ARIZONA STATE LAND DEPARTMENT 1110 WEST WASHINGTON STREET PHOENIX, ARIZONA 85007 PUBLIC AUCTION LEASE NO. 03-124179-99-100 30-YEAR COMMERCIAL LEASE Pursuant to A.R.S. Title 37, notice is hereby given that the State of Arizona through its Arizona State Land Department (“ASLD”), will sell at Public Auction to the highest and best bidder at 11:00 a.m. on Tuesday, August 18, 2026, at the Arizona State Land Department, 1110 W. Washington St., Conference Room 3175, Phoenix, Arizona, or another location to be announced no less than seven (7) days prior to the auction, a thirty (30) -year Ground Lease with four (4) successive ten (10) -year options to extend said term (the “Lease”) on trust lands situated in Maricopa County to wit: TOWNSHIP 2 SOUTH, RANGE 4 WEST, G&SRM, MARICOPA COUNTY, ARIZONA PARCEL: S2SE, SECTION 22, CONTAINING 80.133 ACRES, MORE OR LESS; PARCEL: ALL, SECTION 23, CONTAINING 641.324 ACRES, MORE OR LESS; PARCEL: N2 SW, SECTION 24, CONTAINING 480.462 ACRES, MORE OR LESS; PARCEL: N2NW M&B IN S2NW, SECTION 25, CONTAINING 105.813 ACRES, MORE OR LESS; PARCEL: N2NE, SECTION 26, CONTAINING 80.215 ACRES, MORE OR LESS; PARCEL: N2 SW NESE W2SE, SECTION 27, CONTAINING 600.247 ACRES, MORE OR LESS; PARCEL: N2, SECTION 28, CONTAINING 320.264 ACRES, MORE OR LESS; PARCEL: S2N2 N2S2 SWSW, SECTION 29, CONTAINING 360.680 ACRES, MORE OR LESS; PARCEL: LOTS 2 3 4 SENE E2SE, SECTION 30, CONTAINING 258.855 ACRES, MORE OR LESS; PARCEL: LOTS 1 2, SECTION 31, CONTAINING 90.474 ACRES, MORE OR LESS; TOWNSHIP 2 SOUTH, RANGE 5 WEST, G&SRM, MARICOPA COUNTY, ARIZONA PARCEL: SESWSW SWSESW, SECTION 23, CONTAINING 19.874 ACRES, MORE OR LESS; PARCEL: S2N2 S2, SECTION 25, CONTAINING 479.473 ACRES, MORE OR LESS; PARCEL: S2NE N2NW SENW E2SE, SECTION 26, CONTAINING 280.132 ACRES, MORE OR LESS; AND PARCEL: N2NE E2NENW, SECTION 27, CONTAINING 99.722 ACRES, MORE OR LESS. TOTAL CONTAINING 3,897.668 ACRES, MORE OR LESS. LOCATION: WEST OF STATE ROUTE 85, 13 MILES SOUTH OF THE INTERSTATE 10, BUCKEYE, ARIZONA BENEFICIARY: PERMANENT COMMON SCHOOLS, PERMANENT COMMON SCHOOLS (INDEMNITY SELECTION) PROPERTY AND SELECT LEASE INFORMATION: (A) The complete legal description of the state trust land that will be subject to Ground Lease No. 03-124179-99-100 (the “Lease Parcel”) is available in its respective file. (B) The Lease Parcel has been appraised at $43,112,000.00 (“Appraised Value”). (C) There are improvements on the parcel for which the owner is entitled to be compensated by the succeeding lessee in the amount of the appraised value pursuant to the terms of A.R.S. § 37-322.02. The total appraised value of the improvements is $31,258.00. The owners of the improvements are Leibold Livestock, LLC (as to $27,305.00) and Quirt Rice (as to $3,953.00). (D) The use(s) allowed under the Lease are: Solar Generating Facility and Battery Energy Storage System, as defined in the Lease. (F) The commencement date of the Lease shall be the date of the auction. (G) The “Lessor” shall be the State of Arizona, by and through the Arizona State Land Department. (H) The “Lessee” shall be the successful bidder, as that term is defined under Bidder Qualifications and Bidding Information Paragraph (H) below, that has fulfilled the obligations outlined in the Public Auction Notice and entered into a Lease Agreement with the Lessor for the Lease Parcel. (I) The land will be developed in accordance with applicable zoning ordinances and stipulations. (J) The annual rent for the Lease has been established as Base Rent, which is 4% of the Sale Price, plus Additional Rent, as that term is defined in the Lease, if any. Base Rent shall be adjusted upwards beginning in Lease Year Six and every fifth Lease Year thereafter by 5%, as more particularly set forth in the Lease. (K) Commencing on the earlier of: (i) the first day of the first Lease Year following the Commercial Operation Date (as defined in the Lease); or (ii) the first day of Lease Year Six, Lessee shall pay Additional Rent based on the megawatt capacity of the improvements on the Parcel, as described in the Lease. (L) For additional terms and conditions of the Lease and information regarding the Lease Parcel, prospective bidders are advised to examine the lease document and complete file associated with the above-described Lease Parcel, as well as all pertinent files of ASLD, which are open to public inspection at the ASLD, 1110 West Washington Street, Phoenix, Arizona, from 8:00 a.m. to 4:30 p.m., exclusive of holidays and weekends. Please direct any questions regarding this Public Auction to the Real Estate Division of ASLD at (602) 542-3000. This auction notice is available on the ASLD's website at www.land.az.gov. BIDDER QUALIFICATIONS AND BIDDING INFORMATION: (A) Prospective bidders should obtain and review the Bidder Information Packet as soon as possible. The Bidder Information Packet is available from the ASLD, Sales and Commercial Leasing Section, 1110 West Washington Street, Phoenix, Arizona, Monday through Friday, 8:00 a.m. to 4:30 p.m., exclusive of holidays and weekends. (B) A prospective bidder, in advance of the auction, must provide evidence satisfactory to ASLD that it is either: (1) a utility entity serving retail customers; or (2) a third-party developer of solar generating facilities (a “Merchant Provider”) with either: (a) a Power Purchase Agreement; or (b) evidence that it can satisfy the conditions required to obtain an Interconnection Agreement. To establish status as a Merchant Provider, a prospective bidder must meet the qualifications established by the ASLD Commissioner (the “Commissioner”) outlined in the Bidder Information Packet and submit the application included in the Bidder Information Packet to ASLD no later than Tuesday, August 4, 2026. If the application is incomplete or inadequate, ASLD may, but shall not be required to, advise the prospective bidder of the deficiencies and afford the prospective bidder an opportunity to submit additional information to correct such deficiencies. ASLD shall complete its review of all prospective bidder applications and notify each applicant whether or not it has been determined to be a Merchant Provider no later than Tuesday, August 11, 2026. The Commissioner, in her sole discretion, may elect to consider any application received after Tuesday, August 4, 2026. (C) Prior to the date of auction, a prospective bidder shall perform their own due diligence including, without limitation, researching the records of local jurisdictions, all ASLD files pertinent to the auction and the Lease Parcel, including, without limitation, ASLD File No. 03-124179-00-100, and files of all other public agencies regarding the Lease Parcel. (D) Prior to the start of bidding, a prospective bidder shall sign an affidavit agreeing that: they have undertaken due diligence in preparation for the auction; they are leasing the Lease Parcel solely upon the basis of their own due diligence and investigation of the Lease Parcel and not on the basis of any representation, express or implied, written or oral, made by ASLD or its agents or employees, except as set forth in writing herein; they have carefully reviewed and are familiar with the terms of the Lease and have obtained the legal and other expert advice necessary to assess the value and suitability of the Lease Parcel; their representative is authorized to bid and bind the bidder; they are leasing the Lease Parcel AS IS, and subject to the terms and provisions of the Lease; and confirming that the prospective bidder is not a “foreign country of concern” or a “foreign entity of concern” within the meaning of 15 U.S.C. § 4651(8), is not controlled by and not more than 50% of its shares are owned by a “foreign entity of concern,” and is not a “foreign adversary nation” or a “foreign adversary agent” within the meaning of A.R.S. § 33-443. (E) Prior to the start of bidding, a prospective bidder must show ASLD's representative a Cashier's Check made payable to “Arizona State Land Department” in the amount specified under Terms of Sale Paragraph (G) below. If the prospective bidder is not the applicant, the amount of Cashier’s Check shall be $5,025,111.74. If the prospective bidder is the owner of all the improvements, the amount of Cashier’s Check shall be $4,993,853.74. If the prospective bidder is the applicant, the amount of Cashier’s Check shall be $3,369,440.74. (F) A prospective bidder who has complied with Paragraphs (A) through (E) above shall be deemed a “Qualified Registered Bidder” and may bid at the auction. ASLD shall only consider bids by Qualified Registered Bidders. (G) The bidding will begin at the Appraised Value of $43,112,000.00. A bid for less than the Appraised Value of the Lease Parcel will not be considered. Additional bidding must be made in minimum increments of $100,000.00. There is no existing lessee with a preferred right under A.R.S. § 37-335(C) to match the final bid received by the Commissioner. Bidding will be conducted orally. (H) The time of sale shall be deemed to be the time of declaration of the highest and best bid (the “Time of Sale”). A Qualified Registered Bidder whose bid is declared the highest and best bid shall be deemed the “Successful Bidder”. The amount of the highest and best bid shall be deemed the “Sale Price”. (I) To comply with A.R.S. § 37-240(B), ASLD shall require that the Successful Bidder be authorized to transact business in the State of Arizona no later than ten (10) business days after the date of the auction. (J) Pursuant to A.R.S. § 37-241(C), in the event of forfeiture by the Successful Bidder, the ASLD Commissioner may declare that the bid placed before the final bid accepted is the highest bid, and that bidder has five (5) days after notification by ASLD to pay by cashier’s check all amounts due under Terms of Sale Paragraph (G) below. (K) This sale is subject to A.R.S. § 33-443, which prohibits the ownership of a substantial interest in real property located in the State of Arizona by a Foreign Adversary Nation or Foreign Adversary Agent (as those terms are defined in the statute). (L) Section 28 of The Arizona-New Mexico Enabling Act of 1910 (Pub.L. 61–219, 36 Stat. 557) and Article 10, Section 4 of the Arizona Constitution require ASLD to appraise and collect the value of the products of the land that are to be disposed of incidental to a lease. Based on the Native Plant Inventory, dated March 15, 2026, for the applicant’s proposed Lease development, the estimated cost for native plant removal is $1,277,620.00 (the “Native Plant Removal”). A copy of the Native Plant Inventory can be found in ASLD File No. 03-124179-99-100 and is available for inspection. (M) Persons with a disability may request a reasonable accommodation such as a sign language interpreter, by contacting the ADA Coordinator, at (602) 542-2629. Requests should be made as early as possible to allow time to arrange the accommodation. TERMS OF SALE: (A) The Lease Parcel shall be leased in an “AS-IS” condition “WITH ALL FAULTS”, with no representation or warranty being made by ASLD of any type or nature. ASLD makes no warranty as to the following: (i) the physical condition or any other aspect of the Lease Parcel, including, but not limited to, the uses to which the Lease Parcel may be put, the ability to construct additional improvements or modify existing improvements on any portion of the Lease Parcel or the ability to obtain building permits for any portion of the Lease Parcel, the conformity of the Lease Parcel to past, current or future applicable landscaping, parking, zoning or building code requirements, the existence of soil instability, past soil repairs, soil additions or conditions of soil fill, susceptibility to landslides, sufficiency of undershoring, water retention characteristics of the Lease Parcel, drainage onto or off of the Lease Parcel, the location of the Lease Parcel either wholly or partially in a flood plain or a flood hazard boundary or similar area, or any other matter affecting the stability or integrity of the Lease Parcel or any improvements constituting the Lease Parcel; or (ii) the sufficiency of the Lease Parcel for Lessee’s purposes or as to its continued operating conditions or usefulness. All implied warranties, including, without limitation, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, are hereby expressly disclaimed. (B) The Lease shall contain the following provision: “Lessor does not warrant, represent or guarantee the successful development of the Lease Parcel or other parcels of land in the vicinity, nor does Lessor warrant, represent or guarantee that government entities with jurisdiction over the Lease Parcel, or utilities which serve the Lease Parcel, will act in a manner that will result in the successful development of the Lease Parcel or other parcels of land in the vicinity. Lessee recognizes the inherent risks associated with the lease and development of real property, accepts full responsibility for all risks related to the development of the Lease Parcel, releases Lessor from liability for claims related to Lessee’s problems with developing the Lease Parcel, and agrees to indemnify and hold Lessor harmless for, from and against any claims or liability relating to the development of the Lease Parcel. Lessee assumes full responsibility for investigating the suitability of the Lease Parcel for development in the manner intended by Lessee. If the development of the Lease Parcel will be contingent upon the cooperation, good faith, skill and/or financial status of third parties, such as government entities, other developers, etc., Lessee assumes all risk that those third parties will act in a manner satisfactory to Lessee. Lessee agrees that, regardless of any express or implied representations to the contrary by any person or entity, the subject property is being leased “As Is” as raw land, and subject to the doctrine of caveat emptor. Lessor makes no express or implied warranties as to the physical condition of the Lease Parcel. Furthermore, Lessee leases the Lease Parcel subject to all taxes and assessments; all covenants, conditions, restrictions, servitudes, reservations, easements, declarations or other matters of record or on file, whether with the State of Arizona, or the county and city in which the Lease Parcel is located; any and all matters which a survey or physical inspection of the Lease Parcel would reveal, zoning and other restrictions, prohibitions, regulations and requirements imposed by any governmental authorities, statutes, laws, rules and regulations.” (C) The Lease Parcel is leased subject to existing reservations, easements and rights of way. The state of Arizona, through its ASLD, retains ownership in trust lands. (D) ASLD does not represent or warrant that access exists over lands which may intervene respectively between the Lease Parcel and the nearest public roadway. (E) Pursuant to A.R.S. § 37-231, the State of Arizona or its predecessor in title, reserve and retain all rights and all forms of access to all oil, gas, minerals, hydrocarbon substances and gaseous substances or any other material which is essential to the production of fissionable materials as provided by the rules and regulations of ASLD and the laws of Arizona. (F) Immediately following the Time of Sale, the Successful Bidder must sign an affidavit which states without limitation that he/she is the Successful Bidder and the amount of the Sale Price. (G) Immediately following the Time of Sale, the Successful Bidder shall pay the following to ASLD by a cashier's check: 1) The first year’s Base Rent in the amount of $1,724,480.00; 2) A Selling and Administrative Fee of 3% of the Appraised Value of the Lease Parcel, which is $1,293,360.00; 3) The Appraised Value of the Improvements, which is $31,258.00; 4) A Selling and Administrative Fee of 3% of the Appraised Value of the Improvements, which is $937.74; 5) Estimated Legal Advertising Costs of $5,000.00; 6) Reimbursable Appraisal Fee, which is $4,500.00; 7) Estimated Reimbursable Costs and Expenses of $1,646,171.00, a portion of which amount may be refunded to the Successful Bidder if the Successful Bidder is not the applicant and the Actual Reimbursable Costs and Expenses are lower; and 8) Twenty five percent (25%) of the cost of Native Plant Removal, which is $319,405.00. The total amount due at the Time of Sale is $5,025,111.74 (less $31,258.00 if the Successful Bidder is the owner of all improvements, for a total amount due of $4,993,853.74 OR less $1,655,671.00 if the Successful Bidder is the applicant, for a total amount due of $3,369,440.74). (H) The Successful Bidder will have until 5:00 p.m. of the fifth business day following the date of the auction to deposit with ASLD a cashier’s check for the following: 1) Any additional Base Rent for Lease Year One, which equals the amount, if any, by which 4% of the Sale Price exceeds the amount set forth in Terms of Sale Paragraph (G)(1) above; and (2) A Selling and Administrative Fee of 3% of the Sale Price, less the amount paid under Terms of Sale Paragraph (G)(2) above. Failure to deposit the additional Base Rent for Lease Year One plus the additional Selling and Administration Fee by the fifth business day following the auction shall result in forfeiture of all amounts paid at the time of auction by the Successful Bidder. (I) Within thirty (30) days after the auction date the Successful Bidder must pay the actual Legal Advertising Costs, less the amount paid under Terms of Sale Paragraph (G)(5) above. (J) If the Successful Bidder fails to complete all payments as stated in this auction notice, the Successful Bidder shall forfeit all amounts paid, which amounts shall be deemed rent for the Lease Parcel pursuant to A.R.S. § 37-241(C)(1). ADDITIONAL CONDITION(S): All bidders are hereby notified that there may be Register Eligible Site or Sites located within the Lease Parcel, which could include information significant in this state’s history, architecture, archaeology, or culture and may meet eligibility criteria, which the Arizona State Parks Board has established for listing on the Arizona Register of Historic Places, or which meet eligibility criteria for listing on the National Register of Historic Places. If ground-disturbing activities will or may impact one or more Register Eligible Site or Sites, purchaser shall consult with the State Historic Preservation Office and otherwise take such actions as are necessary to avoid, preserve, protect, or mitigate impacts on the Register Eligible Site or Sites. In the event that avoidance, preservation and protection of the Register Eligible Site or Sites cannot be accomplished, purchaser shall ensure a Data Recovery Plan is developed in consultation with and acceptable to, the Arizona State Museum and the State Historic Preservation Office, or their successor agencies, and the Data Recovery is implemented and completed prior to the Register Eligible Site or Sites being affected. The artifacts and records recovered from the Lease Parcel shall be curated according to the Arizona State Museum (ASM) Conservation and Curation Standards as established in rules implementing the Arizona Antiquities Act. If human remains are encountered during ground-disturbing activities, all work must immediately cease within 30.48 meters (100 feet) of the discovery and the area must be secured. The Arizona State Museum must be notified of the discovery. All discoveries will be treated in accordance with Arizona Revised Statutes (A.R.S. § 41-844 and A.R.S. § 41-865) and work must not resume in this area without authorization from the Arizona State Museum. These conditions shall run with the land, and be binding on the Lessee’s heirs, successors, and assigns. BROKER INFORMATION: In the event the Successful Bidder has retained the services of a real estate broker, the Successful Bidder shall be solely responsible for compensating that broker. GENERAL INFORMATION: (A) ASLD may cancel this auction in whole or in part at any time prior to the acceptance of a final bid. (B) A protest to this sale must be filed within 30 days after the first day of publication of this announcement and in accordance with A.R.S. § 37-301. (C) Information regarding this auction may be obtained from ASLD as follows: FOR LEASE INFORMATION CONTACT: Ray Moore Sales & Commercial Leasing Administrator Real Estate Division 1110 West Washington Street Phoenix, AZ 85007 (602) 364-1126 James W. Perry Deputy Commissioner (for) Robyn Sahid State Land Commissioner State Land Department Seal May 22, 2026 Disclaimer: This map is designed for general overview purposes only. Unless otherwise stated all depictions are approximate. Prospective bidders should review all information in ASLD’s records relating to the property and seek technical or legal advice as needed to assure the understanding of all legal descriptions, plat maps, surveys, and other documents relevant to the Lease Parcel. Contact ASLD, Real Estate Division at (602) 542-3000 for additional information. Pub: June 4 - Aug 6, 2026