Land Use Assessment - Plank Road - Baton Rouge, Louisiana by HousingAndCommunityAdvisors

2020

COMMERCIAL LAND USE ASSESSMENT 8930 PLANK RD BATON ROUGE, LA

6/26/2020 Bentley Miller Global Consultants Attn: Christy Henry 3102 West End Avenue - Suite 400 Nashville, TN 37203 Dear Christy: In accordance with our agreement, HCA has completed a Commercial Land Use Assessment to determine if the property located at 8930 Plank Road in Baton Rouge, Louisiana could and should support additional uses. The assessment follows as requested by you. As in all assessments of this type, the estimated results are based upon competent and efficient management and an effective marketing program and presume no significant change in the competitive position of the market from that is set forth in this report. We have no responsibility to update this report for events and circumstances occurring after completion of our research conducted in June of 2020. These projections are based upon estimates, assumptions and other information developed from our research and we do not warrant that they will be attained. We did not consider the legal and regulatory requirements applicable to this project, including zoning, permits, licenses and other state and local government regulations. This report has been prepared for your use. Neither our name nor the material submitted may be used in any prospectus or used in offerings or representations in connection with the sale of securities or participation interests without our express written permission. Please do not hesitate to call if HCA can be of any further assistance in the interpretation and application of our findings, recommendations and conclusions. We appreciate the cooperation you extended to us during the course of our agreement and look forward to working with you again in the future. Sincerely, Jessica Junker

06/2020

Table of Contents

Page 3

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Scope of Work Community Overview

Community Infrastructure

Employer Overview

Housing Recommendations

Lodging Industry Overview

Housing Overview

Subject Property Analysis

Lodging Need Recommendations

20 23 28 37 51 54

Retail/Restaurant Recommendations

Retail/Restaurant Overview

Sport/Recreation Recommendations

Assumptions and Limiting Conditions

Disclaimer

Sport/Recreation Overview

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Community Economic Overview

06/2020

Scope of Work

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The objectives of this study/report is to gain a better understanding of use for the land/parcel/s located at 8930 Plank Road in Baton Rouge, Louisiana. This property may be referenced throughout this report/assessment with the address above, "Subject Property" or "Subject Location".

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The following study/report/assessment was prepared for Bentley Miller Global Consultants by HCA. All research was conducted during the month of June of 2020 and evaluates the optimal use of the land located at 8930 Plank Road in Baton Rouge, Louisiana.

Comprehensive research was performed and reviewed regarding the community's economic indicators, competitive supply and demand generators of each potential use. Economic indicators were studied to determine the stability and future growth potential of the general market. The research was conducted as a macro and micro market analysis of the Baton Rouge, Louisiana and the areas immediately surrounding the "Subject Property" to determine viability of potential development.

General Assumptions - For the purpose of this assessment, we assumed the proposed property will be operated at market rate. It is also assumed the proposed property will utilize a fully-integrated and recognized marketing platform. If this or any of the following are not followed, it could affect the overall feasibility of subject property.

Operational Assumptions - For the purpose of this assessment, we assume the subject property would be managed by a capable, Professional Management Organization. This report provides statistical and highlighted narratives to support the conclusions regarding the market area and it's ability to support potential development.

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Community Overview

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East Baton Rouge Parish is the most populous parish in the U.S. state of Louisiana. As of the 2010 census, the population was 440,171. The parish seat is Baton Rouge, Louisiana's state capital. As of the 2010 census, there were over 440,000 residents in East Baton Rouge, making it the largest parish in Louisiana. There are 156,365 households and 102,575 families residing in the parish. The population density was 906 people per square mile. There were 169,073 housing units at an average density of 371 per square mile.

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There were 156,365 households, of which 32.80% include children under the age of 18. 44.70% were married couples living together, 16.80% had a female householder with no husband present, and 34.40% were non-families. 26.90% of all households were made up of individuals and 7.20% had someone living alone who was 65 years of age or older. The average household size was 2.55 and the average family size was 3.14.

The median income for a parish household was $37,224, and the median income for a family was $47,480. Males had a median income of $38,334 versus $25,073 for females. The per capita income for the parish was $19,790. About 13.20% of families and 17.90% of the population were below the poverty line, including 22.70% of those under age 18 and 11.50% of those age 65 or over.

East Baton Rouge Parish has both the highest high school graduation rate, at 82.2%, and the highest percentage of residents holding at least a bachelor's degree, 33.3%, in the state of Louisiana.

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Community Overview (continued)

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Baton Rouge, the capital of the U.S. state of Louisiana. Located on the eastern bank of the Mississippi River, it is the parish seat of East Baton Rouge Parish, the most populous parish in Louisiana. It is the 99th most populous city in the United States, and second-largest city in Louisiana after New Orleans. It is also the 16th most populous state capital. As of the U.S. Census Bureau's July 2019 estimate, Baton Rouge had a population of 220,236, down from 229,493 at the 2010 census. Baton Rouge is the center of Greater Baton Rouge, the second-largest metropolitan area in Louisiana, with a population of 834,159 as of 2017, up from 802,484 in 2010 and 829,719 in 2015.

The city of Baton Rouge is a major industrial, petrochemical, medical, research, motion picture, and growing technology center of the American South. It is the location of Louisiana State University, the LSU System's flagship university and the largest institution of higher education in the state. It is also the location of Southern University, the flagship institution of the Southern University System, the only historically black college system in the nation. The Port of Greater Baton Rouge is the 10th-largest in the United States in terms of tonnage shipped, and is the farthest upstream Mississippi River port capable of handling Panamax ships. This, as well as its status as a major port city, is largely due to the Huey P. Long - O.K. Allen Bridge, which was intentionally constructed under the governorship of Huey Long at a low height, preventing big tankers from making their way up-river, past Baton Rouge.

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Community Overview (continued)

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As of the census of 2010, 229,553 people, and per the 2010 census, 88,973 households, and 52,672 families resided in the city. The 2000 population density was 2,964.8 people per square mile. The 97,388 housing units averaged 1,267.3 per square mile.

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Of all households, 28.1% had children under the age of 18, 35.8% were married couples living together, 19.0% had a female householder with no husband present, and 40.8% were not families. About 31.7% of all households were made up of individuals, and 8.6% had someone living alone who was 65 years of age or older. The average household size was 2.42 and the average family size was 3.12.

In the city, the population was distributed as 24.4% under the age of 18, 17.5% from 18 to 24, 27.2% from 25 to 44, 19.4% from 45 to 64, and 11.4% who were 65 years of age or older. The median age was 30 years. For every 100 females, there were 90.5 males. For every 100 females age 18 and over, there were 86.3 males.

The median income for a household in the city was $30,368, and for a family was $40,266. Males had a median income of $34,893 versus $23,115 for females. The per capita income for the city was $18,512. About 18.0% of families and 24.0% of the population were below the poverty line, including 31.4% of those under age 18 and 13.8% of those ages 65 or over.

06/2020

Community Overview (continued)

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Baton Rouge enjoys a strong economy that has helped the city be ranked as one of the "Top 10 Places for Young Adults" in 2010 by portfolio.com and one of the top 20 cities in North America for economic strength by the Brookings Institution. In 2009, the city was ranked by CNN as the 9th-best place in the country to start a new business.

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Baton Rouge is the furthest inland port on the Mississippi River that can accommodate ocean-going tankers and cargo carriers. The ships transfer their cargo (grain, oil, cars, containers) at Baton Rouge onto rails and pipelines (to travel eastâ&#x20AC;&#x201C;west) or barges (to travel north). Deep-draft vessels cannot pass the Old Huey Long Bridge because the clearance is insufficient. In addition, the river depth decreases significantly just to the north, near Port Hudson.

Baton Rouge's largest industry is petrochemical production and manufacturing. ExxonMobil's Baton Rouge Refinery complex is the fourth-largest oil refinery in the country; it is the world's 10th largest. Baton Rouge also has rail, highway, pipeline, and deep-water access.

In addition to being the state capital and parish seat, the city is the home of Louisiana State University, which employs over 5,000 academic staff. One of the largest single employers in Baton Rouge is the state government, which consolidated all branches of state government downtown at the Capitol Park complex.

The city has a substantial medical research and clinical presence. Research hospitals have included Our Lady of the Lake, Our Lady of the Lake Children's Hospital (affiliated with St. Jude Children's Research Hospital), and Mary Bird Perkins Cancer Center.

Southeastern Louisiana University and Franciscan Missionaries of Our Lady University both have nursing schools in the medical district off Essen Lane. Louisiana State University's Pennington Biomedical Research Center, which conducts clinical and biological research, also contributes to research-related employment in the area around the Baton Rouge medical district.

Source: Opinion of HCA Representative Source: Wikipedia.org

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Community Infrastructure

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The Baton Rouge's location and access to transportation plays a key role in site selection decisions for corporate and industrial facilities, with multimodal transportation options offering international exposure. The Baton Rouge Area’s access to I-10, I-12, I-55, three class one railroads, U.S. Highways 190 and 65, and deep-water access through the Port of Greater Baton Rouge provide direct access to ship, barge, truck and rail. The proximity and ease of accessibility of the Baton Rouge Metropolitan Airport adds connectivity with more than 300 cities around the world.

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Water - The Port of Greater Baton Rouge is the inter-modal transportation nexus of the region, part of one of the largest port systems in the world. - Ranked among the top 15 U.S. ports in the country in terms of cargo volume, annually shipping 53 million tons. - The port’s 45′ deep draft capability provides an attractive location for industrial development. - Situated at the convergence of the Mississippi River and the Gulf Intracoastal Waterway which moves 97 percent of U.S. waterborne tonnage. - Direct barge access to 32 states, 2 Canadian provinces and nearly 15,000 miles of inland water transportation. - Provides excellent intermodal transportation with direct access to ship, barge, truck and rail.

Land - Louisiana is one of only two states in the nation where all six of North America’s class one railroads converge. - Union Pacific Railroad is the largest railroad in North America, covering 23 states and major gateways to Mexico and interchange traffic with Canadian rail systems. - Canadian National is the largest network in Canada, operating in eight Canadian provinces and 16 U.S. states. - Kansas City Southern Railway company operates 3,100 miles of rail in 10 central and southeastern state, with rail services between the U.S. and Mexico.

Air - The Baton Rouge Metropolitan Airport offers nonstop flights to four major hub airports: Atlanta, Charlotte, Dallas-Ft. Worth, Houston InterContinental. - Major carriers include American, Delta and United. - 50 daily flights (inbound and outbound) on peak weekdays. - Only an hour drive to New Orleans, where The Louis Armstrong International Airport hosts 17 airlines and serves 59 nonstop destinations with approximately 150 daily departures.

Source: Opinion of HCA Representative Source: Baton Rouge Area Chamber 11

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Community Economic Factors

Population Population 18+ Households Median Household Income

2019

2024

171,090 130,269 62,888 $37,339

171,900 131,530 63,208 $42,143

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Demographics Summary (Current and Expected) - 15 Minute Drive Radius of Subject Property

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Baton Rouge city, Louisiana is a city, town, place equivalent (CDP), or township located in Louisiana. Baton Rouge city, Louisiana has a total area of 85.9 square miles.

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PR Y F

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PR Y F

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Source: ESRI Source: U.S. Census Bureau, 2014-2018 American Community Survey 5-Year Estimates

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Community Economic Factors (continued)

Population estimates, July 1, 2019 Population, percent change - April 1, 2010 to July 1, 2019 Population, Census, April 1, 2010 Persons under 5 years, percent, 2018 Persons under 18 years, percent, 2018 Persons 65 years and over, percent, 2018

440,059 0.1% 440,171 6.5% 22.7% 14.2% 52.2%

220,236 4.0% 229,423 6.8% 21.7% 13.5% 52.4%

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Female persons, percent, July 1, 2018

Baton Rouge, Louisiana

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2010 Census Data (Including 2018)

East Baton Rouge Parish, Louisiana

47.8% 47.0% 30.0% 3.4%

38.7% 55.0% 0.2% 3.2%

0.0%

1.5% 4.2% 44.4%

1.4% 3.7% 36.6%

58.9%

49.1%

$186,100

$169,200

1,288

23.6

21.3

Median selected monthly owner costs - with mortgage

$1,363

$1,313

Median selected monthly owner costs - without mortgage

$404

$373

Median gross rent - 2014-2018

$912

$860

White alone, percent American Indian/Alaska Native alone, July 1, 2018 Asian alone, percent, July 1, 2018

Black or African American alone, percent, July 1, 2018

Two or More Races, percent, July 1, 2018 Hispanic or Latino, percent, July 1, 2018

Native Hawaiian/Other Pacific Islander alone, percent, July 1, 2018

White alone, not Hispanic or Latino, percent, July 1, 2018

Owner-occupied housing unit rate, 2011-2018

Building permits, 2018

Median value of owner-occupied housing units, 2010-2014

Travel time to work (min), workers age 16 years+, 2010-2014

06/2020

Community Economic Factors (continued)

Effective Buying Income

2018 $57,843 8.4% 3.3% 5.7% 4.5% 4.8% 4.9% 4.2% 3.7% 4.0% 7.7% 8.9% 11.0% 9.3% 5.6% 7.1% 7.0%

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Households by Income Median Household Income <$10,000 $10,000-$14,999 $15,000-$19,999 $20,000-$24,999 $25,000-$29,999 $30,000-$34,999 $35,000-$39,999 $40,000-$44,999 $45,000-$49,999 $50,000-$59,999 $60,000-$74,999 $75,000-$99,999 $100,000-$124,999 $125,000-$149,999 $150,000-$199,999 $200,000+

Source: U.S. Census Bureau, 2014-2018 American Community Survey 5-Year Estimates

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Community Economic Factors (continued)

Unemployment

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The current unemployment rate for Baton Rouge, LA is 13% in May 2020.

Labor Supply / Wage Pressures

Louisiana minimum wage is set at $7.25 (2020). The labor supply is felt to be average to support development. Source: Opinion of HCA Representative

Source: www.fred.stlouisfed.org

Source: U.S. Census Bureau, 2014-2018 American Community Survey 5-Year Estimates

06/2020

Employment Overview

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Maintaining healthy, strong existing businesses is not only important for the economic vitality of the Baton Rouge area, but it plays a critical component in growing the economic base of the area. What’s more is that the existing companies here work together to create a thriving community. Existing Top Major Employers in Baton Rough include the following:

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Turner Industries Group - Turner Industries employees build, maintain and service the nation’s heavy industrial sector helping make the life we live possible by supporting the companies that produce fuel, energy, and products essential to our daily existence. Since 1961, Turner has steadily worked to provide one solution for our clients success. To do this we find, develop and support the very best people for the jobs we perform throughout our four divisions: Construction; Maintenance and Turnarounds; Fabrication; and Equipment and Specialty Services.

Louisiana State University - LSU includes institutions, facilities and programs in each of Louisiana’s 64 parishes. LSU campuses stretch the length of the state from New Orleans to Shreveport. Each institution plays a vital role in preparing students to incorporate new knowledge and new technologies into their daily lives. LSU researchers across Louisiana are working on developing a widerange of innovations to improve quality of life by studying issues such as disease management, advanced medical treatments, obesity, coastal protection, hurricane preparedness, energy, natural resource management and agriculture, among others. Louisiana’s Flagship University is a land-, seaand space-grant institution with academic programs in all areas of science, engineering, humanities, arts and social sciences.

Performance Contractors - Performance began as a merit shop general industrial contractor back in 1979. Since then, they have grown to provide fullservice construction through all phases of the industrial construction process—from site prep through start-up. Performance serves a wealth of industries – from chemical and power, to automotive and refinery – with construction, turnaround, and maintenance services that put safety and quality at the forefront of every project and decision. Performance is currently licensed to provide industrial construction and maintenance in 31 states across the country.

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Employment Overview (continued)

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Our Lady of the Lake Regional Medical Center - A general medical and surgical facility located in Baton Rouge, Louisiana. It is a Catholic hospital member of the Franciscan Missionaries of Our Lady Health System. The hospital is accredited by the Joint Commission and it serves as a teaching hospital to Our Lady of the Lake College, Louisiana State University, Tulane University and Southern University. OLOLRMC is the dominant institution in health care in the Greater Baton Rouge area and the largest private medical center in Louisiana, with over 800 beds. In a given year, OLOLRMC treats approximately 25,000 patients in the hospital, and services about 350,000 persons through outpatient locations. It has a complement of almost 900 physicians and 3,000 staff members. The Lake also operates two nursing homes, has an affiliated cancer facility adjacent to the main hospital, and operates a number of outpatient services on its campus as well as in outlying locations.

ExxonMobil Baton Rouge - In April 1909, Standard Oil Company of Louisiana was chartered, and by November 1909 the refinery processed its first products. Since that time, ExxonMobil Baton Rouge has been essential to the economic, political and social landscape of the community. We provide quality jobs, provide technologically innovative products and engage with the community to make it a great place to work and live. Their versatile integrated facilities produce gasoline, diesel, jet fuel, aviation fuel, lubricating oils and waxes. In addition, products produced at the Chemical Plant, along with the Resins Finishing, Polyolefins and Plastics plants, are used to make products people use every day, including paint, adhesives, plastic milk jugs, auto parts, plastic films, synthetic rubber, diapers and lubricants.

Baton Rouge General - Since opening their doors in 1900, Baton Rouge General has been a part of many of the community's groundbreaking milestones in healthcare. The hospital was the site of the first ever heart surgery in Baton Rouge, they created the very first diabetes program, and opened the first burn center and chemical dependency facilities in the state. Through historic changes in medicine, extraordinary developments in equipment and technology, and momentous shifts in demographics and community needs, Baton Rouge General has remained at the forefront of patient care. With 588 licensed beds between two campuses, the hospitals offer care from the neonatal intensive care unit to hospice.

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Employment Overview (continued) Location Employment Highlights

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Baton Rouge Metropolitan Airport (BTR) - BTR is the second largest commercial airport in Louisiana by passenger volume, providing global access through frequent flights on American, Delta, and United to four major hubs: Atlanta (ATL), Charlotte (CLT), Dallas-Ft. Worth (DFW) and Houston Intercontinental (IAH). The “Big Three” provide service to destinations worldwide – most with a single connection. And through their global alliance partnerships, these airlines offer even more international flight options and destinations. Most BTR flights are operated with larger regional jets or mainline aircraft that offer first class, premium economy, and coach seating.

Emergency/National Disaster Multiplex Facility - This 24,000 square foot facility is located in the Airport’s Aviation Business Park on the north end of the airfield. The Multiplex includes a ramp area for parking large cargo aircraft, hangar space for relief supply warehousing or aircraft, facilities for temporarily housing emergency relief workers, and an emergency operations center with meeting rooms and office space. The Multiplex can also serve a wide range of nonemergency uses for the region such as personnel training for emergencyresponse preparedness. Short-term leasing of this facility may be allowed subject to certain conditions.

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Employment Overview (continued) Location Employment Highlights (continued)

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Aviation Business Park - Offering approximately 700 acres of land available for development, including parcels with runway access. All located on land owned by the BTR. Most infrastructure is in place, including roads, electrical service, natural gas, water and sewer lines. The site is ideally situated for a wide range of both aviation and non-aviation businesses, providing direct access to major transportation options. It should be noted that most if not all of the tenants occupying the Aviation Business Park are demand generator for ALL recommended uses in this report. Notable tenants of the park are:

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Express Jet Regional Jet Maintenance Center United Coca-Cola Bottlers American Auto Auction DHH Office of Emergency Preparedness

Loomis

DOW Helix Aviation Academy Georgia-Pacific Signature Flight Support BTR Jet Center

Williams Jet Center

Below you will find a map of existing facilities and available lots:

Source: Opinion of HCA Representative Source: www.brac.org Source: www.visitbatonrouge.com Source: www.theaviationbusinesspark.com Source: www.flybtr.com 22

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Subject Property Analysis

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The objectives of this report is to gain a better understanding of both the potential use of the property located at 8930 Plank Road located in Baton Rouge, Louisiana. For the purpose of this report, HCA has conducted an analysis of the property. This analysis is as follows:

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Subject Property Analysis (continued)

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The Subject Property is located in the north east quadrant of Baton Rouge, Louisiana directly across from Baton Rouge Metropolitan Airport. The community of Baton Rouge is located in the south eastern side of Louisiana on Interstate 12 and interstate 10. The Subject Property offers easy access to Interstate 110, Highway 67and Highway 408. Overall, access and traffic flow to the Subject Property are considered excellent as is illustrated by Louisiana Department of Transportation Traffic Counts below:

It should be noted that the most recent and closest traffic counts in proximity to Subject Property show extremely high traffic for a "State" Highway.

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Subject Property Analysis (continued) For the purpose of this report, HCA has rated the Subject Property on certain criteria in order to understand the potential uses for said property. Below you will find this broken out into the categories examined by this report:

1 1 1 1 1

2 2 2 2 2

Rating 3 3 3 3 3 23

4 4 4 4 4

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Category Visibility Accessibility Traffic Counts Zoning Major Utilities Total* ( 25 Points Available )

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Housing Use Property Analysis

5 5 5 5 5

Lodging Use Property Analysis 2 2 2 2 2

1 1 1 1 1

Rating 3 3 3 3 3 24

4 4 4 4 4

5 5 5 5 5

Rating 3 3 3 3 3 24

4 4 4 4 4

5 5 5 5 5

Rating 3 3 3 3 3 23

4 4 4 4 4

Category Visibility Accessibility Traffic Counts Zoning Major Utilities Total* ( 25 Points Available )

1 1 1 1 1

2 2 2 2 2

Category Visibility Accessibility Traffic Counts Zoning Major Utilities Total* ( 25 Points Available )

Retail/Restaurant Use Property Analysis

Recreation/Sporting Facility Use Property Analysis

Category Visibility Accessibility Traffic Counts Zoning Major Utilities Total* ( 25 Points Available )

1 1 1 1 1

2 2 2 2 2

5 5 5 5 5

It should be noted that due to different customer needs even though a certain category in a Use Analysis is the same title, they may have different uses or meanings within that industry. It is the opinion of HCA that based on the Subject Property Analysis, the parcel/s located at 8930 Plank Rd., Baton Rouge, Louisiana, is optimal for all examined industries.

Source: Louisiana Department of Transportation 2014 and 2017 Source: Opinion of HCA Representative 25

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SELECTED HOUSING CHARACTERISTICS FOR OCCUPIED HOUSING UNITS

HOUSING OCCUPANCY

Baton Rouge, Louisiana

ESTIMATE 105,782 85,723 20,059 2.3% 11.5%

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Total housing units Occupied housing units Vacant housing units Homeowner vacancy rate Rental vacancy rate

UNITS IN STRUCTURE

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105,782 5,666 4,054 10,061 8,758 11,622 22,930 21,172 10,876 4,984 5,659

YEAR STRUCTURE BUILT

Total housing units Built 2014 or later Built 2010 to 2013 Built 2000 to 2009 Built 1990 to 1999 Built 1980 to 1989 Built 1970 to 1979 Built 1960 to 1969 Built 1950 to 1959 Built 1940 to 1949 Built 1939 or earlier

105,782 60,582 4,160 2,708 6,803 4,115 6,497 19,868 1,049 0

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Total housing units 1-unit, detached 1-unit, attached 2 units 3 or 4 units 5 to 9 units 10 to 19 units 20 or more units Mobile home Boat, RV, van, etc.

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SELECTED HOUSING CHARACTERISTICS FOR OCCUPIED HOUSING UNITS Baton Rouge, Louisiana (continued)

ROOMS

105,782 2,661 2,973 14,722 22,044 22,352 15,675 11,565 6,331 7,459 5.0

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Total housing units 1 room 2 rooms 3 rooms 4 rooms 5 rooms 6 rooms 7 rooms 8 rooms 9 rooms or more Median rooms

BEDROOMS

Total housing units No bedroom 1 bedroom 2 bedrooms 3 bedrooms 4 bedrooms 5 or more bedrooms

HOUSING TENURE

85,723 42,873 42,850 2.57 2.41

Occupied housing units Moved in 2017 or later Moved in 2015 to 2016 Moved in 2010 to 2014 Moved in 2000 to 2009 Moved in 1990 to 1999 Moved in 1989 and earlier

85,723 20,340 16,081 13,505 15,563 7,844 12,390

Occupied housing units Owner-occupied Renter-occupied Average household size of owner-occupied unit Average household size of renter-occupied unit

YEAR HOUSEHOLDER MOVED INTO UNIT

VEHICLES AVAILABLE

Occupied housing units No vehicles available 1 vehicle available 2 vehicles available 3 or more vehicles available

105,782 2,661 16,668 28,923 40,635 14,432 2,463

85,723 9,394 35,760 30,670 9,872

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SELECTED HOUSING CHARACTERISTICS FOR OCCUPIED HOUSING UNITS Baton Rouge, Louisiana (continued)

SELECTED CHARACTERISTICS

85,723 201 359 1,544

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Occupied housing units Lacking complete plumbing facilities Lacking complete kitchen facilities No telephone service available

OCCUPANTS PER ROOM

85,723 83,693 1,875 155

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Occupied housing units 1.00 or less 1.01 to 1.50 1.51 or more

VALUE

MORTGAGE STATUS

Owner-occupied units Less than $50,000 $50,000 to $99,999 $100,000 to $149,999 $150,000 to $199,999 $200,000 to $299,999 $300,000 to $499,999 $500,000 to $999,999 $1,000,000 or more Median (dollars)

42,873 24,185 18,688

Owner-occupied units Housing units with a mortgage Housing units without a mortgage

42,873 2,283 7,808 5,200 7,563 8,892 6,786 3,436 905 188,700

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SELECTED HOUSING CHARACTERISTICS FOR OCCUPIED HOUSING UNITS Baton Rouge, Louisiana (continued)

SELECTED MONTHLY OWNER COSTS

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SELECTED MONTHLY OWNER COSTS AS A PERCENTAGE OF HOUSEHOLD INCOME

Housing units with a mortgage Less than 20.0 percent 20.0 to 24.9 percent 25.0 to 29.9 percent 30.0 to 34.9 percent 35.0 percent or more Not computed Housing unit without a mortgage Less than 10.0 percent 10.0 to 14.9 percent 15.0 to 19.9 percent 20.0 to 24.9 percent 25.0 to 29.9 percent 30.0 to 34.9 percent 35.0 percent or more Not computed

24,185 389 6,623 7,097 5,990 1,033 1,482 1,571

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Housing units with a mortgage Less than $500 $500 to $999 $1,000 to $1,499 $1,500 to $1,999 $2,000 to $2,499 $2,500 to $2,999 $3,000 or more Median (dollars) Housing units without a mortgage Less than $250 $250 to $399 $400 to $599 $600 to $799 $800 to $999 $1,000 or more Median (dollars)

18,688 3,279 6,588 4,987 2,176 1,225 433

1,324

385

24,107 12,040 2,909 2,470 2,051 4,273 78 18,399 10,361 2,650 1,688 1,297 859 411 1,133 289

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SELECTED HOUSING CHARACTERISTICS FOR OCCUPIED HOUSING UNITS Baton Rouge, Louisiana(continued)

GROSS RENT

41,062 3,824 23,099 9,845 2,835 1,423 0 36

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Occupied units paying rent Less than $500 $500 to $999 $1,000 to $1,499 $1,500 to $1,999 $2,000 to $2,499 $2,500 to $2,999 $3,000 or more Median (dollars) No rent paid

GROSS RENT AS A PERCENTAGE OF HOUSEHOLD INCOME

39,473 5,382 3,549 3,054 3,087 3,949 20,453 3,377

Occupied units paying rent Less than 15.0 percent 15.0 to 19.9 percent 20.0 to 24.9 percent 25.0 to 29.9 percent 30.0 to 34.9 percent 35.0 percent or more Not computed

1,788

871

Although the American Community Survey (ACS) produces population, demographic and housing unit estimates, it is the Census Bureau's Population Estimates Program that produces and disseminates the official estimates of the population for the nation, states, counties, cities, and towns and estimates of housing units for states and counties.

Source: U.S. Census Bureau, 2014-2018 American Community Survey 5-Year Estimates

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Housing Recommendations Home Sale Recommendations

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This section of the report summarizes recommendations based on recent trends and the current supply of for-sale housing in community, including single-family and townhomes/condominiums. There are currently 1,994 properties with a median home value in Baton Rouge, LA of $188,800. The median list price per square foot in Baton Rouge, LA is $109. Of the total homes in Baton Rouge, LA 86% are for sale, 14% are for rent, and 66% are single family homes. Based on the ForSale Housing market conditions in Baton Rouge, LA, HCA recommends the examined land is viable for the following:

With 221,599 people, 85,263 houses or apartments, and a median cost of homes of $188,800, Baton Rouge real estate and house prices are near the national average for all cities and towns. Single-family detached homes are the single most common housing type in Baton Rouge, accounting for 57.55% of the city's housing units. Other types of housing that are prevalent in Baton Rouge include large apartment complexes or high rise apartments (29.11%), duplexes, homes converted to apartments or other small apartment buildings (9.14%), and a few row houses and other attached homes (3.07%). The city has a mixture of owners and renters, with 47.24% owning and 52.76% renting. There is also a lot of housing in Baton Rouge built between 1940-1969 (35.81%). A lesser amount of the housing stock also hails from between 2000 and later (15.08%). There's also some housing in Baton Rouge built before 1939 (5.37%).

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Housing Recommendations (continued)

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Home Sale Recommendations (continued)

For the purpose of this assessment, it should be noted that the amount of homes built after 2000 is extremely low and indicates the need for new product.

For the purpose of this assessment, it should be noted that the amount of Townhomes/Condominiums in the Baton Rouge Market is extremely low.

Single Family Recommendation- A stand-alone house is a free-standing residential building. It is sometimes referred to as a single-family home, as opposed to a multifamily residential dwelling. It is the opinion of HCA that there is need for new Single Family, two to four bedroom homes in the Baton Rouge Market. In order to recommend the number of homes and the quality of construction, a Comprehensive Housing Needs Assessment would need to be conducted.

Townhomes/Condominiums Recommendation - A condominium is similar to an apartment in that it's an individual unit residing in a building or community of buildings. But unlike an apartment, a condo is owned by its resident, not rented from a landlord. A townhouse is an attached home also owned by its resident. It is the opinion of HCA that there is need for new Townhomes and/or Condominiums, one to three bedroom units in the Baton Rouge Market. It should also be noted that the amount of executive and workforce in close proximity to the land is important to consider. In order to recommend the number of homes and the quality of construction, a Comprehensive Housing Needs Assessment would need to be conducted.

06/2020

Rental Market Recommendations

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This section of the report summarizes recommendations based on recent trends and the current supply of apartment or multi-family housing in the community. Based on the rental market conditions in Baton Rouge, LA, HCA recommends the examined land is viable for the following:

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Current Fair Market Rent in Baton Rouge, LA - Fair Market Rent is determined each fiscal year by the HUD and is used to set payment standards for federal housing assistance programs in Baton Rouge. Fair Market Rent is the 40th-percentile of typical rentals in a given region.

Fair Market Rent (FMR) prices in Baton Rouge are high compared to the national average. This FMR area is more expensive than 84% of other FMR areas.

Compared to the rest of Louisiana, the Baton Rouge FMR area is more expensive than 93% of the state.

Current Median Rent Prices in Baton Rouge, LA - To compute the 40th percentile of rent prices the HUD must determine the median or 50th percentile as well. 50th percentile rent prices are NOT fair market rents (unless otherwise noted as a 50th percentile designated region above). However, some home owners or rents may be interested in the median rent prices as well.

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Rental Market Recommendations(continued)

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2019 Median Rent Prices in Baton Rouge, LA:

The overall apartment vacancy rate in Baton Rouge was 8.7% at the time of this report. Vacancy rates below 9% indicate that pent-up demand exists for additional rental units in the market. The overall , Baton Rouge vacancy rate is a bit on the higher side but based on the age of apartments in the market.

The current apartment/rental vacancy is around 30% less than rates of 12% in 2016.

Rental Recommendation - Generally a rental unit refers to any dwelling unit that is offered for rent, lease or hire or which is rented leased or hired. It is the opinion of HCA that although rental prices are on the high side, there is a small amount of need for new rental units in the Baton Rouge Market. In order to recommend the number of homes and the quality of construction, a Comprehensive Housing Needs Assessment would need to be conducted.

06/2020

Senior Housing Recommendations

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This section of the report summarizes recommendations based on recent trends and the current supply of Senior Housing in the community. Based on the Senior Housing Market conditions in Baton Rouge, LA, HCA recommends the examined land is viable for the following:

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The term â&#x20AC;&#x153;senior housingâ&#x20AC;? or "senior living communities" refers to any housing development that is restricted to people age 55 or older. Today, senior housing includes an entire spectrum of housing alternatives, which occasionally overlap, thus making the differences somewhat ambiguous. HCA classifies senior housing projects into three categories based on the level of support services offered: Adult/Independent Living - Few, if any services are provided such as meals and housekeeping.

Assisted Living - Two or three daily meals as well as basic support services such as transportation, housekeeping and/or linen changes are included in the fees. Care services such as assistance with bathing, grooming and dressing is included in the fees or is available either for an additional fee or included in the rents.

Memory Care - Service-intensive personal care is required for people with dementia and Alzheimerâ&#x20AC;&#x2122;s disease. Typically, support services and meal plans are similar to those found at Assisted Living facilities, but the heightened levels of personalized care demand more staffing and higher rental fees.

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Senior Housing Recommendations (continued)

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There are 43 Senior Living Communities in Baton Rouge, LA. These communities include: 55+ Living, Independent Living, Alzheimerâ&#x20AC;&#x2122;s Care, Assisted Living, Continuing Care, Low-Income Affordable, Respite Care or Home Care.

Rental rates with-in the Senior Living Communities in Baton Rouge, Louisiana range between $1,839 and $5,900 at the time of this report.

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Senior Housing Recommendations (continued)

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When reviewing the potential for Senior Living growth in the market, It is important to take into consideration that according to Census Data, there are more than 62,000 seniors over the age of 65 living in the East Baton Rouge Parish and over 27,000 seniors over the age of 65 living in Baton Rouge. Below you will find the population examined by age bracket:

The â&#x20AC;&#x153;population pyramidâ&#x20AC;? here shows male population on the left of the center line and the female population to the right. Older age groups are at the bottom and younger age groups are at the top. A longer bar indicates a greater population. Vertical symmetry, with bars on either side of the vertical center being similar lengths, indicates that the male and female populations are approximately the same in each age category.

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Senior Housing Overview and Recommendations (continued)

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As indicated by the map below, there are one 6 Senior Living Communities with-in 5 Miles of the parcel/s being examined.

The facilities with-in 5 miles of the examined parcel/s are as follows:

Suburban Apartments - Providing Low Income-Affordable to seniors in Baton Rouge, LA. This senior care facility is located at 6515 Hanks Drive.

Alexander-Harvey Homes - Providing Low Income-Affordable to seniors in Baton Rouge, LA. This senior care facility is located at 5222 Hollywood Street.

Spanish Arms Apartments - Providing Low Income-Affordable to seniors in Baton Rouge, LA. This senior care facility is located at 4343 Denham Street. Elm Grove Gardens - Providing Low Income-Affordable to seniors in Baton Rouge, LA. This senior care facility is located at 8770 Elm grove Garden Drive. Westminster Scotlandville - Providing Low Income-Affordable to seniors in Baton Rouge, LA. This senior care facility is located at 1770 Rosenwald Road. Scotland Square - Providing Low Income-Affordable to seniors in Baton Rouge, LA. This senior care facility is located at 1900 Blount Road.

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Senior Housing Recommendations (continued)

Source: Opinion of HCA Representative

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Senior Housing Recommendation - Independent senior living communities (also known as retirement communities, senior living communities or independent retirement communities) are housing designed for seniors 55 and older. Independent senior living residents are permitted to use third-party home health care services to meet additional needs. By 2030, an estimated 20 percent of Americans will be older than 65 years of age. Accordingly, the long-term prospects in seniors housing look more promising as the baby boom generation retires, presenting developers with a unique set of opportunities. The Baton Rouge, Louisiana Senior or 65 and older population currently represents 13.5% of the population. In addition, the amount and quality of units is extremely low in the examined area. Is should also be noted that a high amount of units in the area are low income units and industry trends suggest a growth of moderate income or higher quality units. It is the opinion of HCA that there is a need for Senior Living units in the Baton Rouge Market and an even greater need for moderate income units in close proximity to the parcel/s examined. In order to recommend the number of homes and the quality of construction, a Comprehensive Housing Needs Assessment or a property specific, Senior Living Feasibility Study would need to be conducted.

Source: Source: U.S. Census Bureau, 2014-2018 American Community Survey 5-Year Estimates Source: NeighborhoodScout.com

Source: CCIM Institute

Source: Homes.com

Source: Louisiana Housing Corporation

Source: SeniorHousingNet

06/2020

Lodging Need in Baton Rouge, Louisiana Corporate Demand

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Corporate Demand - Corporate demand consists mainly of individual businesspeople passing through the subject market or visiting area businesses, in addition to high-volume corporate accounts generated by local firms. Brand loyalty (particularly frequent-traveler programs), as well as location and convenience with respect to businesses and amenities, influence lodging choices in this segment. Companies typically designate hotels as â&#x20AC;&#x153;preferredâ&#x20AC;? accommodations in return for more favorable rates, which are discounted in proportion to the number of room nights produced by a commercial client. Corporate demand is strongest Monday through Thursday nights, declines significantly on Friday and Saturday, and increases somewhat on Sunday night. It is relatively constant throughout the year, with marginal declines in late December and during other holiday periods. Baton Rouge, Louisiana offers a wide range of Corporate Business. As will be noted later in this report, the parcel/s addressed in this report offers extremely close proximity to major corporate demand generators.

Rm Night Est.

Company

Rm Night Est.

Aramark CSC Ford Motor Nestle

679 90 122 183

Bridgestone Firestone Exxonmobil Marathon Petroleum Siemens

190 12486 852 8346

United Parcel Service

1348

Boehringer Ingelheim

132

Company

200

Signature Flight Support Target

150 100

Nuance Communications

1793

Lord Corporation Xerox United Health Group Fortive Johnson Control Honeywell Carlyle Group Oracle Reynolds American

15 361 3,142 221 418 3,491 65 207 98

PPG Verizon McDonalds National Oilwell Unum 3M Accenture Westlake/Axiall General Electric

85 218 100 46 649 562 714 498 4042

Lowes Home Improvement

182

General Motors

370

SNC Lavalin

Johnson & Johnson

481

United Technologies Corporation

PR 40

Demand Generator Estimated Room Night Production in Baton Rouge, LA

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Demand Generator Estimated Room Night Production Baton Rouge, LA (continued) BNY Mellon Chevron General Electric (B) IBM Marsh & McLennan Perkin Elmer PWC Synchrony Financial Walmart Cisco Deloitte Ecolab Fidelity Information Systems Halliburton KPMG Pfizer Whirlpool Booz Allen Hamilton

46 689 3340 3240 222 90 379 100 2936 481 7953 600 201 1600 900 206 16 208

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300 171 61 134 290 180 254 317 145 170 662 6,752 201 76 11 116 118 423

Advance Auto Parts Caterpillar Enpro Industries Hologic KAR Auctions Services Owens Corning Progressive Insurance Schlumberger VMWare Bristol-Meyers Squibb Dell Dupont Chrysler Golden Living Hitachi Vantara Medtronic Terex Air Products

06/2020

Lodging Need in Baton Rouge, Louisiana (continued) Leisure Demand - Attraction Highlights (continued)

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Area Events & Attractions/Leisure Demand: Leisure demand consists of individuals and families spending time in an area or passing through enroute to other destinations. Travel purposes include sightseeing, recreation, or visiting friends and relatives. Leisure demand also includes room nights booked through Internet sites such as Expedia, Hotels.com, and Priceline; however, leisure may not be the purpose of the stay. This demand may also include business travelers and group and convention attendees who use these channels to take advantage of any discounts that may be available on these sites. Leisure demand is strongest on Friday and Saturday nights and all week during holiday periods and the summer months. These peak periods represent the inverse of commercial visitation trends, underscoring the stabilizing effect of capturing weekend and summer tourist travel.

Louisiana Art & Science Museum - Featuring exhibitions of internationally renowned artists, a permanent art collection, innovative programming in the stateof-the-art Pennington planetarium, and interactive children's galleries, the Art & Science Museum seeks to enhance the understanding and appreciation of art and science for general audiences and students. The Art & Science Museum is a place where art and science connect to encourage discovery, inspire creativity, and foster the pursuit of knowledge.

The Basin Music Hall - Baton Rouge's newest live music venue featuring National, Regional and Local acts. Located on Third Street in Downtown Baton Rouge, our two-story space is ideal and available for private parties big or small. Come for the Music and Stay for the Party at Baton Rouge's Premier Performance & Event Venue.

Highland Road Park Observatory - Astronomical observatory, founded in 1997. Professional-grade reflecting telescopes. Portable telescopes and radio telescope. Site of over forty asteroid discoveries. Brought to the public by BREC, LSU's Department of Physics and Astronomy, and the Baton Rouge Astronomical Society.

Knock Knock Children’s Museum - Filled with hands-on, fun-filled interactive exhibits called “Learning Zones.” Anchored in research and evidence-based practices addressing all areas of development, our Learning Zones are designed to create teachable moments that will connect children’s every day experiences to learning. Knock Knock’s focus is on the development of the whole child with the goal of increasing early literacy skills (reading, writing, listening, and speaking) while expanding knowledge and raising interest in STEAM (science, technology, engineering, art, and math) subjects and careers.

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Lodging Need in Baton Rouge, Louisiana (continued) Leisure Demand - Attraction Highlights (continued)

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LSU Rural Life Museum & Windrush Gardens - Established to provide and sustain a publicly accessible center for the collection, preservation, and interpretation of the material culture, cultural landscapes and vernacular architecture of Louisiana and the Lower Mississippi River Valley. Visitors see how the settlers of Louisiana established an admirable society in spite of great odds, gain insight into the difficulties faced by their ancestors, and learn why Louisianans are a unique people with roots from many parts of the world. Tour 32 historic buildings within the Museum Complex, and the historic Windrush Gardens.

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Magnolia Mound Plantation - A 1792 French Creole plantation house authentically restored with outbuildings and gardens covering 15 acres. This landmark is a unique southern Louisiana landmark because of its age, quality of restoration, and outstanding collections. Magnolia Mound's mission is to illustrate and interpret the lifestyle of the French Creoles through educational programs, workshops, lectures, festivals, and other special events. The property includes: a historic museum house, an open-hearth kitchen, overseer's house, quarter house, crop garden pigeonnier and carriage house.

The Red Stick Sculpture - This Baton Rouge landmark is a commemorative sculpture by the late SU Alumni Frank Hayden, erected on the Southern University Baton Rouge campus to mark the site of the famous exchange on Scott's Bluff that gave the city of Baton Rouge its name, meaning "Red Stick" in French.

USS KIDD Veterans Museum - WWII Fletcher class destroyer, restored to her 1945 appearance with over 50 inner spaces to see. Veterans Museum displays include a P-40 aircraft, ship models, full-scale replica of gun deck of Old Ironsides, the Louisiana Memorial Plaza a memorial to all Louisiana service members lost in combat, and a Corsair A-7E jet as a memorial to Vietnam Veterans.

The LSU Museum of Art - A dynamic venue located on the fifth floor of the Shaw Center for the Arts in downtown Baton Rouge. In addition to holding one of the largest university-affiliated art collections in the South, the museum presents worldclass touring exhibitions of regional, American, and European painting, sculpture, decorative arts, works on paper, and photography. The Museumâ&#x20AC;&#x2122;s 5000-work collection is highlighted in galleries of American and British portraiture and decorative arts, American Arts and Crafts pottery, Chinese Jade, and modern and contemporary paintings and sculptures, with a focus on Southern artists. The LSU Museum of Art is a gateway connecting the University and the community at large to a diverse range of artistic styles and periods.

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Lodging Need in Baton Rouge, Louisiana (continued) Leisure Demand - Attraction Highlights (continued)

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Baton Rouge Zoo - BREC’s Baton Rouge Zoo is the perfect place for family-friendly fun all year long! The Zoo is home to animals from around the world including tigers, black rhinos, flamingos, alligators and giraffes. In addition to showcasing all of these beautiful animals, the Baton Rouge Zoo also takes strides in the conservation and protection of animals by participating in 30 international Species Survival Plans for critically endangered species. The Zoo’s Guam Rail, Arabian Onyx and Golden Lion Tamarin have been successfully reintroduced in the wild and represent the Zoo’s commitment to conservation.

Louisiana State University - One of the most-visited places in Baton Rouge is the beautiful campus of Louisiana State University. Its grounds are known for the stately oaks, trademark architecture, lakes and greenspaces. The campus houses museums & art galleries, event & performance venues, athletic facilities, historic buildings and various places to eat. Take a stroll through campus (or set up a tour!) and see Mike the Tiger and the 6,000 year-old Indian Mounds, grab some gear in the LSU Sports Shop, try ice cream from the Dairy Store, discover the Museum of Natural Science and more. The Welcome Center at the corner of Highland Road and Dalrymple Drive can offer visitor parking passes, answer parking questions, and provide maps and directions for campus and the surrounding area.

Baton Rouge Plantations - Underneath the Baton Rouge umbrella is Plantation Country, a place where visitors can experience the state's deep and colorful history told through the area's historical architecture and rich countryside. Visitors and locals alike tour these elaborate and beautiful antebellum mansions experiencing what life was like at these domestic centers of massive cotton, sugar cane and rice plantations. Plantations Closest to Baton Rouge are:

Magnolia Mound Mount Hope Nottoway The Myrtles Houmas House Rosedown

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Lodging Need in Baton Rouge, Louisiana (continued) Leisure Demand - Tours

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Baton Rouge Food Tour - If you’re looking to satisfy your culinary cravings, look no further than Baton Rouge Food Tours! These tours showcase Baton Rouge's everexpanding culinary scene, takes in a few of Baton Rouge's historical secret locations, and are filled with nuggets of rich cultural history.

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Baton Rouge Brewery and Distillery Tours - In the last few years, south Louisiana has seen the opening of a flurry of new craft breweries and micro-distilleries, finally matching its longstanding indigenous food culture with locally made beverages. Enjoying beer, wine and spirits has always been part of the regional gastronomic experience, but never have you been able to wash down your fare with so many homegrown options. What’s exciting about these breweries and distilleries is their commitment to detail, right down to the local ingredients they use to impart subtle flavor notes.

Baton Rouge Swamp Tours - Explore the bayou with an authentic swamp tour! Add this exciting and authentic experience to your itinerary when traveling to the Capital City. From alligator sightings to grassy moss, these tours won’t disappoint!

Baton Rouge City Tours - Explore Louisiana's Capital City through a tour of Baton Rouge! Whether you prefer to venture on foot for a walking tour, or hop on a guided bus, these tours highlight Baton Rouge landmarks and detail fascinating stories of our city's rich history and culture. Experienced guides provide an adventure like no other as you explore areas such as downtown Baton Rouge, its capitol buildings, historic neighborhoods, the Mississippi River, homes of former politicians, stately mansions and historic sites from the Civil War, and much more!

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Lodging Need in Baton Rouge, Louisiana (continued) Leisure Demand - Sports & Outdoors

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Baton Rouge Parks - Baton Rougeâ&#x20AC;&#x2122;s parks and recreation program offers a broad array of activities for residents and visitors alike, ranging from championship- style golf venues like Santa Maria and Beaver Creek, to a variety of extreme sports options. BREC has more than 180 parks including a unique mix of facilities, which mirror the history and rich natural resources in the region; including a state-of-theart observatory, a swamp nature center and conservation areas, a performing arts theatre, an equestrian park, an art gallery, an arboretum, an accredited zoo, six golf courses and an extreme sports park with a 30,000-foot concrete skate park, rock-climbing wall, BMX track and velodrome. Since 2004, BREC has constructed 12 community parks, five dog parks, a family-sized Aquatics Center, a growing trails system, fishing ponds, larger playgrounds and procured two mobile recreation units.

Golfing in Baton Rouge - Louisiana is more than just great food, culture and music it's great golf! Whether you're visiting Baton Rouge for work or for fun, set some tee time aside for a round of golf at one of our premiere courses. The greater Baton Rouge area is home to more than 30 top-quality golf courses with luxurious amenities and championship designs. Play a few rounds among the breathtaking natural beauty and wildlife of southern Louisiana. In addition to the 30 course, Baton Rouge boasts a short drive to the Audubon Golf Trail. This unique golf trail of courses designed by golf legends celebrates Louisiana's landscapes and love of the sport, making the capital city a great hub for a golf vacation to this part of Louisiana. Baton Rouge offers close proximity to 5 Audumon Golf Trail Courses.

Running in Baton Rouge - Running has taken off in the Red Stick and the local and visiting runners love the ease of our courses as they are relatively flat and make for a great run.

Biking in Baton Rouge - From off-beat trails to smoothly-paved paths, exploring Baton Rouge by bicycle offers a unique way to take in the nature and scenery of Louisianaâ&#x20AC;&#x2122;s Capitol City. Tour our city on two wheels during your next stay and explore actively!

06/2020

Lodging Need in Baton Rouge, Louisiana (continued) Leisure Demand - Events January - Louisiana Marathon, Restaurant Week, Southern University Sports, LSU Sports,

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February - Mardi Gras Festival, Oshun Parade & Festival, Mental Health Week, Crawfish Winter Invitational, USSSA Tiger Town Showdown, Southern University Sports, LSU Sports, March - Songwriters Festival, Zapp's International Beer Festival, Zippity Zoo Festival, Crawfete, St. Patrick's Day Festival, Red Stick Soccer Tournament, The Cajun Classic Wheelchair Tennis Tournament, LSU Sports,

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April - Taste of Louisiana Fest, Louisiana Earth Day, Baton Rouge Blues Fest, EBB & Flow Festival, USTA Harry V. Barton Bogage Clay Country Invitational, Southern University Sports, LSU Sports,

May - Annual Baton Rouge Soul Food Festival, Crawfish King Cook-Off, Baton Rouge Oyster Fest, Baton Rouge Funk Fest, LSU Sports, LSU Commencement,

June - IWE Fest, Fete Rouge, Bandito Fest, Baton Rouge Pride Week, USTA, Ben McDonald Elite Invitational, USTA, SAAU Louisiana State Championship, July - Italian Heritage Festival, 4th of July Spectacular, Louisiana Long Course State Championship, Marucci World Series,

August - Under Armour Louisiana Classic Softball Factory National Showcase, September - BRSC United Cup, Southern University Sports, LSU Sports, LSU Move-In

October - Fifolet Halloween Festival, Boo at the Zoo, Greater Baton Rouge State Fair, Louisiana Book Festival, Spirits of Louisiana, Northgate Southern University Sports, Music & Arts Fest, United Cup Soccer Tournament, Children's Hospital United Cup, CRAW International Swim Meet, LSU Sports,

November - Greater Baton Rouge State Fair, Capital City Beer Fest, Ogden Park Prowl, Southern University Sports, LSU Sports, December - Festival of Lights, Tiger Run, Southern University Sports, LSU Sports,

Please note that many events have been either canceled, postponed or re-scheduled due to Covid-19 Regulations.

06/2020

Lodging Need in Baton Rouge, Louisiana (continued) Group/SMERF Demand

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Group/SMERF Demand - SMERF stands for social, military, education, religious and fraternal meetings. In communities where corporate meetings and business travelers keep hotels occupied on weekdays, SMERF business, which is predominantly weekend business, can fill rooms Friday through Sunday. In addition, Baton Rouge offers an expansive amount of venues utilized for corporate group events. In 2018, Visit Baton Rouge facilitated many successful meetings, conferences and events. The team collectively booked over 85,000 room nights. The area held 390 meetings and conventions, served 584 groups and offers more services to 87,629 attendees.

Baton Rouge is Louisiana’s “Capital City” and the hub of all things Louisiana. Louisiana’s Capital City highlights the unique music, culture and outdoors that both visitors to Louisiana and locals alike enjoy. With French, Spanish, Creole and Native American roots, our city is rich in its culture and politics. Nicknamed the “Red Stick,” Baton Rouge houses over 300 years of history, much of which can be tasted in our food, seen in our architecture and learned through our state’s history. Group attendees will find an abundance of vibrant music, cuisine, collegiate spirit, history and culture. Between sessions, take advantage of Baton Rouge’s walkable downtown, with hotel accommodations, dining and attractions within minutes of each other. From traditional meeting and exhibition space, such as the Raising Cane's River Center, to unique outdoor venues and historic attractions, Baton Rouge is home to a number of venues to accommodate every need.

Raising Cane's River Center - Located in downtown Baton Rouge along the banks of the Mississippi River, the Raising Cane's River Center's most recent expansion has transformed the downtown area. The entire complex, including the existing Arena and Theatre for the Performing Arts, as well as the new Exhibition Hall, includes more than 200,000 square feet of new and renovated space. The center also incorporates state-of-the-art exhibition, meeting rooms, and concession and kitchen facilities. The 70,000 square-foot Exhibition Hall can be combined with the existing Arena to create more than 100,000 square-feet of contiguous exhibit space in addition to a total of 17 breakout meeting rooms. Below is a list of smaller venues for Group/SMERF Demand in Baton Rouge: The 19th Hole Bar & Grill at The Bluffs Golf Resort Acme Oyster House Ann Connelly Fine Art Baton Rouge Garden Center

06/2020

Lodging Need in Baton Rouge, Louisiana (continued) Group/SMERF Demand (continued) Baton Rouge Zoo Beauregard Gallery

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Boudreaux & Thibodeaux Boudreaux's - The Catering Venue Brew Ha-Ha! Classic Connections Limited The Club at Union Square

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Cocha Eliza Restaurant and Bar

Heirloom Cuisine Hilton Baton Rouge Capitol Center

Holiday Inn South Lake House Reception Center

Latil's Landing Restaurant

MANSURS On The BOULEVARD

Lamar-Dixon Expo Center

Oak Lodge Reception & Conference Center

Old Governor's Mansion

Renaissance Baton Rouge Hotel

The Restaurant, Chapel & Cottage at The Bluffs Golf Resort

Socially Yours, Inc.

Solera Bar, Kitchen and Tasting Room

The Garden Cafe at Independence Community Park

The Gregory UCT Hall

Source: Opinion and Research of HCA Representative Source: VisitBatonRouge.com Note: Some Attractions are currently closed due to Covid-19

06/2020

Lodging Supply Scale Supply in proximity (5 miles) of location being analyzed is as follows:

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Independent - Typically offers any amenity and Average Daily Rate can have an extremely wide range in this category. Unfortunately, HCA did review each property and they are all motel lodges and of lesser quality than most economy accommodations. There are only five hotels of this scale chain with-in 5 miles of the researched parcel/s.

Economy - Typically offers basic amenities and a limited breakfast. Average Daily Rate is normally less than $65 for hotels in this category. There are only two hotels of this scale chain with-in 5 miles of the researched parcel/s.

Midscale - Typically offers limited breakfast, selected business services, limited recreational facilities (either a pool or fitness equipment), and limited transportation (airport shuttle). Average Daily Rate normally falls in the range of $65 to $90 for hotels in this category. There are zero hotels of this scale chain within 5 miles of the researched parcel/s.

06/2020

Lodging Supply (continued) Scale Supply in proximity (5 miles) of location being analyzed is as follows(continued):

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Upper Midscale - Typically offers restaurants, vending, selected business services, partial recreational facilities (either a pool or fitness (equipment), and limited transportation (airport shuttle). Average Daily Rate normally falls in the range of $90 to $110 for hotels in this category. There are zero hotels of this scale chain within 5 miles of the researched parcel/s.

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Upscale - Typically offers a full range of on- property amenities and services, including restaurants, spas, recreational facilities, business centers, concierges, room service, and local transportation (shuttle service to airport and/or local attractions). Average Daily Rate normally falls in the range of $110 to $145 for hotels in this category. There are only two hotels of this scale chain with-in 5 miles of the researched parcel/s.

Upper Upscale - Typically offers a full range of on- property amenities and services, including restaurants, spas, recreational facilities, business centers, concierges, room service and local transportation (shuttle service to airport and/or local attractions). Average Daily Rate normally falls in the range of $145 to $210 for hotels in this category. There are zero hotels of this scale chain with-in 5 miles of the researched parcel/s.

‐ Luxury - Typically offers first class accommodations and an extensive range of on property amenities and services, including restaurants, spas, recreational facilities, business centers, concierges, room service and local transportation (shuttle service to airport and/or local attractions). Average Daily Rate is normally greater than $210 for hotels in this category. There are zero hotels of this scale chain with-in 5 miles of the researched parcel/s.

06/2020

Lodging Supply (continued) Lodging Type Supply in proximity (5 miles) of location being analyzed is as follows:

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Upscale luxury - An upscale full service hotel facility that offers luxury amenities, full service accommodations, on-足site full service restaurant(s), and the highest level of personalized and professional service. Luxury hotels fare normally classified with at least a four or five-足star rating depending on the country and local classification standards. Examples may include: InterContinental, Waldorf Astoria, Four Seasons, Conrad, Fairmont, and The Ritz-Carlton. There are zero hotels of this type with-in 5 miles of the researched parcel/s.

Full Service - Full service hotels often contain upscale full-service facilities with a large volume of full service accommodations, on足site full service restaurant(s), and a variety of on-site amenities such as swimming pools, a health club, children's activities, ballrooms, on-site conference facilities, and other amenities. Examples include: Holiday Inn, Sheraton, Westin, Hilton, Marriott, and Hyatt hotels. There are zero hotels of this type with-in 5 miles of the researched parcel/s.

Boutique/Lifestyle hotels - Boutique hotels are smaller independent non-branded hotels that often contain upscale facilities of varying size in unique or intimate settings with full service accommodations. Boutique hotels are generally 100 rooms or less. Some historic inns and boutique hotels may be classified as luxury hotels. Examples include: Hotel Indigo and Kimpton Hotels. There are zero hotels of this type with-in 5 miles of the researched parcel/s.

Focused or Select Service - Small to medium sized hotel establishments that offer a limited amount of on-足site amenities that only cater and market to a specific demographic of travelers, such as the single business traveler. Most focused or select service hotels may still offer full service accommodations but may lack leisure amenities such as an on-site restaurant or a swimming pool. Examples include: Crowne Plaza, Courtyard by Marriott and Hilton Garden Inn. There is only one hotels of this type with-in 5 miles of the researched parcel/s.

06/2020

Lodging Supply (continued) Lodging Type Supply in proximity (5 miles) of location being analyzed is as follows (continued):

-D

RA FT

‐ Economy and Limited Service - Small to medium sized hotel establishments that offer a very limited amount of on site amenities and often only offer basic accommodations with little to no services, these facilities normally only cater and market to a specific demographic of travelers, such as the budget minded traveler seeking a "no frills" accommodation. Limited service hotels often lack an on-site restaurant but in return may offer a limited complimentary food and beverage amenity such as on-site continental breakfast service. Examples include: Ibis Budget, Hampton Inn, Aloft, Holiday Inn Express, Fairfield Inn, Four Points by Sheraton, and Days Inn. There are only a few hotels of this type with-in 5 miles of the researched parcel/s. It should be noted that these properties are of the lowest quality end of the "type".

Extended Stay - Extended stay hotels are small to medium sized hotels that offer longer term full service accommodations compared to a traditional hotel. Extended stay hotels may offer non-traditional pricing methods such as a‐ weekly rate that cater towards travelers in need of short-term accommodations for an extended period of time. Similar to limited and select service hotels, on site amenities are normally limited and most extended stay hotels lack an on-site restaurant. Examples include: Staybridge Suites, Candlewood Suites, Homewood Suites by Hilton, Home2 Suites by Hilton, Residence Inn by Marriott, Element, and Extended Stay Hotels. There is only one hotels of this type with-in 5 miles of the researched parcel/s.

Source: Opinion and Research of HCA Representative

Source: STRGlobal.com

Source: HotelAnalyst

06/2020

Lodging Recommendations

RA FT

This section of the report summarizes recommendations based on recent trends and the current supply of Lodging in the community. Based on the Lodging Market conditions in Baton Rouge, LA and the are in close proximity to the Subject Property, HCA recommends the examined land is viable for the following:

-D

Based on the Lodging Market Information analyzed in the previous section, there is an immediate lack of quality lodging in the market. Although the overall Baton Rouge, Louisiana Market has each scale of hotel as well as type of hotel, it is evident that the area around the Subject Property is lacking in the scale and type of lodging seen in other similar markets. Below are a few key indicators in regard to this lack of lodging:

Proximity to Demand Generators - For the purpose of this report, HCA examined the Lodging Demand of the area surrounding the Subject Property as well as the overall demand in the Baton Rouge Market. The Subject Property holds extremely close proximity to the Major Demand Generators (noted in the previous section).

Proximity to Baton Rouge Metropolitan Airport - As stated in previous sections of this report. The Baton Rouge Metropolitan Airport offers nonstop flights to four major hub airports: Atlanta, Charlotte, Dallas-Ft. Worth, Houston InterContinental, their Major carriers include American, Delta and United and offers 50 daily flights (inbound and outbound) on peak weekdays. The airport is also home to make FBOs and corporate entities that would utilize quality lodging if available. These factors can create extreme demand for lodging.

Visit Baton Rouge - For the purpose of this report, HCA examined the local tourism bureau for future viability and ability. Visit Baton Rouge has shown great ability in attracting and maintaining festivals, corporate conferences, leisure gatherings and many other type events. In 2018, Visit Baton Rouge collectively booked over 85,000 room nights. The area held 390 meetings and conventions, served 584 groups and offers more services to 87,629 attendees. This brought the Visitors Spending in Baton Rouge to $958.5 Million Dollars. In addition to past performance, Visit Baton Rouge has show the knowledge and to maintain a track recorded of well rounded, concise and advanced Marketing Plans. Visit Baton Rouge also began efforts to combat temporary revenue loss to the cities business by assembling a "Covid-19 Recovery Plan", Hospitality Recovery Task Force. These efforts combined encourage a speeding recovery for the overall business market of Baton Rouge and the community leader's ability to market and support addition development.

06/2020

Lodging Recommendation (continued)

RA FT

Lodging Recommendations - Based on all the research conducted by HCA, It is the opinion of HCA that there is a great need in the area surrounding the Subject Property for new lodging facilities. The greatest need for lodging in the area surrounding the Subject Property is as follows:

-D

Upper Midscale - As mentioned in the previous section, Average Daily Rate normally falls in the range of $90 to $110 for hotels in this category and there are no hotels of this scale chain with-in 5 miles of the researched parcel/s. This chain scale will be ideal for development on the Subject Property. Some of the brands could be but are not limited to: Best Western Plus

Fairfield Inn

Cobblestone Inn & Suites

Boulders Inn & Suites

Glo Best Western

The Red Collection

Carlton

GrandStay

Comfort Dakota Hotels

Holiday Inn La Quinta Inns & Suites

Trademark Collection by Wyndham Tryp by Wyndham Drury Inn & Suites

Upper Upscale - As mentioned in the previous section, Average Daily Rate normally falls in the range of $145 to $210 for hotels in this category and there are no hotels of this scale chain with-in 5 miles of the researched parcel/s. This chain scale will be ideal for development on the Subject Property. Some of the brands could be but are not limited to: Gaylord

Kimpton

Luca Hotels & Resorts

Pullman

Radisson Blu

Wyndham Grand Hotels

Unscripted

Marriott Conference Center Radisson Collection

Luxury - As mentioned in the previous section, Average Daily Rate normally runs much higher that $210 for hotels in this category and there are no hotels of this scale chain with-in 5 miles of the researched parcel/s. This chain scale will be ideal for development on the Subject Property. Some of the brands could be but are not limited to: Destination Hotels

InterContinental

Mantis Collection

Ritz-Carlton

St. Regis

Conrad

06/2020

Lodging Recommendation (continued)

-D

RA FT

HCA did not recommend an Independent or a Moter Lodge type facility due to the lack of viability. These property are typically too low in Average Daily Rate to justify development and construction costs. In addition, there is plenty of this type of facility in the market as well as the area surrounding the subject property. HCA did not recommend Economy or Midscale type facility due to the lack of viability as well. These property are typically too low in Average Daily Rate to justify development and construction costs. In order to recommend the number of hotels, the number of units and potential amenities of the recommending Lodging Facilities, a Comprehensive Hotel Market Feasibility Study would need to be conducted.

Source: Opinion of HCA Representative

06/2020

Retail and Restaurant Market Overview

RA FT

For the purpose of this Land Use Assessment, HCA retrieved spending potential data via ESRI. In reviewing these reports, the term Market Potential Index is used. An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S.. An MPI of 100 represents the U.S. average.

-D

The following Map Highlights the radius researched by increments of 5 minutes driving, 15 minus driving time and 25 minutes driving time:

06/2020

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 5 drive time minute radius

Latitude: 30.5285 Longitude: -91.1420 2019 13,463 9,766 4,810 $33,390

Expected Number of Adults or HHs

2024 13,573 9,923 4,838 $36,846

RA FT

Demographic Summary Population Population 18+ Households Median Household Income

Percent of Adults/HHs

MPI

37.8% 35.2% 27.3% 42.3% 20.4% 22.7% 17.4%

80 82 102 81 117 127 112

3,389 245

70.5% 5.1%

82 52

7,120 4,361 2,115

72.9% 44.7% 21.7%

85 94 87

7,173 5,057 3,101

73.4% 51.8% 31.8%

103 117 75

447 403 970

4.6% 4.1% 9.9%

46 52 43

Cell Phones (Adults/Households) Bought cell phone in last 12 months Have a smartphone Have a smartphone: Android phone (any brand) Have a smartphone: Apple iPhone Number of cell phones in household: 1 Number of cell phones in household: 2 Number of cell phones in household: 3+ HH has cell phone only (no landline telephone)

3,245 7,646 4,909 2,505 1,741 1,533 1,346 2,675

33.2% 78.3% 50.3% 25.7% 36.2% 31.9% 28.0% 55.6%

96 93 124 61 119 82 100 99

Computers (Households) HH owns a computer HH owns desktop computer HH owns laptop/notebook HH owns any Apple/Mac brand computer HH owns any PC/non-Apple brand computer HH purchased most recent computer in a store HH purchased most recent computer online Spent <$1-499 on most recent home computer Spent $500-$999 on most recent home computer Spent $1,000-$1,499 on most recent home computer " Spent $1,500-$1,999 on most recent home computer Spent $2,000+ on most recent home computer

2,464 1,277 1,783 353 2,208 1,057 314 484 386 188 115 69

51.2% 26.5% 37.1% 7.3% 45.9% 22.0% 6.5% 10.1% 8.0% 3.9% 2.4% 1.4%

70 72 65 41 75 61 48 68 48 41 54 36

Product/Consumer Behavior Apparel (Adults) Bought any men's clothing in last 12 months Bought any women's clothing in last 12 months Bought clothing for child <13 years in last 6 months Bought any shoes in last 12 months Bought costume jewelry in last 12 months Bought any fine jewelry in last 12 months Bought a watch in last 12 months

-D

3,693 3,437 2,664 4,132 1,988 2,214 1,701

Automobiles (Households) HH owns/leases any vehicle HH bought/leased new vehicle last 12 months

Automotive Aftermarket (Adults) Bought gasoline in last 6 months Bought/changed motor oil in last 12 months Had tune-up in last 12 months

Cameras (Adults) Own digital point & shoot camera/camcorder Own digital SLR camera/camcorder Printed digital photos in last 12 months

Beverages (Adults) Drank bottled water/seltzer in last 6 months Drank regular cola in last 6 months Drank beer/ale in last 6 months

Data Note: An MPI (Market Potential Index) measures the relative likelihood of the adults or households in the specified trade area to exhibit certain consumer behavior or purchasing patterns compared to the U.S. An MPI of 100 represents the U.S. average. Source: These data are based upon national propensities to use various products and services, applied to local demographic composition. Usage data were collected by GfK MRI in a nationally representative survey of U.S. households. Esri forecasts for 2019 and 2024.

June 26, 2020 58 Esri ÂŠ2020

06/2020 Page 1 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 5 drive time minute radius Expected Number of Adults or HHs

Percent of Adults/HHs

MPI

5,670 1,112 1,350 3,035 496 896 623 538 1,967

58.1% 11.4% 13.8% 31.1% 5.1% 9.2% 6.4% 5.5% 20.1%

92 82 128 83 74 97 77 99 90

Played a video/electronic game (console) in last 12 months Played a video/electronic game (portable) in last 12 months

Financial (Adults) Have home mortgage (1st) Used ATM/cash machine in last 12 months Own any stock Own U.S. savings bond Own shares in mutual fund (stock) Own shares in mutual fund (bonds) Have interest checking account Have non-interest checking account Have savings account Have 401K retirement savings plan Own/used any credit/debit card in last 12 months Avg monthly credit card expenditures: <$1-110 Avg monthly credit card expenditures: $111-$225 Avg monthly credit card expenditures: $226-$450 Avg monthly credit card expenditures: $451-$700 Avg monthly credit card expenditures: $701-$1,000 Avg monthly credit card expenditures: $1,001+ Did banking online in last 12 months Did banking on mobile device in last 12 months Paid bills online in last 12 months

4,718 715 1,200 3,358 1,171 1,437 1,731 1,473 948 680 1,594 2,103 1,320

48.3% 7.3% 12.3% 34.4% 12.0% 14.7% 17.7% 15.1% 9.7% 7.0% 16.3% 21.5% 13.5%

83 66 71 66 91 78 101 119 99 73 86 80 71

808 565

8.3% 5.8%

93 124

1,637 3,622 281 233 264 151 1,256 1,710 3,876 801 5,970 1,015 572 526 241 251 328 1,706 1,160 2,806

16.8% 37.1% 2.9% 2.4% 2.7% 1.5% 12.9% 17.5% 39.7% 8.2% 61.1% 10.4% 5.9% 5.4% 2.5% 2.6% 3.4% 17.5% 11.9% 28.7%

54 70 40 55 38 32 45 60 69 51 77 90 80 79 40 46 29 45 46 57

A HC

Entertainment (Adults) Attended a movie in last 6 months Went to live theater in last 12 months Went to a bar/night club in last 12 months Dined out in last 12 months Gambled at a casino in last 12 months Visited a theme park in last 12 months Viewed movie (video-on-demand) in last 30 days Viewed TV show (video-on-demand) in last 30 days Watched any pay-per-view TV in last 12 months Downloaded a movie over the Internet in last 30 days Downloaded any individual song in last 6 months Watched a movie online in the last 30 days Watched a TV program online in last 30 days

-D

Convenience Stores (Adults) Shopped at convenience store in last 6 months Bought brewed coffee at convenience store in last 30 days Bought cigarettes at convenience store in last 30 days Bought gas at convenience store in last 30 days Spent at convenience store in last 30 days: <$1-19 Spent at convenience store in last 30 days: $20-$39 Spent at convenience store in last 30 days: $40-$50 Spent at convenience store in last 30 days: $51-$99 Spent at convenience store in last 30 days: $100+

RA FT

Product/Consumer Behavior

Latitude: 30.5285 Longitude: -91.1420

June 26, 2020 59 Esri ÂŠ2020

06/2020 Page 2 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 5 drive time minute radius

Health (Adults) Exercise at home 2+ times per week Exercise at club 2+ times per week Visited a doctor in last 12 months Used vitamin/dietary supplement in last 6 months

Psychographics (Adults) Buying American is important to me Usually buy items on credit rather than wait Usually buy based on quality - not price Price is usually more important than brand name Usually use coupons for brands I buy often Am interested in how to help the environment Usually pay more for environ safe product Usually value green products over convenience Likely to buy a brand that supports a charity

Reading (Adults) Bought digital book in last 12 months Bought hardcover book in last 12 months Bought paperback book in last 12 month Read any daily newspaper (paper version) Read any digital newspaper in last 30 days Read any magazine (paper/electronic version) in last 6 months

MPI

3,081 4,524 3,205 1,000 2,935 3,765 3,973 950

64.1% 94.1% 66.6% 20.8% 61.0% 78.3% 82.6% 19.8%

93 101 96 139 110 91 96 83

19.6% 5.7% 71.1% 45.0%

72 40 92 83

886 446 694 754 874 654

18.4% 9.3% 14.4% 15.7% 18.2% 13.6%

67 64 84 70 82 98

3,810 5,718 2,922 636 1,594 830 687

39.0% 58.6% 29.9% 6.5% 33.1% 17.3% 14.3%

88 78 63 77 107 61 62

1,757 488 1,404

36.5% 10.1% 29.2%

67 45 70

3,594 1,519 1,923 2,838 1,430 1,957 1,368 1,490 3,488

36.8% 15.6% 19.7% 29.1% 14.6% 20.0% 14.0% 15.3% 35.7%

94 118 104 106 85 103 99 135 102

789 1,334 1,810 1,738 2,702 8,689

8.1% 13.7% 18.5% 17.8% 27.7% 89.0%

62 68 65 97 70 98

-D A

Pets (Households) Household owns any pet Household owns any cat Household owns any dog

Percent of Adults/HHs

1,914 558 6,947 4,391

Home (Households) Did any home improvement in last 12 months Used any housekeeper/professional cleaning service in last 12 months Purchased low ticket HH furnishings in last 12 months months Purchased big ticket HH furnishings in last 12 months Bought any small kitchen appliance in last 12 months Bought any large kitchen appliance in last 12 months Insurance (Adults/Households) Currently carry life insurance Carry medical/hospital/accident insurance Carry homeowner insurance Carry renter's insurance Have auto insurance: 1 vehicle in household covered Have auto insurance: 2 vehicles in household covered Have auto insurance: 3+ vehicles in household covered

Expected Number of Adults/HHs

RA FT

Product/Consumer Behavior Grocery (Adults) Used beef (fresh/frozen) in last 6 months Used bread in last 6 months Used chicken (fresh or frozen) in last 6 months Used turkey (fresh or frozen) in last 6 months Used fish/seafood (fresh or frozen) in last 6 months Used fresh fruit/vegetables in last 6 months Used fresh milk in last 6 months Used organic food in last 6 months

Latitude: 30.5285 Longitude: -91.1420

June 26, 2020 60 Esri ÂŠ2020

06/2020 Page 3 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 5 drive time minute radius Expected Number of Adults or HHs

Percent of Adults/HHs

MPI

6,654 2,629 8,691 4,184 2,453 723 4,307

68.1% 26.9% 89.0% 42.8% 25.1% 7.4% 44.1%

91 101 98 109 68 86 94

20.5%

Travel (Adults) Took domestic trip in continental US last 12 months Took 3+ domestic non-business trips in last 12 months Spent on domestic vacations in last 12 months: <$1-999 Spent on domestic vacations in last 12 months: $1,000-$1,499 Spent on domestic vacations in last 12 months: $1,500-$1,999 Spent on domestic vacations in last 12 months: $2,000-$2,999 Spent on domestic vacations in last 12 months: $3,000+ Domestic travel in last 12 months: used general travel website Took foreign trip (including Alaska and Hawaii) in last 3 years Took 3+ foreign trips by plane in last 3 years Spent on foreign vacations in last 12 months: <$1-999 Spent on foreign vacations in last 12 months: $1,000-$2,999 Spent on foreign vacations in last 12 months: $3,000+ Foreign travel in last 3 years: used general travel website Nights spent in hotel/motel in last 12 months: any Took cruise of more than one day in last 3 years Member of any frequent flyer program Member of any hotel rewards program

38.2% 3.5% 15.1% 16.8% 10.3% 15.9% 24.0% 22.0% 17.2% 48.4% 4.7% 15.2% 8.9% 15.7%

79 42 53 59 56 76 89 105 99 111 67 67 108 65

2,763 497 664 323 179 251 221 315 1,183 99 181 155 192 175 2,691 689 648 900

28.3% 5.1% 6.8% 3.3% 1.8% 2.6% 2.3% 3.2% 12.1% 1.0% 1.9% 1.6% 2.0% 1.8% 27.6% 7.1% 6.6% 9.2%

54 43 63 53 45 62 35 47 44 19 40 40 31 31 62 79 37 51

3,731 344 1,471 810 1,008 766 1,153 1,059 825 2,327 227 733 429 757

A HC

Television & Electronics (Adults/Households) Own any tablet Own any e-reader Own e-reader/tablet: iPad HH has Internet connectable TV Own any portable MP3 player HH owns 1 TV HH owns 2 TVs HH owns 3 TVs HH owns 4+ TVs HH subscribes to cable TV HH subscribes to fiber optic HH owns portable GPS navigation device HH purchased video game system in last 12 months HH owns any Internet video device for TV

1,998

-D

Fast food restaurant last 6 months: take-out/walk-in

RA FT

Product/Consumer Behavior Restaurants (Adults) Went to family restaurant/steak house in last 6 months Went to family restaurant/steak house: 4+ times a month Went to fast food/drive-in restaurant in last 6 months Went to fast food/drive-in restaurant 9+ times/month Fast food restaurant last 6 months: eat in Fast food restaurant last 6 months: home delivery Fast food restaurant last 6 months: take-out/drive-thru

Latitude: 30.5285 Longitude: -91.1420

June 26, 2020 61 Esri ÂŠ2020

06/2020 Page 4 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 15 drive time minute radius

Latitude: 30.5285 Longitude: -91.1420 2019 171,090 130,269 62,888 $37,339

Expected Number of Adults or HHs

40.5% 38.1% 26.9% 46.1% 19.2% 21.0% 17.1%

86 89 101 88 110 117 111

46,569 4,145

74.1% 6.6%

87 67

99,076 58,240 28,981

76.1% 44.7% 22.2%

89 94 90

92,913 64,770 46,629

71.3% 49.7% 35.8%

100 112 85

8,504 6,929 18,799

6.5% 5.3% 14.4%

65 67 63

43,838 104,791 62,945 38,990 22,642 21,595 16,341 37,186

33.7% 80.4% 48.3% 29.9% 36.0% 34.3% 26.0% 59.1%

97 96 119 72 118 89 93 105

36,943 18,452 27,600 7,097 31,928 16,717 5,952 7,550 7,107 3,661 1,891 1,457

58.7% 29.3% 43.9% 11.3% 50.8% 26.6% 9.5% 12.0% 11.3% 5.8% 3.0% 2.3%

80 79 78 62 83 73 70 82 67 61 68 59

-D

Beverages (Adults) Drank bottled water/seltzer in last 6 months Drank regular cola in last 6 months Drank beer/ale in last 6 months

MPI

A HC

Automotive Aftermarket (Adults) Bought gasoline in last 6 months Bought/changed motor oil in last 12 months Had tune-up in last 12 months

Cameras (Adults) Own digital point & shoot camera/camcorder Own digital SLR camera/camcorder Printed digital photos in last 12 months

Percent of Adults/HHs

52,720 49,626 35,074 60,074 25,066 27,338 22,323

Automobiles (Households) HH owns/leases any vehicle HH bought/leased new vehicle last 12 months

2024 171,900 131,530 63,208 $42,143

RA FT

Demographic Summary Population Population 18+ Households Median Household Income

June 26, 2020 62 Esri ÂŠ2020

06/2020 Page 5 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 15 drive time minute radius Expected Number of Adults or HHs

Percent of Adults/HHs

MPI

78,687 15,544 17,708 43,775 7,346 12,130 9,239 7,488 27,210

60.4% 11.9% 13.6% 33.6% 5.6% 9.3% 7.1% 5.7% 20.9%

95 86 126 90 82 98 86 104 94

Played a video/electronic game (console) in last 12 months Played a video/electronic game (portable) in last 12 months

67,137 11,291 18,486 51,855 16,164 20,836 22,023 17,626 12,094 10,891 23,027 31,651 21,170

51.5% 8.7% 14.2% 39.8% 12.4% 16.0% 16.9% 13.5% 9.3% 8.4% 17.7% 24.3% 16.3%

88 79 82 76 94 85 97 107 95 87 93 90 85

11,240 6,978

8.6% 5.4%

97 114

27,235 54,445 5,440 4,004 5,361 3,424 23,788 28,431 58,875 13,694 86,842 13,384 8,223 6,939 4,774 4,637 7,774 31,899 21,947 46,526

20.9% 41.8% 4.2% 3.1% 4.1% 2.6% 18.3% 21.8% 45.2% 10.5% 66.7% 10.3% 6.3% 5.3% 3.7% 3.6% 6.0% 24.5% 16.8% 35.7%

67 79 58 70 58 55 64 74 79 65 84 89 86 78 60 64 51 63 65 71

A HC

-D

RA FT

Product/Consumer Behavior

Latitude: 30.5285 Longitude: -91.1420

June 26, 2020 63 Esri ÂŠ2020

06/2020 Page 6 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 15 drive time minute radius

Health (Adults) Exercise at home 2+ times per week Exercise at club 2+ times per week Visited a doctor in last 12 months Used vitamin/dietary supplement in last 6 months

MPI

41,448 58,867 42,478 11,785 36,459 50,696 52,827 13,325

65.9% 93.6% 67.5% 18.7% 58.0% 80.6% 84.0% 21.2%

96 100 97 125 105 94 98 89

22.3% 9.0% 72.4% 46.6%

81 63 94 86

13,243 6,566 9,661 11,918 12,463 8,275

21.1% 10.4% 15.4% 19.0% 19.8% 13.2%

76 72 90 85 89 94

51,942 82,621 44,122 10,530 21,004 12,897 9,838

39.9% 63.4% 33.9% 8.1% 33.4% 20.5% 15.6%

90 85 72 95 108 72 68

26,715 9,901 20,303

42.5% 15.7% 32.3%

78 69 77

47,633 19,252 25,269 37,448 20,596 25,652 18,125 17,576 45,471

36.6% 14.8% 19.4% 28.7% 15.8% 19.7% 13.9% 13.5% 34.9%

93 112 102 105 92 102 98 120 99

12,172 20,471 28,106 24,025 42,241 116,862

9.3% 15.7% 21.6% 18.4% 32.4% 89.7%

72 79 76 100 81 99

-D A

Pets (Households) Household owns any pet Household owns any cat Household owns any dog

Percent of Adults/HHs

28,994 11,693 94,289 60,666

Expected Number of Adults/HHs

RA FT

Latitude: 30.5285 Longitude: -91.1420

June 26, 2020 64 Esri ÂŠ2020

06/2020 Page 7 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 15 drive time minute radius Expected Number of Adults or HHs

Percent of Adults/HHs

MPI

90,901 34,777 116,516 54,037 38,097 10,481 58,822

69.8% 26.7% 89.4% 41.5% 29.2% 8.0% 45.2%

93 101 99 106 79 93 96

20.7%

100

41.3% 5.0% 18.8% 20.9% 13.5% 18.9% 25.2% 21.3% 16.1% 46.4% 4.7% 17.0% 8.3% 18.5%

86 60 67 73 73 90 94 102 92 106 67 74 101 77

46,924 9,187 10,892 5,808 3,324 3,877 4,569 5,629 21,630 3,292 3,804 3,047 4,455 3,875 41,915 9,442 13,165 14,943

36.0% 7.1% 8.4% 4.5% 2.6% 3.0% 3.5% 4.3% 16.6% 2.5% 2.9% 2.3% 3.4% 3.0% 32.2% 7.2% 10.1% 11.5%

69 60 77 71 63 71 54 63 60 46 63 58 54 52 72 82 56 64

53,748 6,479 24,481 13,145 17,587 11,871 15,861 13,417 10,102 29,168 2,971 10,696 5,219 11,608

A HC

27,020

-D

Fast food restaurant last 6 months: take-out/walk-in

RA FT

Latitude: 30.5285 Longitude: -91.1420

June 26, 2020 65 Esri ÂŠ2020

06/2020 Page 8 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 25 drive time minute radius

Latitude: 30.5285 Longitude: -91.1420 2019 425,875 333,945 166,626 $51,824

Expected Number of Adults or HHs

2024 433,946 340,998 169,720 $56,819

RA FT

Demographic Summary Population Population 18+ Households Median Household Income

Percent of Adults/HHs

MPI

45.6% 40.8% 25.7% 50.2% 18.0% 18.8% 16.5%

96 95 96 96 103 105 107

137,758 14,707

82.7% 8.8%

97 90

277,857 156,645 80,224

83.2% 46.9% 24.0%

97 99 97

238,281 155,531 139,186

71.4% 46.6% 41.7%

100 105 99

30,868 24,064 67,929

9.2% 7.2% 20.3%

92 91 89

114,646 283,008 140,721 136,639 53,739 63,464 44,729 100,648

34.3% 84.7% 42.1% 40.9% 32.3% 38.1% 26.8% 60.4%

99 101 104 98 106 98 96 108

118,240 56,087 92,499 28,952 98,310 54,858 23,459 22,777 25,644 15,688 7,245 5,626

71.0% 33.7% 55.5% 17.4% 59.0% 32.9% 14.1% 13.7% 15.4% 9.4% 4.3% 3.4%

96 91 98 96 96 91 104 93 92 98 98 85

-D

152,186 136,210 85,882 167,800 60,237 62,698 55,116

Automobiles (Households) HH owns/leases any vehicle HH bought/leased new vehicle last 12 months

Automotive Aftermarket (Adults) Bought gasoline in last 6 months Bought/changed motor oil in last 12 months Had tune-up in last 12 months

Cameras (Adults) Own digital point & shoot camera/camcorder Own digital SLR camera/camcorder Printed digital photos in last 12 months

Beverages (Adults) Drank bottled water/seltzer in last 6 months Drank regular cola in last 6 months Drank beer/ale in last 6 months

June 26, 2020 66 Esri ÂŠ2020

06/2020 Page 9 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 25 drive time minute radius Expected Number of Adults or HHs

Percent of Adults/HHs

MPI

210,660 43,054 38,600 125,190 21,290 32,158 26,709 21,617 71,547

63.1% 12.9% 11.6% 37.5% 6.4% 9.6% 8.0% 6.5% 21.4%

100 93 107 100 93 102 97 117 96

Played a video/electronic game (console) in last 12 months Played a video/electronic game (portable) in last 12 months

190,801 37,100 58,854 166,233 43,500 61,849 58,563 43,122 31,779 32,644 64,397 97,371 67,882

57.1% 11.1% 17.6% 49.8% 13.0% 18.5% 17.5% 12.9% 9.5% 9.8% 19.3% 29.2% 20.3%

98 101 102 96 99 98 100 102 97 102 101 108 107

33,533 18,325

10.0% 5.5%

113 117

93,756 169,589 20,736 13,171 20,253 13,543 86,355 89,943 183,839 50,064 252,116 38,727 22,666 21,009 18,642 16,682 32,637 120,647 82,813 157,514

28.1% 50.8% 6.2% 3.9% 6.1% 4.1% 25.9% 26.9% 55.1% 15.0% 75.5% 11.6% 6.8% 6.3% 5.6% 5.0% 9.8% 36.1% 24.8% 47.2%

90 96 87 90 85 85 90 92 96 93 95 101 92 92 91 89 84 93 96 94

A HC

-D

RA FT

Product/Consumer Behavior

Latitude: 30.5285 Longitude: -91.1420

June 26, 2020 67 Esri ÂŠ2020

06/2020 Page 10 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 25 drive time minute radius

Health (Adults) Exercise at home 2+ times per week Exercise at club 2+ times per week Visited a doctor in last 12 months Used vitamin/dietary supplement in last 6 months

MPI

111,153 154,607 114,440 27,197 91,571 139,350 140,888 39,049

66.7% 92.8% 68.7% 16.3% 55.0% 83.6% 84.6% 23.4%

97 100 99 109 100 97 98 98

27.0% 13.2% 74.8% 51.1%

99 92 97 95

41,579 20,540 28,411 37,200 36,432 22,826

25.0% 12.3% 17.1% 22.3% 21.9% 13.7%

90 85 100 100 98 98

145,471 238,586 140,671 30,598 54,290 43,221 33,486

43.6% 71.4% 42.1% 9.2% 32.6% 25.9% 20.1%

98 96 89 108 105 91 88

82,614 33,367 61,942

49.6% 20.0% 37.2%

91 88 89

124,682 46,988 64,009 95,180 55,802 64,887 45,953 39,437 118,775

37.3% 14.1% 19.2% 28.5% 16.7% 19.4% 13.8% 11.8% 35.6%

95 107 101 104 97 100 97 105 101

41,513 65,153 92,531 60,257 135,482 306,603

12.4% 19.5% 27.7% 18.0% 40.6% 91.8%

96 97 97 98 102 101

-D A

Pets (Households) Household owns any pet Household owns any cat Household owns any dog

Percent of Adults/HHs

90,171 44,087 249,884 170,663

Expected Number of Adults/HHs

RA FT

Latitude: 30.5285 Longitude: -91.1420

June 26, 2020 68 Esri ÂŠ2020

06/2020 Page 11 of 12

Retail Market Potential Baton Rouge Aiport 8930 Plank Rd Baton Rouge LA 70811 Drive Time: 25 drive time minute radius Expected Number of Adults or HHs

Percent of Adults/HHs

MPI

247,207 89,174 302,311 136,591 116,405 30,560 159,647

74.0% 26.7% 90.5% 40.9% 34.9% 9.2% 47.8%

99 101 100 104 94 106 102

21.3%

102

46.1% 7.3% 25.5% 26.6% 16.5% 21.4% 25.5% 21.3% 16.6% 45.8% 5.8% 21.0% 7.8% 23.3%

96 88 90 93 89 102 95 102 95 105 82 92 95 97

164,900 36,294 37,254 20,418 12,186 12,661 17,818 20,187 80,676 14,477 14,711 11,043 17,217 15,865 142,734 28,294 54,125 54,972

49.4% 10.9% 11.2% 6.1% 3.6% 3.8% 5.3% 6.0% 24.2% 4.3% 4.4% 3.3% 5.2% 4.8% 42.7% 8.5% 16.2% 16.5%

94 92 103 98 91 91 82 89 88 79 95 83 82 83 96 95 90 91

154,024 24,376 85,084 44,312 55,261 35,624 42,499 35,532 27,616 76,366 9,600 35,018 13,012 38,770

A HC

71,210

-D

Fast food restaurant last 6 months: take-out/walk-in

RA FT

Latitude: 30.5285 Longitude: -91.1420

June 26, 2020 69 Esri ÂŠ2020

06/2020 Page 12 of 12

Retail and Restaurant Market Overview (continued)

-D

RA FT

As reviewed in the report prior to the section, traveler retail and restaurant spending is crucial to the over all Baton Rouge Market. According to a study conducted by Visit Baton Rouge, below are a list of activities travelers partake in during their time in Baton Rouge:

06/2020

Retail and Restaurant Demand (continued)

-D

RA FT

In addition, the study indicated that an above average amount of people travel to Baton Rouge to shop. As indicated in the chart below, a large percentage of the purposes for a visitors trip to Baton Rouge offer opportunity for a potential retail or restaurant establishment to capture revenue:

06/2020

Retail and Restaurant Market Overview (continued)

-D

RA FT

For the purpose of this report, it is also important to note the study conducted indicated the main purposes for each travelers day trip:

Source: Opinion of HCA Representative

Source: Visit Baton Rouge Source: ESRI

06/2020

Restaurant Recommendation

RA FT

This section of the report summarizes recommendations based on recent trends and the current supply of the Restaurant Industry in the community and certain driving times from Subject Property. Based on the conditions in Baton Rouge, LA and the area in close proximity to the Subject Property, HCA recommends the examined land is viable for the following:

Restaurant Dining/Spending Preferences (5 minute Drive Radius): Expected #

-D

Percentage of Adults

6,654

68.1%

2,629

101

26.9%

8,691

89.0%

4,184

109

42.8%

2,453

25.1%

723

7.4%

4,307

44.1%

1,998

20.5%

Went to family restaurant/steak house in last 6 months Went to family restaurant/steak house: 4+ times a month Went to fast food/drive-in restaurant in last 6 months Went to fast food/drive-in restaurant 9+ times/month Fast food restaurant last 6 months: eat in Fast food restaurant last 6 months: home delivery Fast food restaurant last 6 months: takeout/drive-thru Fast food restaurant last 6 months: takeout/walk-in

MPI

Consumer Behavior

Restaurant Dining/Spending Preferences (15 minute Drive Radius): Percentage of Adults

90,901

69.8%

34,777

101

26.7%

116,516

89.4%

Went to fast food/drive-in restaurant 9+ times/month

54,037

106

41.5%

Fast food restaurant last 6 months: eat in

38,097

29.2%

10,481

8.0%

58,822

45.2%

27,020

100

20.7%

MPI

Consumer Behavior

Went to family restaurant/steak house in last 6 months Went to family restaurant/steak house: 4+ times a month

Went to fast food/drive-in restaurant in last 6 months

Fast food restaurant last 6 months: home delivery Fast food restaurant last 6 months: takeout/drive-thru Fast food restaurant last 6 months: takeout/walk-in

Expected #

06/2020

Restaurant Recommendation (continued) Restaurant Dining/Spending Preferences (25 minute Drive Radius): Percentage of Adults

247,207

74.0%

89,174

101

26.7%

Went to fast food/drive-in restaurant in last 6 months

302,311

100

90.5%

Went to fast food/drive-in restaurant 9+ times/month

136,591

104

40.9%

Fast food restaurant last 6 months: eat in

116,405

34.9%

Fast food restaurant last 6 months: home delivery

30,560

106

9.2%

102

47.8%

102

21.3%

Expected #

Went to family restaurant/steak house in last 6 months

A 159,647

Fast food restaurant last 6 months: takeout/drive-thru Fast food restaurant last 6 months: takeout/walk-in

-D

Went to family restaurant/steak house: 4+ times a month

RA FT

MPI

Consumer Behavior

71,210

Restaurant Recommendations - Based on all the research conducted by HCA, It is the opinion of HCA that there is an opportunity in the area surrounding the Subject Property for new restaurant facilities. The greatest need for restaurants in the area surrounding the Subject Property are family restaurants, steak houses and fast food. It is the opinion HCA that the subject property could support all of these restaurant types. In order to recommend the number of and size restaurants, a Restaurant Feasibility Study would need to be conducted.

06/2020

Retail Recommendation

Retail Spending Preferences (5 minute Drive Radius):

RA FT

This section of the report summarizes recommendations based on recent trends and the current supply of the Retail Industry in the community and certain driving times from Subject Property. Based on the conditions in Baton Rouge, LA and the area in close proximity to the Subject Property, HCA recommends the examined land is viable for the following:

Sector

Average MPI

Apparel (Adults)

100 97

-D

Cell Phones Grocery

101

Sector

Cell Phones Grocery

Apparel (Adults)

Retail Spending Preferences (15 minute Drive Radius):

Average MPI 100 99 100

Retail Spending Preferences (15 minute Drive Radius): Average MPI

Apparel (Adults)

100

Cell Phones

101

Grocery

100

Convenience Store

100

Sector

Retail Recommendations - Based on all the research conducted by HCA, It is the opinion of HCA that there is an opportunity in the area surrounding the Subject Property for new retail facilities. The greatest need for retail in the area surrounding the Subject Property are Apparel and Grocery. There is need for a Cell Phone Store as well. Data shows that they consumers in the immediate area are Android vs Apple users as well. It is the opinion HCA that the subject property could support additional retail. In order to recommend the number of and branding of this retail, a Retail Feasibility Study would need to be conducted.

Source: Opinion of HCA Representative

06/2020

Sport/Recreation Overview

RA FT

Louisiana’s Capital City is home to numerous activities and sporting events, ranging from children’s and adult leagues to collegiate and professional teams. Residents of all ages can participate in a wide range of league sports that are available year-round. Popular sports in Baton Rouge include football, baseball, softball, soccer and basketball. For athletes who prefer something different, area recreation clubs offer group activities such as karate and martial arts, mountain biking, rugby and Zumba.

-D

The area’s golf courses provide a challenge for novice and advanced players, and runners can participate in the area’s popular running clubs that hold events throughout the week, as well as special events like themed 5k races. With more than almost 200 parks, residents have plenty of space to enjoy the outdoors with their families. The region also offers specialty sports facilities, including a large beach volleyball complex.

College football is a beloved pastime in the Capital Region. Between the Louisiana State University Tigers and the Southern University Jaguars, Baton Rouge sports fans have many athletic events to choose from. Combined, LSU, Southern University and nearby University of Louisiana at Lafayette are home to more than 40 athletic teams that compete seasonally, as well as numerous recreational teams that hold games year-round. Many of these collegiate teams compete and win among the nation’s best. For the purpose of this assessment, HCA reviewed the sport and recreation opportunities in the Baton Rouge area as well as the area near the Subject Property.

06/2020

Sport/Recreation Overview (continued)

-D

RA FT

Baton Rouge Parks and Recreation - The 184 parks operated by the East Baton Rouge Parish Park Systems, known as BREC, offer parks and recreation opportunities and amenities for the entire family. BREC operates over 200 athletic fields, 60 recreation centers, 7 swimming pools and 7 golf courses. These Baton Rouge parks and recreation facilities focus on open spaces and quiet places. Its parks and nature preserves include more than 33 miles of paved and gravel hiking, running and walking trails. BREC summer and holiday day camps keep kids busy. Camp themes run a gamut from art and astronomy to swamp ecology and theater. During its popular zoo camp, children go behind the scenes at BREC’s Baton Rouge Zoo to assist in the feeding and care of zoo animals. A few of the sports and recreation opportunities that stand out to HCA are:

The Perkins Road Community Park, also known as the “Extreme Sports Park,” is the most visited park within BREC, which is the Recreation and Park Commission for the Parish of East Baton Rouge. Standout features include a 333-meter velodrome — one of just 15 arenas for track cycling in the U.S. — and a 20,000-square-foot outdoor skate park. Other park amenities include:

BMX track Fishing pond stocked with rainbow trout Lighted baseball field Rock climbing tower Sand volleyball courts Soccer field Two playgrounds Tennis courts

Opportunities for recreational activities also extend to the 30,000-square-foot indoor recreation facility. Park visitors can take advantage of the premier basketball and volleyball complex that hosts tournaments for both sports. The largest recreation complex in Baton Rouge, BREC utilizes the facility for summer camps and athletic competitions.

06/2020

Sport/Recreation Overview (continued)

-D

RA FT

BREC’s Burbank Park - Where thousands of youngsters and their parents gather for games on the fields. The Burbank Soccer Complex is the most visible element of the 248-acres that comprise Burbank Park. The complex includes 22 dedicated soccer fields that draw players as young as 3-years-old every day of the week throughout the year. Adult and co-ed leagues use its six lighted fields after sunset. The park is also home to a newly opened dog park that includes separate play areas for large and small dogs and has a designated swim area for pups that want to cool off during the spring and summer months. The park is dotted with benches and water fountains, and includes a shaded pavilion and quarter-mile, paved walking path around the perimeter, which allows dog owners to exercise while their pets play. The park is free and open to the public during daylight hours. Additional park features include five baseball fields, a fishing pond and picnic tables.

BREC’s City-Brooks Community Park - Located near the city’s Garden District, the park’s amenities include a golf course, tennis center and lakes for fishing and kayaking. There is also a large playground, dog park, brick labyrinth and an art gallery. The park's newest amenity is underway — construction of a children’s museum, designed by the Boston architects who developed the Brooklyn Children’s Museum, began in 2015. Once complete, The Knock Knock! Museum will feature hands-on learning zones like a “story tree” and an “art garden” for children from birth to 8-years-old.

Highland Road Community Park - There is plenty to do at the 144-acre Highland Road Community Park in South Baton Rouge. Amenities include a tennis center with lighted courts, an 18-hole disc golf course, soccer and baseball fields, an archery range and running trails that weave through hilly, oak-dotted terrain. The park is also home to the Highland Road Observatory, a facility that houses a 20inch telescope that draws stargazers of all ages during weekly programs and popular summer camps. Play options include an indoor basketball court and a large playground with swings and covered picnic tables. The park’s meadows attract individuals of all ages for both leisure and sport.

06/2020

Sport/Recreation Overview (continued)

-D

RA FT

Independence Community Park - Bringing together cultural and recreational amenities to offer a full day of fun for visitors of every age. The 96-acre BREC facility is home to the soaring architecture of the city’s 126,000-square-foot new, main library, a lively waterpark with waterslides and a lazy river, a tennis center, 1.8 miles of paved walking and jogging paths and turf soccer fields. Independence Community Park also features an oak-shaded playground, picnic tables and baseball fields. The 800-seat Independence Park Theatre hosts plays, concerts and a popular children’s summer theatre camp.

Greenwood Community Park - A 390-acre facility designed for all ages. The site includes an 18-acre lake, walking trail, modern playground, seasonal “spray ground” and more. Located 15 minutes north of downtown Baton Rouge in the city of Baker, Greenwood is one of 11 large community parks in East Baton Rouge Parish. The park also features the 18-hole 6,600-yard Dumas Memorial Golf Course and pro shop with five golf tournaments taking place at the course each year. Greenwood’s additional amenities include:

Canoe and kayak rentals Disc golf, 18-hole course in wooded area Dog park, featuring separate small and large dog play areas, a water station and benches Fishing Open play field for spontaneous sports activities Tennis Center with lighted courts, racquet stringing and instruction Waterfront Café and event facility overlooking lake Walking trail encircling lake

06/2020

Sport/Recreation Overview (continued)

-D

RA FT

YMCA Locations - Baton Rouge. LA boasts 9 YMCA Locations:

The closest YMCA location to the Subject Property is the ExxonMobil YMCA. The ExxonMobil YMCA has been serving the community since 2010. This12,000 squarefoot facility sits on 2.8 acres of land at Howell Place in North Baton Rouge and features weight training equipment, cardio equipment, ActivTrax, kids zone, vegetable garden, outdoor pool and gymnasium through a partnership with BREC. This facility is less than 1.5 miles from the Subject Property.

SportsBR - Since 1994, SportsBR has collaborated with community partners and sponsors to generate more than $30 million of estimated economic impact annually for the Baton Rouge area. They do so by securing and hosting a wide range of sports events at any level in just about any sport. They also partner to produce a number of events that draw competitors from across the country, including the Mardi Gras Mambo 10k/15k, Tiger 10k and the Battlefield Cross Country Festival. And SportsBR works closely with sports coordinators and community leaders to leverage event assets to bring people together from around the area through sports activities and events.

06/2020

Sport/Recreation Overview (continued)

RA FT

Indoor Sports - It should also be noted that community indoor sporting facilities have become extremely popular in soccer, basketball and volleyball. Baton Rouge offers this as well despite it's mild climate for most of the year. HCA representatives have highlighted a couple below:

-D

Team Automotive Group Sportsplex - Baton Rouge Basketball and Volleyball Association (BRBVA) and BREC partnered to build a new, 30,000 square-foot recreational complex. The Team Automotive Group Sportsplex is in the heart of Baton Rouge at BREC's Perkins Road Community Park. It is the largest indoor basketball facility in Baton Rouge and the largest indoor volleyball facility in Louisiana. In addition to being a premier basketball and volleyball complex, Team Sportsplex is home to the Red Storm Volleyball Club. As well as being the host to Red Storm club practices, Team Sportsplex also hosts Red Storm's annual Red Storm Rumble club tournament in the spring. The facility houses 3 tournament play basketball courts, 4 youth basketball courts, 12 basketball half courts and 5 competition volleyball courts.

Premier Soccer Center - The 27,000 square foot, State of the Art, climate controlled facility offers professional sized playing fields for both soccer and lacrosse. It also offers a large spectator viewing area, cafĂŠ, party/meeting rooms for special events and team meetings and many camps and youth programs.

Source: ChooseBR.com

Source: YMCABRorg

Source: Opinion of HCA Representative

Source: www.sportsbr.com

06/2020

Sporting and Recreation Recommendations

RA FT

This section of the report summarizes recommendations based on current supply of the Sporting and Recreation Facilities in Baton Rouge and proximity to Subject Property. Based on the supply in Baton Rouge, LA and the area in close proximity to the Subject Property, HCA recommends the examined land is viable for the following:

-D

Based on the Baton Rouge Market maintaining over 60 public recreation facilities and 9 YMCAs, HCA does not recommend a Sporting or Recreation Facility to be built on the Subject Property at this time. In addition to supply, the fact that a newer facility, the ExxonMobil YMCA is in extremely close proximity to the Subject Property, HCA cannot recommend a facility of that nature at this time without a full Sport and Recreation Facilities Feasibility Study.

Source: Opinion of HCA Representative

It should also be noted that many sporting facilities are government subsidized in some way. This may improve the viability of a new facility.

06/2020

Assumptions and Limiting Conditions

RA FT

1. In the event that the client provided a legal description, building plans, title policy and/or survey, etc., the consultant has relied extensively upon such data in the formulation of all analyses. 2. The legal description as supplied by the client is assumed to be correct and the author assumes no responsibility for legal matters, and renders no opinion of property title, which is assumed to be good and merchantable.

-D

3. All encumbrances, including mortgages, liens, leases, and servitudes, were disregarded in this valuation unless specified in the report. It was recognized, however, that the typical purchaser would likely take advantage of the best available financing, and the effects of such financing on property value were considered.

4. All information contained in the report, which was furnished by others, was assumed to be true, correct, and reliable. A reasonable effort was made to verify such information, but the author assumes no responsibility for its accuracy. 5. The report was made assuming responsible ownership and capable management of the property.

6. The sketches, photographs, and other exhibits in this report are solely for the purpose of assisting the reader in visualizing the property. The author made no property survey, and assumes no liability in connection with such matters. It was also assumed there is no property encroachment or trespass unless noted in the report.

7. The author of this report assumes no responsibility for hidden or unapparent conditions of the property, subsoil, or structures, or the correction of any defects now existing or that may develop in the future. Equipment components were assumed in good working condition unless otherwise stated in this report.

8. It is assumed that there are no hidden or unapparent conditions for the property, subsoil, or structures, which would render it more or less valuable. No responsibility is assumed for such conditions or for engineering, which may be required to discover such factors.

9. The investigation made it reasonable to assume, for report purposes, that no insulation or other product banned by the Consumer Product Safety Commission has been introduced into the Subject premises. Visual inspection by the consultant did not indicate the presence of any hazardous waste. It is suggested the client obtain a professional environmental hazard survey to further define the condition of the Subject soil if they deem necessary.

06/2020

Assumptions and Limiting Conditions ( continued )

RA FT

10. Any distribution of total property value between land and improvements applies only under the existing or specified program of property utilization. Separate valuations for land and buildings must not be used in conjunction with any other study or appraisal and are invalid if so used.

-D

11. A valuation estimate for a property is made as of a certain day. Due to the principles of change and anticipation, the value estimate is only valid as of the date of valuation. The real estate market is nonstatic and change and market anticipation is analyzed as of a specific date in time and is only valid as of the specified date.

12. Possession of the report, or a copy thereof, does not carry with it the right of publication, nor may it be reproduced in whole or in part, in any manner, by any person, without the prior written consent of the author particularly as to value conclusions, the identity of the author or the firm with which he or she is connected. Neither all nor any part of the report, or copy thereof shall be disseminated to the general public by the use of advertising, public relations, news, sales, or other media for public communication without the prior written consent and approval of the consultant. Nor shall the consultant, firm, or professional organizations of which the consultant is a member be identified without written consent of the consultant.

13. The author of this report is not required to give testimony or attendance in legal or other proceedings relative to this report or to the Subject unless satisfactory additional arrangements are made prior to the need for such services.

14. The opinions contained in this report are those of the author and no responsibility is accepted by the author for the results of actions taken by others based on information contained herein.

15. Opinions of value contained herein are estimates. There is no guarantee, written or implied, that the Subject will sell or lease for the indicated amounts.

16. The party for whom this report is prepared has reported to the consultant there are no original existing condition or development plans that would subject this property to the regulations of the Securities and Exchange Commission or similar agencies on the state or local level. 17. Acceptance of and/or use of this report constitute acceptance of all assumptions and the above conditions. Estimates presented in this report are not valid for syndication purposes.

06/2020

Disclaimer

RA FT

We hereby certify that we have no undisclosed interest in the property and our employment and compensation are not contingent upon our findings. This study is subject to the comments made throughout this report and to all assumptions and limiting conditions set forth herein.

-D

The conclusions presented in this report are based upon the information available and received at the time the report was filed. HCA has taken every possible precaution to evaluate this information for its complete accuracy and reliability. Parts of this report were prepared or arranged by third-party contributors, as indicated throughout the document. While third-party contributions have been reviewed by HCA for reasonableness and consistency for including in this report, third-party information has not been fully audited or sought to be verified by HCA. HCA does not provide financial advice.

It should be understood that economic and marketplace conditions are in constant change. The results presented in this report are the professional opinion of HCA and are based on information available at the time of the report preparation. These opinions infer that market conditions do not change the information received upon which those opinions have been based. HCA assumes no responsibility for changes in the marketplace. HCA assumes no responsibility for information that becomes outdated once this report is written; nor are we responsible for keeping this information current after the date of the final document presentation.

HCA makes no express or implied representation or warranty that the contents of this report are verified, accurate, suitably qualified, reasonable or free from errors, omissions or other defects of any kind or nature. Those who rely on this report do so at their own risk and HCA disclaims all liability, damages or loss with respect to such reliance.

It is presumed that those reading this report understand the contents and recommendations. If this reader is unclear of understanding the contents, clarification can be received directly from a representative of HCA. While the terms of HCAâ&#x20AC;&#x2122;s engagement do not require that revisions be made to this report to reflect events or conditions which occur subsequent to the date of completion of fieldwork, we are available to discuss the necessity for revisions in view of changes in the economic climate or market factors affecting the proposed project. Please do not hesitate to call should you have any comments or questions.

06/2020

Land Use Assessment - Plank Road - Baton Rouge, Louisiana

Articles inside

Disclaimer

Assumptions and Limiting Conditions

Sport/Recreation Recommendations

Retail/Restaurant Recommendations

Lodging Industry Overview

Lodging Need Recommendations

Table of Contents

Housing Recommendations

Subject Property Analysis

Community Infrastructure

Employer Overview