Horizon Development Properties Inc.

“All documents are emailed to the board of commissioners and given time to review and comment prior to the filing of the 990 with the irs.”

“Board members are required to fill out forms annually and disclose conflicts of interest. If a conflict of interest arises, the board member abstains from voting.”

“Compensation for all employees is based on a yearly review of market and industry averages as well as an external position review, which is completed every three to four years. Executive pay requires additional review that includes the following: a review of all positions from an external compensation firm (water consultants) to ensure positions are accurate in both content and in pay scale. For executive (ceo) pay, a salary/benefit review is approximately every two years with other agencies (both nc and sc). The utilization of the annual employer's association salary compensation review and the results of the nahro executive compensation study is also taken into account when determining executive pay. The last compensation review was conducted in 2016. This process is performed by a related party.”

“Documents are available to the public upon request.”

“Rad adjustment - assumption of interest in properties 36,946,875. Capital contribution from wells fargo 12,602,239.”

“Section 168(h)(6)(f)(ii) election for hdp-pm hdp-pm, llc ein 47-4746633 election under internal revenue code section 168(h)(6)(f)(ii) not to be treated as a tax exempt entity hdp-pm, llc (47-4746633) located at 400 east boulevard, charlotte, nc 28203, hereby elects under internal revenue code section 168(h)(6)(f)(ii) not to be treated as a tax exempt entity for purposes of applying the rules found in i.r.c. Section 168 (h)(6). This election is available to be made by an entity that is not tax exempt, but which is controlled 50% or more by a tax exempt entity. Hdp-pm, llc qualifies to make such election, as it is owned 100% by horizon development properties, inc. (a tax-exempt entity) (ein 56-2246833) located at 400 east blvd., charlotte, nc 28203. The purpose of this election is to treat the entity's allocable share of depreciable property owned by park and marsh seniors, llc (47-1869284) in charlotte, north carolina. As property which is not tax-exempt use property. Hdp-pm, llc acknowledges that the foregoing election is irrevocable and is binding on all tax-exempt entities holding ownership interests in hdp-pm, llc.”

“Section 168(h)(6)(f)(ii) election for hdp-to hdp-to, llc ein 47-5041480 election under internal revenue code section 168(h)(6)(f)(ii) not to be treated as a tax exempt entity hdp-to, llc (47-5041480) located at 400 east boulevard, charlotte, nc 28203, hereby elects under internal revenue code section 168(h)(6)(f)(ii) not to be treated as a tax exempt entity for purposes of applying the rules found in i.r.c. Section 168 (h)(6). This election is available to be made by an entity that is not tax exempt, but which is controlled 50% or more by a tax exempt entity. Hdp-to, llc qualifies to make such election, as it is owned 100% by horizon development properties, inc. (a tax-exempt entity) (ein 56-2246833) located at 400 east blvd., charlotte, nc 28203. The purpose of this election is to treat the entity's allocable share of depreciable property owned by tall oaks redevelopment,llc (47-5053942) in charlotte, north carolina. As property which is not tax-exempt use property. Hdp-to, llc acknowledges that the foregoing election is irrevocable and is binding on all tax-exempt entities holding ownership interests in hdp-to, llc.”