Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
Home
My WebLink
About
City Council - Regular Meeting - Jun 1, 2009
5HJXODU0HHWLQJ1R±-XQH 3OHGJHRI$OOHJLDQFH $1RRQHZLVKHGWREHKHDUGGXULQJWKH2SHQ&RPPHQW3HULRG %3UHVLGHQW'HQQLV+DQVRQFDOOHGWKHPHHWLQJWRRUGHUDW$0 6WUHHWV&ORVHG QG &LYLF&HQWHU'UIURP&HQWHU6WUHHWWR6WUHHW6(±$OOPHWHUVEDJJHG±1R 3DUNLQJ VWVW 6WUHHW6(IURP&LYLF&HQWHU'UWR$YHQXH6(±$OOPHWHUVEDJJHG± 1R3DUNLQJ 5HJXODU0HHWLQJ1R±-XQH 0HWHUV%DJJHG VWQGVW %ORFN:HVW6LGHRI$YHQXH6(%HWZHHQ6WUHHWDQG6WUHHW6( ±%DJJHGIRU5HVHUYHG 3DUNLQJ 3ROLFH)LUH(PHUJHQF\ 5RFKHVWHUIHVW3HUVRQQHO 0HWHUVLQWKH%ORFNRIVW$YH6(RQ:HVW6LGH6WDUWLQJDWWKH6RXWK(QG ±%DJJHGIRU5HVHUYHG3DUNLQJ 0RQGD\-XQH ±1R3DUNLQJDIWHU 30 QG 0HWHUV%DJJHG±-RKQVRQ3ULQWLQJ&RUQHU $YH1: QG 6W1:±1RUWK6LGHRI&HQWUDO3DUNWR%ORFN QG $YH1:±:HVW6LGH±WR%ORFN 7KXUVGD\-XQH WKURXJK6DWXUGD\-XQH 0HWHUV%DJJHG VW $YHORW(DVW+DOI %DUULFDGHG:HGQHVGD\-XQH )ULGD\-XQH 6WUHHW&ORVLQJV±*UDQG3DUDGH &LYLF&HQWHU'UDW%URDGZD\(DVWWRZHVW6LOYHU/DNH'U&LYLF &HQWHU'U1( WK :HVW6LOYHU/DNH'UIURP 5HJXODU0HHWLQJ1R±-XQH WKWKWK 'XULQJWKHSDUDGH $YHDQG(DVW&HQWHUDORQJZLWK$YHDQG6W6(ZLOOEH PDQQHGE\3ROLFH2IILFHUDQGXVHGDVHPHUJHQF\HVFDSHURXWHVIRUORFDO UHVLGHQWV 0HWHUV%DJJHGDQG3DUNLQJ/RWV&ORVHG 0D\R)LHOG3DUNLQJ/RW&LYLF&HQWHU1RUWK3DUNLQJ/RW &ORVHG$OO'D\)ULGD\-XQH 123$5.,1* 3RVWHGVLJQV7KXUVGD\-XQH DIWHU 30RQWKHSDUDGHURXWH LQFOXGLQJDQ\PHWHUHGDUHDV 9HKLFOHVZLOO EHWRZHGDIWHU 30RQ)ULGD\-XQH 6$785'$<-81( 5HJXODU0HHWLQJ1R±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±-XQH 681'$<-81( 6RXQG$PSOLILFDWLRQ3HUPLW 5RFKHVWHUIHVW7ULDWKORQ6RXQG$PSOLILFDWLRQ3HUPLW 7ULFOXE$XWR6KRZ0LVFHOODQHRXV +LVWRULF:DONLQJ7RXU0LVFHOODQHRXV '6HHDWHQGRI'LWHPV ' 5HJXODU0HHWLQJ1R±-XQH '$GRSWHG5HVROXWLRQ1R DSSURYLQJWKH&LW\2ZQHU&RQWUDFWIRU- ³:DWHUPDLQ +\GUDQW V WR6HUYHWKH+DPSWRQ,QQ 6XLWHVRQ/RW%ORFN &URZQ6XEGLYLVLRQ´ZLWK9LNLQJ)XQG5RFKHVWHU//&DQG%RE%UDDWHQ &RQVWUXFWLRQ,QF '6HHDWHQGRI'LWHPV '$GRSWHG5HVROXWLRQ1R H[HFXWLQJWKH6WDWH$LG$JUHHPHQWZLWK5RFKHVWHU 3HWUROHXP(TXLSPHQW,QFIRU)XHO6\VWHP8SJUDGHVIRU0DLQWHQDQFH(TXLSPHQW )XHOLQJ6WDWLRQDWWKH5RFKHVWHU,QWHUQDWLRQDO$LUSRUW - $\HV 5HJXODU0HHWLQJ1R±-XQH $QQD&ROH WK 676: 5RFKHVWHU01 6WUHHW3DUW\ 7+ $7 676:%/2&. &KDUWHU+RXVH QG 671: 5RFKHVWHU01 .5DFH3LFQLF $7 6ROGLHUV)LHOG *$0%/,1*±7(0325$5< 6RXWKHDVW0LQQHVRWD$VVRFLDWLRQRI5($/7256 (DVW5LYHU5'1( 5RFKHVWHU01 $7 6RXWKHDVW0LQQHVRWD$VVRFLDWLRQRI5($/7256 -XQH WR-XO\ 5RFKHVWHU*ROI &RXQWU\&OXE 32%R[ 5HJXODU0HHWLQJ1R±-XQH &RXQFLOPHPEHU0HDQVFODULILHGWKHFHOHEUDWLRQDW%HDU&UHHN3DUNVXEPLWWHGE\ -DFNLH-RKQVRQVKRXOGUHDG³&RPPXQLW\:LGH&HOHEUDWH2XU'LVWULFWRI$FKLHYHUV´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¶V VWDWHPHQWWKDWWKLVSURMHFWLVDFRUSRUDWHKDQGRXW+HIHHOVWKLVSURMHFWLVLQWHQGHG WRDVVLVWLQFRPPHUFLDODQGUHVLGHQWLDOGHYHORSPHQWDVZHOODVRIIVHWLVVXHRI WKWK LQFUHDVHGWUDIILFFRQJHVWLRQDW6WUHHW1:RQ)DLUZD\DQG$YHQXH1: 7KLVLQWHUFKDQJHZLOOKHOSDOOUHVLGHQWVLQ1RUWK3DUNDQG2UFKDUG5LGJHDUHDV DOORZLQJEHWWHUDQGVDIHUDFFHVVWR+LJKZD\DQGWKH&LW\RI5RFKHVWHU 5HJXODU0HHWLQJ1R±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³6LGHZDON5HSDLUV:LPEOHGRQ+LOOV'ULYH6:´$\HV DW6WUHHW1:DQG$YHQXH1:´$\HV 5HJXODU0HHWLQJ1R±-XQH ($+HDULQJRQ*HQHUDO'HYHORSPHQW3ODQ5 *'3DQG6SHFLDO'LVWULFW WK 56'E\*.DQG5-3URSHUWLHV//&IRU DFUHVORFDWHGQRUWKRI6WUHHW 6:(DVWRIWKH=XPEUR5LYHUDQGZHVWRIWKH6WRQH%DUQ(VWDWHVDQGDFUHV WK ORFDWHGVRXWKRI6WUHHW6:ZHVWRI0D\RZRRG5RDG6:DQGHDVWRIWKH =XPEUR5LYHU :LVKLQJWREHKHDUGZDV%LOO7RLQWRQ0F*KLH %HWWVUHSUHVHQWLQJWKHSURSHUW\ RZQHU0U7RLQWRQH[SODLQHGWKHSURSHUW\RZQHU¶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¶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¶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¶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±-XQH UHODWLYHWRIXWXUHGHYHORSPHQWDSSURYDOVQRWWRWRQLJKW¶VSXEOLFKHDULQJ+HVWDWHG WKH\ZHUHLQDJUHHPHQWZLWKWKHFRQGLWLRQV WK :LVKLQJWREHKHDUGZDV-DQHW%DUW]6WUHHW6:0V%DUW]DVNHGDERXW 5RFKHVWHU¶VYLVLRQDQGJRDOVIRUPL[HGXVHRUGLQDQFHVDQGODQGXVHDQGGRHVQ¶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³KLJKVWDQGDUGRIGHVLJQ´WKDWL VVWDWHGLQWKHDQDO\VLVUHSRUWDQGLIWKLVZDVD SUHFHGHQWVHWWLQJSURMHFW0U+DUIRUGVWDWHGWKH\GRDSSURYHWKHGHVLJQDQGIHHO WKHPDQ\LPSURYHPHQWVPDNHLWDTXDOLW\SURMHFW+HGRHVQ¶WIHHOWKLVZLOOVHW SUHFHGHQWEHFDXVHHYHU\VSHFLDOGLVWULFWLVXQLTXHWRLWVHOIDQGQRRWKHUSODQZLOO HYHUEHGHVLJQHGWKLVZD\EXWPD\RQO\JLYHRWKHUGHYHORSHUVLGHDVIRU LPSURYHPHQWVLQWKHIXWXUH&RXQFLOPHPEHU+UXVNDZDVDVVXUHGWKDWWKHUHZLOOEH VRPHRQHLQFKDUJHRIPDLQWDLQLQJWKHUDLQJDUGHQIRUWKHIXWXUH WK :LVKLQJWREHKHDUGZDV0DUJRW%DOODUG$YHQXH6:0V%DOODUG¶V FRQFHUQLVVWRUPZDWHUVHZHUPDQDJHPHQWEHFDXVHRISUREOHP¶VVKHKDVKDGLQ WKHSDVWDQGGRHVQRWZDQWWKLVWRKDSSHQDJDLQ0LNH1LJEXUDVVXUHGKHUWKDWDQ\ QHZGHYHORSPHQWKDVWRKDYHWKHFDSDELOLW\WRKDQGOHDOOZDWHUDQGVHZHUOLQHVIRU WKDWGHYHORSPHQWDORQJZLWKVWRUPVHZHUPDQDJHPHQW7KHVHZLOOEHDGGUHVVHG ZLWKWKHJUDGLQJSODQDQGWKHGHVLJQVKRZVUDLQJXDUGHQVWRFRQWUROUDLQZDWHU UXQRII0V%DOODUGZDVDVNHGWRFDOO3XEOLF:RUNVDERXWDVWXG\DGGUHVVLQJWKH VHZHUFDSDFLW\LVVXHLQKHUQHLJKERUKRRG 5HJXODU0HHWLQJ1R±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±-XQH ($+HDULQJRQ*HQHUDO'HYHORSPHQW3ODQ5*'3E\6HPSHU'HYHORSPHQW WK /7'ORFDWHGVRXWKRI&LYLF&HQWHU'ULYHZHVWRI$YHQXH1:DQGQRUWKRIò 6WUHHW1: WK :LVKLQJWREHKHDUGZDV-RKQ.RKOHUZLWK6HPSHU'HYHORSPHQW6RXWK 6WUHHW0LQQHDSROLVUHSUHVHQWLQJWKHGHYHORSHUV0U.RKOHUVKRZHGWZRSODQV EHLQJFRQVLGHUHGIRUWKLVVLWH7KHILUVWSODQKDVEHHQDSSURYHGE\3ODQQLQJDQGKH SUHVHQWHGDVHFRQGSODQWKDWWKH\KDYHEHHQZRUNLQJRQZLWKWKH.XW]N\3DUN 1HLJKERUKRRG$VVRFLDWLRQ7KHSULPDU\FKDQJHLVWKHGULYHWKUXDUHDGRHVQRWJR DURXQGWKHEXLOGLQJEXWFRPHVRXWRQò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ò6WUHHWJRLQJQRUWKERXQG,IWKLVLVWKHFDVHLWZLOO EDFNXSDOVRIURPWKHH[LWRIWKHGULYHWKUXSDVWWKHHQWUDQFHWRWKHPDLQHQWUDQFH WK 7KLVZLOODIIHFWWUDIILFRQ$YHQXHZKHWKHUHQWHULQJRUH[LWLQJò6WUHHW6WDII IHOWWKHORZYRO XPHRIGULYHXSYHKLFOHVJRLQJDURXQGEXLOGLQJZRQ¶WDIIHFWWKH DHVWKHWLFVRID:DOJUHHQV WK :LVKLQJWREHKHDUGZDV$QG\0DVWHUSROH $YHQXH1:UHSUHVHQWLQJWKH .XW]N\3DUN1HLJKERUKRRG$VVRFLDWLRQ0U0DVWHUSROHDJUHHGWKDW:DOJUHHQVKDV FHUWDLQVWDQGDUGVWKDWDOOWKHLUEXLOGLQJVPXVWDGKHUHWRIRUWKHLUGHVLJQ7KH QHLJKERUKRRGGRHVQRWOLNHWKHZUDSDURXQGGULYHWKUXDQGUHIHUUHGWRLWDVWKH FRQFUHWHPRDW+HDVNHGWKH&RXQFLOWRGHYLDWHIURPWKHVWDQGDUGVDQGDOORZWKH SODQWRPRYHIRUZDUGZLWKWKHGULYHWKUXDFFHVVWRò6WUHHW+HVSRNHDERXW VWDQGDUGVRIXUEDQGHVLJQDQGODQGXVHUHTXLUHPHQWV+HDVNHGWKH&RXQFLOWR DSSURYHWKHVHFRQGRSWLRQSUHVHQWHGZLWKFRQGLWLRQVWRPHHWODQGXVHVWDQGDUGV 0U0DVWHUSROHIHOWWKHZUDSDURXQGGULYHWKUXGRHVQRWSURPRWHSHGHVWULDQIULHQGO\ ZDONZD\V&RXQFLOPHPEHU1RZLFNLGRHVQ¶WIHHOWKDWDQRWKHURXWOHWRQWRò6WUHHW WK ZLOOKHOSZLWKWUDIILFIORZDQGZRXOGSUREDEO\FDXVHPRUHSUREOHPVDV$YHQXH WUDIILFLQFUHDVHV &RXQFLOPHPEHU0HDQVVXSSRUWVWKHH[LWWRò6WUHHWDOORZLQJWKHEXLOGLQJWREH WK FORVHUWR$YHQXHPDNLQJLWPRUHDSSHDOLQJLQWKHRYHUDOOGHVLJQ WK :LVKLQJWREHKHDUGZDV0DULH)DQQLQJ6WUHHW1:0V)DQQLQJLV FRQFHUQHGDERXWVHFXULW\ WK :LVKLQJWREHKHDUGZDV*HUU\6FKPDOO 5HJXODU0HHWLQJ1R±-XQH VW :LVKLQJWREH'DYH(GPRQVRQFRQVLGHULQJLQFUHDVHWUDIILFFRQWURORQ&LYLF&HQWHU WK 'ULYH$YHQXHDQGò6WUHHW1:7KH\FDQQRWJXDUDQWHH0U.RKOHUWKDWWKLV SODQ%GHVLJQZLOOUHPDLQZLWKWKHGULYHWKUXH[LWRQWRò6WUHHWEHFDXVHRIWUDIILF FRQGLWLRQVLQWKHIXWXUHPD\GLFWDWHFKDQJHV0LNH1LJEXUFODULILHGWKDW3XEOLF :RUNV'HSDUWPHQWZLOOEHUHTXLUHGWRORRNDWDOWHUQDWLYHSRLQWVRIDFFHVVIRUWKLV VLWHDVWKH\ORRNDWWKHHQWLUHWUDIILFPDQDJHPHQWIRUWKDWDUHDQRZDQGLQWKH IXWXUH %UHQW6YHQE\VXJJHVWHGDQDPHQGPHQWWRWKH)LQGLQJRI)DFWIRU&ULWHULD%WKH ODVWVHQWHQFHWRUHDG 7KHWKUHHDFFHVVORFDWLRQVRQò6WUHHW1:ZRXOGEH UHGXFHGGRZQWRWZRDFFHVVSRLQWVZLWKWKHPRVWZHVWHUO\DFFHVVSRLQWEHLQJ FORVHGZKLOHWKHPLGGOHRQHZRXOGEHUHORFDWHGE\VKLIWLQJLWVOLJKWO\WRWKHHDVWDQG WKHPRVWHDVWHUO\RQHEHLQJPRYHGWRWKHZHVWDSSUR[LPDWHO\WRDGLVWDQFHRI 5HJXODU0HHWLQJ1R±-XQH RI)DFWIRU&ULWHULD'DQG(DVZHOO +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ &RXQFLOPHPEHU:RMFLNPRYHG%LOGHUEDFNVHFRQGHGWRDSSURYH*HQHUDO 'HYHORSPHQW3ODQ5*'3E\6HPSHU'HYHORSPHQW/7'ZLWKHOHYHQ FRQGLWLRQVDQGWKHPRGLILHGDPHQGPHQWWR)LQGLQJVRI)DFW&ULWHULD%'DQG(DQG DGGLWLRQRIFRQGLWLRQHOHYHQWRLQFOXGHWKHPRVWHDVWHUO\DFFHVVSRLQWVKRZQò 6WUHHW1:VKDOOUHPDLQRSHQDQGFRQGLWLRQWHQWRDOORZWKHIRRWZLGHRSHQLQJ &RXQFLOPHPEHU6Q\GHUVSRNHLQIDYRURI3ODQ$RULJLQDOO\SUHVHQWHG+HIHOW GLUHFWLQJWKHGULYHWKUXWUDIILFRQWRò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±-XQH &RXQFLOPHPEHUV0HDQVPRYHG6Q\GHUVHFRQGHGWRDSSURYH=RQLQJ'LVWULFW $PHQGPHQW5 =&E\WKH&LW\RI5RFKHVWHU3XEOLF:RUNV'HSDUWPHQWDQG LQVWUXFWHGWKH&LW\$WWRUQH\WRSUHSDUHWKHUHTXLUHGRUGLQDQFHIRUDGRSWLRQ$\HV WKJDWH3OD]DUHVLGHQWV$OHWWHUIURP1RUWKJDWH3OD]D 0DLQWHQDQFH6XSHUYLVRUVDLGWKLVFRXOGFDXVHDKDUGVKLSIRUWKHPHVSHFLDOO\LQWKH ZLQWHU WK :LVKLQJWREHKHDUGZDV)UHG'DO\ 5HJXODU0HHWLQJ1R±-XQH WK HOGHUO\LV$YHQXH,IWDNHQDZD\KHLVFRQFHUQHGWKHQWKDWUHVLGHQWVZLOOWKHQ UHTXHVWSHUPLWSDUNLQJDQGWKHQWKHUHLVQRSODFHIRUFDUHJLYHUVWRSDUNIRUWKHLU FOLHQWV WK :LVKLQJWREHKHDUGZDV/\OH3OXPKRII $YHQXH1:0U3OXPKRII WK DSSURYHVRIWKHYDFDWLRQLILWLVIRUWKHHQWLUHOHQJWKRI$YHQXHZLWKDILUHH[LW RQO\7KHVLGHZDONLVULJKWQH[WWRWKHURDGDQGXQVDIHIRUSHGHVWULDQV+HIHHOV WK WKDWE\YDFDWLQJWKLVHQWLUHOHQJWKRI$YHQXHLWZLOOJLYHWKHVFKRRODQG QHLJKERUVZKDWLVEHVWDQGVDIHVWIRUDOOFRQFHUQHG &RXQFLOPHPEHU1RZLFNLGRHVQ¶WIHHOWKH&RXQFLOFDQOHJDOO\UHVFLQGZKDWKDV DOUHDG\EHHQDSSURYHGGXULQJWKH:DVKLQJWRQ9LOODJHGHYHORSPHQW$WWRUQH\ $GNLQVVWDWHGWKDWWKHRZQHURIWKHUHVWULFWHGGHYHORSPHQWSHUPLWZRXOGQHHGWR DSSO\IRUDPHQGHGVLWHSODQEHIRUHWKH&RXQFLOFRXOGYDFDWHWKHHQWLUHURDG $WWRUQH\$GNLQVZDVDVNHGZKHWKHUFRQGLWLRQVFRXOGEHSODFHGXSRQWKHODQG IROORZLQJYDFDWLRQRIWKHULJKWRIZD\+HDQVZHUHGQR$WWRUQH\$GNLQVH[SODLQHG WKDWWKHSURSHUW\RZQHULVWKH6FKRROGLVWULFWEXWWKHFLW\KDVWKHHDVHPHQWRQWKLV SDUFHO,IWKHHDVHPHQWLVYDFDWHGWKHVFKRROWKHQKDVWKHULJKWWRGRZKDWHYHU WKH\ZDQWWRWKDWSDUFHO7KHGHFLVLRQWREHPDGHLVVKRXOGWKHSXEOLFHDVHPHQWLQ WKHIRUPRIDVWUHHWUHPDLQRUVKRXOGLWEHWDNHQDZD\IURPWKHFLW\FRQWURO &RQGLWLRQVFDQEHSODFHGRQWKHYDFDWLRQSURFHVVEXWQRWRQWKHXVHRIWKHODQG IROORZLQJYDFDWLRQ WK :LVKLQJWREHKHDUGZDV7LP6FKPLWW6WUHHW1:0U6FKPLWWRSSRVHVWKH YDFDWLRQKHGRHVQ¶WIHHOWKLVLVQ¶WQHFHVVDU\DWWKLVWLPH+HGRHVVXSSRUWWKH VLGHZDONFRQGLWLRQ+HZRXOGOLNHWRKDYHWKHWUHHVUHVHUYHGDORQJWKHERXOHYDUG +DYLQJQRRQHIXUWKHUZLVKLQJWREHKHDUG3UHVLGHQW+DQVRQFORVHGWKHKHDULQJ $WWRUQH\$GNLQVVWDWHGWKHUHLVDFRQGLWLRQLQWKH+RPH5XOH&KDUWHUDVWRZKDWWKH &RXQFLOQHHGVWRFRQVLGHULQDYDFDWLRQSHWLWLRQ,WUHDGV 1RYDFDWLRQVKDOOEH PDGHXQOHVVWKH&RPPRQ&RXQFLOILQGVWKDWWRGRVRLVLQWKHSXEOLFLQWHUHVW 3UHVLGHQW+DQVRQVWDWHGWKDWDWWKLVSRLQWKHGRHVQRWVHHWKLVDVEHLQJLQWKH SXEOLFLQWHUHVWIRUWKHIROORZLQJUHDVRQV 7KHVFKRROGLVWULFWKDVQ¶WWKHIXQGVWR LPSURYHWKHSDUFHOWKH1RUWKJDWH3OD]DVWLOOQHHGVWKLVIRUSDUNLQJDQGWKHUHLVVWLOO QRGHWHUPLQDWLRQRQWKHWUDIILFIORZDQGKRZLWZLOODIIHFWWKHDUHD &RXQFLOPHPEHU+UXVNDPRYHG6Q\GHUVHFRQGHGWRGHQ\WKH9DFDWLRQ3HWLWLRQ 9$&E\5RFKHVWHU3XEOLF6FKRRO,6'$\HV 5HJXODU0HHWLQJ1R±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±-XQH *DU\1HXPDQQZRXOGOLNHWRVHHWKHDPHQGPHQWDSSURYHGZLWKLQVWUXFWLRQVIRU VWDIIWRZRUNZLWKWKHSURSHUW\RZQHUVIRUIXWXUHSURMHFWV+HIHOWWKHDPHQGPHQW GRHVQ¶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±-XQH &RXQFLOPHPEHU+UXVNDDVNHGLIWKH3DUN'HSDUWPHQWFDQDFFRPPRGDWHWKHQHZ RUGLQDQFHZLWKDOOWKHFKDQJHVRULVWKLVVRPHWKLQJWKDWLVDJRRGLGHDEXWLVQ¶W¶ UHDOLVWLFZKHQLPSOHPHQWLQJ :LVKLQJWREHKHDUGZDV5RQ%DVWLDQ3DUNDQG5HF'LUHFWRUVXSSRUWVWKH LQLWLDWLRQRIWKHRUGLQDQFHDQGZLOOZRUNWRPDNHLWYLDEOH $\HV 5HJXODU0HHWLQJ1R±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±3RUWLRQVRI+LJK)RUHVW7RZQVKLSORFDWHGZLWKLQWKH5RFKHVWHU,QWHUQDWLRQDO $LUSRUW3ODQ *G$Q2UGLQDQFH5H]RQLQJ$SSUR[LPDWHO\$FUHVRI/DQGIURPWKH$*=RQLQJ 'LVWULFWWRWKH0=RQLQJ'LVWULFWDQG$SSUR[LPDWHO\$FUHVRI/DQGIURPWKH 5=RQLQJ'LVWULFWWRWKH0=RQLQJ'LVWULFWDQG$PHQGLQJ2UGLQDQFH1R 5HJXODU0HHWLQJ1R±-XQH *D$Q2UGLQDQFH5H]RQLQJDSSUR[LPDWHO\$FUHVRI/DQGIURPWKH5=RQLQJ GLVWULFWWRWKH%=RQLQJGLVWULFWDQG$PHQGLQJ2UGLQDQFH1RUW\OLQH LVWR UHPDLQRQWKHWDEOH -+DYLQJQRIXUWKHUEXVLQHVV&RXQFLOPHPEHUV6Q\GHUPRYHG0HDQVVHFRQGHGWR DGMRXUQWKHPHHWLQJ$\HV