The offering herein includes up to 500 approved apartment units within Phases 5 & 7 in the Liberty Estates planned unit development, which is primarily a residential mixed use PUD with a limited amount of flex and self storage uses are approved within Phase 6. The approved PUD further includes: 250 residential units, currently under construction by Luxor Homes, Inc., in Phases 1, 2 & 3; 224 single story 2 bedroom / bath, for rent units, currently under construction, by Redwood in Phase 4; +/-14.25 acres of self and outdoor storage and flex space (currently being engineered) in Phase 6; +/-50 acres of mixed-use residential (currently being engineered) to be built by Luxor Homes, Inc. in Phase 8. Developer fully installed infrastructure serves the entire PUD, including Phases 5 & 7. The Buyer would only need final detailed plan approval (conceptual site plan, engineering, landscape design, lighting plan, architectural review) to break ground. It is estimated that the approval process with the Town may take 90 days from initial submission. Luxor Homes, Inc. is building the highest priced homes in Merrillville. Redwood is currently going vertical with approximately 10 buildings under roof and is continuing with construction on all remaining buildings. The Lake County market is severely under served in respect to new, market rate, multifamily offerings as the average product is vintage 1990’s - early 2000’s. This is primarily due to municipal restrictions placed on such development within south Lake County, which has created a high barrier to entry. Indiana Senate Bill 1 (SB 1), enacted in April 2025, is a comprehensive local government finance reform package aimed at providing property tax relief, enhancing transparency, and restructuring local income taxes (LIT). Sponsored by Sen. Travis Holdman and Rep. Jeff Thompson, it primarily targets homeowner relief—saving an estimated $1.3 billion for Hoosier homeowners—while introducing new deductions for other property classes, expanding business personal property tax (BPPT) exemptions, and imposing limits on future tax hikes. The bill shifts some tax burdens from residential to commercial properties but includes targeted relief for non-homestead residential and agricultural lands. Key changes phase in over several years to ease implementation. New Phased-In Deduction on Assessed Value: SB1 creates a deduction specifically for properties in the 2% tax cap category, which includes apartments and other rental/multi-family residential properties. This deduction reduces the net assessed value (gross assessed value minus deductions) used to calculate property taxes, directly lowering the tax bill for owners. The deduction phases in gradually over several years: 6% in 2026 12% in 2027 19% in 2028 25% in 2029 30% in 2030–2031 33% (one-third) in 2032 and every year thereafter **THIS IS NOT TAX ADVICE. CONSULT YOUR TAX PROFESSIONALS EXPERIENCED IN INDIANA PROPERTY TAXES TO CONFIRM.** SEE OM FOR FURTHER DETAIL