~tQ'/,

Q'f\\0
us~

City of Troy

TROY CITY COUNCIL

COMMITTEE MEETING NOTICE
COUNCIL CHAMBERS, CITY HALL
100 S. MARKET STREET, TROY, OHIO
REVISED AGENDA- to add item
Monday, February 23, 2015, 5:30 PM
Finance Committee

(Kendall [Chm.], Schweser, Tremblay)

1. Provide a recommendation to Council regarding acceptance of the recommendations of the

Enterprise Zone Tax Incentive Review Council that the Enterprise Zone Agreements and the Troy
Towne Park TIF be continued.
2.

Provide a recommendation to Council regarding the subordination of an existing loan from the
Small Business Development Revolving Loan Fund (SBD) regarding Jumpy's Laser Tag, Inc. for one
of the business partners (Joe & Kim Plantz).

Other Committees/items may be added.

2-20-2015
Rev. 2-23-2015

cc:

Council
Mayor
Mr. Titterington
Mr. Livingston
Mr. Stickel
Department Heads
Chamber of Commerce
Bd of Education
media

~tQ'/,

Q'f\\0
us~

City of Troy

TROY CITY COUNCIL

COMMITIEE MEETING NOTICE
COUNCIL CHAMBERS, CITY HALL
100 S. MARKET STREET, TROY, OHIO

Monday. Februarv 23. 2015. 5:30 PM

Finance CommiHee

(Kendall [Chm.], Schweser, Tremblay)

1. Provide a recommendation to Council regarding acceptance of the recommendations of the

Enterprise Zone Tax Incentive Review Council that the Enterprise Zone Agreements and the Troy
Towne Park TIF be continued.

Other Committees/items may be added.

2-20-2015

cc:

Council
Mayor
Mr. Titterington
Mr. Livingston
Mr. Stickel
Department Heads
Chamber of Commerce
Bd of Education
media

..

,.-~ )) ;~-. )

TROY O HIO

100 S. Market Street

ceece~; Ullion

P. 0. Box 3003

( ~~ .. (~' )

Troy, Ohio 45373

www. troyohio.gov
phone: (937) 335-1725
fax:

(937) 339-8601

patrick.titterington@troyohio.gov

MEMORANDUM
TO:

Mrs. Baker, President of C<f9ncil

FROM:

Patrick E. J. Titterington

DATE:

February 20, 2015

SUBJECT:

ANNUAL ENTERPRISE ZONE REVIEW

ANNUAL REVIEW- TIF

fY

RECOMMENDATION
That Troy City Council accepts the recommendations of the Enterprise Zone Tax Incentive Review Council
regarding the Enterprise Zone Agreements and the Troy Towne Park TIF, so that the annual report can be filed
with the Ohio Development Services Agency.
BACKGROUND:
The Enterprise Zone Tax Incentive Review Council (EZTIRC) met February 20, 2015, to review the Enterprise
Zone Agreements and the Troy Towne Park TIF and provide recommendations on the status of each to Council.
In this regard, I provide the following summary of information:

There were six active EZ Agreements as of December 31, 2014, representing five companies, to be
reviewed.
All Agreements continue to be in full compliance and are recommended for continuance.
Agreements are:
EZ#25
EZ#28
EZ#29
EZ#31
EZ#33
EZ#34

These

F & P America,
2004 Agreement
American Honda Motor Co., Inc.,
2005 Agreement
Ishmael Precision Tool Corp.,
2005 Agreement
Clopay Building Products, Inc.,
2006 Agreement
ConAgra Foods Packaged Foods, LLC, 2010 Agreement
ConAgra Foods Packaged Foods, LLC, 2012 Agreement

The EZTIRC also recommended that the Troy Towne Park TIF be continued.
Additional information is attached, including summary pages that list the status of each Agreement.
REQUESTED ACTION:
It would be appreciated if you would assign to a Committee of Council considering the acceptance of the
recommendations of the Enterprise Zone Tax Incentive Review Council so that the annual report can be filed
with the Ohio Development Services Agency. The annual report is required to be filed by the end of March.

encl.
cc:

Mayor Beamish
Mr. Dando

~tQ'/,

Qb\0
us~

--

00

l oo

City of Troy
City Hall
100 South Market Street
Troy, Ohio 45373
wwvv.troyohio.qov
Telephone: (937) 339-9601
Fax: (937) 339-9341

Date:

February 20,2015

To:

Patrick Titterington, Director of Public Service & Safety

From: James Dando, Enterprise Zone Manager

Copy: Sue Knight, Clerk of Council
Re:

Annual Enterprise Zone Program Reviews

Please ask City Council to consider a resolution to accept and approve the recommendations of the Tax
Incentive Review Council {TIRC) regarding the existing Enterprise Zone Agreements. The TIRC made
these recommendations at its meeting on February 20,2014.
The TIRC is charged with annually reviewing each of the existing Enterprise Zone agreements in order to
make a recommendation to City Council. City Council then reviews the recommendations and
determines whether the agreements should be continued. Ohio Revised Code 5709.85(C)(1) states:
"Annually, the TIRC shall review all agreements granting exemptions from property taxation under
Chapter 725, or 1728, or under 3735.671, 5709.62, 5709.63, or 5709.632 of the revised code, and any
performance or audit reports required to be submitted pursuant to those agreements. With respect to each
agreement, the council shall determine whether the owner of the exempted property has complied with the
agreement, taking into consideration any fluctuations in the business cycle unique to the owner's
business, and, on the basis of such determinations, submit to the legislative authority written
recommendations for continuation, modification, or cancellation of the agreement."
This year, the TIRC reviewed 6 agreements representing 5 companies, and found all of the companies in
compliance with their employment goals. The TIRC recommended continuance of EZAs for American
Honda Motor Co., Inc.; Clopay Building Products, Inc.; ConAgra Foods Packaged Foods, LLC; F & P
America Mfg., Inc.; and Ishmael Precision Tool Corporation.
Council should act on these recommendations so that a fmal annual report can be made to the Ohio
Development Services Agency by the March 31st deadline.

Exhibit "A"

Tax Incentive Review Council

Enterprise Zone Agreements
Summary and Review Recommendations
February 20, 2015
American Honda Motor Co., Inc. - EZA # 28 (2005 agreement)
In compliance with all pledges. The TIRC recommended continuation of the agreement.
Clopay Building Products, Inc. - EZA # 31 (2006 agreement)
In compliance with all pledges. The TIRC recommended continuation of the agreement.
ConAgra Foods Packaged Foods, LLC- EZA # 33 (201 0 agreement)
In compliance with all pledges. The TIRC recommended continuation of the agreement.
ConAgra Foods Packaged Foods, LLC - EZA # 34 (2012 agreement)
In compliance with all pledges. The TIRC recommended continuation of the agreement.
F & P America Mfg., Inc - EZA # 25 (2004 agreement)
In compliance with all pledges. The TIRC recommended continuation of the agreement.
Ishmael Precision Tool Corporation- EZA # 29 (2005 agreement)
In compliance with all pledges. The TIRC recommended continuation of the agreement.

Respectfully Submitted

City of Troy Tax Incentive Review Council

INTERDEPARTMENTAL CORRESPONDENCE
Date:
To:
From:
Copy:
Re:

February 17, 2015

Tax Incentive Review Council (TIRC)
Jim Dando, Enterprise Zone Manager
Patrick Titterington, Director of Public Service & Safety
Enterprise Zone Reviews

The annual Tax Incentive Review Council (TIRC) meeting to review the December 31, 2014 status of
Enterprise Zone Agreements (EZAs) is scheduled for 10:00 AM on Friday February 20, 2015 in the
second story conference room of Troy City Hall, 100 South Market Street. As always, this will be a
public meeting that can be attended by any interested members of the public.
Ohio Revised Code Section 5709.85(C) (1) states:
"Annually, the TIRC shall review all agreements granting exemptions from property taxation
under Chapter 725, or 1728, or under section 3735.671, 5709.62, 5709.63, or 5709.632 of the
revised code, and any performance or audit reports required to be submitted pursuant to those
agreements. With respect to each agreement, the council shall determine whether the owner of
the exempted property has complied with the agreement, taking into consideration any
fluctuations in the business cycle unique to the owner's business, and, on the basis of such
determinations, submit to the legislative authority written recommendations for continuation,
modification, or cancellation of the agreement."
The TIRC typically reviews each agreement, then discusses its options and makes a recommendation
to the City Council before adjournment. This is necessary so the report and recommendation can be
forwarded to the City Council for review by the appropriate Council Committee. The final decision of
Council then can be considered at a regular City Council meeting in March, so the reports can be
provided to the Ohio Development Services Agency prior to the deadline on March 31st.
Because of changes the Ohio Legislature made to the Tax Code in 2005, especially the reduction to
zero percent for the tangible personal property tax on industrial equipment and machinery, Troy has far
fewer active Enterprise Zone Agreements than in the past. As an incentive to retooling an existing
plant, EZAs are now totally ineffective. For a major real estate improvement project such as a new
building or major addition, the Enterprise Zone program still can provide an incentive for a company
to locate or expand in Troy. Companies remained in the program for the same reason: major building
investment that would greatly increase their real estate property taxes above their existing taxes.
Existing real estate taxes are not eligible for abatement through the EZ program.

The December 31, 2014 status of active agreements and my recommendations for the TIRC are
as follows:
American Honda Motor Co., Inc. - EZ # 28 (2005 agreement)
The company pledged to retain 337 positions and create another 110, along with 20 additional parttime temporary positions. As of December 31, 2014 the company reports 567 full-time equivalent
jobs, well exceeding their goal. The company also had 144 temporary workers from employment
agencies. I recommend the TIRC recommend continuation of the agreement.
Page 1 of2

Clopay Building Products- EZ # 31 (2006 agreement)

This was an entirely new EZ agreement for Clopay' s conversion of the former Panasonic plant. The
majority of the company's new investment related to manufacturing equipment. Clopay continues to
invest in additional equipment and in improvements to both products and processes. It is at full
utilization of the building and relocated some production back to its facilities in Russia, Ohio. The
company committed to 555 jobs in Troy. As of December 31, 2014, the company reported having 983
jobs at the Troy facility, significantly exceeding the goal. I recommend the TIRC recommend
continuation of the agreement.
F & P America - EZ # 25 (2004 agreement)
This third F&P EZ agreement was for installation of the second hydroforming press. The company
pledged to retain 519 jobs and create 4 more, for a total of 523 positions. As of December 31, 2014 the
company reports 691 full-time positions and 268 temporary workers from an employment agency. I
recommend the TIRC recommend continuation of the agreement.
Ishmael Precision Tool Corporation- EZ # 29 (2005 agreement)
The company pledged to retain 20 jobs and create 12 more for total employment of 32 positions. With
continuing slow, but steady growth, the company reports 39 full-time and 8 temporary jobs as of
December 31, 2014. I recommend the TIRC recommend continuation of the agreement.
ConAgra Foods Packaged Foods, LLC- EZ # 33 (2010 agreement)
This is a new agreement approved in February 2010. ConAgra expanded its plant at 801 Dye Mill
Road. The company had 367 existing job positions and pledged to create 188 more for a total of 555
FTEs. As of December 31, 2014 the company reports 660 positions, exceeding the job creation goal.
It also had 72 temporary workers. I recommend the TIRC recommend continuation of the
agreement.
ConAgra Foods Packaged Foods, LLC- EZ # 34 (2012 agreement)
This is a second new agreement for ConAgra, approved in September 2012. ConAgra made a
comparatively small expansion to the original production line at its Troy plant, which makes frozen
school-lunch pizza slices. The company had 643 existing job positions and pledged to create at least
10 more. As of December 31, 2014 the company reports 660 positions, exceeding the job creation
goal. It also had 72 temporary workers. I recommend the TIRC recommend continuation of the
agreement.

Page 2 of2

INTERDEPARTMENTAL CORRESPONDENCE
Date:
To:
From:
Copy:
Re:

February 17, 2015

Tax Incentive Review Council
Gregg Harris, Development Department
Patrick Titterington, Director of Public Service & Safety
Troy Towne Park TIF

The Tax Incentive Review Council (TIRC) is charged with reviewing annually any Tax
Increment Financing (TIF) agreement and making a recommendation for continuation,
modification, or cancellation of the agreement. City Council then votes on the recommendation
for the TIF just as is done for Enterprise Zone agreements.
As provided in state laws, the TIF program provides financing for public improvements by
allocating part of the future property tax payments to pay off the bond financing. The first
payments from the Towne Park Drive TIF go to the Troy Schools (approx. 23.54%), with the
balance going towards bond payments and other expenses. Although the bond payments could
extend for up to 30 years, it's anticipated that the bond will be paid off before then.
This is the eleventh annual review of the Troy Towne Park TIF. In the first two years, there
were significant expenses for public infrastructure construction, but no collection of TIF
payments. The authorizing legislation anticipated this, and allowed for the first two years of
interest payments to be paid from the bond proceeds. In calendar year 2014, the city received
$248,790 of TIF payments. This meant the city was able to make 2014's bond payments of
$132,400 from the TIF proceeds, and not from the General Fund. There also was sufficient
revenue for certain allowable auditor expenses.
Current Miami County Auditor records indicate the TIF property improvement valuations rose
from zero at the start of the TIF in 2003 to $14,104,650 in last year's review. However, the 2014
TIF property valuations came in at $13,190,700, which is a decrease of 6.5%. The resulting
2014 PILOTS will be $56,508 (or 19%) less than collected the year before.
Similar to previous years the larger portion of the 2014 decrease in tax receipts can be attributed
to several properties that filed tax reductions in 2011, as well as the stabilizing of the completed
Comfort Inn & Suites property. The county six-year reevaluation in 2013 was realized in the
2014 collections, with the TIF valuations often being decreased but not the county historical base
property valuations. There was no new construction, and only one occupancy permit issued in
2014.
The total annual collected TIF payments are still paying off the bond-financed road
improvements as planned. The new businesses there have also generated significant sales taxes
for Miami County and city income taxes for Troy.
I recommend that the TIRC recommend to the City Council that the TIF be continued in 2015.

~tQ'/,

Patrick E. J. Titterington
I

Qt\\0 City of Troy

us~

. . .-

100 S. Market Street

P. 0. Box 3003
Troy, Ohio 45373
\NINW. troyohio.gov
phone: (937) 335-1725
fax:
(937) 339-8601
patrick. titterington@troyohio .gov

MEMORANDUM
TO:

Mrs. Baker, President of Cnn cil

FROM:

Patrick E. J. Titterington ~

DATE:

February 20, 2015

SUBJECT:

SUBORDINATION OF SBD LOAN- JOE AND KIM PLANTZ (JUMPY'S LASER TAG,
INC.)

RECOMMENDATION:
That Council approves the subordination of an existing loan from the Small Business Development
Revolving Loan Fund (SBD) for Joe and Kim Plantz, one of the business owners on the loan regarding
Jumpy's Laser Tag, Inc., to Unity National Bank.
BACKGROUND:
In 2011 Council approved a $101,500 loan from the SBD Fund to Jumpy's Laser Tag, Inc. to assist with
the expansion and relocation of the business from the address of 1893 West Main Street to the current
location at 1528 West Main Street, Troy. That loan (for a term of 7.5 years) is secured by a second lien
on the business assets of the company, and a second mortgage on the personal residences of the three
business owners. One of the business owners (Joe and Kim Plantz) requested to refinance the first
mortgage on the personal residence and to combine other debt to benefit from a lower rate of interest
with Unity National Bank. However, as the City is a holder of a mortgage on the property, the City must
consent to the subordination. As a result of the subordination, the City will hold a lien on a property with
a higher appraised value. The subordination does not impact the mortgages held on the properties of the
other business owners.
Approximately 3.5 years remains on the loan.
paid down to $58,276.31.

All payments are current, and the loan balance has been

Staff has recommended that the subordination be approved.

REQUESTED ACTION:
It would be appreciated if you would assign to a Committee of Council considering the subordination of
the SBD loan with Joe and Kim Plantz associated with the loan related to Jumpy's Laser Tag. In that the
closing of the bank financing is pending and the approval of the subordination of the City's mortgage is
required before the closing can take place, consideration of emergency legislation is requested.

INTERDEPARTMENTAL CORRESPONDENCE

Date:
To:
From:
CC:

February 20, 2015

Patrick Titterington, Director of Public Service and Safety
Gregg Harris, Development Department
Jim Livingston, Law Director
Jim Dando, Development Director

RE:

Subordination Agreement - Joe and Kim Plantz

Please ask City Council to consider approval of a subordination agreement to an existing loan in
our portfolio.
Jumpys Laser Tag Inc. was loaned $101 ,500 in June of 2011 from the city Small Business
Development loan fund for equipment and leasehold improvements. The three business owners
(Lori Turner, Greg Taylor and Joe Plantz) provided mortgages on their personal residences, with
enough lendable equity to cover both Unity National Bank and city loans.
Joe Plantz and his wife provided mortgages on their personal residence as well as their rental
property. They are now seeking to refinance and consolidate their current mortgage debt on their
personal residence at 2468 S. CR25-A and add a Home Equity Line of Credit (HELOC) with
Unity National Bank.
The HELOC with Unity National Bank will allow Mr. Plantz to pay-off existing loans with Fifth
Third Bank, which has a first and second mortgage ahead of the city on the rental property
located at 403 Ellis Street. Paying off Fifth Third Bank will move the city lien position up on
this property, which appraised at $75,000 in 2011.
Both the city and bank have approximately three and half years remaining on the business loan,
with the city loan balance at $58,276.31. Jumpys Laser Tag has been making payments on time
and is current on their loan.
The refinance proposal from the bank indicates that with mortgage debt being paid down (as well
as commercial debt) over the last four years, an increase of the house value to $30,000 from a
recent appraisal, and shifting and the consolidation of the debt from the rental to the personal
residence, will not make the city's lien position any worse-off.
The bank will be responsible for recording the document.

Memo
To:
From:
CC:
Date:
Re:

Mr. Gregg Harris, City of Troy

Nathan E. Counts
Credit File
2/21/2015
Joseph and Kim Plantz request of the City of Troy to subordinate its mortgage on 2468 S. County Rd. 25-A, Troy, OH 45373

As you are aware Mr. Plantz is an owner of Jumpy's Laser Tag, Inc., ("Jumpy's"). Both, Unity National Bank, ("Unity'') and the City of Troy
have previously provided financing to Jumpy's. Unity has a security interest via a 2nd commercial mortgage on the Plantz's primary
residence (2468 S. County Rd. 25-A, Troy, OH) as well as a 3rd commercial mortgage on their rental property located at 403 Ellis St., Troy,
OH. From a mortgage priority standpoint, both of Unity's commercial mortgages are in front of mortgages to the City of Troy on each
property. Mr. and Mrs. Plantz now desire to refinance (with Unity) their current 1st mortgage debt on their residence and add a Home
Equity Line of Credit, ("HELOC") in the amount of $40,000.00 which will be used to pay off two, priority mortgages on their 403 Ellis St.
property.
Unity is willing to subordinate our mortgage position on Mr. and Mrs. Plantz residence to allow them to complete their refinance and add
the HELOC. The purpose of this memo is to request that the City of Troy subordinate their mortgage on the Plantz's residence located at
2468 S. County Rd. 2S-A so they can compete their requested refinance.

Since there were, and still are, multiple properties as part of our collective collateral pool for Unity's and the City of Troy's loans, I have
included an analysis of the lendable equity and mortgage positions by property. Each analysis illustrates the scenario at loan inception and

post refinance. As you can see there are two primary changes from the original loan and they are listed below:

1.) Overall excess collateral has increased from $56,491.00to $187,447.22. This is a result of the retirement of debt and a higher
appraised value on the Plantz's residence. Note, however, I am not including any value of the Turner's new residence which they
purchased 5/1/14. At inception there was no equity in their former residence. When they purchased their new home Unity did notre-file
our mortgage. No weight has been given to the Turner's equity in either collateral analysis.
2.) As a result of the refinance and addition of the HELOC on their residence both Unity's and the City of Troy's mortgage position of 2nd
and 3rd respectively will move down one position to 3rd and 4th post refinance. However, with the refinance the Plantz's will use their
new HELOC to pay off both priority mortgages on 403 Ellis St., Troy, OH which allow Unity and the City of Troy to move up in priority. Unity
will move from 3rd to 1st and the City of Troy will move from 4th to 2nd.

Due to the overall collateral improvement and satisfactory performance of the borrower Unity is will to subordinate our commercial
mortgage positon on their residence to allow the Plantz's to refinance their 1st mortgage and add a $40,000.00 HELOC. Please review the
attached analysis and let me know if you have any questions.

... !

K:\Publlc\Credlt Approval Doeume"ts\Miaml Vall.y Re"tals, lnc\1502- Plantz City ofTroy Subordlnadon Request.xlsx

Collateral Analysis At Inception -June 2011

Real Estate Collateral

Appraised
Value

Advance
Rate

Remaining
Lendable
Equity

Priority
Mortgage
Balance(s)

Lendable
Equity

Greg Taylor - Residence - 4810 4810

Monroe Concord Rd., Troy, OH

$398,000.00

89.99% $358,160.20

($182,000.00)

$176,160.20

Joe Plantz - Residence - 2468 S.

County Rd. 25-A, Troy, OH

$202,000.00

89.99% $181,779.80

($120,000.00)

$61,779.80

$17,492.50

Joe Plantz - Rental - 403 Ellis St.,

Troy, OH
Lori Turner- Residence - 548
Barbara Dr., Tipp City, OH

$75,000.00

89.99%

$67,492.50

($50,000.00)

$108,000.00

89.99%

$97,189.20

($108,000.00)

None
Total:

Business Assets
Current Equipment- Net Book Value
New Equipment - Cost

$20,117.00
$145,000.00

$255,432.50

$10,058.50
$116,000.00

SO%
80%

Total:

$126,058.50

Total Collateral Value $381,491.00

Loan Balances:
Unity National Bank
City of Troy

$225,000.00
$100,000.00

Total Loan Balances: $325,000.00

Excess Collateral:

$56,491.00

K:\Public\Credit Approval Documents\Miami Valley Rentals, lnc\1502- Plantz City of Troy Subordination Request.xlsx

Collateral Analysis Post Plantz Refinance - February 2015

Real Estate Collateral

Priority

Remaining

Appraised

Advance

Lendable

Mortgage

Lendable

Value

Rate

Equity

Balance(s)

Equity

Greg Taylor - Residence - 4810 4810

Monroe Concord Rd., Troy, OH

$398,000.00

89.99% $358,160.20

($145,000.00)

$213,160.20

$234,000.00

89.99% $210,576.60

($165,000.00)

$45,576.60

89.99%

$67,492.50

$0.00

$67,492.50

89.99%

$0.00

$0.00

Joe Plantz- Residence - 2468 S.

County Rd. 25-A, Troy, OH
Joe Plantz - Rental - 403 Ellis St.,
$75,000.00

Troy, OH
Lori Turner- Residence- 840
Burnside Dr., Tipp City, OH*

Unknown

None
Total:

$326,229.30

Business Assets
Fixed Assets- Net Book Value @
9/30/14

$71,756.00

$35,878.00
$0.00

50%

Total:

$35,878.00

Total Collateral Value $362,107.30

loan Balances:
Unity National Bank
City of Troy

$116,383.77
$58,276.31

Total Loan Balances: $174,660.08

EKcess Collateral: $187,447-.22

*On May 1, 2014, the Turner's sold their former residence at 548 Barbara Dr. Unity did notre-file its commercial mortgage
on this property.

K:\Public\Credit Approval Documents\Miami Valley Rentals, lnc\1502- Plantz City of Troy Subordination Request.xlsx

Mortgage Position Analysis At Inception -June 2011

Real Estate Collateral

1st Position

2nd Position

3rd Position

4th Position

Fifth Third

Unity- Commercial

City of Troy

None

Union Savings

Unity- Commercial

City of Troy

None

Fifth Third

Fifth Third

Unity- Commercial

City of Troy

Unity- Commercial

City of Troy

None

Greg Taylor- Residence- 4810 4810

Monroe Concord Rd., Troy, OH

Joe Plantz - Residence - 2468 S.

County Rd. 25-A, Troy, OH
Joe Plantz - Rental - 403 Ellis St.,
Troy, OH
Lori Turner- Residence - 548
Barbara Dr., Tipp City, OH

Monroe
Federal

Mortgage Position Analysis Post Plantz Refinance - February 2015

l .st Position

2nd Position

3rd Position

4th Position

Monroe Concord Rd., Troy, OH

Fifth Third

Unity- Commercial

City of Troy

None

Joe Plantz - Residence - 2468 S.

County Rd. 25-A, Troy, OH

Residential
(Proposed
Refinance)

Unity- (Proposed
HELOC)

Unity - Commercial

City of Troy

Real Estate Collateral

Greg Taylor- Residence - 4810 4810

No Change

Unity-

Joe Plantz- Rental- 403 Ellis St.,

Troy, OH

Lori Turner- Residence - 840

Burnside Or., Tipp City, OH

Both Unity and the City of Troy move down one position as a

Unity Commercial and the City of Troy move up two positions

due to the Plantz refinance and payoff of former Fifth Third debt

UnityCommercial

????

result of the HELOC

City of Troy

City of Troy

None

None

None

on this property via the proposed HELOC

None

The City of Troy moved up one position due to the sale of the
Turners former residence and subsequent purchase of 840
Burnside Dr. Unity did notre-file its commercial mortgage.

K:\Public\Credit Approval Documents\Miami Valley Rentals, lnc\1502- Plantz City of Troy Subordination Request.xlsx