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Memphis RisingLambda Alpha 11/3/15 Meeting

Andy Cates, Presenter Q&A with Project Leaders

1www.valfund.com11/3/2015

11/3/2015 www.valfund.com 2

About The Speaker:Andy Cates is the Managing Member of Value Acquisition Fund (www.valfund.com) and serves as the General Partner and CEO of RVC Outdoor Destinations (www.rvcoutdoors.com).

Both RVC and Val Fund surpass the Trump Organization as the greatest companies in the world.

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Today’s Presentation by:This Andy Cates Not This Andy Cates Nor, This Andy Cates

Colliers Memphis Brokerage Reynolds, Bone & Griesbeck Manager• Younger Don’t know him, but almost assuredly• Nicer younger, nicer, clearly has more hair• Hair• Lambda Alpha Member

Genius


Memphis is undergoing major, positive change• Currently, almost $2.4 BILLION of major recreational, medical, educational, tourism, and lifestyle oriented projects completed or in‐progress that will significantly affect quality of life in Memphis. This doesn’t include another $2+ Billion of industrial, retail and medical projects not covered herein.

• Remarkable work taking place in education, much of it quietly, that if successful will be incredibly transformative. Memphis is the Silicon Valley of education reform.

• This period will be seen as a pivotal time in the City’s history, appropriately as we near its 200th birthday.

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Project Leaders (Q&A):

11/3/2015 www.valfund.com

Last FirstBarlow Steve Executive Director Neighborhood Preservation, Inc (NPI, Inc)Boyd Jim Executive Director Pyramid Peak FoundationBrown Dr. Ken Executive Vice Chancellor UTHSCBurkett Charles University of Memphis (retired First Tennessee executive, Chairman of First Tennessee Foundation)Carlisle Chance Chisca Hotel Redevelopment (CEO, Lyfe Kitchen)Carlisle Chase Chisca Hotel Redevelopment (Director, Real Estate & Development Carlisle Corp)Cates George Former Chair Overton Park, Board Member Univ. of Tennessee, Board Member Methodist Hospital; Chair Neighborhood Preservation, Inc.Cole Keith Exec Director of Wolf River ConservancyGrimes Tom Shelby Farms Conservancy Chairman (COO MAA)Guinn Steve IP Tower 4 (VP, Highwoods Properties)Jensen Larry Shelby Farms Conservancy Board Member (CEO Cushman Memphis)Loeb Bob Highland, Broad, Overton Square (President, Loeb)Marino Tom Executive Director Poplar FoundationMcVean Charlie Harahan Bridge Project (McVean Trading)McVean Dow Harahan Bridge Project (McVean Trading)Montague David CEO Memphis Teacher ResidencyMorris Paul CEO Downtown Memphis CommissionNewman Charlie Overton Park Conservancy, Harahan Bridge Project, and Greenline (Burch, Porter law firm)Orgel Billy Tennessee Brewery project (CEO of Tower Ventures)Poag Josh Highland Row (CEO, Poag, LLC)Prince Matt Highland, Broad, Overton Square (SVP, Loeb)Richardson Todd Crosstown Concourse Co‐Leader (Univ of Memphis Professor)Schwab Dr. Steve Chancellor UTHSC Shadyac Rick CEO ALSAC/St JudeSoden Jack President & CEO Elvis Presley Enterprises, Inc.Turley Henry CEO Henry Turley CompanyUselton Matt VP RVC Outdoor Destinations, Value Acquisition Fund Wilson McLean Crosstown Concourse Co‐Leader (Wilson Family, Inc.)


Artesian Metropolitan Residence :• $33.5 Million Reinvestment• Proposed Completion: Q4 2016• Formerly The Horizon

• Previous Developer $67 Million Invested• Purchase $13.5 Million plus $20M improvements

232,252 Total SF146 Total Units16 Floors3 Levels of Parking


Bass Pro Pyramid: • $200 Million Investment • Completed: 2015

120 Rooms Big Cypress Lodge

32‐Story Observation Deck

10,000 Gallon Aquarium at The Lookout Restaurant

283 Feet High Elevator

11/3/2015 8

Broad Avenue:• $30 Million Invested since 2010 • More than 30 new small business opened or relocated since 2010• Loeb Properties involved in upcoming expansion efforts

www.valfund.com


Central Station:• $55 Million Investment• Proposed Completion: 2017

17 Acre Site

1,000 Construction Jobs

115 Permanent Jobs

• Commercial and residential development around Market Plaza• Improved connection between Market Plaza and South Main• Hotel and cinema are planned


Chisca:• $31 Million Investment• Proposed completion: Q4 2015

• Secure On‐Site Parking• Commercial Tenants

• LYFE Kitchen• Catherine & Mary’s

Total Units : 161

129 Chisca Hotel

32 Chisca Plaza


CrosstownConcourse:• $202 Million Investment• Proposed Completion: 2017

Jobs Wages

Construction 997 $50M +

Short‐Term 884 $39.5M +

Direct 1,317 $36.9M

Indirect 619 $21.5M

+ 622,000 SF of Commercial/Office

+ 59,000 SF of Retail

274,000 SF of Residential


CrosstownConcourse:

Project Co‐Leaders, Todd Richardson (mullet & glasses) and McLean Wilson (mullet) giving online presentation to Columbia University MBA class.


Crosstown Concourse:


Graceland Expansion:• $120 ‐ 132 Million Investment• Proposed Completion: Q4 2016

$1 – 2 Million Archive Studio

$90 – 95 Million Hotel and Conference Center

$30 – 35 Million Museum Attractions and Retail

Jack Soden (dressed as The King)


Graceland Hotel:Guest House at Graceland

450 Hotel Rooms

18,000 SF of Meeting and Ballroom Space

2 Restaurants

464 seatTheater6,000 SF

500 New Jobs In Shelby County

$133.4 Million One‐time Construction Impact


Shelby Farms Greenline: Cost Completion

Greenline Phase One $7 Million October 2010

Greenline Phase Two $4.4 Million Summer 2016

Greenline Phase Three $2.5 Million TBD

Wolf River Pedestrian Bridge $2 Million December 2010

$31 million Value added to properties within 500ft of Greenline

$2.8 million Savings on health bills from exercise

$7.3 million Value of amenities, camps, programs

$13 million Community support

$1.7 million Air, water and environmental benefits

• $13.9 Million Investment (Three Phases)• Three phases totaling 12.9 miles • Phase One = 6.5 miles• Phase Two = 4.1 miles• Phase Three = 2.3 miles


Harahan Project: Bridge• $40 Million Investment • Proposed Completion: Q4 2016


• Partnership between Memphis and Shelby County and West Memphis and Crittenden County.

• 10‐mile regional, multi‐modal corridor • Opens up levee trails. • Will connect to West Memphis EcoPark

Harahan Project: Main to Main


Ikea:• $64 Million Investment • Proposed Completion: Q4 2016

Economic Impact$15.5 Million New local tax revenue

175 New jobs$1.64 New tax revenue for every $1.00 of taxes abated


International Place Tower IV: • 100% Leased to International Paper Co.• $115 Million Investment• Completion: 1st Qtr‐2015• Owner – Highwoods Properties• LEED Silver

248,464 Total SF

9 Floors

910 Car Garage

Economic Impact

101 New Jobs

2,274 Retained Jobs

$225M Generated Tax Revenue


Methodist/LeBonheur:• $480 Million in total Investments• Proposed Completion: 2014 ‐ 2018• Partnership between LeBonheur and UT Medical

West Cancer Center

Property Completion

$36 Million Le Bonheur Faculty Office/Garage 2016

$60 Million West Cancer Center 4Q 2015

$34 Million Methodist University Hospital Emergency Dept 4Q 2014

$50 Million Hospital Expansion 2018

Faculty Garage


Overton Square: • $40 million project• Completed: 2013

$20 Million Private Investment$16 Million Public Investment$3 Million Hattilo Theater97,785 Total SF100% Occupancy by 2015

• 27 Businesses • 1 Million annual visitors• Ballet Memphis to further expansion with relocation projectto exceed $10 Million.


Shelby Farms Park:• $70 Million Investment • Proposed Completion: 4Q 2016Heart of the Park:

• Patriot Lake expansion ‐ 52 acres to 80 acres• New Visitors Center includes education space, café, gift shop and large front porch • New amenities include event stage, boat house, boat launch, picnic pavilions,

wetland walk and new trailsTotal Economic Impact:

• $141 Million one‐time construction dollars• $6 Million becomes $13.6 Million in annual dividends paid back to Memphis economy• 87 jobs to become 192 jobs


St. Jude Expansion:


Tanger Outlet Mall: • $97 Million Investment• Proposed Completion: Q4 2015

320,150 Total Gross Leasable Area1,543 Parking Spaces+ 70 Retailers


Tennessee Brewery:• $28 Million Investment• Proposed Completion: Q1 2017• Mixed‐Use Development

Phase One148 Apartments15,000 SF of Commercial/Office

New Construction130‐150 Apartments4,000 SF of Commercial


University District:

• University of Memphis specifics following this slide


Highland Row Development:• $60 Million Investment • Proposed Completion: 2016

354 Apartments35 Townhomes

27,000 SF of Retail885 Parking Spaces


U of M Expansion:• $275 Million Investment• Proposed Completion: 2015 ‐ 2018

Project Investment Athletic Facility (Basketball & Football) $40 Million

Centennial Place $53 MillionLand Bridge $18 Million

Student Recreation Center $64 MillionMusic Center $40 Million

Community Health Building $60 Million


U of M Expansion:

Centennial Place Residence Hall: Below

Music Center: Above


U of M Expansion:

Basketball Facility: Below

Football Facility: Above


U of M Expansion:

Student Rec Center: Above

Land Bridge: Above

Community Health Building: Right


University of TN Health Science:

New Pharmacy Building

$67 Million Investment 2011

183,587 Gross Square Feet

$82.7 Million Estimated Economic Impact of total UT College of Pharmacy

Translational Research Building



Investigators from all colleges doing “bench‐to‐bedside” work or research as it applies to clinical settings.

Completed

Multi‐Disciplinary Simulation Center



State of the art facility for all six colleges to train together with simulation equipment and real patient actors.

In‐Progress

Drug Development and Distribution Facility



Environment for conceptualization of unique drug products to solve specialized problems.

• $350 Million Investment • Completion: 2011‐2017


UTHSC:


Wolf River Conservancy: • $40 Million Investment• Proposed Completion: 2020• Full build‐out to span 36 miles from Mud Island to Fayette County• Public/Private Partnership with City of Memphis

$14 Million Total benefits to Memphis Region$2 Million Annual tourism spend$2.7 Million Annual property tax revenue$129 Million Estimated property value increase$45 Million Construction related dollars


Summary Spreadsheet:


Major Initiatives:•Education Reform •Neighborhood Preservation Inc. •Overton Park Conservancy


13 Shelby County Schools Moved From TVAAS Level 1 to 5

93 Schools Achieved TVAAS Level 5 Status

12 Priority Schools Achieved TVAAS Level 4 or 5 Status

Education Reform: SCS Shelby County Schools remains a Level 5 TVAAS District – the highest level of academic growth.


Education Reform: ASD

0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0

Corning Achievement ElementaryFrayser Achievement Elementary

Cornerstone Prep - Lester CampusHumes Prep Academy - Upper SchoolWestside Achievement Middle School

Brick Church College PrepCOHORT 1

Georgian Hills Achievement ElementaryWhitney Achievement Elementary

Aspire Hanley #1Klondike Preparatory Academy

KIPP Memphis Preparatory MiddleAspire Hanley #2

COHORT 2Aspire Coleman

Martin Luther King Preparatory HighFairley High School

Lester PrepCOHORT 3

Average Proficiency Pre-ASD transformation vs. CurrentYR prior to ASD 2015

• Statewide school district created to dramatically improve Priority Schools across TN. • Authorizes charter schools and directly manages a small cluster of schools. • Serving the students that are furthest behind.


Education Reform: Teachers • Memphis Teacher Residency

• Recruiting, training and supporting effective teachers in Christian context. • Providing students in low‐income neighborhoods better quality education.• MTR teachers are staying past original four year commitment.

• Teach For America

$4.2 Million Budget June 2015 – May 2016

236 Total Teachers

$8.35 Million Total Projected 2016 Budget

300 Current Corps Size

215 Total Alumni Teacher in Memphis Today


NeighborhoodPreservation Inc.:

Board Members

George Cates, Chairman Nika Martin

Roshun Austin Corie Rivers

Ron Belz John Pontius

Bob Loeb Jason Wexler

Bobbi Gillis

• Founded 2012• Privately funded, tax‐exempt 501c3 non‐profit• Aggressive private‐sector partner focused on complex legal issues around blight abatement


Overton Park Conservancy:• Non‐profit founded January 2012• $6 Million to date for the Park


Potential Projects: One BealeOne Beale: Mixed‐Use Development $150+ Million Investment


Potential Projects: Mud Island• The most underutilized recreational destination in Memphis

• Needs Public/Private Partnership with Conservancy overseeing private operator (Zoo, Shelby Farms, Overton Park)

• Less is More – take it back to nature; Get folks on the water

• Restore the River Walk and Amphitheatre

• Add Cottages and River Tents as lodging options, but no RV’s!


Potential Projects: Mud IslandNext Slide –

BLATANT SELF‐PROMOTION BY SPEAKER IN ATTEMPT TO ADVANCE HIS BUSINESS AS WELL AS HIS CURRENT PURSUIT IN THE REDEVELOPMENT AND REPOSITIONING OF MUD ISLAND RIVER PARK.

RVC Outdoor Destinations• RVC Outdoor Destinations is the leading provider of high-quality outdoor

vacation properties in the United States. Founded in 2006, Memphis, Tennessee-based RVC is actively redefining the camping experience with its original Outdoor Destination concept and upgraded RV Resort properties that offer travelers the benefit of camping on their own terms. RVC features a variety of affordable lodging options as well as upscale services and hotel-like amenities at each location.

• RVC currently owns and/or operates:– 12 properties (including 3 Joint Ventured properties) with 90 RVC team

members in 9 states– Over 1,300 acres of high quality land that includes 2,700 RV sites; 250

Cottages, Cabins and Yurts; and 951 boat slips, with multiple expansionoptions on each property

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Some parting thoughts ‐• Memphis is unique with a powerful sense of place, and many of its greatest challenges have also served to

build its character. Although we have great resources (soul, location, water, flavor, hospitality, entrepreneurial spirit), we are competing with cities that have huge economic competitive advantages (state capitals, much higher median incomes, wealthier and/or more established universities, superior air service). We must attract and retain folks who want to participate and serve, not just be served.

• We are living at a time that will be seen as a pivotal period in the City’s history, appropriately as we near its 200th birthday. As we fight to improve things, there are existing remarkable assets and organizations that we still don’t appreciate as fully as we should. Let’s be more deliberate about promoting them and talking them up.

• We must get more folks on board to help fix and build a great city. If you hear others speak negatively of our city without presenting constructive solutions, invite them to move out. And, we need to do a better job branding our town. Austin has “Keep Austin Weird” but it’s not weird anymore. Memphis IS weird.

• When you read the article about the transformation of Memphis, remember it’s not an accident. The people in this room are some of the folks making it happen. Memphis is rising.

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