Impact of the Proposed Erickson Retirement Community on the Village of Evendale

Erickson Retirement Communities has proposed a 69.1 acre campus to be located in on
property currently owned by Landmark Baptist Temple in the villages of Evendale (28.9
acres) and Glendale (40.2 acres). After the sale to Erickson, Landmark will retain 90.6
acres (30.4 in Evendale and 60.2 acres in Glendale).

The proposed Erickson retirement community expected to be built over six to seven
years, with construction expected to begin in September 2009. The campus would
contain up to 1,200 independent living units with 1,800 residents (1,710 at expected
95% occupancy). Based on Erickson’s experience at its other properties, an average of
1.5 residents per unit is anticipated. It is expected that 352 units with 529 residents will
be occupied in Evendale. In addition, the campus will contain a separate “Renaissance
Gardens” facility located entirely in Evendale with 96 assisted living units and 48 skilled
nursing beds.

The proposed community is planned as a “gated community” with 24-hour private onsite
security and its own transportation services. Also, the community will provide
recreation, fitness, educational and entertainment facilities, as well as have on-site
restaurants, hair salon / barber shop, bank branch, postal center, and guest suites for
visiting friends and relatives.

The community is expected to increase the number of Evendale residents by 17.1% or
529 persons, and the number of Evendale households by 33.1% or 352 households. All
of these persons will be over age 65 and most will be substantially older. Erickson
estimates the average age of the new residents will be 79.9 years.

The impact of the community on Village services are expected to be most significant for
the EMS service provided by the fire department, with an expected increase in EMS
runs of as much as 28.3%. The costs associated with this could be off-set through a
negotiated reimbursement agreement with Erickson. The police department may also
experience an estimated 6.3% increases in service calls, requiring the addition of an
additional officer to maintain the current resident to patrol officer ratio. Significant
impacts are not expected for other Village departments.

The proposed retirement community will generate significant income tax ($173,000) and estate tax ($430,000) revenue annually for Evendale. Construction–related income tax revenue is estimated at $$280,000 over the seven year build-out period. Retirement community employees are expected to pay $153,000 in income taxes annually. Residents are expected to pay $20,000 in income taxes annually. Estate taxes for deceased community residents are expected to generate $430,000 annually. Uncollected Village property taxes are estimated at $86,000 annually.

The proposed retirement community will increase the voting age population of Evendale
by 24%, and the 65 and older population by 135%. There is potential for these large
increases to affect election outcomes, though evidence from other retirement
communities in the Cincinnati area, as well as Erickson retirement communities
elsewhere in the US suggests that retirement community residents vote similarly to the
communities where they are located.

Three alternative development scenarios for the Landmark property are briefly
discussed.

The proposed retirement community is expected to positively affect the redevelopment
potential for the Village-owned property at 1717 Glendale Milford Rd.