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Trac Engineering Transportaon Planning Parking Noise & Vibraon Air Quality Global Climate Change Health Risk Assessment
STANISLAUS ELEMENTARY SCHOOL
1,2,3-TCP MITIGATION
NOISE IMPACT ANALYSIS
City of Modesto
December 14, 2023
#26..
- 2112 -
STANISLAUS ELEMENTARY SCHOOL
1,2,3-TCP MITIGATION
NOISE IMPACT ANALYSIS
City of Modesto
December 14, 2023
prepared by
Roma Stromberg, INCE, MS
Catherine Howe, MS
GANDDINI GROUP INC.
555 Parkcenter Drive, Suite 225
Santa Ana, California 92705
(714) 795-3100 | ganddini.com Project No. 19689
#26..
- 2113 -
Stanislaus Elementary School 1,2,3-TCP Mitigation
Noise Impact Analysis
i 19689
TABLE OF CONTENTS
EXECUTIVE SUMMARY ................................................................................................................................................. III
1. INTRODUCTION .................................................................................................................................................... 1 Purpose and Objectives ................................................................................................................................................. 1 Project Location ............................................................................................................................................................... 1 Project Description .......................................................................................................................................................... 1 Proposed Water Improvements ....................................................................................................................... 2 Project Objectives ................................................................................................................................................ 2 Project Elements .................................................................................................................................................. 2
2. NOISE FUNDAMENTALS .................................................................................................................................... 6 Noise Fundamentals ....................................................................................................................................................... 6 Vibration Fundamentals ................................................................................................................................................. 6
3. EXISTING NOISE ENVIRONMENT .................................................................................................................... 9 Existing Land Uses and Sensitive Receptors ............................................................................................................ 9 Ambient Noise Measurements ..................................................................................................................................... 9
4. REGULATORY SETTING .................................................................................................................................... 14 Federal Regulation ........................................................................................................................................................ 14 Federal Noise Control Act of 1972 ............................................................................................................. 14 State Regulations .......................................................................................................................................................... 14 State of California General Plan Guidelines 2017 ................................................................................... 14 Local Regulations .......................................................................................................................................................... 15 City of Modesto General Plan ....................................................................................................................... 15 City of Modesto Municipal Code.................................................................................................................. 15 Impact Criteria Borrowed From Other Agencies ................................................................................................. 16 California Department of Transportation ................................................................................................... 16 Federal Transit Administration ...................................................................................................................... 17
5. ANALYTICAL METHODOLOGY AND MODEL PARAMETERS................................................................ 21 Construction Noise Modeling ................................................................................................................................... 21 Mobile Source Noise Modeling ................................................................................................................................. 21
6. IMPACT ANALYSIS ............................................................................................................................................. 24 Noise Impacts ................................................................................................................................................................ 24 Construction Noise - Onsite .......................................................................................................................... 24 Construction Noise (Offsite) .......................................................................................................................... 27 Groundborne Vibration Impacts ............................................................................................................................... 27 Air Traffic Impacts ........................................................................................................................................................ 28
7. REFERENCES ......................................................................................................................................................... 31 Appendices
Appendix A List of Acronyms
Appendix B Glossary
Appendix C Noise Measurement Field Worksheets
Appendix D Construction Noise Modeling
Appendix E FHWA Traffic Noise Model Worksheets
Appendix F Groundborne Vibration Worksheets
#26..
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Stanislaus Elementary School 1,2,3-TCP Mitigation
Noise Impact Analysis
ii 19689
List of Tables
Table 1. Short-Term Noise Measurement Summary (dBA).................................................................................... 11 Table 2. Long-Term Noise Measurement Summary (LTNM1) (dBA) .................................................................. 12 Table 3. Noise Compatibility Matrix ............................................................................................................................. 18 Table 4. Guideline Vibration Damage Potential Threshold Criteria ..................................................................... 19 Table 5. Guideline Vibration Annoyance Potential Criteria ................................................................................... 20 Table 6. CA/T Equipment Noise Emissions and Acoustical Usage Factor Database ...................................... 22 Table 7. Construction Noise Levels (dBA Leq) .......................................................................................................... 29 Table 8. Construction Equipment Vibration Source Levels ................................................................................... 30
List of Figures
Figure 1. Regional Location Map ....................................................................................................................................... 4 Figure 2. Proposed Project .................................................................................................................................................. 5 Figure 3. A-Weighted Comparative Sound Levels ........................................................................................................ 8 Figure 4. Noise Measurement Location Map .............................................................................................................. 13
#26..
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Stanislaus Elementary School 1,2,3-TCP Mitigation
Noise Impact Analysis
iii 19689
EXECUTIVE SUMMARY
The proposed project is located within northwest unincorporated Stanislaus County in central San Joaquin Valley, “Central Valley.” The Project is approximately 0.5 miles north from the City Limits of Modesto, within Modesto’s Sphere of Influence (SOI). The Project will be constructed in public-right-of-way either within or adjacent to paved streets to the north of the Kiernan/ Carver North Comprehensive Planning District (CPD), and north of the City Limits of Modesto.
The proposed Project is the consolidation of Stanislaus Union School District (SUSD) service area (Water System No. CA5000249) with the City of Modesto, through an extension of water and wastewater services, and the abandonment of the existing Well 02. Stanislaus Elementary School is one of six schools located within SUSD (five (5) elementary schools; one (1) junior high school); however, Stanislaus Elementary School is the only school currently being serviced by Water System No. CA5000249 since it is the only school within the district located outside of Modesto’s Water System and City Limits.
Due to presence of 1,2,3-TCP in Well 02, the Stanislaus Elementary School’s water system needs additional water services. Therefore, the intended outcome of the proposed Project is the following:
Provide Stanislaus Elementary School with a source of drinking water that meets water quality standards; Provide sufficient hydraulic capacity to meet 4,000 gallons per minute (gpm) fire flow requirements while maintaining a 20-pounds per square inch (psi) residual pressure at the school; build a Project that is consistent with the City’s 2019 Water Master Plan (WMP) identified future improvements. To achieve these objectives, the Project proposes to extend the City of Modesto’s Water and Wastewater systems to the school and stop the extraction of contaminated groundwater from Well 02.
On-Site Construction Noise
Noise Ordinance Compliance
Although most construction activity is expected to occur during the allowed hours as provided above, jack and bore activities may occur outside of those hours. This would be a significant impact and mitigation is required, unless otherwise authorized by Building Commissioner.
Analysis in Light of FTA Standards
As shown in Table 7, construction noise will range between 82 and 98 dBA dBA, Leq. Project construction noise may exceed the FTA noise threshold of 80 dBA Leq for an 8-hour period at residential and noise-sensitive outdoor areas. Although FTA standards only apply to residential land uses, impacts to commercial land uses, schools and parks were also considered.
Construction noise levels at the retail uses near the jack and bore site near the intersection of Dale Road and Kiernan Avenue may reach up to 82.5 dBA Leq. Retail land uses are not considered sensitive. Therefore, this impact is less than significant and no mitigation is required.
Construction noise levels at the Elementary School may reach up to 92.0 dBA Leq at a distance of 50 feet on school grounds. This impact would be significant and mitigation is required.
Construction noise levels at single-family homes near Tully Road and Kiernan Avenue may reach up to 92.0 dBA Leq at a distance of 50 feet on school grounds. This impact would be significant and mitigation is required.
Construction noise along the pipeline alignment at residential land uses could reach up to 97.7 dBA Leq. This impact would be significant and mitigation is required. #26..
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Stanislaus Elementary School 1,2,3-TCP Mitigation
Noise Impact Analysis
iv 19689
Required Construction Noise Mitigation Measures
In addition to the previously mentioned Best Management Practices (BMPs), the following construction noise impacts must be implemented in order for impacts to be considered less than significant.
1. During all project site excavation and grading on-site, construction contractors shall equip all construction equipment, fixed or mobile, with properly operating and maintained mufflers, consistent with manufacturer standards.
2. The contractor shall place all stationary construction equipment so that emitted noise is directed away from the noise sensitive receptors nearest the project site. One-inch plywood or acoustical blankets capable of achieving a reduction level of at least 10 dB shall be used to keep equipment noise from exceeding the 80 dBA noise level standard.
3. Equipment shall be shut off and not left to idle when not in use.
4. Whenever possible, electric power will be used in lieu of internal combustion engine power.
5. The contractor shall locate equipment staging in areas that will create the greatest distance between construction-related noise/vibration sources and sensitive receptors nearest the project site during all project construction.
6. Jackhammers, pneumatic equipment, and all other portable stationary noise sources shall be shielded, and noise shall be directed away from sensitive receptors.
7. The project proponent shall mandate that the construction contractor prohibit the use of music or sound amplification on the project site during construction.
8. The construction contractor shall limit haul truck deliveries to the same hours specified for construction equipment.
9. The quietest equipment available will be utilized when feasible; and,
10. Haul routes that affect the fewest number of people will be utilized whenever possible.
Off-Site Construction Noise (Construction Vehicle Trips) The addition of project construction-related vehicle trips is not expected to result in a noticeable change in noise levels (less than 1 dB). Project impacts related to project construction related vehicle trips would be less than significant. No mitigation is required.
Groundborne Vibration
The closest structures to the proposed construction activities include single family residential structures as close as 25 feet. Plate compactors are the most vibratory equipment that may be used near an existing structure. The peak particle velocity (PPV) per square foot associated with these vibratory plates is 0.21 at a distance of 25 feet. They are not, however, expected to be utilized within 25 feet of an existing structure.
Other equipment anticipated to be used during project construction generate lower PPV. Therefore, groundborne vibration generated by project construction would not exceed the levels necessary to cause architectural damage. Use of plate compactors would not exceed the threshold for annoyance due to vibration (PPV of 0.4 in/sec) at residential receptors along the project route. This impact would be less than significant.
No mitigation is required.
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The most substantial sources of groundborne vibration during post-construction project operations will include the movement of passenger vehicles and trucks on paved and generally smooth surfaces. Loaded trucks generally have a PPV of 0.076 at a distance of 25 feet (Caltrans 2020), which is a substantially lower PPV than that of a vibratory roller (0.210 in/sec PPV at 25 feet). Therefore, groundborne vibration levels generated by project operation would not exceed those modeled for project construction.
Impacts related to groundborne vibration would be less than significant. No mitigation is required.
Air Traffic Impacts
There are no airports within two miles of the project site. The project would not result in any impacts related to airport or aircraft noise. No mitigation is required. #26..
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1. INTRODUCTION
This section describes the purpose of this study and introduces the proposed project.
PURPOSE AND OBJECTIVES
The purpose of this study is to provide an assessment of the noise impacts associated with construction of the proposed Stanislaus Elementary School 1,2,3-TCP Mitigation project and to identify mitigation measures that may be necessary to reduce those impacts. The noise issues related to the proposed construction and long-term operation have been evaluated in light of applicable federal, state and local policies, including those of the City of Modesto, in the context of the California Environmental Quality Act (CEQA).
Although this is a technical report, effort has been made to write the report clearly and concisely. A list of acronyms and glossary are provided in Appendix A and Appendix B of this report to assist the reader with technical terms related to noise analysis.
PROJECT LOCATION
The proposed project is located within northwest unincorporated Stanislaus County in central San Joaquin Valley, “Central Valley.” The Project is approximately 0.5 miles north from the City Limits of Modesto, within Modesto’s Sphere of Influence (SOI). The Project will be constructed in public-right-of-way either within or adjacent to paved streets to the north of the Kiernan/ Carver North Comprehensive Planning District (CPD), and north of the City Limits of Modesto. The Project proposes a lateral extending from the proposed water main within the street to the Stanislaus Elementary School Property (APN 004-068-008) for water delivery to the existing school facility. The Project also proposes water mains within public rights-of-way for Dale Road; Kieran Avenue; Carver Road; and Tully Road, which is referred to as the “Project Site” for CEQA analysis and as summarized as follows:
Public
ROW
Length
(LF1
)
Direction of Pipeline
Construction
Lat/Long; Elevation Area of Disturbance
Tully
Road
~ 700 ft North from existing “dead-end”
connection point
Beginning of proposed alignment:
Latitude 37.710473 °N/Longitude
121.013059°W; 22-25 ft AMSL
Open Trenching: 6-ft x 8-ft
for 12,000 linear feet
Jack and Bore Pits:
5 Jacking Pits: 12-ft wide x 10-
ft long x 15-ft deep
5 Receiving Pits: 12-ft wide x
24-ft long x 15-ft deep
Kieran
Avenue
~
10,730
ft
West from Tully Road and
Kieran Avenue intersection.
---
Dale
Road
~570 ft South from Kiernan Avenue
and Dale Road intersection to
existing “dead-end” connection
point.
End of Proposed Alignment: Latitude
37.710636 °N/Longitude -
121.050073°W; 22-25 ft AMSL
Reference: See Figure 2A: Water Improvements Local Vicinity Map Notes: 1) LF= Linear Feet
2) Average dimensions of trenching are 6-feet wide by 8-feet deep. 3) AMSL= Above Mean Sea Level
The project’s location is shown on Figures 1 and 2.
PROJECT DESCRIPTION
The proposed Project is the consolidation of Stanislaus Union School District (SUSD) service area (Water System No. CA5000249) with the City of Modesto, through an extension of water and wastewater services, and the abandonment of the existing Well 02. Stanislaus Elementary School is one of six schools located within SUSD (five (5) elementary schools; one (1) junior high school); however, Stanislaus Elementary School is the only school currently being serviced by Water System No. CA5000249 since it is the only school within the district located outside of Modesto’s Water System and City Limits.
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Proposed Water Improvements
Water improvements will construct a total of approximately 12,000 linear feet of 12-inch potable water pipeline along Tully Road; Kieran Avenue; and Dale Road. The pipeline will extend from the existing dead-end 12-inch potable water main along Tully Road, approximately 700 feet south from the Tully Road and Kieran Avenue intersection. From the existing connection point, the potable water pipeline will continue north towards Keiran Avenue, then west towards Dale Road along Kieran Avenue. The Project Alignment will terminate along Dale Road and connect with the existing dead-end 12-inch potable water main, approximately 570 feet from the Dale Road and Keiran Avenue intersection.
Due to the connection to two existing dead-end 12-inch pipelines along Tully Road and Dale Road, the proposed water improvements will meet fire flow requirements (33 psi at 4,000 gpm); meet the City’s operational and performance criteria; and result in high pipeline turnover rates which benefit water quality within the distribution system. The entire alignment will be buried underground using open trench construction as well as jack and bore construction to avoid direct impacts to existing utilities and structures.
Temporary areas of disturbance as a result of trenching is anticipated to be 4-feet wide and 8-feet deep along the entire 12,000 linear feet of Project Alignment, approximately 1.1 acres. Jack and bore construction will consist of 5 total pits1. Jacking pits are approximately 12-ft wide by 10-ft long by 15-ft deep and receiving pits that are approximately 12-ft wide by 24-ft long x 15-ft deep, resulting in approximately 0.03 acres of disturbance. As a result, earthwork quantities are approximately 3,348 cubic yards (CY) of export and 4,680 CY of import.
One service lateral will be located near the southwestern corner of the Stanislaus Elementary School property line. Following the installation of the Project Alignment, the abandonment of the existing Well 02 will occur.
Abandonment and permanent sealing of SUSD Well 02 will occur in accordance with requirements set forth by the City of Modesto’s Director of Utilities and Environmental Resources Department of Stanislaus County.
Project Objectives
Due to presence of 1,2,3-TCP in Well 02, the Stanislaus Elementary School’s water system needs additional water services. Therefore, the intended outcome of the proposed Project is the following:
Provide Stanislaus Elementary School with a source of drinking water that meets water quality standards; Provide sufficient hydraulic capacity to meet 4,000 gallons per minute (gpm) fire flow requirements while maintaining a 20-pounds per square inch (psi) residual pressure at the school; build a Project that is consistent with the City’s 2019 Water Master Plan (WMP) identified future improvements.
To achieve these objectives, the Project proposes to extend the City of Modesto’s Water and Wastewater systems to the school and stop the extraction of contaminated groundwater from Well
02. Project Elements
Construction Activities
Project construction is anticipated to begin in fall of 2024 and conclude in fall of 2025, lasting for approximately eleven months. Construction activities will occur between 7:30 AM and 4:30 PM, Monday through Friday; weekend work will be avoided when feasible, however, weekend or night work might occur 1 For the purposes of noise, air quality/GHG, and traffic modeling, assumptions were made about the location of jacking and receiving pits based on a “worst-case scenario”. Under “worst-case” conditions, boring locations are located closest to sensitive receptors adjacent to the Project Alignment: one (1) along the east side of Dale Road, approximately 150 feet from sensitive receptors; three (3) along the north side of Kiernan Avenue, bordering the southern perimeter of Stanislaus Elementary School, approximately 50 ft from the closest sensitive receptors; and one (1) along the west side of Tully Road, approximately 50 ft from the closest sensitive receptors.
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to accommodate traffic. The installation rate of the water and sewer mains are expected to average 100 feet per day.
Construction activities will involve approximately six to eight crew members2 at any one time for a total of 16 people on the job. Crew members will get to the construction site utilizing personal vehicles, approximately 16 vehicles at any one time, accessing the construction site via local roadways (Carver Road, Dale Road, etc.) or regional transportation routes (State Route (SR) 99; SR 219 (Kiernan Avenue); SR 108). Personal vehicles will be parked along the public right-of-way, adjacent to the Project Alignments within the roadway, shoulder or the streets, or in a designated laydown yard on the Stanislaus Elementary School property. Temporary fencing will be constructed around each work area to secure construction sites and prevent theft/ vandalism that has the potential to occur overnight, concluding daily construction activities. In addition to fencing, active construction will either be backfilled or covered with trench plates at the end of each day. Water for construction and potable water during construction activities will be supplied by the City of Modesto’s water system.
Construction Equipment
During Project implementation, construction activities will involve the utilization of various diesel-powered equipment along various locations of the Project Alignment for the duration of Project construction. Potential equipment on-site during construction includes one (1) scraper, five (5) tractors/ loaders/ backhoes, one (1) off-highway trucks, one (1) plate compactor, one (1) excavator, one (1) other material handling equipment, one (1) paving equipment, one (1) other construction equipment, two (2) pumps, one (1) skid steer loaders, one (1) surfacing equipment, one (1) rubber tiered dozer, and one (1) crane. During temporary Project construction, equipment will be kept at a designated laydown yard or the Project contractor’s own facilities.
Staging
Staging areas will be located inside existing public right-of-way along various locations of the Project Alignment or on adjacent parcels. These staging locations will depend on the portion of the alignment under construction. Staging will also be located within a portion of the Stanislaus Elementary School parking lot.
Schedule and Phasing
The Project Construction is not anticipated to be phased. As mentioned above, the contractor will lay approximately 100 feet of pipeline per day for approximately eight months until the entire Project Alignment has been implemented. Utility potholing and determining locations of existing “dead-end” connections will occur prior to open trench construction and excavation.
Long-Term Operations and Maintenance
The proposed Project Alignment is anticipated to be operational for 50 or more years upon initial construction.
The City will operate and manage the potable water conveyance pipeline to Stanislaus Elementary School, serving approximately 360 students and staff. The City of Modesto does not anticipate additional staffing needs for long-term operation and maintenance of the proposed Project. Monthly worker trips over the lifetime of the proposed Project will be required to conduct routine inspections and ensure proper long-term maintenance. Since a portion of the proposed Project will occur within the CALTRANS right-of-way (Kiernan Avenue), the City will establish a long-term maintenance agreement with CALTRANS pursuant to a parallel encroachment policy exception for an arterial.
2 The number of construction crew members is an assumption based on the scale of the proposed Project and type of infrastructure being implemented.
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Figure 1
Regional Location Map
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Figure 2
Proposed Project
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2. NOISE FUNDAMENTALS
This section provides an overview of key noise concepts.
NOISE FUNDAMENTALS
Sound is a pressure wave created by a moving or vibrating source that travels through an elastic medium such as air. Noise is defined as unwanted or objectionable sound. The effects of noise on people can include general annoyance, interference with speech communication, sleep disturbance, and in extreme circumstances, hearing impairment.
Commonly used noise terms are presented in Appendix B. The unit of measurement used to describe a noise level is the decibel (dB). The human ear is not equally sensitive to all frequencies within the sound spectrum.
Therefore, the “A-weighted” noise scale, which weights the frequencies to which humans are sensitive, is used for measurements. Noise levels using A-weighted measurements are written dB(A) or dBA.
From the noise source to the receiver, noise changes both in level and frequency spectrum. The most obvious is the decrease in noise as the distance from the source increases. The manner in which noise reduces with distance depends on whether the source is a point or line source as well as ground absorption, atmospheric effects and refraction, and shielding by natural and manmade features. Sound from point sources, such as air conditioning condensers, radiates uniformly outward as it travels away from the source in a spherical pattern.
The noise drop-off rate associated with this geometric spreading is 6 dBA per each doubling of the distance (dBA/DD). Transportation noise sources such as roadways are typically analyzed as line sources, since at any given moment the receiver may be impacted by noise from multiple vehicles at various locations along the roadway. Because of the geometry of a line source, the noise drop-off rate associated with the geometric spreading of a line source is 3 dBA/DD.
Decibels are measured on a logarithmic scale, which quantifies sound intensity in a manner similar to the Richter scale used for earthquake magnitudes. Thus, a doubling of the energy of a noise source, such as a doubled traffic volume, would increase the noise levels by 3 dBA; halving of the energy would result in a 3 dBA decrease. Figure 3 shows the relationship of various noise levels to commonly experienced noise events.
Average noise levels over a period of minutes or hours are usually expressed as dBA Leq, or the equivalent noise level for that period of time. For example, Leq(3-hr) would represent a 3-hour average. When no period is specified, a one-hour average is assumed.
Noise standards for land use compatibility are stated in terms of the Community Noise Equivalent Level (CNEL) and the Day-Night Average Noise Level (DNL). CNEL is a 24-hour weighted average measure of community noise. CNEL is obtained by adding five decibels to sound levels in the evening (7:00 PM to 10:00 PM), and by adding ten decibels to sound levels at night (10:00 PM to 7:00 AM). This weighting accounts for the increased human sensitivity to noise during the evening and nighttime hours. DNL is a very similar 24- hour average measure that weighs only the nighttime hours.
It is widely accepted that the average healthy ear can barely perceive changes of 3 dBA; that a change of 5 dBA is readily perceptible, and that an increase (decrease) of 10 dBA sounds twice (half) as loud. This definition is recommended by the California Department of Transportation’s Technical Noise Supplement to the Traffic Noise Analysis Protocol (2013).
VIBRATION FUNDAMENTALS
The way in which vibration is transmitted through the earth is called propagation. Propagation of earthborn vibrations is complicated and difficult to predict because of the endless variations in the soil through which waves travel. There are three main types of vibration propagation: surface, compression and shear waves. 6 #26..
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Surface waves, or Rayleigh waves, travel along the ground’s surface. These waves carry most of their energy along an expanding circular wave front, similar to ripples produced by throwing a rock into a pool of water.
Compression waves, or P-waves, are body waves that carry their energy along an expanding spherical wave front. The particle motion in these waves is longitudinal (i.e., in a “push-pull” fashion). P-waves are analogous to airborne sound waves. Shear waves, or S-waves, are also body waves that carry energy along an expanding spherical wave front. However, unlike P-waves, the particle motion is transverse or “side-to-side and perpendicular to the direction of propagation”.
As vibration waves propagate from a source, the energy is spread over an ever-increasing area such that the energy level striking a given point is reduced with the distance from the energy source. This geometric spreading loss is inversely proportional to the square of the distance. Wave energy is also reduced with distance as a result of material damping in the form of internal friction, soil layering, and void spaces. The amount of attenuation provided by material damping varies with soil type and condition as well as the frequency of the wave.
Vibration amplitudes are usually expressed as either peak particle velocity (PPV) or the root mean square (RMS) velocity. The PPV is defined as the maximum instantaneous peak of the vibration signal in inches per second. The RMS of a signal is the average of the squared amplitude of the signal in vibration decibels (VdB), ref one micro-inch per second. The Federal Railroad Administration uses the abbreviation “VdB” for vibration decibels to reduce the potential for confusion with sound decibel.
PPV is appropriate for evaluating the potential of building damage and VdB is commonly used to evaluate human response. Decibel notation acts to compress the range of numbers required in measuring vibration.
Similar to the noise descriptors, Leq and Lmax can be used to describe the average vibration and the maximum vibration level observed during a single vibration measurement interval. The threshold of perception for human response is approximately 65 VdB; however, human response to vibration is not usually substantial unless the vibration exceeds 70 VdB. Vibration tolerance limits for sensitive instruments such as magnetic resonance imaging (MRI) or electron microscopes could be much lower than the human vibration perception threshold.
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Figure 3
A-Weighted Comparative Sound Levels
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3. EXISTING NOISE ENVIRONMENT
This section describes the existing noise setting in the project vicinity.
EXISTING LAND USES AND SENSITIVE RECEPTORS
The State of California defines sensitive receptors as those land uses that require serenity or are otherwise adversely affected by noise events or conditions. Schools, libraries, churches, hospitals, single and multiplefamily residential, including transient lodging, motels and hotel uses make up the majority of these areas.
Furthermore, the City of Modesto General Plan states that noise sensitive land uses include residences, hospitals, parks, churches, and schools.
The surrounding land uses are primarily agricultural fields and urban commercial uses as shown below.
Land Use Stanislaus County General Plan
City of Modesto
General Plan Zoning
Project
o1-ঞom
County and City Right-ofWay; Stanislaus Elementary
School
General Agriculture (Deciduous
Fruits and Nuts)
Village Residenঞal (VR)-
Keiran/ Carver North
Comprehensive Planning
District
AG-40
North Large-scale agriculture General Agriculture (Deciduous Fruits and Nuts, Field Crops) Village Residenঞal (VR) AG-40 South Large-scale agriculture;
Kaiser Permanente Modesto
Medical Center
Community Commercial; Urban
Vacant; Urban Industrial; General
Agriculture (Pasture, Deciduous
Fruits and Nuts)
Village Residenঞal (VR);
Business Park (BP); Mixed
Use (MU)
AG 10;
Modesto
East Large-scale agriculture General Agriculture (Deciduous Fruits and Nuts, Field Crops) Business Park (BP) AG-40
West Large-scale agriculture General Agriculture (Deciduous Fruits and Nuts) Business Park (BP) AG-40
Source: (1) Stanislaus County GIS, Updated May 2023. (2) Modesto General Plan EIR, 2019.
Existing sensitive land uses in the project area that may be affected by project noise include the existing residential, school, and transient lodging uses located adjacent or near Kiernan Avenue between Tully Road to Dale Road.
AMBIENT NOISE MEASUREMENTS
An American National Standards Institute (ANSI Section S1.4 2014 Class 1) Larson Davis model LxT sound level meter was used to document existing ambient noise levels. In order to document existing ambient noise levels in the project area, five (5) 15-minute daytime noise measurements were taken between 1:00 PM and 3:52 PM on December 5, 2023. In addition, one (1) long-term 24-hour noise measurement were also taken from December 5, 2023, to December 6, 2023. Field worksheets and noise measurement output data are included in Appendix C.
As shown in Figure 4, the noise meter was placed at the following locations:
NM1: represents the existing noise environment of the commercial and transient lodging uses located along and/or near Dale Road (4800 Dale Road, Modesto).The noise meter was placed just northeast of the commercial use along the eastern side of Dale Road. 9 #26..
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NM2: represents the existing noise environment of the single-family residential use located along the southern side of Kiernan Avenue near Morrow Road (2224 Kiernan Avenue, Modesto). The noise meter was placed just north of the residence along the southern side of Kiernan Avenue. NM3: represents the existing noise environment of the single-family residential use located along the southern side of Kiernan Avenue near Tully Road (1348 Kiernan Avenue, Modesto). The noise meter was placed just north of the residence along the southern side of Kiernan Avenue. NM4: represents the existing noise environment of the single-family residential and commercial use located along the northern side of Kiernan Avenue near Carver Road (1601 Kiernan Avenue, Modesto).
The noise meter was placed just south of the residential and commercial use along the northern side of Kiernan Avenue.
NM5: represents the existing noise environment of the school use located to the north of Kiernan Avenue (1931 Kiernan Avenue, Modesto). The noise meter was placed just west of the residence along the northern side of Kiernan Avenue.
LTNM1: represents the existing noise environment of the surrounding area of the project site. The noise meter was placed near the residential use at 5143 American Avenue, Modesto just west of America Avenue.
Table 1 provides a summary of the short-term ambient noise data. Table 2 provides hourly interval ambient noise data from the long-term noise measurements. Measured short-term ambient noise levels ranged between 62.6 and 72.9 dBA Leq. Long-term hourly noise measurement ambient noise levels ranged from 43.6 to 59.8 dBA Leq. The dominant noise source in the project vicinity was vehicle traffic associated with Dale Road, Kiernan Avenue, Tully Road, Carver Road, American Avenue, and other surrounding roadways.
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Site Location Time Started Leq Lmax Lmin L(2) L(8) L(25) L(50) NM1 1:00 PM 62.6 81.8 46.5 69.7 63.6 60.1 56.3
NM2 1:46 PM 72.9 83.7 42.8 79.9 77.9 74.3 68.5
NM3 2:23 PM 72.8 85.7 58.6 80.5 77.1 73.0 69.4
NM4 3:03 PM 68.7 80.3 42.5 76.1 73.3 69.7 65.8
NM5 3:37 PM 71.8 81.8 49.7 77.9 76.6 73.5 69.3
(1) See Figure 5 for noise measurement locations. Each noise measurement was performed over a 15-minute duration. (2) Noise measurements performed on December 5, 2023.
Table 1
Short-Term Noise Measurement Summary (dBA)
Notes:
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Leq Lmax Lmin L(2) L(8) L(25) L(50)
5:00 PM 52.9 90.6 32.8 57.5 53.9 50.6 47.1
5:00 PM 55.1 81.4 37.1 62.7 54.6 50.8 48.3
6:00 PM 51.7 71.6 39.4 57.7 53.8 51.2 48.7
7:00 PM 50.8 73.2 40.1 55.2 52.9 50.5 48.3
8:00 PM 49.4 70.7 40.1 54.7 51.8 49.6 48
9:00 PM 49.2 57.6 39.4 55.1 52.8 50.4 47.8
10:00 PM 48.6 68.1 37.6 55.5 51.8 48.9 46.5
11:00 PM 48.0 73.3 34.4 53.1 49.9 47.2 44.5
12:00 AM 45.2 57.7 33.7 51.6 49.1 46.1 43.5
1:00 AM 43.6 57.6 33.2 50.3 47.2 44.3 41.7
2:00 AM 44.9 60.4 32.8 51.5 48.8 45.7 42.7
3:00 AM 48.3 59.6 36.7 53.9 51.7 49.3 46.9
4:00 AM 50.1 66.8 41.8 55.4 53.4 50.9 48.8
5:00 AM 52.1 61.1 44.8 56.8 55.1 53.1 51.3
6:00 AM 53.2 71.3 46.5 57.4 55.5 53.4 51.8
7:00 AM 55.7 74.4 48.5 63 56.6 55.1 53.6
8:00 AM 59.8 90.6 44.9 64.5 55.8 53.5 51.8
9:00 AM 52.8 80.3 43.3 56.3 51.1 48.9 47.1
10:00 AM 49.7 74.0 38.5 55 47.3 45.4 43.8
11:00 AM 47.8 73.8 36.4 53.6 45.5 42.6 41.2
12:00 PM 49.2 73.6 37.0 56 44 42 40.8
1:00 PM 52.7 76.9 37.6 60.5 48.5 45.5 43.4
2:00 PM 52.7 75.9 40.0 62.1 51.8 48.5 46.5
3:00 PM 55.0 79.1 37.5 64.3 54.8 51.6 45.6
4:00 PM 58.8 80.7 44.5 70.5 56.6 53.4 51.6
(1)
(2)
Notes:
See Figure 5 for noise measurement locations. Noise measurement was performed over a 24-hour duration.
Noise measurement performed from December 5, 2023 to December 6, 2023. 19 20
21 22
23 CNEL
24 57.1
18 7
8 9
10 11
12 13
14 15
16 17
6 Table 2
Long-Term Noise Measurement Summary (LTNM1) (dBA)
24-Hour Ambient Noise1,2
Hourly
Measurements Time Started
Overall Summary
1 2
3 4
5 Stanislaus Elementary School 1,2,3-TCP Mitigation
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Figure 4
Noise Measurement Location Map
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4. REGULATORY SETTING
This section documents the regulatory framework and applicable noise standards.
FEDERAL REGULATION
Federal Noise Control Act of 1972
The U.S. Environmental Protection Agency (EPA) Office of Noise Abatement and Control was originally established to coordinate federal noise control activities. After its inception, EPA’s Office of Noise Abatement and Control issued the Federal Noise Control Act of 1972, establishing programs and guidelines to identify and address the effects of noise on public health, welfare, and the environment. In response, the EPA published Information on Levels of Environmental Noise Requisite to Protect Public Health and Welfare with an Adequate Margin of Safety (Levels of Environmental Noise). The Levels of Environmental Noise recommended that the Ldn should not exceed 55 dBA outdoors or 45 dBA indoors to prevent significant activity interference and annoyance in noise-sensitive areas.
In addition, the Levels of Environmental Noise identified five (5) dBA as an “adequate margin of safety” for a noise level increase relative to a baseline noise exposure level of 55 dBA Ldn (i.e., there would not be a noticeable increase in adverse community reaction with an increase of five dBA or less from this baseline level). The EPA did not promote these findings as universal standards or regulatory goals with mandatory applicability to all communities, but rather as advisory exposure levels below which there would be no risk to a community from any health or welfare effect of noise.
In 1981, EPA administrators determined that subjective issues such as noise would be better addressed at lower levels of government. Consequently, in 1982 responsibilities for regulating noise control policies were transferred to State and local governments. However, noise control guidelines and regulations contained in EPA rulings in prior years remain in place by designated Federal agencies, allowing more individualized control for specific issues by designated Federal, State, and local government agencies.
STATE REGULATIONS
State of California General Plan Guidelines 2017
Though not adopted by law, the State of California General Plan Guidelines 2017, published by the California Governor’s Office of Planning and Research (OPR) (OPR Guidelines), provides guidance for the compatibility of projects within areas of specific noise exposure. The OPR Guidelines identify the suitability of various types of construction relative to a range of outdoor noise levels and provide each local community some flexibility in setting local noise standards that allow for the variability in community preferences. Findings presented in the Levels of Environmental Noise Document (EPA 1974) influenced the recommendations of the OPR Guidelines, most importantly in the choice of noise exposure metrics (i.e., Ldn or CNEL) and in the upper limits for the normally acceptable outdoor exposure of noise-sensitive uses.
The OPR Guidelines include a Noise and Land Use Compatibility Matrix which identifies acceptable and unacceptable community noise exposure limits for various land use categories. Where the “normally acceptable” range is used, it is defined as the highest noise level that should be considered for the construction of the buildings which do not incorporate any special acoustical treatment or noise mitigation. The “conditionally acceptable” or “normally unacceptable” ranges include conditions calling for detailed acoustical study prior to the construction or operation of the proposed project. 14 #26..
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LOCAL REGULATIONS
City of Modesto General Plan
The City of Modesto General Plan Chapter VII – Environmental Resources and Open Space contains noise related policies which apply to the proposed project. Applicable policies are presented below.
Policies
a. Construction activities are to comply with Modesto Municipal Code Title 4, Chapter 9. b. Implement noise-reducing construction practices as conditions of approval where substantial construction-related noise impacts would be likely to occur, such as with extended periods of pile driving, or where construction is expected to continue or where sensitive receptors would be affected by construction noise. Conditions of approval may include, but are not limited to:
Require construction equipment, including air compressors and pneumatic equipment to have properly maintained mufflers;
Require impact tools to be equipped with shrouds or shields; Require that the quietest equipment available be used; and, Require selection of haul routes that affect the fewest number of people. e. Incorporate construction practices and acoustic treatment in new residential construction to reduce typical indoor noise levels to 45 dB. Developers of residential buildings within the 65 dBA contours shown in the General Plan Master EIR shall demonstrate that interior noise has been reduced to 45 dB. Other types of development should be protected against noise intrusion at least to the levels indicated on Table 3.
f. At noise-sensitive land uses, increases in noise should not exceed 3 dBA where any other noise threshold or standard would be exceeded, and/or 5 dBA where noise levels would otherwise fall within acceptable limits, for the existing conditions scenario as compared to the buildout scenario. g. Additional study and/or mitigation for outdoor recreation areas will be required if:
a. For single-family dwellings, noise exceeds 65 dBA Ldn in one or more backyards; b. For multi-family dwellings, noise exceeds 65 dBA Ldn at common recreation areas, such as swimming pools or play areas or at private patios and balconies; or, c. For other uses, noise exceeds the level considered “conditionally acceptable” h. Limit trucking to specific routes, times, and speeds that avoid or minimize adverse effec receptors.
n. For construction activities involving high-powered vibratory tools or pile driving within 200 feet of an existing structure, demonstrate that project construction would not exceed the Caltrans construction vibration thresholds to ensure that no damage to sensitive structures would occur.
City of Modesto Municipal Code
The City of Modesto Municipal Code addresses noise regulations and standards in Chapter 9 Noise Regulations. The standards applicable to the proposed project have been presented below:
Section 4-9.103 - Enumeration.
The following specific acts, subject to the exemptions provided in Section 4-9.104, are declared to be public nuisances in violation of Section 4-9.102, namely:
a) The loud and raucous discharge into the open air of the steam of any steam equipment or exhaust from any stationary internal-combustion engine; 15 #26..
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b) The loud and raucous operation or use of any of the following before 7:00 AM or after 9:00 PM daily (except Saturday and Sunday and state or federal holidays, when the prohibited time shall be before 9:00 AM and after 9:00 PM):
(1) A hammer, or any other device or implement used to pound or strike an object. (2) An impact wrench or other tool or equipment powered by compressed air. (3) A hand-powered saw.
(4) Any tool or piece of equipment powered by an internal-combustion engine such as, but not limited to, chain saw, backpack blower, and lawn mower. Except as included in subsection (a)(6), motor vehicles, powered by an internal-combustion engine and subject to the California Vehicle Code, are excluded from this prohibition. (5) Any electrically powered (whether by alternating current electricity or by direct current electricity) tool or piece of equipment used for cutting, drilling, or shaping wood, plastic, metal, or other materials or objects, such as, but not limited to, a saw, drill, lathe or router. (6) Any of the following: heavy equipment (such as but not limited to bulldozer, steam shovel, road grader, back hoe), ground drilling and boring equipment (such as but not limited to derrick or dredge), hydraulic crane, and boom equipment, portable power generator or pump, pavement equipment (such as but not limited to pneumatic hammer, pavement breaker, tamper, compacting equipment), pile-driving equipment, vibrating roller, sand blaster, gunite machine, trencher, concrete truck and hot kettle pump.
(7) Any construction, demolition, excavation, erection, alteration, or repair activity.
In the case of urgent necessity and in the interest of public health and safety, the Chief Building Official may issue a permit for exemption from the requirements within subsection (b) of this section. Such period shall not exceed three (3) working days in length while the emergency continues but may be renewed for successive periods of three (3) days or less while the emergency continues. The Chief Building Official may limit such permit as to time of use and/or permitted action, depending upon the nature of the emergency and the type of action requested.
IMPACT CRITERIA BORROWED FROM OTHER AGENCIES
California Department of Transportation
The City of Modesto has not established specific criteria related to groundborne vibration. Therefore, for the purposes of this analysis impact criteria established in the Caltrans Transportation and Construction Vibration Guidance Manual (Caltrans, 2020) will be utilized to assess project impacts related to groundborne vibration.
The Caltrans manual provides informational content that supplements previous publications with improved knowledge and information relating to groundborne transportation- and construction-induced vibrations.
Table 5 and Table 5 show the guideline criteria for potential damage and annoyance resulting from groundborne vibration. As shown in Table 4, these guidelines recommend that the threshold at which there is a risk of architectural damage is a peak particle velocity (PPV) of 0.25 inches/second (in/sec) for historic buildings, PPV of 0.3 in/sec at older residential structures, and a PPV of 0.5 in/sec at new residential structures and modern commercial/industrial buildings. Table 5 shows that a PPV of 0.4 in/sec is the threshold at which groundborne vibration becomes severe in regard to annoyance (Caltrans, 2020).
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Federal Transit Administration
As discussed above, the City of Modesto General Plan Noise Element includes policies that when implemented will minimize construction noise, and the City Ordinance limits the allowed hours for loud raucous construction noise. For discussion purposes and in an effort to minimize construction noise, project related construction impacts in this report are also discussed in light of the Federal Transit Administration (FTA) construction noise criteria3 below.
Project construction noise would be considered significant if it exceeds 80 dBA Leq for an 8-hour period at residential and noise-sensitive outdoor areas.
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50 55 60
Notes:
(1) Source: City of Modesto General Plan, Table VII-2, March 2019.
Normally Acceptable:
Clearly Unacceptable:
Specified land use is satisfactory, based upon the assumption that any buildings involved are of normal conventional construction, without any special noise insulation requirements New construction or development should be undertaken only after a detailed analysis of the noise reduction requirements is made and needed noise insulation features are included in the design. Conventional construction, but with closed windows and fresh air supply systems or air conditioning, will normally suffice.
Schools, Libraries, Churches, Hospitals, Nursing
Homes
Sports Arenas, Outdoor Spectator Sports
Land Use Category
Community Noise Exposure - Ldn or CNEL (dB)
Residential: Low-Density Single-Family, Duplex,
Mobile Homes
Residential: Multi -Family
Auditoriums, Concert Halls, Amphitheaters
Office Buildings (Professional, Business,
Commercial )
Industrial, Manufacturing, Utilities, Agriculture
Transient Lodging (Motels/Hotels)
Playgrounds, Neighborhood Parks
Golf Courses, Riding Stables, Water Recreation,
Cemeteries
New construction or development should generally be discouraged. If new construction or development does proceed, a detailed analysis of the noise reduction requirements must be made and noise insulation features included in the design.
New construction or development generally should not be undertaken.
Conditionally
Acceptable:
Normally
Unacceptable:
Noise Compatibility Matrix
Table 3
65 70 75 80
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Transient Sources1
Continuous/Frequent
Intermittent Sources1
Extremely fragile historic buildings, ruins, ancient monuments 0.12 0.08 Fragile buildings 0.2 0.1
Historic and some old buildings 0.5 0.25
Older residential structures 0.5 0.3
New residential structures 1.0 0.5
Modern industrial/commercial buildings 2.0 0.5
(1) Transient sources create a single isolated vibration event, such as blasting or drop balls. Continuous/frequent intermittent sources include impact pile drivers, pogo-stick compactors, crack-and-seat equipment, vibratory pile drivers, and vibratory compaction equipment.
Table 4
Guideline Vibration Damage Potential Threshold Criteria Structure Condition
Maximum PPV (in/sec)
Notes:
Source: California Department of Transportation. Transportation and Construction Vibration Guidance Manual, Chapter 7 Table 19, April 2020.
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Transient Sources Continuous/Frequent Intermittent Sources Barely perceptible 0.04 0.01
Distinctly perceptible 0.25 0.04
Strongly perceptible 0.9 0.10
Severe 2.0 0.4
Source: California Department of Transportation. Transportation and Construction Vibration Guidance Manual, Chapter 7 Table 20, April 2020.
Table 5
Guideline Vibration Annoyance Potential Criteria
(1) Transient sources create a single isolated vibration event, such as blasting or drop balls. Continuous/frequent intermittent sources include impact pile drivers, pogo-stick compactors, crack-and-seat equipment, vibratory pile drivers, and vibratory compaction equipment.
Human Response
Maximum PPV (in/sec)
Notes:
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5. ANALYTICAL METHODOLOGY AND MODEL PARAMETERS
This section discusses the analysis methodologies used to assess noise impacts.
CONSTRUCTION NOISE MODELING
Construction noise associated with the proposed project was calculated at the sensitive receptor locations, utilizing methodology presented in the Federal Transit Administration (FTA) Transit Noise and Vibration Impact Assessment Manual (2018) together with several key construction parameters including: distance to each sensitive receiver, equipment usage, percent usage factor, and baseline parameters for the project site. The equipment used to calculate the construction noise levels for each phase were based on the assumptions provided by the project applicant as well as the CalEEMod modeling provided in the Air Quality, Global Climate Change, and Energy Impact Analysis prepared for the proposed project (Ganddini Group Inc., 2023). For construction noise purposes, the distance measured from the project site to sensitive receptors was assumed to be the acoustical center of the construction work area to the property line of residential properties with existing residential buildings. Sound emission levels associated with typical construction equipment as well as typical usage factors provided in Table 6 were utilized for modeling purposes. Construction noise assumptions and worksheets are provided in Appendix D.
MOBILE SOURCE NOISE MODELING
Noise from vehicular traffic was projected using a computer program that replicates the FHWA Traffic Noise Prediction Model (FHWA-RD-77-108). The FHWA model arrives at the predicted noise level through a series of adjustments to the Reference Energy Mean Emission Level (REMEL). Key model parameters and REMEL adjustments are presented below:
Roadway classification (e.g., freeway, major arterial, arterial, secondary, collector, etc.) Roadway Active Width (distance between the center of the outer most travel lanes on each side of the roadway)
Average Daily Traffic Volumes (ADT), Travel Speeds, Percentages of automobiles, medium trucks, and heavy trucks
Roadway grade and angle of view
Site Conditions (e.g. soft vs. hard)
Percentage of total ADT which flows each hour throughout a 24-hour period.
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Table 6 (1 of 2)
CA/T Equipment Noise Emissions and Acoustical Usage Factor Database Equipment Description
Impact
Device?
Acoustical
Use Factor (%)
Spec. Lmax
@ 50ft
(dBA, slow)
Actual
Measured
Lmax @ 50ft
(dBA, slow)
No. of Actual
Data Samples
(Count)
All Other Equipment > 5 HP No 50 85 -N/A- 0
Auger Drill Rig No 20 85 84 36
Backhoe No 40 80 78 372
Bar Bender No 20 80 -N/A- 0
Blasting Yes -N/A- 94 -N/A- 0
Boring Jack Power Unit No 50 80 83 1
Chain Saw No 20 858446
Clam Shovel (dropping) Yes 20 93 87 4
Compactor (ground) No 20 80 83 57
Compressor (air) No 40 807818
Concrete Batch Plant No 15 83 -N/A- 0
Concrete Mixer Truck No 40 857940
Concrete Pump Truck No 20 828130
Concrete Saw No 20 909055
Crane No 16 85 81 405
Dozer No 40 858255
Drill Rig Truck No 20 847922
Drum Mixer No 50 80 80 1
Dump Truck No 40 847631
Excavator No 40 85 81 170
Flat Bed Truck No 40 84 74 4
Forklift2,3 No 50 n/a 61 n/a
Front End Loader No 40 80 79 96
Generator No 50 828119
Generator (<25KVA, VMS signs) No 50 70 73 74
Gradall No 40 85 83 70
Grader No 40 85 -N/A- 0
Grapple (on backhoe) No 40 85 87 1
Horizontal Boring Hydr. Jack No 25 80 82 6
Hydra Break Ram Yes 10 90 -N/A- 0
Impact Pile Driver Yes 20 95 101 11
Jackhammer Yes 20 85 89 133
Man Lift No 20 85 75 23
Mounted Impact hammer (hoe ram) Yes 20 90 90 212
Pavement Scarafier No 20 85 90 2
Paver No 50 85 77 9
Pickup Truck No 50 85 77 9
Paving Equipment No 50 85 77 9
Pneumatic Tools No 50 858590
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Table 6 (2 of 2)
CA/T Equipment Noise Emissions and Acoustical Usage Factor Database Equipment Description
Impact
Device?
Acoustical
Use Factor (%)
Spec. Lmax
@ 50ft
(dBA, slow)
Actual
Measured
Lmax @ 50ft
(dBA, slow)
No. of Actual
Data Samples
(Count)
Pumps No 50 778117
Refrigerator Unit No 100 82 73 3
Rivit Buster/chipping gun Yes 20 85 79 19
Rock Drill No 20 85 81 3
Roller No 20 858016
Sand Blasting (Single Nozzle) No 20 85 96 9
Scraper No 40 858412
Shears (on backhoe) No 40 85 96 5
Slurry Plant No 100 78 78 1
Slurry Trenching Machine No 50 82 80 75
Soil Mix Drill Rig No 50 80 -N/A- 0
Tractor No 40 84 -N/A- 0
Vacuum Excavator (Vac-truck) No 40 85 85 149
Vacuum Street Sweeper No 10 808219
Ventilation Fan No 100 85 79 13
Vibrating Hopper No 50 85 87 1
Vibratory Concrete Mixer No 20 80 80 1
Vibratory Pile Driver No 20 95 101 44
Warning Horn No 5 858312
Welder/Torch No 40 73 74 5
Notes:
(1) Source: FHWA Roadway Construction Noise Model User's Guide January 2006. (2) Warehouse & Forklift Noise Exposure - NoiseTesting.info Carl Stautins, November 4, 2014 http://www.noisetesting.info/blog/carl-strautins/page-3/ (3) Data provided Leq as measured at the operator. Sound Level at 50 feet is calculated using Inverse Square Law.
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6. IMPACT ANALYSIS
This section analyzes the significance of project-related noise and groundborne vibration impacts relative to standards established by the City of Modesto and other applicable agencies in the context of CEQA. Appendix G of the California Environmental Quality Act Guidelines (Title 14, Division 6, Chapter 3 of the California Code of Regulations) includes an environmental checklist that identifies issues upon which findings of significance should be made. The CEQA Environmental Checklist Appendix G, XIII. Noise, requires determination if the project would result in:
a) Generation of a substantial temporary or permanent increase in ambient noise levels in the vicinity of the project in excess of standards established in the local general plan or noise ordinance, or applicable standards of other agencies?
b) Generation of excessive groundborne vibration or groundborne noise levels? c) For a project located within the vicinity of a private airstrip or an airport land use plan or, where such a plan has not been adopted, within two miles of a public airport or public use airport, would the project expose people residing or working in the area to excessive noise levels?
NOISE IMPACTS
Would the project result in:
a) Generation of a substantial temporary or permanent increase in ambient noise levels in the vicinity of the project in excess of standards established in the local general plan or noise ordinance, or applicable standards of other agencies?
Finding: Less Than Significant With Mitigation
In relation to the Environmental Checklist noise issue “a”, applicable standards established by the City of Modesto can be categorized into the following areas:
Construction Noise
Mobile Source Noise (Construction
Construction Noise - Onsite
Construction noise sources are also regulated within Section 4-9.103(b)(7) of the City of Modesto’s Municipal Code which prohibits the loud and raucous operation or use of construction equipment outside of the hours between the hours of 7:00 AM and 9:00 PM daily except on Saturday, Sunday, and state or federal holidays in which the hours are to be between 9:00 AM and 9:00 PM. In the case of urgent necessity and in the interest of public health and safety, the Chief Building Official may issue a permit for exemption from the requirements within subsection (b) of this section. Such period shall not exceed three (3) working days in length while the emergency continues but may be renewed for successive periods of three (3) days or less while the emergency continues. The Chief Building Official may limit such permit as to time of use and/or permitted action, depending upon the nature of the emergency and the type of action requested.
Accordingly, the project would result in a significant impact if:
Loud and raucous noise caused by project construction occurs outside the hours of 7:00 AM and 9:00 PM daily or outside the hours of 9:00 AM and 9:00 PM on Saturday, Sunday, and state or federal holidays unless otherwise permitted by the Chief Building Official. 24 #26..
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In an effort to minimize construction noise and to develop appropriate mitigation, construction noise has also been analyzed in light of Federal Transit Administration (FTA) construction noise criteria4.
The project would result in a significant impact if:
Project construction noise exceeds 80 dBA Leq for an 8-hour period at residential and noise-sensitive outdoor areas.
Sensitive Receptors
Land uses adjacent to and nearby the pipeline route and were evaluated in regards to construction noise.
Construction Noise Modeling and Findings
Noise Ordinance Compliance
Although most construction activity is expected to occur during the allowed hours as provided above, jack and bore activities may occur outside of those hours. This would be a significant impact and mitigation is required, unless otherwise authorized by Building Commissioner.
Analysis in Light of FTA Standards
Project construction noise levels at nearby sensitive receptors were calculated using FTA methodology (see Section 5). The equipment assumptions provided by Stanislaus Elementary School 1,2,3-TCP Air Quality; Greenhouse Gas, & Energy Report (Ganddini 2023) were applied. Construction noise modeling worksheets for each phase are provided in Appendix D. Anticipated noise levels during each construction phase are presented in Table 7.
Typical pipeline site preparation and installation will involve the utilization of various diesel-powered equipment along various location of the Project Alignment for the duration of Project construction. Potential equipment to be utilized during typical pipeline installation is expected to entail the use of one (1) scraper, five (5) tractors/ loaders/ backhoes, one (1) off-highway trucks, one (1) plate compactor, one (1) excavator, one (1) other material handling equipment, one (1) paving equipment, one (1) other construction equipment, two (2) pumps, one (1) skid steer loaders, one (1) surfacing equipment, one (1) rubber tired dozer, and one (1) crane. Construction noise along the pipeline route that do not include jack and boring were evaluated using these assumptions.
In addition to typical pipeline installation methods, jack and bore construction methods will also be used at several locations. For the purposes of this analysis, assumptions to were made about the location of jacking and receiving pits based on a “worst-case scenario”. Under “worst-case” conditions, boring locations are assumed to be located closest to sensitive receptors adjacent to the Project Alignment: one (1) along the east side of Dale Road, approximately 150 feet from sensitive receptors; three (3) along the north side of Kiernan Avenue, bordering the southern perimeter of Stanislaus Elementary School, approximately 50 ft from the closest sensitive receptors; and one (1) along the west side of Tully Road, approximately 50 ft from the closest sensitive receptors (See Figure 2A).
As shown in Table 7, construction noise will range between 82 and 98 dBA dBA, Leq. Because the exact location of the pipeline within the road right of way or adjacent property is not known at this time, conservative assumptions were used. For example, there are existing single-family adjacent to the pipeline route. Because the construction noise standards apply at the property line, the worst-case scenario was assumed to be 25 feet. Project construction noise will exceed the FTA noise threshold of 80 dBA Leq for an 8-hour period at residential and noise-sensitive outdoor areas. Although FTA standards only apply to residential land uses, impacts to commercial land uses, schools and parks were also considered. 4 Federal Transit Administration Transit Noise and Vibration Impact Assessment Manual. Sept. 2018 25 #26..
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Construction noise levels at the retail uses near the jack and bore site near the intersection of Dale Road and Kiernan Avenue may reach up to 82.5 dBA Leq. Retail land uses are not considered sensitive. Therefore, this impact is less than significant and no mitigation is required.
Construction noise levels at the Elementary School may reach up to 92.0 dBA Leq at a distance of 50 feet on school grounds. This impact would be significant and mitigation is required.
Construction noise levels at single-family homes near Tully Road and Kiernan Avenue may reach up to 92.0 dBA Leq at a distance of 50 feet on school grounds. This impact would be significant and mitigation is required.
Construction noise along the pipeline alignment at residential land uses could reach up to 97.7 dBA Leq. This impact would be significant and mitigation is required.
Required Construction Noise Mitigation Measures
In addition to the previously mentioned Best Management Practices (BMPs), the following construction noise impacts must be implemented in order for impacts to be considered less than significant.
1. During all project site excavation and grading on-site, construction contractors shall equip all construction equipment, fixed or mobile, with properly operating and maintained mufflers, consistent with manufacturer standards.
2. The contractor shall place all stationary construction equipment so that emitted noise is directed away from the noise sensitive receptors nearest the project site. One-inch plywood or acoustical blankets capable of achieving a reduction level of at least 10 dB shall be used to keep equipment noise from exceeding the 80 dBA noise level standard.
3. Equipment shall be shut off and not left to idle when not in use.
4. Whenever possible, electric power will be used in lieu of internal combustion engine power.
5. The contractor shall locate equipment staging in areas that will create the greatest distance between construction-related noise/vibration sources and sensitive receptors nearest the project site during all project construction.
6. Jackhammers, pneumatic equipment, and all other portable stationary noise sources shall be shielded, and noise shall be directed away from sensitive receptors.
7. The project proponent shall mandate that the construction contractor prohibit the use of music or sound amplification on the project site during construction.
8. The construction contractor shall limit haul truck deliveries to the same hours specified for construction equipment.
9. The quietest equipment available will be utilized when feasible; and,
10. Haul routes that affect the fewest number of people will be utilized whenever possible. 26 #26..
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Construction Noise (Offsite)
Based on the City of Modesto General Plan noise source standards, the noise level criteria of 45 dBA CNEL for interior noise and 65 dBA CNEL for exterior noise apply to sensitive receptors in the vicinity of the project site (Table 3). Also, it is widely accepted that the average healthy human ear can barely perceive changes of 3 dBA in an outdoor environment and that a change of 5 dBA is readily perceptible.5 Accordingly, and as stated in the City’s General Plan Chapter VII – Environmental Resources and Open Space under noise policy g (see Section 4 above), the project would result in a significant impact if the addition of project trips on surrounding roadways causes noise levels to increase by:
5 dBA in residential areas where the existing ambient noise level is within the City standards shown in Table 3; or,
3 dBA in residential areas where the existing ambient noise level exceeds the City standards shown in Table 3).
Roadway noise levels were calculated for land uses adjacent to Kiernan Avenue in the project vicinity based on the FHWA Traffic Noise Prediction Model methodology. As shown in the CalEEMod output files provided in the Air Quality, Global Climate Change, and Energy Impact Analysis prepared for the proposed project (Ganddini Group Inc., 2023), the greatest number of construction-related vehicle trips per day would be a maximum of up to approximately 37 vehicle trips per day (32 for worker trips, 2 for vendor trips, and 2.44 for hauling trips). The most recent traffic count for Kiernan Avenue along the project alignment is approximately 14,200 average daily trips (ADT)6. Roadway noise levels were calculated for the following scenarios:
Existing (without Project): This scenario refers to the existing year traffic noise conditions. Existing Plus Project Construction: This scenario refers to the existing year plus project construction traffic noise conditions.
Modeling results show that the existing noise level along Kiernan Avenue is 73.4 dBA CNEL and the existing plus project noise level would be 73.5 dBA CNEL. The proposed project would result in a noise increase of less than one decibel and impacts would be less than significant. No mitigation measures are required. FHWA Traffic Noise Prediction Model calculation worksheets are provided in Appendix E.
GROUNDBORNE VIBRATION IMPACTS
Would the project result in:
b) Generation of excessive groundborne vibration or groundborne noise levels? Finding: Less Than Significant
In relation to the Environmental Checklist noise issue “b”, the City of Modesto General Plan states that for construction activities involving high-powered vibratory tools or pile driving within 200 feet of an existing structure, demonstrate that project construction would not exceed the Caltrans construction vibration thresholds to ensure that no damage to sensitive structures would occur. Therefore, per the City’s General Plan, groundborne vibration impacts are based on guidance from the Transportation and Construction Vibration Guidance Manual (California Department of Transportation, 2020) (see Regulatory Setting section).
Accordingly, the project would result in a significant impact if:
5 California Department of Transportation’s Technical Noise Supplement to the Traffic Noise Analysis Protocol (2013). 6 Caltrans Traffic Census Program, Truck Traffic: Annual Average Daily Truck Traffic (2021 AADT Truck), 2023 https://dot.ca.gov/programs/traffic-operations/census. Total of 14,200 average daily vehicle trips with a calculated vehicle mix of 91 percent autos, 4.05 percent medium trucks, and 4.95 percent heavy trucks for Kiernan Avenue (State Route 219). See Appendix E for further details.
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Groundborne vibration levels generated by the project have the potential to cause architectural damage at nearby buildings by exceeding the following PPV:
Ƒ 0.08 in/sec at extremely fragile historic buildings, ruins, ancient monuments Ƒ 0.10 in/sec at fragile buildings
Ƒ 0.25 in/sec at historic and some old buildings
Ƒ 0.30 in/sec at older residential structures
Ƒ 0.50 in/sec at new residential structures and modern industrial/commercial buildings. Groundborne vibration levels generated by the project have the potential to cause severe annoyance to people living or working in nearby buildings by exceeding a PPV of 0.4 in/sec.
Groundborne vibration modeling worksheets are provided in Appendix F.
The closest structures to the proposed construction activities include single family residential structures as close as 25 feet. Plate compactors are the most vibratory equipment that may be used near an existing structure. The peak particle velocity (PPV) per square foot associated with these vibratory plates is 0.21 at a distance of 25 feet (see Table 8). They are not, however, expected to be utilized within 25 feet of an existing structure. Other equipment anticipated to be used during project construction generate lower PPV. Therefore, groundborne vibration generated by project construction would not exceed the levels necessary to cause architectural damage. Use of plate compactors would not exceed the threshold for annoyance due to vibration (PPV of 0.4 in/sec) at residential receptors along the project route. This impact would be less than significant.
No mitigation is required.
The most substantial sources of groundborne vibration during post-construction project operations will include the movement of passenger vehicles and trucks on paved and generally smooth surfaces. Loaded trucks generally have a PPV of 0.076 at a distance of 25 feet (Caltrans 2020), which is a substantially lower PPV than that of a vibratory roller (0.210 in/sec PPV at 25 feet). Therefore, groundborne vibration levels generated by project operation would not exceed those modeled for project construction.
Impacts related to groundborne vibration would be less than significant. No mitigation is required.
AIR TRAFFIC IMPACTS
Would the project result in:
c) For a project located within the vicinity of a private airstrip or an airport land use plan or, where such a plan has not been adopted, within two miles of a public airport or public use airport, would the project expose people residing or working in the area to excessive noise levels? Finding: No Impact
The closest airport to the project site is the Modesto City-County Airport located approximately 6 miles to the southeast of the project site. The proposed project is that of the installation of approximately 12,000 linear feet of 12-inch potable water pipeline along Tully Road; Kieran Avenue; and Dale Road. Therefore, due to both the nature of the proposed project and the distance to the nearest airport, the proposed project would not expose people residing or working in the area to excessive noise levels. There is no impact, and no mitigation is required.
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Location
Noise Level
at Nearest Receptor
(dBA Leq)
Distance to Nearest
Sensitive Receptor
East of Dale Road Site Prep, Pipe Installation and Jack & Bore 82.5 150 North of Kiernen Ave Site Prep, Pipe Installation and Jack & Bore 92.0 50 W of Tully Road Site Prep, Pipe Installation and Jack & Bore 92.0 50 Adjacent to Road ROW Site Prep and Pipeline Installation 97.7 25 Table 7
Construction Noise Levels by Location (dBA Leq)
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PPV at 25 ft, in/sec Approximate Lv* at 25 ft
upper range 1.518 112
typical 0.644 104
upper range 0.734 105
typical 0.170 93
0.202 94
in soil 0.008 66
in rock 0.017 75
0.210 94
0.089 87
0.089 87
0.089 87
0.076 86
0.035 79
0.003 58
clam shovel drop (slurry wall)
Table 8
Construction Equipment Vibration Source Levels
Equipment
Pile Driver (impact)
Pile Driver (sonic)
Jackhammer
Small Bulldozer
Source: Federal Transit Administration: Transit Noise and Vibration Impact Assessment Manual, 2018. *RMS velocity in decibels, VdB re 1 micro-in/sec
Hydromill (slurry wall)
Vibratory Roller
Hoe Ram
Large Bulldozer
Caisson Drilling
Loaded Trucks
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7. REFERENCES
California, State of, Department of Transportation (Caltrans) 2020 Transportation and Construction Vibration Guidance Manual. April.
Environmental Protection Agency
1974 "Information on Levels of Environmental Noise Requisite to Protect Public Health And Welfare with an Adequate Margin of Safety," EPA/ONAC 550/9-74-004, March 1974.
Federal Transit Administration
2018 Transit Noise and Vibration Impact Assessment Manual. Typical Construction Equipment Vibration Emissions.
Modesto, City of
2019 General Plan. March 5.
2023 Municipal Code. February 24.
Office of Planning and Research
2017 State of California General Plan Guidelines
Stautins, Carl
2014 Warehouse & Forklift Noise Exposure – Noise Testing. November 4, 2014.
U.S. Department of Transportation
2006 FHWA Roadway Construction Noise Model User’s Guide. January. 31 #26..
- 2149 -
Stanislaus Elementary School 1,2,3-TCP Mitigation
Noise Impact Analysis
32 19689
APPENDICES
Appendix A List of Acronyms
Appendix B Glossary
Appendix C Noise Measurement Field Worksheets
Appendix D Construction Noise Modeling
Appendix E FHWA Traffic Noise Model Worksheets
Appendix F Groundborne Vibration Worksheets
Apx-1
#26..
- 2150 -
APPENDIX A
LIST OF ACRONYMS
Apx-2
#26..
- 2151 -
Term Definition
ADT
ANSI
CEQA
CNEL
D/E/N
dB
dBA or dB(A)
dBA/DD
dBA Leq
EPA
FHWA
L02,L08,L50,L90
DNL
Leq(x)
Leq
Lmax
Lmin
Lp
LOS C
Lw
OPR
PPV
RCNM
REMEL
RMS
Average Daily Traffic
American National Standard Institute
California Environmental Quality Act
Community Noise Equivalent Level
Day / Evening / Night
Decibel
Decibel "A-Weighted"
Decibel per Double Distance
Average Noise Level over a Period of Time
Environmental Protection Agency
Federal Highway Administration
A-weighted Noise Levels at 2 percent, 8 percent, 50 percent, and 90 percent, respectively, of the time period
Day-Night Average Noise Level
Equivalent Noise Level for '"x" period of time
Equivalent Noise Level
Maximum Level of Noise (measured using a sound level meter) Minimum Level of Noise (measured using a sound level meter) Sound pressure level
Level of Service C
Sound Power Level
California Governor's Office of Planning and Research
Peak Particle Velocities
Road Construction Noise Model
Reference Energy Mean Emission Level
Root Mean Square
Apx-3
#26..
- 2152 -
APPENDIX B
GLOSSARY
Apx-4
#26..
- 2153 -
Term Definition
Ambient Noise
Level
The all-encompassing noise environment associated with a given environment, at a specified time, usually a composite of sound from many sources, at many directions, near and far, in which usually no particular sound is dominant.
A-Weighted Sound
Level, dBA
The sound level obtained by use of A-weighting. The A-weighting filter de-emphasizes the very low and very high frequency components of the sound in a manner similar to the frequency response of the human ear.
CNEL
Community Noise Equivalent Level. CNEL is a weighted 24-hour noise level that is obtained by adding five decibels to sound levels in the evening (7:00 PM to 10:00 PM), and by adding ten decibels to sound levels at night (10:00 PM to 7:00 AM). This weighting accounts for the increased human sensitivity to noise during the evening and nighttime hours.
Decibel, dB
A logarithmic unit of noise level measurement that relates the energy of a noise source to that of a constant reference level; the number of decibels is 10 times the logarithm (to the base 10) of this ratio.
DNL, Ldn
Day Night Level. The DNL, or Ldn is a weighted 24-hour noise level that is obtained by adding ten decibels to sound levels at night (10:00 PM to 7:00 AM). This weighting accounts for the increased human sensitivity to noise during the nighttime hours.
Equivalent
Continuous Noise
Level, Leq
A level of steady state sound that in a stated time period, and a stated location, has the same A-weighted sound energy as the time-varying sound.
Fast/Slow Meter
Response
The fast and slow meter responses are different settings on a sound level meter. The fast response setting takes a measurement every 100 milliseconds, while a slow setting takes one every second.
Frequency, Hertz In a function periodic in time, the number of times that the quantity repeats itself in one second (i.e., the number of cycles per second).
L02, L08, L50, L90
The A-weighted noise levels that are equaled or exceeded by a fluctuating sound level, 2 percent, 8 percent, 50 percent, and 90 percent of a stated time period, respectively.
Lmax, Lmin
Lmax is the RMS (root mean squared) maximum level of a noise source or environment measured on a sound level meter, during a designated time interval, using fast meter response. Lmin is the minimum level.
Offensive/
Offending/Intrusive
Noise
The noise that intrudes over and above the existing ambient noise at a given location.
The relative intrusiveness of sound depends on its amplitude, duration, frequency, and time of occurrence, and tonal information content as well as the prevailing ambient noise level.
Root Mean Square
(RMS)
A measure of the magnitude of a varying noise source quantity. The name derives from the calculation of the square root of the mean of the squares of the values. It can be calculated from either a series of lone values or a continuous varying function.
Apx-5
#26..
- 2154 -
APPENDIX C
NOISE MEASUREMENT FIELD WORKSHEETS
Apx-6
#26..
- 2155 -
Noise Measurement
Field Data
Project Name: Stanislaus Elementary School 1,2,3-TCP Mitigation Project, City of Modesto Date:
Project #:Noise Measurement #: Technician:Weather: Settings: SLOW FASTTemperature: 62 deg F Wind: 5 mph Humidity: 66% Terrain:Start Time: 1:00 PM End Time: 1:15 PM Run Time:
Leq: 62.6 dB Traffic noise from the 249 vehicles passing microphone on Dale Rd during 15 min Lmax 81.8 dB measurement. Traffic noise from vehicles on other roads.
L2 69.7 dB General city ambiance, overhead air traffic. Some bird song.L8 63.6 dB L25 60.1 dBL50 56.3 dB
NOISE METER: CALIBRATOR:MAKE: MAKE:MODEL: MODEL:SERIAL NUMBER: SERIAL NUMBER:
FACTORY CALIBRATION DATE:
FIELD CALIBRATION DATE:
11/18/2021 11/17/2021
12/5/2023
FACTORY CALIBRATION DATE:
Larson DavisLXT13099
Larson DavisCA 2502723
Primary Noise Source:
Secondary Noise Sources:
Flat
Site Description (Type of Existing Land Use and any other notable features):
High cloud, filtered sunshine. Sunset 4:45 PM.SoundTrack LXT Class 1 Larson Davis CA 250 Measurement Site: Just northwest of the commercial use at 4800 Dale Road and east of Dale Road. Adjacent: Dale Rd (running N-S) ~80' to west, Kiernan Ave (running E-W) ~600' to north, & Healthcare Way (running E-W) ~300' to south. Vacant land to the north and northeast, commercial use to the south, and transient lodging use to the southeast.
December 5, 2023Ian Edward Gallagher
Nearest Address or Cross Street:
19689NM1 Run Time: 15 minutes ( 1 x 15 minutes )4800 Dale Road, Modesto, CA 95356 Apx-7
#26..
- 2156 -
Noise Measurement
Field Data
PHOTOS:NM1 looking NNW towards Dale Road & Kiernan Avenue intersection (~580'). NM1 looking SSE towards commercial building, 4800 Dale Road, Modesto (~100').
Apx-8
#26..
- 2157 -
Summary
File Name on Meter LxT_Data.367.s
File Name on PC
Serial Number 0003099
Model SoundTrack LxT®
Firmware Version 2.404
User Ian Edward Gallagher
Location NM1 37°42'34.67"N 121° 2'58.90"W
Job Description 15 minute noise measurement ( 1 x 15 minutes ) Note
1,2,3-TCP Mitigation Project, City of Modesto.
Measurement
Start 2023-12-05 13:00:57
Stop 2023-12-05 13:15:57
Duration 00:15:00.0
Run Time 00:15:00.0
Pause 00:00:00.0
Pre-Calibration 2023-12-05 12:48:01
Post-Calibration None
Overall Settings
RMS Weight A Weighting
Peak Weight A Weighting
Detector Slow
Preamplifier PRMLxT1L
Microphone Correction Off
Integration Method Linear
OBA Range Normal
OBA Bandwidth 1/1 and 1/3
OBA Frequency Weighting C Weighting
OBA Max Spectrum At LMax
Overload 122.7 dB
Results
LAeq 62.6
LAE 92.1
EA 181.058 μPa²h
EA8 5.794 mPa²h
EA40 28.969 mPa²h
LApeak (max) 2023-12-05 13:11:11 93.0 dB
LASmax 2023-12-05 13:11:11 81.8 dB
LASmin 2023-12-05 13:12:55 46.5 dB
Statistics
LCeq 68.8 dB LA2.00 69.7 dB
LAeq 62.6 dB LA8.00 63.6 dB
LCeq - LAeq 6.3 dB LA25.00 60.1 dB
LAIeq 64.9 dB LA50.00 56.3 dB
LAeq 62.6 dB LA66.60 53.9 dB
LAIeq - LAeq 2.3 dB LA90.00 49.9 dB
Overload Count 0
LxT_0003099-20231205 130057-LxT_Data.367.ldbin
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Noise Measurement
Field Data
Project Name: Stanislaus Elementary School 1,2,3-TCP Mitigation Project, City of Modesto Date:
Project #:Noise Measurement #: Technician:Weather: Settings: SLOW FASTTemperature: 62 deg F Wind: 5 mph Humidity: 66% Terrain:Start Time: 1:46 PM End Time: 2:01 PM Run Time:
Leq: 72.9 dB Traffic noise from the 358 vehicles passing microphone on Kiernan Ave during 15 Lmax 83.7 dB min measurement. Traffic ambiance from vehicles on other roads.
L2 79.9 dB Occasional overhead air traffic. Bird song.L8 77.9 dB L25 74.3 dBL50 68.5 dB
NOISE METER: CALIBRATOR:
MAKE: MAKE:MODEL: MODEL:SERIAL NUMBER: SERIAL NUMBER:
FACTORY CALIBRATION DATE:
FIELD CALIBRATION DATE:
December 5, 2023Ian Edward Gallagher
Nearest Address or Cross Street:
19689NM2 Run Time: 15 minutes ( 1 x 15 minutes )2224 Kiernan Avenue, Modesto, CA 95356 Primary Noise Source:
Secondary Noise Sources:
Flat
Site Description (Type of Existing Land Use and any other notable features):
High cloud, filtered sunshine. Sunset 4:45 PM.SoundTrack LXT Class 1 Larson Davis CA 250 Measurement Site: Just north of the residence at 2224 Kiernan Avenue and just south of Kiernan Avenue. Adjacent: Kiernan Ave (running E-W) just north with residential, commercial, and agricultural uses further north and residential uses to south. 11/18/2021 11/17/2021
12/5/2023
FACTORY CALIBRATION DATE:
Larson DavisLXT13099
Larson DavisCA 2502723
Apx-14
#26..
- 2163 -
Noise Measurement
Field Data
PHOTOS:NM2 looking across Kiernan Avenue towards residence 2207 Kiernan Ave, Modesto. NM2 looking S towards frontyard of residence 2224 Kiernan Ave, Modesto.
Apx-15
#26..
- 2164 -
Summary
File Name on Meter LxT_Data.369.s
File Name on PC
Serial Number 0003099
Model SoundTrack LxT®
Firmware Version 2.404
User Ian Edward Gallagher
Location NM2 37°42'40.21"N 121° 2'5.68"W
Job Description 15 minute noise measurement ( 1 x 15 minutes ) Note
1,2,3-TCP Mitigation Project, City of Modesto.
Measurement
Start 2023-12-05 13:46:04
Stop 2023-12-05 14:01:04
Duration 00:15:00.0
Run Time 00:15:00.0
Pause 00:00:00.0
Pre-Calibration 2023-12-05 13:43:52
Post-Calibration None
Overall Settings
RMS Weight A Weighting
Peak Weight A Weighting
Detector Slow
Preamplifier PRMLxT1L
Microphone Correction Off
Integration Method Linear
OBA Range Normal
OBA Bandwidth 1/1 and 1/3
OBA Frequency Weighting C Weighting
OBA Max Spectrum At LMax
Overload 122.8 dB
Results
LAeq 72.9
LAE 102.4
EA 1.928 mPa²h
EA8 61.709 mPa²h
EA40 308.546 mPa²h
LApeak (max) 2023-12-05 13:52:11 97.9 dB
LASmax 2023-12-05 13:52:11 83.7 dB
LASmin 2023-12-05 13:51:25 42.8 dB
LCeq 76.9 dB Statistics
LAeq 72.9 dB LA2.00 79.9 dB
LCeq - LAeq 4.1 dB LA8.00 77.9 dB
LAIeq 74.1 dB LA25.00 74.3 dB
LAeq 72.9 dB LA50.00 68.5 dB
LAIeq - LAeq 1.2 dB LA66.60 64.4 dB
Overload Count 0
LxT_0003099-20231205 134604-LxT_Data.369.ldbin
Ganddini Project# 19689 Stanislaus Elementary School
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Noise Measurement
Field Data
Project Name: Stanislaus Elementary School 1,2,3-TCP Mitigation Project, City of Modesto Date:
Project #:Noise Measurement #: Technician:Weather: Settings: SLOW FASTTemperature: 62 deg F Wind: 5 mph Humidity: 66% Terrain:Start Time: 2:23 PM End Time: 2:38 PM Run Time:
Leq: 72.8 dB Traffic noise from the 435 vehicles passing microphone on Kiernan Ave during 15 Lmax 85.7 dB min measurement. Traffic noise from vehicles on Tully Rd.
L2 80.5 dB Occasional overhead air traffic. Bird song. Dirt moving machinery in operationL8 77.1 dB in frontyard of residence 1348 Kiernan Ave.
L25 73.0 dBL50 69.4 dB
NOISE METER: CALIBRATOR:
MAKE: MAKE:MODEL: MODEL:SERIAL NUMBER: SERIAL NUMBER:
FACTORY CALIBRATION DATE:
FIELD CALIBRATION DATE:
11/18/2021 11/17/2021
12/5/2023
FACTORY CALIBRATION DATE:
Larson DavisLXT13099
Larson DavisCA 2502723
Primary Noise Source:
Secondary Noise Sources:
Flat
Site Description (Type of Existing Land Use and any other notable features):
High cloud, filtered sunshine. Sunset 4:45 PM.SoundTrack LXT Class 1 Larson Davis CA 250 Measurement Site: Just north of the residence at 1348 Kiernan Avenue and just south of Kiernan Avenue. Adjacent: Kiernan Ave (running E-W) just north & Tully Rd (running N-S) ~580' east of NM3. Heavy machinery in operation at 1348 Kiernan Ave just south of NM3. Residential, agricultural uses, and commercial uses throughout surrounding area.
December 5, 2023Ian Edward Gallagher
Nearest Address or Cross Street:
19689NM3 Run Time: 15 minutes ( 1 x 15 minutes )1348 Kiernan Avenue, Modesto, CA 95356 Apx-21
#26..
- 2170 -
Noise Measurement
Field Data
PHOTOS:NM3 looking across Kiernan Avenue towards residence 1379 Kiernan Ave, Modesto. NM3 looking SE towards frontyard of residence 1348 Kiernan Ave, Modesto.
Apx-22
#26..
- 2171 -
Summary
File Name on Meter LxT_Data.370.s
File Name on PC
Serial Number 0003099
Model SoundTrack LxT®
Firmware Version 2.404
User Ian Edward Gallagher
Location NM3 37°42'39.47"N 121° 0'54.76"W
Job Description 15 minute noise measurement ( 1 x 15 minutes ) Note
1,2,3-TCP Mitigation Project, City of Modesto.
Measurement
Start 2023-12-05 14:23:31
Stop 2023-12-05 14:38:31
Duration 00:15:00.0
Run Time 00:15:00.0
Pause 00:00:00.0
Pre-Calibration 2023-12-05 14:23:14
Post-Calibration None
Overall Settings
RMS Weight A Weighting
Peak Weight A Weighting
Detector Slow
Preamplifier PRMLxT1L
Microphone Correction Off
Integration Method Linear
OBA Range Normal
OBA Bandwidth 1/1 and 1/3
OBA Frequency Weighting C Weighting
OBA Max Spectrum At LMax
Overload 122.7 dB
Results
LAeq 72.8
LAE 102.4
EA 1.919 mPa²h
EA8 61.412 mPa²h
EA40 307.063 mPa²h
LApeak (max) 2023-12-05 14:27:19 103.7 dB
LASmax 2023-12-05 14:27:20 85.7 dB
LASmin 2023-12-05 14:36:51 58.6 dB
Statistics
LCeq 77.7 dB LA2.00 80.5 dB
LAeq 72.8 dB LA8.00 77.1 dB
LCeq - LAeq 4.8 dB LA25.00 73.0 dB
LAIeq 74.0 dB LA50.00 69.4 dB
LAeq 72.8 dB LA66.60 67.4 dB
LAIeq - LAeq 1.1 dB LA90.00 63.1 dB
Overload Count 0
LxT_0003099-20231205 142331-LxT_Data.370.ldbin
Ganddini Project# 19689 Stanislaus Elementary School
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Noise Measurement
Field Data
Project Name: Stanislaus Elementary School 1,2,3-TCP Mitigation Project, City of Modesto Date:
Project #:Noise Measurement #: Technician:Weather: Settings: SLOW FASTTemperature: 62 deg F Wind: 5 mph Humidity: 66% Terrain:Start Time: 3:03 PM End Time: 3:18 PM Run Time:
Leq: 68.7 dB Traffic noise from the 447 vehicles passing microphone on Kiernan Ave during 15 Lmax 80.3 dB min measurement. Traffic noise from vehicles on Carver Rd.
L2 76.1 dB Occasional overhead air traffic. Bird song. No dog kennel noise ( no barking ).
L8 73.3 dB
L25 69.7 dBL50 65.8 dB
NOISE METER: CALIBRATOR:
MAKE: MAKE:MODEL: MODEL:SERIAL NUMBER: SERIAL NUMBER:
FACTORY CALIBRATION DATE:
FIELD CALIBRATION DATE:
11/18/2021 11/17/2021
12/5/2023
FACTORY CALIBRATION DATE:
Larson DavisLXT13099
Larson DavisCA 2502723
Primary Noise Source:
Secondary Noise Sources:
Flat
Site Description (Type of Existing Land Use and any other notable features):
High cloud, filtered sunshine. Sunset 4:45 PM.SoundTrack LXT Class 1 Larson Davis CA 250 Measurement Site: Just southeast of residential/commercial use at 1601 Kiernan Avenue and just north of Kiernan Avenue. Adjacent: Kiernan Ave (running E-W) just south & Carver Rd (running N-S) ~590' west. Residential/commercial use to north (dog kennel with no barking dogs). Residential and agricultural land throughout surrounding area.
December 5, 2023Ian Edward Gallagher
Nearest Address or Cross Street:
19689NM4 Run Time: 15 minutes ( 1 x 15 minutes )1601 Kiernan Avenue, Modesto, CA 95356 Apx-28
#26..
- 2177 -
Noise Measurement
Field Data
PHOTOS:NM4 looking W down Kiernan Ave. Carver Rd & Kiernan Ave intersection NM4 looking ESE across Kiernan Avenue. (~600' WSW) & residence (with dog kennel business) 1601 Kiernan Ave on right of image (no barking dogs at time of measurement).
Apx-29
#26..
- 2178 -
Summary
File Name on Meter LxT_Data.371.s
File Name on PC
Serial Number 0003099
Model SoundTrack LxT®
Firmware Version 2.404
User Ian Edward Gallagher
Location NM4 37°42'41.40"N 121° 1'12.08"W
Job Description 15 minute noise measurement ( 1 x 15 minutes ) Note
1,2,3-TCP Mitigation Project, City of Modesto.
Measurement
Start 2023-12-05 15:03:58
Stop 2023-12-05 15:18:58
Duration 00:15:00.0
Run Time 00:15:00.0
Pause 00:00:00.0
Pre-Calibration 2023-12-05 15:03:29
Post-Calibration None
Overall Settings
RMS Weight A Weighting
Peak Weight A Weighting
Detector Slow
Preamplifier PRMLxT1L
Microphone Correction Off
Integration Method Linear
OBA Range Normal
OBA Bandwidth 1/1 and 1/3
OBA Frequency Weighting C Weighting
OBA Max Spectrum At LMax
Overload 122.7 dB
Results
LAeq 68.7
LAE 98.3
EA 749.099 μPa²h
EA8 23.971 mPa²h
EA40 119.856 mPa²h
LApeak (max) 2023-12-05 15:17:15 95.6 dB
LASmax 2023-12-05 15:04:14 80.3 dB
LASmin 2023-12-05 15:14:54 42.5 dB
Statistics
LCeq 74.5 dB LA2.00 76.1 dB
LAeq 68.7 dB LA8.00 73.3 dB
LCeq - LAeq 5.8 dB LA25.00 69.7 dB
LAIeq 69.7 dB LA50.00 65.8 dB
LAeq 68.7 dB LA66.60 62.8 dB
LAIeq - LAeq 1.0 dB LA90.00 52.6 dB
Overload Count 0
LxT_0003099-20231205 150358-LxT_Data.371.ldbin
Ganddini Project# 19689 Stanislaus Elementary School
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Noise Measurement
Field Data
Project Name: Stanislaus Elementary School 1,2,3-TCP Mitigation Project, City of Modesto Date:
Project #:Noise Measurement #: Technician:Weather: Settings: SLOW FASTTemperature: 62 deg F Wind: 5 mph Humidity: 66% Terrain:Start Time: 3:37 PM End Time: 3:52 PM Run Time:
Leq: 71.8 dB Traffic noise from the 453 vehicles passing microphone on Kiernan Ave during 15 Lmax 81.8 dB min measurement. Traffic ambiance from vehicles on Carver Rd ~2,200' E of NM5.
L2 77.9 dB Occasional overhead air traffic. Bird song. No school yard ambiance from children L8 76.6 dB attending elementary school just E of NM5.
L25 73.5 dBL50 69.3 dB
NOISE METER: CALIBRATOR:
MAKE: MAKE:MODEL: MODEL:SERIAL NUMBER: SERIAL NUMBER:
FACTORY CALIBRATION DATE:
FIELD CALIBRATION DATE:
December 5, 2023Ian Edward Gallagher
Nearest Address or Cross Street:
19689NM5 Run Time: 15 minutes ( 1 x 15 minutes )1931 Kiernan Avenue, Modesto, CA 95356 Primary Noise Source:
Secondary Noise Sources:
Flat
Site Description (Type of Existing Land Use and any other notable features):
High cloud, filtered sunshine. Sunset 4:45 PM.SoundTrack LXT Class 1 Larson Davis CA 250 Measurement Site: Just west of Stanislaus Elementary school and north of Kiernan Avenue. Adjacent: Kiernan Ave (running E-W) just south & Carver Rd (running N-S) ~2,200' to east. Elementary school just east, agricultural lands to north and west, and to south just past Kiernan Avenue. 11/18/2021 11/17/2021
12/5/2023
FACTORY CALIBRATION DATE:
Larson DavisLXT13099
Larson DavisCA 2502723
Apx-35
#26..
- 2184 -
Noise Measurement
Field Data
PHOTOS:NM5 looking east at Kiernan Ave intersection with school parking lot, NM5 looking W down Kiernan Ave away from elementary school. to an elementary school.
Apx-36
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- 2185 -
Summary
File Name on Meter LxT_Data.372.s
File Name on PC
Serial Number 0003099
Model SoundTrack LxT®
Firmware Version 2.404
User Ian Edward Gallagher
Location NM5 37°42'40.88"N 121° 1'47.71"W
Job Description 15 minute noise measurement ( 1 x 15 minutes ) Note
1,2,3-TCP Mitigation Project, City of Modesto.
Measurement
Start 2023-12-05 15:37:47
Stop 2023-12-05 15:52:47
Duration 00:15:00.0
Run Time 00:15:00.0
Pause 00:00:00.0
Pre-Calibration 2023-12-05 15:37:22
Post-Calibration None
Overall Settings
RMS Weight A Weighting
Peak Weight A Weighting
Detector Slow
Preamplifier PRMLxT1L
Microphone Correction Off
Integration Method Linear
OBA Range Normal
OBA Bandwidth 1/1 and 1/3
OBA Frequency Weighting C Weighting
OBA Max Spectrum At LMax
Overload 122.7 dB
Results
LAeq 71.8
LAE 101.4
EA 1.523 mPa²h
EA8 48.745 mPa²h
EA40 243.726 mPa²h
LApeak (max) 2023-12-05 15:43:48 94.9 dB
LASmax 2023-12-05 15:43:49 81.8 dB
LASmin 2023-12-05 15:45:26 49.7 dB
Statistics
LCeq 76.4 dB LA2.00 77.9 dB
LAeq 71.8 dB LA8.00 76.6 dB
LCeq - LAeq 4.6 dB LA25.00 73.5 dB
LAIeq 72.5 dB LA50.00 69.3 dB
LAeq 71.8 dB LA66.60 65.7 dB
LAIeq - LAeq 0.7 dB LA90.00 59.2 dB
Overload Count 0
LxT_0003099-20231205 153747-LxT_Data.372.ldbin
Ganddini Project# 19689 Stanislaus Elementary School
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Noise Measurement
Field Data
Project Name: Stanislaus Elementary School 1,2,3-TCP Mitigation Project, City of Modesto Date:
Project #:Noise Measurement #: Technician:Weather: Settings: SLOW FASTTemperature: 45-63 deg F Wind: 0-5 mph Humidity: 66-80% Terrain:Start Time: 5:00 PM End Time: 5:00 PM Run Time:
Leq: 52.9 dB Traffic noise from vehicles passing microphone on American Ave during 24 hour Lmax 90.6 dB measurement. Traffic ambiance from vehicles traveling on Kiernan Ave.
L2 57.5 dB Occasional overhead air traffic. Bird song and tractor work being done in fieldsL8 53.9 dB by day. Some residential ambiance.
L25 50.6 dBL50 47.1 dB
NOISE METER: CALIBRATOR:
MAKE: MAKE:MODEL: MODEL:SERIAL NUMBER: SERIAL NUMBER:
FACTORY CALIBRATION DATE:
FIELD CALIBRATION DATE:
11/18/2021 11/17/2021
12/5/2023
FACTORY CALIBRATION DATE:
Larson DavisLXT13099
Larson DavisCA 2502723
Primary Noise Source:
Secondary Noise Sources:
Flat
Site Description (Type of Existing Land Use and any other notable features):
Clouding over, some rain. SoundTrack LXT Class 1
Sunset/rise 4:45 PM/ 7:04AM
Larson Davis CA 250
Measurement Site: Just west of the residential use at 5143 American Avenue and east of American Avenue. Adjacent: Kiernan Ave (running E-W) ~1,050' S & American Ave (running N-S) adjacent to east. Residential and agricultural uses surrounding.
December 5-6, 2023Ian Edward Gallagher
Nearest Address or Cross Street:
19689LTNM1 Run Time: 24 hours ( 24 x 1 hours )5143 American Avenue, Modesto, CA 95356 Apx-42
#26..
- 2191 -
Noise Measurement
Field Data
PHOTOS:LTNM1 looking S at microphone placed in tree. Frontyard to residence 5143 American LTNM1 aerial view showing location of LTNM1 microphone relative to Avenue, Modesto on the right & American Avenue on the left of image. surrounding area.
Apx-43
#26..
- 2192 -
Summary
File Name on Meter LxT_Data.373.s
File Name on PC
Serial Number 0003099
Model SoundTrack LxT®
Firmware Version 2.404
User Ian Edward Gallagher
Location LTNM1 37°42'52.50"N 121° 2'28.25"W
Job Description 24 hour noise measurement ( 24 x 1 hours ) Note
1,2,3-TCP Mitigation Project, City of Modesto.
Measurement
Start 2023-12-05 17:00:00
Stop 2023-12-06 17:00:00
Duration 24:00:00.0
Run Time 24:00:00.0
Pause 00:00:00.0
Pre-Calibration 2023-12-05 16:30:46
Post-Calibration None
Overall Settings
RMS Weight A Weighting
Peak Weight A Weighting
Detector Slow
Preamplifier PRMLxT2
Microphone Correction Off
Integration Method Linear
OBA Range Normal
OBA Bandwidth 1/1 and 1/3
OBA Frequency Weighting A Weighting
OBA Max Spectrum Bin Max
Overload 122.6 dB
Results
LAeq 52.9
LAE 102.3
EA 1.887 mPa²h
EA8 628.986 μPa²h
EA40 3.145 mPa²h
LApeak (max) 2023-12-06 08:50:53 106.7 dB
LASmax 2023-12-06 08:50:54 90.6 dB
LASmin 2023-12-06 02:10:26 32.8 dB
Statistics
LCeq 63.1 dB LA2.00 57.5 dB
LAeq 52.9 dB LA8.00 53.9 dB
LCeq - LAeq 10.2 dB LA25.00 50.6 dB
LAIeq 56.2 dB LA50.00 47.1 dB
LAeq 52.9 dB LA90.00 40.7 dB
LAIeq - LAeq 3.3 dB LA99.00 36.4 dB
Overload Count 0
LxT_0003099-20231205 170000-LxT_Data.373.ldbin
Ganddini Project# 19689 Stanislaus Elementary School 1,2,3-TCP Apx-44
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APPENDIX D
CONSTRUCTION NOISE MODELING
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Construction Phase Equipment Item # of Items Item Lmax at 50 feet, dBA1 Distance to Receptor 3 Item Usage Percent Usage Factor Dist. Correction dB Usage Adj. dB Receptor Item Lmax, dBA Receptor Item Leq, dBA Scraper 1 81 150 50 0.50 -9.5 -3.0 71.5 68.4Tractors/Loaders/Backhoes/Skid Steer 6 84 150 40 2.40 -9.5 3.8 74.5 78.3 Off Highway Truck (concrete pump truck) 1 82 150 20 0.20 -9.5 -7.0 72.5 65.5Plate Compactor 1 80 150 20 0.20 -9.5 -7.0 70.5 63.5Excavator 1 85 150 40 0.40 -9.5 -4.0 75.5 71.5Other material handling (Vibratory Concrete Mixer) 1 80 150 20 0.20 -9.5 -7.0 70.5 63.5 Paving equipment (Paver) 1 85 150 50 0.50 -9.5 -3.0 75.5 72.4 Other construction (Horizontal Boring Jack) 1 82 150 25 0.25 -9.5 -6.0 72.5 66.4 Pumps 2 77 150 50 1.00 -9.5 0.0 67.5 67.5
Surfacing equipment (Pavement Scarifier) 1 90 150 20 0.20 -9.5 -7.0 80.5 73.5 Rubber Tired Dozers 1 85 150 40 0.40 -9.5 -4.0 75.5 71.5 Crane ϭϴϱ 150 16 0.16 -9.5 -8.0 75.5 67.5
Jack and Bore 1 83 150 50 0.50 -9.5 -3.0 73.5 70.4
Log Sum 82.5
Notes:(1) Source: Referenced noise levels from the Federal Transit Administration (FTA) Transit Noise and Vibration Impact Assessment Manual (September 2018) and the FHWA Roadway Construction Noise Model User's Guide (January 2006).(2) Source: SoundPLAN reference list.(3) Distance to receptor calculated from center of site. Construction noise projected from the center of the project site to nearest sensitive use (property line).
Site Preparation, Pipline Installation and Jack and Bore Construction Analysis for Stanislaus Elementary School - E of Dale Apx-50
#26..
- 2199 -
Construction Phase Equipment Item # of Items Item Lmax at 50 feet, dBA1 Distance to Receptor 3 Item Usage Percent Usage Factor Dist. Correction dB Usage Adj. dB Receptor Item Lmax, dBA Receptor Item Leq, dBA Scraper 1 81 50 50 0.50 0.0 -3.0 81.0 78.0
Tractors/Loaders/Backhoes/Skid Steer 6 84 50 40 2.40 0.0 3.8 84.0 87.8 Off Highway Truck (concrete pump truck) 1 82 50 20 0.20 0.0 -7.0 82.0 75.0 Plate Compactor 1 80 50 20 0.20 0.0 -7.0 80.0 73.0
Excavator 1 85 50 40 0.40 0.0 -4.0 85.0 81.0
Other material handling (Vibratory Concrete Mixer) 1 80 50 20 0.20 0.0 -7.0 80.0 73.0Paving equipment (Paver) 1 85 50 50 0.50 0.0 -3.0 85.0 82.0Other construction (Horizontal Boring Jack) 1 82 50 25 0.25 0.0 -6.0 82.0 76.0Pumps 2 77 50 50 1.00 0.0 0.0 77.0 77.0 Surfacing equipment (Pavement Scarifier) 1 90 50 20 0.20 0.0 -7.0 90.0 83.0Rubber Tired Dozers 1 85 50 40 0.40 0.0 -4.0 85.0 81.0Crane ϭϴϱ 50 16 0.16 0.0 -8.0 85.0 77.0 Jack and Bore 1 83 50 50 0.50 0.0 -3.0 83.0 80.0
Log Sum 92.0
Notes:(1) Source: Referenced noise levels from the Federal Transit Administration (FTA) Transit Noise and Vibration Impact Assessment Manual (September 2018) and the FHWA Roadway Construction Noise Model User's Guide (January 2006).(2) Source: SoundPLAN reference list.(3) Distance to receptor calculated from center of site. Construction noise projected from the center of the project site to nearest sensitive use (property line).
Construction Analysis for Stanislaus Elementary School - N of Kiernen Site Preparation, Pipline Installation and Jack and Bore Apx-51
#26..
- 2200 -
Construction Phase Equipment Item # of Items Item Lmax at 50 feet, dBA1 Distance to Receptor 3 Item Usage Percent Usage Factor Dist. Correction dB Usage Adj. dB Receptor Item Lmax, dBA Receptor Item Leq, dBA Scraper 1 81 50 50 0.50 0.0 -3.0 81.0 78.0
Tractors/Loaders/Backhoes/Skid Steer 6 84 50 40 2.40 0.0 3.8 84.0 87.8 Off Highway Truck (concrete pump truck) 1 82 50 20 0.20 0.0 -7.0 82.0 75.0 Plate Compactor 1 80 50 20 0.20 0.0 -7.0 80.0 73.0
Excavator 1 85 50 40 0.40 0.0 -4.0 85.0 81.0
Other material handling (Vibratory Concrete Mixer) 1 80 50 20 0.20 0.0 -7.0 80.0 73.0Paving equipment (Paver) 1 85 50 50 0.50 0.0 -3.0 85.0 82.0Other construction (Horizontal Boring Jack) 1 82 50 25 0.25 0.0 -6.0 82.0 76.0Pumps 2 77 50 50 1.00 0.0 0.0 77.0 77.0 Surfacing equipment (Pavement Scarifier) 1 90 50 20 0.20 0.0 -7.0 90.0 83.0Rubber Tired Dozers 1 85 50 40 0.40 0.0 -4.0 85.0 81.0Crane ϭϴϱ 50 16 0.16 0.0 -8.0 85.0 77.0 Jack and Bore 1 83 50 50 0.50 0.0 -3.0 83.0 80.0
Log Sum 92.0
Notes:(1) Source: Referenced noise levels from the Federal Transit Administration (FTA) Transit Noise and Vibration Impact Assessment Manual (September 2018) and the FHWA Roadway Construction Noise Model User's Guide (January 2006).(2) Source: SoundPLAN reference list.(3) Distance to receptor calculated from center of site. Construction noise projected from the center of the project site to nearest sensitive use (property line).
Construction Analysis for Stanislaus Elementary School - W of Tully Site Preparation, Pipline Installation and Jack and Bore Apx-52
#26..
- 2201 -
Construction Phase Equipment Item # of Items Item Lmax at 50 feet, dBA1 Distance to Receptor 3 Item Usage Percent Usage Factor Dist. Correction dB Usage Adj. dB Receptor Item Lmax, dBA Receptor Item Leq, dBA Scraper 1 81 25 50 0.50 6.0 -3.0 87.0 84.0
Tractors/Loaders/Backhoes/Skid Steer 6 84 25 40 2.40 6.0 3.8 90.0 93.8 Off Highway Truck (concrete pump truck) 1 82 25 20 0.20 6.0 -7.0 88.0 81.0 Plate Compactor 1 80 25 20 0.20 6.0 -7.0 86.0 79.0
Excavator 1 85 25 40 0.40 6.0 -4.0 91.0 87.0
Other material handling (Vibratory Concrete Mixer) 1 80 25 20 0.20 6.0 -7.0 86.0 79.0Paving equipment (Paver) 1 85 25 50 0.50 6.0 -3.0 91.0 88.0Other construction (Horizontal Boring Jack) 1 82 25 25 0.25 6.0 -6.0 88.0 82.0Pumps 2 77 25 50 1.00 6.0 0.0 83.0 83.0 Surfacing equipment (Pavement Scarifier) 1 90 25 20 0.20 6.0 -7.0 96.0 89.0Rubber Tired Dozers 1 85 25 40 0.40 6.0 -4.0 91.0 87.0Crane ϭϴϱ 25 16 0.16 6.0 -8.0 91.0 83.1 Log Sum 97.7
Notes:(1) Source: Referenced noise levels from the Federal Transit Administration (FTA) Transit Noise and Vibration Impact Assessment Manual (September 2018) and the FHWA Roadway Construction Noise Model User's Guide (January 2006).(2) Source: SoundPLAN reference list.(3) Distance to receptor calculated from center of site. Construction noise projected from the center of the project site to nearest sensitive use (property line).
Construction Analysis for Stanislaus Elementary School - Adjacent to Alignment Site Preparation, Pipline Installation and Jack and Bore Apx-53
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APPENDIX E
FHWA TRAFFIC NOISE MODEL WORKSHEETS
Apx-54
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Existing Traffic Noise
Project: 19689 Stanislaus Elementary School 1,2,3-TCP Mitigation Road: Kiernan Avenue
Segment: In vicinity of project site
DAYTIME EVENING NIGHTTIME ADT 14200.00
AUTOS M.TRUCKS H.TRUCKS AUTOS M.TRUCKS H.TRUCKS AUTOS M.TRUCKS H.TRUCKS SPEED 50.00 -------------------------------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- DISTANCE 75.00
INPUT PARAMETERS
Vehicles per hour 813.66 23.44 27.71 601.30 4.16 12.68 150.61 31.25 36.94 % A 91Speed in MPH 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00Left angle -90.00 -90.00 -90.00 -90.00 -90.00 -90.00 -90.00 -90.00 -90.00Right angle 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 % MT 4.05
NOISE CALCULATIONS
Reference levels 71.12 78.79 83.02 71.12 78.79 83.02 71.12 78.79 83.02 % HT 4.95
ADJUSTMENTS
Flow 21.81 6.40 7.13 20.50 -1.10 3.73 14.48 7.65 8.38
Distance -1.83 -1.83 -1.83 -1.83 -1.83 -1.83 -1.83 -1.83 -1.83 LEFT -90.00Finite Roadway 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 RIGHT 90.00 Barrier 0.00 0.00 0.00 0.000.000.000.000.000.00Grade 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 CNEL 73.44 Constant -25.00 -25.00 -25.00 -25.00 -25.00 -25.00 -25.00 -25.00 -25.00 DAY LEQ 68.39 LEQ 66.10 58.37 63.32 64.78 50.86 59.92 58.77 59.62 64.57 Day hour 89.00 Absorbtive? no
DAY LEQ 68.39 EVENING LEQ 66.14 NIGHT LEQ 66.56 Use hour? no GRADE dB 0.00
CNEL 73.44
FHWA Traffic Noise Prediction Model FHWA-RD-77-108
Apx-55
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FHWA Traffic Noise Prediction Model FHWA-RD-77-108
Existing Plus Project Traffic Noise
Project: 19689 Stanislaus Elementary School 1,2,3-TCP Mitigation Road: Kiernan Avenue
Segment: In vicinity of project site
DAYTIME EVENING NIGHTTIME ADT 14237.00
AUTOS M.TRUCKS H.TRUCKS AUTOS M.TRUCKS H.TRUCKS AUTOS M.TRUCKS H.TRUCKS SPEED 50.00 --------------------------------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- ----------------------- DISTANCE 75.00
INPUT PARAMETERS
Vehicles per hour 815.78 23.50 27.78 602.87 4.17 12.71 151.01 31.33 37.04 % A 91.00 Speed in MPH 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00Left angle -90.00 -90.00 -90.00 -90.00 -90.00 -90.00 -90.00 -90.00 -90.00 Right angle 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 90.00 % MT 4.05
NOISE CALCULATIONS
Reference levels 71.12 78.79 83.02 71.12 78.79 83.02 71.12 78.79 83.02 % HT 4.95
ADJUSTMENTS
Flow 21.82 6.42 7.14 20.51 -1.09 3.75 14.49 7.66 8.39
Distance -1.83 -1.83 -1.83 -1.83 -1.83 -1.83 -1.83 -1.83 -1.83 LEFT -90.00Finite Roadway 0.00 0.00 0.00 0.000.000.000.000.000.00 RIGHT 90.00 Barrier 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00Grade 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 CNEL 73.45Constant -25.00 -25.00 -25.00 -25.00 -25.00 -25.00 -25.00 -25.00 -25.00 DAY LEQ 68.40LEQ 66.11 58.38 63.33 64.80 50.87 59.93 58.78 59.63 64.58 Day hour 89.00 Absorbtive? no
DAY LEQ 68.40 EVENING LEQ 66.15 NIGHT LEQ 66.57 Use hour? no GRADE dB 0.00
CNEL 73.45
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APPENDIX F
GROUNDBORNE VIBRATION WORKSHEETS
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Project: 19689 Stanislaus Elementary School Date: 12/14/23 Source: Vibratory Roller
Scenario: Unmitigated
Location:
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PPV = PPVref(25/D)^n (in/sec)
Equipment =
Type
PPVref = 0.21 Reference PPV (in/sec) at 25 ft.
D = 25.00 Distance from Equipment to Receiver (ft)
n = 1.50 Vibration attenuation rate through the ground
PPV = 0.004 IN/SEC
Note: Based on reference equations from the Transportation and Construction Vibration Guidance Manual, California Department of Transportation, April 2020, pg 37.
RESULTS
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Single Family Residential
INPUT
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#26..
- 2216 -
From: Andrew Malizia
To: Teresa McDonald; Jim Alves
Cc: Isael Ojeda; Jeremy Ballard
Subject: RE: Stanislaus Elementary School 1,2,3-TCP Mitigation Project Date: Tuesday, December 31, 2024 2:33:07 PM
External Email: Please use caution when clicking links and/or opening attachments.
Thanks for the CC.
No Comments from PW. MM-TRAF-01 & -02 look acceptable to me.
Andrew Malizia, PE
Deputy Director
Development Services, Traffic & Special Projects
Stanislaus County Public Works
1010 10th Street, Suite 4204
Modesto, CA 95354
209 | 525-4302
Comment 1
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#26..
- 2218 -
From: Teresa McDonald
To: Jim Alves
Cc: Andrew Malizia; Isael Ojeda; Jeremy Ballard
Subject: Stanislaus Elementary School 1,2,3-TCP Mitigation Project Date: Tuesday, December 31, 2024 12:42:47 PM
Attachments: 0219_001.pdf
External Email: Please use caution when clicking links and/or opening attachments.
Good afternoon Jim,
Planning does not have a comment at this time. I have included Public Works on this response in the event they wish to comment on the project.
Andrew and Isael, the draft Initial Study/ Mitigated Negative Declaration may be found here for reference: https://files.ceqanet.opr.ca.gov/309082-
1/attachment/6FpshZW98iJvsiQe5ji2w9xsKbFnPInXrOmpQfYtOqW84DxwoQX6sKGPvfuE4fSoSRgWfh pR56vQlNis0
Teresa McDonald
Associate Planner
Planning and Community Development
(209)525-6330
Due to high volume, appointments are strongly recommended and will be given priority over walkins. For information on how to schedule an appointment please go to http://www.stancounty.com/planning/phone-mail-options.shtm Comment 2
Comment 1
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#26..
- 2220 -
Central Valley Regional Water Quality Control Board
21 January 2025
Jim Alves
City of Modesto Utilities Department
1010 Tenth Street, Third Floor
Modesto, CA 95354
[email protected]
COMMENTS TO REQUEST FOR REVIEW FOR THE MITIGATED NEGATIVE DECLARATION, STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT, SCH#2024121117, STANISLAUS COUNTY
Pursuant to the State Clearinghouse’s 24 December 2025 request, the Central Valley Regional Water Quality Control Board (Central Valley Water Board) has reviewed the Request for Review for the Mitigated Negative Declaration for the Stanislaus Elementary School 1,2,3-TCP Mitigation Project, located in Stanislaus County.
Our agency is delegated with the responsibility of protecting the quality of surface and groundwaters of the state; therefore our comments will address concerns surrounding those issues.
I. Regulatory Setting
Basin Plan
The Central Valley Water Board is required to formulate and adopt Basin Plans for all areas within the Central Valley region under Section 13240 of the Porter-Cologne Water Quality Control Act. Each Basin Plan must contain water quality objectives to ensure the reasonable protection of beneficial uses, as well as a program of implementation for achieving water quality objectives with the Basin Plans. Federal regulations require each state to adopt water quality standards to protect the public health or welfare, enhance the quality of water and serve the purposes of the Clean Water Act. In California, the beneficial uses, water quality objectives, and the Antidegradation Policy are the State’s water quality standards. Water quality standards are also contained in the National Toxics Rule, 40 CFR Section 131.36, and the California Toxics Rule, 40 CFR Section 131.38.
The Basin Plan is subject to modification as necessary, considering applicable laws, policies, technologies, water quality conditions and priorities. The original Basin Plans were adopted in 1975, and have been updated and revised periodically as required, using Basin Plan amendments. Once the Central Valley Water Board has adopted a Basin Plan amendment in noticed public hearings, it must be approved by Comment 3
#26..
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Stanislaus Elementary School - 2 - 21 January 2025
1,2,3-TCP Mitigation Project
Stanislaus County
the State Water Resources Control Board (State Water Board), Office of Administrative Law (OAL) and in some cases, the United States Environmental Protection Agency (USEPA). Basin Plan amendments only become effective after they have been approved by the OAL and in some cases, the USEPA. Every three (3) years, a review of the Basin Plan is completed that assesses the appropriateness of existing standards and evaluates and prioritizes Basin Planning issues. For more information on the Water Quality Control Plan for the Sacramento and San Joaquin River Basins, please visit our website:
http://www.waterboards.ca.gov/centralvalley/water_issues/basin_plans/ Antidegradation Considerations
All wastewater discharges must comply with the Antidegradation Policy (State Water Board Resolution 68-16) and the Antidegradation Implementation Policy contained in the Basin Plan. The Antidegradation Implementation Policy is available on page 74 at:
https://www.waterboards.ca.gov/centralvalley/water_issues/basin_plans/sacsjr_2018
05.pdf
In part it states:
Any discharge of waste to high quality waters must apply best practicable treatment or control not only to prevent a condition of pollution or nuisance from occurring, but also to maintain the highest water quality possible consistent with the maximum benefit to the people of the State.
This information must be presented as an analysis of the impacts and potential impacts of the discharge on water quality, as measured by background concentrations and applicable water quality objectives.
The antidegradation analysis is a mandatory element in the National Pollutant Discharge Elimination System and land discharge Waste Discharge Requirements (WDRs) permitting processes. The environmental review document should evaluate potential impacts to both surface and groundwater quality.
II. Permitting Requirements
Construction Storm Water General Permit
Dischargers whose project disturb one or more acres of soil or where projects disturb less than one acre but are part of a larger common plan of development that in total disturbs one or more acres, are required to obtain coverage under the General Permit for Storm Water Discharges Associated with Construction and Land Disturbance Activities (Construction General Permit), Construction General Permit Order No. 2009-0009-DWQ. Construction activity subject to this permit includes clearing, grading, grubbing, disturbances to the ground, such as stockpiling, or excavation, but does not include regular maintenance activities performed to restore the original line, grade, or capacity of the facility. The Construction General Permit requires the development and implementation of a Storm Water Pollution Prevention Plan (SWPPP). For more information on the Construction General Permit, visit the State Water Resources Control Board website at:
Comment 3
(Continued)
#26..
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Stanislaus Elementary School - 3 - 21 January 2025
1,2,3-TCP Mitigation Project
Stanislaus County
http://www.waterboards.ca.gov/water_issues/programs/stormwater/constpermits.sht ml
Clean Water Act Section 404 Permit
If the project will involve the discharge of dredged or fill material in navigable waters or wetlands, a permit pursuant to Section 404 of the Clean Water Act may be needed from the United States Army Corps of Engineers (USACE). If a Section 404 permit is required by the USACE, the Central Valley Water Board will review the permit application to ensure that discharge will not violate water quality standards. If the project requires surface water drainage realignment, the applicant is advised to contact the Department of Fish and Game for information on Streambed Alteration Permit requirements. If you have any questions regarding the Clean Water Act Section 404 permits, please contact the Regulatory Division of the Sacramento District of USACE at (916) 557-5250.
Clean Water Act Section 401 Permit – Water Quality Certification If an USACE permit (e.g., Non-Reporting Nationwide Permit, Nationwide Permit, Letter of Permission, Individual Permit, Regional General Permit, Programmatic General Permit), or any other federal permit (e.g., Section 10 of the Rivers and Harbors Act or Section 9 from the United States Coast Guard), is required for this project due to the disturbance of waters of the United States (such as streams and wetlands), then a Water Quality Certification must be obtained from the Central Valley Water Board prior to initiation of project activities. There are no waivers for 401 Water Quality Certifications. For more information on the Water Quality Certification, visit the Central Valley Water Board website at:
https://www.waterboards.ca.gov/centralvalley/water_issues/water_quality_certificatio n/
Waste Discharge Requirements – Discharges to Waters of the State If USACE determines that only non-jurisdictional waters of the State (i.e., “nonfederal” waters of the State) are present in the proposed project area, the proposed project may require a Waste Discharge Requirement (WDR) permit to be issued by Central Valley Water Board. Under the California Porter-Cologne Water Quality Control Act, discharges to all waters of the State, including all wetlands and other waters of the State including, but not limited to, isolated wetlands, are subject to State regulation. For more information on the Waste Discharges to Surface Water NPDES Program and WDR processes, visit the Central Valley Water Board website at:https://www.waterboards.ca.gov/centralvalley/water_issues/waste_to_surface_wat er/
Projects involving excavation or fill activities impacting less than 0.2 acre or 400 linear feet of non-jurisdictional waters of the state and projects involving dredging activities impacting less than 50 cubic yards of non-jurisdictional waters of the state may be eligible for coverage under the State Water Resources Control Board Water Quality Order No. 2004-0004-DWQ (General Order 2004-0004). For more information on the General Order 2004-0004, visit the State Water Resources Control Board website at:
Comment 3
(Continued)
#26..
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Stanislaus Elementary School - 4 - 21 January 2025
1,2,3-TCP Mitigation Project
Stanislaus County
https://www.waterboards.ca.gov/board_decisions/adopted_orders/water_quality/200 4/wqo/wqo2004-0004.pdf
Dewatering Permit
If the proposed project includes construction or groundwater dewatering to be discharged to land, the proponent may apply for coverage under State Water Board General Water Quality Order (Low Threat General Order) 2003-0003 or the Central Valley Water Board’s Waiver of Report of Waste Discharge and Waste Discharge Requirements (Low Threat Waiver) R5-2018-0085. Small temporary construction dewatering projects are projects that discharge groundwater to land from excavation activities or dewatering of underground utility vaults. Dischargers seeking coverage under the General Order or Waiver must file a Notice of Intent with the Central Valley Water Board prior to beginning discharge.
For more information regarding the Low Threat General Order and the application process, visit the Central Valley Water Board website at:
http://www.waterboards.ca.gov/board_decisions/adopted_orders/water_quality/2003/ wqo/wqo2003-0003.pdf
For more information regarding the Low Threat Waiver and the application process, visit the Central Valley Water Board website at:
https://www.waterboards.ca.gov/centralvalley/board_decisions/adopted_orders/waiv ers/r5-2018-0085.pdf
Limited Threat General NPDES Permit
If the proposed project includes construction dewatering and it is necessary to discharge the groundwater to waters of the United States, the proposed project will require coverage under a National Pollutant Discharge Elimination System (NPDES) permit. Dewatering discharges are typically considered a low or limited threat to water quality and may be covered under the General Order for Limited Threat Discharges to Surface Water (Limited Threat General Order). A complete Notice of Intent must be submitted to the Central Valley Water Board to obtain coverage under the Limited Threat General Order. For more information regarding the Limited Threat General Order and the application process, visit the Central Valley Water Board website at:
https://www.waterboards.ca.gov/centralvalley/board_decisions/adopted_orders/gene ral_orders/r5-2016-0076-01.pdf
NPDES Permit
If the proposed project discharges waste that could affect the quality of surface waters of the State, other than into a community sewer system, the proposed project will require coverage under a National Pollutant Discharge Elimination System (NPDES) permit. A complete Report of Waste Discharge must be submitted with the Central Valley Water Board to obtain a NPDES Permit. For more information regarding the NPDES Permit and the application process, visit the Central Valley Water Board website at: https://www.waterboards.ca.gov/centralvalley/help/permit/ Comment 3
(Continued)
#26..
- 2224 -
Stanislaus Elementary School - 5 - 21 January 2025
1,2,3-TCP Mitigation Project
Stanislaus County
If you have questions regarding these comments, please contact me at (916) 464-4684 or [email protected].
Peter G. Minkel
Engineering Geologist
cc: State Clearinghouse unit, Governor’s Office of Planning and Research, Sacramento
Comment 3
(Continued)
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dŚĞĨŽůůŽǁŝŶŐ ŝƐ ĂDŝƟŐĂƟŽŶDŽŶŝƚŽƌŝŶŐ ĂŶĚ ZĞƉŽƌƟŶŐ WƌŽŐƌĂŵ;DDZWͿĨŽƌ ^ƚĂŶŝƐůĂƵƐ ůĞŵĞŶƚĂƌLJ ^ĐŚŽŽů ϭ͕Ϯ͕ϯͲdWDŝƟŐĂƟŽŶ WƌŽũĞĐƚ ůŽĐĂƚĞĚ ŝŶDŽĚĞƐƚŽ͕ ĂŶĚ hŶŝŶĐŽƌƉŽƌĂƚĞĚ ^ƚĂŶŝƐůĂƵƐ ŽƵŶƚLJ͕ĂůŝĨŽƌŶŝĂ͘dŚŝƐDDZWŚĂƐďĞĞŶƉƌĞƉĂƌĞĚƉƵƌƐƵĂŶƚƚŽ^ĞĐƟŽŶϭϱϬϵϳŽĨƚŚĞ Y'ƵŝĚĞůŝŶĞƐĂŶĚ^ĞĐƟŽŶϮϭϬϴϭ͘ϲŽĨƚŚĞWƵďůŝĐZĞƐŽƵƌĐĞƐŽĚĞ͘dŚŝƐDDZWůŝƐƚƐĂůůĂƉƉůŝĐĂďůĞWƌŽũĞĐƚDŝƟŐĂƟŽŶDĞĂƐƵƌĞƐ ;DDͿ͕^ƚĂŶĚĂƌĚŽŶĚŝƟŽŶƐ;^Ϳ͕ĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůĐŽŵŵŝƚŵĞŶƚƐĨŽƌĞdžĞĐƵƟŶŐĞƐƚDĂŶĂŐĞŵĞŶƚWƌĂĐƟĐĞƐƉƌŽǀŝĚĞĚďLJƚŚĞWƌŽũĞĐƚƉƉůŝĐĂŶƚƚŚĂƚĂƌĞƌĞƋƵŝƌĞĚƚŽďĞŝŵƉůĞŵĞŶƚĞĚǁŝƚŚƚŚĞWƌŽũĞĐƚƵŶĚĞƌ ĞdžŝƐƟŶŐWůĂŶƐ͕WƌŽŐƌĂŵƐ͕ĂŶĚWŽůŝĐŝĞƐĨŽƌĞŶǀŝƌŽŶŵĞŶƚĂůƌĞƐŽƵƌĐĞƉƌŽƚĞĐƟŽŶ͘dŚŝƐDDZWŝŶĐůƵĚĞƐŝŵƉůĞŵĞŶƚĂƟŽŶƟŵŝŶŐĂŶĚƌĞƐƉŽŶƐŝďůĞƉĂƌƚLJƚŽĞŶƐƵƌĞƉƌŽƉĞƌĞŶĨŽƌĐĞŵĞŶƚŽĨĂůůDDƐƚŽƌĞĚƵĐĞWƌŽũĞĐƚŝŵƉĂĐƚƐ͘dŚĞŝƚLJŽĨDŽĚĞƐƚŽ͕ĂƐƚŚĞ>ĞĂĚŐĞŶĐLJ͕ǁŝůůƵƟůŝnjĞƚŚĞDDZWƚŽĚŽĐƵŵĞŶƚƚŚĞŝŵƉůĞŵĞŶƚĂƟŽŶŽĨWƌŽũĞĐƚŵŝƟŐĂƟŽŶĂŶĚDWĞŶǀŝƌŽŶŵĞŶƚĂůĐŽŵŵŝƚŵĞŶƚƐ͕ǁŚŝĐŚĞŶƐƵƌĞĂůůƉƌŽũĞĐƚŝŵƉĂĐƚƐ ĂƌĞƌĞĚƵĐĞĚƚŽůĞƐƐƚŚĂŶƐŝŐŶŝĮĐĂŶĐĞƉƵƌƐƵĂŶƚƚŽdŚĞĂůŝĨŽƌŶŝĂ ŶǀŝƌŽŶŵĞŶƚĂůYƵĂůŝƚLJĐƚ;
YͿ͘
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
ĞƐƚŚĞƟĐƐ ĚͿƌĞĂƚĞĂŶĞǁƐŽƵƌĐĞŽĨƐƵďƐƚĂŶƟĂů
ůŝŐŚƚ Žƌ ŐůĂƌĞ ǁŚŝĐŚ ǁŽƵůĚ ĂĚǀĞƌƐĞůLJĂīĞĐƚ ĚĂLJ Žƌ ŶŝŐŚƫŵĞ ǀŝĞǁƐ ŝŶ ƚŚĞĂƌĞĂ͍ DD
^ͲϬϭ͗ŽŶƐƚƌƵĐƟŽŶ>ŝŐŚƟŶŐWůĂŶͲWƌŝŽƌƚŽWƌŽũĞĐƚĂƉƉƌŽǀĂů͕ƚŚĞŝƚLJŽĨ DŽĚĞƐƚŽhƟůŝƟĞƐĞƉĂƌƚŵĞŶƚƐŚĂůůǀĞƌŝĨLJƚŚĂƚWůĂŶƐĂŶĚ^ƉĞĐŝĮĐĂƟŽŶƐĨŽƌƚŚĞWƌŽũĞĐƚƐŚŽǁƚĞŵƉŽƌĂƌLJůŝŐŚƟŶŐŵĞĂƐƵƌĞƐƉƌŝŽƌƚŽĂŶĚƚŚƌŽƵŐŚŽƵƚŶŝŐŚƫŵĞĐŽŶƐƚƌƵĐƟŽŶ ĂĐƟǀŝƟĞƐ;ĚƵƐŬ ƚŽ ĚĂǁŶͿǁŚŝĐŚŵŝŶŝŵŝnjĞ ůŝŐŚƟŶŐ ŽŶ ĂĚũĂĐĞŶƚƉĂƌĐĞůƐ͘WůĂŶƐĂŶĚ^ƉĞĐŝĮĐĂƟŽŶƐĨŽƌƚŚĞWƌŽũĞĐƚƐŚĂůůŝŶĐůƵĚĞĚŝƌĞĐƟŶŐůŝŐŚƚƐŽƵƌĐĞƐ ĂǁĂLJ ĨƌŽŵ ƌĞƐŝĚĞŶƟĂů ƉƌŽƉĞƌƟĞƐ ĂŶĚ ƐƚƌƵĐƚƵƌĞƐ ƚŚĂƚ ŵĂLJ ďĞŽĐĐƵƉŝĞĚŽŶĂϮϰͲŚŽƵƌďĂƐŝƐƐƵĐŚĂƐŚŽƚĞůƐ͘ŝƚLJŝŶƐƉĞĐƚŽƌƐƐŚĂůůǀĞƌŝĨLJƚŚĂƚƵƉůŝŐŚƟŶŐŝƐŵŝŶŝŵŝnjĞĚƚŽƚŚĞŵĂdžŝŵƵŵĞdžƚĞŶƚďLJĂŶŐůŝŶŐůŝŐŚƚƐŽƵƌĐĞƐĚŽǁŶĂŶĚ ĮƫŶŐ ůŝŐŚƚ ƐŽƵƌĐĞƐ ǁŝƚŚ ĐŽǀĞƌĞĚ ďƵůďƐ͕ ƐŚŝĞůĚƐ͕ ĂŶĚ ĚŝŵŵĞƌƐ ĂŶĚƚĞŵƉŽƌĂƌLJďŽƵŶĚĂƌLJĨĞŶĐŝŶŐĂƌŽƵŶĚĂĐƟǀĞĂƌĞĂƐŽĨĐŽŶƐƚƌƵĐƟŽŶƚŚƌŽƵŐŚŽƵƚƚŚĞĚƵƌĂƟŽŶŽĨŶŝŐŚƫŵĞĐŽŶƐƚƌƵĐƟŽŶ͘ WƌŝŽƌ ƚŽ ƐƚĂƌƚ ŽĨĐŽŶƐƚƌƵĐƟŽŶĂŶĚƚŚƌŽƵŐŚŽƵƚĐŽŶƐƚƌƵĐƟŽŶ ŝƚLJ
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ĂŶĚŝƚLJŝŶƐƉĞĐƚŽƌƐ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
DD
^ͲϬϮ͗ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚWƌŝǀĂƚĞ>ĂŶĚŽǁŶĞƌƐͲƚůĞĂƐƚĨŽƵƌ;ϰͿǁĞĞŬƐ ƉƌŝŽƌƚŽƚŚĞƐƚĂƌƚŽĨĐŽŶƐƚƌƵĐƚŝŽŶ͕ƚŚĞŝƚLJĂŶĚƚŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůĐŽŽƌĚŝŶĂƚĞǁŝƚŚƉƌŝǀĂƚĞŽǁŶĞƌƐĂŶĚŽďƚĂŝŶǁƌŝƚƚĞŶůĂŶĚŽǁŶĞƌĂƉƉƌŽǀĂůĨŽƌĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐ ŽŶ ƉƌŝǀĂƚĞ ƉƌŽƉĞƌƚLJŝŶ ƚŚĞĨŽƌŵ ŽĨĂ ƐŝŐŶĂƚƵƌĞ ŽŶ ƚŚĞ ƉůĂŶ ƐŚĞĞƚƐŚŽǁŝŶŐƚŚĞƉƌŽƉŽƐĞĚǁŽƌŬ͘ZĞƐƚŽƌĂƚŝŽŶǁŽƌŬŽŶƉƌŝǀĂƚĞƉƌŽƉĞƌƚLJƐŚĂůůďĞĂŐƌĞĞĚ ƵƉŽŶ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ ůĂŶĚŽǁŶĞƌ ĂŶĚ ƚŚĞ ŝƚLJ ŝŶ ĂĚǀĂŶĐĞ ŽĨĐŽŶƐƚƌƵĐƚŝŽŶ͘ZĞƐƚŽƌĂƚŝŽŶƐŚĂůůďĞĐĞƌƚŝĨŝĞĚďLJ ƚŚĞůĂŶĚŽǁŶĞƌĂŶĚ ƚŚĞŝƚLJƵƉŽŶ ĐŽŵƉůĞƚŝŽŶ ĂƐ ĂĚĞƋƵĂƚĞůLJ ŵĞĞƚŝŶŐ ƚŚĞ ŝƚLJ͛Ɛ ƉƌŝǀĂƚĞ ůĂŶĚŽǁŶĞƌ͛ƐƌĞƋƵŝƌĞŵĞŶƚƐ͘
ƚ ůĞĂƐƚ ĨŽƵƌ ;ϰͿǁĞĞŬƐ ƉƌŝŽƌ ƚŽƚŚĞ ƐƚĂƌƚ ŽĨĐŽŶƐƚƌƵĐƟŽŶĂŶĚƵƉŽŶĐŽŵƉůĞƟŽŶ ŽĨĐŽŶƐƚƌƵĐƟŽŶ dŚĞŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕WƌŽũĞĐƚŽŶƚƌĂĐƚŽƌ
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#26..
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D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
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D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϬ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
ŐƌŝĐƵůƚƵƌĞĂŶĚ&ŽƌĞƐƚƌLJZĞƐŽƵƌĐĞƐ
ďͿ ŽŶŇŝĐƚ ǁŝƚŚ ĞdžŝƐƟŶŐ njŽŶŝŶŐ ĨŽƌ
ĂŐƌŝĐƵůƚƵƌĂůƵƐĞ͕ŽƌĂtŝůůŝĂŵƐŽŶĐƚĐŽŶƚƌĂĐƚ͍
DD'ͲϬϭ͗ƵĨĨĞƌĂŶĚ^ĞƚďĂĐŬ'ƵŝĚĞůŝŶĞƐͲdŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶ ĂŶĚ ĞĂƌƚŚǁŽƌŬƐ͕ ƚŚĞ ŝƚLJ /ŶƐƉĞĐƚŽƌƐ ƐŚĂůů ǀĞƌŝĨLJ ƚŚĂƚ WƌŽũĞĐƚ ĐŽŶƚƌĂĐƚŽƌŝŶĐŽƌƉŽƌĂƚĞƐĂŶĚŝŵƉůĞŵĞŶƚƐƚŚĞĨŽůůŽǁŝŶŐŵĞĂƐƵƌĞƐǁŚĞƌĞƉŽƌƚŝŽŶƐŽĨƚŚĞWƌŽũĞĐƚůŝŐŶŵĞŶƚĂŶĚƚŚĞĂĚũŽŝŶŝŶŐĂŐƌŝĐƵůƚƵƌĂůŽƉĞƌĂƚŝŽŶƐŚĂƌĞĂĐŽŵŵŽŶƉĂƌĐĞůůŝŶĞ͗ Ͳ ƵĨĨĞƌ͗
ƐƚĂďůŝƐŚĂϲͲĨŽŽƚͲŚŝŐŚĐŚĂŝŶůŝŶŬĨĞŶĐĞǁŝƚŚĂƐŚĂĚĞĐůŽƚŚ ďĞƚǁĞĞŶĐŽŶƐƚƌƵĐƚŝŽŶĂĐƚŝǀŝƚŝĞƐǁŝƚŚŝŶƚŚĞƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂLJĂŶĚĂŐƌŝĐƵůƚƵƌĂůůĂŶĚƵƐĞƐ͖ Ͳ ZĞĨƵƐĞŝƐƉŽƐĂůĂŶĚŽŶƚĂŝŶĞƌƐ͗ZĞĨƵƐĞĐŽŶƚĂŝŶĞƌƐǁŝƚŚĨĂƐƚĞŶĞĚ ůŝĚƐ ƐŚĂůů ďĞ ƉůĂĐĞĚĂŶĚ ƵƐĞĚ ŝŶĂƌĞĂƐ ŽĨĂĐƚŝǀĞ ĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚƐƚĂŐŝŶŐ͘ ZĞĨƵƐĞ ĐŽŶƚĂŝŶĞƌƐ ƐŚĂůů ďĞ ĞŵƉƚŝĞĚ ĂŶĚ ƚŚĞ ƌĞĨƵƐĞƌĞŵŽǀĞĚĨƌŽŵƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂƌĞĂƐĂŶĚĚŝƐƉŽƐĞĚŽĨŽĨĨͲƐŝƚĞĂƚĂŶĂƉƉƌŽƉƌŝĂƚĞĚŝƐƉŽƐĂůƐŝƚĞĂƚƚŚĞĞŶĚŽĨĞĂĐŚĚĂLJ͘ Ͳ ^ŝƚĞ/ŶƐƉĞĐƚŝŽŶƐ͗ƚƚŚĞďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨĞĂĐŚĚĂLJ͕ƚŚĞWƌŽũĞĐƚ ĐŽŶƚƌĂĐƚŽƌ ƐŚĂůů ĐŽŶĚƵĐƚ Ă ƐŝƚĞ ŝŶƐƉĞĐƚŝŽŶ ƐŽ ƚŚĂƚ Ăůů ĚĞďƌŝƐ ŝƐƌĞŵŽǀĞĚĨƌŽŵƚŚĞWƌŽũĞĐƚ^ŝƚĞ͘ dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶĂŶĚĞĂƌƚŚǁŽƌŬƐ͘
ŝƚLJŝŶƐƉĞĐƚŽƌƐĂŶĚWƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ
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ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
^ĞĞ DŝƟŐĂƟŽŶ DĞĂƐƵƌĞ DD ,zZKͲϬϮ͗ ^ƚŽƌŵǁĂƚĞƌ DWƐ ƚŚƌŽƵŐŚŽƵƚ WƌŽũĞĐƚŽŶƐƚƌƵĐƟŽŶ͘
WƌŝŽƌ ƚŽ WƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶĂŶĚƚŚĞ ŝƐƐƵĂŶĐĞ ŽĨďƵŝůĚŝŶŐƉĞƌŵŝƚƐ͘ ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕WƌŽũĞĐƚŽŶƚƌĂĐƚŽƌ
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ŝƌYƵĂůŝƚLJ ÍϽ ŽŶŇŝĐƚǁŝƚŚŽƌŽďƐƚƌƵĐƚ
ŝŵƉůĞŵĞŶƚĂƟŽŶŽĨƚŚĞĂƉƉůŝĐĂďůĞĂŝƌƋƵĂůŝƚLJƉůĂŶ͍
DD YͲϬϭ͗ ƵƐƚ ŽŶƚƌŽů ĂŶĚ ŽŶƐƚƌƵĐƟŽŶ
ŵŝƐƐŝŽŶƐͲdŚƌŽƵŐŚŽƵƚ WƌŽũĞĐƚ
ĐŽŶƐƚƌƵĐƟŽŶƚŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůŝŵƉůĞŵĞŶƚĂƉƉƌŽƉƌŝĂƚĞĚƵƐƚĐŽŶƚƌŽůďĞƐƚŵĂŶĂŐĞŵĞŶƚƉƌĂĐƟĐĞƐ͕ƐƵĐŚĂƐƌĞŐƵůĂƌƐǁĞĞƉŝŶŐŽĨƚƌĂĐŬͲŽƵƚĂƌĞĂƐ͕ĐŽǀĞƌĞĚŚĂƵůůŽĂĚƐĂŶĚĐŽǀĞƌƐƚŽĐŬƉŝůĞƐ͕ĂƐǁĞůůĂƐĐŚĞĐŬĞƋƵŝƉŵĞŶƚŝĚůŝŶŐƐŽ ƚŚĂƚĞƋƵŝƉŵĞŶƚƚŚĂƚŝƐŶŽƚĂĐƟǀĞůLJŝŶƵƐĞŝƐŶŽƚůĞŌŝĚůŝŶŐŵŽƌĞƚŚĂŶϱŵŝŶƵƚĞƐ͘ ŝŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ
ĂͿ,ĂǀĞĂƐƵďƐƚĂŶƟĂůĂĚǀĞƌƐĞĞīĞĐƚ͕ĞŝƚŚĞƌ ĚŝƌĞĐƚůLJ Žƌ ƚŚƌŽƵŐŚ ŚĂďŝƚĂƚŵŽĚŝĮĐĂƟŽŶƐ͕ ŽŶ ĂŶLJ ƐƉĞĐŝĞƐŝĚĞŶƟĮĞĚĂƐĂĐĂŶĚŝĚĂƚĞ͕ƐĞŶƐŝƟǀĞ͕ŽƌƐƉĞĐŝĂů ƐƚĂƚƵƐ ƐƉĞĐŝĞƐ ŝŶ ůŽĐĂů ŽƌƌĞŐŝŽŶĂůƉůĂŶƐ͕ƉŽůŝĐŝĞƐ͕ŽƌƌĞŐƵůĂƟŽŶƐ͕Žƌ ďLJ ƚŚĞ ĂůŝĨŽƌŶŝĂ ĞƉĂƌƚŵĞŶƚ ŽĨ DD/KͲϬϭ͗WƌĞͲĐŽŶƐƚƌƵĐƟŽŶŝƌĚĂŶĚtŝůĚůŝĨĞůĞĂƌĂŶĐĞ^ƵƌǀĞLJƐ͕dƌĂŝŶŝŶŐ͕DŽŶŝƚŽƌŝŶŐ͕ĂŶĚ/ŶƐƉĞĐƟŽŶƐ ĂͿ DŝŐƌĂƚŽƌLJŝƌĚƐĂŶĚŝƌĚƐŽĨWƌĞLJ^ƵƌǀĞLJĂŶĚZĞƉŽƌƚ͗WƌĞͲĐŽŶƐƚƌƵĐƟŽŶĐůĞĂƌĂŶĐĞƐƵƌǀĞLJƐƐŚĂůůďĞĐŽŶĚƵĐƚĞĚĮŌĞĞŶ;ϭϱͿĚĂLJƐĂŶĚƚŚƌĞĞ;ϯͿĚĂLJƐƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƟŽŶ͕ĨŽƌŶĞƐƟŶŐŵŝŐƌĂƚŽƌLJďŝƌĚƐ͕ƌĂƉƚŽƌƐ͕ ĂŶĚ ďŝƌĚƐ ŽĨ ƉƌĞLJ͕ ďLJ ƚŚĞ ŝƚLJ͛Ɛ YƵĂůŝĮĞĚ ŝŽůŽŐŝƐƚ͘ dŚƌĞĞ ĚĂLJƐ ƉƌŝŽƌƚŽ WƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ ŝĨWƌŽũĞĐƚ ĂĐƟǀŝƟĞƐŽĐĐƵƌ ďĞƚǁĞĞŶ&ĞďƌƵĂƌLJ ϭƐƚ ĂŶĚƵŐƵƐƚϯϭƐƚ͘ WƌŽũĞĐƚŝŽůŽŐŝƐƚ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2229 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϭ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
ŝŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ &ŝƐŚ ĂŶĚ 'ĂŵĞ Žƌ h͘^͘ &ŝƐŚ ĂŶĚtŝůĚůŝĨĞ^ĞƌǀŝĐĞ͍ ĂͿ ŽŶƟŶƵĞĚ͙
ŶĞŐĂƟǀĞƐƵƌǀĞLJƌĞƉŽƌƚĨƌŽŵƚŚĞŝƚLJ͛ƐYƵĂůŝĮĞĚŝŽůŽŐŝƐƚƐŚĂůůďĞŽŶĮůĞǁŝƚŚƚŚĞŝƚLJƉƌŝŽƌƚŽƚŚĞƐƚĂƌƚŽĨĂŶLJǀĞŐĞƚĂƟŽŶƌĞŵŽǀĂůŽƌŐƌŽƵŶĚĚŝƐƚƵƌďŝŶŐĂĐƟǀŝƟĞƐƐŽƚŚĂƚŶŽŶĞƐƟŶŐďŝƌĚƐ͕ŝŶĐůƵĚŝŶŐďŝƌĚƐŽĨƉƌĞLJŽƌƌĂƉƚŽƌƐ͕ǁŝůůďĞĚŝƐƚƵƌďĞĚĚƵƌŝŶŐĐŽŶƐƚƌƵĐƟŽŶ͘dŚĞŝƚLJ͛ƐŝŽůŽŐŝƐƚ ĐŽŶĚƵĐƟŶŐ ƚŚĞ ĐůĞĂƌĂŶĐĞ ƐƵƌǀĞLJ ƐŚŽƵůĚ ĚŽĐƵŵĞŶƚ ĂŶĞŐĂƟǀĞƐƵƌǀĞLJǁŝƚŚĂďƌŝĞĨůĞƩĞƌƌĞƉŽƌƚŝŶĚŝĐĂƟŶŐƚŚĂƚŶŽŝŵƉĂĐƚƐƚŽĂĐƟǀĞĂǀŝĂŶŶĞƐƚƐǁŝůůŽĐĐƵƌĂŶĚĐŽƉŝĞƐŽĨƚŚĞƌĞƉŽƌƚŬĞƉƚŽŶĮůĞŝŶƚŚĞĐŽŶƐƚƌƵĐƟŽŶŵĂŶĂŐĞŵĞŶƚŽĸĐĞĨŽƌƚŚĞWƌŽũĞĐƚĂŶĚĂƚŝƚLJ,Ăůů͘ /Ĩ ƚŚĞƌĞ ŝƐ Ă ůĂƉƐĞ ŝŶ ĐŽŶƐƚƌƵĐƟŽŶ ůŽŶŐĞƌ ƚŚĂŶ ϳ ĚĂLJƐ͕ ƉƌĞͲĐŽŶƐƚƌƵĐƟŽŶ ƐƵƌǀĞLJƐ ĂŶĚ ƌĞƉŽƌƚƐ ƐŚĂůů ďĞ ƌĞƉĞĂƚĞĚ ďLJ ƚŚĞ ŝƚLJ͛ƐYƵĂůŝĮĞĚŝŽůŽŐŝƐƚĂŶĚŬĞƉƚŽŶĮůĞǁŝƚŚƚŚĞŝƚLJĂŶĚĐŽŶƐƚƌƵĐƟŽŶŵĂŶĂŐĞŵĞŶƚŽĸĐĞ͘ æϽ ƌĞǁdƌĂŝŶŝŶŐ͗ƌĞǁ ƚƌĂŝŶŝŶŐ ƐŚĂůů ďĞ ƉƌŽǀŝĚĞĚďLJ ƚŚĞŝƚLJ͛ƐYƵĂůŝĮĞĚ ŝŽůŽŐŝƐƚƉƌŝŽƌƚŽĐŽŶƐƚƌƵĐƟŽŶƚŽŝŶĨŽƌŵĐŽŶƐƚƌƵĐƟŽŶƐƚĂīŽĨƚŚĞƚLJƉĞƐŽĨďŝƌĚƐĂŶĚǁŝůĚůŝĨĞƚŚĂƚŵĂLJďĞĞŶĐŽƵŶƚĞƌĞĚĚƵƌŝŶŐĐŽŶƐƚƌƵĐƟŽŶĂŶĚƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞdžƚƐƚĞƉƐƚŚĂƚƐŚŽƵůĚďĞƚĂŬĞŶƚŽĂǀŽŝĚƚĂŬĞ͘ĐͿ ĐƟǀĞ EĞƐƚƐ͗ /Ĩ ĂŶ ĂĐƟǀĞ ĂǀŝĂŶ ŶĞƐƚ ŝƐ ĚŝƐĐŽǀĞƌĞĚ͕ ĐŽŶƐƚƌƵĐƟŽŶĂĐƟǀŝƟĞƐƐŚŽƵůĚƐƚĂLJŽƵƚƐŝĚĞŽĨĂŶŽͲĚŝƐƚƵƌďĂŶĐĞďƵīĞƌĞƐƚĂďůŝƐŚĞĚďLJƚŚĞŝƚLJ͛ƐYƵĂůŝĮĞĚŝŽůŽŐŝƐƚ͘dŚĞƐŝnjĞŽĨƚŚĞŶŽͲĚŝƐƚƵƌďĂŶĐĞďƵīĞƌǁŝůůďĞĚĞƚĞƌŵŝŶĞĚďLJƚŚĞŝƚLJ͛ƐYƵĂůŝĮĞĚŝŽůŽŐŝƐƚĂŶĚǁŝůůĚĞƉĞŶĚŽŶƚŚĞůĞǀĞů ŽĨ ŶŽŝƐĞĂŶĚͬŽƌ ƐƵƌƌŽƵŶĚŝŶŐĂŶƚŚƌŽƉŽŐĞŶŝĐ ĚŝƐƚƵƌďĂŶĐĞƐ͕ ůŝŶĞ ŽĨƐŝŐŚƚďĞƚǁĞĞŶƚŚĞŶĞƐƚĂŶĚƚŚĞĐŽŶƐƚƌƵĐƟŽŶĂĐƟǀŝƚLJ͕ƚLJƉĞĂŶĚĚƵƌĂƟŽŶŽĨ ĐŽŶƐƚƌƵĐƟŽŶ ĂĐƟǀŝƚLJ͕ ĂŵďŝĞŶƚ ŶŽŝƐĞ͕ ƐƉĞĐŝĞƐ ŚĂďŝƚƵĂƟŽŶ͕ ĂŶĚƚŽƉŽŐƌĂƉŚŝĐĂůďĂƌƌŝĞƌƐ͘dŚĞƐĞĨĂĐƚŽƌƐǁŝůůďĞĞǀĂůƵĂƚĞĚŽŶĂĐĂƐĞͲďLJͲĐĂƐĞďĂƐŝƐǁŚĞŶĚĞǀĞůŽƉŝŶŐďƵīĞƌĚŝƐƚĂŶĐĞƐ͘>ŝŵŝƚƐŽĨĐŽŶƐƚƌƵĐƟŽŶƚŽĂǀŽŝĚĂŶĂĐƟǀĞ ŶĞƐƚǁŝůů ďĞĞƐƚĂďůŝƐŚĞĚĂŶĚŝŶƐƚĂůůĞĚ ďLJ ƚŚĞ ŝƚLJ͛ƐYƵĂůŝĮĞĚŝŽůŽŐŝƐƚŝŶƚŚĞĮĞůĚǁŝƚŚŇĂŐŐŝŶŐ͕ĨĞŶĐŝŶŐ͕ŽƌŽƚŚĞƌĂƉƉƌŽƉƌŝĂƚĞďĂƌƌŝĞƌƐ͖ĂŶĚĐŽŶƐƚƌƵĐƟŽŶƉĞƌƐŽŶŶĞůǁŝůůďĞŝŶƐƚƌƵĐƚĞĚŽŶƚŚĞƐĞŶƐŝƟǀŝƚLJŽĨŶĞƐƚĂƌĞĂƐ͘ĚͿ DŽŶŝƚŽƌŝŶŐ ĂŶĚ /ŶƐƉĞĐƟŽŶƐ͗ dŚĞ ĐŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŝŶƐƉĞĐƚĐŽŶƐƚƌƵĐƟŽŶĂŶĚŵĂƚĞƌŝĂůƐƐƚĂŐŝŶŐͬƐƚŽĐŬƉŝůĞƐĚĂŝůLJĂƚƚŚĞƐƚĂƌƚĂŶĚĞŶĚ #26..
- 2230 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϮ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
ŝŽůŽŐŝĐĂůZĞƐŽƵƌĐĞƐ
ĂͿŽŶƟŶƵĞĚ͙
ŽĨĞĂĐŚĚĂLJĨŽƌǁŝůĚůŝĨĞĂŶĚǀĞƌŝĨLJ ƚŚĂƚƐƚŽƌĂŐĞĂƌĞĂƐĂƌĞĐŽǀĞƌĞĚĂŶĚƐĞĐƵƌĞĚ͕ĂŶĚ ƚŚĂƚĚĞďƌŝƐͬƌĞĨƵƐĞŝƐ ƌĞŵŽǀĞĚĨƌŽŵ ƚŚĞũŽďƐŝƚĞĚĂŝůLJ͘/ĨǁŝůĚůŝĨĞ ŝƐ ĞŶĐŽƵŶƚĞƌĞĚ ǁŝƚŚŝŶ ĐŽŶƐƚƌƵĐƟŽŶ ĂŶĚ ƐƚĂŐŝŶŐ ĂƌĞĂƐ͕ ƚŚĞĐŽŶƚƌĂĐƚŽƌ ƐŚĂůů ŝŵŵĞĚŝĂƚĞůLJ ĐŽŶƚĂĐƚ ƚŚĞ ŝƚLJ͛Ɛ YƵĂůŝĮĞĚ ŝŽůŽŐŝƐƚ ƚŽĚĞƚĞƌŵŝŶĞ ĂŶĚ ŝŵƉůĞŵĞŶƚ ĂƉƉƌŽƉƌŝĂƚĞ ŚĂŶĚůŝŶŐ͕ ĞƐƚĂďůŝƐŚŵĞŶƚ ŽĨ ĂďƵīĞƌ͕ ĂŶĚ ŶĞdžƚ ƐƚĞƉƐ ĨŽƌ ƉĂƐƐŝǀĞ ƌĞůŽĐĂƟŽŶ ĂŶĚ ĞŶƚƌĂƉŵĞŶƚƉƌĞǀĞŶƟŽŶ͘ YƵĂůŝĮĞĚ ŝŽůŽŐŝĐĂů ŵŽŶŝƚŽƌ ƐŚŽƵůĚ ďĞ ƉƌĞƐĞŶƚ ƚŽĚĞůŝŶĞĂƚĞ ƚŚĞ ďŽƵŶĚĂƌŝĞƐ ŽĨ ďƵīĞƌ ĂƌĞĂƐ ĂŶĚ ƚŽ ŵŽŶŝƚŽƌ ĂŶLJ ƚLJƉĞ ŽĨǁŝůĚůŝĨĞ ƉƌĞƐĞŶƚ ŶĞĂƌ ĐŽŶƐƚƌƵĐƟŽŶ ƐŽ ƚŚĂƚ ĂĐƟǀĞ ŶĞƐƚƐ͕ ƉƌŽƚĞĐƚĞĚƐƉĞĐŝĞƐ͕ ĂŶĚ ŶĞƐƟŶŐ ďĞŚĂǀŝŽƌ ĂƌĞ ŶŽƚ ĂĚǀĞƌƐĞůLJ ĂīĞĐƚĞĚ ďLJ ƚŚĞĐŽŶƐƚƌƵĐƟŽŶĂĐƟǀŝƚLJ͘KŶĐĞƚŚĞLJŽƵŶŐŚĂǀĞŇĞĚŐĞĚĂŶĚůĞŌƚŚĞŶĞƐƚ͕ŽƌƚŚĞ ŶĞƐƚ ŽƚŚĞƌǁŝƐĞ ďĞĐŽŵĞƐ ŝŶĂĐƟǀĞ Žƌ ǁŝůĚůŝĨĞ ŝƐ ƉƌŽƚĞĐƚĞĚ ƵŶĚĞƌŶĂƚƵƌĂů ĐŽŶĚŝƟŽŶƐ͕ ĐŽŶƐƚƌƵĐƟŽŶ ĂĐƟǀŝƟĞƐ ǁŝƚŚŝŶ ƚŚĞ ďƵīĞƌ ĂƌĞĂ ĐĂŶŽĐĐƵƌ͘ /Ĩ ǁŝůĚůŝĨĞ ŝƐ ĞŶĐŽƵŶƚĞƌĞĚ ǁŝƚŚŝŶ ĐŽŶƐƚƌƵĐƟŽŶ ĂƌĞĂƐ ŽƌǁŝƚŚŝŶďƵīĞƌƐ͕ ƚŚĞ ŝƚLJ͛Ɛ YƵĂůŝĮĞĚ ŝŽůŽŐŝƐƚ ƐŚĂůů ďĞ ŝŵŵĞĚŝĂƚĞůLJ ŶŽƟĮĞĚ ƚŽĚĞƚĞƌŵŝŶĞĂŶĚŝŵƉůĞŵĞŶƚƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞdžƚƐƚĞƉƐ͘ DD/KͲϬϮ͗^ǁĂŝŶƐŽŶ͛ƐŚĂǁŬ͗
ĂͿ ^ǁĂŝŶƐŽŶ͛Ɛ ŚĂǁŬ͗ WƌŝŽƌ ƚŽ ƐƚĂƌƚ ŽĨ ĐŽŶƐƚƌƵĐƟŽŶ͕ ĂƉƌĞĐŽŶƐƚƌƵĐƟŽŶ^ǁĂŝŶƐŽŶ͛Ɛ,ĂǁŬƐƵƌǀĞLJƐŚĂůůďĞĐŽŶĚƵĐƚĞĚǁŝƚŚŝŶĂŵŝŶŝŵƵŵŽĨĂŚĂůĨͲŵŝůĞƌĂĚŝƵƐĂƌŽƵŶĚƚŚĞWƌŽũĞĐƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞ ĮǀĞͲƉĞƌŝŽĚ ƐĐŚĞĚƵůĞ͕ ƉƌŽǀŝĚĞĚ ďLJ ƚŚĞ ^ǁĂŶƐŽŶ͛Ɛ ,ĂǁŬdĞĐŚŶŝĐĂůĚǀŝƐŽƌLJŽŵŵŝƩĞĞ͕ĂƐĨŽůůŽǁƐ͗ͻ :ĂŶƵĂƌLJƚŽDĂƌĐŚϮϬͲKŶĞ;ϭͿ^ƵƌǀĞLJ͕ůůĂLJͻ DĂƌĐŚϮϬƚŽƉƌŝůϱͲdŚƌĞĞ;ϯͿ^ƵƌǀĞLJƐ͕^ƵŶƌŝƐĞƚŽϭϬϬϬͬϭϲϬϬƚŽ^ƵŶƐĞƚͻ ƉƌŝůϱƚŽƉƌŝůϮϬͲdŚƌĞĞ;ϯͿ^ƵƌǀĞLJƐ͕^ƵŶƌŝƐĞƚŽϭϮϬϬͬϭϲϯϬƚŽ^ƵŶƐĞƚͻ ƉƌŝůϮϭƚŽ:ƵŶĞϭϬͲDŽŶŝƚŽƌŝŶŐͻ :ƵŶĞϭϬƚŽ:ƵůLJϯϬͲdŚƌĞĞ;ϯͿ^ƵƌǀĞLJƐ͕^ƵŶƌŝƐĞƚŽϭϮϬϬͬϭϲϬϬƚŽ^ƵŶƐĞƚ #26..
- 2231 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϯ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
ďͿ^ǁĂŝŶƐŽŶ͛ƐŚĂǁŬEĞƐƚƐ͗/ĨĂŶ ŽĐĐƵƉŝĞĚ ŶĞƐƚ ŽĨ ƚŚĞ^t,ŝƐĨŽƵŶĚ ĂŶĚŵĂLJ ďĞ ŝŵƉĂĐƚĞĚ ďLJ ĐŽŶƐƚƌƵĐƟŽŶ͕ ƚŚĞ ŝƚLJ͛Ɛ ŝŽůŽŐŝƐƚƐŚŽƵůĚĐŽŶƐƵůƚǁŝƚŚ&tĂŶĚĚĞŵŽŶƐƚƌĂƚĞĐŽŵƉůŝĂŶĐĞǁŝƚŚ ^͘/ŶĂĚĚŝƟŽŶ͕ ƚŚĞŝƚLJ͛ƐŝŽůŽŐŝƐƚƐŚĂůůĞƐƚĂďůŝƐŚĂŶĂĚĞƋƵĂƚĞďƵīĞƌďĞƚǁĞĞŶ ĐŽŶƐƚƌƵĐƟŽŶ ĂĐƟǀŝƟĞƐ ĂŶĚ ƚŚĞ ĂĐƟǀĞ ŶĞƐƚƐ ƚŚĂƚ ǁŝůůƉƌĞǀĞŶƚĚŝƐƌƵƉƟŽŶŽĨ ƚŚĞŶĞƐƚƐ ƵŶƟů ƚŚĞLJŽƵŶŐ ŚĂǀĞŇĞĚŐĞĚ ƚŚĞŶĞƐƚƐ͘ ƵůƚƵƌĂůZĞƐŽƵƌĐĞƐƵůƚƵƌĂůZĞƐŽƵƌĐĞƐ
ďͿĂƵƐĞĂƐƵďƐƚĂŶƟĂůĂĚǀĞƌƐĞĐŚĂŶŐĞŝŶƚŚĞƐŝŐŶŝĮĐĂŶĐĞŽĨĂŶĂƌĐŚĂĞŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞƉƵƌƐƵĂŶƚƚŽΑϭϱϬϲϰ͘ϱ͍ďͿŽŶƟŶƵĞĚ͙ DDh>ͲϬϭ͗tŽƌŬĞƌ
ŶǀŝƌŽŶŵĞŶƚĂůǁĂƌĞŶĞƐƐdƌĂŝŶŝŶŐ;t
WͿ͘
WƌŝŽƌ ƚŽ ƚŚĞ ŝŶŝƟĂƟŽŶ ŽĨ ŐƌŽƵŶĚͲĚŝƐƚƵƌďŝŶŐ ĂĐƟǀŝƟĞƐ͕ ƚŚĞ ŝƚLJ ƐŚĂůů ŚŝƌĞ ĂYƵĂůŝĮĞĚƌĐŚĂĞŽůŽŐŝƐƚĂĐĐŽƌĚŝŶŐh͘^͘^ĞĐƌĞƚĂƌLJŽĨƚŚĞ/ŶƚĞƌŝŽƌWƌŽĨĞƐƐŝŽŶĂůYƵĂůŝĮĐĂƟŽŶƐ ^ƚĂŶĚĂƌĚƐ ĨŽƌ ƌĐŚĂĞŽůŽŐLJ ƚŽ ǁƌŝƚĞ ĂŶĚ ƉƌĞƉĂƌĞ Ă t WƚƌĂŝŶŝŶŐ ƉƌŽŐƌĂŵ͘ dŚĞ ŝƚLJ ŵĂLJ ƉƌŽǀŝĚĞ ƉĞƌƐŽŶŶĞů ƚŽ ĚĞůŝǀĞƌ ƚŚĞ t WƚƌĂŝŶŝŶŐ ƚŽ ĮĞůĚ ƉĞƌƐŽŶŶĞů ƌĞŐĂƌĚŝŶŐ ĂƌĐŚĂĞŽůŽŐŝĐĂů ƌĞƐŽƵƌĐĞƐ ĂŶĚ ƚŚĞƉŽƐƐŝďŝůŝƚLJŽĨďƵƌŝĞĚƉƌĞŚŝƐƚŽƌŝĐŽƌŚŝƐƚŽƌŝĐĐƵůƚƵƌĂůĚĞƉŽƐŝƚƐ͘/ĨĂŶLJƐƵďƐƵƌĨĂĐĞĐƵůƚƵƌĂů ƌĞƐŽƵƌĐĞƐ ĂƌĞ ĞŶĐŽƵŶƚĞƌĞĚ ĚƵƌŝŶŐ WƌŽũĞĐƚ ĐŽŶƐƚƌƵĐƟŽŶ ĂĐƟǀŝƟĞƐǁŝƚŚŝŶϱϬĨĞĞƚŽĨ ƚŚĞĞŶĐŽƵŶƚĞƌƐŚĂůůďĞŚĂůƚĞĚĂŶĚ ƚŚĞŝƚLJĂŶĚ ƚŚĞŝƚLJ͛ƐƋƵĂůŝĮĞĚĂƌĐŚĞŽůŽŐŝƐƚƐŚĂůůďĞĐĂůůĞĚƚŽĞdžĂŵŝŶĞƚŚĞƐĞŵĂƚĞƌŝĂůƐ͕ĚĞƚĞƌŵŝŶĞƚŚĞŝƌƐŝŐŶŝĮĐĂŶĐĞ͕ĂŶĚŝŵƉůĞŵĞŶƚƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞdžƚƐƚĞƉƐƐƵĐŚĂƐ͗ ĂͿWƌĞƐĞƌǀĂƟŽŶŝŶƉůĂĐĞ͕ŽƌďͿ
džĐĂǀĂƟŽŶ͕ƌĞĐŽǀĞƌLJ͕ĂŶĚĐƵƌĂƟŽŶďLJƋƵĂůŝĮĞĚƉƌŽĨĞƐƐŝŽŶĂůƐ͘ WƌŝŽƌ ƚŽ ƚŚĞŝŶŝƟĂƟŽŶ ŽĨŐƌŽƵŶĚͲĚŝƐƚƵƌďŝŶŐĂĐƟǀŝƟĞƐ͘ ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕WƌŽũĞĐƚƌĐŚĞŽůŽŐŝƐƚ͕&ŝĞůĚƉĞƌƐŽŶŶĞů͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ /ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
DDh>ͲϬϮ͗ƵůƚƵƌĂůZĞƐŽƵƌĐĞƐŝƐĐŽǀĞƌLJ͘/ŶƚŚĞĞǀĞŶƚƚŚĂƚĮĞůĚƉĞƌƐŽŶŶĞů ĞŶĐŽƵŶƚĞƌďƵƌŝĞĚĐƵůƚƵƌĂůŵĂƚĞƌŝĂůƐ͕ǁŽƌŬŝŶƚŚĞŝŵŵĞĚŝĂƚĞǀŝĐŝŶŝƚLJŽĨƚŚĞĮŶĚƐŚŽƵůĚ ĐĞĂƐĞ ĂŶĚ Ă ƋƵĂůŝĮĞĚ ĂƌĐŚĂĞŽůŽŐŝƐƚ ƐŚĂůů ďĞ ĐĂůůĞĚ ƚŽ ĂƐƐĞƐƐ ƚŚĞƐŝŐŶŝĮĐĂŶĐĞŽĨƚŚĞĮŶĚ͘dŚĞƋƵĂůŝĮĞĚĂƌĐŚĂĞŽůŽŐŝƐƚƐŚĂůůŚĂǀĞƚŚĞĂƵƚŚŽƌŝƚLJƚŽ ƐƚŽƉ Žƌ ĚŝǀĞƌƚ ĐŽŶƐƚƌƵĐƟŽŶ ĞdžĐĂǀĂƟŽŶ ĂƐ ŶĞĐĞƐƐĂƌLJ͘ /Ĩ ƚŚĞ ƋƵĂůŝĮĞĚĂƌĐŚĂĞŽůŽŐŝƐƚ ĮŶĚƐ ƚŚĂƚ ĂŶLJ ĐƵůƚƵƌĂů ƌĞƐŽƵƌĐĞƐ ƉƌĞƐĞŶƚ ŵĞĞƚ ĞůŝŐŝďŝůŝƚLJƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌůŝƐƟŶŐŽŶ ƚŚĞĂůŝĨŽƌŶŝĂZĞŐŝƐƚĞƌŽƌ ƚŚĞEĂƟŽŶĂůZĞŐŝƐƚĞƌ͕ƉůĂŶƐĨŽƌƚŚĞƚƌĞĂƚŵĞŶƚ͕ĞǀĂůƵĂƟŽŶ͕ĂŶĚŵŝƟŐĂƟŽŶŽĨŝŵƉĂĐƚƐƚŽƚŚĞĮŶĚǁŝůůŶĞĞĚƚŽďĞĚĞǀĞůŽƉĞĚ͘WƌĞŚŝƐƚŽƌŝĐŽƌŚŝƐƚŽƌŝĐĐƵůƚƵƌĂůŵĂƚĞƌŝĂůƐƚŚĂƚŵĂLJďĞĞŶĐŽƵŶƚĞƌĞĚĚƵƌŝŶŐŐƌŽƵŶĚͲĚŝƐƚƵƌďŝŶŐĂĐƟǀŝƟĞƐŝŶĐůƵĚĞ͗ ŚŝƐƚŽƌŝĐ ĂƌƟĨĂĐƚƐ ƐƵĐŚ ĂƐ ŐůĂƐƐ ďŽƩůĞƐ ĂŶĚĨƌĂŐŵĞŶƚƐ͕ ĐĂŶƐ͕ ŶĂŝůƐ͕ ĐĞƌĂŵŝĐĂŶĚƉŽƩĞƌLJĨƌĂŐŵĞŶƚƐ͕ĂŶĚŽƚŚĞƌŵĞƚĂůŽďũĞĐƚƐ͖ dŚƌŽƵŐŚŽƵƚĐŽŶƐƚƌƵĐƟŽŶ
ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕ŽŶƚƌĂĐƚŽƌ͕WƌŽũĞĐƚƌĐŚĞŽůŽŐŝƐƚ /ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2232 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϰ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
ŚŝƐƚŽƌŝĐ ƐƚƌƵĐƚƵƌĂů Žƌ ďƵŝůĚŝŶŐ ĨŽƵŶĚĂƟŽŶƐ͕ ǁĂůŬǁĂLJƐ͕ ĐŝƐƚĞƌŶƐ͕ ƉŝƉĞƐ͕ƉƌŝǀŝĞƐ͕ĂŶĚŽƚŚĞƌƐƚƌƵĐƚƵƌĂůĞůĞŵĞŶƚƐ͖
ƉƌĞŚŝƐƚŽƌŝĐ ŇĂŬĞĚͲƐƚŽŶĞ ĂƌƟĨĂĐƚƐ ĂŶĚ ĚĞďŝƚĂŐĞ ;ǁĂƐƚĞ ŵĂƚĞƌŝĂůͿ͕ ĐŽŶƐŝƐƟŶŐŽĨŽďƐŝĚŝĂŶ͕ďĂƐĂůƚ͕ĂŶĚŽƌĐƌLJƉƚŽĐƌLJƐƚĂůůŝŶĞƐŝůŝĐĂƚĞƐ͖ ŐƌŽƵŶĚƐƚŽŶĞ ĂƌƟĨĂĐƚƐ͕ ŝŶĐůƵĚŝŶŐ ŵŽƌƚĂƌƐ͕ ƉĞƐƚůĞƐ͕ ĂŶĚ ŐƌŝŶĚŝŶŐ ƐůĂďƐ͖
ĚĂƌŬ͕ŐƌĞĂƐLJƐŽŝůƚŚĂƚŵĂLJďĞĂƐƐŽĐŝĂƚĞĚǁŝƚŚĐŚĂƌĐŽĂů͕ĂƐŚ͕ďŽŶĞ͕ ƐŚĞůů͕ŇĂŬĞĚƐƚŽŶĞ͕ŐƌŽƵŶĚƐƚŽŶĞ͕ĂŶĚĮƌĞĂīĞĐƚĞĚƌŽĐŬƐ͘
ĐͿ ŝƐƚƵƌď ĂŶLJ ŚƵŵĂŶ ƌĞŵĂŝŶƐ͕
ŝŶĐůƵĚŝŶŐ ƚŚŽƐĞ ŝŶƚĞƌƌĞĚ ŽƵƚƐŝĚĞŽĨĚĞĚŝĐĂƚĞĚĐĞŵĞƚĞƌŝĞƐ͍ DDh>ͲϬϯ͗,ƵŵĂŶZĞŵĂŝŶƐ͗/ĨŚƵŵĂŶƌĞŵĂŝŶƐĂƌĞĞŶĐŽƵŶƚĞƌĞĚĚƵƌŝŶŐƚŚĞ ƵŶĚĞƌƚĂŬŝŶŐ͕ ^ƚĂƚĞ ,ĞĂůƚŚ ĂŶĚ ^ĂĨĞƚLJ ŽĚĞ ^ĞĐƚŝŽŶ ϳϬϱϬ͘ϱ ƐƚĂƚĞƐ ƚŚĂƚ ŶŽĚŝƐƚƵƌďĂŶĐĞƐŚĂůůŽĐĐƵƌƵŶƚŝůƚŚĞŽƵŶƚLJŽƌŽŶĞƌŚĂƐŵĂĚĞĂĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨŽƌŝŐŝŶĂŶĚĚŝƐƉŽƐŝƚŝŽŶƉƵƌƐƵĂŶƚƚŽWƵďůŝĐZĞƐŽƵƌĐĞƐŽĚĞ^ĞĐƚŝŽŶϱϬϵϳ͘ϵϴ͘dŚĞŽƵŶƚLJŽƌŽŶĞƌŵƵƐƚďĞŶŽƚŝĨŝĞĚŽĨƚŚĞĨŝŶĚŝŵŵĞĚŝĂƚĞůLJ͘/ĨƚŚĞƌĞŵĂŝŶƐĂƌĞĚĞƚĞƌŵŝŶĞĚƚŽďĞƉƌĞŚŝƐƚŽƌŝĐ͕ƚŚĞŽƌŽŶĞƌǁŝůůŶŽƚŝĨLJƚŚĞEĂƚŝǀĞŵĞƌŝĐĂŶ,ĞƌŝƚĂŐĞŽŵŵŝƐƐŝŽŶ;E,Ϳ͕ǁŚŝĐŚǁŝůůĚĞƚĞƌŵŝŶĞĂŶĚŶŽƚŝĨLJĂDŽƐƚ>ŝŬĞůLJĞƐĐĞŶĚĂŶƚ ;D>Ϳ͘ tŝƚŚ ƚŚĞ ƉĞƌŵŝƐƐŝŽŶ ŽĨ ƚŚĞ ůĂŶĚŽǁŶĞƌ Žƌ ŚŝƐͬŚĞƌĂƵƚŚŽƌŝnjĞĚƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͕ƚŚĞD>ŵĂLJŝŶƐƉĞĐƚƚŚĞƐŝƚĞŽĨƚŚĞĚŝƐĐŽǀĞƌLJ͘dŚĞD> ƐŚĂůů ĐŽŵƉůĞƚĞ ƚŚĞ ŝŶƐƉĞĐƚŝŽŶ ǁŝƚŚŝŶ ϰϴ ŚŽƵƌƐ ŽĨ ŶŽƚŝĨŝĐĂƚŝŽŶ ďLJ ƚŚĞE,͘
dŚƌŽƵŐŚŽƵƚŽŶƐƚƌƵĐƟŽŶ
ŽŶƚƌĂĐƚŽƌ͕ŽƵŶƚLJŽƌŽŶĞƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
ŶĞƌŐLJ ĂͿ ZĞƐƵůƚ ŝŶ ƉŽƚĞŶƟĂůůLJ ƐŝŐŶŝĮĐĂŶƚ
ĞŶǀŝƌŽŶŵĞŶƚĂů ŝŵƉĂĐƚ ĚƵĞ ƚŽǁĂƐƚĞĨƵů͕ ŝŶĞĸĐŝĞŶƚ͕ ŽƌƵŶŶĞĐĞƐƐĂƌLJ ĐŽŶƐƵŵƉƟŽŶ ŽĨĞŶĞƌŐLJƌĞƐŽƵƌĐĞƐ͕ĚƵƌŝŶŐWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶŽƌŽƉĞƌĂƟŽŶ͍ DD
EͲϬϭ͗ /ĚůŝŶŐ ZĞŐƵůĂƟŽŶ ĨŽƌ KŶͲZŽĂĚ ŝƐĞůͲ&ƵĞůĞĚ
ƋƵŝƉŵĞŶƚ͘
dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƚŝŽŶ͕ŽŶͲƌŽĂĚĚŝĞƐĞůͲĨƵĞůĞĚĞƋƵŝƉŵĞŶƚǁĞŝŐŚŝŶŐŵŽƌĞƚŚĂŶϭϬ͕ϬϬϬƉŽƵŶĚƐŵƵƐƚĐŽŵƉůLJǁŝƚŚĂůŝĨŽƌŶŝĂŝƌZĞƐŽƵƌĐĞƐŽĂƌĚ;ZͿĂĚŽƉƚĞĚŝĚůŝŶŐ ƌĞŐƵůĂƟŽŶǁŚŝĐŚƐƚĂƚĞƐ ƚŚĂƚŚĞĂǀLJĚƵƚLJǀĞŚŝĐůĞƐĂƌĞƉƌŽŚŝďŝƚĞĚĨƌŽŵŝĚůŝŶŐŵŽƌĞ ƚŚĂŶĮǀĞ;ϱͿŵŝŶƵƚĞƐŝŶĂŶLJŽŶĞůŽĐĂƟŽŶ͘dŚŝƐƌĞŐƵůĂƟŽŶǁŝůůďĞĞŶĨŽƌĐĞĚ ƚŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶďLJ ƚŚĞWƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌĂŶĚŝŶƐƉĞĐƟŽŶƐďLJƚŚĞŝƚLJŽĨDŽĚĞƐƚŽ ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚĂŶĚͬŽƌhƟůŝƟĞƐĞƉĂƌƚŵĞŶƚ͘
dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ
WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJ/ŶƐƉĞĐƚŽƌ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
'ĞŽůŽŐLJĂŶĚ^ŽŝůƐ
ďͿZĞƐƵůƚŝŶƐƵďƐƚĂŶƟĂůƐŽŝůĞƌŽƐŝŽŶŽƌƚŚĞůŽƐƐŽĨƚŽƉƐŽŝů͍ DD'
KͲϬϭ͗^ŝƚĞůĞĂƌŝŶŐ͘WƌŝŽƌƚŽƐŝƚĞŐƌĂĚŝŶŐ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůĐůĞĂƌĂůů ĐŽŶƐƚƌƵĐƚŝŽŶ ĂƌĞĂƐ ŽĨ ĞdžŝƐƚŝŶŐ ƐƚƌƵĐƚƵƌĞƐ ŝŶĐůƵĚŝŶŐ Ăůů ĂƐƉŚĂůƚ ĐŽŶĐƌĞƚĞƉĂǀĞŵĞŶƚƐ͕ ƌƵďďůĞ͕ ĚĞůĞƚĞƌŝŽƵƐ ĚĞďƌŝƐ͕ ŝĨ ĂŶLJ͕ ĂŶĚ ĂŶLJ ŽƚŚĞƌ ƐƵƌĨĂĐĞ ĂŶĚƐƵďƐƵƌĨĂĐĞ ŝƚĞŵƐ ĚĞƐŝŐŶĂƚĞĚ ĨŽƌ ƌĞŵŽǀĂů ƚŽ ĞdžƉŽƐĞ ƵŶĚŝƐƚƵƌďĞĚ Ĩŝƌŵ ĂŶĚƐƚĂďůĞŶĂƚŝǀĞƐŽŝůƐ͘dŚŝƐǁŽƌŬƐŚĂůůďĞǀĞƌŝĨŝĞĚďLJƚŚĞŝƚLJ/ŶƐƉĞĐƚŽƌ͘tŚĞƌĞƉƌĂĐƚŝĐĂů͕ƚŚĞĐůĞĂƌŝŶŐƐŚŽƵůĚĞdžƚĞŶĚĂŵŝŶŝŵƵŵŽĨĨŝǀĞĨĞĞƚďĞLJŽŶĚƚŚĞůŝŵŝƚƐ WƌŝŽƌ ƚŽ ƐŝƚĞŐƌĂĚŝŶŐ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
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D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
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D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
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^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϱ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
'ĞŽůŽŐLJĂŶĚ^ŽŝůƐ'ĞŽůŽŐLJĂŶĚ^ŽŝůƐ ďͿŽŶƟŶƵĞĚ͙ďͿŽŶƟŶƵĞĚ͙
ŽĨƚŚĞƉƌŽƉŽƐĞĚƐƚƌƵĐƚƵƌĞĂƌĞĂƐŽĨƚŚĞƐŝƚĞ͘
džŝƐƚŝŶŐƵŶĚĞƌŐƌŽƵŶĚƵƚŝůŝƚŝĞƐƚŽďĞ ĂďĂŶĚŽŶĞĚ ƐŚŽƵůĚ ďĞ ĐŽŵƉůĞƚĞůLJ ƌĞŵŽǀĞĚ͕ ŝŶĐůƵĚŝŶŐ ĞdžŝƐƚŝŶŐ ƚƌĞŶĐŚďĂĐŬĨŝůů͘ ĞƉƌĞƐƐŝŽŶƐ ĨƌŽŵ ƌĞŵŽǀĂů ŽĨ ƵŶĚĞƌŐƌŽƵŶĚ ƐƚƌƵĐƚƵƌĞƐ ;Ğ͘Ő͕͘ĨŽƵŶĚĂƚŝŽŶƐ͕ ƵƚŝůŝƚŝĞƐ͕ ĞƚĐ͘Ϳ ƐŚŽƵůĚ ďĞ ĐůĞĂŶĞĚ ŽĨ ůŽŽƐĞ ƐŽŝů ĂŶĚ ƉƌŽƉĞƌůLJďĂĐŬĨŝůůĞĚƉƵƌƐƵĂŶƚƚŽDD' KͲϭϬ͗hƚŝůŝƚLJdƌĞŶĐŚĂĐŬĨŝůů͘
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
DD '
KͲϬϮ͗ ^ƚƌŝƉƉŝŶŐ͘ ĨƚĞƌ ĐŽŵƉůĞƚŝŽŶ ŽĨ ĐůĞĂƌŝŶŐ ŽƉĞƌĂƚŝŽŶƐ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƌĞŵŽǀĞ ĂŶLJ ƌĞŵĂŝŶŝŶŐ ǀĞŐĞƚĂƚŝŽŶ ĂŶĚ ŽƌŐĂŶŝĐĂůůLJĐŽŶƚĂŵŝŶĂƚĞĚ ƚŽƉƐŽŝů ƐŚŽƵůĚ ďĞ ƌĞŵŽǀĞĚ ďLJ ƐƚƌŝƉƉŝŶŐ͘ DĂƚĞƌŝĂůƐ ĨŽƌŵƐƚƌŝƉƉŝŶŐŵĂLJďĞƐƚŽĐŬƉŝůĞĚĨŽƌůĂƚĞƌƵƐĞŽƌĚŝƐƉŽƐĞĚŽĨŽĨĨͲƐŝƚĞĂŶĚƐŚŽƵůĚŶŽƚďĞƵƐĞĚŝŶŐĞŶĞƌĂůĨŝůůĐŽŶƐƚƌƵĐƚŝŽŶ͕ďƵƚŵĂLJďĞƵƐĞĚŝŶŶŽŶͲƐƚƌƵĐƚƵƌĂůĂƌĞĂƐ͕ƉƌŽǀŝĚĞĚƚŚĞLJĂƌĞŬĞƉƚĂƚůĞĂƐƚĨŝǀĞĨĞĞƚĨƌŽŵƐƚƌƵĐƚƵƌĂůĂƌĞĂƐ͕ŵŽŝƐƚƵƌĞĐŽŶĚŝƚŝŽŶƐĂŶĚĐŽŵƉĂĐƚĞĚ͘ŽŵƉůŝĂŶĐĞƐŚĂůůďĞǀĞƌŝĨŝĞĚďLJƚŚĞŝƚLJŽƌŽƵŶƚLJ/ŶƐƉĞĐƚŽƌ͘
hƉŽŶ ĐůĞĂƌŝŶŐŽƉĞƌĂƟŽŶƐ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
DD'
KͲϬϯ͗ŝƐĐŝŶŐ͘ĞƉĞŶĚŝŶŐŽŶƐŝƚĞĐŽŶĚŝƚŝŽŶƐĂŶĚƋƵĂŶƚŝƚLJŽĨŽƌŐĂŶŝĐƐ ĂƚƚŝŵĞŽĨŐƌĂĚŝŶŐ͕ĚŝƐĐŝŶŐŵĂLJďĞƐƵŝƚĂďůĞŝŶůŝĞƵŽĨƐƚƌŝƉƉŝŶŐ͘,ŽǁĞǀĞƌ͕ƚŚĞĚĞĐŝƐŝŽŶŵƵƐƚďĞŵĂĚĞďLJĂůŝĐĞŶƐĞĚ'ĞŽƚĞĐŚŶŝĐĂů ŶŐŝŶĞĞƌĂƚ ƚŚĞ ƚŝŵĞŽĨĞĂƌƚŚǁŽƌŬĐŽŶƐƚƌƵĐƚŝŽŶ͘ŝƐĐŝŶŐŽƉĞƌĂƚŝŽŶ͕ŝĨĂƉƉƌŽǀĞ͕ƐŚŽƵůĚďĞŽďƐĞƌǀĞĚďLJƚŚĞ 'ĞŽƚĞĐŚŶŝĐĂů ŶŐŝŶĞĞƌ͛Ɛ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ĂŶĚ ďĞ ĐŽŶƚŝŶƵŽƵƐ ƵŶƚŝů ƚŚĞŽƌŐĂŶŝĐƐĂƌĞĂĚĞƋƵĂƚĞůLJŵŝdžĞĚŝŶƚŽƚŚĞƐƵƌĨĂĐĞƐŽŝůƐƚŽƉƌŽǀŝĚĞĂĐŽŵƉĂĐƚĂďůĞŵŝdžƚƵƌĞ ŽĨ ƐŽŝů ĐŽŶƚĂŝŶŝŶŐ ŵŝŶŽƌ ĂŵŽƵŶƚƐ ŽĨ ŽƌŐĂŶŝĐ ŵĂƚƚĞƌ͘ WŽĐŬĞƚƐ ŽƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨŽƌŐĂŶŝĐƐǁŝůůŶŽƚďĞĂůůŽǁĞĚ͘ŽŵƉůŝĂŶĐĞƐŚĂůůďĞǀĞƌŝĨŝĞĚďLJƚŚĞ/ŶƐƉĞĐƚŽƌ͘
dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
DD '
KͲ Ϭϰ͗ ĞƌĂƚŝŽŶ ĨŽƌ ^ŽŝůƐ ǁŝƚŚ ,ŝŐŚ DŽŝƐƚƵƌĞ ŽŶƚĞŶƚ͘ hƉŽŶ ƚŚĞ ĚŝƐĐŽǀĞƌLJŽĨŚŝŐŚŵŽŝƐƚƵƌĞĐŽŶƚĞŶƚǁŝƚŚŝŶƐƵďŐƌĂĚĞƐŽŝůƐĂŶĚĞdžĐĂǀĂƚĞĚƐŽŝůƐ͕ĐŽŶƐŝĚĞƌĂďůĞ ĂĞƌĂƚŝŽŶ ƚŽ ƌĞĂĐŚ Ă ŵŽŝƐƚƵƌĞ ĐŽŶƚĞŶƚ ƚŚĂƚ ǁŝůů ƉĞƌŵŝƚ ƚŚĞƐƉĞĐŝĨŝĞĚĚĞŐƌĞĞŽĨĐŽŵƉĂĐƚŝŽŶƚŽďĞĂĐŚŝĞǀĞĚƐŚĂůůďĞŝŵƉůĞŵĞŶƚĞĚďLJƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚǀĞƌŝĨŝĞĚďLJ/ŶƐƉĞĐƚŽƌ͘ĞƌĂƚŝŽŶŵĂLJŝŶĐůƵĚĞĚĞĞƉƌŝƉƉŝŶŐƚŽƚŚĞ ƚŽƉ ŽĨ ƚŚĞ ŚĂƌĚƉĂŶ͕ŵŝdžŝŶŐǁĞƚƚĞƌ ƐŽŝůƐǁŝƚŚ ĚƌŝĞƌ ƐŽŝůƐ ŽŶƐŝƚĞ͕ ĂŶĚͬŽƌǁŝŶĚƌŽǁƐƚŽĚƌLJƚŚĞĞdžŝƐƚŝŶŐƐƵďŐƌĂĚĞƐŽŝůƐĂŶĚƚŚĞWƌŽũĞĐƚƐĐŚĞĚƵůĞƐŚŽƵůĚĂůůŽǁĨŽƌĂĚĞƋƵĂƚĞĚƌLJŝŶŐŽĨƚŚĞƐƵďŐƌĂĚĞƚŽĂĐŚŝĞǀĞĐŽŵƉĂĐƚĂďůĞŵŽŝƐƚƵƌĞĐŽŶƚĞŶƚ͘
hƉŽŶ ƚŚĞĚŝƐĐŽǀĞƌLJŽĨŚŝŐŚŵŽŝƐƚƵƌĞĐŽŶƚĞŶƚ ǁŝƚŚŝŶƐƵďŐƌĂĚĞ ƐŽŝůƐĂŶĚ ĞdžĐĂǀĂƚĞĚƐŽŝůƐ͘ 'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2234 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϲ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
'ĞŽůŽŐLJĂŶĚ^ŽŝůƐ
ďͿ ŽŶƟŶƵĞĚ͙
DD'
KͲϬϱ͗
džŝƐƚŝŶŐ WĂǀĞŵĞŶƚ͘
džŝƐƚŝŶŐ WĂǀĞŵĞŶƚ ĂŶĚĨůĂƚǁŽƌŬƐ;ĂƐƉŚĂůƚ
ĐŽŶĐƌĞƚĞĂŶĚĐŽŶĐƌĞƚĞͿƚŚĂƚĂƌĞŶŽƚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŽƚŚĞŶĞǁĚĞƐŝŐŶƐŚŽƵůĚďĞďƌŽŬĞŶƵƉĂŶĚ ƌĞŵŽǀĞĚĨƌŽŵ ƚŚĞ ƐŝƚĞ͘ůƚĞƌŶĂƚŝǀĞůLJ͕ƉƵůǀĞƌŝnjĞĚĂƐƉŚĂůƚĂŶĚWŽƌƚůĂŶĚĐĞŵĞŶƚĐŽŶĐƌĞƚĞƌƵďďůĞŵĂLJďĞƵƐĞĚĂƐĨŝůůďLJƚŚĞŽŶƚƌĂĐƚŽƌĂƐǀĞƌŝĨŝĞĚďLJƚŚĞ/ŶƐƉĞĐƚŽƌƉƌŽǀŝĚĞĚŝƚŝƐƉƌŽĐĞƐƐĞƐŝŶƚŽĨƌĂŐŵĞŶƚƐůĞƐƐƚŚĂŶƚŚƌĞĞŝŶĐŚĞƐŝŶůĂƌŐĞƐƚĚŝŵĞŶƐŝŽŶ͕ŝƐŵŝdžĞĚǁŝƚŚƐŽŝůŽƌĂŐŐƌĞŐĂƚĞďĂƐĞƚŽĨŽƌŵĂĐŽŵƉĂĐƚĂďůĞŵŝdžƚƵƌĞ͕ĂŶĚŝƚƐƵƐĞŝƐĂƉƉƌŽǀĞĚďLJƚŚĞKǁŶĞƌ͘
dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
DD'
KͲϬϲ͗^ĐĂƌŝĨŝĐĂƚŝŽŶĂŶĚŽŵƉĂĐƚŝŽŶ͘ŽŵƉĂĐƚŝŽŶŽĨĂůůƐƵďŐƌĂĚĞƐŽŝůƐ ƐŚŽƵůĚ ďĞ ƉĞƌĨŽƌŵĞĚ ƵƐŝŶŐ Ă ŚĞĂǀLJ͕ ƐĞůĨͲƉƌŽƉĞůůĞĚ͕ ƐŚĞĞƉƐĨŽŽƚ ĐŽŵƉĂĐƚŽƌĐĂƉĂďůĞŽĨĂĐŚŝĞǀŝŶŐƚŚĞƌĞƋƵŝƌĞĚĐŽŵƉĂĐƚŝŽŶĂŶĚŵƵƐƚďĞƉĞƌĨŽƌŵĞĚďLJƚŚĞŽŶƚƌĂĐƚŽƌŝŶƚŚĞƉƌĞƐĞŶĐĞŽĨƚŚĞ'ĞŽƚĞĐŚŶŝĐĂů ŶŐŝŶĞĞƌƐ͛ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ͘/ƚŝƐƌĞĐŽŵŵĞŶĚĞĚƚŚĂƚĐŽŶƐƚƌƵĐƚŝŽŶďŝĚĚŽĐƵŵĞŶƚƐĐŽŶƚĂŝŶƵŶŝƚƉƌŝĐĞ;ƉƌŝĐĞƉĞƌ ĐƵďŝĐ ƉĂƌĚͿ ĨŽƌ ĂĚĚŝƚŝŽŶĂů ĞdžĐĂǀĂƚŝŽŶ ĚƵĞ ƚŽ ƵŶƐƚĂďůĞ ǁĞƚ ƐŽŝů Žƌ ƚŚĞƉƌĞƐĞŶĐĞŽĨƵŶƐƵŝƚĂďůĞŵĂƚĞƌŝĂůƐĂŶĚƌĞƉůĂĐĞŵĞŶƚǁŝƚŚĞŶŐŝŶĞĞƌĞĚĨŝůů͘
dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
DD '
KͲϬϳ͗
ŶŐŝŶĞĞƌĞĚ &ŝůů ŽŶƐƚƌƵĐƚŝŽŶ͘ /Ĩ ŝŵƉŽƌƚĞĚ Ĩŝůů ŵĂƚĞƌŝĂůƐ ĂƌĞ ƌĞƋƵŝƌĞĚĨŽƌƚŚĞWƌŽũĞĐƚ͕ŝŵƉŽƌƚĞĚĨŝůůŵĂƚĞƌŝĂůƐƐŚŽƵůĚďĞŐƌĂŶƵůĂƌŵĂƚĞƌŝĂůƐǁŝƚŚ Ă WůĂƐƚŝĐŝƚLJ /ŶĚĞdž ŽĨ ϭϱ Žƌ ůĞƐƐ͖ ĂŶ ĞdžƉĂŶƐŝŽŶ /ŶĚĞdž ŽĨ ϮϬ Žƌ ůĞƐƐ͖ ĂŶŽƌŐĂŶŝĐĐŽŶƚĞŶƚůĞƐƐƚŚĂŶĨŽƵƌƉĞƌĐĞŶƚ͖ĚŽŶŽƚĐŽŶƚĂŝŶƉĂƌƚŝĐůĞƐŐƌĞĂƚĞƌƚŚĂŶƚŚƌĞĞ ŝŶĐŚĞƐ ŝŶ ŵĂdžŝŵƵŵ ĚŝŵĞŶƐŝŽŶ͕ ĂŶĚ ƐŚĂůů ďĞ ǁŝƚŚŝŶ Ă ĐŽŵƉĂĐƚĂďůĞŵŽŝƐƚƵƌĞĐŽŶƚĞŶƚ͘dŚĞ'ĞŽƚĞĐŚŶŝĐĂů ŶŐŝŶĞĞƌŵƵƐƚĂƉƉƌŽǀĞƚŚĞŝŵƉŽƌƚĞĚĨŝůůƚŚƌĞĞĚĂLJƐƉƌŝŽƌ ƚŽďĞŝŶŐ ƚƌĂŶƐƉŽƌƚĞĚŽŶ ƚŚĞWƌŽũĞĐƚ^ŝƚĞĂŶĚ ƚŚĞĐŽŶƚƌĂĐƚŵƵƐƚ ŚĂǀĞ ĂƉƉƌŽƉƌŝĂƚĞ ĚŽĐƵŵĞŶƚĂƚŝŽŶ ƚŚĂƚ ƚŚĞ ŝŵƉŽƌƚĞĚ Ĩŝůů ŝƐ ĐůĞĂŶ ŽĨŬŶŽǁŶĐŽŶƚĂŵŝŶĂƚŝŽŶƉĞƌd^ĂŶĚǁŝƚŚŝŶĂĐĐĞƉƚĂďůĞĐŽƌƌŽƐŝŽŶůŝŵŝƚƐ͘
/Ĩ Įůů ŵĂƚĞƌŝĂůƐĂƌĞ ƌĞƋƵŝƌĞĚ ĨŽƌƚŚĞWƌŽũĞĐƚ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
DD'
KͲϬϴ͗
džĐĂǀĂƚŝŽŶĂŶĚ&ŝůů^ůŽƉĞƐ͘WĞƌŵĂŶĞŶƚĞdžĐĂǀĂƚŝŽŶĂŶĚĨŝůůƐůŽƉĞƐ ƐŚŽƵůĚďĞĐŽŶƐƚƌƵĐƚĞĚďLJƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚǀĞƌŝĨŝĞĚďLJƚŚĞ/ŶƐƉĞĐƚŽƌĂƐŶŽƐƚĞĞƉĞƌƚŚĂŶƚǁŽŚŽƌŝnjŽŶƚĂůƐƚŽŽŶĞǀĞƌƚŝĐĂů;Ϯ,͗ϭsͿĂŶĚƐŚŽƵůĚďĞǀĞŐĞƚĂƚĞĚĂƐƐŽŽŶĂƐƉƌĂĐƚŝĐĂůĨŽůůŽǁŝŶŐŐƌĂĚŝŶŐƚŽŵŝŶŝŵŝnjĞĞƌŽƐŝŽŶŝŶĂĚĚŝƚŝŽŶƚŽƚŚĞŝŵƉůĞŵĞŶƚĂƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐĞƌŽƐŝŽŶĐŽŶƚƌŽůŵĞĂƐƵƌĞƐƉƵƌƐƵĂŶƚƚŽDD ,zZKͲϬϭ͗>ŽĐĂů^tWWWĂŶĚDD,zZKͲϬϮ͗^ƚŽƌŵǁĂƚĞƌDWƐdŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚŽŶƐƚƌƵĐƚŝŽŶ͘ dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2235 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϳ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
'ĞŽůŽŐLJĂŶĚ^ŽŝůƐ
ďͿŽŶƟŶƵĞĚ͙
DD '
KͲϬϵ͗ DŽŶŝƚŽƌŝŶŐ ĚƵƌŝŶŐ
džĐĂǀĂƚŝŽŶ͘ dŚƌŽƵŐŚŽƵƚ ĞĂƌƚŚǁŽƌŬƐ ĂŶĚ
ĞdžĐĂǀĂƚŝŽŶ ĂĐƚŝǀŝƚŝĞƐ͕ ƚŚĞ 'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͛Ɛ ƌĞƉƌĞƐĞŶƚĂƚŝǀĞ ƐŚĂůů ďĞƉƌĞƐĞŶƚŽŶĂƌĞŐƵůĂƌďĂƐŝƐĚƵƌŝŶŐĂůůĞĂƌƚŚǁŽƌŬŽƉĞƌĂƚŝŽŶƐƚŽŽďƐĞƌǀĞĂŶĚƚĞƐƚƚŚĞ ĞŶŐŝŶĞĞƌĞĚ Ĩŝůů ĂŶĚ ƚŽ ǀĞƌŝĨLJ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ 'ĞŽƚĞĐŚŶŝĐĂů ŶŐŝŶĞĞƌƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĂƐǁĞůůĂƐWƌŽũĞĐƚƉůĂŶƐĂŶĚƐƉĞĐŝĨŝĐĂƚŝŽŶƐ͘
dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
DD '
KͲϭϬ͗ hƚŝůŝƚLJ dƌĞŶĐŚ ĂĐŬĨŝůů͘ hƚŝůŝƚLJ ƚƌĞŶĐŚ ďĂĐŬĨŝůů ƐŚĂůů ďĞ ŵĞĐŚĂŶŝĐĂůůLJĐŽŵƉĂĐƚĞĚďLJƚŚĞŽŶƚƌĂĐƚŽƌĂŶĚǀĞƌŝĨŝĞĚďLJƚŚĞ/ŶƐƉĞĐƚŽƌĂƐĞŶŐŝŶĞĞƌĞĚĨŝůů͘ĞĚĚŝŶŐĂŶĚŝŶŝƚŝĂůďĂĐŬĨŝůůĂƌŽƵŶĚĂŶĚŽǀĞƌƚŚĞƉŝƉĞƐŚŽƵůĚĐŽŶĨŽƌŵƚŽƚŚĞƉŝƉĞŵĂŶƵĨĂĐƚƵƌĞƌƐƌĞĐŽŵŵĞŶĚĂƚŝŽŶƐĨŽƌƚŚĞƉŝƉĞŵĂƚĞƌŝĂůƐƐĞůĞĐƚĞĚĂŶĚĂƉƉůŝĐĂďůĞƐĞĐƚŝŽŶƐŽĨƚŚĞŐŽǀĞƌŶŝŶŐĂŐĞŶĐLJƐƚĂŶĚĂƌĚƐ͘KŶͲƐŝƚĞƐŽŝůƐƐŚĂůůďĞƵƐĞĚĂƐƚƌĞŶĐŚďĂĐŬĨŝůů͘hƚŝůŝƚLJďĂĐŬĨŝůůƐƐŚŽƵůĚďĞƉůĂĐĞĚŝŶƚŚŝŶůŝĨƚ͕ ƚŚŽƌŽƵŐŚůLJ ŵŽŝƐƚƵƌĞ ĐŽŶĚŝƚŝŽŶĞĚ ƚŽ Ăƚ ůĞĂƐƚ ƚŚĞ ŽƉƚŝŵƵŵ ŵŽŝƐƚƵƌĞĐŽŶƚĞŶƚ͕ĂŶĚĐŽŵƉĂĐƚĞĚƚŽĂƚůĞĂƐƚϵϬƉĞƌĐĞŶƚŽĨƚŚĞŵĂdžŝŵƵŵĚƌLJĚĞŶƐŝƚLJĂƐ ĚĞƚĞƌŵŝŶĞĚ ďLJ ^dD ϭϱϱϳ͘tŝƚŚŝŶ ƚŚĞ ƵƉƉĞƌ Ɛŝdž ŝŶĐŚĞƐ ŽĨ ƉĂǀĞŵĞŶƚƐƵďŐƌĂĚĞƐŽŝůĐŽŵƉĂĐƚŝŽŶŽĨƵŶƚƌĞĂƚĞĚƐŽŝůƐƐŚŽƵůĚďĞŝŶĐƌĞĂƐĞĚƚŽĂƚůĞĂƐƚϵϱƉĞƌĐĞŶƚƌĞůĂƚŝǀĞĐŽŵƉĂĐƚŝŽŶĂƚůĞƐƐƚŚĂŶƚŚĞŽƉƚŝŵƵŵŵŽŝƐƚƵƌĞĐŽŶƚĞŶƚ͘dŚĞůŝĨƚƚŚŝĐŬŶĞƐƐǁŝůůĚĞƉĞŶĚŽŶƚŚĞƚLJƉĞŽĨĐŽŵƉĂĐƚŝŽŶĞƋƵŝƉŵĞŶƚƵƐĞĚƚŽďĂĐŬĨŝůůƵƚŝůŝƚLJƚƌĞŶĐŚĞƐ͘
dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
DD '
KͲϭϭ͗ WĂǀĞŵĞŶƚ ĞƐŝŐŶ͘ EĞǁ ƉĂǀĞŵĞŶƚƐ ƐŚŽƵůĚ ŵĂƚĐŚ ĂĚũĂĐĞŶƚ ƉĂǀĞŵĞŶƚ ƐĞĐƚŝŽŶƐ ĂŶĚ ďĞ ĐŽŶƐƚƌƵĐƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ĚĞƐŝŐŶƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞĂƉƉůŝĐĂďůĞũƵƌŝƐĚŝĐƚŝŽŶ͕<ŝĞƌŶĂŶǀĞŶƵĞ;ĂůdƌĂŶƐͿdƵůůLJZŽĂĚ;ŽƵŶƚLJ ŽĨ ^ƚĂŶŝƐůĂƵƐͿ ĂůĞ ZŽĂĚ ;ŝƚLJ ŽĨDŽĚĞƐƚŽͿ͘ ZĞĐŽŵŵĞŶĚĞĚĐŽŶƐƚƌƵĐƚŝŽŶƉĞƌƚŚĞWƌŽũĞĐƚ'ĞŽƚĞĐŚŶŝĐĂů ŶŐŝŶĞĞƌŝƐĂƐĨŽůůŽǁƐ͗
Ws
D
Ed
^/'E>d
ZEd/s
^
dƌĂĸĐ
/ŶĚĞdž
;d/Ϳ
WĂǀĞŵĞŶƚhƐĞ WĂǀĞŵĞŶƚ^ƵďŐƌĂĚĞƐ
ZͲǀĂůƵĞсϰϬ
dLJƉĞƐƉŚĂůƚŽŶĐƌĞƚĞ;ŝŶĐŚĞƐͿ
ůĂƐƐϮŐŐƌĞŐĂƚĞĂƐĞ;ŝŶĐŚĞƐͿ
ϰ͘ϱ ƵƚŽŵŽďŝůĞ
WĂƌŬŝŶŐ
ϮЪΎ ϰ͘Ϭ
ϲ͘Ϭ ϯ ϳ͘Ϭ
hƉŽŶ ƚŚĞŝŵƉůĞŵĞŶƚĂƟŽŶŽĨ ŶĞǁƉĂǀĞŵĞŶƚ͘
'ĞŽƚĞĐŚŶŝĐĂů
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2236 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
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D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϴ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
ŶƚƌLJͲ
džŝƚƌŝǀĞƐ͕dƌƵĐŬdƌĂĸĐĂŶĚ&ŝƌĞ>ĂŶĞƐ
ϯЪΎ ϲ͘Ϭ
EŽƚĞƐ͗ΎсƐƉŚĂůƚĐŽŶĐƌĞƚĞƚŚŝĐŬŶĞƐƐŝŶĐůƵĚĞƐ>dZE^ĨĂĐƚŽƌĨŽƌƐĂĨĞƚLJ͘dŚĞƵƉƉĞƌƐŝdžŝŶĐŚĞƐŽĨƉĂǀĞŵĞŶƚƐƵďŐƌĂĚĞƐŽŝůƐƐŚŽƵůĚďĞĐŽŵƉĂĐƚĞĚƚŽĂƚůĞĂƐƚϵϱƉĞƌĐĞŶƚƌĞůĂƚŝǀĞĐŽŵƉĂĐƚŝŽŶĂƚŶŽůĞƐƐƚŚĂŶƚŚĞŽƉƚŝŵƵŵŵŽŝƐƚƵƌĞĐŽŶƚĞŶƚ;^dDϭϱϳϳͿ͘WĂǀĞŵĞŶƚƐƵďŐƌĂĚĞƐƐŚŽƵůĚďĞƉƌŽŽĨͲƌŽůůĞĚǁŝƚŚĂĨƵůůLJ ůŽĂĚĞĚ͕ ǁĂƚĞƌ ƚƌƵĐŬ ƚŽ ƉůĂĐĞŵĞŶƚ ŽĨ ĂŐŐƌĞŐĂƚĞ ďĂƐĞ ƚŽ ŝĚĞŶƚŝĨLJƐŽĨƚͬƵŶƐƚĂďůĞĂƌĞĂƐƚŚĂƚŵĂLJƌĞƋƵŝƌĞƌĞŵŽǀĂůĂŶĚƌĞͲĐŽŵƉĂĐƚŝŽŶ͘/ŶĂĚĚŝƚŝŽŶ͕ƚŚĞƌĞƐŚŽƵůĚďĞĂƚůĞĂƐƚƐŝdžŝŶĐŚĞƐŽĨWƉĂǀĞŵĞŶƚŝŶĂƌĞĂƐƐƵďũĞĐƚƚŽŚĞĂǀLJǁŚĞĞůůŽĂĚŝŶŐ͖ĂŶĚƐƵƉƉŽƌƚĞĚŽŶĂƚůĞĂƐƚĨŽƵƌŝŶĐŚĞƐŽĨĐŽŵƉĂĐƚĞĚůĂƐƐϮĂŐŐƌĞŐĂƚĞďĂƐĞŽŶƚŚĞƉƌĞƉĂƌĞĚƐƵďŐƌĂĚĞ͘ ĨͿ ŝƌĞĐƚůLJ Žƌ ŝŶĚŝƌĞĐƚůLJ ĚĞƐƚƌŽLJ ĂƵŶŝƋƵĞ ƉĂůĞŽŶƚŽůŽŐŝĐĂů ƌĞƐŽƵƌĐĞ ŽƌƐŝƚĞŽƌƵŶŝƋƵĞŐĞŽůŽŐŝĐĨĞĂƚƵƌĞ͍ DD W>
KͲϬϭ͗ WĂůĞŽŶƚŽůŽŐŝĐĂů DŽŶŝƚŽƌŝŶŐ͘ WƌŝŽƌ ƚŽ ƚŚĞ ŝŶŝƚŝĂƚŝŽŶ ŽĨ ĞĂƌƚŚǁŽƌŬƐĂŶĚŐƌŽƵŶĚ ĚŝƐƚƌŝďƵƚŝŶŐĂĐƚŝǀŝƚŝĞƐ͕ ƚŚĞ ŝƚLJ ŽĨDŽĚĞƐƚŽhƚŝůŝƚŝĞƐĞƉĂƌƚŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŚŝƌŝŶŐ Ă ƋƵĂůŝƚŝĞĚ ƉĂůĞŽŶƚŽůŽŐŝƐƚ ĂŶĚĚĞǀĞůŽƉŝŶŐĂƉĂůĞŽŶƚŽůŽŐŝĐĂůƌĞƐŽƵƌĐĞŵŝƚŝŐĂƚŝŽŶƉƌŽŐƌĂŵƚŚĂƚǁŝůůďĞƉƵƚŝŶƉůĂĐĞ ƚŽŵŽŶŝƚŽƌ͕ƐĂůǀĂŐĞ͕ĂŶĚĐƵƌĂƚĞĂŶLJ ƌĞĐŽǀĞƌĞĚĨŽƐƐŝůƐĨƌŽŵ ƚŚĞƐƚƵĚLJĂƌĞĂ͘dŚĞŝƚLJhƚŝůŝƚŝĞƐĞƉĂƌƚŵĞŶƚǁŝůůǀĞƌŝĨLJƚŚĂƚƉĂůĞŽŶƚŽůŽŐŝĐĂůŵŽŶŝƚŽƌŝŶŐŝƐŝŵƉůĞŵĞŶƚĞĚĚƵƌŝŶŐĞĂƌƚŚǁŽƌŬŝŶŶĂƚŝǀĞƐŽŝůƐ͘
WƌŝŽƌ ƚŽ ƚŚĞŝŶŝƟĂƟŽŶ ŽĨĞĂƌƚŚǁŽƌŬƐ ĂŶĚŐƌŽƵŶĚĚŝƐƚƵƌďŝŶŐĂĐƟǀŝƟĞƐ͘ ŝƚLJŽĨDŽĚĞƐƚŽhƟůŝƟĞƐĞƉĂƌƚŵĞŶƚ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ /ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
,ĂnjĂƌĚƐĂŶĚ,ĂnjĂƌĚŽƵƐDĂƚĞƌŝĂůƐ
ďͿ ƌĞĂƚĞ Ă ƐŝŐŶŝĮĐĂŶƚ ŚĂnjĂƌĚ ƚŽ ƚŚĞƉƵďůŝĐ Žƌ ƚŚĞ ĞŶǀŝƌŽŶŵĞŶƚ ƚŚƌŽƵŐŚƌĞĂƐŽŶĂďůLJ ĨŽƌĞƐĞĞĂďůĞ ƵƉƐĞƚ ĂŶĚĂĐĐŝĚĞŶƚ ĐŽŶĚŝƟŽŶƐ ŝŶǀŽůǀŝŶŐ ƚŚĞƌĞůĞĂƐĞ ŽĨ ŚĂnjĂƌĚŽƵƐ ŵĂƚĞƌŝĂůƐ ŝŶƚŽƚŚĞĞŶǀŝƌŽŶŵĞŶƚ͍ DD,ͲϬϭ͗ŽŽƌĚŝŶĂƟŽŶǁŝƚŚ^ƚĂŶŝƐůĂƵƐhŶŝŽŶ^ĐŚŽŽůŝƐƚƌŝĐƚ͘WƌŝŽƌƚŽƐƚĂƌƚ ŽĨ WƌŽũĞĐƚ ĐŽŶƐƚƌƵĐƟŽŶ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽǀŝĚĞ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶƐĐŚĞĚƵůĞ ƚŽ ƚŚĞ ^ƚĂŶŝƐůĂƵƐ hŶŝŽŶ ^ĐŚŽŽů ŝƐƚƌŝĐƚ͕ ƐƉĞĐŝĮĐĂůůLJ ^ƚĂŶŝƐůĂƵƐ ůĞŵĞŶƚĂƌLJ^ĐŚŽŽůƐŽƚŚĂƚĐŽŶƐƚƌƵĐƟŽŶŽĐĐƵƌƐǁŚĞŶƚŚĞƐĐŚŽŽůƐŝƚĞŝƐŶŽƚŝŶƵƐĞ͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞƐĐŚŽŽůĚŝƐƚƌŝĐƚŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƟŽŶĂŶĚƐŚĂůůŬĞĞƉƌĞĐŽƌĚƐŽĨƚŚŝƐĐŽŽƌĚŝŶĂƟŽŶĂƚƚŚĞWƌŽũĞĐƚ ^ŝƚĞĨŽƌ ƌĞǀŝĞǁ ďLJ ƚŚĞ ŐƌĂĚŝŶŐ ĂŶĚ ďƵŝůĚŝŶŐ ŝŶƐƉĞĐƚŽƌƐ͘ ƐƵĸĐŝĞŶƚůLJƐƚƌŽŶŐ ĂŶĚ ǁĞůů ĞŶŽƵŐŚ ĂŶĐŚŽƌĞĚ ƚŽ ƉƌĞǀĞŶƚ ƚŚĞ ŝŶƚƌŽĚƵĐƟŽŶ ŽĨ ĨŽƌĞŝŐŶŵĂƚĞƌŝĂůŝŶƚŽƚŚĞǁĞůůĂŶĚƚŽƉƌŽƚĞĐƚƚŚĞƉƵďůŝĐĨƌŽŵĂƉŽƚĞŶƟĂůůLJŚĂnjĂƌĚŽƵƐƐŝƚƵĂƟŽŶ͘ WƌŝŽƌ ƚŽ ƐƚĂƌƚ ŽĨĐŽŶƐƚƌƵĐƟŽŶĂŶĚŽŶŐŽŝŶŐ ĚƵƌŝŶŐĐŽŶƐƚƌƵĐƟŽŶ WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ /ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺ
ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2237 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϮϵ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
,ĂnjĂƌĚƐĂŶĚ,ĂnjĂƌĚŽƵƐDĂƚĞƌŝĂůƐ ďͿŽŶƟŶƵĞĚ͙
DD,ͲϬϮ͗,ĂnjĂƌĚŽƵƐDĂƚĞƌŝĂůƐDĂŶŝĨĞƐƚĂŶĚWůĂŶ͘WƌŝŽƌƚŽƚŚĞŝƐƐƵĂŶĐĞŽĨ ƉĞƌŵŝƚƐ͕ƚŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůƉƌŽǀŝĚĞĂŵĂŶŝĨĞƐƚŽĨĐŽŶƐƚƌƵĐƟŽŶŵĂƚĞƌŝĂůƐĂŶĚĂƉůĂŶĨŽƌƉƌŽƉĞƌŚĂŶĚůŝŶŐ͕ĚŝƐƉŽƐĂů͕ĐŽŶƟŶŐĞŶĐLJ͕ĂŶĚĞŵĞƌŐĞŶĐLJƌĞƐƉŽŶƐĞƚŽƚŚĞŝƚLJŽĨDŽĚĞƐƚŽ ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕^ƚĂŶŝƐůĂƵƐŽŶƐŽůŝĚĂƚĞĚ&ŝƌĞWƌŽƚĞĐƟŽŶ ŝƐƚƌŝĐƚ͕ ĂŶĚ ^ƚĂŶŝƐůĂƵƐ ŽƵŶƚLJ ĨŽƌ ǀĞƌŝĮĐĂƟŽŶ ŽĨ ĂĚĞƋƵĂƚĞĐŽŶƟŶŐĞŶĐLJŵĞĂƐƵƌĞƐĨŽƌƐƚŽƌĂŐĞ͕ƵƐĞ͕ĂŶĚŚĂŶĚůŝŶŐŽĨƉŽƚĞŶƟĂůůLJŚĂnjĂƌĚŽƵƐŵĂƚĞƌŝĂůƐƵƐĞĚ͕ƐƚŽƌĞĚ͕ĂŶĚŚĂŶĚůĞĚŽŶƐŝƚĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƟŽŶ͘ŽŶƚƌĂĐƚŽƌĐŽŵƉůŝĂŶĐĞƐŚĂůůďĞŵŽŶŝƚŽƌĞĚƚŚƌŽƵŐŚŽƵƚĐŽŶƐƚƌƵĐƟŽŶ͘/ŶƚŚĞƵŶůŝŬĞůLJĞǀĞŶƚŽĨŚĂnjĂƌĚŽƵƐŵĂƚĞƌŝĂůƐĚŝƐĐŽǀĞƌLJǁŝƚŚŝŶƚŚĞWƌŽũĞĐƚƌĞĂ͕ƚŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůŶŽƟĨLJƚŚĞŝƚLJŽĨDŽĚĞƐƚŽ͕ĂƐǁĞůůĂƐĐŽŽƌĚŝŶĂƚĞǁŝƚŚ^ƚĂŶŝƐůĂƵƐŽŶƐŽůŝĚĂƚĞĚ&ŝƌĞWƌŽƚĞĐƟŽŶŝƐƚƌŝĐƚĂŶĚ^ƚĂŶŝƐůĂƵƐŽƵŶƚLJ͘
WƌŝŽƌ ƚŽ ƚŚĞŝƐƐƵĂŶĐĞ ŽĨƉĞƌŵŝƚƐ
WƌŽũĞĐƚŽŶƚƌĂĐƚŽƌ͕ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕^ƚĂŶŝƐůĂƵƐŽŶƐŽůŝĚĂƚĞĚ&ŝƌĞWƌŽƚĞĐƟŽŶŝƐƚƌŝĐƚ͕^ƚĂŶŝƐůĂƵƐŽƵŶƚLJ /ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
ĚͿ
ŵŝƚ ŚĂnjĂƌĚŽƵƐ ĞŵŝƐƐŝŽŶƐ Žƌ
ŚĂŶĚůĞ ŚĂnjĂƌĚŽƵƐ Žƌ ĂĐƵƚĞůLJŚĂnjĂƌĚŽƵƐŵĂƚĞƌŝĂůƐ͕ƐƵďƐƚĂŶĐĞƐ͕ŽƌǁĂƐƚĞǁŝƚŚŝŶŽŶĞͲƋƵĂƌƚĞƌŵŝůĞŽĨ ĂŶ ĞdžŝƐƟŶŐ Žƌ ƉƌŽƉŽƐĞĚƐĐŚŽŽů͍ DD,ͲϬϭ͗ŽŽƌĚŝŶĂƟŽŶǁŝƚŚ^ƚĂŶŝƐůĂƵƐhŶŝŽŶ^ĐŚŽŽůŝƐƚƌŝĐƚ͘WƌŝŽƌƚŽƐƚĂƌƚ ŽĨ WƌŽũĞĐƚ ĐŽŶƐƚƌƵĐƟŽŶ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽǀŝĚĞ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶƐĐŚĞĚƵůĞ ƚŽ ƚŚĞ ^ƚĂŶŝƐůĂƵƐ hŶŝŽŶ ^ĐŚŽŽů ŝƐƚƌŝĐƚ͕ ƐƉĞĐŝĮĐĂůůLJ ^ƚĂŶŝƐůĂƵƐ ůĞŵĞŶƚĂƌLJ^ĐŚŽŽůƐŽƚŚĂƚĐŽŶƐƚƌƵĐƟŽŶŽĐĐƵƌƐǁŚĞŶƚŚĞƐĐŚŽŽůƐŝƚĞŝƐŶŽƚŝŶƵƐĞ͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞƐĐŚŽŽůĚŝƐƚƌŝĐƚŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƟŽŶĂŶĚƐŚĂůůŬĞĞƉƌĞĐŽƌĚƐŽĨƚŚŝƐĐŽŽƌĚŝŶĂƟŽŶĂƚƚŚĞWƌŽũĞĐƚ^ŝƚĞĨŽƌƌĞǀŝĞǁďLJƚŚĞŐƌĂĚŝŶŐĂŶĚďƵŝůĚŝŶŐŝŶƐƉĞĐƚŽƌƐ͘ WƌŝŽƌƚŽƚŚĞƐƚĂƌƚŽĨ WƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ
WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ /ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺ
ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕^ƚĂŶŝƐůĂƵƐhŶŝŽŶ^ĐŚŽŽůŝƐƚƌŝĐƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
ĨͿ /ŵƉĂŝƌ ŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ ŽƌƉŚLJƐŝĐĂůůLJ ŝŶƚĞƌĨĞƌĞ ǁŝƚŚ ĂŶ ĂĚŽƉƚĞĚ ^ĞĞDDdZ&ͲϬϭ͗dƌĂĸĐŽŶƚƌŽůWůĂŶ;dWͿ͘ dŚĞdWƐŚĂůůďĞ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞŝƚLJ ƉƌŝŽƌ ƚŽ
ŝƚLJŽĨDŽĚĞƐƚŽŝƚLJ
ŶŐŝŶĞĞƌŝŶŐ /ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺ
#26..
- 2238 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϬ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
ĞŵĞƌŐĞŶĐLJ ƌĞƐƉŽŶƐĞ ƉůĂŶ ŽƌĞŵĞƌŐĞŶĐLJĞǀĂĐƵĂƟŽŶƉůĂŶ͍ ŽŶƐƚƌƵĐƟŽŶĂŶĚŝŵƉůĞŵĞŶƚĞĚƚŚƌŽƵŐŚŽƵƚĐŽŶƐƚƌƵĐƟŽŶ
^ƚĂī͕>ŝĐĞŶƐĞĚdƌĂĸĐ
ŶŐŝŶĞĞƌ
ĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
,LJĚƌŽůŽŐLJĂŶĚtĂƚĞƌYƵĂůŝƚLJ,LJĚƌŽůŽŐLJĂŶĚtĂƚĞƌYƵĂůŝƚLJ ÍϽ sŝŽůĂƚĞ ĂŶLJ ǁĂƚĞƌ ƋƵĂůŝƚLJ
ƐƚĂŶĚĂƌĚƐ Žƌ ǁĂƐƚĞ ĚŝƐĐŚĂƌŐĞƌĞƋƵŝƌĞŵĞŶƚƐ Žƌ ŽƚŚĞƌǁŝƐĞƐƵďƐƚĂŶƟĂůůLJ ĚĞŐƌĂĚĞ ƐƵƌĨĂĐĞ ŽƌŐƌŽƵŶĚǁĂƚĞƌƋƵĂůŝƚLJ͍ ĂͿ ŽŶƟŶƵĞĚ͙
DD,zZKͲϬϭ͗>ŽĐĂů^tWWW͘WƌŝŽƌƚŽWůĂŶĂƉƉƌŽǀĂůĂŶĚŝĚǁĂƌĚ͕ƚŚĞŝƚLJ ŽĨDŽĚĞƐƚŽhƟůŝƟĞƐ ƐƚĂī ƐŚĂůůǀĞƌŝĨLJ ƚŚĂƚĂ >ŽĐĂů^tWWWŝƐ ĚĞǀĞůŽƉĞĚĂŶĚŝŶĐŽƌƉŽƌĂƚĞĚŝŶƚŚĞƉůĂŶƐĞƚĨŽƌŝŵƉůĞŵĞŶƚĂƟŽŶĚƵƌŝŶŐWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶĨŽƌĐŽŶƐƚƌƵĐƟŽŶĂƌĞĂƐ͘dŚĞ>ŽĐĂů^tWWWƐŚŽƵůĚŝĚĞŶƟĨLJ ƚŚĞtĂƚĞƌYƵĂůŝƚLJDĂŶĂŐĞƌĨŽƌ ƚŚĞWƌŽũĞĐƚ͕ďĞŬĞƉƚŽŶƐŝƚĞŝŶ ƚŚĞĐŽŶƐƚƌƵĐƟŽŶ ƚƌĂŝůĞƌĨŽƌ ƚŚĞĚƵƌĂƟŽŶŽĨĐŽŶƐƚƌƵĐƟŽŶĂŶĚƐŚĂůůŝŶĐŽƌƉŽƌĂƚĞĚĂŝůLJƵƉĚĂƚĞƐŽŶǁĂƚĞƌƋƵĂůŝƚLJĐŽŵƉůŝĂŶĐĞ ĂĐƟǀŝƟĞƐ ďLJ ƚŚĞtĂƚĞƌ YƵĂůŝƚLJDĂŶĂŐĞƌ͕ ĐŽŶĨŽƌŵŝŶŐǁŝƚŚ ƚŚĞĂƉƉƌŽǀĞĚ >ŽĐĂů ^tWWW͘ dŚĞ ŽďũĞĐƟǀĞƐ ŽĨ ƚŚĞ >ŽĐĂů ^tWWW ĂƌĞ ƚŽ ŝĚĞŶƟĨLJƉŽůůƵƚĂŶƚƐŽƵƌĐĞƐĨƌŽŵĐŽŶƐƚƌƵĐƟŽŶƚŚĂƚŵĂLJĂīĞĐƚƚŚĞƋƵĂůŝƚLJŽĨƐƚŽƌŵǁĂƚĞƌĚŝƐĐŚĂƌŐĞ͕ƚŽŝŵƉůĞŵĞŶƚƐŽƵƌĐĞĐŽŶƚƌŽůƉƌĂĐƟĐĞƐĨŽƌĞĂĐŚƉŽůůƵƚĂŶƚƐŽƵƌĐĞ͕ĂŶĚ ƚŽĞŝƚŚĞƌĮůƚĞƌŽƌĐŽŶƚĂŝŶĂŶĚĚŝƐƉŽƐĞŽĨƉŽůůƵƚĞĚǁĂƚĞƌĂŶĚŵĂƚĞƌŝĂůƐƉƌŝŽƌ ƚŽĚŝƐĐŚĂƌŐĞĨƌŽŵĐŽŶƐƚƌƵĐƟŽŶĂƌĞĂƐ͘dŚĞŝŶƚĞŶƚŽĨ ƚŚĞ^tWWWŝƐ ƚŽŵŝŶŝŵŝnjĞ ƉŽůůƵƚĂŶƚƐ ŝŶ ƐƚŽƌŵǁĂƚĞƌ ĚŝƐĐŚĂƌŐĞƐ ĨƌŽŵ ƚŚĞ WƌŽũĞĐƚ ŝŶƚŽ ƚŚĞĞdžŝƐƟŶŐĚƌĂŝŶĂŐĞƐLJƐƚĞŵĨƌŽŵĐŽŶƐƚƌƵĐƟŽŶ͕ĂŶĚƚŽƉƌŽƚĞĐƚƌĞĐĞŝǀŝŶŐǁĂƚĞƌƋƵĂůŝƚLJĂŶĚďĞŶĞĮĐŝĂůƵƐĞƐĚŽǁŶƐƚƌĞĂŵ͘dŚĞ>ŽĐĂů^tWWWŵĂLJŝŶĐůƵĚĞ͕ďƵƚŝƐŶŽƚůŝŵŝƚĞĚƚŽ͕ƚŚĞĨŽůůŽǁŝŶŐĞůĞŵĞŶƚƐ͗ Ă͘ ĞƚĂŝůĞƌŽƐŝŽŶĐŽŶƚƌŽůŵĞĂƐƵƌĞƐƉƵƌƐƵĂŶƚƚŽ^Y&ĂĐƚƐŚĞĞƚ Ͳϭ
ƚŽ
ͲϭϲŝŵƉůĞŵĞŶƟŶŐDWƐŝŶƚĞŶĚĞĚƚŽĐŽŶƚƌŽůƐĞĚŝŵĞŶƚĂƟŽŶĂŶĚĞƌŽƐŝŽŶ ŝŶ ĚŝƐƚƵƌďĞĚ ĂƌĞĂƐ ĚƵƌŝŶŐ ĐŽŶƐƚƌƵĐƟŽŶ ĂĐƟǀŝƟĞƐ͘ DWƐŝŶĐůƵĚĞ͗ ŝ͘ /ŶĐŽƌƉŽƌĂƟŽŶ ŽĨ ĞƌŽƐŝŽŶ ĐŽŶƚƌŽů ŝŶƚŽ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ ƐĐŚĞĚƵůĞ;
ͲϭͿ͖
ŝŝ͘ DŝŶŝŵĂů ůĂŶĚ ĚŝƐƚƵƌďĂŶĐĞ ĂŶĚ ĂǀŽŝĚĂŶĐĞ ŵĞĂƐƵƌĞƐ ŝŶ ƐĞŶƐŝƟǀĞůĂŶĚĂƌĞĂƐ;
ͲϮͿŝŶĐůƵĚŝŶŐŶĂƚƵƌĂůǁĂƚĞƌďŽĚŝĞƐŽƌŶĂƚƵƌĂůĚƌĂŝŶĂŐĞƐLJƐƚĞŵƐ͘ ŝŝŝ͘ ^ƚĂďŝůŝnjĂƟŽŶŵĞĂƐƵƌĞƐŝŶĚŝƐƚƵƌďĞĚĂƌĞĂƐǀŝĂ,LJĚƌĂƵůŝĐŵƵůĐŚ ;
ͲϯͿ͕,LJĚƌŽƐĞĞĚŝŶŐ;
ͲϰͿ͕^ŽŝůďŝŶĚĞƌƐ;
ͲϱͿ͕ƐƚƌĂǁŵƵůĐŚ;
ͲϲͿ͕ ŐĞŽƚĞdžƟůĞƐ ĂŶĚŵĂƚƐ;
ͲϳͿ͕ǁŽŽĚŵƵůĐŚŝŶŐ;
ͲϴͿ͕ĐŽŵƉŽƐƚ ďůĂŶŬĞƚƐ ;
ͲϭϰͿ͕ ŶŽŶǀĞŐĞƚĂƟǀĞ ƐƚĂďŝůŝnjĂƟŽŶ ;
ͲϭϲͿ͖
WƌŝŽƌ ƚŽ ƚŚĞĂƉƉƌŽǀĂů ŽĨWƌŽũĞĐƚ WůĂŶƐĂŶĚ ƐƚĂƌƚ ŽĨWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͘/ŵƉůĞŵĞŶƚĞĚƚŚƌŽƵŐŚŽƵƚĐŽŶƐƚƌƵĐƟŽŶ ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐ^ƚĂī͕WƌŽũĞĐƚŽŶƚƌĂĐƚŽƌ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2239 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϭ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
,LJĚƌŽůŽŐLJĂŶĚtĂƚĞƌYƵĂůŝƚLJ ĂͿŽŶƟŶƵĞĚ͙
ŝǀ͘ ŽůůĞĐƚƐĞĚŝŵĞŶƚͲůĂĚĞŶƌƵŶŽīŝŶƚĞŵƉŽƌĂƌLJƐĞĚŝŵĞŶƚďĂƐŝŶƐ ;
ͲϵͿ͕ǀĞůŽĐŝƚLJĚŝƐƐŝƉĂƟŽŶĚĞǀŝĐĞƐ;
ͲϭϬͿ͕ ƐůŽƉĚƌĂŝŶƐ;
ͲϭϭͿ͕ ƐƚƌĞĂŵďĂŶŬ ƐƚĂďŝůŝnjĂƟŽŶ ;
ͲϭϮͿ͖ ^Žŝů ƚĞƐƟŶŐ ƉƌŝŽƌ ƚŽƐƚĂƌƚŽĨĐŽŶƐƚƌƵĐƟŽŶƚŽĞŶƐƵƌĞƐĞůĞĐƟŽŶŽĨĂƉƉƌŽƉƌŝĂƚĞDWƐĂŶĚƉƌĞƉĂƌĞƐŽŝůĨŽƌǀĞŐĞƚĂƟŽŶĞŶŚĂŶĐĞŵĞŶƚƐ; ͲϭϱͿ͖
Ϯ͘ ĞƚĂŝůƐĞĚŝŵĞŶƚĐŽŶƚƌŽůŵĞĂƐƵƌĞƐƉƵƌƐƵĂŶƚƚŽ^Y&ĂĐƚƐŚĞĞƚ^ Ͳ
ϭƚŽ^
ͲϭϰŝŵƉůĞŵĞŶƟŶŐƐŽŝůƉƌĞǀĞŶƟŽŶĂŶĚĐŽŶƚƌŽůŵĞĂƐƵƌĞƐ͗
ŝ͘ WƌŽƚĞĐƚĂůůƐƚŽĐŬƉŝůĞƐĨƌŽŵƐƚŽƌŵǁĂƚĞƌƌƵŶͲŽŶƵƐŝŶŐ ƚĞŵƉŽƌĂƌLJƉĞƌŝŵĞƚĞƌƐĞĚŝŵĞŶƚďĂƌƌŝĞƌƐƐƵĐŚĂƐĐŽŵƉŽƐƚďĞƌŵƐ;^ ͲϭϯͿ͕ƚĞŵƉŽƌĂƌLJƐŝůƚĚŝŬĞƐ;^
ͲϭϮͿ͕ĮďĞƌƌŽůůƐ;^
ͲϱͿ͕ƐŝůƚĨĞŶĐĞƐ;^
ͲϭͿ͕ƐĂŶĚďĂŐƐ;^
ͲϴͿ͕ŐƌĂǀĞůďĂŐƐ;^
ͲϲͿ͕ŽƌďŝŽĮůƚĞƌďĂŐƐ;^
ͲϭϰͿ͘
ϯ͘ ĞƚĂŝů ĚƌĂŝŶ ŝŶůĞƚ ƉƌŽƚĞĐƟŽŶ ŝŶ ƚŚĞ ƉƵďůŝĐ ƌŝŐŚƚͲŽĨͲǁĂLJ ƉƵƌƐƵĂŶƚ ƚŽ ^Y &ĂĐƚƐŚĞĞƚ ^
ͲϭϬ ŝŵƉůĞŵĞŶƚ ^
ͲϮ͕ ^ĞĚŝŵĞŶƚ ĂƐŝŶ Žƌ ^
Ͳϯ͕^ĞĚŝŵĞŶƚ dƌĂƉ ĂŶĚͬŽƌ ƵƐĞĚ ŝŶ ĐŽŶũƵŶĐƟŽŶ ǁŝƚŚ ŽƚŚĞƌ ĚƌĂŝŶĂŐĞĐŽŶƚƌŽů͕ĞƌŽƐŝŽŶĐŽŶƚƌŽů͕ĂŶĚƐĞĚŝŵĞŶƚĐŽŶƚƌŽůDWƐƚŽƉƌŽƚĞĐƚƚŚĞƐŝƚĞ͖ ϰ͘ ĞƚĂŝů ƐƚĂďŝůŝnjĞĚ ĞŶƚƌĂŶĐĞ ĂŶĚ ĞŐƌĞƐƐ ĨƌŽŵ ĐŽŶƐƚƌƵĐƟŽŶ ƐŝƚĞ ƚŽ ŵŝŶŝŵŝnjĞƚƌĂĐŬͲŽƵƚ͘
ϱ͘ ĞƚĂŝůŽŶͲƐŝƚĞĐŽŶĐƌĞƚĞǁĂƐŚŽƵƚĂƌĞĂƚŽŵŝŶŝŵŝnjĞƚƌĂĐŬͲŽƵƚ͘ϲ͘ ĞƚĂŝů ƐƚŽĐŬƉŝůĞŵĂŶĂŐĞŵĞŶƚ͕ŵĂƚĞƌŝĂů ƐƚŽƌĂŐĞΘĚĞůŝǀĞƌLJĂƌĞĂƐƚŽ ŵŝŶŝŵŝnjĞĚƵƐƚĂŶĚĐŽŶƚƌŽůůŽŽƐĞŵĂƚĞƌŝĂůƐ͘
ϳ͘ ĞƚĂŝů ƐŽůŝĚ ǁĂƐƚĞ ŵĂŶĂŐĞŵĞŶƚ ƉƌĂĐƟĐĞƐ ŝŵƉůĞŵĞŶƟŶŐ ǁĂƐƚĞ ĚŝƐƉŽƐĂůŝŶĐŽǀĞƌĞĚǁĂƐƚĞƌĞĐĞƉƚĂĐůĞƐ͘
ϴ͘ ĞƚĂŝůůŽĐĂƟŽŶŽĨ ƚĞŵƉŽƌĂƌLJƐĂŶŝƚĂƌLJǁĂƐƚĞĨĂĐŝůŝƟĞƐŝŵƉůĞŵĞŶƟŶŐ ƉƌŽƉĞƌĚŝƐƉŽƐĂůƉƌĂĐƟĐĞƐŝŶĐůƵĚŝŶŐ͗
ŝ͘ WůĂĐĞĐŽǀĞƌĞĚƚƌĂƐŚĂŶĚƌĞĐLJĐůŝŶŐĐĂŶƐŝŶĂĐĐĞƐƐŝďůĞĂƌĞĂƐĨŽƌ ƵƐĞŶĞĂƌĂĐƟǀĞĐŽŶƐƚƌƵĐƟŽŶ͘
ŝŝ͘ ŽǀĞƌĂŶĚŵĂŝŶƚĂŝŶĚƵŵƉƐƚĞƌƐ͘ŚĞĐŬĨƌĞƋƵĞŶƚůLJĨŽƌůĞĂŬƐ͘ EĞǀĞƌ ĐůĞĂŶ Ă ĚƵŵƉƐƚĞƌ ďLJ ŚŽƐŝŶŐ ŝƚ ĚŽǁŶ ŽŶͲƐŝƚĞ ǁŚĞƌĞǁĂƐŚǁĂƚĞƌĐĂŶĞŶƚĞƌƚŚĞƐƚŽƌŵĚƌĂŝŶƐLJƐƚĞŵ͘ ŝŝŝ͘ ŝƐƉŽƐĞŽĨƚƌĂƐŚĚĂŝůLJ͘ŝǀ͘ ^ǁĞĞƉŝŶŐ ĂƌĞĂƐ ĂƌŽƵŶĚ ĚƵŵƉƐƚĞƌƐ ĂŶĚ ƉƌŽŚŝďŝƟŶŐ ƚŚĞ ĚŝƐƉŽƐĂůŽĨůŝƋƵŝĚĐŚĞŵŝĐĂůƐŽƌǁĂƐƚĞŝŶĚƵŵƉƐƚĞƌƐ͘
ϵ͘ >ŝƐƚ ŶĂŵĞ ĂŶĚ ĐŽŶƚĂĐƚ ŶƵŵďĞƌ ŽĨ ƉĞƌƐŽŶ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ŝŵƉůĞŵĞŶƚĂƟŽŶŽĨĂŶĚĂĚŚĞƌĞŶĐĞƚŽ>ŽĐĂů^tWWW͘
#26..
- 2240 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϮ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
,LJĚƌŽůŽŐLJĂŶĚtĂƚĞƌYƵĂůŝƚLJ ĂͿŽŶƟŶƵĞĚ͙
ϭϬ͘ ^ƚĂƚĞƐŝnjĞŽĨƉƌŽũĞĐƚŝŶƐƋƵĂƌĞĨĞĞƚŽƌĂĐƌĞƐŽƌĐƵďŝĐLJĂƌĚƐ͘ DD,zZKͲϬϮ͗^ƚŽƌŵǁĂƚĞƌDWƐƚŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚŽŶƐƚƌƵĐƟŽŶ͘WƌŝŽƌƚŽ ƐƚĂƌƚ ŽĨ WƌŽũĞĐƚ ĐŽŶƐƚƌƵĐƟŽŶ ĂŶĚ ŽŶ ĂŶ ŽŶŐŽŝŶŐ ďĂƐŝƐ ƚŚƌŽƵŐŚŽƵƚĐŽŶƐƚƌƵĐƟŽŶ͕ƚŚĞŝƚLJŽĨDŽĚĞƐƚŽhƟůŝƟĞƐĞƉĂƌƚŵĞŶƚƐŚĂůůǀĞƌŝĨLJƚŚĂƚĞƐƚDĂŶĂŐĞŵĞŶƚ WƌĂĐƟĐĞƐ ĨŽƌ ŽŶƐƚƌƵĐƟŽŶ ĨƌŽŵ ƚŚĞ ^tWWW Žƌ ĨƵŶĐƟŽŶĂůĞƋƵŝǀĂůĞŶƚĂƌĞŝŵƉůĞŵĞŶƚĞĚďLJƚŚĞĐŽŶƚƌĂĐƚŽƌĂŶĚǀĞƌŝĮĞĚǁŝƚŚŝŶƐƉĞĐƟŽŶƐƚŚƌŽƵŐŚŽƵƚ ĐŽŶƐƚƌƵĐƟŽŶĂĐƟǀŝƟĞƐ͘/ŶƐƉĞĐƟŽŶƐ ďLJ ƚŚĞ ŝƚLJ ŽĨDŽĚĞƐƚŽǁŝůůĞŶƐƵƌĞƚŚĂƚƚŚĞWƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌŵĂŝŶƚĂŝŶƐƚŚĞĨŽůůŽǁŝŶŐDWƐĨŽƌŐĞŶĞƌĂůďƵƐŝŶĞƐƐ ƉƌĂĐƟĐĞ͕ ǀĞŚŝĐůĞ ŵĂŝŶƚĞŶĂŶĐĞ͕ ĐůĞĂŶ ƵƉ͕ ĞĚƵĐĂƟŽŶ͕ ĂŶĚ ĞƌŽƐŝŽŶƉƌĞǀĞŶƟŽŶ͗'ĞŶĞƌĂůƵƐŝŶĞƐƐWƌĂĐƟĐĞ ϭ͘ ^ĐŚĞĚƵůĞ ĂĐƟǀŝƟĞƐ ƐƵĐŚ ĂƐ ĞdžĐĂǀĂƟŽŶ͕ ƐĂǁ ĐƵƫŶŐ͕ ĂŶĚ ƉĂǀŝŶŐ ĚƵƌŝŶŐĚƌLJǁĞĂƚŚĞƌ͘
Ϯ͘ <ĞĞƉ ŵĂƚĞƌŝĂůƐ ŽƵƚ ŽĨ ƚŚĞ ƌĂŝŶ͘ ^ƚŽƌĞ ƚŚĞŵ ƵŶĚĞƌ ĐŽǀĞƌ ǁŝƚŚ ƚĞŵƉŽƌĂƌLJ ƌŽŽĨƐ Žƌ ƉůĂƐƟĐ ƐŚĞĞƚƐͬƚĂƌƉƐ͕ ƉƌŽƚĞĐƚĞĚ ĨƌŽŵ ƌĂŝŶĨĂůů͕ƌƵŶŽī͕ĂŶĚǁŝŶĚ͘ ϯ͘ hƐĞĂƐůŝƩůĞǁĂƚĞƌĂƐƉŽƐƐŝďůĞĨŽƌĚƵƐƚĐŽŶƚƌŽůƚŽĂǀŽŝĚĞdžĐĞƐƐƌƵŶŽī ŽĨƐĞĚŝŵĞŶƚ͘
ϰ͘ <ĞĞƉƉŽůůƵƚĂŶƚƐŽīĞdžƉŽƐĞĚƐƵƌĨĂĐĞƐ͘ϱ͘ DĂŬĞ ƐƵƌĞ ƉŽƌƚĂďůĞ ƚŽŝůĞƚƐ ĂƌĞ ŝŶ ŐŽŽĚ ǁŽƌŬŝŶŐ ŽƌĚĞƌ͘ ŚĞĐŬ ĨƌĞƋƵĞŶƚůLJĨŽƌůĞĂŬƐ͘
sĞŚŝĐůĞDĂŝŶƚĞŶĂŶĐĞ
ϲ͘ DĂŝŶƚĂŝŶ Ăůů ǀĞŚŝĐůĞƐ ĂŶĚ ŚĞĂǀLJ ĞƋƵŝƉŵĞŶƚ ƉĞƌ ŵĂŶƵĨĂĐƚƵƌĞƌƐ ƐƉĞĐŝĮĐĂƟŽŶƐ͘/ŶƐƉĞĐƚĨƌĞƋƵĞŶƚůLJĨŽƌůĞĂŬƐ͘
ϳ͘ ĞƐŝŐŶĂƚĞ ŽŶĞ ĂƌĞĂ ĨŽƌ ǀĞŚŝĐůĞ ƉĂƌŬŝŶŐ͕ ǀĞŚŝĐůĞ ƌĞĨƵĞůŝŶŐ͕ ĂŶĚ ƌŽƵƟŶĞĞƋƵŝƉŵĞŶƚŵĂŝŶƚĞŶĂŶĐĞ͘dŚĞ ĚĞƐŝŐŶĂƚĞĚ ĂƌĞĂ ƐŚŽƵůĚ ďĞǁĞůů ĂǁĂLJ ĨƌŽŵ ŐƵƩĞƌƐ ĂŶĚ ƐƚŽƌŵ ĚƌĂŝŶƐ ĂŶĚ ĮƩĞĚ ǁŝƚŚ ƐƉŝůůĐŽŶƚĂŝŶŵĞŶƚ͘ ϴ͘ WĞƌĨŽƌŵ ŵĂũŽƌ ǀĞŚŝĐůĞ ŵĂŝŶƚĞŶĂŶĐĞ ĂŶĚ ǀĞŚŝĐůĞͬĞƋƵŝƉŵĞŶƚ ǁĂƐŚŝŶŐŽīƐŝƚĞ͘
ϵ͘ hƐĞĚƌŝƉƉĂŶƐŽƌĚƌŽƉĐůŽƚŚƐƚŽĐĂƚĐŚĚƌŝƉƐĂŶĚƐƉŝůůƐ͘ϭϬ͘ ŽŶŽƚƵƐĞĚŝĞƐĞůĨƵĞůƚŽůƵďƌŝĐĂƚĞĞƋƵŝƉŵĞŶƚŽƌƉĂƌƚƐ͘ WƌŝŽƌ ƚŽ WƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶĂŶĚƚŚĞ ŝƐƐƵĂŶĐĞ ŽĨƉĞƌŵŝƚƐ͘/ŵƉůĞŵĞŶƚĞĚƚŚƌŽƵŐŚŽƵƚĐŽŶƐƚƌƵĐƟŽŶ ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕WƌŽũĞĐƚŽŶƚƌĂĐƚŽƌ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2241 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϯ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
,LJĚƌŽůŽŐLJĂŶĚtĂƚĞƌYƵĂůŝƚLJ ĂͿŽŶƟŶƵĞĚ͙
ůĞĂŶhƉ
ϭϭ͘
ŶƐƵƌĞ ƚŚĂƚ ƚŚĞƌĞ ĂƌĞ ĂƉƉƌŽƉƌŝĂƚĞ ƐƉŝůů ŬŝƚƐ ŽŶ ƐŝƚĞ ĂŶĚ ƚŚĂƚ Ăůů ĞŵƉůŽLJĞĞƐĂƌĞƚƌĂŝŶĞĚŽŶƚŚĞůŽĐĂƟŽŶƐĂŶĚƵƐĞŽĨƚŚĞŬŝƚƐ͘ ϭϮ͘ EĞǀĞƌ ŚŽƐĞ ĚŽǁŶ ƐƚƌĞĞƚƐ ƚŽ ĐůĞĂŶ ƵƉ ƚƌĂĐŬĞĚ Ěŝƌƚ͘ hƐĞ ǁĞƚͬĚƌLJ ƐǁĞĞƉŽƌǀĂĐƵƵŵŵĞƚŚŽĚƐ͘
ϭϯ͘ ůĞĂŶƵƉůĞĂŬƐ͕ĚƌŝƉƐ͕ĂŶĚŽƚŚĞƌƐƉŝůůƐŝŵŵĞĚŝĂƚĞůLJ͘dŚŝƐǁŝůůƉƌĞǀĞŶƚ ĐŽŶƚĂŵŝŶĂƚĞĚƐŽŝůŽƌƌĞƐŝĚƵĞŽŶƉĂǀĞĚƐƵƌĨĂĐĞƐ͘
ϭϰ͘ EĞǀĞƌŚŽƐĞĚŽǁŶ ƐƵƌĨĂĐĞƐǁŚĞƌĞŵĂƚĞƌŝĂůƐŚĂǀĞ ƐƉŝůůĞĚ͘hƐĞĚƌLJ ĐůĞĂŶƵƉŵĞƚŚŽĚƐǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͘
ϭϱ͘ ůĞĂŶƵƉƐƉŝůůƐŽŶĚŝƌƚĂƌĞĂƐďLJĚŝŐŐŝŶŐƵƉĂŶĚƉƌŽƉĞƌůLJĚŝƐƉŽƐŝŶŐŽĨ ĐŽŶƚĂŵŝŶĂƚĞĚƐŽŝů͘
ϭϲ͘ ^ǁĞĞƉƵƉĚƌLJƐƉŝůůĞĚŵĂƚĞƌŝĂůƐŝŵŵĞĚŝĂƚĞůLJ͘EĞǀĞƌĂƩĞŵƉƚƚŽďƵƌLJ ƚŚĞŵŽƌ͞ǁĂƐŚƚŚĞŵĂǁĂLJ͟ǁŝƚŚǁĂƚĞƌ͘
ϭϳ͘ ZĞƉŽƌƚƐŝŐŶŝĮĐĂŶƚƐƉŝůůƐƚŽƚŚĞĂƉƉƌŽƉƌŝĂƚĞƐƉŝůůƌĞƐƉŽŶƐĞĂŐĞŶĐŝĞƐ ŝŵŵĞĚŝĂƚĞůLJ͘
ŵƉůŽLJĞĞĂŶĚůŝĞŶƚ
ĚƵĐĂƟŽŶ
ϭϴ͘
ĚƵĐĂƚĞ LJŽƵƌ ĞŵƉůŽLJĞĞƐ͘ /ŶĐůƵĚĞ ǁĂƚĞƌ ƋƵĂůŝƚLJ ƚƌĂŝŶŝŶŐ ŝŶ ŶĞǁ ĞŵƉůŽLJĞĞŽƌŝĞŶƚĂƟŽŶƐĂŶĚĐŽŶĚƵĐƚĂŶŶƵĂůƌĞǀŝĞǁƐĞƐƐŝŽŶƐ͘ ϭϵ͘
ĚƵĐĂƚĞLJŽƵƌĐƵƐƚŽŵĞƌƐ͘WŽƐƚDWƐǁŚĞƌĞĐůŝĞŶƚƐĂŶĚĞŵƉůŽLJĞĞƐ ĐĂŶƐĞĞƚŚĞŵ͘,ĂŶĚůŝŶŐDĂƚĞƌŝĂůƐĂŶĚtĂƐƚĞƐ
ϮϬ͘ WƌĂĐƟĐĞ ƐŽƵƌĐĞ ƌĞĚƵĐƟŽŶ ʹ ŵŝŶŝŵŝnjĞ ǁĂƐƚĞ ǁŚĞŶ ŽƌĚĞƌŝŶŐ ŵĂƚĞƌŝĂůƐ͘KŶůLJŽƌĚĞƌƚŚĞĂŵŽƵŶƚƐŶĞĞĚĞĚƚŽĐŽŵƉůĞƚĞƚŚĞũŽď͘ Ϯϭ͘ hƐĞƌĞĐLJĐůĞĚĂŶĚƌĞĐLJĐůĂďůĞŵĂƚĞƌŝĂůƐǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͘ϮϮ͘ EĞǀĞƌďƵƌLJǁĂƐƚĞŵĂƚĞƌŝĂůƐŽƌůĞĂǀĞƚŚĞŵŝŶƚŚĞƐƚƌĞĞƚ͘Ϯϯ͘ ŝƐƉŽƐĞŽĨĂůůǁĂƐƚĞƉƌŽƉĞƌůLJ͘
ƌŽƐŝŽŶWƌĞǀĞŶƟŽŶ
Ϯϰ͘ ZĞĞƐƚĂďůŝƐŚ ƐƚĂďůĞ ƵƉƉĞƌͬƚŽƉ ĐƌƵƐƚ ŽŶ ĚŝƐƚƵƌďĞĚ ƐƵƌĨĂĐĞƐ͘ dŚŝƐ ŝŶĐůƵĚĞƐ ĂƉƉůŝĐĂƟŽŶ ŽĨ ǁĂƚĞƌ Žƌ ĐŚĞŵŝĐĂů ƐƚĂďŝůŝnjĞƌƐ͘ ZĞͲǀĞŐĞƚĂƟŽŶ ;ƉĞƌŵĂŶĞŶƚ Žƌ ƚĞŵƉŽƌĂƌLJͿ ŝƐ ĂŶ ĞdžĐĞůůĞŶƚ ĨŽƌŵ ŽĨĞƌŽƐŝŽŶĐŽŶƚƌŽůĨŽƌĂŶLJƐŝƚĞ͘ Ϯϱ͘ ǀŽŝĚĞdžĐĂǀĂƟŽŶĂŶĚŐƌĂĚŝŶŐĂĐƟǀŝƟĞƐĚƵƌŝŶŐǁĞƚǁĞĂƚŚĞƌ͘ #26..
- 2242 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϰ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
,LJĚƌŽůŽŐLJĂŶĚtĂƚĞƌYƵĂůŝƚLJ
Ϯϲ͘ ŽŶƐƚƌƵĐƚ ĚŝǀĞƌƐŝŽŶ ĚŝŬĞƐ ƚŽ ĐŚĂŶŶĞů ƌƵŶŽīĂƌŽƵŶĚ ƚŚĞ ƐŝƚĞ͘ >ŝŶĞ ĐŚĂŶŶĞůƐ ǁŝƚŚ ŐƌĂƐƐ Žƌ ƌŽƵŐŚĞŶĞĚ ƉĂǀĞŵĞŶƚ ƚŽ ƌĞĚƵĐĞ ƌƵŶŽīǀĞůŽĐŝƚLJ͘ Ϯϳ͘ WůĂŶƚƉĞƌŵĂŶĞŶƚǀĞŐĞƚĂƟŽŶĂƐƐŽŽŶĂƐƉŽƐƐŝďůĞ͕ŽŶĐĞĞdžĐĂǀĂƟŽŶ ĂŶĚŐƌĂĚŝŶŐĂĐƟǀŝƟĞƐĂƌĞĐŽŵƉůĞƚĞ͘
æϽ ^ƵďƐƚĂŶƟĂůůLJ ĚĞĐƌĞĂƐĞ
ŐƌŽƵŶĚǁĂƚĞƌ ƐƵƉƉůŝĞƐ ŽƌŝŶƚĞƌĨĞƌĞ ƐƵďƐƚĂŶƟĂůůLJ ǁŝƚŚŐƌŽƵŶĚǁĂƚĞƌ ƌĞĐŚĂƌŐĞ ƐƵĐŚ ƚŚĂƚƚŚĞ WƌŽũĞĐƚ ŵĂLJ ŝŵƉĞĚĞƐƵƐƚĂŝŶĂďůĞ ŐƌŽƵŶĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚŽĨƚŚĞďĂƐŝŶ͍ ďͿŽŶƟŶƵĞĚ͙
WƌŝŽƌ ƚŽ ƚŚĞŝƐƐƵĂŶĐĞƐ ŽĨƉĞƌŵŝƚƐ͘
ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
ĞͿ ŽŶŇŝĐƚ ǁŝƚŚ Žƌ ŽďƐƚƌƵĐƚŝŵƉůĞŵĞŶƚĂƟŽŶ ŽĨ Ă ǁĂƚĞƌ ƋƵĂůŝƚLJĐŽŶƚƌŽů ƉůĂŶ Žƌ ƐƵƐƚĂŝŶĂďůĞŐƌŽƵŶĚǁĂƚĞƌŵĂŶĂŐĞŵĞŶƚƉůĂŶ͍ ^ĞĞDD,zZKͲϬϮ͗^ƚŽƌŵǁĂƚĞƌDWƐƚŚƌŽƵŐŚWƌŽũĞĐƚŽŶƐƚƌƵĐƟŽŶ͘ WƌŝŽƌ ƚŽ WƌŽũĞĐƚ ĐŽŶƐƚƌƵĐƟŽŶĂŶĚƚŚĞ ŝƐƐƵĂŶĐĞ ŽĨƉĞƌŵŝƚƐ͘
ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕WƌŽũĞĐƚŽŶƚƌĂĐƚŽƌ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
EŽŝƐĞ
ďͿ 'ĞŶĞƌĂƟŽŶ ŽĨ Ă ƐƵďƐƚĂŶƟĂů
ƚĞŵƉŽƌĂƌLJ Žƌ ƉĞƌŵĂŶĞŶƚŝŶĐƌĞĂƐĞ ŝŶ ĂŵďŝĞŶƚ ŶŽŝƐĞ ůĞǀĞůƐŝŶ ƚŚĞ ǀŝĐŝŶŝƚLJ ŽĨ ƚŚĞ WƌŽũĞĐƚ ŝŶĞdžĐĞƐƐŽĨƐƚĂŶĚĂƌĚƐĞƐƚĂďůŝƐŚĞĚŝŶƚŚĞ ůŽĐĂů ŐĞŶĞƌĂů ƉůĂŶ Žƌ ŶŽŝƐĞŽƌĚŝŶĂŶĐĞ͕ Žƌ ĂƉƉůŝĐĂďůĞƐƚĂŶĚĂƌĚƐŽĨŽƚŚĞƌĂŐĞŶĐŝĞƐ͍ DDEK/ͲϬϭ͗ŽŶƐƚƌƵĐƟŽŶEŽŝƐĞ͘dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͕ƚŚĞ ĨŽůůŽǁŝŶŐĐŽŶƐƚƌƵĐƟŽŶŶŽŝƐĞŝŵƉĂĐƚƐŵƵƐƚďĞŝŵƉůĞŵĞŶƚĞĚďLJƚŚĞWƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌĂŶĚŝƚLJŽĨDŽĚĞƐƚŽhƟůŝƟĞƐĞƉĂƌƚŵĞŶƚŝŶŽƌĚĞƌĨŽƌŶŽŝƐĞůĞǀĞůƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƟŽŶĂĐƟǀŝƟĞƐƚŽďĞĐŽŶƐŝĚĞƌĞĚůĞƐƐƚŚĂŶƐŝŐŶŝĮĐĂŶƚ͗ ϭ͘ ƵƌŝŶŐĂůůWƌŽũĞĐƚ^ŝƚĞĞdžĐĂǀĂƟŽŶĂŶĚŐƌĂĚŝŶŐŽŶͲƐŝƚĞ͕ĐŽŶƐƚƌƵĐƟŽŶ ĐŽŶƚƌĂĐƚŽƌƐƐŚĂůůĞƋƵŝƉĂůůĐŽŶƐƚƌƵĐƟŽŶĞƋƵŝƉŵĞŶƚ͕ĮdžĞĚŽƌŵŽďŝůĞ͕ǁŝƚŚƉƌŽƉĞƌůLJŽƉĞƌĂƟŶŐĂŶĚŵĂŝŶƚĂŝŶĞĚŵƵŋĞƌƐ͕ĐŽŶƐŝƐƚĞŶƚǁŝƚŚŵĂŶƵĨĂĐƚƵƌĞƌƐƚĂŶĚĂƌĚƐ͘ Ϯ͘ dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůƉůĂĐĞĂůůƐƚĂƟŽŶĂƌLJĐŽŶƐƚƌƵĐƟŽŶĞƋƵŝƉŵĞŶƚ ƐŽƚŚĂƚĞŵŝƩĞĚŶŽŝƐĞŝƐĚŝƌĞĐƚĞĚĂǁĂLJĨƌŽŵƚŚĞŶŽŝƐĞƐĞŶƐŝƟǀĞƌĞĐĞƉƚŽƌƐŶĞĂƌĞƐƚƚŚĞWƌŽũĞĐƚƐŝƚĞ͘KŶĞͲŝŶĐŚƉůLJǁŽŽĚŽƌĂĐŽƵƐƟĐĂůďůĂŶŬĞƚƐĐĂƉĂďůĞŽĨĂĐŚŝĞǀŝŶŐĂƌĞĚƵĐƟŽŶůĞǀĞůŽĨĂƚůĞĂƐƚϭϬĚ dŚƌŽƵŐŚŽƵƚWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ
ŝƚLJŽĨDŽĚĞƐƚŽhƟůŝƟĞƐĞƉĂƌƚŵĞŶƚ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ /ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2243 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϱ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
EŽŝƐĞ
ďͿEŽŝƐĞ ƐŚĂůůďĞƵƐĞĚƚŽŬĞĞƉĞƋƵŝƉŵĞŶƚŶŽŝƐĞĨƌŽŵĞdžĐĞĞĚŝŶŐƚŚĞϴϬĚ ŶŽŝƐĞůĞǀĞůƐƚĂŶĚĂƌĚ͘
ϯ͘
ƋƵŝƉŵĞŶƚƐŚĂůůďĞƐŚƵƚŽīĂŶĚŶŽƚůĞŌƚŽŝĚůĞǁŚĞŶŶŽƚŝŶƵƐĞ͘ϰ͘ tŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͕ĞůĞĐƚƌŝĐƉŽǁĞƌǁŝůůďĞƵƐĞĚŝŶůŝĞƵŽĨŝŶƚĞƌŶĂů ĐŽŵďƵƐƟŽŶĞŶŐŝŶĞƉŽǁĞƌ͘
ϱ͘ dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůůŽĐĂƚĞĞƋƵŝƉŵĞŶƚƐƚĂŐŝŶŐŝŶĂƌĞĂƐƚŚĂƚǁŝůů ĐƌĞĂƚĞƚŚĞŐƌĞĂƚĞƐƚĚŝƐƚĂŶĐĞďĞƚǁĞĞŶĐŽŶƐƚƌƵĐƟŽŶͲƌĞůĂƚĞĚŶŽŝƐĞͬǀŝďƌĂƟŽŶƐŽƵƌĐĞƐĂŶĚƐĞŶƐŝƟǀĞƌĞĐĞƉƚŽƌƐŶĞĂƌĞƐƚƚŚĞWƌŽũĞĐƚƐŝƚĞĚƵƌŝŶŐĂůůWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͘ ϲ͘ :ĂĐŬŚĂŵŵĞƌƐ͕ƉŶĞƵŵĂƟĐĞƋƵŝƉŵĞŶƚ͕ĂŶĚĂůůŽƚŚĞƌƉŽƌƚĂďůĞ ƐƚĂƟŽŶĂƌLJŶŽŝƐĞƐŽƵƌĐĞƐƐŚĂůůďĞƐŚŝĞůĚĞĚ͕ĂŶĚŶŽŝƐĞƐŚĂůůďĞĚŝƌĞĐƚĞĚĂǁĂLJĨƌŽŵƐĞŶƐŝƟǀĞƌĞĐĞƉƚŽƌƐ͘ ϳ͘ dŚĞWƌŽũĞĐƚƉƌŽƉŽŶĞŶƚƐŚĂůůŵĂŶĚĂƚĞƚŚĂƚƚŚĞĐŽŶƐƚƌƵĐƟŽŶ ĐŽŶƚƌĂĐƚŽƌƉƌŽŚŝďŝƚƚŚĞƵƐĞŽĨŵƵƐŝĐŽƌƐŽƵŶĚĂŵƉůŝĮĐĂƟŽŶŽŶƚŚĞWƌŽũĞĐƚƐŝƚĞĚƵƌŝŶŐĐŽŶƐƚƌƵĐƟŽŶ͘ ϴ͘ dŚĞĐŽŶƐƚƌƵĐƟŽŶĐŽŶƚƌĂĐƚŽƌƐŚĂůůůŝŵŝƚŚĂƵůƚƌƵĐŬĚĞůŝǀĞƌŝĞƐƚŽƚŚĞ ƐĂŵĞŚŽƵƌƐƐƉĞĐŝĮĞĚĨŽƌĐŽŶƐƚƌƵĐƟŽŶĞƋƵŝƉŵĞŶƚ͘
ϵ͘ dŚĞƋƵŝĞƚĞƐƚĞƋƵŝƉŵĞŶƚĂǀĂŝůĂďůĞǁŝůůďĞƵƟůŝnjĞĚǁŚĞŶĨĞĂƐŝďůĞ͖ ĂŶĚ͕
ϭϬ͘ ,ĂƵůƌŽƵƚĞƐƚŚĂƚĂīĞĐƚƚŚĞĨĞǁĞƐƚŶƵŵďĞƌŽĨƉĞŽƉůĞǁŝůůďĞ ƵƟůŝnjĞĚǁŚĞŶĞǀĞƌƉŽƐƐŝďůĞ͘
ϭϭ͘ ŽŶƐƚƌƵĐƟŽŶĂĐƟǀŝƟĞƐŶĞĂƌĂŶĚĂƚƚŚĞƐĐŚŽŽůƐŝƚĞƐŚĂůůďĞůŝŵŝƚĞĚ ƚŽŽŶůLJǁŚĞŶƚŚĞƐĐŚŽŽůŝƐŶŽƚŝŶƵƐĞ͘
WƵďůŝĐ^ĞƌǀŝĐĞƐ
ĂͿ ZĞƐƵůƚ ŝŶ ƐƵďƐƚĂŶƟĂů ĂĚǀĞƌƐĞƉŚLJƐŝĐĂů ŝŵƉĂĐƚƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞƉƌŽǀŝƐŝŽŶŽĨŶĞǁŽƌƉŚLJƐŝĐĂůůLJĂůƚĞƌĞĚŐŽǀĞƌŶŵĞŶƚĂůĨĂĐŝůŝƟĞƐ͕ŶĞĞĚĨŽƌŶĞǁŽƌ ƉŚLJƐŝĐĂůůLJ ĂůƚĞƌĞĚ ŐŽǀĞƌŶŵĞŶƚĂůĨĂĐŝůŝƟĞƐ͕ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶ ŽĨ ǁŚŝĐŚĐŽƵůĚĐĂƵƐĞƐŝŐŶŝĮĐĂŶƚĞŶǀŝƌŽŶŵĞŶƚĂůŝŵƉĂĐƚƐ͕ ŝŶ ŽƌĚĞƌ ƚŽ ŵĂŝŶƚĂŝŶĂĐĐĞƉƚĂďůĞ ƐĞƌǀŝĐĞ ƌĂƟŽƐ͕ ƌĞƐƉŽŶƐĞƟŵĞƐ͕ Žƌ ŽƚŚĞƌ ƉĞƌĨŽƌŵĂŶĐĞŽďũĞĐƟǀĞƐ ĨŽƌ ĂŶLJ ŽĨ ƚŚĞ ƉƵďůŝĐƐĞƌǀŝĐĞƐ͗ DD WhͲϬϭ͗ŽŽƌĚŝŶĂƚŝŽŶǁŝƚŚ >ŽĐĂůŐĞŶĐŝĞƐĨŽƌdƌĂĨĨŝĐŽŶƚƌŽů͘WƌŝŽƌ ƚŽ ƐƚĂƌƚ ŽĨ ĐŽŶƐƚƌƵĐƟŽŶ͕ DŽĚĞƐƚŽ͛Ɛ ŝƚLJ
ŶŐŝŶĞĞƌŝŶŐ ŝǀŝƐŝŽŶ ŵƵƐƚ ĞŶƐƵƌĞĐŽŽƌĚŝŶĂƟŽŶŝƐĨĂĐŝůŝƚĂƚĞĚďĞƚǁĞĞŶůŽĐĂůĂŐĞŶĐŝĞƐĂŶĚƐƉĞĐŝĂůĚŝƐƚƌŝĐƚƐǁŝƚŚŝŶDŽĚĞƐƚŽŝƚLJ>ŝŵŝƚƐĂŶĚ^ƚĂŶŝƐůĂƵƐŽƵŶƚLJŝŶĐůƵĚŝŶŐ^ƚĂŶŝƐůĂƵƐŽŶƐŽůŝĚĂƚĞĚ&ŝƌĞWƌŽƚĞĐƟŽŶŝƐƚƌŝĐƚ͕DŽĚĞƐƚŽ&ŝƌĞĞƉĂƌƚŵĞŶƚ͕ĂůŝĨŽƌŶŝĂ,ŝŐŚǁĂLJWĂƚƌŽů͕^ƚĂŶŝƐůĂƵƐ ŽƵŶƚLJ ^ŚĞƌƌŝĨ͛Ɛ ĞƉĂƌƚŵĞŶƚ͕ ^ƚĂŶŝƐůĂƵƐ ^ĐŚŽŽů ŝƐƚƌŝĐƚ͕ ĂŶĚDŽĚĞƐƚŽ WŽůŝĐĞ ĞƉĂƌƚŵĞŶƚ͘ ŽŽƌĚŝŶĂƟŽŶ ďĞƚǁĞĞŶ >ŽĐĂů ŐĞŶĐŝĞƐ ƐŚĂůůŝŶǀŽůǀĞ ƚŚĞ ƌĞǀŝĞǁ ŽĨ ƚŚĞ WƌŽũĞĐƚ͛Ɛ ƚƌĂĸĐ ĐŽŶƚƌŽů ƉůĂŶ ĂŶĚ ĐŽŶƐƚƌƵĐƟŽŶƐĐŚĞĚƵůĞ ƉƌŝŽƌ ƚŽ ŝƚLJ ŽĨ DŽĚĞƐƚŽ͛Ɛ ĂƉƉƌŽǀĂů ƚŽ ĞŶƐƵƌĞ Ăůů ĂŐĞŶĐLJ ĞƐƚDĂŶĂŐĞŵĞŶƚ WƌĂĐƟĐĞƐ ĂŶĚ ƐƚĂŶĚĂƌĚƐ ĂƌĞ ŝŶĐŽƌƉŽƌĂƚĞĚ ŝŶƚŽ ƚŚĞ ƚƌĂĸĐĐŽŶƚƌŽů ƉůĂŶ͘ dŚŝƐ ĐŽŽƌĚŝŶĂƟŽŶ ƐŚĂůů ĂůƐŽ ŝŶĐůƵĚĞ ^ƚĂŶŝƐůĂƵƐ ůĞŵĞŶƚĂƌLJ^ĐŚŽŽůƐŽƚŚĂƚŝŶƐƚĂůůĂƟŽŶŽĨƚŚĞƐĞƌǀŝĐĞƉŝƉĞĚŽĞƐŶŽƚŽĐĐƵƌĚƵƌŝŶŐƐĐŚŽŽů WƌŝŽƌ ƚŽ ƐƚĂƌƚ ŽĨĐŽŶƐƚƌƵĐƟŽŶ
ŝƚLJŽĨDŽĚĞƐƚŽ͛Ɛ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕DŽĚĞƐƚŽŝƚLJ>ŝŵŝƚƐĂŶĚ^ƚĂŶŝƐůĂƵƐŽƵŶƚLJŝŶĐůƵĚŝŶŐ^ƚĂŶŝƐůĂƵƐŽŶƐŽůŝĚĂƚĞĚ&ŝƌĞWƌŽƚĞĐƚŝŽŶŝƐƚƌŝĐƚ͕DŽĚĞƐƚŽ&ŝƌĞ /ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2244 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϲ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
WƵďůŝĐ^ĞƌǀŝĐĞƐ
ŝ͘ &ŝƌĞWƌŽƚĞĐƟŽŶ͍ŝŝ͘ WŽůŝĐĞWƌŽƚĞĐƟŽŶ͍
ŚŽƵƌƐŽƌƉŝĐŬͲƵƉĂŶĚĚƌŽƉͲŽīƟŵĞƐƚŽĂǀŽŝĚĐŽŶŇŝĐƚƐǁŝƚŚƚŚĞŽƉĞƌĂƟŽŶŽĨƚŚĞƐĐŚŽŽů͘ ĞƉĂƌƚŵĞŶƚ͕ĂůŝĨŽƌŶŝĂ,ŝŐŚǁĂLJWĂƚƌŽů͕^ƚĂŶŝƐůĂƵƐŽƵŶƚLJ^ŚĞƌƌŝĨ͛ƐĞƉĂƌƚŵĞŶƚ͕ĂŶĚDŽĚĞƐƚŽWŽůŝĐĞĞƉĂƌƚŵĞŶƚ ŝŝŝ͘ ^ĐŚŽŽůƐ͍ DD,ͲϬϮ͗ŽŽƌĚŝŶĂƟŽŶǁŝƚŚ^ƚĂŶŝƐůĂƵƐhŶŝŽŶ^ĐŚŽŽůŝƐƚƌŝĐƚ͘WƌŝŽƌƚŽƐƚĂƌƚ ŽĨ WƌŽũĞĐƚ ĐŽŶƐƚƌƵĐƟŽŶ͕ ƚŚĞ ŽŶƚƌĂĐƚŽƌ ƐŚĂůů ƉƌŽǀŝĚĞ ƚŚĞ ĐŽŶƐƚƌƵĐƟŽŶƐĐŚĞĚƵůĞ ƚŽ ƚŚĞ ^ƚĂŶŝƐůĂƵƐ hŶŝŽŶ ^ĐŚŽŽů ŝƐƚƌŝĐƚ͕ ƐƉĞĐŝĮĐĂůůLJ ^ƚĂŶŝƐůĂƵƐ ůĞŵĞŶƚĂƌLJ^ĐŚŽŽůƐŽƚŚĂƚĐŽŶƐƚƌƵĐƟŽŶŽĐĐƵƌƐǁŚĞŶƚŚĞƐĐŚŽŽůƐŝƚĞŝƐŶŽƚŝŶƵƐĞ͘dŚĞĐŽŶƚƌĂĐƚŽƌƐŚĂůůĐŽŽƌĚŝŶĂƚĞǁŝƚŚƚŚĞƐĐŚŽŽůĚŝƐƚƌŝĐƚŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐĚƵƌŝŶŐĐŽŶƐƚƌƵĐƟŽŶĂŶĚƐŚĂůůŬĞĞƉƌĞĐŽƌĚƐŽĨƚŚŝƐĐŽŽƌĚŝŶĂƟŽŶĂƚƚŚĞWƌŽũĞĐƚ^ŝƚĞĨŽƌƌĞǀŝĞǁďLJƚŚĞŐƌĂĚŝŶŐĂŶĚďƵŝůĚŝŶŐŝŶƐƉĞĐƚŽƌƐ͘ WƌŝŽƌƚŽƚŚĞƐƚĂƌƚŽĨ WƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͘
WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ͕^ƚĂŶŝƐůĂƵƐhŶŝŽŶ^ĐŚŽŽůŝƐƚƌŝĐƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
dƌĂŶƐƉŽƌƚĂƟŽŶ
ďͿŽŶŇŝĐƚŽƌďĞŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚ
Y'ƵŝĚĞůŝŶĞƐΑϭϱϬϲϰ͘ϯ͕ƐƵďĚŝǀŝƐŝŽŶ;ďͿ͍ĚͿZĞƐƵůƚŝŶŝŶĂĚĞƋƵĂƚĞĞŵĞƌŐĞŶĐLJĂĐĐĞƐƐ͍ DD dZ&ͲϬϭ͗ dƌĂĸĐ ŽŶƚƌŽů WůĂŶͲ dŚĞ ŝƚLJ ŽĨ DŽĚĞƐƚŽ ŶŐŝŶĞĞƌŝŶŐ
ĞƉĂƌƚŵĞŶƚƐŚĂůůĂƉƉƌŽǀĞĂdƌĂĸĐŽŶƚƌŽůWůĂŶƉƌĞƉĂƌĞĚďLJĂůŝĐĞŶƐĞĚƚƌĂĸĐĞŶŐŝŶĞĞƌ͕ ĨŽƌ Ăůů ƉƌŽũĞĐƚͲĂīĞĐƚĞĚ ƌŽĂĚǁĂLJƐ ĂŶĚ ŝŶƚĞƌƐĞĐƟŽŶƐ ƉƌŝŽƌ ƚŽŵŽďŝůŝnjĂƟŽŶ ŽĨ ƚŚĞ WƌŽũĞĐƚ͘ dŚĞ dƌĂĸĐ ŽŶƚƌŽů WůĂŶ ƐŚĂůů ĐŽŵƉůLJ ǁŝƚŚƌĞƋƵŝƌĞŵĞŶƚƐŝŶĞŶĐƌŽĂĐŚŵĞŶƚƉĞƌŵŝƚƐŝƐƐƵĞĚďLJ^ƚĂŶŝƐůĂƵƐŽƵŶƚLJ͕ŝƚLJŽĨDŽĚĞƐƚŽ ĂŶĚ ĂůƚƌĂŶƐ͘ dŚĞ dƌĂĸĐ ŽŶƚƌŽů WůĂŶ ƐŚĂůů ďĞ ŝŵƉůĞŵĞŶƚĞĚ ƚŚĞĐŽŶƚƌĂĐƚŽƌ ĐŽŶƟŶƵŽƵƐůLJ ĚƵƌŝŶŐ ĐŽŶƐƚƌƵĐƟŽŶ ĂŶĚ ƐŚĂůů ŝŶĐůƵĚĞ͕ ďƵƚ ŶŽƚ ďĞůŝŵŝƚĞĚ ƚŽ͕ ƚŚĞĨŽůůŽǁŝŶŐŵĞĂƐƵƌĞƐĨƌŽŵ>dZE^͕^ƚĂŶŝƐůĂƵƐŽƵŶƚLJ͕ĂŶĚƚŚĞŝƚLJŽĨDŽĚĞƐƚŽ͗ ŝƚLJŽĨDŽĚĞƐƚŽ͗
ϭ͘WƵďůŝĐEŽƟĮĐĂƟŽŶ͗dǁŽǁĞĞŬƐ͕ŽŶĞǁĞĞŬĂŶĚϮϰŚŽƵƌƐƉƌŝŽƌƚŽďĞŐŝŶŶŝŶŐ ĂŶLJ ǁŽƌŬ ŝŶ ĂŶ ĂƌĞĂ Žƌ ƚŚĞ ƉƌŽũĞĐƚ͕ ƉƌŽǀŝĚĞ ǁƌŝƩĞŶ ƉƵďůŝĐ ŶŽƟĐĞ ƚŽ ĂůůƌĞƐŝĚĞŶƚƐ͕ďƵƐŝŶĞƐƐĞƐ͕ĐŚƵƌĐŚĞƐ͕ƉƌŽƉĞƌƚLJŽǁŶĞƌƐ͕ ƚĞŶĂŶƚƐ͕ĂŶĚĂƉƉůŝĐĂďůĞƉĂƌƟĞƐĂĚũĂĐĞŶƚƚŽĂŶĚǁŝƚŚŝŶĂϭͬϰͲŵŝůĞƌĂĚŝƵƐŽĨƚŚĞƉƌŽũĞĐƚĂƌĞĂ;WƵƌƐƵĂŶƚƚŽDŽĚĞƐƚŽ^ƚĂŶĚĂƌĚ^ƉĞĐŝĮĐĂƟŽŶEŽ͘ϭϮ͘ϬϰdƌĂĸĐŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐͿ͖ Ϯ͘ZŝŐŚƚͲŽĨͲǁĂLJ>ĂŶĞĐĐĞƐƐ͗ŵŝŶŝŵƵŵŽĨŽŶĞϭϭͲĨŽŽƚͲǁŝĚĞůĂŶĞƐŚĂůůďĞ ŽƉĞŶŝŶĞĂĐŚĚŝƌĞĐƟŽŶĂƚŶŽŶŝŶƚĞƌƐĞĐƟŽŶƐ͕ĂŶĚĂŵŝŶŝŵƵŵŽĨŽŶĞϭϭͲĨŽŽƚͲǁŝĚĞůĂŶĞĨŽƌĞĂĐŚƐƚƌŝƉĞĚŵŽǀĞŵĞŶƚĂƚĂŶŝŶƚĞƌƐĞĐƟŽŶ͕ĨŽƌ ƚƌĂĸĐĚƵƌŝŶŐ WƌŝŽƌ ƚŽ WƌŽũĞĐƚDŽďŝůŝnjĂƟŽŶ
ŝƚLJŽĨDŽĚĞƐƚŽ
ŶŐŝŶĞĞƌŝŶŐĞƉĂƌƚŵĞŶƚ͕>ŝĐĞŶƐĞĚdƌĂĸĐ
ŶŐŝŶĞĞƌ͕WƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
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D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϳ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
dƌĂŶƐƉŽƌƚĂƟŽŶdƌĂŶƐƉŽƌƚĂƟŽŶ ďͿ͕ĚͿŽŶƟŶƵĞĚ͙
ǁŽƌŬŝŶŐ ŚŽƵƌƐ͕ ƵŶůĞƐƐ ŽƚŚĞƌǁŝƐĞ ĚĞƐĐƌŝďĞĚ ďLJ ƚŚĞ ŽŶƚƌĂĐƚ ŽĐƵŵĞŶƚƐ;WƵƌƐƵĂŶƚ ƚŽ DŽĚĞƐƚŽ ^ƚĂŶĚĂƌĚ ^ƉĞĐŝĮĐĂƟŽŶ EŽ͘ ϭϮ͘Ϭϰ dƌĂĸĐ ŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐͿ ϯ͘tŽƌŬ^ĐŚĞĚƵůĞ͗EŽƌŵĂůǁŽƌŬƐĐŚĞĚƵůĞŝƐůŝŵŝƚĞĚƚŽƚŚĞŚŽƵƌƐŽĨϳ͗ϬϬĂ͘ŵ͘ ƚŽ ϯ͗ϯϬ Ɖ͘ŵ͘ ŽƵƚƐŝĚĞ ŽĨ ƚŚĞ ĨƵůů ƉĂƚŚ ŽĨ ƚŚĞ ƚƌĂǀĞůĞĚ ǁĂLJ͘ EŽƌŵĂů ǁŽƌŬƐĐŚĞĚƵůĞŝƐůŝŵŝƚĞĚƚŽƚŚĞŚŽƵƌƐŽĨϴ͗ϯϬĂ͘ŵ͘ƚŽϯ͗ϯϬƉ͘ŵ͘ǁŚĞŶĂŶLJǁŽƌŬďLJƚŚĞŽŶƚƌĂĐƚŽƌŝƐǁŝƚŚŝŶƚŚĞƚƌĂǀĞůĞĚǁĂLJ͕ƵŶůĞƐƐŽƚŚĞƌǁŝƐĞĚĞƐĐƌŝďĞĚďLJƚŚĞŽŶƚƌĂĐƚŽĐƵŵĞŶƚƐ;WƵƌƐƵĂŶƚƚŽDŽĚĞƐƚŽ^ƚĂŶĚĂƌĚ^ƉĞĐŝĮĐĂƟŽŶEŽ͘ϭϮ͘ϬϰdƌĂĸĐŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐͿ ϰ͘WƌŝǀĂƚĞƌŝǀĞǁĂLJƐ͗EŽƟĨLJƚŚĞŽǁŶĞƌŽĨƚŚĞƉƌŝǀĂƚĞĚƌŝǀĞǁĂLJĮŌĞĞŶ;ϭϱͿ ĐĂůĞŶĚĂƌ ĚĂLJƐ ƉƌŝŽƌ ƚŽ ŝŵƉůĞŵĞŶƟŶŐ ƚŚĞdƌĂĸĐ ŽŶƚƌŽů WůĂŶ;WƵƌƐƵĂŶƚ ƚŽDŽĚĞƐƚŽ^ƚĂŶĚĂƌĚ^ƉĞĐŝĮĐĂƟŽŶEŽ͘ϭϮ͘ϬϰdƌĂĸĐŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐͿ͖ ϱ͘dƌĞŶĐŚĞƐ͗ĂĐŬĮůůĂůů ƚƌĞŶĐŚĞƐĂƚ ƚŚĞĞŶĚŽĨĞĂĐŚǁŽƌŬĚĂLJ;WƵƌƐƵĂŶƚ ƚŽ DŽĚĞƐƚŽ^ƚĂŶĚĂƌĚ^ƉĞĐŝĮĐĂƟŽŶEŽ͘ϭϮ͘ϬϰdƌĂĸĐŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐͿ͖ ϲ͘ŐŐƌĞŐĂƚĞďĂƐĞ͗WƌŽǀŝĚĞĂŐŐƌĞŐĂƚĞďĂƐĞĂŶĚĐŽŵƉĂĐƚĂůůĂƌĞĂƐǁŝƚŚŝŶƚŚĞ ƌŽĂĚǁĂLJ ĂŶĚ ƐŚŽƵůĚĞƌ ;WƵƌƐƵĂŶƚ ƚŽ DŽĚĞƐƚŽ ^ƚĂŶĚĂƌĚ ^ƉĞĐŝĮĐĂƟŽŶ EŽ͘ϭϮ͘ϬϰdƌĂĸĐŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐͿ͖ ϳ͘ dĞŵƉŽƌĂƌLJ WĂǀŝŶŐ Θ ĞůŝŶĞĂƚŽƌƐ͗ WƌŽǀŝĚĞ ƚĞŵƉŽƌĂƌLJ ƉĂǀŝŶŐ ĂŶĚ ƚĞŵƉŽƌĂƌLJĚĞůŝŶĞĂƚŽƌƐŽƌƐƚƌŝƉŝŶŐĂƚƚŚĞĞŶĚŽĨĞĂĐŚǁŽƌŬĚĂLJ;WƵƌƐƵĂŶƚƚŽDŽĚĞƐƚŽ^ƚĂŶĚĂƌĚ^ƉĞĐŝĮĐĂƟŽŶEŽ͘ϭϮ͘ϬϰdƌĂĸĐŽŶƚƌŽůZĞƋƵŝƌĞŵĞŶƚƐͿ͖ ϴ͘^ĐŚŽŽůƐ͗EŽƟĨLJƐĐŚŽŽůƐǁŝƚŚŝŶЪŵŝůĞŽĨƚŚĞǁŽƌŬnjŽŶĞ͕ƚǁŽǁĞĞŬƐ͕ŽŶĞ ǁĞĞŬĂŶĚϮϰŚŽƵƌƐďĞĨŽƌĞŝŵƉůĞŵĞŶƟŶŐƚŚĞĂƉƉƌŽǀĞĚdƌĂĸĐŽŶƚƌŽůWůĂŶŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨƚŚĞƐĐŚŽŽů͖ ϵ͘^ŝŐŶƐ͗WŽƐƚ͞EŽWĂƌŬŝŶŐ͕dŽǁǁĂLJ͟ƐŝŐŶƐŽŶďĂƌƌŝĐĂĚĞƐĂůŽŶŐƚŚĞƌŽĂĚǁĂLJ ĂƚůĞĂƐƚϰϴŚŽƵƌƐƉƌŝŽƌƚŽƚŚĞĐŽŶƐƚƌƵĐƟŽŶǁŽƌŬŝŶƚŚĂƚĂƌĞĂ͖ ŝƚLJŽĨDŽĚĞƐƚŽ͛ƐDWƐĂƌĞďĂƐĞĚŽŶdZE^ƐƚĂŶĚĂƌĚƐĂŶĚƚƌĂĸĐĐŽŶƚƌŽůŵĞĂƐƵƌĞƐŽƵƚůŝŶĞĚǁŝƚŚŝŶƚŚĞ>dZE^DĂŶƵĂůŽŶhŶŝĨŽƌŵdƌĂĸĐŽŶƚƌŽůĞǀŝĐĞƐ;Dhd͕ϮϬϭϰ ĚŝƟŽŶͿ͘
ďͿŽŶƟŶƵĞĚ͙ DDdZ&ͲϬϮ͗
ŶĐƌŽĂĐŚŵĞŶƚWĞƌŵŝƚͲ WƌŝŽƌ ƚŽ ƚŚĞŝƐƐƵĂŶĐĞŽĨƉĞƌŵŝƚƐĂŶĚ ĂĐƟǀĞWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͕ƚŚĞŝƚLJ͛Ɛ
ŶŐŝŶĞĞƌŝŶŐĂŶĚhƟůŝƟĞƐĞƉĂƌƚŵĞŶƚƐŝŶ ĐŽŽƌĚŝŶĂƟŽŶ ǁŝƚŚ ^ƚĂŶŝƐůĂƵƐ ŽƵŶƚLJ ĂŶĚ >dZE^͕ ŵƵƐƚ ŽďƚĂŝŶ ĂŶĂƉƉƌŽǀĞĚĞŶĐƌŽĂĐŚŵĞŶƚƉĞƌŵŝƚĨŽƌǁŽƌŬǁŝƚŚŝŶƚŚĞƉƵďůŝĐƌŝŐŚƚͲŽĨͲǁĂLJǁŝƚŚƉůĂŶƐ ƐŚŽǁŝŶŐ ŶŽ ŶĞǁ ĚƌŝǀĞǁĂLJƐ ĂůŽŶŐ <ŝĞƌŶĂŶ͘ dŚƌŽƵŐŚŽƵƚ WƌŽũĞĐƚ WƌŝŽƌ ƚŽ ƚŚĞŝƐƐƵĂŶĐĞƉĞƌŵŝƚƐĂŶĚ ĂĐƟǀĞWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ ŝƚLJŽĨDŽĚĞƐƚŽ͛Ɛ
ŶŐŝŶĞĞƌŝŶŐĂŶĚhƟůŝƟĞƐĞƉĂƌƚŵĞŶƚ͕^ƚĂŶŝƐůĂƵƐ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
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D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϴ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
ĐŽŶƐƚƌƵĐƟŽŶ͕ƚŚĞWƌŽũĞĐƚĐŽŶƚƌĂĐƚŽƌǁŝůůďĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞĞŶĨŽƌĐĞŵĞŶƚŽĨƚŚĞĞŶĐƌŽĂĐŚŵĞŶƚƉĞƌŵŝƚ͘ ŽƵŶƚLJ͕>dZE^
hƟůŝƟĞƐĂŶĚ^ĞƌǀŝĐĞƐhƟůŝƟĞƐĂŶĚ^ĞƌǀŝĐĞƐ ĚͿ 'ĞŶĞƌĂƚĞ ƐŽůŝĚ ǁĂƐƚĞ ŝŶ ĞdžĐĞƐƐ ŽĨƐƚĂƚĞŽƌůŽĐĂůƐƚĂŶĚĂƌĚƐ͕ŽƌŝŶĞdžĐĞƐƐŽĨƚŚĞĐĂƉĂĐŝƚLJŽĨůŽĐĂůŝŶĨƌĂƐƚƌƵĐƚƵƌĞ͕ŽƌŽƚŚĞƌǁŝƐĞ ŝŵƉĂŝƌ ƚŚĞ ĂƩĂŝŶŵĞŶƚ ŽĨƐŽůŝĚǁĂƐƚĞƌĞĚƵĐƟŽŶŐŽĂůƐ͍ĚͿŽŶƟŶƵĞĚ͙ ^hd>ͲϬϭ͗tĂƐƚĞDĂŶĂŐĞŵĞŶƚWůĂŶͲWƌŝŽƌƚŽWƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ͕ƚŚĞŝƚLJ͛Ɛ hƟůŝƟĞƐ ĞƉĂƌƚŵĞŶƚ ƐŚĂůů ĞŶƐƵƌĞ WƌŽũĞĐƚ ƐƉĞĐŝĮĐĂƟŽŶƐ ŝŶĐůƵĚĞ ƐƚĂŶĚĂƌĚƐĐŽŶĚŝƟŽŶƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ŐŽŽĚ ŚŽƵƐĞŬĞĞƉŝŶŐ ƉƌĂĐƟĐĞƐ͘ dŚĞ ŝƚLJ͛ƐƐƚĂŶĚĂƌĚƉůĂŶ ĐŚĞĐŬ ĂŶĚ ƌĞǀŝĞǁ ƉƌŽĐĞƐƐ ǁŝůů ĞŶƐƵƌĞ ƚŚĞ ĨŽůůŽǁŝŶŐ ŵĞĂƐƵƌĞƐ ĂƌĞŝŶĐůƵĚĞĚ ŝŶ WƌŽũĞĐƚ ^ƉĞĐŝĮĐĂƟŽŶƐ ĂŶĚ ŵĂŝŶƚĂŝŶ ƚŚƌŽƵŐŚŽƵƚ ĂĐƟǀĞĐŽŶƐƚƌƵĐƟŽŶǁŝƚŚŝŶƚŚĞWƌŽũĞĐƚƌĞĂ͗
ϭ͘ ^ŝƚĞůĞĂŶhƉ͗dŚĞŽŶƚƌĂĐƚŽƌƐŚĂůůŬĞĞƉƚŚĞƉƌŽũĞĐƚƐŝƚĞĐůĞĂŶĂŶĚĨƌĞĞ ŽĨ ĚƵƐƚ͕ ŵƵĚ͕ ĂŶĚ ĚĞďƌŝƐ ƌĞƐƵůƟŶŐ ĨƌŽŵ ƚŚĞ ŽŶƚƌĂĐƚŽƌΖƐ ŽƉĞƌĂƟŽŶƐ͘ĂŝůLJĐůĞĂŶƵƉƚŚƌŽƵŐŚŽƵƚƚŚĞƉƌŽũĞĐƚƐŚĂůůďĞƌĞƋƵŝƌĞĚĂƐƚŚĞŽŶƚƌĂĐƚŽƌƉƌŽŐƌĞƐƐĞƐǁŝƚŚƚŚĞǁŽƌŬ͘ džƚƌĂƉƌĞĐĂƵƟŽŶƐĂŶĚĐůĞĂŶƵƉĞīŽƌƚƐƐŚĂůůďĞŵĂĚĞƉƌŝŽƌƚŽǁĞĞŬĞŶĚƐ͕ŚŽůŝĚĂLJƐĂŶĚƉƌĞĚŝĐƚĞĚƐƚŽƌŵĞǀĞŶƚƐ͘ Ϯ͘ ŽŶƟŶƵŽƵƐ^ƚƌĞĞƚ^ǁĞĞƉŝŶŐƚŚƌŽƵŐŚŽƵƚĂĐƟǀĞĐŽŶƐƚƌƵĐƟŽŶ͘ ^ƉŝůůĂŐĞŽĨĞĂƌƚŚ͕ŐƌĂǀĞů͕ĐŽŶĐƌĞƚĞ͕ĂƐƉŚĂůƚ͕ŽƌŽƚŚĞƌŵĂƚĞƌŝĂůƐƌĞƐƵůƟŶŐĨƌŽŵŚĂƵůŝŶŐŽƉĞƌĂƟŽŶƐĂůŽŶŐŽƌĂĐƌŽƐƐĂŶLJƉƵďůŝĐƚƌĂǀĞůĞĚǁĂLJƐŚĂůůďĞƌĞŵŽǀĞĚŝŵŵĞĚŝĂƚĞůLJďLJƚŚĞŽŶƚƌĂĐƚŽƌĂƚŚŝƐĞdžƉĞŶƐĞ͘/ĨƐŝƚĞŝƐŶŽƚŬĞƉƚƐƵĸĐŝĞŶƚůLJĐůĞĂŶ͕ƚŚĞŝƚLJǁŝůůƚĂŬĞŵĞĂƐƵƌĞƐƚŽĐůĞĂŶŝƚĂŶĚďĂĐŬĐŚĂƌŐĞƚŚĞŽŶƚƌĂĐƚŽƌ͘ ϯ͘ ^ŽůŝĚtĂƐƚĞDĂŶĂŐĞŵĞŶƚ͗ZĞĨĞƌƚŽ^Y&ĂĐƚƐŚĞĞƚtDͲϱĂŶĚtDͲϲ͘ Íϟ ^ĞůĞĐƚĚĞƐŝŐŶĂƚĞĚǁĂƐƚĞĐŽůůĞĐƟŽŶĂƌĞĂƐŽŶƐŝƚĞ͘æϟ /ŶĨŽƌŵƚƌĂƐŚͲŚĂƵůŝŶŐĐŽŶƚƌĂĐƚŽƌƐƚŚĂƚLJŽƵǁŝůůĂĐĐĞƉƚŽŶůLJ ǁĂƚĞƌƟŐŚƚĚƵŵƉƐƚĞƌƐĨŽƌŽŶƐŝƚĞƵƐĞ͘/ŶƐƉĞĐƚĚƵŵƉƐƚĞƌƐĨŽƌůĞĂŬƐĂŶĚƌĞƉĂŝƌĂŶLJĚƵŵƉƐƚĞƌƚŚĂƚŝƐŶŽƚǁĂƚĞƌƟŐŚƚ͘ èϟ >ŽĐĂƚĞĐŽŶƚĂŝŶĞƌƐŝŶĂĐŽǀĞƌĞĚĂƌĞĂŽƌŝŶĂƐĞĐŽŶĚĂƌLJ ĐŽŶƚĂŝŶŵĞŶƚ͘
îϟ WƌŽǀŝĚĞĂŶĂĚĞƋƵĂƚĞŶƵŵďĞƌŽĨĐŽŶƚĂŝŶĞƌƐǁŝƚŚůŝĚƐŽƌĐŽǀĞƌƐ ƚŚĂƚĐĂŶďĞƉůĂĐĞĚŽǀĞƌƚŚĞĐŽŶƚĂŝŶĞƌƚŽŬĞĞƉƌĂŝŶŽƵƚŽƌƚŽƉƌĞǀĞŶƚůŽƐƐŽĨǁĂƐƚĞƐǁŚĞŶŝƚŝƐǁŝŶĚLJ͘ ôϟ ŽǀĞƌǁĂƐƚĞĐŽŶƚĂŝŶĞƌƐĂƚƚŚĞĞŶĚŽĨĞĂĐŚǁŽƌŬĚĂLJĂŶĚǁŚĞŶŝƚ ŝƐƌĂŝŶŝŶŐ͘
ċϟ WůĂŶĨŽƌĂĚĚŝƟŽŶĂůĐŽŶƚĂŝŶĞƌƐĂŶĚŵŽƌĞĨƌĞƋƵĞŶƚƉŝĐŬƵƉĚƵƌŝŶŐ ƚŚĞĚĞŵŽůŝƟŽŶƉŚĂƐĞŽĨĐŽŶƐƚƌƵĐƟŽŶ͘
WƌŝŽƌ ƚŽ WƌŽũĞĐƚĐŽŶƐƚƌƵĐƟŽŶ
ŝƚLJŽĨDŽĚĞƐƚŽhƟůŝƟĞƐĞƉĂƌƚŵĞŶƚ
/ŶŝƟĂůƐ͗ͺͺͺͺͺͺͺͺͺĂƚĞ͗ͺͺͺͺͺͺͺͺͺͺͺ
#26..
- 2247 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϯϵ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
ZĞĐŽŵŵĞŶĚĞĚDŝƟŐĂƟŽŶDĞĂƐƵƌĞ dŝŵŝŶŐ ZĞƐƉŽŶƐŝďůĞ
WĂƌƚLJ
ĂƚĞŽŵƉůĞƚĞĚ
ĂŶĚ/ŶŝƟĂůƐ
hƟůŝƟĞƐĂŶĚ^ĞƌǀŝĐĞƐ ĚͿŽŶƟŶƵĞĚ͙
Čϟ ŽůůĞĐƚƐŝƚĞƚƌĂƐŚĚĂŝůLJ͕ĞƐƉĞĐŝĂůůLJĚƵƌŝŶŐƌĂŝŶLJĂŶĚǁŝŶĚLJ ĐŽŶĚŝƟŽŶƐ͘
ēϟ ZĞŵŽǀĞƚŚŝƐƐŽůŝĚǁĂƐƚĞƉƌŽŵƉƚůLJƐŝŶĐĞĞƌŽƐŝŽŶĂŶĚƐĞĚŝŵĞŶƚ ĐŽŶƚƌŽůĚĞǀŝĐĞƐƚĞŶĚƚŽĐŽůůĞĐƚůŝƩĞƌ͘
Ėϟ DĂŬĞƐƵƌĞƚŚĂƚƚŽdžŝĐůŝƋƵŝĚǁĂƐƚĞƐ;ƵƐĞĚŽŝůƐ͕ƐŽůǀĞŶƚƐ͕ĂŶĚ ƉĂŝŶƚƐͿĂŶĚĐŚĞŵŝĐĂůƐ;ĂĐŝĚƐ͕ƉĞƐƟĐŝĚĞƐ͕ĂĚĚŝƟǀĞƐ͕ĐƵƌŝŶŐĐŽŵƉŽƵŶĚƐͿĂƌĞŶŽƚĚŝƐƉŽƐĞĚŽĨŝŶĚƵŵƉƐƚĞƌƐĚĞƐŝŐŶĂƚĞĚĨŽƌĐŽŶƐƚƌƵĐƟŽŶĚĞďƌŝƐ͘ Ĥϟ ŽŶŽƚŚŽƐĞŽƵƚĚƵŵƉƐƚĞƌƐŽŶƚŚĞĐŽŶƐƚƌƵĐƟŽŶƐŝƚĞ͘>ĞĂǀĞ ĚƵŵƉƐƚĞƌĐůĞĂŶŝŶŐƚŽƚŚĞƚƌĂƐŚŚĂƵůŝŶŐĐŽŶƚƌĂĐƚŽƌ͘
ħϟ ƌƌĂŶŐĞĨŽƌƌĞŐƵůĂƌǁĂƐƚĞĐŽůůĞĐƟŽŶďĞĨŽƌĞĐŽŶƚĂŝŶĞƌƐŽǀĞƌŇŽǁ͘īϟ ůĞĂŶƵƉŝŵŵĞĚŝĂƚĞůLJŝĨĂĐŽŶƚĂŝŶĞƌĚŽĞƐƐƉŝůů͘νDĂŬĞƐƵƌĞƚŚĂƚ ĐŽŶƐƚƌƵĐƟŽŶǁĂƐƚĞŝƐĐŽůůĞĐƚĞĚ͕ƌĞŵŽǀĞĚ͕ĂŶĚĚŝƐƉŽƐĞĚŽĨŽŶůLJĂƚĂƵƚŚŽƌŝnjĞĚĚŝƐƉŽƐĂůĂƌĞĂƐ͘ ϰ͘ DĂƚĞƌŝĂů^ƚŽƌĂŐĞĂŶĚĞůŝǀĞƌLJƌĞĂ͗ZĞĨĞƌƚŽ^Y&ĂĐƚƐŚĞĞƚtDͲϭ͘ Íϟ ŚĞŵŝĐĂůƐŵƵƐƚďĞƐƚŽƌĞĚŝŶǁĂƚĞƌƟŐŚƚĐŽŶƚĂŝŶĞƌƐǁŝƚŚ ĂƉƉƌŽƉƌŝĂƚĞƐĞĐŽŶĚĂƌLJĐŽŶƚĂŝŶŵĞŶƚŽƌŝŶĂƐƚŽƌĂŐĞƐŚĞĚ͘ æϟ dĞŵƉŽƌĂƌLJƐƚŽƌĂŐĞĂƌĞĂƐƐŚŽƵůĚďĞůŽĐĂƚĞĚĂǁĂLJĨƌŽŵǀĞŚŝĐƵůĂƌ ƚƌĂĸĐ͘
èϟ DĂƚĞƌŝĂůĚĞůŝǀĞƌLJĂŶĚƐƚŽƌĂŐĞĂƌĞĂƐƐŚŽƵůĚďĞůŽĐĂƚĞĚĂǁĂLJ ĨƌŽŵǁĂƚĞƌǁĂLJƐ͕ŝĨƉŽƐƐŝďůĞ͘
îϟ
ŵƉůŽLJĞĞƐĂŶĚƐƵďĐŽŶƚƌĂĐƚŽƌƐƐŚŽƵůĚďĞƚƌĂŝŶĞĚŽŶƚŚĞƉƌŽƉĞƌ ŵĂƚĞƌŝĂůĚĞůŝǀĞƌLJĂŶĚƐƚŽƌĂŐĞƉƌĂĐƟĐĞƐ͘
ϱ͘ ŽŶĐƌĞƚĞtĂƐƚĞDĂŶĂŐĞŵĞŶƚ͗ZĞĨĞƌƚŽ^Y&ĂĐƚƐŚĞĞƚtDͲϴ͘ Íϟ ^ƚŽƌĞĚƌLJĂŶĚǁĞƚŵĂƚĞƌŝĂůƐƵŶĚĞƌĐŽǀĞƌ͕ĂǁĂLJĨƌŽŵĚƌĂŝŶĂŐĞ ĂƌĞĂƐ͘ZĞĨĞƌƚŽtDͲϭ͕DĂƚĞƌŝĂůĞůŝǀĞƌLJĂŶĚ^ƚŽƌĂŐĞĨŽƌŵŽƌĞŝŶĨŽƌŵĂƟŽŶ͘ æϟ WĞƌĨŽƌŵǁĂƐŚŽƵƚŽĨĐŽŶĐƌĞƚĞƚƌƵĐŬƐŝŶĚĞƐŝŐŶĂƚĞĚĂƌĞĂƐŽŶůLJ͕ ǁŚĞƌĞǁĂƐŚŽƵƚǁŝůůŶŽƚƌĞĂĐŚƐƚŽƌŵǁĂƚĞƌ͘
èϟ ŽŶŽƚǁĂƐŚƐǁĞĞƉŝŶŐƐĨƌŽŵĞdžƉŽƐĞĚĂŐŐƌĞŐĂƚĞĐŽŶĐƌĞƚĞŝŶƚŽ ƚŚĞƐƚƌĞĞƚŽƌƐƚŽƌŵĚƌĂŝŶ͘ŽůůĞĐƚĂŶĚƌĞƚƵƌŶƐǁĞĞƉŝŶŐƐƚŽĂŐŐƌĞŐĂƚĞďĂƐĞƐƚŽĐŬƉŝůĞŽƌĚŝƐƉŽƐĞŝŶƚŚĞƚƌĂƐŚ͘ ϲ͘ ^ƉŝůůWƌĞǀĞŶƟŽŶĂŶĚŽŶƚƌŽů͗ZĞĨĞƌƚŽ^Y&ĂĐƚƐŚĞĞƚtDͲϯ͘ Íϟ
ŶƐƵƌĞƚŚĂƚƐƚŽĐŬƉŝůĞĐŽǀĞƌŝŶŐƐĂƌĞŝŶƐƚĂůůĞĚƐĞĐƵƌĞůLJƚŽƉƌŽƚĞĐƚ ĨƌŽŵǁŝŶĚĂŶĚƌĂŝŶ͘
ϳ͘ dĞŵƉŽƌĂƌLJ^ĂŶŝƚĂƌLJtĂƐƚĞ&ĂĐŝůŝƟĞƐ͗ZĞĨĞƌƚŽ^YtDͲϭϬ #26..
- 2248 -
D/d/'d/KEDKE/dKZ/E'EZ
WKZd/E'WZK'ZD
^dE/^>h^
>
D
EdZz^,KK>ϭ͕Ϯ͕ϯͲdWD/d/'d/KEWZK:
d
/dzK&DK
^dK͕^dE/^>h^KhEdz͕>/&KZE/
^,ηϮϬϮϰϭϮϭϭϭϳ
&
ZhZzϮϬϮϱ
&ĞďƌƵĂƌLJϮϬϮϱ WĂŐĞϰϬ ŝƚLJŽĨDŽĚĞƐƚŽ
/ƐƐƵĞ WŽƚĞŶƟĂůůLJ^ŝŐŶŝĮĐĂŶƚ/ŵƉĂĐƚƌĞĚƵĐĞĚ
ƚŽ>ĞƐƐƚŚĂŶ^ŝŐŶŝĮĐĂŶƚǁŝƚŚ
DŝƟŐĂƟŽŶ/ŶĐŽƌƉŽƌĂƚĞĚ
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- 2249 -
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#26..
- 2250 -
FINAL MITIGATION MONITORING AND REPORTING PROGRAM
STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
FEBRUARY 11, 2025
PAGE 1 of 21
DRAFT MITIGATION MONITORING AND REPORTING PROGRAM FOR STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
The following is a Mi+ga+on Monitoring and Repor+ng Program (MMRP) for Stanislaus Elementary School 1,2,3-TCP Mi+ga+on Project located in Modesto, and Unincorporated Stanislaus County, California. This MMRP has been prepared pursuant to Sec+on 15097 of the CEQA Guidelines and Sec+on 21081.6 of the Public Resources Code. This MMRP lists all applicable Project Mi+ga+on Measures (MM), Standard Condi+ons (SC), and environmental commitments for execu+ng Best Management Prac+ces provided by the Project Applicant that are required to be implemented with the Project under exis+ng Plans, Programs, and Policies for environmental resource protec+on. This MMRP includes implementa+on +ming and responsible party to ensure proper enforcement of all MMs to reduce Project impacts. The City of Modesto, as the Lead Agency, will u+lize the MMRP to document the implementa+on of Project mi+ga+on and BMP environmental commitments, which ensure all project impacts are reduced to less than significance pursuant to The California Environmental Quality Act (CEQA).
Issue Poten+ally Significant Impact reduced
to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Aesthe+cs d) Create a new source of substan+al light or glare which would adversely affect day or nighCme views in the area? MM AES-01: Construc+on Ligh+ng Plan- Prior to Project approval, the City of Modesto U+li+es Department shall verify that Plans and Specifica+ons for the Project show temporary ligh+ng measures prior to and throughout nighCme construc+on ac+vi+es (dusk to dawn) which minimize ligh+ng on adjacent parcels. Plans and Specifica+ons for the Project shall include direc+ng light sources away from residen+al proper+es and structures that may be occupied on a 24-hour basis such as hotels. City inspectors shall verify that upligh+ng is minimized to the maximum extent by angling light sources down and fiCng light sources with covered bulbs, shields, and dimmers and temporary boundary fencing around ac+ve areas of construc+on throughout the dura+on of nighCme construc+on.
Prior to start of construc+on and throughout construc+on City Engineer, Project contractor, and City inspectors
Ini+als: _________ Date: ___________
MM AES-02: Coordination with Private Landowners- At least four (4) weeks prior to the start of construction, the City and the contractor shall coordinate with private owners and obtain written landowner approval for construction activities on private property in the form of a signature on the plan sheet showing the proposed work. Restoration work on private property shall be agreed upon approved by the landowner and the City in advance of construction. Restoration shall be certified by the landowner and the City upon completion as adequately meeting the City’s private landowner’s requirements. At least four (4) weeks prior to the start of construc+on and upon comple+on of construc+on The City of Modesto Engineering Department, Project Contractor Ini+als: _________ Date: ___________ Agriculture and Forestry Resources b) Conflict with exis+ng zoning for agricultural use, or a Williamson Act contract? MM AG-01: Buffer and Setback Guidelines- Throughout Project construction and earthworks, the City Inspectors shall verify that Project contractor incorporates and implements the following measures where portions of the Throughout Project City inspectors and Project contractor Ini+als: _________ #26..
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FINAL MITIGATION MONITORING AND REPORTING PROGRAM
STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
FEBRUARY 11, 2025
PAGE 2 of 21
Issue Poten+ally Significant Impact reduced
to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Project Alignment and the adjoining agricultural operation share a common parcel line: - Buffer: Establish a 6-foot-high chain link fence with a shade cloth between construction activities within the public right-of-way and agricultural land uses; - Refuse Disposal and Containers: Refuse containers with fastened lids shall be placed and used in areas of active construction and staging. Refuse containers shall be emptied and the refuse removed from the construction areas and disposed of off-site at an appropriate disposal site at the end of each day. - Site Inspections: At the beginning and end of each day, the Project contractor shall conduct a site inspection so that all debris is removed from the Project Site. construc+on and earthworks.
Date: ___________ See Mi+ga+on Measure MM HYDRO-02: Stormwater BMPs throughout Project Construc+on.
Prior to Project construc+on and the issuance of building permits.
City of Modesto Engineering Department, Project Contractor Ini+als: _________ Date: ___________
Air Quality a) Conflict with or obstruct
implementa+on of the applicable air quality plan?
MM AQ-01: Dust Control and Construc+on Emissions- Throughout Project construc+on the contractor shall implement appropriate dust control best management prac+ces, such as regular sweeping of track-out areas, covered haul loads and cover stockpiles, as well as check equipment idling so that equipment that is not ac+vely in use is not leL idling more than 5 minutes. Biological Resources a) Have a substan+al adverse effect, either directly or through habitat modifica+ons, on any species iden+fied as a candidate, sensi+ve, or special status species in local or regional plans, policies, or regula+ons, or by the California Department of Fish and Game or U.S. Fish and Wildlife Service? MM BIO-01: Pre-construc+on Bird and Wildlife Clearance Surveys, Training, Monitoring, and Inspec+ons a) Migratory Birds and Birds of Prey Survey and Report: Pre- construc+on clearance surveys shall be conducted fiLeen (15) days and three (3) days prior to construc+on, for nes+ng migratory birds, raptors, and birds of prey, by the City’s Qualified Biologist. A nega+ve survey report from the City’s Qualified Biologist shall be on file with the City prior to the start of any vegeta+on removal or ground disturbing ac+vi+es so that no nes+ng birds, including birds of prey or raptors, will be disturbed during construc+on. The City’s Three days prior to Project construc+on if Project ac+vi+es occur between February 1st and August 31st. Project Biologist, City of Modesto Engineering Department Ini+als: _________ Date: ___________ #26..
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FINAL MITIGATION MONITORING AND REPORTING PROGRAM
STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
FEBRUARY 11, 2025
PAGE 3 of 21
Issue Poten+ally Significant Impact reduced
to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Biological Resources a) Con+nued… Biologist conduc+ng the clearance survey should document a nega+ve survey with a brief leNer report indica+ng that no impacts to ac+ve avian nests will occur and copies of the report kept on file in the construc+on management office for the Project and at City Hall. If there is a lapse in construc+on longer than 7 days, pre- construc+on surveys and reports shall be repeated by the City’s Qualified Biologist and kept on file with the City and construc+on management office. b) Crew Training: Crew training shall be provided by the City’s Qualified Biologist prior to construc+on to inform construc+on staff of the types of birds and wildlife that may be encountered during construc+on and the appropriate next steps that should be taken to avoid take. c) Ac+ve Nests: If an ac+ve avian nest is discovered, construc+on ac+vi+es should stay outside of a no-disturbance buffer established by the City’s Qualified Biologist. The size of the no-disturbance buffer will be determined by the City’s Qualified Biologist and will depend on the level of noise and/or surrounding anthropogenic disturbances, line of sight between the nest and the construc+on ac+vity, type and dura+on of construc+on ac+vity, ambient noise, species habitua+on, and topographical barriers. These factors will be evaluated on a case-by-case basis when developing buffer distances. Limits of construc+on to avoid an ac+ve nest will be established and installed by the City’s Qualified Biologist in the field with flagging, fencing, or other appropriate barriers; and construc+on personnel will be instructed on the sensi+vity of nest areas. d) Monitoring and Inspec+ons: The contractor shall inspect construc+on and materials staging/stockpiles daily at the start and end of each day for wildlife and verify that storage areas are covered and secured, and that debris/refuse is removed from the job site daily. If wildlife is encountered within construc+on and staging areas, the contractor shall immediately contact the City’s Qualified Biologist to determine and implement appropriate handling, establishment of a #26..
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FINAL MITIGATION MONITORING AND REPORTING PROGRAM
STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
FEBRUARY 11, 2025
PAGE 4 of 21
Issue Poten+ally Significant Impact reduced
to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Biological Resources a) Con+nued…
buffer, and next steps for passive reloca+on and entrapment preven+on. A Qualified Biological monitor should be present to delineate the boundaries of buffer areas and to monitor any type of wildlife present near construc+on so that ac+ve nests, protected species, and nes+ng behavior are not adversely affected by the construc+on ac+vity. Once the young have fledged and leL the nest, or the nest otherwise becomes inac+ve or wildlife is protected under natural condi+ons, construc+on ac+vi+es within the buffer area can occur. If wildlife is encountered within construc+on areas or within buffers, the City’s Qualified Biologist shall be immediately no+fied to determine and implement the appropriate next steps.
MM BIO-02: Swainson’s hawk: a) Swainson’s hawk: Prior to start of construc+on, a preconstruc+on Swainson’s Hawk survey shall be conducted within a minimum of a half-mile radius around the Project in accordance with the five-period schedule, provided by the Swanson’s Hawk Technical Advisory CommiNee, as follows: • January to March 20- One (1) Survey, All Day • March 20 to April 5- Three (3) Surveys, Sunrise to 1000 / 1600 to Sunset • April 5 to April 20- Three (3) Surveys, Sunrise to 1200 / 1630 to Sunset • April 21 to June 10- Monitoring • June 10 to July 30- Three (3) Surveys, Sunrise to 1200 / 1600 to Sunset b) Swainson’s hawk Nests: If an occupied nest of the SWHA is found and may be impacted by construc+on, the City’s Biologist should consult with CDFW and demonstrate compliance with CESA. In addi+on, the City’s Biologist shall establish an adequate buffer between construc+on ac+vi+es and the ac+ve nests that will prevent disrup+on of the nests un+l the young have fledged the nests. #26..
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FINAL MITIGATION MONITORING AND REPORTING PROGRAM
STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
FEBRUARY 11, 2025
PAGE 5 of 21
Issue Poten+ally Significant Impact reduced
to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Cultural Resources Cultural Resources b) Cause a substan+al adverse change in the significance of an archaeological resource pursuant to § 15064.5? b) Con+nued… MM CUL-01: Worker Environmental Awareness Training (WEAP). Prior to the ini+a+on of ground-disturbing ac+vi+es, the City shall hire a Qualified Archaeologist according U.S. Secretary of the Interior Professional Qualifica+ons Standards for Archaeology to write and prepare a WEAP training program. The City may provide personnel to deliver the WEAP training to field personnel regarding archaeological resources and the possibility of buried prehistoric or historic cultural deposits. If any subsurface cultural resources are encountered during Project construc+on ac+vi+es within 50 feet of the encounter shall be halted and the City and the City’s qualified archeologist shall be called to examine these materials, determine their significance, and implement the appropriate next steps such as: a) Preserva+on in place, or b) Excava+on, recovery, and cura+on by qualified professionals. Prior to the ini+a+on of ground- disturbing ac+vi+es. City of Modesto Engineering Department, Project Archeologist, Field personnel, Project contractor Ini+als: _________ Date: ___________ MM CUL-02: Cultural Resources Discovery. In the event that field personnel encounter buried cultural materials, work in the immediate vicinity of the find should cease and a qualified archaeologist shall be called to assess the significance of the find. The qualified archaeologist shall have the authority to stop or divert construc+on excava+on as necessary. If the qualified archaeologist finds that any cultural resources present meet eligibility requirements for lis+ng on the California Register or the Na+onal Register, plans for the treatment, evalua+on, and mi+ga+on of impacts to the find will need to be developed. Prehistoric or historic cultural materials that may be encountered during ground-disturbing ac+vi+es include: - historic ar+facts such as glass boNles and fragments, cans, nails, ceramic and poNery fragments, and other metal objects; - historic structural or building founda+ons, walkways, cisterns, pipes, privies, and other structural elements; - prehistoric flaked-stone ar+facts and debitage (waste material), consis+ng of obsidian, basalt, and or cryptocrystalline silicates; - groundstone ar+facts, including mortars, pestles, and grinding slabs; - dark, greasy soil that may be associated with charcoal, ash, bone, shell, flaked stone, groundstone, and fire affected rocks. Throughout construc+on City of Modesto Engineering Department, Contractor, Project Archeologist Ini+als: _________ Date: ___________ #26..
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FINAL MITIGATION MONITORING AND REPORTING PROGRAM
STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
FEBRUARY 11, 2025
PAGE 6 of 21
Issue Poten+ally Significant Impact reduced
to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als c) Disturb any human remains, including those interred outside of dedicated cemeteries? MM CUL-03: Human Remains: If human remains are encountered during the undertaking, State Health and Safety Code Section 7050.5 states that no disturbance shall occur until the County Coroner has made a determination of origin and disposition pursuant to Public Resources Code Section 5097.98. The County Coroner must be notified of the find immediately. If the remains are determined to be prehistoric, the Coroner will notify the Native American Heritage Commission (NAHC), which will determine and notify a Most Likely Descendant (MLD). With the permission of the landowner or his/her authorized representative, the MLD may inspect the site of the discovery. The MLD shall complete the inspection within 48 hours of notification by the NAHC. Throughout Construc+on Contractor, County Coroner, City of Modesto Engineering Department Ini+als: _________ Date: ___________ Energy a) Result in poten+ally significant
environmental impact due to wasteful, inefficient, or unnecessary consump+on of energy resources, during Project construc+on or opera+on? MM EN-01: Idling Regula+on for On-Road Disel-Fueled Equipment.
Throughout Project construction, on-road diesel-fueled equipment weighing more than 10,000 pounds must comply with California Air Resources Board (CARB) adopted idling regula+on which states that heavy duty vehicles are prohibited from idling more than five (5) minutes in any one loca+on. This regula+on will be enforced throughout Project construc+on by the Project contractor and inspec+ons by the City of Modesto Engineering Department and/or U+li+es Department. Throughout Project construc+on Project contractor, City Inspector Ini+als: _________ Date: ___________ Geology and Soils Geology and Soils b) Result in substan+al soil erosion or the loss of topsoil? b) Con+nued… MM GEO-01: Site Clearing. Prior to site grading, the Contractor shall clear all construction areas of existing structures including all asphalt concrete pavements, rubble, deleterious debris, if any, and any other surface and subsurface items designated for removal to expose undisturbed firm and stable native soils. This work shall be verified by the City Inspector. Where practical, the clearing should extend a minimum of five feet beyond the limits of the proposed structure areas of the site. Existing underground utilities to be abandoned should be completely removed, including existing trench backfill. Depressions from removal of underground structures (e.g., foundations, utilities, etc.) should be cleaned of loose soil and properly backfilled pursuant to MM GEO-10: Utility Trench Backfill. Prior to site grading. Geotechnical Engineer, Project contractor, City of Modesto Engineering Department Ini+als: _________ Date: ___________ MM GEO-02: Stripping. After completion of clearing operations, the Contractor shall remove any remaining vegetation and organically contaminated topsoil should be removed by stripping. Materials form stripping may be stockpiled for later use or disposed of off-site and should Upon clearing opera+ons. Geotechnical Engineer, Project contractor, City Ini+als: _________ Date: ___________ #26..
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FINAL MITIGATION MONITORING AND REPORTING PROGRAM
STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
FEBRUARY 11, 2025
PAGE 7 of 21
Issue Poten+ally Significant Impact reduced
to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Geology and Soils b) Con+nued…
not be used in general fill construction, but may be used in non-structural areas, provided they are kept at least five feet from structural areas, moisture conditions and compacted. Compliance shall be verified by the City or County Inspector. of Modesto Engineering Department MM GEO-03: Discing. Depending on site conditions and quantity of organics at time of grading, discing may be suitable in lieu of stripping. However, the decision must be made by a licensed Geotechnical Engineer at the time of earthwork construction. Discing operation, if approve, should be observed by the Geotechnical Engineer’s representative and be continuous until the organics are adequately mixed into the surface soils to provide a compactable mixture of soil containing minor amounts of organic matter. Pockets or concentrations of organics will not be allowed. Compliance shall be verified by the Inspector. Throughout Project construc+on. Geotechnical Engineer, Project contractor, City of Modesto Engineering Department Ini+als: _________ Date: ___________ MM GEO- 04: Aeration for Soils with High Moisture Content. Upon the discovery of high moisture content within subgrade soils and excavated soils, considerable aeration to reach a moisture content that will permit the specified degree of compaction to be achieved shall be implemented by the Contractor and verified by Inspector. Aeration may include deep ripping to the top of the hardpan, mixing wetter soils with drier soils onsite, and/or windrows to dry the existing subgrade soils and the Project schedule should allow for adequate drying of the subgrade to achieve compactable moisture content. Upon the discovery of high moisture content within subgrade soils and excavated soils. Geotechnical Engineer, Project contractor, City of Modesto Engineering Department Ini+als: _________ Date: ___________ MM GEO-05: Existing Pavement. Existing Pavement and flatworks (asphalt concrete and concrete) that are not incorporated into the new design should be broken up and removed from the site. Alternatively, pulverized asphalt and Portland cement concrete rubble may be used as fill by the Contractor as verified by the Inspector provided it is processes into fragments less than three inches in largest dimension, is mixed with soil or aggregate base to form a compactable mixture, and its use is approved by the Owner. Throughout Project construc+on. Geotechnical Engineer, Project contractor, City of Modesto Engineering Department Ini+als: _________ Date: ___________ MM GEO-06: Scarification and Compaction. Compaction of all subgrade soils should be performed using a heavy, self-propelled, sheepsfoot compactor capable of achieving the required compaction and must be performed by the Contractor in the presence of the Geotechnical Engineers’ representative. It Throughout Project construc+on.
Geotechnical Engineer, Project contractor, City
Ini+als: _________ Date: ___________
#26..
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FINAL MITIGATION MONITORING AND REPORTING PROGRAM
STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
FEBRUARY 11, 2025
PAGE 8 of 21
Issue Poten+ally Significant Impact reduced
to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Geology and Soils b) Con+nued…
is recommended that construction bid documents contain unit price (price per cubic pard) for additional excavation due to unstable wet soil or the presence of unsuitable materials and replacement with engineered fill. of Modesto Engineering Department MM GEO-07: Engineered Fill Construction. If imported fill materials are required for the Project, imported fill materials should be granular materials with a Plasticity Index of 15 or less; an expansion Index of 20 or less; an organic content less than four percent; do not contain particles greater than three inches in maximum dimension, and shall be within a compactable moisture content. The Geotechnical Engineer must approve the imported fill three days prior to being transported on the Project Site and the contract must have appropriate documentation that the imported fill is clean of known contamination per DTSC and within acceptable corrosion limits. If fill materials are required for the Project. Geotechnical Engineer, Project contractor, City of Modesto Engineering Department Ini+als: _________ Date: ___________ MM GEO-08: Excavation and Fill Slopes. Permanent excavation and fill slopes should be constructed by the Contractor and verified by the Inspector as no steeper than two horizontals to one vertical (2H:1V) and should be vegetated as soon as practical following grading to minimize erosion in addition to the implementation of the following erosion control measures pursuant to MM HYDRO-01: Local SWPPP and MM HYDRO-02: Stormwater BMPs Throughout Project Construction. Throughout Project construc+on. Geotechnical Engineer, Project contractor, City of Modesto Engineering Department Ini+als: _________ Date: ___________ MM GEO-09: Monitoring during Excavation. Throughout earthworks and excavation activities, the Geotechnical Engineer’s representative shall be present on a regular basis during all earthwork operations to observe and test the engineered fill and to verify compliance with Geotechnical Engineer recommendations as well as Project plans and specifications. Throughout Project construc+on. Geotechnical Engineer, Project contractor, City of Modesto Engineering Department
Ini+als: _________ Date: ___________
MM GEO-10: Utility Trench Backfill. Utility trench backfill shall be mechanically compacted by the Contractor and verified by the Inspector as engineered fill. Bedding and initial backfill around and over the pipe should conform to the pipe manufacturers recommendations for the pipe materials selected and applicable sections of the governing agency standards. On-site soils shall be used as trench backfill. Utility backfills should be placed in thin lift, thoroughly moisture conditioned to at least the optimum moisture content, and compacted to at least 90 percent of the maximum dry density Throughout Project construc+on.
Geotechnical Engineer, Project contractor, City of Modesto Engineering Department Ini+als: _________ Date: ___________
#26..
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FINAL MITIGATION MONITORING AND REPORTING PROGRAM
STANISLAUS ELEMENTARY SCHOOL 1,2,3-TCP MITIGATION PROJECT SCH# 2024121117
FEBRUARY 11, 2025
PAGE 9 of 21
Issue Poten+ally Significant Impact reduced
to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Geology and Soils b) Con+nued…
as determined by ASTM D1557. Within the upper six inches of pavement subgrade soil compaction of untreated soils should be increased to at least 95 percent relative compaction at less than the optimum moisture content. The lift thickness will depend on the type of compaction equipment used to backfill utility trenches. MM GEO-11: Pavement Design. New pavements should match adjacent pavement sections and be constructed in accordance with design requirements of the applicable jurisdiction, Kiernan Avenue (CalTrans) Tully Road (County of Stanislaus) Dale Road (City of Modesto). Recommended construction per the Project Geotechnical Engineer is as follows:
PAVEMENT DESIGN ALTERNATIVES
Traffic
Index
(TI) Pavement Use Pavement Subgrades R-value= 40 Type A Asphalt Concrete (inches)
Class 2 Aggregate Base (inches)
4.5 Automobile
Parking
2 ½ * 4.0
6.0 Entry-Exit Drives,
Truck Traffic and Fire Lanes
3 7.0
3 ½ * 6.0
Notes: *= Asphalt concrete thickness includes CALTRANS factor for safety. The upper six inches of pavement subgrade soils should be compacted to at least 95 percent relative compaction at no less than the optimum moisture content (ASTM D1577). Pavement subgrades should be proof-rolled with a fully loaded, water truck to placement of aggregate base to identify soft/unstable areas that may require removal and re-compaction. In addition, there should be at least six inches of PCC pavement in areas subject to heavy wheel loading; and supported on at least four inches of compacted Class 2 aggregate base on the prepared subgrade.
Upon the implementa+on of new pavement.
Geotechnical Engineer, Project contractor, City of Modesto Engineering Department Ini+als: _________ Date: ___________
f) Directly or indirectly destroy a unique paleontological resource or site or unique geologic feature? MM PALEO-01: Paleontological Monitoring. Prior to the initiation of earthworks and ground distributing activities, the City of Modesto Utilities Department is responsible for hiring a qualitied paleontologist and developing a paleontological resource mitigation program that will be put in Prior to the ini+a+on of earthworks and ground
City of Modesto U+li+es Department,
Ini+als: _________ Date: ___________
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to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als place to monitor, salvage, and curate any recovered fossils from the study area. The City Utilities Department will verify that paleontological monitoring is implemented during earthwork in native soils. disturbing ac+vi+es. Project contractor Hazards and Hazardous Materials Hazards and Hazardous Materials b) Create a significant hazard to the public or the environment through reasonably foreseeable upset and accident condi+ons involving the release of hazardous materials into the environment? b) Con+nued… MM HAZ-01: Coordina+on with Stanislaus Union School District. Prior to start of Project construc+on, the Contractor shall provide the construc+on schedule to the Stanislaus Union School District, specifically Stanislaus Elementary School so that construc+on occurs when the school site is not in use. The contractor shall coordinate with the school district on an ongoing basis during construc+on and shall keep records of this coordina+on at the Project Site for review by the grading and building inspectors. sufficiently strong and well enough anchored to prevent the introduc+on of foreign material into the well and to protect the public from a poten+ally hazardous situa+on. Prior to start of construc+on and ongoing during construc+on Project contractor Ini+als: _________ Date: ___________ MM HAZ-02: Hazardous Materials Manifest and Plan. Prior to the issuance of permits, the contractor shall provide a manifest of construc+on materials and a plan for proper handling, disposal, con+ngency, and emergency response to the City of Modesto Engineering Department, Stanislaus Consolidated Fire Protec+on District, and Stanislaus County for verifica+on of adequate con+ngency measures for storage, use, and handling of poten+ally hazardous materials used, stored, and handled onsite during construc+on. Contractor compliance shall be monitored throughout construc+on. In the unlikely event of hazardous materials discovery within the Project Area, the Contractor shall no+fy the City of Modesto, as well as coordinate with Stanislaus Consolidated Fire Protec+on District and Stanislaus County. Prior to the issuance of permits Project Contractor, City of Modesto Engineering Department, Stanislaus Consolidated Fire Protec+on District, Stanislaus County Ini+als: _________ Date: ___________ #26..
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Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als d) Emit hazardous emissions or handle hazardous or acutely hazardous materials, substances, or waste within one-quarter mile of an exis+ng or proposed school? MM HAZ-01: Coordina+on with Stanislaus Union School District. Prior to start of Project construc+on, the Contractor shall provide the construc+on schedule to the Stanislaus Union School District, specifically Stanislaus Elementary School so that construc+on occurs when the school site is not in use. The contractor shall coordinate with the school district on an ongoing basis during construc+on and shall keep records of this coordina+on at the Project Site for review by the grading and building inspectors. Prior to the start of Project construc+on Project contractor Ini+als: _________ Date: ___________ Project contractor, Stanislaus Union School District
Ini+als: _________ Date: ___________
f) Impair implementa+on of or physically interfere with an adopted emergency response plan or emergency evacua+on plan? See MM TRAF-01: Traffic Control Plan (TCP). The TCP shall be approved by the City prior to Construc+on and implemented throughout construc+on City of Modesto City Engineering Staff, Licensed Traffic Engineer Ini+als: _________ Date: ___________
Hydrology and Water Quality Hydrology and Water Quality a) Violate any water quality standards or waste discharge requirements or otherwise substan+ally degrade surface or ground water quality? MM HYDRO-01: Local SWPPP. Prior to Plan approval and Bid Award, the City of Modesto U+li+es staff shall verify that a Local SWPPP is developed and incorporated in the plan set for implementa+on during Project construc+on for construc+on areas. The Local SWPPP should iden+fy the Water Quality Manager for the Project, be kept on site in the construc+on trailer for the dura+on of construc+on and shall incorporate daily updates on water quality compliance ac+vi+es by the Water Quality Manager, conforming with the approved Local SWPPP. The objec+ves of the Local SWPPP are to iden+fy pollutant sources from construc+on that may affect the quality of stormwater discharge, to implement source control prac+ces for each pollutant source, and to either filter or contain and dispose of polluted water and materials prior to discharge from construc+on areas. The intent of the SWPPP is to minimize pollutants in stormwater discharges from the Project into the exis+ng drainage system from construc+on, and to protect receiving water Prior to the approval of Project Plans and start of Project construc+on. Implemented throughout construc+on City of Modesto Engineering Staff, Project Contractor
Ini+als: _________ Date: ___________
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Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Hydrology and Water Quality a) Con+nued… a) Con+nued… quality and beneficial uses downstream. The Local SWPPP may include, but is not limited to, the following elements: a. Detail erosion control measures pursuant to CASQA Factsheet EC-1 to EC-16 implemen+ng BMPs intended to control sedimenta+on and erosion in disturbed areas during construc+on ac+vi+es. BMPs include: i. Incorpora+on of erosion control into the construc+on schedule (EC-1); ii. Minimal land disturbance and avoidance measures in sensi+ve land areas (EC-2) including natural water bodies or natural drainage systems. iii. Stabiliza+on measures in disturbed areas via Hydraulic mulch (EC-3), Hydroseeding (EC-4), Soil binders (EC-5), straw mulch (EC-6), geotex+les and mats (EC-7), wood mulching (EC-8), compost blankets (EC-14), nonvegeta+ve stabiliza+on (EC- 16); iv. Collect sediment-laden runoff in temporary sediment basins (EC-9), velocity dissipa+on devices (EC-10), slop drains (EC- 11), streambank stabiliza+on (EC-12); Soil tes+ng prior to start of construc+on to ensure selec+on of appropriate BMPs and prepare soil for vegeta+on enhancements (EC-15); 2. Detail sediment control measures pursuant to CASQA Factsheet SE- 1 to SE-14 implemen+ng soil preven+on and control measures: i. Protect all stockpiles from stormwater run-on using temporary perimeter sediment barriers such as compost berms (SE-13), temporary silt dikes (SE-12), fiber rolls (SE-5), silt fences (SE-1), sandbags (SE-8), gravel bags (SE-6), or biofilter bags (SE-14). 3. Detail drain inlet protec+on in the public right-of-way pursuant to CASQA Factsheet SE-10 implement SE-2, Sediment Basin or SE-3, Sediment Trap and/or used in conjunc+on with other drainage control, erosion control, and sediment control BMPs to protect the site; 4. Detail stabilized entrance and egress from construc+on site to minimize track-out. 5. Detail on-site concrete wash out area to minimize track-out. #26..
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6. Detail stockpile management, material storage & delivery areas to minimize dust and control loose materials.
7. Detail solid waste management prac+ces implemen+ng waste disposal in covered waste receptacles.
8. Detail loca+on of temporary sanitary waste facili+es implemen+ng proper disposal prac+ces including:
i. Place covered trash and recycling cans in accessible areas for use near ac+ve construc+on.
ii. Cover and maintain dumpsters. Check frequently for leaks.
Never clean a dumpster by hosing it down on-site where wash water can enter the storm drain system. iii. Dispose of trash daily. iv. Sweeping areas around dumpsters and prohibi+ng the disposal of liquid chemicals or waste in dumpsters.
9. List name and contact number of person responsible for implementa+on of and adherence to Local SWPPP.
10. State size of project in square feet or acres or cubic yards.
MM HYDRO-02: Stormwater BMPs throughout Project Construc+on. Prior to start of Project construc+on and on an ongoing basis throughout construc+on, the City of Modesto U+li+es Department shall verify that Best Management Prac+ces for Construc+on from the SWPPP or func+onal equivalent are implemented by the contractor and verified with inspec+ons throughout construc+on ac+vi+es. Inspec+ons by the City of Modesto will ensure that the Project contractor maintains the following BMPs for general business prac+ce, vehicle maintenance, clean up, educa+on, and erosion preven+on: General Business Prac+ce
1. Schedule ac+vi+es such as excava+on, saw cuCng, and paving during dry weather.
2. Keep materials out of the rain. Store them under cover with temporary roofs or plas+c sheets/tarps, protected from rainfall, runoff, and wind.
3. Use as liNle water as possible for dust control to avoid excess runoff of sediment.
Prior to Project construc+on and the issuance of permits. Implemented throughout construc+on City of Modesto Engineering Department, Project Contractor Ini+als: _________ Date: ___________
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4. Keep pollutants off exposed surfaces. 5. Make sure portable toilets are in good working order. Check frequently for leaks.
Vehicle Maintenance
6. Maintain all vehicles and heavy equipment per manufacturers specifica+ons. Inspect frequently for leaks.
7. Designate one area for vehicle parking, vehicle refueling, and rou+ne equipment maintenance. The designated area should be well away from guNers and storm drains and fiNed with spill containment.
8. Perform major vehicle maintenance and vehicle/equipment washing off site.
9. Use drip pans or drop cloths to catch drips and spills. 10. Do not use diesel fuel to lubricate equipment or parts.
Clean Up
11. Ensure that there are appropriate spill kits on site and that all employees are trained on the loca+ons and use of the kits.
12. Never hose down streets to clean up tracked dirt. Use wet/dry sweep or vacuum methods.
13. Clean up leaks, drips, and other spills immediately. This will prevent contaminated soil or residue on paved surfaces.
14. Never hose down surfaces where materials have spilled. Use dry cleanup methods whenever possible.
15. Clean up spills on dirt areas by digging up and properly disposing of contaminated soil.
16. Sweep up dry spilled materials immediately. Never aNempt to bury them or “wash them away” with water.
17. Report significant spills to the appropriate spill response agencies immediately.
Employee and Client Educa+on
18. Educate your employees. Include water quality training in new employee orienta+ons and conduct annual review sessions.
19. Educate your customers. Post BMPs where clients and employees can see them. Handling Materials and Wastes
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Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Hydrology and Water Quality 20. Prac+ce source reduc+on – minimize waste when ordering materials. Only order the amounts needed to complete the job. 21. Use recycled and recyclable materials whenever possible. 22. Never bury waste materials or leave them in the street. 23. Dispose of all waste properly. Erosion Preven+on 24. Reestablish stable upper/top crust on disturbed surfaces. This includes applica+on of water or chemical stabilizers. Re- vegeta+on (permanent or temporary) is an excellent form of erosion control for any site. 25. Avoid excava+on and grading ac+vi+es during wet weather. 26. Construct diversion dikes to channel runoff around the site. Line channels with grass or roughened pavement to reduce runoff velocity. 27. Plant permanent vegeta+on as soon as possible, once excava+on and grading ac+vi+es are complete. b) Substan+ally decrease groundwater supplies or interfere substan+ally with groundwater recharge such that the Project may impede sustainable groundwater management of the basin? b) Con+nued… Prior to the issuances of permits. City of Modesto Engineering Department, Project contractor Ini+als: _________ Date: ___________ e) Conflict with or obstruct implementa+on of a water quality control plan or sustainable groundwater management plan? See MM HYDRO-02: Stormwater BMPs through Project Construc+on. Prior to Project construc+on and the issuance of permits. City of Modesto Engineering Department, Project Contractor Ini+als: _________ Date: ___________ #26..
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to Less than Significant with
Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Noise Noise b) Genera+on of a substan+al temporary or permanent increase in ambient noise levels in the vicinity of the Project in excess of standards established in the local general plan or noise ordinance, or applicable standards of other agencies? b) Noise MM NOI-01: Construc+on Noise. Throughout Project construc+on, the following construc+on noise impacts must be implemented by the Project contractor and City of Modesto U+li+es Department in order for noise levels during construc+on ac+vi+es to be considered less than significant: 1. During all Project Site excava+on and grading on-site, construc+on contractors shall equip all construc+on equipment, fixed or mobile, with properly opera+ng and maintained mufflers, consistent with manufacturer standards. 2. The contractor shall place all sta+onary construc+on equipment so that emiNed noise is directed away from the noise sensi+ve receptors nearest the Project site. One-inch plywood or acous+cal blankets capable of achieving a reduc+on level of at least 10 dB shall be used to keep equipment noise from exceeding the 80 dBA noise level standard. 3. Equipment shall be shut off and not leL to idle when not in use.
4. Whenever possible, electric power will be used in lieu of internal combus+on engine power.
5. The contractor shall locate equipment staging in areas that will create the greatest distance between construc+on-related noise/vibra+on sources and sensi+ve receptors nearest the Project site during all Project construc+on.
6. Jackhammers, pneuma+c equipment, and all other portable sta+onary noise sources shall be shielded, and noise shall be directed away from sensi+ve receptors.
7. The Project proponent shall mandate that the construc+on contractor prohibit the use of music or sound amplifica+on on the Project site during construc+on.
8. The construc+on contractor shall limit haul truck deliveries to the same hours specified for construc+on equipment.
9. The quietest equipment available will be u+lized when feasible; and,
10. Haul routes that affect the fewest number of people will be u+lized whenever possible.
11. Construc+on ac+vi+es near and at the school site shall be limited to only when the school is not in use.
Throughout Project construc+on
City of Modesto U+li+es Department, Project contractor
Ini+als: _________ Date: ___________
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Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Public Services Public Services a) Result in substan+al adverse physical impacts associated with the provision of new or physically altered governmental facili+es, need for new or physically altered governmental facili+es, the construc+on of which could cause significant environmental impacts, in order to maintain acceptable service ra+os, response +mes, or other performance objec+ves for any of the public services: i. Fire Protec+on? ii. Police Protec+on? MM PUB-01: Coordination with Local Agencies for Traffic Control. Prior to start of construc+on, Modesto’s City Engineering Division must ensure coordina+on is facilitated between local agencies and special districts within Modesto City Limits and Stanislaus County including Stanislaus Consolidated Fire Protec+on District, Modesto Fire Department, California Highway Patrol, Stanislaus County Sherrif’s Department, Stanislaus School District, and Modesto Police Department. Coordina+on between Local Agencies shall involve the review of the Project’s traffic control plan and construc+on schedule prior to City of Modesto’s approval to ensure all agency Best Management Prac+ces and standards are incorporated into the traffic control plan. This coordina+on shall also include Stanislaus Elementary School so that installa+on of the service pipe does not occur during school hours or pick-up and drop-off +mes to avoid conflicts with the opera+on of the school. Prior to start of construc+on City of Modesto’s Engineering Department, Modesto City Limits and Stanislaus County including Stanislaus Consolidated Fire Protection District, Modesto Fire Department, California Highway Patrol, Stanislaus County Sherrif’s Department, and Modesto Police Department Ini+als: _________ Date: ___________ iii. Schools? MM HAZ-02: Coordina+on with Stanislaus Union School District. Prior to start of Project construc+on, the Contractor shall provide the construc+on schedule to the Stanislaus Union School District, specifically Stanislaus Elementary School so that construc+on occurs when the school site is not in use. The contractor shall coordinate with the school district on an ongoing basis during construc+on and shall keep records of this coordina+on at the Project Site for review by the grading and building inspectors.
Prior to the start of Project construc+on.
Project contractor, Stanislaus Union School District
Ini+als: _________ Date: ___________
Transporta+on b) Conflict or be inconsistent with CEQA Guidelines § 15064.3, subdivision (b)? d) Result in inadequate emergency access? MM TRAF-01: Traffic Control Plan- The City of Modesto Engineering Department shall approve a Traffic Control Plan prepared by a licensed traffic engineer, for all project-affected roadways and intersec+ons prior to mobiliza+on of the Project. The Traffic Control Plan shall comply with requirements in encroachment permits issued by Stanislaus County, City of Modesto and Caltrans. The Traffic Control Plan shall be implemented the Prior to Project Mobiliza+on City of Modesto Engineering Department, Licensed Traffic Engineer, Project contractor Ini+als: _________ Date: ___________ #26..
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Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Transporta+on b), d) Con+nued… contractor con+nuously during construc+on and shall include, but not be limited to, the following measures from CALTRANS, Stanislaus County, and the City of Modesto: City of Modesto: 1. Public No+fica+on: Two weeks, one week and 24 hours prior to beginning any work in an area or the project, provide wriNen public no+ce to all residents, businesses, churches, property owners, tenants, and applicable par+es adjacent to and within a 1/4-mile radius of the project area (Pursuant to Modesto Standard Specifica+on No. 12.04 Traffic Control Requirements); 2. Right-of-way Lane Access: A minimum of one 11-foot-wide lane shall be open in each direc+on at non intersec+ons, and a minimum of one 11-foot- wide lane for each striped movement at an intersec+on, for traffic during working hours, unless otherwise described by the Contract Documents (Pursuant to Modesto Standard Specifica+on No. 12.04 Traffic Control Requirements) 3. Work Schedule: Normal work schedule is limited to the hours of 7:00 a.m. to 3:30 p.m. outside of the full path of the traveled way. Normal work schedule is limited to the hours of 8:30 a.m. to 3:30 p.m. when any work by the Contractor is within the traveled way, unless otherwise described by the Contract Documents (Pursuant to Modesto Standard Specifica+on No. 12.04 Traffic Control Requirements) 4. Private Driveways: No+fy the owner of the private driveway fiLeen (15) calendar days prior to implemen+ng the Traffic Control Plan (Pursuant to Modesto Standard Specifica+on No. 12.04 Traffic Control Requirements); 5. Trenches: Backfill all trenches at the end of each workday (Pursuant to Modesto Standard Specifica+on No. 12.04 Traffic Control Requirements); 6. Aggregate base: Provide aggregate base and compact all areas within the roadway and shoulder (Pursuant to Modesto Standard Specifica+on No. 12.04 Traffic Control Requirements); 7. Temporary Paving & Delineators: Provide temporary paving and temporary delineators or striping at the end of each workday (Pursuant to Modesto Standard Specifica+on No. 12.04 Traffic Control Requirements); 8. Schools: No+fy schools within ½ mile of the work zone, two weeks, one week and 24 hours before implemen+ng the approved Traffic Control Plan in the vicinity of the school; 9. Signs: Post “No Parking, Tow Away” signs on barricades along the roadway at least 48 hours prior to the construc+on work in that area; #26..
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Mi+ga+on Incorporated Recommended Mi+ga+on Measure Timing Responsible Party Date Completed and Ini+als Transporta+on City of Modesto’s BMPs are based on CATRANS standards and traffic control measures outlined within the CALTRANS Manual on Uniform Traffic Control Devices (CAMUTCD, 2014 Edi+on). b) Con+nued… MM TRAF-02: Encroachment Permit- Prior to the issuance of permits and ac+ve Project construc+on, the City’s Engineering and U+li+es Departments in coordina+on with Stanislaus County and CALTRANS, must obtain an approved encroachment permit for work within the public right-of-way with plans showing no new driveways along Kiernan. Throughout Project construc+on, the Project contractor will be responsible for the enforcement of the encroachment permit.
Prior to the issuance permits and ac+ve Project construc+on City of Modesto’s Engineering and U+li+es Department, Stanislaus County, CALTRANS Ini+als: _________ Date: ___________
U+li+es and Services d) Generate solid waste in excess of state or local standards, or in excess of the capacity of local infrastructure, or otherwise impair the aNainment of solid waste reduc+on goals? SC UTL-01: Waste Management Plan- Prior to Project construc+on, the City’s U+li+es Department shall ensure Project specifica+ons include standards condi+ons pertaining to good housekeeping prac+ces. The City’s standard plan check and review process will ensure the following measures are included in Project Specifica+ons and maintain throughout ac+ve construc+on within the Project Area: 1. Site Clean Up: The Contractor shall keep the project site clean and free of dust, mud, and debris resul+ng from the Contractor's opera+ons. Daily clean up throughout the project shall be required as the Contractor progresses with the work. Extra precau+ons and cleanup efforts shall be made prior to weekends, holidays and predicted storm events. 2. Con+nuous Street Sweeping throughout ac+ve construc+on. Spillage of earth, gravel, concrete, asphalt, or other materials resul+ng from hauling opera+ons along or across any public traveled way shall be removed immediately by the Contractor at his expense. If site is not kept sufficiently clean, the City will take measures to clean it and back charge the Contractor. 3. Solid Waste Management: Refer to CASQA Factsheet WM-5 and WM-6. a. Select designated waste collec+on areas onsite. b. Inform trash-hauling contractors that you will accept only water+ght dumpsters for onsite use. Inspect dumpsters for leaks and repair any dumpster that is not water+ght. Prior to Project construc+on City of Modesto U+li+es Department Ini+als: _________ Date: ___________ #26..
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c. Locate containers in a covered area or in a secondary containment.
d. Provide an adequate number of containers with lids or covers that can be placed over the container to keep rain out or to prevent loss of wastes when it is windy. e. Cover waste containers at the end of each workday and when it is raining.
f. Plan for addi+onal containers and more frequent pickup during the demoli+on phase of construc+on.
g. Collect site trash daily, especially during rainy and windy condi+ons.
h. Remove this solid waste promptly since erosion and sediment control devices tend to collect liNer.
i. Make sure that toxic liquid wastes (used oils, solvents, and paints) and chemicals (acids, pes+cides, addi+ves, curing compounds) are not disposed of in dumpsters designated for construc+on debris. j. Do not hose out dumpsters on the construc+on site. Leave dumpster cleaning to the trash hauling contractor.
k. Arrange for regular waste collec+on before containers overflow. l. Clean up immediately if a container does spill. ν Make sure that construc+on waste is collected, removed, and disposed of only at authorized disposal areas.
4. Material Storage and Delivery Area: Refer to CASQA Factsheet WM-1. a. Chemicals must be stored in water +ght containers with appropriate secondary containment or in a storage shed. b. Temporary storage areas should be located away from vehicular traffic.
c. Material delivery and storage areas should be located away from waterways, if possible.
d. Employees and subcontractors should be trained on the proper material delivery and storage prac+ces.
5. Concrete Waste Management: Refer to CASQA Factsheet WM-8. a. Store dry and wet materials under cover, away from drainage areas. Refer to WM-1, Material Delivery and Storage for more informa+on. #26..
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b. Perform washout of concrete trucks in designated areas only, where washout will not reach stormwater.
c. Do not wash sweepings from exposed aggregate concrete into the street or storm drain. Collect and return sweepings to aggregate base stockpile or dispose in the trash.
6. Spill Preven+on and Control: Refer to CASQA Factsheet WM-3. a. Ensure that stockpile coverings are installed securely to protect from wind and rain.
7. Temporary Sanitary Waste Facili+es: Refer to CASQA WM-10 a. Instruct employees and subcontractors how to safely
differen+ate between non-hazardous liquid waste and poten+al or known hazardous liquid waste. b. Instruct employees, subcontractors, and suppliers that it is unacceptable for any liquid waste to enter any storm drainage device, waterway, or receiving water. c. Educate employees and subcontractors on liquid waste genera+ng ac+vi+es and liquid waste storage and disposal procedures. ν Hold regular mee+ngs to discuss and reinforce disposal procedures (incorporate into regular safety mee+ngs).
Wildfire a) Substan+ally impair an adopted
emergency response plan or emergency evacua+on plan?
See MM TRAF-01: Traffic Control Plan. Upon the
finaliza+on of a detailed pipeline alignment design
City of Modesto City Engineering Staff, Licensed Traffic Engineer Ini+als: _________ Date: ___________
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CITY OF MODESTO
COUNCIL AGENDA REPORT
DATE OF MEETING:
July 22, 2025
Date: June 26, 2025
TO: Mayor and City Council
THROUGH: Joseph P. Lopez, City Manager
FROM: Toby Wells, Director of Engineering Services/City Engineer SUBJECT: Award Construction Contract for the Rebid Virginia Corridor Phase 7 Project CONTACT: Nathan Houx, Parks Planning and Development Manager, [email protected], 209-571-5526
DESCRIPTION:
Consider approving the Plans and Specifications for the Rebid Virginia Corridor Phase 7 Project, accepting the Bid and Awarding a Construction Contract to Andrew M Jordan Inc. dba A & B Construction of Oakland, CA, in the amount not to exceed $9,243,933 and consider approving an Agreement with TRC Engineering, Inc. of Rancho Cordova, CA, for Construction Management and Inspection Services for a total amount not to exceed $878,087. (Funding Source: Various Funds)
STRATEGIC PLAN ELEMENT:
This item is consistent with the following 2025-2026 Strategic Plan Area of Focus: Quality of Life.
BACKGROUND:
The Virginia Corridor Trail is the result of conversion of the original Tidewater Southern/Union Pacific Railroad Corridor into a Class I bicycle and pedestrian trail. The long-term plan for the corridor is to provide a Class I trail extending from Modesto Junior College’s East Campus at the southern terminus to Kiernan Ave at the northern terminus (approximately 5 miles). It consists of a 10’ wide pathway flanked by landscaping, benches, lighting, and site amenities.
On June 5, 2018, by Resolution No. 2018-211, Council accepted $3,193,401 from the California Urban Greening Grant Program to fund construction of the Virginia Corridor Phase 7 Trail. The Urban Greening Grant Program is funded by the California Climate Investments Fund (Carbon Cap and Trade tax dollars), which have been awarded to environmentally beneficial projects.
The Virginia Corridor Trail has become a well-loved addition to Modesto, receiving a very high rate of use year-round. The Parks, Recreation and Neighborhoods Department’s customer service staff regularly receive calls and questions regarding the trail, its future, and compliments on the value that it brings to their neighborhood.
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City Council, July 22, 2025
Award Construction Contract for the Rebid Virginia Corridor Phase 7 Project