Loading...
HomeMy WebLinkAboutCity Council - Regular Meeting - Jan 3, 2011 $QQXDO0HHWLQJ1R±-DQXDU\ 3OHGJHRI$OOHJLDQFH  WK $%RE1RZLFNLIRUPHU:DUG&RXQFLOPHPEHUZLVKHGWREHKHDUGGXULQJWKH2SHQ &RPPHQW3HULRG+HFRQJUDWXODWHGDOOPHPEHUVRIWKH&RXQFLODQG0D\RURQWKHLU WK HOHFWLRQUHHOHFWLRQ+HSUHVHQWHG5DQG\6WDYHUQHZ:DUG&RXQFLOPHPEHU ZLWKWKHVLJQKHKDVXVHGDW*UDPPD¶V.LWFKHQLQWKH6LOYHU/DNH6KRSSLQJ&HQWHU IRUWKHSDVWHLJKW\HDUVWKDWVD\V³&LW\&RXQFLO6SRNHQ+HUH<RXEULQJWKH SUREOHPVDQG,EX\WKHFRIIHH´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rial]] [[1003,2607,1016,2659][11][B,I,][Arial]] [[1152,2607,1620,2659][11][B,I,][Arial]]%RDUGRI(TXDOL]DWLRQ [[1621,2607,1634,2659][11][B,I,][Arial]] [[1749,2607,1762,26 59][11][B,I,][Arial]] [[1898,2607,2042,2659][11][B,I,][Arial]]5$(', [[2040,2607,2053,2659][11][B,I,][Arial]] [[555,2659,817,2712][11][,I,][Arial]]0D\RU%UHGH [[816,2659,829,2712][11][,I,][Arial]] [[853,2659,866,2712][11][,I,][Arial]] [[1003,2659,1016,2712][11][,I,][Arial]] [[1152,2659,1459,2712][11][,I,] [Arial]]0LFKDHO:RMFLN [[1456,2659,1469,2712][11][,I,][Arial]] [[1469,2659,1608,2712][11][,I,][Arial]] &KDLU [[1608,2659,1621,2712][11][,I,][Arial]] [[1749,2659,1762,2712][11][,I,][Arial]] [[1898,2659,2210,2712][11][,I,][Arial]]'HQQLV+DQVRQ [[2211,2659,2224,2712][11][,I,][Arial]] [[555,2712,836,2765][11][,I,][Arial]]5DQG\6WDYHU [[831,2712,844,2765][11][,I,][Arial]] [[853,2712,866,2765][11][,I,][Arial]] [[1003,2712,1016,2765][11][,I,][Arial]] [[1152,2712,1433,2765][11][,I, ][Arial]]%UXFH6Q\GHU [[1428,2712,1441,2765][11][,I,][Arial]] [[1450,2712,1463,2765][11][,I,][Arial]] [[1600,2712,1613,2765][11][,I,][Arial]] [[1749,2712,1762,2765][11][,I,][Arial]] [[1898,2712,2111,2765][11][,I,][Arial]](G+UXVND [[2111,2712,2124,2765][11][,I,][Arial]] [[555,2764,852,2817][11][,I,][Arial]]6DQGUD0HDQV [[851,2764,864,2817][11][,I,][Arial]] [[853,2764,866,2817][11][,I,][Arial]] [[1003,2764,1016,2817][11][,I,][Arial]] [[1152,2764,1433,2817][11][,I, ][Arial]]5DQG\6WDYHU [[1428,2764,1441,2817][11][,I,][Arial]] [[1450,2764,1463,2817][11][,I,][Arial]] [[1600,2764,1613,2817][11][,I,][Arial]] [[1749,2764,1762,2817][11][,I,][Arial]] [[555,2817,886,2870][11][,I,][Arial]]0DUN%LOGHUEDFN [[882,2817,895,2870][11][,I,][Arial]] [[1003,2817,1016,2870][11][,I,][Arial]] [[555,2869,862,2922][11][,I,][Arial]]0LFKDHO:RMFLN [[859,2869,872,2922][11][,I,][Arial]] [[555,2921,568,2974][11][,I,][Arial]] [[555,2974,976,3026][11][B,I,][Arial]]&RQYHQWLRQ%XUHDX [[975,2974,988,3026][11][B,I,][Arial]] [[1003,2974,1016,3026][11][B,I,][Arial]] [[1152,2974,1279,3026][11][B,I,][Arial]]3$6& [[1279,2974,1292,3026][11][B,I,][Arial]] [[1301,2974,1314,3026][11][B,I,][Arial]] [[1450,2974,1463,3026][11][B,I,][Arial]] [[1600,2974,1613,3026][11][B,I,][Arial]] [[1749,2974,1762,3026][11][B,I ,][Arial]] [[1898,2974,1996,3026][11][B,I,][Arial]]+5$ [[1998,2974,2011,3026][11][B,I,][Arial]] [[2048,2974,2061,3026][11][B,I,][Arial]] [[2197,2974,2210,3026][11][B,I,][Arial]] [[555,3026,867,3079][11][,I,][Arial]]'HQQLV+DQVRQ [[867,3026,880,3079][11][,I,][Arial]] [[1003,3026,1016,3079][11][,I,][Arial]] [[1152,3026,1365,3079][11][,I,][Arial]](G+UXVND [[1365,3026,1378,30 79][11][,I,][Arial]] [[1450,3026,1463,3079][11][,I,][Arial]] [[1600,3026,1613,3079][11][,I,][Arial]] [[1749,3026,1762,3079][11][,I,][Arial]] [[1898,3026,2179,3079][11][,I,][Arial]]%UXFH6Q\GHU [[2175,3026,2188,3079][11][,I,][Arial]] [[555,3079,568,3132][11][,I,][Arial]] [[704,3079,717,3132][11][,I,][Arial]] [[853,3079,866,3132][11][,I,][Arial]] [[1003,3079,1016,3132][11][,I,][Arial]] [[1152,3079,1449,3132][11][,I,][Arial]]6D QGUD0HDQV [[1449,3079,1462,3132][11][,I,][Arial]] [[1450,3079,1463,3132][11][,I,][Arial]] [[1600,3079,1613,3132][11][,I,][Arial]] [[1749,3079,1762,3132][11][,I,][Arial]] [[1898,3079,1911,3132][1 1][,I,][Arial]] [[2048,3079,2061,3132][11][,I,][Arial]] $QQXDO0HHWLQJ1R±-DQXDU\ [[555,561,568,614][11][,I,][Arial]] [[555,613,654,665][11][B,I,][Arial]]538 [[651,613,664,665][11][B,I,][Arial]] [[704,613,717,665][11][B,I,][Arial]] [[853,613,866,665][11][B,I,][Arial]] [[1003,613,1016,665][11][B,I,][Arial]] [[1152,613,1316,665][11][B,I,][Arial]]$LUSRUW [[1317,613,1590,665][11][B,I,][Arial]]&RPPLVVLRQ [[1590,613,1603,665][11][B,I,][Arial]] [[1600,613,1613,665][11][B,I,][Arial]] [[1749,613,1762,665][1 1][B,I,][Arial]] [[1898,613,2218,665][11][B,I,][Arial]](QYLURQPHQWDO [[2216,613,2229,665][11][B,I,][Arial]] [[555,666,867,719][11][,I,][Arial]]'HQQLV+DQVRQ [[867,666,880,718][11][B,I,][Arial]] [[1003,666,1016,718][11][B,I,][Arial]] [[1152,666,1414,719][11][,I,][Arial]]0D\RU%UHGH [[1413,666,1426,719][11 ][,I,][Arial]] [[1426,666,1564,719][11][,I,][Arial]] &KDLU [[1565,666,1578,718][11][B,I,][Arial]] [[1600,666,1613,718][11][B,I,][Arial]] [[1749,666,1762,718][11][B,I,][Arial]] [[1898,666,2114,719][11][,I,][Arial]]%LOGHUEDFN [[2111,666,2124,719][11][,I,][ Arial]] [[555,718,568,770][11][B,I,][Arial]] [[704,718,717,770][11][B,I,][Arial]] [[853,718,866,770][11][B,I,][Arial]] [[1003,718,1016,770][11][B,I,][Arial]] [[1152,718,1464,771][11][,I,][Arial]]'HQQLV+ DQVRQ [[1464,718,1477,771][11][,I,][Arial]] [[555,771,568,824][11][,I,][Arial]] [[555,823,568,876][11][,I,][Arial]] [[555,875,971,927][11][B,I,][Arial]]<RXWK&RPPLVVLRQ [[970,875,983,927][11][B,I,][Arial]] [[1148,875,1580,927][11][B,I,][Arial]]3HUVRQQHO$GYLVRU\ [[1577,875,1590,927][11][B,I,][Arial]] [[1600,875,1613,927][11][B,I,][Arial]] [[1749,875,2190,927][11][B,I,][Arial]](QHUJ\&RPPLVVLRQ [[2190,875,2203,927][11][B,I,][Arial]] [[555,928,836,981][11][,I,][Arial]]5DQG\6WDYHU [[831,928,844,981][11][,I,][Arial]] [[853,928,866,981][11][,I,][Arial]] [[1003,928,1016,981][11][,I,][Arial]] [[1152,928,1433,981][11][,I,][Arial]]% UXFH6Q\GHU [[1429,928,1442,981][11][,I,][Arial]] [[1441,928,1580,981][11][,I,][Arial]] &KDLU [[1580,928,1593,981][11][,I,][Arial]] [[1600,928,1613,981][11][,I,][Arial]] [[1749,928,2056,981][11][,I,][Arial]]0LFKDHO:RMFLN [[2053,928,2066,981][11][,I,][Arial]] [[2197,928,2210,981][11][,I,] [Arial]] [[555,980,568,1033][11][,I,][Arial]] [[704,980,717,1033][11][,I,][Arial]] [[853,980,866,1033][11][,I,][Arial]] [[1003,980,1016,1033][11][,I,][Arial]] [[1152,980,1483,1033][11][,I,][Arial]]0DUN%L OGHUEDFN [[1479,980,1492,1033][11][,I,][Arial]] [[1600,980,1613,1033][11][,I,][Arial]] [[1749,980,1962,1033][11][,I,][Arial]](G+UXVND [[1962,980,1975,1033][11][,I,][Arial]] [[555,1033,568,1086][11][,I,][Arial]] [[704,1033,717,1086][11][,I,][Arial]] [[853,1033,866,1086][11][,I,][Arial]] [[1003,1033,1016,1086][11][,I,][Arial]] [[1152,1033,1449,1086][11][,I,][Arial]]6D QGUD0HDQV [[1449,1033,1462,1085][11][B,I,][Arial]] [[555,1085,568,1137][11][B,I,][Arial]] [[555,1138,1526,1190][11][B,I,][Arial]]-RLQW(PHUJHQF\0DQDJHPHQW&RPPLVVLRQ [[1526,1138,2128,1190][11][B,I,][Arial]] DSSRLQWHGE\0D\RU%UHGH [[2129,1138,2142,1190][11][B,I,][Arial]] [[554,1190,738,1243][11][,I,][Arial]]$UGHOO) [[738,1190,860,1243][11][,I,][Arial]]%UHGH [[859,1190,872,1243][11][,I,][Arial]] [[555,1243,886,1296][11][,I,][Arial]]0DUN%LOGHUEDFN [[882,1243,895,1296][11][,I,][Arial]] [[1003,1243,1016,1296][11][,I,][Arial]] [[555,1295,768,1348][11][,I,][Arial]](G+UXVND [[768,1295,781,1348][11][,I,][Arial]] [[555,1348,852,1401][11][,I,][Arial]]6DQGUD0HDQV [[851,1348,864,1401][11][,I,][Arial]] [[555,1400,568,1453][11][,I,][Arial]] '0D\RU$UGHOO)%UHGHJDYHWKHIROORZLQJ6WDWHRIWKH&LW\$GGUHVV  6WDWHRIWKH&LW\$GGUHVV± -DQXDU\ 0D\RU$UGHOO)%UHGH  WK +DSS\1HZ<HDU,W¶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³VWRUP\´\HDUZHDWKHUZLVHDVZHOODVEXGJHWZLVH:H ZHDWKHUHGDPLOOLRQORVVLQ6WDWHDLGVE\KDYLQJVLJQLILFDQWEXGJHWUHGXFWLRQV LQRXU&DSLWDO,PSURYHPHQWVEXGJHWDVVLVWHGE\HPSOR\HHIXUORXJKVDQGDOO GHSDUWPHQWV¶HIIRUWVLQFRQWLQXLQJWRORRNIRUZD\VWRVDYHGROODUVZKHUHYHU SRVVLEOH,WLVDQWLFLSDWHGWKDWRXU&DSLWDO,PSURYHPHQWVEXGJHWZLOOEHWDUJHWHG DJDLQJLYHQWKHUHFHQWUHFRUGVHWWLQJVQRZIDOOV7KDQNVWRDOOVWDIIIRUWKHLU DVVLVWDQFHLQUHVSRQGLQJWRWKHVHYDULRXVEXGJHWFKDOOHQJHV,HVSHFLDOO\ZDQWWR WKDQN6WHYDQ.YHQYROG&LW\$GPLQLVWUDWRUIRUKLVHIIRUWVDQGOHDGHUVKLSLQWKHVH PDWWHUV  ,QVSLWHRIWKHVHFKDOOHQJHV5RFKHVWHUFRQWLQXHVWRJURZIXHOHGLQODUJHSDUWE\ 0D\R&OLQLF)RUWKDWZHDQGLQGHHGWKHHQWLUHVWDWHDUHJUDWHIXO:KLOHZHWKDQN $QQXDO0HHWLQJ1R±-DQXDU\ 0D\RIRUEHLQJWKHZRUOG¶VGHVWLQDWLRQIRUPHGLFDOFDUHZHMRLQZLWKWKHPLQRXU HIIRUWVWRKHOS5RFKHVWHUVWDQGRXWDVDSUHPLHU&LW\WKDWVXSSRUWV+HDOWK\/LYLQJ ,QZHZHUHRQHRIWKHILUVWFLWLHVLQ0LQQHVRWDWRDGRSWDFRPSOHWHVWUHHWV SURJUDPWKDWXOWLPDWHO\OHGWRWKHOHJLVODWXUH¶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³KHDOWK\ FRPPXQLW\´  5RFKHVWHUKDVEHHQQDPHGRQHRI³7KH%HVW3ODFHVWR5DLVHD)DPLO\´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¶VRQJRLQJHIIRUWWREXLOGDQLQFOXVLYHFRPPXQLW\7KLVLVLQUHFRJQLWLRQRIWKH FRQFHSWRIH[SDQGHGIDPLOLDOUHODWLRQVKLSVEH\RQGWUDGLWLRQDOPDULWDODQGEORRG UHODWLRQVKLSVWRWZRQRQPDUULHGEXWFRPPLWWHGDGXOWSDUWQHUV7RGDWHWZHOYH SDUWQHUVKDYHUHJLVWHUHGQRWDOOVDPHVH[DQGPDQ\PRUHKDYHH[SUHVVHG³VLQFHUH WKDQNV´WKDWWKHLUFLW\DFNQRZOHGJHVDQGYDOXHVWKHLUH[LVWHQFHDQGSDUWLFLSDWLRQ  8QGHQLDEO\PXFKRI5 RFKHVWHU¶VVXFFHVVDQGJURZWKLVDWWULEXWHGWR0D\R&OLQLF KRZHYHUWKDW¶VQRWDOO7KH3HDFH3OD]DZLWKLWVSURJUDPPLQJRI7KXUVGD\¶VRQ )LUVW7KH5RFKHVWHU'RZQWRZQ$OOLDQFH 5'$ DQGLWVVWDIIKDYHGRQHDPDUYHORXV MRE,QDGGLWLRQWKH5'$LQLWLDWHGD)DoDGH,PSURYHPHQWDQG,QWHUHVWEX\GRZQ 7KLUWHHQEXVLQHVVHVWRGDWHKDYHXWLOL]HGWKHVHJUDQWSURJUDPVVWLPXODWLQJ  $QQXDO0HHWLQJ1R±-DQXDU\ WKDWYLVLRQZLOOUHTXLUHFRQWLQXHGFROODERUDWLRQRIDOOZKRKDYHDVWDNHLQPDLQWDLQLQJ DKHDOWK\DQGYLEUDQWGRZQWRZQ  7KH8QLYHUVLW\RI0LQQHVRWD5RFKHVWHU¶V&RPPRQVSURMHFWLVDQH[FLWLQJQHZ GRZQWRZQGHYHORSPHQW7KHSURMHFWFRQVLVWVRIDQHZVWRU\EXLOGLQJVWRULHVRI VWXGHQWKRXVLQJIORRUVDGPLQLVWUDWLYHRIILFHDQGFODVVURRPVDQGDJURXQGIORRU UHWDLOVSDFH7KLVSURMHFWZLOOHQKDQFHWKHYLEUDQF\RIGRZQWRZQDQGVWUHQJWKHQ RXUFRPPLWPHQWWRVWXGHQWVDW805  2WKHUSURMHFWVWKDWDUHERWKUHGHYHORSPHQWDQGHQYLURQPHQWDOLQLWLDWLYHVLQFOXGH x &DVFDGH&UHHN5HGHYHORSPHQWPL[HGXVHSURMHFW SKDVHVLQFOXGLQJDQHZXQLWDSDUWPHQWEXLOGLQJZLWKDVPDOOUHWDLO DUHDDGD\FDUHIDFLOLW\DQGRZQHURFFXSLHGWRZQKRPHV 7KLVSURMHFWZLOOEHDQHQKDQFHPHQWWRWKH³JDWHZD\WRGRZQWRZQ´RQ &LYLF&HQWHU'ULYH  x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±-DQXDU\ 7KH&LW\¶VHPHUJHQF\PDQDJHPHQWFKDQJHGZLWKWKHWHUPLQDWLRQRIRXUDJUHHPHQW ZLWK2OPVWHG&RXQW\,ILUPO\EHOLHYHWKDWQRWRQO\KDV5RFKHVWHUEHHQVHUYHG EHWWHUE\WKLVGHFLVLRQEXW2OPVWHG&RXQW\¶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¶PQRWDZDUHRIDQ\ ZHGGLQJRIWKDWVWDWXUHRFFXUULQJKHUHLQ5RFKHVWHUWKHUHLVDZHGGLQJDQQLYHUVDU\ WKDW,DPSHUVRQDOO\YHU\KDSS\DQGSOHDVHGZLWK0DUFK-XG\DQG,ZLOOEH WK FHOHEUDWLQJRXU$QQLYHUVDU\0DQ\ZRXOGVD\DQGWKH\ZRXOGEHFRUUHFWWKDW VKH¶VDVDLQWIRUSXWWLQJXSZLWKPHWKHVHPDQ\\HDUV,WUXO\DSSUHFLDWHKHUORYH DQGVXSSRUW  $QGDJDLQW RZUDSXSWKHQXPEHUV³WKHFRXQW´7KLV\HDUWKHUHZHUH ³HYHQWV´DQHZKLJKRQP\FDOHQGDU7KLVEULQJVWKHWRWDOIRUP\HLJKW\HDUVLQWKH 0D\RU¶V2IILFHWRDQDYHUDJHRISHU\HDU$JDLQ,WKDQN\RXIRUWKH KRQRURIVHUYLQJDV\RXUPD\RU $QQXDO0HHWLQJ1R±-DQXDU\  7KDQNVDJDLQWRRXUVWDIIDQGWKHJUHDWFLWL]HQVRI5RFKHVWHU:HKDYHD FRPPXQLW\RIFLWL]HQVZKRLQYHVWLQWKHLUFRPPXQLW\E\RIIHULQJWKHLUWLPHDQG UHVRXUFHV$QH[DPSOHLVWKDWZHVHHPWRDOZD\VKDYHDVXUSOXVRIYHU\TXDOLILHG DSSOLFDQWVIRUWKHYDULRXVFLW\ERDUGVDQGFRPPLVVLRQV2XUFLW\LVZHOOVHUYHGE\ WKLVFRPPLWPHQW7KHVHDUHUHDVRQVZK\YDULRXVRUJDQL]DWLRQVDQGSXEOLFDWLRQV KDYHUHFRJQL]HGXVLQPDQ\ZD\V7KDQNVWR'RQQD%XVVHOOP\DVVRFLDWHZKR QRWRQO\SURYLGHVJUHDWDGPLQLVWUDWLRQVXSSRUWEXWDOVRDZHOFRPLQJIURQWWRWKH 0D\RU¶V2IILFH  6HH\RXRQWKH3HDFH3OD]DDQGDW'RZQE\WKH5LYHUVLGHWZRRIWKHJUHDWYHQXHV DPRQJPDQ\LQ5RFKHVWHU  *RG%OHVVHDFKDQGHYHU\RQH7KHUH¶VQRSODFHOLNHKRPH    '&RXQFLOPHPEHUV+UXVNDPRYHG0HDQVVHFRQGHGWRDGRSW5HVROXWLRQ1R GHVLJQDWLQJWKH5RFKHVWHU3RVW%XOOHWLQDVWKHRIILFLDOQHZVSDSHUWRSXEOLVKWKH RIILFLDOSULQWLQJDQGDGYHUWLVLQJRIWKH&LW\RI5RFKHVWHUIRUWKHRIILFLDO\HDU FRPPHQFLQJ-DQXDU\DWWKHUDWHHVWDEOLVKHGE\WKHVWDWXWHVRIWKH6WDWHRI 0LQQHVRWDIRUOHJDOSXEOLFDWLRQV$\HV HUVLWH  '$XWKRUL]HGWKHVXEPLVVLRQRIDQDSSOLFDWLRQWRWKH,%06PDUWHU&LWLHV&KDOOHQJH SURJUDPE\0D\RU%UHGH  '6HHDWHQGRI',WHPV $QQXDO0HHWLQJ1R±-DQXDU\  '$GRSWHG5HVROXWLRQ1RDSSURYLQJWKHH[HFXWLRQRI&KDQJH2UGHUZLWK .H\%XLOGHUV,QFLQWKHDPRXQWRI GHGXFW IRU3URMHFW1R- ³7HUPLQDO%XLOGLQJ5HQRYDWLRQ3URMHFWDWWKH5RFKHVWHU,QWHUQDWLRQDO$LUSRUW´  '$GRSWHG5HVROXWLRQ1RDSSURYLQJWKHH[HFXWLRQRI&KDQJH2UGHUZLWK 5RFKHVWHU6DQG *UDYHOLQWKHDPRXQWRI GHGXFW IRU3URMHFW1R- ³7D[LZD\%5HKDELOLWDWLRQ3URMHFWDWWKH5RFKHVWHU,QWHUQDWLRQDO$LUSRUW´  '6HHDWHQGRI',WHPV  '$GRSWHG5HVROXWLRQ1RDSSURYLQJWKHH[HFXWLRQRI&KDQJH2UGHUZLWK ,QWHUVWDWH,PSURYHPHQWVLQWKHDPRXQWRI GHGXFW IRU3URMHFW1R- ³7HUPLQDO$SURQ5HKDELOLWDWLRQ3URMHFWDWWKH5RFKHVWHU,QWHUQDWLRQDO$LUSRUW´  '$GRSWHG5HVROXWLRQ1RDSSURYLQJWKHH[HFXWLRQRI&KDQJH2UGHUZLWK 6XSHULRU0HFKDQLFDOIRU+9$&XSJUDGHVLQWKHDPRXQWRIIRU3URMHFW1R -³7HUPLQDO%XLOGLQJ5HQRYDWLRQ3URMHFWDWWKH5RFKHVWHU,QWHUQDWLRQDO $LUSRUW´  '6HHDWHQGRI',WHPV  ''HVLJQDWLQJ 'HSRVLWRULHV$XWKRUL]LQJ)DFVLPLOH6LJQDWXUHVDQG$XWKRULW\WR,QLWLDWH ,QYHVWPHQWVDQG$VVLJQPHQWRI6HFXULWLHV $QQXDO0HHWLQJ1R±-DQXDU\  '$SSURYHGWKHOLVWLQJRIEURNHUVGHDOHUVXVHGE\WKH&LW\RI5RFKHVWHU  '$SSURYHG$FFRXQWV3D\DEOHRIDQG,QYHVWPHQW3XUFKDVHVRI   '$GRSWHG5HVROXWLRQ1RRID&RQWULEXWLRQ $JUHHPHQWZLWK6HQHFD)RRGV&RUSRUDWLRQIRU3URMHFW-³&RQVWUXFWLRQRI UG 3HGHVWULDQ3DWKDORQJWKH)URQWDJH5RDGRI$YHQXH6(DEXWWLQJ,6' SURSHUW\´DWDFRVWWRWKHRZQHURI  '$GRSWHG5HVROXWLRQ1RDSSURYLQJWKH&ROOHFWLYH%DUJDLQLQJ $JUHHPHQWZLWKWKH,QWHUQDWLRQDO%URWKHUKRRGRI(OHFWULFDO:RUNHUV ,%(:  2XWVLGH*URXS/RFDO $QQXDO0HHWLQJ1R±-DQXDU\  '$SSURYHGWKHDSSRLQWPHQWRI5DQG\6WDYHUDVWKH&LW\RI5RFKH VWHU¶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±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óLQFKWKLFNDGKHUHV WRWKHURDGVXUIDFHEHWWHUDQGODVWIRUDPXFKORQJHUSHULRGRIWLPH  &RXQFLOPHPEHUV%LOGHUEDFNPRYHG6Q\GHUVHFRQGHGWRDGRSW5HVROXWLRQ1R DSSURYLQJWKHVLJQLQJRIWKHJUDQWDJUHHPHQWZLWKWKH2OPVWHG&RXQW\ 3XEOLF+HDOWK'HSDUWPHQWWRSURYLGHWKH&LW\3XEOLF:RUNV'HSDUWPHQWZLWKIXQGLQJ $QQXDO0HHWLQJ1R±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³'RZQWRZQ5RFKHVWHU0DVWHU3ODQ5HSRUW$XJXVW´ $QQXDO0HHWLQJ1R±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±-DQXDU\ :LVKLQJWREHKHDUGZDV.HYLQ)OHPLQJ+HJDYHDFRS\RIWKH1HLJKERUKRRG $VVRFLDWLRQ¶VWDONLQJSRLQWVZULWWHQE\0LFKDHO/D3ODQWHWRWKH&LW\&OHUNWRHQWHU LQWRWKHUHFRUG+HZDQWHGWRUDLVHWKHSRLQWWKDWWKHDJUHHPHQWPXVWEHLQZULWLQJ WKDWJUDQWVWKHDFFHVVDQGXVHHDVHPHQWDQGLQGHPQLILHVDQGKROGWKH&LW\ KDUPOHVVIURPDQ\OLDELOLW\DULVLQJRQWKHURDGZD\REWDLQDQLQVXUDQFHSROLF\ QDPLQJWKH&LW\DVDQDGGLWLRQDOLQVXUHGDQGWRPDLQWDLQWKHURDGZD\0U)OHPLQJ H[SUHVVHGKLVFRQFHUQDERXWSDUNLQJIRUWKHSULYDWHGULYHZD\+HDVNHGKRZWKH &LW\FRXOGJLYHDZD\SURSHUW\IRUQRPRQH\ZLWKQRFRQGLWLRQVDQG\HWWKH&LW\ GRHVQ¶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±-DQXDU\ WKHKROGKDUPOHVVLVVXHRQSXEOLFXVHRIDSULYDWHVWUHHWWKHLQVXUDQFHLVVXHDQG WKHPDLQWHQDQFHLVVXH7KHVWUHHWYDFDWLRQLVVXHVWDQGVDORQHDVWKHUHDUHUXOHV DERXWYDFDWLQJSURSHUW\QRORQJHUQHHGHGDQGSXEOLFJRRGGHULYHGIURPYDFDWLRQRI VXFK  :LVKLQJWREHKHDUGZDV(PLO\*MHUWVRQIURPWKH.XW]N\3DUN1HLJKERUKRRG0V *MHUWVRQLVYHU\LQWHUHVWHGLQWKLVSDUWLFXODULVVXHKDYLQJJRQHWKURXJKWKHVDPH SURFHVVODVWPRQWKZLWKWKH/RXUGHV)RXQGDWLRQYDFDWLRQUHTXHVWIRU)LUVW6WUHHW 1:7KH3ODQSUHVHQWHGWKLVHYHQLQJLVKRZDYDFDWLRQSHWLWLRQVKRXOGORRN,W¶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±-DQXDU\  &RXQFLOPHPEHUV:RMFLNPRYHG6Q\GHUVHFRQGHGWRDSSURYHWKH3URSRVHG &KDUWHU$PHQGPHQWWR6HFWLRQ5HODWLQJWRWKH$EVHQFHRIWKH3UHVLGLQJ2IILFHU DQGLQVWUXFWHGWKH&LW\$WWRUQH\WRSUHSDUHWKHUHTXLUHG2UGLQDQFHIRUDGRSWLRQ 'LVFXVVLRQ  &RXQFLODVNHGVWDIIWRPDNHVXUHJHQGHUZDVQHXWUDO  $\HV ZRXOGDVNWKH &RXQFLOWRWDEOHWKHPDWWHUXQWLOWKH)HEUXDU\ $QQXDO0HHWLQJ1R±-DQXDU\ &LW\$WWRUQH\7HUU\$GNLQVQRWHGXQGHU5REHUWV5XOHVRI2UGHUZKHQDGYDQFH QRWLFHLVJLYHQDVWRDPRWLRQWRUHVFLQGVRPHWKLQJSUHYLRXVO\DSSURYHGRQO\D PDMRULW\YRWHLVQHHGHGWRDSSURYHWKDWPRWLRQ  -+DYLQJQRIXUWKHUEXVLQHVV&RXQFLOPHPEHUV+UXVNDPRYHG:RMFLNVHFRQGHGWR DGMRXUQWKHPHHWLQJ$\HV