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Key findings address investment peaks, major concentration areas, deferred projects, and priorities for seating and existing premium spaces. It also summarizes required capital planning submissions and CapEx funding sources and constraints under the lease 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Facilities District (PFD or Client) and is subject to the attached Limiting Conditions and  \nAssumptions.  \nOur reports may not be used, in whole or in part, in any financing or marketing documents .  \nAlthough the findings included herein appear reasonable based on the current and anticipated market conditions, actual results depend on the actions of management and other factors both internal and external  \nto the PFD.  \nIt is important to note that because events and circumstances may not occur as expected, there may be significant differences between the actual results and those estimated in the analysis, and those differences  \nmay be material.  \nThis report is valid only when presented in its entirety and only for the purpose stated therein.  \nOur performance of the tasks completed does not constitute an opinion of value or appraisal or a projection of financial performance or audit in accordance with generally accepted audit standards . Estimates of value (ranges) have been prepared to illustrate current and possible future market conditions .  \nOur work has been based in part on review and analysis of information provided by unrelated sources that are believed accurate, but cannot be assured to be accurate . No audit or other verification has been  \ncompleted.  \n2   \nI. Final Plan Review  \nOverview  \n• CAA ICON has prepared observations related to the Mariners’ Annual (2026) and Rolling (2026-2035) final plans, and provided areview of progress made on 2025 projects  \n• A Long-Term Capital Needs Assessment (LTCNA) was completed in 2022 to identify Necessary Improvements that can be reasonably anticipated to keep T-Mobile Park in compliance with the Applicable Standard  \n• CAA ICON has reviewed the Mariners’ plans for consistency with the LTCNA in terms of timing, completion, and sequencing  \n• The Mariners’ conformance to the LTCNA is used to assist in review of compliance with the Applicable Standard from a Necessary Improvement standpoint  \n• CAA ICON’s evaluation is assisted by completion of Reference Ballpark Tours – tours are used to assist in compliance with the Applicable Standard primarily from an Upgrade Improvement standpoint  \n• CAA ICON also considers other factors (discussions with the team, professional expertise, site tours, etc.) to aid in its evaluation  \n4   \nI . Final Plan Review  \n\n| Key Findings |\n| --- |\n| • Necessary Improvements made at T-Mobile Park largely conform with what was called for in the LTCNA – minor or reasonable deviations from the LTCNA are expected and monitored (discussed herein)\u003Cbr>• Mariners’ 10-year plan includes investment peaks from 2026-2028 – planned investment exceeds $30 million in each year\u003Cbr>• Investment is largely concentrated in building systems (vertical transportation and playing field), technology and infrastructure (LED video board / security cameras and network), and spectator amenities in the short-and medium-term\u003Cbr>• Several projects that were deferred in previous years (e.g. , 2023 plan year) have been addressed and completed in subsequent years\u003Cbr>• The seating and deck coating projects are notable deferred projects; the Mariners have indicated a more permanent seating solution is being developed\u003Cbr>• From an Upgrade Improvement standpoint, the Mariners’ recent new premium seating projects have brought the stadium closer in alignment to peers from a variety standpoint, though investment in the existing spaces (suites and Terrace Club) should be a priority\u003Cbr>• Mariners' management has communicated to CAA ICON planning efforts are underway for such improvements\u003Cbr>• Overall, The Mariners continue to invest in T-Mobile Park in a manner consistent with the Applicable Standard – additional detail herein |\n\n5   \n\n| Key Lease Terms – Cap","cbCaie8NycWmA8yD","https://ap.wps.com/l/cbCaie8NycWmA8yD","pdf",1466485,24,"English","# I. Final Plan Review\n## Overview\n## Key Findings\n## Key Lease Terms – CapEx\n## CapEx Funding Sources","[{\"question\":\"What is the purpose of this Final Plan Review for PFD and the Mariners?\",\"answer\":\"It reviews the Mariners’ Annual (2026) and Rolling (2026-2035) final plans and assesses progress on 2025 projects against the LTCNA, focusing on compliance and planned sequencing for Necessary and Upgrade Improvements.\"},{\"question\":\"How does the report evaluate compliance with the LTCNA?\",\"answer\":\"It checks consistency in timing, completion, and sequencing between the Mariners’ plans and the LTCNA, and uses reference ballpark tours to support compliance evaluation, especially from an Upgrade Improvement standpoint.\"},{\"question\":\"What key CapEx planning requirements and funding sources are described?\",\"answer\":\"The Mariners submit provisional annual and 10-year capital expenditure work plans by May 1 (with final plans due September 1), and the report outlines funding sources including a $3.25 million annual contribution and PFD contributions such as base rent, admissions/parking tax, revenue sharing, and CTRF-eligible capital expenditures.\"}]","PFD Final Plan Review - CAA ICON 2-4 - Annual and Ten-Year Rolling Final Plan Review | PDF",1791837354,8]