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Evans, Carroll & Associates, Inc.

2785 NW 26th St.
Boca Raton, FL 33434
(703) 835-6978
November 1, 2018

RE: Economic Impact of Construction of Several Mixed-Use Buildings and

Associated Properties at Atlantic Yards, Brooklyn, NY, as Part of an EB-5
Regional Center in the New York City Metropolitan Area

To Whom It May Concern:

This letter shows the number of jobs created by the Pacific Park Brooklyn AYB Funding
100 project since its inception as well as in the past 12 months (October 1, 2017
through September 30, 2018).

As the construction project has already taken more than two years to complete, direct
(as well as indirect and induced) jobs are included for Residential Construction Costs as
well as Architectural and Engineering (A&E) Services.

Based on the RIMS II input/output multipliers for the 23-county New York City metro
area, the AYB Funding 100 project has created 470 jobs in the past 12 months – of
which 246 are direct and 224 are indirect or induced (see Table A).

Table A. Summary of Expenditure and Employment Estimates,

AYB Funding 100
SINCE  INCEPTION  
             
NAICS   Exp/Rev   Exp/Rev   RIMS  II   Total   Direct   Indirect  +  
 
Activity   Code   mil  cur  $   mil  2010  $   Mult     Jobs     Jobs     Induced  Jobs  
               
Residential  Construction   2361   481.638   436.419   13.2147   5,767.2   3,062.4   2,704.7  
Architect  &  Engineering  Svcs     5413   28.898   27.228   11.9016   324.1   128.9   195.2  
               
Total  Jobs   6,091.2   3,191.3   2,899.9  
       
               
LAST  12  MONTHS  (Since  10/1/17)              
NAICS   Exp/Rev   Exp/Rev   RIMS  II   Total   Direct   Indirect  +  
 
Activity   Code   mil  cur  $   mil  2010  $   Mult     Jobs     Jobs     Induced  Jobs  
               
Residential  Construction   2361   37.141   33.654   13.2147   444.7   236.2   208.6  
Architect  &  Engineering  Svcs     5413   2.228   2.100   11.9016   25.0   9.9   15.1  
               
Total  Jobs   469.7   246.1   223.6  
       
               
All  figures  calculated  from  unrounded  numbers            
 2

Table B, below, shows the expenditures by category:

(a) In the last 12 months (10/1/17 through 9/30/18)
(b) Up until the last 12 months (through 9/30/17)
Expenditures since inception are the sum of (a) and (b).
Table B. Expenditures Since Inception and Last 12 Months

The EB-5 eligible expenditures by category are comprised of the following line items
from Table B:

• Residential Construction Costs – Trades

• Architectural and Engineering Services – Soft Costs

As described in the original report, the cost figures are in 2014 dollars and the RIMS II
multipliers are from 2010 – so the costs must be deflated to a 2010-dollars basis.

• Hard Costs are deflated by a factor of 1.104, as the Producer Price Index (PPI)
for construction increased 10.4% from 2010 to 2014.

• Architectural and Engineering Services are deflated by a factor of 1.061, as the

PPI for architectural, engineering, and related services increased 6.1% from
2010 to 2014.

This letter prepared by:

Evans, Carroll & Associates, Inc.

David R. Evans, Principal
devans@evanscarrollecon.com