INNOVATE INDIANA

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Exhibit B-4 Project Timeline Project Budget & Funding Project Timeline Year 1 capital expenditures ($) $2,000,000.00 Year 2 capital expenditures ($) $1,500,000.00 Year 3 capital expenditures ($) $0.00 Year 4 capital expenditures ($) $0.00 Year 5 capital expenditures ($) $0.00 Total Capital $3,500,000.00 Expenditures Ongoing expenditures for operations, maintenance, etc. ($) $0.00 Total project budget $3,500,000.00 Description of Capital Expenditures Description of Ongoing Expenditures Local public funding $300,000.00 Private funding $2,500,000.00 Non-profit funding $0.00 Other funding $0.00 RCI funding required? Yes RCI funding needed $700,000.00 RCI funding proportion of cap ex 20% Total private funds $2,500,000.00 Private ratio calc 71 Total public funds $1,000,000.00 Public ratio calc 29 ADDITIONAL SUPPORT | SECTION 19 We are looking at a single round of financing for both proposed facilities, rather than splitting fundraising into two distinct phases. Our business plan using just equity financing includes an expected yearly ROI of 15-20%, and support from various local and national networks. We anticipate that financing can be secured in 3-6 month’s time via various means including the Notre Dame Irish Entrepreneurs Network. In parallel with securing financing, we will find appropriate property -- whether including an existing building/structure or not -- and sign purchase or lease agreements contingent on securing funding. We expect the total process of obtaining funding and property to take 6-9 months. If a building needs to be constructed rather than us repurposing an existing one, the construction is anticipated to take 6-9 months, some of which can be finished in parallel with the climbing wall and interior build-out designs listed below. With financing secured and a building of appropriate size under agreement, it typically takes about 9 months to build a climbing facility -- barring delays due to unanticipated events. The first 3 months are for preparation: wall design, interior structure design, and so forth. The last 6 months are for completing climbing wall and interior build-out construction. During the final month, offices are set up, the main desk is outfitted, and retail is purchased for the store; as climbing walls are completed, climbs are put up for testing and wall evaluation. Building out two climbing facilities can be done in parallel with the preparation phase of the second gym overlapping with the construction phase of the first one. In this manner, we estimate that we can have both Apex Climbing and Fitness facilities up and operational within 15 months of starting. Putting all the pieces together, we expect both projects to take roughly 2 years to be operational, executing as many parts in parallel as reasonably possible to reduce the total time from start to operations Capital expenditures for Apex Climbing and Fitness facilities includes funding needed: (1) to secure a long term lease (preferably lease-to-own) on, or purchase of, property, construction or renovation of a building of appropriate size and amenities; (2) to outfit the building space with all initial assets including climbing walls, holds, ropes, flooring, sound system, air conditioning and filtration system, and so forth; (3) to cover operating losses during the facility build-out such as monthly payments for insurance, property taxes, utilities, and mortgage, staff hiring and training and salaries before opening including benefits and payroll taxes, and all professional services including accountants and lawyers; (4) to cover operating losses during the first year of operations; and (5) to provide a small cash reserve for unanticipated start-up expenses. Based on the finances of other comparable climbing facilities, we expect each facility to be cash positive within 1 year of commencing operations, and from then on to be self-sustaining in terms of financial resources required for ongoing operations, maintenance, etc.. EXECUTIVE SUMMARY THE REGION ENGAGED CURRENT TRENDS STATE OF THE REGION & QUALITY OF PLACE VISION & STRATEGY PROJECTS STAKEHOLDERS, EXECUTION & STRUCTURAL CHANGES BENCHMARKING & MEASUREMENT 27_EC_Apex Climbing and Fitness REGIONALCITIESOFNORTHERN<strong>INDIANA</strong>.ORG | 292 ADDITIONAL SUPPORT
Project Impact Projec Exhibit B-4 Other $0.00 Other ratio calc 0 Total funding $3,500,000.00 Variance between budget & funding $0.00 Private/public/other funding ratio 71 / 29 / 0 Project impact and alignment with local or regional plans Anticipated return on investment (%) 17.5 Description of anticipated return on investment ADDITIONAL SUPPORT | SECTION 19 Neither Apex Climbing and Fitness nor indoor climbing are specifically identified in any plan for St. Joseph or Elkhart County, nor for the cities of South Bend, Mishawaka, or Goshen. That said, the Comprehensive Plans for each of these counties or cities, as well as the goals of Elkhart Community Foundation, IU Health Goshen Foundation, and Community Foundation of St. Joseph County (among others), are well-aligned in multiple ways with our mission and values, including but not limited to the following areas: * Improving quality of life / place: Our mission is to provide accessible, fun, and social fitness, year round, to people of all ages and physical abilities. Apex Climbing and Fitness will bring people together to achieve new heights. * Diversifying the local economy: Goshen, in particular, is heavy on businesses in the construction and fabrication industries. A business providing year round family-oriented recreation and fitness is a significant change from other businesses in the Michiana area. * Supporting small, locally owned businesses: We anticipate making Apex a regional brand, known for providing world-class climbing facilities from South Bend to Fort Wayne. Each facility will typically employ 14-18 workers, and generate $500k-$700k in revenue yearly. * Encouraging business practices that have positive social impacts on the community: Apex is all about community, fitness, and fun, bringing people together and giving back to the local neighborhood, city, and region both as a business and as individuals. * Expanding recreational activities because they contribute to citizens’ mental and physical health, promote economic development, and provide environmental benefits to the community: The Michiana region currently has no year-round indoor rock climbing business of any significant size. Indoor rock climbing in places with no natural outdoor climbing -- such as the Michiana area -- has become a viable market in the last 5 years, and yearly growth in the indoor rock climbing industry has averaged around 10% over the past 5 years. Apex strives to address this deficit by being the first to market and provide a full-featured facility with not just climbing but also many climbing-related fitness-oriented activities. * Promoting environmental education: Apex facilities will integrate environmental stewardship into our teaching and classes. Our businesses will participate in local trail creation and maintenance, teach “leave no trace” methods and ethics, and provide instruction on technique and etiquette for outdoor climbing and related outdoor activities. Instruction about environmental awareness will begin with kids at after-school and day camp activities, and continue through adults taking climbing lessons. * Encouraging sustainable living and business practices, development that is sensitive to the natural environment: Franchising through Evo Rock and Fitness (see project partners below) requires all new building structures to be LEED certified, using natural lighting where possible to reduce electric lighting requirements as well as constructing each facility to be highly energy efficient. Although such certification costs more up front, the owner is rewarded down the road with lower energy costs as well as lower building upkeep and maintenance costs. The rewards are worth the investment in terms of local, regional, and national environmental sensitivity. * Making alternative transportation (walking/biking) a community asset: In selecting property, Apex strives to build near public transportation and bike paths to allow for alternative transportation use. Each facility will provide protected parking for bicycles as part of the entryway, further encouraging customers to use biking as a means for coming to our facilities. Based on the performance of other similarly-sized climbing facilities, we anticipate that the total average long-term yearly ROI will be 15-20%. Individually, the South Bend/Mishawaka facility is anticipated to provide a long-term yearly ROI of 20-25%, while the Goshen facility is anticipated to provide a long-term yearly ROI of 10-15%. The “average long-term yearly ROI” is then around 17.5%, calculated here by dividing the total cumulative $ returned to investors by the product of the number of years since start-up and the total $ invested. Hence, for example, obtaining $1M in investment and returning to investors $100k, $150k, $200k, $250k, and $300k for the first 5 years of operations results in yearly ROI of 10%, 12.5%, 15%, 17.5%, and 20% -- and, in this case, we say that the “average long-term yearly ROI” is 20%. Annual sales or other nontax revenue generated ($) 1000000 Once each Apex facility is open for business, revenue will be generated by: (1) sales of day passes, memberships, and retail; (2) payments for instruction at our climbing school including a regularly-offered course introducing customers to climbing and belaying; and (3) payments for events such as birthday parties and overnights. Description of annual sales or other non-tax revenue generated Jobs created (if applicable) The $ number above represents the expected total revenue generated each year averaged over a 10 year period starting after opening. Because we are creating a new market in the Michiana area, we expect initial yearly revenues to start at around $350k for the South Bend/Mishawaka facility and $250k for the Goshen facility, and over a 10 year period increase to around $750k and $600k respectively. We anticipate revenue to increase rapidly in the first 5 years, then increase slowly until peak revenue is reached around year 10. 30 EXECUTIVE SUMMARY THE REGION ENGAGED CURRENT TRENDS STATE OF THE REGION & QUALITY OF PLACE VISION & STRATEGY PROJECTS STAKEHOLDERS, EXECUTION & STRUCTURAL CHANGES BENCHMARKING & MEASUREMENT 27_EC_Apex Climbing and Fitness REGIONALCITIESOFNORTHERN<strong>INDIANA</strong>.ORG | 293 ADDITIONAL SUPPORT
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INNOVATE INDIANA SMART REGIONAL AND
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SECTION 1 REGIONAL CITIES OF NORTHE
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SECTION 1 EXECUTIVE SUMMARY & INTRO
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THE REGION ENGAGED Northern Indiana
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THE REGION ENGAGED Northern Indiana
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CURRENT TRENDS SECTION 3 Economic,
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CURRENT TRENDS SECTION 3 EXECUTIVE
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CURRENT TRENDS SECTION 3 EXECUTIVE
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CURRENT STATE OF THE REGION & QUALI
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GREEN GREEN TEE 4 TEE TEE 7 5 GREEN
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VISION & STRATEGY A Global Innovati
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VISION & STRATEGY SECTION 5 Local m
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Innovate Indiana Projects PROJECTS
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PROJECTS PROJECTS I | SECTION 6 Mar
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MARQUEE PROJECT I | SECTION 6 INNOV
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MARQUEE PROJECT I | SECTION 6 EXECU
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I.) DATA CENTERS 2.) OFFICE WORKPLA
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MARQUEE PROJECT II | SECTION 6 EXEC
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MARQUEE PROJECT II | SECTION 6 SOUT
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CENTRAL BUSINESS DISTRICT SEITZ PAR
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MARQUEE PROJECT II | SECTION 6 EXEC
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MARQUEE PROJECT III | SECTION 6 NOR
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MARQUEE PROJECT III | SECTION 6 SOU
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MARQUEE PROJECT IV | SECTION 6 EXEC
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METRONET EXTENSION MARQUEE PROJECT
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METRONET EXTENSION Project Plan MAR
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METRONET EXTENSION $430,800 annual
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METRONET EXTENSION MARQUEE PROJECT
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ELKHART MARKET DISTRICT BLUE ZONE I
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PROJECT SNAPSHOTS | SECTION 6 PROJE
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CONNECTIVITY PROJECT SNAPSHOTS | SE
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INNOVATION PROJECT SNAPSHOTS | SECT
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PRODUCTIVITY REGIONAL Health Educat
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PRODUCTIVITY PROJECT SUMMARY PROJEC
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PRODUCTIVITY ST. JOSEPH COUNTY Educ
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PRODUCTIVITY PLYMOUTH Job Training
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AMENITIES PROJECT SNAPSHOTS | SECTI
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AMENITIES PROJECT SUMMARY PROJECT S
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SECTION 7 EXECUTIVE SUMMARY THE REG
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STAKEHOLDERS, EXECUTION & STRUCTURA
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STAKEHOLDERS, EXECUTION & STRUCTURA
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BENCHMARKING & MEASUREMENT Northern
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FIGURE 26 NORTHERN INDIANA DIVERSIT
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ADDITIONAL SUPPORT Exhibit A: Stake
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Exhibit A-1 Scott Ford Director of
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Exhibit A-1 Industry Indiana Michig
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Exhibit A-2 ADDITIONAL SUPPORT | SE
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Exhibit A-3 Karl King Former Counci
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Exhibit A-8 (a) (b) (c) (d) (e) (f)
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Exhibit A-8 participating in the RD
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Exhibit A-8 follows: ADDITIONAL SUP
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Exhibit A-10 ADDITIONAL SUPPORT | S
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Capital Expenditures ($M) Exhibit B
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Exhibit B-3 * Total Project Funding
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Exhibit B-4 Project Budget & Fundin
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Exhibit B-4 Project Impact Project
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Project Impa Exhibit B-4 ADDITIONAL
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Exhibit B-5 ADDITIONAL SUPPORT | SE
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Exhibit C-1 ADDITIONAL SUPPORT | SE
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Exhibit C-4 captured three-fourths
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INNOVATE INDIANA

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