City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Fire Department Expenditure Case Study (2020$)
Fire Expenditures
Item Source Formula Initial Phase Buildout
Project Buildout Needs
Incremental New Persons Served Table A-4 L 1,930 3,536
Incremental New Staffing
Incremental New Sworn Firefighter FTEs M = (L / 1,000) * g 1.8 3.2 Incremental New Non-Sworn Personnel FTEs N= M * t 0.1 0.2 Total FTEs O = M + N 1.9 3.5
Incremental New Staffing Costs (Rounded)
Incremental New Sworn Firefighter Costs P = M * n $297,300 $544,500 Incremental New Non-Sworn Personnel Costs Q = K * x $10,700 $19,700 Total Staffing Costs R = P + Q $308,000 $564,200
Incremental New O&M Costs S = K * O $48,561 $88,957
Total Fire Costs Serving New Development T = R + S $356,561 $653,157 Budget Escalation Factor [2] U 4.1%
Escalated Police Costs Serving New Development V = T * 104.12% $371,237 $680,041 Incremental New Fire Costs per Person Served W = V / L $192 $192 fire
[1] All information in this case study was obtained through t he FY 18-19 Budget and through discussions with City Fire and Finance Departments. [2] Escalat
ion factor represents the growth in the budgeted Fire expenditures from the FY 2018-19 Approved City Budget to the FY 2019-20 Approved City Budget.
Source: City of Sacramento Fire Department; City of Sacramento 2035 General Plan and General Plan Background Report, Chapter 5 Public Services; City of Sacramento Approved Budget FY 2018-19; City of Sacramento Fire Department Annual Report 2016; City of Sacramento Finance Department; EPS.
Estimated Annual Fire Department
Costs Existing FY 18-19 Service Level
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Table C-5
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Youth, Parks, and Community Enrichment Expenditure Case Study (2020$) Item Source [1] Formula Initial Phase Buildout
Youth, Parks, and Community Enrichment Budget (Adopted FY 2018-19 )
General Fund Budget Total Table C-1 a $25,072,000
Less Percentage of Offsetting Revenues (OR) Table C-1 b 20.0% Annual Net O&M Costs Less OR c = a* (1 - b) $20,054,000 Measure U Budget Total d $9,630,000
Total General Fund and Measure U Budget e = c + d $29,684,000 Service Population 2019 Table A-1 f 508,172
FY 19-20 Average Cost g = e / f $58.41
Adjustment Factor h 90%
Average Cost Multiplier i = g * h $52.57
Project Buildout Needs
New Residents: Buildout Table A- 4 j 384 983
Total New Total Youth, Parks, and Community Enrichment Costs: Buildout k = j * i $20,203 $51,662 parks
Source: City of Sacramento Approved Budget FY 2019-20; City of Sacramento Finance Department; EPS. [1] All information in this case study was obtained through the FY 19-20 Budget and through discussions with the City Finance Department.
Cost Estimating
Factors
Youth, Parks, and
Community Enrichment
Expenditures
Annual Expenditures
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Table D-1
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Estimated Valuation at Buildout (2020$)
Land Use Category
Building
Sq. Ft./
Units
Additional
Tenant
Improvements
per Sq. Ft. [1]
Total
Value [2]
Building
Sq. Ft./
Units
Additional
Tenant
Improvements
per Sq. Ft. [1]
Total
Value [2]
Building
Sq. Ft./
Units
Total
Value [2]
Formula a b c d e = c * (a + b + d) f g h = (a + b + g) i j = e + h TRA 003-005
Aggie Square Phase 1 Per Sq. Ft.
Science and Technology West $20 $526 235,542 $350 $211,045,632 - $151 - 235,542 $211,045,632 Science and Technology East $20 $526 122,898 $350 $110,116,608 158,000 $150 $109,968,000 280,898 $220,084,608 Lifelong Learning Tower $20 $490 104,848 $200 $74,442,080 162,963 $100 $99,407,430 267,811 $173,849,510 Mixed Use Residential $20 $472 81,652 $0 $40,152,931 56,068 $0 $27,571,824 137,720 $67,724,755 Mixed Use Commercial $20 $449 - $0 - 51,300 $0 $24,035,666 51,300 $24,035,666 Rehabilitation Hospital $200 $943 53,000 $0 $60,600,000 - $0 - 53,000 $60,600,000 Garage $0 $140 360,400 $0 $50,456,000 - $0 - 360,400 $50,456,000 Total Phase 1 958,340 $546,813,251 428,331 $260,982,920 1,386,671 $807,796,171 Aggie Square Phase
2 Science and Technology Uses $20 $526 - $350 - - $150 - - - Coworking Space $20 $526 - $350 - - $150 - - -
University Research $20 $526 - $350 - - $150 - - - Community Serving Retail $20 $526 - $350 - - $150 - - - Total Phase 2 $20 $526 - - - - - -
Total TRA 003-005 958,340 $546,813,251 428,331 $260,982,920 1,386,671 $807,796,171 TRA 003-002
Additional UC Davis Development
Hotel [3] $50 $200 - $0 - - $0 - - -
Clinical Building $20 $715 - $214 - - $214 - - -
Garage [4] $0 $38,000 - $0 - - $0 - - -
Total Additional UC Davis Development - - - - - - Per Unit Units Units
Other Additional Development
Multifamily Residential $0 $445,000 - $0 - - $0 - - - Total Other Additional Development - $0 - - $0 - - - Total TRA 003-002 - - - - - -
Estimated Total Valuation of All TRAs 958,340 $546,813,251 428,331 $260,982,920 1,386,671 $807,796,171 Source: University of California, Davis; Wexford Science and Technology; EPS. [2] All values (AV)s are expressed in 2020$ and include no real AV growth. [3] Total assessed value for the hotel portion of the Project is reduced by the assessed value of the existing hotel of $23,34 6,575, as reported by the County Assessor's office. [4] Garage assessed value is based on a per stall value of $38,000 per stall applied to the 1,200 parking stalls included in t he Project. [1] Based on Project construction cost information as provided by the Project Proponent. Includes the per square foot value of Project construction and land value.
Initial Phase
Land Value
per Unit/
Sq. Ft. [1]
Rounded
Improvement
Value per Unit/
Sq. Ft. [1]
Privately Leased Property Tax Base Publicly Leased Base Total Project Value Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Aggie Square FIA 02.22.21 Attachment E: Fiscal Impact Analysis
Table D-1
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Estimated Valuation at Buildout (2020$)
Land Use Category
Building
Sq. Ft./
Units
Additional
Tenant
Improvements
per Sq. Ft. [1]
Total
Value [2]
Building
Sq. Ft./
Units
Additional
Tenant
Improvements
per Sq. Ft. [1]
Total
Value [2]
Building
Sq. Ft./
Units
Total
Value [2]
Formula a b c d e = c * (a + b + d) f g h = (a + b + g) i j = e + h TRA 003-005
Aggie Square Phase 1 Per Sq. Ft.
Science and Technology West $20 $526 219,262 $350 $196,458,752 48,866 $151 $34,048,361 268,128 $230,507,113 Science and Technology East $20 $526 195,428 $350 $175,103,488 123,548 $150 $85,989,408 318,976 $261,092,896 Lifelong Learning Tower $20 $490 180,924 $200 $128,456,040 129,412 $100 $78,941,320 310,336 $207,397,360 Mixed Use Residential $20 $472 81,652 $0 $40,152,931 56,068 $0 $27,571,824 137,720 $67,724,755 Mixed Use Commercial $20 $449 - $0 - 51,300 $0 $24,035,666 51,300 $24,035,666 Rehabilitation Hospital $200 $943 53,000 $0 $60,600,000 - $0 - 53,000 $60,600,000 Garage $0 $140 180,400 $0 $25,256,000 180,000 $0 $25,200,000 360,400 $50,456,000 Total Phase 1 910,666 $626,027,211 589,194 $275,786,579 1,499,860 $901,813,790 Aggie Square Phase 2
Science and Technology Uses $20 $526 370,436 $350 $331,910,656 - $150 - 370,436 $331,910,656 Coworking Space $20 $526 21,564 $350 $19,321,344 - $150 - 21,564 $19,321,344 University Research $20 $526 - $350 - 200,000 $150 $139,276,997 200,000 $139,276,997 Community Serving Retail $20 $526 8,000 $350 $7,168,000 - $150 - 8,000 $7,168,000 Total Phase 2 $20 $526 400,000 $358,400,000 200,000 $139,276,997 600,000 $497,676,997 Total TRA 003-005 1,310,666 $984,427,211 789,194 $415,063,576 2,099,860 $1,399,490,78 7 TRA 003-002
Additional UC Davis Development
Hotel [3] $50 $200 187,500 $0 $23,528,425 - $0 - 187,500 $23,528,425 Clinical Building $20 $715 50,000 $214 $47,459,385 50,000 $214 $47,459,385 100,000 $94,918,771 Garage [4] $0 $38,000 - $0 $45,600,000 - $0 - - $45,600,000 Total Additional UC Davis Development 237,500 $116,587,810 50,000 $47,459,385 287,500 $164,047,19 6 Per Unit Units Units
Other Additional Development
Multifamily Residential $0 $445,000 300 $0 $133,500,000 - $0 - 300 $133,500,000 Total Other Additional Development 0 300 $133,500,000 - - 300 $133,500,000 Total TRA 003-002 237,800 $250,087,810 50,000 $47,459,385 287,800 $297,547,19 6 Estimated Total Valuation of All TRAs 1,548,466 $1,234,515,022 839,194 $462,522,961 2,387,660 $1,697,037,98 3 av
Source: University of California, Davis; Wexford Science and Technology; EPS. [2] All values (AV)s are expressed in 2020$ and include no real AV growth. [3] Total assessed value for the hotel portion of the Project is reduced by the assessed value of the existing hotel of $23,34 6,575, as reported by the County Assessor's office. [4] Garage assessed value is based on a per stall value of $38,000 per stall applied to the 1,200 parking stalls included in t he Project.
Buildout
[1] Based on Project construction cost information as provided by the Project Proponent. Includes the per square foot value of Project construction and land value.
Land Value
per Unit/
Sq. Ft. [1]
Rounded
Improvement
Value per Unit/
Sq. Ft. [1]
Privately Leased Property Tax Base Publicly Leased Base Total Project Value Prepared by EPS 3/24/2021 Z:\Shared\Projects\SAC\202000\202083 Sacramento Aggie SquareStockton Blvd EIFD Analysis\Models\202083 Aggie Square FIA 02.22.21 Attachment E: Fiscal Impact Analysis
Table D-2
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Average Income and Retail Expenditures for Residential Units (2020$) Total Annual Estimated
Mortgage, Ins., & Household
Residential Land Use Type Tax Payments/Rent [1] Income [2] Average Household Income
On-Site Housing - University Renter-Occupied $24,000 $80,000 25% $20,000 On-Site Housing - Market Rate Renter-Occupied $29,580 $98,600 25% $25,000 Multifamily Residential Renter-Occupied $29,580 $98,600 25% $25,000 income
[1]
[2]
For renter-occupied units, assumes 30% of income is spent on rent. [3] Taxable expenditures as a percentage of income derived from the 2017 BLS Consumer Expenditure Survey. [4] Average retail expenditures per household used to estimate annual sales tax revenues, as shown in Table B-5 A Household Income and Retail Expenditures
For on-site housing units, rent is estimated as $2,000 per month based on information provided by the Project Proponent and validated with comparable, rental data from CoStar. Off-site multifamily residential unit rent is estimated as $2,465 per month based on information pertaining to comparable, rental data from Costar.
Average Retail
Expenditures [4]
Taxable
Expenditures as
% of Income [3]
Source: Bureau of Labor Statistics (BLS), Consumer Expenditure Survey, 2017; State of California Department of Housing and Community Development (HCD); CoStar; EPS.
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Table D-3
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Total and Taxable Retail Sales per Square Feet (2020$)
Item % [3] No. % [3] No. % [3] No.
Total Retail Sales per Square Foot
Motor Vehicle and Parts Dealers [4] $250 $275 3% $8 2% $5 1% $2 Home Furnishings and Appliance Stores $525 $577 0% $0 7% $40 10% $58 Bldg. Matrl. and Garden Equip. and Supplies $356 $391 0% $0 15% $59 1% $4 Food and Beverage Stores NA $550 55% $303 24% $132 3% $17 Gasoline Stations [5] $1,321 $1,638 1% $16 2% $33 1% $16 Clothing and Clothing Accessories Stores $370 $407 2% $8 5% $20 20% $81 General Merchandise Stores $360 $396 5% $20 20% $79 20% $79 Food Services and Drinking Places $492 $541 8% $43 10% $54 20% $108 Other Retail $209 $230 12% $28 7% $16 18% $41
Nonretail [6] N
A NA 14% N A 8% N A 6% N A
Total Retail Sales per Square Foot 100% $430 100 % $440 100 % $410 Taxable Retail Sales per Square Foot by Retail Center Type Percent Taxable by Shopping Center Type [7] 44% 54% 98% Taxable Sales per Square Foot (Rounded) $190 $240 $400
biz miner
[1]
[2] Sales adjusted to year-end 2018$ based on the Consumer Price Index, All items in West urban, all urban consumers, not seasonally adjusted. [3] Reflects percentage of total square footage by retail category by retail center type, estimated based on ULI's Dollars & Cents 2008. [4] Reflects motor vehicle parts only; excludes taxable sales per square foot for dealerships. [5] Estimated using ULI's Dollars & Cents, 2008, escalated to 2018$. [6]
Included to account for non-taxable retail space occupants, such as services. [7] Based on BOE Publication 61, March 2018.
Source: BizMiner 2016; ULI Dollars & Cents 2008; State of California Board of Equalization (BOE) Publication 61; Bureau of Labor Statistics, "CPI-All Urban Consumers (Current Series) - West Urban"; RetailSails http://retailsails.files.wordpress.com/2011/09/rs_spsf.pdf; eMarketer pulled February 2019; respective annual SEC 10-K reports; EPS.
Sales per square foot are estimated based on data from BizMiner, RetailSails, eMarketer, and annual SEC 10-K reports. Some reported figures are from previous calendar or fiscal years and have been escalated to 2018$, except when noted otherwise.
Data
(2016$)
[1]
Escalated
Data
(2020$) [2]
Retail Sales by Shopping Center Type
Neighborhood Community Regional
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Table D-4
City of Sacramento Aggie Square EIFD
Fiscal Impact Analysis
Estimated Annual Project Visitors
Item Total
Project
Personnel
City Residents Total
Regional
Visitors
Out of
Region Total
Event Category
Venture Café Weekly Events [1] 17,500 3,500 2,489 5,989 8,012 3,500 11,512 Innovation Hall Events [1] 77,350 15,470 10,999 26,469 35,411 15,470 50,881 Total 94,850 18,970 13,488 32,458 43,422 18,970 62,392
visitors
Projected Annual Visitors by Origin
Local Visitors Nonlocal Visitors
Source: University of California, Davis; Project Developer; and EPS. [1] Reflects estimated annual visitors assuming stabilized Project Phase 1 operations. Visitor estimates in the initial years of the Project may be lower than projected. Visitation estimates are total annual visitation and not reflective of individual visitors. A single visitor attending multiple weekly events would be counted multiple times.
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ATTACHMENT F:
Estimated EIFD Revenues for
Affordable Housing Investments
Attachment F: Estimated Project Bonded
Indebtedness
Table 1
Aggie Square EIFD
EIFD Tax Increment Analysis
EIFD Revenue Summary for Fiscal Years 2020-21 through 2068-69 Annual Revenues Cumulative Annual Revenues Cumulative
3.0%
2021 $0 $0 $0 0
2022 $14,729 $14,729 $14,300 14,300
2023 $15,242 $29,971 $14,367 28,667
2024 $15,772 $45,743 $14,434 43,101
2025 $392,654 $438,397 $348,868 391,969
2026 $405,423 $843,820 $349,722 741,690
2027 $413,932 $1,257,752 $346,661 1,088,352
2028 $551,057 $1,808,809 $448,060 1,536,412
2029 $569,749 $2,378,558 $449,765 1,986,177
2030 $581,927 $2,960,485 $445,998 2,432,175
2031 $594,606 $3,555,091 $442,443 2,874,618
2032 $784,221 $4,339,312 $566,538 3,441,156
2033 $806,938 $5,146,250 $565,970 4,007,126
2034 $827,081 $5,973,332 $563,202 4,570,328
2035 $833,473 $6,806,804 $551,024 5,121,352
2036 $864,481 $7,671,286 $554,878 5,676,230
2037 $888,840 $8,560,126 $553,896 6,230,125
2038 $908,632 $9,468,758 $549,737 6,779,863
2039 $963,102 $10,431,859 $565,721 7,345,583
2040 $982,711 $11,414,570 $560,426 7,906,010
2041 $1,002,713 $12,417,283 $555,178 8,461,187
2042 $1,023,115 $13,440,398 $549,974 9,011,162
2043 $1,043,924 $14,484,322 $544,816 9,555,978
2044 $1,065,150 $15,549,472 $539,703 10,095,681
2045 $1,086,801 $16,636,273 $534,634 10,630,315
2046 $1,108,884 $17,745,157 $529,609 11,159,924
2047 $1,131,409 $18,876,567 $524,629 11,684,553
2048 $1,154,385 $20,030,952 $519,692 12,204,244
2049 $1,177,820 $21,208,772 $514,798 12,719,042
2050 $1,201,724 $22,410,496 $509,947 13,228,990
2051 $1,226,106 $23,636,603 $505,140 13,734,129
2052 $1,250,976 $24,887,579 $500,374 14,234,503
2053 $1,276,343 $26,163,921 $495,651 14,730,155
2054 $1,302,217 $27,466,139 $490,970 15,221,125
2055 $1,328,609 $28,794,748 $486,331 15,707,455
2056
$1,355,529 $30,150,276 $481,732 16,189,188
2057 $1,382,987 $31,533,263 $477,175 16,666,363
2058 $1,410,994 $32,944,257 $472,659 17,139,022
2059 $1,439,561 $34,383,819 $468,183 17,607,205
2060 $1,468,700 $35,852,519 $463,747 18,070,952
2061 $1,498,422 $37,350,941 $459,351 18,530,304
2062 $1,528,738 $38,879,678 $454,995 18,985,299
2063 $1,559,660 $40,439,338 $450,678 19,435,977
2064 $1,591,201 $42,030,538 $446,400 19,882,377
2065 $1,623,372 $43,653,911 $442,161 20,324,538
2066 $1,656,187 $45,310,097 $437,960 20,762,497
2067 $1,689,658 $46,999,756 $433,797 21,196,294
2068 $1,723,799 $48,723,555 $429,672 21,625,966
2069 $1,758,622 $50,482,177 $425,584 22,051,551
Total $50,482,177 $50,482,177 $22,051,551 $22,051,551
city npv
Source: EPS.
[2] Net present value calculation is based on a 3 percent discount rate. [1] Revenue estimate reflects the 20 percent allocation of revenues to fund City Led Projects and excludes 3% allocation for administration costs.
Fiscal Year
Ending
Revenues (Real $)
Net Present Value [2]
Annual EIFD Revenue - Affordable Housing Improvements
(Fiscal Years 2020-21 through 2068-69) [1]
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ATTACHMENT G:
Estimated Maximum EIFD Authorization
Table 1
Aggie Square EIFD
EIFD Tax Increment Analysis
Estimated Maximum EIFD Authorization
Estimated Adjustment Amount
Item Revenues Factor Used
[1]
EIFD Revenues for Developer-Led Investments [2] $69,810,000 1.25 $87,000,000 EIFD Revenues for Affordable Housing Investments [3] $50,482,000 1.25 $63,000,000 Total $120,292,000 $150,000,000
max
Sources: EPS, Stifel, City of Sacramento, Wexford, UC Davis. [1] Adjustment factor provides flexibility in the maximum authorized EIFD amount for the following:
-Faster or higher assessed value of planned development than anticipated. -Greater building square footage leased by private versus public tenants creating more assessed value. -Higher than anticipated lease revenues leading to higher assessed values. -More property turnover generating higher assessed values than anticipated. [2] Estimated amount includes EIFD obligations to Wexford Development plus financing costs related thereto, plus any interest on any unpaid balance to the extent such interest is owed pursuant to agreements expected to be entered into by the Aggie Square EIFD. [3] Equals estimated EIFD revenues for affordable housing investments for estimated duration of the EIFD.
See Attachment F for estimates.
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2129\02\3983490.2
SECOND AMENDMENT TO
MASTER FUNDING AGREEMENT
FOR AGGIE SQUARE PHASE 1
This Second Amendment to the Master Funding Agreement for Aggie Square Phase 1 (this “Second Amendment”), dated as of _______ [ ], 2025, for reference, is between THE REGENTS OF THE UNIVERSITY OF CALIFORNIA, on behalf of its Davis campus (“UC Davis”); AS LSTE East OWNER, LLC, AS MUR Owner, LLC, AS P6 OWNER, LLC and AS LLL OWNER, LLC, each a Delaware limited liability company, and each of their respective permitted assignees under this Master Agreement (as defined below), (collectively, “Wexford”), as successors-by-assignment from WEXFORD DEVELOPMENT, LLC, a Delaware limited liability company; the CITY OF SACRAMENTO AGGIE SQUARE ENHANCED INFRASTRUCTURE FINANCING DISTRICT, a California governmental entity formed under California Government Code sections 53398.50 through 53398.88 (the “Aggie Square EIFD”); and the CITY OF SACRAMENTO, a California municipal corporation and charter city (the “City”).
Background
A. UC Davis and Wexford Development, LLC have entered into a public-private partnership for the development of Aggie Square, a proposed knowledge community and innovation district that will be located on the UC Davis Sacramento Campus (“Aggie Square”). UC Davis owns the fee interest in the land that is the site of the UC Davis Sacramento Campus.
B. UC Davis, Wexford Development, LLC, Aggie Square EIFD and the City entered into the Master Funding Agreement for Aggie Square Phase 1 as of November 17, 2021, as amended by the First Amendment to the Master Funding Agreement for Aggie Square Phase 1 ("Master Agreement") to evidence the obligations of the parties to the Master Agreement with respect to the financing of Required Facilities and affordable housing.
C. The parties to the Master Agreement now desire to amend the Master Agreement in accordance with this Second Amendment to address unforeseen costs payable by Wexford in connection with Aggie Square.
With these background facts in mind, and in consideration of the promises below, the parties agree as follows:
1. Definitions. Section 1(i) of the Master Agreement is hereby amended in its entirety to read as follows:
(i) “Eligible Cost Reimbursement” means $30,720,000, plus interest as described herein, as such amount may be reduced in accordance with Section 5(a)(3) below.
2. Aggie Square EIFD Payment Obligation. Notwithstanding anything set forth in Section 3(b) of the Master Funding Agreement, the Aggie Square EIFD shall disburse up to Seven Hundred Twenty Thousand Dollars ($720,000) of Available Non-Housing Tax Increment
2129\02\3983490.2
to Wexford for purposes of reimbursing Wexford for Eligible Costs consisting of certain sewer impact fees (“Impact Fee Reimbursement”) prior to disbursement of Available Non-Housing Tax Increment pursuant to Section 3(b) (1) through (10). No Eligible Cost Interest shall accrue to the Impact Fee Reimbursement and the total amount of the Impact Fee Reimbursement shall not exceed Seven Hundred Twenty Thousand Dollars ($720,000). The facilities to be funded with the Impact Fee Reimbursement shall have a tangible connection to the work of the Aggie Square EIFD to the development within the Aggie Square EIFD boundaries as described in the IFP.
3. Exhibit A. Exhibit A to the Master Funding Agreement is hereby replaced by Exhibit A attached to this Second Amendment.
4. Effect of Amendment. Except as otherwise amended in this Second Amendment, the provisions of the Master Agreement shall remain in full force and effect. This Second Amendment shall be effective as of the effective date of the Master Agreement. In the event of any conflict between this Second Amendment and the Master Agreement, this Second Amendment shall control. Defined terms not otherwise defined in this Second Amendment shall have the meaning given to such terms in the Master Agreement.
5. Signatures; Counterparts. The parties may sign this Second Amendment with electronic or digital signatures. In addition, the parties may sign this Second Amendment in counterparts, each of which will be considered an original, but all of which will constitute the same Agreement. Delivery of a signed counterpart maybe accomplished by email transmission of a PDF file as follows:
For delivery to Wexford, [email protected] For delivery to UC Davis, [email protected]
For delivery to the City, [email protected]
For delivery to the Aggie Square EIFD, [email protected]
(Signature Page Follows)
2129\02\3983490.2
Each party is signing this Second Amendment on the date under the party’s signature.
City of Sacramento
By: ________________________________
Leyne Milstein, Interim City Manager
Date: _________________, 2025
Attest
Sacramento City Clerk
By: ________________________________
Approved as to Form
Sacramento City Attorney
By: ________________________________
Senior Deputy City Attorney
The Regents of the University of
California
By: ________________________________
Nathan Brostrom, Executive Vice
President-Chief Financial Officer
Date: ____________, 2025
City of Sacramento Aggie Square
Enhanced Infrastructure Financing
District
By: ________________________________
Leyne Milstein, Interim Executive
Director
Date: ____________________, 2025
AS LSTE East Owner, LLC,
a Delaware limited liability company
By: AS LSTE East Holdings, LLC,
a Delaware limited liability company,
its sole member
By: AS LLL-East JV, LLC,
a Delaware limited liability company,
is sole member
By: Wexford AS LLL-East Member, LLC,
a Delaware limited liability company,
its administrative member
By:__________________________
Name:_______________________
Title:________________________
[Signatures Continue on Next Page]
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AS MUR Owner, LLC,
a Delaware limited liability company
By: AS MUR JV, LLC,
a Delaware limited liability company,
its sole member
By: Wexford GMH MUR Member, LLC,
a Delaware limited liability company,
its administrative member
By: GMH MUR Member LLC,
a Delaware limited liability company,
its administrative member
By:__________________________
Name:_______________________
Title:________________________
AS LSTE West Owner, LLC,
a Delaware limited liability company
By: AS LSTE West Holdings, LLC,
a Delaware limited liability company,
its sole member
By: AS West JV, LLC,
a Delaware limited liability company,
is sole member
By: Wexford AS West Member, LLC,
a Delaware limited liability company,
its administrative member
By:__________________________
Name:_______________________
Title:________________________
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AS P6 Owner, LLC,
a Delaware limited liability company
By: AS P6 Holdings, LLC,
a Delaware limited liability company,
its sole member
By: AS LLL-East JV, LLC,
a Delaware limited liability company,
is sole member
By: Wexford AS LLL-East Member, LLC,
a Delaware limited liability company,
its administrative member
By:__________________________
Name:_______________________
Title:________________________
AS LLL Owner, LLC,
a Delaware limited liability company
By: AS LLL Holdings, LLC,
a Delaware limited liability company,
its sole member
By: AS LLL-East JV, LLC,
a Delaware limited liability company,
is sole member
By: Wexford AS LLL-East Member, LLC,
a Delaware limited liability company,
its administrative member
By:__________________________
Name:_______________________
Title:________________________
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2129\02\3983490.2
Master Funding Agreement for Aggie Square Phase 1
Exhibit A | Required Facilities
“Required Facilities” means the following improvements and facilities, but only if they are listed in the IFP:
1. Aggie Square site work and site development, including the following:
Construction of 3rd Avenue from Stockton Boulevard to the Garage, including curbs, gutters, sidewalks, street lighting, and landscaping
Intersection improvements at Stockton Boulevard and 3rd Avenue Extension of 45th Street from 2nd Avenue to 3rd Avenue, including curbs, gutters, sidewalks, and landscaping
Construction of access drive at Stockton Boulevard between 2nd Avenue and 3rd Avenue to provide access for loading and drop off to the RFH Building and the LSTE West Building
Improvements to Stockton Boulevard, including curbs, gutters, landscaping, and lighting Improvements for storm-water management
Connections and relocations as required for water and sewer utilities
2. Design and construction of transit, transportation, pedestrian, and connectivity improvements, including parking facilities.
3. Design and construction of public gathering areas, education, and public open spaces (including but not limited to Aggie Square Plaza, Market Plaza, and the Alice Waters Edible Education Institute).
4. Innovation infrastructure support, including but not limited to construction of Innovation Hall.
Other Expenses
In addition to the direct costs of the above facilities, other incidental expenses if, as, and to the extent authorized by EIFD Law, including but not limited costs of the following:
engineering, planning, and surveying costs
construction-staking costs
plan-check and inspection costs
utility-relocation costs and demolition costs incidental to the construction of the Required Facilities
construction-management costs
administration costs related to acquisition by public entities any other expenses incidental to the financing, construction, completion, inspection and acquisition of the Required Facilities.