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«OFFICIAL STATEMENT DATED JUNE 20, 2013 NEW ISSUE NOT RATED In the opinion of Bond Counsel, interest on the Bonds will be excludable from gross income ...»

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Sale 1 is located about three miles southwest of the subject behind the Cabela’s store and retail center in Buda, Hays County. It is accessible via Old San Antonio Road and the ingress and egress that service the shopping center. Although slightly farther from Austin and inferior to the subject, the location near the

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Sales 2 and 3 are located in Cedar Park north of Lakeline Mall. This is a growth area surrounded by shopping, employment centers, and residential development. The location is superior to the subject for multifamily development, and downward adjustments are applied.

Sale 4 is located in Austin east of IH-35 on Parmer Lane. This area is somewhat similar to the subject in its surrounding retail growth and new residential development. Although it is within the city, it is an area of inferior surrounding development including industrial and office/warehouse sites. The characteristics are offsetting and no adjustment is applied.

Sale 5 is located in the Four Points area near River Place, 3M, and Lake Travis. This is a superior area and a downward adjustment is applied.

Size/Density Typically, there is an inverse relationship between unit price and size as larger properties generally sell for less per developable unit than smaller tracts. Lower density projects will typically sell for a higher unit price given the greater amount of green space. The sales included in this analysis are very similar and Sale 2’s larger project size is offset by its lower density. No adjustments for size and/or density are warranted.

Flood, Topography, Parkland Neither the subject nor the sales have significant flood plain, and none were adjusted for flood considerations.

The subject is located in an area of slightly rolling terrain, and Sales 1 through 4 are located in areas that are generally level and an upward adjustment is applied. Sale 5 is located in a hilly area like the subject.

The subject is part of a master-planned community and will have parks within the development available to all residents. This was discussed previously as it allows a higher density within each tract in the development.

The surrounding parks and green space add an amenity not found in typical apartment developments. A slight adjustment is applied to each sale for the nearby parkland within the development.

Utilities/Infrastructure The subject’s utilities, spine road, and basic infrastructure are presumed to be in place according to a hypothetical condition. Consequently, in the adjustment grid, the subject is viewed as having access and all utilities available to the site. The sales are typical of sites ready for development with all infrastructure immediately available, and no adjustments are applied.

Zoning/Entitlements The subject is presumed to be through the zoning and entitlement process on the date of valuation. Each sale is located in a development with zoning and entitlements in place. No adjustments are applied.

Other Characteristics (PID) The sales are located in areas with public infrastructure at their perimeter. Therefore, the subject’s PID approval and subsequent infrastructure construction will place it in a similar condition. As this analysis presumes completion of infrastructure items, no adjustments are warranted.

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Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $9,823 per unit to $12,820 per unit with a mean and median of $11,066 per unit and $10,843 per unit, respectively. Eliminating the outliers, a tighter range is exhibited by three sales with a mean of $10,896 and a median of $10,843 per unit. All indicators are in a very close range, and with reliance on the central tendency, a unit value of $10,900 per unit is reconciled.

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The value estimate is $217,647 per acre, or $5.00 per square foot based on the total tract size of 13.6 acres.

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 12 to 18 months.

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VALUATION OF MULTIFAMILY TRACT 9

MULTIFAMILY TRACT 9 MARKET ANALYSIS

Tract 9 has the same highest and best use as Tract 1 and shares the development characteristics. Its size is the only difference, although it is similar at 12.9 acres compared to Tract 1 at 13.6 acres. The density is the same as Tract 1 and this tract will also benefit from the offsite park and detention areas. Although we present a separate adjustment grid, the comparable sales and the individual adjustments are the same.

Market Value Conclusion – Multifamily Tract 9

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Five closed sales were considered in this analysis. These data indicated an adjusted range for the subject of $9,823 per unit to $12,820 per unit with a mean and median of $11,066 per unit and $10,843 per unit, respectively. Eliminating the outliers, a tighter range is exhibited by three sales with a mean of $10,896 and a median of $10,843 per unit. All indicators are within a very close range, and with reliance on the central tendency, a unit value of $10,900 per unit is reconciled.

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The value estimate is $217,829 per acre and $5.00 per square foot based on the total tract size of 12.9 acres.

A review of recent sales transactions and an analysis of supply and demand in the local market indicate that the probable exposure time for the subject is 9 to 12 months.

As outlined previously, there is a Letter of Intent for Tract 9 for $3,700,000 with 312 units, or $11,858.97 per unit. The LOI is for 16.0 acres (19.5 units per acre); however, in the preliminary layout, the size was adjusted to 12.9 acres. We expect the number of units to be adjusted as well to the same yield as reflected in our analysis. While the contract price exceeds our estimate of market value, the contract is for a future delivery, while our value estimate is current. The contract, at 8.8% above our per unit value estimate, is consistent with pricing for future delivery.

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COMMERCIAL TRACTS

There are eight tracts designated for commercial use in the preliminary plan. Five of the commercial tracts border one of the multifamily tracts and could be reconfigured to expand the adjoining tracts. Each could also be used entirely for multifamily or retail use. Because there is potential for other uses, comparable sales of properties with potential for other uses such as mixed-use, multifamily, or retail are included in the analyses of the commercial tracts.

Commercial tracts 7, 8, and 10 are adjacent to the frontage road, and Tracts 2, 3, 4, and 5 are a little over 100 feet from the IH-35 frontage road separated by a 43.5-acre tract owned by Travis Mitzpah, Ltd and acquired in 1997. Tract 6 is also about 100 feet from the frontage road and separated by Tract 7. There is a two-acre residential tract carved out of the 43.5-acre tract that lies between the northern Estancia commercial tracts and the interstate, and a 5.367-acre water tower site that was donated to the City of Austin in 2009 adjacent to the borders of Tracts 2, 6, and 7. These parcels can be seen in the preliminary plan on page 42.

VALUATION OF COMMERCIAL TRACT 2

The sales used in the analysis of Tract 2 are shown in the map below, followed by details of each sale.

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Legal Description Tract 1: being all of that certain tract or parcel of land containing 46.687 acres of land more or less, situated in the Rachel Saul Survey, Abstract No.551, in Williamson County, Texas.

Tract 2; Access rights appurtenant to Tract 1 as created and defined by anti-barrier agreement dated June 6, 1986 recorded in Volume 1371, Page 205 of the Official Records of Williamson County, Texas, and Supplement to Amendment to Anti-Barrier Agreement recorded in Volume 1651, page 604, Official Records of Williamson County, Texas Remarks This is the site of the new Lakeline East luxury apartments which are being developed in two phases of 340 units each. It is along the northern property line of the Lakeline Regional Mall in Cedar Park.

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Legal Description Approximately 47.607 gross acres consisting of the following: approximately 37.983 acres in Tract 1A, Lot 1-5, Block A, Lakeline Retail Subdivision Section 1, a subdivision of Williamson County, Texas, according to the map or plat thereof, recorded in Document No. 201205731 of the Official Public Records of Williamson County; approximately 2.593 acres in Tract 1-B, Lot(s) 1, Block A, Lakeline Retail Subdivision Section III, a subdivision of Williamson County, Texas, according to map or plat thereof recorded in in document No. 2012005742 of the Official Public Records of Williamson County;

approximately 2.124 acres in TRACT 1-C Lot(s) 1, Block A, Lakeline Retail Subdivision Section II, a subdivision in Williamson County, according to map or plat thereof, recorded under Document No.

2012005691 of the Official Public Records of Williamson County, Texas; approximately 4.907 acres in TRACT 2 Lot 1 of LAKELINE RIVIERA SUBDIVISION, a subdivision of Williamson County, Texas, according to the map or plat thereof, recorded in Cabinet EE, Slide(s) 144-146 of the Plat Records of Williamson County.

Also: Tract 3, and easement estate for access appurtenant to Tract 1-B, and Tract 4, a driveway and access easement appurtenant to Lot(s) 1, Block A.

Remarks This site was acquired for the construction of a 216,000 square foot grocery-anchored shopping center. The sale includes a large tract at the southwest corner of US 183/183A and Lakeline Boulevard, two tracts on the north side of Lakeline Boulevard at the northwest corner, a lone tract along the southbound 183A frontage road near the southwest corner of the larger tract, and a lone tract on Pecan Park Boulevard near the southeast of the main tract. HEB, the grocery store, opened at the end of 2012. The remaining retail stores are scheduled to be completed in March 2013 and several have been pre-leased.

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Legal Description

5.026 acres of land out of the Noel M. Bain Survey No. 1, Abstract No. 61, Travis County, Texas.

Remarks This property has good roadway frontage on three sides and backs up to a school on its rear side.

Ross Road terminates just south of the site. The site is subject to the restrictive covenants, as a condition in zoning, as recorded in Volume 10787, Page 302, Travis County Deed Records.

The buyer indicated that he does not intend to develop the tract but hold it as an investment for future resale. The buyer liked the characteristics of the tract, most notably its proximity to the future F1 site.

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Legal Description

18.468 acres of land out of that certain 51.506 acres of land in the S.V.R. Eggleston Survey, Abstract No. 5 in Hays County, Texas.

Remarks The site is located behind Cabela's. It was purchased for the development of Silverado Crossing, a 300-unit Class A apartment community. Construction began in early 2012 and is expected to be completed in mid-2013.

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Legal Description Being 12.70 acres, more or less, out of the A. Beck Survey, A-54, Travis County, Texas Remarks The site is located between the new Lakeway Regional Medical Center and Lake Travis High School and Middle School campuses. The buyers plan to sell pad sites at the front of the site and keep the rear portion as an investment.

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COMMERCIAL TRACT 2 MARKET ANALYSIS

The table below summarizes the transactions researched that are most comparable to the subject. We use the price per square foot for comparison as it is the method used by buyers and sellers for this property type.

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Conditions of Sale/Financing The sales reflected cash-to-seller transactions or those where the financing terms were reported to be at market. As such, no adjustments for cash equivalency were necessary.

Market Conditions The transactions occurred between February 2011 and June 2012. According to area brokers and our analysis of the land sales in this submarket, the area experienced increasing land prices through year end 2007. Since the sales occurred subsequent to 2007, no adjustments are applied.

Location/Access The subject is located near the south IH-35 frontage road. The area primarily consists of single family development with multifamily and commercial development along the arterials. The area surrounding the subject is mostly vacant land with older residential development or small acreage residential sites in the immediate area and newer residential development to the north and to the south in the suburban Buda and Kyle markets. Access to the subject will be via a southbound exit just north, which is currently an entrance that is to be flipped. An exit ramp near the middle of Estancia will also be flipped to provide ingress to IH-35 southbound. Northbound access to IH-35 is attainable by the Puryear Road overpass connecting the northbound frontage road.

Tract 2 is the northern-most of the commercial tracts and is the largest. Tract 2’s access is via an entrance corridor several feet from the Estancia spine road to the main body of the site. The corridor will occupy a relatively significant portion of the tract’s size and will be limited as a primary building area. Although this might also be allocated to a usable area or configuration adjustment, it is addressed entirely in this section with the same result via a 10% downward adjustment to each sale for inferior access.

Sales 1 and 2 are located in Cedar Park north of Lakeline Mall. This is a growth area surrounded by shopping, employment centers, and residential development. The location is superior to the subject, and downward adjustments are applied. Note that Sale 1 is the same as Sale 2 in the multifamily analysis, but a different

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