Cities Index.
Item 15 Responses to Late Comments 2024.12.03

Santa Ana City Council
December 3, 2024

Document
Item 15 Responses to Late Comments 2024.12.03
Meeting
December 3, 2024
Body
Santa Ana City Council
Pages
13
Original file
9.0 MB
Text extracted from the city's file for reading and search. Open the original on santa-ana.primegov.com. That file is the official record.

250 East 1st Street, Suite 1201; Los Angeles, California 90012 213.336.5900  betterneighborsla.org
confirmed active STR enforcement cases involved properties owned by an LLC, managed by a property management company, or owned by absentee owners. Below please find the growth in short-term rentals from 2014 to 2023.

As of March 2023, the most recent data we have available, there were 991 active STR listings in Santa Ana, making up 1.27% of Santa Ana’s housing stock.3 Short-term rentals have grown significantly over the last few years, and in the process have taken housing units off the long-term market that may have otherwise been available to long-term tenants or potential homeowners. According to the staff report, there are more than 700 STRs currently operating in Santa Ana. These 700 STRs account for 22% of the 3,137 permanent housing units that the City has identified as required by the 2021-2029 Regional Housing Needs Allocation (RHNA).

Ensuring that the prohibition of short-term rentals remains in place in the City of Santa Ana will safeguard this milestone in meeting the 2021-2029 RHNA goals.

Santa Ana is not alone in their push to ban short-term rentals. Within Orange County, at least twelve cities have taken steps to prohibit short-term rentals in some form. These cities include the Aliso Viejo, Brea, Costa Mesa, Fountain Valley, Garden Grove, Irvine, Laguna Hills, Laguna Nigel, Villa Park, Westminster, Yorba Linda, and La Habra. 4 In Los Angeles County, the

3 Profile of the City of Santa Ana, Southern California Association of Governments, https://scag.ca.gov/sites/main/files/file- attachments/santaana_localprofile.pdf?1606012682.
4 City of Aliso Viejo: https://www.codepublishing.com/CA/AlisoViejo/html/AlisoViejo15/AlisoViejo1514.html; City of Brea:
https://codelibrary.amlegal.com/codes/brea/latest/brea_ca/0-0-0-70791; City of Costa Mesa:
https://weblink.costamesaca.gov/WebLink/DocView.aspx?id=233471&dbid=0&repo=CityofCostaMesa; City of Fountain Valley:
https://www.fountainvalley.gov/DocumentCenter/View/16275/Ordinance-No-1591; City of Garden Grove:
https://ecode360.com/42535001; City of Irvine:
https://library.municode.com/ca/irvine/codes/zoning?nodeId=ZOOR_DIV3GEDESTLAUSRE_CH3-25SHTERE_S3-25- 5VIMIIN#:~:text=3%2D25%2D3.,of%20short%2Dterm%20rentals%20prohibited.&text=section%20Compare%20versions- ,A.,zoning%20district%20within%20the%20City; City of Laguna Hills:
23 30 38 68 117 173 201 251
510
682
21 33 54 78 105
126 133 140
201
295
0 200
400
600
800
1000
1200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

AVERAGE ACTIVE SHORT-TERM

RENTAL LIS TINGS IN S ANTA ANA
Unhosted Units Hosted Units
O2-1
Cont'
Better Neighbors Comment Letter
Agenda Item 15: Repeal and Re-enact Short Term Rental Prohibition

Page 3 of 4 ends

250 East 1st Street, Suite 1201; Los Angeles, California 90012 213.336.5900  betterneighborsla.org
City Councils of Calabasas, Diamond Bar, Rosemead, Culver City, West Hollywood, San Gabriel, La Mirada, Lakewood, Rolling Hills, Redondo, and Lawndale all have short-term rentals bans in place.5According to a study published in the Real Estate Economics Journal in 2023, in the City of Irvine rental prices decreased 3% on average following two years after the enforcement of their ordinance prohibiting short-term rentals in all residential zones. 6 This study
illustrates the positive impacts a prohibition on short-term rentals can have on addressing the affordability of housing in cities within Orange County. Given that a majority of housing units within Santa Ana are renter occupied, it is likely that a similar prohibition on short-term rentals will protect further protect tenant households.
7 A ban on short-term rentals is only as valuable as the enforcement that backs it. To see positive effects on the housing and rental market, Santa Ana should adopt the resolution to enhance administrative fines for violation of the ordinance and implement a centralized enforcement system to administer them. In Los Angeles, high administrative burden and a decentralized system of the Home-Sharing Ordinance enforcement has led to rampant abuse of the short-term rental market. For example, in July of 2024, Los Angeles has over 6,000 listings that are noncompliant with the Home-Sharing Ordinance.
8 Between January and August of 2024,
the City only issued 97 citations despite the high number of noncompliant listing.9 With a prohibition in place and enhanced administrative fines for violating the ordinance, Santa Ana can ensure that the City has strong, easily enforceable rules in order to issue citations and maintain the ordinance’s effectiveness.

https://www.codepublishing.com/CA/LagunaHills/#!/LagunaHills06/LagunaHills0640.html , City of Laguna Nigel:
https://library.municode.com/ca/laguna_niguel/codes/code_of_ordinances?nodeId=TIT9PLZO_DIV1PL_ART2COZOCO_SUB ARTICLE_3REDI_S9-1-38GRHO; City of Villa Park:
https://library.municode.com/ca/villa_park/codes/code_of_ordinances?nodeId=CHXXIIIZO_ART23-3EFZORE_S23-

3.5SHRMRE; City of Westminster: https://library.qcode.us/lib/westminster_ca/pub/municipal_code/item/title_9-chapter_9_74- 9_74_020; City of Yorba Linda: https://library.qcode.us/lib/yorba_linda_ca/pub/municipal_code/item/title_5-chapter_5_50- 5_50_030. City of La Habra: https://www.lhhcity.org/325/Short-Term-Rentals 5 Calabasas:
https://library.municode.com/ca/city_of_calabasas/codes/code_of_ordinances?nodeId=TIT17LAUSDE_ARTIIZODIALLAUS_C H17.12STSPLAUS_17.12.175SHRMREOCPRPREXLAAPHOMOBEBRIN; Diamond Bar:
https://www.diamondbarca.gov/Faq.aspx?QID=314; Rosemead:
https://library.municode.com/ca/rosemead/ordinances/code_of_ordinances?nodeId=900458; Culver City:
https://www.culvercity.org/Have-Your-Say/Short-Term-Rentals; West Hollywood:
https://ecode360.com/43916115?highlight=rental,rentals&searchId=1904165411732459#43916115; San Gabriel:
https://www.sangabrielcity.com/1341/Frequently-Asked-Questions#:~:text=Short- term%20rentals%20(anything%20less,term%20rental%20or%; La Mirada:
https://www.airbnb.com/help/article/2692#:~:text=Short%2Dterm%20rentals%20in%20residential,not%20permitted%20in%20L a%20Mirada; Lakewood: https://www.lakewoodcity.org/Business/Short-term-rentals Rolling Hills:
https://library.municode.com/ca/rolling_hills_estates/codes/code_of_ordinances?nodeId=TIT17ZO_CH17.47SHRMRERE_17.47 .020PU; Redondo Beach: https://www.redondobeachtourism.com/news/airbnb; Lawndale: https://ecode360.com/LA4957 6 https://onlinelibrary.wiley.com/doi/abs/10.1111/1540-6229.12440 7 According to the City of Santa Ana General Plan Housing Element, in 2018 53.8% of households were renter occupied, while

46.1% were owner occupied,
https://docs.google.com/viewerng/viewer?url=https://storage.googleapis.com/proudcity/santaanaca/uploads/2022/09/Housing_El ement_-Complete-9.16.22_Compressed.pdf
8 Data on file with BNLA from Los Angeles City Granicus data. https://granicus.com/ 9 Data on file with BNLA from Los Angeles City Planning Department.

O2-1
Cont'
Better Neighbors Comment Letter
Agenda Item 15: Repeal and Re-enact Short Term Rental Prohibition

Page 4 of 4 ends

250 East 1st Street, Suite 1201; Los Angeles, California 90012 213.336.5900  betterneighborsla.org
The proposed ordinance will further codify the prohibition and continue protecting long- term residents. According to the City of Santa Ana General Plan Housing Element, almost half (48%) of all households spend more than 30% of their income on housings costs and thus are considered cost burdened. In addition, the National Low Income Housing Coalition, the fair market rent for a two-bedroom home is $2,100, meaning a household would have to earn more than $40/hour to afford to house their family.
10 As residents in the City of Santa Ana continue to
bear the impacts of high housing costs, it is imperative the City protect and preserve housing for long-term residents.

For these reasons, Better Neighbors requests the City Council uphold the short-term rental ordinance passed in April of this year by repealing and re-enacting the Short-Term Rental Ordinance and adopting enhanced fines for violations. Should you have any questions, please contact Maura O’Neill at [email protected]
.

Sincerely,

Better Neighbors LA & Unite HERE Local 11

10 Data for zip code 92701, https://nlihc.org/oor/zip?code=92701.

O2-1
Cont'
I1
I1-1
I-1-1
Cont'
I1-1
Cont'
From: Sheri Menke
To: eComment
Subject: Vote NO on agenda item #15!
Date: Tuesday, December 3, 2024 2:15:30 PM
Attention: This email originated from outside of City of Santa Ana. Use caution when opening attachments or links.

Dear Council Members,
Thank you again for your service to our community! Vote NO on agenda item #15 and ask the staff to work with stakeholders on this issue, rather than introducing a ban. This is a complicated issue and the outcome affects thousands of people in this city. The staff did present a study to the planning commission in December of 2023. The outcome of that study was positive and the commission was supportive of a taxed and regulated program for STR's NOT a ban. How did we go from that study to a ban being introduced and why didn't this ordinance first go through the planning commission?
Thank you to those of you who mentioned that you are in support of the staff working with stakeholders like myself on this issue. Thank you also to the mayor for voting NO on November 19th and also in April. I do hope that the staff will meet with us in a timely manner and create regulations that will be presented to you sooner then later, as your vote tonight matters to us and so many stake holders
in this city!
I have worked hard for 7 years to get great reviews and shutting down my business temporarily will be devastating for myself, my employees, one of who spoke at the last meeting, and many other hosts like myself. Please vote NO on agenda item #15 as there is a better way forward for us all!
Best,
Sheri Menke
I2
I2-1

MEMORANDUM

To:

Honorable Mayor, Mayor Pro Tem, and
Members of the City Council

Date:

November 19, 2024

Minh Thai, Executive Director
From: Planning and Building Agency

Subject:

CITY RESPONSES TO CO MMENTS RECEIVED ON ORDINANCE AMENDMENT (OA) NO. 2024-04 FOR SHORT-TERM RENTALS

Prior to the City Council meeting of Tuesday, November 19, 2024, the City had received two comments on OA No. 2024-01 for short-term rentals. Specifically, one comment challenges the City’s environmental analysis pursuant to the California Environmental Quality Act (CEQA). The City has prepared a response to this comment to address the specific topic(s) raised by the commenter. None of the comments raise any new information or bring forward any new information of substance that has not already been addressed by the staff report and environmental analysis prepared for the City Council’s consideration of the action.

The City’s responses to the comments are included in this packet. The responses will also be uploaded to the online packet to form part of the project record.

Enclosures:

1. Public Comment Received on CEQA Analysis, with Numbering Annotations

2. City Response

www.santa-ana.org
RESPONSE TO COMMENTS MEMORANDUM – ITEM
35: OA NO. 2024-04 (SHORT-TERM RENTALS)

DATE November 19, 2024
TO City of Santa Ana
ADDRESS 20 Civic Center Plaza | P.O. Box 1988 |Santa Ana, CA 92702 CONTACT Ali Pezeshkpour, AICP, Planning Manager
FROM Malia Durand, Associate Principal
SUBJECT Response to Comments Received on the November 19, 2024, City Council Meeting Item No.35: Short-Term Rental Ordinance
PROJECT NUMBER SNT-24.2
A single comment was received prior to the November 19th, 2024 public hearing before the City Council (see Table 1). This memo provides responses to the comment received. As an Addendum does not require public circulation, a formal comment- and-response process is not necessary. However, for consideration by the Council, a response was prepared to provide clarity regarding the environmental concerns raised related to the City of Santa Ana Short-Term Rental Prohibition Ordinance (Modified Project).

Section 41 -190(a) of the Santa Ana Municipal Code is a permissive ordinance, me aning that those uses expressly listed in the Zoning Code are permissible, and those not listed are prohibited. The S anta Ana Municipal Code does not and has never listed short -term rentals as a permissible use in any zoning district.

As such STRs are prohibited and unauthorized under the enforcement practice afforded by Section 41-190(a).

The Modified Project would add Article XXI (Short -Term-Rentals) (Sections 8 -3400–8-3402) to Chapter 8, Building and Standards, of the S anta Ana Municipal Code. Specifically, Article XXI would include Sections 8 - 3400 through 8-3402 to provide definitions, identify prohibited uses, and identify violations of the Article. A description of each new section of Article XXI is provided in Attachment A of th e Environmental Impact Report (EIR) Addendum prepared for the project . Concurrently, the City Council is proposing to adopt a resolution to set administrative fines for violations of local building codes and short -term rental laws, pursuant to Government Code Section 36900 and Santa Ana Municipal Code Sections 1-21 through 1-21.9.

Table 1 Comments Received
Number
Reference Commenting Agency/Person Date
Organization
O1 Gaines & Stacy LLP November 18,2024

November 19, 2024 | Page 2
The original comment letters with brackets and number assignments for individual comments are included as an attachment to this memorandum (Attachment A). Responses are provided to each of the comments below.

November 19, 2024 | Page 3
Letter O1 –Gaines & Stacey LLP (171 pages)
O1. Response to Comments to Alicia B. Bartley from Gaines & Stacey LLP, dated November 18, 2024.

O1-1 This comment summarizes the role of Gaines & Stacey LLP and requests the City repeal and reenact a prohibition on short-term rentals (STRs). No response is required.

O1-2 This comment summarizes the conclusions made in the comment letter. Specifically, that the Modified Project would adversely impact the environment (vehicle miles traveled [VMT], air quality, energy consumption, and greenhouse gas emissions [GHG]) , violate state and federal law, and infringe on the rights of STR hosts and their guests.

The Environmental Impact Report (EIR) Addendum identified that the previously certified General Plan Update Final Program EIR (GPU PEIR) concluded significant and unavoidable impacts related to air quality and greenhouse gas emissions. Significant changes related to VMT and energy consumption would occur if the Modified Project proposed would result in significant expansions or changes to existing or former uses; these changes would deviate from the scope of the approved project , the impacts of which would not be covered by the certified General Plan Update Final PEIR. The Modified Project would not result in a significant expansion of exis ting or former uses; the Modified Project reaffirms existing law which is that STRs are not permitted in any zone district of the City and were not permitted at the time the General Plan Update Final P EIR was certified . No development, redevelopment, or ch ange to existing development type in the City is proposed or required to implement the Modified Project. The Modified Project would not result in any new or more severe significant impacts than previously analyzed in the certified General Plan Update Final PEIR because STRs have never been an allowed use .

The Modified Project affirms this condition and establishes a mechanism to enforce removal of land uses inconsistent with this policy of the City. This comment does not identify a specific deficiency in th e EIR Addendum nor a new or exacerbated potential significant environmental impact. No changes to the EIR Addendum and no additional CEQA documentation are required.

O1-3 This comment requests that the City repeal the existing Article XXI to Chapter 8 of the Santa Ana Municipal Code and requests that City Staff work with stakeholders to develop a new ordinance that underscores that STRs may continue operating. This comment does not identify a specific deficiency in the EIR Addendum nor a new or exacerbated potential significant environmental impact. No changes to the EIR Addendum and no additional CEQA documentation are required.

O1-4 This comment provides background information regarding the Santa Ana Short -Term Rental Alliance and challenge to the April 2024 STR Ordinance. This comment does not identify a specific deficiency in the EIR Addendum nor a new or exacerbated potential significant environmental impact. No changes to the EIR Addendum and no additional CEQA documentation are required.

O1-5 This comment provides a summary of the history and importance of STRs in the City. No further response is necessary.

O1-6 This comment states that the Modified Project is unrelated to the approved project analyzed in the certified General Plan Update Fina l PEIR and that the Modified Project

November 19, 2024 | Page 4
would result in significant environmental impacts that have not been evaluated under CEQA.

As discussed on Page 7 of the EIR Addendum, Section 41-190(a) of the Santa Ana Municipal Code is a permissive ordinance, meaning that those uses expressly listed in the Section are permissible and those not listed are prohibited. The Santa Ana Municipal Code does not now, and has never listed STRs as permissible uses in any zone district, including those zoned for residential. According to the California Department of Housing and Community Development (HCD)
1, STRs decrease housing supply; thereby altering the existing conditions established in the Geneal Plan EIR. The Modified Project would amend the Santa Ana Municipal Code to expressly prohibit short-term rentals within the City. The Modified Project would reaffirm existing law and solidify the existing conditions analyzed in the certified General Plan Update Final PEIR and would set administrative fines for violations of local building codes and short-term rental laws, pursuant to Government Code Section 36900 and Santa Ana Municipal Code Sections 1 -21 through 1-21.9. The Modified Project would not result in a significant expansion of existing or former uses. No development, redevelopment, or change to existing development type in the City is proposed or required to implement the Modified Project. Therefore, the Modified Project would not significantly change the scope of the approved project analyzed in the certified General Plan Update Final PEIR. Ergo, the EIR Addendum prepared for the Modified Project is the appropriate CEQA documentation as the Modified Project is within the scope of the approved project.

The commenter suggests that the Modified Project (permitted uses) would r esult in more severe impacts as compared to the existing illegal uses (STRs). T his comment states that the following environmental topics will be adversely affected by the Modified Project based on conclusions identified in Attachment A (CAJA Environmental Services, Significant Environmental Effects of Banning Short-Term Rentals in the City of Santa and Requirement Require Additional Environmental Analysis Under CEQA) of the comment letter:
• Air quality (mobile emissions)
• Energy (energy demand)
• GHG emissions (mobile emissions)
• Noise (traffic noise)
• Transportation (VMT)
It should be noted that “Environmental Justice” is not an environmental topic included in Appendix G of the CEQA Guidelines. However, impacts on disadvantaged communities are discussed in the t opics listed above. No response is required to address environmental justice.

The commenter’s conclusions regarding the above listed topics are rooted in speculative data and assumptions used in Attachment A. For example, Attachment A of the comment letter states that the Modified Project would force visitors and residents to find transient accommodations outside the City which necessarily assumes that the visitors would ignore the many existing hotels and motels that already exist within the City. This comment is speculative as it is based on unsubstantiated assumption rather than substantial evidence.

CEQA Guidelines Section 21082.2 states that “argument, speculation, unsubstantiated opinion or narrative, evidence which is clearly inaccurate or erroneous, or evidence of

1 California Department of Housing and Community Development, California’s Housing Future 2040: The Next RHNA, https://www.hcd.ca.gov/sites/default/files/docs/planning-and-community/rhna/cahf-2040-rhna-report-2024.pdf

November 19, 2024 | Page 5
social or economic impacts, which do not contribute to, or are not caused by, physical impacts on the environment, is not substantial evidence.” Additionally, CEQA Guidelines Section 15145 states that speculative analysis need not be included in impact discussions.

The EIR Addendum identified that the previously certified General Plan Update Final P EIR concluded significant and unavoidable impacts related to air quality , GHG emissions, and noise. Significant changes related to VMT, and energy consumption would occur if the Modified Project would result in significant expansions or changes t o existing or former uses; these changes would deviate from the approved General Plan, the impacts of which would not be covered by the certified General Plan Final Update PEIR. No development, redevelopment, or change to existing development type s in the City are proposed or required to implement the Modified Project. The Modified Project is not adding any new land use, and reaffirms the conditions in effect at the time of the certification of the General Plan Update Final PEIR . Nothing in the comment letter based on fact, or in the analysis in the Addendum point to any facet of the Modified Project that would result in any new or more severe significant impacts than previously analyzed in the certified General Plan Update Final PEIR. No changes to the EIR Addendum and no additional CEQA documentation are required.

The comment also claims that an addendum is inappropriate because the Modified Project constitutes a new project that has not been previously reviewed and warrants new environmental review. CEQA includes a presumption against requiring any further environmental review once an EIR has been prepared for a project. (Pub. Resources Code, 21166.) As the court explained in Bowman v. City of Petaluma (1986) 185 Cal.App.3d 1065, 1073, “[S]ection 21166 comes into play precisely because in -depth review has already occurred, the time for challenging the sufficiency of the original EIR has long since expired [21167(c)], and the question is whether circumstances have changed enough to justify repeating a substantial portion of the process.” (emphasis added.) As discussed above and in the Addendum, the Modified Project does not change or alter in any way the existing land use designations citywide set forth in the General Plan and analyzed in the GP Final PEIR . In other words, contrary to the comment, the Gener al Plan Update Final PEIR offers information value because it already analyzed the land use conditions within the City as contemplated and proposed in the Modified Project. Thus, there are no substantial changes being made to the project or with respect to circumstances that warrant major revisions to the previous GP Final PEIR due to the involvement of new or more severe significant impacts, nor is there new information of substantial importance that shows there will be new or more severe significant impacts.

An Addendum to the General Plan Update Final PEIR is therefore appropriate.

For the same reasons as discussed above and in the EIR Addendum, the Modified Project also fits within the Class 1 exemption. The Modified Project would not result in a significant expansion of existing uses or former uses, and instead reaffirms the existing law. The comment raises no substantial evidence to suggest that the Modified Project does not fall within Class 1, or that any of the exceptions to the Class 1 exemption under State CEQA Guidelines section 15300.2 apply here. The Modified Project is therefore also exempt from further environmental review pursuant to the Class 1 exemption.

O1-Attachment A This attachment states that the City’s environmental analysis of the Modified Project is inadequate and reiterates the statements summarized in Comment O1 -6. The attachment’s conclusion is based on unsubstantiated data and assumptions. The

November 19, 2024 | Page 6
attachment makes erroneous assumptions that the Modified Project would force visitor s and residents to travel further and longer for transient accommodations and would indirectly cause the construction of hotels. These claims are baseless, speculative and are not backed by substantial evidence. Additionally, t he attachment states that the General Plan Update Final PEIR did not analyze impacts related to STRs; therefore, does not include informational value related to the STRs ban impacts on air quality, GHG emissions, noise, and VMT. Because STRs are not a permitted use and have never been a permitted use, the baseline used in the General Plan Update Final PEIR did not include STRs as an existing use; the General Plan Update Final PEIR analyzed impacts related to legally conforming uses. If the STR ban were to be rescinded, impacts associat ed with the legal operation of STRs would be required to be analyzed under CEQA as these impacts would be considered a new use and would not be covered by the certified EIR and would result in changes to the approved General Plan. The conclusions identifie d in the attachment are based on argument, speculation and unsubstantiated opinions/narrative and do not provide substantial evidence to support the commenter’s conclusions. No changes to the EIR Addendum and no additional CEQA documentation are required.

The City will consider all comments and recommendations as part of its decision-making for this project.

November 19, 2024 | Page 7
Attachment A: Bracketed Comment Letter
5820 Canoga Avenue, Suite 300
Woodland Hills, CA 91367
T (818) 933-0200
F (818) 933-0222
www.gaineslaw.com
November 18, 2024
VIA EMAIL [email protected]
Mayor Valerie Amezcua
Mayor Pro Tem Thai Viet Phan
Councilmember Benjamin Vazquez
Councilmember Jessie Lopez
Councilmember Phil Bacerra
Councilmember Johnathan Ryan Hernandez
Councilmember David Penaloza
Santa Ana City Council
City Council Chamber
20 Civic Center Plaza M-30
Santa Ana, CA 92701
Re: November 19, 2024, City Council Meeting – Item 35: Ordinance Amendment No. 2024- 04 Repealing and Reenacting in its Entirety Article XXI to Chapter 8 of the Santa Ana Municipal Code Prohibiting Short-Term Rentals, and Adopt Enhanced Fines for Violations of the Short-Term Rentals Ordinance
Dear Mayor Amezcua and Honorable City Councilmembers,
This law office represents the Santa Ana Short -Term Rental Alliance (“Rental Alliance”), whose members own and operate STRs within the City. Thank you for the opportunity to submit t hese comments on behalf of the Rental Alliance on the City’s proposed Ordinance Amendment No. 2024-04, amending the Santa Ana Municipal Code (“SAMC”) to repeal and reenact a prohibition on short-term rentals (“STRs”) (the “Amended Ordinance”).

As we detail below, consistent with many of our prior comments, the City’s proposed prohibition of STRs would (a) result in significant environmental impacts , (b) violate state and federal law , and (c) unconstitutionally infringe on the rights of ho sts and their guests . We also present new evidence by technical experts demonstrating the STR ban will adversely impact the physical environment by causing reasonably foreseeable increases in vehicle miles traveled (“VMT”), air pollutants (and related adverse health consequences), greenhouse gas emissions, and fossil fuel consumption. As just one example from the attached technical reports: when comparing visitors staying at a hotel compared to an STR, mobile emissions of volatile organic compounds, nitrogen oxides (“NOx”), and micro particulates (“PM 2.5”)—all scientifically proven to contribute to smog and increase risks of cancer, asthma, lung damage, and other health impairments—were calculated O1
O1-1
O1-2
Santa Ana City Council
November 18, 2024

Page 2 ends

2 to increase b y over 400% . These impacts risk harming sensitive receptors and environmental justice communities contrary to state, regional, and local policies. The City’s cursory addendum is woefully inadequate in analyzing and disclosing these impacts to the community.

We respectfully request that you repeal the existing Article XXI to Chapter 8 of the SMC (which was adopted illegally in April 20 24) and direct Staff to work with stakeholders to develop a new ordinance that underscores that STRs may continue operating, subject to reasonable regulations, including an enforcement and transient occupancy tax (“TOT”) regime for STRs.

Background on the Santa Ana Short-Term Rental Alliance and Challenge to the April 2024 STR Ordinance
The Santa Ana Short-Term Rental Alliance (“Rental Alliance”) is an unincorporated community association made up of hardworking residents of both the City of Santa Ana and Southern California that own and/or manage homes located within City limits rented on a short-term basis.

They come from diverse backgrounds and call California home. In April 2024, the City unlawfully enacted an ordinance banning STRs in the City with almost no public notice and without undertaking the environmental review required by the Ca lifornia Environmental Quality Act (“CEQA”). That action threatened to destroy Rental Alliance members’ livelihoods and housing security, closed the door to Santa Ana for countless would -be visitors, and disproportionately affected the individuals and families most in need of flexible housing options and who are often shut out of the long-term residential housing market.

In response to that illegal action, this office filed a challenge on behalf of the Rental Alliance in Orange County Superior Court (Santa Ana Short-Term Rental Alliance v. City of Santa Ana , No.

TC24-5449 (Orange County Superior Court). While we are pleased that Staff has brought forward a proposal to rescind the illegally adopted ordinance , the Amended Ordinance proposes to adopt the exact same ban on STRs as adopted in April. As summarized herein, the Amended Ordinance is legally flawed, and should the City move forward with readopting the ban, the Rental Alliance intends to challenge the Amended Ordinance.

History and Importance of STRs in Santa Ana
STRs have always been lawful, residential uses in Santa Ana. Hosts have opened and shared their homes to transient renters for decades, providing important visitor -serving accommodations and offering guests authentic cultural experiences in all corners of the City. These rentals provide an opportunity for visitors to Orange County to meet and interact with locals who graciously share their homes. And with the exception of a brief 2015 moratorium that expired on its own terms, STRs have long been a recognized activity in Santa Ana. Indeed, many of the Rental Alliance members have acquired a business license from the City for each rental unit that they own or manage.

O1-2
Con't
O1-3
O1-4
O1-5
Santa Ana City Council
November 18, 2024

Page 3 ends

3 STRs help to make housing affordable for those homeowners who are able to “home share” and earn money by renting portions of their houses, or the entire house, for a period of time. This helps make homeownership possible for many Santa Ana residents who otherwise could not afford the high cost of housing.

Home sharing has made communities throughout California accessible to more and more families—even if only for a weekend. It fosters vibrant and diverse communities and supports a robust tourism economy statewide. Without STRs, many desirable vacation destinations, such as Orange County, would likely be less accessible for a wide variety of families.

Home sharing also addresses a critical unmet need in California’s ongoing housing crisis. Aspiring full-time residents who are unable to pay steep residential move-in costs, which typically include advance payment of first and last months ’ rent and a sizeable security deposit, can immediately occupy an STR without the substantial up-front cost. In this way, STRs can immediately supply housing to fill a critical gap in availability facing California cities. STRs also play an important role for aspiring residents seeking to sample, and then select, the type and location of their preferred long-term rental home or home purchase.

The City’s complete failure to recognize the history of STRs in the City and their extensive benefits is particularly troubling.

The Prohibition of STRs Will Have Significant Environmental Impacts That Have Not Been Evaluated under CEQA
The Amended Ordinance will have significant environmental impacts, and the City has failed to appropriately evaluate these impacts under CEQA. As summarized next, the evidence is clear that the STR ban will impact the physical environment, resulting in reasonably foreseeable direct increases in vehicle miles traveled, air pollutants (with adverse health consequences), greenhouse gas emissions, energy use (including fossil fuels), and more. The City has fallen far short of analyzing these direct impacts in conformance with CEQA. What is more, the City patently ignores reasonably foreseeable indirect effects spurred by the STR ban, such as new c onstruction to account for increased hotel demand, and cumulative impacts resulting from cascading regional impacts from similar STR bans. Despite our strenuous requests during the April 2024 hearings and the subsequent litigation, the City continues to sh irk its responsibilities under CEQA to analyze and disclose the true consequences of its actions.

1. The City inappropriately relies on an addendum to an EIR for a completely different, unrelated project.

First, the City’s reliance on an addendum to the General Plan Programmatic EIR ( “GP PEIR”) is impermissible under CEQA because the Amended Ordinance constitutes a new project that has not been previously reviewed, and the changes it introduces are substantial, requiring new environmental review.

O1-5
Con't
O1-6
Santa Ana City Council
November 18, 2024

Page 4 ends

4 CEQA provides that a changed project may only undergo a streamlined subsequent environmental review under certain circumstances that trigger either a subsequent EIR, a supplemental EIR, or an addendum to a previously certified EIR. (See CEQA Guidelines §§ 15162–64.) An addendum to a previously certified EIR is appropriate only when the necessary changes or additions do not trigger a subsequent or supplemental EIR, meaning the changes or additions are minor and do not involve new significant environmental effects or a substantial increase in the severity of previously identified significant effects. (CEQA Guidelines §§ 15162 and 15164.) In all cases, though, CEQA’s “subsequent review provisions apply only to a previously approved project that has been subject to environmental review; the provisions do not apply if the agency has proposed a new project not previously analyzed in the original environmental document .” (Martis Camp Community Association v. County of Placer (2020) 53 Cal.App.5th 569, 606 n.26 [emphasis added]; see also Friends of College of San Mateo Gardens v. San Mateo County Community College Dist. (2016) 1 Cal.5th 937, 950 [CEQA’s “subsequent review provisions . . . have no application if the agency has proposed a new project that has not previously been subject to review.”].)
The Staff Report asks the City to certify an addendum based on the GP PEIR that did not review the environmental impacts of the Amended Ordinance or even acknowledge the existence of STRs in the City. The Amended Ordinance therefore “has not previously been subject to review” under CEQA and the use of an addendum or any other subsequent environmental review pathway is insufficient to comply with CEQA. Further, Friends of College of San Mateo Gardens held that in order for a lead agency to rely on a previous ly certified CEQA document, that document must “retain informational value” as to the new project. ( Friends of College of San Mateo Gardens v.

San Mateo County Community College Dist. (2017) 11 Cal.App.5th 596, 605.) Here, because the GP PEIR does not analyze the impacts of banning short term rentals or even mention short term rentals at all, it retains no informational value as to the Amended Ordinance. Indeed, the GP PEIR offers no informational value on the reasonably foreseeable direct, indirect and cumulative impacts from the STR ban because the GP PEIR analysis completely ignores STRs. The Proposed Ordinance is a new project constituting a substantial change from the conditions contemplated in the GP PEIR. In a case with similar facts as this one, a court rejected the argument that a city’s zoning code had always prohibited STRs and instead held that an ordinance expressly banning STRs was an amendment to the city’s local coastal plan requiring Coastal Commission approval. (Keen v. City of Manhattan Bea ch (2022) 77 Cal.App.5th 142, 148–49.) Here, like in Keen, the Amended Ordinance does not maintain the “legal status quo” and therefore is a new project and the City cannot rely on previously approved documents that did not contemplate the impacts of the Amended Ordinance.

Moreover, the environmental document prepared for the General Plan was a program EIR. “When a program EIR is employed, if a later proposal is not either the same as or within the scope of the project described in the program EIR . . . it is treated as a new project and must be fully analyzed.” (Save Our Access v. City of San Diego (2023) 92 Cal.App.5th 819, 845.) [internal quotations and citations omitted].) A program EIR that does not include any discussion or analysis of a later proposed activity is not a dequate to inform the public of the environmental effects of that later activity such that the later activity is outside the scope of the program EIR. ( Id. at 852-53.) The O1-6
Con't
Santa Ana City Council
November 18, 2024

Page 5 ends

5 GP PEIR does not discuss, analyze, or inform the public of the environmental effects associated with the Amended Ordinance. Therefore, even if the City were to assess the Amended Ordinance under the GP PEIR, the environmental impacts of the STR ban were adequately assessed by the scope of the GP PEIR and therefore the STR ban must be fully analyzed with a project -specific EIR.

The evidence is clear —and far exceeds the “fair argument” standard —that an EIR is needed because the STR ban is likely to cause potentially significant impacts to the environment that were not covered by the GP PEIR. (Id. at 845 [“The Supreme Court explained ‘when a program EIR is employed, if a later proposal is not either the same as or within the scope of the project … described in the program EIR,’ then review of the proposal is not governed by section 21166’s deferential substantial evidence standard.”] [emphasis added].) In addition, even if the GP PEIR were relied upon, the high-level, programmatic nature of the GP PEIR translates to a lack of detail that requires much more than a short addendum to correct.

Rather, a supplemental or subsequent EIR is needed because the ST R ban cannot be addressed with “minor” changes to the GP PEIR. Under CEQA Guidelines Section 15164, an addendum is only permitted where minor changes are needed to the prior analysis. As detailed herein, the complete absence of prior analysis of STRs, let alone the STR ban, requires changes to many topic areas covered by CEQA and raises new potentially significant impacts that cannot be addressed with minor clarifications.

For these reasons, the City’s approval of the Amended Ordinance based on an addendum or any other subsequent, supplemental, or tiered analysis based on the GP PEIR would violate CEQA.

2. The potentially significant environmental impacts of an STR ban require the City to prepare a new EIR.

Even if an addendum were appropriate, the 51-page Addendum falls far short of appropriately analyzing and disclosing impacts under CEQA. The GP PEIR is silent on STRs and the Addendum contains only a cursory, superficial, and unsupported analysis of the STR ban. As detailed in Attachment A to this letter ( CAJA Environmental Services, Potential Significant Environmental Effects of Banning Short-Term Rentals in the City of Santa and Requirement Require Additional Environmental Analysis Under CEQA , November 14, 2024 [“CAJA Report”]) , there are several potentially significant direct environmental impacts that could result from a STR ban in the City, including but not limited to:
• Air quality . The STR ban would result in an increase in daily mobile emissions of approximately 443 percent of NOx and 444 percent of PM 2.5 from guests of STRs transitioning to using hotels. (CAJA Report, pp. 2 -3.) N Ox causes adverse health consequences including breathing difficulties and increased risk of chronic pulmonary fibrosis as well as bronchitis in children. PM2.5 can damage the respiratory tract, increasing the number and severity of asthma attacks, and aggravating bronchitis and other lung diseases, and reducing the body’s ability to fight infections. ( Ramboll Memo re Environmental Analysis of Short-Term Rental Regulation dated November 14, 2024, p. 3.) O1-6
Con't
Santa Ana City Council
November 18, 2024

Page 6 ends

6 Construction of new hotels without emissions mitigation would result in an excess cancer risk of 48 in a million for the maximum exposed individual – exceeding by more than 4 times SCAQMD’s threshold of 10 in a million. (CAJA Report, p. 2.) • Environmental Justice Community impacts . The STR ban would disproportionately burden environmental justice communities because the City’s communities most burdened by regional pollution and localized traffic exposure are located near the existing hotel stock and would be directly impacted by in creased hotel usage in response to the STR ban, increasing the known pollution contributors to respiratory and cardiovascular health risks in these communities. (CAJA Report, p. 3.)
• Traffic concentration and health impacts . The STR ban could increase traffic concentrated on roadways going to the hotels in the City by 7,560 vehicles per day, resulting in health impacts that would exceed the SCAQMD CEQA threshold of significance for cancer risk. (CAJA Report, p. 3.)
• Energy. The STR ban would increase energy demand because hotels use more energy per person than STRs (more than 5x more electricity, more than 2x more natural gas). (CAJA Report, p. 3.) By increasing VMT, the STR ban would also increase reliance on fossil fuels to power vehicle trips–the daily mobile fuel consumption for hotels is more than five times greater for hotels compared to STRs for both gasoline and diesel–inconsistent with regional and state climate goals. (CAJA Report, p. 3.)
• GHG emissions. The STR ban would result in an increase of daily mobile emissions of GHG by 443 percent, contributing to a significant increase in emissions in the area in direct conflict with regional and state goals to reduce VMT and GHG emissions from vehicle trips. (CAJA Report, p. 3.) Further, Ramboll concluded that the increased energy demand associated with hotels compared to STRs would result in a 179 percent increase in GHG emissions per person. (CAJA Report, p. 3.)
• Noise. The STR ban could concentrate traffic on roadways going to hotels in the area, since many hotels in the City are located in one concentrated area of the City, resulting in noise impacts above the City’s General Plan Noise Element standard of 65 dBA CNEL, potentially exacerbating existing noise impacts or creating a new significant noise impact. (CAJA, p. 4.)
There are also potential indirect impacts stemming from the ban’s reasonably foreseeable result of new hotel space construction. The STR ban will cause potentially significant new impacts related to hotel construction including air quality and health impacts from construction emissions including diesel particulate matter, and noise impacts exceeding the City’s General Plan Noise Element standard and the City’s noise ordinance. (CAJA Report p. 4.) These and the other potentially significant environmental impacts summarized in Attachment A to this letter also mean the Amended Ordinance is not eligible for a Class 1 exemption and that the City must prepare a full EIR.

O1-6
Con't
Santa Ana City Council
November 18, 2024

Page 7 ends

7 If the City Council were to ignore the substantial evidence in the record of potential impacts and proceed with adopting the Amended Ordinance without first preparing an EIR to analyze these potentially significant impacts, alternatives to the STR ban that may result in lesser impact s, and mitigation measures to reduce the potential impacts, such an action would constitute an abuse of discretion.

Prohibiting STRs in Santa Ana Violates State and Federal Law The prohibition of STRs in the City violates state and federal laws in numerous ways. Specifically:

1. STRs have legally operated in Santa Ana, with the City’s knowledge and acceptance, for decades.

STRs have operated legally in the City for decades and the City has acknowledged the operation of STRs within its boundaries for years. For instance, on September 15, 2015, the City Council implemented “an emergency ordinance adopting a 45 -day temporary moratorium on the establishment or expansion of any short term residen tial rental use.” (Ordinance No. NS -2886.) This ordinance acknowledged that “[t]he current provisions of the Santa Ana Municipal Code [] do not clearly identify short-term residential rental uses or take into account the potential impacts associated with the establishment of STRs within existing residential zones. As such, provisions of . . . the Code . . . require review, study, and possible revision in order to respond to recent concerns relating to the impacts of these short -term rental uses in the City.” (Id., Section 1.B (emphasis added). ) Importantly, the 2015 emergency ordinance for the moratorium specially provided: “No short-term residential rental is permitted in a residential zone as defined in Article I of Chapter 41 of the Code.” (Id., Section 2.) Of course, this new prohibition would not have been necessary had STRs not been an existing lawful use in the City. On October 20, 2015, the City Council considered a recommendation to extend the moratorium adopted on September 15, 2015, but it declined to do so. The result was that STRs continued operating as lawful residential uses throughout the City.

Then, after continuously issuing ministerial business licenses for hosts renting their property on a short-term basis and long after the temporary moratorium expired, the City changed its position.

Around early 2022, the City suddenly claimed that STRs were pro hibited based on the City’s “permissive” zoning ordinance and commenced enforcement actions against existing hosts. And now, the City states in the Staff Report that “STRs are not, and have never been, a permitted use under the City’s zoning code. The refore, STRs have always been prohibited by the City and this ordinance is reaffirming existing policy and practice.” (November 19, 2024, Staff Report, p. 3.) This position is directly contradicted by the Municipal Code itself. “Short -Term Rentals” are mentioned in the Municipal Code in the context of urban lot splits. The Municipal Code specifically states that “Short-term vacation rentals (STRs)” are not permitted in dwelling units on lots created by an urban lot split. (Santa Ana Mun. Code § 41.2109(l)(2); see also id. § 41 - 2115(l)(2) [same prohibition for dwelling units on lot for Two-Unit Projects].) Notably, in both of these code provisions, the prohibition on STRs on these types of lots is in a separate subpart O1-6
Con't
City

Santa Ana City Council
November 18, 2024

Page 8 ends

8 from a prohibition on “non-residential uses” on these types of lots . (See Santa Ana Mun. Code § 41.2109(l)(1) [“Residential-only. No non-residential use is permitted on any lot created by urban lot split.”]; § 41 -2115(l)(2) [same].) If STRs were not a residential property use, the separate prohibition would be superfluous.

The City’s express prohibition of STRs on certain lots refutes the City’s argument that they are prohibited by omission throughout the entire City. After all, why would the City prohibit them explicitly in one place if they were already impliedly prohibited everywhere? If they are prohibited in the entire City, sections 41-2109 and 41-2115 would be superfluous—in violation of California law. (In re C.H., 53 Cal.4th 94, 102 -03 (2011) [California courts strive to give meaning to every word in a statute and av oid constructions that render words, phrases , or clauses superfluous.]; Escamilla v. Vannucci, 97 Cal.App.5th 175, 187-88 (2023).) Homeowners cannot understand what is and is not prohibited if the City adopts such nonsensical readings of its own zoning provisions.

Staff’s position that STRs are currently unlawful under the City’s current zoning ordinance is also foreclosed by the California Court of Appeal’s decision in Keen v. City of Manhattan Beach. (77 Cal. App. 5th 142 (Cal. Ct. App. 2022).) There, the court considered a permissive zoning ordinance from Manhattan Beach that is very similar to Santa Ana’s current zoning ordinance. Manhattan Beach’s ordinance permitted “single -family residential” and “multi -family residential” uses but did not say anything about STRs. (Id. at 149.) As a result, people in Manhattan Beach had “[f]or quite some time, . . . rented residential units in Manhattan Beach on both long - and short-term bases,” and “[t]he City knew about that practice and occasionally got co mplaints about a rental property[.]” (Id. at 146.) Then, in 2015, Manhattan Beach passed an ordinance banning STRs and claimed—much like Staff has done here —that it was merely “reiterating” the City’s supposedly existing “implicit” ban on STRs. (Ibid.)
The Court of Appeal squarely disagreed, holding that Manhattan Beach’s zoning code “ always permitted short-term, as well as long-term, residential rentals.” (Id. at 148 (emphasis added).) The court explained that once the house or apartment building was built, anyone – renter or owner – could reside there for periods long or short, since the code “offer[s] no textual basis for a temporal distinction about the duration of rentals”, and the term “‘residence’ does not imply some minimum length of occupancy” ( Id. at 148 -149.) In short, “[a] ‘residential building’ is used for human habitation without regard to length of occupancy,” and “[i]t is possible to reside somewhere for a night, a week, or a lifetime.” (Id. at 149.)
As in Keen, the Santa Ana Municipal Code authorizes “single -family residence” and “multiple family residence” uses, and these classifications place no minimum length of occupancy restriction on these residential uses. (Santa Ana Mun. Code, § 41-184 et seq.) And, just as in Keen, long-term rental of residential property is permitted under the existing Santa Ana code. And so, just as in Keen, without any durational requirement for rentals in the code, there is no justification for the unfounded claim that STRs are currently forbidden.

City

Santa Ana City Council
November 18, 2024

Page 9 ends

9 2. The Amended Ordinance would unlawfully terminate existing, lawful nonconforming uses in violation of rights protected by California law and the City’s Municipal Code.

A lawful nonconforming use is “one that existed lawfully before a zoning restriction became effective and that is not in conformity with the ordinance when it continues thereafter.” Hansen Bros. Enters., Inc. v. Bd. of Supervisors , 907 P.2d 1324, 1327 n.1 (Cal. 1996) (citing cases). The nature and extent of the use at the time the use is rendered nonconforming “determines the right to continue the use.” Id. California courts have long held that a party may continue to use their property even though such use is nonconforming. (Hill v. Manhattan Beach, 6 Cal.3d 279, 285-86 (Cal. 1971); Livingston Rock & Gravel Co. v. Los Angeles County, 43 Cal.2d 121, 127 (Cal. 1954); Edmonds v. Los Angeles County, 40 Cal.2d 642, 651 (Cal. 1953); E.B. Jones v. City of Los Angeles, 211 Cal.304, 310 -311 (Cal. 1930).) The reason is simple: immediate termination of previously lawful (and now non-conforming) uses would be of doubtful constitutionality. (Livingston Rock & Gravel Co., 43 Cal. 2d at 127; Edmonds, 40 Cal. 2d at 651.) Th is follows from “vested rights” principles, which provide that when a zoning ordinance changes, a property owner may have a “vested right” to continue the existing use, notwithstanding the newer zoning restriction. ( City of Ukiah v. County of Mendocino, 196 Cal.App. 3d 47, 56-57 (Cal. Ct. App. 1987).) Santa Ana’s proposed Ordinances would violate these principles. Hosts are making lawful uses of their property, and they have made significant investments in their homes to offer them as STRs .

Settled California law affords them nonconforming use rights to continue their STR use. The Amended Ordinance cannot legally withdraw those rights.

Prohibiting existing STRs also directly conflicts with the City’s Municipal Code, which provides that legal nonconforming land uses may continue subject to limitations on expansion or enlargement of the use, or abandonment of use. (See Santa Ana Mun. Code § 41-683 – 41-689.)

3. Recent United States Supreme Court cases establish that the Amended Ordinance would result in a taking, entitling all hosts of the 700+ existing STRs in the City to compensation.

The Due Process Clause of the Fourteenth Amendment safeguards rights deeply rooted in United States history. Property rights, traditionally viewed as a “bundle of sticks,” are crucial to liberty, with constitutional framers emphasizing private property as bulwark against unlawful exercises of state power. The right to lease one’s property is a critical aspect of these rights, protected by the Takings Clause of the U.S. and California constitutions, which requires just compensation for property taken or damaged for public use.

The Supreme Court recently expanded physical takings law to encompass temporary and intermittent physical invasions similar to deprivations of the right to lease. In Cedar Point Nursery v. Hassid , the Court held that a regulation requiring agricultural employers to allow union organizers to have periodic and temporary access to farm workers on the property constituted a physical (and not a regulatory) taking. (594 U.S. at 143.) Simply put, the “regulation appropriate[d] for the enjoyment of third parties the owners’ right to exclude,” which, again, the Court hailed as “‘one of the most treasured’ rights of property ownership.” (Id. at 149.) The ordinance here not only impedes on the corollary right to include, it also effectively requires hosts to allow renters City

Santa Ana City Council
November 18, 2024

Page 10 ends

10 on their property for longer, and that longer term use amounts to a physical incursion on hosts’ right to exclude.

Importantly, the Federal District Court of Hawaii recently considered an ordinance similar to that proposed by Santa Ana that barred certain STRs. (Hawai’i Legal Short-Term Rental All. v. City & Cnty. of Honolulu, 2022 WL 7471692, at *2-3 (D. Haw. Oct. 13, 2022).) In resolving the plaintiff’s motion for a preliminary injunction, the court held that the plaintiff would likely succeed on the merits of a takings claim under the Federal and Hawaii Constitutions. (Id. at *5.) Because the Ordinance impacts both the right to include and the right to exclude from one’s property, all existing STR hosts would be entitled to compensation if the City Council were to adopt the Amended Ordinance.

4. The adoption of the Amended Ordinance would constitute arbitrary and capricious decision-making.

There is no evidence in the record that STRs in the City cause a nuisance, and the City’s extreme approach of banning STRs and infringing on homeowners’ legal rights is unsupported by the record. STRs play an important and environmentally sustainable role in the City, and provide significant benefits to the City, its residents, and its visitors, and these benefits are being completely ignored. The Staff Report provides no evidence that any STRs in the City contribute to nuisance-type conditions such as “excessive noise, parking problems, and trash,” nor does it acknowledge that the SAMC already has several existing enforcement mechanisms to mitigate public nuisances. (SAMC, Chapter 17.)
In reality, many STRs in the City are either owner-occupied, meaning that the host is on site while guests are present because they live there full -time and have an extra room/rooms, or are entire home STRs which are rented on a short-term basis because the owner travels or is in the City only on a seasonal basis and so cannot rent the property on a long -term basis (e.g., six -month or one- year lease). Further, as discussed in a recent study conducted by the Milken Institute on STRs in California, “the notio n that decreasing STR supply will mitigate California’s extreme housing shortage is not supported by the evidence. The only solution to California’s housing crisis is to provide more housing: specifically denser, more affordable multifamily housing units.” 1 A review of the Housing Element reveals that the City does not appear to mention STRs anywhere in that document. (See City of Santa Ana General Plan Housing Element). In the section of the Housing Element discussing “Housing Constraints,” the City notes that various factors influencing the City’s ability to meet its housing goals include market factors (land costs, construction and rehabilitation costs, availability of financing, and recent trends in foreclosures), governmental factors (land use regulations, development standards, building codes, permit procedures, and other local policies), and environmental factors (adequacy of infrastructure, public services, and water 1 Alissa Dubetz, Matt Horton, and Charlotte Kesteven, Staying Power: The Effects of Short -Term Rentals on California’s Tourism Economy and Housing Affordability , MILKEN INSTITUTE (May 2022), https://milkeninstitute.org/sites/default/files/2022-05/Short_Term_Rentals_California.pdf.

City

Santa Ana City Council
November 18, 2024

Page 11 ends

11 supply to support new development). (Id. at A-47). Further, and as discussed in the Milken Institute study, California’s decades-long housing shortage is primarily caused by failure to build enough housing due to rising construction costs, lengthy permitting times, and community opposition, which disincentivize construction of affordable housing. (Dubetz, p. 4.) As Professor Betsy Stevenson, the former Chief Economist at the U.S. Department of Labor and member of President Obama’s Council of Economic Advisers, has written, banning STRs in fact undermines efforts to “make [housing] more affordable.” (Betsey Stevenson, Banning Airbnb Won’t Solve the Housing Crisis, BLOOMBERG NEWS (July 8, 2024), https://www.bloomberg.com/opinion/articles/2024-07- 08/banning-airbnb-will-not-make-housing-more-affordable.) To the contrary, “[a]llowing residents to rent out their homes can help them recoup some of their investment and make city living more affordable.” (Ibid.)
The City’s conclusory approach to regulation does not meet the standard for informed, rational decision-making. Because the City lacks any justification for adopting the Amended Ordinance, such an action would be arbitrary and capricious. ( Strumsky v. San Diego County Employees Retirement Assn., 11 Cal.3d 28, 34 (1974); Avenida San Juan Partnership v. City of San Clemente, 201 Cal.App.4th 1256, 1268 (2011).)

5. The adoption of the Amended Ordinance would illegally impede on hosts’ right to privacy.

The STR ban also implicates the “inalienable” right to privacy under the California Constitution (Hill v. NCAA, 7 Cal. 4th 1, 20 (1994)) by taking away homeowners’ ability to choose who can stay in their homes. ( Coalition Advocating Legal Housing Options v. City of Santa Monica , 88 Cal. App. 4th 451, 459 (2001) [explaining the “right to privacy” includes “the right to be left alone in our homes.”].)
These constitutional privacy protections the protect the property owner’s right to host STRs and invite guests into their home. In Coalition Advocating Legal Housing Options , supra, 88 Cal.App.4th at 454, 459, the Court of Appeal invalidated a local ordinance that limited occupants of ADUs in residential zones to the property owner, property owner’s dependent, or their caregiver, finding the privacy right “to choose with whom to liv e in the main residence…must apply to the right to decide who may live in th e second unit [which]…is still part of the home.” Many host s invite guests into their homes while they are present during the stay, and the City’s ban on all STRs would infringe on hosts’ constitutional right to privacy , which includes the right to choose who can stay in homes.

The City fails to provide any substantial justification to pass the heightened scrutiny applied to laws or regulations that infringe on the right to privacy and cannot do so because STRs have no demonstrable negative impact on the City compared to other residential uses, including long-term rentals.

City

Santa Ana City Council
November 18, 2024

Page 12 ends

12 6. The adoption of the Amended Ordinance would illegally infringe the right to contract.

The Ordinance also violates hosts’ right to contract under the California constitution, which prohibits laws impairing the obligation of contracts. (Cal. Const., Art I, § 9.) The “threshold question” is “whether the state law has, in fact, operated as a substantial impairment of a contractual relationship.” (Alameda Cnty. Sheriff’s Ass’n v. Alameda Cnty. Emps.’ Ret. Ass’n , 9 Cal. 5th 1032, 1075 (2020).) “If the state law is found to create a ‘substantial’ impairment, the inquiry turns to the means and ends of the legislation,” with the state required to demonstrate a “significant and legitimate public purpose” for the law and the court required to evaluate whether the adjustment of the rights and responsibilities of the contracting parties is “reasonable” and “appropriate to th[at] public purpose.” ( Id. (citations omitted); see also Calfarm Ins. Co. v.

Deukmejian, 48 Cal. 3d 805, 831 (1989).)
Rental Alliance hosts have already agreed to rent their property on a short -term basis to guests in upcoming months. An immediate ban on STRs would invalidate those contractual obligations of STR owners in violation of this constitutional right.

7. The adoption of the Amended Ordinance would deprive hosts of their substantive due process rights.

Termination of a lawful nonconforming use effects a deprivation of property without due process of law, and banning the ability of homeowners to rent their home to visitors more broadly violates their substantive due process rights under the California and U.S. constitutions by infringing on their property rights, including the “right to lease,” one of the many property rights within the “bundle of sticks” of property rights. (United States v. Craft, 535 U.S. 274, 278 (2002).)

8. The proposed fines violate the United States Constitution.

The administrative fines proposed by the Resolution are also so excessive as to raise federal constitutional concerns. The Eighth Amendment to the United States Constitution forbids the City from imposing excessive fines. The United States Supreme Court ha s held that “[t]he touchstone of the constitutional inquiry under the Excessive Fines Clause is the principle of proportionality:
the amount of the forfeiture must bear some relationship to the gravity of the offense that it is designed to punish.” (United States v. Bajakajian, 524 U.S. 321, 334 (1998).) Here the Amended Ordinance’s proposed fines of $1,500 for a first violation, $3,000 for a second violation, and $5,000 for a third violation fail to meet the principle of proportionality. ( See, e.g., Kalthoff v.

Douglas Cnty., 2021 WL 3010006, at *6 (D. Nev. July 15, 2021) (finding “it troubling that many of these fines [for violations of short-term rental ordinance] [we]re for several thousands of dollars without any authority to lower the fines for particular violators’ circum stances” and enjoining enforcement of fines on constitutional grounds).)
City

Santa Ana City Council
November 18, 2024

Page 13 ends

13 The City Has Refused To Provide Evidence Surrounding its Treatment of STRs and the Basis for Banning STRs in Violation of the California Public Records Act In April 2024, a Public Records Act request was filed with the City in an effort to understand what motivated the City’s pursuit of a total ban on STRs. Over six months later, the City has still not produced a response to the PRA. (See PRA 24-715.) The City has responded to over 1,000 PRA requests filed after the PRA seeking information about the City’s treatment of STRs. As such, the City appears to be concealing the true motivations for seeking to ban all STRs in the City. To date, the City has not provided any evidence to support its claim that STRs in the City have a negative impact on public health, safety, and welfare, if any even exists.

We strongly urge the Council to refrain from taking any action on the proposed STR prohibition until the City has responded to the Public Records Act request.

Proposed Path Forward
We urge the City Council to rescind the currently effective and illegally adopted Ordinance, reject the Amended Ordinance, and direct Staff to work with all stakeholders to develop a new ordinance that authorizes STRs to continue operating subject to reasonable regulations. Specifically, we recommend establishing an enforcement and transient occupancy tax (“TOT”) regime for STRs.

This type of regulation strikes the appropriate balance while maintaining the ability of STR owners to operate in the City.

While the Rental Alliance is ready and willing to work with the City, for the reasons summarized above, should the City Council move forward with adopting the Amended Ordinance we will challenge this action in court to protect our client’s rights.

Sincerely,

GAINES & STACEY LLP
Alicia B. Bartley
By
ALICIA B. BARTLEY
cc: Jose Montoya (Via Email - [email protected])
Amy Hoyt (Via Email - [email protected])
Hannah Park (Via Email - [email protected])
Attachments
Attachment A – CAJA Environmental Services, Potential Significant Environmental Effects of Banning Short -Term Rentals in the City of Santa and Requirement Require Additional Environmental Analysis Under CEQA, November 14, 2024.

City
City

Attachment A

CAJA Environmental Services, Potential
Significant Environmental Effects of Banning
Short-Term Rentals in the City of Santa and
Requirement Require Additional Environmental
Analysis Under CEQA, November 14, 2024.

O1- Attachment A
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

$ *3@F3@3*:ADF +7D?)7@F3>>>;3@57

'$" *F35;77@67DEA@-;57'D7E;67@F
!
@H;DA@?7@F3>*7DH;57E##
) %AH7?47D


 $)#)!
#
#)
#+'$#"#)!

)($
###

$') '"#)!(#)
)-$

#) # #&*'"#)
$' )$#!
#+'$#"#)!#!-((#'


'"
'$*# #*!
)$#(
!
@H;DA@?7@F3> *7DH;57E ## ! ;E 3@ 7@H;DA@?7@F3> 5A@EG >F;@9 8;D? F:3F EB75;3>;L7E ;@ 7@H;DA@?7@F3>B>3@@;@9D7E73D5:3@66A5G?7@F3F;A@8ADBG4>;5 3@6BD;H3F7E75FAD5>;7@FE 
ADAH7D
K73DE ! 3@6 ;FE BD76757EEAD 5A?B3@K :D;EFAB:7D   !AE7B:  EEA5;3F7E :3H7 A887D76 3 4DA36
D3@97 A8 7@H;DA@?7@F3> 5A@EG>F;@9 E7DH;57E 8A5GE;@9 BD;?3D;>K A@  ( 6A5G?7@F3F;A@ 8AD BD;H3F7
67H7>AB?7@FBDA<75FEF:DAG9:AGF3>;8AD@;3
!UEBDA<75F7JB7D;7@57;@5>G67E7@H;DA@?7@F3>5>73D3@57 6A5G?7@F3F;A@3@6F:;D6 B3DFKD7H;7I8AD3>>FKB7EA8BDA<75FE;@5>G6;@9;@6GEFD;3>5A??7D5;3>;@EF;FGF;A@3> D7E;67@F;3>?;J76 GE77@F7DF3;@?7@F
7H7@FEBG4>;5E75FADEG46;H;E;A@E5A3EF3>67H7>AB?7@F3@6GD43@ ;@8;>>BDA<75FE
*F35;77@67DEA@ ;E!UE-;57'D7E;67@F I;F: 
K73DEA8BDA87EE;A@3>7JB7D;7@57;@
7@H;DA@?7@F3>ID;F;@9B>3@@;@93@6D7E73D5:
*:7:3E5A@FD;4G F76EG4EF3@F;3>>KFAF:7BD7B3D3F;A@3@6 ?3@397?7@F A8 ?G>F;B>7 FKB7E A8 7@H;DA@?7@F3> 6A5G?7@FE BGDEG3@F FA F:7 3>;8AD@;3 @H;DA@?7@F3>
(G3>;FK 5F 
( ;@5>G6;@9
@H;DA@?7@F3> ?B35F )7BADFE 
)E $;F;93F76 %793F;H7 75>3D3F;A@E
$%E 3F79AD;53>
J7?BF;A@E 
E *GEF3;@34>7 A??G@;F;7E 'DA<75F
J7?BF;A@E *'
E 3@6
*GEF3;@34>7A??G@;F;7E
@H;DA@?7@F3>EE7EE?7@FE*
E
$E
7@67DEA@UE7JB7D;7@575A?BD;E7E
3 H3D;7FK A8 ?G>F; 8357F76 67H7>AB?7@FE ;@5>G6;@9 E;@9>7 3@6 ?G >F; 83?;>K D7E;67@F;3> ?;J76 GE7 7@F7DF3;@?7@FD7F3;>;@EF;FGF;A@3>5A??7D5;3>;@6GEFD;3>3@6D75D73F;A@3>67H7>AB?7@FE $E
7@67DEA@
D757;H763

;@'A>;F;53>*5;7@578DA?F:7 ,@;H7DE;FKA83>; 8AD@;37D=7>7K3@63>3I679D778DA? #AKA>3#3I*5:AA>

+'+,
.7G@67DEF3@6F:3F3F;FE%AH7?47D


D79G>3D?77F;@9F:7;FKAG@5;>I;>>5A@E;67DF:78;DEFD736;@9A8 3@AD6;@3@57FA BDA:;4;F*+)E;@F:7;FKF:7'DABAE76&D6;@3@5 7 .78GDF:7DG@67DEF3@6F:3FF:7;FK
I;>>5A@E;67D I:7F:7D43E76A@F:7667@6G?FAF:7;FKUE 7@7D3>'>3@,B63F7'DA9D3?
@H;DA@?7@F3>
?B35F)7BADF R
''
)SF:7'DABAE76&D6;@3@57D7CG;D7E 8GDF:7 D7@H;DA@?7@F3>3@3>KE;EAD;@F:7 3>F7D@3F;H7I:7F:7D;FE36ABF;A@;E53F79AD;53>>K7J7?BF 8DA? ( BGDEG3@FFA3>3EE
53F79AD;53>
7J7?BF;A@8AD7J;EF;@9835;>;F;7E

(
G;67>;@7E N




ADF:7D73EA@EEG??3D;L76:7D7;@ F:7;FKUE7@H;DA@?7@F3>3@3>KE;EA8F:7'DABAE76&D6;@3@5743@@;@9 3>>*+)E;@F:7;FK;E;@367CG3F7

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

)7>;3@57A@3@667@6G?FAF:7
''
);E @3BBDABD;3F7
+:7'DABAE76&D6;@3@57;E3@7IBDA<75F5A?B>7F7>KG@D7>3F76FAF:7;FKUE36ABF;A@A8;FE 7@7D3>'>3@
EAF:7;FKED7>;3@57A@3@3667@6G?AD3@KAF:7DEG4E7CG7@F EGBB>7?7@F3>ADF;7D763@3>KE;E43E76 A@F:7
''
)IAG>6H;A>3F7
(
+:7
7@7D3>'>3@?3=7E@AD787D7@57FA*+)E6A7E@AF;@3@KI3K 7H3>G3F77J;EF;@9AB7D3F;A@EA8*+)EAD;@6;53F7F:3F*+)EI;>>47BDA:;4;F76;@F:7;FK E3@7I6;EF;@5F
BDA<75F;F;E@AF 3BBDABD;3F7FABD7B3D73@3667@6G?FA3@7J;E F;@97@H;DA@?7@F3>;?B35FD7BADFR )S
I:7@F:3FBD;AD
)6;6@AFBD7H;AGE>KD7H;7IAD7H7@5A@F7?B>3 F7F:7E5AB7A8F:75GDD7@FBDA<75FAD D7>3F767@H;DA@?7@F3>5A@57D@E3@6F:7@7IBDA<75F;@FDA6G57E 5:3@97EF:3F3D7EG4EF3@F;3>D7CG;D;@9 @7I 7@H;DA@?7@F3> D7H;7I
 
(* ) #& %##+$ */ ))% * %$ , %+$*/ %
 "
( 

 
3>
BB
F:
@
17?B:3E;E366762E773>EA (
$)%
%""

%
$
*
%
(
$),$

*
%%+$*/%##+$ */%""

 )*


3>
F:
1
(UEREG4E7CG7@FD7H;7IBDAH;E;A@E



:3H7@A3BB>;53F;A@;8F:7397@5K:3EBDABAE763@7IBDA<75FF:3F:3E@AFBD7H;AGE>K477@EG4<75FFA D7H;7I
S2
 (
$) %
 %""

 %
 $
*
%
(
$):7>6F:3F;@AD67D8AD3>736397@5KFAD7>KA@3
BD7H;AGE>K57DF;8;76
(6A5G?7@FF:3F6A5G?7@F?GEFRD7F3;@;@8AD?3F;A@3>H3>G7S3EFAF:7@7IBDA<75F 
 (
$) %
 %""

 %
 $
*
%
(
$) , $
*
% %+$*/ %##+$ */ %""

  )*




3>
BB
F:

7D74753GE7F:7
''
)6;6@AF?7@F;A @>7F3>A@73@3>KL7*+)E;@3@KI3K
3@6 57DF3;@>K 6;6 @AF 3@3>KL7 F:7 ;?B35F A8 43@@;@9 *+)E ;F D7F3;@E @A ;@8AD?3F;A@3> H3>G7 3E FA F:7 'DABAE76&D6;@3@57

*B75;8;53>>KF:7D7;E@AEG4EF3@F;3>7H;67@57F:3FF:7 ''
)D7F3;@E;@8AD?3F;A@3> H3>G7FA3@3>KL;@9F:7
'DABAE76 &D6;@3@57 4753GE7 
 F:7
' '
) FD388;5 3@3>KE;E 6;6 @AF 5A@E;67D *+)E 3@6 F:7D78AD7 BDAH;67E@A;@8AD?3F;A@3>H3>G7A@F:7*+)43@UED73EA@34>K8AD7E7734>7;@5D73E7E FA-$+AD5A@97EF;A@ 3E H;E;FADE 3D7 8AD576 FA FD3H7> 9D73F7D 6;EF3@57E FA D79;A@3>5A??7D5;3> 57@F7DE FA 8;@6 3H3;>34>7 AD 388AD634>7:AF7>EAD3>>AI76*+)EF:7
''
) 3;DCG3>;FK3 @6

3@3>KE;E6;6@AF5A@E;67D*+)E
3@6F:7D78AD7BDAH;67E@A;@8AD?3F;A@3>H3>G7A@F:7*+)43@UE D73EA@34>K8AD7E7734>7;@5D73E7EA83;D BA>>GF3@FE 53GE764KF:7;@5D73E7;@-$+ 3@6F:75ADD7EBA@6;@9: 73>F:;?B35FE8DA?F:AE7BA>>GF3@F ;@5D73E7E3@6;@5D73E;@9

7?;EE;A@E 53GE764KF:7;@5D73E7; @-$+ 3@6D7>3F76;@5A@E;EF7@5;7E I;F: >A53> D79;A@3> 3@6 EF3F7 5>;?3F7 B>3@E  F:7 ' '
) @A;E7 3@3>KE;E 6;6 5A@E;67D *+)E 3@6
F:7D78AD7BDAH;67E@A;@8AD?3F;A@3>H3>G7A@F:7*+)43@UED73EA@34>K8AD7E7734>7@A;E7;?B35FE53GE76 4K;@5D73E76FD388;55A@97EF;A@3@65A@EFDG5F;A@F:3F;ED73EA@34>K8AD7E7734>78DA?F:7*+)43@3@6 AF:7DFAB;53D73E3E6A5G?7@F76;@F:;E>7FF7DI:7D7F:7D75A D6;E47D78FA8;@8AD?3F;A@B7DF3;@;@9FAF:7 ;?BADF3@F 7@H;DA@?7@F3> ;EEG7E F:3F ?GEF 47 3@3>KL76 G@67D  (  FA 3EE7E 3@6 6;E5>AE7 F:7
7@H;DA@?7@F3>5A@E7CG7@57EA8F:;E35F;A@
@5A@FD3EFFA F:7
''
)UEBD;AD>35= A83@3>KE;EAGD 3@3>KE;E 47>AI 3@6 F:7F75:@;53>7@H;DA@?7@F3> 3@6 75A@A?;5E D7BADFE 8DA? )3?4A>> ?7D;53E
@9;@77D;@9 *A>GF;A @E @5
 R)3?4A>>S EG4?;FF76
5A@5GDD7@F>K I;F: 3@6 D7>;76 GBA@ ;@ F:;E D7BADF 67?A@EFD3F7 F:3F F:7D7 3D7 @G?7DAGE D73EA@34>K 8AD7E7734>7 ;?B35FE;@5>G6;@9
• ')#&)( 8DA?F:7*+)43@ 53GE764K;@5D73E7E ;@-$+3;DBA>>GF3@FE7@7D 9KGE7


7?;EE;A@E3@6@A;E7
o '*!)-
 )3?4A>> 5A@5>G676 F:3F F:7 *+) 43@ IAG>6 D7EG>F ;@ 3@ ;@5D73E7 ;@ 63;>K ?A4;>77?;EE;A@EA83BBDAJ;?3F7>KB7D57@F A8%&J3@6 B7D5 7@FA8'$  8DA?
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

9G7EFEA8*+)EFD3@E;F;A@;@9FAGE;@9:AF7>E
)3?4A>>
@H;DA@?7@F3>@3>KE;EB

 %&J
53GE7E36H7DE7:73>F:5A@E7CG7@57E;@5>G6;@9 4D73F:;@96;88;5G>F;7E3@6;@5D73E76D;E=A8 5:DA@;5 BG>?A@3DK 8;4DAE;E 3E I7>> 3E 4DA@5:;F;E ;@ 5:;>6D7@ '$
 53@ 63?397 F:7
D7EB;D3FADKFD35F;@5D73E;@9F:7@G?47D3@6E7H7D;FKA83EF:?3 3FF35=E3@6399D3H3F;@9 4DA@5:;F;E 3@6 AF:7D >G@9 6;E73E7E 3@6 D76G5;@9 F:7 4A6KUE 34;>;FK FA 8;9:F ;@875F;A@E )3?4A>>
@H;DA@?7@F3>@3>KE;EB

 )3?4A>>8GDF:7D5A@5>G676F:3FF:7*+)43@IAG>6
6;EBDABADF;A@3F7>K 4GD67@ 7@H;DA@?7@F3> <GEF;57 5A??G@;F;7E 475 3GE7 F:7 ;FKUE 5A??G@;F;7E?AEF4GD67@764KD79;A@3>BA>>GF;A@3@6>A53>;L76FD388;57JBAEGD73D7>A53F76 @73DF:77J;EF;@9:AF7>EFA5=3@6IAG>6476;D75F>K;?B35F764K ;@5D73E76:AF7>GE397;@ D7EBA@E7FAF:7*+)43@;@5D73E;@9F:7=@AI@BA>>GF;A@5A@FD;4 GFADEFAD7EB;D3FADK3@6 53D6;AH3E5G>3D:73>F:D;E=E;@F:7E75A??G@;F;7E
)3?4A>>
@H;DA@?7@F3>@3>KE;EBB


 )3?4A>>5A@5>G676F:3FF:7*+)43@5AG>6;@5D73E7FD388;55A @57@FD3F76A@DA36I3KE 9A;@9FAF:7:AF7>E;@F:7;FK4K
H7:;5>7EB7D63KD7EG >F;@9;@:73>F:;?B35FEF:3F
,%*"-)


)
'(
%"%
(
$
$
%'$''(!
)3?4A>>

@H;DA@?7@F3> @3>KE;E BB
  

GDF:7D )3?4A>> 5A@5>G676 F:7 5A@EFDG5F;A@ A8 @7I :AF7>E I;F:AGF 7?;EE;A@E ?;F;93F;A@ IAG>6 D7EG>F$ $ -(( $' '(! %  
 $ 
#""%$
%' )
 #-#*# -&%( $+*" / -$
 . #%' )
$  )#(

0()
'(
%"%
$#""%$
)3?4A>>
@H;DA@?7@F3>@3>KE;EB



o


"(($#(
)3?4A>>5A@5>G676F:3FF:7*+)43@IAG>6D7EG>F;@ $$'(% 
".#%"#((%$(%
.&'$)5A@FD;4GF;@9FA3E;9@;8;53@F;@5D73E7;@ 7?;EE;A@E;@F:73D73;@6;D75F5A@8>;5FI;F:D79;A@3>3@6EF3F 79A3>EFAD76G57-$+3@6

 7?;EE;A@E 8DA? H7:;5>7 FD;BE
 )3?4A>>
@H;DA@?7@F3> @3>KE;E B
 

GDF:7D
)3?4A>>5A@5>G676F:3FF:7;@5D73E76 7@7D9K67?3@63EEA5;3F76I;F::AF7>E5A?B3D76FA *+)E IAG>6 D7EG>F ;@ 3
 B7D57@F ;@5D73E7 ;@

 7?;EE;A@E B7D B7DEA@
 )3?4A>>

@H;DA@?7@F3>@3>KE;E B


o
#'
-
)3?4A>>5A@5>G676F:7*+)43@IAG>6;@5D73E77@7D9K67?3@64753GE7:AF7>E GE7?AD77@7D9KB7DB7DEA@F:3@*+)E  #%')
$-#%' ")').#%')
$-
#%'$)*'"
( 
)3?4A>>
@H;DA@?7@F3>@3>KE;EBB
 
K;@5D73E;@9-$+ F:7
*+) 43@ IAG>6 3>EA ;@5D73E7 D7>;3@57 A@ 8AEE;> 8G7>E FA BAI7D H7:;5>7 FD;BEP F:7 63;>K ?A4;>78G7>5A@EG?BF;A@8AD:AF7>E;E?AD7F:3@8;H7F;?7E9D73 F7D8AD:AF7>E5A?B3D76FA *+)E8AD4AF:93EA>;@73@66;7E7> P ;@5A@E;EF7@FI;F:D79;A@3>3@ 6EF3F75>;?3F79A3>E 
)3?4A>>
@H;DA@?7@F3>@3>KE;EB


o '#(%$'))$#)3?4A>>5A@5>G676F:3FF:7*+)43@IAG>6;@5D73E7F:7@G?47DA8FD;BE F3=7@4K9G7EFEFA3@68DA?:AF7>E?AD7F:3@6AG4>;@9F:7FD;B EB7D63K5A?B3D76FA *+)E
)3?4A>>
@H;DA@?7@F3>@3>KE;EB

E6;E5GEE76:7D7 ;@F:;E;@5D73E7;@FD;BE
IAG>6 D7EG>F ;@ 3;D CG3>;FK 3@6 :73>F: D;E=

 7?;EE;A@E 7@7D9K 3@6 @A;E7 ;?B35FE


GDF:7D)3?4A>>5A@5>G676F:7*+)43@IAG>6%$$)'))'

.$'($
)'


.
  +
"( &' . %$ '% )% )
 ).0(
%)"( D7EG>F;@9 ;@ :73>F: D;E=E
7J5776;@9 *($UE 
( F:D7E:A>6 A8 E;9@;8;53@57 8AD 53@57D D; E=
 )3?4A>>

@H;DA@?7@F3>@3>KE;EB


9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

o $( )3?4A>>5A@5>G676F:7*+)43@5AG>65A@57@FD3F7FD388;5A@DA36 I3KE9A;@9FA :AF7>E;@F:73D73E;@57?3@K :AF7>E;@F:7;FK3D7>A53F76;@ A@75A@57@FD3F763D73A8 F:7;FKD7EG>F;@9;@@A;E7;?B35FE34AH7F:7;FKUE
7@7D3>'>3@%A;E7
>7?7@FEF3@63D6
A86%
#BAF7@F;3>>K -')$
-()$
$%(#&)(%'')$
$,
(
$
$)$%(#&)
)3?4A>>
@H;DA@?7@F3>@3>KE;EBB






• $') #&)( EF7??;@9 8DA? F:7 43@UE D73EA@34>K 8AD7E7734>7 D7EG>F A8 @7I :AF7> EB357 5A@EFDG5F;A@
)3?4A>>7EF;?3F7EF:7*+)43@I;>>53GE7BAF7@F;3>>KE;9@;8;53@F@7I;?B35FE D7>3F76 FA:AF7>5A@EFDG5F;A@;@5>G6;@93;DCG3>;FK3@6:73>F:;?B35FE8DA?5A@EFDG5F;A@7?;EE;A@E;@5>G6;@9 6;7E7>B3DF;5G>3F7?3FF7D3@6@A;E7;?B35FE7J5776;@9F:7;FK UE 7@7D3>'>3@%A;E7
>7?7@F
EF3@63D63@6F:7;FKUE@A;E7AD6;@3@57
)3?4A>>
@H;DA@?7@F3>@3>KE;EBB




• *#*")+#&)( D7EG>F;@98DA?D79;A@3>FD7@6ED7>3F76FA*+)D79G>3F;A@EF:3F ?3KD7EG>F;@ BAF7@F;3>>K E;9@;8;53@F 7@H;DA@?7@F3> ;?B35FE
 +:7E7 FD7@6E :3H7 BAF7@F;3> FA ;@5D73E7 :AF7>
A55GB3@5KD3F7E;@&D3@97AG@FK3@6F:7*AGF:7D@3>;8AD@;3D7 9;A@3@66D;H7GBDAA?D3F7E I:;5:;EB3DF;5G>3D>K5A@57D@;@9I;F:F:7GB5A?;@9
&>K?B;5E
+:GEF:7'DABAE76&D6;@3@57;E3@7IBDA<75F I;F:@7IBAF7@F;3 >>KE;9@;8;53@F7@H;DA@?7@F3>;?B35FE F:3F 5A@EF;FGF7E 3 EG4EF3@F;3> 5:3@97 8DA? F:7 5A@6;F;A@E 5A@F7?B>3F76 ;@ F:7 ' '
) 3@6 ?GEF 47
EG4<75FFA @7I7@H;DA@?7@F3>D7H;7IG@67D
(
+:;E>7FF7D67F3;>E3@G?47DA8 83;D3D9G?7@FEF:3FF:7 *+)43@?3K53GE7E;9@;8;53@F7@H;DA@?7@F3>;?B35FED7CG;D;@93@7I )

$AD7AH7D F:7 7@H;DA@?7@F3> 6A5G?7@F BD7B3D76 8AD F:7 7@7D3> '>3@ I3E 3 BDA9D3?
)
 R.:7@ 3
BDA9D3?
);E7?B>AK76;83>3F7DBDABAE3>;E@AF7;F:7DF:7 E3?73EADI;F:;@F:7E5AB7A8F:7BDA<75F 67E5D;476;@F:7BDA9D3?
)


;F;EFD73F763E3@7IBDA<7 5F3@6?GEF478G>>K3@3>KL76 S  ,
+(

)), */%
$

% 
3>
BB
F:

1;@F7D@3>CGAF3F;A@E3@65;F3F;A@EA?;FF762

BDA9D3?
)F:3F6A7E@AF;@5>G67$/ 6;E5GEE;A@AD3@3>KE;EA83>3F7DBDABAE7635F;H;FK;E@AF367CG3F7 FA;@8AD?F:7BG4>;5A8F:77@H;DA@?7@F3>78875FEA8F:3F>3F7D 35F;H;FKEG5:F:3FF:7>3F7D35F;H;FK;EAGFE;67 F:7E5AB7A8F:7BDA9D3?
)


3F 
 +:7
''
)6A7E@AF6;E5GEE3@3>KL7AD;@8AD?F:7BG4>;5
A8F:77@H;DA@?7@F3>78875FE3EEA5;3F76I;F:F:7'DABAE76&D6;@3@57 +:7D78AD77H7@;8F:7;FKI7D7FA
3EE7EEF:7'DABAE76&D6;@3@57G@67DF:7
''
);F;E@AFI;F: ;@F:7E5AB7A8F:7
''
)3@6?GEF
47 8G>>K 3@3>KL76 3E 3 @7I BDA<75F G@67D 
(
 

 3F  1R+:7 *GBD7?7 AGDF 7JB>3;@76 TI:7@ 3
BDA9D3?
);E7?B>AK76;83>3F7DBDABAE3>;E@AF7;F:7DF:7E3?73EADI;F:;@F:7E5AB7A8F:7BDA<75FO 67E5D;476;@F:7BDA9D3?
)UF:7@D7H;7IA8F:7BDABAE3>;E@AF9AH7D@764KE75F;A@

UE6787D7@F;3>
EG4EF3@F;3>7H;67@57EF3@63D6
S2
@366;F;A@7H7@;8F:7
''
)I7D7D7>;76GBA@F:7:;9: >7H 7>BDA9D3??3F;5@3FGD7A8F:7 ''
)
FD3@E>3F7EFA3>35=A867F3;>F:3FD7CG;D7E?G5:?AD7F:3@3  B3973667@6G?FA5ADD75F
)3F:7D3
EGBB>7?7@F3>ADEG4E7CG7@F
)IAG>647@776764753GE7F:7*+)43@53@@AF47366D7EE76I;F:R?;@ADS 5:3@97EFAF:7
''
)
,@67D
(
G;67>;@7E*75F;A@

3@3667@6G?;EA@>KB7D?;FF76I:7D7
?;@AD5:3@97E3D7@77676FAF:7BD;AD3@3>KE;E
E67F3;>76:7D7;@F:75A?B>7F734E7@57A8BD;AD3@3>KE;E A8*+)E>7F3>A@7F:7*+)43@D7CG;D7E5:3@97EFA?3@KFAB;53D73E5AH7D764K (3@6D3;E7E@7I
BAF7@F;3>>KE;9@;8;53@F;?B35FEF:3F53@@AF47366D7EE76I;F:?;@AD5>3D;8;53F;A@E 
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

+:7
@H;DA@?7@F3>@3>KE;E;@F:7667@6G?;E78;5;7@F

H7@;83@3667@6G?I7D73BBDABD;3F7F:7
B397667@6G?83>> E83DE:ADFA83BBDABD;3F7>K3@3>KL;@9 3@66;E5>AE;@9;?B35FEG@67D
(
+:7
''
);EE;>7@FA@*+) E3@6F:7667@6G?5A@F3;@EA@>K3
5GDEADK EGB7D8;5;3> 3@6 G@EGBBADF76 3@3>KE;E A8 F:7 *+) 43@ +:7 3@3>KE;E 47>AI 3@6 F:7 F75:@;53>
7@H;DA@?7@F3>3@675A@A?;53@3>KE;EBDAH;676;@F:7D7BADFE8DA ?)3?4A>>EG4?;FF765A@5GDD7@F>KI;F: F:;ED7BADF67?A@EFD3F7F:3FF:7D73D7@G?7DAGEBAF7@F;3>>KE;9 @;8;53@F7@H;DA@?7@F3>;?B35FEF:3FIAG>6 D7EG>F8DA?3@*+)43@;@F:7'DABAE76&D6;@3@57
+:7E7BAF7@F; 3>>KE;9@;8;53@F7@H;DA@?7@F3>;?B35FE
3>EA?73@F:7'DABAE76&D6;@3@57;E@AF7>;9;4>78AD3>3EE 7J7?BF;A@3@6F:3FF:7;FK?GEFBD7B3D7
38G>>
)

+:;E;E8GDF:7D5>3D;8;76;@
(
G;67>;@7E*75F;A@


8
I:;5:EF3F7E
8
@H;DA@?7@F3> ?B35F)7BADFE3@6%793F;H775>3D3F;A@E
@
@H;DA@?7@F3>
?B35F)7BADF
);EF:7BG4>;56A5G?7@FGE764KF:79AH7D@?7@F3>397@5KFA 3@3>KL7 F:7 E;9@;8;53@F 7@H;DA@?7@F3> 78875FE A8 3 BDABAE76 BDA<75F FA ;67@F;8K 3>F7D@3F;H7E 3@6 FA 6;E5>AE7 BAEE;4>7 I3KE FA D76G57 AD 3HA;6 F:7 BAEE;4>7 7@H;DA@?7@F3>63?397

@
);EBD7B3D76 ,
$)
&*"
$.
$((*()$)"+$
)
) )
 &'% ) #.
+  (
$
$) 

) %$ )
 $+'%$#$)
 *77
*75F;A@

3


&F:7D 3>;8AD@;3 <GD;E6;5F;A@E :3H7 D75A9@;L76 F:7 @776 FA BD7B 3D7 3@ ) I:7@ BDABAE;@9 *+)
D7EFD;5F;A@E

3D>;7DF:;EK73D8AD7J3?B>7$A@F7D7KAG@FK5A?B>7F763@ )8AD3BDABAE76E7FA8AG@FK
D79G>3F;A@E8AD*+)EF:3FD7EFD;5F764GF6;6@AF43@*+)GE7E;@F:7AG@FK @
);E7H7@?AD7I3DD3@F76
8AD3@AD6;@3@57BDABAE;@9FA43@*+)E7@F;D7>K

AD F:7 D73EA@E @AF76 47>AI F:7D7 ;E EG4EF3@F;3> 7H;67@57 F:3F F:7 ;FKUE *+) 43@ I;>> D73EA@34>K 8AD7E7734>KD7EG>F;@6;D75F3@636H7DE75:3@97EFAF:7B:KE;53>7@H;DA@?7@FQ;@5>G6;@9;@5D73E7E;@-$+ 3;DBA>>GF3@FE:73>F:5A@E7CG7@57E

E3@67@7D9KGE7Q3EI7 >>3ED73EA@34>K8AD7E7734>7;@6;D75F 3@65G?G>3F;H7;?B35FEF:3F?3KD7EG>F;@E;9@;8;53@F7@H;DA@?7 @F3>78875FE +:7;FK53@@AFD7>KA@F:7

' '
) 3@6 ?GEF BD7B3D7 3 @7I
)
 @ 3@K ;@EF3@57 F:7 667@6G?UE EGB7D8;5;3> 3@6 5A@5>GEADK 3@3>KE;E83>>EE:ADFA83@3>KL;@96;E5>AE;@93@6BDABAE;@9I3KEFA?;F;93F7F:7E7;?B35FE3@653@@AF47 D7>;76 GBA@ FA E3F;E8K F:7 ;FKUE 
( A4>;93F;A@E
 +:7 ;FK ?GE F BD7B3D7 3 @7I
) AD 3 @7I
*GBB>7?7@F3>
)FAF:7
''
)FABDAB7D>K3@3>KL7 3>>3D73EA 8BAF7@F;3>E;9@;8;53@F7@H;DA@?7@F3> ;?B35F3D73EA@34>7D3@97A83>F7D@3F;H7EFAF:7'DABAE76&D6; @3@573@6?;F;93F;A@A8;?B35FEFAF:7 ?3J;?G?7JF7@F873E;4>7

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801


)$'($#)'*)#
)$$)#)!!- 
#
#) ')#') #*"*!)+
#+'$#"#)!

)(
'$"##
*3@F3@3 ;EF:7>3D97EF5;FK;@&D3@97AG@FK 3@6;FE57@FD3>>A53F;A@;@&D3@97AG@FK:3E>A@93FFD35F76 FAGD;E?
E67E5D;476;@3>736;@9FD3H7>36H;EADK
);5:;@3GF:7@F;5:7D;F3973@653@UF ?;EE97?E*3@F3@3;E35G>FGD3>7@F7DF3;@?7@F3@65G>;@3DK 57@F7DA8>3D973@66;H7DE7&D3@97AG@FK
+:75;FKUE5A@H7@;7@F>A53F;A@BDAH;67E73EK3557EEFA 3>>F:;@9E*AGF:7D@3>;8AD@;3P 63KFD;BEFA#AE@97>7EEFABE 3F@G?7DAGE@73D4KF:7?7 B3D=E 3@6EFG@@;@9'35;8;5&573@EG@E7FEA@>K8AG@6A@F:79A>67@5A3EF GFEF3K3I:;>73@6KAGU>>47
EGDBD;E764K3>>F:73DF5G>FGD73@63FFD35F;A@EA@>K8AG@6;@:;EFAD;5*3@F3@3 
+AGD;E?;E35AD@7DEFA@7A8*3@F3@3UE75A@A?K6D;H;@9EG4EF3 @F;3>D7H7@G73@6<A45D73F;A@8ADF:7 5A??G@;FK
E6;E5GEE76;@F:75A@5GDD7@F>KEG4?;FF7675A@A?;5E3@3>KE;E8DA?)3?4A>>H;E;FADEB7@6;@9 ;@
5A@FD;4GF76

?;>>;A@FAF:7>A53>75A@A?K 3@6F:;EEB7@6;@9EGBBADFE>A53>4GE;@7EE7E3@6 8G7>EE75FADE>;=78AA6E7DH;57355A??A63F;A@ED7F3;>3DFE 3@6FD3@EBADF3F;A@ 3@6 BDAH;67E 7EE7@F;3> 8G@6;@98AD5;FKE7DH;57E>;=7BG4>;5E387FKB3D=E3@6@7;9:4 AD:AA6;?BDAH7?7@FEI:;>73>EA3>>7H;3F;@9 F:7F3J4GD67@8ADD7E;67@FE
)3?4A>>
5A@A?;5E@3>KE;EB

 .;F:AGFFAGD;E? D7>3F76F3JD7H7@G7
735::AGE7:A>6IAG>6B3K3@366;F;A@3>
3@@G3>>K;@>A53>F3J7E
)3?4A>>
5A@A?;5E@3>KE;EB


+AGD;E?UE;?B35FA@7?B>AK?7@F;E7CG3>>KE;9@;8;53@FEGBBADF; @9@73D>K

<A4E;@*3@F3@33@6
5A@FD;4GF;@93DAG@6
?;>>;A@;@I397EFAF:7>A53>IAD=8AD57
.;F:5A@F;@G769DAIF:;@AH7D@;9:FH;E;FE
3@6>A53>3FFD35F;A@EFAGD;E?D7?3;@E3H;F3>;@6GEFDKF:3F:7 >BEEGEF3;@F:75A??G@;FKUE75A@A?;5I7>> 47;@93@67@:3@57D7E;67@FEUCG3>;FKA8>;87
)3?4A>>
5A@A?;5E@3>KE;EB


+AGD;EFE@7763B>357FAEF3K
3@@;@9*+)E I;>>8AD57FAGD;EFEFA8;@6AF:7D355A??A63F;A@E +:7?3D=7F
EG557EEA8*+)E67?A@EFD3F7EF:3FFD36;F;A@3>:AF7>3@6?AF7>8 35;>;F;7E;@*3@F3@33D7;@EG88;5;7@FFA ?77F F:7 6;H7DE7 @776E A8 *+) 9G7EFE ;@5>G6;@9 8AD 7J3?B>7 83?;>;7E 8AD I:A? 3557EE FA ?G>F;B>7 476DAA?E3@63=;F5:7@;EF:747EFH353F;A@ABF;A@
+:7D73EA@34>K8AD7E7734>75A@E7CG7@57A843@@;@9
*+)E;E8ADFAGD;EFEFA8;@6AF:7D355A??A63F;A@EF:3F3D7>7EE 57@FD3>>K>A53F76;@&D3@97AG@FK3@6 IAG>6F:7D74K5:3@97FAGD;EFFD388;5B3FF7D@E3@6;@5D73E7-$+P ADD7EG>F;@F:7;?B35F8G>5A@EFDG5F;A@A8 @7I:AF7>E3@6?AF7>EI:;5:IAG>6D7EG>F;@4AF:5A@EFDG5F;A@ 3@6AB7D3F;A@3>;?B35FEFAF:7B:KE;53> 7@H;DA@?7@FF:3F?GEF477H3>G3F76G@67D
(
F;ED73EA@34>K8AD7E7734>7F:3F7>;?;@3F;@93>>*+)E;@F:7 ;FKI;>>53GE7 F:78A>>AI;@9 6;D75F;@6;D75F 3@65G?G>3F;H77@H;DA@?7@F3>;?B35FE
•  E:;8F;@FD388;5B3FF7D@ED7EG>F;@9 ;@;@5D73E76H7:;5>7?;>7EFD3H7>76-$+ 6G7FAB7AB>7FD3H7>;@9 83DF:7D6;EF3@57EFAF:7;D H353F;A@67EF;@3F;A@E3@6F:7;D F7?BAD3DK FD3@E;FADKB>357EA87?B>AK?7@F
3@6 D7E;67@57
AF: 5AG>6 D7EG>F ;@ E;9@;8;53@F 6;D75F 7@H;DA@?7@F3> 78875FE ;@5>G6;@9 ;@5D73E76 H7:;5>77?;EE;A@E;@5D73E769D77@:AGE793E 7?;EE;A@E3@6;@5D73E76FD388;55A@97EF;A@  :FFBE

III AD3@975AG@FK @7F
5;F;7E
+3@F3@3 :F?>
 .;E;FF:7-+:FFBE

III H;E;FF:7GE3 5A?
67EF;@3F;A@
E3@F33@3
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

• $AD7H;E;FADE3@6D7E;67@FE ;@@776A8F7?BAD3DK355A??A63F;A@E I ;>>D7>KA@:AF7>E  I:;5:3D7 ?AD7D7EAGD57 ;@F7@E;H7 F:3@*+)E 4K 97@7D3F;@9 ?AD7 7@7D9K 3@6GE;@9?AD7I3F7DF:3@*+)E 
+:;E:3EF:7BAF7@F;3>FAD7EG>F;@@G?7DAGEBAF7@F;3>>KE;9@;8 ;53@F ;@6;D75F 7@H;DA@?7@F3>78875FE EF7??;@98DA?F:7;@5D73E7667?3@68ADI3F7D7>75FD;5;FK3@6 @3FGD3>93E3@6F:7;@5D73E76 97@7D3F;A@A8I3EF7I3F7D3@6EA>;6I3EF7
+:;E3>EA:3EBAF7@F;3>FA;?B35FDAA?D3F7E;@F:7;FK 4753GE7A55GB3@5KD3F7E;@:AF7>E3D73>D736K@73D>K
B7D57@FEADAA?D3F7EI:;5:3D73>D736K
CG;F7:;9:;@&D3@97AG@FK


3H7D39763;>KD3F7I;>>3>?AEF57DF3;@>K;@5D73E7BAF7@F;3>>K BGE:;@9F:7?47KA@6F:7D735:A84G697F 5A@E5;AGEFD3H7>7DE ) 3?4A>>
5A@A?;5E@3>KE;EB



• 7H7>AB?7@FA8@7I:AF7>E ;@F:7;FK 6G7FAA55GB3@5KD7EFD;5F;A @E53GE;@9 366;F;A@3>E:;8FE;@ 7J;EF;@9FD388;5B3FF7D@E3@63I;67D3@97A8AF:7DBAF7@F;3> ;?B35FED7>3F76FA:AF7>5A@EFDG5F;A@ 3@6AB7D3F;A@

• @*+)43@;@F:7;FK:3EBAF7@F;3>FA53GE73D;BB>778875F3 5DAEEF:7D79;A@;8AF:7D>A53>;F;7E 8A>>AI EG;F D7EG>F;@9 ;@ 5G?G>3F;H7 7@H;DA@?7@F3> ;?B35FE 8DA? D3B;6 7>;?;@3F;A@ A8 *+) GE7E 5A?BAG@6;@9 ;EEG7E 67E5D;476 34AH7 ;@5>G6;@9 E:;8F;@9 FD388;5 B3 FF7D@E 3@6 ;@5D73E76 -$+ ;@5D73E76GE7A8D7EAGD57 ;@F7@E;H7:AF7>E3@667H7>AB?7@FA8@7I:AF7>EFA?3=7GB8ADF:7>AEE A8AH7D@;9:F355A??A63F;A@E


35:A8F:7E76D;H;@9835FADE 3@6F:7BAF7@F;3>;?B35FE 3D7 EG??3D;L76 47>AI @ *+)3@.;>>)7EG>F;@:3@976+D388;5'3FF7D@E

;H7@F:73>D736K>;?;F763H3;>34;>;FKA87J;EF;@9:AF7>DAA?@;9:FE;@F:7;FKF:77>;?;@3F;A@A83>>*+)E;@ F:7;FKI;>>8AD57H;E;FADEFA3@6D7E;67@FEA8F:7;FKFA8; @6FD3@E;7@F355A??A63F;A@EAGFE;67A8;FK >;?;FE
*3@F3@3;E357@FD3>>K>A53F76:G4;@&D3@97AG@FKI;F:?AD7388AD634>7355A??A63F;A@EF:3@ AF:7D5;F;7EEG5:3E#39G@3735:AD%7IBADF735:
*+)E;@*3@ F3@3835;>;F3F7388AD634>73557EEFA
F:7 ;FKUE 5G>FGD3> 3?7@;F;7E 5A??G@;FK 3FFD35F;A@E 3@6 BG4>;5 835;>;F;7E )7?AH;@9 3>> 7J;EF;@9 *+)
355A??A63F;A@E8DA?F:7;FKIAG>6 I;F:57DF3;@FK 5:3@97 H;E;FAD FD388;5B3FF7D@E ;@3@63DAG@6F:7;FK 3E D7?AH3> A8 *+)E 6D;H7E :AF7> D3F7 ;@5D73E7E 3@6 H;E;FADE I;>> 7;F:7D @776 FA 8;@6 355A??A63F;A@E 83DF:7D 3I3K 8DA? *3@F3 @3 6G7 FA F:7 >35= A8 3H3;>34;>;FK AD 388AD634;>;FK A8 F:7 >;?;F76 D7?3;@;@9 355A??A63F;A@EI;F:F:7;FK
@63E8GDF:7D67F3;>7647>AI 3@6;@F:7D7BADFE8DA?)3?4A>>F:;EE:;8F;@9 A8 FD388;5 53@ D7EG>F ;@ 3 I;67 D3@97 A8 BAF7@F;3>>K E;9@;8;53@F 7@H;DA@?7@F3> 78875FE FA 3;D CG3>;FK


7?;EE;A@E3@6FD3@EBADF3F;A@

ADE;?B>;5;FKF:;ED7BADFD787DEFA3>>FD36;F;A@3>5A??7D5;3>AH7D@;9:F355A??A63F;A@EEG5:3E:AF7>E?AF7>E 4763@64D73=83EFE3EP:AF7>E Q

AD7J3?B>7;@&0A@7K73D38F7DD79G>3F;A@EE7H7D7>KD7EFD;5F;@9+,*EFAA=78875FF:3F5;FKRE:AF7>D3F7E ;@5D73E76 B7D57@F3@@G3>>K5A?B3D76FA3

B7D57@F@3F;A@I;673H7D397;@5D73E76GD;@9F:7E3?7B7D;A6 (:A5GE/;D7;D4@4F3=7E3;?3F&03K73D38F7DP83;>76Q+,*D79G>3F;A@E3H3;>34>7:7D7 :FFBE

III B:A5GEI;D7 5A?
;D4@4K73D38F7D&7I0AD=;FKE:ADFF7D?D7@F3>
D79G>3F;A@EMF7JF;F;@9

8;9GD7E

8DA?

5A??7D5;3>

D73>7H7@

3E

F:7K

5AA>76

@3F;A@I
;67 >3EFH;E;F76'5F 

 
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

@*+)3@.;>> @5D73E7)7>;3@57A@$AD7
@H;DA@?7@F3>>K ?B35F8G>AF7>E3@6+:7D74K @5D73E7F:7

@H;DA@?7@F3> ?B35FEA8+AGD;E?
@ *+)43@I;>>3>EA53GE7?AD7H;E;FADE 3@6D7E;67@FE;@@776A8 F7?BAD3DK AH7D@;9:F355A??A63F;A@E FAD7>KA@:AF7>E 8ADF:AE7355A??A63F;A@E
*+)E3D7AB7D3F76AGFA87J;EF;@9:A?7E3@66A@AFD7CG;D7 F:7E3?7;@F7@E;H7GE7A8I3F7D7@7D9K3@6AF:7D7@H;DA@?7@F3>D7EAGD57EF:3F:AF7>E D7CG;D7 )3?4A>>
5A@5>G676F:3FF:7*+)43@I;>>D7EG>F;@;@5D73E765D;F7D;33;DBA>>GF3@F3@6

7?;EE;A@E3@63EEA5;3F76
:73>F: D;E=E ;@5D73E76 @A;E7 ;?B35FE ;@5D73E76 FD388;5 5A@97EF ;A@ 3@6 AF:7D BAF7@F;3>>K E;9@;8;53@F 7@H;DA@?7@F3>;?B35FE


)3?4A>>
@H;DA@?7@F3>@3>KE;E

)3?4A>>UE;FK EB75;8;58;@6;@9E3D75A@E;EF7@FI;F:3H3D;7FKA8D757@FEFG6;7E3@6?A67>E5A@57D@;@9F:7 7@H;DA@?7@F3>3@675A@A?;547@78;FEA8*+)E
 

 3@3>KE;EGE;@ 93R>73@F75:S ?A67>8AG@6F:3F
I:7@9G7EFEEF3K3F3@*+)E;9@;8;53@F>K>7EE7@7D9K3@6I3F7D ;EGE76

7?;EE;A@E3D7>AI7D3@6
I3EF7;ED76G5765A?B3D76FA:AF7>EF3KE
 +:7

 3@3>KE;EE:AIEF:3F;@

;D4@49G7EFE;@
GDAB7
I:AEF3K763F3@*+);@EF736A83:AF7>35:;7H767@7D9KE3H;@9E 7CG3>FAF:3FA8

:A?7E3@6
D76G576I3F7DGE3977CG3>FA


&>K?B;5 E;L76EI;??;@9BAA>E
 ;D4@49G7EFEF3KE;@%ADF:?7D;53
D7EG>F76;@>AI7D

7?;EE;A@E7CG3>FAF:3FA8AH7D

5 3DE3@6I3EF7D76G5F;A@A8

FA@E
5A?B3D76FA:AF7>EF3KE
 @3DF;5>7BG4>;E:76;@F:7*?3>>GE;@7EE @EF;FGF7!AGD@3>3> EABDABAE76F:3F E:3D;@975A@A?K43E76355A??A63F;A@E3D7>;=7>KFA5A@EG?7>7EE7@7D9K 3@6I3F7D3@6BDA6G5787I7D

7?;EE;A@E3@6>7EEI3EF7F:3@FD36;F;A@3>355A??A63F;A@E

GDF:7DF:7R+D;B
7@7D3F;A@$A67>S
BD7B3D764K @F7D@3F;A@3>+D3@EBADF3F;A@
@9;@77DE +

5A@8;D?EF:3F3D7E;67@F;3>:A?797@7D3F7E>7EE
FD388;5F:3@3:AF7>
 @366;F;A@3

D7BADFD793D6;@9*+)E 3>A@9F:73>;8AD@;35A3EF8AG@6F:3FR+:7 E:3D;@975A@A?K53@5A?B7F7I;F::AF7>E4KA887D;@936;887D7@F EADFA8E7DH;57I;F:3G@;CG7EFDG5FGD7 
*+)EBABGBF:DAG9:AGF5;F;7EI:7D7F:7D7;E67?3@68AD>A69;@9 +:7K6A@AFD7CG;D757@FD3>;L3F;A@AD
?3;@F3;@;@9;@H7@FADKI:;5::7>BE>AI7D5AEFE


)7@F3>EA887 D3?AD7EGEF3;@34>7ABF;A@F:3FD7CG;D7E 87I7DD7EAGD57E3@6:7>BE;@5D73E73557EEI;F:?AD76;H7DE7355A??A63F;A@ABF;A@E3@647FF7DH3>G7 S

AD3>>F:7E7D73EA@EF:7FD3@E;F;A@A8*+)9G7EFEFA:AF7>9G7EFE:3EF:7BAF7@F;3>FAD7EG>F;@;@5D73E76 67?3@6 8AD I3F7D 7>75FD;5;FK 3@6 @3FGD3> 93E 3@6 F:7 ;@5D73E 76 97@7D3F;A@ A8

 7?;EE;A@E
I3EF7I3F7D3@6EA>;6I3EF73@6;@5D73E76FD388;5
@63E8GDF:7D67F3;>7647>AIF:;E53@D7EG>F;@3I;67 D3@97A8BAF7@F;3>>KE;9@;8;53@F 7@H;DA@?7@F3>78875FEFA 3;DCG3>;FK7@7D9K

7?;EE;A@E>3@6GE73@6
B>3@@;@9@A;E7BG4>;5E7DH;57E FD3@EBADF3F;A@3@6GF;>;F;7E  ;D4@4
%" 

#
"&
#

"!
$


"& 
& $
%BD 


:FFBE

@7IE 3;D4@4 5A?
:AIF:73;D4@45A??G@;FKEGBBADFE7@H;DA@?7@F3>>K8D;7@6>KFD3H7>IAD>6I;67   
 
%;697FF7F3> 
 


&

#!"
"&!
 

+
! " 
BB 





!,
,D;B7@7D3F;A@%3@G3>

F:
6 ,D;B7@

3H3;>34>78ADBGD5:3E7:7D7:FFBE

III ;F7 AD9
F75:@;53>
D7EAGD57E
FAB;5E
FD;B3@6B3D=;@9
97@7D3F;A@
MF7JF,:7

!,


,D;B

7@7D3F;A@

%3@G3>

BD7E7@FE

3

EG??3DK

A8

F:7
FA

F:7

,D;B

7@7D3F;A@

%3@G3> 
 #;@93@6"7@=;@E-@7CG3>557EE(DAF75F;@988AD634>755A??A63F;A@E>A@9F:73>;8AD@;3A3EF

 
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

F;E)73EA@34>K
AD7E7734>73@ *+)3@.;>>*BGD%7IAF7>7H7 >AB?7@F 3@6F:7;FK$GEF@3>KL7 EEA5;3F76 ?B35FE
+:7 ;FK :3E D7BADF76 F:7D7 3D7 AH7D 

7J;EF;@9 *+)E ;@ F:7 ;FK *F388 )7BADF B
 
 )3?4A>> :3E
67F7D?;@76F:7D73D73BBDAJ;?3F7>K


)3?4A>>
@H;DA@?7@F3>@3>KE;EB

 3@@;@93>>A8F:7E7
AH7D@;9:F355A??A63F;A@EIAG>6FD3@E>3F7FAF:7>AEEA83E;9@;8;53@F@G?47DA8AH7D@;9:F355A??A63F;A@ @;9:FE ;@F:7;FK
+:7;FKUE7J;EF;@95A??7D5;3>AH7D@;9:F355 A??A63F;A@?3D=7F:AF7> ?AF7>
4763@6
4D73=83EF7F5
E;?B>K53@@AF34EAD4F:7>AEEA8 AH7D@;9:F355A??A63F;A@@;9:FE53GE764KF:77>;?;@3F;A@ A8F:7*+)?3D=7F9;H7@F:73>D736K:;9:A55GB3@5KD3F7A8&D3@97AG@FKAH7D@;9:F355A??A63F;A@E *77)3?4A>>
5A@A?;5E@3>KE;EBB
 
 /7FF:7667@6G??3=7 E@A?7@F;A@A8F:78AD7E7734>7 67H7>AB?7@FA8@7I:AF7>EF:3FIAG>6D7EG>F8DA?7>;?;@3F;@93> >7J;EF;@9*+)E;@F:7;FK383F3>8>3I;@ F:3F3@3>KE;EI:;5:6;E5D76;FE7H7DK;?B35F5A@5>GE;A@F:3FF:7667@6G?D735:7E 
ED7BADF764K$3FF:7IE)73>
EF3F7 @H7EF?7@F*7DH;57E ;@

AF7>A55GB3@5K;@&D3@97AG@FK ;E34AH7F:7@3F;A@3>3H7D397 7?3@68AD&

DAA?E;EEF;>>:;9:67EB;F7D;E;@9D3F7E3EF:7D79;A@;E3:AF EBAF 8ADFAGD;E?>7;EGD7FD3H7>3@64GE;@7EE
@;@5D73E7;@4GE;@ 7EEFD3H7>67?3@6
I3E 97@7D3F76 4K F75: 8;@3@5;3> ;A$76 3@6 ?76;53> EGBB>K 5A ?B3@;7E ;?B>7?7@F;@9>3D979DAGBH;E;F;@9AH7DF:7>3EF87ICG3DF7DE 
AF7>-3>G3F;A@ @67J3>EAD7BADF76 ;@

+:7@3:7;? *3@F3@3:AF7>?3D=7FEB3@EF:77@F;D7FKA8&D3@97AG@FKI:;5: EGBBADFE36;H7DE743E7A875A@A?;5;@6GEFD;7E3@6E75FADE;@5>G6;@9F75:@A>A9K 8;@3@57 ?3@G835FGD;@9 76G53F;A@ 3@6 :73>F:53D7 3?A@9 AF:7DE  &D3@97
AG@FKUE :AF7> EG4?3D=7FE ;@5>G67 &D3@97
3D67@
DAH7 @3:7;? I : ; 5 : 
873FGD7E F:7 ;E@7K F:7?7 B3D=E G7@3 '3D= :A?7 A8 "@AFFUE 7DDK 3D?
DH;@7:A?7FA,@;H7DE;FKA83>;8AD@;3 DH;@7UE53?BGE3@6@G?7DAGE5ADBAD3F7 :736CG3DF7DE3@6F:7388>G7@F5A3EF3>5A??G@;F;7EA83@3'A; @FG@F;@9FA@ 735:#39G@3735:3@6%7IBADF735:
 @
A55GB3@5K8AD F:;E?3D=7F
EGDB3EE76


$3<AD835FADE6D;H;@9F:7
B7D8AD?3@57>7H7>;@5>G676F:7
D74AG@6A83?GE7?7@FB3D=3FF7@63@57F:7D7FGD@A8?3<AD5A@H7@F;A@E3@6F:7 9D36G3>D75AH7DKA85ADBAD3F7FD3H7>


;H7@F:7DA4GEF&D3@97 AG@FKAH7D@;9:F355A??A63F;A@E ?3D=7F;F;ED73EA@34>K 8AD7E7734>7 F:3FF:7 ;FKUE43@A@*+)EI;>>6D;H7F:767H7>AB?7@FA8@7I:AF7>EF:7;?B35FA8I:;5:F:7;FK?GEF 3@3>KL7 ;@ 3@
)
*77)3?4A>>
5A@A?;5E@3>KE;EBB
 

 %3FF:7IE*73>
EF3F7!@H7EF?7@F+7DH;57E
!
""&
 "


"'

#"



74 

3H3;>34>7
:7D7:FFBE

III ?3FF:7IE 5A?
:AEB;F3>;FK?3D=7FD7BADFEA53>>3EFH;E;F76'5F 


 .+ AF7>.3>G3F;A@!@67JO-@;F76+F3F7EO@3:7;?+3@F3@33H3;>34>7:7D7 :FFBE

:H; :HE 5A?
?3D=7F
G@;F76EF3F7E
@3:7;?22+3@F32@3>3EFH;E;F76'5F 


9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

+:7;FK3>D736K:3E3B>3@;@B>357FA355A??A63F7@7I:AF7>67H7>AB?7@F  @

F:7;FK36ABF763
:AF7>;@57@F;H7BDA9D3?3;?763F3FFD35F;@9@7I:AF7>67H7>AB?7@F EBGDD764K3@;@5D73E7;@FAGD;E?;@ &D3@97AG@FK3@6*3@F3@3UEBDAJ;?;FKFA:G4EA8FAGD;E?;@5>G6;@9@3:7;?UED7EADF6;EFD;5FF:7!A:@ .3K@7 ;DBADF 3@6 >A53> 3?7@;F;7E ;@5>G6;@9 F:7 ;E5AH7DK G47 &D3@97 AG@FK 3@6 F:7 AI7DE $GE7G?
 +:7;FKUE
7@7D3>'>3@:3E;67@F;8;7657DF3;@>A53F;A@E3BBDAB D;3F7 8ADF:767H7>AB?7@FA8 :AF7>E;@5>G6;@9;@F:7>3@6GE767E;9@3F;A@E;EFD;5F7@F7DP $76;G?3@6 @6GEFD;3>

>7J3FDAA=:A>>AI
*B75;8;57H7>AB?7@F*'>3@%A
EB75;8;53>>K3F
D77I 3K3@6K7D)A36
 +:7;FKUE3D4AD
$;J,E7+D3@E;FADD;6AD'>3@@AF7E;F5AG>6>736FAF:7366;F; A@A8@7I:AF7>E  @366;F;A@F:7;FKUE
$;6FAI@ *B75;8;5 '>3@ 3@6 $7FDA
3EF $;J76 ,E7 &H7D>3K ;EFD;5F
JB3@E;A@ 3@6
>3@ 7H7>AB?7@F
'DA<75FE735: EB75;8;53>>K5A@F7?B>3F7E @7I:AF7>E

GDF:7D:AF7>3@6?AF7>E3D73>EAB7D?;FF76FA47
5A@EFDG5F763@6AB7D3F76;@

$)3@6*$ 0A@;@9;EFD;5FE
EF:7;FK:3E
;67@F;8;76EB75;8;53D73EI:7D7:AF7>E5AG>64767H7>AB76F:7 ;FK;E53B34>7A85A@6G5F;@9?73@;@98G> 3@6;@8AD?3F;A@3>7@H;DA@?7@F3>D7H;7IA8F:7:AF7>EU5A@EFDG5F;A@@AI @

F:7 ;FK@AF76F:3FF:73H7D397A55GB3@5KA8&D3@97AG @FK:AF7>EI3E3FB7D57@FEBGDD;@9 F:7@7768AD@7I:AF7>67H7>AB?7@F;@F:73D73
 E6;E5GEE76;@F:7)3?4A>>D7BADF:AF7>A55GB3@5K D3F7E ;@ &D3@97 AG@FK 3E A8 *7BF7?47D 
 3D7  B7D57@F
)3?4A>>
5A@A?;5E @3>KE;E B
 


H;67@578DA?)3?4A>>E:AIEF:3FD7?AH3>A83>> 7J;EF;@9*+)EI: ;5:3D73RE;9@;8;53@FBADF;A@A8F:7 >A69;@9?3D=7FSIAG>6>73H73R5A@E;67D34>793B;@3H3;>34>735 5A??A63F;A@EI:;5:F:77J;EF;@9:AF7> ;@8D3EFDG5FGD7;EG@>;=7>KFA4734>7FA8G>>K34EAD4
S )3?4A>>
5A@A?;5E@3>KE;EBB
 
 +:7;FK?GEF
7H3>G3F7F:;E 7H;67@57 FAG@67DEF3@6F:75GDD7@F67?3@6 8AD:AF7>E 3@6*+)E3@6BDA<75FF:767?3@6 F:3FIAG>6D7EG>F8DA?343@A@3>>*+)E;@F:7;FK

@F:734E7@57A83>>*+)E ;F;ED73EA@34>K 8AD7E7734>7 F:3F ?3D=7F8AD57EI;>>6D;H7@7I:AF7>67H7>AB?7@F FAD7B>357F:7>AEEA8@;9:FE8DA?F:7*+)?3D=7F
F;E 3>EA D73E A@34>K8AD7E7734>7F:3FF:75A@EFDG5F;A@ A8@7I:AF7>E ;@F:7;FK I;>>D7EG>F;@3 I;67D3@97A8BAF7@F;3>7@H;DA@?7@F3>78875FEFA 3;DCG3>;FK4;A>A9;53> D7EAGD57E 5G>FGD3> 3@6 FD;43> 5G>FGD3> D7EAGD57E 7@7D9K

 7?;EE;A@E :3L3D6E 3@6 :3L3D6AGE
?3F7D;3>E>3@6GE73@6B>3@@;@9@A;E73@6H;4D3F;A@BG4>;5E7DH;57EFD3@EBADF3F;A@3@6GF;>;F;7E 
+:7;FK$GEFA@E;67DG?G>3F;H7)79;A@3> ?B35FEA8*+)3@E @*+)43@;@F:7;FK:3EBAF7@F;3>FA53GE73D;BB>778875F35DAEEF:7D79;A@;8AF:7D>A53>;F;7E8A>>AIEG;F D7EG>F;@9;@5G?G>3F;H77@H;DA@?7@F3>;?B35FE8DA?D3B;67>;?;@ 3F;A@A8*+)GE7E5A?BAG@6;@9;EEG7E 67E5D;47634AH7;@5>G6;@9E:;8F;@9FD388;5 B3FF7D@E3@6;@5D73E76-$+;@5D73E76GE7A8D7EAGD57 ;@F7@E;H7  ;FKA8+3@F3@3 AF7>!@57@F;H7(DA9D3?3H3;>34>7:7D7:FFBE

III E3@F33@3 AD9
:AF7>;@57@F;H7BDA9D3?
>3EFH;E;F76'5F 


 ;FKAG@5;>+F388*7BADF"G@7

 AF7>
7H7>AB?7@F!@57@F;H7(DA9D3?3H3;>34>7:7D7
:FFBE

BG4>;56A5E E3@F33@3 AD9
/74$;@=

A5.;7I 3EBJ64;6
;6
B397
5D

 +3@F3@37@7D3>(>3@$3@6-E7
>7?7@F$-
 ;FKA8+3@F3@3 3D4AD%;J76-E7,D3@E;FADD;6AD+B75;8;5(>3@BB  
'5F 

 
 ;FKA8+3@F3@3%;6FAI@+B75;8;5(>3@BB 

75 
%7FDA
3EF%;J76-E7'H7D>3K
;EFD;5F

JB3@E;A@3@6
>3@
7H7>AB?7@F(DA<75FE+G4E7CG7@F
!*B "G@7

 
 ;FKAG@5;>+F388*7BADF"G@7

 AF7>
7H7>AB?7@F!@57@F;H7(DA9D3?3H3;>34>7:7D7
:FFBE

BG4>;56A5E E3@F33@3 AD9
/74$;@=

A5.;7I 3EBJ64;6
;6
B397
5D

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

:AF7>E3@667H7>AB?7@FA8@7I:AF7>EFA?3=7GB8ADF:7>AEEA 8AH7D@;9:F355A??A63F;A@E +:7;FK
?GEF7H3>G3F7F:7E7BAF7@F;3>5G?G>3F;H7;?B35FE
"%)#!-((
+:7 47>AI67E5D;47E3@67H3>G3F7E E7H7D3>BAF7@F;3>>KE;9@;8;53@F36H7DE77@H;DA@?7@F3>;?B35FE F:3FI;>> AD3D7D73EA@34>K>;=7>K FAA55GD3E3D7EG>FA83 43@A8*+)E;@F:7;FK +:;E3@3>KE;E;EEGBB>7?7@F764K
F75:@;53> D7BADFE BD7B3D76 4K )3?4A>> I:;5: BDAH;67 8GDF:7D 3@3>KE;E D7>3F76 FA 3;D CG3>;FK 7@7D9K 9D77@:AGE793E>3@6GE73@6B>3@@;@9@A;E73@6H;4D3F;A@3@6FD3@EBADF3F;A@;?B35FE +:7667@6G?
83;>EFA355AG@F8AD3@KA8F:7E7BAF7@F;3>;?B35FE7@F;D7>K;9@AD;@9F:78AD7E7734>7;?B35FED7EG>F;@98DA? 7>;?;@3F;A@A83>> *+)E;@F:7;FK6;E5GEE7634AH7
+:;E;E383 F3>8>3I3@6F:7;FK?GEFBD7B3D73@

@H;DA@?7@F3> ?B35F)7BADFFA7H3>G3F7F:7*+)43@
'DA<75F7E5D;BF;A@
+:767E5D;BF;A@A8F:7*+)43@;@F:7667@6G?6A7E@AF?77F (UED7CG;D7?7@FE8AD3@367CG3F7
BDA<75F 67E5D;BF;A@
 ,@67D 
( R132@ 355GD3F7 3@6 5A?B>7F7 BDA<75F 67E5D;BF;A@ ;E @757EE3DK 8AD 3@ ;@F7>>;97@F7H3>G3F;A@A8F:7BAF7@F;3>7@H;DA@?7@F3>;?B35FEA 8F:7397@5KUE35F;A@   */%

"$),
%+$*/%
$
($( $%

3>
BB




 R 8F:767E5D;BF;A@;E;@367CG3F74753GE7;F83;>E
FA6;E5GEEF:75A?B>7F7BDA<75FF:77@H;DA@?7@F3>3@3>KE;EI;> >BDA434>KD78>75FF:7E3?7?;EF3=7 S (/
(

! * 0
$)%" * %$,%+$*/%
+"(


3>
BB






+:7667@6G?67E5D;47EF:7RBDA<75FU3E3@AD6;@3@57RFA7JBD7EE>KBDA:;4;FE:ADF F7D?D7@F3>EI;F:;@F:7 5;FKS5>3;?;@9F:3FF:77J;EF;@9$G@;5;B3>A67R6A7E@AF3@6 :3E@7H7D>;EF76E:ADF F7D?D7@F3>E3E3 B7D?;EE;4>7GE7;@3@KLA@;@96;EFD;5F
EEG5:*+)E3D7BDA:;4 ;F763@6G@3GF:AD;L76OS*F388)7BADF FF35:?7@FB



+:7 ;FK 83;>E FA 355GD3F7>K 67E5D;47 F:7 BDA<75F  E 6;E5GEE76 ;@ 9D73F7D 67F3;> ;@ F:7 >793> 3@3>KE;E EG4?;FF764KF:7*3@F3@3*:ADF +7D?)7@F3>>>;3@57F:7;FKUEBAE;F;A@F:3F*+)E3D7;>>793>3@6:3H7 @7H7D477@B7D?;FF76;@F:7;FK;E;@5ADD75F
*+)E3D77J;EF;@9 >3I8G>D7E;67@F;3>GE7EA8BDAB7DFKF:3F :3H7477@AB7D3F;@9;@F:7;FK8AD675367E
+:7AD6;@3@57 F:7D78AD7 ;E@AFD7388;D?;@97J;EF;@9>3I 4GF ;?BAE;@93@7IBDA:;4;F;A@A@E:ADF F7D?D7@F3>E3@67>;?;@3F;@93>>7J;EF;@9>793>E:ADF F7D?D7@F3>E $;F;93F;A@$73EGD7E
E6;E5GEE7634AH7D7>;3@57A@3@667@6G?FAF:7
''
) ;E;@3BBDABD;3F74753GE7F:7'DABAE76
&D6;@3@57;E36;887D7@FBDA<75F8DA?F:7;FKUE
7@7D3>'>3@3@67@H;DA@?7@F3>3@3>KE;EA8F:7'DABAE76 &D6;@3@57F:GE53@@AF47355A?B>;E:76F:DAG9:3@3667@6G?  F8A>>AIEF:3FF:7;FKIAG>647G@34>7
FAD7>KA@F:7?;F;93F;A@?73EGD7E8DA?F:7
''
) FA?;F;93F7F:7BAF7@F;3>>KE;9@;8;53@F7@H;DA@?7@F3> ;?B35FE67E5D;476:7D7;@FA>7EEF:3@E;9@;8;53@F
 @EF736F:7;FK?GEFBD7B3D73@
)8ADF:7'DABAE76
&D6;@3@57I;F:?;F;93F;A@?73EGD7E67E;9@76FA366D7EE3@KE;9@;8;53@F;?B35FE

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

;D(G3>;FK
,
(,
-
E 6;E5GEE76 ;@ 9D73F7D 67F3;> ;@ F:7 F75:@;53> 7@H;DA@?7@F3> D7BADF 8DA? )3?4A>> 3@ *+) 43@ ;E D73EA@34>K >;=7>K FA E;9@;8;53@F>K ;?B35F 3;D CG3>;FK ;@ E7H7D3> I3KE ;@5>G6;@9 36H7DE7 ;?B35FE 6G7 FA ;@5D73E76-$+A8H;E;FADEFD3H7>;@9>A@97D6;EF3@57EFAD735:FD3H7>67EF;@3F;A@E 3@6 8DA?F:7D73EA@34>K 8AD7E7734>75A@EFDG5F;A@3@6AB7D3F;A@A8@7I:AF7>EFA355A??A63F7B3FDA@EI:AIAG>6:3H7BD7H;AGE>K GF;>;L76 *+)E
+:7 667@6G? 83;>E FA 366D7EE 3@K A8 F:7E7 BAF7@F ;3> ;?B35FE 5A@5>G6;@9 I;F:AGF EGBBADF;@9 7H;67@57 F:3F F:7 'DABAE76 &D6;@3@57 RIAG>6 @AF D7EG>F ;@ 3@K B:KE;53> ;?B35FE A@ F:7 7@H;DA@?7@F AD ;?B35FE 3EEA5;3F76 I;F: 3;D CG3>;FKS 3@6 F:3F F:7D7 IAG>6 47 @A 5:3@97 ;@ 3;D CG3>;FK ;?B35FE47KA@6F:AE7;67@F;8;76;@F:7
''
)
*F388)7BADF
J:;4;FB

 +:;E;E;@367CG3F7

$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7 667@6G?UE 3@3>KE;E A8 3;D CG3>;FK ;?B35FE ;E ;@EG88;5;7@F8;@6;@9 F:3F F:3F ;@5D73E7E ;@ 3;D CG3>;FK ;?B35FER3D743E76A@5A@EFDG5F;A@A8@7IEFDG5FGD7E97@7D3F;@9@7IH7:;5>7FD;BEADBABG>3F;A@9DAIF:

S
*;@57F:7'DABAE76&D6;@3@57RIAG>6A@>K38875F7J;EF;@9EFDG5F GD7E 13@62 IAG>6@AF;@6G57BABG>3F;A@ 9DAIF:SF:7D7IAG>647@A5:3@97;@3;DCG3>;FK;?B35FE47KA@6 F:AE7;67@F;8;76;@F:7 ''
)3@6
F:7D78AD7@A;?B35FEIAG>6A55GDI;F:D7EB75FFA3;DCG3>;FK *F388)7BADF
J:;4;FB

 +:;E3@3>KE;E
;E7@F;D7>KEGB7D8;5;3>>35=;@93@K5A@E;67D3F;A@A8F:7D73EA @34>K8AD7E7734>7;?B35FEA83@*+)43@ ;@5>G6;@9;@5D73E76-$+;@5D73E765D;F7D;33;D7?;EE;A@E8DA? :AF7>EI;F:;@3@6AGFE;67A8F:7;FK3@6 5A@EFDG5F;A@A8@7I:AF7>E

;D CG3>;FK ;?B35FE 3D7 3 E;9@;8;53@F 5A@57D@ 8AD >A53> 3@6 EF3 F7 BA>;5K?3=7DE 3@6 397@5;7E  +:7
A@E7DH3F;A@
>7?7@FA8F:7;FKUE
7@7D3>'>3@BDAH;67EF:3FF :7;FKE:AG>6R1B2DAF75F3;DD7EAGD57E ;?BDAH7D79;A@3>3@6>A53>3;DCG3>;FK3@6?;@;?;L7F:7;?B35FEA85>;?3F75:3@97 S

GDF:7D3E67F3;>76
;@ F:7 F75:@;53> 7@H;DA@?7@F3> D7BADF 8DA? )3?4A>> F:7 *+) 43@  I;>> 6;EBDABADF;A@3F7>K 4GD67@ 7@H;DA@?7@F3><GEF;575A??G@;F;7E9;H7@F:7;FKUE7J;EF;@9BA> >GF;A@4GD67@E8DA?D79;A@3>BA>>GF;A@3@6 >A53>;L76FD388;57JBAEGD7 @73D7J;EF;@9:AF7>EFA5=3@6F:7BAF7@F;3>8AD;@5D73E76:AF7>GE397;@D7EBA@E7 FAF:7*+)43@


$(
)


@ *+)43@;E>;=7>KFA6;EB>3573EG4EF3@F;3>@G?47DA87J;EF;@9FD3H7>7DE8DA?AH7D@;9:F355A??A63F;A@E >A53F76 ;@ 5>AE7D BDAJ;?;FK FA FD3H7> 67EF;@3F;A@E 3@6 D7E;67@F E EF3K;@9 ;@ F7?BAD3DK AH7D@;9:F 355A??A63F;A@E >A53F76;@5>AE7DBDAJ;?;FKFAE5:AA>E3@6B>357EA87?B>AK?7@F $3@K83?;>;7E I:AE77=
AH7D@;9:F355A??A63F;A@EBD787DFAEF3K;@*+)E8AD3H3D;7FKA 8D73EA@EE;@57*+)E53@?77F?AD7 EB75;3>;L76355A??A63F;A@@776E5A?B3D76FA:AF7>E
-;E;FADE 3@6D7E;67@FE I:A5:AAE7FAEF3K;@*+)E
;@AF:7D>7EED79G>3F763D73E A8*AGF:7D@3>;8AD@;3 I;>>F:7@: 3H7FA6D;H79D73F7D6;EF3@57E5A@EG?7 ?AD77@7D9K3@6;@5D73E75D;F7D;33;D7?;EE;A@E


+3@F3@37@7D3>(>3@A@E7DH3F;A@
>7?7@F&

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

)3?4A>>UE3@3>KE;E5A@5>G676F:3F ;@5D73E76FD3H7>FA3@68DA?:AF7>E3@6*+)E;@F:7D79;A@4753GE7A8 F:7G@3H3;>34;>;FKA8*+);@*3@F3@35AG>6R5A@E;67D34>K;@5D73E7S ?A4;>77?;EE;A@E;@F:73D73D7>3F;H7 FA*AGF:A3EF($*($F:D7E:A>6E8AD5D;F7D;33;DBA>>GF 3@FEI;F:F:7BAF7@F;3>FA53GE7E:ADF F7D?3@6>A@9 F7D?:73>F:;?B35FEFAE7@E;F;H7D757BFADE7J57763@57EA83BB>;34>73;DCG3>;FKEF3@63D6E 3@6;@5A@E;EF7@5;7EI;F:3BB>;534>73;DCG3>;FK3@65>;?3F7B>3 @E3>>A8I:;5:5D73F7383;D3D9G?7@FA8 7@H;DA@?7@F3>;?B35FEF:3F@776FA47EFG6;768GDF:7DG@67D (
)3?4A>>
@H;DA@?7@F3>@3>KE;EB


 *B75;8;53>>K)3?4A>>5A@5>G676F:3FF:7*+)43@IAG>6D7EG>F;@3@;@5D73E7;@63;>K?A4;>77?;EE;A@E A83BBDAJ;?3F7>KB7D57@FA8%&J3@6B7D57@FA8'$  8DA?9G7EFEA8*+)EFD3@E;F;A@;@9FAGE;@9
:AF7>E
 )3?4A>>
@H;DA@?7@F3> @3>KE;E B
 
 %&J 53GE7E 36H7DE7 :73>F: 5A@E7CG7@57E ;@5>G6;@9 4D73F:;@9 6;88;5G>F;7E 3@6 ;@5D73E76 D;E= A8 5:DA@;5 BG>?A@3DK8;4DAE;E 3E I7>> 3E 4DA@5:;F;E ;@ 5:;>6D7@ 
'$
 53@ 63?397 F:7 D7EB;D3FADK FD35F ;@5D73E;@9 F:7 @G?47D 3@6 E7H7D;FK A8 3EF:?3 3FF35=E 3@6 399D3H3F;@94DA@5:;F;E3@6AF:7D>G@96;E73E7E3@6D76G5;@9F:74A6KUE34;>;FKFA8;9:F;@875F;A@E )3?4A>>

@H;DA@?7@F3> @3>KE;E B
 
 )3?4A>> 8GDF:7D 5A@5>G676 F:3F F:7 *+) 43@ IAG>6 6;EBDABADF;A@3F7>K 4GD67@7@H;DA@?7@F3><GEF;575A??G@;F;7E4753GE7F:7;FKUE5A? ?G@;F;7E?AEF4GD67@764KD79;A@3> BA>>GF;A@3@6>A53>;L76FD388;57JBAEGD73D7>A53F76@73DF:77 J;EF;@9:AF7>EFA5=3@6IAG>6476;D75F>K ;?B35F764K;@5D73E76:AF7>GE397;@D7EBA@E7FAF:7*+)43@;@5D73E;@9F:7=@AI@BA>>GF;A@5A@FD;4GFADE FAD7EB;D3FADK3@653D6;AH3E5G>3D:73>F:D;E=E;@F:7E75A??G@;F;7E )3?4A>>
@H;DA@?7@F3>@3>KE;EBB

 
 @366;F;A@)3?4A>>5A@5>G676F:3FF:7*+)43@5AG>6;@5 D73E7FD388;55A@57@FD3F76A@DA36I3KE 9A;@9FAF:7:AF7>E;@F:7;FK;@5D73E;@9FD388;54K H7:;5>7EB7D63KD7EG>F;@9;@:73>F:;?B35FEF:3F
IAG>6 7J5776 F:7 *($ 
( F:D7E:A>6 A8 E;9@;8;53@57 8AD 53@57D D;E=
 )3?4A>>
@H;DA@?7@F3>
@3>KE;EBB
 

+:7;FKUE8GDF:7D3@3>KE;EA83;DCG3>;FK;?B35FE8DA?F:7*+) 43@E:AG>647EGBBADF76I;F:3F75:@;53> EFG6K BD7B3D76 4K 3 CG3>;8;76 3;D 7?;EE;A@ 7JB7DF I;F: E;9@;8;53@F 3;D CG3>;FK ;?B35F ?A67> 7JB7D;7@57 4753GE7F:73@3>KE;EA85D;F7D;3BA>>GF3@F97@7D3F;A@D7>3F;H7 FA3BB>;534>7:73>F:E387FK 3@67?;EE;A@ D79G>3F;A@E;E:;9:>KF75:@;53>3@6D7>;7EA@EB75;3>;L76?A67>E +:7;FK?GEF3>EA8;@6F:3FF:7*+)43@
;E5A@E;EF7@FI;F:>A53>3;DCG3>;FKB>3@E3@6F:7)79;A@3>;D(G3>;FK*FD3F79K3@6;8@AFBDAH;67?;F;93F;A@

$(
)
( *
(  (# )) %$)
(%#
%*
") $ */$+*) 
 */
.:7@9G7EFEEF3K3F3@*+)E;9@;8;53@F>K>7EE7@7D9K;EGE76 3 @6

7?;EE;A@E3D7>AI7D 5A?B3D76
FA:AF7>EF3KE
 E6;E5GEE7634AH7)3?4A>> 5A@5>G676F:3FF:7*+)43@IAG>6;@5 D73E7D7>;3@57A@ :AF7>ED7EG>F;@9;@3@;@5D73E7;@?A4;>77?;EE;A@EA85D;F7D;33;DBA>>GF3@FEGBFAB7D57@F5A?B3D76FA *+)E;@5D73E;@9:73>F:D;E=E3@653@57DD;E=
*77)3?4A>>
@H;DA@?7@F3>@3>KE;EBB
 

@5D73E76 5D;F7D;3 3;D 7?;EE;A@E I;>> 3>EA 6;EBDABADF;A@3F7>K 4GD67@ 7@H;DA@?7@F3> <GEF;57 5A??G@;F;7E *77 )3?4A>>
@H;DA@?7@F3> @3>KE;E BB
  
 +:7 3>
@H;DA*5D 77@ FAA> ;67@F;8;7E F:7 ;FK 3@6
B3DF;5G>3D>KF:78D77I3K 36<357@FFD35FE3E:;9:>K 4GD67@7647; @95>3EE;8;76;@FAF:7 F:B7D57@F;>73@6
34AH7
A??G@;F;7E36<357@FFA8D77I3KED3@=76;@F:7
 &'$)"$%+
$
$-)'#
*'$
'%# ' &%""*)%$ ((%) ,)
 +
" )'

 #((%$( $ ') )'

 -&%(*'
 ;D4@4 
 

" $
% 
 B %3D 

%;697FF7F3> 
 


&


#!"
"&!
 


+
! " 

BB 
 
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

)3?4A>>
@H;DA@?7@F3>@3>KE;EBB
 
+:7?3B47>AI8DA?)3?4A>>UE7@H;DA@?7@F3>3@3>KE;EE:AIE F:73>
@H;DA*5D77@?3BA8*3@F3@3UEAH7D3>>B7D57@F;>7A87JBAEGD73@64GD67@ +:7 *+) 43@ 5AG>6 E:;8F H;E;FAD 355A??A63F;A@E 8DA? >AI7D 4GD67@76 6;EB7DE76 D7E;67@F;3> 3D73E FA 5A@57@FD3F76:AF7>LA@7E;@EAGF:73EF*3@F3@3I:7D7BA>>GF;A@3@6FD388;57?;EE;A@>7H7>E3D73>D736K 7>7H3F76>736;@9FA3@;@5D73E7;@7?;EE;A@E;@F:7E75A??G@;F;7E )3?4A>>
@H;DA@?7@F3>@3>KE;EBB

 
A@EFDG5F;A@A8@7I:AF7>E5AG>68GDF:7D;@5D73E77?;EE;A @E;@F:7E73D73E8GDF:7D;@9F:7=@AI@ BA>>GF;A@ 5A@FD;4GFADE FA D7EB;D3FADK 3@6 53D6;AH3E5G>3D :73>F: D;E=E ;@ F:7E7 3>D736K AH7D4GD67@76 5A??G@;F;7E
)3?4A>>
@H;DA@?7@F3>@3>KE;EB


+:7;FKE:AG>6CG3@F;8KAB7D3F;A@3>;?B35FEGE;@9 F:73>;8AD@;3 ?;EE;A@E
EF;?3FAD$A67>3>

$A6
3@65A?B3D76 393;@EF3BB>;534>7AB7D3F;A@3>F:D7E:A>6EFA67F7D? ;@7I:7F:7DF:7AB7D3F;A@3>35F;H;F;7E IAG>6:3H7F:7BAF7@F;3>FAD7EG>F;@7J57763@57EA83BB>;534>7 63;>KF:D7E:A>6EF:3F5AG>6EG4E7CG7@F>K 53GE75G?G>3F;H7>K5A@E;67D34>7;@5D73E7E;@7?;EE;A@EA8BA>>GF3@FE8ADI:;5:F:7D79;A@;E67E;9@3F763E @A@ 3FF3;@?7@F
 8AB7D3F;A@3>7?;EE;A@E7J5776F:73BB>;534>763;>KF:D7E:A>6E8AD3@K5D;F7D;3BA>>GF3@FE ?;F;93F;A@?73EGD7E;8873E;4>7IAG>6@776FA47BDAH;676FA D76G57;?B35FEFA>7EEF:3@E;9@;8;53@F  8
873E;4>7?;F;93F;A@;E@AF3H3;>34>7;?B35FE5AG>647E;9@;8;53@F %$)*(+* %$ $&
(* %$%

-
%*
")
)3?4A>>7EF;?3F76F:7*+)43@I;>>53GE7BAF7@F;3>>KE;9@;8;53@F@7I;?B35FED7>3F76FA:AF7>5A@EFDG5F;A@ ;@5>G6;@93;DCG3>;FK3@6:73>F:;?B35FE8DA?5A@EFDG5F;A@7?;EE;A@E )3?4A>>
@H;DA@?7@F3>@3>KE;EB


)3?4A>>5A@5>G676F:3F5A@EFDG5F;A@A83:AF7>I;F:AGF7?;EE;A@E?;F;93F;A@IAG>6D7EG>F;@3@7J57EE 53@57DD;E=A8;@3?;>>;A@8ADF:7?3J;?G?7JBAE76;@6;H;6G 3>-$ .#%')
$
%*')#(

0()
'(
%"%
$#""%$
)3?4A>>
@H;DA@?7@F3>@3>KE;EB



+:7
) ?GEF CG3@F;8K F:7 7?;EE;A@E 97@7D3F76 8DA? D73EA@34>K 8AD 7E7734>7 5A@EFDG5F;A@ A8 @7I :AF7>E
?AF7>E D7EG>F;@98DA?F:77>;?;@3F;A@A83>>*+)E;@F:7;FK +:;E3@3>KE;EE:AG>647BD7B3D76GE;@9
3>

$A63@643E76A@EB75;8;5 B3D3?7F7DE8ADF:7BDABAE76@7IGE7E47;@95A@EFDG5F76;@5>G6;@9E;L7 A8F:7@7IGE73EI7>>3E5A@EFDG5F;A@E5:76G>75A@EFDG5F;A@7 CG;B?7@F3?AG@FA89D36;@93?AG@FA8

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

:3G>;@97F5

+:7D7EG>FEE:AG>6F:7@475A?B3D76FAF:73BB> ;534>7D79;A@3>3@6>A53>;L76E;9@;8;53@57 F:D7E:A>6E FA 67F7D?;@7 I:7F:7D F:7 5A@EFDG5F;A@ 35F;H;F;7E IAG> 6 :3H7 F:7 BAF7@F;3> FA D7EG>F ;@ 7J57763@57E A8 3BB>;534>7 63;>K F:D7E:A>6E F:3F 5AG>6 EG4E7CG7@F>K 53GE7 5G?G>3F;H7>K 5A@E;67D34>7 ;@5D73E7E;@7?;EE;A@EA8BA>>GF3@FE8ADI:;5:F:7D79;A@;E67 E;9@3F763E@A@ 3FF3;@?7@F  8D79;A@3>AD
>A53>;L76 5A@EFDG5F;A@ 7?;EE;A@E 7J5776 F:7 3BB>;534>7 63;>K F: D7E:A>6E 8AD 3@K 5D;F7D;3 BA>>GF3@FE ?;F;93F;A@?73EGD7E;8873E;4>7IAG>6@776FA47BDAH;676FA D76G57;?B35FEFA>7EEF:3@E;9@;8;53@F  8
873E;4>7?;F;93F;A@;E@AF3H3;>34>7;?B35FE5AG>647E;9@;8;53@F 
E67E5D;47634AH7 F:7;FKUE
7@7D3>'>3@H3D;AGE*B75;8;5'> 3@E3@60A@;@9A67:3H7 ;67@F;8;76 57DF3;@>A53F;A@E ;@F:7;FK 3BBDABD;3F78AD :AF7>E
7B7@6;@9A@F:73H3;>34;>;FKA8>3@6FA5A@EFDG5FF:7E7 @7I:AF7>E;@F:7E7;67@F;8;763D73E;F;EBAEE;4>7F:3FF:7KIAG>6475A@EFDG5F7683DF:7D8DA?35;FK57@F7D ADFAGD;EF67EF;@3F;A@ED7EG>F;@9;@9D73F7DGD43@EBD3I>3@6H7:;5>7?;>7EFD3H7>76-$+ +:7;FK83;>76
FA3@3>KL7I:7F:7DF:7D73EA@34>K8AD7E7734>75A@EFDG5F;A@A8@7I:AF7>E3E3D7EG>FA83@ *+)43@?3K 47;@5A@E;EF7@FI;F:9DAIF:BDA<75F;A@E;@ F:73BB>;534>7D79;A@3>3;DCG3>;FKB>3@ADD7EG>F;@7?;EE;A@EF:3F 7J5776F:D7E:A>6E
+:7;FK3>EA83;>76FAEFG6KI:7F:7D5A@EFDG5F;A@A8@7I:AF7>E;@F:73D73E;67@F;8;76 ;@F:7
7@7D3>'>3@?3K:3H736H7DE7;?B35FEA@7@H;DA@?7@F3>< GEF;573D73EI:7D7BGDEG3@FFA'A>;5K %
A8F:7A@E7DH3F;A@
>7?7@FA8F:7
7@7D3>'>3@F:7;FKE:AG>6R1E2FG6KF:7;?B35FEA8EF3F;A@3DK 3@6 @A@ EF3F;A@3DK 7?;EE;A@ EAGD57E A@ 7J;EF;@9 3@6 BDABAE76 E7@E;F;H7 GE7E 3@6 ABBADFG@;F;7E FA ?;@;?;L7:73>F:3@6E387FKD;E=ES3@6R1627H7>AB3@636ABF@7ID79G>3F;A@E3HA;6;@9F:7E;F;@9A8835;>;F;7E F:3F BAF7@F;3>>K 7?;F ;@5D73E76 BA>>GF;A@ @73D E7@E;F;H7 D757BF ADE I;F:;@ 7@H;DA@?7@F3> <GEF;57 3D73 4AG@63D;7E
S +:7;FK?GEF5A@6G5FF:;E3@3>KE;E;@3@
)FAG@67DEF3@63>>BAF7@F;3>3;DCG3>;FK;?B35FE
A83@*+)43@
 (+" */
*
* %$

)+(
)
(%#*


 (

$
'+*

+:7;FK53@@AFD7>KA@F:73;DCG3>;FK?;F;93F;A@?73EGD7E8DA?F:7 ''
) FA366D7EEF:7E7BAF7@F;3>>K
E;9@;8;53@F3;DCG3>;FK;?B35FE4753GE7 3E6;E5GEE7634AH7 F:7'DABAE76&D6;@3@57;E3E7B3D3F7BDA<75F 3@653@@AF47366D7EE76F:DAG9:3@667@6G?FAF:7
''
) 3@6F:7D78AD7F:7?;F;93F;A@?73EGD7E
8DA?F:7
''
) 53@@AF473BB>;76FAF:;E@7IBDA<75F
$AD7AH7D F:73;DCG3>;FK?;F;93F;A@?73EGD7E
8DA? F:7
' '
) IAG>6 @AF BDAH;67 367CG3F7 ?;F;93F;A@ 8AD F:7 ;?B35FE 67E5D;476 34AH7 EG5: 3E ;@5D73E76-$+8DA?7>;?;@3F;A@A8*+)EE;@57F:73;DCG3>;FK?;F;93F;A@?73EGD7E3D7BD;?3D;>K3;?763F 5A@EFDG5F;A@;?B35FE3@6E;F7 EB75;8;567H7>AB?7@FE
*77*F388)7BADF
J:;4;FBB




;A>A9;53>)7EAGD57E
,
(,
-
@*+) 43@ ?3KE;9@;8;53@F>K;?B35F4;A>A9;53>D7EAGD57E8DA?F:7D73EA@34>K8AD7E7734>75A@EFDG5F;A@A8 @7I:AF7>EFA355A??A63F7B3FDA@EI:AIAG>6:3H7BD7H;AGE>KGF; >;L76*+)E +:7667@6G?83;>EFA
366D7EE 3@K A8 F:7E7 BAF7@F;3> ;?B35FE 5A@5>G6;@9 I;F:AGF EGBBADF;@9 7H;67@57 F:3F F:7 'DABAE76 &D6;@3@57IAG>6RA@>K38875F7J;EF;@9EFDG5FGD7ES3@6F:7D78AD7 F:7D7IAG>647@A5:3@97;@4;A>A9;53>  +3@F3@37@7D3>(>3@A@E7DH3F;A@
>7?7@F&

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

D7EAGD57E ;?B35FE 47KA@6 F:AE7 ;67@F;8;76 ;@ F:7 ' '
)
 *F388 )7BADF
J:;4;F  B
 
 +:;E ;E
;@367CG3F7

$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA84;A>A9;53>D7EAGD57E;?B35FE;E;@EG 88;5;7@F8;@6;@9F:3FF:7*+)43@IAG>6 RA@>K38875F7J;EF;@9EFDG5FGD7ES 3@6R;E@AF3@F;5;B3F76FAD7 EG>F;@B:KE;53>;?B35FEFAF:77@H;DA@?7@F S
*F388 )7BADF
J:;4;F  B
 
 +:;E 3@3>KE;E >35=E 3@K 5A@E;67D3F;A@ A8 F:7 D73EA@34>K 8AD7E7734>7 5A@EFDG5F;A@ A8 @7I :AF7>E 8DA? 3@ *+) 43@ I:;5: 5AG>6 D7EG>F ;@ BAF7@F;3>>K E;9@;8;53@F ;?B35FE FA 4;A>A9;53>D7EAGD57E
%$)*(+* %$%

-
%*
")
;D75F ;?B35FE FA 4;A>A9;53> D7EAGD57E ?3K A55GD ;8 @7I :AF7>E3D7 5A@EFDG5F76 A@ >3@6 F:3F 5A@F3;@E BDAF75F76 EB75;7E I7F>3@6E <GD;E6;5F;A@3> I3F7DE EB75;3> EF3FGE B>3@F AD 3@;?3> 5A??G@;F;7E EB75;7E ?;9D3F;A@5ADD;6ADE ;@5>G6;@9?;9D3FADK4;D6E3@6:34;F3F5A@ E7DH3F;A@3D73E E6;E5GEE7634AH7F:7
;FKUE
7@7D3>'>3@H3D;AGE*B75;8;5'>3@E3@60A@;@9A67 :3H7 ;67@F;8;7657DF3;@>A53F;A@E ;@F:7;FK 3BBDABD;3F7 8AD :AF7>E
+:7;FK:3E@AF7H3>G3F76 F:7BAF7@F;3>8ADF:7E73D73EFA:3H7BDAF75F76:34;F3F EA;F;EG@=@AI@I:7F:7D67H7>AB?7@F;@F:7E73D73EIAG>68D39?7@F=7K:34;F3F8AD7J3?B>7ADAF:7DI;E7 ;@F7D87D7I;F:EB75;3>EF3FGEB>3@FAD3@;?3>5A??G@;F;7E +:;E@776EFA477H3>G3F76;@38G>>
)
+:7A@E7DH3F;A@
>7?7@FA8F:7;FKUE
7@7D3>'>3@;67@F;8;7E3E
A3>% %3FGD3>D7EAGD57EF:79A3>
A8 BD7E7DH;@9 3@6 7@:3@5;@9 R*3@F3 @3UE @3FGD3> 3@6 7@H;DA@?7@F3> D7EAGD57E I:;>7 ?3;@F3;@;@9 3 43>3@57 47FI77@ D75D73F;A@ :34;F3F D7EFAD3F;A@ 3@6 E57@;5 D7EAGD57E S
 'A>;5K % 

 ;E 3;?76 3F
BD7E7DH3F;A@A84;A6;H7DE;FK3@6BDAH;67E8AD5A>>34AD3F;A@RI; F:*F3F73@6AG@FK397@5;7EFABDA?AF7 4;A6;H7DE;FK 3@6 BDAF75F E7@E;F;H7 4;A>A9;53> D7EAGD57E S
3;>GD7 FA 3@3>KL7 F:7 BAF7@F;3> ;?B35FE FA
4;A6;H7DE;FK8DA?5A@EFDG5F;A@A8@7I:AF7>E;E;@5A@E;EF7@FI;F:F:7;FKUE 7@7D3>'>3@
+:75A@EFDG5F;A@3@6AB7D3F;A@A8@7I:AF7>E;@>A53F;A@EF:3FB:KE;53>>K3@66;D75F>K38875FF:7E7D7EAGD57E 4K 8AD7J3?B>7 D7?AH;@9:34;F3FEG5:3EFD77EADF:3F:3H7EG4 EF3@F;3>;@6;D75F78875FEEG5:3E6GEF @A;E7 3@6H;4D3F;A@>;9:FFD3E:H7:;5>7GE7 3@6AF:7D3@F:DABA97@;535F;H;F;7E;@5>AE7BDAJ;?;FKI;F::;9:

H3>G7:34;F3FEAD?;9D3F;A@DAGF7E IAG>6:3H7 E;9@;8;53@F;?B35FE3@6D7CG;D7F:7;?BAE;F;A@A83>>873E;4>7 ?;F;93F;A@G@67D
(
+:7;FK83;>76FA3@3>KL7I:7F:7D67H7>AB?7@FA8@7I:AF7>E?3KA55GDA@3@K EG5:>3@6E 3@6;8EAI:3F ?;F;93F;A@?73EGD7E;8873E;4>7IAG>6@776FA47BDAH;676FAD76G57;?B35FE FA>7EEF:3@E;9@;8;53@F
4E7@F3@K873E;4>7?;F;93F;A@;?B35FEFA4;A>A9;53> D7EAGD57E5AG>647E;9@;8;53@F G>FGD3>)7EAGD57E
,
(,
-
@ *+)43@ ?3KE;9@;8;53@F>K;?B35F5G>FGD3>D7EAGD57E8DA?F:7D73EA@34>K8AD7E7734>75A@EFDG5F;A@ 3@6 AB7D3F;A@ A8 @7I :AF7>E FA 355A??A63F7 B3FDA@E I:A IAG>6 :3H7 BD7H;AGE>K GF;>;L76 *+)E  G>FGD3>
D7EAGD57E ;@5>G6;@9 :;EFAD;53> D7EAGD57E 3D5:37A>A9;53> D7EAGD 57E 3@6 :G?3@ D7?3;@E 5AG>6 47  +3@F3@37@7D3>(>3@A@E7DH3F;A@
>7?7@F&

 
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

63?39764K5A@EFDG5F;A@3@6AB7D3F;A@E
*3@F3@3:3E7JF7@E;H7:;EFAD;53>3@63D5:37A>A9;53>D7EAGD57E I:;5::7;9:F7@F:7D;E=A8;?B35FE8DA?@7I5A@EFDG5F;A@ +:76 67@6G?83;>EFA366D7EE3@KA8F:7E7
BAF7@F;3> ;?B35FE 5A@5>G6;@9 I;F:AGF EGBBADF;@9 7H;67@57 F:3FF:7 'DABAE76 &D6;@3@57 RA@>K 38875FE 7J;EF;@9EFDG5FGD7ES3@6F:7D78AD7F:7D7IAG>647@A5:3@97;@ 5G>FGD3>D7EAGD57E;?B35FE47KA@6F:AE7 ;67@F;8;76;@F:7
''
)
*F388)7BADF
J:;4;FB

+:;E;E;@367CG3F7

$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA85G>FGD3>D7EAGD57E;?B35FE;E;@EG88;5;7@F8;@6;@9F:3FF:7*+)43@IAG>6A@>K R38875F7J;EF;@9EFDG5FGD7ES 3@6R5A@EFDG5F;A@35F;H;F;7EIAG>6 @AFA55GD S*F388)7BADF
J:;4;FB


+:;E3@3>KE;E>35=E3@K5A@E;67D3F;A@A8F:7D73EA@34>K8AD7E77 34>75A@EFDG5F;A@A8@7I:AF7>E8DA?3@ *+)43@ I:;5:5AG>6D7EG>F;@BAF7@F;3>>KE;9@;8;53@F;?B35FEFA5G>FGD3>D7EAGD57E3E6;E5GEE7647>AI %$)*(+* %$$&
(* %$%

-
%*
")
+:75A@EFDG5F;A@3@6AB7D3F;A@A8@7I:AF7>E:3EF:7BAF7@F;3>FAD7EG>F;@E;9@;8;53@F7@H;DA@?7@F3>;?B35FE I;F: D7EB75F FA 5G>FGD3> D7EAGD57E
 G>FGD3> D7EAGD57E ;@5>G6;@ 9 :;EFAD;53> D7EAGD57E 3D5:37A>A9;53> D7EAGD57E3@6:G?3@D7?3;@E5AG>64763?39764K5A@EFDG5F;A@3@6AB7D3F;A@E AF7>E 5GDD7@F>K7J;EF
@73DAD?3K4735A?BA@7@FA87J;EF;@967E;9@3F765G>FGD3>D7 EAGD57E;@GD43@>A53F;A@E ;@F:7;FK E
6;E5GEE7634AH7F:7;FK:3E;67@F;8;7657DF3;@>A53F;A@E;@; FE 7@7D3>'>3@H3D;AGE*B75;8;5'>3@E3@6
0A@;@9A67 3BBDABD;3F78AD:AF7>E
+:7 7JB3@E;A@AD5A@EFDG5F;A@A8:AF7>E ;@F:7E7>A53F;A@E5AG>6:3H7 BAF7@F;3> FA E;9@;8;53@F>K 3@6 36H7DE7>K :3D? :;EFAD;53>>K ;?BADF3@F 5G>FGD3> D7EAGD57E 3@6 G@67F75F76 5G>FGD3>D7EAGD57E5AH7D764KFABEA;>3@6 D7CG;D7?;F;93F;A@ 
+:;E;EB3DF;5G>3D>KFDG79;H7@F:77JF7@E;H75G>FGD3>3@6:;EFAD;53>D7EAGD57EI;F:;@*3@F3@3 E6;E5GEE76
;@F:7667@6G?UE6;E5GEE;A@A8F:7
''
)RF:7D73D77;9:F3D5:37A>A9;53>D7EAGD57ESD75AD676;@F:7 ;FK ;@5>G6;@9 8AGD BD7:;EFAD;5 E;F7E A@7 ?G>F;5A?BA@7@F E;F7 3@6 F:D77 :;EFAD;5 ;EA>3F7E 3@6 F:3F 67H7>AB?7@F ;@HA>H;@9 9DAG@6 6;EFGD43@57 ;@ F:7 ;FK :3E BAF7@F;3> FA ;?B35F =@AI@ 3@6 G@=@AI@ 3D5:37A>A9;53>D7EAGD57E
*F388)7BADF
J:;4;FB

55AD6;@9FAF:7
''
)R
J;EF;@9A@6;F;A@E
3F343E7D7H73>E3BBDAJ;?3F7>K

:;EFAD;53>D7EAGD57E:3H7477@D75AD676;@*3@F3@3
S
GDF:7D
RF:73>;8AD@;3;EFAD;53>)7EAGD57E @8AD?3F;A@*KEF7?D75AD6E E73D5:;@6;53F7EF:3F3D5:37A>A9;53> D7EAGD57EI7D7BD7H;AGE>KD75AD676I;F:;@

?;>7

=?A8F:71
7@7D3>'>3@2 3D73

@6;?BADF3@F>K
.:;>7 F:7 D7H;7I A8 7F:@A9D3B:;5 3@6 :;EFAD;53> ?3BE 6A7E @AF ;@6;53F7 F:7 BD7E7@57A83@KEB75;8;5%3F;H7?7D;53@3D5:37A>A9;53>D7EAGD57EF:7BDAJ;?;FK A8?3BB76>A53F;A@EA8E7FF>7?7@FE;@F:7H;5;@;FKA8F:7B>3@3D73;@6;53F73:;9: E7@E;F;H;FK
+:7 BD7E7@57A8F:7*3@F3@3);H7D3B7D?3@7@FI3F7DEAGD57F:3F 5A@@75FEF:75>AE7EF?3BB76%3F;H7?7D;53@H;>>397E3@6@G?7D AGEEBD;@9E ?3BB76F:DAG9:AGFF:73D73A@F:7D3@5:AB>3F?3BE;@6;53F7F:3FF:7D7;E>;=7>K 3:;9:E7@E;F;H;FK8AD%3F;H7?7D;53@3D5:37A>A9;53>D7EAGD57E F:DAG9:AGFF:7  ;FKA8+3@F3@3(
!*B  

75 

3H3;>34>7:7D7
  B  

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

B>3@ 3D73
 +:;E ;E EGBBADF76 4K F:7 ;67@F;8;53F;A@ A8 E7H7D3> BD7:;EFAD;5 E;F7E 5A?BAE76A8:34;F3F;A@674D;E3@6>;F:;5?3F7D;3>E

GDF:7D?AD75A@EG>F3F;A@I;F:
F:7
34D;7>;@A+D;47;@6;53F76F:3FBADF;A@EA8F:7;FK3D7>A 53F76I;F:;@5G>FGD3> 3@6:;EFAD;53>E7@E;F;H73D73E

ED757@F>KD7BADF76;@F:7;FKA8*3@F3@3+D3@E;F0A@;@9A67*3@6* )F:7R+D3@E;F
0A@;@9A67
)S
*3@F3@3;E?AEF6;D75F>K3EEA5;3F76I;F:F:7
34D;7>;@A+A@9 H3I:AE7FD;43>
F7DD;FADK7JF7@676@ADF:8DA?>;EAD77=FA<GEF47KA@6+AB3@9 33@KA@3>A@9 F:7 '35;8;5 A3EF 3@6 ;@>3@6 FA F:7 ;FK A8 *3@ 7D@3D6;@A 73@ 3@6 *?;F:


AI7H7D;FE:AG>647@AF76F:3FFD;43>4AG@63D;7EI7D7>;=7>K 8>G;63>>AI;@9 8AD5A@F35FFD3673@66;88GE;A@A8;673E3?A@9;??76;3F7>K@7; 9:4AD;@99DAGBE EG5:3EF:7!G3@7MA3@6#G;E7MA


GDF:7D3E6;E5GEE76;@F:7+D;43>G>FGD3>)7EAGD57E 67@F;8; 53F;A@$7?AD3@6G?8ADF:7*AGF:A3EF +75:@A>A9K7@F7D'DA<75F;@F:7;FK
1*3@F3@3;E23D79;A@FD36;F;A@3>>K;?BADF3@FFA?G>F;B>7%3F ;H7?7D;53@9DAGBE  @B3DF;5G>3D
F:7E7;@5>G67F:7
34D;7>;@A;@5>G6;@9F:7+A@9H33@6";L:F:7!G3@7MAAD5<35:7?7@3@6F:7 #G;E7MA


)*%( "
)%+(
)
*F3F7 
(
G;67>;@7E *75F;A@


 678;@7E 3 :;EFAD;53> D7EAGD57 3E
 3 D7EAGD57 >;EF76 ;@ AD
67F7D?;@76FA477>;9;4>74KF:7*F3F7;EFAD;53>)7EAGD57EA??;EE;A@8AD>;EF;@9;@F:73>;8AD@;3)79;EF7D A8 ;EFAD;53> )7EAGD57E  3 D7EAGD57 >;EF76 ;@ 3 >A53> D79;EF7D A8 :;EFAD;53> D7EAGD57E AD ;67@F;8;76 3E E;9@;8;53@F ;@ 3 :;EFAD;53> D7EAGD57 EGDH7K ?77F;@9 57DF3;@ EF3F7 9G;67>;@7E AD  3@ A4<75F 4G;>6;@9 EFDG5FGD7E;F73D73B>357D75AD6AD?3@GE5D;BFI:;5:3>736 397@5K67F7D?;@7EFA47E;9@;8;53@F;@F:7 3D5:;F75FGD3> 7@9;@77D;@9 E5;7@F;8;5 75A@A?;5 39D;5G>FGD3> 76G53F;A@3> EA5;3> BA>;F;53> ?;>;F3DK AD 5G>FGD3>3@@3>EA83>;8AD@;3BDAH;676F:3FF:7>736397@5KUE 67F7D?;@3F;A@;EEGBBADF764KEG4EF3@F;3> 7H;67@57 ;@ >;9:F A8 F:7 I:A>7 D75AD6
 7?A>;F;A@ AD 3>F7D3F;A@ A8 3 :;EFAD;5 D7EAGD57 5AG>6 D7EG>F ;@ 3 E;9@;8;53@F;?B35FFAF:3FD7EAGD57
$;F;93F;A@?73EGD7E;8873E;4>7IAG>6@776FA47BDAH;676 AI7H7D
;F;E>;=7>KF:3F7H7@I;F:F:7;?B>7?7@F3F;A@A8?;F;93F;A@?7 3EGD7E 67?A>;F;A@AD3>F7D3F;A@A83:;EFAD;5 D7EAGD57IAG>6D7EG>F;@3E;9@;8;53@F;?B35F

@6;D75F ;?B35FE FA :;EFAD;53> D7EAGD57E 5AG>6 A55GD 7H7@ ;8 3 5A@EFDG5F;A@ E;F7 ;FE7>8 6A7E @AF 5A@F3;@ :;EFAD;53> D7EAGD57E
+:7E7;?B35FEIAG>647FA3@73D4K:;EFAD;53> D7EAGD573@65AG>647F7?BAD3DKEG5: 3E 63?397 FA 3 :;EFAD;53> D7EAGD57 8DA? 5A@EFDG5F;A@ H;4D3F;A@AD B7D?3@7@F EG5: 3E 8DA? F:7 @7I 67H7>AB?7@F 3>F7D;@9 F:7 E7FF;@9 A8 F:7 36<357@F :;EFAD;53> D7EAGD57 EG5: F:3F ;F @A >A@97D 5A@H7KE   B  
 
 ,D3@E;F1A@;@9A67
!*B  

 %;5:37>3=7D!@F7D@3F;A@3>,D;43>G>FGD3>*7EAGD57E!67@F;8;53F;A@%7?AD3@6G?8ADF:7+AGF:A3EF ,75:@A>A9K7@F7D(DA<75F;FKA8+3@F3@3'D3@97AG@FK3>;8AD@;3B BD 

 
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801


E;9@;8;53@57
$;F;93F;A@?73EGD7E;8873E;4>75AG>647@7767 6FAD76G57;@6;D75F;?B35FEFA>7EEF:3@ E;9@;8;53@F
4E7@F3@K873E;4>7?;F;93F;A@;?B35FEFA:;EFAD;53> D7EAGD57E5AG>647E;9@;8;53@F (
%"%
"
)%+(
)
.;F:D7EB75FFA3D5:37A>A9;53>D7EAGD57E;@5>G6;@9:G?3@D7?3;@EF:7D7;E3>I3KEF:7BAEE;4;>;FKF:3FEG5: D7EAGD57E 3D7 G@5AH7D76 6GD;@9 5A@EFDG5F;A@ 35F;H;F;7E 8AD :AF7> 5A@EFDG5F;A@  +:7 ;FKUE
7@7D3> '>3@
;@5>G67E&4<75F;H7

FAR1?2;@;?;L7>AEEA8@3FGD3>37EF:7F;5:;EFAD;53D5:7A>A9;53>3@6B3>7A@FA>A9;53> D7EAGD57E3E>3@6;E67H7>AB76
S +:7>;=7>;:AA6A86;E5AH7D;@9E G5:D7EAGD57E67B7@6EA@3@G?47DA8 835FADE;@5>G6;@9
I:7F:7D3E;F7:3EBD7H;AGE>K477@67H7> AB76F:77JF7@FA87J53H3F;A@8AD3@K BD;AD 67H7>AB?7@F  F:7 7JF7@F A8 7J53H3F;A@ 8AD F:7 5GDD7@F 5A@EFDG5F;A@ EG5: 3E I:7F:7D 3@K EG4F7DD3@73@>7H7>EIAG>647;@5>G676F:7FKB7EA8EA;>E3F3E;F73@6I:7F:7DF:7E;F7;E;@3>A53F;A@ A8=@AI@3D5:37A>A9;53>E7@E;F;H;FK
7B7@6;@9A@F:7EB75;8;5 5A@6;F;A@EA83E;F7?;F;93F;A@?73EGD7E ?3K47@757EE3DKFAD76G57;?B35FEI;F:D7EB75FFA3D5:37A>A9;53>D7EAGD57EFA>7EEF:3@E;9@;8;53@F 

;H7@F:7D73EA@34>78AD7E7734;>;FKA8@7I:AF7>67H7>AB?7@FD7 EG>F;@98DA?3@ *+)43@F:7;FK?GEF EFG6KI:7F:7DF:7D73D75G>FGD3>D7EAGD57EBD7E7@F;@>A53F;A@E I:7D7;F;E D73EA@34>K 8AD7E7734>7 F:7E7 @7I:AF7>E I;>>474G;>F
+"*+("
)%+(
)
*
* %$

)+(
)
(%#*


 (

$&&" "

+:7;FK53@@AFD7>KA@F:75G>FGD3>D7EAGD57E?;F;93F;A@?73EG D7E8DA?F:7 ''
) FA366D7EEF:7E7
BAF7@F;3>>KE;9@;8;53@F;?B35FE4753GE7 3E6;E5GEE7634AH7 F:7'DABAE76&D6;@3@57;E3E7B3D3F7BDA<75F 3@653@@AF47366D7EE76F:DAG9:3@667@6G?FAF:7
''
) 3@6F:7D78AD7F:7?;F;93F;A@?73EGD7E
8DA?F:7
''
) 53@@AF473BB>;76FAF:;E@7IBDA<75F


@7D9K
,
(,
-
E 6;E5GEE76 ;@ 67F3;> ;@ F:7 F75:@;53> 7@H;DA@?7@F3> 3@3>KE;EBD7B3D76 4K )3?4A>> 3@ *+) 43@ 53@ D73EA@34>K477JB75F76FA53GE7E;9@;8;53@F7@7D9K;?B35FE8AD E7H7D3>D73EA@E;@5>G6;@9 D7>A53F;@9
7J;EF;@9*+)9G7EFEFA>7EE788;5;7@F:AF7>E3@6AF:7DD7B>357?7@F835;>;F;7EF:3FD757@FD7BADFE;@6;53F7GE7 ?AD77@7D9KB7D9G7EF3@6EF;?G>3F;@9D7B>357?7@F355A??A63F;A@5A@EFDG5F;A@3@67JB3@E;A@F:3F I;>>;@5D73E77@7D9K67?3@6D7>3F76FA@7I?3F7D;3>?3@G835FGD;@9FD3@EBADF3F;A@3@6;@EF3>>3F;A@:73HK 7CG;B?7@FGE73@6?3;@F7@3@57I:;5:GE77>75FD;5;FK3@6FD3@EBADF3F;A@8G7>EBD;?3D;>K93E3@66;7E7> )3?4A>>5A@5>G676F:3FF:7*+)43@IAG>6;@5D73E77@7D9K67?3@64753GE7:AF7>EGE7?AD77@7D9KB7D B7DEA@F:3@*+)E 3@6IAG>63>EA;@5D73E767?3@68AD8AEE;>8G7>E 6G7FA;@5D73E76-$+;@5A@E;EF7@F I;F:D79;A@3>3@6EF3F75>;?3F7BA>;5K
)3?4A>>
@H;DA@?7@F3>@3>KE;EBB
 
+:7667@6G?83;>EFA
366D7EE3@KA8F:7E7BAF7@F;3>;?B35FE5A@5>G6;@9I;F:AGFEGBB ADF;@97H;67@57F:3FF:7*+)43@IAG>6 @AFD7EG>F;@3@KR5A@EFDG5F;A@ D7>3F767@7D9K5A@EG?BF;A@SAD R3@KB:KE;53>;?B35FEFAF:77@H;DA@?7@FS 3@6F:3FF:7D7IAG>647@A@7IAD?AD7E7H7D7E;9@;8;53@F7@7D9K;?B35FE47KA@63@K;67@F;8;76;@F:7 '
'
)
*F388)7BADF
J:;4;FB

+:;E;E;@367CG3F7

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801


$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA87@7D9K;?B35FE;E;@EG88;5;7@F8;@6;@9F:3FF:3FF:7*+)43@IAG>6@AFD7EG>F ;@3@KR5A@EFDG5F;A@ D7>3F767@7D9K5A@EG?BF;A@SADR3@KB:KE;5 3>;?B35FEFAF:77@H;DA@?7@FS3@6F:3F F:7D7IAG>647@A@7IAD?AD7E7H7D7E;9@;8;53@F7@7D9K;?B35FE 47KA@63@K;67@F;8;76;@F:7 ''
)

*F388 )7BADF
J:;4;F  B
 
 +:;E 3@3>KE;E ;E 7@F;D7>K EGB7D8;5;3> >35=;@9 3@K 5A@E;67D3F;A@ A8 F:7 D73EA@34>K8AD7E7734>7;?B35FEA83@*+)43@ ;@5>G6;@9;@5D73E7 67@7D9KGE78DA?:AF7>EI;F:;@3@6 AGFE;67A8F:7;FK3@65A@EFDG5F;A@3@6AB7D3F;A@A8@7I:AF7>E

@7D9K;?B35FE3D73E;9@;8;53@F5A@57D@8AD>A53>3@6EF3F7BA>;5K?3=7DE3@6397@5;7E 
AD7J3?B>7F:7
A@E7DH3F;A@
>7?7@FA8F:7;FKUE
7@7D3>'>3@BDAH;67EF:3FF :7;FKE:AG>6R1B2DAF75F3;DD7EAGD57E ;?BDAH7D79;A@3>3@6>A53>3;DCG3>;FK3@6?;@;?;L7F:7;?B35F EA85>;?3F75:3@97 S 
)76G5;@97@7D9K
GE7;E5D;F;53>FA:7>B;@9;?BDAH73;DD7EAGD57E3@6?;@;?;L7F :7;?B35FEA85>;?3F75:3@97 +:73@3>KE;E
A87@7D9KGE7D7>3F;H7FA3BB>;534>7:73>F:E387FK 3@67?;EE;A @D79G>3F;A@E;E:;9:>KF75:@;53>3@6D7>;7E A@EB75;3>;L76?A67>E
+:7;FKUE8GDF:7D3@3>KE;EA87@7D9K;?B35FE8DA?3@*+)43@E:AG>647EGBBADF76 I;F:3F75:@;53>EFG6KBD7B3D764K3CG3>;8;767JB7DFI;F:E;9@;8;53@F7@7D9K;?B35F?A67>7JB7D;7@57

$(
)
$
(
/)

(%#
%*
") $ */$+*) 
 */
)3?4A>>5A@5>G676F:7*+)43@IAG>6;@5D73E77@7D9K67?3@6E475 3GE7:AF7>EGE7?AD77@7D9KB7D B7DEA@F:3@*+)EGE;@9?AD7F:3@8;H7F;?7E?AD77>75FD;5;FKB7DB7DEA@3@6?AD7F:3@FIAF;?7E?AD7 @3FGD3> 93E B7D B7DEA@
 )3?4A>>
@H;DA@?7@F3> @3>KE;E BB
  
 +:;E ;E 5A@E;EF7@F I;F: F:7 


>73@F75:3@3>KE;E5A@5>GE;A@F:3F E;9@;8;53@F>K>7EE7@7D9K;EGE76I:7@9G7EFEEF3K;@3@*+)5A?B3D76 FA3:AF7>

GDF:7D3@3DF;5>7BG4>;E:76;@F:7*?3>>GE;@7EE @EF;FGF7! AGD@3>BDABAE76F:3FE:3D;@9 75A@A?K 43E76 355A??A63F;A@E 3D7 >;=7>K FA 5A@EG?7 >7EE 7@7D9KF:3@ FD36;F;A@3> 355A??A63F;A@E 4753GE7 F:7 E:3D;@9 75A@A?K F3=7E 36H3@F397 A8 RE>35=S D7EAGD57E I:;5: 3>D736K 7J;EF D3F:7D F:3@ 5D73F;@9 @7I 835;>;F;7E
 @ AF:7D IAD6E *+)E GE7 EFDG5FGD7E F:3F 3>D736K 7J;EF FA BDAH;67 AH7D@;9:F 355A??A63F;A@E3@6:7>BFA3>>7H;3F767?3@68AD@7I:AF7>E K; @5D73E;@9-$+F:7*+)43@IAG>6
3>EA;@5D73E7D7>;3@57A@8AEE;>8G7>EFABAI7DH7:;5>7FD;BEP F:763;>K?A4;>78G7>5A@EG?BF;A@8AD:AF7>E ;E ?AD7 F:3@ 8;H7 F;?7E 9D73F7D 8AD :AF7>E 5A?B3D76 FA *+)E 8AD 4AF: 93EA>;@7 3@6 6;7E7>  )3?4A>>

@H;DA@?7@F3>@3>KE;EB


K7>;?;@3F;@93>> *+)E8DA?F:7;FK3@ *+)43@I;>>53GE7H;E; FADEFAEF3K;@7J;EF;@9:AF7>E;@F:7;FK ;@5D73E7F:77>75FD;53>67?3@68DA?7J;EF;@9:AF7>E ;@5D73E7 8AE E;>8G7>5A@EG?BF;A@ 8DA?H7:;5>7E3@6 8AD7E7734>K D7EG>F ;@ E;9@;8;53@F ;?B35FE 6G7 FA I3EF78G> ;@788;5;7@F 3@6 G@@757EE3DK 5A@EG?BF;A@ A8 7@7D9KD7EAGD57E
+:;E6;D75F>K5A@8>;5FE I;F:EF3F73@6>A53>D7@7I34>77@7D9K3@67@7D9K788;5;7@5KB>3@E 
+:7E7;?B35FE?3K47E;9@;8;53@F3@65G?G>3F;H7>KEG4EF3@F;3>3 @6D7CG;D7F:7;?BAE;F;A@A83>>873E;4>7 ?;F;93F;A@
8873E;4>7?;F;93F;A@;E@AF3H3;>34>7;?B35FE5AG>647E;9@;8;53@F +:7;FK?GEF3@3>KL7F:7E7
BAF7@F;3>;?B35FE

7@7D3>(>3@A@E7DH3F;A@
>7?7@F&

 ;D4@4
%" 

#
"&
#

"!
$


"& 
& $
%BD 


:FFBE

@7IE 3;D4@4 5A?
:AIF:73;D4@45A??G@;FKEGBBADFE7@H;DA@?7@F3>>K8D;7@6>KFD3H7>IAD>6I;67   %;697FF7F3> 
 


&

#!"
"&!
 

+
! " 
BB 





9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

%$)*(+* %$$&
(* %$%

-
%*
")
+:75A@EFDG5F;A@3@6AB7D3F;A@A8@7I:AF7>E:3EF:7BAF7@F;3>FAD7EG>F;@E;9@;8;53@F7@H;DA@?7@F3>;?B35FE I;F:D7EB75FFA7@7D9K
+:7 ;FK?GEF3>EA7H3>G3F7I:7F:7DF:7D7;E367CG3F7;@8D3EFDG5FGD7FA:3@6>7F:7 B73=>A368DA?@7I:AF7>E
+A6AEA;F?GEFD7CG7EF 3@3EE7EE?7 @F8DA?;FEGF;>;FK3EFA;@8D3EFDG5FGD7 @77676FAEGBBADFF:7E7@7I:AF7>E
 F?GEF3>EA7J3?;@7I:7F:7 DF:7@7I:AF7>ED7CG;D7GB9D367EFA GF;>;FK ;@8D3EFDG5FGD7 D7CG;D;@9 366;F;A@3> A88E;F7 5A@EFDG5F;A@ 35F;H;F;7E 3@6 I:7F:7D F:7 @7I :AF7>E BGF D7E;67@FE3@64GE;@7EE7E3FD;E=8AD>A53>;L7683;>GD7E6G7FA>A53>;@8D3EFDG5FGD7>;?;F3F;A@E @366;F;A@F:7;FKUE
7@7D3>'>3@;@5>G67EH3D;AGE9A3>E3@6 BA>;5;7EFABDA?AF77@7D9K5A@E7DH3F;A@ ;@5>G6;@9BDA?AF;@9R7@7D9K 788;5;7@F67H7>AB?7@FB3FF7D@E4K5 >GEF7D;@9?;J76GE767H7>AB?7@FE3@6 5A?B3F;4>7GE7E36<357@FFABG4>;5FD3@EBADF3F;A@
S @ *+)43@?3K5A@8>;5FI;F:F:7E79A3>E3@6BA>;5;7E 4K7@5AGD39;@967H7>AB?7@FA8:AF7>E I:;5:3D7>7EE7@7D9K 788;5;7@F5A?B3D76FA*+)E 

D77@:AGE7
3E
?;EE;A@E
,
(,
-
>>;EEG7E3EEA5;3F76I;F:F:7;FKUE83;>GD7FA367CG3F7>K3@3 >KL73;DCG3>;FK 3@6 7@7D9K ;?B35FE;@F:7 667@6G? 53DDK AH7D FA F:7 ;FKUE 83;>GD7 FA 53>5G>3F7

 7?;EE;A@E
E 6;E5GEE76 ;@ F:7 F75:@;53>
7@H;DA@?7@F3> D7BADF BD7B3D76 4K )3?4A>> F:7 *+) 43@ IAG>6 D7EG>F ;@ 3@ ;@5D73E7 A8 63;>K ?A4;>7 7?;EE;A@EA8

4KB7D57@F5A@FD;4GF;@9FA3E;9@;8;53@F ;@5D73E7;@7?;EE;A@E;@F:73D73;@6;D75F 5A@8>;5FI;F:D79;A@3>3@6EF3F79A3>EFAD76G57-$+3@6

7? ;EE;A@E8DA?H7:;5>7FD;BE
)3?4A>>

@H;DA@?7@F3>@3>KE;EB


GDF:7D)3?4A>>5A@5>G676F:3FF:7;@5D73E767@7D9K67?3@63EEA5;3F76 I;F: :AF7>E 5A?B3D76 FA *+)E IAG>6 D7EG>F ;@ 3  B7D57@F ;@5D73E7 ;@

 7?;EE;A@E B7D B7DEA@

)3?4A>>
@H;DA@?7@F3>@3>KE;EB

+:7667@6G?83;>EFA366D7EE3@KA8F:7BAF7@F;3>

7?;EE;A@E
;?B35FE 5A@5>G6;@9 I;F:AGF EGBBADF;@9 7H;67@57 F:3F F:7 *+) 43@ IAG>6 @AF D7EG>F ;@ 3 EG4EF3@F;3> ;@5D73E7;@

7?;EE;A@E8DA?@7I5A@EFDG5F;A@AD;@5D73E76A5 5GB3@5K>7H7>E5A?B3D76FAF:7 '

)
' '
)
 *F388 )7BADF
J:;4;F  B
 
 +:;E ;E G@EGBBADF76 4K F:7 7H;67@57 ;@ F:7 D75AD6 3@6 ;@367CG3F7


$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA8

7?;EE;A@E;?B35FE;E;@EG88;5;7@F8;@6;@9F:3FF:7*+)43@IAG>6RA@>K 38875F7J;EF;@9EFDG5FGD7ESF:3FR

7?;EE;A@E6G7FA5A@EFDG 5F;A@35F;H;F;7EIAG>6@AFA55GDS3@6F:3F F:7*+)43@;ER@AF3@F;5;B3F76FAD7EG>F;@3 EG4EF3@F;3>;@5D7 3E7;@

7?;EE;A@E7;F:7D6;D75F>KAD
;@6;D75F>K
S*F388)7BADF
J:;4;FB

+:7667@6G?3>E A5A@5>G67EF:3FF:7*+)43@RIAG>6@AF D7EG>F;@3@K;@5D73E7;@A55GB3@5K>7H7>E3@3>KL76;@F:7 ''
) 3@66A7E@AF;@HA>H75A@EFDG5F;A@A8
3@K@7IG@;FEF:3F?;9:F>736FA3@;@5D73E7;@

7?;EE;A@E
S
 
+:;E3@3>KE;E;E7@F;D7>KEGB7D8;5;3>
>35=;@93@K5A@E;67D3F;A@A8F:7D73EA@34>K8AD7E7734>7;?B35FEA83@*+)43@ ;@5>G6;@9;@5D73E76-$+  7@7D3>(>3@A@E7DH3F;A@
>7?7@F&

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

;@5D73E76

 7?;EE;A@E 8DA? F:7 5A@EFDG5F;A@ 3@6 AB7D3F;A@ A8@7I :AF7>E 3@6 5A@EFDG5F;A@ 3@6 AB7D3F;A@A8@7I:AF7>E

$(
)



>;?;@3F;@93>>*+)E;@F:7;FKI;>>8AD7E7734>K;@5D73E7

7?;EE;A@E4K6;EB>35;@97J;EF;@9*+)9G7EFE
FA>7EED79G>3F763D73E83DF:7D8DA?F:7;DFD3H7>67EF;@3F;A@EI:;5:I;>>;@5D73E7-$+3@6

7?;EE;A@E

)3?4A>>5A@5>G676F:3FF:7*+)43@IAG>6D7EG>F;@3@;@5D73E7A863;>K?A4;>77?;EE;A@EA8

4K
B7D57@F5A@FD;4GF;@9FA3E;9@;8;53@F;@5D73E7;@7?;EE;A@E;@ F:73D73;@6;D75F5A@8>;5FI;F:D79;A@3>3@6 EF3F79A3>EFAD76G57-$+3@6

7?;EE;A@E 8DA?H7:;5>7FD;BE
)3?4A>>
@H;DA@?7@F3>@3>KE;EB



$(
)
( *
(  (# )) %$)
(%#
%*
") $ */$+*) 
 */

>;?;@3F;@9 3>> *+)E ;@ F:7 ;FK I;>> D7>A53F7 7J;EF;@9 *+) 9G7EFE FA >7EE 788;5;7@F :AF7>E 3@6 AF:7D D7B>357?7@F835;>;F;7E>;=7>KFAD7EG>F;@9D73F7D

7?;EE;A@EF:3@*+)E
.:7@9G7EFEEF3K3F3@*+)
E;9@;8;53@F>K >7EE 7@7D9K ;E GE76 3@6

 7?;EE;A@E 3D7 >AI7D 5A?B3D76 FA :AF7> EF3KE
 )3?4A>>
5A@5>G676F:3FF:7;@5D73E767@7D9K67?3@63EEA5;3F76I;F::AF7>E5A?B3D76FA*+)EIAG>6D7EG>F;@3

 B7D57@F ;@5D73E7 ;@

 7?;EE;A@E B7D B7DEA@
 )3?4A>>
@H;DA@?7@F3> @3>KE;E B
 
 +:;E ;E
5A@E;EF7@FI;F:F:7

>73@F75:3@3>KE;E I:;5:8AG@6F:3FE; 9@;8;53@F>K>AI7D

7?;EE;A@ED7EG>F
8DA?3EF3K;@3@*+)5A?B3D76FA:AF7>EF3KE  3@6F:7*?3>>GE;@7EE @EF;FGF7!AGD@3>3DF;5>7 I:;5: BDABAE76F:3FE:3D;@975A@A?K 43E76355A??A63F;A@E3D7>;=7>KFABDA6G5787I7D

7?;EE;A@EF:3@
FD36;F;A@3>355A??A63F;A@E4753GE7F:7E:3D;@975A@A?KF3=7E36 H3@F397A8RE>35=SD7EAGD57EI:;5: 3>D736K 7J;EF D3F:7D F:3@ 5D73F;@9 @7I 835;>;F;7E F:3F 7?;F 366;F;A@3>

E
 E EG5:

 7?;EE;A@
;@5D73E7E D73EA@34>K D7>3F76 FA F:7 ;?BAE;F;A@ A8 3@ *+) 43@ I;>> D7EG>F ;@ E;9@;8;53@F ;?B35FE FA F:7 7@H;DA@?7@F 3@6 36H7DE7>K 38875F F:7 35:;7H7?7@F A8 B>3@E 3@6 BA>;5;7E 36ABF76 4K EF3F7 3@6 >A53> 9AH7D@?7@FEFAD76G57

7?;EE;A@E

%$)*(+* %$$&
(* %$%

-
%*
")

>;?;@3F;@9 3>> *+)E ;@ F:7 ;FK I;>> 8AD7E7734>K ;@5D73E7

7?;EE;A@E 4K EF;?G>3F;@9 D7B>357?7@F
355A??A63F;A@ 5A@EFDG5F;A@ 3@6 7JB3@E;A@ F:3F I;>> ;@5D73E7

 7?;EE;A@E D7>3F76 FA @7I ?3F7D;3>
?3@G835FGD;@9 FD3@EBADF3F;A@ 3@6 ;@EF3>>3F;A@ :73HK 7CG;B?7@F GE7 3@6 ?3;@F7@3@57 3E I7>> 3E AB7D3F;A@A8F:7E7@7I:AF7>E8GDF:7D5A@FD;4GF;@9FA

7?;EE;A@E;@5D73E7EF:3F)3?4A>>BDA<75F768DA?
;@5D73E76D7>;3@57A@:AF7>E
*B75;8;53>>KF:75A@EFDG5F;A@3@6AB7D3F;A@A8@7I:AF7>EIAG>6D7EG>F;@F:7 ;@5D73E76

7?;EE;A@E8DA?3@G?47DA8 EAGD57E;@5>G6;@9
• A@EFDG5F;A@7?;EE;A@E3EEA5;3F76I;F:5A@EFDG5F;A@ D7>3F767CG;B?7@F3@6H7:;5>7GE7 • D73*AGD57E7?;EE;A@E3EEA5;3F76I;F:F:7A@ E;F7GE7A8BAI7D767CG;B?7@F 
 ;D4@4 
 

" $
% 
 B %3D 

%;697FF7F3> 
 


&


#!"
"&!
 


+
! " 

BB 
 
 ;D4@4
%" 

#
"&
#

"!
$


"& 
& $
%BD 


:FFBE

@7IE 3;D4@4 5A?
:AIF:73;D4@45A??G@;FKEGBBADFE7@H;DA@?7@F3>>K8D;7@6>KFD3H7>IAD>6I;67  %;697FF7F3> 
 


&

#!"
"&!
 

+
! " 
B 




9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

•
@7D9K*AGD57E7?;EE;A@E3EEA5;3F76I;F:7>75FD;5;FK3@6@3FGD3>93EGE78ADEB357:73F;@93@6 5AA>;@9I3F7D:73F;@97@7D9K5A@EG?BF;A@3@6>;9:F;@9 
• $A4;>7*AGD57E7?;EE;A@E3EEA5;3F76I;F:3EEA5;3F76H7:;5>7FD 3H7>  F;EBAEE;4>7@7I:AF7>E
IAG>6475A@EFDG5F7683DF:7D8DA?35;FK57@F7DADFAGD;EF67EF ;@3F;A@D7EG>F;@9;@9D73F7DGD43@ EBD3I>3@6-$+
• .3F7D
.3EF7I3F7D 7?;EE;A@E3EEA5;3F76I;F:7@7D9KGE76FABG?B5A@H7K67>;H7D3@6FD73F I3F7D





*
* %$

)+(

(%#*


 )
$
'+*

+:7 ;FK 53@@AF D7>K A@ F:7

 ?;F;93F;A@ ?73EGD7 8DA? F:7
''
) FA 366D7EE F:7E7 BAF7@F;3>>K
E;9@;8;53@F ;?B35FE 4753GE7 3E 6;E5GEE76 34AH7 F:7 'DABAE76 &D6;@3@57 ;E 3 E7B3D3F7 BDA<75F 3@6 53@@AF47366D7EE76F:DAG9:3@667@6G?FAF:7
''
) 3@6F:7D 78AD7F:7?;F;93F;A@?73EGD78DA?
F:7
''
) 53@@AF473BB>;76FAF:;E@7IBDA<75F
$AD7AH7DF:7 

?;F;93F;A@?73EGD78DA?F:7
'
'
) IAG>6@AFBDAH;67367CG3F7?;F;93F;A@8ADF:7;?B35FE67E5D;47634AH7 EG5:3E;@5D73E76-$+8DA? 7>;?;@3F;A@A8*+)EE;@57F:7

?;F;93F;A@?73EGD7?7D7>KD7 CG;D7EFD35=;@93@6?A@;FAD;@9


7?;EE;A@E8ADF:7>;?3F75F;A@'>3@ I:;5:6A@AF:7>BFAD76G57BDA<75F EB75;8;5

7?;EE;A@E
*77
*F388)7BADF
J:;4;FB



 */ ) (! $
 *)+*/*%

***
" #*

%")
+:7 ;FK E:AG>6 @AF 6;E5AG@F F:7 ;?BADF3@57 A8 7H3>G3F;@9 BAF7@F;3>

 ;?B35FE 8DA? ;FE 35F;A@E

GDF3;>;@9

7?;EE;A@EFAD76G578GFGD75>;?3F7;?B35FE;EA@7A8F:7:;9:7EFBD;AD;FKA4<75F;H7EA8EF3F7 3@6>A53>BA>;5K?3=7DE3@6397@5;7E
3>;8AD@;3:3E>79;E>3F;H7 >K67F7D?;@76F:3F

7?;EE;A@EA83@K
=;@65A@FD;4GF7FA39>A43>5>;?3F75D;E;E
+:7*F3F7UE
*5AB;@9'>3@;@5>G67EH3D;AGED75A??7@63F;A@E
F:3F>A53>9AH7D@?7@FE53@;?B>7?7@FFA3>;9@F:7;DB>3@@;@93@667H7>AB?7@FD7H;7IBDA57EE7EI;F:F:7 EF3F7UE 5>;?3F7 9A3>E
 753GE7 3@ *+) 43@ BDA?AF7E @7I >3@6 GE7 8AD 67H7>AB?7@F A8 :AF7>E F:;E BDA?AF7E39DAIF:;@B7D?3@7@F7?;EE;A@EEAGD57E I:;5:3D7>7EE788;5;7@FF:3@7J;EF;@9*+)E +:7;FK
?GEF3@3>KL7I:7F:7D3@*+)43@IAG>65A@8>;5FI;F:F:7 *5AB;@9'>3@
F F:7 >A53> >7H7> F:7 A@E7DH3F;A@
>7?7@F A8 F:7 ;FKUE
7@7D3> '>3@ BDAH;67E F:3F F:7 ;FK E:AG>6
R1B2DAF75F 3;D D7EAGD57E ;?BDAH7 D79;A@3> 3@6 >A53> 3;D CG3>;FK 3@6 ?;@;?;L7 F:7 ;?B35FE A8 5>;?3F7 5:3@97
S
 @*+)43@?3K3>EA5A@8>;5FI;F:
7@7D3>'>3@BA>;5;7EFAD76G57

7?;EE;A@E;@F:7;FK
EG5:3ER5AAD6;@3F71;@923;DCG3>;FKB>3@@;@9I;F:>A53>3@6D7 9;A@3>397@5;7EFA?77FAD7J5776*F3F7AD

767D3> 3?4;7@F 3;D CG3>;FK EF3@63D6ES 3@6 35:;7H;@9 R152A@E;EF 7@5K I;F: 7?;EE;A@ D76G5F;A@ 9A3>E :;9:>;9:F76;@F:7>;?3F75F;A@'>3@O;@3>>?3<AD675;E;A@E A@>3@6GE73@6;@H7EF?7@FE;@BG4>;5 ;@8D3EFDG5FGD7
S +:7;FK?GEF3@3>KL7I:7F:7D3@*+)43@;E;@5A@E;EF7@FI;F:;FE 7@7D3>'>3@BA>;5;7E
@366;F;A@3BDA<75F?GEF67?A@EFD3F75A?B>;3@57I;F:3BB>;53 4>7

D76G5F;A@B>3@E
+:7D78AD7F:7
;FKUE3@3>KE;EE:AG>6366D7EE5A@E;EF7@5KA8:AF7>D7B>357?7@F 835;>;F;7EI;F:D7>7H3@F

B>3@E3@6
 +3@F3@37@7D3>(>3@A@E7DH3F;A@
>7?7@F&

 
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

BA>;5;7EEG5:3EF:7>;?3F7:3@97*5AB;@9'>3@*
UE)79;A @3>+D3@EBADF3F;A@'>3@
*GEF3;@34>7
A??G@;F;7E*FD3F79K)+'
**3@63@KAF:7D>A53>B>3@E3@6
ADBA>;5;7E
)76G5;@9

7?;EE;A@E;E5D;F;53>FA:7>B;@9;?BDAH73;DD7EAGD57E3@6?;@;?;L7F:7;?B35FEA85>;?3F7 5:3@97
G7FAF:7E;9@;8;53@57A8F:;E;EEG73@6F:75A?B>7J;F KA8

7?;EE;A@E53>5G>3F;A@E I:;5:
D7CG;D7 5A?B>7J F75:@;53> 7JB7DF;E7 3@6 =@AI>7697 A8 7J;EF;@9 3@6 BAF7@F;3> EAGD57E 3@ 7JB7DF EFG6K 5A@6G5F76 4K D75A9@;L76 5>;?3F7 3@6 7?;EE;A@E EB75;3>;EF GE;@97EF34>;E:76 7?;EE;A@ ?7F:A6A>A9;7E E:AG>647BD7B3D76FAEGBBADFF:7;FKUE

7?;EE;A@E;?B35F3@3>KE;E
+:7;FKE:AG>63>EABD7B3D73@3@3>KE;EFACG3@F;8KF:7

7?;EE;A@E97@7D3F768DA?5A@EFDG5F;@9F:7E7
@7I835;>;F;7E
+:;E3@3>KE;EE:AG>647BD7B3D76GE;@93>

$A63@643E76A@EB75;8;5B3D3?7F7DE8ADF:7
BDABAE76 @7I GE7E 47;@9 5A@EFDG5F76 ;@5>G6;@9 E;L7 A8 F:7 @7I GE7 3E I7>> 5A@EFDG5F;A@ E5:76G>7 5A@EFDG5F;A@7CG;B?7@F3?AG@FA89D36;@93?AG@FA8:3G>;@97 F5 
#;=7I;E7AB7D3F;A@3>7?;EE;A@EA8

EE:AG>647CG3@F;8;76GE;@93>

$A6
+:7;FK:3EGE763E5D77@;@9F:D7E:A>6A8

$+&7
8AD

7?;EE;A@E
+:7D78AD7F:7D7EG>FE8DA?3>

$A6E:AG>6 F:7@475A?B3D76FAF:;EE;9@;8;53@57
F:D7E:A>6FA67F7D?;@7I:7F:7D;?B35FEIAG>647E;9@;8;53@F 3L3D6E3L3D6AGE$3F7D;3>E
&H7DH;7I
@*+)43@?3KE;9@;8;53@F>K;?B35FD7>3F76FA:3L3D6E3@6:3L3 D6AGE?3F7D;3>E8DA?F:7D73EA@34>K 8AD7E7734>75A@EFDG5F;A@A8@7I:AF7>EFA355A??A63F7B3FDA@EI:AIAG>6:3H7BD7H;AGE>KGF;>;L76*+)E 
+:7667@6G?83;>EFA366D7EE3@KA8F:7E7BAF7@F;3>;?B35FE5 A@5>G6;@9I;F:AGFEGBBADF;@97H;67@57 F:3F F:7 'DABAE76 &D6;@3@57 IAG>6 RA@>K 38875F 7J;EF;@9 EFDG5FGD7ES 3@6 F:7D78AD7 F:7D7 IAG>6 47 @A 5:3@97;@:3L3D6E3@6:3L3D6AGE?3F7D;3>E;?B35FE47KA@6F:AE7;67@F;8;76;@F:7 ''
)
*F388)7BADF

J:;4;FB

+:;E;E;@367CG3F7

$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA8:3L3D6E3@6:3L3D6AGE?3F7D;3>E;?B35FE;E;@EG88;5;7@F8;@6;@9F:3FF:7 *+)43@IAG>6A@>K38875F7J;EF;@9EFDG5FGD7E3@6R;E@AF3@F;5;B3F76FAD7EG>F;@B:KE;53>;?B35FEFAF:7 7@H;DA@?7@F
S*F388)7BADF
J:;4;FB

 +:;E3@3>KE;E>35=E3@K5A@E;67D3F;A@A8F:7D73EA@34>K 8AD7E7734>75A@EFDG5F;A@A8@7I:AF7>E8DA?3@*+)43@I:;5:5AG>6D7EG>F;@BAF7@F;3>>KE;9@;8;53@F ;?B35FEFA:3L3D6E3@6:3L3D6AGE?3F7D;3>E
%$)*(+* %$%

-
%*
")
7H7>AB?7@F A8 @7I :AF7>E :3E BAF7@F;3> FA D7EG>F ;@ ;?B35FE 8DA? :3L3D6E 3@6 :3L3D6AGE ?3F7D;3>E BD7E7@F;@F:7>A53F;A@E;67@F;8;76 ;@F:7
7@7D3>'>3@ 8AD@7I:AF7> 355A??A63F;A@E
E6;E5GEE76;@F:7
667@6G?F:7;FK;@5>G67E:3L3D6AGE?3F7D;3>EE;F7EI;F: 35F;H7ADAB7@E;F7E *F388)7BADF

J:;4;FB

+:7;FK:3E@AF7EF34>;E:76343E7>;@75A@6 ;F;A@8AD:3L3D6E3@6:3L3D6AGE?3F7D;3>E 3@6E:AG>67JB>3;@I:3F:3L3D6AGE?3F7D;3>E3D7BD7E7@F3FF:7>A53F;A@E8ADBAF7@F;3>:AF7>67H7>AB?7@F 
+:7;FKE:AG>6F:7@7JB>3;@:AI:3L3D6AGE?3F7D;3>EI;>>47?3@39766GD;@95A@EFDG5F;A@3@6AB7D3F;A@ A8@7I:AF7>E
+:7;FK3>EA:3E@AF7JB>3;@76F:743E7>;@75A@6;F;A@A85A@F3?;@3F;A@3FF:7>A53F;A@E8AD @7I:AF7>67H7>AB?7@FEAF:75GDD7@F5A@6;F;A@A8E;F7EA;>E A;>93E3@69DAG@6I3F7D;E@AF5>73D +:7
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

;FK?GEF7H3>G3F73@66;E5>AE7I:7F:7D@7I:AF7>5A@EFDG5F;A@IAG>6D7>73E75A@F3?;@3@FE3@6I:7F:7D F:3F53@47?;F;93F76FAG@67DEF3@6;85A@EFDG5F;A@A8F:7E7:AF7>835;>;F;7E;EBAEE;4>7 
*3@F3@3:3E7JF7@E;H79DAG@6I3F7D5A@F3?;@3F;A@8DA?HA>3F;>7AD93@;55A?BAG@6E-&ED7>3F76FA :;EFAD;5?3@G835FGD;@9GE7E;@F:7;FK
 +:7;FK:3E;67@F;8;7657DF3;@>A53F;A@E8AD@7I:AF7>E 4GF:3E  @AF 7H3>G3F76 BAF7@F;3> ;?B35FE 8DA? :3L3D6AGE AD :3L3D6AGE ?3F7D;3>E ;@ F:AE7 >A53F;A@E EG5: 3E BAF7@F;3>8AD5A@EFDG5F;A@FAD7>73E7:3L3D6AGE?3F7D;3>E;@FAF:77@H;DA@?7@F +:7;FK?GEF7H3>G3F7F:;E
BAF7@F;3>9;H7@F:3F@7I:AF7>67H7>AB?7@F;ED73EA@34>K8AD7E7734>7 #3@6,E7
'>3@@;@9
,
(,
-
+:7*+)43@;ED73EA@34>K>;=7>KFA:3H7E;9@;8;53@F>3@6GE73@6B>3@@;@9;?B35FE 4K7>;?;@3F;@93>>*+)E ;@F:7;FK 3@68DA?F:7D73EA@34>K8AD7E7734>75A@EFDG5F;A@A8@7I:AF7>EFA355A??A63F7B3FDA@EI:A IAG>6 :3H7 BD7H;AGE>K GF;>;L76 *+)E
 +:7 *+) 43@ 3>EA :3E BAF7@F;3> FA D7EG>F ;@ E;9@;8;53@F >3@6 GE7 ;?B35FE6G7FAGD43@6753K
+:7667@6G?83;>EFA366D7EE3@KA 8F:7E7BAF7@F;3>;?B35FE5A@5>G6;@9 I;F:AGF EGBBADF;@9 7H;67@57 F:3F F:7 'DABAE76 &D6;@3@57 IAG>6 RA@>K 38875F 7J;EF;@9 EFDG5FGD7ES 3@6 F:7D78AD7F:7D7IAG>647@A5:3@97;@>3@6GE73@6B>3@@;@9 ;?B 35FE47KA@6F:AE7;67@F;8;76;@F:7 '
'
)
*F388)7BADF
J:;4;FB

+:;E;E;@367CG3F7

$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA8>3@6GE73@6B>3@@;@9;?B35FE;E;@EG88;5;7@F8;@6;@9F:3FF:7*+)43@IAG>6 A@>K38875F7J;EF;@9EFDG5FGD7E3@6R;E@AF3@F;5;B3F76FAD7E G>F;@B:KE;53>;?B35FEFAF:77@H;DA@?7@F S
*F388)7BADF
J:;4;FB

+:7667@6G?@AF7EF:3FF:7*+)43@IAG>6R;?BDAH7F:75A@@75F;H;FKA8 7J;EF;@95A??G@;F;7E4K;?BDAH;@9F:75A?B3F;4;>;FKA87J;EF;@9 GE7E3@6BD7E7DH;@9F:75:3D35F7D3@6 ;@F79D;FKA87J;EF;@9@7;9:4AD:AA6E#3@6,E7
>7?7@F
A3>F:DAG9:F:7BDA:;4;F;A@A8*+)EI;F:;@>A@9
F7D?D7E;67@F;3>@7;9:4AD:AA6E
S

B

+:73@3>KE;E;@F:7667@6G?>35=E3@K5A@E;67D3F;A@A8F:7 D73EA@34>K8AD7E7734>7>3@6GE7;?B35FED7EG>F;@98DA?7>;?;@3F ;@93>> *+)E5A@EFDG5F;A@A8@7I:AF7>E 3@6GD43@6753K8DA?F:7*+)43@


$%$) )*
$/ - *

$
(""$
+:7 ;FK 83;>76 FA367CG3F7>K 3@3>KL7 F:7 5A@E;EF7@5K A8F:7 *+) 43@ I;F: ;FE 7@7D3> '>3@ @3DDAI>K
8A5GE;@9A@>KA@F:79A3>A8BD7E7DH;@9F:75:3D35F7DADD7E;67 @F;3>@7;9:4AD:AA6E *F388)7BADF
J:;4;F
BB
  15;F;@9FA#3@6,E7
>7?7@F
A3>2
 +:7 *+)43@UE7 >;?;@3F;A@A83>>7J;EF;@9*+)E;@F:7 ;FK;E;@5A@E;EF7@FI;F:F:7;FKUE
7@7D3>'>3@#3@6,E7
>7? 7@F I:7@H;7I76:A>;EF;53>>K3@6;@F:7
5A@F7JFA8F:77@F;D7
7@7D3>I:;5:5A@F7?B>3F7E788;5;7@FGE 7A8;FK>3@63@6?3J;?;L;@9788;5;7@FGE7 A8;FKD7EAGD57E;@5>G6;@9 3H3D;7FK A89A3>E3@6BA>;5;7E8AD D7EBA@E;4>767H7>AB?7@F;@F:7;FK 

AD
7J3?B>7#3@6,E7
>7?7@F
A3>#, ;E3;?763FBDAH;6;@9343> 3@57A8>3@6GE7EFA?77FF:7;FKUE  ;FKA8+3@F3@3
7>:;DAG@6I3F7D3H3;>34>7:7D7:FFBE

III E3@F33@3 AD9
67>:;
9DAG@6I3F7D
MF7JF,:;E

9DAG@6I3F7D

;E

5A@F3?;@3F76

@73DA8

+3@F3

@3
E

6D;@=;@
9

I3F7D>3EFH;E;F76'5F 

 


+3@F3@37@7D3>(>3@$3@6-E7
>7?7@F
9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

6;H7DE7 @776E
 'A>;5K #, 
 R7@5AGD3971E2 >3@6 GE7E 3@6 EFD3F79;7E F:3F D76G57 7@7D9K 3@6 I3F7D 5A@EG?BF;A@I3EF73@6@A;E797@7D3F;A@EA;>5A@F3?;@3F;A@3;DCG3>;FK;?B35F3@6>;9:FBA>>GF;A@ S E
6;E5GEE7634AH73 

 >73@F75:3@3>KE;E8AG@6F:3FI:7@9G7EFE EF3K3F3@*+)E;9@;8;53@F>K>7EE 7@7D9K3@6I3F7D;EGE769D77@:AGE793E7?;EE;A@E3D7>AI7D3@6I3EF7;ED76G5765A?B3D76FA:AF7> EF3KE 3@63@3DF;5>7BG4>;E:76;@F:7*?3>>GE;@7EE @EF;FGF7!AGD@3>3>EABDABAE76F:3FE:3D;@975A@A?K 43E76355A??A63F;A@E3D7>;=7>KFA5A@EG?7>7EE7@7D9K 3@6I3F7D3@6BDA6G5787I7D

7?;EE;A@E
3@6>7EEI3EF7F:3@FD36;F;A@3>355A??A63F;A@E
 KD7?AH;@9F:734;>;FKA8:AEFEFAAB7D3F7*+)E8DA? 7J;EF;@9 D7E;67@57E F:7 ;FK ;E 35F;@9 ;@ 3 ?3@@7D ;@5A@E;EF7@F I;F: ;FE #3@6 ,E7 >7?7@F BA>;5K FA
7@5AGD397 D7EAGD57E 788;5;7@F >3@6 GE7E
+:7 ;FK ;E ;@3BBDABD;3F7>K D7>K;@9 7@F;D7>K A@ F:7 #3@6 ,E7

>7?7@F9A3>A8BD7E7DH;@9F:75:3D35F7DA8D7E;67@F;3>@7;9:4A D:AA6EI;F:AGF3@KEG4EF3@F;3>7H;67@57 FA 67?A@EFD3F7 F:3F *+)E ;@ F:7 ;FK 3D7 :3H;@9 3 @793F;H7 ;?B35F A@ F:7 5:3D35F7D A8 D7E;67@F;3> @7;9:4AD:AA6E3@6;9@AD;@9F:7AF:7D9A3>E3@6BA>;5;7EA8F:7#3@6,E7 >7?7@F

%$)*(+* %$%

-
%*
")
F;ED73EA@34>K8AD7E7734>7F:3F 3@ *+)43@ I;>>6;EB7DE77J;EF;@9*+)GE7DEFAAF:7D>A53F;A@EF:3FB7D?;F *+)E3@6;@6G57:AF7>67H7>AB?7@F
+:7E75:3@97E8DA?7J;EF;@9 5A@6;F;A@E5AG>68AD7E7734>K5A@8>;5F I;F:F:7;FKUE
7@7D3>'>3@ B>3@EBA>;5;7E 3@6D79G>3F;A@ED7CG;D;@93@3>KE;EG@67D (3EFAI:7F:7D
F:7D7IAG>6473E;9@;8;53@F7@H;DA@?7@F3>;?B35F6G7FA35A@8>;5FI;F:3>3@6GE7B>3@BA>;5KADD79G>3F;A@ 36ABF768ADF:7BGDBAE7A83HA;6;@9AD?;F;93F;@93@7@H;DA@?7@F3>78875F 
+:7;FKUE
7@7D3>'>3@#3@6,E7
>7?7@F'A>;5K#, 
3;?EFAR152A@57@FD3F767H7>AB?7@F3>A@9:;9:
CG3>;FK FD3@E;F 5ADD;6ADE FA D76G57 H7:;5>7 ?;>7E FD3H7>76 -$+  3@6 FD3@EBADF3F;A@ D7>3F76 53D4A@ 7?;EE;A@E
S
 E6;E5GEE7634AH7F:7;FK:3E;67@F;8;76;@;FE
7@7D3>'>3@ *B75;8;5'>3@E3@60A@;@9
A6757DF3;@>A53F;A@E8AD:AF7>67H7>AB?7@F
$3@KA8F:7E7>A53F;A@E;67@F;8;768ADBAF7@F;3>67H7>AB?7@F A8@7I:AF7>E?3K@AF4757@FD3>>K>A53F76FABDA?AF7EGEF3;@34 >767H7>AB?7@F3@ *+)43@?3K47 ;@5A@E;EF7@FI;F:F:7;FKUE
7@7D3>'>3@

($
/
@ *+)43@3>EA:3EBAF7@F;3>FAD7EG>F;@GD43@6753KI:;5:F: 7;FK?GEF3@3>KL7 #AEEA84GE;@7EE
D7H7@G78DA?FAGD;EFEG@34>7FAE75GD73>F7D@3F;H7>A69;@93@6 G@I;>>;@9FAFD3H7>8DA?@7;9:4AD;@93D73E FA F:7 ;FK 5AG>6 53GE7 6;EFD7EE;@9 78875FE ;@ F:7 4GE;@7EE 5A??G@;FK BAF7@F;3>>K >736;@9 FA 4GE;@7EE 5>AEGD7E3@6GD43@6753K

+:7*+)?3D=7F5A@FD;4GF7EFAF:7>A53>75A@A?K4K7?B>AK;@9?3 @KB7AB>7;@5>G6;@9F:AE7IAD=;@9 BAA> E7DH;57 6DK5>73@;@9 GB:A>EF7DK 53F7D;@9 4;=7 D7@F3>EKA93 EFG6;AE FD3@EBADF3F;A@ D7EF3GD3@FE I;@7D;7E F3EF;@9 DAA?E 9DA57D;7E :A?7 D7B3;D 3@6 ;?BDAH7?7@F @GDE7D;7E 3@6 >3@6E53B;@9 3@6  7@7D3>(>3@$3@6-E7
>7?7@F$-
 
 ;D4@4
%" 

#
"&
#

"!
$


"& 
& $
%BD 


:FFBE

@7IE 3;D4@4 5A?
:AIF:73;D4@45A??G@;FKEGBBADFE7@H;DA@?7@F3>>K8D;7@6>KFD3H7>IAD>6I;67   %;697FF7F3> 
 


&

#!"
"&!
 

+
! " 
BB 




 +3@F3@37@7D3>(>3@$3@6-E7
>7?7@F$-

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

:AGE7:A>6EGBB>;7E
E6;E5GEE7634AH7*+)E5A?B7F7I;F::AF7>E4KA887D;@936;887D7@FEADFA8E7DH;57 I;F:3G@;CG7EFDG5FGD73@6 *+)ERBABGBF:DAG9:AGF5;F;7EI:7D 7F:7D7;E67?3@68AD>A69;@9 +:7K6A
@AFD7CG;D757@FD3>;L3F;A@


)7@F3>EA887D3?AD7EGEF3;@34> 7ABF;A@F:3FD7CG;D7E87I7DD7EAGD57E3@6 :7>BE;@5D73E73557EEI;F:?AD76;H7DE7355A??A63F;A@ABF;A@E3@647FF7DH3>G7 S
GDF:7D*+)ER3D7
5D;F;53>FAD79;A@3>75A@A?;7EA887D;@9G@;CG73@6388AD634>77JB7D;7@57EFAH;E;FADE97@7D3F;@9E;9@;8;53@F F3JD7H7@G7FAEGBBADF>A53>9AH7D@?7@FE3@6BDAH;6;@9:AEFEE;9@;8;53@F;@5A?7 S
@ *+) 43@ 5AG>6 :3H7 67H3EF3F;@9 78875FE A@ >A53> 4GE;@7EE7E ; @5>G6;@9 D7EF3GD3@FE 3@6 E?3>> 4GE;@7EE7EF:3F3D7@AF;@F:73D73EI:7D7:AF7>E7J;EFADIAG>64767H7>AB76 EE7F8ADF:;@F:7
5A@A?;5
'DAEB7D;FK
>7?7@FA8F:7;FKUE
7@7D3>'>3@F:7;FK:3E7EF 34>;E:769A3>EA83FFD35F;@94GE;@7EE7EFA REFD7@9F:7@3@67JB3@65;FKI;674GE;@7EE3FFD35F;A@788ADFE;@ AD67DFA35:;7H7F:75;FKUE8G>>7?B>AK?7@F BAF7@F;3>S3@6REF;?G>3F7F:7>A53>75A@A?KF:DAG9:FAGD;E? S +:7;FK6;6@AF3@3>KL73@KA8F:7BAF7@F;3>
;?B35FEA83@*+) 43@FAF:;EE75FADA8F:775A@A?K3@6:AIF:;E 5AG>65A@FD;4GF7FAGD43@6753K 3@6 5A@8>;5FI;F:F:7;FKUE
7@7D3>'>3@
'AF7@F;3>8AD>AEFD7H7@G 78DA?FAGD;E?;E6;E5GEE76;@9D73F7D67F3;> ;@F:775A@A?;53@3>KE;EBD7B3D764K)3?4A>>
+:7;FK?GEF7H3>G3F7F:;E7H;67@57;@3@
)
%A;E7 3@6-;4D3F;A@
,
(,
-
)3?4A>>5A@5>G676F:3FF:7D73D73@G?47DA8BAF7@F;3>>KE;9@;8 ;53@F@A;E7;?B35FEF:3F5AG>6D7EG>F8DA? 3@*+) 43@ 3@6D7CG;D78GDF:7D3@3>KE;E4KF:7;FK
 @5D73E76GE 7A87J;EF;@9:AF7>E 6G7FA>AEEA83>>
*+)E;@F:7;FK;ED73EA@34>K>;=7>KFA>736FA;@5D73E76AB7D3F;A@3>3@6FD388;5@A;E7;?B35FEI:;5:?3K 47E;9@;8;53@F

GDF:7D;F;ED73EA@34>K8AD7E7734>7F:3F366;F ;A@3>:AF7>EADAF:7DE;?;>3D835;>;F;7EIAG>6 @776 FA 47 5A@EFDG5F76 FA 355A??A63F7 B3FDA@E I:A IAG>6 :3H7 BD7H;AGE>K GF;>;L76 *+)E 3@6 F:;E 5A@EFDG5F;A@ :3EF:7BAF7@F;3>FAD7EG>F;@E;9@;8;53@F @A;E73@6 H;4D3F;A@ ;?B35FE +:7667@6G?83;>EFA
366D7EE 3@K A8 F:7E7 BAF7@F;3> ;?B35FE 5A@5>G6;@9 I;F:AGF EGBBADF;@9 7H;67@57 F:3F F:7 'DABAE76 &D6;@3@57IAG>6RA@>K38875F7J;EF;@9EFDG5FGD7ES3@6F:7D78AD7F:7D7IAG>647@A5:3@97;@@A;E7;?B35FE 47KA@6F:AE7;67@F;8;76;@F:7
''
)
*F388)7BADF
J:;4;F B

+:7667@6G?6A7E@AF7H7@
6;E5GEEBAF7@F;3>H;4D3F;A@;?B35FE;@;FE7H3>G3F;A@A8F:7*+)43@ *77

B

+:;E;E;@367CG3F7

$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7 667@6G?UE 3@3>KE;E A8 @A;E7 ;?B35FE ;E ;@EG88;5;7@F 8;@6;@9 F:3F F:7 *+) 43@ IAG>6 A@>K 38875F 7J;EF;@9EFDG5FGD7ER1@2A;?B35FED7>3F76FA5A@EFDG5F;A@ D7>3 F76@A;E7>7H7>;@5D73E7EIAG>6A55GDS3@6 @A;@5D73E7E;@FD3@EBADF3F;A@@A;E73D73@F;5;B3F76
*F388)7BADF
J:;4;FB

+:7667@6G?6A7E
@AF 7H7@ 366D7EE BAF7@F;3> H;4D3F;A@ ;?B35FE 8DA? 5A@EFDG5F;A@ A8 @7I :AF7>E  +:7 3@3>KE;E ;@ F:7
667@6G? >35=E 3@K 5A@E;67D3F;A@ A8 F:7 D73EA@34>K 8AD7E7734>7 @A;E7 ;?B35FE D7EG>F;@9 8DA? 5A@EFDG5F;A@3@6AB7D3F;A@A8@7I:AF7>E
 #;@93@6"7@=;@E-@7CG3>557EE(DAF75F;@988AD634>755A??A63F;A@E>A@9F:73>;8AD@;3A3EF

 

G47FL7F3>
"&


% "!



" 

"!



(!
# !

&

#!


"&%;>=7@!@EF;FGF7B 


 
 +3@F3@37@7D3>(>3@
5A@A?;5(DAEB7D;FK
>7?7@F
(

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

&
(* %$%
. )* $

%*
")
+:77>;?;@3F;A@A83>>*+)E;@F:7;FK;ED73EA@34>K>;=7>KFA 53GE7;@5D73E7667?3@68AD7J;EF;@9:AF7> 355A??A63F;A@E;@F:7;FK
)3?4A>>5A@5>G676F:7*+)43@5AG>65A@57@FD3F7FD388;5A@DA36I3KE9A;@9 FA:AF7>E;@F:73D73E;@57?AD7F:3@:3>8A8F:7:AF7>E;@F:7;FK3D7>A53F76;@A@75A@57@FD3F763D73A8 F:7;FKD7EG>F;@9;@@A;E7;?B35FE34AH7F:7;FKUE
7@7D3>'>3@%A;E7
>7?7@FEF3@63D6A86%
#
BAF7@F;3>>K7J357D43F;@97J;EF;@9@A;E7;?B35FEAD5D73F;@93@ 7I@A;E7;?B35F )3?4A>>
@H;DA@?7@F3>
@3>KE;EBB



+:7;FK83;>76FA7H3>G3F7:AIF:7BAF7@F;3>@A;E73@6@G;E3@5 75A?B>3;@FE3EEA5;3F76I;F::AF7>E?3K 479D73F7DF:3@F:AE73EEA5;3F76I;F:*+)E
+AG@67DEF3@6F:7B AF7@F;3>;?B35FE8DA?;@5D73E76GE7A8 7J;EF;@9:AF7>EF:7;FKE:AG>653>5G>3F7F:7FAF3>@A;E75A?B>3;@FE3EEA5;3F76I;F:*+)E;F:3ED757;H76 3@6F:7FAF3>@A;E75A?B>3;@FE3EEA5;3F76I;F::AF7>EFAG@67DEF3@6;8F:7D7;E3@K3BBD75;34>76;887D7@57 47FI77@F:7@A;E75A?B>3;@FED757;H768DA?F:7E7355A??A63F;A@E +:7;FK 3>EA 83;>76FA3@3>KL7:AI
F:;E;@5D73E7667?3@65AG>6>736FABAF7@F;3>>KE;9@;8;53@FAB7 D3F;A@3>@A;E7;?B35FE8DA?H;E;FADEGE;@9 F:7835;>;F;7E;@5>G6;@9AGF6AADE3D73EA8:AF7>EEG5:3EBAA>E3@6D75D73F;A@3D73E +:7;FK?GEF3@3>KL7
F:7E7BAF7@F;3>;?B35FE8DA?F:7;@5D73E76GE7A87J;EF;@9:AF7>E 
@366;F;A@;F;E>;=7>KF:3FD7EFD;5F;@9F:7GE7A8*+)EIAG>6D7CG;D7B3FDA@EFAEF3K3F3:AF7>ADAF:7D835;>;FK F:3F;E8GDF:7D8DA?F:7;D;@F7@67667EF;@3F;A@393;@D7EG>F;@ 9;@;@5D73E76-$+3@6BAF7@F;3>>K:;9:7D @A;E7 >7H7>E 8DA? ;@5D73E76 FD388;5
E 6;E5GEE76 ;@ F:7 F75:@;53> 7@H;DA@?7@F3> 3@3>KE;E BD7B3D76 4K )3?4A>>E:;8F;@9FD388;5FAD7E;67@F;3>ADAF:7D@A;E7 E7@E;F;H73D73EI;F:;@F:7;FKF:3F3D75GDD7@F>K47>AI F:7;FKUE@A;E7F:D7E:A>65AG>6D7EG>F;@3E;9@;8;53@F;?B35F +:7;FK ?GEF7H3>G3F7F:;EBAF7@F;3>;?B35F
%$)*(+* %$ %

-
%*
")
)3?4A>> 7EF;?3F7E F:7 *+) 43@ I;>> BAF7@F;3>>K 53GE7 E;9@;8;53@F @ A;E7 ;?B35FE D7>3F76 FA :AF7> 5A@EFDG5F;A@ 7J5776;@9F:7;FKUE
7@7D3>'>3@%A;E7
>7?7@FEF 3@63D63@6F:7;FKUE@A;E7AD6;@3@57

)3?4A>>
@H;DA@?7@F3> @3>KE;E BB



 A@EFDG5F;A@ 7CG;B?7@F ;@5>G6;@9 :73HK ?35:;@7DK 53@ D7EG>F;@E;9@;8;53@F@A;E7;?B35FEI;F:EAG@6>7H7>ED3@9;@9 8DA?3BBDAJ;?3F7>KFA 6FKB;53>
EG4GD43@
GD43@435=9DAG@6EAG@6>7H7>E3D75A??A@>KA@F:7AD67DA8FA66GD;@963KF;?7:AGDE 3@6>AI7D6GD;@9@;9:FF;?7:AGDE3EEG?;@9FKB;53>D757BFAD6;EF3@57EA8

8FFA
8F3@65A@EFDG5F;A@
?3K EA?7F;?7E @776 FA A55GD 3F @;9:F 6G7 FA H3D;AGE >;?;F3F;A@EAD F;?7 5A@EFD3;@FE I:;5: ?3K 47 B3DF;5G>3D>KBD7H3>7@FAH7DF:7@7JF87IK73DE3E:AF7>5A@EFDG 5F;A@;@*AGF:7D@3>;8AD@;3;@5D73E7EFA ?77F :AF7> 67?3@6 8AD F:7 
 &>K?B;5E
 )3?4A>>
@H;DA@?7@F3> @3>KE;E B


 753GE7 EAG@6
BD7EEGD7 >7H7>E 8DA? 5A@EFDG5F;A@ A8 @7I :AF7>E I:;5: I;>> 47@77676 6G7 FA F:7 *+) 43@ :3H7 F:7 BAF7@F;3>FA53GE73F7?BAD3DK;@5D73E734AH7F:7@A;E7>7H7>F :D7E:A>6F:7;FK?GEF5A@6G5F8GDF:7D 3@3>KE;EFA7H3>G3F7BAF7@F;3>>KE;9@;8;53@F ;?B35FE3@63@K@757EE3DK?;F;93F;A@ )3?4A>>
@H;DA@?7@F3>
@3>KE;EBB




+:7;FKE:AG>6BD7B3D73@3@3>KE;EFACG3@F;8K BDA<75F76@A;E7>7H7>E8DA?5A@EFDG5F;A@A8F:7@7I:AF7>E ;@ F:7 67E;9@3F76 3D73E ;67@F;8;76 ;@ F:7
7@7D3> '>3@ *B75;8;5 '>3@E 3@6 0A@;@9 A67 8AD :AF7> 67H7>AB?7@F
+:;E3@3>KE;EE:AG>647 43E76A@EB75;8;5B3D3?7F7DE 8ADF:7BDABAE76@7IGE7E47;@9 9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801


5A@EFDG5F76 ;@5>G6;@9 E;L7 3@6 B>357?7@F A8 F:7 @7I GE7 3E I7>> 5A@EFDG5F;A@ E5:76G>7 5A@EFDG5F;A@ 7CG;B?7@F3?AG@FA89D36;@93?AG@FA8:3G>;@97F5

+:7;@5 D73E7;@@A;E78DA?5A@EFDG5F;A@E:AG>6
F:7@475A?B3D76393;@EFF:7F:D7E:A>6FA67F7D?;@7I:7F:7DF:7 ;@5D73E7;@@A;E7;E9D73F7DF:3@F:7 F:D7E:A>6;@I:;5:53E7F:7D7IAG>6473 BAF7@F;3>>KE;9@;8;53@F;?B35F +:7>;=7>;:AA6A8E;9@;8;53@F;?B35FE
;@5D73E7E I:7D7 F:7D7 3D7 E7@E;F;H7 GE7E EG5: 3E D7E;67@57E ;@ 5>AE7 BDAJ;?;FK FA 5A@EFDG5F;A@  8
BAF7@F;3>>K E;9@;8;53@F ;?B35FE :3H7 477@ ;67@F;8;76 ?;F;93F;A@ ?73EGD7E ;8 873E;4>7 IAG>6 @776 FA 47 BDAH;676FAD76G57;?B35FEFA>7EEF:3@E;9@;8;53@F
 8873E;4> 7?;F;93F;A@;E@AF3H3;>34>7 I:;5:8AD@A;E7 ;FA8F7@;E@AF873E;4>7;?B35FE5AG>647E;9@;8;53@F )793D6;@95A@EFDG5F;A@H;4D3F;A@;?B35FE67B7@6;@9A@F:7BDAJ;?;FKA836<357@FE7@E;F;H7D757BFADE3@ 3@3>KE;EE:AG>647BD7B3D76FACG3@F;8KBDA<75F76H;4D3F;A@>7H 7>E8DA?5A@EFDG5F;A@A8@7ID7B>357?7@F 835;>;F;7E

AD7J3?B>7;83@7I:AF7>;E5A@EFDG5F76;@3@3D 7336<357@FFA3:;EFAD;53>AD3D5:37A>A9;53> D7EAGD57F:7;FK?GEF7H3>G3F7I:7F:7DF:7D75AG>6474G;>6;@963?39753GE76FAF:AE7D7EAGD57E +:7
;@5D73E7 ;@ H;4D3F;A@ 8DA? 5A@EFDG5F;A@ E:AG>6 47 5A?B3D76 393;@EF F:73BB>;534>7 F:D7E:A>6E 8AD 4AF: 4G;>6;@963?3973@6:G?3@3@@AK3@57 FA67F7D?;@7I:7F:7DF:7;@5D73E7;@H;4D3F;A@;E9D73F7DF:3@F:7 F:D7E:A>6;@I:;5:53E7F:7D7IAG>6473BAF7@F;3>>KE;9@;8;53@F;?B35F +:7>;=7>;:AA6A8E;9@;8;53@F;?B35FE
;@5D73E7E I:7D7 F:7D7 3D7 E7@E;F;H7 GE7E EG5: 3E D7E;67@57E ;@ 5>AE7 BDAJ;?;FK FA 5A@EFDG5F;A@  8
BAF7@F;3>>K E;9@;8;53@F ;?B35FE :3H7 477@ ;67@F;8;76 ?;F;93F;A@ ?73EGD7E ;8 873E;4>7 IAG>6 @776 FA 47 BDAH;676FAD76G57;?B35FEFA>7EEF:3@E;9@;8;53@F
 F;E>;=7 >KF:3FF:7D7IAG>647873E;4>7?;F;93F;A@8AD 4G;>6;@963?397;?B35FEEG5:3E?A@;FAD;@934G;>6;@96GD;@9H;4D3F;A@ BDA6G5;@935F;H;F;7E A@H7DE7>K
;F;E6;88;5G>F FA?;F;93F7:G?3@3@@AK3@57;?B35FE47KA@6;@5D7 3E;@9F:76;EF3@578DA?F:75A@EFDG5F;A@ 35F;H;FKFAF:7E7@E;F;H7D757BFAD
+:7D78AD7;8KAG:3H73E7@E;F;H7D757BFAD36<357@FFAH;4D3F;A@ BDA6G5;@9 5A@EFDG5F;A@35F;H;FKKAG5AG>6:3H73E;9@;8;53@F;?B35FI;F:D7EB75FFA:G?3@3@@AK3@57 &
(* %$ %

-
%*
")
>>;EEG7E3EEA5;3F76I;F:F:7BAF7@F;3>AB7D3F;A@3>@A;E7;?B3 5FE8DA?7J;EF;@9:AF7>E3BB>KFAF:7;FKUE 83;>GD7FA53>5G>3F7BAF7@F;3>@A;E7;?B35FE8DA?AB7D3F;A@A8@7I:AF7>E 66;@9?AD7:AF7>EFAF:7;FKUE
7J;EF;@9:AF7>EFA5=IAG>68GDF:7D5A@57@FD3F7FD388;5A@DA36I 3KE9A;@9FA:AF7>E;@F:73D73D7EG>F;@9;@ @A;E7 ;?B35FE 34AH7 F:7 ;FKUE
7@7D3> '>3@ %A;E7
>7?7@F EF3@63D6 A8  6 %
# BAF7@F;3>>K
7J357D43F;@97J;EF;@9@A;E7;?B35FEAD5D73F;@93@7I@A;E7;?B35F )3?4A>>
@H;DA@?7@F3>@3>KE;EB



GDF:7D;F;EBAEE;4>7F:3FFA3HA;6F:7BAF7@F;3>>KE;9@;8;53@F;?B35FE3EEA5;3F76I;F:366;@9?AD7:AF7>E FAF:73D73EA8F:7;FKF:3F3>D736K:3H7E7H7D3>:AF7>E@7I :AF7>EIAG>6475A@EFDG5F7683DF:7D8DA?3 5;FK57@F7DADFAGD;EF67EF;@3F;A@D7EG>F;@9;@9D73F7DGD43@ EBD3I>3@6-$+I:;5:5AG>6D7EG>F;@:;9:7D @A;E7 >7H7>E 8DA? ;@5D73E76 FD388;5 ;@ F:7E7 3D73E  +:7E7 @7I :AF7>E IAG>6 3>EA BDA6G57 @A;E7 8DA? ?75:3@;53>7CG;B?7@FB3D=;@9835;>;F;7E>A36;@96A5=E3@63?7@;FKEB357E +:7 ;FK ?GEF 7H3>G3F7 F:7 BAF7@F;3> 8AD @A;E7 5A?B>3;@FE 3EEA5;3F76 I;F: AB7D3F;A@ A8 @7I :AF7>E FA 67F7D?;@7I:7F:7DF:7D7IAG>6473E;9@;8;53@F;?B35F

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

'G4>;5*7DH;57E
,
(,
-
+:7D73D73@G?47DA8BAF7@F;3>>KE;9@;8;53@F;?B35FEI;F:D7EB75FFABG4>;5E7DH;57EF:3F5AG>6D7EG>F8DA? 3@*+)43@3@6D7CG;D78GDF:7D3@3>KE;E4KF:7;FK
 @5D73E76 GF;>;L3F;A@A87J;EF;@9:AF7>E3E3D7EG>FA8 7>;?;@3F;@93>>*+)E;@F:7;FK;ED73EA@34>K>;=7>KFA>736FA;@5D73E7667?3@68ADBG4>;5E7DH;57EI:;5: ?3K47E;9@;8;53@F

GDF:7D3E?7@F;A@7634AH7;F;ED73EA@34>K8AD7E7734>7F:3F366;F;A@3>:AF7>EIAG>6 @776FA475A@EFDG5F76FA355A??A63F7B3FDA@EI:AIAG>6:3H7BD7H;AGE>KGF;>;L76*+)E +:7AB7D3F;A@
A8@7I:AF7>E:3EF:7BAF7@F;3>FAD7EG>F;@E;9@;8;53@F7@H;DA@?7@F3>;?B35FEI;F:D7EB75FFABG4>;5E7DH;57E +:7667@6G?83;>EFA366D7EE3@KA8F:7E7BAF7@F;3>;?B35FE5 A@5>G6;@9I;F:AGFEGBBADF;@97H;67@57 F:3F F:7 'DABAE76 &D6;@3@57 IAG>6 RA@>K 38875F 7J;EF;@9 EFDG5FGD7ES 3@6 F:7D78AD7 F:7D7 IAG>6 47 @A 5:3@97;@BG4>;5E7DH;57E;?B35FE47KA@6F:AE7;67@F;8;76;@F:7 ''
)
*F388)7BADF
J:;4;FB


+:;E;E;@367CG3F7

$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA8;?B35FEFABG4>;5E7DH;57E8DA?F:7 *+)43@;E;@EG88;5;7@F8;@6;@9F:3FF:7 *+)43@IAG>6A@>K38875F7J;EF;@9EFDG5FGD7E3@6F:3FF:7*+)43@IAG>6@AFR;@FDA6G57@7ID7E;67@F;3> G@;FEFAF:75;FKS3@6F:3FF:7RD7E;67@F;3>G@;FE;>>793>>KAB7D3F;@93E*+)EI7D7367CG3F7>K3@3>KL76;@F:7

''
)S3EB3DFA8F:7
'4G;>6AGF
*F388)7BADF
J:;4;FB

+:73@3>KE;E;@F:7667@6G?>35=E
3@K5A@E;67D3F;A@A8F:7D73EA@34>K8AD7E7734>7;?B35FEFABG4> ;5E7DH;57ED7EG>F;@98DA?AB7D3F;A@A8 7J;EF;@93@6@7I:AF7>E
&
(* %$ %
. )* $

%*
")
E6;E5GEE7634AH7;@F:7%A;E7 3@6-;4D3F;A@ E75F;A@F:7;FK8 3;>76FA7H3>G3F7:AIF:7BAF7@F;3>8AD @A;E73@6@G;E3@575A?B>3;@FE3EEA5;3F76I;F::AF7>E?3K479D7 3F7DF:3@F:AE73EEA5;3F76I;F:*+)E 
+:7;FK?GEF7H3>G3F7F:7BAF7@F;3>8AD;@5D73E7667?3@68ADB G4>;5E7DH;57E6G7FAF:AE75A?B>3;@FE I:;5:?3K47E;9@;8;53@F

&
(* %$%

-
%*
")
.;F:D7EB75FFA;?B35FEFA8;D73@6BA>;57835;>;F;7E *+)D7EFD;5F;A@EF:3F5AG>6D7EG>F;@F:75A@EFDG5F;A@A8 @7ID7B>357?7@F:AF7>EADAF:7D835;>;F;7E IAG>6D7EG>F;@;@5D7 3E7667?3@68AD8;D73@6BA>;57BDAF75F;A@ 835;>;F;7EFA?3;@F3;@3557BF34>7E7DH;57D3F;AED7EBA@E7F;?7EADAF:7DB7D8AD?3@57A4<75F;H7E +:7;FK
E:AG>6BDAH;67353>5G>3F;A@A8F:7@G?47DA853>>EFABA>;575 A?B>3;@;@934AGF:AF7>E5A?B3D76FAF:7 @G?47DA853>>EFABA>;57D793D6;@9*+)EFA3@3>KL7I:7F:7D7> ;?;@3F;@93>>*+)E 3@6;@5D73E;@9:AF7> GE7IAG>6;@5D73E767?3@68ADBA>;57E7DH;57E
$;F;93F;A@?73EGD 7E?3K@776FA47BDAH;676FAD76G57 ;?B35FEFA>7EEF:3@E;9@;8;53@F
4E7@F3@K873E;4>7?;F;93F;A@;?B35FEFABG4>;5E7DH;57EEB75;8;53>>K8;D7 3@6BA>;575AG>647E;9@;8;53@F

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

+D3@EBADF3F;A@
,
(,
-
E6;E5GEE76;@F:73;DCG3>;FK7@7D9K3@6

7?;EE;A@E E75F; A@E 34AH7;F;ED73EA@34>K8AD7E7734>7 F:3F3@*+)43@I;>>;@5D73E7FAF3>3@6B73=B7D;A6FD3@EBADF3F;A@67?3@6FD;B5AG@FE3@6-$+;@E7H7D3> I3KE;@5>G6;@9
4K6;EB>35;@97J;EF;@9*+)9G7EFEFA*+)E3@6:AF7>E>A53F7683DF:7D3I3K8DA?FD3H7> 67EF;@3F;A@E3@6EF;?G>3F;@9*+)D7B>357?7@F355A??A63F;A@ 5A@EFDG5F;A@3@67JB3@E;A@F:3FI;>> ;@5D73E75A@EFDG5F;A@B7D;A63@6AB7D3F;A@3>B7D;A6?3F7D;3>E 7DH;57EGBB>;7D?3;@F7@3@573@6FD3H7>7D H7:;5>7FD;BE3@6-$+
+:7667@6G?83;>EFA366D7EE3@KA8F:7E7BAF7@F;3>;?B35FE5A@5>G6;@9I;F:AGF EGBBADF;@97H;67@57F:3FF:7'DABAE76&D6;@3@57IAG>6RA@>K38875F7J;EF;@9EFDG5FGD7ESIAG>6@AF5A@8>;5F I;F:D79;A@3>AD>A53>5;D5G>3F;A@EKEF7?B>3@@;@93@6F:3FF:7AB7D3F;A@3>FD388;53EEA5;3F76I;F:>A@9 F7D? D7@F3>EADB7D?3@7@FD7E;67@57EI:;5:F:7667@6G?3EEG?7E3>> *+)EIAG>6475A@H7DF76FAI3E 3>D736K7H3>G3F76;@F:7
''
)
+:7D78AD7F:7667@6G?5A@5> G67EF:7D7IAG>647@A5:3@97FA FD3@EBADF3F;A@;?B35FE47KA@6F:AE7;67@F;8;76;@F:7
''
)
 *F388)7BADF
J:;4;FB

+:;E;E
;@367CG3F7
+:7;?B35FE67E5D;47634AH7IAG>6E;9@;8;53@F>K5A@8>;5FI;F:B >3@EAD6;@3@57E 3@6BA>;57E366D7EE;@9 5;D5G>3F;A@ EKEF7?E ;@5>G6;@9 FD3@EBADF3F;A@ EKEF7? 5A@97EF;A@ D76G5F;A@ 7@7D9K 5A@E7DH3F;A@ 3@6 5D;F7D;33@6

7?;EE;A@D76G5F;A@9A3>E
66;F;A@3>-$+97@7D3F;A@I;>>E;9@;8;53@F>K5A@8>;5FI;F: (
9G;67>;@7E*75F;A@


4I:;5:D7CG;D7EF:3F3
(3@3>K E;E5A@E;67D3@6D76G57-$+
+:7E7
;?B35FEIAG>6D7CG;D7F:7;?BAE;F;A@A83>>873E;4>7?;F;93F;A@G@67D (
+:7;FK83;>76FA5A@6G5F3@K
3@3>KE;EA8F:7E7BAF7@F;3>;?B35FE


$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA8FD3@EBADF3F;A@;?B35FE8DA?F:7*+)43@;E;@EG88;5;7@F8;@6;@9F:3FF:7*+) 43@IAG>6A@>K38875F7J;EF;@9EFDG5FGD7E3@6F:3FF:7*+)43@ IAG>6@AF5A@8>;5FI;F:D79;A@3>AD>A53> 5;D5G>3F;A@EKEF7?B>3@@;@93@6F:3FF:7AB7D3F;A@3>FD388;53EEA5;3F76I;F:>A@9 F7D?D7@F3>EADB7D?3@7@F D7E;67@57EI:;5:F:7667@6G?3EEG?7E3>>*+)EIAG>6475A@H7DF76FAI3E3>D736K7H3>G3F76;@F:7

''
)
*F388)7BADF
J:;4;FB

+:73@3>KE;E;@F:7 667@6G?>35=E3@K5A@E;67D3F;A@A8F:7 D73EA@34>K8AD7E7734>7FD3@EBADF3F;A@;?B35FE8DA?;@5D73E76-$ +D7>3F76FA7J;EF;@93@6@7I:AF7>E I:;5:I;>>D7EG>F8DA?7>;?;@3F;@93>>*+)E;@F:7;FK

$(
)

 1 . )* $

%*
")
F;E>;=7>KF:3FD7EFD;5F;@9F:7GE7A8*+)EIAG>6D7CG;D7B3FDA@EFAEF3K3F3>A53F;A@:AF7>ADAF:7D835;>;FK F:3F;E8GDF:7D8DA?F:7;D;@F7@67667EF;@3F;A@D7EG>F;@9;@; @5D73E76-$+ 
G7EFEEF3K;@9;@*+)E:3H7
?AD78>7J;4;>;FKFAEF3K5>AE7DFAF:7;D67EF;@3F;A@E4K7>;?;@3F;@9*+)E;@F:7;FKF:7E7FD3H7>7DEI;>>@776 FAFD3H7>8GDF:7DFAD735:F:7;D67EF;@3F;A@E
+:;E;@5D73E7;@ -$+I;>>366;F;A@3>>K>736FA3@;@5D73E7;@ AF:7D BAF7@F;3>>KE;9@;8;53@F7@H;DA@?7@F3>;?B35FE;@5>G6;@9

7?;EE;A@E3@63;DCG3>;FK3E6;E5GEE76
34AH7

+:7 +
+D;B
7@7D3F;A@$3@G3>

F:76;F;A@6A7E@AFBDAH;67 3H7D397FD;BD3F7EEB75;8;53>>K8AD*+)E 
+:7>3@6GE753F79ADK;@F:7 +
+D;B
7@7D3F;A@$3@G3>F:3F?A EF5>AE7>K?3F5:7E3F*+) ;E#3@6,E7 9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801


)75D73F;A@3>A?7I:;5:;E678;@763E7;F:7D
3E75A@6 :A?7GE764K;FEAI@7DB7D;A6;53>>K8AD
D75D73F;A@AD3:A?7D7@F76A@3E73EA@3>43E;E
%A366;F;A @3>FD;B97@7D3F;A@63F3ADEFG6;7EI7D7
3H3;>34>7 8DA? AF:7D EAGD57E F:3F IAG>6 47 ?AD7 3BB>;534>7 FA 3@ *+) 43@  +:GE F:7 D75D73F;A@3>
:A?7>3@6 GE7#3@6,E7
8DA?F:7 +
+D;B
7@7D3F;A@$3@G3>;EF:7?AEF3BBDABD;3F7D7BD7E7@F3F;H7 >3@6GE78ADF:7BGDBAE7EA83@3>KL;@9FD;B97@7D3F;A@8AD*+)E )75D73F;A@3>:A?7E97@7D3F7>7EEFD;BE
F:3@:AF7>E


;H7@F:77H;67@57F:3F:AF7>E97@7D3F7?AD7FD388;5F:3@*+)E I:;5:6G7FA*+)43@?3KD7EG>F;@3 E;9@;8;53@F;@5D73E7;@-$+F:7;FK E:AG>67H3>G3F7F:7E7BAF7@F;3>;?B35FE;@3@ )

GDF:7D4753GE7
3>;8AD@;3 EF3F7 3@6 >A53> BA>;5K?3=7DE 3@6 397@5;7E 3D7 E7@E;F;H7 FA FD3@EBADF3F;A@ EKEF7? 3@6 -$+ ;?B35FE3@7JB7DFEFG6KE:AG>6475A@6G5F764K3D75A9@;L76FD3@EBADF3F;A@EB75;3>;EFGE;@97EF34>;E:76 FD3H7>67?3@63@6-$+?7F:A6A>A9;7EFA;@5>G67;@F:7
)
+:;E3@3>KE;EE:AG>67EF;?3F7F:7;@6;H;6G3>
H7:;5>7FD;BE3@63H7D397FD;B>7@9F:E3EEA5;3F76I;F:*+)E;@*3@F3@35A?B3D76I;F:F:AE73EEA5;3F76 I;F::AF7>EF3KE;@*3@F3@3FA7H3>G3F7F:7;@5D73E7;@-$+ 8DA?7>;?;@3F;@9*+)E;@F:7;FK +:;E
IAG>6GE7F:7 +
?A67> FACG3@F;8KF:7-$+3EEA5;3F76I;F:F:75GDD7@F43E7>;@75A@6;F;A@EI:7D7*+)E 3D7B7D?;FF76I;F:D79;A@3>FD3H7>67?3@643E76A@D7E;67@F;3> GE73@6BDAJ;?;FKFAFAGD;EF3D73E +:;E
E:AG>6475A?B3D76393;@EF3E57@3D;AI:7D7*+)GE7E:3H7477@7>;?;@3F763@6F:7D7;E3@;@5D73E76 67?3@68AD:AF7>E8GDF:7D8DA?FAGD;EF3D73E
8F:7;@5D73E7;@-$+8DA? 3@ *+)43@ 7J5776EF:73BB>;534>7F:D7E:A>6FD3@EBADF3F;A@;?B35FE5AG>647 E;9@;8;53@F3@6?;F;93F;A@?73EGD7EIAG>6@776FA47BDAH;676FAD76G57;?B35FEFA>7EEF:3@E;9@;8;53@F 
4E7@F3@K873E;4>7?;F;93F;A@;?B35FEFAFD3@EBADF3F;A@-$+5AG>647E;9@;8;53@F

$(
)

1 
-
%*
")
3E76A@F:7>A53F;A@E;67@F;8;76;@F:7;FKUE
7@7D3>'>3@* B75;8;5'>3@3@60A@;@9A67 3E>A53F;A@E 8AD67H7>AB?7@FA8@7I:AF7>E 67B7@6;@9A@F:73H3;>34;>;FKA8>3@6EG;F34>78AD:AF7>67H7>AB?7@F;@F:7E7 3D73EF:7D7;E3D73EA@34>7BAEE;4;>;FKF:7E7@7I:AF7>EIAG>6475A@EFDG5F7683DF:7D8DA?35;FK57@F7DAD FAGD;EF67EF;@3F;A@D7EG>F;@9;@9D73F7DGD43@EBD3I>3@6-$+ I:;5:5AG>6D7EG>F ;@5D73E76FD388;5 +:GE
8ADF:7D73EA@E6;E5GEE7634AH7D793D6;@97J;EF;@9:AF7>EF:7 ;FK?GEF3@3>KL7 BAF7@F;3>-$+;?B35FE 3EEA5;3F76I;F:BAF7@F;3>@7I:AF7>E

+D;43>G>FGD3>)7EAGD57E
,
(,
-
@*+)43@ ?3KE;9@;8;53@F>K;?B35FFD;43>5G>FGD3>D7EAGD57E8DA?F:7D73EA@34>K8AD7E7734>75A@EFDG5F;A@ 3@6AB7D3F;A@A8@7I:AF7>EFA355A??A63F7B3FDA@EI:AIAG>6:3 H7BD7H;AGE>KGF;>;L76*+)E *3@F3
@3:3E7JF7@E;H7FD;43>5G>FGD3>D7EAGD57EI:;5::7;9:F7@F:7D;E=A8;?B35FE8DA?@7I5A@EFDG5F;A@ +:7
667@6G?83;>EFA366D7EE3@KA8F:7E7BAF7@F;3>;?B35FE5A@5>G6;@9I;F:AGFEGBBADF;@97H;67@57F:3FF:7 'DABAE76&D6;@3@57IAG>6RA@>K38875F7J;EF;@9EFDG5FGD7ES3@6 F:7D78AD7F:7D7IAG>647@A5:3@97;@  !,


9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

;?B35FEFAFD;43>5G>FGD3>D7EAGD57E47KA@6F:AE7;67@F;8;76;@F:7 ''
)
*F388)7BADF
J:;4;FB


+:;E;E;@367CG3F7

$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA8FD;43>5G>FGD3>D7EAGD57E;?B35FE;E;@EG88;5;7@F8;@6;@9F:3FF:7*+)43@IAG>6 A@>K 38875F 7J;EF;@9 EFDG5FGD7E 3@6 F:7D7 IAG>6 47 R@A 73DF:IAD= AD 9DAG@6 6;EFGD4;@9 35F;H;F;7E S *F388
)7BADF
J:;4;FB

 +:;E3@3>KE;E>35=E3@K5A@E;67D3F;A@A8F:7D73EA@34>K8AD7E7734>75A@EFDG5F;A@ A8 @7I :AF7>E 8DA? 3@ *+) 43@ I:;5: 5AG>6 D7EG>F ;@ BAF7@F;3>>K E;9@;8;53@F ;?B35FE FA FD;43> 5G>FGD3> D7EAGD57E3E6;E5GEE7647>AI
%$)*(+* %$$&
(* %$%

-
%*
")
+:7BD7E7@57A8FD;43>5G>FGD3>D7EAGD57E;@*3@F3@33D76;E5 GEE7634AH7;@F:7G>FGD3>)7EAGD57E E75F;A@
+:7E3?7;EEG7E3BB>;534>7FAF:7BAF7@F;3>8AD6;EFGD 43@57A85G>FGD3>D7EAGD57E3E3D7EG>FA8 5A@EFDG5F;A@A8@7I:AF7>E3BB>KFAFD;43>5G>FGD3>D7EAGD57E 
E6;E5GEE7634AH7;@F:7G>FGD3>)7EAGD57EE75F;A@FD;43>5G >FGD3>D7EAGD57EF:3F5AG>647BD7E7@F;@ *3@F3 @3 ;@5>G67 %3F;H7 ?7D;53@ 4GD;3> E;F7E H;>>397 AD A55GB3F;A@ E;F7E 3@6 FD36;F;A@3> D7EAGD57 93F:7D;@9>A53F;A@E

AD7J3?B>7F:7
34D;7>;@AAD+A@9H33@6";L:!G3@7@AAD5<35:7?7@#G;E7@A B7AB>7E;@:34;F76F:7D79;A@3@6F:7D7?3K47FD;43>5G>FGD3>D 7EAGD57EBD7E7@F;@F:7E;F7E8AD@7I:AF7> 67H7>AB?7@FF:3F?GEF47EGDH7K76

@ 366;F;A@   7EF34>;E:7E 3 8AD?3> 5A@EG>F3F;A@ BDA57EE 8AD 3>;8AD@;3 %3F;H7 ?7D;53@ +D;47E FA ;67@F;8KBAF7@F;3>E;9@;8;53@F;?B35FEFAFD;43>5G>FGD3>D7EAGD57E 7B7@6;@9A@F:7EB75;8;55A@6;F;A@EA83
E;F73EI7>>3EF:7D7EG>FEA8FD;43>5A@EG>F3F;A@5A@6G5F76BGDEG3@FFA?;F;93F;A@?73EGD7E?3K47 @757EE3DKFAD76G57;?B35FEI;F:D7EB75FFAFD;43>5G>FGD3>D7EAGD57EFA>7EEF:3@E;9@;8;53@F +:7;FK?GEF
5A@6G5FFD;43>5A@EG>F3F;A@;@5A?B>;3@57I;F:*
3@6
,F;>;F;7E
*7DH;57*KEF7?E
,
(,
-
+:7 BDA:;4;F;A@ A8 *+)E ;E D73EA@34>K >;=7>K FA E;9@;8;53@F>K ;?B35F GF;>;F;7E 3@6 E7DH;57E EKEF7?E 4K ;@5D73E;@967?3@68ADI3F7D7>75FD;5;FK@3FGD3>93E3@6;@5D 73E7697@7D3F;A@A8I3EF7I3F7D3@6EA>;6 I3EF7
E6;E5GEE7634AH73 

 >73@F75:3@3>KE;E8AG@6F:3FI:7@9G7EFEEF3K3F3@*+)E;9@;8;53@F>K >7EE7@7D9K3@6I3F7D;EGE769D77@:AGE793E7?;EE;A@E3D7>AI7D3@6I3EF7;ED76G5765A?B3D76FA :AF7>EF3KE
 3@63@3DF;5>7BG4>;E:76;@F:7*?3>>GE;@7EE @EF;FGF7!AGD@3 >3>EABDABAE76F:3FE:3D;@9 75A@A?K43E76355A??A63F;A@E3D7>;=7>KFA5A@EG?7>7EE7@7D9K 3 @6I3F7D3@6BDA6G5787I7D


7?;EE;A@E3@6>7EEI3EF7F:3@FD36;F;A@3>355A??A63F;A@E K;@5D73E;@967?3@68ADF:7E7E7DH;57E

%;5:37>3=7D!@F7D@3F;A@3>,D;43>G>FGD3>*7EAGD57E!67@F;8;53F;A@%7?AD3@6G?8ADF:7+AGF:A3EF ,75:@A>A9K7@F7D(DA<75F;FKA8+3@F3@3'D3@97AG@FK3>;8AD@;3B BD 

 
 ;D4@4
%" 

#
"&
#

"!
$


"& 
& $
%BD 


:FFBE

@7IE 3;D4@4 5A?
:AIF:73;D4@45A??G@;FKEGBBADFE7@H;DA@?7@F3>>K8D;7@6>KFD3H7>IAD>6I;67   %;697FF7F3> 
 


&

#!"
"&!
 

+
! " 
BB 




9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

4AF:8DA?7J;EF;@9:AF7>E3@68DA?BAF7@F;3>@7I:AF7>E3@ *+)43@5AG>6D7EG>F;@E;9@;8;53@F;?B35FEFA GF;>;F;7E3@6E7DH;57EEKEF7?E
+:7667@6G?83;>EFA366D7EE3@KA8F:7E7BAF7@F;3>;?B35FE5A@5>G6;@9 I;F:AGF EGBBADF;@9 7H;67@57 F:3F F:7 'DABAE76 &D6;@3@57 IAG>6 RA@>K 38875F 7J;EF;@9 EFDG5FGD7ES 3@6 F:7D78AD7F:7D7IAG>647@A5:3@97;@GF;>;F;7E3@6E7DH;57EKEF7?E;?B35FE47KA@6 F:AE7;67@F;8;76;@F:7

''
)
*F388)7BADF
J:;4;FB

+:;E;E;@367CG3F7

$"/) ) $*

$+#  ")*%(
))%*
$* ""/
$
$*
#&*)
+:7667@6G?UE3@3>KE;EA8;?B35FEFAGF;>;F;7E3@6E7DH;57EKE F7?E8DA?F:7*+)43@;E;@EG88;5;7@F 8;@6;@9 F:3F F:7 *+) 43@ IAG>6 A@>K 38875F 7J;EF;@9 EFDG5FGD7E 3@6 F:3F F:7 43@ RIAG>6 @AF D7CG;D7 67H7>AB?7@FA83@K=;@6SEAF:7D7IAG>647@A;@5D73E7 ;@67?3@6EFAGF;>;F;7E3@6E7DH;57EKEF7?E *F388
)7BADF
J:;4;F  B
 
 +:7 3@3>KE;E ;@ F:7 667@6G? >35=E 3@K 5A@E;67D3F;A@ A8 F:7 D73EA@34>K 8AD7E7734>7;?B35FEFAGF;>;F;7E3@6E7DH;57EKEF7?ED7EG>F;@98DA?AB7D3F;A@A87J;EF;@93@6@7I:AF7>E &
(* %$%
. )* $

%*
")  *
(
K;@5D73E;@9H;E;FAD67?3@68AD7J;EF;@9:AF7>E3@*+)43@:3 EBAF7@F;3>FAD7EG>F;@;@5D73E7667?3@6 8ADI3F7D7>75FD;5;FK3@6@3FGD3>93E3@6F:7;@5D73E7697@7D3F;A@A8I3EF7I3F7D3@6EA>;6I3EF7I:;5: 5AG>6 D7EG>F ;@ F:7 @776 8AD F:7 5A@EFDG5F;A@ AD 7JB3@E;A@ A8 I3F7D AD I3EF7I3F7D FD73F?7@F 835;>;F;7E >3@68;>>E EFAD? I3F7D 6D3;@397 835;>;F;7E 7>75FD;5 BAI7D 835; >;F;7E @3FGD3> 93E 835;>;F;7E AD F7>75A??G@;53F;A@E835;>;F;7E
*+)9G7EFEGE7F:7FKB;53>3?AG@FA8I3F7DGE76;@3D7E;67@F;3 >:A?7I:;5:;EEG4EF3@F;3>>K>7EEI3F7D F:3@:AF7>9G7EFE
 55AD6;@9FAF:7

>73@F75:3@3>KE;E4KEF3K;@9;@;D4@4 >;EF;@9ED3F:7DF:3@ :AF7>E;@

;D4@49G7EFE;@
GDAB7D76G576I3F7DGE3977CG 3>FA


&>K?B;5 E;L76EI;??;@9
BAA>E
753GE7 3@ *+)43@I;>>7>;?;@3F73>>*+)E;@F:7;FK;F;ED73EA@34>K8AD7E7734>7F:3FF:7@G?47D A89G7EFEEF3K;@9;@:;9:7DI3F7DGE7835;>;F;7E >;=7:AF7>EI;> >;@5D73E7D7EG>F;@9;@39D73F7D67?3@68AD I3F7D
.3F7D788;5;7@5K;E3=7K;EEG78ADEF3F7BA>;5K?3=7DEF:3FF:7;FKE:AG>6@AF6;E5AG@F 3>;8AD@;3UEBAF34>7
3@6:;9:7DCG3>;FKBAF7@F;3>>KBAF34>7;DD;93F;A@I3F7DEGBB>; 7E:3H7477@EG4EF3@F;3>>KD76G5764KEF3F7 3@6 >A53> EGD8357 9DAG@6I3F7D D79G>3FADK 5A@EFD3;@FE 3@6 6GD;@9 ?G>F;B> 7 K73D 6DAG9:FE@AFI;F:EF3@6;@9 F:7?AEFD757@FFIAK73DEA8:;9:7D F:3@ @AD?3>BD75;B;F3F;A@  >?AEF3>>GD43@3D73EA8F:7EF3F76A@AF
:3H7EG88;5;7@FI3F7DEGBB>;7EFA?77F5GDD7@F3@6BDA<75F768G FGD767?3@6EAH7DF;?73@67>;?;@3F;@9 >AI7D 67?3@6*+)GE7E8DA?F:7;FKUEAH7D@;9:F355A??A63F;A@E ?3D=7FI;>>B>3573@7H7@9D73F7D EFD3;@A@F:7;FKUEI3F7DEGBB>K
 @366;F;A@F:7A@E7DH3F;A@
>7?7@FA8F:7;FKUE
7@7D3>'>3@BDAH;67E
F:3F F:7 ;FK E:AG>6 R5A>>34AD3F7 I;F: &D3@97 AG@FK .3F7D ;EFD;5F 3@6 $7FDABA>;F3@ .3F7D ;EFD;5F FA 7@EGD7D7>;34>7367CG3F73@6:;9: CG3>;FK EAGD57EA8I3F7DEGB B>K3F3D73EA@34>75AEF S  G7FAF:7
 ;D4@4
%" 

#
"&
#

"!
$


"& 
& $
%BD 


:FFBE

@7IE 3;D4@4 5A?
:AIF:73;D4@45A??G@;FKEGBBADFE7@H;DA@?7@F3>>K8D;7@6>KFD3H7>IAD>6I;67%;697FF7F 3> 
 


&

#!"
"&!
 

+
! " 
BB 


 
 +3@F3@37@7D3>(>3@A@E7DH3F;A@
>7?7@F&

9410 Topanga Canyon Blvd., Suite 101
Chatsworth, CA 91311
Phone 310-469-6700 Fax 310-806-9801

E;9@;8;53@57 A8 F:7E7 5A@57D@E F:7 ;FK E:AG>6 BD7B3D7 3 .3F7D *GBB>K EE7EE?7@F BD;AD FA ?AH;@9 8ADI3D6I;F:3@*+)43@

&
(* %$%
. )* $

%*
")1 %" )*

)793D6;@9EA>;6I3EF7>A53>D79;A@3>EF3F73@68767D3>EF3FGF7E3@6D79G>3F;A@ED7CG;D7F:3FF:7HA>G?7 A8EA>;6I3EF797@7D3F;A@3@66;EBAE3>47D76G576AH7DF;?7;@5>G6;@9F:DAG9:GE7A8EA>;6I3EF7D76G5F;A@ BDA9D3?EEG5:3ED75K5>;@93@65A?BAEF;@9
55AD6;@9 FAF:7

>73@F75:3@3>KE;E;D4@49G7EFE;@
%ADF: ?7D;53 35:;7H76 3 I3EF7 D76G5F;A@ A8 

 FA@E
 @ *+) 43@ IAG>6 ;@5D73E7 :AF7>
355A??A63F;A@EA>;6I3EF7HA>G?7E3@6E;9@;8;53@F>K3@65G?G>3F ;H7>K;?B35FF:735:;7H7?7@FA8EA>;6 I3EF7D76G5F;A@9A3>E3@65A?B>;3@57I;F:>A53> 3@6 EF3F7EA>;6I3EF7EF3FGF7E3@6D79G>3F;A@E +:7;FK
?GEF 5A@6G5F 3 EFG6K A8 EA>;6 I3EF7 97@7D3F;A@ D3F7E ;@ *+)E 5A?B3D76 FA :AF7>E 3@6 53>5G>3F7 F:7 D73EA@34>K8AD7E7734>7EA>;6I3EF7HA>G?7;@5D73E7EF:3FIAG>6 D7EG>F8DA?343@A@*+)E 
;H7@F:7
E7@E;F;H;FKA83>;8AD@;3EF3F73@6>A53>BA>;5K?3=7DEFAEA>;6 I3EF7D76G5F;A@BDA9D3?E3@ 7JB7DFEFG6K E:AG>647BD7B3D764K3CG3>;8;76I3EF7?3@397?7@F7JB7DFFAEGBBADFF:;E3@3>KE;E 
&
(* %$%

-
%*
")
>> BAF7@F;3> ;?B35FE FA GF;>;F;7E 3@6 E7DH;57E EKEF7?E 6;E5GEE76 34AH7 D793D6;@9 AB7D3F;A@ A8 7J;EF;@9 :AF7>E3BB>KFAF:7AB7D3F;A@A8BAF7@F;3>@7I:AF7>E
@366;F;A@AB7D3F;A@A8@7I:AF7>EI;>>3>EAD7EG>F;@367?3@68AD>3@6E53B;@95>73@;@9 3@6?3;@F7@3@57 E7DH;57E
+:7E7;?B35FE?3K47E;9@;8;53@F;@3D73EA8F:7;FKI:7D7*+)E3D7?AD7BD7H3>7@F3@6:AF7> ABF;A@E 3D7 >;?;F76 AD @A@7J;EF7@F
 A@EFDG5F;A@ A8 @7I :AF7>EIAG>6 3>EA ;@5D73E7 67?3@6 8AD GF;>;FK E7DH;57E97@7D3>>K
+:7;FKUE3@3>KE;EA8;?B35FEFAGF;>;F;7E;@3@
)E:AG>63> EA53>5G>3F7F:767?3@68ADGF;>;F;7E8DA?F:7 @7I :AF7> 835;>;F;7E 3@6 67F7D?;@7 I:7F:7D F:7 3BB>;534>7 835;>;F;7E 53@ 355A??A63F7 F:7 ;@5D73E7 ;@ 67?3@6
 87J;EF;@9835;>;F;7E53@@AF355A??A63F7F:7;@5D73E76GF;>;FK67?3@6D7EG>F;@98DA?3@ *+)43@ 3@6 EG4E7CG7@F 366;F;A@ A8 @7I :AF7> 835;>;F;7E @7I AD 7JB3@67 6 835;>;F;7E 5AG>6 47 D7CG;D76 FA 355A??A63F7F:;E67?3@67
9 8ADI3F7D3@67>75FD;5;FKF:75A@EFDG5F;A@A8I:;5:5AG>6473E;9@;8;53@F 7@H;DA@?7@F3> ;?B35F
 $;F;93F;A@ ?73EGD7E ?3K @776 FA 47 BDAH;676 FA D76G57 ;?B35FE FA >7EE F:3@ E;9@;8;53@F
4E7@F3@K873E;4>7?;F;93F;A@;?B35FEFAGF;>;F;7E3@6E7DH;57EKEF7?E5AG>647E;9@;8;53@F  ,:73>;8AD@;3/3F7DA67N



" ! 43E76A@+7@3F7;>>

A8

+

D7CG;D7E3BDA<75F
BDABA@7@FFA3EE7EEF:7D7>;34;>;FKA83BDA<75FREI3F7DEGBB>K3EB3DFA8F:7 )BDA57EE
 ;D4@4
%" 

#
"&
#

"!
$


"& 
& $
%BD 


:FFBE

@7IE 3;D4@4 5A?
:AIF:73;D4@45A??G@;FKEGBBADFE7@H;DA@?7@F3>>K8D;7@6>KFD3H7>IAD>6I;67 





 





 

1/14

Date: November 14, 2024
Ramboll
250 Montgomery St.,
Suite 1200 San Francisco,
CA 94104 US
USA

T+1 510 655 7400
F+1 510 655 9517
https://ramboll.com

MEMO
To File
From Eric C. Lu, Sarah Manzano, and Brent Ferren
Subject ENVIRONMENTAL ANALYSIS OF SHORT-TERM RENTAL

REGULATION

Ramboll Americas Engineering Solutions, Inc. (Ramboll) evaluated potential air quality, greenhouse gas (GHG), energy and noise environmental impacts of a potential ban on short-term rentals (STR) in Santa Ana, California. As discussed throughout this memo, Ramboll found that the ban of STRs in Santa Ana has the potential to increase emissions and noise that should be evaluated further. The increase in emissions and noise have the potential to cause a significant impact in relation to California Environmental Quality Act (CEQA). Ramboll’s analysis was informed by the economic analysis performed by Ramboll’s Stefanie O’Gorman (see Exhibit A).
1 Overview
As a result of the proposed STR ban, individuals would be unable to enjoy the benefits of STRs within Santa Ana, which will increase demand for local hotels as the only option for short term stays within Santa Ana. As a result, individuals will be forced to travel greater distances to other commercials centers in the region to find available STRs and available/affordable hotels, introducing additional vehicle miles traveled (VMT). In particular, increased travel to and from hotels and STRs in the region because of the unavailability of STR in Santa Ana could increase emissions relative to South Coast Air Quality Management District (SCAQMD) thresholds for criteria air pollutants (CAPs), with the potential to cause short-term and long-term health impacts to sensitive receptors, exceedances of appliable air quality standards, and inconsistencies with applicable air quality and climate plans, all of which create a fair argument of environmental impacts that need to be studied further under CEQA. The ban of STRs will also likely result in increased traffic congestion and noise impacts that require further study under CEQA.
1, 2

1 Airbtics reports approximately 1,000 short-term rentals in Santa Ana, which is referenced throughout this analysis. However, conclusions herein are largely based on comparative impacts to the elimination of short-term rentals and are not dependent on the actual number of short term rentals in Santa Ana today. 2 https://app.airbtics.com/airbnb-data/united-states/CA/santa%20ana “P

2/14

2 Health Impacts from Criteria Pollutants
Criteria air pollutants (CAPs) are defined as pollutants for which the federal and state governments have established ambient air quality standards, or criteria, for outdoor concentrations to protect public health. The federal and state standards have been set, with an adequate margin of safety, at levels above which concentrations could be harmful to human health and welfare. These standards are designed to protect the most sensitive people from illness or discomfort. Pollutants of concern include ozone (O
3), nitrogen oxides (NOx), carbon monoxide (CO), sulfur oxides (SOx), particulate matter less than 10 microns in diameter (PM10), and particulate matter less than 2.5 microns in diameter (PM2.5).

The STR ban has the potential to increase emissions of these pollutants and their health impacts are discussed in the following paragraphs.

Ozone
O3 is a colorless gas that is formed in the atmosphere when volatile organic compounds (VOCs), sometimes referred to as reactive organic gases (ROG), and oxides of nitrogen (NOx) react in the presence of ultraviolet sunlight. O3 is not a primary pollutant; it is a secondary pollutant formed by complex interactions of two pollutants directly emitted into the atmosphere. The primary sources of VOCs and NOX, the precursors of O3, are automobile exhaust and industrial sources. Meteorology and terrain play major roles in O3 formation, and ideal conditions occur during summer and early autumn on days with low wind speeds or stagnant air, warm temperatures, and cloudless skies. Short-term exposures (lasting for a few hours) to O3 at levels typically observed in Southern California can result in breathing pattern changes, reduction of breathing capacity, increased susceptibility to infections, inflammation of the lung tissue, and some immunological changes.

Nitrogen Oxides
Most NO2, like O3, is not directly emitted into the atmosphere but is formed by an atmospheric chemical reaction between nitric oxide (NO) and atmospheric oxygen. NO and NO2 are collectively referred to as NOX and are major contributors to O3 formation. The primary sources of NO, the precursor to NO2, include automobile exhaust and industrial sources. High concentrations of NO2 can cause breathing difficulties and result in a brownish-red cast to the atmosphere, causing reduced visibility. There is some indication of a relationship between NO2 and chronic pulmonary fibrosis, and some increase in bronchitis in children (2 and 3 years old) has also been observed at concentrations below 0.3 parts per million by volume (ppm).

Carbon Monoxide
Carbon Monoxide (CO) is a colorless and odorless gas formed by the incomplete combustion of fossil fuels. CO is emitted almost exclusively from motor vehicles, power plants, refineries, industrial boilers, ships, aircraft, and trains. In urban areas, such as Santa Ana, automobile exhaust accounts for the majority of CO emissions. CO is a non-reactive air pollutant that dissipates relatively quickly; therefore, ambient CO concentrations generally follow the spatial and temporal distributions of vehicular traffic. CO concentrations are influenced by local meteorological conditions, primarily wind speed, topography, and atmospheric stability. CO from motor vehicle exhaust can become locally concentrated when surface- based temperature inversions are combined with calm atmospheric conditions, a typical situation at dusk in urban areas between November and February. The highest levels of CO typically occur during the colder months of the year when inversion conditions, where a layer of warm air sits atop cool air, “P

3/14

are more frequent and can trap pollutants close to the ground. In terms of health, CO competes with oxygen, often replacing it in the blood, thus reducing the blood’s ability to transport oxygen to vital organs. The results of excess CO exposure can be dizziness, fatigue, and impairment of central nervous system functions.

Sulfur Oxides
Sulfur Dioxide (SO2) is a colorless, pungent gas formed primarily by the combustion of sulfur-containing fossil fuels. The main sources of SO2 are coal and oil used in power plants and industries; as such, the highest levels of SO2 are generally found near large industrial complexes. In recent years, SO2 concentrations have been reduced by the increasingly stringent controls placed on stationary source emissions of SO
2 and limits placed on the sulfur content of fuels. SO2 is an irritant gas that attacks the throat and lungs and can cause acute respiratory symptoms and diminished ventilator function in children. SO2 can also yellow plant leaves and erode iron and steel.

Particulate Matter
Particulate matter (PM) pollution consists of very small liquid and solid particles floating in the air, which can include smoke, soot, dust, salts, acids, and metals. Particulate matter can form when gases emitted from industries and motor vehicles undergo chemical reactions in the atmosphere. PM2.5 and PM10 represent fractions of particulate matter. Fine particulate matter, or PM2.5, is roughly 1/28 the diameter of a human hair. PM2.5 results from fuel combustion (e.g., motor vehicles, power generation, and industrial facilities), residential fireplaces, and woodstoves. In addition, PM2.5 can be formed in the atmosphere from gases such as sulfur oxides (SOX), NOX, and VOCs. Inhalable or coarse particulate matter, or PM10, is about one- seventh the thickness of a human hair. Major sources of PM10 include dust stirred up by vehicles traveling on roads; crushing or grinding operations; wood-burning stoves and fireplaces; dust from construction, landfills, and agriculture; wildfires and brush/waste burning; industrial sources; windblown dust from open lands; and atmospheric chemical and photochemical reactions.

PM

2.5 and PM10 pose a greater health risk than larger-size particles. When inhaled, these tiny particles can penetrate the human respiratory system’s natural defenses and damage the respiratory tract. PM2.5 and PM10 can increase the number and severity of asthma attacks, cause or aggravate bronchitis and other lung diseases, and reduce the body’s ability to fight infections. Very small particles of substances such as lead, sulfates, and nitrates can cause lung damage directly or be absorbed into the bloodstream, causing damage elsewhere in the body. Additionally, these substances can transport absorbed gases, such as chlorides or ammonium, into the lungs, also causing injury. Whereas PM10 tends to collect in the upper portion of the respiratory system, PM2.5 is so tiny that it can penetrate deeper into the lungs and damage lung tissues. Suspended particulates also damage and discolor surfaces on which they settle, as well as produce haze and reduce regional visibility. 3 An STR Ban Will Increase Air Pollutant Emissions and Greenhouse Gas Emissions
There are approximately 1,000 active Airbnb listings in Santa Ana. Elimination of these Airbnb rentals and other short-term rentals in Santa Ana and the corresponding increase in guests at Santa Ana hotels “P

4/14

would result in an increased trip length, as potential guests would have fewer options to stay as close as possible to daily destinations during their stay in Santa Ana.

In addition, the number of trips taken by guests to and from their site of accommodation would be higher for hotels than for short-term rentals, as evidenced by Institute of Transportation Engineers (ITE), introducing additional vehicle miles traveled. Recreational Homes (ITE Land Use Code 260) have an average weekday trip generation rate of 3.55 trips per day while the Hotel land use (ITE Land Use 310) has 7.99 trips per day. This increase in trips may be due to the need to leave the hotel for amenities, such as food, and increased worker trips.

The increase in mobile emissions associated with short-term rentals compared to hotels is presented below in Table 1. Based on publicly available statistics on the current Airbnb listings in Santa Ana, the average capacity per STR is 5.6 people and there are approximately 1,000 active Airbnb listings.3 This results in a service population of 5,600 people. As a result of the potential STR ban, this would require 1,867 hotel rooms to accommodate this same service population assuming one hotel room has a capacity of 3 people. The number of peak daily trips was estimated using the ITE trip rates for STRs and hotel rooms and the number of STRs and hotel rooms required to serve the same population. The number of daily miles traveled was estimated assuming a single trip to a hotel is 2 miles longer than a single trip to a STR since guests might have to stay farther from daily destinations if they stay at a hotel. These assumptions were used to determine daily mobile emissions.

Mobile emissions from visitors staying at a hotel would generate up to 444 percent more criteria air pollutant emissions and GHGs than from visitors staying at an STR.4 Therefore, the ban has the potential to considerably increase emissions in the area. The increase in VMT and greenhouse gas emissions is directly inconsistent with regional and state goals to reduce VMT and greenhouse gas emissions from vehicle trips.

Additional calculation details can be found in Appendix A.

Table 1. Emissions Increase due to Additional VMT
Criteria Air Pollutant
Percent Increase in daily mobile
emissions from STR to hotel to serve
the same population
VOC 442%
NOx 443%
CO 443%
SOx 444%
PM10 444%
PM2.5 444%
GHG (CO2e) 443%

3 https://app.airbtics.com/airbnb-data/united-states/CA/santa%20ana 4 This percent increase is independent of the number of short-term rentals in Santa Ana. The number of short-term rentals and population are provided for illustrative purposes only. “P

5/14

4 An STR Ban Will Disproportionally Burden Environmental Justice Communities The proposed STR ban in Santa Ana, CA, raises critical environmental justice concerns, particularly given the City’s existing pollution burdens from regional pollution and localized traffic exposure near the existing hotel stock, and the potential for increased hotel usage in response to restrictions on STRs. The existing hotels are predominately located near the I-5 and 55 freeways on the southeastern boundary of the City. This area shows elevated burden according to the California Office of Environmental Health Hazard Assessment (OEHHA) CalEnviroScreen (CalEnviroScreen 4.0) data. 5 CalEnviroScreen was
developed as a mapping tool that identifies California communities most impacted by pollution and other environmental risks to identify vulnerability to adverse health effects from those sources.

CalEnviroScreen takes into account environmental and socioeconomic factors to develop a percentile of burden across the State of California. Factors include indicators of pollution burden (including ozone, traffic, pesticides, drinking water) and population characteristics (including asthma, cardiovascular disease, education, poverty), which are each scored and weighted to derive a pollution burden score, population characteristic score, and the final CalEnviroScreen score. The Santa Ana tracts that border the I-5 and 55 freeways near the Southeastern boundaries of the city are identified as vulnerable tracts are also the current locations for the greatest density of hotels in Santa Ana.

As shown in Figure 1, the CalEnviroScreen tool identifies Santa Ana, and particularly the freeway- adjacent tracts, as highly burdened, being classified into the 80 th percentile and above for the
CalEnviroScreen overall percentile, with tracts above the 90th percentile (Tract 6059074406 93rd percentile as the maximum). This significant elevation in burden is driven by the pollution and exposure burden; these freeway-adjacent tracts are ranked in the 90th percentile and above for pollution burden (Tract 6059074003 99th percentile for pollution burden) and face extreme burden from air pollution associated with vehicle traffic emissions, and direct traffic exposure (Tract 6059074406 99th percentile for traffic).

Conversely, while central Santa Ana tracts still register as overburdened and pollution-impacted, tracts in the center of the City are comparatively lower burdened and near the 70th percentile for overall burden.

Further screening tools, the Council on Environmental Quality’s Climate and Economic Justice Screening Tool (CEJST),6 the US EPA’s Environmental Justice Screening and Mapping Tool (EJScreen, Version

2.3),7 and the Public Health Alliance of Southern California’s California Health Places Index (HPI 3.0),8 each highlight significant environmental and health concerns for Santa Ana in almost all tracts, with traffic proximity and the associated vehicle traffic-generated air pollution as the driving metrics of those disadvantage and burden ratings.

5 OEHHA. CalEnviroScreen 4.0. May 2023. Available at:
https://oehha.ca.gov/calenviroscreen/report/calenviroscreen-40. 6 Council on Environmental Quality. Climate and Economic Justice Screening Tool. Available at:
https://screeningtool.geoplatform.gov/en/.
7 US EPA. Environmental Justice Scre ening and Mapping Tool. Available at: https://www.epa.gov/ejscreen. 8 Public Health Alliance of Southern California. Healthy Places Index (HPI) 3.0. 2022. Available at:
https://www.healthyplacesindex.org/.
“P

6/14

Figure 1. OEHHA CalEnviroScreen 4.0, Santa Ana, CA. Overall Percentile of Exposure and Burden.

In Figure 2, the EJScreen-measured traffic proximity is expressed as the counts of vehicles per day divided by the distance between the vehicle(s) and tract, providing a percentile rank for total exposure.

The data included demonstrates the extreme disparity for these near-freeway Santa Ana tracts, the same tracts in the Northeast and Southeast of Santa Ana where hotels are primarily located, as these tracts already experience among the most extreme traffic exposures in the state and country (Figure 2, the traffic proximity expressed as traffic volume and distance and displayed as state percentile by tract). These already traffic-exposure overburdened tracts risk further concentration of traffic from increased hotel use and potential new hotels (further discussed in Section 7). Therefore, the congestion and traffic density increases may be more impactful to this already overburdened area.

“P

7/14

Figure 2. US EPA Environmental Justice Screening and Mapping Tool, Santa Ana, CA, environmental burden indicator of traffic proximity.

The proposed STR could shift visitor accommodations in STRs from lower-burdened, dispersed residential areas to concentrated hotel zones in southeast Santa Ana, where pollution and traffic emission levels are already elevated. This shift in accommodation location could lead to increase vehicular traffic and hotel-generated emissions in an already-concentrated area facing significant air pollution exposure levels and health risks. Furthermore, the construction of more hotels in this area to meet the demands for visitors due to the STR ban could increase emissions from construction and additional operation to an area with higher burden. The relocation of accommodations could further the known pollution contributors to respiratory and cardiovascular health risks in these already overburdened communities.
5 An STR Ban Would Increase Energy Demands Because Hotels Use More Energy Per Person Than STRs
The proposed STR ban could cause visitors who would have otherwise stayed in STRs to stay in hotels, which consume more energy per person than STRs. Using CalEEMod, Ramboll modeled the operational GHG emissions of hotels and STRs for comparison. The single-family home CalEEMod land use type was used a surrogate for STR. Assuming an occupancy rate of 3 people per hotel room and 5.6 people per STR, hotels have much higher associated GHG emissions per person. It was found that hotels consume

“P

8/14

more electricity and natural gas per person than STRs, as shown in Table 2 and in the CalEEMod output in Appendix B.9
Table 2. Operational Energy Use per Person
Land Use
Electricity Natural Gas
kWh/yr/person kBTU/yr/person
Hotel 6,773 13,974
Short Term Rentals 1,231 6,846
As a result of the increase in energy consumption when staying in a hotel instead of an STR, GHG emissions from energy consumption per person would increase by 179 percent. 6 An STR Ban Will Increase Fossil Fuel Usage
In addition, increased VMT would require greater reliance on fossil fuels to power vehicle trips. Even with California’s policies to shift the vehicle fleet towards cleaner cars and trucks, vehicle usage will continue to rely on gasoline for car and truck trips for years to come. The STR ban therefore results in greater reliance on fossil fuels, inconsistent with regional and state climate policy. The estimated fuel use is summarized in Table 3 and utilizes the same assumptions from Table 1. Additional calculation details can be found in Appendix A.
10 Table 3. Daily Mobile Fuel Consumption
Land Use
Gasoline Diesel
Gallons per day Gallons per day
Hotels 6,916 197
Short Term Rentals 1,272 36
Percent Increase with Hotel Use 444% 447%
7 An STR Ban Could Concentrate Traffic Resulting in Potential Noise and Health Impacts
The potential ban of short-term rentals in Santa Ana could result in concentrated traffic on roadways going to hotels in the area, which could have noise and health impacts to the surrounding land uses. As described above, removing short term rentals as a means for lodging in Santa Ana would result in visitors needing to rely on hotels for their stay. Currently, there are over 20 hotels in the city limits of Santa Ana and over half of them are located in one concentrated area in the southeastern part of the City along Highway 55. It can be assumed that if more people will need stay in hotels instead of STRs, then the traffic to this part of town would increase significantly as it is likely all of this traffic would be concentrated to the roadways surrounding the hotel zone area. In comparison, traffic caused from

9 The CalEEMod analysis is based on 134 dwelling units, which is the amount of STRs that would accommodate the same number of people as a 250 room hotel. However, the energy use per person and percent increase in GHG emission is independent of the absolute number of short-term rentals in Santa Ana. 10 The fuel usage is based on 1,000 STRs in Santa Ana. However, the percent increase is independent of the number of short-term rentals in Santa Ana.
“P

9/14

visitors traveling to and from various STRs located throughout the City would result in more diversified traffic patterns as all visitors are not driving to one area. Furthermore, a potential new hotel constructed to meet the demand as a result of the STRs ban would likely be constructed in the area of Santa Ana with the majority of hotels, further concentrating traffic in this area.

Health Risk Impacts from Traffic
Ramboll performed a preliminary analysis that quantified the health risks from traffic emissions in order to assess the impact that increased hotel use in Santa Ana due to a ban on STRs could cause. A typical roadway with approximately 30,000 average annual daily trips (AADT) results in an excess cancer risk of 40 in a million at a nearby residential receptor.
11,12,13 According to ITE, hotels generate 7.99 trips per day per hotel room.14 There are currently approximately 1,000 Airbnbs in Santa Ana, with other STRs also available.15 Assuming this ban contributes to 950 more hotel rooms being used, traffic would increase by 7,560 vehicles per day, which results in health impacts that would exceed 10 in a million, which is the SCAQMD CEQA threshold of significance for cancer risk. This scaling approach also does not take into account increased truck traffic associated with deliveries to a hotel that would not occur to an STR. Therefore, banning STRs in Santa Ana could result in an increase in traffic on certain roadways that could be considered significant. If additional truck trips were taken into account, the number of hotel rooms that could cause an exceedance of the threshold of significance for cancer risk could be lower than 950 hotel rooms.

It could be assumed that similar trends to cancer risk based on near-roadway traffic exposure would be true for particulate matter and toxic air contaminant emissions.

Noise Impacts from Traffic
Ramboll evaluated whether a potential traffic volume increase could cause a traffic noise increase that is considered either substantial (per CEQA guidelines) or increases the ambient conditions to a level above the Santa Ana General Plan Noise Element standard (65 dBA CNEL).

Traffic noise analyses require specific knowledge of existing and future traffic volumes and vehicle mixes as well as project-related traffic volumes and mixes. In this case, this information is currently unknown.

However, the following figure shows the current (2022) exterior levels of noise created by cars, trucks, or trains traveling along roadways and rail lines in the City. The City’s noise and land use compatibility standards (see Table N-1) consider exterior levels above 65 dBA (CNEL) to be generally incompatible for residential and other noise-sensitive land uses.

If residential or other noise-sensitive areas within the City that are currently below the 65 dBA CNEL level experienced traffic volume increases, specifically due to an increased hotel demand resulting from

11 Health impacts obtained from highway 152 from the Ba y Area Air Quality Management District (BAAQMD) Mobile Source Screening tool at a distance of 100 feet from the roadway. This was used as a surrogate to estimate general health risks from only traffic. The traffic volume along this road was obtained from CalTrans. 12 Bay Area Air Quality Management District (BAAQMD ). 2022. CEQA Roadway Screening Tool - Cancer Risk.

Available at: https://data.bayareametro.gov/Environment/CEQA-Roadway-Screening-Tool-Cancer-Risk/kz4a-ueki 13 CalTrans, Traffic Census Program. Available at: https://dot.ca.gov/programs/traffic-operations/census. 14 ITE. Trip Generation Manual 11th Edition.
15 https://app.airbtics.com/airbnb-data/united- states/CA/santa%20ana?payment-plan=pro&payment- duration=yearly
“P
10/14
the proposed STR ban, and the traffic volume increase caused the CNEL level to now exceed 65 dBA, the STR ban could be considered to have caused a significant impact.

The magnitude of a traffic noise increase is dependent on several factors including the traffic volume increase, the vehicle mix, and the local site conditions. Based on standard methodologies prescribed by the Federal Highway Administration (FHWA) and considering a vehicle mix typical of suburban/urban areas, traffic volume increases would be expected to result in the following traffic noise increases.

Project-specific detailed analysis, including a traffic analysis, would be required to further evaluate.

Nonetheless, the volume increases listed below suggest the traffic increases likely necessary to increase the existing traffic noise conditions would need to be significant. As shown in the Figure below, the existing hotel stock is in the area near Highway 55 that is either already above the noise standard of 65 dBA or near the standard. Therefore, adding additional traffic to this area due to the shift to hotels as a result of the STR ban or the addition of new hotels to the area has the potential to exacerbate the existing noise impacts or create a new noise impact. Therefore, this should be studied in more detail.

Figure 3. Contours from the Noise Element. Source: Noise Element, Santa Ana General Plan, Final, April 2022.

“P

11/14

Table 4. Noise Impact from Traffic Increase
Traffic Volume Increase Potential Traffic Noise Increase 25% 1 dB
50% 2 dB
100% 3 dB
8 Elimination of Short-Term Rentals Could Cause the Construction of New Hotels to Meet Demand; the Construction of New Hotels Would Result in Numerous Environmental Impacts That Require Studying
As detailed in the Ramboll memorandum “ECONOMICS ANALYSIS OF SHORT-TERM RENTAL REGULATION”, the prohibition of STRs, including those currently operating within the City, could compel tourists to seek alternative accommodations, increasing demand for hotels and potentially leading to the development of additional hotels as a reasonably foreseeable consequence of the STR ban. The construction of hotels has impacts on the environment that have not been studied. In particular, construction of hotels has potential noise and air quality impacts as discussed below.

Potential Hotel Construction Air Quality and Health Impacts Resulting from STR Ban Ramboll performed a screening health risk assessment to determine the potential cancer risk resulting from construction activity of a hypothetical new hotel. The emissions associated with the construction of these hotels encompass on-site, off-road heavy equipment, off-site, on-road vehicle travel, architectural coating, paving, and fugitive dust. Ramboll utilized CalEEMod to estimate construction emissions from a 250-room hotel as shown in Appendix B, which is an average mid-size hotel.

Ramboll used an existing hotel project site to model emissions in AERMOD as a surrogate for the space of hotel construction. Concentrations resulting from diesel particulate matter (DPM) emissions from off- road construction equipment in CalEEMod were modeled on receptors in a grid of 20 meters. The health risk assessment used default exposure assumptions for residents as outlined by OEHHA.16 As indicated in Table 5, the construction of a hotel without emissions mitigation results in an excess cancer risk of 48 in a million for the maximum exposed individual (MEI), which exceeds the SCAQMD’s threshold of 10 in a million. Cancer risks continue to exceed the threshold until a distance of 450 feet from the construction area.

Table 5. Cancer Risk from Hotel Construction
Source Cancer Risk (in a million)
Construction of a 250 room Hotel 48
SCAQMD Threshold of Significance 10
Potential Hotel Construction Noise Impacts Resulting from STR Ban Construction of structures generates noise, which is regulated by the City of Santa Ana.

16 OEHHA. 2015. Air Toxics Hot Spots Program. Risk Assess ment Guidelines. Guidance Manual for Preparation of Health Risk Assessments. February.
“P
12/14
City of Santa Ana Noise Element
California Government Code encourages each local government entity to implement a noise element as part of its general plan. In addition, the California Governor’s Office of Planning and Research has developed guidelines for preparing noise elements, which include recommendations for evaluating the compatibility of various land uses as a function of community noise exposure. The City of Santa Ana has established a Noise Element as part of the Santa Ana General Plan.17 The Noise Element works to ensure that the City limits the exposure of the community to excessive noise levels in noise-sensitive areas and at noise-sensitive times of day. Specifically, the City has established standards for noise levels (Community Noise Equivalent Level [CNEL], dBA) for land uses as displayed in Table N-1.

Additionally, all residential uses should be protected with sound insulation over and above that provided by normal building construction when constructed in areas exposed to greater than 60 dBA CNEL.

Sound levels resulting from a project that exceed the standards listed in Table N-1 or that cause the existing conditions to increase above these standards would typically be considered to be impacting the surrounding community.

Figure 4. Noise Standards from the Noise Element. Source: Noise Element, Santa Ana General Plan, Final, April 2022.

City of Santa Ana Noise Ordinance
The City of Santa Ana regulates noise emissions via the Santa Ana Municipal Code, specifically Chapter 18, Article 6 (Noise Control).18 The noise ordinance establishes that it is unlawful for any person at any location within the City of Santa Ana to create any noise, or to allow the creation of any noise on property owned, leased, occupied, or otherwise controlled by such person, which creates a sound level 17 https://www.santa-ana.org/documents/april-2022-general-plan-noise-element/ 18 https://library.municode.com/ca/santa_ana/codes/code_of_ordinances?nodeId=PTIITHCO_CH18HESA_ARTVINOC O

“P
13/14
at a residential property that exceeds the following exterior noise standards. The noise levels are based on a cumulative period of more than 30 minutes in any hour.

Table 6. Santa Ana Noise Ordinance
Source: Santa Ana Municipal Code, §18-312.

Noise emissions from one property that propagate onto an adjacent or nearby residential property and exceed these limits are deemed to be noncompliant with the Santa Ana Municipal Code. Noise emissions related to construction activities are exempt from the limits, provided the construction activities do not occur place between 8:00 p.m. and 7:00 a.m. on weekdays, including Saturday, or at any time on Sunday or a federal holiday.

Analysis of New Hotel Construction
The effect of construction noise impacts on nearby noise-sensitive neighbors is dependent on the location and nature of the construction activities. Depending on the construction activities and neighboring land uses, there is a potential for possible significance threshold exceedances related to the resulting construction activities, particularly in relation to residential communities.

While noise from construction activities is exempt from the Santa Ana Municipal Code during daytime hours, noise from construction activities occurring during the nighttime hours (as detailed in the previous section) must comply with the established limits. Additionally, the potential for substantial temporary increases to the existing ambient conditions could be considered relative to CEQA guidelines.

Construction typically involves the use of heavy machinery that can be a significant source of noise and, while often temporary, can result in significant impacts. Construction equipment commonly includes air compressors, backhoes, concrete trucks, cranes, dump trucks, excavators, graders, pavers, tractors/dozers, vibratory rollers, portable generators, and water trucks. Depending on the phase of construction, project construction typically involves a combination of these types of off-road and portable construction equipment. Assuming a typical construction plan, common types of construction equipment, and typical construction equipment sound levels published by resources such as the U.S.

Federal Highway Administration, the Federal Transit Administration, and manufacturers, potential overall sound levels can be estimated. Accordingly, construction sound levels could range from approximately 75 to 90 dBA assuming typical receptor distances of 500 ft to 50 ft. Construction activities also may need to occur at night due to various limitations. Examples include concrete pours that need to occur when other construction is not happening or would impede traffic, accelerated construction needs to meet hotel demand that may come with the Olympics in 2028, roadway construction work that needs to occur at nighttime.

The table below outlines general construction phasing and equipment assumptions employed to estimate approximate sound pressure levels (SPL) for common construction phases for a hotel use as generated in CalEEMod.19 It is anticipated that these sound pressure levels are above typical 19 California Air Pollution Control Officers Association (CAPCOA). California Emissions Estimator Model (CalEEMod®), Version 2022.1. Available online at https://www.caleemod.com/ .

“P

14/14

suburban/urban ambient sound levels and therefore could cause a temporary increase above the threshold discussed above. For reference, typical suburban/urban background sound levels are commonly on the order of 45 to 55 dBA during daytime hours and lower during nighttime hours.20 Because sound pressure levels from construction of a new hotel, which was needed due to a STR ban, have the potential to cause a temporary increase above the noise level threshold, more analysis is needed to evaluate specific impacts and potential mitigation. While construction may be exempt from the noise ordinance during daytime hours, the table below shows that the construction could have a significant noise impact on the community.

Furthermore, if any nighttime construction activity is needed for the hotel, the noise levels below show that threshold for nighttime work in the noise ordinance would be exceeded.

Table 7. Noise Impacts from Construction Activity
Construction
Phase
Equipment Type Qty
Avg.

Usage
Hours
per
Day
Size,
Hp
Equip
Lmax
SPL @
50 ft
dBA
Acoustical
Use
Factor
Equip
SPL @
50 ft
dBA
Total
SPL @
50 ft
dBA
Total
SPL @
50 ft
dBA
Total
SPL @
500 ft
dBA
Site
Preparation
Rubber Tired Dozers 3 8 367 85 40% 81 86
89 79 Tractors/Loaders/Bac
khoes
4 8 84 84 40% 80 86
Grading
Excavators 2 8 36 85 40% 81 84
90 80
Graders 1 8 148 85 40% 81 81
Rubber Tired Dozers 1 8 367 85 40% 81 81
Scrapers 2 8 423 85 40% 81 84
Tractors/Loaders/Bac
khoes
2 8 84 84 40% 80 83
Building
Construction
Cranes 1 7 367 83 16% 75 75
87 77
Forklifts 3 8 82 75 40% 71 76
Generator Sets 1 8 14 82 50% 79 79
Tractors/Loaders/Bac
khoes
3 7 84 84 40% 80 85
Welders 1 8 46 74 40% 70 70
Paving
Pavers 2 8 81 85 50% 82 85
89 79 Paving Equipment 2 6 89 85 50% 82 85
Rollers 2 6 36 85 20% 78 81

20 U.S. Environmental Protection Agency, Community Noise, December 31, 1971.

Confidential
APPENDIX $
907$1$/<6,6
Appendix Table A1: VMT and Mobile Emissions Comparison of Short Term Rentals and Hotels VOC NOx CO SOx PM10 PM2.5 CO2e
Short Term
Rental 5.6 1,000 STRs 5,600 6.8 3.55 3,550 24,101
Hotel 3.0 1,867 Hotel
Rooms 5,600 8.8 7.99 14,915 131,086
Abbreviations:

CalEEMod - California Emissions Estimator Model NOx - nitrogen oxide compounds (NO + NO2) STR - short term rental CO - carbon monoxide PM2.5 - particulate matter less than 2.5 microns in diameter VOC - volatile organic compounds CO2e - carbon dioxide equivalents PM10 - particulate matter less than 10 microns in diameter VMT - vehicle miles traveled ITE - Institute of Transportation Engineers SOx - sulfur oxide compounds References:
https://app.airbtics.com/airbnb-data/united-states/CA/santa%20ana ITE. Trip Generation Manual 11th Edition.

California Air Resources Board (ARB) 2021. EMFAC2021. Available at: https://ww2.arb.ca.gov/our-work/programs/mobile-source-emissions-inventory/msei-modeling-tools Land Use
Population
Rate1
(per STR or
hotel room)
442%
Population
Capacity1
Trips Rate3
(trips/day)
Percent Increase of Operational Emissions from STR to
Hotel to serve the same Population6
Peak Daily
Trips4
(one-way
trips/day)
Peak Daily
VMT5
(miles/day)Quantity
Trip
Distance2
(miles)Unit
6 The percent increase from short term rentals compared to hotels were calcuated for criteria air pollutants and carbon dioxide equivalents. Emissions were determined using EMFAC2021 emission factors for Orange County in 2027. The variation in the percent increase between pollutants is due to the ratio of gram per trip and gram per mile emission factors for each pollutant. 443% 443% 444% 444% 444%
5 The number of peak daily vehicle miles traveled (VMT) were determined by multiplying the daily trips by the trip length. 4 The number of peak daily trips were determined by multiplying the trip rate by the number of STRs or number of hotel rooms. 3 Daily trip rate for Recreational Homes (ITE Land Use 260) and Hotel (ITE Land Use 310). 2 Trip distances assume CalEEMod default trip length assumptions in Santa Ana. For this comparison, it is assumed visitors must travel two additional miles to get to their Hotel compared to a short term rental.
1 There are approximately 1,000 active short-term rentals within the City of Santa Ana and the average capacity is 5.6 people per STR (Airbtics). In order to compare STR and Hotel VMT on an equivalent per capita basis, the number of hotel rooms required to accommodate the total STR capacity is 1,867 hotels. This assumes on average one hotel room has a capacity of 3 people. 443%

Appendix Table A2: VMT and Fuel Consumption Comparison of Short Term Rentals and Hotels Fuel Percent of Fleet1,2 Fuel Consuption2
(gallons per mile)
Gasoline 95% 0.055
Diesel 5% 0.031
Land Use Peak Daily VMT3
(miles/day)
Gasoline Consumption
(gal)4
Diesel Consumption
(gal)4
Short Term Rental 24,101 1,272 36
Hotel 131,086 6,916 197
Abbreviations:

STR - short term rental
VMT - vehicle miles traveled
gal - gallon
References:

California Air Resources Board (ARB) 2021. EMFAC2021. Available at: https://ww2.arb.ca.gov/our- work/programs/mobile-source-emissions-inventory/msei-modeling-tools 3 The number of peak daily VMT were determined in Appendix Table A1. 4 Gasoline and diesel consumption are calculated by multiplying the VMT by the fuel-specific percentage and then by the weighted fuel consumption factor (gal/VMT) derived from EMFAC output. 1 Gasoline includes gasoline fueled vehicles and plug-in hybrids. Natural gas is excluded from this analysis due to the negligible VMT from natural gas vehicles. 2 The fleet mix and fuel consumption per mile is determined using EMFAC2021 for Santa Ana in 2027.

The fuel consumption rate is weighted based on fleet type.

Confidential
APPENDIX %
&$/((02'5(32576
Hotel Detailed Report, 11/13/2024
1 / 45
Hotel Detailed Report
Table of Contents

1. Basic Project Information

1.1. Basic Project Information

1.2. Land Use Types

1.3. User-Selected Emission Reduction Measures by Emissions Sector

2. Emissions Summary

2.1. Construction Emissions Compared Against Thresholds

2.2. Construction Emissions by Y ear, Unmitigated

2.4. Operations Emissions Compared Against Thresholds

2.5. Operations Emissions by Sector, Unmitigated

3. Construction Emissions Details

3.1. Site Preparation (2026) - Unmitigated

3.3. Grading (2026) - Unmitigated

3.5. Building Construction (2026) - Unmitigated

3.7. Building Construction (2027) - Unmitigated

3.9. Paving (2027) - Unmitigated
Hotel Detailed Report, 11/13/2024
2 / 45

3.11. Architectural Coating (2027) - Unmitigated

4. Operations Emissions Details

4.1. Mobile Emissions by Land Use

4.1.1. Unmitigated

4.2. Energy

4.2.1. Electricity Emissions By Land Use - Unmitigated

4.2.3. Natural Gas Emissions By Land Use - Unmitigated

4.3. Area Emissions by Source

4.3.1. Unmitigated

4.4. Water Emissions by Land Use

4.4.1. Unmitigated

4.5. Waste Emissions by Land Use

4.5.1. Unmitigated

4.6. Refrigerant Emissions by Land Use

4.6.1. Unmitigated

4.7. Offroad Emissions By Equipment Type

4.7.1. Unmitigated

4.8. Stationary Emissions By Equipment Type
Hotel Detailed Report, 11/13/2024
3 / 45

4.8.1. Unmitigated

4.9. User Defined Emissions By Equipment Type

4.9.1. Unmitigated

4.10. Soil Carbon Accumulation By Vegetation Type

4.10.1. Soil Carbon Accumulation By Vegetation Type - Unmitigated

4.10.2. Above and Belowground Carbon Accumulation by Land Use Type - Unmitigated

4.10.3. Avoided and Sequestered Emissions by Species - Unmitigated

5. Activity Data

5.1. Construction Schedule

5.2. Off-Road Equipment

5.2.1. Unmitigated

5.3. Construction Vehicles

5.3.1. Unmitigated

5.4. Vehicles

5.4.1. Construction Vehicle Control Strategies

5.5. Architectural Coatings

5.6. Dust Mitigation

5.6.1. Construction Earthmoving Activities
Hotel Detailed Report, 11/13/2024
4 / 45

5.6.2. Construction Earthmoving Control Strategies

5.7. Construction Paving

5.8. Construction Electricity Consumption and Emissions Factors

5.9. Operational Mobile Sources

5.9.1. Unmitigated

5.10. Operational Area Sources

5.10.1. Hearths

5.10.1.1. Unmitigated

5.10.2. Architectural Coatings

5.10.3. Landscape Equipment

5.11. Operational Energy Consumption

5.11.1. Unmitigated

5.12. Operational Water and Wastewater Consumption

5.12.1. Unmitigated

5.13. Operational Waste Generation

5.13.1. Unmitigated

5.14. Operational Refrigeration and Air Conditioning Equipment

5.14.1. Unmitigated
Hotel Detailed Report, 11/13/2024
5 / 45

5.15. Operational Off-Road Equipment

5.15.1. Unmitigated

5.16. Stationary Sources

5.16.1. Emergency Generators and Fire Pumps

5.16.2. Process Boilers

5.17. User Defined

5.18. Vegetation

5.18.1. Land Use Change

5.18.1.1. Unmitigated

5.18.1. Biomass Cover Type

5.18.1.1. Unmitigated

5.18.2. Sequestration

5.18.2.1. Unmitigated

6. Climate Risk Detailed Report

6.1. Climate Risk Summary

6.2. Initial Climate Risk Scores

6.3. Adjusted Climate Risk Scores

6.4. Climate Risk Reduction Measures
Hotel Detailed Report, 11/13/2024
6 / 45

7. Health and Equity Details

7.1. CalEnviroScreen 4.0 Scores

7.2. Healthy Places Index Scores

7.3. Overall Health & Equity Scores

7.4. Health & Equity Measures

7.5. Evaluation Scorecard

7.6. Health & Equity Custom Measures

8. User Changes to Default Data
Hotel Detailed Report, 11/13/2024
7 / 45

1. Basic Project Information

1.1. Basic Project Information
Data Field Value
Project Name Hotel
Construction Start Date 1/1/2026
Operational Y ear 2027
Lead Agency —
Land Use Scale Project/site
Analysis Level for Defaults County
Windspeed (m/s) 2.50
Precipitation (days) 18.6
Location Santa Ana, CA, USA
County Orange
City Santa Ana
Air District South Coast AQMD
Air Basin South Coast
TAZ 5990
EDFZ 7
Electric Utility Southern California Edison
Gas Utility Southern California Gas
App Version 2022.1.1.29

1.2. Land Use Types
Land Use Subtype Size Unit Lot Acreage Building Area (sq ft) Landscape Area (sq ft)
Special Landscape
Area (sq ft)
Population Description
Hotel 250 Room 2.30 363,000 0.00 — — —
Hotel Detailed Report, 11/13/2024
8 / 45
Enclosed Parking
with Elevator
250 Space 2.30 100,000 0.00 — — —

1.3. User-Selected Emission Reduction Measures by Emissions Sector No measures selected

2. Emissions Summary

2.1. Construction Emissions Compared Against Thresholds Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Un/Mit. TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Unmit. 171 171 12.9 24.4 0.04 0.40 3.19 3.59 0.37 0.78 1.14 — 7,310 7,310 0.25 0.45 15.0 7,464 Daily,
Winter
(Max)
——————————————————
Unmit. 14.7 4.80 168 89.6 0.81 2.69 50.3 53.0 2.59 18.6 21.2 — 118,090 118,090 8.73 17.9 5.92 123,638 Average
Daily
(Max)
——————————————————
Unmit. 9.89 9.78 13.8 18.1 0.05 0.37 3.88 4.24 0.34 1.26 1.60 — 7,860 7,860 0.40 0.76 6.63 8,104 Annual
(Max)
——————————————————
Unmit. 1.80 1.79 2.52 3.30 0.01 0.07 0.71 0.77 0.06 0.23 0.29 — 1,301 1,301 0.07 0.13 1.10 1,342

2.2. Construction Emissions by Y ear, Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Y ear TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Hotel Detailed Report, 11/13/2024
9 / 45
——————————————————Daily -
Summer
(Max)
2026 2.14 1.78 12.9 24.4 0.04 0.40 3.19 3.59 0.37 0.78 1.14 — 7,310 7,310 0.25 0.45 15.0 7,464 2027 171 171 12.3 23.7 0.04 0.35 3.19 3.54 0.33 0.78 1.10 — 7,223 7,223 0.24 0.43 13.5 7,371 Daily -
Winter
(Max)
——————————————————
2026 14.7 4.80 168 89.6 0.81 2.69 50.3 53.0 2.59 18.6 21.2 — 118,090 118,090 8.73 17.9 5.92 123,638 2027 2.06 1.63 12.4 22.4 0.04 0.35 3.19 3.54 0.33 0.78 1.10 — 7,104 7,104 0.24 0.43 0.35 7,239 Average
Daily
——————————————————
2026 1.86 1.34 13.8 18.1 0.05 0.37 3.88 4.24 0.34 1.26 1.60 — 7,860 7,860 0.40 0.76 6.63 8,104 2027 9.89 9.78 3.11 5.63 0.01 0.09 0.73 0.82 0.08 0.18 0.26 — 1,671 1,671 0.06 0.10 1.32 1,702 A n n u a l ——————————————————
2026 0.34 0.25 2.52 3.30 0.01 0.07 0.71 0.77 0.06 0.23 0.29 — 1,301 1,301 0.07 0.13 1.10 1,342 2027 1.80 1.79 0.57 1.03 < 0.005 0.02 0.13 0.15 0.02 0.03 0.05 — 277 277 0.01 0.02 0.22 282

2.4. Operations Emissions Compared Against Thresholds
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Un/Mit. TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Unmit. 12.6 12.2 2.98 22.5 0.02 0.25 0.00 0.25 0.24 0.00 0.24 85.9 8,651 8,737 9.42 0.10 567 9,568 Daily,
Winter
(Max)
——————————————————
Unmit. 9.02 8.87 2.82 2.36 0.02 0.21 0.00 0.21 0.21 0.00 0.21 85.9 8,568 8,654 9.41 0.10 567 9,485 Average
Daily
(Max)
——————————————————
Hotel Detailed Report, 11/13/2024
10 / 45
Unmit. 11.5 11.1 2.93 16.2 0.02 0.24 0.00 0.24 0.23 0.00 0.23 85.9 8,625 8,711 9.42 0.10 567 9,542 Annual
(Max)
——————————————————
Unmit. 2.09 2.03 0.53 2.95 < 0.005 0.04 0.00 0.04 0.04 0.00 0.04 14.2 1,428 1,442 1.56 0.02 93.9 1,580

2.5. Operations Emissions by Sector, Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Sector TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Mobile 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Area 12.3 12.0 0.17 20.1 < 0.005 0.04 — 0.04 0.03 — 0.03 — 82.8 82.8 < 0.005 < 0.005 — 83.1 Energy 0.31 0.15 2.82 2.36 0.02 0.21 — 0.21 0.21 — 0.21 — 8,527 8,527 0.79 0.07 — 8,566 W a t e r ———————————1 2 . 2 4 0 . 9 5 3 . 1 1 . 2 5 0 . 0 3 —9 3 . 3 W a s t e ———————————7 3 . 8 0 . 0 0 7 3 . 8 7 . 3 7 0 . 0 0 —2 5 8 R e f r i g . ————————————————5 6 7 5 6 7
T o t a l 1 2 . 61 2 . 22 . 9 82 2 . 50 . 0 20 . 2 50 . 0 00 . 2 50 . 2 40 . 0 00 . 2 48 5 . 98 , 6 5 1 8 , 7 3 7 9 . 4 20 . 1 05 6 7 9 , 5 6 8 Daily,
Winter
(Max)
——————————————————
Mobile 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A r e a 8 . 7 1 8 . 7 1 ————————————————
Energy 0.31 0.15 2.82 2.36 0.02 0.21 — 0.21 0.21 — 0.21 — 8,527 8,527 0.79 0.07 — 8,566 W a t e r ———————————1 2 . 2 4 0 . 9 5 3 . 1 1 . 2 5 0 . 0 3 —9 3 . 3 W a s t e ———————————7 3 . 8 0 . 0 0 7 3 . 8 7 . 3 7 0 . 0 0 —2 5 8 R e f r i g . ————————————————5 6 7 5 6 7
Total 9.02 8.87 2.82 2.36 0.02 0.21 0.00 0.21 0.21 0.00 0.21 85.9 8,568 8,654 9.41 0.10 567 9,485 Average
Daily
——————————————————
Hotel Detailed Report, 11/13/2024
11 / 45
Mobile 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Area 11.2 11.0 0.12 13.8 < 0.005 0.02 — 0.02 0.02 — 0.02 — 56.7 56.7 < 0.005 < 0.005 — 56.9 Energy 0.31 0.15 2.82 2.36 0.02 0.21 — 0.21 0.21 — 0.21 — 8,527 8,527 0.79 0.07 — 8,566 W a t e r ———————————1 2 . 2 4 0 . 9 5 3 . 1 1 . 2 5 0 . 0 3 —9 3 . 3 W a s t e ———————————7 3 . 8 0 . 0 0 7 3 . 8 7 . 3 7 0 . 0 0 —2 5 8 R e f r i g . ————————————————5 6 7 5 6 7
T o t a l 1 1 . 51 1 . 12 . 9 31 6 . 20 . 0 20 . 2 40 . 0 00 . 2 40 . 2 30 . 0 00 . 2 38 5 . 98 , 6 2 5 8 , 7 1 1 9 . 4 20 . 1 05 6 7 9 , 5 4 2 A n n u a l ——————————————————
Mobile 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Area 2.04 2.00 0.02 2.52 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 9.39 9.39 < 0.005 < 0.005 — 9.42 Energy 0.06 0.03 0.51 0.43 < 0.005 0.04 — 0.04 0.04 — 0.04 — 1,412 1,412 0.13 0.01 — 1,418 W a t e r ———————————2 . 0 1 6 . 7 8 8 . 7 9 0 . 2 1 < 0 . 0 0 5 —1 5 . 4 W a s t e ———————————1 2 . 2 0 . 0 0 1 2 . 2 1 . 2 2 0 . 0 0 —4 2 . 7 R e f r i g . ————————————————9 3 . 9 9 3 . 9
Total 2.09 2.03 0.53 2.95 < 0.005 0.04 0.00 0.04 0.04 0.00 0.04 14.2 1,428 1,442 1.56 0.02 93.9 1,580

3. Construction Emissions Details

3.1. Site Preparation (2026) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Daily,
Winter
(Max)
——————————————————
Hotel Detailed Report, 11/13/2024
12 / 45
5,316—0.040.215,2985,298—1.14—1.141.24—1.240.0528.829.23.143.74Off-Roa d
Equipm
Dust
From
Material
Movement
——————2 0 . 3 2 0 . 3 —1 0 . 2 1 0 . 2 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.10 0.09 0.80 0.79 < 0.005 0.03 — 0.03 0.03 — 0.03 — 145 145 0.01 < 0.005 — 146 Dust
From
Material
Movement
——————0 . 5 6 0 . 5 6 —0 . 2 8 0 . 2 8 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.02 0.02 0.15 0.14 < 0.005 0.01 — 0.01 0.01 — 0.01 — 24.0 24.0 < 0.005 < 0.005 — 24.1 Dust
From
Material
Movement
——————0 . 1 0 0 . 1 0 —0 . 0 5 0 . 0 5 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Hotel Detailed Report, 11/13/2024
13 / 45
——————————————————Daily,
Winter
(Max)
Worker 0.06 0.06 0.06 0.80 0.00 0.00 0.23 0.23 0.00 0.05 0.05 — 217 217 < 0.005 0.01 0.02 219 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 10.9 1.59 139 60.0 0.76 1.45 29.7 31.2 1.45 8.34 9.78 — 112,575 112,575 8.51 17.8 5.90 118,102 Average
Daily
——————————————————
Worker < 0.005 < 0.005 < 0.005 0.02 0.00 0.00 0.01 0.01 0.00 < 0.005 < 0.005 — 6.02 6.02 < 0.005 < 0.005 0.01 6.10 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.30 0.04 3.85 1.63 0.02 0.04 0.81 0.85 0.04 0.23 0.27 — 3,084 3,084 0.23 0.49 2.69 3,238 A n n u a l ——————————————————
Worker < 0.005 < 0.005 < 0.005 < 0.005 0.00 0.00 < 0.005 < 0.005 0.00 < 0.005 < 0.005 — 1.00 1.00 < 0.005 < 0.005 < 0.005 1.01 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.05 0.01 0.70 0.30 < 0.005 0.01 0.15 0.15 0.01 0.04 0.05 — 511 511 0.04 0.08 0.45 536

3.3. Grading (2026) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.96 1.65 15.0 17.4 0.03 0.65 — 0.65 0.59 — 0.59 — 2,960 2,960 0.12 0.02 — 2,970 Hotel Detailed Report, 11/13/2024
14 / 45
———————3.423.42—7.087.08——————Dust
From
Material
Movement
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.16 0.14 1.23 1.43 < 0.005 0.05 — 0.05 0.05 — 0.05 — 243 243 0.01 < 0.005 — 244 Dust
From
Material
Movement
——————0 . 5 8 0 . 5 8 —0 . 2 8 0 . 2 8 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.03 0.02 0.22 0.26 < 0.005 0.01 — 0.01 0.01 — 0.01 — 40.3 40.3 < 0.005 < 0.005 — 40.4 Dust
From
Material
Movement
——————0 . 1 1 0 . 1 1 —0 . 0 5 0 . 0 5 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Daily,
Winter
(Max)
——————————————————
Worker 0.05 0.05 0.05 0.68 0.00 0.00 0.20 0.20 0.00 0.05 0.05 — 186 186 < 0.005 0.01 0.02 188 Hotel Detailed Report, 11/13/2024
15 / 45
Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker < 0.005 < 0.005 < 0.005 0.06 0.00 0.00 0.02 0.02 0.00 < 0.005 < 0.005 — 15.5 15.5 < 0.005 < 0.005 0.02 15.7 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker < 0.005 < 0.005 < 0.005 0.01 0.00 0.00 < 0.005 < 0.005 0.00 < 0.005 < 0.005 — 2.56 2.56 < 0.005 < 0.005 < 0.005 2.60 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.5. Building Construction (2026) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.28 1.07 9.85 13.0 0.02 0.38 — 0.38 0.35 — 0.35 — 2,397 2,397 0.10 0.02 — 2,405 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.28 1.07 9.85 13.0 0.02 0.38 — 0.38 0.35 — 0.35 — 2,397 2,397 0.10 0.02 — 2,405 Hotel Detailed Report, 11/13/2024
16 / 45
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.77 0.65 5.96 7.84 0.01 0.23 — 0.23 0.21 — 0.21 — 1,450 1,450 0.06 0.01 — 1,455 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.14 0.12 1.09 1.43 < 0.005 0.04 — 0.04 0.04 — 0.04 — 240 240 0.01 < 0.005 — 241 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.67 0.66 0.59 10.2 0.00 0.00 2.54 2.54 0.00 0.60 0.60 — 2,532 2,532 0.03 0.09 8.80 2,569 Vendor 0.19 0.05 2.42 1.21 0.02 0.02 0.65 0.67 0.02 0.18 0.20 — 2,380 2,380 0.12 0.34 6.15 2,489 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Worker 0.67 0.66 0.68 8.84 0.00 0.00 2.54 2.54 0.00 0.60 0.60 — 2,410 2,410 0.03 0.09 0.23 2,438 Vendor 0.18 0.05 2.52 1.24 0.02 0.02 0.65 0.67 0.02 0.18 0.20 — 2,381 2,381 0.12 0.34 0.16 2,485 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker 0.40 0.39 0.41 5.56 0.00 0.00 1.52 1.52 0.00 0.36 0.36 — 1,477 1,477 0.02 0.06 2.30 1,497 Vendor 0.11 0.03 1.54 0.74 0.01 0.01 0.39 0.40 0.01 0.11 0.12 — 1,440 1,440 0.07 0.20 1.61 1,503 Hotel Detailed Report, 11/13/2024
17 / 45
Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker 0.07 0.07 0.07 1.01 0.00 0.00 0.28 0.28 0.00 0.06 0.06 — 245 245 < 0.005 0.01 0.38 248 Vendor 0.02 0.01 0.28 0.14 < 0.005 < 0.005 0.07 0.07 < 0.005 0.02 0.02 — 238 238 0.01 0.03 0.27 249 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.7. Building Construction (2027) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.23 1.03 9.39 12.9 0.02 0.34 — 0.34 0.31 — 0.31 — 2,397 2,397 0.10 0.02 — 2,405 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.23 1.03 9.39 12.9 0.02 0.34 — 0.34 0.31 — 0.31 — 2,397 2,397 0.10 0.02 — 2,405 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.27 0.22 2.04 2.81 0.01 0.07 — 0.07 0.07 — 0.07 — 521 521 0.02 < 0.005 — 522 Hotel Detailed Report, 11/13/2024
18 / 45
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.05 0.04 0.37 0.51 < 0.005 0.01 — 0.01 0.01 — 0.01 — 86.2 86.2 < 0.005 < 0.005 — 86.5 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.65 0.56 0.58 9.62 0.00 0.00 2.54 2.54 0.00 0.60 0.60 — 2,490 2,490 0.03 0.09 7.89 2,526 Vendor 0.18 0.05 2.33 1.16 0.02 0.02 0.65 0.67 0.02 0.18 0.20 — 2,336 2,336 0.12 0.32 5.59 2,440 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Worker 0.65 0.55 0.60 8.27 0.00 0.00 2.54 2.54 0.00 0.60 0.60 — 2,369 2,369 0.03 0.09 0.21 2,398 Vendor 0.18 0.05 2.43 1.18 0.02 0.02 0.65 0.67 0.02 0.18 0.20 — 2,337 2,337 0.12 0.32 0.14 2,435 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker 0.14 0.12 0.15 1.87 0.00 0.00 0.55 0.55 0.00 0.13 0.13 — 522 522 0.01 0.02 0.74 529 Vendor 0.04 0.01 0.53 0.25 < 0.005 < 0.005 0.14 0.14 < 0.005 0.04 0.04 — 508 508 0.03 0.07 0.52 529 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker 0.03 0.02 0.03 0.34 0.00 0.00 0.10 0.10 0.00 0.02 0.02 — 86.4 86.4 < 0.005 < 0.005 0.12 87.5 Vendor 0.01 < 0.005 0.10 0.05 < 0.005 < 0.005 0.03 0.03 < 0.005 0.01 0.01 — 84.0 84.0 < 0.005 0.01 0.09 87.6 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hotel Detailed Report, 11/13/2024
19 / 45

3.9. Paving (2027) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

0.79 0.66 6.09 8.83 0.01 0.24 — 0.24 0.22 — 0.22 — 1,350 1,350 0.05 0.01 — 1,355 P a v i n g 0 . 3 0 0 . 3 0 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.04 0.04 0.33 0.48 < 0.005 0.01 — 0.01 0.01 — 0.01 — 74.0 74.0 < 0.005 < 0.005 — 74.2 P a v i n g 0 . 0 2 0 . 0 2 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.01 0.01 0.06 0.09 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 12.3 12.3 < 0.005 < 0.005 — 12.3 P a v i n g < 0 . 0 0 5 < 0 . 0 0 5 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hotel Detailed Report, 11/13/2024
20 / 45
Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.07 0.06 0.06 0.99 0.00 0.00 0.26 0.26 0.00 0.06 0.06 — 256 256 < 0.005 0.01 0.81 260 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Average
Daily
——————————————————
Worker < 0.005 < 0.005 < 0.005 0.05 0.00 0.00 0.01 0.01 0.00 < 0.005 < 0.005 — 13.5 13.5 < 0.005 < 0.005 0.02 13.7 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker < 0.005 < 0.005 < 0.005 0.01 0.00 0.00 < 0.005 < 0.005 0.00 < 0.005 < 0.005 — 2.24 2.24 < 0.005 < 0.005 < 0.005 2.27 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.11. Architectural Coating (2027) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

0.14 0.11 0.83 1.13 < 0.005 0.02 — 0.02 0.02 — 0.02 — 134 134 0.01 < 0.005 — 134 Hotel Detailed Report, 11/13/2024
21 / 45
————————————————171171Architect
ural
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.01 0.01 0.05 0.06 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 7.32 7.32 < 0.005 < 0.005 — 7.34 Architect
ural
Coating
s
9 . 3 6 9 . 3 6 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent
< 0.005 < 0.005 0.01 0.01 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 1.21 1.21 < 0.005 < 0.005 — 1.22 Architect
ural
Coating
s
1 . 7 1 1 . 7 1 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.13 0.11 0.12 1.92 0.00 0.00 0.51 0.51 0.00 0.12 0.12 — 498 498 0.01 0.02 1.58 505 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hotel Detailed Report, 11/13/2024
22 / 45
Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Average
Daily
——————————————————
Worker 0.01 0.01 0.01 0.09 0.00 0.00 0.03 0.03 0.00 0.01 0.01 — 26.3 26.3 < 0.005 < 0.005 0.04 26.7 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker < 0.005 < 0.005 < 0.005 0.02 0.00 0.00 0.01 0.01 0.00 < 0.005 < 0.005 — 4.36 4.36 < 0.005 < 0.005 0.01 4.41 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

4. Operations Emissions Details

4.1. Mobile Emissions by Land Use

4.1.1. Unmitigated
Mobile source emissions results are presented in Sections 2.6. No further detailed breakdown of emissions is available.

4.2. Energy

4.2.1. Electricity Emissions By Land Use - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
H o t e l ————————————4 , 8 1 8 4 , 8 1 8 0 . 4 6 0 . 0 6 —4 , 8 4 6 Hotel Detailed Report, 11/13/2024
23 / 45
352—< 0.0050.03350350————————————Enclose
d
T o t a l ————————————5 , 1 6 8 5 , 1 6 8 0 . 4 9 0 . 0 6 —5 , 1 9 8 Daily,
Winter
(Max)
——————————————————
H o t e l ————————————4 , 8 1 8 4 , 8 1 8 0 . 4 6 0 . 0 6 —4 , 8 4 6 Enclose
d
Parking
with
Elevator
————————————3 5 0 3 5 0 0 . 0 3 < 0 . 0 0 5 —3 5 2
T o t a l ————————————5 , 1 6 8 5 , 1 6 8 0 . 4 9 0 . 0 6 —5 , 1 9 8 A n n u a l ——————————————————
H o t e l ————————————7 9 8 7 9 8 0 . 0 8 0 . 0 1 —8 0 2 Enclose
d
Parking
with
Elevator
————————————5 8 . 0 5 8 . 0 0 . 0 1 < 0 . 0 0 5 —5 8 . 3 T o t a l ————————————8 5 6 8 5 6 0 . 0 8 0 . 0 1 —8 6 1

4.2.3. Natural Gas Emissions By Land Use - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Hotel 0.31 0.15 2.82 2.36 0.02 0.21 — 0.21 0.21 — 0.21 — 3,359 3,359 0.30 0.01 — 3,368 Enclose
d
Parking
with
Elevator

0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 — 0.00 — 0.00 0.00 0.00 0.00 — 0.00 Hotel Detailed Report, 11/13/2024
24 / 45
Total 0.31 0.15 2.82 2.36 0.02 0.21 — 0.21 0.21 — 0.21 — 3,359 3,359 0.30 0.01 — 3,368 Daily,
Winter
(Max)
——————————————————
Hotel 0.31 0.15 2.82 2.36 0.02 0.21 — 0.21 0.21 — 0.21 — 3,359 3,359 0.30 0.01 — 3,368 Enclose
d
Parking
with
Elevator

0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 — 0.00 — 0.00 0.00 0.00 0.00 — 0.00 Total 0.31 0.15 2.82 2.36 0.02 0.21 — 0.21 0.21 — 0.21 — 3,359 3,359 0.30 0.01 — 3,368 A n n u a l ——————————————————
Hotel 0.06 0.03 0.51 0.43 < 0.005 0.04 — 0.04 0.04 — 0.04 — 556 556 0.05 < 0.005 — 558 Enclose
d
Parking
with
Elevator

0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 — 0.00 — 0.00 0.00 0.00 0.00 — 0.00 Total 0.06 0.03 0.51 0.43 < 0.005 0.04 — 0.04 0.04 — 0.04 — 556 556 0.05 < 0.005 — 558

4.3. Area Emissions by Source

4.3.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Source TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Consum
er
Product
s
7 . 7 8 7 . 7 8 ————————————————
Hotel Detailed Report, 11/13/2024
25 / 45
————————————————0.940.94Architect
ural
Coating
s
Landsca
pe
Equipm
ent

3.58 3.31 0.17 20.1 < 0.005 0.04 — 0.04 0.03 — 0.03 — 82.8 82.8 < 0.005 < 0.005 — 83.1 Total 12.3 12.0 0.17 20.1 < 0.005 0.04 — 0.04 0.03 — 0.03 — 82.8 82.8 < 0.005 < 0.005 — 83.1 Daily,
Winter
(Max)
——————————————————
Consum
er
Product
s
7 . 7 8 7 . 7 8 ————————————————
Architect
ural
Coating
s
0 . 9 4 0 . 9 4 ————————————————
T o t a l 8 . 7 1 8 . 7 1 ————————————————
A n n u a l ——————————————————
Consum
er
Product
s
1 . 4 2 1 . 4 2 ————————————————
Architect
ural
Coating
s
0 . 1 7 0 . 1 7 ————————————————
Landsca
pe
Equipm
ent

0.45 0.41 0.02 2.52 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 9.39 9.39 < 0.005 < 0.005 — 9.42 Total 2.04 2.00 0.02 2.52 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 9.39 9.39 < 0.005 < 0.005 — 9.42 Hotel Detailed Report, 11/13/2024
26 / 45

4.4. Water Emissions by Land Use

4.4.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
H o t e l ———————————1 2 . 2 4 0 . 9 5 3 . 1 1 . 2 5 0 . 0 3 —9 3 . 3 Enclose
d
Parking
with
Elevator
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————1 2 . 2 4 0 . 9 5 3 . 1 1 . 2 5 0 . 0 3 —9 3 . 3 Daily,
Winter
(Max)
——————————————————
H o t e l ———————————1 2 . 2 4 0 . 9 5 3 . 1 1 . 2 5 0 . 0 3 —9 3 . 3 Enclose
d
Parking
with
Elevator
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————1 2 . 2 4 0 . 9 5 3 . 1 1 . 2 5 0 . 0 3 —9 3 . 3 A n n u a l ——————————————————
H o t e l ———————————2 . 0 1 6 . 7 8 8 . 7 9 0 . 2 1 < 0 . 0 0 5 —1 5 . 4 Enclose
d
Parking
with
Elevator
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————2 . 0 1 6 . 7 8 8 . 7 9 0 . 2 1 < 0 . 0 0 5 —1 5 . 4 Hotel Detailed Report, 11/13/2024
27 / 45

4.5. Waste Emissions by Land Use

4.5.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
H o t e l ———————————7 3 . 8 0 . 0 0 7 3 . 8 7 . 3 7 0 . 0 0 —2 5 8 Enclose
d
Parking
with
Elevator
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————7 3 . 8 0 . 0 0 7 3 . 8 7 . 3 7 0 . 0 0 —2 5 8 Daily,
Winter
(Max)
——————————————————
H o t e l ———————————7 3 . 8 0 . 0 0 7 3 . 8 7 . 3 7 0 . 0 0 —2 5 8 Enclose
d
Parking
with
Elevator
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————7 3 . 8 0 . 0 0 7 3 . 8 7 . 3 7 0 . 0 0 —2 5 8 A n n u a l ——————————————————
H o t e l ———————————1 2 . 2 0 . 0 0 1 2 . 2 1 . 2 2 0 . 0 0 —4 2 . 7 Enclose
d
Parking
with
Elevator
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————1 2 . 2 0 . 0 0 1 2 . 2 1 . 2 2 0 . 0 0 —4 2 . 7 Hotel Detailed Report, 11/13/2024
28 / 45

4.6. Refrigerant Emissions by Land Use

4.6.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
H o t e l ————————————————5 6 7 5 6 7
T o t a l ————————————————5 6 7 5 6 7
Daily,
Winter
(Max)
——————————————————
H o t e l ————————————————5 6 7 5 6 7
T o t a l ————————————————5 6 7 5 6 7
A n n u a l ——————————————————
H o t e l ————————————————9 3 . 9 9 3 . 9
T o t a l ————————————————9 3 . 9 9 3 . 9

4.7. Offroad Emissions By Equipment Type

4.7.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Equipm
ent
Type
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Hotel Detailed Report, 11/13/2024
29 / 45
——————————————————Daily,
Winter
(Max)
T o t a l ——————————————————
A n n u a l ——————————————————
T o t a l ——————————————————

4.8. Stationary Emissions By Equipment Type

4.8.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Equipm
ent
Type
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Daily,
Winter
(Max)
——————————————————
T o t a l ——————————————————
A n n u a l ——————————————————
T o t a l ——————————————————

4.9. User Defined Emissions By Equipment Type

4.9.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Equipm
ent
Type
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Hotel Detailed Report, 11/13/2024
30 / 45
Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Daily,
Winter
(Max)
——————————————————
T o t a l ——————————————————
A n n u a l ——————————————————
T o t a l ——————————————————

4.10. Soil Carbon Accumulation By Vegetation Type

4.10.1. Soil Carbon Accumulation By Vegetation Type - Unmitigated Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Vegetati
on
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Daily,
Winter
(Max)
——————————————————
T o t a l ——————————————————
A n n u a l ——————————————————
T o t a l ——————————————————

4.10.2. Above and Belowground Carbon Accumulation by Land Use Type - Unmitigated Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Hotel Detailed Report, 11/13/2024
31 / 45
Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Daily,
Winter
(Max)
——————————————————
T o t a l ——————————————————
A n n u a l ——————————————————
T o t a l ——————————————————

4.10.3. Avoided and Sequestered Emissions by Species - Unmitigated Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Species TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Avoided ——————————————————
S u b t o t a l ——————————————————
Sequest
ered
——————————————————
S u b t o t a l ——————————————————
Remove
d
——————————————————
S u b t o t a l ——————————————————
———————————————————
Daily,
Winter
(Max)
——————————————————
Avoided ——————————————————
S u b t o t a l ——————————————————
Hotel Detailed Report, 11/13/2024
32 / 45
——————————————————Sequest
ered
S u b t o t a l ——————————————————
Remove
d
——————————————————
S u b t o t a l ——————————————————
———————————————————
A n n u a l ——————————————————
Avoided ——————————————————
S u b t o t a l ——————————————————
Sequest
ered
——————————————————
S u b t o t a l ——————————————————
Remove
d
——————————————————
S u b t o t a l ——————————————————
———————————————————

5. Activity Data

5.1. Construction Schedule
Phase Name Phase Type Start Date End Date Days Per Week Work Days per Phase Phase Description Site Preparation Site Preparation 1/1/2026 1/14/2026 5.00 10.0 — Grading Grading 1/15/2026 2/25/2026 5.00 30.0 —
Building Construction Building Construction 2/26/2026 4/21/2027 5.00 300 — Paving Paving 4/22/2027 5/19/2027 5.00 20.0 —
Architectural Coating Architectural Coating 5/20/2027 6/16/2027 5.00 20.0 —

5.2. Off-Road Equipment
Hotel Detailed Report, 11/13/2024
33 / 45

5.2.1. Unmitigated
Phase Name Equipment Type Fuel Type Engine Tier Number per Day Hours Per Day Horsepower Load Factor Site Preparation Rubber Tired Dozers Diesel Average 3.00 8.00 367 0.40 Site Preparation Tractors/Loaders/Back
hoes
Diesel Average 4.00 8.00 84.0 0.37
Grading Excavators Diesel Average 1.00 8.00 36.0 0.38
Grading Graders Diesel Average 1.00 8.00 148 0.41
Grading Rubber Tired Dozers Diesel Average 1.00 8.00 367 0.40 Grading Tractors/Loaders/Back
hoes
Diesel Average 3.00 8.00 84.0 0.37
Building Construction Cranes Diesel Average 1.00 7.00 367 0.29 Building Construction Forklifts Diesel Average 3.00 8.00 82.0 0.20 Building Construction Generator Sets Diesel Average 1.00 8.00 14.0 0.74 Building Construction Tractors/Loaders/Back
hoes
Diesel Average 3.00 7.00 84.0 0.37
Building Construction Welders Diesel Average 1.00 8.00 46.0 0.45 Paving Pavers Diesel Average 1.00 8.00 81.0 0.42
Paving Paving Equipment Diesel Average 2.00 6.00 89.0 0.36 Paving Rollers Diesel Average 2.00 6.00 36.0 0.38
Paving Cement and Mortar
Mixers
Diesel Average 2.00 6.00 10.0 0.56
Paving Tractors/Loaders/Back
hoes
Diesel Average 1.00 8.00 84.0 0.37
Architectural Coating Air Compressors Diesel Average 1.00 6.00 37.0 0.48

5.3. Construction Vehicles

5.3.1. Unmitigated
Phase Name Tr ip Type One-Way Trips per Day Miles per Trip Vehicle Mix Hotel Detailed Report, 11/13/2024
34 / 45
Site Preparation ————
Site Preparation Worker 17.5 18.5 LDA,LDT1,LDT2
Site Preparation Vendor — 10.2 HHDT,MHDT
Site Preparation Hauling 1,642 20.0 HHDT
Site Preparation Onsite truck — — HHDT
Grading ————
Grading Worker 15.0 18.5 LDA,LDT1,LDT2
Grading Vendor — 10.2 HHDT,MHDT
Grading Hauling 0.00 20.0 HHDT
Grading Onsite truck — — HHDT
Building Construction ————
Building Construction Worker 194 18.5 LDA,LDT1,LDT2
Building Construction Vendor 75.9 10.2 HHDT,MHDT
Building Construction Hauling 0.00 20.0 HHDT
Building Construction Onsite truck — — HHDT
P a v i n g ————
Paving Worker 20.0 18.5 LDA,LDT1,LDT2
Paving Vendor — 10.2 HHDT,MHDT
Paving Hauling 0.00 20.0 HHDT
Paving Onsite truck — — HHDT
Architectural Coating ————
Architectural Coating Worker 38.9 18.5 LDA,LDT1,LDT2
Architectural Coating Vendor — 10.2 HHDT,MHDT
Architectural Coating Hauling 0.00 20.0 HHDT
Architectural Coating Onsite truck — — HHDT

5.4. Vehicles
Hotel Detailed Report, 11/13/2024
35 / 45

5.4.1. Construction Vehicle Control Strategies
Non-applicable. No control strategies activated by user.

5.5. Architectural Coatings
Phase Name Residential Interior Area
Coated (sq ft)
Residential Exterior Area
Coated (sq ft)
Non-Residential Interior Area
Coated (sq ft)
Non-Residential Exterior Area
Coated (sq ft)
Parking Area Coated (sq ft)
Architectural Coating 0.00 0.00 549,008 182,001 6,011

5.6. Dust Mitigation

5.6.1. Construction Earthmoving Activities
Phase Name Material Imported (Cubic
Y ards)
Material Exported (Cubic
Y ards)
Acres Graded (acres) Material Demolished (sq. ft.) Acres Paved (acres) Site Preparation 0.00 131,373 15.0 0.00 —
Grading 0.00 0.00 90.0 0.00 —
Paving 0.00 0.00 0.00 0.00 2.30

5.6.2. Construction Earthmoving Control Strategies
Non-applicable. No control strategies activated by user.

5.7. Construction Paving
Land Use Area Paved (acres) % Asphalt
Hotel 0.00 0%
Enclosed Parking with Elevator 2.30 100%

5.8. Construction Electricity Consumption and Emissions Factors kWh per Y ear and Emission Factor (lb/MWh)
Y ear kWh per Y ear CO2 CH4 N2O
2026 0.00 532 0.03 < 0.005
Hotel Detailed Report, 11/13/2024
36 / 45
2027 0.00 532 0.03 < 0.005

5.9. Operational Mobile Sources

5.9.1. Unmitigated
Land Use Type Trips/Weekday Trips/Saturday Trips/Sunday Trips/Y ear VMT/Weekday VMT/Saturday VMT/Sunday VMT/Y ear Total all Land Uses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5.10. Operational Area Sources

5.10.1. Hearths

5.10.1.1. Unmitigated

5.10.2. Architectural Coatings
Residential Interior Area Coated (sq
ft)
Residential Exterior Area Coated (sq
ft)
Non-Residential Interior Area Coated
(sq ft)
Non-Residential Exterior Area
Coated (sq ft)
Parking Area Coated (sq ft)
0 0.00 549,008 182,001 6,011

5.10.3. Landscape Equipment
Season Unit Value
Snow Days day/yr 0.00
Summer Days day/yr 250

5.11. Operational Energy Consumption

5.11.1. Unmitigated
Electricity (kWh/yr) and CO2 and CH4 and N2O and Natural Gas (kBTU/yr) Land Use Electricity (kWh/yr) CO2 CH4 N2O Natural Gas (kBTU/yr) Hotel Detailed Report, 11/13/2024
37 / 45
Hotel 5,079,714 346 0.0330 0.0040 10,480,427
Enclosed Parking with
Elevator
369,143 346 0.0330 0.0040 0.00

5.12. Operational Water and Wastewater Consumption

5.12.1. Unmitigated
Land Use Indoor Water (gal/year) Outdoor Water (gal/year) Hotel 6,341,693 0.00
Enclosed Parking with Elevator 0.00 0.00

5.13. Operational Waste Generation

5.13.1. Unmitigated
Land Use Waste (ton/year) Cogeneration (kWh/year)
Hotel 137 —
Enclosed Parking with Elevator 0.00 —

5.14. Operational Refrigeration and Air Conditioning Equipment

5.14.1. Unmitigated
Land Use Type Equipment Type Refrigerant GWP Quantity (kg) Operations Leak Rate Service Leak Rate Times Serviced Hotel Household
refrigerators and/or
freezers
R-134a 1,430 0.00 0.60 0.00 1.00
Hotel Other commercial A/C
and heat pumps
R-410A 2,088 1.80 4.00 4.00 18.0
Hotel Walk-in refrigerators
and freezers
R-404A 3,922 < 0.005 7.50 7.50 20.0
Hotel Detailed Report, 11/13/2024
38 / 45

5.15. Operational Off-Road Equipment

5.15.1. Unmitigated
Equipment Type Fuel Type Engine Tier Number per Day Hours Per Day Horsepower Load Factor

5.16. Stationary Sources

5.16.1. Emergency Generators and Fire Pumps
Equipment Type Fuel Type Number per Day Hours per Day Hours per Y ear Horsepower Load Factor

5.16.2. Process Boilers
Equipment Type Fuel Type Number Boiler Rating (MMBtu/hr) Daily Heat Input (MMBtu/day) Annual Heat Input (MMBtu/yr)

5.17. User Defined
Equipment Type Fuel Type

5.18. Vegetation

5.18.1. Land Use Change

5.18.1.1. Unmitigated
Vegetation Land Use Type Vegetation Soil Type Initial Acres Final Acres

5.18.1. Biomass Cover Type

5.18.1.1. Unmitigated
Biomass Cover Type Initial Acres Final Acres
Hotel Detailed Report, 11/13/2024
39 / 45

5.18.2. Sequestration

5.18.2.1. Unmitigated
Tree Type Number Electricity Saved (kWh/year) Natural Gas Saved (btu/year)

6. Climate Risk Detailed Report

6.1. Climate Risk Summary
Cal-Adapt midcentury 2040–2059 average projections for four hazards are reported below for your project location. These are under Representation Concentration Pathway (RCP) 8.5 which assumes GHG emissions will continue to rise strongly through 2050 and then plateau around 2100.

Climate Hazard Result for Project Location Unit
Temperature and Extreme Heat 9.03 annual days of extreme heat Extreme Precipitation 3.50 annual days with precipitation above 20 mm Sea Level Rise — meters of inundation depth
Wildfire 1.31 annual hectares burned
Temperature and Extreme Heat data are for grid cell in which your project are located. The projection is based on the 98th historical percentile of daily maximum/minimum temperatures from observed historical data (32 climate model ensemble from Cal-Adapt, 2040–2059 average under RCP 8.5). Each grid cell is 6 kilometers (km) by 6 km, or 3 .7 miles (mi) by 3.7 mi.

Extreme Precipitation data are for the grid cell in which your project are located. The threshold of 20 mm is equivalent to about ¾ an inch of rain, which would be light to moderate rainfall if received over a full day or heavy rain if received over a period of 2 to 4 hours. Each grid cell is 6 kilometers (km) by 6 km, or 3.7 miles (mi) by 3.7 mi.

Sea Level Rise data are for the grid cell in which your project are located. The projections are from Radke et al. (2017), as reported in Cal-Adapt (Radke et al., 2017, CEC-500-2017-008), and consider inundation location and depth for the San Francisco Bay, the Sacramento-San Joaquin River Delta and California coast resulting different increments of sea level rise coupled with extreme storm events. Users may select from four scenarios to view the range in potential inundation depth for the grid cell. The four scenarios are: Norise, 0.5 meter, 1.0 meter, 1.41 meters Wildfire data are for the grid cell in which your project are located. The projections are from UC Davis, as reported in Cal-Adapt (2040–2059 average under RCP 8.5), and consider historical data of climate, vegetation, population density, and large (> 400 ha) fire history. Users may select from four model simulations to view the range in potential wildfire probabilities for the grid cell. The four simulations make different assumptions about expected rainfall and temperature are: Warmer/drier (HadGEM2-ES), Cooler/wetter (CNRM-CM5),Average conditions (CanESM2), Range of different rainfall and temperature possibilities (MIROC5). Each grid cell is 6 kilometers (km) by 6 km, or 3.7 miles (mi) by 3.7 mi.

6.2. Initial Climate Risk Scores
Climate Hazard Exposure Score Sensitivity Score Adaptive Capacity Score Vulnerability Score Temperature and Extreme Heat 100N / A
Extreme Precipitation N/A N/A N/A N/A
S e a L e v e l R i s e 100N / A
Hotel Detailed Report, 11/13/2024
40 / 45
Wildfire 100N / A
Flooding N/A N/A N/A N/A
Drought N/A N/A N/A N/A
Snowpack Reduction N/A N/A N/A N/A
Air Quality Degradation 000N / A
The sensitivity score reflects the extent to which a project would be adversely affected by exposure to a climate hazard. Exposure is rated on a scale of1 to 5, with a score of 5 representing the greatest exposure.

The adaptive capacity of a project refers to its ability to manage and reduce vulnerabilities from projected climate hazards. Adaptive capacity is rated on a scale of 1 to 5, with a score of 5 representing the greatest ability to adapt.

The overall vulnerability scores are calculated based on the potential impacts and adaptive capacity assessments for each hazard. Scores do not include implementation of climate risk reduction measures.

6.3. Adjusted Climate Risk Scores
Climate Hazard Exposure Score Sensitivity Score Adaptive Capacity Score Vulnerability Score Temperature and Extreme Heat 1112
Extreme Precipitation N/A N/A N/A N/A
S e a L e v e l R i s e 1112
Wildfire 1112
Flooding N/A N/A N/A N/A
Drought N/A N/A N/A N/A
Snowpack Reduction N/A N/A N/A N/A
Air Quality Degradation 1112
The sensitivity score reflects the extent to which a project would be adversely affected by exposure to a climate hazard. Exposure is rated on a scale of1 to 5, with a score of 5 representing the greatest exposure.

The adaptive capacity of a project refers to its ability to manage and reduce vulnerabilities from projected climate hazards. Adaptive capacity is rated on a scale of 1 to 5, with a score of 5 representing the greatest ability to adapt.

The overall vulnerability scores are calculated based on the potential impacts and adaptive capacity assessments for each hazard. Scores include implementation of climate risk reduction measures.

6.4. Climate Risk Reduction Measures

7. Health and Equity Details
Hotel Detailed Report, 11/13/2024
41 / 45

7.1. CalEnviroScreen 4.0 Scores
The maximum CalEnviroScreen score is 100. A high score (i.e., greater than 50) reflects a higher pollution burden compared to other census tracts in the state.

Indicator Result for Project Census Tract
Exposure Indicators —
AQ-Ozone 57.0
AQ-PM 73.5
AQ-DPM 78.3
Drinking Water 46.5
Lead Risk Housing 77.7
Pesticides 0.00
Toxic Releases 87.5
Traffic 44.2
Effect Indicators —
CleanUp Sites 94.8
Groundwater 0.00
Haz Waste Facilities/Generators 86.4
Impaired Water Bodies 0.00
Solid Waste 66.7
Sensitive Population —
Asthma 55.5
Cardio-vascular 45.8
Low Birth Weights 88.0
Socioeconomic Factor Indicators —
Education 97.9
Housing 88.7
Linguistic 96.9
Poverty 92.8
Unemployment 49.9
Hotel Detailed Report, 11/13/2024
42 / 45

7.2. Healthy Places Index Scores
The maximum Health Places Index score is 100. A high score (i.e., greater than 50) reflects healthier community conditions compared to other census tracts in the state.

Indicator Result for Project Census Tract
Economic —
Above Poverty 5.41511613
Employed 49.83959964
Median HI 5.838573078
Education —
Bachelor's or higher 10.61208777
High school enrollment 100
Preschool enrollment 45.81034262
Transportation —
Auto Access 2.669061979
Active commuting 93.17336071
Social —
2-parent households 61.86321057
Voting 4.401385859
Neighborhood —
Alcohol availability 16.27101245
Park access 35.81419222
Retail density 96.35570384
Supermarket access 94.25125112
Tree canopy 20.51841396
Housing —
Homeownership 5.800076992
Housing habitability 4.516874118
Low-inc homeowner severe housing cost burden 15.57808289 Low-inc renter severe housing cost burden 43.07712049
Hotel Detailed Report, 11/13/2024
43 / 45
Uncrowded housing 1.680995765
Health Outcomes —
Insured adults 1.860644168
Arthritis 54.3
Asthma ER Admissions 49.4
High Blood Pressure 58.0
Cancer (excluding skin) 87.6
Asthma 14.8
Coronary Heart Disease 23.5
Chronic Obstructive Pulmonary Disease 17.9
Diagnosed Diabetes 11.9
Life Expectancy at Birth 95.7
Cognitively Disabled 39.7
Physically Disabled 45.1
Heart Attack ER Admissions 78.5
Mental Health Not Good 7.3
Chronic Kidney Disease 14.8
Obesity 19.9
Pedestrian Injuries 94.3
Physical Health Not Good 7.3
Stroke 17.3
Health Risk Behaviors —
Binge Drinking 57.0
Current Smoker 9.3
No Leisure Time for Physical Activity 3.2
Climate Change Exposures —
Wildfire Risk 0.0
SLR Inundation Area 0.0
Hotel Detailed Report, 11/13/2024
44 / 45
Children 0.5
Elderly 69.3
English Speaking 1.3
Foreign-born 93.3
Outdoor Workers 21.6
Climate Change Adaptive Capacity —
Impervious Surface Cover 11.1
Traffic Density 55.3
Traffic Access 23.0
Other Indices —
Hardship 96.6
Other Decision Support —
2016 Voting 31.1

7.3. Overall Health & Equity Scores
Metric Result for Project Census Tract
CalEnviroScreen 4.0 Score for Project Location (a) 90.0 Healthy Places Index Score for Project Location (b) 12.0 Project Located in a Designated Disadvantaged Community (Senate Bill 535) Y es Project Located in a Low-Income Community (Assembly Bill 1550) Y es Project Located in a Community Air Protection Program Community (Assembly Bill 617) No a: The maximum CalEnviroScreen score is 100. A high score (i.e., greater than 50) reflects a higher pollution burden compared to other census tracts in the state. b: The maximum Health Places Index score is 100. A high score (i.e., greater than 50) reflects healthier community conditions compared to other census tracts in the state.

7.4. Health & Equity Measures
No Health & Equity Measures selected.

7.5. Evaluation Scorecard
Health & Equity Evaluation Scorecard not completed.

Hotel Detailed Report, 11/13/2024
45 / 45

7.6. Health & Equity Custom Measures
No Health & Equity Custom Measures created.

8. User Changes to Default Data
Screen Justification
Construction: Construction Phases removed demolition.

Land Use More reflective of Santa Ana Lot Acreage
Construction: Dust From Material Movement More representative of Santa Ana Single Family Residence Detailed Report, 11/13/2024
1 / 52
Single Family Residence Detailed Report
Table of Contents

1. Basic Project Information

1.1. Basic Project Information

1.2. Land Use Types

1.3. User-Selected Emission Reduction Measures by Emissions Sector

2. Emissions Summary

2.1. Construction Emissions Compared Against Thresholds

2.2. Construction Emissions by Y ear, Unmitigated

2.4. Operations Emissions Compared Against Thresholds

2.5. Operations Emissions by Sector, Unmitigated

3. Construction Emissions Details

3.1. Demolition (2026) - Unmitigated

3.3. Site Preparation (2026) - Unmitigated

3.5. Grading (2026) - Unmitigated

3.7. Building Construction (2026) - Unmitigated

3.9. Building Construction (2027) - Unmitigated
Single Family Residence Detailed Report, 11/13/2024
2 / 52

3.11. Building Construction (2028) - Unmitigated

3.13. Building Construction (2029) - Unmitigated

3.15. Paving (2029) - Unmitigated

3.17. Architectural Coating (2029) - Unmitigated

4. Operations Emissions Details

4.1. Mobile Emissions by Land Use

4.1.1. Unmitigated

4.2. Energy

4.2.1. Electricity Emissions By Land Use - Unmitigated

4.2.3. Natural Gas Emissions By Land Use - Unmitigated

4.3. Area Emissions by Source

4.3.1. Unmitigated

4.4. Water Emissions by Land Use

4.4.1. Unmitigated

4.5. Waste Emissions by Land Use

4.5.1. Unmitigated

4.6. Refrigerant Emissions by Land Use

4.6.1. Unmitigated
Single Family Residence Detailed Report, 11/13/2024
3 / 52

4.7. Offroad Emissions By Equipment Type

4.7.1. Unmitigated

4.8. Stationary Emissions By Equipment Type

4.8.1. Unmitigated

4.9. User Defined Emissions By Equipment Type

4.9.1. Unmitigated

4.10. Soil Carbon Accumulation By Vegetation Type

4.10.1. Soil Carbon Accumulation By Vegetation Type - Unmitigated

4.10.2. Above and Belowground Carbon Accumulation by Land Use Type - Unmitigated

4.10.3. Avoided and Sequestered Emissions by Species - Unmitigated

5. Activity Data

5.1. Construction Schedule

5.2. Off-Road Equipment

5.2.1. Unmitigated

5.3. Construction Vehicles

5.3.1. Unmitigated

5.4. Vehicles

5.4.1. Construction Vehicle Control Strategies
Single Family Residence Detailed Report, 11/13/2024
4 / 52

5.5. Architectural Coatings

5.6. Dust Mitigation

5.6.1. Construction Earthmoving Activities

5.6.2. Construction Earthmoving Control Strategies

5.7. Construction Paving

5.8. Construction Electricity Consumption and Emissions Factors

5.9. Operational Mobile Sources

5.9.1. Unmitigated

5.10. Operational Area Sources

5.10.1. Hearths

5.10.1.1. Unmitigated

5.10.2. Architectural Coatings

5.10.3. Landscape Equipment

5.11. Operational Energy Consumption

5.11.1. Unmitigated

5.12. Operational Water and Wastewater Consumption

5.12.1. Unmitigated

5.13. Operational Waste Generation
Single Family Residence Detailed Report, 11/13/2024
5 / 52

5.13.1. Unmitigated

5.14. Operational Refrigeration and Air Conditioning Equipment

5.14.1. Unmitigated

5.15. Operational Off-Road Equipment

5.15.1. Unmitigated

5.16. Stationary Sources

5.16.1. Emergency Generators and Fire Pumps

5.16.2. Process Boilers

5.17. User Defined

5.18. Vegetation

5.18.1. Land Use Change

5.18.1.1. Unmitigated

5.18.1. Biomass Cover Type

5.18.1.1. Unmitigated

5.18.2. Sequestration

5.18.2.1. Unmitigated

6. Climate Risk Detailed Report

6.1. Climate Risk Summary
Single Family Residence Detailed Report, 11/13/2024
6 / 52

6.2. Initial Climate Risk Scores

6.3. Adjusted Climate Risk Scores

6.4. Climate Risk Reduction Measures

7. Health and Equity Details

7.1. CalEnviroScreen 4.0 Scores

7.2. Healthy Places Index Scores

7.3. Overall Health & Equity Scores

7.4. Health & Equity Measures

7.5. Evaluation Scorecard

7.6. Health & Equity Custom Measures

8. User Changes to Default Data
Single Family Residence Detailed Report, 11/13/2024
7 / 52

1. Basic Project Information

1.1. Basic Project Information
Data Field Value
Project Name Single Family Residence
Construction Start Date 1/1/2026
Operational Y ear 2027
Lead Agency —
Land Use Scale Project/site
Analysis Level for Defaults County
Windspeed (m/s) 2.50
Precipitation (days) 18.6
Location Santa Ana, CA, USA
County Orange
City Santa Ana
Air District South Coast AQMD
Air Basin South Coast
TAZ 5990
EDFZ 7
Electric Utility Southern California Edison
Gas Utility Southern California Gas
App Version 2022.1.1.29

1.2. Land Use Types
Land Use Subtype Size Unit Lot Acreage Building Area (sq ft) Landscape Area (sq ft)
Special Landscape
Area (sq ft)
Population Description
Single Family
Housing
134 Dwelling Unit 43.5 261,300 1,569,523 — 750 —
Single Family Residence Detailed Report, 11/13/2024
8 / 52
Parking Lot 134 Space 1.21 0.00 0.00 — — —

1.3. User-Selected Emission Reduction Measures by Emissions Sector No measures selected

2. Emissions Summary

2.1. Construction Emissions Compared Against Thresholds Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Un/Mit. TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Unmit. 30.2 30.1 29.2 29.7 0.06 1.24 19.9 21.1 1.14 10.2 11.3 — 6,859 6,859 0.27 0.11 3.34 6,885 Daily,
Winter
(Max)
——————————————————
Unmit. 30.2 30.1 29.2 29.6 0.05 1.24 19.9 21.1 1.14 10.2 11.3 — 5,515 5,515 0.22 0.11 0.09 5,536 Average
Daily
(Max)
——————————————————
Unmit. 5.10 5.00 13.8 15.4 0.03 0.56 3.82 4.37 0.51 1.66 2.17 — 3,336 3,336 0.13 0.07 0.93 3,355 Annual
(Max)
——————————————————
Unmit. 0.93 0.91 2.52 2.81 0.01 0.10 0.70 0.80 0.09 0.30 0.40 — 552 552 0.02 0.01 0.15 555

2.2. Construction Emissions by Y ear, Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Y ear TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily -
Summer
(Max)
——————————————————
Single Family Residence Detailed Report, 11/13/2024
9 / 52
2026 3.80 3.20 29.2 29.7 0.06 1.24 19.9 21.1 1.14 10.2 11.3 — 6,859 6,859 0.27 0.11 3.34 6,885 2027 1.43 1.18 9.98 15.5 0.03 0.34 0.75 1.09 0.31 0.18 0.49 — 3,456 3,456 0.13 0.10 3.01 3,492 2028 1.37 1.13 9.47 15.4 0.03 0.30 0.75 1.06 0.28 0.18 0.46 — 3,435 3,435 0.13 0.08 2.70 3,465 2029 30.2 30.1 9.11 15.2 0.03 0.28 0.75 1.03 0.26 0.18 0.44 — 3,413 3,413 0.13 0.08 2.40 3,443 Daily -
Winter
(Max)
——————————————————
2026 3.80 3.20 29.2 29.6 0.05 1.24 19.9 21.1 1.14 10.2 11.3 — 5,515 5,515 0.22 0.11 0.09 5,536 2027 1.43 1.18 10.00 15.2 0.03 0.34 0.75 1.09 0.31 0.18 0.49 — 3,426 3,426 0.13 0.10 0.08 3,460 2028 1.37 1.13 9.51 15.1 0.03 0.30 0.75 1.06 0.28 0.18 0.46 — 3,406 3,406 0.13 0.10 0.07 3,440 2029 30.2 30.1 9.13 14.9 0.03 0.28 0.75 1.03 0.26 0.18 0.44 — 3,384 3,384 0.13 0.10 0.06 3,418 Average
Daily
——————————————————
2026 1.87 1.58 13.8 15.4 0.03 0.56 3.82 4.37 0.51 1.66 2.17 — 3,336 3,336 0.13 0.05 0.56 3,355 2027 1.02 0.84 7.16 10.9 0.02 0.24 0.53 0.77 0.22 0.13 0.35 — 2,453 2,453 0.09 0.07 0.93 2,478 2028 0.98 0.81 6.81 10.9 0.02 0.22 0.53 0.75 0.20 0.13 0.33 — 2,445 2,445 0.09 0.07 0.84 2,470 2029 5.10 5.00 3.98 6.54 0.01 0.13 0.28 0.41 0.12 0.07 0.18 — 1,361 1,361 0.05 0.04 0.38 1,373 A n n u a l ——————————————————
2026 0.34 0.29 2.52 2.81 0.01 0.10 0.70 0.80 0.09 0.30 0.40 — 552 552 0.02 0.01 0.09 555 2027 0.19 0.15 1.31 1.99 < 0.005 0.04 0.10 0.14 0.04 0.02 0.06 — 406 406 0.01 0.01 0.15 410 2028 0.18 0.15 1.24 1.98 < 0.005 0.04 0.10 0.14 0.04 0.02 0.06 — 405 405 0.02 0.01 0.14 409 2029 0.93 0.91 0.73 1.19 < 0.005 0.02 0.05 0.07 0.02 0.01 0.03 — 225 225 0.01 0.01 0.06 227

2.4. Operations Emissions Compared Against Thresholds
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Un/Mit. TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
U n m i t . 4 5 . 74 1 . 84 . 1 57 6 . 30 . 1 89 . 6 70 . 0 09 . 6 79 . 5 00 . 0 09 . 5 01 , 3 7 2 5 , 1 4 3 6 , 5 1 5 1 5 . 70 . 0 81 . 8 76 , 9 3 4 Single Family Residence Detailed Report, 11/13/2024
10 / 52
Daily,
Winter
(Max)
——————————————————
U n m i t . 4 5 . 04 1 . 14 . 0 86 8 . 70 . 1 89 . 6 70 . 0 09 . 6 79 . 5 00 . 0 09 . 5 01 , 3 7 2 5 , 1 2 2 6 , 4 9 4 1 5 . 70 . 0 81 . 8 76 , 9 1 4 Average
Daily
(Max)
——————————————————
Unmit. 9.34 8.98 1.54 10.4 0.02 0.76 0.00 0.76 0.75 0.00 0.75 203 2,902 3,105 12.2 0.04 1.87 3,425 Annual
(Max)
——————————————————
Unmit. 1.70 1.64 0.28 1.90 < 0.005 0.14 0.00 0.14 0.14 0.00 0.14 33.6 480 514 2.02 0.01 0.31 567

2.5. Operations Emissions by Sector, Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Sector TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Mobile 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Area 45.6 41.7 2.85 75.8 0.17 9.57 — 9.57 9.39 — 9.39 1,255 2,419 3,674 3.74 0.05 — 3,781 Energy 0.15 0.08 1.30 0.55 0.01 0.10 — 0.10 0.10 — 0.10 — 2,566 2,566 0.23 0.01 — 2,576 W a t e r ———————————9 . 6 4 1 5 8 1 6 7 1 . 0 0 0 . 0 3 —2 0 0 W a s t e ———————————1 0 7 0 . 0 0 1 0 7 1 0 . 7 0 . 0 0 —3 7 5 R e f r i g . ————————————————1 . 8 7 1 . 8 7
Total 45.7 41.8 4.15 76.3 0.18 9.67 0.00 9.67 9.50 0.00 9.50 1,372 5,143 6,515 15.7 0.08 1.87 6,934 Daily,
Winter
(Max)
——————————————————
Mobile 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Area 44.9 41.1 2.78 68.1 0.17 9.57 — 9.57 9.39 — 9.39 1,255 2,398 3,653 3.74 0.05 — 3,761 Energy 0.15 0.08 1.30 0.55 0.01 0.10 — 0.10 0.10 — 0.10 — 2,566 2,566 0.23 0.01 — 2,576 Single Family Residence Detailed Report, 11/13/2024
11 / 52
W a t e r ———————————9 . 6 4 1 5 8 1 6 7 1 . 0 0 0 . 0 3 —2 0 0 W a s t e ———————————1 0 7 0 . 0 0 1 0 7 1 0 . 7 0 . 0 0 —3 7 5 R e f r i g . ————————————————1 . 8 7 1 . 8 7
Total 45.0 41.1 4.08 68.7 0.18 9.67 0.00 9.67 9.50 0.00 9.50 1,372 5,122 6,494 15.7 0.08 1.87 6,914 Average
Daily
——————————————————
Mobile 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Area 9.19 8.90 0.24 9.88 0.01 0.66 — 0.66 0.65 — 0.65 86.0 178 264 0.26 < 0.005 — 272 Energy 0.15 0.08 1.30 0.55 0.01 0.10 — 0.10 0.10 — 0.10 — 2,566 2,566 0.23 0.01 — 2,576 W a t e r ———————————9 . 6 4 1 5 8 1 6 7 1 . 0 0 0 . 0 3 —2 0 0 W a s t e ———————————1 0 7 0 . 0 0 1 0 7 1 0 . 7 0 . 0 0 —3 7 5 R e f r i g . ————————————————1 . 8 7 1 . 8 7
Total 9.34 8.98 1.54 10.4 0.02 0.76 0.00 0.76 0.75 0.00 0.75 203 2,902 3,105 12.2 0.04 1.87 3,425 A n n u a l ——————————————————
Mobile 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Area 1.68 1.62 0.04 1.80 < 0.005 0.12 — 0.12 0.12 — 0.12 14.2 29.5 43.7 0.04 < 0.005 — 45.0 Energy 0.03 0.01 0.24 0.10 < 0.005 0.02 — 0.02 0.02 — 0.02 — 425 425 0.04 < 0.005 — 427 W a t e r ———————————1 . 6 0 2 6 . 1 2 7 . 7 0 . 1 7 < 0 . 0 0 5 —3 3 . 1 W a s t e ———————————1 7 . 8 0 . 0 0 1 7 . 8 1 . 7 7 0 . 0 0 —6 2 . 1 R e f r i g . ————————————————0 . 3 1 0 . 3 1
Total 1.70 1.64 0.28 1.90 < 0.005 0.14 0.00 0.14 0.14 0.00 0.14 33.6 480 514 2.02 0.01 0.31 567

3. Construction Emissions Details

3.1. Demolition (2026) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Single Family Residence Detailed Report, 11/13/2024
12 / 52
Daily,
Summer
(Max)
——————————————————
Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

2.72 2.29 20.7 19.0 0.03 0.84 — 0.84 0.78 — 0.78 — 3,427 3,427 0.14 0.03 — 3,438 Demoliti
on
——————0 . 0 0 0 . 0 0 —0 . 0 0 0 . 0 0 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.37 0.31 2.83 2.60 < 0.005 0.12 — 0.12 0.11 — 0.11 — 469 469 0.02 < 0.005 — 471 Demoliti
on
——————0 . 0 0 0 . 0 0 —0 . 0 0 0 . 0 0 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.07 0.06 0.52 0.48 < 0.005 0.02 — 0.02 0.02 — 0.02 — 77.7 77.7 < 0.005 < 0.005 — 78.0 Demoliti
on
——————0 . 0 0 0 . 0 0 —0 . 0 0 0 . 0 0 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Single Family Residence Detailed Report, 11/13/2024
13 / 52
Daily,
Winter
(Max)
——————————————————
Worker 0.05 0.05 0.05 0.68 0.00 0.00 0.20 0.20 0.00 0.05 0.05 — 186 186 < 0.005 0.01 0.02 188 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker 0.01 0.01 0.01 0.10 0.00 0.00 0.03 0.03 0.00 0.01 0.01 — 25.8 25.8 < 0.005 < 0.005 0.04 26.2 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker < 0.005 < 0.005 < 0.005 0.02 0.00 0.00 < 0.005 < 0.005 0.00 < 0.005 < 0.005 — 4.27 4.27 < 0.005 < 0.005 0.01 4.33 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.3. Site Preparation (2026) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

3.74 3.14 29.2 28.8 0.05 1.24 — 1.24 1.14 — 1.14 — 5,298 5,298 0.21 0.04 — 5,316 Dust
From
Material
Movement
——————1 9 . 7 1 9 . 7 —1 0 . 1 1 0 . 1 ———————
Single Family Residence Detailed Report, 11/13/2024
14 / 52

0.000.000.000.000.000.00—0.000.000.000.000.000.000.000.000.000.000.00Onsite truck
Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

3.74 3.14 29.2 28.8 0.05 1.24 — 1.24 1.14 — 1.14 — 5,298 5,298 0.21 0.04 — 5,316 Dust
From
Material
Movement
——————1 9 . 7 1 9 . 7 —1 0 . 1 1 0 . 1 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.31 0.26 2.40 2.37 < 0.005 0.10 — 0.10 0.09 — 0.09 — 435 435 0.02 < 0.005 — 437 Dust
From
Material
Movement
——————1 . 6 2 1 . 6 2 —0 . 8 3 0 . 8 3 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.06 0.05 0.44 0.43 < 0.005 0.02 — 0.02 0.02 — 0.02 — 72.1 72.1 < 0.005 < 0.005 — 72.3 Dust
From
Material
Movement
——————0 . 2 9 0 . 2 9 —0 . 1 5 0 . 1 5 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Single Family Residence Detailed Report, 11/13/2024
15 / 52
Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.06 0.06 0.05 0.92 0.00 0.00 0.23 0.23 0.00 0.05 0.05 — 228 228 < 0.005 0.01 0.79 231 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Worker 0.06 0.06 0.06 0.80 0.00 0.00 0.23 0.23 0.00 0.05 0.05 — 217 217 < 0.005 0.01 0.02 219 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker < 0.005 < 0.005 0.01 0.07 0.00 0.00 0.02 0.02 0.00 < 0.005 < 0.005 — 18.1 18.1 < 0.005 < 0.005 0.03 18.3 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker < 0.005 < 0.005 < 0.005 0.01 0.00 0.00 < 0.005 < 0.005 0.00 < 0.005 < 0.005 — 2.99 2.99 < 0.005 < 0.005 < 0.005 3.03 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.5. Grading (2026) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Single Family Residence Detailed Report, 11/13/2024
16 / 52
6,621—0.050.276,5996,599—1.03—1.031.12—1.120.0627.627.23.043.62Off-Roa d
Dust
From
Material
Movement
——————9 . 2 0 9 . 2 0 —3 . 6 5 3 . 6 5 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.74 0.63 5.59 5.67 0.01 0.23 — 0.23 0.21 — 0.21 — 1,356 1,356 0.06 0.01 — 1,361 Dust
From
Material
Movement
——————1 . 8 9 1 . 8 9 —0 . 7 5 0 . 7 5 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.14 0.11 1.02 1.03 < 0.005 0.04 — 0.04 0.04 — 0.04 — 224 224 0.01 < 0.005 — 225 Dust
From
Material
Movement
——————0 . 3 5 0 . 3 5 —0 . 1 4 0 . 1 4 ———————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Single Family Residence Detailed Report, 11/13/2024
17 / 52
——————————————————Daily,
Summer
(Max)
Worker 0.07 0.07 0.06 1.05 0.00 0.00 0.26 0.26 0.00 0.06 0.06 — 260 260 < 0.005 0.01 0.91 264 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Average
Daily
——————————————————
Worker 0.01 0.01 0.01 0.19 0.00 0.00 0.05 0.05 0.00 0.01 0.01 — 51.6 51.6 < 0.005 < 0.005 0.08 52.3 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker < 0.005 < 0.005 < 0.005 0.04 0.00 0.00 0.01 0.01 0.00 < 0.005 < 0.005 — 8.55 8.55 < 0.005 < 0.005 0.01 8.66 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.7. Building Construction (2026) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.28 1.07 9.85 13.0 0.02 0.38 — 0.38 0.35 — 0.35 — 2,397 2,397 0.10 0.02 — 2,405 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Single Family Residence Detailed Report, 11/13/2024
18 / 52
Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.28 1.07 9.85 13.0 0.02 0.38 — 0.38 0.35 — 0.35 — 2,397 2,397 0.10 0.02 — 2,405 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.36 0.30 2.80 3.68 0.01 0.11 — 0.11 0.10 — 0.10 — 680 680 0.03 0.01 — 683 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.07 0.06 0.51 0.67 < 0.005 0.02 — 0.02 0.02 — 0.02 — 113 113 < 0.005 < 0.005 — 113 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.17 0.16 0.15 2.54 0.00 0.00 0.63 0.63 0.00 0.15 0.15 — 628 628 0.01 0.02 2.18 637 Vendor 0.04 0.01 0.46 0.23 < 0.005 < 0.005 0.12 0.13 < 0.005 0.03 0.04 — 449 449 0.02 0.06 1.16 470 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Worker 0.17 0.16 0.17 2.19 0.00 0.00 0.63 0.63 0.00 0.15 0.15 — 598 598 0.01 0.02 0.06 605 Single Family Residence Detailed Report, 11/13/2024
19 / 52
Vendor 0.03 0.01 0.48 0.23 < 0.005 < 0.005 0.12 0.13 < 0.005 0.03 0.04 — 450 450 0.02 0.06 0.03 469 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker 0.05 0.05 0.05 0.65 0.00 0.00 0.18 0.18 0.00 0.04 0.04 — 172 172 < 0.005 0.01 0.27 174 Vendor 0.01 < 0.005 0.14 0.07 < 0.005 < 0.005 0.03 0.04 < 0.005 0.01 0.01 — 128 128 0.01 0.02 0.14 133 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker 0.01 0.01 0.01 0.12 0.00 0.00 0.03 0.03 0.00 0.01 0.01 — 28.5 28.5 < 0.005 < 0.005 0.04 28.8 Vendor < 0.005 < 0.005 0.02 0.01 < 0.005 < 0.005 0.01 0.01 < 0.005 < 0.005 < 0.005 — 21.1 21.1 < 0.005 < 0.005 0.02 22.0 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.9. Building Construction (2027) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.23 1.03 9.39 12.9 0.02 0.34 — 0.34 0.31 — 0.31 — 2,397 2,397 0.10 0.02 — 2,405 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.23 1.03 9.39 12.9 0.02 0.34 — 0.34 0.31 — 0.31 — 2,397 2,397 0.10 0.02 — 2,405 Single Family Residence Detailed Report, 11/13/2024
20 / 52
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.88 0.74 6.71 9.24 0.02 0.24 — 0.24 0.22 — 0.22 — 1,712 1,712 0.07 0.01 — 1,718 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.16 0.13 1.22 1.69 < 0.005 0.04 — 0.04 0.04 — 0.04 — 283 283 0.01 < 0.005 — 284 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.16 0.14 0.14 2.39 0.00 0.00 0.63 0.63 0.00 0.15 0.15 — 618 618 0.01 0.02 1.96 627 Vendor 0.03 0.01 0.44 0.22 < 0.005 < 0.005 0.12 0.13 < 0.005 0.03 0.04 — 441 441 0.02 0.06 1.05 461 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Worker 0.16 0.14 0.15 2.05 0.00 0.00 0.63 0.63 0.00 0.15 0.15 — 588 588 0.01 0.02 0.05 595 Vendor 0.03 0.01 0.46 0.22 < 0.005 < 0.005 0.12 0.13 < 0.005 0.03 0.04 — 441 441 0.02 0.06 0.03 460 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker 0.11 0.10 0.12 1.53 0.00 0.00 0.45 0.45 0.00 0.10 0.10 — 426 426 0.01 0.02 0.60 431 Vendor 0.02 0.01 0.33 0.16 < 0.005 < 0.005 0.09 0.09 < 0.005 0.02 0.03 — 315 315 0.02 0.04 0.32 329 Single Family Residence Detailed Report, 11/13/2024
21 / 52
Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker 0.02 0.02 0.02 0.28 0.00 0.00 0.08 0.08 0.00 0.02 0.02 — 70.5 70.5 < 0.005 < 0.005 0.10 71.4 Vendor < 0.005 < 0.005 0.06 0.03 < 0.005 < 0.005 0.02 0.02 < 0.005 < 0.005 < 0.005 — 52.2 52.2 < 0.005 0.01 0.05 54.4 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.11. Building Construction (2028) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.18 0.99 8.92 12.9 0.02 0.30 — 0.30 0.28 — 0.28 — 2,397 2,397 0.10 0.02 — 2,406 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.18 0.99 8.92 12.9 0.02 0.30 — 0.30 0.28 — 0.28 — 2,397 2,397 0.10 0.02 — 2,406 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.85 0.71 6.39 9.26 0.02 0.22 — 0.22 0.20 — 0.20 — 1,717 1,717 0.07 0.01 — 1,723 Single Family Residence Detailed Report, 11/13/2024
22 / 52
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.15 0.13 1.17 1.69 < 0.005 0.04 — 0.04 0.04 — 0.04 — 284 284 0.01 < 0.005 — 285 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.16 0.13 0.12 2.25 0.00 0.00 0.63 0.63 0.00 0.15 0.15 — 607 607 0.01 < 0.005 1.75 609 Vendor 0.03 0.01 0.42 0.21 < 0.005 < 0.005 0.12 0.13 < 0.005 0.03 0.04 — 431 431 0.02 0.06 0.95 450 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Worker 0.16 0.13 0.15 1.93 0.00 0.00 0.63 0.63 0.00 0.15 0.15 — 577 577 0.01 0.02 0.05 584 Vendor 0.03 0.01 0.44 0.22 < 0.005 < 0.005 0.12 0.13 < 0.005 0.03 0.04 — 431 431 0.02 0.06 0.02 450 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker 0.11 0.10 0.10 1.45 0.00 0.00 0.45 0.45 0.00 0.10 0.10 — 419 419 0.01 0.02 0.54 425 Vendor 0.02 0.01 0.32 0.15 < 0.005 < 0.005 0.09 0.09 < 0.005 0.02 0.03 — 309 309 0.02 0.04 0.29 322 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker 0.02 0.02 0.02 0.26 0.00 0.00 0.08 0.08 0.00 0.02 0.02 — 69.4 69.4 < 0.005 < 0.005 0.09 70.3 Vendor < 0.005 < 0.005 0.06 0.03 < 0.005 < 0.005 0.02 0.02 < 0.005 < 0.005 < 0.005 — 51.1 51.1 < 0.005 0.01 0.05 53.3 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Single Family Residence Detailed Report, 11/13/2024
23 / 52

3.13. Building Construction (2029) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.15 0.97 8.58 12.9 0.02 0.28 — 0.28 0.25 — 0.25 — 2,397 2,397 0.10 0.02 — 2,405 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

1.15 0.97 8.58 12.9 0.02 0.28 — 0.28 0.25 — 0.25 — 2,397 2,397 0.10 0.02 — 2,405 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.36 0.30 2.70 4.06 0.01 0.09 — 0.09 0.08 — 0.08 — 755 755 0.03 0.01 — 758 Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.07 0.06 0.49 0.74 < 0.005 0.02 — 0.02 0.01 — 0.01 — 125 125 0.01 < 0.005 — 125 Single Family Residence Detailed Report, 11/13/2024
24 / 52
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.15 0.13 0.12 2.12 0.00 0.00 0.63 0.63 0.00 0.15 0.15 — 596 596 0.01 < 0.005 1.56 599 Vendor 0.03 0.01 0.40 0.20 < 0.005 < 0.005 0.12 0.13 < 0.005 0.03 0.04 — 419 419 0.02 0.06 0.85 439 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Worker 0.15 0.13 0.12 1.82 0.00 0.00 0.63 0.63 0.00 0.15 0.15 — 568 568 0.01 0.02 0.04 575 Vendor 0.03 0.01 0.42 0.21 < 0.005 < 0.005 0.12 0.13 < 0.005 0.03 0.04 — 420 420 0.02 0.06 0.02 438 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker 0.05 0.04 0.04 0.60 0.00 0.00 0.20 0.20 0.00 0.05 0.05 — 181 181 < 0.005 0.01 0.21 184 Vendor 0.01 < 0.005 0.13 0.06 < 0.005 < 0.005 0.04 0.04 < 0.005 0.01 0.01 — 132 132 0.01 0.02 0.12 138 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker 0.01 0.01 0.01 0.11 0.00 0.00 0.04 0.04 0.00 0.01 0.01 — 30.0 30.0 < 0.005 < 0.005 0.04 30.4 Vendor < 0.005 < 0.005 0.02 0.01 < 0.005 < 0.005 0.01 0.01 < 0.005 < 0.005 < 0.005 — 21.9 21.9 < 0.005 < 0.005 0.02 22.9 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.15. Paving (2029) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Single Family Residence Detailed Report, 11/13/2024
25 / 52
——————————————————Daily,
Summer
(Max)
Off-Roa
d
Equipm
ent

0.80 0.67 6.46 9.92 0.01 0.24 — 0.24 0.22 — 0.22 — 1,511 1,511 0.06 0.01 — 1,516 P a v i n g 0 . 0 6 0 . 0 6 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.12 0.10 0.97 1.49 < 0.005 0.04 — 0.04 0.03 — 0.03 — 228 228 0.01 < 0.005 — 228 P a v i n g 0 . 0 1 0 . 0 1 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent

0.02 0.02 0.18 0.27 < 0.005 0.01 — 0.01 0.01 — 0.01 — 37.7 37.7 < 0.005 < 0.005 — 37.8 P a v i n g < 0 . 0 0 5 < 0 . 0 0 5 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Daily,
Summer
(Max)
——————————————————
Worker 0.05 0.04 0.04 0.66 0.00 0.00 0.20 0.20 0.00 0.05 0.05 — 185 185 < 0.005 < 0.005 0.48 186 Single Family Residence Detailed Report, 11/13/2024
26 / 52
Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Average
Daily
——————————————————
Worker 0.01 0.01 0.01 0.09 0.00 0.00 0.03 0.03 0.00 0.01 0.01 — 27.0 27.0 < 0.005 < 0.005 0.03 27.3 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker < 0.005 < 0.005 < 0.005 0.02 0.00 0.00 0.01 0.01 0.00 < 0.005 < 0.005 — 4.46 4.46 < 0.005 < 0.005 0.01 4.52 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

3.17. Architectural Coating (2029) - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Location TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e O n s i t e ——————————————————
Daily,
Summer
(Max)
——————————————————
Off-Roa
d
Equipm
ent

0.12 0.10 0.79 1.11 < 0.005 0.01 — 0.01 0.01 — 0.01 — 134 134 0.01 < 0.005 — 134 Architect
ural
Coating
s
3 0 . 0 3 0 . 0 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Single Family Residence Detailed Report, 11/13/2024
27 / 52
Daily,
Winter
(Max)
——————————————————
Off-Roa
d
Equipm
ent

0.12 0.10 0.79 1.11 < 0.005 0.01 — 0.01 0.01 — 0.01 — 134 134 0.01 < 0.005 — 134 Architect
ural
Coating
s
3 0 . 0 3 0 . 0 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Off-Roa
d
Equipm
ent

0.02 0.02 0.12 0.17 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 20.1 20.1 < 0.005 < 0.005 — 20.2 Architect
ural
Coating
s
4 . 5 2 4 . 5 2 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Off-Roa
d
Equipm
ent
< 0.005 < 0.005 0.02 0.03 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 3.33 3.33 < 0.005 < 0.005 — 3.34 Architect
ural
Coating
s
0 . 8 3 0 . 8 3 ————————————————
Onsite
truck

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Offsite ——————————————————
Single Family Residence Detailed Report, 11/13/2024
28 / 52
Daily,
Summer
(Max)
——————————————————
Worker 0.03 0.03 0.02 0.42 0.00 0.00 0.13 0.13 0.00 0.03 0.03 — 119 119 < 0.005 < 0.005 0.31 120 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Daily,
Winter
(Max)
——————————————————
Worker 0.03 0.03 0.02 0.36 0.00 0.00 0.13 0.13 0.00 0.03 0.03 — 114 114 < 0.005 < 0.005 0.01 115 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Average
Daily
——————————————————
Worker < 0.005 < 0.005 < 0.005 0.06 0.00 0.00 0.02 0.02 0.00 < 0.005 < 0.005 — 17.3 17.3 < 0.005 < 0.005 0.02 17.6 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 A n n u a l ——————————————————
Worker < 0.005 < 0.005 < 0.005 0.01 0.00 0.00 < 0.005 < 0.005 0.00 < 0.005 < 0.005 — 2.87 2.87 < 0.005 < 0.005 < 0.005 2.91 Vendor 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00 Hauling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 0.00 0.00 0.00 0.00

4. Operations Emissions Details

4.1. Mobile Emissions by Land Use

4.1.1. Unmitigated
Mobile source emissions results are presented in Sections 2.6. No further detailed breakdown of emissions is available.

4.2. Energy
Single Family Residence Detailed Report, 11/13/2024
29 / 52

4.2.1. Electricity Emissions By Land Use - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Single
Family
Housing
————————————8 7 6 8 7 6 0 . 0 8 0 . 0 1 —8 8 1
Parking
Lot
————————————4 3 . 6 4 3 . 6 < 0 . 0 0 5 < 0 . 0 0 5 —4 3 . 9 T o t a l ————————————9 2 0 9 2 0 0 . 0 9 0 . 0 1 —9 2 5 Daily,
Winter
(Max)
——————————————————
Single
Family
Housing
————————————8 7 6 8 7 6 0 . 0 8 0 . 0 1 —8 8 1
Parking
Lot
————————————4 3 . 6 4 3 . 6 < 0 . 0 0 5 < 0 . 0 0 5 —4 3 . 9 T o t a l ————————————9 2 0 9 2 0 0 . 0 9 0 . 0 1 —9 2 5 A n n u a l ——————————————————
Single
Family
Housing
————————————1 4 5 1 4 5 0 . 0 1 < 0 . 0 0 5 —1 4 6
Parking
Lot
————————————7 . 2 3 7 . 2 3 < 0 . 0 0 5 < 0 . 0 0 5 —7 . 2 7 T o t a l ————————————1 5 2 1 5 2 0 . 0 1 < 0 . 0 0 5 —1 5 3

4.2.3. Natural Gas Emissions By Land Use - Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Single Family Residence Detailed Report, 11/13/2024
30 / 52
CO2eRN2OCH4CO2TNBCO2BCO2PM2.5TPM2.5DPM2.5EPM10TPM10DPM10ESO2CONOxROGTOGLand Use
Daily,
Summer
(Max)
——————————————————
Single
Family
Housing

0.15 0.08 1.30 0.55 0.01 0.10 — 0.10 0.10 — 0.10 — 1,646 1,646 0.15 < 0.005 — 1,651 Parking
Lot

0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 — 0.00 — 0.00 0.00 0.00 0.00 — 0.00 Total 0.15 0.08 1.30 0.55 0.01 0.10 — 0.10 0.10 — 0.10 — 1,646 1,646 0.15 < 0.005 — 1,651 Daily,
Winter
(Max)
——————————————————
Single
Family
Housing

0.15 0.08 1.30 0.55 0.01 0.10 — 0.10 0.10 — 0.10 — 1,646 1,646 0.15 < 0.005 — 1,651 Parking
Lot

0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 — 0.00 — 0.00 0.00 0.00 0.00 — 0.00 Total 0.15 0.08 1.30 0.55 0.01 0.10 — 0.10 0.10 — 0.10 — 1,646 1,646 0.15 < 0.005 — 1,651 A n n u a l ——————————————————
Single
Family
Housing

0.03 0.01 0.24 0.10 < 0.005 0.02 — 0.02 0.02 — 0.02 — 273 273 0.02 < 0.005 — 273 Parking
Lot

0.00 0.00 0.00 0.00 0.00 0.00 — 0.00 0.00 — 0.00 — 0.00 0.00 0.00 0.00 — 0.00 Total 0.03 0.01 0.24 0.10 < 0.005 0.02 — 0.02 0.02 — 0.02 — 273 273 0.02 < 0.005 — 273

4.3. Area Emissions by Source

4.3.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Source TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Single Family Residence Detailed Report, 11/13/2024
31 / 52
——————————————————Daily,
Summer
(Max)
Hearths 38.8 35.0 2.78 68.1 0.17 9.57 — 9.57 9.39 — 9.39 1,255 2,398 3,653 3.74 0.05 — 3,761 Consum
er
Product
s
5 . 6 0 5 . 6 0 ————————————————
Architect
ural
Coating
s
0 . 4 5 0 . 4 5 ————————————————
Landsca
pe
Equipm
ent

0.70 0.67 0.07 7.61 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 20.3 20.3 < 0.005 < 0.005 — 20.4 Total 45.6 41.7 2.85 75.8 0.17 9.57 — 9.57 9.39 — 9.39 1,255 2,419 3,674 3.74 0.05 — 3,781 Daily,
Winter
(Max)
——————————————————
Hearths 38.8 35.0 2.78 68.1 0.17 9.57 — 9.57 9.39 — 9.39 1,255 2,398 3,653 3.74 0.05 — 3,761 Consum
er
Product
s
5 . 6 0 5 . 6 0 ————————————————
Architect
ural
Coating
s
0 . 4 5 0 . 4 5 ————————————————
Total 44.9 41.1 2.78 68.1 0.17 9.57 — 9.57 9.39 — 9.39 1,255 2,398 3,653 3.74 0.05 — 3,761 A n n u a l ——————————————————
Hearths 0.49 0.44 0.03 0.85 < 0.005 0.12 — 0.12 0.12 — 0.12 14.2 27.2 41.4 0.04 < 0.005 — 42.6 Consum
er
Product
s
1 . 0 2 1 . 0 2 ————————————————
Single Family Residence Detailed Report, 11/13/2024
32 / 52
————————————————0.080.08Architect
ural
Landsca
pe
Equipm
ent

0.09 0.08 0.01 0.95 < 0.005 < 0.005 — < 0.005 < 0.005 — < 0.005 — 2.30 2.30 < 0.005 < 0.005 — 2.31 Total 1.68 1.62 0.04 1.80 < 0.005 0.12 — 0.12 0.12 — 0.12 14.2 29.5 43.7 0.04 < 0.005 — 45.0

4.4. Water Emissions by Land Use

4.4.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Single
Family
Housing
———————————9 . 6 4 1 5 8 1 6 7 1 . 0 0 0 . 0 3 —2 0 0
Parking
Lot
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————9 . 6 4 1 5 8 1 6 7 1 . 0 0 0 . 0 3 —2 0 0 Daily,
Winter
(Max)
——————————————————
Single
Family
Housing
———————————9 . 6 4 1 5 8 1 6 7 1 . 0 0 0 . 0 3 —2 0 0
Parking
Lot
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————9 . 6 4 1 5 8 1 6 7 1 . 0 0 0 . 0 3 —2 0 0 A n n u a l ——————————————————
Single Family Residence Detailed Report, 11/13/2024
33 / 52

33.1—< 0.0050.1727.726.11.60———————————Single
Family
Housing
Parking
Lot
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————1 . 6 0 2 6 . 1 2 7 . 7 0 . 1 7 < 0 . 0 0 5 —3 3 . 1

4.5. Waste Emissions by Land Use

4.5.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Single
Family
Housing
———————————1 0 7 0 . 0 0 1 0 7 1 0 . 7 0 . 0 0 —3 7 5
Parking
Lot
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————1 0 7 0 . 0 0 1 0 7 1 0 . 7 0 . 0 0 —3 7 5 Daily,
Winter
(Max)
——————————————————
Single
Family
Housing
———————————1 0 7 0 . 0 0 1 0 7 1 0 . 7 0 . 0 0 —3 7 5
Parking
Lot
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————1 0 7 0 . 0 0 1 0 7 1 0 . 7 0 . 0 0 —3 7 5 A n n u a l ——————————————————
Single Family Residence Detailed Report, 11/13/2024
34 / 52

62.1—0.001.7717.80.0017.8———————————Single
Family
Housing
Parking
Lot
———————————0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 0 . 0 0 —0 . 0 0 T o t a l ———————————1 7 . 8 0 . 0 0 1 7 . 8 1 . 7 7 0 . 0 0 —6 2 . 1

4.6. Refrigerant Emissions by Land Use

4.6.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Single
Family
Housing
————————————————1 . 8 7 1 . 8 7
T o t a l ————————————————1 . 8 7 1 . 8 7
Daily,
Winter
(Max)
——————————————————
Single
Family
Housing
————————————————1 . 8 7 1 . 8 7
T o t a l ————————————————1 . 8 7 1 . 8 7
A n n u a l ——————————————————
Single
Family
Housing
————————————————0 . 3 1 0 . 3 1
T o t a l ————————————————0 . 3 1 0 . 3 1
Single Family Residence Detailed Report, 11/13/2024
35 / 52

4.7. Offroad Emissions By Equipment Type

4.7.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Equipm
ent
Type
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Daily,
Winter
(Max)
——————————————————
T o t a l ——————————————————
A n n u a l ——————————————————
T o t a l ——————————————————

4.8. Stationary Emissions By Equipment Type

4.8.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Equipm
ent
Type
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Daily,
Winter
(Max)
——————————————————
T o t a l ——————————————————
Single Family Residence Detailed Report, 11/13/2024
36 / 52
A n n u a l ——————————————————
T o t a l ——————————————————

4.9. User Defined Emissions By Equipment Type

4.9.1. Unmitigated
Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Equipm
ent
Type
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Daily,
Winter
(Max)
——————————————————
T o t a l ——————————————————
A n n u a l ——————————————————
T o t a l ——————————————————

4.10. Soil Carbon Accumulation By Vegetation Type

4.10.1. Soil Carbon Accumulation By Vegetation Type - Unmitigated Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Vegetati
on
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Single Family Residence Detailed Report, 11/13/2024
37 / 52
——————————————————Daily,
Winter
(Max)
T o t a l ——————————————————
A n n u a l ——————————————————
T o t a l ——————————————————

4.10.2. Above and Belowground Carbon Accumulation by Land Use Type - Unmitigated Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Land
Use
TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
T o t a l ——————————————————
Daily,
Winter
(Max)
——————————————————
T o t a l ——————————————————
A n n u a l ——————————————————
T o t a l ——————————————————

4.10.3. Avoided and Sequestered Emissions by Species - Unmitigated Criteria Pollutants (lb/day for daily, ton/yr for annual) and GHGs (lb/day for daily, MT/yr for annual) Species TOG ROG NOx CO SO2 PM10E PM10D PM10T PM2.5E PM2.5D PM2.5T BCO2 NBCO2 CO2T CH4 N2O R CO2e Daily,
Summer
(Max)
——————————————————
Avoided ——————————————————
S u b t o t a l ——————————————————
Sequest
ered
——————————————————
Single Family Residence Detailed Report, 11/13/2024
38 / 52
S u b t o t a l ——————————————————
Remove
d
——————————————————
S u b t o t a l ——————————————————
———————————————————
Daily,
Winter
(Max)
——————————————————
Avoided ——————————————————
S u b t o t a l ——————————————————
Sequest
ered
——————————————————
S u b t o t a l ——————————————————
Remove
d
——————————————————
S u b t o t a l ——————————————————
———————————————————
A n n u a l ——————————————————
Avoided ——————————————————
S u b t o t a l ——————————————————
Sequest
ered
——————————————————
S u b t o t a l ——————————————————
Remove
d
——————————————————
S u b t o t a l ——————————————————
———————————————————

5. Activity Data
Single Family Residence Detailed Report, 11/13/2024
39 / 52

5.1. Construction Schedule
Phase Name Phase Type Start Date End Date Days Per Week Work Days per Phase Phase Description Demolition Demolition 1/1/2026 3/12/2026 5.00 50.0 —
Site Preparation Site Preparation 3/13/2026 4/24/2026 5.00 30.0 — Grading Grading 4/25/2026 8/8/2026 5.00 75.0 —
Building Construction Building Construction 8/9/2026 6/10/2029 5.00 740 — Paving Paving 6/11/2029 8/27/2029 5.00 55.0 —
Architectural Coating Architectural Coating 8/28/2029 11/13/2029 5.00 55.0 —

5.2. Off-Road Equipment

5.2.1. Unmitigated
Phase Name Equipment Type Fuel Type Engine Tier Number per Day Hours Per Day Horsepower Load Factor Demolition Concrete/Industrial
Saws
Diesel Average 1.00 8.00 33.0 0.73
Demolition Excavators Diesel Average 3.00 8.00 36.0 0.38 Demolition Rubber Tired Dozers Diesel Average 2.00 8.00 367 0.40 Site Preparation Rubber Tired Dozers Diesel Average 3.00 8.00 367 0.40 Site Preparation Tractors/Loaders/Back
hoes
Diesel Average 4.00 8.00 84.0 0.37
Grading Excavators Diesel Average 2.00 8.00 36.0 0.38
Grading Graders Diesel Average 1.00 8.00 148 0.41
Grading Rubber Tired Dozers Diesel Average 1.00 8.00 367 0.40 Grading Scrapers Diesel Average 2.00 8.00 423 0.48
Grading Tractors/Loaders/Back
hoes
Diesel Average 2.00 8.00 84.0 0.37
Building Construction Cranes Diesel Average 1.00 7.00 367 0.29 Building Construction Forklifts Diesel Average 3.00 8.00 82.0 0.20 Building Construction Generator Sets Diesel Average 1.00 8.00 14.0 0.74 Single Family Residence Detailed Report, 11/13/2024
40 / 52
Building Construction Tractors/Loaders/Back Diesel Average 3.00 7.00 84.0 0.37 Building Construction Welders Diesel Average 1.00 8.00 46.0 0.45 Paving Pavers Diesel Average 2.00 8.00 81.0 0.42
Paving Paving Equipment Diesel Average 2.00 8.00 89.0 0.36 Paving Rollers Diesel Average 2.00 8.00 36.0 0.38
Architectural Coating Air Compressors Diesel Average 1.00 6.00 37.0 0.48

5.3. Construction Vehicles

5.3.1. Unmitigated
Phase Name Tr ip Type One-Way Trips per Day Miles per Trip Vehicle Mix Demolition ————
Demolition Worker 15.0 18.5 LDA,LDT1,LDT2
Demolition Vendor — 10.2 HHDT,MHDT
Demolition Hauling 0.00 20.0 HHDT
Demolition Onsite truck — — HHDT
Site Preparation ————
Site Preparation Worker 17.5 18.5 LDA,LDT1,LDT2
Site Preparation Vendor — 10.2 HHDT,MHDT
Site Preparation Hauling 0.00 20.0 HHDT
Site Preparation Onsite truck — — HHDT
Grading ————
Grading Worker 20.0 18.5 LDA,LDT1,LDT2
Grading Vendor — 10.2 HHDT,MHDT
Grading Hauling 0.00 20.0 HHDT
Grading Onsite truck — — HHDT
Building Construction ————
Building Construction Worker 48.2 18.5 LDA,LDT1,LDT2
Single Family Residence Detailed Report, 11/13/2024
41 / 52
Building Construction Vendor 14.3 10.2 HHDT,MHDT
Building Construction Hauling 0.00 20.0 HHDT
Building Construction Onsite truck — — HHDT
P a v i n g ————
Paving Worker 15.0 18.5 LDA,LDT1,LDT2
Paving Vendor — 10.2 HHDT,MHDT
Paving Hauling 0.00 20.0 HHDT
Paving Onsite truck — — HHDT
Architectural Coating ————
Architectural Coating Worker 9.65 18.5 LDA,LDT1,LDT2
Architectural Coating Vendor — 10.2 HHDT,MHDT
Architectural Coating Hauling 0.00 20.0 HHDT
Architectural Coating Onsite truck — — HHDT

5.4. Vehicles

5.4.1. Construction Vehicle Control Strategies
Non-applicable. No control strategies activated by user.

5.5. Architectural Coatings
Phase Name Residential Interior Area
Coated (sq ft)
Residential Exterior Area
Coated (sq ft)
Non-Residential Interior Area
Coated (sq ft)
Non-Residential Exterior Area
Coated (sq ft)
Parking Area Coated (sq ft)
Architectural Coating 529,133 176,378 0.00 0.00 3,152

5.6. Dust Mitigation

5.6.1. Construction Earthmoving Activities
Phase Name Material Imported (cy) Material Exported (cy) Acres Graded (acres) Material Demolished (sq. ft.) Acres Paved (acres) Demolition 0.00 0.00 0.00 — —
Single Family Residence Detailed Report, 11/13/2024
42 / 52
Site Preparation — — 45.0 0.00 —
Grading — — 225 0.00 —
Paving 0.00 0.00 0.00 0.00 2.68

5.6.2. Construction Earthmoving Control Strategies
Non-applicable. No control strategies activated by user.

5.7. Construction Paving
Land Use Area Paved (acres) % Asphalt
Single Family Housing 1.48 0%
Parking Lot 1.21 100%

5.8. Construction Electricity Consumption and Emissions Factors kWh per Y ear and Emission Factor (lb/MWh)
Y ear kWh per Y ear CO2 CH4 N2O
2026 0.00 532 0.03 < 0.005
2027 0.00 532 0.03 < 0.005
2028 0.00 532 0.03 < 0.005
2029 0.00 532 0.03 < 0.005

5.9. Operational Mobile Sources

5.9.1. Unmitigated
Land Use Type Trips/Weekday Trips/Saturday Trips/Sunday Trips/Y ear VMT/Weekday VMT/Saturday VMT/Sunday VMT/Y ear Total all Land Uses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

5.10. Operational Area Sources
Single Family Residence Detailed Report, 11/13/2024
43 / 52

5.10.1. Hearths

5.10.1.1. Unmitigated
Hearth Type Unmitigated (number)
Single Family Housing —
Wood Fireplaces 7
Gas Fireplaces 114
Propane Fireplaces 0
Electric Fireplaces 0
No Fireplaces 13
Conventional Wood Stoves 0
Catalytic Wood Stoves 7
Non-Catalytic Wood Stoves 7
Pellet Wood Stoves 0

5.10.2. Architectural Coatings
Residential Interior Area Coated (sq
ft)
Residential Exterior Area Coated (sq
ft)
Non-Residential Interior Area Coated
(sq ft)
Non-Residential Exterior Area
Coated (sq ft)
Parking Area Coated (sq ft)
529132.5 176,378 0.00 0.00 3,152

5.10.3. Landscape Equipment
Season Unit Value
Snow Days day/yr 0.00
Summer Days day/yr 250

5.11. Operational Energy Consumption

5.11.1. Unmitigated
Single Family Residence Detailed Report, 11/13/2024
44 / 52
Electricity (kWh/yr) and CO2 and CH4 and N2O and Natural Gas (kBTU/yr) Land Use Electricity (kWh/yr) CO2 CH4 N2O Natural Gas (kBTU/yr) Single Family Housing 923,949 346 0.0330 0.0040 5,136,936 Parking Lot 46,019 346 0.0330 0.0040 0.00

5.12. Operational Water and Wastewater Consumption

5.12.1. Unmitigated
Land Use Indoor Water (gal/year) Outdoor Water (gal/year) Single Family Housing 5,028,437 24,861,959
Parking Lot 0.00 —

5.13. Operational Waste Generation

5.13.1. Unmitigated
Land Use Waste (ton/year) Cogeneration (kWh/year)
Single Family Housing 199 —
Parking Lot 0.00 —

5.14. Operational Refrigeration and Air Conditioning Equipment

5.14.1. Unmitigated
Land Use Type Equipment Type Refrigerant GWP Quantity (kg) Operations Leak Rate Service Leak Rate Times Serviced Single Family Housing Average room A/C &
Other residential A/C
and heat pumps
R-410A 2,088 < 0.005 2.50 2.50 10.0
Single Family Housing Household
refrigerators and/or
freezers
R-134a 1,430 0.12 0.60 0.00 1.00
Single Family Residence Detailed Report, 11/13/2024
45 / 52

5.15. Operational Off-Road Equipment

5.15.1. Unmitigated
Equipment Type Fuel Type Engine Tier Number per Day Hours Per Day Horsepower Load Factor

5.16. Stationary Sources

5.16.1. Emergency Generators and Fire Pumps
Equipment Type Fuel Type Number per Day Hours per Day Hours per Y ear Horsepower Load Factor

5.16.2. Process Boilers
Equipment Type Fuel Type Number Boiler Rating (MMBtu/hr) Daily Heat Input (MMBtu/day) Annual Heat Input (MMBtu/yr)

5.17. User Defined
Equipment Type Fuel Type

5.18. Vegetation

5.18.1. Land Use Change

5.18.1.1. Unmitigated
Vegetation Land Use Type Vegetation Soil Type Initial Acres Final Acres

5.18.1. Biomass Cover Type

5.18.1.1. Unmitigated
Biomass Cover Type Initial Acres Final Acres
Single Family Residence Detailed Report, 11/13/2024
46 / 52

5.18.2. Sequestration

5.18.2.1. Unmitigated
Tree Type Number Electricity Saved (kWh/year) Natural Gas Saved (btu/year)

6. Climate Risk Detailed Report

6.1. Climate Risk Summary
Cal-Adapt midcentury 2040–2059 average projections for four hazards are reported below for your project location. These are under Representation Concentration Pathway (RCP) 8.5 which assumes GHG emissions will continue to rise strongly through 2050 and then plateau around 2100.

Climate Hazard Result for Project Location Unit
Temperature and Extreme Heat 9.03 annual days of extreme heat Extreme Precipitation 3.50 annual days with precipitation above 20 mm Sea Level Rise — meters of inundation depth
Wildfire 1.31 annual hectares burned
Temperature and Extreme Heat data are for grid cell in which your project are located. The projection is based on the 98th historical percentile of daily maximum/minimum temperatures from observed historical data (32 climate model ensemble from Cal-Adapt, 2040–2059 average under RCP 8.5). Each grid cell is 6 kilometers (km) by 6 km, or 3 .7 miles (mi) by 3.7 mi.

Extreme Precipitation data are for the grid cell in which your project are located. The threshold of 20 mm is equivalent to about ¾ an inch of rain, which would be light to moderate rainfall if received over a full day or heavy rain if received over a period of 2 to 4 hours. Each grid cell is 6 kilometers (km) by 6 km, or 3.7 miles (mi) by 3.7 mi.

Sea Level Rise data are for the grid cell in which your project are located. The projections are from Radke et al. (2017), as reported in Cal-Adapt (Radke et al., 2017, CEC-500-2017-008), and consider inundation location and depth for the San Francisco Bay, the Sacramento-San Joaquin River Delta and California coast resulting different increments of sea level rise coupled with extreme storm events. Users may select from four scenarios to view the range in potential inundation depth for the grid cell. The four scenarios are: Norise, 0.5 meter, 1.0 meter, 1.41 meters Wildfire data are for the grid cell in which your project are located. The projections are from UC Davis, as reported in Cal-Adapt (2040–2059 average under RCP 8.5), and consider historical data of climate, vegetation, population density, and large (> 400 ha) fire history. Users may select from four model simulations to view the range in potential wildfire probabilities for the grid cell. The four simulations make different assumptions about expected rainfall and temperature are: Warmer/drier (HadGEM2-ES), Cooler/wetter (CNRM-CM5),Average conditions (CanESM2), Range of different rainfall and temperature possibilities (MIROC5). Each grid cell is 6 kilometers (km) by 6 km, or 3.7 miles (mi) by 3.7 mi.

6.2. Initial Climate Risk Scores
Climate Hazard Exposure Score Sensitivity Score Adaptive Capacity Score Vulnerability Score Temperature and Extreme Heat 100N / A
Extreme Precipitation N/A N/A N/A N/A
S e a L e v e l R i s e 100N / A
Single Family Residence Detailed Report, 11/13/2024
47 / 52
Wildfire 100N / A
Flooding N/A N/A N/A N/A
Drought N/A N/A N/A N/A
Snowpack Reduction N/A N/A N/A N/A
Air Quality Degradation 000N / A
The sensitivity score reflects the extent to which a project would be adversely affected by exposure to a climate hazard. Exposure is rated on a scale of1 to 5, with a score of 5 representing the greatest exposure.

The adaptive capacity of a project refers to its ability to manage and reduce vulnerabilities from projected climate hazards. Adaptive capacity is rated on a scale of 1 to 5, with a score of 5 representing the greatest ability to adapt.

The overall vulnerability scores are calculated based on the potential impacts and adaptive capacity assessments for each hazard. Scores do not include implementation of climate risk reduction measures.

6.3. Adjusted Climate Risk Scores
Climate Hazard Exposure Score Sensitivity Score Adaptive Capacity Score Vulnerability Score Temperature and Extreme Heat 1112
Extreme Precipitation N/A N/A N/A N/A
S e a L e v e l R i s e 1112
Wildfire 1112
Flooding N/A N/A N/A N/A
Drought N/A N/A N/A N/A
Snowpack Reduction N/A N/A N/A N/A
Air Quality Degradation 1112
The sensitivity score reflects the extent to which a project would be adversely affected by exposure to a climate hazard. Exposure is rated on a scale of1 to 5, with a score of 5 representing the greatest exposure.

The adaptive capacity of a project refers to its ability to manage and reduce vulnerabilities from projected climate hazards. Adaptive capacity is rated on a scale of 1 to 5, with a score of 5 representing the greatest ability to adapt.

The overall vulnerability scores are calculated based on the potential impacts and adaptive capacity assessments for each hazard. Scores include implementation of climate risk reduction measures.

6.4. Climate Risk Reduction Measures

7. Health and Equity Details
Single Family Residence Detailed Report, 11/13/2024
48 / 52

7.1. CalEnviroScreen 4.0 Scores
The maximum CalEnviroScreen score is 100. A high score (i.e., greater than 50) reflects a higher pollution burden compared to other census tracts in the state.

Indicator Result for Project Census Tract
Exposure Indicators —
AQ-Ozone 57.0
AQ-PM 73.5
AQ-DPM 78.3
Drinking Water 46.5
Lead Risk Housing 77.7
Pesticides 0.00
Toxic Releases 87.5
Traffic 44.2
Effect Indicators —
CleanUp Sites 94.8
Groundwater 0.00
Haz Waste Facilities/Generators 86.4
Impaired Water Bodies 0.00
Solid Waste 66.7
Sensitive Population —
Asthma 55.5
Cardio-vascular 45.8
Low Birth Weights 88.0
Socioeconomic Factor Indicators —
Education 97.9
Housing 88.7
Linguistic 96.9
Poverty 92.8
Unemployment 49.9
Single Family Residence Detailed Report, 11/13/2024
49 / 52

7.2. Healthy Places Index Scores
The maximum Health Places Index score is 100. A high score (i.e., greater than 50) reflects healthier community conditions compared to other census tracts in the state.

Indicator Result for Project Census Tract
Economic —
Above Poverty 5.41511613
Employed 49.83959964
Median HI 5.838573078
Education —
Bachelor's or higher 10.61208777
High school enrollment 100
Preschool enrollment 45.81034262
Transportation —
Auto Access 2.669061979
Active commuting 93.17336071
Social —
2-parent households 61.86321057
Voting 4.401385859
Neighborhood —
Alcohol availability 16.27101245
Park access 35.81419222
Retail density 96.35570384
Supermarket access 94.25125112
Tree canopy 20.51841396
Housing —
Homeownership 5.800076992
Housing habitability 4.516874118
Low-inc homeowner severe housing cost burden 15.57808289 Low-inc renter severe housing cost burden 43.07712049
Single Family Residence Detailed Report, 11/13/2024
50 / 52
Uncrowded housing 1.680995765
Health Outcomes —
Insured adults 1.860644168
Arthritis 54.3
Asthma ER Admissions 49.4
High Blood Pressure 58.0
Cancer (excluding skin) 87.6
Asthma 14.8
Coronary Heart Disease 23.5
Chronic Obstructive Pulmonary Disease 17.9
Diagnosed Diabetes 11.9
Life Expectancy at Birth 95.7
Cognitively Disabled 39.7
Physically Disabled 45.1
Heart Attack ER Admissions 78.5
Mental Health Not Good 7.3
Chronic Kidney Disease 14.8
Obesity 19.9
Pedestrian Injuries 94.3
Physical Health Not Good 7.3
Stroke 17.3
Health Risk Behaviors —
Binge Drinking 57.0
Current Smoker 9.3
No Leisure Time for Physical Activity 3.2
Climate Change Exposures —
Wildfire Risk 0.0
SLR Inundation Area 0.0
Single Family Residence Detailed Report, 11/13/2024
51 / 52
Children 0.5
Elderly 69.3
English Speaking 1.3
Foreign-born 93.3
Outdoor Workers 21.6
Climate Change Adaptive Capacity —
Impervious Surface Cover 11.1
Traffic Density 55.3
Traffic Access 23.0
Other Indices —
Hardship 96.6
Other Decision Support —
2016 Voting 31.1

7.3. Overall Health & Equity Scores
Metric Result for Project Census Tract
CalEnviroScreen 4.0 Score for Project Location (a) 90.0 Healthy Places Index Score for Project Location (b) 12.0 Project Located in a Designated Disadvantaged Community (Senate Bill 535) Y es Project Located in a Low-Income Community (Assembly Bill 1550) Y es Project Located in a Community Air Protection Program Community (Assembly Bill 617) No a: The maximum CalEnviroScreen score is 100. A high score (i.e., greater than 50) reflects a higher pollution burden compared to other census tracts in the state. b: The maximum Health Places Index score is 100. A high score (i.e., greater than 50) reflects healthier community conditions compared to other census tracts in the state.

7.4. Health & Equity Measures
No Health & Equity Measures selected.

7.5. Evaluation Scorecard
Health & Equity Evaluation Scorecard not completed.

Single Family Residence Detailed Report, 11/13/2024
52 / 52

7.6. Health & Equity Custom Measures
No Health & Equity Custom Measures created.

8. User Changes to Default Data
Screen Justification
Land Use As per Airbnb analytics data









 

1/5
Date November , 2024
Ramboll
250 Montgomery St.,
Suite 1200 San Francisco,
CA 94104 US
USA
T+1 510 655 7400
F+1 510 655 9517
https://ramboll.com
MEMO
To File
From Stefanie O’Gorman
Subject ECONOMICS ANALYSIS OF SHORT-TERM RENTAL

REGULATION
Ramboll Americas Engineering Solutions, Inc. (Ramboll) evaluated possible consequences of a potential ban on short-term rentals in Santa Ana, California.

This report was completed Stefanie O’Gorman, an environmental economist with 23 years experience in her field. Stefanie specializes in the integration of costs and benefits within decision making and has worked across the spectrum from policy design and development to project and infrastructure delivery. She has acted as an expert witness in a number of planning related enquiries in the UK and Ireland relating to water regulation, marine infrastructure planning and transport related projects, focusing on the economic and socio-economic impacts of these developments.

EDUCATION/QUALIFICATION
MSc Ecological Economics, University of Edinburgh, 2001 BA (Mod) Natural Science, Trinity College Dublin, 1999
Based on professional experience and judgment, this analysis assumes a reasonably foreseeable potential that:

1. A ban on STR will spur new hotel development and, as a result of increased demand on local hotels, local hotel availability will go down and room rates will go up.

2. Result of (1), people will be forced to travel further to find available or affordable hotel rooms.

Theses assumptions are found to be sufficiently supported by evidence or that insufficient evidence is available to reject them, as outlined here.

Introduction
Santa Ana, the largest city in Orange County at 27.2 square miles and home to nearly 328,000 residents1, is a rich cultural, culinary, and entertainment hub with deep historical roots. As the county seat, it 1 https://www.orangecounty.net/cities/SantaAna.html
2/5
blends vibrant city life with a preserved historic core. Visitors can explore a variety of attractions, from the art-filled streets of the Downtown Santa Ana Artwalk to the Bowers Museum’s global collections and the Discovery Cube's interactive science exhibits2. The city’s distinctive neighborhoods offer everything from historic architecture to innovative food markets, and the popular Frida Cinema and Yost Theatre.

Tourism is a cornerstone of Santa Ana's economy, driving substantial revenue and job creation for the community. In 2023, visitor spending alone contributed an impressive $414.7 million to the local economy3, an increase of over 9% compared to the previous year. This spending supports local businesses and fuels sectors like food service, accommodations, retail, arts, and transportation. Food service alone saw $109 million from visitor spending, with accommodations adding another $107 million, and arts, entertainment, and recreation generating $81.5 million. These visitor expenditures provide essential funding for city services like public safety, parks, and neighborhood improvements, while also alleviating the tax burden for residents—wi thout tourism-related tax revenue, each household would pay an additional $195 annually in local taxes.

Tourism’s impact on employment is equally significant, supporting nearly 3,000 jobs in Santa Ana and contributing around $137 million in wages to the local workforce. With continued growth in overnight visits and local attractions, tourism remains a vital industry that helps sustain the community’s economic well-being and enhance residents’ quality of life.

1. How a ban on STR could spur new hotel development and impact demand and room rates
Orange County’s STR occupancy was 72% on a year-to-date basis and RevPAR was $151 and its hotels also maintain a high 77% occupancy rate and an ADR of $196.59, which underscores the region’s strong demand. High occupancy figures are seen in all months – with only January falling below 70%. Orange County’s hotel room demand showed a 5% year-over-year growth, highlighting its popularity within the state.

Based on AirDna data, Santa Ana's appears to have or had up to approximately 2,180 STR listings (approximately 79% of which are Airbnb listings), with a current occupancy rate of 53%. This is approximately 73% for Airbnb rentals, for which there appear to be approximately 1,100
4 active STR listings.5 STRs generate substantial revenue for hosts (estimated at $43,000 annually per host for Airbnb rentals)6 with an Average Daily Rate (ADR) of $237.37.
2 https://www.visitcalifornia.com/places-to-visit/santa-ana/ 3 https://www.travelsantaana.com/about-travel-santa-ana/economic-impact-of- tourism/#:~:text=In%202023%2C%20traveler%20expenditures%20from,in%20local%20and%20state%20tax es.
4 https://www.santa-ana.org/short-term-rentals-ban/
5 We note that even if the exact amounts of STRs in the City are slightly higher or lower than the approximate values shown here, the conclusions of this report remain consistent regarding the impact of the STR ban on spurring hotel demand and forcing individuals to forced to travel further to find available or affordable hotel rooms.
6 https://airbtics.com/annual-airbnb-revenue-in-santa-ana-california-usa/ 7 https://www.airdna.co/vacation-rental-data/app/us/california/santa-ana/overview 3/5
Accurate data on the size of the whole lodgings market in Santa Ana is not readily available for review, however the number of listings for hotels and motels on www.booking.com and Expedia is not significant, at less than 100. The majority of these properties are 3 star or less.

If we assume that the rate of hotel /motels to STRs in Santa Ana is representative of that of Orange Country where the hotel room supply is 61,937 (see table below) and the number of STRs is 10,8418, then STRs would represent 15% of the lodging supply in Santa Ana.

However, given the <100 hotels found online, is it considered likely that STRs contribution a significantly higher percentage of the lodging market locally.

Forecast summary: Annual, Orange County
Hotel supply
(daily)
Hotel room
demand
(daily)
Occupancy ADR RevPAR Room revenue
Levels
2019 58,282 45,141 77.5% $161.94 $125.42 $2,668,166,801 2020 50,463 22,479 44.5% $136.03 $60.59 $1,116,070,720
2021 56,897 32,999 58.0% $167.45 $97.12 $2,016,885,289
2022 60,995 42,663 69.9% $177.02 $123.82 $2,756,556,935 2023 61,590 45,366 73.7% $185.82 $136.87 $3,076,862,904 2024 61,937 47,723 77.1% $196.59 $151.48 $3,424,409,154 Growth
2020 -13.4% -50.2% -42.5% -16.0% -51.7% -58.2%
2021 12.7% 46.8% 30.2% 23.1% 60.3% 80.7%
2022 7.2% 29.3% 20.6% 5.7% 27.5% 36.7%
2023 1.0% 6.3% 5.3% 5.0% 10.5% 11.6%
2024 0.6% 5.2% 4.6% 5.8% 10.7% 11.3%
Relative to 2019
2020 87% 50% 58% 84% 48% 42%
2021 98% 73% 75% 103% 77% 76%
2022 105% 95% 90% 109% 99% 103%
2023 106% 100% 95% 115% 109% 115%
2024 106% 106% 99% 121% 121% 128%
Source: STR; Tourism Economics
The minimum stay durations data for short-term rentals in Santa Ana varies. AirDna data suggests that half of the stock has a minimum stay of under 30 days. This data appears to be 2023 data and to relate to their estimate of 2,000+ STR listing in that data source.

Therefore, it is not possible at this stage to tell how many of the City Council estimated 8 https://www.keydatadashboard.com/en-gb/markets/orange-county-california 4/5
1,100 listings would be impacted by designated for shorter stays, but it could be as high as 100%.

Source: https://www.airdna.co/vacation-rental-data/app/us/california/santa-ana/overview With STRs accommodating a significant portion of the lodging market, their removal would leave a considerable gap in available accommodations, which the existing hotel infrastructure is unlikely to be able to fully absorb given Orange County's occupancy rates were already at 77% in September 2024 (California Travel Forecast – October 2024).

Effects of a Ban on STR on Local Hotel Demand, Room Rates, and Availability Eliminating STRs is likely to intensify demand for hotel accommodations, which would reduce availability and drive up average daily rates (ADR). Orange County's ADR is already high, at $209.14 (see table below) (192$ in Santa Ana9), and Santa Ana’s hotel market is part of this broader region where occupancy and room rates reflect high demand, particularly near attractions. With STRs contributing substantial capacity, the ban would further stress local hotels, as noted above likely leading to increased ADR due to scarcity.

The 7.1% year-on-year increase in Revenue Per Available Room (RevPAR) in Orange County indicates a strong market with limited room for new capacity; hence, shifting demand from STRs to hotels would almost certainly lead to higher room rates, potentially pushing them beyond the reach of budget-conscious travelers.

Short Term Rentals Year to Date - September 2024 vs September 2023 Occ % ADR RevPAR
2024 2023 2024 2023 2024 2023
California 68.0 68.4 190.57 192.15 129.60 131.41
Orange County 72.1 72.0 209.14 210.91 150.74 151.91
9 https://rabbu.com/airbnb-data/santa-ana-ca
* https://www.airdna.co/vacation-rental-data/app/us/california/santa-ana/overview

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
STR Listings by Minimum Stay in Santa Ana
30+ Nights 7-29 Nights 4-6 Nights 3 Nights 2 Nights 1 Night 5/5

2. Travel Displacement and Need to Seek Affordable Lodging Elsewhere: Rising hotel rates and limited availability could push some visitors to look for more affordable accommodations in nearby cities.

With the increased demand and rising prices in Santa Ana’s hotel sector, neighboring areas like Anaheim or Irvine may absorb some of the overflow but would also likely experience upward rate pressure, creating a ripple effect across Orange County.

Given that Orange County’s occupancy was 72% on a year-to-date basis and RevPAR was $151 and shows high occupancy figures in all months – with only January falling below 70%, hotels in adjacent areas to Santa Ana are likely to be at full capacity during peak seasons, especially July
10, or major events. As a result, tourists may find themselves traveling farther for budget-friendly lodging, potentially discouraging some visitors from choosing Santa Ana altogether.

In addition, group room demand in California was up a robust 7% relative to September 2023. Orange County saw this increase by 35% year on year for the month of September 202411. This strong local growth in demand is reflected by the fact that approximately 650 of the AirBNB listing in Santa Ana are for 2+bedrooms, so suitable for groups12. The loss of this accommodation type may not be easily substituted within the existing local supply, which could, as a result, spurn additional local development.

The available evidence and analysis allows a reasonable conclusion to be drawn that in the short term visitors will be pushed away from Santa Ana due to occupancy restrictions and increased rates, and in the longer term these constraints could result in new hotel capacity development.
10 https://rabbu.com/airbnb-data/santa-ana-ca
11 https://industry.visitcalifornia.com/research/report/monthly-travel-indicators-summary 12 Santa Ana, Airbnb Market Statistics & Data, United States

← All documents from this meeting