Investor Prospectus

Development thesis and investment boundaries

The proposal is to develop resilient facility infrastructure and lease reserved IT capacity. Capital would be released in stages as land, power, approvals, customers and costs become supportable. The package does not yet establish a financeable, tenant-backed project.

Source basis: September 9, 2026 planning package · Not independently re-underwritten.

48 MW

Full-build IT assumption

70 acres

Illustrative gross site

420,000 SF

Illustrative building area

Planning data & boundaries

Planning item	Working value	Boundary
Delivery structure	Two 24 MW phases	Rev B proposes 6 MW blocks within the first phase
Base total modeled cost	$978.164 million	$978.2 million when rounded; not a construction bid
Base stabilized NOI	$76.404 million per year	Before debt service and the modeled replacement reserve
Base NOI yield	7.81%	Below the illustrative 8.50% screen; not investor IRR
Planning milestones	Phase 1 month 42; campus month 54	Months from authorization, not guaranteed calendar dates

Investment proposition

The business case relies on deliverable utility service, an approvable site and tenants able to pay for contracted capacity. The original model does not rely on revenue from selling compute hours. Appointing a qualified operator remains part of diligence.

Staged capital release

The original framework begins with product definition and a site shortlist, then land/power feasibility, an approvable and leasable concept, financeable commitments, and finally construction/testing. The proposed $2.5 million diligence allocation is within existing planning budgets; it is not an authorized expenditure.

What the base cost leaves outside

Servers, GPUs, software, active tenant networks, a continuous-generation plant, unquoted utility security/excess upgrades and full monthly lease-up liquidity are not established by the facility total. The $8 million opening reserve has not been validated against actual monthly cash needs.

Evidence before presenting a firm investment

Obtain parcel identifiers and conditional control; written utility capacity, upgrade cost and service terms; a signed tenant technical/commercial package; an independent cost plan; a monthly funding model; and appropriate legal review. The original base yield remains below the assumed hurdle.

EPIC CONSTRUCTION MANAGEMENT LLC