Professional Documents
Culture Documents
$ 6,900,000
$ 57,000,000
$ 5,500,000
$ 4,200,000
$ 73,600,000
$ 25,000,000
$ 48,600,000
$ 73,600,000
Any road improvement costs (estimated by the Township at $10M) associated with the
redevelopment of the existing high school site could be funded by multiple methods.
Options Include:
1) JEDD revenues derived from the new-mixed use development and the new Anderson High School
2) Excess TIF (potentially $40M or more) over the life of the 30-year TIF covering the mixed-use development
3) Excess TIF revenues derived from the new Kroger development TIF, located across Beechmont Avenue from the
existing Anderson High School.
4) TIF from the Townships area-wide TIF, which will be extended an additional 15 years with this years State of Ohio
Budget.
Within the past two weeks, our group has met with two Park Board members, Mr. Herking and
Mr. Turchiano, explaining that we are able to allocate $2 million toward the renovation of the
existing RecPlex. The funds are within our construction budget and delineate four acres around
the existing facility to be solely used by the Park District should the November levy be
unsuccessful. Furthermore, the Forest Hills School Board has expressed a willingness to deed
over property which they own at Ayer and Sherwood Elementary Schools, in addition to the
aforementioned acreage (see images below). In total, the Park District will be gaining more than
10.5 acres of usable property.
Based on the above facts, the Park Board would not need to ask voters for any new taxes, yet
the community and the Board would still receive additional land and a renovated RecPlex.
Should you choose to pursue the November bond issue request, the total funds generated could
then be used for the construction of Park Board improvements to include a new RecPlex.
We welcome the review of the Anderson Township 2020 Plan by any financial expert in the
community.
5. Parking is Increased
The Anderson Township 2020 site design guarantees that park visitor parking would not be
impacted by school functions. In fact, the new high school will provide an additional 535 parking
spaces. This new parking will serve the entire community, including residents who regularly
patronize the park and its facilities, as well as those attending special events such as Anderson
Days. Increased parking will make access to park facilities and programs easier for all attendees.
6. Due Diligence is Complete
Our development team and numerous consultants have worked with multiple groups in
Anderson Township over the last four months as we realize the potential of the Anderson
Township 2020 plan. Many meetings, letters and conversations have occurred in order to
properly vet the design of the plan and all concerns and questions have been addressed by the
respective authorities. The resulting research and information have been compiled and
presented to the Park Board, School Board, Anderson Township Trustees and all other inquiring
parties. Should you wish to review any or all of the cumulative documentation, we are more
than happy to meet with you and your Board and walk you through the process that supports
the validity of this plan.
7. RFQ Response
The joint collaboration of attorneys, developers, financiers and all of the individuals involved in
Anderson Township 2020 has provided a financially sound plan that brings tremendous benefit
to the entire Anderson Township community. We have spoken with Beech Acres Parenting
Center and believe we can come to a solution which benefits all involved. Mr. Hartmann,
representing the Parenting Center, wrote on July 14, It has been our strongest desire that the
Park Board, School Board and Trustees be able to work together to find a mutually beneficial
solution to which all parties could agree. That solution exists, and we can make it work for all
involved.
8. Partnership
It is our hope that this letter helps to correct and clarify several of the items you outline as
obstacles to your interest in the Anderson Township 2020 Plan. Just as the members of the
School Board and the Township Trustees did, we ask that you reexamine the information
provided and recognize what a tremendous opportunity the plan provides for the community.
At your convenience, we are more than happy to meet with you individually, or with your board,
to explain the specifics of the plan and the due diligence that led to its creation.
It is all up to you and the Anderson Township Park District Board Members.
Sincerely,
Rob Smyjunas
Vandercar Holdings, LLC.
E. Thomas Fernandez
SFA Architects, Inc.
CC:
$ 5,500,000
$ 4,200,000
Total
$ 73,600,000
$ 6,900,000
$57,000,000
This new academic campus will be realized in part through Tax Increment Financing (TIF)
resulting from the redevelopment of the current 48-acre high school site at 7560 Forest Road.
The redevelopment of the site will host a $120 million plus mixed-use development and
produce $48.6 million in guaranteed TIF dollars. The additional $25 million delta is resolved
through the reallocation of Anderson High School renovation funds approved by voters in 2014.
All money required to build a new Anderson High School is available; there is no gap in funding.
Funding:
Partial Reallocated School District Renovation Funds
Guaranteed TIF Funding
Total
$ 25,000,000
$ 48,600,000
$ 73,600,000
Since our original proposal, our team has received inquiries for additional information. The
below items address these specific lines of inquiry:
TIF Security Letter:
Attached are two documents prepared by Continental Real Estate Companies (CREC)
reaffirming the financial security of the TIF revenue as proposed to the Anderson Township
Board of Trustees, Anderson Township Park District Board of Commissioners and the Forest
Hills Board of Education in past communications. On June 25, 2015 a Letter of Interest was
sent by CREC to the Anderson Township Board of Trustees outlining their intent for
redevelopment on the current Anderson High School property. In a separate letter dated July
27, 2015, CREC President Mr. David E Kass provides assurance of the financial tools proposed
and demonstrates surety of corporate underwriting.
Fifth Third Bank Financial Analysis:
Andrew Brossart, CPA of Fifth Third Securities has performed diligent forecasting and
analysis of the proposed funding. The thorough financial projections are attached. Fifth Third
Banks highly sophisticated financial model demonstrates that the TIF potential for the Forest
Road site is $48.6 million dollars.
Legal Opinion:
The attached Legal Opinion is a letter formatted by the legal partnership of
Schroeder/Maundrell/Barbiere/Powers (SMB&P). The Legal Opinion confirms the procedure
and structure of Tax Increment Financing required by the Anderson Township 2020 plan is
achievable.
The Anderson Township Park District Board of Commissioners recently approved a motion to
place a bond levy on the November 2015 ballot to increase property taxes in order to purchase
the Beech Acres Site. This land is an integral part of the Anderson Township 2020 plan.
Needless to say, the aforementioned planned expansion of the communitys business core and
construction of a new, state-of-the-art high school campus will not be possible without full
cooperation from the Park Board.
It is the intention of the development team to answer any and all questions you may have
regarding the Anderson Township 2020 plan. We believe this plan presents a unique win-win
opportunity for all parties involved. Please let us know if you have any additional questions
that we may help answer.
Sincerely,
Rob Smyjunas
Vandercar Holdings, LLC.
E. Thomas Fernandez
SFA Architects, Inc.
CC:
Mr. Dale Bartholomew, Anderson Park Board
Ms. Nadine Gelter, Anderson Park Board
Mr. Rob Herking, Anderson Park Board
Ms. Angie Stocker, Anderson Park Board
Mr. Tom Turchiano, Anderson Park Board
Mr. Josh Gerth, Anderson Township Trustee
Mr. Russell Jackson, Anderson Township Trustee
Mr. Andrew Pappas, Anderson Township Trustee
PLANNED NEW
ANDERSON HIGH SCHOOL
Rec
Plex
PROPERTY
RESERVED FOR
ANDERSON
TOWNSHIP PARK
DISTRICT
EXISTING
ANDERSON TOWNSHIP PA
RK
DISTRICT PROPERTY
Of Counsel:
William P. Schroeder
Michael E. Maundrell
Robert S. Hiller1
Megan C. Ahrens1,2,4
Brian E. Hurley
BOARD OF TRUSTEES OF
ANDERSON TOWNSHIP, OHIO
7850 Five Mile Road
Cincinnati, Ohio 45230
Re:
Development of New Forest Hills High School and Beech Acres Recreation Center
and Redevelopment of Old Anderson High site
Dear Sirs:
I am writing you on behalf of our client, Vandercar Holdings, to provide you with additional details
concerning the proposal to develop a new High School Facility for the Forest Hills School District, a future
recreation center on the Beech Acres site and the redevelopment of the current Anderson High School site. We
believe the project, as proposed, meets the legal requirements for the use of funds in Ohio as would be
generated under the proposed TIF.
The project envisions the use of a TIF, to be placed on the present Anderson High School Site, (Old
School Site), to facilitate the contemplated development. The TIF, as contemplated would be for 30 years and
100% of the increase in property value. We recognize that under the Ohio Revised Code, there are certain
restrictions which exist concerning the use of the funds generated by the TIF and in particular, the Code does
not allow for the distribution of PILOTs from tax increment funds to a school district in an amount which would
exceed the amount of real property taxes that such school district would have received from the improvement if
it were not exempt from taxation. (See ORC 5709.75 (C)(1)(a)).
Fortunately, this should not be an issue as under the draft proposal, the PILOTs as may be generated
under this proposal would be directed towards the Township. The project also contemplates the possibility of
directing portions of the PILOTs to the Anderson Township CIC, or to the Port Authority to retire debt as may
appropriately be attributed to the project. Either use of funds as may be generated by the TIF would be
appropriate under the law.
Moreover, we also note that the Revised Code provides for various ways for a public body to convert
TIF PILOT cash flows to a lump sum up front payment, available to pay project or infrastructure costs. For
example, in this project, as contemplated, the Old School Site could be purchased and held by a third party
public entity acting as a conduit for the development. In this instance, the Port Authority acting as the purchaser
of the property would issue debt to fund the purchase and the contemplated improvements on the parcel, which
would be backed by a pledge of PILOTs. Under such a framework, the debt is held by the Port Authority and
the revenue as generated would be used to retire this debt. For this reason, should the parties choose to address
certain expenses, up front, there is also a process, under the law, by which this can be accomplished.
Under the structure outlined above, the project as envisioned can be completed to the benefit of the
entire community. Should you have any question regarding this correspondence, please do not hesitate to
contact me.
Christopher L. Moore
AndersonTownship,HamiltonCountyOhioTIFDistrictDevelopments
TIFYear
Assessed
Year
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
Totals
Collection
Year
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
NewDevelopment
OfficeComplex
2016Const
$
15,000,000
15,000,000
15,000,000
15,450,000
15,450,000
15,450,000
16,222,500
16,222,500
16,222,500
16,709,175
16,709,175
16,709,175
17,210,450
17,210,450
17,210,450
17,726,764
17,726,764
17,726,764
18,258,567
18,258,567
18,258,567
18,806,324
18,806,324
18,806,324
19,370,513
19,370,513
19,370,513
19,951,629
19,951,629
19,951,629
NewDevelopment
NewDevelopment
NewDevelopment
NewDevelopment
TotalYearly
Total
Multifamily
OfficeComplex
Multifamily
AssistedLiving
IncreasedEstimated
Increased
2016Const
2017Const
2018Const
2018Const
NewAddedValue
TIFValue
$
$
$
$
$
$
30,000,000
45,000,000 45,000,000
30,000,000 15,000,000
15,000,000 60,000,000
30,000,000 15,000,000
60,000,000
30,900,000 15,450,000 40,000,000 20,000,000 60,000,000 121,800,000
30,900,000 15,450,000 40,000,000 20,000,000
121,800,000
30,900,000 15,450,000 40,000,000 20,000,000
121,800,000
32,445,000 16,222,500 42,000,000 21,000,000
127,890,000
32,445,000 16,222,500 42,000,000 21,000,000
127,890,000
32,445,000 16,222,500 42,000,000 21,000,000
127,890,000
33,418,350 16,709,175 43,260,000 21,630,000
131,726,700
33,418,350 16,709,175 43,260,000 21,630,000
131,726,700
33,418,350 16,709,175 43,260,000 21,630,000
131,726,700
34,420,901 17,210,450 44,557,800 22,278,900
135,678,501
34,420,901 17,210,450 44,557,800 22,278,900
135,678,501
34,420,901 17,210,450 44,557,800 22,278,900
135,678,501
35,453,528 17,726,764 45,894,534 22,947,267
139,748,856
35,453,528 17,726,764 45,894,534 22,947,267
139,748,856
35,453,528 17,726,764 45,894,534 22,947,267
139,748,856
36,517,133 18,258,567 47,271,370 23,635,685
143,941,322
36,517,133 18,258,567 47,271,370 23,635,685
143,941,322
36,517,133 18,258,567 47,271,370 23,635,685
143,941,322
37,612,647 18,806,324 48,689,511 24,344,756
148,259,561
37,612,647 18,806,324 48,689,511 24,344,756
148,259,561
37,612,647 18,806,324 48,689,511 24,344,756
148,259,561
38,741,027 19,370,513 50,150,196 25,075,098
152,707,348
38,741,027 19,370,513 50,150,196 25,075,098
152,707,348
38,741,027 19,370,513 50,150,196 25,075,098
152,707,348
39,903,258 19,951,629 51,654,702 25,827,351
157,288,569
39,903,258 19,951,629 51,654,702 25,827,351
157,288,569
39,903,258 19,951,629 51,654,702 25,827,351
157,288,569
51,654,702 25,827,351
77,482,054
25,827,351
25,827,351
25,827,351
25,827,351
$120,000,000
RealEstate
Escalation
Reappraisal/
Factor
Update
0.00%
0.00%
5.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
5.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
3.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
3.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
3.00%
R
0.00%
0.00%
3.00%
U
0.00%
0.00%
0.00%
R
0.00%
0.00%
0.00%
U
EffectiveTotal
TaxRate
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
89.56
TotalIncreased
Taxes
$
1,410,560
1,880,747
1,880,747
3,817,916
3,817,916
3,817,916
4,008,812
4,008,812
4,008,812
4,129,076
4,129,076
4,129,076
4,252,949
4,252,949
4,252,949
4,380,537
4,380,537
4,380,537
4,511,953
4,511,953
4,511,953
4,647,312
4,647,312
4,647,312
4,786,731
4,786,731
4,786,731
4,930,333
4,930,333
4,930,333
3,054,135
2,428,735
809,578
809,578
$ 130,670,938
8/6/2015
Bond
Life
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Payment
Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
2053
2054
2055
PILevy
Contribution
$
Totals
PILevyUses
$
NetTIF
Total
Revenues
Resources
$
$
1,410,560 1,410,560
1,880,747 1,880,747
1,880,747 1,880,747
3,817,916 3,817,916
3,817,916 3,817,916
3,817,916 3,817,916
4,008,812 4,008,812
4,008,812 4,008,812
4,008,812 4,008,812
4,129,076 4,129,076
4,129,076 4,129,076
4,129,076 4,129,076
4,252,949 4,252,949
4,252,949 4,252,949
4,252,949 4,252,949
4,380,537 4,380,537
4,380,537 4,380,537
4,380,537 4,380,537
4,511,953 4,511,953
4,511,953 4,511,953
4,511,953 4,511,953
4,647,312 4,647,312
4,647,312 4,647,312
4,647,312 4,647,312
4,786,731 4,786,731
4,786,731 4,786,731
4,786,731 4,786,731
4,930,333 4,930,333
4,930,333 4,930,333
4,930,333 4,930,333
3,054,135 3,054,135
2,428,735 2,428,735
809,578 809,578
809,578 809,578
ForestHillsAndersonDevelopmentProject
2016COPS
2016Cops
2016
IssueNets
Annual
DebtService
PublicImpBond
$48.6mm
Excess
Coverage
Nets$9mm
DebtService
(Deficiency)
Rates
DebtService
$
$
$
$
1,079,738
330,823 1.31
2,179,475
(298,728) 0.86
2,198,875
(318,128) 0.86
2,887,675
930,241 1.32
2,890,775
927,141 1.32
2,888,688
929,229 1.32
2,890,325
1,118,487 1.39
2,890,475
1,118,337 1.39
2,887,000
1,121,812 1.39
2,891,950
1,237,126 1.43
2,889,875
1,239,201 1.43
2,891,000
1,238,076 1.43
2,890,000
1,362,949 1.47
2,891,500
1,361,449 1.47
2,890,250
1,362,699 1.47
2,891,250
1,489,287 1.52
2,889,250
1,491,287 1.52
2,889,250
1,491,287 1.52
2,891,000
1,620,953 1.56
2,889,250
1,622,703 1.56
2,889,000
1,622,953 1.56
2,890,000
1,757,312 1.61
2,892,000
1,755,312 1.61
2,889,750
1,757,562 1.61
2,888,250
1,898,481 1.66
2,887,250
1,899,481 1.66
2,891,500
1,895,231 1.66
2,890,500
2,039,833 1.71
2,889,250
2,041,083 1.71
2,887,500
2,042,833 1.71
2,890,000
164,135 1.06
2,426,250
2,485 1.00
799,250
10,328 1.01
798,000
11,578 1.01
Annual
Excess
(Deficiency)
$
330,823
(298,728)
(318,128)
930,241
927,141
929,229
1,118,487
1,118,337
1,121,812
1,237,126
1,239,201
1,238,076
1,362,949
1,361,449
1,362,699
1,489,287
1,491,287
1,491,287
1,620,953
1,622,703
1,622,953
1,757,312
1,755,312
1,757,562
1,898,481
1,899,481
1,895,231
2,039,833
2,041,083
2,042,833
164,135
2,485
10,328
11,578
2016COPS
RecPlex
Nets$10mm
DebtService
$
$40,274,838 $
Annual
Excess
(Deficiency)
$
330,823
(298,728)
(318,128)
930,241
927,141
929,229
1,118,487
1,118,337
1,121,812
1,237,126
1,239,201
1,238,076
1,362,949
1,361,449
1,362,699
1,489,287
1,491,287
1,491,287
1,620,953
1,622,703
1,622,953
1,757,312
1,755,312
1,757,562
1,898,481
1,899,481
1,895,231
2,039,833
2,041,083
2,042,833
164,135
2,485
10,328
11,578
EndofYear
FundBalance
(Deficiency)
$
330,823
32,094
(286,034)
644,207
1,571,349
2,500,577
3,619,064
4,737,401
5,859,213
7,096,339
8,335,541
9,573,617
10,936,565
12,298,014
13,660,712
15,149,999
16,641,287
18,132,574
19,753,527
21,376,230
22,999,183
24,756,495
26,511,806
28,269,368
30,167,849
32,067,330
33,962,561
36,002,394
38,043,477
40,086,310
40,250,445
40,252,931
40,263,259
40,274,838
40,274,838
40,274,838
40,274,838
40,274,838
$40,274,838
8/6/2015
Table of Contents
Report
Sources & Uses
Pricing Summary
Sources Of Funds
Par Amount of Bonds
Reoffering Premium
Transfers from Prior Issue BCF Funds
$44,225,000.00
3,972,446.70
25,693,000.00
Total Sources
$73,890,446.70
Uses Of Funds
Costs of Issuance
Surety Bond
Deposit to Capitalized Interest (CIF) Fund
Athletic Fields
Construction Fund w/Natatorium and Performance Aud
Rounding Amount
Total Uses
663,375.00
43,380.00
4,318,950.00
5,000,000.00
63,862,000.00
2,741.70
$73,890,446.70
Page 1
Pricing Summary
Maturity
12/01/2019
12/01/2020
12/01/2021
12/01/2022
12/01/2023
12/01/2024
12/01/2025
12/01/2026
12/01/2027
12/01/2028
12/01/2029
12/01/2030
12/01/2031
12/01/2032
12/01/2033
12/01/2034
12/01/2035
12/01/2045
12/01/2051
Total
Part 1 of 2
Type of Bond
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Serial Coupon
Term 1 Coupon
Term 2 Coupon
Coupon
Yield
Maturity Value
Price
3.000%
3.000%
3.000%
4.250%
4.250%
4.250%
4.500%
4.500%
4.500%
4.500%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
1.670%
1.930%
2.200%
2.450%
2.640%
2.810%
2.960%
3.130%
3.220%
3.330%
3.380%
3.450%
3.510%
3.560%
3.600%
3.640%
3.670%
3.850%
4.200%
20,000.00
40,000.00
730,000.00
755,000.00
785,000.00
820,000.00
855,000.00
890,000.00
935,000.00
975,000.00
1,020,000.00
1,070,000.00
1,125,000.00
1,180,000.00
1,240,000.00
1,300,000.00
1,365,000.00
18,035,000.00
11,085,000.00
104.503%
104.590%
104.122%
110.755%
110.889%
110.820%
112.671%
111.183%
110.404%
109.461%
113.070%
112.464%
111.948%
111.520%
111.180%
110.840%
110.586%
109.077%
106.213%
$44,225,000.00
Page 2
Pricing Summary
Part 2 of 2
Maturity
YTM
Call Date
Call Price
Dollar Price
12/01/2019
12/01/2020
12/01/2021
12/01/2022
12/01/2023
12/01/2024
12/01/2025
12/01/2026
12/01/2027
12/01/2028
12/01/2029
12/01/2030
12/01/2031
12/01/2032
12/01/2033
12/01/2034
12/01/2035
12/01/2045
12/01/2051
c
c
c
c
c
c
c
c
c
c
c
c
3.235%
3.399%
3.556%
3.757%
3.869%
3.961%
4.037%
4.099%
4.155%
4.199%
4.445%
4.641%
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
12/01/2025
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
100.000%
20,900.60
41,836.00
760,090.60
836,200.25
870,478.65
908,724.00
963,337.05
989,528.70
1,032,277.40
1,067,244.75
1,153,314.00
1,203,364.80
1,259,415.00
1,315,936.00
1,378,632.00
1,440,920.00
1,509,498.90
19,672,036.95
11,773,711.05
Total
$48,197,446.70
Bid Information
Par Amount of Bonds
Reoffering Premium or (Discount)
Gross Production
Bid (108.982%)
Total Purchase Price
Bond Year Dollars
Average Life
Average Coupon
Net Interest Cost (NIC)
True Interest Cost (TIC)
$44,225,000.00
3,972,446.70
$48,197,446.70
48,197,446.70
$48,197,446.70
$1,018,212.50
23.023 Years
4.9586948%
4.5685555%
4.3000580%
Page 3
Principal
Coupon
Interest
Total P+I
CIF
12/01/2016
12/01/2017
12/01/2018
12/01/2019
12/01/2020
12/01/2021
12/01/2022
12/01/2023
12/01/2024
12/01/2025
12/01/2026
12/01/2027
12/01/2028
12/01/2029
12/01/2030
12/01/2031
12/01/2032
12/01/2033
12/01/2034
12/01/2035
12/01/2036
12/01/2037
12/01/2038
12/01/2039
12/01/2040
12/01/2041
12/01/2042
12/01/2043
12/01/2044
12/01/2045
12/01/2046
12/01/2047
12/01/2048
12/01/2049
12/01/2050
12/01/2051
20,000.00
40,000.00
730,000.00
755,000.00
785,000.00
820,000.00
855,000.00
890,000.00
935,000.00
975,000.00
1,020,000.00
1,070,000.00
1,125,000.00
1,180,000.00
1,240,000.00
1,300,000.00
1,365,000.00
1,435,000.00
1,505,000.00
1,580,000.00
1,660,000.00
1,745,000.00
1,830,000.00
1,920,000.00
2,015,000.00
2,120,000.00
2,225,000.00
2,335,000.00
2,450,000.00
2,575,000.00
2,240,000.00
725,000.00
760,000.00
3.000%
3.000%
3.000%
4.250%
4.250%
4.250%
4.500%
4.500%
4.500%
4.500%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
5.000%
1,079,737.50
2,159,475.00
2,159,475.00
2,159,475.00
2,158,875.00
2,157,675.00
2,135,775.00
2,103,687.50
2,070,325.00
2,035,475.00
1,997,000.00
1,956,950.00
1,914,875.00
1,871,000.00
1,820,000.00
1,766,500.00
1,710,250.00
1,651,250.00
1,589,250.00
1,524,250.00
1,456,000.00
1,384,250.00
1,309,000.00
1,230,000.00
1,147,000.00
1,059,750.00
968,250.00
872,250.00
771,500.00
665,500.00
554,250.00
437,500.00
315,000.00
186,250.00
74,250.00
38,000.00
1,079,737.50
2,159,475.00
2,159,475.00
2,179,475.00
2,198,875.00
2,887,675.00
2,890,775.00
2,888,687.50
2,890,325.00
2,890,475.00
2,887,000.00
2,891,950.00
2,889,875.00
2,891,000.00
2,890,000.00
2,891,500.00
2,890,250.00
2,891,250.00
2,889,250.00
2,889,250.00
2,891,000.00
2,889,250.00
2,889,000.00
2,890,000.00
2,892,000.00
2,889,750.00
2,888,250.00
2,887,250.00
2,891,500.00
2,890,500.00
2,889,250.00
2,887,500.00
2,890,000.00
2,426,250.00
799,250.00
798,000.00
(1,079,737.50)
(2,159,475.00)
(1,079,737.50)
-
1,079,737.50
2,179,475.00
2,198,875.00
2,887,675.00
2,890,775.00
2,888,687.50
2,890,325.00
2,890,475.00
2,887,000.00
2,891,950.00
2,889,875.00
2,891,000.00
2,890,000.00
2,891,500.00
2,890,250.00
2,891,250.00
2,889,250.00
2,889,250.00
2,891,000.00
2,889,250.00
2,889,000.00
2,890,000.00
2,892,000.00
2,889,750.00
2,888,250.00
2,887,250.00
2,891,500.00
2,890,500.00
2,889,250.00
2,887,500.00
2,890,000.00
2,426,250.00
799,250.00
798,000.00
Total
$44,225,000.00
$50,490,050.00
$94,715,050.00
(4,318,950.00)
$90,396,100.00
Page 4