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December 21, 2015 Agenda Packet
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ŶĚ^ƚƌĞĞƚĐŽƌƌŝĚŽƌ͘ ƚŚ Dƌ͘ŶĚLJDĂƐƚĞƌƉŽůĞ͕ƌĞƐŝĚĞƐĂƚϵϭϯǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚŚŽǁĚŽĞƐƚŚĞƉƵďůŝĐďĞŶĞĨŝƚĂŶĚĐŝƚLJďĞŶĞĨŝƚĨƌŽŵƚŚĞƉƌŽũĞĐƚ͖ĞdžƉƌĞƐƐĞĚƚŚĞ ĚĞƚĂŝůƐŽĨƚŚĞƐƵďǁĂLJƚƵŶŶĞůƉƌŽƉŽƐĞĚĨŽƌƚŚĞƉƌŽũĞĐƚǁŽƵůĚďĞďĞŶĞĨŝĐŝĂů͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂLJ Ͳ ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^ ͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚŚĞƌĐůŝĞŶƚĨĞĞůƐƚŚĞLJŚĂǀĞĂŐŽŽĚƉƌŽũĞĐƚ͕ƚŚĞLJŚĂǀĞ ǁŽƌŬĞĚŚĂƌĚƚŽĚĞǀĞůŽƉĂƉƌŽũĞĐƚƚŚĂƚŝƐĂŶĂƐƐĞƚƚŽƚŚĞĐŽŵŵƵŶŝƚLJ͖ĂŶĚƚŚĞƉƌŽĐĞƐƐĐĂŶďĞƐƚŽƉƉĞĚĂƚ ĂŶLJƚŝŵĞĂƐǁŚĂƚŝƐďĞŝŶŐŚĞĂƌĚŝƐƉƌĞůŝŵŝŶĂƌLJ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŶĚ Dƌ͘^ŝŵƐŶŽƚĞĚƚŚĞůĂĐŬŽĨĚĞƐŝŐŶ͖ĚŽĞƐŶ͛ƚƌĞƐƉŽŶĚǁĞůůƚŽƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƉůĂŶ͖ŶŽƚŵƵĐŚŽĨĂŶ ŝŶĐĞŶƚŝǀĞŝŶƌĞƚƵƌŶƚŽƚŚĞĐŝƚLJĂŶĚƉƵďůŝĐ͖ĂŶĚƚŚĞƌĞŝƐĂƌĞƋƵĞƐƚĨŽƌĚĞŶŝĂůĨƌŽŵƚŚĞŽǁŶĞƌ͖ƐĞĞƐĂĚĞŶŝĂů ŽĨƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘ƵƌƐƚĞdžƉƌĞƐƐĞĚŚĞĨĞĞůƐƚŚĞƉƌŽũĞĐƚŝƐĂŐŽŽĚƉƌŽũĞĐƚ͖ĂĚĚƐƚŽƚŚĞŐƌŽǁƚŚŽĨƚŚĞĐŝƚLJ͖ƐƵƉƉŽƌƚƐƚŚĞ ƉƌŽũĞĐƚĂŶĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞŝƚŵŽǀĞĨŽƌǁĂƌĚ͘ Dƌ͘^ŚĞƌǁŽŽĚƐƚĂƚĞĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞƉƌŽũĞĐƚŵŽǀĞĨŽƌǁĂƌĚŝŶĂƉŽƐŝƚŝǀĞǁĂLJ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂŶĨŽƌĐƌŝƚĞƌŝĂŽĨĚĞŶƐŝƚLJďŽŶƵƐĞƐͬĨůŽŽƌ ŶĚ ĂƌĞĂďŽŶƵƐďĞŝŶŐŵĞƚ͖ǁŚĞƚŚĞƌƚŚŝƐŵĞĞƚƐƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌ͖ 3DFNHW3J )H 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH 2FWREHU Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηZϮϬϭϱ Ͳ ϬϮϰhWǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰ Ͳ Ϭ͘ KE/d/KE^͗ ϭ͘dŚĞ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂƉƉůŝĐĂƚŝŽŶƐŚĂůůŝŶĐůƵĚĞ͗ x ĞƚĂŝůĞĚWŚŽƚŽŵĞƚƌŝĐWůĂŶĨŽƌƚŚĞĞdžƚĞƌŝŽƌůŝŐŚƚŝŶŐŽŶƚŚĞďƵŝůĚŝŶŐĂŶĚŝŶƚŚĞƉƵďůŝĐ ƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂLJĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞKƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͖ x ĚĚŝƚŝŽŶĂůĚĞƚĂŝůƐĨŽƌƚŚĞƐƚƌĞĞƚƐĐĂƉĞ͕ŝŶĐůƵĚŝŶŐƉĂǀŝŶŐŵĂƚĞƌŝĂůƐ͕ĐŽůŽƌƐ͕ĂŶĚ ĞůĞǀĂƚŝŽŶƐ͖ x ^ƵďŵŝƐƐŝŽŶŽĨĂĚĞƚĂŝůĞĚ>ĂŶĚƐĐĂƉŝŶŐWůĂŶǁŝƚŚƉůĂŶƚĚĞƚĂŝůƐ͖ x ĚĚŝƚŝŽŶĂůĚĞƚĂŝůĨŽƌƚŚĞƉĂƚŝŽƐĂŶĚƚĞƌƌĂĐĞƐ͕ŝŶĐůƵĚŝŶŐŵĂƚĞƌŝĂůƐĂŶĚĨŝŶŝƐŚĞƐ͖ x ĚĚŝƚŝŽŶĂůĚĞƚĂŝůƐƐŚŽǁŝŶŐĨƵŶĐƚŝŽŶŽĨŽĨĨ Ͳ ƐƚƌĞĞƚůŽĂĚŝŶŐĂŶĚƚƌĂƐŚƌĞŵŽǀĂůĂŶĚƐŶŽǁ ƐƚŽƌĂŐĞͬƌĞŵŽǀĂů͖ x ^ŚĂĚŽǁ/ŵƉĂĐƚŝĂŐƌĂŵƐŚŽǁŝŶŐĂŶLJƐŚĂĚŽǁŝŶŐĂĨĨĞĐƚƐŽŶĂĚũĂĐĞŶƚƉƌŽƉĞƌƚLJ͘ x ŶĚ 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ĚĞŶŝĂůŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶ͘,ĞŶŽƚĞĚƚŚĞƌĞǁĞƌĞĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞĂŐƌĞĞŵĞŶƚǁŚŝĐŚŶĞĞĚĞĚƚŽďĞŵĞĞƚ͖ ĂŶĚƚŚŝƐĚŝĚŶŽƚŽĐĐƵƌ͘ ŶĚ DƐ͘:ĞƐƐĞtĞůĐŚ͕ϭϭϮϰϮ^ƚƌĞĞƚEt͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞ ĞŵƉŚĂƐŝnjĞĚƐŽŵĞƚŚĞĚĞƚĂŝůƐĚŝƐĐƵƐƐĞĚĂƚƚŚĞƉƌŽũĞĐƚ͖ƐƵĐŚĂƐƉƵďůŝĐĂƌƚƐŽůŝĐŝƚ͖ƉĂƌŬŝŶŐ͖ƚŚĞ ŶĞŝŐŚďŽƌŚŽŽĚŚĂƐƚƌŝĞĚƚŽƐƚĂLJƉŽƐŝƚŝǀĞĂŶĚƐƵƉƉŽƌƚŝǀĞǁŝƚŚƚŚĞĚĞǀĞůŽƉŵĞŶƚĂŶĚǁŽƵůĚůŝŬĞƚŽƐĞĞĂ ƐƚĂŶĚĂƌĚƐĞƚŝŶƉůĂĐĞĨŽƌƚŚĞϮ ŶĚ^ƚƌĞĞƚĐŽƌƌŝĚŽƌ͘ ƚŚ Dƌ͘ŶĚLJDĂƐƚĞƌƉŽůĞ͕ƌĞƐŝĚĞƐĂƚϵϭϯǀĞŶƵĞ^t͕ZŽĐŚĞƐƚĞƌ͕DŝŶŶĞƐŽƚĂϱϱϵϬϮ͕ĂĚĚƌĞƐƐĞĚƚŚĞ ŽŵŵŝƐƐŝŽŶ͘,ĞĂƐŬĞĚŚŽǁĚŽĞƐƚŚĞƉƵďůŝĐďĞŶĞĨŝƚĂŶĚĐŝƚLJďĞŶĞĨŝƚĨƌŽŵƚŚĞƉƌŽũĞĐƚ͖ĞdžƉƌĞƐƐĞĚƚŚĞ ĚĞƚĂŝůƐŽĨƚŚĞƐƵďǁĂLJƚƵŶŶĞůƉƌŽƉŽƐĞĚĨŽƌƚŚĞƉƌŽũĞĐƚǁŽƵůĚďĞďĞŶĞĨŝĐŝĂů͘ DƐ͘>ĞƐůŝĞDĐ'ŝůůŝǀƌĂLJ Ͳ ZŝǀĂƐ͕ĐŽŶƐƵůƚĂŶƚǁŝƚŚt^ΘƐƐŽĐŝĂƚĞƐ͕ϭϲϰϴdŚŝƌĚǀĞŶƵĞ^ ͕ZŽĐŚĞƐƚĞƌDE ϱϱϵϬϰ͕ĂĚĚƌĞƐƐĞĚƚŚĞŽŵŵŝƐƐŝŽŶ͘^ŚĞŶŽƚĞĚŚĞƌĐůŝĞŶƚĨĞĞůƐƚŚĞLJŚĂǀĞĂŐŽŽĚƉƌŽũĞĐƚ͕ƚŚĞLJŚĂǀĞ ǁŽƌŬĞĚŚĂƌĚƚŽĚĞǀĞůŽƉĂƉƌŽũĞĐƚƚŚĂƚŝƐĂŶĂƐƐĞƚƚŽƚŚĞĐŽŵŵƵŶŝƚLJ͖ĂŶĚƚŚĞƉƌŽĐĞƐƐĐĂŶďĞƐƚŽƉƉĞĚĂƚ ĂŶLJƚŝŵĞĂƐǁŚĂƚŝƐďĞŝŶŐŚĞĂƌĚŝƐƉƌĞůŝŵŝŶĂƌLJ͘ tŝƚŚŶŽŽŶĞĞůƐĞǁŝƐŚŝŶŐƚŽďĞŚĞĂƌĚ͕Dƌ͘tĂůƚĞƌƐĐůŽƐĞĚƚŚĞƉƵďůŝĐŚĞĂƌŝŶŐ͘ ŶĚ Dƌ͘^ŝŵƐŶŽƚĞĚƚŚĞůĂĐŬŽĨĚĞƐŝŐŶ͖ĚŽĞƐŶ͛ƚƌĞƐƉŽŶĚǁĞůůƚŽƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌƉůĂŶ͖ŶŽƚŵƵĐŚŽĨĂŶ ŝŶĐĞŶƚŝǀĞŝŶƌĞƚƵƌŶƚŽƚŚĞĐŝƚLJĂŶĚƉƵďůŝĐ͖ĂŶĚƚŚĞƌĞŝƐĂƌĞƋƵĞƐƚĨŽƌĚĞŶŝĂůĨƌŽŵƚŚĞŽǁŶĞƌ͖ƐĞĞƐĂĚĞŶŝĂů ŽĨƚŚĞƉƌŽũĞĐƚ͘ Dƌ͘ƵƌƐƚĞdžƉƌĞƐƐĞĚŚĞĨĞĞůƐƚŚĞƉƌŽũĞĐƚŝƐĂŐŽŽĚƉƌŽũĞĐƚ͖ĂĚĚƐƚŽƚŚĞŐƌŽǁƚŚŽĨƚŚĞĐŝƚLJ͖ƐƵƉƉŽƌƚƐƚŚĞ ƉƌŽũĞĐƚĂŶĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞŝƚŵŽǀĞĨŽƌǁĂƌĚ͘ Dƌ͘^ŚĞƌǁŽŽĚƐƚĂƚĞĚŚĞǁŽƵůĚůŝŬĞƚŽƐĞĞƚŚĞƉƌŽũĞĐƚŵŽǀĞĨŽƌǁĂƌĚŝŶĂƉŽƐŝƚŝǀĞǁĂLJ͘ ŝƐĐƵƐƐŝŽŶĞŶƐƵĞĚĂŵŽŶŐƚŚĞĐŽŵŵŝƐƐŝŽŶŽŶƚŚĞƉƌĞůŝŵŝŶĂƌLJƉůĂŶĨŽƌĐƌŝƚĞƌŝĂŽĨĚĞŶƐŝƚLJďŽŶƵƐĞƐͬĨůŽŽƌ ŶĚ ĂƌĞĂďŽŶƵƐďĞŝŶŐŵĞƚ͖ǁŚĞƚŚĞƌƚŚŝƐŵĞĞƚƐƚŚĞƐƚĂŶĚĂƌĚƐŽĨƚŚĞϮ^ƚƌĞĞƚĐŽƌƌŝĚŽƌ͖ 3DFNHW3J )J 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH 2FWREHU Dƌ͘ƵƌƐƚŵŽǀĞĚƚŽƌĞĐŽŵŵĞŶĚĂƉƉƌŽǀĂůŽĨ/ŶĐĞŶƚŝǀĞĞǀĞůŽƉŵĞŶƚWƌĞůŝŵŝŶĂƌLJWůĂŶηZϮϬϭϱ Ͳ ϬϮϰhWǁŝƚŚƚŚĞƐƚĂĨĨ Ͳ ƌĞĐŽŵŵĞŶĚĞĚĨŝŶĚŝŶŐƐĂŶĚĐŽŶĚŝƚŝŽŶƐ͘Dƌ͘^ŚĞƌǁŽŽĚƐĞĐŽŶĚĞĚƚŚĞŵŽƚŝŽŶ͘ dŚĞŵŽƚŝŽŶĐĂƌƌŝĞĚϰ Ͳ Ϭ͘ KE/d/KE^͗ ϭ͘dŚĞ&ŝŶĂůĞǀĞůŽƉŵĞŶƚWůĂŶĂƉƉůŝĐĂƚŝŽŶƐŚĂůůŝŶĐůƵĚĞ͗ x ĞƚĂŝůĞĚWŚŽƚŽŵĞƚƌŝĐWůĂŶĨŽƌƚŚĞĞdžƚĞƌŝŽƌůŝŐŚƚŝŶŐŽŶƚŚĞďƵŝůĚŝŶŐĂŶĚŝŶƚŚĞƉƵďůŝĐ ƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂLJĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞKƌĚŝŶĂŶĐĞZĞƋƵŝƌĞŵĞŶƚƐ͖ x 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ƚŽďĞĨŝŶĂůŝnjĞĚǁŝƚŚƚŚĞWƵďůŝĐtŽƌŬƐĞƉĂƌƚŵĞŶƚ͘ 'ƌĂĚŝŶŐΘƌĂŝŶĂŐĞWůĂŶĂƉƉƌŽǀĂůŝƐƌĞƋƵŝƌĞĚĨŽƌƚŚŝƐĂƉƉůŝĐĂƚŝŽŶ͘ ϱ͘ dŚĞƉƌŽƉŽƐĞĚĚĞǀĞůŽƉŵĞŶƚƉůĂŶŝƐĐŽŶƚŝŶŐĞŶƚŽŶƚŚĞŝƚLJ͛ƐƌĞůĞĂƐĞͬǀĂĐĂƚŝŽŶŽĨĂŶĞdžŝƐƚŝŶŐ ϲ͘ ŶŽƌƚŚͬƐŽƵƚŚĂĐĐĞƐƐĞĂƐĞŵĞŶƚŽǀĞƌĂƉŽƌƚŝŽŶŽĨƚŚĞWƌŽƉĞƌƚLJ͕ĂŶĚƚŚĞŝƚLJ͛ƐƌĞůĞĂƐĞŽĨĂ ^ƚŽƌŵtĂƚĞƌDĂŝŶƚĞŶĂŶĐĞŐƌĞĞŵĞŶƚƚŚĂƚǁĂƐĞdžĞĐƵƚĞĚĐŽŶĐƵƌƌĞŶƚǁŝƚŚƉƌŝŽƌ ĚĞǀĞůŽƉŵĞŶƚŽĨƚŚŝƐƉƌŽƉĞƌƚLJĂƐĂƉĂƌŬŝŶŐůŽƚ͘ ĞĂƐĞŵĞŶƚ ĞĚŝĐĂƚŝŽŶŽĨϭϬĨĞĞƚŽĨĂĚĚŝƚŝŽŶĂůZKtŝƐƌĞƋƵŝƌĞĚĂůŽŶŐϮŶĚ^ƚ^t͘ ϳ͘ džĞĐƵƚŝŽŶŽĨĂZĞǀŽĐĂďůĞWĞƌŵŝƚŐƌĞĞŵĞŶƚǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌĂŶLJƉƌŽƉŽƐĞĚƉƌŝǀĂƚĞ ϴ͘ ŝŵƉƌŽǀĞŵĞŶƚƐǁŝƚŚŝŶƚŚĞƉƵďůŝĐƌŝŐŚƚ Ͳ ŽĨ Ͳ ǁĂLJ͘ džĞĐƵƚŝŽŶŽĨĂŝƚLJ Ͳ KǁŶĞƌŽŶƚƌĂĐƚŝƐƌĞƋƵŝƌĞĚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƚŝŽŶͬƌĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨ ϵ͘ ƉƵďůŝĐŝŶĨƌĂƐƚƌƵĐƚƵƌĞƚŽƐĞƌǀĞƚŚŝƐĚĞǀĞůŽƉŵĞŶƚ͘ŶLJƉƌŽƉŽƐĞĚƉƵďůŝĐŝŵƉƌŽǀĞŵĞŶƚƐůLJŝŶŐ 3DFNHW3J )J 3DJH &LW\3ODQQLQJDQG=RQLQJ&RPPLVVLRQ0LQXWHV+HDULQJ'DWH 2FWREHU ǁŝƚŚŝŶKǁŶĞƌƐƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJǁŝůůƌĞƋƵŝƌĞĚĞĚŝĐĂƚŝŽŶŽĨƉƵďůŝĐĞĂƐĞŵĞŶƚƐƉƌŝŽƌƚŽ ĐŽŶƐƚƌƵĐƚŝŽŶ͘ ŽƵůĞǀĂƌĚƚƌĞĞƐǁŝůůďĞƌĞƋƵŝƌĞĚĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚ͘WƌŝŽƌƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ ϭϬ͘ 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