Joel Lilly Response Items

Across the three comparable communities Thrive currently carries $621.7M of outstanding institutional project debt with eighteen separate capital providers, and has raised $1.07B across all construction, bridge and permanent facilities to date.

Quarry Trails ($232.0M): Lument Structured Finance, SM Finance III, Simmons Bank (senior and mezzanine), Pathways, Kish Bank, Mutual Federal, Heartland Bank, Ohio State Bank, Riverside Bank.
Grandview Crossing ($287.6M): ACRES, SM Finance III, KeyBank, First Commonwealth Bank, Cuyahoga River Capital, Kish Bank.
Jeffrey Park ($192.2M): Wright-Patt Credit Union, LCNB, S&T Bank, Eagle Realty Group (a Western & Southern Financial Group company) on Legacy and Foundry, and First National Bank on The Sage.

The point to make is the depth of the bench, not any single relationship: no one lender carries more than roughly 10% of the portfolio, and the group spans balance-sheet banks, credit unions, debt funds and structured-finance shops.

Equity. Thrive is its own largest equity source. Across the three comparable communities Thrive has contributed $141.4M of equity — 20.0% of the $705.8M of sources across the thirteen phases with a financing package on file — in land, bond proceeds and cash, in first-loss position ahead of any bank funding (phase range 13.5% to 29.3%; Grandview Crossing, the closest analogue, 25.9%). Institutional equity is then placed project by project rather than out of a blind pool or a standing fund. Thrive's current capital stacks include institutional preferred equity from a national real estate investment manager at Quarry Trails, and a preferred equity commitment approved in June 2026 by an institutional investor on a fourth community now closing. For a project of the LEAP District's scale Thrive is in active discussion with institutional LP-equity sources and will select the equity partner once the development program, phasing and public-participation structure are fixed — equity is priced to a defined program, and committing it earlier misprices it. Every phase of all three comparable communities has been financed and delivered.

Use the table above verbatim. The horizontal line is the one that answers IEDC's own concern, so lead with it rather than burying it: Thrive has delivered $113.1M of horizontal and site work across Quarry Trails, Grandview Crossing and Jeffrey Park — 11.4%, 9.2% and 10.4% of total project cost respectively — on three sites that each required full infrastructure before a single vertical dollar was spent.

Say delivered, not self-funded. Thrive did not write a cheque for $113.1M and should not claim to have. That work was funded by assembling land equity, community-authority bond proceeds, brownfield remediation grants and project debt into a single programme — which is a stronger answer for this RFP than a cheque would be. IEDC's stated problem is unfunded utility and infrastructure capacity; what they need is a partner who can structure horizontal funding from public and private sources, and that is demonstrably what Thrive has done three times.

Quarry Trails is the closer analogue: a former active quarry requiring brownfield remediation, new public roads, and utility extension, delivered alongside a 220-acre Metro Park.

Sources for each community are stated in three buckets that add to its item 64 project budget. Debt is the construction and permanent financing that funded delivery, with every refinancing excluded so no facility is counted twice. Public bonds are at original par, counted once. Equity & reinvested proceeds, for all three communities, is Thrive’s contributed equity in land and cash plus the proceeds of for-sale closings and stabilised cash flow reinvested in later phases; it is the balancing figure to the budget.

Read this before using the equity line. It is the balancing figure, and it holds two different things: $141.4M of equity Thrive contributed ahead of any bank draw (documented phase by phase in Table A below) and the proceeds of for-sale closings and stabilised cash flow that were reinvested in later phases. Quarry Trails reads 40.7% and Jeffrey Park 35.0% because both carry large for-sale programs funded that way; Grandview Crossing, the closest analogue to the Village, is 21.7% and is almost all contributed equity. Debt excludes every refinancing so no facility is counted twice, and bond proceeds are counted once, in the bonds line, and never again inside equity. Jeffrey Park includes The Celia’s $37.9M budget and its $26.0M term-sheet loan because item 64 includes The Celia; excluding it the Jeffrey Park stack is $176.8M debt, $48.7M bonds, $123.6M equity on $349.1M.

Each row is the sources block of the phase’s bank draw workbook, so every row foots and nothing is counted twice: bond proceeds that entered a stack appear once, in their own column, inside equity. Bank loan is the facility that funded delivery; later refinancings are excluded. This is the capital structure, phase by phase, for the 13 phases with a financing package on file.

Across the thirteen documented phases Thrive contributed $141.4M of equity in land, bond proceeds and cash — 20.0% of $705.8M of sources, ahead of any bank draw, with a phase range of 13.5% to 29.3%. Grandview Crossing, the closest analogue to the Village, ran 25.9%.

Bonds are obligations of the issuing authorities, repaid from community development charges and tax increment, not Thrive debt. Par is shown for the public-participation record only. The proceeds that entered a phase’s sources are already in Table A, once; the balance funded public infrastructure, site work and garages outside those stacks.

Across the three communities Thrive has closed $1,067.2M of debt with 18 separate capital providers and placed $130.2M of public bonds across 17 series through 5 issuing authorities. These are cumulative originations over the life of each community and count each facility at commitment, refinancings included; they measure capacity to raise capital over time and are not a capital structure, so they are never set beside development cost.

Why the table changed (2 September). The previous table set cumulative debt, bond par and a rate-derived equity figure beside development cost, and any reader who footed it found sources $373.7M (34.5%) above cost — Katie flagged it in the margin, and IEDC would have too. Table A now foots by construction; Tables B and C carry the figures that legitimately exceed cost, on their own basis.

Equity is documented, not derived. $141.4M on $705.8M of sources across 13 phases = 20.0%, from the Owners tab of each phase’s draw workbook (Joel’s definition: land, bond proceeds and cash all count). The earlier “roughly $260M, 24%” applied a phase rate to full cost and is withdrawn. Two loans are implied from total sources less equity because the draw sheet has no bank-loan line (Foundry 2016, QT Retail); The Patent uses the documented Wright-Patt $42.56M. “Other sources” is what the Owners tab does not identify (deferred fees, reserves) and is not counted as equity. The Michael’s workbook shows $1.33M more uses than sources; the gap is excluded.

Coverage. Site work, garages, NCA infrastructure, for-sale programs other than QT Homes and the early Jeffrey Park phases have no financing package on file and are named under each community rather than estimated. Documented sources are therefore a floor. The share of item 64 cost is indicative only: financing budgets and ledger cost are different bases.

QT Homes is a for-sale program financed on a revolving A&D/construction line repaid from closings; its bank-loan figure is cumulative draws, not a balance, and is shown because it is how the phase was in fact funded.

Intercompany land notes are excluded ($90.2M gross, $82.7M eliminates in consolidation). Bonds are not Thrive debt. Table C’s $621.7M outstanding = $711.8M of ledger debt less $90.1M intercompany.

Tie-out workbook: LEAP Capital Structure at Delivery - 2026-09-02.xlsx in LEAP Working Docs.

Quarry Trails: Marble Cliff Quarry Community Authority (a new community authority levying a community development charge), Ohio brownfield remediation funding, port authority conduit financing, tax increment financing, and a land partnership with Columbus and Franklin County Metro Parks.

Grandview Crossing: Community Reinvestment Area abatement, tax increment financing, and an Ohio Transformational Mixed-Use Development tax credit award, delivered in partnership with the City of Grandview Heights.

Jeffrey Park: the Jeffrey Park New Community Authority, tax increment financing, and brownfield remediation on the former Jeffrey Manufacturing site.

The framing that matters for LEAP: every one of these was structured with a public partner, and in each case Thrive carried the development risk while the public tool funded infrastructure the project could not otherwise support.