(RE)POWER YONKERS: A Sustainable Redevelopment Proposal for the city of Yonkers, NY by Daniel Baciuska

(re)Power a Sustainable Redevelopment Proposal for the City of Yonkers

February 22, 2011 Baciuska, Daniel M.Arch Carr, Daniel M.S. RED

McLean, Stephanie JD, M.S. RED Nagy, Danil M.Arch, M.S. UP

Pancoast, Julian M.Arch, M.S. RED Columbia University

Graduate School of Architecture, Planning, and Preservation

Table of Contents Project Principles

Executive Summary Introduction

Significant Challenges Unique Benefits Site Selection

Project Proposal

Parcel A - Power Station

Parcel C - Wetland

(RE) Power Tenants Coalition

Parcel B - Residential Sustainable Strategy

Supporting Material

6 8

10 12 22 24 26 32 34 36 40

Financing Strategy

Market Analysis

Acquisition and Disposition Plan Legal Structure Marketing Plan

Project Timeline

Proforma

Acknowledgements & Special Thanks

45 46 52 54 55 60

Parcel B - Mixed-Income Housing New development site incorporating 18 story mixed-income residential tower with neighborhood amenities, parking, and bridge connection to Power Station site.

Metro North Regional Train

John F. Kennedy Marina Park

Existing 18 story residential tower

Future 20 story residential development according to Alexander Street Master Plan

Parcel C - Hudson Conservation Park Presently underused stretch of Hudson riverfront redeveloped into a natural wetland habitat with dock access for recreation and educational purposes.

Parcel A - Power Station Redevelopment of existing Glenwood Power Station building into mixed-use development encorporating commercial, office, recreation, and educational programs

Project Principles (RE) Power addresses three aspects of sustainability: ecological, economic, and social. Each

aspect can be considered individually, however the integration of the three is critical to the success of the project. Every component of the project is intended to support the others, strengthening the project as a whole and creating conditions for future sustainable growth.

( RE) Power improves its physical environment. It contributes more resources that it consumes and restores natural ecosystems.

(RE) Power enriches its users and the community. It provides space that is accessible to all and diverse in its uses to promote health, happiness and learning.

(RE) Power creates value for all. It puts profits in the pockets of its investors and creates economic opportunities for those around it.

Wetland Conservation Restores natural ecology of Hudson-Raritan Estuary. Connects local communities and visitors to water-based educational and recreational uses.

Facilitates the acquisition of valuable city land for residential development.

Historic Preservation Reduces material use and carbon emissions related to construction.

Protects cultural heritage and educates public about

historical energy issues. Creates valuable identity for project and regional icon for Yonkers. 6

Sustainable Business Incubator Fosters the development of sustainable products and services.

Provides employment opportunities for local underserved community.

Creates competitive economic base for Yonkers.

Mixed-Income Housing Utilizes space-saving design and high-performance systems for efficient living.

Integrates diverse socio-economic groups in healthy living conditions.

Contributes significant profits to the project and vital housing to Yonkers.

Transit Oriented Development Reduces demand for automobile use and resulting emissions.

Provides universal access to all users and connects neighborhood residents to jobs.

Reduces expensive parking requirements and expands market area.

Agriculture/Aquaculture Supplies low-carbon local source of food for on-site restaurants and markets.

Provides education and employment opportunities as well as healthy food for local community.

Reduces costs for consumers and increases profits for operators.

Executive Summary (RE) Power aspires to be the beacon of sustainable development. A partnership with the City

of Yonkers, (RE) Power entails the redevelopment of the now derelict Glenwood Power Plant into

a vibrant sustainable entertainment district coupled with office, commercial and residential uses.

A model of sustainable development and adaptive reuse, (RE) Power will become the region’s

dominant entertainment district attracting millions of visitors, creating thousands of new jobs, and millions of dollars of tax revenue for the City of Yonkers.

The overall project, including the $10,000,000 acquisition price, will be financed by a

combination of Affordable Housing Grants, Green Grants and Private Equity. The City of Yonkers

will make a two-fold contribution: (1) Payments in Lieu of Taxes and (2) Donating a parcel of land currently owned by The Yonkers Parks Department. The $4,500,000 in deferred taxes will be used to maintain a stretch of redeveloped wetlands adjacent to the site.

While this redevelopment proposal is highly specific to the site, it will serve as a replicable

model of sustainable reuse and redevelopment of formerly industrial waterfront sites. Such sites are prevalent in many US cities, particularly on the east coast, and this project proposes a novel

model for how to reimagine these sites and their history toward new productive use in the future. Table 1. Project Specifics Uses

GFA Total Development Cost Equity Cash on Cash

IRR

Mixed: Residential,

Commercial, and Office 236,150 (sf)

$198,193,800 $66,000,000

Sponsor: 2.18

Private Equity: 2.18x Sponsor: 34%

Private Equity: 12%

Table 2. Market Analysis

Location •

Yonkers borders The Bronx, 2 miles (3 km) north of Manhattan

•

Three Metro-North stations serve Yonkers with trip times from 20 to

• •

4th largest city in New York State, population of over 190,000, 13 miles from Grand Central Terminal in midtown Manhattan 25 min.

Competing Supply • •

Number of Housing Units: 75,562

Croton Heights Apartments, 60 units of affordable housing

Demographics •

Total Labor Force: 91,146 (March 2000)

•

Per Capita Income: $20,675

• •

Total Households: 72,101

Median Household Income: $46,488

Table 3. Proposed Program Breakdown Use

Area

Opportunities

Sustainable Practices

Residential

67 affordable

Proximity to New York CIty

Low VOC paing

52,800 SF

Lower Rents

Biking racks for staff

82,000 SF

Demand from current and future residential

Encourage use of public transportation

Small Business 37,950 SF

Encourage innovative business development

Renovation of existing housing stock

253 market Office

Retail

320 total units

Incubator

Education/ Cultural Uses

18,000 SF

Good Transit Access

Energy Star Appliances

High regional demand for affordable housing Occupancy Sensors and timed lights

Limited supply of Class A office space in area development

Draw from TOD in the region

Greenhouse, promoting sustainable urban agriculture

Educational value

Provide draw for Yonkers

Encourage natural ventilation for cooling Preferential parking for low emiwssion vehicles

Use local products in construction

Plant NC-friendly and native plants

Install water efficient shrubs and ground cover

Development Strategy The development will be pursued in three distinct phases, encompassing both the adaptive

reuse of an existing industrial building, the development of a new site, and the restoration of a natural habitat on the waterfront.

• Parcel A consists of The Glenwood Power Plant, which will be transformed into a sustainable re-industrialized development easily replicable for other properties. A Sustainable Industries Incubator and Retail will be housed in the main building, with new offices in the adjacent

ancillary building. The existing roof will be redeveloped into a greenhouse, which can be used both for commercial agriculture and community garden. A boardwalk will be developed

around the perimeter of the building, connecting the property to waterfront pedestrian access.

• Parcel B will be developed on an infill site, consisting of a LEED Platinum Residential Tower (market & affordable) and a 20,000 sq.ft. grocery store. It will be connected to the Power Plant by a Public Promenade.

• Parcel C will be developed as a natural wetland system along the Hudson River Estuary, accessible for education and recreation through a new system of piers.

Introduction Significant Challenges Westchester County has long been known as a suburban

home for â&#x20AC;&#x153;old moneyâ&#x20AC;? in the New York metropolitan region. After Manhatta, the county is the second wealthiest in New York

State, and the seventh wealthiest in the nation. Although much of the wealth in Westchester originates in New York City, it also

has its own significant economic base with thriving business districts, retail malls, and industrial centers.

The southwest corner of the county is anchored by the City

of Yonkers. With a population of over 190,000, it is not only the

largest city in Westchester County, but also the 4th largest city in New York State. The conditions in Yonkers differ considerably from those in the rest of the county. Rates of unemployment

are nearly 30% higher in Yonkers and median family income is nearly 50% less than in greater Westchester County.

The site of our project, Southwest Yonkers, is a particularly

distressed area. Although official unemployment figures are around 11%, it is estimated that a staggering 50% of the working-age population are not currently employed. A vast

income differential exists between greater Westchester and this

area, with 46% of households earning less than $25,000 and fully 29% of the population living below the poverty line. Much of the disparity in employment and income may be the result of low educational attainment in Southwest Yonkers. 37% of local

residents between the ages of 18-24 do not have high school

diplomas, a discouraging figure in a county that sends twothirds of its young people to college (map 1).

Southwest Yonkers is economically lethargic and socially

strained. While the area presents a great number of challenges

and significant risks there are also a number of positive forces at

work in the area, which can be harnessed to support a successful sustainable real estate development project.

Map 1. Pockets of Disadvantage This maps synthesizes three important socio-economic indicators by census tract: mean income, unemployment, and educational attainment. The resulting hotspots show areas of particular disadvantage in all three indicators. source: US Sensus

Westchester County P�� S��: Westchester County Census Tract #402 Median Income: $24,802 Percent High School or Greater: 69.9% Unemployment: 15.6%

Bronx County Census Tract #167

Yonkers

Median Income: $14,432 Percent High School or Greater: 61.4% Unemployment: 27.1%

New York County Census Tract #130 Median Income: $171,146 Percent High School or Greater: 97.2% Unemployment: 1.2%

20 Miles

Unique Benefits Proximity to New York City Bordering the northern New York City borough The Bronx,

Yonkers lies just 13 miles from Midtown Manhattan. More significantly, the Metro-North Railroad serves four stations in

Yonkers along its Hudson line, with trip times ranging from 32

to 41 minutes to Grand Central Terminal (map 2). The ease of access to the social, economic, and intellectual capital of New

York City creates immense potential for Southwest Yonkers. Commute times from any of the four Yonkers rail stops rival

those by subway within the New York, making Yonkers a great candidate for dense transit-oriented development adjacent to the stations. This type of growth is beginning to spring up

around the Downtown Yonkers station, but the other three stations, Ludlow, Glenwood, and Greystone are underutilized for

their TOD potential. The Glenwood Station, which is adjacent to our project site, is particularly underutilized with relatively low densities of population and jobs within a half mile radius. Hudson River

Yonkers has no greater asset than the Hudson River. The

Hudson River Valley stretches from Yonkers up to Albany, where the river shifts from a glacial valley to run the rest of its northern

course through the Adirondack Mountains (map 3). Yonkers

is located along the Hudson-Raritan Estuary, where the wide mouth of the river meets the salty waters of the Atlantic Ocean.

The mix of fresh and salt water, which changes continually with the tides, creates a unique ecology that is home to a diverse variety of plants and animals.

The Hudson also provides excellent opportunities for

water-based recreation. Our site is located next to the 16-acre JFK Marina Park, one of the best points of access to the river in

Westchester County. The park currently provides a boat launch

and docking facility as well as fishing and crabbing access.

Future improvements to the park will add a full service marina 12

Map 2. Regional Transportation This map shows an overlay of the MTA NYC subway system and Metro North Regional Train with all stops. Data compares density, job location, and travel times in key stations, including the four Metra North stations in Yonkers.

L��

Metro North Rail and station MTA Subway and station

1. G��

41 min. to G. C.

1. 03 38 .2 1

D�� (��/��2) under 15,000 2

15,000 - 40,000

S�� 2. G��

40,000 - 75,000

38 min. to G. C.

over 120,000

75,000 - 120,000

TOD �� Jobs per acre

6 5

*within 0.5 miles of station

97 64 .1

Population per acre

3. Y��

33 min. to G. C.

4. L��

32 min. to G. C.

5. R��

44 55 .9

26 min. to G. C.

6. 241 (2 ��)

12 3

76 7

52 min. to G. C.

7. G�� C��

0 min. to G. Central

and connections to the Riverwalk, a planned 51.5-mile leisure trail along the Hudson. The site will also become part of the

256 mile Hudson River Greenway Water Trail, which provides amenities and access for hand powered watercraft such as kayaks and canoes. History

Many historical sites dot the Westchester landscape. They

tell the story of early settlements, Revolutionary War battles,

and powerful dynasties. Historical sites in Yonkers span many centuries, highlighted by the Georgian high-style Philipse Manor

Hall, built in stages from 1680 to 1755, and “Glenview,” designed in 1876 by the noted architect Charles W. Clinton.

Yonkers is distinguished from other Westchester towns by

its great industrial history. In the late nineteenth century, the

Otis Elevator Company and Alexander Smith and Sons Carpet Company helped drive Yonkers’ thriving economy. Their early

factories still stand today as reminders of the importance of industry in the development of the city and the region. Proactively Pursuing Growth

Yonkers has assembled a talented and ambitious team

to rebuild the city. Through a series of programs, The City of Yonkers Department of Planning & Development is actively

promoting business and real estate development and has recently approved several large-scale, high-density projects.

Several areas in Yonkers have been given special attention

by the Yonkers Department of Planning & Development. Five

Urban Renewal Areas (URAs) have been established to guide the target redevelopment of particularly troubled sections of

the city (map 4). Two contiguous URAs in Southwest Yonkers illustrate an interesting juxtaposition of divergent conditions for renewal.

The Ravine Avenue Urban Renewal Area is

characterized primarily by low-density residential, which in many areas is blighted. The community has been actively 14

Map 3. Hudson River valley with watershed and four largest cities.

Albany

NEW YORK

Poughkeepsie

CONNECTICUT

Yonkers

NEW JERSEY

New York City

engaged in planning for their neighborhood, and residents have expressed a desire for more affordable home ownership

opportunities, the introduction of uses other than housing, and a connection to the future redevelopment of the waterfront.

The formerly industrial waterfront that boarders the

Ravine neighborhood is also slated for redevelopment as

part of the Alexander Street Urban Renewal Area (map 5).

Much of the 1 mile of shoreline that comprises the Alexander Street URA is vacant land, and what little industrial use now exists will be cleared as development plans move forward.

The Master Plan for the area lays out a new roadway system

to create development blocks that will be built out with a mix of residential, retail, commercial, and open spaces reflecting

a vision of the Alexander Street waterfront area as a vibrant

mixed-use district of residences and parks, knit together and

shaped by landscaped streets and boulevards. The waterfront

neighborhood is envisioned as an amenity for all Yonkers residents, with opportunities for recreation and commercial

Image 1

activities. Most importantly, the redevelopment will provide direct access to the Hudson River, which has historically been impeded by private ownership and industrial hazards.

The City of Yonkers has also been designated as a Federal

Empowerment Zone, which includes a wide variety of projects and initiatives aimed at achieving three goals: to expand

economic opportunity, to enhance skills, incomes and access to

jobs, and to build a sustainable community. Specific funds from this program have been allocated to the redevelopment of the

Image 2

Alexander Street corridor.

Yonkersâ&#x20AC;&#x2122; downtown and waterfront have also been

designated as a New York State Empire Zone. Under this state

program, businesses located in these areas may qualify for property tax refunds, wage-based tax credits, state sales tax

exemptions, reduced utility and telephone rates, employment training programs, and low interest loans.

Waterfront

development has recently been completed as a result of this

Map 4. The four major Yonkers Urban Renewal Areas (URA).

PROJECT SITE

Ravine URA Ashburton URA

Alexander Street URA

Nodine Hill URA

initiative and many more projects are anticipated over the next decade.

At the local level, Yonkers has a unique loan program aimed

not only at encouraging new development and increasing private

investment in the city, but also at developing new employment opportunities. Loans can be used for the acquisition,

construction, or rehabilitation of real property, leasehold improvements, machinery and equipment, and working capital.

Another promising move was recently made by the Yonkers

Image 3

City Council, which reduced parking requirements in certain areas of the city, most notably within ½ mile of train stations.

The city’s recognition of the growing demand for transit oriented development sets Yonkers apart from other towns along the Hudson line.

The Challenges Ahead The City of Yonkers has abundant ambition and talent,

but current economic and demographic realities present a

Image 4

significant challenge to implementation. The City’s leadership has highlighted many perceived strengths that can stimulate

economic growth. At the top of their list are the city’s proximity

to New York City and connectivity via regional transportation, as well as the Hudson riverfront and views of the Palisades.

The Downtown area is seen by the city as the epicenter of initial growth, with existing institutions, shops and restaurants, historic architecture, and a walkable scale creating value.

The City’s investment in economic development has resulted

in both successes and failures. Waterfront redevelopment began in 2003 with Hudson Park, which included 266 units of market

rate rentable apartments and 10,000 square feet of retail space (img. 1 & 2). The $53 million private investment by Collins Enterprises of Stamford, CT., was the single largest private

development on the waterfront in the history of Yonkers. That project benefited from government investment in waterfront infrastructure, a park including a 9/11 Memorial, and the 18

Map 5. Alexander Street Master Plan Proposed redevelopment master plan for Alexander Street Urban Renewal Area from Yonkers Metro North Station to JFK Marina Park, and proposed project site.

Proposed (RE) Power Project Site •

•

Glenwood Power Station building currently unaccounted for in master plan. Redevelopment of underused waterfront site into ecological conservation park. Development of mixed-income residential on connected site.

Alexander Street Master Plan: main infrastructure

Alexander Street Causeway • Two-way traffic flow with one 11’ travel lane in each direction and no on-street parking. • Approximate two-way traffic volume range: 300-400 vehicles per peak hour.

Typical Waterfront Site Road • One-way traffic flow with one 12’ travel lane and one 8’ right-side parking lane. • Approximate one-way traffic volume range: 200-400 vehicles per peak hour.

Reconstructed Alexander Street • Two-way traffic flow with one 11’ travel lane in each direction, a landscaped center median, and one parking lane on both side of the street. • Approximate two-way traffic volume range: 500-700 vehicles per peak hour.

rehabilitation of the oldest Victorian pier still in existence on the

Hudson. Today, the pier houses a popular fine-dining restaurant and vacancy in the residential and commercial space is near zero.

A 15-acre property on the north end of the Alexander

Street URA has recently been the subject of less favorable news.

The property is one of the largest brownfield sites in the state and cleanup costs have already topped $40 million (img. 5 &6).

Homes for America had herculean plans for the site, which

Image 5

included 1,180 residential units and 5,000 sf of office on a

podium 40,000 sf of retail, surrounded by four acres of publicly-

accessible open space and a 250 slip marina (img. 3 & 4). The costs of preparing the site, compounded by the recent recession, proved too much for Homes for America and last year they

defaulted on their $100 million loan, leaving the site with $20

million more in expected cleanup costs. The property, which sold for $22 million in 2004, was purchased a few months ago for $6 million.

As part of their growth initiative, The City of Yonkers

employed Urban Design Associates and Robert Charles Leeser & Co. to conduct an analysis and create a strategy for fostering the development of downtown Yonkers. The indisputable reality

underlying their recommendations is that local market forces alone will not be sufficient to drive revitalization.

Desperate for economic development, the City of Yonkers

has aggressively pursued the principals recommended by

their advisors. Incentives are being liberally distributed and

zoning has been relaxed for developers who can put a shovel in the Yonkers dirt. Enormous resources have been devoted

to attracting a major institutional or cultural anchor that can be the first statge of subsequent economic development. We

believe that that our project can be that anchor.

Image 6

Catalizing Economic Development in Downtown Yonkers 1.

Move Beyond “Passive Economics” Recruitment And Branding Of Critical Importance Yonkers needs to aggressively pursue – even at cost – the core elements of urban entertainment.

Create A Cultural Events Venue Or Institutional Driver Of Demand Without a cultural or institutional downtown driver, Downtown Yonkers lacks a compelling reason for local and regional visitors to populate the streets. This is especially true of the waterfront development.

Envision The Next Industrial Downtown Diverse Economic Base Of Yonkers Is The Key Downtown Yonkers should pursue at least doubling its daytime private-sector employment Doing so will require successful execution of Phase 1, as detailed, above, as well as an aggressive outreach and recruitment effort coupled with a variety of incentive packages.

Focus On Capturing Regional Spending Power 1% Of Retail Demand Within 5-Miles Could Support 432,000Sf Downtown Yonkers Total Spending Power: $233 Million (2.2% of 5-Mile Radius) 5-Mile Radius Total Spending Power: $10.34 Billion 21

Site Selection Between the MTA Metro-North Glenwood station and

the Hudson River in Southwest Yonkers, lies the abandoned Glenwood Power Station of the formery operated New York

Central & Hudson River Railroad. The Station was constructed between 1904 and 1906 and was built as part of the electrification

of the rail lines spurred in part by dangerous conditions caused by steam engines and related smoke, and also by the need for

a completely new and larger Grand Central Terminal. The coal-

fired steam turbine station went online in 1906 and powered the mainline between New York and Albany and most of the city of Yonkers. While unused since the 1960’s, the power station

and its twin smokestacks still stand as reminders of New York City’s and Yonkers’ industrial past.

Although the Power Station property is included in the

Alexander Street Master Plan, there is currently no plan for its preservation or reuse. Although there were reuse proposals as

recently as 2005, these have not come to fruition, and in 2008 the Preservation League of New York State named the plant as one of the seven most endangered sites in the state.

The former Glenwood Power Station site is a 4 acre property.

On the property sits two buildings that occupy approximately 2

acres of the site. The Main Power Station building consists of two

large open spaces under two distinct roof lines, and incoprotates the iconic smokestacks that climb to approximately 220’ above

the river. The ancillary building’s northern façade borders the city’s JFK Mariana Park to the north.

A structural integrity study conducted in the mid

2000’s proved that the building was sound and could feasibly be preserved.

While the main building is subdivided and

consists of two large open spaces, there is sufficient structure to incorporate adaptive reuse and new construction within.

Comparison of site existing conditions with proposed city plan and (RE) Power proposal (right).

IMPROVED PEDESTRIAN / WATER ACCESS

RESTORED HUDSON WETLAND

GLENWOOD METRO NORTH STATION

RESTORED GLENWOOD POWERPLANT

PARKING BASE w/ COMMUNITY GROCERY STORE

CITY OF YONKERS MASTERPLAN FOR WATERFRONT REDEVELOPMENT

PROPOSED MASTER PLAN CONNECTOR ROAD AND SIDEWALK ALONG SHORELINE TO JFK PARK (MASTERPLAN IGNORES POWER STATION)

GLENWOOD METRO NORTH STATION

GLENWOOD POWER STATION

JFK PARK PLAN IMPROVEMENTS

(RE) Power Proposal N

PROPOSED RESIDENTIAL TOWER

City of Yonkers proposal

Current conditions

GLENWOOD METRO NORTH STATION

ABANDONED GLENWOOD POWERPLANT

Project Proposal The Glenwood Power Station Site in Southwest Yonkers

can become a model for responsible economic, environmental

and social development while benefitting the city of Yonkers,

the county of Westchester and the greater New York region.

Although the plan presented is specific to the site conditions,

the goals and implementation of the project can serve as a

model to be applied to similar decaying industrial waterfront sites located throughout the United States.

As the city debates over what to do with this complex, we

have developed a plan that will save the historic structure, re-

program its use, and connect two critical axes along the river while simultaneously reconnecting to a long ignored and cut-off community.

The Proposed Master Plan for the Glenwood Power Station and the surrounding context (right).

PEDESTRIAN WALK TO HUDSON RIVER MUSEUM

METRO NORTH HUDSON RIVER LINE TO POUGHKEEPSIE

HUDSON RIVER

JFK PARK

TREVOR PARK

VEHICULAR ACCESS PEDESTRIAN ACCESS

PARCEL B PROPOSED RESIDENTIAL TOWER 18 STORIES // 320 UNITS RETAIL COURTYARD

PARKING BASE 5 STORIES // 417 PARKING SPOTS 40,000 SF COMMUNITY GROCERY STORE

PARCEL A GLENWOOD POWER STATION

METRO-NORTH GLENWOOD STATION

PARCEL C REHABILITATED WETLAND PEDESTRIAN CONNECITON BOARDWALK

MASTER PLAN CONNECTOR ROAD CITY OF YONKERS WATERFRONT DEVELOPMENT

25’ 50’

100’

METRO NORTH HUDSON RIVER LINE TO YONKERS / NYC

+ 220’ PLANT

Parcel A GLENWOOD POWER STATION

The reuse of the Power Station’s main building presents

an opportunity to reconnect the now disconnected site to the river, the community, and the Glenwood Train Station. The

existing ground floor, located at the level of the river, will house a

+ 100’ restaurant with river promenade access and a kayak rental facility

Figure 1.

NEW OFFICE BUILDING (fig. 1). At this ground level, a continuous boardwalk will be

NORTH constructed around the perimeter to complete the now broken

(BUILT ATOP EXISTING STRUCTURE)

ANCILLARY BUILDING GLENWOOD link between the proposed waterfront development to the south POWER PLANT NORTH ANCILLARY BUILDING and the underutilized JFK Park to the north. This promenade will OFFICE

+ 0’

provide access both to the wetland rehabilitation site proposed RETAIL to the immediate south and outdoor access from the programs RETAIL within the Power Station.

A new public ground floor will be created at the level

of the Glenwood Station platform. The train station platform,

METRO-NORTH CONNECTION

PARKING GARAGE

Figure 2.

approximately 10’ above grade, will be extended over the access road at two locations to provide a direct connection into the

power station (fig. 2). One of the connections will access the south façade portico and will lead into a double height space

along the façade, ensuring light penetration deep into the floors.

RESIDENTIAL TOWER

A boardwalk along the south façade will provide numerous opportunities for both interior and exterior views, seating and

circulation. The other connection from the train platform into the complex takes place at the courtyard. A 40’ wide walk will lead directly off the platform into the courtyard that will have

retail spaces opening into the public space (fig. 3). Small retail

spaces will be located on this level as well as access to the restaurant and kayak launch spaces below.

PUBLIC LEVEL CONNECTION TO POWER PLANT GROCERY STORE PUBLIC / PRIVATE PARKING MTA PLATFORM

The second level will contain the offices of the educational

and research institutions. Here the organizations will be able

to collabortatively work together in what we are defining as a “Sustainable Industries Incubator” explained on the next page. The third level of the power station will be directly connected 26

JFK PARK

PARCEL B

PARCEL A

PARCEL C

a_OYSTER BAR b_KAYAK RENTAL c_1st FLOOR RETAIL d_MANUFACTURING e_GREENHOUSE SUPPORT f_GREENHOUSE g_OFFICES h_OFFICES (NEW CONSTRUCTION)

FL5

f e

FL3 FL2

c a

NORTH ANCILLARY BUILDING

FL4

FL1

GLENWOOD POWER PLANT

KING to the Ravine Street Community across the railroad tracks to the east by taking advantage of a grade change that occurs at

the site. The topographic change in elevation across the tracks allows this critical east-west connection to be made from the

neighborhood into the third floor of the Power Station. This bridge will cross the tracks and connect directly into a parking structure built as part of Parcel B. The connection at this level will bring the community onto a level that will house additional

Figure 3.

exhibition space for the Hudson River Museum, retail and

community spaces that can be used for educational purposes and community events.

The highest level of the building, contained inside the

NORTH TO POWER PLANT ANCILLARY BUILDING various kinds of agriculture-based activities, from the growing

existing roof structures, R PLANT

will be converted into a greenhouse

that will be publicly accessible (fig. 4). This space can support

KING RE

of vegetables to be sold to local grocers, to the establishment of community gardens.

GLENWO

Figure 4.

ATE PARKING North Ancillary Building Reuse:

The new ground plane and courtyard level of the main

power plant structure (to line up with the train platform) occurs

at the second floor of the narrow building. This level will have

retail that opens up into the courtyard and is the link between the park and the power plant building

The floor below, at the grade of JFK Park, will contain

park related commercial enterprises consisting of concessions and equipment rental. To mediate the change in elevation a NORTH restaurant cafĂŠ andANCILLARY exhibition space will link the park to the BUILDING courtyard and main floor of the Power Station (fig. 5).

Figure 5.

GLENWOOD POWER P

The building will support additional floors of Class A office

space in its existing structure and another threeNORTH built atop. PARK ANCILLARY BUILDING Parcel A (Power Station) program breakdown.

Circulation Zone Retail 18,100 SF Renovated Roof Structure

Restaurant 26,500 SF

New Roof Structure

Greenhouse 26,000 SF Office 52,800 SF Production Space 37,950 SF Incubator Space 37,950 SF Education Space 18,000 SF

Retail 14,400 SF

Water Retail 9,500 SF

Renovated Building Shell

Yes It’s Organic

The Old Wood Company Racheal Roy

Recycled Furniture.com Cow Jones Industrials

Trader Joe’s

Camilla

Eco Citizen

Eco Personality Fair Indigo

Fashion Ethic 30

(Re) Power

Green Stuff connection Sunshine Suites

Bronx Green Jobs

BlueSkyWind, LLC

Absolute Green Homes

Green With Glamour Rouge Tomate

Habana Outpost

Angelica Kitchen GustOrganics

The Green Table

Go Natural Baby 31

(RE) Power Tenants Coalition The (RE) Power Coalition connects project stakeholders to foster innovation, collaboration and

investment to create economic, environmental, social, and cultural benefits for all. An innovative real estate development project like (RE) Power necessitates an equally innovative approach

to operations and management. The diverse stakeholders with interests in (RE) Power were assembled because of the value they bring to the project. Their contribution to the development shouldn’t be confined within the walls of their own exhibition space or shop.

(RE) Power Coalition is a partnership that includes all tenants in the development. New

tenants join the Coalition to access capital and services to start their businesses. Available capital

sources include private equity from a Coalition Member Fund and the (RE) Power ownership, as well as public funding in a variety of forms. New members are guided to available resources including legal and accounting services, also provided by Coalition members. Coalition members

constantly collaborate to create new programs or products, to tackle community issues, and improve business operations and add value to each other’s organizations. The RE Power Coalition

connects with the community by sponsoring education and training programs and by hiring through Coalition member community groups.

(RE) POWER COALITION OWNER/ OPERATOR ENTERPRISE INCUBATOR REPRESENTATIVE

RETAIL REPRESENTATIVE

INSTITUTIONAL REPRESENTATIVE

PUBLIC REPRESENTATIVE

COMMUNITY REPRESENTATIVE

OFFICE TOWER REPRESENTATIVE

OVERSIGHT

(RE) POWER DEVELOPMENT (RE) POWER SUSTAINABLE ENTERPRISE INCUBATOR RETAIL ESTABLISHMENT

SUSTAINABLE ENTERPRISE

(RE) POWER OFFICE TOWER GREYSTON BAKERY

GROWTH CAPITAL

INVESTMENT RETURNS

HUDSON RIVER MUSEUM

RETAIL ESTABLISHMENT

CLEAN RIDGE SOAP COMPANY

BECZAK ENVIRONMENTAL EDUCATION CENTER

LEGAL COUNSEL / POLICY ADVICE

BUSINESS STRATEGY

GREEN PRIVATE EQUITY FUND SUSTAINABLE STARTUP VENTURE FUND GREENTECH LAW PARTNERS CAMERON-COLE BUSINESS CONSULTANT

To ensure the success of the [RE] Power project we have assembled a list of tenants that share

our goal of promoting the region and fostering sustainability. Cultural Institutions

Beczak Environmental Education Center

The Beczak Environmental Education Center is a non-profit environmental education facility that presents exhibits and programs for all ages to raise environmental awareness and to encourage informed stewardship of the Hudson River and other local waterways. Beczak providing river-related educational, cultural and social events for a wide community, and will play a crucial role in the development as the operator of the Hudson River Conservation Park. Hudson River Museum

The Hudson River Museum, which is located in Trevor Park is a premier regional art museum with an extensive collection of works from the Hudson River School. The museum also features exhibits on the history, science and heritage of the region, and was recently named one of the “Wonders of Westchester”.

Commercial Enterprises Greyston Bakery

Since its founding in 1982, the Greyston Bakery has been a model for sustainable business practices. The bakery continues to be a force for self-transformation and community renewal, offering on-site training and fair wages and benefits to more than 65 local residents, regardless of their work history. Exceptional quality defines Greyston’s products and the bakery’s prominence in the area will provide a strong regional draw to the project. Clean Ridge Soap Company

In its sixth year of business, the Clean Ridge Soap Company is a sustainable local business with proven market appeal. Clean Ridge offers 120 hand-made products, including lip balms, lotions, diffusers and candles. The products are all-natural and crafted from the finest ingredients, many of which are locally sourced. Sourcing ingredients from the [RE] Power rooftop greenhouses will allow customers to witness the origins of these sustainable products.

Service Providers Cameron-Cole

Cameron-Cole helps clients address environmental issues within the framework of an environmentally-conscious business strategy. With a multidisciplinary staff that includes sustainability strategists, scientists, engineers, geologists, hydrogeologists, chemists, statisticians, policy analysts, and information technology specialists, CameronCole can provide expertise on a broad range of sustainable business practices. With a nation-wide practice and local presence, Cameron-Cole ensures reliable services for clients and credit-stability as a tenant. Greentech Law Partners

Cleantech Law Partners offers a broad range of legal services to meet the unique needs of renewable energy and cleantech companies. The firm can assist sustainable businesses in the areas of project development, intellectual property, financial services, and policy analysis. Greentech Law Partners will play an important role in fostering both established and burgeoning businesses in the [RE] Power sustainable business incubator.

Parcel B re-connection and residential tower NEW OFFICE BUILDING

(BUILT ATOP EXISTING STRUCTURE)

The second piece of the proposal is an infill site, just east

LOBBY / AMENITIES

NORTH ANCILLARY BUILDING of the Power Plant site along the edge of Trevor Park (reference

GROCERY STORE

Aquisition Plan for property aquirement plan). On this site, an OFFICE

18 story, LEED Platinum RETAILresidential tower with both market rate and affordable units will be constructed. RETAIL

Figure 6. The residential program consists of 320 total units, with PARKING METRO-NORTH

GARAGE CONNECTION 253 market rate and 67 affordable units. The affordable units

will be partially financed through the LIHTC program from the

Federal Government. The market rate units will be a mix of studio, 1, 2, and 3 bedroom units, and the affordable units will consist of studio, 1, and 2 bedroom units.

The building’s ground floor will address neighborhood

services that do not currently exist in the community. A 20,000 SF grocery store, badly needed in the area will be housed, as well

HUDSON

as other amenities, including a laundromat and café (fig. 6). (seeRIVER market analysis on page 48).

The structure’s podium will also support five floors of

parking for residents, employers and visitors to the Power Plant. Critical to this proposal is a public promenade that will

power plant. The bride connection, at grade on the neighborhood the tracks at the third level. A more direct access to the train

platforms below from this level will also be constructed. This

TREVOR PARK

PROPOSED ACCESS ROUTE TO MUSEUM

MTA PLATFORM

connect the building and surrounding context directly into the

side to the east, it will connect to the Power Station across

JFK PARK

CURRENT ACCESS ROUTE TO MUSEUM

Figure 7.

new connection provides a more direct and logical connection to the Hudson River Museum and Trevor Park (fig. 7).

HUDSON RIVER

PARCEL B

PARCEL A

PARCEL C

+ 220’

RESIDENTIAL TOWER

+ 100’ NEW OFFICE BUILDING

(BUILT ATOP EXISTING STRUCTURE)

LOBBY / AMENITIES

NORTH ANCILLARY BUILDING OFFICE

+ 0’

GROCERY STORE

RETAIL

RETAIL METRO-NORTH CONNECTION

PARKING GARAGE

Parcel C Hudson River Conservation Park The last part of the proposal involves the construction of a

natural wetland system along a stretch of the Hudson Estuary as

a way to restore some of the natural habitat that has been lost to centuries of industrial development. In addition to playing an important part in the conservation and reclamation of the

estuaryâ&#x20AC;&#x2122;s ecology, this wetland conservation area will provide

Figure 8.

a site for new educational, research, and recreation uses. While

much concern will be devoted to restoring and preserving the natural ecology of the estuary, this habitat will be combined with strategic access points that will allow the public to experience the

rich ecology of the estuary, and simultaneously activate many new programs around the site (fig. 8). Such a project is not only

crucial for the maintenance and restoration of this important

ecology, but also in reconsidering how we relate to the water in the post-industrial era.

RESIDENTIAL TOWER

PUBLIC LEVEL CONNECTION TO POWER PLANT

GROCERY STORE PUBLIC / PRIVATE PARKING

f e d

3 c

c a

JFK PARK

NORTH ANCILLARY BUILDING

2 1

GLENWOOD POWER PLANT

SECTION B

king, loading, oyster bar, k 36

GLENWOOD POWER STATION_LEVELS

PARCEL B

PARCEL C

SECTION C

PARCEL A

REHABILITATED HUDSON RIVER WETLANDS AREA

YONKERS MASTERPLAN DEVELOPMENT

a_OYSTER BAR

Lying directly next to a rail line, this stretch of waterfront

is currently unused. Current plans for this stretch include a

connector road with public access, but no specific plans for ecological conservation or restoration. Although a public

connection along this site would be beneficial, the current plans do not take advantage of the potentials of waterfront restoration

at this site, and also do not provide a good pedestrian experience. As an alternative, our plan will designate the the entire stretch

as a protected waterfront, with certain portions rebuilt as wetlands to restore the Hudsonâ&#x20AC;&#x2122;s natural ecology and habitats.

Public access will be shifted out to a series of piers on the water, so as not to interfere with the new habitat. This pedestrian path

will link the boardwalks of the new developments on either side, and provide a richer pedestrian experience. Perpendicular

platforms along this path will contain pavilions that can provide a space to rest and enjoy the water, and also accommodate many water-related programs. The undersides of the platforms will also benefit the ecology by providing a complex habitat important for fish and other marine organisms.

On the land side, these platforms will selectively extend

into the wetland, to provide monitoring and viewing access for research and educational purposes, and allow people to explore this fascinating ecology. Access to this habitat will provide an

important amenity for future tenants of the (RE) Power facility,

who can utilize the wetland and pavilions in developing their educational and research programs.

On the river side, the platforms can be used for recreational

uses such as the launching of non-motorized boats and

kayaks, fishing spots, and swimming access. This access to the water would benefit recreational organizations such as

the Yonkers Kayak club, which could use the platforms while renting commercial space in the (RE) Power facility. In this

way, the wetland reclamation project would not only benefit

the environment but lead to a development that is both environmentally and financially sustainable.

Restored minish wetland (above right) Conceptual rendering of wetland with restored power station in background (right)

NATURAL PLANTINGS FOR SOIL RETENTION CLEAN WETLAND TOPSOIL WETLAND SPECIES WOODEN STAKES TIDE BREAK

ENHANCED UPLAND SLOPE

LOW MARSH HUDSON RIVER

MINISH WETLAND (AFTER RESTORATION)

Sustainability Strategy (RE) Power aims to holistically approach sustainability with

equal emphasis on social, economic, and environmental sustainability. Although all aspects of the project should be considered sustainable in one way or another, a closer look

at building performance is necessary. As a measure of (RE) Power’s sustainability, the project aims to achieve Platinum Certification through the LEED Green Building Rating System.

Platinum Certification, the highest rating achievable through

the USGBC’s four-tiered system, will be attained for the restored

Power Station through LEED for Core and Shell and for the mixedincome residential tower through LEED for New Construction.

We have set five primary goals for the environmentally

sustainable development and operation of the project: • Minimize energy use

• Conserve city potable water and preserve the Hudson River • Reduce waste to landfills

• Maximize indoor and outdoor environmental quality • Reduce the building’s life cycle costs Water

100% of the rainwater falling on-site will be collected

and reused. The power station site is designed primarily with hardscaping, which will direct rainwater into central cisterns in the basement. Rainwater and other greywater will be treated

and recirculated through an efficient drip irrigation system (fig.

9). A xeriscaping strategy will be adopted to reduce irrigation demands for the limited planted vegetation. Native species have been selected not only for their low water use, but also to complement the natural ecology of the adjacent open spaces.

Figure 9.

Within the buildings, water use will be further reduced with

the use of no-flow and low-flow plumbing fixtures and waterefficient appliances. Greywater and blackwater from these systems will be treated and used for on-site irrigation, primarily

on the roof where hydroponic farming techniques efficiently reuse water. River water, filtered through reverse osmosis, will play an important role as a source for agricultural irrigation

Figure 10.

and in building systems (fig. 10). Through these measures the

project will reduce municipal water use, with the aim of being a net-zero water consumer annually. Energy and Air

In lieu of central chillers, river water will serve zoned

heat pumps which will provide locally-controlled heating and cooling. Local control will provide greater efficiency as well

as more comfort for residents. The efficiency of HVAC systems

is further increased through designed cogeneration systems, which will capture heat typically lost in conventional systems.

Thermal radiation will be used for much of the heating in the project, located either in concrete slabs or hanging ceiling

panels. Solar water tubes, located in the greenhouse structure, will provide a renewable source of heat energy for the thermal

system. In the winter, flow can be reversed through solar water

tubes to heat the greenhouses and protect crops.

Energy demand will be actively reduced through high

efficiency lighting and Energy Star appliances, which will

compliment an array of passive strategies. Daylighting will be used as much as possible to naturally illuminate interiors during

the day. In newly constructed towers, natural light is managed

through high performance glazing and solar shading (fig. 11). Particular attention will be paid to the control of light and heat in the rooftop greenhouses. Double-wall rigid plastic will allow Figure 11.

the greatest amount of solar energy to enter into the greenhouse while minimizing energy loss. Ventilation in the greenhouse and

throughout the project will be provided by passive strategies which exploit convective currents and Hudson River breezes.

Renewable energy will be produced onsite with vertical

axis wind turbines and photovoltaic panels located on the roofs

of the newly constructed buildings. With significant reductions

in energy demand due to the aforementioned strategies, the energy produced on-site should be sufficient to power the

entire project, resulting in a net-zero energy building. The clean

sources of power will contribute significantly to reductions of

green house gas emissions. Materials and Waste

The retrofit and reuse of an abandoned building minimizes

new materials use and construction-related carbon emissions. Construction materials, from structure to finishes, will be selected to maximize recycled content and minimize harmful chemicals.

Priority will be given to local material sources

and manufactures and, whenever possible, materials will be transported by barge, rather than by truck, to further reduce greenhouse gas emissions.

Construction waste will be reduced by sorting, salvaging

and recycling all unused construction materials.

During

operations, a rigorous recycling and waste reduction program will be instituted. A waste sorting and distribution facility will

be provided for residents and tenants who will be contractually

required to participate in onsite recycling programs. Visitors will find ample recycling bins and signage to promote waste

reduction. Finally, food waste from residences and restaurants will be treated by organic anaerobic digestion, which produces useful fertilizer and biogas biproducts.

Financing Strategy While significant barriers stand in the way of sustainable construction and affordable housing

development, many programs exist to facilitate community oriented development. Grant funding

will be garnered to support a large portion of low income housing, sustainable construction,

brownfield remediation, and historic preservation. Private equity capital will also be invested alongside developer equity, and receive an annual compounded return of 12%.

While the aforementioned programs and capital sources will help with the projectâ&#x20AC;&#x2122;s

construction, the City of Yonkers will play the largest role in ensuring financial feasibility by

donating a parcel of land and supporting a Payments In Lieu of Taxes (PILOT) program. In the PILOT program, over $4,500,000 of real estate taxes will be deferred annually and directed to

upkeep parks, wetlands, and natural habitats adjacent to the site, ensuring that public community spaces adjacent to the site will continue to benefit from the development indefinitely. Table 4. Financing Sources Breakdown Source

Equity

Amount Terms (x $1,000)

Sponsor Equity

1,000

Private Equity

40,000

Grant Funding

Low Income Housing Tax Credit (LIHTC)

New Market Tax Credit

EPA Brownfields Cleanup Grant

NYS-DEC Brownfield Cleanup Program

Historic Preservation Tax Credit

NYSERDA Multifamily Performance Program

NYSERDA Green Affordable Housing Program

Debt

Low Interest NYSERDA Loan

Construction Loan

Total

Permanent Loan

10,000

8,300

200

500

1,000

50,000

82,194

198,194 128,825

Sponsor equity will be earn 7% preferred return pari-passu with private equity distribution. Projected annual compounded return for Sponsor is 34%.

Private equity partner will be given a 9% preferred return pari-passu with sponsor investment. Once 9% preferred return is reached partner will receive 90% of total cash flow and sponsor will receive 20% of total cash flow. Projected annual compounded return for Partner is 12%.

Tax credit program provides 30% of cost of affordable element through 4% 10-year tax credit.

Qualified Community Development entity may receive tax credit that is sold to third party.

Require 20% cost share by developer.

Tax credit program provides 50% of cost in tax credit.

Entity may receive tax credit that is sold to third party.

Grant for incremental cost of green building technologies.

Mandate that project achieves LEED Silver specification and include affordable housing.

1.5% Interest Only, 25% LTC

7.0% Interest Only, 42% LTC

5% Interest Only, 65% LTV, 1.3 DSCR

Acquisition and Disposition Plan Table 5. Acquisition Parcel

Use

Description

Parcel B

Power Plant

Parcel C

Restricted

The main power plant site is currently owned by Kenneth Capelino, an area contractor. Mr. Capelino has agreed to sell the property for $10,000,000. The developer will offer Mr. Capelino an option to purchase contract for $10,000,000 with a 3 year window. The developer will have right to conduct further due diligence at time of transaction. Title, legal, and unexpected environmental issues will be the only actionable items to materially affect pricing.

Parcel A

Parkland

Table 6. Disposition Parcel A

Residential

Parcel B

[RE]Power and Offices

Parcel C

Wetlands

The land for the residential tower with internal parking and super market retail is currently owned by the Yonkers Parks Department. They will donate the land in exchange for the construction of twice the area of in new parkland on Parcel B and Parcel C.

Land is currently owned by a railroad easement. The land will not be acquired. A joint venture will be formed with the railroad in which payments in lieu of taxes (PILOTS) will serve to finance and upkeep the wetlands. Insurable risk will be held by the (RE) Power Collation. The residential project will be sold 2-4 years after stabilization depending on market conditions. Affordable housing credits mandate acquiring entity until 20 years after initial certificate of occupancy.

The power plant will be retained and operated by the sponsor indefinitely*. JV and maintain with PILOT payments.

* Office will be refinanced and retained by owner.

Legal Structure (RE) Power Development will form a shell Limited Liability Company to act as the parent

company for the entire (RE)Power Development. A joint venture will be formed between (RE) Power Development and (RE) Power Private Equity acting as a Limited Partner. (RE) Power will

get a promoted interest in the project as well as development and management fees. A normal promote structure will be executed and include a preferred return for the developer.

Parcels A, B and C will be structured as Limited Liability Companies with the buildings being

the sole asset to curtail liability in the event of negative unforeseeable circumstances. Parcel A

will be incorporated as two separate companies: (RE)Power Office LLC and (RE) Power Mixed-

use. (RE) Power Property Management will be created to manage and operate Parcels A and B. Parcel C will be operated by the Yonkers Parks department.

Parcel C will be structured as a Joint Venture public-private partnership. A Joint Venture

between Yonkers Parks Department and (RE) Power Development for the design, construction,

financing, operation and maintenance of Parcel C. Each party contributes property and/or funding

and shares in project-related risks and rewards.

General Partner / GP Project Sponsor

(RE) Power Development

Project

Partnership

Joint Venture / FV

City of Yonkers

LLC

Parcel C (Park)

Limited Partner / LP

Parcel A (Power Station) LLC

Parcel A (Ofďż˝ice)

LLC

Parcel A (Mixed Use)

Equity Partner

LLC

Parcel B (Residential)

Operating Co.

Dept. of Parks/ Beczak Center

(RE) Power Coalition

(RE) Power Mgmt.

Disposition

Operations

Operating Co.

Hold PPP

Sell 2-4 years

Hold

Sell 2-4 years

Southwest Multifamily Submarket Yonkers, NY

Market Analysis 8.0

$2,000

7.0

$1,800 $1,600

6.0

Downtown “Main Street”

$1,400 $1,200

Rent ($/Unit)

Vacancy (%)

5.0

Many Westchester towns such as Rye, NY contain $1,000 heavily trafficked main street districts,

4.0

$800 3.0 bustling with restaurants and retail opportunity. These areas are a draw for local residents and $600

2.0

$400boutique retail will be brought on site to a haven for small business. With this redevelopment, 1.0

$200

2010

2009

2008

2007

2006

2010

2005

2004

simulate a walkable urban main street. While direct comparables are not available, this retail will 0.0 $0 be underwritten to perform like local non-anchor retail. Vac %

Developer Forecast

REIS Rents ($ / Unit)

Source: REIS

Shopping Centers

As in the majority of the nation, shopping centers have erupted along the spine of highly

trafficked automobile routes. Yonkers is no different, and notably Southwestern Yonkers has been Southwest Oﬃce Submarket

left out of any significant retail development. Seven retail properties mapped and described in 60

forcast the following figures illustrate this trend. The average vacancy rate and average nonanchor rents 50

Rent ($/SF)

Vacancy (%)

of these comparable properties outperform the vacancy and rent figures for the entire metro, at 40 15

3.6% and $34.67. The retail on site is underwritten to 30 perform as non-anchor retail in the adjacent 10

20 area. However, while REIS projections forecast an increase in average retail rent from $33/SF to 5

10 $35/SF over two years, developer underwriting projects rent to remain constant. This is due to 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

0 0 the introduction of new retail and time needed for place making in the development. Vacancy Rate

Developer Forecast

TW Rent Index

Table 6. Lack of Grocery Options in Southwest Submarket, Yonkers, NY Anchor

Distance to Property

Address

Shop Rite

1.4

25-23 Prospect St

Stew Leonards

4.4

1 Stew Leonard Dr

Stop and Shop

4.5

11 Vredenburgh Ave

Shop Rite

3.2

278 Tuckahoe Rd

Costco

4.4

601 S Sprain Rd

A&P

2.9

1233 Nepperhan Ave

Average:

3.5

Southwest Retail Submarket Yonkers, NY 12

forcast

36 35

33 32

30 2

Rent ($/SF)

Vacancy (%)

34 8

28 2014 2013 2012 2011 2010 2010 2010 2010 2009 2009 2009 2009 2009 2008 2008 2008 2008 2008 2007 2007 2007 2007 2007 2006 2006 2006 2006 2006 2005 Vac %

Source: REIS

Developer Forecast

REIS Rent ($)

Source: CoStar

F E

ILE

A D

Table 7. Comparable Properties in Southern Westchester, Yonkers, New York, Data as of Q3 2010 3

Name

Street Address

Size (SF)

Year Built

Nonanchor Rent

Anchor Rent

Vacancy Rate

Distance (mi.)

Nonanchor Size

Anchor Size

Anchor/Major Tenants

The Mall at Cross County

770 Central Park Ave

250,000

1987

$35.00

$18.00

1.1%

2.8

105,000

145,000

Discoveries, Fmr Kids ‘r Us, Sports Authority, Thrift Drug, Tj Maxx, Unknown, Unknown, Unknown Anchor

Yonkers Shopping Center/026

1703 Central Park Ave

58,361

1970

$22.00

$18.99

0.0%

3.0

33,361

25,000

Ap Mortgage, Buffet, Kelly’s Nails, Lucille Roberts, Outback Steakhouse, Staples, Sunny Onestop

Highridge Plaza

1757 Central Park Ave

95,000

1977

$35.00

$19.43

8.7%

3.0

45,000

50,000

Dollar Dream, Mcdonald’s, Nail Salon, Pathmark, Pork Store, Quiznos

Fleetwood Plaza Shopping Center

850 Bronx River Rd

30,000

1976

$40.00

N/A

5.1%

3.3

30,000

N/A

Cvs, Dentist, Dunkin’ Donuts, Hair Salon, Subway

Tanglewood Shopping Center

2262 Central Park Ave

22,000

1954

$30.00

N/A

0.0%

3.6

22,000

N/A

Beauty Salon, Catania’s Pizza, Chinese Restaurant, Cvs, Dunkin’ Donuts

Centfort Plaza

2365 Central Park Ave

80,000

1975

$40.01

$37.66

10.6%

3.8

69,000

11,000

Dunkin’ Donuts, Furniture Store, Gamestop, Ready Cut Carpet, Subway, Vacant

Central Plaza Shopping Center

2550 Central Park Ave

151,055

1970

$40.67

$23.21

0.0%

4.3

54,565

96,490

Barnes & Noble, Beauty Salon, Castro Convertible, Clearview Cinena, David’s Bridal, Marshalls, Modell’s, Pizza, Unknown

$34.67

$23.46

Average:

Grocery There is no significant grocery option within one mile of the site. The following figures detail

the location of the most proximate supermarkets. A supermarket below the residential units will

capitalize on new demand created by the development while simultaneously filling a significant retail gap. Conversations with local residents and community leaders stress the need for qulity food in the immediate area. Multifamily

The Yonkers area of Southern Westchester recognizes low vacancy and decently high

multifamily rents. These rents are less than the more affluent areas of central Westchester, but

higher than the Northern most portions of the county. According to REIS Southern Westchester is forecasted to recognize the highest multifamily growth in the county. Class A, B, and C apartment units in the submarket containing the site recognize a 3.6% average vacancy rate. Class A absorption

is net positive over the past 5 years, with over 2,000 units being completed and absorbed. No

class B or C units were brought to market, and significant negative absorption of -752 units was observed. Office

The Southwest submarket, as defined by CBRE-EA, consists of several towns in Southwestern

Westchester County. This market makes up only a fraction of the total office space, and less than 3%

of the total Class A office space available in Westchester County. The Class A market is composed of 4 buildings that, on average, realize 20% higher rent for Class A property than the greater market. However, vacancy in the submarket for Class A buildings is 4.3% greater than the market at large,

indicating that it is a less desirable submarket. Therefore, the fact that lease rates outperform

the market at large may be a reflection of contractual terms or special instances rather than an indication of an upward trend. CBRE-EA forecasts rent growth over a 5 year period, as well as decreasing vacancy.

The development includes two separate kinds of office space. Class A space will be located in

one building, with underwriting assumptions of $25 / SF rent and 14% vacancy. Office space in the main industrial building includes non-profit space and space related to sustainable business development. This is underwritten at $10 / SF with 5% vacancy. Vacancy is lowered in this case due to rents decreased significantly below market.

Source: REIS

Southwest Multifamily Submarket Yonkers, NY

Southwest Oﬃce Submarket 50

$2,000

7.0

$1,800

30 10

$1,400

5.0

Vacancy (%)

$1,200

4.0

$1,000

3.0

$800 $600

2.0

10 0

$200

0.0

Rent ($/SF)

Vacancy (%)

2186

13728

Developer Forecast

Current Vacancy (%)

2050

3.6

forcast

50 40

15 10

2186

-752

3.5

1298

3.55

30 20

10 0

1886

-1002

Vacancy Rate

2014 2013 2012 2011 2010 2010 2010 2010 2009 2009 2009 2009 2009 2008 2008 2008 2008 2008 2007 2007 2007 2007 2007 2006 2006 2006 2006 2006 2005 Vac %

5 Year Net Absorbtion

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988

Source: REIS

REIS Rents ($ / Unit)

Southwest Oﬃce Submarket

ABC

2010

2009

11908

Westchester MSA

Developer Forecast

2008

5321

Submarket Total

2007

2006

5 Year Net 25 Competions

2010

Vac %

Source: REIS

TW Rent Index

Table 8. Westchester Multifamily Summary Southwest Retail Submarket Class Yonkers, NY Market Size (Units) 12 forcast Southern Submarket A 6587 10 8

2005

2004

Developer Forecast

$400

1.0

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 Vacancy Rate

Vacancy (%)

$1,600

6.0

Rent ($/SF)

Vacancy (%)

8.0

Rent ($/Unit)

forcast

Rent ($/SF)

5.5

Developer Forecast

TW Rent Index

REIS Rent ($)

Source: REIS

Southwest Retail Submarket Yonkers, NY

Table 9. Southwest Westchester Office Submarket 12

Class A, B, and C Offices

Building Stock

NRA (SF x 1000)

Completions YTD 10 (SF x 1000)

Southwest Submarket

950

Absorbtion YTD (SF x 1000)

Current Vacancy (%)

Gross Asking Rent forcast 35

-28

11.80

24.62

-620

13.80

24.54

280

26,219

33 32

Rent ($/SF)

Westchester County

Vacancy (%)

34 8

Class A Offices

320

Westchester County

111

18,336

-18

19.70

30.75

2014 2013 2012 2011 2010 2010 2010 2010 2009 2009 2009 2009 2009 2008 2008 2008 2008 2008 2007 2007 2007 2007 2007 2006 2006 2006 2006 2006 2005

Southwest Submarket

-404 Source: REIS

Vac %

Developer Forecast

14.40

REIS Rent ($)

25.83

Avg Annual Net Absorption (SF x 1000)

Avg Annual Completions (SF x 1000)

Occupied Stock

Long-term

Short-term

2-Yr Forecast

Long-term

Shortterm

2-Yr Forecast

(SF x 1000)

(Last 15 Yrs)

(Last 3 Yrs)

Level

% of Metro

(Last 15 Yrs)

(Last 3 Yrs)

Level

% of Metro

Submarket

847

0.20

0.00

Westchester County

22,662

238

-93

325

6.90

203

0.00

Source: CBRE-EA, 4Q 2010

Marketing Plan (RE)-Newing the Past, (RE)-Juvinating the Present, (RE)-Imagining the Future PowerPLANT: “The urban vibrance of New York City with the suburban twist of Yonkers”. (Re) Power will become Yonker’s premire destination, with the redeveloped Power Station serving as

its anchor. A phenominal experience, sure to be a must see destintation for Yonkers, Westchester and the Greater New York region. Strategy:

• Educating the tourist and host communities

• Promoting the opportunity to take part in the (RE) Power Coalition, including participating in an active community geared toward sustainable business practices

• Marketing business advantages of locating in an iconic project.

• Using the redeveloped water front and conservation park as amentities for educational and cultural facilities.

PowerHOUSE: Affordable, Sustainable, Renewable. Luxurious spacious units, “breath taking

Hudson River views”, a “stone’s throw from Manhattan”. For young urbanite families looking to escape the confines of New York City life without abandoning all the ammenities, Yonkers provides

an ideal option. Strategy:

• Promoting proximity to environmentally responsible non-profits, companies and organizations.

• Marketing the truly unique opportunity to be a part of an amazing sustainability movement.

• Hiring an experienced marketing firm is essential. Corcoran Sunshine Marketing, Halsted Development Marketing and other will be considered.

• Buildings doesn’t receive LEED Certification until 6-8 months after construction, but can be marketed as such.

• Green living tutorials, promoting the benefits of a green lifestyle, will be conducted along with open houses at the development.

• A variety of media will be explored, including search engine marketing, signs and billboards, direct mail, and print media

Project Timeline Y0

Target Purchase Date

Acquisition

Glenwood Power Station Option Permitting / Negotiation

Financing

Financing: Sponsor, Private, Other

Target Reﬁnance Date

Grant application period Construction Loan Perm Loan

Construction Stabilization

Residential

Power Station

Target Sell Date

Disposition

Target Sell Date

Residential

Power Station

ConstructionDetail Roadwork

Residential Permits & Design Excav. & Foundations Stuct. Steel & Joists Concrete (Slab & Fill) Roof-Top HVAC Units Mch's, Elect. - Plumb-Sprinkler Interior Finishes & Painting Punchlist & Approvals Industrial Site Remediation Permits & Design Stuct. Steel & Joists Concrete (Slab & Fill) Mch's, Elect. - Plumb-Sprinkler Greenhouse Interior Partitions Interior Finishes & Painting Wetlands, Sitework, Paving Oﬃce Permits & Design Excav. & Foundations Stuct. Steel & Joists Concrete (Slab & Fill) Roof-Top HVAC Units Mch's, Elect. - Plumb-Sprinkler Interior Finishes & Painting Punchlist & Approvals

Proforma Project Pro-Forma Acquisition: Residential Acquisition: Office Acquisition: Power Station Construction: Construction: Construction: Construction:

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

(56,145,745) (9,774,545) (13,493,723)

0 (10,385,455) (16,607,660) (10,000,000) 1,788,238 923,712 2,133,811 4,845,761

7,416,031 991,935 2,224,923 10,632,888 119%

8,512,764 1,023,468 2,319,679 11,855,911 12%

8,689,939 1,055,947 2,393,589 12,139,474 2%

9,008,304 1,089,400 2,444,341 12,542,045 3%

9,288,932 1,123,857 2,496,108 12,908,896 3%

9,577,978 1,159,347 2,548,910 13,286,234 3%

0 (5,000,000) (5,000,000)

Residential Office Power Station Roadwork

(52,843,055) 0 (18,683,617)

Residential Net Operating Income Office Net Operating Income Power Station Net Operating Income Total Project NOI Equity Requirement Sponsor Equity Private Equity Other Equity Sources

(81,526,672)

(79,414,014)

1,000,000 40,000,000 25,000,000

Debt Service Construction Loan Beginning Balance 0 Construction Draw (15,526,672) Interest Expense (Construction) (763,869) Ending Balance (16,290,540) Refinance Origination Costs Beginning Balance Paydown of Construction Loan Cash Available for Private Equity Paydown

0 865,896 1,130,181 (34,997,037)

(16,290,540) (83,320,962) (79,414,014) (34,997,037) (3,906,948) (5,820,915) (83,320,962) (124,138,914) 1%

(1,241,389) 128,825,970 (124,138,914) 3,445,666 6,441,299

6,441,299

(29,176,122)

(1,595,538)

4,191,590

5,414,613

5,698,176

6,100,746

3,619,964

2,548,910

Cap Rate 4.5% 5.0% 5.5% 6.0% 6.5%

Year 6 189,172,542 170,255,287 154,777,534 141,879,406 130,965,606

Year 7 193,109,745 173,798,771 157,998,883 144,832,309 133,691,362

Residential Sale Year 8 200,184,536 180,166,082 163,787,347 150,138,402 138,589,294

Year 9 206,420,701 185,778,631 168,889,664 154,815,526 142,906,639

Year 10 212,843,951 191,559,556 174,145,051 159,632,963 147,353,505

5.0% 5.5% 6.0% 6.5% 7.0%

20,469,355 18,608,504 17,057,795 15,745,657 14,620,968

21,118,931 19,199,028 17,599,109 16,245,332 15,084,951

Office Sale 21,787,995 19,807,268 18,156,663 16,759,996 15,562,854

22,477,131 20,433,755 18,730,942 17,290,101 16,055,094

23,186,941 21,079,037 19,322,451 17,836,108 16,562,101

180,166,082 (5,404,982) (128,825,970) 45,935,129 52,035,876

18,730,942 (561,928) 0 18,169,014 21,788,978

2,548,910

Interest Expense (Refinance) Cash Flow After Debt Service

(80,762,803)

(75,507,066)

Term Amortization Annual Rate LTV

30 Year DSCR I.0. 5% 65%

1.3

Property Sale Sensitivity

Recommendation: Sell resdiential in Year 8 Sell Office in Year 9

Proceeds from Sale Less: Cost of Sale Less: MTG Balance CF From Sale CF Available for Distributions

3,445,666

Private Equity Waterfall Structure Private Equity Investment Sponsor Investment

40,000,000 1,000,000

Tier 1 9% 7%

4,191,590

5,414,613

5,698,176

Tier 2 90% 10%

Tier 1 Cash Flow Private Equity Sponsor Cash Available to Flow to Tier 2

3,600,000 70,000 (224,334)

3,600,000 70,000 521,590

3,600,000 70,000 1,744,613

3,600,000 70,000 2,028,176

3,600,000 70,000 48,365,876

3,600,000 70,000 18,118,978

0 0 2,548,910

Tier 2 Cash Flow Private Equity Sponsor

(201,900) (22,433)

469,431 52,159

1,570,152 174,461

1,825,358 202,818

43,529,288 4,836,588

16,307,080 1,811,898

2,294,019 254,891

Private Equity Cash Flow Sponsor Cash Flow

IRR IRR

-40,000,000 12% -1,000,000 34%

3,398,100

4,069,431

5,170,152

5,425,358

47,129,288

19,907,080

2,294,019

47,567

122,159

244,461

272,818

4,906,588

1,881,898

254,891

Notes Powerplant and new office are on same parcel and share acquisition basis Distributions flow 99% to Private Equity 1% to Sponsor until PE reaches a 10%

21 253

3BR Total Market

417

Spaces

Rent

125

Rent PSF 33

1,650 2,200 3,000

$52,083

$603,316

$52,083

Year 1 2011

Vacancy assump on: Loss Factor

$1,788,238

$262,444

2,050,682

10,000

250,000 13,021 651 13,672

1,349,190 338,910

Year 2 2012 0% 0.0% 90% 1,499,100 189,000 1,688,100

750

600

$7,416,031

$4,354,537

11,770,568

10,000

1,000,000 52,083 2,604 54,688

$8,512,764 15%

$4,919,521 13%

13,432,285 14%

10,000

1,000,000 52,604 2,630 55,234

272,797 6,547,127

1,798,920 4,953,480

$8,689,939 2%

$5,010,793 2%

13,700,731 2%

10,000

1,025,000 53,656 2,683 56,339

278,253 6,678,070

Year 5 2015 2% 2.5% 4% 6,177,491 778,831 6,956,322

104% 118%

4% 18%

102

120 21 0 40000 2

Units

$8,768 $731

$26,305

123 21 417 1

120

Year 4 2014 1% 0.0% 4% 6,056,364 763,560 6,819,924

Unit Mix Units

Year 3 2013 0% 0.0% 30% 5,996,400 756,000 6,752,400

900 1150 300 ft per space 40,000

Notes: Certificate of Occupancy is estimated in month 9 year 2; building will only operate for 3 months.

Residential Net Operating Income Growth (%)

Operating Expenses SF Total Operating Expenses Growth (%)

Effective Gross Income Growth (%)

Other Revenue

Retail & Professional Revenue Garage Revenue Less: Garage Vacancy / Credit Loss Net Garage Revenue

$1,320,000 $1,320,000

2BR 3BR Parking Retail

1BR

$255,200 $63,000 $499,700

Studio

UNIT

$9,230 $769

$27,689

204% 218%

0 0 165000 3

102

$9,008,304 4%

$5,174,799 3%

14,183,103 4%

10,000

1,050,625 55,266 2,763 58,029

214,950 6,950,062

Year 6 2016 3% 2.5% 3% 6,362,816 802,196 7,165,012

Units

$7,891 $658

$23,674

Affordability Analysis: Multifamily Rental Housing 100% AMI 95% AMI 90% AMI Annual Housing Allowance at 1/3: Monthly Housing Allowance:

Annual Income:

$155,100

$26,400

$51,532

$5,384

$19,998

Cumulative Rent

Less: Residential Vacancy / Credit Loss Net Residential Revenue

Residential Rent Growth Supermarket Rent Step-up Vacancy Market Rate Unit Revenue Affordable Unit Revenue Gross Residential Revenue

Residential Pro-Forma

Year 1 PGI

Total Parking

Parking

Total Supermarket

40,000

116

2BR

Retail

769 769

# of Units Rent @ Market 22 1,200

1BR

Market Rate Studio

2BR 3BR Total Affordable

1BR

Residen al Assump ons Affordable # of Units Rent @ 100% AMI Studio 34 $26,151 769

$9,288,932 3%

$5,319,365 3%

14,608,296 3%

10,000

1,076,891 56,924 2,846 59,770

221,399 7,158,564

Year 7 2017 3% 2.5% 3% 6,553,700 826,262 7,379,963

$6,708 $559

$20,123

85% AMI

$9,577,978 3%

$5,468,267 3%

15,046,245 3%

10,000

1,103,813 58,632 2,932 61,563

228,041 7,373,321

Year 8 2018 3% 2.5% 3% 6,750,312 851,050 7,601,361

$5,366 $447

$16,098

80% AMI

$9,875,695 3%

$5,621,637 3%

15,497,333 3%

10,000

1,131,408 60,391 3,020 63,410

234,882 7,594,520

Year 9 2019 3% 2.5% 3% 6,952,821 876,581 7,829,402

$10,182,345 3%

$5,779,608 3%

15,961,952 3%

10,000

1,159,693 62,202 3,110 65,312

241,929 7,822,356

Year 10 2020 3% 2.5% 3% 7,161,405 902,879 8,064,284

$10,498,194 3%

$5,942,318 3%

16,440,512 3%

10,001

1,188,686 64,068 3,203 67,272

249,186 8,057,026

Year 11 2021 3% 2.5% 3% 7,376,248 929,965 8,306,213

$10,823,519 3%

$6,109,910 3%

16,933,428 3%

10,002

1,218,403 65,990 3,300 69,290

256,662 8,298,737

Year 12 2022 3% 2.5% 3% 7,597,535 957,864 8,555,399

SF 52,800.00 14,400.00 67,200.00

Year 2 2012

0.00 0.00

20%

Year 3 2013 0%

865,896

Office Net Operating Income Growth (%)

423,480 5,280 42,348 14,116 33,600 6,720 6,720 13,440 545,704

30.0% of EGI $0.10 3.0% 1.0% $0.50 $0.10 $0.10 $0.20

1,411,600

Total Operating Expenses Growth (%)

Operating Expenses Greenhouse Office Commercial Parking Expense Real Estate Taxes Repairs & Maintenance Management Fee Salaries Electric Cleaning G&A Insurance

Effective Gross Income Growth (%)

0.00 52,800.00 14,400.00 Spaces

Less: Vacancy / Credit Loss Net Rental Revenue 10,000

350,400 1,401,600

Gross Revenue

Other Revenue

Year 2 2012 1,752,000

Year 1 2011 1,752,000

923,712 7%

575,488 5%

449,760 5,280 44,976 14,992 33,600 6,720 6,720 13,440

1,499,200 6%

10,000

262,800 1,489,200

1,752,000

432,000

1,320,000

15%

Year 4 2014 0%

Office Building Gross Potential Rent

432,000

Commercial GROSS POTENTIAL RENTS

Year 1 2011

25.00 30.00

1,320,000

Rent

Office GROSS POTENTIAL RENTS

Vacancy

Market Rent Growth

Office Pro-Forma

Office Assumptions Office Commercial Total

991,935 7%

610,633 6%

480,770 5,280 48,077 16,026 33,600 6,720 6,720 13,440

1,602,568 7%

10,000

176,952 1,592,568

Year 3 2013 1,769,520

1,769,520

436,320

1,333,200

10%

Year 5 2015 1%

1,023,468 3%

626,877 3%

495,104 5,280 49,510 16,503 33,600 6,720 6,720 13,440

1,650,345 3%

10,000

182,261 1,640,345

Year 4 2014 1,822,606

1,822,606

449,410

1,373,196

10%

Year 6 2016 3%

1,055,947 3%

643,609 3%

509,867 5,280 50,987 16,996 33,600 6,720 6,720 13,440

1,699,555 3%

10,000

187,728 1,689,555

Year 5 2015 1,877,284

1,877,284

462,892

1,414,392

10%

Year 7 2017 3%

1,089,400 3%

660,842 3%

525,073 5,280 52,507 17,502 33,600 6,720 6,720 13,440

1,750,242 3%

10,000

193,360 1,740,242

Year 6 2016 1,933,602

1,933,602

476,779

1,456,824

10%

Year 8 2018 3%

1,123,857 3%

678,593 3%

540,735 5,280 54,073 18,024 33,600 6,720 6,720 13,440

1,802,449 3%

10,000

199,161 1,792,449

Year 7 2017 1,991,610

1,991,610

491,082

1,500,528

10%

Year 9 2019 3%

1,159,347 3%

696,876 3%

556,867 5,280 55,687 18,562 33,600 6,720 6,720 13,440

1,856,223 3%

10,000

205,136 1,846,223

Year 8 2018 2,051,359

2,051,359

505,814

1,545,544

10%

Year 10 2020 3%

1,195,902 3%

715,707 3%

573,483 5,280 57,348 19,116 33,600 6,720 6,720 13,440

1,911,609 3%

10,000

211,290 1,901,609

Year 9 2019 2,112,899

2,112,899

520,989

1,591,911

10%

Year 11 2021 3%

1,233,554 3%

735,104 3%

590,597 5,280 59,060 19,687 33,600 6,720 6,720 13,440

1,968,658 3%

10,000

217,629 1,958,658

Year 10 2020 2,176,286

2,176,286

536,619

1,639,668

10%

Year 12 2022 3%

SF 13,000 13,000 37,950 37,950 26,500 27,600 43 Spaces 168,950

759,000

927,500

910,800

Small Business Incubator GROSS POTENTIAL RENTS

Restaurant GROSS POTENTIAL RENTS

Commercial GROSS POTENTIAL RENTS

Operating Expenses Repairs & Maintenance Management Fee Salaries Electric Cleaning

Effective Gross Income Growth (%)

Other Revenue

$0.10 3.0% 1.0% $0.50 $0.10

1,814,013 1,814,013

Less: Vacancy / Credit Loss Net Rental Revenue

10,190 58,217 19,406 78,000 15,600

1,940,563

10,000

77,700 38,850 116,550

3,628,025

Gross Revenue

Garage Revenue Less: Garage Vacancy / Credit Loss Net Garage Revenue

3,628,025

Industiral Building Gross Potential Rent

6,475

569,250

Production Space GROSS POTENTIAL RENTS

Park ing 43 Spaces GROSS POTENTIAL RENTS $150 per space

325,000

50%

2013 0%

Year 3

Greenhouse 2 GROSS POTENTIAL RENTS

2012

2011

130,000

Year 2

Year 1

2011 Rent ($) 10 25 15 20 35 33 $150 per space

Power Station Assumptions Greenhouse 1 GROSS POTENTIAL RENTS

Vacancy

Market Rent Growth

Power Station Pro-Forma

Power Station Assumption Greenhouse 1 Greenhouse 2 Production Space Small Business Incubator Restaurant Commercial Parking Total

10,190 103,836 34,612 78,000 15,600

3,461,213 78%

10,000

10,190 107,978 35,993 78,000 15,600

3,599,262 4%

10,000

83,232 8,323 91,555

388,634 3,497,706

373,687 3,363,179 80,031 8,003 88,034

3,886,340

6,936

975,649

993,538

813,041

609,781

348,140

139,256

10%

2015 4%

Year 5

3,736,866

6,669

938,124

955,325

781,770

586,328

334,750

133,900

10%

2014 3%

Year 4

10,190 112,285 37,428 78,000 15,600

3,742,832 4%

10,000

86,562 8,656 95,218

404,179 3,637,615

4,041,794

7,213

1,014,675

1,033,280

845,562

634,172

362,066

144,826

10%

2016 4%

Year 6

10,190 115,645 38,548 78,000 15,600

3,854,817 3%

10,000

89,158 8,916 98,074

416,305 3,746,743

4,163,048

7,430

1,045,115

1,064,278

870,929

653,197

372,928

149,171

10%

2017 3%

Year 7

10,190 117,951 39,317 78,000 15,600

3,931,714 2%

10,000

90,942 9,094 100,036

424,631 3,821,678

4,246,309

7,578

1,066,017

1,085,563

888,348

666,261

380,386

152,154

10%

2018 2%

Year 8

10,190 120,304 40,101 78,000 15,600

4,010,148 2%

10,000

92,760 9,276 102,036

433,123 3,898,111

4,331,235

7,730

1,087,338

1,107,275

906,115

679,586

387,994

155,198

10%

2019 2%

Year 9

10,190 122,705 40,902 78,000 15,600

4,090,151 2%

10,000

94,616 9,462 104,077

441,786 3,976,074

4,417,860

7,885

1,109,085

1,129,420

924,237

693,178

395,754

158,301

10%

2020 2%

Year 10

10,190 125,153 41,718 78,000 15,600

4,171,754 2%

10,000

96,508 9,651 106,159

450,622 4,055,595

4,506,217

8,042

1,131,266

1,152,009

942,722

707,041

403,669

161,468

10%

2021 2%

Year 11

10,190 127,650 42,550 78,000 15,600

4,254,989 2%

10,000

98,438 9,844 108,282

459,634 4,136,707

4,596,341

8,203

1,153,892

1,175,049

961,576

721,182

411,742

164,697

10%

2022 2%

Year 12

200,000 500,000

EPA Brownfield Cleanup Grant

NYS-DEC Brownfield Tax Credit

198,193,800

132,193,800

82,193,800

4.9% Annual Interest

50,000,000

66.7%

41.5%

25.2%

Total Uses of Funds

Total:

Physical Construction

0.5% 33%

Wetland Construction

Brownfield Remediation

Construction

Total:

3rd Party Reports

0.5%

1.5%

20.2%

0.3%

4.2%

2,496,108 2%

10,190 120,304 40,101 78,000 15,600 15,600 31,200 1,514,040 2%

4,010,148 2%

10,000

92,760 9,276 102,036

433,123 3,898,111

198,193,800

188,133,800

186,133,800

1,000,000

10,060,000

50,000

10,000

10,000,000

2,548,910 2%

10,190 122,705 40,902 78,000 15,600 15,600 31,200 1,541,241 2%

4,090,151 2%

10,000

94,616 9,462 104,077

441,786 3,976,074

Notes: Private owner requests $10M as compensation for industrial building. City does not receive compensation for land under residential. Government programs have been compared to ensure compatablity; significant restrictions will be placed on affordable housing due as mandated by programs.

Total Sources of Funds

Weighted Average Cost

I.O.

Construction Loan

Total:

I.O.

Low Interest NYSERDA Loan

1.5% Annual Interest

Green Affordable Housing Program

Total:

7.0% Annual Interest

1,000,000 66,000,000

Multifamily Performance Program

Debt Sources

3,000,000 1,000,000

NYSERDA

40,000,000

0.1%

1,000,000

Historic Preservation Tax Credit

Private Equity

0.5%

8,300,000

New Market Tax Credit

2,444,341 2%

10,190 117,951 39,317 78,000 15,600 15,600 31,200 1,487,373 2%

3,931,714 2%

10,000

90,942 9,094 100,036

424,631 3,821,678

Legal Costs / Due Diligence

Acquisition Price*

5.0%

10,000,000

Terms

2,393,589 3%

10,190 115,645 38,548 78,000 15,600 15,600 31,200 1,461,228 3%

USES OF FUNDING

2,319,679 4%

10,190 112,285 37,428 78,000 15,600 15,600 31,200 1,423,153 4%

3,854,817 3%

10,000

89,158 8,916 98,074

416,305 3,746,743

Low Income Houseing Tax Credit (LIHTC)

0.5%

2,224,923 4%

10,190 107,978 35,993 78,000 15,600 15,600 31,200 1,374,339 4%

3,742,832 4%

10,000

86,562 8,656 95,218

404,179 3,637,615

Acquisition

% of Total

2,133,811 89%

10,190 103,836 34,612 78,000 15,600 15,600 31,200 1,327,403 64%

3,599,262 4%

10,000

83,232 8,323 91,555

388,634 3,497,706

1,000,000

1,130,181

10,190 58,217 19,406 78,000 15,600 15,600 31,200 810,381

3,461,213 78%

10,000

80,031 8,003 88,034

373,687 3,363,179

Developer Equity

$0.10 3.0% 1.0% $0.50 $0.10 $0.10 $0.20

1,940,563

10,000

77,700 38,850 116,550

1,814,013 1,814,013

Equity Sources

SOURCES OF FUNDING

REpower Development Plan

Power Station Net Operating Income Growth (%)

Operating Expenses Repairs & Maintenance Management Fee Salaries Electric Cleaning G&A Insurance Total Operating Expenses Growth (%)

Effective Gross Income Growth (%)

Other Revenue

Garage Revenue Less: Garage Vacancy / Credit Loss Net Garage Revenue

Less: Vacancy / Credit Loss Net Rental Revenue

% of Total

2,602,768 2%

10,190 125,153 41,718 78,000 15,600 15,600 31,200 1,568,986 2%

4,171,754 2%

10,000

96,508 9,651 106,159

450,622 4,055,595

94.9%

93.9%

0.5%

5.1%

0.0%

5.0%

2,657,703 2%

10,190 127,650 42,550 78,000 15,600 15,600 31,200 1,597,286 2%

4,254,989 2%

10,000

98,438 9,844 108,282

459,634 4,136,707

Acknowledgements & Special Thanks Lee Ellman - Planning Director, City of Yonkers Planning Bureau Erik Kaiser - Founder and CEO, REMI Companies

John Cortell - L + M Development , Ravine Rental Associates

Robert Paley - Director of Transit Oriented Development, MTA

Clifford Schneider - Executive Director, Beczak Environmental Education Center

Vishaan Chakrabarti - Marc Holliday Professor of Real Estate Development, Director Real Estate Development Program Columbia University

Stephen Maglott - Director of Correspondence, 35th district New York State Senate Kenneth Capelino - Property owner of Glenwood power station

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