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financial evaluations would include preparation a pro forma analysis and 10-year operating cash flow projection to identify the reasonable achievable market capitalization rate and financial returns associated with the ongoing operation of the project subject to the affordable rent restrictions. The broker opinion of value will include both rent and sales comparable market data to identify the reasonableness of the pricing of the property in the surrounding market. RSG can also assist with the marketing and sale or purchase of real estate. RSG employs a licensed real estate broker and one real estate salespersons on staff. • Ground Lease Analysis. RSG would review ground leases in detail to understand and analyze the terms. We would circulate this review brief to the client for confirmation, as the summary would be included a final report. RSG will perform a multi -dimensional economic analysis of the ground lease to demonstrate the value of the current subject property and compare to the lessor's estimate. Our analysis would consider recent sales of similar real property and the terms and conditions of the ground lease. • Land Use Regulations and Development Rights. RSG is available and prepared to address property specific questions about zoning and land use restrictions, acceptable and encouraged uses for each property, and any other questions that may arise. RSG can assist the City and developers sort through code and legal requirements for compliance and review of development applications. For example, we have assisted both cities and developers implement affordable housing inclusionary policies, density bonuses, and reporting requirements. Fiscal Consultine: RSG staff would be available to assist the City with fiscal consulting services and tax increment projections. Annual bond disclosure reports would be prepared according to bond documents and individual disclosure requirements. In this capacity we would complete the following if required or requested: • Collect and analyze current parcel -by -parcel assessment roll data from the County Assessor's office. • Analyze assessed values and resale reassessments by land use category to discern specific changes in property values and project potential changes in assessed values. • Study delinquency data for the County and Project Areas to discern trends in receipts. • Collect and analyze data from City Planning and Building Departments regarding major construction. • Review compliance with the Dissolution Act and incorporate any material issues into our projections of estimated RPTTF funds available. • Evaluate pass through and other obligations to project repayment of debts that may be senior to any financing. • Prepare pass through subordination documentation and tables (if required). • Prepare a bond coverage table. • Prepare a 5-year historical assessed value and tax increment receipt table based on records from the County Auditor -Controller's office. • Prepare a top ten taxpayers analysis using the secured and unsecured assessment rolls. • Collect current data on assessment appeals for -the past five years, including obtaining any updates on any top ten taxpayer assessment appeals. • Prepare pledged revenue projections and financial (cash flow) forecasts. Staff Assistance and General As -Needed Services: RSG will advise and support staff as needed on affordable housing -related questions or issues as they arise. Affordable housing efforts are intricately linked to other fields such as real estate, finance, and economic development. We pride ourselves on being a trusted adviser to clients and are available to answer questions on a wide range of topics based on our broad experience. This includes performing analyses In relation to the City's Housing Opportunity Ordinance and inclusionary housing fund. RSG is available to attend and make presentations at any meetings as needed.