3. Stormwater Credit Price Study — Anaheim City Council, June 27, 2023

STORMWATER CREDIT PROGRAM

CREDIT PRICE STUDY
Prepared for:

City of Anaheim
200 S. Anaheim Blvd
Anaheim, CA 92805
(714) 765-5176

Prepared by:

Sustura, Inc.

Huntington Beach, CA

GSI Environmental, Inc.

Irvine, CA

4/25/2023

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Contents
Executive Summary ...................................................................................................................................... iv 1 Introduction .......................................................................................................................................... 1 2 Background ........................................................................................................................................... 1 3 Methodology ......................................................................................................................................... 2

3.1 Eligible Costs ................................................................................................................................. 3

3.2 Present Value ................................................................................................................................ 4

3.2.1 Discount Rate ........................................................................................................................ 5 4 Anaheim Bay Watershed ...................................................................................................................... 7 5 Santa Ana River Watershed .................................................................................................................. 9 6 Conclusions ......................................................................................................................................... 11 7 References .......................................................................................................................................... 11 Tables
Table 1: Anaheim Bay Watershed Credit Price Summary Scenarios ...................................................... 8 Table 2: Santa Ana River Watershed Credit Price Scenarios ................................................................. 10 Table 3: City of Anaheim Investments and Returns, March, 2007- August, 2022 ................................ 12 Table 4: Modjeska Park Project Capital Costs ....................................................................................... 19 Table 5: Modjeska Park Verification Costs ............................................................................................ 20 Table 6: Modjeska Park Project O&M and Administrative Costs .......................................................... 21 Table 7: Estimated Modjeska Reconstruction Costs ............................................................................. 21 Table 8: Equipment Rental Unit Costs .................................................................................................. 23 Table 9: Labor Rates .............................................................................................................................. 24 Table 10: Anaheim Bay Credit Price: O&M Based on Best Estimates and Actual Costs,

0.4% Discount Rate .................................................................................................................. 25 Table 11: Anaheim Bay Credit Price: O&M Based on Best Estimates and Actual Costs,

1.5% Discount Rate .................................................................................................................. 25 Table 12: Anaheim Bay User Analysis: O&M Based on Best Estimates and Actual Costs,

0.40% Discount Rate................................................................................................................ 26 Table 13: Anaheim Bay User Analysis: O&M Based on Best Estimates and Actual Costs,

1.5% Discount Rate .................................................................................................................. 26 Table 14: La Palma Richfield Project Capital Costs ................................................................................. 27 Table 15: LaPalma Richfield Verification Costs ....................................................................................... 28 Table 16: La Palma Richfield Project O&M and Administrative Costs .................................................... 29 Table 17: Estimated Modjeska Reconstruction Costs . ........................................................................... 29 Table 18: Santa Ana River Credit Price: O&M Based on Best Estimates and Actual Costs, 0.40% Discount Rate ..................................................................................................... 31 iii
Table 19: Santa Ana River Credit Price: O&M Based on Best Estimates and Actual Costs, 1.5% Discount Rate ....................................................................................................... 31 Table 20: Santa Ana River User Analysis: O&M Based on Best Estimates and Actual Costs, 0.40% Discount Rate ..................................................................................................... 32 Table 21: Santa Ana River User Analysis: O&M Based on Best Estimates and Actual Costs, 1.5% Discount Rate ....................................................................................................... 32 iv
Executive Summary
This Credit Fee Study (Study) assesses the costs of implementing Credit Generator Best Management Practices (BMPs) and selling Credits from these systems to Credit Users, who are developers or City projects who the City allows to purchase Credits in lieu of constructing on-site flow-through BMPs.

The Study also assesses the costs to developers of constructing on-site flow through BMPs to evaluate what developers would likely pay for Credits.

Based on this methodology, the proposed prices for Credits are:
• Anaheim Bay Watershed: $32.79/Credit. This results in a commercial development Credit cost of $4.10/Square Foot (SF) and a transportation development cost of $1.94/SF. • Santa Ana River Watershed: $26.88/Credit. his results in a commercial development Credit cost of $3.44/SF and a transportation development cost of $1.59/SF.

Prices for Credits are based on capital costs associated with the existing Credit Generators and the present value of future Operations and Maintenance costs and administrative costs discounted at 1.5% in perpetuity. Costs per square foot of development is based on:
• Commercial land use for the new or re-development.
• 95% impervious surface of the commercial new or re-development • The number of credits to be purchased equals:

The Design Capture Volume (DCV) x the Pollutant Load Multiplier (PLM) The PLM is the relative concentration of pollutants of concern generated by the Credit User’s land use as compared to the concentration of pollutants captured by Credit Generators in the watershed. This is used to account for more pollutants generated by a Credit User’s land use, that are not being controlled, than are being captured and removed by Credit Generators. The PLM for commercial land use is 2.11 in the Anaheim Bay Watershed and is 2.16 in the Santa Ana River Watershed. The PLM for the transportation land use is 1.00 in both watersheds.

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1 Introduction
The City of Anaheim (City) has developed a Stormwater Credit Program (Credit Program). In this Credit Program, a Credit Generator is a City-Owned project that captures stormwater up to the Design Capture Volume (DCV) collected from a tributary. The Credit Generator generates Credits, which are equivalent to volume in cubic feet of stormwater retained. Eligible Credit Users, which are Priority Development Projects (PDPs) in the same watershed as the Credit Generator, where retention is infeasible, can then purchase available Credits in lieu of installing onsite flow-through structural treatment control BMPs on their parcels.

This document establishes the procedures for setting the Credit Price within a watershed and calculates the initial Credit Prices for the Anaheim Bay / Huntington Harbour (Anaheim Bay) and Santa Ana River watersheds where the City has constructed and is completing verification of Credit Generators. 2 Background
The general procedures for setting a watershed Credit Price were developed and is documented in the “Draft Preliminary Credit Program Financial Model” prepared by GHD and David Taussig Associates (DTA) dated August, 2022 (GHD, 2022).

In these procedures, Credit Prices are based on the costs of the Credit Generator projects within a watershed. Each watershed will have a different Credit Price based on the total costs of planning, designing, constructing, operating, maintaining, and administering Credit Generators in that watershed.

The Credit Prices will change as new Credit Generators are added to a watershed.

Project costs are divided between capital costs, operations and maintenance (O&M) costs. In addition to project costs. Costs to administer the Credit Program are also included. Capital, O&M, and administration costs are defined here:
• Capital costs are those “Eligible Costs” (defined in Section 3 below) incurred prior to accepting and completing the verification of a Credit Generator. Verification entails evaluating the performance of a recently constructed Credit Generator to determine that the actual number of Credits generated is based on the measured infiltration or water use rate and system volume and capacity. These capital costs include project planning, design, and construction costs for all elements necessary for the operation of a Credit Generator as well as costs associated with and required for the verification.
• O&M costs are those costs incurred after final acceptance and verification of a Credit Generator (as described above). O&M costs are incurred regularly and in perpetuity. O&M includes monitoring, inspections, removal of trash and sediment, and other project maintenance activities.

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• Administration and management costs are those costs that occur regularly to administer the Credit Program. They generally include City staff and contractor time to review Credit Program progress, track Credits, track funds, complete regulatory compliance activities as necessary, and audit the Credit Program, as necessary.

The Program sets a price per Credit. As defined in the Credit Program, a Credit is equivalent to a cubic foot of water. The Credit is sold once to a Credit User. The Credit User uses the Credit to meet all or part of their Water Quality Management Plan (WQMP) compliance obligation in lieu of constructing a treatment control BMP onsite for their development parcel. Credits are tied to the parcel(s) or defined area of development over which the Credit User has legal ownership or legal control (as further defined in the Credit Application) for which they were purchased. Should a developer abandon a project after purchasing Credits, the Credits purchased will remain with the parcel(s) or defined area of development for which they were purchased and may be used to meet all or part of WQMP compliance obligations during future development of the parcel(s).

Because Credit transactions are a one-time event, in order to capture the costs of annual O&M, a present value of the expected annual O&M is calculated to include in the Credit Price.

As new Credit Generators are added to a watershed, new Credit Prices are calculated using the following formula:

𝑃𝑃𝐶𝐶 = 𝐶𝐶𝑇𝑇 − 𝑅𝑅𝑑𝑑
𝑁𝑁𝑐𝑐

1 PC = Credit Price.

CT = Total capital and present value of O&M and administrative costs of all projects in watershed.

Rd = Revenue received to date. This includes any grant funds received and revenue received through Credit sales.

Nc = Number of remaining Credits in watershed = Total Credits generated – Credits removed due to sale, installation of WQMP BMPs or reduction in capacity of existing systems. 3 Methodology
As discussed in Section 2, Credit Prices are set to recover the costs of planning, designing, constructing, operating, maintaining, monitoring, and administering Credit Generators. The costs are divided into capital, O&M and administrative. This section discusses the methodology for identifying Eligible Costs and applying them to a Credit Price.

Each Credit Generator initially generates a number of Credits. These are calculated based on system volume and the infiltration or water use rate of the Credit Generator. Methods for calculating the

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number of Credits a system generates are documented in the Credit Generator’s Stormwater Credit Generator Report (SCGR). The methods employed are drawn from the Technical Guidance Document (TGD) (OCDPW, 2013) of the Orange County Model Water Quality Management Plan (OCMWQMP) (OCDPW, 2011). The initial Credit Price that is based on one project is given by the following formula:

𝑃𝑃𝐶𝐶𝐶𝐶 = 𝐶𝐶𝑇𝑇𝐶𝐶
𝑁𝑁𝑐𝑐𝐶𝐶

2 PCp = Credit Price for a project.

CTp = Total capital and present value of O&M costs the Credit Generator.

Ncp = Number of Credits generated by a Credit Generator. This is typically initially estimated based on design criteria and then finalized after verification.

The total costs are given by:

𝐶𝐶𝑇𝑇𝐶𝐶 = 𝐶𝐶𝑐𝑐 + 𝑃𝑃𝑃𝑃(𝑂𝑂𝑎𝑎)
3 Cc = Eligible capital costs
Oa = Eligible annual O&M costs
PV() = Present Value of annual costs.

3.1 Eligible Costs
Eligible Costs are those costs that apply to the water quality improvement function of the project. Credit Generators may be multi-use. They may provide a flood risk reduction function, an aesthetic function, and other functions in addition to the water quality improvement function they are designed to provide.

A cost is eligible if it is deemed necessary for the proper operation/function of the water quality improvement components of a Credit Generator or was required in order for said function to be constructed (e.g., traffic control, excavation, etc.).

Some projects may include other types of improvements to public infrastructure, such as improvement of park landscaping or widening or improvement of a road. Should said improvements not provide a water quality benefit and if they are not physically or regulatorily necessary for the project to be completed, then they are not eligible to be included in the capital costs part of the Credit Price calculation identified above. Furthermore, one time project lump sum costs that apply to the entire project – such as mobilization or stormwater pollution prevention plan implementation – will be reduced by the same percent amount as the ration of the ineligible item(s) to the entire project cost.

Credit Generators are retention systems designed to capture, infiltrate, or use up to the 85th percentile storm volume, as defined in the current Technical Guidance Document, from their Tributary Drainage Area (TDA). Volumes greater than the 85th percentile storm volume are not eligible to be claimed as

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water quality improvement volumes because the regulatory requirement for post-construction stormwater management is to capture and infiltrate or otherwise treat the 85th percentile storm. For example, a project that captures the 10 year 24-hour storm volume can claim the portion of the project that captures the 85th percentile storm volume as its water quality volume with the rest of the project being ineligible for the capital cost part of the Credit Price calculation identified above.

Each Credit Generator is evaluated to identify the eligible capital and O&M costs to include in its CTp value. The test for determining if a cost is applicable to the water quality function of the project is:

Will the capture and removal of the 85th percentile storm volume, or fraction thereof, be impaired if this feature was not included or completed? Did installation of the water quality functional elements of the project require removal and replacement of the item that was removed and replaced? If so, was the item replaced with one that achieved similar function or was its function improved? Best professional judgement is to be applied.

Many times, it is necessary to remove and replace landscape, pavement, piping, lighting, or other infrastructure in order to install a Credit Generator. If the item was replaced and its function was not improved significantly beyond its prior function, then its full cost is eligible for cost-recovery under the Credit Program and its cost will be included in the project costs. It is generally understood that the item installed as a replacement will be newer and, therefore, have a longer useful life than the original item.

However, if the function of the original item is not significantly improved, then the full cost of the item is eligible for cost recovery under the Credit Program.

If the function is improved, then only the portion of its cost equivalent to replacing the item with one that achieves substantially the same function is eligible for cost recovery.

3.2 Present Value
As discussed above, credit transactions occur once and the goal of the transaction is to obtain, through sale of Credits, funds that are based on the full costs of the Credit Generators within a watershed. O&M and administrative costs occur in perpetuity, so the Credit Price must include the present value of the anticipated future O&M costs.

The present value of a recurring fixed periodic cost is provided by:

𝑃𝑃𝑃𝑃 = 𝐴𝐴
(1 + 𝑖𝑖)𝑛𝑛 − 1
𝑖𝑖(1 + 𝑖𝑖)𝑛𝑛
4 PV = Present Value of annual costs.

A = Fixed periodic costs.

I = Discount rate (described in Section 3.2.1).

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n= Number of periods.

This assumes that costs are the same for each period. For costs that may vary year-to-year, average annual costs will provide a reasonable estimate of future costs. Other formulas are used for escalating costs or for single costs that occur in the future but are not recurring. Equation 4 is for a fixed number of periods. As this number of periods increases to infinity, the formula converts to the in-perpetuity formula:

𝑃𝑃𝑃𝑃 = 𝐴𝐴
𝑖𝑖
5 It is reasonable to estimate average annual O&M costs as fixed, meaning they are the same each year, and calculate a present value for those. The effects of inflation can be included in the discount rate, or they can be applied in an escalation factor. The present value is the same with either method. The present value of an annual cost with a growth rate is given by:

𝑃𝑃𝑃𝑃 = 𝐴𝐴
𝑖𝑖 − 𝑔𝑔 �1 −
(1 + 𝑔𝑔)𝑛𝑛
(1 + 𝑖𝑖)𝑛𝑛 �
6 g = Growth (inflation) rate.

In perpetuity, equation 6 becomes:

𝑃𝑃𝑃𝑃 = 𝐴𝐴
𝑖𝑖 − 𝑔𝑔
7 If g = 0, equation 6 becomes equation 4 and equation 7 becomes equation 5. Thus, incorporating estimated future increases in annual O&M costs can be accounted for with the discount rate by subtracting anticipated future inflation from the discount rate.

3.2.1 Discount Rate
The discount rate is used to estimate the greater value that money has today than money has in the future. Money today can be spent on a wide range of opportunities. Money that will be received in the future has value but is not as valuable as having money today. The primary reason for this is risk. There is a risk that money one expects in the future may not arrive due to a wide range of factors that may be outside a firm’s control: economic downturns, mistimed business cycles, disasters, mishaps, etc.

Firms use a discount rate to evaluate the Net Present Value (NPV) of investments. NPV is the present value of future expected revenue minus the current costs and present value of future costs that need to be spent to receive that revenue. The discount rate is typically used to estimate how much more valuable revenue received sooner is than revenue that is received later. Many firms set their discount rate at a return on investment that they seek to achieve based on the risks inherent in their businesses.

This is generally greater than their cost of capital (financing costs).

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When considering future costs, the present value is used similarly. How much money does a firm need to set aside today to pay for an anticipated cost in the future? When a firm sets aside money, it does not let that money sit idle. It invests that money in projects or other investment instruments. Those projects/investments will produce greater revenue in the future than their cost is today. The rate of return on those projects will provide funds for future costs. Thus, the discount rate a firm uses to determine the present value of a future anticipated cost is generally equal to the rate of return a firm earns on its investments. The same is true of an annual cost. If a firm wants to have revenue sufficient to pay an annual cost for a number of periods, or in perpetuity, the firm will invest cash today in an investment that will pay out a return sufficient to pay that annual cost. This return is their discount rate.

Municipalities and public utilities are different from firms doing business. They typically do not make direct returns on their project investments. They do invest cash they have on-hand prior to spending it.

These tend to be short-term investments in money markets, government bonds, or other low risk, low return, short term investments that provide sufficient liquidity and preservation of capital for the municipality or utility to meet its regular financial obligations as they arise.

The City of Anaheim invests its reserve funds in a set of investments to meet the following objectives (City of Anaheim, 2022):
• Safety: Safety of principal is the foremost objective of the investment program. The City’s investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio.
• Liquidity: The Cit’s investment portfolio will remain sufficiently liquid to meet all operating requirements that might be reasonably anticipated.
• Yield: The City shall manage its funds to optimize the return on investments consistent with the two primary objectives of safety and liquidity. The rate of return on investment should be designed to attain a market rate of return through budgetary and economic cycles consistent with the risk limitations, prudent investment principles and cash flow requirements identified by the City’s Investment Policy
The City restricts its investments to those with 5 year or less maturity periods and uses the Bank of America Merrill Lynch 0-5 Year Treasury Index as a benchmark for their yield goals.

Data was available for the returns reported on City investments from March 2007 through August, 2022 at https://www.anaheim.net/2972/Cash-and-Investment-Management (last accessed 10/18/2022).

They are presented in Appendix A in Table 3. Where data were presented for long-term investments, these are included. The investment returns and the average maturity periods are presented. This shows the typical returns the City captures from the financial instruments it purchases with available cash. The City manages its investments to provide cash as needed to meet its obligations while attempting to maximize the returns on those investments without sacrificing safety or liquidity.

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A discount rate would typically be equal to the returns an organization receives on its invested funds minus the rate of inflation that was known at the time the investments were made. Table 3 in Appendix A presents the core inflation rate provided by the U.S. Bureau of Labor Statistics. Core inflation is defined as all items minus fuel and food. Fuel and food tend to be more volatile than other prices and, therefore, are not used to track core inflation.

Table 3 presents the difference between the returns the City has received on its investments and the core inflation. The average difference between monthly reported returns and those financial instruments’ estimated purchase date’s average annual inflation is shown to be 0.20%.

Using a discount rate of 0.20% to calculate the present value of annual costs that will be incurred in perpetuity significantly increases the present value Credit Price, potentially to the point of unaffordability.

Another approach to developing a discount rate is to consider the rate of return provided by U.S. government issued i-bonds. I-bonds are a U.S. government bond that provides a real rate of return after accounting for inflation. I-bonds are currently provided at a real rate of return of 0.40% (https://www.treasurydirect.gov/savings-bonds/i-bonds/i-bonds-interest-rates/, last accessed 1/6/2023). Just because the City has not received a real inflation-adjusted rate of return of 0.40% does not mean that they cannot do so in the future by adjusting their investment portfolio accordingly.

Another approach is to consider the rates of return the City can earn should the City provide financing similar to a bank. This would be done by considering the prime rate as complied by the Wall Street Journal (WSJ). The prime rate is the inter-bank lending rate that is agreed to by U.S. banks and is generally based on the Federal Funds Rate provided by the Federal Reserve Bank, which is set by the Federal Reserve Open Market Committee. The most recent prime rate published by WSJ is 7.5% (https://www.bankrate.com/rates/interest-rates/wall-street-prime-rate/, last accessed 1/6/2023). The rate of inflation would typically be subtracted from the prime rate to obtain a discount rate. The current published rate of core inflation (price changes for basket of goods not including food and energy) is

6.00% (https://tradingeconomics.com/united-states/core-inflation-rate, last accessed 1/6/2023). This would provide a discount rate of 7.5-6 = 1.5% using the prime rate method.

The City has discretion in setting Credit Price as long as those prices are a reasonable estimate of the cost of implementing the Credit Generator projects and administering the credit program. Therefore, the City can use any discount rate greater than 0.20% at its discretion. 4 Anaheim Bay Watershed
Within the Anaheim Bay Watershed, the City has constructed a Credit Generator project at Modjeska Park. This project consists of a subsurface retention system that collects stormwater from a 224-acre catchment and infiltrates that water beneath the surface at Modjeska Park. The system includes a trash separator and settling vault to pretreat the water prior to infiltrating it.

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Because the system is constructed, all capital costs have been accounted for and a maintenance cycle has been completed to provide actual costs incurred for O&M. Future O&M costs have been estimated by assuming reasonable activities for O&M based on activities conducted to date and activities anticipated in the future. Unit costs for O&M are based on costs incurred to date, national labor and equipment data adjusted for regional cost factors, and local contractor and vendor quotes.

Using the incurred capital and future estimated O&M and administrative costs for the system, a Credit Price has been calculated. The tables showing the unit costs used, the quantities estimated, the resulting total costs for the Credit Generator(s) in the watershed, and the resulting price per Credit are presented in Appendix B. Table 1 presents a summary. Because there is some uncertainty in future costs, discount rates, and operating periods, Table 1 presents two potential discount rates and three potential operating periods. The right-most column in Table 1 presents the potential cost per acre a developer would incur should they purchase Credits for a commercial development at the price shown in the table.

Table 1: Anaheim Bay Watershed Credit Price Summary Scenarios O&M Estimate
Discount
Rate (%)
Present Worth
Period (yrs)
Credit Price
($/CF)
Commercial
Development Cost/SF
($/SF)
Anaheim Bay Credit Price: O&M
Based on Best Estimates and
Actual Costs

0.40%
p* $101.31 $12.67
50 $24.78 $3.10
20 $15.04 $1.88

1.50%
p* $32.79 $4.10
50 $20.95 $2.62
20 $14.29 $1.79
* p = In Perpetuity

The cost per square foot was calculated based on:
• Commercial land use for the new or re-development.
• 95% impervious surface of the commercial new or re-development • The number of credits to be purchased equals:

DCV x PLM
The PLM is the relative concentration of pollutants of concern generated by the Credit User’s land use as compared to the concentration of pollutants captured by Credit Generators in the watershed.

This is used to account for more pollutants generated by a Credit User’s land use, that are not being controlled, than are being captured and removed by Credit Generators. The PLMs for commercial land use are 2.11 in the Anaheim Bay Watershed and 2.16 in the Santa Ana River Watershed. The PLM for the transportation land use is 1.00 in both watersheds.

In Appendix B:
• Table 4 presents the capital costs and identifies which apply to the water quality elements. • Table 5 presents the verification costs used.

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• Table 6 presents the estimated O&M and administrative costs based on actual costs incurred plus estimates of future costs.
• Table 7 presents estimated reconstruction costs at the end of the system's useful life. These are based on the capital costs incurred with work items that will not be necessary for reconstruction subtracted. For example, excavation quantities will be less to reconstruct the system. • Table 8 presents the unit equipment costs used (note these are also used for the Santa Ana River watershed estimates).
• Table 9 presents the unit labor costs used (note these are also used for the Santa Ana River watershed estimates).
• Table 10 - Table 11 present calculated Credit Prices based on different O&M scenarios. • Table 12 - Table 13 present analysis for different Credit User land uses to estimate how much a developer would need to spend per unit area of Credit User parcel development under the different Credit Price scenarios.
5 Santa Ana River Watershed
Within the Santa Ana River Watershed, the City has constructed a Credit Generator at La Palma Avenue and Richfield Road. This project consists of a subsurface diversion system that diverts stormwater from a catchment of approximately 52.7 acres to the Orange County Water District’s (OCWD) Foster- Huckleberry Basin (FHB) where OCWD conveys the water to their series of groundwater recharge basins.

Using the incurred capital and future estimated O&M and administrative costs for the system, a Credit Price has been calculated. The tables showing the unit costs used, the quantities estimated, the resulting total costs for the Credit Generator(s) in the watershed, and the resulting price per Credit are presented in Appendix C. Because there is some uncertainty in future costs, discount rates, and operating periods, Table 2 presents two potential discount rates and 3 potential operating periods. The right-most column in Table 2 presents the potential cost per acre a developer would incur should they purchase Credits for a commercial development at the price shown in the table.

Using the incurred capital and estimated O&M costs for the system, a Credit Price has been calculated.

Due to uncertainty regarding future O&M costs and the City’s discretion over the discount rate to use for setting the Credit Price, multiple Credit Price scenarios are presented.

The following tables are presented in Appendix C.
• Table 14 presents the capital costs and identifies which apply to the water quality elements. • Table 15 presents the verification costs used.

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• Table 16 presents the estimated O&M and administrative costs based on actual costs incurred plus estimates of future costs.
• Table 17 presents estimated reconstruction costs at the end of the system's useful life. These are based on the capital costs incurred with work items that will not be necessary for reconstruction subtracted. For example, excavation quantities will be less to reconstruct the system.
• Table 18 - Table 19 present calculated Credit Prices based on different O&M scenarios. • Table 20 - Table 21 present analysis for different Credit User land uses to estimate how much a developer would need to spend per unit area of Credit User parcel development under the different Credit Price scenarios.

Table 2: Santa Ana River Watershed Credit Price Scenarios O&M Estimate
Discount
Rate (%)
Present Worth
Period (yrs)
Credit Price
($/CF)
Commercial
Development Cost/SF
($/SF)
O&M Based on Best Estimates
and Actual Costs

0.40%
p* $90.94 $11.62
50 $19.39 $2.48
20 $10.29 $1.32

1.50%
p* $26.88 $3.44
50 $15.82 $2.02
20 $9.59 $1.23
* p = In Perpetuity

DCV x PLM
The PLM is the relative concentration of pollutants of concern generated by the credit user’s land use as compared to the concentration of pollutants captured by credit generators in the watershed. This is used to account for more pollutants generated by a credit user’s land use, that are not being controlled, than are being captured and removed by credit generators. The PLMs for commercial land use are 2.11 in the Anaheim Bay Watershed and 2.16 in the Santa Ana River Watershed.

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6 Conclusions
Setting the Credit Price at the value calculated from the 1.5% discount rate in perpetuity provides sufficient funds for anticipated capital, O&M, and administrative costs for Credit Generators should the City develop a cash investment portfolio for reserve funds that can achieve the prime rate that banks use for inter-bank lending.

Thus, the Credit Prices will be set at:
• Anaheim Bay Watershed: $32.79/Credit. This results in a commercial development Credit cost of $4.10/ SF and a transportation development cost of $1.94/SF. • Santa Ana River Watershed: $26.88/Credit. This results in a commercial development Credit cost of $3.44/SF and a transportation development cost of $1.59/SF.

The tables in Appendices B and C show how the prices were derived and the basis for their calculations. 7 References
City of Anaheim; (2022); Statement of Investment Policy; January 1, 2022.

GHD, DTA; (2022); Preliminary Credit Program Financial Model, City of Anaheim, Draft; August, 2022.

Orange County Department of Public Works (ODCPW); (2011); Model Water Quality Management Plan (Model WQMP); May 19, 2011,
Orange County Department of Public Works (ODCPW); (2013); Technical Guidance Document (TGD) For the Preparation Of Conceptual/Preliminary and/or Project Water Quality Management Plans (WQMPs), December 20, 2013,

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Appendix A: Discount Rate Analysis
Table 3: City of Anaheim Investments and Returns, March, 2007- August, 2022 Averages: 2.13 1.96 0.20 1.94 0.20
Reporting
Date
Long Term
Returns (%)
Ave.

Returns
(%)
Long Term
Maturity
(years)
Ave.

Maturity
(years)
Est. Ave.

Purchase
Date
Return
Used
(%)
Annualized
Monthly
Inflation (%)
Return -
Monthly
Inflation
Ave.

Annual
Inflation
Return - Ave.

Annual
Inflation
3/31/2007 4.49 1.240 1/2/2006 4.49 2.1 2.39 2.5 1.99 4/30/2007 4.53 1.170 2/26/2006 4.53 2.1 2.43 2.5 2.03 5/31/2007 4.50 1.120 4/17/2006 4.50 2.3 2.20 2.5 2.00 6/30/2007 4.61 1.100 5/24/2006 4.61 2.4 2.21 2.5 2.11 1/31/2008 4.49 1.170 11/29/2006 4.49 2.6 1.89 2.5 1.99 2/29/2008 4.17 1.170 12/28/2006 4.17 2.6 1.57 2.5 1.67 3/31/2008 3.99 1.140 2/8/2007 3.99 2.7 1.29 2.3 1.69 4/30/2008 3.76 1.190 2/20/2007 3.76 2.7 1.06 2.3 1.46 5/31/2008 3.65 1.310 2/7/2007 3.65 2.7 0.95 2.3 1.35 6/30/2008 3.78 1.490 1/3/2007 3.78 2.7 1.08 2.3 1.48 7/31/2008 4.33 3.75 2.200 1.500 5/17/2006 4.33 2.4 1.93 2.5 1.83 8/31/2008 4.35 3.72 2.400 1.600 4/5/2006 4.35 2.3 2.05 2.5 1.85 9/30/2008 4.28 3.51 2.400 1.400 5/5/2006 4.28 2.4 1.88 2.5 1.78 10/31/2008 4.29 3.54 2.400 1.500 6/5/2006 4.29 2.6 1.69 2.5 1.79 11/30/2008 4.17 3.47 2.400 1.500 7/5/2006 4.17 2.7 1.47 2.5 1.67 12/31/2008 4.05 3.33 2.300 1.700 9/11/2006 4.05 2.9 1.15 2.5 1.55 1/31/2009 3.76 3.15 2.500 1.800 8/2/2006 3.76 2.8 0.96 2.5 1.26 2/28/2009 3.57 2.94 2.600 1.900 7/25/2006 3.57 2.7 0.87 2.5 1.07 3/31/2009 3.54 2.82 2.600 1.800 8/25/2006 3.54 2.8 0.74 2.5 1.04 4/30/2009 3.14 2.48 2.600 1.800 9/24/2006 3.14 2.9 0.24 2.5 0.64 5/31/2009 2.92 2.52 2.600 2.000 10/25/2006 2.92 2.7 0.22 2.5 0.42 6/30/2009 2.82 2.26 2.700 2.100 10/18/2006 2.82 2.7 0.12 2.5 0.32 7/31/2009 2.83 2.35 2.600 2.100 12/25/2006 2.83 2.6 0.23 2.5 0.33 8/31/2009 2.89 2.31 2.600 2.000 1/25/2007 2.89 2.7 0.19 2.3 0.59 9/30/2009 2.97 2.03 2.600 1.700 2/24/2007 2.97 2.7 0.27 2.3 0.67

Page 13 ends

Table 3: City of Anaheim Investments and Returns, March, 2007- August, 2022 Averages: 2.13 1.96 0.20 1.94 0.20
Reporting
Date
Long Term
Returns (%)
Ave.

Returns
(%)
Long Term
Maturity
(years)
Ave.

Maturity
(years)
Est. Ave.

Purchase
Date
Return
Used
(%)
Annualized
Monthly
Inflation (%)
Return -
Monthly
Inflation
Ave.

Annual
Inflation
Return - Ave.

Annual
Inflation
10/31/2009 2.97 2.08 2.500 1.700 5/2/2007 2.97 2.2 0.77 2.3 0.67 11/30/2009 2.87 1.97 2.500 1.600 6/1/2007 2.87 2.2 0.67 2.3 0.57 12/31/2009 2.69 1.89 2.400 1.600 8/8/2007 2.69 2.1 0.59 2.3 0.39 1/31/2010 2.66 1.82 2.300 1.500 10/14/2007 2.66 2.2 0.46 2.3 0.36 2/28/2010 2.62 1.88 2.300 1.600 11/11/2007 2.62 2.3 0.32 2.3 0.32 3/31/2010 2.63 1.90 2.300 1.500 12/12/2007 2.63 2.4 0.23 2.3 0.33 4/30/2010 2.63 1.94 2.300 1.600 1/11/2008 2.63 2.5 0.13 2.3 0.33 5/31/2010 2.62 1.86 2.200 1.500 3/19/2008 2.62 2.4 0.22 2.3 0.32 6/30/2010 2.63 1.87 2.200 1.500 4/18/2008 2.63 2.3 0.33 2.3 0.33 7/31/2010 2.61 1.83 2.200 1.500 5/19/2008 2.61 2.3 0.31 2.3 0.31 8/31/2010 2.61 1.86 2.100 1.400 7/25/2008 2.61 2.5 0.11 2.3 0.31 9/30/2010 2.70 1.86 2.100 1.400 8/24/2008 2.70 2.5 0.20 2.3 0.40 10/31/2010 2.65 1.92 2.100 1.400 9/24/2008 2.65 2.5 0.15 2.3 0.35 11/30/2010 2.65 1.91 2.000 1.400 11/30/2008 2.65 2 0.65 2.3 0.35 12/31/2010 2.69 1.91 2.000 1.400 12/31/2008 2.69 1.8 0.89 2.3 0.39 1/31/2011 2.61 1.88 2.200 1.500 11/19/2008 2.61 2 0.61 2.3 0.31 2/28/2011 2.61 1.93 2.200 1.500 12/17/2008 2.61 1.8 0.81 2.3 0.31 3/31/2011 2.62 1.87 2.300 1.600 12/11/2008 2.62 1.8 0.82 2.3 0.32 4/30/2011 2.60 1.83 2.200 1.500 2/16/2009 2.60 1.8 0.80 1.7 0.90 5/31/2011 2.53 1.88 2.400 1.700 1/5/2009 2.53 1.7 0.83 1.7 0.83 6/30/2011 2.44 1.53 2.500 1.500 12/29/2008 2.44 1.8 0.64 2.3 0.14 7/31/2011 2.26 1.71 2.500 1.900 1/29/2009 2.26 1.7 0.56 1.7 0.56 8/31/2011 2.26 1.71 2.500 1.800 3/1/2009 2.26 1.8 0.46 1.7 0.56 9/30/2011 2.22 1.65 2.400 1.750 5/7/2009 2.22 1.8 0.42 1.7 0.52 10/31/2011 2.19 1.70 2.400 1.820 6/7/2009 2.19 1.7 0.49 1.7 0.49 11/30/2011 2.20 1.72 2.400 1.800 7/7/2009 2.20 1.5 0.70 1.7 0.50 12/31/2011 2.20 1.57 2.300 1.600 9/12/2009 2.20 1.5 0.70 1.7 0.50 1/31/2012 1.97 1.50 2.500 1.900 7/30/2009 1.97 1.5 0.47 1.7 0.27

Page 14 ends

Table 3: City of Anaheim Investments and Returns, March, 2007- August, 2022 Averages: 2.13 1.96 0.20 1.94 0.20
Reporting
Date
Long Term
Returns (%)
Ave.

Returns
(%)
Long Term
Maturity
(years)
Ave.

Maturity
(years)
Est. Ave.

Purchase
Date
Return
Used
(%)
Annualized
Monthly
Inflation (%)
Return -
Monthly
Inflation
Ave.

Annual
Inflation
Return - Ave.

Annual
Inflation
2/29/2012 1.92 1.51 2.600 2.000 7/22/2009 1.92 1.5 0.42 1.7 0.22 3/31/2012 1.97 1.63 2.400 2.000 11/3/2009 1.97 1.7 0.27 1.7 0.27 4/30/2012 2.09 1.51 2.300 1.600 1/9/2010 2.09 1.6 0.49 1 1.09 5/31/2012 2.11 1.52 2.200 1.400 3/17/2010 2.11 1.1 1.01 1 1.11 6/30/2012 2.11 1.38 2.100 1.300 5/23/2010 2.11 0.9 1.21 1 1.11 7/31/2012 2.14 1.49 2.100 1.400 6/23/2010 2.14 0.9 1.24 1 1.14 8/31/2012 2.06 1.47 2.100 1.400 7/24/2010 2.06 0.9 1.16 1 1.06 9/30/2012 1.98 1.46 2.100 1.500 8/23/2010 1.98 0.9 1.08 1 0.98 10/31/2012 1.93 1.43 2.100 1.500 9/23/2010 1.93 0.8 1.13 1 0.93 11/30/2012 1.90 1.45 2.100 1.500 10/23/2010 1.90 0.6 1.30 1 0.90 12/31/2012 1.81 1.39 2.300 1.700 9/11/2010 1.81 0.8 1.01 1 0.81 1/31/2013 1.57 1.20 2.800 2.100 4/15/2010 1.57 0.9 0.67 1 0.57 2/28/2013 1.51 1.09 2.800 2.000 5/13/2010 1.51 0.9 0.61 1 0.51 3/31/2013 1.51 1.10 2.700 1.900 7/19/2010 1.51 0.9 0.61 1 0.51 4/30/2013 1.44 1.00 2.700 1.800 8/18/2010 1.44 0.9 0.54 1 0.44 5/31/2013 1.41 1.00 2.700 1.900 9/18/2010 1.41 0.8 0.61 1 0.41 6/30/2013 1.41 1.00 2.700 1.800 10/18/2010 1.41 0.6 0.81 1 0.41 7/31/2013 1.41 1.05 2.600 1.800 12/25/2010 1.41 0.8 0.61 1 0.41 8/31/2013 1.42 1.02 2.500 1.700 3/2/2011 1.42 1.2 0.22 1.7 -0.28 9/30/2013 1.42 1.05 2.400 1.700 5/8/2011 1.42 1.5 -0.08 1.7 -0.28 10/31/2013 1.42 1.07 2.400 1.700 6/8/2011 1.42 1.6 -0.18 1.7 -0.28 11/30/2013 1.43 1.08 2.300 1.700 8/13/2011 1.43 2 -0.57 1.7 -0.27 12/31/2013 1.36 1.01 2.300 1.600 9/13/2011 1.36 2 -0.64 1.7 -0.34 1/31/2014 1.39 0.98 2.300 1.600 10/14/2011 1.39 2.1 -0.71 1.7 -0.31 2/28/2014 1.39 1.02 2.300 1.600 11/11/2011 1.39 2.2 -0.81 1.7 -0.31 3/31/2014 1.39 1.10 2.400 1.900 11/6/2011 1.39 2.2 -0.81 1.7 -0.31 4/30/2014 1.36 1.04 2.600 1.900 9/24/2011 1.36 2 -0.64 1.7 -0.34 5/31/2014 1.35 1.04 2.700 2.000 9/18/2011 1.35 2 -0.65 1.7 -0.35

Page 15 ends

Table 3: City of Anaheim Investments and Returns, March, 2007- August, 2022 Averages: 2.13 1.96 0.20 1.94 0.20
Reporting
Date
Long Term
Returns (%)
Ave.

Returns
(%)
Long Term
Maturity
(years)
Ave.

Maturity
(years)
Est. Ave.

Purchase
Date
Return
Used
(%)
Annualized
Monthly
Inflation (%)
Return -
Monthly
Inflation
Ave.

Annual
Inflation
Return - Ave.

Annual
Inflation
6/30/2014 1.35 1.04 2.600 1.900 11/24/2011 1.35 2.2 -0.85 1.7 -0.35 7/31/2014 1.36 1.14 2.500 2.000 1/30/2012 1.36 2.3 -0.94 2.1 -0.74 8/31/2014 1.36 1.09 2.400 1.900 4/7/2012 1.36 2.3 -0.94 2.1 -0.74 9/30/2014 1.39 1.12 2.400 1.900 5/7/2012 1.39 2.3 -0.91 2.1 -0.71 10/31/2014 1.39 1.12 2.400 1.800 6/7/2012 1.39 2.2 -0.81 2.1 -0.71 11/30/2014 1.36 1.07 2.400 1.800 7/7/2012 1.36 2.1 -0.74 2.1 -0.74 12/31/2014 1.35 1.06 2.400 1.800 8/7/2012 1.35 1.9 -0.55 2.1 -0.75 1/31/2015 1.29 1.01 2.400 1.800 9/7/2012 1.29 2 -0.71 2.1 -0.81 2/28/2015 1.28 1.02 2.400 1.800 10/5/2012 1.28 2 -0.72 2.1 -0.82 3/31/2015 1.25 1.00 2.400 1.800 11/5/2012 1.25 1.9 -0.65 2.1 -0.85 4/30/2015 1.25 0.98 2.300 1.700 1/10/2013 1.25 1.9 -0.65 1.8 -0.55 5/31/2015 1.25 0.96 2.200 1.600 3/19/2013 1.25 1.9 -0.65 1.8 -0.55 6/30/2015 1.25 0.98 2.100 1.600 5/24/2013 1.25 1.7 -0.45 1.8 -0.55 7/31/2015 1.24 1.01 2.000 1.600 7/31/2013 1.24 1.7 -0.46 1.8 -0.56 8/31/2015 1.24 1.01 2.000 1.500 8/31/2013 1.24 1.8 -0.56 1.8 -0.56 9/30/2015 1.23 1.05 1.900 1.600 11/5/2013 1.23 1.7 -0.47 1.8 -0.57 10/31/2015 1.24 0.93 1.900 1.400 12/6/2013 1.24 1.7 -0.46 1.8 -0.56 11/30/2015 1.25 0.98 1.900 1.400 1/5/2014 1.25 1.6 -0.35 1.7 -0.45 12/31/2015 1.22 0.95 1.910 1.370 2/1/2014 1.22 1.6 -0.38 1.7 -0.48 1/31/2016 1.20 0.98 1.840 1.360 3/28/2014 1.20 1.7 -0.50 1.7 -0.50 2/29/2016 1.17 1.01 1.930 1.510 3/24/2014 1.17 1.7 -0.53 1.7 -0.53 3/31/2016 1.17 1.07 1.870 1.581 5/16/2014 1.17 2 -0.83 1.7 -0.53 4/30/2016 1.17 1.04 1.830 1.460 6/30/2014 1.17 1.9 -0.73 1.7 -0.53 5/31/2016 1.18 1.07 1.950 1.590 6/17/2014 1.18 1.9 -0.72 1.7 -0.52 6/30/2016 1.18 1.08 1.870 1.540 8/15/2014 1.18 1.7 -0.52 1.7 -0.52 7/31/2016 1.19 1.09 1.870 1.540 9/15/2014 1.19 1.7 -0.51 1.7 -0.51 8/31/2016 1.21 1.12 1.870 1.510 10/16/2014 1.21 1.8 -0.59 1.7 -0.49 9/30/2016 1.22 1.13 1.820 1.500 12/3/2014 1.22 1.6 -0.38 1.7 -0.48

Page 16 ends

Table 3: City of Anaheim Investments and Returns, March, 2007- August, 2022 Averages: 2.13 1.96 0.20 1.94 0.20
Reporting
Date
Long Term
Returns (%)
Ave.

Returns
(%)
Long Term
Maturity
(years)
Ave.

Maturity
(years)
Est. Ave.

Purchase
Date
Return
Used
(%)
Annualized
Monthly
Inflation (%)
Return -
Monthly
Inflation
Ave.

Annual
Inflation
Return - Ave.

Annual
Inflation
10/31/2016 1.20 1.10 1.820 1.440 1/3/2015 1.20 1.6 -0.40 1.8 -0.60 11/30/2016 1.20 1.12 1.730 1.390 3/7/2015 1.20 1.8 -0.60 1.8 -0.60 12/31/2016 1.23 1.13 1.750 1.380 3/31/2015 1.23 1.8 -0.57 1.8 -0.57 1/31/2017 1.31 1.21 1.940 1.540 2/22/2015 1.31 1.7 -0.39 1.8 -0.49 2/28/2017 1.34 1.24 2.000 1.580 3/1/2015 1.34 1.8 -0.46 1.8 -0.46 3/31/2017 1.37 1.29 2.020 1.650 3/24/2015 1.37 1.8 -0.43 1.8 -0.43 4/30/2017 1.47 1.39 2.160 1.790 3/3/2015 1.47 1.8 -0.33 1.8 -0.33 5/31/2017 1.47 1.39 2.160 1.790 4/3/2015 1.47 1.8 -0.33 1.8 -0.33 6/30/2017 1.48 1.40 2.160 1.760 5/3/2015 1.48 1.7 -0.22 1.8 -0.32 7/31/2017 1.48 1.44 2.070 1.760 7/6/2015 1.48 1.8 -0.32 1.8 -0.32 8/31/2017 1.49 1.44 2.070 1.810 8/6/2015 1.49 1.8 -0.31 1.8 -0.31 9/30/2017 1.51 1.48 2.080 1.940 9/1/2015 1.51 1.9 -0.39 1.8 -0.29 10/31/2017 1.53 1.51 2.120 1.960 9/18/2015 1.53 1.9 -0.37 1.8 -0.27 11/30/2017 1.55 1.53 2.120 1.900 10/18/2015 1.55 1.9 -0.35 1.8 -0.25 12/31/2017 1.58 1.56 1.900 1.750 2/6/2016 1.58 2.3 -0.72 2.2 -0.62 1/31/2018 1.60 1.690 5/24/2016 1.60 2.2 -0.60 2.2 -0.60 2/28/2018 1.61 1.610 7/20/2016 1.61 2.2 -0.59 2.2 -0.59 3/31/2018 1.50 1.500 9/29/2016 1.50 2.2 -0.70 2.2 -0.70 4/30/2018 1.73 1.410 12/1/2016 1.73 2.2 -0.47 2.2 -0.47 5/31/2018 1.75 1.280 2/17/2017 1.75 2.2 -0.45 1.8 -0.05 6/30/2018 1.85 1.400 2/4/2017 1.85 2.2 -0.35 1.8 0.05 7/31/2018 1.70 1.700 11/17/2016 1.70 2.1 -0.40 2.2 -0.50 8/31/2018 2.02 1.890 10/10/2016 2.02 2.1 -0.08 2.2 -0.18 9/30/2018 2.71 1.930 10/25/2016 2.71 2.1 0.61 2.2 0.51 10/31/2018 1.84 2.050 10/12/2016 1.84 2.1 -0.26 2.2 -0.36 11/30/2018 2.18 2.010 11/26/2016 2.18 2.1 0.08 2.2 -0.02 12/31/2018 2.26 2.120 11/17/2016 2.26 2.1 0.16 2.2 0.06 1/31/2019 2.28 2.210 11/15/2016 2.28 2.1 0.18 2.2 0.08

Page 17 ends

Table 3: City of Anaheim Investments and Returns, March, 2007- August, 2022 Averages: 2.13 1.96 0.20 1.94 0.20
Reporting
Date
Long Term
Returns (%)
Ave.

Returns
(%)
Long Term
Maturity
(years)
Ave.

Maturity
(years)
Est. Ave.

Purchase
Date
Return
Used
(%)
Annualized
Monthly
Inflation (%)
Return -
Monthly
Inflation
Ave.

Annual
Inflation
Return - Ave.

Annual
Inflation
2/28/2019 2.33 2.320 11/3/2016 2.33 2.1 0.23 2.2 0.13 3/31/2019 2.35 2.350 11/23/2016 2.35 2.1 0.25 2.2 0.15 4/30/2019 2.35 2.350 12/23/2016 2.35 2.2 0.15 2.2 0.15 5/31/2019 2.34 2.040 5/16/2017 2.34 1.7 0.64 1.8 0.54 6/30/2019 2.34 1.920 7/29/2017 2.34 1.7 0.64 1.8 0.54 7/31/2019 2.30 2.280 4/19/2017 2.30 1.9 0.40 1.8 0.50 8/31/2019 2.30 2.130 7/14/2017 2.30 1.7 0.60 1.8 0.50 9/30/2019 2.37 2.240 7/4/2017 2.37 1.7 0.67 1.8 0.57 10/31/2019 2.35 2.210 8/15/2017 2.35 1.7 0.65 1.8 0.55 11/30/2019 2.32 2.180 9/25/2017 2.32 1.7 0.62 1.8 0.52 12/31/2019 2.29 2.060 12/9/2017 2.29 1.8 0.49 1.8 0.49 1/31/2020 2.29 2.320 10/6/2017 2.29 1.8 0.49 1.8 0.49 2/29/2020 2.30 2.320 11/4/2017 2.30 1.7 0.60 1.8 0.50 3/31/2020 2.15 1.910 5/3/2018 2.15 2.2 -0.05 2.1 0.05 4/30/2020 2.10 1.870 6/17/2018 2.10 2.3 -0.20 2.1 0.00 5/31/2020 2.03 1.990 6/4/2018 2.03 2.3 -0.27 2.1 -0.07 6/30/2020 2.06 1.920 7/30/2018 2.06 2.4 -0.34 2.1 -0.04 7/31/2020 2.20 2.090 6/29/2018 2.20 2.3 -0.10 2.1 0.10 8/31/2020 2.20 2.100 7/26/2018 2.20 2.4 -0.20 2.1 0.10 9/30/2020 2.23 2.210 7/16/2018 2.23 2.4 -0.17 2.1 0.13 10/31/2020 2.13 2.040 10/17/2018 2.13 2.1 0.03 2.1 0.03 11/30/2020 2.62 1.940 12/22/2018 2.62 2.2 0.42 2.1 0.52 12/31/2020 2.08 1.830 3/4/2019 2.08 2 0.08 2.2 -0.12 1/31/2021 2.00 1.690 5/25/2019 2.00 2 0.00 2.2 -0.20 2/28/2021 2.07 1.680 6/25/2019 2.07 2.1 -0.03 2.2 -0.13 3/31/2021 2.07 1.620 8/17/2019 2.07 2.4 -0.33 2.2 -0.13 4/30/2021 1.99 1.470 11/10/2019 1.99 2.3 -0.31 2.2 -0.21 5/31/2021 1.78 1.380 1/13/2020 1.78 2.3 -0.52 1.7 0.08

Page 18 ends

Table 3: City of Anaheim Investments and Returns, March, 2007- August, 2022 Averages: 2.13 1.96 0.20 1.94 0.20
Reporting
Date
Long Term
Returns (%)
Ave.

Returns
(%)
Long Term
Maturity
(years)
Ave.

Maturity
(years)
Est. Ave.

Purchase
Date
Return
Used
(%)
Annualized
Monthly
Inflation (%)
Return -
Monthly
Inflation
Ave.

Annual
Inflation
Return - Ave.

Annual
Inflation
6/30/2021 1.75 1.400 2/5/2020 1.75 2.4 -0.65 1.7 0.05 7/31/2021 1.97 1.570 1/4/2020 1.97 2.3 -0.33 1.7 0.27 8/31/2021 1.72 1.380 4/14/2020 1.72 1.4 0.32 1.7 0.02 9/30/2021 1.85 1.510 3/27/2020 1.85 2.1 -0.25 1.7 0.15 10/31/2021 1.73 1.450 5/19/2020 1.73 1.2 0.53 1.7 0.03 11/30/2021 1.67 1.560 5/9/2020 1.67 1.2 0.47 1.7 -0.03 12/31/2021 1.55 1.560 6/9/2020 1.55 1.2 0.35 1.7 -0.15 1/31/2022 1.52 1.610 6/22/2020 1.52 1.2 0.32 1.7 -0.18 2/28/2022 1.65 1.780 5/19/2020 1.65 1.2 0.45 1.7 -0.05 3/31/2022 1.66 1.730 7/7/2020 1.66 1.6 0.06 1.7 -0.04 4/30/2022 1.65 1.620 9/15/2020 1.65 1.7 -0.05 1.7 -0.05 5/31/2022 1.66 1.480 12/6/2020 1.66 1.6 0.06 1.7 -0.04 6/30/2022 1.77 1.410 1/31/2021 1.77 1.4 0.37 3.6 -1.83 7/31/2022 2.02 1.595 12/25/2020 2.02 1.6 0.42 1.7 0.32 8/31/2022 2.15 1.847 10/25/2020 2.15 1.6 0.55 1.7 0.45 https://www.anaheim.net/2972/Cash-and-Investment-Management (last accessed 10/18/2022).

Page 19 ends

Appendix B: Anaheim Bay Credit Price Analysis
Table 4: Modjeska Park Project Capital Costs

ITEM DESCRIPTION UNIT BID
PRICE
CONST.

QTY. TOTAL ELIGIBLE
PORTION Notes
1 Mobilization, Permits, Bonds, Insurance, Construction Scheduling, and Demobilization LS $170,597.00 1.00 $170,597.00 1 Project is to place retention system at existing park, which requires removing and
replacing pavement, curb and gutter, storm
drain, landscaping, lights, and other
infrastructure. Therefore, all elements of
project are required to create the water
quality improvement system.
2 Traffic Control LS $6,480.00 1.00 $6,480.00 1
3 Construction Information Signs EA $1,080.00 2 $2,160.00 1 4 Sheeting, Shoring and Bracing (Including OSHA Permit) LS $52,500.00 1 $52,500.00 1 5 Potholing and Utility Locating LS $6,537.00 1 $6,537.00 1 6 Dewatering DLR $1.00 29,818.04 $29,818.04 1
7 SWPPP LS $19,145.00 1.00 $19,145.00 1
8 Remove and Salvage Existing Light Pole EA $625.00 3 $1,875.00 1 9 Remove and Salvage Existing Sign (on Light Poles) EA $187.00 3 $561.00 1 10 Remove and Salvage Existing Electrical Pullboxes EA $625.00 2 $1,250.00 1 11 Remove and Salvage Existing Mile Marker Sign and Post EA $625.00 3 $1,875.00 1 12 Remove and Salvage Existing Trash Can EA $312.00 2 $624.00 1 13 Remove and Salvage Existing Pull Box EA $312.00 8 $2,496.00 1 14 Remove, Salvage for Re-use and Relocate Existing Chilean Palm Tree EA $16,500.00 1 $16,500.00 1 15 Remove Existing Water Meter Box and Abandon Ex. 1-1/2" Water Service. Cut and Cap Service at Water Main LS $1,650.00 1 $1,650.00 1 16 Unclassified Excavation CY $4.01 48,600 $194,886.00 1 17 Unclassified Fill CY $5.13 31,600 $162,108.00 1
18 Haul-Off / Disposal CY $18.72 16,954 $317,378.88 1
19 Install Underground Storm Water Detention and Infiltration System (Single Jensen JDR or Approved Equal) on Min. 12" Thick 3/4" Crushed Angular Stone, ASTM #5, on Compacted Native Subgrade (Includes Maintenance Access Openings per Manufacturer's Specifications, Imported ¾” Crushed Angular Stone Below Underground System (excluding the Crushed Angular Stone in the Wicks), Geotextile Fabric, Cleanouts / Access Openings, 4” PVC Drawdown Siphons, Slide Gate and Backfill & Compaction of System to Grade) LS $1,357,618.00 0.9952 $1,351,118.00 1
20 Install 3/4" Crushed Angular Stone, ASTM #5, in each 3' Diameter Wick CY $185.03 181.40 $33,564.44 1 21 Construct 42" RCP (D-1800) per COA Std Detail 132 (Includes Replacement of Interfering Portions of Existing AC Pavement per COA Std Detail 132, Concrete Curb and Gutter per COA Std Detail No. 120, Type A 8" CF, and Concrete Sidewalk per COA Std Detail No. 110-B)
LF $503.44 52 $26,178.88 1
22 Remove Interfering Portions of Existing 48" RCP and Construct 6'x6' Diversion Box Drop Manhole Structure per Modified SPPWC Std Plan 320-2 EA $13,247.00 1 $13,247.00 1 23 Construct 12'x6' Rectangular Trash Capture Vault (Includes 2 Total Access Manholes, 5MM Debris Screen, 25MM Debris Screen and 6" SDR 35 PVC Low Flow Pipe, Length =14.15 LF) LS $45,145.00 1 $45,145.00 1 24 Construct Permeable Interlocking Concrete Pavers (Ackerstone Paver Aqua-Via or Approved Equal) and Base (Includes Geotextile Fabric on Bottom and Sides of Open Graded Base) SF $13.92 38,000.00 $528,960.00 1 27 Construct 4" Thick Concrete Sidewalk per COA Std Detail No. 110-B SF $5.67 4,613 $26,155.71 1 28 Construct 6" Curb per COA Std Detail No. 120, Type "C" LF $21.03 1,321 $27,780.63 1 29 Construct Curb Ramp per COA Std Plan 111-3, Case B, Type 2 and Detail D for Retaining Curb EA $2,993.00 2 $5,986.00 1 30 Construct Curb Ramp per COA Std Plan 111-3, Case D, Type 2 and Detail D for Retaining Curb EA $2,595.00 2 $5,190.00 1 31 Install 36" Deep Detectable Warning Surface per COA Std Plan 111-3 SF $36.45 240 $8,748.00 1 32 Construct Cross Gutter and Spandrels per Modified COA Std 121-A SF $16.06 740 $11,884.40 1 33 Replace Irrigation Equipment and Plantings with Like and Kind LS $154,000.00 0.968 $149,000.00 1

Page 20 ends

Table 4: Modjeska Park Project Capital Costs

ITEM DESCRIPTION UNIT BID
PRICE
CONST.

QTY. TOTAL ELIGIBLE
PORTION Notes
34 Install Salvaged Street Light Pole with New Concrete Foundation per COA PUD Construction Std L-119 EA $1,260.00 3 $3,780.00 1 35 Install Salvaged Street Light Pull Box per COA PUD Construction Std 1500-1A EA $525.00 2 $1,050.00 1 36 Install 2" PVC Sch 80 Street Light Conduit per COA PUD Construction Std CU 1600-4A and CU 1500-3A LF $7.35 550 $4,042.50 1 37 Adjust Existing OCWD Monitoring Well Cover to Finished Grade EA $840.00 1 $840.00 1 38 Install 24" Box Tree, Type: Crape Myrtle EA $385.00 28 $10,780.00 1 39 Install Salvaged Trash Can EA $210.00 2 $420.00 1
40 Install Salvaged Monument Sign and Post on New Concrete Footing EA $525.00 0 $0.00 1 41 Install Salvaged Mile Marker Sign and Post on New Concrete Footing EA $1,260.00 0 $0.00 1 42 Furnish and Install New Precast Concrete Wheel Stop EA $52.50 61 $3,202.50 1 43 Fabricate and Install New Storm Water BMP Educational Signage EA $1,575.00 1 $1,575.00 1 44 Signing and Striping LS $9,460.00 1 $9,460.00 1
Extra Work Orders (EWO's)
EWO 1: Landscaping Modifications/Changes; Sod, Tree Delta, Astro Turf Covers LS $59,668.70 1 $59,668.70 1 Sub-total $3,316,217.68
Construction Engineering $349,955.00 1 $349,955.00 1
Planning, Design, Admin $455,013.00 1 $455,013.00 1
Verification $72,257.52 1 $72,257.52 1
Retrofit (placeholder) $250,000.00 1 $250,000.00 1
Verification suggested trash and sediment
capture retrofits will be needed.

Total $4,443,443.20
From Contractor Invoices

Table 5: Modjeska Park Verification Costs
Item Units Unit Cost Units Total Notes
1 Monitoring equipment & data service LS $11,078.24 3 $33,234.72 From Stormsensor bid. Equipment installed for 3 years 2 Analysis HR $172.00 120 $20,640.00 120 engineering hours to analyze data and develop verification report. 3 SCGR Finalization HR $172.00 80 $13,760.00 80 engineering hours to analyze data and develop verification report. 4 Review and Oversight HR $231.14 20 $4,622.80 Assistant principal engineer Total $72,257.52
From Contractor Invoices

Page 21 ends

Table 6: Modjeska Park Project O&M and Administrative Costs Item Units Unit Cost Units Total Notes
1 Monitoring: manual LS $1,538.93 4 $6,155.74 Measure depths 4 times per year, prepare report. Labor at assistant engineer rate. Each measurement with report takes 4 hours, includes pickup truck cost and 2 hours principal engineer review. 2 Inspections LS $589.83 4 $2,359.32 4 times per year, two operations staff: 1 pipefitter wage, 1 operating engineer wage, one pickup truck, 4 hours per inspection
3 Trash vault and settling chamber cleanout LS $1,738.38 4 $6,953.52 4 times per year, 2 staff: 1 pipefitter wage, 1operating engineer wage, one vacuum truck, half-day for labor, full day for truck rental, 0.5 tons disposal cost.

Settling Chamber LS $8,069.30 1 $8,069.30 Daily rate from invoice for settling and trash vaults + mobilization charge divided by total days worked + report + 7 tons disposal.
4 Trash screen/net replacement LS $2,000.00 1 $2,000.00 Done during trash cleanout. Screen or net costs only. Once annually. Rough cost from https://www.jaybro.com.au/large- trash-screen-c-w-bracket.html
5 Major cleanout: trash vault, settling
chamber, infiltration chamber LS $95,366.80 0.1 $9,536.68 From invoice for 2022 maintenance (10year cycle) 6 Siphon pipe replacement LS $7,582.00 0.05 $379.10 Once every 20 years, replace PVC siphon pipes. Requires confined space entry crew and pipe materials. Taken from Downstream unit costs for crew: daily rate.
7 Annual analysis of infiltration LS $4,368.80 1 $4,368.80 20 hours at senior engineer 8 Admin LS $2,773.68 1 $2,773.68 1 hour per month at assistant principal engineer 9 Reconstruct entire system. LS $3,192,056.78 0.01 $31,920.57 Done once every 100 years Total $74,516.70

Table 7: Estimated Modjeska Reconstruction Costs
ITEM DESCRIPTION UNIT UNIT PRICE QTY TOTAL Notes
1 Mobilization, Permits, Bonds, Insurance, Construction Scheduling, and Demobilization LS $132,948.23 1. $132,948.23 Project is to replace retention system at existing park, which
requires removing and replacing
pavement, curb and gutter, storm
drain, landscaping, lights, and
other infrastructure. Therefore,
all elements of project are
required to create the water
quality improvement system.
2 Traffic Control LS $6,480.00 1. $6,480.00
3 Construction Information Signs EA $1,080.00 2. $2,160.00 4 Sheeting, Shoring and Bracing (Including OSHA Permit) LS $52,500.00 1. $52,500.00 5 Potholing and Utility Locating LS $6,537.00 1. $6,537.00 6 Dewatering DLR $1.00 29,818.04 $29,818.04
7 SWPPP LS $19,145.00 1. $19,145.00
8 Remove and Salvage Existing Light Pole EA $625.00 3. $1,875.00 9 Remove and Salvage Existing Sign (on Light Poles) EA $187.00 3. $561.00 10 Remove and Salvage Existing Electrical Pullboxes EA $625.00 2. $1,250.00 11 Remove and Salvage Existing Mile Marker Sign and Post EA $625.00 3. $1,875.00 12 Remove and Salvage Existing Trash Can EA $312.00 2. $624.00 13 Remove and Salvage Existing Pull Box EA $312.00 8. $2,496.00 14 Remove, Salvage for Re-use and Relocate Existing Chilean Palm Tree EA $16,500.00 1. $16,500.00 15 Remove Existing Water Meter Box and Abandon Ex. 1-1/2" Water Service. Cut and Cap Service at Water Main LS $1,650.00 0. $0.00 16 Unclassified Excavation CY $4.01 24,300. $97,443.00 17 Unclassified Fill CY $5.13 15,800. $81,054.00
18 Haul-Off / Disposal CY $18.72 0. $0.00
19 Install Underground Storm Water Detention and Infiltration System (Single Jensen JDR or Approved Equal) on Min. 12" Thick 3/4" Crushed Angular Stone, ASTM #5, on Compacted Native Subgrade (Includes Maintenance Access Openings per Manufacturer's Specifications, Imported ¾” Crushed Angular Stone Below Underground System LS $1,357,618.00 0.9952 $1,351,101.43

Page 22 ends

Table 7: Estimated Modjeska Reconstruction Costs
ITEM DESCRIPTION UNIT UNIT PRICE QTY TOTAL Notes
(excluding the Crushed Angular Stone in the Wicks), Geotextile Fabric, Cleanouts / Access Openings, 4” PVC Drawdown Siphons, Slide Gate and Backfill & Compaction of System to Grade) 20 Install 3/4" Crushed Angular Stone, ASTM #5, in each 3' Diameter Wick CY $185.03 181.4 $33,564.44 21 Construct 42" RCP (D-1800) per COA Std Detail 132 (Includes Replacement of Interfering Portions of Existing AC Pavement per COA Std Detail 132, Concrete Curb and Gutter per COA Std Detail No. 120, Type A 8" CF, and Concrete Sidewalk per COA Std Detail No. 110-B)
LF $503.44 52. $26,178.88
22 Remove Interfering Portions of Existing 48" RCP and Construct 6'x6' Diversion Box Drop Manhole Structure per Modified SPPWC Std Plan 320-2 EA $13,247.00 1. $13,247.00 23 Construct 12'x6' Rectangular Trash Capture Vault (Includes 2 Total Access Manholes, 5MM Debris Screen, 25MM Debris Screen and 6" SDR 35 PVC Low Flow Pipe, Length =14.15 LF) LS $45,145.00 1. $45,145.00 24 Construct Permeable Interlocking Concrete Pavers (Ackerstone Paver Aqua-Via or Approved Equal) and Base (Includes Geotextile Fabric on Bottom and Sides of Open Graded Base) SF $13.92 38,000. $528,960.00 27 Construct 4" Thick Concrete Sidewalk per COA Std Detail No. 110-B SF $5.67 4,613. $26,155.71 28 Construct 6" Curb per COA Std Detail No. 120, Type "C" LF $21.03 1,321. $27,780.63 29 Construct Curb Ramp per COA Std Plan 111-3, Case B, Type 2 and Detail D for Retaining Curb EA $2,993.00 2. $5,986.00 30 Construct Curb Ramp per COA Std Plan 111-3, Case D, Type 2 and Detail D for Retaining Curb EA $2,595.00 2. $5,190.00 31 Install 36" Deep Detectable Warning Surface per COA Std Plan 111-3 SF $36.45 240. $8,748.00 32 Construct Cross Gutter and Spandrels per Modified COA Std 121-A SF $16.06 740. $11,884.40 33 Replace Irrigation Equipment and Plantings with Like and Kind LS $154,000.00 0.9675 $149,000.00 34 Install Salvaged Street Light Pole with New Concrete Foundation per COA PUD Construction Std L-119 EA $1,260.00 3. $3,780.00 35 Install Salvaged Street Light Pull Box per COA PUD Construction Std 1500-1A EA $525.00 2. $1,050.00 36 Install 2" PVC Sch 80 Street Light Conduit per COA PUD Construction Std CU 1600-4A and CU 1500-3A LF $7.35 550. $4,042.50 37 Adjust Existing OCWD Monitoring Well Cover to Finished Grade EA $840.00 0. $0.00 38 Install 24" Box Tree, Type: Crape Myrtle EA $385.00 28. $10,780.00 39 Install Salvaged Trash Can EA $210.00 2. $420.00 40 Install Salvaged Monument Sign and Post on New Concrete Footing EA $525.00 0. $0.00 41 Install Salvaged Mile Marker Sign and Post on New Concrete Footing EA $1,260.00 0. $0.00 42 Furnish and Install New Precast Concrete Wheel Stop EA $52.50 0. $0.00 43 Fabricate and Install New Storm Water BMP Educational Signage EA $1,575.00 1. $1,575.00 44 Signing and Striping LS $9,460.00 1. $9,460.00
Extra Work Orders (EWO's)
EWO
1:

Landscaping Modifications/Changes; Sod, Tree Delta, Astro Turf Covers LS $59,668.70 0. $0.00 Sub-total $2,717,315.26
Construction Engineering $349,955.00 0.5 $174,977.50 Planning, Design, Admin $455,013.00 0.5 $227,506.50 Verification $72,257.52 1. $72,257.52
Retrofit (placeholder) 1.

Total $3,192,056.78
Estimated from Contractor Invoices for Capital Costs.

Page 23 ends

Table 8: Equipment Rental Unit Costs
Area Equipment adjustment: 1.00%
National Cost Estimator
(https://tne.craftsman-book.com/) Book Item per day ($) per week ($) per month ($) Adjusted per day ($) Adjusted per week ($) Adjusted per month ($) Plumbing Truck, 3/4 ton pickup $99.99 $387.84 $156.50 $100.99 $391.72 $158.07 Plumbing Welding machine, gas, 200amp, trailer-
mounted with 50' bare lead $81.81 $209.07 $457.53 $82.63 $211.16 $462.11 Plumbing Welding machine, gas, 400-amp, trailer-
mounted with 50' bare lead $140.39 $322.19 $748.41 $141.79 $325.41 $755.89 Plumbing Chain hoist to 2 tons $33.33 $106.05 $232.30 $33.66 $107.11 $234.62 Plumbing Air compressor, 100-125 CFM with hose,
tools $268.66 $794.87 $1,989.70 $271.35 $802.82 $2,009.60 Plumbing Air compressor, 165-185 CFM with hose,
tools $310.07 $922.13 $2,363.40 $313.17 $931.35 $2,387.03 Plumbing Crane, truck mounted, 13K lb capacity $424.20 $1,232.20 $3,858.20 $428.44 $1,244.52 $3,896.78 Plumbing Crane, truck mounted, 30K lb capacity $531.26 $1,636.20 $4,635.90 $536.57 $1,652.56 $4,682.26 Construction Flatbed truck with boom $633.27 $1,949.30 $5,605.50 $639.60 $1,968.79 $5,661.56 Construction 1-1/2 ton truck $113.12 $337.34 $1,010.00 $114.25 $340.71 $1,020.10 Construction Forklift 4K lb $287.85 $804.97 $2,050.30 $290.73 $813.02 $2,070.80 Construction Forklift 8K lb $443.39 $1,111.00 $2,514.90 $447.82 $1,122.11 $2,540.05 Construction Submersible pump 1-1/2"-2" $72.72 $220.18 $510.05 $73.45 $222.38 $515.15 Construction Submersible pump 3"-4" $121.20 $265.63 $622.16 $122.41 $268.29 $628.38 Construction Submersible hydraulic all diameters $248.46 $736.29 $2,222.00 $250.94 $743.65 $2,244.22 Construction Trash pump, gas, 1-1/2" $80.80 $241.39 $625.19 $81.61 $243.80 $631.44 Construction Trash pump, gas, 4" $68.68 $238.36 $697.91 $69.37 $240.74 $704.89 Construction Trash pump, gas, 6" $146.45 $423.19 $1,060.50 $147.91 $427.42 $1,071.11 Construction Hose, coupled, 25LF, 2 suction" $17.17 $40.40 $106.05 $17.34 $40.80 $107.11 Construction Hose, coupled, 25LF, 1-1/2" discharge" $13.13 $24.24 $59.59 $13.26 $24.48 $60.19 Construction Hose, coupled, 25LF, 3" discharge" $16.16 $38.38 $111.10 $16.32 $38.76 $112.21 Construction Traffic control LED message board $236.34 $606.00 $1,262.50 $238.70 $612.06 $1,275.13 Construction Traffic control arrow board - 25 lights $101.00 $281.79 $697.91 $102.01 $284.61 $704.89 Construction Barricades $10.10 $29.29 $88.88 $10.20 $29.58 $89.77 Construction Barricades with flashers $11.11 $17.17 $26.26 $11.22 $17.34 $26.52 https://www.vactruckrental.com/rentals/ Vacuum Truck $775.00 $3,600.00 $775.00 $3,600.00 https://haaker.com/home/rentals/ Vacuum Truck $1,150.00 $4,600.00 $1,150.00 $4,600.00 https://sunshinecanyonlandfill.com/drop-
off-information/disposal-costs/
Soil/waste disposal (non-hazardous) $/ton $98.09 $98.09 Adjusted is the national rate adjusted by the area adjustment percent.

Page 24 ends

Table 9: Labor Rates
Area labor adjustment: 27.00%
National Cost Estimator
(https://tne.craftsman-book.com/) Book Trade
Hourly Wage &
Benefits ($)
Typical Employer
Burden (%)
Employer
Taxes
Total Hrly
Cost
Local Total Hrly
Cost
Earthwork Building Laborer $21.22 31.64% $7.09 $30.55 $38.80 Earthwork Operating Engineer $31.57 24.57% $8.19 $43.09 $54.72 Construction (Industrial/Commercial) Air Tool Operator $32.34 37.57% $12.15 $44.49 $56.50 Construction (Industrial/Commercial) Asbestos Worker $44.30 38.74% $17.16 $61.46 $78.06 Construction (Industrial/Commercial) Boilermaker $45.07 38.10% $17.17 $62.24 $79.05 Construction (Industrial/Commercial) Bricklayer $40.83 33.60% $13.72 $54.55 $69.28 Construction (Industrial/Commercial) Brilayer Tender $31.29 33.62% $10.52 $41.81 $53.10 Construction (Industrial/Commercial) Building Laborer $31.12 33.87% $10.54 $41.66 $52.91 Construction (Industrial/Commercial) Carpenter $40.34 32.70% $13.19 $53.53 $67.98 Construction (Industrial/Commercial) Cement Mason $38.40 35.00% $13.44 $51.84 $65.84 Construction (Industrial/Commercial) Crane Operator $42.17 37.54% $15.83 $58.00 $73.66 Construction (Industrial/Commercial) Drywall Installer $40.36 30.85% $12.45 $52.81 $67.07 Construction (Industrial/Commercial) Electrician $46.95 29.95% $14.06 $61.01 $77.48 Construction (Industrial/Commercial) Elevator Constructor $44.92 28.65% $12.87 $57.79 $73.39 Construction (Industrial/Commercial) Floor Layer $38.37 35.18% $13.50 $51.87 $65.87 Construction (Industrial/Commercial) Glazier $42.31 32.50% $13.75 $56.06 $71.20 Construction (Industrial/Commercial) Iron Worker (Structural) $44.85 48.58% $21.79 $66.64 $84.63 Construction (Industrial/Commercial) Lather $36.52 32.58% $11.90 $48.42 $61.49 Construction (Industrial/Commercial) Marble Setter $41.23 32.69% $13.48 $54.71 $69.48 Construction (Industrial/Commercial) Millwright finish carpenter $41.03 32.56% $13.36 $54.39 $69.07 Construction (Industrial/Commercial) Mosaic & Terrazzo Worker $38.89 32.66% $12.70 $51.59 $65.52 Construction (Industrial/Commercial) Painter, brush $40.55 32.63% $13.23 $53.78 $68.30 Construction (Industrial/Commercial) Pile Driver $41.92 37.12% $15.56 $57.48 $73.00 Construction (Industrial/Commercial) Pipefitter $47.42 33.02% $15.66 $63.08 $80.11 Construction (Industrial/Commercial) Plasterer $41.08 34.96% $14.36 $55.44 $70.41 Construction (Industrial/Commercial) Plasterer Helper $33.89 34.94% $11.84 $45.73 $58.08 Construction (Industrial/Commercial) Plumber $48.23 33.03% $15.93 $64.16 $81.48 Construction (Industrial/Commercial) Reinforcing Ironworker $47.00 39.89% $18.75 $65.75 $83.50 Construction (Industrial/Commercial) Roofer $36.03 38.58% $13.90 $49.93 $63.41 Construction (Industrial/Commercial) Sheet Metal Worker $46.41 32.00% $14.85 $61.26 $77.80 Construction (Industrial/Commercial) Sprinkler Fitter $49.71 31.70% $15.76 $65.47 $83.14 Construction (Industrial/Commercial) Tractor Operator $42.01 37.56% $15.78 $57.79 $73.39 Construction (Industrial/Commercial) Truck Driver $33.93 37.58% $12.75 $46.68 $59.28 Construction (Industrial/Commercial) Assistant Engineer $101.00 $128.27 Construction (Industrial/Commercial) Senior Engineer $172.00 $218.44 Construction (Industrial/Commercial) Assistant Principal Engineer $182.00 $231.14 Construction (Industrial/Commercial) Senior Principal Engineer $243.00 $308.61 Construction (Industrial/Commercial) Job Site Engineer $101.00 $128.27 Adjusted is the national rate adjusted by the area adjustment percent.

Page 25 ends

Table 10: Anaheim Bay Credit Price: O&M Based on Best Estimates and Actual Costs,

0.4% Discount Rate
A Capital $4,443,443 $4,443,443 $4,443,443
B Other Revenue (e.g., grants) -$2,874,018 -$2,874,018 -$2,874,018 C Net Capital [A+B] $1,569,425 $1,569,425 $1,569,425
D Annual O&M $74,517 $74,517 $74,517
E Interest (i) 0.40% 0.40% 0.40%
F Number of years (n)* p* 50 20
G Present Value of O&M $18,629,174 $3,370,810 $1,429,535 H Total [C+G] $20,198,599 $4,940,236 $2,998,960
I # Credits (CF) 199,376 199,376 199,376
J Credit Capital Price ($/CF) [C/I] $7.87 $7.87 $7.87
K Credit O&M Price ($/CF) [G/I] $93.44 $16.91 $7.17
L Credit Price ($/CF) [H/I or J+K] $101.31 $24.78 $15.04 * p = in perpetuity

Table 11: Anaheim Bay Credit Price: O&M Based on Best Estimates and Actual Costs,

1.5% Discount Rate
A Capital $4,443,443 $4,443,443 $4,443,443
B Other Revenue (e.g., grants) -$2,874,018 -$2,874,018 -$2,874,018 C Net Capital [A+B] $1,569,425 $1,569,425 $1,569,425
D Annual O&M $74,517 $74,517 $74,517
E Interest (i) 1.50% 1.50% 1.50%
F Number of years (n)* p* 50 20
G Present Value of O&M $4,967,780 $2,608,061 $1,279,350 H Total [C+G] $6,537,205 $4,177,486 $2,848,775
I # Credits (CF) 199,376 199,376 199,376
J Credit Capital Price ($/CF) [C/I] $7.87 $7.87 $7.87
K Credit O&M Price ($/CF) [G/I] $24.92 $13.08 $6.42
L Credit Price ($/CF) [H/I or J+K] $32.79 $20.95 $14.29 * p = in perpetuity

Page 26 ends

Table 12: Anaheim Bay User Analysis: O&M Based on Best Estimates and Actual Costs, 0.40% Discount Rate Credit User Land Use: Multi-Family Residential Commercial/ Mixed use Transportation Education Single Family Residential Industrial Notes fi_res 0.75 0.95 0.95 0.5 0.5 0.95 Impervious factor
C 0.7125 0.8625 0.8625 0.525 0.525 0.8625 Per TGD
d 0.825 0.825 0.825 0.825 0.825 0.825 in (85th percentile storm) A (SF) 1 1 1 1 1 1 acre
DCV/SF 0.0490 0.0593 0.0593 0.0361 0.0361 0.0593
PLM 1.00 2.11 1.00 2.11 1.36 1.39
Pollutant Load Multiplier based on
difference in Credit User land use and
average land use in Credit Generator
watershed
n Credits required/SF 0.0490 0.1251 0.0593 0.0762 0.0490 0.0824 p* Credit Price ($/credit [CF]) $101.31 $101.31 $101.31 $101.31 $101.31 $101.31 p* Credit cost /SF of development $4.96 $12.67 $6.01 $7.72 $4.97 $8.35 50 Credit Price ($/credit [CF]) $24.78 $24.78 $24.78 $24.78 $24.78 $24.78 50 Credit cost /SF of development $1.21 $3.10 $1.47 $1.89 $1.21 $2.04 20 Credit Price ($/credit [CF]) $15.04 $15.04 $15.04 $15.04 $15.04 $15.04 20 Credit cost /SF of development $0.74 $1.88 $0.89 $1.15 $0.74 $1.24 * p = Present Value of O&M in perpetuity

Table 13: Anaheim Bay User Analysis: O&M Based on Best Estimates and Actual Costs, 1.5% Discount Rate Credit User Land Use: Multi-Family Residential Commercial/ Mixed use Transportation Education Single Family Residential Industrial Notes fi_res 0.75 0.95 0.95 0.5 0.5 0.95 Impervious factor
C 0.7125 0.8625 0.8625 0.525 0.525 0.8625 Per TGD
d 0.825 0.825 0.825 0.825 0.825 0.825 in (85th percentile storm) A (SF) 1 1 1 1 1 1 acre
DCV/SF 0.0490 0.0593 0.0593 0.0361 0.0361 0.0593 CF/SF
PLM 1.00 2.11 1.00 2.11 1.36 1.39
Pollutant Load Multiplier based on
difference in Credit User land use and
average land use in Credit Generator
watershed
n Credits required/SF 0.0490 0.1251 0.0593 0.0762 0.0490 0.0824 p* Credit Price ($/credit [CF]) $32.79 $32.79 $32.79 $32.79 $32.79 $32.79 p* Credit cost /SF of development $1.61 $4.10 $1.94 $2.50 $1.61 $2.70 50 Credit Price ($/credit [CF]) $20.95 $20.95 $20.95 $20.95 $20.95 $20.95 50 Credit cost /SF of development $1.03 $2.62 $1.24 $1.60 $1.03 $1.73 20 Credit Price ($/credit [CF]) $14.29 $14.29 $14.29 $14.29 $14.29 $14.29 20 Credit cost /SF of development $0.70 $1.79 $0.85 $1.09 $0.70 $1.18 * p = Present Value of O&M in perpetuity

Page 27 ends

Appendix C: Santa Ana River Credit Price Analysis
Table 14: La Palma Richfield Project Capital Costs Richfield = Eligible Portion for Water Quality Credits ITEM DESCRIPTION CONST.

QTY.

UNIT
PRICE TOTAL Richfield Fee Ana Richfield Fee Ana Notes
1 Modify Existing Reinforced Concrete Vault Structure EA 1.00 18,500.00 $18,500.00 SDMH#2, SDMH#3 $18,500.00 This vault on the Richfield alignment. 2 Modify Existing Standard Manhole Structure EA 1.00 15,700.00 $15,700.00 SDMH#1 $15,700.00 This vault on the Richfield alignment. 3 Construct Proposed SD Vault Structure EA 1 77,000.00 $77,000.00 SD VAULT #1 $77,000.00 This vault on the Richfield alignment. 4 Construct Junction Structure with Manhole EA 1 82,000.00 $82,000.00 SDMH#4 $82,000.00 This vault on the Fee Ana alignment. 5 Construct Manhole For Concrete Box Storm Drain EA
Deleted
per RFI
#2
3,800.00 $0.00 Not constructed.
6 Construct Standard Height Culvert End and Type A Box
Culvert Wingwall EA 2 43,000.00 $86,000.00 SDHW#1 SDHW#2 $43,000.00 $43,000.00 Similar structures on each alignment.

Assume cost the same.
7 Construct Rip Rap Pad CY 23.77 2,600.00 $61,802.00 11.885 SF 11.885 SF $30,901.00 $30,901.00 Similar structures on each alignment.

Assume cost the same.
8 Install 6'W x 2'H RCB LF 104 610.00 $63,440.00 104 LF $63,440.00 This RCB on Richfield alignment. 9 Install 7'W x 2'H RCB LF 608 680.00 $413,440.00 608 LF $413,440.00 This RCB on Fee Ana alignment. 10 Install 8'W x 1.5'H RCB LF 36 1,480.00 $53,280.00 36 LF $53,280.00 This RCB on Fee Ana alignment. 11 Construct RCB Transition Structure EA 1 59,000.00 $59,000.00 1 EA $59,000.00 This structure on Fee Ana alignment. 12 Install 6" PVC LF 4 3,200.00 $12,800.00 4 LF $12,800.00 This part of Dry Well system on Richfield alignment.
13 Remove Conflicting Portions of Existing 48" RCP LF 65 150.00 $9,750.00 65 LF $9,750.00 This work on Richfield alignment. 14 Construct Drywell System LS 1 106,000.00 $106,000.00 1 LS $106,000.00 Dry Well system on Richfield alignment. 15 Modify Existing 48" RCP To Produce 0% Slope & Maintain 241.19 INV LF 295 55.00 $16,225.00 295 LF $16,225.00 This work on Richfield alignment. 16 Remove, Dispose, & Replace Exisiting Vegetation LS 0.60 5,000.00 $3,000.00 0.5 LS 0.5 LS $1,500.00 $1,500.00 Similar quantities of landscape on both
alignments. Assume 50/50 split in effort and
cost.
17 Remove and Reconstruct Curb and Gutter LF 46.00 105.00 $4,830.00 29 LF $4,830.00 This curb and gutter on Fee Ana alignment. 18 Unclassified Excavation CY 2,813.50 39.00 $109,726.50 split per
quantity
take-off
split per
quantity
take-off
$46,266.37 $63,460.13
From the plans, the material to excavate to
place box culverts in Fee Ana was
calculated. The remaining material was
assumed to have been excavated in
Richfield.
19 Restore AC Pavement TON 625.06 365.00 $228,146.90
split per
quantity
take-off
split per
quantity
take-off
$96,198.54 $131,948.36
The proportionality of pavement between
Fee Ana and Richfield was assumed to be
the same proportionality as material
excavated.
20 Remove & Replace Fence LF 60 160.00 $9,600.00 30 LF 30 LF $4,800.00 $4,800.00 Lengths of fencing on both alignments are
similar. Assume 50/50 split in work and
costs.
21 Remove & Replace K-Rail Fence Barricade EA 2 1,300.00 $2,600.00 2 EA $2,600.00 This called for on Richfield alignment. 22 CCTV of Existing 48" RCP LS 1.00 6,000.00 $6,000.00 1 LS $6,000.00 This called for on Richfield alignment.

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Table 14: La Palma Richfield Project Capital Costs Richfield = Eligible Portion for Water Quality Credits ITEM DESCRIPTION CONST.

QTY.

UNIT
PRICE TOTAL Richfield Fee Ana Richfield Fee Ana Notes
23 Replace Traffic Signs, Stripping and Pavement Markers LS 1.00 8,800.00 $8,800.00 0.5 LS 0.5 LS $4,400.00 $4,400.00 Traffic signage is similar on both
alignments. Assume 50/50 split in work and
costs.
24 Traffic Control LS 1.00 147,000.00 $147,000.00 0.5 LS 0.5 LS $73,500.00 $73,500.00 Traffic control required for both alignments.

Length of both alignments similar. Assume
similar time on both alignments for the
work and 50/50 split in work and costs.
25 Install 48" RCP LF
Deleted
per RFI
#4
450.00 $0.00 Not constructed.
27 Sheeting, Shoring and Bracing (including OSHA Permit) LS 1.00 53,000.00 $53,000.00 0.5 LS 0.5 LS $26,500.00 $26,500.00 Similar lengths of work on both alignments.

Assume 50/50 split in work, time, and costs.
28 Dewatering (Provisional Item) LS 0.42 266,000.00 $110,537.00 0.5 LS 0.5 LS $55,268.50 $55,268.50 Similar depths of work on both alignments.

Assume 50/50 split in work and costs.
29 Potholing and Utility Locating LS 1.00 20,000.00 $20,000.00 0.5 LS 0.5 LS $10,000.00 $10,000.00 Similar lengths of work on both alignments.

Assume 50/50 split in work and costs.

Sub-total $1,778,177.40 $720,349.41 $1,057,827.99 % split 40.51% 59.49%
Mobilization, Permits, Bonds, Insurance, Construction
Scheduling, Demobilization LS 1.00 65,000.00 $65,000.00 40.51% 59.49% $26,331.86 $38,668.14 For entire project. Split proportionally between subtotal of capital costs
Construction Engineering $ 301,213.00 40.51% 59.49% $122,023.04 $179,189.96 For entire project. Split proportionally between subtotal of capital costs
Planning/Permitting/Design/Admin $ 568,532.00 40.51% 59.49% $230,315.43 $338,216.57 For entire project. Split proportionally between subtotal of capital costs
Verification $ 72,257.52 100.00% $72,257.52 $0.00 Retrofit (placeholder) $ 20,000.00 100.00% $20,000.00 $0.00 Verification suggested additional plumbing
for system evacuation will be needed for
future maintenance cycles.

Total $2,712,922.40 $1,191,277.26 $1,613,902.66 Richfield column shows the portion of the capital cost eligible for Credit price inclusion. The Fee Ana shows the portion ineligible because it was solely for flood risk reduction and not water quality.

From Contractor Invoices

Table 15: LaPalma Richfield Verification Costs
Item Units Unit Cost Units Total Notes
1 Monitoring equipment & data service LS $11,078.24 3 $33,234.72 From Stormsensor bid. Equipment installed for 3 years 2 Analysis HR $172.00 120 $20,640.00 120 engineering hours to analyze data and develop verification report. 3 SCGR Finalization HR $172.00 80 $13,760.00 80 engineering hours to analyze data and develop verification report. 4 Review and Oversight HR $231.14 20 $4,622.80 Assistant principal engineer Total $72,257.52
From Contractor Invoices

Page 29 ends

Table 16: La Palma Richfield Project O&M and Administrative Costs Item Units Unit Cost Units Total Notes
1 Monitoring: manual LS $1,538.93 2 $3,077.87 Measure depths 2 times per year, prepare report. Labor at assistant engineer rate. Each measurement with report takes 4 hours, includes pickup truck cost and 2 hours principal engineer review. 2 Inspections LS $589.83 2 $1,179.66 2 times per year, two operations staff: 1 pipefitter wage, 1 operating engineer wage, one pickup truck, 4 hours per inspection 3 Trash vault and settling chamber cleanout LS $8,904.85 1 $8,904.85 1 time per year, 2 staff: 1 pipefitter wage, 1 operating engineer wage, 1 vacuum truck, 1 traffic control crew, 1 day, 2 tons disposal cost, 1 day traffic control.
4 Trash screen/net replacement LS $2,000.00 0.2 $400.00 Done during trash cleanout. Screen or net costs only. Once every 5 years. Rough cost from https://www.jaybro.com.au/large-trash-screen-c- w-bracket.html
5 Sump pipe replacement LS $7,582.00 0.05 $379.10 Once every 20 years, replace PVC sump pipes. Requires confined space entry crew and pipe materials. Taken from Downstream unit costs for crew: daily rate.
6 Admin LS $2,773.68 1 $2,773.68 1 hour per month at assistant principal engineer 7 Reconstruct entire system. LS $1,090,715.42 0.01 $10,907.15 Done once every 100 years Total $27,622.31

Table 17: Estimated Modjeska Reconstruction Costs

ITEM DESCRIPTION
UNIT
PRICE QTY TOTAL Notes
1 Modify Existing Reinforced Concrete Vault Structure EA $18,500.00 1.00 $18,500.00 This vault on the Richfield alignment. 2 Modify Existing Standard Manhole Structure EA 15,700.00 1.00 $15,700.00 This vault on the Richfield alignment. 3 Construct Proposed SD Vault Structure EA 77,000.00 1 $77,000.00 This vault on the Richfield alignment. 4 Construct Junction Structure with Manhole EA 82,000.00 0 $0.00 This vault on the Fee Ana alignment. 6 Construct Standard Height Culvert End and Type A Box Culvert Wingwall EA 43,000.00 1 $43,000.00 Similar structures on each alignment. Assume cost the same. 7 Construct Rip Rap Pad CY 2,600.00 0.00 $0.00 Similar structures on each alignment. Assume cost the same. 8 Install 6'W x 2'H RCB LF 610.00 104 $63,440.00 This RCB on Richfield alignment. 9 Install 7'W x 2'H RCB LF 680.00 0 $0.00 This RCB on Fee Ana alignment. 10 Install 8'W x 1.5'H RCB LF 1,480.00 0 $0.00 This RCB on Fee Ana alignment. 11 Construct RCB Transition Structure EA 59,000.00 0 $0.00 This structure on Fee Ana alignment. 12 Install 6" PVC LF 3,200.00 4 $12,800.00 This part of Dry Well system on Richfield alignment. 13 Remove Conflicting Portions of Existing 48" RCP LF 150.00 0 $0.00 This work on Richfield alignment. 14 Construct Drywell System LS 106,000.00 1 $106,000.00 Dry Well system on Richfield alignment. 15 Replace 48" RCP LF 610.00 295 $179,950.00 This work on Richfield alignment. 16 Remove, Dispose, & Replace Exisiting Vegetation LS 5,000.00 0.30 $1,500.00 Similar quantities of landsape on both alignments. Assume 50/50 split in effort and cost. 17 Remove and Reconstruct Curb and Gutter LF 105.00 0.00 $0.00 This curb and gutter on Fee Ana alignment 18 Unclassified Excavation CY 39.00 1,186.32 $46,266.37 From the plans, the material to excavate to place box culverts in Fee Ana was calculated. The remaining material was assumed to have been excavated in Richfield. 19 Restore AC Pavement TON 365.00 263.56 $96,198.54 The proportionality of pavement between Fee Ana and Richfield was assumed to be the same proportinality as material excavated
20 Remove & Replace Fence LF 160.00 30 $4,800.00 Lengths of fencing on both alignments are similar. Assume 50/50 split in work and costs/ 21 Remove & Replace K-Rail Fence Barricade EA 1,300.00 2 $2,600.00 This called for on Richfield alignment. 22 CCTV of Existing 48" RCP LS 6,000.00 0.00 $0.00 This called for on Richfield alignment. 23 Replace Traffic Signs, Stripping and Pavement Markers LS 8,800.00 0.50 $4,400.00 Traffic signage is similar on both alignments. Assume 50/50 split in work and costs. 24 Traffic Control LS 147,000.00 0.50 $73,500.00 Traffic control required for both alignments. Length of both alignments similar. Assume similar time on both alignments for the work and 50/50 split in work and costs. 27 Sheeting, Shoring and Bracing (including OSHA Permit) LS 53,000.00 0.50 $26,500.00 Similar lengths of work on both alignments. Assume 50/50 split in work, time, and costs.

Page 30 ends

Table 17: Estimated Modjeska Reconstruction Costs

ITEM DESCRIPTION
UNIT
PRICE QTY TOTAL Notes
28 Dewatering (Provisional Item) LS 266,000.00 0.50 $133,000.00 Similar depths of work on both alignments. Assume 50/50 split in work and costs. 29 Potholing and Utility Locating LS 20,000.00 0.50 $10,000.00 Similar lengths of work on both alignments. Assume 50/50 split in work and costs.

Sub-total $915,154.91

Mobilization, Permits, Bonds, Insurance, Construction Scheduling, Demobilization LS 65,000.00 0.40511 $26,331.86 For entire project. Split proportionally between subtotal of capital costs Construction Engineering LS 53,000.00 0.40511 $21,470.59 For entire project. Split proportionally between subtotal of capital costs Planning/Permitting/Design/Admin LS 266,000.00 0.40511 $107,758.06 For entire project. Split proportionally between subtotal of capital costs Verification LS 20,000.00 1 $20,000.00
Retrofit (placeholder) LS Verification suggested additional plumbing for system evacuation will be needed for future maintenance cycles.

Total $1,090,715.42
Estimated from Contractor Invoices for Capital Costs

Page 31 ends

Table 18: Santa Ana River Credit Price: O&M Based on Best Estimates and Actual Costs, 0.40% Discount Rate
A Capital $1,191,277 $1,191,277 $1,191,277
B Other Revenue (e.g., grants) -$907,633 -$907,633 -$907,633 C Net Capital [A+B] $283,645 $283,645 $283,645
D Annual O&M $27,622 $27,622 $27,622
E Interest (i) 0.40% 0.40% 0.40%
F Number of years (n) p* 50 20
G Present Value of O&M* $6,905,577 $1,249,513 $529,909
H Total [C+G] $7,189,222 $1,533,157 $813,553
I # Credits (CF) 79,058 79,058 79,058
J Credit Capital Price ($/CF) [C/I] $3.59 $3.59 $3.59
K Credit O&M Price ($/CF) [G/I] $87.35 $15.80 $6.70
L Credit Price ($/CF) [H/I or J+K] $90.94 $19.39 $10.29 * p = in perpetuity

Table 19: Santa Ana River Credit Price: O&M Based on Best Estimates and Actual Costs, 1.5% Discount Rate
A Capital $1,191,277 $1,191,277 $1,191,277
B Other Revenue (e.g., grants) -$907,633 -$907,633 -$907,633 C Net Capital [A+B] $283,645 $283,645 $283,645
D Annual O&M $27,622 $27,622 $27,622
E Interest (i) 1.50% 1.50% 1.50%
F Number of years (n) p* 50 20
G Present Value of O&M* $1,841,487 $966,772 $474,237
H Total [A+B+F] $2,125,132 $1,250,417 $757,882
I # Credits (CF) 79,058 79,058 79,058
J Credit Capital Price ($/CF) [C/I] $3.59 $3.59 $3.59
K Credit O&M Price ($/CF) [G/I] $23.29 $12.23 $6.00
L Credit Price ($/CF) [G/H] $26.88 $15.82 $9.59
* p = in perpetuity

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Table 20: Santa Ana River User Analysis: O&M Based on Best Estimates and Actual Costs, 0.40% Discount Rate Credit User Land Use: Multi-Family Residential Commercial/ Mixed use Transportation Education Single Family Residential Industrial Notes fi_res 0.75 0.95 0.95 0.5 0.5 0.95 Impervious factor
C 0.7125 0.8625 0.8625 0.525 0.525 0.8625 Per TGD
d 0.825 0.825 0.825 0.825 0.825 0.825 in (85th percentile storm) A (SF) 1 1 1 1 1 1 SF
DCV/SF 0.0490 0.0593 0.0593 0.0361 0.0361 0.0593 CF/SF
PLM 1.00 2.16 1.00 2.16 1.39 1.29
Pollutant Load Multiplier based on difference in Credit User land use and average land use in Credit Generator
watershed
n Credits required/SF 0.0490 0.1278 0.0593 0.0778 0.0501 0.0765 p* Credit Price ($/credit [CF]) $90.94 $90.94 $90.94 $90.94 $90.94 $90.94 p* Credit cost /SF of development $4.46 $11.62 $5.39 $7.08 $4.55 $6.96 50 Credit Price ($/credit [CF]) $19.39 $19.39 $19.39 $19.39 $19.39 $19.39 50 Credit cost /SF of development $0.95 $2.48 $1.15 $1.51 $0.97 $1.48 20 Credit Price ($/credit [CF]) $10.29 $10.29 $10.29 $10.29 $10.29 $10.29 20 Credit cost /SF of development $0.50 $1.32 $0.61 $0.80 $0.52 $0.79 * p = Present Value of O&M in perpetuity

Table 21: Santa Ana River User Analysis: O&M Based on Best Estimates and Actual Costs, 1.5% Discount Rate Credit User Land Use: Multi-Family Residential Commercial/ Mixed use Transportation Education Single Family Residential Industrial Notes fi_res 0.75 0.95 0.95 0.5 0.5 0.95 Impervious factor
C 0.7125 0.8625 0.8625 0.525 0.525 0.8625 Per TGD
d 0.825 0.825 0.825 0.825 0.825 0.825 in (85th percentile storm) A (SF) 1 1 1 1 1 1 SF
DCV/SF 0.0490 0.0593 0.0593 0.0361 0.0361 0.0593 CF/SF
PLM 1.00 2.16 1.00 2.16 1.39 1.29
Pollutant Load Multiplier based on difference in Credit User land use and average land use in Credit Generator
watershed
n Credits required/SF 0.0490 0.1278 0.0593 0.0778 0.0501 0.0765 p* Credit Price ($/credit [CF]) $26.88 $26.88 $26.88 $26.88 $26.88 $26.88 p* Credit cost /SF of development $1.32 $3.44 $1.59 $2.09 $1.35 $2.06 50 Credit Price ($/credit [CF]) $15.82 $15.82 $15.82 $15.82 $15.82 $15.82 50 Credit cost /SF of development $0.78 $2.02 $0.94 $1.23 $0.79 $1.21 20 Credit Price ($/credit [CF]) $9.59 $9.59 $9.59 $9.59 $9.59 $9.59 20 Credit cost /SF of development $0.47 $1.23 $0.57 $0.75 $0.48 $0.73 * p = Present Value of O&M in perpetuity

Anaheim City CouncilJune 27, 2023

Anaheim City Council
June 27, 2023