Exhibit_M_Phase_I_ESA-_SR_44_Property.pdf

This Phase I Environmental Site Assessment (ESA) report evaluates the environmental conditions of the State Road 44 property in East Central Florida proposed for the motocross park development under Volusia County's long-term public ground lease opportunity. The assessment was conducted to identify potential environmental liabilities and contamination issues at the 30-year lease site located ten miles east of DeLand, Florida. The ESA follows standard Phase I protocols to document the property's historical uses, environmental records review, and site reconnaissance findings that would inform the selected Concessionaire's development and operational planning for the regional motocross facility.

The Phase I ESA report provides critical environmental baseline data necessary for the Concessionaire to understand potential remediation requirements, environmental compliance obligations, and liability exposure prior to site development and operation. The findings from this assessment are essential for project financing, insurance underwriting, and regulatory compliance with Florida Department of Environmental Protection standards. The report documents existing environmental conditions that may impact the feasibility and cost structure of motocross park development, including facility construction, track design, stormwater management systems, and ongoing operational activities at the property.