| Category/ Item | Cost/Other Basis | Accumulated Depreciation | Book Value | End of Year Fair Market Value |
|---|---|---|---|---|
| Buildings | 0 | 0 | 0 | 0 |
| Leasehold improvements | 0 | 0 | 0 | 0 |
| Equipment | 0 | 0 | 0 | 0 |
| Land | 5,873,277 | 0 | 5,873,277 | 5,873,277 |
| Land Capitalized Carrying Costs | 0 | 0 | 196,650 | 196,650 |
| Item No. | 1 |
|---|---|
| Lender's Name | LANGSTON HUGHES COMMERCIAL LAND LLC |
| Lender's Title | LHCL |
| Relationship to Insider | None |
| Original Amount of Loan | 3,060,000 |
| Balance Due | 3,060,000 |
| Date of Note | 2022-08 |
| Maturity Date | 2024-08 |
| Repayment Terms | Total amount payable on maturity |
| Interest Rate | 0.02 |
| Security Provided by Borrower | Second Mortgage on Land |
| Purpose of Loan | To acquire Land |
| Description of Lender Consideration | None |
| Consideration FMV | 0 |
| Item No. | 2 |
|---|---|
| Lender's Name | Enterprise Community Loan Fund Inc |
| Lender's Title | ECLF |
| Relationship to Insider | None |
| Original Amount of Loan | 2,700,000 |
| Balance Due | 2,700,000 |
| Date of Note | 2022-08 |
| Maturity Date | 2024-08 |
| Repayment Terms | The date that Borrower closes on financing or Maturity Date which ever is earlier. |
| Interest Rate | 0.0575 |
| Security Provided by Borrower | First Mortgage on Land. ransfer, grant and assignment of certain other Collateral in favor of Lender |
| Purpose of Loan | To acquire land |
| Description of Lender Consideration | None |
| Consideration FMV | 0 |
| Description | Amount |
|---|---|
| Current Year Earnings | 344,305 |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| Due to Searles Foundation | 20,300 | 20,300 |