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Tupelo Exchange

A 450,000 SF Regional Shopping Center

Tupelo, Lee County, Mississippi

Presented By:

Abernathy & Timberlake Investment Group, LLC.

2055 North Brown Road • Suite 225 • Lawrenceville, GA 30043

Tel: (678) 584-9990 Fax: (678) 584-9988

ALL INFORMATION FURNISHED REGARDING THIS PROJECT IS FROM SOURCES DEEMED RELIABLE. NO WARRANTY OR REPRESENTATION IS MADE AS TO ITS ACCURACY. IT IS YOUR RESPONSIBILITY TO INDEPENDENTLY CONFIRM ITS

ACCURACY AND COMPLETENESS. ANY PROJECTIONS, OPINIONS, ASSUMPTIONS OR ESTIMATES USED ARE FOR EXAMPLE AND DO NOT REPRESENT THE

CURRENT OR FUTURE PERFORMANCE OF THE PROPERTY.

Tupelo Exchange Table of Contents

Tupelo Exchange

TA B L E O F C O N T E N T S

I. Table of Contents

II. Executive Summary

III. Lee County Overview

IV. Neighborhood Overview

a. Traffic Count Map

V. Area Homes Overview

a. Photographs of Area Homes

VI. Retail Market Overview

a. Retail Competition Map

VII. Site Plan

VIII. Aerial Photographs

IX. Demographics

a. 3, 5 and 10 Miles

X. Addendum

Tupelo Exchange Executive Summary – Page 1

Tupelo Exchange

E X E C U T I V E S U M M A RY

AREA HIGHLIGHTS Special Features:

♦ Proven Market Sales – The Mall at Barnes Crossing sales volumes have grown from $150 per square foot (1990) to $394 per square foot (2003) an 162% increase. The amount of visitors have increased from 3.8 million (1990) to 12 Million (2003) a 215% increase.

♦ Affluent Trade Area – The subject property has direct access to the areas most affluent communities. Homes valued in excess of $1,000,000 in value can be found at several communities.

♦ Trade Area Population – The Tupelo trade area population is projected to draw from over 300,000 residents.

♦ In March 2004 – Site Selection Magazine ranked Tupelo the 18th best small town in America for new and expanded corporate facilities.

♦ Tupelo has been selected as All American City three times.

♦ Saltillo has been named one of the top 100 places in America to live by Relocation–America.com.

♦ The 650-bed North Mississippi medical center is the largest hospital in the state and the leading employer in Lee County with nearly 4,300 employees. It is the largest non-metropolitan hospital in the nation.

♦ The strength of the furniture manufacturing industry in the area is manifested in the 1.8 million square foot Tupelo Furniture Market, open to retailers and decorators.

♦ Legend has it that Elvis Presley Stole his first kiss in the Lyric Theater in downtown Tupelo.

♦ An economist with the Federal Reserve Bank in Atlanta stated Tupelo is the best small city in the South.

♦ More than 14 million people each year travel the 444-mile scenic highway, Natchez Trace Parkway. Tupelo is home to the only visitor’s center along the entire parkway.

Tupelo Exchange Executive Summary – Page 2

Tupelo Exchange

PROPERTY HIGHLIGHTS Special Features: ♦ Premier Access - The subject property can be accessed in all

directions: Future I-22, Hwy. 45, N. Gloster Road (Hwy 145) and Barnes Crossing Road. The subject site will be the only location in the market that will have direct access to all of the trade areas arterial roadways.

♦ Improved Access – Phase IV has a $29 million price tag and a proposed new thoroughfare from U.S. Highway 78 one mile east of Belden to Barnes Crossing Road at North Gloster.

♦ Strategic Location – The subject property shares the same crossroads as The Mall at Barnes crossing – the only retail location that can make that statement.

♦ High Traffic Count – A combined traffic count of over 89,000 cars per day exists by the subject’s primary and secondary roads that funnel traffic to the subject site.

♦ Visibility on two roads – The subject property has visibility to Barnes Crossing Road and N. Gloster Road (Hwy 145).

♦ Signage – The property’s tenants will have the ability to have signage on Barnes Crossing Road and N. Gloster Road (Hwy 145).

♦ Signal – The subject will have a signalized intersection at Barnes Crossing Road and N. Gloster Road (Hwy 145).

DEVELOPER INFORMATION Developer Entity: Tupelo Exchange, LLC

Background: The partnership has been in the real estate and development business since 1980 and has developed, owned, leased and managed retail, office, and residential properties in Alabama, Georgia, and South Carolina. The partnership has developed over $300 million worth of investments. Tom Abernathy and Jim Timberlake manage and stay personally involved in all aspects of their holdings. Abernathy & Timberlake Investment Group, LLC., oversees the management of all properties, including handling all of the administrative and financial management for this property.

Tupelo Exchange Tupelo / Lee County Area Overview – Page 1

Tupelo Exchange

T U P E L O M S A / L E E C O U N T Y A R E A OV E R V I E W

Lee County covers 450 square miles and had a population of 75,755 in year 2000. The county’s largest city is Tupelo with a population of 34,211. Lee County is projected to grow by 20% by year 2010 and has grown 15% since 1990. The Tupelo Micropolitan MSA had a 2004 population of 133,438 a 16.2% increase since 1990. Other areas are Baldwyn, Guntown, Nettleton, Plantersville, Saltillo, Shannon, Sherman and Verona City. The following and economic data highlights Lee County not only as a premier retail destination, but also as recognized as the #1 manufacturing area in the state of Mississippi by nationally recognized trade magazines.

V I T A L S T A T I S T I C S O F

L E E C O U N T Y

Population: 81,623

Average Household Size: 2.54 persons

Median Age: 34.6

Average Home Price: $101,314

Number Of Households: 35,521

Average Household Income: $50,862

9 Separate Cities: Baldwyn Shannon

Guntown Sherman

Nettleton Tupelo

Plantersville Verona

Saltillo


Tupelo Exchange

LOCATION

Tupelo is strategically located between Memphis, Birmingham, Nashville and Jackson, which allows Tupelo to serve as a major overnight distribution center.

The subject is further located in the central portion of Lee County approximately 105 miles east of the Mississippi / Arkansas state line, 141 miles north of Jackson, MS, 89 miles south of Memphis, TN and 135 miles west of Birmingham, AL. Lee County is located in the Tupelo Micropolitan Statistical Area, which is comprised of Lee, Itawamba and Pontotoc Counties.

D I S T A N C E T O M A J O R C I T I E S

Atlanta, GA 299 miles

Birmingham, AL 140 miles

Jackson, MS 168 miles

Nashville, TN 239 miles

Memphis, TN 104 miles

Chicago, ILL 578 miles

Dallas, TX 569 miles

SOURCE: MISSISSIPPI DEVELOPMENT AUTHOURITY


Tupelo Exchange

POPULATION

The Northeast region is projected to attain the largest increase in population in 2010-2015. Lee County’s 2000 population of 75,755 is projected to grow to 81,094 in year 2009. The following table of population statistics shows changes in population from the 1990 and 2000 censuses.

Population of the Tupelo MSA and Lee County

1990 Census

2000 Census

1990-2000 Ann. Growth

Percentage of MSA

2004 Estimate

2009 Projection

2004-2009 Ann. Growth

Lee 65,581 75,755 15.5% 65% 78,261 81,094 3.6%

MSA 107,835 125,251 16.2% 100% 129,103 133,438 3.4% SOURCE: Center for Business and economic research, the University of Alabama

POPULATION DENSITY From 2002-2003 Tupelo was the eighth fastest growing city in Mississippi.

EMPLOYMENT

Of Lee County’s 54,000 workers, about 17,500 are employed in an increasingly diversified manufacturing sector. Many inroads are being made concerning the impending creation of the nation’s largest free trade zone, encompassing a vast region extending from Vicksburg to Jackson to Tupelo, revealing another of the community’s not so hidden strengths, the working relationship among business leaders and local & state office holders. The largest corporate employers are listed in the following table.

Lee County Employment Trends 1990- 2000

5,000

15,000

25,000

35,000

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000


Tupelo Exchange

The largest corporate employers are listed in the following table.

M A J O R A R E A E M P L O Y E R S

Company

No. Of Employees

North Mississippi Health Services 4,286

Lane Furniture Industries 2,67

Cooper Tire & Rubber Company 1,520

Tupelo Public School District 1,200

Wal-Mart, Sam’s 979

Jesco Inc. 1,000

Aircap / MTD Products 950

Tecumseh Products Company 720

BancorpSouth 800

Lee County Schools 751

Day-Brite Capri Omega 700

SOURCE: CUMMUNITY DEVELOPMENT FOUNDATION

The Tupelo / Lee County is home to over fifty, fortune 500 and/ or national and international companies with a community that not only works, but leads the state, region, and nation in economic development. There are approximately 369,390 highly skilled workers within a 60 mile radius of Tupelo / Lee County. The Tupelo MSA is 6th in the “Top Micropolitans of the Year” by Site Selection Magazine. Tupelo and Lee County was selected 19th among the top 100 small towns for new and expanded facilities as reported in the article “Top Small Towns” for growth in the United States by Site Selection Magazine. The 10-year phase out of the state’s inventory is another factor that will keep business leaders talking to Tupelo. The Subject property is located approximately 10 miles southeast of the 1,700 acre Wellsprings project, which is further located on future Interstate 22 (AKA US Hwy. 78). The Wellsprings project is located along the Mississippi/Alabama Automotive corridor, and is well positioned to attract a U.S. automotive assembly & manufacturing plant. Executives at Cooper Tire & Rubber, who employ 1,320 people, state: “I’m amazed how well business leaders and elected officials work together in Tupelo.” North Mississippi Heath has 4,286 employees and is the region’s largest employer.


Tupelo Exchange

E M P L O Y M E N T B Y S E C T O R S

Manufacturing29%

Wholesale Trade6%

Retail Trade9%

Services26%

Government17%

Agriculture, Mining, Construction, Other

13%

SOURCE: COMMUNITY DEVELOPMENT FOUNDATION

Another major employment node is the Tupelo Furniture market. Below are points of interest concerning the Tupelo Furniture Market:

♦ 1.5 million square feet of space on one level. ♦ 2.5 million square feet of parking space. ♦ 7 great halls with 100,000/SF per hall. ♦ Theater seating for 10,000 in each hall.

A N N U A L U N E M P L O Y M E N T R A T E

Year Tupelo MSA Lee County US

Mar 2005 N/A 5.9% 5.6%

Mar 2004 N/A 5.8% 4.0%

SOURCE: MISSISSIPPI EMPLOYMENT SECURITY COMMISSION


Tupelo Exchange

COST OF LIVING The Cost of Living Index, published by the American Chamber of Commerce Researchers Association, measures relative price levels for consumer goods and services in participating areas. The average of all participating municipalities equals 100, and the Tupelo index is read as a percentage against that national measure, shown along with other Southeastern metropolitan areas in the next table.

Cost of Living

Location Total Grocery Housing Utilities Trans. Health Misc.

Memphis 87.1 90.9 78.3 78.5 94.1 90.2 92.3

Knoxville 89.1 95.4 78.3 91.8 86.1 88.1 95.7

August-Aiken 91.1 104.4 71.9 91.2 99.8 94.3 97.5

Winston-Salem 91.7 94.7 85.9 91.9 92.3 85.6 95.7

Nashville-Franklin

91.7 99.1 81.7 80.4 93.3 82.9 100.3

Greenville 94.7 96.7 78.3 103.7 100.8 91.9 104.0

Columbia 95.1 99.2 85.4 114.7 88.8 89.7 99.2

Charlotte 95.7 94.9 88.5 91.3 102.7 95.5 101.2

Birmingham 97.6 107.1 84.4 102.8 97.4 87.1 104.7

Tupelo MSA 89.8 N/A N/A N/A N/A N/A N/A

Atlanta 98.1 101.9 94.5 92.1 101.8 106.3 98.3

Charleston 100.7 98.9 100.9 96.8 99.3 97.7 103.3

Raleigh 101.0 108.0 96.8 99.5 97.4 102.0 102.4

SOURCE: ACCRA Cost of Living Index

HOUSING In 2004, the total single family housing starts for Lee County was 509. 102 of those were in Tupelo with a construction value of $13,016,249. From January through March 2005, the total single family housing starts for Lee County was 89. Annual property taxes based on $100,000 primary residence would be less than $1,176 in the City of Tupelo and $922 in Lee County.

TRANSPORTATION U.S. 78, which stretches from Memphis to Birmingham and passes through Tupelo, will soon join the major league of Highways. U.S. Rep Roger Wicker of Tupelo sponsored legislation in 2003 that the road be upgraded to interstate status, and both the U.S. house of Representatives and the U.S. Senate approved the proposal in late 2003.


Tupelo Exchange

As a result, U.S. 78 is about to become Interstate 22 with “Future Interstate 22” signs currently being erected along the corridor. It is expected to take 3 years to bring the Mississippi stretch of U.S. 78 up to interstate standards at a cost of $30 million.

RETAIL SALES

R E T A I L S A L E S G R O W T H

$1,470,000 $1,472,000$1,500,000

$1,489,582

$1,644,434

$0

$300,000

$600,000

$900,000

$1,200,000

$1,500,000

$1,800,000

2001 2000 2001 2002 2003 2004

NUMBERS SHOWN ARE $THOUSANDS.

SOURCE: CUMMUNITY DEVELOPMENT FOUNDATION AND MS STATE TAX XOMMISSION

Tupelo has shown consistent, strong growth in retail sales over the past seven years. In fact, sales have been at record levels at The Mall at Barnes Crossing, at close to $400 per square foot.

CONCLUSION

The evolution of Tupelo continues as the city throbs with economic vitality and a wealth of historical attractions. Tupelo attracts national and international travelers all flocking to a diverse sample of outlet and specialty stores, antique gift items, pottery shops, unique bookstores, consignment shops and children stores. Future I-22 (U.S. 78), which stretches from Memphis to Birmingham and passes through Tupelo, will soon join the major league of highways. The road is being upgraded to interstate status and as a result, U.S. 78 is about to become Interstate 22. And finally, the true test of the viability of the surrounding area is the phenomenal retail sales that the Tupelo/Lee County market is achieving.

Tupelo Exchange Tupelo Overview – Page 1

Tupelo Exchange

T U P E L O OV E RV I E W LOCATION AND NEIGHBORHOOD Tupelo is the 8th fastest growing city in the state. A strong retail and manufacturing based economy provides jobs and continues to attract new residents. The subject property’s location at Barnes Crossing Road (at The Mall at Barnes Crossing) at N. Gloster is Tupelo’s “Main and Main” for retailers. In addition, the subject property’s intersection allows the site direct access to Highway 45 and Future I-22 (via the planned Coley Avenue Extension which will tie into Barnes Crossing Road). The subject also has direct access to the areas most affluent communities.

GROWTH TRENDS The most significant retail development in the area is the Mall at Barnes Crossing, built in 1990. Where locals once traveled to other cities in search of shopping, Tupelo’s 811,000 square foot regional shopping mall is now attracting visitors from more than 100 miles away. With about 100 stores and specialty shops including five anchors, the Mall at Barnes Crossing drew 12 million people in 2003. The mall ranks second in Mississippi in sales – about $394 per square

foot and ranks 12th in sales in the entire southeast.

The Tupelo Micropolitan area had a 1990 population of 107,835. In 2000 the population was 125,251, a 16.2% increase. The population is further projected to grow to 133,438 in 2009 a


Tupelo Exchange

3.4% increase.

Current 2004 population in a three-mile radius is 6,190; 29,972 (five miles) and 67,365 (10 miles). These figures represent a 9.05%, 16.85%, and 19.19% increase in population growth, respectively, since 1990. Household incomes were $81,447, $63,064 and $61,236 for the same radii.

ACCESS

PHASE IV – MAJOR THOROUGHFRE COMMITTEE Phase IV – with a $29 million price tag and a proposed new thoroughfare from U.S. Highway 78 one mile east of Belden to Barnes Crossing Road at North Gloster, squarely addresses current and future traffic flow demands. The new southwest-to-northeast street, from an extension of Coley Road to the congested Barnes Crossing Commercial and retail district, would open vast new acreage for development as it relieves pressure on North Gloster, U.S. Highway 78 (future Interstate 22), U.S. Highway 45, the Natchez Trace Parkway, and Beech Springs Road. It’s the first new road proposed in the program’s 14-year history. Phase IV requires about $10 million and the Mississippi Department of Transportation and the Major Thoroughfare Committee are fully prepared to place the project on high priority status. State Route Old highway 67 and MS Highway 15 both tie into I-110 three miles north of the subject.


Tupelo Exchange

S U M M A R Y TENANT SALES: Tenant sales tell the story in retail. Phenomenal retail sales volumes are being reported in virtually every category in Tupelo. The improved access to the subject property only enhances the prospect of capturing even more existing and future retail sales. The subject property will be the only location in the market that will have direct access to Interstate 22 and Highway 45 when planned road improvements are completed.

Tupelo Exchange Traffic Count Map

Tupelo Exchange

AREA TRAFFIC COUNTS MAP

Traffic Count Number 2004 Traffic Count Number 2004

1. 23,000 11. 7,400

2. 34,000 12. 22,000

3. 23,000 13. 20,000

4. 31,000 14. 18,000

5. 31,000 15. 21,000

6. 17,000 16. 22,000

7. 31,000 17. 4,900

8. 17,000 18. 19,000

9. 20,000 19. 19,000

10. 17,000 20. 3,900

Tupelo Exchange Photographs of Area Homes – Page 1

Tupelo Exchange

NEIGHBORHOOD PHOTOS

1. Springlake Subdivision $1 million+

2. Charleston Gardens $1.0 million +


Tupelo Exchange

NEIGHBORHOOD PHOTOS

3. Ridgeway Subdivision $250k to $500k

4. Pecan Grove $300k to $2 million


Tupelo Exchange

NEIGHBORHOOD PHOTOS

5. Forest Park $300k to $2 million

6. Mt. Vernon Plantation $300k to $2 million


Tupelo Exchange

NEIGHBORHOOD PHOTOS

7. Parc Monceau $750k to $1 million +

8. Big Oaks Country Club $250k to 350k


Tupelo Exchange

NEIGHBORHOOD PHOTOS

9. Bently Road Residential $250k to $500k

Bently Road Residential $250k to $500k

Tupelo Exchange Tupelo Retail Overview – Page 1

Tupelo Exchange

T U P E L O R E TA I L OV E RV I E W

RETAIL TRADE AREA POPULATION The Mall at Barnes Crossing officials state they are attracting visitors from more than 100 miles away. The mall, which is situated across the street from the subject, is located at the southwest corner of Barnes Crossing Road and Hwy 45. It was built in 1990 and is anchored by Parisians, Belk’s, Sears, JC Penny, McRae’s and Cinemark Theater.

The subject’s primary 10-county trade area population is projected at 313,231. The subject’s secondary trade area consists of a 21 county area of 610,259 residents. The subject’s surrounding area is the retail hub of northern Mississippi, as evidenced by the continued quality of development being constructed. It is reported by the Mall at Barnes Crossing officials and the Community Development Foundation that residents of southern Memphis, TN /


Tupelo Exchange

Northern Mississippi feel that the subject area is a safer environment than southern Memphis to shop.

DEMOGRAPHICS

Lee County’s population is 75,775 and Tupelo’s is 34,211. The three-mile radius has 6,155 residents, 30,501 (5 mile) and 69,908 (10 mile). The areas HH Income three-mile radius is $67,551, $54,067 (5 mile) and $53,620 (10 mile).

EFFECTIVE BUYING INCOME The Tupelo MSA Total Effective Buying Income is currently $1,987,263,000 (2004). Source: 2004 Sales & Marketing Management

RETAIL SALES The Mall at Barnes Crossing drew 12 million people in 2003. The mall sales of $394/SF were ranked 12th in sales in the entire Southeast. Jeff Snyder, manager of The Mall at Barnes Crossing, stated that first quarter mall sales were up 4.5% and occupancy hovers between 95% and 98%.

T E N A N T S A L E S

Tenant Estimated SF Annual Sales Per Square foot

Mall at Barnes Crossing 900,000 N/A $394

Wal-Mart 173,020 $ 80 million $462.37

Sam’s 110,858 $40 million $360.82

Lowe’s 125,000 $40 million $320

Home Depot 108,000 $25 million $231.48

Red Lobster 7,000 $2 million $285.71

O’Charley’s 5,000 $3.1 million $620

Applebee’s 4,500 $2.35 million $522

Ruby Tuesday 5,000 $2 million $400

Cracker Barrel 9,000 (Rest.) $3 million $333

Outback Steaks 7,000 $3.6 million $514.28

Ihop 4,500 $1.25 million $247.77

SOURCE: BASED TUPELO EXCHANGE, L.L.C LOCAL INTERVIES

Retail sales (County) were $1.47 billion (2000) and $770 million (1990), which represents almost a 50% increase.


Tupelo Exchange

EXISITNG INVENTORY

Other retailers who have picked Tupelo as a location are (i) Wal-Mart, Sam’s (Big Oaks Crossing), (ii) Kroger, Metro Ford (no name center), (iii) Home Depot, PetSmart and Staples (Cross Creek Shopping Center), (iv) Toys R Us, Office Max, TJ Max, Books A Million (Barnes Crossing Plaza), (v) Lowe’s, Ashley Furniture, Best Buy, Hancock Fabrics, Malco Theaters (Tupelo Commons) (vi) Shoe Carnival, Old Navy, Circuit City and Pier I (Market Center), (vii) Bed, Bath and Beyond, Dollar Tree (The Shops at Barnes Crossing) and (viii) Parisians, McRae’s, JC Penny, Sears, Belk, Cinemark (The Mall at Barnes Crossing).

TRAFFIC COUNTS (2004) Barnes Crossing Road 19,000 ADT (West of U.S. 45) Hwy 45 28,000 ADT (South of Barnes Crossing Rd.) Hwy 78 (future I-22) 24,000 ADT (West of Hwy. 78) N. Gloster Street (Hwy 145) 14,000 ADT (South of Barnes Crossing Rd.) Natchez Trace Parkway 4,300 ADT (North of U.S. 78 – future I-22)

SUMMARY

The subject property enjoys a captive market with the next substantial concentration of retailer competition being 90 miles north in the Southaven/Olive Branch, Mississippi/Southern Memphis submarkets. It is reported by the Mall at Barnes Crossing officials and the Community Development Foundation that residents of Southern Memphis, TN / Northern Mississippi feel that the subject area is a safer shopping environment than southern Memphis.

Based on the regional traffic patterns, all vehicular traffic must drive by the subject property in order to go to an alternative location. Studies show that some customers will not drive by one location to go to a competitor’s location. The subject property will have un-equaled access in all directions.

Strong current retail sales coupled with improved access combine for a proven success formula for retailers. The improved access will allow the subject property to “outflank” their competition. Simply put, you can boil down the whole Tupelo story down to two statistics, (i) tenants existing sales and (ii) tenant sales growth over the last ten years.

Area Map

Site: 01Prepared For: Order #: 966135819

TUPELO 3-5-10,

Coord: 34.296650, -88.708150Radius - See Appendix for Details

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Pop-Facts: Demographic Snapshot Report

Radius 1: TUPELO 3-5-10, US HWY 78 AT N GLOSTER ST, TUPELO, MS 38804, aggregateRadius 2: TUPELO 3-5-10, US HWY 78 AT N GLOSTER ST, TUPELO, MS 38804, aggregateRadius 3: TUPELO 3-5-10, US HWY 78 AT N GLOSTER ST, TUPELO, MS 38804, aggregate

Radius 3Radius 2

0.00 - 10.00 miles0.00 - 5.00 miles0.00 - 3.00 miles% % %Radius 1

Description

Population

13,099 70,09837,503 2012 Projection12,919 68,08436,423 2007 Estimate12,752 65,22734,863 2000 Census12,501 56,46431,354 1990 Census

1.39% 2.96%2.97% Growth 2007-20121.31% 4.38%4.47% Growth 2000-20072.01% 15.52%11.19% Growth 1990-2000

2007 Est. Population by Single Race Classification 36,423 68,08412,919

9,080 49,07426,594 White Alone 72.0873.0170.283,515 17,4008,859 Black or African American Alone 25.5624.3227.21

19 11051 American Indian and Alaska Native Alone 0.160.140.1586 446313 Asian Alone 0.660.860.67

3 76 Native Hawaiian and Other Pacific Islander Alone 0.010.020.0284 347205 Some Other Race Alone 0.510.560.65

132 701395 Two or More Races 1.031.081.02 2007 Est. Population Hispanic or Latino by Origin* 36,423 68,08412,919

12,688 67,11835,839 Not Hispanic or Latino 98.5898.4098.21231 965585 Hispanic or Latino: 1.421.611.79166 612381 Mexican 63.4265.1371.86

10 7245 Puerto Rican 7.467.694.333 97 Cuban 0.931.201.30

52 271152 All Other Hispanic or Latino 28.0825.9822.51 2007 Est. Hispanic or Latino by Single Race Class. 585 965231

109 491295 White Alone 50.8850.4347.1920 6149 Black or African American Alone 6.328.388.66

0 51 American Indian and Alaska Native Alone 0.520.170.000 32 Asian Alone 0.310.340.000 11 Native Hawaiian and Other Pacific Islander Alone 0.100.170.00

79 322190 Some Other Race Alone 33.3732.4834.2024 8247 Two or More Races 8.508.0310.39

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Pop-Facts: Demographic Snapshot Report

Radius 1: TUPELO 3-5-10, US HWY 78 AT N GLOSTER ST, TUPELO, MS 38804, aggregateRadius 2: TUPELO 3-5-10, US HWY 78 AT N GLOSTER ST, TUPELO, MS 38804, aggregateRadius 3: TUPELO 3-5-10, US HWY 78 AT N GLOSTER ST, TUPELO, MS 38804, aggregate

Radius 3Radius 2

0.00 - 10.00 miles0.00 - 5.00 miles0.00 - 3.00 miles% % %Radius 1

Description

2007 Est. Households by Household Income 14,552 26,7635,3701,110 4,5762,342 Income Less than $15,000 17.1016.0920.67

593 3,2271,716 Income $15,000 - $24,999 12.0611.7911.04722 3,6061,976 Income $25,000 - $34,999 13.4713.5813.45786 4,6902,435 Income $35,000 - $49,999 17.5216.7314.64

1,015 5,1272,822 Income $50,000 - $74,999 19.1619.3918.90462 2,6051,522 Income $75,000 - $99,999 9.7310.468.60395 1,8571,081 Income $100,000 - $149,999 6.947.437.36154 680412 Income $150,000 - $249,999 2.542.832.87

59 258142 Income $250,000 - $499,999 0.960.981.1073 137103 Income $500,000 and more 0.510.711.36

2007 Est. Average Household Income $57,613 $55,004$58,996 2007 Est. Median Household Income $42,648 $41,309$39,956 2007 Est. Per Capita Income $23,310 $21,824$24,742 2007 Est. Household Type, Presence Own Children* 14,552 26,7635,370

669 2,9601,715 Single Male Householder 11.0611.7912.46967 4,0142,370 Single Female Householder 15.0016.2918.01

1,090 6,6253,382 Married-Couple Family, own children 24.7523.2420.301,456 7,5064,015 Married-Couple Family, no own children 28.0527.5927.11

94 579282 Male Householder, own children 2.161.941.7597 462241 Male Householder, no own children 1.731.661.81

489 2,4131,315 Female Householder, own children 9.029.049.11329 1,403742 Female Householder, no own children 5.245.106.13113 500305 Nonfamily, Male Householder 1.872.102.10

67 301186 Nonfamily, Female Householder 1.121.281.25 2007 Est. Households by Household Size* 14,552 26,7635,370

1,636 6,9744,085 1-person household 26.0628.0730.471,819 8,7874,864 2-person household 32.8333.4233.87

866 4,8842,511 3-person household 18.2517.2616.13692 3,9862,035 4-person household 14.8913.9812.89228 1,486737 5-person household 5.555.064.25

84 449227 6-person household 1.681.561.5646 19893 7 or more person household 0.740.640.86

2007 Est. Average Household Size 2.42 2.502.35

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Mississippi Officials Welcome Toyota To Tupelo posted February 27, 2007 Mississippi Governor Haley Barbour joined Toyota (NYSE: TM) officials on Tuesday morning to announce that the company has chosen a 1,700-acre site in Blue Springs, Miss., to build its eighth North American vehicle assembly plant. The new plant, to be located just outside of Tupelo, will have the capacity to build 150,000 vehicles annually of Toyota’s popular Highlander sport utility vehicle. Production is scheduled to begin by 2010. The new plant represents a $1.3 billion investment by Toyota and is expected to create approximately 2,000 new jobs for the region and indirectly create work for many more. Operations at the plant will include stamping, body weld, plastics, paint, and assembly. Mississippi House Ways and Means Chairman Percy Watson told the Jackson Clarion-Ledger he expects the legislature to hold a special session this weekend to consider a $298 million bond package for the new Toyota plant. He said the incentives would include $145.8 million for public infrastructure, $84 million to train Toyota workers and $30 million to train suppliers’ workers. Also included would be a sales tax rebate on equipment. Also, a new auto engineering program will be offered at the University of Mississippi. Gov. Barbour, speaking at a news conference held in Tupelo, welcomed Toyota's decision to set up operations in Mississippi. “We in Mississippi and especially North Mississippi are excited to have been chosen by Toyota as its partner,” said Gov. Barbour. “Toyota is the world’s premiere auto manufacturer and our state will be the best partner the company has.” Toyota manufacturing Executive Vice Presidents Gary Convis and Ray Tanguay joined Gov. Barbour at the announcement. Convis addressed Toyota’s challenge in balancing rapid growth while maintaining the company’s superior quality standards, noting the recent start up of Tundra production in San Antonio and upcoming launch of Camry production at the Subaru plant in Lafayette, Ind. “We are excited for the opportunity to do business in Mississippi and are confident the team members here will have a commitment to perform at the highest possible level,” he said. “Gov. Barbour and the regional economic development team were very convincing and unrelenting in their efforts to showcase the area’s advantages,” Convis said, while acknowledging that competition among several states for the new plant was tough. Tanguay also pointed out several factors that led to Toyota’s site selection decision. “On my visits to Northern Mississippi, I have talked with area companies and observed their workforce,” said Tanguay. “What I observed were people who are educated, ethical and friendly with a

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strong work ethic – a perfect match for the Toyota Way.” He added that the area’s existing companies had high praise for the workforce. “They were definitely the best sales people.” Convis and Tanguay both recognized the contributions of the team who worked on bringing Toyota’s fifth vehicle assembly plant to the U.S., citing the team effort put forth by state and local officials and the private sector. “The partnership of all of these groups was instrumental to our decision, including the creation of a new rail district to provide competitive rail access for the plant," said Tanguay. "We're honored that Toyota has chosen to invest in our state and grow with Mississippians,” said Trent Lott, senator of Mississippi. “This is a partnership between one of the world's best companies, and a state which has already proven itself capable of attracting the world's top defense, automotive and aerospace jobs.” Mississippi Senator Thad Cochran and Congressman Roger Wicker also participated in the announcement. Site preparation and construction for the plant is scheduled to begin later this spring. A majority of the hiring will take place closer to the start of vehicle production. Outline of Toyota Mississippi Location Blue Springs, Mississippi (outside of Tupelo) Plant overview Vehicle production (stamping, body weld, plastics, paint and assembly) Product Toyota Highlander Production capacity 150,000 units/year Site area 1,700 acres Investment $1.3 billion Start of production By 2010 Employment 2,000 Toyota currently operates six vehicle assembly plants with one under construction in North America. These include: • Toyota Motor Manufacturing, Kentucky, Inc. (TMMK), in Georgetown produces the Avalon, Camry, Camry Hybrid, and Camry Solara. • Toyota Motor Manufacturing Canada, Inc. (TMMC), in Cambridge, Ontario produces the Corolla, Matrix and Lexus RX 350. • Toyota Motor Manufacturing, Indiana, Inc. (TMMI), in Princeton produces the Tundra, Sequoia, and Sienna.


• New United Motor Manufacturing, Inc. (NUMMI), a joint venture with General Motors in Fremont, California, produces the Corolla and Tacoma and Pontiac Vibe. • Toyota Motor Manufacturing de Baja California (TMMBC), in Tijuana, Mexico, produces the Tacoma and Tacoma truck beds. • Toyota Motor Manufacturing, Texas, Inc. (TMMTX), in San Antonio produces the Tundra. • And beginning in 2008, a new plant in Woodstock, Ontario will produce the RAV4. Also, Toyota this spring will start producing Camrys at Subaru of Indiana Automotive (SIA) in Lafayette, Indiana. Additionally, Toyota has four engine plants in North America including: • Toyota Motor Manufacturing, West Virginia, Inc. (TMMWV), in Buffalo produces four-cylinder and V6 engines and automatic transmissions. • TMMK produces four-cylinder and V6 engines. • TMMC assembles four-cylinder engines. • Toyota Motor Manufacturing, Alabama, Inc. (TMMAL), produces V6 and V8 engines. REMARKS OF GOVERNOR HALEY BARBOUR It is my great pleasure to announce today that Toyota Motor Corporation has decided to locate its next North American automobile assembly plant at the Wellspring site near Tupelo, Mississippi. Obviously, we in Mississippi and especially North Mississippi are excited to have been chosen by Toyota as its partner. Toyota is the world’s premiere auto manufacturer, and our state will be the best partner the Company has. Let me share some specifics with you: Toyota’s new plan will initially employ 2,000 workers when it opens in less than three years; between now and then some 2,000 construction jobs will have been created; and Toyota will invest $1.3 billion not including the State’s


incentives. The primary reason Toyota selected Tupelo was the quality of the workforce and the leadership in this community. North Mississippi has a strong, productive workforce, and the selection of this site is a tribute to those outstanding workers. We’re every bit as committed to the success of this facility as Toyota is. I want to publicly thank the Toyota team not only for choosing Blue Springs in North Mississippi, but also for the way the company has worked with us in this process. Every state wants an assembly plant – because they generate lots of jobs, pay good wages and benefits, and generate lots of positive economic spin-off. Because of this competition, incentives for assembly plants are similar to free agency in baseball – the price keeps going up. We offered a very competitive incentive package to Nissan 6 years ago – and I thought we would have to beat that package to get the crown jewel of economic development – a Toyota assembly plant. Early on, Toyota told us that they didn’t want to engage in an incentive bidding war – and I’m happy to announce that the state incentive package agreed to by Toyota is about the same as Nissan even though six years have gone by. Because Toyota has accepted a lower incentive package, this allows the State to allocate more incentives to potential suppliers. That way many towns and counties will benefit from the jobs created by those suppliers – and we intend to be aggressive in recruiting all of the Toyota suppliers we can to Mississippi. As a noteworthy and generous act, Toyota has told us that after the plant starts up the company will donate $50 million to the schools of Lee, Pontotoc and Union Counties. These ten annual gifts of $5 million each will improve already outstanding school systems for the benefit of the children of Toyota’s initial workforce and will also help the workforce of this facility for many years to come. We have also agreed a Toyota Nature Preserve will be created adjacent to the site. Further, when the plant opens in less than three years, Mississippi’s school children will celebrate the occasion by planting 500,000 trees on what will become Toyota Arbor Day in our State. We are grateful that the company recognizes the important roles our universities, especially Ole Miss, and our community colleges will play in helping make this plant and its workers the most productive Toyotahas in North America. A major part of the incentives will actually go to our community colleges and universities. I want to thank Toyota, its top leadership in Japan, its leaders in North America, including its president, Mr. Sudo, who is with us here in Tupelo; Gary Convis and Ray Tanguay, who you will hear from in a


moment; Jim Press, who is joining us from Washington; and the team that worked on this site selection. Thank you for recognizing the quality of our workers, the commitment of this community, the excellence of our schools and our quality of life. Thank you for seeing how bright Mississippi’s future is and for Toyota deciding to become part of that bright future. Toyota’s selection of Wellspring results from the efforts of and answers the prayers of many Northeast Mississippi leaders who realized our furniture industry in this area employs fewer people today than ten years ago, and even a healthy furniture industry will employ fewer people in the years to come. My administration and the State got that message, and this great Toyota project gives us a spectacular way to replace those good furniture jobs with superior, better paying jobs in the auto industry. This situation was also key to why Toyota knew such a strong workforce will be available to it and its suppliers. Many Mississippians deserve enormous credit for our winning this competition: Gray Swoope and his great team at the Mississippi Development Authority; the PUL Alliance, quarterbacked by David Rumbarger at CDF, a true professional who did outstanding work on this project, as he always does; the farsighted local officials of Pontotoc, Union and Lee Counties and the community leaders in CDF and other hard-working organizations who conceived Wellspring; Chancellor Robert Khayat from the University and Dr. David Cole from Itawamba Community College – our community college and university systems were huge assets in our being selected; Randy Kelly and the Three Rivers Planning and Development District; Glenn McCullough and Aubrey Patterson. I am delighted to salute Lt. Governor Amy Tuck and House Speaker Billy McCoy, who have been my confidants and super supporters of Wellspring and our attracting Toyota to North Mississippi. In the next few days they will be leading this effort in the Legislature. Indispensable to our success has been our State’s exceptional Congressional delegation: Senator Trent Lott and your outstanding Congressman Roger Wicker are both with us, and Senator Thad Cochran joins us by satellite from Washington. Before introducing them, I want to publicly thank each of them. This wouldn’t have happened without them.

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NEWS FOCUS 2005 Legislature

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BY EMILY LECOZ Daily Journal TUPELO - Easing traffic near The Mall at Barnes Crossing is among the goals of Phase IV of the Major Thoroughfare Project. More costly than the first three phases to widen and improve Tupelo's streets, Phase IV has a $29.6 million price tag and proposes nine different sub-projects. The Major Thoroughfare Committee approved Phase IV plans Monday night. Four of the sub-projects involve extending Coley Road from Old Belden Road to North Gloster Street near the mall. It would give motorists an alternative to entering and exiting the busy shopping district, and it would be the first time for committee members to propose building a new road. Other sub-projects include widening South Gloster Street to five lanes between Garfield Street to the new Highway 6, widening West Jackson Street from Colonial Estates to the Natchez Trace and building an interchange at Thomas Street where the new Highway 6 will cross.

Next phase of road work targets area near mall

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Members unanimously approved the proposal, which the Phase IV subcommittee spent two years devising. Now, it goes before the City Council for approval. If adopted by the city, the next phase must face a public vote on funding in 2006. Every five years, voters decide whether to continue the Major Thoroughfare Program, a program using a special 10-mill property tax for road projects. Officials urge action soon Because the committee has roughly $20 million in its current budget, state and federal dollars are needed to cover the rest. But, said committee chairman Greg Pirkle, the panel needs to act now to secure funds in time for the phase's debut in 2007. That's why Pirkle and others - including Mayor Larry Otis - have started asking support from agencies such as the state Department of Transportation, and congressmen, including U.S. Rep. Roger Wicker, R-Tupelo. "We've shown them our proposal for Phase IV and all them said go for it," said Chuck Imbler Jr., on the Phase IV subcommittee. U.S. senators Thad Cochran and Trent Lott, both R-Miss., have helped the committee and will receive requests for federal funding soon, Otis said in December. Traditionally, state and federal funds have provided about 19 percent of the Major Thoroughfare Program, now in its third phase. Otis said he'd like to see that reach 35 percent in Phase IV. However, Imbler said, none of the agencies or members of the congressional delegation has promised funding at this point. Major Thoroughfare members are aware that

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residents could vote down the phase next year, but they need to proceed in the event it is approved, Imbler said. If the project is not approved, the committee will modify its funding request. In any case, state and federal moneys would not be available until after next year's vote, Pirkle said. Even if the committee gets no outside funding, it could still cover most of the projects on the list. And while that list has no priority order, members generally agree that easing traffic near the mall should be a top concern. "People are not going to keep coming if they can't get in and can't get out," Imbler said. "We will regret it one of these days if we don't do this now." Going into the county The alternative route would extend Coley Road from Old Belden Road, through Highway 78 and the Natchez Trace, until it connects with North Gloster Street. The extension, slated to create a new access route into the Barnes Crossing area, would exit city limits after cutting across 78 until just before Mount Vernon Road. Although part of the road leaves city limits, the committee has been advised that it has the authority to spend money on it because its benefits to the city would be substantial, said Pirkle. City attorney Guy Mitchell III said his firm was contacted by the committee but has not yet provided a formal opinion on the subject. Although committee members have not yet contacted county supervisors, Lee board president Charles Duke said supervisors would likely permit the city to proceed.



"If they went in the county they'd have to get our permission, but we would give it to them - I think we would," said Duke, who termed the proposal "a great idea." The extension also would cross the Natchez Trace Parkway, according to plans. Project engineer John White of Engineering Solutions Inc. said in December that the National Park Service likely would build the Trace over Coley Road. He doesn't know if the NPS would provide any on-off access there, however. Rep. Wicker has agreed to help facilitate that part of the process, said subcommittee member Ken Clemons. PHASE 1 Progress in the Major Thoroughfare ProgramPHASE 1 Status: Done Total cost: $14.51 million Work: Widen intersections around the city. Put turn lanes at several intersections. PHASE 2 Status: Done Total cost: $16.04 million Work: Widen Gloster and West Main streets.



PHASE 3 Status: Ongoing (scheduled for completion October 2006) Total cost: $17.38 million Project 1: Widen McCullough Boulevard from Mount Vernon Road to U.S. 78 (done) Project 2: Widen Coley Road from McCullough Boulevard to Jackson Street (done) Project 3: Widen Eason Boulevard/ Cliff Gookin Boulevard from Green Street to Lawndale Drive (ongoing, to finish in July) Project 4: Widen Coley Road/ Cliff Gookin Boulevard from Jackson Street to the Natchez Trace (upcoming, to finish October 2006) Project 5: Widen Eason Boulevard from Town Creek Bridge to Briar Ridge (upcoming) Project 6: Widen Cliff Gookin Boulevard from Lawndale Drive to the Natchez Trace (upcoming) WHAT'S NEXT: The Phase IV projects will go before the City Council for approval. If the council approves, the proposal will be put to a public vote in 2006. Contact Emily LeCoz at 678-1588 or [email protected]

Appeared originally in the Northeast Mississippi Daily Journal, 2/2/2005 8:00:00 AM, section A , page 1



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