10) year schedule, which has been determined based on the precedent established in the Harris Case and utilizes approximate percentages to reflect the discounted cash flow analysis, with a seven percent (7%) discount rate over the successive years of said ten (10) year schedule. During each year, the Leasehold Interest of the Company in the assets acquired and owned by the Authority will be subject to taxation by the applicable governmental jurisdiction at the fair market value of the Leasehold Interest in that year as determined by the Board in accordance with this Memorandum. It is agreed that the fair market value of the Leasehold Interest of the Company in such assets shall increase as the lease term progresses and for any year will equal the “applicable percentage” for such year as described above and as set forth below, multiplied by the fair market value of the fee interest of such assets in such year. The “applicable percentage” in each year during this ten (10)-year period will be as follows:

4 114433460\V-5

First Year 50% Second Year 55% Third Year 60% Fourth Year 65% Fifth Year 70% Sixth Year 75% Seventh Year 80% Eighth Year 85% Ninth Year 90% Tenth Year 95%

Following the tenth (10th) year, the Leasehold Interest of the Company will be subject to taxation at 100% of the fair market value of the fee interest.

3. The determination of the fair market value of the fee interest in any asset in any year following the Tax Commencement Date (prior to being reduced by the applicable percentage) will be subject to periodic reassessment, for which the Board will employ its standard valuation methods. The fair market value of the Leasehold Interest valued thereunder, after being reduced by the applicable percentage, shall be multiplied by 40% to determine the assessed value of each such category for such year and thereafter multiplied by the millage rate established by Fulton County and any applicable municipality, to the extent the Project is located within the geographical boundaries of such municipality, with respect to such year, to determine the ad valorem tax for such year. The parties agree that in addition to the determination of the fair market value of the Leasehold Interest provided for herein, the Company shall be entitled to claim the preferential assessment available for “eligible brownfield costs” as defined by O.C.G.A. § 48-5-7.6(a)(3) and as certified by the Environmental Protection Division of the Georgia Department of Natural Resources.

On an annual basis, the Company shall return the property comprising the Project for ad valorem taxation purposes in Fulton County and shall also deliver to the Authority and the Board on or before the anniversary date of this Memorandum such additional documentation and information as may be necessary in order for the Board to value the Project and portions thereof. It is the responsibility of the Company to provide to the Authority and the Board a copy of the certificate of occupancy for the Project, if applicable, in order for the Board to properly value the Project and apply the above schedule.

4. By their signature appearing at the end of this Memorandum, all parties (including any assignee of the Company pursuant to an assignment in accordance with the applicable provisions of the Lease) acknowledge having reviewed the specific terms of the Lease and now concur in the above valuation of the Leasehold Interests for ad valorem tax purposes by Board.

[SIGNATURES BEGIN ON FOLLOWING PAGE]

[SIGNATURE PAGE TO MEMORANDUM OF AGREEMENT REGARDING LEASE STRUCTURE AND VALUATION OF LEASEHOLD INTEREST]

114433460\V-5

Dated as of the ____ day of_______________, 2020.

FULTON COUNTY BOARD OF ASSESSORS By: Name: Title:

Futon County Parcel ID #s: 14-008500020189, 14-008500020346


114433460\V-5

EAGLE ENVIRONMENTAL CONSTRUCTION & DEVELOPMENT LLC, a Georgia limited liability company By: __________________________________

Name: ________________________________ Title: _________________________________

114433460\V-5

EXHIBIT A

LEGAL DESCRIPTION

[insert legal]

114433460\V-5

EXHIBIT B

EQUIPMENT

Bills of sale relating to equipment to be located at the Project Site (as described on Exhibit A) for use by the Company will be provided to the Board once it has been acquired by the Authority.

114433460\V-5

EXHIBIT C

FORM OF LEASE

[ATTACHED]

EAGLE ENVIRONMENTAL CONSTRUCTION &

DEVELOPMENT LLC WHITEHALL MIXED-USE DEVELOPMENT

FINAL BOND RESOLUTION FACT SHEET

Purpose: To approve a $100,000,000 final bond resolution for Eagle Environmental Construction & Development LLC (“Whitehall”) a proposed mixed-use development with commercial/retail space and residential units, including affordable housing units (the “Project”).

Project Owner: Eagle Environmental Construction & Development LLC (Induced as 395 Whitehall, LLC and 409 Whitehall, LLC)

Location & Taxing Jurisdictions:

395 and 409 Whitehall Street near the Garnett MARTA Station Fulton County, City of Atlanta, Atlanta Public Schools

Investment: $100,000,000

Estimated Closing Date: 3rd Quarter 2020

Description: Estimated Completion Date:

The Project will consist of approximately 356 residential units, including affordable housing units, 13,604 square feet of commercial/retail space, and 377 parking spaces. September 1, 2023, with the Certificate of Occupancy expected to be issued shortly thereafter.

Economic Benefits:

$100 million of investment in an abandoned property with a current FMV of $652,100.

Whitehall proposes to set aside 15%, or 53 affordable housing units, at 80% of AMI to meet the City of Atlanta’s Inclusionary Zoning requirements, contributing to Atlanta’s goal of increasing affordable housing units.

The Project will create 31 permanent full time jobs and 73 construction jobs, committing to use best efforts to support DAFC’s MFBE policy guidelines.

Overall economic impact of approximately $198,083,4481

Annual tax before investment: $11,257

Estimated tax anticipated from investment in year 1 after completion of construction during incentive period:

$861,980

Estimated tax anticipated over 10 years during incentive period:

$12,369,336

Estimated tax savings over 10 years during incentive period:

$4,712,357

1 Estimated using IMPLAN model of Fulton County

12965114v.2

THE ATLANTA DEVELOPMENT AUTHORITY

FULTON COUNTY

BOND RESOLUTION FACT SHEET 409 WHITEHALL MIX USE DEVELOPMENT

PROJECT NAME: 409 Whitehall Mix Use Development

LOCATION: 395 and 409 Whitehall Street SW Atlanta, Georgia 30303

Council District 4; NPU M

INVESTMENT: Approximately $100,000,000

PROJECT DESCRIPTION: The proposed project, located on a 1.66-acre parcel at 395 and 409 Whitehall Street, just blocks from Interstate 20, between US-41 and the Garnett MARTA station, would be a mixed-use development, consisting of commercial/retail space and apartments.

It would transform currently unused parcels (Previous Simmons Metal Plating Company), burdened with significant environmental issues, into a development providing a concentration and diversity of activities, supplying vitality to this underutilized boulevard that connects downtown to Interstate 20. The proposed development would be a secure, attractive, high quality environment for the residents and tenants of the project.

The residential towers for the proposed project include a nine-story steel frame building (Type IA) over a concrete podium. The total project development will consist of the following:

356 Apartments o 57 Studio Units (525 square feet) o 242 1 Bedroom Units (700 square feet) o 57 2 Bedroom Units (1000 square feet)

377 Parking Spaces

13,604 square feet Commercial / Retail

For this project, retail spaces are planned along Whitehall Street with a pedestrian plaza out-front. The retail podium of 13,604 SF is planned for a grocery, cleaners, café and potentially a jazz night club. The 40 plus parking places for the retail are contained within the base of the building. The entrances and exits for the parking as well as the residential units are placed at each end of the 1.66 acre plus parcel using an existing alley and a relocated alley.

ENVIRONMENTAL IMPACT: The project site Parcels were formerly owned and operated by Simmons

Plating Works, Inc. from the 1950’s to 2002. In 2002, the owner abandoned the Lien Parcels leaving certain hazardous materials and wastes on the site. The Environmental Protection Division (“EPD”) listed the Lien Parcels on the Hazardous Site Inventory in November 2002 (HSI #10747). Subsequently, EPD conducted certain assessment and removal actions at the Parcels using funds from the Georgia Hazardous Waste Trust Fund. This

12965114v.2

site remains underutilized because of the balance of hazardous materials left on site. The proposed project would not only put currently unused parcels of land to productive economic use but would also remove a significant impediment to revitalization and development of the surrounding areas by remedying the physically hazardous and aesthetically unappealing state of the project site as it exists today.

However, constructing the project in this busy urban corridor on a site burdened by such significant environmental issues creates additional costs that challenge our ability to deliver the project in an economically feasible way. Below is a summary of the costs associated with the environmental remediation required to safely construct the project as well as the costs of complying with City of Atlanta zoning requirements and additional obligations imposed in connection with the project’s special administrative permit process with the City:

Remediation costs – $19,147,476

Detention pond to be located in the northwest corner of the project $657,000

Widened sidewalks – $658,000

Walking trails – $658,000

Commercial Tenant Improvement and Corridors - $3,078,566

Such additional incurred costs would make the project difficult to complete without bond-for-title property tax incentives. Revenue Bond financing from the Development Authority of Fulton County would help mitigate the cost challenges this project faces, making an investment in the project more feasible and more attractive relative to other potential investments. We are confident that revenue bond financing from the Authority would help us to construct the project successfully and add great value to downtown Atlanta.

ECONOMIC BENEFITS:

Approximately $100 million of investment in SW Downtown Atlanta

Project will create up to 22 new retail and 9 new property management jobs

Project will create 73 temporary and 31 full time construction jobs

Estimated increase in annual property tax revenue of $2.2 million

AFFORDABLE COMMITMENT

In keeping with our commitment to advancing the economic and social welfare of the City of Atlanta, Fulton County and their residents, we understand the affordability requirements imposed by City of Atlanta Ordinance No. 16-O-1163 and intend to ensure that the project complies with them. We have had several discussions with City of Atlanta officials regarding our plan for compliance already and expect that those conversations will continue as preliminary development work moves forward.

12965114v.2

12965114v.2

31348/15 6951610v1



Airport Logistics West, LLC a Georgia limited liability company (the “Company”), has evaluated the feasibility of financing the acquisition, construction, and equipping of a distribution and operations facility and economic development project under O.C.G.A. § 36-62-2(6)(N) in Fulton County, Georgia (the “Project”) to be owned by the Development Authority of Fulton County (the “Authority”) and leased to the Company. The Project is located on Stonewall Tell Road near the intersection of South Fulton Parkway, Union City, Fulton County, Georgia on land more particularly described on Exhibit A attached hereto (the “Project Site”). Personal property, machinery, fixtures and equipment (the “Equipment”) related to the Project are more particularly described on Exhibit B attached hereto and made part hereof.

The Company estimates that by December 31, 2022, it would have theretofore made or caused to be made aggregate capital expenditures of approximately $18,000,000 towards the acquisition, construction and equipping of the Project on behalf of the Authority, for lease to the Company. The Project will permit the creation of approximately 50 full-time, permanent jobs and approximately 200 jobs during Project construction, all new employment opportunities for individuals able to present the paperwork necessary to obtain legal employment. The parties agree that nothing herein contained shall be construed as an attestation by the Fulton County Board of Assessors (the “Board”) or the Authority as to the economic viability of the Project. The parties acknowledge that they have entered into this Memorandum in good faith, and that the Board and the Authority make no representations or warranties regarding any outcome or consequences of any future legal challenges.

In order to induce and facilitate the development of the Project within Fulton County, upon the Company’s request the Authority will make available to the Company conduit taxable revenue bond financing in an amount not to exceed $18,000,000 (the “Bond Financing”), which covers all or a part of the anticipated capital investment at the Project, and the Board proposes to utilize the ad valorem valuation methodology set forth in this Memorandum.

Under the proposed transaction and contemporaneously with, or subsequent to, the closing of the Bond Financing, the Company, through itself and its affiliates, would transfer the Project and all components thereof, as then existing, to the Authority, or cause the same to be so transferred, and the Authority and the Company would enter into a lease agreement (the “Lease,” substantially in the form attached hereto as Exhibit C) under which the Authority would lease the Project as then or thereafter existing to the Company. The Company’s rental payments under the Lease would be an amount sufficient, and would be payable at such times, as would permit the Authority to pay the principal of and interest on the bonds issued as part of the Bond Financing (the “Bonds”) as and when the same become due and payable. The Lease would grant to the Company an option to acquire the Project at the termination of the Lease; provided that appropriate provision is made for the retirement of the Bonds prior to or in connection with any such conveyance of the Project at the termination of the Lease. The Lease contains provisions permitting the assignment of the Company’s interest thereunder pursuant to certain conditions and requirements.

The Company may purchase the Bonds itself or through one of its wholly owned subsidiaries, or would otherwise arrange for purchase of the Bonds issued by the Authority. If

2 31348/15 6951610v1

the Company or any affiliate of the Company is the holder of all outstanding Bonds, the Company may prepay all Lease rentals and all Bond indebtedness by surrendering the Bonds or causing the Bonds to be surrendered to the Authority for cancellation.

It is anticipated that legal transfer of the Project to the Authority will commence and the execution and delivery of the Lease between the Company and the Authority therefor would occur on or before December 31, 2020, and that completion of the acquisition, renovation and equipping of the Project is anticipated on or about December 31, 2022. The completion and/or occupancy of the Project by the Company as reasonably determined by the Board shall constitute the completion date (the “Completion Date”) for purposes of this Memorandum. As provided in the Lease, the Company will have access to and control of the Project prior to the Completion Date in order to complete the acquisition, renovation, equipping, and leasing of the Project. The term of the Lease will expire on or about ten years from the date of the Completion Date.

All parties to this Memorandum recognize and agree that the Authority is not subject to ad valorem taxation on its interest in either the real property or the personal property portions of the Project. The parties further understand and agree that the Company will be subject to ad valorem taxation on its leasehold interest in the Project (the “Leasehold Interest”). Pursuant to O.C.G.A. 36-80-16.1(e) and the decision of the Supreme Court of Georgia in W.C. Harris, et al. vs. DeKalb County Board of Tax Assessors, 248 Ga. 277 (1981) (the “Harris Case”), which permits the Board to agree in advance to fixed or percentage, reasonable and non-arbitrary valuation methods, the parties (including any assignee of the Company pursuant to an assignment in accordance with the applicable provisions of the Lease) desire to agree upon an appropriate, reasonable and non-arbitrary methodology for valuation of the Leasehold Interest. The Board acknowledges and attests to its familiarity with the form of Lease attached hereto as Exhibit C, and expressly confirms that it will discharge its official responsibility relating to the valuation of property within Fulton County for ad valorem tax purposes by appraising and valuing the fair market value of the Leasehold Interest in accordance with applicable law, including specifically Sherman v. Fulton County Board of Assessors, et. al., 288 Ga. 88 (2010), SJN Properties, LLC v. Fulton County Board of Assessors, et. al., 296 Ga. 793 (2015) and the Harris Case and the valuation technique therein set forth.

In order to provide the Company with sufficient information and certainty upon which it can base its decision to carry out the Project in Fulton County, the parties agree that it is important to set forth the methodology by which it is agreed that the Leasehold Interest of the Company in the Project will be valued for ad valorem property purposes. That methodology, which represents the utilization by the Board of the “income approach to appraisal” with a reasonable and non-arbitrary discounted cash flow analysis for the successive years of the Lease term, is as follows:

1. It is expected that acquisition, renovation, and equipping of the Project will be completed by December 31, 2022. There will be no value to the Leasehold Interest of the Company in the Project prior to the Completion Date in accordance with the precedent established in the Harris Case. Thus, there will be no ad valorem real property or personal property taxes on any assets acquired by the Authority in connection with the Project prior to January 1 of the year immediately following the Completion Date (the “Tax Commencement Date”). Notwithstanding the foregoing, or anything herein to the contrary or any precedent under the Harris Case, to the extent any property conveyed to the Authority as part of the Project was subject to ad valorem taxation in Fulton County prior to such conveyance, the Company

3 31348/15 6951610v1

hereby agrees that such property shall remain subject to taxation in Fulton County until the Tax Commencement Date, and the Company agrees to tender timely tax payment amounts to Fulton County, based on the assessed value of such property for tax purposes immediately prior to the conveyance of such property to the Authority.

2. Beginning on the Tax Commencement Date, assets acquired by the Authority in connection with the Project to which such Tax Commencement Date relates will be valued for ad valorem property tax purposes based on the following ten (10)-year schedule, which has been determined based on the precedent established in the Harris Case and utilizes approximate percentages to reflect the discounted cash flow analysis, with a seven percent (7%) discount rate over the successive years of said ten (10) year schedule. During each year, the Leasehold Interest of the Company in the assets acquired and owned by the Authority in connection with the Project will be subject to taxation by the applicable governmental jurisdiction at the fair market value of the Leasehold Interest in that year as determined by the Board in accordance with this Memorandum. It is agreed that the fair market value of the Leasehold Interest of the Company in such assets shall increase as the lease term progresses and for any year will equal the “applicable percentage” for such year as described above and as set forth below, multiplied by the fair market value of the fee interest of such assets in such year. The “applicable percentage” in each year during this ten (10)-year period will be as follows:

First Year Second Year Third Year

50% 55% 60%

Fourth Year 65% Fifth Year 70% Sixth Year 75% Seventh Year 80% Eighth Year 85% Ninth Year 90% Tenth Year 95%

Following the tenth (10th) year, the Leasehold Interest of the Company will be subject to taxation at 100% of the fair market value of the fee interest.

3. The determination of the fair market value of the Leasehold Interest in any asset in any year following the Tax Commencement Date (prior to being reduced by the applicable percentage) will be subject to periodic reassessment, for which the Board will employ its standard valuation methods. The fair market value of the Leasehold Interest valued thereunder, after being reduced by the applicable percentage, shall be multiplied by 40% to determine the assessed value of each such category for such year and thereafter multiplied by the millage rate established by Fulton County and any applicable municipality, to the extent the Project is located within the geographical boundaries of such municipality, with respect to such year, to determine the ad valorem tax for such year.

On an annual basis, the Company shall return the property comprising the Project for ad valorem taxation purposes in Fulton County and shall also deliver to the Authority and the Board on or before the anniversary date of this Memorandum such additional documentation and

4 31348/15 6951610v1

information as may be necessary in order for the Board to value the Project and portions thereof. It is the responsibility of the Company to provide to the Authority and the Board a copy of the certificate of occupancy for the Project, if applicable, in order for the Board to properly value the Project and apply the above schedule.

By their signature appearing at the end of this Memorandum, all parties (including any assignee of the Company pursuant to an assignment in accordance with the applicable provisions of the Lease) acknowledge having reviewed the specific terms of the Lease and now concur in the above valuation of the Leasehold Interests for ad valorem tax purposes by Board.

[SIGNATURES BEGIN ON FOLLOWING PAGE]


31348/15 6951610v1

Dated as of the ___ day of ______, 2020.

FULTON COUNTY BOARD OF ASSESSORS By: Name: Title:

Fulton County Parcel ID #s: 09F340101340060


31348/15 6951610v1

AIRPORT LOGISTICS WEST, LLC, a Georgia limited liability company

By:

By: Name: J. Bradford Smith

Title: Manager

31348/15 6951610v1

EXHIBIT A

LEGAL DESCRIPTION

31348/15 6951610v1

EXHIBIT B

EQUIPMENT

Bills of sale relating to personal property and equipment to be located at the Project Site (as described on Exhibit A) for use by the Company will be provided to the Board once it has been acquired by the Authority.

31348/15 6951610v1

EXHIBIT C

FORM OF LEASE

[Attached]

AIRPORT LOGISTICS WEST, LLC

AIRPORT LOGISTICS CENTER WEST FINAL BOND RESOLUTION

FACT SHEET

Purpose: To approve an $18,000,000 final bond resolution for Airport Logistics West, LLC (“ALW”) to develop a 249,000 square foot, distribution/operations facility (the “Project”) in Union City, Fulton County, Georgia. The Project will be constructed on a single parcel located on Stonewall Tell Road near its intersection with South Fulton Parkway.

Project Owner: Airport Logistics West, LLC (“ALW”)

Location & Taxing Jurisdictions:

Stonewall Tell Road near its intersection with South Fulton Parkway, Fulton County, City of Union City, Fulton County Schools

Investment: $18,000,000

Estimated Closing Date: 3rd Quarter 2020

Description: Estimated Completion Date:

The Project proposes to develop a new 249,000 square foot distribution/operations facility (the “Project”). December 31, 2022, with the Certificate of Occupancy expected to be issued shortly thereafter.

Economic Benefits:

$18 million of investment. The Project will create 50-60 permanent full time jobs and 200+

temporary construction jobs, committing to use best efforts to support DAFC’s MFBE policy guidelines.

Overall economic impact after 10 years with 60 jobs is anticipated at approximately $130,924,588

Annual tax before investment: $5,392

Estimated tax anticipated from investment in year 1 after completion of construction during incentive period:

$161,599

Estimated tax anticipated over 10 years during incentive period:

$2,291,910

Estimated tax savings over 10 years during incentive period:

$877,486

PROJECT DESCRIPTION

AIRPORT LOGISTICS CENTER WEST

Airport Logistics West, LLC (“ALW”) is proposing to construct, through itself and/or an affiliated entity, a 249,000 square foot distribution/operations facility (the “Project”) in Union City, Fulton County, Georgia. The Project will be constructed on a single tax parcel located on Stonewell Tell Road, near the intersection with South Fulton Parkway. The property is currently under ALW’s control.

ALW intends to lease the facility to an as-yet unidentified third-party company (the “Tenant”).

If constructed, upon opening of the facility, ALW anticipates the Tenant will create 50-60 new employment positions in Fulton County with a projected annual payroll of $2,000,000 - $2,400,000 per year. In addition. ALW is estimating that 200+jobs will be created during the construction of the Project.

The projected capital budget for the Project is $18,000,000. It is anticipated that the Project will be financed through a single bond issue.

The proposed Project site poses several challenges which must be addressed in order for the Project to be constructed. Those include:

1. The site is topographically challenged, with ground level variances in excess of 50 feet. As a result, transforming the property into a level, workable building site will require substantial movement of dirt and removal of substandard dirt (in the low areas there is significant collection of silt and other byproducts from years of accumulated runoff) In addition, there is a reasonable amount of rock, above the projected building level, which will need to be removed. Current estimates of the required preparatory work are in excess of $1,500,000.

2. The topography of the site also poses significant ingress/egress challenges which, to resolve to market standards, will require remediation costing at least $400,000.

3. In addition to the above, there is also a stream on the western portions of the property, which substantially impacts the construction design options for the site.

In addition to these changes, ALW has discussed with representatives of Union City the potential construction of certain public infrastructure improvements (such as sidewalks and roadway improvements on Stonewall Tell). The final plans for these improvements are still being developed.

In addition to the significant local job growth directly attributable to the Project, it is anticipated that this Project will spur further growth in the area, resulting in additional job growth and economic activity.

17983365vl

STONEWALL WEST BUILDING

248,060 SF

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April 24, 2020 Mr. Dwight Robinson Chief Appraiser Fulton County Board of Tax Assessors 235 Peachtree Street, N.E., Suite 1400 Atlanta, Georgia 30303

Ms. Salma Ahmed Board Chair Fulton County Board of Tax Assessors 235 Peachtree Street, N.E., Suite 1400 Atlanta, Georgia 30303

Re: The Atlanta Development Authority Taxable Lease Purchase Revenue

Bonds (City Lights II-A Project)

Dear Mr. Robinson and Ms. Ahmed:

Thank you again for assisting The Atlanta Development Authority (the “Authority”) ensure that the development initiatives established for our community are implemented. As you know, the Authority is governed by a nine member Board of Directors which includes a representative of each of Fulton County’s taxing jurisdictions (Atlanta, Fulton County and the Board of Education of the City of Atlanta). At the Authority’s Board of Directors meeting on December 19, 2019, it approved providing assistance to City Lights Associates II-A, LLC, a Georgia limited liability company (the “Company”), in connection with the acquisition, construction, installation and equipping of a multifamily housing development to be located at 486 Boulevard, N.E., 496 Boulevard, N.E., 479 Parkway Drive, N.E., 483 Parkway Drive, N.E., 489 Parkway Drive, N.E. and 495 Parkway Drive, N.E., in the City of Atlanta. The project is projected to result in approximately $38,000,000 of capital being invested and expected to result in the creation of approximately 5 direct permanent full-time jobs and approximately 138 temporary construction jobs, and add 123 affordable residential units in a targeted area.

The Authority approved this project following a careful and deliberate review process. As you are probably aware, the Authority adopted certain “Defined Economic Development Benefit” criteria which must be met prior to inducing a project to participate in its Lease Purchase Bond Program. This project meets that standard. It is important to the continued viability of many projects in Atlanta that we provide this type of assistance as we compete against other communities in our region for new development. To that end, we would respectfully request your assistance in reviewing and approving the Memorandum of Agreement that has been proposed so that the project can be completed and closed.

Mr. Dwight Robinson, Chief Appraiser Ms. Salma Ahmed, Board Chair April 24, 2020 Page 2 of 2

Please feel free to contact me directly at (404) 880-4100 if you have any questions.

Very truly yours, Dr. Eloisa Klementich President and Chief Executive Officer

054192.0000096 EMF_US 79783507v2

City Lights II-A



(City Lights Associates II-A, LLC)

This MEMORANDUM OF AGREEMENT REGARDING LEASE STRUCTURE AND VALUATION OF LEASEHOLD INTEREST (the “Memorandum of Agreement”), dated as of May 1, 2020, is entered into by and among City Lights Associates II-A, LLC, a limited liability company organized and existing under the laws of the State of Georgia (the “Company”), The Atlanta Development Authority d/b/a/ Invest Atlanta (the “Authority”), and the Fulton County Board of Assessors (the “Board”).

The Company is presently evaluating the feasibility of financing the acquisition, construction, installation and equipping of a new multifamily rental housing development and related amenities to be located at 486 Boulevard, N.E., 496 Boulevard, N.E., 479 Parkway Drive, N.E., 483 Parkway Drive, N.E., 489 Parkway Drive, N.E. and 495 Parkway Drive, N.E., in the City of Atlanta, Georgia (the “Project”), as more particularly described on Exhibit “A” attached hereto.

On September 20, 2018, following a preliminary study and investigation of the Project, the Authority adopted a resolution (the “Resolution”) declaring that the Project is consistent with and furthers the public purpose of the Authority to develop trade, commerce, industry and employment opportunities and satisfies the criteria set forth in the Authority’s “Second Amended and Restated Lease Purchase Bond Guidelines for Economic Development.” To facilitate and encourage the development of the Project in Atlanta, the Resolution also authorized the issuance of taxable lease-purchase revenue bonds in an aggregate principal amount not to exceed $38,000,000 (the “Bonds”). The proposed Project is expected to result in the creation of approximately 4 direct permanent new jobs, approximately 138 temporary construction jobs and add 123 affordable residential units in a targeted area, all in the area of operation of the Authority. The acquisition, construction, installation and equipping of the Project is expected to cost not less than $38,000,000. The parties agree that nothing herein contained shall be construed as an attestation by the Board or the Authority as to the economic viability of the Project. Under the financing, the Authority would own the Project purchased with the bond proceeds and sublease the Project to the Company under a lease, as amended from time to time (the “Lease”), to secure the Bonds.

Under the proposed transaction and contemporaneously with the issuance of the Bonds, the Company would transfer title to the Project, as then existing, to the Authority, and the Authority and the Company would enter into the Lease under which the Authority would lease the Project as then or thereafter existing to the Company. The Company’s rental payments under the Lease would be an amount sufficient, and would be payable at such times, as would permit the Authority to pay the principal of and interest on the outstanding Bonds. The Lease grants to the Company an option to acquire the Project and terminate the Lease at any time, provided that appropriate provision is made for the retirement of the Bonds prior to or in connection with any conveyance of the Project at the termination of the Lease. The Lease

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contains provisions permitting the assignment and sublease of the Company’s interest thereunder pursuant to certain conditions and requirements.

The Company will purchase all of the Bonds for itself, or an affiliate, in a private placement and will be solely responsible for the repayment of all amounts due in respect of the Bonds through the Lease payments. As a result, the Company will be both the owner of the Bonds and obligor under the Lease for the payment of the debt represented by the Bonds. The Bonds will be payable through a Home Office Payment Agreement with the Company pursuant to which it will make notations on its own books to record payments, as lessee, and credits, as bondholder, without the obligation to make payments through the Authority or any bond trustee. The Bonds will not be sold or distributed in public markets.

While it is anticipated that legal transfer of the Project to the Authority and the execution and delivery of the Lease therefor will occur on or before June 30, 2020, the commencement of the Company’s leasehold interest in the Project for ad valorem property tax purposes will not occur until the acquisition, construction, installation and equipping of the Project is substantially completed and available for use by the Company or its successors in interest. The completion of the Project by the Company, as determined by the Board, shall constitute the substantial completion date (the “Substantial Completion Date”) for purposes of this Memorandum of Agreement. It is understood that the Company will have access to the Project prior to the Substantial Completion Date of the Project. The term of the Lease will expire on or about ten years after the Substantial Completion Date or at such earlier time provided for in the Lease.

All parties to this Memorandum recognize and agree that the Authority is not subject to ad valorem taxation on its interest in either the real property or the personal property interests in the Project, inasmuch as the Project is a “project” authorized by Official Code of Georgia, Section 36-62-1, et seq., (the “Development Authorities Law”). The parties further understand and agree that the Company or each of its successors in interest who will be Lessees will be subject to ad valorem taxation on its leasehold interest in the Project (the “Leasehold Interest”). Pursuant to the decision of the Supreme Court of Georgia in W. C. Harris, et al. vs. DeKalb County Board of Tax Assessors, 248 Ga. 277 (1981) (the “Harris Case”), which permits the Board to agree in advance to fixed, reasonable and non-arbitrary valuation methods, the parties (including any assignee of the Company pursuant to an assignment in accordance with the applicable provisions of any such Lease) desire to agree upon an appropriate, reasonable and non-arbitrary methodology for valuation of the Leasehold Interest of the Company in the Project. The Board acknowledges and attests to its familiarity with the form of the Lease attached hereto as Exhibit “B” and expressly confirms that it will discharge its official responsibility relating to the valuation of property within Fulton County for ad valorem tax purposes by appraising and valuing the fair market value of the Leasehold Interest in accordance with applicable law, including specifically the Harris Case and Sherman v. Fulton County Board of Assessors, et al., 288 Ga. 88 (2010) and the valuation technique therein set forth. Taking into account the encumbrance on the Project represented by the Bonds, the parties agree that the Project shall be valued as provided by the schedule set forth below. The Company agrees that on the earlier of (i) the termination of the Lease or (ii) the tenth (10th) anniversary of the Tax Commencement Date, the valuation of that real property and items of personal property comprising the Project remaining in the City of Atlanta, Fulton County, will revert to the standard valuation of such

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item so that no item will be valued under the schedule set forth below for any period of more than ten (10) years, as described below.

In order to provide the Company with sufficient information and certainty upon which it can base its decision to acquire, construct, install and equip the Project in the City of Atlanta, Fulton County, Georgia, the parties agree that it is important to set forth the methodology by which it is agreed that the Leasehold Interest of the Company in the Project will be valued for ad valorem property purposes. That methodology shall be as set forth in the following paragraph:

It is expected that the Project will be completed and available for occupancy and beneficial use by the Company by December 31, 2022. There will be no value to the Leasehold Interest of the Company or its successors or assigns under the Lease prior to the Substantial Completion Date in accordance with the precedent established in the Harris Case. Thus, there will be no ad valorem real property or personal property taxes on any assets acquired by the Authority in connection with the Project prior to January 1 of the year immediately following the Substantial Completion Date (the “Tax Commencement Date”). Notwithstanding the foregoing, or anything herein to the contrary or any precedent under the Harris Case, to the extent that any property conveyed to the Authority was subject to ad valorem taxation in Fulton County prior to such conveyance, the Company hereby agrees that such property shall remain subject to taxation in Fulton County until the Tax Commencement Date, and the Company agrees to tender timely tax payment amounts to Fulton County, based on the assessed value of such property for tax purposes immediately prior to the conveyance of such property to the Authority.

Beginning on the Tax Commencement Date, assets acquired by the Authority related to the Project will be valued for ad valorem property tax purposes based on the following ten (10)-year schedule, which has been determined based on the precedent established in the Harris Case and utilizes approximate percentages to reflect the discounted cash flow analysis, with a seven percent (7%) discount rate over successive years of said ten (10) year schedule. During each year, the Leasehold Interest of the Company (or successors or assigns) in the assets acquired by the Authority and leased to it will be subject to taxation by the applicable governmental jurisdiction at the fair market value of the Leasehold Interest in that year as determined by the Board in accordance with this Memorandum. It is agreed that the fair market value of the Leasehold Interest of the Company in such assets shall increase as the Lease term progresses and for any year will equal the “applicable percentage” for such year as set forth below, multiplied by the fair market value of the fee value of such assets in such year. The “applicable percentage” in each year during this ten (10)-year period will be as follows:

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First Year 50% Second Year 55% Third Year 60% Fourth Year 65% Fifth Year 70% Sixth Year 75% Seventh Year 80% Eighth Year 85% Ninth Year 90% Tenth Year 95%

Following the tenth (10th) year, the Leasehold Interest of the Company (or successor in interest) will be subject to taxation at 100% of the fair market value of the fee interest.

The determination of the fair market value of the Leasehold Interest in any asset in any year (prior to being reduced by the applicable percentage) will be subject to periodic reassessment, for which the Board will employ standard valuation methods, including depreciation of improvements and personalty, using customary useful life tables and other consideration such as superadequacy, where appropriate. The fair market value of the Leasehold Interest valued thereunder shall be multiplied by 40% to determine the assessed value of each such category for such year and thereafter multiplied by the millage rate established by Fulton County and any applicable taxing entity, including any municipality, to the extent the Project is located within the geographical boundaries of such municipality, with respect to such year, to determine the ad valorem tax for such year.

The Company shall return the property comprising the Project leased by it for ad valorem taxation purposes in Fulton County annually and shall also deliver to the Authority and the Board on or before the anniversary date of this Memorandum such additional documentation and information as may be necessary in order for the Board to value the Project and portions thereof. It is the responsibility of the Company to provide to the Authority and the Board with a copy of the certificate of occupancy or other evidence of the Company’s commencement of its beneficial use of the Project following the Substantial Completion Date in order for the Board to properly value the Project and apply the above schedule.

The Company may, at any time, terminate the Lease, which termination would require payment in full of the Bonds (if the Company owns the Bonds, this may be accomplished by canceling the Bonds and surrendering them to the Authority). At any time that the Lease is terminated or has expired, the Project will be taxed based upon the valuation formula set forth above for that portion of the year in which the Lease was in effect, and based upon the standard non-leasehold valuation for that portion of the year after the Lease was terminated.

By their signatures appearing at the end of this Memorandum, all parties (including any assignee of the Company pursuant to an assignment in accordance with the applicable provisions of the Lease) acknowledge having reviewed the specific terms of the Lease and now concur in the above valuation of the Leasehold Interest for ad valorem tax purposes by the Board.

CITY LIGHTS ASSOCIATES II, LLC, a Georgia limited liability company

By: City Lights MM II-A, LLC, a Georgia limited liability company, its Managing Member

By: Roderick W. Teachey, Executive Vice President

[Signature Page to Memorandum of Agreement]

THE ATLANTA DEVELOPMENT AUTHORITY D/B/A INVEST ATLANTA By: Its:


FULTON COUNTY BOARD OF ASSESSORS By: Its:

The existing tax parcel ID numbers listed below will be consolidated into a single number at or prior to Project completion. The new tax parcel ID number will be provided to the Board once finalized by the Board’s staff. 14-0047-0005-082-9 14-0047-0005-081-1 14-0047-0005-071-2 14-0047-0005-077-9 14-0047-0005-034-0 14-0047-0005-083-7 14-0047-0005-068-8 (portion)

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EXHIBIT A

LEGAL DESCRIPTION

Tract 1: PIN: 14-0047-0005-082-9 479 Parkway Drive

All that tract or parcel of land lying and being in Land Lot 47 of the 14th District, Fulton County, Georgia, survey prepared by Dekalb Surveys Inc., Patrick F. Carey R.L.S. 3077, 479 Parkway Drive, dated April 13, 2015 and being more particularly described as follows: Beginning at a point on the east side of Parkway Drive, 160.30 feet south, as measured along the east side of Parkway Drive, from the south east corner if the intersection of Parkway Drive and Pine Street; said point being the TRUE POINT OF BEGINNING; Leaving the easterly right of way line of Parkway Drive and running south 89 degrees 01 minutes 22 seconds east a distance of 146.58 feet to an iron pin on the westerly right of line of Latta Street; Thence running along the westerly right of way line of Latta Street south 02 degrees 45 minutes 31 seconds west a distance of 46.14 feet to an iron pin; Leaving the southerly right of way line of Latta Street a proceeding thence south 89 degrees 06 minutes 36 seconds west a distance of 150.04 feet to an iron pin located on the easterly right of way line of Parkway Drive; Proceeding along the easterly right line of Parkway Drive north 06 degrees 02 minutes 06 seconds east a distance of 55.00 feet to an iron pin, said pin being the TRUE POINT OF BEGINNING. Said Parcel contains .18 acre or 7,751 square feet. Tract 2: PIN: 14-0047-0005-081-1 483 Parkway Drive All that tract or parcel of land lying and being in Land Lot 47 of the 14th District of Fulton County, Georgia, and being more particularly described as follows: BEGINNING at a point on the east side of Parkway Drive, 110.00 feet south, as measured along the east side of Parkway Drive, from the southeast corner of the intersection of Parkway Drive and Pine Street; thence running south 87°35'50” east, 143.73 feet to an iron pin; thence running, south 04°26'52" west, 25.39 feet to an iron pin; thence running north 88°05'27" west, 0.36 feet to an iron pin; thence running south 03°13'30" west, 18.55 feet to an iron pin; thence running south 04°25'25" west, 52.64 feet to an iron pin; thence running south 03°13'01" west, 3.78 feet to an iron pin; thence running north 89°13'30" west, 150.04 feet to a nail and cap in the sidewalk on the east side of Parkway Drive; thence running north 07°42'00" east, along the east side of Parkway Drive, 104.97 feet to the point of beginning; said property being improved property known as Nos. 479 and 483 Parkway Drive, according to the present system of numbering in the City of Atlanta, Georgia, and containing 15,015 square feet or 0.345 acres. Tract 3: PIN: 14-0047-0005-071-2 489 Parkway Drive All that tract or parcel of land lying and being in Land Lot 47 of the 14th District, Fulton County, Georgia,

survey prepared by Dekalb Surveys Inc., Patrick F. Carey R.L.S. 3077 of 489 Parkway Drive, dated

December 9, 2016 and being more particularly described as follows:

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Beginning at an iron pin located on the easterly right of way line of Parkway Drive 55 feet southwesterly of

Parkway Drive and Pine Street and proceeding the following chords and distances: Leaving said right of

way and proceeding south 89 degrees 19 minutes 55 seconds east a distance of 140.62 feet to an iron

pin located on the westerly right of way line of Latta Street; Continuing along said right of way south 02

degrees 40 minutes 11 seconds west a distance of 52.74 feet to an iron pin; Leaving said right of way and

proceeding north 89 degrees 19 minutes 55 seconds west a distance of 143.73 feet to a 1” open top pin

located on the easterly right of way line of Parkway Drive; Continuing along said right of way north 06

degrees 02 minutes 06 seconds east a distance of 52.94 feet to an iron pin; said pin being the TRUE

POINT OF BEGINNING.

Said parcel contains .17 acres or 7,494 square feet.

Tract 4: PIN: 14-0047-0005-077-9 495 Parkway Drive All that tract or parcel of land lying and being in Land Lot 47 of the 14th District of Fulton County, Georgia, and being more particularly described as follows: Beginning at the southeast corner of the intersection of Parkway Drive with Pine Street; thence south 87 degrees 54 minutes east along the south side of Pine Street a distance of 146.0 feet to an iron pin on the west line of a 10-foot alley; thence south 02 degrees 22 minutes 43 seconds west along the west line of said alley a distance of 55.0 feet to an iron pin; thence north 87 degrees 50 minutes 15 seconds west a distance of 150.0 feet to an iron pin on the east side of Parkway Drive; thence north 6 degrees 33 minutes east along the east side of Parkway Drive a distance of 55.0 feet to the intersection aforesaid at the point of beginning, containing 0.186 acres or 8,127 square feet, being improved property known as No. 495 Parkway Drive according to the present system of numbering in the City of Atlanta, Georgia. Tract 5: PIN: 14-0047-0005-034-0 486 Boulevard All that tract or parcel of land lying and being in Land Lot 47 of the 14th District of Fulton County, Georgia, and being more particularly described as follows: BEGINNING at a point on the western side of Boulevard, 65.0 feet southerly, as measured along said western side of Boulevard, from the southwest corner of the intersection of. Boulevard and Pine Street; thence running along said western side of Boulevard, south 11°45'00" west, 69.5 feet to an iron pin; thence running north 79°07'30" went, 153.39 feet to a mark in the concrete on the eastern side of Latta Street; thence running along said eastern side of Latta Street, north 13°34'15" east, 70.46 feet to a mark in the concrete; thence running south 78°47'15" east, 151.14 feet to the point of beginning; being improved property known as 486 Boulevard, according to the present system of numbering streets in the City of Atlanta, Georgia, and containing 0.24 acres or 10,649.83 square feet; according to the Plat of Boundary Survey prepared by Amour and Cape, Inc., Consulting Engineers and Land Surveyors for Bedford Pine Apartments – Phase V, dated January 23, 1978, revised August 21, 1978. Tract 6: PIN: 14-0047-0005-083-7 496 Boulevard All that tract or, parcel of land lying and being in Land Lot 47 of the 14th District of Fulton County, Georgia, and being more particularly described as follows:

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BEGINNING at a point located at the southwest corner of the intersection of Boulevard and Pine Street; thence running south 1° 46' 28" west along the west side of Boulevard, .sixty-five (65) feet to a point; thence running north 88° 50' 44" west one hundred fifty-three and fifty-nine hundredths (153.59) feet to a point on the east side of the property previously conveyed to The Housing Authority of the City of Atlanta, Georgia, by instrument recorded in Deed Book 6102, Page 387. Fulton County Records; thence running north 5° 29' 33" east along the east side of said property, sixty-five and eighteen hundredths (65.18) feet to a point on the south side of Pine Street; thence running south 88° 59' east along the south side of Pine Street, one hundred forty-nine and thirty-nine hundredths (149.39) feet to the point of beginning, and containing 0.226, acres or 9,844.23 square feet, being improved property known as 496 Boulevard; according to the present system of numbering in the City of Atlanta, Georgia. Conveyance Parcel (From City Lights II Project): Portion of PIN 14-0047-0005-068-8 All that tract or parcel of land lying and being in Land Lot 47 of the 14th District, City of Atlanta, Fulton County Georgia and being more particularly described as follows:

To Reach the TRUE POINT OF BEGINNING commence at a 1/2" rebar found at the intersection of the westerly Right of Way of Boulevard (80' R/W), said point being 39.6 feet from the centerline, and the southerly Right of Way of Pine Street (Variable R/W), said point being 13.1 feet from the centerline; thence running along the westerly Right of Way of Boulevard (80' R/W) South 01° 17' 44" West a distance of 65.00 feet to an iron pin set; thence South 01° 00' 41" West a distance of 69.50 feet to an iron pin set and the TRUE POINT OF BEGINNING; from point thus established and continuing along said Right of Way South 00° 50' 34" West a distance of 20.61 feet to an iron pin set; thence leaving said Right of Way North 88° 59' 58" West a distance of 152.94 feet to an iron pin set on the easterly Right of Way of Latta Street (50' R/W); thence running along said Right of Way North 02° 23' 50" East a distance of 18.43 feet to a ½" rebar found; thence leaving said Right of Way South 89° 49' 14" East a distance of 152.45 feet to the TRUE POINT OF BEGINNING. Said tract contains 0.068 Acres (2,979 Square Feet) LEGAL DESCRIPTION Air Rights Tract All that air space located both over and above a horizontal plane elevation of 1041.7 based on the National Geodetic Vertical Datum of 1988 (NAVD88) and within the boundary of that tract lying and being in Land Lot 47 of the 14th District, City of Atlanta, Fulton County Georgia and being more particularly described as follows: BEGINNING at an iron pin set at the intersection of the easterly Right of Way of Latta Street (35' R/W) and the southerly Right of Way Pine Street (Variable R/W); from point thus established and running along the easterly Right of Way of Latta Street South 02° 24' 16" West a distance of 64.35 feet to an iron pin set; thence continuing along said Right of Way South 02° 31' 45" West a distance of 17.69 feet to a point; thence crossing Latta Street R/W North 89° 33' 24" West a distance of 35.81 feet to a point on the westerly Right of Way of Latta Street; thence running along said westerly Right of Way North 02° 26' 14" East a distance of 27.53 feet to a ½" rebar found; thence continuing along said Right of Way North 02° 37' 44" East a distance of 54.53 feet to an iron pin set on the southerly Right of Way of Pine Street; thence along said Right of Way of Pine Street South 89° 33' 18" East a distance of 35.62 feet to the TRUE POINT OF BEGINNING. Said tract contains 0.067 Acres (2,932 Square Feet).

ATLANTA DEVELOPMENT AUTHORITY Lease Purchase Bond

City Lights IIA

PURPOSE: To approve up to $38,000,000 Lease Purchase Bonds to Wingate Companies to develop 124-unit of multifamily housing.

LOCATION: 486 Boulevard, Atlanta, GA 30308 & 495 Parkway Drive Council District: 2 NPU: M APS District: 1

OWNERSHIP ENTITY: City Lights Associates II-A, LLC

DEVELOPER: Wingate Companies

TYPE: Multifamily

SET ASIDE UNITS: 124 units @ 60% AMI (Housing Assistance Payment (HAP) Contract)

DESCRIPTION: New construction of a five-story building. City Lights is located in the Old Fourth Ward community and is easily accessible and conveniently located near several MARTA bus stops, restaurants and contains the award-winning Historic Fourth Ward Park. Property amenities will include: community room, fitness center, business center with computer stations, private courtyard, after school program, central laundry facility on each floor and access to public transportation.

UNIT MIX: Apartment Unit # Units Type Size (SF) Rental

10 Studio 510 $1,200 43 1 bdrm 696 $1,260 51 2 bdrms 1,068 $1,450 20 3 bdrms 1,340 $1,560 124

NOTE: Residents will pay no more than 30% of their income towards rent due to the existing HAP contract.

DEVELOPMENT BUDGET: Sources Uses Tax Exempt Bonds $18,000,000 Acquisition $3,479,000 HUD FHA 221(d)(4) $2,000,000 Hard Costs $22,138,300 Federal & State Tax Credit Equity $17,394,000 Contingency $1,100,900 Interest Earnings $454,000 Soft Costs $1,309,750 Total Permanent Sources $37,848,000 Financing $2,264,500 Interim Expenses $350,000 Reserves $3,705,550 Developer Fee $3,500,000 Total Uses $37,848,000

CONSTRUCTION: 18 Months FINANCING STRUCTURE: 1st Lien tax exempt bonds during construction privately placed with

Prudential providing permanent financing insured HUD 221(d)(4) loan

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FINANCING PARTIES: URFA (Tax Exempt Bonds), ADA (Lease Purchase Bonds), DCA (Tax Credits), R4 Capital, LLC (Federal & State LIHTC Investor), Prudential (Agency Lender), HUD (HAP Contract)

*A Lease Purchase Bond is an operations incentive whereby the property receives a temporary reduction in its future property tax liability for 10 years. The bond amount is representative of the development costs and tax savings are ultimately determined by the County Tax Commission's value estimate.

TAX IMPLICATIONS/FISCAL IMPACT: Current Annual Tax Liability $30,700 Capital Investment $37,848,000 Estimated Tax Liability without Incentive* $6,267,629 Economic Impact $52,021,742 Estimated Tax Liability with Incentive* $4,544,031 Estimated APS Share of Tax Liability with Incentive* $2,276,559 Estimated Tax Savings with Incentive* $1,723,598

* Based on 10-year incentive.

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PROJECT LOCATION MAP

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DEVELOPMENT SITE PLAN

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PROJECT SITE PLAN

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EXISTING SITE PHOTOS

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 TotalBENEFITS Total Sales Taxes $0 $83 $83 $83 $83 $83 $83 $83 $83 $83 $83 $830 Total Property Taxes $0 $189,943 $185,255 $180,562 $175,794 $171,026 $166,258 $161,490 $156,721 $151,953 $147,185 $1,686,187 Total Franchise Fee Revenue $0 $35 $70 $104 $104 $104 $104 $104 $104 $104 $104 $937 Total Bus. License/Oc. Tax Revenues $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Liquor License Revenues $0 $7 $14 $20 $20 $20 $20 $20 $20 $20 $20 $181 Total Alcoholic Beverage Tax Revenue $0 $14 $28 $41 $41 $41 $41 $41 $41 $41 $41 $370 Total Services $0 $49 $98 $145 $145 $145 $145 $145 $145 $145 $145 $1,307 Total Revenues from Fines $0 $22 $44 $65 $65 $65 $65 $65 $65 $65 $65 $586 Total Revenues from Permits $0 $4 $8 $11 $11 $11 $11 $11 $11 $11 $11 $100 Total Miscellaneous Fees $0 $113 $227 $333 $333 $333 $333 $333 $333 $333 $333 $3,004TOTAL BENEFITS $0 $190,270 $185,827 $181,364 $176,596 $171,828 $167,060 $162,292 $157,523 $152,755 $147,987 $1,693,502

COSTS Total Support $0 $82,126 $72,057 $62,401 $53,157 $44,326 $35,907 $27,900 $20,307 $13,125 $6,356 $417,662 Total Education $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Public Works $0 $56 $111 $163 $163 $163 $163 $163 $163 $163 $163 $1,471 Total Recreation/Libraries $0 $40 $80 $117 $117 $117 $117 $117 $117 $117 $117 $1,056 Total Court System $0 $14 $29 $42 $42 $42 $42 $42 $42 $42 $42 $379 Total General Government $0 $246 $492 $723 $723 $723 $723 $723 $723 $723 $723 $6,522 Total Health Services $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Social Welfare $0 $16 $32 $47 $47 $47 $47 $47 $47 $47 $47 $424 Total Public Safety $0 $241 $481 $708 $708 $708 $708 $708 $708 $708 $708 $6,386 Total Other Costs $0 $15 $30 $44 $44 $44 $44 $44 $44 $44 $44 $397TOTAL COSTS $0 $82,754 $73,312 $64,245 $55,001 $46,170 $37,751 $29,744 $22,151 $14,969 $8,200 $434,297

NET BENEFITS $0 $107,516 $112,515 $117,119 $121,595 $125,658 $129,309 $132,548 $135,372 $137,786 $139,787 $1,259,205Present Value of Net Revenues $1,516,829

LOCI Fiscal AnalysisCity of Atlanta 2016 EIG / City Light II A - City

4/7/2020

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 TotalBENEFITS Total Sales Taxes $0 $64 $64 $64 $64 $64 $64 $64 $64 $64 $64 $640 Total Property Taxes $0 $349,205 $340,587 $331,960 $323,194 $314,428 $305,662 $296,895 $288,129 $279,363 $270,597 $3,100,020 Total Franchise Fee Revenue $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Bus. License/Oc. Tax Revenues $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Liquor License Revenues $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Alcoholic Beverage Tax Revenue $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Services $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Revenues from Fines $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Revenues from Permits $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Miscellaneous Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0TOTAL BENEFITS $0 $349,269 $340,651 $332,024 $323,258 $314,492 $305,726 $296,959 $288,193 $279,427 $270,661 $3,100,660

COSTS Total Support $0 $148,887 $130,633 $113,127 $96,369 $80,358 $65,096 $50,581 $36,814 $23,795 $11,523 $757,183 Total Education $0 $1,161 $2,323 $3,416 $3,416 $3,416 $3,416 $3,416 $3,416 $3,416 $3,416 $30,812 Total Public Works $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Recreation/Libraries $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Court System $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total General Government $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Health Services $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Social Welfare $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Public Safety $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Other Costs $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0TOTAL COSTS $0 $150,048 $132,956 $116,543 $99,785 $83,774 $68,512 $53,997 $40,230 $27,211 $14,939 $787,995


LOCI Fiscal AnalysisCity of Atlanta Schools 2016 EIG / City Light II A - APS

4/7/2020

Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 TotalBENEFITS Total Sales Taxes $0 $41 $41 $41 $41 $41 $41 $41 $41 $41 $41 $410 Total Property Taxes $0 $170,778 $166,599 $162,414 $158,128 $153,842 $149,555 $145,269 $140,983 $136,696 $132,410 $1,516,674 Total Franchise Fee Revenue $0 $1 $1 $2 $2 $2 $2 $2 $2 $2 $2 $18 Total Bus. License/Oc. Tax Revenues $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Liquor License Revenues $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Alcoholic Beverage Tax Revenue $0 $1 $2 $3 $3 $3 $3 $3 $3 $3 $3 $27 Total Services $0 $18 $36 $54 $54 $54 $54 $54 $54 $54 $54 $486 Total Revenues from Fines $0 $5 $11 $16 $16 $16 $16 $16 $16 $16 $16 $144 Total Revenues from Permits $0 $1 $2 $3 $3 $3 $3 $3 $3 $3 $3 $27 Total Miscellaneous Fees $0 $29 $59 $88 $88 $88 $88 $88 $88 $88 $88 $792TOTAL BENEFITS $0 $170,874 $166,751 $162,621 $158,335 $154,049 $149,762 $145,476 $141,190 $136,903 $132,617 $1,518,578

COSTS Total Support $0 $85,337 $74,875 $64,841 $55,236 $46,059 $37,311 $28,991 $21,101 $13,638 $6,605 $433,994 Total Education $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Public Works $0 $10 $21 $31 $31 $31 $31 $31 $31 $31 $31 $279 Total Recreation/Libraries $0 $31 $64 $96 $96 $96 $96 $96 $96 $96 $96 $863 Total Court System $0 $76 $154 $230 $230 $230 $230 $230 $230 $230 $230 $2,070 Total General Government $0 $100 $205 $305 $305 $305 $305 $305 $305 $305 $305 $2,745 Total Health Services $0 $54 $109 $163 $163 $163 $163 $163 $163 $163 $163 $1,467 Total Social Welfare $0 $28 $58 $86 $86 $86 $86 $86 $86 $86 $86 $774 Total Public Safety $0 $96 $195 $291 $291 $291 $291 $291 $291 $291 $291 $2,619 Total Other Costs $0 $4 $9 $13 $13 $13 $13 $13 $13 $13 $13 $117TOTAL COSTS $0 $85,736 $75,690 $66,056 $56,451 $47,274 $38,526 $30,206 $22,316 $14,853 $7,820 $444,928


LOCI Fiscal AnalysisFulton County 2017 EIG / City Light II A - County

4/7/2020

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