Hickory Flat Area Plan Cherokee County, Georgia Development Trends - - PowerPoint PPT Presentation

Hickory Flat Area Plan

Cherokee County, Georgia

Development Trends and Existing Conditions

First Public Presentation January 2020

ABOUT BLEAKLY ADVISORY GROUP

Bleakly Advisory Group, Inc. is an Atlanta, Georgia based real estate and economic development consulting firm. ▪ Founded in 2001 ▪ Six-member professional team Our practice covers six areas in both public and private sectors: ▪ Market Analysis ▪ Real Estate Economics ▪ Development Consulting ▪ Financial Analysis ▪ Incentives & Public Finance ▪ Housing Analysis

Market Analysis Financial Analysis Real Estate Economics Housing Analysis Development Advisory Public Finance

Ken Bleakly, Founder Geoff Koski, President 404.845.3350 www.bleaklyadvisory.com

Hickory Flat Area Plan – Cherokee County, GA 3

 Task 1

▪ Assess Existing Conditions: Real Estate Demand Drivers ▪ Economic and demographic characteristics of the immediate and larger market areas ▪ Stakeholder Interviews

 Task 2

▪ Analyze Current Real Estate Supply and Future Demand Potential ▪ Residential, retail & other commercial/office

 Task 3

▪ Development Strategy ▪ Which type and scale of development do the various demand generators support? ▪ Are “anchors” necessary, and how do they fit into the mix? ▪ What is the importance of walkability and mixed-use development? ▪ What is the importance of public gathering spaces/placemaking and other infrastructure? ▪ How can the public sector help provide the right environment for retail to succeed? ▪ How does this information influence future transportation planning/needs for the area?

 Task 4

▪ Final Report and Public Roll-Out

SCOPE OF WORK

3

HICKORY FLAT AREA PLAN MARKET STUDY

4

 Market Study Scope and Process  Existing Conditions and Trends

▪ Population & Demographics ▪ Housing Supply ▪ Commercial Development ▪ Land Use

To this point we have documented existing conditions recent growth trends but have drawn no conclusions regarding demand forecasts or other recommendations that will be reported in later phases.

PRESENTATION CONTENTS

Hickory Flat Area Plan – Cherokee County, GA

HICKORY FLAT STUDY AREA CONTEXT

10 Miles 5 Miles

Hickory Flat contains roughly 1.3% of the County’s total land area.

THE STUDY AREA

▪ The Study Area contains approximately: ▪ 4,600 residents ▪ 2,500 tax parcels ▪ 3,575 acres ▪ 1,640 completed housing units ▪ 400,000 SF of commercial development ▪ $700 million taxable real estate value ▪ Roughly 2.6% of Cherokee County’s total tax base

Library

Hickory Flat Area Plan – Cherokee County, GA 7

INCORPORATED AND UNINCORPORATED PARCELS

Source: Bleakly Advisory Group based on data from Cherokee County Dept. of Planning & Zoning

▪ Roughly 465 acres (13%) of the Study Area’s is within the City of Holly Springs

8 Hickory Flat Area Plan – Cherokee County, GA

Demographics

Hickory Flat Area Plan – Cherokee County, GA 9

 The estimated current study area population is just under 4,600

▪ Less than 1.8% of the County’s total population ▪ Has increased by more than 140% since 2000

 The rate of population growth locally and county-wide is projected to slow in the near term, but the study area is expected to continue to grow faster than the County through 2025

TOTAL POPULATION

Hickory Flat Cherokee County Population

2000 Census 1,878 141,915 2010 Census 3,399 214,346 2020 Estimate 4,582 262,748 2025 Projection 5,013 283,563

Population Growth

New Population 2000-2020 2,704 120,833

• Avg. Annual Growth 2000-2010

6.1% 4.2%

• Avg. Annual Growth 2010-2020

3.0% 2.1%

• Avg. Annual Growth 2020-2025

1.8% 1.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2000 Census 2010 Census 2020 Estimate 2025 Projection

Hickory Flat Share (%) of Cherokee County

Source: Bleakly Advisory Group, based on data from Claritas, Environics Analytics

Hickory Flat Area Plan – Cherokee County, GA 10

AGE DISTRIBUTION

Hickory Flat Cherokee County 2020 Est. Population by Age & Generational Cohort

Generation Z (Ages 8-23) 25.4% 24.2% Millennials (Ages 24-39) 18.2% 21.4% Generation X (Ages 40-55) 25.1% 25.3% Boomers (Ages 56-74) 25.5% 23.3% Silent (Ages 75-92) 4.5% 4.5% Greatest (Ages 93+) 1.3% 1.2% Children (Ages 0-17) 26.5% 26.3% Seniors (Ages 65+) 16.8% 16.2% Median Age 41.4 39.5 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Generation Z (8-23) Millennials (24-39) Generation X (40-55) Boomers (56-74) Seniors (65+)

Hickory Flat Share (%) of Cherokee County

Source: Bleakly Advisory Group, based on data from Claritas, Environics Analytics

 Hickory Flat has a slightly older population age distribution than the County as a whole

Hickory Flat Area Plan – Cherokee County, GA 11

INCOME DISTRIBUTION

Households Hickory Flat Cherokee County 2020 Est. Household Income

Median Income $104,125 $84,200 Households earning <$15K 3.7% 5.7% Households earning $15K - $35K 9.5% 11.0% Households earning $35K - $50K 6.3% 10.3% Households earning $50K - $100K 28.3% 31.9% Households earning >$100K 52.2% 41.1% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% <$15K $15K - $35K $35K - $50K $50K - $100K >$100K

Hickory Flat Share (%) of Cherokee County

Source: Bleakly Advisory Group, based on data from Claritas, Environics Analytics

 The income distribution of Hickory Flat households is consistent with the area’s housing composition

▪ Smaller percentage of low-income households and much higher percentage of households earning incomes above $100,000 compared to the County as a whole ▪ Median household income is nearly 24% higher than the County-wide median ▪ The income distribution is attractive to retail development

Hickory Flat Area Plan – Cherokee County, GA

EMPLOYEE INFLOW/OUTFLOW

30 – Employed and Live in Hickory Flat 1,621 – Employed in Hickory Flat and Live

• utside study area

1,489 – Live in Hickory Flat and Employed

• utside study area

Census data (from 2017) identified existing jobs (including school district employment) located inside the study area, area residents who are in the labor force, and commuting patterns into and out of the study area. ▪ 98% of the 1,651 employees who work in the study area live outside

• f it and commute in (inflow).

▪ 98% of the 1,519 employed residents who live in the study area work

• utside of it and commute out (outflow).

▪ Only 2% of residents in the study area also work in the study area. ▪ The School District accounts for about 20% of locally based jobs (320)

12

Source: Bleakly Advisory Group, based on data from OnTheMap (2017) US Census Bureau

• 600
• 300

300 500 1,000 1,500 2,000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

2002 - 2017 study area Worker Flows (Total Jobs)

Inflow Outflow Net Job Inflow

Hickory Flat Area Plan – Cherokee County, GA

COMMUTING PATTERNS - OUTFLOW

Source: Bleakly Advisory Group, based on data from OnTheMap (2017) US Census Bureau

▪ This map estimates the number of working residents commuting

• utside Hickory Flat

based off their employer’s physical address in each corresponding ZIP code tabulation area (ZCTA). ▪ Working residents in Hickory Flat are primarily employed throughout Cherokee County as well as a couple hundred in Cobb and Fulton Counties. Cherokee Bartow Fulton Cobb De Kalb Gwinnett Forsyth

Hickory Flat Area Plan – Cherokee County, GA

COMMUTING PATTERNS - INFLOW

Source: Bleakly Advisory Group, based on data from OnTheMap (2017) US Census Bureau

▪ This map estimates the number of employees commuting into Hickory Flat based off their residence in each corresponding ZIP code tabulation area (ZCTA). ▪ The highest concentration of Hickory Flat workers is within central and southeastern Cherokee County in unincorporated areas as well as cities such as Canton and Woodstock. Cherokee Bartow Cobb Fulton Forsyth ▪ Roughly 3,200 students are also transported daily to Hickory Flat’s 3 public schools

15 Hickory Flat Area Plan – Cherokee County, GA

Housing

Hickory Flat Area Plan – Cherokee County, GA 16

HOUSING CHARACTERISTICS

Hickory Flat Cherokee County 2020 Est. Housing Tenure, Value, & Age

Owner-occupied 1,434 74,595 Renter-occupied 141 19,416 Percent Owner-occupied 91.0% 79.0% Median Home Value $345,766 $296,435 Median Age of Housing (Year Built) 14 17

2020 Est. Housing Type

Single-family Homes 1,574 82,069 Townhomes 38 4,420 Multifamily 14 10,109 Mobile Homes/ Other 14 4,039 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Single-family Townhome Multifamily Mobile Homes

Hickory Flat Share (%) of Cherokee County

Source: Bleakly Advisory Group, based on data from Claritas, Environics Analytics

 1,640 total housing units – 96% single family homes  Hickory Flat has a higher concentration of single-family homes, higher median home values and fewer renter-occupied housing units than the County as a whole  Median home value is almost 17% higher than the County-wide median

Hickory Flat Area Plan – Cherokee County, GA 17

▪ The volume of new home sales in Hickory Flat has risen dramatically post recession

▪ Nearly 970 new homes built/sold since January of 2013, more than 700 of these have sold since 2017 alone. ▪ The number of new homes priced/sold below $250,000 has nearly disappeared since 2013, while the number of home sales priced above $350,000 has dramatically increased over the past 3 years.

Source: Bleakly Advisory Group, based on data from SmartREdata

$288,573 $351,645 $405,772 $396,550 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 50 100 150 200 250 300 350 2013 2014 2015 2016 2017 2018 2019

New Construction Single-family Homes Sales by Price (Including Senior-focused)

$600K-$650K $550K-$600K $500K-$550K $450K-$500K $400K-$450K $350K-$400K $300K-$350K $250K-$300K $200K-$250K $150K-$200K Avg Price in Zip 30115/ 30188

TRENDS IN NEW HOME PRICING

RESIDENTIAL SUBDIVISIONS

8 12 14 22 24 28 28 29 47 48 52 56 61 64 65 66 66 68 85 94 100 105 108 140 154 180 183 298 Orchards of Cherokee Station (Duplex) Mill Creek Forest Hickory Meadows Orchards of Cherokee Station (Townhome) Orchards of East Cherokee (Duplex) Autumn Glen Saddlehorn Hickory Flat Township Hickory Plantation Orchards of East Cherokee (Single-family) Orchards of Cherokee Station (Quad) Seasons Preserve at Hickory Flat Hickory Commons Hickory Mill Idylwilde Phase 1 Carrington Farm Hickory Manor Orchards of East Cherokee (Quads) Woodhaven Court Oakhaven Cherokee Reserve Bradshaw Farm* Cagle Heights Middlebrooke Crest Brooke Gardens of Harmony Falls at Hickory Flat Edgewater

Hickory Flat Residential Subdivisions by Unit Count Complete Under Construction ▪ There are a total of 24 residential subdivisions in the study area, including 15 completed and 9 still under construction. ▪ 2,205 total units when fully built out ▪ Approximately 622 lots (28% of inventory) have not yet been completed/sold as of Nov. 2019 ▪ Completion of these approved lots will increase the Study Area’s existing housing stock by 38% ▪ In addition, there is one planned subdivision and one recently submitted for review. Subdivision Inventory at Build Out Development Type Units Share

Single-family 1,970 89% Townhouse 83 4% Quad 120 5% Duplex 32 1% TOTALS: 2,205 100%

*In study area only

Source: Bleakly Advisory Group based

• n data from Cherokee County Dept. of

Planning & Zoning

LOCATIONS OF NEWEST “ACTIVE” SUBDIVISIONS

(Shaded Areas are in the City of Holly Springs)

Source: Bleakly Advisory Group, based on data from SmartREdata

PACE OF SUBDIVISIONS UNDER CONSTRUCTION

Source: Bleakly Advisory Group, based on data from Cherokee County Dept. of Planning & Zoning, and SmartREdata

▪ There are nine subdivisions within Hickory Flat that are currently under construction, with two beginning home sales in 2016, four in 2017, just one in 2018, and two in 2019. ▪ Falls at Hickory Flat, which began selling homes in February 2016, has had the highest number of closings at 149 amongst active subdivisions in the study area. ▪ Hickory Manor, which began selling homes in August 2016, is nearly built out with just one more unit left to be completed and closed on (note: secondary data source is 2 months behind). ▪ Orchards of Cherokee Station and Idylwilde have sold approximately four units a month, the fastest pace among active subdivisions within Hickory Flat.

Aug-19 Jun-19 Aug-18 Nov-17 Sep-17 Aug-17 May-17 Aug-16 Feb-16 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Crest Brooke

Idylwilde Phase 1 Orchards of Cherokee Station Gardens of Harmony Hickory Mill Cagle Heights Edgewater Hickory Manor Falls at Hickory Flat

Hickory Flat Subdivisions Under Construction: Total Permitted Units, Beginning Selling Period & % Complete 183 66 298 108 64 180 Build Out 52 154 65

21 Hickory Flat Area Plan – Cherokee County, GA

Commercial Real Estate

Hickory Flat Area Plan – Cherokee County, GA 22

COMMERCIAL/RETAIL DEVELOPMENT

INVENTORY & OCCUPA PANCY

80% 85% 90% 95% 100% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

Occupancy Rates Comparison

Cherokee County Hickory Flat 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 100,000 200,000 300,000 400,000 500,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

Hickory Flat – Inventory & Market Share (SF)

Total SF % of Inventory

▪ Hickory Flat contains more than 400,000 SF of commercial space and roughly 3% of the County’s total retail inventory ▪ Study area and County wide retail

• ccupancy rates have increased

steadily since 2009-2010, recovering from the last recession. ▪ Retail vacancy in Hickory Flat is currently estimated at only 2.6%, lower than Cherokee County (4.1%) and less than half the retail vacancy rate for the Metro-Atlanta Region (>6%) ▪ Average retail rents in the study area declined between 2007 and 2013, but have since risen by 32.6% over the past 5 years ▪ The combination of rising rents and very low vacancy suggest the presence of unmet demand for additional retail development

Source: Bleakly Advisory Group, based on data from CoStar

Hickory Flat Area Plan – Cherokee County, GA 23

▪ Following a period of substantial retail development between 2005 and 2008, very little new retail construction has

• ccurred in Hickory Flat

since that time.

▪ Hickory Flat has accounted for less than 2% of all new retail development within Cherokee County over the past decade. ▪ Roughly 9,500 sq. ft. of new retail space has been delivered in Hickory Flat in 2019 – the largest total square footage since 2008.

COMMERCIAL/RETAIL DEVELOPMENT

DELIVERIES & NET ABSORPTION

0.0% 2.0% 4.0% 6.0% 8.0% % of Deliveries % of Net Absorption

Hickory Flat Share of Cherokee County Deliveries & Absorption

2000-2009 2010-2019 88% 90% 92% 94% 96% 98% 100%

• 50,000

50,000 100,000 150,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

Hickory Flat - Deliveries & Absorption (SF)

Deliveries, SF Net Absorption, SF Occupancy Rate

Source: Bleakly Advisory Group, based on data from CoStar

Hickory Flat Area Plan – Cherokee County, GA 24

POPULATION DENSITY

Hickory Flat lies within three census tracts that each vary in population density. ▪ The census tract that covers the western and central portion of the study area is the densest with 1,500-2,000 people per square mile. ▪ The southern-most census tract within Hickory Flat is the next densest with 1,000-1,500 people square mile. ▪ The census tract that covers the entire eastern portion of the county is the least populated with less than 500 people per square mile.

Source: Bleakly Advisory Group, based on data from American Community Survey 2017 5-Year Estimates

Hickory Flat Area Plan – Cherokee County, GA 25

EXISTING RETAIL INVENTORY

Source: TBD

▪ Hickory Flat’s commercial real estate is predominately retail, concentrated in and around Hickory Flat Village and Hickory Flat Commons. These two shopping centers are anchored by Publix and Kroger. ▪ Outside the study area there are smaller commercial nodes both North and South along Hickory Flat Highway, Lower Union Hill Road, and Sugar Pike Road

Hickory Flat Area Plan – Cherokee County, GA 26

POPULATION DENSITIES: HICKORY FLAT

AND COMPARABLE CHEROKEE COUNTY GROCERY STORE LOCATIONS

Source: Bleakly Advisory Group, based on data from American Community Survey 2017 5-Year Estimates

Hickory Flat Area Plan – Cherokee County, GA 27

▪ The demographics of the study area relative to comparable nearby existing grocery- anchored shopping centers suggests that Hickory Flat has strong spending power in terms of resident incomes and affluence; even though it is less dense in terms of households per square mile. ▪ Retailers choose locations based on the spending power and size of their potential customer base. Comparative data are based

• n a 3-mile radius of each site, which

approximates the area most grocery rely upon to generate the bulk of their customer traffic.

HICKORY FLAT AND COMPARABLE RETAIL NODES

3-Mile Radius Hickory Flat (Kroger & Publix) Bridgemill Market (Publix) Laurel Canyon Village (Publix) Highway 92 (Walmart, Kroger, & Publix) Marietta Hwy/ Holly Springs Pkwy (Kroger, Publix, & Walmart) Woodmont Village (Kroger) Households Per Square Mile

247 481 225 795 516 157

• Avg. Household Income

$123,687 $110,765 $75,673 $113,564 $98,997 $138,291

Median Household Income

$102,197 $91,721 $53,337 $88,211 $79,610 $115,964

% Own

91% 82% 55% 79% 76% 90%

Median Home Value

$347,308 $327,193 $322,276 $273,217 $306,126 $367,728

Total Households

6,982 13,581 6,359 22,465 14,588 4,445

247 481 225 795 516 157

Hickory Flat (Kroger & Publix) Bridgemill Market (Publix) Laurel Canyon Village (Publix) Highway 92 (Walmart, Kroger, & Publix) Marietta Hwy/ Holly Springs Pkwy (Kroger, Publix, & Walmart) Woodmont Village (Kroger)

Households Per Square Mile

Source: Bleakly Advisory Group based on data from Claritas

28 Hickory Flat Area Plan – Cherokee County, GA

Existing Land Use

Hickory Flat Area Plan – Cherokee County, GA 29

EXISTING LAND USE

Source: Bleakly Advisory Group based on data from Cherokee County Dept. of Planning & Zoning

Developed Residential 2,731.6 76% Commercial 347.6 10% Government 166.3 5% Vacant/Undeveloped 318.0 9%

Distribution of Hickory Flat study area Acreage by Land Use

Developed Residential Commercial Government Vacant/Undeveloped

# of Acres* # of Parcels Total FMV Land Value Building Value Distribution of Hickory Flat study area by Land Use Developed Residential

2,732 1,833 $550,423,500 $158,531,100 $383,328,900

Commercial/ Institutional

348 79 $104,819,800 $47,539,000 $54,837,600

Government

166 7 $75,833,700 $21,984,000 $52,994,300

Vacant/Undeveloped

318 579 $45,226,500 $45,225,500 $0

Totals

3,564 2,498 $776,303,500 $273,279,600 $491,160,800 *Percentages are based on 3,564 total acres. Data excludes additional study area tax parcels that have no associated data.

▪ Developed Residential parcels represent 73% of the study area, 71% of FMV, 58%

• f Land Value, and 78% of Building

Value. ▪ Commercial parcels represent 3% of the study area, 14% of FMV, 17% of Land Value, and 11% of Building Value. ▪ Government-owned parcels represent less than 1% of the study area, 10% of FMV, 8% of Land Value, 11% of Building Value. ▪ Vacant/ Undeveloped parcels represent 23% of the study area, 6% of FMV, and 17% of Land Value.

Hickory Flat Area Plan – Cherokee County, GA 30

LAND AREA DISTRIBUTION BY ZONING

Source: Bleakly Advisory Group based on data from Cherokee County Dept. of Planning & Zoning

Highlights:

▪ Roughly 45% of the total Study Area acreage is zoned either Agricultural or R-80 ▪ Roughly 30% of the total Study Area consists of privately owned parcels greater than 5 acres in size, which are currently under-developed or vacant ▪ Of acreage meeting this definition, 77% is in the unincorporated County, 23% in Holly Springs ▪ Inside the City of Holly Springs – roughly 44% of all parcels and 53% of the total acreage remains undeveloped ▪ Approximately 5% of Hickory Flat’s remaining undeveloped land is zoned for commercial activities such as retail, movie theaters, arts/ recreation, health-based and senior- focused facilities ▪ Applying existing zoning, BAG estimates that Hickory Flat could physically accommodate another 900 housing units in addition to remaining lots in permitted subdivisions – roughly doubling the number of housing units over current levels. <0 5 8 11 24 31 34 38 45 50 53 125 172 238 251 RA RTH RD-3 R-60 R-40 R-15 PUD RZL GC R-30 R-20 Multi/ Split R-80 AG CITY

Undeveloped Acreage by Zoning Classification: Parcels 5-Acres & Larger (1,085 Acres*)

1 5 12 13 20 62 64 82 96 103 113 145 197 228 334 466 598 1,037 OI RTH NC Split RD3 R30 R15 R20 R60 RA RZL GC PUD R40 Multi/Split CITY R80 AG

Study Area Land Area by Zoning Classification: 3,575 Total Acres*

Hickory Flat Area Plan – Cherokee County, GA 31

AGRICULTURAL ZONING

Source: Bleakly Advisory Group based on data from Cherokee County Dept. of Planning & Zoning

▪ The highest account for land use in Hickory Flats ▪ Show potential for development, especially those parcels along major corridors

Hickory Flat Area Plan – Cherokee County, GA 32

PUBLICLY-OWNED PARCELS

Source: Bleakly Advisory Group based on data from Cherokee County Dept. of Planning & Zoning

02-0504-0001 02-0361-0018 15-0401-0001 15-0326-0004 15-0327-0001 15-0330-0005 15-0330-0002

▪ Approximately 294 acres within the study area are publicly

• wned and tax exempt

– mostly associated with the School District

Hickory Flat Area Plan – Cherokee County, GA 33

LOCATIONS OF “UNDEVELOPED” PARCELS

Source: Bleakly Advisory Group based on data from Cherokee County Dept. of Planning & Zoning

Definition of “Undeveloped” Parcels used here: ▪ Privately owned – excludes public land ▪ Minimum of 5 acres in size with potential for further subdivision ▪ The assessed value of existing improvements is less than $10,000 ▪ Excludes common area land

• wned by homeowners’

associations ▪ Totals may miss multiple contiguous parcels owned by the same entity ▪ Totals exclude remaining vacant lots in subdivisions that are currently under construction ▪ 1,085 acres meet this definition

34

 In summary, the Hickory Flat study area

▪ Contains a population of nearly 4,600 – 1.7% of the County total ▪ Has been growing faster than the County since 2000

▪ That trend is projected to continue, but at a slowing percentage rate, due in part to land and new home prices rising faster than incomes

▪ Is significantly more affluent than the County and region, with fewer renters, minimal numbers of low-income households and a larger presence

• f households earning above $100,000

▪ Has a housing stock that is significantly newer and higher valued than the County-wide average ▪ Has experienced limited new retail construction over the past decade

▪ Rising retail rents and virtually no existing vacancy suggest that more retail development could be supported

▪ Retains more than 1,000 acres that could potentially be developed in the future, plus more than 600 already platted subdivision lots – roughly doubling the number of existing housing units in the Study Area

 The implications of growth forecasts and the County’s ability to influence them will be analyzed in the next phase

SUMMARY OBSERVA VATIONS/CONCLUSIONS

35

TERMS AND LIMITING CONDITIONS  Accuracy of Report: Every reasonable effort has been made to ensure that the data developed in this assignment reflect the most accurate and timely information possible and is believed to be reliable. This consulting assignment was based on estimates, assumptions and other information developed by Bleakly Advisory Group (“BAG”) from its independent research efforts, general industry knowledge and consultations with the client for this assignment and its representatives. No responsibility is assumed for inaccuracies in reporting by the client, its agents or representatives or any other data source used in preparing or presenting this study. The research and reports are based on information that is current as of the date of the report. BAG assumes no responsibility to update the information after the date of the report. The research may contain prospective financial information, estimates or opinions that represent our view of reasonable expectations at a particular point in time, but such information, estimates or opinions are not offered as predictions or as assurances that a particular outcome will occur. Actual results achieved during the period covered by our prospective analysis may vary from those described on our research and report and variations may be material. Therefore, nor warranty or representation is made by BAG that any of the projected values or results contained in the work product from this assignment will actually be achieved.  Usage of Report: The research product may not be used, in whole or in part, in any public or private offering of securities or other similar purpose by the client without first obtaining the prior written consent of BAG. 404.845.3550 www.bleaklyadvisory.com