Brattleboro Development Credit Corporation Real Estate Holdings I

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The following excerpts are from notes 1 and 15 of the consolidated financial statements: NOTE 1: BDCC holdings was formed to purchase and improve a manufacturing facility consisting of two buildings and an adjacent parcel of land in brattleboro, vermont, as well as to acquire certain manufacturing equipment. BDCC holdings leases the facility and equipment to g.s. Precision, INC., a regional manufacturing company. These activities foster, encourage, and assist g.s. Precision, INC. In continuing to expand its operations. BDCC holdings is a qualified active low-income community business in accordance with the terms under the new markets TAX credit (NMTC) program pursuant to section 45d of the internal revenue code (IRC). BDCC holdings is required to comply with various rules and regulations and failure to comply with these or other requirements could result in the recapture of NMTC's already taken by four eighty-one corp. In fiscal year 2023, BDCC holdings unwound the NMTC structure and transferred the property back to the ownership of g.s. Precision, INC. (see NOTE 15 below). NOTE 15: on december 15, 2015, BDCC entered into an agreement to provide financial support and shared facilities to the EXIT one expansion project (the project) for the benefit of g.s. Precision, INC. The project (i) purchased four LOTS in brattleboro, vermont, as well as the parking rights to a fifth LOT, (II) expanded the existing facilities on two of the LOTS, (III) acquired certain precision manufacturing equipment, and (IV) leased ALL of the LOTS and the equipment to a regional precision manufacturing company. The NMTC project for which BDCC holdings was formed, to foster, encourage, and assist g.s. Precision, INC. In continuing to expand its operations, reached the END of its 7-year compliance period, and as a result, BDCC holdings, working with g.s. Precision, INC., and other project partners, unwound the NMTC structure, and transferred the property back to the ownership of g.s. Precision, INC. This transaction was completed by the END of calendar year 2022.

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