TERM SHEET by Jllconstuction

1.1 DEVELOPER

SECTION 1: PROJECT OVERVIEW

Catalyst Consulting Group, LLC (the “Developer”)

1.2 DEVELOPER STATE OF ORGANIZATION

Illinois

1.3 DEVELOPER ADDRESS

30 N. Gould Street

Suite 7538

Sheridan, WY 82801 800-488-9118

1.4 PROJECT LOCATION

The project, Calumet Country Club, is located at 2163 175th Street, Homewood, Cook County, Illinois 60430 (the “Project”) 1 The Project is located south of Tri-State Tollway, east of Dixie Highway, and North of 175th Street. This is the Tax Increment Financing("TIF") District and within the ____________________. A list of Parcel Identification Number (“PIN”) for the Project can be found in Exhibit A.

1.5 PROJECT DESCRIPTION

The Developer intends to undergo a transformative project to redevelop the former Calumet Country Club The Project will be a mixed-use commercial redevelopment with uses that include retail, entertainment, hotels, recreational, office, and warehousing and storage facilities for materials to be

1 On April 13, 2021, Village of Homewood Board of Trustees passed Ordinance No. 2164 disconnecting the Project from the Village of Homewood, pursuant to Section 7-3-4 of the Illinois Municipal Code, 65 ILCS 5/7-3-4. The Project is currently located in unincorporated Cook County and will be annexed to the Village of Hazel Crest

shipped out. The storage facilities will have capacity for internal storage. There will be no external storage for the Project, unless shielded by landscape and not visible from arterial roadways.

In addition to completing the Project, the Developer anticipates creating (directly or via tenants) a total of 600 or more new full time equivalent employees (“FTE’s”) and over 1000 temporary construction jobs.

Taken in whole, those improvements constitute the redevelopment Project.

1.6 ANNEXATION

Within 30-60 days after execution and approval of the term sheet, the Village of Hazel Crest (“Village”), through the action of its corporate authority, agrees to adopt a resolution approving the annexation of the subject site into the Village of Hazel Crest (“Annexation”). The Village shall notify all necessary municipal entities or persons required to be notified by law and shall promptly record all resolutions, plats, affidavits necessary to accomplish said Annexation in accordance with all statutory and Village requirements.

Said Annexation shall be undertaken by the Village with the following commitments:

• Zoning: The Village agrees to adopt a resolution rezoning the subject site to permit the following land uses: commercial, hotels, warehousing and storage, retail, entertainment and all appropriate ancillary uses with the required density, bulk and data controls.

• Municipal Services: The Village agrees to provide all customary municipal services including, but not limited to, Police and Fire Protection.

• Municipal Utilities: The Village will make available to the site Municipal water, sewer, and sanitary services.

• Public Right-of-Way: The Village shall agree to approve a plan for the driveways, curb-cuts, dedicated streets and alleys and traffic signalization and agree to the setback on both Dixie Hwy and 175th as per plans and rendering, pursuant to site plans agreed by Village departments.

SECTION 2: FINANCING AND VILLAGE ASSISTANCE

The Village, through its Planning and Zoning Commission (“PZC”), agrees to enter into a TIF Redevelopment Agreement (the “RDA”) with the Developer pursuant to the outline of terms of this agreement.

2.1 TIF FINANCING

PZC proposes to reimburse the Developer for 100% of its TIF-eligible costs in an amount not to exceed $135,000,000.00 (the “TIF Funds”) or approximately 30% of the Total Project Costs, currently estimated to be $585,584,028.00 (the “TPC”). TIF Funds will include taxable notes (“Taxable Notes”) and TIF bonds (“TIF Bonds”)

The TIF-eligible expenses will be reimbursed from incremental property taxes (“IPT”) generated from areawide increment in the Calumet Country Club TIF District in the following manner:

• 50% at issuance of Certificate of Completion for Phase I or 90% of available increment, whichever is greater.

• 100% at five-year anniversary of the Certificate of Completion for Phase I or 90%% of available increment, whichever is greater.

• 90% of all increment collected over remaining TIF term, until full reimbursement of TIF subsidy.

A. Issuance of Taxable Notes

The Village will issue a taxable note or taxable notes in one or more series in the form attached as Exhibit D, in an amount up to _____________. Interest on the Taxable Notes will accrue upon issuance at a rate equal to ___% interest. Developer may request more than one Taxable Notes from time to time.

B. TIF Bond

The Village will issue TIF Bonds secured by incremental taxes pursuant to a TIF Bond ordinance (the “TIF Bond Ordinance”) prior to the commencement of the Project. The proceeds (“TIF Bond Proceeds”) may be used to pay for TIF-eligible costs (including any such payment made to any Village note provided to the Developer pursuant to this Term Sheet), to make payments of principal and interest to the TIF Bond, or to reimburse the Village for costs of TIF-eligible improvements.

2.2 PROJECT SOURCES AND USES

A detailed budget for the Project can be found in Exhibit B.

2.3 TIF-ELIGIBLE COSTS

TIF-eligible costs include land assembly and acquisition, demolition, site preparation, environmental remediation, rehabilitation, sanitary and storm sewers, earthwork graving and paving, roadways and street construction, drainage facilities, water lines and water facilities, vertical construction, including all soft costs associated therewith, traffic control and signalization and other eligible activities under the State of Illinois TIF Act (the “TIF Act”). The TIF-eligible activities for the Project will be listed specifically in the RDA. An initial estimate of the TIF-eligible costs for the Project is included in Exhibit B.

2.4 REQUIREMENTS FOR THE ISSUANCE OF THE CERTIFICATE OF COMPLETION

The Developer acknowledges and understands that the Village will not issue a Certificate of Completion (the “Certificate”) and until the following conditions have been met:

• Evidence acceptable to PZC that the TPC is equal to, or in excess of, $585,584,028.00. If the final cost is less than the TPC, TIF funds will be reduced on a dollar-for-dollar basis.

• Evidence that the developer has incurred or will incur TIF-eligible costs in an amount equal to, or greater than, the total maximum amount of TIF Funds will be reduced on a dollar-for-dollar basis.

• Receipt of a Certificate of Occupancy or other evidence acceptable to PZC that the Developer has complied with building permit requirements for the Project.

• Evidence of at least 50 percent of the leasable square footage is leased and occupied. Executed purchase contracts, executed leases, or sale or transfer to a retail operation will be sufficient evidence of leased square footage.

• Closeout letter from Construction Compliance showing compliance with MBE/WBE, prevailing wage, and Village residency requirements.

The RDA will describe the process for requesting the Certificate and will provide that the Village shall make best efforts to respond in writing within 45 days of receiving such request in writing. There will be no deemed approval associated with the request for a Certificate.

PROJECT SOURCES: Owner Equity $25,881,770 Sales Revenue $85,776,000.00 Debt $480,000,000.00 NMTC $0 TIF Bridge $135,000,000.00 Total Sources: $726,657,770.00 PROJECT USES: Hard Costs $417,341,080.00 Soft Costs $75,578,856.00 Acquisition Costs $36,525,060 Other costs $56,139,032.00 Total Project Costs: $585,584,028.00

2.5 OTHER PUBLIC FUNDING OR INCENTIVES

The Village also intends to pass a Resolution affirming its support for the designation of a Class 7b incentive and or acceptable designation for a maximum of 23 - year term. The presence of the Class 7b may have an impact on the available IPT and any TIF Funds provided would be subject to availability following this incentive.

An initial estimate of the benefit of the property tax abatement is included in Exhibit C.

2.6 TERM OF THE AGREEMENT

The term of the RDA will extend from the execution of the RDA through the end of the Compliance Period as defined in Section 2.7.

2.7 TERM OF THE COMPLIANCE PERIOD

The Developer will be required to comply with the terms of the RDA for at least 10 years from the issuance of the Certificate (the “Compliance Period”).

2.8 FAILURE TO CLOSE

Failure by the Developer to execute the RDA with the Village within 180 days of approval by Village Council will be considered an Event of Default.

SECTION 3: PERFORMANCE AND COMPLIANCE REQUIREMENTS

Developer shall comply with the covenants and requirements in this Section 3. Violation of any of the requirements set forth in Section 3 shall be considered an “Event of Default,” subject to the Cure Periods set forth in Section 3.4.

3.1 OCCUPANCY COVENANT

The Developer will be required to maintain no less than 51 percent of the Project occupied by operational businesses throughout the Compliance Period.

3.2 JOB CREATION AND RETENTION COVENANT

There will be no jobs covenant. The RDA, however, will note that the Developer will aspire to create (directly and indirectly via tenants) 600 or more FTE positions. In addition, as well as 1000 temporary FTE construction related positions will be created. The Developer will provide information regarding employment on an annual basis pursuant to Section 3.3.

3.3 ANNUAL COMPLIANCE AND PERFORMANCE REPORTS

The Developer shall be required to provide Annual Compliance Reports (the “Annual Compliance Report”) consisting of a letter from the Developer itemizing all ongoing requirements with evidence and certification attached which is sufficient to prove that all of the ongoing requirements have been satisfied during the preceding year.

As part of the Annual Compliance Report, the Developer shall also submit a jobs report detailing the following information for each employee:

• Employee status as full-time or part-time;

• Zip code for their primary residency;

• Total employment tenure in months; and

• Wages above or below the “Living Wage” rate as define for that year.

The Annual Compliance Report is to be provided by the Developer on each anniversary of the issuance of the Certificate and/or with the payment requisition forms. If the Annual Compliance Report is not received 60 days prior to the payment date the Village will be required to provide notice to the Developer, after which the Developer will have 10 days to file the Annual Compliance Report. The Developer’s failure to submit the Annual Compliance Report in a timely manner will result in a delay in payment(s) until any deficiencies are cured.

3.4 CURE PERIOD

Following an Event of Default pursuant to Section 3, the Developer shall be entitled to two non-consecutive oneyear cure periods (each being a “Cure Period”) during the life of the Compliance Period, provided further that there shall be no cure period with respect to Developer’s failure to comply with any provisions pursuant to Section 4.

During a Cure Period, the Village will not be required to make a payment of TIF Funds. Once cured, any default year by the Developer shall not count towards the required term of the Compliance Period or any other obligation of the Developer under the RDA. If two defaults have occurred and have both been independently cured, then any subsequent default shall constitute an Event of Default without notice or opportunity to cure.

SECTION 4: DEVELOPER LIMITATIONS

Developer shall also comply with the covenants and requirements in this Section 4. Violation of any of the requirements set forth in Section 4 shall be considered an Event of Default but shall not be subject to cure.

4.1 LIMITS ON DEVELOPER ACTION

Prior to the issuance of a Certificate, Village consent is required for any financing other than the Lender Financing, in the amount set forth in Section 2.2. After issuance of the Certificate, if mortgagee or other permitted transferee executes a subordination agreement in which it subordinates its mortgage lien to the covenants that run with the land, Village consent is not required; however, Village consent is required for Village to have obligation to pay any incremental taxes to any transferee other than the Developer or a wholly-owned affiliate thereof.

Prior to the issuance of the Certificate, the Developer also may not, without the Village's consent:

• Liquidate or consolidate;

• Sell, lease or transfer the entire Project or all of its property, without Village consent;

• Enter into any transaction outside the ordinary course of business that would materially adversely affect the ability of the Developer to complete the Project;

• Assume or guarantee the obligations of any other person or entity that would materially adversely affect the ability of the Developer to complete the project; or

• Enter into a transaction that would cause a material and detrimental change to the Developer’s condition.

This section shall not apply to a transfer from the Developer to one of Developer’s subsidiaries or affiliates through a quitclaim, transfer or sale to a single asset limited liability company, or transfer or sale of an industrial parcel, or individual parcels to commercial or recreational entities for development. Furthermore, this section shall not apply to Developer assigning its interest and rights for financing or capitalization of the Project.

4.2 OPERATIONS COVENANT

Developer shall continuously operate the entirety of the Project in the manner described in Section 1.5 for the duration of the Compliance Period with the exception of recognized holidays or other closures in the normal course of business.

4.3 PROFIT SHARING

Not Applicable.

SECTION 5: CONSTRUCTION COMPLIANCE REQUIREMENTS

5.1 BID REQUIREMENT

Contracts must be bid out and the lowest responsible qualified bidder chosen unless otherwise approved by PZC. “Qualified bidder” means a bidder with respect to the Developer’s Minority-owned Business Enterprise and Women-Owned Business Enterprise (“MBE” and “WBE,” respectively) requirement.

5.2 PROJECT REVIEW BY VILLAGE CONSTRUCTION COMPLIANCE

Prior to the Community Development Commission hearing, evidence must be provided to PZC that MBE/WBE contractor associations have been informed of the project, via written notice and meetings.

Prior to the RDA Closing Date, the Developer, general contractor and all major subcontractors shall be required to meet with the monitoring staff of PZC with regard to the Developer’s plan to achieve its obligations as established in the RDA and as mandated by Village Council ordinance and PZC policy.

5.3 MBE/WBE HIRING REQUIREMENTS

Developer must meet the Village’s contract participation requirement of at least % and % for MBEs and WBEs respectively for the Project’s construction hard costs. The costs will be more fully described in the MBE/WBE exhibit to the RDA, but examples are provided below:

• Environmental remediation;

• Demolition;

• Site preparation;

• Building construction; and

• Construction contingency (if actually incurred in order to compete construction of the Project).

If the Developer seeks to exclude the cost of any of the applicable Project activities from the MBE/WBE Budget (an exhibit to the RDA), the Developer must provide PZC with a list of those activities (and the estimated cost of each activity) it wishes to be excluded. The Village, in its sole discretion, will then determine if these items are to be excluded from the MBE/WBE Budget. The Developer is reminded that after the start of construction or execution of the RDA, whichever is first, the Developer may not request a waiver for any Project activity and/or its associated cost.

Prior to the start of construction, or prior to the execution of the RDA, whichever is first, the Developer must submit to PZC its agreement with the General Contractor (the “GC”) for review. PZC will not review sub-contracts but may request copies of such documents from the Developer. The Developer will submit their MBE/WBE utilization plan, including schedule C and D, to PZC for approval. Prior to the execution of the RDA, the Developer must submit evidence acceptable to PZC that the general contractor has met at least once with, and provided bid documents to, applicable MBE/WBE contractor associations. The Village will monitor the Developer’s compliance with the MBE/WBE requirement on a monthly basis and at the completion of Project (to be measured in actual dollars expended to date, based on the MBE/WBE exhibit to the RDA).

Failure to meet the MBE/WBE requirement will result in the non-issuance of the Certificate and the termination of the RDA.

SECTION 6: STANDARD VILLAGE CONDITIONS

The terms below are, broadly, standard Village policies and procedures regarding the Village requirements to execute the Redevelopment Agreement and manage the TIF district. These terms are generally not subject to negotiation.

6.1 CLOSING REQUIREMENTS:

Prior to the RDA Closing Date, Village shall review equity, Lender Financing, and Developer financial statements (including entities with an ownership interest in the Project) for the most recent three fiscal years (if applicable to the Developer’s legal entity), a copy of the owner’s title policy, UCC, tax and judgment searches, opinion of counsel, insurance (acceptable to the Village), ground leases, acquisition documents, tenant leases, if any, lease termination agreements, tenant relocation plans, operating leases, synthetic leases, any other leases associated with the Project, and other financing documents and other customary closing requirements.

6.2 ECONOMIC DISCLOSURE STATEMENTS AND SCOFFLAW CHECKS

The Village requires the submission of an Economic Disclosure Statement (“EDS”) of all individuals, corporations or other entities, which are party to the Developer’s legal ownership, RDA and all leases. The Village has the right to examine the economic terms of leases, management and other material agreements. In addition to the review of EDS forms, the Village will also perform scofflaw checks on the individuals, corporations, or entities mentioned above to determine if any debt is owed to the Village.

All EDS forms must be completed to the satisfaction of the Village and all outstanding debts must be fully addressed prior to the Project being placed on the agenda for the introduction to Village Council.

6.3 MORTGAGE SUBORDINATION

The Village will require that all lenders subordinate their liens to the covenants in favor of the Village that run with the land. This provision does not apply to mortgage(s) that replace any permanent mortgage and which secure financing in a principal amount not to exceed the principal amount of the senior loan, NMTC loan, or bridge loan outstanding immediately prior to such refinancing.

6.4 ENVIRONMENTAL AUDITS

Prior to the RDA Closing Date or the start of construction, whichever comes first, the Village will require the Developer and/or Owner to provide the Village with all environmental reports or audits, if any, obtained by Developer or Owner with respect to the Site, and if not covered by such reports, a Phase I environmental site assessment for any unassessed portion of the Site. If there has been a notice from an agency regarding environmental issues Developer must provide written verification from the appropriate municipal, State and/or federal environmental agency that all identified environmental issues have been resolved to their satisfaction. The Village reserves the right to require, at Developer’s expense, additional environmental studies if the initial ones are inadequate.

6.5 EMPLOYMENT PLAN NEEDS ASSESSMENT

Not Applicable.

6.6 Village APPROVALS

The Village shall have the right to review and approve:

• Initial plans and specifications;

• Changes in Project scope which reduce the square footage of the Project by more than 20% changes in the basic uses of the Project;

• Increases in the total Project budget of more than 20%; and

• A delay in the completion of the Project by more than 12 months.

The Village will attempt to expeditiously review all of the above and approve or reject in writing. The Developer is at risk to proceed with any of the above without Village written approval. Other material change orders made by the Developer (as defined in the RDA, by the Village at its sole discretion) shall be reported to the Village in the Developer’s quarterly reports.

6.7 VILLAGE ADMINISTRATIVE COSTS

Up to 10% of annual incremental tax revenues generated by the TIF District, including the Project, may be reserved by the Village for administrative-related costs as first claim on TIF increment.

ACCEPTANCE OF TERMS

This agreement is not binding upon Catalyst Consulting Group LLC or the Village. This agreement is, however, an expression of the parties’ mutual intent to negotiate and enter into a binding RDA on the basis of these terms. Neither party will be bound until a valid and binding RDA is executed and delivered by the Village or Catalyst Consulting Group LLC. It is expressly acknowledged and understood that, in addition to the parties negotiating and agreeing on definitive terms and agreements, the Village’s ability to proceed shall be expressly conditioned on the Village Council approving and authorizing the Village to proceed with the RDA on such terms and conditions, and other Village Council authorization for specific elements of the Village’s intended undertakings.

[Village signature]

[Title]

Village of Hazel Crest

Jerry L Lewis [Executive Managing Partner] Catalyst Consulting Group LLC

EXHIBIT B PROJECT PIN

29-30-300-005-0000 29-30-300-103-000

EXHIBIT B PROJECT BUDGET AND ELIGIBLE COSTS

EXHIBIT “B”

BUDGET

Note: Enter data only in Column C Totals will be calculated automatically

Developer: Date:

Project Name:

$ per SFof % of Total Amount Building Area* Project Costs Comment: Land Acquisition City Land $0 $0.00 0.0% Other Property $36,525,060 $12 90 6 2% Total Land Acquisition $36,525,060 $12 90 6 2% Demolition $850,000 $0.30 0.1% Site Preparation Utilities $7,902,650 $2 79 1 3% Environmental $275,000 $0.10 0.0% Foundation Removal $0 $0 00 0 0% Grading $17,348,500 $6 13 3 0% Other $27,027,882 $9 55 4 6% Total Site Preparation $52,554,032 $18.57 9.0% Landscaping & Paving $2,735,000 $0.97 0.5% Hard Costs Construction $374,869,738 $132 43 64 0% General Contractor Fee $37,486,973 $13 24 6 4% General Conditions $4,984,369 $1 76 0 9% Hard Cost Contingency $0 $0.00 0.0% Total Hard Costs $417,341,080 $147.43 71.3% Equipment $0 $0 00 0 0% Furniture and Fixtures $0 $0.00 0.0% Soft Costs Architect Fee $10,919,620 $3 86 1 9% Project Management $5,250,000 $1 85 0 9% Developer Fee $42,000,000 $14 84 7 2% Legal/Accounting $875,000 $0 31 0 1% Leasing Commissions $4,010,236 $1 42 0 7% Market Studies $175,000 $0 06 0 0% Financing Fees $5,600,000 $1 98 1 0% Financing Interest $2,500,000 $0 88 0 4% Real Estate Taxes $600,000 $0 21 0 1% Insurance $1,549,000 $0 55 0 3% Appraisal $250,000 $0 09 0 0% Testing $250,000 $0 09 0 0% Permits $700,000 $0 25 0 1% Other Soft Costs $0 $0.00 0.0% Soft Cost Contingency $900,000 $0 32 0 2% Total Soft Costs $75,578,856 $26 70 12 9% Total Project Costs $585,584,028 $206.87 100.0% * Building area = 2,830,737 square feet

CCC Redevelopment Project Catalyst Consulting Group LLC August 28 2022

Attachment A DETAILED CONSTRUCTION

Attachment A

SOURCES AND USES OF FUNDS

Notes: Enter data only in Columns C and H. Column C figures will total automatically.

Project Name: Developer: Date: % of Total SOURCES Amount Sources Equity Cash Equity $2,000,000 0% Real Estate $23,881,770 3% Source: Other Equity $0 0% Source: Total Equity $25,881,770 4% Loans Bank Loan $480,000,000 66% Terms: Mezzanine Loan $0 0% Terms: Other Financing $0 0% Terms: Total Loans $480,000,000 66% Sales Revenue $85,776,000 12% Source: Government Assistance Land Write-Down $0 0% TIF $135,000,000 19% Tax Credits $0 0% Source: Grants $0 0% Source: Other $0 0% Source: Total Assistance $135,000,000 19% Total Sources $726,657,770 100% $ per SFof USES Amount Building Area* Land Acquisition $36,565,020 $12 92 Demolition $850,000 $0 30 Site Preparation $52,554,032 $18 57 Landscaping & Paving $2,735,000 $0.97 Hard Costs $417,341,080 $147 43 Equipment $0 $0 00 Furniture and Fixtures $0 $0.00 Soft Costs $75,578,856 $26 70 Total Uses $585,623,988 $206 88

Building area

2,830,737 square feet

August 28 2022

CCC Redevelopment Project Catalyst Consulting Group LLC

EXHIBIT “B”

Project Name: 1 2 3 4+ Pr nc pal $480,000,000 Deve oper: Commerc al Rent 1% 2% 3% 4% Term (years) 30 0 Date: Residentia Rent 0% 0% 0% 0% Interest Rate 4 5% Parking/Other Revenue 0% 0% 0% 0% Years 1 2 3 4+ Operating Expense 1% 1% 0% 0% Commercia 8% 5% 3% 2% Real Estate Tax 0% 0% 0% 0% Total Equity $25,881,770 Res dential 0% 0% 0% 0% Capital Reserves 0% 0% 0% 0% Total Pro ect Costs $585,034,028 YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7 YEAR 8 YEAR 9 YEAR 10 YEAR 11 INCOME SF Rent/sf Year 11 NOI $76,422,418 Commerc al Rent 1,542,577 $36 25 /yr $55,918,416 $56 477,600 $57,607,152 $59 335,367 $61,708,782 $64,177,133 $66,744,218 $69,413,987 $72,190,546 $75,078,168 $78,081,295 Cap Rate (enter rate) 10 0% Commerc al Expense Recover es - $0 00 /yr $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Gross Reversion $764,224,182 Res dentia Rent- Market Rate - $0 00 /mo $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Less Cost of Sa e (enter rate) 2 0% Res dentia Rent- Affordab e - $0 00 /mo $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Reversion before Debt $748,939,698 Park ng Revenue per space 12 $30,000 00 /mo $4,320,000 $4 320,000 $4,320,000 $4,320,000 $4,320,000 $4,320,000 $4,320,000 $4,320,000 $4,320,000 $4,320,000 $4,320,000 Less Loan Balance ($384,429,287) Other Revenue - $0 00 /yr $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Net Reversion $364,510,411 GROSS POTENTIAL INCOME $60,238,416 $60 797,600 $61,927,152 $63 655,367 $66,028,782 $68,497,133 $71,064,218 $73,733,987 $76,510,546 $79,398,168 $82,401,295 Commerc al Vacancy ($4,473,473) ($2,823,880) ($1,728,215) ($1,186,707) ($1,234,176) ($1,283,543) ($1,334,884) ($1,388,280) ($1,443,811) ($1,501,563) ($1,561,626) Res dentia Vacancy $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 EFFECTIVE GROSS INCOME (EGI) $55,764,943 $57 973,720 $60,198,938 $62 468,660 $64,794,606 $67,213,590 $69,729,334 $72,345,707 $75,066,736 $77,896,605 $80,839,669 EXPENSES SF Cost/sf Maintenance, Repa rs, Uti it es 1,542,577 $0 72 $1,110,655 $1 121,762 $1,132,980 $1,132,980 $1,132,980 $1,132,980 $1,132,980 $1,132,980 $1,132,980 $1,132,980 $1,132,980 Real Estate Taxes 1,542,577 $1 35 $2,082,479 $2 082,479 $2,082,479 $2,082,479 $2,082,479 $2,082,479 $2,082,479 $2,082,479 $2,082,479 $2,082,479 $2,082,479 Overal IRR 11 8% Insurance 1,542,577 $0 10 $154,258 $155,800 $157,358 $157,358 $157,358 $157,358 $157,358 $157,358 $157,358 $157,358 $157,358 Equity IRR 96 9% Management Fee EGI 1% $557,649 $579,737 $601,989 $624,687 $647,946 $672,136 $697,293 $723,457 $750,667 $778,966 $808,397 Professiona Fees 1,542,577 $0.10 $154,258 $155,800 $157,358 $157,358 $157,358 $157,358 $157,358 $157,358 $157,358 $157,358 $157,358 Other Expenses 1,542,577 $0 05 $77,129 $77,900 $78,679 $78,679 $78,679 $78,679 $78,679 $78,679 $78,679 $78,679 $78,679 TOTAL EXPENSES $4,136,428 $4 173,479 $4,210,844 $4,233,541 $4,256,800 $4,280,990 $4,306,148 $4,332,311 $4,359,522 $4,387,820 $4,417,251 NET OPERATING INCOME (NOI) $51,628,515 $53 800,242 $55,988,094 $58 235,119 $60,537,806 $62,932,600 $65,423,186 $68,013,396 $70,707,214 $73,508,785 $76,422,418 SF Cost/sf Reserves - $0 00 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 --Other Capital Costs (insert for each year) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 --Debt Serv ce $29,185,074 $29 185,074 $29,185,074 $29 185,074 $29,185,074 $29,185,074 $29,185,074 $29,185,074 $29,185,074 $29,185,074 --NET CASH FLOW before depreciation $22,443,441 $24 615,168 $26,803,020 $29 050,045 $31,352,732 $33,747,526 $36,238,112 $38,828,322 $41,522,140 $44,323,711 --C ty o Ch cago Dept of Commun ty Deve opment 6/09 Internal Rates of Return Equity / Total Project Costs

Attachment A Growth Rates Mortgage Vacancy Rates (Sample Cash Flow Project on) Years Note: Enter data only in shaded cells. CCC Redee opmentt Pro ect Catalyst Consult ng Group LLC August 28 2022 Calculation of the Reversion EXHIBIT “B”

REVENUE PROJECTIONS - RENTAL PROJECT

ESTIMATE A 3% ESCALATION ON ALL COST

Project: Calumet Country Club Location: Hazel Crest, IL Date: All Phases 1.00 EARTHWORK QUANTITY UNITS PRICE COST 1.01 Topsoil Strip to Stockpile (18" based on initial borings) 305,000 CY 3.30 $ 1,006,500.00 $ 1.02 Topsoil Strip to Non-Structural Fill 55,000 CY 5.00 $ 275,000.00 $ 1.03 Clay Cut to Structural Fill (geotech confirmation of soils) 315,000 CY 5.60 $ 1,764,000.00 $ 1.04 Borrow Material to Fill 215,000 CY 3.50 $ 752,500.00 $ 1.05 Stockpile to Borrow Pit Fill 215,000 CY 3.50 $ 752,500.00 $ 1.06 Topsoil Respread 35,000 CY 3.80 $ 133,000.00 $ Subtotal Earthwork 4,683,500.00 $ 2.00 DEMOLITION QUANTITY UNITS PRICE COST 2.01 Building Demolition 50,000 SF 20.00 $ $ 2.02 Tree Clearing and Grubbing 1,000 EA 100.00 $ 100,000.00 $ 2.03 Misc. Golf Demo 1 Allowance 50,000.00 $ 50,000.00 $ 2.04 Utility Demo 1 Allowance 100,000.00 $ 100,000.00 $ 2.05 Pavement/Curb Demo (Potential to re-use as aggregate) 20,000 SY 30.00 $ 600,000.00 $ Subtotal Demolition $ 3.00 EROSION CONTROL QUANTITY UNITS PRICE COST 3.01 Construction Entrance EA $ $ 3.02 Silt Fence Installation 18,000 LF 1.50 $ 27,000.00 $ 3.03 Inlet Filter Baskets 200 EA 150.00 $ 30,000.00 $ 3.04 Concrete Washout 5 EA 500.00 $ 2,500.00 $ 3.05 Rip Rap 500 SF 15.00 $ 7,500.00 $ 3.06 Street Sweeping & Dust Control 1 EA 20,000.00 $ $ Subtotal Erosion Control $ 4.00 PAVING QUANTITY UNITS PRICE COST 4.01 Heavy Duty Bituminous Pavement-On Site 3.01a 1-1/2" HMA Surface Course 385,000 SY 6.75 $ 2,598,750.00 $ 3.01c 2-1/2" Bituminous Binder Course 385,000 SY 11.25 $ 4,331,250.00 $ 3.01e 12" Aggregate Base Course (CA6) 385,000 SY 12.00 $ 4,620,000.00 $ 4.02 Curb & Gutter - Onsite 36,000 LF 16.00 $ 576,000.00 $ 4.03 Striping and Signage (excludes Billboards) 1 Allowance 100,000.00 $ 100,000.00 $ 4.04 Concrete Sidewalk SF $ $ Subtotal Paving $ 5.00 STORM SEWER SYSTEM QUANTITY UNITS PRICE COST 5.01 12" RCP 5,250 LF 20.00 $ 105,000.00 $ 5.02 15" RCP 4,500 LF 30.00 $ 135,000.00 $ 5.03 18" RCP 2,250 LF 35.00 $ 78,750.00 $ 5.04 24" RCP 1,500 LF 40.00 $ 60,000.00 $ 5.05 30" RCP 1,500 LF 60.00 $ 90,000.00 $ 5.06 30" RCP Relocation 1,200 LF 80.00 $ 96,000.00 $ 5.07 Ditch Relocation 2,400 LF 80.00 $ 192,000.00 $ 5.08 30" FES 12 EA 2,000.00 $ 24,000.00 $ 5.09 2' Storm Inlet 20 EA 1,800.00 $ 36,000.00 $ 5.10 4' Diameter Storm Manhole 120 EA 2,500.00 $ 300,000.00 $ 5.11 5' Diameter Storm Manhole 60 EA 3,000.00 $ 180,000.00 $ 5.12 Outlet Control Structure 2 EA 10,000.00 $ 20,000.00 $ 5.13 Trench Backfill (Avg. Assumed for pipe sizes) 17,000 CY 18.00 $ 306,000.00 $ Subtotal Storm Sewer System $ 6.00 SANITARY SEWER SYSTEM QUANTITY UNITS PRICE COST 6.01 6" PVC Service - Commercial Pads 7 EA 600.00 $ 4,200.00 $ 6.02 6" PVC Service - Industrial 2 EA 3,100.00 $ 6,200.00 $ 6.03 8" PVC SDR-26 3,000 LF 25.00 $ 75,000.00 $ 6.04 4' Diameter Sanitary Manhole 10 EA 2,500.00 $ 25,000.00 $ 6.05 Connect to Existing 1 EA 3,000.00 $ 3,000.00 $ 6.06 Lift Station 1 EA 300,000.00 $ 300,000.00 $ 6.07 Regional Lift Station Improvements 1 EA 100,000.00 $ 100,000.00 $ 6.08 Trench Backfill (Assumed 8ft average depth) 1,000 CY 18.00 $ 18,000.00 $ Subtotal Sanitary Sewer System $ PRELIMINARY DRAFT TIF EXPENSES August 18, 2020 4201 Winfield Road Suite 600 Warrenville, IL 60555 !"#$### ## ! !" $$$ $$ !"#$$$ $$ !"#""" "" !!"#$$$ $$ !"#""" ! !# !!"#""" "" !"#$$%#&&& && !"#$$"%&' '' !"#$!"%## ##

EXHIBIT “B”

7.00 WATER MAIN SYSTEM QUANTITY UNITS PRICE COST 7.01 6" Water Main - D.I.P. 700 LF 45.00 $ 31,500.00 $ 7.02 8" Water Main - D.I.P. 8,000 LF 55.00 $ 440,000.00 $ 7.03 8" Water Valve and Vault 15 EA 4,500.00 $ 67,500.00 $ 7.04 Pressure Connect Existing 10" Water Main 2 Allowance 10,000.00 $ 20,000.00 $ 7.05 Chlorinate/Test 1 Allowance 3,500.00 $ 3,500.00 $ 7.06 Fire Hydrant Assembly 16 EA 3,500.00 $ 56,000.00 $ 7.07 Trench Backfill 2,500 CY 18.00 $ 45,000.00 $ Subtotal Water Main System $ 8.00 LIGHTING/LANDSCAPE QUANTITY UNITS PRICE COST 8.01 Street Light 90 EA 5,000.00 $ 450,000.00 $ 8.01 On-Site Landscaping 90 AC 10,000.00 $ 900,000.00 $ 8.02 Landscaping - Streetscape 5,500 LF 70.00 $ 385,000.00 $ Subtotal Lighting $ 9.00 OFF-SITE IMPROVEMENTS QUANTITY UNITS PRICE COST 9.01 Traffic Signal Modifications 2 EA 250,000.00 $ 500,000.00 $ 9.02 Right-Turn Decel Lane 5 EA 45,000.00 $ 225,000.00 $ 9.03 Utility Relocations 1 Allowance 200,000.00 $ 200,000.00 $ 9.04 Restriping 1 Allowance 60,000.00 $ 60,000.00 $ Subtotal Off-Site $ 10.00 FEES QUANTITY UNITS PRICE COST 10.01 Sanitary District Permit Fees (Paid by User) 0 PE 311.00 $ - $ 10.02 Village Permit/Review Fees (Depends on 3rd Party Hours) 1 Allowance 50,000.00 $ 50,000.00 $ 10.03 Building Permit Fees (To Be Paid by User) 700,000 SF 1.00 $ 700,000.00 $ 10.04 Wetland Impact Fees 1 AC 110,000.00 $ 110,000.00 $ 10.05 Water Service Fees 1 Allowance 8,190.00 $ 8,190.00 $ 10.06 Engineering Design Fees 1 Allowance $ $ 10.07 Attorney's Fees 1 Allowance $ $ 10.08 Acquisition Costs 1 Allowance $ $ 10.09 Sewer Extension Fee 2,600 LF > 400 0.55 $ 1,430.00 $ Subtotal Fees $ 1.00 EARTHWORK 4,683,500.00 $ 2.00 DEMOLITION $ 3.00 EROSION CONTROL $ 4.00 PAVING $ 5.00 STORM SEWER SYSTEM $ 6.00 SANITARY SEWER SYSTEM $ 7.00 WATER MAIN SYSTEM $ 8.00 LIGHTING/LANDSCAPE $ 9.00 OFF-SITE IMPROVEMENTS $ 10.00 FEES $ SUBTOTAL $ 20% CONTINGENCY $ TOTAL $ SUMMARY !"##$"%&& && !"#$%"&&&'&& !"#$#"%%% %% !"#$$"$$$ $$ !"#$$"$$$ $$ !"#$### ## !"#$### ## !"!##"### ## !"!##"### ## !"!#$"%&' '' !"!#$"%&' '' !"#$#"%%%&%% !"#$%"&&& && !"##$"%&& && !"#$!"%## ## !"#$$"%&' '' !"#$$%#&&& && !!"#$$$ $$ !"#$### ## !"#$$%#""&'&& !"#!$"%#& (( !"#!$%#&'! )) Trucking Cost 1,603,049.20 Bond. 1,549,664.30 CM Fee 1,699,776.20 Grand Total. $52,554,932.00 Additional land Cost 1,549,664.30

EXHIBIT C: ESTIMATED BENEFIT OF PROPERTY TAX ABATEMENT

EXHIBIT D: TAXABLE NOTES

Property: Calumet Country Club Building C, G, H 175th & Dixie HWY

Prepared For: Catalyst Consulting Group LLC

Prepared By: Jerry Lewis 2532 W. Warren Chicago, IL. 60612

Date: August 29, 2022

Calumet Country Club Building C, G, H Real Estate Business Plan

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Pro Forma Analysis

Property Location: 175th & Dixie HWY

Type of Property: Retail Strip

483,147 rentable sf

Date of this Analysis: August 29, 2022

Purpose: The purpose of this analysis is to project and demonstrate the future economic benefits to be derived from this property.

For the sake of the analysis, certain assumptions have been made concerning future revenue, expenses, financing and Federal tax implications related to the ownership and operation of the property.

Those assumptions, as well as projections about income or loss, cash flow and profit from resale are presented on the following pages.

Calumet Country Club Building C, G, H Real Estate Business Plan

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Assumptions

Property purchased at $ 9.64 per square foot.

Analysis

Months in First Year of Analysis: 12 Year this Analysis Begins: 2024

Anticipated Year of Resale: 2043

Investor Name: Diversified

Marginal Tax Bracket: 24.00 %

Depreciation

Type: 27.5-Year Straight Line

Depreciable Basis:

$ 1,076,745

Calumet Country Club Building C, G, H Real Estate Business Plan

Acquisition Sources of Funds Cash Investment 9,769,368 First Mortgage 4,656,500 Second Mortgage* 0 Third Mortgage 12,000,000 Total: $ 26,425,868 Uses of Funds Purchase, Real Estate 4,656,500 Purchase, Personal Property 0 Closing Costs 25,000 Points 166,565 1st Year Capital Improvements 0 Development Working Capital 21,577,803 Total: $ 26,425,868

*Second Mortgage of 74,023,824 placed in 1/2025 Created with REIA Professional Edition. http://www.realdata.com

Financing

First Mortgage

Assumptions (cont.)

$ 4,656,500

3 year term

7.000 % 1.00 points

143,779.21 per month

Placed in 1/2024

Second Mortgage

$ 74,023,824

30 year term

4.500 % 1.00 points

375,067.85 per month

Placed in 1/2025

Third Mortgage

$ 12,000,000

30 year term

0.000 % 1.00 points

33,333.34 per month

Placed in 1/2024

Refinance

None

Calumet Country Club Building C, G, H Real Estate Business Plan

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Calumet Country Club Building C, G, H Real Estate Business Plan

Development Loan $85,348,080 12 months 4.500 % 1.00 points Jan-2025 payoff month Equity 21,577,803 Closing Costs 100,000 Points 863,112 Soft Costs Architectural & Engineering 4,946,580 Financing 3,243,205 Land 3,552,000 Development 8,261,646 Total: 20,003,431 Hard Costs General Project Costs 224,999 Site Work 12,028,992 Substructure 7,500,000 Shell 19,827,300 Interior 9,820,000 Conveying Systems 1,774,000 Plumbing 5,349,000 HVAC 8,000,000 Fire Protection 1,324,000 Electrical 7,506,000 Furnishings 600,000 Special Construction 525,000 Total: 74,479,291 Development Overhead & Profit 8,937,515 Contingency 4,468,757 Total Development Costs 105601932 Created with REIA Professional Edition. http://www.realdata.com

Development

Projections

Operating Income and Expenses

Calumet Country Club Building C, G, H Real

Business

Estate

Plan

Income Gross Vacancy/Credit Net Operating Taxable Income Allowance Income Income 2024 17,514,836 0 13,964,836 11,145,705 2025 17,514,836 0 13,964,836 6,522,708 2026 17,514,836 0 13,964,836 6,689,593 2027 18,289,408 0 14,739,408 7,600,744 2028 18,289,408 0 14,739,408 7,660,760 2029 18,289,408 0 14,739,408 7,723,534 2030 19,099,674 0 15,549,674 8,599,457 2031 19,099,674 0 15,549,674 8,668,130 2032 19,099,674 0 15,549,674 8,739,959 2033 19,947,327 0 16,397,327 9,662,740 2034 19,947,327 0 16,397,327 9,741,319 2035 19,947,327 0 16,397,327 9,823,509 2036 20,834,143 0 17,284,143 10,796,290 2037 20,834,143 0 17,284,143 10,886,205 2038 20,834,143 0 17,284,143 10,980,250 2039 21,761,983 0 18,211,983 12,006,455 2040 21,761,983 0 18,211,983 12,109,340 2041 21,761,983 0 18,211,983 12,216,951 2042 22,732,798 0 19,182,798 13,300,321 2043 22,732,798 0 19,182,798 13,418,047 Created with REIA Professional Edition. http://www.realdata.com

Operating Income and Expenses (cont.)

Calumet Country Club Building C, G, H Real

Estate Business Plan Projections (cont.)

Operating Expenses and Debt Service Operating Total Debt Expenses Service 2024 3,550,000 89,760,492 2025 3,550,000 6,626,165 2026 3,550,000 6,626,165 2027 3,550,000 4,900,814 2028 3,550,000 4,900,814 2029 3,550,000 4,900,814 2030 3,550,000 4,900,814 2031 3,550,000 4,900,814 2032 3,550,000 4,900,814 2033 3,550,000 4,900,814 2034 3,550,000 4,900,814 2035 3,550,000 4,900,814 2036 3,550,000 4,900,814 2037 3,550,000 4,900,814 2038 3,550,000 4,900,814 2039 3,550,000 4,900,814 2040 3,550,000 4,900,814 2041 3,550,000 4,900,814 2042 3,550,000 4,900,814 2043 3,550,000 4,900,814 Created with REIA Professional Edition. http://www.realdata.com

Cash Flows

Real Estate Business Plan Projections (cont.)

Calumet Country Club Building C, G, H

Cash Flows Before After Using After Taxes Cumulative Taxes Reserves and Reserves Cash Flow 2024 (97,049,509) (97,049,509) (99,724,478) (99,724,478) 2025 80,622,257 80,622,257 79,056,807 (20,667,671) 2026 7,338,671 7,338,671 5,733,169 (14,934,502) 2027 9,838,594 9,838,594 8,014,415 (6,920,086) 2028 9,838,594 9,838,594 8,000,012 1,079,925 2029 9,838,594 9,838,594 7,984,946 9,064,871 2030 10,648,860 10,648,860 8,584,990 17,649,862 2031 10,648,860 10,648,860 8,568,509 26,218,370 2032 10,648,860 10,648,860 8,551,270 34,769,640 2033 11,496,513 11,496,513 9,177,455 43,947,095 2034 11,496,513 11,496,513 9,158,596 53,105,691 2035 11,496,513 11,496,513 9,138,871 62,244,562 2036 12,383,329 12,383,329 9,792,219 72,036,781 2037 12,383,329 12,383,329 9,770,639 81,807,421 2038 12,383,329 12,383,329 9,748,069 91,555,489 2039 13,311,168 13,311,168 10,429,619 101,985,108 2040 13,311,168 13,311,168 10,404,927 112,390,035 2041 13,311,168 13,311,168 10,379,100 122,769,136 2042 14,281,984 14,281,984 11,089,907 133,859,043 2043 14,281,984 14,281,984 11,061,653 144,920,696 Created with REIA Professional Edition. http://www.realdata.com

Calumet Country Club Building C, G, H Real Estate Business Plan Projections (cont.) Improvements and Reserves Planned Planned Capital Funded Improvements Reserves 2024 0 0 2025 0 0 2026 0 0 2027 0 0 2028 0 0 2029 0 0 2030 0 0 2031 0 0 2032 0 0 2033 0 0 2034 0 0 2035 0 0 2036 0 0 2037 0 0 2038 0 0 2039 0 0 2040 0 0 2041 0 0 2042 0 0 2043 0 0 Created with REIA Professional Edition. http://www.realdata.com

Resale at End of 2043

Resale and Rates of Return

Measures of Investment Quality

Calumet Country Club Building C, G, H

Real Estate Business Plan

Projected Selling Price: $ 191,828,000 (based on 10.00% capitalization rate) Cost of Sale: $ 13,427,960 Gain (Loss) on Sale: $ 141,582,010 Est. Federal Tax on Sale: $ 27,903,603 Before-Tax Sale Proceeds: $ 135,406,539 After-Tax Sale Proceeds: $ 107,502,937

IRR, Before-Tax: 20.98% IRR, After-Tax: 17.25% MIRR, Before-Tax: 9.45% MIRR, After Tax: 8.43% PV, at 10.00% $ 158,433,413 Debt Yield Gross Cash on Operating Gross Operating Coverage on Income Cash Expense Income, Expenses, Ratio Cost Multiplier Return Ratio $/SF $/SF 2024 0.16 12.55% 7.97 -993.41% 20.27% 36.25 7.35 2025 2.11 12.55% 7.97 825.26% 20.27% 36.25 7.35 2026 2.11 12.55% 7.97 75.12% 20.27% 36.25 7.35 2027 3.01 13.25% 8.06 100.71% 19.41% 37.85 7.35 2028 3.01 13.25% 8.06 100.71% 19.41% 37.85 7.35 2029 3.01 13.25% 8.06 100.71% 19.41% 37.85 7.35 2030 3.17 13.98% 8.14 109.00% 18.59% 39.53 7.35 2031 3.17 13.98% 8.14 109.00% 18.59% 39.53 7.35 2032 3.17 13.98% 8.14 109.00% 18.59% 39.53 7.35 2033 3.35 14.74% 8.22 117.68% 17.80% 41.29 7.35 2034 3.35 14.74% 8.22 117.68% 17.80% 41.29 7.35 2035 3.35 14.74% 8.22 117.68% 17.80% 41.29 7.35 2036 3.53 15.54% 8.30 126.76% 17.04% 43.12 7.35 2037 3.53 15.54% 8.30 126.76% 17.04% 43.12 7.35 2038 3.53 15.54% 8.30 126.76% 17.04% 43.12 7.35 2039 3.72 16.37% 8.37 136.25% 16.31% 45.04 7.35 2040 3.72 16.37% 8.37 136.25% 16.31% 45.04 7.35 2041 3.72 16.37% 8.37 136.25% 16.31% 45.04 7.35 2042 3.91 17.24% 8.44 146.19% 15.62% 47.05 7.35 2043 3.91 17.24% 8.44 146.19% 15.62% 47.05 7.35 Created with REIA Professional Edition. http://www.realdata.com

Pro Forma Overview

Calumet Country Club Building C, G, H

Real Estate Business Plan

Initial Taxable Cash Flow Taxable Proceeds Cash Income Before Gain of Sale Year Invested or (Loss) Taxes On Sale Before Tax 2024 9,769,368 11,145,705 (97,049,509) 2025 6,522,708 80,622,257 2026 6,689,593 7,338,671 2027 7,600,744 9,838,594 2028 7,660,760 9,838,594 2029 7,723,534 9,838,594 2030 8,599,457 10,648,860 2031 8,668,130 10,648,860 2032 8,739,959 10,648,860 2033 9,662,740 11,496,513 2034 9,741,319 11,496,513 2035 9,823,509 11,496,513 2036 10,796,290 12,383,329 2037 10,886,205 12,383,329 2038 10,980,250 12,383,329 2039 12,006,455 13,311,168 2040 12,109,340 13,311,168 2041 12,216,951 13,311,168 2042 13,300,321 14,281,984 2043 13,418,047 14,281,984 141,270,589 135,406,539 Totals: 9,769,368 198,292,016 192,510,780 141,270,589 135,406,539 Created with REIA Professional Edition. http://www.realdata.com

Disclaimers

The information and calculations presented in this analysis are believed to be accurate, but are not guaranteed. They are intended for the purposes of pro forma projection and analysis, and should not be used for preparation of income tax returns. You are advised that any Federal tax calculations displayed in these reports are necessarily estimates only. They are based upon interpretations of various tax acts and revisions since 1986, and are subject to further clarifications, interpretations, rulings, regulations, and technical corrections. These tax calculations are also based upon certain assumptions, as entered into the software by the user, about the property and about the taxpayer’s adjusted gross income, tax brackets and like matters. The actual tax liability that this property may create may be altered substantially from the estimates displayed herein by other factors, which are outside the scope of this analysis and external to this property, and which may also differ from taxpayer to taxpayer. Such factors may include but are not limited to the Alternative Minimum Tax and investment interest limitations. In particular, for the years 2013 and following, the actual tax liability is likely to be affected by items such as: the taxpayer’s total taxable income; the taxpayer’s net investment income from all sources, including those external to the property analyzed here; and the extent to which those items exceed certain thresholds, which are themselves subject to change.

The user of this program and recipients of its reports should consult a tax specialist concerning his/her particular circumstances before making any investment decision.

*Note especially that a taxpayer’s ability to use losses generated by this investment to offset income generated by this investment is likely to be affected by the taxpayer’s particular circumstances, including Adjusted Gross Income, and passive and investment income or losses from other activities. Consult your tax advisor regarding these issues.

Calumet Country Club Building C, G, H Real Estate Business Plan

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Development Analysis

Project Overview

Property: CCC Commercial & Residential 2600 W. 175th Street Hazel Crest, IL.

Project Type: Condo

Developer: Catalyst Consulting Group LLC

Prepared For: Catalyst Consulting Group LLC 30 N. Gould Street, Suite 7538 Sheridan, WY 82801

Prepared By: Jerry L. Lewis 2532 W Warren Chicago, IL. 60612

Date: August 29, 2022

Project Overview

Initial Investment Developer's and Partners' Working Capital 16,349,474 Value of Land (if owned and treated as project equity) 4,565,633 Development Loan - Lender Maximum Loan Commitment 32,000,000 This is a revolving loan. Loan Fee 1,280,000 Development Loan Closing Costs 25,000 100% of unit sale proceeds are applied to loan repayment. Revenue Sales of Units 85,650,000 Rental Revenue 9,100,000 Total $94,750,000 Costs Financing Costs 1,394,507 Unit Sales Costs 4,282,500 Other Soft Costs 15,355,148 Unit Construction Costs 43,316,143 Site Hard Costs 16,095,000 Total $80,443,297 Total Project Profit (Revenue less costs & land equity) 9,741,070 Breakeven Month 02-2025 Project Return on Equity 46.57% Developer's IRR 16.02% Developer's NPV @ 10.00% 1,056,690

Unit Summary

Types Square Months to Number Name Feet Complete of Units Unit Type A 900 2 42 Unit Type B 1,200 2 120 Unit Type C 1,300 2 42 Unit Construction Avg Cost per Avg Cost Total Name Square Foot per Unit Cost Unit Type A 201.29 181,162 7,608,787 Unit Type B 179.24 215,088 25,810,560 Unit Type C 181.26 235,638 9,896,796 Unit Sales Avg Price per Avg Price Total Name Square Foot per Unit Sales Unit Type A 388.89 350,000 14,700,000 Unit Type B 354.17 425,000 51,000,000 Unit Type C 365.38 475,000 19,950,000

Unit

Soft Costs

Financing Costs Development Loan Fee 1,280,000 Development Loan Closing Costs 25,000 Loan Interest 89,507 Total $1,394,507 Unit Sales Costs Real Estate Agents' Commissions 2,569,500 Transfer Tax 856,500 Closing Costs/Legal Expense 856,500 Total $4,282,500 Other Soft Costs Survey & Appraisal Fees 12,000 Feasibility Analysis 12,000 Environmental Survey, Remediation 5,000 Architectural & Engineering, Blueprints 3,930,335 Bonds 750,000 Legal, Title Work, Zoning 100,000 Permits 75,000 Engineering Offsite Costs 2,100,000 Land Taxes 275,000 Accounting & Auditing 200,000 Course-of-Construction Insurance 91,667 Advertising, Promotion & Signage 50,000 Consulting Fees 500,000 Development Fees 6,729,146 Project Management 525,000 Total $15,355,148

Hard Costs

Unit Construction Costs $43,316,143 Site Hard Costs Site Work 500,000 Road Construction 925,000 Storm and Sanitary Sewers 3,758,000 Landscaping 350,000 Utilities (Water, Electric, Gas) 1,456,000 Parking Garage 1,456,000 Model Unit Decorating 200,000 Common Area Maintenance 150,000 Miscellaneous and Contingency 1,500,000 Core and Shell Cost 5,000,000 FFE 800,000 Total $16,095,000

Disclaimers

The information and calculations presented in this analysis are believed to be accurate, but are not guaranteed They are intended for the purposes of pro-forma projection and analysis and should not be used for the preparation of income tax returns

The user of this program and information should consult a tax specialist or financial advisor concerning his/her particular circumstances before making any investment decision

175th and Dixie Hwy

Prepared For: Catalyst Consulting Group LLC. 30 N. Gould Street, Suite 7538 Sheridan, WY 82801

Prepared By: Jerry Lewis

2532 W. Warren ave. Chicago, IL. 60612

Date: August 29, 2022

Calumet Country Club Building A Hotel Real Estate Business Plan

Property: Calumet Country Club Building A Hotel

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